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The Railway& industrial Compendium State & Municipal Compendium VOL. 121. Public Utility Compendium Railway Earnings Section SATURDAY,DECEMBER 12 1925 W,Ite Thronicit. PUBLISHED WEEKLY Terms of Subscription—Payable in Advance Including Postage— 12 Mos. 6 Mos. Within Continental United States except Alaska $10.00 86.00 In Dominion of Canada 11.50 6.75 countries. U. S. Possessions and territories 13.50 Other foreign 7.75 NOTICE.—On account of the fluctuations in the rates of exchange, remittances for European subscriptions and advertisements must be made in New York funds. Subscription includes following Supplements001ITIOND1171111— El MOTIONS— FIIIILIO UTILITY (semi-annually) BANE AND QUOTATION (monthly) RAILWAY & INDUSTRIAL (semi-ann.) RAILWAY EARNINGS (monthly) STAT.•ND MUNICIPAL(semi-annually) . otenzas• CONTINTION (yearly) Terms of Advertising Transient display matter per agate line 45 cents Contract and Card rates on request asiosoo Oystos—In charge of Erred. H. Gray Western Representative, 208 South La Salle Street. Telephone Harrison 5618, LONDON 0171C1—Edwardi & Smith. I Drapers' Gardens. London, IC 0 WILLIAM B. DANA COMPANY, Publishers, Front, Pine and Depeyster Streets. New York Published every Saturday morning by WILLIAM B. DANA COMPANY. President and Editor. Jacob Seibert: Business Manager. William D. Riggs; Treas. William Dana Seibert; Bed. Herbert D.Seibert. Addresses of all, Office of Co. Bank and Quotation Seam) Bankers' Convention Sectior NO. 3155. In these circumstances it is natural to think that all those liable to surtaxes are to share in equal degree in the reduction. But so far from this being the case, the great body of those who are obliged to pay surtaxes (in addition to the normal taxes which apply to large and small incomes alike) are to have no reduction whatever in their surtax payments— not even to the extent of a single dollar. The statement, we are sure, will come as a great surprise to the great majority of people and, it must be admitted, it seems almost incredible, for most assuredly, when taxes are cut down in the huge sum of $325,000,000 it is hard to, believe that any legislative body, or any committee of such body, should deliberately propose a schedule of rates denying absolutely all benefits to certain classes of taxpayers, thereby depriving these classes of any relief whatever from the surtax burdens which they are obliged to bear under the existing law. But the fact itself cannot be controverted. The bill itself furnishes proof of what we say. In the proposed Act, as in the existing law, the surtax schedule begins with net incomes running in excess of $10,000; and the following, taken from the bill, shows the rates and amounts of surtaxes proposed on incomes running from $10,000 to $42,000: The Federal Income Tax Bill—Some Remarkable Features. The Tax Revision Bill, or "Revenue Act of 1926," as it is to be known, was promptly introduced in the House of Representatives at Washington the present week on the assembling of the Sixty-ninth Congress, and is now under consideration by that body. It has been received with a chorus of approval by the newsUpon a net income of $10,000 there shall be no papers and others. Praise must be deemed, however, to be predicated entirely upon the fact that the surtax; upon net incomes in excess of $10,000 and measure provides for a reduction in taxation in not in excess of $14,000, 1 per centum of such excess. $40 upon net incomes of $14,000; and upon net inamount of over $325,000,000 in income and other comes in excess of $14,000 and not in excess of $16,taxes and that on the whole a non-partisan spirit 000, 2 per centum in addition of such excess. was shown in the drafting of the bill, the Demo$80 upon net incomes of $16,000; and upon net eratic members of the committee co-operating with incomes in excess of $16,000 and not in excess of the Republican members to produce a bill that could $18,000, 3 per centum in addition of such excess. $140 upon net incomes of $18,000; and upon net inbe deemed wholly free from party maneuvering. comes in excess of $18,000 and not in excess of $20,It does not seem, however, as if those who speak in 000, 4 per centum in addition of such excess. such unstinted approval of the bill could have care$220 upon net incomes of $20,000; and upon net fully examined all of its different provisions. We incomes in excess of $20,000 and not in excess of say this because study of the text of the bill reveals $22,000, 5 per centum in addition of such excess. $320 upon net incomes of $22,000; and upon net a number of features which are so highly objectionincomes in excess of $22,000 and not in excess of able as to merit severe criticism rather than un$24,000, 6 per centum in addition of such excess. alloyed praise. One of the objectionable provisions $440 upon net incomes of $24,000; and upon net is found in the income tax schedules, more particu- incomes in excess of $24,000 and not in excess of larly those relating to the surtaxes. Every reader $26,000, 7 per centum in addition of such excess. $580 upon net incomes of $26,000; and upon net of the newspapers of course knows that the maxi- incomes in excess of $26,000 and not in excess of mum surtax instead of remaining at 40%, as in the $28,000,8 per centum in addition of such excess. $740 upon net incomes of $28,000; and upon net existing law, is to be cut exactly in half—that is, is incomes in excess of $28,000 and not in excess of only 20%. to be $30,000, 9 per centum in addition of such excess. 2790 THE CHRONICLE $920 upon net incomes of $30,000; and upon net incomes in excess of $30,000 and not in excess of $34,000, 10 per centum in addition of such excess. $1,320 upon net incomes of $34,000; and upon net incomes in excess of $34,000 and not in excess- of $36,000, 11 per centum in addition of such excess. $1,540 upon net incomes of $36,000; and upon net incomes in excess of $36,000 and not in excess of $38,000, 12 per centum in addition of such excess. $1,780 upon net incomes of $38,000; and upon net income in excess of $38,000 and not in excess of $42,000, 13 per centum in addition of sueh excess. $2,300 upon net incomes of $42,000; and upon net incomes in excess of $42,000 and not in excess of $46,000, 14 per centum in addition of such excess. [Vol, 121. benefits whatever. Unless that is done we think it might be better to let the measure die, or consign it to the scrap heap. The Financial Situation. With Congress convening on Monday, the President delivering three messages successively, on Monday, Tuesday and Wednesday, and an important court decision on railroad valuation by a Federal Court at Los Angeles on Tuesday, the security markets have had much grist to grind. The bond market has continued to absorb large offerings without appreciable change in price level. The stock market If any one will take the pains to compare the fore- was strong on Monday, reactionary on Tuesday and going with the corresponding schedules in the ex- Wednesday and strong again on Thursday and Friisting law he will find that the two are exactly alike day. Probably the report of a larger increase than and completely identical as to rates, amounts and expected in unfilled orders by the United States Steel even as to phraseology, except that the last amount Corporation had something to do with this, though mentioned in the foregoing is $46,000, whereas in it is possible to give the increase greater signifithe existing law it is $44,000. In other words, no cance perhaps than it deserves, since, presumably, it relief from the present surtax payments is to be reflects in no inconsiderable degree orders for steel afforded to any of the incomes running from $10,000 rails for next year's delivery, which always come in to $44,000. Beyond $44,000 the new rates and the large numbers at this season of the year. Increased new payments will be smaller than at present, but dividend distributions, particularly the raising of no very substantial relief is afforded until the the annual dividend rate of the Southern Railway, 0 amount of income reaches $60,000 or $70,000. On from a basis of 57 per annum to 770 have also been a stimulating influence. the other hand, those in enjoyment of incomes subThe market, which last year greeted Mr. Coolidge's ject to the maximum tax are to have their tax payelection with enthusiasm and which for two years ments cut completely in half. Is such a proceeding has registered one of the most notable advances in equitable and just? The question would seem to the history of markets, heard the President in his carry its own answer. annual message give a splendid summary of the We are not advocates of a surtax; we think it nation's present situation, issue wise counsels in rewrong in principle and would like to see it abolished spect to the nation's needs, especially emphasizing as to large incomes and small incomes alike. But that some things are best let alone without Governat least, if there is to be a surtax,it ought to be fairly ment interference, and predict continued prosperity applied and not made to work to the detriment of for the country. The market had anticipated Mr. one class and the advantage of another class. We Coolidge's statements; the prosperity he pointed to in prices. The message, know it is claimed that if payments on incomes run- had already been reflected or rather messages, therefore, had little market inning between $10,000 and $44,000 were reduced the fluence. The President's attitude and messages are loss of income to the Government would be very highly constructive and the country's confidence in greatly increased, but that does not make the dis- him is not diminished. Secretary Mellon, in his crimination against these incomes any more ex- annual report, also spoke in a most optimistic way. On Monday the Treasury offered $450,000,000 onecusable or any less unjust. The trouble with the indebtedness. This was 0 reduction in the maximum is that whereas in the year 3%7 certificates of expectations and evidenced that about in line with present law the 40% maximum does not apply until current money rates are higher than at the'time of the income exceeds $300,000, in the bill under con- the September financing, when the rate of interest sideration the maximum is reached on amounts over in the certificates was only 3147 The new offering . / 0 $100,000. There is obviously in that circumstance was, of course, quickly subscribed for, books being closed on Wednesday. Among the most interesting additional discrimination. We cannot believe that the House of Representa- of the large volume of investment issues offered tives will sanction anything so flagrantly unjust. during the week were $18,000,000 Massachusetts / 0 Gas Co. 5%s, 1946, offered on a 5587 basis by a When the time for amendments is reached next week & Co. syndicate, and $15,000,000 Kidder, Peabody a substitute should be offered and accepted pro- Goodyear Tire & Rubber 5s, 1928, offered by a Dilviding a scheme of surtax payments running ex- lon, Read & Co. syndicate on a 5.25% basis, and $10,0 actly the same as in the existing law, but with the 000,000 General Electric Co., Germany,6%7 debenwhat they are now. tures, 1940, offered by a National City syndicate on rates and amounts just one-half A substitute of that kind, so simple in its nature, a 7.16% basis. The German Potash Syndicate bonds, London, were many times over-subscribed. would require no preparation whatever, and we are offered in That a large part of this issue was not offered in sure could be easily carried. The result would be the United States is probably due to the attitude of that men with moderately large Incomes would the Government in opposing the policy of the control share equally in the benefits with those of very of raw materials by Governments or through monoplarge incomes, instead of being shut out from any olies granted by Governments. The world's present DEc.12 1925.1 THE CHRONICLE 2791 available supply of commercial potash is largely final estimate of production, gives 13,857,600 bales controlled by French and German interests, who are ginned to that date, against 12,237,659 bales ginned thought to be in accord and possibly in a position to to Dec. 1 1924, leaving to be ginned on the basis of determine prices. Mr. Coolidge, in his speech to the this year's estimate 1,746,000 bales, against 1,400,farmers in Chicago on Monday, emphasized the dan- 000 bales Dec. 1 last year. It is clear that the Deger of attempting Government price control. This partment figures on quite as late picking this year is just as dangerous whether it be in an effort to as last, and that the additional yield will be as heavy subsidize a class of a community or a plain granting or heavier this year than it was a year ago. The of monopolies to corporations for profits. To have Department points out, however, that the quantity free markets with competition is a fundamental of of low grade cotton "to be picked depends on the sound business. The Administration's opposition to price," although "the recent ginnings are said to monopoly whether at home or abroad is occasion for show some improvement in grade, but mostly below middling white cotton." widespread confidence. The yield per acre this year is placed by the DeCommodity price stability during the past three notable. Notwithstanding major partment at 162.3 pounds, against 157.4 pounds in years has been speculations in stocks and real estate, there has been 1924, and the December revised area for the harvest no evidence of inflation of commodity prices. On is 45,945,000 acres, against 41,360,000 acres in 1924, the other hand, it is worth noting that the Irving the figures in both instances being the highest on Fisher's weekly index of wholesale prices, which record up to such year. The abandoned acreage this reached a high early this year of 164.4, falling there- year for the entire belt, 4.6%, contrasts with 3% in after to a low of 155.3, has been slightly but steadily 1924. Of the important cotton States, Texas leads advancing during the past four weeks, reaching with 9% abandoned, Missouri next with 4% and 161.3 on Dec. 4. Security markets have hardly been Georgia, South Carolina, Oklahoma and Arkansas disturbed by this movement of averages. Sharp ad- 2% each. There was a loss of 27% in New Mexico vances in wheat on account of reported shortages and 3.7% and 1.5%, respectively, for Arizona and throughout the world outside of this country, fol- Florida, while for the remaining cotton States 1.5% lowed later by a break, and further heavy declines in or less represents abandonment of area this year. cotton, have, however, been somewhat disturbing. The final estimate of production for Texas this year Freight car loadings have continued to reflect a is 4,100,000 bales, but with late picking this may large volume of business, although falling below the even go higher; last year's production in that State million-car mark on account of the Thanksgiving was 4,951,000 bales. Texas ginnings to Dec. 1 this Day holiday. Conditions for the carriers remain year are 3,661,000 bales, or 89.3% of the estimated favorable, but speculative sentiment in respect to total yield; last year to Dec. 1 ginnings for that railroad shares was somewhat tempered by failure of State were at practically the same ratio to the final the New York Central and the Baltimore & Ohio to estimate of production. There are six other States increase dividends, notwithstanding an increase by this year with a yield in excess of a million bales; Southern Railway to 7%. During the week another last year there were only four other million-bale constructive decision was handed down in respect States. Mississippi shows the second largest yield to .railroad and public utility values. The Federal at 1,930,000 bales this year, in contrast with 1,098,Court at Los Angeles, in reviewing the valuation of 000 bales last year, and Oklahoma 1,550,000 bales the Los Angeles & Salt Lake Railway property, held for 1925, against 1,510,000 bales in 1924. In the that the Inter-State Commerce Commission should final estimate of yield this year there are only two fix its valuation, not for any one particular purpose, States, Texas and Arizona, where production is but that the real value should be determined as of lower than it was in 1924. the time of fixing the rates. The Commission had named a valuation of $45,000,000, the railroad com- . It seems certain that another international dispany of $70,000,000. The court held that the Com- armament conference will be held. According to an mission's valuation was entirely inadequate, but did Associated Press dispatch from Geneva last evening, not name a figure. Quite possibly the matter will "the way was cleared to-day for the League of Nago to the Supreme Court of the United States. tions international disarmament conference with settlement of all the difficulties in connection with The final estimate of the present year's cotton the formation of the preparatory committee. An crop, issued by the Department of Agriculture at invitation for the United States to participate in the Washington on Tuesday of this week, puts the pro- preparatory work will probably be dispatched to duction at 15,603,000 bales, the highest estimate of Washington as soon as it is signed by Signor Sciathe year, and an increase of 305,000 bales over the loia, President of the Council." It was added that estimate issued two weeks earlier. Every Southern "the Council has spent some time in drawing up the State from Virginia to Texas, inclusive, excepting invitation, as its leaders are anxious to frame a comGeorgia and Florida, contribute to the gain, among munication which will win the collaboration of the the notable ones being Texas, Oklahoma, Arkansas, Washington Government. The present tendency faMissouri, Mississippi, Alabama and North Carolina. vors sending the United States a simple invitation This year's production is the third highest on record to become a member of the League's preparatory and contrasts with 13,628,000 bales last year, 15,693,- commission. The general impression in Geneva is 000 bales in 1911 and 16,135,000 bales in 1914, the that League leaders, while hoping the United States last two mentioned being the previous record crops. will undertake full-fledged official membership in In addition, there should be included this year lin- the commission, would accept any form of collaboraters, which will add a million bales or more to the tion." qantity available. The Census Bureau's figures It was apparent early in the week that the United showing ginnings to Dec. 1, which are taken into States was to be invited to send representatives to consideration by the Department in preparing the the disarmament conference to be held under the 2792 THE CHRONICLE direction of the League of Nations. Announcement was made on Dec. 8 that it had been decided to extend the invitation. On Dec. 4 the Geneva representative of the Associated Press cabled that "both the United States and Russia will be invited to participate in the preparatory work for the proposed conference to bring about world disarmament, if the Council of the League of Nations approves measures agreed upon to-day by the Commission No. 2 especially appointed by the League to treat with disarmament problems." He added that "although no official announcement concerning the measure was made, the Associated Press was informed that night that the members of the disarmament commission agreed that no international conference to reduce armament burdens could hope to succeed without the collaboration of both the United States and Russia. The necessity of having the co-operation of Russia in disarmament moves became evident at -the conferences for the control of traffic in arms, when the countries bordering on Russia withheld final approval of the convention until such time as Russia would adhere to the document. It is understood that the announcement concerning the United States and Russia is to be withheld until invitations to be addressed to them can be composed, that for Russia being especially delicate." It was stated in a Washington dispatch to the New York "Times" the same evening that "President Coolidge has not received official information of the purpose of the League of Nations to ask that the United States appoint a commissioner to a conference for the limitation of armaments." The author of the dispatch explained that "until such information comes President Coolidge does not feel inclined to discuss the proposal. He is in sympathy with the effort to reduce armaments, whether under the auspices of the League of Nations or any other organization, but he will not make any commitment until the proposal has reached him and he has given it careful consideration." The correspondent even stated that "the President is of the opinion that he cannot name a commissioner to sit with the League committee to devise plans for the calling of a disarmament conference. He believes a law exists, passed during the League of Nations debate in the Senate, which prohibits any official American participation in such a League function." As for Soviet Russia's attitude toward being represented at such a conference, it was stated in a special Paris dispatch to the New York "Times" that "Christian Rakowsky, Soviet Ambassador to Paris, says Moscow will refuse any 'invitation' to join the League of Nations, but will be glad to co-operate in a European disarmament conference." M. Rakowsky was quoted as saying that "we are ready to cooperate in any pacification effort in Europe, in economic conferences, in disarmament conferences, but we cannot enter the League itself because we would be in the unfair position of one lone Socialist State facing all the other States united by the same economic conception and the same social conception." Another feature of the proposed disarmament conference was discussed in part as follows by the Paris correspondent of the New York "Times" in a cable message dated Dec. 6: 'Whether or not the United States accepts the invitation to take part in the League of Nations disarmament negotiations, the American fleet is sure to be a factor in the League ivoL 121. conversations. This is assured by the clever manner in which Foreign Minister Briand of France has turned the limitation of armaments negotiations. In a memorandum which Paris has submitted to the other League Powers, it is made plain that Paris considers naval as well as land disarmament involved in the League plan. The French memorandum also argues that other factors than the numerical strength of armies should be taken into consireration and it lays the ground for establishing French need of troops which will not permit the country to cut its army much beyond that assured by one-year service the Government proposes to institute in place of the present service of eighteen months.' But the important part of the document from the political point of view lies in the emphasis it placed on naval disarmament." Going still further, he said: "The French know perfectly well that as soon as the Germans are members of the League they will become the world's leading proponents of disarmament. The Germans made this clear at Locarno and it is well known that they think the size of their army as fixed by the Treaty of Versailles represents the measure to be applied in general European disarmament. The French also know that the English are inclined to espouse this German case. And so in advance they declare that if part of the Treaty constitutes a legal basis for cutting their army of the approximate size of the German army it likewise supplies a legal basis for fixing the size of League members' fleets by the reductton in the German fleet. To show the way their minds are working the- French add the suggestion that neither on land nor sea shall any League member have a greater force than the League could put against it should that member be guilty of violation of its obligations." Judging from an Associated Press cablegram from Geneva on Dec. 7, the outlook was not especially bright for the reaching of an agreement with re spect to the proposed disarmament conference. It was stated that "the disarmament council of the League of Nations has failed to reach an agreement concerning the wisdom of having a study made of a plan to assure prompt military help to any nation which is the victim of aggression. Belgium and France had fought for this as a feature essential to the preparation of the proposed international disarmament conference." It was added that, "subsequent to the adverse vote, Belgium to-day filed a strong reservation, declaring a system of prompt assistance more effective than disarmament. The problem was referred to the main council of the League for settlement." Continuing his account of the session, the correspondent said: "The Belgian reservation is virtually a warning that Belgium will find it difficult to participate in the digarmament conference unless some importance is attached to the subject, which, in the Belgian view, is of first magnitude if the nations are to weaken their power of defense. France backs the Belgian demand, but Great Britain and Sweden oppose it. The disarmament council, which is known as Council No. 2, reached agreement on other points in the program of study to be undertaken by the special commission which is to prepare for the international disarmament conference. Today's discussion was lively, but was cut short be cause M. Paul Boncour of France was obliged to leave to attend the opening session of the main coun- DEC. 12 1925.] THE CHRONICLE cil of the League, in which he replaces Premier Briand. That the council will not have clear sailing in the Balkan affair became evident when M. Rentis, former Greek Foreign Minister, registered an objection to the investigating commission's findings and insisted upon payment by Bulgaria of the original Greek demand for 50,000,000 leva. He charged that the Greek case concerning reparations had not been sufficiently examined by the commission and asserted that Greece might be compelled to appeal on this point to the Permanent Court of International Justice." 2793 the fleet as well as the army should be considered at the proposed disarmament conference. As might have been expected, this met with opposition from Great Britain at once. On Dec. 7 it was stated in a special London dispatch to the New York "Times" that "Lord Cecil's statement in the Disarmament Committee at Geneva that Great Britain would decline to give the League any control over her fleet is welcomed in political circles here. The matter has been up before and the argument was then advanced by people of all parties that if the League had any power to use the British fleet to put in force its favorite 'sanction,' a blockade, Great Britain would find herself continually involved in difficulties." He further asserted that "by far the easiest weapon for the League of Nations in dozens of disputes wherein there is little interest would be the British fleet. Complications would be sure to arise, particularly with the United States as one of the largest commercial nations of the world and Great Britain would have again to face all those difficult blockade questions with America which caused so much trouble in the war and over a quarrel between two States in which she wak not in the least concerned." It also became apparent at Geneva early in the week that the League of Nations might easily experience considerable trouble in dealing with Turkey with respect to the Mosul question. The Associated Press representative at that centre cabled on Dec. 6 that "Turkey will accept no decision concerning Mosul by the Council of the League of Nations which involves any abandonment of Turkish sovereignty there. This pronouncement was made by the Turkish spokesman to-night, giving the Angora viewpoint on the dispute which divides Great Britain and Turkey and which continues to cause the utmost anxiety in Geneva." He also stated that "in behalf of the Ottoman delegation, one of its leading memIn his account of the opening session, the Geneva bers insisted that, despite the ruling of the World representative of the New York "Herald Tribune" Court of Justice, Turkey was convinced that the said in a cable message on Dec. 7: "With the final Council's only role in the controversy is that of me- settlement of the embryonic war in the Balkans, the diator and that it has no power to impose its deci- averting of a potential war in the Near East and a sion on the parties to the dispute. Hence, he said, general disarmament program as the chief points in the Council should confine its endeavors to mediat- its agenda, the Council of the League of Nations ing between Great Britain and Turkey and finding opened its thirty-seventh session to-day with Vita solution acceptable to both. At all events, he con- torio Scialoja, of Italy, presiding. Carryin g on its tinued, Turkey would not consider herself bound by work of enforcing peace on Bulgaria and Greeoe, a decision to which in advance she has not given whose sudden assumption of hostiliti es at the end of adhesion." It was added that "the spokesman de- October startled the world with the threat of a new nied that Turkey had war-like intentions. He ad- conflagration in the Balkans, the Connell heard the mitted that if the Council's decision was against report of the Commission of Inquiry appointed to Turkey, Great Britain would possess the advanta ge establish the responsibility. The finding condemned of being in military occupation of Mosul. But, he Greece for violating the Covenant of the League, but added: 'We are there, too,' and continued: 'that, the vigorous objections of the Greek representative however, does not mean that peace cannot continue caused the final decision to be postponed until tofor some time to come.'" morrow. Sir Austen Chamberlain, who as general In his forecast of the first session, which was held reporter of the controversy, announced the convicon Dec. 7, the Geneva representative of the New tion of Greece as the offender, said that she must York "Times" declared that "the outstanding prob- pay 10,000,000 levas (about $73,000) for loss of life lem which the League must dispose of at the present and moral damage and 20,000,000 levas( -about $146,session is fixation of the Iraq boundary. This ques- 000) for material damage. The Bulgarian delegate tion, because of its tremendous political conse- to the Council, Foreign Minister Kalfoff, praised quences, has dragged through five Council sessions the impartiality , of the Commission's decision but exthe League being fundamentally in the position of a Foreign Minister Rentis, representing Greece, made conciliatory body making every effort to bring a a strong protest." After referring to the Mosul settlement through direct negotiation. Every effort question, which was to come up two days later, the in this line has failed and League officials now real- "Herald Tribune" dispatch said that "disarmament ize they must use addition arbitral powers and bring is the third big question before the Council, and the unpleasant and dangerous situation to an end. while the report of the special committee has not yet This is to be an infinitely greater test of the League been heard, Paul Boncour, representing France, and than the Greco-Bulgar incident. The Turks are rat- Viscount Cecil of Chelmwood, for Great Britain, tling the sabre, declaring the League is not empow- received the newspaper men this afternoon to make ered to make a decision to which they do not sub- clear that progress had been made by the special scribe. Great Britain demands a decision and says committee and to dissipate the reports that diit will accept the League finding in view of the ad- vergences of opinion had arisen between France and visory opinion of the Permanent Court of Interna- Great Britain. The two statesmen were emphatic tional Justice, which gives the Council absolute that the only possible differences which these two powers." nations could have would be those of procedure, but it was quite evident that the old question of security Reference has been made in an earlier paragraph loomed up despite the treaties of Locarno." It was in this article to the reported idea of France that noted also that "the Council accepted various other 2794 THE CHRONICLE [Vol,. 121. reports at its first meeting. At Germany's request On Dec.9 the representative there of the Associated her entrance into the League was postponed to a sub- Press said that "President Coolidge's message making reference to the proposed disarmament confersequent session." ence, as reported here, was the outstanding topic of Definite word came from Geneva Tuesday evening discussion in League of Nations circles to-day. It in an Associated Press dispatch that "the League was even discussed at a secret session of the League Council to-day decided to invite the United States, Council. It is understood that the members introRussia and Germany to participate in the work of duced the subject because of President Coolidge's the special commission which is to prepare for an utterance that the United States would not care to international disarmament conference." The New attend a conference which from its location or conYork "Times" representative stated in a later dis- stituency would in all probability prove futile." He patch that "it was decided that the commission even stated that "a general exchange of views enwould be composed of nineteen members. These sued, but officials of the League announced to-night represent, besides members of the•Council, Germany, that President Coolidge's declaration, which is interFinland, Poland, Rumania, Jugoslavia, Holland and preted as an allusion to the undesirability of Geneva Bulgaria." He further stated that "eight points as the seat of the conference, would not affect the were agreed upon in the Council meeting to-day for Council's determination to forward an invitation to the agenda, the others remaining undetermined be- the American Government to join the proposed cause of the differences of opinion between France commission to prepare for a disarmament conferand Belgium on the one hand and Britain on the ence." other. The adopted points show that it is the purFresh trouble with the Turks appears to have depose of the Council to go into disarmament thoroughly from every.angle. They are said to make the veloped the next day. The Associated Press repreWashington 5-5-3 ratio appear like a toy cart be- sentative at Geneva sent word that "Tewfik Rushdi side a locomotive." It was made known in an Asso- Bey, Turkish Foreign Minister, told the Associated ciated Press cable message that "the League Council Press correspondent to-day that the Turkish delegato-day voted unanimously to accept the opinion of tion would not participate in any further meetings the Permanent Court of International Justice, put- of the Council of the League of Nations for discusting the Mosul dispute between Great Britain and sion of the Mosul controversy." He added that "the Turkey up to the Council for decision. Turkey voted Turkish official declared his delegation would reagainst acceptance, but the Turkish vote, like the fuse to recognize any decision regarding Mosul which the Council might take as a decisive arbiter under British, was not counted." the terms of the decision recently handed down at substantial character ap- The Hague by the Permanent Court of International Further progress of a pears to have been made at the session of the Council Justice, ruling that the Council by a unanimous vote, on Dec. 9. The New York "Times" correspondent not including votes of the interested parties, was cabled that evening that "the Franco-British differ- empowered definitely to fix the Mosul boundary. ence of viewpoint on disarmament, which endan- The Turkish representative said his delegation's gered even the most rudimentary discussion of the mandate ended Tuesday with the Council's vote acsubject by the League's preparatory commission, cepting the court's decision. He said he could was ironed out to-day in a secret session of the merely send that acceptance to the Turkish National Council and Dr. Benes of Czechoslovakia was en- Assembly at Angora with recommendations. Meantrusted with the task of preparing a compromise while, he said, he would remain at Geneva to see draft to meet the ideas of both parties. The French, whether some 'reasonable proposal along the lines with the Belgians and all other members of the of real mediation might arise.'" According to a later dispatch to the New York Council save the British and Swedes, demanded that the economic and financial aid to be given to an at- "Times" from Geneva, "as a result of the Turkish tacked country should be specified. The British re- action, M. linden, Swedish member of the Council, fused and demanded that the commission study only spent most of the day alternately with his fellow 'visible armaments.' To-day Austen Chamberlain Council members and the Turkish delegation, in an and Paul Boncourt reached an accord by which ob- effort to reestablish a working relationship. At a ligations under Article 16 should be 'suggested' and late hour it appeared his efforts had not succeeded, that the industrial and economic situation of the as the Council has its procedure clearly defined by countries should be taken into account in studying The Hague Court ruling, which already has been visible armaments." The correspondent explained accepted, and the Turks declare they cannot accept that "this is not only a success for France, but for the fulfillment of this procedure, even if it should all the small nations. It does away entirely with result in a decision by which the whole disputed disthe 5-5-3 ratios and proportions armaments fairly. trict would be given to them, but could only forward Naturally, it greatly increases the relative impor- it to Angora as a 'recommendation' by the Council." tance of the army of any great, wealthy nation. The It was added that "the absence of the Turkish delesame session of the Council approved the revised gation from the Council meeting did not prevent the questionnaire relating to the private manufacture of reading of the report, which reveals the Turkish arms, which was prepared by the Committee of treatment of Christians as a most unfortunate arInquiry and is to be sent to all Governments. It is rangment for an alleged civilized country." on the responses to this questionnaire that the draft Premier Briand and his plan for meeting the of a convention to serve as the basis of an international conference on this subject will be prepared." urgent needs of France for funds fared considerably better in the Senate than in the Chamber of DepuEvidently there was keen interest at Geneva in ties. In the latter it was pointed out by the Paris President Coolidge's recent message to Congress. correspondent of the New York "Times" in a dis- DEC. 12 1925.] THE CHRONICLE patch on Dec.4,"in the ballot on Article 4,for which yesterday in the Chamber Premier Briand with all his eloquence and all his persuasion could obtain a majority of only six, the Senate gave him 196 votes and only 59 opposed it." It was added that "the French Senate this evening granted gracefully the passage of the Government's bill increasing the advances to the State by 6,000,000,000 francs and adding to the circulation 7,500,000,000 francs guaranteed in part by new taxation." Continuing his account of that session in the Senate, the "Times" correspondent said: "Throughout the debate there was never any question that the measure would pass. M. Francois Marsal, former Finance Minister, was the only critic to whose attacks much importance could be attached, and he recognized the inevitability of the situation. M.Painleve's party, whose opinion was voiced by the former Premier's friend, Henri Cheron, also accepted the inevitable and voted for the Government with the more confidence, because, as M. Cheron reminded the Assembly, Briand's last Government in 1921 was the only French Government since the war which had repaid any bank advances, voted the budget by the end of the year, reduced the cost of living and improved the exchange rate of the franc. Premier Briand's appeal to the Senate to give him a bigger vote than the Chamber accorded was heard with interest. He was a determined adversary, he assured the Senators, of consolidation and inflation, and it was only because it was an absolute necessity that the first measure his Government brought them was a demand for so large a measure of inflation. At a time like this, he urged, the spirit of national solidarity should rise above party division. By every means in his power, he said, he would work to re-establish confidence in the country. He pointed to the record of his Government in 1921, to which M. Cheron had referred. There is too great a tendency just now, he said, to look on the black side and to show too much pessimism. But France is not like that. She is strong and robust. The French people are not discouraged. They are working, producing, and all that troubles their minds is the campaign of pessimism to which the press had largely lent itself." Apparently it was fully realized in Paris that Premier Briand had been successful in both branches of Parliament largely because of his own personality and the urgency of the situation. In a wireless message on Dec. 5 the Paris representative of the New York "Times" said: "With the passage by the Senate last night of the Emergency Financial Bill, the Briand Government gets a breathing spell until the introduction of its larger financial reform bill ten days or two weeks from now. But the Cabinet is still on thin ice." He added that "no one knows this better than M. Briand, whose eloquence and personal standing are all that pulled the new tax bill through the Chamber the day before yesterday with the narrow margin of six votes. It was only when the Premier drew his picture of impending disaster that the Chamber gave its reluctant vote, and the application of the new taxes is sure to bring much criticism which may materialize in part before the debate on the coming fiscal measures." Continuing, he discussed the financial situation in part as follows: "The emphasis in M. Loucheur's emergency bill on the additional taxes being only for one year, 1925, fools nobody and it is generally ex- 2795 pected that his larger project will make these taxes permanent. Raising the tax on business by 50% is certain to meet opposition in execution and a great point in the debate about the matter now is whether H. Loucheur's measures will bring in the 3,000,000,000 he expects. It has long been said that the French income tax which levies 27% as a base scale is too high and that that is the reason why only about 500,000 Frenchmen pay income tax. The new measure brings the initial percentage up to 32, and there are many predictions that it will not bring the expected results. Another point of criticism is that H. Loucheur's measure cannot do what it pretends to do, namely, repay the additional 6,000,000,000 francs to be obtained in paper money from the Bank of France. Since now the bill says it will raise only 3,000,000,000, this criticism seems well founded. The critics say Senator Berenger was right in stating that 6,000,000,000 will not be enough to see the Government through the next few months and that after raising the circulation from 41,000,000,000 to 58,000,000,000 in one year, or 40%, the Government may have to resort to further inflation unless there is a quick return of public confidence which will put an end to heavy redemptions of defense bonds, some of which fall due every month. While there exists this danger, the figures indicate that if a good strong Government could raise 6,000,000,000 francs in additional taxes, France's domestic financial problem would be in the way of solution. Pertinent questions are whether the present Government can become solid and can raise 6,000,000,000 francs. The Government is being considerably criticized for a provision in the new tax bill levying an additional 20% tax on purchases of property by foreigners in France. Together with the existing taxes on transfers, this means that Americans or other foreigners buying property in France must pay around 30% value to the State. Business interests fear this will keep capital out of the country, and indeed it is thought it may interfere with plans now on foot for the construction of two 'hotels in Paris with American money." The urgent French financial plan took more definite shape on Dec. 7. The Paris representative of the New York "Herald Tribune" cabled that evening that, "while the American Congress is embarking on a legislative program in which reduction of taxes is an important feature, the Briand Cabinet met late to-day and approved a schedule of seven finance bills proposed by Louis Loucheur, Finance Minister, which calls on French taxpayers to pay an increase of 8,000,000,000 francs during 1926." He added that "these measures come before the Chamber of Deputies Thursday, and heavy political battling is in prospect, with the Briand Ministry by no means exempt from danger of defeat." Announcement was made also that,"in addition to finances, the Cabinet decided formally to-day to appoint Senator Henry Berenger as Ambassador to Washington to succeed Emile Dae,schner. It also discussed both disarmament and technical means of regrouping French troops in the Rhineland to make way for British forces now in process of evacuating Cologne. Marshal Foch, General Desticker, chief of staff; Marshal Petain and General Guillaumat, commander of the Rhineland were called in for consultation. New instructions will be sent to Paul Boncourt, chief of the committee now studying disarmament under 2796 TITE CHRONICLE auspices of the League of Nations at Geneva, which possibly will bring the French and British views on reduction of European armament nearer. Finance laws, however, are of immediate importance for France, and again will be discussed to-morrow, with President Doumergue presiding." Outlining the financial plan, the correspondent said: "The first finance measure demands additional taxes of 8,000,000,000 francs to satisfy supplementary needs for the 1926 budget. The second bill creates a sinking fund for retirement of national bonds from a general contribution from property. The third deals with repression of fiscal frauds and deals severely with the tax dodger. The fourth refers to special tax earnings on non-Government stocks and bonds. The fifth calls for conversion of rentes, at the option of the holder, however. The sixth provides revision upward of passenger and freight tariffs on all railroads in France, the deficit for State subsidized railroads in 1925 being estimated at 700,000,000 francs. The seventh measure would change the entire income tax schedule and is designed for a closer check on incomes and technical means of collection. The new taxation means that the French Government in one manner or another must realize within the coming year about $1,680,000,000, the bulk of which the taxpayer is scheduled to provide if the Loucheur measures pass the Chamber and Senate within the next three weeks. Both Houses by law must adjourn Jan. 1 and reconvene the second Monday in January for the 1926 session. If the finance measures are not voted by the first of the year, they will have to be introduced anew at the 1926 session." In an Associated Press cablegram from Paris on Dec. 8 it was stated that "Senator Berenger is expected to leave in the near future to relieve Emile Daeschner, the present Ambassador in Washington. The new Ambassador will have his appointment renewed every six months, as is customary in the cases of members of Parliament sent abroad on diplomatic missions." It was added that "the Senator has for years been the foremost financial authority in the upper house of Parliament, holding the important post of budget reporter for the Senate Finance Commission. He ranked next to Finance Minister Caillaux on the French Debt Funding Mission to Washington. Senator Berenger was born at Bugles, Department of Eure, in 1867, and was educated at the College of Dinan and the University of Paris. He is married and has one daughter." He is to sail for the United States Dec. 16 on the steamship "Paris," according to a special cable dispatch from the French capital to the New York "Times" on Dec. 8. The new Ambassador was quoted at his home in Paris on the evening of Dec. 8 as saying that "he was going to the United States not only to continue the debt funding negotiations, but also to discuss questions of disarmament, commercial relations with France and other matters of policy. The new Ambassador feels that Americans have small understanding of the real France and he said that he was going to make it his duty to see that the real France became better known in America." His appointment as Ambassador was signed by President Doumerg•ne earlier in the day. 1VoL 121. Word came from Washington on the same day that "hint that the American Debt Commission expects a funding of France's obligations to the United States this winter on terms likely to be more lenient than those constituting the last word of the United States in the unsuccessful Caillaux negotiations has been disclosed in an exchange of cablegrams between Louis Loucheur, French Finance Minister, and Garrard B. Winston, Under Secretary of the Treasury and Secretary of the Commission. M. Loucheur was informed by Mr. Winston that the United States on its part'should find a basis of debt settlement within the capacity of France to pay and fair to both nations.' Although no definite word has been received by the Commission regarding the detailed plans of the Briand Cabinet, recent developments are not without significance. Taken with the LoucheurWinston exchange, the recent assurances given Secretary Mellon of the desire of the new Finance Ministry for a speedy adjustment, the appointment of Henri Berenger as French Ambassador to Washington replacing Emile Daeschner, is viewed as indication that Premier Briand is formulating a definite debt policy." As the week progressed it was claimed in Paris cable advices that Finance Minister Loucheur's finance bill was meeting with considerable opposition. The Paris representative of "The Sun" said on Dec. 10 that, "while obviously no Minister is likely to be popular who places eight billions of fresh taxation on the country, the reception given Loucheur's financial proposals is so hostile that it is clear that they cannot be expected to pass the Chamber in their present form. It is even doubtful whether Loucheur can remain much longer in the Minister of Finance." He asserted that "the outlook is of the blackest in many years. The prices of everything have been tremendously increased. To-day there was a rush to the tobacco stores, many of which will be completely bought out by the thrifty public before the 20% increase in prices becomes effective. The railways have decided on a general increase of 30% in all passenger fares. All the big trading federations are considering the situation and many have already decided on advances ranging from 20 to 30%. The big department stores have agreed not to enforce the new price lists until the new year,so as not to interfere with the Christmas trade." The Paris representative of the New York "Herald Tribune" reported specific elements of opposition, particularly on the part of foreigners. He stated on Dec. 9 that "anti-foreign sentiment, from which Americans are not exempt, is becoming an active companion of the housing shortage here and the legislation of new fiscal laws. Anglo-Saxons with dollars and pounds to exchange for depreciated francs are not escaping the jibes of Frenchmen when small incidents arise. While this is not serious, it reflects the attitude now being fostered by some sections of the press. A more concrete move, however, comes in the Loucheur finance law, which tends to discriminate openly against the foreigner in matters of taxation. The proposed rent laws to be debated in the Chamber of Deputies after the new year also propose a levy on the 3,000,000 foreigners in France and more rigorous rules than are now applicable to the French." DEC.12 1925.] THE CHRONICLE In a special Paris cable dispatch to the New York "Times," also on Dec. 9, it was claimed that"M. Loucheur's new taxation proposals have been to-day very unfavorably received by the press of almost all parties. In seeking to adapt his 'measures to the programs and prejudices of all parties by borrowing something from each, the Finance Minister has not satisfied any. The outcry of all is that the new taxation is crushing. The Socialists and Radicals who were perfectly willing and indeed anxious some weeks ago to impose a heavy capital tax so as to get rid of the Treasury's difficulties once and for all in a short space of time are severely critical of the measure which will add 8,000,000,000 francs to the taxation of the country over an indefinitely long period. They wanted to raise 70,000,000,000 all at once. But they will not be easily persuaded to vote raising 80,000,000,000 over ten years. The Nationalists, on their side, declared they will not vote for the new measures. Even M. Loucheur's concession to their ideas in introducing a lottery scheme does not reconcile them. They reproach the Finance Minister with ,proposing to add to the burden of the country without creating an effective spirit of confidence that by this sacrifice a better state of affairs will be produced. Thus the first impression is frankly unfavorable. Those who are not hostile are skeptical. The debate before the Chamber Finance Commission is expected to produce many changes and it is yet too early to make any prophecy as to the success or failure of the measures, the defeat of which would entail a new Governmental crisis." According to the "Times" dispatch also,"it is officially announced that the circulation of National Defense bonds amounted to about 46,500,000,000 francs at the end of November, against 57,000,000,000 in August 1924. It is explained, however, that in the interval 4,912,000,000 francs of ten-year Treasury bonds were issued in November 1924 and 4,936,000,000 francs of National Defense bonds were consolidated during the 4% gold coupon issue this October. Therefore, only a slight decrease in the total of public investments in Government issues is shown." As the week drew to a close the outlook was not bright for the Minister of Finance and his finance plan. The Paris correspondent of the New York "Herald Tribune" cabled Thursday evening that "the third meeting of the Briand Cabinet within 96 hours gave a hint to-day of the gravity of the political situation which is arising from the Loucheur project to increase national taxation during 1926 by 8,000,000,000 francs. The campaign against the Finance Minister has now taken definite shape and is somewhat analogous to the situation in which the Painleve Ministry found itself when Joseph Caillaux refused to resign in October. Louis Loucheur, like M. Caillaux, has decided to fight his opponents, and as a result the Briand Government is sorely embarrassed, with a lesser prospect of success in the Chamber of Deputies for the Loucheur program of financial reconstruction." In keeping with the announcement he had made on Nov. 20, Chancellor Luther, head of the German Cabinet, and the other members, resigned on Dec. 5. The New York "Times" representative in Berlin cabled that evening that"with the resignation to-day of the Luther Cabinet, as arranged prior to the signing of the Locarno treaty in London, President von 2797 Hindenburg is immersed in his first Ministerial crisis. He is taking things quite calmly, however, and is going about the reconstitution of the Cabinet with the unhurried, methodical precision character istic of the old soldier. It may take a long time, possibly until the new year, but the Field Marshal is known to be quite confident that in the end he will have a Ministry satisfactory to himself and acceptable to the Reichstag." According to a special cable dispatch to the New York "Times" from Berlin on Dec. 7, "President von Hindenburg wants a Cabinet headed by Dr. Luther and representing the so-called Big Coalition in the Reichstag." The correspondent added that "to all his interlocutors the President stressed the necessity for bringing the new Government into existence with the least possible delay, not only that the Locarno accords may be realized rapidly and conditions in the occupied Rhineland further ameliorated thereby, but that measures for relief of the Reich's stricken commerce and industry and unemployment arising therefrom may be devised without dangerous loss of time." According to Berlin cable advices Thursday evening, "Reichstag caucuses of the four parties concerned sent to President von Hindenburg that night their respective conceptions of a platform upon which a Big Coalition Cabinet might be built." It was added that "the Presidentconsequently delayed the nomination of a Chancellor until after he has studied the party reports. It is understood that he may confer again to-morrow with the political leaders but that a mandate to Dr. Luther to form a new Ministry will be forthcoming by to-morrow night. The possibility of bringing the Big Coalition into existence seemed closer than ever. The program submitted by the Socialists stipulated conditions that scarcely can be accepted by the Democrats and Catholic Centre much less by the more conservative People's Party which deliberated under Foreign Minister Stresemann's Chairmanship this afternoon." Czechoslovakia is the latest European country to get a new Cabinet. Word came from Prague on Dec. 10 that "M. Svehla has succeeded in forming a Cabinet to take the place of the one which resigned after the recent general election. He will again be the Premier. Dr. Edouard Benes, one of the most prominent statesmen of his country, is Foreign Minister. The latest Cabinet to resign was that of Finland, which went out on Dec. 10. According to an Associated Press dispatch from Helsingfors on that date, "the Finnish Government resigned to-day on account of Parliament's refusal to vote the credits necessary for building a fleet for coast defense. Parliament passed a bill for the re-establishment of the gold standard." Portugal has lost her President. It was stated in an Associated Press cable message from Lisbon on Dec. 10 that "President Teixeira Gomes resigned today. The resignation was handed to Congress at 4 o'clock this afternoon. The President gave ill health as the reason for his withdrawal." The latest news with respect to political develop-. ments in Spain is contained in the following wireless message from Madrid on Dec. 5: "The new Council of Ministers held a session last night under the presidency of Primo de Rivera to draft a Minis- 2798 TrrF. CHRONICLE terial declaration which will be published next week. According to the Madrid newspaper 'A B C,' the Government will reorganize the administration and reform various services. The Government proposes to use a dictatorial procedure to regulate public finances, restore national economy and reform taxation. Its political program will not include electoral reform nor parliamentary reform, as the time is not ripe when the constitutional regime can be resurrected. The new Government will continue its present reorganizing program, while tempering it somewhat." Count Volpi, head of the Italian War Debt Commission, that recently negotiated a settlement of Italy's war debt to the United States, and his associates, were given an extremely cordial welcome upon their return to Rome and their appearance in the Chamber of Deputies. The New York "Times" represptative in Rome .in a wireless dispatch on December 5 said that "Count Volpi and Signor Grandi were triumphantly acclaimed in the Chamber of Deputies to-day on their return from Washington. The keynote of the ceremony was struck by the President of the Chamber, who, in extending to Count Volpi the welcome of the lower house, likened to-day's manifestation to the triumphs in ancient Rome of returning generals who had served the republic well on the fields of battle." Continuing his account, the "Times" representative said that "as soon as Count Volpi appeared in the Chamber the whole Assembly, including the Opposition Deputies and public occupants of the royal box and diplomatic gallery, rose and cheered. The Count, who on this occasion made his first appearance in the Chamber, Parliament having been in recess during the period between his nomination to the Finance Ministry and his departure for Washington, was visibly moved by the warmth of the demonstration and acknowledged the applause by repeatedly nodding his head. Then, bowing toward the Ministers' bench, he shook hands with Premier Mussolini and took his seat at the Premier's right." Announcement was made in an Associated Press dispatch on Dec. 8 that "the Italian Senate to-day ratified the Italo-American debt funding accord and also the $100,000,000 loan arranged with the Morgan firm by Finance Minister Volpi during his American trip." It was added that "Count Volpi, who was the object of a warm demonstration, declared the two measures represented, so far as Italy was concerned, 'the real end of the war.'" In a subsequent special wireless message to the New York "Times" it was stated that there were only nine adverse votes on the adoption of the debt funding plan and the loan. Count Volpi explained that it "was necessary primarily to stabilize Italian currency. It would be invested in first rate interest-bearing foreikn securities, thus relieving the Italian taxpayers of part of the interest charges." He was quoted as saying also that "the whole of this sum [$100,000,000] will be at the disposal of the Italian Treasury." The "Times" correspondent added that "Count Volpi described the conditions granted by the Morgan firm as excellent also because better than those on which the French and Belgian loans were issued." The Fascists appear to be going ahead quite rapidly in securing new legislation. On Dec. 10 it was [VOL 121. stated in a special wireless message from Rome that "after only two days of discussion the Chamber of Deputies to-day approved another of the so-called ultra-Fascist laws, intended to be the foundation of the 'co-operative principle,' upon which, according to the decisions of the last Fascist Grand Council, the future Italian Government, as changed by Fascismo's revolutionary legislation, should be based." The measure was explained in part as follows: "This law grants juridical recognition to Fascist trade unions—known by the medieval name of syndicates or corporations—conferring upon them the exclusive right of speaking in the name of the workers' interests. It provides that in each art, craft, trade or profession two syndicates or corporations shall be established, one representing the interests of capital, the other representing the interests of labor. These two syndicates or corporations in each art, craft, trade or profession are to be juridically recognized by the States as the only organizations empowered to discuss wage agreements and settle disputes arising between capital and labor. It is, in other words, expedient to attain what the Fascists call trade union unity and what the Opposition calls trade union monopoly. The chief interest in this law lies in the fact that it is but the first of a long series of legislative measures which will be discussed by the Chamber after the Christmas recess, aiming to destroy the Marxian theory of class war and replacing it with the Fascist theory of class collaboration. It is to be followed, in fact, by laws establishing compulsory arbitration in disputes between capital and labor, and appointing labor magistrates to settle such. disputes." The British and Irish Governments have ratified the boundary agreement. On Dec. 9 the New York "Times" representative in the British capital cabled that "the new agreement between the British Government, the Irish Free State and Northern Ireland has now been ratified by both the British and the Ulster Governments. It passed through all stages in the British House of Lords to-day and was approved in both Chambers of the Ulster Parliament. The Dail Eireann is still debating it, but the projected alliance between the Republicans and the Labor opposition does not seem to have borne fruit, and a majority for its passage in the Free State is certain." It was added that "the largest attendance which has been seen in the Lords this session listened to Lord Birkenhead moving the ratification of the bill. His speech was remarkable for its very severe condemnation of the 'mischievous and unpatriotic' publication in advance of the Boundary Commission's award by the 'Morning Post,' a newspaper which ten years ago was an ardent supporter of Lord Birkenhead himself. He also severely trounced Lord Danesfort for attacking the agreement." According to the "Times" dispatch also, "Sir James Craig's resolution approving the agreement was carried in both of the Northern houses unanimously. Craig announced that during the negotiations in London Premier Baldwin suggested that it might be possible as an act of grace to deal leniently With the political prisoners in the North and Sir James accordingly agreed that the cases of such prisoners should be reviewed by the British Government, whose decisions would be accepted by the Northern Government. Sir James also announced the disbandment of the special constabulary which for DEC.12 1925.] THE CHRONICLE nearly six years has been in being to protect Ulster against possible attack." Word came from Dublin on the evening of Dec. 10 that "Ireland's boundary compact was finally passed by the Dail to-night after a four-day debate by a vote of 71 to 20. The margin of President Cosgrave's parliamentry victory surprised everybody. Even if former President Eamon de Valera had flung his forty-seven "die-hards," who have never taken their seats, into the breach the boundary agreement would have passed with four votes to spare." Official bank'rates at leading European centres have not been changed from 9% in Berlin; 7% in / Italy and Belgium;6% in Paris; 51 2% in Denmark; / 5% in London, Madrid and Norway; 41 2% in Swe/ den and 31 2% in Holland and Switzerland. Open market discounts in London continue firm and fin/ ished at 41 2@4 9-16% for both short bills and three months' bills, as against 4 9-16% a week ago. Money on call at the British centre likewise advanced, clos/ ing at 31 2%, as compared with 3% a week,earlier. In Paris the open market discount rate remains at / 4V 8% and in Switzerland at 21 8%. The Bank of England continues to lose gold and in its statement for the week ending Dec. 9 announced a decrease of £652,087, reducing the Bank's stock of gold to £145,007,870, in comparison with £128,504,026 last year (before the transfer to the Bank of England of the £27,000,000 formerly held by the Redemption Account of the Currency Note issue) and £128,019,260 at the same time in 1923. Reserve of gold and notes in the banking department was reduced £688,000, there having been another small gain in note circulation, of £36,000. The proportion of reserve to liabilities, however, advanced from 15.98% a week ago, to 16.62%, which compares with 171 2% a year ago and 163 / 4% the year before that. An increase of £255,000 was shown in public deposits, but a decrease of no less than £9,698,000 in "other" deposits. The Bank's temporary loans to the Government were also reduced,falling £8,070,000, while loans on other securities declined £614,000. Note circulation stands at £143,320,000, which compares with £124,445,175 in 1924 and £126,270,325 the year before that. Reserve aggregates £21,461,000, as against £23,808,851 a year ago and £21,498,935 in 1923, while loans amount to £71,081,000, in comparison with £72,740,166 and £74,194,485 one and two years ago, respectively. Clearings through the London banks for the week were £831,264,000, as against £850,262,000 a year ago. No further change has been made in the minimum discount rate, from the level of 5% declared a week ago. We append comparisons of the different items of the Bank of England return for a series of years: BANK OF ENGLAND'S COMPARATIVE STATEMENT. 1925. 1924. 1923. 1922. 1921. Dec. 9. Dec. 10. Dec 12. Dec. 13. Dec 14. Circulation 6143,320,000 Public deposits 8,781,000 Other deposits 120,227,000 Governm't securities 54,368.000 Other securities 71,081,000 Reserve notes d: coin 21,461,000 Coin and bullion__ a145,007,870 Proportion of reserve to liabilities 16.62% Bank rate 5% 124,445,175 10,039,431 125,696.953 57,042,363 72,740,166 23.808,851 128,504,026 126,270,325 11,597,768 116,864,537 50,598,532 74,194,485 21.498,935 128,019,260 123.161,310 10.112,664 114,772,579 53,927.091 66,123,250 22,735,137 127,446,447 124,734,450 13,858,179 140,869,430 69,799,630 80,682,795 22,152,821 128,437,271 1734% 4% 16 Bi% 4% 183% 3% 144% 5% a Includes, beginning with April 29 1925, .C27,000.000 gold coin and previously held as security for currency note issues and which was transferredbunion to the Bank of England on the British Government's decision to return to gold standard. b Beginning with the statement for April 29 1925. includes L27.000.000 of Bank notes issued in return for the same amount of gold coin and bullion held of England up to that time in redemption account of currency note issue. 2799 According to the weekly statement of the Bank of France a further expansion of 352,344,000 francs occurred in the note circulation of the Bank the present week; bringing the total amount outstanding up to a new high record of 49,536,001,555 francs. This compares with 40,567,931,265 francs for the corresponding date last year and with 37,547,493,555 francs the year before. The French Parliament on Dec. 4 raised the legal limit of note circulation to 58,500,000,000 francs from 51,000,000,000 francs, the limit fixed on June 27, and 45,000,000,000 francs, the limit fixed April 15 the present year. The French Government borrowed 200,000,000 francs more from the Bank the present week, making the total of advances to the State 33,650,000,000 francs, which compares with 22,700,000,000 francs in the corresponding week of 1924 and 23,100,000,000 francs in 1923. The maximum of advances to the State, fixed on April 15 at 26,000,000,000 francs, was on June 27 increased to 32,000,000,000 francs, on Nov. 23 to 33,500,000,000 francs and on Dec. 4 still further raised to 39,500,000,000 francs. During the week silver holdings increased 43,000 francs and advances rose 49,908,000 francs, while, on the other hand, bills discounted decreased 1,040,621,000 francs, Treasury deposits declined 9,821,000 francs and general deposits fell 15,591,000 francs. The gold item this week shows another small gain, namely 3,875 francs. The gold holdings now aggregate 5,547,809,875 francs, as against 5,544,900,054 francs for the same time last year and 5,510,046,980 francs the year previous. Comparisons of the different 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. Stains as of Changes Dec. 10 1925. Dec. 11 1924. Dec. 13 1923. for Week. Francs. Francs. Francs. Francs. Cold Holdings— Inc. 3,875 3,683,488,968 3,680,579,146 3,675,726,072 In France 1,864,320,907 Unchanged 1,864,320.907 1.864,320,907 Abroad Inc. 3.875 5,547,809,875 5,544,900,054 Total 304,927,530 316,810,016 Inc. 43,000 Sliver Billadiscounted Dec.1,040,621,000 3,661,082,524 4,611,979,624 49,908,000 2,672,167.821 2,933,262,739 Advances Inc. Note allculation_Inc. 352,344,000 49,536,001,555 40,567,931,265 26,885,663 30,937,708 9,821,000 Treas. deposits_ _Dec. General deposits_Dec. 15,591,000 7.980,452,730 1,846,646,848 5,510,046,980 296,352,194 3,183.862,993 2,448,116,043 37,547,493.555 24,592,078 2,005.611,201 The Imperial Bank of Germany in its statement, issued as of Dec. 7, reported a reduction in note circulation of 36,573,000 marks, although this was more than offset by an increase in other maturing obligations of 44,177,000 marks, while other liabilities expanded 24,167,000 marks. As to assets, holdings of bills of exchange and checks fell 56,127,000 marks. Advances declined 19,046,000 marks. A small reduction was also shown in silver and other coins, amounting to 415,000 marks. Reserve in foreign currencies increased nominally-3,000 marks. Increases occurred in notes on other banks of 7,457,000 marks, in investments of 2,326,000 marks, and in other assets of 97,566,000 marks. Gold and bullion holdings gained 7,000 marks, to 1,207,269,000 marks, which compares with 696,106,000 marks a year ago and 467,026,000 marks in 1923. Outstanding note circulation stands at 2,734,309,000 marks. Reduction in gold reserves, accompanied by further liberal expansion in rediscounting operations were the most noteworthy features of the Federal Reserve bank statements that were issued on Thursday afternoon. For the System as a whole also, holdings of bills bought in the open market showed 2800 THE CHRONICLE an increase of $11,800,000. Gold holdings fell $20,300,000. Rediscounts of bills secured by Government paper increased $63,600,000, to $378,272,000, as compared with a total at this time last year of $127,279,000. "Other " bills were reduced $28,100,000, with the net result for the week of an addition to total bills discounted of $35,500,000. Total bills and securities (earning assets) registered a gain of $59,800,000, but deposits were only slightly altered, increasing $1,500,000. At New York a reduction in gold of $27,000,000 was shown and expansion in total bills discounted of $23,400,000, to $211,193,000, which contrasts with $48,867,000 in 1924. In the total of bills and securities the increase was $35,500,000; in deposits the increase was $1,800,000. Nationally, the amount of Federal Reserve notes in circulation expanded appreciably—$22,900,000, but locally the addition was only $1,400,000. Member bank reserves increased $10,600,000 for the banks as a group and somewhat less than $2,000,000 at New York. Contraction in gold was responsible for another decline in reserve ratios. That at New York fell 2.4%, to 76.6%, while for the entire System there was a drop of 1.1%, to 69.4%. Last Saturday's statement of New York Clearing House banks and trust companies was featured by further contraction in surplus reserve, the result, mainly, of addition to deposits. Loans were reduced $6,840,000. Net demand deposits mounted $29,209,000, to $4,469,156,000. This total is exclusive of Government deposits of $8,508,000, a falling off in the latter item of $1,496,000. Time deposits, however, were reduced $12,057,000 to $563,595,000. Other changes included a decline in cash in own vaults of members of the Federal Reserve Bank of $1,892,000, to $49,328,000, although this total is not counted as reserve. Reserves of State banks and trust companies in own vaults declined $342,000 and reserves of these institutions in other depositories fell $1,314,000. There was a decline in the reserves of member banks at the Federal Reserve Bank of $2,680,000, which, in combination with the enlargement in deposits, served to bring about a loss in surplus reserve of $7,566,070; thus reducing excess reserve to $2,495,370, in comparison with $10,061,440 last week and $22,378,980 a week earlier. The figures here given for surplus reserve are on the basis of 13% legal reserves against demand deposits for member banks of the Federal Reserve System, but do not include $49,328,000 cash in vault held by these member banks on Saturday last. [VoL. 121. pected to handle $37,000,000. A temporary advance in call money rates on Monday would not seem illogical. The offering on Monday of short-term Government securities was largely over-subscribed. The increase of 472,000 tons in the unfilled orders of the United States Steel Corporation in November seems to have come as somewhat of a surprise, but reflected the large orders for steel rails for next year's delivery, which are usual at this time of the year. The large aggregate railroad net earnings for October and the increase in the Southern Railway common dividend from 5% to 7% ,a year, together 2 1 / with the declaration of an extra of 7 % by the Michigan Central and of 3% by the Mobile & Ohio, furnished further evidence of the prosperity of the railroads. Offerings of new securities have been on a good-sized scale. Dealing with specific rates for money, the call loan market repeated its performance of last week and, although again ranging between 5 and 53%, ruled the entire week at 5% excepting for Monday, when an advance to 532% occurred. This means, therefore, that all loans on call were negotiated on Tuesday, Wednesday, Thursday and Friday at 5%, which was not only the high and low, but the renewal basis during this period. On Monday the ruling rate was also 5%. In time money firmness continues to prevail and 5% was named for all maturities from sixty days to six months, which compares with a 4%% quotation on sixty day funds last week and 5% for the longer periods. The market was quiet and although trades were reported in all of the maturities, no large individual loans were made. Fixed date money is in rather light supply. Commercial paper was only moderately active, with business restricted by lack of offerings. Quotations have not been changed from 43@43/2% for four to six months' names of choice character and 43/2% for names not so well known. New England mill paper and the shorter choice names continue to pass at 431%. Country banks were the principal buyers. Banks' and bankers' acceptances remain at the levels previously current. Trading has been dull and featureless and there are no new features to report. Continued firmness in the call market has prevented any broadening in acceptance operations. Most of the limited business was furnished by out-of-town institutions. For call loans against bankers' acceptances the posted .rate of the American Acceptance Council has not been changed from 432%. The Acceptance Council makes the discount rate on prime bankers' acceptances eligible for purchase by the Federal Reserve banks 39/% bid and 3h% asked for bills running 30 days, 33/2% bid and 3 8% asked for 60 days, 35/ bid and 33/2% asked for 90 days /% asked for 120 days, 37 4% bid 3%% bid and 35 asked for 150 days, and 4% bid and 3%% and 3% asked for 180 days. Open market quotations are as follows: Call money for still another week ruled at 5%. / Time money was unchanged at 478@5%. Only moderate calling of loans was reported, although the actual bank statement of the New York Clearing House member banks a week ago to-day showed a further decrease in excess reserve. For at least a / single day a 41 2% quotation for call money in the outside market was reported. As this is the final SPOT DELIVERY. month of the year and as large disbursements will 90 Days. 60 Days 30 Data igag 3%943% be made on next Tuesday, Dec. 15, the local money Prime eligible bills FOR DELIVERY WITHIN THIRTY DAYS. 113‘blO notably steady and even Eligible member banks market was regarded as banks 3% bid easy. No difficulty in arranging loans from day Eligible non-member to day was reported. Included in the large midmonth interest and dividend payments is the payThere have been no changes this week in Federal ment of interest on Government obligations requir- Reserve Bank rates. The following is the schedule ing an estimated amount of $78,000,C00. Of this of rates now in effect for the various classes of paper total the New York Federal Reserve Bank is ex- at the different Reserve banks: THE CHRONICLE Due.121925.] DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT DECEMBER 11 1925. Paper Afatutino— After 90 Altar 6 Days, but but Within 6 Within 1 Months. Month, Within 90 Days. FEDERAL RESERVE BANK. Com'retal Secured Aorfc't & by U. S. Bankers Livestock Governm't AccepPaper. OblIga- lances. nee. Sans. Boston.........---__ New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas , San PrIt/11 11W1 4 8% 4 4 4 4 4 4 4 4 4 4 4 3% 4 4 4 4 4 4 4 4 4 4 4 84 4 4 4 4 4 4 4 4 4 4 7'rade Acricul.• A precut Accepand and tames Lice:tact lAcestoc) Paper. Paper 4 334 4 4 4 4 4 4 4 4 4 4 4 8% 4 4 4 4 4 4 4 4 4 4 4 34 4 4 4 4 4 4 4 4 5 4 • Including bankers' acceptances drawn tor an agricultural purpose and semi or warehouse receipts. dee. Sterling exchange showed an inclination to and for a time the tendency of prices was fractionally down. This was not regarded as surprising in view of the sharp spurt of strength and activity exhibited at the close of last week, and market observers dubbed it the usual "natural reaction" from a sudden rise. In the initial transactions demand bills sold at 4 85%, or very close to the high point of the year. The advance proved shortlived and by Monday the market had begun to sag until eventually 4 843 was reached, although the % close was at 4 84%. This weakness was attributed partly to indifference on the part of local interests, who appeared to have satisfied their immediate requirements during the recent outburst of activity, and partly to a resumption of trading in futures, which latter, in fact, constituted the most noteworthy development of the week. Sales of future sterling against spot purchases for investment in London naturally exerted a depressing influence on quoted rates, and the result was to bring about a loss of %c. from the level of last Saturday. Prior to the advance in the Bank of England rate of discount, when sterling was receiving artificial support, fluctuations were so small that resort to future trading was almost entirely eliminated. On Dec. 1, futures sold at a premium over spot of $.00 5-16, which compares with a premium attained this week of $.00 1-32. Later on uneasiness again made itself felt over the possibility of the New York Federal Reserve Bank raising its rate % of 1% (an event that did not materialize), although it was pointed out that should this happen, the rate would still be 1% below the level of the London bank. Before the close another change took place and sterling rates stiffened in response to an advance in the rate for London bank bills; thus adding further inducement to American interests to increase their foreign balances. Capital is now said to be flowing to London not only from New York, but from Switzerland and Holland, whose money rates are. far below those now prevailing at the British centre, Referring to the day-to-day rates, sterling exchange on Saturday last was strong and demand bills advanced to very close to the high point of the year, namely, 4 85@4 853,g, while cable transfers ranged between 4 853 and 4 853/ and sixty days at 4 819 4 @,4 81%; trading was not active and the strength was attributed to transfers of funds to London. Monday's market was reactionary, and there was a decline to 4 84 11-16@4 84 15-16 for demand, to 4 85 1-16@4 84 15-16 for cable transfers and to 4 81 7-16@4 81 11-16 for sixty days; selling of futures 2801 against buying of spot for investment purposes in England was held responsible for the weakness. A further loss of Mc. took place on Tuesday, bringing demand down to 4 84 7-16@4 84 11-16 and cable transfers to 4 84 13-16@4 85 1-16 and sixty days to 4 81 3-16@4 81 7-16. On Wednesday trading was quiet, with the trend .still downward and the range 4 84%@4 843/ for demand,4 84%@4 84% for cable / transfers and 4 813 8@4 813 for sixty days. Very little variation was shown on Thursday, though the undertone was firmer and rates moved up fractionally / 4 to 4 84 9-16@4 843 for demand,4 84 15-16@4 851g 2 fo able transfers and 4 81 5-16@4 813/ for sixty s. Friday trading was moderately active at firm quotations, with demand quoted at 4 84%@ 4 84 21-32, cable transfers at 4 85@4 85 1-32, and sixty days at 4 81%@4 8113-16. Closing quotations were 4 81% for sixty days, 4 84% for demand and 4 85 for cable transfers. Commercial sight bills 2 finished at 4 843/, sixty days at 4 80%, ninety days / at 4 801 8, documents for payment (sixty days) at 4 4 811 and seven-day grain bills at 4 83%. Cottons 2 and grain for payment closed at 4 843/. no gold imports this week. One smalP, There were consignment of $150,000 in gold coin was engaged! for shipment to the Straits Settlements by the International Acceptance Bank. The Bank of England reported sales and exports of the precious metal of over £1,200,000. Some of this was for Singapore, Holland and Argentina, and a large amount of bullion bars destined for the South African Reserve Bank. The Japanese Government is shipping another $2,000,000 gold to San Francisco on the Liberia, making the sixth shipment recently and a total of $11,000,000. The Holland shipments are for deposit in the Netherlands Bank to the account of the Bank of Java. Loss of gold to these countries will probably continue until exchange rates between these countries are adjusted. In Continental exchange inactivity prevailed and trading was characterized by occasional feverish spurts of buying or selling, usually followed by more or less prolonged periods of pronounced dulness. Attention continues to centre upon francs, which, after a temporary interval of comparative firmness, were subjected to renewed attack and broke to 3.6614, a loss of 21 points, and another new low point. Locally, dealings in francs were of negligible proportions, operators being apparently still disinclined to dabble in this doss of currency under present uncertainties. On the London and Paris markets, however,francs were dealt in heavily and it was noticeable that much of the selling was of a speculative nature, more than has been the case in recent months. This was said to represent in part the liquidation of long accounts that had been entered into last week when it seemed that a sharp rise would follow the clarifying of the political atmosphere. Short selling was also a feature. An element of doubt that hung over the franc market was the maturing of &most 3,000,000,000 francs in internal obligations. Fears as to what would be the outcome of the Government's efforts to retire this huge amount and what its effect upon the next Bank of France statement would be made for an undertone of irregular weakness that was hard to overcome. Considerable comment has been aroused over the change in the method of supporting the franc that has come about since the overthrow of the Caillaux 2802 Ministry. To this is ascribed the increase in :speculative manipulation. Bankers here and in France are not very favorably impressed with the new remedial measures proposed by M. Briand, and there are fears that the presentation of the Loucheur Finance Bill in the French Senate may lead to another Cabinet upheaval. The only favorable development has been the news of a renewed attempt to settle France's war debt to America. On Thursday the Franch Bank statement, though showing the establishment of new high records in both circulation and Government advances, was better than had been expected, and the immediate result was to steady franc quotations slightly. Yesterday, however, the cable advices again turned pessimistic, on rumors that M. Loucheur had resigned, and quotations slumped to the lowest of the week. Other branches of the Continental exchange market were neglected and trading was quiet and featureless. Antwerp francs were well maintained and continue to rule at around 4.52. Italian lire were not particularly active, though relatively firm, with a range 2 . between 4.03 and 4.013/ German and Austrian currencies were inactive at previous levels. Greek exchange again turned weak and broke from 1.33 to 1.27, chiefly as a result of selling on a narrow market. Of the minor Central European group, Poland alone attracted attention on rumors that the Bank of Poland has been successful in preventing any further decline in the quotation for zlotys from 13. It will be recalled that last week a low of 10 was touched. Yesterday, however, there was a fresh break to 11.50, thus indicating the impossibility of stabilizing rates. The new Finance Minister earlier in the week let it be known that he was determined to bring about financial reform and intended to insist upon support. Russian chervonetz, like reichsmarks and kronen, remain unchanged-that is, at 5.15, a shade under par, but with no trading to speak of. German and Russian merchants are financing their requirements by means of sterling or dollars. The London check rate on Paris finished at 130.75, against 126.92 last week. In New York sight bills on the French centre closed at 3.67%, against 3.87; cable transfers at 3.683 , against 3.88; commercial sight % bills at 3.663 , against 3.86, and commercial sixty % days at 3.623, against 3.813/2 a week ago. Closing rates on Antwerp francs were 4.52% for checks and 4.53% for cable transfers, which compares with 4.52 and 4.53 last week. Reichsmarks have not been changed from 23.81 (one rate) for both checks and cable transfers, while Austrian kronen remain at .001431 the same as a week earlier. Lire closed at 3, 4.023i for bankers' sight bills and at 4.033/ for cable transfers. This compares with 4.02% and 4.03% the previous week.• Exchange on Czechoslovakia finished at 2.964 (unchanged); on Bucharest at 0.46, against 0.464; on Finland at 2.523/2, against 2.523, and on Poland at 11.50, against 13 last week. Greek exchange finished at 1.27 for checks and 1.273/ for cable transfers, as compared with 1.33 and 1.333/ a week ago. In the neutral exchanges, formerly so called, there is practically nothing in the way of news developments to report. Trading continues lifeless, although during most of the week firmness was in evidence and guilders remained at last week's price levels, until the close, when there was a recession to 40.153/2. Swiss francs were a trifle lower, and some of the Scandina- vol. 121 THE CHRONICLE ' vian rates, after opening firm and higher, sagged off and lost several points on narrow routine transactions. Spanish pesetas, which have been subjected to speculative attack of late, were fairly steady, ranging between 14.27 and 14.22. A week ago the quotation broke to 14.13 as a result of a bear drive, but before advantage could be taken of this state of affairs the action of the military authorities in restoring a nominal civil government caused a rally of about 15 points. Nevertheless, Spain's foreign trade and financial situation generally are not regarded as satisfactory. Bankers' sight on Amsterdam finished at 40.153/2, against 40.173/; cable transfers at 40.18, against 2 40.20; commercial sight at 40.073/,against 40.10, and 2 commercial sixty days at 39.71M,against39.74a week ago. Swiss francs closed at 19.273/2 for bankers' sight bills and at 19.283/ for cable remittances,in comparison with 19.28 and 19.29 the previous week. Copenhagen checks finished at 24.91 for checks and at 24.95 for cable transfers, against 24.98 and 25.02. Checks on Sweden closed higher at 26.723/ and 2 cable transfers at 26.763/2, against 26.71 and 26.75, while Norwegian checks finished at 20.34 and cable transfers at 20.38, against 20.35 and 20.31 a week earlier. Spanish pesetas closed the week at 14..213. for checks and at 14.233/ for cable transfers, as compared with 14.29 and 14.31 the preceding week. FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE BANKS TO TREASURY UNDER TARIFF ACT OF 1922 DEC. 5 1925 TO DEC. 11 1925. INCLUSIVE. Carson/ and Monetary UnO. Noon Buying Bate for Cable Transfers In Note York Value in United States Money Dec. 5. EUROPE Austria schlIlls go__ .14051 Belgium, franc .0453 Bulgaria. ley .007291 Czechoslovakia, krone .029618 Denmark. krone .2500 England, pound sterling 4.8537 Finland, markka .025218 France,franc .0386 Germany. relchsmark .2381 Greece, drachma__ _ .013283 Holland, guilder .0419 Hungary, krone_ _ .000014 Italy. lira .0403 Norway, krone .2037 Poland zloty .1211 Portugal, escudo .0512 Rumania.leu .004590 dpain, peseta .1428 iweden,krona .2675 Switzerland. !rano-. .1929 Yugoslavia. dinar_ _ .017695 ASIAChina Chefoo. tadl .7867 Hankow.tadl 7763 Shanghai, tar) .7596 Tientsin. tael . .7963 Hong Kong, dollar. .5773 Mexican dollar _ .5558 Tientsin or Pelyang. dollar .5546 Yuan, dollar .5679 India, rupee .3666 Japan, yen 4293 iingalare(B.S.), dollar .5663 NORTH AMER.Canada, dollar 1.000201 Clubs, peso .999500 Mexico, peso 486333 Newfoundland. dollar .997719 SOUTH AMER.Argentina, peso (gold) .9436 Brazil, murals Chile. Peso (paper)._ .1219 Uruguay, peso 1.0149 Dec. 7. Dec. 8. Dec. 9. Dec. 10. Dec. 11 : - .14050 .0453 .007303 .029612 .2498 .14058 .0453 .007293 .029611 .2493 .14064 .0453 .007294 .029616 .2490 .14064 .0453 .007297 .029608 .2494 .14069 .0453 .007308 .029621 .2494 4.8500 4.8481 4.8507 4.8496 4.8524 .025209 .025217 .025225 .025217 .025215 .0368 .0377 .0376 .0379 .0385 .2381 .2381 .2381 .2380 .2381 .013202 .013080 .012977 .012930 .012802 .4018 .4018 .4018 .4018 .4018 .000014 .000014 .000014 .000014 .000014 .0402 .0403 .0403 .0403 .0403 .2037 .2030 .2037 .2034 .2036 .1104 .1213 .1106 .1219 .1276 .0514 .0513 .0512 .0512 .0511 .004655 .004667 .004614 .004585 .004613 .1424 .1424 .1423 .1428 .1428 .2675 .2675 .2676 .2675 .2675 .1928 .1928 .1928 .1928 .1929 .017697 .017702 .017713 .017703 .017703 .7854 .7731 .7574 .7950 .5750 .5538 .7846 .7725 .7576 .7942 .5757 .5531 .7854 .7731 .7577 .7950 .5752 .5513 .7854 .7734 .7583 .7950 .5759 .5521 .7854 .7734 .7577 .7950 .5754 .5513 .5533 .5667 .3666 .4302 .5663 .5529 .5663 .3668 .4301 .5663 .5538 .5671 .3662 .4290 .5663 .5542 .5676 .3655 .4302 .5663 .5538 .5671 .3660 .4308 .5663 .999790 .998867 .487667 .997531 .999583 .998969 .487667 .997375 .999440 .999219 .486667 .997000 1.000234 1.000112 .999375 .999063 .486500 .487333 .998063 .997625 .9429 .1399 .1223 .0055 .9428 .1399 .1226 1.0105 .9426 .1398 .1229 1.0102 .9435 .1417 .1224 1.0182 .9436 .1415 .1226 1.0152 With regard to the South American group, only minor changes have taken place, while trading has been more than usually quiet because of the intervention of a religious holiday throughout the Latin countries. Argentine pesos closed' easier at 41.47 for checks and at 41.52 for cable transfers, which compares with 41.51 and 41.56 last week. Brazilian milreis were stronger and finished at 14.14 for checks and at 14.19 for cable transfers, as against 13.95 and 14.00 last week. Chilian exchange was a trifle lower at 12.29, against 12.32, and Peru declined to 3.96, against 3.98 last week. Far Eastern exchange was as follows: Hong Kong, 58/@58%, against 584@58%; Shanghai at 77@ Dim 121925.] THE CHRONICLE 78,V agan7T77%©78;1,Yokohamaliat143 ©43M, % against 433©43 9-16; Manila at 50©503' (unchanged); Singapore at 57©57% (unchanged); Bombay at 36%©37 (unchanged), and Calcutta at 363 % ©37(unchanged). 2803 with that body, as far as communications from the President are concerned, are the convincing soundness of the views expressed, the clear appropriateness of the measures advocated, and the obvious practicality of the means suggested for carrying policies into effect. The New York Clearing House banks, in their A conservative note was struck by Mr. Coolidge operations with interior banking institutions, have at the outset in his reminder that "the functions gained $3,884,867 net in cash as a result of the cur- which Congress are to discharge are not those of rency movements for the week ended Dec. 10. local government but of national government," and Their receipts from the interior have aggregated his insistence that "the greatest solicitude should $5,750,867, while the shipments have reached $1,866,- be exercised to prevent any encroachment upon the 000, as per the following table: rights of the States or their various political subCURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING divisions." "It does not at all follow," Mr. Coolidge INSTITUTIONS. continued, "that because abuses exist it is the conInto Ow of Gala or Loss cern of the Federal Government to attempt their Week Eruk,d December 11. Banks. Banks. Co Banks. reform." This is sound doctrine, and we have not Banks'interior movement 85,750 867 $1,866,000 Gain 83.884,867 As the Sub-Treasury was taken over by the Fed- failed to commend it on the previous occasions upon eral Reserve Bank on Dec. 6 1920, it is no longer which Mr. Coolidge has adVocated it. One of the possible to show the effect of Government opera- dangers which was urged in the New York Constitions on the Clearing House institutions. The Fed- tutional Convention of 1788, when the ratification eral Reserve Bank of New York was creditor at the of the Constitution of the United States was under Clearing House each day as follows: debate, was that the new Federal Government might DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK become a "consolidated Government," by which was AT CLEARING HOUSE. meant a Government in which the powers nominally Saturday, Monday, Tuesday, Wertnestry, Thursday. Friday, Aggregate Dec 5. Dec. 7. Dec. 8. Dec. 9. Dec. 10. Dec 11 reserved to the States would be in fact absorbed for Week. $ $ 5 $ 8 a more and more by the central authority. The his$ 94.000,00096.000.000 77.000.000 77,000.000 78.000.000 90.000 0011 Ch• 512,000.000 Note.—The foregoing heavy credits reflect the huge mass of checks which tory of the United States has shown the reality of 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, this danger, and Mr. Coolidge has rendered a great however, reflect only a part of the Reserve Bank's operations with the Clearing H01190 Institut ons, as only the items payable in New York City are represented in service by his reiterated insistence upon preserving 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 the constitutional rights of the States, and leaving 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. to them the control of all matters. which the Constitution clearly intended should remain in their hands. The following table indicates the amount of bul The larger part of the message is naturally delion in the principal European banks: voted to a survey of various aspects of Government December 10 1925. December 11 1924. business, and a restatement of the policies to which Banks of Total. Gold. Gold. Meer. . Miser Total, the Administration is committed) or in which the co-operation of Congress is particularly desired. 145,007,870128,604,021' England __ 145,007,870 128,504,026 France a__ 147.339.639 12,640,111 159,979,639 147,223.165 12,10,000 19,383,165 Much of what is said under these routine heads calls Germany c 49,999,400 d994,601 50,994,000 22.772,700 991,600 23,767,300 Ant-Hun. b2,000.00 b2,000,000 142,000.000 b2,000,000 for little or no comment. Mr. Coolidge is still firm Spain 101,467,00 26,206,000 127,673,000 101,398,000 26,211,000 127,639,000 Italy 35.646,000 3,358,000 39,004,000 35.583.0011 3,379,000 38,962,000 NetherVds. 37,865,000 1,922,00 39,787,000 42,102,000 1,003,000 43,105,000 for economy, but not for short-sighted niggardliness. Nat. Belg- 10,954,000 3.655,001 14,609.000 10.819.000 2.764,000 13,583,000 SwitzerTd_ 18,235,00 3.615,001 21.850.000 20.218.000 3,741,000 23.959,000 The statement that "all proposals for assuming new Sweden_ 12,807.000 11.277,000 12,807.000 11,277,000 Denmark, 11,630, 1.050,00'12, 680 000 11,640,100 1,240,000 12,884,100 obligations ought to be postponed unless they are Norway 8.180 000 8.180,000 8,180,0 I 8,181,000 productive capital investments or are such as are Total week 581,130,909 .53,440,60163 .171,50. 443,716.991 51,520,600 595.243,591 absolutely necessary at this time" is matched by the Prey. week 581.566.661 56 981 6 fir gcn 461 541.589. 0 51 411, 00 mt3 008.6n6 , , a Gold holdings of the Bank of Frame this year are ex-lusive of £74,572,836 further statement that "our economy must be conheld abroad. b No recent figures. c Gold holdings of the Bank of Germany this year are exclusive of £10,363,700 held abroad. d &s of Oct. 7 1924. structive," and that "oftentimes a capital outlay like internal improvements will result in actual conPresident Coolidge's Message. structive saving." The budget system is commended President Coolidge abandoned the custom which as one without which "all claim of economy would be President Wilson revived of reading messages to a mere pretense." The tax bill prepared by the Ways Congress in person, and the message which Congress and Means Committee of the House is endorsed "in received on Tuesday was read, as far the larger num- principle," with the qualifying statement that "in ber of Presidential communications to that body so far as income tax exemptions are concerned, it have been read, by the clerks of the Senate and seems to me the committee has gone as far as it is House of Representatives. There is this much at safe go and somewhat to further than I should have least to be said for such a return to the old practice, gone." Regarding the foreign debt settlements, "it that a message which is communicated to Congress is believed that they represent in each instance the in writing, and read as other communications to the best that can be done and the wisest settlement that Houses are commonly read, is more likely to be concan be secured." On the question of disarmament, sidered with attention and impartiality than one Mr. Coolidge makes it clear that he favors American which is read by the President in person, no matter participation in anbther international conference on how great the interest or enthusiasm that may be naval disarmament whenever the time is ripe, and aroused for the moment when the President himself lie gives his support to the recommendation of the appears. The last body of responsible men and Morrow Aircraft Board in favor of an additional women in the country that ought to be swayed by Assistant Secretary for the Departments of War, the personality of the President or his oratorical Navy and Commerce, respectively, "to give special powers, when proposals relating to national busi- attention to air navigation," instead of a unified ness are being considered, is the Congress of the Department of National Defense such as an invesUnited States. The irfluences which should count tigating committee of the House has proposed. 2804 TFrE CHRONICLE [Voi. 121. of individual roads and systems, ' On certain other points the statements of the upon consolidations what the President had in message leave something to be desired in the way and perhaps that is of precision. The restrictive immigration law, for mind. The longest single section of the message has to example, is commended as "on the whole beneficial" to the World Court. and "undoubtedly a protection to the wage earners do with American adherence Mr. Coolidge summarizes the four reservations, alof this country," but "the situation should, however, Senate, with which it is probe carefully surveyed in order to ascertain whether ready submitted to the our own in- posed that such adherence shall be guarded, together it is working a needless hardship upon proposed, namely, habitants." As the numerous instances which have with a fifth which he has himself by advisory opinions occurred of harsh treatment of immigrants at ports that "we are not to be bound With these reservaof entry are in most cases the results of rigid inter- rendered without our consent." appears to him to be "indepretations of the law by immigration officials, some tions in mind, the Court authority to give adof whose rulings have been severely reprobated by pendent of the League," the rea- visory opinions does not seem to him to "interfere the Federal courts, it would seem that a more Court," the Court apsonable and humane policy on the part of the De- with the independence of the Mr. Coolidge pears to him to have no authority "to be a political partment of Labor, which a word from "we are not prowould be suffiCient to insure, would afford a rather than a judicial Court," and compulsory jurisposing to subject ourselves to any speedier remedy than direct Congressional action. argument will said about the coal strike, again, raises diction." We have no doubt that the What is of the Court and more questions than are answered. The "perennial seem convincing to the partisans membership and conflict in the coal industry" is properly indicted as of American participation in its work, but it may also be pointed out that a proposal a "great detriment" to the wage earners, the mine of owners and the public, and as "very close to an eco- which is to be safeguarded only by the adoption recommendations five weighty reservations is by that fact open to nomic failure." Mr. Coolidge's comprise, on the one hand, "regional consolidations suspicion, and that what is said constitutes quite as and more freedom in the formation of marketing strong an argument against as in favor of American associations under the supervision of the Depart- adherence. The message as a whole contains no surprises, and ment of Commerce," and, on the other, authority on Mr. Coolthe part of the President and the Departments of indicates no important change of policy on idge's part. It is all through a conservative docuCommerce and Labor "to appoint temporary boards agriculwith authority to call for witnesses and documents, ment, encouraging to business, industry and arbitration, and in ture in its promise of freedom from unnecessary conciliate differences, encourage cases of threatened scarcity exercise control over Governmental interference, and gratifying to the which distribution." We are not clear that greater free- country in the evidences of general prosperity dom in the organization of the coal industry, or it notes. authority in the Executive to control the distribuThe Coming of Congress. tion of coal, would go very far toward meeting the present situation in the anthracite fields. Control Little is done in the way of actual legislation beof distribution cannot well be very potent when fore the holidays. Foundation is laid for the future, there is nothing to distribute, and the core of the however, and much depends upon the manner in difficulty at the moment is that no coal is being which work is begun. We hear a great deal of the 'Coolidge has in mind some "spirit of Locarno." And if this could appear in mined. Unless Mr; method, not yet announced, of inducing the union Congress it would expedite the business of law-makminers to resume:work, or of persuading the opera- ing and soften the asperities of political controversy. tors to reopen such of the mines as can be worked The people want this. Let the session be short, the with non-union labor, the remedies which he sug- hills few in number, statesmanship the ruling factor gests would seem to be applicable primarily to con- and politics notable for its abFence. Especially do ditions existing when the coal is actually above the people want to be spared long and futile "invesground, rather than to the conditions of conflict tigations." Nor do they desire that efforts be made to create capital with which to carry the next elecwhich have left the mines idle. indefiniteness seems also to tion. They feel capable of taking care of that themA somewhat similar characterize what is said about railway consolida- selves through their two great parties. The "spirit of Locarno" may be defined as the tion. Mr. Coolidge favors consolidation, and recommends that such consolidations as will improve the desire for harmony and accomplishment. The comcondition of the roads and 'provide better service be ing together of many viewpoints requires tolerance authorized by Congress "under the supervision of fl ft(1 compromise. The sole aim and end is the public the Inter-State Commerce Commission, with power good. If the repre entatives of lately warring nato approve or disapprove when proposed parts are tions can keep in view the one object of world peace, excluded or new parts added." The main point at the representatives of a single nation can keep in issue, however, as we understand it, is not whether view the fact that all legislation should be in the the railways shall be allowed to consolidate volun- interest of the whole people. There is in this no tarily with the approval of the Commission, but room for partisan politics, acute parliamentary tacwhether something akin to compulsory consolidation tics, and interminable debates. Long sessions are shall be imposed upon them. The Commission in its productive of discord. Congress, though composed annual report, made public on Thursday, asks for of two bodies of distinctive and important functions, repeal of the provisions of the law which now re- has but one purpose—making laws for a common and quire it to adopt a complete plan of consolidation united people. There is reason to believe the two with reference to • all the roads in the country, to Houses are growing apart. This is detrimental to which railroad managers must in the future con- the country. Pride of prerogative leads to rivalry form, but asks for broad general powers for passing and that to dissension. Dale. 12 1925.] THE CHRONICLE 2805 Further, it may be said that there is room for from "gradation" by which the more the income the Congress to regain its former place in the public more proportionately it must pay. Part of this esteem. It does not occupy the high plane of former strabismus was due to politics in time of war and times, according to general comment. This popular part to the stern necessities of war. Not to enter estimate is not to be taken as wholly justified, into this discussion, it illustrates the evil of injectthough there has been much to justify it. In the ing politics into legislation. Once the practice is complexities of modern life and business the people .grafted into law it takes long years and patient efhave themselves put upon Congress a burden of legis- fort to change it. As the Ways and Means Commitlation incompatible with the theory of government tee of the House is the constitutional originator of embodied in our Constitution. President Coolidge tax legislation, and as it has shown a new measure in public speech has argued recently for a more of harmony in presenting a bill largely without pocomplete separation of Government and business. litical bias the Senate can do no better than to folUndoubtedly public sentiment has changed in this low suit. And in doing so it can well forego its respect. There is less demand that Government assumed superiority in the framing of laws. Elimination of politics in Congress at this session undertake the task of regulation and control of industry and trade. The "Let Us Alone" principle will go far to place the two parties squarely before has caused business to undertake its own reform. the people on their merits at the next election. And And Congress, in response to this change, may well if the party out of power undertakes to "hamstring assume a new attitude and refuse to listen to the the Administration" it will but contribute to its own pleas of sections, interests, classes and blocs. If it continued retirement. Take the three major probwill do this hi the coming session it will be spared lems to be dealt with, taxation, banking and the many vexing questions, it will be called upon to pass railroads, and there is and can be no distinctive fewer bills, and it may approach its tasks in a spirit party principle touching the form and operation of of harmony, conciliation and compromise. The eag- Government as Government involved. The only erness it has heretofore exhibited to rule the coun- politics is that which may be injected for partisan try may be relinquished without fear of censure and purposes. As we have shown,taxation is not a party without danger to the public welfare. policy. The proposed amendments to the banking While it is proper to show that the appeal of the law affecting deposits, loans and reserves involve people and the will of Congress to enact special legis- matters that should be disposed of without regard lation is, in part, responsible for protracted sessions to section, class or personnel. Politicians in Conand many laws, because of the complexities of an gress may raise many spectres of wealth, capital increasing population and enlarging business, at and monopoly, but they will vanish irto thin air the same time the resolve to let business take care of once the changes are made and in practice. It would itself will separate Government and business at the be hard to make a party question out of railroad source. It is this that the people want when they consolidation. There might be sectional interests ask to be "let alone." Business must reform itself involved in enforced consolidated systems, but there from within and overcome the asperities of modern are none in voluntary associations. All in all, this competition if it is to be relieved of the domination Congress is particularly relieved of the need of party of boards, commissions and committees. It is Con- wrangles. If it hews to the line, the parties in the gress that creates these "interferences" with the next contest can be free to generate new principles natural laws of production, exchange and transpor- upon which to appeal to the people. tation, and then finds itself overwhelmed with the As to the projected change in the Senate rules task of passing detailed statutes for direction and providing for cloture, it is not desired anywhere, as supervision. It is Congress that passes the burden far as we have been able to observe, that this be on to the Executive, giving to the Presidential office made a subject of serious controversy. The Senate is unprecedented power. And it is the hitherto serious elected to play its part in treaty-making and legisobsession of the people for Governmental control lation. And it is expected to and must make its own that has given Congress an undue belief in its own rules of procedure. It is held, primarily, accountable importance. So that the manifest demand is for to the people for its work. The people cannot dicgeneral laws and fewer of them. When Congress no tate its rules. A parliamentary body in its methods longer attempts legislation in the supposed interest of procedure dictated to from the outside would be of business it will not be confronted with a multi- enslaved. But in the making of rules it is desirable tude of amendments to existing laws designed in that no room be allowed for a "filibuster." It would the first instance to put the Government into busi- be well if the principle of cloture be invoked in the ness. The coming Congress will meet an immediate consideration and the rule passed upon without dedemand if it begins to set the stage for this new bate, something, of course, unlikely. There are some reform. constitutional aspects that must be considered, In the eradication of politics from legislation we touching upon the rights and powers of States under have witnessed a beginning in the House Committee our dual system—but here again there is little room in its framing of the new tax bill, though this bill for partisanship. The whole truth in all these things is seriously defective, as we show in a preceding is that fencing in debate and legislation in the ostenarticle in this issue. We have attempted before to sible interest of the people for future party advanpoint out that in the revision of income taxes there tage warps and twists our laws often out of any is no room between the parties for honest division semblance to justice and wisdom. on the principles involved. If a just law, in its adAs to Progressivism as a quasi-political question, ministration it must bear equally on all. The cry the generally prosperous condition of the country so "make the rich pay" is born of prejudice and dema- negatives its previous claims that it will be revived goguery. The only honest practice is to make all pay at its own peril. Even the farmer is learning the proportionately. We departed from this in time of truth that lie is bound by laws not of Congressional war. And we have not yet been able to get away making. He is growing tired of being made the 2806 THE CHRONICLE catspaw of partisan legislation. He may be given the right to form co-operative marketing associations, but he is already aware that their conduct after they are created requires keen business acumen, and that they do not change the basic markets of the world. The violence of this fever is over. As to "labor," there may be an effort to prevent strikes. But whether there is or not there is a growing feeling that "labor" has been looking after its own interests regardless of the interests of all others. Higher wages than the average and immunity from [VoL 121. prosecution in restraint of trade are coming to be regarded as favors wrested from the people by the conspiracy of coercion. And while little may now be done to change this condition it is safe to say it will not• be allowed to grow. No great controversy therein will likely occur. Withal, the way is open for a quiet, orderly, expeditions session. And by so much as this fails, the party out of power will lose. Voters are tired of obstructionists. Business is tired of interferences. The people desire nothing as much as to be allowed to depend on themselves. Railroad Gross and Net Earnings for October While the gains in earnings by the railroads of the only 91,523,000 bushels, as against no less than 195,United States for the month of October as compared 064,000 bushels in the corresponding five weeks of with the same month last year were not quite as last year, showing a loss of 103,541,000 bushels. As concerns the effects of the strike of the miners large as in the month preceding, the statement nevertheless makes a very good showing—extremely so in the anthracite regions, the returns 9f the anthrawhen account is taken of the fact that two groups cite carriers speak for themselves with reference to of roads had to contend with special adverse condi- the extent of the losses sustained on that account. tions which served to reduce both their traffic and The Central RR. of New Jersey reports for the their revenues. The anthracite roads constitute one month $717,762 decrease in gross and $1,151,965 of the groups, these having had their anthracite ton- decrease in net; the Delaware & Hudson $1,197,510 nage completely cut off by the strike at the anthra- decrease in gross and $806,728 decrease in net; the cite mines. Carriers in the Southwest form the Lackawanna $1,401,989 in gross and $660,505 in net; other group, these having suffered because of the the Erie $860,901 in gross and $438,603 in net; the crop shortage resulting from the severe drought in Lehigh Valley $1,292,896 in gross and $631,403 in that part of the country which lasted until the ap- net; the New York Ontario & Western $416,057 in gross and $246,145 in net; the Susquehanna & Westproach of the autumn. In a measure all Western roads suffered from the ern $111,432 in gross and $41,405 in net, and the great shrinkage in their grain traffic as compared Reading $797,785 in gross and $526,297 in net. In face of these heavy losses on the anthracite with the extraordinarily large movement of grain to market in the corresponding month last year. In roads and the shrinkage in traffic and revenues on 1924 the agricultural regions of the West were in the a number of the Western roads, to which reference enjoyment of great advantages growing out of the will be made further below, the Class I roads as a prodigious advance in farm prices and the large whole (meaning the carriers whose yearly operating movement to market of some important farm prod- revenues exceed $1,000,000 per annum) show, accorducts, more particularly grain of every description, ing to our compilations, $18,585,008 gain in gross some items of which moved to the Western primary earnings as compared with the same month in 1924, markets on a scale never before witnessed. In a or 3.25%, and $12,054,757 gain in net earnings, or word, Western roads last year had the benefit of 7.14%. The comparative totals for the two years unprecedented movement of grain while at the same are as follows: Inc.(+) or Dec. (—)• 1924. odour— 1925. time the Western farmer was put in a highly pros- Mlles of road 236,564 236,724 +160 0.00% Gross earnings $500.161,046 $571,576,038 +818,585,008 3.25% perons state by reason of the same circumstance and Operating expenses 409,465,418 402,935.367 +6,530.251 1.62% 70.50% 60.38% the fact that he was able to get such extremely skis- Ratio of expenses to earnings 8180,695,428 $168,640,671 +812,054,757 7.14% Net earnings factory prices for his products. This rare combinaA gratifying feature in the foregoing is the furtion added enormously to his buying power and his consuming capacity, giving the carriers in the fa- ther saving in operating costs disclosed, and this vored sections not only a larger grain movement but feature becomes still more noteworthy when the a larger movement as well of merchandise and gen- comparison is extended further back. Not includeral freight. The present year, on the other hand, ing taxes, the ratio of expenses to earnings in Octothe wheat crop was greatly reduced, the shortage ber 1925 was only 69.38%, as against 70.50% in Ocbeing particularly noteworthy in the Southwest, tober 1924, while in October 1923 the ratio was with the foreign demand for it correspondingly re- 75.9%. According to the Bureau of Railway Ecoduced, while prices ruled much lower not so much in nomics at Washington, expenditures for maintethe case of wheat, as in the case of corn and other nance of equipment in October amounted to $110,grains. Corn prices, indeed, declined to such low 427,491, a decrease of, roughly, $2,850,000 from Ocfieures that the lot of the farmer in the distinctively tober 1924. In explanation, it is stated that fewer corn-raising sections became a very unhappy one. freight cars and locomotives on the railroads of the The December option for corn in Chicago on Oct. 31 United States were in need of repair in October than 1925 was only 731 4c., against $1 051 on Oct. 31 last at any time since about January 1924—certainly re4 year and the December option for oats 381 4c., fleeting a very satisfactory situation. against 48%c. on Oct. 31 last year. As an indication As far as the gross earnings are concerned—speakof the extent of the contraction in the Western grain ing of the roads as a whole—this year's gain is little movement the present year, the table of the Western more than a recovery of the loss sustained in October grain receipts, given towards the end of this article, last year,for while in 1924 the Western roads,as just shows that the receipts of grain at the Western pri- pointed out, were in enjoyment of extremely satismary markets for the five weeks ending Oct. 31 were factory conditions, which yielded large gains in DEC.12 1925.] THE CHRONICLE 2807 earnings, the railroads in other parts of the country, this the case that even the big advances in railroad more particularly those in the manufacturing dis- rates—passenger and freight—did not suffice to tricts of the Middle and Middle Western States, suf- absorb the constant additions to the expenses. The experience in that respect of the carriers in fered, many of them, heavy losses because of the industrial depression prevailing. Industrial activity October 1920 furnishes a capital•illustration of the at that time had recovered from the extreme low truth of this remark. The roads had then just been level reached the previous July but was nevertheless favored with a new advance in rates, calculated to considerably restricted pending the outcome of the add $125,000,000 a month to their gross earnings, Presidential election. The present year, on the other and accordingly our tabulations then showed an inhand, the country's industries were quite fully em- crease in gross earnings in amount of $130,570,938, ployed and on a rising scale. Revenues improved or 25,94%; but unfortunately, $115,634,417 of this correspondingly in the case of the carriers that serve was consumed by augmented expenses, leaving only the industrial regions. And undoubtedly the gain $14,936,521 gain in the net earnings, or 14.49%. This in gross for the whole United States would have growth in the expenses had added significance in been very large except for the offsetting losses on view of the huge rise in operating costs in preceding the anthracite carriers and on many of the roads in years. Thus in October 1919 our tables showed $18,the Southwest. As it is, the increase is, as already 942,496 increase in gross, accompanied by $21,136,stated, $18,585,008, but follows $15,135,757 loss in 161 increase in expenses, leaving actually $2,193,665 gross in October last year. In the net, however, this loss in net. In October 1918, owing to the first great year's increase of $12,054,757 comes after $26,299,- advance in passenger and freight rates made by the 836 increase in October last year, due to the great Director-General of Railroads under Government curtailment of operating expenses then effected as control, gross earnings registered a gain in the large a result of growing efficiency of operations, which sum of $106,956,817, or 28.30%, but expenses moved efficiency, as already noted, was extended still fur- up in amount of $122,450,404, or 47.977 —causing a 0 ther the present year. loss in net of $15,493,587, or 12.63%. In October Improvement in net results has been a distinctive 1917 the situation was much the same. The gross at feature of the returns in all recent years since the that time increased $43,937,332, but expenses ran up abandonment of Government operations and the re- in amount of $50,267,176, leaving net smaller by turn of the roads to private control, just as in the $6,329,844. Even in 1916 and prior years rising operperiod preceding net results had been growing stead- ating expenses were a feature in railroad affairs. ily worse, year by year. In October 1923 our com- For October 1916 the comparisons were fairly good, pilations showed an increase of $37,248,224 in the our compilations then having recorded $35,050,786 gross, or 6.78%, and an increase in the net of $20,- gain in gross earnings, or 11.28%, and $11,798,124 895,378, or 17.26%. Going back still another year, to gain in net, or 9.91%. In October of the year pre1922, we find that gross earnings then increased only ceding (1915) we had a better exhibit than the aver$13,074,292, following a tremendous loss in the year age as regards both gross and net, the addition to the preceding (1921), when trade was extremely de- gross having been $37,087,941, or 13.57%, and the pressed, and this was attended by an augmentation addition to the net $30,079,562, or 33.70%. These in expenses of $30,758,244, leaving, therefore, an gains, though, at that time represented in consideractual loss in the net for the month in that year of able part recovery of previous losses, the totals of $17,683,952. On the other hand, the fact should not earnings having shown decreases in gross and net escape attention that in October 1921 a prodigious alike in both the two preceding years. In the followsaving in expenses had been effected—dire need hav- ing we furnish a summary of the October compariing forced the utmost economy and compelled the sons of gross and net for each year back to 1906. elimination of every item of outlay that could be For 1910, 1909 and 1908 we use the Inter-State Comspared or deferred for the time being. Owing to merce totals, but for the preceding years we give the this great saving in expenses there was a substan- results just as registered by our own tables each year tial addition to the net in 1921 in face of the enor- —a portion of the railroad mileage of the country mous contraction in the gross revenues. The really having been unrepresented in the totals in those days singular point was the circumstance that so small because of the refusal at that time of some of the a part of the great loss in the gross revenues in 1921 roads to report monthly figures for publication. was recovered in 1922 and 1923. In brief, the decrease in the gross in October 1921 reached the huge Gross Earnings. Net Earnings. Year. Year sum of $105,922,430, of which only $13,074,292 was Year Increase or Year Year Increase or Given. Preceding. Decrease. Given. Preceding. Decrease. regained in 1922 and $37,248,924 in 1923, followed Oct. $ $ $ $ $ 2 1906.143,336.728 by a loss of $15,135,757 in 1924. On the other hand, 1907.154,309.199 128.494.525 +14,842.203 51.685,226 46.826.357 +4,858,869 141,032.238 +13,276,261 46,983.606 50,847,903 —3,864.287 1908.232,230,451 250,426,583 —18,196,132 this loss of $105,922,430 in gross operating revenues 1909.261,117,144 232.556.223 +28,560.921 88.534.455 83,358,002 +5,176.453 104,163.774 88,803,236 +15,360.538 1910 260.821,546 +2.643.059 93,612.224 in 1921 was attended at the time by a saving in ex- 1911.263,464.605 259,111,859 +1,370.362 93,836,492 104,101,228 —10.489.004 .260,482.221 91,725.725 +2,110,767 1912 .293,738.091 258.473.408 93,224,776 +14,282,028 penses in amount of no less than $128,453,510. Of 1913.299,195.006 300.476,017 +35,264.683 108.046,804 110.811,359 —13.110,853 —1,281,011 97,700,506 1914 298.066,118 —28,740,856 87,660.694 95,674,714 —8.014,020 course, a genuine basis for the great cut in expenses 1915.269,325,262 274,091,434 +37,087.941 119,325,551 89,244.989 +30.079.562 _ 311,179,375 1916 _ 345,790,899 310.740.113 +35,050,786 130,861,149 119.063,024 in 1921 existed in the huge antecedent increases in 1917.389,017,309 345.079,9 +43.93 ,332 125,244,549 131,5 4.384 +11.798.120 —6.329,842 1918 .484,824, 50 107,088,319 122,581.905 expenses. In addition, also, the carriers had the 1919.508,023,954 377,867,933 +106956817 104,003,199 106,196,863 —15,493,584 189,081,358 +18,942,496 —2,193,664 1920.633.852,568 503,281,639 +130570938 117,998.825 103.062,304 +14,936.527 advantage of a 12% reduction in the wages of rail- 1921.534,332,833 640,255.263 —105922439 137.928,640 115.397,560 +22.531,085 1922 .545,759.206 532,684.914 +13.074.292 120,216,296 137,900,256 road employees made by the Railroad Labor Board 1923.586,328.886 549,080.662 +37,248,224 141,922,971 121,027,592 —17.683.951 +20.895,372 1924 _ 571,405,130 586.540,887 —15,135,757 168,750,421 142,540.585 effective July 1 1921. As indicating the extent of 1025 500 IRI 046 571.576.038 418.585.008 190,805.428 1118 Iticl 871 +26209839 this antecedent rise in operating costs, it is only Note.—In 1906 the number of roads included for the month of October was 91 returns necessary to say that expenses had been mounting in In 1907. 88; In 1908. the miles; were based on 231,721 miles; In 1909 on 238,955 in 1911 on 236,291 mtles; in 1912 on 237,217 miles: miles; In 1910 on 241,214 very pronounced fashion for a number of successive In 1913 on 243,690 miles; in 1914 on 244,917 lanes;in 1915 on 248,072 miles; In 1916 on 246,683 miles; In 1917 on 247.048 miles; years owing to repeated advances in wages and the 233,192 miles; in 1920, 231,429 miles; in 1921In 1918 on 230.184 miles; In 1919 on on 235,228 miles; In 1922 on 233,872 growing cost of operations generally. So much was miles;in 192300 235,608,mlles;In 192400 235,189 miles. and in 1925 on 236,724 miles 2808 [Vol, 121. THE CHRONICLE are on the basis of the returns filed -All the figures in the above Note. Commission. with the As far as the returns of the separate roads are returns do Inter-State Commerce any system, we Where, however, these have combined the sepnot show the total for conform as nearly as possible returns losses shown by the anthracite car- arate given inso as to make the resultsby the companies themselves. to concerned, the the statements furnished those a This is riers have already been set out. As to the losses on Pennsylvaniathe result for the Pennsylvania RR. (including&the former St. Louis Company, the Pittsburgh Cincinnati Chicago entire Pennsylvania Grand Rapids & Indiana). 'Results for the Western roads, the Missouri Kansas & Texas and the including all roads owned and controlled,the not been reported have System, falls $850,830 behind in gross and $518,849 in net; the present month. Central proper shows e2.337.722 decrease. Including S The New York roads, like the Michigan Central, the the various the Chicago Burlington & Quincy reports $704,819 "Big Four,"auxiliary and controlled form the New York Central System, &c., the whole going to loss in gross and $605,196 loss in net; the Rock Island the result Is a gain of $3,211,453. IN NET EARNINGS FOR THE MONTH has $505,175 decrease in gross and $243,666 in net; PRINCIPAL CHANGESOF OCTOBER 1925. Increase. Increase. the International & Great Northern $101,702 de- Pennsylvania $138,419 a$2,569,346 Chicago & Alton 133.128 & Ohio $214,752 decrease in net; the Union Pacific (4) __ _ 1,644,252 MobileChatt & St Louis_ 132,969 crease in gross and 1,641,796 Nashv Atlantic Coast Lines_ Atch Top & S $18,662,977 Missouri Pacific $85,731 decrease in gross with $164,- Chesapeake & Fe (3)........ 1,606,501 Total(44 roads) 1,137,980 Ohio 1,068,906 Norfolk & Western Decrease. 213 increase in net; the St. Louis Southwestern $95,- Baltimore & Ohio 978,148 703.020 Central New Jersey...-. $1,151,965 Railway 806,728 906 decrease in gross and $152,425 decrease in net; Southern Air Line Delaware & Hudson 660.800 Seaboard 660,505 578,656 Del Lack & Western Illinois 631.403 the Chicago & North West $178,053 decrease in gross DenverCentralOr West 509,991 Lehigh Valley & Rio 467,535 Chic Milw & St Paul........605,196 NY N H & Hartford_ _ _ _ 546,899 and $262,591 decrease in net; the Milwaukee & St. Loulsv & Nashville 416.230 Erie (3) 526.297 400,435 518,649 in net; the Southern Pacific (7)_..__ 399,185 Reading Mo-Kan-Texas (2) Paul $136,794 loss in gross and $605,196 New York Central b 359,777 375,836 Minn St Paul & S SM.... Wabash 294,284 -San Fran (3)...321,525 St Louis St. Paul & Omaha $280,248 loss in gross and $268,- Florida East Coast 268,440 315.488 Chic St Paul M & Om Michigan Central 262,591 300,930 Chicago & North WestCinc Tex 440 in net; the Great Northern $556,344 in gross and Dot Isr 0 && Pac Western......246,145 287,226 N Y Out & Toledo Ironton_.... Chic R I & Pacific (2)Maine $127,180 in net, while on the other hand the Northern Boston & & Lake Erie..... 260,087 Internatl Great Northern 243,666 214,752 247,373 Wheeling 152,425 216,844 St Louis Southwestern(2) though showing a shrinkage of $97,802 in Central of Georgia Pacific, 127,180 Great Northern Western Pacific 190,486 117,763 182,462 N Y Connecting gross, succeeded in adding $28,973 to its net. Con- Bessemer & Lake Erie 116,948 177,815 Elgin Joliet & Eastern Hocking Valley 107,754 164.213 NO Texas & Mex (3)_ trariwise, the Union Pacific has enlarged its Missouri Pacific 104.835 152,047 Lehigh & ew E ngland_ _ Grand Trunk Western gross by 42,418,919 and its net by 41,644,252, and Indiana Harbor Belt_ _ _ _ 142.914 Total(30 roads) $8,064,401 Union RR 140,384 the Southern Pacific has added $611,895 to gross a This Is the result for the Pennsylvania RR. (including the former Chicago & St. Louis and Pennsylvania Company, the Pittsburgh and $400,435 to net. The Atchison has bettered its the Grand Rapids & Indiana). ResultsCincinnati Pennsylvania System, for the entire have not been reported the present including all roads owned and controlled, gross by $282,025 and its net by $1,606,501. month. b These figures merely cover the operations of the New York Central trunk lines quite generally itself. Including the various auxiliary and controlled roads, like the MichiThe East and West gan Central, the "Big Four," &c., the result is an increase of 961.187. show satisfactory improvement except where, as in When the roads are arranged in groups or geothe case of the Erie, they have suffered losses by graphical divisions according to their location, the reason of the strike in the anthracite districts. The the exhibit made by the Southern roads, on their part, have done extremely favorable character of great prominence. well with only a few minor exceptions. The Penn- Southern roads stands out with include the Southtogether sylvania Railroad, on the lines directly operated Groups IV and V, which the $3,092,158 in- ern States south of the Ohio River and east of east and west of Pittsburgh, reports of $11,633,848,or almost crease in gross and $2,569,346 increase in net. Last Mississippi, show a gain $7,011,217 in the net, year in October it showed $3,652,184 loss in gross but 15% in the gross and of The Southwestern group is the $4,386,403 gain in net. The New York Central the or nearly 33%. in the gross and this present year has added $2,337,722 to gross and $399,- only one registering a decrease group also records a trifling loss in the net along 185 to net. This is for the New York Central proper. group comprising Including the various auxiliary and controlled with a small loss recorded by the summary by groups roads, the result is a gain of $3,211,453 in gross and the Middle States roads. Our of $961,187 in net. Last year in October the New is as follows: SUMMARY BY GROUPS. York Central Lines showed $3,831,243 loss in gross, Gross games/ Site. +)ot Dec.(-) ( 1924. 1925. Seaton or Groupbut had $2,843,712 gain in net. The Baltimore & September+838,793 3.76 22,360.334 Group 1( 9 roads), New England_ _ _ 23,199,127 170,010.294 +892.951 0.53 Ohio this time reports $2,426,552 increase in gross Group 2(33 roads), East Middle 170,903.195 _ 52.165,144 48,779,967 +3.385,177 6.94 77.886,391 and $978,148 increase in net; last year in October it Group 3(275roads), Middle West __- _ 89,520,239 126,162.888 +11.633.848 14.94 Groups 4 & (34 roads), Southern.-.. +898,137 0.71 _127,061,025 7 2.13 had $1,836,512 loss in gross but $768,934 gain in net. Groups6 & 9(29 roads), Northwest...._ 92,739,019 94.754,251 -2.015,232 9.34 Groups 8 & (Southweat). Southwest 34,573,297 31,621,963 +2,951,339 Group 10(10 roads), Pacific Coast..... In the following we set out all the changes for the 590,161,046 571,576,038 +18,585,008 3.25 Total (190 roads) Net Earnings separate roads for amounts in excess of $100,000, -Mileage-Drc.(+) or Dee.(-) 1924. 1925, Section or Group. 1925. 1924. Miles. net: SeptemberMiles. whether increases or decreases, and in gross and +740,932 13.91 5.328.389 7,342 6,069,321 Group 1 PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH OF OCTOBER 1925. Increase. Increase, 6139,353 Pennsylvania 43.092.158 Det Or Hay & 128,263 Atlantic Coast Line 2,517,418 Boston & Maine 126,833 Baltimore & Ohio 2,426,552 Chic Ind & Louisville_ 125,274 Union Pacific (4) 2,418,919 Deny & Rio Gr West__. 123,120 New York Central 52,337,722 Bessemer & Lake Erie_ 110,204 Seaboard Air Line 1,730,923 C 0 0 St Louis & 108,951 Norfolk & Western 1,316,389 Texas & Pacific 106,686 Chesapeake & Ohio 1,272,973 Norfolk Southern Florida East Coast 1,220.683 $29.092,210 Total (58 roads) 1,144,225 Southern Ry Decrease. 843,569 Illinois Central 806,086 Del Lack & Western... _ _ $1,401,989 N Y N H & Hartford_ _ _ _ 1,292.896 621,249 Lehigh Valley Louisville & Nashville_ _ _ 611,895 Delaware & Hudson_ _ 1,197,510 Southern Pacific (7).... 502,861 Erie 3) Michigan Central 850.8.30 453,258 Mo- an-Texas (2) Wabash 799.785 391,706 Reading Detroit Toledo & Ironton 717,762 368,788 Central N J Central of Georgia 704,819 358,624 Chic Burl & Quincy..-- Western Pacific 556,344 296,747 Great Northern Duluth Missabe & Nor 505.175 Wheeling & Lake Erie.._ _ 289,849 Chic RI & Pacific (2)_ _ _ 416,057 Atch Top & S Fe (3)._ _ _ 282.025 N Y Ont & Western 303,287 Hocking Valley 247,917 Mimi St P & S S 280,248 Pere Marquette 235,720 Chic St P Minn & Om 217,993 227,531 Virginian Cinc N 0 az Texas Pac 178,053 220,281 Chicago & Nor Western.. Georgia Sou & Florida 161.965 Nattily Chatt & St Louis_ 208,861 Minneapolis dr St Louis. 147.504 Richm Fred & Potomac_ 187,508 Lehigh & Now England 136,916 Montour Los Angeles & Salt Lake 185,109 136,794 : 178,196 Chic Milw & 8 Paul NY Chic & St Luis_. 122,370 177,002 Galveston Wharf Yazoo & Miss Valley_ _ _ _ 120,044 173,650 Central New England.. Mobile & Ohio 111,432 162,713 NY Snag & Western_ Elgin Joliet & Eastern 101,702 159,711 Internat Great Northern Grand Trunk Western.._ 100,292 Y Connecting 152.514 Indiana Harbor Belt__ .. 152.443 St Louis San Fran (3) $11,54.2,437 Total (28 roads) 149,751 Buffalo Bach kfittsb._ Group 2 Group 3 Groups 4 & 5 Groups 6 & 7 Groups 8 & 9 Group 10 7,240 34,688 15,988 39.303 67,136 55,303 17.066 34.705 15,975 39,343 66,997 55,172 17,030 90,801,025 16,707,793 28,390,614 44,446,282 31,210,688 13.069,705 -598,2915 1.44 41.399.320 14,369,038 +2,338,755 16.27 21,379.397 +7,011,217 32.79 +596,999 1.36 43,849.283 -147,660 0.47 31,358,348 10,956,896 +2,112,809 19.28 Total 236,724 230,564 180,695.428 168,640,671 +12,054,757 7.19 NOTE. -Group I. Includes all of the New England Staten. Group II. Includes all of New York and Pennsylvania except that portion west of Pittsburgh and Buffalo. also all of New Jersey, Delaware and Maryland, and the extreme northern portion of West Virginia. Group III. includes all of Ohio and Indiana. all of Michigan except the northern Peninsula. and that portion of New York and Pennsylvania west of Buffalo and Pittsburgh. Groups IV. and V. combined include the Southern States south of the Ohio and east of the Mississippi River. Groups VI. and VII. combined include the northern peninsula of Michigan, all of Minnesota, Wisconsin. Iowa and Illinois. all of South Dakota ana North Dakota and Missouri north of St. Louis and Kansas City, also all of Montana. Wyoming and Nebraska, together with Colorado north of a line parallel to the State line mating through Denver. Groups VIII. and IX, combined include all of Kansas. Oklahoma, Arkansas and Indian Territory, Missouri south of St. Louis and Kansas City, Colorado smith of Denver, the whole of Texas and the bulk of Louisiana, and that portion of New Mexico north of a line running from the northwest corner of the State through Santa Fe and east of a line running from Santa Fe to El Paso. Group X. Includes all of Washington. Oregon, Idaho, California. Nevada, Utah and Arizona, and the western part of New Mexico. We have already alluded to the falling off in the Western grain traffic and the effect that this has had on that part of the country. For wheat, corn, oats, barley and rye together, as pointed out, the shrinkage in the receipts at the Western primary markets reached the huge figure of 103,541,000 bushels, and of this loss no less than 54,736,000 bushels occurred in wheat alone. The details of the Western grain movement in our usual form are set out in the table we now present: WESTERN FLOUR AND GRAIN RECEIPTS. Barley Rye Oats Corn 5 wks.End. Flour Wheat (bush.) (bush.) (bush.) (bush.) Oct. 31. (bbls.) (bush.) Chicago 737,000 5,896,000 3,674,000 1,464,000 1925 ___ 1,358,000 2,201,000 1924 ___ 1,380.000 8,791,000 10.791,000 12,887,000 2,331,000 1,209,000 Milwaukee 1,362,000 1,178,000 46,000 381,000 546,000 1925 ___ 319,000 3,559.000 1.985,000 912,000 897.000 1,853,000 1924 ___ 351,000 131. Louis 2,966,000 353,000 43,000 1,760,000 1,965.000 1925 ___ 574,000 3,352,000 263.000 37,000 2,713,000 1924 ___ 524,000 6,018,000 Toledo 394.000 5,000 2.000 105,000 1,227,000 1925 629,000 1,000 90,000 365,000 1,857.000 1924 90,000 90.000 1925 255,000 1924 Peoria 239,000 174,000 1925 ___ 227,000 1924 ___ 253,000 buluth13,754,000 1925 35,906,000 1924 Minneapolis 14,640,000 1925 19,170,000 1924 Kansas City 3,676,000 1925 11,678,000 1924 Omaha de Indianapolis 1,807,000 1925 6,087,000 1924 Mous City 205.000 1925 316,000 1924 W. Joseph 956,000 1925 1,720,000 1924 Wichita 926,000 1925 3.090,000 1924 59,000 84,000 95,000 190,000 2,000 10.000 16,000 2,045,000 2,079,000 1,046,000 1,331,000 212,000 161,000 3,000 56,000 46,000 152,000 3,602.000 1,944,000 2,131.000 4,302,000 4.311,000 14,397,000 375,000 4,012,000 2,881.000 1,025,000 .51)0,900 11,616,000 4,432,000 2.566,000 799,000 500,000 1,541,000 1,031,000 2.315.000 2,856,000 2,587,000 3,006,000 370,000 396,000 568,000 1,052,000 2,000 47,000 740,000 610.000 276.000 250,000 2,000 117,000 93,000 120,000 16,000 Total All 1025 ___ 2,425,000 42,232,000 15,008,000 1924 ___ 2,508,000 96,968,000 22,036,000 Jan. 1 to Oct. 31. 0914 0-40 1925 -.A0,993,000 26,146,000 63,243,000 1924 _10,198,000 63,224,000 82,209,000 Milwaukee 3,938,000 6,634.000 1925 ___ 1,869,000 1924 2,054,000 6,829,000 12,803,000 LOtSid-' 4,519,000 29,754,000 19,271.000 1925 1924 ___ 4,371,000 34,670,000 32,692,000 Toledo 2,664,000 6.114,000 1925 3.367,000 10.000.000 1924 Detroit 355,000 1,152,000 1925 ___ 37,000 1,343,000 1,682,000 5,000 1924 Peoria 1,537,000 17,770,000 1925 ___ 1,779,000 1,720,000 13,650.000 1924 ___ 1,956,000 Delia 774,000 56.761.000 1925 63.056.000 8,644.000 1924 M1.nneapolis84,200,000 12.849.000 1925 1924 ___ 14,000 79,895,000 12.090,000 Kansas city 41,566.000 16,170,000 1925 1924 ___ 19,000 82,023,000 16,985,000 Omaha & Indianapolis 18.268,000 24.800,000 25 33,847,00036,268,000 1924 Mous City 3,488,000 1,613,000 1925 7.158,000 1.612,000 1,000 1924 ___ M. Joseph 7,935,000 8.476,000 1925 9.061,000 9,567,000 1924 Wichita 2,090,000 12,764,000 1925 259,000 10,220,000 1924 35,000 22,243,000 8,043.000 3.997,000 43,261,000 13,531,000 19,268.000 47,379,000 8,737,000 4.115,000 71,505,000 9,212,000 5,443,000 13,820,000 10,341,000 856,000 15,396,000 8,870,000 2,243,000 28,149,000 29,676,000 864,000 865,000 223,000 455.000 8,031,000 5,616,000 37,000 50,000 98,000 463,000 1.242,000 2,396,000 46,000 5,000 158,000 38.000 9,096,000 1,025,000 9,531,000 810,000 34.000 139,000 20,254,000 15,097,000 10,565,000 16,366,000 10.062,000 34,211,000 36,834,000 19,390,000 6,032,000 37,853,000 14,712,000 7,973,000 12,257,000 7,728.000 6,000 7,000 23,545,000 29,141.000 269,000 298,000 4,108,000 5,162,000 74,000 150,000 10,000 117.000 1,560,000 1,531,000 2,000 644,000 110.000 Total 1925 _19,197.000 292.289,000 178,043,000 206,919,000 55,619,000 22,091,000 1924 ....18,618.000 398,345.000 236,540,000 227.011.000 45.012,000 51,380.000 Western roads also suffered, it should be noted, diminution of their live stock tonnage. The live stock receipts at Chicago in October 1925 comprised only 23,779 carloads, against 25,264 cars in October 1924. At Kansas City the receipts of live stock aggregated only 14,114 cars, against 16,440, and at Omaha 10,431, against 11,061. One factor in the good showing made by Southern roads, to which allusion has been made above, was the large cotton movement. This was natural, seeing that the 1925 crop is so much larger than that of 1924 and that it has been exceedingly early in its maturity in most sections of the Cotton Belt. The gross shipments overland for the month were 266,354 bales in October 1925, against 214,250 bales in October 1924; 157,971 bales in October 1923; 203,482 bales in 1922 and 254,574 bales in 1921. At the Southern outports the receipts aggregated 1,787,877 bales, against 1,613,328 bales in 1924 and 1,328,767 bales in 1923, as will be seen from the following: a 2809 THE CHRONICLE Dmc. 12 1925.] RECEIPTS OF COTTON AT SOUTHERN PORTS IN OCTOBER AND FROM JAN. 1 TO OCT. 31 1925, 1924 AND 1923. Month of October. Ports. 1925. Galveston Texas City, &C New Orleans Mobile Pensacola Sic Savannah Brunswick Charleston Wilmington Norfolk 1924. 1923. 601,771 281,066 432,617 43,082 9,272 167,621 100 58,611 32,946 156,791 757,704 265,798 332.505 24,083 3,595 118,057 100 36,494 18,469 56,523 644,86C 205,442 180,045 8.447 1,303 82,758 49 47.890 38,137 119,836 ' Slate January 1. 1925. 1924. 1923. 2,036,072 2,112,502 1,885,045 1.505,289 737,633 604,802 1,473,071 1,111,581 805,845 33,339 155,679 103,822 5,651 11,687 18,643 677,647 479,086 336,249 3,530 283 . 813 275,462 111,009 145,123 88,605 59,515 106,901 343,490 181,339 242,544 727 277 1 513 304 1328.787 8.503.067 4.003.410 1.150.733 The Centenary of an American Shipping Firm. The interest awakened in the prolonged efforts of the Government to release itself from the difficulties resulting from its engaging extensively in building and operating a mercantile marine during and consequent upon the war, coupled with the pressure of both foreign and domestic lines of steamers to handle business offering to-day in all our principal ports, will attract attention to the hundredth anniversary of a domestic shipping firm which with an unbroken record through those years has engaged successfully in North and South American trade. Augustus Hemenway, born in Salem, Mass., in 1805, at at the age of 20 found himsell already with some experience In trading on his own account with towns on the coast of Maine and in Cuba. He was shipping timber in schooners to Cuba, bringing back sugar. Young as he was, he had lived in contact with the men who had built and sailed the stout American sloops of war that hall, reduced the Barbary pirates to submission in their own waters, and later had equipped and fought the privateers that in the War of 1812 had established the prowess of American ships and American sailors. What was more natural than that he should seize an opportunity for establishing -a business in connection with others which, bearing his'name, should enlarge and extend as opportunity offered in unbroken line until to-day, after his death in 1876, it 'survives in New York under the title of Wessel, Duval & Co. 'The' story is interesting: It Covers the period during which our merchant shipping developed 4nto the famous "clippers" which distanced all ships- in the races with tea from China, and in the Liverpool packet/3'1We the "Dreadnought," which made the trip between New York and Liverpool in fifteen days. It embraces also the entire period of American steam navigation including'the mysterious disap.-struggle of the beautipearance of the "President," the long fully equipped but unsuccessful Collins Line, and the final abandonment of competition for the European trade with the withdrawal of the "Fulton" and the "Arago." Meanwhile the English developed the early screw propellors in their Inman Line, which have been followed with the fleets of steamers under nearly all European flags, with every form of motive power, oil burning, electric turbine, Diesel, walking beam, oscillating, direct action engines, competing for the American business to be divided among themselves. The young firm owning their ships in!part or as a whole pushed their trade beyond the West Indies. Finding the port of Buenos Aires blocked by war, in 1826 they sailed around Cape Horn to Valparaiso, where they sold -their cargo to advantage, secured a return cargo of copper, and were back home in 1828. This opened the way for the future growth of the business. The fleet built by themselves besides several schooners of two and three hundred tons, began with the "Quentaro" of 631 tons in 1849 and grew with the "Prospero" of 645 tons in 1850, the "San Carlos," 817 tons, in 1855, the "Sunbeam," 798 tons, in 1865, the "Independence," 952 tons, in 1871, and the "Magellan," 1,073 tons, in 1873. Their first steamers were of 1,274 and 1.29% tons. The "Magellan" on her way in 1890 from Boston to Valparaiso was reported off the Falkland Islands Aug. 4; and was never heard of afterwards. As illustrating the danger attending rounding Cape Horn, the writer of this article on a train in the Far West heard this story from the conductor of the Pullman sleeper as they sat together late one night: A couple of years before the conductor was the mate on a ship which, encountering rough weather in rounding the Horn, kept well to the south to avoid rocks. After midnight in thick weather he had turned in, when suddenly the ship was brought to with a crashing shock. Running on deck and looking over the rail he saw that-she was swinging on the sharp edge of a rocky reef. It took but a few mo; 2810 ments for the crew to go over upon the rock and along it to the base of a precipitous cliff. They had barely done so when the ship slipped back from the ledge and sank. They found themselves on an uninhabited rocky island, where they sustained themselves by shell fish and wreckage from the ship for some four weeks, when they succeeded in signaling a ship on the horizon and were rescued and taken to Valparaiso. He shipped for home as second mate on a returning ship, but on the voyage found himself so nervously unstrung that he could not trust himself when he was left in the night in charge of the vessel. Consequently, on reaching home he left the sea for good and all. By the barest 'chance he and all on board had escaped the fate of the "Magellan." Gradually the business extended along the West Coast. New firms entered it. In 1851 an enterprising lad of 18 years, W. R. Grace, appeared in Peru. He soon became connected with men from Britain and eventually established the well-known house of W.R. Grace & Co., of New York, and Grace Brothers & Co. of London. In 1889 the Hemenway firm established the West Coast freighting line from Boston and New York, continuing the business for years, mainly with chartered vessels of moderate size, carrying large shipments of railway and mining material and of general merchandise. No less than 19 vessels were dispatched in 1890 and 1891. The day of sailing vessels was passing and in 1892 the first steamer, a British one of 1,100 tons, was sent out. The high cost of operation under the American flag made it necessary to adopt new methods and a system of time charters was resorted to. At a stated price ships, completely manned and victualed, were hired. Under the plan steamers entirely superseded sailing ships before the end of the century; one steamer making 21 round voyages in the firm's service. The opening of the Panama Canal, Aug. 15 1914, changed the route. The Canal was unfortunately soon blocked by a land slide, but was reopened ha April 1916, and the first vessel of the Line to make the voyage out and back reached New York May 31 of that year. With the war the vessels under the long-time charters were requisitioned by their respective Governments; and with the formation of the Shipping Board of the United States the firm became one of the operators under its direction. This relation continued until February 1024, when the Shipping Board withdrew its steamers from the West Coast service. In 1920 the firm became agent for a Chilean steamship company operating between Valparaiso and Panama. It also established in the same year a high class passenger service of its own between Valparaiso and New York, with steamers built in England, which continues. Eli During the early period the exports from the United States were mainly of general merchandise, and the imports from Chile included copper ores, wool, hides, horns and such other produce as offered. The Introduction of the first steamers in 1870 greatly increased the business. The opening of the New York office in 1892 further enlarged it, especially with Peru, where operations had begun in 1890. The development of Peruvian petroleum became an important feature. This now is the main supply of Chile, as it long has been of Peru itself. For years nitrates were the only article shipped regularly in large quantities to the United States; but in 1900 ores were shipped in quantity, and in 1902 they reached 60,000 tons. Branch houses had to be established by the firm in Chile and eventually in Peru. The firm itself expanded, becoming eventually in 1906, Wessel, Duval & Co., as it now stands. Various large American corporations were naturally attracted to the Coast. The Baldwin Locomotive Works, the Westinghouse Air Brake Co., the Pullman and other car companies, all appeared in connection with the building of railways. The opening of mines attracted the Anaconda Copper Co., the American Smelting & Refining Co., the Vacuum Oil and others. Meanwhile the export of nitrates increased enormously. Beginning with a total production on the West Coast of 22,800 tons in 1850, it rose to approximately 1,500,000 in 1900. The consumption then in the United States was about 175,000 tons. This grew steadily until in 1914 it was 600,000, and with the war it rose to 1,660,000 tons in 1918, due to the requirement for explosives for the Allies. The normal consumption of the United States in 1922 is given as approximately 1,000,000 tons. The total world production is put at about 2,000,000 tons. The du Pont interests have lately invested largely in the nitrate business in Chile, and that country is attracting capital for large investments in other directions, As to the general character and standing of the firm, the senior member of a very old English firm with which it has long done business wrote recently with reference to their relations: "Our relations with the house in those old days were marked by the same feeling of implicit confidence and trust which it is our pride to feel have endured unbroken to the present; and in my old age it is a never-ceasing pleasure to recall the many instances of kindness and consideration which have been extended to me by every member of the different firms whom it has been my privilege to meet during the 66 years which have passed." It is pleasant testimony to the value of such honorable and honored business relations In establishing that international confidence and good-will which are now eagerly sought as the basis for the peace of the world. Indications of Business Activity THE STATE OF TRADE—COMMERCIAL EPITOME. Friday Night, December 11 1925. As usual at this time of the year, holiday trade is a conspicuous feature. The retail business naturally benefits. Aside from this retail trading is not on quite so large a scale as recently. This is partly attributed to the decline in corn and cotton prices within the last 60 days, although the outlook for the corn farmer has improved. President Coolidge recommends the co-operative marketing plan. This trading device is spreading throughout the cotton region year by year. There are special circumstances which call now and then for special measures and there is no doubt that the co-operative plan of marketing is more scientific than the old and barbarous method of throwing the crops on the market early in the season in the mass to the manifest disadvantage of the farmer who often had the chagrin of seeing prices sharply advance later in the season after he had sold his product. Corn at times during the past week has advanced very sharply, though within a day or two there has been some reaction. It is now stated that most of the crop this year on the Central West is still on the farms. It is being held for higher prices or else for feeding to cattle and hogs. Wheat advanced for a time as much as six cents in a single day, owing to persistent reports of damage to the crop in Argentina. And the trading has been on a big scale. Within a few.days, in an overbought market there has been some decline. It is still a fact, moreover, that in whatever moderate exportabusinessjs being done, Manitoba wheat is taken [vol. 121. THE CHRONICLE I at prices which are below the American level. Rye was at one time 10 cents higher, with some export business with Norway, but latterly there has been a setback in this grain in response to a reaction in other cereals. It is a fact, however, that there has been at least a moderate export business of late, not only in rye but in oats and corn, and it may enlarge later on. Cotton has declined some $2 to $3 50 per bale, owing largely to an increase in the crop estimate by the Government to 15,603,000 bales of lint cotton, which probably means 16,600,000 bales, including linters. The effect has been largely to halt business in spot cotton, although it is true that the world's spinners' takings of the American staple are on a very imposing scale. One computation makes the total this week the largest on record, and the total thus far this season also something beyond precedent. The price has latterly been declining but only slowly, for the reason that the world wants American cotton. Cotton goods have been quiet and rather lower, owing to the big estimate of the raw production. There is rather less business in silk goods. Woolen goods are quiet, with raw wool declining. The shoe manufacturing business is less active for the time being. Leather has been firmer here in the East. Some falling off in the automobile trade is noticed, after a very good exhibit in November. The fact remains,too, that the present year has marked a new high record in the output of the automobile. November business in mail order houses was not so large as in October. Depression in the corn belt may partly account for that. The sales of the two leading houses in November reached only DEc. 121925.] THE CHRONICLE $44,618,332, as against $52,339,487 in October of this year. But the November total was some $5,000,000larger than in November 1924. For 11 months of the present year the total is 8389,127,552, an increase over the same period last year of close to 15%. The sales of 8 leading chain stores in November were $47,628,730, against $53,987,547 in October this year, while they were some $4,500,000 larger than in November last year. For 11 months the sales of the same chain stores moreover were $423,353,589, an increase over the same period last year of 14.7%. Taking the grand total for 11 months of the mailorder firms and chain stores, it is $812,481,147, or an increase over the corresponding period of 11 months last year of 14.8%, which is certainly a very gratifying exhibit. With a tendency towards a better state of things in the corn States, there would seem to be fair reason to expect an increase in the general retail trade before long. The jobbing trade of the present time is largely for early delivery, although the transactions for the first quarter of the year make no bad showing. As a rule the outlook is regarded as hopeful in wholesale trade, despite the lower corn and cotton prices, which neutralize the advantage of larger crops. The iron and steel industry is regarded as in giadually improving condition, after a very good business in November and a noteworthy increase in the unfilled orders for steel. There is an active business in bituminous coal. No signs appear of an early settlement of the anthracite strike, although negotiations towards an ending of the trouble still continue. The tendency of coke if anything is downward, with a large production. But here in the East coke is being used by the householher on a larger scale probably than ever before. Marked activity is noticed in the jewelry trade. Much of it in high priced goods. Building is still on a very large scale. Car loadings for 10 months make a very good showing. Railroad earnings for the same period are the largest for 10 years past. The stock market at times has declined under the influence of profit taking, after the recent favorable news as to dividends had appeared and spent its force. There was some fear at one time, too, that the Bank of England might increase its discount rate to 6%, but it proved to be groundless. To-day a good many stocks were at new high prices with a renewal of active buying, notably in the railroad stocks, which were conspicuously firm, with the Inter-State Commerce Commission evidently favoring voluntary consolidations of roads under the direction of that body. Call money was at 5% but the local rediscount rate is still 3%%. A feature of the week was the optimistic note in Secretary Melloa's annual report on the business outlook of this country. It is regrettable to notice that French francs dropped to a new low level to-day, with the resignation of the French Minister of Finance, M. Loucheur, apparently imminent. In other words, deplorable conditions as to finance are still weighing heavily upon France. But proverbially necessity is the mother of invention and sooner or later a way out will be found under the guidance of conservative finance rather than by capital levies. In London to-day prices, though unsettled, rallied towards the close in spite of the private rediscount rate of 43 %. 4 At Fall River print mills are said to be increasing their output; print cloths mills are running, it is reported at 60% and fine goods mills at 90%. Some Boston mills report their yarn production sold up for the next three or four months. Providence, R.I., wires that business in textiles is improving in New England,and that there is no talk now about Southern competition. Some shirting mills are sold up through May of next year. At Somersworth, N. H., 200 looms in the new mill of the Great Falls Mfg. Co. have started running nights. At Rochester, N. H., the Cocheco Woolen Mills started its carding department again after the entire plant had been shut down for a month. At Biddeford, Me., citizens made strong efforts to end the strike at the Pepperill mills, some of whose workers seemed to have drifted away to other centres. The management naturally regrets that the trouble should have arisen over 44 looms out of a total of 7,225 and affecting only two employees out of 3,100,but they have carried through the agreement of Nov. 23 in every respect. Outsiders think the strike was entirely uncalled for. At Charlotte, N. C., yarn mills reported decidedly less activity late last week. At Charlotte, N. C., yarn prices have declined half a cent since the Government report and are now a full cent under those prevailing at the beginning of the week. Curtailment of a day per week continues in force by the Southern Power Co: Charlotte wired Dec. 10 that demand for yarns was light. Prices were slightly lower after publication of the cotton crop report. Cotton market- 2811 ing associations are now doing a yearly business of nearly 8125,000,000, according to C. 0. Moser, General Manager of the American Cotton Growers' Exchange. At Paterson, N.J., mills report more activity in broad silks than for some time past. Some tire mills continue to run overtime and are expected to do so through the spring. London cabled that tires in Great Britain have been advanced 20%. The wild scramble to buy rubber shares there continues. Rayon plants show no slowing down in the United States. The output of rayon is said to have increased from 38,850,000 lbs. in 1924 to more than 48,000,000 lbs. for the 11 months ended Nov. 30 last. Only 320,000 lbs. were handled in 1911, it is said, when the vogue for that product started. At Lynn, Mass., a strike at three shoe factories on the 4th inst. was caused by a fight between two rival unions, growing out of an agreement entered into with the Boot and Shoe Workers' Union, under which manufacturers using the union stamp would employ only members of the Boot and Shoe Workers' organization; 100 employees went on strike. The plants affected are A. Fisher & Son, Burdett Shoe Co. and Davis Shoe Co. Building plans filed in November indicate increased activity in New York during the winter, according to reports made to S. W. Straus & Co. The five boroughs reported a total of $89,330,559 for the month, a gain over November last year of 83%. Manhattan led all boroughs with a gain of 104%. For the 11 months this year the Straus reports show $937,607,035, as against $775,434,450 for the similar period in 1924, a gain of 22%. F. W. Woolworth & Co.'s sales for November totaled $20.676,964, an increase of 6.75% Over November 1924. Sales for the first 11 months of this year amounted to $199,689,433, an increase of 10.65% over the corresponding period of 1924. After three days of driving rain and high winds, at times reaching hurricane force, the weather here cleared and it was still mild on the 6th inst. Later in the week it grew colder, though still mostly clear. To-day it was clear and cool; at 8 a. m. It was 26; at 4 p. in., 38. The forecast is for light rain or snow and warmer. At Chicago yesterday it was 32 to 34, at Cincinnati 32 to 48, at Cleveland 24 to 30, at Kansas City 40 to 52, at Milwaukee 26 to 32, at Portland, Me.,. 15 to 26. Domestic Business Conditions According to the Government. Early reports on business conditions to the Department of Commerce covering the month of November (made public today Dec. 12)indicate substantial increases over November, 1924, in the production of pig iron, consumption of silk, shipments of lead, ore from the Joplin district, and of iron ore from the upper lake ports, contracts awarded for concrete roads and pavements, traffic through the Sault Ste Marie Canal and in the total number of patents issued, while decreases occurred in the receipts of wool at Boston, consumption of tin, shipments of locomotives and of zinc ore from the Joplin District. Trade and financial indicators increased also over a year ago, as shown by sales by mailorder houses and ten-cent chains, postal receipts, bank clearings, the number of new incorporations, new corporate security issues, customs receipts, and ordinary receipts and expenses of the Government, while the gross debt of the United States declined. Business failures increased both in number and in the amount of liabilities, but fire losses were less than in November, 1924. In comparison with October, 1925, increases occurrred in the shipments of lead from the Joplin district, of locomotives and in the total number of patents issued, while the productfon of pig iron, consumption of tin and silk, receipts of wool at Boston, shipments of iron and zinc ore, contracts awarded for concrete pavements and traffic through the Sault ;Ste. Marie Canal declined. The number of new incorporations increased while postal receipts, sales by mail order, houses and ten-cent chains, bank clearings, new security issues and custom receipts declined owing largely to the shorter month. The outstanding Government debt was further reduced. Business failures were higher than in October both in number and in liabilities. Fire losses were also greater than a month ago. Increase in Retail Food Prices in November. The Bureau of Labor Statistics of the United States Department of Labor has completed the compilations shcwir g changes in the retail cost of food in 25 of the 51 cities TAR CHRONICLE 2812 it included in the Bureau's report. Under date of Doc. 10 • • • says: 25 cities showed • During the month from Oct. 15 to Nov. 15 1925 all of the Columbus, increases as follows: Butte and Louisville, 5%; Bridgeport. Portland. Peoria, Indianapolis, Kansas City, Mobile, New Haven. Omaha. New Orleans, Me., Richmond and Rochester, 4%; Atlanta, Cleveland, and St. Paul. New York, Norfolk, Portland, Ore., Providence. St. Louis 3%, and Boston, Charleston. S. 0., and Washington, 2%• the 25 cities For the year period. Nov. 15 1924 to Nov. 15 1925. all of 0.ty, Omaha. showed .ncreases as fellows: Lousy lie, 14%;Atlanta, Kansas St. Paul. 12%; and Peor.a, 13%; IncLanapolls, New Haven, St. Louis and Richmond. 11%; Butte. Boston, Bridgeport, Columbus, Norfolk and Roche-ter, 10%; Cleveland, New York, Portland. Me.. Providence and S. 0., and Mobile, New Orleans and Washington, 9%, and Charleston. Portland. Ore., 8%. the retal cost of As comptred with the average cost in the year 1913, in Washington; food on Nov. 15 1925 was 76% higher in Richmond; 74% In New Haven 72% in New York;71% In Boston;70% in Providence;69% in LouerAlle; and St. Limit;68% in Atlanta;66% in Charleston, S. C.;65% Orleans; 61% in New 64% in Cleveland. Karsas City and Omaha;62% in not obtalt ed from Indianapolis, and 50% in Portland, Ore. Prices wcre Norfolk, Peor.a. Portland. Me., Bridgeport, Butte. Columbus, Mobile, -year period the 12 Rochester and St. Pal I in 1913, hence no comparison for can be given for those cities. States DepartSurvey of Current Business by United ion in October 1925 ment of Commerce-Product 1924. Compared With Same Month in with Comparing figures of production in October 1925 of for October 1924, the United States Department those Commerce on Dec. 7 said: Manufacturing Production. level at 182% Manufacturing production in October reached a new high number of the Deof the 1919 monthly average, according to the index was 14% higher partment of Commerce covering 64 commodities, and 1924 occurred in than in October 1924. The largest increase over October automobiles, the miscellaneous group, with 33%, due to the high output of ; textiles, the other groups showing the following gains: Foodstuffs, paper and print11%; iron and steel, 10%; lumber, 5%; leather, 6%; 11%; noning, 6%; chemicals, 8%; stone, clay and glass products, ferrous metals, 4%, and tobacco products, 7%. Output of Raw Materials. 11% less than The output of raw materials increased seasonally, but was products inIn October 1924. The marketings of animal and forestry minerals decreased 4% and 10%, respectively, while the production of anthracite mining creased 1% and crop marketings 19%. The shutdown in these latter and smaller grain receipts were responsible for the declines in groups. Unfilled Orders. materials on The index of unfilled orders of iron and steel and building and was 23% Oct. 81 showed a 61411V-increase over the end of September building-materIala higher than a year ago, both the iron-and-steel and orders ungroups increasing over October 1924, though building material filled were less than on Sept. 80 1925. Stooks of Commodities. October The index number of stocks of commodities held at the end of made for showed a decrease of 10% from September, when allowance is the manuseasonal variations, and were 1% less than a year ago. Only September factured foodstuffs group had larger stocks than at the end of groups, both raw and while, in comparison with a year ago, the foodstuffs held in larger manufactured, declined, while other commodities were amounts. below: The index numbers of the Department of Commerce are given 1924. 1925. Aug. Production (Index numbers: 1919= 100) Raw materials-Total Minerals Animal producta Crops ., Forestry Manufacturing. grand tufa/(adjusted)_ _ Total (unadjusted) Foodstuffs Textiles Iron and steel Other metals Lumber Leather Paper and printing Chemicals Stone and clay products Tobacco Automobiles• Mbfeellaneous CommodUy Stocks (Index numbers: 1919= 100) (Unadjusted) Total Raw foodstuffs ,Raw materials for manufacture Manufactured foodstuffs Manufactured commodities (Adjusted for seasonal element.) Total Raw foodstuffs Raw materials for manufacture Manufactured foodstuffs Manufactured commodities lo Unfilled Orders Total (based on 1920 as 100) Iron and steel Building materials •Included in miscellaneous grout( also. Sept. Oct. Sept. Oct. 114 142 107 106 131 121 121 108 91 116 186 160 89 106 171 162 120 151 118 150 126 105 191 129 122 122 108 97 118 183 158 89 106 174 148 123 163 118 159 134 118 200 135 132 138 108 108 130 191 166 94 118 188 164 132 280 157 152 128 110 193 119 114 121 112 92 95 164 135 87 102 148 134 118 177 120 179 135 112 246 123 118 121 112 Ill 105 163 144 96 113 165 143 123 176 121 125 118 93 91 171 140 133 159 87 171 144 120 201 83 173 127 119 116 100 167 142 145 168 93 157 142 158 124 78 183 149 160 161 79 181 134 113 151 81 178 134 145 118 90 165 135 147 130 86 160 52 36 121 52 38 109 53 43 94 48 34 97 43 34 81 Business Indexes of the Federal Reserve Board. The Division of Research and Statistics of the Federal Reserve Board issued Dec. 1 the following statement giving current figures of its various business indexes. [VOL 121. INDEX OF PRODUCTION IN BASIC INDUSTRIES. (Adjusted for seasonal variations. Monthly average 1919 equals 100.) -1925- 1926 -1925- 1924 Oct. Sept. Oct. Oa. Sept. Oct. 121 114 110 116 111 109 Bituminous Total 1 *1 96 113 106 93 Anthracite Pig iron 136 •139 133 130 123 104 Copper Steel ingots 129 121 108 111 103 109 Zinc Cotton 69 62 71 97 95 100 Sole leather Wool 115 111 110 96 •100 98 Newsprint Wheatflour 198 204 183 167 .143 141 Cement Sugar malting 199 208 18$ 99 93 94 Petroleum Cattle, slaughtered 108 95 97 147 129 143 Cigars " Calves 169 183 158 86 93 Cigarettes 88 Sheep " 99 98 99 tobacco 115 120 121 Manufactured " Hogs, 124 116 120 Lumber RING INDEXES OF EMPLOYMENT AND PAYROLLS IN MANUFACTU INDUSTRIES. variations. Monthly average 1919 equals 100.) (Not adjusted for seasonal Payrolls-Employment Oct. Sept. Oct. . Sept. Oct. 1925. 1925. 1924. 1925. 1925. 1924. 97.0 95.1 92.7 111.3 103.9 102.8 Total 88.4 86.6 82.1 95.1 87.7 84.7 Iron and steel 96.9 94.1 93.6 107.5 99.1 103.0 p Textiles-Grou 97.7 93.3 95.4 107.9 96.6 105.6 Fabrics 95.8 95.1 91.4 107.0 102.1 99.8 Products 102.8 102.2 101.9 117.2 111.8 111.2 Lumber 83.0 83.7 89.8 89.2 84.9 97.6 Railroad vehicles 137.7 129.4 98.6 178.0 155.3 116.8 Automobiles 135.6 108.0 104.3 104.5 142.3 135.8 103.2 Paper and printing 90.6 88.0 92.2 104.5 100.0 96.2 Foods,&c 91.8 92.1 89.2 95.8 94.8 149.6 Leather, Arc 124.7 125.3 118.8 158.8 151.8 Stone, clay. glass 90.1 87.1 83.3 97.1 90.0 85.1 Tobacco. &c 76.4 75.4 71.0 101.1 94.9 95.4 Chemicals, dm INDEXES OF WHOLESALE AND RETAIL TRADE. Retail Trade. Wholesale Trade. -1925- 1924 -1925- 1924 Oct. Sept. Oct. Oct. Sept. Oct. store sales: 98 .92 100 Department Groceries 145 134 124 Adjusted 89 .82 78 Meat 165 122 141 Unadjusted 117 112 104 Dry goods 77 72 67 Department store storing Shoes 134 133 132 Adjusted 122 109 110 Hardware 149 143 148 Unadjusted 132 120 128 Drugs 101 .94 95 Mall order sales: Total Ill 120 109 Adjusted 170 113 141 Unadjusted •Revised. November Building on Record-Entire 1924 Building Total Exceeded by 19% in Eleven Months of 1925. Biggest Record building volume is continuing into the winter months, according to the November records of F. W. Dodge Corp. Building and engineering contracts awarded last EI month in the 36 Eastern States (which include about Y of the n volume of the country) amounted to total constructio for any $464,683,100. This is the highest recorded figure and is 23% greater than the amount recorded in November, November of last year. There was a seasonal decrease of nearly 11% from October. The strongest influence now holding the building volume up to record proportions is the big increase in New York City activity, largely speculative in character, says the Dodge report, which continues as follows: items: 1249. The November record included the following important 279.800, or 52% of all construction, for residential buildings; $61,336,000. 12%, for public works or 13%. for commercial buildings: $57,035,300. or and $22,048,100, and utilities; $53,308,600. or 11%.for industrial buildings, or 5%,for educational buildings. the 36 States during the past 11 months Now construction started in has reached the record-breaking total of $5.310,950,000, compared with year and with $4,479,$4.151,321,100 in the first 11 months of last 307.000 in the entire 12 months of last year. The percentage increase last year Is 28%; over all of last year over the corresponding period of nearly 19%. Every district has in 11 months exceeded its 1924 total, some districts by very large percentages. Contemplated new work reported for the 36 States in November amounted amount reported in October to $698,272,700, which is 17% less than the of last year. and 35% greater than tho amount reported in November New England. November building and engineering contracts in New England amounted to $37.069,700. a decrease of 3% from October and an increase of 45% over November of last year. The month's record included: $16.007,300, or 43% of all construction, for residential buildings; 35.034,200, or 14%, for industrial buildings; 34.688,800, or 13%. for commercial buildings; 34.618,800. or 12%, for educational buildings, and 82,524,700. or 7%, for public works and utilities. Total construction started in New England during the past 11 months has amounted to $443.067,100. This is an increase of 36% over the first 11 months of last year and of 26% over all 12 months of last year. Contemplated new work reported for New England last month amounted to $42,017.600, being a 26% decrease from the amount reported in October and a 41% increase over the amount reported in November of last year. New York State and Northern New Jersey. Last month's building and engineering contracts in New York State and northern New Jersey amounted to 3160,629,500. This was a 14% Increase over October and a 48% increase over November of last year. The month's record Included: 3104.267,500, or 65% of all construction, for residential buildings: 826,827,900. or 17%. for commercial buildings 88.476.900. or 6%. for public works and utilities, and $7,123.500, or 4%, for industrial buildings. New construction started In this district during the past 11 months has amounted to $1,388,867.000, which is not only 13% greater than the amount started in the corresponding 11 months of last year, but also very nearly 5% greater than last year's total building volume. Contemplated now work reported for the district in November amounted to 8192.990.500, which was 29% less than the amount reported in October and 45% greater than the amount reported in November of last year. Middle Atlantic States. Building and engineering contracts awarded last month In the Middle Atlantic States (eastern Pennsylvania, southern New Jersey, Maryland, Delaware, District of Columbia and Virginia) amounted to 237.248,100. This was a 28% decrease from October and a 2% decrease from November DEC. 121925.] of last year. Included in last month's record were: $21.100.700, or 57% of all construction. for residential buildings: $5.696.900. or 15%. for commercial buildings: $3,302,600. or 9%, for industrial buildings; $3,244,200, or 9%, for public works and utilities, and $2,253,300, or 6%, for educational buildings. 111 During the past 11 months there has been $514.069.000 worth of new construction started in this district. This is an increase of nearly 14% over the corresponding period of last year and of nearly 8% over last year's entire construction volume. Contemplated new work reported for the district in November amounted to $82,221,500, a decrease of 15% from the amount reported in October and an increase of 15% over the amount reported in November of last year. Southeastern States. November building and engineering contracts in the Southeastern States (the Carolinas, Georgia, Florida, Tennessee, Alabama. Mississippi, Arkansas and Louisiana) amounted to $57,739,800. This was a 25% decrease from October, and a 51% Increase over November 1924. The more important items in last month's record were: $25318.000. or 44% of all construction, for residential buildings; $10,429,500. or 18%, for public works and utilities; $8,720,000, or 15%. for commercial buildings: $3,505.100, or 6%. for educational buildings, and $3,076,500, or 5% for industrial buildings. New construction started in this district during the first 11 months of 1925 has amounted to $711,599,800. which is 27% more than was started In the first 11 months of last year and 17% more than was started in all 12 months of last year. Contemplated new work reported for the Southeastern States last month amounted to $140,678,000, being 2% more than the amount reported in October and 99% more than the amount reported in November 1924. Pittsburgh District. New construction started last month In the Pittsburgh district (western Pennsylvania, West Virginia, Ohio, and Kentucky) amounted to $46.680.600. There was a decrease of 40% from October and a decrease of 29% from November of last year. Included in last month's record were: $18.347,700, or 39% of all construction, for residential buildings: $14,480,800, or 31%, for public works and utilities; $4.938,000. or 11%. for industrial buildings; $4.068.800. or 9%, for commercial buildings. and $2.348,000. or 5%, for educational buildings. During the past 11 months building and engineering contracts for thin district have reached a total of $785.143,600, which is an increase of 49% over the corresponding period of last year and of 36% over last year's total. Contemplated new work reported for the district last month amounted to $47.235.400. This was 32% less than the amount reported in October and 25% less than the amount reported in November of last year. The Central West. New construction started last month In the Central West (Illinois. Indiana. Iowa, Wisconsin. Michigan, Missouri, Kansas, Oklahoma and Nebraska) amounted to $119,443,200. Although nearly 6% under the October total, this was 25% greater than the amount of building and engineering contracts awarded in November of last year. Important In the record of last month were the following items: $51,292.300. or 43% of all construction, for residential buildings: $29,435.800, or 25%, for Industrial buildings; 817,754,800, or 15%, for public works and utilities: $10.489,600, or 9%. for commercial buildings, and $4,910,200, or 4%, for educational buildings. Building and engineering contracts awarded in this district during the Past 11 months have reached a total of $1.378.181.000. This is nearly 42% ahead of the corresponding period of last year and is 31% ahead of the entire construction volume of last year. Contemplated new work reported for the district in November amounted to $181,390.700. which was 6% less than the amount reported In October and 31% greater than the amount reported in November 1924. The Northwest. Last year's total construction volume in the Northwest has already been surpassed by a margin of 2%. Building and engineering contracts awarded during the past 11 months in Minnesota, the Dakotas and northern Michigan have amounted to $90.022,500. compared with $88,263,700 In the year 1924 and with $84.508,000 in the first 11 months of 1924. November contracts amounted to $5,872,200: being a 15% decline from October and an 11% decrease from November of last year. The month's record Included $3.946,300. or 67% of all construction, for residential buildings, and $844.000, or 14%, for commercial buildings; other classes being represented in smaller amounts. Contemplated new work reported for the Northwest in November amounted to $11.739,000. This was 11% less than the amount reported In October, but 5% greater than the amount for November of last year. Texas. November construction contracts in Texas (which is not Included with the 36 Eastern States) amounted to $10.079,800. This was a 6% decrease from October and 2% decrease from November of last year. The month's record included: $5.527.500, or 55% of all construction, for residential buildings; $1.399,200. or 14%, for public works and utilities; $1.391,400. or 14%, for commercial buildings, and $574,000, or 6%. for industrial buildings. , 1 14 041 New construction started in Texas during the past 11 months has amounted to $167,351,100. This is an average monthly volume through this year of a little over $15,000,000, practically equal to the average monthly volume of the portion of 1924 In which the building records were compiled. Contemplated new work reported for Texas in November amounted to 813.958,700, being 16% over the amount reported in October and 1% over the amount reported in November of last year. Weekly Lumber Production Shows Increase. The National Lumber Manufacturers' Association received telegraphic reports of the status of the lumber industry for the week ended Dec. 5 from 371 of the larger softwood and 101 of the chief hardwood mills of the country. The 332 comparably reporting softwood mills showed increases in production and shipments, and a decrease in new business, as compared with reports for the previous week, when, however, nineteen more mills reported. An apparent decrease in all three items was noted in comparison with reports for the same period last year, which was probably due in part, at least, to fifty-one more mills reporting at that time. The hardwood reports gave 101 operations as having about 2813 THE CHRONICLE the same proportional activity as 117 operations reporting the week before. The unfilled orders of 225 Southern Pine and West Coast mills at the end of last week amounted to 604.572,759 feet, as against 632,617.558 feet for 228 mills the previous week. The 124 identical Southern Pine mills in the group showed unfilled orders of 274,956.444 feet last week, as against 282,483,432 feet for the week before. For the 101 West Coast mills the unfilled orders were 329,616,315 feet, as against 350,134 126 feet for 104 mills a week earlier. Altogether the 332 comparably reporting mills had shipments 109% and orders 102% of actual production. For the Southern Pine mills these percentages were respectively 119 and 107; and for the West Coast mills 108 and 97. Of the reporting mills, the 326 with an established normal production for the week of 206,661,049 feet, gave actual production 101%. shipments 110% and orders 103% thereof. The following table compares the national lumber movement as reflected by the reporting mills of seven regional associations for the three weeks Indicated: Corresponding Preceding Week 1925 (Revised). Week 1924. Past Week. 383 351 332 Mills 218.182.118 210.567.968 210,603.199 Production 209.675,382 237.906.031 228.755,874 Shipments 257,455.404 239.755.839 214,521,495 Orders (new business) figures compare the lumber movement of the seven The following revised associations for the first forty-nine weeks of 1925 with the same period of 1924: Shipments. Orders. Production. 11,785.722.432 11.643,040.730 11.482,278.442 1925 11,273.227,305 11,231.085.423 11.086.403,989 1924 The mills of the California White and Sugar Pine Manufacturers' Association make weekly reports, but for a considerable period they were not comparable to orders with those of other mills. Consequently the former are not represented in any of the foregoing figures. Although nine mills were shut down, twenty-two reported a cut of 17,789.000 feet, shipments 23.403,000, and orders 20,511,000. The reported cut represents 71% of the total of the California pine region. The Southern Cypress Manufacturers' Association of New Orleans (also omitted from above tables because only recently reporting) for the week ended Dec. 2 reported from 17 mills a production of 5,402,408 feet, shipments of6,780.000 and orders of 6.840,000. In comparison with reports for the previous week, when three fewer mills reported, this Association showed a slight increase In production, considerable increase in shipments. and a large decrease in new business. West Coast Lumbermen's Association Weekly Review. One hundred and four mills reporting to West Coast Lumbermen's Association for the week ending Nov. 28, manufactured 93,041,098 feet of lumber; sold 114,726,079 feet, and shipped 87,261,685 feet. New business was 23% above production. Shipments were 24% below new business. Forty-five per cent, of all new business taken during the week was for future water delivery. This amounted to 51,871,128 feet, of which 81,766,778 feet was for domestic cargo delivery and 20,104,350 feet export. New business by rail amounted to 1,962 cars. Forty-six per cent, of the lumber shipments moved by water. This amounted to 40,036,734 feet, of which 26,133,741 feet moved coastwise and intercoastal and 13,902,993 feet export. Rail shipments totaled 1,441 Care. Local auto and team deliveries totaled 3,994,951 feet. Unfilled domestic cargo orders totaled 112,005,787 feet. Unfilled export orders 122,838,339 feet. Unfilled rail trade orders, 3,841 cars. In the first 48 weeks of the year production reported to West Coast Lumbermen's Association has been 4,802,310,220 feet, new business 4,922,214,658 feet, and shipments 4,9311,919,403 feet, Increase in Paper Production in October. October production of paper in the United States as The reported by identical mills to the American Paper & Pulp Association and co-operating organizations, showed an increase of 8% as compared with September's production (following a 0.7% increase In September over August), according to the Association's Monthly Statistical Summary of Pulp and Paper Industry, made public Nov. 28. All grades showed an increase in production as compared with September. The summary is prepared by the American Paper & Pulp Association as the central organization of the paper industry, in co-operation with the Binders Board Manufacturers' Association, Converting Paper Mills Association, Cover Paper Association, Newsprint Service Bureau, Wrapping Paper Manufacturers' Service Bureau and Writing Paper Manufacturers' Association. The figures for October for same mills as reported In September are: Grade— Newsprint Book Paperboard Wrapping Bag Fine Tissue Hanging Felts Other grades Total, all grades Number of Mills. 66 61 102 78 24 79 46 s 18 65 _ Production Net Tons. 134,991 89,802 132.249 55,006 10.773 32.988 13,802 4.905 19,874 20.673 Shipments Net Tons. 141,996 89.302 133,731 58,945 11,273 33,337 14.184 5.059 20.211 20,967 Stocks on Hand Had of Month Net Tons. 20.420 48.075 30,810 47,298 6,963 39.938 12,111 1,841 2.738 16,328 515.063 529,005 1.4,522 During the same period domestic wood pulp production Increased 23%, this increase being distributed over all grades. The October totals (mills identical with those reporting in September) as reported by the American Paper & Pulp Association, are as follows: No. of GradeMills. Groundwood pulp__ 97 Sulphite 37 News grade 21 Bleached 6 Easy bleached 6 Mitscherllch 9 Sulphate pulp 11 Soda pulp Other than wood pulp 2 • Total,all grades Shipments, Stocks on Hand End of Month, Net Tow. 129,932 Production, Used, Net Tons. 90,393 Net Tons. 93,538 Net Tons. 4,767 40,170 22,866 3,888 7,511 15,347 18,515 106 37,434 19,279 3,373 6,482 13,236 13,482 101 3,061 4,143 502 1,672 1,999 5,111 9,275 2,729 1,391 840 1,249 3,613 63 198,796 186,925 21,255 149,092 Advances in Price Marks the Week in the Petroleum Markets. Both the crude and refined oil markets showed numerous changes in price during the week just closed, with advances outweighing in importance the few reductions which were made. The earliest cut in a crude oil price was made known on Dec. 10 when the Ohio Oil Co. reduced the price of Sunburst Montana crude oil 20 cents a barrel to $1.35. On Dec. 11, however, an advance was recorded in the East when dispatches from Pittsburgh stated that corning crude had been advanced 15 cents a barrel to $1.95 by the Joseph Seep Crude Oil Purchasing Agency. Herosen and gasoline price fluctuate in several sections of the country throughout the week, the former being in active demand as a substitute for anthracite. The Standard Oil Co. of New Jersey on Dec. 5 advanced the price of kerosene % cent a gallon throughout its territory, making the tank wagon price generally 14 cents per gallon. The Standard Oil Co. of Indiana advanced gasoline 2 cents a gallon in Minneapolis and St.Paul, making the service station price 19.2 cents, according to advices from Chicago on the 7th. The Standard Oil of N. Y. advanced the price of kerosene % cent a gallon in New York and New England effective Dec. 8, making the tank wagon price 15 cents a gallon, while the Gulf Oil Co., according to reports, was preparing to meet the advance. The price of motor gasoline was advanced X cent a gallon by Pennsylvania refiners on Dec. 8. U. S. motor gasoline was quoted at 103 to 103/3 cents a gallon at Tulsa refineries, compared with 10 cents a month ago, according to information received on Dec. 10. On Dec. 11 the price of gasoline was reduced X cent a gallon by Pennsylvania refineries. The Standard Oil of New Jersey on Dec. 11 advanced the price Of Water white kerosene % cent a gallon in cases to 19.40 cents. Crude Oil Output Again Shows Small Decline. The American Petroleuni InStitute estimates that the daily average gross crude oil production in the United States for the week ended Dec. 5 was 2,040,750 barrels, as compared with 2,045,250 barrels for the prece'ding week, a decrease of 4,500 barrels. The daily average production east of California was 1,405,750 barrels, as compared with 1,408,250 barrels, a decrease of 2,500 barrels. The following are estimates of daily average gross production by districts for the weeks Indicated: DAILY AVERAGE PRODUCTION. Dec.5 1925. Nov. ?$: '25. Noe.21 '25. Dec.61924. (/n Barrels)526,550 499.350 489,650 472,000 Oklahoma 86,880 11)6,050 105.659 103,400 Kansas., 90,900 3.1,450 83,300 84,800 North Texas 125,700 8,350 67.65Q 70,550 Eakt Central Texas 50.600 73,850n,550 76,950 West Central Texas_ _ _ _ 50,350 40,250 39.500 39,400 HOUthwest Texas 55,450 45,200 44,850 North Louisiana 45.300 110,950 198.350 205.400 207,850 ArkanSas 81.950 84,650 85,750 Gulf Coast 90,599 108,500 106.000 105.600 Eastern 105.000 79,100 82,900 78,850 Wyoming 81.100 8,050 15,950 18,750 Montapa 18.750 1,300 5,200 4,850 Colorgdo 5.150 600 5,600 5,290 New Mexico 5,090 598,000 639.000 637,000 California 635,000 Total 2.040.750 2,045,250 2,051.850 1.974,800 The estimated daily average grdis production of the MidContinent field, including Oklahoma, Kansas, north, east central, west central and southwest Texas, north Louisiana and Arkansas, for the week ended Dec. 5 was 1,100,250 barrels, as compared with 1,109,850 barrels for the preceding week, a decrease of 9,600 barrels. The Mid-Continent production, excluding Smackover, Ark., heavy oil, was 924,800 barrels, as compared with 937,200 barrels, a decrease of 12,400 barrels. In Oklahoma production of South Braman is reported at 5,200 barrels, against 5,750 barrels; Thomas, 16,400 barrels, against 10,700 barrels; Tonkawa, 40,750 barrels, against 39,300 barrels; Garber, 49,050 barrels, against 66,050 barrels; Burbank, 47,600 barrels, against 48,300 barrels; Davenport, 20,900 barrels, against 20,550 barrels; Bristow-Slick, 30,950 barrels, against 31,000 barrels; Cromwell, 21,100 bar- [Vol, 121. THE CHRONICLE 2814 rels, against 22,250 barrels, and Papoose, 13,250 barrels, against 14,000 barrels. The Mexia pool, &tat central Texas, is reported at 15,950 barrels, against 15,300 barrels; Corsicana-Powell, 37,250 barrels, against 36,600 barrels; Wortham, 13,750 barrels, against 12,300 barrels; Reagan County, west central Texas, 33,450 barrels, against 31,200 barrels; Haynesville, north Louisiana, 11,900 barrels, no change; Cotton Valley, 8,900 barrels, against 9,050 barrels, and Smackover, Ark., light, 21,350 barrels, against 21,600 barrels; heavy, 175,450 barrels, against 172,650 barrels. In the Gulf Coast field Hull is reported at 16,300 barrels, against 14,300 barrels; West Collumbia, 9,950 barrels, against 9,600 barrels; Orange County, 15,350 barrels, against 15.650 barrels; South Liberty, 10,300 barrels, against 10,200 barrels, and in the southwest Texas field, Luling is reported at 21,600 barrels, against 21,900 barrels; Lytton Springs, 8,400 barrels, against 8,200 barrels. In Wyoming, Salt Creek is reported at 60,350 barrels, against 58,900 barrels. In California, Santa Fe Springs is reported at 53,000 barrels, no change; Long Beach, 109,000 barrels, against 108,000 barrels; Huntington Beach, 45,500 barrels, no change; Torrance, 32,000 barrels, no change; Dominguez, 26,000 barrels, no change; Rosecrans, 23,500 barrels, against 25,000 barrels; Inglewood, 68,500 barrels, against 69,000 barrels, and Midway-Sunset, 99,500 barrels, no change. Further Increase in Production of Steel Ingots. In its monthly statement issued Wednesday (Dec. 9) the American Iron & Steel Institute reported a further increase in steel production during November. The steel ingot output in November, compiled from companies which in 1924 made 94.43% of the steel ingot production in that year, was 3,689,713 tons, of which 581,347 tons were open-hearth, 3,091,281 tons Bessemer and 17,085 tons all other grades. On this basis the calculated monthly production of all companies was 3,907,353 tons in November, 3,893,028 tons in October and only 3,492,904 tons in September. In November 1924 the calculated Monthly production of all companies for the same period was only 3,121,149 tons. The approximate daily output for November averaged 156,294 tons, with only 25 working days, which was the high fignre since March last, when the daily average production of steel was 161,482 tons, with 26 working days. In January 1925, with 27 Working days, the daily average prodUction Was only 155,502 tons. In the following we show the details of production back to January 1924: MONTHLY PRODUCTION OF STEEL INGOTS JAN. 1924 TO DEC. 1924. Reported by Ocuipitaiis Watch made 94.43%, of the steel ingot production in that year. opinb-, rating* Hearth. 1974. January__ February_ March ___ A pH] May June July August September October Ettlierner. Calculated Monthly Monthly Production Production AU Other. Companies All CornReporting. parties. 3,446,143 3,612,631 3.071,844 3,161.525 2,492.643 1,950,352 1,772.954 2,410,365 2,669,76 2,950,929 2.946,899 3,649,913 3,826,246 4.206.698 3,348.466 2,640,034 2,065.676 1,877,789 2,552,891 2,827,625 3,125,418 3.121,149 27 25 26 26 27 25 26 26 26 27 25 135,182 153,050 161.796 128,787 97,779 82,627 72,223 98,188 108,755 115.756 124,846 11 monttu) 25,999,560 5,289,688 96,799 31,386,047 33,241,906 286 116,23() November 2,766,534 2,902,641 3,249,783 2.575,788 2.060.898 1,637,660 1,525,912 2,042.820 2,252.976 2,505,403 2.479,147 667,032 695,905 705,801 573.381 425.099 310,070 241,880 361,781 409,922 438,468 459,349 12.577 14,085 15,260 12,356 6,648 2.622 5,162 5,764 6.864 7,058 8,403 APPTOStrinti No of Datly ProWork- auction All log Companies. Days. Gross Tons, 648,506 11,107 3,369,984 3,569,251 26 137,279 rota L.-- 28.811,331 5.838,194 108,508 34.758.031 38.811.157 312 117,984 1925. . lei:miry 630.000 11,960 3,964,704 4,198,564 27 9,262,748 135.602 February _ 2,931,964 602,042 13,014 3,547.020 3.766,243 24 156,510 March 3,336,169 614,860 13,633 3064,662 4.198.520 26 161,482 forll 515,715 14,182 3,387,699 3,587.524 26 2.857.802 137,982 May 2.754.130 497.708 13,790 3.285.828 3,458.253 26 133.010 Tune 2,538,988 4780/45 12.490 3028,423 3.207.056 26 123,348 Iuly 13,547 2,915.611 3.087,590 26 2,444,969 457095 118,753 kugunt_ 2.696,667 523,734 12.914 3,233.315 3,424.034 26 131,694 3eptember 2,737,251 547,121 .13,977,3,298,349 3,492,904 26 134.342 )ctober 3,075,995 584,567 .15,624 .3,676,186 *3,893028 27 *144386 Vovember 3,091,281 581,347 17,085 3,689,713 3,907,353 25 156,294 December 2.811,771 Li months 31.727.984 6.091.130 152.216 37.971.310 40.211.089 288 141 A01 Revised. States Steel Corporation Unfilled Orders Show Further Increase. In the monthly statement M the United States Steel Corp. issued Thursday (Dec. 10) unfilled orders on books of the United subsidiary corporations as of Nov. 30 1925 were reported at 4,581,780 tons. This is an increase of 472,597 tons over the unfilled orders standing on the books on Oct. 31 and an increase of 864,483 tons as compared with the unfilled tonnage on Sept. 30. At the corresponding date last year THE CHRONICLE DEC.12 1925.] 2815 the unfilled orders stood at only 4,031,969 tons, but in November 1923 they totaled 4,368,584 tons. On Feb. 28 of the present year the aggregate was 5,284,771 tons. In the following tabulations we show the unfilled tonnage back to the beginning of 1.921. Figures for earlier dates may be found in our issue of April 14 1923, page 1617. larger scale, Ohio foundries reporting October output of castings the largest in several years. demand All markets report weakness in steel scrap, with the prospect that lower. will lag through December. The Pittsburgh price is about 50c. first quarter has been offered at 24 25 and Blast furnace coke for the slightly lower, with the letting down in the demand for coke to replace hard coal. 1921. 7.573.164 6.933.867 6.284.765 5,845,224 5.482.487 5.117.868 4,830.324 4,531.926 4.580.670 4,286.829 4,250,542 4.268,414 Finished Steel, Dec. 8 1925-2.453c. Per Pound. 2.439c, Based on prices of steel bars, beams. tankfOne week ago 2.431c. plates, plain wire, open-hearth rails. One month ago 2.531c. black sheets, constitut- One year ago black pipe and -year pre-war average...1.689c. lag 88% of the United States output___ 10 Pig Iron, Dec. 8 1925-$21.54 Per Gross Ton. $21.54 Based on average of basic and foundry One week ago 21.29 Irons, the basic being Valley quotation. One month ago 21.34 average of Chicago, One-year ago the foundry an 10 -year pre-war average__ 15.72 Philadelphia and Birmingham -1925- -1924- -1923 2.789c. Jan. 15 2.824c. Apr. Finished steel___High 2.560c. Jan. 6 2.460c. Oct. 14 2.446c. Jan. 24 2 Low 2.396c. Aug. 18 High $22.50 Jan. 13 $22.88 Feb. 28 $30.86 Mar.20 Pig iron Low $18.96 July 7 $19.21 Nov. 3 $20.77 Nov. 20 End of MonthJanuary February March April May June.. July August September October November December 1925. 6.037.323 6.284.771 4,8113.564 4.446.568 4.049.800 8.710.458 3,539.467 3.512.803 8.717.297 4.100.183 4.581.780 1923. 1924. 4.798.429 6.910.776 4.912.901 7.283,989 4,782.8077,403.332 4,208.447 7.288,509 3.628.089 6.981.851 3.262.505 6.388.261 3,187.072 5,910.763 3.289,577 5.414.663 3,473.780 5.035.750 3.525.270 4.672.825 4.031,969 4.388.584 4.818.676 4.445.339 1922. 4,241.678 4,141.069 4.494.148 5.096.917 5.254.228 5.635.531 5.776.161 5,950,105 6.691.607 6.902.287 6.840.242 6,745,703 of Iron Ore from Lake Superior Ports Larger This Season. Iron ore shipments from Lake Superior docks by water during the season just closed totaled 54,081,224 tons, as against 42,623,572 tons for the same period last year, being an increase of 11,457,652 tons, or 26.88%. The total movement for the season of 1923 was 59,036,704 tons; for 1922, 42,613,229 tons, and the low figure of 22,300,726 tons for 1921. Below we compare the water shipments from various ports for the last five seasons: Shipments PortsEscanaba Marquette Ashland Superior Duluth Two Harbors Total Entire Season 1922. 1923. 1924. 1925. Tons. Tons. Tons. Tons. 5,644.276 4,244,669 5,607,411 4,592,354 3.487,896 2,516,548 5,789,285 1,976,220 6,664,501 4,807.565 6,237,449 5,813,207 14,560,477 13.355.214 17,820.476 11,234,240 17,707,978 12.882,082 20,163,619 13,044.771 6,016,096 4,817,494 6,418,464 5,952,437 1921. Tons, 1,806,656 786,946 2,264.705 4,991.278 9,164.803 3,286,338 54,081,224 42,623,572 59,036,704 42,613.229 22,300,726 Steel Operations Still Increasing-Pig Iron Remains Stable. The strong pace of late November has been maintained through the first week of December in the operation of steel mills, but with so many buyers covered for most of the first quarter, and some for all of it, the rate of new buying is naturally somewhat less, observes the "Iron Age" this week. With inventory only three weeks distant, shipments are a fair index of a consumption which producers regard as highly satisfactory. Buyers' stocks are likely to be added to early in January. That would mean further increase in output, but already there is a cautionary note lest the overproduction of last January be repeated, declares this trade journal, adding further: -a daily rate of 156,000 The large steel ingot production of November tons, against 144,000 tons in October-points to a surprising margin this year over the record of 43,619,000 tons in 1917. If December output equals that of November, the 1925 total will be 44,100,000 tons, or a half million tons above the high war-time mark. Steel making last month was at a yearly rate of about 48.500.000 tons, against more than 50,000.000 tons a year for the record month of March 1924. The Steel Corp. is now operating on an 87% basis and that is the average reported for all the large producers in the Pittsburgh and nearby districts. With two blast furnaces started up since Dec. 1 by the Carnegie Steel Co. and one by Bethlehem, the tendency Is still upward. A merchant furnace in the Lehigh Valley and one in eastern New York are about to blow in. The Nov. 30 unfilled tonnage statement is swelled by the formal entering of a large volume of rail contracts in the Chicago district, so that in spite of the heavy shipments of last month the gain to be shown on Dec. 10 may be pronounced. The Burlington's order, just placed, is for 25.000 tons. The Nickel Plate is inquiring for 20,000 tons. Orders for track fastenings are still on a large scale. Orders for 2.200 freight cars and inquiries for 2,600, orders for 53 locomotives and inquiries for 59, and reports of large prospective car purchases for the Van Sweringen roads are features in the railroad equipment market. With awards of nearly 33.000 tons of fabricated steel work and fresh Inquiries for 34.000 tons, the December rate of bookings for the larger size projects is fully up to the weekly average of the first four months of -ton average for October the year, though somewhat down from the 39,000 and November. The higher prices sheet mills have been asking apply to first quarter business, but concessions of $2 a ton have been made both in the East and the Central West for immediate specifications. Some sheet mills are paying premiums in piecing out their sheet bar supply for this month and the amount offered for first quarter delivery is not over plentiful. An inquiry has come up in Ohio for 30,000 tons of sheet bars and small billets. Plate mills in the East are putting 1.80c. business on their books for the first quarter, but 1.70c.. and in fewer cases 1.60c.. has been done for shipment this month. Business in light rails is not holding up to that of October and November and makers are finding it difficult to advance prices. Specifications for cold-finished steel bars are now running ahead of shipments with most makers, though usually inventories prove a check in December. Current orders represent purchases prior to the fixing of higher extras. Detroit automobile companies have bought round lots of bars, sheets and strip steel in the past week, covering the first quarter. They are trying to buy forgings, springs and other parts at the fourth quarter level, but parts makers are asking more, In view of the advances in steel. The buying of 45.000 tons of basic iron for an eastern Pennsylvania plate mill Is the event of the week in pig iron. Foundries are well supplied with iron, particularly In the East. Central Western consumption is on a The usual composite price table follows: Record-breaking performance in production of ingots is furnishing the climax to expanded activities in the steel industry as periods of the year are being traversed. November output of steel ingots was the largest in history for that month, and December started off in a way that indicates a similar mark will be established. If December maintains this momentum or shows even moderate slowing down, which would be unexpected, the highest yearly production of steel ingots in history is assured for 1925, or close to 44,000,000 tons, according to the opinion expressed by the "Iron Trade Review" of Dec. 9, from which we quote the following: In November the country was making steel ingots at the rate of 48.600.000 tons annually, compared with a rate of 44.840,000 tons in October, or a the gain of 8.4%. On a daily basis, the past month averaged 96.7%. highest monthly mark on record, or that of March 1924. worked higher again this week. Operations for the entire industry have in Chicago 86% of In the Pittsburgh and Youngstown districts 88% and steel works furnaces are active, though the actual tonnage turned out Is considerably more proportionated to theoretical capacity. Dropping oft increase. of tube mill output stands out by contrast to the general Lake Superior iron ore shipments in 1925, now complete, 11.654,186 tons greater than in 1924. with movement by rail estimated, totaled 55,548.296 Lake docks tons. Despite the heavier tonnage brought down, ore on lower Dec. 1 was about 200,000 tons below a year ago. favorable, emphasis being laid on the amount Reports on new business are week by the leadof carry-over of tonnage into next year. Bookings last of the year. Mill ing producer in the Chicago district were the heaviest by about 15%. In a tonnage in Chicago in November exceeded October number of lines mill bookings still outrun shipments. Automobile builders are manifestly preparing for heavy operations ahead, of automobile though carrying on remarkably well for the season. Buying of early sheets indicates some builders are expecting to run 50% ahead months last year. and 9,000 tons to Of Detroit award in cast iron pipe, 8,000 tons to French Texas, American shops has been recommended. Talk is that Fort Worth. may buy 12,000 tons of foreign pipe. of heavy needs consumers Furnaces are reducing pig iron stocks because are bringing to them constantly. for buildWinding up the largest year in history, structural steel demands Chicago has ings were exceptionally good this week, totaling 38.811 tons. 25,000 tons work pending. fourteen The "Iron Trade Review's" composite price for this week on leading iron and steel products is 239 10. This compares with $39 17 last week and $3889 the week previous. Observance of Holiday Results in Lower Bituminous -Anthracite Situation UnchangedOutput Coke Production Increases. • Thanksgiving Day celebration was the cause of a decline of 996,000 net tons in the output of bituminous coal for the week ended Nov. 28. During the same week the output of coke gained 9,000 net tons, while the anthracite situation remained practically unchanged, according to the weekly statistics prepared by the United States Bureau of Mines, from which we extract the following: soft Because of the Thanksgiving Day holiday, the total production of coal decreased during the week ended Nov. 28, but the rate per working day increased. The output for the week is estimated at 11,600,000 net tons, against 12,596,000 tons in the full-time week ended Nov. 21. From the loadings on Thanksgiving Day (Nov. 26) it appears that the day was equivalent to about 25% of a normal working day. Estimated United States Production of Bituminous Coal (Net Tons), Including Coal Coked.a 1924 1925 Week. Cal.Yr.toDate. Week. Cal.Yr.toDate. 10,466.000 412.355,000 12,167.000 443.715,000 November 14 1.538.000 1,869.000 1.649.000 2,135,000 Daily average 10.910,000 423.265.000 12,596.000 456,311,000 November 21_c 1,544,000 1.818.000 1,659,000 2,099.000 Daily average 9,885.000 433.150.000 11,600,000 467,911,000 November 28.d 1,669,0001,912,000 2.189.000 Daily average for usual error, which in past has averaged a Original estimates corrected first week in January to equalize 2%. 13 Minus two days' production Subject to revision. number of days in the two years. c Total output during the calendar year 1925 to Nov. 28 is 467,911,000 net tons. This is approximately 34,760,000 net tons, or 8% more than that during the same period of 1924. Corresponding figures for recent years are given below: Years of Depression. Years of Activity. 1919 428,180,000 net tons 535.015.000 net tons 1918 1921 380,191.000 net tons 510,486.000 net tons 1920 1924 433.150,000 net tons 517,474.000 net tons 1923 ANTHRACITE. Anthracite production during the week of Nov. 28, based on reports received from the principal carriers, is estimated at 36,000 net tons, a de- 2816 THE CHRONICLE [VOL 121. crease compared with the preceding week. Total output during the calendar year to date is now 61,883,000 tong, 24.9% less than during the corresponding period of 1924. disappointed regarding the size of their sales but they feel sure that the demand will Increase as the strike keeps on and cold weather comes. The Baltimore bituminous market was fairly active last week with Industrial consumers but householders were buying little. Prices were the Estimated United States Production of Anthracite (Net Tons). same as the week before. Exports during November showed an increase 19251924 -over those of the previous month. Week EndedWeek. Cal.Yr.toDate. Week. Cal.Yr.toDate. On account of the shorter month and the holidays production in the November 14 32.000 78,920,000 61.801,000 1,674,000 November 21 46.000 61,847,000 80,747,000 central Pennsylvania district was less during November than during 1,827,000 November 28 36,000 61,883,000 82,358,000 October. However, December started out with a marked stiffening 1,611,000 in a Less two days in January to equalize the number of days in the two demand due, probably, to the anthracite operators turning down Governor years. Pinchot's proposal. BEEHIVE COKE. The demand for industrial coal from the Pittsburgh district continued Production of beehive coke during the week ended Nov. 28 is estimated fair but orders from the East fell off sharply. Production, however, rose. at 293,000 net tons, a gain of 9,000 tong, or 3.2% over that of the preced- Industrials were buying quite a little slack and prices en this grade were ing week. The increase was principally in Pennsylvania. Compared with higher. The Connellsville coke field reached a peak in production for the the corresponding week of 1924 the week of Nov. 28 shows an increase of year during the past week. Prices on furnace coke were about normal and 133,000 tons, or 33.1%. Total output during the calendar year to date on foundry steady and unchanged. is 9,357,000 tons-nearly 8% more than during the same period in 1924. The market in northern West Virginia was rather soft with prices no According to the "Weekly Courier," output in the Connellsville district higher than heretofore, but cold weather is expected to better conditions. during the week of Nov. 28 increased about 2% over that in the week The slack market was livelier and this grade was scarce, due to stoppage of before, with 660 additional ovens fired. shipments of prepared to the Lakes. The demand for prepared sizes was not as great as it was and prices were soft. Car supply was 100%. Estimated Production of Beehive Coke (Net Tons). The closing of the Lake season and turning down of the Governor's peace Week Ended terms caused a softening of the market in southern West Virginia during the Nov. 28 Nov. 21 Nov. 19 1925 to 1924 to past ten days. All items of the smokeless list, except the slack, fell off but, 1925.b 1925.c 1924. Date.a Date. Pennsylvania & Ohlo 234,000 228,000 115.000 7,203,000 6.578,000 at the time of writing, the market was showing more firmness. Some high West Virginia 17,000 16.000 8,000 578.000 453.000 volatile prepared softened slightly in price but other high volatile grades Ala., Ky., Tenn. & Ga 23,000 21,000 19,000 842.000 849.000 held steady. Virginia 10.000 10,000 9,000 338,000 380.000 In the Upper Potomac and western Maryland fields the prepared grades Colorado Sc New Mexico_ - 5.000 5,000 5,000 219,000 240,000 Washington & Utah 4,000 4,000 4,000 177,000 I 91,000 were in best demand as industrial demand had slackened. Prices on the pool coals, however, were the same as those ruling a week ago. Export was United States total 293,000 284,000 160.000 9,357.000 8,691,000 extremely light. Prices and market conditions in the Virginia field were Daily average 49,000 47,000 27,000 33,000 31.000 unchanged. a Adjusted to make comparable the number of days covered in the two Having taken the stage in the hard-coal controversy, years. b Subject to revision. c Revised since last report. Quiet Week in Bituminous Coal Market. Due to the %Vann Weather and talk of a settlement of the anthracite strike wholesalers and retailers along the Atlantic Coast have been idle during the past week, declares the "Coal Trade Journal" in its usual weekly review issued Dec. 9. The market, particularly for prepared grades of bituminous and coke, is merely a weather proposition and a sustained cold spell must come along before any activity in the fuel markets can be expected, according to the "Journal," which then continues: With over a thousand cars of prepared bituminous on the rails in New England awaiting orders. little business was being done last week. Boston was over-supplied with coal but an actual shortage took place at Providence. Prices were well maintained all over, even though the Providence demand was far from great. The vessel question was still serious. Quotations on some of the Pennsylvania steam coals were weak but the better known grades held up well. Shippers of domestic coals were forced to sell some of their holdings at considerable loss and prices were very low. Coke was not in any demand and prices were down. Receipts of foreign fuel were large and shippers foirnd this in little demand with the exception of the Welsh anthracite. Retail demand was very slow on account of the mild weather. Householders around New York have been holding back from buying anthracite substitutes and, consequently, dealers have been unable to move their stocks. This has caused the wholesalers to suffer an absolute lack of business during the past week. Prices on all fuels but bituminous slack were down. Slack was in good demand but was very bard to get on account of the curtailment In production of the prepared sizes. Some very low offerings of coke appeared in the market, the prices depending entirely on the condition of the order books at the ovens, and orders were few and far betTeen. Philadelphia retailers last week were still sticking to their policy of buying from hand-to-mouth and buying activity among householders was slow. Some dealers had a little anthracite left for sale but this was moving out rapidly. Prepared low volatiles were in good demand and mine-run was Increasing in favor. Coke was moving well. Factors pushing the sale of low volatile bituminous as a substitute for anthracite have been somewhat Governor Pinchot of Pennsylvania seems disposed to stick until something tangible has been accomplished-like Mrs. Wiggs, when one plan fails to work he promptly gets to work on another-but whether anything approaching a lasting settlement will result from the Governor's meeting in Harrisburg this week remains to be seen, observes the Dec. 10th issue of "Coal Age," which adds: Some observers profess to see an early end to the strike in the fact that the miners' leaders are at all receptive to plans, but there is nothing surprising about their interest when one remembers -as the operators do -the terms of the Pennsylvania Executive's adjustment in 1923. In most quarters the portions of President Coolidge's message to Congress devoted to coal were considered unusually mild, lacking the specific recommendations for putting the industry in order that many expected. The opening of Congress, however, is fraught with far-reaching possibilities. Maintenance of bituminous coal production at almost a record rate and the continuance of mild weather have caused symptoms of weakness in the market, though price levels on the whole are being fairly well maintained. Trade in domestic grades is somewhat quieter, steam business pursuing a comparatively even course. The cessation of shipments to the Lakes has brought about the usual readjustment, as a result of which there has been a cut in the output of lump and a corresponding falling off in the supply of slack and screenings, with higher prices on the latter. Talk of peace plans in connection with the anthracite situation has made Inroads in the market for hard coal substitutes, consumers showing a disposition to hold back and see what happens. As a result cancellations of orders have been common. There is little doubt, however, that there will be a shortage of hard coal lasting throughout the winter even if Governor Pinchot's efforts should bring about a settlement, and many dealers are of the opinion that heavy buying of coke will continue even when the suspension ends. The "Coal Age" index of spot prices of bituminous coal on Dec. 7 stood at 184. the corresponding price being $2 22, compared with 187 and $2126 on Nov. 30. Dumpings of coal at Lake Erie ports during the week ended Dec. 6. according to the Ore & Coal Exchange, were: Cargo, 347,329 net tons, steamship fuel, 15,896 tons -a total of 363.225 net tons, compared with 805,424 tons in the preceding week. Hampton Roads dumpings in the week ended Dec. 3 totaled 464,217 net tons, against 483,234 tons in the previous week. Current Events and Discussions The Week With the Federal Reserve Banks. The consolidated statement of condition of the Federal Reserve banks on Dec. 9, made public by the Federal Reserve Board, and which deals with the results for the twelve Federal Reserve banks combined, shows an increase of $59,800,000 in bills and securities and of $22,900,000 in Federal Reserve note circulation and a decrease of 327,600,000 in cash reserves. Holdings of discounted bills were larger than a week ago by $35,500,000, while acceptances purchased in open market went up $11,800,000 and Government securities $12,400,000, respectively. After noting these facts, the Federal Reserve Board proceeds as follows: report small decreases. The principal increases during the week were $7.100,000 by Philadelphia, $4,300,000 by Chicago and $3,600,000 by Cleveland. The statement in full, in comparison with the preceding week and with the corresponding date last year, will be found on subsequent pages-namely, pages 2850 and 2851. A summary of changes in the principal assets and liabilities of the Reserve banks during the week and the year ending Dee. 9 1925 follows: Total reserves Gold reserves Total bills and securities An increase of $23.400.000 in discount holdings is reported by the Federal Bills discounted, total Reserve Bank of New York, of $11,300,000 by Cleveland, and $8,200,000 Secured by U. S. Govt. obligations and $8.000.000, respectively, by Boston and Chicago. Discount holdings Other bills discounted of Atlanta decreased $6,100,000, of Kansas City $3,600,000 and of St. Bills bought in open market Louis $2.200,000. U. S. Government securities, total The principal changes in open market acceptance holdings were increases Bonds of $6,200,000 at St. Louis. $4,700,000 at Minneapolis and $3.900,000 at Treasury notes Dallas, together with decreases of $1,900.000 at Philadelphia and 31,300.000 Certificates of indebtedness at Kansas City. Holdings of Treasury notes went up $11,200,000 and of Federal Reserve notes in circulation certificates of indebtedness $1,200,000. Total deposits Federal Reserve note circulation was larger than for a week ago at all Members' reserve deposits Federal Reserve banks except St Louis and Minneapolis, each of which Government deposits Increases (+) or Decreases (-) During Week. Year. $27.600,000 -$262,800,000 20.300.000 -275,200.000 +59.800,000 +245,300.000 +35,500,000 +425,100.000 +63,700,000 +251,000,000 28,200,000 +174,100,000 +11.800,000 +16,700,000 +12,400,000 -200,000,000 +9,900,000 +11.200.000 -95,000,000 +1,200,000 -114,900,000 +22.900,000 -88,000,000 +55,200,000 +1,500,000 +54,100,000 +10,600,000 -100.000 8,300,000 DElc. 12 1925.] THE CHRONICLE The Week With the Member Banks ofIthelFederal Reserve System. The Federal Reserve Board's weekly statement of condition of 722 member banks in leading cities as of Dec. 2 shows anincrease of $47,000,000 in loans and discounts and a decline of $12,000,000 in investments. These changes were accompanied by a decrease of $12,000,000 in time deposits, and increases of $74,000,000 in net demand deposits and of $23,000,000 in borrowings from the Federal Reserve banks. It should be noted that the figures for these member banks are always a week behind those for the Reserve banks themselves. Member banks in New York City reported increases of $25,000,000 in loans and discounts and of $35,000,000 in net demand deposits, together with reductions of $16,000,000 in investments and of $9,000,000 in time deposits. Loans on U.S. Government obligations went up $2,000,000 each in the Chicago and St. Louis districts. Loans on corporate stocks and bonds declined $2,000,000, small increases in the Boston, Philadelphia and Richmond districts being more than offset by declines in the Atlanta, Chicago and San Francisco districts. All other loans and discounts were $46,000,000 larger than a week ago, banks in the New York district reporting an increase of $29,000,000, Boston of $15,000,000 and San Francisco and Chicago $9,000,000 and $6,000,000, respectively, while reductions of $13,000,000 and $5,000,000 were reported for the Philadelphia and Cleveland districts. Further comments regarding the changes shown by these member banks are as follows: 2817 to 31% of circulation and deposits as compared with 34% in October. Industrial conditions generally satisfactory. Large foreign orders aid textile industry while iron and steel production drops slightly. Manufacture of machinery stimulated by Balkan demand. Coal output still below • normal. Automobile manufacturers producing to capacity and a strong demand for American ears is evident. Glass and porcelain manufacturing continues stable. October balance of trade unfavorable. Imports exceeded September imports by 5%,cotton, cereals and livestock increase while fats importations decrease. Smaller exportations of textiles, leather and wood account for decrease of exports. Participation by J. P. Morgan & Co. and Guaranty Trust Co. in Advance of Credits to Belgium. In referring to the participation by J. P. Morgan & Co. and the Guaranty Trust Company in credits in behalf of Belgium, the New York "Journal of Commerce" of the 5th inst. said: No details of the credit are given, but it is believed that the total approximated $25,000,000, and was similar in many respects to the one which the same institutions announced several weeks ago. At least two other credits of *25,000.000 each will probably be extended before spring, when the entire aggregate amount will be taken up by a large international loan, which may $150.000.000. and which will be floated in the United States, England, Holland and Switzerland. Reference to the proposed credit was made in our issue of a week ago (page 2698), and we give 'here the statement given out on the 4th inst. by J. P. Morgan & Co. their participation in the arrangements: J. P. Morgan .4 Co. and the Guaranty Trust Company of New York Investments in U. S. Government securities were $9.000.000 larger than confirm the fact of American participation in credits arranged by British, district, hwile banks in other districts American, Dutch and Swiss banks in connection with the operation for a week ago at banks in the New York reported little or no change in this item. Holdings of other bonds, stocks improving the monetary position of Belgium. and securities were reduced by $19,000,000, the principal changes being a decline of $26,000,000 in the New York district and an increase of $11,000,000 in the Cleveland district. Sovereignty Not Abdicated to Get Loan, Says Net demand deposits went up $74.000,000,increases of 849,000,000 in the Belgian Janssen. New York district. $17.000,000 in the St. Louis district and $15.000,000 and $9.000.000, respectively, in the Cleveland and Richmond districts, being From the New York "Journal of Commerce" we take the offset in part by a reduction of *1 3,000.000 in the Chicago district. Press advices from Brussels Dec. 10: Time deposits declined in most districts, the largest reduction being following Associated M. Janssen, Minister of Finance, made a spirited denial to-day that $13.000,000 in the New York district. Banks in the Boston district, howBelgium had abdicated any of its sovereign rights in the arrangement ever, reported an increase of $9,000,000 in this item. The principal changes in borrowings from the Federal Reserve banks in- with American bankers for a loan to stabilize the Belgian franc. the Chicago district, *9,000.000 in the San "American bankers had nothing to do with directing Belgium's internal' clude increases of $10,000.000 in Francisco district, and $8,000,000 and $6,000.000 in the Boston and Atlanta financial policy,"said the Minister. "The Belgian franc on the international' districts, respectively, and reductions of $7,000,000 in the New York exchange market is the best reply we can make to partisan criticism. district and $5,000,000 in the St. Louis district. "We are ready to show that the agreement with the United States was page—that is, on page 2851—we give the for the best interest of Belgium." On a subsequent figures in full contained in this latest weekly return of the member banks of the Reserve System. In the following is N. Y. Federal Reserve Bank and Bank of England to' furnished a summary of the changes in the principal items Purchsae Commercial Paper of Belgium as compared with a week ago and with last year. National Bank. Increase (+y or Decrease (—) AdvicesTas follows from Brussels (Associated Press) Dee. During Week. Year. . 10 are reported in the New York "Journal of Commerce:" +$47.000.000 +$1.091.000,000 Loans and discounts, total —32,000.000 +3.000,000 Secured by U. S. Govt. obligations —2,000.000 +894.000,000 Secured by stocks and bonds +46.000.000 All other +229,000,000 —219,000,000 —12,000.000 Investments, total +12.060,000 +231.000.000 U. S. bonds —288.000,000 —4,000.000 U. S. Treasury notes —194,000,000 —1.000.000 U. S. Treasury certificates —19,000.000 +32.000.000 Other bonds, stocks and securities —56,000,000 +13,000.000 Fed. Res. banks Reserve balances with —17,000,000 —6.000.000 Cash in vault —112,000,000 +74,000,000 Net demand deposits —12,000,000 +521.000,000 Time deposits —87,000,000 Government deposits +348,000,000 Total accommodation at Fed. Res. banks.. +23,000.000 In connection with a series of measures to stabilize Belgian finances, the National Bank has concluded an arrangement with the Federal Reserve' Bank, the Bank of England and banks of issue of European gold standard; countries, whereby they may purchase part of the National Bank's commercial paper. This operation, it is believed, will greatly strengthen the National Bank's reserve of foreign currencies. The help thus extended, it is reported, represents a high figure. Formation of "U. S. of Europe" Advocated in Belgium. Associated Press advices as follows from Brussels, Belgium, Dec.10 are taken from the New York "Journal of Commerce:" Addressing the Belgian Latin-American Chamber of Commerce today, the Secretary M. Billiard, declared the only means of resisting the pressure of the "formidable North American commerce" was the formation ofja United States of Europe. Weekly Digest of Cables Received from Foreign Offices of the Bureau of Foreign and Domestic Commerce. Industrial activity in Italy is somewhat relaxed, especially in the metals and machine trades. This is due partly to Why Our Reserve Bank Rate Was Not Raised—London Thinks Change Should Have Been Made— slackening of building, and partly to a generally quieter tone. "Politico-Financial" Reasons Suggested. seasonal increase, but Unemployment is now registering a The following cablegram from London, Dec.6 (copyright), the number of idle workmen was still 30,000 lower on Oct. 31 than a year earlier. Export trade values reached in Octo- Is from the New York "Times": affect of The question, how the advance ber the highest lira figures ever attained and the unfavorable monetary conditions in America isin the Bankone England rate willanswer for Londoners to a difficult trade balance for the month was reduced to a minimum at this time. Just as financial London distrusted our own recent bank rate figure of 24,000,000 lire. Wholesale prices have ceased to policy, so New York, if one may judge from the private cables, appears to Reserve Bank directors in refusing to adwisdom decline but are not yet advancing. All classes of securities doubt the rate. of the Federal vance its reached higher quotations during November, especially Generally, financial London holds the view that the action taken last The tightness of week by the Bank of England should have been taken earlier, and that Government issues and textile shares. rate should also have been raised. London was forced to money has been largely relieved. Consular reports from the New York pressure of circumstances which could no longer have been move under a various parts of Italy indicate mainly a stable business situa- ignored. It is suspected that there was some politico.financial reason for on the tion. The olive crop has met with unfavorable developments the apparent indifference which, inpart of theofNew York Reserve Bank the view London observers, seem authorities to conditions and is generally reported as poor. clearly to call for a higher rate in your market. Czechoslovakia as governits own interests, it cannot fail to be satisfied over Financial conditions better in If London considers can scarcely fail to be favorably influment holdings of foreign currency and balances abroad New York's complacency. Sterling existing between the London enced by the wide disparity now increase. Official discount rate reduced from 7 to 632%. York bank rates. It is considered too much to hope, however, and New that theBank clearings increase about 15%. Total reserves amount position will soon be reached when New York will send gold to London. 2818 Tull CHRONICLE [vol. 121. Italian Senate Ratifies Debt Agreement with United the debt funding problem to the forefront of its program has come in advices to Secretary Mellon from Ambassador States and $100,000,000 Loan. Daeschner. The latter in a letter to Secretary Mellon says: On Dec. 8 the Italian Senate ratified the agreement for Loucheur a cablegram the funding of Italy's war debt to the United States and also to"I have received from M.assuming the post of in which he wishes me let you know that when Minister of Finance signified its approval of the Italian Government loan of he had the strongest desire to have the debt question settled as soon as possible on a basis acceptable to both nations. You may be assured that $100,000,000 recently floated in the United States. The he will sincerely make all efforts to that end loan was referred to in our issue of Nov. 21, page 2469, and "M.Loucheur wishes me also to express to you his highest consideration." last week (page 2698) we indicated that the Italian Chamber Secretary Mellon replied as follows: of Deputies had approved it on Nov. 28. The debt agree"Will you be good enough to convey my appreciation to M. Loucheur ment was the subject of items in our issues of Nov. 21, page and say to him that I join with him in the desire to have the debt question 2472, and Dec. 5 page 2707. In reporting the action of the settled as speedily as possible on a basis satisfactory to both France and the United States." Italian Senate, the Associated Press cablegram from Rome Finance Minister Loucheur told the Financial Committee Dec. 8 said: of the Chamber of Deputies yesterday (Dec. 11) that it In the opinion of Count Volpi, the Finance Minister, who headed the mission to Washington for the funding of the debt, the two measures was necessary to regulate France's debt to America before represented, so far as Italy was concerned, the "real end of the war." that owed to Great Britain, according to Paris Associated Signor Tottoni said there had been no real clash of opinions in the negotia- Press cablegrams. tions, but simply an act of common solidarity between a great nation rich in natural resources and of marvelous industrial ability and a nation whose soil was less fertile, but whose people had an abiding faith in themselves British Cotton Failure Brings £3,500,000 Loss—Belgrave and their future. Mills' Deficit Said to Have Been Caused by "To the Italian and American negotiators," he added."goes the gratitude Gambling in Futures. of two great peoples already held in bonds of brotherhood by the great war." Senator Wollemborg, a former Minister of Finance, voiced a caution A cablegram to New York News Bureau from the Central against the unlimited inflow of American money,recommending the strictest control by the Government of all proposed loans for public or semi-public News came from Oldham (Lancashire, Eng.), Dec. 3, enterprises in Italy. He advised tht the Morgan loan be invested in profit- follows: able industries. Instead of merely forming a gold reserve. Liquidation of the Belgrave Mills discloses a total loss of at least L3,500.Count Volpi announced that the money would be invested in interest- 000. brought about chiefly by gambling in cotton features. The actual cotbearing values of the first order. ton value and the stock in trade had been over-stated and the balance In its account of the Senate action the New York "Times" sheets were found to be incorrect. Under reorganization, it is proposed that four of the mills be taken over (copyright) advices stated: for £600,000, of ManCount Volpi, whose voice was heard in the upper house for the first time, chester whl the stock purchased at vamation. The Union Bankcreditors received an enthusiastic ovation for his skill as a negotiator at Washington, of the old lend E752.000 on debentures for a year. The unsecured share company are to be allotted fully paid ts shares for each £1 while the American negotiators also received warm acclamations when the held, and the preference will receive 5s shares credited with 38 6d paid. President of the Senate sent them the Senate's salutations. Oil every two shares now held. Count Volpi spoke the truth, said the President, when he stated in the Chamber that there were neither victors nor vanquished at Washington, because no battle occurred there, but the first stone was laid of an edifice of Morgan Loan Intact, Speculators in the Franc Are economic solidarity for the common good. Warned. Approval of the American loan being a foregone conclusion, chief interest In to-day's proceedings centered in Count Volpi's declarations, there being We quote from the New York "Journal of Commerce" the great anxiety to know the reasons which prompted the Government to following Associated Press cablegram from Paris, Nov. 26: burden Italy with another foreign debt and what use it was intended to Posters bearing in large letters the words, "Speculators Beware! The make of the proceeds of the loan. The loan,the Finance Minister explained, was necessary primarily to stabilize Italian currency. It would be invested Morgan Loan is Still Intact!" were placarded throughout the Bourse to greet brokers when the Exchange opened to-day. In first-rate interest-bearing foreign securities, thus relieving the Italian The Morgan loan referred to is the credit of $100,000,000 advanced to taxpayers of part of the interest charges. Count VoIpi began by recalling how his predecessor, Signor de Stefanl. France in March 1924, when the dollar reached the high mark of 28.16 . obtained a credit of 550.000.000 from .J. P. Morgan & Co. Only a small francs. The Government contends that this loan is still intact. portion of this sum was used, he said, and had been replaced. Then, after reviewing the recent vicissitudes of Italian currency and noting its improvement in the last few months, he added that despite favorable prospects for Rumania Rejects the Austrian Debt Pact. the future the currency suffered from the inadequacy of the gold reserve, which must at all costs be increased. Under date of Nov. 15 advices as follows (Associated "The first considerable step toward this end has been taken with the $100.000.000 loan in America," he said. "The whole of this sum will be Press) were reported from Prague, Czechoslovakia, by the New York "Journal of Commerce": at the disposal of the Italian Treasury.'. Count Volpi described the conditions granted by the Morgan firm as The conference creditor States of the old Austro-Hungarian excellent also because better than those on which the French and Belgian monarchy and thebetween the States, which was convoked for the purpose succession loans were issued. of effecting a settlement monarchy obligations, adjourned to-day The beneficial influence of the increased gold reserve, he said, was after having reached an of the dual which was signed by all the States already noticeable in easier circulation of money for industry and commerce. involved except Rumania. agreement, The industries in general, especially land reclaiming enterprises, required Britain, France, Belgium, Germany, The sums of money, however, which could not be granted without weighing too Hollandcreditor States comprise Great hold various claims against the sucand Switzerland, of which heavily on circulation. This rendered it necessary for Italian producers cession States, arising out all their claims against Austria-Hungary. of to float loans abroad. Poland, Austria, Hungary, Jugoslavia and Italy accepted and signed the On the other hand. America, which has a large excess of exportations over present protocol. Rumania, which is also liable to assessment by virtue of Importations, was willing to grant loans at certain conditions. As, however, her acquisition of Transylvania and Bukowina, declined to sign the agreethe Government wishes to know the amount of loans floated abroad, even ment, as she did also on the occasion of the Innsbruck Conference in 1923. by private enterprises, and wished, moreover, to make sure that the proceeds of all such loans would go into deserving hands and be devoted to Productive enterprises, it intended to take steps making it obligatory for Rumania Agrees to Pay Baldwin Company Debt. all public bodies, companies or commercial firms which wished to borrow Bucharest, Rumania, Associated Press advices Nov. 15 abroad under any form, the duration of the loan being more than one year, to obtain first the authorization of the Finance Ministry. The Govern- appeared as follows in the New York "Journal of Comment, he added, was in general opposed to provinces, municipalities and merce": other public bodies borrowing abroad. The Ministry of Finance announces that the Baldwin Locomotive Works of Count Volpi ended by quoting statistics showing the reassuring state of Italian finances. Of especial interest were figures relating to foreign trade. Philadelphia has definitely accepted an agreement for the settlement of the showing that during October exportations almost balanced importations balance, approximating $2,600,000, still outstanding for locomotives furfor the first time in Italy's history. The importations amounted to 1,824,- nished the Rumanian State railroads in 1919. The agreement calls for an immediate cash payment and another pay000,000 lire and exportations to 1.800.000.000 lire. ment next year, with the remainder spread over five years. Berlin Not Ready to Cut Bank Rate. According to Associated Press cablegrams from Berlin Redemption of Bonds of Mortgage Bank of Chile. Rjalmar Schacht, at the first meeting of the executive comHolders of interim certificates for Mortgage Bank of mittee of the Reichsbank since his return from America, Chile (Caja de Credit° Hipotecario) guaranteed sinking / made a statement Dec. 3 that the satisfactory status of the fund 612% gold bonds have received a notice from Kuhn, Reichsbank in the last few months permitted an increase in Loeb & Co. and the Guaranty Trust Co. of New York, fiscal credit accommodations as a step toward retrenchment in the agents, stating that $96,500 principal amount of bonds of rationing system. These advices, taken from the New York this issue have been called for redemption by lot on Dec. 31 1925. The bearers of drawn certificates are entitled to "Journal of Commerce" continue: lie declared, however, that the time had not yet come for a reduction in receive from the Guaranty Trust Co. of New York out of the discount rate, in view of the increased demands expected for the close sinking fund moneys received by it upon presentation and of the year. The tendency of interest rates in the foreign money markets surrender of certificates at its principal office on and after also precluded such a measure. Dec. 31 next, a sum equal to the principal amount of the France to Resume Conversations on Debt to United bonds represented by the certificates. Bonds drawn for redemption shall cease to bear interest from that date and States. What was described in the New York "Evening Post" holders shall not be entitled to any interest and shall have of Dec. 4 as the first direct word received by the American no further rights under certificates, provided, however, Debt Commissoin that the Briand Cabinet intends to put that the warrant for interest due Dec. 31 1925 annexed to Dnc.12 1925.] 1E11 CHRONICLE each of the certificates shall continue to be payable according to its terms. The offering of the bonds was referred to in these columns June 27, page 3252. Oversubscription of German Potash Loan in London— Other European Countries Participating— Failure of United States to Approve Loan. Heavy oversubscription of a loan of £8,000,000, or $40,000,000, to the German potash industry was announced in London on the 8th. inst. The issue was offered simultaneously in four countries; £5,000,000, or $25,000,000, in London, and £3,000,000, or $15,000,000, in Holland, Switzerland and Sweden, It was underwritten by J. Henry Schroeder & Co. and Higginson & Co., the latter being London representative of the American banking firm of Lee, Higginson & Co. A cablegram to the American company from Higginson & Co. on the 8th inst. stated: "Potash issue great success. Over ten times subscribed. List closed 15 minutes after opening." The bonds were 7s priced at 943.. The proceeds, it is announced, will be used for improvements and other purposes in the rich Franco-German potash district, which is roughly 2-3 German and 1-3 French, and produces 70% of the world's potash supply. Originally, it was expected that the American market might participate, but the reported failure of the United States Government to approve of the loan was understood to have caused a change in plans. It is pointed out that an interesting feature concerning this loan is the fact that foreign exchange fluctuations can cause little or no embarrassment in payment. A statement regarding the loan also says: The so-called German Potash Syndicate does a world-wide business and sales of Its potash in England, Switzerland, Holland and Sweden will create balances in terms of the currencies of those nations. These balances in turn will be used for paying both principal and interest on the loan and there will be no need for exporting capital from Germany to pay,as payment will be "in kind." Farmers and other users of potash in the leading countries are expected to benefit through lower cost of potash in those nations which underwrote the new bond Issue. 2819 distribution of potash fields between Germany and France, therefore. ta might be normally expected that prices would come down. A copyright cablegram from London Dec. 1 contained the following advice in the matter: Henry Schroeder & Co. and Higginson & Co.announced to-day that'll& view of the apparent desire of the authorities in the United States to diecourage the issue of loans secured by certain commodities not produced In America, and thc consequent delay in connection with the American 138lle of the potash loan, it has been decided to proceed to issue the first series In London, Amsterdam, Zurich and Sweden next week." Poland May Obtain New Bank Aid Here for Support of Currency—Fall and Rise in Zloty. It was stated on Dec. 2 in the New York "Journal of Commerce" that American bankers may advance additional credits to the Bank of Poland to enable it to relieve the strained reserve position and check the decline in the zloty, according to reports in Wall Street the previous day. The paper went on to say: The Federal Reserve Bank in August extended a credit of $10.000,000 to the Bank of Poland for the protection of the exchange, but apparently this has been used up. At least this was the opinion of foreign exchange. traders after the fall of 31,4 cents yesterday, bringing the currency to_10 cents and a drop of about 9 cents from the high of the year. A loan of $35.000,000 was floated for the Government of Poland early this year by a syndicate headed by Dillon. Read & Co. The bankers have bad an option to sell the remaining $15,000,000 of the country's bonds, but to date have never exercised the option. No plans are under way at present for i he bankers to sell the issue. Reports have been current that another group might make an offering, but this never could be confirmed. Bankers point out that the curious features of the present exchange situation is that the decline in zloty represents in a sense "water that flowed over the wheel"some months ago. Poland, as a result of the crop failure of 19241 imported in the first ten months of this year about 400,000,000 zloties' worth of goods than was exported in the same period. Owing to the import restrictions, however, the favorable trade balance was restored in September. when exports exceeded Imports by 36.000,000 zloties. In October the surplus of exports was 51,000.000 zloties The result of the adverse trade balance earlier in the year was a drain upon the Bank of Poland's gold and foreign exchange balances. This in turn caused a contraction in the outstanding currency in Poland, with the result that even wealthy persons meet with extreme difficulty in raising the sum of 1.000 zloties ready cash. According to Associated Press cablegrams from Poland Dec. 2 the Bank of Poland and the leading banks of the country took steps that day to curb speculation, which they were Convinced was at the root of the present drop in the tion of the United States in value of the zloty. The immediate effect of the banks' Regarding the non-participa quoted in the the loan, we quote the following Washington account from action, it was stated, was that the dollar, morning at 12.5, went to 10 in the afternoon. "Wall Street Journal" of Dec. 7. the On Nov. 13 the Associated Press carried the following Failure of the proposed loan of $50,000.000 to German potash interests to receive Government approval may be interpreted as a very direct and advices from Warsaw: practices concerning which this Govpractical protest against commercial ernment never has hesitated to express an opinion. These practices consist of foreign monopolies or combinations, in many cases fostered by foreign Governments, imposing artificial restrictions on trade in natural re- sources. Briefly, the potash situation is this: This country imports annually about 200.000 tons of potash. It produces about 25,000 tons. It is therefore dependent on the foreign supply. Previous to the war the foreign supply was entirely in German hands and the Germans made a very handsome profit. With the ceding of AlsaceLorraine to France, the French came into possession of large potash fields too. There was a situation which normally would lead to competition for American and other export trade. The Polish Cabinet reigned to-day, owing to a difference of opinion between the ministers and the Bank of Poland in regard to the method of maintaining the exchange value of the zloty. Official circles have declared that the drop in the zloty was due tothe attack on the monetary unit by the Germans on the Berlin and Danzig exchanges as reprisals for Poland's refusal to accept Germany's latest proposals for a commercial treaty. Premier Grabski, who had been in office since 1923, wanted the Bank of Poland to intervene to support the zloty, but the bank's president refused, on the ground th.,t such action was contrary to the statutes of the bank. Pending the formation of a new ministry M. Raczkitwicz. Minister of the Interior in the Grabski Cabinet, will act as Premier, and Minister of Commerce Klarner will take charge of the Ministry of Finance. German and French Agreement. However, in August 1924 German and French potash producers—and Polish Diet Approves Plan for $102,000,000 Loan. the Governments of those countries have a very close connection with the Industries—entered into an agreement allocating to each a certain share In reporting the approval of a loan, as above, the Assoof the potash market. The agreement gives about 70% to the Germans ciated Press had the following to say in advices from Warsaw, and 30% to the French. Government officials here refuse to say whether or not they were ap- Nov. 26: The Diet has approved a bill authorizing the Government to contract proached concerning the potash loan. However, the loan was contemplated and then abandoned as regards this market. There was discussion loans up to a total of 600,000,000 zlotys (about $102,000,000) to be secured of it among Government officials, and the attitude of this Government on the returns from the Government monopolies. The bill is designed to toward such combinations as the one existing under the German-French give the Government a free hand in negotiating loans. arrangement has been openly inimical. The Commerce Department has As a remedy for the present difficulty arising from the small amount of not hesitated to make known this attitude time after time. currency in circulation, this bill also authorizes an increase in the total The raw rubber restrictions were well known. So are the manipulation of treasury bonds issued from 40,000,000 to 100,000,000 zlotys. It is of the coffee situation in Brazil. Both these, like the potash arrangement, undtrstood that a number of subsidiary notes also will be issued, although have resulted in the payment of higher prices by Americans. The attitude the bill only sanctions the total already in circulation. of this Government is that such arrangements are unfair, that they place obstacles in the way of free flow of international trade, and that sooner or later they react against the very interests which they benefit temporarily. Warsaw Bank's Liquidation Denied. Their possibilities as a cause of international friction are readily apparent. The New York correspondent of Messrs. S. Natanson i sanction for a loan the Government It is assumed here that in refusing was moved by the consideration that American money ought not to be used Synowie, leading private banking firm of Warsaw, Poland, to manipulate a market to the detriment of American consumers. been informed that many foreign newspaper rumors have Request for $50,000,000 Arouses Curiosity. There is also understood to be some curiosity about what the potash interests wanted with $50,000,000. It is the understanding here that there is a situation approaching overproduction and that instead of using capital to expand operations, it might be well for the industry to close some of the less profitable fields. This Is said to have proused the question as to whether capital might not be wanted so that production for the time could be curtailed and the price enhanced. There has been a bill bsfore Congress to ap_ropriate $2,500.000 to investigate the possibility of opening potash fields in Texas. Oil drillers there have run into potash so that there Is a belief that it might be extracted in quantities, to make a field of commercial value. It is understood, however, that the possibility of building a home supply did not COMP into the consideration that caused disapproval of the loan even though the money would have been used to strengthen foreign producers. German interests contend that the price of potash now is no greater than In 1913. This is so but the fact is that tin. price in 1913 was a monopoly price, that is one set by the rule of "how much traffic would bear." With has recently been published to the effect that the firm is liquidating. These rumors are denied as entirely baseless. United States Government Not Opposed to Loans to • Brazil for Other Than Coffee Combination. In view of reports of impending financing by Sao Paulo, banking circles were interested on the 9th inst. in press advices received from Washington to the effect that there is no United States Government opposition to the use of American capital for loans to Brazil for uses other than furthering the progress of the coffee combination. Advices to the New York "Journal of Commerce" from Washington on the 8th inst. said: 2820 THE CHRONICLE [VOL 121. Recent reports indicating Government opposition to the use of American capital for loans to Brazil for uses other than furthering the progress of the Sao Paulo coffee combine are unfounded, according to indications from Secretary of Commerce Hoover. It was made clear that the Government is heartily in favor of assisting the economic development of Brazil and has no particular objection to loans for municipal or legitimate industrial and commercial purposes. 1935 or any interest date thereafter. They will be coupon bonds and fully registered bonds, interchangeable, in denominations of $10,000, $5,000 and $1,000. Principal and semiannual interest (May 1 and Nov. 1) will be payable at the National Park Bank, New York City, or at the San Antonio Joint Stock Land Bank, San Antonio, Texas. The followDefinitive Bonds of State of Sao Paulo Ready for ing are the loan statistics of the San Antonio Joint Stock Land Bank as of Oct. 31 1925: Delivery. 1,010,900 Speyer & Co. announce that the definitive bonds of the Acres of real estate security Net mortgage loans (gross $9,769,914 State of Sao Paulo 25-year 8% secured sinking fund gold Appraised value ofland loans $9.987,555) $21,967,980 loan of 1925 are now ready for delivery at their office, 24 & 26 Appraised value of improvements $1.723,400 $23,691,380 Pine St., New York City, in exchange for and upon surrender Average appraised value per acre $23.44 of the interim receipts with coupon maturing Jan. 1 1926 Average amountloaned per acre $9.66 Percentage of loans to appraised value of security 41.23% attached. Percentage of loans in Texas Percentage of loans in Oklahoma Offering of $1,000,000 5% Farm Loan Bonds of First Joint Stock Land Bank of Montgomery. An issue of $1,000,000 5% farm loan bonds of the First Joint Stock Lana Bank of Montgomery, Ala., was offered on Dec. 8 at 103 and interest, to yield about 4.62% to the optional date and 5% thereafter by Barr Brothers & Co., Inc., New York; Central Trust Co. of Illinois, of Chicago; the Shawmut Corporation, of Boston, and the First National Bank, of Montgomery, Ala. The bonds will be dated Dec. 1 1925, will become due Dec. 1 1965, and will be callable at par on Dec. 1 1935 or any interest date thereafter. They will be coupon bonds In $1,000 and $10,000 denominations, fully registerable and interchangeable. Principal and semiannual interest (June 1 and Dec. 1) will be payable at the First Joint Stock Land Bank of Montgomery, Ala., or the Chase National Bank, New York City. The First Joint Stock Land Bank of Montgomery operates in Georgia and Alabama. The following is its statement of condition as.of Nov. 23 1925: Resources. Mortgage loans 54,306,200 00 Accrued interest on mortgage loans (not matured) 69,435 43 United States Government bonds owned_. 150.000 00 Accrued interest on bonds owned 2,669 85 Cash on Hand and in banks 56.926 08 Accounts receivable_ _ _ 383 30 Furniture and fixtures_ 2.673 08 Other assets 11.178 44 Liabilities. Capital stock $350,000 00 20,000 00 Surplus 6,300 00 Legal reserve Undivided profits 64,562 32 Farm loan bonds authorized and issued_ 4.050,000 00 Accrued interest on farm loan bonds (not matured) 43.315 59 Matured interest on farm loan bonds (coupons not pre4,27500 sented) Amortization payments 3,44500 —paid in advance_ _ Amortization payments 54.938 08 on principal 2.530 19 Other liabilities 95% 5% The bank's balance sheet as of Oct. 31 1925 follows: A:sets— Net mortgage loans $9,769,913 50 U. S. Govt. bonds and securities, less borrowed securities 21,966 37 Cash on hand and in banks 662,467 73 Accounts and notes receivable 710 99 Installments matured (in process of collection) 7,928 08 Furniture, fixtures and autos (less depredation) 8,413 69 Accrued interest on mortgage loans (not matured) 191,674 36 Accrued interest on bonds and securities (not matured)- - -289 00 Deferred charges and other assets 29.090 07 Total assets 510.692.453 79 LiabiSites— Farm Loan bonds outstanding $9,283,000 00 Due borrowers on uncompleted loans 57,672 59 Amortization installments paid in advance 679 00 Matured interest on Farm Loan bonds (coupons not presented) 2,715 00 Notes payable 92.000 00 Accrued interest on Farm Loan bonds (not matured) 227,058 32 Other liabilities 23,189 52 Capital stock paid in 900,400 00 Paid-in surplus and special reserve 76,700 00 Reserve from earnings 13,900 00 Undivided profits 15,139 36 Total liabilities *10.692,453 79 Offering of $1,000,000 5% Bonds of Atlanta Joint Stock Land Bank. C. F. Childs & Co. offered on Dec. 8 5% farm loan bonds of the Atlanta Joint Stock Land Bank to the amount of $1,000,000. The issue will be dated Nov. 11925, will mature Nov. 1 1955 and will be redeemable at 100 and accrued interest on Nov. 1 1935 or any interest date thereafter. The 1111 bonds will be in coupon form in denominations of $1,000, fully registerable and interchangeable. Principal and interTotal $5.599,366 18 Total $4,599.366 18 In advices to the directors Nov. 24, W. A. Howell, Esq., est payable at the Atlanta Joint Stock Land Bank, Atlanta, Vice-President, certifies the following statements as to Ga., or at the Chemical National Bank, New York. Interest is payable May 1 and Nov. 1. The Atlanta Joint Stock mortgage loans submitted to the Farm Loan Board: Land Bank was organized Oct. 5 1922. It lends in 75 Statement as to Mortgage Loans Submitted to Farm Loan Board. counties in Georgia and 28 in Alabama. An analysis of its Amount of mortgage loans $4.008.200 00 Borrowers' valuation of land 12.918,145 67 loans as of Nov. 20 1925 is furnished as follows: Borrowers' valuation of improvements • 3,026.275 50 Total loans $4.193,700 00 -799 Amortization payments 53,973 43 Appraised value of farms mortgaged 12,035,503 00 Average amount loaned per farm 5,249 00 Average number of acres per farm 356 $12,129,180 56 Total acres mortgaged 284,404 1,610.055 00 Average appraised value per acre (including buildings) 42 32 On Valuation by Federal Appraisers. Average amount loaned per acre 14.74 Percentage ofloan to valuation ofland 40.7 Ratio of total amount loaned to appraised value 34.84% Percentage of loan to valuation of land and insurable im$350,000 00 Capital provements 34.9 76,734 73 Percentage ofloan to valuation ofland and all improvements_ Surplus and profits 33.0 Borrowers' gross worth S31.330 413 06 3,60000 Reserve (legal) Borrowers' net worth 24 . .717 42 Farm Loan bonds outstanding, exclusive of present issue_ __ _54.000,000 00 Percentage of loans to borrowers' gross worth 12.8 Percentage of loans to borrowers' net worth 16.2 The bonds were offered to yield 4.56% to optional date Appraisers value per acre 44.22 Average amount loaned per acre 17.97 and 5% thereafter. Taxes preceding year on property loaned on 33c. per acre or 73,426 23 Gross revenue preceding season from property loaned on which was in excess of the amount loaned 4,108,195 03 Annual tax and installment charge of borrowers is but 1.16% of their New Issue of Capital Stock of Atlanta Joint Stock gross worth and but 1.47% of their net worth. The following data will no doubt be found of interest: Land Bank. Gross loans closed to Nov. 24 1925 $4,335.400 00 Boyd, Evans & Devlet announce that the new issue of Applications received to Nov. 24 1925 10.613,325 00 No loans now in default and only five so reported since organization, two of which were technical defaults. No foreclosures since organization 1,000 shares of capital stock of the Atlanta Joint Stock Land and no expenditures for collection. The Farm Loan Board has approved Bank of Atlanta, Ga., that they offered this week, has all •aU loans submitted them. Borrowers' total valuation Appraisers' valuation of land Appraisers' valuation of improvements illk Appraisers' total valuation Appraisers' valuation of insurable improvements $15.944,421 17 9.857.162 56 2.272.018 00 The officers and directors of the First National Bank of been sold. Montgomery, Ala., manage and control the operation of the Offering of $600,000 5% Bonds of Greensboro Joint First Joint Stock Land Bank of Montgomery. Stock Land Bank. Harris, Forbes & Co. and the bond department of the Offering of $2,000,000 Bonds of San Antonio Joint Harris Trust & Savings Bank of Chicago offered on Dec. 1 Stock Land Bank. an issue of $600,000 5% bonds of the Greensboro Joint Stock At 103 and interest to yield 4.62% to 1935 and 5% there- Land Bank of Greensboro, North Carolina. The bonds after, Hayden, Stone & Co. and Stevenson, Perry, Stacy & were offered at 103M and interest, to yield about 4.60%, Co. offered on Nov. 23 an issue of $2,000,000 5 farm loan to the optional date and 5% thereafter to redemption or bonds of the San Antonio Joint Stock Land Bank. The maturity. The issue will be dated Dec. 11925, will become bonds will be dated Nov. 1 1925, will become due Nov. 1 1955 due Dec. 1 1955 and will be redeemable at par and interest ahd will be redeemable at 100 and accrued interest Nov. 1 on any interest date on or after ten years from the date o DEC. 12 1925.] THE CHRONICLE 2821 re-introduced is in virtually the same form as it passed the House early this year. The object of this proposed legislation is to enable national and state member banks to compete upon terms of equality within the Federal Reserve System, to discourage the rapidly growing tendency to surrender national charters for state charters, to preserve the independt.nt unit system of banking and check the growth of state-wide branch banking which gives the control of credit over to relatively few banks and is monopolistic in tendency. The salient features of this Bill are: . 1. Provides for indeterminate charters for national banks in lieu of the present 99 year charters. 2. Permits organization of national banks in outlying sections of cities of over 50,000 population with a smaller capital than $200,000, but not less than $100,000, upon approval by the Comptroller of the Currency. $2,290,100 3. Regulates branch banking by national and state member Total amount loaned $6,052,161 Appraised value of real estate security limits the operation $52 00 banks of the Federal Reserve System, Appraised value per acre $19 68 of branches to the municipality in which the parent bank is Average amount loaned per acre 37.8% located and confines branch banking to those 3tates which Percentage of loans to appraised value of security permit branch 1 anking at the time of the passage of the Act. York State Superintendent of Insurance Suspends 4. Provides for payment of stock dividends. 5. Simplifies New the procedure necessary for the consolidation of national Operation ot Limitation Statute. restrictions on real from the "Insurance Observer" thall the op- and state banks. 6. Removes existing It is learned estate loans by permitting 50% of savings deposits to be eration of Section 96 of the New York insurance law placing such security for a period of 5 years. 7. Guarana limitation on the amount of new life insurance companies loaned on Reserve System year will be suspended under a ruling tees to state bank members of the Federal may write in any one equality of operating conditions with national banks. 8. by James A. Beha, Superintendent of Insurance, upon appliexisting law regulating national cation, as insurance sales during the year indicate that the Clarifies in many ways the banks. limit will be reached. Mr. McFadden intends to work for speedy consideration of his bill and House leaders have promised that after the . New York Stock Exchange Restores Louis S. tax bill and two or three of the approporiation bills are passed Oppenheimer to Full Membership. it will be taken up. Reference to the previous announcement of Representative The suspension of Louis S. Oppenheimer, former partner in the dissolved New York Stock Exchange firm of Miller McFadden that the bill would be reintroduced in the new & Co. of this city, was ended on Dec. 10, the Board of Gov- Congress was made in these columns Oct. 3, page 1637. ernors having remitted the second year of his suspension. Mr. Oppenheimer was suspended by the Exchange for two Additional Powers for National Banks Advocated by United States Chamber of Commerce. years on Jan. 5 1925 after his withdrawal from injunction proceedings which he and Nathan Miller, head of the deThe position of the Chamber of Commerce of the United funct firm of Miller & Co., brought against the New York States with regard to additional powers for national banks, Stock Exchange to prevent that body from taking disciplin- including the right to establish branch banks, was this week ary action in connection with the Southern States Oil Co. placed before the House Committee on Banking and CurMr. Miller continued his fight against the Exchange, but rency for consideration in connection with proposed banking unsuccessfully. The latter was expelled from membership legislation. The policy of the National Chamber is set on Feb. 5 1925. The suspension of Mr. Oppenheimer was forth in a letter to the members of the committee by John noted in the "Chronicle" of Jan. 10 1925, page 147. W. O'Leary, President of the Chamber, and is based on a referendum of the 1,400 business organizations included in the additional Former Philadelphia Firm of Chandler Bros. & Co. the membership. As pointed out in the letter powers for national banks favored by the National Chamber Discharged in Bankruptcy. contained in the following proposals: According to a press dispatch from Philadelphia on Nov. are national bank should be permitted, under regulation of the CompA Street News" of that date, F. T. troller of the Currency, to have branches within its own city if a State bank 28, printed in the "Wall to have branches. Chandler Jr., Earl Mendenhall, Lewis E. Waring and Ed- in the same city is permitted given indeterminate charters, subject to forNational banks should be Little, individually and as co-partners trading as feiture for cause and termination at the will of Congress. ward S. a Chandler Bros. & Co., were on that day discharged in bankNational banks should be authorized to deal in investment securities on recognized principles of sound ruptcy. Chandler Bros. & Co., which was a New York basis not inconsistent with the generally banking practice. Stock Exchange firm, failed in July 1921, the failure being National banks should be authorized to make mortgage loans on city reported in the "Chronicle" of July 30 1921, page 474, and real estate for periods not in excess of five years. Its affairs referred to in subsequent issues. Federal Reserve Bank of New York to Pay Out About $37,000,000 Dec. 15 in Interest on Liberty Kardos, Former Member of Conviction of Louis M. Loans and Certificates of Indebtedness. Failed Firm of Kardos & Burke, Affirmed by The Federal Reserve Bank of New York announces that Division of Supreme Court. Appellate $78,000,000 in The Appellate Division of the Supreme Court on Nov. 27 on Tuesday next, Dec. 15, approximately Montgomery Kardos Jr., interest will be payable by the Government on the following upheld the conviction of Louis former member of the defunct brokerage house of Kardos & obligations: Rate First Liberty Loan— 33 Burke of this city, which failed in February 1922, with 3;5% bonds 1932-47 4 Convertible 4% bonds of 1932-47 losses of more than $2,000,000. As reported in the "Chron- Convertible 4X% bonds of 1932-47 4X 43( icle" of Dec. 27, page 2953, the former broker was convicted Second Convertible 4X% bonds of 1932-47 Treasury Bonds 4 on Dec. 23 1924 of trading against the account of a woman 4% bonds of 1944-54 Treasury Notes— customer in the Court of General Sessions before Judge Series 13-1925 44 435 Charles C. Nott and was sentenced the following day (Dec. Series A-1927 Certificates of 24) to an indeterminate term in the penitentiary and to pay Series TD-1925 Indebtedness— 3 3 a fine of $2,000. The failure of the firm was noted in the Series TJ-1926 3i Series TJ2-1926 794 and 795. "Chronicle" of Feb. 25 1922, page The Bank adds: issue. Interest will be payable semi-annually June 1 and Dec. 1 and principal and interest will be payable at the Greensboro Joint Stock Land Bank, or through the bank's fiscal agency in New York City. They will be coupon bonds fully registerable and interchangeable in denomination of $1,000. The bank has a paid in capital of $250,000. In addition to a paid in surplus of $50,000 the bank has accumulated a reserve from earnings of $13,300 and has undivided profits of $32,997. Dividends are paid on the basis of 6% per annum. The Atlantic Bank & Trust Co. and the Jefferson Standard Life Insurance Co., both of Greensboro, N. C., own approximately 90% of the stock of the bank. The following is the statement of the Greensboro Joint Stock Land Bank as officially reported Oct. 31 1925: 116,347 Acres of real estate security loaned upon Representative McFadden Re-introduces Bill Amending Federal Reserve and National Bank Acts. In line with his previously declared intention, Chairman McFadden of the House Banking and Currency Committee introduced in Congress on Dec. 7 his bill amending the Federal Reserve and National Bank Acts. The bill as Of the above total of $78.000,000, about $37,000.000 is payable at the Federal Reserve Bank of New York. Interest on registered bonds is paid by check at the Treasury in Washington and mailed to the owner of bonds. Coupons due on December 15 on these obligations may now be sent to the Coupon Collection Division of the Federal Reserve Bank which is prepared to receive them. Checks in payment of coupons thus deposited in advance will be ready for delivery at 9.30 a. m.Tuesday. Dec 15 1925. or member banks, if they so desire may have the proceeds, when due,credited to their reserve accounts upon request. • 2822 THE CHRONICLE [VOL 121 President Coolidge Says Agriculture Must Rest on the Government ought to give it every assistance, but it ought to leave it as the support, the benefit and the business Independent Business Basis—Opposition to Govof the people." He continued in part: ernment Price Fixing—Co-Operative Marketing With a production influenced by information from the Department, with Solution of Farmer's Problems. adequate storage, supplied with necessary credit and the orderly marketing Before the American Farm Bureau Federation in con- effected through co-operative action, agriculture could be placed on a vention at Chicago on Dec. 7, President Coolidge reviewed sound and independent business basis. While the Government ought not to undertake to control or direct, it should supplement and assist all efforts the position of agriculture in the nation's affairs and pre- in this direction. The leaders in the co-operative movement, with the sented his views as to the measures "to bring agriculture advice of the Department of Agriculture, have prepared what is believed to as a whole back to the same relative economic position that to be an adequate bill embodying these principles, which will be presented the Congress for enactment. I propose actively and energetically to It occupied before the war." The President alluded to the assist the farmers to promote their welfare through co-operative marketing. Under the working out of the provisions of this bill the farmers would fact that "there have been discussions which seem to indihave the active and energetic assistance of the Government in meeting the cate some fear that our agriculture is becoming decadent. problem of surplus production. Through consultation and conference the that it has already reached its highest point, and that, be- best experts of the country would be employed as the needs require and coming unprofitable, it is likely to diminish. Nothing in methods of storage, credit and marketing would be devised. The agencies created would have at their disposal the active co-operation of the great the appearance of the country or of its people as I have organizations of the Departments of Agriculture, Commerce and Federal traveled over it," he said, "has seemed to indicate any de- banking. Their representatives at home and abroad would be engaged in locating terioration, nor do I find anything in the farm census and soundnessand supplying domestic and foreign markets. The fundamental of this proposal rests on the principle that it is helping the reports that warrants this conclusion. Although it Is grati- farmer to help himself. Already the co-operative effort in raisins and fying to know," the President stated, "that farm conditions other products has met with marked success by adopting this plan. The following is the President's address in full: as a whole are encouraging, yet we ought not to cease our No one efforts for their constant improvement. We cannot claim and the can travel across the vast area that lies between the Alleghenies Rockies without being thoroughly impressed with the enormous that they have reached perfection anywhere, and in too expansion of American agriculture. Other sections of our country,acre for many instances there is still much distress. Various sug- acre, are just as important and just as productive, but it is in this region that most dominant position. It is to of the gestions of artificial relief have been made. Production has serve theilbultivation of this land holds itscountry the farmers great open that teeming cities have been ample, but prices, compared with the war era, have been arisen, great stretches of navigation have been opened, a mighty network very much reduced, although they are now considerably of railways has been constructed, a fast-increasing mileage of highways has been laid out comtheir modern inventions have Improved. The proposals made have, therefore, had the munication among and the various communities stretched nearlylines ofhome. all every and into purpose of increasing prices." Proposals looking to price Agriculture holds a position in this country that it was never before able fixing and tariff revision in the interest of the farmer found to secure anywhere else on earth. It is the development which has within this area, mostly no sympathy with the President, who said that one of the within the last seventy-five years, taken place given agriculture a new which has methods put forward was to have corporations organized standing in the world. By bringing the tillage of the soil under a new through which the Government would directly or indirectly technique it has given to the people on the farm a new relationship to commerce, industry and society. The ownership of land has always been a fix prices or engage in buying and selling farm produce." mark of privilege and distinction, but in other times and places the laborious effort of farming, the hard work of cultivating the soil—which was done As to this, he said: almost entirely by hand—the comparative isolation of rural existence was traditionally an unattractive life assigned to the serf and the uncultured peasant. It still partakes of that nature in most countries. But in America the farm has long since ceased to be associated with a mode of life that could be called rustic. It has become a great industrial enterprise, requiring a broad knowledge in its management, a technical skill in its labor, intricate machinery in its processes and trained merchandising in its marketings. Agriculture in America has been raised to the rank of a profession. It does not draw any artificial support from industry or from the Government. It rests squarely on a foundation of its own. It is independent. The place which agriculture holds to-day in this country, superior to that which it ever held before in time of peace in this or any other land, is by reason of its very eminence one of increasing exactions and difficulties. In disposing of the contention that certain factors "have It does not require much talent or any great foresight to live on an inferior scale, limited and impoverished, nor does it evoke much eulogy, but to thought that the tariff rates were unfavorable to the farmer, maintain freedom and independence, to rise in the economic scale to the the President observed: ownership and profitable management of a great property amid all perils of Protection is a great benefit to agriculture as a whole. The $780,000,000 our competitive life, requires a high degree of industry and ability. of agricultural produce imported last year had to pay $260,000,000 for Those who achieve that position in a community will always be entitled the privilege of coming in to compete with our own farm production. If to the highest commendation. Whatever other obstacles the American these were admitted free of duty, they would no doubt greatly increase in people have had to meet and overcome, of every station in life, they have volume, reduce present farm prices, and result in much lower standards of never permitted themselves to be hampered by a condition of dependence. living on our farms. We are also exporters as well as importers. Pro- As what they have had was secured not by favor or by bounty, but by their tection greatly aide diversification and so eliminates an unprofitable sur- own efforts, no one else has had any power to deprive them of it. 'Unenplus. Under our tariff our flax acreage has increased from 1,641,000 in cumbered by any special artificial support, they have stood secure on their 1921 to 3,093,000 in 1925. Much of this would otherwise have been de- own foundation. America is not without a true nobility, but it is not voted to wheat, increasing the surplus and further demoralizing that mar- supported by privilege. It rests on worth. ket. The same principle holds in relation to sugar, wool and other agriIt is our farm life that' is particularly representative of this standard cultural products. of American citizenship. It is made up of many different types and races; In pronouncing his support of the co-operative marketing it includes many different modes of thought and living. Stretching from the North, with to the Gulf, with movement, the President declared that "for a more orderly mer, it embraces its months of frost,production. But itits perpetual sumis all a partaker a wide variety of marketing calculated to secure a better range of prices the of the same high measure of achievement and character. It rises in its co-operative movement promises the greatest success." He importance above the products of pe land and puts a stamp of its own upon the quality of our people. It is not merely for a supply of food that added: we look to the farms, but as a. never-failing source, if others become exAlready they are handling $2,500,000,000 of farm produce, or nearly hausted, from which we can always replenish the manhood and womanhood one-fifth of the annual production. The disposition of surplus produce has of the nation. It is for this reason that our whole country entertains the been discussed. If by this is meant the constant raising of a larger supply greatest solicitude for the welfare of the people who make up our agriculthan is needed, it is difficult to conceive of any remedy except reduced tural population. The importance of their continued success and progress production in any such commodity. But there are, of course, accidental cannot be overestimated. It affects not only the material prosperity, but surpluses due to more favorable weather conditions, which are unavoidable reaches beyond that into the moral and spiritual life of America. and which ought to be managed so that they can be spread over a year or It was the people of this stamp and character who were mainly instrutwo without depressing prices. The initiative of the farmers themselves, mental in founding American institutions. It was well on into the 19th with such assistance as can be given them by the Government without century before the great industrial development of our country began. In assuming responsibility for business management, through financing and the old days there were some professional men and there were the clergy through the co-operative movement, would appear to be a wise method of who exercised in a high degree an inspired leadership not only in the relisolivng this problem. Of course, I should be willing to approve any plan gious and educational, but to a marked extent in the political, life of their that can be devised in accordance with sound economic principles. day. But the people were of the farm. Their living came from the soil. The President pointed out that "for financing the farmer Their sturdy industry, their determination to be free, resulted in no small part we are developing the farm loan and intermediate credit there from their occupation and mode of life. Wherever there is a farm, is the greatest opportunity of a true home. It was the loyalty and banks. These have put out about $1,200,000,000 of loans at perseverance bred of the home life of the American farmer that supported Washington through seven years of conflict and provided the necessary selfmoderate rates to about 350,000 farmers. In addition, there restraint Is the general banking system, national and State. All of is the to translate his victory in the abiding institutions of freedom. It spirit of those homes that our country must forever cherish. these agencies need to give more informed attention to farm But the gratitude of America, and I think of the whole world, is due not only to "the embattled farmers" who stood at Concord bridge needs. They need more energy in administration. They and "fired the shot heard round the world," but to those tillers of the soil of the great should be equipped to supply not only credit but sound prairie States, prophets and pioneers of freedom, who rose to power make business advice and the farmers to a much better extent ftoormmead, itprovedble for Lincoln to Lave the Union, and also to in time possi the blshould learn to use all of these facilities." "To have agricul- while improved and well-equipped agriculture of our own day, which, giving generously of their own manhood and womanhood, put forth ture worth anything," he observed, "It must rest on an inde- those stupendous efforts which provided food, cotton, wool and other pendent business basis. It cannot at the same time be part materials that turned the tide for the cause of liberty in the Great War. It is private business and part Government business. I believe which the existence of this superb power, both of resources and of people, has its home in the great open country, that haa made possible not This would be a dangerous undertaking, and as the emergency is not so acute, it seems at present to have lost much of its support. No matter how it is disguised, the moment the Government engages in buying and selling, by that act it is fixing prices. Moreover, it would apparently destroy co-operative associations and all other marketing machinery, for no one can compete with the Government. Ultimately it would end the independence which the farmers of this country enjoy as a result of centuries of struggle and prevent the exercise of their own judgment and control in cultivating their land and marketing their produce. Government control cannot be divorced from political control. . . . The Government price is not always a high price. Unless we fix corresponding prices for other commodities, a high fixed price for agriculture would simply stimulate overproduction that would end in complete collapse. DEC. 12 1925.] THE CHRONICLE 2823 was about 360% greater. But the extension of than in 1900. The amount of money received greatly advanced, measonly the independence and freedom of our own land and on which has as the general price level of all commodities had liberty throughout the world, but has furnished the foundation received was only about 90% commercial life of the ured in purchasing power, the amount agriculture received been built the great expansion in the industrial and purpose greater. This means that 110% of people engaged in nation. Our statesmanship can be dedicated to no more worthy 190% more in 1924 than they did in 1900. of this high standard of American farm life. 1920 than the perpetuation While it is true that there was a great decline in farm prices in farm that All of these results would appear to lead to the inevitable conclusion purchasing power of character and 1921, and an even greater decline in the to a very large extent the underlying support to the strength and yet since that time farm prices character produce compared with other commodities, the purchasing and greatness of America has been furnished by the strength and the have risen more rapidly than other commodities, so that to bring and greatness of its agriculture. Our country has been developed under power of farm produce has risen also. The tendency appears to be influence of a new spirit. In the early beginnings of organized society the agriculture as a whole back to the same relative economic position that it main form of wealth which was plentiful consisted of land. It was almost occupied before the war. While general production, prices and living conthe sole source of production. Always in theory, and usually in practice, ditions on the farm are improving, there is little ground for fear that all land belonged to the Crown. It was the custom for the ruler to be- agriculture is becoming decadent; yet some areas are still depressed; debts stow upon his retainers not only landed estates, but to provide in addition and taxes still remain. the serfs, who were attached to the soil, in order that they might supply Although it is gratifying to know that farm conditions as a whole are enthe necessary labor for its productivity. The workers in the field were couraging, yet we ought not to cease our efforts for their constant immasters usually lived away from the land, held in servitude, while their provement. We cannot claim that they have reached perfection anywhere, sometimes in their castles, sometimes in towns and cities. in too many instances there is still much distress. Various suggesThis was the established condition all over the Old World. The position and been ample, but tions of artificial relief have been made. Production has of the country thus became stationary. It was in the cities and towns, where with the war era have been very much reduced, although of ideas and educational advancement that prices compared opportunity came for exchange now considerably improved. The proposals made have, therefore, there started that progress toward freedom and self-government which they arepurpose of increasing prices. the marked the beginning of the modern age. The importance of the cities had Opposition to Price Fixing. and towns became predominant. Even after freedom was granted to the though put forward serfs, the tillers of the soil never became a great influence. Their interests One of the methods by which this has been sought, were always subordinated to the stronger, more aggressive life of the chiefly as an emergency measure as I understand from its proponents, was would directly industrial population and of the ruling classes. to have corporations organized through which the Government But America never fully came under this blighting influence. It was a or indirectly fix prices or engage in buying and selling farm produce. great bulk of our early settlers. This would be a dangerous undertaking, and as the emergency is not so different type of individual that formed the They gained their livelihood by cultivating the soil, but there was no large acute, it seems at present to have lost much of its support. No matter and overmastering city or industrial population. The expansion of our how it is disguised, the moment the Government engages in buying and country down to almost as late as 1880 was an agricultural expansion. A selling, by that act it is fixing prices. Moreover, it would apparently large majority of our inhabitants were engaged in that occupation. They destroy co-operative associations and all other marketing machinery, for not only tilled the soil, but they owned it. They not only directed the no one can compete with the Government Ultimately it would end the Government, but they made it. The fertile lands and generous homestead independence which the farmers of this country enjoy as a result of cenlaws under American institutions all worked together to produce an en- turies of struggle and prevent the exercise of their own judgment and contirely new position of place and power for agriculture. When there was trol in cultivating their land and marketing their produce. added to this the marvelous inventions of farm machinery which have come Government control cannot be divorced from political control. The into modern life, it made it possible to establish here the first agricultural overwhelming interest of the consumer, not the smaller interest of the empire which did not rest upon an oppressed peasantry. This was a stu- producer, would be sure to dominate in the end. I am reliably informed recently pendous achievement. that the Secretary of Agriculture of a great foreign Power has Following this came the vast business growth which brought great fixed the wages of farm labor in his country at less than $5 per week. changes. The town and industrial population for the fjrst time began to The Government price is not always a high price. Unless we fix correexceed that of the farms. From the surplus of food products requiring sponding prices for other commodities, a high fixed price for agriculture foreign markets we began to reach something like a balance between domes- would simply stimulate overproduction that would end in complete collapse. tice production and consumption. Before 1910, so wise a man as James J. However attractive this proposal was at first thought, careful consideration Hill expressed the opinion that in the near future we should be importers of it has led to much opposition on the part of the farmers. They realize either of wheat. that even the United States Government is not strong enough, guarantee sucWar's Effect on Production. directly or indirectly, to fix prices which would constantly Under normal conditions Mr. Hill might have been correct, but the cess. They are opposed to submitting themselves to the control of a great World War intervened. The enormous demand from abroad brought the high Government bureaucracy. They prefer the sound policy of maintaining prices which so stimulated production that it reached a new record in their freedom and their own initiative as individuals, or to limit them only amount and value. Without this service, famine undoubtedly would have as they voluntarily form group associations.. They do not wish to put the prevailed over wide areas. This resulted in a great inflation and in an Government into the farming business. overproduction, reaching its summit in 1919, which was followed by the Proposal for Tariff Revision. inevitable deflation of 1920 and 1921. The best economic authority tells Others have thought that the tariff rates were unfavorable to the farmer. us this was inevitable. Whether it was or not, it came. It afflicted both a fact, it ought to be corrected. Let us examine our agriculture and industry. The values of manufacturing plants and their If this should be their gross value was $3,610,000,000, but $2,080,000,stocks on hand went down, their orders were canceled, their operations imports. Last year came in wholly free of duty. This free list was conceased, and the buying capacity of their wage earners being greatly re- 000, or 57 6-10%, favor the farmer, and contains more than fifty duced, the consumption of food products declined, causing a fall in prices structed especially to purchases, like fertilizer, leather harnesses, farm machinthat reached back to the farm. The resulting losses have never been fully articles which he twine, barbed wire and gasoline. recovered either in industry or agriculture, but starting from the low ery, coffee, binder Of the $1,530,000,000 of goods paying imports $780,000,000 was upon point of 1920 and 1921 both have made progress and from every indication agricultural products, levied solely to protect the farmer, including animal appear to be entering an era of prosperity. flax, wool, sugar, nuts, citrus fruits and many It has seemed to me desirable to consider thus briefly the development and dairy products, grain, get an accurate and full list of his products of our American agriculture, in order that by a better understanding of the others. If any farmer wants to his purchases which come in free, let him go to his method of its progress and the position it now holds we may better com- which are protected and Official Document No. SS, comparing the last prehend its needs and better estimate what the future promises for it. public library and consult our imports either come in free or pay a Every one knows that the farmer, who is often least able to bear it, went three tariff Acts. Thus 80% of This must be further increased by $250,000,000 through the most drastic deflation. Considered as a whole, his position duty to protect the farmer. diamonds, fine rugs, silks, cut glass, jewelry has steadily improved since 1921. I do not mean that land values or prices more of imported luxuries like affect the prosperity of the farmer. have reached their former level. That was not to be expected. But I do and mahogany. These items cannot up to 88%, which are either free, or mean that, generally speaking, the present business of farming as a whole This brings the total of imports farmer, and leaves only 12% of our is beginning to be profitable. Of course, there are exceptions to be made luxuries, or protected to help the pays any part of the tariff. of lbealities, individuals and crops. Some people would grow poor on a imports upon which the agricultural industry Says Farmers Pay Little Duty. mountain of gold, while others would make a good living on a rock. We cannot bend our course to meet the exceptions; we must treat agriculture But, on the other hand, our industrial and city population pays the tariff as a whole, and if, as a whole, it can be placed in a prosperous condition on the $780,000,000 worth of agricultural imports and also participates eliminate themselves: the exceptions will tend to in the $500,000,000 worth of imports outside of luxuries. While the farmer There have been discussions which seem to indicate some fear that our pays part of the duties on 12% of our imports which do not benefit him, agriculture is becoming decadent, that it has already reached its highest industry and commerce pay part of the duty on 36% of the imports which point, and that, becoming unprofitable, it is likely to diminish. Nothing do not benefit them. In the appearance of the country or of its people as I have traveled over it But if we take all that the farmer buys for his household and farm ophas seemed to indicate any deterioration, nor do I find anything in the farm eration and subtract from it articles dutiable to protect the farmer, the census and reports that warrants this conclusion. free list, and luxuries, we should have left less than 10% of his expendiIt is true that there is an increasing interchange of population between tures. This means that less than 10% of farm purchases are at an incoming of the automobile many of the city and the country. With the creased cost which is adverse to the farmer. Admitting that the price of the city people are moving out into the country, and with the increasing these purchases is increased by the full amount of the duty, this means that use of machinery some of those formerly employed on the farm have been the total adverse cost to the farmer on account of the tariff is only between released for employment in the industries. For the past fifteen years urban 2% and 3% of his purchases. population has been increasing, while farm population and the number of Many economists consider that even this calculation as to the contribufarms have slightly decreased. This has reversed the condition that extion of our farmers to the tariff is overestimated. As their expenditures isted before that period. But this is only a part of the story. many items for labor and service on which there is no duty, the The real question is not the numbers employed but the amount of pro- include on dutiable articles outside the three lists to meet our requirements proportion of total expenditure only duction. If that should appear to be inadequate 3% or 4% of his total expenditures. above mentioned is not 10%, but for food and raw materials, if the morale of the farmers should be breaking Thus, even assuming that the farmer pays tariff on this ratio of goods, his down, the situation might be serious. Such does not appear to be the expenditures would only be increased by one-third of 3% or 4%, or not over fact In intelligence, in education, in the general standards of living, 1 1-3%. farm life was never so well equipped as it is to-day. In the past 45 years, On the other side, protection is a great benefit to agriculture as whole. which roughly marks our great industrial development, the index number The $780,000,000 of agricultural produce imported last year had to pay of production rose from 100 to 237, while that for population is estimated $260,000,000 for the privilege of coming in to compete with our own farm to be but 226. Production has outrun population, according to the statis- production. If these were admitted free of duty, they would no doubt tics of the Harvard Service. While the number of farms and people engaged greatly increase in volume, reduce present farm prices, and result in much In farming was slightly less in 1924 than in 1910, production in 1923 and lower standards of living on our farms. We are also exporters as well as 1924 was 15% greater than in 1910. Fewer people but more production importers. Protection greatly aids diversification and so eliminates an means each person on the farm will receive more. unprofitable surplus. Under our tariff our flax acreage has increased from Production and Price Important to Farmer. 1,641,000 in 1921 to 3,093,000 in 1925. Much of this would otherwise is not only production, however, but price that is important to the have been devoted to wheat, increasing the surplus and further demoralizing It farmer. The value of his produce for 1924, excluding crops fed to animals, that market The same principle holds in relation to sugar, wool and other was about $12,136,000,000. The estimates for the present year are about agricultural products. It has been thought that protection does not help agricultural products. the same. This compares with $3,549,000,000 in 1900. According to estimates, the number of people on farms in 1924 was about 10% greater Any study of dairy products, flax, wool and the many other commodities, 2824 THE CHRONICLE • [Vol, 121. will demonstrate that it does. Even wheat, where we are exporters, shows high prices. Then came the terrible world depression which left many inits effect. If we take Buffalo, to secure a point of common contact, volved in great debts and everybody with shrunken land values. Farm American No. 1 Dark Northern is 25 cents to 35 cents higher than Canadian. produce decreased in price faster than other commodities. These debts and No. 2 Dark Hard Winter is 37 cents to 42 cents higher, and No. 2 Red shrunken values still remain as a great burden. On top of them are the would be 45 cents to 46 cents higher. Contract wheat for future delivery war taxes, which the nation has greatly reduced, but which the local comin Chicago has been usually as high as future deliveries in Liverpool, although munities still tend to increase. the difference in freight is about 20 cents a bushel, which means that our It is this burden which is causing distress, but history is again showing wheat is now about that much above world price levels. The question is signs of repeating itself. In 1921 the price of farm produce reached its complicated with different grades and qualities, some of which do not show low point. According to the Department of Agriculture, however, the end the same differences. of this four-year period sees the price of farm products substantially inBut the largest benefits accruing to the farmer come from supplying him creased. Much of the debts and taxes remain, but with the prices now with home markets. What the farmer raises must either be sold at home received the present business of farming is very much improved. or sent abroad. Our per capita consumption of butter, sugar, meats, eggs, I believe that the past history of the relative trend of prices between milk and tobacco is far above those of foreign countries. When the depres- farm products and other commodities is of tremendous significance. The sion of 1920 came and 5,000,000 of our wage-earners were unemployed, surplus lands of the country are exhausted. The industrial population is their consumption of the more expensive agricultral supplies, such as animal outstripping the farm population. Manufacturing is expanding. These products, fell 18% below what it had been before and what it became must come to the farmers for their food and their raw materials. While again when employment increased. This was more than the amount of our we can produce more, the markets for food are increasing much faster than exports. Prosperity in our industries is of more value to the farmer than present farm productivity. The future of agriculture looks to be exceedthe whole export market for foodstuffs. Protection has contributed in our ingly secure. country to making employment plentiful with the highest wages and highThe real wealth of our country, its productive capacity, its great manuest standards of living in the world, which is of inestimable benefit to both facturing plants, its far-reaching railroad system, its mighty commerce, our agricultural and industrial population. General economic stability is of and its agriculture did not come into being all at once, but is the result the utmost importance to the farmer, and a depression in industry with of a vast multitude of small Increments brought about by long, slow and the attendant unemployment would do the farmer an incalculable injury. laborious toil. Whatever a few individuals may do, the nation as a whole and its great subdivisions of industry, transportation, commerce, and agriCo-operative Movement Promises Greatest Success. If the price fixing and tariff revision do not seem to be helpful there are culture can increase by no other method. The percentage of yearly returns other proposals that do promise improvements. For financing the farmer upon all the property of this country is low, but in the aggregate it is a we are developing the farm loan and intermediate credit banks. These stupendous sum. Unless all past experience is to be disregarded, nothave put out about $1,200,000,000 of loans at moderate rates to about withstanding its present embarrassments, agriculture as a whole should 350,000 farmers. In addition there is the general banking system, national lead industry in future prosperity. In all our economic discussions we must remember that we cannot stop and State. All of these agencies need to give more informed attention to farm needs. They need more energy in administration. They should be with the mere acquisition of wealth. The ultimata result to be desired is not the making of money, but the making of people. Industry, thrift and equipped to supply not only credit but sound business advice and the self-control are not sought because they create wealth, but because they farmers to a much better extent should learn to use all these facilities. create character. These are the prime products of the farm. We who have For a more orderly marketing calculated to secure a better range of prices the co-operative movement promises the greatest success. Already they are seen it, and lived it, we know. It is this life that the nation is so solicitous to maintain and improve. handling $2,500,000,000 of farm produce, or nearly one-fifth of the annual production. The disposition of surplus produce has been discussed. If by It dwells in the open country, among the hills and valleys and over the great plains, in the unobstructed light of the sun, and under the glimmer of the this is meant the constant raising of a larger supply than is needed, it is difficult to conceive of any remedy except reduced production in any such stars. It brings its inhabitants into an intimate and true relation to commodity. But there are, of course, accidental surpluses due to more nature, where they can live in harmony with the Great Purpose. It has favorable weather conditions, which are unavoidable and which ought to be been the life of freedom and independence, of religious convictions and managed so that they can be spread over a year or two without depressing abiding character. In its past it has made and saved America and helped prices. The initiative of the farmers themselves, with such assistance as rescue the world. In its future it holds the supreme promise of human can be given them by the Government without assuming responsibility for progress. business management, through financing and through the co-operative Offering of $450,000,000 United States Treasury movement, would appear to be a wise method of solving this problem. Of course, I should be willing to approve any plan that can be devised in Certificates of Indebtedness.—Books accordance with sound economic principles. Closed—Issue Over Subscr:bed. Agriculture Must Rest on Independent Basis. • Announcement of the Treasury's December financing, in To have agriculture worth anything, it must rest on an independent business basis. It cannot at the same time be part private business and the form of Treasury certificates of indebtedness, was made part Government business. I believe the Government ought to give it on Dec. by Secretary of the Treasury Mellon. They will every assistance, but it ought to leave it as the support, the benefit and the business of the people. The interest which the national Government bear 3%% and will run for one year from Dec. 15 1925. The takes in agriculture is manifest by an appropriation of about $140,000,000 new certificates were offered on Dec. 7, the amount of the a year, which is nearly one-fifth of our total expenditure, exclusive of the offering being $450,000,000 or thereabouts. The subPost Office, prior to the war. I do not need to recount what is being done for education and good roads, for opening up our waterways, or the enor- scription books were closed at the close of business Dec. 9, mous activities of the Department of Agriculture which reach to almost and it was announced yesterday (Dec. 11) that the subevery farmer in the land. scriptions aggregated some $876,000,000. The certificates Bill to Promote Co-operative Marketing. will be in denominations of $500, $1,000, $5,000, $10,000 The most important development of late years has been the co-operative movement With the economic information furnished by the Department, and $100,0000. They will have two interest coupons atwhich was of such great value to the hog and potato industries for the last tached, payable June 15 1926 and Dec. 15 1926. The certifiyear or two, with better warehouse and storage facilities and a better cates will be accepted in payment of taxes. They are desigcredit structure, much can be done to take care of the ordinary surplus. With a production influenced by information from the Department, with nated Series TD-1926. Secretary Mellon in announcing the adequate storage, supplied with necessary credit and the orderly marketing new issue indicates that there will be no further financing effected through co-operative action, agriculture could be placed on a sound by the Treasury until March. His statement follows: and independent business basis. While the Government ought not to underThe Treasury is to-day announcing its December financing which takes take to control or direct, it should supplement ,and assist all efforts in the form of an offering of one-year 3%% Treasury certificates of indebtedthis direction. The leaders in the co-operative movement, with the advice of the Department of Agriculture, have prepared what is believed to be ness, dated and bearing interest from Dec. 15 1925, maturing Dec. 16 1$26. The certificates are tax certificates and the amount of the offering is for an adequate bill embodying these principles, which will be presented to the Congress for enactment I propose actively and energetically to assist $450,000,000 or thereabouts. The Treasury will accept in payment for the new certificates Treasury certificates of indebtedness of Series TD-1925, the farmers to promote their welfare through co-operative marketing. maturing Dec. 15 1925, and 4%% Treasury notes of Series B-1925, maturing Under the working out of the provisions of this bill the farmers would Dec. 15 1925. Subscriptions for which payment is made in certificates and have the active and energetic assistance of the Government in meeting notes maturing Dec. 15 1925 will be given preferred allotment. the problem of surplus production. Through consultation and conference About $480,000,000 of Treasury notes and Treasury certificates of indebtthe beet experts of the country would be employed as the needs require edness and methods of storage, credit and marketing would be devised. The with become payable on Dec. 15 1925. The present offering Is intended, the balances already on hand and the December tax receipts, to cover agencies created would have at their disposal the active co-operation of the the March, when further financgreat organizations of the Departments of Agriculture, Commerce and ing Treasury's further cash requiremegts until will be necessary. Federal 'banking. Their representatives at home and abroad would be Press advices from Washington yesterday announcing engaged in locating and supplying domestic and foreign markets. The fundamental soundness of this proposal rests on the principle that it is subscriptions of $876,000,000 said: helping the farmer to help himself. Already the co-operative effort in About $168,000,000 represent subscriptions for which Treasury notes raisins and other products has met with masked success by adopting this of Series B-1925 or certificates of indebtedness of Series TD -1925, both plan. maturing Dec. 15, were tendered in payment, all of which were allotted in full. Course of Farm Prices. It would be a great mistake to underestimate the difficulties under which Allotments on other subscriptions were as follows: All subscriptions in the farmers labor. They are entitled to all the sympathy and help which amounts not exceeding $100,000 for any one subscriber were allotted 50%, the Government can give them. But I feel they are also entitled to consider but not less than $500 on any one subscription; and subscriptions in amounts the encouraging features of their situation. Human nature is on their over $100,000 were allotted 30%, but not less than $50,000 on any one side. We are all consumers of food. The more prosperous we become, the subscription. The Federal Reserve Bank of Philadelphia received subscriptions amountmore we consume of the higher-priced products. In the past, farm prices have always tended to get the better of industrial prices. In the period ing to $66,897,000, not including tenders of certificates in exchange, which amounted to $14,436,000, making total subscriptions $81,833,000. from 1820 to 1860 there was a general rise of all commodities, but farm prices increased about 50% more than other commodities. After the Civil Exchanges were awarded in full and $30,561,000 on cash subscriptions, War, from the '70s to 1896, there was a decline in all commodities, but making total allotment in Third Reserve District $44,997,000. The quota farm prices decliaed less, so that their purchasing power actually increased. was $31,770,000. From 1896 to 1913, according to the Bureau of Labor Statistics, the index The following is the Treasury circular describing the number of farm prices rose 82%, while that of other prices rose but 37%. offering: It was this great increase in the price of food products which brought about UNITED STATES OF AMERICA. the complaint and discussion of the high cost of living, which everyone will Three and Three-Quarters Per Cent Treasury Certificates of Indebtedness. recall became acute about 1911 and remained a problem of economic adjustment unsolved when the World War began. Series TD-1926. With the coming of the great conflict an entire transformation took Dated and bearing interest from Dec. 15 1925—Due Dec. 15 1926. place. The price of all commodities rose and the price of land rose. There The Secretary of the Treasury, under the authority of the act approved was a great temptation to expand. Farmers bought more land at very Sept. 24 1917, as amended, offers for subscription at par and accrued DEC.12 1925.] THE CHRONICLE 2825 should affix the corporate seal of the bank or trust company), or any other interest, through the Federal Reserve banks, Treasury certificates of in- person duly designated by the Secretary of the Treasury for the purpose. and bearing interest from Dec. 15 1926, debtedness of Series TD-1926, dated this bank If Treasury Savings certificates, Series of 1921, are presented to 0 payable Dec. 15 1926, with interest at the rate of 3%(7' per annum, paypayable by you we shall forward them to the Treasury for payment by check able semi-annually. to mail to the order of the registered owner, and shall request the Treasury Applications will be received at the Federal Reserve banks. direct to you instruct us to have the check mailed Bearer certificates will be issued in denominations of $500, $1,000, $5,000, the check to you unless $10,000 and $100,000. The certificates will have two interest coupons the registered owner. may. While redemption will be made only as of Jan. 1 1926 owners attached, payable June 15 1926 and Dec. 16 1926. surrender their certificates in advance,for redemption The certificates of said series shall be exempt, both as to principal and beginning Dec. 1 1925 Interest, from all taxation now or hereafter imposed by the United States, as of Jan. 1 1926. Further Information. any State, or any of the Possessions of the United States, ox by any local conPlease communicate with us if you desire more specific information taxing authority, except (a) estate or inheritance taxes, and (b) graduand excess cerning details and the requirements to be observed in any particular cases ated additional income taxes, commonly known as surtaxes, in handling the redemption of profits taxes, now or hereafter imposed by the United States, upon the which may be brought to your attention income or profits of individuals, partnerships, associations or corporations. these issues of certificates. Very truly yours, The interest on an amount of bonds and certificates authorized by said BENJ.STRONG,Governor. Act approved Sept. 24 1917 and amendments thereto, the principal of $5,000, owned by any individual, which does not exceed in the aggregate Congress—First Session, partnership, association or corporation, shall be exempt from the taxes Opening of Sixty-Ninth provided for in clause (b) above. Longworth Speaker of the House. Nicholas The certificates of this series will be accepted at par, with an adjustment of accrued interest, during such time and under such rules and regulations The first session of the sixty-ninth .Congress was brought or approved by the Secretary of the Treasury, in as shall be prescribed Senate and House of Representatives on payment of income and profits taxes payable at the maturity of the cer- under way by the annual tificates. The certificates of this series will be acceptable to secure de- Monday, Dec. 7, the session of both being brief. The posits of public moneys, but will not bear the circulation privilege. President (which we give elsewhere in this message of the The right is reserved to reject any subscription and to allot less than the of Congress on the succeedamount of certificates applied for and to close the subscriptions at any issue) was read in both branches time without notice. The Secretary of the Treasury also reserves the right ing day, the 8th inst. With the convening of Congress to make allotment in full upon applications for smaller amounts, and to make Nicholas Longworth, of Ohio, former Republican floor reduced allotments upon, or to reject, applications for larger amounts, and ornered contest in classified allotments and allotments upon a graduated scale; and leader, was elected Speaker in a three-c to make his action in these respects will be final. Allotment notices will be sent which the Democrats supported Finis J. Garrett of Tennessee, out promptly upon allotment, and the basis of the allotment will be publicly their floor chief, and the insurgents cast their ballots for announced. was: LongPayment at par and accrued interest for certificates allotted must be Henry Allen Cooper, of Wisconsin. The vote made on or before Dec. 15 1925 or on later allotment. After allotment and worth,. 229; Garrett, 173; Cooper, 13. Five voted present. upon payment Federal Reserve banks may issue interim receipts pending of the 7th also stated: delivery of the definitive certificates. Any qualified depositary will be Associated Press advices office and had After Mr. Longworth had been formally inducted into permitted to make payment by credit for certificates allotted to it for address, the House had another weary roll call, Itself and its customers up to any amount for which it shall be qualified in delivered his inaugural on the question of limiting debate on excess of existing deposits, when so notified by the Federal Reserve Bank amid the usual hubbub and confusion, The Republican majority won its point of its district. Treasury notes of Series B-1925 and Treasury certificates of the proposed change in the rules. indebtedness of Series TD-1925, both maturing Dec. 15 1925, will be ac- for limitation, 210 to 194. its course, the proposed Debate on the rules lasted forty minutes. In cepted at par in payment for any certificates of the series now offered the Democrats as a backward step in which' shall be subscriped for and allotted, with an adjustment of the interest change was assailed vigorously by House procedure. accrued, if any, on the certificates of the series so paid for. after a five Organization of seven committees followed and the House, As fiscal agents of the United States, Federal Reserve banks are authorof respect to Representatives and Senators ized and requested to receive subscriptions and to make allotments on the hours' session, adjourned out months recess. basis and up to the amounts indicated by the Secretary of the Treasury to who died during the nine and notice was given in both The Senate adjourned for the same reason, the Federal Reserve banks of the respective districts. be held later. Houses that memorial services for these dead would A. W. MELLON, Secretary of the Treasury. Senators were present at Counting the three new members sworn in. 91 Treasury Department, Office of the Secretary, Dec. 7 1925. of the House answered on today's sessions, while 420 of the 435 members of the House were present one roll call. All three of the women members contest. their first votes in the Speakership Redemption of War Savings Certificates (Stamps) and and castFlorence P. Kahn of California and Mrs. Edith Nourse Rogers of Mrs. seated far back on Treasury Savings Certificates, Series of 1921. Massachusetts, elected to succeed their husbands, were while Mrs. Mary T. Norton of New The following notice has been issued by Gov. Strong of the Republican side of the Chamber, side of the House. Jersey, took her place on the Democratic New York regarding the the Federal Reserve Bank of Regarding the bills which flooded the new Congress, we redemption of War-Savings certificates (stamps) and quote the following (Associated Press) from the Washington Treasury Savings certificates, Series of 1921, maturing "Post" of Dec. 9: agencies": curtailJan. 1 1926. Abolition of the "Shipping Board and other Federal and investi[Circular No. 695. Nov. 30 19251 ment of the powers of the Inter-State Commerce Commission To each Bank, Trust Company and Sayings Bank in the Second Federal gation of the Navy Department and the Shenandoah disaster were Just a Reserve District: United States War-Savings certificates sold by the Treasury in 1921 in the Government's movement for thrift and saving become due and payable Jan. 1 1920. These securities consist of: An issue of War-Savings certificates, Series of 1921, each certificate being a card folder containing spaces for 20 stamps. Holders of these certificates will be entitled to receive on or after Jan. 1 1926 $5.00 for each War-Savings stamp of the Series of 1921 then affixed thereto. Toe 1921 War-Savings stamps and certificates are identical in terms with those of 1921, except that they mature Jan. 1 1926 instead of Jan. 1 1925. The 1921 stamps are larger in size than the issue of the previous year, orange in color. Imprinted on a green tint, and bear the portrait head of Lincoln. An issue of Treasury certificates. Series of 1921. in denominations of $25. $100 and $1,000. These certificates are centrally registered at the Treasury in Washington and provide for payment by the Treasury only. PROCEDURE FOR BANKS. War-Savings Certificates. Banking institutions generally will handle redemptions for their customers. Unregistered 1921 War-Savings certificates will be accepted for payment at this bank and its Buffalo branch, and for that purpose you will find enclosed a supply of form W.S.71 to be used in making cash redemptions. Full details governing the redemption are contained in Treasury Department Circular 362. copies of which have been sent to banking institutions by the Treasury. Unregistered certificates may be presented and surrendered to us any time in advance of Jan. 1 1926 for payment on that date, and when so presented a check payable to the order of the holder will be mailed by us to reach him on or about Jan. 11926. It will facilitate the redemption to send unregistered certificates to us in advance of the payment date. Matured certificates will be paid immediately upon presentation. Payment of certificates surrendered through banks will be made to the banks through which presented, while payment of certificates presented direct to post offices, to this bank or its Buffalo branch, or to the Treasurer of the United States will be made direct to the holder. Certificates having registered stamps affixed are payable only at the post office where registered. Unregistered certificates also are payable at any money-order post office. Treasury Savings Certificates. The redemption of the United States Treasury Savings certificates of the Series of 1921, dated Jan. 3 1921, all of which are in registered form, is provided for in Treasury Department Circular 361: Registered owners of Treasury Savings certificates, Series of 1921, dated Jan. 3 1921 will be entitled to receive on or after Jan. 1 1926 $1.000 for each $1,000 certificate, $100 for each $100 certificate, and $25 for each $25 certificate. These certificates are payable only at the Treasury Department, Division of Loans and Currency, Washington, D. C. The demand for payment appearing on the back of each certificate presented for redemption must be properly signed by the owner in the presence of and duly certified by a United States postmaster (who should affix the official postmark of his office), an executive officer of an incorporated bank or trust company (who • introduced few of the proposals advanced in 1,045 bills and resolutions yesterday in the Senate. and resolutions were added to In the House several hundred new bills day. Included among the 2.272 thrown into the hopper on the opening proposal by Representhose were several constitutional amendments and a President to seize tative Griffin (Democrat), of New York, authorizing the emergency. and operate coal mines during a national King (Democrat), Among the Senate measures were proposals by Senator both the Philippines Utah, for the withdrawal of the United States from Secretary Kellogg and Haiti. Mr. King also offered a resolution calling on had brought to bear for a report as to whether Brigadier-General Russell and to "perpetuate" any pressure to prevent elections in Haiti next January 4 Indian republic. in office the present local government in that West Commission so Curtailment of the power of the Inter-State Commerce of maximum and instead that it could establish only maximum rail rates Nebraska. At minimum, was proposed by Senator Howell (Republican), Republican, Idaho, re-introduced his the same time Senator Gooding, railroad haul. bill prohibiting a greater charge for a short than for a long were offered in Proposals for abolition of the Federal Trade Commlvdon the Senate measure both the House and Senate. Senator King introduced sponsored the and Representative Johnson (Republican), Washington, House bill. Tax Revision Bill Reported to House by Ways and Means Committee—Chairman Green's Statement. The tax revision bill, drafted by the House Ways and Means Committee, was reported to the House with the convening of Congress on Dec. 7—unofficial copies of the new revenue measure having previously (Dec. 4) been made public. On the 3d inst. a program calling for the presentation of the report on the bill with the opening of Congress and the taking up of the measure for immediate consider°, tion by the House on the following day, was agreed to at a conference of Republican leaders. It was further agreed that debate on the bill be continued until to-day (Dec. 12) and that on Monday next (Dec. 14) the bill be taken up and disposed of by sections with a view to registering a final vote on the bill Dec. 19. Representative Green, Chairman of the House Committee, in presenting the bill for consideration by the House on the 8th inst., stated that total reductions in taxation effected by the new measure would aggregate 2826 THE CHRONICLE [VOL 121. $325,736,000, included in which was a refund on automobiles of $3,500,000. Under the proposed law the yield would be $2,426,764,000, compared with $2,749,000,000 under the present law. A statement comparing the collections under the present and proposed laws, respectively, according to estimates by Joseph S. McCoy, the Treasury Actuary, was made public as follows on the 3d inst.: reduction is to apply Jan. 1 1927 and the other half Jan. 1 1928. The provision for the publicity of tax returns has been modified in the bill, as a result of which the figures of tax payments will not be made available for publication. On the 2d inst. Chairman Green, in announcing the rescinding of the retroactive repeal of estate tax increases of the 1924 Act, said: Present Law Proposed Law 1926. 1926. $1.880,000,000 $1,685,425,000 The committee when it decided to apply the 1921 rates to the estates of those who'had died bet'w'een June 2 1924 and the date when the new Act takes effect understood that the loss occasioned by such provision would amount to $20,000,000. It now appears from estimates based on estates of $450.000 returned under the 1924 Revenue Act that the loss will aggregate approximately $70,000,000, assuming the bill becomes law March 1 1926. The bulk of this loss will fall within the next two years. Moreover, the most recent estimate submitted by the Treasury actuary indicates that the other proposed changes in the estate tax will occasion in the fiscal year 1927-1928 a loss of revenue of not less than $10,000,000 and a much larger amount the following year. This $10,000,000, added to the other reductions recommended by the committee, will bring the total amount of reduction to within $2.000,000 of the surplus recommended by General Lord, and $28,000,000 in excess of the tax reduction recommended by the Secretary of the Treasury. These new figures make it very clear that the proposed relief to the estates falling under the provisions of the 1924 Act would cause so great a loss of revenue as to exceed the limits of safety, unless the committee were prepared to revise the proposed bill in other respects. This the committee does not feel would be justified, and the retroactive estate tax proposition having been adopted under a misapprehension, the committee has decided to eliminate it. Source of RevenueTotal income tax Miscellaneous Estate Gift Capital stock Tobacco Cigars All other Spirits, &c Automobiles Trucks Others and motorcycles Tires, parts Cameras, lenses Films, plates Firearms, ammunition Smokers' articles Slot machines Mah jongg Art works Jewelry Brokers Bowling alleys, pool, billiard tables Shotting galleries, riding academies Autos for hire Tobacco manufacturers Yacht use Opium dispensers Deeds, conveyances Other stamp taxes Admissions. dues All other miscellaneous taxes Total miscellaneous Total of above Loss from 1926 under present law Refund on automobiles 110.000,000 2.000,000 93,500,000 110,000,000 43.000.000 330.000,000 25,000,000 31.000.000 330,000,000 21.000,000 9,000,000 116.000.000 25,000,000 700,000 750,000 3.850.000 50,000 650,000 1,000 650,000 8.000,000 2,000,000 2,100.000 28,000 1,750.000 1,120,000 300.000 312,000 4,000,000 46,000,000 33.000.000 10,239,000 869.000,000 2.749.000,000 322,236.000 3.500,000 93.500.000 69,600,000 In a statement on Nov. 26 defending the new surtax rates, Chairman Green said: 46.000,000 29.000.000 10.239,000 740.339.000 2,426.764.000 In his report on the bill Chairman Green said: The bill is a non-partisan measure. On none of the votes taken in the Committee on the provisions of the bill did the Committee divide on partisan lines. With the exception of the periods when the nation was at war, it is the first time a great revenue bill has been so framed. In this respect the bill not only has a unique distinction, but sets an excellent example for future financial legislation. All the members agreed that speedy action was imperative, and the Committee unanimously voted that the bill be reported. There has been some complaint with reference to the schedule of the rates on surtaxes from persons who do not fully understand the situation. This schedule was made up by the sub-committee, assisted by a Treasury official, and in accordance with the recommendations of the Secretary of the Treasury. The surtax had to be graded up from 1% to 20%. This resulted in those in the upper brackets getting a greater reduction in dollars than those in the lower brackets, but this was because they had so much larger income. It is also true that those having incomes above $1,000,000 got nearly a 50% reduction, but this was inevitable when the maximum surtax was reduced to 20%. If such a reduction had been made in the lower brackets, we would not have had sufficient revenue to carry on the Government. Subject to the 20% limitation, the rates present the best balanced and most evenly graded schedule of surtaxes that have so far been drawn. The total tax paid by any one advances as his income increases, so that with increasing amounts on income, there is an increasing per cent paid in taxes. and this increase is regular and uniform, as will be seen by examining the table of the percentages on the rates. At the same time he gave out a table showing the total amount of tax, direct and surtax, to be paid, and the percentage of income levied by the proposed new rates. The table gives the following figures for a married person with no While reported unanimously, separate statements of dependents, all income earned: "additional views" on the bill by Representatives Rainey of Net Net Per Cent Per Cent Illinois and Hull of Tennessee (Democratic members of the Income Tax. of Income. Income. Tax. of Income. $3.000 .000 $30.000 $000 $1,818 75 6.063 Committee) were included in the report. Representatives 4,000 32,000 .141 563 2,118 75 6.621 34.000 16 88 .338 2.41875 7.114 Rainey and Hull while commending the general provisions 5,000 6.000 36,000 28 13 .469 2,73875 7.608 7,000 38.000 39 38 .562 3.07875 of the measure, took exception to the provisions increasing 8.000 8.102 40.000 52 25 .703 3,43875 8.597 the personal exemptions and reducing the maximum surtax 9.000 45.000 78 75 4,36875 .875 9.708 10.000 50.000 101 25 5.35875 1.013 10.718 rate from 40 to 20%. They proposed instead that the 11,000 55.000 131 25 6,408 75 1.193 11.652 12,000 60,000 16876 1.406 7,458 75 12.431 present exemptions be retained, lesser cuts be made on the 13.000 70,000 21376 9.65875 1.644 13.798 14.000 80.000 11,958 75 258 75 1.848 higher surtaxes and all the war excise and special taxes be 15,000 14.948 14.358 75 90.000 311 25 2.075 15.954 repealed. Mr. Rainey proposed a maximum surtax of 30% 16.000 16.758 75 363 75 2.273 100,000 16.359 18.000 150.000 29,258 75 483 75 2.688 19.506 and Mr. Hull one of 25%. Normal income tax rates under 20,000 41.75875 618 75 3.094 200.000 20.879 22.000 54.258 75 818 75 3.722 250.000 21.704 the bill are lowered from 2 to 13% on the first $4,000 of 24.000 116,748 75 1.038 75 4.328 500,000 23.352 26.000 1.000,000 1.278 75 4.918 241,758 75 taxable income, from 4 to 3% on the next $4,000 and from 28.000 24.176 5.496 1.538 75 6 to 5% on the remainder of income. While reducing the In his report on the bill Chairman Green said (we quote maximum surtax from 40 to 20%, the reductions on other from the New York "Times"): brackets of the graduated surtax scale, which starts at 1% "It will be observed that the increase in the personal exemptions and the on $10,000, are made only on those involving incomes of reduction in the normal tax, plus the earned income credit, results in a revenue reduction of $95,000.000. while the decrease in the surtax rates $42,000 and over. results in a reduction of $98,575,000. An examination [of appended tables/ The amount of income on which the credit of 25% for will show that all classes of income taxpayers have received a substantial "earned income" could be applied is increased from $10,000 reduction; that the gradations in rates are as regular as is practicable; and that the schedule, on the whole, is well balanced. It will be found that the to $25,000. percentage of the income taken by the tax advances gradually and The personal exemption under the bill is increased from reasonable uniformity as the income increases, up to $100,000. So with also the $1,000 to $1,500 for single persons and from $2,500 to. 3,500 amount of reduction to the taxpayer increases in uniformity. "It was Impossible to reduce the rates in all the brackets and preserve for married persons, in addition to a deduction of $400 for proper gradations in the tax. That some were benefited more each dependent is allowed. The provision relating to is due largely to the arbitrary character of the reductions made than others by the acts estate taxes was characterized by Chairman Green as a most of 1921 and 1924. The scale of surtaxes was prepared by the Actuary of the Treasury, subcommittee important feature of the bill. Possibly, he said, there are consideration. and approved by a also carefully after long and careful The full committee considered more important changes in the estate taxes than in any and approved it. If the even and regular gradations made bythis schedule the Actuary other. The bill reduces the inheritance tax rates from a were not preserved, this schedule would be grossly unfair. Moreover, the Importance of removing inequalities due to the arbitrary character of some maximum of 40% to 20% and increases credit to be allowed former amendments, even though this action Involves an apparent inin Federal inheritance tax settlements of the amount paid equality of benefit in the proposed law, and of so adjusting the rates that on State inheritance levies from 25% to 80%. The bill the tax paid will increase gradually and uniformly to the point where the maximum rate is reached will be realized when we eliminates many of the so-called "nuisance" taxes. It recom- preparing a permanent peace-time tax structure. consider that we are now The principle of progresmends the repeal of the tax on automobile trucks "as being sion in rates is not completely carried out, for the reason that all are agreed that above a certain amount all income should be taxed a tax solely on business" and the tax on other automobiles rate." at the maximum is reduced under the bill from 5% to 3%. The repeal of Referring to estate taxes Mr. Green wrote: "The estate tax, under the bill, will go in force on the enactment the tax on sales of works of art and jewelry and a material of this act, but as reduction in the tax on cigars is also provided for. It is are settled but few estates of the size which are affected by the Federal tax within the first year, the loss in receipts during the calendar also proposed to reduce the tax on alcohol from 32 20 to year 1926 will not be large enough to require it to be taken into consideration. $1 10 per proof gallon, and to remove the occupational taxes The loss during the calendar year 1927 will probably be from $10.000.000 to $20,000.000. Thereafter the annual loss will continue to increase, as on brokers. In the case of the alcohol tax, one-half of the advantage is taken of the 80% credit, and in a few more years it is probable DEC.12 1925.] THE CHRONICLE 2827 that the annual return to the Government under the estate tax will not of our Government. This has been the underlying issue since early in 1921. of wiping out all exceed 550,000,000. The returns may even be less than this amount. Dominant Republican leaders have had the one idea There is no way of making any accurate determination at this time, but it graduated income taxes as quickly as opportunity might offer and substiis believed the loss on the estate taxes, which in the final outcome may tuting a general sales or like tax. I think for the present, at least, that the amount to as much as $70.000.000, will be postponed for so long a period fight for the permanent retention of our income-tax system with well graduated rates is won. The Mellon-Coolidge view, which has really been that the natural increase of the Federal revenues will make up for it. and is in opposition to all graduated taxes, is as much opposed to principle "Under all the prior revenue acts, a gift or transfer of property by trust or otherwise without a fair consideration and within two years prior to the to a surtax maximum of 20% or 25% as one of 40% or 50%. To the decedent's death is, unless shown to the contrary, deemed to be made in friends of progressive income taxation, a surtax maximum of 20 to 25% of contemplation of death, and the amount of the gift or transfer is included at the present, plus the normal rate, thoroughly maintains the integrity in the gross estate of the decedent. The presumption,however,is rebuttable this tax principle. "The third point of radical party difference on tax reductions relates to and has proved very ineffective in practical administration. The difficulty reduction of enforcement will be even more serious in view of the repeal of the gift the tariff. The Mellon-Coolidge leadership shouts loudly for tax reduce living costs, but they carefully exclude tax. For this reason, subdivision (c) has been amended so that all such in order to aid business and tax burdens arising from existing extreme high tariff rates and transfers made within two years of the decedent's death without a fair the heavy tariff excesses must remain untouched. In consideration will be included in the gross estate regardless of whether or insist that even the conceded other words, 'tax reduction' means to lower internal and raise tariff taxes. not they are made in contemplation of death. Most Democrats look on this partial and contradictory view as rank Reductions in Excise and Special Taxes. duplicity and hypocracy. They earnestly believe that comprehensive and "In the judgment of the committee, the minor 'nuisance' taxes, which honest tax relief must embrace the elimination of excessive tarifftax burdens, small amount of revenue, should be eliminated: the existence of which no one seriously denies. bring in a comparatively such as the tax on the sale of cameras, photographic films and plates; fire"Had the maximum graduated rates on both inC01:1108 and estates or arms (except pistols), shells and cartridges; cigar and cigarette holders, and inheritances been fixed at 25% maximum and the income exemptions for pipes; coin-operated devices; and mah-jongg sets. The committee also single persons at $1,500 and for married persons left at $2,500 with $400 for concluded that the occupational taxes on brokers, proprietors of bowling dependents. Congress could have repealed all or virtually all temporary war alleys and billiard rooms, shooting galleries, riding academies, and on and nuisance taxes. This policy should have been followed for the present. persons carrying on the business of operating or renting passenger auto- It is never justifiable to reduce our permanent taxes to the lowest peace level . mobiles for hire, and the special tax on the use of pleasure boats (except until temporary war taxes are first removed. should be removed, as these taxes are not equitable in when foreign built) "Our tax revenue requirements during the next few years will be near their application and produce but little revenue. The tax on physicians 53,000,000,000 and hence our so-called peace level of taxation must be far who administer narcotic drugs was considered unreasonable and was higher than that of the pre-war period. The Federal Government could, reduced from $3 to $1, which was the rate fixed by the original narcotic act. without undue burden to any taxpayer, raise this amount of revenue from "The committee also considered the class of excise taxes which is either customs, incomes, estates or inheritances, tobacco, alcoholic beverages, difficult and costly to collect or falls with some degree of hardship on not oleomargarine and a limited amount of stamp taxes of general application, very prosperous industries. The tax on the sale of works of art is an example or probably without any stamp provisions. This Would avoid the undesirof this class because of the ease with which such sales can be consummated able necessity of singling out two or three individual industries and saddling abroad. The tax on jewelry is an example which falls in both classes. them with a permanent excise tax of some sort in addition to their income This tax has been difficult to collect and burdensome in operation. It has and other taxes common to all industries. been easy to evade in some lines, thus putting the honest jeweler at a Next to adequate revenue the two big income-tax problems relate to the disadvantage. In addition, the showing was made to your committee that development of a logical,scientific tax structure and the administration ofthe years the jewelry trade had earned on an average only law. The Treasury cannot be too diligent in its efforts to'simplify the during the last six 1 3 % on its investment. In view of the fact that the average jeweler was administration and to adjust in the most convenient possible manner the obliged to absorb this tax, the tax constituted a serious burden. various tax provisions to our complicated business conditions. There Is "Another example of a tax which imposed a serious burden upon an still great room for improvement. I think that if the administration cigars showed conclu- organization of the Treasury could be strengthened at the bottom, among industry is the tax on cigars. The manufacturers of sively that under the high war-tax rates the number of cigars sold was the unit heads, for example, it would facilitate very much the task of the steadily diminishing, and also the number of cigar manufacturers. Ap- taxpayer by making possible prompt settlements in the unit divisions parently the tax was so high as to depress the business and reduce the revenue reasonable and just to both the Government and the taxpayer, thereby to the Government. For this reason the committee recommends the repeal greatly reducing the inconvenience and expense occasioned by the present of the tax on the sales of works of art and jewelry and a material reduction large volume of appeals to agencies higher up. One paramount object in In the tax on cigars. It is believed that the apparent loss in the tax on developing a suitable income-tax system is to provide relative fairness in cigars will in some degree be offset by the increase in the business affected. the taxes imposed on the different classes of income—Individual, partner"There are two other taxes which, while productive and easy to collect, ship and corporation_so as to secure equality for the individual stockconstitute a burden upon the consumer, to whom they are in most cases holder of corporations, on the one hand, and the individual and partner shifted by the manufacturer. One of these is the tax on alcohol; the other on the other. upon automobile trucks, passenger automobiles, and parts and accessories "The law at present, and as proposed by the committee, discriminates, for the same. The tax on alcohol was doubled in war-time. There is for example, against the small stockholder in all corporations and in favor for legitimate and proper purposes of the small individual and partnership taxpayer, while it also discriminates very great amount of this article used in the manufacture of medicines, pharmaceutical preparations, flavoring In favor of the large corporation stockholder and somewhat against the extracts, druggists' prescriptions, &c. This amount is constantly increasing, individual or partnership receiver of large incomes. The discrimination but the receipts form the tax are falling off, indicating that the tax is so against the stockholder of all small corporations is equally noticeable. One high that to some extent it is encouraging evasion and defeating its purpose method of partially equalizing this condition would be to impose a light for revenue. It was manifest also that the amount of the tax was in most tax of from 2% to 3% on the undistributed profits of corporations which cases passed directly on to the consumer. Under these circumstances the have been in business, say three years. It should never be more than 3%. committee deemed it advisable to reduce the tax from $2.20 to $1.10 per This would only be fair and reasonable to corporations in exchange for the proof gallon, which was the rate prevailing before the war, making one-half benefits of retaining an average of near three-fifths of their profits in the of this reduction apply Jan. 1 1927, and the other half Jan. 1 1928. This corporations, free of surtax, for the purpose of expanding and developing was done to prevent undue hardship to the wholesale manufacturer, who their business. Such action now would permit the repeal of the corporation must of necessity carry considerable quantities of alcohol. It should be capital-stock tax and some reduction of the 12M % normal tax on corporakept in mind in this connection that this tax has no application to denatured tions. The committee should have dealt with these discriminations. alcohol, which remains, as before, free from tax. "I disapprove the action of the committee in providing life tenure for "The automobile tax, together with that on trucks and accessories, is members of the Board of Tax Appeals. Another provision in the bill removimmensely productive and now returns about $150,000,000 per annum. ing the tax from the spoken drama Is highly commendable in one sense, but The entire elimination of the automobile taxes, in the view of the majority It is my view that the committee should have exerted greater efforts to of the committee, could not be considered, as it would make the total remove admission taxes generally and beginning at the bottom rather than reduction carried by the bill altogether too large, for the reasons before the top. It has been my view from the outset that the Treasury condition stated. The committee recommends the repeal of the tax on trucks as being would without any serious risk permit tax reduction to the extent of a . a tax solely on business,and also the so-called tax on "misfortune," being the minimum of $350,000,000 at this time, and I have thus far proceeded upon tax on automobile parts and accessories The tax on other automobiles is that assumption." reduced by the bill from 5 to 3%• Rich Favored, Says Representative Rainey "It is proposed that the reduction of tax on passenger automobiles shall not take effect until thirty days after the enactment of the Act, in order to Representative Rainey expressed in the report his opposition to some of protect dealers who have cars in stock on that date in respect of which they the provisions of the bill, saying have reimbursed the manufacturer for the tax at the 5% rate. Section "We have relieved in this bill a little over 3,000 taxpayers in the United 1,204 of the bill provides that the difference between the 5% tax and the States of $100,000,000 in income taxes each year. and we have relieved 3% tax will be refunded to the manufacturer in the case of all cars in the forty-two men of the payment each year of $20,000,000 in taxes. hands of dealers on the effective date of the tax reduction, and a right of "In order to accomplish this, we have relieved entirely from the payment action is given the dealer against the manufacturer if the dealer has reim- of income taxes nearly 3,000,000 taxpayers who pay an average in taxes of bursed the manufacturer for the tax. It is believed that in every case the perhaps $7.50 per year. This bill accomplishes this by raising the exempmanufacturer has passed the tax on to the dealer, and under the provision tions to $3,500 a year on a married taxpayer and to $1,500 a year on a single the dealer will be fully protected." taxpayer. None of them wanted to be exempted, and there was no demand for it at all, and in order to exempt these 3,000,000 taxpayers we have, of Dissenting Views of Representative Hull. in the report, after commend- course, exempted every income-tax payer, and in 1924 we had 4,270,121 Representative Hull in expressing his views Income-tax payers. The 213 men who are now paying 40% on their incomes ing the bill as the result of nonpartisanship and team-work, said: "Next to meeting revenue requirements, the controlling purpose of in excess of $500,000 also share in these exemptions and every taxpayer Congress should be the readjustment of our permanent taxes to a logical receives the same benefit from it. "It Is a horizontal exemption clipped off of the taxes paid by the entire and scientific tax structure in accordance with the best expert thought of disinterested authorities on taxation. This raises the entire question of bloc of income-tax payers. The raising of the exemptions was not brought economy and tax reduction. There are really three fundamental differ- about at all by solicitude for the small taxpayer. It has been handed out ences between many Democrats and dominant Republican leaders with as a bait to make possible the passage through the House of this bill. To relieve nearly 3,000,000 men of a conscious contribution to the support of respect to these two subjects. The first relates to economy. "Democrats have always believed in wise and efficient economy, which their Government is dangerous indeed. It leads in the direction of old-age not only cuts expenditures but at the same time improves and increases pensions, unemployment.pensions, subsidies to industries in order to enable the service rendered. The latter is as vital as the former, and the two them to pay a higher wage, &c., and in a period of depression and unemploymust go together. The Coolidge Administration has merely preached and ment large blocs may develop demanding legislation along these lines. But practiced economy in a partial sense, which only meant the mere cutting of no sacrifice has been considered too great in the preparation of this bill expenditures with no sort of regard for improvement of efficiency in the provided these 213 taxpayers receive the relief they have been demanding. "I think it will be conceded that the business of this country is really service, with the result that Governmental efficiency was never at a lower ebb. And, too, instead of reductions in expenditures of billions during the conducted by men who have Incomes of between $11,000 a year and $44000. past three years, as the public has been led by propaganda to believe, the a year,and the great oulk ofour incometax payerscome within that class. In reductions for 1923 were $97,000.000. for 1924,$191,000,000: and an increase this class are found the real'captains ofindustry.' Our tender solicitude for 213 for 1925, $84,000,000: or a net reduction of only $204,000,000 during the men has made it impossible to give any surtax relief to any ofthese taxpayers, and they will all pay exactlythesamesurtaxesasthey pay under the present b111,. past three years. t'The second party difference, as I conceive it, has involved the acute These are the men who neededrelieffromtaxes and who expected relieffrom question of whether graduated taxation should be made a permanent policy taxes. The man with a netincome of$44,000 pays under the existinglaw a MU, 2828 THE CHRONICLE taxer$2,580,and under this proposed bill he will pay exactly thesame. Under the existing law a man with a net income of$34,000 will pay asurtax of$1.320, and under the proposed bill he will pay exactly the same, and this is true as to every other bracket. All these numerous classes of taxpayers must depend for their reductions on the changes made in the normal tax, which are slight, indeed. None of them will ever be able to find out that we have relieved them in the least "This bill expresses a tender solicitude for the very rich in which I do not share. We have reduced their taxes and made this the principal object of the bill. We have repealed the publicity clause of the existing act and the public will never be able now to know how rapidly the number of men with Incomes of a million dollars a year and more than that is increasing, and the public are to be kept in blissful ignorance as to the increasing number of great fortunes, and after the death of the present holders of these large fortunes their estates are to be protected from taxes. We need tax reductions and we need a readjustment of taxes, but this bill proceeds, from my viewpoint, in the wrong direction to accomplish these results. "The reduction in the tax on distilled spirits is one of the indefensible provisions of this bill." (VoL 121. committees of the House and Senate to receive bids, which when made should be reported with recommendations as to acceptance, upon which a law should be enacted, effecting a sale to the highest bidder who will agree to carry out these purposes. . . . This property ought to be transferred to private management under conditions which will dedicate it to the public purpose for which it was conceived. Declaring that "the maintenance of a merchant marine is of the utmost importance for national defense and the service of our commerce," the President said: We have a large number of ships engaged in that service. We also have a surplus supply, costly to care for, which ought to be sold. All the investigations that have been made under my direction, and those which have been prosecuted independently, have reached the conclusion that the fleet should be under the direct control of a single executive head, while the Shipping Board should exercise its judicial and regulatory functions in accordance with its original conception. Advocating the carrying through of a system of railroad consolidation under the supervision of the Inter-State ComMessage of President Coolidge to Congress—Approval merce Commission, the President expressed himself as folof Tax Bill—Government Action In Coal lows: Strike—Adherence to World Court. The railroads throughout the country are in a fair state of prosperity. Their condition In his annual message to Congress, read in both the Sen- would service is good and their supply of cars is abundant Their consolidabe improved and the public better served by a system of ate and House of Representatives on Dec. 8, President Cool- tions. I recommend that the Congress authorize such consolidations under idge made the statement that "the country does not appear the supervision of the Inter-State Commerce Commission, with power to approve or disapprove when proposed parts are excluded or new parts added. to require radical departures from the policies already I am informed that the railroad managers and their employees have reached adopted so much as it needs a further extension of these a substantial agreement as to what legislation is necessary to regulate policies and the improvement of details." "We are by far and improve their relationship. Whenever they bring forward such proposals, which seem sufficient also to protect the interests of the public, the most likely to accomplish permanent good," he declared, they should be enacted into law. "If we proceed with moderation." The President expressed The President renewed his recommendations looking to his approval in principle of the new revenue measure framed adherence by the United States to the protocol establishing by the House Ways and Means Committee, referring to it the Permanent Court of International Justice. With regard as embodying "many sound principles of tax reform," and thereto he said: stating that it "will correct substantially the economic deThe proposal submitted to the Senate was made dependent upon four confects injected into the Revenue Act of 1924, as well as many ditions, the first of which is that by supporting the court we do not assume any obligations under the League; second, that we may participate upon an which have remained as war-time legacies." Commending equality with other States in the election of judges; third, that the Conthe action of the House Committee "in framing an economic gress shall determine what part of the expenses we shall hear; fourth, measure upon economic considerations," he said, "if this that the statute creating the court shall not Tim amended without our consent, and to these I have proposed an additional condition to the effect that attitude continues to be reflected through the Congress, the are not to be bound by advisory opinions rendered without our cement. we taxpayer will have his relief by the time his March 15 inIn discussing the policy of our foreign relations the Presistallment of income taxes is due." The President also undent alluded to the Locarno agreements, saying: dertook to express his views regarding the "conflict in the The Locarno agreements were made by the European countries directly coal industry," which, he observed, "is still going on to the Interested without any formal intervention of America, although on July 8 great detriment of the wage earners, the owners, and espe- I publicly advocated such agreements in an address in Massachusetts. We cially to the public." As to Government intervention, he have consistently refrained from intervening except when our help has been sought and we have felt it could be effectively given, as in the settlesaid: ment of reparations and the London Conference. These recent Locarno At the present time the national Government has little or no authority agreements represent the success of this policy which we have been insistto deal with this vital necessity of the life of the country. It has permitted ing ought to be adopted, of having European countries settle their own itself to remain so powerless that its only attitude must be humble suppli- political problems without involving this country. This beginning seems cation. Authority ahould be lodged with the President and the Department to demonstrate that this policy is sound. It is exceedingly gratifying to of Commerce and Labor, giving them power to deal with an emergency. observe this progress, which both in its method and in its result promises They should be able to appoint temporary boards with authority to call for so much that is beneficial to the world. When these agreements are finally adopted, they will provide guarantees witnesses and documents, conciliate differences, encourage.arbitration, and in case of threatened scarcity exercise control over distribution. Making of peace that make the present prime reliance upon force in some parts of the facts public under these circumstances through a statement from an Europe very much less necessary. The natural corollary to these treaties authoritative source would be of great public benefit. The report of the should be further international contracts for the limitation of armaments. last coal commission should be brought forward, reconsidered and acted He further seems clear that it is the upon. The report of the Air Board, said the President, "ought to be reassuring to the country, gratifying to the service and satisfactory to the Congress. It is thoroughly complete and represents the mature thought of the best talent in the country. No radical change in organization of the service seems necessary. The Departments of War, Navy and Commerce should each be provided with an additional assistant secretary, not necessarily with statutory duties, but who would be available under the direction of the Secretary to give special attention to air navigation. We must have an air strength worthy of America." Turning to the position of agriculture, the President noted that "there is every reason to suppose that a new era in agricultural prosperity lies just before us, which will probably be unprecedented." He asserted that the farmers "are showing a very commendable skill in organizing themselves to transact their own business through co-operative marketing, which will this year turn over about $2,500,000,000, or nearly one-fifth of the total agricultural business. In this," he continued, "they are receiving help from the Government. The Department of Agriculture should be strengthened in this facility, in order to be able to respond when these marketing associations want help. While it ought not to undertake undue regulation, it should be equipped to give prompt information on crop prospects, supply demand, current receipts, imports, exports and prices." On the problem of Muscle Shoals, the President expressed the view that this seems "to have assumed a place all out of proportion with its real importance." "I am convinced," he said, "that the best possible disposition can be made by direct authorization of Congress." He added: As a means of negotiation I recommend the immediate appointment of a small joint special committee chosen from the appropriate general standing noted that "it reduction of armies rather than of navies that is of the first importance to the world at the present time. We shall look with great satisfaction upon that effort and give it our approbation and encouragement." The President summarized the position with respect to the settlements thus far arranged in the matter of foreign indebtedness, and likewise spoke of the policy of retiring our own debts. The Government's reclamation policy, the development of water power, the distribution of alien property, immigration, the operation of the Bureau of the Budget, the work of the Veterans' Bureau, were also some of the other matters touched upon in the message. In his concluding remarks the President said: It is apparent that we are reaching into an era of great general prosperity. It will continue only so long as we shall use it properly. After all, there is but a fixed quantity of wealth in this country at any fixed time. The only way that we can all secure more of it is to create more. The element of time enters into production. If the people have sufficient moderation and contentment to be willing to improve their condition by the process of enlarging production, eliminating waste and distributing equitably, a prosperity almost without limit lies before us. . . . We shall not be able to gain these ends merely by our own action. If they come at all, it will be because we have been willing to work in harmony with the abiding purpose of a Divine Providence. The following is the complete text of the message: Members of the Congress; In meeting the constitutional requirements of informing the Congress upon the State of the Union, it is exceedingly gratifying to report that the general condition is one of progress and prosperity. Here and there are comparatively small and apparently temporary difficulties needing adjustment and imprpved administrative methods, such as are always to be expected, but In the fundamentals of government and business the results demonstrate that we are going in the right direction. The country does not appear to require radical departures from th policies already adopted so much as it needs a further extension of these policies and the Improvement of details. The age of perfection is still in the somewhat distant future, but it is more in danger of being retarded by mistaken Government activity than it is from lack of legislation. We are by far the most likely to accomplish permanent good if we proceed with moderation. DEC. 12 1925.] THE CHRONICLE 2829 studies of our future requirements independent, and must ac- We should constantly engage in scientific is the method In our country the people are sovereign and and adopt an orderly program for their service. Economy responsibilities. It is their duty to support themselves cept the resulting the improvements of to-morrow. of the nation, whatever by which we prepare to-day to afford and support the Government. That is the business Budget. functions which the Congress the charity of the nation may require. The putting it but of national governA mere policy of economy without any instrumentalities for are to discharge are not those of local government to prevent any encroach- into operation would be very ineffective. The Congress has wisely set up ment. The greatest solicitude should be exercised s. what various political subdivision Bureau of the Budget to investigate and inform the President ment upon the rights of the States or their It is the the ons. This gives Local self-government is one of our most precious possessions. progress recommendations he ought to make for current appropriati understanding liberty and a centralized authority where a general and comprehensive greatest contributing factor to the stability, strength, or undermined by can be reached of the sources of income and the most equitable distriof the nation. It ought not to be infringed by assault its or resign by the fact purchase. It ought not to abdicate its power through weakness bution of expenditures. How well it has worked is indicated because abuses exist Budget Law, were authority through favor. It does not at all follow that that the departmental estimates for 1922. before the 000. their reform. $4,068,000,000, while the Budget estimates for 1927 are $3,156,000. the it is the concern of the Federal Government to attempt for National GovernSociety is in much more danger from encumbering the This latter figure shows the reductions in departmental estimates system that the to administer, than ment beyond its wisdom to comprehend, or its at fifty coming year made possible by the operation of the Budget and remedy from leaving the local communities to bear their own burdens Congress has provided. to have care in making appropriations custom Is so strong, our variety of race their own evils. Our local habit and But it is evidently not enough the area withhas provided that and creed is so great. the Federal authority is so tenuous, that without any restraint upon expenditure. The Congress is to -General. in which it can function successfully is very limited. The wiser policy check by establishing the office of Comptroller and the Comptrollersources of reveleave the localities, so far as we can, possessed of their own The purpose of maintaining the Budget Director t expenditure. nue and charged with their own obligations. General is to secure economy and efficiency in Governmen of that end. accomplishment Government Economy. No better method has been devised for the details without sovereign. These offices can not be administered in all the various It is a fundamental principle of our country that the people are judgment. But the important conauthority of the State, they have estab- making some errors both of fact and of While they recognize the undeniable of the Congress and They hold invio- sideration remains that these are the instrumentalities prolished as its instrument a Government of limited powers. has ever been adopted which was so successful in their own hands the Jurisdiction over their own freedom and the own- that no other plan late in authority over by due meting economy and efficiency. The Congress has absolute ership of their own property. Neither of these can be impaired except the evidence may wealth, but pri- the appropriations and is free to exercise its judgment, as process of law. The wealth of our country is not public tions. But it to the peo- warrant, in increasing or decreasing Budget recommenda , vate wealth. It does not belong to the Government it belongs effort to weaken or break down this most beneficial Government has no justification in taking private property except ought to resist every ple. The s. Without it all the to keep these principles in system of supervising appropriations and expenditure for a public purpose. It is always necessary No right claim of economy would be a mere pretense. mind in the laying of taxes and in the making of appropriations. of a dollar, of the Taxation. exists to levy on a dollar, or to order the expenditure secure a reduction in taxes. money of the people, except for a necessary public purpose, duly authorized The purpose of reducing expenditures is to the power over liberty. promptness the by the Constitution. The power over the purse is is about to be realized. With commendable can act. How it That purpose in advance of That is the legal limitation within which the Congress Means Committee of the House has undertaken is always a question of policy. When Ways and the bill has proAct. As will proceed within this limitation the meeting of the Congress to frame a revenue taxation It has taken on a non-partisan character, and the country is prosperous and free from debt, when the rate of new ceeded through the Committee is low, opportunity exists for assuming new burdens and undertaking and Democrats have joined in a measure which embodies to a limited extent. All both Republicans correct substantially the enterprises. Such a condition now prevails only many sound principles of tax reform. The bill will proposals for assuming new obligations ought to be postponed, unless economic defects injected into the Revenue Act of 1924, as well as many e capital Investments or are such as are absolutely which have remained as war-time legacies. In its present form it should they are reproductiv necessary at this time. We still have an enormous debt of over 320,000,- provide sufficient revenue for the Government. rates are restored to 000.000, on which the interest and sinking fund requirements are $1.320.The excessive surtaxes have been reduced, estate tax and the Veterans' withdrawing from the 000,000. Our appropriations for the Pension Office more reasonable figures, with every prospect of The War and Navy Departments call for $642.- field when the States have had the opportunity to correct the abuses In Bureau are $600.000,000. which is virare to be 000.000. Other requirements, exclusive of the Post Office. inheritance tax laws, the gift tax and publicity section for the current year up their own and the tually self-sustaining, brought the appropriations repealed, many miscellaneous taxes are lowered or abandoned, expenditure of close to $30 for of the law are imto almost $3.100.000.000. This shows an Board of Tax Appeals and the administrative features For the average family of five it means proved and strengthened. I approve of the bill in principle. In so far as every inhabitant of our country. alone. has a tax. directly or indirectly paid, of about $150 for national purposes tax exemptions are concerned, it seems to me the Committee enormous expenditures ought not n income have gone. The local tax adds much more. These gone as far as it is safe to go and somewhat further than I should they ought to be reduced. extension along these lines would, in my opinion, impair the be increased, but through every possible effort d. That is Any further Only one of these great items can be ultimately extinguishe integrity of our income tax system. been reduced by about $6.Christmas. For the item of our war debt. Already this has I am advised that the bill will be through the House by and In interest of close to $250,action the country can thank the good sense of the Ways 000.000,000. which means an annual saving It this prompt about $820.000.000 yearly. economic consid000.000. The present interest charge is Means Committee in framing an economic measure upon sooner this debt can be retired the more erations. If this attitude continues to be reflected through the Congress, would seem to be obvious that the of inthe easier it will be to secure funds will have his relief by the time his March 15 installment the taxpayers will save in interest and ns and im- the taxpayer Dewith which to prosecute needed running expenses, constructio due. Non-partisan effort means certain, quick action. on come taxes is interest is a heavy charge ass revenue law provements. This item of $820.000.000 for termination of a revenue law definitely, promptly and solely seems to me that we might well conconstituents. greatest gifts a Legislature can bestow upon its all the people of the country, and it to dispense with it as early as is one of the Committee. If followed, sider whether it is not greatly worth while I commend the example of the Ways and Means to serve. retiring the principal debt which It is required possible by sound legislation upon the books in time to give the taxpayers That of the Revolu- it will place our debts. the bill should It has always been our policy to retire full benefit of tax reduction next year. This means that additions made in 1812, was paid the tionary War period, notwithstanding the reach me prior to March 15. debt within twenty-three years. Of the amount sought not to benefit the rich but to by 1835, and the Civil War All these economic results are being reduction in cash balances. That industry in already paid, over $1,000.000,000 is a the people. They are for the purpose of encouraging two-thirds billions of dollars was derived benefit to make business good source is exhausted. Over one and that employment may be plentiful. They seek eliminates that. The sale of surplus order from excess receipts. Tax reduction wages may be good. They encourage prosperity in order income. That is practically In order that They seek to lay the founwar materials has been another element of our that poverty may be banished from the home. of the debt has been only may give the people a more finished. With these eliminated, the reduction dation which, through increased production, on so large a debt. excessive sum the imthe necessaries of life, afford more leisure for about $500,000.000 each year, not an over a period of sixty- bountiful supply of arts of music and literaProposals have been made to extend the payment provement of the mind, the appreciation of the paid at the end of twenty years, the cost enjoyment of outdoor sports two years. If $1,000.000,000 is and painting, and the beneficial the interest is 4 It %• a total of ture, sculpture the resources which minister to charity and by all to the taxpayers is the principal and. If end of sixty-two years, the and recreation, enlarge 000. If the same sum Is paid at the to strengthen the spiritual life of the nation. $1,850,000. Here is another consideration: these means attempting cost is $3,635.000.000, or almost double. Foreign Relations. power in 1913, the dollar we borrowed repreCompared with its purchasing dollar increases, due to the falling any suggestion of force, sented but 52 cents. As the value of our The policy of our foreign relations, casting aside debt increases. It has now risen ill and good works. We have prices of commodities, the burden of our rests solely on the foundation of peace. good-w understandings through required to produce nearly twice the to 63j.e cents. The taxpayer will be sought,in our intercourse with other nations, better if the dollar returns to the 1913 beings endowed with reason. amount of commodities to pay his debt conference and exchange of views, as befit§ high, the easier it will be. the settlement value. The more we pay while prices are have been the gradual elimination of disputes, is slower than deflation of The results friendship between Deflation of Government after a war period controversies and the establishment of a firmer prompt and effective or disaster of business, where curtailment is either rest of the worli than has over existed at any previous of the Federal America and the follows. There is room for further economy in the cost time. upon other comparison of current expenditures with pre-war exGovernment, but a The example of this attitude has not been without its influence with which Government problem penditures is not unfavorable to the efficiency Acting upon it, an adjustment was made of the difficult s of 1916. the last pre-war countries. It business is now being done. The expenditure reparations. This was the second step toward peace in Europe. over $3,500,000,000, or nearly five of at the Lamm° year, were $742,000,000, and in 1925 paved the way for the agreements which were drawn up subtract expenditures for debt retirements and Conference. When ratified, these will represent the third step toward peace. times as great. If we interest, veterans' relief, increase of pensions, and other special outlays, While they do not of themselves provide an economic rehabilitation, which consisting of refunds, trust investments and like charges, we find that the is necessary for the progress of Europe, by strengthening the guarantees general expenditures of the Government in 1925 were slightly more than of peace they diminish the need for great armaments. If the energy which endeavor, it will twice as large as in 1916. now goes into military effort is transferred to productive As prices in 1925 were approximately 40% higher than in 1916, the cost greatly assist economic progress. increased. But the Government European countries directly of the same Government must also have The Locarno agreements were made by the is not the same. It is more expensive to collect the much greater revenue interested without any formal intervention of America, although on July 3 and to administer our great debt. We have given enlarged and I publicly advocated such agreements in an address made in Massachusetts. necessary Improved services to agriculture and commerce. Above all, America has We have consLtently refrained from intervening ezcept when our help has grown in population and wealth. Government expenditures must always been sought and we have felt it could be effectively given, as in the settleshare in this growth. Taking into account the factors I have mentioned. ment of reparations and toe London Conference. These recent Locarno I believe that present Federal expenses are not far out of line with pre-war agreements represent the success of this policy which we have been insistsettle their own expenses. We have nearly accomplished the deflation. ing ought to be adopted, of having European countries This does not mean that further economies will not come. As we reduce political problems without involving thL country. This beginning seems to There are many details yet to observe our debt our interest charges decline. demonstrate that this policy is sound. It is exceedingly gratifying to correct. The real improvement, however, must come not from additional this progress, which both in its method and in ies result promises so much curtailment of expenses, but by a more intelligent, more ordered spending. that is beneficial to the world. they will provide guarantees Our economy must be constructive. While we should avoid as far as possiWhen these agreements are finally adopted, ble Increases in permanent current expenditures. oftentimes a capital outlay of peace that make the present prime reliance upon force in some parts of internal improvements will result in actual constructive saving. That is these treaties like Europe very much less necessary. The natural corollary to economy n tte best sense. It is an avoidance of waste that there may be should be further international contracts for the limitation of armaments, to-morrow. returns the means for an outlay to-day which will bring larger 2830 . THE CHRONICLE [VOL 121. This work was successfully begun at the Washington Conference. Nothing court has refused to pass on political questions and our support would was done at that time concerning land forces because of European objection. undoubtedly have a tendency to strengthen it in that refusal. Our standing army has been reduced to around 118,000, about the necessary We are not proposing to subject ourselves to any compulsory jurisdiction. police force for 115,000,000 people. We are not proposing to increase it. nor If we support the court, we can never be obliged to submit any case which is it supposable that any foreign country looks with the slightest misappre- Involves our interests for its decision. Our appearance before it would hension upon our land forces. They do not menace anybody. They are always be voluntary, for the purpose of presenting a case which we had rather a protection to everybody, agreed might be presented. There is no more danger that others might The question of disarming upon land is so peculiarly European in its bring cases before the court involving our interests which we did not wish practical aspects that our country would look with particular gratitude upon to have brought, after we have adhered, and probably not so much, than any action which those countries might take to reduce their own military there would be of bringing such cases if we do not adhere. I think that we forces. This is in accordance with our policy of not intervening unless the would have the same legal or moral right to disregard such finding in European powers are unable to agree and make request for our assistance. the one case that we would in the other. Whenever they are able to agree of their own accord it is especially gratifyIf we are going to support any court, it would not be one that we have set ing to us, and such agreements may be sure of our sympathetic support. up alone or which reflects only our Ideals. Other nations have their customs It seems clear that it is the reduction of armies rather than of navies that and their institutions, their thoughts and their methods of life. If a court Is of the first importance to the world at the present time. We shall look is going to be international. Its composition will have to yield to what is with great satisfaction upon that effort and give it our approoation and good in all these various elements. Neither will it be possible to support encouragement. if that can be settled, we may more easily consider a court which is exactly perfect, or under which we assume absolutely no further reduction and limitation of naval armaments. For that purpose our obligations. If we are seeking that opportunity, we might as well declare country has constantly through its Executive, and through repeated acts of that we are opposed to supporting any court. If any agreement is made, Congress, indicated its willingness to call such a conference. Under Con- it will be because it undertakes to set up a tribunal which can do some of gressional sanction it would seem to be wise to participate in any conference the things that other nations wish to have done. We shall not find ourselves of the great powers for naval limitation of armament proposed upon such bearing a disproportionate share of the world's burdens by our adherence, conditions that it would hold a fair promise of being effective. The general and we may as well remember that there is absolutely no escape for our policy of our country is for disarmament, and it ought not to hesitate to country from bearing its share of the world's burdens in any case. We shall adopt any practical plan that might reasonably be expected to succeed. do far better service to ourselves and to others if we admit this and discharge But it would not care to attend a conference which from its location or our duties voluntarily, than if we deny it and are forced to meet the same obligations unwillingly. constituency would in all probability prove futile. It is difficult to imagine anything that would be more helpful to the world In the further pursuit of strengthening the bonds of peace =3 good-will we have joined with other nations in an international conference held at than stability, tranquility and international justice. We may say that we Geneva and signed an agreement which will be laid before the Senate for are contributing to these factors independently, but others less fortunately ratification providing suitable measures for control and for publicity in located do not and can not make a like contribution except through mutual international trade in arms, ammunition and implements of war, and also co-operation. The old balance of power, mutual alliances and great miliexecuted a protocol providing for a prohibition of the use of poison gas in tary forces were not brought about by any mutual dislike for independence, war,in accordance with the principles of Article 5 of the treaty relating there- but resulted from the domination of circumstances. Ultimately they were to signed at the Washington Conference. We are supporting the Pan- forces on us. Like all others engaged in the war, whatever we said as £1 American efforts that are being made toward the codification of inter- matter of fact we joined an alliance, we became a military power, we Imnational law, and looking with sympathy on the investigations being con- paired our independence. We have more at stake than any one else in ducted under philanthropic auspices of the proposal to make agreements avoiding a repetition of that calamity. Wars do not spring into existence. outlawing war. In accordance with promises made at the Washington They arise from small incidents and trifling irritations which can be adjusted conference, we have urged the calling of and are now represented at the by an international court. We can contribute greatly to the advancement Chinese Customs Conference and on the Commission on Extraterriteriallity, of our ideals by joining with other nations in maintaining such a tribunal. where it will be our policy so far as possible to meet the aspirations of China n all ways consistent with the interests of the countries involved. Foreign Debts. i Gradually, settlements have been made which provide for the liquidation Court of International Justice. of debts due to our Government from foreign Governments. Those made Pending before the Senate for nearly three years is the proposal to adhere with Great Britain, Finland, Hungary, Lithuania and Poland have already to the protocol establishing the Permanent Court of International Justice. been approved by the Congress. Since the adjournment, further agreeA well-established line of precedents marks America's effort to effect the ments have been entered into with Belgium, Czechoslovakia, Latvia, Esestablishment of a court of this nature. We took a leading part in laying thonia, Italy and Rumania. These eleven nations, which have already the foundation on which it rests In the establishment of The Hague Court made settlements, represent $8.419,528,641 of the original principal of the of Arbitration. It is that tribunal which nominates the Judges who are loans. The principal sums without interest, still pending, are the debts of elected by the Council and Assembly of the League of Nations. France. of 83.340,000,000; Greece, $15,000,000; Jugoslavia, $51,000,000. The proposal submitted to the Senate was made dependent upon four Liberia, $26.00fi; Russia. 8192.000,000; which those at present In control conditions, the first of which is that by supporting the court we do not have undertaken openly to repudiate; Nicaragua. 884,000. which is being assume any obligations under the League; second, that we may participate paid currently, and Austria. $24,000,000. on which by Act of Congress a upon an equality with other States in the election of judges; third, that the moratorium of twenty years has been granted. The only remaining sum is Congress shall determine what part of the expenses we shall bear; fourth, 812,000,000, due from Armenia, which has now ceased to exist as an indethat the statute creating the Court shall not be amended without our pendent nation. In accordance with the settlements made, the amount of principal and consent; and to these I have proposed an additional condition to the effect that we are not to be bound by advisory opinions rendered without our interest which is to be paid in the United States under these agreements consent. aggregates $15,200,688,253 93. It is obvious that the remaining settlements, which will undoubtedly be The Court appears to be independent of the League. It Is true the judges are elected by the Assembly and Council, but they are nominated made, will bring this sum up to an amount which will more than equal the principal due on our present national debt. While these settlements by the Court of Arbitration, which we assisted to create and of which we are a part. The Court was created by a statute, so called, which is really are very large in the aggregate, it has been felt that the terms granted were a treaty made among some forty-eight different countries, that might In all cases very generous. They impose no undue burden and are mutually properly be called a constitution of the Court. This statute provides a beneficial in the observance of international faith and the Improvement of inmethod by which the judges are chosen, so that when the Court of Arbitra- ternational credit. Every reasonable effort will be made to secure agreements for liquidation tion nominates them and the Assembly and Council of the League elect them, they are not acting as instruments of the Court of Arbitration or with the remaining countries, whenever they are in such condition that they can be made. Those which have already been negotiated under the Instruments of the League, but as instruments of the statute. This will be even more apparent if our representatives sit with the mem- hi-partisan commission established by the Congress have been made only after the most thoroughgoing and painstaking investigation, continued for a bers of the Council and Assembly In electing the judges. It is true they are paid through the League though not by the League, but by the countries long time before meeting with the representatives of the countries conwhich are members of the League and by our country if we accept the cerned. It is believed that they represent in each instance the best that protocol. The judges are paid by the League only in the same sense that can be done and the wisest settlement that can be secured. One very imit could be said United States judges are paid by the Congress. The Court portant result is the stabilization of foreign currency, making exchange derives all its authority from the statute and Is so completely independent assist rather than embarrass our trade. Whenever sacrifices have been of the League that it could go on functioning if the League were disbanded made of money, it will be more than amply returned In better understanding and friendship while in so far as these adjustments will contribute to at least until the terms of the judges expired. The most careful provisions are made in the statute as to the qualificationt the financial stability of the debtor countries, to their good order, prosof judges. Those who make the nominations are recommended to consult perity, and progress, they represent hope of improved trade relations and with their highest court of justice, their law schools and academies. The mutual contributions to the civilization of the world. judges must be persons of high moral character, qualified to hold the highest Alien Property. Judicial offices in that country, or be jurisconsults of recognized competence Negotiations are progressing among the interested parties in relation to in international law. It must be assumed that these requirements will the final distribution of the assets In the hands of the Allen Property Cuscontinue to be carefully met, and with America joining the countries already todian. Our Government and people are interested as creditors; the concerned it is difficult to comprehend how human ingenuity could better German Government and people are interested as debtors and owners of provide for the establishment of a court which would maintain its inde- the seized property. Pending the outcome of these negotiations, I do not pendence. It has to be recognized that independence Is to a considerable extent a matter of ability, character and personality. Some effort was recommend any affirmative legislation. For the present we should continue In possession of this property, which we hold as security for the settlement made in the early beginnings to interfere with the independence of our of claims due to our people and our Government. Supreme Court. It did not succeed because of the quality of the men who made up that tribunal. Immigration. It does not seem that the authority to give advisory opinions interferes While not enough time has elapsed to afford a conclusive demonstration, with the independence of the court. Advisory opinions in and of them- such results as have been secured indicate that our immigration law 13 selves are not harmful, but may be used in such a way as to be very benefi- on the whole beneficial. It is undoubtedly a protection to the wage-earners cial because they undertake to prevent injury rather than merely afford a of this country. The situation should, however, be carefully surveyed, remedy after the injury has been done. As a principle that only implies In order to ascertain whether it is working a needless hardship upon our own that the court shall function when proper application is made to it. Decid- Inhabitants. If it deprives them of the comfort and society of those bound ing the question involved upon issues submitted for an advisory opinion to them by close family ties, such modifications should be adopted as will does not differ materially from deciding the question involved upon issues afford relief, always in accordance with the principle that our Government submitted by contending parties. Up to the present time the court has owes its first duty to our own people and that no alien, inhabitant of another given an advisory opinion when it judged it had jurisdiction, and refused to country, has any legal rights whatever under our Constitution and laws. give one when It judged it did not have jurisdiction. Nothing in the work It is only through treaty, or through residence here, that such rights accrue. of the court has yet been an indication that this is an impairment of Its But we should not, however, be forgetful of the obligation of a common independence or that its practice differs materially from the giving of like humanity. opinions under the authority of the constitutions of several of our States. While our country numbers among its best citizens many of those of forNo provision of the statute seems to me to give this court any authority to eign birth, yet those who now enter in violation of our laws by that very be a political rather than a judicial court. We have brought cases in this act thereby place themselves in a class of undesirables. If investigation counay before our courts which, when they have been adjudged to be politi- reveals that any considerable number are coming here in defiance of our cal, have been thereby dismissed. It is not improbable that political ques- Immigration restrictions, it will undoubtedly create the necessity for the tions will be submitted to this court, but again up to the present time the registration of all aliens. We ought to have no prejudice against an alien DEC. 12 1925.) THE CHRONICLE because he is an alien. The standard which we apply to our inhabitants Is that of manhood, not place of birth. Restrictive immigration is to a large degree for economic purposes. It is applied in order that we may not have a larger annual increment of good people within our borders than we can weave into our economic fabric in such a way as to supply their needs without undue injury to ourselves. 2831 agencies, the Department of Agriculture and Commerce, the Farm Loan Board, the Intermediate credit banks and the Federal Reserve Board are an co-operating to be of assistance and relief. On the other hand, there are localities and individuals who have had one of ther most propserous years. The general price level Is fair, but here again there are exceptions both ways. some items being poor, while others are excellent. In spite of a lessened production the farm income for this year will be about the same as last year and much above the three preceding years. Agriculture is a very complex industry. It does not consist of one problem, but of several. They cannot be solved at one stroke. They have to be met in different ways, and small gains are not to be despised. It has appeared from all the investigations that I have been able to make that the farmers as a whole are determined to maintain the independence of their business. They do not wish to have meddling on the part of the Government or to be placed under the inevitable restrictions involved in any system of direct or indirect price fixing, which would result from permitting the Government to operate in the agricultural markets. They are showing a very commendable skill in organizing themselves to transact their own business through co-operative marketing, which will this year turn over about $2,500,000,000, or nearly one-fifth of the total agricultural business. In this they are receiving help from the Government. The Department of Agriculture should be strengthed in this facillt •, in order to be able to respond when these marketing associations want help. While it ought not to undertake undue regulation, it should be equipped to give prompt information on crop prospects, supply, demand, current receipts, imports, exports and prices. A bill embodying these principles, which has been drafted under the advice and with the approval of substantially all the leaders and managers in the co-operative movement, will be presented to the Congress for its enactment. Legislation should also be considered to provide for leasing the unappropriated public domain for grazing purposes and adopting a uniform policy relative to grazing on the public lands in the national forests. A more intimate relation should be established between agriculture and the other business activities of the nation. They are mutually dependent and can each advance their own prosperity most by advancing the prosperity of the other. Meantime the Government will continue those activities which have resulted in an unprecedented amount of legislation and the pouring out of great sums of money during the last five years. The work for good roads, better land and water transportation, increased support for agriculcultural education, extension of credit facilities through the Farm Loan Boards and the intermediate credit banks, the encouragement of orderly marketing and a repression of wasteful speculation will all be continued. 41 Following every other depression, after a short period the price of farm produce has taken and maintained the lead in the advance. This advance had reached a climax before the war. Every one will recall the discussion that went on for four or five years prior to 1914 concerning the high cos. of living. This history is apparently beginning to repeat itself. Whll , wholesale prices of other commodities have been declining, farm prices hay been increasing. There is every reason to suppose that a new era in agri cultural prosperity lies just before us, which will probably be unprecedented . National Defense. Never before in time of peace has our country maintained so large and effective a military force as it now has. The army, navy, Marine Corps, National Guard and organized reserves represent a strength of about 558.400 men. These forces are well trained, well equipped and high in morale. A sound selective service Act, giving broad authority for the mobilization in time of peril of all the resources of the country, both persons and materials, is needed to perfect our defensive policy in accordance with our ideals of equality. The provision for more suitable housing to be paid for out of funds derived from the sale of excess lands, pending before the last Congress, ought to be brought forward and passed. Reasonable replacements ought to be made to maintain a sufficient ammunition reserve. The navy has the full treaty tonnage of capital ships. Work is going forward in modernizing the older ones, building aircraft carriers, additional fleet submarines and fast scout cruisers, but we are carefully avoiding anything that might be construed as a competition in armaments with other nations. The joint army and navy manoeuvres at Hawaii, followed by the cruise of a full battle fleet to Australia and New Zealand, were successfully carried out. These demonstrations revealed a most satisactory condition of the ships and the men engaged. Last year at my suggestion the General Board of the navy made an investigation and report en the relation of aircraft to warships. As a result authorizations and appropriations were made for more scout cruisers and fleet submarines and for completing aircraft carriers and equipping them with necessary planes. Additional training in aviation was begun at the Military and Naval Academies. A method of co-ordination and cooperation of the army and navy and the principal aircraft builders is being perfected. At the suggestion of the Secretaries of War and Navy I appointed a special board to make a further study of the problem of aircraft. The report of the Air Board ought to be reassuring to the country, gratifying to the service and satisfactory to the Congress. It is thoroughly complete and represents the mature thought of the best talent in the country. No radical change in organization of the service seems necessary. The Departments of War, Navy and Commerce should each be provided with an additional Assistant Secretary, not necessarily With statutory duties but who would be available under the direction of the Secretary to give especial attention to air navigation. We must have an air strength worthy of America. Provision should be made for two additional BrigadierGenerals for the Army Air Service. Temporary rank corresponding to their duties should be awarded to active flying officers in both army and navy. Aviation is of great importance both for national defense and commercial development. We ought to proceed in its improvement by the necessary experiment and investigation. Our country Is not behind in this art. It has made records for speed and for the excellence of its plares. It Muscle Shoals. ought to go on maintaining its manufacturing plants capable of rapid The problem of Muscle Shoals seems to me to have assumed a place all production, giving national assistance to the laying out of airways,equipping out of proportion with its real importance. It probably does not represent Itself with a moderate number of planes and keeping an air force trained to in market value much more than a first-class battleship, yet it has been the highest ef ficiency. discussed in the Congress over a period of years and for months at a time. While I am a thorough believer in national defense and entirely com- It ought to be developed for the production of nitrates primarily, and incimitted to the policy of adequate preparation, I am just as thoroughly op- dentally for power purposes. This would serve defensive, agricultural and posed to instigating or participating in a policy of competitive armaments. industrial purposes. I am in favor of disposing of this property to meet Nor does preparation mean a policy of militarizing. Our people and these purposes. The findings of the special commission will be transmitted industries are solicitous for the cause of our country, and have great respect to the Congress for their information. I am convinced that the best possible for the army and navy and for the uniform worn by he men who stand disposition can be made by direct authorization of the Congress. As a ready at all times for our protection to encounter the dangers and perils means of negotiation I recommend the immediate appointment of a small necessary to Mttary service, but all of these activities are to be taken not joint special committee chosen from the appropriate general standing comin behalf of aggression but in behalf of peace. They are the instruments mittees of the House and Senate to receive bids, which when made should by which we undertake to do our part to promote good-will and support be reported with recommendations as to acceptance, upon which a law stability among all peoples. should be enacted, effecting a sale to the highest bidder who will agree to Veterans. carry out these purposes. If any one desires to estimate the esteem in which the veterans of America If anything were needed to demonstrate the almost utter incapacity of the are held by their fellow-citizens, it is but necessary to remember that the National Government to deal directly with an industrial and commercial current budget calls for an expenditure of ebout $650.000,000 in their problem, it has been provided by our experience with this property. We behalf. This is nearly the amount of the total cost of the National Govern- have expended vast fortunes, we have taxed everybody, but we are unable to secure results which benefit anybody. This property ought to be.transment, exclusive of the Post Office, before we entered the last war. At the two previous sessions of Congress legislation affecting veterans' ferred to private management under conditions which will dedicate it to the relief was enacted and the law liberalized. This legislation brought into public purpose for which it was conceived• being a number of new provisions tending more nearly to meet the needs of Reclamation. our veterans, as well as afford the necessary authority to perfect the-adThe National Government is committed to a policy of reclamation and ministration of these laws. Irrigation which it desires to establish on a sound basis and continue in the Experience with the new legislation so far has clearly demonstrated its constructive nature. It has increased the benefits received by many and Interest of the localities concerned. Exhaustive studies have recently been has made eligible for benefits many others. Direct disbursements to the made of Federal reclamation, which have resulted in improving the projects veteran or his dependents exceeding $21,000,000 have resulted, which and adjusting many difficulties. About one-third of the projects Lk in good otherwise would not have been made. The degree of utilization of our financial condition, another third can probably be made profitable, while the hospitals has increased through making facilities available to the incapac- other third is under unfavorable conditions. The Congress has already proitated veteran regardless of service origin of the disability. This new vided for a survey which will soon be embodied in a report. That ought legislation also has brought about a marked improvement of service to the to suggest a method of relief which will make unnecessary further appeals to the Congress. Unless this can be done Federal reclamation will be conVeteran. The organizations of ex-service men have proposed additional legislative siderably retarded. With the greatly increased cost of construction and changes which you will consider, but until the new law and the modifica- operation, it has become necessary to plan in advance, by community tions made at the last session of Congress are given a more thorough test organization and selective agriculture, methods sufficient to repay these increasing outlays. further changes in the basic law should be few and made only after careful The human and economic interests of the farmer citizens suggest that the though sympathetic consideration. The principal work now before the Veterans' Bureau is the perfection of States should be required to exert some effort and assume some responsiits organization and further improvements in service. Some minor legis- bility, especially in the intimate, detailed and difficult work of securing lative changes are deemed necessary to enable the Bureau to retain that settlers and developing farms which directly profit them, but only ndirectly high grade of professional talent essential in handling the problems of the and remotely can reimburse the nation. It is believed that the Federal Bureau. Such changes as tend toward the improvement of service and the Government should continue to be the agency for planning and constructing carrying forward to completion of the hospital construction program are the great undertakings needed to regulate and bring into use the rivers recommended for the consideration of the proper committees of Congress. the West, many of which are inter-State in character, but the detailed work With the enormous outlay that is now being made in behalf of the of creating agricultural communities and a rural civilization on the land veterans and their dependents, with a tremendous war debt still requiring made ready for reclamation ought to be either transferred to the States in its great annual expenditure, with the still high rate of taxation, while every entirety or made a co-operative effort of the State and Federal Government. provision should be made for the relief of the disabled and the necessary care Shipping. of dependents, the Congress may well consider whether the financial condiThe maintenance of a merchant marine is of the utmost importance for tion of the Government is not such thatfurther bounty through the enlarge- national defense and the service of our commerce. We have a large number ment of general pensions and other emoluments ought not to be postponed. of ships engaged in that service. We also have a surplus supply, costly to care for, which ought to be sold. All the investigations that have been Agriculture. made under my direction, and those which have been prosecuted independNo doubt the position of agriculture as a whole has very much improved ently, have reached the conclusion that the fleet should be under the since the depression of three and four years ago. But there are many direct control of a single executive head, while the Shipping Board should localities and many groups of individuals, apparently through no fault of exercise its judicial and regulatory functions in accordance with its original their own, sometimes due to climatic conditions and sometimes to the pre- conception. The report of Henry G. Dalton, a business man of bread vailing price of a certain crop, still in a distressing condition. This is experience, with a knowledge ofshipping, made to me after careful Investigaprobably temporary, but it is none the less acute. National Government tion, will be transmitted for the information of the Congress, the studies. 2832 THE CHRONICLE [VoL. 121 I Commerce tures attendant upon the burning of coal. Every facility should be extended pursued under the direction of the United States Chamber of special far the connection of the various units into a superpower plant, capable at will also be accessible, and added to these will be the report of the all times of a current increasing uniformity over the entire system. committee of the House. . it has Railroads. I do not advocate the elimination of regional considerations, but management become apparent that without centralized executive action the The railroads throughout the country are in a fair state of prosperity. business, of this great business, like the management of any other great supply of cars is abundant. Their condition A Their service is good and their will flounder in incapacity and languish under a division of council. would be improved and the public better served by a system of consolidaof this principle of unified control, which tions. I recommend that the Congress authorize such consolidations under plan and unmistakable reassertion apply. is I have always been advised was the intention of the Congress to the supervision of the Inter-State Commerce Commission, with power to necessary to increase the efficiency of our merchant fleet. approve or disapprove when proposed parts are excluded or new parts added. I am informed that the railroad managers and their employees have reached Coal. a substantial agreement as to what legislation Is necessary to regulate and The perennial conflict in the coal industry is still going on, to the great the public. improve their relationship. Whenever they bring forward such proposals, detriment of the wage-earners, the owners, and especially to needs for which seem sufficient also to protect the interests of the public, they should With deposits of coal in this country capable of supplying its resource for the be enacted into law. hundreds of years. Inability to manage and control this great It has It is gratifying to report that both the railroad managers and railroad benefit of all concerned Is very close to a national economic failure. the mutual adjustment of differences in investigation and reiterated recommendation. employees are providing boards for been the subject of repeated of adjusting harmony with the principles of conference, conciliation and arbitration. the industry seems never to have accepted modern methods Yet could serve the The solution of their problems ought to be an example to all otlibr industries. differences between employers and employees. The industry method of Those who ask the protections of civilization should be ready to use the public much better and become subject to a much more effective and more freedom in the formation of methods of civilization. control if regional consolidations A strike In modern industry has many of the aspects of war in the modern Department of Commarketing associations, under the supervision of the is world. It injures labor and it injures capital. If the industry involved merce. were permitted. the no authority a basic one, it reduces the necessary economic surplus and, increasing At the present time the National Government has little or general comfort of the It has permitted cost of living, it injures the economic welfare and to deal with this vital necessity of the life of the country. and be bumble supplica- whole people. It also involves a deeper cost. It tends to embitter itself to remain so powerlais that its only attitude must the Departments divide the community into warring classes and thus weakens the unity and tion. Authority should be lodged with the President and an emergency. power of our national life. of Commerce and Labor, giving them power to deal with authority to call Labor can make no permanent gains at the cost of the general welfare. They should be able to appoint temporary boards with in the past generation have been , conciliate differences, encourage arbitration. All the victories won by organized labor for witnesses and documents of distribution. Making won through the support of public opinion. The manifest inclination the and In ease of threatened scarcity exercise contr)1 over statement from an managers and employees of the railroads to adopt a policy of action in marthe facts public under these circumstances through a life. The report of the mony with these principles marks a new epoch in our industrial authoritative source would no of great public benefit. ed, and acted Outlying Possessions. last coal commission should be brought forward, reconsider t113012. The time has come for careful investigation of the expenditures and Prohibition. success of the laws by which we have undertaken to administer our outlying s the Constitus. A very large amount of money is being expended for adUnder the orderly processes of our fundamental institution The Congress possession prohibition. tion was lately amended providing for national ministration in Alaska. It appears so far out of proportion to the number similar Acts have been provided by ofinhabitants and the amount of production as to indicate cause for thorough passed an Act for Its enforcement, and duty of all who most of the States. It is the law of tha land. It is the ion. Likewise consideration should be given to the experience law, and it Is the investigat under the law which governs the Philippines. From such reports as reach come under Its jurisdiction to observe the sph it of that Department to enforce me duty of the Department of Justice and the Treasury there are indications that more authority should be given to the Governor Inter-State comdependent upon the local legislative body it. Action to prevent smuggling. Illegal transportation in for General, so that he will not be so sources m supply to render effective our efforts to set an example of the sound administration merce, abuse in the use of permits, and existence of Government. and good government which is so necessary for the preparation of the Illegal traffic is almost entirely imposed upon the Federal increased activities of If Through treaties with foreign Governments and Philippine people for self-government under ultimate independence. attorneys, and enforcement agents they are to be trained in these arts, it is our duty to provide for them the Coast Guard, revenue agents. district the Constitution also the best effort Is being made to prevent these violations. But that there is. active and energetic Retirement of Judges. puts a concurrent duty on the States. We need their the jurisdiction of years , co-operation, the vigilant action of their police, and people observance, The Act of March 3 1911 ought to be amended so that the term of request of the States requisite for retiretheir courts to assist in enforcement. I ss of services of judges of any court of the United efforts for enforcement, and of theC,ongre only continuous but aggreof the public officers continuing include not prosecution of this ment with pay shall be computed to favorable action on the budget recommendation for the gate service. work. Mothers' Aid. Waterway Development. humanities. The Government ought always to be alert on the side of the and operations . For many years our country has been employed in plans It ought to encourage provisions for economic justice for the defenseless coastal and inland waterways. This It agencies, as may for the development of our Introought to extend its relief through its national and local commerce. It will be and the needy. It ought to work along our roast is an important adjunct to our suffering harbors, as our re- be appropriate in each case, to the carried on, together with the further opening up of our during the war to be charitable. measures in aid of sources permit. The Government made an agreement 40 of our States have enacted Although more than made valuable still without such a law. A caretake over the Cape Cod Canal, under which the owners redeemed. motherhood, the District of Columbia is s. This pledged faith of the Government ought to be ought to have most thoughtful which concession Great Lakes fully considered bill will be presented. Two other main fields are under consideration. One is the may adopt a measure which will stabilizing the consideration in order that the Congress and St. Lawrence, including the Erie Canal. This includes all parts of the Union. for power project. A joint commission be hereafter a model lake level, and Is both a waterway and Civil Service. welch will of the United States and Canada is working on plans and surveys act, which from a modest can be made, In 1883 the Congress passed the civil service not be completed until next April. No final determination ion of both countries. beginning of 14.000 employes has grown until there are now 425,000 in the apparently, except under treaty as to the participat almost entirely devoted Classified service. This has removed the clerical force of the nation from the The other is the Mississippi River system. This is three wasteful effects of the spoils system and made it more stable and efficient. Ohio River will be completed in about to navigation. Work on the Orleans, Kansas City The time has come to consider classifying all postmasters, collectors of years. A modern channel connecting Chicago, New tributaries prosecuted. customs, collectors of internal revenue, and prohibition agents, by an act and Pittsburgh should be laid out and work on the along the Missouri, and covering in those at present in office, except when otherwise provided by Some work is being done of a preparatory nature reaches!of the MLssislarge expenditures are being made yearly In the lower control and naviga- Executive order. to form the basis of a flood The necessary statistics are now being gathered sippi and its tributaries which contribute both to Colorado River project, valxation of the civil service retirement fund based on current conditions tion. Preliminary measures are being taken on the irrigation, power develop- of the service. It is confidently expected that this valuation will be comwhich is exceedingly important for food control, would seem to be very pleted in time to be made available to the Congress during the present ment, and water supply to the area concerned. It action of the session. It will afford definite knowledge of existing and future liabilities it is practical to secure affirmative doubtful, however, whether liabilities under any proposed several States. under the present law and determination of except under a joint agreement of the Congress, sums upon scientific re- change in the present law. We should have this information before creating The Government has already expended large to of this Colorado River for retirement annuities which will become liabilities search and engineering investigation In promotion many years by differ- further obligations be met in the future from the money of the taxpayer. has been retarded for project. The actual progress prot over their relative water rights The classification act of 1923, with the subsequen legislative action ences among the seven States in the basin In an attempt to settle the viding for adjustment of the compensation of field service positions, has and among different groups as to methods. authorized the Colorado operated materially to improve employment conditions in the Federal primary difficulty of the water rights. Congress upon an inter-State com- service. The administration of the act is in the hands of an impartial River Commission, which agreed on Nov. 24 1922. of the State Legisla- board, functioning without the necessity of a direct appropriation. It these rights, subject to the ratification pact to settle Arizona at one time ratified, would be inadvisable at this time to place in other hands the administures and Congress. All seven States except ns which failed to meet tration of this act. the Arizona Legislature making certain reservatio attempt was made to Federal Trade Commission. the approval of the Governor. Subsequently an but in this case California and establish the compact upon a six-State basis, The proper function of the Federal Trade Commission is to supervise of opinion upon division competiimposed reservations. There appears to be no practices in commerce which are detrimental to fair difficulty in separating conten- correct those and the major principles of the compact, but tion. In this it performs a useful function and should be continued discussion of it. It is imalso to be a help to honest business. In my tions as to methods of development from the Arizona, supported. It was designed California and changes in the perative that flood control be undertaken for message to the Sixty-eighth Congress I recommended that for domestic water. by its own preparation made for irrigation, for power, and then existing be made. Since then the commission in every proposed develop- procedure in the Some or all of these questions are combined action has reformed its rules, giving greater speed and economy interested in some of these phases. State for those accused to be heard. opportunity ment. The Federal Government is and pri- disposal of its cases and full districts in others, improvements and, if necessary, provision should be governments and municipalities and irrigation difference of view it is These changes are vate corporations in still others. Because of all this made for their permanency. the creation of some agency most desirable that Congress should consider Reorganization. solely upon economic that will be able to determine methods of improvement the reand settle, No final action has yet been taken on the measure providing for would be authorized to negotiate and engineering facts, that , rights and obliga- organization of the various departme ts. I therefore suggest that this subject to the approval of Congress. the participation, some such method measure, which will be of great benefit to the efficient and economical adtions of each group in any particular works. Only by forward and ministration of the business of the Government, be brought can early construction be secured. passed. Water Power. The Negro. every possible enThe progAlong with the development of navigation should go Nearly one-tenth of our population consists of the negro race. power. Whiel steam still sixty couragement for the development of our water ress which they have made in all the arts of civilization in the last more becoming an era of elec citizens. plays a dominant part, this is more and in- years is almost beyond belief. Our country has no more loyal is moderate, has not fended greatly to tricity. Once installed, the cost , kindness and helpfulness. They need dirt and disagreeable fea- But they do still need sympathy crease, and is entirely free from the unavoidable DEC.12 1925.] THE CHRONICLE reassurance that the requirements of the Government and society to deal out to them even-handed Justice will be met. They should be protected from all violence and supported in the peaceable enjoyment of the fruits of their labor. Those who do violence to them should be punished for their crimes. No other course of action is worthy of the American people. Our country has many elements in its population, many different modes of thinking and living, all of which are striving in their own way to be loyal to the high ideals worthy of the crown of American citizenship. It is fundamental of our institutions that they seek to guarantee to all our inhabitants the right to live their own lives under the protection of the public law. This does not include any license to injure others materially, physically, morally, to incite revolution or to violate the established customs which have long had the sanction of enlightened society. But it does mean the full right to liberty and equality before the law Without distinction of race or creed. This condition cannot be granted to others, or enjoyed by ourselves, except by the application of the principle of broadest tolerance. Bigotry is only another name for slavery. It reduces to serfdom not only those against whom it is directed, but also those who seek to apply it. An enlarged freedom can only be secured by the application of the Golden Rule. No other utterance ever presented such a practical rule of life. Conclusion. It is apparent that we are reaching into an era of great general prosperity. It will continue only so long as we shall use it properly. After all, there is but a fixed quantity of wealth in this country at any fixed time. The only way that we can all secure more of it is to create more. The element of time enters into production. If the people have sufficient moderation and contentment to be willing to improve their condition by the process of enlarging production,eliminating waste, and distributing equitably, a prosperity almost without limit,lies before us. If the people are to be dominated by selfishness, seeking immediate riches by nonproductive speculation and by wasteful quarreling over the returns from industry, they will be confronted by the Ine%itable results of depression and privation. If they will continue industrious and thrifty, contented with fair wages and moderate profits, and the returns which accrue from the development of our natural resources, our prosperity will extend itself indefinitely. all your deliberations you should remember that the purpose of legislation is to translate principles into action. It is an effort to have our country be better by doing better. Because the thoughts and ways of people are firmly fixed and not easily changed, the field within which Immediate improNement can be sectred is very narrow Legislation can provide opportunity. Wiu ther it is taken advautage of or not depends upon the people themselves. The Government of the United States has been created by the people. It is solely responsible to them. It will be most Successful if it is conducted solely for their benefit. All its efforts would be of little avail unless they brought more justice, more enlightment, more happiness and prosperity into the home. This means an opportunity to observe religion, secure education, and earn a living under a reign of law and order. It is the growth and improvement of the material and spiritual life of the nation. We shall not be able to gain these ends merely by our own action. If they come at all, it will be because we have been willing to work in harmony with the abiding purpose of a Divine Providence. CALVIN COOLIDGE, Budget Message of President Coolidge. In addition to his annual message to Congress, President Coolidge also submitted to Congress, on the 9th inst., his annual Budget message. This we give in full herewith: I transmit herewith the budget of the United States for the fiscal year ending June 30, 1927. The receipts and expenditures shown in detail in the budget are summarized in the following statement, exclusive of postal revenues and postal expenditures paid from postal revenues. Estimated, Estimated, Actual, 1927. 1926. 1925. Total receipts $3,824,530,203 53,880,716,942 $3,780,148,684 Total expenditures (including reduction of the public debt required by law to be made from ordinary receipts) 3,494,222.308 3,618.675,186 3,529.643,448 Excess of receipts 3330.307.895 $262,041,756 3250.505,238 The Budget for the fiscal year 1926, transmitted to the Congress Dec. 1 1924 indicated that for the fiscal year ended June 30. 1925, there would be a surplus of receipts over expenditures of 567.884.489. The actual surplus was $250.505.238. This gratifiying difference between estimates and actual results was due mainly to unexpected increases in receipts, though a reduction in expenditures helped to swell the total. In that Budget it was estimated receipts for the current fiscal year, 1926, would amount to $3.641.295.092 and expenditures $3.267,551.378. forecasting a surplus of receipts over expenditures of $373.743,714. This estimate, made one year ago, has materially changed. On the receipt side of the ledger the operations of the first five months of this fiscal year Indicate that we will receive $3.880.716,000, or approximately $239,420.000 more than was estimated a year ago. There is an estimated increase of $143,125.000 alone in our internal revenue, which indicates plainly the stimulating influence of business of the last tax reduction law. On the other side of the ledger the expenditures estimated a year ago as $3,267,551,000 sand increased to-day to an estimated total of $3,618.675,000. an increase of $351,124,000. The indications to-day are that the surplus for 1926 will amount to $262,041,000. Soldier Bonus Cost Larger. It is appropriate to mention the principal items which enter into this Increase in estimated expenditures for the current fiscal year, for which it will be necessary to submit supplemental estimates to the Congress. The Budget for 1926 carried an estimate of $50.000,000 for the second payment to the adjusted service certificate fund established under the adjusted Compensation Act of May 19 1924. In submitting World War that estimate it was stated that should the number of applications increase beyond what the then conditions indicated as being probable a supplemental estimate for the additional amount found necessary would be presented. The Indications to-day are that there will be issued not less than 3,400,000 certificates of insurance at an average cost of $1.033 each. On this basis the cost of the World War Adjusted Compensation Act will reach 000.000. The law contemplates that the financial obligation $3.500,creates shall be equally distributed over a period of 20 years. which it To meet this obligation will require a payment of $106,000,000 to the fund on Jan. 1 1926, in addition to the $50.000,000 already appropriated. Subsequent payments to the fund will require approximately $140,000,000 annually. To meet refundment of taxes illegally collected it was estimated our expenditures for 1926 would amount to $90,000,000. The indications to-day are that $151,000,000 will be required, a difference of $61,000,000. The funds on hand July 1 1925 amounted to $60.000.000, which are now 2833 practically exhausted. An additional amount of $91.000,000 will therefore be required to meet the refunds for the remainder of the current fiscal year. For Federal aid to post roads, an additional amount of $23 000.000 will be required this fiscal year, and to meet the estimated deficti in postal revenues 537.100.000 will be required. This latter requirement grows out of the Postal Pay Act which operated to change an estimated surplus of 310,000.000 in postal revenues over postal expenditures to the deficit above stated. The next item of importance is that of pensions, for which it is estimated an additional $8.000.000 will be required this fiscal year. Favorable 1927 Outlook. The outlook for the coming fiscal year, 1927,is most favorable. For that year it is estimated the ordinary receipts will be $3,824,530.000 and expenditures $3,494,222,000. This indicates a surplus of $330.307,000. The outlook for 1926 and 1927 shows clearly that the united effort of the executive and legislative branches of the Government for economy In Federal expenditures are bearing fruit. In the last four fiscal years there have been two substantial reductions in taxes. We have restored to the people a part of the moneys which we required of them to finance the world War. We are now in that favorable position of making further restoration. The Budget and Accounting Act contemplates that under the fortunate conditions in which we now find ourselves the Chief Executive will make recommendation to the Congress as to the disposition of the estimated surplus of revenue. I therefore recommend to the Congress that there be a further reduction in taxes. The satisfaction of the Chief Executive in having opportunity to make such a recommendation I know is shared by the Congress, whose co-operation with the Chief Executive in the conservation of public funds has made such reduction in taxes possible. The Ways and Means Committee of the House of Representatives has been informed of our prospective surplus for 1927. That Committee has prepared a tax-reduction measure. While this measure somewhat exceeds my judgment in amount and in exemptions, yet with continuing pressure for economy in the Federal service and the stimulation to business which will result from tax reduction, perhaps we can make further reduction In takes of about the sum total of our prospective surplus for 1927 without Jeopardizing the balancing of our annual Budget. Such reduction, bowfin or, should carry an obligation not to embark upon new projects Involving large annual expenditure if we are to safeguard the integrity of our Budget. The fruits of our labors are reflected in the coming tax reduction measure. It reflects the results of the efforts of the servants of the people and their representatives in beheld of the people. There have been no partisan politics in expediting its preparation. I hope this same condition will prevail In the consideration of the measure. Ordinary Expenses at Minimum. This brings us to the estimates of appropriations contained in this Budget. These estimates reflect the continuing pressure for economy in Federal expenditure. We have about reached the time when the legitimate business of Government cannot be carried on at a less expenditure than that which It now requires. With regard to our legitimate business the operating emits have been reduced to nearly a minimum. The normal expansion of the business of the Government in keeping pace with a growing nation will involve added expenditure from year to year. The effort for economy, however, must continue. So far as it lies within the power of the Chief Executive it will continue. In the following table a comparison is made of the appropriations of 1925 with the estimates for 1927: 1927. 1926. Legislative establishment 516,498.382 514,915.002 Executive office 441.960 489,960 Independent offices: Civil Service Commission 1,001,592 1.008.092 Employees' Compensation Commission 2,742.040 2,301.500 Federal Board for Vocational Education— 8.210.620 8,227.000 Federal Trade Commission 997.000 1,008.000 General Accounting Office 3.714.400 3.701.960 Housing Corporation 674.398 743.915 Interstate Commerce Commission 6.033.309 6.853.962 Public Buildings and Public Parks 2,293.850 2,282.505 Tarriff Commission 699.000 721.500 Shipping Board and Emergency Fleet Corporation 14,198.574 24,330.000 Smithsonian Institution and National Museum 858.240 874.020 United States Veterans' Bureau 458.965.000 405.700.000 Other Independent Offices 4,379.876 1.578.045 Total, Executive Office and Independent dent Offices 5505,709.859 5459,820.459 Department of Agriculture $140.717.758 Department of Commerce 30.402.847 Department of the Interior 250.967.602 Department of Justice 24,367.027 Department of Labor 8,567.305 Navy Department 322.869.430 State Department 16.614.933 Treasury Department 157,563.713 War Department. including Panama Canal. 335,641,525 District of Columbia 35.626,579 $138.075.191 28.542.129 262.255,603 24.205.822 8.627.625 302.862.378 16.277.653 153.708.404 339,765.931 36.032.853 Total ordinary 51.845.546.960 $1,785.089,050 Reduction in principal of the public debt: Sinking fund 3339,423.648 5325,304,445 Redemption of securities from Federal Reserve Bank and Federal intermediate credit bank franchise tax receipts 1,000,000 1.000,000 Redemption of bonds, etc., received as repayments of principal and as interest payments on obligations of foreign governments 175.159.750 174.124.150 Principal of the public debt 5515.583.398 5500.428.595 Interest on the public debt 795.000.000 820.000,000 Total payable from the Treasury $3,156,130,358 $3,105,517,645 Department and Postal Service, Post Office payable from postal revenues 740.077.563 636.269,415 Total, including Post Office Department and Postal Service 53.896.207,921 33,741.787,060 The foregoing table indicates that the estimates of appropriations for 1927. payable from the Treasury, will exceed by approximately $50.600,000 the amount of the appropriations for 1926. However, in making a comparison we should take into consideration the lawful obligations for 1926 which have been determined since the appropriations were made for that year. Taking these into consideration the estimates for 1927 are less than the appropriations and lawful obligations for 1926. For the air services the estimates carry a total of 342,447.000. being $16,973,000 for the Army. $22.391,000 for the Navy. 52.750,000 for the air mail service of the P.ost Office Department, and 3513.000 for the National Advisory Committee for Aeronautics. These amounts include contract authorizations, but do not include funds provided in other Budget items for the pay of commissioned Air Service officrs, pay, housing, and 2834 THE CHRONICLE general maintenance for the enlisted Air Service personnel, and cetrain classes of supplies and services of a general character furnished for Air Service activities. If we include these items, the total for the Air Service in 1927 will amount to not less than $76,000,000. The estimates for the air services for 1927 are in furtherance of the program which was commenced this year. They propose procurement from the industries of airplanes, engines, and accessories to the amount of $20,954,000. The remaining $21.493,000 is for maintenance, operation, experimentation, and research. This Government is pursuing an orderly policy toward building up its air services. We realize that our national defense air problem is primarily an industrial problem. We also know that tha airplane industry to-day is dependent almost entirely upon Government business for its development and growth. We do not contemplate any competition between the Government and industry in the production of airplanes. With the business already assured by the appropriations for the current year, and with the further assurance of the business contemplated by these estimates, there should be a normal and proper growth in this industry. If we continue this policy, there need be no fear of our national defense situation in so far as air strength is concerned. Prohibition Enforcement. The estimates carry a total of $21.940.529 for prohibition enforcement. This includes $12,634,000 for the activities of the Coast Guard in preventing rum smuggling. As an adjunct to prohibition enforcement, the Coast Guard has proved most effective. Its activities should be enlarged and strengthened at the earliest date possible. To this end I propose to recommend to the Congress additional appropriations of the Coast Guard for the This remainder of this fiscal year and for all of the next fiscal year. Procontemplates enlargement of the Coast Guard fleet and personnel. and personnel equipment vision is not made in this Budget for this additional to the Congress as one for 1927 for the reason that it should be presented year. program. involving as it does the current as well as the next fiscal It also proposed to recommend to the Congress that legislation be enacted cutters which which will authorize the construction of 10 new Coast Guard will cost approximately $9,000,000. While the initial cost of these cutters Is large, we will effect an economy, as they will replace the destroyers now being used and which are expensive of operation. The normal functions of the Coast Guard alone require these additional cutters so that their the construction will serve a twofold purpose. Every available resource of Government will be employed for prohibition enforcement. The recomof mendations which I propose to make to the Congress are for the purpose increasing this available force. Such reinforcement is needed. It should be provided. In furtherance of the policy of backing this salutary law with the full for power of the Federal Government, funds are carried in these estimates charged strengthening that branch of the Department of Justice which is with the prosecution of violators of its provisions. Federal Aid to Sstates. Federal aid to states is annually requiring more than $109,000,000. The estimates for this purpose for 1927 amount to something in excess of which an *110.000,000. The principal item is for rural post roads, for appropriation is requested of $80.000.000. The law authorizing Federal roads aid to states for the aid to States for the construction of rural post does not extend beyond the fiscal year 1927. The amount of *80.000.000 addition does not discharge our entire obligation under existing law. In been to this amount, the authorizations for which moneys have not yet action appropriated amount to $116,700,000. Without further legislative we therefore face an obligation of $116,700,000 over and above the amount carried in this estimate. The Federal Government has been generous in its participation in State road construction, having authorized appropriations amounting to $690.000,000. Federal contribution to State highway construction was probably necessary in the beginning. It has expedited and so co-ordinated construction that all expenditures would be reflected in a definite and approved connecting highway system. On the other hand, there is no question but that Federal contributions have materially added to State expenditures of the State funds. I am speaking for what I consider the best interest of people. While Federal taxes have been reduced, State and oilier governincreasing. Federal aid to States has mental taxes have been steadily Influenced this latter condition. We should keep in mind that the moneys who in which we have contributed to the States are taken from the people their own turn also pay the moneys required by the States to finance upon the people. It is true the portion of the cost. The entire cost falls they necessity and demand for good roads are constantly increasing, but for should not be constructed faster than the taxpayers can afford to pay best be deterthem. The amount that taxpayers can afford to pay can mined by the citizens of each State. Urges Cut in Road Aid. aid for road conSince the inauguration of the present plan of Federal their portion struction. the States have changed their methods of financing exact a gasoline tax, of the expenses. A large majority of the States now to those thereby distributing the coat of road construction and maintenance is purely who benefit by their use. The construction of roads within a state by State funds. Without a State matter and ultimately should be financed their construction further legislative enactment the States would carry on But the National to an amount which they can afford to spend on it. of good Government is committed to the policy of assisting in the building the Nation roads. Commitments have been made both by the States and continue them for the present. in this direction. It is necessary to Congress that I do, however, recommend for the consideration of the State road future legislation restrict the Government's participation in to the States construction to primary or inter-State highways, leaving it highways. This would operate to finance their secondary or inter-county to diminish the amount of Federal contribution. $6,437,900. In making For reclamation projects I am recommending the Congress laid appropriations this fiscal year for reclamation projects for new construction. down certain restrictions on the use of the funds would have assurance These restrictions contemplated that the Government were expended on them. of the paying ability of the projects before funds recommended in I am in full accord with this policy. Its continuance is the estimates appearing in this Budget. Construction Program Needed. office buildings in Again I urge upon the Congress the need of additional and economy. the District of Columbia in the interest of Federal efficiency most important The actual conditions that face some of the Government's working space are almost activities because of lack of sufficient and suitable inconceivable. The Department of Agriculture cocuples 45 widely separated in buildings in the District. The General ACCOIMUSS Office is scattered of the Treasury 20 different locations, while the Internal Revenue Bureau the greater bulk of the Department, with its financial problems, involving cases in Federal Government's receipts, is housed in 11 indifferent and some for most unsatisfactory offices. Efficient and economical administration I repeat my which we are striving Is impossible under these conditions. good administration of former recommendation that in the interest of (-rot 121. Federal business provision be made at once by the Congress for an annual appropriation of not in excess of 310,000,000 for the construction of buildings in the District of Columbia properly to house the Government's workers. No general building bill has been enacted since before the war. This matter must necessarily come up for consideration. I am not in favor of the passage of an act which would be characterized as a general parceling out of favors that usually bears a name lacking in good repute. I am willing to approve an act similar in character to that which has already passed the House, providing a lunp sum appropriation to be expended under the direction of the Treasury, or any other proper authority, over a term of years, with such annual appropriations as the national finances could provide. Needs Now Know. With regard to the physical plant of the Government, the policy was adopted of reaching a firm foundation before we attempted to build or rebuild. This was necessary because of the vast expansion of Federal agencies and.activities growing out of the World War. We could not hope, nor was it necessary, to maintain this vast war inheritance. The only reasonable and proper course was to ascertain what part of it we did need so that money would not be wasted on the other. The time has now been reached when we know approximately the Government plant which should be maintained and the additions which are essential thereto. I have already directed your attention to the need of additional Federal buildings at the seat of Government in order adequately to house and operate the business of the Government and protect its employees and records. The construction of Federal buildings at strategic points throughout the United States will be of material assistance in the transaction of public business and reduce rentals. This is not as urgent as the need for buildings in the District of Columbia. There is urgent need for new permanent construction to house the Army. This has been neglected primarily because we had the temporary shelter erected during the World War, but this has reached a stage when it is real waste to expend further funds upon its repair. The Congress in appropriating for the War Department for the fiscal year 1925 directed a study of the housing situation of the Army with a view to having laid before it a plan looking to the sale of property held by the War Department and the utilization of the proceeds to the erection of permanent buildings at places selected for permanent military posts and camps. This plan, which was reflected in bills introduced in Congress during the last session, would accomplish a very substantial commencement of the housing program for the Army. I commend this plan to the Congress for early consideration. It presents the means of meeting an urgent need. Debt Reduced. The estimates include $140.000.000 to be credited to the adjusted service Certificate fund established under the World War adjusted Compensation Act of May 19 1924. This amount is necessary for the third payment to the fund to be made January 1 1927. The applications received clearly indicate that $140,000,000 Is the amount which should be paid into the fund on Jan. 1 1927 During the fiscal year ended June 30 1925 the gross public debt was reduced $734,619,101. This was brought about through (1) retirements required to be charged against ordinary receipts, in amount $466,538,114: (2) a reduction of $17,575,749 in the general fund balance: and (3) the its application of the entire surplus of $250,505,238. The debt was at peak on Aug.31 1919 when the gross amount outstanding was $26,596.701.648. The gross amount outstanding on June 30 1925 was $20,516,193,888. The reduction accordingly has been S6,080.507.760. and the annual saving in interest amounts to more than $250,000.000. Certain fixed debt charges for debt retirement are included in the regular estab Budget of the Government. This policy, which has become firmly debt, Baled and which provides for an orderly retirement of the public was inaugurated bythe Congress in establishing the cumulative sinking fund and in directing that certain miscellaneous sources of revenue. including the repayment of loans to foreign Governments made under authority of the Liberty Bond Acts should be applied to debt redemption. During the was retired through the fiscal Year 1925 debt amounting to &306.308.400 amounted to $160.cumulative sinking fund. Other fixed debt charges 229,714. $881,806,662 as compared to Interest payments during 1925 aggregated estimated to be expended $940,602,913 expended in 1924, and $820,000.000 during 1926. For 1927 estimated expenditures are $795,000,000. Switchmen's Union Seeks 7% Wage Increase. According to Associated Press dispatches from Chicago Dec. 9 general chairmen of the Switchmen's Union of North America voted there to ask a 7% wage increase, higher pay for night work than for day work and uniform rules to safeguard seniority rights. The dispatches further state: The union represents about 19,000 men. The total increase demanded would probably exceed $2,000,000 a year. The wage increase asked is a renewal of the demand of the union in common with other generally recognized transportation organizations, made in 1923 for restoration of 1920 wage levels. That demand contemplated a 12% increase over the levels authorized by the United States Railroad Labor Board in July. Inter-State Commerce Commission Asks for Repeal of Provision Requiring It To'Formulate a Plan To Divide Country's Railroads into a Number of Systems—Favors Natural Consolidations. The repeal of the law requiring the Inter-State Commerce Commission to formulate a plan for the consolidation of the railroads of the country into a score or more systems was asked of Congress by the Commission in its 39th annual report submitted on Dec. 10. At the same time it was suggested that the Transoprtation Act be so changed as to expedite the natural grouping of the carriers into a smaller number of systems, the Commission retaining the power to approve or disapprove the mergers undertaken. The majority of the members of the Commission, according to the report, believe that "results as good and perhaps better are likely to be accomplished with less loss of time if tho process of consolidation is permitted to develop under guidance of the Commission" in a normal way. DEc.12 1925.] THE CHRONICLE 2835 The Commission's recommendations with respect to consolidation follow: operating expenses, including taxes, and leave a fair margin of return on investment. As the matter now stands, the returns to the railways are too low and the burden of taxes too great. That paragraphs (2) to (6) inclusive, of Section 5 of the Inter-State Act The railways have been seeking earnestly for every means of economy be amended (a) by omitting therefrom the existing requirement that we adopt and publish a complete plan of consolidation;(b) by making unlawful in operating their properties. They believe that all forms of government should likewise seek every possible economy in performing the functions any consolidation or acquisition of the control of one carrier by another in any manner whatsoever, except with our specific approval and authoriza- for which they are designed. By this means the need for taxes would be tion; (c) by giving us broad powers upon application and after hearings to reduced and the burden on the railways and other industries might be approve or disapprove such consolidations, acquisitions of control, mergers, lightened. How these economies may be realized and what precise form or unifications in any appropriate manner;(d) by giving us specific authority should be adopted to achieve simplification of taxes is the task for this to disapprove a consolidation or acquisition upon the ground that it does conference. not include a carrier or all or any part of its property which ought to be included in the public interest and which it is possible to include upon Fund of $250,000 Pledged by John D. Rockefeller for reasonable terms; (e) by modifying sub-paragraph (b) of paragraph (6) so Scientific Research in Petroleum. that the value of the properties proposed to be consolidated can be more expeditiously determined; and (f) by providing that in the hearing and John D. Rockefeller has pledged a fund of $250,000 to determination of applications under Section 5, the results of our investiga- the American Petroleum Institute "for the initiation of a tion in the proceeding of our docket known as No 12964, Consolidation of program of scientific research in petroleum," according to Railroads, may be utilized in so far as deemed by us advisable." Nomination of John A. Bunnell as President of Chicago Board of Trade. John A. Bunnell, a member of the Chicago Board of Trade since 1890, has been nominated for President of the exchange to succeed Frank L. Carey whose term expires in January. Mr. Bunnell served as President of the exchange in 1909. He is also a former director. Edwin A. Doom, well known In the grain trade, was named for Vice-President in the report of the nominating committee. Mr.Doern has been a member since 1897, and has served six years as a director. Those nominated for directors to fill the offices of directors whose terms are expiring are John C. Wood, Horace L. Wing, Charles V. Essroger, Lester N. Perrin and Earle M. Combs. Nominees on Committee of Appeals are Frank L. Carey, Frank G. Coe. Howard D. Murphy, George A. Boehl and Orrin S. Dowse. Committee of Arbitration, Walter Met cane, Robert J. Hanley, Alex. McD. Simons, Wm. C. Jacob, Caleb H. Canby, Jr. Nominating Committee are T. E. Cunningham, Luther S. Dickey, Robert P. Boylan, John E. Brennan, Arthur F. Lindley. R. H. Aishton on Burden of Railroad Taxation. Reduced taxes and a standardized and simplified method of assessing taxes, not only by the State but also the local Governments, are the crying needs of agriculture, the railroads and other classes of industry of this country, R. H. Aishton, President of the American Railway Association, told the joint conference between industry, agriculture and transportation which convened at the Hotel Astor in New York on Nov.18 under the auspices of the National Found- an announcement made Dec. 4 by the American Petroleum Institute. The fund is to be available in annual installments of $50,000 for five years, and to be expended "primarily in supporting research fellowships in scientific institutions—the recipients of such fellowships to engage in research on some problem of the physics, chemistry or geology of petroleum oil"; and the results of the work are to be made "freely available to the industry and public generally." It is announced that the purpose of this program is not merely to secure the carrying on of a limited amount of scientific research by specially engaged workers, but rather to utilize this means to enlist a more general scientific interest in petroleum. It Is therefore left to the discretion of the committee administering the fund to employ it not only for the direct support of research but in any other manner which will accomplish Mr. Rockefeller's major purpose. Mr. Rockefeller recommends that the fund be administered by a committee consisting of J. C. Donnell, Walter C. Teagle and Robert L. Welch, all directors of the American Petroleum Institute. Mr. Donnell is President of the Ohio 011 Co.; Mr. Teagle is President of the Standard Oil Co. of New Jersey, and Mr. Welch is General Secretary and counsel of the Institute. The board of directors of the Institute, In announcing the gift, expressed their appreciation of Mr. Rockefeller's continuing interest in the practical problems of the industry. It was stated that the plan for administering the fund would be worked out by the committee named, in consultation with the board of directors, with Government officials concerned with the industry and with educators, scientists and technicians. ers' Association. Referring specifically to the importance Annual Meeting in Florida of Investment Bankers Association of America. of a reduction in railway taxation, Mr. Aishton in a speech One of the most important annual meetings in its annals said: The present taxes on the railroads of this country are a burden, and a was held by the Investment Bankers Association of Amergrowing burden. In view of the fact the return realized by the railways ica at St. Petersburg, Fla., this week. These gatherings of the country under the level of rates determined by the Inter-State Commerce COMITliSSion has fallen materially below the standard of a fair re- are becoming increasingly interesting each year, the many turn set up in the Transportation Act of 1920, this low level of return and varied subjects covered in the reports which are premakes the increasing burden Of taxes increasingly hard to bear. sented at the yearly conventions being such as to command This burden of railway taxes does not stop with the total amounts charged against the railways by the various Governments, and paid neces- universal attention. For this reason it is our practice each sarily each year. There is an added burden in the fact that railways year to devote extended space to the proceedings of the meetespecially are subjected to a great variety of form of taxation. ing, and we shall hence next week give a detailed account of All of these taxes and charges beggaring description in their variety, burdensome and increasing steadily in amount from year to year, have been the reports, speeches, and resolutions. A letter from PresiImposed by legislative bodies with little or no regard to equity or theory. dent Coolidge to Thomas N. Dysart of St. Louis, President Not only does this multiplicity of the taxes levied on the railways create of the Association, featured the meeting, President Coolidge confusion, duplication and many inequalities as between corporations and regions, but adds another important element to the cost of railway opera- taking occasion to commend the work of the Association in tion in the expenditures required for the preparation of special reports, the stating that "the activities of your Association in educating filing of countless forms with Governmental tax and other agencies, and the the public along the lines of sound investment are of genuine cost of the accounting for such reports. Railway taxes snore than doubled from 1916 to 1924, while in 1925 they service to the nation." Secretary of the Treasury Mellon are averaging almost exactly one million dollars a day, or approximately likewise addressed a message to President Dysart,in which he $42,000 per hour. Taxes paid in 1925 are an increase of nearly 6% over expressed himself as "deeply impressed with the views exthe amount paid in 1924, in which year they totaled $340,000,000. The amount paid in 1924 was an increase of $84,000,000, or 30% over 1921, pressed by your Federal Taxation Committee regarding the While railway taxes have been constantly increasing, there has been a necessity for restricting future issues of tax-exempt securities, reduction in freight rates during the four years since 1921 that has averand also adjusting the surtaxes in order that tax avoidance aged more than 13%. During the year 1924 alone, and based upon the freight traffic handled in that year, the shippers of the United States paid may cease and funds seeking investment may be attracted a total freight bill smaller by more than $600,000,000 than they have paid had the freight rates of 1921 remained in effect without would into productive business rather than tax-exempt securities." reduc- At the closing session yesterday, W. S. Gifford, President tion. This reduction has been made possible through large additions in capital investment, which have resulted in increased efficiency and econ- of the American Telephone & Telegraph Co., was a speaker, omy in operation. and earlier in the week (on the 9th) E. H. H. Simmons, The decline of 13% in the average freight rates, compared with the President of the New York Increase of SO% in total taxes paid by the railways since 1921, Stock Exchange, discussed the furnishes a significant commentary on the increasingly cumulative burden of ex- close relation existing between the Exchange and the investpense of Government to the railways, as compared with the constantly ment banking business. The Association voiced ts opposidecreasing expense to the public of transportation furnished by the railways. tion to a Federal "blue sky" law, in line with the report of Railway taxes are a charge against public service corporations, that is, the Securities Law Committee, which urged instead the private property devoted to public service. In order to succeed in per- adoption of uniform legislation in the various forming their duty of public service, the railways must be able to pay States. The their operating costs out of revenues and be able to retain a sufficient margin subject was also discussed in the report of the Industrial In order to pay a reasonable return on investment, maintain sound credit Securities Committee, presented by Arthur H. Gilbert of and attract the necessary capital to make the required improvements and extensions which a growing demand for transportation service calls for. Spencer Trask & Co., New York. Adequate transportation service is of universal interest and adequate serIn the report of Eugene E. Thompson. changes in Federal vice cannot be secured or maintained unless operating revenues exceed taxation were proposed, the recommendations being brought 2836 TH ill CHRONICLE before the House Ways and Means Committee in an open letter. The creation by the Association of a committee on Investment Economics, to give close study to the economic trend and to aid in eliminating "fads and fancies" in investment banking of the public, was made known by President Dysart on Dec. 8. Among some of the items incident to the meeting which have crept into the newspapers, we quote the following reported from St. Petersburg Dec. 10 by the New York "Times": Some of the absurd stories going the rounds of the Florida papers are causing the Association members considerable amusement. For instance. most of the local papers to-day featured a report that J. P. Morgan & Co. plan to open a branch bank in West Palm Beach on Jan. 1 and will have $30.000.000 available at that time for investment in Florida real estate. There was great excitement in real estate circles about the news until it was completely disproved by a telephone message from the Morgan offices in New York. in which the assertion was made that partners of the Morgan firm had no idea ofinvesting any of the firm's capital in Florida real estate. [Vol, 121. from any bank, trust company or title company in California, who are actively engaged in escrow work. The following officers were chosen to serve for the remainder of the current year: President—John C. Campbell, Superintendent of Escrows Pacific-Southwest Trust & Savings Bank. Vice-Presidents---J. L. Keyes, Escrow Officer Security Trust & Savings Bank; W. T. Rimpau, Escrow Officer California Trust Co.; W. J. Church, Assistant Cashier Commercial National Bank. Secretary-Treasurer—W. IL Crandall, Escrow Officer Pacific-Southwest Trust & Savings Bank. Executive Committee—L. F. O'Callaghan, Merchants National Bank; John Clarke, Citizens National Bank; John Parsons, California Bank; Martin Davis Jr., Union Bank & Trust Co. ITEMS ABOUT BANKS, TRUST COMPANIES, &c. Two New York Stock Exchange memberships were reported posted for transfer, the consideration in each case being $147,000. That of Robert D. Wrenn, deceased, to Edward A. Pierce, and that of Ernest Groesbeck, deceased, Ray Morris of Brown Brothers & Co. has been elected to Royal V. Hersh. The last previous transaction was for President of the Association. Frederick R. Fenton contin- $152,000. ues as Secretary. The New York Curb Market membership of Edward F. Annual Banquet of Trust Companies of the United Breen was reported sold on Friday of last week to Jerome States to Be Held Feb. 18. Kennedy for $28,000. This week a further advance was Francis H. Sisson, President Trust Company Division, made when the membership of John J. Healy was reported American Bankers Association, and Chairman of the com- sold to Edward A. Pierce for $35,000. This latter is a high mittee on arrangements for the annual banquet of the trust record price. The last previous sale was for $24,000.. companies of the United States, announced that the next Last week the New York Co-ffee and Sugar Exchange membanquet, which will be the fifteenth, will be held at the bership of H. A. S. Van Daalan was reported sold to MinWaldorf-Astoria Hotel, New York City, Feb. 18 1926. He Last previous sale was for points out that since Group 8 of the New York State Bankers ford, Lueder & Co. for $13,900. banquet the $14,000. Association had decided to omit its customary trust company dinner will be the only large affair of this A Chicago Board of Trade membership was reported sold character for bankers in New York during the coming last week for $8,400, net to buyer. The last previous sale winter. The banquet will come at the close of a two-day was for $8,000. session of the seventh mid-winter conference of the corporate The shareholders of the Se- aboard National Bank of the fiduciaries of the country, to be held under the auspices of the Trust Company Division, American Bankers Association. City of New York at a meeting Dec. 7 voted upon and The banquet committee is composed of Francis H. Sisson, ratified the proposed increase in the capital stock from Vice-President Guaranty Trust Co., New York, Chairman: $5,000,000 to $6,000,000, which was authorized by the board J. N. Babcock, Vice-President Equitable Trust Co., New of directors at its meeting on Nov. 5 1925 and referred to York; Uzal H. McCarter, President Fidelity-Union Trust in our issue of Nov. 7, page 2234. The price for the shareCo., Newark, N. J.; Edwin P. Maynard, President Brooklyn holders will be $200 per share on the basis of one share of Trust Co., Brooklyn, N. Y.; James H. Perkins, President additional stock for every five shares owned by the stockfor Farmers Loan & Trust Co., New York; John W. Platten, holders; $2,000,000 will thus be acquired—one million & Trust Co., New York; capital and one million for surplus. Transferable warPresident United States Mortgage Theodore G. Smith, Vice-President Central Union Trust Co., rants of subscription were issued on Dec. 7 to shareholders New York, and A. A. Tilney, President Bankers Trust Co., of record as of that date, calling for payment in full in New York; Leroy A. Mershon, Secretary Trust Company cash on or before Dec. 22 1925. Division, American Bankers Association. At a special meeting of the board of trustees of the Equitable Trust Co. of New York on Dec. 8 a special meetCommittee Representing Bankers and Brokers in Drive ing of the stockholders was called for Dec. 29 for the purin Behalf of Travelers' Aid Society. pose of authorizing an increase in the capital stock of the Thomas Cochran, Chairman, has issued the following company from $23,000,000 to $30,000,000 by the sale to notice relative to the committee representing the bankers stockholders of 69,000 shares at $200 per share on a basis and brokers which is assisting in the drive in behalf of the of three-tenths of one share for every share held, and the New York Travelers' Aid Society: sale of 1,000 shares at auction at not less than $200 per The bankers and brokers of the city are to be represented by one of the a capital surH. Harris, Chairman of share. This increase will give the company committees of the organization which Mr. Albert the Finance Committee of the New York Central Lines, has created to serve plus and undivided profits of approximately $50,000,000, an our New York Travelers Aid Society. amount, it is stated by President Loasby, commensurate to Many years of faithful and effective service back of it, this Society ratio to its expanding business makes its first request for recognition and support. The story of its merit establish the proper capital is omitted here. You know that it renders needed and effective assistance and provide for the company's new building. to thousands upon thousands of travelers in every walk of life. We hope very much that you will send a check or a pledge during Travelers Aid Week to Mr. William C. Potter at the Guaranty Trust Co., 524 Fifth Avenue, and let this show the appreciation and good-will of our fraternity. Our committee is as follows: Charles H. Sabin George T. Adee Otto H. Kahn Edwin S. Schenck Joseph L. Lilienthal Stephen Baker Walter N. Stillman Lewis L. Clarke Charles E. Mitchell Elisha Walker Kenneth B. Schley Oscar Cooper Chas. Elliot Warren James H. Perkins Edward C. Delafield P'rancis M. Weld Lewis E. Pierson James S. Dunstan Richard Whitney Franklin A. Plummer Albert Z. Gray Albert H. Wiggin Was. C.Potter John Henry Hammond Walter L. Johnson Very sincerely-yours, THOMAS COCHRAN, Chairman. The National Bank of Commerce in New York announces the appointment of C. Alison Scully, Second Vice-President, to be also Trust Officer, and Beverley Duer and Melville W. Terry to be Assistant Trust Officers. Austin L. Babcock has res-igned as Assistant Vice-President of the Guaranty Trust Co. of New York to accept an appointment as Vice-President and member of the board of directors of the Bank of Bay Biscayne, Miami, Fla. Mr. Babcock has been connected with the Guaranty Trust Co. in executive capacities for eight years, first in charge of its New Business Department, subsequently being appointed Assistant Secretary, and in 1920 an Assistant Vice-President. In both his official and personal relations he has won a wide circle of friends. The Bank of Bay Biscayne is one of the important banks of Florida, having resources of approximately $60,000,000. Mr. Babcock expects to assume his new duties about the 1st of January. California Escrow Association. Representatives from most of the large downtown banks who have been holding bl-monthly meetings at the Windsor Tea Rooms, in the Brack Shops, Los Angeles, Cal., have effected a permanent organization by adopting a Constitution and By-Laws and will hereafter be known as the "California Escrow Association." One of the principal objects of this association will be to facilitate, standardize and Charles F. Junod, a Vice-President of the Bank of Amerimprove the handling of escrows. The application for membership in this organization will be received from employees ca, 44 Wall Street, New York, died on Dec. 8 after an Ill- DEC. 12 1925.1 THE CHRONICLE ness of several weeks at his home in Pelham, N. Y. Mr. Junod was 46 years old. He graduated from Knox College in 1905 and was for ten years thereafter connected with the Northwestern Mutual Life Insurance Co. at Chicago, Ill., and Omaha, Neb. He came to New York in 1915 with the Kountze Brothers, became Vice-President of the Atlantic NVional Bank in 1919 and of the Bank of America in 1922. Mr. Junod was a director of the Pelham National Bank and a member of the Phi Gamma Delta, of the Bankers' and Merchants' clubs, New York City. Funeral services and interment were at his boyhood home, Howe, Ind. 2837 vate banking business of Pietro Dinnella, who has been engaged in the business for many years. Mr. Dinnella is President. The bank is capitalized at $100,000, with surplus of $50,000, and has resources, it is understood, of nearly $1,000,000. The officers of the new institution, in addition to Mr. Dinnella, are as follows: Achille Ricci, Martin S. Rourke, Louis Israelit and Jacob A. Livingston, Vice-Presidents; Louis Massa, Cashier, and Alexander Solomone, Assistant Cashier. In connection with its proposed acquisition of the Massachusetts Trust Co., it is understood that the Atlantic National Bank of Boston contemplates increasing its capital stock from $5,000,000 to $6,000,000, the new stock to be offered to stockholders probably at $200 a share. The proposed consolidation of the Massachusetts Trust Co. with the Atlantic National Bank was referred to in our issues of Nov. 21 and Nov. 28, pages 2485 and 2600, respectively. At a meeting on Dec. 8, t- he directors of the Hamilton National Bank of New York City elected C. W. Koren (Senior Vice-President) to the board. Charles L. Doty, heretofore Cashier, was made a Vice-President; August Emke, Assistant Cashier, was made Cashier, and Russell B. Reycraft, Manager of the Bronx office of the Hamilton National Bank, was made Assistant Cashier. Miss HenriThe Union City National Bank, Union City, N. J., a new ette Fuchs was chosen Assistant Trust institution, will open for business shortly, according to the Officer.. Charles L. Tyner, Presiden-t of the Home Insurance Co., "Jersey Observer" of Dec. 7. It will occupy the main floor was this week elected a director of theAmerican Exchange- of the Rossig Building at Main Street and Bergenline Ave-Pacific National Bank of New York. Mr. Tyner has been nue, which has been remodeled and carefully equipped for Financial Vice-President of the Home Insurance Co. for the purpose at considerable cost. The capital of the instimany years and upon the death of Frederic C. Buswell he tution, it is understood, is $100,000. The officers chosen for the new bank are as follows: Archibald Henry, Presiwas elected President of the company. dent; August Miller, First Vice -President; Robert M. SonAnnouncement was made Dec. 8 by the Irving Bank-Co- vay, Second Vice-President; Edward R. Westerberg, Third lumbia Trust Co. that William H. Pangburn, AssistantVice- Vice-President, and John 0. Foerch, Cashier and Manager of President, has been elected Vice-President, Mr. Pangburn the institution. Mr. Henry is also President of the National is in charge of the Irving-Columbia"s Aetna office at West Bank of North Hudson, N. J., and a director in several Hudson County banks. Mr. Foerch, who will have charge of the Broadway and Chambers Street. new bank, recently resigned as Note Teller at the WeeThe board of directors of t- he Seventh National Bank of hawken Trust Co., Weehawken, N. J. He entered the trust New York has voted a Christmas bonus to all employees of company thirteen years ago as a messenger and during his the bank consisting of 5% of their salaries received for the connection with the institution studied at the Frank Broaker School of Accountancy and graduated from the American year. Institute of Banking. Henry J. Rusk, State Depu-ty Attorney-General, in charge At the regular meeting of the directors of the Seacoast of title examination in connection with the New York-New Jersey Vehicular Tunnel, has resigned from the Attorney- Trust Co. of Asbury Park, N. J., held recently, it was deGeneral's office to take a position with the New York Title cided to recommend to the stockholders at their annual & Mortgage Co. in the National Title Insurance Department. meeting on Jan. 12 1926 that the capital of the institution Mr. Rusk was formerly District Attorney of Putnam County be increased from $175,000 to $350,000, each stockholder to and has had extensive experience in New York City and have the right to subscribe for one additional share of stock New York State real estate law. He is a graduate of the for each share held. It was also voted to recommend the New York Law School and was admitted to the bar in transfer of $100,000 from undivided profits to surplus. When the transaction is complete, the capitalization, surplus November 1903. and undivided profits will be in excess of $750,000. The directors of the Lawyers Westchester Mortgage & The death occurred in Schenectady, N. Y., on Nov. 30 of Title Co. this week authorized the calling of a meeting of stockholders to increase the capital stock of the company Joseph Whitmore Smitley, a Vice-President of the Schenecfrom $1,000,000 to $2,000,000, the new stock to be offered to tady Trust Co. and for many years identified with the finanstockholders of record on Jan. 7 1926 at $150 per share. cial life of that city. Death was due to angina pectoris. Each stockholder will be entitled to subscribe at this price Mr. Smitley, who was in his 76th year, was born in Pittsfor the same number of shares he now owns. The new stock burgh, Pa., but eventually went to Schenectady as General is to be paid for and issued on Feb. 15 1926. At the same Superintendent of the eastern division of the Pullman Co. meeting the directors declared a quarterly dividend of 2% In 1890 he resigned this position to become connected with the Union National Bank of Schenectady, with which he was to stockholders of record on Dec. 26 1925. associated until the Schenectady Trust Co.—the bank of For the further convenience of its customers, the National which he was Vice-President at the time of his death—came Bank of America in Paterson, N. J., has begun an all-night into being in 1907. bank service. The bank thus describes its new service: In the main entrance hall of the bank building is what appears to With a record of fifty-three years of service with the be a mail box. In reality this is a burglar-proof vault in the officers' quarters Fidelity Trust Co. of Philadelphia, Geo. H. Kyd, Treasurer, in the main banking room with a chute from the opening in the hall. customer has a key which when inserted and turned slightly releases a Each and E. Price Townsend, Assistant Treasurer, of that comlever above it. This, when pulled out, revolves the cylinder which hand pany have resigned, their resignations to take effect Jan. 1 when closed like a mail box until the other side appears, and this is a looks canvas 1926. David S. Mathers will succeed Mr. Kyd as Treasbag equipped with a small lock, into which the valuables or money are urer and E. B. Smyth will placed. When the lever is slowly pushed back the cylinder again be the new Assistant Treasurer. revolves and the key cannot be taken from the lock until the handle is in the correct position. The vault is seamless and is imbedded in 18 inches of reinforced concrete and the cylinder is a perfect fit, eliminating any chance of burglarizing. The customer visits the bank at his convenience the next day, counts over the contents of the bag and disposes of it as he wishes. The following appeared in the "Wall Street News" of Dec. 7: The New York correspondent of S. Natansoni Synowie, leading banking firm of Warsaw, Poland, has been informed that many private newspaper rumors haverecently been published to the effect that foreign the firm is liquidating. These rumors are denied as entirely baseless. A new bank—the Security State Bank—was formally opened on Dec. 5 at Rockaway Avenue and Fulton Street, Brooklyn. The new institution, according to the Brooklyn "Eagle" of Dec. 3, is substantially a rechartering of the pri- At a meeting on Dec. 4 of the directors of the NorristownPenn Trust Co. of Norristown, Pa., it was decided to prepare now for the new business which is expected to accrue through the new facilities and increased service afforded in the new building, the official opening of which is set for Dec. 15. In addition to adding a new executive to the official staff, it is also announced that Adam Scheidt has consented to take a more active official interest in the affairs of the institution—a position he has had to relinquish since 1921 because of other pressing business interests. Mr. Scheidt is closely connected with the major business affairs of Norristown. He will not only devote considerable time to the affairs of the institution, but he will keep in active touch with the various executives of the bank. At the meeting it was also brought out that the growth of the trust company • 2838 THE CHRONICLE made it advisable to give President C. H. Alderfer additional executive assistance. The board therefore decided to turn over to F. S. Yeakle some of the chief executive duties and has conferred on him the title of Executive Vice-President and passes the Treasurership into new hands. Mr. Alderfer has been President of the Norristown-Penn Trust Co. since the merger of the two institutions. Prior to this he was President of the Penn Trust Co., having been associated with that institution in various official capacities since 1903. Mr. Yeakle opened the books of the Norristown Trust Co. in June 1888. In those days he was termed "Cashier," which position he held until 1906, when he was elected to the office of Treasurer. He served in that capacity until the merger of that company with the old Penn Trust Co. in January 1924. In the merged institution he was given the title of Secretary-Treasurer, which was changed later, in January 1925, to that of Vice-President and Treasurer. His new title, as indicated, is that of Executive Vice-President. G. Fred Berger now holds the title of Treasurer of the Norristown-Penn Trust Co. While Mr. Berger is new to Norristown, he is by no means new in the banking field. Formerly connected with a large banking institution in Buffalo, in which city he spent five years in a banking capacity, he later became connected with the New York State Department of Banking in the capacity of a bank examiner. This position he held in New York City from 1917 to 1924. In 1924 he became connected with the accounting firm of Lybrand, Ross Bros. & Montgomery, specializing in bank examinations. Mr. Berger is a graduate of the American Institute of Banking and for five years lectured for Columbia University in New York City on the subject of Bank Organization and Administration. He conducted this course at the New York Chapter of the American Institute of Banking. The Norristown-Penn Trust Co. has a capital, surplus and undivided profits of two and a half millions; also, over ten millions in trust funds. The Pittsburgh "Post" in its Dec. 2 issue stated that Ainsley D. Smith, heretofore Chief Examiner for the Pittsburgh District of the Pennsylvania Banking Department, had been elected Cashier of the Citizens National Bank of Bellevue, Pa., according to an announcement made Dec. 1 by President Thomas A. McNary of that institution. Mr. Smith, it was stated, would assume his new office as soon as he had finished some special work then in his hands for the State Department. He was educated in the University of Pittsburgh and the American Institute of Banking. For 10 years he was connected with the Anchor Bank of Pittsburgh and was its Assistant Cashli6P. when he resigned last August to become Senior Examiner for the Pennsylvania Banking Department. Charles S. Marvel tendered his resignation on Dec. 1 as Secretary of the First Trust & Savings Co. of Akron, Ohio (effective Jan. 1 1926), to become a Vice-President of the St. Lucie County Bank of Fort Pierce, Fla., according to the Cleveland "Plain Dealer" of Dec. 2. Mr. Marvel has been identified with Akron banks for the past twenty-six years, it is said. According to the Cincinnati "Enquirer" of Dec. 9, a special meeting of stockholders of the Bank of Commerce & Trust Co. of Cincinnati has been called for Jan. 13 to ratify a proposition made by the directors to increase the capital of the institution from $250,000 to $500,000. If approved, the new stock will be sold at a premium so that when paid in, the bank will have a capital and surplus of more than $600,000. Although the new stock has been underwritten by the present stockholders, it is stated, still a plan will be worked out by which a limited amount of the new issue may be disposed of to the public in furtherance of the expansion of the bank's activities. According to the Indianapolis "News" of Dec. 3, two small banks of that city, the Guardian State Bank and the Meridian State Bank, were absorbed at the beginning of this month, the former by the Meyer-Kiser Bank of Indianapolis, with which it was affiliated, and the latter by the Continental National Bank of Indianapolis. Both the institutions had been in operation two years. In regard to the taking over of the Guardian State Bank, Sol Meyer, President of the Meyer-Kiser Bank, was reported as saying that although the institution was operating at a profit, the stockholders found it preferable to transfer the handling of its business to the main bank. Deposits amounting to $200,000 were transferred, he said. J. J. [Vol, 121. Kiser was President of the absorbed bank and Louis Ostheimer was Cashier. In the case of the Meridian State Bank, it was stated that the institution did not open for business on Dec. 3 and under plans for its absorption deposits amounting to $150,000 were transferred to the Continental National Bank (the stockholders had already given their consent to the plan) and other assets were placed in the hands of C. H. Smalley, a Vice-President of the Continental National Bank, for liquidation. Emerson W. Chaille, a real estate dealer, was President of the absorbed bank. Evans Woollen, President of the Fletcher Savings & Trust Co. of Indianapolis and Chairman of the Economic Policy Commission of the American Bankers Association, has just announced his candidacy for a seat in the United States Senate from Indiana as follows: I shall be a candidate for the Democratic nomination to succeed Senator canRobinson. Wishing not to press myself on the party, I shall make no vass for the nomination. If nominated, however, I will give all my strength eagerly in an effort to be elected. The following press dispatch from Detroit, in regard to the affairs of the Security Trust Co. of that city, was printed in the "Wall Street Journal" of Dec. 10: from Directors of Security Trust Co. have voted to transfer $1,000,000, undivided profits to surplus account. When transfer is effective statement will show capital stock of 81,000,000. surplus of $2,000,000. and undivided profits in excess of $300,000. Three junior officers were advanced to position of Vice-President: Walter B.Hayes, who has been Trust Officer; C.Tom Darnton, Assistant Secretary; and Charles N. Gray, Manager of Liquidation Department. At the monthly meeting of the board of directors of the Union Trust Co. of Chicago Dec. 8, a regular dividend of 3% and an extra dividend of 2% was declared payable Jan. 2 1926 to stockholders of record Dec. 26. This action will bring the dividend rate for the year up to 14%. The regular monthly meeting of the directors of the Chicago Title & Trust Co., Chicago, on Wednesday of this week (Dec. 9) was marked by action of more than ordinary to significance when a resolution was unanimously adopted set aside from earned surplus "in trust" the sum of $2,000,000 as a special reserve fund for the further protection of trust protects investments made by the company. The reserve payagainst any loss occasioned by the failure of prompt principal or interest on a trust investment ment of maturing voluntary made in the company's sole discretion. It is a to the legal responsibility imposed by State law, addition and is claimed to be a pioneering step without precedent in trust administraPon. The establishment of the reserve as a separate entity does not alter the company's standing as a trust company with "no demand liabilities." It is added: declaraof The operation of the fund is carefully limited by the terms the company is willing to tion of trust. It amounts in fact to this: that the and it is willing back its investment judgment to the extent of 82,000.000; its own choice to do this, because through 38 years' trust work, it has of toward trust investment, with losses freely assumed such responsibility trust assets in its control. negligible compared with the total volume of 4% and an The directors also declared the regular quarterly dividend of stockholders of record extra 5% cash dividend, payable Jan. 2 1928 to appropriated as a Christmas bonus Dec. 19. A fund totaling 8100,000 was to the 1.300 employees of the company The board of directors of the Chicago Trust Co., Chicago, at a meeting held this week declared the regular quarterly dividend of 2% and an extra dividend of 1%, payable Jan. 1 to stockholders of record Dec. 12. It was voted to transfer $500,000 from undivided profits to surplus account, making the same $1,000,000, effective Dec. 31 1925. Suspension of the First National Bank of Waukon, Iowa, because of slow assets, was reported in a press dispatch from Washington, Iowa, on Dec. 1, appearing in the "Wall Street News" of the same date. The bank's deposits were given as more than $1,000,000. Arthur S. Kennedy, a former Assistant Cashier of the defunct Plainview State Bank, Plainview, Minn., was on Nov. 25 found "guilty" by a jury at Winona, Minn., of falsifying the bank's records. The offense carries with it a penalty of from one to ten years' imprisonment. The plea for the defense was that the State failed to establish a motive for Kennedy's action in the alleged falsification of records, and that there had been no loss in the transaction which formed the basis of the charge. County Attorney John R. Foley claimed in his argument to the jury that the defendant stole money from innocent widows, orphans and old men, and then covered it up by making false entries on the bank's books. The closing of the Plainview State Bank In March of this year, following the disappearance of its Presi- DEC.12 1925.] THE CHRONTCLE 2839 dent, Edwin L. Sylvester, was noted in these columns in the The following in regard to the affairs of the Bank of Italy "Chronicle" of March 14 and its affairs referred to in sub- (head office San Francisco) appeared in the San Francisco sequent issues. "Chronicle" of Dec. 6: The Bank of Italy will be placed on a $16 dividend basis within the next few days, according to word passed around the financial district yesterday (Dec. 5). With the increased dividend will be a Christmas melon of $4 per share as a melon to be cut, placing the stock on a $20 basis for the year. It is understood that the extra dividend of $3 per share on Bancitaly Corporation, officially announced in the "Chronicle" last week, will be announced to the stockholders in a letter to go out this week. It is understood that the regular dividend will be maintained, however, at the present level of $9 a share. The street teemed with rumors yesterday morning indicating that both The setting aside of a $10- 0,000 dividend fund for 1926 stocks were headed upward toward the 400 and 500 marks, respectively. Trust Co.of The Morris Plan Co. of Okl- ahoma opened for business at Tulsa on Dec. 2 with a capital of $100,000. This is the latest among one hundred banks and companies operating the Morris Plan to-day. With an aggregate capital exceeding $14,000,000, these institutions, active in 110 American cities, are making small loans at the rate of $135,000,000 a year. St. Louis places the by the Federal Commerce stock of the National Bank of Commerce in St. Louis on a 9% basis, as the trust company is owned by stockholders of the bank. The announcement was made by W. L. Hemingway, President of the Federal Commerce Trust Co., who said that the new company had met with splendid success since It was organized in February 1924. Under the new arrangement, stockholders of the National Bank of Commerce of record as of Dec. 21 will receive $225 a share on Jan. 1. The Liberty Bank of San Francisco (controlled by the Bancitaly Corporation and Giannini interests) on Nov. 30 concluded negotiations for the purchase of two California banks, bringing its holdings past the thirty mark in that State, according to the San Francisco "Chronicle" of Dec. 1. The new acquisitions are the Home Savings Bank of Eureka, with deposits aggregating $3,200,000 and resources of $3,500,000, and the California Bank of San Mateo County at San Peter Wetzel, President of the St. Louis County Bank, Bruno, with deposits of $263,000 and resources of $300,000. Clayton, Mo., and a prominent politician of St. Louis County, Sale of the business of the Pacific Bank of Commerce, died suddenly on Dec. 1. He was 62 years of age. Portland, Ore., to the Canadian Bank of Commerce (head Adolph Dumser, a Vice-President of the Whitney-Central office Toronto) was effected on Dec. 3. In reporting the Trust & Savings Bank of New Orleans and for many years sale in its issue of Dec.4 the "Oregonian" said in part: prominent in financial and social circles in that city, died The deal was consummated between E. L. Thompson, President and Manon Nov. 27 of heart trouble after a brief illness. Mr. Dumser, age rot the Pacific Bank of Commerce, successor to the old Hartman k Thompson Bank, and E. B. Ireland, who was in his 68th year, was born in New Orleans and Canadian Bank of Commerce. The Manager of the Portland branch of the two institutions have been located as was graduated from St. Stanislaus College at Bay St. Louis, near neighbors, both in the Chamber of Commerce Building, separated only La. He entered the wholesale grocery firm of E. F. Del by the width of the building's lobby. Transfer of the cash, accounts and was started at the documents Bonito, New Orleans, where he remained until about thirty- expected of the Pacific Bankmorning (Dec. 4). close of business and was to be completed this four years ago, when he organized the firm of A. Dumser the Pacific Bank at the time of the las treport to the Total resources of & Co., wholesale produce. During this period he entered the Comptroller on Sept. 29 were $509,068. The sale does not involve the cap-. ital nor furniture and fixtures of this bank. The capital was $100,000. banking business also and was elected President of the The institution was entirely sound and in good condition, but had been Metropolitan Bank, which afterwards became the Pan- unable to win satisfactory expansion of clientele. Mr. Thompson announced that the institution had monopolized his time American Bank, and later the Poydras branch of the Whitlonger than he could well afford. He is Vice-President-Treasurer-Manager ney-Central Trust & Savings Bank. Among his other in- of the Portland woolen mills and will give his entire time to this fast-growterests he was a Vice-President of the Pan-American Life ing Portland manufactory. The Canadian Bank of Commerce branch here is a link in an institution Insurance Co., a director of the Jackson Brewery, New with headquarters at Toronto, Canada, and branches in many quarters of Orleans Cold Storage Co., D. H. Holmes Co., Ltd., and of the globe. The bank as a whole has $361,728,000 of deposits. The Portland branch last September had deposits amounting to $3,375,113 and total the Charity Hospital. The stockholders of the Marine Bank & Trust Co. of New Orleans at a general meeting on Jan. 4 will be asked to vote on a proposed increase in the bank's capital (recommended by the directors on Nov. 19) from $1,500,000 to $2,000,000 by the issuance of 5,000 shares of new stock of the par value of $100 each at the price of $165 a share cash and accrued dividend, $100 of which is to be devoted to capital; $65 to surplus, and the remainder to undivided profits account. The Comptroller of the Curr- ency issued a charter recently for the Knoxville National Bank & Trust Co., Knoxville, Iowa, capitalized at $100,000. J. B. Elliott has been chosen President of the new bank and J. J. Roberts, Cashier. The officers and directors of the former Dickinson State Bank of Dickinson, Texas, announce that they have succeeded in obtaining a Federal charter from the United States Treasury Department, and that since Dec. 1 the institution has been operated as "The First National Bank of Dickinson." The Americommercial Corp- oration of Los Angeles (holding company of the Bank of America and the Commercial Trust & Savings Bank, which is practically owned and controlled by the Bancitaly Corporation of San Francisco and Los Angeles, of which A. P. Giannini, Chairman of the Board of the Bank of Italy, is President) on Dec. 3 purchased control of the Placentia National Bank, Placentia, Cal., and its affiliated institution, the Placentia Savings Bank, from A. S. Bradford, President of the institutions. A press dispatch from Los Angeles in regard to the purchase, printed in the San Francisco "Chronicle" of Dec. 4, said in part: assets aggregating $4,042,976. It is successor in Portland to the old Bank of British Columbia, founded in early history of Portland. "We hope to take a larger part in the business life of the community," stated Manager Ireland. "We hope that patrons of the Pacific Bank will find it satisfactory to transact their banking business with us. We are exceptionally situated through our world-wide connections to give banking service with foreign countries." E. F. Allshaw, who has been Cashier of the Pacific Bank of Commerce, and several other members of this bank's staff will be added to the Canadian Bank's force, it was stated. The sixth annual report of the British Overseas Bank, Ltd. (head office London), has just been received. The report covers the fiscal year ending Oct. 31 1925 and shows net profits for the period (after allowing for rebate of interest and providing for all bad and doubtful debts, income tax and other taxation for the year) of £126,016, which when added to £54,330, representing balance available from last account, made together £180,346. From this total £30,000 was deducted to pay an interim dividend on the "A" ordinary shares at the rate of 6% per annum for the half year ending April 30 1925, and income tax thereon, leaving a balance of £150,346, which was appropriated as follows: £30,000 to pay a dividend on the "A" ordinary shares at the rate of 6% per annum (less income tax) for the six months ended Oct. 31 1925; £30,000 to take care of a dividend on the "B" ordinary shares at the rate of 3% per annum (less income tax for the year ended Oct. 31 1925; £5,000 to reduction of premises account and £25,000 transferred to reserve fund, leaving a net balance of £60,346 to be carried forward to the next year's profit and loss account. Total assets are shown in the report as £8,237,729. The bank's paid-up capital is £2,000,000. The death during the year of John Sampson, C.B.E., an advisory director of the institution, is recorded in the report with deep regret. The Right Hon. Viscount Churchill, G.C.V.O., is Chairman of the boa,rd of directors and Arthur C. D. Gairdner, Deputy Chairman and Managing Director. Mr. Bradford has been identified with the banking business in that section for 30 years. He established these banks in 1911 and has conducted them very successfully. The two banks will ultimately be incorporated in the Bank of America as a branch of that bank and will add another $750,000 to its deposits. The present officers of the two banks and the boards of directors will be The 51st annual report of the Imperial Bank of Canada retained in their affiliation with the Bank of America. The purchase of these two banks is a part of the larger plan of expansion (head office Toronto), presented to the shareholders at their which is being carried out by the Americommercial Corporation through annual meeting on Nov. 25, makes a satisfactory exhibit. its ownership of the Bank of America and the Commercial National Trust The statement, which covers the fiscal year ending Oct. 81 & Savings Bank, the grand total of whose deposits now approximate forty1925 shows net earnings (after deducting charges of manone millions of dollars. agement, auditors' fees and interest due depositors and 2840 [VOL 121 THE CHRONICLE after making full provision for bad and doubtful debts, etc.) of $1,162,149, making with $1,039,223, the balance to credit of profit and loss brought forward from the preceding 12 months, the sum of $2,201,372 available for distribution. This was appropriated as follows: $840,000 to cover dividends at the rate of 12% per annum; $70,000 to pay a bonus of 1%; $42,500 contributed to officers' and employees' pension and guarantee funds, and $150,000 to take care of Dominion Government taxes, leaving a balance of $1,098,872 to be carried forward to the new year's profit and loss account. Total assets of the bank are given. in the report as $124,870,318, of which $66,875,830 are quick assets, or more than 61% of the bank's liabilities to the public. Total deposits are shown at $95,934,168. The bank's paid-in capital is $7,000,000 and its rest fund $7,500,000. During the year under review a new branch was opened at Maymont, Sask, and the following branches closed: Athalmer and Kamloops in British Columbia; Carmichael, Edenwold, Primate and Tomkins in Saskatchewan; College and Shaw Streets in Toronto, while the business of the branch at Queen Street and Palmerston Avenue, Toronto, was transferred to the branch at Queen and Bathurst streets, Toronto. Peleg Howland is President of the Imperial Bank of Canada and A. E. Phipps, General Manager. THE WEEK ON THE NEW YORK STOCK EXCHANGE. The stock market was somewhat unsettled the forepart of the week, but has been firm and higher the latter part. Railroad issues have been the strong feature throughout. In the short session on Saturday railroad shares and motor stocks were the centre of interest, San Francisco common moving forward two points and Missouri Pacific preferred surging forward to a new high above 91. Louisville & Nashville crossed 141, followed by Norfolk & Western with % an advance of 17 points. Among the motor stocks, Chrysler Motors recorded a net gain of 9% points, to 20534. Hudson Motors was also in active demand at improving prices. Railroad stocks again led the upward movement on Monday, and new high records were made by Atlantic Coast Line and Louisville & Nashville. Pennsylvania reached its peak for 1925 and Missouri Pacific continued in strong demand at improving prices. Other notably strong stocks of the group included Kansas City Southern, New Orleans Texas & Mexico, Kansas City Southern, and New Haven. The steel industrial group were particularly conspicuous in the afternoon advances, Sloss-Sheffield making a new top and Republic Iron & Steel and Crucible Steel recording substantial gains. United States Steel common moved forward to 137. Under the leadership of Chrysler Motors, the motor group moved briskly forward, General Motors,Packard, Hupp,Jordan and White Motors recording substantial gains. Other strong stocks included Fleischmann, Foundation Company, Atlas Powder and General Asphalt preferred. On Tuesday the market sagged as the day advanced and many of the more active leaders slipped back from two to five points. Chrysler Motors opened at 225 and broke to 210. A few stocks moved against the trend, notably American Can, which advanced 2% points, and American Smelters, which recorded a new high for the year. Oil shares were heavy and railroad stocks showed substantial losses at the close of the session. The market opened strong on Wednesday, but a wave of selling in the 4 by Pittsburgh & West Virginia with an advance of 23 points, while Louisville & Nashville bounded forward 54 points to 148. Industrial shares and specialties improved, the strong stocks including American Smelting, Allied Chemical, General Asphalt, International Harvester, American Brake Shoe, and Sloss-Sheffield. The final tone was good. TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE. DAILY. WEEKLY AND YEARLY. • United State, Railroad. Stocks. States Municipal dt &c Number of Week Ended Dec. 11. Bonds. Foreign Bonds. Bonds. Shares. ' $375,000 $1,477,500 54,547,000 1,036,269 3aturday 1.050,600 2,452,500 7,608,500 2,129,920 Vlonday 1,297,200 2,493.000 7,884,500 2,070,370 Tuesday 1,102,800 2,123.000 5,551,000 1,713.200 Wednesday 1,437,500 1,943.500 5,813,500 1,258,250 Thursday 484.000 2,468,000 5,905,000 1,808,400 Friday Sales at New York Stock Exchanoe. -Stocks-No. shares_ _ _ Bonds. Government bonds_ _ _ State .k foreign bonds_ Railroad Ar misc. bonds Total bonds 537.309.500 10.016.409 Total Jan. 1 to Dec. .11. Week Ended Dec. 11. 1925. $5,747.100 $12,957,500 1924. 1925. 1924. 9,621,142 421,950,203 258,828,561 $5,747,100 $24,933,950 12,957,500 16,819,000 87,309,500 55,307,500 $327,370,460 664.169,000 2,785,152,375 5861,399,915 541,532,500 2,210,666,500 10,016,409 $106.014,100 $97.00.450 23.776.691.835 $3.613,598.915 DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND BALTIMORE EXCHANGES. Baltimore. Boston. Week Ended Dec. 111925. Saturday Monday Tuesday Wednesday Thursday Friday Total Prey. wpak rovinad Philadelphia. Shares. Bond Sales Shares. Bond Sales Shares. Bond &dee. $21,000 2,050 43,500 62.000 45.150 44,000 9,130 18.688 15.473 25.387 17,401 32,264 521,000 16.000 28,500 51,000 21.100 21,000 4,772 8,033 3,801 3,552 3,960 3,607 $19,400 32,200 21,900 53,900 27,500 31,100 155,357 $220.700 118.343 2158,600 27,725 5186,000 170192 5941 Inn RA 154 5213000 23 501 5189.200 *22,085 *33,064 *27.283 .31,903 *25.137 15,885 •In addition, sales of rights were: Saturday, 5,251; Monday, 6,388; Tuesday. 5,415; Wednesday, 2,764; Thursday, 11.369. COURSE OF BANK CLEARINGS. Bank clearings for the present week will again show an increase as compared with a year ago but the ratio of gain is moderate. Preliminary figures compiled by us, based upon telegraphic advices from the chief cities of the country, indicate that for the week ending to-day (Saturday, Dec. 12) bank exchanges for all the cities of the United States from which it is possible to obtain weekly returns will aggregate 5.0% more than in the corresponding week last year. The total stands at $10,425,925,433, against $9,931,052,902 for the same week in 1924. At this centre there is an increase for the five days of 2.3%. Our comparative summary for the week is as follows: 1925. 1924. Per Cent. New York Chicago Philadelphia Boston Kansas City St. Louis Ban Fran3isco Los Angeles Pittsburgh Detroit Cleveland Baltimore New Orleans $4,922,000,000 586.700,986 469,000.000 372,000,000 123.037,757 •129.000.000 163.536.000 138.130.000 141,506,999 125.713,009 88.895.327 102.603,487 69,324,664 54.810,434,580 636.174,520 456,000,000 367.000,000 115.895,957 122,235,796 136,800,000 133,000,000 137,854,089 119,952,626 87,287.523 87.835,388 68.749.853 +2.3 +9.4 +2.9 +1.4 +6.2 +5.5 +19.6 +3.9 +2.6 +4.8 +1.8 +16.8 +0.8 Thirteen cities, 5 days Other cities, 5 days $7.431,448,229 1,256,822.965 $7.179,220,332 1,094,773,810 +3.6 +14.8 Total all cities, 5 days 58,688.271.194 1,737,654,239 58.273.994,142 1,657,058,760 +5.0 +4.8 Clearings-Returns by Telegraph. Week Ended December 11. All cities, 1 day late afternoon swept away practically all of the early gains. 45.0 510.425.925.433 59.931.052902 Tntsd sdl Attes tnr wpok and the Motor shares and Steel stocks were especially weak *Estimated. rush to unload these unsettled the entire list. Copper stocks Complete and exact details for the week covered by the were prominent in the early trading, American Smelting our issue of next week. We cannot making a new high in the opening hour, though it lost prac- foregoing will appear in the day. Railroad shares held furnish them to-day, inasmuch as the week ends to-day tically all of its gain later in fairly well, Atlantic Coast Line making a further gain of two points. Stocks were moderately firm in the early trading on Thursday, but the downward reaction at mid-session carried many issues to lower levels. The important developments of the day were the increase in the eividend rate on Southern Railway to 7% per annum and the November statement of unfilled tonnage of the United States Steel Corporation, indicating a further increase of orders on the company's books of 472,597 tons. Late in the afternoon the market swung completely around and stocks moved briskly forward to higher levels. The strong stocks included American Can, Chrysler, General Motors, American Locomotive, Foundation Company, du Pont, International Paper and General Electric. Railroad stocks again moved into the foreground on Friday, Atlantic Coast Line shooting forward 123/i points to 258, the highest level in its history, followed (Saturday), and the Saturday figures will not be available until noon to-day. Accordingly, in the above the last day of the week has in all cases had to be estimated. In the elaborate detailed statement, however, which we present further below, we are able to give final and complete results for the previous week-the week ended Dec. 5. For that week there is an increase of 5.0%, the 1925 aggregate of the clearings being $11,130,248,343 and the 1924 aggregate $10,601,472,905. Outside of New York City the increase is 9.0%, the bank exchanges at this centre recording a gain of only 2.4%. We group the cities now according to the Federal Reserve districts in which they are located and from this it appears that in the Boston Reserve District there is an improvement of 10.4%,in the New York Reserve District (including this city) of 2.4% and in the Philadelphia Reserve District of 3.6%. The Cleveland Reserve District shows an DEC. 12 1925.] THE CHRONICLE expansion of 13.1%, the Richmond Reserve District of 21.1% and the Atlanta Reserve District (chiefly by reason of the increase at Miami) of 20.9%. In the Chicago Reserve District the totals are better by 4.2% and in the St. Louis Reserve District by 6.5% but in the Minneapolis Reserve District there is a loss of 5.1%. The increase in the Kansas City Reserve District is 4.0%,in the Dallas Reserve District 8.6% and in the San Francisco Reserve District 16.5%. In the following we furnish a summary by Federal Reserve districts: SUMMARY OF BANK CLEARINGS. Week Ended Dec. 5 1925. 1925. 1924. Federal Reserve Districts. $ s let Boston 12 cities 588,414,163 533,077,454 2nd New York 11 " 6,533,405,0036,367,888,575 Bed Philadelphia 642,161,994 620,099,693 10 " 4th Cleveland 8 " 433,956,174 383,634,342 6 " 5th Richmond 264,007,617 218,061,733 13 " 6th Atlanta 283,385,869 234,452,624 7th Chicago 987,508,814 947,437,327 20 " 8th St. Louis 8 " 260,711,083 244,748,692 9th Minneapolis 7 " 166,542,905 175,419,669 10th Kansas City 278,696,743 267,871,275 12 " 5 " 11th Dallas 103,534,128 95,348,816 12th San Francisco....l7 " 597,923,950 513,424,705 Inc.or Dec. 1923. % $ 1922. +10.4 448,315,731 +2.4 4,608,063,282 +3.6 542,192,151 +13.1 356,998,279 +21.1 218,765,780 +20.9 219,157,532 +4.2 842,480,176 +6.5 248,570,972 -5.1 132,751,140 +4.0 253,032,910 +8.6 78,832,165 +16.5 512,050,468 $ 389,344,656 ,982,059,803 499,646,720 337,368,998 181,4 44,133 , 186,432,023 766,508,432 81,740,796 141,099,762 257,567,532 63,810,642 436,916,145 Grand total 129 cities 11130248,343 10601472,905 +5.0 8,461,213,586 7,323,938,642 Outside New York City 4,756,977,749 4,364,941,660 +9.0 3,977,228,134 3,471,348,196 Canada 29 cities 582,815,644 428.647.431 +36.0 429.123.502 414 ma 055 We now add our detailed statement, showing last week's figures for each city separately, for the four years: Week Ended Dec. 5. Clearings at 1925. 1924. Inc.or Dec. First Federal Reserve Dist ict-Boston Maine-Bangor. 781,278 820.884 -4.8 Portland 4.236,004 3.696.287 +14.6 Mass.-floston _ 526,000,000 476.000,000 +10.5 Fall River._ 2,469,392 2,256,372 +9.4 Holyoke a a a Lowell 1,100,417 1,331,199 -17.3 Lynn a a a New Bedford_ 1,862,214 1,565,983 +18.9 Springfield- _ _ . 6,579,706 6,487,537 +1.4 Worcester 3,805.709 3,825.000 Conn. -Hartford 15,750,545 14,365,372 +10.3 New Haven_ .... 7,954,889 7,363,907 +8.0 R.I.-Providence 15,956.700 13,819,100 +15.5 N. H.-Manch'er 1,917,509 1,545.813 +24.1 Total(12 cities) 588,414,163 533,077,454 +10.4 1923. 1922. 008,658 3,804,945 395,000.000 2,965,976 a 1,230,870 a 1.670,831 5,592,559 3,932,000 11.884,935 6,578.899 12,839,700 1,906,358 873.362 3,596.281 340,000,000 2,370.465 a 1,188,707 a 1.894,358 5,331.376 3,411,000 10.108.559 5.999,304 *13,000,000 1,771,244 448,315,731 389,344,656 Second Feder al Reserve D strict -New N. Y. -Albany.. 7,686,360 6,742,481 Binghamton- _ _ 1,096,700 1,161,200 Buffalo d59,524,606 55,114,802 Elmira 1,059,189 853,331 Jamestown_ _ . c1.379,919 1,153,395 New York _ _ _ _ 6.383.270,594 8,236.531,245 Rochester 15.978,571 16,187,577 Syracuse 6,334.435 5,696.937 Conn. -Stamford c3,246,586 3,025.770 N. J. -Montclair 1,788.600 1.117,853 Northern N.J. 42,039,443 40,311,985 ,York. +14.0 5,256,491 5.297,404 -5.6 1,106,600 1,300,600 +8.0 47,311,219 45,896,877 -8.2 873.781 584,082 +19.6 1,107,806 1,261.217 +2.4 4,483.985.452 3,852.590,446 -1.3 12,637,565 10.898,103 +11.2 5,129,910 4.757.055 +7.3 2,681,964 2,597,953 +60.0 1,045,909 1,109,608 +4.3 46,926,585 55.766.458 Total(11 cities) 6,523,405,003 6,367.896,575 +2.4 4,608,083.282 3 ,982,059,803 Third Federal Reserve Dist rict-Philad elphia Pa. -Altoona- _ _ 1,755,474 1,529,698 +14.8 1,288.310 Bethlehem ..._ 4,675,287 3,924,579 +19.1 2,882,030 Chester 1.482,049 1,364,265 +8.6 1,788,296 Lancaster 2,517.622 2,679,248 -6.0 2,891,145 Philadelphia 808,000,000 585,000.000 +3.9 513.000.000 Reading 4,147,92 7 +17. 4 +.869,36 1 3,78,777 Scranton 6,179,130 7,104.042 -13.0 5,955.008 Wilkes-Barre. _ d4,111.146 4,266,658 -4.6 3,894,832 York 1,886,719 4,027,888 -53.2 1,739,005 N.J. -Trenton _ _ 6,685,206 6,055,388 +10.4 4,970,748 Del.-Wilmingt'n a a a a Total(10 cities) 642,161.994 620,099,693 +3.6 Fourth Feder al Reserve D [strict-Cloy eland Ohio -Akron. _ d5,958,000 8.564,000 -30.2 Canton 3,894,214 4,381,243 -11.1 Cincinnati_ - +9.2 71,122.854 77,693.855 Cleveland 122,283,131 110,837,081 +10.3 Columbus 18,815,800 13,529.000 +24.3 Dayton a a a Lima a a a Mansfield 1,941,461 1.970,138 -1.4 Springfield_ _ _ a a a Toledo a a a Youngstown 4.883.335 4,460,534 +9.5 Pa -Erie a a a Pittsburgh_ - - 200,506,378 168,769,492 +18.8 542,192.151 1,163,303 3,406,555 1,182,205 2,687.851 473,000,000 3,194,601 5,254,466 3,700.047 1,399,851 4,657,341 a 499,646,220 8.047,000 4,774.602 85,177.017 104.147,945 14.960,700 a a 2.229,341 a a 4.543,512 a 153,118,162 6,247,000 4,623,275 62,954,740 97,978,161 14.445,000 a a 1,561,662 a a 4,899,378 a 144,659,782 383,634.342 +13.1 356,998.279 337.368,998 Fifth Federal Reserve Dist rict-Richm ondW.Va.-Hunt'g'n 1,882.533 2,592,377 -27.4 Va.-Norfolk_ _ _ 13,250,540 13,008,335 +1.9 Richmond __ 65,527,000 61,379,000 +6.8 S.C. -Charleston 2,862,318 2,854,589 +0.3 Md.-Baltimore _ 148,733.019 111,338,390 +33.6 D.C.-Washing'n 31,752,107 26,889.042 +18.1 2,554,294 16.057,684 61.710,000 3,714.054 108,235,748 26,494,000 2,231,684 11,674,817 55.065,047 2,416,102 88,188,296 21,868,207 218,765,780 181,444,133 5,960,001 3.859.322 21,377,686 61,160,538 3,609,140 1,643,081 a 13,945.810 6,729,017 3.143,696 21,006,759 51,614,179 2,256.146 1,481,299 a 11,752,350 28,153,909 2,482,385 1,371,041 643,358 74,951.461 28,473,058 2,143,266 1,174.810 445,126 56,232,317 219,157,532 188,432,023 Total(8 cities). Total(6 cities) _ 433,956,174 264,007.517 218.081,733 +21.1 Sixth Federal Reserve Dist riot-AtIant aTenn.-Chatt'ga. c7.327,000 6,623,417 +10.6 Knoxville 3,362.134 3,136,000 +7.2 Nashville 23,550.318 21,368,198 +10.2 (la. -Atlanta._ _ 82,031,1.32 64,831.597 +26.5 Augusta 2,217.144) 2,455,000 -9.7 Macon 2,067,659 1,914,740 +8.0 Savannah a a a Fla.-Jack'nvRie. 37.296.956 17,522.125 +109.3 Miami 23,928.960 6,766,683 +248.6 29,340,287 +3.7 28.035,421 Mobile 2,699,357 2,092,169 +29.0 Miss. -Jackson 2 100 000 1 588,000 +32.4 Vicksburg 506,525 595.362 -14.9 La.-NcwOrleans 71,958,371 77,225,912 -6.8 Total(13 cities) 283,385,869 234.452,824 +20.9 2841 Week Ended Dec. b. Clearings at 1925. 1924. 3 Seventh Feder al Reserve D istrict-Ch -Adrian _ _ Mich. 255,059 251,529 Ann Arbor__ _ _ 1,330,106 1,050,348 Detroit 174.117,683 142.353,352 Grand Rapids_ 8.947,697 7.777,021 Lansing 3,082,112 2.755,471 --Ft. Wayne Ind. 2,715,999 2,805.321 Indianapolis. _ _ 20,849.000 17,977,000 South Bend... 3,632,900 3,037,400 Terre Haute_ _ 4,907.543 5,125,031 Wis.-Milwaukee 42,269,177 41.496,713 /a.-Ced. Rapids 2,790,899 2,959.906 12,259,497 Des Moines_ _ _ 13,002,542 Sioux City _ _ _ 7,113,865 7.084,707 Waterloo 1,306.233 1,850,904 III.-Bloomingt'n 1,734,311 1,821,400 Chicago 687,257.065 683,072,854 Danvill a a Decatur 1,395,926 1,630.295 5.765,355 Peoria 5.760,905 Rockford 3,290.701 2.818,249 Springfield..._ 2,487,686 2,826.379 Inc. or Dec. 1923. 1922. Mad° +1.4 +26.6 +22.3 +15.1 +11.9 -3.2 +16.0 +19.6 231,030 230,870 818,025 705.058 126,490.487 103,481,986 6,636,468 6,201,388 2,359,632 2,311,536 2,226,651 2,219,215 21,531,000 20.030,000 2,395.000 2,654,318 5,026,316 +1.9 41,660,316 33.585,879 -5.7 2,124,744 2,338,053 -5.6 12,130.96.9 10,698,893 +0.7 6,388.864 4.669,610 -29.4 1.659,710 1.639,299 41.500,000 -4.8 1,542,497 +0.6 597.731.691 565,778,388 a a a -14.4 1,337.822 1,276,286 5,066,317 +0.1 4,991,144 +16.8 2.638,811 2,154.012 -12.0 2.552.383 2,162.678 Total(20 citles) 987,508,814 947,437,327 +4.2 Eighth Fodera Reserve ills trict-St. L ouis-Evansville. 5,144.523 Ind. 5.315,947 -3.2 Mo.-St. Louis_ _ 164.100.000 152,798.172 +7.4 Ky.-Louisville_ _ 38,080,530 33,970,960 +12.1 Owensboro _ _ 527.738 416.681 +26.7 33,213.890 Tenn .-Memphis 33,768,988 -1.6 -Little Rock Ark. 17,522,059 18,394.274 +6.9 -Jacksonville 111. 467,539 404,397 +15.6 Quincy 1,654.804 1,679.273 -1.4 842,480,176 766,508,432 5,059,743 156,681,292 31.352.340 762.072 38.510.234 16,026.801 362,409 1,516.081 30,553,146 729,955 29.082,318 14.374,172 364,695 1.661.577 Total(8 cities)_ 260,711.083 244,748.692 +6.5 Ninth Federal Reserve Ohs rice-Mines eapolis -Duluth._ d12,739,397 M Inn. 17,422,204 -26.9 Minneapolis..- 108,899,688 111,921,004 -2.7 38,270.074 St. Paul 36.904,082 -1.7 No. Dak.-Fargo 2,190,616 2.435,174 -10.0 -Aberdeen. S.03. 1,640,202 1.861.162 -11.9 Mont. -Billings. 801,686 751,829 +6.6 Helena 4,001.242 4,124,214 -3.0 248,570.972 81.740.796 7,457,924 78.960,970 37,866.527 2,316,394 1,464,972 607,125 4.080.228 10,043,445 83.521,772 37,638,698 2,445.080 1,445,392 730,329 5.274,546 Total(7cities) _ 166,542,905 175,419,669 -5.1 Tenth Federal Reserve Ohs rict-Kans as ICILY Neb.-Fremont232,212 415,409 -44.1 708.707 704,122 +0.5 Hastings Lincoln 5,547,462 4,931,279 +12.5 Omaha 47,430,381 41,535,001 +14.2 -Topeka _ Kan. 3,620.588 3,390.973 +6.8 Wichita 8,479,288 8,028.000 +5.6 Mo.-Kan. City_ 146,015,543 145.719.847 +0.2 d7,732.006 St. Joseph-... 7.956.989 -2.8 Okla. -Muskogee a a a Oklahoma City d31.230,111 29,264,000 +6.7 a a Tulsa a 1.193.074 -Col. Spgs. 1,396,249 -14.6 Col. 25.218,237 23,437,628 +7.6 Denver 1.291,134 Pueblo 1,091,780 +18.3 132,754,140 141,099.262 428,439 616,755 4,883.679 38.108,778 3,342.231 8,343,000 136.748,063 7,917.289 a 28,680.824 • 1,218.836 21,892.013 875,003 585,045 601,556 4.764,900 43.701.552 3,593,253 10.864.676 143,998,456 253,032,910 257.567,532 1,837,604 44,362,083 15.798,382 11,348,479 a 5,485,617 1,451,282 34,272,592 14,323.061 9,225.834 a 4,537893 +8.6 78.832.185 Franc sco+12.8 41,925,758 +10.2 12.977,000 a 412.9 1,674,107 38,748,785 +16.0 +19.3 24,129,770 a a a • 7,393.125 +35.9 9,486.416 +3.1 +15.7 153,563.000 18.270.362 +16.9 +4.2 7.014.151) 10.791,064 -7.9 4,257.213 +29.1 +20.2 172.800.000 +13.3 2,493,208 1,538,483 +24.7 2.390,027 -7.2 2.598.000 +8.9 63,810.642 Total(1:cities) 278,696.743 287,871,275 +4.0 Eleventh Fede ral Reserve District -Da 11232,061,217 2.015,456 Texas -Austin... +2.3 62,419.387 Dallas 59.160,846 +5.5 18,410,159 16,448.652 +11.9 Fort Worth.. Galveston 14,740,000 12,547,967 +17.5 Houston a a a -Shreveport 5,903,365 5,175,892 +14.1 La. Total(5 cities)- 103,534,128 95,348,813 Twelfth Feder al Reserve D !strict-San Wash -Seattle.. 47,765,556 42,342,354 Spokane 14.070,000 12,766,000 a Tacoma a Yakima 2,170,523 1,922.904 -PortlandOre. 42,301,692 36.471,349 27,677,191 Utah-S. L. City 23,207,660 Nev.-Reno a a -Phoenix _ Ariz. a a 6,649,966 Cal.-Fresno 4,893,981 Long Beach... 8,037,026 7.792,226 Los Angeles _ 174,239,000 150,491,000 Oakland 25.488,252 21,808,405 Pasadena 6,709,011 6,440,214 Sacramento _ _ _ 10.737,158 11.662.701 San Diego-6.331,710 4,905,431 San Francisco_ 215,600,000 179,400.000 San Jose 3,235,000 2,854.120 Santa Barbara_ 1,885.450 1,512.325 Santa Monica_ 2,115,715 2,280,235 Stockton c2.910.700 2.673.800 4,974.933 • 26,021,801 a 1,058.069 21.525,317 852,907 33,377.154 11,608,000 a 1,679,448 31,948,639 19,224,414 a a 8,339.359 8,851.706 122,406.000 18,131.676 4,715.708 8,737.335 *4,000.000 159.300.000 2,707.263 1,183.543 2,707,900 Total(17cities) 597,923,950 513,424,705 +18.5 512,050,468 436,916.145 Grand total (129 cities) 11130,248,343 10601,472,905 +5.0 8,481,213.586 7,323,938.642 Outside New York 4.756.977,749 4.364.941,660 +9.0 3.977,228,134 3,471,348,196 Week Ended December 3. Clearings at 1925. CanadaMontreal Toronto Winnipeg Vancouver Ottawa Quebec Halifax Hamilton Calgary St. John Victoria London Edmonton Regina Brandon Lethbridge Saskatoon Moose Jaw Brantford Fort William. _ New Westminster Medicine Hat Peterborough_ _ _ . Sherbrooke Kitchener Windsor Prince Albert.... Moncton Kingston $ 215,452.848 172.533,265 101,542,69C 19.338,975 8,813,761 7,752,713 3,903.649 6.384.284 10,861.397 2,628,117 2,023,225 2,932,986 5,892,496 6,395,031 837.205 741,273 3,024.251 1,841.904 1,104.627 1,197.892 835,354 379.590 828,841 811,326 1,039,686 3.373,147 476,386 1,050.309 820,410 1924. 133,813,757 124.855,797 81,803,441 18,562,464 7,137,084 8.275,816 3,577,20'. 5.613.886 9,829.337 2,640.012 1,869.373 3,678.137 5,349,485 5,246,311 944.155 796.72: 2,109,126 1,568,149 984.512 1,334,023 666.492 384,166 882.882 751,562 1.052,332 3,089,532 408.299 905,816 737,581 Inc. or DEC. +61.6 +38.4 +24.1 +4.2 +9.1 +13.7 +10.5 -0.5 +8.2 -20.3 +10.2 +21.9 -11.3 +43.4 +17.5 +11.3 -17.2 +25.4 +4.2 -6.1 +8.0 -1.2 +9.2 +16.7 +16.0 +11.2 1923. 128,630,834 112,682,757 97.463,161 16.222,439 8.577,214 7.765.284 3,353,794 6.570.538 9.226.058 2,747.044 2,198,953 3.391,262 5,658,302 5,341.056 778.720 1.109.608 2.778.685 1.930,432 1,384,523 1.667,176 729.171 503.703 900,205 913,814 1,098,817 2,959,154 509,785 1,033,853 997.360 1922. 130.166.193 133.963,910 86,327,563 16.264,489 11,440,858 7.655,001 4,453.297 6.717,707 7.396,821 3.199,893 2,600,297 3,484.812 5,449,949 5,926,874 855.908 1.038,664 2.129.805 1,956,331 1,276,420 1,250,855 605,810 501,868 910,840 909.318 1,255,018 3,918,649 479,922 1,141,693 809.235 542.815 644 428.647,431 +36 0 429.19 502 444.085.000 .3 a No longer report clearings. b Do not respond to requests for figures. c Week cc. Dcc. 2. oVtU cnded Dec. 3. e Week ended Dec. 4. • Estimated. Total(29 cities) [Vat, 121. THE CHRONICLE 2842 INDIAN CURRENCY RETURNS. . Oct. 31. Nov.7 NOV. 15 (In lacs Of rupees.) THE CURB MARKET. 1914. 19177 19188 Notes in circulation 8902 8945 9034 Irregularity was the chief characteristic of the Curb Silver coin and bullion in India Silver coin and bullion out of India 2232 2232 2232 Gold Market this week, profit-taking and renewed buying alter- Gold coin and bullion in India coin and bullion out of India 5711 5711 5711 Securities (Indian nating in each day's sessions. The close showed prices Securities (British Government) 2300 2200 2300 Government) higher levels, with trading on a broad scale. The No silver coinage was reported during the week ending 15th inst. seeking The stock in Shanghai on the 21st Inst. consisted of about 54.500.000 new Abraham & Strauss issues were traded in for the first ounces in sycee, 65.000,000 dollars and 4.510 silver bars, as compared with about 54,500,000 ounces in sycee, 65,000,000 dollars and 5,980 silver bars time, the common down from 583 to 54 and the preferred on the 14th inst. 4 Bar Gold, -Bar Silver, Per Oz. Std.Per Oz. Pine. 2 Mos. Cash, Quotationsfrom 108 to 105%. The close to-day was at 549/i for the 84s. 11 d. 31 15-16d. 323id. Nov. 19 84s. ligd. 31 13-16d. 32d. 20 the former and 106 for the latter. American Rayon Products 84s. 11 d. 3131d. 32 1-16d. 21 84s. 11 d. 32d. 323-16(1. 23 rose from 33% to 37 and reacted to 35. Chrysler Corpora845. 113-4(1. 3115-168. 323-(d. 24 845. 113-4d. 32d. -gel. 323 25 tion new stock was active and sold up from 503 to 573/s, 845. 11. 31.927d. 32.104d. Average 2 , then dropped to 523/ recovering finally to 5432. ContinenThe silver quotations to-day for cash and two months delivery, respecthose fixed a week ago. tively, are 30.above tal Baking, Class A, lost about five points to 121, and sold at 124. Devoe & Raynolds Class B stock advanced finally -PER CABLE. ENGLISH FINANCIAL MARKETS from 743/i to 783. Glen Alden Coal was up from 1403I to The daily closing quotations for securities, &c., at London, 1463/8, the close to-day being at 1433.', ex-dividend. Ameri- as reported by cable, have been as follows the past week: 4 The price of silver in New York on the same day has been: can Power & Light common moved up from 613 to 643 Dec. 5. Dec. 7, Dec. 8. Dec. 9. Dec. 10. Dec. 11. London, Power Securities ran up and rested finally at 644. Lehigh Wed. Thurs. Fri. Mon. Tues. Sat. Week Ended Dec. 11313-i 32 1-16 32 1-16 32 1-16 32 d 3244 per oz from 1813 to 194 and ends the week at 1903/8. Among oil Silver,per fine ounce Gold, 84 1131 84.1134 84.1134 84.1134 84.1144 84.1134 5531 55 557-16 5544 5544 ____ Consols. 234 shares Buckeye Pipe Line was off from 55 to 533'. Eureka British,5 per per cents 10031 10031 10044 10034 10034 cents 95 95 95 95 95 . Pipe Line lost over three points to 62. Indiana Pipe Line British, 434 per cents_ __ _ __ 46.75 46.85 46.50 46.75 46.75 French Rentes On Paris), fr_ 50.80 50.45 50.10 50 declined from 61 to 573 and recovered finally to 583I. French War Loan (in Paris).fr 50 Magnolia Petroleum weakened from 187 to 1823'. Northern Silver in N. Y., per oz.(eta.): 6944 6931 6931 6931 6934 6934 Foreign Pipe Line lost seven points to 733. and finished to-day at 743.. Swan & Finch sold up from 194 to 23% and at 23% Nournurciai intU1tscelianecats finally. for the A complete record of Curb Market transactions -MONTHLY FOREIGN TRADE OF NEW YORK week will be xound on page 2866. STATEMENT. RCM DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET. Customs Receipts at New York. Merchandise Movement at New York. STOCKS (No. Shares). Weat Ended Dec. 11. Saturday Monday Tuesday Wednesday Thursday Friday Total BONDS (Par Value). OR. Domestic. Fer'n Govt. lnd.ctdits 272,40; 330,40( 338,675 306,312 254,190 355,210 143,580 229.115 267,370 190,870 393.310 201,060 1,857,192 1.425,305 34,370 74,370 120,120 59,610 38,800 61,300 $58,000 203.013 244.000 180.000 188,000 156.000 2623,000 812,000 1.042,000 1.000.000 1,106,000 1,056.000 388,570 25,639,000 21,029,013 THE ENGLISH GOLD AND SILVER MARKETS. We reprint the following from the weekly circular of Samuel Montagu & Co. of London, written under date of November 25 1925: Month. , Exports. Imports. 1925. 1924. 8 26,121,252 26,072,503 27,666,955 22.893,230 21,933,377 23.298.326 24,327.000 26.235,015 30,186.355 29,389.797 2 24.779,787 28,444,581 27,625,870 26,752,166 23.179,124 23.802,661 25.426.495 24.565,320 28,765,865 28,358,873 Total__ _ 1 856803576 1 397923387 1 4661781471 391497898 258,123.816 281,700,742 1925. 1924. 1925. 1924. a $ $ $ January -- 156,923263 130,402.242 156,313,003 146,793,880 February. 160,460,910 155,554.139 23,210,344 139.028,109 March__ 183,494,498 149,384.187 175,312.931 133.687.771 April 166,694,007 163,514,222 171,392,165 146.002.767 May 149,170.018 135,620,732 147.545,548 143,742.987 June 160.308.912 131.236.366 123.740,727 118.752.940 July 154.206.974 134.244.024 135.781.354 13.857.700 August 166.853.232 111,756,587 168,713.039 139.802,244 4eptember 160.212.020 131,786.636 137,468,010 141,844,404 Detober 192,479,742 154,424,252 126,701,020 168.984.882 Movement of gold and silver for the ten months: Silver-New York. New York. Gold Movement at GOLD. Exports, Imports. The Bank ofEngland gold reserve against notes on the 18th inst. amounted Exports. Month. Imports. to £145,869.990. as compared with £146,255,365 on the previous Wednes1925. 1925. 1924. 1925. 1924. 1925. day. Very little gold was available in the open market this week and withdrawals were made from the Bank of England to meet requirements. 750 4,070,277 7,604,975 The following movements of gold to and from the Bank of England January __ 1,029.134 35.558,071 66.002,262 315,000 2,289.472 4,556.080 612,514 28.514.809 33.520.792 February have been announced since our last issue: 201,600 3.705.805 5.254,216 21.435.084 March___. 3,662,342 27,968,134 Nov. 19. Nov. 20. Nov. 21. Nov. 23. Nov. 24. Nov. 25. April 740,500 2,396,063 6,922,769 5.694.336 37.018,743 19.899.381 521,974 3.812.598 May Received 7,776.455 35.003.505 10.304.670 24.880 1,659,578 5,873,792 948,811 20,402.503 2.641,349 £7,000 £30.000 £233.000 £235,000 June Withdravrn__ £119,000 £333,000 230.512 1.663.473 3.684.687 July 6.489,017 15,222.422 2.468.247 3,416,707 4,645,001 The destinations of the £260,000 sovereigns withdrawn were announced August _ _ 759,804 14.279,486 1.024.953 1.730.671 761.900 3.439.551 as follows: £200,000 to Canada, £30.000 to Holland. £10,000 to Spain, September 672.610 1.028,986 5.060.700 2.167.626 week under review October__ _ 42,379,042 16.070.991 1.395,082 1,710,347 1,609.338 5.307,958 E10,000 to Java and £10,000 to Singapore. During the £957,000 has been withdrawn from the Bank, increasing the net efflux Total_ . 70,024,065 231.067,650 181.752.520 7,121,888 22,094.587 51,101.627 since the resumption of an effective gold standard to £9,251,000. The United Kingdom imports and exports of gold during the week -CHANGES IN TOTALS OF, AND BANK NOTES ending the 18th inst. were: Exports Imports £666,402 Germany British South Africa 3,247 Netherlands Anglo-Egyptian Soudan..__ _ 201 Switzerland Other countries Egypt United States of America--British India Straits Settlements Ceylon Other countries £26,492 236,309 156.057 30,730 20.450 130.922 73,900 26,000 27,335 £728,195 Total £669,850 Total We give below details (in lacs of rupees) of India's foreign trade during the month of October last: 19.56 Imports of merchandise on private account Exports, including re-exports, of merchandise4 on private a5count---29,05 4.38 Net imports of gold 1,40 Net Imports of silver 4 Net imports of currency notes in favor of India-- 3,88 Visible balance of trade in merchandise and treasure 6,20 funds, against India Balance of Government transfers of SILVER. The market has ruled quiet and the amount of business transacted has been small. There has been some Inquiry from the Indian bazaars for silver for shipment, and on the 19th inst. this raised the quotation for cash to 3234d.. incidentally widening the difference between the two prices to 3-16d., the price for forward delivery being fixed at 31 15-16d America has been willing to sell at the higher levels, but China has been rather inactive, the selling from this quarter being mostly at limits too high to attract buyers. United Kingdom imports and exports of silver during the week ending the 18th inst. were as follows: Exports Imports-. United States of America_ - £127.767 France Other Countries 41,096 British India Other countries Total- £168,863 Total £58.170 90,000 46,759 £194.929 -We give below tables IN DEPOSITED BONDS, &c. which show all the monthly changes in national bank notes and in bonds and legal tenders on deposit therefor: Amt. Bd.. on Deposit to Secure Circulation forled. Res. National Bank Notes. Bank Notes S toy. 31 1925._ 660,087,630 let. 311925.. 6(91,185.130 lopt.30 1925._ 665,542,630 Lug. 31 1925.. 665.810,130 uly 31 1925__ 665,227.130 une 30 1925._ 665.061.330 fay 311925.. 665.502.880 Lpr. 30 1925._ 666.010,330 far. 31 1925._ 665.608,330 'eb. 28 1925. 666,943,330 an. 31 1925.. 725.171,780 )eo. 30 1924._ 731,613.630 toy. 30 1924._ 737,635,790 lot. 311924.. 739.842.890 pt.30 1924._ 741.239,890 Lug.30 1924.. 742,462,390 illY 31 1924_ 746,611.640 une 30 1924._ 750,858,930 a7 4 31 1924.- 750.113.430 ,DM 30 i924.. 750.676.680 fsr 31 1924_ 749,974.180 'eb. 29 1924._ 748.875.180 an. 31 1924.. 747 256 230 mAa'em...pon t... Itl Incl. $ 545,900 545.900 545.900 545,900 545.900 (AK 011A National Bank Circulation Afloat on Bonds. $ 662,622,888 662.538,483 661.380,320 662.186.083 660,341,413 660,501.393 661,293,895 661.397.558 661.613,281 683,324.911 722.092.263 727,175,641 733.995.581 735,602,435 736,557.660 737.141,058 740,549.740 744.95:3.710 745.029.518 745.795.653 745.171.676 743,454,758 742.670.537 ,All MO, .7.. Leval renders. $ 48,127,556 51,264.261 56,543,569 61.476,914 66,214.271 72.864.681 78.275,574 86,028,261 93.597,406 100,532,366 47.748,139 44,871.176 40,152,976 38,679,189 39,269,184 40,052336 36,537,849 33,058.069 32.460.809 31,611,339 31,162.366 30,964,444 30 126 232 ' ' nv elAw weam Total. .-$ 710,750,444 713.802,744 717,923,889 723,662,997 726,555,684 733,366,074 739,569,489 747,425.819 755.210.687 763.857.277 769.840,402 772.046,817 774,148.557 774,281,624 775,826.844 777.193.194 9 777,087.58 776,011.770 777.490,127 777,406.992 778,334,042 774,419.202 772,796,769 mows Nam elm% $6,478,313 Federal Reserve bank notes outstanding Nov. 30 1925, secured by lawful money, against 28.921,193 Nov. 30 1924. The following shows the amount of each class of United States bonds and certificates on deposit to secure Federal Reserve bank notes and nations' bank notes on Nov.30: DEC.12 1925.] THE CHRONICLE U. S. Bonds Held Nos. 30:0 Secure - Bonds on Deposit Nee. 30 1925. On Deposit SO On Deposit to Secure Secure Federal Relate Bank National Bank Notes. Notes. $ Total Held $ 591.648.650 48,643.660 25,705.320 666,087.630 Totals $ 591,648,650 48,643,660 25,795.320 Si, U. S. Consols of 1930 4s, U. S. Loan of 1925 25. U. S. Panama of 1936 2s, U. S. Panama of 1938 666,087,630 The following shows the amount of national bank notes afloat and the amount of legal tender deposits Nov. 1 1925 and Dec. 1 1925 and their increase or decrease during the month of November: National Bank Notes-Total Afloat Amount afloat Nov. I 1925 $713.802,744 Net decrease during November 3.052.300 Amount of bank notes afloat Dec. 11025 $710.750,444 Legal-Tender Notes Amount on deposit to redeem national bank notes Nov. 1 1925 $51,264.26/ Net amount of bank notes redeemed In November 3,136.705 Amount on deposit to redeem national hank notes Dec. 1 1025_ 848.127 556 -Among other securities, the following, Auction Sales. not actually dealt in at the Stock Exchange, were sold at auction In New York, Boston and Philadelphia on Wednesday of this week: By Adrian H. Muller & sons, New York: $ per sh. Shares. Ste& Shares. Stocks. t. 5 Per M. 50 Bridgeport Brass Co -Bingham Mining Co., 43,000 N. Y. 110 $110 lot 2.50 Canadian Libby Owens Sheet par 10.3 -Havana Finance Corp., Glass Co., Ltd., pref 250 N. Y. 25 $105 lot 125 Canadian Libby Owens Sheet 8% pref., A Glass Co.. Ltd., common 200 Bagdad-Chase G. M.Co., pref 9 1513 1,977 Kansas City Rys. Co., corn. $2 lot par 55 100 Bagdad-Chru,e G. M.Co„ corn.) lot 2,032 Kansas City Rye. Co., pref. 60 Bituminous Coal Co., corn par $5 $1 lot 1.977 Kansas City Rye. Co., corn. 60 Chicago Refining Co 2,032 Kansas City Rya. Co.. pref.. il lot 1,000 Int. Tungsten Corp., temp.I 1512 60 Bituminous Coal Co., coin_ __ _ certif., par $10 lot 132 Kansas City Rye. Co., cam_ 500 Int. Tungsten Corp., par 510_ 1,000 Cobalt-Lorrain MM.& Dee., 685 Kansas City Rya. Co., pref._ 51 lot par $1 $2 lot 6034 Bituminous Coal Co.. corn_ 18 Amer. Army & Navy Journa1,1 5 Rath Mfg. Co.. pref. par $50._ Inc., pref /52 lot 7 Amer. Grocers Society, par 510.$3 lot 16 Amer. Army & Navy Journal.) 500 Union Nat. Oil Co.. par 103.4 Inc.. corn., no par 50 Amer. Foreign Trade Corp„corn.53 lot 40 Kershaw Corp., par $10 $25 lot 100 Vegetable 011 Corp., Pref-1540 lot 19,589 Santa Rosa Min. Co., corn., 100 Vegetable 011 Corp., corn--J par Li $500 lot 4,200 Frank & Dugan, Inc., com.5300 lot 500 Kornkob Min.& Dee.. par $5.$2 lot 150 Frank de Dugan, Inc., pref., no 50 Mid-Western 011 Ref. Corp., Par $20 lot no par $55 lot 52 Logan Lumber Mills, Inc., Pref.$15 lot 900 Kelley Ticket Machine Co.. 800 Todd Shipyards Corp 24 $1. lot 300 Gilliland Oil Co., pref Par $10 5 6,050 Chontales Mines, Ltd., par 55 300 Gilliland 011 Co., corn 1 $310 lot 500 U. S. Steamship Co.. coin. Of. Granada Oil Corp.. par $10 _ _ _$75 lot 600 of dep., assess't due Feb. 18 1924 45.000 Calif. Nev. Cop.. par 55.,.$l0 lot paid 59 lot 40,000 Ely Nevada Cop.. par 51_511 lot 800 Invader 011 Corporation 565 lot 2.000 Wyoming Gold Min. Co___$13 lot 140 Acme Packing Co., corn $5 lot $100 lot 50 Popper Cutter Co., Inc., com.1 •50 Brown Exum Realty Co 85 lot 50 Pointer Cutter Co., Inc., pre1.15100 50 De Mayo Eng. Corp., pref no par 879 AUegheny Coal Co 51,000 lot J lot 330 India Wharf Brewing Co_51.600 lot 219 5-10 Amer. Cons. Oil Corp.,Pt., Par 510 60 Roadless Patents Holding Co.1 51 lot 1,206 Lawrence Petrol. Co., par $1_51 lot of Delaware 1575 60 Roadless Patents Holding Co.I lot 6,250 Alta Corbin Mines, par $1_ _530 lot 219 5-10 Amer. Cons.011 Corp., par of Delaware, corn, trust certif..) 500 Fruit Concen. Co.. Inc,Pref. $10 $1 lot 440 Fruit Con3en.Co., Inc..com. 1$20 lot 6,600 Osage 011 & Ref. Co.. par 51.530 lot 60 Amruss Lumber Corp DO Dar ) 20 Piqua Golf Club Realty Co., 160 Radio & Mech. Trad. Corp., corn., par 5.5 $375 lot Pref., Par $50 1 Piqua Club $5 lot 32 Had.& Mech. Trod. Corp., pt. $25 lot 600 Yonkers Statesman Corp., pf.I 37 Vargo Trad.Corp..com „no Par 220 Yonkers Statesman Corp., 56.345.65 demand notes of Vargo ) common, no par Trad. Corp.. dated Jan. 2 1924 $47 lot 142,950 loan on open account to) to April 11 1924 55.000 note of G. Moo, due Oct. 1 Yonkers Statesman Corn 100 Middle States Oil Corp. certif. 1921 of deposit, Dar $10 $75 lot $200 notes of Alexander Rava, I 170 5-10 Amer. Cons. 011, Inc..) dated May 19 1922 155 lot Pref., par $10 59 lot $434 loan recta. of Alex. H.Wilton) 170 5-10 Amer. Cons. Oil, Inc..) 25 Vargo Trod.Corp„com „no par common, par $10 30 Amruss Lumber Corp., corn_ 100 Bell Textile Co., Inc $45 lot 50 Keystone Petroleum Co., pref. $25 lot 30 Horn & Hardart Automat Co.of $1.473.73 notes of Vargo Trading Illinois, pref Corp.. dated Aug. 2 and Aug. $36 lot 1,100 Mack Conner Co., corn., par 20 1923 $10 $55 lot 50 Foundation Co. Port Huron 20 Kanoky 011 Co., pref Shipyards. Inc., pref $3 lot 515 lot /0 ICanoky Oil Co., corn., no par..51 lot 25 Foundation Co. Port Huron 1,200 Gen. Ry. Ind. Straw PrOdd Shipyards, Ina., corn., no par_ Co., corn., par 55 5,000 Oklahoma 011 Co., corn., 10 Gen. Ry: Ind. Straw Prod. Par $1 Co.. pref., par $10 500 Marigold Mining Co., Ltd., 500 Stand. 011 Leath. Dressing Copar 51 2,500 La Pas Oil Corp. Interim.5150 303 Dakota Continental Copper certifs., par $10 Co.. Par $1 $20 lot I lot 200 Nat. Conduit & Cable, no par_ 100 Black Prince Cop. Co.. par$1 650 Dominion Found.& Steel, Ltd. 10 Sonoma MagnesiteCo..par310 500 Ray Hercules Mliaes,Ine„par$5 300 Allied 011 Corp., Par $1 200 Victoria 011 Co., par $10 Drainage & Irrig. Co_ -59 lot U.Sli 100 Art Sales Corp 121 Columbia Graphophone Mfg. 50 100 Art Sales Corp Co., corn., no par 50 81 lot 5,400 Pacific Petroleum Col of Del. 3,071 Pa. Forge Co„ corn., par $25$75 lot temp. certifs., par $10 $11 lot 1,900 Pa. Forge Co..com „par 525-540 lot 521,479.59 demand note of the Man100 Pa. Forge Co.,com.,par 525_511 lot igotogart Mining az Develop't Co., 140 Pa. Forge Co., cotn „par 525.-55 lot Ltd.. dated May 1 1924 $110 lot 140 Pa. Forge Co„ com„par $25_311 lot 100 Mitchell Motors Co., Inc 52 lot 100 Pa. Forge Co.,com„par $25_311 lot 25 City Investing Co.. corn 750 Lakeside 011 Co., par $10 225 $1 lot 2.633 Everett Heaney par $20 $100 lot 1 Biarritz Co.. Inc.. COM $1 lot 300 Nova Scotia Steel & Coal 10 Biarritz Co., Inc., pref 9 171 United Theatre Equip. CorP.,1 10 Golf Illustrated, Inc $55 lot COM 5 Eastern Brick Corp, 7% cum. }510 171 United Theatre Equip. Corp., pref., par 510 ) lot 52 lot preferred 5 East. Brick Corp„com.,par $1.0..-82 lot 240 Eastern Potash Corp., pref. ..$31 lot 8 Internat. Gas Development Co-55 Eastern Potash Corp., corn...Sit lot 1.000 Lee Puncture-Proof Tire Co. lot 120 150 National Conduit az Cable Co-31 lot of Canada, Ltd., no par $55 lot 33 Blograph Co 58 lot 30,000 Florida Improvement Corp., 600 sub shares Colombian Emerald Par $10 $600 lot Syndicate, Ltd.. Dar $25 $1. lot 98 Yellow Poplar Lumber Co 550 lot . 5,000 Mammoth 011 Co.. Class "A" common. no Par Bonds. 25c. Per cent. 5,000 Central American Mines, Inc., $25,000 Rockford Beloit & Janes par Si onto RR. 1st 55. Oct. 1 1930___ $210 lot 11 U.S. Roller Bearing Co.,coil 512.500 California Nevada Copper Par 1012, etre. of dep _ _511 lot no Co. 1st 75, 55 lot . $6,119.35 Mitten Valley Land Co. 22 U. S. Roller Bearing Co., pref ICI Anse° Photoproducta, Inc., corn. 8% demand note, dated Mar. 17 no Par $19 lot 1925 540 lot 420 Southern Olt& Transport Corp. $6.000 Texas Electric Ry.5% bonds $70 lot Par $10 1947 6354 .1 .1 2843 Banda. Per cost. Per Cent. Bonds. 5100.000 Frank St Dugan, Ins., 5 $200 Eastern Potash Corp. 3 -year year deb. 13a, due July 16 1029, 7% gold notes. Jan. 1925. Jan. with July 1925 and all subsequent 1923 and subsequent coupons atcoupons attached $100 lot tached $5 lot 51,000 Century Country Club Inc. 5124.000 Imperlal Copper Co. 6% 45, Feb. 11954. registered special contract mtge. reg. bonds $60 lot $400 City Club of N.Y.Inc. 4s, due due July 1 1918. 599.000 have $100101 Nov. 1 1940, registered installment coupons $50 each $1,000 India House, Inc., 2d 5s, Nos. 1 to 20 attached. $25.000 "A," due Feb. 16 1946 have installment coupon 150 each 5180 lot $1,000 National Arts Club 1st 6s, Nos. 2 to 20 attached $25 lot panic. bond. due Nov. 1 1928_5980 lot 577.000 General 011 Gas Corp. 6% $1,000 National Golf Links of Amer. demand notes dated Dec.1 1921.550101 550 lot deb. 55, Jan. 1 1933, reg By R. L. Day & Co., Boston: Shares. Stocks. $ per sh. 334 I First National Bank 38 15 Lancaster Mills. corn 77 35 Massachusetts Cotton Mills 190 50 Naumkeag Steam Cotton Co 80 20 Columbian Mfg. Co 17 Brookside Mills 9554 97 2 Cornell 34 ills 116 1 Lyman Mills 77 11 Massachusetts Cotton Mills 35 Great Falls Mfg. Co 193's 10 Boston Revere Beach at Lynn 7744-7754 RR 97 274 Vermont & Mass. RR 215 Connecticut & Passumpsio Rivers RR., pref 8514 300 Northern RR., New Hampshire 8714 4,028 Mutual Finance Corp.. pref. ' lie 391, par $50 5 Mutual Finance Corp., corn., 51 lot Par $50 2,980 Commercial Finance Corp., 26.06 Par 550 2 New England Power Co., Pref.-10154 35 5 Internat'l Text Book Co 3 Columbus Elec. az Pow Co.. com.15054 278 3 Tampa Electric Co 138 Edison Elec. III. Co., Brockton. 5634-57 • par $25 12 units First Peoples Trust 7554 87 2 E. E. Taylor Co., let pref 2 Lewis Wharf Co., par $1,000.1070& div 3 Merchants Real Estate Trust, 310 & My. par $1,000 25 State Street Exchange 50 flat 13 units First Peoples Trust 7554 I special units First Peoples Trust 554 10 East Coast Ship Co 40 Purdy Tow & Water Boat Col 10 par $25 10 No. Boston Ltg. Props., corn._ 97 3 Turners Falls Pow. & Elec. Co. 19114 20 Thomson El Welding Co., par 5203814 22 Turners Falls Pow.& Elec. Co_ _190 15 Twin States Gas az Elec. Co., 973.4 prior pref Per Cent. Bonds. 55.000 Russian Rubles 5%s. 1921_31 lot $20.000 Estabrook Gold Dredging 53 per $1.000 Co. let 65, 1927 Shares. Stocks. $ per 5 Insurance Bldg Co., pref Insurance Bldg Corp., corn $200 Quebec-Saguenay Pulp Co., Ltd., 75, July 1924, July 1922 az sub. coupons on. 5 Companla Azticarera Salamanca. common. par $10 10 Hartford Automotive Parts, common. par $50 12 Smith Motor Truck. corn 1 Smith Motor Truck. prof 50 Quebec-Saguenay Pulp, Ltd.. Par Si 5425 17 A. L. Sayles & Sons Co., corn.. lot par $25 15 Potter Knitting Co.. pref 5 Herschell-Spliiman Motor Co„ pref.. par $50 5 Herschell-SpIllman Motor Co., common. par $50 17 Canadian Gt. West. 011 & Nat. Gas Products, Ltd 105 Boston & Ely Cons. Mines par $1 25 New England Casualty Co.__ 100 Mexico Cons. Mining .4)$1.6log Smelting Co.. par $10 2,000 Silver Leaf Min. Co.. Par 51 % 400 Raven Copper Co., par $1_ _9,997 Boston Brush Mfg. Co.. par $I 510101 497 Starrett-Fields. Inc 525 lot 25 Waldorf System, Inc„ pref., Par 510 9 160 New Eng. Guar. Corp., corn..S5 lot 20 New England Guar. Corp., pref-53 lot 100 Lincoln Motor Co.. cl. A. par 5.50 $1101 85 Amer. Glue Co., cora 4214 5 Montpelier & Barre Light & Power Co.. 6% pref 93 3 units Cushing Development C0-5514 lot 2 Boston Fish Market, pref__.100& My. 10 Greenfield Tap & Die. pref _91% & illy. 310 New Eng. Guar. Corp., com-1320 lot 112 New Eng, Guar. Corp.. pref.J 54-100 State Theatre, pref 88% 8 Puget Bound Power az Light Co., prior pref mot &WI , 5 Nor. Boston Ltg. props., com- 97 By Wise, Hobbs & Arnold, Boston: $ per sh. Shares. Stocks. 8 Gloucester Nat. Bank, GloucesterI31 242 2 National Shawmut Bank 1 Federal Trust Co 10234 3 Webster .3. Atlas National Bank 222 200 11 Bates Manufacturing Co 19 Pepperell Manufacturing Co__ _140 1 Berkshire Cotton Mfg, Co 14954 2 Ludlow Mfg. Associates 17054 10 Quissett Mills, corn 14934 68 Great Falls Mfg. Co 1934 20 Saco-Lowell Shops, 2d pref 1854 9934 30 Flint hillis 10 Merrimack Mfg. Co 9834-44 25 Manomet Mills 3754 25 Massachusetts Cotton Mills._ -- 7734 7 Lyman Mills 11634 10 Dwight Manufacturing Co 1554 14 Boston Duck Co 60 200 North. Mass. St. Ry., pref.-51 lot 10 Laconia Car 6 200 Quincy Market Cold Storage...127% 79 Lowell Electric Light 5814 10 Boston Chamber of Commerce Realty Trust. let pref 85 25 Mass. Lighting Cos., 6% pref_ 96 260 10 Great Northern Paper Co 1,000 Massachusetts Breweries Co. 170. Shares. Stocks. $ per sh. 1 Boston Athenaeum 875 27 Edison Electric of Brockton5654 1.050 Utah Consolidated Mining...52 log 9 First Peoples Trust, units 7534 50 Library Bureau, pref. A 9754 25 Mass. Bonding & Insurance...278 125 Tremont Building Trust 70 100 Utah Cone, Mining 151 lot 100 Interborough Cons. Corp....! 10,338 Pollock Pen Co 220. 11 Turners Falls P. & E. Co 19154 2,100 Estop Bros. Coal & Min. Co_ 50o. 35 Converse Rubber Shoe Co., pref. 73 50 Brockton Gas Light Co 158 400 U-Can Safety Hair Cutter Corp.51 lot 8 N. E. Guaranty Corp 153 lot 16 N. E. Guaranty Corp., pref.__ I 50 U.S. Bobbin & Shuttle Co 29 250 National Transit Co_ _ _1734,ex-div. 750 Crowed & Thurlow SS. Co..._$1 lot 64 Gates Finishing Co $5 lot 83 Gates Finishing Co., let pref 10 Mass.C011801. Street Rye.. prof. 20 Southern Fields Petroleum_ _ _ 200 Royalty Syndicate 1$2 lot 5 American Motion Picture Corp_ 5 Amer. Motion Pio. Corp., pref.) I I By Barnes & Lofland, Philadelphia: Shares. verks. 5 per sh. Shares. Stocks. $ per sh. 25 Frankford & Southwark Pass.Ry255 200 Manufactured Rubber Co..corn 1 200 Manufacturers Rubber Co.... 1.05 161 5 Finance Co. of Pa., let pref 10 Chestnut Hill Title & Trust Co., 50 Manufactured Rubber Co.. pref_ 434 corn 1 Wilmington Gas 39 Par Co.. 13034 6 West Chester Street Ry 5 Mutual Trust Co., par 550 14 9 Mutual Trust Co 129 30 Irony. Co. of No. Am.. par $10- 5934 1,100 Acorn Petroleum Corp $4 lot 60 Camden Fire Ins. Assn. (old), 100 Internat. Oil & Gas Corp $2 lot Par $5 15 56 Penmar Oil & Gas Co., prof..A3 25 Aldine Mtge. Guar. Co.. par $10 1844 104 Penmar Oil& Gas Co., 111., B)$15 lot 25 Aldine Mtge, Guar. Co., par 510 18 800 Penmar Oil de Gas Co., corn. 18 John B. Stetson Co., pt.. par $25 37 50 Thrill Beverage Co. of U. 5..1 5 Fire Assn. of Phila., par $50 279 common A 3514 lot 125 Autocar Co., common 51 50 Thrill Beverage Co. of U. S.,) 25 Rayon Silk Co. of Amer., pref_515 lot common 13 75 Rayon Silk Co.of Am., corn. B.$36 lot 500 Triple Oil Co }$10 lot 245 Bullfrog Goldfield RR.(Nev.) ..55 lot 25 Triple Oil Co., dividend scrip. 4 Phila. Bourse, corn., Par $50.... 1834 10 West Phila. T. & T., par $50_24034 No. Rights. $ per right. 282 10 Union National Bank 308 Harrisburg Bridge Co.,7% cum 2 Drovers & Merchants Nat. Bank.190 pref., at 520 per share 434 8 Drovers & Merchants Nat. Bank.188 Bonds. Per cent. 20 Oxford Bank .3. Tr.Co.. par $50-180 $7,700 Tecolote Copper Corp. coll. 318 trust a. f. 85, 1933, March 1925 10 Aldlne Trust Co coupons attached 318 5 Aldine Trust Co $150 lot 2 North Phila, Trust Co., par 550-288 $5,000 Tecoiote Copper Corp. coll. trust s. f.88, due 1933 32 North Phila. Tr. Co., par $50..281 5100 lot $1,000 Manufacturers Club of Phila. 14 Belmont Trust Co., par $50_ ---109 1st 1%, 1940 13 Manufacturers Title & Trust Co. 99 51,000 Atlantic City & Shore RR. 55 par $50 1st dr coll. trust 58. 1945, Dec. 24 Colonial Trust Co., par $50-18254 1925 and all subs, coup. attached 1481 2 Girard Trust Co $1.000 Scranton Dunmore az Moosic 13 Union Nat. Bank of Wilmington, Lake RR. 1st 6s. 1933 13834 Del„ par 525 5575 3 Atlantic City & Shore Co., pref._ _lot 8 Miners Nat. Bank of Pottsville. 2 Atlantic City az Shore Co., corn.. 178 Pa.. par $50 410 $15,000 Waterloo Cedar Falls & 19 Swedesboro Nat. Bank, N. J Nor, Ry. 1st 55, 1940,ctt of dep. 1 100 Salt's Textile Mfg. Co., let p1.$45 lot $5.000 Waterloo Cedar Falls & Nor. 054 20 Huntingdon & Broad Top Mtn. Ry. 1st 55, 1940. ctf of deposit._ $10 lot RR.& Coal, corn . $3.000 San Geronimo Mines & Met 5 Independence Indemnity Co_ _ _336 als Corp. deb. 8s. 1941 10 Standard Tank Car Co., pref.__ 61 $12 Co.,corn__ 1134 $5,000 Indiana Columbus & Eastern lot 16 Standard Tank Car gen. & ref. Se. 1926, ctf, of dep.. 2-3 Standard Tank Car Co.. trao$10 lot 51,000 Birdsboro St. Ry.58, 1934_ 334 tional certificate 1634 18 International Ry. V. t. c...32,000 lot $9,600 Cherokee Co.gen.85, 1933-875 lot 1034 2844 By A. J. Wright & Co., Buffalo: Shares. Stocks. 3 per oh. 3 Pratt & Lambert 52 5 Beaver Board 4H 6 Buff., Niag. & East. Pow., cl. B. 31 1.000 Keora 13c. 10 Internat. By. of Buffalo. v. t. c_ 24( Per Shares. Stocks. $ per sh. 38% 10 Rand Kardex 100 Tobacco Holdings Co., Ltd., of $4id lot Canada $1.10 lot 5 Keller Quantol,Inc National Banks. -The following information regarding national banks is from the office of the Comptroller of the Currency, Treasury Department: APPLICATIONS TO ORGANIZE RECEIVED. Capital. Dec. 1 -The National Bank of Mantua, N.J E50,000 . Correepondent, John H. Coombs, Mantua, N. J. Dec. 3 -The Merchants National Bank of East Orange, N.J___ - 200,000 Correspondent, Norbury C. Murray. 810 Broad St., Newark, N. J. Dec. 5 25,000 -The First Natianal Bank of Three Rivers, Texas Correspondent, John T. Schulz, Three Rivers, Texas. APPLICATIONS TO ORGANIZE APPROVED. Dec. 1-Las Vegas National Bank in East Las Vegas, New MegCorrespondent, 0. Q. Chandler, care of First National Bank, Wichita, Kansas. Dec. 3 -The Rockingham National Bank of Exeter, N.H Correspondent, William H. Sleeper, Exeter, N. H. Dec. 5 -The First National Bank of Milton, Del Corresroident, Thomas H. Douglas, Milton, Del. Dec. 5 -The First National Bank of Hollywood, Florida Correspondent, Ira E. Guthrie, Hollywood, Fla. Dec. 5 -The Lafayette National Bank of Brooklyn in New York, N Y Correspondent, William J. Large, 166 Brooklyn Ave., Brooklyn, N. Y. CHARTERS ISSUED. Nov.30 -12,655 -The First National Bank of Dickinson, Texas.. Conversion of the Dickinson State Bank, Dickinson, Texas. President. Paul Lobit; Cashier, J. H. Jones. Nov.30 -New First National Bank in Santa Paula, Calif. -12,856 President, M. L. Steckel; Cashier, W. L. Ramsey. Dec. 5 -New First National Bank in Lemmon,So. Dak. -12,857 President, Wilson Byer; Cashier, J. K. Clark. E75,000 100,000 25,000 100,000 200,000 $25.000 200,000 30,000 CHANGES OF TITLE. Dec. 1-2,336 -The Fruit Growers' National Bank of Smyrna. . Del.. to "The Fruit Growers' National Bank and Trust Company of Smyrna." Dec. 3 -1.354 -The National Bank of Norwich, Norwich,N.Y., to "The National Bank and Trust Company of Norwich." VOLUNTARY LIQUIDATION. Nov.30 -The Peapack-Gladstone National Bank, Pea-12,002 $100.000 pack-Gladstone, N. J Effective Nov.30 1925. Lici. Agents, Wm.D. Vander Beek and S.J. Shoemaker, Gladstone, N.J. To be succeeded by a trust company. DIVIDENDS. Dividends are grouped in two separate tables. In the first we bring together all the dividends announced the current week. Then we follow with a second table, in which we show the dividends previously announced, but which have not yet been paid. The dividends announced this week are: Name of Company. When Per Cent. Payable. Books Closed Days Inclusive. Railroads (Steam). *2 Jan. 9 *Holders of rec. Dec. 22 Albany & Susquehanna (special) Jan. 2 Holders of rec. Dec. 210 3 Allegheny ft Western 1) Mar. I Holders of rec. Jan. 160 Baltimore & Ohio, common (guar.) Mar. 1 Holders of rec. Jan. 160 1 Preferred (quar.) *1,4 Feb. 1 *Holders of rec. Dec. 31 Canada Southern 234 Jan. 11 Holders of rec. Dec. 26 Chicago Indianan.& Loulsv., common_ Jan. 11 Holders of rec. Dec. 26 2 Preferred *5 Jan. 20 *Holders of rec. Jan. 13 Cincinnati Northern Cleve. Mc.Chic.& St. L., corn.(qu.)-- •1,4 Jan. 20 *Holders of rec. Dec. 31 *1,4 Jan. 20 *Holders of rec. Dec. 31 Preferred (quar.) *5 Jan. 15 *Holders of rec. Jan. 8 Detroit River Tunnel Fonda Johnstown & Gloversv., Pf.(qu.)- 1)4 Dec. 15 Holders of rec. Dec. 100 87i4c Jan. 2 Holders of rec. Dec. 19 common (guar.) Lehigh Valley, $1.25 Jan. 2 Holders of res. Dec. 19 Preferred (quay.) $12.50 Feb. 1 Holders of rec. Jan. 250 Mahoning Coal RR., common $1.25 Jan. 2 Holders oi rec. Dec. 23a Preferred 270. Jan. 2 Holders of rec. Des. 180 Manhattan By.(modified (uar.) Jan. 29 *Holders of rec. Dec. 31 *10 Michigan Central *734 Jan. 29 *Holders of rec. Dec. 31 Extra *334 Dec. 30 *Holders of rec. Dec. 16 Mobile & Ohio Dec. 30 *Holders of rec. Dec. 16 *3 Extra Dec. 21 Holders of rec. Dec. 14 3 New Orleans & Northeastern (extra) lid Feb. 1 Jan. 1 to Jan. 27 New York Central RR.(quar.) *1.25 Jan. 2 Holders of me. Dec. 15a New York & Harlem,corn. dr pref Jan. 15 *Holders of rec. Dec. 31 *$2 Northern Central lid Jan. I Holders of rec. Dec. 12a Old Colony ((uar.) *3 Dec. 31 *Holders of rec. Dec. 15 Phila., Baltimore dr Washington •$2.50 Feb. 1 *Holders of rec. Jan. 11 Pittsburgh & Lake Erie *4 Jan. 2 *Dec. 16 to Jan. 1 Rensselaer & Saratoga lid Feb. 1 Holders of rec. Jan. 9 Southern Railway. common (quar.)_ _ lid Jan. 15 Holders of rec. Jan. 2 Preferred (qum%) *6 Dec. 31 *Holders of rec. Dec. 28 Toronto Hamilton & Buffalo *020 Dec. 31 *Holders of rec. Dec. 28 Stock dividend *6 Jan. 15 *Holders of rec. Dec. 31 Troy Union RR.(annual) 6 Dec. 31 Holders of rec. Dec. 210 Virginia Ry.. common (annual) Public Utilities. 1)4 Jan. 1 Holders of rec. Dee. 19 • Alabama Power. preferred (quar.) . (No.1) nl.75 Jan. 1 *Holders of rec. Dec. 31 Amer.BrownBoveriEleo.Corp Amer.& Foreign Power, pref. (quar.)_. $1.75 Jan. 2 Holders of rec. Dec. 15 Amer. Public Service, preferred (quar.). lid Jan. 2 Holders of rec. Deo. 15 Amer. Public Utilities, prior pref. ((u.).. 1% Jan. 2 Holders of rec. Dec. 15 134 Jan. 2 Holders of rec. Dec. 15 Participating preferred ((uar.) Jan. 2 Holders of rec. Dec. 14 Asheville Power & Light, pref. (quar.)_ _ lid Jan. 1 Holders of rec. Dec. 15 Canadian General Elec., pref. (guar.)._ Capital Tract., Washington, D. C.(qu.) 154 Jan. 1 Holders of rec. Dec. 14 Carolina Power & Light, Pref.((Mari--- 154 Jan. 2 Holders of rec. Dec. 14 Chicago Rapid Transit, prior Pt.(rn'thlY) *65e. Jan. 1 *Holders of rec. Dec. 15 *65c. Feb. 1 'Holders of rec. Jan. 19 Prior preferred (monthly) *65c. Mar. 1 *Holders of rec. Feb. 16 Prior preferred (monthly) Chickasha Gas & Elec.. common a Dec. 31 Holders of rec. Dec. 31 134 Dec. 31 Holders of roe. Dec. 31 Preferred (guar.) Citizens Pass. By., Phlia. (guar.) E3.50 Jan. 1 Dec. 20 to Jan. 1 Duluth-Superior Traction, pref. (quiz.). $1 Jan. 2 Holders of roe. Dec. 15 Elec. Light & Power Co. of Abington & Rockland (quar.) 50c. Jan. 2 Holders of rec. Dec. Da Extra 50c. Jan. 2 Holders of rec. Dec. ha $1.25 Dec. 15 Holders of rec. Dec. 100 El Paso Electric Co., common (quar.) Preferred, Class A (quar.) Jan. 2 Holders of rec. Dec. 15 $2 Preferred, Class A ((uar.) $1.75 Jan. 2 Holders of rec. Dec. 15 $1.75 Jan. 2 Holders of rec. Dec. 15 Preferred, Class B ((uar.) Hackensack Water, pref Cl. A (No. 1)- 61.75 Dec. 31 Holders of rec. Dec. 18 [vol. 121 THE CHRONICLE Name of Company. When Payable. Books Closed. Days Inciusive. Public Utilities (Concluded). Haverhill Gas Light (quar.) 57e. Jan. 2 Holders of roe. Dec. 14a Internat. Telephone & Telegraph (qu.)_ 134 Jan. 16 Holders of rec. Dec. 26 Jamaica Public Service. pref. -- $1.75 Jan. 2 Holders of rec. Dec. 12 Jersey Central Pow. dr Lt., pref.(qui lid Jan. 1 Holders of rec. Dec. 17 Kentucky Securities Corp., corn.(qu) - 134 Jan. 2 Holders of ree. Dec. 18 Preferred ((uar.) 1)4 Jan. 15 Holders of rec. Dec. 18 Laurentide Power (quar.) 134 Jan. 15 Holders of rec. Dec. 31 Long Island Lighting. preferred (qilan)134 Jan. 2 Holders of rec. Dec. 21 Massachusetts Ltg. Cos.,common(qui- 75c. Dec. 31 Holders to rec. Dec. 14 Six per cent preferred (quar) 1% Jan. 15 Holders of rec. Dec. 26 Eight per cent preferred (guar.) Jan. If Holders of rec. Dec. 26 2 Middle West Utilities, pref. (quar.)- -- 154 Jan. 15 Holders of rec. Dec. 31 Midland Utilities, pref., Cl. A (qr ar.)--1% Jan. 6 Holders of rec. Dec. 22 Midland Utilities. prior lien stock (quar.) lid Jan. f Holders of rec. Dec. 22 Mohawk Valley Co.(quar.) *30c. Jan. 2 Holders of rec. Dec. 18 Extra *20c. Jan. 2 *Holders of rec. Des. 18 Mountain States Power, pref. (quar.)1)4 Jan. 20 Holders of rec. Dec. 31 Narragansett Elec. Ltg. (guar.) Jan. 2 *Holders of rec. Dee. 12 *El National Public Service Corp.Pref Series A,and partic. pref.(qu.)- $1.75 Jan. 1 Holders of rec. Dec. 17 Newport News & Hampton By., Gas & . Electric Co., common (guar.) 1 Holders of rec. Dec. 15a 134 Jan Preferred (guar.) 134 Jan. 1 Holders of rec. Dec. 150 N.Y. Central Elec. Corp., pref. (quar.).. 1% Jan. 2 Holders of rec. Dec. 21 Northern N. Y. Utilities, cons. (quar.).... "75c. Jan. 15 *Holders of rec. Dec. 30 Northern States Power,corn., Cl. A (qu.) 2 Feb. 1 Holders of rec. Dec. 31 Common, Class B (guar.) 20c. Feb. 1 Holders of rec. Dec. 31 Preferred (quar.) 134 Jan. 20 Holders of rec. Dec. 31 North West Utilities, prior lien pt.(qu.) $1.75 Jan. 2 Holders of rec. Dec. 15 Ohio Bell Telephone, preferred (quar.) lid Jan. 2 Holders of rec. Dec. 21 Ohio River Edison Co., preferred Mari Jan. 1 Holders of rec. Dec. 15 Ottawa Traction (quar.) Jan. 2 Holders of rec. Dec. 17 1 Bonus Jan. 2 Holders of rec. Dec. 17 1 Pacific Gas dr Electric, common (guar.)- *2 Jan. 15 *Holders of rec. Dec. 31 Pacific Telephone & Teleg., corn.((Oar.) •1H Dec. 31 *Holders of ree. Dec. 21 Preferred Mar.) '134 Jan. 15 Holders of rec. Dec. 31 Panama Power & Light Corp., pref.(qu.) 1% Jan. 2 Holders of rec. Dec. 11 Pennsylvania Power dr Light, pref. (qu.) 134 Jan. 2 Holders of rec. Dec. 15 Portland Elec. Power, 1st pref.(guar.) Jan. 2 Holders of rec. Dec. 14 Porto Rico Rya., Ltd., pref. (quar.)Ian, 2 Holders of rec. Dec. 15 1 Power Corp. of N.Y common Mar./ •25c. Jan. 2 *Holders of rec. Des. 15 Public Service Co. of Okla., corn.((uar.) 2 Dec. 31 Dec. 24 to Jan. 1 Prior lien stock (guar.) 1)4 Dec. 31 Dec. 24 to Jan. I Preferred ((uar.) 1)4 Dec. 31 Dec. 24 to Jan. 1 Ridge Ave. Pass, By., Phila. (quar.)_ Jan. 2 Dec. 16 to Jan. 3 $3 St. Cloud Public Service, 1st pref.(qu.)lid Jan. 2 Holders of rec. Dec. 31 Southern Gas & Power Corp., Cl. A ((u.) 943idc Dee. 15 Holders of rec. Dec. 10 7% Preferred (quar.) 134 Ian. 1 Holders of rec. Dec. 27 Southwestern Bell Tel., Prof. ((uar.).-134 Jan. 1 Holders of rec. Dec. 19 Southwest Gas dr Elec., pref. (quar.)..- '134 Jan. 2 *Holders of rec. Dec. 15 Southwest Securities Co..common(qui - *$1.50 Jan. 2 *Holders of rec. Dec. 15 Springfield (Mo.)By,& Light, pf. (U.)134 Jan. 2 Holders of rec. Dec. 15 Standard Gas & Elec., common (guar.)- 75c. Jan. 25 Holders of rec. Dec. 31 Seven per cent prior pref.(guar.) 131 Jan. 25 Holders of rec. Dec. 31 Six per cent non-cum.stock (guar.)--1)4 Jan. 15 Holders of rec. Dec. 31 Toledo Edison Co., prior pref.(guar.).-Jan. 2 Holders of rec. Dec. 15 Twin City Rapid Tran., Minneap., corn. 2 Dec. 31 Holders of rec. Dec. 15 Preferred Mar.) 134 Dec. 31 Holders of rec. Dee. 15 Union Traction (Philadelphia) 81.50 Jan. 1 Holders of rec. Dec. 9 United Gas dv Elec. Corp., pref.(guar.). 134 Jan. 1 Holders of rec. Dec. 16 United Gas Improvement (quar.) Jan. 15 Holders of rec. Dec. 31 81 Un.Lt.&Pow.Corp.,CI A dr B,com. (qu.) '600. Feb. 1 *Holdere of rec. Jan. 15 . Preferred, Class A ((uar.) *31.62 Jan. 2 *Holders of rec. Dec. 15 Jan. 2 *Holders of rec. Dec. 15 411 Preferred, Class B ((uar.) Utah Gas& Coke, pf.& partic. pf. WO- $1.75 Jan. 2 Holders of rec. Dec. 15 Utah Power & Light, pref. (quar.) 154 Tan. 2 Holders of rec. Dec. 10 *131 Jan. 20 *Holders of rec. Dec. 31 Virginia By. & Power, pref. Mari Western States Gas dr Elec., pref. (qu.). 134 Jan. 15 Holders of rec. Dec. 31 Western Union Telegraph (guar.) Jan. 16 Holders of rec. Dec. 230 Yadkin River Power, pref. Mar.) 1,4 Jan. 2 Holders of rec. Dec. 14 Banks. America, Bank of (quar.) Coal & Iron National Mar.) Colonial Mar.) Extra Commonwealth Europe, Bank of Mari Extra First National (quar.) First Security Co.(quar.) Lebanon National Manhattan Co.. Bank of Mar.) National City Mari National City Co.((lian) Trust Companies. Bank of New York dr Tr. Co.(quasi Extra *5 *5 *5 *5 3 4 20 5 3 4 4 4 6 2 an. an. an. an. an. an. an. an. an. an. an. an. an. 2 *Holders of rec. Dec. 15 2 *Holders of rec. Dec. 9 2 *Holders of rec. Dec. 20 2 *Holders of rec. Dec 20 16 Holders of rec. Dec. 31 2 Holders of rec. Dec. 10 2 Holders of rec. Dec. 10 2 Holders of roe. Dec. 3I0 2 Holders of rec. Dec. 310 2 Holders of rec. Dec. 21 2 Holders of rec. Dec. 18a 2 Holders of rec. Dec. 18 2 Holders of rec. Dec. 18 Jan. 2 Holders of rec. Dec. 18 Jan. 2 Holders of rec. Dec. 18 Miscellaneous. Acme Steel (quar.) 500. Jan. 1 Holders of rec. Dec. 21 Doc. 31 Holders of rec. Dec. 21 1 Aeolian Company, pref. (guar.) Aeolian, Weber Piano & Pianola, P.(qu.) 1,4 Jan. 15 Holders of rec. Jan. 5 Jan. 15 Holders of rec. Dec. 31 Air Reduction, Inc. Mar.) El Jan. 27 Holders of rec. Jan. 15 2 Alliance Realty ((ari e20 Jan. lb Holders of rec. Dec. 21 Stock dividend Amer. Drake Shoe dr Fdy., corn. (qu.).- $1.60 Dec. 31 Holders of rec. Dec. 18 Preferred (quay.) 114 Dec. 31 Holders of rec. Dec. 18 Amer. Fork & Hoe,common (Q\lari- - 1% Dec. 15 Holders of rec. Dec. 5 *4 Dec. 22 *Holders of rec. Dec. 18 American Milling Mar.) * 2 Dec. 22 *Holders of rec. Dec. 18 Special Jan. 2 *Holders of roe. Dec. 15 Amer.Sales Book,common Mar.) Amer. Window Glass Mach., corn. (qu.) lid Jan 2 Holders of rec. Dec. 16 134 Jan. 2 Holders of rec. Dec. 16 Preferred (quar) 1,4 Jan. 15 Dee. 16 to Dec. 22 Amer. Woolen, preferred Mar.) Dec. 14 Holders of rec. Dec. 7a 5 Appleton Company (quar.) *134 Jan. 2 *Holders of rec. Dec. 17 Armstrong Cork, common (qUar.) rg Jan. 15 *Holders of rec. Dee. 17 Common (extra) Jan. 2 *Holders of rec. Dec. 17 Preferred ((uar.) 750. Jan. 2 Holders of rec. Dec. 21 Artloom Corporation, corn.(quar.) Ault & Wiborg Co., preferred Mar., - 1,4 Jan. 2 Holders of rec. Dec. 15 *25c. Feb. 1 *Holders of rec. Jan. 20 Balaban & Katz, Inc.(monthly) *25c. Mar. 1 *Holders of rec. Feb. 20 Monthly *25c. Apr. 1 *Holders of rec. Mar.20 Monthly *S9 Bancitaly Corp. (annual) *83 Christmas dividend 500. Jan. 2 Holders of rec. Dec. 21 Berry Motor (quay.) Brown & Williamson Tob.,corn.((liar.)- 134 Jan. 1 Holders of rec. Dec. 19 1,4 Jan. 1 Holders of rec. Dec. 19 Preferred (qtutr.) Brunswick-Balke-Collender Co.,pl.(qu.) 1,4 Jan. 2 Holders of roe. Dec. 20 134 Jan. 2 Holders of rec. Dec. 21a Burns Bros., preferred Mari 50c. Dee. 31 Holders of rec. Dec. 15a Butte & Superior Mining (guar.) 4 Jan. 15 Holders of rec. Dec. 31 Canada Iron Foundries, pref Canadian Locomotive, pref. (quar.)... 154 Jan. 1 Holders of rec. Dec. 20 $1.50 Jan. 2 Holders of rec. Dec. 22 Central Aguirre Sugar, corn. (guar.).•750. Jan. 2 *Holders of rec. Dec. 21 Chandler Motor Car (guar.) 6234c. Jan. 2 Holders of rec. Deo. 15 Cleveland Builders SLIMY Cluett. Peabody & Co., Inc., pref. M.) lid Jan. 2 Holders of rec Dec. 21 1 Dee. 15 Holders of rec. Dec. 10 Consolidated Lead & Zinc (monthly)_ _ Jan. 2 Holders of roe. Dec. 160 Continental Baking Corp., Cl. A, Corn.. 32 $2 Jan. 2 Holders of rec. Dec. 16a Preferred Mari Jan. 15 *Holders of rec. Dec. 31 *El Crex Carnet (guar.) Devoe dr Raynolds,Inc.,corn. A it B(qu.) •600. Jan. 2 *Holders of rec. Deo. 21 *154 Jan. 2 *Holders of rec. Dec. 21 First and second pref.((uar.) 20e, Jan. 2 Holders of rec. Dec. 15 Detroit & Cleveland Navigation 37id c Jan. 1 Dee. 16 to Dee. 30 Eastern Rolling Mill, new (No. 1) 500. Jan. 1 Dec. 16 to Dec. 30 New stock (extra) Jan. 1 Dee. 16 to Doe. 30 *2 Preferred (guar.) Edmunds & Jones Corp., corn. ((uar.) *75c. Jan. 1 *Holders of rec. Dec. 20 '134 Jan. 1 *Holders of rec. Dec. 20 Preferred ((mar.) DEC. 12 1925.] Name of Company. THE CHRONICLE When Per Cent. Payable. Books Closed Days Inclusive. Miscellaneous (Continued). Elec. Storage Battery, cam.& Pf. ORO - 51.25 Jan. 2 Holders of rec. Dec. 18 Common and preferred (extra) Jan. 2 Holders of rec. Dec. 18 $1 Electric Vacuum Cleaner, pref.(guar.).- 1M Jan. 2 Dec. 25 to Jan. I Elliott-Fisher Co.,coin. & cons. B (qu.)_ $1 Jan. 2 Holders of rec. Dec. 15 Common and common B (extra) Jan. 2 Holders of rec. Dec. 15 $3 Preferred (guar.) 1)0 Jan. 2 Holders of rec. Dec. 15 Empire Safe Deposit Co.(guar.) 15 Dec. 30 Holders of rec. Dec. 23a Endicott-Johnson Corp., corn. (quar.).. $1.25 Jan. 1 Holders of rec. Dec. 18 Preferred (guar.) I M Jan. 1 Holders of rec. Dec. 18 Evans (F. S.) & Co., A & B (quar.) .500. Jan. 2 *Holders to rec. Dec. 22 Class A & B (extra) .25c. Jan. 2 *Holders of rec. Dec. 22 Federal Finance Corp., Class A (No. 1)- 75c. Feb. 1 Holders of rec. Jan. 15 Class B (No. 1) 25c. Feb. 1 Holders of rec. Jan. 15 Fifth Avenue Bus Securities (guar.)--- *16c. Jan. 18 *Holders of rec. Jan. 4 Finance Co.of Amer.(Bait.), com.(qu.). 621.(e. Jan. 11 Holders of rec. Jan. 5 Common (extra) $1 Jan. It Holders of rec. Jan. 5 438c.Jan. 11 Holders of rec. Jan. 5 7% preferred (quar.) Garfield Safe Deposit Co Dec. 28 Dec. 10 to Dec. 27 4 Extra 2 Dec. 28 Dec. 10 to Dec. 27 Gen'l Amer. Tank Car Corp., com.(qu.) •31.50 Jan. 1 "Holders of rec. Dec. 15 .1% Jan. 1 *Holders of rec. Dec. 15 Preferred (guar.) Ginter Company, common '2914( Dec. 31 'Holders of rec. Dec. 17 Common (payable in coxmon stock) *1'33°0 Dec. 31 *Holders of rec. Dec. 17 Glen Alden Coal *$3.55 Dec. 21 'Holders of rec. Dec. 12 13 Jan. 2 Holders of rec. Dec. 14 Goodyear Tire & Rub.of Can., pr.(qu.)_ Gossard (H. W.) Co., corn. (monthly)... 33 1-3c Jan. 2 'Holders of rec. Dec. 21 Common (monthly) 33 1-3c Feb. 1 'Holders of rec. Jan. 21 Common (monthly) 33 1-3c Mar. I *Holders of rec. Feb. 18 2 Dec. 31 Holders of rec. Dec. 15 Grasselli Chemical, common (guar.). 134 Dec. 31 Holders of rec. Dec. 15 Preferred (guar.) 134 Dec. 31 Holders of rec. Dec. 15 Great Lakes Towing, corn. (guar.) 1)§ Jan. 2 Holders of rec. Dec. 15 Preferred (guar.) "25c. Jan. 1 *Holders of rec. Dec. 15 Grennan Bakeries, common (guar.) .1.1u Jan. 1 *Holders of rec. Dec. 15 Preferred (guar.) "lm Jan. 1 "Holders of rec. Dee. 20 Hammermill Paper, pref.(guar.) 8c. Dec. 31 Holders of rec. Dec. 14 Hollinger Consol. Gold Mines *154 Jan. 2 *Holders of rec. Dec. 22 Hovey (F. C.) Co., pref. (quar.) *30c. Jan. 15 'Holders of rec. Dec. 17 Humble Oil & Refg. (guar.) Jan. 2 *Holders of rec. Dec. 15 Ideal Cement, common (guar.) *51 *50c. Dec. 22 *Holders of rec. Dec. 15 Common (extra) •154 Jan. 2 *Holders of rec. Dec. 15 Preferred (guar.) Independent Pneumatic Tool (guar.) _ *31 Jan. 2 *Holders of rec. Dec. 21 2 India Tire & Rubber (guar.) Jan. 2 Holders of rec. Dec. 21 Indian Motocycle, pref. (quar.) '134 Jan. 2 *Holders of rec. Dec. 21 Intermit Buttonhole Sew. Mach.(qu.)_ 15c. Jan. 2 Holders of rec. Dec. 15 International Match, partic. pref. (cu.). 800. Jan. 15 Holders of rec. Dec. 24a International Nickel. common (guar.). _ 50c. Dec. 31 Holders of rec. Dec. 17 International Silver, pref. (accum. diva.) h7 Dec. 31 Holders of rec. Dec. 15 *IN Feb. 1 *Holders of rec. Jan. 27 Ipswich Mills, 7% pref Laurentide Co. (guar.) 134 Jan. 2 Holders of rec. Dec. 17 Lawyers' Title & Guaranty 234 Jan. 2 Holders of rec. Dec. 19a Libbey-Owens Sheet Glass, com. (qu.) *50c. Jan. 15 *Holders of rec. Jan. 5 Common (extra) *S1 Jan. 15 'Holders of rec. Jan. 5 Common (payable in common stock)_ _ */20 Jan. 15 *Holders of rec. Jan. 5 Preferred (guar.) '134 Jan. II *Holders of rec. Jan. 5 Long Island Safe Deposit 4 Jan. 1 Holders of rec. Dec. 24 Loose-Wiles Biscuit, 1st pref. (quar.)_ _ *134 Jan. 1 *Holders of rec. Dec. 18 Second preferred (guar.) .152 Feb. 1 *Holders of rec. Jan. 18 Ludlum Steel (guar.) *50c Jan. 2 *Holders of rec. Dec. 21 Macy (R. H.) & Co., pref. (guar.) *144 Feb. 1 *Holders of rec. Jan. 16 Magor Car.Corp., common (guar.) 25e. Dec. 31 Holders of rec. Dec. 23 Preferred (guar.) 134 Dec. 31 Holders of rec. Dec. 23 Mallinson(H. R.)& Co., Inc., pref.(qu) 134 Jan. 2 Holders of rec. Dec. 21 Manhattan Shirt, pref.(guar.) 134 Jan. 2 Holders of rec. Dec. 17 Dec. 31 Holders of rec. Dec. 19a Marland Oil 51 Maryland Casualty (QUM%) 1.1234 Dec. 22 Holders of rec. Dec. 9 1 Jan. 2 Holders of rec. Dec. 17 Merck & Co., pref. (guar.) Merrimac Chemical (guar.) $1.25 Dec. 31 Holders of rec. Dec. 12 Jan. 1 Holders of rec. Dec. 18a Midland Steel Products, com $I Common (extra) 47c. Jan. 1 Holders of rec. Dec. 18a Preferred (guar.) Jan. 1 Holders of rec. Dec. 18a $2 Jan. 1 Holders of rec. Dec. 18a Extra $1 1234c Jan. 30 Jan. 16 to Jan. 29 Mining Corp. Of Canada((interim). Morgan Lithograph, corn. (guar.) $1.25 Jan. 2 Holders of rec. Dec. 18a 142 Jan. 2 Holders of rec. Dec. 18a Seven per cent pref. (guar.) Morristown Securities, com. (guar.)__ 15c, Jan. 2 Holders of rec. Dee. 7a 114 Jan. 2 Holders of rec. Dec. 15a Preferred (quar.) Mount Vernon-Woodberry Mills, pref__ *234 Dec. 31 *Holders of rec. Dee. 15 National Dairy Products, cont.(guar.)-- *75c. Jan. 2 *Holders of rec. Dec. 21 Jan. 2 *Holders of rec. Dec. 21 Preferred (No. 1) National Licorice,com 234 Jan. 8 Holders of rec. Dec. 24 Jan. 8 Holders of rec. Dec. 24 5 Common (extra) 134 Dec. 31 Holders of rec. Dec. 24 Preferred (guar.) 2 National Refining, pref.(quar.) Jan. 2 Holders of rec. Dec. 15 National Supply of Del., pref.(guar.).-- 134 Dec. 31 Holders of rec. Dec. 21 .$3 Jan. 1 *Holders of rec. Dec. 14 National Tea, old common 250. Dec. 31 Holders of rec. Dec. 18 Nevada Consol. Copper (quar.) Jan. 2 *Holders of rec. Dec. 26 New York State Realty dr Terminal--- .6 50c. Jan. 15 Holders of rec. Jan. 2a New York Transportation (guar.) Dec. 15 *Holders of rec. Dec. 12 *3 Northwestern Yeast (guar.) *50c. Jan. 15 "Holders of rec. Dec. 31 Ohio Fuel Corp.(guar.) *50c. Jan. 30 *Holders of rec. Jan. 15 Packard Motor Car, common (guar.) $3.50 Jan. 1 Holders of rec. Dec. 29 Pelz-Greeruitein Co., Inc., pref 134 Dec. 31 Holders of rec. Dec. 21 Penney (J. C.) Co., 1st pref. (quar.)_ 134 Jan. 1 Holders of rec. Dec. 19 Penick dr Ford, Ltd., pref.(guar.) 1M Jan. 1 Holders of rec. Dec. 19 Preferred (acc't accum. dividends)-750. Jan. 1 Holders of rec. Dec. 11 Pet Milk, corn. (guar.) Preferred (guar.) 134 Jan. 1 Holders of rec. Dec. 11 100. Dec. 24 Holders of rec. Dec. I5a Pittsburgh 011 is Gas M Jan. 2 Holders of rec. Dec. 15 Price Brothers & Co., Ltd., coin.(qu.) Preferred (guar.) 134 Jan. 2 Holders of rec. Dec. 15 Reece Button Hole Mach.(guar.) 350. Jan. 2 Holders of rec. Dec. 15 Reece Folding Machine (guar.) Holders of rec. Dec. 15 Sc. Jan Reid Ice Cream Corp., corn. (guar.).- - 75c. Jan. 2 Holders of rec. Dec. 21 Reliance Manufacturing, pref. (aunt.).... *134 Jan. 2 *Holders of rec. Dec. 18 Remington-Noiseless Typew., pref.(qu.) 134 Jan. 15 Holders of rec. Jan. 4 Reo Motor Car (guar.) 200. Jan. 2 Holders of rec. Dec 15 Extra 300. Jan. 2 Holders of rec. Dec. 15 Richardson & Boynton Co., part. pf.(qu) 750. Jan. 2 Holders of rec. Dec. 15 Safety Car Heating dr Lighting (quar.).. *2 Dec. 23 *Holders of rec. Dec. 14 Extra Dec. 23 *Holders of rec. Dec. 14 *2 Scruggs-VandervoOrt-Barney Dry Goods First preferred Jan. 2 Holders of rec. Dec. 21 3 Second preferred 3)4 Jan. 2 Holders of rec. Dec. 21 Selberling Rubber, pt. (in full of accum.) h4 Dec. 15 Holders of rec. Dec. 5 Simmons Company, common (extra).-- *25c. Jan. 15 *Holders of rec. Dec. 21 Singer Mfg. (guar.) "234 Dec. 31 *Holders of rec. Dec. 10 Southern Acid & Sulphur, common 75c, Dec. 15 Holders of rec. Dec. 10 Common 750. Mar. 15 Holders of rec. Mar. 10 St. L.Rocky Mt.& Pac. Co., corn.(qu.) 1 Dec. 31 Holders of rec. Dec. 18a Preferred (guar.) 130 Dec. 31 Holders of rec. Dec. 18a St. Regis Paper.common (guar.) *50e. Jan. 2 *Holders of rec. Dec. 15 • 1 Preferred (guar.) 31 Jan. 2 *Holders of rec. Dec. 15 Simbroco Stone Co., preferred Jan. 1 Holders of rec. Dec. 15 2 Standard Coupler, pref.(annual) Jan. 2 "Dec. 25 to Jan. 12 "8 Standard Milling, common i*42c. Dec. 31 *Holders of rec. Dec. 31 Preferred 1*50c. Dec. 31 *Holders of rec. Dec. 21 Steel Co. of Canada,common (quar.)--134 Feb. 1 Holders of rec. Jan. 8 Preferred (guar.) 144 Feb. 1 Holders of rec. Jan. 8 Sterling Oil& Development (extra) *50c. Dec. 21 *Holders of rec. Dec. 10 Thompson (J. R.) Co., com.(monthly). *300. Jan. 2 *Holders of rec. Dec. 23 Oli Common (monthly) *30c. Feb. 1 *Holders of rec. Jan. 23 Common (monthly) *30c. Mar. I *Holders of rec. Feb. 23 Tobacco Products Corp., com.(quar,).. _ (a) Jan. 15 Holders of rec. Dec. 31 Torrington Company,common (guar.)__ Jan. 2 Holders of rec. Dec. 18 3 Common (extra) Jan. 2 Holders of rec. Dec. 18 5 United Electric Coal, common 60c. Dec. 23 Holders of rec. Dec. 14 United Shoe Machinery, com. (guar.)_ _ 6234c Jan. 5 Holders of rec. Dec. 15 Preferred (guar.) 3734c Jan. 5 Holders of rec. Dec. 15 U.S. Bobbin & Shuttle ,pref. (guar.) •IM Dec. 31 *Holders of rec. Dec. 9 Utah Conner Co. (guar.) $1.25 Dec. 31 Holders of rec. Dee. 18 Name of Company. 2845 Per When Cent. Payable. Books Closed. Days Inclusive. Miscellaneous (Concluded). Warren Bros., common (guar.) '51 Jan. 2 *Holders of rec. Dec. 19 First preferred (guar.) • *75c. Jan. 2 "Holders or rec. Dec. 19 Second preferred (guar.) '8734c Jan. 2 *Holders of rec. Doe. 19 West Coast 011 (guar.) *$1.50 Jan. 5 *Holders of rec. Dec. 24 Extra "$10 Dec. 21 *Holders of rec. Dec. 10 Western Canada Flour Mills (guar.)._ _ _ *2 Dec. 15 *Holders of rec. Dec. 5 Brake (guar.) Westinghouse Air *$1.50 Jan. 30 *Holders of rec. Dee. 31 Extra *51 Jan. 30 *Holders of rec. Dec. 31 Wheeler Condenser dr Eng., pref.(guar.) $2 Jan. 2 Holders of rec. Dec. 13 Woodley Petroleum (guar.) 150. Dec. 31 Holders of rec. Dec. 19 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. Railroads (Steam). Alabama Great Southern, ordinary Preferred Atchison Topeka As Santa Fe, pref Atlantic Coast Line RR., corn Common (extra) Bangor & Aroostook, common (quar.)._ Preferred (guar.) Beech Creek (guar.) isostApn & Albany (quar.) Boston dr Providence (guar.) Buffalo Rochester & Pittsburgh, oom_ _ _ Buffalo & Susquehanna,common (guar.) Preferred Canadian Pacific, common (guari Chesapeake & Ohio, common Preferred Chicago Burlington & Quincy Chicago es North Western, common__ Preferred Chic, R. I. dr Pacific,6% preferred__ _ _ Seven per cent preferred Chicago St. Paul Minn.& Omaha, pref Cin. N.O.dr Texas Pacific. common_ _. Common (extra) Colorado & Southern, lb st preferred _ Second preferred Consolidated RRs.of Cuba, prof.(au.)_ _ Cuba RR., common (guar.) Preferred Delaware de Hudson Co. (guar.) Great Northern, preferred Greene Railroad Gulf Mobile & Northern, pref. (in ad).) Preferred (acct. accum. dividend)._ Hocking Valley Illinois Central,leased lines Lackawanna RR.of N.J.(guar.) Little Schuylkill Nay., RR.& Coal__ Louisville & Nashville Mobile dr Birmingham, preferred Morris & Essex N.Y.Chic.& St. L., corn & pref.(qu.) N.Y. Lackawanna & West.(guar.)._ Norfolk & Western ,com. (guar.) Common (extra) Pere Marquette, common (guar.) Prior preference (guar.) Preferred (guar.) Pitts. Ft. Wayne & Chic., corn. (guar.). Preferred (guar.) Pittsb. McKeesport & Youghiogheny..... St.Louis-San Francisco Ry com.(au.). Preferred (guar.) Preferred (quar.) Preferred (guar.) Preferred (guar.) St. Louis Southwestern, pref.(quar.)_ _ Southern Pacific Company (guar.) Union Pacific. com. (guar.) Valley RR.(New 'York) Per When Cent. Payable Books Closed. Days Inclusive. Dec. 28 Feb. It reb. 1 Jan. 11 .lan. 11 Ian. 1 Jan. 1 Jan. 1 Dec. 31 Jan. 1 Dee. 3110 De Dec. 3( Holders of rec. Nov.27 Holders of rec. Jan. 15 Holders of rec. Dec. 31a Holders of rec. Dec. 16a Holders of rec. Dec. 160 Holders of rec. Dec. 15a Holders of rec. Dec. 15a Holders of rec. Dec. 15a Holders of rec. Nov.30 Holders of rec. Dec. 19 Holders of rec. Dec. 5a 2 Holders of r.Dec. 15a ec Holders of rec. Dec. 15a 214 Dee. 31 Holders of rec. Dec. la 2 ran. 1 Holders of rec. Dec. 40 334 Jan. 1 Holders of rec. Dec. 40 5 Dec. 25 Holders of rec. Dec. 17a 2 Dec. 31 Holders of rec. Dec. la 314 Dec. Si Holders of rec. Dec. la 3 Dec. 31 Holders of rec. Dec. lba 334 Dec. 31 Holders of rec. Dec. ha 6 Dec. 31 Holders of rec. Dec. la "3 Dec. 21 °Holders of rec. Dec. 1 "334 Dee. 21 *Holders of rec. Dec. 1 2 Dec. 31 Dec. 13 to Jan. 1 4 Den. 31 Dec. 13 to Jan. 1 134 Jan. 2 Holders of rec. Dec. 15a Si.46 Dec. 31 Holders of rec. Dec. 31a 3 Feb1'21 Holders of rec. Jan. 15a 234 Dec. 21 Holders of rec. Nov.280 234 Feb. 1 Holders of rec. Dec. 24a 3 Dec. 16 Holders of rec. Dec. 15a 5mn. 1 Holders of rec. Dec. 15a -3g J Jan,. Holders of rec. Dec. 15a Del. 31 Holders of rec. Dec. 4a 2 Jan. 2 Dec. 12 to Jan. 4 1 Jan. 2 Holders of rec. Dec. 70 51 Jan. 15 Dec. 19 to Jan. 17 3 Feb. IL Holder, of rec. Jan. 15a 2 .lan. Dec. 2 to Jan. 1 2.1234 Jan. 1 Holder, of rec. Dec. 9a 155 Jan. : Holders of roe Nov.16a 134 Jan. 2 Holders of rec. Dec. 120 134 10ec. 1! Holders of rec. Nov.30a 1 Dec. 11 Holders of rec. Nov.30a 1 Jan. 1 Holders of rec. Dec. 15a 134 Feb. 1 Holders of rec. Jan. 15a 134 Feb. 1 Holders of rec. Jan. 15a IM Jan. 1 Holders of rec. Dec. 10a 134 Jan. 0 Holders of rec. Dec. 10a 51.5C Jan. 1 Holders of rec. Dec. 15a 144 Jan. 1 Holders of rec. Dec. 15a 134 Feb. 1 Holders of rec. Jan. 15a 134 May 1 Holders of rec. Apr. 100 134 Aug. d2 Holders of rec. July 15a 134 Nov. 1 Holders of rec. Oct. 15a 130 Dec. 31 Holders of rec. Dec. ltia 134 Jan. 2 Holders of rec. Nov.270 234 Jan. 2 Holders of rec. Dec. la 234 Jan. 2 Holders of rec. Dec. 15a 334 334 211 334 1 75e. " 134 50c. 234 234 Public Utilities. American Gas dr Elec.,common (guar.). 250. Jan. 2 Holders of rec. Dec. 10 common(payable in new non par coin.) (5p) Jan. 2 Holders of rec. Dec. 10 $1.50 Feb. 1 Holders of rec. Jan. 11 Preferred (guar.) Amer. Telephone & Telegraph (guar.)._ 234 Jan. 15 Holders of rec. Dec. 150 Sc.Dec. 31 Holders of rec. Dec. 10a Arkansas Natural Gas (guar.) Associated Gas & Elec. Co.. pref.(extra) I234e lan.1'26 Holders of rec. Dec. 10a Bangor Hydro-Electric, pref. (guar.)... 130 Ian. 2 Holders of rec. Dec. 10 2 Jan, 16 Holders of rec. Dec. 23 Bell Telephone of Canada (guar.) Bell Telep. of Penn., pref.(ran) 1% Jan. 15 Holders of rec. Dec. 19a Boston Elevated,common (guar.) 134 Jan. 2 Holders of rec. Dec. 18 4 Jan. 2 Holders of rec. Dec. 18 First preferred 334 Jan. 2 Holders of rec. Dec. IS Preferred (guar.) Brazilian Trac., Lt. dr Pow.. pref. (gu.).. 134 Jan. 1 Holders of rec. Dec. lba Jan. 2 Holders of rec. Dec. 120 Brooklyn Union Gas (quar.) SI 7 Jun. 11 Holders of rec. Dec. 2I0 Extra Calumet Gas & Elea., pref.(guar.) 134 Dec. 17 Holders of rec. Nov.30 Central Illinois Public fiery., pref.(qu.)_ '$1.50 Jan. 15 *Holders of rec. Dec. 31 Central States Elec. Corp., pref. (qu.). 1% Dec. 31 Holders of rec. Dec. 10 Chicago City Ry.(guar.) *134 Dec. 30'Holders of rec. Dec. 15 Chia. North Shore & Milw., pref.(guar.) 1P134 Jan. 1 'Holder, of rec. Dec. 15 Prior lien stock (guar.) 4 .1.44 Jan. 1 *Holders of rec. Dee. 15 Consol Gas.El. L.& Pr,Bait., (tom. (gm) 6234r Jan.2'26 Holders of rec. Dec. 15a Pseferred, Series A (guar.) 2 Jan2'26 Holders of rec. Dec. 15a Preferred, Series B (guar.) 134 Jan 2'26 Holders of rec. Dec. 15a Preferred. Series C (guar.) 134 Jan 2'26 Holders of rec. Dee. 16a Consolidated Gas, New York (guar.). - 51.25 Dec. 16 Holders of rec. Nov. 164 Preferred (guar.) 134 Feb. 1 Holders of rec. Dec. 15a Consumers Power,6% prof. (quar.) 131 Jan2'26 Holders of roe. Dec. 15 6.6% preferred(quar.) 1.65 Jan2'26 Holders of rec. Dec. 15 7% preferred (guar.) 154 Jan2'26 Holders of rec. Dec. 15 6% preferred (monthly) 500. Jan2'26 Holders of rec. Dec. 15 6.6% preferred (monthly) 550. Jan2'26 Holders of rec. Deo. 15 §Continental Gas dr Elec.. corn. (guar.) 51.10 Jan.1'26 Holders of reo. Dec. 120 Prior preference 7% (guar.) 134 ian.1'26 Holders of rec. Dec. 120 Prior preference 6% (guar.) 134 Jan.1'26 Holders of rec. Dec. 120 Participating preferred (guar.) 134 Jan.1'26 Holders of rec. Dec. 120 Participating preferred (extra) 34 Jan.1'26 Holders of too. Dec. 120 Continental Passenger Ry., Phila $3 Dec. 30 Holders of tee. Nov.30a Detroit Edison (guar.) 2 Jan. 15 Holders of rec. Dec. 210 Duquesne Light, first pref. A (anat.)... 154 Dec. 15 Holders of rec. Nov. 14a Eastern New York Utilities, pref.(guar.) '134 Jan. 2 *Molders of rec. Dec. 15 East Kootenay Power, pref. (guar.)._ _ _ 114 Dec. 16 Holders of rec. Nov.30 Electric Investors. Inc., common (y) Jan. 2 Holders of rec. Dee. 15 Electric Power & Light, pref. (guar.)... $1.75 Jan. 2 Holders of rec. Dec. 15 $1.75 Jan. 2 Holders of rec. Dec. 1 Engineers Publir Service, pref.(quar.) Federal Light dr Traction. com.(quar.)_ v35c. Jan. 2 Holders of rec. Dec. 15a Frankford & Southwark Pass. Ry.(qu.). $4.50 Jan. 1 Dec. 2 to Jan. 1 2 Jan. 1 Holders of rec. Dee. 10a Georgia Ry.& Power8% Pref.(quar.)__ 134 Tan. 1 Holders of rec. Dec. 100 Seven per cent preferred (guar.) Germantown Passenger Ry.(guar.)- 31.31 Jan. 5 Dec. 17 to Jan. 4 134 Jan. 2 Holders of rec. Dec. 31a Gold & Stock Telegraph (guar.) *$2 Illinois Bell Telephone (auar.) Dec. 31 *Holders of rec. Dec. 30 134 Jan. 2 Holders of rec. Dec. 10 Illinois Power & Light 7% pref. (quar.)_ 134 Jan. 2 Holders of rec. Dec. 10 Six per cent preferred (guar.) *$1.50 Jan. 15 *Holders of rec. Dec. 31 Illinois Public Service, pref.(guar.) Illinois Traction, preferred (guar.) 134 Jan. 2 Holders of rec. Dec. 19 Interstate Power, preferred ((Mari 134 Jan. 1 Holders of rec. Dec. 5 A Name of ComPant/. When Per Cent. Payable. Books Closed Days Inclusive. Public Utilities (Concludes:). Iowa Power & Light. 7% pref. (quar.)__ •134 Jan. 2 *Holders of rec. Dec. 19 Kansas City Power & Lt., lot pfd. A (eje) $1.76 Jan. 1 Holders of rec. Dec. 15a 13 Jan. 2 Holders of rec. Dec. 16 Kansas Gas & Elec.. Pref. (guar.) iii134 Dec. 21 'Holders of rec. Nov.30 Kentucky Hydro-Elec., pref. (quar.).. Dec. 15 Holders of rec. Dec. la 2 Laclede Gas Light, corn. (guar.) Dec. 15 Holders of rec. Dec. la 2 Common (extra) 234 Dec. 15 Holders of rec. Dec. la Preferred .500. Dec. 31 *Holders of rec. Dec. 18 Lone Star Gas (guar.) 4334c Dec. 26 Holders of rec. Nov. 30 Loulsv. Gas & El., Del. el. A&B (qL) 134 Jan. 2 Holders of rec. Dec. ba Mackay Companies, corn.(guar.) Jan. 2 Holders of rec. Dec. ba 1 Preferred (guar.) $3.50 Jan. 15 Holders of rec. Dec. 31 Mexican Uthit es 134 Dec. 15 Holden of rec. Nov. 300 Middle West Utilities, prior lien (quar.)_ 134 Jan. 2 Holders of rec. Dec. 15 Minnesota Power & Lt., pref. (guar.). _ Missouri Power & Light,7% pref. (qu.). *134 Jan. 2 'Holders of rec. Dec 19 4334 c Jan. 1 Holders of rec Dec. 15 Monon W. Penn. P. S.. 7% pf (qu.) Jan. 2 Holders of rec. Dec. lie 1 Montana Power, common (guar.) 131 Jan. 2 Holders of rec. Dec. 110 Preferred (guar.) 131 Jan. 2 Holders of rec. Dec. 21 National Electric Power. pref. (quar.) $1.75 Jan. 2 Holders of rec. Dec. 15 Nat. Power & Light. pref. (guar (qu ) 40c Dec. 15 Holders of rec. Nov.27 Nat. Public Serv. Corp.,cl. A,corn. Dec. 30 Holders of rec. Dec. 10 New EnglAnd Teiep & Teleg. (ottat.)-- 2 131 Jan. 1 Holders of rec. Dec. lba New York Steam. pref. (guar.) 131 Jan. 15 Holders of rec. Dec. 19 New York Telephone. pref.(guar.) 50c Dec. 31 Holders of rec. Dec. lba Niagara Falls Power, corn. (guar.) 4334c Jan. 16 Holders of rec. Dec. 310 Preferred (guar.) & Ont.Pr., corn.(qu.) 50c. Jan. 1 Holders of rm. Dec. 15 Niagara Lockport 134 Jan. 1 Holders of rec. Dee. 15 Preferred. (guar.) 1234 Jan. 2 Holders of rec. Dec. 5 North American Co.. corn.(quar.) 76c. Jan. 2 Holders of rec. Dec. 50 Preferred (quar.) 131 Jan. 2 Holders of rec. Doe. 19 North Amer Light & Pow..7% Pf• (qu.) North Amer. Utility Securities Corp..... $1.50 Dec. 15 Holders of rec. Nov.30 Firstpref allotment etfs.(quar.) rec. Dec. 15 Northern Ohio Tr. At Lt.. 7% pref.(au) 134 Jan. 2 Holders of rec. Dec. 15 134 Jan. 2 Holders of Six per cent preferred (guar.) $1.50 Jan. 2 Dec. 16 to Jan. 1 Northwestern Telegraph 136 Mar. 1 Holders of rec. Feb. 15 Ohio Edison Co. 6% pref. (guar.) 1.65 Mar. 1 Holders of rec. Feb. 16 . 6.6% preferred (quar.) 134 Mar, 1 Holders or rec. Feb. 15 7% preferred (guar.) 650. Jan. 2 Holders of rec. Dec. 15 (monthly) 6.6% preferred 55c. Feb. 1 Holders of rec. Jan. 15 6.6% preferred (monthly) 55c Mar. 1 Holders of rec. Jan. 15 6.6% preferred (monthly) 134 Dec. 15 Holders of rec. Nov.30 Oklahoma Gas & Elec., pref.(quar.)---'134 Dee. 15 *Holders of rec. Nov.30 Ottawa & Hull Power, pref.(guar.) of roc Dec. 150 Penn-Central Light & Pow. pref.(qu.). $1.25 Jan. 2 Holders of rec. Jan. 26 I''b 1'26 Holders Pennsyivsnia-Ohio P.& L.:8% pt.(qIL) 2 IK rb 1'26 Holders of rec. Jan. 25 7% Preferred (guar.) Jan. 2 Holders of rec. Dec. 180 2 Pennsylvania Water & Power (qual.) Jan. 18 Holders of rec. Jan. 90 2 Peoples Gas Light & Coke (fluor.) 50c. Dec. 15 Holders of rec. Nov. 170 Philadelphia Electric (qual.) '134 Dec. 31 Holders of rec. Dec. 4 Public &Tyke Elec.& Gas,6% Pref.(141) rec. Deo. 96 Public Serv. Corp. of N. J., oom.(qual) $1.25 Dee. 31 Holders of rec. Dec. 90 Dec. 31 Holders of 2 8% preferred (quar.) Dec. 31 Holders of rec. Dec. 40 134 7% preferred (quar.) 134 Doe. 31 Holders of rec. Dec. 40 6% preferred (No. 1) 75c. Jan. 1 Dec. 16 to Jan. 1 Reading Traction Jan. 1 Dec. 2 to Jan. 1 Second 6( 3d Ste. Pass. Ry.,Phila. (qu.) $3 135 Jan. 15 Holders of rec. Dec. 24 Southern Canada Power. pref. (quar.)_. • 131 Dec. 15 Holdereof rec. Nov.30 Southern Colo. Power, pref. (quar.)__. 134 Dee. 31 Holders of rec. Dec. 15 South Pittsburgh Water, corn 134 Jan. 15 Holders of rec. Jan. 2 7% preferred (quar.) rec. Dec. 11 Southwestern Lt.& Pow.. corn. A (qu.). $1.50 Dec. 20 Holders of $1.50 Jan. 2 Holders of rec. Dec. 26 Preferred (guar.) Dec. 16 Holders of rec. Nov.300 2 Standard Gas Sr Elec..8% Pref.(guar.). J'n15'26 Holders of rec Jan 1 '26 3 Tacoma-Palmyra Ferry Co rec. Dec. 15 Tennessee Elec. Pow.,6% let pref.(qu.) 134 Jan.1'26 Holders of rec. Dec. 15 15$ Jan.1'26 Holders of 7% first preferred (guar.) $1.80 Jan.1'26 Holders of rec. Doe. 15 7.2% first preferred (quar.) 50o. Jan.I'26 Holders of roe. Dec. 16 8% first preferred (monthly) 60c. Jan.1'26 Holders of rec. Oct. 15 72% first preferred (monthly) rec. Dec. 20 TM-City Ry. & Light, corn (quar.)_. 234 Jan.1'26 Holders of roe. Dec. 150 $4.75 Jan. 1 Holders of Union Passenger Hy., Philadelphia rec. Dec. 50 1 Utilities Pow. & Lt. Corp...el. A (qu.)_ _ u50c. Jan. 1 Holders of rec. Dec. 5 Holders of (y1 Jan. Class B $1.75 Jan. 1 Holders of rec. Dec. 5 Preferred (qua?.) Dec. 15 Holders of rec. Oct. 310 3 Virginia Railway & Power,coin Dec. 31 Holders of rec. Dec. 156 West Penn Company.common (quar.)_ _ $1 1134 Dec. 15 Holders of rec. Dec. 1 West Penn Rys.. preferred (guar.)_ Jan. 1 Holders of rec. Dec. 15 $5 West Philadelphia Passenger Ry Dec. 15 Winnipeg Electric Co.. pref.(guar.)---- .134 Jan. 1 Holders of roe. Nov.300 $1.75 Dec. 15 Holders of rec. Wisconsin Power & Light, pref.(guar.) Banks. 2 Amer. Exchange Securities, Cl. A (qu.)_ 4 Chase National (quar.) 41 Chase Securities (quar.) Chatham & Phenix National (guar.)- - - - :4 1134 Chelsea Exchange (guar.) 4 Commerce (National Bank of) (guar.).Public National (guar.) 4 Seaboard National (guar.) 2 . Standard (guar.) 2 Extra 500. Standard National Corp.,corn.(guar.) $2 Common (extra) ,134 Preferred (guar.) States, Bank Of(quar.)----- - --- 234 United Jan. Jan. Jan. Jun. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. 1 2 2 2 2 2 2 2 2 2 2 2 2 2 Holders of rec. Dec. 15 Holders of rec. Dec. 140 Holders of rec. Dec. 140 Dec. 16 to Jan. 1 Holders of rec. Dec. 180 Holders of rec. Dee. 18a Holders of rec. Dec. 21 Holders of rec. Dec. 24 Holders of roe. Dec. 26 Holders of rec. Dec. 26 Holders of rec. Dec. 26 Holders of rec. Dec. 26 Holders of rec. Dec. 20 Holders of rec. Dec. 21a Trust Companies. Bankers (quar.) Equitable (guar.) Guaranty (guar.) Manufacturers(guar.) Extra United States(guar.) 5 3 3 4 1 1231 Jan. 2 Dec. 31 Dee. 31 Jan. 2 Jan. 2 Jan. 2 Holders of rec. Dec. 14 Holders of roe. Dec. 21a Holders of rec. Dec. 18 Holders of rec. Dec. 15 Holders of rec. Dec. 15 Holders of rec. Dec. 210 Fire Insurance. Rossla of America (guar.) $1.50 Jan. 2 HOlders of rec. Dec. 150 Miscellaneousi. $1.50 Dee. 31 Adams Express (quar.) 75e Jan. 2 Advance Rumely Co.. Pref.(quar.)---734e. Jan. 2 (guar.) Ahumada Lead Co. 17I6c Ian. 2 Extra 134 Jan. 2 Allied Chemical & Dye Corp., pf.(qu.) 134 Jan. 15 Allis-Chalmers Mfg.. pref. (guar.) Aluminum Manufactures.Inc..com.(qu.) 3734c Dec. 31 15$ Jan.1'26 Preferred (quar.) American Art Works, corn. & pref. (qu.) 134 Jan. 15 American Bank Note, new.corn.(qu.)- 40c. Jan. 2 750. Jan. 2 Preferred (quar) Jan3026 1 American Beet Sugar, Corn•(quar.) 13$ Jan. 2 Preferred (quar.) 134 Jan. 2 American Can. pref.(guar.) Amer. Car & Foundry,common (guar.). $1.50 Jan. 1 134 Jan. 1 Preferred (guar.) 50o. Dec. 31 American Chain, Class A (guar.) 134 Jan. 1 American Chicle. pref.(quar.) 15$ Jan. 1 Prior preferred (guar.) 1)4 Jan. 2 American Cigar, preferred (guar.) Dec. 21 $1 American Coal Jan. 2 1 Amer. Cyanamid, common (guar.) Ei Jan. 2 Common (extra) 156 Jan. 2 Preferred (guar.( $1.50 Jan. 2 American Express (quar.) -La France Fire Eng., corn.(cm.). 250. Feb. 15 Amer. 134 Jan. 2 Preferred (quar.) Jan. 20 *125 Amer. Laundr, Machinery, commob Dec. 31 corn. (quar.)..... $2 American Locomotive, $2.50 Dec. 31 Common (extra) 15$ Dec. 31 Preferred (guar.) Drou 121. THE CHRONICLE 2846 Holders of roe. Dec. 15a Holders of rec. Dec. lba Holders of rec. Dec. 150 Holders of rec. Dec. 150 Holders of rec. Dec. 150 Holders of rec. Dec. 240 Holders of rec. Dec 150 Holders of rec. Dec. 200 Holders of rec. Dec. 81 Holders of rec. Dec. 15a Holders of rec. Dec. 150 Holders of tee. Jan. 9'26a Holders of roe. Dec. 120 Holders of rec. Dec. 160 Holders of rec. Dec. lba Holders of rec. Doe. 15a Dec. 22 to Jan. 1 _Holders of roe. Dec 15a Holders of rec. Dec. 150 Holders of rec. Dec. 150 Dec. 1 to Dec. 21 Holders of rec. Dec. 16 Holders of rec. Dec. 15 Holders of rec. Dec. lba Holders of rec. Dec. 10 Holders of rec. Feb. la Holders of rec. Dec. I50 Holders of rec. Jan. 9 Holders of roe. Dee. 140 Holders of rec. Dee 14a Holders of rec. Dec. 140 Name of Company. When Per Cent. Payable. Books Closed Days /West's. Miscellaneous (Continued). 154 Jan.2'21 Holders of roe. Dee. 200 American Linseed, pref.(quar.) . 134 A prPA Holders rec. Mar 19 *264 Preferred (quar.) American Manufacturing, corn.(quar.). 134 Doe. 31 Dee. 16 to Dee. 30 114 Dec. 31 Dec. 16 to Dec. 30 Preferred (quar.) Jan. 2 Holders of rec. Dec 15 2 American Plano, common (riar.) 134 Jan. 2 Holders of rec. Dec. 15 Preferred (quar.) Dec. 31 Holders of rec. Dec. 15a $1 Amer. Radiator, common (guar.) $1.50 Dec. 31 Holders of rec. Dec. 15a American Railway Express (guar.) 750. Jan. 1 Holders of rec. Dec. 10a American Safety Razor (guar.) Jan. 2 Holders of rec. Dec. 110 3 American Snuff, common (guar.) 11$ Jan. 2 Holders of rec. Dec. lla Preferred (guar.) Amer. Steel Foundries, corn. (quar.).. 75c. Jan.dlb Holders of rec. Jan. 2. 194 Dec. 31 Holders of rec. Dec. 15a Preferred (qua!) 50e. Apr C21. Mar. 17 to Apr. 1 American Stores Corp.(guar.) 50o. Jul I'll June 16 to July 1 Quarterly Sept. 16 to Oct. 1 50e. Oct Quarterly 134 Jan. 2 Holders of rec. Dec. la American Sugar Refining, common 131 Ion. 2 Holders of rec. Dec. la (guar.) Preferred 134 Jan. 2 Holders of rec. Dec. 10. American Tobacco, pref. (guar.) Jan. lb Holders of rec. Jan. ba Amer. Vitrified Products, corn. (quar.)- $1 IK Jan. 1 Holders of rec. Dec. 21a pref.(qu.)American Wholesale Corp., 3624c jan. 4 Holders of COUP. No.31 Angio-Amer. Oil(Interim) Armour Sr Co.(Del.), el. A corn. (guar.) 60e Jan. 2 Holders of rec. Dee. 10. 134 Jun, 2 Holders of rec. Dee. 10a Preferred (guar.) 134 Jan. 2 Holders of roe. Dee. 10a Armour Sr Co.(III.), pref.(guar.) Jan. 2c Holders of roe Dec. 31a 50c (quar.) Associated Oil 134 Dec. 31 Dec. 21 to Jan. 1 Atlantic Steel, common (guar.) Dec. lb Holders of rec. Doe. 6 Atlantic Terra Cotta Co.,Pref.((Mar)-- 2 Dee. 15 Holders of rec. Dec. 5 2 Auto Car Co., preferred (guar.) 194 lan.1'25 Holders of rec. Dec. 20 Babcock Sr Wilcox Co.(guar.) pr 1'26 Holders rec. Mar.20'26a 134 Quarterly .an.1'2e Holders of roe. Dec. 20a 25e Balaban Sr Katz, corn.(monthly) an 1'26 Holders of rec. Dec. 20 3 Preferred (guar.) 334 Jan. 1 Holders of rec. Dec. 60 Baldwin Locomotive Wks., corn. Sr pref 51j(. IUD 2'2(. Holders of rec. Dec. 15a Barnsdall Corp., class A Sr B 60c. Jan. 11 Holders of ree. Dec. 26a Beech-Nut Packing, corn. (guar.) Holders of rec. Dec. 310 154 Jan. Preferred class 13 (guar.) 750. Jan. 2 Holders of rec. Dec. 216 Belding Brothers (quar.) 131 Dec. it Holders of rec. Nov.30 Ltd., pref. (guar.).Belding-Corticelli, Dec. 31 Belgo-Canadian Paper, corn. (guar.).- - I% Jan. 11 Holders of rec. Dec. 12 134 Jan. 2 Holders of rec. Preferred (guar.) q0c. Jan. 1 'Holders of rec. Dec. )6 Bend's Corp., class A (guar.) Bessemer Limestone & corn., corn.(qu.) '134 Jan. 1 "holders of reo. Dec. 20 Jan. 1 *Holders of rec. Dec. 20 *4 Common (extra) •1,1 Jan. 1 'Holders of rec. Dec. 20 Preferred (guar.) 134 Jan2'2(, Holders of rec. Doe. la Bethlehem Steel. 7% Pref. (guar.) Jan211, Holders of rec. Dec. lo 2 Eight per cent preferred (guar.) Dec. 17 *Holders of rec. Dec. 25 .20 Big Lake 011 Dec. 30 Holders of rec. Dec. 19a 31 ttingham Mines Co.(guar.) Dee. 24 Der.d13 to Dec. 25 4 Biaw-Knox Co. (extra) .25c. Jan. 2 'Holders of rec. Dec. 15 4 Bohn Aluminum & Brass, corn Jan. 2 *Holders of rec. Dec. 16 *2 Preferred 134 Dec. lb Holders of rec. Oct. 19 Borden Company. preferred (guar.) - .50c. Jan, 1 'Holders of rec. Dec. 19 Borg & Beck Co.(guar.) .260. ian. 1 *Holders of rec. Dec. 19 Extra Dec. 31 Holders of rec. Dec. la 3 Boston Wharf Boston Woven Hose Sr Rub.,corn.(qu.)_ $1.50 Dcc, lb Holders of roe. Dee, 1 Dec. iS Holders of roe. Dec. 1 3 Preferred 75c. Jan. 2 Dec. 20 to Jan. 3 Boyd-Welsh Shoe (quar.) Dec. 15 Holders of roe. Nov.20 $1 Buckeye Pipe Line (guar.) 114 Jan. 2 Holders of rec. Dec. 19 Bucyrus Company,corn. (quar.) Jan. 2 Holders of rec. Dec. 19 2 Common (extra) 194 Jan. 2 Holders of rec. Dec. 19 Preferred (guar.) 50c. Doe. 31 Holders of rec. Dec. 100 Budd Wheel, common (quar.) 134 Dec. 31 Holders of roe. Dee. 100 First preferred (guar.) of roe. Dee. 16 Burroughs Adding Mach., corn.(qu.)... 75c. Dec. 31 Holders of rec. Dec. 15 134 Dec. 31 Holders Preferred (quar.) •1,4 Jan. 15 *Holders of rec. Dee. 21. Bush Terminal,7% pref.(guar.) Jan. 15 'Holders of rec. Dec. 31 6% preferred rec. Dec. 170 Bush Terminal Bldgs. Co., pref. (guar.) 131 Jan. 2 Holders of rec. Dee. 90 50c. Dee. 24 Holders of Butte Copper Sr Zinc Holders of rec. Nov.30a $1.50 Dec. 15 California Pack. Corp.(guar.) Doe. 21 Holders of rec. Dec. 4a El Calumet & Arizona Mining (quar.) 50c. Dec. 21 Holders of rec. Dec. 40 Extra Holders of rem Nov. 30a Calumet Sr Heels Cons Copper Co.(qu.) 500. Dec. 15 Holders of rec. Dec. 28 Canadian Car Sr Foundry, pref.(guar.). 154 Jan. 11 Holders of rec. Dec. 15 Ian. I Canadian Connecticut Cottons. pf.(qu.) 1 134 Dec. 31 Holders of rec Dec. 18 Canadian Consol. Rubber, pref.(quar.)_ Dec. 15 Holders of rec Dee. 10 j3 Carter(Wm.)Co.; Pref.(guar.) Dec. 22 Holders of rec. Dee. 100 El Cerro de Pasco Copper (extra) Jan. 1 Holders of rec. Dec. 150 Corp., corn. (qu.) El Certain-teed Products 114 Jan. 1 Holders of rec. Dec. 160 First and second preferred (quar.)-- -6234' Dec. 241 Holders of rec. Dec. 9s Chesebrough Mfg., corn. (guar.) 6234( Dec. 25 Holders of rec. Dec. 9a Common (guar.) *62 44c Jan. 1 *Holders of rec. Dec. 16 Chicago Fuse Mfg.(guar.) •194 Jan. 1 *Holders of rec. Dec. 19 Chicago Mill & Lumber, pref.(quer.). 331-31 Jan. 2 Holders of rec. Dec. 190 Chicago Yellow Cab (monthly) 33 1-13 Feb. 1 Holders of rec. Jan. 205 Monthly 33 1-3( Mar. 1 Holders of rec. Feb. 200 Monthly 6234i Doe. 28 Holders of rec. Dec. 26 Chile Copper Co. (quar.) 2 Holders of rec. Dee. 150 $2 Jan Chrysler Corp., pref. (quar.) ,§ Jan. 1 Holders of rec. Dee. 15 Cities Service Co., common (monthlY)-134 Jan. 1 Holders of rec. Doe. 15 Common (payable in common stock). 34 Jan. 1 Holders of rec. Dec. 15 Preferred and preferred B (monthly) Jan. 4 Holders of rec. Dec. 21 10 City Investing Co., cont.(quar.) 50c. Doe. 15 Holders of rec. Dec. 100 ClInchfield Coal, corn.(Mum) $1.75 Dec. 31 Holders of roe. Dee. 150 Coca-Cola Co., common (guar.) 331 Dec. 31 Holders of rec. Doe. 156 Preferred 700. Jn15'26 Holders of ree. Jan.5'26 Cohn-Hall -Marx Co.. corn.(quar.) 70o. ApI5'26 Holders of rec. Apr.5'26 Common (guar.) 70e ju175'21 Holders of rec. July 5'28 Common (quar.) o45o Jan. 1 Holders of rec. Dec. 15a Commercial Inv. Trust, corn. (Interim) 134 Jan. 1 Holders of rec. Dec. 15a First preferred (guar.) Jan. 1 Holders of rec. Dec. 18a Corp.. Cl. A (Mi.)- $1 Commercial Solvents 2 Jan. 1 Holders of rec. Dec. 18a First preferred (quar.) 134 Jan. 1 Holders of rec. Dec. 190 Continental Can, preferred (qual.) 25e. Doe. 15 Holders of rec. Nov.14a Continental 011 (guar.) Jan.. 1 95o. De0, 31 Dec 22 to Coty, Inc.(guar.) Dec. 31 Holders of rec. Dec. 164 3 Co., corn. (quar.) 4.`eaddock-Terry Dec. 31 Holders of rec. Dec. 15 3 First and second preferred 3114 Dec. 31 Holders of rec. Dec. 15 Class C preferred Cramp(Wm.)& Sons Ship Sr E.B.(qtr) 50e. Dec. 31 Dec 18 to Jan. 1 3734c Dey. 15 Holders of rec. Dec. 1 Crane Co.. common (guar.) 15$ Deo, 15 Holders of rec. Dec. 1 Preferred (guar.) 134 flee. 31 Holders of rec. Dec. 15a Crucible Steel, preferred (qual.) $3.50 Feb. 1 Holders of rec. Jan. 15a Cuba Company, preferred common (quan) 50o. Jan. 2 Holders of roe. Nov. 240 Cuban-American Sugar, 154 Jan. 2 Holders of rec. Nov.2441 Preferred (guar.) Dee, lb Holders of rec. Nov.30 $3 Cumberland Pipe Line 134 Jan. 1 Dec. 22 to Dec. 81 (qual.).. Dalton Adding Machine, corn. 1.3.4 Jan. 1 Dee. 22 to Dec. 31 Preferred (guar.) 114 Dec. 24 Holders of rec. Des. 12a Davis Mills (quar) Decker (Alfred) Sr Cohn.Inc., corn.(qu.) 50c. Dec. 15 Holders of rec. Dec. 50 50c. Deo. 11. Holders of rec. Dee. 50 Common (extra) 2 Dec. 18 Holders of rec. Dec. 1 Derk Manufacturing, pref. (guar.) Jan. 1 Holders of rec. Dec. 15 - $1 Detroit Sr Cleve. Navigation (guar.) 2 .300 Doc. 15 Holders of rem Nov. Diamond Match (guar.) 50c. Jan, 20 Holders of rec. Dec. 310 Dome Mines, Ltd. (guar.) Dominion Glass. corn. Sr pref.(qual.)... 194 Jan. 2 Holders of roe. Dee. 15 Dominion Textile, Ltd., corn.(qual.)... $1.25 Jaa, 2 Holders of rec. Dec. 15 134 Jan. 16 Holders of rec. Doe. 31 Preferred (guar.) 25e. Dec. 31 Holders of rec. Dec. la Douglas-Pectin Co. tquar.) 25e. Dee, 31 Holders of rec. Dec. la Extra Jan, 1 Holders of rec. Dec. 5 2 Draper Corporation (guar.) Jan. 1 Holders of rec. Dec. 5 2 Extra 190 Dunham (James H.)Sr Co.,corn.(qu.).. 134 Jan. 2 Holders of rec. Dec. 190 134 Jan. 2 Holders of rec. Dec. First preferred (guar.) 134 Jan. 2 Holders of roe. Doe. 190 Second preferred (guar.) Dec. 15 Holders of rec. Dec. la cluPont(E. I.) de Nem.Sr Co., COLD.(qu) 2 Jan. 8 Holders of tee. Doe. la 5 Common (extra) 134 Jan. 26 Holders of rec. Jan. 90 Debenture stock (guar.) Name of Company. When Per Cent. Payable Books Closed Days Inclusive. Miscellaneous (Concluded). duPont de Nem. Powder, corn. (guar.). 41.88 Feb. 1 *Holders of rec. Jan. 20 •1 Is. Feb. 1 *Holders of rec. Jan. 20 Preferred (guar.) 18( Jan. 1 Holders of rec. Dec. 26a Eastern Steamship Lines, let pref.(Qu.)_ 87H cJan:15 Holders of rec. Jan. tia Preferred (no par) (guar.) $1.2... Jan. '2 Holders of rec. Nov.30 Eastman Kodak,common (guar.) 2 Holders of rec. Nov.300 75c. Common (extra) 1)4 Jan. 2 Holders of rec. Nov.30a Preferred (guar.) Eisenlohr (Otto) & Bros., Inc., pf. (qu.) 18( Jan. 1 Holders of rec. Dec. 21a $1.60 Jan. 2 *Holders of rec. Dec. 15 Electric Auto-Lite Co.(guar.) Extra 550c. Jan. 2 *Holders of rec. Dec. 15 "$6.25 Jan. 20 "Holders of rec. Jan. 4 Elgin National Watch (extra) 18( Jan. 1 Holders of rec. Dec. 20 Emerson Elec.& Mfg., pref.(guar.)_ 188 Dec. 15 Holders of rec. Dec. 10 Empire Brick & Supply (guar.) 20e. Jan. 1 Holders of rec. Dec. 20a Fair. The,common (monthly) 20e. Feb.'26 Holdersof roe.Jan 20'26 Common (monthly) Fairbanks, Morse & Co., com.(quar.).. 650. Dec. 31 Holders of rec. Dec. 156 Jan. 2 Holders of rec. Dec. 15a Famous Players-Lasky Corp., corn.(qu.) $2 Federal Mining & Smelting, Pref. (qu.)_ 184 Dec. 15 Holders of ma. Nov.25a "30e. Jan. 2 *Holders of rec. Dee. 19 Federal Motor Truck (guar.) *31.75 Jan.2'26 'Holders of rec. Sept 26a Finance & Trading Corp., corn Jan. 2 Holders of rec. Dee. 15a $1 Fleischmann Co.,corn.(guar.) Foot Bros.Gear & Machine,corn.(guar.) 250. Jan.1'26 Dee. 21 to Dm. 31 •134 Jan. 1 *Holders of rec. Dec. 20 Preferred (guar.) 25c. Jan. 2 Holders of rec. Nov.30a Forhan Company,common 400. Jan. 2 Holders of rec. Nov.30a Class A stock (No. I) $2 Dec. 15 Holders of rec. Dec. la Foundation Co. (guar.) Jan. 15 Holders of rec. Dec. 31a $1 Fox Film Class A & B (guar.) "21.50 Jan. 2 *Holders of rec. Dec. 2 Francisco Sugar (guar.) 62 Jan. 1 Holders of rec. Dec. 15a Gabriel Snubber Mfg.(guar.) 62)4c Jan. 1 Holders of rec. Dec. 15a Extra Dec. 31 *Holders of rec. Dec. 10 Galena-Signal Oil, Pref.& new pref (qu.) *2 $1.25 Dee. 15 Holders of rec. Dec. 5 Gammen Co., com.(guar.) 18( Jan2'26 Holders of rec. Dec. 23a Cigar Co.Inc.. deb. pref.(qu.)_ General Jan. 15 Holders of rec. Dec. 30 2 General Electric (guar.) 150. Jan. 15 Holders of rec. Dec. 3a Special stock (guar.) $1.50 Dee. 12 Holders of rec. Nov.23a General Motors, common (guar.) $5 Jan. 7 Holders of rec. Nov.236 Common (extra) 188 Feb. 1 Holders of rec. Jan. 40 Six per cent preferred (guar.) 18( Feb. 1 Holders of rec. Jan. 4a Seven per cent preferred (guar.) 18( Feb. 1 Holders of rec. Jan. 4a Debenture stock (guar.) 75e. Dec. 15 Holders of rec. Nov.30a General Petroleum (guar.) Jan. 2 Holders of rec. Dee. 10a $1 General Sty. Signal, com.(qu.) 250. Jan. 2 Holders of rec. Dee. 10a Common (extra) 188 Jan. 2 Holders of rec. Dec. 10a Preferred (guar.) 334 Dec. 15 Holders of rec. Dec. 3 Giant Portland Cement preferred Dec. 15 Holders of rec. Dec. 3 Pref. (acct. accumulated dividends)_ - h10 188 Dec. 15 Dee. 1 to Dec. 15 Globe Soap, 1st, 2d & special pref.(qu.)_ Goodrich (B.F.) Co.. pref. (guar.) --154 Jan.2'26 Holders of rec. Dec. 156 18( Jan. 1 Holders of reo. Dec. la Goodyear Tire & Rubber, pref.(guar.)._ 2 Jan. 1 Holders of me. Dee. lba Prior preference (guar.) Gotham Silk Hosiery, corn. (No. 1)___ _ 412-3c Jan. 2 Holders of rec. Dee. 15a 18( Feb. 1 Holders of rec. Jan. 15a First and second pref.(guar.) 50c. Dee. 15 Holders of me. Dec. is Gould Coupler. Class A (guar.).Great Atlantic & Pacific Tea,com.(qu.) $1.25 Dec. 15 Holders of rec. Dec. 10 The. Dec. 28 Holders of rec. Dec. 4a Great Northern Iron Ore Properties-__ _ Jan. 2 Holders of rec. Dec. 150 $2 Great Western Sugar, com.(guar.) 134 Jan. 2 Holders of rec. Doe. 15a Preferred (guar.) 188 Jan. 2 Holders of rec. Dec. 15a Greenfield Tap & Die,6% prof.(guar.)2 Jan. 2 Holders of rec. Dec. 15a Eight per cent preferred (guar.) 2 Jan. 2 Holders of rec. Dee. 15a Guantanamo Sugar, pref.(guar.) 3788c Jan. 1 Dec. 20 to Dee. 23 Gulf 011 Corp.(qUM.) 15( Jan. 2 Holders of rec. Dec. 15a States Steel, com. (guar.) Gulf 18( Jan3'26 Holders of roe. Dec. 15a 1st pref.(guar.) 25o. Dec. 15 Holders of roe. Dec. 10a Hall (C. M.) Lamp Hanes(P. II.) Knitting, pref. (quar.)--- 18( Jan. 1 Holders of rec. Dec. 19 188 Jan. 21 Holders of rec. Jan. Ila Harbison-Walker Refrac., Pref. (quar.)_ 750. Dec. 15 Holders of rec. Nov.304 Hayes Wheel Co., corn.(quar.) 250. Dec. 15 Holders of rec. Nov.300 Common (extra) 1H Doe. 15 Holders of rec. Nov.300 Preferred (guar.) Dec. 15 Holders of rec. Nov.15 200 Hecla Mining d 75e. Jan. 2 Holders of roc. Dec. 14a Helme(George W.)Co.,com.(guar.) d$3.75 Jan. 2 Holders of rec. Dec. 14a Common (extra) 18( Jan. 2 Holders of rec. Dec. 14a Preferred (guar.) 184 Dee. 24 Dec. 16 to Dee. 24 Hercules Powder, common (guar.) Dec. 24 Dec. 16 to Dec. 24 4 Common (extra) (mtIllY) 85e. Dec. 24 Holders Of rec. Dec. 18 Hibbard.Spencer, Bartlett dr Co. 20e. Dec. 24 Holders of rec. Dec. 19 Extra 134 Jan. 15 Holders of rec. Dec. 31 Hillcrest Collieries, common (guar.)._ 15( Jan. 15 Holders of rec. Dec. 31 Preferred (guar.) 25e. Dec. 31 Holders of rec. Dee. 15 Holly Oil 50c. Dec. 26 Holders of rec. Dec. 19a Homeitake Mining (monthly) 50c. Jan. 2 Holders of rec. Dec. 15a Household Products (extra) 750. Jan. 2 Holders of rec. Dec. 15a Hudson Motor Car (guar.) 188 Jan. 2 Holders of rec. Dee. 26 Hydranlic Press Brick, pref. (quar.)I Dee. 26 Holders of roe. Dec. 15 Preferred (extra) Dee. 31 Dec. 1 to Dec. 29 6 Illinois Pipe Line 25c. Jan. 11 Holders of rec. Dec. 28a Independent Oil & Gas(guar.) Dec. 31 Holders of rec. Dec. 21a India Tire dr Rubber, common (guar.)-- 2 18i Dec. 31 Holders of rec. Dec 210 Preferred (guar.) Jan. 2 Holders of rec. Dec. 14a 3 Ingersoll-Rand Co.. preferred 134 Jan. 1 Holders of rec. Dee. 15a Inland Steel, preferred (guar.) 50e. Jan. 4 Holders of rec. Dec. 17a Inspiration Consol. Copper (guar.) Jan. 10 Holders of rec. Dec. 22a $2 International Business Machine (quar.) e20 Dec. 15 Holders of rec. Dee. fig Stock dividend Dec. 31 Holders of rec. Dec. 15a Internat. Cement Corp., com.(quar.)._ $1 184 Dec. 31 Holders of rec. Dec. 156 Preferred (guar.) 134 Jan. 15 Holders of rec. Jan. 2a Internat. Paper,6% pref.(qar.) 1% Jan. 15 Holders of rec. Jan. 2a 7% preferred (guar.) 188 Jan. 2 Holders of rec. Dec. 15a International Salt (quar.) International Shoe, common (guar.). - $1.50 Jan. 1 Holders of rec. Dec. 15a *$1.50 Apr. 1 'Holders of rec. Mar. 15 Common (guar.) "$1.50 July 1 'Holders of rec. June 15 Common (guar.) Common (guar.) *$1.50 Oct. 1 *Holders of rec. June 15 18( Jan. 1 Holders of rec. Dec. 15a International Sliver, pref. (guar.) Jan. 2 Holders of rec. Dec. 15 2 IMertYPe Corporation, let pref. (quar.)_ Second preferred Jan. 2 Holders of rec. Dec. 15 3 Island Creek Coal, corn. (guar.) $5 Jan. 1 Holders of rec. Dec. 15a Preferred (guar.) $1.50 Jan. 1 Holders of rec. Dec. 15a Isle Royale Copper Co Dec. 15 Holders of rec. Nov. 30 Si Jewel Tea, pref. (guar.) •18( Jan. 2'Holders of rec. Dec. 19 Preferred (acct, accumulated diva.) "h234 Jan. 2'Holders of rec. Dec. 19 Jones dr Laughlin Steel, pref. (quar.)___ 18( Jan. 1 Holders of rec. Dec. 15a ordan Motor Car. com. (guar.) The. Dec. 30 Holders of rec. Dec. 15 Preferred (guar.) 184 Dec. 30 Holders of rec. Dec. 15 Kaufmann Department Store, pref.(qu.) •18( Jan. 2 *Holders of rec. Dec. 21 Kayser (Julius) & Co.. pref. (guar.)._ __ $2 Jan. 2 Holders of rec. Dec. 18 Kelsey Wheel, Inc., common (quar.).... $1.50 Jan. 2 Holders of rec. Dec. 21a Keivinator Corporation (extra) 50c. Jan. 6 Holders of rec. Dec. Ila Kennecott Copper Corp.(guar.) Jan. 2 Holders of rec. Dec. 4a $1 King Phillip Mills (guar.) 188 Jan. d2 Holders of rec. Dec.d2la Extra Dec. 22 Holders of rec. Dec. 3a 20 Kinney (G. R.) Co., Inc.. corn.(guar.). $1 Jan. 1 Holders of rec. Dec. 21. Kraft Cheese,corn.(guar.) "378-8c Jan. 2 *Holders •f rec. Dec. 16 Common (payable in common stock)_ *11 Jan. 2 'Holders of rec. Dec. 16 Kresge Dept Storm, pref.(guar.) Jan. 2 Holders of rec. Dee. 15a 2 Kresge (S. S.) Co., common (quar.)__ Dec. 31 Holders of rec. Dec. 15a 2 Preferred (guar.) 134 Dee. 31 Holders of rec. Dec. 15a Kress (S. H.) pref.(quar) 18( Jan. 2 Holders of rec. Dec. 19a Kuppenheimer (B.) & Co., common_ __ _ $1 Co.. Jan. 2 Holders of rec. Dee. 240 Lake Shore Mines(quar) 5c. Dec. 15 Holders of rec. Dec. 1 Extra 5c. Dec. 15 Holders of rec. Dec. 1 Lehigh Valley Coal Sales (guar.) $2 Jan. 2 Holders of rec. Dee. 10 Libby, McNeil & Libby, of.(No. 1).. 4.3% Jan. 2"Holders of rec. Dee. 15 Liggett dr Myers Tobacco, pref. (guar.). 18( Jan. 1 Holders of rec. Dee. 15a Loew's, Inc.(guar.) 50c. Dec. 31 Holders of roe. Dec. 12a Long-Bell Lumber, Class A, corn.(qu.). $1 Dec. 31 Holders of rec. Dec. ha Lord & Taylor, corn. (guar.) 2)4 Jan. 2 Holders of rec. Dec. 17 Lorillard (P.) Co.,common (guar.) 75c. Jan. 2 Holders of rec. Dec. 15a Preferred (guar.) $1.75 Jan. 2 Holders of rec Dec. 15a Macfadden Publications, Inc Feb. 1 Holders of rec. Dec. 31 3 18( Jan. 2 Holders of rec. Dec. 15 Manati Sugar. pref. (quar.) 2847 THE CHRONICLE Mae.12 1925.] Name of Company. Per When Cenl. Payable. Books Closed Days Inclusive. Miscellaneous (Continued). $1.50 Dec. 31 Holders of rec. Dec. 15a Mack Trucks, Inc., com. (guar.) Dee. 31 Holders of rec. Dec.t15a Common(payable in common stock) 150 First preferred (guar.) 134 Dec. 31 Holders of rec. Dec. 15a 18( Dec. 31 Holders of rec. Dec. 154 Second preferred (guar.) 21.1288 Jan. 2 Holders of rec. Dec. 21a Manhattan Electrical Supply (quar.)_ $1 Jan. 2 Holders of rec. Dec. 180 Mathieson Alkali Works, com 134 Jan. 2 Holders of rec. Dec. 18a Preferred (guar.) May Department Stores, pref.(guar.)._ 134 Jan2'26 Holders of rec. Dec. 15a McCord Radiator dr Mfg., Class A (au.)_ "75e. Jan. 2 *Holders of rec. Doe. 21 6288 e Dec. 31 Holders of rec. Dec. 154 Merchants & Miners TranSp.(gm) Mergenthaler Linotype (guar.) 234 Dec. 31 Holders of rec. Dec. 2a Metro-Goldwyn Pictures Corp. pf.(qu.) 1H Dec. 15 Holders of rec. Nov.28a Metropolitan Paving Brick,com.(extra) 62 Dec. 20 Doe. 15 to Dec. 30 184 Jan. 1 Dec. 16 to Doe. 31 Preferred (qiler.) *184 Dee. 15 "Holders of rec. Nov.30 Michigan Sugar, pref.(guar.) Mill Factors Corp.(guar.) 134 Jan. 2 Holders of rec. Dec. 19 H Jan. 2 Holders of rec Dec. 19 Extra Montgomery Ward & Co., Class A (qu.) $1.75 Jan. 1 Holders of rec.Dec. 216 $1.75 Jan. 1 Holders of rec. Deo. 216 Preferred (guar.) Montreal Cottons, Ltd., com. (quar.)__ 134 Dec. 15 Holders of rec. Nov.30 1H Dec. 15 Holders of rec. Nov.30 Preferred (guar.) Mother Lode Coalition Mining 3734e Dec. 31 Holders of rec. Dec. Ila Motion Picture Capital Corp.,com.(qu.) 3788c Dec. 15 Holders of rec. Dm. 10 Jan. 15 Holders of rec. Jan. 2 2 Preferred (guar-) Moto Meter Co., Inc., class A (quar.)_ 90c. Jan. 1 Holders of rec. Dec. 156 Motor Wheel Corp.(guar.) 50c. Dec. 20 Holders of rec. Dec. 10a 30 Dec. 20 Holders of rec. Dec. 100 Extra Mountain Producers Corp. (guar.) 20e. Jan. 1 Holders of rec. Dec. 150 40e. Jan. 1 Holders of rec. Dec. 150 Extra Murray Body Corporation 1184 Jan.1'26 Holders of roe. Dec. 166 Common(Payable in common stock) 234 Dec. 15 Holders of rec. Nov. 14 Mutual Oil (guar.) The. Jan. 15 Holders of rec. Dec. 31a National Biscuit,common (glum.) Jan. 1 Holders of rec. Nov.30 51 National Breweries, corn. (guar.) 181 Jan. 1 Holders of rec. Nov.30 Preferred (quar.) Nat. Enameling & Stamping, pref.(qu.) 15( Dee. 31 Holders of tee. Deo. Ila Dec. 31 Holders of rec. Dec. Ila National Lead, com. (guar.) 2 154 Doe 15 Holders of rec. Nov.20a Preferred (guar.) 234 Jan. 2 Holders of rec. Dec. 18a National Surety (guar.) 18( Jan. 2 Holders of rec. Dec. 7 National Sugar Refining (guar.) 25e. Dec. 15 Holders of rec. Nov.30a National Transit 50c. Dec. 15 Holders of rec. Dec. la Neptune Meter, class A & B(No.1)---6284e. Dec. 15 Holders of rec. Nov. 30 New Process Cork, Inc., class A New York Air Brake, Class A (quar.).. $1 Jan.4'2d Holders of rec. Dec. 20 New York Canners, common (guar.)_ -- 50e. Deo, 15 Holders of rec. Dec. la 15 Dec. 31 Holders of roe. Dec. la Common (payable in common stock)_ 384 Feb 1'26 Holders of roe. Jan. 22'26 First preferred 4 Feb 1'26 Holders of rec. Jan.22'26 Second preferred 75e. Jan. 15 Holders of rec. Dee. 18 New York Transit (guar.) Nichols Copper Co., preferred (guar.)--- 184 Jan. 2 Holders of rec. Dec. 21 50c. Jan. 1 Holders of rec. Dec. 12 Nicer Corporation, Class B (guar.) (r) Jan. 15 Holders of rec. Jan. 5 Class B (payable in class B stock) 75c. Jan, 1 Holders of rec. Dec. 12 Class A (guar.) Jan. 1 Holders of rec. Dee. 8 3 Northern Pipe Line North American Provision, pref. (qu.)_ - '1)4 Jan. 1 'Holders of rec. Dec. 10 Norwalk Tire & Rubber, com. (quar.) _ 40c. Jan. 1 Holders of rec. Dee. loa 134 Jan. 1 Holders of rec. Dec. 10a Preferred (guar.) 75c. Dec. 31 Holders of rec. Dec. 10a Nunnally Co 50c. Dec. 31 Nov. 29 to Dee. 27 Ohio Oil (quar.) 50c. Dee. 31 Nov.29 to Dec. 27 Extra 50c. Jan. 2 Holders of rec. Dec. 15a 011 Well Supply, common (No. 1) Jan. 2'Holders of rec. Dec. 19 "82 pref.(guar.) Omnibus Corp., Jan. 2 Holders of rec. Dee. 156 2 Orpheum Circuit, pref. (guar.) 75e. Jan. 1 Holders of rec. Dec. 16a Owens Bottle, Common (guar.) Jan. 1 Holders of rec. Dec. 160 $1 Common (extra) Jan. 1 Holders of rec. Dec. 164 Common (payable In common stock)_ 15 154 Jan. 1 Holders of rec. Dec. 160 Preferred (guar.) $i.60 Jan. 20 Holders of rec. Dec. 15a Pacific Oil Paige-Detroit Motor, common (quar.)-- 45e. Jan. 2 Holders of rec. Dec. 15a 154 Jan. 2 Holders of rec. Dec. 150 Preferred (quar.) 2)4 Jan.1'26 Holders of rec. Dec. 20a Pan American Petroleum of Calif°rule Petroleum of California-- 2)4 Apr1'26 Holders of rec. Dec. 20a Pan American Dec. 23 "Holders of rec. Dec. 17. 4 11 Paraffin Cos., Inc.. com.(guar.) 'Si Dec. 23 'Holders of rec. Dec. 17 Common (extra) 58e. Jan. 2 Holders of rec. Dec. 190 'eabody Coal, preferred (monthly) 50e. Dec 21 Holders of rft. Dec. 100 Pennok 011 (guar.) Pettibone, Mulliken, 1st dr 2d pf. (qu.) 18( Jan. 2 Holders of rec. Dec. 220 75c. Jan. 4 Holders of rec. Dee. 21a Phillips Petroleum (guar.) Dec. 31 *Holders of rec. Dec. 19 Pittsburgh Plate Glass, com. (quar.)--- *2 Jan. 2 Holders of rec. Dec. 28a Si Pittsburgh Steel, common (guar.) *50c. Dee. 19 *Holders of rec. Dec. 15 Plymouth 011 Holders of rec. Dec. 10 18( Port Alfred Pulp dr Paper, pref.(guar.)Pratt & Lambert, Inc., common (guar.)- I75c. Jan. 2'Holders of rec. Dec. 15a 1)4 Dec. 15 Holders of rec. Nov. 25a Procter & Gamble Co..6% pref.(guar.)_ Pro-phy-lac-tie Brush, pref. Hillar.)--- '134 Dec. 15 *Holders of rec. Dec. 1 Provincial Paper Mills, com.(guar.) -- 134 Jan. 2 Holders of rec. Dec. 15 1 Jan. 2 HOlders of rec. Dee. 15 Common (special) 184 Jan. 2 Holders of rec. Dec. 15 Preferred (guar.) 1)4 Jan. 1 HOlders of rec. Dec. 10 Pure 011, 534% prof. (guar.) 13.4 Jan. 1 Holders of rec. Dee. 10 Six per cent preferred (guar.) Jim. 1 Holden of rec. Dee. 100 2 Eight per cent preferred (guar.) The. Jan, 15 Holders of me. Dec. 310 Quaker Oats, common (guar.) 1H Feb. 27 Holders of rec. Feb. la Preferred (guar.) 134 Jan. 1 Holders of rec. Dec. la Radio Corporation, pref.(guar.) 2 Dec. 31 Holders of rec. Dec. 5a Railway Steel-Spring, corn.(guar.) 2 Dec. 31 HOlders of rec. Dec. 5a Common (extra) Preferred (guar.) i34 Dec. 21 Holders of rec. Dec. 56 Jan. 2 Dec.d20 to Jan. 1 Si Real Silk Hosiery, common (guar.) IH Jan. 2 Dee.d20 to Jan. 1 Preferred (guar.) 3 Jan. 15 Holders of rec. Jan. 5 Realty Associates, first preferred Remington Typewriter, let pref. (guar.) 184 Jan. 1 Dec. 16 to Jan. 1 184 Jan. 1 Dec. 16 to Jan. 1 First preferred, Series A (guar.) 2 Jan. I Dee. 16 to Jan. 1 Second preferred (guar.) 18( Jan. 2 Holders of rec. Dec. 15a _ Republic Iron & Steel, pref. (quar.) Reynolds Spring. pref. A dr B (gnarl• • 184 Jan. 2 Holders Of roe. Dec. 150 Reynolds(R. J.) Tobacco, corn.(guar.). Si Jan. 1 Holders Of rec. Dee. 18 1H Jan. 1 Holders of rec. Dec. 18 Preferred (guar.) Jan1526 Holders of rm. Dec. 31a Richmond Radiator. pref.(guar.) 6750 Jan. 15 Holders Of rec. DOC. 31a New pref. (extra) Dec. 31 Holders of rec. Dec. 150 Royal Baking Powder, com.(guar.) -- 2 2 Dec. 31 Holders of rec. Dec. 15a Common (extra) 1H Dee. 31 Holders of rec Dec. 15a Preferred (quar.) Safety Cable Co.(No. 1) $1 Jan. 15 Holders of rec. Dec. 31a 4t. Joseph Lead (qUar.) 50e. Dec. 21 Dec. 10 to Dee. 21 Doe. 21 Dec. 10 to Dec. 21 $1 Extra St. Louis Amusement Co.,cl. A (qu.)--$ 1.1288 Jan. 2 Dec. 20 to Jan. 1 *15c. Jan. 2'Holders of rec. Dec. 15 Salt Creek Consol. Oil,(guar.) -ravage Anse Corp. first pre (quar.). 154 Jan. 2 Holders of rec Dee. 1.5a la 1)4 Feb. 15 Holders of rec. Feb Second preferred (quar.) * *50c. Jan. 11 *Holders of rec. Dec. 21 Shattuck (Frank G.) Co.(quar.) The. Dec. 31 Fielders of rec. Dec. In Shell Union Oil Corp.. corn. (quar.)- Sherwin-Willams Co.. Can., com. (au.) I 1.8 Dec. 31 Holders of rec. Dec. 15 Preferred (quar.) 134 Dee. 31 Golders of rec. Dv'. 15 2H Dee 31 Holders of rec. Dec. 21a Shredded Wheat, corn.(guar.). ..... Sliver King Coalition Mining (quar.)__ _ 25c. Jan. 2 Holders of rm. Dec. 15 10c. Dec. 24 Holders of rec. Dec. 15 Special 50e. Jan. 2 Holders of rec. Dec. 15a Simmons Co.,com.(guar.) 50e. Jan. 2 Holders of rec. Dec 1 Oa slams Petroleum 50c. Dee 15 Holden. of roc Nov lea Skelly 011 (gnarl 188 Dee. 21 Holders of rec. Dec. 10a Sloss-Sheffield Steel & Iron, corn.(qu.)_ 184 Jan. 2 Holders of rec. Dec. 21a Preferred (guar.) 5 Dec. 19 Dec. 1 to Dec. 10 Solar Refining $1.50 Dec. 31 Holders of rec. Dec. 10 South Penn Oil Jan 2 Holders of roc Dee lea south Porto Rico Sugar, com. (guar.) Jan 2 Holders of me Dee 1In Preferred (guar.) El Dee. 31 Holders el rec Dec. 15 South West Pa.Pipe Lines(quar.) SW Dee 15 Holders of ree Nov lea Standard Oil(Canto'Ma)(guar.) 62 He Dee .5 Holders of roe. Nov. lta standard Oil (Indiana) (quar.) Dec. 31 "Holders of rec. Dec. 15 *S1 Standard 011 (Kentucky)(guar.) 5 Dee. 21 Nov.21 to Der. 21 Standard Oil (Nebraska) le Extra Dee 21 Nov. 21 to r'."- 2848 Miscellaneous (Concluded). Standard ()Hof N.J., corn.(no par) (qu.) 250. Dec. 15 Holders of rec. Nov.270 Common, 2100 par value (guar.)... _ Dec. 15 Holders of rec. Nov.27a 1 Preferred (quar.) 1)4 Dec. 15 Holders of rec. Nov.27a Standard 011 of New York (quar.) 350 Dec. 15 Holders of rec. Nov.20 Standard 011 (Ohio). corn.(quar.) $2.50 Ian. 1 Holders of rec. Nov. 27 Standard Plate Glass, prior pref. (guar.) 1X Jan. 1 Holders of rec. Dec. 21a Sterling Products, Inc., (extra) Dec. 15 Holders of rec. Dec. la $1 Stromberg Carburetor (quar.) 21.50 .1an. 2 Holders of rec. Dec. ha Sun Oil Co., corn. (quar.) 25c. Dec. 15 Holders of rec. Nov.25a Common (payable in common stock). (0) Dec. 15 Holders of rec. Nov.25a Swan & Finch 011 corp., preferred Jan. 2 Holders of rec. Dec. 29 he Swift & Co.(qua?.) Jan. 1 Dec. 11 to Jan. 7 2 Symington Co., class A (quar.) 50e. Jan. 2 Holders of rec. Dec. 15a Telautograph Co., pref.(quar.) 1)4 Jan, 11 Holders of rec. Dec. 31a Tennessee Copper & Chemical (guar.) - 25c. Dec. 15 Holders of rec. Nov. 30e Texas Company (quar.) 750. Dec. 31 Holders of rec. Dec. 4a Texas Gulf Sulphur (guar.) Dec. 15 Holders of rec. Dec. la 2 Extra 75e. Dec. If Holders of rec. Dec. la Thompson (R. E.) Mfg., 1st pref.(qy.) _ •62 Jan. 15 *Holders of rec. Dec. 31 First pref.(for quar. ended Sept. 30). _ .32 Jan. 15 "Holders of rec. Dec. 31 Tide Water Oil (quar.) 25c. Dec. 31 Holders of rec. Dec. 16a Todd Shipyards (quar,) Dee. 21 "Holders of rec. Dec. 1 "El Tower Manufacturing, common (quar.)_ 25c. Jan, 1 Holders of rec. Dec. 15 Truscon Steel. corn. (quar.) 300. Dec. If Holders of rec. Dec. 5a Tuckett Tobacco, common (quar,) Jan. 15 Holders of rec. Dec. 31 1 Preferred (quar,) 1)4 Jan. 15 Holders of rec. Dec. 31 Ulen & Co.. preferred Jan. 1 Holders of rec. Dec. 21 4 Underwood Computing Mach., pt. (qu.) 1X (an. 1 Holders of rec. Dec. 19 Underwood Typewriter, corn. (quar.)_ _ _ 75c Ian. I Holders of rec. Dec. la Dec. 23 Holders of rec. Dec. la Common (extra) $I Preferred (quar.) 1)4 Ian. I Holders of rec. Dec. la Union Carbide & Carbon (quar.) $1.25 Jan. 1 :Holders of rec. Dec. 9a United Cigar Stores of Amer., COM.(qu.) 50c. Dec. 3( Holders of rec. Dec. 10a Common (payable in corn, stock)___ _ 11)4 Dec. 30 Holders of rec. Dec. 100 1)4 Dec. 15 Holders of rec. Nov. 30a Preferred (guar.) Holders of rec. Feb. 15a United Drug. corn. (quar.) IN Mar. First preferred (quar.) 1,4 Feb. 1 Holders of rec. Jan. 15a United Dyewood, pref. (quar.) 14 lan.1'2(1 Holders of rec. Dee. 150 United Fruit (quar.) 2.% Jan. 2 Holders of rec. Dec. 5 United Profit Sharing Corp. No par common (quar.) 30c. Jan, 2 Holders of rec. Dec. 10a Common. $I par (quar.) 15c. Jan. 2 Holders of rec. Dec. 10a U.S. Cast Iron Pipe & Fdy., pref.(guar.) 1)4 Dec. 15 Holders of rec. Dee. la U. S. Distributing, preferred 3)4 Jan. 1 Holders of rec. Dec. 15a U.S.Gypsum. corn.(quar.) •40c. Dec. 31 Holders of rec. Dec. 5 1)ec. 31 'Holders of rec. Dec. 5 Common (extra) *S2 Common (payable in common stock) _ •e15 Dec. 31 •Holders of rec. Dec. 5 Preferred (quar.) IN Dec. 31 Holders of rec. Dec. 5 Dee. 15 Nov. 17 to Dec. 9 U. S. Realty & Improvement (quar.)--Dec. 311 Nov 28 to Nov. 30 U. S. Steel Corporation, corn. (guar.)._ Common (extra) A Dec. 3C Nov.28 to Nov.30 2;6 Dec. 15 Holders of rec. Nov.30 U. S Title Guaranty Co. (quar.) Dee. 10 Holders of rec. Nov.30 2 Extra U.S. obacco, common (quar.) 75e. Jan, 2 Holders of rec. Dec 14a Preferred (guar.) 114 Jan. 2 Holders of rec. Dec. 140 Dec. 15 Holders of rec. Dec. 1 Upson Company,common (guar.) 1 I X' Jan. I Holders of rec. Dec. 15 Preferred (guar.) Vacuum 011 (guar.) 500. Dee. 19 Holders of rec. Nov. 30 Extra 50e. Dec. 19 Holders of rec. Nov.30 Dee. 19 Holders of rec. Nov.30 Bombe! • SI Valvoline Oil, com.(guar) 1)4 Dec. 17 Holders of rec. Dee. 11 Fan. 2 Holders of rec. Dec. 15a Virginia Iron, Coal & Coke, pref Vulcan Detinning, pref. (quar.) 1X Jan. 20 Holders of rec. Jan. 9a Jan. 20 Holders of rec. Jan. 9a Pref. (acct. accumulated dividends).- 82 1)4 Jan. 20 Holders of rec. Jan. 95 Preferred A (guar.) Jan. 2 Holders of rec. Dec. 15 $1 Wabasso Cotton, Ltd. (quar.) Waldorf System, corn. (quar.) 31 Sic ian. 2 Holders of rec. Dee. 20a First and second pre! (quar.) 20c. Fan, 2 Holders of rec. Dec. 20 45c. Dec. If Holders of rec. Dec. 50 Walworth Co., common (quar.) Preferred (quar.) The. Dec. 31 Holders of rec. Dec. 21a Wamslitta Mills(guar.) 14 Dee. 15 Holders of rec. Nov. 10 Ward Baking Corp.. pref. (guar.) 1)4 Jan. 2 Holders of rec. Dec. 15 Dec. 31 Dec. 16 to Dee. 30 Washington Oil $2 Dec. 30 Holders of rec. Dec. 15 Weber & Hellbroner. corn.(guar.) $I Western Grocer, pref 3% Ilan.r2f; Dec. 20 to Jan. 1 1926 Jan, 30 Holders of rec. Dec. 31a Westinghouse Elec.& Mfg.,corn.(quar.) Jan. 15 Holders of rec. Dec. 310 Preferred (guar.) $1 Weston Electrical Instrument (guar.).- - *500 Jan. 2 'Holders of rec. Dec. 16 West Point Manufacturing (guar.) Ian. 2 Holders of rec. Dec. 17 2 iec. 30 Holders of rec. Dec. 15a White Motor (guar.) II White Rock Mineral Spas.. corn.(quar.) 300. fiee. 31 Holders of rec. Dec. 22 200. )eo. 31 Holders of rec. Dec. 22 Common (extra) iec. 31 Holders of rec. Dec. 22 First preferred (quar,) 1 Second preferred (quar.) I% )00. 31 Holders of rec. Dec. 22a leo. 31 Holders of rec. Dec. 220 1 Second preferred (extra) fan. 1 Holders of rec. Dee. 15 Will & Baumer Candle. inc.. pref. (qu.) 2 Willys-Overland Co.. preferred (quar.)_ _ •1,4 Jan, 2 'Holders of rec. Dec. 20 Preferred (acct. accumulated dim). - 12934 Jan. 2 Holders of rec. Dec dlea 2% Jan. 1 Holders of rec. Dec. 15 Wright -Hargreaves Mines, Ltd 7)4 Jan, 1 Holders of rec. Dec. 15 Extra Wrigley (Wm.) Jr. & Co. (monthly)_.. 25c. Jan. 2 Holders of rec. Dec.d19a 50c. Jan. 2 Holders of rec. Dec. 19a Extra 25c. Feb. 1 Holders of rec. Jan. 20a Monthly 25c. Mar. 1 Holders of rec. Feb. 200 Monthly 250. Apr. 1 Holders of rec. Mar. 20a Monthly Worthington Pump & Mach.. pf. A (qu.) 1)4 Jan, 2 Holders of rec. Dec. 21a 1% Jan. 2 Holders of rec. Dec. 21a Preferred B (quar.) 1)4 Jan. 1 Holders of rec. Dec. 19 Wurlitzer (Rudolph) Co., 7% pf. (qu.) Jan. 2 Holders of rec. Dec. 10a SI Yale & Towne Manufacturing (quer.)._ Dec. 22 Holders of rec. Dec. 10a El Special Yates American Machine Co.(guar.).- - •62%c Jan. 1 'Holders of rec. Dec. 19 1 Holders of rec. Dec. 15 Yellow Cab Co.of Newark, corn.(qu.). 25e. Jan 18r Ian 2 Holders of rec. Dec. I5a Yellow Truck & Coach. class B (qu.)-1 X Ian. 2 Holders of rec. Dec. 15a Preferred (guar.) Dec. 31 Holders of rec. Dee. 15 Youngstown Sheet & Tube. corn. (au.). SI 1St Dec. 31 Holders of rec. Dee. 15 Preferred (:111ar.) Jan. 2 Holders of rec. Dee. la 6 Zenith Radio (annual) Jan, 2 Holders of rec. Dec. la 4 Extra • From unofficial sources. t The New York Stock Exchange has ruled that stock will not be quoted ex-dividend on this date and not until further notice. I The New York Curb Market Association has ruled that stock will not be quoted ex dividend on this date and not until further notice. Annual dividend for 1925 all payable In equal quarterly Installments.on April 1 July 1, Oct. 1 1925 and Jan. 11926, have been declared as follows: On the common stock 24 40, quarterly installments $1 10, prlor preference,7%.quarterly Installments 1)4%.Participating Preferred, 7% regular, quarterly installment 1)4%. participating preferred, 2% extra, quarterly Installment 4%. preferred, 6%. quarterly installment. 4%• One month (December) dividend due to change of dividend payments. a Transfer books not closed for thte dividend. d Correction. e Payable In stock. fPaVable in common stock. g Payable In scrip. h On account of accumulated dividends. m Payable In preferred stock, n Payable In Canadian funds. ' o For period from Nov. 15 to Dec. 15 1925, due to change in dividends from Q. -F. 15 to Q. -J. 1. p Payable In voting trust certificates for class B stock at the rate of one-tenth of a share for each share of class B stock held. g Payable either in cash or In Class A.stock at the rate of one share for each forty shares held. r Dividend Is 1 X share of B stock for each 100 shares held. sTo be quoted ex-d1v. 33 1-3% stock dividend on Doe. 11. t Payable in participating preferred stock. u Payable either In cash or Class A stock at the rate of one-fortieth of a share. e Payable 20c. In cash and 15c. oer share (1-100 of a share) in common stock. w One-fiftieth of a share of new non-par common. o Payable also to holders of coupon No. 37. w Dividend Is one-tenth of a share of common Moll( for each share held. s Dividend Is ene-fifth of a share of founders shares of the Happiness Candy Stores sDIvidend is three shares of common stock for eacJi_100 shares held. Weekly Returns of New York City Clearing House Banks and Trust Companies. The following shows the condition of the Now York City Clearing House members for the week ending Dee. 5. 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. -that is. three (000) ciphers omitted (Stated In thousands of dollars) New Reserve Capital Profits Loans, with Net Discount, Cash Time /lank Week Ending Legal Demand in DeDec. 5 1925. Nat'l, Sept.28 InvestArmState, Nov.14 ments, Vold! Deposi- Deposits. 1903418. latortes. de. lion. (000 omitted.) Tr.Cos' Nov.14 Members of Fed. Res, Bank of N. Y.& 2 Trust Co. __ 4,000 Bk of Manhal'n 10,000 Mech&MetNat 10,000 13ank of America 6,500 National City_ 50,000 Chemical Nat. 4,500 Am Ex-Pac Nat 7,500 Nat Bk of Com_ 25.000 Chat Ph NB&T 13,500 Hanover Nat.... 5,000 Corn Exchange_ 10.000 National Park, 10,000 East River Nat_ 2,500 First National_ 10,000 Irving Bk-Col Tr 17,500 Bowery Nall Bk 250 Continental_ _ _ _ 1,000 Chase National. 20,000 Fifth Avenue.. 500 Commonwealth. 600 Garfield Nat'l__ 1.000 Seaboard Nat'l_ 5.000 Coal & Iron Nat 1.500 Bankers Trust_ 20,000 LT 8 Mtge & Tr. 3,000 Guaranty Trust 25.000 Fidelity-InterTr 2,000 New York Trust 10,000 Farmers I. & Ti 10.000 Equitable Trust 23.000 Bank. 2 12,807 14,732 15,749 5.223 62,403 17,597 12,625 40,021 13,236 25,443 14,558 24,375 2.375 71,199 13,732 928 1,161 26.894 2,905 1,089 1,766 8,758 1.531 30,391 4,750 21,538 2,209 20,018 18.520 12.852 Average. Average $ 2 476 74,091 158,438 2,964 180,359 3,647 83.535 1,761 616,942 4.653 137,869 1,446 147,585 2,323 954 361,961 226,546 2,703 125,985 568 199.153 7,214 988 175,990 41,837 1,431 296,994 506 288,843 3,122 5,754 149 8,216 132 389,351 4,265 26,247 860 14,923 517 18,214 458 119,436 1,064 19.820 495 333.361 891 60.136 784 415,475 1,512 22,948 394 171,935 568 148.814 523 265,533 1,579 4.. 1 c, , ,. Books Closed Days Inclusive. & w . a.. ww.ww=-iowww.wo. w..2 .N..w.4..m.w. cl.-.,40, c.000tr.-.1,4..1 Cn:41.1 . 6WW1 kbatolq- o.W. 4e, w wwo..low.-4 , mwotowwwwc..ww.www.w ...sw,p.owo.w..4o..400ww.ww.www.o. Per When Cent. Payable [VoL 121. !W.. Name of Company. THE CHRONICLE Average. Average $ $ 57,062 7,997 127,599 27.020 170,553 11,493 95,162 3,987 *646,902 74,439 115,926 4,802 135.710 11.000 313,208 13,267 170,199 43,781 112,099 174,025 30,324 128,666 9,063 32,306 11,800 209.995 22,793 278,087 23,732 3,168 2.043 416 6,889 5387,274 17,103 24,934 8,722 4,780 472 18,060 119,532 3,727 16,915 1,917 *300.926 45,573 56.106 4,935 *411.310 49,68S 18,900 1,814 148,808 16.416 •115,441 23,733 *280,7o3 31,022 Alegi $ 547 850 348 4,953 5,958 3:470 994 4,951 996 47 413 total of averages308,850501.3995,136.291 48,947587,204c4,352.087500.127 23,523 totals, actual condition Dec. 55,139,316 49,328 582.306 c4,347,873 194,931 23,609 totals. actual condition Nov.285,140,556 51,220584,986 c4,311,441 506,65913,413 totals, actual condition Nov 21 5,140,005 48.738604,883c4,370.205 495,56323,507 State Banks Not Members of Fed'I Res've Bank. 22.170 1,795 23,010 1,958 2,081 areenwtch Bank 1,000 2,594 40,295 64,276 State Bank _ _ _. 3,500 5,867 101,/82 4,866 2,430 total of averages 4,500 8.642 130,792 6.824 62,465 66.071 4.511 totals, actual co nditIon Dec. 5 129.807 6.833 4,433 totals. actual co ndition Nov.28 131,528 7,145 4,847 totals, actual co nclition Nov.21 131,469 6,756 4,863 trust Companl lea Not Members of Fed 'I Res'ye Bank. title Guar & Tr. 10,000 17,233 64,594 1,507 4.796 909 2,173 24,296 Lawyers Trust_ 3,000 3,204 61,692 65,772 64,052 66,153 63,521 66,073 41,815 20.071 1,873 970 total of averages 13,000 20,437 88,890 2,416 6,969 61.886 2,843 totals. actual condition Del. 5 totals. actual co nditlon Nov.28 total', actual c. ndition Nov.21 86,996 90.875 90,448 2.386 2.416 2,373 6,652 6,552 7.526 59.591 64,454 63,958 2,892 2.840 2,891 3r'd agar.,seer_ 326,350530,2995,355,973 58,187598,684 4,476,438569,041 23.528 3omparison wit h prey. week _ _ +1.847 -577 +3.668 +17.130--1.70b +64 3r'd aggr., ad'Icond'n Dec. 15.356,119 58,547593,391 4,469.156583,595 23,609 Comparison with prey. week - _ -6.840-2,234-3,994 +29,209-12,057 +196 3r'd aggr., acrlcondi) 5r'd aggr., acelcond'n agar.. °alcond'n 3rd agrr.. act' cond'n 3rd aggr.. acrlcond'n 50'd aggr., all rond'n 3rd Nov.285,362,959 Nov.21 5.361.933 Nov.145.357,100 Nov. 5.381.737 Oct. 31.5.406.399 Oct. 245.371,131 60,781 597,385 57,867817.271 55.944640.065 59,165 588.551 55.712636.991 54,947587,457 4,439,947575.652 23.413 4,497.684 564,527 atm 4.501.102 558,758 23,602 4,516.1192 550.078 23,398 4.575 877 551.57223.319 4,474.064 562.411 23.239 Note. -O. S. deposits deducted from net demand deposits In the general totals. above were as follows: Average total Dec. 5, 39,552,000. Actual totals Dec. 5. $8,508,000: Nov. 28, $10,004,000: Nov. 21, 210,092,000; Nov. 14. 317,200,000; Nov. 7, 218,999,000. Bills payable, rediscounts, acceptances and other liabilities. average for week, Dee. 5, 5680.798.000; Nov. 28, 5677.750.000; Nov. 21, $635,337.000; Nov. 14, 5626,817,000; Nov. 7. $627,509,000. Actual totals, Dec. 5, 8695.372.000: Nov. 28, 2706,367.000: Nov.21,$666,687,000: Nov.14.$888,782,000; Nov 7. 3623, 671.000. • Includes deposits in foreign branches not Included in total footings as follows: National City Bank, 3155.343,000; Chase National Bank, 310,696,000; Bankers Trust Co., 831,417.000; Guaranty Trust Co., $65,374.000; Farmers' Loan & Trust Co., 26.584.000; Equitable Trust Co., 263,186,000. Balances carried in banks la foreign countries as reserve for such deposits were: National City Bank 220,747.000: Chase National Bank, 81,599,000; Bankers Trust Co., 82.080,000; Guaranty Trust Co., 23,652,000; Farmers' Loan & Trust Co., $6,584,000; Equitable Trust Co., 138.230.000. 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 ROUSE BANKS AND TRUST COMPANIES. Averages. Reserve Cash Reserve in Vault. Depositaries Members Federal Reserve banks__ _ State banks. Trust companles•_.- 6,824.000 2,416.000 Teta) Reserve. Rederee Required. $ 8 587.204,000 587.204.000 580.775.120 4,511.000 11.335.000 11.243.700 6,969.000 9,385,000 9,282,900 Surplus Reserve. 6,428.880 01.300 102,100 Dec. 5_ --- 9.240,000 598,684.000 607,924,000 601.301,720 6.622,280 Nov.28_.-- 9.212,000 595.016,000 604,228.000 599,232.600 4.995.400 9.023.000 604.336.000 613.359.000 605.528,290 7,830.710 Nov. 21_ _ 9.178.000 606.158.000 615,336.000 607.228.330 8,107.670 Nov 14. _ _ • Not members of Federal Reserve Bank. •This Is the reserve required on the net demand deposits in the ewe 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 depoeits. which was as follows: Dec. 5, 815,003,810; Nov. 28, 215,052,110; Nov. 21, 814,701,440; Nov. 14, 814.587,560; Nov. 7. $14,349,780. Total Total Total Total \ Actual Figures. Cash Reserve in Vault. Members Federal Reserve banks_ State banks* Trust companies* Total Dec. 5__ Total Nov.28 Total Nov. 21 Total Nov. 14__ 6,833,000 2,386.000 Reserve in Depostlarlek • Reserve Repulsed. Total Reserve. $ 582.306.000 582.306,000 580.071,420 4.433,000 11,266,000 11.104,560 6,652,000 9,038.000 8.938,650 Surplus Reserve. BOSTON CLEARING HOUSE MEMBERS. 2,234,580 161.440 99,350 9.219.000 593,391,000 602,610.000 600.114,630 2,495,370 9,561,000 597,385,000 606.946,000 596,884,560 10,061,440 9.129,000 617,271,000 626,400,000 604,021,020 22,378,980 8.909.000 640,065,000 648,974,000 604,290,530 44,683.470 State Banks and Trust Companies Not in Clearing House.—The State Banking Department reports weekly figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows: SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER NEW YORK: NOT INCLUDED IN CLEARING HOUSE STATEMENT. (Figures Furnished by State Banking Department Differences from Dec. 5. Previous Week. $1,148,909,200 Dec.$19,248,600 Loans and Investments 4.740,000 Dee. 127,200 Gold 765.800 25.535,600 Inc. Currency notes 92,963.500 Dec. 5,03,..200 Deposits with Federal Reserve Bank of New York 1,217,300,500 Dec. 17,255,000 Total deposits Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N. Y. City,exchange & U.S.deposits_ _1,138,586,900 Dec.27,192,500 170,425,400 Inc. 902.900 Reserve on deposits Percentage of reserve, 20.5%. RESERVE. —Trust Companies— Stale Banks— $86,022,600 14.25% 337,216,500 16.70% Cash in vault* 5.14% 35,707,900 5.91% Deposits in banks and trust cos_.. 11,478,400 3121.730,500 20.16% $48,694,900 21.84% Total •Includes deposits with the Federal Reserve Bank of New York, which for the State banks and trust companies combined on Dec. 5 was $92,963,500. Banks and Trust Companies in New York City.—The averages of the New York City Clearing House banks and trust companies combined with those for the State banks and trust companies in Greater New York City outside of the Clearing House are as follows: ....G0;•• da4P.;f41, 8§8E8g88888S88E888 00000000000000000000000000 5,481,392,100 5.463,129,200 5.442.536.800 5,443,132,500 5.466.107,300 5,419.137,800 5,465,413.400 5,404,398.300 5,496.730,100 5,491,705,400 5,550.463,800 5,576,689,600 5,629,110.200 5,696,831.900 5,682,852.100 5,665.239.800 5.625.087.400 5.615.024.900 00 *Total Cash in Vaults. $ Reserve in Depositaries, $ 721,005,000 723,923300 712.983,700 715.040,400 711,813,900 718,328,800 731.651,200 703,335,900 717.035,400 716,263,500 727.858.400 733,612,200 735,006,800 745,155.208 743.772 008 746,115,608 734,901,50C 738.833 30C Dec. 9 1925. Nov. 22 Dec.2 1925. Chemise from previous week. 1926. 3 66,800.000 66,800.000 66,800,000 Unchanged Capital 91,304,000 91,304.000 91.304.000 Unchanged Surplus and profits Loans, disc'ts & investments_ 1007242000 Inc. 8,748,000 998,494,000 1004804000 Dec. 11.991,000 699,667,000 698,102,000 Individual deposits.Incl. U.S.687.676,000 140,216.000 Inc- 3,293,000 136.923,000 134,468,000 Due to banks 227,079,000 Inc. 5,568,000 221,511.000 219.715,000 Time deposits 3,191.000 403,0001 3,129,000 2,726.000 Dec. United States deposits Exchanges for Clearing House 31,032,000 Dec. 5.455.000 36,487,000 31,231,000 86,302,000 Dec. 4.575.000 90,877,000 89,006.000 Due from other banks 430.000 81,685,000 81.079.000 81.255.000 Dec. Reserve in Fed. Res. Bank 856,000 9.317,000 9,073,000 Cash In bank and F. R. Bank 10.173,000 Inc. Reserve excess in bank and 520,000 271.0001 1,328,000 1,057,000 Dec. Federal Reserve Bank Philadelphia Banks.—The Philadelphia Clearing House return for the week ending Dec. 5, with comparative figures for the two weeks preceding, is given below. Reserve requirements for members of the Federal Reserve System are 10% on demand deposits and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash in vaults" is not a part of legal reserve. For trust companies not members of the Federal Reserve System the reserve required is 10% on demand deposits and includes "Reserve with legal depositaries" and "Cash in vaults." Two Ciphers (00) omitted. 1 Week Ended December 51925. Nov. 21 1925 Not. 28 1925. Trustia1 1926 Membersof,Campan. Taal IP.R.System Capital Surplus and profits Loans, disets & havestm'ts Exchanges for Clear.House Due from banks Bank deposits Individual deposits Time deposits Total deposits U.S. deposits(not Incl.)_ Res've with legal dePos'les Reserve with F.R.Bank Cash in vault • Total reserve & cash held.. Reserve required Excess res. & cash In vault $42,025.0 128,684,0 830,396.0 35,264,0 116,226,0 144,398,0 598,628.0 112.345,0 855.371,0 64,775.0 11,619,0 76,394.0 64,635.0 11,759,0 $5,000.01 $47.025,0 17,182,0 145,866,0 48,376.0, 878,772.0 642,01 35,906,0 18,0 116,244,0 1,003.0 145,401,0 29.318,0 627,946.0 2,000,0 114,345,0 32.321,0 887,692.0 3,668,0 3,565,0 3,565,0 64,775.0 1,534,0 13,153.0 5,099,0 81.493.0 4,549.0 69,184,0 550,0 12.309,0 847.025,0 145, 68.0 884,875,0 37,747,0 121,719,0 147.049.0 642.146,0 112,340,0 901.535.0 4,034,0 4,303,0 65,316,0 12,487.0 82,086,0 70,150.0 11,936,0 $47,025,0 145,866.0 880.204,0 36.298.0 114.505,0 143.750,0 630,090.0 112,412.0 888,252,0 3.928,0 3,683,0 64,888,0 .13.181,0 81.752,0 69,341.0 12,411,0 Reserve members. •Cash In vault not counted as reserve for Federal 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 Dec. 9 1925 in comparison with the previous week and the corresponding date last year: Dec.9 1925. Dec. 2 1925. Dec. 10 1924. Resources— 320,109.000 Gold with Federal Reserve Agent 12,244,000 Gold redemp. fund with U. S Treasury- 370,227.000 8.257.000 444,530,000 5,487.000 Gold held exclusively agst. F. R.notee_ 332.353.000 Gold settlement fund with F. R. Board_ 262.905.000 Gold and gold certificates held by bank.. 348.740.000 378,484.000 241.377.000 351.079,000 450.017.000 197.153.000 340,972.000 Total gold reserves Reserves other than gold 943.998.000 25.620,000 970.940,000 25.883,000 888,142,000 20.875,000 Total reserves Non-reserve cash Bills discounted— Secured by U. S. Govt. obligations Other bills discounted 969,618,000 15,123,000 996,823.000 14,984.000 909.017,000 14,093,000 144.189,000 67.004.000 98,727,000 91,032.000 37,126.000 11,741,000 211.193.000 35.570.000 187,759,000 34,838.000 48,867,000 110,817,001 1.257,000 77.912.000 3.280.000 1.257,000 68,114.000 1.710,000 4.902.000 142.447.000 56,903,000 82,449,000 2,241,000 71,081.000 2,241,000 204.252.000 1.746.000 Total bills and securities (See Note).— 331.453,000 CO 4 - 2. s 6,324,244,800 6.332347,800 6,345,708.100 6,341,502,7G0 6,354,72e.100 6,345.880.300 6,361.302,700 6,403,318.900 6,480.941.200 6,465,023.700 6,463,163,200 6,481,864,200 6,502.188,400 6.556,239.300 6,531,007.500 6,520,077,500 6.522.283,800 6.504.882 200 Demand Deposits. , ^.0.0 towel COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN GREATER NEW YORK. Loans and Investments. 2849 Boston Clearing House Weekly Returns.—In the following we furnish a summary of all the items in the Boston Clearing House weekly statement for a series of weeks •Not members of Federal Reserve Bank. •This Is the reserve required on net demand deposits in the case of State banks and trust companies, but in the case of members of the Federal Reserve Bank Includes also amount of reserve required on net time deposits, which was as follows: Dec. 5, $14,847.930; Nov. 28, $15,199,770; Nov. 21, 814,866,890: Nov. 14, 314,669.430; Nov. 7, $14,444,370. Week Ended— Aug. If Aug. 17 Aug. 22 Aug. 29 Sept. 5 Sept. 12 Sept. 19 Sept. 26 Oct. 3 Oct. 10 Oct. 17 Oct. 24 Oct. 31 Nov. 7 Nov.14 Nov.21 Nov.28 Dee. 5 0 THE CHRONICLE Dnc.12 1925.] 295.919.000 365,682,000 New York City Non-Member Banks and Trust Coinpanies.—The following are the returns to the Clearing House Total bills discounted by clearing non-member institutions and.which are not in- Bills bought In open market U.S. Government securities-Returns" in the foregoing: cluded in the "Clearing House Bonds Treasury notes staTURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING Certificates of Indebtedness HOUSE. Total U.S. Government seourltkm.Is. Wee ciphers MOO) omitted.) (Mated its thousands of dollars—that Foreign loans on gold Loans, &sera DisCLEARING 514.000 771.000 861,000 Due from foreign banks (See Note)._ with Net Cash Net counts, NO -MEMBERS 148,220,000 171,080.000 140.744,000 Uncollected items Legal Demand Dims in InputNet 17.436.000 17.281,000 17,261.000 Week Ending Capital. Profits. meats, Vault. Demi- Deposits,Deposit,. Bank Premises 9.820,000 4.456.000 4,889,000 All other resources forks. &C. Dec. 5 1925. 1,587.225.000 1,501,274.000 1,457,306.000 Total resources Average. Average Average. Average. A06700e. Members of $ $ $ $ $ Fed'i Re.',. Bank. $ $ Liabilities— 37 1,087 7.150 4,273 Grace Nat Bank__ 1.000 1.798 13,718 361,533.000 369.364.000 Ised'I Reserve notes in actual circulation_ 382.979.000 868.834.000 853.580.000 Deposits—Member bank, reserve *eel_ 870.779.000 87 1,067 7,150 4.273 Total.. 1.000 1.798 13,718 6.415.000 10,479.000 11.582.000 Government State Beaks. 11.254,000 11.417,000 10.298,000 Foreign bank (See Note) Not Members of the Federal Reserve Rank Bank of Wash. HU_ Colonial Bank Total Trust Company Not Member of tog Federal Reserve Rank Medi Tr. Bayonne, Other deposits 200 1.200 1.400 500 804 • 8,531 9,787 31,100 3,392 39,631 829 8,577 4,406 9,303 382 546 500 546 9.303 362 2,900 Grand aggregate- -Comparison with pr43V. week 5.738 62,652 +294 4.805 +143 (Jed aggr.. Nov. 28 5.618 5.618 62,358 62.674 61.754 60.535 4,662 4,743 4,846 4,458 Total (3rd aggr., Nov. 21 Geri aggr., Nov. 14 Ged agar., Nov. 2.900 2,900. 2,900 2.900 a United 5,818 5.618 394 8,574 1,556 25,600 1.950 32,174 , 170 3,404 6,831 3,123 a44.095 3.126 a42.315 17.061 17 ntv 4.277 Total deposits Deferred availability Items Capital paid in Surplus 9,466,000 9,593,000 8.924.000 902.125.000 126,728.000 32.132.000 58.749.000 4,512.000 900.323.000 144.258.000 32.132.000 58.749.000 4.279.000 880.173,000 114,969.000 30.214,000 59.929.0011 2.657.000 All other liabilities 1.487,225,000 1.501.274.000 1,457,306.000 TotalLiabilities Ratio of total reserves to deposit and 170 3,404 5,914 79.0% 76.6% 72.7% Fedi Ree've note liabilities combined_ 3,187 242,728 17,018 Contingent liability on bills purchased 13,795.000 10.987,000 14,442,000 for foreign correspondents +70 —1,815 —47 NOTE.—Beginning with the statement of Oct. 7 two new Items were added In . aboad mn nia gLete. no a rd amounts due to n 3,117 e44,543 17,065 order to show separately the amount of balances .Aheldll other 3,112 n44.934 17,077 foreign correspondents. In addition, the caption, States deposits deducted, none. Bills payable. rediscounts, acceptances and other liabilities. $2,280.000. Excess reserve, $6J0,840 increase. 2,554 5.914 made up of Federal intermediate credit bank debentures, has been changed to "Other securities," and the caption, "Total earning assets" to "Total bills and securities." The latter term has been adopted as a more accurate description of the total of the discounts, acceptances and securities acquired under the provisions dl Sections 13 and 14 of the Federal Reserve Aet. Which are the only items included therein 2850 THE CHRONICLE [VOL 121 Weekly Return of the Federal Reserve Board. The following is the return issued by the Federal Reserve Board Thursday afternoon,Dog. 10, and of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present theshowing the condition 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 Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns forand the latest week appears on page 2816, 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 DEC. 9 1925. Dec. 9 1925. Dec. 2 1925. Nov. 25 1925. Nov. 13 1925. Nov. 10 1925. Nov. 4 1925. Oct. 28 1925. Oct. 21 1925. Dec. 10 1924. RESOURCES. I $ $ $ 8 8 $ $ $ ' i Gold with Federal Reserve agents 1,307,572,000 1,343,424,000 1,355,463.000 1,355,579,000 1,356,016,000 1,332,277,000 1,377,127,000 1,399,178,000 1,836,288,000 Gold redemption fund with U. S. Treas. 54,162,000 50,004.000 57,705,000 62,443,000 50,732,000 49,994,000 54,143,000 47,770.000 32,093,000 Gold held exclusively eget.F.R.notes 1,365,277,000 1,397,586,000 1,405,467,000 1,418.022,000 1,406,748.000 Gold settlement fund with F. R. Board_ 753,172,000 729,002,000 724,029,000 724,982.000 . 737.838.000 1,382.271.000 1.424.897.000 1,453.321,000 1,868,381,000 753.252,000 716,589,000 701.960,000 647,643,000 Gold and gold certificates held by banks- 603.836.000 616.023.000 616,397,000 639,245,000 634.530,000 637.040,000 641,063.000 623,103,000 481,474,000 Total gold reserves 2,722,285.0002,742,611.000 2,745,893,060 2,782,249,000 2,779,116,000 2.772,563,000 2,782,549.000 2.778,384,000 2,997,498,000 Reserves other than gold 107.616,000 114,938.000 114,642,000 122.836.000 111.386,000 107.718.000 110,511,000 110.912,000 95,218,000 Total reserves 2,829,901,000 2.857,549,000 2,860,535,000 2,905.085,000 2,890,502.000 2,880,281,000 2,893,060,000 2.889,296.000 3,092,716,000 Non-reserve cash 45,268,000 43,948,000 44,389,000 49,546,000 47,167,000 40,901,000 53,734,000 41,643,000 52,932,000 Bills discounted: Secured by U. S. Govt. obligations.-- 378,272,000 314.532,000 346,326,000 280.534,000 276,229,000 330,229,000 293,285,000 293,172,000 127,279,000 Other bills discounted 301,102,000 329.293.000 278.388,000 285,832.000 288,431.000 306,109,000 296,709,000 309,789,000 126,977,000 Total bills discounted 679,374,000 643,875,000 624,714.000 566,366.000 564,660,000 636,338,000 589,994,000 602,961,000 254.256,000 Bills bought In open market 369,550.000 357.723,000 359,458,000 354,980,000 352,687.000 342,453,000 328,717,000 293,259,000 352,838,000 U. S. Government securities: ".1 Bonds 56.235.000 56,269,000 56.276,000 56,352,000 57,632,000 57,632,000 55,907.000 46,358,000 56,020.000 Treasury notes 266,080,000 254,858,000 244.439,000 244,272,000 243.122,000 243,740.000 248,477.000 248,360.000 361,082,000 Certificates of indebtedness 28,302,000 31.575.000 29,517,000 32,655,000 33,254.000 28,853.000 20,260,000 19,532,000 144,456,000 Total U. S. Government securities 351,873,000 339.429,000 332.299,000 333,279,000 334,008,000 330,225.000 324,757,000 323.805,000 551,896,000 Other securities (See note) 3,150.000 3,150.000 3.195,000 3,150,000 3,720,000 3,220.000 2,050,000 3,220,000 3,220,000 Foreign loans on gold 8,300,000 6,500.000 8,300.000 5,701,000 4,799,000 3,800,000 6,300,000 6,000,000 3,399,000 Total bills and securities (See Note)_ _ _ 1.412,292,000 1,352,477.000 1.326.121.00 1,263,476,000 1,259,874,000 1,316,036.000 0 1,250,087,000 1,229,545,000 1,167,040,000 Due from foreign banks (See Note) 658.000 771.000 861,000 671,000 640,000 640,000 640,000 514,000 640,000 Uncollected items 692,811,000 742,551,000 686,348.000 816.673.000 702.177,000 687,010,000 684,027,000 782,668,000 649,131,000 Bank premises 61,817,000 02,021.000 61,552.000 61.809,000 61.632,000 61.593,000 61.557,000 61.552,000 61,741,000 All other resources 18,454.000 18,166,000 19,362,000 18.108,000 18,085,000 18,282,000 18,120,000 25,725,000 17,751,000 Total resources 5,061.168,000 3.078,803,000 4,997,831.000 5,115,368,000 4,980,081,000 5,010,743,000 4,960.423.000 5.035,186.000 5,038,510,000 LIABILITIES. F. R. notes in actual circulation 1,765,627,000 1,742,706,000 1,731,510,000 1,708,030,000 1,711.275,000 1,713.422.000 1,694,771.000 1,694,948,000 1,853,614,000 Deposits Member banks -reserve account 2,246,386,000 2.235,787,000 2,219,813,000 2,260,822,000 2,232.173,000 2,245,629,000 2,227,212,000 2,206.347,000 2,192,333,000 Government 30,853.000 44,136,000 35.840,000 24,975,000 22,294,000 30,383.000 38,670,000 46,132,000 35,975,000 Foreign bank (See Note) 12.937.000 13.002.000 11.884,000 12.999.000 11,988,000 11,473,000 12,071,000 11,424,000 12.482,000 Other deposits 21,181,000 20.074.000 20,420,000 23,103.000 22,288,000 27.515.000 19,311,000 20,043,000 18,520,000 Total deposits 2,314,530,000 2,312,999,000 2,290,784.000 2.321,899,0002,288,743,000 2,315,000.000 2.297,264,000 2,283,946,000 2,259,310,000 Deferred availability Items 626,937,000 670,1:12,000 622,853.000 733,512,000 628,462.000 631,239,000 617,350.000 705,954.000 578,685,000 Capital paid In 116,863,000 116,871,000 110,844.000 116,813,000 116.659,000 116,653,000 116,602,000 116,629,000 112,123,000 Surplus 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 All other liabilities 18,053,000 18,253,000 19,374,000 17,257.000 16,592.000 17,105,000 16,599,000 15.872.000 13,863,000 Total liabilities 5,061,168.000.5,078,803,000 4,997,881,000 5,115,368,000 4,980.081.000 5,010.743,000 4,960.423,000 5,035,186,000 5,038.510.000 Ratio of gold reserves to deposit and F. R. note liabilities combined 68.2% 69.0% 67.6% 66.7% 69.4% 69.9% 68.7% 69.8% 72.8% Ratio of total reserves to deposit and F. R. note liabilities combined 71.1% 72.1% 70.5% 69.4% 72.3% 72.5% 71.5% 72.6% 75.2% Contingent liability on bills purchased for foreign correspondents 39,959,000 40.101,000 36,848,000 45,402,000 36.811,000 37,063,000 36,849,000 36,796,000 37,297,000 Distribution by Maturities1-15 day bills bought in open market 1-15 days bills discounted 1-15 days U. S. certif. of indebtedness1-15 days municipal warrants 16-80 days bills bought in open market_ 16-30 days bills discounted 16-30 days U.8. certif. of indebtedness_ 16-30 days municipal warrants 31-60 days bills bought in open market_ 31-60 days bills discounted 31-60 days U. 8. certif. of indebtedness_ 31-60 days municipal warrants 61-90 days bills bought In open market_ 61-90 days bills discounted 61-90 days U. S. certif. of Indebtedness_ 61-90 days municipal warrants Over 90 days bills bought In open market Over 90 days bills discounted Over 90 days certif. of indebtedness_ _ _ _ Over 90 days municipal warrants F. It. notes received from Comptroller F. R. notes held by F. R. Agent Issued to Federal Reserve Banks How Secured By gold and gold certificates Gold redemption fund Gold fund-Federal Reserve Board By eligible paper $ 113,683.000 549,433,000 6,526.000 $ 107.875,000 510,719,000 4,691,000 $ 104,633.000 494,404,000 3,723,000 $ 101.396,000 438,585,000 4.878.000 $ 105.640.000 439,780,000 6.453,000 $ 97.943.000 497.635,000 2,563,000 $ 95,272.000 451,142.000 3,149,000 $ 80,794.000 459,734.000 2,146,000 $ 100,198,000 174,476,000 55,426,000 64,550,000 38,278,000 61,183.000 39,643,000 65,345,000 35,177,000 2,424,000 64,868,000 36,883,000 2.346,000 60.529.000 35,232.000 517.000 64,062.000 38.974,000 58.526,000 37.471,000 47,263,000 37,573,000 54,043,000 23,755,000 108,277,000 49,636,000 111,115,000 52,726.000 107,422.000 56,761,000 105,985,000 55,854,000 98,609,000 56,540,000 1,380.000 86,818.000 62,158.000 1.870.000 108,012,000 28,835,000 45,000 68,480,000 31,818,000 301,000 81.579.000 .859.000 , 61,798,000 1.860,000 1,815.000 60,854,000 31.162,000 63,917,000 28,518.000 66,519,000 25,107,000 71.671.000 23,663,000 79,029,000 28,832,000 70.404,000 30,389,000 67,122.000 35,242,000 78,724,000 17,303,000 241,000 14,560,000 10,209.000 22,991,000 16.636.000 9,619,000 23,611,000 18,141,000 9,854,000 25.428,000 16,212,000 9,937,000 25,431,000 16.238,000 9,445,000 24,604,000 14,801,000 8,739,000 24.410,000 16.214.000 8,133.000 15,251,000 16,501,000 8,614,000 15.571.000 11,861.000 9,887,000 88,789,000 _ 2,930,395,000 2,922,368,000 2,912.652.000 2,923,655,000 2.932,570.000 2.924,912.000 2,928,964.000 2.943,706.000 3,203,711,000 843,748,000 869,531.000 874,732,000 896,802,000 905.682.000 912.601,000 921,892.000 931.202.000 1,002,819,000 2,086,647,000 2,052,837,000 2,037,920,000 2.026.853.000 2.026.888,000 2,012,311,000 2,007,072,000 2.012,504,000 2,200,892,000 304,501,000 108,645,000 894,426,000 999,029,000 304,901,000 102,328,000 935.695,000 949,410,000 305.300.000 106,481.000 043.682,000 930.553,000 305,301,000 111.014,000 939,264,000 878,126,000 303.330,000 303,331,000 101,276,000 106,401,000 951.410,000 922,545,000 863,613.000 929,598,000 305.731,000 307.731,000 278,904,000 110.614,000 100,639,000 113,954,000 960,782,000 990,808.000 1,443,430,000 870,683,000 847,507,000 578,283,000 TotAL 2,306,601.000 2,292.834,000 2.286.016.000 2,233.70.5,000 2.219.629.000 2.261.875.000 2,247,810.000 2.246,685.000 2,414,571,000 NOTE. -Beginning with the statement of Oct. 7 two new items were added in order to show separately the amount of to foreign correspondents. In addition, he caption,"All other earning assets," now made up of Federal Intermediate Cred balances he d abroad and amounts due t "Other securities." and the caption. "Total earning assets" to "Total bills and securities." The latter term has been adopted Bank debentures, has been changed to as a more accurate total of the discounts, acceptances and securities acquired under the provisions of Sections 13 and 14 desctiptIon of the Federal Reserve Act, which are the only items of the therein Included WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DEC.9 1925. Two ciphers (00) omitted. Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneop. Han. City Federal Reserve Bank of Dallas, San Fran. Total. RESOURCES. 3 $ $ $ $ $ $ $ $' $ $ Gold with Federal Reserve Agents 84,030,0 320,109,0 129.187,0 181,265,0 73,370,0 93,452,0 114,787.0 14,945,0 53.915,0 $ $ 46,347,0 Gold recrn fund with U.S.Treas. 8,298,0 12,244,0 10,969,0 4,041,0 2,337,0 4,667,0 3,800,0 1,320,0 1,460,0 1,810,0 18,904,0 177,261,0 1.307,572,0 2,747,0 4,012,0 57,705,0 Gold held excl. agst. R.F.notes 92.328.0 332,353,0 140,156,0 185,306,0 75,707,0 98,119.0 118,587.0 16.265,0 55,375,0 Gold Settle%fund with F.R.Board 43,767,0 262,905,0 58,259,0 65,963.0 36,261,0 28,118,0 135,830.0 23,087.0 19,018,0 48.157,0 21,651.0 181,273,0 1,365,277,0 35,441,0 8,700,0 35,823,0 47,963,0 348,740,0 17,345,0 47,036,0 5,917.0 3,679,0 Geld and gold certificates 67,655,0 12,149,0 6,388,0 4,043,0 10,774,0 32,147,0 753,172.0 603,836,0 Total gold reserves 184,058,0 943,998,0 215,760,0 298,305,0 117,885,0 129,916,0 322,072.0 51,501,0 80,781.0 87,641,0 4 Reserves other than gold 16,133,0 25,620,0 5.265,0 5,794,0 5,525,0 6,106,0 14,783,0 10.821,0 2,171,0 3,825,0 1.125,0 249,243.0 2,722,285.0 5.552,0 5,961,0 107,616,0 Total reserves 200,191,0 969,618,0 221,025,0 304,099,0 123,410,0 136,082.0 336.855,0 62,322,0 82,952.0 91,466,0 46,677,0 255,204,0 Non-reserve cash 3,942,0 15,123,0 809.0 1,960,0 3,433,0 2,945,0 6.245,0 2,680,0 823,0 2,031,0 1,667,0 2,731,0 2,829,901,0 Bills discounted: 44,389,0 Sec. by U.S. Govt. obligations 18,187,0 144,189,0 33,388,0 50,380,0 11,604,0 3,810,0 55,767,0 8,268,0 1,848,0 6,540,0 2,469,0 Other bills discounted 41,822,0 378,272,0 28,927.0 67,004,0 23.750,0 36,881,0 26,715.0 21,228,0 34.379,0 14,175,0 3,583,0 11,405,0 8,679,0 24,376,0 301,102,0 Total bills discounted 47,114,0 211,193,0 57,138,0 87,261,0 38,319.0 25,038,0 90,146,0 22,443,0 5,431,0 Bills bought in open market 35.570,0 12,743,0 8,243,0 3,632,0 67,556,0 30,836,0 27,741,0 21,718,0 17,945,0 11,148,0 66.198.0 679,374,0 79,530,0 16,836,0 33,843,0 31,302,0 369,550,0 13. S. Government securities: Bonds 1,257,0 529.0 585.0 7,965,0 1.191.0 839,0 19,928.0 1,521,0 7.558,0 8.139,0 6,706,0 Treasury notes 56,276,0 58,0 1,993,0 77,912,0 11,428,0 21,989,0 4,253,0 12,406,0 26,020,0 18.873,0 9,020,0 23,282.0 22,623,0 36,281,0 266,080,0 Certificates of Indebtedness_ 6,154,0 3,280,0 7,050,0 476,0 2,045,0 209,0 500.0 1,998.0 93,0 115,0 7,597.0 29,517,0 8,070,0 82,446,0 16,063.0 30,430,0 5,444,0 Total U.S. Govt. securities. 15,290,0 46,157,0 20.487,0 17,078,0 33.419,0 29,444,0 43.936.0 351,873,0 DEC. 12 1925.] RESOURCES (Concluded) Two Ciphers (00) omitted. Boston. R Other securities Foreign loans on gold 60,175,0 4,190,0 131,0 $ 3,050,0 772,0 2,241,0 614,0 135,934,0 Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap Kan City Dallas. Phila. NEW York. R Total bills and securities Due from foreign banks Uncollected items Bank premises All other resources 2851 THE CHRONICLE 440,0 888,0 I 341,0 S 45,0 273,0 $ I R R 382,0 1,145,0 $ 100,0 332,0 Total. ran Fran. $ $ 3,195,0 8,300,0 $ 581,0 291,0 331,453,0 92,766,0 126,822,0 47,835,0 108,225,0 168,284,0 71,053,0 44,545.0 68,632,0 74,726,0 142,017,0 1.412.292.0 861,0 861,0 148,220,0 61,136,0 57,132,0 63,515,0 40.979,0 86,772,0 36,100,0 15,862,0 46,382,0 31,878,0 44,660,0 692,811,0 61.552,0 1,386,0 7,681,0 2,446,0 2,790,0 8,099,0 4,627,0 3,070,0 4,830,0 1.834,0 3,338,0 17.261,0 19,362,0 335,0 2,622,0 710,0 1.201,0 3,767,0 312,0 1,112,0 362,0 2,149,0 1,972,0 4,689,0 Total resourcei 404,563,0 1,487,225,0 377,434,0 498,806,0 241,001,0 293,170,0 608,227,0 177,117,0 149,874,0 214,051,0 157,983,0 451.717,0 5,061,168,0 LIABILITIES. F. It. notes in actual circulation._ 173,179,0 362,979,0 156,730.0 231,549,0 90,778.0 161,173,0 157,151,0 38,845,0 69,219,0 69,044,0 48,327,0 200,653.01.765,621.0 Deposits: Member bank-reserve sect 143,078,0 870,779,0 130,899,0 173,288,0 69,723,0 80,348,0 323,530,0 83,162,0 52,002,0 87,954,0 62,968,0 168,055.0 2,246,386.0 35,840,0 11,582.0 860.0 3,989,0 2,005,0 1,745,0 3,251,0 2,510,0 2,019,0 1,479.0 1,046,0 1,773,0 3,581,0 Government 11,884,0 152,0 73,0 87,0 76,0 299,0 100,0 89,0 10,298,0 202,0 232,0 115,0 161,0 Forelgtibank 20,420,0 298,0 44,0 6,081,0 942,0 845,0 9,466,0 234,0 1,241,0 54,0 1,031,0 69,0 115,0 Other deposits 146,935,0 902,125,0 132,195,0 178,750,0 71,012,0 82,236,0 328,111,0 86,714,0 54,392,0 90.365,0 64.134,0 176,661,0 2,314.530,0 Total deposits 58.180,0 126.728,0 56,048,0 51,011,0 59.536,0 34,691,0 74,472,0 35,610,0 14,244.0 40,574,0 32,510,0 43,333,0 626,937,0 Deferred availability items 4,278,0 8,234,0 116.863.0 32,132.0 11,568,0 13,141,0 5,979,0 4,645.0 15,718,0 5,127,0 3,180,0 4,250,0 8,611,0 Capital paid in 58,749,0 20,059,0 22,462,0 11,701,0 8,950,0 30,426,0 9,971,0 7,497,0 8.977,0 7.592,0 15,071,0 217,837,0 16,382,0 Surplus 19,374,0 850,0 1.342,0 841,0 1,142,0 1,765,0 834,0 1,893,0 1,095,0 1,475,0 2,349,0 4,512,0 1,276,0 All other liabilities 404,563.0 1,487,225,0 377,434,0 498,806,0 241.001,0 293.176,0 608,227,0 177,117,0 149,874,0 214,051.0 157,983,0 451,717.0 5,061,168,0 Total liabilities Memoranda 62.5 76.6 76.5 74.1 75.9 55.9 69.4 49.6 67.1 57.4 41.5 66.6 69.4 3,206,0 13,795,0 4,029,0 4.616,0 2,296,0 1,776,0 5,979,0 1,993,0 1,430,0 1,733,0 1,516,0 3,033,0 45.402,0 OA 000 A 110114/ .0 00021 A 01 0,140 I, no/ n cso OAP A 10 no, A A oln n Reserve ratio (per cent) Contingent liability on bills purchased for foreign correspond'ts F. It. notes on band (notes reed from F. It. Agent less notes In --------- o 227A 0 0A0 n 291 fl 10 079 A 091 (121111 FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS DEC. 9 1925. Federal Reeves Agent at- F.R. notes Issued to F.R. bank 197,817,0 Collateral held as security for V.R. notes Issued to F.R. Bk.: Gold and gold certificates___ 35,300,0 18,730,0 Gold redemption fund 30,000,0 Gold fund-F.R.Board-126,644,0 Eligible paper Totalcollateral Total Philo San Pr. Cleveland Richmond Atlanta Chicago St. Louts Minn. Kan. City Dallas $ S $ S $ I S S I $ S S 741,706,0 218,614,0 287,917,0 132,188,0 230,231,0 431,369,0 69,955,0 90.196,0 100,584,0 67,193,0 306,325,0 2,930,395,0 260,080,0 33,200,0 34,520,0 27,479,0 45,310,0 254,237,0 24,900.0 18.090,0 22,300,0 13,032,0 54,300.0 843,748.0 New York Boston I (Two Ciphers (00) Omitted.) F.R. notes rea'd from Comptrol'r 254,117,0 1/.R. notes held by F.R. Agent__ 56,300,0 210.674.0 481,626,0 185,414,0 253,397,0 104,709,0 184,921,0 177,132,0 45,055.0 72.106,0 78,284,0 54,161.0 252,025,0 2,086,647,0 304,501.0 108,645.0 894,426,0 999,029,0 186,698,0 3,600,0 8.780,0 21,160,0 10,200,0 15,136,0 10,575,0 13,052.0 27,411,0 11,198,0 12,485,0 2,710,0 9,252,0 4,142,0 870,0 863,0 2,987,0 2,768,0 15,229,0 106,000,0 114,389,0 160,000,0 49,500,0 74,000,0 110,645,0 3,500,0 40,000,0 43,360,0 1,000,0162.032,0 212,777,0 56,354,0 95,490,0 40.515,0 92,532,0 120,807,0 50,181,0 26,547.0 34,720,0 44,987,0 97,475.0 532.886.0 185.541.0 276.755.0 113.883.0 188 084.0 235.594.0 65.126.0 80.462.0 81.067.0 63.891.0 274.736.0 2.306.601.0 Weekly Return for the Member Banks of the Federal Reserve System. Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resource.; the liabilities of the 722 member banks from which weekly returns are obtained. These figures are always a week behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures for the latest week appears in our Department of "Current Events and Discussions," on page 2817. I. Data for all reporting member banks in each Federal Reserve District at close of business Dec 2 1925. Bono.. New York Federal Reserve District. Cleveland Richmond Atlanta. Chicago. Si. Louis. Minneap. Kan. City Phila. 102 54 75 8 $ 55.125 11,897 337,429 2,394,253 668,008 2,617,535 $ 12,557 378,753 365,183 $ 19,598 496,585 765,148 41 Number of reporting banks Loans and discounts, gross: Secured by U.S. Gov't obligations Secured by stocks and bonds All other loans and discountS.- 1,017,334 5,066,913 Total loans and discounts Investments: 40,367 9,634 U.S. pre-war bonds 85,755 604,360 U.8 Liberty bonds 18,689 201,149 U.S. Treasury bonds 4,392 166,357 U.S.Treasury notes 16,595 6,503 U. B. Treasury certificates Other bonds. stocks and securities 203.781 1,106,301 Three ciphers (000) omitted. 756,493 1,281,331 9,488 49,762 16,448 7,675 4,046 248,263 33,081 168,938 34,973 26,637 15,712 354,475 328,754 2,135.129 335,682 633,816 Total Investments -1,346,088 7,202,042 1,092,175 1,915,147 Total loans and investments._ 79,582 121,536 95,574 775,184 Reserve balances with F.R. Bank 17,633 81,872 34,556 20,225 Cash In vault 899,871 5,719,198 760,460 1,012,732 Net demand deposits 396,534 1,171,953 201,482 751,927 Time deposits 4,026 14,006 6,542 2,980 Government deposIts BUM pay'le & redisc. with F 11.13k.: 14,695 73,902 22,375 3,720 Secured by U.S. Gov't obligations 12,888 80,918 29,622 16,013 All other Bankers' balances of reporting member banks In F. R. Bank cities: 43,804 127,115 1,109,602 180,526 Due to banks 73,613 23,545 45.292 107,142 Due from banks Dallas. San Fran. Total. 722 i S 167.126 7,942 272,139 5,415,508 927.660 8,423,302 67 100 72-. 36 IS $ $ 25,547 6,346 7,441 149,237 92,568 840,014 375,939 429,936 1.214,426 33 24 69 49 3 11,096 198,094 309,697 $ 2,429 67,242 181,513 $ 3,975 111,631 326,495 $ 3,173 77,563 241,762 529,945 2,079.987 518,887 251,184 442,101 322,498 1,207.741 14,005,936 13,987 14,712 5,782 1,975 4,302 49,579 17,559 179,675 53,077 65,775 6,955 419,219 12,957 23,108 10,640 6,591 2.269 110,348 7,171 26,601 12,277 16,552 3,643 43,300 9.183 48,616 14,047 16,054 3,712 77,463 90,337 531,522 25,564 29,165 7,605 2,063 1,923 63,067 129,387 660,909 43,030 15,270 391,133 203,126 979 742,260 165,913 109,544 169,075 620,282 2,822,247 44,703 239,585 53,557 10,932 362,730 1,742,943 217,076 1,020,626 4,131 2,505 684,800 50,327 7.095 418,328 208,628 1,173 360,728 24,937 5,781 235,544 107,793 724 611,176 52,951 12,403 478,561 144,451 513 17,958 17,804 6,349 6,338 1,813 23,974 221.341 24,392 147,933 1,396,429 431,377 50,341 350,584 30,175 84,155 16,682 209,037 2.908,807 74,236 478.560 5.392,693 396,734 1,686.301 19,398,629 30,440 110,380 1,668,229 293,534 23,393 10,817 285,791 792,221 13,099,512 96,528 827,428 5,347,552 45,146 5,585 1,982 6,646 11,585 5,979 17,155 42,270 12,237 4,028 10,377 1,600 528 4,258 8,179 1,928 7,615 39,317 20.729 24,650 14.109 355.657 164.006 87,370 36,511 57,982 29,530 101,337 53,017 42,997 32.112 42,857 19,477 224,258 226,502 106,409 2,276,766 649.109 49,503 2. Data of reporting member banks In New York City, Chicago. and for whole country. All Reporting Member Banks. Dec 2 1925. Number of reporting banks Loans and discounts, gross: Secured by U. S. Govt. obligati° Secured by stocks and bonds All other loans and discounts Nov. 251925. 722 722 $ S Reporting Member Banks in N. Y. City. Dec. 31024. s 739 Reporting Member Banks is Chicago. Dec. 2 1925. Nov. 25 1925. Dec. 3 1924. Dec. 2 1925. Nov. 25 1925. Dec 3 1924. $ 61 $ 61 $ 67 $ 46 $ 46 $ 47 163,635,000 167,126,000 50,288,000 81,845,000 199,046,000 49,790,000 5,415,508,000 5,417,924,000 4,521,646,000 2,145,119,000 2,146,548,000 1,860,663,000 17,968,000 633,932,000 16.405,000 638.251,000 23,922,000 499.337,000 8,423.302.000 8,377,653,000 8,194.076,000 2,295,759,0002.268,624.000 2,313,106,000 670,705,000 670,138,000 710,495,000 Total loans and discounts 14,005,936,000 13,959,212,000 12,914,768,000 4,490,668,000 4,465,460,000 4,255,614,000 1,322,605,000 1,324,794,000 1,233,754,000 Investments: U. S. pre-war bonds 1,869.000 1,871.000 220.557,000 41,032,000 4,113,000 221,341.000 29,682,000 29,681.000 263,961,000 U. S. Liberty bonds 79,958,000 1,396.429,000 1,386,891,000 1,486,224.000 513,358,000 504,921,000 609,718,000 103,174,000 102,464.000 U.S. Treasury bonds 429,304.000 16,339.000 2,965,000 12,161,000 16,133,000 431,377.000 67,321,000 185,669,000 183.556,000 51,615.000 354,962,000 U.S. Treasury notes 51,836,000 97,195,000 350,584,000 638,983,000 159,424,000 161,196,000 290,374,000 1,001.000 931,000 U. B. Treasury certificates 85.030,000 12,910,000 143,520,000 19,463,000 84,155,000 278,599,000 14,008,000 Other bonds. stocks and securitiee_ 2,908,807,000 2,927,985,000 2,876,657,000 809,579,000 835,890,000 879,110,000 187,487,000 185,273,000 201,430,000 Total Investments 5,392,693,000 5,404,729,000 5,611,745,000 1,711,719,000 1,728,155,000 1,975,915,000 361,430.000 358,563,000 405,124,000 Total loans and Investments_ 19,398,629,000 19,363,941,000 18,526,513.000 6,202,387,000 6,193,615,000 6,231,529,000 1,684,035,000 1,683,357,000 1,638,878,000 Reserve balances with F. It. banks__ 1,668,229.000 1.655,647,000 1,724,224,000 717,509,000 703,411,000 780.035,000 165.628,000 167,701.000 180,545,000 24,152,000 Cash in vault 299,216,000 71.169,000 293,534,000 24,955,000 74,161,000 29,252,000 310,401,000 64.859,000 Net demand deposits 13,099.512,000 13,025,048,000 13,211,894,000 5,165,865,000 5,131.229,000 5,390,624,000 1,163,607.000 1,171,744,000 1,169,190,000 Time deposits 5,347.552,000 5,359,673,000 4,826,199.000 787,515,000 796,192,000 825,159,000 499,130,000 499,316,000 445,730,000 Government deposits 45,244,000 25,489,000 1,453,000 45,146,000 11,347,000 1,453.000 132,355,000 11,347.000 4,836,000 Bills payable and rediscounts wit Federal Reserve Banks: 29,980,000 224,258,000 253,066,000 Secured by U. S. Govt. obligati° 14,176,000 67,565,000 13,115.000 67,336,000 33.895,000 7.455.000 174,528,000 226,592.000 1,536,000 4.723,000 All other 48,796,000 4,975,000 35,786,000 76,917,000 428,000 Tam borrowings from P.11. bks 450 880.000 427.594.000 103 199 nnn 1 1 n 210 nnn 110 201 000 31.816 000 18 800 0nn 10000 'inn 7229 nnn THE CHRONICLE Cankers' Gazeitt, STOCKS. Week Ended Dec. 11. Wall Street, Friday Night, Dec. 11 1925. Railroad and Miscellaneous Stocks. The review of the Stock Market is given this week on page 2865. 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 Dec. 11. Sales for Week. Range for Week. Lowest. Par. Shares $ per share. Highest. $ per share Range Since Jan.1. Lowest. Highest. $ per share.$ per share. [Vol. 121. Sales for Week. Range for Week. Lowest. Highest. Range Stowe Jan.1. LAN's,. Highest. InducgeMIL(Con.)Par.Shares $ per share. $ per share. $ per share $ per shard. Spalding Bros 1st p8-100 600 101 Dec 8101 Dec 8 95 May 101 Nov Stand Gas & El pf_.-50 200 5454 Dee 10 55 Dec 9 5054 Mar 3654 Nov Sun 011 * 3,800 3934 Dec 7 414 Dec 5 3854 Nov 434 Nov Texas Pact Land Tr_100 246575 Dec 5612 Dec 11 255 Apr612 Dec The Fair * 3,100 333-4 Dec 11 3454 Dec 7 3234 Sept 3934 Aug Tidewater Oil pref__100 1,600 9994 Dec 8100 Dec 5 99 Nov 101 Oct Tobacco Products Rts._ 32,700 134 Dec 10 2 Dec 5 13.4 Dec 2 Dec Un Cigar Stores pf___100 200133 Dec 51334 Dec 9 118 June 1334 Dec Rts 2.400 1534 Dec 10 1739 Dee 8 154 Dec 184 Deo Un Dyewood CorP-100 1,800 10 Dec 5 10 Dec 5 10 Mar Un Paperboard Co_100 3,600 2854 Dec 8 3174 Deo 11 184 Nov 20 Apr 314 Dec Univ Plpe dr Had Rts 34 Dec . 134 Dec 11 17.906 54 Dec 134 Dee U El Express 100 100 4 Dec 9 4 Dec 9 34 July 434 Mar 1.3 S Tobacco • 300 57 Dec 11 5734 Dec 11 5154 Mar 5954 Nov Virginia-Carolina, New •14,300 173.4 Dec 2159 Dec . 1774 Dec 214 Nov Pref, new 7% 100 1,100 94 Dec 5 9434 Dec 10 924 Nov 9434 Dec Ctfs * 800 4 Dec 8 134 Dec 8 4 Dec 5 July Pref Ws 10 1,200 9 Dec 7 954 Dec 7 4 Mar 20 Nov 6% Pr w I 100 1,201 5834 Dec 7 594 Dec . 5634 Nov 5934 Dee Virginia Coal & Coke 100 200 45 Dec 5 46 Dec 7 30 June 46 Dee Vulcan Detinning„ _10 200 10 Dec 7 10 Dec 7 0 Aug 10 Dec Preferred 100 200 95 Dec 7 100 Dec 8 80 Apr 100 Dee Walworth Co 1,300 2234 Dec 11 2334 Dec 11 2234 Dec 2334 Dec West Penn Co °Us • 1,100 11854 Dec 12334 Dec 11 107 Oct 12334 Dec Pref Ws 300 964 Dec 7 97 Dec 8 96 100 Nov 9734 Oct West Penn Power 1.1.101 300 108 Dec 7 108 Dec 7 104 Jan 111 July Wilson & Co Ws 25 900 5 Dec 9 5 Dec 9 434 Sept 6 Yellow Truck & Coach 10 8,700 2834 Dec 11 3034 Dec 7 2234 Oct 4054 Sept Oct Preferred in 400 04 DPP in DS T)ar 7 on Oct 100 Oct •No par value. RailroadsBrunsw Ter & Ry Sec_10 600 11 Dec 9 12 Dec 5 3 Feb 1734 Nov Buff & Susq pf v t 0_100 100 52 Dec 11 52 Dec 11 50 Nov 5234 Feb Ches & Ohio ctfs_ _100 20011434 Dec 1011634 Dec 11 9334 Aug 1164 Dec CM dc St P pref ctf8_100 4,000 1834 Dec 8 19 Dec 7 124 Oct 22 Nov Duluth S S & Atl_ _ _ _100 2,100 4 Dec 8 454 Dec 5 254 Apr 43.4 Dec Preferred 100 400 64 Dec 11 74 Dee 9 334 Apr 754 Dec Erie etfs 100 100 37 Dee 10 37 Dee 10 254 July 3734 Nov 1st pref ctfs 100 100 424 Dec 8 424 Dec 8 3634 July 4254 Nov Iowa Central 100 300 2 Dec 10 254 Dec 10 134 Jan 354 Mar Illinois Central rights100 66.115 154 Dec 5 IN Deo 7 14 Oct 14 Dec RR Sec series A_ _1000 540 714 Dec 5 7134 Dec 5 694 Oct 74 Apr Leased line 100 140 78 Dee 8 78 Dec 8 724 Apr 80 Sept M St P &SSMLeased line ctfs_ _ _100 100 62 Dec 11 62 Dec 11 5734 Jun 63 Feb Nash Chat & St LouLs100 8501744 Dec 5185 Dec 8 143 Deo Apr 185 Nat Rys Mex 1st pref 100 200 54 Dec 7 6 Dec 7 354 Apr 854 Nov New Orl Tex & Mex_100 500 31 Dec 7 13454 Dec 8 1134 Feb 13434 Dec Foreign Exchange. Sterling exchange has been dull N Y & Harlem 50 328 65 Dec 11 172 Dec 11 160 Feb and easier; Jan 175 heavy trading in futures having tended to depress N Y Lack & West_ ..100 33 10234 Dec 5 1024 Dec 5 100 May Jan 104 N Y Ry part etts spot quotations, which declined about Y • 15 99 Dec 9.300 Dec 10 262 Aug310 Aug tc. Continental Preferred cite • 200 74 Dec 10 74 Dec 10 654 Nov 12 June exchange was irregular and weak on "spotty" trading. NY State Rys 100 100 25 Dec 5 25 Dec 5 24 Nov 36 July Pacific Coast 100 5,900 284 Dec 4054 Dec 0 20 Aug 404 Dec French francs again turned weak and touched another new 1st preferred 100 400 70 Dec 7 73 Dec 9 64 Sept low point. Ja 75 2d preferred 100 900 48 Dec 754 Dec 10 3434 Jan 54 Deo To-day's Reading rights 13.600 184 Dec 820 Dec 11 1634 Aug 244 Jan 4 81 13-16 (Friday's) actual rates for sterling exchange were 4 81 A(4 for sixty days. Twin City R.T pref 100 Dec 100 101 101 Dec b 9454 Jan 101 Dec for cables. Commercial 4 844404 8421-32 for cheques and 4 85014 515's on banks sight. 4 841404 84 17-32. sixty days 'flicks Shrew & Pac_ _ _100 Dec 9 91 100 91 Dec 0 85 Nov 91 Dec 480 13 -16@4 80 29-32, ninety days 4 805404 81 5-16 and documents for Industrial & MIscell. payment (60 days) 4 815404 81 5-32; cotton for payment 4 84540 American Bank Note_50 900195 Dec 5 200 Dec 7 181 Jan 206 Feb Am Brown Boyer!El w 15 17,600 494 Dec S 5054 Dec 9 494 Nov 533-4 Oct 4144 17-16 and grain for payment 4 8434(8484 17-16. To-day's (Friday's) actual rates for Paris bankers' francs were 3.61 @3•66 Preferred 100 200 98 Dec 10 98 Dec 10 9054 Nov 98 Dee for long and 3.6554©3.7034 for short. German bankers' marks are not Am-La Fr F E 7% pf_100 300 98 Dec 8 98 Dec 8 9034 Sept100 June yet quoted for long and short bills. Amsterdam bankers' guilders were Amer Metal pref ___ _100 500117 Dec 811714 Dec 9 111 Nov 39.71 A 039.74 Ma 119 for long and 40.0734(840.10 for short. American Plano pref_100 300 984 Dec 9 994 Dec 10 90 Oct 10034 Nov Exchange at Paris on London, 130.75; week's range, 126.03 high and Amer Republics • 4,100 664 Dec 7 74 34 Dec 11 48 Jan 76 June 130.75 low. American Snuff 100 2,50014 Dec 915114 Dec 9 1384 Apr 154 Nov The range for foreign exchange for the week follows: Am Type Founders pf100 300 107 Dec 9 108 Dec 7 10534 May 111 Sept Sterling Sixty Days, Cheques. Cables. Am Writ Pap pf etfs_100 200 1 Dec 7 1 Aug 4 Dec 7 Jan High for 7 48534 Armour of 111 el B____254 ,300 174 Dec 5 1854 Dec 8 1634 Nov 204 Oct Low for the week the week 4813-4 . 48434 48434 Preferred 100 500 9234 Dec 7 93 Dec 8 9134 Oct 934 Nov Paris Bankers' Francs Arnold Constable ctfs_ _•10,300 14 Dec 5 154 Dec 7 10 Sept 1654 Nov High for the week 3.8134 3.873( 3.88 A Art Metal Construc'n_10 100 pa% Dec 11 1934 Dec 11 15 Jan 2034 Nov Low for the week 3.61 3.6654 3.6734 Atlas Powder • 1,800 624 Dec 8 65 Dec 7 45 June 65 Dec Germany Bankers' Marks Preferred 100 100 94 Dec 9 94 Dec 9 0054 Oct 94 Jan High for the week 23.81 23.81 Auto Sales 50 300 6 Dec 10 6 Dec 10 3 Dec Low for the week Nov 6 23.81 23.81 Preferred 50 400 20 Dec 7 254 Dec 10 12 Nov 254 Dee Amsterdam Bankers' Guilders British Empire Steel_100 100 3 Dec 7 3 Dec 7 134 May 5 Oct High for the week 39.74 40.18 40.20 Bklyn Union Gas rights_ 19,200 7 Dec 11 754 Dec 10 7 Dec 954 Nov Low for the week 40.1514 39.7134 40.1754 Byers & Co(A M) • 100 33 Dec 10 33 Dec 10 23 Oct 4454 Oct Domestic Exchange... -Chicago, par; St. Louis, 15025c. per $1.000 Preferred 100 200 9734 Dec 9 984 Dec 9 9534 Oct 100 Oct discount. Boston, par. San Francisco, par. Montreal, $0.36375 per Commercial Credit-__'36,800 51 Dee 7 544 Dec 10 3834 Sept 5554 Dec $1,000 discount. Cincinnati, par. Preferred 25 100 26 Dec 7 26 Dec 7 254 Sept 2754 Oct Preferred B 25 100 2734 Dec 7 2734 Dec 7 264 Sept 2714 Dec United States Liberty Loan Bonds and Treasury Cons Investment Trust..• 2,600 7634 Dec 11 79 Dec 7 50 Jan 8434 Nov Crex Carpet 100 200 604 Dec 5 61 Dec 9 38 Mar 74 Oct Certificates on the New York Stock Exchange. -Below Co Cuba • 9,500 4734 Dec 5 4934 Dec 8 4834 Nov 543-4 Oct we furnish a daily record of the transactions in Liberty Loan Cushman's Sons • 000 9734 Dec 10 9934 Dec 5 62 Oct Mar 104 Deere & Co prof bonds and Treasury certificates on the New York Stock 100 100 107 Dec 8 107 Dec 8 824 Jan 110 Nov Devoe & Reynolds A__*22,500 73 Dec 5 80 Dec 11 52 Dec Exchange. The transactions in registered bonds are given Oct so Dupont debent rights._ 5,0001 1-64 Dec 7 1-64 Dec 7 1-64 Nov 31 Nov m a Elk Horn Coal Corp_ _50 footnote at the end of the tabulation. 700, 1154 Dec 8 1134 Dec 8 734 Feb 15 Sept Emerson-Brant pref-100 3,400 24 Dec 5 25 Dec 7 8 May 2654 Aug Eureka Vac Cleaner_ __• 4,500, 514 Dec 5 54 Dec 8 4834 Nov 554 Oct Daily Record oft], S. Bond Prices. Dec. 5. Dec. 7. Dec. 8 Dec. 9. Pee.10. Dce.11. Foundation For'n rights_ 78,128, 334 Dec 11 4354 Dec 5 15 Nov 433-4 Nov Fox Film class A •15,200 8131 Dec 7 84 Dec 9 8854 Sept 84 Nov First Liberty Loan 99241 (High 991132 992232 99223 9911n 991$n Franklin-Simon pref_100 200 104 Dec 9 10534 Dec 11 1014 Mar 08 Aug 9921st 992431 354% bonds of 1932-47.-i Low. 09"31 998s 99"I Gen Cigar pref (7).._100 10010834 Dec 8 10834 Dec 8 105 Jan 114 Mar (First 354s) mow 992231 992211 99213 9924n 992233 99,,s4 9924n Gotham Silk Hosiery__ 7,400 394 Dec 10 42 Dec 11 3959 Dec 42 Dee Total sales in 91,000 untie107 86 2 48 380 MI Preferred 1,300 9939 Dec 10 102 Dec 11 9954 Dec 102 Dec Converted 4% bonds of (Hlii3 Gould Coupler A ---• 900 1934 Dec 8 20 Dec 5 194 Dee 23 ---Sept -------- art West Sugar pref_100 300 115 Dec 1011534 Dec 10 107 Apr 1554 Dec Guantanamo Sugar..._.• 900 5 Dec 5 5 Dec 5 339 Sept 634 June Total sales in $1,000 MOS-- -------Gulf St St'l 1st pref_ _100 ---- ----100 107 Dec 11 107 Dec 11 1014 May 0734 Nov Converted 44% bonds (High 10142,1 1012232 1011232 1012433 101,, 101"st ,, Hayes Wheel pref _ _100 200 105 Dec 10 106 Dec 7 100 Nov Jan 106 of 1932-47 (First o(s)(Low• wish: iorh, with, lotus, Imago Imo. Reline (G W) 25 2,lOOi 75 Dec 9 76% Dec 7 66 May 773.4 Jan lCloee 1012132 101113, 10111131 1012in 10144st 101,4ss Howe Sound rights 10,000 33.4 Dec 11 4 Dec 7 3 Dec Oct 4 Total sale* in 81,000 units... 13 65 4 29 4 Indian Refining pref_100 ss 700 105 Dec 1110534 Dec 10 74 Sept110 Dec --------101.00 Second Converted 44%1HIgh Ingersoll Rand new__ _• 700; 8754 Dec 7 91 Nov Nov 100 Dec 10 77 bonds of 1932-47 (FIrstt Low_ ---- 101.00 ---hat Agile prior pfd__100 100' 85 Dec 5 85 Dec 5 40 Nov Apr 85 Second 494s Internal Cement pi__ 100 70010414 Dec 7 105 Dec 7 10234 Nov 107 Aug Total sales in $1,000 units_ _. -----Inter Paper lst pref 1,400, 6154 Dec 9 6454 Dec 11 6154 Dec 6454 Dec Converted 49-4% bonds (High - -------- ---- 9 1in ..... _ 9 Kansas & Gulf 10 700j 54 Dec 7 54Dec 5 A May 154 June 4% bands of 1927-42-i Low------------ 99"st K C Pr & Lt 1st pref.-• 20010734 Dec 5 108 Dec 7 99 Jan 10954 Sept (Second 4s) Kinney Co pref 100 Oct Apr 105 100,10014 Dez 11 1004 Dec 11 95 Total sales in 91.000 units__ . -1 -- ----- -- Kresge (55) Co pref-100 ---10011144 Dec 1011434 Dec 10 1104 Mar 116 Oct Second Litvrrty Lean mei 1511"32 1001432 1001331 100243 100"st 101.09 Kuppenheimer 100 101) '27 Dec 7 27 Dec 7 2354 Sept 27 Feb of 1927-42 (Second (Low_ 100223s 1002233 10021,2 10021* 10121s 10021,s Lehn & Fink • 4,2001 3034 •Dec ii 394 Dec 7 374 Nov 4434 Oct 43(s) [Clan 100", 1002232 1002,33 100223 101,2,1 1001433 Macy Co pref 100 30011634 Dec it 11754 Dec 11 11434 Jan 118 Aug 51 Total sales 106 183 mtgs.__ 446 256 167 Manhattan Shirt pf_100 1001164 Dec 1111614 Dec 11 105 Mar 11654 Nov Third LibertyIn $1.000 (High 101231 101431 101431 Loan 101 1ss 101133 1014ss Mathieson Alkali p8-100 100100 Dec le 100 Dec 10 97 Dec Jan 100 434% bonds of 1928-_,Low_ 1012n 101231 101231 1011st 101% woos , Maytag Co 5,000 22 Dec 11 23 Dec 5 2134 Nov 263.4 Oct 1Close 101431 1014n 101213 101231 101211 101.00 (Third 4345) Mid-Cant Petrol pf__190 300 94 Dec 5 94 Dec 834 Apr 944 Oct 66 302 Total sales in 51.000 units309 376 218 52 Montana Power pf_ _100 100 8514 Dec 11 8534 Dec 11 8054 Sept 87 Jan Fourth Liberty Loan (High 1024s3 102433 102232 1022n 1021n 102'ss Mullins Body pref. _100 9,500 64 Dec 10 9 Dec 11 54 Dec 4234 Mar 100 434% bonds of 1933-38 41.0w_ 102232 102.00 102.00 1022431 1012421 wings Npt News & 11 Ry Gas(Fourth 454s) ..lacee 102431 102.00 102.00 1024/s 102.00 101,1n & Elee 100 900105 Dec 8 109 Dec 5 52 Feb 110 July 96 191 Total sales in $1.000 units. _ _ 122 159 161 112 Prete red 100 600 109 Dec 8 109 Dec 8 824 Jan 111 July (High 106"31 106143t 1081131 1061•32 1061432 106"n NY Canners 1st pt _100 300112 Dec 10 1124 Dec 5 95 Mar 11234 Dec Treasury '434, 1947-52 (Low_ 1061431 1061,31 10603, 10134.3 106433 10643, NY Steam 1st Pf • 100 1004 Dec 910034 Dec 9 97 Jan 102 June tame 10603 1013un 10614st 1061432 1061412 106"31 North Amer Edison pi__ 1,100 95 Dec 11 963.4 Dec 10 95 Dec 9654 Dec 4 52 Total sales en $1,000 units... 23 37 57 3 Norwalk T & Rub. -10 3,200 1334 Dec 7 14% Dec 8 1254 Sept 184 Aug (High 103.00 102"n 103133 10221n ---- 102"n Oil Well Supply 25 500 343.4 Dec 11 354 Dec 7 344 Nov 38 Nov 45. 1944-1954 (Low. 103.00 1022433 103.00 102"3: _- 10244n Preferred 100 100 105 Dec. 5105 Dec 5 1034 Nov 105 Nov (Close 103.00 10212n 103.00 102"n 102"ot Onyx Hosiery pref. _ _100 Nov 5001 9454 Dec 10 96 Dec 8 7854 Mar 97 2 14i. tut Orpheum Cir. Inc pf_100 1 102 Dec 5102 Dec 5 98 Sept Jan 107 Otis Elevator pref July Feb 112 100 100 104 Dec 10104 Dec 10 101 Outlet Co • 550 5154 Dec 7 524 Dec 8 493( Nov 57 Note. Nov -The above table includes only sales of coupon Preferred 100 1,000 100 Dec 8 10034 Dec 8 98 Nov 10054 Dec bonds. Transactions in registered bonds were: Pan-Am West Petr B. 10,200 4234 Dec 10 4354 Dec 5 374 Oct 47 Oct Panhandle P & It pf_100 9922s3 to 99443193 3d 43(s 500 49 Dec 7 52% Dee 7 37 Oct 6014 Feb 61 1st 334s 10044,3 to 1014st Pathe Exclutnge A 101"as to 101"31 78 4th 44s • 3,400 77 Dec 10 7914 Dec 8 70 Nov 9034 Oct 14 let 45(s 101"31 to 102.00 Philadelphia Co pref. 50 100",, to 100,43, 500 4734 Dec 10 47% Dec 5 4534 Jan 49 Jab , 35 2d 434s Phillips Petroleum Rts_ _ 131,9 A Nov 14 Nov 1 Dec 5 134 Dec 5 Phoenix Hosiery 5 200 35 Dec 7 3554 Dec 10 18 Apr 424 July Pitts Term Coal pref_100 200 874 Dec 5 874 Dec 5 79 My 8854 Nov Quotations for U. S. Treas. Ctfs. of Indebtedness, &c. Pitts Ut Pr ctfs, New.__ 100 15 Dec 8 15 Dec 8 1254 Nov 1534 July let. Prod & Ref Corp pref _50 Int. 200 3134 Dec 7 3234 Dec 11 27 Sept 4734 Feb Bid. Asked. Maturity. P S Elec & Gas pref _ _100 1,700 98 Dec 5 99 Dec 8 8254 May 993( Dec Maturity. Rate. Rate, Bid. Asked. Pub Serv Elec Pr pf _ _100 100 105 Dec 11 105 Dec 11 9634 Sept 10634 Nov . 01, Rels (Robt) & Co let p1. May 9494 July Mar. 15 1926_ _ 44% 100433 10 1tune 151928.,..1 334°,; 1003 82 Dec II 82 Dec 11 63 99A I 99",, Sept. 15 1926._ _ 494% 10041. 100"n Dee. 15 1927._ 43-4°,; 101231 1014 *23,0003 94 Dec 5 ION Dec 9 9 Seneca Copper Nov Nov 11 11 3; Shubert Theatre.On1lts Aeon Mar. 15 1027 0 484." 7.3001 52 Dec 10 5554 Dec 11 52 104 Dec 5554 Dec June 15 in26. Sloas-Sheff St de Ir pf_100 4001103 Dec 10 104 Dec 10 92 June 10534 Ally 3001108 Dec 7110 Dec 9 994 Jan 110 Vi Aug So Porto Rico Sug',Lim New York City Banks and Trust Co. (See page 2868.) law York Stock Exchange-Stock Record, Dally, Neekly and Yearly 2853 OCCUPYING FIVE PAGES. Poo sales during Inc week of stocks usually Inactive. see preceding page. SIGH AND WW SALE PRICES-PER SHARE, NOT PER CENT. gstergay, Dec. 5. Monday. Dec. 7. Tue.aday, Dec. 8. Wednesday Dec. 9. Thursday. Dec. 10. Prtday. Dec. 11. Sales for She Week. STOCKS NEW YORK STOCK EXCHANGE PER SHARE Range for Year 1925. Oa basis of 100-slare lots. Lowest FEB &TARN Range for Preciam Year 1924. Highest Highest Lowest Per agar. Shares. Par Railroads. 12 Apr 2272 Del 100 22 Feb 17 48 Dec 4 45 •44 600 Ann Arbor 45 *42 45 .42 48 44 48 48 25 Mar 4614 Dec 100 40 Mar 24 6513 Dec 4 6613 *65 800 Do pref 6512 65 6512 6512 65 •6512 6612 65 4 974 Jan 1203 Dec 8 4 1263 12812 45.100 Atch Topeka et Santa Fe_ 100 11614 Jan 16 1285 Dec 7 12618 1273 8 4 1264 1284 1263 128 125 127 8612 Jan 9658 Dec 100 9218 Feb 17 °Mauna 25 pref 963 967 3 1,800 Do 4 4 953 0612 953 9614 8 2 4 957 96 3 95 4 953 5 Dee 84 Dec 8 15s Feb 3 Jan 14 100 712 772 26,600 Atlanta Birm OC Atlant1c 712 818 833 8 738 81 713 8 Jan 15214 Der 100 14714 Jan 16 258 Dec 11 112 24513 258 20,600 Atlantic Coast Line RR 243 24714 4 4 2393 2413 240 24512 2421z 245 2 8 5212 Apr 847 Dee 100 71 Mar 30 935 Nov 13 9034 92 121,600 Baltimore & Ohlo 8 8 9114 9312 917 9318 9114 9314 913 91 5614 Apr 6613 Dec 4 100 62% Apr 21 673 Nov 14 Do pref. 8 667 6714 1,400 4 4 668 674 *663 6714 *663 6712 4 663 664 4414 Dec 394 Doe 50 3514 Mar 23 56% Nov 2 48 4814 3,800 Bangor & Aroostook 48 484 4814 49 4812 4914 4812 49 95 Nov Jan 86 100 89 June 22 100 Oct 26 '953 993 4 100 Do pref 4 4 9913 9912 8 993 *98 100 .97 100 *97 2 417 Der 1312 Jan 8 8 585 6012 38,300 Bklyn Manh Tr v t o__No par 354 Jan 5 64 Nov 30 8 8 614 6314 615 623 6212 637 58% 611 4 484 Jan 755 Dec Nova? 7272 Jan 2 82 July 28 v to 8118 2.700 Do pref 81 8138 8118 8114 81 81 81 81 81 40 May 684 Doe 8May 2 923 200 Buffalo Rochester & Pitts_100 48 Apr 58113 83 . 8012 8012 8014 8014 83 ' *81 83 *81 83 •81 2 1623 Jan 8 1424 Mar 15614 Nov 100 13612 Mar 30 3 14572 1457 146 14614 8,900 Canadian Pacific g 145 1457 14512 14612 14534 14613 145 146 Jan 3 199 Ma 295 Dec 700 Central RR of New Jersey_100 265 Mar 30 321 Dec II 295 295 *290 300 •290 300 *290 300 300 300 299 300 4 673 Feb 9814 Del 8 100 8914 Mar 30 1223 4 11612 1173 11714 1224 51.900 Chesapeake & Ohio * 11712 11812 1167 11813 11618 117 8 1165 118 9912 Jan 1094 July 12212 Dec 11 100 10514 Apr 1 Do prof 120 12212 800 1912 11812 11813 118 118 120 1118 •117 120 *11712 1012 Dec 314 Apr ' 10% 17 ,:b 9 8 33 Apr 2 100 77 77 dr Alton 7,800 Chicago 772 8 8 2 8 77 83 8 4 8, 8 8'8 8 2 814 May 197 Dec 5% Apr 23 1912 Feb 21 100 8 Do prof 1312 1312 135 137 1314 133 4 6,900 4 8 135 1414, 133 14 , 13 4 137 100 140 May 20 190 Nov 13 100 Apr 15014 Nov CCC &St Louis 1•174 200 *174 200 .174 200 *174 200 •174 200 *174 200 21 May 38 Dee 4 100 293 Mar 30 384 Aug 25 4 *333 37 4 •333 37 200 Chic & East.111 RR 4 *333 37 4 3412 *333 36 8 34 4 5333 343 37 May 624 Del 100 40 Mar 30, 5714 Jan 2 Do pref 44 44 44 46 4414 3.300 46 46 4 4514 4514 453 4612 .45 2 4 Apr 117 Nov 15 Feb 7 9 Jan • 100 4 8 105 1052 108 1114 7,100 Chicago Great Western 114 103 1114 3 11 1114 1118 113 11 311, Nov 104 Jun 3 Mar 30 325 Feb 6 100 1914 Do pref 2414 2414 2412 25 5,100 8 4 2514 243 254 245 25 25 4 244 25 2 107 Oct 183 Nov s 34 Apr 20 163 Jan 7 963 10 914 913 97 104 25,300 Chicago hillw et St Paul_ 100 0'2 10 938 97 5 97 10 1814 Oct 321s Nov 7 Apr 20 2813 J al 7 100 1834 1912 31,000 4 Do prof 4 4 183 1914 1813 1878 1838 1918 183 19 193 19 753y Dec 11 4 4914 Jan 753 Dec 7452 753 54,800 Chicago & North Western. 100 47 Apr 1 4 7414 75 743 4 4 4 723 7373 733 744 7414 7513 74 4 Jan 1141 Dec 4 100 1013 Apr 14 11812 Nov 7 100 5115 118 Do pref 200 5115 116 .114 119 •115 118 ' 118 118 1' 118 118 50 Nov 2112 Fe Pact/143_100 4018 Mar 30 5414 Mar 3 8 46% 475 34,600 Chicago Rock lel & 8 8 4 4638 4714 465 473 2 4738 473 4812' 4714 48, 47 4 973 Dec 784 Fe 100 92 Jan 2 100 Dec 7 *9614 98 9914 9914 100 100 Do 7% preferred 1.400 4 4 8 993 100 1 993 100 994 995 5s 65 Jan 874 Not 100 82 !Mar 30 8912 Mar 3 8 4 875 877 8512 8512 1,300 8714 873 Do 6% preferred 88 88 8 877 88 87 87 Jan 5711 Dec 29 22 5912 Jan 13 5114 53 52 *5012 62 52 •50 400 Chic St Paul Minn & Om_ AGO 334 Apr *50 82 52 .51 .51 6814 Apr 94 Den 100 7314 Apr 21 110 Dec 11 107 110 107 107 •106 108 Do prat 1,700 105 10512 .105 107 •104 105 Jan 69 Nov 20 100 444 Jan 6 7012Sept 1 *61 63 63 6312 *61 400 Colorado & Southern 6312 '61 6313 63% 6312 6312 *62 Jan 654 Doe 60 100 60 Mar 26 65 Nov 9 69 69 66 *66 69 • 66 69 ' Do let pref 566 69 '' 69 •66 *65 :ill Nov Jan 45 100 54 Jan 21 6212 Aug 27 .61 65 65 65 '61 *61 Do 2d pref 65 65 I *62 61 65 . 561 8 100 1334 Mar 30 155 Apr 6 10412 Mar 1395 Des 148 1483 4 3,500 Delaware & Hudson 4 140 1463 14612 14714 147 148 14514 146 145 146 30 14734June 8 1104 Feb 1494 Dec 4 3.300 Delaware Lack & Weetern_ 50 125 Mar 13834 14012 1303 1393 140 140 140 14012 140 14084 140 141 42 Dec 434 Des 45 4614 *454 46 46 45 46 1,800 Denver Rio Or & West pref 100 315s Oct 9 60 Jan 12 4578 46141 46 46 2 457 2 2054 Jan 363 Aug 4May 15 3812 Nov 20 100 263 32,000 Erie 4 3714 3712 3712 38 4 374 373 3753 3712 373 3712 374 37 3 285 Feb 4914 Dee 100 35 June 23 464 Jan 2 43131 434 434 43 4 Do let prof 4 4314 4312 4334 443 34,300 433 43 434 43 2518 Jan 4614 Dee 100 34 June 29 4334 Jan 5 2d pref 4114 4114 4112 4112 4214 12,700 Do 4118 41 41 4 403 41 40 4 • 3 41 4 533 Mar 75 Dee 100 60 Apr 24 7914 Dec 11 8 8 783 7914 30,300 Great Northern prof 8 774 7838 7738 783 8 7812 794 7818 787 7712 785 26 May 3914 Nov 8 Iron Ore f'ropertles_ _No par 25 Dec 5 4012 Jan 19 8 2513. 257 17,600 8 2512 253 8 4 25% 253 254 2514 25% 255 257 25 114 Apr 2912 Dev 100 23 Mar 30 364 Sept 8 35381 347 3518 34 3413 354 7,000 Gulf Mob & Nor 8 3438 345 34% 3 4 3414 8418 353 Jan 99 Dc* 50 100 8912 Mar 30 10914 Sept 5 4 Do prof 106 10614 10612 10612 1053 10612 5,100 105 10614 10512 106 10512 107 Elec Ry, Lt & 100 nao 245 *230 250 *230 243 .230 250 8 237 237 .230 250 3,900 Havana & Manhattan P100 112 4May 16 246 Sep:. 10 2053 Nov 2914 Dec 100 213 Mar 18 37% Oct 5 3414 3414 Hudson 3413 3412 343 8 34 313 334 34 34 344 34 5714 Oct 6472 Dee 100 6412 Feb 18 72 July 10 73 •70 400 70 Do pref 70 70 8 70 694 695 *6912 70 70 70 5 2 100 111 Mar 31 1193 Jar " 10014 Mar 11772 Dee 8 4 8 8 8 117133 1177 1175 11914 11818 1187 1177 11812 1173 11812 11814 1103 14,200 Illinois Central 2 11212 Apr 23 119 Jan 7 104 Mar 11714 Dec 100 4 600 Do prof 5118 119 *11712 119 *117 11812 1183 119 4 •117 1183 1183 119 ' 4 4 115 July 18% No/ 334Sept 11 28 28 .27 300 Int Rye of Cent America_100 18 Jan 27 27 • 27 27 27 27 27 2 •267 27 4414 May 63 No3 100 5912 Jan ' 6612July 14 6513 100 Do pre! 6312 6312 6312 '63 63% *63 6312 •63 6312 *63 63 . 1254 Jan 3914 July 3412 Feb 9 2818 29 16,700 Interboro Rap Troll v t c 100 1312 Mar 2 8 274 295 8 2914 3012 285 2913 2812 281.1 2812 29 17a, Mar 6152 DeI 100 284 Mar 30 494 Dec 7 8 483 4 475 481., 38,400 Kansas City Southern 8 47 4814 47 4914 4713 485 4 463 4714 47 6212 Nov 30 6114 Mar 5913 Dec 100 57 Jan 1 62 •61. 63 62 600 Do pref 6213 • 8 62 8 615 615 62 62 62 .61 50 69 Mar 30 854 Nov 14 03912 Apr 85 Doe 8318 84 8 8,000 Lehigh Valley 8412 83 , 83 2 825 84 84 8 84 844 8418 845 5 87 2 Jan 109 Dee 148 Dec 11 100 106 Jan 1 14112 14212 14212 148 22,500 Louisville & Nashville 138 14114 14114 14412 142 14458 142 144 62 Jan 85 Doc 88 88 88 200 Manhattan Elevated guar_10(1 64 May 20 119i2Sept 14 84 *8414 8712 •85 84 87 8712 •83 *83 3013 Jan 5172 July 5114 Feb 9 100 3218 Mar 23 425 42 8 4,700 Do modified guar 4458 4212 43 43 451 4313 4413 44 43 43 1312 Jan 64 Mar 6 Nov 18 12 Sept 21 100 9 *7 500 Market Street Sly 9 8 7 7 3 913 •8 0, 7 •6 Let 62 Dec 20 100 21) Jan 13 4614 Sept 21 33 •30 33 400 Do prof •26 35 35 33 26 26 *24 26 •24 41 Nov 7113 Jag 100 4214 Nov 24 6514SePt 21 •45 47 46 Do prior pref 46 2,700 4713 473 47 8 8 433 4338 4318 4318 435 Jag 14 Mar 30 100 15 Dec 8 35 Sept 21 •15 18 18 Do 2d pref 3,100 2014 •16 19 19 15 16 515 16 ' *15 Jan 4 As Jan 4 Mar 6 24 Oct 28 100 8 23 25 2% 27 1,100 Minneap & St L 4 5 2 8 23 4 23 23 4 234 23 8 5 2 8 23 16 2814 Mar 5312 Dee 8 .4714 5112 *4714 51 500 Minn St Paul & B B Marle_100 303 Apr 4 6214Sept 19 4712 48 49 40 49 *48 4 503 *48 50 Julie 75 Dec 100 40 Mar 30 8614 Nov •72 78 78 Do pref 72 7812 • *7112 79 *7112 79 .7112 783 *72 2 104 May 343 Dec 2814 Jan 2 4512Sept 8 8 414 415 27,700 Mo-Kan-Texas RR_ .._ No par 417 8 41 8 403 41 42 4 41 4114 4212 4178 423 4 295 Feb 753 Del 4 100 7434 Jan 2 914 Aug 18 8912 883 8934 19,400 4 Do pref 4 883 894 8812 8 865 885 8 8813 89% 8914 90 94 Jan 344 Nov 4 5 413 Dec 8 100 3052 Jan 3912 40 70,200 Missouri Pacific 3912 4014 3914 40 415 4012 41 14 40 394 .41 Jan 74 Dec 29 100 71 Mar 30 9112 Dec 5 8 883 895 46,500 4 8 Do pref 891 4 8814 893 901 8814 9112 89 9112 90 904 . 3 Oct 25 3 Dec 14 July 112June 24 212 212 400 Nat Rye of Men 21 prat_ _100 8 8 45213 25 212 23 8 8 25 5238 258 .23 8 24 25 ' 9912 Feb 11934 Dee 100 11314June 10 1304 Nov 14 8 128 12914 12838 1294 12778 1291 127 12814 12712 1275 12734 12914 75,900 New York Central 7212 Feb 128 Dee 100 118 June 24 1784 Dec 11 173 1783 4 4,300 NYC&StLCo 172 173 176 1761 175 17614 175 175 175 175 2 83 May 937 Sett 8 100 8812 Jan 6 987 Nov 20 98 .98 9812 Do pref *07 600 OS 98 07 9812 9818 0813 9812 97 1418 Jan 334 Dee 100 28 Mar 24 45 Dec 7 8 8 433 444 08,800 N Y N II & Hartford 4313 4438 4312 443 4418 45 4214 43 4314 46 16 May 2814 NOT 2 100 203 Apr 4 344 Aug 13 2714 28 & Western 6,000 N Y Ontario 2712 2752 2712 2712 2713 277 8 273 28 4 273 277 4 1213 Apr 29 Nov 100 214 Apr 22 45 Sept 29 3914 42 .3914 4012 39 1,500 Norfolk Southern *39 39 40 39 40 39 39 100 12312 Mar 30 1494 Nov 25, 10213 Jan 13314 Dee 2 4 4 1443 14612 14513 1963 1453 1477 14618 14814 14614 14712 14613 1484 34.400 Norfolk & Western 4 723 Feb 804 June Jan 8 83 Dec 8 100 7512 89 86 '83 83 Do pre! 100 89 • 83 '83 83 85 580 85 ' *80 2 477 Mar 73 Dee 4 100 5814 Apr 25 753 Dec 8 73% 743 4 7414 7513 36,000 Northern Pacific 4 7413 7512 747 75 743 74 34 7414 75 4214 Jan 50 Dec 60 4212 Apr 9 5312 Dec 8 5213 534 65,800 Pennsylvania 8 5234 5313 525 53 4 5234 5338 5313 5312 4 613 523 934 Mar 2212 No, 4 100 133 Apr 30 204 Jan 12 19 19 19 8 19 4,400 Peoria & Eastern 8 •18 1834 1934 195 2034 1938 103 19 4013 Mar 73 Des 100 614June 24 8334 Nov 20 *8114 82 2 8112 82 2,200 Pere Marquette , 8112 8034 81 82 823 82% 83 4 81 7112 Apr 8512 Aug , 100 78 Jut) 29 8) Dec 1 80 88 87 87 700 Do prior pref 87 87 08414 85 8414 8412 8414 86 Jan 77 Aug 60 100 6812 Apr 16 78 Dec 1 78 78 4 Do prat 1,500 7712 773 777 77 76 76 4 76 763 76 •76 Jan 7514 Des 38 A00 63 Mar 19 12012 Nov 2 114% 117 113% 114 3.500 Pittsburgh & West Va 11114 115 •115 117 11534 1167 •114 116 8 k 617 May 794 Dee 50 694 Mar 30 9114June 87 87 4 873 14,000 Reading 4 3 867 875 8 8712 8812 8712 8812 863 8712 8612 Oct Ws Jan 34 June 2 50 357 Mar IS 41 4 200 4 3 Do 1st pref 2 39 4 393 •393 39% 4 4 4 *393 39% *393 39% 3934 393 *393 40, 4 Jan 03312 Jan 56 •40 ao 3614 Mar 18 4438June 40 4 1,200 403 Do 20 prof 4014 40 41 41 8 40 4012 4012 4038 403 Jan 66 No/ 32 100 42 Apr 24 624 Jan •55 57 58 500 Rutland RR prat 56 5512 5512 .55 56 56 5712 6713 56 194 Apr 65 Dec _100 574 Jan 16 10214 Aug 2 0812 0812 9912 44,800 St Louis-San Francisco 8 98 0812 98 4 973 9912 983 993 4 4 9812 993 4252 Jan 8213 Dec 100 76 Jan 20 92',July2 Do prof A 1,200 8818 *8712 89 .8712 89 87 88 87 89 874 8814 88 Jan 554 Dec 33 8 4 8 60% 6412 633 647 52,600 St Louis Southwestern_ _100 4384June 11 644 Dec 1 4 5914 607 8 603 623 e 8 5912 62 587 593 5773 Jan 74 Nor 100 7012June 25 88 Oct 7712 77% 77% 1,700 Do prof •77 77 2 783 784 76 2 7812 77 774 77 , 614 Jan 244 Dec 2 100 203 Jan 16 5414 Nov 1 5178 11,900 Seaboard Air Line 3 51 5114 5112 513 52 5114 5214 5012 5112 5013 517 8 1414 Jan 4512 Del 100 35 Mar 30 6112 Aug 2 Do pref 547 2,000 , 48 2 484 49 49 ' *4814 4913 4914 4912 4914 4912 49 8512 Ma 10512 Nov 2 100 96 Oct 7 1083 Jan 8 99% 1003 27,100 Southern Pacific, Co 8 994 995 2 9912 1003 9912 997 100 1003 4 2 993 100 3812 Jan 794 Dee 8 7738 Jan 2 1175 Dec 100 8 116 11752 116 11713 11538 1165 11513 11712 11512 11612 47,900 Southern Railway 11612 117 662, Jan 85 DISA 100 83 Jan 2 9512Sept 1 9212 9314 3,900 92 Do pref 9114 92 9214 9213 93 92 8 92 914 923 Jan 48110 Dee 19 4 100 4314 Jan 27 583 Marl 54 8 53 23,400 Texas & Pacific 2 8 5312 545 545 8 534 5412 525 5312 523 543 8 54 834 Mar 1812 JIM 712 A pr 17 155s Sept •13 100 14 14 200 Third Avenue *13 14 14 1312 14 1334 1334 *13 •13 Jan 3912 Oct 66 73 7438 73 100 Twin City Rapid Transit_ _100 58 Jan 22 74 Nov 3 *74 75 75 *73 75 *7413 *7418 75 *74 12652 Ma 15152 Dec 100 1334 Apr 24 15314 Jan 1 4 8 1484 1493 14812 14912 148 14914 14714 14818 14714 14812 1483 14914 18,100 Union Pacific 70 Mar 764 Aug 774.1111Y 31 100 69 Sept 16 744 75 Do prof 1,400 743 75 75 75 7434 743 *74 4 7418 747 . 4 75 4,1 Dec 3312May 18 752 4P 100 18 Aug 31 26 •25 26 25 700 United Railways Invest 8 *255 27 2 •253 27 26 253 2612 .23 4 2 647 Dee 2612 14P 100 4812 Mar 23 8314June 25 8114 8112 4,500 80 Do pref 79 77 7712 77 77 2 7834 80 797 77 4 723 July Fe 36 Virginia Railway et Power. 100 644 Jan 14 150 Nov 4 •125 200 •125 200 •125 200 .125 200 *125 200 •125 200 2 1054 Jan 241 Dee 100 1,913 Mar 30 474 Aug 26 4 4012 4138 43,900 Wabash 8 414 4214 4018 414 404 41, 3 40 4 414 4114 423 Jan 604 Dec 34 34 100 55 Jan 20 7312 Aug 17 4 8 715 723 24,100 72 Do pref A 723 7113 72 4 72 4 7114 72 4 7112 72 723 , 2213 Jan 424 Dec 100 3813 Jan 21 6012 Aug 22 4 *573 80 Do pref B 4 80 .58 *573 80 *57 70 60 *574 80 '5034 MA DIN, s 83 Jun 18% Aug 25 100 11 Mar 24 164 1714 15,800 Western Maryland 164 17 8 163 17 8 163 173 8 163 17 1658 17 4 8 , 1514 May 26 4 Dec , 100 16 Mar 27 2614 Jan 9 8 2,600 2 2312 247 Do 20 prat 8 2412 2412 2412 24% 243 2452 233 234 23% 243 8 3613 Dec 7 100 1934July 31 8 3534 3612 355 3614 3514 357g 3514 3618 355 3612 17,300 Western Pacific new 8 36 35 100 72 July 27 81 Dec 7 8 1,400 Do pref new 81 8 8012 8012 *8014 8012 8012 805 8012 8012 81 807 807 74 Jan 3114 Dec 1 4 ills -513; 8 2812 2914 2814 2914 2918 2913 15,400 Wheeling & Lake Erie RY 100 103 Mar 31 294 2913 29% 2914 297 29 1414 Jan 3212 Dec 100 22 Apr 2 53% Dec I 4 493 5014 4,600 4912 50 52 Do pref 504 517 , 4812 51 5214 51 51 $ per share $ per share Per share Per share $ Per share 5 per share per share Per share $ Per share 42 42 6513 8512 12614 1268 9612 9612 8 8 73 24412 24412 4 9112 923 4 *663 67 48 48 •97 100 8 603 613 4 8114 8114 4 713 71 71 8 71% 71% 70 71 7114 71% 723 135 •130 135 •131 135 *131 135 •131 135 .131 105 10512 10612 10612 10712 110 •105 109 *107 4 1043 *1714 17 4 1712 1714 17 4 •1714 18 , 1812 1710 18 58 •574 57 59 59 . 57 , 5812 57,2 58 3 '57 9 918 9 94 918 , 913 9 4 , 94 9 918 8 11218 113% 111 1121 110% 1117 11118 4 11314 1123 114 8 10 8 , 4 104 103 8 1012 104 1012 1052 103 103 10" • Bid and asked priced. 8 Ex-dividend. a Ex-rights. 71 •130 4 1013 Igic 574 9 112 2 , , 10 4 7314 135 1081 181 58 91 1127 1014 Industrial & Miscellaneous 62 3.900 Abitibi Power & Paper_Ne par 119 Jan 6 7512May 29 Jan 5 1333 Oct 28 4 100 All American Cables 100 90 Apr 16 11714 Oct 9 1,600 Adams Express 100 13 Apr 11 20 Oct 23 700 Advance flume!) 100 47 Feb 18 6214 Oct 23 1,000 Do pref 71s Oct 13 124Mav 27 3,900 Ahumada bead 8 4 863 Jan 30 1173 Dec 1 6,700 Mr Reduction, Ine___No Pa 94 Dec 2 1572June 19 5.700 Ajax Rubber. Ina _ _No pa 61 Dec 64 DP 964 May 12212 Dec , 734 Jan 9312 De 6 June 164 Dec 2814 June 54 Dec -ii; 4t May in.; 144 Dee New York Stock Record-Continued-Page 2 2854 rot sales during the week of stocks usually Inactive, see second page preceding. HIGH AND LOW SALB PRICES -PER SHARE. NOT PER CENT. Saturday. Dec. 5. Monday. Dec. 7. Tuesday. Dec. 8. Wednesday. Thursday, Dec. 9. Dec. 10. Friday. Dec. 11. Sales for the Week. STOCKS NEW YORK STOCK EXCHANGE PER SHARE Range for Year 1925. Os basis of 100-shars tots PER SHARE Range for Pretious Year 1924. Lowest Higlissl Lowest Highest $ Per share per share 5 Per share 3 Per share 5 per share per share Shares. Indus. & Miscall.(Con.) Par $ Per share per share per Mem Per share 178 2 2 2 *13 4 17 4 2 1% 2,100 Alaska Juneau Gold Min__ 10 8 .13 .4 13 1 Jan 6 17 5 *134 212 Oct 26 72 Jan 11 Mar / 4 11313 114 1123 114% 1125 11338 1123 1133 11212 113 4 8 4 113 115% 13,300 Allied Chemical & Dye_No Par 80 Mar 30 1153 Nov 9 s 4 65 Mar 8712 De , . 12078 12114 *1208 12114 121 121 1207 121 *121 12114 121 12114 8 1,200 Do pre! 100 117 Jan 9 12114 Nov 21 110 Apr 1183 Dec 8 90 913 4 9012 9112 91 9134 9013 9114 9012 91 90% 91% 6,100 Allis-Chalmers Mfg 100 7112 Jan 5 95 Oct 17 411 May 733 Del / 4 8 .107 10814 .107 10813 108, 10814 .108 10812 •108 10812 •108 10812 4 Do pre! 100 100 10314 Jan 3 1083 Oct 30 4 90 Apr 1047 Dec 2 2714 273 4 271s 28 2714 275 8 27 273 4 2613 263 27% 8,100 Amer Agricultural Chem._100 1312 Mar 19 294 Oct 13 4 27 / 1 7 AP* 1712 July / 1 4 8112 8112 8114 8178 8012 81 80% 783 79, 78 Do pre!. 8118 5,200 8 2 80 100 3812 Mar 23 8212 Dec 1 1824 Apr 493 Jat 2 34 343 4 33% 34% 3312 3312 .3212 333 *3212 34 34 800 American Beet Sugar 4 34 / 1 4 100 29 Oct 27 43 Jan 7 38 Mar 4912 Pet .75 85 *72 84 .72 83 . 83 Do Ore! 72 *72 8212 .8014 8014 100 8014 Jan 19 87 / 1 4June 19 8812 OM 83 Des 3112 31% 3014 31, 8 3 4 313 3412 32 4 34 8 32% 33% 32% . 33% 49,700 Amer Bosch Magneto__No par 281 Mar 24 5412 Jan 3 , / 4 2214 Apr 38 / Jan 1 4 13734 138 13712 140 139 144 143 144 14212 14312 143 146 15,700 Am Brake Shoe & F.__ _No par 9014 Mar 30 153 Nov 19 / 1 4 78 Apr 102 Dec •112 115 •113 115 114 114 .11412 115 •11412 115 11412 115 Do pref. 100 / 1 4 100 107 Jan 12 11413Sept 29 10414 July 110 MEW 25314 258 24812 254 24514 254 251 25518 25212 257 255 2583 128,500 American Can 4 15812 Jan 18 263 Nov 6 100 957 Apr 10312 Dec 2 .12013 121 1207 1207 121 121 2 8 1203 1203 12012 12012 .1203* 1213 4 Do pre! 600 4 4 2Sept 14 109 100 115 Jan 29 1217 Jan 119 001 10913 11012 110% 11012 1093 110 4 108% 110 1083 111% 111 11212 14,200 American Car& YoundryNogur 9712 Apr 27 11534Sept 17 4 126 126 126 126 .125 127 125 125 12414 12414 .12414 127 Do pre! 600 100 120 Apr 2 128 July 28 IVA Apr 125 ml, / 1 4 245 2458 *2412 24% 2412 24% 243 243 o 4 4 25% 243 4 2412 2412 1,100 American Chain,class A.__ 25 2212 Oct 3 27 Feb 14 212 Mar 25 Sept 2 5413 55 55 4 57% 55 4 5713 5212 56 , 3 55 56% 5514 5712 20,300 American Chicle. No par 87 Jan 27 62 Apr 18 144 Apr 407 Dee / 1 2 *49 53 513 513 4 523 .49 3 4 52 Do certificate, 5212 52% 5414 5512 57% 13,900 No par 37 Jan 7 58 Apr 18 23 Sept 39 Der / 1 4 *413 458 412 45 8 413 412 413 412 413 438 413 412 1,400 Amer Druggists Syndicate_ 10 62 Jan 22 4 4 Oct 7 / 1 4 3 June / 1 4 Oct 7 138 138 137 138 13714 137 4 1377 1403 £13613 1378 136 136 4 4 8 2.400 American Express , 100 125 Apr 27 168 Jan 2 Apr 164 Deo 88 / 1 4 41 4112 4138 4212 42 4214 44 28,400 Amer & For'n Pow new_No par 27 Apr 7 511 42% 44 4314 4214 44 / 1 4 / 4Sept 3 7 92 8 93 9314 9314 9312 933 932 9314 9314 933 933 92 7 4 Do pre! 4 1,100 No Par 87 Jan 6 94 Feb 19 Do 25% paid 12912 Nov 19 142 Sept 23 921j Mar iiii, Dec ;154 -1-33- -15- 14 ;154 -1-33- 14 -1734 138 -114 13'4 13'4 -4 4 2,000 American Hide & Leather_100 714 Apr 8 Mar 31 / 1 4 14 Jan 14 1458 Dee . 6213 63 613 63 4 62 4 6313 .82 3 6113 6112 1,200 64 .62 64 Do Ore! 5618 Jan 100 58l Sept 2 75 Jan 14 / 1 4 / 1 4 72 Dee 135 13614 13412 13512 133 135 132 133 133 1353 132 132 4 8.200 American Ice / 4 100 83 Mar 18 1301 Dec 4 72 Aug 96 Fat 85 14 85 .82 85 .84 84 .83 84 . 84 84 .83 200 83 Do prof 7312 Nov 83 Feb 100 7412 Mar 17 go July 9 43% 435 * 4212 4312 42 4 4212 415 4218 4113 417 , 8 421.4 42% 9,900 Amer International Corp. 100 321s Mar 30 467 Nov 13 * 17 Mar 852 Nov 2 8 / 1 4 1518 155* 1514 1512 1512 16 8,800 American La France F E 4 4 15% 16 153* 15 4 153 153 3 10 1114 Jan 2 20 Nov 14 1214 Jan 10 May 483 4812 *4713 4812 4712 4712 47 8 .4813 50 3,400 American Linseed 483 4 4914 50 13r4 May 284 Dm 100 20 Mar 25 5914 Nov 5 / 1 •85 8512 86 *8514 8612 8613 8612 887 86% .86 86 8 87 500 Do pre( 100 53 Jan 2 89 Oct 2 30 2 Apr 533 Dec 1223 12314 12318 12314 12212 12312 122 12312 12214 1247g 124% 125% 21.700 American Locom 4 new__No par 10412 Jan 5 1447 Mar 6 701s AW 10924 Dee 2 119 8 11938 120 120 .11914 1197 1197 120 .119% 120 •119 120 3 8 8 500 Do prat 100 115 Aug 14 124 Feb 18 11814 Apr 1204 Sept / 1 *53 53% 527 5318 52 8 54 7 533 .5272 53 2 525 54 7.300 American Metal,. 5238 8 , No par 453 Mar 30 5738 Oct 26 383 June 54 Dec 4 4 114 11412 114 11412 114 11513 114 115, 115% 116 1153 117 8 2 % 5.600 Amerioan Radiator 25 897 Jan 3 12212 Nov 4 2 9414 Apr 188 Dec 7812 7812 79 4 793 3 79 79 807 500 Amer Railway Express_ -100 276 Sept 15 84 Jan 13 8 79 4 *79 79 4 *783 81 , 7712 Nov 83 Oet 68% 683 4 66 4 683 *66 8 3 6612 6712 x66 67 69% 8,600 American Safety Razor __--100 387 Jan 2 78 Nov 14 6712 67 5 Apr 1014 New 2 / 1 4 / 1 4 57 57 54 6 3 5% 6 64 618 5,100 Amer Ship & Comm___No par 612 63 6 63 s 8 532 Oct 20 1411 Feb 28 10Iy Oct 15 Feb / 1 4 1223* 12312 122 12414 124 12814 12613 12918 127% 129 4 1283 135 4 135,000 Amer Smelting & Refining-100 4 , , 3712 Jan 100 Des 903 Mar 30 13514Deo 11 2 / 1 4 •11211 11312 11212 11212 113 11318 11318 1131* 11318 113% 113% 1133 Do prof 8 1,000 100 10512 Jan 5 11514 Oct 9 Jan 107 Dee 96 / 1 4 43% 4313 43% 438 432 43 4 4314 433 3 4 43% 4312 4312 43% 9,400 Amer Steel Foundries_ _No par 37 June 11 441 Oct 27 / 1 4 / 4 . 11213 •11212 •11212 11214 11214 *112 114 . 11212 114 200 Do prof 100 108 Jan 7 / Oct 1 4 / 1 75 75% 7534 773* 7614 768 751 1 7638 7512 75% 7534 7814 18,200 American Sugar Refining 100 47 Jan 16 113 Dec 14 10114 Apr 1094 Nov 77 / 1 4 / 1 4 7 OM Gm Feb 36 1025 1025 1023 10314 *10212 10312 10212 10212 .102 103 8 8 4 102 1023 4 2.800 Do pre! 2 100 9114 Jan 16 1041 Nov 17 Oat 997 Vet / 4 77 1214 123 4 12 123 4 115* 1211 1138 1178 12 12% 3,300 Amer Sumatra Tobacco.„100 113* 113 4 6 May 6 241 Feb 14 / 4 638 July 28 / Jas 1 4 .105 120 .105 120 105 108 *105 120 *105 120 105 105 300 Do pre! 100 28 Apr 27 12012 Oct 15 2212 Sept 89 Jai 41 41 *39 43 40 •39 40 42 42 .40 400 Amer Telegraph & Cable_ _100 373 42 .40 4June 1 47 Feb 25 3814 Dec 4312 jay 14312 14414 144 145 1443 145 14412 144% 8,200 Amer Telep & Tales 1443 145 1443 145 4 4 2 100 1302 Jan 2 145 Dee 7 12112 June 1348 DM 4 1157 1157 1141 116 115 11614 11418 11512 11514 1153 1143 115 15,100 American Tobacco , 4 50 85 Feb 17 12112 Oct 22 138 Mar 169 4 No / 1 4 7 •10712 10812 108 4 1084 109 10912 1087 1087 .810812 10812 1071a 10814 1,200 3 8 2 Do prof 110 Nov 12 101 100 10412 Jan Apr 10618 July 1143* 1143 11218 115 8 11312 115 16,200 11312 11478 1138 1144 114 114 Do common Clam B. --50 3412 Feb 17 11912 Oct 29 13514 M133 1682 No• 2 •12613 127 126 127 126 126 .123 126 •122 125 4 •123 12514 500 American Type Founders._100 103 Apr 22 1353 Nov 4 106 Sept 115 Sept , 2 67 69 69 7114 707 733* 71 8 74 705* 733* 73 4 747 67,500 Am Wat Wks & El s 3 / 1 4 20 34 Jan 13 74% Dec 11 40 Feb 144 Dec •100 1017 1017 1017 *100 1017 •10114 10178 10114 1014 •100 10114 8 8 400 8 Do let pre!(7%) 100 9714 Aug 6 103 Feb 18 8912 Mar 101 Dec 4614 463 g 4412 4512 11,200 American Woolen 4 4614 4612 4618 4612 43 4 46 3 441 457 100 34 4MaY 6 6424 Jan 8 3 511 Sept 787 Jan 2 / 4 .91 9112 92 92 92 1,200 92 92 92 92 92 Do pref 915* 92 100 6912MaY 6 9612 Jan 20 90 Oot 102 / Jam 1 4 13 4 134 .17 2 2 134 .178 2 2 *11 17 .17 700 Amer Writing Paper pref 100 8 8 2 7 Jan / 1 4 11 Nov 16 / 4 115 Apr 7 July 1018 10% 1018 108 9% 97 9 4 1018 5,300 Amer Zino. Lead & Smelt- 25 93 10 3 4 93* 1014 / 1 4 121 Dee 7 May 12 12 Jan 4 7 Mar 423 4418 427 4412 41 4 8 395 413 44 4012 42% 9,800 4 4012 41 Do pre( 24 June 86 Des / 1 4 2May 1 44 Dec 25 247 / 1 4 491a 493 49 4913 4914 495 20.300 Anaconda Copper Mining-52 3514 Apr 21 53% Nov 8 483* 4912 484 49 48% 49 28 May 4814 Dm / 1 4 . 42 4212 417 42 417 42 42 1,100 Archer, Dan'Is MidI'd_No par 26 Jan 7 45720ct 8 41 417 418 .4012 413 8 4 28 Dec 29 Dm / 1 4 . 100 104 .100 104 .100 1033 1.037 1037 104 104 •104 105 200 8 8 4 Do pre( 90 Dec 9112 Dec 100 9012 Jan 5 105 Oct 1 973 98 4 958 95% *973 98 . 4 98 97 4 700 Armour & Co (Del) preL.--100 90 Mar 31 100 Oct 973 83 June 9412 Des *97 / 1 4 / 1 4 9713 97 2512 24% 2513 24% 253 25 36,700 Armour of Illinois Class A. 8 247 253* 243 25 243 25 4 8 4 / 1 4 .25 20 Mar 19 27 Oct 1438 147 143 16 4 1514 1578 15 153 1512 1513 1513 15 8 4,300 Arnold Constle&Covto No NW 8 Jan 6 17 Oct 30 / 1 4 0 Oct 18 Jna • 50 51 501 5012 503 50 4 51 4 3 5114 5114 5114 5134 5214 1,800 Artloom No par 39 June 19 5214 Dee 11 •1063 10714 10713 10712.10713 ____ *10712 110 360 108 108 108 108 Preferred 100 10112 Aug 20 108 Dec 10 568 565* 56 56 5512 5613 5512 561g 55% 56 7,400 Associated Dry Goode__ _100 4618 Aug 17 811 Nov 2 55% 56 / 4 .991 100 *99 100 900 100 1013 *99 100 .99 100 8 *99 100 Do let pre! 100 94 Jan 7 102 Oct 28 "Sai,May 94 No, •106 109 .105 108 .106 108 200 106 106 .10512 107 10614 106 4 Do 25 pre! , 89 Jan 102 Dee 100 101 Jan 2 10814 Feb 7 / 1 4 7 4318 43 4313 443 3 4312 4438 43 433 4414 30,400 Associated 011 433 4 433 4 43 27 Jul, 84 Pet / 1 12 25 32 Mar 30 444 Dec 4 / 1 4 58 6114 583 593 8 63% 16,000 All Gulf &WIWI lAne____100 20 Jan 5 77 Sept 29 4 5812 593 4 5714 583 58 102 Mar 23 Dm 4 57% 58 4 5518 551a 5414 543 4 5312 54 54 04 Do pre( 5313 531 53% 5512 2,100 12 / Jan 8112 Dm 1 4 100 31 Jan 5 60 Sept 23 110 11014 109 10912 108 10812 10713 10712 108 109 *108 1093 1,700 Atlantic Refining / 1 4 2 7818 July 14012 Jan 100 95 Jan 2 11712 Feb 5 .115 117 11514 11514 116 115 .11512 117 •115 4 118 .115% 118 200 Do Prof 3 4June 8 108 Oct 118 Feb / 1 4 100 113 Jan 6 1173 20 20 a 1913 2018 18 3 18% 18% 1812 9,600 Atlas Tack 19 .18 193 04 Feb 16 21 Dec 4 4 18 / 1 5 June 111 Jag No Par / 4 30 30% 30 3112 3038 31 30's 3012 30 30% 2914 3014 6,300 Austin,Nichols& Covt°No par 1812 Mar 33 Dee 12 22 July 6 82 Jan 12 / 1 4 *92 9312 *9212 9312 .9212 9312 *92 931 9312 *92 Do wet 9312 .92 79 Apr 91 Nov 2 100 873 Jan 27 95 Aug 15 1 1 •7 2 1 1 *1 114 1 1,900 Auto Knitter Hosiery_No par 1 1 1 1 414May 14 11 Nov 1 Dec 4 / 4 8 / Jan 1 4 12638 1283, 1263 129 4 12612 12914 1253 1273 12614 12812 12814 1303 56,300 Baldwin Locomotive 9 10.100 107 Mar 30 146 Feb 28 1042 May 1343 Des 8 4 2 4 7 1 2 •11012 116 *11013 117 *11012 115 .110 115 110% 1105s 11013 114 . 100 Do prat / 1 4 100 107 Aug 7 no% Jan 31 110 June 11712 Nov 26 4 2718 27 3 2712 2718 2712 26 8 278 8 26% 267 5 8 26% 2718 14,800 Barnsdall Corp, Claee A 14 Feb 23 Des 18 Aug 12 30 Mar 3 / 1 4 / 1 4 2 • 2413 25 244 243 2413 2412 2412 2438 24% 247 2,000 4 245 24% 8 8 Do Class B 10 Jan 17 Dm 16 Aug 18 25 Nov 14 2 / 1 4 45 45 4414 4414 *4514 50 2,100 Barnet Leather 5412 5512 4912 55 4513 48 35 Jan 6 73 Oct 8 23 Nov 89 Dm / 1 4 / 1 4 No pa .3813 41 *3814 41 .38% 40 *3814 40 .3813 41 *3814 40 Bayuk Cigars, Inc 39 May 59 / 1 4 No par 3814Sept 29 5314 Feb 14 Jan 68 683* 67% 683 8 63 3 7512 54,400 Beech Nut Packing 713 4 72 743 4 73 4 75% 73 44 Apr 722 Des / 4 1 4 20 80 Mstr 23 772 Aug 28 4 393 393 3 8 39% 393* 3914 3912 3934 39 2 39 3913 39 4 40% 19,400 Belding Bros , , sSePt 9 No par 37 Sept 4 402 48 4 493 3 4812 49% 483* 4934 4812 5013 49 68,300 Bethlehem Steel Corp / 1 493g 50 50 37 / Oct 6212 Feb 1 4 100 37 June 5 434 Jan 13 3 •114 11518.11434 11518 *1143 11514 *1143 11514 •1143 11518 •1143 1158 4 4 4 Co cum cony 8% pref 100 109 Mar 18 1164 Feb 8 10114 Apr 1104 Pet 4 / 1 / 1 •100 10014 .100 10012.100 10012 10012 101 *100 101 300 89 June 97 Feb / 1 4 1003 1003 / 1 Do pre( 7% 4 4 100 034June 1 102 Jan 31 612 . 6 3 613 3 63 600 Booth Fisheries 8 63 6% 63 8 .614 613 614 614 612 412May 4 8 Oct 6 / 1 4 3 2 June 3 No par 712 Jae . 42 43 .4213 43 400 Botany Cons Mille Class A_50 40 Aug 26 46 July 21 *4212 43 4212 42 42 4212 421L .42 / 1 4 31% 317 3112 3118 3114 31 31 3114 3114 31% 31% 3214 12,700 Briggs Manufacturing_ _No Par 27 Oct 24 4412May 25 136 1365 13518 136 8 3,300 Brooklyn Edison, Inc 13512 13613 135% 13612 13518 1353 135 136 4 / 1 4 100 120 Jan 2 15612 Nov 6 107¼ June 124'g Dee 9513 9512 9514 95 4 9412 9814 9512 96 d8713 893 3 9512 96 4 9,500 Bklyn ULIon Gas 754 Feb 17 10014 Nov 5 / 1 563 Apr 82 Dec No par 8 / 1 4 129 4 130 .128 130 3 600 Brown Shoe Inc 129 129 •122 128 .123 128 129 129 / 1 100 644 Mar 31 157 Nov 2 89 May 7612 Dee 3 108 109 12.108 10912.107 10912.10713 10912 *10712 10912 .10713 10912 Do pre! 100 98 Mar 25 109 Oct 9 84 June 99 Dee / 1 4 .317 32 8 32 32 32 3218 305* 317 / 1 4 8 301s 301s 30% 30% 2,900 BrunswIck-Balke-Coll'r No Par 24 June 25 49 Jan 21 119 119 11913 12218 122 1234 124 1243 1243 124% 123 12414 4,500 Burns Brothers 8 / 1 4 No par 92 Feb 11 1247 Des 10 4 8 95 Dec 1121k inn; 3314 3313 3313 34% 35 3614 36% 3612 363 37 4 6,900• Do new Class B corn No par 17 Mar 31 37 Dee 9 363 4 36 196o Feb 29 Nov 93 94 1,100 Burroughs Addle Mach-No Par 65 Jan 3 103 Sept 4 93% 93 4 943* 9412 9414 94 4 93 93 93 3 , 52 Nov 6712 Ocn / 1 4 1738 18 1818 183 2112 2512 13,100 Bush Terminal new.... No Par 143 8 1812 2118 205* 21 2 2114 2212 2June 4 2512 Dec 11 , •86 8712 873 873 8712 8618 8612 8618 8612 87 1.700 4 8714 89 4 Debenture 100 80 May 14 897 2June 20 638 63 , 7 4 718 61 138 618 614 4,600 Butte Copper & Zino 618 618 3618 614 31 8 Jan 2 / 1 4 4 Mar / 1 4 5 iiiSe - e; 1312514 2814 25 26 7.100 Butterick Co 2512 26% 2513 26 2414 2412 2412 25 4 100 17 May 13 283 Jan 3 17 Apr 25 Dee / 1 4 14% 15 4 164 18 , 1613 173 37,800 Butte & Superior Mining_ __10 1718 1812 163 17 6 May 5 244 Jan 9 1614 17 s 8 / 1 4 / 1 14 May 2512 Des *12 52 12 12 2 2 12 13 13 3.300 Caddo Cent Oil & Ref-No par 38 Nov 12 12 12 13 % Ws Jan 12 1 Nov 6 / Jan 1 4 128 1287 128 12914 12918 12914 *12918 130 g 4,600 California Packing / 1 4 1293 13014 130 135 4 No VW 100 Jan 27 13612 Nov 13 80 Apr 10614 Dee 8113 32 313 32 4 3112 317 8 3112 32 8 3112 31% 313 31% 25,700 California Petroleum / 1 4 / 1 4 25 23 Jan 2 32 Mar 7 1012 July 29 Feb / 1 4 214 214 21a 214 2 21 2 8 3.30 Callahan Zino-Lead , 218 214 2 8 *218 2% , / 1 14 Oct 10 4 Feb 19 10 / 1 4 212 May 5 / Jae 1 4 58 56 56 5618 561a 56% 561 57 564 5413 55% 1,900 Calumet Allem% Mining 56 e 10 45 Apr 22 597 Nov 20 211 Mar 5824 Del / 4 1378 14 14 14% 1,200 Calumet & Heels 14 14 8 14 .1338 137 .135 14 s 13 may 19 Dee 25 1214May 28 184 Jna 5 / 1 / 1 4 / 1 4 .6513 66 6612 6712 it12 4 4 643 6512 633 6412 6438 64% 2,300 Case Thresh Machine___ _100 24 Mar 18 6713 Dec 2 14 Mar 85 DM . 99 100 .99 993 4 9 .98 9934 .98 Do pre! 993 4 9912 10012 1,400 100 60 Mar 11 10018 Dec 1 411 May 77 / 4 Jan 1913 1912 187 207 * 8 20 20% 1953 20 19% 1 912 193g 193* 12.250 Central Leather / 1 4 100 14 Mar 28 23% Oct 13 9 Mar 212 Dee / 1 4 2 63 64 8 63% 668 65 4 6712 65% 66, 653 65% 6512 66 16.300 3 3 Do prof 100 4914 Mar 24 71 Oct 13 29 Mar 584 Dee / 1 4 / 1 .31 3213 31% 3112 32 3212 1,000 Century Ribbon Mille_ _No par 302 3214 3213 3314 .32 3212 32 4Sept 2 471 Mar 11 / 4 2534 Apr 3514 Nov *9312 9512 *9312 9352 *9312 9512 .93' 95.2 *9313 9512 .9313 9513 2 91 Do pre! Jan 9512 July 100 94 Dec 2 98 Jan 14 / 1 4 6218 623 4 6238 63% 6212 6313 6238 6314 26114 62 6112 613 19,200 Corrode Pasco CoPPer_No Dor 4312 Mar 24 643 Nov 14 4 2 40 Mar 564 Dec / 1 / 1 4 g 511g 517 5214 527 5214 513 52 52 51 513* 4,700 Certain-Teed Producta_No par 403 Mai 24 583 4 5114 51 4 4Sept 8 247 June 4412 Dee 2 48 4812 473 4914 4714 4812 4614 4712 4612 4713 47 4 4814 15,300 Chandler Motor Car-..No Par 2712 Aug 20 52 Oct 23 2872 Nov 6612 Jar 12714 128 126 127 126% 12618 125 1253 125 12512 12413 12412 3,400 Chicago Pneumatic Tool._100 8014 Mar 19 128 Dec 2 4 2 797 May 1007 Dec 2 . 4813 49 *4813 50 491 •47 50 .49 50 .49 100 Chic, Yellow Cab tom ctf No par 4412July 7 55 Jan 3 50 50 89 May 611 AW / 4 67 67% 663 4 67 677 4 5.700 Childs Co 663 668 6718 66 4 6512 663 / 1 4 No par 49 Mar 31 74 Oct 28 / 1 4 33 3414 3412 67 34 3412 3418 3413 34 34 5,500 Chile Copper 3414 34 348 34 3012 Mar 30 372 Jan 2 25 2 2538 Mar 8832 Doe •1913 203 4 20 20 2018 2014 193 193 .19 203 4 4 4 203 . 800 Chino Copper 4 20 5 19 Apr 23 284 Feb 1 / 1 1. Mar 29 Dec 197 20512 20713 2231 210 22514 20812 218 2103 215311 21412 219% 173.600 Chrysler Corp 4 No Par 10814July 14 253 Nov 2 108 108 108 108 108 10814 10812 1087 1085 1087 1087 109 s * 3,000 , s Do preferred No par 100¼ July 24 1111 Nov 7 / 4 6812 6812 6812 6812 681 68's 6812 6812 683 6812 6812 70 1,900 Cluett,Peabody & Co 8 12 100 58 Mar 17 711 Jan 12 eiii" Oct 751k Jet / 4 152 154% 15218 1537 15214 1537 150 4 15218 14512 15212 150 15112 10,000 Coca Cola 3 Co No Par 80 Jan 6 1773 Nov 9 4 61 Apr 83 Dee / 1 4 37 3 5* 3738 371 7 38 38 3813 38 393* 5.400 Colorado Fuel & Iron 38 2 3 4 88 , 73 100 32 Apr 21 48 Jan 13 / 1 4 / 1 4 24 Feb 5414 Anil / 1 4 5712 57 8 578 573* 57 578 7 8 8 5638 57 4 563 5712 564 588 8 8,900 Columbian Carbon• a No Par 45 Mar 24 59 Dec , 4 t 2 39 Sept 55 8 Jan / 1 4 3 784 79 8 79% 807 3 8 8188 795 81 , 8 80 8014 8114 26,900 Col Gas & Elea 803 80 8 No Par 4534 Jan 21 88 Oct 21 33 Mar 48 Des •Bid and asked prices, no sales on this day. a Ex-righta x Ex-dividend. 1 New York Stock Record-Continued-Page 3 2855 Fos 3 ales during the week of stocks usually Inactive. see third page preceding. -PER SHARE, NOT PER CENT. HUH AND LOW SALE PRICES Saturday. Dec. 5. Monday, Dec. 7. Tuesday. Dec. 8. Wednesday Dec. 9. Thursday, Dec. 10. Friday, Dec. 11. Sales for the Week. STOCKS NEW YORK STOCK EXCHANGE PER SHARE Range for Year 1925. On basis of 100 -.*are lots. Lowest 1101Delt Highest Indus. & Miscell.(Con.) Pat $ per share $ par share 100 10414 Jan 5 11318 Oct 29 Col Gas & Elee pref Commercial Solvents A No par 80 May 25 190 Jan 29 No par 76 May 25 189 Jan 29 De . '11" 7 Congoleum Co new._ _No par 13 8 Nov 27 4312 Jan 2 12May 19 17 Feb 10 Conley Tin FollstampedNo par No par 2612 Jan 2 62 Dee 11 Consolidated Cigar Do prof 51 °1 913 13 eg 3 ;IT 1 ( 1 Ve pa 0 Consolidated Distrlb'rs No 10r 7: Consolidated Goa(NY) No par 7418 Mar 30 97 Dec 9 5 Jan 7 14 234June 9 Consolidated Textile___No par Continental Can, Inc__No par 8012 Mar 29 86% Dec 11 4 Continental Insurance 25 103 Jan 5 1343 Oct 22 814 Jan 2 1512 Oct 17 Cont'l Motors tern ctfe_No par 8 8May 29 417 Dec 4 25 323 Refin w 1 Corn products 100 11818 Jan 7 127 July 3 Do pref No par 48 Aug 21 6014 Oct 15 Coty, Inc 8Nov 7 Crucible Steel of America_100 6412Mar 30 845 100 92 May 8 10012Sept 14 Do prof 73 Oct 23 1458 Feb 9 4 No par Sugar Cuba Cane 8 100 3718 Oct 23 825 Feb 28 Do prer / 1 4 Cuban-American Sugar--10 20 Oct 26 33 Mar 3 7 100 93 s Nov 11 101 Mar 13 Do pref 212 Oct 1 634 Feb 27 Cuban Dominican Sug_No par 100 1614 Dec 9 4412 Jan 8 Do pref 100 95 Aug 20 107 Oct 3 Cudahy Packing No par 44 Nov 16 59 May 25 Cuyamel Fruit 7 8 Jan 9 7 7 Dec 7 8 Daniel Boone Woolen Mi1ls_25 4 8 Davison Chemical v t o_No par 277 Apr 30 493 Jan 23 De Beers Cons Mlnes_No par 29 4 a' 100 119 In 12 Detroit Edison 4June 9 4834Nov 4 Dodge Bros Class A___No par 213 Preferred certifs___No par 7312May 7 9112 Oct 17 4 No par 123 Apr 14 1818 Nov 20 Dome Mines, Ltd No par 14 Feb 16 2312 Aug 4 Douglas Pectin Duquesne Light let met_100 105 Jan 7 113 Sept 23 4July 18 118 Jan 19 No par 1043 Eastman Radek Co No par 1012 Feb 13 3012 Dec 4 Eaton Axle & Spring El du Pont de Nem & Co_100 13414 Jan 5 27114 Nov 12 100 94 Jan 23 10412 Nov 13 Do prof 6% 8 Eleo Pow & Lt Otis_ _ _No par 173 Apr 25 40I8July 16 100 Mar 18 110 June 16 40% Pr Pd 4June 24 10012 Mar 28 1103 Prof full paid 4 897 Aug 28 943 Dec 9 8 Do prof Ws 8034 Mar 30 80 Dec 5 Elea Storage Battery--No Par 5 18July 31 11 / 4May 1 Emerson-Brantingham Co 100 34 Endicott-Johnson Corn- 50 6 3 Apr 2 7478Sept 17 100 111 May 28 11834 Oct 9 Do pref 8 12July 23 197 Jan 3 Exchange Buffet Corp_No par 13 2 Mar 27 14 25 4 4 Aug 5 3 Fairbanks Co 8 No par 3214 Jan 2 543 Oct 28 Fairbanks Morse 1 Famous Players-Lasky_No par 9014 Feb 17 114 4July 27 100 10378 Feb 17 120 July 27 Do pref (8%) Full paid receipts. __ _No par 102 Aug 31 11112Sept 17 -5212 164 -5314 - - 4 -5i- IA -32i4 33 4 -3288 - 1- -30's lifi 39,300 Federal Light & Tree 116 28 Oct 2 36 June 19 333-1318 •70 767 8 76 76 *70 76 7412 7612 75 75 75 75 1,700 Federal Mining & Smelt18_100 1514 Mar 13 86 Nov 23 9118 9214 92 100 49 Mar 11 92 91 9278 0212 9738 96% 9812 97 / 1 4 9812 Dec 10 Do prof 078 14,500 17112 17112 17114 17114 *172 177 *172 177 .172 177 *172 177 200 Fidel Phen Fire Ins of N Y _ _25 14712 Jan 6 177 Oct 21 *141* 17 *141 1512 *142, 1512 1512 1512 *1412 17 / 4 *14 17 4July 13 100 Fifth Ave Bus tern °tie _No Par 12 Jan 8 173 4 9912 101 25 6014 Feb 17 125 Nov 7 95% 98 4 9812 993 96 9912 9914 1027* 98 1013 27,300 Fisher Body Corp 225 2312 22% 235* 225 23 8 * 4 No par 1012 Mar 24 283 Oct 2 8 2212 23 22% 22% 2238 227 29,800 Fisk Rubber 11018 111 4 100 7512 Jan 16 11612 Nov 18 g 1103 11112 11012 11114 11028 11118 1107 1113 112 112 4 5,600 Do 1st pref 13914 13934 1393 148 1473 1483 43,500 Fleischman Co 14714 149 4 No par 75 Mar 19 149 Dec 9 4 14412 14812 1443 149 4 4 174 174 4 4 No par 90 Jan 6 1833 Nov 17 17212 17614 174 177 1713 17514 b1353 14314 14612 15131 57,300 FOUD6841011 CO 4 4 2118 2112 207 2112 2034 215 2114 2038 203 8 203 218 22,900 Freeport Texas Co 4 8 Mar 18 247 Oct 13 s No par 8 8 20 8 8 5,900 Gabriel Snubber A _ * 8 No par 287 Aug 25 397 Nov 20 3714 3714 3714 3.814 38 3714 373 4 3712 3712 373 375 38 7 7 7 418 Jan 2 1614 Mar 2 7 7 7 7 7 7 7 7 No Par 7 1,800 Gardner Motor 52 / 1 100 444 Aug 4 60 Oct 27 5212 5212 527 4 5212 527 8 523 5412 537 5458 543 5714 16,500 Gen Amer Tank Car 4 4 *1025 104 *10214 104 *10214 104 8 100 9334 Feb 16 104 Nov 23 103 103 *10212 10312 010212 104 Do pref 100 593 6012 61 6612 70 103,600 General Asphalt 100 4212 Mar 30 70 Dec 11 634 625* 67 633 8 6212 6412 62 10012 1007 101 103 8 4 100 8612 Mar 17 109 Dec 11 8 104 1043 10314 10432 1035 1053 10612 109 8 Do pref 6,700 No par 121 Mar 7 264 Dec 2 General Baking •115212 163 - 103 103 3 100 8412May 4 109 Oct 22 103 103 10212 103 11101 102 4 103 10322 1,100 General Cigar.Inc 31414 31812 3187 323 8 100 22714 Feb 17 33714 Aug 24 316 32114 3203 32412 318 324 31418 319 34,300 General Electric 4 107 11 11 1118 11 1118 4,900 8July 10 10 10% 00,15 117 1118 11 1118 11 11 11 Do special 11714 1183 1175 1203 119 12114 11618 1187 1153 1173 1173 1183 200,200 General Motors Corp_ No par 6412 Jan 5 14934 Nov 7 4 4 8 4 8 8 4 4 11418 11412 3,300 1133 1133 1137 114 4 100 102 Jan 5 11472 Nov 5 4 114 114 114 11428 114 114 Do 7% prof 8 5114 5112 5114 52 5218 5212 5138 52 52 5112 5112 52 2,600 Can Outdoor Adv A._.No par 45% Aug 13 54845ept 21 2878 287* *28 Trust certificates_ __No par 2618 Aug 13 33 Sept 16 283 800 4 2814 2814 2814 2812 2814 2814 2814 2814 25 42 Jan 18 59 June 12 5314 5414 53 51 5112 517 5312 52 2 5352 525 54 8 5414 105,560 General Petroleum 4 4 715 723 8 8 8 715 7214 715 76 753 2737 7418 733 7414 13,700 Gen Railway Signal new.. No 68 Nov 24 803 Oct 29 8 8 74 8 *10412 10612 90412 10612 *10412 10612 *10412 10612 *103 10612 *103 10612 100 9012 July 10 1057s Nov 19 Do preferred 44 44 45 45 45 *4412 447 04412 4478 4478 4478 45 8 400 General Refractortee-No par 42 Oct 7 5818 Jan 14 7612 768 10,500 Gimbel Bros No par 47 Mar 16 83 Dec 2 7 9 79 4 7712 7812 7612 7712 7530 7612 7514 76 3 % •109 112 *109 112 *109 112 *109 112 *109 112 *109 112 / 1 4 100 102 Mar 14 11412 Nov 30 Do pref 46 483 46 4812 4712 494 48 4 7,900 Ginter Co temp otis_ __No par 223 Feb 13 4912 Aug 5 4 48 48 477 477 g 8 48 25 25 253 4 2512 2612 47,300 Glidden Co 253 No par 12 Mar 19 2612 Dec 11 8 25 245 25 8 / 1 4 2514 2412 25 46 45 45 473 478 47 4 47 453 4 6,800 Gold Dust Corp v t o_ _No par 37 Mar 3 51 Oct 9 8 8 46 47% 465 4'75 4 643 65 4 4 643 655 4 6514 653 318 12,300 Goodrich Co (R F) 8 643 66 8 4 653 663* 643 66 s NO par 365* Jan 5 743 Nov 6 *9812 100 100 100 100 100 100 92 Jan 3 102 Nov 14 9934 100 *993 100 4 993 100 4 700 Do prof 8 107 107 10612 107 1065 8 2,700 Geodyear T & Rub pf t 0_100 861 Jan 6 1145 Oct 20 8 • 10512 107 8 g 10655 1055 10612 1067 1067 8 100 103 Apr 27 109 Dec 7 •1087 109 8 10878 109 700 Do prior pref 1087 1087 *10814 10912 10814 10814 *10814 109 8 8 187 2014 21 8 20% 2078 2012 207 11,400 Granby Cons Min Bm & P1_100 13 Mar 30 217 Dec 7 8 * 217 8 21 213 8 2012 21 973 073 4 4 9712 9918 9858 99 973 983 4 9712 7,600 Great Western Sugar tern ctf 25 91 Jan 16 11318June 19 97 97 % 97 1314 1314 13 8 1212 133 *12511 13 4 1314 *13 1314 1312 13 1,900 Greene Cananea Copper_ _100 111 Mar 19 1914 Jan 2 9114 9112 9012 0138 9018 91% 89 100 6718 Mar 24 9534 Nov 5 913 4 8912 9114 Gulf States Steel 3614 3614 3512 3578 347 8 4 Hartman Corporation_.No par 258 Apr 24 3712 Jan 7 443 4 443 4434 4418 35'2 4438 443% 44 4 443 4 4612 8,200 Hayes Wheel '2 3 74 35 4 34384 35 4 45 No par 30 Mar 14 4912 Nov 2 27 297 293 3114 6,900 Hoe (It) &Co tern otfs_No par 27 Dec 5 488 Jan 9 4 , 275 31 8 8 28 28 28 2914 285 31 *475* 48 4712 4712 .47 *4712 48 48 *4712 4812 *4712 48 100 43 Jan 2 60 Jan 12 200 Homestake Mining 457 46 8 4512 4578 4514 4512 4512 453 4 453 453 4 4 3,200 Househ Prod,Inc.tem ctfNo par 34 Jan 5 471s Noy 23 4 4514 453 / 1 4 g 71 7112 727 71 71 717 8 4 707 71 2,000 Houston Oil of Tex tern ctts..100 59 Apr 22 85 Jan 29 71 7158 71% 713 273 28 4 28 283 8 275 288 10.400 Howe Sound 8 * v 2 287 8 285 29 287 8 28 No par 8 28 I612June 11 1332114 , 4 1023 1045 10212 1087 10712 111 1* 10318 10914 104 10612 10514 1073 254,400 Hudson Motor Car_ 4 8 Nov 8 4 4 No par 333 Jan 5 261g 2612 2912 2712 273 2814 27 277 8 2714 28 27 42 600 Hupp Motor Car Corp_-_ 10 1414 Mar 18 31 Nov 5 2 :100 6 4 28 4 3314 34 33% 333 4 8 327 3314 33 3318 323 333 8 3334 32 1312 Jan 5 41114June 17 Independent Oil& Gaa_No par *205 21 8 205 2055 2012 205* 20 8 2012 20 20 2012 *20 No par 13 Mar 24 24 Aug 28 Indian Motocycle 125 1312 123 133g 8 4 123 1212 12: 0 Indian Refining g 818 Jan 2 1414 Dec 4 g 123 133 4 8 1212 127 12 8 1212 127 10 113 113 4 4 1178 1214 1 4 1112 1112 3,300 8 1155 113 10 117 117 8 6 Sept 4 12% Dee 4 Certificates 44 4312 44 44 43 44 43 44 43 44 43 43 4May 1 60 Feb 2 Inland Steel No par 383 4 *1103 112 *1103 112 *1108 112 *1103 112 *111 112 *1113 112 4 4 4 Do pref 100 10412 Apr 13 112 Sept 28 2618 2618 2614 2612 26 4 2612 2618 2614 2614 2614 26 26121 2,200 Inspiration Cons Copper- 20 2214 Apr 22 3234 Jan 12 , 215 223 8 8 22 2212 227 23 8 22 227 8 8 7.000 Internet Agricul 718 Jan 7 241* Nov 6 No par 2212 223 4 2212 227 16412 16412 165 16718 165 167 10163 165 16614 16614 16714 172 2,800 Int Business Machines_No par 110 Mar 30 17614 Nov 13 7012 70% 7012 71 7118 713 International Cement No par 52 Jan 6 8112Sept 30 717 : 1 661,4 68 8 66 , 67% 64% 6714 63 Inter Combus Engine...No par 3114 Jan 21 6912 Dec 4 8 1285 1263 128 4 127 128 12512 12612 126 12812 13,000 International Harvester_ _ _100 9618 Mar 25 13814Sept 18 126 127 4 1193 1193 12014 121 *120 121 *120 12012 120 120 4 11912 11912 100 114 Mar 3 121 Nov 10 Do prof 700 718June 25 147 Feb 5 2 *912 95* *912 93 4 95* 95 8 95s 05 8 938 91 93 5 9% 1.100 Int Mercantile Marine_..100 363 371 3714 38 4 / 4 373 383 8 8 367 38 8 4 4 100 27 Aug 15 523 Feb 5 8 3712 375 8 363 373 Do pref 8.300 8 46 4814 4612 4712 4514 4614 45 4758 4 44 4614 4518 453 78,200 International Nickel (The)_25 2414 Mar 18 4812 Nov 20 4 *1003 1013 *1003 10114 1003 101 *100 102 4 4 4 *99 10112 *98 10112 100 94 Jan 8 102 Nov 19 200 Do pref 4 8 533 653 46,500 International Paper 4 3 4 100 4814 Mar 19 76 5912 6018 59, 51 12 6112 625* 81 6214 60% 637 *86 88 *86 88 *85 0t e 88 88 88 88 100 71 Mar 9 88 Dec 11 *86 87 .86 Do stamped pref 100 98 973 98 4 98 98 98 9812 98% 9812 1,800 8 100 86 July 31 993 Oot 21 98 98 98 Do pref (7) 166 166 15166 168 168 168 *170 173 4 1724 1723 173 173 500 International Shoe _ __._No par 108 Feb 2 199%July 27 ____ ....__ ____ --100 115 Sept 15 121 June 3 Do pref 14 115 116 11i- 116 11512 116 114 1153 113- 114 - iiiia fiii4 - 1,6456 Internet Telep & Teleg_ _100 8712 Apr 3 144 Aug 14 4 2712 2618 2618 2618 2618 *26 *26 *26 27 27 *26 .21 No par 18 July 8 233* Oct 27 300 Intertype Corp 20 2014 22 20 2014 22 2212 213 213 11,200 ..ewel Tea. Inc 4 4 2114 2114 21 100 1612July 25 22 Dec 71 •115 118 *115 118 *115 120 *115 120 *115 120 *115 120 . 100 10212 Jan 19 114 Nov 27 Do pref . . *155 1612 1012 1.02 1514 1514 157 16 8 153 153* *155 16 8 8 8 4June 23 21% Feb 3 600 Jones Bros Tea, Inc,stpd _ _100 133 487 5112 483 50% 4712 49 4812 49 8 4614 4712 4714 49 8 10,200 Jordan Motor Car No Par 353 Aug 10 65 Nov 2 418 12,300 Kayser (.1) Coy t o__ _ _No par 1814 Mar 17 418 Dec 81 40 414 41 41 40 8 38 403 41 4178 4012 41 101 101 *101 10178 1017 102 102 102 102 102 101 101 8 No par 83 Mar 30 102 001 291 1,000 Do 1st pref •Bid and /wired prices, no sales on this day. x Ex-dividend. h Par value changed from $100 to $50 and prices on that basis beginning b ex-Foreign rights. $ per share $ per share $ per share $ Per share $ per share $ per share Shares. 1123 1123 4 11212 11212 112 1125 700 8.11212 113 *11214 113 *11214 113 4 •130 134 13412 13412 133 1363 131 131 *131 135 *131 135 900 4 1,500 13014 131 130 1303 131 1313 131 133 4 8 129 130 *128 130 19 8 48,200 195 8 19 3 17 / 18 1 4 18 19 1812 1814 18 4 183 20 3 8 *34 1 3 8 3 8 2,900 3 8 3 8 *3 4 1 *3 4 1 *3 4 1 523 55 4 55 58 573 4 5612 597g 5712 60 60 6058 62 51,700 94 9 8 9512 957 *9012 96 g *9012 96 1,000 8 9512 9512 957 96 4 418 418 414 418 412 8,200 4 418 358 4 37 8 37 8 9312 943 9312 94 4 9452 9638 9514 97 953 963 8 8 955 0612 73,300 8 312 312 312 35 8 318 314 5,200 814 35 8 318 312 318 312 8314 8518 84 84 843 4 8412 867 31,400 8418 8478 83 8418 85 8 127 13014 13058 131 126 126 128 13014 130 130 13012 13112 2,400 1314 127 13 127 1314 71,700 8 1114 1112 115 115 8 8 113 12 8 12 408 4118 4012 4078 4038 4034 39 8 3912 4018 395 4018 51,200 8 405 •121 124 *12112 124 *12112 124 12112 12112 *121 125 *121 123 100 g *54 55 54% 547 8 547 55 *5414 5612 5412 547 8 55 55 1,300 8314 8114 833* 8112 82% 82 8112 8214 813 8212 82 4 8314 19,600 *985 100 8 *9812 100 *9912 100 100 100 *9912 100 *99 102 100 10 10 912 93 4 1018 10 1018 10 934 93 7 1,700 98 9 4414 4314 44 4512 4614 4518 4638 4518 457 44 8 443 4518 4 8,400 25 2512 255 8 2512 253 4 2514 2558 2518 2514 25 248 25 7.400 98 *9612 98 2 98 *9612 98 972 98 *97 *9612 98 500 31 32 8 318 312 *9613% 318 312 314 314 314 33 8 7,200 33* 1712 18 1714 1714 1712 18 1614 1712 1712 1712 1734 173 4 1,100 9912 98 98 9818 983 4 98 9818 98 98 *98 98 0812 1,200 8 4812 4614 4752 7,000 4618 4618 465 473 8 4 463 4812 4712 4938 47 *34 1 7 1 8 1 1 1 *7 8 7 8 7 8 500 7 8 7 s 3778 3612 3712 3714 373 373 *37 8 8 3714 377 8 365 8 37 3878 4,400 *2612 2712 *2612 2712 2712 2712 *263 28 4 *253 38 4 *26% 2712 100 1393 142 14218 14314 141 14314 140 14012 *13812 14012 13812 1393 4 4,600 42 43% 423 433 8 4134 4212 4155 4314 4234 443 4278 4378 162,700 8 87 8 8714 88 8718 877 8714 8714 8734 8,700 .8612 87 865 873 8 1714 1718 1758 *1714 1712 *1714 1712 *171 1712 2,200 1718 1718 17 *1912 20 *1912 20 1912 1934 195 195 8 8 1038 1938 *1912 20 400 11012 11012 *11012 11114 111 111 *11014 112 110 110 111 111 500 4 8 10912 1097 10912 1095 8 10912 1097 10912 1097 10012 1093 10912 110 8 8 3,700 205 3014 2914 29% 2814 293* 2818 2834 2838 2812 2855 285 8 2 2,200 4 229 2334 23212 236 8 4 233 238 2335 2403 235 2403 22712 236 34,200 0 1017 1017 10114 1013 *101 1013 •101 1017 •101 1017 101 102 8 8 8 8 600 2814 287 8 2812 3178 30% 32% 3012 31 12 31 283 29 8 3q1 121,800 8 10638 1063 10618 10614 1067 1077 1073 109 8 8 4 10812 10812 1073 1083 4 4 2,700 1083 1083 10812 10812 *107 109 4 4 109 109 *109 1097 *109 110 8 400 9318 9318 935 8 93 9412 94 93 943 4 94 9418 933 9334 4,300 4 3 80 78 78 793 4 7618 783 4 77 7812 77% 7812 7818 783 22,100 8 37 312 33 4 *355 3% 314 312 38 *334 4 31 : 312 1,700 707 708 703 7114 71 4 7118 693 7012 *693 71 4 4 *70 7014 3,000 •113 114 *113 115 *113 *113 116 *113 114 *113 114 •17 1712 *17 1758 17 17 *17 1712 1612 1612 *16 17 600 *3 4 *314 4 *314 4 4 312 *314 4 *3 4 *23 8 5,800 50 5114 5018 527 g 5012 5112 503 5052 *5012 5112 5112 517 8 10912 11038 10912 1107 10918 1103 10812 10938 109 11014 10918 1097 19,700 8 4 8 117 117 117 117 *116 117 *116 117 115% 1157 11612 11612 8 400 44.4 12758 3kl4, 1:20 64122 6117: ,731,15: 627,3 7.'7%„viz 7 7 7 61 13 11714.Depee 9 PER SHARE Range for Previous Year 1924. per share 10314 Dec 4318 J8,11 83 Jan 82 8 May 3 754 May 111 Mar 8 5912 Apr le Jan 607g Jan 2 Apr 1e 4312 Apr 8918 Apr 6 Apr 3112 Jan 1151 Apr 8 Higbssi per skate 105 Dee 1311 Dee 4 129 Dec 12 661 Feb 4 1414 Des 80 Nov Jan 84 3 4 Dee 1 797 Dee 8 8 Jan 69.8 Dee 10912 Det 8 2 Dec 7 41314 Nov 123.4 AIM lg May IC' We .86 May 98 Dee 1012 Oct 18 Feb 8 53 Apr 717 Feb 12 2814 Nov 387 Feb 8 Jan 10014 NOT 96 8 Feb 12 418 June 38 Dec 62 Feb No, 6 3812 1814 1011 4 741 Nov 3214 Noy 6912 4 Jan 221 Jan 115% Jan Mal Jan Dee Dec Ifs; Nov 164 Jan 918 June 18 Dee 4 10012 Mar 1081 Sept 8 1041s Apr 1147 Nov 8 4 Sept 2412 Jam 1 112 May 142 Dee 86 Atm 96 1303 _ _ 66 'Le,f Ms July 3 72 May 73 8 Dee 10618 June 115 Jar 1 18 Deo 24 2 Wm 412 Jai 2 Deo 2512 May 34 Dee Jan 9812 Der 61 87 2 Jan 10812 Dee 7 164May 71 June Apr 24'* Des Jan 5412 Dee Mar 146 Des 1 Jan 13 8 Jan _ 7 5 June 18 * Yeee 12 881 July 86 Des 8 441 Jan 901 Nov 4 4 6612 Jan 908 Dee 7 7 Sept 13 2 Jan 12 my 4112 118 918 812 Oct 35123331 92 Feb 8112 Apr 7118 Apr 93 Jan 821 Apr 4 19312 Jan 1012 Apr 553 Oct 4 9518 July 7 Jan 63 Dee 9912 Dee 63 8 Dei 1 100 Dee 160 SW 98 Des 12 322 Dee 1112 AO 667 Dee 2 103 Del 12 "iisi Jac.; 1 - 'l - !! - 31 June 147: Dec 1 99 Jan 107 SW 21 Dec 2712 NO, 8 June 15 Nov 2812 Apr 43 8 No, 7 17 June 88 Dee 7014MS, 92 Dee D i 891 L X:: es 4 en 88 121i Apr 217 Des 8 83 / Oct 967 Dee 1 4 8 10 May 2152 Des 82 May 8914 Feb 411 Feb 81 Sept 4 7 3214 May 52 i Feb 4814 Dec 517 Des 2 35 July 5612 Jan 3112 Apr 88 Nom 61 Apr 8212 Feb . - May 1612 1118 May 5 4 Sept 1518 June 3% Apr Iti- -ffei ITI 41-%iiti (Ift1- :t 3 / 1 4 22 Feb 3 June 83 Apr 6 404 Apr 22 Mar Jan 78 106 Feb Jan 21 91: 1112 May 754 May / 1 34 Apr (2le . i _ Si 7 ar i!i A 11 :ili - .134 jei 4 4 4 33 8 Dec 7 91$ Jan 1187 Dee 8 59 Nov / 1 4 39 De• 11012 D3 11512 Nov 155* D. 7: Dail 2718 Dee 95 Nov i 11514 May 88 Feb 2412 Dec 165* Apr 78 Mar 143 Bent 4 213 May 4 1614 Aug 77 Aug June 3. a 11918 Dee 94 Dee 32 Mw / 1 4 281 Jan 4 108 Deo 27 12 Jan 5258 Dec 383 Jee 2 10212 Feb Ex-rights. Jan 18 1614 Dee 2514 Feb 7 4 Jan* 1 7617 : !.0,.i , 2 2856 New York Stock Record-Continued-Page 4 For sales during the week of stacks usually inactive, gee fourth page preceding. NISH AND LOW SALE PRICES -PER SHARE, NOT PER CENT. Saturday: Dec. 5. Monday. Dec. 7. Tuesday, Dec. 8. Wednesday Dec. 9. Thursday, Dec. 10. Friday, Dec. 11. Sales for the Week. STOCKS NEW YORK STOCK EXCHANGE PER MARE Range for Year 1925. Os basis of 100 -share lots. Lowest per share $ per share $S per share per share Shares. Indus. & Miscall.(Con.) PM' per share $ per share 8 per share 25 1214 Mar 24 2 6,900 Kelly-f3prinefleld Tire 1634 163 8 163 173 8 4 1613 1614 1614 167 8 16 167 8 165 165 8 Do 8% pref 100 41 Mar 25 400 65 65 / 1 4 67 *6512 67 66 66 *6312 67 *6312 67 *63 Do 6% pref 100 43 Mar 25 67 .64 67 *63 / 6612 *64 1 4 *64 6612 *64 67 *64 67 100 87 Aug 4 8,200 Kelsey Wheel, Inc 117 124 *106 110 110 1105 1133 1133 110 110 8 110 110 4 4 No par 4013 Mar 30 543 55 4 / 543 5514 544 547 1 4 4 / 1 544 5418 542 26,400 Kennecott copper / 1 8 3 .534 541 54 / 1 / 4 lk Jan 9 *218 214 218 218 214 2 2 / 1 4 2 / 24 3,500 Keystone Tire & Rubb_No par 1 4 218 218 2 / 1 No par 74 Mar 25 100 Kinney Co 89 *84 .87 88 *84 89 88 *84 89 8414 8414 *84 100 355 Apr 28 400 Krone(8 8) Co 715 715 *700 625 *700 710 700 710 *685 725 *705 71514 200 Kresge Dept Storee____No par 314 Jan 21 *3212 34 *32 / 34 1 4 *32 32 / 325 1 4 8 3212 3212 / 3312 *3212 34 1 4 300 Laclede Gas L (St Louis) I00 11014 Jan 5 •156 160 15812 15812 15612 15612 *156 162 160 160 *157 161 14 1414 14 *1312 1414 1,000 Lee Rubber & Tire_ __ _No par 1152 Feb 20 / 4 14 14 14 141 14 14 14 25 57 Mar 25 1,300 Liggett& Myers Tob new *88 91 89 9112 911 *90 / 4 92 9012 *87 89 89 89 Do pref 100 1164 Jan 16 400 12238 122 / 122 1224 *12212 123 *1223 123 *1223 123 1 4 1224 1227 / 1 4 4 8 / 1 4 / 1 Do "B" new 25 5512 Mar 27 88 873 87 4 887 2 89 873 88 4 / 3,300 1 4 89 / 89 1 4 / 897 1 4 8 8652 88 No par 60 June 23 10,400 Lime Loo Wks 6712 70 68 68 6712 6712 67 67 6612 67 6712 68 / 11,000 Loew's Incorporated_No Dar 22 Feb 17 1 4 39 / 23852 39 1 4 3912 39 39 / 3912 395 1 4 8 3912 40 3914 40 6 Jan 28 No par 7 4 73 3 4 74 7 4 3 3 752 7 / 712 1,700 Loft Incorporated 1 4 Ps 73 4 75 8 7 / 1 4 78 5 / 1 3,700 Long Bell Lumber A_ No par 434 Mar 20 50 * 49 / 50 1 4 503 *49 8 517 8 5078 51 49 50 50 51 Loose-Wiles Biscuit 100 77 Feb 17 •112 121 *112 120 *112 1194 *112 119 *112 119 *112 1194 / 1 4 / 1 / 1 4 / 1 25 30l4 Jan 24 / 1 / 1 36 4 8 364 363 / 1 4 364 37 / 3714 3612 364 19,900 Lorillard 1 4 37 / 3712 353 373 1 4 Do oref 100 1084 Feb 27 •111 117 *11112 115 *11112 115 *11112 115 *112 115 •112 115 4 1714 17 / 1678 173 1 4 165* 168 8,700 Louisiana 011 temp ctfa.No par 13k Aug 26 / 1718 17 1 4 2 16 / 1714 163 17 1 4 2358 23 / 233 23 1 4 2314 2312 2314 23 8 2314 2314 3,600 Louisville G & El A__ ....No par 2318 Dec 2 8 / 2314 233 1 4 4 , No par 314 Feb 17 5514 5652 5512 5612 54/ 56 531 54/ 54 561 5534 5734 27,900 Ludlum Steel / 4 1 4 / 4 1 4 Mackay Companies 100 114 Mar 20 •130 136 *126 135 *131 135 *13114 13512 *13114 13512 .125 135 44,200 Mack Trucks, Inc No par 117 Jan 16 21612 21812 21612 219 21212 21512 212 214 8 216 2183 21412 218 Do 1s1 prat 200 100 104 Jan 27 11012 11012 .110 11012 *110 11012 *110 11012 11012 11012 *11014 111 Do 223 pref 100 99 Jan 2 *10512 1063 *10512 10512 *10514 10614 *10512 10612 *10512 10614 *10512 10614 4 1,200 Macy(R H)& Co.Ino_No par 694 Jan 3 8 105 105 104 105 *103 10412 1047 105 106 106 *10412 106 8 4,300 Magma Copper No par 34 Mar 31 / 1 43 / 43 1 4 4312 42 / 43.2 43 1 4 43 / 434 433 1 4 / 43 431 43 1 4 / 4 2314 4,700 Mattison (H R) & Co_No par 2114 Dec 1 2214 2218 2212 2212 2318 23 2238 22 22 22 / 22 1 4 5212 1,100 Manh Elec Supp tern otts No par 32 Mar 21 *52 53 *51 , 52 5112 527 8 5218 521s 52 2 5212 *52 8 3.400 Manhattan Shirt 25 2014 Mar 16 32 / 33 1 4 / 334 3314 337 1 4 / 1 / 33 1 4 / 33 1 4 / 3312 34 1 4 33 / 33 1 4 / 33 1 4 3324 3353 1,100 Manila Electric Corp__No par 281/ Mar 5 36 *34 3412 *34 *35 38 34 35 33 34 8 4,300 Maracaibo Oil Expl___No par 203 Sept 29 s / 1 253 2512 2514 253 2 / 4 4 253 2512 244 2514 241 2512 2514 255 2 4 No par 3253 Mar 30 5912 6012 587 597 59 58 581 581 583 / 4 / 4 4 5818 583 112,200 Marland Oil 8 8 58 / 20 1 4 2912 1,000 Marlin-Rockwell No par 103 Mar 13 3 8 .287 29 *29 30 2912 29 29 29 2912 29 1913 Aug 31 22 22 22 211 2118 2114 2114 2112 2112 2112 2112 1,000 Martin-Parry Corp _ _ _ _No par / 4 22 4 / 1 87 01 954 9414 953 14,000 Mathieson Alkali Wkstemat50 51 Jan 6 88 92 90 / 92 1 4 8 88 8712 877 1354 13512 135 135 / 1 / 136 1375 137 13812 13,600 May Department Stores.,.. 50 101 Mar 23 1 4 135 137 8 13518 136 800 McCrory Stores Class B No par 79 Mar 17 4 1193 1193 4 11812 11812 *118 120 120 120 116 11712 120 120 / 1 4 8 2,900 McIntyre Porcupine Mines...5 16 Jan 2 223 22 22 22 22 *217 223 *22 8 2 2214 2218 223 8 22 900 Metro-Goldwyn Matures pf_27 18 Jan 3 3 *2212 23 *2212 2312 224 225 / 1 8 2212 2212 223 2212 23 23 18,900 Mexican Seaboard 011 No Par 9 Dec 8 / 1 4 9 / 9 1 4 9 93 10 4 9 / 98 1 4 5 107 11 2 105 10% 103 8 4 123 17,000 Miami Copper 3 8 May 12 6 1112 111 113 116 4 111 1214 12 / 4 / 4 8 / 4 8 8 113 1112 111 113 30,100 Mid-Continent Petro_ _No par 25 4 Aug 19 3 8 / 36, 1 4 2 355 36 36 / 37 1 4 8 353 3612 35 4 / 367 1 4 3612 367 8 35 118 10,500 Middle &atm 011 Corp _ _ 10 1 is Apr 16 1l 118 1 18 118 1 118 1 118 11 / 114 4 100 96 Jan 2 13014 13014 1,200 Midland Steel Prod pref 8 / 133 134 1 4 1362 1363 136 13714 133 136 4 1347 134 / 1 4 4 8 100 04 Apr 17 / 4 7912 797 8 7918 8112 80 8312 8114 841 8112 831s 28114 827 30,900 Montana Power 8 / 803 1 4 79 / 8012 80 1 4 / 807 1 4 8 79 4 7958 807 59,000 Monte Ward & Co Ill oorp__10 41 Mar 30 811 8012 813 4 79 / 4 4 No par 224 Mar 19 36 2 8 354 363 17,500 MOOD Motors 3612 3512 3612 3512 361 3412 3512 353 353 / 4 6 May 4 7 / 1 4 7 / 7 s 2714 712 5,500 Mother Lode Coalition-No Par 1 4 73 4 7 7 / 74 1 4 3 712 75 8 73 7 , / 1 4 No par 40 Nov 10 / 43 1 4 / 3,400 Motor-Meter A 1 4 / 1 *43 / 4212 4312 434 4312 43 1 4 / 4 433 8 43 431 4234 43 No par 18 Apr 9 31 4 3132 , 3112 23014 303 s 3018 3012 7.10(1 Motor Wheel 30 / 313 1 4 8 3112 3134 31 1912 6,800 Maine Body Corp_ __ _No par 13 Aug 26 / 19 1 4 / 194 19 1 4 / 1 8 1814 19 19 183 4 MI 187 187 8 19 300 Munsingwear Co .3314 34 No par 301s Apr 23 3312 3312 3312 3312 *3314 344 *3314 34 . , 3414 33 4 1,000 Nash Motors Co No par 1934 Jan 5 44712 450 *445 452 *459 460 450 450 461 461 453 462 34 100 Do pre( 100 103 Jan 21 *106 10618 •105 106 *1055 106 / 1 4 *106 10618 *106 107 8 44 Mar 24 _10 1018 1,500 National Acme stamped 10 *97 10 8 9 / 10 1 4 *10 1018 *10 101s 4 93 4 93 25 65 Apr 29 7118 3.700 National Bleoult 7014 71 / 701 70 1 4 / 4 7012 71 7012 7112 7018 70 / 71 1 4 100 Do pre( 100 1234 Mar 11 •126 127 *126 127 *126 127 *126 127 126 126 .12312 127 100 654 Mar 5 7412 7334 7412 4,800 National Cloak & Bult 747 8 74 73 73 74 73 7412 73 / 75 1 4 200 Do pref 100 99 Jan 13 O99 100 *9912 100 2 *100 101 99% 997 100 100 *993 10014 4 , 8 743 76% 27,500 Nat Dairy Prod tern °MN° par 42 Jan 2 4 76 78 75 7658 74 7814 77 78 7818 76 / 4,300 Nat Department Stores No par 3813 Jan 2 1 4 8 4212 424 4212 42 / 1 4212 425 8 42 / 427 1 4 8 8 425 42 / 433 1 4 / 42 1 4 Highest PER ELI digit Range for Previous Year 1924, L01061a Per share 8 per share 21138July 3 94 June 74 July 8 33 June 72 July 3 AO June 124 Dec 11 76 May 59 Nov 6 14 3412 Jan 312July 16 112 Oct 524 May 100 Oct 15 800 Oct 13 28713 Jan 4534 Jan 7 424 Nov 79 Jan 178 Mar 31 19 Oct I 8 May 92 Dec 4 50 Mar 123 Nov 19 1147 July 4873 Mar 897 Dec 4 2 58 June 743 Jan 14 2 154 June 443 Nov 7 4 812 Apr 912 Apr 6 53 Sept 19 140 Nov 4 16- Mar 83as Dec 4Sept 25 393 116 Aug 26 112 Nov 234 Feb 3 Ms July 23 5734 Dee 11 Oct 17 Jan 141 Sept 23 107 754 Apr 242 Nov 2 9512 Jan 113 Aug 17 87 Apr 108k Aug 7 59 May 112 Oct 15 2614 June 40 Nov 6 18 Mar 374 Jan 23 3314 Mar 59 Mar 10 2612 Dec 347 Nov 12 2 283 Dec 4 494 Apr 24 244 Oct 3512 Jan 31 29 May 6018 Dec 5 Jan 8 327 Oct 30 2 3112 Nov 371g Jan 7 957 Dec 10 29 May 62 824 Apr 138 2 Dec 11 , Oct 88 139, Oct 16 1454 Dec 224 Oct 28 15 Sept 2412 Nov 16 144 Jan 2212 Jan 6 20 May 244 Jan 13 _ 38 Nov 14 1 Aug 314June 6 9112 June 147 Aug 10 6114 June 99k Aug 6 213 May 4 8212 Nov 13 42 Nov 2 174 Oct 912 Jan 2 May 44k Oct 8 _ 35 June 29 9 Mar 2112 Feb 20 2912 July 35 July 23 9613 Apr 488 Oct 5 984 July 107 July 15 4 10%July 24 33 Oct 5014 Mar 77 Oct 15 12812May 9 1204 Jan 44 June 84% Oct 111 9113 Mar 104 Jan 29 304 Apr 81k Nov 5 364 Oat 45 May 12 921 June 2 100 Do pref 100 96 Apr 15 102 Jan 2 98 *97 08 *97 9712 07 *97 98 1 197 98 97 *97 313 4 3,500 Nat Distill Products_ __No par 30 Apr 9 434 Oct 26 / 4 3212 317 3212 311 8 3312 33 / 32 1 4 32 33 / 33 1 4 33 801, Aug 4 1,300 NatDistil Prod pf tem at No par 5213 Jan 8 81 Oct 2 4 4 723 723 73 / 73 1 4 / 7312 74 1 4 / 723 1 4 74 74 18 727 73 .72 8 1812 Sept 3512 3612 1,600 Nat Enam & Stamping_100 25 Apr 30 39 Aug 29 36 36 36 3612 *35 3812 37 3612 3612 *35 67 Sent 4 100 o pre 100 75 June 22 893 Jan 12 00 *88 89 *88 90 89 *88 *8812 90 90 *8812 90 4 100 13814 Apr 27 1743 Nov 7 1234 Apr 164 164 16512 16612 x164 16412 3,200 Natlomil Lead 16414 16414 16418 165 165 169 1163 11653 8 200 Do pref 100 11412Sept 2 119 Sept 18 1114 May *11614 1173 *11614 1174 *11614 11714 *11614 117 •11614 117 4 6413 Oct 5714 5724 5724 1,700 National Supply 50 5518 Sept 24 71 Jan 29 56 56 56 523 563 5714 5712 5712 *57 8 115 Jan 2 / 7,400 Nevada Consol Copper..__ 5 1134 Apr 27 1633 Jan 7 1 4 1314 13 / 13 1 4 / 13 1 4 1318 1318 1312 1314 1318 1314 1318 1314 3012 Apr 2,100 NY Air Brake tern ctfa_No par 3112 Oct 17 564 Jan 3 4 37 37 37 37 3612 3612 3612 363 4 357 3612 353 36 474 Jan Do Class A par 51 Mar 19 67 Jan 7 1.400 56 *55 553 553 553 4 4 56 4 553 553 56 4 4 55 / 55 4 5 1 4 3 6 82 tine 2 Dec 8 4 N 713 74 4 7312, 753 4 3 4 74 757 s 7312 747 7353 8 7312 741/4 7314 742 41,600 NY Canners temp etfs..No parar 313 Mar 30 757 Nov 13 19 Jan / 4 100 18 Mar 24 4514 411 1,700 New York Dock 41 *40 41 42 417 411 41 / 4 4212 *4112 4212 41 8 4112 Feb 600 Do pref , ..100 5212 Jan 14 76 Dec 11 4 7512 743 76 *70 75 76 *71 76 .7212 76 76 *72 27 June 200 Niagara Falls Power pt new.25 27is Oct 8 29 Jan 12 4 *273 28 4 / 2818 *273 2818 1 4 28 28 273 273 *273 2818 *27 4 4 4 22 Jan 10 414 Jan 5 75 Oct 27 66 / 6712 67 1 4 / 4 68 67 6818 66 67 / 66 661 6614. 6718 39,400 North American Co 1 4 437 Jan 2 900 Do prat 50 4683 Jan 2 5012Sept 12 4912 498 493g 4914 4012 49 8 49 49 4912 493 4932 *49 7 Apr 8 Jan 16 1812 Nov 18 500 Nunnally Co (The)----No Par 8 *17 171 174 1712 *17 / 4 / 1 1712 1714 1714 *1614 1712 1628 163 44 Mar 613 Jan 22 11 Oct 30 700 Ontario Silver Min new No par / 1018 1 4 4 *9 *9 / 103 1 4 4 *33 103 .9 93 4 93 4 4 / 10 4 1 4 3 95 * 04 18 May 39 Dec 7 183 Jan s 900 Onyx Hosiery par 37 37 38 *37 373 373 4 38 4 38 39 38 384 *37 N 50 / 5012 4912 4912 1,000 Oppenhelro.CollIns&CoNO par 4114 Aug3i 53 Dec 1 1 4 51 51 50 *5013 5112 *9012 5112 51 Feb18 1 2534 Jan 16 32%July 30 6858 June 2912 2918 2918 1,100 Orpheum Circuit, Inc 2912 2938 2938 2934 *29 2912 *29 2912 *29 4,810 Otis Elevator (k) 50 8753 Feb 27 1404 Aug 21 131 132 •129 130 12912 12912 12914 1293 12912 13112 130 131 4 (114 Nov 8 Mar 18 154 Aug 28 No Par / 2,500 Otis Steel 1 4 4 1212 124 123 12 4 / 1 1272 1314 13 / 123 1 4 1258 123 13 4 12 44 Oct 8 1,600 Do pref 100 5014 Mar 18 974 Aug 28 / 883 *887 89 1 4 4 80 90 88 9014 91 01 91 91 91 3914 May 8 4 67 67% 3,500 Owens Bottle 25 423 Mar 17 693 Nov 13 67 6714 67 68 68 67 4 67 / 6812 6712 673 1 4 9014 Jan 100 10212 Jan 5 1374 Nov 4 4 9,500 Pacific Gas & Electric 133 1333 13312 13412 133 134 4 / 1 132 1323 13314 1354 133 1333 4 45 Apr 6038 35.000 Pacific Oil No Par 5132 Aug 18 654 Jan 81 6014 60 4 8 60 6012 6114 6018 607 8 5978 60 / 593 603 1 4 cas May 10 15 Jan 16 4813 Nov 12 / 4 4 8 393 403 8 401 4038 45,300 Packard Motor Car / 4 381s 39 4118 411 4012 413 / 3912 41 1 4 32 Oct 24 2MaY 8 273 28 4 2714 2833 39,800 Paige Oct Motor Car...No par 173 4 , 4 / 293 1 4 8 273 283 25 / 2512 2512 283 1 4 4 27 44I Feb 10,500 Pan-Amer Petr & Trans_ 50 5922Sept 3 83k Mar 3 743 75 8 8 / 745 75 1 4 / 1 8 744 75 75 2 753 3 4 7512 7612 7512 765 4114 Feb Do Class B 50 604 Aug 27 8413Mar 3 76 / 7712 7612 7712 128,800 1 4 / 79 1 4 / 7612 78 1 4 774 7812 78 7914 77 14 Sept 614 Dec 4 214 ADD 28 / 11,100 Panhandle Prod & Ret_No par 1 4 412 4 412 5 4 / 434 1 4 8 414 47 4% 5% 4 / 5s 1 4 3 24 Sept 2938 2,700 Park & Ttlford tern ctfa_No par 25148cpt 8 354 Jan 10 2814 2814 2814 2812 2812 *28 2814 28 4 28 28 28 , 1714 Nov 6 28 Apr 14 par 184 183* 1,100 Penick & Ford 1018 1918 1812 19 •19 / 19 1 4 / 1814 1938 •1834 19 4 1 4 , 2 124 Apr 29 263 Jan 2 200 Penn Coal & Coke 16 16 17 *15 15 15 17 *15 • 14l2 17 •15 17 3 Jan 9 112 Oat 1 Aug 12 N a 212 55,000 Penn-Seaboard vto /Voo W 21 t 214 212 238 2 / 1 4 212 23 212 21 212 2 4 / 1 4 / 4 9234 Apr 1,100 People's0 L& C(Mei-100 112 Jan 16 123 Oct 16 11814 11814 11814 11814 11812 11812 118 118 11812 119 *118 119 4272 May 65 6614 6538 6612 66 664 27,600 Philadelphia Co (MUD) 50 514 Mar 18 6714 Dec 8 6314 64 6714 6312 65 / 65 1 4 344 Mar 8 423 8 4212 447 38,300 Phila & Read C & I __No par 37345lay 6 6213 780 9 4112 4118 42.2 42 4112 41 411 411 41 / 4 / 4 35 Mar 4412 800 Certificates of 1nt_No par 38 July 11 504 Jan 23 423 4 4114 4112 *44 4112 *42 *41 *4012 42 *41 42 64 May 300 Phillips-Jones Corp ____NO par 51 Nov 16 904 Jan 12 5912 •55 56 56 58 *56 •56 59 5912 59 59 59 11 July 2012 2,400 Phlillp Morris & Co, Ltd.. _10 124 Mar 19 2514Sept 1 20% 20 *205 2114 205 21 8 204 20 / 1 8 / 2018 2028 *20 1 4 284 Oct 66,300 Phillips Petroleum No Par 3614 Mar 30 474June 12 8 4 / 445 4472 4412 45 1 4 4418 4414 4418 4514 4514 45 / 443 45 1 4 ale May g / 1 / 3514 361 3512 364 61,600 Pierce-Arrow Mot Car_NO Par 107 Mar 30 4734 Oct 29 1 4 / 4 36 3712 3612 3812 374 3918 3512 37 184 May 7,000 Do prof 100 43 Mar 24 100 Nov 4 913 *9112 92 4 4 91 91 4 9112 91 , 94 93 943 8 9214 933 5912 June _ ___ Do prior prat No par 85 Mar 18 102 Sept 14 14 34 113 Apr 6 25 2 - -- i 2422 . 13 8 --14 --1.12 *2212 -1 _ 4- 000 Pierce 011 Corporation 100 22 Nov 12 40 Feb 26 20 Mar -112 112 15* 14 3Nov 5 Feb Do ref 25 24 *24 *24 25 *23 25 248 248 24 45 Dec 11 a 84 Feb 5 43 Oct 2 10,900 Pie ce Petrol'm tem ale..No par 44 5 / 1 5 518 518 518 518 518 518 43 4 5 51 / 4 477 Dec 2 4012 1,900 Pittsburgh Coal of Pa 100 374MaY 2 5412 Jan 13 39 / 1 39 39 3814 38 4 *384 39 *38 4 40 3 3814 39 , 9472 Aug 400 Do pref 100 80 May 4 99 Jan 5 83 834 83 .8312 86 8314 8314 '83 83 95 Jan 100 Pittsburgh Steel pref 100 94 Mar 26 10213 Jan 8 *96 100 .96 .100 *96 100 *9734 100 5418 55 55 5658 900 PItte Term Cos, 887 Dec 2 100 30 Apr 27 834 Jan 17 55 55 *85 58 56 *55 50 *55 1 9 2 Jan 7 / 1 4 2,600 Pittsburgh Uttilttes pref.__ _10 12s Mar 24 17 June 25 1512 1512 154 153 •143 15 4 15 15 1538 153 4 15 4 153 3 4 100 Do pref certlficates.. _10 124 Mar 20 16 June 26 Ills Feb 1412 1412 1514 *14 15 1512 *14 *14 1512 .14 1512 *14 4812 Apr 91 017 53,900 Pstcar new _No par 6453 Nov 18 96 Dec 7 8 Post'm Cer Co Inc 91 9478 8918 9212 8912 93 87 / 90 1 4 91 96 39 Aug 100 45 June 25 69 Jan 23 24 *56 58 56 56 57 .57 *553 57 4 67 Aug 100 764 July 9 9211 Jan 3 .8114 8214 8114 8114 *8114 8112 8114 8114 223 Apr 4 143 4 3,600 Producers & Refiners Corp_ 60 1212 Aug 26 324 Feb 8 8 14 15 / 16 1 4 1434 1312 14 / 1514 1458 144 •1414 143 1 4 / 1 8014 10,700 PubServOorp of NJ nowNO Par 62153 Mar 30 87s Aug 5 39 Mar 8012 80 79 SO 80 795 805 8 8 80 80 80'4 801 200 100 99 Jan 7 106 Nov 18 9613 Mar Do 7% pref . 10312 10512 105 1054 *10312 10912 *10312 10914 *10312 105 .10312 105 / 1 9914 Apr Do 8% pref 100 10853 Apr 1 119 Oct 14 •115 1 1853'115 118 *11624 118 *11614 118 *11614 118 *11612 118 4 100 129 Mar 30 17313Sept 17 1134 Apr 16112 1633 19,400 Pullman Company 1597 16014 16012 16212 15112 16278 160 16112 16014 163 4,500 Punta Alegre Sugar 39 ao 33 July 23 474 Jan 7 3732 Dec 40 4 39 403 8 40 393 39 4014 40 4012 3914 397 D0 8(The 25 2512 Aug 13 334 Feb 20 June 4 4 293 304 134,700 Pure 011% pref 26 4 274 263 27 3 4 ) 2634 27 / 271s 2812 2812 293 1 4 92 Jan 100 10213 Jan 5 108128ePt 9 *10712 108 .10712 108 .10712 108 *10712 108 *105 108 *106 108 25, Oct 4238 4314 423 45 4 454 48 4432 4514 4518 468 61,600 Radio Corp of Amer---No Par 394 Nov 21 7773 Jan 2 4 3 / 1 4414 46 454 Oct 2,800 46 Do pref . 50 4513 Oct 28 54 Feb 4 / 46 1 4 46 46 46 46 457 45 s 457s 46 46 46 • Bid and asked prices, no sales on this 887. x Ex-dividend. a Ex new rights. a No par. e Ex-rights. k Trading on New York Stook exchange because of small amount of stook outstanding. NI, *111, Ni2 i2TVOrr 4 11 0 F'4 U 1'Igg 7': , i HigAssf 11 Per DUN 35 Jan 88 Jan 784 Jac 104 Dee 67% Dee 45 Jet 864 Dee 4754 Doe 62k June 113 NOT 174 Jan 681 Dec 4 121 JUDI 88 De. / 1 4 71 Dot 25 Dee 8 4 Jan 3 84 iii; 401 July 4 117 Fat 814 15;1; 119 Au 118 3 Dec 1 1074 Dee 10154 Dee 714 Dec 455 Dee 2 4113 Dec 494 July 64 Jam 3112 Del 874 Jag 62 Feb 175 Mao 4 374 Jan 883 Dos 4 115 Du 1064 July 184 Jay 19 Des 251 Sent 4 25 Apr 67 98 744 0113 2713 94 Jail Noe Dec Dec FM Felt 181, Wei 894 Jas 204 Des 1044 Nov / 1 104 las 771 Sept 4 1264 Du 7072 Des 1001 Des 2 4414 Dee 63 Jag 101 Dee 84 Des 44% Jan 89 its 1694 Aug 118 Sept 7213 Pet Hat Del 57 Des 57 Du 37 Dee 3712 Ma.7 5514 May 29 Rem 45 Des 504 July 911 Des Oel 80 Jas 29s "ffe; 92 117 2 7413 4 471 4 105 5814 1613 Dee Jan Mae Jan Del Feb Des "isif Des 5414 Des 412 Jan 354 Dee 414 Jan 11912 Dee 574 Des 544 Des 523 July 3 88 July 2314 Jan 624 Apr 16 Dee 54 Dot 98 Dee 44 Jan Jan 36 54 Dec 6314 Mar 100 Apt 103 Atm 633 Dee 4 1653 Dec 1618 Dec 10313 Dee Jao 02 90 Feb 4353 358 70 Dec 10114 Dec 115 Dee 1513 Dee 2 6743 Mae 304 Dee 10514 Del 864 Dec 50 Go' suspended New York Stock Record-Continued--Page 5 2857 For sales during the week of stocks usually inactive, see fifth page preceding. PER SHARE PER SHARE Range fo Previous Range for Year 1925. STOCKS Salsa -PER SHARE, NOT PER CENT. HIGH AND LOW SALE PRICES Year 1924. On baste of 100-share tots NEW YORK STOCK for EXCHANGE the }Watt, Tuesday, Wednesday, Thursday, Monday. Saturday. Highest Lowest Highest Lowest Week. Dec. 11. Dec. 10. Dec. 9. Dec. 8. Dec. 7. Dec. 5. per share S per share 3 per share $ per share . Rai wa & l spll. (Con.) Par share Shares. ledlu ay stre scering per share $ Per share 5 per share S per $ per share $ per share 100 12212 Feb 17 182 Nov 12 106 Jan 13712 Dee 900 170 170 170 170 16978 170 *169 170 171 171 171 171 30 Jan 334 Nov No par 3334 Nov 23 39% Aug 5 100 Rand Mines, Ltd 34% 341 *3412 35 36 *3434 35 *331 35 *333 35 *34 9 Mar 174 Dec Consolidated Copper_ 10 1133 Apr 22 17% Feb 9 8 4 1214 123 4 1212 1234 123 1218 1212 1253 1212 1233 14,100 Ray Ice Cream 1233 123 No par 43 Oct 1 60 Oct 29 4 573 5814 5912 5978 5,000 Reid 5834 5912 .563 563 "Jilt 4 5712 594 598 60 8 Oct No par 10 May 16 281* July9 4 1,300 Reis (Robt) & Co 1858 1833 1818 183 1012 *1812 19 191 1912 19 1914 19 4 324 Jan 5412 Dee p pref t Typewrtter---100 4634 Jan 27 1173 Dec 10 D o 110 11034 110 112 109 11012 110 1117 110 1173* 11412 11712 18,900 Remington 904 July 9934 Dec 100 100 Jan 2 10912 Oct 23 1st 100 •10814 110 *10814 110 4 .106 110 .106 110 •108 110 107% 1073 901: May 110 Dec 4 100 1043 Oct 10 11312 Apr 29 Do 2d pref •106 110 .106 110 •108 110 *108 110 •108 11014 .105 110 7% June 2314 Nov No par 1258June 12 2314 Jan 13 Replogle Steel 1514 1514 1513 1512 157 1512 158 1513 1534 1514 15% 593 1514 6058 6158 7,200 Republic Iron & Steel 42 June 83% Dec 100 421g Apr 30 64% Jan 3 48,200 618 3 617 5718 59% 5813 5978 59 58 59 82 June 95 Mar 100 84',July 7 95 Jan 13 Do pref 94 1,300 94 94 94 9314 94 9313 94 93123 9318 934 937 9% May 2234 Jan 18 Jan 5 8 July 2 No par 1014 1014 1014 1033 1013 2,200 Reynolds Spring 1033 10 10 10% 1012 1018 105 793 D60 6158 6,400 Reynolds(HI)Tob Class B 25 7214 Mar 24 9534Nov 23 11514 Mar 121 8 June 93 93 9273 93 9273 93 927 93 9234 93 4 923 93 Mar 11973 Jan 8 122 Apr 29 100 Do 7% pref •121 1211 .121 1214 •121 12112 *121 12112 .12118 12112 .121 12112 86 Mar 96 Sent 25 85 June 25 9712 Feb 20 800 Bowls Insurance Co 8912 .88 8912 88 . 8912 88 *88 88 .88 40% Sept 5912 Feb 8812 88 88 5738 Jan 5112 5513 548 5518 9,600 Royal Dutch Co(N Y shares)_ 4814 Mar 24 5212May 31 4 5418 543 8 8 4 4 543 55 543 5518 545 543 22 Jan 457 Dec 25 10 355g July 1 445 447 7 4,600 St Joseph Lead 4 468 46g 463 4712 46% 4733 z4413 4534 4434 44 32% Jan 88% Dec 8112 8212 5,700 Savage Arms Corporation_100 4812 July 15 10838 Mar 3 8112 80 8 1 3 8053 81'8 803 813 3 8014 8118 803 811 par 1013 4SePt 3 134% Dec 7 96% AP 129 4 Aug 13112 13214 13212 13313 42,700 Schulte Retail Stores-No 4 1313 1343, 13312 1347 13112 134% 13012 133 4 100 110 Jan 6 118 Aug 21 105 May 1123 Dos 400 Do pref 114% 116 4 •I15 1161 .11514 116 •11514 1153 1153 11538 *11514 116 No pa, 134 Nov 27 1634.1une 22 14 14 1,200 Seagrave Corp 1334 14 .1312 14 14 *1313 1312 133 •1314 131 100 14712 Mar 30 233% Nov 10 Ws:May 156 '15i3O Roebuck & Co 228 228 226 22714 228 23012 12,500 Sears, 225 2261 227 230 2283, 231 8 July 4 Apr 7% Jan 3 54 Apr 22 300 Shattuck Arizona Copper- _ 10 4 8 7 612 612 .812 63 .63 612 61 4 *612 63 .612 52 No par 4018 Mar 30 92 Aug 6 72 7112 73% 4,400 Shattuck (F 0) 71 3 723 7233 • 71% 7133 7014 72% •70 72 13 .Ku; 42 )5e; Trading_ £2 3934June 3 46% Dec 7 - - 4614 4614 1,100 Shell Transport et 4633 463 .4612 47 4658 477 4611 477 46% 463 . . 4 153 July 2211 Dee 3 2158 Aug 12 283 Feb 4 No pa 261 x2578 2614 2553 26 46,600 Shell Union Oil 2618 263, 26 261 26 25% 26 911: Jan 994 Dec 100 9912 Jan 2 108% Nov 5 Do pref 1,000 •104 1041 10412 1041 .10412 104 *10412 105 .104 10412 •104 1041 1033 Jan 24 Dec 3 2634 Jan 12 10 1734Sept 2318 23 23% 8,500 Simms Petroleum 2312 23% 23 2312 23 237 2334 237 2353 22 Apr 37 Dee par 3114Mar 17 5452 Nov 2 527 7,400 Simmons Co 5234 533 3 52 3 5233 5312 5233 53 534 533 52% 531 15 July 274 Jan 17 Jan 6 24% Feb 2 N 2014 2058 30,300 Sinclair Cons 011 Corp_Noo 3 2012 207 8 2038 203 2112 21% 2033 213 2113 213 75 Oct 90 Jan 3 4 100 783 Jan 2 94% Feb 8912 89t Do pref 891 300 90 90 .8914 90 .89 90 90 .89 90 174 July 29 Feb 25 2134Mar 30 3212 Nov 14 3118 311 27,600 Skelly Oil Co 303 3013 3112 3014 31 31 31% 3113 311 31 14312 Dec 8 42 May 8478 Dee 8014 13812 14312 134 139 z136 1381 13713 1371 11,300 Sloss-SheMeld Steel & Iron 100 62 Mar 3n 94% Dec 3 58 Oct 9578 Mac 139% 1403 139 142 Jan 6 1,400 South Porto Rico Sugar._ _100 9312 931 921 93% 9312 9212 931 z92 9212 921 93 93 1312 Dec 10 24 May 2R No pa 1312 131 •1313 14 500 Spear at Co 1412 .1312 14 14 •1412 154 1412 141 1 / 100 7913 Aug 31 92 May 19 Do pref 100 *7913 807 •79% 81 8012 8012 .791 81 : 75 June 20 Dec .8012 81 .8012 81 ups Feb 17 36sSept 23 No pa 261 2558 26 3,000 Spicer Mfg Co 26 268 27 2718 2733 271s 273 27 27 78 July 9814 Dec 100 92 Apr I 108 July le Do pref •102 10312 .103 1031 .102 10312 *102 103 .102 104 *102 104 31l May 41% Dec 4014 Jan 2 61 Oct 18 8 8 9,500 Standard Gas & El Co-No pa 5712 533 3 575 57% 575 58 57% 5712 585 5713 573 3 57% 3June 18 39'z May 73% Dee 100 62 May 19 807 76 761 7518 76 • 1,300 Standard Milling 754 7633 75 75 76 76 7512 76 70 July 85 May 1011 81 Jan 20 8633June 12 86 84 Do pref 86 • 86 .84 86 .84 . 86 •84 86 *84 84 5513 Apr 13812 Jon 7 5414 551 12,200 Standard 011 of California_ 25 5113 Aug 13 8714 Feb 2 5512 551 4 5514 55 5514 553 4 55% 5612 553 56% 33 May 4214 Jan 4358 51,000 Standard 011 of New Jersey 25 383s Mar 30 4713 Feb 3 43 3 43 4414 4333 4353 42% 433 4412 437 443 44 Aug 3 Do pref non-voting_ - _ _100 11614 July7 119 Feb 24 115 4 Mar 11918 June 11718 11714 1178 1172, 11738 11733 11738 11712 2,500 11678 117 117 117 1315 Oct 3514 558 Aug 31 16 Jan 16 73 7 7 7% 713 1,800 Stand Plate Glass Co_ No par 7, , 78 738 .7 , 7 8 718 5513 Apr 654 Nov No par 8214 Mar 25 78% Oct 13 79 400 Sterling Products •78 4 763 78 4 3 4 7634 763 7614 7612 .7634 77 *7614 77 481: July 10078 Jan -Warn Sp Corp-No par 54 Mar 18 89% Dec 11 8938 96,200 Stewart 88 86 8812 8634 88 8438 83 8412 85% 88 83 541: May 84% Jan 18 895 Oct 27 80 79 37712 7712 1,200 Stromberg Carburetor_No Par 61 Mar 28 6858 Nov 2 78 , 80 • 80 7814 78% 7833 80 78 3012 May 4814 Dee 8 (The)newNo par 4114 Jan 57% 45,900 Studeb4Corp 5718 57 4 5618 5714 5714 4814 567 578 56 .5614 563 100 112 Mar 13 125 Bent 29 109% Nov 115 JaD Do pref 4 4 .120 1243 .120 1243 •120 124 .120 124 *120 123 .120 123 6 Nov 12% Dec 3 Oct 15 12 Mar 6 No par 314 2,400 Submarine Boat 34 313 34 34 318 3 318 318 318 *318 314 238 Jan 818 Aug 618 Feb 9 212 Dec t, par No 10 212 234 212 212 4,500 Superior 011 213 2% 212 238 24 278 212 2 4 3 23 July 35 Dec 20 May 1 4138 Jan 10 24 Superior Steel 28 *23 28 .23 24 *23 28 *23 .23 28 23 . 1% Sept 3 Jan 5% Mar 19 1512 Oct 28 50 12 12 1,400 Sweets Co of America 1314 4 1312 1412 *11 1412 1412 .1414 1412 1413 143 20% Sept 18 14 4,000 Symington temp etfa_No par Ms Jan 1 13% 137 3 14 133 3 1318 14 13 13 1312 1314 137 20% 2012 700 Class A temp ctfs---No par 20 Aug 19 2648ept IS *2012 21 8 8 207 2073 205 2033 2012 2012 .2014 21 .i113; 143* 1:•;; 14 • 14 14 200 Telautograpb Corp-__No par 11 Aug 14 1614Nov 7 14 15 .14 15 15 •14 14 .14 •14 934 Jan 16 Dec 7 4 63 Mar par 7% Apr 1514 1412 1518 104,700 Tenn Copp & C 147 153 4 15 1512 157 16 15 1412 15 37% June 45% Jan 3June 12 543 5 N a 52% 25,600 Texas Company (The)_-o 2r 42% Jan 8 52 523 3 524 5233 42 5212 527 523,53 523353 5714 AP 110 Dee 10 9712 Feb 1 12112 Nov 7 29,600 Texas Gulf Sulphur 8 115 1157 11534 118 s 11414 116 11414 1157 1153 11612 11513 116 8 Oct 1514 Feb 8 233 Feb 6 1514 153 4 1538 157 10,400 Texas Pacific Coal &Oil- 10 10% Aug 2 1633 153 1614 1514 16 1618 1614 18 100 3012 Aug 17 36% Dec 1 11614 Oct 151 Feb 8 5.900 Tidewater 011 3613 355 3613 35% 351 3 3614 35 4 3614 36 3534 36 36 Jan 3112 May 41 5938 Oct 30 3 4 52% 5318 5312 563 22,000 Timken Roller Bearing-No Par 3734Mar 18 10134 Nov 20 533 53 534 54 7 5312 5414 5712 53 52 Apr 73% Dee 100 70 Jan 2 95 9518 26,600 Tobacco Products Corp 9812 93% 95 7 94 9512 961 9333 98 95 95 8314 Mar 9312 Oct 100 934 Jan 2 1105 Nov 27 3 Do Class A 106 10612 10614 1063 107 107% 4,800 10533 10613 10518 1041 10512 107 578May 9 614 Jan 34Sept 26 % 3 Apr 44 41 31,200 Transe't'IOU tem ctfnew No pa 414 412 44 412 4% 4% 412 4% 412 4% 283s Oct 35% Ja0 2612 200 Transue & NVIlliams SO Nova x25 Oct 3 35 Jan 10 27 .26 26 .26 26 27 27 *26 27 .26 .26 361, Sept 43 Jim 384 Mar 26 8514 Nov 2 Typewriter__ 2 57% 5814 5714 58% 8.500 Underwood 5714 58 5773 581 56% 577 5812 57 7634 773 14,800 Union Bag & Paper Corp__100 36 Apr 1 88 Oct 23 3312 Sept 6453 Feb 76% 777 781 77 777 77 77% 7833 77% 781 35 Nov 39 Nov 8 33 Oct 19 433 Feb 5 2 8,300 Union 011, California 8 35% 3618 3512 36 361g 363 361 36 36 363 3 3614 361 94 Jan 13278 Seim ' 100 118 Sept 2 134 June 19 12512 12513 •127 129 200 Union Tank Car 127 127 *127 129 •127 129 •127 129 1110 11314June 17 11718May 6 10614 Feb 11834 July 115 115 Do pref 115 115 500 .11434 115 114% 114% *113 114% •113 115 20 Oct 37 Feb 8 No Par 24 May 15 367 Mar 4 2914 2914 293 29 2.700 United Alloy Steel 29 29% .28% 29 29 .29 30 29 25 604 Jan 6 11512 Nov 9 4212 June 844 Nov 8 106 1085 10534 10814 107% 1087 104 1081 x101 10314 103 1041 17.700 United Cigar Stores 8 71 May 121% Dec 100 11078 Feb 4 16212 Oct 31 150 3 1504 15012 15373 4,600 United Drug 3 151 151 15314 150 153 153 164 154 461/ May 53 Dec 50 52 Jan 16 5818 Nov 5 Do 1st prof 300 8 .5512 56 *555 58 .5512 5618 55% 55% 55% 5512 554 5538 3 100 2047 Mar 31 246 Sept 30 182 Jan 224% Aug 2,500 United Fruit 229 22912 228% 234 .227 232 .228 233 22812 2283 4 226 228 13 July 48 Dec 28% a2813 30 28 16,800 Universal Plpe & Rad_ _No par 2612 Apr 27 5078 Feb 11 8 2813 241 3 277 293 4 28 28% 2878 297 4713 Oct 79 Dec 100 65 July 10 94 Feb 11 Do pref 7814 774 7814 2,200 77 8 77% 78 . 787 4 7812 7813 773 773 .77 4 64 Feb 16955 Dee 19912 20212 202% 20612 10,201 US Cast Iron Pipe & Fdy_100 13114 Apr 22 250 Feb 11 195 200 203 206 203 20612 200 20612 81% Jan 1044 Oct D. pre 100 91 July 1 1 113 Aug 21 100 101 10112 •101 1011 •101 10114 .101 10112 101 101 . •101 102 2111 May 42 Dee 634 79,400 US DIstr113 Corp tem etf No par 3013 Feb 17 6314 Dee 11 59 8 3 554 56 545 553 3 4 54% 55 4 5314 54% 535 5713 250 98 July 168 Dee 100 130 Mar 9 250 Dec 11 250 100 .220 250 Do prof 200 250 •200 250 200 230 •105 250 . • 18% Mar 24.8 Oct 4414 4458 2,300 Ef A Hoff Mach Corny t e No par 23 Jan 3 4918 Oct 17 4 4414 45 *143 4514 44% 45% 44% 45 *4412 45 614 May 8714 Dec 4 7413 7614 68,000 13 S Industrial Alcohol_ -100 7014 Dec 7 98 Oct 24 7414 7612 74% 753 71% 76 7212 7.513 7014 74 100 102 Dec 8 115 June 22 98 Jan 106% Dee . pref 4 103 108 600 Do 10512 10512 10213 104% 102 103% *10212 107 •102 1073 174 17612 7,500 U S Realty & Improv't....100 11412Mar 30 18412Nov 2 90 June 1434 Dee 1654 166% 186 17214 17212 175 16512 167 163% 165 2212 May 4278 Jan 874 894 147,700 'United States Rubber---100 3312 Mar 30 9714 Nov 13 87% 8912 87, 89 874 883 4 8712 90% 884 90 581k May Ws Dee 4 100 923 Mar 30 10878 Nov 14 4 10712 107% 2,100 Do 1st prof 7 4 10814 10814 108 10814 1073 108 10734 107 s 10754 1073 181: Mar 4Dg Dee 30 Feb 17 4812 00.30 4578 46 8 3,900 US Smelting. Ref & Min_ 50 5 46 4514 45 3 4534 464 4578 4614 .4534 46 7 46 50 44 Apr 16 49 Oct 9 3713 Mar 4878 Dee 49 7 4873 48 3 49 60 Do pref 49 49 *48 *48 484 4812 4812 .48 13512 13613 443,50( United States Steel Corp 100 11233Mar 30 139% Nov 7 9414 June 121 Dec 3 8 13513 1373 13312 1357 13384 13553 3 1343 134% 134 137 f100 12218May 7 138 Nov 6 11858 Feb 128 July 125% 126 12578 126 3,500 Do prof 12573 126 4 4 3 125 3 1253 125% 1253 1253 126 4 10 82 Mar 19 111 Nov 18 84 Jan 88% Dee Utah CopperP 3 *10212 10912 •100 110 •100 110 .10213 108 *10212 108 .98 104 8 3 3 4 353 3612 35 4 3614 40,500 Utilities Pow & Lt A_-No Par 30 Aug 27 38 Aug 9 36 363 37 38 3613 37 35 361 19's June 3312 Feb No par 25 53May 4 3434July 31% 3212 3213 3234 3212 32% 4,700 Vanadium Corp 321 32 3114 3112 31% 32 1534 Oct 334 Jan 8 No par 1514 Aug 20 267 Nov 7 23 24 23 23 200 Van Raalte 24 • 23 25 • 25 •23 25 .23 *23 63 Sept 80 lax Apr I 80 Nov 16 100 80 79 79 .72 Do 1st pref 79 *72 79 *72 .7018 79 .72 79 .72 % June 10 8 Jay, 3 .1July 9 83 14Sept 23 158 1% 1,100 VirgInta-Caro Chem_ No pa 1% 1% 112 112 113 11 8 I% 15 4 1% 13 .1 12 2 June 341 J au 812 Jan 5 2312July 8 100 958 913 *912 11 400 Do prof 12 3 *1314 12 *10 934 9% 3 9 4 94 %June 7 Jan 473July 9 78 Aug 28 No pa 2 2 .1 •1 Do "B" 200 2 •118 2 •1 •118 1% .114 2 4% July 154 Jan 7% Jan 13 2438 Dec 7 No Pa 241 9.600 Vlvadou (V) new 237s 23% 24 2312 24% 24 24% 2312 24% 2334 241 14 Apr 20 Nov 1412 Aug 10 19% Jan 3 No Pa 7,800 Waldorf System 1714 173 1713 17% 17% 17% 17% 17% 1712 173 1612 171 700 Ward Baking Class A No pa 116 Apr 30 198 Dec 10 198 198 •194 198 194 196 19412 1941 •190 195 •190 198 37% Mar 30 9513 Oct 3 No pa 8412 8418 84 49,400 Class B 8538 88 84% 873 8 81% 851g 8312 8512 867 ---9412 Feb 11 112 Dec 9 No pa 400 Preferred (100) 110 110 .10813 110 109 112 .110 11212 •110 1121 •108 110 700 Warner Bros Pictures A__ 10 1853 Dec 3 2278 001.16 ---- ---19 19 DP 19 .1914 1933 •1914 19% 19% 1938 19 19 _ 43 June 2i 5012July 6 ---No pa 48 800 Warren Bros 46 47 4712 *46% 4778 •47 461 4612 47 .45 451 51 Apr 17 98% Dee 4 9412 9514 11,400 Weber & Helibr, new.c No Pa 8 043 981 9513 961 9412 9514 94% 94 9413 96 prof.-- -100 110 Aug 15 11.712June 25 Illla Apr 117 July Western Elee 7% 105 May 118% Dee 1378 13914 , 4 1381 fig- 135* 13612 1357g 137 - 7,700 Western Union Telegrapb.100 11614 Jan 2 14473Sept 18 84 Jan 111 Dee 12312 12412 12434 1267 10,600 Westinghouse Air Brake_ _ _ 50 97 Apr 9 144 Aug 17 123% 124 12334 1243 123 124 4 124 124 l 55's May 75 Mai 733 751 19,100 Westinghouse Elee & Mfg_ 60 6614 Mar 28 84 Jan 3 7333 74 7412 74 7414 7312 74 73% 74% 74 9% Apr 1 2012 Aug 17 1912 19 lO1s 17.600 West Elec Instrument 19 4 17% 1978 183 20 4 1734 18 173 17 1958 Mar 31 2878 Dec 10 Class A 800 2812 2753 2814 2812 281k 28% 28% *2714 273 28 *28 28 4715 J Ili'Lie No par 100 Sept 4 145 May 21 4,900 West Penn Co 116 118 118% 12212 121 122'1 12113 12212 123 1241 •114 116 Do 7% pf tern ctf new_100 94 Apr 3 100 July 22 874 ArP 97 Dee 200 97 . 97 97 *9712 973* 973 978 .96% 971 98 97 96 . 2318 May 29% Feb No par 2412 Aug 28 31% Feb 2 4,100 White Eagle Oil 4 2712 271 3 2712 2778 273 27% 2714 27(2 2712 273 2714 27% 5013 Apr 724 Dee 50 6718 Mar 30 1044 Aug 18 837 86 8314 84% 83% 841 44,300 White Motor 84% 853 3 8413 8534 8512 87 2,100 White RR, M & 8 ctfs_No par 3312 Dec 1 49% Aug 7 3813 3834 3812 38% 3812 38% .3814 383 3812 39 39 39 8May 15 53 2 Dec 3 218 2'8 5.600 Wickwire Spencer Steel cif _ _ 2 1s 2 218 213 214 2 14 .2 2 214 24 May Yit.;'Jan 3 94 Jan 28 347 Nov 4 -Overland (The).--- 5 273 2712 277s 2714 2758 53,700 Willy, 2714 2813 2734 2814 2712 2838 27 100 7214 Jan 28 12378 Deo 7 8118 May 88 Jan s Do pref 12088 1217 12112 12113 7,700 121 122% 122 12378 12278 12312 12114 122 51 .5 44 May 28 Jan oar .5 518Sent 24 1334 Mar 7 No l w 514 *5 100 Wilson & Co.Inc 514 54 5% 85 513 5% *5 11 Aug 7218 Jan 17 Sept 2 60 Mar 7 2312 Do pref 100 23 •2112 2313 2112 2112 *21 2312 •20 23 .21 .21 724 Apr 12634 Dee 25 11214 Jan 28 220 Oct 29 p 41Z 8 1985 20134 19814 19912 19854 200lt 14,700 Woolworth Co( ii4W) 202% 20412 198 20214 20014 203 234 June 81 Dee 4412 .4312 441 100 3514 Aug 12 80 Sept 10 3,200 Worthington 4318 44 .4314 4614 4412 45 4512 46% 45 68 July 8912 Dee 100 78 Nov 5 88 Jan 9 100 7913 7912 *7914 79% *7914 7914 *79% 791 .7914 795k Do pref A *7914 80 4 6513 5812 Jan 75 4 Dec 100 58 Aug 19 783 Feb 11 6512 .64 3 100 Do pref B 64 .84 *133 67 64 *63 68 .63 67 95 May 2338 Dee 5 2,900 Wright Aeronautical_ _No par 16 Mar 30 32 * July I 283 2712 2712 28 9 *2712 2812 27% 2778 .2712 21) 28% 2 35 Apr 4634 Dee 5614 5812 56 No Par 4511 Mar 30 57% Oct 27 56 800 Wrigley(Wm Jr) 57 56 .5613 5614 .58 56 56 5612 25 82 Sept 23 70'g July 29 68 300 Yale & Towne 6812 6833 6833 .62 68 .65 67 69 .65 .66% 67 4 32 Nov 8560 Mar Yellow Cab Mfg tern etre_ 10 334 Feb 18 483 Oct g7'- 0'" ACT. RR 5934 Oct 72 Dee 8834 111,500 Youngstown Sheet & T No Par 63 Mar 27 924 Nov 7 971, RON -gilt sales on this day. s 1/x-dividend a Ex-rights. o New stook on the basis of 1 new share for 3 old shares. • ow so4 gaged prices, no 2858 New York Stock Exchange-Bond Record, Friday, Weekly and Yearly Jan. 1 1909 VW Ezebanos nesibod of maw bowls was Masystil Gott brims are now "and interest"-acsbi for Moms and defas1/84 BONDS N. Y. STOCK EXCHANGE Week Ended Dec. 11. Prico Friday Dec. 11. I Week's Rano or Last Sale Rase. Rea co Jan. 1. BONDS. N.Y.STOCK EXCHANGE Week Ended Dec. 11. ',a, Pries Friday Dec. 11. West's or Lan Baia BMW ft Rasps Since Jan, 1. U. S. Clovernment. BM Ask Low Mob No. Low .1101 Big Ask Low Mob No. Low First Liberty Loan MO Netherlands 6a(Oat prices)__1972 M 10738 Sale 10714 108 16 102 1091 / 1 4 334% of 1932-1947 4 :1 9933 Sale 99131, 99"st 691 991In 0144 .2 .1 30_year external 88 (flat)-1954 A 0 104 Sale 1033 4 1041a 73 100 104 / 1 4 / 1 4 Cony 4% of 1932-47 / 4 021723 Panama (Rep) 5348 tr rects_1953 J D.100 101111 100',,Nov'25 169 100 10112 Sale 10113 10112 9915 104 3 D Cony 43(% of 1932-47 1132 Sale 10124810134n 101143a 034n Peru (Rep of) eat' 88 J D101. 101% Sale 10112 10154 16 97 s 103 7 2d Sony ME% of 1932-47 101 101 3 101 103 J D101 103 Poland (Rep of) g 68 1944 A 0 8714 Sale 6714 940 5 88 663 79 8 0 Second Liberty Loan Exti a f g 85 interim recta_1950 .1 J 87% Sale 8712 88 98 883 225 4 48 of 1927-1942 1 99uts 0111 Porto Alegre (City of) 88_1961 / 4 MN 99342100481 awn. 4451., 5 98 99 9884 0912 5 94 100 Cony 434% of 1927-1942 / 4 MN 1003482 Sale 10031n 100448a 1103 100115 011la Queensland (State) eat if 7s 1941 F O 110% Sale 110% 110% 1 109 11284 A A Third Liberty Loan 25 -year 68 1084 Sale 108 1947 107 10 10112 107 41% of 1928 / 4 Sale 1003028101783 1355 1001111 02 1 Rio Grande do Sul 88 / 1 4 MS 101 993 98% 8 94 100 100 , 33 1946 A 0 99 Fourth Liberty Loan Rio de Janeiro 25-yr f 88_19 7 A 0 977 Sale 97% 8 96 4 93 99 4 98% 26 434% of 1933-1938 1013151 Sale 10144311024n 241 10111 03"11 / 4 A0 dam( 8e ext1014y) 983 Sale 95 4 54 / 1 4 92 994 97 Treasury 43(g 1947-1952 A 0 1061331 Sale 108432 106142 158 104"a 08"a Rotterdam 8 external 1037 Sale 103 / 10414 22 100 107 1 4 / 1 4 Treasury 4s 1944-1954 D 1024032 Sale 102443103'n 298 10014ss 04"a El Salvador (Rep) 8e 5 103 108 ex 107 6619948 5I N 10818 107 106 6 4 JJ State and City Securities. Sao Paulo (City) a f 8s 7 1952 M N 1014 Sale 10118 97 102 1013 4 Y City-434s Corp atock_1980 Si 13 10018 Sale 10018 9974 10112 San Paulo 10012 11 (State) ext if 8a1938 J J 10311 Sale 102 10312 11 100 1047 s 4548 Corporate stock 8 1005 8 8 4 1004 1 a 1964 M 13 1005 10118 1005 037 Externals 1Slut recta_ -14950.11J 1014 Sale 1013 994 10214 4 10214 20 , 3 3 , 434e Corporate stock 8 8 4 _ 1025, Apr'25 _- 1011 1023 Seine (France) ext 711 1986 A 0 1005 874 Sale 8714 8214 924 8812 107 454 a Corporate stock / 1 4 1972 A 0 10034 10114 10014 Oct'25 -- 100 10314 Serbs. Croats & Slovenes 86_1912 m 913 Sale 91 4 68196Si 84 92 018 187 4 455s Corporate stock 18614 10 10518 1053 10614 Oct'25 4 1971 J 812 &Masons(City) 8412 Sale 8412 82 8514 13 88 455s Corporate stock_July 1987 J 105 Sale 105 / Sweden 20 1 4 105 2 10413 107 -year 68 8 52 103 106 105 1939 J D 1047 Sale 10414 452s Corporate stock 8 1985 D 1047 10512 10412 Dec'25 -- 10412 108 External loan 5558 9812 103 8 1013 14 1954 MN 10112 Sale 1013 4 85 452s Corporate stock 3 s 1963M B 1044 10512 105 Nov'25 - 1047 108 4 Swiss Confeder'n 20-yr a I Es 1940 J J 1187 Sale 1184 117 8 40 113 1174 / 1 Corporate stock 974 9714 1 1059 M N 974 10014 Switzerland Govt ext 5Hs1948 A 9812 104% 0 1034 Sale 10312 10412 92 4% Corporate stock 1 974 10014 Tokyo City 5e loan of 9714 1958 M N -1- f4 9714 f 1 8414 884 663 6718 8612 4 6612 1912- 1952 M 4% Corporate stock 973 1001a Trondhjem 4 4 1957 Si N 9714 978 973 Nov'25 -- _ 97 101% (City) exti 850_1944 J J 100 Sale 100 100 . 4% Corporate stock 9812 9712 9612 Nov'25 _ 9612 100 1958 M N Uruguay (Republic) ext 88-1948 F A 11018 111 110 6 10614 112 1104 4% Corporate stook 96 964 _ Oct'25 -983 Zurich (City ot) f 8a 98 4 1955 M N / 1 4 17 10715 111 108 1945 A 0 108 Sale 1074 452% Corporate atock 8 1957 MN 10412 105 10412 Nov'25 --- 10412 1075 Railroad. 455% Corporate stock_ _1957 M N 105 Sale 1043 4 105 5 10414 107% Ala GI Sou lit cona A 56._1943 10024 102 Oct'25 J D 1015, 102 102 455% Corporate stk_May1954 MN 873 883 873 2 4 4 4 873 4 875 907 Ala Mid let guar gold 5a 8 8 10015 101 / 1 4 10012 1928 M N 10012 _-__ 1004 455% Corporate etk _Nov 1954 M N 8714 91 Oct'25 88 Alb & Sum cony 355a 8114 85 1946A 0 8314 8478 85 Dec'25 -New York State Canal im-4s1981 J J 3 Nov'25 _ _ 1005 1033 Alleg & Wait lat g 48 4 8115 84 Oct'25 -gu-1998 A 0 804 835 84 s .ana _ 10118 Mar'25 1942 J 10118 1014 Alleg Val gen guar g 40 90 941s 9214 93 9214 1942M 9214 455s Canal impt 1097 Aug'25 4 7 1964J - 109 8 11414 Ann Arbor lit g 48.._ _July 1995 Q S 753 78 8314 77 4 758 78 4 J 4s Highway impt regleter'd1958 _ 1027 July'25 8 102% 103 Ateb Top & Fe--Gen g 48.1995 A 0 893 Sale 8914 88 9215 4 8912 104 Highway Improv't 4)0_1963 10812 Oct'25 _ 10812 114 Registered 84 903 1 Dec'25 A 0 Virginia 2-38 764 7812 7612 Feb'25 1991 4 J 64 Adjustment gold 4a_July 1995 Nov 85!., tia.1-- 884874 8112 85 11 ii8F4 - e / 1 4 Foreign 0_____ meat. Stamped 8218 86 23 July 1995 Si N Sale 847 8 88 Argentine (Nat Govt of) 78 _1927 F A 102 Sale 1013 4 4 102 38 1013 1034 Registered 797 82 a 8 M N 807 ____ 82 Nov'25 - -f 68 of June1925 temp_1959 J D 96 Sale 953 9514 974 4 9614 149 Cony gold 4a 1909 8111 8.5 / 4 844 8418 1 1959 3 D 841s 85 955 11 Esti f(ls of Oct'25 temp_1959 A 0 953 Sale 9558 9512 9714 4 9812 223 Cony 4a 1905 8111 85 8414 88 15 8418 Dec'25 -- Sinking hind Go Ser A 983 Sale 9614 8 95 973 1957 M 9612 101 4 Cony g 48 Vane of 1910 81 841s 12 1960 J D 83 ____ 8312 Nov'25 - -External 88 series B_Dec 1958 J D 9818 Sale 953 945 97 4 4 9814 59 East Otla Div 1st g 48_1928 M S 994 9912 9914 Dec'25 -98 100 Argentine Treasury S11 89 8 88 88 4 39 8 _ _1945 M S 865 87 Rocky Mtn Div lit 4s_1965 J J 833 87 a 885 854 Nov'25 -8 / 1 4 Australia 30-yr 5s_ July 15 1955 J 9612 991s 9718 Sale 97 974 193 Trans -Con Short L 1st 45.19583 J 878 8812 88 88 89 1 88 Austrian (Govt) f 78 434 10112 1943 .1 D 100 Sale 994 10018 52 Cal-Ariz let & ref 4Ha "A"1982 92 9412 96 953 4 94 Nov'25 Belgium 25-yr eat s t 7Jia 11_1945 J D 1097 Bale 109 8 10978 49 107 11014 Atl Knoxy & Cin Div 4s_ _ _1955 M 871 923 / 4 893 Dec'25 8 4 M N 20 3 -,par 88 4 1941 F A 1073 Sale 10714 1074 53 1045 1093a MI Knoxv & Nor bite 56..._1946 J D 8914 90 10214 Aug'25 1021 103 / 4 25 -year ext 652a 90 4 96 94 3 119 1949 M S 9314 Sale 9314 Atl & Chad A L lat A 4348_1944'J J 963 977 9754 Oct'25 -95 4 984 / 1 Exti f 8e inter rota 8338 8814 8812 132 19663 3 88 Sale 8512 1st 30 8234 3 10284 1 10112 193 4 4 Extl f 7s lot etre 4814 9812 Atlantic-year 56 Series B _ _ _ _1944J J 10534 _ _ _ _ 1023 1955 J D 98 Sale 953 4 983 114 4 9012 804 City let cons 48_19511.1 J 844 ____ 8512 July'25 -8 Bergen (Norway)a f 8s 11312 6 1081 11514 Atl Coast Line 1st con 48./11952i14 S 9218 ____ 913 1946 MN 113 114 113 89 4 944 9218 8 25 4813 99 -year sinking fund 88_1949 A0 983 987 983 / 1 4 8 2 4 983 4 8 10 -year secured 7a 32 1054 108 1930M N 107 Sale 1084 107 Berlin (Germany) 6558 8714 0 / 01 4 874 85 1950 AO 8714 Sale 8714 General unified 4345 90% 95 19641 D 95 Sale 9418 ,3 95 54 Berne (City oft s f 8a 4 1077 8 30 107 11115 L & N colt gold M.__ _Oat 1952,M N 89% Sale 89 1945 MN 1073 108 10734 854 897 8912 54 8 94 98 Bogota (City) ext'l a r 88_1945 AO 97 Sale 97 97% 20 AU & Deny beta 4s 76% 80 78 783 4 1948J J 75 7814 6 Bolivia (Republic of) 88 92 s 99311 3 1947 MN 97 Sale 98 2d 48 9713 57 8112 704 8212 8512 8412 6412 2 80 Bordeaux (City of) 15-yr 88.1934 MN 8412 Sale 8414 8934 Ati & Yad 1st 8512 67 75 g guar M1 t3 0 7512 765 76 Dee'25 -80 194 A 3 4 94 Brasil (2 El, external Se 90 103 261 A & N W 1st gu g 5a 103 1941 3D 10212 Sale 0014 983 10014 9912 101 5 997 Dec'25 4 78 (Central Ry) 625 8014 91 91 8 Balt& Ohio 1st g 48_ __ _July 194113 0 8914 Bale 887 1952 3D 9014 Sale 885 85 / 9214 1 4 948 A 3 8 89% 57 8 7 755e (coffee aecur) 2(flat) _1952 A0 10514 ___ 10514 2 10313 10812 10514 8518 9014 1 87 July1948 Q Buenos Airea (City) ext18501955 ii 994 Sale 9912 100 8513 100 4 19 3 10 -year 891s 95 199 944 263 9 7s Sa9 8 4 6 8le 937 434a Canada (Dominion of) g 56_ _1926 40 100 10018 0014 4 1003 4 15 100 1023 Refund & gee 50 Seines A-1933 .1 853 93 4 923 Sale 925 4 8 93 5 199 51 8 1013 10313 4 7 4 102 1931 AO 1013 102 1013 1styear mt Mfg 1.0_ g 5s 3 10218 Sale 015, 10214 172 100 104 9 10 -year 534s 1929 FA 10214 Sale 10112 1024 61 10112 1033 3 10214 10414 di 1027 Sale 023 4 4 10318 813 / 1 4 MN 103 Sale 028 4 4 1033 112 101 105 1952 Ref & gen 68 ser C temp_19 5 .7 4 / 1 4 10412 108 1003 104 , 1043 Sale 04 9 8 11"298 jA 99 Carlsbad (City) a f 88 46 104 103 104 1023 435 4014 4 1023 8 1954 J 4 PLE& W Va Sys ref 48_1941tM 5 8812 sale , 4 7 881 , Chile (Republic) Intl a? 8a 1941 FA 1083 Sale 10818 ors Sale 8 7 58 " 26 7 4 Southw Div lstoa 1083 4 11 10814 110 953 99 4 / 1 4 External 5-year s f8s 10178 103 / 1 4 8 8 21 Tol & Cin Div lot ref 48 A. 9597 3 7412 Sale 745* 1926 40 1025 Bale 0212 1025 8812 80 35 75 1 50 J 20 -year eztl 98 103 / 1 4 8 8 10114 33 1942 MN 100 4 Sale 005 Battle Cr & Star 1st gu 30_ _1989 803 62 s / 1 4 8 4 825 May'25 D 603 62 25-year f Si 88 10814 11014 Beech Creek lat gu g 46-1938 J J 92 1948 MN 10812 109 10812 109 934 94 / 1 9412 933 Nov'25 -8 15 Chile Mtge Bk 6348 June 30'1957 in 955 Sale 9514 937 9 4 3 63 8 8 71 957 90 911 Registered J D / 1 4 / 4 Chinese(Hukuang Rg) 511 4014 514 Beech Cr Ext 1st g 3348----1951 A 0 77114 : 7 Sl°v 2 44 4514 423 4512 142 4 1951 77 8115 78 __ 9 :5 98 8 9 34 iept 8 Christiania (Oslo) f Be AO 11012 Sale 1012 110 4 13 109% 112 Big Sandy let 48 3 1945 86 89 1 89 89 8814 30 9813 10112 B & N Y Air -year (le 0018 10018 1954 MS 9918 100 1 67 4 Line let 4a-19443 D 74 - 12 74 75 74 75 955 FA 9678 1004 Bruns & W let 30 -year f 88 / 1 985 994 46 8 1955 MN 92 94 8 9212 Nov'25 Colombia (Republic)04s-1927 A0 Hit 166 100 4414 10114 Buffalo It & P gu gold 45_1938J J 913 94 18 100 10 993 10215 s gen gold 58-1937.M S 1005 10112 01 101 8 Copenhagen 25 941 100 4 -year s f 5145_1944 JJ 9914 Sale 9812 46 99 Consol 410 803 8815 5 8712 Sale 867 8 1957M 8712 37 AI Cordoba (Pros') Argen 75_1942 33 984 Sale 954 90 2 9812 26 97 82 8514 82% May'25 Cuba Si of 1904 4513 102 / BurIC rrrror 1 4 4 Re 1944 MS 994 993 9914 9914 991 101 / 4 5 i 005 Nov'25 i0(1- 101 8 1st 5a External 5e of 1914 So A.. 1949 FA 97 9314 10 0 Canada Bou cons 9712 97 97 1 ° 19 10012 103 8 4 103 693 A 0 103 Sale 1027 7 Fxternal loan 434a 9818 Canadian Nat 4 gu A 5e. _19 1 84 90 1949 FA 897 4 897 8 2 6 22. 9212 961 94 / 4 As_Sept 15 1954-M S 93% 9414 9212 9012 10314 5548 4 1053 ii 1003 Sale 10012 10214 30 5 -year gold 44s_ _Feb 15 1930 F A 984 99 / 11 9812 Sale 9812 985* 12 9814 102 Czechoslovak (Repub of) 88_1951 AO 1014 Salo 1003 4 10114 58 Canadian North dab s / 74 19403 D 1153 Sale 115 11414 1173 8 1153 4 4 54 Oink fund Si Ser B int etfa_1952 40 10114 Sale 003 4 973 101% 4 10114 37 20-ye-ar s f deb 8)4s 11714 Sale 11714 1173 8 22 118 118% Ext'l s f 74s ser A 98 9612 10-yr gold 4 4s._ _ _Feb 15 1983 4 96% 9612 985 1045 40 98 Sale 96 9814 83 9614 98% 2 96% 8 93 F 3 4 5 Danish Con Munich:,Si"4 ..1946• A 10712 10912 0812 110 13 10812 11212 Canadian Par Ry 4% deb stock.1.1 79 81 805 Sale , 80% 8 72 807 Series B s f Carb C3e8nbtalvetist , 4a____1932 M S 925 _ _ _ I 9314 Oct'25 C FA 1083 Sale 108i4 are 4 93 1083 4 16 1084 112 93 a 7 c0, 01d 13 46 Denmark external f 8a 109 111 097 Oct'25 4 194 40 4 6 5 78 81 8314 8212 82 Dec'25 4413 105 20 -year di 8 Caro Clinch & 0 lit 3-yr 5s-193 3 D 1028 Sale 10218 14 1942 ii 1033 Sale 03 103% 53 / 1 4 4 1023 3 100 102 4 8 1 3 J D Dominican Rep Con Admit 5t258 FA 10112 10212 10214 Nov'25 -- 101 103 / 1 4 1st & con g es ser A 8 1077 1075 Sale 1077 8 8 28 1057 10815 8 Custom Adminiatr 55-56.. 1942 M 92 98 Cart & Ad lst gu g 48 9312 Sale 92 8 9312 25 5 8518 8518 884 854 3 84 854 9814 104 Dutch East indlee eat 6a 8 1037 8 44 1947 ii 1035 Sate 10314 8 7812 7714 80 15. 743 80 784 447 1037 Ce Bra 3 40 -year 68 a Cent N 1035 Sale 0314 1982 New E 1!bat 6u 48_ 1033 4 67 6415 7014 5 J 6 8 1981 1 . 874 Sale 1 873 111 99495882 1 D0D 873 4 87 8314 10314 Centrale 6 n4 P1 t 2 42 30 -year ext 5148 M Sale 013 102 38 1017 8 8 1953 Ohio eorg 4548_1930 M R 978 ____ 977 Oct'25 -971 99 4 a 30 -rear eat 555a 92 4 105 3 55 o0im 10112 Sale 014 102 1953 M Central of 4 4 1023 Nov'25 -- 10112 104 1st gold 58-p1945 F A 1023 54 French Repub 25-yr ext go_ _1945 M / 1 4 98 108 8 1013 Sale 0138 1013 423 4 9914 1081 103 13 4 1945 M N 10214 Sale 10214 43 10115 20-yr external loan 7%8_1941 SD 985 Sale 9814 9914 264 8 Registered M N 9718 ____ 10014 Oct'25 -98 10015 86 External 7s of 1924 93 4 7 732 10 91 1949 JO 9018 Sale 90 -year secur fla / 4 8 1034 June 19293 D 103 Sale 103 10 1011 1043 Finnish Mun L'o 6341 A 065 9212 8 A0 903 Sale 9014 12 4 91 1954 Ref & gen 5553 ser B 99 103 10112 Sale 10114 10112 8 8813 9212 External 634a Series B_1954 AO 91 Sale 904 26 91 Chatt Div par money-g 48.19 J D 8512 853 8512 Dec'25 84 51 1 59AC) 4 8615 Finland (Rep) ext 68 8314 8918 Mac & Nor Div 1st g 56_1948 J 8814 42 1945 MS 88 Sale 88 9812 100 99% 3 External 9314 9814 7s 4 068* 55 1950 MS 9814 Sale 953 Mobile Division 101 Nov'25 10012 101 1948 3 3 9914 German external loan 78._ _ _ 1949 A0 10118 Sale 1005, 1014 688 913 10212 Cent RR & B of Ga Se 4 977 Nov'25 95 coll g 58_1937 M N 97% 99 99 9315 9714 Central German Cent Agric Bk 7s MS 95 Sale 9412 9512 283 1950 ofof N J gee gold 58_1987 J r 1084 1087 10814 Dec'25 - 107 110 Go Brit & Irel(UK of) 5345_1937 F A 1043 Sale 10418 1047 205 104 1077 8 8 4 109 11987 Q 108 1083 4 8 10 100 1083 10 -year cony 5148 Cent Pac 1st ref gu g 411.- _1949 F A 89% gide" 89 1929 F A 1174 11818 1177 8 11818 19 11512 119 883 90 s 8938 22 Oreater Prague 734s 0514 89 8 52 56 937 19 MN 935 Sale 9312 64 Mtge guar gold 3Hs_ 81929 J D 988 97 4 9512 974 f.83 Dec'25 4 _ Greek Govt 7a 83 8815 MN 87 Sale 854 24 87 Through St L let gu 4s_ _ _1954 A 0 8137 874 8718 4 854 804 8718 5 Haiti (Republic) Be 911 97 4 9812 87 1952 A0 9814 Sale 96 Guaranteed g 58 .......19(30 F A 97 Sale 9714 / 1 4 984 981a 9734 86 Hungary (Etna! of) a 7)48,1944 FA 9612 Sale 96 87 9815 Charleston & Savannah 75..1938 3 117 ____ 11212 Feb 25 11212 117% . 4813 100 Ind Bank of Japan 8% notes 1927 F A 997 Sale 99% Chest & Ohio fund & Impt 56.1929 3 J 101 Sale 101 100 48 9684 18 3 8 985 102 101 35 Italy (Kingd of) ext'l 7s_ _ _1951 JO 9412 Sale 944 9415 944 / 1 lit consol gold 511 945 1868 1939 Si N 1028, 1025 1023 8 8 1023 4 18 101 10312 Japanese Govt 2 loan 48....„1931 J 8413 81 83 4 71 3 834 Sale 8312 Registered 10118 Nov'25 100% 10214 30-year f 635s 90 95 1954 FA 923 Sale 9212 92 8 271 7 4 General gold 4 42 Sale 923* 877 93 4 9234 16 8813 874 Oriental Development 88_1953 B 858* 853 848 4 8512 6 Registered 8612 0018 July'25 85% 9012 _ Lyons (City of) 15 3 80 4 89 4 3 -year 8a....1934 MN 8412 Salo 8414 91 20-year convertible 4 Ha_ 88 98 glife- 98 / 1 4 0 943 9812 4 Maraeities (City of) 15-yr 8a.1934 MN 8412 Sale 8414 80- 894 3 8512 74 30 94ti A 3_ -year cony secured 5s--1111fi 51:1F 13512 Sale 129 13534 1093 101% 13512 9812 69 Mexican irrigation 454a _ _1943 MN 29 18 301 : 2934 29 Nov'25 Registered ____ _ A0 103 12915 / 1 4 129 Dec'25 Aseenting f 454s 18% 3012 Craig Valley lot 853 1943 29% 29% -.19403 9813 9712 991 4 9813 1 Mexico (I3 El) exti 53 of'99 £1945 Q J 4412 ____ 3912 Oct'25 38 454 Potts Creek Branch lit 45 19463 J __ 8218 sa 83 Oct'25 81 44 Assenting Si of 1899 R & A Div lat con g 4a. _1989 1945 --- 4218 Sale 42 4214 16 8412 81 12 8554 844 Dec'25 _Assenting 55 large....- _______ 3514 448 4 4054 Nov'25 _ 2d corm! gold 48 _ 815 ____ 8012 Nov'25 -8 79 83 Assenting 5s small 35 3712 3712 May'25 Warm Springs V 1st g 58_ _19 Si 893 41 9812 19 9554 9114 98 4 Oct'25 _8 4 Gold deb 48 of 1904 1912 2 8 Chic & Alton RR ref g 3s...1949 A 0 844 85 1964 Oct'25 _28 -i41.2 8412 594 574 8412 5 tenanting 4s of 1904 184 273 4 Corti( dep !drat:4 Apr 1925 let 2412 2514 26 0634 62% 82% Nov'25 Assenting 48 of 1904 small 2415 20 CII dep stpd Oct 1925 lot........ -air) WC 815* 2314 Aug'25 -62 50 Dec'25 Assenting 48 of 1910 2014 2 17/ -563 614 Railway Brat lien 311e_ _ _1950 4 31 255* Oct'25 515, Sale 51 4414 68 / 1 524 595 4 Assenting 48 of 1910 large 33 / 1 4 22 3112 38 4 303 Ctrs dep Jan '23&sub coup- 50 52 5012 45 55% 51 Assenting 4.8 of 1910 small... 35 19 29 / 1 4 Ohio Burl & Q-ni Div 334a.1949 5 2812 Sale 2812 278* 56 83% Sale 833* 8114 864 . 8378 10 Tress es of '31 assent(large)'al 33 46 45 5 45 Sale 45 Illinois DIvlsion 4s 903 9214 91 4 8812 944 91 Small 1 3414 48 44 443 Neheai4u Extenalon 48-A 9 7 i N n rgskored 443* Sale 44 2 4 19 9 Si 3 9938 095 9912 8 9812 100 995 Montevideo 78 8 12 9715 88 9612 33 98 Sale 96 M N 98 Sept'25 / 1 4 Norway 20 year exti 8s._ _ _19 3 i D 1005, Sale 1003 4 . 984 99 1 5 F A 42 9715 102 101 44 s General 48 -56F3 1613 9015 1958 Si 8818 9214 9013 26 20-year external 88 474 10134 1944 P A 10014 Sale 10014 1003 4 73 1st & ref 58 1025, Sale 1023 8 1027 30-rear mai Os_ 8 21 10012 10314 4713 102 _ _ 1932 A 0 10012 Sale 10012 10114 20 Ohio City & Conn Rys 5-1 21lv 0 5114 Sale 5118 1927 A 4 9 11 5118 4512 63 7 AO-year f 5558 temp_ .1965 D 95 4 Sale 9414 94 95 4 65 3 3 97 15 -21. a Due Jao a Das July. I Due Aug. 85. Due Nov. soptlon,sis 2859 New York Bond Record—continued—Page 2 BONDS. X. Y. STOCK EXCHANGE Week Ended Dec. 11. ii 41. Pries Friday Dec. 11. Week's Range or Last Sate Rases Since Jam. 1. BONDS. N Y STOCK EXCHANGE Week Ended Dec. 11. ;#1 iZ Pries Prickly Dec. 11. Weet'a Range or Last Brae in Range Hoeg Jan, 1. High Fltoll No. Low 8t4 Ask Low MO High No. Low Ask Low BO 84% 84 8 8 8 Chicago & East In let 84_1934 A 0 106 1063 1028 Oct'25 ---- 1023 19714 Erie & Pitts gu g 834e 11-1940 g g 8528 8812 845 Oct'25 ---84% 84% 8 j j 853 8812 8408 Aug'25 ---7518 269 723 795 4 Serial C 745 Sale 7414 8 0& E in RR (sew co) gen 59_1951 M 9942 10012 j 10018 101 , Dec'25Nov 25 5 1090,382 994 10338 Fla Cent & Pen let ext g 58_1930 j3_— 10112 Cblo&Erlelstgold5e 1982 M N 10118 10218 10114 5984 6812 9912 100 96 4 10012 , 635 275 Consol gold 58 1943 J 4 Chicago Great West let 44_1959 M S 633 Sale 634 92 967 a _.....959534 24 8 Chic Ind & Loulay—Ref 84_1947 J J 1107 ____ Ill Nov'25 ---- 10914 11212 Florida East Coast let 4148.19511j D 95 9712 97812 1027341 88 % 89012 93 963 129 4 24 et7 let & ref be Series A 93 94 19741M S 9628 Sale 9612 _ _ _ _ 87% 0 ' _ _ 100 Refunding gold 58 1947 3 J 102 2 197 7 178 Nov'25 Fla West& Nor 7e Series A 1934 'M N Refunding 4a Series C 1947 J .1 73 60 9112 Fonda Johns le Gloy 4348 1952 MN 60 Sale 60 General be A 1966 MN 9112 Sale 91 1 101 104 7 °111 14 90 -_ 9012 10314 8214 9012 Fort St U D Co let g 4 Me_1941 33 9018 General 819 B May 19663 J 103 10314 1034 93 2 94 43 Ft W & Den C 1st g 5144_1981 3D 1045 105 10412 Nov'25 7 :2 80: 7 104% 104% 8 -7928 Oct'25 Ind & Louisville let gu 441958 J J 921 98 8 4 953 97 953 4 953 4 4 864 Nov'25 ---853, 8818 Ft Worth & Rio Or let g 44_1928 Ohio Ind & Sou 50 -year 48_1958 J J 8614 Frem Elk & Mo Val let 66..1933 AG 107 10812 10714 Nov'25 _- 1061. 10918 0/de L & East let 4%4_1989 J D 92 ____ 9414 Nov'25 - _ 9978101 10012 13 53% 50 434 5818 GH&S A MAP 1st ba 4 1931 MN 10012 Sale 10012 0 M & Puget Sd let gu 4s___1949 J J 5212 Sale 513 494 5412 e 1003 Sale 1003 8 1004 12 995 101 8 52 523, 19 2(1 extene be guar 1931 J 5218 53 Certificates of deposit 933 90i2 95 5 7014 818s Gale Hous & Bend let 58.... 1933 AO 9318 Sale 9318 8114 35 8 8028 Sale 805 ChM &St P gen g 4a Ser A_e1989 7012 20 5214 701 Geneses River let 5 f 58 104 2 10014 10512 10414 : 1957 J J General gold 314e Ser B__41989 J J 7012 Sale 6918 774 924 Ga & Ala Ry let cons 5e 6 8912 1 9512 93 102% 01.945 33 9512 Sale 9512 Gen 4 Ma Series C._ _May 19893 J 8912 Sale 8918 8 997 434 555 Ga Caro & Nor let gu g be —1929 3' 997 1004 997 376 54 99 1004 2 Gen & ref Series A 4 Ms__a2014 A 0 5312 Sale 53 5334 79 47 5514 Georgia Midland let Is 6618 Dec'25 69 84 4 88 1 1946 AO 67 5312 Sale 53 Certificates of deposit 5372 202 4418 5811 GI R. di I ext let gu g 434s...1941 J J 9212 9812 __ 9311 Oct'25 -Gen ref cony Ser B 5aa2014 74 5314 Sale 53 547 Grand Trunk of Can deb 78_1940 A0 11518 116 11518 8 4612 5312 15 116 9438- 4 60 11412 117 5318 Sale 523 Certificates of deposit 9812 10514 10514 11 1073 4 19 HA% 108% 15-years f Se 1936 MS 1073, Sale 1067 1st see 611 19343 3 10412 10514 105 44 8012 Great Nor gen 75 Series A 1938 J 53 4 377 3 1103 Sale 11038 1107 107 10812 111 4 8 Debenture 4348 1932 J D 534 Sale 527 109 109 109 Sept'25 4 4 9 5314 523 Sale 523 Registered 453, 5412 3 J Certificates of deposit---------9312 9312 28 46 533 136 4 89 8 93 Sale 93 527 Sale 527 8 let & ref 413e Series A___1981 .1 784 1925 Debenture 4s 473 548 99% 103 5312 28 4 8 10212 55 523 Sale 523 4 General 514s Berke; B____1952 Certificates of deposit J 10212 Sale 1017 5334 342 97% g 8 83 44 92 975 5614 General 58 Series C 1973 1934 .1 _.1 5314 Sale 527 96 -year debenture 4s '3 9714 Sale 9612 463 543 Green Bay & West deb ctfe "A"__ Feb 784 8014 773 Oct'25 4 8 5314 144 527 53 4 53 8 3 72 80 4 Certificates of deposit 993 0012 007 9934 2 171 18 9414 100 5 1212 1812 Debentures ctfe "B" Feb 178 Sale 1712 Chic & Mo RI, Div 54_19281 86 13812 9828 1011a Greenbrier Ry let gu 48_1940 MN 874_ _ 87 Aug'25 5 100 44_1886-1928 F A 9911 10012 100 Ohio & N'west Ext 904 1034 6 9934 9812 9 4 Gulf Mob & Nor let 514s __1950 A0 10212 103 10212 1025 4 - 4 8 15 93 1886-1926 F A 993 Sale 993 Registered 2 74 731 77 984 10414 10414 1987 M N 74 Sale 74 Gulf & S I let ref & t g 58..61952 33 103% 105 10414 General gold 314e 80 841 4 7212 July'25 ---72 724 Harlem & Pt Chas 1 843 4 843 4 _ Registered Q F 85 -1E8 - - 8428 8434 3 8112 8612 HockingIt let constfat 44_1954 MN -91.18 gale 914 9214 6 8818 9214 1987 M N -8 Val J General 48 g 4145_1999 8512 1, 82 8412 8 88 90 1 , 1987 M N 845 8512 8412 Registered 1999 3' 8614 9012 9012 May'25 -Stamped 4. 991, 10154 4 10034 105 10318 4 10114 _ _ 1013 Nov'25 1987 M N 10318 Sale 10318 H & T C lat g Int guar 1937 J General 58 stamped 99 4 95 10312 1067 Houston Belt & Term let 541937 ii 9512 07 a -18 9612 Nov'25 _ 1879-1929 A 0 10414 1043 10414 Nov'25 linking fund 13e 905 1001 8 4 4 4 __ 10018 Oct'25 A 0 1033 10414 1033 Dec'25 -- -- 103 104 Houston E & W Tex let g 56_1933 Registered N 99% 100 0 0 100 10034 1879-1929 A 0 10 114 101 10014 Dec'25 ---- 100 10134 Sinking fund be let guar be red 1933 MN 100- - 100 Sept'25 -9912 Oct'25 _ 924 95 9912 10012 Housatonic Ry cone g Se.... 1879-1929 A 0 Registered .1937 MN 9518 ____ 95 Sept'25 -get% 94 9914 103 129 - -4 93 1933 M N 10012 1003 10014 Dec'25 - -Sinking fund deb be Hud & Manhat be Berate A 1957 FA 9212 Sale 923, 99% 101 9114 914 10014 Oct'25 ---_ _ _ 9114 June'25 MN Registered Registered FA 675 773 4 108 16 105 112% 4 98 4 - 4 747 4 1930 J D 1071. 1073- 10712 -year secured 75 g 10 Adjustment income 5s___1957 AO 743 Sale 7418 004 94 7 107 11212 Illinois Central 1st gold 4s..1951 '.7 937 11112 11212 11112 1 1113 4 92 _ _ 92 1938 M 16 -year secured 6 Me g 004 93% 4 91 933 July'25 9112 102 4 6 983 4 May 20373 D 983 Sale 983 let & ref g be 1951 Registered '3 8714 8 847 852 81 8214 86 1 8 8 4 823 835 81 Nov'25 8 8 011oRI&P—RaUwavgen4elDSSJ J 845 853 845 1951 .11 let gold 33.4e 8012 833 4 8114 8314 4 3 J 8318 ____ 83 Nov'25 Registered .1 3 7914 834 823 Jan'25 Registered 81 84% _ 8714 125 834 897 4 Refunding gold 40 1934 A 0 864 Sale 863 8 Extended let gold 3144_1951 AO 8212 834 8214 Dec'25 82 82 62 Feb'25 71 A 0 66 83 8818 8614 Nov'25 ---Registered 1951 MS let gold Is sterling 8518 89 10112 10311 10312 Nov'25 8 OhioStL&NOgoidSe.195l 3 1) Collateral trust gold 45-1952 AO 875 8812 88 Dec'25 10114 10214 10214 June'25 _ 8712 864 Nov'25 Registered J D 85% 58% AO 83 Registered 48 8912 90 78 798 8 78 Sept'25 ---8 Gold 310 87 12 92 % 1951 J D N 895 91 1955 let refunding 415 7822 84% 8308 87 3 8318 8314 Nov'25 8328 Memphis Div let g 4s 1951 J D 8512 8712 8328 1952 3, 82 Purchased lines 3348 84% 101 1033, 79 753 8212 8414 July'25 4 10114 Nov'25 0St L & P lel cons g ba 1932 A 0 Registered 1 102% 10812 Collateral trust gold 44__1953 J 19 85 104 8 4 53 4 83 8 -18 Ohio 8t P M & 0 cone 84_1930 J D io53 1-64 104 MN 813 Salo 845, 81 8412 8412 15 9214 9334 4 933 Oct'25 -- -4 9318 94 Cone 8s reduced to 8148_1930 .1 MN 8311 8412 833 Registered 6 1021s 106% 105 9212 10514 8 9712 9712 Debenture be 1930 M 9708 98 1955 MN 10434 10512 105 Refunding 58 3 10314 38 101% 103 2 Stamped 95 '2 9928 2 4 9744 1934 9714 9818 973 '3 103 Sale 10218 15 -year secured 53.48 4 10912 113 11171 75 9018 883 8 37 4 ObI0Tfl&SoEs.i1et5s1980J D 8814 Sale 873 15 -year secured 814s 8_19383, 11112 11212 1118 14 8412 9012 ____ 913 Oct'25 55 4 81 881 913 4 4 823k gu be Deo 1 1960 M S 8228 Sale 1950 3D Cairo Bridge gold 42 74 1 9114 95 9412 20 70 74 4 OM 17n Sta'n let gu 4148 A.1983 J J 933 9414 9414 '3 73',._.... 74 Litchfield Div let gold 38_1951 10212 26 100 10312 4 8112 4 77 12 82'4 4 lat be Berke 13 1963 3 .1 10214 1023 10212 LOUISV Div & Term g 31451953 3, 8112 813 8112 9714 101 10012 36 70% 74 73 Oct'25 Guaranteed g 55 1944 J D 10018 Sale 10018 Omaha Div let gold 35.__195l FA 7314 74 7 11814 11812 118 4 ___ 733 Dec'25 8 71% 77 lit 6 Me Seriee C 1983 1 11712 118 1177 St Louis Div & Term g 39_1951 3, 737 79 831 4 81% Nov'25 82 Ohio & West Ind gen 884_7;1932 Q M 10514 107 10514 Dec'25 ---- 10514 106 1951 3, 81 18 Gold 3548 , 797 82% 4 30 7618 8318 80 Nov'25 783 82 4 807 808 Sale 8014 Consol 56 1952.7 Springfield Div let g 314e-1951 -year 413 88 88 97 1008 10018 121 8614 Oct'25 let ref blet ear A PA 8614 90 1962 M S 10018 Sale 9928 Linos let g Western 84 87 9908 10114 5 10114 8912 84 Aug'25 4 -- 1003 Oboe Okla & Gulf cons 5e1952 M N 1951 PA _ _ Registered 2 934 9612 III Central & Chic St L & N 0— 96 Ola H & D 2d gold 434e.. 9612 96 96 J 101-1937 1 9128 91 993 Sale 9912 4 94 58 0I St L & C let g 419.__Aug1938 Q F 94 Sale 94 9014 100511 998 1983 J Joint 1st ref 55 Series A 9011 9312 Ind Bloom & West 1st ext 4e 1910 A 0 89 8814 Aug'25 _ 95 6 9312 8814 884 Registered Aug1938 Q F 9214 Sale 9214 871e 8912 Ind III & Iowa lat g 4s 8714 92 4 8734 Nov'25 Oln Leb & Nor gu 48 g 1950 3 .1 893, 893 89 Nov'25 ____ 1942 MN 874 91 99 101 ___ 997 Dec'25 ____ 993 10112 Ind Union Ry gen ba Ser A-1985 1 .1 100 4 8 Dec'25 ---CUB & CI cons 1st g 5e J 10014 10112 10014 1928 813 8512 4 9912 Nov'25 ____ _ 34 994 10084 85 D 843 ____ 85 Cleve Cin Ch & St L gen 49_1993 19053 3 Gen & ref be Series B 10312 103396 98% Int & the Nor let Os Ser A 1952 .1 .1 100- - 4 1035, 105 26 100 10512 110-year deb 44e 9808 ___ 9812 Dec'25 ---1931 J .1 98 10538 68 79 7418 Sale 744 122 75 10114 Nov'25 ---General be Series B 13 1993 Adjustment 8a, Series A 1952 Apr 87 78 1 7414 ____ 7412 104 744 Ref & impt fle Series A Aprl 1°112 Sale 10314 04 Stamped 1929 3 7 1°218 10728 Int Rys Cent Amer let 5e___1972 M N 1 0 4 9414 3 7812 Sale 7812 106 7812 744 804 9 ____ 106 6a Series C 106 19413 65 9412 100 4 33 993 57 42 61 8 ba Series 13 Iowa Central 1st gold Se____1938 J D 61 Sale 5708 1961 J J 9928 Sale 993 57 624 8812 91 6 4 903 4 59 59 Sale 5754 Cairo Div let gold 48 _ 903 Sale 9012 4 Certificates of deposit 1939 J 8212 80 20 Sale 194 28 20 Cin W & M Div 1st g 4e-1991 J J 8108 8212 8118 Nov'25 --__ 1914 264 Refunding gold 48 1951 M 814 85 2 8414 88 St L Div lat colt tr g 44-1990 MN 8214 ____ 8414 12 854 90 James Frank & Clear let 48_1959 3 D 8714 Salo 8714 804 83 MN 1003 ____ 100 Nov'25 8 8018 July'25 ____ Registered Ka A & G R lst gu g bs 1938 J 84 863 894 Kan & M 1st gu g 48 4 80 Elpr & Col Div let g 44_1940 MS 874 ____ 89 Nov'25 ---1990 A 0 818 ____ 818 Nov'25 8728 8812 3 10014 9914 10011 -- 10018 ___ 8812 July'25 --__ W W Val Div let R 44_1940 J J 1927 J J 10014 2d 20 -year 50 2 10612 108 * 108 4 10311 12 1023, 1035 _1025, 10318 1023 1077 108 108 878 OCC&I gen cons g 84_1934 .1 K C Ft SAM cons g 85__1928 M 10018 10212 K C Ft S & M Ry ref g 4s 1938 A 0 885, Salo 8812 8638 89 883 4 30 _ _ 10018 Nov'25 Ole, Lor & W con let g 54_1933 A 0 98 10014 8 953 9818 KC&MR&B Isteubs._1929 A 0 995 ____ 993 Dec'25 ____ 4 1935 MN 1014 4 9'i12 953 Dec'25 -- -96 Cl&Marletgug4l4a 9814 10014 Kansas City Sou 1st gold 341950 A 0 735 Sale 735 704 75 8 7334 11 9928 Oct'25 -- -Cleve & Mahon Vail g 54_1938 3 99 1 99 8 884 92 8 9214 59 8 9911 01 & P gen gu 4 Ma Ser A1942 J J 075 -- -- 99 May'25 -- -Ref &(met 58 Apr 1950 J J 917 Sale 917 8334 8612 Kansas City Term let 4a_ ._1960 J 833, 871 853 Sale 85 8 8512 Sept'25 Series C 3Me 854 82 1948 M N 8318 85 84 8712 83 4 8584 Kentucky Central gold 4e_1987 J J 84% ____ 853 Nov'25 __ 3 1050 F A 8318 ____ 834 Nov'25 ___4 Belles Et 3 Me 5 2 958 100 9734 874 89 7714 __ _ __ 8712 Nov'25 ____ 4 Cleve Sher Line let gu 4145_1961 A 0 973 Sale 9712 Kentucky & Ind Term 410_1961 J J 4 100 June'25 ____ 100 1001 _ Cleve Union Term 514s......-1972 A 0 107 Sale 10612 10714 10 10458 10712 Knoxville & Ohio let g 8s___1925 .1 .1 9912 102 54 101 99 4 1014 8 -01 let f 55 Ser B Lake Erie & West let g 58_1937 J J 1004 1 -54 10038 Dec'25 ____ 1003 Sale 10012 4 954 9812 984 Nov'25 ____ 99 83 4 884 4 4 Coal River Ry let gu 19413 J 97 8612 873 873 Nov'25 2d gold 55 967 99 81 8 78 9818 41 785 8 Colorado & South let g 44_1929 F A 984 984 9818 19973 D 7812 80 7828 10 Lake Shore gold 314e 7814 794 9528 21 4 904 9 8 612 Refunding & erten 4144_1935 M N 95 Sale 943 8 Registered 1997 J D 765 7712 773 Nov'25 __ 8612 868 4 Nov'25 Col & H V lst ext g es 1948 A 0 863 9712 994 8 864 983 4 69 8 1928 hi S 983 Sale 983 4 Debenture gold 4e pug 0712 8414 8414 Col& Tol let ext 48 1955 F A 8528 9612 30 8414 Apr'25 963 Sale 9614 8 25 -year gold 48 1931 M N 815 815, 8 957 95% 4 8 Conn & Fasatim Illy let 44_1943 A 0 7712 825 815 Jan'25 8 8 Registered 1931 M N 915 __ ___ 957 Jan'25 ____ 834 8014 Leh Val Harbor Term 54_1954 F A 103 8914 14 8 6 100 4 10314 Cuba RR lot 60 103 4 103 -year ba g_1952 J J 89 Sale 883 1 10218 106 4 let ref 714e 0512 V7 -14 98i2 1043 0 1296 6 95 :: 3 958 9 12 9 8 8 5 1 19353 731 1044 Sale 10412 Leh Val N Y let gu g 4%8_1940 J 9312 89 8 9314 24 Cuba Northern Ry let 84_1968 9212 Sale 923 1940.7 J Registered Day & Mich let cone 4148_1931 1 J 977 983 9814 Nov'25 983 Lehigh Val (Pa) cons g 48_2003 M N 815 Sales_ai 8114 4 8 8134 a 79 8434 78 8 8812 9212 9034 45 Del& Hudson let & ref 4s 78 81 M N 1943 MN 9018 903 9014 4 78 Nov'25 ____ Registered -year cony be 10814 128 10114 109 80 1935 A 0 1008232 Sale_ 10714 91% 917 2003 MN 917 General cons 4348 7 101 104 15 -year Ms 103% 9 3 103 98 8 92 8 __ 103 1937 M N 11 Lehigh Val RR gen be Serlea_2003 M N 10018 10178 10112 102 10 -year secured 78 D 10352 19095 19314 0 52 183 88 1930 8 2 1933 Leh V Term Ry 1st gu g 5s1941 A 0 1023 0 , c' 15 ,14 8 01; 8271 3 7 86% 6 4 _ 10212 De8 22 ____ 1899 4 102 0 ] 180927312 1801052544 D RR & Bdge 1st gu 4e g1936 F A 84 8 89 8 Leh & N Y 1st guar gold 44_1945 M S 8314 ig 87 Nov'25 ____ Den & R 0—let cons g 44_1938 4 8508 39 3 10312 107 Lax & East let 50-yr 5e gu_1965 A 0 1,065,142 J 854 Sale 843 10512 10512 857 9014 Little Miami 48 8 3 804 Comet gold 4148 N 1952 M 89 1936 Sale 88 89 Improvement gold 55 95 99 9834 124 9814 Sale 98 1928 J Long Dock CO11801 e Os 1935 A 0 10912 ____ 10914 Nov'25 ____ 107% 10814 Den& R G West gen be.Aug 1055 MN 66 Sale 658 bb 70 667 337 8 __ 1004 Oct'25 __-_ Long laid let con gold 58_81931 Q .1 10912 Des M & Ft D lat gu 44 1935 J 3 94 51% 5 9534 4412 94 1 95 7,1931 Q 3 944 - 4413 Sale 4412 95 9 5 let consol gold 4s Temporary We of deposit 4 5 60 6 45 -- 45 Sale 45 1938 J D 897 90 88 91 3 12 , 91 Nov'25 ____ General gold 48 Des Plaines Val let 414e1947 M N 93 934 9312 9312 Feb'25 19323 D 9318 ____ 934 Aug'25 ____ 95 Gold 48 897 9312 8 Del & Mack—let lien g 48._1995.7 D 7012 7211 7111 Sept'25 7014 75 1949 M S 841 824 85 844 Nov'25 ___ Unified gold 48 Gold 4e 65 6712 199530 65 Oct'25 65 1934 J D 9714 9i- 9814 Dec'25 ____ 70 9 4 9512 5 Debenture gold ba 8-9412 91 Det Itiv Tun 4Me 1961 M N 9328 9334 933 1 4 933 4 8714 95 6 95 1937 X N 947 9512 9412 8 -year p m deb be 20 Dul Miesabe & Nor gen 58_1941 J J 102 0 0212 4 Oct'25 -__ 1 0 1003 82 854 103 84 84 18 14 Guar refunding gold 4.4_1949 M 8 Dul & Iron Range let 5&. 1 .1937 A 0 102 Sale 102 102 98% 100 14 2 100 99 100100 Nor Sh B let con g gu be_o1932 Q J 8378- - - Dul Sou Shore & Atl g ba 1937 J .1 85 9 0 9914 102 1927 MS 10014 10114 1003 864 13 1 4 1003 4 Louisiana & Ark 1st g ba 8611 85 East Ry Minn Nor Div let 4448 A 0 10 90 8714 Lou &Jeff Bdge Co gu g 4a 1945 M 9134 90 83 8514 853 8512 Nov'25 ___ 4 East Tenn reorg lien g Se.,..1938 M 98 10212 Louisville & Nashville 54_1937 MN 1024 104 103 Dec'25 ___ 10218 10512 12 4 9938 100 _ Eget T Va & Ga Div g 54_1930 J J 1001 fof 10012 Nov'25 9912 10118 1940 3, 9318 9312 9318 4 917 9554 8 13 94 Unified gold 48 Cone let gold be 1 1003, 103 10218 1958 M N 10218 Sale 10218 Oct'25 ____ 1004 103 Collateral trust gold 54_1931 MN 1005, 101 101 Elgin Joliet & East let g 54_1941 M N 2 101 10228 102 ___ 10112 106 1930 MN 10512 106 105 13 105 10812 -year secured 7s 10 1985 A 0 10212El Paso & W lat be 97 61 109% 10,34 1 03 103 10212 105 103 1 10414 108 8 let refund 5145 Series A2003 AO 10712 Sale 1074 10712 7 Erie let conaol gold 78 ext 1930 M S 108 10812 108 2003 AO 1043 1054 10412 107 8 2 10118 107 1st & ref ba Series B 108 let eons e 413 prior 4 7514 115 693 7511 1998 3 75 sale 7412 2003 AO 95 9512 15 1st & ref 434s Series C 92 97 9528 9518 Registered 6734 1990.1 J 7012 73 '3 1047 7018 Oct'25 104 Dec'25 ____ 1041z 107 1930 NO & M 1st gold 65 83 0 8 let consol gen lien g 4a 1998 107 68 '3 10312 105 10312 Oct'25 OM 68 6712 Sale 66% 81930 2d gold 69 Registered 1998 J J _._ 6412 Nov'25 68 1568 _ 67 91 9112 91 Nov'25 Paducah & Mem Div 44_1948 F 574 88 911 8 9512 99 Penn coil trust gold F A 1 965 8 9628 ____ 88 86 St Louis Div 2d gold 38_1980 MS 65 3 81 8812 -year cony le Bar A__1953 A 0 69 Sale 6814 50 6212 693 4 85 69 L&N&M&M 1E684349.1945 MS 9714 ____ 97 Oct'25 do Berke B 1953A0 6884 Sale 6814 61 69 60 6912 8,14 _ _ _3 84 9 4 9_ L& N South joint M 44_1952 3, 94 84 96 8 1® 1 811 8613 : Gen. cony. 45 Series D_198.3 A 0 8314 Sale 82 79 84 69'e 84 Loutter Cm & Lax gold 410_1932 MN 99 Eno & Jersey let e t 6e 19583 J 10412 1043 10412 Dec'25 j 10111 10814 Mahon Coal RR 1st 58_ __ 4 1015 103 102 July9 ___1 " 12 8 9 25 ' 99 4 51 _ a Due Jan. 0 Due Feb. g Due June. e Due May. Due July a Due 8151/ . o Due Oct. 9 Due Dec. s Option sale. ow, gl -. New York Bond Record—continued—Page 3 2860 BONDS N.Y.STOCK EXCHANGE Week Ended Dec. 11. t- Price Friday Dec. 11. Week's Range or Last Sale gi Bid Ask Low High No. Manila RR (South Linea) 444 1939 MN 6418 Sale 6314 644 30 let 48 66% 64 Nov'25 1959 M N 64 Manitoba Colonliation La__ _1934 J D 99 1003 994 Nov'25 8 Man GB&NW 1st 3%8 81 Nov'25 1991 J J Michigan Central be 1004 Dec'25 00% 1931 MS 1815' Registered MS 994 _- 10014 Dec'25 77%4 Dec'25 92 8 1940 J J 923 J L & S 1st gold 3 He _ Apr'24 1961 MS 781 -- -let gold 334e 8512 83 Dec'25 1952 MN 81 20 -year debenture 48 4 973 4 4 20 1929 * 0 9712 973 973 MICI of N J let ext be 913 9213 Nov'25 4 1940 * 0 90 541Iw L & West Imp g bo_ _1929 A 1 34 _ _ 7_ 9912 Oct'25 018 0 4 2 3 Mil de Nor let ext 4348(blue)1934 JD 94 Nov'25 Cons ext 4148 (brown) 2 9214 1934 J D 9238 9314 9214 Mil Spar & NW lot gu 12_1947 MS 88 1 8812 88 88 Mew & State I, lot gu 3348_1991 J J 8113 87 875 Dec'25 8 Minn & St Lou% let 78 1927 J D 100 100% 103 Nov'25 2 let coneol gold 5s 6018 1934 MN 60's 6112 .6018 Temp ctfs of deposit 65 5614 Nov'25 MN 60 21 let & refunding gold 4o___1949 MS 21 Sale 204 40 Ref & ext 60-yr 58 Ser A.1962 Q F 1512 Sale 1412 1512 42 let guar g 78 102 Sept'25 1927 J D 100 M St & El 8 M con g 4e Inc gu'38 J J 87% Sale 873 873 4 83 8 1 let eons 68 99 99 1938 ii 10-year coil trust 6%o 10312 12 93 le 1931 MS 10953 Sale 10333 2 101 let & ref 6s Series A 99% 101 101 1946 J 90 25 3 -year 634e 89 Sale 89 1949 M let Chicago Terms f 48 9212 Dee'24 1941 MN 9212 99% 9938 MSSM&Alstg 48 lot gu_1926 .• 1 99% 100 _ 8314 Nov'25 9454 Mississippi Central let 58_ 1949 ii 93 Mo Kan & Tex-1st gold 0_1990 J D 84% -'- 844 54 843 4 Mo-K-T RR—Pr I 544 Ser A_1962 J J 96,2 Sale 9614 96% 70 410-year 4s Series B 80% 21 80 8012 81 1962 28 103 4 10 10273 Sale 1023 -year do Series C 1932 92 1075 Cum adjust 5a Ser A Jan 1987 AO 9012 Sale 89% Missouri Pacific (reorg Co) 101 90 let & refunding 68 8er A 1966 F A 89% Sale 89% let & refunding 6s Ser 0 1949 F A 10112 Sale 10112 101% 57 let dk refund 021 8er E int_1955 M N 1013 Sale 10112 101% 205 4 6614 303 General 48 657 Sale 65% 3 1975 M Mo Pan 3d 7a ext at 4% 8714 Nov'25 1938 MN 874 89 Mob & Blr prior lien g 544_1945 J J 9812 99 Sept'25 82 Nov'25 Mortgage gold 4s 1945 J J 794 82 2 10214 Mobile & Ohio new gold 68_1927 J D 102 10318 10214 let extended gold 68_341927 Q J 10153 10214 103 Dec'25 89 2 General gold 4e 897 89 8 1938 M S 89 983 Nov'25 4 Montgomery Div let g 5eA997 F A 10018 St Louis Div be -1927 J D 100 10612 100 Nov'25 Mob & Mar lot gu g 4.44 M S 85% 883 8512 Nov'25 4 1991 Mont C let gu g 612 1937 ▪ J 109 1091 2 10912 Oct'25 let guar gold be 10112 103 102 Nov'25 1937 J M & E 1st gu 334o , 2000 J o 7712 7812 78 2 Dec'25 8 Nashy Chatt & St L let 156_3928 * 0 10112 Sale 101, 10112 4 N Fla & 8 lot gu g 58 8 1937 FA 101 18 10214 101, Dec'25 Nat Ry of Mex pr lien 434s 1967 3, 30 Sept'25 July 1914 coupon on 19 Apr'25 Assent a f red June coup on 18 4 39 , 18 Sale 18 Guar 70-year 8 f 98 8712 July'24 1977 AO Gen 8 f 48 aesenting red 1912 2153 2012 Dec'25 Nat RR Idea prior lien 43.40_1926 J J 3812 July'24 July 1914 coupon on 24 Sept'25 J J 10 3214 Assent with July '24 coup on 327 3214 32 let emisol 413 Apr'24 28 1951 AO Assent with Apr 1924 coupon 163 4 15 16 1612 1612 New England cons 68 1 101 96 101 1945 I J 94 ()enrol 40 793 82 4 793 Oct'25 4 1945 J N J June RR guar let 4s___ _1986 FA 834 8514 84 Nov'25 _ N 0& NE lot ref & imp 444s A '52 ' 9212 Sale 913 3 9212 10 4 New Orleans Term let 4s__ A953 J J 84 8 Sale 84 8418 19 , N 0Texas & Mel let 66 Oct 1925 JD — -100 Sept'25 Non-cum income 58 Oct 1935 AO 963 Eite 963 963 4 54 8 4 lit 5.9 Series B 23 96 1954 * 0 964 9612 96 , 56 1021 let 514e Series A 4 3 1954 * 0 1017 Sale 1013 N & C Bdge gen gu 4 He 1 943 4 4 1945• J 93% 9612 993 NYB&MBlatcongbs 995 Oct'25 8 1935 AO 99% N Y Cent RR cony deb 68 1935 MN 106% Sale 106% 10 107 MN 105 116 107 Sept'25 Registered Consol 4s Serial A 8612 30 1998 FA 8614 Sale 8614 9312 43 Ref & Inapt 41.444 "A" 8 2013 * 0 925 Sale 9212 Ref & impt 5e Series C 144 102 2013 A0 102 Sale 10114 1 AO Registered 100% Aug'25 N Y Central & Hudson River— Mortgage 334e 773 4 15 7712 Sale 7712 1997 J __ Registered 763 Nov'25 4 1997 3, 7614 77 Debenture gold la 9453 04 1939 MN 9414 Sale 9414 9312 Nov'25 MN 925 Registered 8 110-year debenture Le ' 3 913 9212 92 Nov'25 4 1942 Registered 93 Feb'25 Lake Shore coil gold 3348_1998 VA 76 Sale 754 20 76 74% Registered 8 4 1998 FA 743 7512 744 Mich Cent coil gold 35413 1998 A 78% 81 25 80 80 Registered 7614 July'25 80 1998 FA 76 5 9414 N Y Chic & St L 1st g ds s 1937 AO 9414 Sale 933 Registered 9218 Dec'25 ____! 3 1937 AO 913 93 9538 27, N 9514 Sale 95 26 -year debenture 48 1931 21 2d 6s Series A B C 103 1931 MN 103 Sale 102% Ref 584s Series A 4 983 129, 1979 * 0 985 Sale 98 8 N Y Connect let gu 41.4s A_I953 P A 923 92% 93 93 4 s N,Y & Erie let ext g 48_ 1947 N 883 8912 Oct'25 _ 4 3(1 ext gold 4}644 94 Nov'25 1933 IN 8 93% ith ext gold be 10014 Oct'25 1930, .,_, 100 a; 0 Sib ext gold 48 9712 Sept'25 4 1928 .3 ._ 973 N Y & Green L gu g be Oct'25 _ 94 1946 M . 1.8 91, 4 N Y & Harlem g 3349 79 Nov'25 _ 2000 Al_. _N 79 _ N Y Lack & W let & ref be1973 al 80 July'24 __ let & ref 4% 100 10012 Dec'25 1973 MN N Y L E & W 1st 7s ext 107 Dec'25 1930 M 5 10413 Dock IC Impt 58 1003 100% 10 4 1943 N Y & Jereey let 58 1932• A 10014 101 10014 Dec'25 N Y & Long Branch gen g 48 1941 MS 903 92 _ 9112 June'25 4 N Y N H & Hart n-e deb 48_1947 7012 10 70 7112 6812 M 0 61 Registered 60 June'25 6312 13 Non-conv deben 3}48..___194710 8 63 Non-cony deben 334s____1954 A 0 60 5714 Dec'25 Non-cony deben 48 68 4 6838 67 1955 J J 67 6714 43 Non-cony deben 4s 1956 MN 6714 Sale 66 ' 61 Sale 60 13 3 61 Cony debenture 31.48 1956 9612 9712 149 Cony debenture 68 1948• J 9718 Sale ' 3 __ 92 Nov'25 Registered 97 55 Collateral trust 68 1940 * 0 97 Sale 96 66 62 4 Debenture 4a 1957 MN 61 Sale 593 66 5 66 Cone Ry non-cony 9s 1954 J 1 64 2 Non-eony deben 4e 64 1955 J J Oct'25 Non-cony deben 4s 61 1956 J J N Y & Northern let g Ge___ _1927 AD 1007. 8 4 1003 Aug'25 2 6812 24 N Y 0& W ref let g 4a_June 1992 MS 683 - - 677 4 69 General 48 65 1955 J 65 Sale 64% 10 J O _ Registered 65 Apr'25 N Y Prov & Booton 48 *0 8612 Feb'25 N Y & Putnam 1st con gu 4e Y42 A0 8414-- 834 Nov'25 _ _ _ _ 1 93 N Y & R B lat gold 5s 1 100 6 . 1927 MS 100 ;le 100 N Y Sue de W let ref 544 5 q , 76 76 Sale 74 4 1937 27 21e1 gold 434s 1937 F A 6112 Sale 6112 62% 14 6318 General gold be 1949 F A 63 Sale 63 3 Terminal let gold be 97 Sept'25 99 1943 M N 97 6312 102 N Y Vrehee & B 1st Ser I 4.148_'46 J s 6734 Sale 67% 82 Nord Ry ext1 s f 6}is 26 1950 A 0 81 Sale 804 Norfolk Sou lot dr ref A 58_19iii F A 784 23 7812 Sale 7812 Norfolk & Sou let gold bs_ .1941 M N 96% 93 9612 Nov'25 Due Jan Due July. SI Due Nov. 8 0241011 951e. Ratio Since Jas. 1. High Low 5913 0418 634 6714 9754 11.1612 80% 84 993 102 4 100 4 10012 , 90% 92, 4 _ -79% 86 91313 98 88 9312 9912 100% 8512 94 9214 83 803 8 86 80% 81% 98% 103 513 (124 4 5614 60 1914 26 1312 2114 1004 102 8412 90 94% 1004 10214 104% 983 103 4 8314 9118 BONDS N. Y. STOCK EXCHANGE Week Ended Dec. 11. 2. Price Friday Dec. 11. Week's Range Or Last Sale g Range Since Jan. 1. Bid Ask Lou, High No LCH4 High Norf & West gen gold 6s____1931 1 100 10812 N 10612 Salo 10612 10612 4 Improvement & ext 6e__1934 F A 1073 ____ 1083 Apr'25 8 10832 1083 2 4 New River let gold 1932 A 0 1063 ____ 10634 Sept'25 _- 106 108 92% 8 90 N&Z llyIst cons g 48_ —1996 A 0 90 Sale 895 R istyred 16 8.8 8612 ____ 8712 Oct'25 1996 A 0 86 89 9113 Sale 903 9113 13 8814 92 Div'l let lien &gen g 48.19443 149 Sale 146 149 1929 M 10-year cony 65 93 12512 149 913 92 3 9138 Dec'25 Pocah C & C joint 48 1941 J 9014 9314 10112 ____ 10212 Nov'25 Nor Cent gen & ref be A 100% 103 1974 M North Ohio let guar g 5a 8818 8818 8712 89 86 1945 A 04 86 Sale 8512 Nor Pacific prior lien 43 86 83 66 1997 Q 87 84% 8512 85 Dec'25 82 3 85 , 1997 Q Registered 613 Sale 6114 8 615 5914 621 General lien gold 314 8 55 a2047 Q : .5712 Sept'25 59 574 60 Registered 863 Sale 8512 875 4 3 867 83 Ref & inapt 4349 aer A !2 47 Q 8 8 2 0 J 9 Registered 8212 ____ 85% Feb'25 85% 863 4 10814 Sale 108 10814 73 1043 10812 Ref .4‘ kept es ser B 2 2047 J 105 10872 1067 May'25 _ 8 Registrd 974 20 8 973 Sale 975 Ref & impt 58 ser C 944 977 8 2047 J 973 97% 98 3 98 Ref &'met 58 ser D 943e 98 8 St Paul & Duluth let 5 2947 j F 1005 ____ 9914 Mar'24 .9_ 1831 Q 4 5438 -881. let consol gold 4e 1968 ID 8438 853 8514 Oct'25 4 10914 110 1093 ____ 10912 110 4 Nor Pac Term Co let g 60-1933 J 102 1034 No of Cal guar g 55 4 1938 A0 1033 ____ 10314 Nov'25 1034 1044 4 North Wisconsin 1st 68 1930 J J 10218 ____ 1033 Apr'25 Og & L Cham 1st gu 48 g 7313 14 1948 J J 7312 Sale 7253 Ohio River RR let g 68 8 1936 J D 1003 ____ 10014 Oct'25 98154 100 978 '4 07614 General gold 58 1937 AO 9912 100 100 Nov'25 99l 100's Ore & Cal let guar g be 4 101 4 7 1004 1017 1927 J J 1003 101 101 94 91 7 Ore RR 62 Nav con g 4a 90% J D 9038 ___ 9014 100 107 8014 854 Ore Short Line-1st cones 588'46 J J 10414 fo538 104 Dec'25 85Z 904 1 8 86 9034 1 1024 107 Guar eons 55 1946 J J 10412 Sale 10412 10412 7114 8034 963 977 2 2 9714 97 Guar refund 4s 1929 JO 9718 Sale 97 10112 10414 Oregon-Wash let Jc ref 48 8551 98 90 81 ' 8314 Sale 8314 3 833 4 67 19131 9412 763 927 Pacific Coast Co let g 5s_ 82 4 8 6 9412 9412 1940 J D 9412 95 Pan RR of Mo let eats 48.-1938• A 92 ____ 913 Nov'25 4 10 0 8 3 9 4 03 241 extended gold 5s 105,4 N ye : 5 1054 00 D: 225 0 13 0 99 10314 Paducah & Ills 1st s f 4%s 19583' 998114e 96 4 35 99% 102 8014 8112 7 ,4 0 0 Parls-Lyons-Med RR 6o__1958 FA 7918 63 le 773 , 79 4 344 , 6212 67 S f external 78 1988 M s 8518 Sale 8412 8514 69 84% 89% Paris-Orleans RR of 7e 80 90 27 85 8412 8412 85 99 10314 Paullsta Ry 78 97 10112 3 4 19 4 M S 1003 101 10034 1003 942 5 'M 76 91 91% 9512 Pennsylvania ER—cons g 4s 1943 115 N 94% 2 _ 9314 947 101% 10414 Consol gold 4s 4 92 1948 M N 913 _-- , 9112 Dec'25 10112 104 48 stamoed May 1 1948 MN 9112 92 1 91% Dec'25 81 904 COMO! 434e 8 1900 FA 9853 987 9812 987 3 14 9613 101 General 4}is 9418 44 1965• D 937 Sale 933 95 1004 General 544 8 2 1988 J O 1017 Silo 1017 102-38 54 84% 8512 0 07 3 13 10-year secured 75 3 1930 * 0 1083 Sale 108 10838 18 190114 19 109 113 1371 0 10 44 192 899991883 11 09°86 15 -year secured 6345 130 :14 112 1936 A 1113 Sale 111 13 101 10312 10912 10912 P A 1093 4___ 10913 June'25 Registered 7654 82 9ble 97 40-year gold bs 1964 MN 9812 Sale 9814 9812 323 1004 102 84% 87 Pa Co--Gu 3348 coil tr A reg 1937 MS _ _ 8612 Oct'25 997 102 2 Guar 334e coil trust Ser 8_1941 FA 8558- - 8234 Dec'25 82% 8 4 41 823 8353 4 8334 82 Guar 3%s trust etfa C 4 1942 Jo 813 ____ 8338 Nov'25 19 19 8113 8 Guar 33-4s trust ctfs D 212 1944 JO 813 _ 82 Nov'25 1314 2124 944 9612 Guar I5 -year gold 48 1931 * 0 9814 9 4 4--25 62 943 Dec'25 843 8612 4 Guar 443 Ser E 7 1952 MN 86 Sale 86 86 12 13 22 7712 8234 Peoria & East let con e48..„1940 AO 7912 80 80 _ 31% 3712 Income 441 8 89 3712 68 39 1990 Apr. 357 Sale 3618 2412 Pee& Pekin Un let 24 99 102 10058 1974 A0 1005s 10138 10053 1 53-4 s 97% 101 34 24 Pere Marquette let Ser A 59_19.56 J J 1003 Sale 10013 3 101 25 85 80 let 4s Ser B 8412 17 1956 J J 84 Sale 84 "Ira; 16- Philo Bait & W let g 4 92 4 94 5 8 , 8 3 4 1943 MN 923 923 923 Dec'25 /1 94 101 1 104 108 Gen ba Series B 106 1974 A 106 107 106 79% 813 Philippine Ry 1st 30-yr s 1 4s 1937 J J 414 42 40 44% 4 35 42 4112 8312 86 10612 10612 Pine Creek regstd 6s 1932 J D 106 108 10512 Mar'25 86 96 994 92 2 PCC&StLgu434sA , 9614 Nov'25 1940 A0 964 97 8014 897 96 9913 2 Series B 4348 guar 964 964 1942 * 0 964 100 101% 94 963 4 _ 94 Sept'25 Series C 4448 guar 1942 MN 954 923 9814 2 893 95 4 ____ 9218 9218 Series D 4.13 guar 1945 MN 92 9013 97% 90 1.14 4 Series E 33.4s guar gold 1940 A 913 ____ 9118 Nov'25 98 1023 91% 9311 8 1 ____ 9218 9218 Series F 4s guar gold 1053 J o 92 9313 943 904 941e 4 ____ 93 Aug'25 Series 0 45 guar 92 1957 MN 91 9914 100 94 4_ 933 Sept'25 4 Series 13 48 1960 A 921 106 11713 9412 95% 1 9 95 Series I cons guar 4348_1963 FA 95 -- - 95 9 108 11612 94 96 1 N 94 95 94 Berke J 4348 94 1964 82 8 87, Ws 101 , 4 4 9953 General M be Series A 1970 .113 9938 Sale 99% 97% 99% 8873 937 8 81 99 3 1975 *0 9938 Sale 99 Gen Intge 58 Serteo B 99 1024 Pitts & L Erie 2d g be 99% 10/ 101 10052 Nov'25 a1928 * 0 9912 10118 Pitts Melt & Y let gu 6e 109 106 A932 J J 1053 10612 106 Aug'25 Pitts Sh & L E lot g be ___ 10014 Oct'25'_ _ _ 100 1024 1940 AO 100 75 793 2 10013 Oct'25'_ _ _ _ 10014 101 let consol gold be 1943 J J 9858 74 7814 Pitts Va & Char lot 48 914 904 8 1043 MN 887 ____ 9114 May'25 _ _ _ _ 9213 96 101 8 3 100 101 Pitts Y & Ash let cons 544_1927 SO N 1003 ____ 101 9214 6312 87 90% 8 let gen 48 Belles A 3 1948 ▪ D 903 ____ 905 Oct'25 _ _ _ 9012 92% 100 10213 4 let gen 58 series Ii 1962 A 1013 ____ 101 Nov'25 93 03 634 60 4 , 4 ___ 593 Nov'25 _ _ Providence Scour deb 4s 1957 MN 74% 784 Providence Term let 48 813 81% 3 598318 8314 813 July'25 1956 M 79 74 924 9612 3 Reading Co gen gold 48 9612 954 Sale 9518 1997 J 75 80 944 9514 J J _ 947 May'25 8 Registered 7514 701: 88 92 9014, 13 4 4 Jersey Central coil g 4a___1951 * 0 893 913 893 4 91 945 8 945 9214 90 73 Gen & ref 4 As Eler A 1997 J J 944 Sale 934 89 99% 101 924 RIchm & Dane deb be stpd_1927 * 0 10014 10012 10012 Nov'25 92% 964 Rich & Meek let g 48 74 79 2 , 75 Dec'25 -7318 80 1948 MN 9952 102 1024 10412 Riches Term Ry let gu 58 997 101 100 Sept'25 8 1952 J J 93 72 983 Rio Orande June let gu 5e 1939 J O 95518 4 9252 96% 954612 June'25mNaoyv.22.55 2 33 90 9312 Rio Grande Sou 1st gold 4s 1940,J J 5 7 8912 89 6 81 Guaranteed 1940!J -I 937 9512 R10 Grande Wt let gold 46_1939 J J 80, 87 8 8212 8013 808 8012 20 2 West 99 10112 71 75% 8 49 743 Mtge & coil trust 45 A 1949 A o 7418 Sale 74 9712 974 RI Ark & Louts let 4348_1934 M 8 8812 Sale 8812 85 90 8914 18 90 94 7314 77 Rut-Canada 1st 21141 4 1949 J J 758 76% 757 Oct'25 _ 8 757 80 2 8514 89 853 3 Rutland let con g 4%s 8538 1 1941 J J 8514 87 St Jos & Grand Isilst g 4.3 1947 ii 7753 7912 784 754 83 7818 6 ijOL4 10038 St Lawr & Adlr let g be 91% 95'4 05 Sept'25 1996 J J 954 10512 1071, 101 10212 2d gold 68 1996 • 0 101 105 101 Oct'25 99% 1003 St L & Cairo guar g 45 4 94 9612 1931 J J 9512 Sale 9512 9512 995 1003 St L Ir M & S gen con g 5o .1931 AO 1003 Sale 10014 8 4 9914 101 3 1003 4 88 914 9112 914 9612 1929 3' 953 954 953 4 Unified & ref gold 48 96 37 604 7012 J J 9212 ____ 93 Sept'25 91% 93 Registered 60 N 883 Sale 881 2 60 8372 110 Riv & 0 Div let g 444 1933 4 88% 84 5552 6312 St L M Bridge Ter RU g 5e 99% 10012 1930 AO 993 102 993 Dec'25 1 594 60 70 St L &San Fran (reorg co) 48 1950 J J 77 Sale 767 773 186 71 8 60 68 8514 9312 8 Prior lien Ser B bs 1950 J J 927 Sale 921.1 9212 54 66 07 4 , 1928 J J 1023 Sale 10234 2 4 Prior lien Ser C bs 103 44 1017 103% 63 61 1942 J J 9912 Sale 99 8 Prior lien 5348 Ser D % 93 1007 86% 9712 804 94% Cum adjust Ser A 6o--310 5 AO 9212 Sale 915 8 99: 237 92 71 87 8 834 94 61980 Oct. 803 sale 86 D00643 1075 8 764 97% Income Series A 65 8 25 9014 100 StLoula & San Fran Ry gen lis '31 J J 1033 105 1058 103% 105% 53% 62 1931 J J 11000012 __ 10012 Dec'25 100 101 General gold Se 55 66 St L Peo & N W let gu 644_1948 3' 10013 1044 1023- 1003 Nov'25 - 4 4 58 64 1931 51 S St Louis Sou let its g 48 923 94 9 8 , ___ 9414 Dec'25 MN 8353 57 2 64 , St L 8 W 1st g 4s bond ctfo_1989 78 93 12 8438 833 8-1 4 84 59 100 1003 4 72% 78 2d 548 income bond ctfs-P1989 J J 74 75 74 .10 9013 Sale 9018 65 7012 85% 91 1932 Consul gold 4e 9 74 0% 87 1 8212 6912 81% 004 let terminal & unifying 58_1052 J J 0014 Sale 8934 9014 2 65 65 8734 St Paul & K C Sh L let 4}431-1941 A 80 44 861s 8613 St Paul E Gr Trunk 43.48_1947 J 90 9112 85 9 058 88 8 9544 0 8 _7 _ 0 ct'825" 824 87% St Paul Minn & Man con 48_1933 3D 96 64;Ie 873 98I2 8 3D 99% 100% 9214 944 Registered 9214 July'25 98 2 Ws 76 1064 1004 1933 JO 1073 1-683-4 10818 Nov'25 4 'et °owlet g 4e J J 1053 594 68 8 1055 100 Registered ___ 106 Oct'25 1597 66 4 3 0511 1004 68 reduced to gold 4348_193 3, 993 100 4998 9934 20 93 97 973 98 8 1933 3, 0712 99 Registered 9712 Apr'25 59% 70 4 , 1937 J D 925 9412 927e Dec'25 87% 964 8 Mont ext let gold 441 ' 0 9014-7913 8553 90 924 Registered 71_ 9014 Sept'25 88 8 04 Pacific ext guar 4e___ ..._1940 J J 887 893 88% Dec'25 8 04 84 -3 943 98 4 St Pael Union Denot 58____1972 J J 10132 Sale 10112 102 7 100 102% 2861 New York Bond Record—Continued—Page 4 BONDS N.Y.STOCK EXCHANGE Week Ended Dec. 11. sos Kt H Price Friday Dec. 11. Week's Range or Last Sale Rungs Since Jan. 1. BONDS N. Y. STOCK EXCHANGE Week Ended Dec. 11. t Pries Friday Dec. 11. PTee.t's Range or Last Sole I3 ca, 2 Range Strua Jan, 1. Mel Ask Low Hig1 NO. Low Bid High High NO Low Ark LOtO Bid 91 85 4 903 100 81 8 7 8514 Armour dr Co 1st real eat 432131939 S D 90 Sale 9014 4 8 83% 8 A & A Pass let gu g 4a__1943 .1 3 833 833 835 95 91 41 95 4 Armour & Cool Del 532e___1043 S 'S 943 Sale 9414 9858 102 _ 8 ____ 985 Nov'25 Banta Fe Pres & Phen 643_1942 M S 987 4 1 1013 10313 8 1025 8 1071,111 Associated 0116% gold notes 1935 MS 102% 102% 1025 _ Bay Fla & West let g 6s____1934 A 0 10912 111 10912 Nov'25 9784 98% _ 8 _ _ 983 alay'25 1947'SD 9912 Atlanta GasL let 55 _ 10114 102 4 _ 1013 Nov'25 let g 5a 1934A 0 1013 26 17 2112 Dec'25.— -873 90% Atlantic Fruit 7e etre dep_1934 J o 1612 23 1 4 8 895 Scioto VA NE let gu g 4a1989 MN 87% 8958 8955 1512 22 39% 1712 Nov'25 of depoelt Stamped etre 8112 74 2 7918 79 Seaboard Air Line g 48 1950 A 0 794 80 973 1004 4 4 -9914 993 994 's 14 99 1937 8212 Atlantic Refg deb 58 74 99 80 80 Sale 79 Gold 4s stamped 19531 A 0 9934 106 10418 2 1940 MN 105% Sale 104 Baldw Loco Works let 5a 88 73 4 8712 81 Adjustment be Oct 1949 F A 8712 Sale 863 9 103 107 10418 5913 734 Baragua(Coup Az)7345. _ _1937'Si 10418 104% 1044 43 72 7214 72 Refunding 413 1959 A 0 72 10518 7 102 106 4 e 845 965s Barnsdall Corp 0 f cony 8% A1931 S 'S 105 1053 105 167 96 9514 Sale 9514 let & cons Os Sales A 1945 M S 10118 49 1004 103 8 8 ,▪1 1005 Sale 1005 1948 8 83% 897 Bell Telephone of Pa be 8 67 887 8 883 AU & 131rm 30-yr let g 45_411933 M S 4 1003 210 100 10114 8 4 993 101 18 1960 AO 1005 Sale 10013 Ist & ref 5s Ser C 1 loo Belboard & Roan let 50_1926 .1 1 100 10014 100 99% 10114 8 100 8 1926 is 997 100 100 1024 10418 Beth Steel let ext a I be 10418 1044 July'25 B & N Ala cons gu g be 1936 F A 10234 4 19 9314 983 96 4 1942 MN 953 Sale 954 1st & ref 58 guar A 102% 109 8 Gen cone guar 50-yr be_ _1983 A 0 105 1063 10412 Oct'25 94 90 24 94 8 1936 .1 J 96 Sale 927 30-yr p In & imp 13 I 5s 84 884 86% 14 9312 9713 So Pax Col 413(Cent Pee col)k1949 J D 86 Sale 86 85 Cone 30-year 130 Series A._1948 FA 9512 Sale 95 81 85 Sept'25 J D 8118 85 Reglatered _ 8912 85 15 8112 122 -year 5320 Series B 1953 A 8618 871 8613 964 98 Cons 30 974 173 20 92% 96 1 98% -year cony 45 June 1929 M S 9714 Sale 9714 9912 10312 Bing & Bing deb 6 323 1950 MS 9312 941 9412 20 -year cony be 1934J D 9912 10018 10014 Dec'25 704 93 8 3 21 4 94 891 88 1926 AO 9812 101 Fisheries deb 13 f 6a Booth 20 1944 M N 100 10012 10012 Dec'25 -year g ba 9012 94 9.412 Sale 94 88% Botany Cons aline 6).40_1934 A 84 5 8614 Ban Fran Terml let 40_1950 A 0 8618 Sale 86 97 103 10114 21 1942 A0 101 10114 101 83 8514 Brier Hill Steel let 5320 84 July'25 _ A 0 79 Registered 68 7712 49 3 Se__ _1943 J o 7714 Sale 753 B'wey & 7th Av let c g 102% 104 --- - 104 Aug'25 So Pan of Cal—Gii g be 674 78 1927 M N 2 4 743 7714 Sale 748 Ctfe of dep etmpd June '25 lot 94% 94 3 , __ 9412 Jan'25 So Pac Cotten let gu g 4a 1937 J J 0418 90%11902 _ 4 1941 Si 933 Sale 94 Nov'25 Brooklyn City RR be 8714 92 60 89 Bo Pee RR let ref 45 1955J J 89 Sale 88% 994 103 102% 46 s 8 1017 Sale 1017 10014 10414 Bklyn Edison Inc gen be AI949 J J 1994 J J 10355 104 Southern—let cons g 5e 8 3 1033 106 4 1043 4 1930 J J 105 Sale 1043 0 13 182 2 10112 General 60 Series B 7 00 99 10212 _ 8 43 8 -- 1 0311 Nov'25 ..254 10212 J D Registered 824 92 9112 331 73% 81% Bklyn-Man R Tr Sec OIL _1068'Si 9155 Sale 9015 614 71 Develop & gen 48 Ser A__1956 A 0 8111 Sale I 657 8 e 655 657 Bklyn Qu Co & Sub con gtd Ea '41 MN 65 29 103 108 108 1956 A 0 107% Sale Develop & gen 6e 7315 81 78 Dec'25 1942 g 4..001 S i 7712 79 let 543 75 106% 113 113 1956 A 0 112 Sale 112 Develop & gen 81.45 92 92 J J 8818 ____ 92 June'25 994 10212 Brooklyn RTr let cony _ Oct'25 Mem Div let g 432e-50_1996 J J 1011 13612 13612 - 101 13612 Nov'25 3-yr 7% secured notes... A921'Si 854 873 2 8734 4 8 2- 3 8 1951 J J 875 88 8 875 St Louis Div let g 413 12314 alay'25 -- 121 12314 Ctfe of deposit stamped _____ 8 825 883 4 25 87 Mob & Ohio coil tr g 48-1938 M 8 86% Sale 86% 8112 90 1950 1i 8812 Sale 8812 8812 — 3 8112 89% Bklyn Un El let g 4-5a 5 1004 103 10114 8 1929 M N 1013 102 10114 So Car & Ga let oat 532e 1 8812 1950 F A /3812 883 8812 874 Stamped guar 4-6a 80 4 823 80 Nov'25 99% 102 Spokane Internet 1st g 58_1955 I J 80 3 102 let cones 5e1945 M N 1024 Sale 10114 954 98, Bklyn Un Gas 4 Term Assn of St L 1st g 4%0_1939 A 0 96% 9712 96% Dec'25 155 190 1932 M N 13555 ___ 18512 Nov'25 99 10114 10-yr cony deb 713 8 14 1944 F A 10012 10112 10012 1007 let cons gold be 8 8 1074 1105 10912 4 803 8514 let Ilen & ref Be &Mee A.A947 M N. 10912 Bate 10918 1953J J 843 8514 8412 Dec'25 4 Gen refund a 1 g 418 9113 94 93 024 Nov'25 91 9614 99 1932 J Di Buff & Susq Iron e 1 58 98 Dec'25 _ 19433 J 98 Tex & N 0 con gold be 01 Fia 8912 8713 Nov'25 - -4 997 103 1952 A 0 87 Bush Terminal let 4.8 1025s 16 Texan & Pac let gold 5a_2000 J D 10212 Sale 10212 854 92 21 92 4 1955 J .11 92 Sale 913 Congo] 58 98 10014 2 99341 4 993 4 1931 J J 993 La Div 11 L let g be 9712 171 93% 904 8 1960 A 0 973 9818 973 Building 55 guar tax ex 97 10014 9914 8 Tex Pan-hlo Pan Ter 5328_1964 M S 9918 9912 99 8, 98 10112 4 1003 4 99% 10112 Cal G & E Corp unit& ref 55_1937 M N 1003 Sale 10012 1935 J J 9912 101 10018 Dec'25 Tol & Ohio Cent let gu 60 24, 100% 19412 104 997 Nov'25,__ - _ 9912 10014 Cal Petroleum e f g (1328 _1933 A 0 104 Sale 10312 1935 A 0 10018 101 Western Div let g be 11518 2, 87 8814 89 1 88 98121 4 s 963 993 Camaguey Bug 1st e I g 78_ _ A942 A 0 88 1 1935 J D 97% 9812 9812 General gold be 5, 9054 101 1004 35 Canada SS Lines let coil 5 I 70 '42 M N 100 1004 100 28 _ J 33 33 Nov'25 1917 J Toledo Peoria & West 4s 35 10014 10212 8 1017 4 1013 10212 10134 99% 99% Cent Diet Tel 1st 30-yr 5a 1943 J D 997 May'25 _ __ Tol et L & W pr ilen g 3325 1925 J J 92% 100 4 1931 F A 9712 993 100 Dec'25 8218 87% Cent Foundry let s f Os -year gold 45 50 1950 A 0 8614 if 8614 Dec'25 8 973 10112 10018 421 984 97% Cent Leather 1st lien e f 6e._1945 J J 10018 Sale 100 2 97121 19315 J 971 Sale 9712 ! T01WV&Ogu432eA 11; 110 116 115 1145 9712 Central Steel 1st g f 8s_ _ _ _1941 SIN 115 116 97 Series I) 448 1933J J 9653 973 97 Nov'25 4 984 101% 8 1013 4 1013 Sale 10112 8 895 90 Ch G L & Coke let gu g be 1937 J Series C 4e 90 Nov'25 _ 1942 Ni S 73% 88 8 805 140f 8 1927 F A 797 Sale 793 8712 Chicago Rye let 50 84 Ter Ham dr Buff let g 4a 1948 J D 8612 8712 8612 86121 10 8 451 105 11112 1932 A 0 108 Sale 10712 1085 6714 9218 Chile Copper 80 Bar A 11 75 18 Ulster & Del let cone g 5a 1928 J D 7518 Sale 75 9813 1024 22 102 Mein Gas & Elec let & ref 58 56 A 0 102 10214 102 40 62 let refunding g 4e 5 4018 1952 A 0 404 Sale 40 101 10018 105 104 1967 A 0 10355 104 1035s 90% 9412 b 32e Sec B due Jan I 9212 33 Union Pacific let g 48 8 1947 .1 9214 Sale 917 82 80 1940 J J 7612 7612 82 Nov'25 Clearfield Bit Coal let 4e 894 93 __ Registered 90 Dee'25 J 2, 87% 93 91 91 91 1943 F A 90 F dr I Co gene f 55 9814 99 994 72 80 -year cony 45 % Colo 1927 J 99 Sale 99 864 9: 80 84 1934 F A 8312 Sale 83 Col Indus let & coll be gu 85% 59 let & refunding 4s 8312 DO e2008 M 8512 Sale 8512 31; 100 10214 101 4 1927 5 J 10012 1003 10012 39 103% 10712 Columbia G & E let be 106 let lien & ref be 10512 10618 105 e2008 M 5' 100 101% 10053 8 4 8 1927 J J 100%1003 1003 Stamped 10318 42 10212 1045 10-year perm secured 60_1928 J 103 Sale 103 94 14 _ Oct'25 10 _ _1993 NI S Col & 9th Ay let gu g 924 93 9112 ____ 93 Aug'25 13 N J RR & Can gen 413_1944 M 9812 99% 5 1 l932 .1 J 9914 O97 997 Dec'25 4 993 10118 Columbus Gas let gold 58 _ Utah & Nor gold be 19263 100 10012 100 Dec'25 714 7713 4 74 74 78 8 935 93% Commercial Cable 1st g 40_2397 Q J 7312 let extended 48 9338 9614 9353 Sept'25 1933 J 4 98 1013 1934 Itl N 100 10018 100 Dec'25 s 863 8814 Commercial Credit efe8 _ Vanden.% cons g 45 Sec A1955 F A 873 ____ 884 Nov'25 4 97% 10313 8 36 1033 8 8853 875 Commonwealth Power 613_1947 M N 103% Sale 10213 4 Coneol 45 Series B 1957 MN 873 ____ 8758 Nov'25 10114 105 4 3 2 1041 Computing-Tab-Rec aI 80_ _1941 J J 10412 Sale 10412 20 20 __ Vera Cruz & P 1st ilti 41.4a 20 Sept'25 1934 J J 904 9213 . . . 90 9 114 9112 02 July'25 4 233 26 Conn Ry & L let dr ref g 4 3.2a 1951 J J 91 Assenting let 432e 1934 _ _ _ 2614 2518 Nov'25 _ _ _ _ 8812 93 Dec'25 1951 J J Stamped guar 4345 99% 100, 4 _ Verdi V I dr W let g 50 4 993 Nov'25 _ 1926 ivi-A -993 7812 90 4 44 823 8 4 993 10013 Cons Coal of Md let & ref 55.1950'S D 823 Sale 8212 _ Virginia Mid Series E 5e__1926 M S 993 100 100 Dec'25 4 10414 252 1014 105 9912 101 104 Sale 104 Coneol Gas(NY)deb 532e 1945 F 1 100 50 Series F 1931 3 J 8 997 ____ 100 10414 60 1001a 105 4 100 10212 Coned Pr & Ltg let 0348.1943 M 13 1033 Sale 10334 General 58 1936 M N 10053 ____ 100% Nov'25 78 9212 16 79 93% 102 Cent Pap & Bag Milla 6328_1944 F A 7812 Sale 78 Ts & Southw'n let gu 50_2003 J .1 __ 99 Sept'25 8 92% 1607 4 8 1003 10012 10038 Nov'25 _ _ _ _ 844 933 Consumers Gas of Chic gu 981936 J 18 90 let cone 60-year 98 1958 A 0 90 Sale 884 90% 100 8 61 978 95 10112 Consumers Power let 5e 195 M N 975 Sale 9712 4 1003 238 4 Virginian let be Series A 1961 M N 10012 Sale 993 __ 5 905 July'24 193 MN 974 10014 10212 Corn Pro Reig af ale . t25 ;leArstu 7 102 4 Wabash let gold be 1939 M N 102 Sale 1013 11 100 102's 10114 _1934 MN 10114 Sale 101 9413 99% 1 984 24 gold 511 4 1939F A 99 Sale 983 90 74 2 84 8 9412 99 Crown Cork & Seal lots f 6s 1943 F A 835 83% 8312 4 98 3 112 Ref a 1 5328 ser A 1975M 8 983 Sale 98 8 4 95 4 96% 4 933 93% Cuba Co cony s es 9612 45 lqltJ J 9612 Sale 957g 4 933 Feb'25 Debenture 11 (le registered.1939 M S 98 92 8 23 937 1930 J J 9312 Sale 9314 7718 83% Cuba Cane Sugar cony 7e let lien 50-yr g term 40.._1954 J J -8'2i2 - - -7- 813 Nov'25 _ 4 82 8 96 102% 8 22 987 9858 Sale 9814 9912 10113 1_1930 1 Cony deben stamped 814 Det & Ch ext let g be_ _ _ _1941 J J 101 102 10012 Nov'25 3 3 1073 110 108 8 1077 8 1077 108 81% 86 Cuban Am Sugar 1st coll 88A931 M Dee Moines Div let g 411_1939 1 J 83 84 Dec'25 92 4 983 934 25 7734 Cuban Dom Sue 1st 7340_1944 MN 9234 Sale 9214 74 Om Div let g 334e 5 7753 4 1941 A 0 76% Sale 763 97 10112 997 Sale 100 10 100 8413 89 Cumb T & T let & gen de _1937 J Tol & Cl, Div g 4e 1941 M S 854 ____ 8612 Nov'25 ____ 9912 94 _ _ 94 Nov'25 94 77 Cuyamel Fruit let 65 int ate '40 A 0 93 77 7512 ____ 77 Oct'25 Warren lit ref gu g 33213_2000 F A 824 8314 8 8218 Aug'25 8112 867 Deny City Tramw Ist eon 50 1933 A 0 Weal, Cent let gold 4s 8312 _ 1948 Q M 8112 8312 83 924 97 9414 35 8118 8512 Den Gas & E L letezref a f g 50'51 M N 9418 Sale 9318 Wash Term let gu 334s 4 1945 F A 82% ____ 823 Nov'25 11 92% 96 8 34 937 8 M N 965 934 Sale 9312 83 Stamped let 40-year guar 4/4 8112 Nov'25 _ 1945 F A 86 75 6 84 9534 9712 Dery Corp(D G) 1st et 7s_ A942 NI 8312 Sale 8312 W Min WA N W let gu 58_1930 F A 9613 9753 965 3 8 965 8 998 1023 4 8 6 10118 8 6318 69 8 Detroit Edison let con tr 58_1933 J J 007 Sale 1007 6712 39 WOOL Maryland 1st g 40 8 1952 A 0 6712•Bale 673 9913 102% 4 983 111112 8 14 1023 8 8 1023 Sale 1023 let de ref 58 Series A_Jul1 1940 M 1 10012 Weet N Y & Pa let g 5e 101 10012 1937 J J 10012 4 97% 1013 100% 27 7913 83 ref 55 Series A 49 A O 0 Ms 10018 Sale 100 Gen & 9 19 30 83 Gen gold 4e 1943 A 0 83 Sale 8212 4 106% 10813 10712 45 45 10714 Sale 1074 let & ref 6a &dee 13__July Income g be 45 Feb'25 Apr 1 1943 Nov 40 99% 10918 14 997 9014 964 8 Gen & ref 53 ser B 10553 D 997 Sale 997 9614 42 Western Pan let Bar A be___1946 M 8 96 Sale 9518 86 93% 4 8 6 8 % 0 34 288 8 ; 81 887 F 9. 853 6 1004 10618 Det United let cones 4348_1932 J J 955 . 9354 10612 let gold 6s Series B 1946 M 8 10212 Sale 10218 94 100 8114 80 4 Dodge Bros deb 6a , 6 8614 West Shore let 40 guar 8 2361 J J 8353 855 84 79 884 11 81 4 798 84 (Jacob) Pack let 60_1942 M N 79 Sale 79 1 NI N 19 Dold 8314 29 3 Registered 834 Sale 823 50 68% 6314 13 6334 63 Wheeling & L E 1st g 5e.,..1926 t 11 10018 10012 100 Nov'25 __I 100 101% Dominion Iron dr Steel 9e_ 1939 J J 63 88% 97 94 Dec'25 93 1 2 4 Donner Steel 1st ref is s.. 946 J J 9312 94 983 101 Wheeling Div 1st gold 50_1928 J J 99% 10018 10018 Dec'25 9011 95 __ ____ 95 Nov'25 9815 993 du Pont(El) Powder 4 J D 997 4 8 Ext'n & Rept gold 68 0 9812 9812 9812 1930 9 10453 107% 106 81 68 4 105% Sale 1053 Duquesne Lt let & coil 65_ _ _1949 J 6 8034 Refunding 4128 Series A....1981 8012 Sale 8012 81 72 10512 46 104 106 let coil trust 532eSerlee 13_1949 3 J 10513 Sale 105 RR let coneol 45 1049 M S 8012 807 81 Dec'25 3 8 100 1067 4 613 674 East Cuba Sug 15-yr sf g 734837 M S 1044 Bale 10412 105 Virilk & East let gu g be 64 12 14 1942 5 D 6412 Sale 64 89 , 95 4 _ 8 1015 10314 Ed El III Bkn let con g 40 J 9212 ____ 9312 Dec'25 1939 Will & SF let gold ba 3 1015 10312 103 Nov'25 9912 103 8 823 8712 Ed Elec III lot cone g 58._,_1995 .1 1 10214 ____ 102 Nov'25 _ Winston-Salem S 131st 4a 1 1)g 4 843 8512 86 Dec'25 19 864 8812 7714 8112 Elec Pow Corp(Germany)6%8'50 M S 874 Sale 8714 8712 22 Wle Cent 50-yr let gen 4s_ .1945_ J 805 Sale 8018 9 4 803 8 97 100 4 , 80% 874 Elkhorn Coal6% notes _ 100 Nov'25 Sup & Dul die & term let 48'30 MN 86 19255 D 13 867 8 863 805 9714 105 4 753 824 Empire Gas & Fuel 734e 8 1027 103 e Wor & Con East ist 4 t4e 1937 M N 103 Sale 1017 5 8218 1943 J J 801s 82% 8215 9912 10012 Eqult Gas Light let con 50_1932 M 8 9912 100 9912 Nov'25 INDUSTRIALS 88 , 96 2 8713 Federal Light & Ti let 58_.....1942 M 13 92 Sale 913 85 8 12 917 4 Aflame Express coil tr g 4a....1948 M 8 1 85 85 964 103 9411 10314 Ajax Rubber let 15-yr 81 80A936 J ID 10118 Sale 10114 10112 55 let lien 65 stamped 1942 M S 101 12 Sale 10114 8 29 1015 9118 94% 3 Alaska Gold M deb 613A 2 8 12 925 412 4 67 3 30-year deb Os Ser B 1959 .1 ri 1934 3 D 923 Sale 917 8 1925 m S 4 4 5 0712 107 4 8 67 Federated Metals 9 Cony deb 138 Series B 9812 3 4 7e 9818 Sale 9818 4 1926 M S 4 Sale 8 905 91% Fisk Rubber let f 80 53_1941 AI S 114 Sale 1135s Alpine-Montan Steel 7s_ __ A955 M S 9114 Sale 91% 5 108 115 114 6 9118 57 193 M F g 764 823 4 984 103 _ Am Agile Chem 1st 5a _ Ft Smith Lt & Tr let 7912 78 Dec'25 79 103 Dec'25 1928 A 0 1023 103 4 8914 95% 943 1043 Frameric Ind & Dev 20-yr 7%8'42 J 4 4 9112 12 1st ref a f The g 9018 Sale 9018 62 1941 F A 103% Sale 10312 104 0712 102 Liner Beet Sug cony deb 613_1935 F A 3 105 .... 1034 106% Francisco Sugar 1st ef 7328 .1942 M N 104 1053 104 4 4 24 983 98 9714 99 9818 100 3 965 99% Gas& El of Berg Co cone g58i9495 D 993 ____ 100 Nov'25 American Chain deb 5 1 Os....1933 A 0 9814 Sale 98 8 27 983 101 104% 9115 9712 Gen Asphalt cony 68 9712 14 ____ 104 Nov'25 39 3 9 6 A 0 104 Am Cot Oil debenture 50_1931 M N 96 9712 97 4 10412 1013 J D 1047 Nov'25 1 4 Am Dock & Impt gu (is 19365 5 1053 106 1053 Dec'25 - _ 105% 1084 General Baking let 25-yr 613_1 4 83 9012 9 8712 31 113 13534 Gen Electric deb g 334s 952 942 F A 87 Sale 87 Amer Ice dell 78 __July 15 1939 135 135 Sale 130 98 10112 Gen Refr let a g Os Ser A 31 100 10212 F A 10112 Sale 101 101 1 6 10015 1013 10012 Dec'25 Lm Mach & Fdy e 16e 1939 A-4 92 8 967 954 109 914 100 4 Am Republic Corp deb Os....1937 A 0 99 Sale 9812 German Gen Elec 75_Jan 15 1945 .1 .1 9512 Sale 943 9812 38 4 48 100% 106% 1043 954 9912 Goodrich Co 6%5 10412 Sale 104 994 86 am eita AR let 30-yr be serA 1947 A 0 99 Sale 9814 12118 54 119 12112 94 1 M S 10712 14 10355 10812 Goodyear Tire &Rub let al 1947 j N 1207 Sale 12018 1st M 6s series 13 1947 A 0 107 Sale 1065 8 F A 9912 10414 21931 FA 110 Sale 10912 11012 99 108% ill -year e f deb g 833 10212 89 10 Amer Sugar Ref 15-yr 6e 1937 J J 10214 Sale 102 90, 95 2 10 92 9618 977 Gould Coupler 1st s f 65_ _ _1910 8 92 Sale 9012 9712 151 Am Telep & Teleg coil tr 40_1929 J J 9718 Sale 9718 3 93, 101 89% 9714 Granby Cone MS & Peon 68 A'28 M N 100 101 101 Nov'25 1 92 Convertible 45 02 1936 M 8 973 98 4 9318 1007 3 3 1007 s 2 32 9 8 M N 100 101 1007 a 2, 94% 115 97% -year cony 41.48 20 Stamped 1933 M S 913 9212 97% 4 9714 92 F A 9614 9714 964 2 97 1 157 100 10214 Gray & Davis 1st cony 01 78_1 101 -year coil tr be 30 1946 J D 100% Sale 1003 4 40 91 8714 92 5 9412 984 Gt Cone El Power(Japan)70.1944 F A 907 Sale 903 8 97% 266 85-yr a I deb be 1060 J J 97% Sale 97 99% 11,35 103% 11 140 101 105 104 8 -year a 1 5 he 1943 M N 10312 Sale 10312 Great Falls Power let if 58_,1940 M N 10314 Sale 10314 20 9218 98 83% 87% 8738 Nov'25 34 97 Ilackeneack Water let 45...1952 3 J 8612 87 Am Witt Wks & Elec 5a_1934 A 0 9612 Sale 9614 _ 8512 Aug'25 82% 8512 8512 6311 Hartford 44 4 49 Sty 1st 49 1939 1 J 49 49 51 Am Writ Paper a I 7-60 93 43 9212 11 1054 854 953 633. Havana El Ry L &P gen be A '30 M S 9214 - - - 9214 2 4818 8 Temp Interchangeable ate dep. 481s 4912 48 8 92% 974 1952 F A 943 947 925 Dec'25 5 1015 1731 994 102 17. 10112 Sale 10114 Anaconda Cop Min let 6a 1953 1tavana Elec consul g 58 _ 10413 Oct'25 _ _ _ _ 108 105 2061 99% 105% lerehey Choc lets g6s._ 1942 M N 105 1938 F A 10412 Sale 10414 -year cony deb 7e 15 g 94 14012 8 991 8 10 9774 244 98 100 6 8 38 975 let M & coil 53413 int ctf 1940 J J 997 Sale 987 4 983 Sale 97 Andes Cop Min deb 7850% pd '43 .1 J 4 983 101 9914 236 94 10414 4 Joe (It) & Co let 6 48 temp _1934 A 0 97 Sale 94 1945 Si N 983 Sale 983 Anglo-Chilean Nitrate 7s 4 904 86', 86 21 8014 9412 3olland-Amer Line (is U1410_1947 MN 86 8614 88 79 4 8712 88 Amnia(Comp Aim)734e —1939 1 J 87 91 9514 Judson Co Gas 1st g 6a1940 M N 10038 ____ 100% Nov'25 981s 100% e 38 937 5 Mem Bridge & Ter 58_1964 M S 937 Sale 931 Ark & a Due May • Due June 2 Due May. k Due August a Option sale ri1'I 1D 2862 New York Bond Record-Continued-Page 5 Price Friday Dec. 11. BONDS. . N.Y STOCK EXCHANGE Week Ended Dec. 11. Week's Range or Last Said Ranee Since Jae, 1. BONDS N. Y. STOCK EXCHANGE Week Ended Dec. 11. Price Fridae Dee. 11. Week's Range or Lost Sale Range Since Jan. 1, High Ask Low 881 BO High No Low Ask bow High No, Low High 101% 40 10212 Pillsbury Fl Mills 20-yr 68_1943 A0 10134 --__ 1013 Humble Oil& Refining 5341.1932.1 .1 1013 Sale 10118 8 4 102 8 9933102's 97 1017 Pleasant Val Coal let get 58_1928 ii 973 9812 973 Nov'25 _ _ 8 Illinois Bell Telephone 58..._1956.1 D 1003 Sale 1003 4 1004 54 4 4 4 9814 97 923 963 Poeah Con Collieries late f 561957 3 3 893 9214 904 Dec'25 _ _ 4 4 Illinois Steel deb 430 8 8 9514 38 1940A 0 947 Sale 944 88 943 8 8712 94 Ind Nat Gas & Oil 58 Port Arthur Can & Dk Se A1963 L A 10112 1013 10112 10212 994 1023 9114 9014 Oct'25 4 1936 M N 91 4 9 8 11 Indians Steel let 56 10112 100 17 101 1044 let M Be Series B 8 4 102 1953 L A 10112 _ 1952 MN 102 1023 1013 ( 10 64 102 9914 9934 Portland Else Pow let Be 8_1947 MN 99 9813 10012 997 99 Ingersoll-Rand let 54 8 4 9911 1935.1 J 993 ---- 993 Oct'25 4 11 10 Interboro Metrop coil 430_1956 A 0 ____ _ _ 11 Apr'25 Portland Gen Eiec let 158-19353, 9914 9912 9914 3 98% 1007 8 994 412 712 Portland Ry let & ref Es__ _1930 MN 92 9312 92% Guaranty Tr Co Ws dep _____ _-__ 1 127 8 412 Aug'25 92% 924 9612 104 1012 Portland Ry Lt & P let ref 681942 L A 89 Ctf dep etpd ailed 16% sub_ 8914 8812 1012 Mar'25 89 6 844 92 59% 743 4 Interboro Rap Trio let 58_1963 i 9934 7 1st 1 & ref 66 ser B 6814 95 94 1003 4 1947 MN 99 Sale 99 -i 67% Sale 67 Stamped 59 7312 let & refund 730 Ser A 1946 MN 10612 10614 106 -6714 159 106 2 104% 108 6812 Sale 66 7 10 -year Be 613 8112 Porto Rican Am Tob 8a 4 4 4 1053 1703 8 79 4 1 101 106 4 N 1053 106 1053 1931 1932 Ã"Ô 693 Sale 6914 10 -year cony 7% notes_1932 M S 89 4 90 4 8912 85 95 2 90 29 Pressed Steel Car Se 9514 SO 9214 97 3 1933 J J 943 Sale 944 , 91 Set Aerie Corp let 20-yr 5e.1932 I'd N 88 Sale 88 67 Prod & Ref f 8s(with war' 6.31 J O 110 Sale 11012 11012 11 104 11514 884 7 1111 8112 61 8112 19 11012 30 10938 11312 Stamped extended to 1942_ __ M N 8112 Sale 81 4 Without warrants attached--- J O 11012 1103 110 11254 9112 Pub fiery Corp of NJ gen 58_1959 A0 1043 Sale 1043 Inter Merean Marine 8 f fre. _1941 A 0 8412 Sale 843 4 1034 10514 4 4 10438 4 . 8512 88 8712 95 101 99 94 95 International Paper 5e 95 101 Secured g Se 1944 FA 100% Sale 9978 1947 .3 .1 95 Sale 9412 95 99 Pub Serv Elea & Gas let 53111959 AO 1033 Sale 10312 1037 8 16 Het s f 0 Ser A 4 983 Sale 9814 98 1 1054 7 4 984 91 1955 M 13 10112 109 s lot Telep di Teleg cony 530 1945 M S 107 Sale 063 7 1st & ref 534e 993 105 8 4 4 4 1073 387 1964 AO 1033 Sale 10312 10334 14 88 1074 Pub Berv El Pow & Jurgene Works Be (flag 9riee)_1947 3 J 1003 Sale 9938 1003 8 4 37 4 33 1024 1074 Ltg 6e 1948 AO 10632 Sale 10612 1063 95 102 53 21 10214 197l 107 Kansas City Pow & Lt 5e1952 M 8 100 Sale 00 Punta Alegre Sugar 10014 56 4 33 106 1063 106 984 10312 Remington Acme Se 78 8 87 87 Kansas Gas & Electric 6e 86 88 92 4 MN 86 1952 III S 1023 Sale 0218 10234 32 9314 98 Kayser & Co 7e 10818 16 1014 10812 Repub I &8 10-30-yr 15e e 1.-194 AO 974 Sale 974 97 8 7 2 1942 F A 108 Sale 08 1 0593377 90 109 9412 59 8 42 Kelly-Springfield Tire 88-1932 111 N 10312 Sale 03 8 1037 8914 95 Ref & gen 531e ser A__ 1953'.1 94 Sale 93 3 9212 Rime Steel 1st 7s 82 881 9018 11 Keystone Telt p Co let 58-1936 J .1 9114 _ 9114 FA 9018 Sale 904 .9038 9114 1 99 103 Kinge County El & P e 58-1937 A 0 102 - -- 02 4 Dec'25 Robbins & Myers f 75 3 3 1313 59 4 Dec'25 4 574 73 13 1952 JO 60 555 11412 12014 Rochester Gas & El 7e ser 8_1946 MS 1123 Sale 11212 1123 6 110 1123 4 o Purchase money Be 4 2 1997 A 0 1193 12112 20 Nov'25 75 797 3 Binge County El let g 4e_..A949 F A 751 78 7512 Nov'25 5 10234 10514 10518 : Gen Mtge 534s series C_ _ _1948 MS 10514 - - - - 044 714 74 80 734 30 Stamped guar 4e Nov'25 -60 884 Rogers -Brown Iron Co 7e 1949 F A 764 7712 77 1942 MN 7112 Sale 994 89 10114 St Jos Ry Lt Ht & Pr 58 9912 1 Kinn County Lighting 58 1954 J J 983 99 854 93 9112 924 Nov'25 8 1937 MN 91 8 6 1033 10812 St Joseph Stk Yds let 4343_1930 ii 96 10718 0141 9512 96 074 96 Nov'25 97 19543 J 10718 _ 8 Kinney Co 730 3 1043 109 St L Rock Mt & P 5s stmpd_1955 108 08 2 774 87 7818 78 1936 J D 107 108 7912 784 8938 943 St Louis Transit 55 4 Lackawanna Steel 68 A 13 7112 864 94 937 933 8 4 7112 Oct'25 1950 M 8 93 1924 A 0 7112 1193274 9814 1017 St Paul City Cable 58 e Lee Gas L of St L ref&ext 58.1934 A 0 1007 Sale 0038 1007 8 22 95 97 8 Oct'25 -- 9514 100 95 J 9514 1023 Saxon Pub Wks(Germany) 713'45 L A 8 904 9414 Coll & ref 530 Series C1953 F A 102 Sale 013 78 4 1024 130 93 93 Sale 92 8 3 953 10014 Sake Co 78 4 2 98 Lehigh C & Nav a f 430 A 1954 J J 98 109 I 11 104 109% ▪ B 109 10914 9938 10112 San Antonio Pub Sec 994 104 Lehigh Valley Coal let g 63_1933 J . -------- 10018 10014 3 1011 1017 : 8 1 6s__ _1952 34 394 4418 Sharon Steel Hoop let 88 ser A942 MS 10612 Sale 1067 Lex Ave & P F let gu g 58_1993 M S --7 4114 Dec'25 6 105 8 1071: 8 10718 '41 s 4 116 1203 Sheffield Farms 630 Liggett & Myers Tobacco 78_1944 A 0 118 11912 11718 1043 107% 1187 4 8 1063 Sale 4 1942 AO 4 _ 115 1173 Sierra Si San Fran Power 58_1949 P A 913 92 95 4 3 90 Registered A 0 11614 ___ _ 11612 Oct'25 8 97% 10212 Sinclair Cons Oil 15 5e 10012 10 1981 F • 100 Sale 100 88 954 93 Sale -year 78_1937 M 977 98 8 let In coil trtle C with warr 1927 Registered Oct'25 F A 9818 6 98 103% 120 10612 Sale 6 Letinard Co (P) 78 6 11414 1173 let lien 6 He Ser 13 8 1163 8 874 Sale 82% 90% 1944 2 0 116 Sale 1157 11312 115 4 Sinclair Crude 011 3-yr 68 A 1938 FA 10012 Sale 099:06836111:4114 3 0 114 Registered 994 101 _ _ _ _ 1153 Oct'25 4 1928 1 1 908090 07 471 531;'4121' 366953875:31 943 9812 4 63197 Sale 9712 10 994 10114 98 14 3-Yr 6% notes B Feb 15_19213 FA 1951 1 2 . 3 9614 9914 Sinclair Pipe Line 5e Registered 9614 Oct'25 9414 _ 82 88 063218 :01141 625 071 2 82 2 5 82 1942 *0 8734 Sale 187 901% 994 Skelly 011534% notes 981/ 29 Louisville Gas & Electric 68_1952 M N 974 Sale 973 4 1067 127 4 8 3 * 0 125 Sale 91 9312 Smith (A 0) Corp 1st 6343 937 MN 10112 102 102% Loulev Ry lateen 943 91 Nov'25 4 .1 3 89 2 0 6 10,1 1 0 10112 10212 25 4 : : 16 3 2 4 Lower Austrian Hydro-Elec CoSouth Porto Rico Sugar 7s-1941 J 10612 Sale 102 10612 l 58530 854 87 23 let at 634e 0114 South Bell Tel & Tel let s f 561941 33 10118 Sale 10033 10118 87 1944 F A 8614 Sale 8614 2' 99 10214 97 102 Manatl Sugar 734e 41 964 1014 frweet Bell Tel let & ref 0_1954 F A 10012 Sale 0 9978 Sale 99 100 13 0 34 131. 0 190 5712 64 Manhat Ry(NY)cons g 41311614 2 0 604 Sale 5914 Southern Colo Power Be_ _19473' 98 9314 99 s 9818 98 7 6014 136 9(1 5614 Spring Val 51 4 260 53 2013 J D 5212 Sale 5212 Water e 53 1948 MN 9914 10014 997 Dec'25 ----I 944 99% Manila Electric 7e 3' 9714 103 Standard Milling let 5e 8 102 96% 101 1942 MI N 102 Sale 1017 8 9712 30 1930 MN 10018 1003 9714 92 85 Manila Elee Ry & Lt of 50-1953 10 13 89 Steel & Tube gen e f 788er O1951• J 108 Sale 1073 9012 89 Nov'25 4 10814 45 105 10814 9712 10214 Sugar Market St Ry 78 Series A__ _1940 0 ./ 983 Sale 9812 4 991 : 41 87 97 9 812 8912 8812 12 94 89% 18 12 Estates (Oriente) 76_1942 MS 83 Metr Ed let & ref g Be Ber B.1952 F A 10412 1043 10412 104% 7 1014 10614 Superior 011 let e f 78 4 94 94 1929 FA-1 it 9099 914 97 2 let & ref S.Series C 12 Syracuse Lighting let g 58_1 5 3D 10014 ____ 100 10012 12, 97 101% 963 1953J J 9618 9638 964 4 1951 100 104 7 Metropolitan Power Se Tenn Coal Iron & RR gen 513-19 3' 1023 Sale 103 Nov'25 - -I 1004 1.03 103 8 1953j D 1024 Sale 1024 51 687 80 8 Mat West Side El (Chic) 48_1938 F A 1 7214 8 25, 9914 10414 7214 73 Tennessee Else Power let 68_1947 3D 10212 Sale 10214 1027 7214 9514 102 98 Mid-Cont Petr let 63(s_ .1940 IN 8 1015t Sale 1013 6812 Third Ave let ref 4s 4 563 4 511 51 8 102 1960 ▪ 3 563 Sale 5512 8718 9 , 34 Midvale Steel &0cony s f 5e 19313 M S 924 Sale 913 9 3414 6014 93 4234 203 Ad)Inc 56 tax-ex N Y_ _6'1960 *0 91 11191e 4314 4 4 a 34 91 7 4 4 924 109 8 997 1011: Third Ave RY let g 5s Milw Mee Ry & Lt cone g 56-19213 F A 100 10014 100 1 9312 90 100 ' 3 1937 944 9712 Toledo 1083 4 22 10818 110 2 Refunding de exten 430-1931 7 J 963 Sale 964 4 Edison 1st 78 9712 1941 MS 109 Sale 10838 94 100 1 General 58 A 974 1001s 983 98 8 Toledo Tr L & P512% notes 1930 .1 98 4 2 983 1951 .1 D 9814 983 983 2 8 84% 927 Trenton G & El let g 5e__1949 M let 58 13 98 100 a5 5 3'2 2 994 10312 994 Nov'-_4 1961 .1 D 8934 Sale 8912 893 4 12 983 104 4 97 let & ref g Be Series C___ _1953 M S 101 Sale 101 97 4 1 97 Sept'25 -- Trumbull Steel deb 63 10114 39 1940 FA 9614 99 4 Twenty-third ER Ry ref 50_1962 ▪ J 57 3 70 Milwaukee Gas Lt let 0_1927 M N 99 Sale 99 60 60 Nov'25 --61 9914 17 9712 100 4 Underfo e 6 3 Montana Power let 58 A 89 ea Incom d ofLondon 430_1933 J J 9238 96 1943 J .1 10018 Sale 100 923 Oct'25 -2 ' 4 10012 28 94 9812 Montreal Tram let & ref 5s-1941 .7 3 9712 Sale 963 81310 92 Oct'25 8 4 963 4 14 1948• 3 913 ____ 92 781s 87 944 105 Morris & Co let e f 431e_ _1939 J . 1047 146 8 Union Bag & Paper let M 69_1942 MN 1043 Sale 10414 85 12 24 4 3 8514 Sale 85 77 7718 Union & eu iss Pr lit g 56_1932 MS 1013 Sale 1007 Mortgage-Bond Co 48 Ser 2A966 A 99% 103 7718 Nov'25 Ref Elec Lt & 4 8 1013 4 7 95% 9712 10 -year 5.1 Series 31932 J 3 9 -25 9814 101 10014 15 68 9712 9612 9612 1933 MN 10018 Sale 100 77 8 10012 7 Murray Body let 634e82 Sale let g 5318series A 10133 33 100 104 4%..l934 J D 19541J 10014 Sale 10014 954 9812 Union Elev Ry (Chic) Mu Fuel Gas let RU fir 5e_ 75 80 4 79 Dec'25 -1947 M N 983 100 5s 1945 * 0 7812 80 99 Mut Un ltd bonds ext 1941 M N 10018 10212 10212. Nov'25 ,5 8 4 -, 5714 102 Union 011 let lien e f 5s 1931 • 3 100 10034 1007 10078 2 947 1013s 8 64 Nassau Mee guar gold 0_1951 7 J 5934 5i) 59 8 FA 103 1044 104 30-yr 68 Ber A 1044 3 1023 1054 May 4 974 993 Nat Enam & Stampg let 5 .1929 J D 101 105 4 944 95 4 3 993 Oct'25 -let Ilen f 58 Ser C 4 953 4 14 L A 96 Sale 95 542 11935 80 9914 Union Tank Car equip 78_1930 P A National Acme 730 9914 54 1931 .1 D 98 Sale 98 101 10514 4 1g' 15 103 Au024 01 98 993 United Drug 20-yr 68_ Oct 161944 A0 10414 Sale 4 Nat Starch 20 .1 983 100 19 10014 104% 4 -year deb 58_ _1930 987 Nov'25 - - - 8 National Tube let Se 11 10012 103 10234 103 10214 29 United Fuel Gas let e f 6e__ _1936 98 103 ' 102 • Sale 102 3 9811 101 Newark Consol Gee be 99 10012 997 : 10 1003 Oct'25 -- -United Rye Inv &Pitts issue 1926 MN 993 100 993 s 4 4 9912 102 New England Tel & Tel 5 _1952J 0 10034 10112 100 4 8 8 48 1013 e4 '25 -0 93 8 3 9 9914 1004 995 100 7 7 De7 Stamped le Y Air Brake let cony 136_1928 M N 10314 107 10312 2 10118 10114 United Rye Bt L let g 4s_ __ _19341-3 7312 74 10312 674 741 4 89 s 92 lJnIted 8E3 Co 13-yr Os 3 New on Pub Serv 1st 5s A_ _1952 A 0 I 91 Sale 90 4 91 95 4 944 943 3 9412 402 3 9114 10 1937 MN 94 88 8 92% United Stores Realty 20-yr 64 '42 A0 10318 1037 1033 7 let di ref Se ser B e 9012 16 8 1955 J D I 8912 903 90 8 10312 12 10212 105 773 824 U S Rubber let & ref Se ser A 1947 3' 9012 Sale 0014 4 N Y Dock 50 217 91 8212 8212 Dec'25 --- 85 92% -year let g 0._1951 F A 81 NY Edison let & ref 634e A_1941 A 0 115 Sale 11438 52 112 1154 115 1073 8 28 10412 108 10-yr 731% sec notes 1930 P A 107 Sale 107 99% 102 14 let lien & ref 56 B 102 US Smelt Ref & M cony 60_1928 L A 100 10018 100 10014 30 100 102 1944 A 0 10112 Sale 10112 NY Gas El Lt & Pow g 58.. _1948 - D 1033 Sale 1034 10418 27 1004 10412 IJ 13 Steel Corpfeoupon___41963 MN 106 Sale 1051e 8 106 159 10414 10614 1 86 90 4 3 : I 4_ Purchase money g 0 1037 1064 89 8 4 8914 883 f 4 1949 F A 89 _ - 1043 Nov'25 MN 10012 10011 Utah10-60-yr Etelregletered _ 61963 * 0 874 Sale 8514 N Y L E&West C &RR 534a 1942 MN 19 8312 914 9712 10212 10012 A9e25 9 38 22 85 8 97 Lt & Trac 1st & ref 5s1944 991s 101 NY Q El L 1k P let g 0 91 984 Oct'25 -__ ____ 100 Utah Power & Lt let 5s 1930 F A 100 1944 L A 9514 Sale 65 5412 Utica Elec L & P let 58._ _ _1950 N Y Rya let RE & ref 4e 2 1003 1024 4 ' 10214 Sale 10214 3 Oct'25 --10214 1942 J J 3612 5212 47 624 56 984 103 10 Certificates of deposit40 48 48 13 48 101 Utica Gas& Elm ref & ext 5e 1957 J 4 10014 Sale 1003 3 : 6 1 53 58 30 -year ad) Inc 5s_ _ _ _Jan 1942 A"15 _ _ . 414 31 Nov'25 ---_ 8 Oct'25 - Victor Fuel 1st if 5s _ 6212 58 J 1953 al, 54 Va-Caro Chem let 78 73 1643 5 3 8 Dec'25 --7 10433 63 ---Certificates of deposit 4 1947 3D .10414 Sale 104 2312 323 8 N Y Rye Corp Inc Bs _ _Jan 1965., 24 Bale 233 1 8 711 1051e , 2414 104 1044 1043 s Certificates of deposit 994 10212 N Y & Rich Gas let Be 3 08 1023 101 3 4 1024 Oct'25 1951 MN 1003 -- -- 100 4 4 Certificates of deposit tamed 56 684 N Y State Rye let cone 4348_1962 MN 56114 Sale se Stpd as to payt 40% of prin 79 4 907 3 8 let con 634e series B 6 4 6 16 8 1% 2 5 2 1962 MN 80 Sale 80 0 1st 78 9812 105 4 1947 ---- 10418 1043 10418 105 9712 104 NY Steam let 25-yr Se Sec A 19471 N 10314 Sale 1044 166 105 Sale 104 98 1047 e Ctf of deposit W 95 99 NY Telep let & gene!4346_1939 MN 9712 Sale 9412 10312 1044 105 10312 Oct'25 of deposit stpd 107 s 1103 7 4 30 -year deben s f Bs_ _ _Feb 1949 F A 1097 Sale 9712 981: 983 4 48 100 99 30 7348 with & without war__1937 8 1061e 10812 20 -year refunding gold 68_1941 A 0 10714 Sale 974 Sale 9714 434 1001s . Certife of dep without warr 9812 32 9914 103 Niagara Fade Power let 58-1932 1 3 102 Sale 102 102 2 934 Oct'25 61 Certife of dep with warrants - --9512 Ref & gen Ss "9114 If 9114 9114 2 90 98 1053 8 1 103 106% Va Iron Coal & Coke 1st g Se 1949 Jan 1932 A 0 10538 Sale 103 9712 100 Nlag Lock & 0 or let 58 A_I955 A 0 987 9914 987 J 98 Sale 977 8 Va Ry Pow lilt & ref 5e 9914 26 8 8 45 931 99 98 4 1943 9712 10212 Vertientes Sugar 1st ref 78_1942 No Amer Cement deb 630 A 1910 M S 100 Sale 100 8 D 87 1003 120 88 8712 8918 9 86 9412 96% 103 Nor Amer Edison 6e 19521W 8 102 Sale 102 41 103 Warner Sugar Refin 1st 78_1941 3D 9419 Sale 937 8 941 89% 9912 : 13 3 Secured If g 1330 Bar B 1948 M S 10414 Sale 10312 10412 26 100 4 106 Warner Sugar Corp let 7e 75% 874 78 12 1939 33 77 Bale 77 91 97 Nor Ohio Trac & Light Be 1947 131 13 941s Sale 941e • J 10112 9414 29 Weah Wat Power s f 5e 8 99 10133 / 1 4 1939 -- 1013 Dec'25 93 9938 Weetchee Ltg g 58 stmpd gtd 1950 3D 1013 Sale 1013 Nor States Pow 25-yr 58 A 1941 A 0 977 Sale 973 8 4 9814 60 8 8 10112 12 98 102 934 9314 West Ky Coal let 78 A 0 Reelatered 3 MN 10012 1007 101 9314 Jan'25 2 10013 1025 10112 4 let & ref 25-yr Bs Ser B_..1941 A 0 1043 Sale 1043 9912 Sale 9912 4 10478 4 7 103 10714 Wee4 Penn PowD Bee A Se_..16 6 14 let m series er 93% 10014 9912 12 4 1944 94% 98 North W T let fd g 434e gtd_1934 7 J 9612 9712 9512 Oct'25 -- -106 Sale 108 1061: 16 10414 10753 99646 3 4 Ohio Publie Service 714s A 1946 A 0 11214 4 1123 2 108 1123 4 1123 let 58 Seriee E 100 Sale 9912 100 24 934 100 2 let & ref 78 series B ------1947 F A 11012 4 1073 11112 8 __ 11012 1103 9912 9934 983 Sept'25 _ 4 Temporary 9612 99 1 1 981 104 : Ohio River Edison let 63_1948 J i 1013 Sale 10112 10214 12 4 A let 530 Series F 1043 Sale 1043 4 4 4 1004 105% 1043 4 96 99 Old Ben Coal let Be 9712 13 1944 F A 9718 9712 9718 84 85 West Va C & C 5 Serieg E-1950 86 1111 596533 1 851 96 : 88 18 lie 0 98 100 4 Western Electric deb 5e1944 AO 10014 Sale 100 3 Ontario Power N F let 58_ _1943 F A 9911 Sale 993 8 100 4 98 1017 1004 108 8 97 99 4 Western Union coil tr cur 0_1938 8 Ontario Tranemlesion 5s--1945 M N 9934 Sale 993 102 Sale 1017 4 993 10214 14 4 3 8 991e 1024 953 106 8 Otte Steel 8e 1941 Y A 105 Sale 10412 29 105 Fund & real estate g 4348-1960 MN 97 Bale 97 92% 97% 9712 25 89% 10112 FA 111% Sale 11112 let 25-yr If g 731e Ser 8_1947 F A 1003 Sale 10014 4 30 16 1003 4 -year 630 g 1111: 28 1094 11214 934 99 Pacific a & El gen & ref 5e....1942 J J 98 Sale 98 9812 41 Worttnghouse E & M Th.-1531 MN 106 Sale 1057 s 10614 63 105% 10814 1936 98 100 Pao Pow & Lt Ist&ref 20-yr 58'30 F A 993 Sale 993 100 4 4 8 70 797 75 8 Wickwire Seen Steel let 71_1935 J 70 91 75 994 102 Pacific Tel & Tel let 58 8 8 1013 1937 J J 10114 1013 10114 8 Certificates of deposit ________ 754 Oct'25 754 88 924 10012 Ref M be series A 9912 49 1952 MN 99 Sale 987 8 __ 747 75 8 81 Certificates of deposit stamped /414 70 Oct'25 1044 107 Pan-Amer P & T let 10-yr 7e 1930 F A 10514 Sale 10514 MN 64 Sale 6212 10512 32 Wickwire Sp Steel Co 7e Jan 1935 624 78 2 85 Cony e f 6a 11314 507 108 118% Willys-Overiand e f 830 1934 MN 111 Sale 1103 4 7 1933 MS 10212 Sale 10213 102% 22 994 102 e 91 Perk-Len et leasehold 630._1958 J 7 923 95 99 93 Dec'25 4 Wilson & Co let 25-yr If 61-1941 * 0 9912 Sale 99 8 913 100 991 : 39 96 10014 Pat& Passaic0& El cone Sc 19491W 8 100 __ 100 2 100 93 Feb'25 Registered 93 93 poop Gas & C let cone g 138.._1948 A 0 11012 ____ 11012 Dec'25 --- 107 11034 73 10 65 1928 JO 53 743 Dec'25 -year cony e 6e 8 761 : Refunding gold Se 9433100 4 991 703 Sale 70 4 1947 M 9 9914 Sale 9914 53 75 Certificates of deposit 7114 19 Philadelphia Co coll tr Be A_1944 F A 10318 10312 1034 1033 8 4 33 1011 105 70 75 10-yr cony f 730 71 p1931 FA 584 77 1 71 -year cone deb Side. _ _1938 111 13 9914 Sale 99 93 4 100 3 15 9912 35 5918 7312 704 59% 744 Certificates of deposit 71 11 99 102% Winchester Arms 730 _ 10012 13 Mlle & Reading C & I ref 58_1973 - J 100 Sale 10018 4 1 1941 AO 1013 Sale 1013 4 4 102 12 1004 1021 90 108 Pierce-Arrow Mot Car deb 861943 M 8 10614 107 10614 1017 Sale 10118 101% 111 8 10612 Yotmirn Sheet & T 20-yr 51.1943 3 95 4 102 1 Pierce Oil e 1 8e_ _ _Dee 15 1931 3 D 1053 106 104 2 10238 10? 1057 e 4 1 105 q NZ oeTt __!° - 1N1 MN ISA' s-3-1-e- 8SglZ1 .8 1?.3El: 16 1 11? I a Due Jan. 4 Due April. y Due Dec. s Option sale. BOSTON STOCK EXCHANGE-Stock Record sjael AND LOW SALE PRICKS-PER SHARE. NOT' PER CENT. m7.1.. 7)::...47. 1 ritn: .2r4r1 75 1 Dec. 72.1auro..o. Salts for 41„ STOOKS BOSTON STOOK EXCHANGE 2863 =I! B SeoN _ age Ramp for Year 1926. 1 PER SKARN . . 1 Rome /Or P711111 . Year 1924. Lowest I Lowest Highest I EnIA•41 Railroads 1 1 I 4 1 / 100 156 Fob 18 184 Jan 7 1457s Mar 164 Oa 107 Boston & Albany 15812 158121 15812 15312 15312 159 160 160 ,•2159 160 160 160 7134 Aug 85 De 100 7514 Mar 17 88 Jan 2 8414 1,655 Boston Elevated 813 817 4 8114 817 8 82 8112 82 817 81 8 817 817 100 92 Jan III 103 Dec 9 8714 Dec 961 M111 4 27 Do Prof 103 103 1 10212 10212 103 103 I *10214 103 102 102 *102 100 109 Mar 31 12212 Dec 9, 107 Dec 1164 Ja - 1 Do let prel 95 __ 12212 12212.122 ------------•12112 122 *12112 122 ,*122 92 Sept 10114 Ds* 100 94 Mar 20 113 Nov 20 11012 11012, 35, Do 26 prof 10912 10912'109% 110 1 11012 11012 10912 11012 110 110 84 Jae 2514 Nov 100 10 Apr 17 4512 Dec 7 4414 44 4514 5,403'Bo0ton& Heine 44 4514 4412 46 44 1 / 444 43 451 43 Jan 26% No 12 100 1112 Apr 24 43 Dec 5 43 1 433 Do prof 43 42 41 43 43 42 42 43 43 4234 43 13 Jun 3714 Nos 3,697 Do Series A let pret---100 17 Apr 27 63 Dec 8 6112 59 59 59 63 62 63 61 5712 5914 5711 61 4 / 171 Jan 48 No Series B lot pref_..100 29 Apr 27 8113 Dec 8 82 82 82 82 877 Do 8012 8212 8012 82 80 78 80 80 16 Feb 41 Nov 1 / 902 Do Series C/ 1s8 pref---100 25 Apr 25 75 Dec 7 3 1 / 744 7312 74 4 7112 73111 734 7312 73 75 73 73 71 4 1 / Jan 62 Nov 23 101 104 422 Do Series D 1s8 prof---100 35 Apr 25 116 Dec 4 100 100 102 105 105 105 105 105 105 105 Jan 172 Noy 43 100 167 Feb 26 180 May 28 Bolton & Providenoe _ _ *17712 *17712 •177 180 *175 , 18 26 4 6 ;LC -- 58 59 5312 611 $912 Wci 59 16 -ao- 66- ---itli East Mass Street Fly Co-100 80 Sept 31 6213 Nov 12 581s May 354 Da Jan 71 Die 71 Apr 8 July 100 Do 1s1 prof 6934 6913 70 4 1 / 1.323 68 66 6712 6912 69 67 4 663 *63 4 1 / 48 May 81 Nov 100 51 Aug 26 66 Dec 11 64 64 85 65 86 62 635 Do prof B 5312 62 58 58 60 *58 28 May 481a De 100 35 Sept 3 48 Mar 10 43 42 42 4212 4212 43 43 42 515 Do adlustment 42 42 42 42 1 / 1 c 4 1 / 25 June 87 Ap 100 23 May 27 554 1-, 11 51 55 55 5312 551 54 55 52 871 Maine Central 50 4712 48 47 Jan 834 De. 16 100 28 Mar 30 45 Dec 7 4,533 NY N H & Flartford 3 4 4412 44 4 433 4412 4312 4514 ---- --__ 6 43 431g 45 42 82 Jan 81 Noy 89 90 88 88 20 Northern New 12ampshire-100 70 Feb 16 90 Deo 4 _-__ -_ *87 89 9914 *98 Jan 108 Not 80 ___ ____ *121 ------ Norwich & Worcester pret.100 100 Jan 13 125 Oct 22 *116 122 *121 121 3121 98 Not 4 1 / 100 98 Jan 2 113 Oct 301 72 J __ *111 13 Old Colony ____ 112 112 *111 4110 112 •111 4 1 / 34 Mar 64 Nov 100 4514may 1 63 Jan 2 ___*55 57 56 *54 ---- ---- ------ Rutland pret 1 Jan 93 & Massachusetts.100 87 Feb 24 101 Dec 10, 70 911 9 12 101 99 1 9512 239 Vermont 9912 99 100 1 99 *98 ---- ---Miscellaneous 414 Der MarMa 25 1 Not 414 Jan 71 334 33 3 3 3 4 3 41 620 Amer Pneumatic Servloe___25 1,21 Mar 2 4 1 / ---- ---312 3 3 34 4 33 3% 3% 12 2411 Dec 3 Jan 2014 Des 50 231, 2314 2312 23 4 23 3 550 Do pref 3 2314 2314 2312 23 4 23 24 23 4 1 / 4 1 / 8 14,3 145 1443 1443 3 4 1,253 Amer Telephone & Teleg._100 130 Jan 2 145 Deo 9' 121 June 184 Dee 4 1433 14412 14412 1447 144% 145 •14312 144 0112May 8 87 Aug 8 83 .lus 4 1 / 57 Oct 79 Aaa No par 73 3 1 7312 1,859 Amoskeag Mfg / 1 744 74 4 7314 7312 73 75 74% 74 74 69 4 No par 7014May 11 863 Aug 20 74-. 7512 7512 75 4 1 / 757 23 Do Emit 2 *75 __ -- *75 ---- *75 __ ! *75 18 Aug 10 Feb •18 _ _ *18 ....1 *18 Art Metal Construe, Inc- 10 14 Jan 16 16 Aug 20 •1712 ____ •18 4612 Aug 25 6712 Dec 5 4 64 4 6612 6412 153 3 " 4 5 1 / 6 12 -54- IA - 27,165 Atlas Plywood 8 e 6712 6618 16 4 653 66 6 June 10.4, hue 94 Aug 21 21 Dec 4 No par 19 2 193 18 4 19 18 1,920 Atlas Tack Corp 1814 18 3 19 4 20% 1912 20% 18 100 100 1004 1004 1 / 219 Bigelow-HartfCariset_No par 9712 Nov 27 10912 Oct 8 *98 ____ 100 10018 100 10018 100 100 103 Jan 17 MN Aug 31 11101 Dec 108 Yuji 108 108 100 Boston Cone Oaa Co pret--100 108 108 *107 108 1 107 108 *107 108 4 1 / 2014 Dec 28 Mu 10 20 Jan 26 4014 Nov 25 381s 3914 "55" -ii- 1,919 Connor (John T) 3812 381g 39 3734 3734 38 38 1 38 4 1 / 24 May 85 Bev -No par 2814 Jan 30 74 net 29 61 61 g *6112 ____ 62 62 1 607 62 232 Dominion Stores. Ltd. 61 61 Jan 884 Dee 84 100 99 June 12 100 Dec 5 •100. _ *100 - -- •100 15 Do pref A 100 100 •100 . . 3 Feb sSept 231 2 Sept 63 Ps Apr 30 10 4 *33 4 75 East Boston Land 4 3 4 *334 33 - 3 334 I% 2 4 *33 Mg let 4 634 Jan 24 3 July 29 5 5 *412 5 1 *412 5 *412 5 *412 5 5 Eastern Manufacturing- 5 J 88 5514 Mat 25 42 Mar 9 88 Nov 12 85 1 83 84 83 83 83 8412 8412 86% 6,125 Eastern SS Lines, Inn 80 80 80 4 / 341e Jan 40 Feb 7 43 2 43% 43 8 4314 44 No Par 35 Jan 16 461 Oct 31 2 437 437 7 7 43 44 *43 460 Do pref.. 4312 4312 4 1 / Jan 93 Mes 85 99 100 89 Jan 3 100 July 20 99.2 •97 9912 *97 *97 99 99 34 1st preferred 99 .99 4 1 / 100 200 Jan 5 213 May 21 183 Ian 2001 Dee s 209 20934 20914 2093, 20914 20912 209 2097 209 20912 352 Edison Electric Illum 209 209 0 Dos 4 1 / 0 Jan 534 Oct 9 1314July 1 10 4 4 *4 *4 5 5 _-_- --__ 5 *4 20 Elder MR Co (v Cc) . 5 *4 Jan 41 Din 18 1322 ____ --- - --- 24 24 *20 *20 22 22 100 Galveston-Houston Else -.100 17 Oct 6 38 Jan 7 24 *22 4 100 115 4 Feb 27 1153 Feb 27 1184 Mar 11811 Bern 8 ---- ---- ------'Georgia fly & Elea 79 Aug 80 has 1 / Do 5% non-cum prod 100 784 Apr 15 84148ept 8 -- -__ No Par 32% Aug 29 43 July 1 3814 383161.; ---- --- 4 1,410 011.11 ist Co 4 -587e I91- -551e WI; -55" 3912 -50 I93; 0 -1 5712 Jan 2 Rasor 10212 10234 104 103 104 10212 10312 10212 103 *12 103 102 10314 2,345 Gillette Safety & Die No par 11 May 12 109348ept 24 55i Nov 581, 64 1 / 7 12 15 11 Jan 1511June 1 25 1212 1212 Grecntiold Tap 1212 *12 1212 •12 1212 *12 •12 46 Mar 60 Dee No par 52 May 6 72 Oct 2 69 -55- iii" ---1545 Hood Rubber 69 68 68 69 69 6914 694 6912 70 Apr 69 Nov 41 72 7112 *71 7112 ---- ---- ----- Internet Cement Corp_No par 5211 Jan 5 80 Oct 1 *71 *7012 7112 *71 71 *70 3 Dee 2 Jan 8 .10 Feb 3.30 .75 ---- ---.25 .30 '.30 .70 •.30 .75 ' 400 International Products_No par .12 Aug 20 •.30 .75 100 .55 Dec 7 101s Jan 9 .25 Feb 16 Dee 1 3.50 ' 1 31.50 1 .55 .55 ' 3.50 300 Do prei 12 +.75 2 -- -- ---r. Peabody Acceptance Kidd 80 Jan Me 1301 100 8211 Jan 6 9512Nov 25 95 95 25 Corp Class A prof *95 *95 4 June Ms Dee 4 1 / 9 Jan 7 614 Apr 16 10 4 1 / 812 8 814 812 5 812 812 138 8 9 40 Libby, McNeill & Libby *811 9 *812 9 Jon 71 Not 70 20 684 Nov 4 7014 Mar 2 . ..i2_ Tic: ---jai : T crurance 70 en i ho an! F Ll%w hrea 70 *-- _ _ 70 *____ 70 *---*____ 70 9 Mar 13 Dee 4 1 / 25 1114 Aug 11 13 Jan 12 1234 12 1212 +12 12 12 12 12 12 88 Nov 81 Feb 4 78 785 78 78 79 7812 7512 7612 77 77 3,218 Massachusetta Gas Oos.....100 88 Feb 3 79 Dec 9 4 / 751 77. has 62 June 70 100 6312 Jan 9 70 Oct 5 6812 6812 1,244 Do pref. 12 69 6914 68 69 69 6812 6912 694 70 69 Det 193 193 193 193 193 193 19212 193 113 Mergenthaler LinotyPe-100 187 Jan 7 197 Oct 14 150 AD 172 Feb 192 193 Ws Jan 17 4 1 / 4 1 / 7%Seet 21 16 Jan 15 914 ---- -- -- ------ Mexican Investment,Ino- 10 914 *7 914 *7 1018 *---*9 1018 *9 19 Feb NM Dee 100 36 Jan 2 124 Oct 27 - -- - -- -- ---- _ _ Mississippi River Power Jan 90 Bern 80 100 8712 Jan tO 9614 Nov 4 37 Do stamped Prel ;6814 Iti" 55- 96 96 96 ;584 IC' 96 -ail ;5814 fite Not 2 Apr 3 8 4 Jan 18 Apr 22 10 4 / 4 / 411 413 414 414 41 41 666 National Leather 414 434 4% 412 434 4 We Ape 2 June 22 .50 Dee .20 Feb 9 .31 .31 2,326 New Eng, 011 Re/ Co. tr eels.30 .30 .30 .37 .35 .35 .30 .30 .35 .35 6 Dec 8114 Mar 584 Apr 7 12 Sept 8 100 10 1 el IT °Us) 10 .3 1.) *7 10 *7 10 *7 10 ---- ---- -----*7 3 May 15% Mar 5 Aug 20 11 Feb 9 South Midi_ _No par 9 9 *____ ---- ---- ------ New Eng 40 July 7112 Mar 100 2412May 7 55 Jan 14 33 *____ 30 *____ 30 +_ 30 *..___ 33 98 Dec 11512 Jan Pre ig ind Telephone-100 2 114 11434 114 11434 114 11412211214 1131 iiii 8 ifi- -- ;iii New rr t 114 115 1 / 14 29 Jan 284 Dee a 1 22 S 23 9 A Pt 2 2 1 9114 0 r 2 13 1J ulity 30 30 1329 30 Orpheum Circuit. Inc*29 30 •29 30 +29 *29 30 1394 Oct 87 Feb 4 / 100 5212June 12 811 Jan 13 571 57 57 - 2 ---563 Peen: Mills 5714 1 / 58 58 2 591 5912 5912 5912 5712 59 65 Sept 7414 Mar 64 (Thos(2), 1st prof......100 32 Aug 3 75 Oct 16 *64 ____ 62 *64 17 Plant *64 65 *63 1 / 114 Jan 17 Jul, 10 1514 Aug 12 18 Apr 3 1512 1512 ---- ---635 Reece Button Hole 4 4 1614 *153 11314 1512 16 4 / 164 161 *153 -214Mity 3 Jan 3 2 4 Jan 8 114 Nov 12 10 4 *114 112 w7 _ _,2 ea co ---579 Ree t Folding Machine 4 •114 13 13 112 *114 *114 112 *114 100 10914 Apr 22 120 Feb 6 100 June 118 Dec 11414 5551. f1-13-4 4 11512 116 311414 115 1153g 115 11512 11514 116 4 1 / 85 June 52 Dee 4 1 / 25 45 Apr 13 7312 Dec 5 7212 7112 711 ---- - -4 / 400 Torrington 7312 7314 7314 7314 7314 72 73 5 Dec 10 Feb 1 / 74 Jan 231 3 Oct 23 6 5 5 2 *412 5 412 4, 220 Tinton Twist Drill *412 5 *412 5 *412 5 34 Jan 43 Dec 4 1 / 29 48 3 25 40 4July 29 50 Nov 4 4 1 2814 2,528 United Shoe Mach Corp 2 4 1 / 4912 4834 4912 48% 4914 . / 493 4914 49 49 49 491 4 243 Feb 284 Nov 4 / 25 261 Jan 13 29 Oct 22 *29 29 85 Do Prot 4 1 / 2812 284 29 1 / *2812 __ *2814 28 1914 Oct27 Jan 1 / OR Flelda- 5 194 Jan 3 26 Nov 18 -- -- ---- ------ Ventura Congo' 194 Nov 5 2611 Nov 16 --.5 2 Certificate, of deposit 13 Apr 20 Nov cif; 4 1/WaldortSys,Ine,new lib NO Par 1411 Aug 4 1934 Jan 3 1 173- Trig - 33 1734 -1 3 -174 11. -554 17 -14 4 1 / 84 Jan 10 Feb 4 1 / 5 Jan 15 24 Dec 2 27 *23 27 023 Want' Watch Ci B com_No par 25 *23 25 25 *23 *23 14 June 23 Feb 4 1 / 50 100 1714 Jan 3 50 Dec 8 *47 48 47 50 Do Prof trust etts 47 48 48 48 48 8311 Dec 73 Feb ii- 94 100 65 Jan 6 95 Dec 2 *9213 95 95 prior pre( *92 95 65 Do 95 95 *92 *92 95 11512 June 22 Feb 01 27 4 Ju y 6 : july 4 1 / 23 ann 14.11 e 4 1 8/ 3 4 1 / 2,025 Walwortb Manufacturing- 20 8 2212 227 ' 2212 22 4 22 2212 223 4 2212 2212 2212 227 5 295 Jan 39e4 Net 4 1 / 47 1 1,314 Warren Bros 48 1 4714 4714 46 60 37 47 47 46 4 4534 46 45% 453 8484 Apr 41 Jan 43 4 1 / Jan 10 4312.1tily 1 60 37 *42 43 43 43 +42 40 Do let pre! 43 *42 43 4713 4712 88 Mar 42 Jan Dec 11 4712 50 404 Jan 17 4712 95 Do 26 pre! 1 / 464 4612 4612 4612 4612 4612 *46 ___- *46 Mining 3.15 .25 25 15 Feb 15 .25 Jan 26 .15 Dec .51 Des 25 Adventure Consolidated .16 .16 13.15 .25 13.15 .30 ' •.15 .40 •.15 .40 25 .10 Mar 3 .25 Jan 2 .10 June .25 Dee Algomah Mining •.10 .20 •.I0 .20 *AO .20 +.10 .20 *AO .20 13.10 .20 IN 0011 5 June 3 Jan 10 .75 .80 1,085 Arcadian Consolidated 25 .90 Sept 21 .75 .75 .75 .75 .75 3.50 •.50 .90' .50 .90 ' Jan 18 Dee 8 4 1 / 2 912 Mar 28 15 Feb 8 6 , 520 Arizona Commercial 4 1234 124 12 2 1212 123 12% 1212 123 4 12% 12% 123 13 14 June 811e Dee 10 2814July 1 8014 Oct24 , 54 2 5312 5312 5412 5412 397 13Ingbam Mines 53 4 4 543 *54 55 5412 5 54 e 13 May 197 Jan 4 1 / 4 / 8 1334 137 sJune 8 181 Jan 2 25 123 8 2,786 Calumet & Heels 4 1 / 1334 104 1318 137 14 14 14 1334 1418 14 3 Feb .40 .40 1,855 Carson Hill Gold 1 .20 May 5 .90 Aug 4 .37 Nov .30 .30 .30 .30 +.30 .40 .30 .30 .30 . 4 1 / 18 June 3111s Dee 4 25 181/ Dec 11 33 Jan 10 3 1912 19 4 183 1912 1812 19 5,811 Copper Range Co 2 19% 20 , 1934 20 1912 197 .06 *___ .06 *____ .06 1 .02 July 6 .78 Feb 8 .30 Dec .70 Mat -Daly Copper Davis .06 Vs Dec 37 4 81 July 84 Jan 2 3 June 5 4 4 *33 37 37 *3% 4 735 East Butte Copper Mining- 10 31 4 1 *35 3 •3 4 4 Jan 1 4 / 11 Jan 24 .4.0 May 3.70 ' 1 1 25 .40 Jan 7 *.70 1 •.70 215 Franklin 1 13.80 .70 1 .70 .80 13 2 Jan Oct 1 / 14 Feb 6 .30 114 25 .50 June 13 112 31.80 112 •.80 Hancock Consolidated •.80 112 *SO 112 +.80 112 13.80 4 1 / 19 Dec 2811 Jan 4 2 1.945 Hardy Coal Co 1 1612July 6 23 Jan 24 4 2112 22% 22 2212 2112 2218 2112 213 *2114 213 *2114 217 8 2 4 Dee 4 1 / 3 Feb 5 .80 MAY 134 1 Dec 9 4 *114 13 25 *114 1 17 50 Helvetia 2 17 •I14 *114 4 13 • 1 160 163 944 Apr 142 Nov 1 121 Mar 28 165 Dec 7 160 165 . 161 163 1,150 Island creek COW 154 16112 164 165 1 162 165 +9812 99 90 June 100 Sept 1 0414may 27 100 Nov 2 129 Do prof 100 100 9912 100 99% 9912 9911 992 99 .99 12 June 22 Dee 4 1 / 4 1 / 4 1 / 9 Apr 22 20 Jan 7 2 12 *212 11% 111e 1212 1212 1134 11% 355 Isle Royal Copper 13 12 113 12 4 21. Feb 4 1 / 1 Mar .90 Aug 19 1111, Feb 4 ------ Kerr Lake 14 Nov 1June 19 .50 Jan / 14 2 .50 June 29 -1- 7 5 -758 -;.78 7ii *118 -5 Keweenaw Copper 65 314 Des 8 Jan 2 .90 Apr 2 1 Apr 11 •118 114 *118 11 *11 112 •112 ill lig 118 100 Lake Copper Co 111 4 / 4 / 234 Jan 10 .70 June 8 Dee IlsMay 14 112 112 ails 112 2 110 La Salle Copper 118 112 *11 112 .112 112 +1% 112 DA Oct 4 1 / 2 Jan 13 241 Dee 6 .95 Sept 12 17 4 *1% 2 •134 2 8 17 17 4 11 110 Mason Valley Mine • / 17 178 •112 2 114 Aug 114 Jan 2 .50 Jan .50 25 .40 May 14 *.60 .75 •.60 .75 Mass Consolidated .50 .50 .50 .50 •.50 .75 0 Any 80 Apr 8 Jan 2 114 *114 .5() Nov 30 134 1,395 Mayflower-Old Colony.-- 2 114 .90 .98 *al% 134 *al% 112 114 114 284June 41 Dec 12 25 25 June 9 41 Jan 18 3214 323 4 33 Mohawk 323 3212 3212 33 4 3212 33 4 323 33 3234 306 UN Jan 251 Dee 1 18 Mar 30 25 Jan 2 1914 1914 19 1 / *1914 194 1912 1934 18 410 New Cornelia Copper 1914 1914 1912 19 234 Apr .10 July 2 .85 Feb 18 .40 Dec --- - New Dominion Copper •.10 .30 *JO .30 ..10 .30 •.20 .30 •.10 .20 ____ _ 85 June 40 Mai 100 25 Apr 2 31 Aug 28 25 25. --New River Company 25 25 5712 Dec 75 Mao 100 40 June 30 65 Aug 31 54% 56 59 13256 *x56 35 Do prof 59 *x56 59 59 *x56 43 July 3 534 Jan 53 4 1 / 4 1 / 8 Des 6 Jan 10 57 5 3 354 4 53 -14 1,310 Nipissing Mine' 6 6 , 64 6 6 5% 6 4 1 / Oct 1 7 6 Jul/ 2 3,353 North Butte 3' 4 1 / 3 2 Nov 16 3 15 .89 June 5 3l 3 314 314 318 3% 318 3141 3% 314 3 14 14 Jan 10 .40 June 1 Noy 25 .15 Nov 24 3.75 . *1.75 1 1 1 *.75 1 +.75 1 Ojibwa,' Milling •.75 1 '.75 15 Jan 28 Des 4 1 / 25 17 Dec 8 27 Jan 10 18 18 18 18 1812 1812 *1714 18 17 19 145 Old Dominion Co 4 173 *18 4 1 / 7 10 July 1511 July 4 1634 1614 1614 16 1614 16 16 1614 •153 1614 1514 157 1,555 Pd Crk Pocabontaa Co-NO Par 1012June 18 18 4Sept 21 4 / 14 June 3414 Des 25 19 Apr 22 391 Jan 10 221 2112 2212 *2112 2212 22 23 22 22 6011 Quincy 22 221 22 28 June 49 Dee 3512 36 36 __ 25 3512 36 3512 35% 3512 3512 35 300 St Mary's Mineral Land... 25 2811 Apr 21 48 Jan 12 10 3.55 .75 134 Sept .55 .55 ..5$ .70 •.88 .70 •.55 .65 ' 50 Shannon .55 .75 *-17 111 Ja 5 2 j n 9 ..25 A pii ay 1 99 0 .59 M Ati r 118 •1 1 .99 .99 ' 3.90 24 Deo 31 ' 1 1 1 425 Superior & Boston Copper_ 10 .7 Ma y 13 118 1 7 3 s Jan 2 8114 Jan 23 4 / 11 June 5 4 1 / 3 Dee * 614 135 613 7 612 63 614 614 2,907 Utah-Apex Mining 612 6% 612 612 4 1 .40 July 7 .98 Jan 29 .14 June .70 Jul, .60 .60 .60 .60 1,035 Utah Metal dc Tunnel .65 .70 .60 .62 +.68 .72 .60 .65 14 Jan 31 .15 25 .22 Nov 24 Apr .40 .40 13.30 .50 1 Au, •.30 .50 *.35 .50 41.40 .50 400 Victoria .50 .50 .20 *.17 .25 25 .11i Aug 17 .48 Jan 7 .18 Feb .71 Jul-.20 .20 • 15 .25 31.15 .25 10.20 .30 595 Winona .50 *ex.__ .50 25 .05 Apr 14 .21 Feb 11 .10 July .25 Jul." .50 *a__ _ .45 a-__ .50 *a___ Wysndot .50 *aI Ex-div. and rights a Ex-div 0 Ex-stook div. a Assessment paid g Price on new baste •Bid and asked prices, 50 sales on this day s Hz-rIghte. -iii. iii,,, -i4,216 :::: ---iii 2864 THE CHRONICLE Quotations of Sundry Securities Outside Stock Exchanges [VOL 121. All bond prices are "and Interest" except where marked "f." Standard 011 Stocks Par Ma Ask. Railroad Equipments Peret.Basis Anglo-Amer Oil vol stk_.£1 'l78 177 Atlantic Coast Line as Boston Bond Record. -Transactions in bonds at Boston 8 5.20 5.00 Bonus stock *1758 18 Equipment 6 348 5.00 4.85 Stock Exchange Dec. 5 to Dec. 11, both inclusive: Atlantic Refining 100 108 1093 Baltimore & Ohio 58 8 5.30 5.10 Preferred 100 1153 118 4 Equipment 4341 & 5a____ 5.05 4.50 rr may Borne Scrymser Co 100 222 227 Buff Roch & Pitts equip es_ 5.25 5.00 Last Week's Range Sales Range Since Jots. 1. Buckeye Pipe Line Co 60 *5312 54 Canadian Pacific 434a & 6e_ 5.00 4.75 Sale for of Prices. Uhasebrougb Mfg new 25 *68 Bonds69 Central RR of NJ Os Price, Low. High Week. 5.20 6.00 Low. High. Preferred 100 ---------Chesapeake & Ohio 88 5.30 5.10 Continental 011 new__ 10 *235 243 8 Equipment 6jis 4 5.10 4.85 Amer Tel dr Tel 4s_ _ _ _1929 9734 9734 974 37.000 9534 Jan 9734 Sept Right/ All G & WI SS L 58_1959 7334 734 7434 11.000 53 .85c. 85c. Equipment be Jan 784 Sept Creecent Pipe Line Co__ 50 *1512 1614 Chicago Burl & Quincy 1..01 Chic Jet Ry & U B Y 4s'40 Ills„ 85 86 1,000 84 Feb 87 Nov Cumberland Pipe Line_100 139 140 Chicago & 5s Eastern III 5348- 6 60 5•15 1940 9834 9934 14,000 96 . Feb 100 Sept Eureka Pipe Line Co_ _100 *6112 62 Chicago & North West Gs_ 5.40 5.15 E Mass St RR ser A 448'48 64 5434 9,000 52 Sept 72 Feb Galena Signal 011 com___100 *38 Series B 58 38 5.15 4.85 Equipment84s 1948 67 65 57 1,150 66 Dec 78 Mar Preferred old 100 100 105 Chic RI & Pao 414.& 58_ 5.00 4.75 Series D 6s 1948 78 78 50 78 Oct 8834 Feb Preferred new German Gen El 648_ _1940 -100 98 101 Equipment 68 5.45 5.15 9434 9434 10,000 9434 Dec 9434 Deo Humble 011 & Ref new 25 *7814 79 Colorado dt Southern as 5.50 5.20 K C Mem Ry & Br 58_1929 1,000 9834 Jan 100 9934 9934 May Illinois Pipe Line 100 134 135 Delaware & Hudson 8a 5.20 5.00 Mass Gas 4348 1929 984 9834 15.000 9754 Feb 9934 Sept Imperial Oil 26 *13412 135 Erie 434s & be 414s 1931 9634 96 5.25 5.00 9634 82,000 9434 Jan 9734 June New when leaned I 3614 353 Equipment66 8 5.55 5.25 Miss River Pow 5s__ _ _1951 9934 9934 100 10,000 9534 Jan 100 June Indiana Pipe Line Co___ 50 *5712 5812 Great Northern 5.35 5.10 New England Tel ,55_I932 10034 wog 10014 7.000 9934 Jan 1014 Aug Os International Petroleum CI •335a 33 4 Equipment bit 3 5.00 4.80 P C Pocah Co deb 78._1935 115 9.000 101 Aug 120 115 115 Sept Magnolia Petroleum_ -100 18212 184 Rocking Valley 68 5.00 1.80 Swift & Co bs 1944 10034 9934 1004 11,000 974 Jan 10034 June National Transit Co_12.50 *1712 173 US Rubber 58 Equipment lis 4 1947 5.000 91 91 91 Dec 91 Dec New York Transit Co___100 50 Warren Bros 730.___1937 1524 148 1524 3,600 123 51 Illinois Central 4348 & 55.Jan 160 Oct Pine Line CO--100 74 76 Western Tel & Tel 58_ _1932 Equipment Os .20 10034 10034 12,000 9234 Jan 1.0044 June Ohio 011 new 25 *64 oa u ma LC Eautpment 78 & 5341....- g.I9 1 Onn OR44 Nov 05W Nov 6414 0 Penn Max Fuel Co 25 *2212 23 Kanawha & Michigan 65___ 5.40 5.15 Prairie 011 & Gas new 25 *5414 55 Equipment Baltimore Stock Exchange. Record of transactions at Prairie Pipe Line new _ _-100 126 12712 Kansas City 4348 Southern 53411Solar Relining 100 210 220 Louisville & Nashville ft__ 5.20 5.00 Baltimore Stock Exchange DeP. 5 to Dec. 11, both inSouthern Pipe Line Co. ..I00 65 Equipment 614. 6612 clusive, compiled from official sales lists: Smith Penn 011 100 1674 1684 Michigan Central 58 & 5s.. Sontbwest Pa Moe Linea 100 .54 56 Minn St P & 813 M 4 Me & 5/ 5.30 5.00 "I Standard 011 (California) 25 *5434 55 Equipment 634. & 7s___ 5.35 5.05 Last Week's Range for Range Since Jan. 1. Standard 011 (Indiana)_ 25 *653 Missouri RaBliaa & Texas lis 5.65 5 35 . Sale of Prices. Week. Standard Oil (Kansas).- 25 *34 4 65 5.60 5.25 3411 Milaawi StocksPar. Price. Low. High Shares. Low. High. Standard Oil (Kentu,kY) 25 *134 13412 Mobile &Pacific 68 & 6 iii" 5.05 4.80 Ohio 441 Standard 011 (Nebraska) 100 240 242 New York Central & 58_ _ 4.85 4.70 43411 & be Amer Wholesale pref-100 100 100 Sept 55 8434 Sept 100 Standard 011 of New Jer_ 25 *4314 4312 Equipment ,1: u ( 5.20 5.00 Arundel Corp new stk. • 354 354 38 7 9,255 2034 Mar 394 July Preferred 100 1173 4 249 265 Jan 265 471 150 Deo Standard Oil of New York 25 *457 118 Norfolk & Western 434e____ 4:080 4060 Allan Coast L(Conn)._ _50 255 : 8 45 5 48 5 Baltimore Trust Co 50 148 145 148 Standard 011 (Oldo)_ _ _100 362 158 1114 Feb 150 Sept 5.10 4.90 Baltimore Tube 365 Northern Pacific 71 100 25 Oct 32 25 Jan 20 18 Preferred 100 118 120 Pacific Fruit Express 7s-5.10 4.90 Preferred 100 60 50 Jan Swan & Finch Oct 70 15 45 pute 8,1vLakanlea 34 ,58 & fis 5.20 4.75 Benesch (I), common..._* 40 eq 8 2212 24 PennEy 40 40 Union Tank Car Co 17 384 Jan 40 May too 93 5.10 4.90 Erie 96 Preferred 23 27 27 27 July 2734 Aug 25 25 Preferred Equipment Oa 5.45 5.20 Boston Sand & Gravel-100 6434 13434 Vacuum 011 new 4 54 Jan 75 Feb 121 401% 110129 Reading Co 434s & 5s 4.85 4.80 Central Fire Ins 14 10 26 26 70 25 Dec 4134 Oct Washington Oil 10 •50 ___ _ St Louie & Ban Francisco 58.. 5.00 4.85 Cent Teresa Sugar pref.-10 .95 .95 100 .75 July Jan 2 Other 011 Stocks Seaboard Mr Line 53is & fki.. 5.50 5.25 Century Trust 151 151 50 Atlantic Lobos 011 1 105 Jan 152 Oct (3) *13 4 2 Southern Pacific Co 434s_ 4.85 4.70 Ches de Pot Tel of Balt-100 11334 113 11354 29 1104 Jan 11434 June Preferred 60 *314 34 Equipment 79 5.05 4.80 Commerce Trust 100 59 59 Gulf Oil new 60 5734 Mar 50 Feb Southern Ry 4340 & 58 5.05 4.80 Commercial Credit 2 *8412 8434 5 • 55 5134 55 1,020 2234 Mar 55 Dec &fountain Producers 10 *36 Equipment es Preferred 264 25 26 2534 26 Apr 27 907 24 Mexican Eagle Oil Nov 5 *4 9 50 9 9 5 39 5.10 . ' Preferred B 5 Toledo & Ohio Central ea_ 25 2734 27 2734 383 2354 Sept 2734 Dec National Fuel Gas 5.00 4.80 Consol Gas E L & Pow_ __• 4434 44 100 122 125 Union Pa fic 7s ci 4434 258 32 Jan 4734 Aug Salt Creek Cons Oil 10 *9 914 6% preferred 100 104 103 164 90 102 Oct July 105 Salt Creek Producers__ 10 Tobacco Stocks 344 3414 634% Preferred 100 10934 10834 10931 Apr 1104 Sept 39 105 American Chow common 100 110 113 7% Preferred 112 112 100 Mar 114 78 109 Sent Public Utilities Preferred. _O 96 100 80 8% Preferred 100 126 Mar 12734 May 125 126 30 122 Amer Gm & Elea new ___(I) e 180 190 .91 276 93 Amer Machine & Fdry Consolidation Coal_ _100 5434 55 170 35 May 72 Jan 6% prof new (I) •9712 0812 British-Amer Tobac ord_ £1 *25 28 Continental Trust 238 23634 100 Jan 250 Sept 6 201 Deb 88 2014 Bearer ' 5213 273 4 East Roll Mill corn new....• 43 161&N 1,408 37 Nov 43 4034 43 Dec Amer Light & Trao oom_100 264 255 Imperial Tob of GB 28 & Ire12'd 25 112 113 Fidelity & Deposit 120 12034 27 89 Jan 124 50 Nov Preferred 100 6412 6514 Int Cigar 85 Finance & Guar pref._ _25 226 18 May 194 July 1834 1834 MaciciaccY - --1°° 80 Amer Power & Lt common_ 94 96 Johnson Tin Foil & Met_100 50 75 Finance Co of America_ _25 564 .5734 Apr 5734 Dec 70 50 Preferred 1015 94 96 MacAndrews & Forbea_100 178 180 Preferred Apr 29 28 • 29 500 25 25 29 Dec Deb 6*2016 M&S Preferred 82 Finance Service, cl A 10 205 1834 Jan 22 July 2034 2014 Amer Publio CBI oom___100 80 Mengel Co Ga Sou & Fla 2d pref __100 91 174 174 27 67 Jan 182 Nov 7% prior preferred__ __100 88 Porto Rican-Amer Tob_1 _12 1043 1‘1i 60 00 50 0 81 79 Houston Oil pref tr 003_100 Apr 97 30 78 86 Jan 8616 4% partici pre: 100 Universal Leaf Tob com_100 60 52 51 Manufacturers' Finance-25 65 459 504 July 73 65 66 Nov Associated Gee & El pf(S) Preferred 10 102 0 50 100 98 101 Preferred June 244 June 174 21 23 25 23 2334 Secured g 6 Si s 1954 J&J . 96 9 , Yo.fniec./4) Co ! e i. ii. l 100 124 126 1st preferred June 25 June 795 21 2334 Blackstone VaIG&E corn 60 440 25 23 23 105 110 450 2d preferred 215 22 June 26 2434 2534 Carolina Pow & Lt corn.... . 25 Nov an Maryland Casualty Co...25 96 8234 Apr 10214 Oct Cities Service common...20 ,tti,.. 101 10134 - 8;7;1324 Rubber Stocks (Cieeekind) 100 Merch de Miners new 3,840 44 Dec47 Preferred • 484 4534 47 Dee Am Tire & Rub corn 100 *712 5 325 1334 Jan 244 June Mtge & Accept common--• 2234 2214 23 Preferred B 10 *75 Preferred 30 78 15 43 Preferred 44 44 Oct 46 Preferred B-B 50 44 Oct Firestone Tire & Rub corn 10 *125 127 100 ,6:, . Mt V- Woodb MI118 v t r 100 17 181 94 Apr 20 15 17 Cities Service Bankers Shares : - - -1 Nov '4 39 2 3 6770% 100 12 s 11414 14 1 Preferred v t r 858 55 Com'w•Ith Pow Corp new(I) Mar 8334 Nov 100 803.4 7834 8034 preferred New Amst'd'm Cas Co_ _10 5434 52 892 424 Jan 56 543.4 Preferred July 100 " 87 General Tiro & Rub own- 50 • 6 405 Northern Central 11 7634 Jan 8134 June Cleo Bond & Share pref_100 183 105 50 8034 8034 8034 Preferred 100 105 *664 6712 Park Mortgage 2 75 50 75 75 75 Elea Bond & Sh Scour _ Dec 75 Dec Goodyear Tire & R nom _100 _-_- - 38 Penne Water & Power_100 160 12634 Jan 185 18034 161 Elea Ity Securitles Aug .-_-.; - Goody'r T & R of -(ii 9612 9 7 Pub Serv Bldg Pref 10 1014 Apr 10234 Dec 1024 10234 Lehigh Power Securities_C) *190 ius India 'tire & Rub Can p1100 r _100 100 Igg 8 5 9 7 Silica Gel CorP 50 150 12 May 22 Mississippi RI,Pow corn 100 • 184 lb% 164 Jan Preferred United Ry & Electrio-_50 18 415 lb% Apr 21 Preferred Sept 1734 18 100 on ,,,,, Mason 'lire & Rub oomAn , 178 214 U £3 Fidelity 53 179 212 218 Jan 215 First mtge 58 1951. _Jda " -"s' & Guar-.50 216 Dec c -_ Preferred Wash Bait & Annap__ -50 60 5% Apr 1734 Sept 1534 1534 El F g deb 78 1935..M&N 102 Miller Rubber nom. new 11) 1 8 0 3 .13 • 2 .4 ..4 ..34 Preferred 4? 12 11 May 2534 Dec 2534 254 Nat Power & Lt c,om__(I) 42c,, 4:IS 50 2534 Preferred 100 100 101 ,n West Md Dairy Inc com_.• 354 44 9334 Apr 95 90 Common w I Nov Mohawk Rubber 12 44 Preferred 5334 54 *103 105 AM 62 001 Preferred 513 54 Preferred ‘ ! n3 Selberling Tire & (t)aa llil j Income 78 1972 Rubber (0) 2412 25 BondsKorth States Pow corn _ _100 '" -"' Preferred 100 98 9912 Bernheimer-Leader 78_1943 1014 10134 1014 310.000 994 Jan 10414 Sept 100 100 . 102 Swinenart Preferred o Tire & R oom-100 ---- -Consol Gas gen 4548..1954 9534 9584 4.000 9234 Jan 9534 Dec Nor Texas Elec Co corn..100 35 ''" Preferred 100 -------- Consol G E L &P 4481935 60 9734 9734 10.000 9334 Mar 9734 July 100 55 Preferred 1965 9954 99g 9954 1st refg 58 2.000 99 Aug 10034 July Pacific Gas & El 1st pref_100 88 Sugar Stocks 15 2.000 10214 Jan 1054 Aug , 99 Caracas Sugar 10434 105 634% notes series E.1952 Power Securities com tr3 1....:0 50 *1 3 Consol Coal ref 434s_ A934 2, Cent Aguirre n7 9134 9134 10.000 893.4 Aug 98 "' *23 Second preferred Feb (I) Sugar corn_ 20 751 77 Refunding bs 8231 8234 LOGO 8234 Dec 8734 Jan 1950 Coll trust 58 1949___J&D 2,.• ' Falardo Sugar go 100 133 134 Danville Trac & P 58..1941 6634 6634 3.000 85 Aug 714 Mai Incomes June 1949__F&A "iF Federal Sugar Ref com-100 50 gg s • 9834 984 Davison Sul & Phoa 68 1927 1.000 9834 Dec 9934 Feb Puget Bound Pow & Lt_100 '±r! gg Preferred .,. 100Iron City Sand & Or 561930 98 5,000 98 98 Dec 98 preferred Dec 100 . 86 Godchaux Sugar, InO -(I) -.37 55 " preferred 11 Md Elec Ry 64s. _ _ _1957 93 4.000 924 Dec 100 93 up d107 109 7% preferred Max 100 35 45 Norfolk & Atl Term 58 1929 9934 9914 5.000 9934 June 994 Dec let & ref 534s 1949__J&D 9912 .11 Holly Sugar Corp corn__(:) *34 10 9 38 Titusville Iron Wks 78 1929 9934 9934 5,000 9934 Sept 10134 June Republic Ry & Light___100 67 aa Preferred United Ry & El 43-.1949 81334 6634 67 31.000 6614 Nov Preferred 71 June Juncoe Central Sugar -101 1gt 16° 91 9 9 Income 48 4834 49 12,000 48 South Calif Edison corn-100 128 122 National Sugar Refinini.100 X108 lgg 1949 Nov 524 Jac 109 6734 6834 4,700 5734 Nov 74 Funding bs 8.7 preferred 1938 Jan New Niquero Sugar____100 ____ 85 100 135 68 when Issued Standard G&E17% pr pf 100 100 101 Santa Cecilia Bug Corp pf100 1949 9234 9234 9234 5.000 92 Nov 9634 Jet 1 4 Wash Bait Tenn Elec Power let Pf 7% 99 101 Savannah Sugar corn__ A() •138 7334 75 33.000 58 Apr 75 Dec 14012 Wash dc & Annan 581941 75 Western Pow Corp pf _100 95 98 93 93 Vandemere 448'47 1,000 93 Oct 9434 Ana Preferred 100 114 117 Wan Missouri Pr 7% lift -- 94 97 Sugar Estates Oriente pf _100 38 44 •No par value. Short Term Securities IndustrIal&MIscoll s 4 Anaconda Cop Mln Oa'29J&J 1023 10_34 American Hardware 25 103 105 . Philadelphia Stock Exchange. Record of transactions Ohio 11 I & Pao be 1929 J&J 9914 99 2 Babcock dr Wilcox00 143 145 ' Federal Sug Ref 6s 33-M&N 94 96, Bliss(E W) Co new at Philadelphia Stock Exchange, Dec. 5 to Dec. 11, both ' I I) *26 ( 27 Rocking Valley 581926 M&B 100 l''''' , Preferred 50 455 57 official sales lists: inclusive, compiled from Lehigh Pow Sec es '27_F&A 10118 101311 Borden Company oom (t) *97 99 Missouri Pacific 58 '27 J&J 10014 10015 Preferred 100 110 112 Fr Way Sales Bloon-Sheff S&I es •29.F&A 12 2 Celluloid Company . 1 100 20 Last Week's Range for 25 Range Since Jan. 1. WI. Cent 512s Apr 15 '27 _ Preferred ' 100 65 of Prices. 75 Sale Week. Joint Stk Land Bk Bends Childs Company pref 100 119 122 Stocks --Par. Price. Law. High Shares. Low. High. 1 4 03 .4 Mlle Jt 6113 1 Bk 54_1961 1141 10314 Hercules Powder 100 140 51 1952 opt 1932 100 112 Abbotts Al Dairy pref.. 100 1013.4 10134 10 92 Jan 1014 Oct 10312 international Silver Pref.100 110 es 1953 opt 1933 Alliance Insurance 5534 10 5511 54 195 37 Juno Jan 60 10312 10512 Lehigh Valley Coal Sales 60 82 84 534e 1951 opt 1931 Am Elec Pow Co prof...l00 101 102 62 91 Oct 10434 Apr eke 1952 opt 1932 1003 102 Phelps Dodge Corp 4 100 122 126 American Milling 11 11 10 Feb 5 10 July 12 100 10112 Royal Baking Pow oom-100 190 200 434e 1952 opt 1932 American Stores • 8514 823.4 81334 17,150 4514 Jan 881 July , 1 ilia 1964 opt 1934 10014 102 Preferred 100 101 103 Bell Tel of Pa pref 110% Ill 111 111 107% Apr 111 Deo 101 1023 Binger Manufacturing...100 370 380 1194. 11083 opt 1933 4 Brill (J GI Co 100 1394 1354 140 335 95 Nov Mar 145 10012 102 alos 1965 opt 1935 Cambria iron 38 38% 28 38 50 38 Jan Mar 40 PaO Coast of Portland. Orecommie= Co, Inc 1834 184 100 17 Mar • Nov 43 4 5111 1955 opt 1935_ M&N 1013 10312 Consol Traction of N J.100 3834 3834 384 35 35% Ma Mar 43 1 M&N 10112 103141 511 1954 OD 1934 Cramp (Wm) dr Sons-100 3834 40 Jan 560 38% Dec bb •Per share. t No par value. ti Ba818. d Purchaser also pays accrued dividends. Eisenlohr (Otto) 19% 19% 19% 194 Dec 1,740 100 9% July Preferred 93 98 98 New stock. f Flat price. 1 Last sale. n Nominal. z Ex-dividend. y Es 100 ao 8034 Jun 99 Dec -rights Electric Storage Batt r.100 77% 8034 sEx-stock dividend 80% Dee a Sale price . 990 6134 An r Canadian quotation. e Ex-Intereet. 11.11 2:g1 2:13 2.2. 2:12 2:12 2:72 .112 Northern lg wo gg 116' 6% gg le? 102 11E- 1 WJ4 15235 Oct 230 Dec 153 Dec la 4074 Dec liE,I. 165 407 tou. Trust Company Stocks 100 American Trust 100 Mercantile Trust 300 Dec Dee 8 84 Nov 165 407 Street Railway Stocks 100 United Rys corn 100 Preferred 100 Pref c-d 200 30c 8 8 74 74 . . E.F.E 148 230 152 g2R.$'VEig.V,V4°V4WAVVVIA.51;g013.gEf4EIVAE'.414,7ggggliElE.°gN Feb Jan Feb Jan Oct Jan Jan Jan June Apr Feb Jan Mar Mar Mar Apr Sept 150 5734 11134 10934 33 105 79 142 140 117 10635 110 40% 32 15 40 8835 Oct Jan July Jan Oct Apr Sept July Jan Sept Sept July Jan Sept Jan Feb May 30 10034 164 18 7334 20 535 112 156 105% Feb Jan July July Mar Dec Jan Jan Feb Sept 35 103 23 2335 14134 204 10 131 170 112 Sept May Sept Mar Oct Dec July Apr Sept Oct 103 22 Mar 108 Sent 23 Oct Sept Mining Stocks— Con Lead pref 364 75 93 108 106 39 2634 115 3331 98 3335 83 4734 49 Street Railway Bonds E St Louts & Sub Co 5s '32 1934 United Rys 48 1934 48 c-d 8335 8334 7334 734 7335 7335 Miscellaneous Bonds— Pierce B(Income Leasehold Ora Ka I OM An 200 49 .. 34 111 X 10135 5234 5234 14 144 29 2935 43x 44 129 1294 108 10835 554 5534 1014 1014 100 10035 34 35 111 111 89 90 .54 34 3634 38' 9834 934 6134 6235 44. 42 36 35 102 10234 634 635 9834 9835 165 172 109 110 27 27 107 107 44 44 7334 75 152 152 16 16 6534 67 93 93 108 110 106 106 41 39 40 404 2634 27 10335 10335 118 119 9035 904, 94 94 105 105 46 46 57 55 53 6335 11434 115 70 70 2735 2731 33 35 98 98 3335 34 83 8435 XX 14 2935 2 High. 72 4734 1064 103% 3134 9935 48 129 23 954 9935 105 31 18% 10 35 13234 Miscellaneous Stocks Amer Credit Indemnity_25 • Amn Inv B • Bauer Steinberg • Shoe Boyd-Welsh 100 Brown Shoe corn 100 Preferred • Bruce (E L) corn 100 Preferred Emerson Electric pref _ _100 Ely& Walker D G com-25 100 First preferred Second preferred_ -100 Fred Medart Mfg coin_ * Fulton Iron Works corn.• 10 Preferred Hamiltan-Brown Shoe_ _25 • Hussmann Refr corn • Huttig El & D corn 100 Preferred Hydr Press Brick com_ _100 100 Preferred • Internet Shoe com 100 Preferred * Dependent Pkg corn 100 Preferred • Johansen Shoe • Johnson-S & S Shoe 100 Laclede Steel Co Mo-Ills Stores corn Mo Portland Cement_ _25 100 Nat Candy corn 100 First preferred Second preferred_ __ _100 Pedigo-Weber Shoe • Polar Wave 1 & F A Rice-Stix D Goods corn_ • Second preferred__ _100 Scruggs-V-B D G com_ _100 100 First preferred _100 Second preferred 100 Scullin Steel pref • Securities Inv corn • Skouras Bros A Southern Acid & Sul com.• Southw Bell Tel pref _ _ _100 St Louis Cotton Comp_100 • Sheffield • Stix Baer & Fuller 100 St Louis Car pref • Wagner Electric corn Wagner Elec Corp Pref_100 An 60 1414 36 5034 15634 109 65 10134 1014 374 111 90 37 45 10234 70 51 40 10234 84 102 19734 119 3335 10734 5435 115 160 164 75 107 110 10635 55 414 3134 105 119 9034 96 108 514 68 65 115 70 3134 35 98 50 92 Feb Nov Oct Jan Nov Oct Oct Dec Not Oct Dec Dec Not Sept Fet Sept Ocl Fet De( July Oci July De Aug Aug Sep' Aul Noy Apt Sep Jul] De Atu Sep Nol Oc Oc De De Ma Oc On Oc Oe De De No De De Fe Sep 49 De 86 Fe 74 Ja 7335 De An asa Range Since Jan. 1. Low. 147 229 149 R 1.069 1,161 210 70 170 80 155 42 260 26 25 20 1,713 204 20 333 30 20 841 23 440 2 462 212 149 797 2 135 118 35 10 100 Boatmen's Bank .J00 First National Bank. Nat Bk of Commerce_ _100 OTO 1314 1344 52% 534 10934 10935 105 107 31 314 103 103 65 6935 153 153 2434 2435 1084 109 105% 10535 109 109 3335 34 2534 27 14 14 364 37 84 84 97 96 38 3935 1023-110334 1835 2035 17% 1735 127 129 20 2034 711 735 135 1354 167 167 11034 1114 8534 87 10634 108 22 22 St. Louis Stock Exchange.—Record of transactions at St. Louis Stock Exchange Dec. 5 to Dec. 11, both inclusive, compiled from official sales lists: saws r r may Range Since Jan. 1. Last Week's Range for Week. Sale of Prices. Low. I High. Par. Price. Low. High. Shares. Stocks— U 133 53 10935 105 31 103 65 153 2435 109 10534 109 33% 27 14 37 84 97 394 1024 20% 1735 128 204 74 13531 167 1114 86 108 22 Ten 04 Cincinnati Stock Exchange.—Record of transactions at Cincinnati Stock Exchange Dec. 5 to Dec. 11, both inclusive, compiled from official sales lists: Stocks— Ot 1,••• •No par value. p1..W il, • No par value. Note.—Sold last week and not reported: 10 American Vitirfied Products, Prof.. at 9334:61 A. M. Byers Co., pref., at 98; 88 Colonial Trust Co. at 225; 10 Commonwealth Trust Co. at 260; 35 Duquesne Light, pref., at 11035; 10 West Penn Ky., pref., at 904: 550 Lone Star Gas rights at 4. Am Laundry Mach com_25 Amer Rolling MW corn- _25 Preferred 100 Baldwin new pref 100 Buckeye Inc 100 Champ Fibre pref 100 Churngold Corporation_ ..• CM Union Stock Yds._100 City Ice & Fuel • Cooper Corp new prof _ .100 Dalton Add Mach pref_100 Douglas (John) pref. _.100 Eagle-Picher Lead corn. .20 • Formica Insulation French Bros-Bauer com • • Gibson Art com ..100 Globe Wernicke corn. Preferred 100 • Gruen Watch corn Preferred 100 Hatfield-Reliance corn_ __• • Kodel Radio"A" 10 Kroger corn 100 Cons Cone Paragon Refining Corn..25 Procter & Gamble corn_ _20 100 8% preferred 100 6% preferred 100 Pure 011 6% pref 100 a 8% pref • Pl1111801 Candy corn Railroads— .. 3935 Sept 15 May 85 Sept High. 35 Oct 98 Sept 110 Mar 110 ' Feb 84 Feb 60 Nov 9934 Oct Nov 20 240 Dec 260 Nov 2634 Dec 18 Oct 11234 Oct 90 Apr 116 Oct 4534 Oct 18 Dec 3934 Nov 3714 Nov 3234 Oct 9c Feb 84 Feb 295 Feb 2834 Dec 77 Dec 934 Nov 8c Feb• 98 Jar 136 Jar 134 Fet 380 Sept 204 Jar 1404 Aug , Sales Friday Last Week's Range for lgeek. Sale of Prices. Par. Price. Low. High. Shares. 314 Aug Apr 9 40 Jan CIO 354 36 735 735 8035 8134 X . 186 50 108 36 735 8134 X 1734 126 Tractions— 50 Cincin Street Ry Ohio Traction com_ _ _ _100 100 Preferred X 115 1034 221 7634 Sept 94 June Jan 90 May 271 82 9 103 Jan 12634 Sept 567 75 Jan 84 June 162 60 Apr 6335 July Mar 110 81 106 may OWW4,WWWWONWOWWWWW.W OW-4C.-.40-1WO.WWW.0000WJW.WOOONVWW.00...44.WWO.NWO,OWWWWW/40 9 May Public Utilities— 8335 84 Cincinnati & Sub Tel_ _ _50 84 100 9034 9034 904 CM GAS & Elec 125 125 CM Gas Transportation 100 125 79 81 C N & C Lt &Trac com 100 81 100 6335 6334 6334 Preferred 100 10935 1094 1094 Ohio Bell Tel pref W 283 2835 8034 139 1034 5834 100 38 1084 10934 Mar 225 ... .. .4.. 11535 4235 18 3934 3534 31 5 205 XX 1635 Oct Sent Feb Oct Dec July Aug May 0 0 • Low. 1935 Jan May 85 Nov 75 9234 Dec 534 Apr Nov 59 July 93 14 Aug Jan 190 Jan 201 12 June 1434 Oct 10534 Jan 8735 Nov 11135 Jan Jan 32 1134 Jan 3134 Jan 31 Apr Jan 26 Oct 2c Aug 5 Aug 255 184 Sept 69 June 635 Oct 2o Sept Dec 78 100 June 84 Jan Feb 360 13 Apr Apr 97 Sept Nov Apr May Jan July Feb Feb - - 635 565 60 400 10 2,897 40 221 290 312 15 110 316 60 5 95 3,074 3,285 1,745 3,178 1.265 2,000 120 75 990 10 2,505 6,500 50 1.096 370 40 370 25 Nov July - 7934 32 3234 95 95 784 79 93 93 635 634 59 59 99 98 1835 1834 235 240 260 265 264 25 1635 17 110 1104 90 90 11534 11535 43 41 18 16 3935 39 3534 35 3134 31 3c 3e 534 6 281 283 2734 2835 77 77 83-4 934 4c 30 7834 7835 114 115 1034 104 375 375 1734 1734 126 126 112 326 . .. . .. . . ,WWWWJOWMAQCWOQWW..55W.C..W. 4,40W4 9. 05 _ Rights— _ _ star uas 324 112 325 . Am Vitrified Prod, com_50 100 Preferred Am Wind Glass Mach...100 100 Preferred Arkansas Nat Gas, com_10 Blaw-Knox Co Byers(AM)Co, pref__100 10 Carnegie Metals 100 Colonial Trust Co Corarnon'th Trust Co_ _100 Consolidated Ice, pref _ _ _50 Devonian Oil Duquesne Light, pref...100 Exchange Nat Bank_ _100 Jones & Laughlin, pref _100 Lone Star Gas 25 Nat Fireproofing, com_ _50 50 Preferred Ohio Fuel Corp 25 Oklahoma Natural Gas_ _25 Pitts & Mt Shasta Cop_ _ _1 Pittsburgh Oil & Gas.. _ _5 Pittsburgh Plate Glass_100 Pitts Steel Fdy, corn • Preferred 100 Salt Creek Cons Oil San Toy Mining 1 Stand Plate Glass, pr p1100 Stand Senn, Mfg, com...25 Tidal Osage Oil 10 Union National Bank__ I00 U S Glass 25 West'house Air Brake_ 50 Range Since Jan. 1. 100 112 100 326 w sates rrtaay Last Week's Range for Week. of Prices. Sale Par. Price. Low. High Shares. 8 54 100 3134 111 1044 Nov 23 Apr 105 wo Pittsburgh Stock Exchange.—Record of transactions at Pittsburgh Stock Exchange Dec. 5 to Dec. 11, both inclusive, compiled from official sales lists: 8 50 100 3134 3035 111 III 10434 1044 8 54 High. Low. 150 2234 100 100 142 227 59 1074 356 534 250 1635 5 43 183 30 8 105 50 104 .W •No par value. 2334 102 141 8435 w. CC 02 94 June 10134 Dec 65 Mae 60 Apt 9234 Jun 99 May 934 Nov 984 Sept 104 Sept 10434 Sepi 107 June 10734 Oc 1084 June -UM OR V( Jul, Banks— Citizens National First National 2335 2335 102 102 141 141 83 83 '88 Apr Oct Jan Feb June Oct Nov Jan Aug Aug Jan Feb Jan 100 Gtd Drug 100 IJ S Can pref 20 u S Playing Card 1.1 S Print & Litho com_100 100 Preferred US Shoe corn * Whitaker Paper corn 100 Preferred • Western Paper 100 Wurlitzer 7% pref 100 8% preferred ba 87 100 57 44 8235 974 9334 9334 100 100 10334 10434 106 Mar 280 6334 Dec Oct 42 Jan 70 94 June 35 June 734 Feb 110 June 37 Nov 7234 Dec 5334 Dec 8531 Jar 494 Aug 4935 Aug 5435 Nov 50 Oct 6334 Mar 184 Jan 75 Oct 10035 Oct 13.4 Nov 54 Nov 44 Mar 205 Oct 12034 Nov 64. Oct 74 Jar 48 Aug 57 Jar 38 Aug Ca Jan Apr Jan Feb Jan Apr Aug Mar May Jan Apr May Apr Apr May Jan Nov Oct Oct Jan Jan Mar Dec Jan Mar Apr Nov Jan Aug Oct RP,R 227 4535 1734 464 6 20 3 8034 214 60 424 70 3734 3734 46 40 58 104 35 96 34 134 38 19935 7935 4 . 335 314 4135 35 CV.C0 __ 91 924 10035 10134 5834 59 56 56 914 914 9834 99 9334 9335 9634 9635 10034 10135 1014 10334 1064 10634 1054 10634 10734 108 OF AA tf High. 00000000490000 C 000000000.000C M0.08000.40S.DOVI . 279 279 6334 6331 36 36 5814 5934 634 636 3134 3135 334 334 1034 107 32 3534 714 724 5134 5334 704 7135 474 48 4636 4834 50 50 49 4934 5634 57 124 1334 35 3535 9934 1004 1 11-16 134 5 534 38 4034 204 204 11434 11835 64 6 334 4 43 44 54 55 36 36 Low. Range Since Jan. 1. Last Week's Range for Sale of Prices. Week. Stocks (Continued) Par. Price. Low. High Shares. Range Since Jan. 1. .ONC00.0MM00.00., , -.0N00000WVOt•MN , 0 t.0N0.41.0tON..C...,00NO 00,WWCX OntoMM MN,FMCIC. N 0 50 Fire Association 100 General Asphalt Giant Portland Cement_50 . Insurance Co of N A_ _ _10 5934 635 Keystone Telephone___ _50 50 Preferred 334 . Lake Superior Corp_ _ _100 50 107 Lehigh Navigation 10 3434 Lit Brothers Penn Cent Light & Pow_ • 50 Pennsylvania RR Pennsylvania Salt Mfg_ _50 7036 Phila Co (Pitts) pf(6%)_50 25 4635 Philo Electric of Pa • 50 Phila Insulated Wire Phila. Rapid Transit____50 4934 Philadelphia Traction_ __50 57 50 124 Phila & Western 50 354 Preferred Scott Paper Co pref___100 Tono-Belmont Devel__ _1 1 Tonopah Mining 50 3834 Union Traction 100 United Cos of NJ 50 11634 United Gas Impt Victory Park Land Imp_ 4 Warwick Iron & Steel_ _ _10 West Jersey & Sea Shore_50 44 50 Westmoreland Coal 50 York Railways pref Bonds— Amer Gas & Elee 58..20 07___ Adv Bag & Paper 7s_ _1941 Elec & Peoples tr ctts 4s'45 584 Inter-State Rys coil 48 1943 Keystone Telep 1st 5s_1935 Lehigh C&Nav reg 434s '54 Penn RR gen 44s- -- -1965 Phil Co cons & coil tr 58'51 1960 1004 Phila Elec 50 1966 10234 1st 55 1947 535s 1953 5358 1941 Os -sr—. .....,,,,. 1.r. Ca twat ZUK4 FriU6V CS a a Ca WW14,1WWW-4W W WW.4.WW.4WW W 4,4Wv;10.WOWWWV. . 0 ...,==0WW.000.0.-.11.0=00.000 OWN.CP.OW=NOW W.0000,000, 1 ant. .—..... Last Week's Range for Week. Sale of Prices. High. Shares Stocks (Continued) Par. Price. Low Stocks— 2865 THE CHRONICLE DEC. 12 1925.] 'no •No par value. Chicago Stock, Exchange.—Record of transactions at Chicago Stock Exchange Dec. 5 to Dec. 11, both inclusive, compiled from official sales lists: Stocks— Friday Sales Last Week's Range for Sale of Prices. Week. Par. Price. Low. High. Shares. All America Radio cl A._5 American Pub Serv pf _ _100 Amer Pub Mil Co pref _100 American Shipbuilding.100 Armour & Co (Del) pf _100 100 Armour & Co pref Common el A •t c_._25 Common cl B•t c. _ _25 224 9635 81 964 91 25 174 2134 9635 81 74% 96% 91 244 1714 22% 9631 81 76 98 93 25% 184 3.045 367 10 305 408 1.241 2.220 11,425 Range since Jan. 1. Low, 18 89 75 49 90 84 1934 1135 June May Apr Apr Mar Apr Mar Apr High. 364 9634 8535 85 99 94 29 21 Feb Dec May Sept Oct Feb Oct Oct 2866 THE CHRONICLE Yr tau& Sales Lasr Week's Range for of Prices. Sale Week. Stocks (Continued) Par. Price. t.aw. High. Share.. Range Since Jan. 1. Low. High. Armour Leather 15 44 44 July 50 334 May 6 Auburn Auto Co com_21 504 50 5239 3,700 3134 Aug 564 Nov Balaban & Katz v t C..21 6811 68 61( 5131 Feb 834 July 694 Beaver Board pf ctfs_10( 35 35 401 214 Jun( 40 35 July Bendix Corp cl A It 33 32 Mal 3811 Sept 33 1,521 24 Borg & Beck 30 29% 30 2434 Mar 324 Nov 97( Central ill Pub Serv pref.' 8814 854 8716 491 83 Sept 9116 Mar Central Ind Power pi __Ilk 89 No 89 May 89 93 58 86 Central S W 7% pref._ 884 88 884 904 Nov 931 88 Nos Prior lien pref 49( 9816 984 9834 Sept 9634 Sege 100 Warrants 1436 Nov 12 341 12 124 1114 Oct Chic City & Con RI PL.." 534 911 Jan 55( 54 316 Apt 5 Chicago Fuse Mfg Co....... 33 83( 33 32 2754 Aug 394 Apr Chic N S & Milw corn. _104 47 Dec 414 48 7,321 3634 Sept 98 Preferred Oct Dec 82 7914 82 221 74 82 ChIc Rye Part ctfs series 2 34 Jul' Mar 2 151 1% 1 Chicago Title & Trust_101 Pet 500 Dec 31 400 500 500 Commonwealth Edlson.104 1391: 138 14014 1,03( 13014 Apr 141% June Consumers Co new 54 531 Dec 4 451 514 23,50( Nos 519 Preferred 104 Mat 89 84 83 371 Oct 30 Continental Motors_ 1111 13 831 Jar 16 5,271 Oct 1234 Crane Co 2: Feb 51 60 31 60 Ma) 70 101 Preferred Feb 116 116 10( 113 Apt 118 Cuneo Press "A" 51 Oct 51 48 10( 48 4731 OM Daniel Boone Wool M111s21 Jul) 134 Sept 7( • 41 34 Decker (Alf) & Cohn Inc.' 25 Dec 26 26 121 20 Jar 104 Preferred Dec 101 102 301 98 Jar 102 Deere & Co pref 101 107 83 107 107 18( Jar 10934 Mar Diamond Match 101 Oct 128 12819 8' 11534 Feb 132 Eddy Paper Corp (The)._ Apt 11 Jan 22 15 25 22 Elec Research Lab 33 5,631 Mal 3736 Jan 29 15 3234 Evans & Co Inc cl A 1 2,031 30 2314 Mat 31% Oct 29 294 3416 Fair Co(The) 65( Oct 3111 Aur 39 34 34 104 105 Preferred 131 103% Jul) 109% July 105 10534 Fitz Simons & Connel 2,03( De( 274 Dec 2714 Dock & Dredge Co...21 26 26 2634 12 Foote Bros(G & M)Co..' 81( 164 Mar 14% 15 API May Gill Mfg Co 234 Dec 7 214 34 1,231 3 Gossard Co(W H) 90% 4414 19,321 2634 Jar 44% Dec 42 Great Lakes D & 153 155 155 Sept 528 9434 Jar 195 Hart,Schaffner At Marx 104 116 Jar 125 Jan 115 116 269 111 Hibbard, Spencer, Bartlett 21 Jan 7634 Oct & Co 7614 68 68 7631 7634 14 Hupp Motor 3011 Nov 2631 2834 4,914 1434 Mat 2716 51 Jan 5534 11,400 414 Mat Hurley Machine Co 56 51 37 Illinois Brick 101 3,325 28 Ma' 374 Dec 3614 36 Apt Indep Pneumatic Tool_ '• Jan 57 70 88 50 Jan 48 634 3531 Oct Kellogg Switchboard__ _21 ...... 364 37 Dec Kent'y Hydro-Elea pf._101 93% 9351 94 85 85% Ma) 94 Kraft Cheese Co 2' 9031 8914 924 3.360 353-4 Jar 9914 Sept Kup'heimer & Co(B) Inc.! 30 Dec 274 31 750 254 Ma' 31 Not Aug La Salle Ext linty IlL _1( 1414 164 6.951 13 22 154 Libby,McN&Libby,new 1( 94 Oct 921 834 9 811 64 Apt 1( 24 Feb 31 Oct 14 114 465 139 Lindsay Light 42 Nov 42 McCord Radiator Mfg A. 85 374 Apt 43 McQuay-Norris Mfg 1914 Sept . Mar 1714 17% 250 13 22% 10 20% Aug 264 Oct Maytag Co 22% 223. 115 116 115 905 924 Feb 125 July Middle West Utilities_ 104 9811 Mar Preferred 801 914 Jar 98 9734 9816 Nov 322 98 Jar 108 107 107 Prior lien preferred...10( 107 Aug Midland Steel Products_ ." 5019 50 57 1,391 53 3234 Jar June 984 Apt 101 Midland Util prior lien.10( 100 100 10019 88Not Nov 101 97 Preferred "A" 97 9, 97 92 97 Mat Aug Morgan Lithograph Co.' 5814 .4 59 584 59 2,691 42 Feb 130 July Nat Carbon pref. new.104 127 126 127 91 120 Oct Nat Elec Pow "A" w 27 2414 2516 2,671 2334 Aug 2511 Preferred 21 94 104 9651 June Aug 4 9414 941 414 12,150 National Leather 11 631 Jan Apr 4 4 434 Jan 271 214 Aug 29 North American Car CIA.' 28%. 28 2834 9334 95 81 90 Feb Nor West Util pr in p1.104 API 95 Sept 95 Omnibus pref A w 1....10C 95 93 121 89 9534 Feb 1314 15% 2,541 Sept 1744 Mar Voting trust ctfs w i a.. 154 9 Des 102 June 20 100 Peabody Coal Co pref. _104 100 100 22% 23 Penn Gas dz El w 24 7.371 224 Der 223t Dec IC 2111 22 174 Jul) 23% Oct Pick (Albert) & Co 1.321 59 57 59 Pines Winterfront A 2,50( Jan 33 Jun( 74 130 13241 132 261 10734 • Jar 1324 Dec Pub Secs, of Nor III _IOC 130 13014 7( 118 Pub Serv of Nor Jar 1304 Dec 101 Preferred 21 92 10034 10019 Jar 1004 Dec 1104 1104 21 102 7% preferred Nov 10( Jul, III 135 136 41 95 104 Quaker Oats Co Apr 137 Dec 101 195 105 105 Preferred 31( 10214 Jar 106 July Mat 5834 14,301 48 Real Silk Hosiery MIlls_1( 584 57 7514 Feb 24 25 1( 2434 821 1 14 Reo Motor 4214 July 164 16% 271 1634 Der 254 June Ryan Car Co (The)._ ....21 2614 2614 If Nov 254 De( 28 So Colo Pow ci "A"com.2" 884 8211 8914 89,854 Sewart-Warner Speed= 554 Mar 893( Dec 3,351 10914 n. • 12034 Feb 101 11354 1134 11614 Swift dr Company IT 254 264 5,060 24 Nov 36 26 Jan Swift International 5,921 4231 July 5034 Oct 2' 464 454 4744 Thompson (J R) 764 7934 18.350 65 Mat 804( Not/ Union Carbide & Carbon.' 7O 4914 474 4914 19,500 4734 Des 494 Dec United Biscuit Co cl "A" 120 234 2 5 31 Fe) Jan United Iron Works v t c_51 44 Mar 10616 Oct UnL&P Corn cl A vita... 14839 148 15416 2,87( 2,268 81 99 June 934 95 95 Apt Preferred cl A w i a__ _ 524 564 3,68( 42 55 Jar 5634 Dec Preferred cl B w I a. 3114 2,921 184 Apt 3134 Dec 29 313 ..I0' United Paper Board. 601 64 Jun( 71 70 70 70 May 101 Preferred 1,490 112 Feb 206 154 170 Sept 21 165 U S Gypsum 53/ 234 Aug 53 550 53 4 5 Jan Univ Theatres Cone cl A.1 1,051 2231 Mar 36% 3641 Dec 36 Utilities Pow & Lt cl A.. 3634 100 1314 Ma' 2134 Oct 18 18 • . Class 13 2336 Feb Oct 6 811 94 4.251 936 Wahl Co Mar 8211 Nov 1,651 41 Ward(Montgomery)&Co 1( 794 8111 31 1124 Apt 120 July 114 114 101 114 Preferred 25( 110 Ma) 123 110 11036 Jan 110 Class A 174 Der 17% Dec 1711 17% 7,24C 1734 011-0-Matic Corp cm Will 1011 Mar 301 834 834 53.4 Jar 839 Wolff Mfg Corp 354 , 631 Nov 144 Jan 614 64 Wolverine Portland Cem IC 57 Oct 55% 56 1,671 4616 Jan 56 Wrigley Jr July 3134 Aug 29% 2,401 28 2914 29 Yates Mach part pf 1,251 2614 Nov 4811 June 29 2014 29 Yellow Cab Mfg cl Oct 9834 Oct 130 90 94 94% 101 94 Preferred 970 45 JuIJ 50 5514 Jan 49 Yellow Cab Co, Inc (Chic). Apr 8434 Mar 7731 784 3,000 74 Chicago City Ry 55_ -.1927 78 Apr 63 Mar Chic City & Con Rye 5s 27 5141 51% 521( 33,000 46 80 6.000 754 Aug 8534 Feb 80 Chicago Railways 5s_ _1927 7831 May Sent 5434 5446 15,000 53 1927 5s, Series A Mar 5616 Mar 35 3744 3834 13,000 1927 4s, Series B 10054 100% 2,000 9911 July 10216 Dec Commonw Edison 50_1943 Mar 76 Mar 4,000 70 71 71 Meter W Side El ex g 45 2,000 7914 Oct 843.4 Feb 80 80 Northwestern Elev 59_1941 071.4 0714 2.000 92 J•a 1024 June Pub Spry 1,tt ref r g. 10k" x as 4 MAY • No par value. -Official transactions in the New York Curb Market. New York Curb Market from Dec. 5 to Dec. 11, inclusive: PrIda, Week Ended Dec. 11. Stocks- Last Sate Par. Prize Sales Week's Range for Week. of Prices. 0oid. High. Shares .Range Since Jan. 1. Low Indus. & Miscellaneous Dec 5811 Dee 5831 11.600 54 Abraham & Strauss • 544 54 Dec 7,000 10534 Dec 108 10544 108 Preferred 10c 106 May Jan 107 25 92 Adiron'k P & L,7% p1_100 10234 10214 Nov 1654 Sept 4,700 11 Aero Mfg Supply. Class B.' 15 1614 13 2034 Sept Sept18 200 Class A 1914 194 194 1,400 8111 Oct 107 Dec Ala Gt Southern.corn.. .54 101 99 107 !1, 157 5, 101 Q90 RA tar Preferred Friday Sales Last Week's Range for Sale of Prices. Week. Stocks (Continued) Par Price. Low. High Shares. rvoi Range Since Jan. 1. Low. High. Alpha Portland Cement 100 136 136 Sept 150 10 130 Oct Aluminum Co cons new -• 66 654 664 1,500 53 Nov 71 Nov Preferred new 9914 9914 200 984 Nov 9934 Dec Amalgam Leather com. • 154 1534 500 814 Aug 1734 Oct Preferred 100 75 77 200 42 Jan 81 Dec Amer Bank Note w I 40 41 39 6,400 38 Dec 41 Dec American Brick Co 19 200 1811 Oct 1931 Oct 1934 Anterk•an (las Elec corn • 7634 764 sou 1,600 6814 Apr 8414 May Preferred • 914 9111 9134 9354 Nov 400 834 Apr American Hawaiian S8_ _IC 12 1231 12 600 831 May 18% Oct Amer Li & Trac 264 261 270 2.675 137 Jan 288 Nov Preferred 101 112 112 11314 625 94 Jan 119% Nov Amer Multlgraph, corn...' 2434 21 600 18% Mar 22 Jan Am Pneum Serv, corn. -25 311 34 200 311 Dec Sept 4 Amer Pow & Lt. new.' 644 6154 6414 42,700 48(4 Felt 6734 Jan , Preferred 101 9514 9934 97 , 6150 8234 Oct 97 Dec Amer Rayon Products.. • 35 3314 37 5,100 26% Ma' 51% June A me •'Road Mach Inery.108 414 514 2 500 Feb 8 Mar American Seating .104' 3164 329 130 329 Dec Am Superpow Corp CI A ' 33 3211 334 2 000 2614 Mar 414 Oct Class It • 314 314 3111 2,600 274 Mar 45 Oct Prior preferred 25 25 25 25 500 24 4 Felt 274 Sept Amer Thread preferred. t 4 4 334 Jan 200 44 Feb Ape° NI to Class A 28 2214 244 400 21 JO' 2414 Nov Arizona Power, corn. -100 300 1714 Jan 374 Oct 304 31 Arundel Corporation_ 361( 3831 700 3319 Aug 39 July Att•Joe Gas & Elec Clues A.' 3511 33% 36 4,200 25 Mar 4519 Aug Atlantic Fruit & Sugar. • 85c 900 14.600 57c Not 114 Mar Atlas Fort 1 Cement new_. • 48 53 48 2,700 44 June 68 Oct Bigelow-Hart( C•trpet. com• 325 97 Dec 110 100 10134 Oct Bliss (E W)& Co • 25 25 25 100 2234 Aug 35 Oct Blyn Shoes, Inc. com__-10 339 Sept 614 631 631 1.000 811 Nov Bohn Alum & Brass Oct z1714 19 17 z1714 1,200 14 Nov Borden Co corn exch stk.5( 98 2,500 674 Mar a°31 Dee 98% 93 Corn subscrip stock_ -50 400 674 Mar 97 9334 954 Oct Preferred 100 110% 1104 110% 80 106 Jan 113 May Boa & Me 1st pf A stpc1.100 10 501( Nov 6114 Dee 6114 614 Bridgeport Mach cote__ • 10 Felt 11 4 10 9 1,000 May Brit-Am Tob ord bear..tl 2711 900 244 June 2814 AM' 27 2719 Brooklyn City RR 14 914 Feb 614 616 634 5,300 614 Dec Bucyrus Co, corn 100 Nov 210 75 189 197 198 Oct Burdines Inc common w 25 2451 254 1,100 20 Nov e6% Deo Burroughs Add M pref. _100 300 1044 Nov 107 10514 10596 Oct Can Dry Ginger Ale new_. • 40 384 404 1,600 3314 Sent 5114 July Car Ltg & Power corn_ 21 231 219 4,400 134 Ja. 2 514 May Carolina Pow & LIght..100 439 439 439 Feb 45634 Nov 10 200 Celluloid Co, pref 100 72 72 20 65 June 97 Jan Central Steel con] _ • 724 71 700 51 7214 7551 Nov Jul , Centrifugal Pine Corp...' 28 28 Mt 3034 Nov 294 9,700 10 Checker Cab Mfg, CI A_ _•• 12 300 14% 12 1 Sept 2441 Jan ChM Nipple Mig CI A ....5C 4434 44 444 1,100 29 44% Dec API Class B 5( 274 2634 27% 800 1119 Jun( 27(4 Nov Christie. Brown & Co coin • 63 624 64 1,500 48 Sept 644 Nov Chrysler Corp, new. corn • 54)4 504 57% 163,900 44 Not 57% Dee Cincinnati Gas & Elect _ .104 92 91 100 88 Nos Dec 92 On Ind & West, pref..100 22 22 102 22 Apr 224 Apr CAles Service corn 24 3836 334 3834 7,300 35 43 Mar Feb 101 Preferred 8434 854 1,200 8141 Jar 854 Dec 85 It Preferred B 900 714 714 714 Aug 8 734 Mat Bankers shares 194 194 300 174 Mat 2144 Feb Cleveland Automobile corn• 3016 2914 3114 7,300 194 Fel Dee 32 Colombian Syndien • e.. 131 134 13-4 16,000 'Inc 3" 2,‘ Nov Com'w'th-Edison Co_ _100 1374 13734 10 133 Jan 140 May Com'wealth Power Corp, Common, new 3514 3914 25,900 3014 Sept 4314 May 39% Preferred 700 793( Sal 8731 iO0 87 87 884 Nov Warrants 1,265 254 Fel' 86 67% 544 59 May Connor (John T) Co ...It. 900 28 38% 394 Sept 4054 Nov Consol Dairy Products...' 10,900 644 7 614 Not 634 834 Nov Cons Gas,E L&P Bali new. 4414 443.4 4434 5,600 3114 Jar 4734 Aug Continental Baking,comA* 121 126 5.700 108 Jan 144 July Common B 29% 31 135.500 2134 Jul • 32 4211 Oct lOt 10131 100% 10231 11412 "Preferred 2,400 9134 Jar 1064 Aug Cont Gas & El,6% Part Pi 974 9734 100 94 Aug 974 Dec Continental Tobacco . 1,200 1914 Oct 264 Jan 15% 15% 1614 600 34 Pet 35 Courtaulds, Ltd 34 41 Nov 67 Cuban Tobacco v t c 55 700 3514 Apt 75 60 Nov Curtiss A eropl & M, Fe) 2614 Dec 254 2314 2635 11,200 13 200 55 Mar 88% Nov 86 100 86 Preferred Be Forest Radio Corn- -.• 1516 3.400 134 Nos 19 14 34 Feb 1.300 39 jOet 47 Denver Tram. new, pf,-w I 3934 4111 Oct Des oe & Rays CI B new. 1,300 54 (;)cr 7434 784 7831 Dee 1,000 10 Doehier Die Casting Apr 2041 Jan 1314 14 • Dubiller Condenser & Rad. 104 4.600 9 1014 114 Not 35% Jan 4,300 2014 Sept 29 Dunhill International_ _ _• 2714 27 31 Jan 3 000 Duplex Coed & Radio v IC' 114 3 I , 17 Jan 234 De Durant Motors. Inc 1314 1514 15.300 914 Aug 21 • 1311 Jan • 1514 Duz Co, Class A 15)4 1611 2.000 1514 Dec 33 Feb 2.000 16 17 16 Clasa A v tc 0e, 2211 July • 16 9,000 37 Eastern Rolling Mill sew • 43 Not 4034 44 44 Dec 210 76 86 Steamship Lines.- 85 Eastern 79 Oct 86 Dec 325 80 0.1 I astern Tens Elec Co • 9314 92 9334 Dec 4,50 1334 Am' Eisenlohr (Otto)& Bro.100 1914 1914 1914 194 Dee 50 86 Oct 95 90 90 Preferred Nov Dec 3711 Dec 374 4,900 35 Eitingon-Schild Co • 3711 35 Electric Auto Lite Co._ _ • 764 764 784 2,300 674 Jul) 79 Dec 1,680 101 Elec Bond & Share.pref 104 1044 104 104% Sept 107 July 11,800 5534 Apr 9119 Feb Elec Bond & Share See_ _ .• 66% 6514 68 7134 18,000 40 Jen 73 Elec Invest without war'ts' 7049 70 Nov 1,500 511 6 Electric RI Secure, new6 5% Dec • 6 Dec 2411 1.000 1931 Sept Engineers Public Serv corn• 244 24 29 Aug 99% 1,900 99 Preferred (511% paid, • 99)4 99 Scot 10 03-4 Sept 200 25 2714 274 Estey-Weite Corp, CI A... 2734 Nov 28 Nov 3,100 11 ageol Motors Co, com_10 10% 10 634 Aug 154 Sept 120 134% 1,010 120 101' Fajardo Sugar Feb 13431 Dec 3434 2,500 3214 Nov Federal Finance Corp cl A• 3431 33 3611 Oct 1714 3,700 16 16 • 17 Class B Dec 1916 Nov 800 30 3731 3844 Federal Motor Truck_ .10 Bern 47% Oct Film Inspection Mach -• 511 54 1,400 511 44 June 114 Jan 9934 90 96 June 100 Firestone T & R,7% PL100 99% 99 Oct 105 107 Fisk Rubber 1st pref WI... 107 60 10314 Dcc 107 Dec 19,100 444 Not Fleischmann Co new w I-. • 494 4614 50 Dec 50 Ford Motor Cool Can_100 637 630 641 100 462 Mar 690 Oct Forhan Co, class A w • 184 1811 1854 2,800 17% Sept 2034 Nov 31,500 26 Fox Theatres. CIA. com. • 284 Nos 294 Nov Franklin(H H)Mfg,com • 31% 3114 344 500 1614 Apr 4214 July 8511 854 100 25 78 Preferred Apr 94 Oct 934 9 911 Freed-Eisemann 1,100 Apr 3334 Jan 7 1951 21 9,700 Freshman (Chas) Co • 2034 94 Mar 28 Jan 6131 , 59 200 57 Gamewell Co common.... 59 Sept 6131 Oct 831 711 8% Garod Corporation • 1,900 Apr 1711 Jan 2 81 General Baking class A 7914 8114 23,700 604 Oct 8114 Nov 1716 19 1714 Class B 50,200 1534 Nov 201( Oat 434 44 . General Fireproofing corn • 200 3431 snot 52 Oct Gen, G & E of Del CIA WI 584 5714 59 4,450 5434 Aug 643.4 July 5044 50% Class B w I 200 45 Aug 624 July 464 Gen'l Ice Cream Corp.. • 4634 45 700 34 July 4614 Dee 59 59 Georgia L,P dz Rys,com100 25 3141 Jan 77% AO' Gillette Safety Razor_ _• 1034 1024 10331 5,900 5734 Jan 10939 Sept z1434 140% 19634 8,400 117 Glen Alden Coal Feb 147 Nov Goodyear Tire & Kcom100 3714 3611 40 18,400 244 Jan 4934 Oat . 374 3914 8,300 Gotham Silk Hosiery, WI. . 3135 Nov 394 Dec 9931 994 Preferred 1,900 99 Nov 99% Nov 73 Grand (F W)5-10-25c St _• 73 73 600 55 June 90 001 118 118 Grt All & Pac Tea, pref.100 118 10 111 Jan 11831 June 1911 2014 3,200 1534 Mar 2111 May Grennan Bakeries Inc__ • 4 Grimes RI dr Cam Rec. • 34 44 12,500 Au 27 314 Dec Habirshaw Elec Cable, new 15% 1434 1534 500 1414 Dec 21 June 811 814 84 Happiness Candy St cl A -• 2,000 64 Jan 944 July 734 8 711 Founders shares 11,200 53i Feb 934 Aug I^ on a net Hazeltine rnrnr,,,rt,..., • ••• . CUM 1 Friday Last Week's Rang of Prices. Sale Lit Stocks (Continued) Par Price. Low. High Sales for Week. Shares. Sales Friday Last Week's Range for Week. of Prices. Sate Stocks (Continued) Par Price. Low. High. Shares. Range Since Jan. 1. Low. High. Range Since Jan. 1. High. Low. Oct Sept 73 25 62 65 65 Thatcher Manufacturing.. 65 Jan 234 Nov 25 434 11,400 • 331 331 Thertatudyne Radio Nov Nov 50 700 44 4634 47 Thonipson (John R) Jan 2,000 May 25 6 74 834 Radio vtc• 735 Tbompson(RE) 834 Oct 531 34 May 1,300 531 534 Tub Prod Export Corp _ ..• Mar Dee 42 1,100 23 23 2731 • Todd Shipyards Corp_ Mar 244 Jan 300 5 951 114 931 Tower M anu lecturing _..5 Trans-Lux Day Pict Screen Dec 13 32,100 534 Sept 1134 13 • 124 Class A corn 1934 Feb 2,900 74 Sept 1031 10% Trumbull Steel, com____25 10% 900 24% Oct 274 Nov 274 26 10 27 Truscon Steel Nov Aug 270 220 163 22934 23434 Tublze Artlf Silk Class B. 232 Nov 104 Dee 2,700 8 934 11) 931 Tung Sol Lamp 2134 Nov 2034 20% 2,300 2034 Nov A. w I Class Nov Mar 81 65 7631 7931 11,20 Union Carbide & Carbon.. 79 1,600 883-1 Dec 944 Dec ______ 88% 934 United Cigar Stores w Sept 474 Sept 1,700 39 454 4654 Coal Cos v t c. 46 United Elcc Feb 57% Nov 56% 5,500 25 55 United GA E corn new -..• 55 Nov Jan 56 55 700 37 55 Trust certificates Nov 11,000 90% Feb 121 11454 118 117 United Gas Improvem't_50 Oct 147 151% 25,200 44% Mar 167 United Lt & Pow corn A • 149 1634 July Aug 200 14 1434 144 Profit Sharing_ _1 United Dec 31 31 300 2531 Der 30 1 S Dairy Products el -A_ Dec Dec 16 100 15 16 16 16 Class B Sept Feb 202 70 115 20 16934 156 16935 S Gypsum corn June 263-4 Nov 900 17% 34 1634 10 17 US Light & Heat com 554 2,200 134 Jan 703463.4 Oct 534 10 53.4 l•reterred Dec 2.200 654 Dec 654 7031 U S Realty & Impt new... 434 Aug 17% Dec 1531 174 3,200 U S Rubber Reclaiming... 16 Nov 500 1734 Apr 28 26% 274 • Corp Cl A_ US Stores 1.000 14 Mar 16% Nov 1434 15% 1454 Class B Nov Nov 62 100 61 55 55 Second preferred (8%)_ _ Oct Mar 47 600 24 • 5531 4334 4534 Universal 1•Icturt% 1,700 174 Dec 2134 Nov 1734 17 Utilities Power dr Lt B.-. 1734 Dec 10% Dec 9 9 1034 2,900 1034 Corp W I.--Utility Share Dec 4 2.900 334 Dec 2% 3 3 Option warrants 300 16 Dec 164 Dec 16 1634 16 Preferred (non-voting)- De, 4331 Nov • 42% 4034 4294 4,600 40 Vick Chemical Co Oct Apr 117 b(10 65 09)i 98 Victor Talking Machine100 600 20% Oct 254 Aug 2234 224 21 Walworth Co 54 4,500 404 Jan Dec 4 4 • 4 Ware Radio Corp Sept 19 900 114 Jolt 1434 15 Warner Bros Piet cora _ • 900 28 Dec 2834 Dec 2834 28 28 Western Auto Supply 50 80 824 80 Dec 8235 Dec Western Md Ry 1st p1.100 8234 96 Sept 560 98 % Jan 99 West,ro Pr Corp pref. tulli 96 700 84% Oct 88% Dec 87% 884 West Penn Elec cl A wl(ne 884 100 11 Aug 15% July 1334 134 %Ilson & Co (new) w I._ Apr 1,400 26% Aug 35 2934 29 Class A 1,000 68 June 754 Apr 7154 72 Preferred 100 731 731 134 Sept -----% Nov Wolverine Port1Cement Feb 30 70 7431 75 Oct 85 Woodward Iron, corn. _100 75 Jan 1034 1131 6,400 Sept 22 9 Yellow Taxi Corp. N Y._• 103-5 Rights Oct 2 PIG 22,300 134 1% Nov Bait... Cons Gas El LAP Nov Nov I 1% PIO 37.000 1 General Gas & Elect _ _ 500 4% Dos 4% 4% 43-4 Dec 434 New Eng TeleP & Nov 400 5 6 431 434 De 434 Phi.adelphia Elec Hellman (Richvxd), Inc • Sept 344 Sept 200 32 3331 33% Fret with warrants _ May 20 1044 Feb 115 112 112 Hercules Powder, pref _100 34 Nov 1% Apr • 1,000 234 231 Hayden Chemical Co Hires (Cha-s Nov 2631 Nov 254 1,300 25 25 25 Class A common 3834 Nov 1,000 344 Nov 3531 37 Hollander(A)& Son,corn.' 35% • 200 6134 Aug 7234 Oct Rubber, corn 69% 7034 Hood Ma% 694 Not • 500 46 6334 65 Horn & itardart Co Aug 100 253-4 Aug 30 Hunt Bros Pack, Class A..• 2534 254 2534 Oct 26% Oct 2131 2231 9,600 20 22 Industrial Rayon Corp Cit A 100 5634 Oct 6134 Oct Insur Co of Nor Amer___10 594 597-4 594 Dec 54 Jan 20 18 Intercontinental Rubb_100 1831 1934 22.400 Mar 134 .1 ly 7 800 834 834 84 Int Concrete Intl Ira silo.. 604 14,300 3734 Jan 604 Dec Int Match non-tot prei..36 604 65 134 1431 2,000 134 Dec 144 Dec Internal Projector Corp_ _* Nov 1,900 324 Oct 40 Internal Utilities, Class A 38% 38% 39 Jun 17 63-4 May 1,700 Class B 74 8 Aug 155 167 • 163 1,325 1434 Not 185 lle, Inc Johns-Manvi Jan 9 May 1 1% 134 2.900 Jones(Jos Wt Radio Mfg.• . Kelvinator Corporation.- z78% -4 773 7974 3,700 184 Feb 844 Nov Oct 0 30c 30c 1,000 25c 131 Feb Keystone Solether May 994 Aug 950 64 92% 80% 9234 Kraft Cheese 94 51 Sept 6234 2,200 504 Sept 56 Land Co of I Wide 834 Jan 32 26% 27 Nov 500 Landover Holding Corp A 1 27 Nov 36 36 200 36 37 31 Nov Landay iarotr, inc., CI A_• 2131 Aug 1534 164 300 13% Nov 1534 La Salle Exten Univ. _ _10 Feb 107 Nov 4,100 82 Lehigh Power Securities • 19051 18134 194 87 Jan 8334 350 Lehigh Valley Coal Sales.50 81% 81 M tty 50% Jan 3Ma 78 41% 22,900 3 40% 38 Lehigh all Coal tuts'mew. 634 Apr 834 831 100 94 Dec Libby McNeill .0 Libby -lb Nov 600 182 Jun 240 Libby Owens uheettilass.2a 223% 214 227 Nov 4 4 434 7.100 1034 Oct 4% Liberty Radio Ch Stores_ • 3254 344 lb Sep 800 24 Oct 36 Lit Brothers Sept 150 Nov 14834 14834 100 130 Long 181..00 1.10 corn _ • 41 41 Dec 41 • Dec 100 41 Manhattan Rubber Mfg_ -Jan 500 534 Dec 10 534 5% 5% Marconi Iv irel Tel Lond.il 79 79 Dec Nov 80 10 75 Mass Gas Cos, corn._ _ _HA) 79 23 23 25 100 2134 Sep Sept Met;otti ltatt Mimi v I C-• 110 110 Ma 12731 Oct • 110 100 87 McCrory Stores 414 43 Jai lUb 260 30 69% July Mengel Co 4% Jan 134 134 4,600 134 Oct 1% • Mesabi Iron Co 24 Dee 25 100 3 3 24 3 Nov Metro be & 50c clans B. _ 46 Dec 5234 Nov 4734 46 48 Preferred 700 474 Be. 6654 Nov Metropolitan Chain Stores 4754 47% 5234 1,500 824 Feb 12434 Aug Middle % eat Utilities.eoru• 115% 115 115% lb( 2t0 984 Jan 10734 Aug 106% 107 Prior lien stock 074 08 101 Jan 99 June 370 01 98 Preferred 51 52 Aug 500 4534 No' 58 Midland Steel Products...* 24 Oct 100 25 400 18 Midvale Co 2854 Jan 43 44 50 1,600 414 No% Oct 43 Miller Rubber, corn, new. 98 Dec 103 _101 99 Nov 40 98 Preferred 104 104 Lev 104 100 192 Dec Mirror (The)7% pref„lot Oct 45% July 3431 37 5,200 31 Mohawk Valley Co new _ _ • 37 100 6334 Mar 70% Oct 68 68 Moore Drop Forge el A..' Mai 1731 174 700 17 10% June Corp ' 18% Motion Pie Capital 25 25 July 2534 Sept 25 100 25 Preferred Dec 3 335 300 3 6% Oct Mu-Rad Radio Corn 434 Dec 21P Jan 434 631 10,500 _ • 41i Murat Mantel Corp 300 2534 Dec 2534 Dec 254 254 Nat Elec Power, Close A-. 2534 Apt 6% Jan 4 000 431 431 lb National Leather 1,480 1844 Feb 467 Nov 431 450 Nat Power at Light. Com.• 440 3034 Nov 304 122.20 2834 Nov 29 2934 New when issued Jan 105 200 95 Dec • 1044 10234 105 Preferred Aug 30 234 2334 1.000 2234 Nov Nat Pub Serv CIA corn- -• 2234 2 20 June 1.600 1334 Nov 144 15 • 1434 common Class B 120 239 Jan 600 Oct 585 594 • 594 National Tea 1,300 2434 Dee 26% Nov Neptune Deer Class A..• 2434 2434 25 Dec 58 Oct 34 500 29 29 Nev-Cal El Co corn new w I 30 Dee 57% Dec 100 57 5734 5751 New England Corn co w I. Ma) 122 400 102 Nov 115 116 New England Tel dr Tel..' 634 Jan 1934 Sept 1534 1634 6,300 15% New Des & Ariz Land.. _1 Nov 30% Aug 100 25 25 25 NY Mdse, Inc 150 11034 Jai 114 Feb N Y Telep 64% pref__10b 1124 1123.4 11334 100 3834 Jan 547 Aug 4 51 10 51 N Y Transportation. 9,700 8234 Aug 111 Nov Nickel I late COLD new w L. 11034 108% 11031 9434 Dec 9334 90% 943-e 6.300 8234 Ma Preferred new w I 600 173.4 Dec 1831 Dec 1734 1834 174 Niles-Bement.Pond Co,new 804 7.500 434 June 85% Nov • z784 78 Nizer Corp Claes 13 634 May 19 14% 7,000 Oct 14 Northern Ohio Power Co.' 1434 may 2.400 4334 July 53 Nor Out Lt & Pr com..10(. 5134 5031 52 12,200 10234 Jam 146 Nov 137 141 Nor States P Corp corn -100 139 944 Feb 1014 July 100 10034 100 101 Preferred, 200 62 Aug 8434 Sept 814 02 Ohio Traction coin in. 100 o% Sept 1714 Jan Omnibus Corp v I c • 154 134 1534 6.009 100 2534 July 38% Dec 384 384 Oppenheimer &Cocom v to* Not 107 200 101 Sept pref.• 106% 10534 10634 Penn Power & Light Jan 187 170 127 Aug 160 164 Penne Water & Power.100 164 300 39 AD 577-4 Nov 47 46 Philadelphia Elec corn. 25 Nov 224 Oct 200 20 224 22 Pick (Albert) ot Co com-10 1,150 142 Aug 167 Oct 156 160 Pitts& 1. E RR.cam. _60 159 Dec 93 100 93 Dec 93 93 -100 93 Pitts & West Vu Sty, Pf. Jam, 91 54 July 25,700 33 7331 80 emu_ * 79 Power Corp oi N Feb 5 1,200 40 Oct 54 6 53 Pratt & Lambert. Inc... • 54 Ma 138341 Dec 510 109 13534 1384 Procter & Gamble corn..20 3834 May 444 Dec 4434 4434 Pro-pby-lac-tic Brush corn° Oct 604 May 200 47 514 51 Puget Sound)'si Apr 4634 June 500 35 Purity Bakeries Class A_25 424 4134 4231 Apr 47 June 800 34 4031 • 40 Class B 1234 Mar 931 July 300 1034 1034 PYrene Manufacturing_ _10 Dec 58 800 55 Nov 58 55 Hy steel-Spr coat, new... 55 Dec 43 Dec 3034 3834 4031 2,900 38 Rand-Kardot Ilu new wl _ Mar 5834 Oct 4734 5134 3,100 37 Rena Noiseless Typew, A_ • 51 200 9634 Mar 120 Sept 1C0 11134 11031 113 Class A pref 5,100 1534 Apr 28 Nov 2454 2431 10 2434 Reo Motor Car 100 50c July 75c Mar Repettl Inc 50c 50c 5 44 Sept 14 34 Nov 2,700 11 Republic Motor Truck vie 9 July 92 20 78 Dec 92 Republic Sty & Lt pref-100 92 1,600 1334 Sept 21% Oct 18% 174 1834 Richmond Radiator new. Nov 42 Oct 200 35 101. Preferred new 404 40 734 Oct 1034 Nov 831 934 44,700 Rickenbacker Motor 834 134 Dec 14% Jan 131 4,200 134 Rove Radio Corp tr ctfs..• 151 Not 221 130 180 Nov Royal Bak Powd corn..100 195 185 198 ; . 51 54 Nov D %M 0 90 4 484 2,00 1().7 Safety Cable Co 48 133 Dec Safeiy Car Htg & Da In' 133 128 133 Nov 105 10 99 Nov 102 102 St. Maurice Paper Ltd-100 • 2,400 364 Apr 95 July per 1.0111 _ 84 8231 80 St Regis Dec 18 June 500 10 1234 Schwartz (Bernard) Cig A• 10 , 41 Apr 353.4 Oct 5.900 Servel Corporation A__ • 30 30 3134 May 30% Oct 200 16 Sierra Pao Flee Co corn _100 2634 2634 Jar, 600 1231 Mar 21 Silica Gel Corp con v t c.• 1534 1534 16 260 1994 Jan 410 Dec Singer M anufacturIng _ 103 370 370 410 Mar 10 June 4 300 1 Singer Mfg, Ltd 834 834 19% Jan 334 Nov 4 • Sleeper Radio v t c 331 434 2,900 1634 1754 4,500 1634 De( 17% Dec Bola Viscose ord 3,000 1014 Jan 149 Sept Sou Calif Edison corn_ _100 12 834 12734 132 Jan 994 Dec .500 88 6% pref Series B..100 9734 9834 Sept 56 47% 4634 4734 3.100 30 Aug South Dairies Class A w I. Sept 34% Aug 274 27 2834 3,500 19 Class 13 W I 32% 3131 33% 96.200 2854 Aug 3434 Oct Ereaatern Pr & Lt new w I 28 7,200 2234 Sept Dec Southern & P CNN§ A • 254 2534 28 Oct 99 June 10 96 99 Southw Pow & Lt7% 01 100 ------ 99 Nov 1.500 2934 Nov 32 Sparks-WIthingt on Co-_ • 29% 294 3034 May 27% Feb 300 19 -----2231 224 Standard Pr & Lt cl May 27% 'Feb 3.300 19 1934 2034 Stand Publishing Cl A..21 2034 Apr 28 6 25,600 Dec • 23% 2334 28 Stutz Motor Car May 120 3,900 109 100 ------ 114 11534 Feb Swift & Co Nov 5,800 24 15 26 _ 2634 25 5% Jan 3 Swift Int ernat Dec 283 10 283 Dec 283 283 Tampa Electric Co....100 283 3 June 100 5 44 4% Nov T H Ind & E Tr. com _ _100 loo Mar 401 Nov 300 13 4 35 31 Preferred 2867 THE CHRONICLE DEC. 12 1925.] -- ------ Former Standard 011 Subsidiaries. Z1 17% Anglo-American Oil Certificates of deposit_ 50 534 Buckeye Pipe Line 25 6834 Chesebrough Mfg it 2434 Continental 011 v to Cumberland Pipe Line_100 140 62 Eureka Pipe Line 1•0 Galena-Signal Oil, com-1(81 364 New preferred 121 z7854 Humble Oil dr Refining100 134 Illinois Pipe Line 3634 Imperial Oil (Can) new _ _ _ 50 5834 Indiana Pipe Line Petroleum_ _ _100 18234 Magnolia National Transit_ _12.50 18 100 New York Transit Northern Pipe Line__ _100 7451 25 6354 Ohio 011 25 2234 Penn Mex Fuel 25 544 Prairie Oil & Gas 100 126% Prairie Pipe Line 100 214 Solar Refining 100 16734 South Penn Oil Southern Pipe Line_...100 66 South West Pa FlpeL...100 Standard Oil (Indlana)-25 66 -2 Standard 011 (Kansas) 5 34% 25 z13434 Standard Oil(KY) Standard Oil (Neb)_ _100 Standard 011 of N Y__ _ _25 45% Standard 011 (0)corn..100 100 Swan & Finch 25 102 Vacuum 011 Other Oil Stocks Amer Contr 011 Fielde....5 Amer Maracaibo Co 10 Argo Oil Co Arkansas Natural Gas...10 Oil corn....• Atlantic Lobos Preferred Cardinal Petroleum Corp. Carib Syndicate ...I Consol Royalties new. 5 Creole Syndicate Crown Cent Petrol Corp. Derby Oil& Ref common_• Euclid Oil 1 Gibson Oil Corp • Gilliland 011 corn v t c 25 Gulf 011 Corp of Pa Honolulu Cons 011 International Petroleum_ _• • Kirby Petroleum Logo Oil & Tr Corp cl A_ _ _ Lego Petroleum Corp_ _ -.• Leonard 011 Developm•t_25 • Lion Oil & Refining Livingston Petroleum_ _ _ _• • Mersey 011 Coro 1 Marland 011 of NIex Mexican Panuco Oil_ _ _10 10 Mexico 011 Corp 1 Mountain & Gulf 011 Mountain Producers_ _25 • Gas National Fuel 5 New Bradford 011 New England Fuel 011_25 New York Oil Northwest 011 Peer 011 Corp Pennock 011 Corp 25 Red Bank 011 Reiter-Foster 011 Corp... . -Can Oil SyndicateRoyal Ryan Consul Petroleum _ _• Balt Creek Consol OIL -10 Salt Creek Producers..-10 Sante Fe Oil& Ref v t c _ -5 Savoy Oil • Tidal Osage Oil 1734 1834 1734 1734 5334 55 6834 6834 2431 264 139 140 654 62 3534 37 994 98 7934 77 132 13431 3534 3734 5731 61 18234 187 1634 18 50% 52 7334 80% 63% 64% 22% 23% 53% 56% 126 126% 212 214 167% 171 6534 6834 5454 5735 6554 66% 3335 34% 1334 13434 240 243 45% 4631 364 366% 194 25 101 102% 4 731 531 2 634 12% 6 2 14 434 84% 3% 3334 3% 1834 84 131 134 3% 434 26 654 5 231 2031 50c 64 931 34% 34 131 1,100 300 630 200 59,200 140 790 235 20 19,700 180 23,200 440 610 1,700 330 150 6.800 500 7,600 770 20 380 .560 60 39,900 9.100 2,200 60 17,600 1734 Nov 17% Nos 534 Dec 4834 Jan 214 Mar Mar 132 Dec 62 Sept 34 Dec 98 424 Jan Jan 127 4 271 Mar 5734 Dec 13034 Apr 1634 Dec Aug 50 73% Dec 6034 Aug 021 20 45% Oct 106 Jan Jan 203 Jan 139 654 Dec Nov 53 594 Ma 3034 Oct 11431 Ma Aug 231 Au 40 Jan 338 Au 520 12 6,600 807-4 Jan oo 44 5,300 734 6.000 54 1.7 800 6% 2 1.900 3% 2,300 1% 1,200 654 6,600 600 931 12% 24.200 634 1.700 231 900 134 7,400 5 42.300 1,600 134 8534 6.400 800 334 3634 52,500 3% 3.000 1831 291,000 914 471,600 70,400 9 8 24% 2555 5.000 1% 4,000 1 400 134 14 34 3 400 434 7,400 4 19c 9,000 19c 134 200 134 25% 2631 42,300 124 125 30 6% 6% 9.000 4 600 10% 11 500 3c 3c 7.000 2 23( 7.000 22% 2334 1.000 19% 21% 700 1934 23% 6,400 25c 55c 19.400 5 634 3,500 83.4 94 8,500 3131 3434 24,400 2,800 354 334 1,300 14 131 200 10% 1034 3 6% 434 6% 2 2 1 634 934 11 6 2 134 44 134 84 35( 3334 334 184 754 26% Apr 17% Nov Jan 72 Nov 74 3134 Feb July 155 Jan 96 Feb 65 10734 July Dec 81 15434 Jan 37)4 Dec Jan 84 Dec 190 2534 Jan Jan 79 Feb 88 754 Feb 4434 Mar 6514 Jan 12931 Nov Jan 254 Jan 197 Jan 103 Nov 85 Feb 70 Feb 46 1374 Oct Jan 270 48% Feb Jan 369 Jan 27 10534 Nov Sept 231 Jan Oct 3 Apr 5 July 2 Dec 2 Nov 1 34 Mar 9% Dec 84 Jan Oct 6 Dec 2 Jan 87c 14 Jan 134 Nov 6334 Mar 331 Dec 2234 Mar 211 Sept 184 Dee 434 June 73.4 Nov Oct 18 Jan 75e 50c Jan 134 Apr 56e 100 Feb July 1 1834 Jan Jan 106 334 Jan 4% Dec 831 Feb 2c Dec 900 May 174 Jan Ma 16 Sept 9 230 Dec 334 Jan 64 Oct 24 Jan 334 Dec 1 Nov 03 Feb 7% July 1154 Jan 1031 June 834 Feb 43.4 May 12% May 5% Oct 734 Aug 1234 Nov 1431 Apr 125( MaY Feb 7 134 Dee 534 Deg 331 Mar Dec 87 3% Dec 3534 Deo 534 Jan 18% Dec 9% Dee Oct 13 2531 Nov 131 Sept 1% Oct 434 Feb 5% Nov 3Te Mar Mar 2 264 Dec Dee 125 64 Deo 814 Jan 124 June 6c June 24 Dec 2834 Ott 4434 June 3334 June Apr 2 9% Mar 931 Nov 34% Dee 334 Dec 331 Jan tat- Feb 2868 THE CHRONICLE Friday Sales Last Week's Range for Other Oil Stocks Sale of Prices. Week. (Concluded) Par. Price. Low. High. Shares. Range Since Jan. 1. Low. High. Bonds (Concluded) - [Vol. 121. Friday Last Week's Rang Sale. 0;Prices. Price. Low. High Sales for Week. Range Witt Jan. I. Low. High. :Phi% Electric 5155_ -1947 106% 10655 3,000 104 Jan 107 Aug be 1060 101 10154 26.000 98 June 10115 June 101 Phila Rapid Transit 651960 9754 9655 98 37,000 96% Aug 99 Mar Phillips Petrol 7155_ _ _1931 10435 104% 2,000 103% Apr 105 , Aug Pure 011 Co 63-4s 1933 102% 10254 10255 36,000 97% Jan 10255 Nov 75c 75c 2% Mar Rhine-Main-Danube Corp 1,000 500 May Jan 160 180 Mc Feb 70 5,000 75 Series "A" 1950 06 94 96 Dec 965( Nov 84.000 94 160 16c 2,000 15c Mar 26c Mar Rhine-Westphal El P 75 50 9415 94 9415 107,000 94 Nov 95 Nov 3% 4 4% Nov Sande Falls Co 58.__ _1955 98 1% Jan 1,500 98 98 Nov 9815 Nov 41,000 98 4c 1% June Schulte R E Co 68. .1935 10055 100 101 Oct 130 40 4,300 169,000 9815 Nov 106 Nov Dec 4 4 4 4 Dec 300 613"X" 1935 89% 86 89% 9,000 80 Dec 90 Nov 155 July 135 2 4 Feb Shawsheen Mills 7.. 300 .1931 102 10255 Apr 101 8,000 100 Jan 151% 152 Nov 167 140 143 Oct Siemans & Halske 78._1928 0614 96 9654 22,000 92% Oct 9915 Feb 1854 Dec 32% Jan 1854 19% 200 78 1935 9451 94% 95 11,000 905i Aug 9654 Feb Sc 25c Feb Sloss-Sheff Sti & 1 68.._1929 6c 6c Nov 2,000 103 10315 11,000 101 Jan 103% Sept 255 2% Feb Solvay & Cie 6s 4 251 Oct 100 1934 10354 104 Jan 105 9,000 100 July Jan 62c 700 1% Nov Southeast P & LOS A_2025 9834 2,800 350 as 9855 212,000 95% Oct 9954 Nov 98 July 1655 2054 5.500 11% Nov 109 With warrants 10855 10755 10955 115,000 100% Oct 109% Dec Sc 9c 37,000 Sc Dec 23c Feb South Calif Edison 56.1944 9655 9654 9655 8,000 92 Jan 9754 May Oct 58e Sc Jan Stand 01101 N Y 6558.1933 7c 3c 15,200 10614 10651 31,000 106 Aug 108 Feb Jan 42c July Stutz Motor of Am 755s '37 7c 16.000 Sc 5c Deo 06% 92% 97 123,000 9254 Dec 97 Nov 2% 3 1% 7% July Sun Oil 5558 1,800 1939 98 97% 98 26,000 95% Jan 99% July 4c Jan Sc 4c 8c Feb Swift & Co 58__Oct 15 1932 963-1 96% 96% 76,000 94 2,000 Jan 97 July 17c 19c 14,000 Sc Feb 25c Nov Thyssen (Aug) Idr8 78 1030 9234 9255 94 69,000 90 Aug 9915 Feb Nov Tidal-Osage Oil 7s.. _1931 1,300 12% Apr 18 i731 18 Jan 104% Jan 103 10354 17,000 103 1755 1755 100 12% Apr 17% Oct Toho El Pow (Japan) 78'55 9054 90 Aug 91% May 9054 28,000 87 95c 1 Apr Tokyo Elec Light 65_ _1928 9755 9755 98 289,000 9755 Dec 9955 Sept 2 600 50c Sept 1% 1% 26,600 2% July Trans-Continental 0117(5'30 97 1% Jan 97 96 24,000 9434 Sept 103% May 1% 1 1% Feb Trumbull Steel 68_ _1940 700 88c May Nov 97 96 Nov 9855 47,000 96 90c 900 Aug 90c Dec Tyrol Hyd-E1 Pow 7558 '55 96% 96% 97 400 50c Oct 41,000 94% June 97 155 Mar 2% Jan United Oil Prod 8s. _ _ _1931 3155 400 1% 155 Jan 50 June 3155 34 14,000 28 3,000 Sc 5c Aug 50 18c Mar United Rya of Hay 755836 110 112 July 14,000 10754 Mar 112 19% 1954 100 18% Mar 24% Jan US Rub Ser 655s new1926 10031 10031 100% 14,000 10051 Nov 10255 Mar May 214% Nov 205 20874 220 181 Serial 655s notes_1927 102 101% 102% 24,000 10054 Apr 102% Dec Oct 4655 July 4554 45% 300 43 Serial 655% notes_ _1928 10231 102% 102% 18,000 1003.1 Apr 103 Nov 455 May 5% 655 18,200 654 Jan Serial 655% notes...1929 102 102 12,000 9914 Apr 102% Dec 47c 780 37,600 39c Nov 78e Dec Serial()A % notes_ _1930 10134 10155 102 32,000 9954 Apr 102% Nov 800 80c 115 Jan • Serial 655% notes_ _1931 10115 10154 100 73c Aug Oot 101% 10,000 9754 Apr 102 260 280 3,000 150 Feb 52c Jan Serial 655% notes...1932 101 31 10115 101% 22,000 97 Oct Mar 102 9c 40 Nov 85e Mar Sc 8,000 Serial 815% notes_.1933 101 101% 25,000 9654 Apr 101% Dec Jan 2 211. 2% 5,600 21.5 Sept Ses'lalo34% notes_ _1934 Oct 10054 101 12,000 963.4 May 101 250 250 1,000 20e Feb Mc Aug Serial 654% notes_ _1935 Nov 10035 101 5,000 96 Apr 101 Oct 14c 50 50 7,000 40 Jan 100% 101% 16,000 9554 Apr 10155 Dec Serial 634% notes_ _1936 Jan 30 30 1,000 20 7c Feb Serial 655% notes__1037 101 Oct 1005( 101 9.000 9555 May 101 2,000 15c Dec 150 24c Oct 1 Serial 655% notes_ _1938 10015 10054 10154 34,000 9514 Apr 101% Nov 5% 535 3,200 615 Nov 2% May Serial 634% notes_ _1939 10035 1003-41903-4 13,000 9555 May 101 Nov 12,000 Sc 50 4c Feb 12c May Serial 815% notes_ _1940 101 100% Nov 16,000 9554 May 101 Jan 30c 100 10c 2,000 Apr US Smelt & Ref 5548_1935 10054 9054 101 8o 100% 35,000 99% Oct 10054 Deo 211. 16,000 2% Dec Vacuum 011 78 114 Jan 1936 104% 104% 105 422,000 104% Nov 107% Jan Apr 1% Nov Valvoline Oil 6s 1% 1% 4,500 52c 1935 10355 103% 2.000 Mar Pis PI 2,700 115 Aug 3515 Feb Walworth Co6%s___ _1935 9755 9755 9755 36.000 10334 Nov 108 9755 Nov 9854 Oct Aug 6 1,200 Ms Mar 434 555 68 1945 96 96 96% 94,000 9655 Dec 9854 Oct 1,000 390 450 45c Jan 63c Feb Webster Mills 655s..._1933 100 100 10055 24,000 97% Mar 10354 Jan 28% 27 900 2035 Apr 2954 Jan Foreign Government Oct 750 Dec 2.000 20c 74c 740 and Municipalities. 8c 2.000 90 16c Mar Cologne (City) 6558-1950 86 6c Aug 84% 86 149,000 8454 Dec 88% Oct 1,900 614 7 454 Jan 85( Jan Columbia (Rep of) Dept of Jan 3,1700 2% 3 Apr 5 2 Antioqula 75 5545'551945 90 90% 20.000 90 90 Nov Oct 91 Apr 58c July Danish Cons Muni° 24c 25e 3,000 240 9855 9855 21,000 9815 Nov 98% Deo 70 13,000 40 Jan Denmark(Kg)55as wi 1955 9851 9855 98% 234,000 9855 Nov 100 30 Nov 17c Sent Os 100 100 1970 100 36,000 98 July 100% Nov Bonds Gratz (City) Austria 8s '59 97 0655 9754 9,000 96 Dec 9955 Sept Allied Pack cony deb Ss '39 89% 8854 89% 310,000 84 Mar 945( Feb French Nat Jan Aluminum Co of Am 751933 DA 54 10655 27,000 160% Aug 10755 June :Heidelberg man 85 7s 1049 80% 80% 82% 194,000 7715 Apr 91 City 7555_1950 9834 98% 98% 32,000 9815 Dec 99 Dec Amer G & E deb 6s_ _ _2014 97% 97% 98 131,000 95 Jan 99% July Hungarian Cons Mun American Power dr LightLoan 734s 8931 141,000 89 1945 8954 89 July 9014 Oot fls old without warr.2014 95% 95 95% 28,000 9355 Jan 9855 May Indust Mtge Bk of Finland 6s new 95% 95 95% 92,000 94% Nov 98% May 1st M coll s f 70_ .._1944 9834 9634 96% 33,000 9215 May 98% NOV Amer Rolling Mill 88.1938 101% 101% 10155 17,000 100 Jan 113% June Medellin (Colon) 8s_ _1948 98 9855 10,000 9754 July 9815 July 98 American Thread 615_ _1928 10235 10255 Feb Peru (Republic of) 83.1932 10034 100 10034 13,000 99 3.000 1025( Jan 104 Oot Jan 102 Amer W Wks & El 615_1975 94% 94% 95 87,000 9454 Nov 95 Nov Nov 1940 9855 9754 9855 79,000 9754 Nov 99 7%. Anaconda Cop Min 68_1929 10255 10255 103 5,600 10254 • May Russian Govt6 As_ _ _1919 1415 10,000 1154 Aug 1755 Feb 14 155 104 zAndian Nat Corp 66_1940 125% 12515 128 Apr 128 Dec 7.000 103 1315 14 6% cds 22.000 11 14 Feb Aug 17 Without warrants 100 48,000 9555 Nov 100% May 9954 100 14 29,000 11 13 545 July 17% Feb 14 Assoc Gas & Elea 88_ _1965 94% 9455 95A 189,000 92 June Aug 96 1355 6,000 10% May 16 13 Oct 15%s certificates_ _ 921 992 Assoe'd Simmons Hardware SantaFe(Argentinal7s 1942 9374 9355 93% 17,000 9234 Sept 9655 July 8556 1933 9515 95% 95% 27,000 81 Feb 96 Nov Sarre Basin Con Co 78.1935 94 95 Dec 11,000 94 94 97 Sent Atlantic Fruit Ss 19% 22% 86.000 17% Oct 27 Mar Switzerland Govt 5%a 1929 59.00 101 101% 102 Jan 104 July AtlG& W 188 L 55...19511 74 Jan 7855 Sept firmer Austria (Prov) 7.`49 91 7455 81,000 62 74 Oct 9055 9255 71,000 624 'Tony 93 Beaver Board Co 88_ _1933 9,000 8755 Sept 0655 Oct 95 9.534 Bell Telep of Can 5s_ _1955 99% 9915 0915 23,000 9755 Aug 100 June x Omitted from last week's list: Beth Steel equip 7s_.1935 103% 10354 10435 45,000 103 Mar 104% Oct 124 12658 24,000 103 Apr 127 Boston & Maine RR 681933 Nov 9455 9451 15,000 8215 Mar 96 Oct Andian Nat Corp (3s_ _1940 126 Without warrants 98 100 106,000 9535 Nov 10031 May 100 Brunner Turb & Eq 755655 96 95% 96 14,000 9555 Dec 06 Dec Cities Serv 75, Sec 15_ _1966 1,000 15035 Jan 17855 Feb 180 180 Canadian Nat Rya 70_1935 109% 11055 20.000 10851 Jan 11234 Apr 104 10454 10,000 104 Aug 10655 July Chic Milw & St P (new cei On Mc ount of a mo dificati on of reorga nization plan Galena-Signal Oil 78_ _1930 10055 10151 23,000 9751 Jan 10154 Oct Italian Power 6%s.......1928 AdJ mtge 58 w 1 200'0 all eon tracts are nu 1 and v old. Penn-Ohio Eason 613.. _1950 98 97 9834 41,000 97 Dec 0855 Dee Cities Service gs 196) 91% 90% 9154 153,000 00 Sept 0115 June Phila. Electric 5555..._ _1947 7,000 104 10655 10655 Jan 107 Cities Sent 75, Ser B-See Note Aug 10,000 10% May 16 13 13 Oct Cities fiery 7s, Ser C _1966 12655 12655 12655 21,000 111 Jan 128 Feb Russian Govt 555s etis 1921 19.000 9815 Dec 99 Dec Cities Serv 7s, Ser D _ _1966 10134 10158 10155 131,000 98% Jan 106% Feb Heideberg (City)'7%8_1950 987-4 98% 99 Cities Serv 88, Ser E _ _1966 Nov 11255 Sept 11155 11155 16,000 111 • No par value. k Correction. 1 Listed on the Stock Exohange this week. wheTe Cities Serv Pr & Lt 68.1944 9455 94 Feb 9515 Oct additional transactions will be found. o New stock s Option asic. w When 9455 283,000 92 Cone G. E L & P. BaltIssued. z Ex-dividend. v Ex-rights z Ea-stock dividend. 65 Series A 194 105% 105% 6,000 10434 Jan 108 June 555s, Series E 1952 104% 104% 2.000 mg Jan 10555 Aug 55 Series F 1965 Aug 100% June 61,000 98 9954 100 kpw York City Realty and Surety Companies. Consol Textile 88 1941 8555 8555 86 Apr 95 6,000 80 Jan All prices dollars per share • ?!` Cosg-Meeh Coal 6348 1954 9715 9555 97% 36.000 05 Scot 9834 June . Bid. Ask. ". Cuban Telep 715s_ __ .1941 109 Bid. Ask Bid. Ask. Jan 11234 Aug 108% 109 7,000 106 Alliance R'Ity 180 -- - Mtge Bond.. 145 155 Realty Assoc. Cudahy Pack deb 5 348.1937 92% 92% 93 25,000 89% Jan 95 Feb (Bkiyn)corn 495 505 58 1946 95 Apr 95 95 1,000 90 95 June Amer Surety_ 183 189 Nat Surety_ _ 212 218 lot pref._ 06 Detroit City Gas 68..1947 105% 10455 10554 36,000 10215 Jan wog Mar Bond & M 0 302 308 X Y Title & 100 Mortgage.. 493 498 2e1 pref Detroit Edison Os__ _ 1932 19,000 11034 Jan 155 135 139 Sept Lawyers Mtge 223 228 00 93 us Casualty_ 360 Debenture 78 Westchester July 156% Sept Lawyers 'title 1,000 125 13855 13855 1928 & Guarantee 360 370 It S Title Guar 340 346 Title & Tr_ 410 Debenture 78 114 135 135 1929 Mar 15054 Oct 1.000 Debenture 78 139 140 1930 3,000 12115 Jan 15855 Sept Eitingon-Schild Co 65.1935 Dee 99 99 99 3,000 99 Dec New York City Banks and Trust Companies. Est RR of France 7s_ _1954 83 83 8451 91,000 7855 Apr 8815 Feb All orlars dollars tier ?hare. Europ'n Mtg & Inv 7158'50 93 Nov 94 92% 93 Nov 10,000 92 Federal Sugar (3s 1933 9134 9155 9151 6.000 9158 Dec 99 Mar Banks-N.Y Bid Bid. Ask. Trust Co.. Md, Ask. Banks. Ask. a Galena Signal Oil 7s_1930 104% 104 104% Aug 10658 July America •_ _ _ _ 330 340 Hamilton_ __ 120 3.000 109 110 225 8 New York. General Ice Cream 6 Ms'30 115 115 115 33.000 104 Sept Amer Ex Pac 475 480 Hanover July 117 1120 American_ _ _ General Petroleum (38_1928 101% 101% 10135 9,000 100% Jan 112% July Amer Union*. 200 210 Harriman...- 480 490 Bank of N Y lot 5s Aug 15 1940 9454 94% 94% 71,000 9354 Sept 95 Nov Broadway Cen 275 Manhattan* - 227 234 & Trust Co 815 630 German Gen Elec 6348.1940 94% 94% 9455 26,000 0454 Dec m ay Bronx Boro*. 750 Dee 65 436 Bankers Trust 583 587 3 Meek At Met. 43 Grand Trunk Ry 6%6.1936 10654 10754 6,000 105% Jan 110 Jut) Bronx Nat... 350 450 Mutual* , Bronx Co Tr Great Cons Elec 6%6.1950 86 8554, 86 168,000 85% Nov 8655 July Bryant Park* 210 230 Nat American 175 185 Central Union 235 250 890 898 Gulf Oil of Pa 5s 1937 99% 99,55 9034 29,000 08% Jan 1041: 91 Butch & Drov 160 170 Ni410nal City 597 605 Empire 348 354 Serial 555s 4,000 10015 Oat 101% Jan Capitol Nat.. 215 225 New Neth•__ 1927 101% 101% 10154 280 Equitable Tr_ 808 314 Hood Rubber is 104% 105 5.000 102 1938 June 105% July Cent Mercan_ 330 350 Park 5 0 515 Farm L & Tr_ 660 565 2 1 Inland Steel deb 5348_1945 9854 98% 99 88,000 9855 Oct 99 Dec Chase 134 Fidelity Inter 310 320 500 565 Penn Exch..- 124 :Italian Power 634.. _1928 101% 10155 10155 1,000 9754 Jan 101% Dec Chath Phenix Port Morris__ 200 Fulton 340 Kansas Gas & Elec 68_2022 91% 9155 9155 1,000 86% Jan 91% Dec Nat Bk &T 360 370 Public 650 658 Guaranty Tr. 376 aii Kansas City Term 48_1980 85 July 8655 July Chelsea Exch. 220 230 Seaboard- - 85% 16,000 83 '25 635 Irving flank. Keystone'relay 534s..1955 87 Aug Chemical 8755 6,000 86% Nov 91 170 180 _ 705 715 Seventh Columbia Tr 326 329 Laclede Gas Lt 534s..1935 98% 98% 23,000 98 Oct 100 Nov Coal & Iron.. 345 355 Standard_ - - - 500 Lawyers Tr.. Lehigh Power Scour(38.1927 10115 10154 101% 6,000 19034 July 101% Mar Colonial*.State. 800 825 Manufacturer 601 506 510 _ Libby. McN & Lib 78_1931 10455 104% 104% 12,000 102 Jan 105 Aug Commerce.., 365 375 Trade. 145 155 Mutual(West Liggett Winchester 78_1942 107% 108% 10,000 10755 Sept 108% Aug Com'nwealth• 373 376 United 210 225 cheater)_ . 235 255 Long Island Ltg Co 68.1945 10014 100 100% 5,000 99% AUg 102 July Continental.. United States* 28.5 293 N Y Trust... 540 545 Manitoba Power 78...1945 10355 103 10355 17,000 98% Jan 10454 Oct Corn Each... 250 575 585 Wash'n Ms*. 725 Title Gu & Tr 700 710 Mass Gas 555s 1946 99% 0955 100 246,000 99% Dec 100 Dec Cosmop'tan*. 190 Brooklyn U 8 Mtg & Tr 395 405 M St P&SSM Ry 58_1938 Dec 9935 Dec East River... 355 370 ConeyIsland' 225 99 99% 88.000 99 ys eir le. United States 1000 1925 Morris & Co 7558_ _ _ _1930 104% 10451 105 26.000 9855 Jan 105% Nov Fifth Avenue*2350 son:4,911 Westches Tr. 400 Nor States Pow 638s..1933 134 13354 136 165,000 105% Jan 141 Nov First Mechanics'.- 280 290 2950 Brooklyn. 8558 gold notes 1933 103% 103% 10355 57,000 99% Jan 10455 Nov Franklin 253 265 Brooklyn 'tr. 685 895 160 170 Montauk•_ Ohio Power 58 Ser B _ _1952 9455 9355 95 Jan 9615 May Garfield 63,000 89 Nassau 310 320 Kings County 2309 2400 380 :Penn-Ohio Edison 66-1950 9855 98 Dec 98% Dec Grace 9834 43.000 97 475 270 Midwood...... 270 Penn Power & Light 581952 Apr 9855 May Greenwich'. 425 475 Queenahoro 9715 9755 17,t/00 95 . 175 People's 007 916 5s Series D 1953 97% 97% 98% 22,000 95 Apr 9855 May •Banka marked (9 are State banks. z) Ex-dividend (v) Ex-rights. Venezuelan Petroleum _ _ _ _ 355 Wilcox 011 & Gas new 26% Woodley Petroleum Co_ _• 555 "Y" Oil & Gas 1 Mining Stocks Alvarado Min & Mill_„20 Arizona Globe Copper-._1 Calumet dr Jerome Copper_ 16c Calveras Copper 1 Chino Extension 4c Conlagas Mining 4 Consol Copper Mines_ _ _1 1% Cons M dt. Smelt of Can_25 152 Copper Range Co 18% Cortez Silver Mines Co... Cresson Cons Gold MarM .1 Dolores Esperanza Corp_ _2 740 Engineer Gold Mines.Ltd.5 18% Eureka Croesus 1 7c First Thought Gold Min_ .1 7c Forty-Nine Mining Co_ _ _1 6c Golden Centre Mines. Goldfield Consol Mines_ _5 Hawthorne Mines, Inc_ _ _1 180 Recta Mining 25c 17% Hollinger Consol G M._.5 Jerome Verde Development Kay Copper Co 1 154 Kerr Lake 5 Kirkland Lake Mason Valley Mines 5 National Tin Corp 50c Sc New Cornelia Copper. .5 New Jersey Zinc 100 208% Newmont Mining Corp_10 Niplssing Mines 5 555 Nixon Nevada Copper..._ 770 Ohio Copper 1 Parmac Porcupine Min_ _1 Plymouth Lead Mince._ 9c Premier Gold Min, Ltd__1 254 Red Warrior Mining 1 Rochester Silver Corp Sc San Toy Mining 1 Shaw Mines Corporation__ South Amer Gold & Plat...1 ---/5( Spearhead Gold Mining. l Sc Standard Silver-Lead._ _ _1 10c Teck Hughes 1 211r Tonopah Belmont Bevel_ 1 Tonopah Extension 1 1% Tonopah Mining 1 5 United Eastern Mining_ I United Verde Eaten._..500 26% United Zinc Smelt U 8 Continental Mines__ _5 Utah Apex 5 Wenden Copper Mining_ .1 235 West End Consolidated_.5 25e West End Eaten Mining.1 7c 3% 3% 26% 2755 554 555 4c 4c 5,100 800 300 1,000 1% Sent 2235 Sept 355 Mar Jan Sc 4% 31% 7 9c Apr June Mar June Investment and *I? -In the table which Latest Gross Earnings by Weeks. follows we sum up separately the earnings for the first week of December. The table covers four roads and shows 16.72% increase over the same week last year. First Week of December. 1925. Increase. Decrease. 1924. $ $ Buffalo Rochester & Pittsburgh_ 357.924 308,779 Canadian Pacific 4.668.000 3,765,000 Minneapolis & St Louis 303,606 295.626 Texas & Pacific 828,959 755.089 $ 49.145 903.000 Total (4 roads) Net increase (16.72%) 952.145 870,295 6,076,639 5,206,344 $ 7,980 73.870 81,850 In the table which follows we also complete our summary of the earnings for the fourth week of November: Fourth Week of November. 1925. $ Previously reported (5 roads)--- 9,330.696 Canadian National 7.240.034 Duluth So Shore & AU 116,138 Georgia & Florida 64,850 Great Northern 2,755.000 Mineral Range 5.017 429,482 Mobile & Ohio Nevada Calif & Oregon 10.317 736,300 St Louis Southwestern Southern Ry System 4,844.042 Texas & Pacific 1,014,533 505.513 Western Maryland 1924. Increase. Decrease. $ $ $ 8,000.532 1.330,164 5,936,310 1,303,724 109.588 6,550 40.826 24,024 3,210,058 455,058 10,756 5,739 470,624 41,142 7.720 2,597 749.724 13,424 4.445.805 398.237 968.215 46.318 401,058 104,455 2869 wand guteiligente. Gross Net after Earnings. Taxes. Companies. Eastern Texas Elec Sept'25 514.710 *186,288 Co (Del) & sub cos '24 219.554 *84.195 12 mos ended Sept 30'25 2,817.604 *898,945 '24 2,291,892 *888.222 Havana El Ry, Lt Oct '25 1,277,949 *590,463 & Power Co '24 1,197,400 *572,517 10 mos ended Oct 31 '25 12.589,433 *6.285.893 '24 11,794,474 *5,948857 Idaho Power Co Oct'25 211.328 *108.887 '24 211.906 *105.026 12 mos ended Oct 31 '25 2,819,379 *1.501,102 '24 2,760.280 *1,488.517 Manila Elec Corp Oct '25 185.640 335.239 158.856 & Subsidiaries '24 318.195 12 mos ended Oct 31 '25 3,821.612 1,973,418 '24 3,698.670 1.846,304 52,204 Savannah Elec & Sept '25 165.105 54,464 Power Co '24 152.075 694,093 12 mos ended Sept 30'25 1.913,545 '24 1,916,512 722.043 Sept '25 123.888 Tampa Elec Co 298.240 78,387 and sub cos '24 188.533 12 mos ended Sept 30'25 2,970,472 1,271.392 '24 2,262,504 963.356 Utah Power & Lt Oct '25 838,325 *463,311 788,341 *431,205 '24 Co 12 mos ended Oct 31 '25 9,745.796 *5,295,128 '24 9,231.537 *4,877,131 Oct '25 178,446 *71.669 Yadkin River *90.443 '24 168,060 12 mos ended Oct 31 '25 2.088.763 *1033442 '24 1,856,406 *1,013,728 *Includes other income. !After replacements and renewal reserves. • Fixed Charges. 70.691 21,282 250.279 218.958 87.659 89.946 888,675 909,135 56.448 57.526 690,084 777.010 62.592 61.864 747.000 705.409 30,174 31.543 372.679 372.483 6,656 4,515 55.408 56.069 177.280 177.195 2,138,963 2,135.223 34.573 34.555 415.297 434.549 Balance, Star. 115,597 62.913 648.666 669.264 502.804 482.571 5,397.218 5,039,722 52.439 47.500 811.018 711.507 1122.948 196.992 11.226,570 11,140.895 22.030 22,921 321.414 349,560 117,232 73.872 1.215,984 907.287 286,031 254.010 3,156,165 2,741.908 37.096 55.888 618.145 599,179 27,051,922 24,351.216 3.216,069 515,363 9 7f111 atm Total (16 roads) *q.t.. eta r11 19of 1 I oram - In the following we show the weekly earnings for a number of weeks past: FINANCIAL REPORTS. Week. Current Year. 1st week Oct. (16 roa-___ 2d week Oct. (16 roads)____ ad week Oct. (16 roads)....-4th week Oct. (16 roads)---1st week Nov (16 roads)..--2d week Nov. (16 roads1 _--3d week Nov.(16 roads _....4th week Nov.(16 roads -_-1st week Dec.( 4 roads ---- 3 23.008.039 23,141.397 22.817,485 32.128,402 21,623,284 22.230.760 22,569.751 27,051.922 6.076.639 Reo Motor Car Co., Lansing, Mich. -Year Ended Aug. 31 1925.) (21st Annual Report Prettiest: Year. Increase or Decrease. % $ 3 20,888.632 +2.119.407 10.14 21.538,083 +1.603.314 7.42 21.999,088 +818.397 3.72 31,837,454 +290.948 0.91 21.792.143 -168.859 0.77 21,098,641 t1.132,119 5.41 20,837.118 1.732,633 8.32 24,351.216 2.700,706 11.12 5.206.344 +870.295 16.72 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. Net Sonatas. Gross Earnings. Month 1925. 1924. Increase or Decrease. 1925. 1924. Increase or Decrease. INCOME ACCOUNT FOR YEARS ENDED AUG. 31. 1922. 1923. 1924. .1925. 16.652 13.903 17,366 15.315 -Trucks Output 9,249 15.228 15,284 13,366 Pleasure cars $42.069.073a$35.849,358 $38,322,047 341.889,320 Gross sales 5,603.478 3,140,530 (aft. Fed. tax.) 5,422.182 3,412.041 Net prf. 693.725 2,475.000 2,250,000 2.062.992 Cash dividends paid_ _ Balance, surplus Adjustments Previous surplus $2,947.182 $1,162,041 $3,540.486 $2,446,805 Dr.1,825 Cr.9,098 Dr.315.900 Cr.424,692 8,990,146 7,819,007 5,719,914 9.785467 $11.935,503 $8,990.146 $8,944,500 $12,657.104 Total surplus (10)1125.500(100)6937.250 Stock dividends_(33 1-3%)5,000,000 Profit and loss surplus__ $6,935,503 $8.990.146 $7.819,007 $5,719,914 a Sales for year ended Aug. 31 1924 are set. BALANCE SHEET AUG. 31. 1924. 1925. 1924. 1925. Liabilities8 $ $ $ Assets20,000,000 15,000,000 Capital stock Land,b1dge.,mach., &c., less dePen_ 7,189,376 7,178,152 Accounts payable_ 2,360,610 1,691,919 7,98 209,101 Notes payable._ 77,401 Inv. In other cos-. 67.096 Accrued pay-roll.. 134,573 Reo Motor of Can892,740 47,000 Reserve for taxes- 1,210,500 47,000 ads, Ltd 98,705 89,479 7,906,386 4,561,737 Mlacell. payables_ Cash 102.209 453,074 Deferred profits__ 111,584 Sight drafts outsVg 772,822 6.935,503 8.990,146 5,079,935 4,515,858 Surplus Receivables 9,571,503 9,655,752 Inventories 220,903 205,052 Deferred charges $ $ $ $ $ $ Jan _ 483,195,842 467,329,225 +15,886,417 101,022,458 83,680,754 +17,341,704 . Feb... 454,009.689 478,451,607 -24,441.938 99,460,389 104,441,895 -4,981,606 Mar__ 485,498,143 504,362.976 -18,864,833 109,230,086 114.677,751 -5,447,665 Apr.. 472,591.685 474,287.768 -1,698,103 102,861,475 97,471,685 +5,389,790 May _ 487,664,385 476,649,801 +11,114,584 112,859,524 96,054,494 +16,805,030 June _ 506,002,038 464,774.329 +41,227,707 130,837,324 101,487,318 +29,354,006 30,849,478 26,841,577 30,849.478 26,841,577 Total Total July-- 521,538,604 480,943,003 +40.595,601 139,606,752 111.786,887 +27,819,865 -V. 121, p. 2532, 1356. Aug.. 554,559,318 507.537,554 +47.021.764 166.558.666 134,737,211 +31,821,455 Sept.564,443,591 540,063,587 +24.381,004 177,242,895 159.216,004 +18,026,891 Oct _ - 590,161.046 571,576,038 +18,585,008 180.695,428 168,640,671 +12,054,757 Canadian Car & Foundry Co., Ltd. Note. -Percentage of Increase or decrease In net for above months has been -Year Ended Sept. 30 1925.) (16th Annual Report January, 20.73% Inc., February,4.77% dec., March,4.74% dec.. April.5.53% inc.. May. 17.49% Inc.; June. 18.91% Inc.; July, 24.88% Inc.; Aug., 23.26% Inc.; Sept., Pres. W. W.Butler wrote in substance: • 11.32% Inc.: Oct., 7.14% Inc. The amount business received from the Canadian railroads during the In Jan. the length of road covered was 236,149 miles In 1925, against 235.498 year was very of discouraging, orders for new equipment being negligible in miles In 1924. in Feb., 236,642 miles, against 236.031 miles. In March,236.559 miles, volume,so that bulk of the year's production consisted of miscellaneous against 236.048 miles.in April, 238.664 miles, against 236,045 miles. In May,236,663 repair business,the your main producing units, the car-building plants, and miles, against 236,098 miles. in June, 238.779 unties, against 236.367 miles, In July, were unable to operate at anything approaching capacity, while the output 236.762 miles, against 238.525 miles:In August. 236.750 miles. against 236.546 miles; of your and malleable foundries was also very considerably below In September, 236,752 miles, against 238,587 miles; In October, 236,724 miles, normal. steel against 236,664 miles aggregate sales for the year amounted to 36.427.510, as compared The $20,426,877, for the preceding fiscal period and $20,689,639 for the • Net Earnings Monthly to Latest Dates. -The table with ended Sept. 30. 1923. With the exception of 1915. this output repreyear any year since the following shows the gross and net earnings for STEAM sents the lowest volume of business forshrinkage in output,inception of the the netearnings company,and as a natural result of this railroads reported this week: the year showed a considerable reduction from those of the two preceding for -Grossfrom Railway- -Net from Railway- -Net after Taxes- fiscal periods, comparative figures, before provision for income tax or 1924. 1925. depreciation, being as follows: 1925. 1928. 1924. 1924. 8 $72,229 51,696,22211925 82,063,37411924 1923 The Pullman CoThe balance to credit of surplus account brought forward from the pre927.238 966,450 668,838 October...6,818,258 6,004,700 641,017 ceding year amounted to $3,903,870, and after adding $72,229,representing From Jan 1_87,485,597 61,628,322 15,307,184 10,788,719 11,592,947 7,721.427 the net profit for the period under review, and deducting the provision for *Western Pacificdepreciation, amounting to $402,000, there remained a credit balance on 662,382 October- - __ 2,051,614 1,692,990 773,469 852,868 600,243 surplus account of $3,574,099. From this latter amount there has been From Jan 1_13,009,155 12,085,716 3,472,093 2,388,587 2.680,726 1,630,959 deducted $918,750, representing the current year's 7% Preference dividend, •Figures corrected. together with the balance of Preference dividends in arrear amounting to 5%%, all of which were declared and paid during the fiscal period. The Electric Railway and Other Public Utility Net deduction of these dividendsfrom surplus account left a balance to be carried of 52.655,349. Earnings. -The following table gives the returns of forward to the ensuing yearcompany continues favorable, the balance sheet The liquid position of the ELECTRIC railway and other public utility gross and net showing a surplus of current assets over current liabilities of $4,946,988. the reduction dieing the year being substantially accounted for by Preference earnings with charges and surplus reported this week: dividend declarations amounting to $918,750 and the redemption provisions -Gross Earnings- -Net Earnings - covering bonds and negotiable scrip to the extent of $658,342. Inventories Previous Current Current Previous accounts receivable and accounts payable have been further reduced, and Companies. Year. Year. Year. Year, In this respect the company is in a more favorable position than at the close $ $ of any preceding fiscal period. The various properties have been well $ ' American Tel & Tel Co_ _Oct 7,833,000 6,613,000 3,680,000 2.859,000 maintained during the year and the company is in a favorable position to 10 mos ended Oct 31- _ --70,866.008 62,142,000 31.556,000 25,888,000 take advantage of the return of normal business. Illinois Bell Tel Co Oct 5.491.000 4.777,000 1.162.000 1,204.000 INCOME ACCOUNT FOR YEARS ENDED SEPT. 30. 10 mos ended Oct 31-- _ _50.187.000 45,981,000 9,148.000 7.704,000 Western Union Oct12.015,000 10,253.000 1,797,000 1,429,000 [Incl. Can. Car & Fdy., Ltd., Can. Steel Foundries, Ltd.. and Associated Cos.) 1924-25. 10 mos ended Oct 31_ _ -104612000 93,351,000 13,470,000 11,026,000 1923-24. 1922-23. 1921-22. Aggregate sales 56.427.510 $20,426,876 $20,689,639 $10,300,000 Fixed Gross Net after Balance, $256,388 $1,928,312 $2.430,188 Combined Profits $209.266 Taxes. Charges. Surrus. Earnings. 402,000 Depreciation 437,000 435,800 385,800 . Companies. $ x184.160 Bond interest, &c.(net)_ 232,091 366,815 410,098 Asheville Power & Oct '25 6,396 *42.851 100,557 135.000 200,000 36,455 Prov. for income tax, &c Light Co '24 *36,712 91,046 5.958 30,754 Pref. diva. (in cash)_ _(12;5)918.750(1034)787500(7%)525,000 12 mos ended Oct 31 '25 1,151,284 *483,629 72,383 411.246 '24 1,051,683 *440,395 $336.721 Balance.surplus__ _def.$1,248,522 371,216 $902,573def $586,632 3,903,870 3,567,148 2.664,574 3.251.207 Carolina Power & Oct '25 59 6 ;171 2 383,077 *146,159 93,979 Previous surplus '24 Light Co 42,022 268.232 *112,250 70.828 12 mos ended Oct 31 '25 3.437.879 *1,716,655 615,372 1,101.283 Total p.&I. our. Sept.30 $2.655.348 $3,903,869 $3.567,147 $2,664,575 '24 2,566,305 *1,336.050 449.638 x Interest on bonds, &c., $416,644; less interest earned (net). $232.484. 886,412 2870 THE CHRONICLE CONSOLIDATED BALANCE SHEET SEPT. 30. [Incl. Can. Car & Fdy. Co., Ltd., Can. Steel Foundries, Ltd., and Asso. Cos.] 1925. 1924. 1925 . 1924. Assets Liabilities$ Real estate, plant, Preference stock__ 7,500.000 7.500,000 good-will, patOrdinary stock_ _ _ 4,975,000 4,975,000 ents, 4c 23.227,729 23,203,457 Funded debt 5,831,996 6,246,588 Scrip redemp.fund 265,543 188,155 7-yr.6% neg. scrip 813,980 980,342 Investments 3,280,273 4,922,822 Accra. &e.. Doyle 462,198 981,359 Material. suPPdes. Interest accrued__ 108,060 116,734 &o ' 1,557,642 1,926,257 Dividends Payable 131,250 262,500 Acct s, bills receivDeprec'n reserve._ 6,104,455 5,702,454 able. less reserve 630,592 932,911 Special reserve__ 500,000 500.000 Cash in banks.. 179,987 348,680 Oper'g, &e., fund_ 166,831 442,596 Deferred Items 107,352 89,156 Profit and loss_ _ 2,655,349 3,903,870 Total 29,249,119 31.611.446 -V. 120, p. 963,587. Total 29,249,119 31,611,446 Atlantic Coast Line Co. (Anima/ Report -Year Ended June 30 1925.) INCOME ACCOUNT FOR YEARS ENDED JUNE 30. Int. Received on1924-25. 1923-24. 1922-23. 1921-22. A.C.L.RR.Co.of S.0.4s. $62,000 $62,000 $62.000 $62,000 A.C.L.R33.Co.Cons.4s..._ 50,160 50.160 50,160 50.160 A. C. L. RR. Co. Gen. Unifying Ofs 135.360 135.360 135,360 135.360 Amalgam. Phos. Co. 5s_ 28,950 27,825 28,950 28.950 Internat. Agric. Corp.._ _ 78.375 78,375 76.375 78,375 Miscellaneous 146,548 12b,082 143,085 116,879 Dividends on Stocks Westifse Air Brake Co_ 6,804 1,620 5.250 6,577 . 1 1,301,342 A.C.L.RR.Co.Com.&"A" 1,487,248 1.487.248 1,3 ,342 Other dividends 9,669 84,669 85,666 ,669 Total credits $2.078,990 $2,062,418 $1.891 ,561 $1,787,985 Expenses $19,982 $18.998 $19,246 $ 19.501 Taxes 18.435 30.571 43,278 36,500 , Int. on 5% certificates 250.000 250.000 250,000 250,000 Int. on 4% certifs. "Et". 2,472 2,472 2,472 2,472 Int. on 4% certifs. "0"_ 48,748 14,714 40,718 43,288 Net income $1,761,250 $1,706,952 $1.539,965 $1,448,829 Prev.surplusforward- _ -$16.916.602 $16,297.620 $15,814,588 315.418,880 Discount on A.0.L.4% deb. ctfs. of indebt ss purch. by no. & retired 10,259 352:851 1.467 Sundry credits 5,308 11,680 Toital surplus $18,683,196 $18,019,102 $17,356,020 $16,877,968 Pd. add. U. S. inc. taxes 4.980 Losses on investments 200,312 Dividends paid 1,058,400 1,058,400 1.852.200 1,102,500 Rate per cent (12%) (12%%) (21%) (12%) Profit & loss surplus_ _316.630,683 $16,916,602 BALANCE SHEET JUNE Assets1925. 1924. Secs. dep. with Safe Dep. & Trust Co. of Balt_ _a$5,136.960 $5,136,960 Railroad bonds b1.220,835 1,220,835 Other bonds c2.076,030 3,117,180 Railroad stocks d21.074,283 21,074,283 Other stocks e42,063 42,063 Certifs. of indebtedness.. fl.563 1,563 Other securities 66,634 58.941 Deposited for int., dive. & income tax returned 3,502 23,344 Dividends accrued 836,577 836.577 Fund for retirement of 4°f, deb. certifs. of indebtedness -Safe Dep. & Trust Co. of Bait.... 6,000 Accounts receivable_ 997 Cash on deposit 280.802 60,238 $16,297,620 $15,814,588 30. 1922. 1923. 35,136,960 $5,136,960 1,220.835 1,220,835 2,315,930 2,315,930 21,074,283 21,074,283 42,063 42,063 1,563 1,563 59,665 25,737 650,671 27,200 650,671 766.750 376,283 Total $30,524,686 $31.793.546 $31,294,456 330,845.789 LiabilitiesCapital stock (176.400 shares at $50) $8,820,000 $8,820.000 $8,820.000 $8,820,000 Certifs. of indebt'ss(5% 5,000,000 5.000.000 5,000,000 5,000,000 Certifs. ofindebt'ss(4 ) 61.800 61,800 61.800 61,800 Deb.ces.oflndebt.(4 0 1.122,200 ) 1,081,300 6,000 962,800 Divs, on stock and int. on certifs. unpaid.. 27,090 3,426 25.625 23,235 Income tax retained_ _ 111 111 76 109 Federal taxes 9,000 2,700 8,000 Profit and loss surplus 16,630,683 16,916.602 16,297,620 15,814,588 TotaL 330,524,686 331,793.546 331,294.456 330.845,789 No provision for Federal tax for the period from Jan. 1 to June 30 1925 is included in the above statement. Securities Owned June 30 1925. &Securities deposited with Safe Deposit & Trust Co. of Baltimore to secure 5% and Class"B"4% certificates ofindebtedness, viz.: Book Value Par. Atl.Coast Line Cons.4% bonds $1,250,000 $1,125,000 Ati. Coast Line RR.of S. C.4% bonds 1,550,000 1,395,000 All.Coast Line RR.4%% unit. bonds. 3.008,000 2,616,960- $5.136.960 b Other railroad bonds: Colum. Newb. & Laur. RR. Co. 3% 3318,000 3190,800 228,000 Northwestern RR.Co. 1st Cons.4%.._ 285,000 Northwestern RR.Co. let Cons.5% _ _ 67,500 75,000 Atlantic Coast Line RR. 3,600 'Consol.4% _ _ 4,000 A.C. L. RR.Co. L.& N.Coll. Tr. 4s- 340,000 256,335 Charlestown & West Carolina Ry. let Cons. Mtge. 4-5% bonds Series "A" 791,000 474,600- $1.220,835 c Other bonds: Peninsular Phosphate Corp. 1st M.6% 500,000 301,500 U.S. 2d Liberty Loan Cony. 4H% 103,000 103,000 U. S. 4th Liberty Loan 4 % 3,000 3,000 U. S. Treasury Series"W 1926 4 ii %80,000 80,000 International Agricultural Corp. 5%_ _ 1,567,500 1,097,250 491,280- $2,076,030 Amalgamated Phos. Co. let M.5%_ _ _ 534,000 d Railroad to Shares. Northwestern RR. Co 50.000 si 500 Atlantic & North Carolina RR 1,100 w 11 341,100 Atlantic Coast Line RR.Co. Corn."A" 3,411 Atlantic Coast Line RR.Co.Common.. 182,495 19,589,727 South Carolina Pacific Ry. Preferred 1,046 88,751 Charleston & West Carolina Ry 960,000 12,000. 43,606-321,074.284 Nashville Chattanooga & St. Louis Ry. 480 e Other stocks: Shares. Westinghouse Air Brake Co 42,063 1,134 f Other asseiW: Par. Oolnm. Newb. & Lour.5% certifs_ _ _ _ 1,272 127,200 Atlantic Coast Line RR.4% certifs _ _ _ 291 294 -V. 121. p. 2034. GENERAL INVESTMENT NEWS STEAM RAILROADS. Wage Increase Demanded by Switchmen.-7% increase, higher pay for night work than for day work and uniform rules to safeguard seniority rights asked by 19,000 members of Switchmen's union. -New York "Times" Dec. 10, p. 5. Illinois Commerce Commission Grants Increase of 15% in Suburban Fare Rates to 16 Roads Mitering Chicago, Effective Jan. 1. -Wall St. "News.. Dec. 10. D. 4. [Vm. 121 • Car Surplus -Class I roads on Nov. 22 had 124,818 surplus freight cars in good repair and immediately available for service, according to reports filed by the carriers with the Car Service Division of the American Railway Association. This was an increase of 12,246 cars over the number 7 7 a (. Nov. 0 3 urgu , t cars in 0 ed or 1t, 1 . S f 4 ss !Ayt on lroviiip total ic led 14ecras goodapproximately box cars in good repair totaled 57n768, . pan increay eaore 3v ch?ri s 5,825 g the r same period. Reports also showed 16.812 surplus stock cars, an increase of 3,020 over the number reported on Nov. 14 while surplus refrigerator cars totaled 6.360, an increase of 3,451 compared with the previous period. Car Shortage. -Practically no car shortage is being reported. Albany & Susquehanna RR. -Special Dividend. A special dividend of 2% has been declared on the $3,500,000 Capital stocki(par $100), payable Jan. 9 to holders of record Dec. 22. Special Elinidends Paid. -30% Nov. 1909: 3.25% each in Jan. 1916, 1917 and 1918: 134% in Jan. 1920:2% each in Jan. 19. 1, Jan. 1922, Jan. 1923, 2 Jan. 1924 and Jan. 1925.-V. 119. p. 2874. Atchison Topeka & Santa Fe Ry.-Assumption.The I. -S. C. Commission on Nov. 28 authorized the company to assume obligation and liability in respect of $10,318,750 of transcontinental short line first -mortgage bonds of the Eastern Railway Co. of New Mexico. V. 121. p. 2398. Augusta (Ga.) Belt Ry.-Final Valuation. The I. -S. C. Commission has placed a final valuation of $95,000 on the owned and used property of the company, as of June 30 1916. This , company is owned jointly by the Louisville & Nashville and Atlantic Masa Line RR. companies. Pay Point & Clayton RR. (Calif.). -Final Value. The I. -S. C. Commission has placed a final valuation of $136,000 on the owned and used property of the ccmpany as of June 30 1916. Chicago Milwaukee & St. Paul Ry.-Iselin Stockholders' Committee Issues Statement. -The stockholders' Committee committee headed by Ernest Iselin, Chairmanz in a circular to the stockholders represented by the committee says: We wish to report in the matter of the intervention proceedings authorized by you. Our petition was heard on Oct. 28-31 before the Federal District Court in Chicago. The Court on Nov.30 denied our petition for intervention upon the original petition. In view of the modifications of the plan, it has not seemed necessary to file an amended petition. Negotiations between the reorganization managers and the various committees representing bonds and stock, including this conunittee, have resulted in the announcement by the reorganization managers under date of Nov. 19(V. 121, p. 25161 of certain modifications of the plan of reorganization. Our cemmittee deems the plan as thus modified to be fair to stockholders, and th^refore sees no reason against stockholders depositing their stock unth r the modified plan. Stockholders will ,bserve that the modifications of the plan and the preliminary statement preceding it contain, among others, the following matters of special interest to stockholders: (1) The reorganization managers announce the appointment as voting trustees of Elihu Root, Frederick H. Fcker. Henry S. Pritchett, Samuel Rea and W.D. Van Dyke. The first board of directors of the new company will be subject to their approval and Sc, long as the v ting trust agreement Is in force directors subsequently elected will be elected by their vote. The character of these trustees and this provision assures the stockholders of the protection of their interests. (21 Stockholders are assured of a reasonable opportunity to secure the benefit of any legislation enacted at the next session of Congress offering an opportunity of satisfactorily refunding the company's debt to the United States Government, in the effort to secure which legislation the co-operation of all interests is assured. The reorganization managers state that they would not, of course, consummate the reorganization so long as there was, In their judgment, any reasonable grounds for expecting a successful of the railway company's debt to the Government as above (3) The modifications give a fuller explanation and amplification of assurances of assistance to the small stockholders. These are important and should be carefully studied. These stockholders have further possibilities of benefit in the length of time inevitably required for the consummation of the plan, as this gives time for further progress in the rate advance case. We are informed that the efforts of the "fair return" committee for an Increase of rates will be vigorously pressed and that active steps will be taken to secure the desired legislation from Congress. A rise in the value of the securities due to progress in the securing of fair rates pending the consummation of the reorganization may greatly alleviate the burden of paying an assessment. The committee has receives satisfactory assurances of an opportunity to be heard by the Federal District Court at Chicago on certain major questions directly affecting stockholders and retains its liberty to file a new petition for intervention if and when it deems such action necessary. The committee will continue in existence in order to be in a position to protect Your interests, if future developments should so require. Bondholders' Defense Committee Still Against Plan. The bondholders' defense committee (Edwin C. Jameson, Chairman), in a notice to the holders of junior bonds. says: "The objections previously stated by this committee to the Kuhn-LoebNational City Co. plan have not been met. The modified plan still provides a possible assessment of junior bonds greater than that imnosed on the stock and generally inequitable treatment of junior bonds. This committee is proceeding with its original plans. Bondholders desiring better treatment of their securities are invited to deposit their bonds and depositors with other committees who are not satisfied with the modified plan are invited to deposit their certificates with this committee. Curb Voids Contracts for Securities Issued Under Old Plan. As a result of the modification of the original Kuhn, Loeb-National City Co. plan for the reorganization of the company. the Committee on Listing and Securities of the New York Curb Exchange has ruled that all contracts made between members of the Exchange in the securities of a new St. Paul company "when, as and if issued" are null and void. This order removes from unlisted trading privilege on that market the -Year 5% Mtge. Gold bonds, voting trust certificates rep$60,698,820 50 resenting 2.000.000 authorized shares (par $100) Preferred stock, and voting trust certificates representing 1.174.113 authorized Common shares without par value issued in accordance with the plan, which was dated June 1.V. 121. p. 2748, 2634. -5% Dividend. Cincinnati Northern RR. The directors have declared a dividend of 5%, payable Jan. 20 to holders of record Jan. 13. Similar distributions were made on March 1 and August 11925.-V. 121, p. 194. Cleveland Cincinnati Chicago & St. Louis Ry.Larger Diridend.-The directors have declared a quarterly dividend of 19% on the Common stock, and the regular quarterly dividend of 13'% on the Preferred stock, both payable Jan. 20 to holders of record Dec. 31. From April 1924 to Oct. 1925, incl., quarterly dividends of 13% each -V. 121, p. 580. were paid on the Common stock. Cuba RR. -Listing. - The New York Stock Exchange has authorized the listing of 3794,000 -Year Coupon bonds, due July 11952. making additional, let Mtge.5% 50 the total amount applied for 314,418,000.-V. 121 . 2032. Denver & Rio Grande RIC-Stockholders' Action.- PliTrtal of the $200.000,000 accounting suit brought by 6,000 minority stockholders of the Denver & Rio Grande RR.(the old bankrupt company) against the late George J. Gould. Edward T. Jeffery, former President, and their associate directors in the former management of the railroad. began before Supreme Court Justice Mullen Dec. 10. The stockholder* allege that they suffered damages through a conspiracy by the directors in which they brought about a collusive foreclosure of a mortgage held by the Western Padfic RR., thus rendering worthless some $89,000,000 worth of DEC. 12 1925.] THE CHRONICLE 3871 wise enforcing -S. C. Commission is hereby enjoined from in any the said I. them. the U. S. Supreme It is expected that the Commission will appeal to p. 2153. -V.121. -Final Valuation. Court from the decision of the Federal Court. Fairchild (Wis.) & Northeastern RR. valuation of $884,746 on -Bond Application. -S. C. Commission has placed a final The I. Maine Central RR. its 30 1916.-S. C. Commission to withdrawRef. the owned and used properties of the company as of June The company has requested the I. 5% 1st & V. 117. p. 1236. authority, granted last January, to issue and sell $4,000,000 mortgage deGold bonds, Series "E," because the trustees of the Mtge. -Final Valuation. a subsequent applicaFederal Valley RR. (Ohio). the clined to certify the issue. The company says that Series "D" 6% 1st & -S. C. Commission has placed a final valuation of $392,240 on The I. tion is being made for authority to issue $50,000 of -V. 121. owned and used properties of the company, as of Dec. 31 1922.-V. 121. Ref. Mtge. bonds and to sell $4,000,000 of Series D 6% bonds. ro• 455. p. 2153, 2035. stockholders'securities of the Rio Grande,and causing the -V. 121, p. 1098. $200,000,000 in assets. loss of more than -Final Valuation. Franklin & Pittsylvania RR. -The -Extra Dividend of 734%. Michigan Central RR. the directors have declared an extra dividend of 73'% and 29 regular semi-annual dividend of 10%, both payable Jan. - to holders of record Dec. 31. [For record of dividends paid Georgia Florida & Alabama Ry.-Equipment Trusts. -S. C. Commission on Dec. 1 authorized the company to assume since 1905, see our "Railway & Industrial Compendium," The I. certificates of interest in obligation and liability in respect of $750,000 of company is controlled, through stock Georgia Florida & Alabama Ry. Equipment Trust, Series A, to be issued page 801 This -V. 121, p. 455. Annuities by the Penna. Co. for Insurances on Lives & Grantingbe sold at under a Ownership, by the New York Central RR. not less declaration of trust to be dated Nov. 1 1925. and to t of certain equip-Kuhn, Loeb -Equip. Trusts Sold. Pacific RR. 95 and dividends in connection with the procuremen than Missouri ment. These certificates were publicly offered by Freeman & Co. and & Co. have sold at prices ranging from 963.4 and div. to 100 New York Empire Co. Inc. g to maturity -S. C. Commis*sion has placed a tentative valuation of $2,775,000 and div.to yieldfrom 4.50% to 4.85%,accordin The I. on the wholly owned and used property of the company, as of June 30 (an average price for equal amounts of all maturities of 1917.-V. 121. p. 2035. 00 414% 98% being an average yield of 4.82%.), $4,830,0 Tunnel. Great Northern Ry.-Starts 8-Mileof work Dec.5 on a tunnel Equip. Trust certificates, series "E.' in annual installments of the starting -S. C. Commission has placed a final valuation of $328,308 on the The I. the owned and used, and $76,000 on the used but not owned properties of company, as of June 30 1916.-V. 115, p.307. President Ralph Budd announced through the Cascade Mountains in Washington from Berne, in Chelan County, to Scandia. in King County. The tunnel, which will be 7U miles long and cost $8,000,000. will replace 17 miles of difficult track. Officials of the road estimate that when it is completed in 1928 an annual saving n operating costa of $500.000 will be effected. To Abandon Manitoba Branch Lines Jan. 1. According to a Winnipeg dispatch, the company is preparing to abandon -year charter for the old Great Its Manitoba branch lines Jan. 1. Its 20 Northern expires then. It consists of some 200 miles covering the southern It was built by the late James Hill and named the part of the Province. Brandon. Saskatchewan & Hudson Bay. Competition of other roads, and particularly the auto truck, has caused headquarters in St. Paul to -V. 121, p. 1098. uggest abandonment. . Gulf Ports Terminal Ry.-Tentative Valuation- -S. C. Commission has placed a tentative valuation of $460,000 on The I. -V.113, the owned and used properties of the company,as of June 30 I917. P• 960. --Tenders. Gulf & Ship Island Railroad. The New York Trust Co., trustee will until Jan 5 receive bids for the sale to it of 1st Mtge. Ref. & Term. 5% gold bonds, due Feb. 1 1952, to an amount sufficient to exhaust $106,418.-V. 121. P• 71. -New Director. Indiana Harbor Belt RR. J. T. Gillick has been elected a director, succeeding B. B. Greer. Mr. Gillick will represent the Chicago Milwaukee & St. Paul Ry.-V. 121. p. 195. Dated Dec. 1 1925 maturing in equal amounts Divi$322,000 Dec. 1 1926 to Dec. 1 1940, both incl. Denom. $1,0000* & Trust Co. Phila., dends payable J. and D. Bank of North America the trustee in of trustee. Principal and dividends payable at the agency to the standard America of or equal New York,in gold coin of the U. S. of 1925 and without deduction for any of weight and fineness existing Dec. 1 charge (other than Federal income tax, assessment or other governmental required to pay thereon taxes) which the Company or the trustee may be law of the United States or to retain therefrom under any present or future other taxing authority state, county, municipality or of America, or of any therein. -S. C. Commission. Issuance subject to the approval of the I. Security. equipment costing not less There will be vested in the trustee title to new steel underframe box cars. than $6,457,000. including the following: 1.250 underframe stock cars, 250 allfreight 250 steel underframe auto cars, 250 steel -wheel switching locomotives, 10 2-10-2 type steel gondola cars, 15 8 dining cars, 8 gasoline locomotives, 15 all-steel baggage cars, 5 all-steel derricks and 2 combination -ton steel steam wrecking motor cars, 2 150 buffet club cars. trustee to Missouri Pacific RR. All the equipment is to be leased by the and dividend warrants as they at a rental sufficient to pay the certificatesunconditionally guaranteed by principal and divi. will be mature. The Missouri Pacific RR. ended Dec. 31 1924 applicable The gross income of company for the year debt and other charges amounted to to the payment of interest on funded to only $12.881,228.-V. 121. $19,384,445, while such charges amounted lo• 1905. 327. . Jackson & Eastern Ry.-Final Valuationof $140,000 on the -S. C. Commission has placed a final valuation The I. owned and used properties of the company as of June 30 1917.-V. 121. p. 1225. -New Directors. Long Island RR. Arthur S. Somers. of Brooklyn, N. Y.. and Jay Cooke. of Philadelphia, have been elected directors to succeed the late A. C. Bedford and George D. -V. 121, p. 2634. 195. Dixon, resigned. Longview Portland & Northern Ry.-Notes.- -S. 0. Commission on Nov. 23 authorized the company to issue The I. $68.438 of promissory notes in connection with the procurement of 50 logging cars. The company represents that its logging-car equipment is inadequate to provide for its traffic requirements, and it has entered into a conditional sale contract with the Magni' Car Corp. for the acquisition of 50 logging cars at an aggregate cost of $91250. Of this amount $22,812 has been paid in cash, and the balance will be paid in 6 equal semi-annual installments of $11,406.-V. 121, p. 2269. -California Federal Court Los Angeles & Salt Lake RR. Sets Aside Final Valuation as Basis for Rates-Sees Only One True Value. - -S. C. Commission to canThe suit brought by the company against the I. cel and enjoin the enforcement of the orders of the Commission fixing the final valuation of that company's property has been decided in favor of the valuation. The railroad. The valuation of the road was the first final its carrier lands, Commission fixed the valuation of the railroad. Including as of July 1 1914 at $45.000 000. while the company claimed its property as of that date was worth A70.000.000. The case was heard by Circuit Judge Ross and District Judges McCormick and James. The opinion was written by Judge Ross. The opinion reaffirmed the preliminary decision of the Court in May, to the overruling the objections of the Commission y the jurisdiction of the Court. value of the company's It holds the evidence showed conclusivel property as of the valuation data was greatly in excess of the final value Commission merely fixed by the Commission. It holds the report of the the showed that its action was based upon the view that that property of the this constituted railroad company bad more than one kind of value, and its fundamental error. Section 15-A of the Inter-State Commerce Commission Act, relating to rate-making, Is quoted as requiring the Commission to give due consideration to all of the elements of value "recognized by law of the land." The Court points out the relation of that section of the work done under the Valuation Act and emphasizes the fact that it is the value to the railroads that must be ascertained and used in carryinfrout the provisions of Section 15-A. The opinion of the Court concludes'as follows: In no place in any of the statutes bearing upon the question do we find even an implication of any authority on the part of the Commission to find that any of the property of any common carrier used In its transportation business has two kinds of value. It is the true actual value of such property and that only, as we think, that the statutes in question authorize -S. C. Commission to ascertain and fix, and that, it is and *require the I. obvious. it has not done. By the well-established "law of the land," public bodies charged with the duty of fixing rates to be charged by corporations or individuals for the furnishing of water to the public for irrigation, domestic or other useful are required to investigate, ascertain and determine, as a basis F for the rates authorized to be charged therefor, the true actual value of tne property used in such business at the times the rates are authorized to be charged. It was so decided by the Circuit Court of the United States for the Southern District of California in the case of San Diego Land & Town Co. vs. City of Nation City, 74 Fed. 79, and San Diego Land & Town Co. vs. Jasper, 110 Fed. 702, respectively affirmed by the Supreme Court of the United States in 174 U. S. 739. and 189 U.8.430. That remains a part of "the law of the land." -S. C. Congress not only in effect approved and made applicable to the I. Commission that law, by in express terms declaring that the action of the -S. C. Commission, in ascertaining and fixing the value of the propI. said erty of the transportation companies as a basis for the fixing of rates to be charged therefor should be governed by the law of the land, but by further expressly declaring, as has been seen, that the said Commission should fix Its value, not for any one particular purpose, but its value, that is to say. its real value at the time of the fixing of the rates authorized to be charged for such service. We,therefore, see no escape from the conclusion and judgment to which we have come, which is that the orders of the Commission fixing the valuations complained of by the petitioner be, and they are hereby annulled, and -The directors -3% Extra Dividend. Mobile & Ohio RR. the regular semihave declared an extra dividend of 3% and ing $6,016,800 annual dividend of 332% on the outstand to holders of record Capital stock, par $100, payable Dec. 30 be pod this year, of 10% to Dec. 15. This makes a total 1924.-V. 121, p. 327. as compared with 7% paid in -Bonds. Morris & Essex RR. authorized the company to issue 19 The L-S. C. Commission on Nov.gold bonds. said bonds to be delivered $11.582,000 of construction-mortgage Western RR.in settlement of certain par to the Delaware Lackawanna & at s. expenditures for additions and betterment Lackawanna & Western RR. to Delaware Authority was granted to the as guarantor, in Itommt of such bonds. obligation and liability, assume part: The report of the commission says in to the Lackawanna in perpetuity The properties of the Morris are leased operated by the latter dated Dec. 10 1868, and have been under a lease that the Morris is indebted to the since Jan. 1 1869. The record shows for additions and betterments to Lackawanna for expenditures made 1, and the Lackawanna has requested April 30 1925.in the sum of $12,055,85 construction-mortgage bonds in partial the delivery to it of $11,582,000 of No arrangements for the sale of the settlement of such expenditures. a have been made. proposed bonds by the Lackawann the construction mortgage Which the The bonds will be issued under Loan & Trust Co., New York, Morris proposes to execute to the Farmers' mortgage authorizes the issue The trustee, under date of Nov. 2 1925. which may be issued in series, and of not exceeding $35,000,000 of bonds, maturity, which date shall be subsequent board bear such interest rate and date of may be prescribed by the which to Jan. 1 1954, and prior to Jan. 1 1987, as the issue of executive committee. The bonds for of directors or the Nov.2 1925, will bear interest at the authority is now sought will be dated Nov. 1 1955. The Lackawanna rate of 5% per annum, and will mature payment of both principal and the will indorse thereon its guaranty of -V. 121, p. 1225. interest of such bonds. ham & Pensacola Ry.-Pers'I. Muscle Shoals Birming g the St. Louis-San Francisco The following new directors representin Korn, St. Louis (President); J. E. Ry. interests have been elected: J. M. Wood, (Vice-President); W. B. President); B. T. Hutchinson. (Vice(Secretary-Treasurer): It. T. Harbeson, (Vice-President); F. H. Hamilton,(Controller); J. W. Malone. Miller, (General Solicitor); E. II. Bunnell. E. Hutchinson. McCormack and Dr. C. J. H. Sherrill, J. H. been elected additional ViceJ. R. Koontz and C. W. Michel have -V. 121, p. 2518. Presidents. -Bonds National Coal Ry., Carbon County, Utah.offering are -Banks, Huntley & Co. Los Angeles, Gold bonds. Offered. ' at 100 and int., $100,000 1st Mtge. 6% Serial Denom. $1.000c. 1928-1933. Dated July 1 1925; due serially July 1 days' notice, at 103 and int. on 30 Callable all or part on any int, date,Commercial Trust & Savings Bank. J. & J. at Hellman Interest payable not to exceed 2% will be paid Los Angeles. Normal Federal income tax& Savings Bank and Mr. H. H. by company. Hellman Commercial Trust issue, $150,000. trustee. Authorized Ashley. Los Angeles, -S. C. Commission and by Utah P. U. -Authorized by the I. Issuance. Commission. n. Has practically completed a standard -A Utah corporatio Company. Gordon'Creek coalfields in gauge railway 8.9 miles long, connecting theon the main line of the Utah. Carbon County, Utah, with National Junction Ry. the largest The road is already in operation. It is designed to carry theWest. locomotives and heaviest equipment now in use in sale, to -This road has been sold, under agreement of n and Agreement of Sale. -S. C. Commissio to approval of the I. the Utah By.. which, subjectagrees to assume the bonds and operate the n the Utah P. U. Commissio operation as part and parcel of the Utah road. The contract provides for well as intrastate commerce. Ry. Co.'s system in interstate as $450,000, and upon same a first payment of The sale price is in excess of $50,000 has already been made.the purchaser are to begin from date of Possession and operation by -S. C. Commission. authority to purchase from the I. By. is obligated, as provided in the -Utah Utah Railway Obligations. from the earnings of the National Coal By. or -of-sale. to pay, agreement due. otherwise, the principal of the bonds as they fall to pay all interest on the The contract similarly binds the Utah Railway bonds from date of authority to purchase. interest, made by the Utah All payments on the bonds, principal and of Salt Lake Ry. must be deposited with the Continental National Bank least 10 days in advance of the City (escrow holder under the contract) at and directed, on behalf of both That bank is fully authorized due dates. 2872 THE CHRONICLE rvoi, 121. railway companies, to remit same promptly to the 'Hellman Commercial The line in question originally extended from Trust & Savings Bank in Los Angeles. Waycross to Milltown. Ga.. a distance of 443i miles, Utah Railway.—Connects Provo, Utah. with the coalfields in Carbon port timber products, and was completed in 1915. It was built to trans County. It has a total owned and operated but trackage of 242 miles, and is appointed for it on Aug. has never been profitable, and a receiver was owned in its entirety by the 9 1918. The was It is a valuable feeder of theUnited States Smelting, Refining & Mining Co. receiver's sale, under the terms of whichroad part sold on Jan. 7 1919, at a the Union Pacific of the line from Milltown The Utah has a half -interest with the Union Pacific system. cars.—V. Railway Co. to Cogdell, 23;4 miles, was taken up and delivered to the purchaser. in 1996 The 121, p. 1905. purchaser obtained a new charter and 1098. operated remaining part of the line between Cogdell and as a common carrier the Waycross, which it is now proposed to abandon. New York Central Lines.—New Equipment.— It appears that the company has had outstandin Announcement was made g since July 1 1916. new rolling stock equipmenton Dec. 9 of the purchase by the company of $139,942 5 -year 6% first -mortgage notes, the-annual and track material calling for an expenditure 18,397. In of about $15,000.000. no year during the past five years have the interest on which is revenues been sufficient to meet this interest, which net railway operating This includes 10 electric engines for service has accrued until the in New York territory, one amount due and unpaid on passenger and one freight Diesel electric Dec. 311924. was On June 21 1925, all rolling stock office$25.561. first oil electric road engines purchased engine, these two latter being the furniture, and all Other rolling stock bought included by any railroad in the United States. property were sold for taxes, necessitating the rental of equipment personal 1,550 freight in automobile box cars of 55 tons capacity each, cars, of which 500 were to operate, and owing to lack of equipment and funds, no passenger order and 1,050 hopper cars of is being rendered at present. service 55 tons capacity each, and 274 passenger train It is stated that officers of the company have cars. In the passenger train tried several times to sell equipment ordered were 150 all-steel coaches, 43 steel line, baggage cars, 32 mall In its purchase.—V. 109,the 478. but have been unable to interest any one and baggage cars, 20 dining cars, 20 milk p. cars and 9 combination passenger and baggage cars. The cost of the 111.500.000. The locomotive ordersequipment amounts to approximately were placed motive Co. and the McIntosh & Seymour Corp. with the American LocoPUBLIC UTILITIES. The freight.and passenger train orders were divided among the Voluntary Reductions in Rates by Electric Utilities in New Foundry Co., Pressed Steel Car Co., the Pullman CarAmerican Car & Standard Steel the Effed a Saving of York State & Mfg. Co.. the Car 13,273.000 to Domestic Consumers. -31 companies serving Co., the Osgood-Bradley Car Co., persons make reductions in rates possible through improvements, Co., and the New York Central the Merchants Despatch Transportation 4,000,000 nt of RR. Co.'s shops. The track material replaceme small and obsolete plants by larger, more efficient central orders placed to the amount of stations, spikes and bolts.—V. 121. p. 13,600,000 included tie plates, angle bars, exchange interconnection of steam and hydro-electric plants to permit of surplus current over large areas and building of high-tensi 1905. on Unes.—New York "Times" Dec. 7, p. New York Central RR.—Stock Offered to Employees.— 38. The company on Nov. 2 made a supplemen All America Cables, Inc.—Pensions Employees.— tary offering of stock to all officers and employees who upon their subscriptions President John L. Merrill on Dec.3 signed a contract calling for under the company's an initial offering made in January, were allotted less payment of 81.325.238 than the which they then subscribed. The stock was offered number of shares for plan to provide pensionto the Metropolitan Life Insurance Co. as part of a share, to payments for employees at $1.15 per be paid for in monthly installments.—V. contract provides for deferred annuities payable of the corporation. This 121, p. 2748, 2400. for life to employees, beginning at the age of 60. These annuities Rockport Langdon 8c Northern Ry.(Mo.).— Valuation. of the company's employees in the United will amount to 1%% of salaries States on Nov.30 last, multiplied The I. -S. C. Commission has placed a final valuation of 153,901 on the by the years of service completed before Jan. In the ovrned and used property of the company as of June stationed in foreign countries the pension will1. figuredcase of employees 30 1918. be at 2%.—V. 121, 1). 1458. St. Clair Terminal RR. (Pa.).—Tentative Valuatio n.— The I. -S. C. Commission has on the owned and $1.646.000 placed a tentative valuation of $1,221,523 June 30 1919. The stock of on the used properties of the company as of this company is all Steel Co., a subsidiary of the United States Steel owned by the Clairton Corp. Shelby County Ry. (Mo.).—Final Valuation.— The 1.-S. C. Commission has placed a final valuation of $135,253 on the owned and used properties of the company as of June 30 1918. Shelby Northwestern Ry. (Mo.).— Valuatio Final n.— The I. -S. C. Commission has placed a final valuation of $195,000 on the owned and used properties of the company as of June 30 1918. Alton Water Co.—New Control. — See American Water Works & Electric Co.,Inc ,below.—V 121,P.2519. American States Securities Corp.—Organized.— See United Light & Power Co. below. American Utilities Co.(Delaware).—Pref. Stock Offered. —Parsly Bros. & Co. and Paul & Co., Phila. are offering at $100 per share and divs. 14,000 shares $7 Dividend Cumulative stock (no par value). Payment.—Delivery will be made in the form of transferable company receipts calling for the delivery on or before March 1926 of allotment certificates. The transferable company 1receipts 850 paid may be redeemed for cash at the option of the company on or before March 1, 1926 at the rate of$50 per share and div. Additional payments may be called on the $50 paid allotment certificates. No call at least 30 days shall elapse between the timesshall exceed $10 per share, fixed for payments at least 15 days' notice thereof must be given. The any allotment icate may, except when the transfer booksholder of$7 Dividend certiffor the Pref. stock are closed, pay so much of the $50 callable per share as Cumul. at that time is unpaid. Each payment called or anticipated shall be accompani Southern Ry.—Dividend Rate Increased on Common by ed a sum Stock.—The directors on Dec. 10 declared a quarterly div, date equal to the dividend accrued upon such payment from the last to the time of payment. When the $50 additional payments dividend of 13 % on the outstanding $120,000,000 Common and div. shall have been made the holders of allotment certificates shall then 4 be receive of the $7 dividend Cumul. Prof. stock of stock, par $100, payable Feb. 1 to holders of record Jan. 9. theentitled to and one one shareCommon stock company share of voting From May 1 1924 to Nov 2 1925, incl., the company paid the voting trust is then in force, otherwise one sharetrust certificates if of for each share of $7 Dividend Cumul. Pref. stock which Common stock such quarterly dividends of 13% on the Common sock certificate shall call for. If the $50 additional payments have allotment not been The regular quarterly dividend of 134% on the preferred called in full on or before Dec. 1 1928 nevertheless the Common stock voting trust certificates or Common stock shall be delivered as above stock was also declared, payable Jan. 15 to holders of record holders to of allotment certificates. Jan. 2.—V. 121, p. 2270, 2154. Preferred as to cumulative dividends and assets. Entitled or liquidation to receive up to $100 per share and div. Red. in dissolution all or part on Tampa Northern RR.—Tentative Valuation.— any div. date on 30 days notice at $110 per share and div. Dividends The I. payable Q. M.Penn. Co. for Ins. on Lives -S. 0. Commission on the owned and 11,123.71has placed a tentative valuation of $1,112,464 transfer agent. Philadelphia Trust Co., & Granting Annuities, Phila. Phila., Registrar. Dividend; 3 on June 30 I918.—V. 112, p. 2750. the used properties of the company as of exempt from the present normal Federal income tax. Listing.—Application will be made to list allotment Certificates on the Tennessee Central Ry.—Bonds.— Philadelphia stock exchange. The I. -S. C. Commission on Nov. 25 authorized the company to issue Data From Letter of Samuel W. Fleming, Jr., President of the not exceeding $410.000 lst-Mtge. Company. 6% bonds. series B. to be pledged and repledged from time to Company.—Incorp. In Delaware. Will own, operate and finance public security for any note ortime, until and including Dec. 31 1927 as collateral notes which may be Issued—V. 116. p. 2251. Utility companies. Upon completion of organization,financing and acquisition it will own the entire capital stock (except directors' Toronto, Hamilton & Buffalo Ry.-20 and bonds of the Louisiana Public Utilities Co.. Inc., the qualifying shares) The directors have declared a 20% stock dividend % Stock Div. Arkansas General and a cash dividend Utilities Co. and 44.4% of the Common capital stock of the Mansfield of 6%, both payable Dec. 31 to holders of record Dec. 28. No dividends Light & Power Co. were paid in 1924. In 1923, a cash distributi on of Company through its subsidiaries will, after acquisition, supply of the company is held by the New York Central 6% was made. Control system and the Canadian competition electric light and power in Morgan City. Covingtonwithout Pacific Ry.—V. 120, p. 2939. , Springs, Slidell, Mandeville, Franklinton, Oakdale, DeRidder and Abita Leesville, La. Virginian Ry.—Common Dividend of 6%.—The directors Mandevilland Warren, Ark. Ice will be supplied in all of the above (except e, DeRidder and Warren) and also in Pearl City and Berwick, have declared an annual dividend of 6% on the outstanding La. and Smackover and El Dorado, Ark. Water will be supplied without $31,271,500 Common stock, riar $100, payable Dec. 31 to competition in Leesville. La.,and Smackover and Warren, Ark. Company will supply with holders of record Dec. 21. In 1923 and 1924, annual divi- of over 76,000. the foregoing services an estimated aggregate population Mansfield Light & Power Co., 44.4% of stock of which will be owned, supplies without competition the Common dends of 4% each wore paid. electric light and power to an estimated population of about 6,000. This company was leased this year, subject to the approval of the I. -S. C. Commission, by the Norfolk .tr Western Ry., which has agreed to guarantee Capitalization— Authorized. Outstanding. 13% on the Common and Preferred stocks Cumulative preferred stock 50.000slis 2812). a14,000shs stated that the increased rate of payment V. 120, p. 2143,by the It is Common stock, no par value (V. T. C.) was authorized because the earnings of the company warranted it and not because the board 1st Lien bk Ref. gold bonds, Series "A" 6%, Due 150,000shs c35,000shs pending lease of the road to the Norfolk & Western Ry. calls Dec. 1 1945 for a 6% rental a The full amounts will not be outstanding until the allotment $1.250.000 return on both issues of stock.—V. 121, p. 2400. price ($100) is paid in full. Wabash Ry.—Equip. Trusts Sold.—Kuhn Loeb & Co. b Additional bonds may be issued only subject to the restriction : s of the have sold at prices ranging from 96.50 and dm. to 100 and Trust Indenture. C 14,000 shares additional are reserved in connection div., to yield from 43% to 4.85%, according to maturity, Cumul. Prof. stick when issued or for issuance after with the $7 Dividend 1 (an average price for equal amounts of all maturities of 98% of paid up allotment cetrificates. The purchasersDec.the1928 to holders of above 35,000 shares Common stock (V. T. C.) will receive being an average yield of 4.82%), $4,185,000 432% Equip. them to subscribe in accordance therewith to anoption warrants entitling of voting trust certificates, or if the voting trustequal additional amount Trust certificates, Series F. is not Common stock as follows: On or vofore Jan. 2 1927, at $12then in force. to Dated Dec. 1 1925; maturing in equal amounts in per share; of 8279.000 from Dec. 1 1926 to Dec. 11940, both incl. annual installments after but on or before Jan. 2 1928. at $15 per share;,thereafter but thereon or Denom. $1,000c5 . Divs. payable J. & D. Bank of North America & Trust Co., Philadelphia, before Jan. 2 1929. at $18 per share. Consolidated earnings statement of subsidiary companies year ended trustee. Both principal and divs, will be payable at the trustee in New York in gold coin of the United States of agency of the Sept. 30 1925: America of or Gross earnings, wholly owned companies equal to the standard of weight and fineness existing Dec. 1677.642 1 1925, and Oper, exp., mint., taxes (except Fed. Taxes), without deduction for any tax, assessment etc 450.334 charge Balance ____________________ (other than Federal income taxes) which or other governmental trustee the company or the $227,308 Income from &tier sources and earnings accruing tic; __ may be required to pay thereon or to retain therefrom under -any present stock owned as estimated or future law of the United States of America, or of any State, 11,000 county, municipality or other taxing authority therein. Balance for inteerst, Federal taxes, etc Issuance.—Subject to the approval of the I. 5238,308 -S. C. Commission. Security.—There will be vested in the trustee title to new equipment Annual interest requirement on $1,250,000 First Lien & Refunding bonds coning not less than $5,597,00 75,000 -wheel switching locomotives, 2,000 400. Including the following: 25 8 -ton steel underframe 40 -ft. automobile Balance available for deprec., Federal Taxes, cars. and 20 70-ft. all-steel baggage cars. div., sidiary companies _ _ - ____ - ___ — ------ — ---- etc., of subThe principal and diva, will be unconditionally guaranteed -$163,307 by Wabash Ry. Annual dividend requirement on present Earnmos.—Gross income of issue $50---- allotthe year ended Dec. 31 ment certificates 1924 applicable to the payment the company forrentals, &c., of fixed charges, 49,000 amounted to The above earnings are based 12.878.172, while such charges amounted to only 84,403,223.—V. part upon statements for the 12 months 121. p. ended Sept. 30 1925 and in partin 2400. 837. upon Dec. 31 1924. Earnings of the latterstatements for the 12 months ended group have increased during 1925. Such increases are not reflected in the above statement Waycross & Western RR.—Abandonment.— . Purpose.—Proceeds The I. the sale of the $50 paid allotment certificates. -S. C. Commission on Nov. 23 issued a certificate authorizing the will, together with thefrom company to abandon its road, which extends from Waycross westward proceeds from the sale of the bonds and the proceeds to from the sale of Cogdell, a distance of 21 miles, all in Ware and Clinch Counties, Ga. of the propertiesthe Common stock (V. T. C.), provide for the acquisition and will supply the company with working capital. Southeastern Ry.—Proposed Construc tion of Line Denied. The I.-S. 0. Commission on Nov. 18 denied the company's application for authority to construct a line of railroad extending from a connection with the Southern Ry. at Bundy Station, Lee Va. to a connection with the Louisville &Nashvill County, Va., northwesterly e RR. near Harlan County. Ky., 131i miles crossing the Virginia-Kentu cky boundary at Daugherty Cap and following the valley of Clover Fork to a point near the mouth of Fugitt's Creek. DEC. 12 1925.] 2873 THE CHRONICLE -Plan of American Water Works & Electric Co., Inc. Consolidatton of the Electric Subsidiares Dated Sept. 10 1925 Declared Operative-Acquisition of Water Comliany.- glaciers melt, the Alpine supply is abundant and in winter the Appenine source is large. By linking together these two sources through a net work of transmission lines. Italy is developing its super-power system. See also International Power Securities Corp. below. Holders of certificates of deposit for Preferred and Common stock of West Penn Co.. deposited with Equitable Trust Co. of New York, as depositary under the plan of consolidation of the electric subsidiaries dated Sept. 10. are notified that the plan has been declared operative. It is expected that the new securities to be delivered in exchange for the deposited stock will be ready for delivery on or about Dec. 29 1925. Preferred and Common stocks of the West Penn Co. which have not been deposited under the plan may be deposited with the Equitable Trust Co., 37 Wall St., New York, the depositary, without penalty, on or before Jan. 15 1926. (Compare plan in V.121,p.1458.) The company has acquired the Alton (In.) Water Co. which serves approximately 5,000 consumers, both domestic and commercial Including the Alton company, the American Water Works & Electric Co., Inc., now controls a group of 30 water works companies located in 14 different states. Exclusive of the Alton company,in the first 10 months of 1925. the water consumers of the subsidiaries of the American company increased from 284.047 to 303.409, a gain of 19,362 as of Oct. 311925. See also V. 121. P. 2519, 2270. Electric Light & Power Co. of Abington -Extra Dividend of 50 Cents. Mass. -Purchase of Properties. Bell Telephone Co. of Pa. The acquisition by the company of certain properties of the People's Telehone Corp. and the acquisition by the latter company of certain -S. properties of the Bell Telephone Co. of Pa. has been approved by the I. 0. Commission. The report of the Commission says in part: The Bell Company owns and operates a telephone system throughout Pennsylvania. The People's Company owns and operates a telephone' system in Butler, Venango, Armstrong and Clarion Counties, Pa. In the competitive territory the People's Company and the Bell Company serve 6.448 and 2.719 subscriber stations, respectively. and 883 stations are duplicated. The largest municipality involved is Butler, with a population of approximately 30,000. At Butler the People's Company serves 4.985 subscriber stations, the Bell Company serves 1,615 and 771 stations are duplicated. The People's Company was organized for the purpose of taking over the properties of the People's Telephone Co. of Butler. It began business Sept. 1 1925. On Nov. 15 1924 the Bell Company entered into a contract with John H. Wright. representing the People's Telephone Co. of Butler, by which it agreed to sell to the People's Company, the new corporation to be organized, exchanges serving 2.719 subscriber stations and approximately 40 pole miles of toll lines connecting said exchanges with Bulter for $323,292 in cash. An appraisal made by the American Appraisal Co. finds the reproduction cost new of the properties to be $412.476. and less depreciation $333.898. Property to the value of about $50.000 will be retired from service. Upon acquiring the properties the People's Company plans to expend about $125,000 for a new central office, $150.000 to equip it, and 350.000 for cables, instruments, etc. It plans to issue $3550,000 of bonds and $200,000 of preferred stock to finance the proposed acquisition and to make the contemplated additions and betterments. The contract further provides that the new corporation will sell to the Bell Company all its telephone lines used to connect its subscriber stations with its exchange at Grove City and 14 pole miles of toll lines for $50,000. The appraisal engineer of the Bell Company estimates the reproduction cost. less deprelotion, of the properties to be acquired by that company to be $333,000. The estimated value of the acquired property to be reth•ed from service by the Bell Company is 17.000. The contract was duly assigned by Wright -,V. 121. p. 2270, 1787 to the People's Company and accepted by it. 8c Rockland, The directors have declared the regular quarterly dividend of 50c. a share and an extra dividend of 50c. a share, both payable Jan. 2 to holders of record Dec. 11.-V. 121, p. 1460. -To Acquire Key West Engineers Public Service Co. Electric Co. President C. W. Kellogg on Dec. 5 announced the company has taken steps to acquire control of the Key West Electric Co. Under a plan approved by a majority of Key West stockholders they are to receive one-third of one share of 7% Preferred and one share of no par Common stock of the Engineers company for each share of Key West Common held. , The Key West Co., has outstanding 5.000 shares of Common stock, of no par value and 3350.000 of 7% Preferred stock. It provides all transit, power and light in Key West, Fla. Gross earnings of this latter company for the year ended Oct. 31 were 3258.869, and the balance available for reserves and Common stock after interest and Preferred dividends was about $48,500. Preferred Stock Allotment Ctfs. Pursuant to the provisions of the Preferred stock allotment certificates an additional installment on account of the allotment price of $10 per share of the Preferred stock covered thereby, has been called, payable Jan. 2 1926 at Chase National Bank, New York, or Stone & Webster, Inc., Boston. If paid after Jan. 2d an additional amount to equalize accrued -V. 121, p. 2520. dividend on this installment must be paid. Equitable Illuminating Gas Light Co. of Phila.-Bds. Three hundred seventy-seven 1st Mtge. 5% bonds, due Jan. 1 1928. of $1,000 each, have been called for payment Jan. 1 at 105 and int. at -V. 121. p. 1788. the New York Trust Co.. 100 Broadway. N. Y. City. -To Construct New Plants. Florida Power & Light Co. This company, a subsidiary of the American Power & Light Co., has completed negotiations for the purchase of a large tract of land on the New River near Fort Lauderdale, Fla., on which work will be begun immediately for the construction of a steam electric generating station to have an ultimate capacity of 100,000 k. w. or more. Orders have already been placed for two 25,000 k. w. high pressure steam turbines, together with boilers and auxiliary equipment, for this station, and it is expected that the first unit of the plant will be installed and in operation by the end of 1926 or early in 1927. The Florida Power & Light Co. also now has under construction a new steam electric station on the St. Johns River. near Sanford. Fla. This station is designed and is being partially built for a capacity of 100,000 k. w. or more,and it is expected that the first unit of 10.000 k.w. capacity will be installed and in operation in December 1926. and that a second unit of 10.000 k. w. capacity will be installed and placed in operation some time in 1927.-V. 121, p. 1100. -Proposed Consolidation. Galveston (Tex.) Electric Co. A contract has been made between the Cities Service Power & Light Co. and the Galveston-Houston Electric Co., having for its ultimate purpose the consolidation of the two electric light and powor systems in Galveston, Tex., contingent upon securing approval of the City of Galveston required under existing franchises and laws. The purchasing company is to be the Galveston Electric Co., a subsidiary of the Galveston-Houston Electric Co. The growth of the community, and demands for electric service which are -Tenders. Broadway & Seventh Ave. RR. beyond the capacity of the existing plants, the need of power for new , The Chatham Phenix National Bank & Trust Co., as successor trustee industries and the added cost of financing under separate ownership are for the above company's 1st Consol. Mtge. 5%, gold bonds, due Dec. 1 set forth as reason why the consolidation and the elimination of duplicate 1943, has available for the purchase of these bonds approximately $2,000,- plants will work to the advantage of all concerned. The p”operties to be 000,and is asking for tenders from holders, this offer expiring at noon Dec. taken over by the Galveston company are those of the Brush Electric Co., 21 1925. In this connection, notification is also made that holders of a cities service subsidiary • The Cities Service Power & Light Co.. is operated by Henry L. Doherty certificates of deposit for these bonds may offer their deposited bonds for -V. 121. p. 456, 328. sale in the same manner as bond holders. & Co., and the Galveston Electric Co. is under the executive management of Stone & Webster. Inc. -Increases in Stock of Subs. Brooklyn Union Gas Co. -Proposed Merger. Galveston-Houston Electric Co. The following subsidiaries have filed certificates at Albany, N. Y., -V. 121, p. 197. increasing their authorized capitalizations, viz: See Galveston Electric Co. above. 1. Flatbush Gas Co. from1200.000 to 11,500.000. General Gas & Electric Corp.(Del.).-Divs.-Rights.2. Jamaica Gas Light Co. from $200,000 to $1,000,000. 3. Newtown Gas Co. from 360,000 to $2,000,000. Regular quarterly dividends on the following stocks of this corporation 4. Richmond Hill & Queens County Gas Light Co. from $250,000 to have been declared, payable on Jan. 2 to holders of record Dec. 15, said dividends being for the quarter ending Dec. 31 1925: $2 per share on the 3500,000. 5. Woodhaven Gas Light Co. from 320,000 to 31.500.000. $8 Cumul. Pref. stock, Class "A"; $1.75 per share on the $7 Cumul. Pref. to issue 18,492 shares of $50 par; the stock, Class "A"; $1.75 per share on the Cumul. Pref. stock, Class "B". The Flatbush Gas Co. proposes Newtown Gas Co. 15,318 shares of $100 par: the Jamaica Gas Light Co. 37)5c. per share on the Common stock, Class "A." Initial dividends oi , 5.035 shares of $100 par; the Woodhaven Gas Co. 10,024 shares of $100 like amount were paid on the respective stocks on Oct. I last. ' par, and the Richmond Hill & Queens County Gas Light Co. 6,316 shares Holders of Common stock, Class "A, are given the right to subscribe of $25 par. to additional shares of Common stock, Class "A," at $25 per share to the All of the outstanding stocks of the above companies are owned by the extent of the dividends payable to them on Jan. 2. The Equitable Trust Brooklyn Union Gas Co. Co. of New York, transfer agent, will deliver to each of the holders of -V. 121. p. 2749, 2636. Common stock, Class "A," entitled to the dividend payable Jan. 2 1926 -Consolidation. Brush Electric Co. Common stock. Class"A,"or scrip certificates therefor,equivalent in amount -V. 117. p. 1238. See Galveston Electric Co. below. taken at $25 per share,to the number of dollars of dividends to which each such stockholder would be entitled. unless advised by such stockholder on -Acquisitions. Central Illinois Public Service Co. or before Dec. 21, that such stockholder does not exercise the right of The Illinois Commerce Commission has authorized the company to subscription to which he is entitled and requests the payment of the dividend owning electric utilities in Lawrence in cash. acquire the Wabash Utilities -V• 121, p. 2750. Co., and Crawford counties, Ill., for $102,866, and the Marshall Ice & Power -V.121, p. 2749. -Tenders. Great Falls Power Co. Co. for $50,000 cash and 50 shares of Pref. stock. The Bankers Trust Co., trustee. 10 Wall St., N. Y. City. until Dec. 10 Cities Service Co. -Sale of Appliances, etc. received bids for the sale to it of 1st Mtge. bonds dated May 11911, to an Record sales of over $1,000,000 were reported by the new business amount sufficient to exhaust $153,986, at prices not exceeding 1075i and departments of Henry L. Doherty & Co., operated in various Cities Service interest. -V. 120, p. 2550. Co. properties, for October. The most noteworthy item was an increase -Initial Dividend. of 38.7% in sales of appliances and installations which, alone, amounted to Hackensack (N. J.) Water Co. $811,000. The directors have declared an initial dividend of 1 4% a share on the October- -12 Mos. End. Oct. 31- 7% Cum. Pref. class A stock. par $25, payable Dec. 31 to holders of record -Month of 1925. 1924. PeriodDec. 18.-V. 121, p. 2402, 2038. 1924. 1925. Gross earnings $1,421,388 $1,163.814 319.102.856 317.289.953 -Additional Stock-Earnings, &c. Indiana Service Corp. 768.902 Expenses 63.318 64,839 639,909 Int. & disc. on debs___ 2.175,058 162.530 The Board of Directors have authorized the issuance and sale of 2,500 201,092 2.049,397 5.181,732 Dividends Pref. stocks.: 427,562 additional shares of the 7% Preferred stock, bringing the total amount of 5,086,212 439.983 Preferred stock outstanding up to 31,250.000. Net to Corn. stk.&res- 1715,473 $510,405 310.977.165 $9.514,435 Operating revenue for the 12 months ended Sept. 30 1925 totaled $3,811.121, p. 2636, 2519. Total surplus and reserves, 546,421,134.-V. 016. This compares with operating revenue of $3,571,348 for the previous 12 months. --Contract. Cities Service Power & Light to. Net earnings available for dividends for the 12 months' period ended Sept. 30 1925 totaled $287,151, or over 3 times the amount necessary to pay See Galveston Electric Co. below. -V. 121. p. 2749. dividends on the Preferred stock. --Acquisitions. Des Moines (la.) Electric Co. Corporation furnishes electric light and power and street railway service The company has purchased the lighting systems in Altoona and Mit- in Fort Wayne, Ind. A number of smaller communities are served with -V.121, P. 2401. electric service, and 3 electric railroads, connecting Fort Wayne with other chellville. Ia., from the Hall Electric Co. of Glidden, la. cities in the state, are operated. Eastern States Power Corporation. -On Curb. Sales of electrical energy for the year ended Sept. 30 1925 totaled 61,510,Announcement has been made that application will be made shortly to 830 kilowatt hours, an increase of 18% over the previous 12 months. Revenue passengers carried on the electric railroads of the company list the Common shares on the New York Curb. The company was formed several weeks ago by the F. L. Carlisle & Co. and the Schoellkopf interests during the 12 months' period ended Sept. 30 1925 totaled 25.374,332 of Buffalo for the purpose of acquiring and holding securities of public which 24,049,481 were carried on the city lines and 1,279,851 on the of -V. 121, p. 2402. 839. interurban systems. utility companies. The stock is now quoted at about 26.-V. 121, p. 2271 Edison General Italian Electric Co. -Power Plants, &c -Div. Rental. Interborough Rapid Transit Co. -V. 121, p. 2637. See Manhattan Railway below. The company will open 2 new hydro-electric plants in the next few weeks, according to advices received in New York. The two new plants, known -Bonds Sold. International Power Securities Corp. as the Pallenzeno and Rovesca plants, will have a combined capacity of 88.300 h.p. and this with other additions to the Italian Edison system will -Aldred & Co., Harris, Forbes & Co. Bankers Trust Co. make it one of the largest in the world, having a total generating capacity Minsch, Monell & Co., Inc., New Yolk, and the First Naof _,1 060.000 h.p. The two plants are high head-that of the Pallenzeno being 1,800 ft. Corp. of Boston, have sold at 93% and interest, to and the Rovesca 2,300 ft. Glaciers of the Alps, which until recently have tional been of value to Italy chiefly as a tourist attraction will be pressed into yield 7%,810,000,00006% Secured Gold bonds, Series "C." service in the new development. Both plants are in the neighborhood of Dated Dec. 1 1925; due Dec. 11955. Principal and interest (J. & D.) Lake Maggiore and will be tied in with other units in the super-power system payable in New York at office of Bankers Trust Co., trustee. in U. S. gold coin of the present standard of weight and fineness. Callable, except for which is extending rapidly throughout Italy. With glacial water in the North where the Alps stand and with an abund- sinking fund. as a whale only on any interest date after 60 days' notice: at ance of rain water in the Appenines further south, Italy is assured of an 107 and int. through Dec. 1 1930; thereafter at 105 and int. through Dec. 1 -the-year supply for its power development. In summer when the 1935; the premium thereafter decreasing )5% per annum to 102)5" and hit al 2874 THE CHRONICLE during 1940; thereafter, prior to maturity, at 1023i and int. Denom. 11.000 c*. Data from Letter of President J. E. Aldred, New York, Dec. 7 1925. Corporation.—Incorporated In 1923 in Delaware as the Italian Power Co. Present authorized and subscribed Capital stock is $5,000,000, of which $1.000.000 will presently be paid in cash, the balance being subject to call. It was organized by prominent American interests primarily to acquire carefully selected securities and obligations of leading electric light and power companies operating in the United States or foreign countries. In addition to the $10.000,000 Series "C" bonds constituting this issue, the corporation will, on completion of this financing, have outstanding $4.000.000 Series "B" Collateral Trust 630, due Dec. 1 1954, secured by a like amount of 637 External Gold bonds of Union d'Electricite, Paris. Description of Bonds.—Direct obligation of corporation and secured by a first mortgage in the principal amount of $10,000,000 made to the trustee by the Edison General Italian Electric Co. The first mortgage of that company and will cover all of the company's hydro-electric generating plants. The principal and interest of this issue and of the mortgage securing the same are payable in U. S. gold coin of the present standard of weight and fineness and the payments due Under the mortgage of Edison General Italian Electric.Co. will be made without deduction for any Italian taxes of whatever nature, present or future. Sinking Fund.—The indenture under which these bonds will be issued will provide for a sinking fund, payable semi-annually in U. S. gold coin, which is sufficient to retire this entire issue of Series C bonds by maturity. The semi-annual sinking fund payments will start on the first interest date, and will progressively increase from an initial payment of $56,000 to the final payment of $370,000. payable in cash or bonds of this Issue at par. Bonds may be turned in for sinking fund purposes at par. To the extent not so turned in, the turstee will draw bonds by lot at par. Bends acquired for the sinking fund will be canceled. Under its mortgage securing this issue, Edison General Italian Electric Co. will be obligated to make to the trustee semi-annual payments on account of principal equivalent to the sinking fund payments to be made by the corporation. Purpose of Issue.—As a result of this financing, the corporation's outgizedffig $2,000,000 % Series A Collateral Trust bonds. due 1928, secured by a like amount of acceptances of Edison General Italian Electric Co., will be retired and Edison General Italian Electric Co. will be supplied with funds to pay for certain extensions now under construction in the hydro -electric plants to be covered by the mortgage, and for other corporate purposes. Income Statement for Year Ended Sept. 30 1925 Interest earned and other profits 1403.364 Bono interest. $308,569; interest on bank loans. $6,705 315,274 Bond discount written off, $37,126; financing, supplies, fees and engineering expenses. $13,721 50.847 Taxes other than Federal, $1.243; loss on sale of St. Maurice Power Co. Ltd. 63.6% bends, $219; general expenses. $1.015; organization expense written off, $1,334: Federal tax on income, $4,346 8,157 Dividends paid 16,052 [VOL 121. No. 2161, dated Oct. 9 1919, and run for periods of sixtyyears. The remaining franchises were granted before the above-mentioned decree and are renewable to expire in 1977. Earnings (Expressed in Lire) of Edison General Italian Electric Co., for Five Years Ended December 31. Gross Net Earnings Gross Net Earnings Year— Earnings. before Depen Year— Earnings. before Depen 1920 38,026.206 19,741,877 1923 65,973,651 37,005,139 1921 45,925,929 25,580,432 1924 74,614,817 38,305,064 1922 50,26.5,974 22,365,473 Net earnings available for interest charges for the year 1925 (last six months estimated) will amount to more than 46,570.000 lire ($1,863.000). or over 2.4 times total fixed charges including this first mortgage. In both 1923 and 1924 the total fixed charges on the entire funded debt, presently to be outstanding, were earned over twice.—V.121. D. 2750, 2156. Kentucky Hydro-Electric Co.—Pref. Stock Sold.—Hill, Joiner & Co., Inc. and Central States Securities Corp. have sold at 93 flat, to yield 7.53%, 5,000 shares, 7% Cumulative Pref. (a. & d.) stock, (par $100). Red. on 30 days' notice at any time at 110 and divs. Divs. payable Q. -M. Registrar, Continental & Commercial Trust & Savings Bank. Chicago. Transfer office, Middle West Stock Transfer Co.. 72 West Adams St., Chicago. Exempt from present normal Federal income tax. Listed on the Chicago Stock Exchange. Data From Letter of Pres. Martin J. Insult, Chicago Dec. S. Company.—Is now engaged in the generation, transmission and sale or electrical energy from its recently completed 22,500 k.w. modern hydroelectric power station situated on the Dix River near its confluence with the Kentucky River about 20 miles southwest of Lexington, and 65 miles southeast of Louisville, Ky. The 95 miles of 66.000 volt double circuit steel tower transmission lines of the company are interconnected with the transmission system of the Interstate Public Service Co.. at the Ohio River near Jeffersonville. Ind. with the Louisville Gas & Electric Co. system at Louisville, and with' lines of the Lexington Utilities Co. at the Lexington, Connection is also made at the Dix River station with the 66,000 volt transmission line of the Kentucky Utilities Co., extending Ky. to the new steam power station of the latter company located in the southeastern Kentucky coal fields. Other connections are also made with the same company's 33,000 volt transmission lines serving various communities. The transmission system of the Interstate Public Service Co.. of Ind., comprises 1.366 miles of high voltage lines which traverse some of the most ic To.aee :Iat° sections lN:g oeeaextendotot llm oftheKrnucgU toatransmioTh t seow fertile blue grass counties of central Kentucky and into the heart of the coal mining districts of Kentucky. Virginia and Tennessee. There is a constantly increasing demand for power in these territories. The Dix River hydro-electric development will occupy a very important place in the generation and distribution of electrical energy over a super power system connecting Indianapolis, Louisville and Lexington with the southeastern coal fields. This super power system is now being extended across western Kentucky and It will be connected with a trunk transmission line now being built into western Kentucky from the new 40.000 k.w. generating station of the Central Illinois Public service Co.. another subTow ry lf sidiaer,oilthe Middle West Utilities Co.. on the Mississippi River at Grand n Balance, surplus $13,034 Balance Sheet Sept. 30 1925 .44sefs— Securities owned $2,000,000 $5,898.828 Capital stock Cash 8,088.667 20,604 Bonds payable Due from Union D'Electricite 8,909 Societe Lyonnaise Des Eaux Subscribers to Capital stock.. 1,599,200 125 • et de L'Eclairage Capitalization— Authorized. Outstanding. Deferred charges 4,346 Preferredstock, 7% Cumul.(par $100) 581.452 Reserve for Federaltax 34.150.000 15.000.000 17,888 Common stock (no par value) Surplus 5,000 abs. .0 . 50,000 shs. 1st Mtge.6s, 1949(V. 118, p. 3085) 000 Total 88,109,023 $8,109,023 Total a Restricted by povisions of trust deed and limited to an additional 11.000,000 par value. Mortgage provides for a sinking fund beginning Edison General Italian Electric Co., Milan. June 1 1930, which is calculated to retire prior to maturity 25% of the Edison General Italian Electric Co.—Organized in 1884 under Italian laws, was first company in Italy, and probably in Europe, to engage on a large bonds now outstanding. Farnings.—Middlo West Utilities Co. has entered into a contract, for a scale in the generation and distribution of electricity for commercial purposes. Has also been a pioneer in the hydro-electric and the high voltage Period of not less than 20 years from Jan. 1 1923. to cause a sufficient transmission fields; its Paderne plant on the Adda River, connected with amount of electrical energy generated by the Dix River station to be Milan by a 22.500-volt transmission line, having been in successful opera- Purchased at rates sufficient to pay all operating expenses, maintenance, tion since 1898. Has in operation an aggregate generating capacity of taxes, interest charges, sinking fund, &c. In addition the Middle West 174,000 h. p.(73% hydro-electric) and also owns 56 miles of transmission Utilities Co. and the Kentucky Utilities Co. have jointly and severally guaranteed the payment of dividends to Dec. 31 1928 on the outstanding lines and 473 relies of distribution lines. Company is both an operating and a holding company. Furnishes prac- Preferred stock. The output of the station as now contracted for is tically the entire electric power requirements in the city of Milan and estimated to produce the following average annual earnings: adjoining suburban districts; and, under an operating agreement with the Average annual gross earnings $ 52 0 795 2 municipality, a substantial portion of the lighting business in the city as Operating expenses, maintenance and taxes 240,000 well. Holdings consist principally of stocks in generating, transmission Interest charges on funded debt and distribution corporations, a number of which in turn have important Balance $523,000 holdings in additional companies. These subsidiary and affiliated com1290.500 panies, whose operations extend over territory adjacent to that of' the Annual dividend requirements on 41,500 abs. of Prof. stock Purrose.—Proceeds will be used to reimburse the company for expendiEdison General Italian Electric Co., form vrith that company and interconnected and co-ordinated Edison "group" which has an aggregate tures made and to be made on the generating station, the dam, the transgenerating capacity or over 770,000 h. p. (over 79% hydro-electric), and mission lines and other necessary auxiliary apparatus incident to the project. 11.1a12 , pent 68 i ponipany is controlled by the Middle West Utilities Co. had an output in 1924 of over 1,414,000,000k. w. h. The Edison "group" —v.. nagem. 2serves a territory having a population of approximately 12.000,000, and thus is one of the largest electric power systems in the world. Keystone Power & Light Co.—Plan Operative.— Territory.—The operations of Edison General Italian Electric Co. and its ..S1 1A p. 14 . 62 subsidiary and affiliated companies cover a continuous section of the indus- v 1 , merican Water Works & Electric Co„ Inc., above, and compare trial district of northwestern Italy. extending from the Mediterranean northward to the Swiss border, and including a large part of the valley of the Po Key System Transit Co.—Wage Increase Awarded.— River. known as "the Plain of Italy.' This territory embraces practically The Wage Arbitration Board has awarded the company's employees a all the provinces In Lombardy, Emilia and Liguria and a large part of basic 8 -hour day and increased the wages of street car employees from Piedmont. It includes the city of Milan the largest and most important cents an hour to 70 cents and of train employees from 58 cents an hour industrial city and the financial centre of Italy, Bologna, Brescia, Novara, 56 74 to cents.—V. 121, p. 2402. Parma,. Reggio, Modena. Alessandria, Cremona, Cuneo, Mantova, &c.2 and also the seaports of penea, Spezia and Savona. The territory served Key West (Fla.) Electric Co.—New Control.— by the Edison 'group.' contains practically all of the most important See Engineers Public Service Co. above.—V. 94, p. 1508. Italian industries and is noted for the manufacture of cotton, woolen and silk fabrics, automobiles, chemicals, electrical and other machinery and Manhattan (Elevated) Ry.—Dividend Rental.— equipment, and for its shipyards and shipbuilding plants. Transit Co. have authorized The directors the Subsidiary and Affiliated Companies.—Among the more Important of the the payment of ofcentsInterborough Rapid the quarterly rental dividend a share on account of subsidiary companies in which the Edison General Italian Electric Co. owns to stockholders 27 the Manhattan Ry. Co. who subscribed to the readjustof the majority of the stock are the "Conti" with 149.000 h. p. operating to ment plan. The dividend is payable Jan. 1 to holders of record Dec. 18. the west of Milan and extending from the Swiss border southwest to Novi, This payment represents the amount due under the plan, based on operating not far from the Mediterranean; the "Negir." with 137.200 h. p., operating in the zone lying among the Maritime Alps and the Italian Riviera or results for the quarter ended Sept. 30. Holders of the Manhattan Ry. Co. 7% stock who did not assent to the Ligurian coast in the neighborhood of Genoa; the "Bresciana." with readjustment plan of 1922 may receive and have been 34,500 h. p., operating to the east of Milan, centering around Brescia. a share in accumulated dividends by the preeentationreceiving their $28 of their stock or Cremona and extending southwest to Bologna; the "Emillana," with certificates of transfer at the offices of the Manhattan Ry. Co., 165 Broad16.100 h. p., operating in the vicinity of Parma; the "Diname," with 59.600 way, these accumulated divih. p., operating to the west of Lake Maagginre, and Including parts of Lom- dendsN. Y. City. As announced in September,See were declared payable beginning Oct. 1. Interberough Rapid bardy and Piedmont; the "Interregionale-Cisalpina," with 134,000 h. p, Transit There is no intention Co. in under construction in plants located about Lake Como and having 130,000 - Rapid Transit V. 121. p. 1461.1 payment until forcedb37 the Interberough Co. to withhold in each individual volt transmission lines to Bologna: and the "Orobia" with 26,200 h. p. case by court action.—V. 121, p. 1462. operating around Lake Lecco, northeast of Milan. Property to Be Mortgaged.—To secure its obligation to International Power . Manila Electric Corp.—Claims of $1,085,957 for Back Securities Corp., the Edison General Italian Electric Co. will make to the trustee a closed first mortgage on all of its six hydro-electric plants. totaling Taxes Force Reduction in Dividend on Common Stock—Ma127,000 h. p. of Installed capacity. These plants are of excellent construc- jority Stockholders to Subordinate Stock to Help Minority tion and design and are efficiently operated, particularly the Robblate and Calusce plants on the Adda River and the two new high-head plants on the Through Organization of New Company.—Pres. J. II. Pardee Ovesca River. in a letter to the stockholders Dec. 5 says: The three plants on the Adda River are located about 20 miles northeast Company finds itself confronted with the problem of settlement of addiof Milan, while the Vistevano plant on the Ticino River is about the same tional income and excess profits taxes that are claimed to be due by it, its distance southwest. These plants are medium-head installations and are predecessor companies and its subsidiary and affiliated companies to the connected with Milan by 22.500-volt transmission lines. The Revesca U. S. Government for the years 1917 to 1921. inclusive, and Pallanzeno plants are about 75 miles northwest of Milan and are located the Government's claim, amount to $951.242. In which according to addition, there is between Lake Maggiore and the Swiss border in the Italian Alps. They claimed by the Philippine Government from the Manila Electric Co. utilize very high heads, the highest being 2,300 ft. These two plants are 716, making the total claims for taxes 31,085,957. These claims are$134.based connected by means of 130,000-volt transmission lines with Milan and largely on questions of invested capital and rates of depreciation reported Genoa. by the predecessors of the Manila Electric Co., whose obligations were Provision will be made in the mortgage whereby upon the retirement by assumed by it. the sinking fund approximately one-third of this Series C issue of bonds. the The final settlement has not yet been agreed upon and is hoped Pollanzero plant will be released from the mortgage and returned to the that it will be considerably less than the figure mentioned while itthe Govabove, Edison General Italian Electric Co. free and clear of any charge under the ernment may insist on payment of the full Although company mortgage deed. Likewise upon the retirmeent of approximately two-thirds has a considerable amount of cash on hand,amount. sufficient to provide it of this Series C issue of bonds the Rovesca plant will be released and returned for such a payment, neither has it a sufficient is not amount in its tax reserve for to that company and provision will be made for the release of the Calusco this purpose. and Vigevano plants upon the completion of approidmately 16,000 h. p. In order to meet this emergency, should the occasion arise, directors are of additional generating capacity in the Rovesca plant. of the opinion that they should conserve its cash and therefore believe it is Franchises.—Edison General Italian Electric Co. has franchises for the inadvisable paying dividends on the stock at the utilization of all the water used by it for power purposes. These franchises rate of$2 50to continue annum,and that the rate Commonannum, which per share per of $2 per are in the greater part derived from the Government under Royal Decree prevailed until recently,should be restored. It is hoped that this reduction DEC. 12 1925.] will prove to be only a temporary expedient and that either a satisfactory settlement of the tax liability or an increase in its revenues will ultimately enable the company to resume payment of dividends at the present rate. In order that the reduction in the dividend rate may not impose any hardship upon stockholders who are more or less dependent upon the maintenance of their present income, the majority stockholders have agreed to a plan which, barring unforeseen circumstances, should assure to the remaining stockholders the continuance of their present income from their Manila stock. Under this plan the interests of the majority stockholders will be subordinated to an issue in a new corporation of Class A stock entitled to non-cumulative dividends at the rate of 52 per share per annum in preference to the Common stock, and, at the option of the board of directors, to additional dividends of 50 cents per share per annum, which may also be paid before any dividends are paid on the Common stock. It is the intention to Inaugurate dividends on such Class A stock at the rate of $2 50 per annum. It is the expectation, other things being the same, that dividends will be continued at that rate unless the tax questions should be decided in a manner more unfavorable to the contentions of the company than is now anticipated. If this plan is carried out, the subordination of over 75% of the present stock will greatly strengthen and improve the position of the minority stockholders who make the exchange recommended. The new corporation will receive all the surplus earnings in the shape of interest and dividends from the stock of the Manila Electric Co., the operating company in the Philippine Islands, which now accrue to this corporation, so that aside from a comparatively small amount of administrative expenses, the dividends on the Class A stock would be the only fixed charge of the new corporation. It should be remembered that while the net earnings of the Manila Electric Co. are considerably in excess of its expenses and interest requirements, the entire balance is not available for distribution in the shape of dividends, as a considerable portion must be reinvested for replacements, improvements and additions to its properties. On account of the location of the , property in the Philippine Islands, the cost of financing is very high, In fact much higher than it would be on similar properties situated in the United States or in Great Britain, where money can be raised at much more reasonable rates. In order to effect the plan suggested, the organization of the new corporation is being completed, which will issue its stock in exchange for the stock ofthe Manila Electric Corp.,and,for the purpose offacilitating the exchange It Is proposed that the Manila Electric Corp. be consolidated with the new corporation. The stockholders will vote Dec. 26 on approving this plan. Stockholders desiring to exchange their stock for the proposed Class A stock of the new corporation may facilitate such exchange by promptly forwarding their certificates of stock, properly endorsed or accompanied by assignments executed in blank, to the J. G. White Management Corp., 33 Liberty St., N. Y. City, for exchange, share for share, for Class A stock of the new corporation. Consolidated Earnings Statement (Including Manila Electric Co.). -Month of October- -12 Mos. End. Oct. 311924. 1925. 1925. 1924. Gross earnings, all sources_ _ - 5335.239 $318.195 53.821.612 53.698.671 159,339 1,848,194 1.852.367 Oper.exp.(Incl. maint.A tax) 149,699 Operating income Replace. & renewal reserve Int. & other fixed charges Divs. on Common stock- 2875 THE CHRONICLE 5185,540 20,000 42,592 58.333 1927, and for the purchase of the entire capital stocks of the following named companies: Castner, Curran & Bullitt. Inc.. East Gulf Coal 0o.. Pemberton Fuel Co.. Glencoe Coal Co., E. E. White Coal Co., Prince-Wick Coal Co.. Long Branch Coal Co. Average net earnings of the above companies for the last five years have been in excess of the annual interest charge of $990,000 on this issue of bonds. By the terms of the proposed purchase, the sellers are to satisfy all existing indebtedness of these corporations so that they will be free from debt as of Dec. 31 1925. Net Income Before Interest of Massachusetts Gas Co... not Including Undivided -Calendar Years. Earnings of Its Constituent Companies 52.771,719 52,984.192 1922 1918 3.253,214 3.249,120 1923 1919 2.936,459 3.286.661 1924 1920 2.765.812 1921 The net earnings of the constituent companies for 1925. while not yet available, are so far this year running in excess of 1924. -Since organization dividends of 4% have been paid on the Dividends. 525.000.000 Preferred shares and since 1910 of not less than 4%, with an average of 5%, on the $25,000.000 Common shares (present rate. 5%). -V. 121. p. 2751. -Earnings. Metropolitan Edison Co.(& Subs.). Years Ended Oct. 31Operating revenue Operating expenses & taxes Maintenance & depreciation Rentals 1924. 1925. 58.499.048 57.889.317 3.521.658 3.482.833 1.545.878 1.445.860 66.198 66.198 Operating income Other income 53.504.156 $2,755.582 404,172 231,526 Total income Interest on funded debt Other deductions from Income Provision for dividend on Preferred stock 53.735.682 $3.159.754 1,363.682 1,564.218 173.270 178.896 627.764 808.265 Balance of net income -V. 121, p. 1569. 839. $1.184.302 5995.038 -Gas Rate Advanced. Minneapolis,Gas Light Co. The price of gas in Minneapolis will be increased lc., or from 93c. to 94c. per 1.000 cu. ft., on Jan. 1, it was announced recently. The advance will be effective during the first4 months of 1926. Gas prices in Minneapolis are adjusted 3 times a year in accordance with manufacturing price fluctua-V. 121, p. 2751. tions. 5158,856 51,973.418 $1,846,304 20,000 240.000 240.000 41,864 506.848 465.409 46,666 700,000 560.000 -20c. Extra Dividend. Mohawk Valley Co. The directors have declared an extra dividend of 20c, per share. in addition to the regular quarterly dividend of 30c. per share, both payable Jan. 2 to holders of record Dec. 18. This company is controlled through stock ownership by the New York Central Co. -V. 121. p. 2157. -Merger Effective. National Power & Light Co. -V. 121, p. 2751. See United Investors Securities Co. below. -Rights. New England Public Service Co. Balance after dividends_ 550,326 5526.570 5580,895 564.615 Each holder of Preferred stock, $7 dividend series, of record Dec. 31, shall be entitled to subscribe for a number of additional shares of Common Condensed Consolidated Balance Sheet Sept. 30 1925. stock (without par value) equal to the number of recorded holdings of Cost of plant & property_517,225,083 Capital stock (280,000 shs., no par) 595,249 Cash on hand & in banks $10,080.000 sahres of Preferred stock at $30 per share, payable in one payment of entire 101,995 Funded debt Acets rec., less reserve-7,630.300 amount on or before Jan. 15 1927.-V. 121. p. 2403. 892,058 Accounts payable Materials & supplies---140,588 --Listing. New York Railways Corp. 7.228 Accrued accounts Sinking funds 267.935 The New York Stock Exchange has authorized the listing of 81.250,000 376.104 Surplus and reserves_ _ _ Unamort. debt expense.. 1,276.411 -Year 6% income gold bonds due Jan. 1 1965, making the additional 40 Items in transit & defer'd for 520,686.000. Total (each side) 197,517 $19,395,234 total amount appliedISSUE) of these bonds is to distribute thasame, together charges The purpose of the -V. 121, p. 1101. with voting trust certificates representing 7,500 shares of preferred stack exchange for -Bonds Peabody in Ninth Avenuean aggregate principal amount of 53,000,000. Columbus Massachusetts Gas Co. RR. 1st Mtge. 5% gold bonds, pursuant to the Plan of & Sold.--Kidder, -See also V. 121, p. 2157. & Co.; Harris, Forbes & Co. and Stone & Webster, Inc:, Reorganization (as amended). have sold at 98% and int., yielding about 5 8%, $18,000,000 20-Year Sinking Fund 5%% Gold bonds. Massachusetts Gas Co.'s 5% notes due April 15 1927, to be called for payment on April 15 1926, will be accepted at par and int. In payment for bonds alloted. Preference will be given, so far as possible, to subscribers who agree at the time of subscription, to make payment in Massa-Year notes. chusetts Gas Co.'s 3 Dated Jan. 1 1926; due Jan. 11948. Int. payable J. & J. at offices of Kidder, Peabody & Co.. Boston or New York. Denom. c55500 and 51.000, and r$1,000. 55.000 and $10,000. Red.. all or part upon 60 days' notice on any int. date at 105 and int. Old Colony Trust Co., trustee. -A sinking fund of 1H %, or 5270,000. Is to be set aside Sinking Fund. annually in equal semi-annual installments, such fund to be used in purchasing the bonds of this issue if obtainable at not exceeding 105% and int.; if not so obtainable, then bonds to be called by lot. Listine.-Application will be made to have these bonds listed on the New York and Boston Stock Exchanges. Data from Letter of Pres. James L. Richards, Dec. 7 1925. -A voluntary association formed in Massachusetts under Company. an agreement and declaration of trust dated Sept. 25 1902. The property account includes the following: 162.476 shares (par $100) Boston Consolidated Gas Co. Common stock, being the entire Common stock with exception of directors' qualifying shares. 12,680 shares Citizens Gas Light Co. of Quincy stock (par $100) being entire outstanding stock. 275,000 shares (par $100) New England Fuel & Transportation Co. stock, being entire outstanding stock. 85,077 shares Beacon Oil Co. Common stock (no par value) being approximately 45% of outstanding stock. New England Fuel & Transportation Co. owns the entire outstanding stock of the New England Coal & Coke Co., Mystic Steamship Co. and the Mystic Iron Works. Beacon Oil Co. owns the entire outstanding stock of the Colonial Filling Stations, Inc., and its subsidiaries in Massachusetts and Connecticut. The principal ;physical properties of the foregoing companies (other than the Beacon Oil Co. and its subsidiaries) have been recently appraised, and the present replacement value of these properties including the properties to be acquired is much more than the total outstanding capital, including the new issue of bonds of the Massachusetts Gas Cos. The most important plants of the various subsidiaries are conveniently located on an extensive tidewater property in the port of Boston, located In Everett, Mass., consisting of about 310 acres having rail connection with the Boston & Maine RR. and the Boston & Albany RR. None of the commercial subsidiaries has any funded debt with the exception of $1.500,000 of 635% bonds of the Mystic Steamship Co. and none of them has any outstanding capital stock in the hands of the public. The Massachusetts Gas Cos., upon acquisition of properties (see below), in connection with this financing, will control through direct ownershM or through long-term favorable leases, an estimated aggregate of approximately 110.000,000 tons of recoverable high-grade smokeless New River bituminous coal located in the New River field of West Virginia. There Is a wide and steadily increasing demand for this type of coal. This grade of coal is also prepared for the domestic market in lump, egg and nut sizes and is already firmly established in the West as a domestic fuel and is gaining in popularity in other sections. The high quality of the coal, together with the favorable location of the mines from the standpoint of low production cost and transportation facilities, unite to place this company in a very satisfactory position as compared with other large producers of the same type of coal. The mining plants and equipment are in good condition and are now producing at the rate of over 2,500,000 tons per annum and it Is the expectation of the management to further increase the output. Through the acquisition of these New River coal properties the commercial subsidiaries of the Massachusetts Gas Cos, considerably broaden their scope of operations and are furnished with opportunities for increased activities in the Lake district. the South, the Middle West, and the inland East districts not hitherto enjoyed by them. -The proceeds of this issue of bonds will be used for Purpose of Issue. -Year 5% Gold notes, due April 15 the retirement of $5,000,000 coupon 3 -Acquisitions. New York State Gas & Electric Corp. The Associated Gas & Electric Co. of New York has been advised that the New York P. S. Commission has made final orders in 10 separate proceedings pursuant to which the New York State Gas & Electric Corp.. a subsidiary of the Asseciated company, has bad transferred to it by deed the physical properties of the following public utilities in this State: The Southern New York Power Co., the Madison Power Co., Inc. the ' Sullivan County Light & Power Co. the Waterville Gas & Electric Co.. ' the Delaware County Electric Light Sz Power Co.. the New Berlin Light & Power Co.. the Pleischmanns Light. Heat & Power Co., the Moravia Electric Light & Power Co.the West Branch Light & Power Co. and the electrical plant of Steven O'Connor. These properties are all in territory contiguous to that served by the New York State Gas & Electric Corp.. and during the proceedings for their acquisition and inclusion in the Associated System have all been connected -V. 120. p. 1089. to the lines of the New York State corporation. --Tenders. New York Steam Corp. The National City Bank, N. Y., fiscal agent, will until Dec. 23 receive bids for the sale to it of Series "A" Sinking Fund Preferred stock to an amount sufficient to exhaust $39.921 at a price not exceeding 105 and clivs.V. 121, p. 1223. -listing. North American Edison Co. The New York Stock Exchange has authorized the listing of 200,000 -(See offering in V. 121, P. shares (without par value) Preferred stock. 1789.) Months Ended Sept. 30 1925 Consolidated Income Statement 9 $52,492,648 Gross earnings 32,049.303 Operating expenses, maintenance and taxes 6,994.269 Interest charges 2,104,756 Preferred dividends of subsidiaries 860.550 Minority interests 5,337,139 Appropriations for depreciation reserves Balance surplus Surplus, Jan. 1 1925 $5.146,631 8.318.784 Total Dividends on Capital stock -net Other charges to surplus $13,465.414 52,656,500 4.927 Surplus, Sept. 30. 1925 -V. 121. p. 2403. 510.803,988 -To Refund Bonds. Northern Ont. Lt.& Pwr. Co., Ltd. -Year Sinking Fund Gold bonds All of the outstanding 1st Mtge. 6% 20 maturing April 1 1931 will be called for redemption on .Tuly 1 1926 at par and int., according to President Alex. Fasken, who also states: "The company is proceeding to create a new issue of $5.250,000 6% 1st Mtge. Sinking Fund Gold bonds to be dated Jan. 11926. and to mature Jan. 1 1946, all of which have been sold subject to the following exchange privilege: "All holders of the present issue are offered the privilege of exchanging their bonds for bonds of the new issue, par for par, provided the bonds offered for exchange are deposited for that purpose (without the coupon payable Jan. 1 1926) on or before Dec. 311925, with the Toronto General Trusts Corp.. Toronto, Canada, or with the Bankers Trust Co., New York. MI . V. 121. p. 2039. -Bonds Sold. Northern States Power Co. (Minn.). Harris, Forbes &Co.,Guaranty Co.of New York and H.M. Byllesby & Co., Inc. have sold at 100 and int. $8,500,000 "B." 5% 1st Lien & Gen. Mtge. Gold bonds, Series & Dec. 1 in 1925: due Dec. 1 1950. Int. payable June Dated Dec. 1 Chicago and New York without deduction for any Federal income tax not in excess of 2%. Pennsylvania 4 mills tax refunded. Redeemable on any interest date until and includingaDec. 121940 at1105 and tittered' 2876 THE CHRONICLE [you 121. the premium decreasing of 1% during each calenodr year thereafter, The stockholders will vote Dec. 28 on increasing the authorized Capital the bonds being redeemable in 1949 and on June 1 1950 at 100A and interest. stock from $20,000,000 ($10.000.000 5% Preferred and $10.000,000 Denom. c* $1,000 and $500 and r $1,000, 35,000 and $10.000. Harris Common) to $100,000,000, to consist of $25,000.000 67 Cumul. Preferred. Trust & Savings Bank, Chicago, and Murdoch H. MacLean, trustees. $5.000.000 5% Cumul. Preferred and $70,000.000 Common Data from Letter of J. J. O'Brien, President of the Company. $100. There is at present outstanding $4,162,000 5% Preferredstock, par stock and Company. -Owns and operates, or controls, a comprehensive system for $9.504.000 Common stock. President C. 0. G. Miller. in a letter to the stockholders, says in the generation, transmission and distribution of electric power and light, sublocated in Minnesota, Wisconsin, Illinois, North Dakota, South Dakota stance' "The constant great increase in the business of the company's and Iowa'. The system also includes gas, steam heat and other utilities operating companies has required large capital expenditures. The directors In parts of the territory served. Approximately 88% of the gross earnings are looking for its steady continuance and for the consequent necessity of further capital expenditures, and deem it advisable to meet these are derived from the sale of electricity. The territory served comprises 505 communities with a total population tures in part by a sale to the company of the Common stock of the expendiof J .390.000 and includes Minneapolis, St. Paul (in part), Faribault, companies. In order to provide funds to pay for the same, and operating for other Mankato, St. Cloud, Red Wing.sand Winona, Minn., La Crosse, Eau purposes as they arise, it is proposed from time to time, as may be necessary, to sell the company's 6% Preferred stock, which is to be authorired Claire, and Chippewa Falls, Wis., and Grand Forks and Fargo, N. D. at Company expects shortly to acquire control of the properties of the St. foregoing meeting of the stockholders. The directors propose, subjectthe to Paul Gas Light Co. (see below) and so to conduct all of the gas and electric the approval of the Commissioner of Corporations, to give all holders of the 5% Preferred stock the opportunity to exchange the same, share for business in St. Paul. for 6% Preferred stock, upon the surrender of their certificates share, Capitalization Outstanding (Giving Effect to Present Bond Financing). payment of $10 per share for each share exchanged, together withand the adjustCommon tsock, Class "A" a$16.957.300 ment of accrued dividends to the date of exchange. To facilitate the Common stock, Class "B" 5.000,000 exchange, the company has made an arrangement, without cost to it. with 7% Cumul. Pref. stock 48,545,700 the Wells Fargo Bank & Union Trust Co. and with the Mercantile Trust Divisional stocks 818.550 Co. of California, whereby any stockholder may borrow from either bank 6% old notes due 1933 4,850,200 for not exceeding one year, at current rates of interest, the $10 per share onvertible notes due 1933 6,748,800 required for the exchange. Stockholders not desiring to make the exchange. 1st LIen & Genl. Mtge--Series "A"6% due 1941 14,270,000 will keep their 5% Preferred stock." -V. 121, p. 2274; V. 120. D. 1328. 1st Lien & Gen.I Mtge. -Series"B"5 % due 1950(this issue) 8,500,000 let & Ref. Mtge. 5% and 6% due 1941 Pacific Tel. & Tel. Co. b34,053,000 -Acquisition of Properties. Underlying Divisional The I. 23.719.600 -S. C. Commission on Nov. 24 approved the acquisition by the a For the purpose of making Class "A" Common stock of the Delaware company of the properties of the Tillamook County Mutual Telephone Co. company available for the conversion ofthe Convertible 63i Notes.$6,748,800 By a contract made June 13 1925. additional Class "A" Common stock of the company has been issued all of the physical properties of the the Pacific company aerees to purchase Tillamook company for $20,000 cash. and Is held in the Treasury of the Delaware Company. -V. 121, v. 1228. b $13,470,000 additional 1st & Ref. Mtge. Bonds will be pledged as part security for the First Lien & Genl. Mtge. Bonds and all further Issues will be Penn-Ohio Edison Co.-Pref. Stock Sold.-Bonbright so pledged. Note. -The capitalization does not include $7,500.000 Notes to be issued & Co., Inc., Eastman, Dillon & Co., Harper & Turner and in connection with the acquisition of St. Paul Gas Light Co. W. C. Langley & Co. have sold at and diva., to yield Consolidated Earnings Years Ended Oct. 31. 734% $1,000,000 7% Cumul. Prior 963/i (a. & d.) stock. P:ef. 1925. 1924. Dividends payable Q -M. Red. as a whole on any div. date upon not less Gross earnings and other income $20,238.029 $21,338,958 than 30 days notice at 110 and diva. Transfer agents: Provident Trust Operating expenses, Main. & Taxes 10,695,852 10,795,865 Co. of Phila. and Guaranty Trust Co. of New York. Registrars: Fidelity Trust Co., Phila. and The New York Trust Co., New York. from Net avail. for Int., Daprec., Div.. etc $9.542,177 $10,543,093 present normal Federal income tax. Company has agreed toExempt from Annual Int. requirements on $80,542,600 Mtge. its surplus to holders residing in Pennsylvania, the Penna. refund 4 mill tax on Bonds and div. on $818,550 Divisional stocks_ 4.484,361 application within 60 days after payment. Bond Issue. -These bonds will be issued by the Northern States Power Company. -Through ownership of Common Ce. under a joint mortgage and pledge of the company and the Northern companies supplying the entire electric powerstocks it controls a group of and light. street and InterStates Securities Corp. In the opinion of counsel, this indenture, subject to urban railway business in an important industrial district of eastern Ohio the 1st & Ref. Mtge. of Morthern States Power Co., is a direct mortgage and western Pennsylvania. The population of the upon all the physical propert of the company and a direct lien upon certain Includes the cities of Youngstown and Salem. territory served, which Ohio and Sharon, New bonds and stocks ofsubsidiaries of the company pledged under that mortgage. Castle and Farrell. Pa., is estimated at ever 410,000. More than 90% These First Lien & Gen. Mtge. Gold Bonds will be additionally secured, of the net earnings is derived from electric power and light business. through pledge with the trustee, by a first lein on: (1) $13,470,000 of Capitalization to Be Outstanding (After Present Financing). 1st & Ref. Mtge. bonds of Northern States Power Co. (Minn.); (2) all of 6% Gold Debentures, Series A the $2,500.000 common stock (except directors' qualifying shares), $4,189.$6,000,000 800 Preferred stock and $2,090,000 Mtge. bonds of the Northern States 6 % Gold notes held by a subsidiary 5,000.000 Power Co. (Wis.); (3) all of the capital stock (except directors' qualifying Prior Preference stock (7% Cumul.) 4.369,900 Preferred stock, 6% Cumulative shares) and all a the 1st Mtge. bonds of St. Anthony Falls Water Power 6,359.500 Common stock (no par value) Co. and Minneapolis Mill Co. 248.240 shs. Special Trust Fund. -In the indenture company covenants that an Consolidated Statement for the 12 Months Ended Oct. 31 1925 (Co. and Subs.). amount equivalent to at least 12;i% of the gross earning from the operation Gross earnings $11.069,088 of the properties (less the cost of purchased power and gas and rentals of Operating expenses and taxes 7,193.913 leased generating or distributing property) shall be expended or set aside after Jan. 1 1924 for maintenance, repairs, renewals and replacements of Net earnings 3,875,175 the properties. This percentage is subject to periodical adjustments, at Interest & dividends on securities of subs, held by public and intervaLs of not less than five years, by agreement between the trustee and fixed charges of company 2.820.824 company. Any part of this fund not used for such purposes may be expended for extensions and additions to the properties which shall not be made the Balance available for dividends, depreciation, &c $1,054,351 basis for issuing additional bonds under the indenture, or for the retirement Annual dividends on Prior Preference stock 305.893 of outstanding bonds. It is specifically provided that out of this fund or 'Not including dividends paid on Pennsylvania-Ohio with other moneys there will be purchased or redeemed each year. and can- Pref. stock now owned by Penn-Ohio Edison Co. See also V. Electric Co. 121, v. 2752. celled, not less than 1% of the series "A" bonds which are from time to time outstanding. Peoples Gas & Elec. Co. of Oswego, N. Y. -New Contr. Management. F. L. Carlisle & Co.. Inc. have purchased for the account of one of their -The properites are managed by Byllesby Engineering St Management Corp. subsidiary companies the Capital stock of this company. The property -V. 121, p. 2274. 840. was purchased from C. H. Tenney & Co. of Boston. The Carlisle interests Ohio Edison Co. -Acquisition. already have under construction in the Oswego district The Ohio P. U. Commission has authorized the company to acquire the plant with a capacity of 22,000 h.p. and the acquisition of a hydro-electric properties of the Indian Lake Light & Power Co., of Russells Point. Ohio, & Electric Co. will round out their holdings in that section.the Peoples Gas for the $100,000. The Ohio Edison Co. also was givenauthority to issue According to the plans of the Carlisle interests the Peoples Gas & Electric $40.500 of Pr Preferred stock to help finance the pur e of the Indian Lake property, which consists of gas and electric generating plants and equipproperty. -V. 121. p. 2039. ment, will ultimately be tied into the Power Corp. of New York System. Application is being made by F. L. Carlisle & Co., Inc. to the public Ohio Fuel Corp. -Listing-Acquisitions. Service Commission for permission to hold the stock of the Peoples Gas & The Pittsburgh Stock Exchange has approved for listing 400,000 addi- Electric Co. -V. 118. p. 1784. tional shares (par $25) capital stock. There has been previously approved for listing 4.000,000 shares of this stock. People's Telephone Corp. -Purchase of Properties. See Bell Telephone Co. of Pa. above. CapitalizationAuthorized Outstanding Capital stock $125,000,000 $99,815,275 Philadelphia Rapid Transit Co. -Bonds Offered. In addition to the stock of Manufacturers Light & Heat Co., Ohio Fuel Supply Co. and Union Natural Gas Corp. acquired through exchange of Dillon, Read & Co. and Biddle & Henry are offering three stock (V.1 19. p.2879) the company in Jan. 1925 offered to the stockholders of Natural Gas Co. of W. Va. 6 shares of its capital stock in exchange for separate issues of underlying bonds. These bonds have been each share held. purchased privately and do not represent new financing by In order to provide sufficient number of shares to complete the exchange of the stocks of the above companies the stockholders authorized the capital the P. R T. System. The offering consists of (a) $500.000 Union Passenger By. Co. of Phila. stock to be increased from $100,000,000 to $125,000,000,000 on Sept. 15 4% 1st (Closed) Mtge. bonds dated March 211981, extended from March 1925. 311911. due March 311961, priced at 773 and int., to yield over 5.40%• , 1 On Sept. 16 1925 the corporation offered to the stockholders of Ohio Fuel Oil Co. 29-66 of a share of the capital stock in exchange for each share (b) $285.000 Peoples Passenger By. 4% 2d (Closed) Mtge. bonds dated July 15 1981, extended from July 15 1911. due July 15 1961, priced at held. On Oct. 29 1925 the corporation offered to the stockholders of Pennsyl- 76% and int., to yield over 5.50%, and (c) $246.000 Peoples Passenger By vania Fuel Supply Co. 1 6-10 shares of its capital stock in exchange for each 4% Consol. (Closed) Mtge. bonds dated March 1 1882, extended from March 1 1912, due March 1 1962, and prices at 74;i and bit., to yield share held. Through the above terms of exchange, the corporation has subsequently over 5.65%.-V. 121, p. 2753. acquired the following percentages of the capital stocks of these companies: Portland (Me.) Gas Light Co. -Bonds Sold. over 993i% of the capital stock of Manufacturers Light & Heat Co.; 100% -Paine, of the capital stock of Natural Gas Co. of W. Va.; 9335% of the capital Webber & Co., New York, have sold at 983" and int., to stock of Ohio Fuel Oil Co.; over 99% of the capital stock of Ohio Fuel yield 5.11%,$750,000 5% 1st Ref. Mtge. Gold bonds, Series Supply Co.; 662 ,% of the capital stock of Pennsylvania Fuel Supply Co., and all but 165 shares of the capital stock of Union Natural Gas Corp During 1925 the corporation paid cash dividends amounting to 8%; Dated Oct. 11925; due Oct. 11950. Denom. $1,000 and $500 c*. Int. regular quarterly dividends being paid in Jan.. April, July and Oct. payable A. & 0.at Canal National Bank, Portland, trustee, and Merchants' National Bank, Boston. Red. at 105 and int. up to April 11930; thereafter 121. v. 2039. 1570. up to April 1 1935 at 104 and int.; thereafter up to April 1940 at 103 Ohio Power Co. int.; thereafter up to April 1 1945 at 102 and int., and1 thereafter and -Bonds & Stock Authorized.. The Ohio P. U. Commission has authorized the company to issue April 1 1950 at 101 and int. Interest payable without deduction forup to Fed$2,139,000 of 5% bonds, at not less than 85, and $713.500 of 6% Preferred eral income tax up to 2%. Conn., Penn. and Maryland personal property stock, to reimburse the treasury for capital expenditures. -See also V. taxes up to 4-10% of face value, and Mass,income tax up to 6% refunded. 121. p. 2274. Company. -Is one of the oldest established public utility properties in the United States, having been in successful operation since 1849, Ottawa Traction Co., Ltd. a dividend record extending back to 1853, the average rate being as and has -Extra Dividend. follows: An extra dividend of 1% has been declared on the stock, along with the 1853 to 1871. 8%: 1871 to 1898. 10%; and 1898 to 1924, 6%. usual quarterly dividend of 1%, both payable Jan. 2 to holders of record have been paid without interruption since 1853, the present rate Dividends being 8%• Dec. 17. A dividend of 1% has been paid extra in Jan. of each year 8111C0 Company owns and operates artificial gas properties serving the 1915, making a total of 5% per annum. Portland and supplies at wholesale South Portland and Westbrook. City of -V. 121, p. 76. Maine. Population served estimated at 86,979. Pacific Gas & Electric Co. The properties include a gas manufacturing plant having a -Stock Offered. The directors have approved the sale of additional Common stock to capacity of 2,550,000 Cu. ft., which is now being increased present daily to 3.150.000 Common stockholders at $100 per share, to the extent of 10% of their hold- cu. ft.; 100 miles of gas mains. and 15,822 meters. Franchise expires in ings. The new issue will amount to slightly less than $5.000.000. The 1968 and contains no unduly burdensome restrictions. In case the company now has $48.130.748 Common and $54.464,532 Preferred stock. Portland shall exercise its right to purchase the entire properties City of of President Creed is quoted as follows: "The company intends to finance company or they are taken by eminent domain, the bonds will become the due future capital ruirements in the approximate ratio of 50% from the then bond atSecurity. current redemption price above stated. sales, 25% from Preferred stock sales and 25% from offerings of Common -Secured on the company's entire property, now owned and at par to Common stockholders. It will be the company's policy hereafter acquired, subject to only $200,000 Closed First Mtge. 4% bonds this offering of Common stock with similar offerings at intervals, asto follow due 1936. required by expansion of its business, and it may be anticipated that this will occur Earnings. -Average annual net earnings after depreciation for the 5 -year about once a year." period 1919 to 1923, inclusive, were more than 2 times the annual inter-V. 121, p. 2752, 2521. , est requirement on the present outstanding funded debt. including this Pacific Lighting Co. -To Create New Issue of$25,000,000 issue. Net earnings after depreciation in 1924 were more than 3 times the present annual bond interest charge and it is estimated that in 1925 the of 6% Preferred Stock and Increase Common Stock. net earnings will be approximately 334 times such charges. DEC. 12 1925.] THE CHRONICLE Purpose. -To refund a $500,000 7% note issue and to reimburse the company in part for construction expenditures, including additions to manufacturing capacity now nearing completion. -V. 121. p. 2753. Potomac Edison Co. -Bonds Sold. -Halsey, Stuart & Co., Inc. and W. C. Langley & Co. have sold at 96 and int., to yield over 5.80% $2,250,000 1st Mtge. & Ref. Gold bonds, Series "D," 5 2%. Dated May 1 1923; due May 11949. Interest payable M.& N.in New York and Chicago, without deduction for any normal Federal income tax, not in excess of 2%. Denom. $1,000, $500 and $100 c*. lied, all or part, at any time on 4 weeks' notice to May 1 1939 at 105 and int.; thereafter to May 1 1944 at 102% and int.; thereafter to maturity at par and int. Penn. 4 mills tax. Maryland securities tax not exceeding 4% mills, District of Columbia personal property tax not exceeding 5 mills per dollar,per annum and Mass. income tax on the int. not exceeding 6% of such int, per annum refunded. Issuance. -Approved by the P. S. Commission of Maryland. Data From Letter of M. F. Riley, President of the Company. Company and its subsidiaries supply electric light and power practically without competition to such rapidly growing industrial cities as Cumberland, Hagerstown and Frederick, Md.; Martinsburg, W. Va.: Winchester, Va.; and Waynesboro, Pa. Company's business also includes gas, railway and bus services in various localities. Territory served has an estimated population ht excess of 300,000. The electric light and power properties include generating stations with 50,000 k.w. installed capacity and over 600 miles of high tension transmission lines. Interconnection with the properties of other electric subsidiaries of American Water Works & Electric Co., Inc., is contemplated which will make available for the interchange of power the large generating stations of the West Penn System and thus increase the adequacy and reliability of the company's service. -First mortgage on the power and light and street railway Security. properties in and around Cumberland and on the modern generating station at Williamsport, and a direct mortgage on all other physical properties of company in Maryland, subject to $555,000 divisional 'bonds and $6,308.700 underlying bonds (Potomac Public Service Co.), but of which latter amount $1,462,500 are pledged under the mortgage, which underlying bonds are further secured by a first mortgage on the properties of its Virginia subsidiary and of its principal West Virginia subsidiary. Consolidated Earnings (Company and Subs.) Calendar Years. • Gross Earnings Net Before Accrued Int. Kw. Hours Including Other Res. for Renewals on Mortgage Output. Income. & Rept. Debt. 155,549.235 $3,955,258 1925 a $1.930.366 14886390 141.188,951 3.621,845 1924 1.713.691 847,422 131.784,960 3.630,199 1923 1,652.780 613.178 102,348,076 3,172,565 1922 1.357.701 521,924 73.210,745 2,840,350 1921 1,134,013 470,009 a 12 months ended Oct. 311925. b Annual interest requirements on the total mortgage indebtedness to be outstanding with the public, including this issue, amounts to $959.587. During the 12 month period ended Oct. 31 1925, gross earnings were derived approximately 73% from sale of electric current for light and power, 17% from street railway, 10% from gas and miscellaneous sources. • Consolidated Capitalization Outstanding With Public (After This Financing) 1st Mtge. & Ref. Gold bonds (incl. this issue) a$9.150.000 Underlying bonds ($6,308,700 less $1,462.500 pledged to secure above bonds) 4,846,200 Divisional Underlying bonds 555,000 59' secured notes ($240,000) and subs. bonds ($793,400)- 1,033,400 Subsidiary notes (unsecured) 200.000 Preferred stocks 2,653,200 Common stock 75,000 shs. a $3.900,000 Series A,64% due May 1 1948: $2,000,000 Series B.04% due May 1 1948:41.000,000 Series 0, 6% due May 1 1949; $2,250,000 Series D, 54% due may 1 1949. Purpose. -Proceeds will be used for expenditures made for extensions, additions and betterments to the company's properties and for other corporate purposes. -Entire Common stock is owned by American Ownership & Management. Water Works & Electric Co., Inc. Under date of Sept. 10 1925, American Water Works & Electric Co., Inc., announced a plan (declared operative Dec. 10) for further unifying its electric subsidiaries into a single system by the formation of a new company to be known as the West Penn Electric Co., which will control directly all of the electric subsidiaries. This ownership by American Water Works & Electric Co., Inc., assures to the Potomac Edison Co. the same management which has been so successful in building -V. 121, p. 1463. up the business of the West Penn System. -Contract. Public Service Production Co. The installation of approximately 360.000 feet of underground cable in Detroit. Mich., for the municipal light and street railway service is a recent contract upon which this company, a subsidiary of the Public Service Corp. of New Jersey, is now working. The securing of this contract from the Habirshaw Cable & Wire which is furnishing the cable, is in keeping with the company's policy of extending its operations to all parts of the Co.. United States. -V. 119. p. 2074. 2877 ' Principal payable at office of trustee. Denom. $1,000 and $500 c*. Int. payable without deduction for Federal income tax not in excess of 2%. Reimbursement of Penn., Calif., Conn. and Kansas taxes not to exceed 4 mills, Maryland 4% mills tax, District of Columbia and Kentucky 5 mills tax, Michigan 5 mills exemption tax. Virginia 5% mills tax and Mass. income tax not to exceed 6%. Red. all or part on any int. date upon 30 days' notice at 105 and int. on or before Dec. 11935. and thereafter at % of 1% less for each subsequent year prior to Dec. 1 1945. -Subject to the approval of the Missouri P. S. Commission. Issuance. Data From Letter of W. H. Hanby, President of the Company. Company.-Incorp. in Missouri. A recent consolidation of the West St. Louis Water & Light Co. (V. 121, p. 2405) and the West St. Louis Pipe Line Co. heretofore owned and operated by the same interests which will continue in the management. The territory served comprises the important suburban residential districts of the city of St. Louis, together with 23 municipalities located throughout the County of St. Louis. The entire district served has had a continual growth for many years in the building of substantial homes. The consumers which are served lir the company are supplied through 423 miles of water mains. Company s property includes a complete water supply system embracing pumping stations, storage reservoirs, distributing mains, equipment, lands and buildings. CapitalizationAuthorized. Issued. 1st M.54% Gold bonds, Ser. "A," (this issue). $2,800,000 Cumulative Preferred stock (no par value) 25,000 shs. 14,000 shs. Common stock (no poor value) 25,000 shs. 14.000 sbs. * Mortgage provides that additional bonds may be issued either in this or separate series and bearing interest at such rate as may be determined, and for not in excess of 80% of the actual cost or fair for refunding purposes value, whichever is lower, of additions, extensions and permanent improvements made after July 311925. provided the annual net earnings have been at least 1% times interest charges on all bonds outstanding, including interest on the proposed issue. -On the basis of reproduction value less depreciation as Valuation. Howson, Chicago, o e e nee feick ine ofSeat 1 19i3: and . ee rerrted y Alord, Burd: e improvements as wi h proper $5,699.964. properties have a value ofr cle2 April 30. Earnings of Consolidated Properties Years Eni9d4. 1925. Gross income $543,517 $603.878 Operating expenses, maintenance & taxes 205,074 231.825 Net income $338,443 $372.053 Annual interest on entire funded debt (this issue) $154.000 -The source of the company's water is the Missouri River. Water Supply. The intake is located about 14 miles west of the city limits of St. Louis and about one mile south of the new intake of the water system of the city of St. Louis. The present pumping capacity is 19.000,000 gallons per day in the high service and 17,000,000 gallons per day in the low service. The storage reservoir capacity is 50.000,000 gallons. -Proceeds will be used to retire the outstanding bonds of the Purpose. West St. Louis Water & Light Co., to acquire the properties of the West St. Louis Pipe Line Co., which were under lease and operated by the West St. Louis Water & Light Co., and for other corporate purposes. -Merger Approved. St. Paul Gas Light Co. The City Council of St. Paul, Minn., has approved the merger of the properties of this company with those of the Northern States Power Co. (see above). See also V. 121, p. 2274. -Plans to Reclassify San Joaquin Light & Power Corp. Present Authorized Prior Preferred Stock. The company has applied to the California RR.Commission for authority to reclassify its present authorized issue of $75.000,000 7% Prior Prof. stock into two classes of Prior Pref. stock, viz.: $25,000,000 of 7% Prior Pref. and $50,000,000 of 6% Prior Pref. stock. If the change is approved, the company proposes to issue and sell $1,500,000 of the 7% shares through -V. 121, p. 2522. its own sales organizations. Southeastern Power & Light Co. -Power Output. - -Month-1924. 1925-11 Mos.-1924 Period End. Oct. 31- 1924 Gross power output (k. 122,845,688 75,574,720 1133760,032 812,077.390 w. h.) -V. 121, p. 2274, 1909. Southern Canada Power Co., Ltd. -Annual Report. Combined Operating Statement (Incl. Subs.) for Years Ending Sept. 30. (After eliminating all inter-company charges.) • 1924-25. 1923-24. 1922-23. 1921-22. Customers, connected _18,269 16,217 15,066 13.249 Gro.earns.(incl.oth.incS $1,213,665 $1,150,863 $953,970 $843,565 93.908 Purchased power 129,742 111.128 85.406 269,472 Operation 240.393 222,702 216,075 62,249 45,679 Taxes 28.955 24.547 74,470 63,570 Maintenance 59.956 59.634 6.020 5.750 Bad debts 3,117 985 269.305 270,958 Interest 275.057 306.847 Surplus for the year__ Previous surplus $438,241 127.989 $394.771 127.406 $253,055 58.511 $150,069 338.353 According to advices from Rochester the physical properties of the company have been sold (with the exception of the real estate) by the bonds holders to the S. Snyder Corp., junk dealers. The Public Service Commission in July last granted the company permission to discontinue operations. -V. 121, p. 708. Total Preferred dividends paid Common divs Depreciation reserve.. $566,230 227,089 100.000 121,365 $522,177 179.088 100,000 115,100 566 5311. 82.160 $488,422 19.911 102,000 410.000 Rockford & Interurban Ry.-Protective Committees. Protective committees have been formed for the following bond issues: -In view of (a) Rockford & Interurban Ry. 1st Mtge. 5% Gold Bonds. . Surplus-------- ---- -Sale. Rochester (N. Y.) ogz Manitou RR. 3117.776 8127,989 $127,406 $58.511 Balance Sheet, Sept. 30. 1925 1924. 1925. 1924. LiabilitiesAssets$ $ 8 $ 15,328.000 13,021,504 Preferred stock.... 3.840,100 2,984,800 Plant 6,281 11,255 Common stock_-_ 4,171,925 4,171.925 Cash bonds__ 462,559 Corn, sub. cos__ __ Victory 16,300 16,300 121,801 96.147 Bonds Accounts rec 5,507,023 5,548.495 4,144 8,970 Notes receivable__ 254,536 267,166 Accounts payalle: 686:660 Supplies 319,705 15,410 Prepaid charges 13,218 Deposits 14,943 13,282 14,783 Investments 25,174 Interest matured_ 18.350 22.294 12,085 42,689 Interest accrued 35,335 Mortgagee 35,412 Dividends payable 57,691 44,772 Depree. reserve 735.960 621,133 Misc. reserve 34,803 37,748 Total(each side)15,761,870 13,943,859 Surplus 117,776 127,989 -V. 121. p. 1909. 1680. the default in the payment of int. due Oct. 1 1925 on the above bonds, the following have been appointed a protective committee. Committee requests that bond holders deposit their bonds with First Wisconsin Trust • Co., depositary, at its office in Milwaukee, or with the Bankers Trust Co., New York, agent for depositary. Committee. -Robert W.Baird (Chairman),F. R.Chesley, W.B.Prickitt, Arthur M. Hewitt, L. W. Steeble, with Philip P. Edwards, Sec., 407 East Water St.. Milwaukee, and Miller, Mack & Fairchild, counsel. (b) Rockford & Freeport Electric Ii. 1st Mtge. 55. -In view of the default which occurred in the payment of int. due Nov. 1 1925 the following have consented to act as a committee to protect the interests of the holders of the bonds: Central Trust Co. of Iii., 125 West Monroe St., Chicago, depositary. Committee.-Hamllton Allport, A. K. Bodholdt, L. J. Derflinger, with Southern Gas & Power Corp. -Dividend No. 2. J. C. Davison, Sec., 105 So. La Salle St., Chicago, and Newman,PoppenThe directors have declared a regular quarterly dividend (No. 2) of husen, Stern & Johnston, 11 South La Salle St., Chicago, counsel. share (c) Rockford Beloit & Janesville RR. 1st Mtge. 58. -In view of the default 43%c. perrecord on the Class "A" stock, no par value, payable Dec. 15 to Dec. 10. An initial quarterly distribution of like amount which occurred in the goyment of int. due April 1 1925 and also int. due holders of issue on Sept. 15 last. Oct. 1 1925, and at the request of the holders of a large amount of the was made on thisClass "A" stock may elect to receive, In lieu The holders of of the cash above bonds, who suggested the desirability of organizing a bondholders' protective committee to represent the bondholders, the following have dividend just declared, additional Class "A" stock at the rate of one share consented to act as a committee. Central Trust Co. of III., 125 West for each 40 shares held on Dec. 10.-V. 121. p. 2523. Monroe St., Chicago, Ill., depositary. Deposit of bonds may be made with Super-Power Corp. of Missouri. -New Ozark •Mounthe depositary on or before Dec. 31 1925, the time having been extended by tain Hydro Project. the committee from Oct. 15 1925. It was announced Dec. 9 that preliminary work has been started on a Committee. -William Parson (Chairman), Aksel K. Bodholdt, Otto Schadde, with C. J. Horn, Sec., 231 So. La Salle St., Chicago, and Pam new hydro-electric power project in the development of the Ozark Mountains region of Missouri. The new project will harness the Current River In & Hurd, 231 So. La Salle Bit., Chicago, counsel. -V. 121. p. 1570. Missouri at a point about 70 miles southeast of the Osage River hydro St. Louis County (Mo.) Water Co. -Bonds Sold. - development in that State, which was announced by Guy Huston and last W. Chapman & Co., Inc., and Francis Bro. & Co. have associates time,month.were made public of the formation ofthe Super details At that -power sold at 98M and hit., yielding over 5.62%, $2,800,000 1st Corp. of Missouri by these interests. This corporation will be a holding company controlling the Missouri Hydro-Electric Power Co. (the Osage Mtge. 5%% Gold bonds, Series "A." development No. 1), the Current River project, now announced, and three The West St. Louis Water & Light Co. 1st Mtge. Sinking Fund 5% bonds, other developments in various stages of organization. due Aug. 1 1928. subject to confirmation and adjustment of interest, will These projects, the bankers at the redemption price, 105 and int.. in and will comprise it is said, will entail expenditures of more than $50,000,000 be accepted by one of the largest hydro-electric payment for 1st Mtge. 54% bonds of St. Louis County Water Co., taken, ultimately extending from coast to coast. developments yet underTotal primary dated Dec. 1 1925. the system will easily exceed 410,000,000 k.w.h. per annum, it is output of stated Dated Dec. 11925,due Dec. 1 1945. Int. payable J. & D.at Mississippi The Missouri Hydro-Electric Power Corp. owns . Valley Trust Co.. St. Louis, trustee, or at New York Trust Co., New York. land and has under option an additional 43,000 in fee 22.000 acres of acres, all in the Ozarks • p. 2878 THE CHRONICLE region; its dam will be one of the largest artificial reservoirs in the world. To date the company has expended for the purchase of property and options for drilling, construction and grading, in excess of $1,350.000. It is estimated that the plants of this company alone will save the country over 500.000 tons of coal annually through the substitution of electric power for steam. -V. 121, P. 2405, 2275. privilege of acquiring, share for share, one share of Class "A" Common stock and share of Class "B" oommln stock of the new securities company at an attractive price. Inasmuch as the organizer Is a large stockholder, he will also be entitled to equal rights with other stockholders to buy Class "A" and Class "B" Common stock of American States Securities Corp. and thereby become the largest stockholder in the new sectuineo company. -Acquires Bus Line. Twin City Rapid Transit Co. -It will be the purpose of the new company Purpose of New Company. The purchase by the company of the Brown Bus lines operating in the to buy and sell and invest in securities of (a) Public utility corporations. Twin Cities and on short routes out of St. Paul gives it control of all but one (b) Companies allied to public utility industry and (c) Other companies Interurban and suburban bus line within a radius of 15 miles of the Twin approved by the board of directors. Furthermore, the company purposes to acquire at fair value, to be Cities except those which operate over long routes. Bus fares in the Twin Cities and surrounding territory were advanced Dec. 1. The fare of 5 approved by the directors, such securities as are now owned and held as tokens for $1 between St. Paul and Minneapolis was replaced by a straight temporary investments by the securities department of the United Light -cent fare. Bus transportation from St. Paul to South St. Paul is now & Power Cm The disposition of this temporary investment on the part 25 -cent fare took the place of of your securities department will result in a large profit thereto which 15 cents instead of 10 cents and a straight 35 25 cents cash or 5 tokens for $1 between St. Paul and Mahtomedi on White naturally redounds to the benefit of all security holders of the United Light & Power Co. Bear Lake. -V.121, p. 2754. Privilege of Subscription. -At an early date, additional information on the plan of the American State Securities Corp. will be available to all -Dividend. Union Passenger Railway Company. A semi-annual dividend of $4.75 per share has been declared on the stock stockholders. The American States Securities Corp. reserves the right to payable Jan. 1 to holders of record Dec. 15. less third and fourth quarterly sell all stock not subscribed for to others than stockholders of the united - Light & Power Co. but no public offering will be made. It will be underinstallments of the 1924 income tax, amounting to 60 cents per share. stood that the formation and conduct of the affairs of the American States V. 120, p. 3066. Securities Corp. is not and will not be influenced in any way, directly or indirectly, by directors of the United Light & Power Co. nor will they have -Merger Effective. United Investors Securities Co. The stockholders Dec. 7 approved the consolidation between the com- any interest therein except as their personal investment may entitle them pany and the National Power & Light Co. The merger is now effective, and the affairs of the company will be conducted wholly and independently -V, 121, as it was approved by the stockholders of the National Power & Light Co. of the conduct of the business of the United Light & Power Co. P. 2754, 2639. on Nov. 30 (see V. 121. p. 2751, 2403). The name of the consolidated company is National Power A Light Co. Utilities Power & Light Corp. -To Increase Stock. and holders of Common stock of the old National Power & Light Co. receive 15 shares of Common stock of the new company for each share of Common ofThe New York Stock Exchange has received notice from the corporation a proposed increase in the authorized issue of Class"A"stock from 250.000 of the old company held by them. Holders of Common stock of stock -v. 121. p. 2754. Carolina Power & Light Co. who exchanged their stock for stock of United shares to 400,000 shares, no par value. Investors Securities Co. receive 15 shares of Common stock of the new Utility Shares Corp. (Del.). -Registrar. National Power & Light Co. for each share of Common stock of Carolina The Bankers Trust Co. has been appointed registrar of the Partic. l'ref. for Power & Light Co. formerly held by them. Temporary certificates stock and the Common stock. -V. 121, p. 2523. stock of the new National Power & Light Co. are ready for delivery. More than 94% of all the Common stock of the Carolina Power & Light -Dividend. West Philadelphia Passenger Railway. Co. Is now owned by the National Power & Light Co., which also owns all A semi-annual dividend of $5 per share has been declared on the stock. the outstanding Common stocks, except directors' shares, of the Arkansas Central Power Co.. the Birmingham Electric Co., the Houston Lighting payable Jan. 1 to holders of record Dec. 15. less third and fourth quarterly -V. & Power Co.. the Jackson Ry. & Light Co., the Knoxville Power & Light installments of the 1924 income tax amounting to 63 cents per share. Co. and the Memphis Power & Light Co. Including the Carolina Power 121, p. 1464. & Light Co., the subsidiaries of the National Power & Light Co. will now West Penn Co. -Unification Plan Operative. . supply service to 176 communities in North Carolina, South Carolina, See American Water-Works & Electric Co., Inc., above. -V. 121. 13 Tennessee. Alabama, Arkansas and Texas, having a population estimated at 1,206.000. Among the principal communities served are Raleigh, Dur- 2523, 2040. ham, Goidshoro, Henderson. Oxford and Asheville, N. C.; Memphis, KnoxWest St. Louis Water & Light Co. -Merger. ville and Jackson, Tenn.; Houston, Tex.: Little Rock, Ark., and BirmingSee St. Louis County Water Co. above. -V. 121, p. 2405. ham, Ala. The aggregate gross earnings of all the subsidiaries for the 12 months ended Oct. 31 1925 aggregated more than 831.000.000.-V. 121, Western New York Water Co. -Capital Increased. P. 2405. The company recently filed a certificate N. Y., increasinx its - authorized Common stock (no par value)at Albany, shares to 100.000 -Acquires Bus Cos. from 50.000 United Electric Rys., Providence. The company has acquired by purchase eight independent bus lines from shares. The company also has an authorized issue of 50,000 shares of Peter J. Calderone, who recently bought them from individual operators. Class "A" Pref. stock (no par value). See also V. 121, p. 2040. This gives the United Electric itys. full control of motor bus transportation Western Union Telegraph Co. -Dividend Rate Increased. between Providence and the Pawtuxet Valley, R. I. A petition of the railway company for consolidation of the eight permits into one permit -The directors on Dec. 8 declared a quarterly dividond of under which the same aggregate number of buses will be operated has 2% on the outstanding $99,786,727 Capital stock, par $100, been granted by the Rhode Island P. U. Commission. The petition of the company to discontinue its bus service between Centreville and Oaklawn. payable Jan. 15 to holders of record Dec. 23. This compares -V. 121, p. 201. R. I., was also granted. with dividends at the rate of 7% per annum (13 % quarterly) 4 - paid from 1919 to 1925 incl.-V. 121, p. 1910. United Light & Power Co.(Md.).-Record of Progress Hulswit Organizes New Securities Company.-Pres. Frank T. -Merger. Western United Gas & Electric Co. in a letter to all stockholders of the company dated Dec. 8, The Illinois Commerce Commission has authorized the consolidation of gives an account of the progress of the company since his this company. the Fox River Electric Co. and the Southern Illinois Gas On, The consolidated under the name of communication to them of Aug. 31 1925. He says in sub- corporation has alsoWestern United Gas & Electric Co.the property of the received authority to acquire all of Aurora, Elgin & Fox River Electric Co. used for light and power purposes. stance: Earnings.-Whtle no additional properties have been acquired, the gross earnings of the company and its subsidiary companies has increased from a total of $35,712,569 for the 12 months' period ended July 31 1925, to $37,508,698 for the 12 months ended Oct. 31 1925, and the net earnings have increased from $15,051,033 to $16,077,577 in the like period. -In order to partially finance properties acquired in the Stock Increase &c. Interval, 26,000 shares of Class "A" Preferred stock have been sold to the company's bankers at a satisfactory price (V. 121, p. 841). The Class "A" Common stock capitalization has been increased from 299,910 shares to 36%877 shares. This increase is partly attributable to conversions of 634% Prior Pref. stock of the principal subsidiary, United Light & Rye. Co. of Del. and partly to subscriptions received from the Common stockholders in payment of their rights to subscribe to additional Common stock, which wasfully availed of and final payment made on Oct. 11925. The surplus earnings of the company in the meanwhile increased from $4,777,509 as of July 31 1925 to $5,261,640 as of Oct. 31 1925. -The subsidiary properties over a 12 months' period Expenditures. commencing Nov. 11924. have expended for additions to Property. in order to take care of the rapidly [cowing business and in order to insure high grade service, a sum exceeding $14.000,000. The directors, therefore, deemed it wise to refund the treasury of the company for the large capital expenditures which had been made and has sold to the company's bankers, -year Gold Debentures dated Nov. 1 1925 and maturing $'2,500,000 6% 50 Nov. 1 1975 (V. 121, p. 2639). The proceeds from the sale of these Debentures will replenish the treasury and give it substantial cash working capital. -It will also be of interest for you to know that Subsidiary Companies. United Light & Railways Co. the principal subsidiary, now owns substantially all of the Common stock of Continental Gas & Electric Corp. which in company, in turn, has acquired recently very substantial amounts, and some cases all, of the Common stock of its subsidiaries which was still outstanding in the hands of the public on Aug. 311925. All of the subsidiary co panies continue to report substantial increases the in gross and net earning power ana the business conditions in all of out territories served have improved materially and the future holds further improvement. -Following the customary policy of the directors, a Dividends Declared. dividend of $1.62 per share has been declared on the Class "A" Preferred stock payable Jan. 2 1926 to holders of record Dec. 15 1925. A dividend of $1 per share has been declared on the Class "B" Pref. stock, payable Jan. 2 1926. to holders of record Dec. 15 1925, and, furthermore, a cash dividend of 60 cents per share has been declared on Classes "A" and "B" Common stock, payable Feb. 1 1926, to holders of record Jan. 15 1926. as is known, the policy of the directors is to pay cash dividends on the Common stock at quarterly intervals and stock dividends at semi-annual intervals, the last stock dividend, and an extra one, having been paid on Nov. 2 1925. [Dividends paid on the Class "A" and "B" Common stocks, during 1925 are as follows: Feb., 40c. cash; May.45c, cash, and 1-40 of a share of "A" ,50c. cash; Nov.60c. cash and 1-40 of a share of Class Common stock; Aug. "A" Comnion stock.1 Additional Earning power.-whne monthly earnings statements indicate gross earnings for the 12 months' period ended Oct. 31 1925. of $37,508.697 the actual gross earnings for the 12 months' period ended Oct. 31 1925, exceed $40,000,000 and the net earnings exceed $16,650,000. The difference between the total reported and the actual gross is occasioned by the fact that company has taken on its books only the gross earnings of the properties recently acquired from the date of acquisition thereof. -A company has been organized Organization of New Securities Company. In Delaware entitled, American States Securities Corp. This company was primarily organized as a securities corporation by Frank T. Hulswit and it has contracted to acquire from him a large amount of voting stocks of important public utilities or companies controlling important public utiliticu of a present fair value (in every instance well below the present market quotations) exceeding $3,000,000, in sole exchange for all of its now outstanding Class "B" Common stock. No cash consideration is involved.sel It is now contemplated to enlarge the capital of this company and add thereto a sufficient number of shares of Class "A" Common stock which will have preferential dividend rights over Class "B" Common stock, and also increase the authorized amount of Class "B" Common stock. When this has been accomplished, all stockholders of the United Light & Power Co., both Preferred and Common stockholders, will be given the The new company is authorized to sell $6,500,000 of Preferred stock and 200.000 shares of no par value. Common stock. -V. 120. p. 2271. -Balance Sheet. Wisconsin Gas & Electric Co. Sept. 30'25 Mar.31'25 A ssets$ $ Prop'ty & plant_ _ _12,188,013 12,168,013 Capital expends., current year__ __ 569,207 113,901 43,400 Treasury securities 157,400 Sundry invest'ts.- 149.600 655.500 Cash 312,606 521,309 Notes & bills rec_ _ 12,258 10,914 Accts. receivable 525,882 543,763 Mat'l es supplies_ _ 403,569 371,157 Inter-co. accounts 42,591 96,421 Prepaid account& 3,729 1,445 Open accounts_ 681,585 . 1,388,459 Bond dr note dIsc't 339,468 345,099 Sink.& spec.funds 80,712 92,046 Total 16,441,614 15,356.432 -V. 121, p. 2640, 1104. Sept. 30'25 Liabilities Preferred stock ___ 3,000,000 Common stock__ 2,815,000 5,693.000 Funded debt Notes & bills pay_ 602,025 Accounts payable_ 126,032 Misc. curr. Habil& 163,508 Inter-co. accounts 652,177 Taxes accrued_ _ _ 288,485 97,905 Interest accrued_ _ Divs. accrued....1,007 11,640 Misc accr. habil& Open accounts_ _ 147,768 2,193,451 Reserves 849,555 Surplus Total Mar.31'25 2,216,500 2,615,000 6,102,500 89,925 123,506 114,925 960,392 162,842 107,052 19,366 8,546 135,293 1.975,025 725,561 16,441,614 15.356,432 INDUSTRIAL AND MISCELLANEOUS. Refined Sugar Prices. -On Dec. 11 Revere Refinery reduced price 10 pts. to 5.40c, per lb. Price of Lead Reduced. -American Smelting_ & Refining Co. reduced price from 9.50 to 9.25c.-"Phila. News Bureau" Dem 8, P. 3. Shoe Worker's Wages Reduced in Maine.-eut of 10% voted for by -"Boston News Bureau" Dec. 11. employees themselves at Belfast, Maine. Matters Covered in "Chronicle" Dec. 5.-(a) Weavers' strike at Royal Mill(R.I.) ends. Permitted to operate 16 looms at wage reduction of 10%• 32 looms system optional. -p. 2692. (b) Coal situation in Massachusetts. No early strllce settlement looked for. Use of low volatile bituminous coal urged. -p. 2693. (c) Over $30,000,000 paid out during year by American -p. 2709. industry for employees' pensions. -Stocks Abraham & Straus, Inc., Brooklyn, N. Y. Sold. -Lehman Brothers have sold at 1013/i and div. $4,250,000 7% Cumulative Prof. (a. & d.) Stock. In connection with this issue the bankers also offered for subscription 25,500 shares of Common stock (no par value) at $45 per share. Redeemable, all or part, at 110 and dividends. Company agrees on or before Feb. 1 1928, and on or before Feb. 1 in each year thereafter, to acquire by redemption or by purchase at not exceeding the redemption price, out of surplus or net profits, at least 3% of the largest amount in par value of the Preferred stock that shall ever have been issued and outstanding. Dividends payable quarterly, cumulative, from Nov. 1 1925. Listing.-It Is expected that application will be made to list both the Preferred and Common stocks on the New York Stock Exchange, CapitalizationAuthorized, Outstanding. 7% Cumulative Preferred stock (par $100) $4,250,000 $4,250,000 Common stock (no par value) 250,000 shs. 155,000 she. Data from Letter of President Simon F. Rothschild, Brooklyn, Dec. 3, History. -In 1865 Abraham Abraham. together with Joseph Wechsler, Brooklyn, under the name of founded the business on lower Fulton St., Wechsler & Abraham. The original store was 25x100 ft. in size. From that small beginning the business grew rapidly until to-day it is the largest department store in Brooklyn. During 1885 the business moved into new premises in a district which has since become the shopping centre of Brooklyn, and the store, which in the old location showed steady growth, now expanded rapidly. The total floor space occupied by the business in its present premises is about 1.000,000 sq. ft. All the realestate and buildings used by the store are under lease to the corporation with provision for THE CHRONICLE DEC. 12 1925.] renewals. In addition several adjoining parcels of land not at present occupied by the business are owned by or under lease to the corporation. so that ample space is provided for expected growth in the future. In 1888 Isidor and Nathan Straus became associated with Mr. Abraham through their firm's establishment of a china department in the store. The very close and intimate relationship which resulted, led to Isidor and Nathan Straus being invited in 1893 to become partners in the business. They then acquired the interest of Mr. Wechsler and the firm name was changed to Abraham & Straus. In 1920 the business was incorporated under the name of Abraham & Straus, Inc., but no change was made in the existent ownership or management. Nathan Straus, who has not been active for some time,recently retired as Chairman of the Board of Directors. The store has an experienced and well-trained staff of 9 merchandise managers and 65 buyers, and employes, in all about 3,200 people.. Sales. -The sales for 1886, the second year in the present location, were $2,500,000. The sales for the year ended Jan. 31 1925 exceeded $24,000,0001 Earnings. -Since inception earnings have shown a steady and substantial growth, and the business has shown a profit in every year. The annual net sales and the annual net profits for the three years ended Jan. 311925, aftea deduction of Federal income taxes, and after the elimination of certain nonrecurring charges, were as follows: Pref. Div. Amt. Applic. Requirement per Share to Years Ended Net after Common after Times Jan.31- Net Sales. Federal Taxes. Earned. Pref. Div. 1923 $21,220,141 $797,248 2.68 $322 1923 21,880,464 959,748 3.22 427 19251,130,521 3.80 537 The average aimu;i1 net profits as above for the three years ended Jan. 31 1925 were 2962,508. or about 3.23 times the annual dividend requirement on the issue of $4,250,000 Preferred stock and equivalent, after deducticn of dividends on the Preferred stock, to $4 29 per share applicable to.155,000 shares of Common stock to be presently outstanding. Balance Sheet Jan. 31 1925 (After Recapitalization). Assets I4abilitiesStore fixtures & delivery equip.81,891,804 7% Pref. Cumulative stock_ _ _$4,250,000 Improvements to buildings, at Common (155,000 shs., no par) 1,387,500 cost, less depreciation 314,812 Trade creditors 545,849 Land and building rented to Trade creditors for merchanothers, less depreciation__ _ _ 361,871 dise in transit 252,305 Leasehold, at cost 35,000 Sundry creditors 48,192 Cash & U.S. Govt. obligations 458,886 Accrued salaries and expenses_ 149,649 Customers' accounts and notes Federal tax payable 138,977 receivable, less reserves_ _ _ 1,816,102 Pur. M. Mtge. payable 1928_ _ 197,500 Sundry debtors 88,659 lot, received in advance, &c 17,533 Inventories 3,911,117 Reserve for insurance 87,500 Miscellaneous investments__ 68,685 Reserve for contingencies 105,000 Prepaid expenses 71,247 Earned surplus 1,378,467 Good-will 1 Property surplus 459,712 Total -V.121, p. 2755. $9,018,185 Total $9,018.185 (The) Alliance Realty Co. -20% Stock Dividend. - The directors have declared a 20% stock dividend on the outstanding $2,500,000 Capital stock, par $100, and the usual quarterly cash dividend of 2%. The stock dividend is payable Jan. 15 to holders of record Dec. 21. and the cash dividend on Jan. 27 to holders of record Jan. 15. On Jan. 19 1925 the company paid an extra cash dividend of 2%.-V. 121. p.710. American Bank Note Co. -Listing. - The New York Stock Exchange has authorized the listing of $4,945,250 Common stock (par $10) on official notice of issuance in exchange for present outstanding Common stock (par $50) at the rate of 5 shares of new Common stock for one share of old Common stock with authority to add $4.300 Common stock on official notice of issuance and sale, making the whole amount $4,949,550 Common stock (par $10). -See also V. 121, p. 2755. 2159. American Brake Shoe & Foundry Co. -Dividend Rate on Common Stock Increased from $5 to $6 per Annum. -The directors on Dec. 8 declared a quarterly dividend of $1.50 on the outstanding 155,518 shares of Common stock, no par value, payable Dec. 31 to holders of record Dec. 18. This compares with quarterly dividends of $1.25 a share paid on this issue from March 31 1923 to Sept. 30 1925 incl.V. 120, p. 1206. American Brown Boveri Elec. Corp. -Initial Dividend. The directors have declared an initial quarterly dividend of 114% on the , 7% Cumul. Prof. stock. payable Jan. 1 to holders of record Dec. 21.V. 121, P. 2640. 2879 tags for 1925 with two months' conservatively estimated, based on known discounts which will accrue, would be $170.235, or over 9M times the div. requirements of $17,500 on the outstanding Prof. stock. After Pref, dive, the earnings available for Class "B" dividends would be $100,735, or approximately $2 per share of Class "B" Common. Dividends. -It is the intention of the directors to begin at once the payment of a dividend of $1 a share annually en the Class"B" Common stock Listed on the St. Louis Stock Exchange. American-La France Fire Engine Co. Inc. -Rights, &c. The stockholders will vote Dec. 18 on authorizing 21,000,000 additional Preferred stock, par $100, which it is not planned to offer at the present time (except there may be provided stock for use under the employees subscription plan). The stockholders will also vote on increasing the authorized Common stock, par $10, by $1,050,000, of which it is proposed to sell $1,043,000. The proceeds of the sale of the additional Common stock will be used as working capital to meet the continually expanding business needs of the company. It is proposed to offer the additional $1,043,000 of Common stock at $12 a share to stockholders of record Jan. 7 1926, and this amount figures exactly 14% of the present outstanding stock. For example: the holder of $1,000 of either Preferred or Common will be entitled to subscribe for $140 (par value) of new Common. Rights would expire Feb. 2. All subscriptions shall be paid in cash or in New York funds in New York City. -V. 121, p. 2755. American Laundry Machinery Co. -Stock Div., &c. - The stockholders on Dec.7 ratified a proposal of the directors to exchange 1.992 shares of Common stock for stock of the Canadian Laundry Machinery Co., a subsidiary. The exchange will be made on the basis of 4 shares of American for each of the latter, leaving 27,510 shares unissued and 375 shares of trustee stock to be sold to employees. Approval also was given to apply 90,498 shares of Common stock toward the payment of a 25% stock dividend on the Common stock of the American Co. See also V. 121, p. 2640. American Metal Co. of New Mexico. -Trustee. - The Central Union Trust Co., New York, has been appointed trustee for 14,009,990 8% Income First Mtge, 10 -Year Redeemable Gold bonds, due Nov. 30 1935. The Central Union Trust Co. of New York has been a...inted trustee for an issue of $500,000 of 2d Mtge, Redeemable 10 -Year z d bonds. American Milling Co. -4% Special Dividend.- Thd directors have declared a special dividend of 4% on the Common stock, in addition to a regular dividend of 2% both payable Dec. 22 to holders of record Dec. Ig. The company on A:pril 20, July 1 and Oct. I last, paid dividends of 2% each on the Common stock. -V.121, p. 1464. American Sugar Refining Co. -Plans Construction of New Buildings in Brooklyn-Changes Made in Plants in -Chairman Earl D. Babst has issued the followOther Cities. ing statement: We have completed the purchase from the city of two street ends which enable us to rebuild our Brooklyn refinery. The directors have authorized the officers to proceed immediately. A series of new buildings will be erected on the north two blocks including bulkhead wharfage for two ships and storage for 25,000 tons of raw sugar. The rest of the refinery, . covering three city blocks will be rebuilt. The refinery will be completed within 18 months. The cost will be met from a reserve set up in 1923 for that purpose [totaling about $4,500.000.1 We are building a new boiler-house at Philadelphia for use of pulverized coal and convertible to oil when conditions warrant. We have about completed what is practically a new boiler plant at New Orleans capable of using either coal or oil, and several months ago completed changes at Boston so that either coal or oil may be used there. These are important steps in advancing the efficiency of our refineries and have been so timed -V. 121. 13. 2640, 2405. as not to interrupt operations. American Tobacco Co. -Obituary. Percival S. Hill, President of the above company, and Chairman of the American Cigar Co., died in New York on Dec. 7.-V. 121, D. 2405, 2159. American Writing Paper Co. -Sale of Plants. - Maxwell Howard, President of paper mill companies in Dayton and Urbana. Ohio, on Dec. 4 announced the purchase of the Harding and Alpha divisions of the American Writing Paper Co. Both divisions are located at Franklin, Warren County, Ohio. The Harding has been idle four years and the Alpha for nearly 20 years. -V. 121, P. 589. Androscoggin Mills. -Balance Sheet. - [As filed with the Massachusetts Commissioner of Corporations.] AssetsSept.5 25 Aug. 1'24. MatrlittiesSept.5'25. Aug.1'24. American Investment Co. of Illinois, -Notes Offered. - Real est. dr mach_$1,465,415 81,445,861 Capital stock $2,000,000 $2,000,000 First National Co., St. Louis are offering at prices to yield Merchandise 1,716,096 2,599,675 Accts. payable... 39,917 113,930 112,036 189,97b Notes payable._ _ _ 600,000 1,150,000 from 53.4% to 6% according to maturity $500,000 Collateral Cash receivable 529,039 Accts. 445,529 Surplus 1,234,022 1,605,775 Trust 6% Serial Gold Notes. Series "A". Securities 178,982 17,682 Dated Dec. 1 1925: due annually 1926 to 1930. Denom.$500 & $1,000 c5 33,671 9.683 Total (each side) $3,873,939 $4,869,05 . Prenald InterestRed. all or part on any int. date, after 30 days'notice, at par and int. plus -p.119, p. 2650. . a premium of 1% for each year prior to maturity, but in no event exceeding 5%. Arizona Commercial Mining Co. -Copper Outpul(Lbs.). Purpose. -Proceeds of these notes will be applied to refund current Month ofNov. Oct. Sept. Aug. July. June. indebtedness at maturity and for We normal expansion of business. 1925 500.000 653.000 487,000 570,000 543,000 639.000 Security & Restrictions. -These and all other collateral trust notes are 1924 702,600 609,370 688,500 683,000 588,000 692,870 direct obligations of the company, secured alike ratably and without prefer- -V. 121, p. 2406, 1792. ence under a trust indenture to the First State Trust & Savings Bank of Springfield, Ill., trustee, ant. pro iide for deposit of collateral by assignment Armstrong Cork Co., Pittsburgh. -5% Stock Dividend. and endorsement to, and deposit with the trustee, of notes. drafts, acceptThe directors have declared a 5% stock dividend on the Common stock. ances, installment or motor lien obligations, &c., and in amount equal to at least 120% of the principal amount of collateral trust notes outstanding, payable Jan. 15 to holders of record Dec. 17 and the regular quarterly and (or) cash or certificates of deposit of banks and trust companies and (or) dividends of 136% on the Common and of 134% on the Preferred stock, U.S. Government Securities, at least equal to 100% of the principal amount payable Jan. 2 to holders record Dec. 17.-V. 120, p. 832. of notes outstanding under the trust indenture. Common Stock Sold. -Knight, Dysart & Gamble, McCluney & Co. Stix & Co., St. Louis, and Matheny, Dixon & Co., Sprinifield, Ill., have sold at $14 per share 10,000 shares Class 'B" Common stock (no par value). Registrar and transfer agent, St. Louis Union Trust Co., St. Louis. Arnold Brothers Ltd., Toronto. -Preferred Stock Offered. -J. A. G. Clarke & Co., Toronto, are offering at 100 and dividend (with bonus of share of no par value Common stock), $500,000 7% Cumul. Sinking Fund Prior Preferred (a. & d.) stock. Entitled to cumulative preferential cash dividends at the rate of 7% per annum payable Q. -F., by check at par at any branch in Canada of the company's bankers. Callable all or part at 110 and dividends per share on Red., all or part, on any div. date on 60 days notice at $27 per share. 30 days' notice in writing. Provision has been made for an annual sinking Divs. payable Q. -J. Registrar and transfer agent, St. Louts Union Trust fund of 5% of the net profits after preferred dividends. Under the existing income tax laws the dividends on these shares are freefrom normal Co.. St. Louis. Dominion Company. -Is the outgrowth of a company formed in 1917 at Springfield, Income tax to residents of Canada. Transfer agent, National Trust Co.. Ill., by the present management which has successfully conducted its Ltd., Registrar, Trusts & Guarantee Co., Ltd. Capitalizationoperations since that time and under whose direction the gross business Authorized. Issued. has grown from $10,000 in 1917 to over $7,000,000 in 1925. The principal Prior Preferred stock (this issue) $750,000 $500,000 Second Preferred stock business of the company consists of the purchase from selected dealers 250,000 of Common stock (no par value) 235,000 notes receivable, secured by liens, payable in installments, arising from the 50,000 shs. 50,000 she. -Proceeds are to be used for the purpose of acquiring Purpose. sale of medium-priced automobiles. the busiCompany has established a policy of not extending credits in districts ness and assets of Arnold Bros., and the extension of the dominated by a single industry and the business of the company is received by opening ten more stores during the balance of 1925company s business and 1926, eight of from its branch offices in the States of Illinois, Iowa, Indiana, Missouri, which will be located in the City of Toronto. Michigan and Kansas. Oct. 31 1925 to take over the business of Arnold Company.-Incorp. The company's assets consisting almost entirely of cash and receivables Bess. a partnership formed in 1918 and which has since conducted a could be liquidated through the ordinary routine of its business in approxi- greedy and meat business on a cash basis. This method of merchandising mately one year's time, and at practically any time since it has bean in has proved most successful. During 1924 Arnold Bros. operated five stores business it could have liquidated its entire indebtedness within a six months' in the City of Toronto. Three additional stores will be in the end of this year and a further seven stores early in operation before period through the collection of its receivables. 1926 situated in desirable locations, the majority in the City of Toronto. Capitalization After Giving Effect to Sale of$219,400 ofPref.Stock. Company operates its own meat packing plant and produces its own cured meat bacon, sausages, lard, &c., with 7% Cumulative Preferred stock (par $25) , $250,000 allslaughtering done by its own staff *8% Class"A" Cumul. and Partic. stock (par $25) $650,000 in the Toronto Municipal Abattoir. They also operate their own wholesale Class 'B' Common stock (authorized 60,000 shares) butter and egg department and poultry feeding stations. 51.500 shs. The purchase of * Class "A" participates equally in dividends with Class "B" after merchandise in carload lots and its redistribution from Class"B" has received $2 per share. warehouse to its stores enables the company to buy the company's own Earnings. -Without taking into account anticipated earnings from new advantage and to turn over its stock of merchandise to the best possible with great rapidity. capital received from the proposed sale of additional Preferred stock, earn- The company turns over its stock of merchandise about 21 times a year. Pref. Stock Offered. -The same bankers are offering at $25 and div. $219,400 7% Cum. Pref. (a. & d.) stock (par $25). 2880 THE CHRONICLE [Vol, 121 Balance Sheet as at May 31 1925. AssetsLiabilities Property, plant, machinery, 7% Cum.(red.) Pref. stock.._ 5999,000 equip., RR. and rolling stk_$6,526,043 Common stock 3,594,000 Cash 82,523 1st Mtge. 15 -Year 7 Si% SinkAccounts receivable 39,858 2,922,500 Ing Fund gold bonds Advances to Colonos 290,443 246,429 Advances against sugars Associated Oil Co. -Sub. Co. Dividends. Notes receivable 113,967 Accts. payable & accrued exp_ 107,088 1.096.851 Int. accr. on 1st Mtge. bonds_ _ The Sterling Oil & Development Co., a subsidiary, has declared an extra Sugars on hand 54,797 56,320 Depreciation reserve dividend of 50c. a share payable Dec. 21 to holders of record Dec. 10. Molasses on hand 105,000 81,595 Reserve for premium on bonds The Associated Oil Co. owns 70.07%. or $175,175, of the outstanding Materials and supplies 7,306 725 Surplus 494,878 $250.000 capital stock of Sterling Co., par $1. On Oct. 5 last the Sterling Special cash funds Advances and oper. expenses__ 4.795 company paid an extra dividend of 10 cents a share. The West Coast Oil Co.. another subsidiary, in which the Associated Oil Org'n exp., less, amort. to date 244,111 Co. owns 60.40% of the outstanding stock, has declared an extra dividend Expenses of bond issue, less 88,575,010 Total (each side) 81,792 amortization to date of $10 a share, payable Dec. 21 to holders of record Dec. 10, and the regular Note. -There exists a contingent liability on drafts discounted amounting quarterly dividend of $1 50 a share, payable Jan. 5 to holders of record -V. 121, p. 79. Dec. 24. Extras of $3 a share were paid on the West Coast stock on July 6 to $100,000 (since discharged). and Oct. 5 last. -V. 121, p. 1464. -Merger With Cleveland Rum'ed. Chandler Motor Car Co. Plans are being discussed for the proposed merger of the Chandler Motor Avery Co., Peoria, 111.-Sale. approved the sale of the Car Co. and the Cleveland Automobile Co., which are now controlled by The trustee in bankruptcy, it is announced, has company for $650.000 to Peoria business men who recently organized the the same banking interests, as separate units, according to reports in banking circles. The plan it is said, calls for the formation of a new holding -V. 121, p. 2406. Avery Power Machinery Co. company which will operate the separate properties, following the acquisition of the capital stock of both organizations. Bayless Pulp & Paper Co., Binghamton, N. Y. reports, will have two classes holding The company, according to a press dispatch from Binghamton, has ofThe newCommoncompany, according to the being entitled to annual stock. contracted to sell its great Canadian timber tract covering 350 square miles, dividends at the rateand Preference, the latter provisions for its exchange of $4 a share. and carrying excess of $2,000,000. constituting the Stanne River shed, at a price in into the Common stock of the new company. Chandler stockholders are The identity of the buying syndicate was not made public. Preference stock, entitled to $1 dividends expected to A large sulphite plant and news print mill will be built at Beaupre. Que., in exchange receive one share of for each share of Chandler stock now held paying $3 annual in which the Bayless company will retain an interest as a stockholder. dividends. Cleveland stockholders will exchange their stock for the new Franklin J. Bayless, Pres., said that his company expects on Feb. 1 to Common stock on a share for share basis. Place $650,000 with William G. Phelps, trustee, to retire all outstanding In addition to the stock of the new company, which will be used to carry -V. 111, p.297. bonds. out the basis of exchange, it is expected that an additional block of the Preference stock of the new company will be offered for public subscription. Belgo-Canadian Paper Co., Ltd.-Belgo-St. Maurice The proceeds, it is said, will be used to retire the $1.187.300 8% Preferred -New Company to Issue stock of the Cleveland company now outstanding and callable at 105. Paper Merger Details Maturing. Neither company has outstanding any bank loans, thus enabling the consoliAbout $8,700,000 of 6% Bonds and $6,800,000 Preferred Stock dated corporation, according to bankers, to start with a good cash position. -V. 121, The combined capacity of both companies is about 300 cars daily. -Holding Company to Issue Stock and Debentures. The Montreal "Gazette" of Dec. 3 says: "It is understood on the P• 1682. plans for the Beigo-St. Maurice merger are nearing comstreet that the -Name Changed. Chemical Products Co. of Am. pletion. The name Whick Chemical Products the company "Details of the financial plans are apparently not yet definitely com- Co., N. Y. of98, p. 1922. has been changed to -V. that a new company called St. pleted, but it is reported from Quebec Maurice Valley Corp. has been incorporated, and it is presumed that this Childs Co. -Notes Sold. -Laird, Bissell & Meeds andt is the company which will acquire all the assets of St. Maurice Paper Co., and int., to yieldand at least 85% of the Common shares of the Belgo-Canadian Paper Co. Tucker, Anthony & Co. have sold at 98 "It has been learned in quarters close to merger circles that the new about 5.32% $2,000,000 5 -Year 5% Notes. 6% bonds and $6.800,000 Preference company will issue about $8,700,000 Dated Dec. 15 1925: due Dec. 15 1930. Denom. $1000 c*. Interes shares, and will have a Common share capitalization of 150,000 shares payable J. & D. at Empire Trust Co., New York City, trustee. Re. (no par value). called the Newsprint In- deemable as a whole at any time on 30 days' notice at 102 and interest "It is also learned that a holding company not exceeding 2% deduction vestment Corp. Is about to be formed with a capitalization of 61,000 shares Interest payable withoutowns and for Federal income taxlarger well-known operates one of the Business.-Company (no par value) capital stock. A debenture issue of this company has chains of restaurants in the United States. Company succeeded to the of its Common been authorized and $2.500,000 debentures and the majority partnership. At present York City shares have been sold for cash. The balance of the Newsprint Investment business started in New restaurants in 1889 as a located in many of the larger cities stock is to go to holders of St. Maurcie Paper CO. shares on the basis of company operates 109 States and Canada, the majority being located in throughout the United -V. 121, p.2756. one share for every five shares St. Maurice held." New York and other Eastern cities. Company owns in fee, either directly 23 of - or through wholly owned subsidiaries. which its restaurant locations. Th -Bonds Offered. Berkeley Terminal Properties, Inc. are situated on Broadway and includes 14 in Greater New York,6 of Hunter, Dulin & Co., San Francisco are offering at 100 and 2 on Fifth Avenue, New York city. -Notes constitute the sole funded debt of company and its Security. int. $750,000 1st (Closed) Mtge. 63/2% Sinking Fund Gold operating subsidiaries, except real estate mortgages aggregating $5,073,250 now outstanding with the public against properties owned by the company bonds. any of these notes Dated Nov. 11925: due Nov. 1 1940. Int. payable M.& N. at Central and its subsidiaries. Company covenants that as long as or other funded National Bank, Oakland, trustee, or Citizens Trust & Savings Bank. Los remain outstanding no additional notes shall be issued up to 2%. Principal indebtedness created, except purchase money mortgagee. Angeles, without deduction for Federal income tax Authorized. Outstanding. payable at office of trustee. Denom. $500 and $1,000. Red. on 25 days' Capitalization$2,000,000 $2,000,000 notice, on any int. date, at 102% and int. Exempt from personal property Five-Year 5% notes 5.000,000 5,000.000 7% Preferred stock. par $100 tax in California. 750,000 shs. 335,041 shs. -Recently organized in California for purpose of acquiring Common stock (no par value) Company. title to and improving one of the most valuable parcels of business property Consolidated Statement of Earnino (Company and Subsidiaries). in the City of Berkeley. 9 Mos.End. -Calendar Years Security. 1923. -Secured by a first closed mortgage or deed of trust on valuable 1924. Sept. 30'25. Berkeley real estate formerly owned by the Southern Pacific Co. The Sales $18.655.020 $24,675,564 $23.784,617 property mortgaged will consist of an entire block lying in the centre of Net after all deductions, incl. taxes. Shattuck Ave.. having two frontages of 277 ft. on Shattuck Ave. and a 1,808,969 1.562.669 depreciation and special reserve_ _ _ 1.060.420 frontage of 99.79 ft. on University Ave. and 84.59 on Addison St. The Purpose. -Proceeds will be used to reimburse the company for money property will be immediately improved by the erection of four modern expended to provide additional restaurants, and for other corporate purposes. be occupied buildings, three of which will be two stories in height and will Sheet Sept. 30 1925 (Before This Financing) by stores on the ground floors and offices on the second floors. It is Condensed Consolidated Balance Liabilities Assets anticipated that all improvements will be completed on or before Apr. 1 1926. $5,000,000 Preferred stock and -Net income has been estimated at a minimum of $110,000 Establishments. Plants Earnings. 419,512,812 Corn.(326,316 shs., no par)_- 8,862,198 real estate per annum. This amounts to more than 2,1's times the highest annual 7,810 Fractional scrip 400,000 Special deposits interest charges on all outstanding bonds. 1,200 Subsid. co. minority stock Cap. Ake., mtges. & accts. 3,440,250 recle, sub, real est. cos_ __ 2,568,324 Real estate mortgages -Tenders. Bush Terminal Buildings Co. 74,000 6% Cony. notes(1929) Leaseholds,good-will,&c__ 695 3,916. The Irving Bank-Columbia Trust Co., trustee,60 Broadway, N. Y. City, Treasury stock 148,038 C.B.& Imp.Corp. let Mtge. -Year will until Dec. 14 receive bids for the sale to it of 1st Mtge. 5% 50 148,000 bonds. 1935 1,019,782 Sinking Fund Gold bonds, due April 1 1960, to an amount sufficient to Cash bonds,&c.,securities__ 54,820 244,314 Real estate acts., sub. cos Govt. exhaust $134,987.-V. 119. P. 2414. 104,168 Accts. and notes payable and Notes and accts. receivable__ 3,571,824 accrued liabilities 330.187 inventories_ _ Merchandise - Prepaid insurance, rent, &c.._ 968,362 Reserve for Fed.& State taxes 274,119 -Sale. Caddo Central Oil & Refining Corporation. 324,754 henry A. McCarthy and Nicholas Callan, special masters, will sell the Construction work in progress 1,042,278 Deferred liabilities, etc 1.000,000 entire property Jan. 9 in Shreveport. La.. by order of Ben C. Dawkins, Other unadjusted debits 48,355 Reserve for contingencies_ _ 1,785,574 13 metal reserve Judge of the U. S. District Court for the Western Distict of Louisiana. 5,758,957 V. 121, p. 1793. $30 303,305 Surplus Total (each side) a After deducting depreciation of $5,449,984. -Seeks Proxies. Canadian Car & Foundry Co., Ltd. November Sales Increase. Claiming that independent shareholders ought to have the selection of Sales of meals, excluding all other income, for November totaled $2,107.two additional directors in the company, A. Hicks Lawrence, a director, has sent out a letter to the stockholders asking for proxies to be voted at 436. an increase of about 11% over Nov. 1924. This also compares with the annual meeting on Jan. 14 1925. Mr. Lawrence states that the records $2.245,654 for Oct. 1925. The total number of meals served during November was 4,272,188. of the company indicate that control is with the small stockholders scattered -V. 121, p. 2756, 2407. throughout Canada. Great Britain and the United States. Of the three stockholders approving the letter and requesting support of -Sale. Clydesdale Motor Truck Co. Mr. Lawrence, the first stockholder, Geo. M. Bodman, is a member of an The Industrial Plants Corp., 25 Church St., N. Y. City, is to sell the old New York Stock Exchange firm. The second, Erskine Hewitt, was one of the original independent directors in 1918 elected at that time who plant and equipment of the company at Clyde, Ohio, by order of Federal retired in favor of the American Car & Foundry directors. The third is Judge Killitts in Ohio. The company went into receivership Sept. 16. Willard H. Jones, who was a member of the independent stockholders' com- The Commerce Guardian Trust & Savings Bank, Toledo, is receiver. -V.121, p. 2278. mittee in 1918. These men have been shareholders during the eight years of Mr. Law-New Vice-President. Colombia Syndicate. rence's service on the board and are therefore familiar with Mr. Lawrence's J. D. MacGregor has been elected Vice-President in charge of drilling -V. 120, p. 963, 587. efforts and the results so far accomplished. operations. Mr. MacGregor was formerly General Auditor of Atlantic - Gulf Oil Corp. -V. 121, p. 2044. -Usual Quarterly Dividend. Central Aguirre Sugar Co. The directors have declared the regular quarterly cash dividend of 7.1i% Colorado Building (Southern Colorado Investment on the outstanding $3,600,000 Capital stock, par $20. payable Jan. 2 to -Bonds Offered.-Boottchor & Co., holders of record Dec. 22. This is equivalent to $1.80 per share on the Co.), Pueblo, Colo. Capital stock outstanding before the payment on Nov. 2 last of a 20% Bosworth, Chanute & Co. and International Trust Co., 1912, 1465. -V.121, p. stock dividend. Growth and Development of Business. Sales. Year. 'true. No. Stores. Sales. Year. Arge. No. Stores. $1,388.000 2 $365,000 1922 4 1918 2,059,000 5 3 352,000 1923 1919 2.400,000 3 705,000 1924 5 1920 (est.)2,800.000 4 1921 5 1,051.000 1925 -Annual Report. Cespedes Sugar Co. Income Statement for Year Ended May 31 Production (bags of 325 pounds) Income from sugar, molasses and miscellaneous Expenses. $1,928.910: sugar expenses, $462,813: total Operating profit for year Interest earned Denver, are offering at 100 and hit. $350,000 1st (closed) Mtge. 6% Serial Gold bonds. 1925. 354.062 $3205707 2.391.723 $813.984 33,201 $847.185 Total profit $195,077 Int. on 1st M.bonds, $167.297: int. on curr. accts., $27.780 Portion of premium and expenses on bonds,$17,778;amortization 37,778 of organization expenses. $20.000 Provision for depreciation, $105,000; provision for taxes, $15,000 120,000 Surplus $494.330 Dated Oct. 1 1925: due serially 1928-1940. Prin. and int. (A. & 0.) Payable at International Trust Co., Denver, trustee, or Bankers Trust Co., New York. Denom. $1,000 and $500 cs. Callable as a whole upon 6 days' notice at 103 and int., and in part from the last outstanding maturities at 102 and int. Free from all direct Property taxes in the State of Colorade. Normal Federal income tax of 2 paid by company. -Bonds are a direct obligation of Southern Colorado InvestSecurity. ment Co. and are secured by a first closed mortgage on the completed Colorado Building and the lots (owned in fee) upon which it is situated, the lots extending 120 ft. north on Main St. and 206 ft. west on 4th St. The abutting boiler house site, 36 ft. by 46 ft.. is included in the mortgage as additional security for the bonds. The corner upon which the building is being erected is recognized as the best business corner In Colorado outside of Denver, the land alone having an average appraisal of $218,000. The buildings and improvements will have a value of at least $435,000. DEC. 12 1925.] THE CHRONICLE -Proceeds will be deposited with and paid out by the trustee as Purpose. Construction of the building progresses, and a surety bond insuring completion of the building in accordance with architects' plans, will also be deposited with the trustee. -The Colorado Building will replace the Grand Opera House Building. block, which was destroyed by fire, and will occupy a ground area of over 26.000 sq. ft. on the northwest corner of 4th and Main Sta., Pueblo, Colo. The structure will be 4 stories in height, with a foundation permitting the construction of additional stories, will be thoroughly fireproof in every respect, and will contain the most modern improvements and appointments. The building will contain a completely equipped theatre, with a seating capacity of 1.500; about 15.000 sq. ft. of ground floor space store: and approximately 36,000 sq. ft. of office space on the upper floors, especially adapted to the use of professional men. -Long-term leases already executed cover more than 50% of Earnings. the rentable area. Based on such leases, net earnings available for interest are conservatively estimated at $60,000. or nearly 3 times Interest charges. Mountain States Theatre Corp., owned 100% by the Famous Players-Lasky Corp., has leased the theatre for a term of 10 years. South-year lease on the Fourth and Main ern Colorado Power Co. has taken a 10 St. ground floor corner, including all the 4th St. ground floor frontage. The management of the building contemplates leasing one entire floor exclusively to doctors and dentists, and reserving certain sections of the building for lawyers and other professional groups. 2881 [The San Francisco "Chronicle" states: "From reliable sources it is understood that the syndicate plans to issue $20.000,000 in bonds and $20,000,000 in Preferred stock to the public and 1,000,000 shares of Cora. stock, which will form the remainder of the capital structure, is to be held -V. 120. P. 1333.1 in the treasury and by the insiders." -Tenders. Crew Levick Company. The Bank of North America & Trust Co., trustee, Philadelphia, will until Dec. 22 receive bids for the sale to it of 1st Mtge,6% Sinking Fund Gold bonds, dated Aug. 1 1916. to an amount sufficient to exhaust $122.400 at prices not exceeding 107 and int.-V. 121, p. 844. .-Complaint Dismissed Cudahy Packing Co. The Federal Trade Commission has dismissed its complaint against the company. The complaint charged the company with acquiring the Capital stock of the D. E. Wood Butter Co., of Evansville, Wis., and the Dow Cheese Co. of Plymouth, Wis.. and thereby restraining Inter-state commerce in the sale of cheese and eggs and butter. [Com.issioners Nugent and Thompson dissentedb-V. 121, p. 1794. -New Treasurer, &c. Cumberland Pipe Line Co. J. M. Tussey was elected Treasurer of the Eureg Pipe Line Co., the Cumberland Pipe Line Co., the Southern Pipe Line Co. and the South West Pennsylvania Pipe Lines. -Denies Merger. V. S. Swisser has been elected Secretary of the Eureka Pipe Line Co., Commercial Credit Co. of Baltimore. of the four companies. Chairman A. E. Duncan gave out the following statement relative to the thus becoming Secretarybeen elected Vice-President of the Southern Pipe H. C. Dorworth has rumors of a link-up of the company with the Commercial Investment Trust Line Co., the South West Pennsylvania Pipe Lines, and the Cumberland Corp. of New York. the vacancies was made necessary by the death "Should there be any occasion for any financial statement regarding the Pipe Line Co. The filling of p. 2044. -V. 121, rumors of negotiations for the sale or merger of the Commercial Credit Co. of E. R. Shepard. statement will be made at the our stockholders may rest assured that such -Listing. Cushman's Sons Inc. proper time. For some time I have felt certain that reasonable future profits for the company engaged in a receivable business must come from a The New York Stock Exchange has authorized the listing of3.964 additions perfectly huge volume of business and at lower rates,and that the two,taken shares of $8 Cumul. Dividend Prof. stock (without par value) and 5.000 together, will continue to show very satisfactory for such a business. Our additional shares of Common stock, (without par value), on official notice company some weeks ago definitely decided to enlarge materially its cash of issuance in the acquisition of the capital stock of H. B. Cushman & Co.. resources and thereby its volume in order to assure a proper future return Inc., B. A. Cushman Co. Inc., nd Hill-Ware Co., Inc., with further for our stockholders. Neither the Commercial Credit Co. nor any of its authority to add 345,900 of 7% dumul. Pref. stock (par 3100), 6.036 shares subsidiary companies is for sale to anybody. Nor will the oprating head- of $8 Cumul. Dividend Pref. stock, and 5.000 shares of Common stock -V.121. 13• on official notice of issuance and payment in full, in connection with the quarters of Commercial Credit Co. be moved from Baltimore." -Ware Co., 2756. acquisition from time to time of shares of Prof. stock of Hill Inc., and additional property and (or) Capital stock representing the -To Increase Stk. control thereof, making the total amount applied for: 7% Cumul. Pref. Commercial Investment Trust Corp. The stockholders will vote Dec. 26 on increasing the authorized capital stock, 31,834.100; $8 Cumul. Dividend Pref. stock, 32,560 shares; Common stock from $6,000.000 7% Prof. stock and 350,000 shares of Common stock stock, 105,240 shares. (no par value) to 812.500,000 7% Prof. stock. $15.000.000 636% 1st Pref. Comparative Balance Sheet. stock and 650.000 shares of Common stock (no par value). See also Sept. 3025. Dec. 31'24 Sept. 30'25. Dec. 31'24. V. 121. p. 2643, 2756. Assets 7% Cumul. Pfd.stk _1,794,400 1,831,100 -Tenders. Land, bides., equipComputing-Tabulating-Recording Co. 4 601,666 4,484,199 $8 Cum.Pref,stock x2,256,000 2,256,000 ment, &c The Guaranty Trust Co., 140 Broadway, N. Y. City, will until Dec. 23 y476.200 476,200 -Year Sinking Fund Gold bonds due G'dwill, formul., &c_2,703,321 2,703,321 Common stock receive bids for the sale to it of 6% 30 677.186 628,802 Acct's payable, &c__ 180.270 190,820 July 11941, to an amount sufficient to exhaust $100,202, at a price not ex- Cash Drivers'deposits_ _ 36.671 33,404 148.299 Liberty bonds ceeding 105 and int.-V. 119, p. 2885. Acc'ts & notes recle_ 166.484 201,244 Provision for taxes__ 108.367 166,128 Real estate mtges_ __ 322,900 363,400 593 Congress Hotel Co., hicago.-Bonds Called.Interest accrued__ __ Res for repairs &c22,593 21,258 All of the outstanding 1st Mtge. 5% Gold bonds dated Jan. 1 1906 have Miscell. parts Surp.from appraisal 9,714 been called for payment Jan. 1 at par and int. at the Continental & Commer- Depos. on mchdise_. of property, dre_ _ _1,346,249 1,346,249 6,200 291,199 Investments at cost_ cial Trust & Savings Bank, trustee, Chicago, 111.-V. 119, 13• 2651. 2,172,933 2,177,706 258,289 331,429 Earned surplus Inventories -Grocery Merger. (John T.) Connor Company. Lib. bds. depos. with 18,664 Dept. of Labor__ 18,664 with the proposed consolidation of this company with the In connection 7,787 2,600 Ginter Co. and O'Keeffe 13, Inc., all of which are engaged in the chain Miscell. investments Total(each side)_ _8,716,582 8,841.008 store grocery business in substantially the same field, a circular letter to Deferred charges._ _ _ 102.306 174,358 shares of no par value, of a stated value of $100 per the stockholders says in substance: x Authorized 40.000 "Such a merger has been under consideration for several months. A share: issued 22,560 shares. tentative outline of the plan of consolidation has now been agreed upon y Authorized 200.000 shares no par value, of a stated value of $5 per -V. 121. p. 2278, 2044. and has been assented to by all of the stockholders of O'Keeffe,s' Inc. share, issued 95,240 shares. The stock of the latter company is closely held, whereas the Preferred and -Bonds Called. Dalton Adding Machine Co. Common stocks of this company and of the Ginter Co. are widely distributed. Certain of the outstanding 8% Sinking Fund Convertible Gold bonds, "The consolidation, according to the present plan, contemplates changing dated Dec. 1 1921, aggregating 822,300. have been called for payment the corporate name of the Ginter Co. to 'First National Stores. Inc.' and Dec. 31 at 106 and interest at the Union Trust Co., trustee, Cincinnati. 0. transferring to that company the business, assets and good-will (subject 121. p. 2044. to liabilities) of the other two companies. Several reasons, including the -25% Def. Div. avoidance of unnecessary expense, have led to the adoption of this plan of De Beers Consolidated Mines, Ltd. effecting the consolidation. If and when the consolidation is accomplished A dispatch from London states that the company has declared interim the present stockholders of the three companies will hold the Preferred and dividends of 25% (or 12s. 6d.) on the deferred shares and 20% (or 108.) on (or) Common stock of First National Stores, Inc.. in such amounts as may the Preference stock, both subject to British taxes. In June last and In be determined through comparable and uniform audits of the books of the Dec. 1924 distributions of 20% each were declared on the deferred shares. three companies. Until the completion of these audits, which are now in V. 121, p. 1466. progress, it is impossible to state precisely the basis of these stock issues. be said that the plan provides for the issue In general, however, it may -Merger. Detroit Stove Works. to this company's Preferred stockholders of an equivalent number of shares -V.85. p. 1084. See Michigan Stove Co. below. of 1st Pref. 7.7stock of First National Stores, Inc.(par $100 each): and to number of shares of no par Common Common stockholders of an equivalent -New Common Stock Put on Devoe & Raynolds Co., Inc. stock of First National Stores, Inc., plus an amount of 1st Pref. 7% stock of that company to be determined by the pending audit and appraisal in $2 40 Annual Dividend Basis-New Secretary. accordance with the basis established by the plan. The directors have declared a quarterly dividend of 60 cents a share on "The completion of the consolidation depends.ofcourse, upon its approval the new Class "A" and "B" Common stocks, placing these issues on a $2 40 by the stockholders of all three companies concerned. per annum basis. The regular quarterly dividends of 1 % each on the "It is the belief of the officers and directors of the companies concerned First and Second Preferred stocks also have been declared. All the divithat the proposed consolidation will enable the consolidated company to dends are payable Jan. 2 to holders of record Dec. 21. The dividend on the thereby to more effectively meet new Common stock Is equivalent to an annual rate of $7 20 a share on the effect great economies in operation and the growing competition in the grocery business and to give better and old Common stock, which was exchanged one share (par $100) for two shares cheaper service to the public. Plans are under consideration for the 01' Class A and one share of Class B Common stock of no par value, and centralization of warehouses, the operation of a large modern bakery, the which paid $6 annually, not including extras (see V. 121, p. 1351). establishment of an independent milk supply in an exceptionally fine dairy The directors also voted that a bonus of 2% of 1925 salaries be paid to section, and the elimination of existing duplication in transportation. employees. It is also obvioint that the centralizing of the purchasing, statistical and E. B. Prindle has been elected Secretary, succeeding A. F. Adams, re-V.121. p. 2162. supervising depWtments of the three companies will result in substantial signed. Mr.Prindle will also continue as Vice-President. economies. "It is proposed to operate existing stores of the three companies under -Bonds Offered.--Greenebaum (Albert) Dickinson Co. their present names, making, of course, such eliminations of unprofitable locations as may seem desirable, as heretofore. General plans for the Sons Investment Co. are offering at par and int. $2,200,000 enlargement of the field of operations are also under consideration and new 1st Mtge. 65/2% Gold bonds. locations are now being surveyed with a view to such expansion. ArrangeDated Dec. 1 1925: due Dec. 1 1930. Principal and int.(J. & D.) payable monis have been made, subject to proper action by stockholders and and $1,000. directors, to retain the services of the executives of the three constituent at offices of Greenebaum Sons Investment Co. Denom. $500 called on or company a strong and ex- Red. all or part on any int. date, on 60 days' notice. at 103 if companies, thus ensuring to the consolidatied agrees of at perienced management." See also Ginter Co. below and compare V. 121. before Dec. 1 1929. and thereaftertax a premiumand2%. Borrowerup all state taxes up to 2% to 5 to pay the Federal normal income p. 2644. mills of the principal amount. Monthly deposits in advance with Greenebaum Sons Bank & Trust Co., Chicago. trustee, required to meet maturing -Earnings. Consumers Co., Chicago. interest payments. guar. End. 10 Mos. Security.-Secured by a closed first mortgage on approximately 53.16 Oct. 31 '25. Oct. 31 '25. Period$320.683 $2,591.890 acres of land, at 35th St., California Ave. and the Drainage Canal, Chicago, Gross earnings 87,749 978.306 of which approximately 41.66 acres is owned in fee simple, and approxiAdministrative & general expenses 46,605 460.228 mately 11.5 acres is held under 99-year lease; group of buildings and other Interest 46.089 452,500 improvements, machinery and equipment: in addition, the first mortgage Depreciation and depletion covers a smaller complete plant at the Southwest Corner Clark and 16th $706,854 Streets, with brick improvements. Independent expert appraisal of the $140.239 • Net income $2,299,204 and for the ten property, including the land owned in fee, leasehold estate, buildings, Sales for the month of October amounted to machinery and equipment, places the total value at $7.009.167. months ending Oct. 31 to $16,161,811. , The plant comprises a group of thoroughly modern, reinforced concrete B. A. Eckhart of the B. A. Eckhart Milling Co. and M.F. Peltier, Vice-V. 121, and steel buildings, with pressed brick exterior and equipped throughout President of the Peabody Coal Co., have been elected directors. with sprinkler system which assures a very low insurance rate. The plant p. 2644. 2524. comprises 9 units, including three holding houses. Company. -Recognized as the largest seed merchants in the world. Continental Oil Co. -Contract. The Consolidated Royalty Oil Co. has announced the signing of a con- Company was established in 1855. and conducts branches in Minneapolis, of the Consolidated Detroit. Baltimore, Pittsburgh, New York and Boston. doing a world-wide tract with the above company for the development successful Royalty's interest in the Kraemer Tract in Orange County. Calif.. about business of great magnitude. Company's 70 years of meet all experience to promptly obligations. 20 miles from Los Angeles. Under the contract, the Consolidated Royalty offer complete assurance of its ability Co. has a 25% carried working interest. The drilling will be carried to a -V. 113. p. 2316. depth of 4,500 feet, which will test all the producing sands in that -Capital Increased. Du Pont Rayon Co. -V. 121. p. 2408. area. The company has filed a certificate at Dover. Del., increasing its auth-New Financing. Crown Willamette Paper Co. orized stated capital from $15,500,000 to 322.500.000. The authorized Capital stock after the increase is 100.000 shares of no The Continental & Commercial Securities Co. of Chicago has been in non-voting Common conference with Pres. Louis Block concerning a refinancing plan which Par value voting Common stock, 25,000 shares of Pref, stock, par $100 the marketing by the Continental & Commercial Securities stock and 100,000 shares of 8% Cumul. Non-Voting contemplates Common stock is not on the market. The Preferred stock Co. of a considerable amount of bonds and Preferred stock. Should such per share. The the most limited way,in Prof. stock a deal eventuate. the Continental & Commercial Securities Co. will have is on the market possibly in offered to and subscribed that all theof Common by holders associated with it Blyth, Witter & Co. of San Francisco; Blair & Co., Inc., that has been sold has been -V. 121. p. 1794. stock. of New York, and possibly other financial houses. 2882 THE CHRONICLE Eastern Rolling Mill Co. -Extra Dividend, &e. The directors have declared a quarterly dividend of 37 a share and an extra dividend of 50c. a share on the new no par Common stock, and a final dividend of $2 a share on the unconverted Preferred stock, payable Jan. 2 to holders record Dec. 15. These declarations are equivalent to $3.50 per share on the old 60,000 shares of Common stock of no par value. which was outstanding prior to the exchange of 4 new no par shares for each share held, and on which quarterly dividends of $1 per share had been paid. -V. 121, p. 2757. [VOL 121. Eureka Pipe Line Co. -New Officers. See Cumberland Pipe Line Co.above. -V.121, p.468. Federal Finance Corp. (of Del.). -Initial Dividends. -The directors have declared initial quarterly dividend of 75c. a share on the Class "A" stock and 25c. a share on the Class "B" stock, both payable Feb. 1 to holders of record Jan. 15. See offering in V.121, p. 1914. Finance Co. of America, Baltimore. -To Redeem 8% Pref. Stock-Extra Div. on Common Stock-To Change Par of Eitingon - Schild Co., Inc. -Halsey, Common to No Par Value. -Bonds Offered. - Stuart & Co., Inc. and E. Naumberg Co. are offering at All of the outstanding 8% Convertible Preferred stock has been called 98% and int., to yield over 6.20% $4,000,000 10 -Year 6% for redemption Dec. 30. at $27 50 per share and dim,at company's office. Baltimore, Md. The 8% Convertible Preferred stock is convertible into Sinking Fund Gold Debenture bonds, (with Common stock Class A Common stock on the basis of two shares of Prof. for one share of Class A Common stock at any time before the close of business on Dec. 30 purchase warrants.) Dated Nov. 1 1925: due Nov. 1 1935. Interest payable M. & N. at 1925. directors on Nov. 24 declared dividends payable Jan. 15 The office of Halsey, Stuart & Co., Inc., New York or Chicago, without deduc- stock of record Jan. 5 1926 as follows: 1V.% (434c.) on the 1926, to 7% Prof. tion for Federal income taxes, not in excess of 2%. Denom. $1,000, $500 stock. An extra dividend of 4% ($1) , and $100 c*. Red. all or part on 60 days' notice at 10446 and int., less 36 stock; 255% (62%c.) on Common on elapsed after Nov. 2 1925. Penn. 4 mills tax, was also declared the Common stock. of 1% for each full year The earnings Common stock for the third quarter of this year were Conn. 4 mills tax, Maryland 4;4 mills tax. District of Columbia 5 mills $3 a share andof the indicated earnings for the year will be $8.74 (after tax and Mass. 6V Income tax refundable. Federal taxes) on a basis of the first 11) months' operations. • Stock Purchase Warrants. -The Debenture bonds carry warrants (which recommended to the stockholders the split-up may be detached and either held or disposed of separately and apart from ofThe directors have also of 5 shares of new stock, without par value, the Debenture bonds) entitling the holder of each $1.000 Debenture bond forCommon shares on the basis -V.119. p. 2415, each share of the present Common stock par $25 each. to purchase 5 shares of the Common stock of the company for a period of 3 years from Nov. 1 1925. at a price of $31 per share during the first two -Grocery Merger. First National Stores,Inc.(Boston). purchase years and $35 per share during the third year. Warrants for the -V.121. p.2645. See John T.Connor Co.above and Ginter Co.below. of a proportionate number of shares are attached to $500 and $100 Debentures. Fisk Rubber Co. -Special Meeting Adjourned. Data From Letter of Pres. Motty Eitingon, New York, Dec. 3. The special stockholders' meeting, scheduled for Dec. 11. has been Comp:mt.-Business had its inception in the United States in 1901. adjourned until Dec. 28. Holders of record Dec. 15 will be entitled to vote. following 70 years of successful operations in the fur industry, In Europe. See also V. 121, p. 2757. The present company was incorp. in 1914 with a capital of $200.000 and Fitz Simons & Connell Dredge & Dock Co. -Stock now had resources in excess of $17.000.000. Company and subsidiaries constitute the largest fur receiving and distributing organization in the Sold. -The offering of .23,000 shares of Common stock by world, with branches reaching out to every quarter of the globe. During the past few years company established many buying and selling Ralph A. Bard & Co.Chicago, at $23 50 per share, to net branches throughout the world, the cost of which have been written off, 8)i% has been oversubscribed. ' and the company now has the advantage of this extensive organization. Tax-free in Illinois. Free of normal Federal income tax. Transfer agent. Company as now constituted. Is a complete self-contained unit embodying Continental & Commercial Trust & Savings Bank, Chicago. Registrar, every feature of purchase, treating and marketing of furs from the original Central Trust Co., Chicago. Application will be made to list this stock on purchase from the trapper in the remote regions of the world to the ultimate the Chicago Stock Exchange. sale of the treated skins to the manufacturer, wholesaler and retailer of Capitalization Authorized and Outstanding. furs and fur products. The Polish subsidiary, known as N.Eitingon & Co., 7% Preferred stock (old Issue) $92.60 is a manufacturer and distributor of textiles. 50,000 sb contract with Common stock (par $20) Company, through one of its subsidiaries, has an exclusive the U. S. Government covering the dressing and dyeing of skins from all Data from Letter of Philip G. Connell, President of Company. Alaskan seals captured and retained by the U. S. Government, pursuant nistoru.-Business, outgrowth of a partnership established by Genera to its treaty with Great Britain, Japan and Russia. These furs concentrate Charles Pitz Simons and Charles J. Connell. was incorp. in 1911 in Maine at St. Louis, and after being dressed and dyed, are sold at public auction and is now being reorganized as an Illinois oorporation. Company's of the U. S. Government. Pursuant to the International business consists principally of the construction of lake, river and harbor for the account Pelagic Treaty, except for certain minor rights given to the native Indians. improvements, water works, docks, piers, breakwater and retaining wall it is illegal for any one other than the agents of the United States to capture construction; heavy pile, caisson and concrete foundations; construction Alaskan seals or import Alaskan sealskins into the United States. of bridge substructures; also dredging and filling operations. Most of this In the past 25 years the fur industry has developed from one of a com- work is carried on at Chicago, Calumet Harbor, Gary, Indiana Harbor, paratively limited extent into an important and stable industry. Prior to Waukegan and adjacent ports and waterways. 1914, the international fur trade centered in Leipzig, Germany. and Great Earnino.-Earnings for the past 2 years and 10 months ending Oct. 31 Britain with auction sales in London. The effect of the World War was 1925, covering the period of operation by the present management, and revolutionary on the fur trade, and the United States has now become the after depreciation and Federal taxes, have been as follows: 1923. *185.992: principal manufacturer and distributor of fur goods. 1924, $283,223; 1925 (10 Months). $264,358. Authorized. Outstanding. The average earnings for the 3 years as shown, available for dividends on Capitalizationthe new issue of Common stock, are at the rate of over $4 75 per share, -Year 6% Sinking Fund Gold Debenture 10 $4,000,000 and for the year 1925 over $5 50 per share. It is the intention of the direc$4.000,000 bonds (this issue) 600,000 tors to place the stock on a dividend basis of $2 per share per annum, paya600.000 7% Cumul. 1st Pref. stock (par $100) 6.000.000 3,640.000 ble quarterly. 6% Non-Cumul. 2d Pref. stock (par $100)-600.000 shs. a400.000 shs. Common stock (no par value) Directors will be: Philip G. Connell, President; Edward J. Fucik, Vice. a Including amount available for purchase under terms of detachable Pros.: Henry N. Cooper Jr., Treas.: Ralph A. Bard, and D. F. McPherson. -V.121, P. 2755. warrants hereafter described and deposited with the Registrar of the John T. Lillis is Secretary. warrants. -Listing. Fleischmann Co. Purpose. -To increase the net working capital of the company. Sinking Fund. -Trust agreement also provides for a sinking fund operative The New York Stock Exchange has authorized the listing on or after through Halsey, Stuart & Co., Inc., sinking fund agents, for the retirement Dec. 17 1925 of 4,500,000 shares of new Common stock without par value by purchase and (or) redemption of $200,000 of bonds of this issue on or on official notice of issuance in exchange for its present outstanding Coro. before Jan. 1 1927, and a like principal amount annually thereafter on or stock without par value on the basis of 3 shares of new Corn, stock in before Jan. 1 of each year up to and incl. Jan. 1 1935. CompanY may exchange for one share of present Common stock. anticipate its sinking fund obligations. This sinking fund will be sufficient Comparative Balance Sheet. to retire 45% of the total issue of bonds before maturity. Sept.30'25. Dec.3124. -The consolidated net profits of company, and its present Mfg.plants,equip.,Sept.30'25. Dec .31'24. LiabilitiesEarnings. $ $ $ Assets$ deducting depreciation, making allowance for minority subsidiaries, after Preferred stock-x1,234,800 1,246,900 interests and adjusting interest paid on borrowed money to give effect to Common stock._ _y7,500,000 7,500,000 real est., turn., the additional capital received from the sale of $4,000,000 of Debenture pate r Curr. LialrUs.. fixues, &c_ _29,812,800 27,983,319 bonds, but before interest on such bonds, as certified by independent 595.733 Notes payabie_ __ 49,498 auditors except as to the operating results of the Polish subsidiary, which 331.542 Accounts payable. 1,189,276 1,578,101 Prepd.taa„ins.,&c 801,781 are included as reported by the company, are as follows: Accr.int., payroll., Gen. lnsur.Fund-1,970.757 1 ' Net After Net Before taxes (0th. than U. and Federal fazes. Federal Taxes. .th S. Liberty . -YearsNov. 30 Fed. & Can.) & 2,097,546 1,759,117 oter b receivableond $1,922,287 $2.161,542 603,339 1925* expenses 265,620 67 :: 1,156.381 Stocks 1,283,007 1924 29,800 Accr. Fed. taxes._ 2,002,549 1,609,145 29,800 1,165,031 Coll. loans rec 1,292,893 1923 41,444 30,363 200,000 Accr. Can. taxes._ Reserves 25,698 21,454,982 Accrued interest_ $1,624,266 Annual average for period 14,994 Deprec. plants and Cash 32,079 11,174,581 9,458,865 equipment a Eleven months ended.Oct. 31. Investment Sees.3,073,649 1,414,587 Depr. oth. real est. 2,165,750 1,989,228 Consolidated Bal. Sheet (Co. & Subs.) Oct. 31 1925 (After Present Financing). Bonds 181,368 828,395 Amort. cost of pats 303,875 16,908 Stocks Liabilities Assets206,902 Uncoil. accts. & $624,720 Real estate mtges. 201,623 $1,719,533 Accounts payable Cash 453,856 360,034 loans 23,551 23,550 68,768 Policy of life ins_ 60,926 Joint account U. S. & British Gov't bonds. Miscell. reserves.- 344,017 216,304 Current AssetsU. S. Gov't, due on sealskin Cust. notes acc'ts & trade 4,132,512 3,436,588 Gen, ins. fd. acct. 2,159,492 2,029,610 78,628 Cash contracts 6,525,763 acceptances 30,529,595 26,322,040 444,999 U.S.Govt.secure. 7,729.758 5,917,038 Surplus 4,221,772 Deposits on sales contracts._ Inventories 189,643 47,076 Notes receivable__ 546,514 Res. for Fed., state .4 foreign Adv.for purch. of mdse 354,277 Accts. receivable__ 4,077,494 3,484,371 taxes. &c 21,100 Life Insurance 19,494 Accr. Int. & diva. 3,016,575 Int. of minority stockholders_ Land, buildings. mach.,equip 90,563 99,616 receivable 101,022 Min'y int. in Milan business_ Cash for red, of mtge. bonds 4,000,000 Inventories at cost 5,595,535 5,305,255 1,660 6% Sink. fd. Gold Debs of subsidiary Capital 446,657 Inv.in affiliated companies Total 59,742,554 52,837,075 59,742,554 52,837,075 Total 600,000 35,598 7% Prof. stock Miscellaneous investments x Authorized and issued, 30,000 shares of $100 each; in treasury, 17,652 435,808 6% Non-Cumul. Pref. stock_ 3.640,000 Prepaid & def. exps., &c_..... shares. y Authorized and outstanding, 1,500,7,750,485 shares; outstanding, 12,348 Mailing lists & costs of estab-Common (no par value) 000 shares at declared value of $5 each. 650.485 . _ _ lishing receiving house_ . Note. -As at Sept. 30 1925 the company had contingent liabilities of Good will, formulae, pro-V. 121, p. 2646, 2410. $100,000 as guarantor of notes. 2 cesses, &o Total -V. 121, p.2645. 817,682,394 Total $17,682,393 -Proposed Name. Electric Household Utilities Corp. -Stock of Foreign Company Offered to Foundation Co. -Orders on Books of New Company Exceed Stockholders -In a letter dated Dec. 3 to the stockholders $39,000,000. of ttke Foundation Co., Frank Quilter, Pres. of the Founda-Dividend Rate Increased tion Co. (Foreign) says in substance: p. Electric Storage Battery Co. By circular letter dated Nov. 11 1925(V. 121, 2526) you were advised -Extra Dividend Also Declared. of the proposed organization of a new company to take over business in The directors have declared an extra dividend of $1 per share and a certain foreign fields and to engage in financing in connection with the quarterly dividend of $1.25 per share on both the Common and Preferred business to be conducted by the new company. The new company was stocks, payable Jan. 2 to holders of record Dec. 18. Quarterly dividends incorporated Nov. 27 1925 in Delaware under the name of The Foundation of $1 per share had been paid on both issues from Jan. 2 1923 to Oct. 1 Co. (Foreign) with the following capitalization: 160.000 shares of Class A 1925 incl., and also extras of 75c. per share on Jan. 2 1923 and $1 per share stock without par value, and 160,000 shares of Class B stock without par value. on Jan. 2 1924 and Jan. 2 1925.-V. 120, 1.)• 3193• -The Class A stock shall be entitled to non-cumuDescription of Stock. -Extra Dividend. lative dividends at the rate of $2 50 per share per year, either for the Elliott-Fisher Co. An extra dividend of $3 a share in addition to the regular quarterly whole year or for current quarterly periods thereof, before any div. for dividend of $1 a share has been declared on both the Common and Class such period shall be paid or set apart on the Class B stock. After diva. "B" Common stocks, both payable Jan. 2 to holders of record Dec. 15. at such rate have been paid or set apart on the Class A stock for any curOn July 1 last, the company paid an extra dividend of $1 a share on both rent annual or quarterly period, divs. for such period may be paid or set apart on the Class B stock at a rate not in excess of $2 50 per share classes of Common stock. -V. 120, p. 3071. Per year, entirely irrespective of whether divs. for prior years or for prior -Extra Dividend. quarterly periods have been earned, paid or set apart on the Class A stock. (E. S.) Evans & Co., Chicago. The directors have declared an extra dividend of 25c. a share on the After diva, at such annual rate have been paid or set apart upon both Class "A" and Class "B" stocks, in addition to the regular quarterly the Class A and Class B stock for any period, any additional dive, which dividend of 50c. a share 'all payable Jan. 2 to holders of record Dec. 22. may be declared for such period shad be distributed ratably among the holders of all shares of Class A stock and of Class B stock then outstanding. -1(4120. P. 2154. lee See Hurley Machine Co. below. DEC.12 1925.] THE CHRONICLE irrespective of class. In case of voluntary or involuntary liquidation or dissolution, the holders of Class A stock shall be entitled to receive $30 per share before any amount shall be payable to the holders of Class B stock. After such payment of $30 per share to the holders of Class A stock, the holders of Class B stock shall be entitled to receive a similar amount before any further payment shall be made to the holders of Class A stock. Any remaining assets of the corporation shall thereafter be distributed ratably among the holders of all shares of Class A stock and of Class B stock then outstanding, irrespective of class. The Class A and Class B stock shall be entitled to equal voting rights, that is, each share of each class shall have one vote. -The Foundation Co. (Foreign) Properties Taken Over By New Company. will take over the business of the Foundation Co. in all parts of the world other than North, Central, and South America, the West Indies, the British Empire (including British mandate territory) and the insular possessions of the United States, together with the good-will of theFoundadon Co. in such territory, any and all contracts, options, &c., possessed by the Foundation Co. for carrying out work in such territory and the entire capital stock of the Belgian and French subsidiary companies of the Foundation Co. which companies now carry on business in Belgium and France. respectively. -For the property so transferred the Foundation Payment for Properties. Co. will receive 40,000 shares of Class A stock and 160,000 shares of Class B stock of the Foundation Co. (Foreign). 20,000 shares of such Class A stock have been sold to bankers and the remaining 100.000 shares of Class A stock are offered to the stockholders of the Foundation Co. (see below). -The Foundation Co. (Foreign) enters this business field Management. under the auspices of the Foundation Co. The majority of the board of directors of the new company will be members of the board of the Foundation Co. and its chief executive officers will be chosen from the officers and staff of the Foundation Co. The history of the Foundation Co. is one of achievement and success in the engineering and construction world, as evidenced by the growth of that company. With such a background, the new foreign company should occupy an enviable position in its field. -The Foundation Co. (Foreign) starts business actively by Orders. taking over contracts in Japan, Greece, Belgium and France for engineering and construction work amounting to approximately $39,000,000, which work includes the reconstruction of Louvain University Library, Belgium: bridge and power plant construction in Japan: the industrial plants of Courtaulds, Ltd., National Radiator Co. Union Cold Storage Corp., in France; and the reclamation and irrigation of the Vardar River Basin (Salonika Plains) for the Greek Government. The Greek contract has been recently closed and is subject to future financing by the Greek Government. The new company is negotiating for additional business of magnitude, involving construction and the financing thereof for State and municipal Governments, industrials and utilities which in the opinion of the company's officers should be productive of desirable new business. -The stockholders of the FoundaRights to Stockholders of Foundation Co. tion Co. of record Dec. 3 1925 are offered 100.000 shares of the authorized Class A stock for pro-rata subscription by them. at the price of $28 50 per share, each such stockholder being entitled to subscribe for one share of the Class A stock of the Foundation Co. (Foreign) for each one share of the Foundation Co. stock held. All subscriptions for such stock, together with New York funds in payment, must be received at the office of the Foundation Co. (Foreign) 120 Liberty St., N. Y. City, not later -V. 121, P. than Dec. 29 1925, at which time all rights shall expire. 2758, 2646. 2883 int, date beginning June 1 1931. but not prior thereto, the outstanding Debentures may be redeemed either as a whole or in part for the sinking fund at 102% up to and incl. Dec. 1 1935, the premium declining one-half point each subsequent year to par in the year 1940. -Company's earnings prior to 1914 reflected its steady growth Earnings. and consistent prosperity. For the five years ending June 30 1914, the net earnings available for dividends, after deducting all interest, tax and depreciation charges, were as follows: 1914. 1913. 1912. 1911. 1910. 54,496,448 $6,879,267 55,804.014 $5,269,493 54.385,204 Average, $5,366.885. In every year since 1915 the company's operations have shown a profit. For the four years ended June 30 1918 the net earnings available for dim'. (translated into dollars at the approximate rate prevailing at the end of each year) averaged $5,307,262. For subsequent years any statement of net earnings would be vitiated by the rapid and continuous depreciation of the Germany currency, until stability was restored late in the calendar year 1923. During the year ended Sept. 30 1924 the books of the company were placed on a gold basis and in spite of relatively unfavorable conditions during the first half of the year, the company was able to show net earnings, after deducting all interest and tax charges (except income taxes which are a charge against earnings after interest) but before deducting depreciation equal to $3,201,107 and net earnings, available for diva., after all charges, of $1,719,143. Preliminary figures for the fiscal year of the company ended Sept. 30 1925 show a substantial increase in net earnings available for int. and div., and it is contemplated that at the annual meeting of the company, to be held in January 1926, a cash div. of 6% will be declared on its Common capital stock, which compares with the 5% div. paid in the preceding year. The gross sales of the company increased from approximately 554.000,000 in the fiscal year ended Sept. 30 1924 to over $83,000,000 in the fiscal year ended Sept. 30 1925 and at the present time has a very substantial and satisfactory amount of orders on hand, employing over 50,000 people. [Except as otherwise stated, all figures have been translated from German marks into dollars at the parity of 23.8 cents.] Balance Sheet Sept. 30. 1924. 1925 (est.) 1925 (est.) 1924. Liabilities$ $ AssetsCommon stock_ _28,560.000 28,560,000 Real est., plant & equIp.(less dep.) 18,038,352 19,600,000 Preferred stock._ 4,165.000 4,165,000 Preferred B stock_ 4,462,500 4,462,000 Stocks of sub.,&c., 13,076.893 15,100,000 General reserve__ 3,808,000 3,838.000 companies 985,000 Other Investments 7,249,528 7,600,000 Welfare reserve___ 952,000 95,000 95,282 100,000 Mortgages 26,656 Mortgages 10,000,000 Mdse. & mat'ls„.13,690,254 19,300,000 7% Delis., 1945 Accts.receivable..13,399,5471,30,190,000 Deb. bonds, 1932_ 3,758,401 3,720,000 Due banks (net)__ 2,935,465 6,947,000 Due Zr. br. At subs_ 2,180,6461 80,000 Prepays. by cust's 5,878,479 11,500,000 168,856 Acceptances 30.000 Accounts payable_ 8,182,1251 131,326 Cash on band Ital. due on contra_ 1,194,6381 )17,728,000 Due hr., subs. & 2,251%0251 MM. cos Tot.(each side) 67,962.058 92,000,000 Profit and loss_ _ 1,719,143j Further details regarding the company are given in V. 120. p. 589, 3320. -Increase in Capital Proposed-AcGimbel Brothers. quires Kaufmann & Baer Co. of Pittsburgh. from the company The New York Stock Exchange has received notice of a proposed increase in its authorized Common stock from 600,000 shares to 622,500 shares (no par value), and in its authorized Preferred stock from 518,000.000 to $21.000,000, par $100. The stockholders will vote Dc. 29 on the above changes. It was announced on Dec. 2 that the company had acquired control of 100% of the stock of the Kaufmann & Baer Co., of Pittsburgh. The latter had an authorized issue of $3,300,000 Common stock (of which there was outstanding about 52.800,000) and an authorized issue of $200,000 Preferred expend( - stock (all outstanding). on its properties at Hollywood and Fox Hills, Calif., involving ture of approximately $500.000.-V. 121. P. 2758. There will be no new public financing to complete the purchase of the Kaufmann & Baer Co., it was further announced. Details of the acquisi-Earnings. tion were withheld. (H. H.) Franklin Mfg. Co. (Syracuse). The announcement further stated that in 1924 the sales of the Kaufmann The company reports for the 11 months ended Nov. 30 1925 net income & Baer Co. were in excess of $'6.000.000. Theodore Kaufmann, President -V. 121, P. 2046. 713. of $1.974.000 after taxes, depreciation, &c. of the latter company, will become a director of Gimbel Bros. This acquisition gives Gimbel Bros. a chain of six large department stores, located in -Radio Damage Suit Filed. General Electric Co. York City. Philadelphia, Milwaukee and Pittsburgh -V.121. p.2646. Eight of the largest manufacturers of radio apparatus and supplies in the New country are named as defendants in a suit for 560,000,000 filed in the U. S. -The -33 1-3% Stock Dividend. Ginter Co., Boston. Dec. 4 by Professor Reginald A. Fessenden. District Court at Boston scientist and inventor. He contends that the concerns he designates have directors on Dec. 9 dbclared a 33 1-3% stock dividend on combined illegally to destroy the value of many of his radio devices. payable Dec. 31 in Common stock to The corporations named are the Radio Corp. of America, the General the Common stock, Electric Co., Westinghouse Electric & Mfg. Co., American Telephone & holders of record Dec. 17. The dividend will be paid from Telegraph Co., the Wireless Specialty Apparatus Co. and the International treasury stock and is in line with merger plans indicated by Radio Telegraph Co., the Western Electric Co. and the United Fruit Co. Professor Fe.ssenden charges that the defendant concerns, by creating a President A. F. Goodwin in a letter to stockholders (see Combination in restraint of trade and establishing a monopoly in control on below). wire and wireless apparatus and use in the United States, have damaged him The Committee on Securities of the New York Stock to the extent of $20.000,000, and that under the law he is entitled to three-V. 121. p. 2646. 2046. fold damages, as well as the costs of the suit. Exchange has ruled that the Common stock should not be -Organized To Acquire CerFoundation Co. (Foreign). tain Contracts, &c., of Parent Company in Foreign Coun-See tries-Stock Offered to Stockholders of Old Company. Foundation Co. above. -Building Program. Fox Film Corp. It is announced that the corporation has under way a building program the General Electric Co.(Allgemeine Elektricitats Gesell-National City Co. have -Bonds Sold. schaft), Germany. sold at 94 and int., to yield about 7.16%, $10,000,000 -Year 6%% Gold Sinking Fund Debentures, carrying 15 certain stock purchase rights which maybe availed of at the option of the respective holders of such rights, at any time subsequent to a date (not later than Feb. 15 1926) which will be designated in the interim certificate, up to and incl. Dec. 1 1930. Dated Dec. 1 1925; due Dec. 1 1940. Int. payable J. & D. Denom. . 1,000c5 Principal, int. and sinking fund payable in N. Y. City in U. S. gold coin of the present standard of weight and fineness at National City bank, New York, trustee without deduction for any past, present or future taxes or duties levied by or within the German Reich. Red, on any int. date, beginning June 1 1931, but not prior thereto. on 30 days' notice, either as a whole, or in part for sinking fund. at 102% up to and % each subsequent year to incl. Dec. 1 1935, the premium declining par in the year 1940. Stock Purchase Rights. -Each Debenture will carry a stock purchase right evidenced by an appropriate warrant, or otherwise, entitling the holder to purchase shares of the Common stock of the AEG of the par value of 100 reichsmarks (about $23 80 at par of exchange) each, evidenced by certificates in bearer form, carrying unmatured annual dividend coupons. The number and price of shares covered by each warrant will be determined as follows: First 2,360 warrants presented will each call for 18 shares at $24 a share (100.8%); next 2,150 warrants presented will each call for 18 shares at $2650 a share (5111.3%): next 1,940 warrants presented will each call for 18 shares at $29 a share (121.8%); next 1,800 warrants presented will each call for 18 shares at $31 50 a share (132.4%): last 1,750 warrants presented will each call for 17 shares at $34 a share (142.9%). The requisite number of shares will be deposited with National City Bank, New York, which, upon exercise of any right, will deliver the appropriate number of share certificates, or, if the right be exercised prior to Dec. 1 1928, a trust receipt exchangeable for such shares on and after that date, or, at the option of the AEG, prior thereto. The purchase rights will expire if not exercised on or before Dec. 1 1930. The right may be exercised by the payment of cash, but in lieu of cash, Debentures of the present issue will be accepted at face value, plus int. to an amount no greater than the aggregate purchase price of the shares. Substantially all the cash realized from the sale of shares will be applied to the purchase of Debentures, if obtainable at prices not exceeding 100% and in within a reasonable time (not less than six or more than 12 months) after receipt. If not so used, such cash reverts to the AEG. Purpose.-Proceeds will be used to reduce current liabilities and to Increase working capital and to some extent to install additional machinery necessitated by the recent expansion of the business of the company. -A sinking fund will be provided which will Sinking Fund & Redemption. redeem all the Debentures outstanding on Dec. 1 1930. in substantially semi-annual installments during the following ten years. On any equal quoted ex the 33 1-3% stock dividend on Dec. 17 and not until further notice. The directors also declared a cash dividend of 293i cents on tle Common stock payable Dec. 31 to holders of record Dec. 17. This disbursement covers the part of the quarter up to Dec. 31, the payable date of the 33 1-3% stock dividend, and is at the rate of 373' cents quarterly, which has been paid on the stock in the past. -To Chance ame-Exchange of Stock-ProGrocery Merger posed Capital Increase. The stockholders are in receipt of a letter in which they are informed that the directors have for some time believed that a consolidation of the Ginter Co., O'Keeffe's, Inc., and the John T. Connor Co. would result in such a large chain grocery organization that economies would be effected in operating, savings made in purchasing through more direct sources of supply and through manufacturing, and a considerable amount of competition removed. As a result the consolidated company could sell groceries at lower prices, thus tending to increase business with resulting greater . net profits. The letter further says "Apart from the great national chain which operates in New England and your company, 101 'Keeffes, Inc., and the John T. Connor Co., are the largest and the most profitable grocery chains in New England, together operating about 1.175 stores and with your company's, 422 stores, a groat grocery chain of approximately I ,600 stores will be created. "The directors, therefore, have approved of this consolidation and have worked out a mutually satisfactory plan with the directors of the other companies. "In substance, the owners of Ginter 8% Preferred stock now outstanding will be invited to exchange their present shares for new 7% Preferred shares with a bonus of 10% in the new stock free. We believe the new 7% stock with the bonus will be worth more than the present 8% stock and that consequently by this exchange the interests of present Preferred stockholders will be at least fully protected and amply assured. The history of profitable operations by the three companies, the assurance of more profitable operations that can reasonably be expected from the consolidation and the more ready marketability of shares due to the company's greater size, should place the new 7% Preferred stock in the seasoned and gilt edged investment class. "The plan provides that Common stockholders of the Ginter Co. will receive a stock dividend of 33 1-3%. "Price, Waterhouse & Co. are now auditing the books of the three companies and counsel are working out the necessary legal details of the plan. As soon as appraisals have been made, audits completed and legal procedure determined, you will receive the whole plan in detail, which will include the proposed changes in capitalization [company .has notified the New York Stock Exchange of a proposed increase in Common stock from 200.000 shares to 600,000 shares and an increase in capital by $5,000.000 1st Prof. stock] and the amount of Preferred and Common shares to be issued to acquire the other companies. 2884 [VOL 121. THE CHRONICLE "It is proposed to merge the other companies into the present Ginter Co. but to change the name of your company to First National Stores. Inc. Company will operate as separate divisions the present retail stores of the Ginter Co., O'R eeffe's. Inc.. and the John T. Connor Co. under their present names, with the same quality of merchandise and brands now carried and with the same store managers. "Your directors and such stockholders of the three companies as have already been approached, have unanimously approved the plan. Your President is by far the largest holder of Common stock of the Ginter Co., owning more than any considerable group of stockholders. Such stockholders as approached in all companies, and your President, believe that the future prosperity of your company as a result of this merger will be greatly increased. "The executives of the three companies believe it advisable to establish one large warehouse, a manufacturing plant, a bakeshop and a garage and stable at a point nearest to the centre of store locations, and to secure a special milk supply from a selected dairy section. Thus great economies will be secured in the cost ofsupplying merchandise to stores and transportation costs will be reduced. New stores of any division will not be placed in competition with existing stores of other divisions. New territory will be opened up, and in certain locations where competition among the stores of the three companies is excessive, the least profitable store in each locality may be moved to a less competitive location. "Charles E. Merrill of Merrill, Lynch & Co., New York. will be a director and all other directors except one will be active working executives. It is proposed that Augustus F. Goodwin shall be Chairman of the board of directors and of the executive committee.' [See also John T. Connor Co. above. -V. 121, p. 2646. Glen Alden Coal Co. -Declares Usual Dividend. The directors have declared the regular semi-annual dividend of $3.50 a share, payable Dec. 21 to holders of record Dec. 12. A simillar semiannual distribution was made June 20 last. The directors on Nov. 10 had deferred action on the current dividend. -V. 121. p. 2410. -Notes Goodyear Tire & Rubber Co., Akron, Ohio. Sold. -Dillon, Read & Co.; the National City Co.; Lee, Higginson & Co.; White, Weld & Co.; Bonbright & Co. Inc.; York; Kissel, Kinnicutt & Co.; Hallgarten & Co., New' Continental & Commercial Trust & Savings Bank, Halsey, Stuart & Co., Inc., and A. G. Becker & Co. Chicago; and Union Trust Co. Cleveland, have sold at 994 and interest, to yield over 53%, $15,000,000 3 -Year 5% Gold notes. Dated Dec. 15 1925: due Dec. 15 1928. Denom. $1,000 and $500 c*. Interest payable J. & D., without deduction for normal Federal income tax not exceedIng 2% per annum. Company agrees to refund the present Penna. 4 mill tax. Principal and interest payable in New York Cit3r at office of Dillon, Read & Co. Redeemable as a whole, or in part by lot, after 30 days' notice. at 101 and interest on June 15 1926, and thereafter on any interest date at 1003 and interest. National Park Bank of New York, trustee. Data from Letter of G.M.Stadelman, President of the Company. Business. -Company is the largest manufacturer of rubber tires in the world and also manufactures an extensive line of other rubber goods. Direct Obligation. -These notes will be the direct obligations of the company, ranking equally with its 10 -Year 8% Sinking Fund Gold Debenture bonds, due 1931, of which there were $21.318,500 outstanding on June 30 1925: First Mortgage 20 -Year 8% Sinking Fund Gold bonds, due 1941, outstanding on that date, amounted to $24,000.000. Sales and Earnings. --Consolidated operating results of the company and its principal selling subsidiaries. the Goodyear Tire & Rubber Co., Inc., and the Goodyear Tire & Rubber Export Co.,for the three years and six months ended June 30 1925,are as follows: 6 Mos.End. Calendar Years June 30'25. 1924. 1922. 1923. 5 $ Net sales 102,904,177 106.026,109 115,323,173 78.130.645 x Net income 8,856.963 9.937,328 16,232,095 8,040,961 Interest on 1st M.bonds 2,289,779 977.028 2,050,000 2,167,835 Dated Dec. 1 1925; due $500,000 annually Dec. 1 1928-1E4 Subscription lists were opened at 10 a. m. (Friday) Dee. 11 and closed immediately, the issue having been heavily oversubscribed. Subscriptions for the bonds were also received by the Illinois Merchants Trust Co., in Chicago, St. Louis, Minneapolis and St. Paul, by the Old Colony Trust Co. in Boston, by the Union Trust Co. in Cleveland and by Blyth, Witter & Co. on the Pacific Coast. Principal and interest (J. & D.), payable In New York City, either at the office of Speyer & Co.or of J. Henry Schroder Banking Corp., in U. S. gold coin of. or equal to, the present standard of weight and fineness, free from all past, present or future taxes of the German Republic, or of any State, municipality or other taxing authority therein. Denom. $1,000 c*. Not callable before Dec. 1 1930. Company reserves the right to call for redemption at 101%, on that date or any interest date thereafter, all of the bonds then outstanding, or any part (in the reverse order of their maturity), upon not less than 60 days' previous notice. Guaranty Trust Co., New York, trustee: Deutsche Treuhand-Geselischaft, Berlin, co-trustee. Data from Letter of Herr Max Warnholtz and Dr. Albert Hopff, Managing Directors, Dec. 5. Security. -Secured by a direct first mortgage to the co-trustee on the company's entire fleet of 74 sea-going ships now in operation, with an aggregate of about 373,000 gross register tons, including the two new first-class twin-screw oil-burning passenger ships, the Albert Bailin and the Deutschland, each of about 21,000 gross register tons. This fleet is modern, about 80% of the tonnage having been built during the past five years. The value of the ships subject to the lien of this mortgage, according to a recent Independent appraisal, is over $25,000,000, or 23i times the $10,000,000 total authorized issue of the bonds, such autherized amount being equal to onlyabnen 2 reper gross register ton. i i t u 5t 7 The provide t the company's ships will be adequately Insured against damage by fire, destruction by the elements, perils of the sea, collision and other losses arising from marine risks. Purpose. -Proceeds of this loan will be used to reimburse the company for part of the cost of its sea-going fleet and to repay a loan made for this purpose. • Business. -The Hamburg-American Line, established in 1847, is the oldest and largest German steamship company and before the war was one of the leading steamship companies in the world. The company, itself and Jointly with other companies, operates 18 different services, including tines to the east and west coasts of the United States, Cuba, the West Indies and Mexico, Central America, the east and west coasts of South America, Eastern Asia, Africa and the Levant. It is also engaged in German coastwise and river traffic. Hamburg, the company's home port, is the leading port of Germany. Property. -In addition to the sea-going fleet referred to above, the company has nearing completion, the Hamburg,' a sister ship of the Albert Bailin and of the Deutschland, which, it is expected, will be in service In May 1926. Company owns other property conservatively valued at about $6,000,000, including river, harbor and other craft (with an aggregate of about 35,000 gross register tons), warehouses and other valuable real estate at Hamburg and at other cities and shares in shipbuilding and other companies. Debt. -After application of the proceeds of this issue, the only funded debt, other than these bonds, will be a long-time loan from the German Government of $1,552,380 (total authorizes] amount about 51.900,000), bearing interest at graduated rates not exceeding 6% per annum, secured on the steamship Hamburg, referred to above. Under the Dawes Plan, which Is now in successful operation, to assure reparation payments under the Versailles Treaty, it has been arranged to impose charges on private industrial undertakings. Payments by the company for this purpose (If such charges should be imposed upon shipping) are estimated at not to exceed $75,000 per annum. The charge securing these reparation payments is not a lien upon the ships mortgaged to secure these bonds. -Earnings for the current year. after taxes, available for inter. Earnings. est and depreciation, are estimated (on the basis of actual results for the. first ten months of the year) at about 52,350.000, or about 55 times the $4422,500 maximum annual interest requirements of the bonds to be presently issued. Capitalization (After Application of the Proceeds of the Present Issue). 1st M.63 % Marine Equip. Ser. Gold bonds(auth.$10,000.000)46.500.000 Loan from German Govt. secured on the SS. Hamburg (auth. 1,552,380 $1,900.000) 23,810 First Pref. stock, 5% (5,000 shares, par 20 marks) 238,095 Second Pref. stock, 6% (50.000 shares, par 20 marks) 12,857,143 Common stock (180,000 shares, par 300 marks) Balance Sheet Oct. 31 1925 (After Giving Effect to Application of the Proceeds of This Issue). LiabilUiesFirst Mortgage 6455 ShIps. Incl. payments on ships $6,500,000 $21.906,192 Loan ftom German Govt____ *1,164,285 under construction 1,793,434 Accounts payable, &c 1,559,283 Real estate, bldgs. & equip Uncompleted voyages, &c., Investments in companies en2,727,287 accounts 7,202,552 gaged In shipping, &c 154,896 General reserve 1,904,762 Investments in other cos__ 2,996,579 Reserve for property taxes__ 42,857 Cash 1,107.754 First Preferred stock 23,810 Bills receivable 1,896,771 Second Preferred stock 238,096 Accounts receivable 702,340 Common Sack 12,857,143 MP stores Surplus 1,792,468 ter y Net income 7,769,493 14,182,095 z7,879,935 5,751.182 x After deducting all charges, except Federal income taxes and interest on funded debt. y Before Federal income taxes and interest on Debenture bonds and notes. z After deduction of $3,000,000 special raw material reserve. Annual interest requirements on these notes amount to $750,000 and on the debenture bonds outstanding on June 30 1925 to $1,705.480. or a total of $2,455,480. Purpose of Issue. -Proceeds will provide the company with additional working capital to meet present increased costs of crude rubber. Condensed Balance Sheet et., of June 30 1925. [Adjusted to give effect to the Issuance of$15,000,0003 -Year 5% Gold notes) Assets Liabilities Cash Prior Pref.8% Cumul.stock $15,000,000 $26 Acc'ts & notes rec. (less res.) 17,972,491 Manag't6% Cumul.stock__ 10,000 Inventories 33,444,826 Pref. 7% Cumul. stock__ e65,079,600 Investment in co.'s securities 22,108,975 Common (no par value)._ _ _ 1,000.000 Inv. In net capital assets_ 24,000.000 -Year In. 1941 627,374,228 20 Inv.in net current assets_ 21,318,500 -Year 8s, 1931 b16,947,622 I 10 Prop.& plants (less depr'n)_ 44,070,839 3 15.000,000 -Year 5% 1,101e5 Other assets 5,322,707 c12,500,000 Accounts payable Deferred charges d3,670,188 Accr. int. dr prem. on bonds 1,088,743 300,000 Accr. diva. on Prior Pt. stk_ 1,146,821 Accr. diva. on Pref. stock__ Total $33,285,253 $33,285,253 Total Res. for cooling. & Fed. tax 5.947,132 $38$,095 additional In November 1925. Special raw material reserve 3,000,000 25,981,355 Surplus Hart-Parr Co., Charles City, Iowa.-Notes Offered.Contingent liability in re453,216 The Minnesota Loan & Trust Co. is offering at 993 and int. Total (each side) 4 spect of endorsements__ $184,194,858 a Including Debenture bonds purchased in anticipation of sinking fund $500,000 6% 3 -Year Secured gold notes. requirements. b Investments in and advances to subsidiary companies Dated Nov. 1 1925; due Nov. 1 1928. Denom. $1,000 and $500 c*. and foreign branches. c Including special account and A. C. & Y. RR. and other securities held therein, goodwill and patents. d Including pre- Callable all or part on 60 days notice at a premium of )i of 1% for each paid insurance, discount on bonds, debentures and notes and other miscella- 6 months or fraction thereof to maturity. Int. payable M.& N. at Minnesota Loan & Trust CO., Minneapolis, trustee, without deduction for normal neous expense. e Dividends in arrears. 2934%.-V. 121,9. 1107, 984. Federal income tax not in excess of 2%. (H. W.) Gossard Co. -Increases Dividend. Data from Letter of Vice-President Melvin W. Ellis, Dec. 1 1925. The directors have declared three monthly dividends of 33 1-3c. per -Founded at Charles City, Iowa, in Company. a capital of share. payable Jan. 2. Feb. 1 and Mar. 1 to holders of record Dec. 21, $100,000, during which year there was built in its 1901 with first plowing plant the Jan. 21 and Feb. 18, respectively. Previously the company paid 25c. engine propelled by gasoline. During the past 25 years the company has monthly. substantial growth until at the the plant at Charles The company has also authorized the sale of 25,000 additional shares of enjoyed a approximately 25 acres with present timeft. of 350,760 sq. Common stock at $30 a share to holders of record Dec. 21. Rights will City covers is primarily engaged in the manufacture of high floor space. Company grade kerosene expire on Jan. 15.-V. 120. p. 590 road and farm tractors and is the oldest and among the leading manufacturers of this product in the country. During the year ending Oct. 31 Gotham Silk Hosiery Co., Inc. -Listing. over 2,000 tractors. A very profitable 1925 company produced and The New York Stock Exchange has authorized the listing of $4,500,000 department of the business is sold sale of parts to the the users (auth. $6.000,000) First Pref. stock, and 160.000 shares of Common stock tractors now in operation. Company also manufactures of over 12,000 -Parr the Hart (voting) without par value. Hart -Parr vacuum The balance of the issued and outstanding Common stock (voting), to feed grinder, the I8uhl portable air compressor, theall electric washer and the Newport automatic feed boiler , of which products wit, 160,000 shares, the listing of which is not applied for, has been deposited are being successfully marketed throughout various parts of the U. S. under a 10 -year voting trust agreement subject to a 5 -year escrow agree-Secured by a pledge of $750.000 First Closed Mortgage bonds Security. ment. (Compare offering of preferred stock in V. 121, p. 21644 : which constitute a first lien on the company's plants and equipment at lOctober sales show a 24% increase over the same month of last year, and November sales show a gain of 50% over November 1924. December Charles City, Iowa,sound value of which has been determined as of Oct. 31 sales thus far are at a rate exceeding the 50% increase reported for No- 1925 to be $1,747,334. earnings from Earnings.-Anngal net operations for the 6 -month -year 10 vember.1-V. 121, p. 2164, 2410. period from Jan. 1 1919 to Oct. 31 1925, after deducting Federal income taxes and all interest charges, but before depreciation and the elimination (W. T.) Grant Co.(Mass.). -November Sales. of certain items applicable to the period prior 1925 Noe. Increase. were not charged off until subsequent years, to Jan. 1 1919, but which -1924. Increase. I 1925-11 Mos.-1924. have averaged $132,349 or $2,_921.554 $2,709,592 $211,9621$24.828,736 $20,211.617 $4,617,119 more than 434 times the annual interest charges on this issue. -V. 121. p. 2411, 1796. Such earnings for the 12 months ending Oct. 31 1925 have amounted to or more than charges. Hamburg-American Line (Hamburg-Amerikanische $250,471, -Part of the8 times such interestthe sale of these notes will be funds derived from Purpose. Packetfahrtactien-Gesellschaft).-Bonds Sold.-Spoyer & used to retire the present small mortgage debt and balance will be used to -V. 121, p. 714. Co., J. Henry Schroder Banking Corp., and Freeman & Co. provide additional working capital. have sold, at prices ranging from 99 and int. to 100 and mt., to yield from 63% to 6.62%, according to maturity,$6,500,000 First Mtge.63% Marine Equipment Serial gold bonds. Hartje Paper Mfg. Co. -Sale. The plant of this company, appraised at $1,291.811 by American Appraisal Co., is to be sold on Dec. 14 at $560000. Carl H. Smith, special master, Sinclair Building, Steubenville. Ohio. 2885 THE CHRONICLE. DEC. 12 1925.] Since 1920 the company has been operated by George E. Wisener, General Superintendent of the Carnegie Steel Co., Mingo Junction, Ohio, as receiver. -V. 116, p. 1538. Iron Cap Copper Co.-Earnings.-Quar.End.Sept.30- -9 Mos.End.Sept.301924. Production-1925. Copper (lbs.) Hershey Chocolate Co. -Listing .Silver (oz.) The New York Stock Exchange has authorized the listing of $20,000,000 Gold (oz.) First Mtge.& Coll. Trust Sinking Fund 534% Gold bonds, due July 1 1940. Earnings Statement of Earnings (Company and Subsidiaries). Income -Calendar Years- 7 Mos.End. Expenses 1924. July 31 '25. 1923. Profit Gross revenue $33.546,515 $37,864,510 $21.217.890 Cost,selling & admin. expenses, &c... 26.796,986 30,528,103 17.107,419 -V. 121. p. 2048, 1354. Net profit Interest Federal taxes Other deductions Dividends on Preferred stock Dividends on Common stock Surplus for period Previous surplus Profit and loss credits Profit and loss surplus -V. 121, p. 2647. 766,677 32,255 51 1,283,i50 21,558 67 3,790,397 117,147 107 4,001,556 55,053 237 $104,789 52,329 $131,264 141,356 $468.755 309,767 $400,942 419,942 $52,460 loss$10,092 $158,988 $19,000 -November Sales. (G. R.) Kinney Co., Inc. $6,749,530 $7,336,407 $4,110,471 Increase. Decrease. 1925-11 Mos.-1924. -1924. -Nov. 911,134 678.424 372,571 1925 $150,584 $15.288,658 $14,172.308 $1,116,350 816,952 348,493 $1.432,180 $1,582,764 636,042 757,062 -V.121. p. 2282, 1916. 141,874 67.466 153.178 -November Sales. (S. S.) Kresge Co. 500,000 Increase. Increase.' 1925-11 Mos.-1924. 1925 -Nov. -1924. $5.134,887 $5,199.156 $2,479,167 $9,425,235 $8.252,174 $1,173,061 I $87,982,054 $75,504,100 $12,477,954 7,156,086 12,285.563 17.412.627 -V.121, p. 2282, 1916. Dr.5,410 Dr.72,092 Cr.204.045 $12,285,563 $17,412,627 $20.095,838 -To Change Par. Honolulu Consolidated Oil Co. The stockholders will vote next month on changing Vie authorized Common stock from 15,000,000 shares (9,448.000 shares outstanding), par $1, -V.121, P. 2758. to 15,000,000 shares of $10 par value. Howe Sound Co.-Listino.- -November Sales. (S. H.) Kress & Co. Increase.' 1925-11 Mos.-1924. -1924. -Nov. 1925 $4.110,692 $3,427,429 -V.121. p. 2412. 1797. -Annual Report. Laconia Car Company. 1922-23. 1923-24. Years End, Sept. 30- 1924-25. Operating profit Other income Increase. $683,26311537,355,843 $32.957.105 $4,398,738 11)8481,364 loss $8,777 14,487 26,270 $303,749 9,866 1921-22. 1168.804 9,375 $178.179 $313,615 loss$55,005 $5,710 Total income The New York Stock Exchange has authorized the listing on or after 28,992 26,361 512 Dec. 16 of voting trust certificates representing 99,208 additional shares of Interest 17,460 :50,000 Federal taxes 445 Capital stock without par value, making the total amount applied for Reserve for (voting trust certificates) 496.038 shares of Capital stock. $131.726 $237,253 Surplus $4,753 loss$55,095 19 authorized the issuance of 99,208 additional The directors on Oct. x Including additional reserve for 1917. shares of Capital stock and the offering of the same to the holders of undoposited Capital stock and to holders of voting trust certificates of record Balance Sheet Sept. 30. 1924. Nov. 14 1925 in the proportion of one share for each four shares held by 1925. Liabilities1924. 1925. Assetsthem or represented by their voting trust certificates (see V. 121, p. 2047). Real estate, bides., Preferred stock__.$1,000.000 $1,000,000 24,805 29,552 Consolidated Income Account Nine Months Ended Sept. 30 1925. machinery,Ste_ _ $680,438 $725,549 Accounts payable_ 99,728 240,618 Accrued payrolls, Income $1,671 827 Cash 10,066 7,537 taxes, Ste 6,616 Depreciation, $420,162; taxes. $205,346 625,508 Treasury stock_ 4,597 2,988 425,000 350,000 Deferred credits._ Interest charges, $143,306; dividends, $93.458 236.764 Collateral loans__ rec_ 45,172 47,159 Reserve for repairs, Accts.St notes 51,946 11,704 Fed. taxes. &c Balance before depletion 212,721 202,045 $809,554 Mdse. inventory 858,535 10,838 9,272 Capital surplus_ _ _ x803,691 Balance Dec. 31 1924 4,807,464 Deferred charges_ 4,958 5,307 Prepaid insurance_ Total 370,000 370,000 $5,617,018 Good-will Consolidated Balance Sheet Sept.30 1925. $1,855,470 $1,949,949 Total $1,855,470 $1,949,949 Total AssetsLiabilities Mining property, &c x Capital surplus represented by 8,733 shares Second Preferred no par $8,262,312 Capital stock (396,830 shs.)-- $1,984,150 coMm011, Plant, bidgs. St mach.(at cost) 8,623,080 6% Gold bonds 2,686,000 stock (authorized issue 10,000 shares) and 10,000 shares no par Investments 23,849 Accounts payable, &c 277,032 $500: balance of surplus, $303,691. -Preferred stock: 8,733 shares stamped with waiver of dividends Note 1. Inventories 639.592 U. S. and foreign taxes, &c__ 182,374 shares are held Accounts receivable 324,176 Notes payable 750,000 to Jan. 1 1924: 1,267 shares unstamped stock ,of which 171 assented and Product on band 197,895 Dividend payable Oct. 1&_ _ 196,415 under certificate of deposit subject to being stamped or have deposi U. S. bonds at cost 1,203,804 Deprec'n & depletion reserve 9,145,519 not it 2. Of the authorized issue of 10,000 shares of Second Preferred. Dom.01 Canada bonds at cost 883,650 Insurance reserve 557,909 remaining unstamped PreHowe Sound bonds at cost___ 589,583 Miscellaneous reserve 23,605 1,267 shares are held for delivery to holders of from April 1914 to Jan. 1 ferred in lieu of all accumulation of dividends Cash on hand 444,398 Profit and loss 5,617,019 1924. Notes receivable 44,066 -Accrued undeclared dividends on Preferred stock outstanding Note 3. Deferred charges 185,620 Total (each side) $21,422,024 from July 1 1924 to Sept. 30 1925 amount to $86,651.-V. 119. p. 3017. V. 121, p. 2047. -Exchange of Stock. Lago Petroleum Corp. Hurley Machine Co. -Change in Name Proposed-To It is announced that the present stock will be exchanged for stock of a to plans. for 1 of Recapitalize. -The directors have recommended to the stock- new company on the basis of 2 shares within athe new, according has been few days. There which are expected to be announced holders that the name of the company be changed from talk that an exchange of Lago stock for Pan American B stock eventually Hurley Machine Co. to Electric Household Utilities Corp., will be made. -V. 121, p. 2282. and that its Capital stock be changed from 300,000 shares, of -.An issue of -Bonds Offered. La Habra Heights Co. no par value to 600,000 shares, par 810. The stockholders $425,000 1st Mtge. 63% Sinking Fund Gold bonds was will vote Dec.28 on approving the above proposals. Chairman recently offered at 100 and int. by Wm. R. Staats Co., Edward N. Hurley, says: San Francisco. Dated July 11925;due July 1 1935. Denom.$1,000,$500 and $100. Red. on any int. date at 101 and int. Int. payable J. & J. without deduction for normal Federal income tax up to 2%, at Pacific-Southwest Trust & Savings Bank, trustee, Los Angeles, and at Crocker National Bank, San Frandsth. Exempt from California Personal Property Tax. Issued. Authorized Capitalization$450,000 $450,000 Capital stock 425,000 500,000 1st Mtge. 6497, bonds (this issue) will be held by the Trustee to be used in the The $75,000 bonds unissued acquisition of an additional water supply for the mortgaged property. -Incorporated in California. Originally owned 3,653 acres Company. of which there have been sold and deeded 562 acres, and sold under contract 796 acres, all being fertile valley and hill land lying along the north efto of La Habra Valley. The property in question is located north of the boulevard and about 2 miles east of the city limits of Whittler, and lees than a mile from the famous Leffingwell Rancho. -Secured by first mortgage, subject only to the exclusion of Security. mineral rights, on the 3,082 acres vested in the company, together with stock of La Habra Heights Mutual Water Co.,from which system the lands of the co. are irrigated; and further secured by deposit with, and assignment to the trustee of contracts of sale and mortgages on approximately 796 of land of the 3.082 acres above mentioned,said 796 acres having been -Stock Div. - acresunder contract for a total of $501,673 on which contracts there still International Business Machines Corp. sold The Committee on Securities of the New York Stock Exchange rules remains due $384,963. This acreage sold under contract, with the improvethat transactions in stock of this corporation shall be quoted ex the 20% ments made thereon, is conservatively appraised at in excess of $950,000. stock dividend on Dec. 16. The completion of improvements planned and the purchase of additional The New York Stock Exchange has authorized the listing on or after water as contemplated will give an estimated value ot the 2,286 acres of over Dec. 15 of 32,147 additional shares of capital stock without par value on $1.341,000. Adding to this the unpaid balance on contracts gives a total official notice of issuance as a 20% stock dividend, making the total amount estimated security value of about $1,726,000 or approximately 354 times applied for 192,881 shares of capital stock. the $500,000 bonds to be then outstanding. -A sinking fund will be provided in the deed of trust Sinking Fund. Consolidated Income Account 9 Months Ended Sept. 30 1925. Net sales ________________________ $11,443,850 whereby 75% of all collections on existing land contracts, and 50% on all future contracts, after allowing 20% in the latter case to cover sales costs, Net profit repslim of plants Cledua -leg must be deposited with the trustee for the retirement of bonds of this and equip. provision for doubtful accts., the proportion of issue. -V. 116, p. 2773. net profit' applicable to unacquired shares, & expenses of International Business Machines Corp 3,601,206 -Tentative Balance Sheet Oct. 31 1925.Lancaster Mills. Depreciation of plants, equipment and rental machines 800,126 Development and patent expenses LiabilUiesAssets 255,542 $1,691,000 Interest on bonded indebtedness and borrowed money 65,179,827 Preferred stock 262.940 Plant account 2,500,000 Dividends paid ($6) 496,028 Common stock 944,246 Cash 1,425,000 565,173 Notes payable Accounts receivable, &c 32,827 Net income _ _ ____ 2,172,103 Accounts payable $1.338,353 Inventories Amount received ____ sale of 10,046 shares capital stock __ Res've for depreciation of plant 1,433,924 Cr1,004.600 1,330,380 Cost of listing and issuing above shares (approximate) side) $8,413,131 Surplus Total (each Dr4,600 Capital & surplus Jan. 1 1925 See also V. 121, p.2647. 21,647,086 The chief business of the company is now and has been for a great many years the manufacture and sale of electric washing machines, electric ironing machines and electric vacuum cleaners for household use. After many months of effort in designing and experimentation we have now developed a very compact, efficient and economical electric refrigerator for use in the home,and the company now expects to engage in the manufacture and sale of this home equipment. It is also the intention to further enlarge in other ways its present merchandising activities in the electric household appliance field. The directors believe that the name recommended by it more appropriately designates the character of business which the company is now doing and which it proposes to do in the future. The change in the authorized Capital stock is recommended because of the belief that the business of the company can be more economically operated under the changed capitalization and that a substantial saving can be made in State franchise taxes and other corporate fees. With the increased number of shares the company will be in a strong position to finance, manufacture and sell its new electric refrigerator and meet the growing demands of the public for an appliance of this kind. There will be no change In the policies of the company nor in its management. -V. 120, p. 2950 -Rights, Lawyers Title & Guaranty Co. *Capital & surplus represented by 160,734 shs. of capital The stockholders will vote Dec. 14 on increasing the authorized capital stock without par value 123.985.439 * Subject to Federal taxes, nine months 1925 (estimated at $285,325.) stock from $8,000,000 to $10,000,000, the additional stock to be offered pro rata, for cash, at $200 per share, to stockholders of record on Dec. 22 -V. 121, p. 2647. 1925.-V. 120, p. 1592. International Silver Co. -Adjustment Plan Approved. The stockholders on Dec. 9 approved the plan of adjustment as outlined In the "Chronicle" of Nov. 21, page 2528. The directors have declared a dividend of 7970 on the Preferred stock on account of accumulations on the issue payable Dec. 31 to holders of record Dec. 15. The payment of this dividend will clear up all accumulations on the issue. Provision has also been made to pay off $970,764 of Preferred stock dividend scrip. -V.121. p. 2647. Ipswich Mills (Mass.). -Resumes Preferred Dividend. - The directors have declared a quarterly dividend of 154% on the 7% Cum. Pref. stock, payable Feb. 1 to holders of record Jan. 22. The last dividend paid on this issue was 15(% on Nov. 11923.-V. 119. p. 3016. -To Defer Action on Div. Lehigh Valley Coal Co. The directors have decided to defer action on the $1.25 dividend, which had come to be regarded as semi-annual, when they meet on Dec. 22, and it is probable that action will be deferred until next spring. An initial dividend of $1.25 on the 1,212,000 certificates of interest was paid Jan. 31 last, and another dividend of like amount was paid on Aug. 1. Since Sept. 1, the mines have been non-productive and under heavy maintenance expense as a result of the anthracite suspension.-V. 121. p. 2647. Leverich Towers (Brookhold Construction Co., Inc.). The Chatham Phenix National Bank & Trust Co. has been appointed as trustee of an issue of $2,500.000 6.54% 1st Mtge. Gold bonds. See offering in V. 121, p.2760. 2886 THE CHRONICLE Libby-Owens Sheet Glass Co. -20% Stock Dividend:and $1 Extra Cash Dividend on the Common Stock.— The directors have declared a 20% stock dividend, an extra cash dividend of $1 a share, and the regular quarterly dividend of 50c. a share on the Common stock, and also the usual quarterly dividend of 1 % on the Preferred stock, all payable Jan. 15 to holders of record Jan. 5. The last previous extra dividend paid on the Common stock was 50c. a share paid on Jan. 2 1925. Earningsfor Years Ended September 3 0. 1922. 1925. 1923. 1924. Net prof. aft. chgs.& tax $2,835,531 $3,274,989 $3,553,063 $1.719,726 —V. 121, p. 2412. [VOL. 121. 37 one-room and kitchenette apartments, completely and attractively furnished. The two-room units consist of living-room, bedroom dressing closet, bath and kitchenette. The one-room units consist of a living-room, dressing closet, bath and kitchenette. They will also have in-a-door beds. The main floor lobby will be roomy and comfortably furnished. Estimating the earnings on a conservative basis, it is believed that gross annual income will be in excess of $60,000. Existing rentals for apartments similar to those provided by the Milisfield, and in less attractive buildings, are considerably higher than those upon which the estimate of income has been based. After liberally deducting for operation expenses and taxes, net annual income is estimated at approximately 234 times the maximum Interest charge. Midland Steel Products Co.—Extra Dividends, &c.— The directors have declared extra dividends of 47c. a share on the Common stock and of $1 a share on the Preferred stock and the regular quarterly dividends of $1 a share on the Common and of $2 a share on the Preferred, all payable Jan. 1 to holders of record Dec. 18. On Oct. 1 last an extra of $1 a share was paid on the Preferred and one of 45 cents a share on the Common stock. The directors also passed a resolution calling for the redemption of all of ' Dated Dec. 11925:due serially 1926 to 1931. Principal and int.(J.& D.) Payable at office of Matheny, Dixon & Co., Springfield, Ill. Denom. the outstanding 15 -Year 7% 1st Mtge.S.F.Cony.bonds.—V.121. p. 2167. $1,000 and $500. Red. in reverse numerical order, on 30 days notice, at 102 and int prior to Nov. 2 1927, and at 101 and int. thereafter. First Milwaukee Electric Crane & Mfg. Corp.—Organized.— Trust & Savings Bank, Springfield, III., trustee. The Milwaukee Electric Crane & Mfg. Co., Inc.. which was a New York Issued. corporation doing business at West Allis, Wis., has been reorganized in Capitalization— Authorized. Wisconsin as the Milwaukee Electric Crane & Mfg. Corp., with an increase of First Mortgage 64% bonds (this issue) $100,000 $100,000 Common stock (par $100) 250.000 Capital stock from $300,000 to $400.000 Preferred stock and from 7,000 250,000 shares to 8,000 shares of Common no par value stock. The Wisconsin Cor8% Cumulative Preferred stock (par $100) None 50.000 Company.—Established in 1905 (incorp. in Illinois 1917) at a time when poration has acquired all of the property and business of its predecessor the production of washed, screened and graded sand and gravel was in its which represents upwards of $1,000,000 in real and personal property. The infancy, and has been brought to the position of one of the largest industries new company is preparing to largely increase its business and extend its of its Und in Illinois. Properties consist of 350 acres of land adjoining the field of operation. The new stock was issued in payment of the old, share for share. In City of Lincoln. Ill., where they have installed every modern and economical provision for the production of sand and gravel, Including 3 miles of addition, $87.000 of new bonds were issued, bringing the total bonds outstandard gauge railroad, connecting their property with the Illinois Central. standing up to $199,700 (authorized, $200,000)• The offices of the new corporation are as follows: M. A. Beck, Pres.; the Chicago & Alton awl the Illinois Traction System, together with 3 locoHenry S. Wright, V.-Pres.; A. J. Pitman, V.-Pres.: M. P. O'Brien, Sec.motives. Company also owns 37 acres of land near Petersburg and 12 acres near Barry, Ill., with necessary equipment for operation. The un- Treas. The aforementioned men, with the addition of Henry M. Thomptouched deposits of sand and gravel at Lincoln only have been conserva- son, compose the board of directors. The articles of incorporation and all tively estimated at 8,890,000 tons, which would require more than 40 Years reorganization matters were prepared by Quarles, Spence & Quarles, of Milwaukee, Wis. to exhaust with an annual production of 250,000 tons. Sales and Earnings.—Annual production and sales for the past 6 years Motion Picture Capital Corp.—Dividends.— has averaged 256,874 tons. Net earnings (after allowance for taxes, interThe directors on Dec. 3 declared the usual quarterly dividend of 374 est, depreciation, depletion and obsolescence) for the same period averaged cents per share on the Common stock, payable Dec. 15 to holders of record $31,201, equal to over 64 times the a mual interest requirements, and equal to more than two times the average requirements for both prindpal and int. Dec. 10, also the regular quarterly dividend of 2% on the 8% Preferred Sinking Fund.—A sinking fund will be provided, beginning Jan 25 1926 stock, payable Jan. 15 to holders of record Jan. 2. • Like amounts were payable monthly thereafter to the trustee, into which shall be paid 6% cents paid last quarter. On July 15 1925 an initial semi-annual dividend of 4% per ton upon all sand and gravel produced, to be used to pay principal was paid on the Preferred stock and on June 15 1925 an initial of 3734 cents per share on the Common stock.—V. 121, p. 2761. and interest when due, any excess to be used to redeem bonds. Purpose.—To refund existing bonds and mortgages, pay bank loans and Mortgage Bond Co. of Maryland, Inc.—Correction.— provide additional working capital. The item appearing under this heading in V. 121. p. 2761, should have (A. E.) Little Co., Lynn, Mass.—Tenders.-appeared under the Mortgage Co. of Maryland. Inc. The Old Colony Trust Co., trustee, Boston. Mass., will until Dec. 16 Mortgage Co. of Maryland', Inc.—Certificates Offered.— receive bids for the sale to it of 1st Mtge. 7% S. F. gold bonds, due Oct. 1 The item appearing under the Mortgage Bond Co. of Maryland, Inc., in 1942 to an amount sufficient to absorb $82,120.—V. 115. p. 1844. our issue of Dec. 5, p. 2761,should have appeared under The lAortgage Co. of Maryland, Inc.—V. 121, p. 2761, 1576. MacAndrews & Forbes Co.—To Change Common Stk.— The stockholders will vote Dec. 29 on changing the authorized Common Muller Bakeries, Inc.—Listing.— stock from 90,000 shares, par $100. to 360,000 shares of no par value. Four The Detroit Stock Exchange has approved the listing of 47,400 shares new shares, it is proposed will be issued in exchange for each Common share Class "A" stock (no par value) and 5,000 shares (par 4100) Pref. stock. now outstanding.—V. 120. p. 2951. Compare further details in V. 121, p. 2167, 2283. Lincoln (Ill.) Sand & Gravel Co.—Bonds Offered.— Mathney, Dixon & Co. Springfield, Ill, are offering at prices to yield from 5%% to 63/2%, according to maturity, $100,000 1st Mtge. 63i% gold bonds. Mack Trucks, Inc.—Common Stock Increased.— Murray Body Corp.—Not to Pay Stock Dividend.— stock dividend on the The stockholders on Dec. 4 increased the authorized Common stock Officials of the corporation state that the 134 from 500,000 shares of no par value to 1.000.000 shares. See also V. 121. Common stock declared on March 6 1925, payable Jan. 1 next, will not be paid (see V. 120, p. 1213)• D. 2529. The Board of Governors of the New York Stock Exchange has passed In regard to the dividend policy, President A. J. Brosseau says it is the Intention of the management to continue the $6 dividend basis on the a resolution to the effect that unless the transfer and stock registration facilities for Common stock certificates of the Murray Body Corp. be Common stock after the 50% Common stock dividend has been paid. The Common stock will not be quoted ex-50% Common stock dividend continued in accordance with the requirements of the Exchange on or on the New York Stock Exchange Dec. 15 and not until further notice. before Dec. 14 that the Common stock will be stricken from the list.— V. 121, p. 2761. See also V. 121, 13. 2529. National Dairy Products Corp.—Initial Pref. Div.— Manufacturer's Liability Insurance Co.—Stock Offered. The have declared an initial dividend on the Preferred stock --Sulzbacher, Granger & Co., New York, are offering for for thedirectorsof December at the annual rate of 7%, and the regular month public subscription the unsold portion of 20,000 shares quarterly dividend of 75c. a share on the Common stock, both payable of record Common stock at $10 per share. Compare also V. 121, p. Jan. 2 to holders have beenDec. 21. directors: Loton Horton, I. A. Van elected The following Hemel, L. A. Van Hemel, B. S. Halsey, Ralph A. Horton, H. N. Wollman 1798. and Joseph Davies. This brings the total membership of the board up Marland Oil Co.—Dividend Rate Increased.—The directors to 22.—V. 121, p. 2648. on Dec.8 declared a quarterly dividend of $1 per share on the National Licorice Co., Brooklyn, N. Y.—Extra Div.— an The directors have Capital stock, no par value, payable Dec. 31 to holders of $1,000,000 Common declaredpar extra dividend of 5% on the outstanding $100, in addition to the regular semistock, record Dec. 19. On June 30 and Sept. 30 1925, the company annual dividend of 234%. both payable Jan. 8 to holders of record Dec. 24. paid quarterly dividends of 75 cents per share.—V. 121, p. Extra dividends of 234% each were paid on the Common stock in Jan. and July 1924.—V. 120. P. 461. 2049. National Press Building (Corp.) Washington, D. C.— Maytag Co. (Del.), Newton, Iowa.—Sales.Bonds Offered.—Love, Macomber & Co., New York, Stroud 11 Months Ended Nov. 30— 1924. 1925. Sales of washing machines, &c (about)20,000 units 10,600 units & Co., Inc., Philadelphia and F. R. Sawyer & Co., dm., —V. 121, p. 2282. Boston are offering at 100 and int. $1,600,000 7% General (Closed) Mtge. Sinking Funds Gold bonds. Metropolitan Chain Stores, rnc.—November Sales.— Dated Dec. 1 1925: due Dec. 1 1940. Principal and interest (J. & D.) Increase.' 1925-11 Mos.-1924. Increase; __1925—Nov.-1924. Bank, New York. trustee. Denom. 1794,318 $662.860 $131,4561$6.845,170 —V. 121, p. 2761. 2530. $5,787.931 $1,057,239 Michigan Stove Co., Detroit.—Consolidation.— A dispatch from Detroit states that this company and the Detroit Stove Works, manufacturers of heating and cooking apparatus, have been consolidated with an authorized capitalization of $3,000.000 7% Preferred stock and 1,100.000 shares of no par Common stock. It is also stated that the merger has been approved by about 75% of the stockholders of both companies.—V. 91, p. 98. Middle States Oil Corporation.—Deposits Asked.— The stockholders' protective committee (H. S. Fleming, Chairman) has sent a letter to the stockholders urging the deposit of their stock. The committee states: In the present tax situation what counts most is the number of stockholders represented, rather than the size of their individual holdings. The entire future of the company depends upon whether or not you come forward at this critical time. The receivers, Julius M. Mayer [deceased] and Joseph P. Tumulty, are bending every effort toward a settlement with the U. S. Government in this tax matter and welcome the full co-operation of the stockholders through their representatives, the protective committee. The Government is bound to afford the committee a fuller hearing and weigh its demands more carefully if the number of individual citizens it represents is 20,000 instead of 10,000. It is expected that the settlement of the tax matter will be followed immediately by steps to effect the reorganization of the company and the discharge of the receivers. If the Government succeeds in enforcing its claim for taxes, your stock is worth nothing, whereas if a successful disposition of the tax matter is reached the value of your stock will be immediately enhanced. Stockholders are urged to send their stock immediately to Empire Trust Co., depositary. 120 Broadway, New York City.—V. 121, p. 2049, 337. Millsfield Apartments (Millsfield Building Corp., Chicago).—Bonds Offered.—Leight, Holzer & Co., Chicago, are offering $250,000 First Mtge. Serial 6% Coupon Gold bonds. Dated Nov. 21925;due serially. 1927 to 1935. Interest payable M.& N. Callable all or part on any interest date upon 60 days' notice, in reverse of the numerical order of the bonds, at 103 and interest. Principal and interest payable at office of Leight, Holzer & Co., Chicago. The Mllisfield Apartment Building will be a six-story and basement fireproof structure containing 39 two-room and kitchenette apartmentsland $1,000 Payable at Seaboard National and $500 c*. Redeemable, all or part, on any interest date on 30 days' notice, at 105 and interest. Interest payable without deduction of any Federal income tax not in excess of 2%. Data from Letter of John Hays Hammond, President National Press Building Corporation. Proper/v.—National Press Building is to be erected in Washington, D.C., under the auspices of the National Press Club whose members represent the leading news publications of the world. It is designed to be the national headquarters of the press and to consolidate under one roof offices for the Washington representatives of practically every publication of importance in the country. The building will also serve as the permanent home of the National Press Club. -year lease for the theatre which The Fox Theatres Corp. has signed a 35 Is to occupy the lower interior and rear portions of the building. All tenants for the building have been unanimously approved by the Board of Governors of the National Press Club. Over 150 signed lease applications have already been accepted and space has been allotted covering the Major portion of the total expected rent income of the building. More than 400 publishers and publications, either directly or through their representa, tives, including most of the metropolitan newspapers of the Uniten States, are included in this list, together with various news services, national associations, attorneys, &c. Over 100 additional requests for leases have been received from persons desiring to rent the remaining unallotted space, including the ground floor stores and basement, and from among these applications sufficient allotments will be made to substantially assure the full rental of the building prior to completion. Location.—The National Press Building will occupy the corner of 14th and F streets, N. W.,fronting approximately 269 ft. on F Street and 150 ft. on 14th Street, and covering substantially 42,500 sq. ft. This location is one of the most valuable and central in Washington, being directly opposite the New Willard Hotel and within a half block of Pennsylvania Ave. It is in the heart of the Central Executive Area containing the White House, United States Treasury, the State, War and Navy Departments an i many other Government buildings. Building.—The building will be a structure of 11 stories and will be especially suited for the purposes for which it is to be used. It will contain over 200,000 sq. ft. of rentable area, exclusive of the theatre. Security.—Bonds will be secured, in the opinion of counsel, by a closed mortgage on the land and building owned in fee, subject to an issue of 15.000.000 First Mtge. 6% Sinking Fund Gold bonds due Dec. 1 1959. The property has been appraised upon completion by John B. Lanier. President of the Washington Loan & Trust Co.,at $9,276,747. This valuation, after deducting the First Mortgage bonds, leaves an equity of $4.276.747 directly applicable to this issue of $1,600,000. DEC.12 1925.] THE CHRONICLE IIP Barnings.-Based on the leases already signed and applied for, the earnings of the property are estimated to be as follows: $1,040.000 Gross rental 210,000 Operating expenses, taxes and insurance 350,000 Interest and sinking fund, first mortgage 2887 -Proposed Consolidation-To North Butte Mining Co. Increase Capitalization and Create New Bond or Note Issue. The stockholders will vote Dec. 29 (a) on approving a certain contract between the Tuolumne Copper Co. and this company, dated Nov. 18 1925, which provides for the consolidation of the mining properties of the $480,000 Tuolumne company in Silver Bow County, Mont., with the properties of Balance available for this issue $112,000 this company;(b)on increasing the authorized capital stock from 59,000,000 Maximum interest charges on this issue Sinking Fund -Mortgage will provide for a sinking fund payable monthly par $1.5, to 310,000.000. par $10; (c) on authorizing an issue of $1,500,000 -Year 7% Serial Cony. 1st Mtge. bonds, Serial Debenture notes, to (in cash or bonds) to the trustee beginning Dec. 11927, calculated to retire of 10 this entire issue by maturity, through purchase in the open market, or by be dated Jan. 1 1926, and to be convertible into stock as follows: The call by lot at 105. first $500,000 bonds or debenture notes surrendered for conversion at $8 per share, the second $500.000 surrendered for conversion at $10 per share. and the remaining $500,000 surrendered for conversion at $12 50 per share. -Listing. -Cash Dividend of 33 National Tea Co. -V. 120, p. 2411. The directors have declared a cash dividend of $3 per share on the old nopar-value Common stock, payable Jan. 1 to holders of record Dec. 14. Old Dominion Co. (Me.).-Copper'Production (Lbs.).This compares with quarterly dividends of $2 per share previously paid on July. November. October. September. August. Month ofthis issue. 1.916,000 2,195.000 2.252,000 2,068,000 1.820,000 exchanged on or after Dec. 15 for new 1925 The present Common stock will be 2,244,000 2,404,000 1,943.000 1,872.000 1.823,000 1924 Common stock of no par value on the basis of 3 new for 1 old. The New York Stock Exchange has authorized the listing of 150,000 -V. 121. p. 2414. 1799. shares of Common stock of no par value on official notice of issuance, in Olive Hotel (American Investment Co.), Tampa, Fla. exchange for present outstanding certificates of Common stock of no par value, on the basis of 3 shares of new stock for 1 share of old stock. -Mortgage & Securities Co., New Orleans, -Bonds Offered. V. 121, p. 2762. int $275,000 1st Mtge. 7% Serial are offering at par and -Resumes Dividends. Gold bonds. Nevada Consolidated Copper Co. 1927-1938. Interest payable Oct. 1 1925; -The directors on Dec.9 declared a dividend of 25 cents per J.Datedat Interstate payable serially July 1 New Orleans, trustee or at Trust & Banking Co. & J. Orleans. Vendm. $1,000, share, payable Dec. 31 to holders of record Dec. 18. This Mortgage & Securities Co., Newdays' notice 102 and int.$500 and $100 Interest at is tho first dividend since Sept. 30 1920, at which time a c*. Red.on any int. date of 60 Federal income tax not in excess ofpay2%. for normal -V.121, p.2649, 2414. able without deduction a closed first mortgage on the Olive Hotel.located distribution of like amount was made. by -Secured Security. at Tampa,Fla., consisting of ground owned in fee, the present hotel building, annex which is now in process of construction, and the furniture and fixtures located therein valued at $715,000. The present hotel is a 4 See Bolgo-Canadian Paper Co., Ltd., above and St. Maurice Paper Co. story brick building. It is to be remodeled and together with the addition will be a modern hotel in every particular. The ground floor below. of the annex, of the completed building will contain 4 shops and have a large lobby space. bath. Inc.-Capital Readjustment, &c. and the hotel proper will have a total of 162 rooms,each withyears ending New York Auction -Earnings of the present building for the 4 Earnings. Co., -Pritchitt & Co., Inc., 86Jesse Winburn, Inc. New York, April 1 1925, available for interest, have aggregated over $63,000 and annex earnings of the recently placed privately at $16 50 per share 2b,000 shares averaged $15,750 per annum. The estimated total of $95,320 newannum per available for interest, are placed at $79.570. a of Class"A"stock. which is over 43i times the maximum interest requirements of these bond, The capital structure was recently readjusted and 10 shares of new stock . -Sales.have been issued for each share of old stock outstanding. Equitable Trust Oppenheim, Collins & Co., Inc. Co. of the City of New York. transfer agent. National City Bank of New. 1925 -1924 Increase.11925-11 Mos.-1924 W Increase. -Nos. York. registrar. $2,131,125 32,072.718 $58,407 I 37.025.857 36.400.520 II$625.337 Issued. -V.121. p. 2284. 1799. Authorised. Capitalisationso IP 78,000 77,943 Class A stock, without par value , 2,200 2,107 Class B stock, without par value 4 -Report.Company. bit The Class A and Class B stocks will be on a parity in all respects except 11. The company reports for the year to Sept. 26 1925 a loss of $93,399 that voting power will be vested exclusively In the Class B stock. charges. After deducting $114,223 shrinkage of inventory and It is the intention of the directors to place each class of stock on a dividend before $206,492 for depreciation on plant, the loss for the year was $414.114. basis at the rate of $1 50 per share per annum. Balance Sheet Sept. 26. The net proceeds of the sale of stock offered will be placed in the treasury 1924. 1925. Liabilities1924. of the company and used by it as additional working capital for the purpose 1925. Assets$2,399,000 $2,899,000 of expanding the company's business. 32,810,473 32,921,303 Capital stock Plant 154,349 122,921 83,810 Tax reserve 83,810 Securities Digest of Letter of Charles S. Porter. Dated New York, Dec. 4. 16,730 1,898 200,185 Bad debt reserve__ 348,670 Company.-Engaged in business of selling, at auction, on a commission Cash receivable 995,633 Notes payable.__ 2,850,000 2,450.000 940.608 Acc'ts 83,614 88,693 basis, furs consigned to it from America. Europe, Asia and Africa, and Inventory 3,171,339 3,211,132 Accounts pay__ 1,887,183 2.301,276 upon request makes conservative advances against the merchandise so 12,108 Surplus 17,070 interest consigned. Three sales are held each year, known respectively as the Prepaid $7,349,570 $7,403,889 winter, spring and fall sales. ..... -87.349,570 37,403,889 Total Total__ Earnings.-Started in 1922 with a cash capital of $300,000, the company 121. p. 470. has earned an average per annum since that date of over $175.000, before -V. -Earnings. taxes, and net earnings, before taxes, for the period ended Nov. 1 1925 Overman Cushion Tire Co., Inc. each year) amounted to $220,000. With the (fiscal year ending Dec. 31 1924. 1925. 1 en Months Ended Oct. 31added capital derived from the sale of these shares, the earnings of the Net income $99,388 $123,160 company should materially increase. Net profits for the ten months ended Oct. 31 192.5 were 24% greater financing, the company will have Assets -After the proceeds of this period In 1924. This is on the basis of earnings after net assets in excess of $900,000, of which more than $850,000 are current than for the same Common and Preferred stock and after allowance for dividends on both assets. and inventory adjustments. In making this announce-Charles S. Porter, Pres.; David Saner and Simon Sutta, depreciation, taxes Overman stated that the company's gross business for Officers. ment Pres. M. C. V.-Pres.; Julius Morris. Treas.. and Stephen Rosenthal. Sec. 1925 should exceed $2.750.000, an increase of more than 60% over 1924. -Holders of 8% Cum. 2nd Actual number of tires sold will be 50% over last year. New York Canners, Inc. Plans for sales of Overman tires in 1926 provide for a business of $4,500,Pref. Stock May Exchange For New Pref. 000 and for an increase of 35% in the number of tires sold as compared Holders of 8% Cumul. Second Pref. stock (which has been called for with 1925. 25% on Profits available for Common stock alone in 1925 will exceedare being payment Feb. 1 next at 110 and div.) may exchange their shares for new on the Common stock Con. Cum. Prof. stock (without par value) with dividend adjustments, at the 4,690 shares outstanding. Dividends 2414. the rate determined by taking the new Con. Cum. Prof. stock at $85 per maintained at the previc”s ...to of57 share, and the 8% Cum. Second Prof. stock at $110 per share (fractions of -To Decrease Capital. am lc Mail Steamship Co. a share to be adjusted in cash), by surrendering their shares at the office of The stockholders will vote Dec. 23 on decreasing the authorized capital the company, 75 State St.. Rochester, N. Y. on or before Dec. 14. by $2,000,000 of Preferred stock and by $1,250.000 st Common stock, The Cony. Cum. Prof. stock will be entitled to $6 per year, per share, stock reducing the latter issue to 3750.000.-V. 121. p. 1800. payable Qt. -See also V. 121, p. 2762. -New Holding Co. Formed. Newsprint Investment Corp. -Guaranteed Bonds New York Evening Journal, Inc. -5. W. Straus & Co., Inc. are offering at prices to Offered. yield from 5.90% to 6.30% according to maturity $15,000,000 1st Mtge. ez Collateral Trust 63I% Serial Coupon Gold bonds. Dated Dec. 1 1925; serial maturities 2 to 12 years (all below). 27e Federal income tax paid;Penn..Conn.and Vermont 4 mills taxes; Maryland 4% mills tax; District of Columbia 5 mills tax; Virginia 5% mills tax; Mass,state income tax not in excess of 6%;and certain western state taxes refunded. Int. payable J. & D. Denom. $100, $500 and $1,000. In the opinion ofcounsel these bonds are legal for investment by national banks. Borrowing Corporation. -Bonds are the direct obligation of New York Evening Journal, Inc., which publishes the largest and most profitable evening paper in New York City, with total assets of $28,494,475. Security. -The bonds are secured by: (a) A first mortgage on the great new publishing plants, four in number, to be owned by the New York Evening Journal, which will house all the New York Hearst newspapers and magazines, and will be the largest in the United States. (As additional security the equity in another valuable property is included under the mortgage). The construction of these plants, to be built from a portion of the proceeds of this bond issue, has been made necessary by the newspaper's great expansion in circulation, size and profitable advertising space. They will be situated at strategic points in New York City to handle the paper's widespread circulation In the five boroughs and outside the city with the greatest efficiency in time and money. These plants cover the equivalent of three entire square blocks, and are appraised, land, completed buildings, and equipment, at approximately $11.894,731. the total value of the company's physical property being $14,039,731. Completion is guaranteed to the bondholders. (b) The entire Capital stock of New York Evening Journal, Inc. pledged with the trustee as collateral security until the entire bond Issue is paid off and cancelled. -The total net earnings are computed at 32,767,464, which is Earnings. almost 3 times the greatest annual interest charges and more than $800,000 in excess of the greatest annual interest and principal charges together. This figure is based on the actual average net annual earnings, before Federal Taxes, of the New York Evening Journal for 5 years, as shown by an audit of Peat, Marwick, Mitchell & Co. of $1,807,464. In addition, portions of the publishing plant will be occupied by other Hearst publications under long term leases-Cosmopolitan. Good Housekeeping. &c., and the New York American, the total annual rental paid being $960,000, -William Randolph Hearst unconditionally guarantees the Guaranty. prompt payment of interest and principal. Mr. Hearst is one of the very wealthy men of the United States. He is the publisher and sole owner of the most valuable group of newspapers and magazines in the world, doing has other interests in excess of $120,000,000. In addition, hereal estate large businessChicago. in New York. and owns an extensive amount of valuable Washington, Los Angeles and other principal cities of the country. Serial Payment.-$1,000,000 of the Tuynds will be retired each year through serial payments, beginning Dec. 11927. with monthly deposits of principal and interest beginning Dec. 1 1926, reducing the bond issue to $5,000,000 atltho final maturity, Dec. 1 1937.-V. 121, p. 2762. -5% Cash Dividend. Packard Motor Car Co. of 5% The directors have declared a regular quarterly cash dividendJan. 30 on to the outstanding $26,147,220 Common steak, par $10, payable 10% stock the company paid a holders of record Jan. 15. On Dec. 1, dividend on this issue and on Oct. 31, a quarterly cash dividend of 5%. V. 121, 13• 2649. Park Lane Apartments (Park Lane Investment Co.), Kansas City, Mo.-Bonds Offered.-Taussig, Day, Fairbanks & Co., Inc., and Real Estate Mortgage Trust Co., St. Louis, are offering at prices to yield from 55.4% to 6%, according to maturity, $425,000 First Mtge. Serial Real Estate bonds. $500 and Dated March 2 1925; due serially, 1927 to 1935. Denom. $1,000. Principal and interest(M.&S.)payable at the Real Estate Morton any gage Trust Co., St. Louis. Mo., trustee. Redeemable, all or part, before interest date upon 60 days' notice, at 105 and interest, if called on or and March 11927; at 103 and interest thereafter and until March 1 1930, at 102 and interest after March 1 1930. The bonds are secured by a first mortgage lien on the ground owned in fee reinforced and a six-story and basement, fireproof apartment building of brick and concrete construction, the exterior walls being of stone and trimmed with cut stone. The building contains a spacious, well-appointed lobby, 87 apartments, 8 hotel rooms, 2 passenger elevators, and a diningroom. This building was completed Nov. 15 1925. Although the building is just completed, it is over 50% leased, and the following estimates of Income and expenses for future operation are made: Gross income (excluding rent from dining-room), $97,000; expenses, incl. taxes, $16,260: deduct 10% for vacancies, 39,700: net income $71,040. The estimate does not include the rental of the dining-room, which is conservatively estimated at $3,000 net per year. -Buys Timberland. Parker-Young Co. Negotiations, it is reported, have virtually been completed whereby -acre the company will acquire from the International Paper Co. a 22,000 tract of timberland at Waterville, N. H. The purchaser, it is said, will probably build a sawmill to handle the larger sizes and strictly high-grade spruce. The smaller stock will go into pulp at Lincoln, N. II., where the company operates a large paper and pulp mill. With the addition of the Waterville tract, the company will own in the neighborhood of 300.000 acres of timberland in Vermont, New Hampshire, Maine, Florida and Washington. The company, it is stated, handles about 150.000,000 ft. of lumber a Year. Annual sales vary from 310,000,000 to $12,000.000. WithIlits subsidiaries it operates eight major lumber mills, one paper mill, two -V.120. p. p. mill, three piano parts mills and numerous smaller units. gA -13 Penick & Ford, Ltd., Inc. 4% Back Dividend. The directors have declared a dividend of 1%% on account of accumulations and the regular quarterly dividend of 1%% on the Preferred stock, both payable Jan. 1 to holders of record Dec.19. This reduces accumulated dividends on the Preferred stock to 7)4%.-V. 121, p. 2168. 2888 THE CHRONICLE Pensacola Shipbuilding & Engineering Corp.-Org'z'd Announcement has been made of the formation of the above Corporation to engage in ship construction at the port of Pensacola on the Gulf of Mexico. The new project, which is expected to bring about a revival of shipbuilding activity at Pensacola, has the backing of E. M. Elliott and associates of Pensacola, and Congressman Fred S. Purnell of Attica, Ind. and D. Lewis Green. former law partner of Congressman Purnell. According to present plans a modern shipbuilding plant will be put into operation at Pensacola which possesses the largest and best harbor on the Gulf of Mexico. Rapid strides in the development of Pensacola as a port are to follow the recent acquisition by the St. Louis & San Francisco Muscle Shoals, Birmingham & Pensacola RR., which gives the Frisco System its first outlet to tidewater on the Gulf. 111`r,171he Pet Milk Co. -Initial Common Dividend. - The directors on Dec. 1 declared an initial quarterly dividend of 75c. per share on the outstanding 196,800 shares of Common stock, no par value, and the regular quarterly dividend of 14% on the outstanding 15,000 shares of Preferred stock, par $100, both payable Jan. 1 to holders of record Dec. 11.-V. 120, p. 3076. • Pittsburgh Oil & Gas Co. -2% Dividend.- [VOL. 121. Reid Ice Cream Corp. -Listing.- • The New York Stock Exchange has authorized the listing on or after Jan. 1 of 28.000 additional shares of Common stock without par value, making the total amount of Common stock applied for 101.400 shares. Of the 28,000 additional shares 25,000 were offered to stockholders of record Nov. 16 at $35 per share, payable 20% on or before Dec. 1 1925. and 80% on or before Dec. 31 1925. The additional 3,000 shares Common stock are to be issued to certain designated employees in full payment for all extra services rendered. Consolidated Profit & Loss Account -9 Mos. Ended Sept. 30 1925. Sales $8.319,539 Cost of sales, general selling, administrative, &c., expenses 6,578,569 Depreciation 258.000 Net income Interest, rents, discounts on purchases and miscell. income_ $1.482.970 45,199 Profit from operations Deduct-Int. charges, $34,331; other deductions, $25,516 Federal taxes Preferred diva., $118,781; Common diva.. $337,500 $1,528,171 59.848 183,531 456,281 The directors have declared a dividend of 2% on the capital stock. Surplus $828.518 par $5. payable Dec. 24 to holders of record Dec. 15. The last dividend was 3%, paid July 31. This makes a total of 57 to be paid this year, -V. 121, p. 2416. compared with 24% in 1924. The Barnsdall Corp. owns $1,675,850 Reo Motor Car Co. Lansing, Mich. -Extra Div. of 3%. of the $2,436,800 outstanding capital stock, par $5.-V. 121, 13• 339. The directors have declared an extra dividend of 3% in addition to the Postum Cereal Co., Inc. - regular quarterly dividend of 2%,both payable Jan. 2 to holders of record -To Increase Stock-Merger. The New York Stock Exchange has received notice from the company Dec. 15. An extra dividend of the same amount was paid on Oct. 1 last. of a proposed increase in Common stock from 800,000 shares to 1,375,000 -V. 121, p. 2532. shares (no par value). St. Louis Car Co. -Semple, -Common Stock Offered. The stockholders of this company and of the Jell-O Co., Inc., will vote in the near future on approving plans to merge the two companies by an Jacobs & Co., Inc., St. Louis are offering at $16 per share exchange of stock. -V. 121. p. 2415. 20,000 shares (par $10) Common stock. Prairie Pipe Line Co. -Shipments. - Mississippi Valley Trust Co., transfer agent; Liberty Central Trust Co.. registrar. Issued. Authorized. CapitalizationFirst Mtge.(closed) 10 -Year Sink. Fd. gold bonds_ $1,560,000 $1,560,000 7% Cumulative Preferred stock 2.000,000 1,040,000 Common stock (par $10) 100.000shs. 95,000 shs. Pure Oil Co. -To Retire Purchase Money 5s.- • For further details of business, earnings, balance sheet, arc., see V. It is announced that the company will on Feb. 1 retire the $6,000.000 outstanding balance of the $15,000,000 Serial Purchase Money 54s, which 121, p. 2285. 2532. were issued in 1924 in part payment for the Humphreys Oil properties St. Louis Rocky Mountain & Pacific Co. -1% Com.Div. (see V. 118, p. 676). Of the amount still outstanding $3,000,000 becomes The directors have declared a dividend of 1% on the Common stock, and due Feb. 1 1926 and the remaining $3,000,000 on Aug. 11926. The latter the regular quarterly dividend of 1 4% on the Pref. stock, both payable amount will be retired at 1004 and Int.-V. 121. p. 2649. Dec. 31 to holders of record Dec. 18. A dividend of 1% was also paid on the Common stock on June 30 last and on Dec. 31 1924.-V. 121, p.2169. Rand-Kardex Bureau, Inc. -Earnings. The combined earnings of Rand-Kardex Co. and Library Bureau (the St. Maui ice Paper Co., Ltd. -Merger Approved. companies which go to make up the new Rand-Kardex Bureau, Inc.) for The shareholders have ratified the sale of the assets of the company in the 9 months ended Sept. 30 1925. was $1,571,887 after taxes, depreciation connection with the merger with the Belgo-Canadian Paper Co. Shareand other charges. President J. H. Rand,Jr., says: "November sales have broken all records holders will receive $100 a share and 20% Common stock in Newsprint Investment Corp. on March 1 next, with interest at(V% from Dec. 1. Estiin both of the major constitutent companies." In connection with offers made by James If. Rand, Jr., to purchase mates showed $8 a share to be earned on 150,000 Common shares of St. Library Bureau shares for cash and by Rand-Eardex Bureau. Inc., to ex- Maurice Valley Corp., the operating company, and 56 a share on 61,052 change its stock for Library Bureau stock,the following consolidated balance shares of Newsprint-Investment Corp. The latter will hold control of the sheet of Rand-Kardex Co. and Library Bureau and subsidiaries, as of St. Maurice Valley Corp. by receiving 76,000 shares out of 150,000. Shareholders of St. Maurice Paper Co. will receive 19.078 shares of Newsprint Sept. 30 1925. is being submitted to Library Bureau shareholders. Investment Corp. Consolidated Balance Sheet Incl. Subs.) Sept. 30 1925. New issues as a result of merger will be $2,500,000 7% 15 -year debentures Liabilities of the Newsprint Investment Corp.,*6.800,0007% Cumulative Redeemable Real estate, bldgs., mach.,&c $6,372,489 Net worth $11,489,952 Preference stock of St. Maurice Valley Corp., and $8,700.000 6% 20 -year Goodwill, pats., tradm'ks, d‘c 763,720 First Mortgage bonds. 1 Notes Payable Cash 640,934 907,813 Accounts payable The Union Bag & Paper Corp the largest stockholder in St. Maurice, is Notes and accounts payable_ 2,201,741 Ace. accts. & divd. payable_ 242.428 receiving $6,000,000 cash and 20% of Newsprint Investment Corp. stock, Inventory 50,500 paying off all bonded indebtedness and still having a large interest in St. 4,177,123 First mortgage 5S4% bonds_ Misc. accounts & investments 271,755 Stabilized deb 7% bonds Maurice Valley Corp. through the Newsprint Investment Corp. stock. 357,900 Capital stock subscriptions 167,870 (called for redem.) The net working capital of new merger company will be $4,650,000 with 738,509 assets of $43,435,998 and daily production of 650 tons of newsprint, second Deferred charges 185,151 Reserves only to Spanish River Paper Mills in Canada to-day. (See also BelgoTotal 514.283,943 Canadian Paper Co. above.) Total 814,283.943 -V. 121. p. 2764. The net worth will be reduced by the cost of approximately 70.000 shares of Library Bureau stock, and upon completion of exchange of the balance -To Be Organized to Consolidate St. Maurice Valley Corp. of the stock of the two companies for Rand Kardex Bureau stock, the then outstanding stock of the new company will be approximately 47,099 shares Belgo-Canadian and St. Maurice Paper C'ornpanies.7% cumulative Preferred, 267,996 shares no par Common and 50.000 See Belgo-Canadian Paper Co. above and St. Maurice Paper Co. shares Founders' stock. above and in V. 121, p. 2764. It is planned that the purchase of 70,000 shares of Library Bureau. -Extra Div. representing the majority stock, shall be financed by the sale of short-term Safety Car Heating & Lighting Co. securities. The directors have declared an extra dividend of 2%, in addition to the In response to requests from the Library Bureau stockholders for per- usual quarterly dividend of 2%. on the outstanding $9.862,000 capital mission to withdraw their shares of Common stock deposited with the stock, par $100, both payable Dec. 23 to holders of record Dec. 14.National City Bank for sale at $40 a share the company has extended until V. 120, p. 1758. Dec. 21 the time for withdrawing any shares so deposited in order to permit the exchange for stock in the new company. -Notes Offered. (G. A.) Schacht Motor Truck Co. The New York Trust Co. has been appointed registrar of the Class A W. E. Hutton & Co. Fourth & Central Trust Co., FifthCommon stock of no par value. -V. 121, p. 2763. • National Bank Period Ended Nor.30- 1925-A/1mM-1924. 1925-11 Mos.-1924. Crude oil shipm'ts(bbls.) 3.850,768 3,502,938 48,210,441 38,797,393 -V.121, p. 2649. 2532. Rand (Gold) Mines, Ltd. -Production (Ozs.).- Month of- November. 1925 787,633 1924 802.313 -V.121, p. 2415. 1919. October. September. 812,832 797,247 799,422 827,583 July. 818,202 829:437 August. 808,218 809,571 Real Silk Hosiery Mills, Inc. -Earnings. - Years Ended Sept. 301925. Profits from operations $2,058,259 Int. & prems. on notes retired. prem. on Pref. stock red. & loss of capital assets Tax Taxes 257,917 Net income $1,800,342 Previous surplus (adi.)2,695,477 Total surplus 495,819 $4, Preferred dividends Common dividends, cash 612,500 Common dividends, stock (33 1-3%) 500,000 Profit & loss. surplus $3,353,319 -V. 121, p. 2532. 1579. ,654 24 $119 ,.240 76,603 198.898 $1,378.739 1,717.558 $3,096,297 194 393,751 $2,702,352 Realty Bond & Mtge. Co., Cleveland. -Agent. - The Bankers Trust Co., has been appointed New York agent for the payment of coupons of 1st Mtge. Collat. Trust 6% Gold bonds, Series "B." See offering in V. 121, p. 85. Rector Building Co. Little Rock, Ark. -Bonds Offered. -Caldwell & Co., St. Louis are offering at 101 and int. to ' .yield over 6.90% $275,000 7% 1st (Closed) Mtge. Sinking Fund Gold bonds. Dated Oct. 1 1925; due Oct. 1 1940. Principal and int.(A.& 0.)payable at Chemical National Bank. New York. Callable by lot for sinking fund, or as a whole, on Oct. 1 1927. or thereafter at 1024 and int. on 30 days notice. % normal Federal income tax paid by borrower. Maryland 44 mills tax, Conn. 4 mills tax, Penna. 4 mills tax, District of Columbia 5 mills tax. Kentucky 5 mills tax and Mass,income tax refunded. Denom. $1,000. $500 and $100 c*. Bank of Tennessee, Nashville. Tenn., trustee. Building. -The 10 -story Rector Building which is being erected on the southwest corner of Third-and Spring streets, Little Rock, Ark., will be of reinforced concrete construction and will contain 207 offices. It will be strictly modern and fireproof throughout. The building will be equipped with compressed air lines for the use of doctors and dentists. Security. -Secured by a direct closed first mortgage on (1) the land. Independently appraised at $75,000; (2) the 10 -story office building being erected thereon at a cost of $355,000; making the total value of the security $430,000. Earnings. -The Rector Building Co.. collaborating with other office building owners of Little Rock, has estimated the annual net earnings of the Rector Building at $49,000. or well over twice the greatest annual bond Interest charges. & Trust Co., Third National Bank;Citizens Atlas National Bank, Brighton Bank & Trust Co, J. R. Edwards & Co., Edgar Friedlander, Westheimer & Co., and Grau, Todd & Co., Cincinnati, are offering at par and int. $1,000,000 3 -Year 6% Cony. Gold notes. Dated Dec. 1 1925; due Dec. 1 1928. Int. payable J. & D. at Fourth & Central Trust Co., Cincinnati, Ohio. trustee, free of the 2% normal Federal income tax. Callable on any int. date on four weeks' notice on June 1 1926 and Dec. 1 1926 at 1004 and int.; on June 1 1927 and Dec. 1 1927 at 10034 and int.: and on June 1 1928 at 100 and int. Data from Letter of Richard K. Le Blond, Chairman of the Board. Company. -Organized June 9 1913 with a capital stock of $35,000. and has been successful since the date of organization. Plant has been moved twice into larger quarters and necessary capital has been added from time -ton truck and specialized to time. Company originally manufactured a 3 on this one size for some years, when it decided to increase its line. Company now manufactures everything in the truck line from 1 to 74-ton capacities, including all styles and varieties of bodies. In addition, the company makes two sizes of buses. Plant located at Cincinnati, Ohio. Purpose. -Proceeds will be used to pay outstanding bank loans and to provide for additional working capital. Earnings. -Net earnings available for note interest, after depreciation, for the past six years beginning 1920 have averaged 2.91 times: for the past four years, 3.87 times: and for 1925 with two months estimated, 5.83 times the interest requirements on this note issue. During the entire history of the business the company has never had a year in which it did not earn a substantial surplus over dividends. Conrersion.-At option of holder these 6% Gold notes are convertible into 7% Pref. stock at par on any dividend date, the notes being allowed accrued interest to date of conversion. Balance Sheet Oct. 31 1925 (After Financing). Assets. Liabilities. $549,487 Accounts payable Cash $100.316 Notes St accts. rec,less res. 870,605 Accrued and reserves.._ 14.475 633,484 3 -Year 6% notes Inventories 1.000,000 10.100 Pref. stock (authorized, Securities Other assets 9. $1.150,000) 147,100 380,076 Common stock and surplus Fixed assets Good-will 10,000 (6,000 shares no par)_ _ - 1.247.869 46,478 Deferred charges Total 52.509.760 Total $2,509,760 Schulte Real Estate Co., Inc. -Transfer Agent. - The Corporation Trust Co. has been appointed transfer agent for 50.000 shares of Preferred stock and 500.000 shares of Common of this company. -V. 120. p. 3201. Schulte Retail Stores Corp. -May Increase Dividend. The directors will soon meet to place the Common stock on a higher dividend basis, according to President D. A. Schulte. The present rate 18 $8 annually in Prof. stock but the increase will be represented by cash, it Is stated. DEC. 12 1925.] 2889 THE CHRONICLE M. Schulte says in substance: "Business for the current year will be the (V. 119. p. 1853) and for the issuance of which additional properties have biggest on record, and earnings will exceed $12 a share on the 412.500 been specifically pledged by a supplemental agreement dated July 1 1925. shares of Common stock. The higher dividend will be made possible by Total amount of bonds authorized $2,500,000 our turning over real estate to the Schulte Real Estate Co. last spring, Amount previously issued 1,000,000 leaving a great deal of unused cash in our treasury." Amount now to be issued 1,000.000 -V. 121, p. 2650. The bonds of this issue rank equally with the bonds previously issued. Seneca Copper Mining Co. -Resumes Operations. -After combining the additional properties pledged with the Property. It is announced that the company on Dec. 1 made its first shipment of properties held as security for the $1,000.000 of bonds previously issued, the copper rock to the mill, amounting to 600 tons and being hauled by the trustee will hold title to real estate aggregating 2,730 lots situated in 11 subCopper Range RR. to the Little Tamarack mill, two sections of which division in Royal Oak Township, Oakland County, known as Hazel Park, have been overhauled for Seneca's use, and that shipments of rock will be Nine Oakland, Hazel Crest, Eight Oakland No. 1, North Eight Oakland No. 1, Ten Oakland, Stephenson Superhighway, Stephenson Superhighway increased as rapidly as miners can be placed in the mine. -V.121, p. 2533. No. 1 to No. 4, incl. The aggregate selling prices of these lots amounted to $4,065,153. Of the lots held. 2.424 have been sold at selling prices -Listing. Shubert Theatre Corp. The New York Stock Exchange has authorized the listing of 150,000 amounting to $3,564.893 and the contracts with unpaid principal balances been and Common shares without par, with authority to add 40.000 like Common of $2,850,705 have the assigned toThe are held by the trustee, who is collections. trustee also holds first mortgages shares, on official notice of issue and payment in full upon the exercise of active in control of improved rights of purchase conferred by outstanding stock purchase warrants, covering amountingproperties in the same vicinity with unpaid principal to $51,750. In addition to the above there are to be Common shares, out of a balances making the total amount applied for 190.000 -V. 121, IL 2765. 1919. deposited with the trustee additional contracts having an unpaid principal total authorized issue of 250.000 Common shares. balance of approximately $150,000, pending the'receipt of which a corresponding amount of cash from the proceeds of the bonds will be retained -Preferred Dividend. Boston. Simbroco Stone Co., -V. 119. p. 1853. The regular semi-annual dividend of $2 per share has been declared on by the trustee. the Preferred stock, payable Jan. 1 to holders of record Dec. 15.-V. 120, Tuller Hotel Co., Detroit, Mich. -Bonds Offered. 13• 2560. -Extra Common Dividend of 25 Cents. Simmons Co. The directors have declared an extra cash dividend of 25c. a share on the Common stock for the first quarter of 1926, payable Jan. 15 to holders of record Dec. 21. The company's policy in the past has been to declare an extra stock dividend on the Common stock at the end of the year, a dividend of 8% being paid on Jan. 2 1925.-V. 121, p. 2416. -Net Sales. Sleeper Radio Corp. Month ofNet shipments -V. 121. p. 340. 1925 -Nov. -1924. $165,555 $84,488 1925-0ot.-1924 . $117,624 866,303 -New Officers. Southern Pipe Line Co. -V. 121, p. 471. See Cumberland Pipe Line Co. above. -Officers. South West Pennsylvania Pipe Line Co. -V. 121, p. 471. See Cumberland Pipe Line Co. above. -Dividends. Standard Milling Co. The directors have declared dividends of 42c. a share on the Common stock and of 50c. a share on the Preferred stock for the month of December. both payable Dec. 31 to holders of record Dec. 21. The company is changing its fiscal year from Aug. 31 to June 30. The dividends are at the regular annual rates of 5% on the Common and 6% on the Preferred that have been paid in the past. The next quarterly disbursement on the two issues will be made on March 30.-V. 121, p. 2170. Standard Oil Co. (N. J.). -Listing. The New York Stock Exchange has authorized the listing of $17,500.000 (auth. $625.000.000) additional Common stock (par $25 each) on official notice of issuance making the total amount applied for $532,929,700. This stock is to be issued under the employees stock acquisition plan. -See V. 121, p. 2650. -Recapitalization Plan. Stanley Co. of America. -President Jules E. Mastbaum,in a letter to the stockholders, says in substance: Peabody, Houghteling & Co., Inc., E. H. Rollins & Sons and the Detroit Co., Inc. are offering at prices to yield from 5% to 6%, according to inaturity, $3,500,000 1st Mtge.6% Serial Gold bonds. Dated Jan. 2 1926: due in annual installments from 1927 to 1941. Int. payable J. & J. without deduction for the normal Federal income tax up to 2%. Principal and int, payable at Detroit Trust Co., trustee, Detroit, or Peabody, Houghteling & Co., Chicago and New York. Denom. $1,000. $500 and $100 c*. Red. in reverse of numerical order at office of trustee all or part on int. dates after Jan. 2 1928. on 60 days' notice at 102 and int. Michigan mortgage tax, Penn. 4 mills tax, Conn. 4 mills tax, Maryland 43-i mills tax, Mass. 6% income tax and Kentucky 5 mills tax refundable. Data From Letter of Lew W. Tuller, President of the Company. Property. -The property of the company is situated in the downtown business and theatre section of Detroit within a short distance of modern hotels, office buildings. theatres and stores which insures the permanence and increasing value of this section. The property consists of 52.160 sq. ft. of land fronting 134.58 ft. on Grand Circus Park, Detroit. approximately 362 ft. on West Adams Ave. and 183 ft. on Bagley Ave., together with 14 story hotel building containing 813 rooms and 11 stores occupying 40.000 sq. ft. of this tract. Approximately 46,160 sq. ft. of this area is owned in fee and 6,000 sq. ft. Is held under favorable long-term leases. Recent improvements now under way adjacent to the Hotel Tuller holdings should greatly increase the present value of the land owned by the company. -Secured by a closed first mortgage on the buildings and on Security. 46,160 sq. ft. of land owned in fee by the company and by a first mortgage on the leasehold interest on 6,000 sq. ft. which is part of the hotel site. The value of the land has been appraised by Detroit Trust Co., and the buildings by Albert Kahn, architect, and concurred in by the Detroit Trust Company as having a total valuation of $6,293,032. Income. -The annual net income of the hotel for the 2 years and 10 months ended Oct. 31 1925. available for interest, depreciation and Federal taxes, has averaged over $325.000. In 1924 when the newest section was Put into operatien. adding almost 45% to the previous capacity, available earnings were $388,608. About the middle of 1925 there were changes initiated which have resulted in greatly improved earnings and for the 4 months ended Oct. 31 1925, the earnings were at the annual rate of over $435.000. Future earnings of the hotel, available for interest, depreciation and Federal taxes, it is estimated, should be approximately $565.000 which compares with maximum interest charges on this issue of $210,000, or about 2.69 times bond interest. -V. 115, p. 1642. The stockholders will vote Dec. 16 on approving a change in the capital structure of the company from the authorized capital of 100,000 shares, Class"A,"and 50,000 shares, Class "II," to 1,000.000 shares of no par value. If this change is approved the holders of Class "A" or Class 13" stock will receive two shares of the new stock for each share now held. The Tuolumne Copper Co. -Consolidation.-. Class "A" and Class "B" stock certificates should be deposited with the See North Butte Mining Co. above. -V. 121, p. 2534. Treasurer of the company, 1916 Race St., Philadelphia, or with Edward B. Smith & Co., 1411 Chestnut St.. Philadelphia, before Jan. 2 1926. -Ruling on Stock Dividend. Union Tank Car Co. In order to reimburse the treasury for expenditures in connection with The Committee on Securities of the New York Stock Exchange recently the acquisition of the Crandall interests in Washington, acquisitions in for other capital items, the directors have authorized a ruled that the Common stock of the company be quoted ex the 33 1-3% Wilmington and stock allotment, subject to the approval by the stockholders of the change stock dividend on Dec. 11. See also V. 121, p. 2418. 2650. in capital structure at the said special meeting, of one new share at $48 United Electric Coal Cos. -Larger Dividend. per share for each share of Class "A" or Class 13" stock now outstanding. A dividend of,60 cents per share has been declared on the Common stock. Warrants payable in full on or before Jan. 4 1926 will be mailed to stockholders of record Dec. 17 1925. no par value, playable Dec. 23 to holders of record Dec. 14. On Oct. 5 The directors have also declared, subject to the approval of the change last, the company paid a dividend of 50 cents per share on this issue. In the capital structure, a stock dividend of 10%. payable in new stock, to V. 121. p. 1687, 1920. to stockholders of record Jan. 11 1926. -To Declare Dividends Quarterly. United Fruit Co. The new shares outstanding upon the completion of the plan as proposed will total 334,30634. It is believed by the directors that the new shares The directors took no action on dividends at their meeting on Dec. 8. should pay an annual dividend of $3 per share, and also from time to time Heretofore at the December meeting dividends have been declared a year extra dividends may be declared, either in cash or in stock, as the condition in advance. A quarterly basis will be adopted beginning with the Feb. of the company in their opinion may warrant. In26 declaration. The last of the four quarterly dividends of 23.5% each, The stock allotment referred to has been underwritten by a syndicate which were declared a year ago,is payable Jan. 2 to holders of record Dec.7. headed by Edward B. Smith & Co., Brown Brothers & Co. and Cassatt & -V. 121, p. 2418. Co. -V. 121. p. 1687. -Dividend Increased (John R.) Thompson Co., Chicago. on Common Stock-To Retire Preferred Stock on Jan. 1. The directors have declared three monthly'dividends of 30. per share on the Common stock, payable Jan. 2, Feb. 1. and March 1 to holders of record the 23d of each preceding month. Previously, monthly dividends of 25c. per share were paid on this issue. The directors also voted to retire the Preferred stock (of Which there is about $850,000 outstanding) on Jan. 1 at 125 and dive. 1924. Month of November1925. Increase. Gross sales $1,095,123 $1,005,387 $89.736 The board has been increased to 11 members from nine by the election of William II. Mitchell and James C. Hutchins of Mitchell, Hutchins & Co. -V. 121, p. 2418. Tnited States Fidelity & Guaranty Co. (Balt.).-Stk. The stockholders will vote Jan. 18 on increasing the authorized stock from 85,000,000 to $10,000,000, par $50. It is proposed to the stockholders in the near future 20,000 shares of the new stock Per share. Of the proceeds, $1,000.000 will be transferred to -V. 116, p. 306. account, and 81,000,000 to surplus account. Capital offer to at $100 Capital -Change in United States Realty 8c Improvement Co. -The stockholders on Dec. 9 voted Capitalization Approved. to change the authorized Common stock from 300,000 shares, par $100, to 1,000,000 shares of no par value, and approved the issuance of the new stock for the present stock on the basis of 2 for 1. This will take 666,457 shares of the Tidal Refining Co. -Trustee. -V. 121, p. 2766, new stock, leaving the balance unissued. The Irving Bank-Columbia Trust Co. has been appointed trustee of an 2418. authorized issue of $205,000 6% Equip. Trust notes. Series 2. -Unfilled Orders. United States Steel Corp. Tobacco Products Corp. -Rights Given to Class "A" See under "Indications of Business Activity" on a preceding page. and Common Stockholders of Record Dec. 14. V. 121, p. 2419. The right to subscribe to the 144,434 additional shares of Common stock -November Sales. (see last week's "Chronicle," page 2766), will be given to the Class "A" United States Stores Corp. and Common stockholders of record Dec. 14 (not Dec. 16 as reported). Increase. 1924. -1925. Month of November Payment must be made on or before Jan. 21 at the Guaranty Trust Co., Grass sales $2,824,453 $2,626.080 $198.373 140 Broadway, N. Y. City. -V. 121, p. 2766. -V. 121. p. 2650, 2419. Torrington Co. -Dividend Rate Increased-Extra of 5%. The directors have declared an extra dividend of 5% on the Common stock in addition to a regular quarterly dividend of 3%, both payable Jan. 2 to holders of record Dec. 18. On Oct. 1 last the company paid an extra dividend of Si of 1% and a regular quarterly dividend of 23i% on the Common stock. -V. 121, p. 1472. Troyoak Land Co., Detroit. -Bonds Offered. -Union Trust Co., Nicol-Ford & Co., Inc., Harris, Small & Co. and Benjamin Dansard & Co., Detroit are offering at par and int. $1,000,000 1st Mtge.6% Sinking Fund Gold bonds. Dated July 1 1925; due July 1 1934. Int. payable J. & J. without deduction for normal Federal income tax not in excess of 2% per annum. Red. on any int. date on and after July 1 1926 at 101 and int. in amounts of not less than $15,000. If less than total bonds outstanding are to be redeemed, selection is to be by lot. Principal and int. payable at Union Trust Co., Detroit, Mich., trustee. Company. -A Michigan corporation with a capital and surplus as of Oct. 31 1925 of $1,947,256. In addition to the properties covered by the bond issue, the company owns other real estate with an equity valued by it at approximately $2,800,000. Securitv.-These bonds are an additional amount issued under the declaration of trust and security agreement to the trustee dated July 1 1924 -Production.United Verde Extension Mining Co. November. Month ofCopper output (lbs.)--- 3.261.816 -V. 121, p. 2419. 2288. September. October. 3,730,994 3,593,898 August. 3,855,74$ -Forms New Theatre Chain. Universal Pictures Corp. The formation of a new company, which will acquire and operate a chain of 1,960 motion picture theatres scattered throughout the country is now being arranged by interests in control of the Universal Pictures Corp. The new company will immediately acquire the hundred or more theatres owned or controlled by Universal, of which Carl Laemmle is President, and with the introduction of new capital, the corporation plans to purchase several chains controlling or owning more than 1,000 motion picture houses. This arrangement it has been found, tends to stabilize the distribution end of the industry, a branch in which there is considerable waste. [See Universal Chain Theatres Corp. in V. 121, P• 2766.1 Contract with German Co. The corporation will have the largest single foreign outlet for its productions held by any American motion picture organization, as a result of the deal recently completed with the Universum Film Co., of Germany, known in the industry as Ufa. according to interests closely identified with the American corporation. Negotiations for the working arrangement between the two companies started last summer when Carl Laemmle, President of Universal 'Pictures Corp., was abroad. Mr. Laemmie is now 2890 THE CHRONICLE (VOL 121. 1 on his way to Germany. Upon his arrival in Berlin the deal which vril West Point Mfg. Co. -Balance Sheet Oct. 31.link together two prominent international motion picture companies will 1924. 1925. 1925. 1924. be officially consummated. Assets$ t Liabilitiest The chief benefit to be derived by Universal Pictures Corp. from this Real estate, plant Capital stock 7,200,000 7,200,000 International arrangement is an assured outlet for its productions in Gerand equipment_15,195,755 14,072,780 Notes payable_ 2.545,000 3,250,000 many, which country is recognized as the most profitable of all foreign Securities owned__ 719,431 719,431 Accounts payable_ 157,125 225,688 markets so far as motion pictures are concerned. The Ufa organization Sills dr accts. 64,361 740,583 owns 134 theatres in Germany, 75 of which are "first run" houses and seat Inventories rec_ _ 2,149,900 2,187,107 Res. for Fed. taxes 3,368,637 4,281.762 Depreciation 4,123,496 3,481,452 from 2,000 to 5,000 persons, and in addition the company controls through Cash 1,439,074 598,112 Profit and loss 8,780,815 6,961,469 lease or other arrangements several hundred additional houses. This international deal between Universal Pictures and Ufa, it is stated, Total Total 22,870,797 21.859,192 22,870,797 21,859,192 will reflect favorably in the earnings of the American organization. For -V. 119, p. 2773. the past fiscal year earnings of Universal Pictures Corp. approximated $8.50 a share on the Common stock, against $5.62 a share earned in 1924. $3.54 in 1923. $2.18 in 1922 and $1.01 in 1921. Increased distribution of Williams Oil-O-Matic Heating Corp. -Tr. Agent. Universal films in Germany and other countries, together with the success The Bankers Trust Co. has been appointed Transfer Agent for the the company's latest releases are now enjoying, forecasts record-breaking company's Common -See V. 121, p. 2651. stock of no par value. earnings for the current year. -V. 121, p. 722. Universal Pipe & Radiator Co. -To Sell 45,000 Shares of Common Stock to Bankers-Offer to Stockholders. -President John J. White, Dec. 3, says in substance: Wilson & Co., Inc. -Tenders. The Guaranty Trust Co. trustee. 140 Broadway, New York City, will until Dec. 16 receive bids for the sale to is of First Mtge. 6% 25 ' -Year Sinking Fund Gold bonds, due April 1 1941, to an amount sufficient to absorb $248,777, at prices not exceeding 1073i and int.-V. 121, p. 2767. 2288. The company having received an offer from bankers to purchase 45,000 shares of its authorized and unissued Common stock (without par value) at $25 a share, the directors on Dec. 2 authorized the acceptance of the offer and a contract has been entered into with the bankers for the delivery (F. W.) Woolworth Co. -Sales. of the stock on or before Jan. 4 1926 upon the shares being listed on the 1924. 1925. Increase. New York Stock Exchange. $20.678,984 819,365,467 x$1.307,497 The directors also decided to extend to the Common stockholders the Month of November 199,689.433 180,472:741 y19,216,692 privilege of subscribing for additional Common stock (without par value) First 11 months of year Of this gain, the old stores contributed$568,859. y Of this increase, on the same terms as that upon which the bankers were to purchase the -V.121. 2288. 1220. 45,000 shares above referred to. Accordingly the board authorized an $10.359.529 was contributed by the old stores. offer to be made to every holder of Common stock of record Dec. 12 of the right to subscribe on or before Dec.28 for and purchase at $25 per share. it of one share of Common stock for each share ofCommon tack held. As apart of the contract with the bankers for the purchase of the 45.000 shares, CURRENT NOTICES. the company has given to the bankers an option to purchase all or any part of the Common stock offered to the Common stockholders and not -Directory of Directors. -The 1925-26 edition of the Directory of taken by them. Application has been made to list on the New York Stock Exchange the 45.000 shares of Common stock sold to the bankers Directors in the City of New York has just been published. It contains, and the Common stock to be offered to stockholders. as in the past, an alphabetical list of Directors or Trustees having New York -V. 121, p. 2767. City addresses, followed by the names of Companies with which they are Utah Copper Co. -Increases Dividend Rate from $4 to connected. An appendix to the directory contains selected lists of corporations in Banking, Insurance, Transportation, Manufacturing and other per Annum. $5 -The directors on Dec.9 declared a quarterly dividend of $1 25 per share on the outstanding $16,244,900 lines of business, alphabetically arranged, accompanied in each case by the capital stock, par $10, payable Dec. 31 to holders of record names of the Company's principal Officers and all its Directors and Trustees. This Dec. 18. From March 31 1923 to Sept. 30 1925 incl. divs. of book forms a comprehensive directory of the large business interests New York City. The files of the Directory may be referred to at the office of $1 per share were paid quarterly. -V. 121, p. 2419. of the Publishers, 72 Pine Street, New York, at any time by its subscribers. Theodore Berdell, of Berdell Brothers, specialists in public utilities, Virginia-Carolina Chemical Co. -Rights to Subscribe. Holders of certificates of deposit for Common and Preferred stocks of sailed on Wednesday for Europe on the Conte Biancamano. During his record Nov. 9 were given the right to subscribe to Common stock of new stay in Italy Mr. Berdell will inspect the hydro-electric developments in company at $10 a share in the ratio of .6891 shares for each Preferred share held and .1053 for each Common share held. Rights expired Dec. 9.- northern Italy and adjacent territory with a view to comparison of the same with those of this country. V. 121, p. 2419. (V.) Vivaudou, Inc. -Suit. - Dr. Humbert Bizzoni, a chemist and head of the Bizzoni Process Co., has sued the company in the Federal court for upward of $400,000 for alleged breach of contract. According to the complaint, Dr. Bizzoni made a 5 -year contract with the defendant to supply it with creams and toilet preparations, and that a year later control of the Vivaudou concern changed hands and the contract was canceled. It is alleged that the plaintiff put up a factory at Flushing. L. I.. and t expensive machinery to enable him to comply with the contract. - ou 31 21, p. 2288. - 1 b 1. Walworth Alabama Co. -Bonds Offered. -R.F. DeVoe & Co. are offering $250,000 First (closed) Mtge. 63 , Serial 6% Gold bonds at prices to yield from 6% to 6.50%, according to maturity. -The First National Corporation of Boston, 100 Broadway. New York City, has prepared a leaflet of interest to holders of 3rd Liberty 43.1% bonds. Its purpose is to assist owners of these securities in answering the question as to whether they should take advantage of the Treasury Department's offer to purchase $50,000,000 of this issue. - Dwight Conner, who has been manager of the business extension department of the Illinois Merchants' Trust Co., Chicago, for the past 6 years, has resigned to become President of Bills-Conner, Incorporated. bank counsel service of Chicago, to become effective Jan. 2 1926. -The Equitable Trust Co. of New York has been appointed Transfer Agent for the stock of the International Projector Corporation, and also Transfer Agent for Allotment Certificates of the International Projector Corporation. Dated Aug. 1 1925: due serially. August 1926-1935. Payment of prin-D.0. Baudouy of D.A. Baudouy & Co.of New York City, sails today cipal and interest is provided for under the terms of a purchase agreement with the Walworth Co. Int. payable F. & A. at Chicago Trust Co.. on the steamer "Vauban" for Brazil to visit the various companies his firm Chicago, or at Bankers Trust Co. New York. Red., till or part, but represents in the United States and to investigate economic conditions in not less than all bonds of any maturity, upon three weeks' published notice at 105 and hit. Denom. $1,000, $500 and $100c5 Company has agreed Argentina and Brazil. . to pay int, without deduction for any Federal normal income tax not in -Approximately 821,000,000,000 par value in railroad securities are in excess of 2%. Trustees, Willard F. Hopkins, William T. Anderson and the hands of institutions, organizations and investors, according to a booklet Roy K. Thomas. Depositary, Chicago Trust Co. Company. -A subsidiary of Walworth Co., was organized to acquire prepared by Freeman & Co., 34 Pine St., New York City, describing the business and properties of the National Pipe & Foundry Co., manu- underlying railroad mortgages and railroad terminal bonds. facturers of cast iron pipe and fittings. Company's manufacturing plants located at Attalla, Ala., on 200 acres of land, comprise efficiently designed -Chatham Phenix National Bank & Trust Co. has been appointed one-story buildings covering an area of 117,000 sq. ft. and furnished with Trustee under Mortgage and Deed of Trust of George Kern, Inc., dated modern machinery and equipment. Buildings are so arranged as to facilitate a straight flow from raw material to delivery of finished products Nov. 11925. securing an issue of $675.000 OM First Mortgage Sinking Fund Gold bonds on leasehold. to warehouse and shipping departments. CapitalizationAuthorized. Outstanding. - Austin Haskell, President of Carstens dc Earies,Inc., Seattle, Wash., G. 1st Mtge. 635% Serial Gold bonds $250,000 $250.000 has announced that A. W. Talbott, formerly sales manager, has been made Preferred stock ($100 par) 225,000 Common stock (no par) 6,250 shs. manager of their Seattle offices, and W. L. Campbell has been made sales Walworth Co. Purchase Agreement. -Payment of int, and serial maturities manager. of these bonds is further secured under the terms of a purchase agreement -Morton Seidel,formerly with J. S. Bache & Co.,of New York,and John existing between the Walworth Alabama Co. and the Walworth Co. under the terms of which the latter has agreed to purchase in each fiscal year L. Riddell, a retired major in the United States army, have formed the ending Aug. 1 sufficient of the products of the Walworth Alabama Co., Morton Seidel Co., with offices in the Van Nuys Building, Los Angeles, and at such prices, as to return a profit to the company, which, together with any other income available for that purpose, will be sufficient to Cal., to do a general investment business. meet such interest and serial principal payments. Walworth Co. has -Anthony A. 13randenthaler, recently with the Portland. Oregon,office further agreed not to dispose of its ownership of any part of the Common of the National City Co., has become a Vice-President of the Federal stock of Walworth Alabama Co. while any of these bonds remain outSecurities Corporation, whose office is in tho Northwestern Bank Building, standing. Purpose. -Proceeds will be used to reimburse, in part, the Walworth Portland. Oregon. Co. for funds expended in connection with the acquisition of the entire -The interest of William M. Dederlch in the firm of Dederich, Arnold Common stock of the company, and for other corporate purposes. & Co., has been terminated, and the business will be continued under the firm name of Arnold & Co.. 25 Broad Street, New York, by Roy W.Arnold. Walworth Co. -Subsidiary Company, &c. See Walworth Alabama Co. above. general partner, and Benjamin if. Arnold, special. Th0 New York Stock Exchange has authorized the listing of 199,491 -Russel A. Cowles & Co.. 100 Broadway, New York, are distributing shares of Common stock without par value on official notice of issuance in exchange, share for share, for 199.491 outstanding shares of Common a pamphlet of timely interest to all holders of Liberty 4s or 4s Federal (dock (par $20), with authority to add to the list, on and after Dec. 16 Land Bank bonds and Joint Stock Land Bank bonds. 1925. 100.000 additional shares of Common stock on official notice of issu-Clokey & Miller, Specialists in Bank and Insurance Co.Stocks,together ance in exchange for present outstanding full paid subscription receipts representing 100,000 shares of Common stock without par value: with further with their regular analysis of Bank and Trust Co.statements, have prepared authority to add to the list 50,000 additional shares of Common stock a graph showing the trend of Bank Stocks since 1915. on official notice of issuance and payment in full: and with further authority -J. L. Osborne, manager of the bond department of the Anglo-California to add to the list 509 additional shares (previously purchased by the company and now constituting a treasury asset) on official notice of issuance Trust Co., San Francisco, has recently been elected a Vice-President of that and distribution, making the total amount applied for. 350,000 shares organization. (of a total auth. issue of 500,000 shares) .(Compare also also V. 121, p. 1688) -Ralph S. Longstaff, formerly with Curtis & Sanger and H. Spaulding V. 121, p. 2651, 2419. Coffin & Co., has joined the organization of Gorrell & Co., with offices in Washburn-Crosby Co. -Listing. The New York Stock Exchange has authorized the listing of an additional the Rookery Bldg.. Chicago. $250.000 7% Sinking Fund Cumul. Pref. stock, upon official notice of issu-The New York Trust Co. has been appointed Trustee under agreement ance and payment in full, making the total amount applied for $7.250.000. securing $3,000,000 Court Square Building, Inc. first mortgago six per cent The proceeds received from the issuance of this stock will be used for addisinking fund Gold Loan due Nov. 1 1958. tional wosking capital. -V. 121, p. 1237. -Bankers Trust Co. has been appointed New York agent for the payWestinghouse Air Brake Co., - ment of coupons, 1st Mortgage 7%. Throadwell Tool Co. ---Extra Dividend of $1. An extra dividend of $1 per share, together with the regular -The Strauss Corporation announces the another Pacific quarterly dividend of $1 50 per share, has been declared on Coast office located at Pasadena, California, inopening of Building. the Security the outstanding $39,448,840 Capital stock (par $50), payJanney, has joined the Los Angeles sales organization of -Dewey H. able Jan. 30 1926 to holders of record Dec. 31.-V. 121, p. De Fremery & Co. 1473. -Prince & Whitely have prepared an analysis of the Pennsylvania RA DEC. 12 1925.] THE CHRONICLE 2891 The Commercial Markets and theS Crops -GRAIN-PROVISION COTTON-SUGAR-COFFEE -ETC. -WOOL -METALS DRY GOODS PETROLEUM-RUBBER-HIDES New Orleans reported 10,000 bags Louisiana refining grades sold for shipment within a week at 4.0843., New Orleans refiners. H. A. Himely cabled from Havana that 27 centrals were grinding the crop, the additions being the Trinidad and the Baragua. Last year only 16 were grinding at this Friday Night, Dec. 11 1925. time. Early grinding by big mills impressed. many. Later COFFEE on the spot was quiet for a time at 2234 to 23c. thirty, including the Cupey and the Romelie, were said to be for Santos No. 4. Late last week cost and freight offers at work. Yet sales were rumored at 2 5-16o. London was included 3-5s part Bourbon at 21c.;Bourbon 4s at 21c, 3-4s dull and% to 134d. lower. Cuban us. o. i. f. Wall Street Shorts and the trade at 21.300.; peaberry 3-58 at 21.40c.; 3-5s part Bourbon at and Cuba bought futures here. crop estimate. Refined -March at 208%c.; bought in the teeth of Quinn's big 4s part Bourbon at 210.; 4s Jan. 20.80c.; 5.50c. Gutna and Mejer's estimate for -March at 20)4c.; genuine Bourbon 4s at was dull at 5.35 tothe year 1925-26 is 5,373,714 tons. This -Feb. 4s part Jan. the Cuban crop for 4 21%c.;3-4s at 21M.and 6s at 203 0. Later there was a fair is the highest estimate thus far. There were 28 sugar mills demand and prices were firm;No.7 Rio,178%o.;No.4Santos, grinding on the 9th inst., against 19 at the same time last 2234 to 230.;fair to good Cucuta,2534 to 26)io.; Honda,293/2 year. The last mills to begin grinding are the Cunagua, Hartillo, Baragua to 300.; Robusta washed,213/2 to 220.; Medellin,303/2 to 31o. Jaronu, Jobabo, Agramonte, Siboney, latterly risen % to lc. Prompt shipment and Trinidad establishments. Firm offers have Receipts for the week ending Dec. 9 were 38,640 tons Bourbon 3s here at 22.05 to 22.8734c.; 3-48 at 21.80 to 22.50c.; against 47,603 in the previous week, 38,367 in the same week 3-5s at 213/2 to 220.; 4-5s at 21 to 2134c.; 5s at 21.400.; 5-6s last year, and 45,535 two years ago; meltings 52,000 against at 21.100.; 6-78 21.15c. Santos peaberry 2-3s at 22c.; 46,000 in the previous week, 30,000 last year and 36,000 two 4-5s at 21.35 to 22c. No Rio or Victoria offers were ago; total stock 45,328 against 58,688 in previous week, -March 32,331 last year and 45,706 two years ago. H. A. Himely reported for prompt shipment. No. 2 Rio Jan. total wheat exports for the week ending Dec: 7 as 17.20 to 30c. Quite a number of firm offers appeared on gave the inclusive of 63,246 tone North of Hatteras,2,642 92,098 tons the 8th inst., but they were irregular. Prompt shipment tons to Savannah, 371 tons to interior, 4,505 tons to Canada, Bourbon 28 at 21%c.;2-3s at 213/2 to 22.950.; 3s at 22 to 23c.; 18,692 tons to England and 2,642 tons to Holland. He 3-4s at 21.45 to 228%c.; 3-5s at 21 to 218%c.;415s at 208% to put the receipts at 2,527 tons. Raw sugar was offered at -Feb. new crop 4 218%c.; 5s at 20.70 to 21 Mc.; 5-6s at 20.45 to 203 c.; 6-78 at one time at nothing less than 2%o. for Jan. freight offers Lower cost and 7-8s at 183/2c to 20c.; Cuba with the demand light. estimate of 5,200,000 tons and 203404 Bourbon grinders 6s at 20.60c.; were reported. A Cuban crop Part Bourbon 3-4s at 21.30 to 22.70c.; 3-5s at 21 to 21.80c.; better weather in Cuba had some effect. Much secrecy 203/80.; Santos Peaberry 2-38 at was observed as regards business in actual sugar. Some 4-6s at 20.80c.; 6-s at 21.950.; 3-5s at 21.20 to 21.90c.; 4-5s at 20.80c to 21.15c.; called the undertone steady with consumption good. The pointed out by others, 5-68 at 208%c.; 7s at 20).1.c.; Rio 8s at 160.; Victoria 8s plus Christmas confectionery trade, it was Cuba grinding will be -March, Bourbon and with more favorable weather in ground is also stressed Jan. 20 at 16c. Future shipment Santos of the cane -March, part Bourbon pushed. Improved quality 4s at 293/2 to 210.; 4-5s at 2034c.; Feb. and a crop estimate of 4,800,000 tons is regarded in some 48 at 203/2c.. quarters as too low. Lower prices were predicted. A year Later spot trade was lower in sympathy with the weakness ago it is recalled stocks held by refiners Cuban holders and ' in futures. The feeling is that Brazil recently advanced the trade were small. Things are called radically different been inclined to sell July and Sept. prices too rapidly. Rio 78 to-day here 17c.; Santos 45, 223/2 now. Wall Street has is usually a time of comparatively The rest of the year to 228%e. Futures were higher with the cables stronger. small consumption. Consumers and refiners are alike supliquidation less pressing and the market perhaps posed to be pretty well covered for the time being. Timely December a little short. Santos on the 10th inst. rose 40 to 500 reis; and copious rains have benefited Eastern Cuba, where dryexchange, 7 3-160.; dollar rate falling. It is pointed out weather was at one time complained of. Despite the rains, that the gold value of the Brazilian miheis has decreased treble the number of mills are now grinding that there were estimate of the Havana Sugar Club of about 7%. Conflicting reports are received about the a year ago. The crop 5,089,000 tons attracted attention as contrasted with the outlook for the crop. The Washington Department of Cuban Government estimate of 4,800,000. Late last week Commerce recently estimated the 1925-26 Santos crop at 19 Cuban centrals were grinding compared with 8 at the 8,769,000 bags to come to the port of Santos from Sao Paulo, same date a year ago. To-day futures were irregular,ending Minas and Parana crops. Private estimates say, however, 3 points lower to 4 higher after transactions involving 23,250 ic. Nearby Philip7,000,000 to 8,000,000 bags. As to the 1926-27 Santos tons. Prompt raws were steady at 2W crop, some advioes are to the effect that November rains pines sold at 3.96c. Yesterday 2,000 tons due next week flowerings were irregular. The sold at 3.99c., or equal to 2 7-320.for Cuba. British markets were beneficial, but that the prospective crop is put tentatively at 10,000,000 to 11,000,- were unsettled; Cuba Dec. -Jan. was 10s. 9d. bid, with the bags. That is regarded as bullish rather than otherwise, same bid for Feb. -Mar. and Ils. to us. 134d. asked. Java in Rio and Victoria is not white 13s. 9d., c.i.f. Later in the day a Philadelphia refiner especially if this year's large crop likely to be equalled next season. December was liquidated bought 15,000 bags of Cuba prompt shipment at 2lie. The late last week rather freely. A good deal of switching was number of mills grinding in Cuba was stated to-day at 33. done from December and March to later months. A Coffee Last prices here show a decline for the week of 6 to 11 points. Exchange membership sold at $13,900, a decline of $100. The prompt price is Mc.lower than a week ago. To-day futures closed 20 to 33 points lower with transac2.56a I July 2.35a I March (unoffidal)_ tions amounting to 30,000 bags. Rio terme prices were 250 Spot 2.470 ___ I September _--2.680 December- -2.27anom I May 100 to 200 reis. reis lower to 100•higher. Santos dropped -In London on Dec. 7 offerings 38,206 packages of TEA. Rio exchange on London was 7 3-116d. The dollar rate fell low and packages 20 reis to 6$880. At one time prices here to-day were 30 to Indian teas, of which 32,000 farthing; sold. Some otherwise about un37 points lower. Private cables were weak and had a mani- medium grades advanced 1 8 offerings were 15,200 pkgs. fest effect. Cost-and-freight offers were lower. Santos changed. In London on Dec. were sold. Demand excel3s-4s, 21.55 to 21.80o.; 4s prompt here 21.30 to 21.873/2c.; of Ceylon teas, of which 15,000 is. 10j/ 4s Jan. -Mar., 21.50c.; Rio 7s prompt, 16.800. Final prices lent. Prices: Medium pekoe, Is. 73/2d. to pekoe, 2d.; fine orange show a rise for the week of 23 to 46 points. The Exchange pekoe, is. 11d. to 2s. 5d.; medium 11 Md. to 2s. Is. 734d. here will be closed on Dec. 26 and Jan. 2. Closing prices to is. 11d.; fine orange pekoe, is. were 20,60053/2d. In pkgs., of London on Dec. 9 offers of Indian were as follows: which 20,000 sold at unchanged prices. - I July pot (unofficial) _ -17c. March 16.250 15.784 _ ecember --16.40a --- I May 16.080 ---_ I September -15.384 LARD on the spot was steady with hogs up and futures -New Cuban, second half of December, was higher. Liverpool, it is true, fell is. to is. 3d. on the 7th SUGAR. down to 23jo. e. & f., at which 10,000 bags sold; 20,000 bags inst. Prime Western, 14.75 to 14.85o. nominal; Middle old crop, December shipment, sold at 234c., a decline of Western, 14.60 to 14.70c.; city lard in tubs, 15 to 16c.; 1-16c., owing largely to the Cuban crop estimate of Guma compound carlots in tierces,f128% to l23/2c.; refined pure ConMejer of 5,374,000 tons, against an actual outturn last year tinent, i58%o.; South American, 173/2c.; Brazil in kegs, 1834c. of 5,125,970 tons. December liquidation was also a factor. Later spot was firmer with cables at times higher and deHimely may issue an estimate soon. On the 8th inst. 10,000 mand fair. Liverpool on the 9th inst. advanced is. to is. 6d. Venezuelas for prompt shipment sold to New York at Export demand was fair. Prime Western, 14.90 to 15c.• 2 3-16o. o. & f. London on the 9th inst. fell 8%d. to 13/2d Middle Western, 14.75 to 14.850.; city lard in tubs, 15A and Cuban raws were. reported offered at us. 3d. e. f. to 160.; compound carlots in tierces, 128% to 1234c.; re- COMMERCIAL EPITOME 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." D 2892 THE CHRONICLE fined Continent, 153/20.; South America, 17c.; Brazil in kegs, 180. To-day spot lard was quiet and, rather unsettled. Prime Western, 14.95o.; refined continent, 153 c.; South % America and Brazil unchanged. Futures advanced with hog receipts smaller than expected on the 7th inst., shorts covering, and some new buying for long account. Meats were 25 points off to 27 higher. The cables were weaker but export clearances last week increased. Provisions in general were in demand. Packers' hedges were well taken on the 8th inst. Hogs then were lower, despite moderate receipts. But the market broadened. Stocks of product were small. Europe has been taking more. Liverpool lard prices rose 3d. to 6d. At one time prices declined somewhat at times and were irregular at others, with export business unsatisfactory and Europe disposed to hold aloof. Cash interests, too, were not disposed to take hold freely. Futures later declined, despite firm English cables and buying for the East. Packers and cash houses sold. To-day futures were slightly higher, but reacted before the close. Last prices for the week were 18 to 25 points higher. Hogs closed to-day 10 to 20c. lower with the top $11 40. Western receipts were 145,000, against 223,000 last year. Chicago expects 35,000 on Saturday. DAILY CLOSING PRICES OF LARD FUTURES Sat. Wed. Man. Tues. December delivery_cts-13.82 13.90 14.27 14.05 January delivery 13.82 13.87 14.20 14.00 March delivery 13.75 13.80 13.90 14.07 May delivery 13.77 13.82 13.95 14.12 IN CHICAGO. Thurs. Fri. 14.17 14.20 14.10 14.12 14.07 14.07 14.10 14.07 PORK steady but quiet; mess,$38 50; family, $40 to $43; fatback pork, $36 to $37. Ribs steady; cast', 15.25c.; basis 40 to 60 pounds average. Beef quiet but firm; mess, $25 to $27; packet,$25 to $27; family, $28 to $30; extra India mess,$43 to $45; No. I canned corned beef, $3; No. 2,$5 25; . 6 lbs., $18 50; pickled tongues, $55 to $60 nominal. Cut meats steady; pickled hams, 10 to 20 lbs., 213% to 23340.; pickled bellies 6 to 12 lbs., 21% to 22c. Butter, lower grades to high scoring, 42 to 5134c. Cheese, flats, 21 to ' 2834c. Eggs, fresh new to extras, 40 to 63c. OILS. -Linseed has been quiet at 12.9c. for spot April. Boiled oil has been in light demand. Buyers are only taking enough to fill immediate wants. In tanks, 12.10. was quoted for linseed; boiled in tanks, 12.5c. Linseed has 1een in somewhat better demand for distant delivery with stocks moderate. Cocoanut oil, Ceylon,f.o.b. coast tanks, 123/2c.; Manila, tanks, coast spot, 123/20. Corn, crude, tanks, plant,9 to 93/2c.; bbls., spot, 113 to 12c. Chinawood oil, 4 New York spot, bbls., 133%c.; tanks, 1234c. Olive Den, $1 20 to $1 25 a gallon. Soya bean, coast, 113o.; crude, 4 tanks. 1234c. Edible oil, corn, 100-bbl. lots, 13c. Lard, prime, 173443.; extra strained, winter, New York, 143%e. Cod, domestic,63 to 64o.; Newfoundland, 65 to 67c. Turpentine, $1 03 to $1 06. Rosin, $14 50 to $16 50. Cottonseed oil sales to-day, including switches, 3,700 bbls. Crude S. E.,8%0. bid. Prices closed as follows: Spot 10.250 1Feb 10.200 --io.osaio.i5 May Dec Jan 10.25010.55 March 10.17010.20 April 10.110 _ June 10.14010.16 July 10.24010.28 10.32010.34 PETROLEUM. -Gasoline export demand of late has been better. France has been buying freely in the Gulf section and U. S. motor was steady at 113%c. to 11%c. in tank cars at refineries. U. S. motor locally was quoted at 13e. Cased gasoline improved a little. Kerosene was more active and firm at 7c. in the Gulf section for prime and 8c. for water white; locally, water white, 834c., refinery and 934c. delivered to trade in tank cars. Bunker oil was quiet at $1 65 at refinery. In the Gulf section $- 50 to $1 60 a bbl. was quoted. Gas oil was in better demand at 43 e. at New Orleans for 26-28 transparent gas oil. Lubri4 cating oils showed little change. Waxes have been quiet. Pennsylvania cylinder stocks were firm. There was a somewhat better export demand. The consumption of kerosene is increasing noticeably. It is firm on the basis of 836c. at local refineries, for water white and 934c. delivered to the trade in tank cars. Gulf water white, Sc. Cased kerosene was firmer. Bunker oil was also firmer, though still quoted at $1 65. Gasoline was firm; Gulf, 1134c.; Mid-Continent, U. S. Motor, 1034 to 103/2c.New York refined export prices: Gasoline, cases, cargo lots, U. S. Motor specifications, deodorized, 27.15e.• U. S. Motor, bulk, refinery, 12c. Kerosene, in cargo lots, eases, 17.90c.; furnace oil, bulk, refinery, 63404 petroleum, refined, tanks, wagon to store, 15e. Kerosene, bulk, 45-46-150 W.W.delivered, New York tank cars, 934c. Motor gasoline garages (steel bbls.), 17e.; up-State, 17c. Oklahoma,Kansasand TexasUnder 28 $1.00 i.59 32-32.9 2.01 39 and above Texas Co. 28-28.9 1.15 1.55 33 -33.9 42 and above 2.27 Pennsylvania $3.40 Corning 1.70 Cabell 2.10 Somerset, light 2.35 Rock Creek 1.75 Smackover.27 deg. 1.30 Elk Basin $1.90 Big Muddy 1.75 Cat Creek 1.52 Homer 35 and above 1.75 Caddo Below 32 deg 1.65 32-34.9 1.75 38 and above) .95 Buckeye $3.05 Eureka $3.25 Bradford 3.40 Illinois 1.87 Lima 1.98 Crichton 1.60 Indiana 1.78 Plymouth 1.40 Princeton 1.87 Mexia, 38 deg-- 1.95 Canadian 2.38 Gulf Coastal "A"- 1.50 Wortham. 38 deg- 1.95 Wooster 2.00 RUBBER has latterly been dull at $1 10 to $1 11 for first latex, with London also dull and unchanged or %d. higher. The Federated Malay Government states that damage to rubber trees by recent floods was small. The greatest losses were sustained in the Ulu Langat district, where 8,000 trees [Vol, 121. in bearing were said to have been destroyed. London spot was 5534 to 56d. on the 9th inst.; Jan., 543 to 543 d. 4 Singapore had a good trade in fine ambers and crepes; spot, 503/2d.; Jan. -Mar., 49d. In London the stock last week gained 33 tons. It is now 3,830 tons, against 3,797 last week, 4,905 a month ago, and 32,723 last year. New York was dull on the 8th inst. at $1 10 to $1 11 for first latex spot, $1 063/2 to $1 0734 for Jan. -March, and $1 09 to $1 10 for ribbed spot. London was generally W higher; spot, 5334 Id. to 553 d., and Dec., 55 to 5534d. Singapore was dull and 4 % to %d. lower; spot, 503/2d.; Dec., 5034d.; Jan. and March, 49d. The rubber trade here favors having its own exchange or none. There will be a rubber "call" on the Cocoa Exchange. On the 10th inst. prices fell sharply with London lower and trade dull in both markets. Holders in both were plainly disposed to sell. First latex crepe spot here, $1 07 to $1 0834; Dec., $1 07 to 161. 08; Jan. -March, $1 05 to $1 06; April-June,$1 003/2 to $1 0134;ribbed smoked sheets, spot, $1 06 to $1 07; Dec.,$1 06 to $1 07; Jan. -Mar., $1 0434 to $1 053/2; April-June, $1 003/2 to $1 0134; brown crepe thin clean, $1 02; amber No. 1, $1 02; Para upriver fine, spot, $1 033/2. London fell % to id. on the 10th inst.; 3 spot,543 to 5534d.; Dec., 5434 to 55d.; Jan.,533% to 54d.; 4 Jan. -March, 5234 to 53d.; April-June, 4934 to 50d. Singe, pore dropped 3i to %d. on profit-taking; spot bid, 50d.; Dee., 50d.; Jan. -Mar., 4834d.; April-June, 45l4d. HIDES have been very quiet. Columbian at one time were said to be in rather better demand. It was certainly . nothing striking. River Plate frigorifico were somewhat firmer, but were not at all active. On November native packer buyers and sellers were apart Country hides attracted a little more attention. Sales of Western 25-45 extremes were reported at 1334e. Common Antioquias, 2534c.; Santa Martas, 2334c.; city packer dull at 15c. for steers, 14c. for butt, 13c. for Colorados. River Plate dull at The. for cows c. & f. New York, and 173/2c. for steers. Later 3,800 Cucutas sold at 25s., it seems, 400 Antioquias at 25c. River Plate frigorifico were firm and a sale was reported of 4,000 Anglo steers at $39 25 or 18 1-16c. c. & f. Country hidis were dull and weak. OCEAN FREIGHTS were in demand at rising rates. Later trading was quiet. CHARTERS included grain from Portland to United Kingdom-Contlnent, 350., Jan. -Feb.;from Atlantic range to United Kingdom, barley, 35.. Dec. 25 -Jan. 20: heavy from New York to Antwerp-Rotterdam. 1354c. one Port and 14c. two ports, Dec. 10-24;from Philadelphia to United Kingdom, 38. 434d., 25.000 qrs. 10%,London, Dec. 5-15;from Atlantic range to Rio. 20s., London, Dec.; agriculturals from New York to Black Sea. 934c.. Jan.; sugar from Cuba to United Kingdom-Continent, 150.; time charter, 663 tons net steamer, round trip West Indies, Si 85 prompt; 1.456 tons net steamer, round trip West Indies, Si 25: 3.947 tons net steamer, delivery Japan middle Nov., re-delivery Japan middle of Feb.. 3 months Pacific, 1.70 yen; 3,326 tons net, delivery Japan early Nov., re-delivery Japan in May.6 months same, at 1.75 yen; 3,361 tons net, delivery Kobe 4 months Pacific, 1.80 yen; 2,759 tons net. delivery Japan late Nov.. delivery back Japan late March,5 months Pacific trade. at 1.90 yen;or India or Australia 1.85 yen; oil cake from U. S. Gulf to Denmark. Dec. -Jan- $640; coal from Wales to Norfolk-Portland range, 50. 75.0., Dec.; creosote from Hull to one or two Gulf ports. 50. 100.. Nov. -Dec. TOBACCO. -Leaf tobacco has been in fair demand with factories busy with the holiday trade. No activity in leaf is apparent; quite the contrary. But supplies are not burdensome. Some holders have now sold out most of their stocks of seed leaf but new business lacks snap. The truth is the market is still in a rut. Florida shade grown has been firm and has met with a fair demand. But in general the trading in tobacco lacks life and interest. At Washington on Dec. 7 five hundred West Virginia and Ohio tobacco growers at the opening tobacco sale got an unexpectedly high average price of 2034c. for their offerings of 100,000 lbs., or 23c. more than they had expected. Damage by the first autumnal cold wave was shown in the quality of a number of the offerings. The crop is not exceptionally good or large. Many thousands of pounds of blighted tobacco were left uncut and the total loss is rather high. The Connecticut Chamber of Commerce calls conference of growers at Hartford for Jan. 4. . Most of the unsold tobacco in excess of normal supply is in warehouses and there is absolutely no market for this at a living price, according to the Secretary, George B. Chandler. Connecticut Valley growers have a small market even though there is no suitable substitute for the quality of tobacco raised. Cut the acreage is the answer in Hartford. COAL. -Retail prices have been unchanged. It is surprising to hear that New York dealers ask $23 50 for Welsh anthracite that cost about $17-a modest profit indeed. It is one of the suggestive things about the strike together with prices charged for coke. That is quoted at $18, No. 1 50, pea coal at $15 to $16, and buckwheat from $7 50 to run of mine bituminous coal at $7 75 to $8 50. Prices have been in the main firm at Nev York and Hampton Roads, despite rumors of an approaching settlement of the anthracite strike. The New York tidewater movement was somewhat larger. Total stocks of soft coal were 3,432 cars. Early in the week Hampton Roads soft coal was reported lower. A price of $5 for Navy standard bituminous coal at Hampton Roads was eased on Monday and the trade quoted the market at $5 flat. Similar declines were reported on lump, egg and nut at Cincinnati and Chicago. The easier tone was due to unseasonably mild weather. Latterly it has been colder. The anthracite strike continues. Later Connellsville run of oven furnace coke was here $3 75 to $4, and foundry at from $5 25 to $5 75. The range of small- DEC. 12 19251 THE CHRONICLE 2893 sized coke was from $5 35 to $5 75. Run of mine soft coal time. Three eastern Pennsylvania makers got 30,000 tons of the order, but the price fell 50c., as $22 50 was accepted was firm. COPPER. -Producers were holding firmly at 143/8c., on so large a transaction. WOOL was dull and weaker with prices in Australia, while buyers were bidding 140. A declining London market checked the efforts of producers to advance prices. London New Zealand, South America and at the Cape 5 to 10%lower on the 9th inst. declined 2s. 6d. on standard copper to £59 than recently with less demand from the French. Up to 5s. for spot and £60 5s. for futures; electrolytic declined recently they were big buyers. . British and American buy5s to £65 5s. for spot and £65 15s. for futures. Shipments ers bought only moderately. At New York, Ohio and from the Lake district increased 3,000,000 lbs. in November, Pennsylvania fine delaine was nominally 55 to 56c.; totalling 14,622,000 lbs., against 15,412,000 lbs. in No- Ohio and Pennsylvania M blood, 53 to 550. Territory, vember of last year. December shipments are active, but clean basis, fine staple, $1 32 to $1 35. Texas, clean basis, only a small part are destined for Europe. Later copper was fine, 12 months, $1 28 to $1 30. Pulled, scoured basis, at I4c. with rumors of large business. The American Brass A super,$1 10 to $1 15; B super,90 to 950. Boston towards Co.was said to be one of the most prominent buyers. Within the end of the week was dull and lower, with London weaker. a week it is reported that about 50,000,000 lbs. have been Geelong down 10 to 12% on merinos and South American sold. Export sales were made recently at 14.15c. London off 10%. Boston prices: delaine,unwashed.55c.; blood combing, Ohio standard, £59 5s. spot and £60 5s future; electrolytic, £65 55c.; and Pennsylvania fleecesfine unwashed, 50c. Michigan and New blood combing, 55c.• 5s. spot. • blood combing, 53c.; 54 blood York fleeces delaine, unwashed, 53c.; blood combing, 55 to 56c.; fine unwashed, 47 to 48c. TIN has been quiet and of late prices were unchanged. combing, 56c.: 1 blood, 51 to 52c.; Wisconsin, Missouri and average New England. 53 to 56c. Scoured basis* Texas. fine 12 it Straits spot was quoted at 53140. and March 52Mc. Spot 54 blood. 53 to 54c.: 30; blood. months, $I 20; California Northern, $1 25 fine 8 months (selected), $1 9th inst. advanced 10s. to £287 to Si 28; Middle County.$1 10 to Si 15; Southern, $1 00 to 81 05; Oregon, standard in London on the fine and fine combing. $1 26 7s.6d. and futures rose 7s. 6d. to £280 12s. 6d. Eastern c.i.f. Eastern No. I staple, Si 30 to $1 32;$1 15; Valley medium $115 to Si 20. No. London advanced 10s. to £288 5s. on sales of 100 tons. to Si 28; Eastern clothing, Si 10 to staple choice. $1 301, 51 35; Yi blood to Territory: Montana and similar, fine 3 Tin has latterly dropped 4c. with London lower. Spot combing, Si 25; it blood combing. $1 10 to $112; 1.1" blood combing Si $1 30;fine A supers, Pulled, to Straits here 63 Vic.. distant futures, 6210. In London spot $1 $1 02. 51 20; A delaine, $I 30 to 51 35: AA,Si 25 tobest combing, 75 to supers. Si 05 to $1 10. Mohairs, 15 to standard late in the week fell £2 7s. 6d. to £285; futures off 80c.; best carding, 65 to 70c. £1 12s. 6d. to £279. Spot Straits in London £2 17s. 6d. The rail and water shipments of wool from Boston from lower at £286 10s. Jan. 1 1925 to Dec. 3 1925, inclusive, were 163,825,300 lbs., LEAD was quoted at 9Yic. by the American Smelting & against 158,867,000 lbs. for the same period last year. Refining Co. This is a decline of $5 from last week. The The receipts from Jan. I 1925 to Dec. 3 1925, inclusive, were St. Joseph Lead Co. was selling at 9.15c. in the St. Louis 293,109,200 lbs., against 291,666,000 lbs. for the same period district. London on the spot fell 7s. 6d. on the 9th inst. last year. Buyers at the West withdrew. At Bradford to £34 5s. and futures dropped 3s. 9d. to £33 17s. 6d. Lead wool top prices tended downward. Portland, Ore., wired / remained at 91 0. here although London fell Is. 3d. late in that the auction sale of 2,250,000 lbs. of Idaho wool was the week to £34 3s. 9d. on the spot with futures off 2s. 6d. called off there on .the 7th inst. on account of low bids. to £34. In London on Dec. 7 10,903 bales were offered. Prices ZINC was quoted at 8.75 to 8.80c. for prompt. The firm- as follows: ness of spot was attributed to the sold-up condition of the New South Wales, 877 bales; scotred merinos, no sales; crossbreds, merinos, 18 to 29%d.; crossbreds, 11 to 22d. Queens24 to market. London dropped 5s. on the 9th inst. to £38 5s. for land, 41d.: greasy scoured merinos, 41 to 53d.,• crossbreds, 30 to 43d.; bales; spot and £37 7s. 6d. for futures. Zinc was rather weaker greasy2,008 merinos, 16;i to 28d.; crossbreds, 12 to 24d. Victoria, 2.299 bales; 17 to 45d.; greasy merinos, late in the week with trade dull. Prompt, 8.75c. East St. scoured merinos, 25 to 48%d.: crossbreds, Zealand, 5,438 bales; scoured 16Md. New 16 to 29d.; -March, 8.40c.; brass special, merinos, 30crossbreds, 10X to no sales; greasy merinos. 15 to 26d.; crossLouis.. Jan., 8.50c. and Feb. to 45d4 crossbreds, breds, 12 to 19d. 9c.; high grade, 144c. In London spot fell 5s. late in the crossbreds, no sales;Falkland Islands, 281 bales; scoured merinos. no sales; greasy merinos, no sales; greasy crossbreds,13% to 21d. week to £38, and futures dropped 3s. 9d. to £37 3s. 9d. In London on Dec. 8 10,241 bales were offered. Demand Stocks of slab zinc fell off in November 553 tons after a decrease of 4,321 tons in October. Reserve stocks on Nov. 30 unsatisfactory; prices off. Details: Wales. 893 bales; scoured merinos, 21 New were 6,922 tons, or about one-half week's consumption. 15% Southgreasy merinos, 12 to 26d.;crossbreds,65ito 41d.• crossbreds, to 23;0. QueensBut November exports decreased 2,047 tons; the total for land,to 38d.; 1,222 bales; scoured merinos, 30 to 63d.; crossbreds, 18H to 32d.; 24Md. Victoria, 1,351 merinos, 20 to 27 d.•, crossbreds, 16 the month was only 3,318 tons, which is about one-third of greasyscoured merinos, 25 to 47.1.; crossbreds. to to 39d.; greasy merinos, 16 bales; what had been expected by this time. November production 15 to 27%; crossbreds, 10% to 26d. South Australia, 1,012 bales; scoured greasy merinos. 16 was 50,629 tons, a gain of 132 tons; shipments were 51,182 merinos, 26 to 3934d.: crossbreds, 20 to 38d.: 181 bales; scouredto 24 Yid.* merinos crossbreds. 6% to 2234d. Cape Colony, tons, a decrease of 36 tons. Retorts operating at the end 32 to crossbreds, no calm; greasy merinos, 14M to 18d.; crossbreds bales; scoured merinos, no galas: crossbreds 37d.•' of the month numbered 90,085, a net gain of 208. Stocks no sales. New Zealand. 758no sales; crossbreds,9 to 16d. Punta Arenas 16% of zinc ore in the Tri-State district on Dec. I were stated at 4,824to 31d.; greasy merinos, no sales; crossbreds. no sales; greasy merinos bales; scoured merinos, 18,500 tons, all sold. Stocks on Nov. 1 had been 24,500 15 to 21d.; crossbreds, 65i to 19%cl. tons, with 19,000 tons sold. In London on Dec. 9, 11,010 bales were offered. Best STEEL has been less active and in some cases, it is said, greasy merinos sold well. Average and inferior sorts firm. weaker. Many consumers are said to be supplied for the Details: no New South Wales, time being. They bought heavily in November. The 36d.; greasy merinos,50 bales: Scoured merinos, 9itsales: crossbreds, 26 to to 19d. Queensland, 14 to 2130.; crossbreds, average output is at 87%, however, or 2% increase in two 2,652 bales: Scoured merinos. 38 to 48;id.; crossbreds, 30 to 4230.; greasy 15 to 20d. Victoria. 509 bales: merinos, weeks. Chicago last week did the largest business in a year. merinos.16H to 24Hd.;crossbreds,to 31d.; greasy merinos, 15% toScoured 273.4d.; 23 to 43d.; crossbreds, 16 November trade there was 15% larger than October's. crossbreds, no sales. South Australia, 1,227 bales: Greasy merinos, 14 to to Automobile interests are expected to buy freely in anticipa- 24 M.:crossbreds,9%83419d. West Australia,625 bales: greasy merinos. to 1934d. Tasmania,285 bales: Greasy merinos, tion of an active year in 1926. Meanwhile the talk here is 15 to 25d.:crossbreds. 17 to 2434(1.•, crossbreds, 13 to 19d. New Zealand, 5,620 bales: Scoured 14 to 353401.; greasy merinos. 12;i to 22d.; that buying of steel in general is for consumption or in other merinos, 19 to 45d.; crossbreds,Arenas, 41 bales: Scoured merinos, no sales; Punta crossbreds. words, for actual needs and without discounting the future. crossbreds,8 to 1914d. greasy merinos, 18 to 23d.; crossbreds, 12 to 1930. 29 to 32d.; Trade in fabricated steel has recently been the feature; In London on Dec. 10, 11,271 bales offered. Attendance 35,000 tons were taken last week. December orders, it is true, are not expected to equal those of November; they are good. Demand slow. Prices lower. Withdrawals large. Scoured merinos, 23 New South Wales. not apt to. Besides the buying in November for the first 1816 to 2930.; greasy235 bales:18 to 26d.;crossbreds,to 3734(1.; crossbreds, 10 to 1950. Queensmerinos, to 20d. quarter of 1926 the holiday lull is ahead as well as the matter land, 1,245 bales: Greasy merinos, 20 to 2454(1.; crossbreds, 934 to 40d.; to 49Hd.•, crossbreds, 20 Victoria, 812 bales: Scoured of inventories. Unfilled orders in November increased greasy merinos, 16 to 2616d.;merinos, 2510 to 1934d. New Zealand,4,050 crossbreds. 472,597 tons against 391,886 tons in October which was bales: Scoured merinos, no sales; crossbreds, 13 to 39d.; greasy merinos, 12 crossbreds, 13 to 18%d. Punta Arenas, 4,557 twice the gain in September. French bidders sold 6,000tons to 21d.; no sales; crossbreds, 21 to 31d.: greasy merinos, 15bales: Scoured to 22d.: crossmerinos, ofcastiron pipe to Detroitand American makers 11,000. Fort breds. 7 to 19d. Cape Colony, 88 bales: Scoured merinos, 36 to 4630.; 16 to 2334d.; crossbreds, no Worth will soon take 12,000 tons more also, possibly French. crossbreds, no sales; greasy merinos. no sales; greasy crossbreds.9to sales. 2112d. Pittsburgh reports trade quiet as a rule. Plates and shapes River Plate,284 bales: Greasy merinos, At Liverpool on Dec.8 the East India low-end wool there were 1.90 to 2c. and bars 2 to 2.100. Tin plate sales for the first half of 1926 are liberal with less cutting even to auctions opened with all medium white wools and medium big buyers. Tin plate consumption next year is expected yellow wools par to 5% lower as compared with last prices. to be very heavy. Reinforced bars 2 to 2.10c; Youngstown Wa,sty wools fell 10%. River Plate prices were 2c. lower warehouse 2.50c.; Pittsburgh 2.50 to 2.60c. Some large than a week ago. At Buenos Aires on Dec. 4 wool dull. contracts have recently been given out. As is well known Offerings 8,288,238 kilos. Prices: Fine crossbreds were railroad buying has recently been a feature. Steel plates quoted at from 11 to 14.50 pesos; medium, 12.10 to 13.50 are said to be firmer at around 1.70 to 1.80c. for 1925 and pesos; coarse, 10 to 13 pesos; fine wools from the Province first quarter of 1926. A few orders are said to have been of Corrientes were quoted at 20.20 pesos. Fine wools from the Province of Entre Rios were quoted at 18.30 taken recently at 1.60c. pesos; yearlings from Entre Rios, 16.50.pesos. In Buenos PIG IRON. -German iron is selling at low prices in New Aires on Dec. 7 wool was dull and depressed. Offerings England, i. e. $20 75 duty to dealers. To consumers the 9,027,997 kilos. Prices: Fine crossbreds, 13 to 15 pesos; price was said to be $21 50 to $21 75. Domestic iron has medium,13 to 14 pesos;coarse,10to 12.70 pesos;fine yearlings been, as a rule, quiet at $23 to $23 50 for eastern Pennsyl- 13.50 pesos; medium yearlings, 11.50 pesos; poor yearlings, vania, $21 to $22 for Buffalo, $23 to $23 50 for Chicago, 10 to 11 pesos; yearlings from Correintes, 26.50 pesos; yearand $20 60 to $21 for Valley. On the 10th inst. trade lings from Entre Rios, 15 pesos. In Buenos Aires on Dec. 9 increased somewhat and sales were reported here of 4,000 wool quiet. Offerings, 9,759,467 kilos; medium, 11 to 13.50 tons. Prices were reported firm. The feeling is that no pesos; coarse, 9.50 to 12 pesos; fine medium yearlings, 11.50 immediate settlement of the coal strike is likely. That to 14 pesos; coarse yearlings, 10 to 11 pesos; Chubue super tends to brace prices more or less. Some 45,000 tons of fine, 18 pesos; Entre Rios, fine, 16 pesos. In Buenos Aires basin have been sold, which is the largest business in some on Dec. 10 offerings were 10,243,672 kilos, fine, 12.50 to 2894 [VOL 121. TITF CHRONICLE 14 pesos; medium, 12.80 pesos; coarse, 9.50 to 12.50 pesos; fine from the Province of Center Rios, 15 to 16.50 pesos. Melbourne on the 8th inst. was reported unchanged; Sydney steady. At Sydney the series of Australian wool sales closed very firm on the 9th inst. France and Americe took best merinos superfines and Germany and Yorkshire bought freely. Prices compared with the close of the last series showed superfsie merinors firmer butothers unchanged. The next series is scheduled to open on Monday Jan. 11. At Geelong on Dec. 9 merinos declined 10 to 12%, comebacks and fine crossbreds were par to 5% off. There will be 50,000 bales offered at Brisbane next week and 27,500 bales at Adelaide commencing the 18th inst., which brings the first half of the Australian season to a close. At Perth the sales on Dec. 8 demand was good, especially for topmaking wools. Bradford and the Continent were the largest buyers. Prices firm. At Napier, N.Z.,on Dec.924,800 bales offered and 19,800 bales sold. Offering satisfactory. Demand good with prices lower. They compared as follows with last sale of Nov. 18: Crossbreds, 50-56s. 15 to 17d., against 173.5d. on Nov. 18; 46-505, 12q to 17d., against 14N to 193id. on Nov. 18; 46-48s. 12 to 1634d., against to 13 to 19d.; 44-46s, 11 to isgd., against 13 to 168(d.; 40-44s, 955 14d.. against 11% to 15d.; 36-408. 10% to 129(d., against 113i to 13%d. Melbourne reported exports of wool for the period from July 1 to Oat. 31 as totaling 779,000 bales Australian and 39,000 New Zealand wool,compared with 449,000 and 47,000 bales, respectively, in the corresponding four-month period last year. COTTON Friday Night, Dec. 11 1925. THE MOVEMENT OF THE CROP,as indicated by our telegrams from the South to-night, is given below. For the week ending this evening, the total receipts have reached 330,550 bales, against 396,275 bales last week and 311,384 bales the previous week, making the total receipts since the 1st of August 1925, 5,729,585 bales, against 5,289,333 bales for the same period of 1924, showing an increase since Aug. 1 1925 of 440,252 bales. Sat. Receipts at- Mon. Tues. Wed. Thurs. Total. Fri. Galveston Houston New Orleans Mobile Jacksonville Savannah_ Charleston Wilmington Norfolk New York Boston Baltimore Philadelphia 18,581 21,109 33.654 27,020 17,965 18,621 136,950 3.391 31,556 ---- 10,781 ---- 1,805 47,533 7.966 11,232 20.073 11,673 16,115 12,191 79.250 1,856 775 1.830 400 3,876 1,538 10,275 15 15 2,155 6,716 5,806 3,085 4.§iii 2,622 24,624 1,629 1,187 1,199 1.001 1.058 1.174 7,248 463 152 621 421 554 2,662 451 2,955 1,695 3.088 1,893 2,176 3,518 15,325 TM:min thin week 20 1 OR 'IR '743.5 (111.1480 5R R47 450(15 45 MO 550.5511 364 200 50 48 55 ---- ---- 25 82 -___ 484 --------330 The following table shows the week's total receipts, the total since Aug 1 1925 and stocks to-night, compared with last year 1924. 1925. Receipts to Dec. 11. This Since Aug This Since Aug Week. 1 1925. Week. 1 1924. Galveston Texas City Houston Port Arthur. &c_ _ New Orleans Gulfport Mobile Pensacola Jacksonville Savannah Brunswick Charleston Georgetown Wilmington Norfolk N'port News, &c_ New York Boston Baltimore Philadelphia Stock. 1925. 1924. 136,950 1.972,120 123,507 2,394.579 21,148 1.497 47.533 1.021,778 63,217 898.801 697.289 664,626 5,936 79,250 1,328,904 82,467 1.053,550 423,700 418,142 85,520 6.095 1.703 395.080 189 123,053 28,502 15,581 493 113,224 7.248 157,441 5,355 11,212 100 15,163 609,504 16,323 400 181.375 8.640 46,948 965 76.957 130 35,224 2.662 15.325 80.246 6.860 314,662 21,476 65.781 199,443 34,397 145.454 21.765 94.036 131 4,009 239 --__ 19.509 9,807 14.821 254 49,060 1,288 897 5,938 206,660 860 1,322 3.646 10,275 15 24.624 2,293 484 3.561 330 8,001 6,933 19,331 2,515 330.550 5,729.585 133.821 5,289.333 1,547.190 1,545.850 Total Exported toWeek Ended GerDec.11 1925. Great Exports from- Britain. France. many. Galveston 18,456 Houston 17,438 New Orleans._ _ _ 21,653 Mobile 3,596 Savannah 600 1,152 Charleston Wilmington Norfolk 3,975 New York 1,357 Los Angeles__ 400 San Diego 600 San Francisco... 200 Seattle Total Total 1924 Total 1023 19,362 34,118 6,464 17,754 2,950 100 68 1.650 5,400 9,850 241 1,100 100 1,400 10,841 10,725 5,000 1,035 3,640 4,425 Total. 891 40,115 3,331 45,728 7,661 64,265 6,646 5,668 2,802 5,400 20( 14,025 25C 1.848 100 2,635 600 3,940 4,425 55,662 23,495 37,066 12,447 198,097 80,739 23,810 55,209 15,901 ,, 22.051 14.607 97.719 0.4 45,275 28,972 249,998 50 55.Q69 8.278 118.136 69,427 From A Dee". 111956. Great Exportsfrom- Britain. France Exported to Gelmany. Galveston___ 338,000 141,779 146,422 Houston__ 283,058 171,657 259,312 New Orleans 225,737 95.441 140,700 Mobile 54,438 4,850 20.910 Jacksonville_ 8,346 4,400 Pensacola... 300 5,764 758 Savannah... 124,335 7.508 217,651 Brunswick..400 Charleston... 57,460 41,169 Wilmington. 21,700 4,000 Norfolk 63,060 55,067 New York__ 28.061 12,427 29,805 Boston 996 29 Baltimore_ 500 Philadelphia 23 Los Angeles_ 1,450 7,000 7,486 San Diego__ 1,600 675 100 SanFrancisco Seattle Total Japan& Italy. Russia. China. Othr, fapatut Italy. Russia. China. Other. Total. 82,001 5,000 72,666 153,335 1,039,211 84,622 90,923 64.890 82,630 1,007,092 160,472 90,729 807,662 94,588 1,500 3,469 85,667 500 1,924 20,338 4,400 11,212 58,504 25.086 433,308 5,892 400 21,400 6,110 126,139 1,800 44.900 17,400 8,750 4,628 131,505 25,027 108.088 12,368 400 1,890 2,915 600 100 95 118 18,904 433 2,535 3,100 1,500 59,800 59,025 54,170 300 53,870 1,178,740 436,370 1069249 277,479 96,323 198,012 398,95e 3,955,129 Fotal 1924._ 1,230,523 159,455 850,822 182.264 53,795 395,321 370,422 3,642,102 6 19 Potal 1023_ _ 952.28e 102.388 526.687 M 440 , 0.111 M0.503 1,729.472 NOTE. -It has never been our practice to Include In the -Exports to Canada. above tables exports of cotton to Canada. the reason being that virtually all the cotton destined to the Dominion comes overland and it Is impossible to get returns concerning the same from week to week. while reports from the customs districts on the Canadian border are always very slow in coming to hand. In view, however. of the numerous inquiries we are receiving regarding the matter, we will say that for the month of October the exports to the Dominion the present season have been 28.299 bales. In the corresponding month of the preceding season the exports were 22.292 bales. For the three months ended Oct. 31 1925, there were 48.545 bales exported, as against 37.021 bales for the corresponding three months of 1924. 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 Other CoastGerGreat Dec. 11 at- Britain. France. many. Cont'nt. wise. Galveston 17,800 16,800 15,000 38.700 4,000 New Orleans 5,106 14,025 7,790 15,943 1,978 -- - ---Savannah 7.000 --- 3.000 ---- 1,700 ---Charleston..... ------550 500 ---Mobile 3.500 '1.630 -----_-----__ 2,300 Norfolk ------- 7,000 2,000 Other ports* 2,000 Total. Leaving Stock. 92,300 604.989 45,242 376.458 10,000 103.224 1,700 45,248 22,322 6,180 2,300 143.154 11.000 81,073 Total 1926... 37,706 34,855 25,790 62,143 8,228 168.722 1,378,468 Total 1924 46,027 37,159 32,921 61,060 12.910 190.077 1,355.773 Tot 11923.. 69,889 30,269 24.768 55.900 20.040 200.866 908,831 *Estimated. Speculation in cotton for future delivery was active on Dec. 8, but at first at a decline, following the Washington report, of 40 to 45 points. The crop estimate was 305,000 bales larger than the last previous estimate for Nov. 14, 2,000,000 larger than last year's final crop and 4,618,000 bales larger than the average for five years. But trade buying on an enormous scale, largely for the Continent, was reached on the decline. That caused a sharp rally which left prices firm at the close, with most months 5 to 21 points higher, with January alone down 3 points net. December ended on the 8th inst. at a premium of 52 points over January. Senator Smith of South Carolina objects to the New York Cotton Exchange rule suspending trading in each current month on the 10th inst. and threatens to bring the matter to the attention of Congress. The ginning was In order that comparison may be made with other years, 200,000 to 500,000 bales larger than expected. It was 1,608,we give below the totals at leading ports for six seasons: 000 bales for the period from Nov. 14 to Dec. 1, against 1,075,424 from Nov. 14 to Dec. 1 1924 and 873,882 in the 1924. 1923. Galveston...... 136.950 Houston, e.. 47,533 New Orleans_ 79,250 Mobile_ __ 10,275 Savannah..... 24,624 Brunswick_ Charleston_ _ _ 7,248 2,662 Wilmington__ Norfolk 15,325 N'portN ,&c AU others._. 6.683 123,507 63.217 82,467 5,355 16,323 102,538 43,587 70,154 2,913 12.020 247 5,145 6,304 15,805 5,976 5,470 Total this wk_ 333.821 264,183 Receipts at- Since Ana 1 1925. 330.550 8,640 6,860 21,476 1922. 1921. 1920. 3.267 49,141 4,286 26,636 1,515 12,033 300 1,851 1.993 12,133 28 3.899 84,547 8,444 63.747 4.826 10.058 150 2.304 2,680 8,482 47 4.357 138,941 113,815 189,652 59,990 14,763 36.925 3,054 4,916 100 3.462 1,225 11,239 5 720 585 5 2R0 55:3 4.2135.13fill 3.712.968 3.1R1.223 .3110.907 The exports for the week ending this evening reach a total of 198,097 bales, of which 69,427 were to Great Britain, 55,662 to Germany, 23,495 to Italy, 37,066 to Japan and China, and 12,447 to other destinations. In the corresponding week last year total exports were 249,998 bales. For the season to date aggregate exports have been 3,955,129 bales, against 3,642,102 bales in the same period of the previous season. Below are the exports for the week and the season: same period two years ago. The ginning up to Dec. 1 this year was 13,857,000 bales, against 12,237,659 up to Dec. 1 last year. Later in the week prices further declined under the influence of the big crop estimate. The decline was not very rapid; it was gradual' but persistent. December went out at 19.40c. on the 10th inst. and proved to be a tame affair in the end. That fact of itself had more or less effect. Furthermore, it is said now that some 40,000 bales will be brought to New York for delivery on contract during the rest of the month, though some are inclined to doubt the correctness of such an estimate. January went to a discount of 18 points under March, whereas it had been Intimated that January might prove a successor to December as a kind of leader in the market. Thus far it has been nothing of the kind. The weather has been in the main very favorable. The last weekly report showed that conditions had been very good for saving cotton in the central and southwestern sections of the belt, where clear weather was needed for this purpose. It has been cold at times, but in the main mild and on the whole practically ideal for the DEC.12 1925.] TIM CHRONICLE 2895 The Exchanges here and in New Orleans will be closed final work of gathering what remains of cotton in the fields. Exports decreased. Spot markets became weaker, Dec. 26 and Jan. 2. The official quotation for middling upland cotton in the dropping some 40 points on Thursday. The high basis on the better grades was said to be checking business. The New York market each day for the past week has been: sat. Mon, Tues. Wed. Thurs. Fri. Dec. 5 to Dec. 11mills as a rule were taking their time in most cases about 20.65 20.55 20.60 20.20 19.75 19.70 buying the low grades, although in some cases, notably in Middling uplands FUTURES. -The highest, lowest and closing prices at Arkansas, they were reported to be taking the low grades with avidity. This, however, appears to have been the New York for the past week have been as follows: exception which proves the rule of lessened buying of all • Saturday, Monday, Tuesday, Wednesday, Thursday, Friday, grades of spot cotton. New Orleans reported mills canceling Dec. 8. Dec. 9. Dec. 10. Dec. 11. Dec. 7. Dec. 5. contracts for high grades and buying low grades. Liverpool prices became depressed under the influence of local and Dec. Range._ 20.08-20.18 20.00-20.10 19.60-20.25 19.50-20.05 19.36-19.63 Continental selling. Hedge selling told there also, as it Closing- 20.13-20.16 20.02-20.05 20.07-20.10 19.68-19 73 New York and New Orleans. Liverpool feared an Januargdid in Range__ 19.43-19.53 19.37-19.49 19.07-19.67 19.05-19.40 18.99-19.15 18.91-19.07 increase in the Bank of England rate of discount to 6% Closing_ 19.47-19.50 19.48-19.45-19.50 19.18-19.21 19.03-19.05 18.91 the disquieting exports of gold from London. Cot- Feb. owing to Range__ were quiet on this side of the water. Worth 18.97ton goods 19.12Closing- 19.45-19.45-19.45-19.24Street had low bids which it rejected. There was no activ- March Range__ 19.35-19.48 19.31-19.47 19.05-19.70 19.16-19.40 19.15-19.29 19.03-19.11 cloths. Buyers of goods were evidently surity in print 19.03-19.01 Closing_ 19.43-19.40 19.43-19.45 19.46-19.50 19.31-19.35 19.21prised to find the crop 2,000,000 bales larger than last year April Range-years. It is and 4,600,000 larger than the average for five 18.89--.- 19.28-19.17-19.06Closing- 19.25-19.23 said, too, that in the smaller foreign countries the crop will May Range __ 19.02-19.13 18.99-19.10 18.75-19.32 18.92-19.11 18.88-19.00 18.76-18.81 be 900,000 bales larger than last year. The Egyptian crop Closing _ 19.07-19.09 19.04-19.05 19.10-19.17 19.03-19.07 18.92-18.94 18.76-18al is stated at 8,000,000 cantars, which is a very considerable JuneRange- _ Increase over the yield of recent years. In 1923-24 it was 18.7518.59 18.92-18.89Closing _ 18.88-18.83only 6,531,457 cantars; in 1922-23, 6,713,312, and to go back July-Range- 18.67-18.76 18.62-18.70 18.45-18.93 18.58-18.78 18.58-18.70 18.43-18.55 to 1920-21, it was only 4,876,500 cantars. If the crop is 18.75-18.78 18.75-18.76 18.58-18.60 18.43 Closing_ 18.70-18.70 18.668,000,000 cantars, it is in fact, the largest on record. The August 1828-18.31 Range__ best previous record was 7,684,172 in 1913-14. 18.55-18.38 -18.26 18.5718.46Closing _ 18.50On the other hand there are not wanting those who be- Sept.18.35-18.37 18.45-18.45 18.42-18.53 18.50-18.50 18.44-18.44 Rartge __lieve that the big crop is offset by big consumption and the 18.3518.26 Closing _ 18.37-18.37-18.53-18.53fact, as they believe, that some 2,000,000 to 3,000,000 bales October Range__ 18.15-18.25 18.11-18.20 18.05-18.45 18.16-18.39 18.17-18.29 18.05-18.16 are untenderable. Some figure that American mills and 18.41-18.45 18.32-18.33 18.17-18.19 18.05 Closing_ 18.19-18.2118.20exporters will take 3,000,000 bales more than last year. Noy.Range- They call attention to the fact that the decline of late has been very gradual. A curb on the drop has been put by the persistent buying by mills on all declines. They have been • Range of future prices at New York for week ending doing that all this season. They have not abandoned this Dee. 11 1925 and since trading began on each option. seemingly inflexible policy. Only the persistent firmness Range Since Beginning of Option. Range for Week. of the basis has restricted business in the higher grades of Option for spot cotton. Spot sales in Liverpool on Thursday were up Dec. 1925_. 19.36 Dec. 10 20.25 Dec. 8 18.75 Oct. 31 1925 25.72 Mar. 3 1925 25.45 Mar. 3 to 12,000 bales. That is the largest for some months past. Jan. 1926_ 18.91 Dec. 11 19.67 Dec. 8 18.11 Oct. 31 1925 24.70 July 30 1925 19.68 Nov. 11 1925 1925 It was considered significant. It seemed to point to a bet- Feb. 1926-- 19.03 Dec. 11 19.70 Dec. 8 18.34 Oct. 31 192 25.40 Apr. 27 1925 Mar.1926 19.89 Nov. 12 1925 19.89 Nov. 12 1925 Manchester. Indeed, Manchester reported Apr. 4926 ter business in May 1926_. 18.76 Dec. 8 19.32 Dec. 8 18.50 Oct. 31 1925 25.63 July 27 1925 a better home trade in cloths and a good business pending June1926 18.84 Oct. 31 1925 21.20 Sept. 12 1925 mills are. said to be sold July 1926- 18.43 Dec. 11 18.93 Dec. 8 18.13 Oct. 31 1925 24.72 Aug. 17 1925 In cloths with India. German Dec. 8 Aug. regards the possibility of bring- Sept.1926.- 18.38 Dec. 11 18.38 Dec. 11 18.38 Dee. 11 1925 22.00 Oct. 14 1925 ahead for seven months. As 9 18.35 Dec. 7 1925 20.98 Oct. 1925 1926 18.35 Dec. 7 18.53 ing some 40,000 bales to New York for delivery on December Oct 1926 18.05 Dec. 8 18.45 Dec. 8 18.05 Dec. 8 1925 19.70 Nov. 6 1925 contracts, there is some skepticism. It is doubted in some THE VISIBLE SUPPLY OF COTTON to-night, as made quarters whether enough cotton can be attracted to New up by cable and telegraph, is as follows. Foreign stocks, as York, as it ought to be, for delivery on contracts in general. well as the afloat, are this week's returns, and consequently This is considered a menacing feature. The notices on De- all foreign figures are brought down to Thursday evening. cember were easily handled. Predictions, rife some time But to make the total the complete figures for to-night back, that 200,000 to 300,000 bales of cotton would be (Friday), we add the item of exports from the United States, shipped to New York for delivery en December, have, of including in it the exports of Friday only. course, proved delusive. The differences between New York 1924. 1925. 1922. 1923. Dec. 11bales_ 720,000 572,000 483,000 761.000 and the Southern markets were against it. The loss would Stock at Liverpool 1,000 5,000 have been too great to Southern shippers. New England's Stock at London 62,000 63,000 63.000 63.000 Stock at Manchester business in goods is gradually improving. The persistent 782,000 636,000 546,000 829,000 Total buying by spinners, however, is one of the outstanding fea- Stock atGreat Britain 12,000 1,000 Hamburg 2.000 61.000 107.000 337,000 184,000 tures of the time and undoubtedly heartens believers in Stock at Bremen 173,000 149,000 127,000 175,000 at Havre better prices later on. Speculation for the most part is Stock at Rotterdam 10.000 13,000 7.000 6.000 Stock 45,000 100.000 professional, however, and many are treating the market Stock at Barcelona 81.000 70,000 32.000 37,000 44,000 24,000 Stock at Genoa as a trading affair. 2.000 5,000 5.000 Stock at Ghent 2,000 1,000 2,000 To-day prices fell some 15 to 20 points, closing barely Stock at Antwerp steady. Some prominent operators are said to have bought 611.000 436,000 345,000 422,000 Total Continental stocks 20,000 bales or more. Talk was heard to the effect that big Total European stocks Wall Street interests were ready, inferentially at some India cotton afloat for Europe 1,393,000 1.072,000 • 891,000 1,251,000 59,000 121,000 103.000 48,000 decline from present prices, to take several hundred thou- American cotton afloat for Europe 720,000 697.000 468,000 533,000 Egypt,Brazil,&c.,afloatforEurope 134,000 118,000 143,000 117.000 sand bales as an investment. This is given merely for what Stock in Alexandria, Egypt 261,000 261,000 280,000 345,000 It is worth. It was part of the gossip of the day. Mills Stock in Bombay, India 512.000 284,000 286,000. 1,547,196 1,545,850 1.109.697 1.083,969 ports continue to buy on a scale down. But hedge selling was Stock in U. S. interior towns 1,902,018 1,565,764 1,178,745 1,426,330 Stock in U.S. also present here and in New Orleans, and to some extent in U. S. exports to-day 1,700 1.025 Liverpool. Spinners' takings were very large. In some 6,518,232 5,602,614 4479,142 5,249,299 Total visible supply cases they were computed as the largest total on record, both Of the above, totals of American and other descriptions are as follows American for the week and for the season thus far. They failed to bales_ 420,000 430,000 277,000 431,000 Liverpool stock have any effect, however, partly because the movement into Manchester stock 47,000 43,000 42.000 41,000 580,000 402,000 282,000 384,000 sight was so large. Spot markets were a trifle lower, Continental stock 720,000 697,000 468,000 533,000 though in the afternoon there were reports of a better American afloat for Europe 1,547,190 1,545,850 1,109,697 1,083,969 U. 8. port stocks 1,902,018 1,565,764 1,178,745 1,426,330 Southwestern demand for both low and high grades. Japan- U.S. interior stocks 1,025 1,700 ese interests have been buying the low grades in Galveston U. S. exports to-day Total American 5,217.233 4,683,614 3,359,142 3,899,299 and Memphis. Some look for a high total on the domestic East Indian, consumption in November in the Census Bureau statement Liverpoolstock Brazil, stock 300,000 142,000 206,000 330.000 1,000 5.000 next Monday. But in general the feeling is bearish, under London stock stock 15.000 20,000 21,000 22,000 the influence of a big crop. December went out at 19.40c. Manchester stock 31.000 34.000 63.000 Continental 38,000 48,000 59.000 121.000 103.000 on the 10th inst. under the new rule. Last prices show a India afloat for Europe 134,000 118,000 143.000 117,000 Brazil, &c., afloat decline for the week of 26 to 67 points, the latter on Janu- Egyptin Alexandria, Egypt 261,000 261,000 280,000 345,000 Stocic 512,000 284.000 286,000 390,000 ary. Spot cotton closed at 19.70c. for middling, a decline Stock in Bombay, India for the week of 105 points. 1,301,000 919,000 1,120,000 1,350,000 Total East India, &c 5,217,233 4.683,614 3,359,142 3.899,299 Total American Formation of a cotton bloc in Congress to deal with questions of direct interest to the cotton belt is said to be in 6,518,233 5,602.614 4,479,142 5,249,299 Total visible supply Liverpool 10.17d. 13.11d. 19.48d. 14.56d. progress, following the complaints from the South against Middling uplands, New York 19.70c. 23.70c. 35.00c. 25.50c. Middling uplands, the semi-monthly crop reports and the demand for the Egypt, good Sakel, Liverpool __ 19.55d. 30.30d. 24.05d. 19.168. repeal or modification of the law. Among the bills affect- Peruvian, rough good, Liverpool_ 23.00d. 20.75d. 23.50d. 17.25d. 9.25d. 12.55d. 17.50d. 13.15d. Broach, fine, Liverpool ing cotton to be introduced will be that of Senator Caraway Tinnevelly, good, Liverpool 9.65d. 13.10d. 18.65d. 13.90d. of Arkansas, which would prohibit "gambling" in cotton Continental imports for past week have been 237,000 bales: and grain, and that of Representative Sanders of Texas to The above figures for 1925 show an increase over last week prevent the Sale of cotton in the future markets. of 160,728 bales, a gain of 915,619 over 1924, an increase THE CHRONICLE[VOL 121. 2896 of 2,039,091 bales over 1923, and an increase of 1,268,934 Movement into sight in previous years: bales over 1922. WeekBales. I Since AU,. 1Bales. 1923 -Dec. 14 336,27211923 7,263.801 AT THE INTERIOR TOWNS the movement -that is, the receipts for the week and since Aug. 1, the shipments for QUOTATIONS FOR MIDDLING COTTON AT the week and the stocks to-night, and the same itemsfor the OTHER MARKETS. -Below are the closing quotations corresponding periods of the previous year-is set out in for middling cotton at Southern and other principal cottoil detail below: markets for each day of the week: Movement to Dec. 12 1924. Ship- Stocks MOUS. Dec. Season. Week. 11. Closing Quotations for Mislellinv Cotton on Week Ended Dec. 11. Ship- Stocks ments. Dec. 12. Week. Season. Week. Receipts. 44,794 2,890 9,966 Ala.,Blrminem 5,120 70,259 4,522 14,175 2,098 197 6.063 14,704 225 Eufaula 21,500 1.000 7,0 8 68.180 1,013 25.438 791 Montgomery 1.543 86,805 1,349 29,848 Selma 1.603 78.9 2,939 27.976 1,524 58.341 1.863 25.002 Ark., Helena_ - 4,378 66,689 3,295 31,867 2,042 52,673 3,334 23.664 9,759 165,28 Little Rock 6,856 61.782 6.329 160,623 7.687 45,640 Pine Bluff. _ 9,301 120,53 3,594 111.468 6,118 48,130 6,214 61,26 43 2,566 3.758 Ga.. Albany 62 7.72 76 3 2.470 2,500 27,571 2,500 14.585 Athena 300 12,4 300 19.202 Atlanta 8.565 140,913 8,137 60,452 9.491 147.467 8.731 69.796 Augusta 9,388 241,12 15,477 99,333 7.149 156,164 5,866 65.379 36,974 3,190 8.248 4,121 Columbus_ 2,845 54.113 3,409 13,77 Macon 86 25,538 1,477 30,388 1,054 9,263 1.291 52.118 Rome 17.624 1,302 35.875 1,320 15.519 3.633 38.455 2.1 La., Shreveport 6.430 143,878 11,380 33.486 2,000 87,000 5,000 34,000 33.352 3,173 10.885 2,784 Miss.,Columbus 3.189 35,672 3.791 10,48 Clarkadale 9,926 149.732 5,639 67,524 2.402 100.751 4,837 47.848 Greenwood.. 9,428 145,03 4,590 126,442 8,057 59.923 8,532 55.01 Meridian.... 1,979 51.605 903 33,151 1,651 17,158 992 17.27 Natchez 2,407 46.143 1,972 14,682 2,033 35,290 1,175 10,009 912 14.008 879 29.421 Vicksburg_ 1,471 43,796 1,401 18,53 324 32.510 2.330 14,935 Yazoo City 2.319 21,432 2,310 46.00 Mo., St. Louis. 36,052 342.112 35,471 12,792 38.176 296.048 36,232 3,990 3,070 25.131 2,345 10,459 N.C.,Greenab'ro 2,721 30,26 2,170 11,12 689 400 4.361 500 3 542 Raleigh 9.52 426 Okla., Altus__ _ 11,346 85.672 8,362 19.87 11,950 111.401 10.076 27,897 Chickasha 12.84 111,66 10.884 15,674 2.908 85,363 4,559 13.987 Oklahoma.., 11,78 101.2 8,643 27,184 9,002 99.254 7,437 29,683 S.C.,Greenville 10.4 127.530 12,177 39,991 7.448 95,001 10,573 30.767 121 5.174 4,912___ 4.309 2,018 10,390 Greenwood Tenn.,Memphi 85:853 923.818 67:247242.426 49.057 647,431 67.399137.278 420 21 703 NaahvIlle 5,531 2,283 231 Tex., Abilene 3,000 69,396 3.090 1 234 3,852 48,212 3,867 3,010 370 5.282 Brenham.__. 18,322 4,246 240 465 40 674 1.802 Austin 9,604 349 1,761 376 24.545 544 Dallas 8,736 112.793 7,406 26.354 12,316 137.801 11,941 29.337 Houston_ __ 181,781 3 ,402.756 142.215773.459 66.920 3,247,919 158.544644.110 Paris 72,028 5.071 10,438 4,372 95,508 4,423 6,744 4,184 San Antonio_ 678 2,819 2.000 63,204 5,000 17,000 646 22,200 Fort Worth_ 4,176 60,294 5,116 10.311 9,350 112.828 8,004 16,420 a'nfa1. 40 town 467.0 7.337.504 401.094190201 1II0 een 9.522 899 395.5751F65764 The above total shows that the interior stocks have increased during the week 65,493 bales and are to-night 336,254 bales more than at the same time last year. .The receipts at all the towns have been 87,041 bales more than the same week last year. NEV YORK QUOTATIONS FOR 32 YEARS. The quotations for middling upland at New York on Dec. 11 for each of the past 32 years have been as follows: 1925 1924 1923 1922 1921 1920 1919 1918 19.70c. 23.264. 34.50c. 25.10c. 18.20c. 16.25c. 38.50c. 28.55c. 1917 1916 1915 1914 1913 1912 1911 1910 31.00c. 18.00c. 12.364. 7.25c. 13.40c. 13.00c. 9.20c, 15.05c, 15.20c. 9.10c. 10.964. 10.50c. 12.10c. 8.00c. 12.40c. 8.564. 1909 1908 1907 1906 1905 1904 190'4 1902 8.50c. 9.75c. 7.69c. 5.81c. 5.88c, 7.38c. 8.50c. 5.75c. 1901 1900 1899 1898 1897 1896 5895 1894 MARKET AND SALES AT NEW YORK. Spot Market Closed. Futures Market Closed. SALES. Spot. Saturday__ _ Wet 10 pts. dec- _ _ Steady Monday __ _ Quiet, 10 pts.dee_ _ _ Steady Tuesday _ _ _ eady, 5 pts. adv.. Firm Wednesday_ Quiet,40 pts. dec_ _ _ Steady Thursday _ _ Quiet,45 pts.dec _ _ _ Steady Friday uiet. 5 pts. dec..._ Barely steady- Contet, Total. 1.500 100 1.100 700 3.400 Total_ 1,500 100 1,100 700 3.400 OVERLAND MOVEMENT FOR THE WEEK AND SINCE AUG. 1. December 11ShippedVia St. Louis Via Mounds, &c Via Rock Island Via Louisville Via Virginia points Via other routes, &c -1925Since Week. Aug. 1. 35,471 343,155 14,400 148,810 15,776 1,542 29,681 4.267 92.084 8,673 17.600 223,769 Total gross overland 81,953 Deduct Shipments Overland to N. Y.,Boston, &c.._ _ 6,668 Between interior towns 732 Inland, &c.,from South 17,719 Saturday. Monday. Tuesday Wed'elay Thursd'g. Friday. Galveston 20.00 New Orleans.._ 19.46 Mobile 19.00 Savannah 19.38 Norfolk 19.50 Baltimore Augusta 19.44 Memphis 20.50 Houston 20.00 Little Rock.... 20.00 Dallas 19.60 Fort Worth_ 20.00 19.38 19.00 19.38 19.50 19.90 9.19 0.50 20.00 20.00 19.00 19.50 20.00 19.28 19.05 19.50 19.56 19.50 19.25 20.00 0.05 20.00 19.60 19.50 19.85 19.28 18.90 19.25 19.38 19.80 19 06 19.75 9.90 9.88 9.45 9.30 19.75 19.13 18.75 19.11 19.31 19.65 19.00 19.50 19.80 19.75 19.35 9.20 19.65 19.05 18.55 19.00 18.88 19.40 18.81 19.25 19.06 19.50 19.05 19.05 AGRICULTURAL DEPARTMENT REPORT ON COTTON PRODUCTION, YIELD PER ACRE AND ABAN-The Agricultural DepartDONMENT OF ACREAGE. ment at Washington on Tuesday, Dec. 8, issued its report on cotton production and yield per acre as of Dec. 1, and the following is the complete official text of the report: UNITED STATES DEPARTMENT OF AGRICULTURE Bureau of Agricultural Economics. (E. T.) Washington,D.C., December 8 1925.11 cm. The Crop Reporting Board of the United States Department of Agriculture, on the basis of facts available as of the date of Dec. 1, estimates that the total production of cotton in the United States for the season 1925-1926 will amount to 7.459,018,000 pounds (not including linters), equivalent to 15.603.000 bales of 500 pounds. gross weight (478.1 pounds lint and 21.9 pounds bagging and ties estimated per 500 -pound gross-weight bale). Last year the production was 13,627.936 bales, two years age 10,139,671, three years ago 9,762,069,four years ago 7,953.641, and five years ago 13,439,603 bales. This estimate is based on the reports of voluntary crop correspondents. field statisticians, and co-operating State boards (er departments) of Agriculture and Extension Departments. covering probable yields per acre, per cent of acreage abandoned, and upon the actual ginnings to Dec. 1, as determined by the United States Census Bureau considered in connection with the per cent of the crop picked and ginned. The bandonment of acreage is estimated at 4.6% of the estimated acreage of cotton in cultivation on June 25, compared with an abandonment of 3.0% in 1924. and 3.3% the ten-year average 1915-1924. The December revised estimate of area of cotton for harvest this year is 45,945.000 acres, compared with 41,360,000 acres in 1924 and 35.581,000 acres the five-year average 1920-1924. The total yield of lint cotton per acre on the area for harvest Is estimated at 162.3 pounds, compared with 157.4 pounds in 1924 and 146.4 pounds the five-year average 1920-1924. Comparisons, by States, follow: Area 1925. State. Virginia North Carolina South Carolina Georgia Florida Missouri Tennessee Alabama Mississippi Louisiana Texas Oklahoma Arkansas New Mexico Arizona California b All other Aban domed For Harvest Since (December June Estimated) 25. (Dec. Est.) Acres, 96,000 1.0% 2,039,000 1.0% 2,746,000 2.0% 3,588,000 2.0% 106,000 1.5% 487,000 4.0% 1,183,000 1.5% 3,545,000 1.0% 3,481.000 1.0% 1,854.000 1.5% 17.369,000 9.0% 5,183.000 2.0% 3,790,000 2.0% 101,000 27.0% 157,000 3 7% 172,000 1.0% 48,000 2.6% Production (Net Including "Linters" a). (Bales of 500 Pounds Gress Weight). Estimate. Final Census °innings. Dec. 1 1925. Bales. 1924. 1922. Bales. Isles. 50,000 1,090,000 875,000 1,150,000 40,000 260,000 490,000 1,335,000 1,930,000 900,000 4,100,000 1,550,000 1,530,000 61,000 94,000 126.000 22,000 38,746 825,324 808,594 1,003,770 18,961 189,115 356,189 985.601 1,098.634 492,654 4,951,059 1,510.570 1,097,985 55,243 107,606 77,823 12,062 wa.w.o.wowa, Receipts. OCIADCACACnt4. 0.- 4b90 10.0.00..W.1130. 4t 1 • 4 6.4.4,301ba , 40t6 000 314.01, Movement to Dec. 11 1925. Towns. Five-Year Average, 1920-1924, Baia, 30,709 879,677 889,359 901,843 17,069 120.265 320,432 727,749 880,008 374,066 3,811.737 922,226 950,985 22.305 76,064 53,946 ' 6,143 17. g tot., 5. 4 A 04A nnn 4.6% 15.603.000 13,627.93e 10.139.671 10,984,584 1924a Production of linters usual y about 5% as much as the I at. b About 150,000 Since acres and 75,000 bales in Lower California (Old Mexico) this year not ncluded in Week, Aug. 1. California figures nor in United States total. 36,232 284,540 CROP REPORTING BOARD, 9.240 114.340 Approved: W. F. CALLANDBR, Chairman, 10,551 1.891 S. A. JONES, J. A. BECKER, W. M JARDINE, 26,366 1.667 D. A. McCANDLISS, H. H.SCHUTZ, Secretary. 88.453 6,368 V. C. CHILDS. 211.763 19,862 853,275 75,260 736.013 37.960 9.918 193,109 4,379 771 20,990 44,391 10,315 201.665 COMMENTS CONCERNING COTTON REPORT. The United States Department of Agriculture, in giving out its cotton report on Dec. 8, also added the following comments: A cotton crop of 15,603,000 bales is indicated by the yield per acre as reported on Dec. 1 and by such other information as is available at this time. This estimate is 305,000 bales, or 2% above the estimate based on 56,834 612.288 reports to Nov. 14. The extent to which final ginnings will be above or below this estimate *Including movement by rail to Canada. will depend in part on the weather. This estimate is based upon the during the The foregoing shows the week's net overland movement assumption of average weather conditions cotton that remainder of the will be picked also picking The quantity of this year has been 56,834 bales, against 49,120 bales for dependsseason. price paid for thelow grade lower grades. Recent ginnings are said on the the week last year, and that for the season to date the to show some improvement in grade but are mostly below middling white aggregate net overland exhibits an increase over a year ago of cotton. during the last half of November was unusually favorable for Weather 132,646 bales. picking in most States and growers have picked or now expect to pick some cotton which a few weeks ago they feared would be lost. This is par1924 1925 --Since In Sight and Spinners' ticularly true in Oklahoma, Arkansas, Missouri and the Delta section of Since Aug. 1. Mississippi. Week. Takings. Aug. 1. Week, Receipts at ports to Dec. 11 The acreage of cotton picked is now estimated at 45,945,000 acres, an 330,550 5,729,585 333,821 5,289,333 Net overland to Dec. 11 479,642 increase of 11.1% over the acreage picked last year. 49.120 612.288 56,834 Southern consumption to Dec. 11- 70,000 1,540.000 100,000 1,512.000 Total to be deducted 25.119 26,140 256,371 49.120 240.987 Leaving total net overland* 479,642 Total marketed 457,384 7,881.873 482,941 Interior stocks in excess 65,493 1,737,250 *18,191 Excess of Southern mill takings over consumption to Nov. 1_ 448.837 Came into sight during week_.522,877 Total in sight Dec. 11 10.067,960 North.spinn's'takingstoDec. 11- 87,777 *Decrease. 958.975 7,280,975 1,383,518 116,806 464,750 8,781,299 71,207 746,655 -The Bureau of the COTTON GINNING REPORT. Census on Dec. 8 issued the.following report showing the number of bales of cotton ginned in each of the cottongrowing States the present season up to Dec. 1 in comparison with corresponding figures for the preceding seasons: Number of bales of cotton ginned from the growth of 1925 prior to Dec. 1 1925 and comparative statistics to the corresponding date in 1924 and 1923. 2897 THE CHRONICLE Dinc. 12 1925.] RUNNING BALES (COUNTING ROUND AS EXCLUDING LINTERS. State1925. 1,301.471 Alabama Arizona 70.944 Arkansas 1,190.537 68.263 California 39,467 Florida 1.167.308 Georgia 823.589 Louisiana 1.570.769 Mississippi 190.235 Missouri 52,007 New Mexico 1.030.868 North Carolina 1.333.689 Oklahoma 893.408 South Carolina 405.378 Tennessee 3.661,010 Texas 44.660 Virginia 14.085 All other HALF BALES AND 1924. 52.751 77,771 979,016 59,115 19,283 976.158 470.953 1.075,574 125.578 40.677 674.721 1,287,494 747.766 296.727 4,424.966 21.484 7,625 1923. 583.524 52,220 562.609 32.763 13,078 581,962 356.180 594.342 88.154 17,324 940,516 508.054 750.373 199.925 3.919,210 37,848 5,298 13,857.686 12.237,659 9.243,380 United States The statistics in this report include 470.671 round bales for 1925, 284,844 for 1924 and 229.215 for 1923. The statistics for 1925 in this report are subject to slight corrections when checked against the individual returns of the ginners being transmitted by mail. The corrected statistics of the quantity of cotton ginned this season prior to Nov. 14 are 12,263,596 bales. -United States. Consumption, Stocks, Imports and Exports Cotton consumed during the month of October 1925 amounted to 543.679 bales. Cotton on hand in consuming establishments on Oct. 31 was 1,216,437 bales, and in public storage and at compresses 4.499.382 bales. The number of active consuming cotton spindles for the month was 32.425.206. The total imports for the month of Oct. 1925 were 12,402 bales and the exports of domestic cotton, including linters, were 1,421.482 bales. World Statistics. The preliminary estimated world's production of commercial cotton, exclusive of linters, grown in 1924, as compiled from information secured through the domestic and foreign staff of the Department of Commerce is 23,377,000 bales of 478 pounds lint, while the consumption of cotton (exclusive of linters in the United States) for the year ending July 31 1924. was approximately 19.982,000 bales of 478 pounds lint. The total number of spinning cotton spindles, both active and idle, is about 159.000.000. CONSOLIDATED COTTON REPORT. -The Bureau of the Census and the Agricultural Departm2nt made public Tuesday (Dec. 8) their consolidated cotton report, which is as follows: Dec. 1 1925 Consolidated Cotton Report. 13,857,686 running bales Ginnings to Dec. 1 Indicated total production 15,603.000 balm. 500 lbs. gross Census Bureau -Census report shows 13,857.686 running bales (counting round as half bales) ginned from the crop of 1925 prior to Dec. 1, compared with 12.237,659 for 1924 and 9,243,380 for 1923. Agriculture Department. -A United States production of 15.603,000 bales (500 pounds gross weight), based upon Dec. 1 indications, is shown by the Crop Reporting Board of the United States Department of Agriculture. very good In Uganda, the principal cotton producing region of Africa eiz. cepting Egypt. In Brazil prospects for the cotton crop are only fair. The crop in Mexico will probably be considerably below that of last year. In the Laguna district the crop has suffered from early drought, the leafworm and floods. Damage by the leafworm during July and August caused considerable deterioration in Lower California and the yield per acre of lint may reach a low record. Heavy rains and ravages of the boll weevil have caused much damage in Peru. -The closing NEW ORLEANS CONTRACT MARKET. quotations for leading contracts in the New Orleans cotton market for the past week have been as follows: Saturday, Dec. 5. Monday, Dec. 7. Tuesday, Wednesday Thuriday, Dec. 9. Dec. 8. Dec. 10. Friday, Dec. 11. 18.3718.8419.19-19.20 19.00December_ 19.16-19.17 19.13January -- 19.19-19.21 19.14-19.15 19.02-19.05 18.98-19.00 18.86-18.88 18.77-18.79 . February March-- 18.88-18.88 18.80-18.82 18.76-18.78 18.70-18.73 18.58-18.59 18.44-18.45 April 18.20-18.23 18.3718.52-18.53 18.5018.5518.58May June 18.27-18.30 18.31-18.32 18.14-13.15 17.97-18.00 18.30-18.33 18.28July August September 17.57-17.60 17.63-17.66 17.70-17.71 17.51-19.52 17.40-17.42 October- 17.68November. Tone, Steady Steady Steady Steady Steady Steady Spot weed' , fifetav nartorm steady Steady Very st'dy oteadv -Reports to WEATHER REPORTS BY TELEGRAPH. us by telegraph this evening indicate that the weather during the week has been generally favorable in the greater part of the cotton belt. Rainfall has been as a rule light and scattered. Cotton picking has made good progress in the northwestern portion of the cotton belt. With the exemption Of Arkansas and California, little cotton remains to be picked. Galveston, Texas Abilene Brownsville Corpus Christi Dallas Deltic. Palestine San Antonio Taylor New Orleans, La Shreveport Mobile, Ala Sayan ah,Ga Charleston, So. Caro Charlotte, No. Caro Rain. Rainfall. 1 day 0.10 in. dry 2 days 0.96 in. 1 day 0.78 in. dry 1 day 0.12 in. dry 1 day 0.62 in. 1 day 0.06 in. 1 day 0.41 in. 1 day 0.25 in. 1 day 0.55 in. 2 days 0.03 in. 1 day 0.01 in. 1 day 0.07 in. Thermometer high 116 low 44 mean 55 high 66 low 28 mean 47 high 68 low 40 mean 54 high 66 low 42 mean 54 high 66 low 36 mean 51 high -- low 30 mean -high 66 low 36 mean 51 high 68 low 36 mean 52 high -- low 36 mean -high __ low __ mean 55 high 68 low 35 mean 52 high 71 low 38 mean 54 high 74 low 40 mean 57 high 71 low 44 mean 58 high 68 low 32 mean 49 The following statement we have also received by teleFOREIGN COTTON CROP PROSPECTS. -A report of the latest available information to date as to cotton graph, showing the height of rivers at the points named at production in foreign countries has been compiled by the 8 a. m. of the dates given: Dec. 11 1925. Dec. 12 19242 Foreign Service of the Bureau of Agricultural Economics at Feet. Feet. Washington and was made public on Dec. 8 as follows: 8.1 1.1 Above zero of gauge_ New Orleans 5.2 Above zero of gauge.. 17.7 Forecasts and estimates of the coming cotton crops received to date by Memphis 23.6 Above zero of gauge_ 11.5 the Foreign Service of the Bureau of Agricultural Economics indicate an Nashville 4.6 Above zero of gauge_ 8.8 increase this year compared with last. Preliminary estimates of lint cotton Shreveport 26.6 7.8 Above zero of gaugeproduction received for all countries reporting to date, Including the United Vicksburg States. indicate a total of 18,679,000 bales of 478 lbs. net, as compared with TAKINGS OF COTTON. year. The total world producWORLD SUPPLY AND 15.965,000 bales for the same countries last tion for last year is estimated at 24,700,000 bales. Larger crops are expected The following brief but comprehensive statement indicates in Egypt, Russia and Anglo-Egyptian Sudan, and a smaller crop in Mexico. No production estimates are available for India, China, Brazil or Uganda. at a glance the world's supply of cotton for the week and Conditions reported are generally favorable for these countries with the since Aug. 1 for the last two seasons, from all sources from exception of Brazil. which statistics are obtainable, also the takings, or amounts Estimates of acreage and production received to date are as follows: COTTON ACREAGE AND PRODUCTION. Preliminary estimates for the 1925-26 crop compared with 1924-25, for all countries reporting to date. gone out of sight, for the like period. Cotton Takings. Week and Season. Acreage. Country. United States (acreage harvested)__ India (second estimate) Russia Egypt Uganda Chosen Mexico-Laguna district Lower California 'Gezira (Anglo-Egyptian Sudan) Bulgaria Italy Algeria (Oran) Syria Total Estimated world total 1924-25. 1925-26. Acres. Acres 41,360,000 45,945,000 21,785,000 22.752,000 1,228,000 1,650,000 1,856.000 1,998,000 617,000 584,000 475,000 422,000 a86,000 a296,000 al40,000 0150,000 20.000 80 000 . 6,000 5,000 9,000 9,000 7,000 5,000 a104,000 a56,000 69,966,000 73,879,000 99 son 000 Decrease Increase from over 1924-25. 1924-25. Cent. Per Cent. ____ 11.1 ____ 4.4 ____ 344 __ 7.7 ____ 5.7 _ 12.6 70.9 -- ____ 7.1 300.0 ---. 20.0 ___ _ __ __ 10.0 ____ 85.7 Per --__ 9.2 ZTOUUQMOB. . 1924-25. 1925-26. Decrease Increase from ever 1924-25. 1924-25. United States Mexico-Lower California Laguna district Russia .Chosen Egypt Anglo-Egypt-Sudan Bulgaria Bales. Per Cent. Per Cent. Bales. -___ 13,628,000 15,603,000 14.5 75,000 ____ 73,000 2.7 136,000 24.4 180,000 2 1- 16 ____ 453,000 1,010,000 ___ 137,000 . 121,000 13.2 _ __ 1,471,000 1,629,000 10.7 86,000 _ _ -36,000 138.9 3,000 _ _ __ 3,000 _ _- _ Total above countries Estimated world total 15,965,000 18,679,000 94 inn nm) _ ___ 11.1 In India, preliminary estimates of acreage, based on ncomplete returns indicate an area of 22,752,000 acres, as compared with an estimate of 21,785,000 acres made at the same time last year. The first official forecast is due the 15th of December. The monsoon failed to bring sufficient rainfall in parts of Bombay. Conditions in the Punjab and Upper India, however, have been good. Weather conditions in Egypt have been very favorable, and preliminary estimates indicate a yield per acre higher than in previous years. The Sakel crop is placed at 728,000 bales in 478 lb. equivalents. In AngloEgyptian Sudan good progress is being made in developing the new irrigated areas and the coming crop is predicted to be over twice as large as that of last year. Picking had commenced the middle of November and a good yield per acre was expected, In China scattering reports received areas producing about a third of the known crop are that conditions infrom general have been favorable. Rains have been ample and the crop progress 1925. Week. Season. 1924. Week. Season 5,533,427 Visible supply Dec.4 6,357,505 2,190.493 Visible supply Aug.1 2,342,887 American in sight to Dec. 11-- 522,877 10,067.960 464.750 8.781.299 85.000 318,000 Bombay receipts to Dec. 10_ _- 120,000 '562,000 15,000 72,000 Other India ship'ts to Dec. 10_ _ 181,000 22,000 909,800 Alexandria receipts to Dec. 9... _ 799,200 66.000 66,000 125.000 Other supply to Dec.9 * b 393,000 8,000 14.000 Total supply Deduct Visible supply Dec. 11 7,102.382 14,346,047 6,172,177 12,396,592 6,518,233 6,518.233 5.602.614 5.602.614 Total takings to Dec.113 584,149 7,827,814 569,563 6.793,978 Of which American 443,149 5.963,614 441,563 5,031,178 Of which other 141.000 1.864.200 128.000 1.762.800 * Embraces receipts in Europe from Brazil, Smyrna, West Indies. 3tc. a This total embraces since Aug. 1 the total estimated consumption by Southern mills, 1,540,000 bales in 1925 and 1,512.000 bales in 1924 takings not being available-and the aggregate amounts taken by Northern and foreign spinners. 6,287,814 bales in 1925 and 5,281.978 bales in 1924. of which 4,423.614 bales and 3,519,178 bales American. b Estimated. 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. Receipts ea Ports. Week Bade 1925. 1924. 1923. Sept. Socha at Interior Towns. 1924. Receiptsfrom Plantations 1923. ,9001304,9001335,378 11-- 22,121 222,121 170,27 306,49 306,499 442,50 18- 358,650276,460256,747 843.9194 415,060 519,567 472,097 384,961 333,807 3 25--325.890 291,228288.759 872.105 544.092 577.954554.001 20,260 347.148 Oct. 494.293368.408329,949 957.762 603.535 670.922580,180425,849 422,910 273,0621.137,61: 796,030 811,088547,516 513,193 413,218 367,670320,698 18-423,813441,485 287,213 1,267,365 898,351 946,192553,560 543,806 422,317 23__ 383,026 339,292277.177 1,385,0451,057.209 1,060,002500.7 498.150 390.987 30__ 376,061 388,465349,036 1,516,0991,196,181 1,086,496307.115 527.437 375,529 Nov. 6._ 437,549383,253235.636 1,568,0031,307,37.6 1.165,36889,453 494,453 14,509 1,179,333 421,546 477.4801321,433 . . 13.... 343,371 373,802 . 20__ 377,983432,208 224.528 1.677.442 1,486,392 1,244,773 409.247 487.588 289.968 27_ 311.384370,024 298,211 1,784,3451,545,601 1,251,785 18,287429,233 305,223 Dec. 396.275,370,752265,50 1,836,52 1,583,955 1,225.801,448,455409,106239,525 1L_ 330.5501333,821 264.1831,902,01: 1,565,764 1,178,7451396,043 15,6301217,127 2898 Tab CHRONICLE [Vol. 121. - The above statement shows: (1) That the total receipts from the plantations since Aug. 1 1925 are 7,412,264 bales; in 1924 were 6,672,851 bales, and in 1923 were 5,171,893 bales. (2) That although the receipts at the outports the past week were 330,550 bales, the actual movement from plantations was 396,042 bales, stocks at interior towns having increased 65,493 bales during the week. Last year receipts from the plantations for the week were 315,630 bales and for 1923 they were 217,127 bales. Bales. NEW ORLEANS -To Trieste-Dec.8-Caterina Gerolomich, 450 450 To Venice-Dec. 8-Caterina Gerolimich, 2,249 2.249 To Naples -Dec. 8-Caterina Gerolimich, 1,700 1,700 To Bilboa-Dec.8 -Mar Baltico, 225 225 To Liverpool -Dec. 3 -Duquesne, 5,778. Dec. 9-Ninian, 13,295 19,073 To Manchester -Dec. 3 -Duquesne, 2,580 2,580 To Hamburg -Dec. 8 -West Norranus, 146 148 To Genoa-Dec. 5-Monstella, 10,715--Dec. 9 -West Harshaw, 2,640 13,355 To Barcelona-Dec.5 -West Chetac, 2,797-__Dec. 3-Cadlz, 2,91 45,711 To Japan-Dec. 5 -Ethan Allen, 3.57e ---Dec. 8-Kyfuku Maru, 7,125 INDIA COTTON MOVEMENT FROM ALL PORTS. To China-Dec. 5 -Ethan Allen, 3,600 3.600 To Vera Cruz -Dec.3 -Baja California. 933 933 The receipts of India cotton at Bombay and the shipments To Oporto -West Chetac,800 -Dec.5 800 from all India ports for the week and for the season from To Bremen-Dec,8 -West Norranus, 6.318 8,318 GALVESTON-To Liverpool -Dec. 8 -Norwegian, 9,237--Aug. 1, as cabled, for three years, have been as ofllows: Dec. 8 -Winston Salem. 8.107 17,344 To Manchester-Dec. 8 -Norwegian, 273___Dec. 8 -Winston 1923. 1924. 1925. Salem,839 1,112 To Bremen-Dec. 8-Eldena, 4,969- _Dec. 5-Tenbergen, Receipts at Since Since Since 5.950._ _Dec. 9-Ansaldo Ottava, 8,443 Dec. 10. 19,362 Aug. 1. To Rotterdam-Dec. 8-Eldena, 897 Week Aug. 1. Week. Aug. 1. Week. 897 To Japan-Dec. 5 -Atlantic Maru, 1.400 1,400 120 0001 562.000 85.0001 318.000 97.000 413.000 SAVANNAH-To Liverpool-Dec. 8-Magmeric, 600 Bombay 600 To Japan-Dec. 7-Kyfuku Maru, 5,000 5,000 To Hamburg -Dec. 7-Lotte Leonhardt, 68 68. Since August 1. CHARLESTON-To Liverpool-Dec. 7-Novian, 646 For the Week. 646 To Manchester-Dec. 7-Novian, 506 506 Exports Conti- Japan & To Bremen-Dec, 5 Great -Minden, 1,650,. from Great Conti- Japan& 1,650 Total. China. non:. NORFOLK -To Liverpool -Rhode Island, 400--_Dec. 5 -Dec. 10 Britain. fleet. China. Total. Britain. -Mongolian Prince, 2,350 2,750 To Bremen-Dec. 9 -Lorain, 5,600-Dec. 8-Legie, 4,250 9.850 Bombay To Rotterdam-Dec. 7-Bloomersdijk, 200 200 5,000 53,000 58,000 11,000 130.000 228,000 369.000 1925 To Manchester-Dec. 11-Manchester Importer, 1,025 3,000 14,000 17,000 10,000 66,000 274,000 356,000 1924 207,000 472,000 Dec. 10-Hoxie, 200 1,225 5,000 30,000 35,000 50,000 215,000 1923 SAN PEDRO-To Liverpool-Dec. 6 -Anniston City, 400 400 Other In 181,000 To Antwerp-Dec. 3-K1nderdijk, 100 22,000 38,000 143,000 100 1925 6,000 16,00( 72,000 To Bremen-Dec,3-Kinderdijk, 1.100 6,000 66.000 15,000 1,100 15,000 1924 119,000 To Japan-Dec. 9 14,000 23,000 96,000 -Manila Maru. 1.035 1,035 5,000 9,000 1923 SAN FRANCISCO -To Liverpool -Pacific Commerce, -Dec. 3 200 200 Total all To Bremen-Dec.1-Kinder lc, 100 53,000 80.000 49,000 273,000 228.000 550,000 100 6,000 21,000 1925 428,000 To Japan-Dec. 4 -Havre Mans, 980Dec. 5 -President 18,000 14,000 32,000 22.000 132,000 274,000 1924 Hayes, 100- -Dec. 7 -Korea, Marti, 2,160 3,240. 1923 5.656 14.000 30.000 49.000 73.000 311,000 207.000 591,000 To China-Dec.7 -Korea Maru, 400 400 TOWNSEND-To Japan-Nov. 21-President McKinley, According to the foregoing, Bombay appears to show an PORT675......Nov. 25-Tokiwa Maru, 1,675; London Mani, 1,450- 3,800 To China-Nov. 21-President McKinley,625 increase compared with last year in the week's receipts of 625 -Ida Zo, 100 100 35,000 bales. Exports from all India ports record an increase MOBILE-To Genoa-Dec.8 To Liverpool -Dec.1-Maiden Creek, 3,596 3,596 of 48,000 bales during the week, and since Aug. 1, show an To Bremen-Dec. 2 -Braddock, 2,900 2,900 To Hamburg-Dec. 2 -Braddock, 50 50 increase of 122,000 bales. SAN DIEGO -To Liverpool-Dec.7 -Anniston City. 600 600 WILMINGTON-To Genoa-Dec.10-Matinao,5,400 5.400. -We ALEXANDRIA RECEIPTS AND SHIPMENTS. Total 198,097 now receive weekly a cable of the movements of cotton at Alexandria, Egypt. The following are the receipts and COTTON FREIGHTS. -Current rates for cotton from shipments for the past week and for the corresponding week New York, as furnished by Lambert & Burrows, Inc., are as follows, quotations being in cents per pound: of the previous two years. 1925. 1924. 1923. 330.000 4,001,493 330.000 4.607.971 290,000 4.191.860 Alexandria. Egypt, Dec. 9. Receipta (cantors)-. This week Since Aug. 1 Since. Since Since Week. Aug. 1. Week, Aug. 1. Week. Aug.!. Exports (bales)To Liverpool To Manchester, Szc To Continent and India_ To America 9,000 86.855 9,000 98,249 9,000 109,076 9,000 68.874 12.250 102.478 9.500 87,144 15,000 135,715 16,500 152,796 19,250 163,980 600 38,969 16,000 50,839 16,000 57,292 40 non 348.736 38.350390.492 53.750411.039 Tntal mrnortA Note. -A cantar is 99 lbs. Egyptian ba es weigh about 750 lbs. This statement shows that the receipts for the week ending Dec.9 were 330,000 canters and the foreign shipments 49.000 bales. High. StandHigh StandDensity. out. Density. cad. Liverpool .300. .450. Oslo .50e. .60e. Manchester .300. .45o. Stockholm .500. .65e. Antwerp .35o. .500• Trieste .450. .600. Ghent .45e. .60c. .4234o. .57340 Flume Havre .500. .65e. .350. .500. Lisbon .75c., .90e. Rotterdam .450. .60e. Oporto (Iowa .40c. .550. Barcelona .300. .450. Japan Shanghai Bombay Bremen Hamburg Piraeus Salonlca High &an& Density. ard. .6234o. .77340. .62340. .77340. .500. .65e. .40e. .55e. .35e. .500. .60e. .750. .75e. .900. LIVERPOOL. -By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port: Dec. 4. Nov. 20. Nov. 27. 38,000 41.000 37,000 22,000 24.000 22.000 1.000 2,000 3,000 79,000 75.000 79,000 568,000 642,000 679,000 279.000 346.000 373,000 96,000 164,000 137,000 • 95.000 68,000 123.000 438,000 397,000 418,000 337.000 291,000 313,000 Sales of the week Of which American Actual exports Forwarded Total stock Of which American Total imports Of which Amoriean Amount afloat Of which American Dec. 11. 41,000. 24,000 1,000 83,000 720,000 420,000 0 131,00 , 107.000 387.000 275,000' Tuesday. Wednesday. Thursday. Friday. A fair business doing, A fair business doing. -Our report received by MANCHESTER MARKET. The tone of the Liverpool market for spots and futures cable to-night from Manchester states that the market in bond cloths and yarns is steady. Demand for cloth is im- each day of the past week and the daily closing prices of proving. We give prices to-day below and leave those spot cotton have been as follows: for previous weeks of this and last year for comparison. Spot. 1924. 1925. 834 Lbs. Shirt Cotton fig Lbs. Shirt- Cotton 325 Cop legs, Common Middrg 32s Cop Wigs, Common Vides UpPels to Finest. Uprds Twist. to Finest. Twist. September 4 11 18 25 October 2 9 16 23 30 November 6 13 20 27 Dec. 4 11 Saturday. Market, I 12:15 i P.M. Monday. Qulet. Quiet. Good demand, Good demand. 194(412034 20 a21 2034022 203022 155 a16 1 154 a160 156 016 2 156 a16 2 12.51 13.01 13.57 12.91 24 24 23 23 02534 a2534 a2434 02534 180 150 172 174 a18 4 018 3 a176 018 4 10.16 14.21 13.54 14.09 1934021 1834a2034 18 /11934 18 ale% 1734(119 15 5 152 146 146 142 016 1 al5 8 alb 2 o152 a14 6 12.72 11.53 11.54 11.27 10.35 243402634 24 026 233402534 23h 025 h 24 ha26 h 17 6 180 175 175 175 018 6 018 4 018 1 a181 a18 1 15.23 14.09 13.53 13.45 13.58 17 a1834 1734018,4 173401834 17 a1834 141 14 2 142 142 a145 a14 6 614 6 al4 6 10.49 10.58 10.60 10.74 233026 2334026 233402534 2334a2534 174 17 3 174 174 018 0 017 7 0180 a18 0 13.25 13.87 13.63 13.59 10.42 23 02434 16 5 a17 1 10.17 23 a2434 165 a17 0 12.98 13.11 16344834 142 a14 6 1634a18 0141 0174 -As shown on a previous page, the SHIPPING NEWS. exports of cotton from the United States the past week have reached 198,097 bales. The shipments in detail, as made up from mail and telegraphic returns, are as follows: Bales 200 -Frederick VIII, 200---NEW YORK -To Copenhagen-Dec. 8 241 --Conte Biancamano, 241 To Genoa-Dec. S -Laconia,451 1,357 To Liverpool -Nov.27-Alaunia. 906---Dec.4 50 To Piraeus-Dec. 4 -Coeur d'Alene. 50 3,331 -Cadiz, 3,331 HOUSTON-To Barcelona-Dec. 8 -Atlantic Maru, To Japan-Dec.8-Ferncliff. 7,450-__Dec.4 8.050 600 -NorTo Liverpool -Winston Salem. 7.380--Dec. 5 -Dec.5 18,143 wegian, 8.763 To Manchester-Dec. 5 -Winston Salem, 576---Dec. 5 1,295 Norwegian. 719 To Bremen-Dec. 5-Eidena, 7,918---Dec. 5-Tenbergen, 14,118 6,200 2,791 -Dec. 4 -Atlantic Mara, 2,791 To China Mid.Upl'cis 10.30 10.32 10.34 10.27 10.13 10.17 Sales 4,000 6,000 7,000 7,000 12,000 7,000 Quiet, Quiet, Quiet, Futures. Quiet, un- Steady Quiet, Market 5 changed to 1 to 3 pts. 1 to 3 pte. 6 to 11 pts. 2 pte.dec.to 3 to 5 pts. advance. advance. 3 pts. adv. decline. opened I 5 pts. dec. decline, Easy Steady Very st'y Quiet but Market, f Steady, 1 Steady 4:00 i pt. adv. to 1 to 6 pts. 1010 12pts.6 pts.dec.to 3 to 7 pts. steady,6 to. P. M I 4 or rt.. flpetina deeline. .3 Pts. adv. advance. 0 nta don Prices of futures at Liverpool for each day are given below: Dec. 5 to Dec. 11. December_____ January ______ February _____ March April May June July August September October November Sat. Mon. Tues. Wed. Thurs. Fri. 1234 1234 1234 4:00 123.4 4:11 1234 4:00 1234 4:00 1234 4:00 p. m. p. m. p. m.p. m P. In• P. m.P. ro. P. in p.m. .m.p.m. .m. S. d. d. d. d. ____ 10.03 10.02 10.0210 04 ____ 10.05 10.03 10.03 10.06 .-__ 10.05 10.03 10.02 10.05 10.0: 10.06 10.0 10.07 10.0710.04 10.02 10.04 10.0910.06 10.04 10.06 10.0410.02 9.0' 10.00 10.0210.00 9.96 9.98 .___ 9.92 9.90 9.86 8.89 ____ 9.85 9.82 9.7. 9.81 ____ 9.77 9.75 9.72 9.74 ____ 9.71 9.69 9.66 9.68 S. 5. 9.90 9.97 9.92 9.9: 9.91 9.97 9.9310.00 9.91 9.98 9.94 10.01 9.87 9.96 9.85 9.94 9.76 9.86 9.69 9.80 9.62 9.73 9.58 9.67 d. 9.85 9.86 9.85 9.89 9.87 9.90 9.86 9.84 9.76 9.72 9.65 9.59 d. 9.83 9.84 9.84 9.87 9.85 9.8 9.8 9.84 9.77 9.74 9 68 9.62 d. 9.91 9.91 9.91 9.93 9.91 9.94 9.89 9.8: 9.81 9.7: 9.72 9.66 d. 9.87 9.87 9.85 9.88 9.86 9.89 9.85 9.84 1).7 9.75 9.69 9.83 d. 9.82 9.82 9.81 9.84 9.82 9.85 9.81 9.80 9.73 9.71 9.65 9.60 BREADSTUFFS Friday Night, Dec. 11 1925. Flour has been in moderate demand, with the features, so far as actual trade was concerned, very much the same asfor some time past. Purchasers oppose an advance with a. DEC.12 1925.] THE CHRONICLE 2899 kind of passive resistance. Their buying is confined usually prices at one time were % to 2c. higher, but later came a longs, partly in Wall to small lots to meet the needs of the moment. Rather more reaction on profit taking. Leading Rallies did not hold. South Street, it is understood, were selling. inquiry for export has prevailed, especially from 2 1 / Chicago dropped 5% to 7 c. from the high and Winnipeg America and the Continent. It has led to no large transac- 8 to 82 1c. / Eastern operators covered freely on the decline. the Continent and South America there was But liquidation was too heavy for the market to stand, altions. From some inquiry. Clearances from New York on the 9th inst. though Liverpool closed firm. Argentina was lc. lower, or were 21,355 sacks, all to Greek ports. The "Northwestern 2c. off from the early morning price. The Department of Miller" said: "Half of Shanghai, China, flour mills tem- Commerce says that the loss in Argentine wheat is estimated porarily closed down and the remainder will discontinue at 1,000,000 tons, or 37,000,000 bushels. Guesses on the operating about the middle of the month, due to the scarcity exportable surplus are 96,000,000 to 126,000,000 bushels. of wheat coming from the interior and that the next large Next Tuesday the Argentine Government will issue its secshipment of Canadian wheat will not arrive until the end nod official estimate of the crop. Export trade was disapof November. Native wheat shows marked inferiority of pointing, that is, only 300,000 bushels. Germany bought to quality and prices slightly higher than foreign wheat." some extent, but Italy canceled some orders. In the NorthPrices declined later. Export business was fair with Brazil. west the flour trade was said to be somewhat better. But Wheat declined late last week on long liquidation in an in general the wheat market acted top-heavy. It was overoverbought market and a decline in Liverpool. Also, export bought. Some are not entirely inclined to accept unrebusiness lagged. But a rally in Winnipeg soon stiffened servedly the reports of damage in Argentina. There are 1c. / Chicago prices and they rose 12 net. The cash situation intimations that they have probably been exaggerated. That in the Southwest seemed rather weaker at times and the is usually the case in every country. In any case it is felt December position not so tight. But supplies were far that a reaction was due after the recent very rapid rise, below those of a year ago. Winter wheat prospects were and an overdoing of the buying. Last prices show a net called bullish. On the 7th inst. decreasing estimates of the decline for the week of 3 to 5%c. Argentine surplus, or uncertainty about it, sent prices up DAILY CLOSING PRICES OF WHEAT IN NEW YORK. Sat. Mon. Tues. Wed. Thurs. Fri. 2 1 / 2 to 3%c. at Chicago, 5 to 6c. at Winnipeg, 4 to 5%c. at cts_1954 19734 1934 196 1904 1874 / Argentine No. 2 red Buenos Aires and 44, to 51 2c. at Liverpool. PRICES OF WHEAT FUTURES IN CHICAGO. DAILY CLOSING weather was bad. Its export surplus was estimated at as Sat. Mon. Tues. Wed. Thurs. Fri. low as 93,000,000 to 112,000,000 bushels. In 1924 it exported December delivery in elevator_cts_1754 1774 173$ 176 1701 1674 162 165 1704 1734 168 171 delivery in 1922, 136,106,- May (new) in elevator 172,184,000 bushels; in 1923, 150,652,000; 146 144 151 1504 1524 149 July 000 bushels. The rainfall was beginning to interfere with DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG. Sat. Mon. Tues. Wed. Thurs. Fri. the cultivation and harvesting of crops in the Argentine, 164 1584 1604 15434 14934 according to a cable to the Department of Commerce from December delivery in elevator_cte_162 166 1614 164 158 153 1624 May delivery in elevator 159 1624 158 1604 1544 1504 Buenos Aires. There have been disappointing yields of July delivery in elevator wheat in Cordoba, Santa Fe and northern Entre Rios, causIndian corn declined on the 5th inst. at first only to rally ing prices to advance. The wheat prospects in the central and make a net advance on a demand due to bad weather at and southern belts are still above the average. In the mid- the West. Later corn gave a good account of itself. It dle of the week wheat advanced further. Wheat was helped attracted wide attention by its activity and sharp advance. by corn, which developed remarkable activity. Rain in Corn prices advanced as December deliveries were taken Argentina was also a bullish factor. Damage in that coun- up and the influence of rising wheat prices was felt. The try, it is stated, is increasing. Shorts covered freely. Liver- President's Chicago speech discouraged hopes of Governpool, it is true, was disappointing. On the 9th inst. it de- ment price fixing as ill-advised, but advocated co-operative 2 1 / clined 2 to 5%c. That was owing to larger Australian marketing, which the Government would encourage and and River Plate offerings of new wheat. Buenos Aires, help. The American visible supply last week increased moreover, dropped 19/4 to 4c. The weekly weather report 3,191,000 bushels, against 1,502,000 last year. It is now from Washington said that the new wheat had made rather 5,647,000, against 9,065,000 last year. Corn sprang to the satisfactory progress. Export trade was not large. On the front on the 9th inst. as the leader of the grain markets. 9th inst. it was only 300,000 to 500,000 bushels, mostly Mani- It ran up and closed strong at a rise of 3 to 3%c. net. Corn toba. A rise of 30c. in the last few weeks led some to expect farmers, it is believed, are going to hold a great deal for a setback as something inevitable, especially If Argentina or higher prices. They are hopeful of Government aid Russian crop news should improve. Big realizing took through co-operative associations. Receipts of corn were place. Only foreign news or foreign markets, it was con- smaller than anybody had expected. Banks have been estabtended, could sustain prices. A four-year price record was lished by the Government at interior Iowa points. This broken when a carload of Montana wheat sold in Minne- fact may cause a slowing down of the Iowa crop movement. apolis for $205 a bushel and another car brought $204. The action of the Government may cause a larger amount With almost half the Northwestern crop estimated to be in of feeding on the farm. In fact, it is growing noticeably storage, farmers are greatly benefited by the advance. already. It was said that a certain amount of corn is being Terminal receipts are increasing. Chicago wired that an sold daily for export, not only at Chicago, but at other Westeffort was being made in Chicago to have 1,000,000 bushels ern points. Canadian distilleries are said to be buying now in store there ruled out as no better than chicken feed. United States corn instead of Argentine, as during the last New high prices for the season were reached on May and three years. Argentine corn has advanced in the last ten July, Charters of 400,000 bushels of wheat for shipment days Sc., according to the cables received in Chicago. On from Chicago to Buffalo helped stiffen prices. Two car- the recent rise the short interest was reduced and it led goes of Canadian wheat were. reported as having been also to increased country offerings to arrive. Des Moines, bought for shipment to Brazil. The American visible sup- Iowa, wired Dec. 8 that farmers are advised to hold for ply last week increased 1,977,000 bushels, against a decrease $1 15 on the Chicago market by the National Corn Growers' last year in the same week of 811,000 bushels. It is now Association in a unanimous vote. In Chicago they think 46,752,000 bushels, against 99,461,000 a year ago. Last the discovery that Canadian distillers have been in the week the total futures transactions in wheat at Chicago market for American corn is significant. Since buyers in were 521,296,000 bushels, against 307,205,000 the previous Canada have always replenished their corn supply from week, and 262,681,000 bushels in the same week last year. Argentina, their appearance in American markets points to This is certainly an amazing exhibit. Texas and Arkansas a potential demand which has not been included in Congressmen have introduced bills to stop trading in grain 2 1 / the 10th inst. prices fell 2 to 2 c. and cotton futures, which will probably be shelved. Cash previous estimates. On effect. So did "long" profit demand was reported better at Omaha, Kansas City and Renewed short sales had an decline in wheat. December the Minneapolis. Some stress was laid on the report that 1,000,- taking; also the effect of 200,000 bushels 000 bushels in one of the elevators at Chicago is out of con- led the drop. Cash demand was fair and exdition. Later on the 9th inst. London cabled that the at the seaboard and 20,000 bushels at Chicago sold for weather was fine in Argentina. The Canadian wheat crop port. Corn has been to some extent resold by foreigners will probably aggregate 450,000,000 bushels, according to a during the past fortnight. Country offerings continue light. report received from Winnipeg. Total deliveries thus far Primary receipts were 900,000 on the 10th inst., against amount to 279,000,000 bushels, to which 3,000,000 bushels 1,320.000 a week ago and 702,000 last year; shipments 557,are added daily. Indications are this heavy market move- 000 bushels, against 463,000 a week ago and 287,000 last ment will continue during the remaining portion of the year. There is declared to be a profit in buying low grades month. On the 10th inst. prices fell 5 to 6c. May dropped and making contract corn. Prices are up about 100. 8c. from the early high on that day. A rise early of 1% to from the recent low. Corn has been oversold. To-day 1 / 2c. was due to reports of heavy rains in parts of the Argen- prices at one time were 1 to 14c. higher, with a Commission houses were buying tine, the forecast for rain in the north and cables indicating brisk speculation. There was also a good deal of coverthat rust was spreading in the Province of Buenos Aires freely early. and doing harm. Private estimates put Argentina's export ing. Receipts were only fair. But later the effect of a surplus at 96,000,000 bushels. This also assisted the ad- decline in wheat was apparent and prices wound up 1% to 1 /c. vance. But later cables reported clearing weather in Argen- 22 lower, due in part to good weather at the West and tina. Winnipeg fell 6 to 6%c. Buenos Aires dropped 1% deliveries on contracts of 255,000 bushels. Moreover, cash to 3%c. Despite the sharp setback, the export sales were demand was smaller and cash prices rather weak. Exportonly 300,000 bushels of Manitobas at the seaboard. The ers, it was said, bought 200,000 bushels. But Europe, it situation la the Province of Cordoba is declared to be appears, also resold some corn. Last prices show a rise for 1 / serious. Bears contend that the increased estimates on the the week of 12 to 1%c. DAILY CLOSING PRICES OF CORN IN NEW Australian and Canadian surplus as compared with recent Sat. Mon. Tues. Wed. YORK. Fri Thurs figures more than offset the decrease in Argentina. TO-day No. 2 yellow cto- 96 9534 9534 99 965 9634 2900 THE CHRONICLE DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO. Sat. Mon. Tues. Wed. Thurs. Fri. December delivery in elevator_cts- 77% 77% 78% 81% 78% 78% May delivery in elevator 84% 83% 83% 87 85% 84% July (new) 86% 86 85% 88% 87 86% Receipts at- Flour. [Vol. 121. Wed Wheat. Bushels. Barrels. New York _ _ . 255,000 4,404,000 Philadelphia__ 79,000 949,000 Baltimore.... 765,000 25,000 Norfolk 1,000 New Orleans * 3.000 48,000 Galveston__ 48,0004 Montreal_ .... 35,000 2,161,000 St. John,N. B. 1,000 48,000 Boston 32,000 61,000 Corn. Oats. Barley. Rye. Bushels. Bushels, Bushels. Bushels. 11,000 286,000 638.000 188,000 268,000 11.000 20,000 24,000 41,000 90,000 190,000 1,000 Oats got noticeable support after a decline on the 5th inst. of %c. under realizing. Later they advanced further, 75,000 21,000 though not markedly. There was a stronger tone, however, 590.000 131,000 59,000 102.000 with reports of a good feeding demand. Moreover, the American visible supply last week decreased 2,082,000 bush2,000 2.000 11,000 3,000 els, against a decrease last year of only 14,000 bushels. It is Total wk. '25 476.000 8.439,000 213,000 1.266.000 972.000 311,000 now 62,206,000 bushels, against 67,250,000 in 1924. Prices Since Jan.1'25 23,390.000 222,340,000 8.082,000 73,814,000 41,207,00029,519,000 subsequently moved upward under the spur of the great wk. '24 108.000 1,841,000 1,358,000 658,000 511,000 5,572,000 activity and strength in corn. To-day. prices wound up % Same Jan.1'24 24.727 000293 330.000 17.887.000 50.004,000 28,943.000 35,898.000 Since to %c. lower on more active trading. It was under the *Receipts do not include through New Orleans for foreign porta Influence, however, of the decline in other grain. It is true on through bi Is of lading. grain passing The exports from the several seaboard ports for the week that cash oats were quite steady, with a fair demand and moderate receipts. But the effect of declines in wheat, corn ending Saturday, Dec. 5 1925, are shown in the annexed and rye were evident on futures in the later trading. Last statement: prices show a rise for the week of % to 1 4c. It was greater Rye. Exports fromBarley Oats Flour. Corn. 1Vheat. than this at one time. • Bushels. Bushels. Bushels. Bushels. Bushels., Bards DAILY CLOSING PRICES OF OATS IN NEW YORK. New York 8,574 384,500 68,872 265.570 3,105,475 Sat. Mon. Tues. Wed. Thurs. Fri. Boston 17,000 253,000 32,000 No. 2 white 53% 52% 53 5234 52 53 Philadelphia 4,000 254,000 646,000 DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO. Baltimore 30,000 1,000 841.000 Norfolk 1,000 Sat. Mon. Tues. Wed. Thurs. Fri. New Orleans 2.000 16.000 38,000 38,000 December delivery in elevator_cts_ 41 411 411 42$ 42 41% Montreal 72,006 1,158,000 197,000 716,000 4,198,000 May delivery in elevator 45 451 46 45 45% 45 St. John, N.B 48,000 1,000 July (new) 45% 48 451 46 46 4531 DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG. Total week 1925_ 9.091,475 38,000 217,872 1,723,570 205,574 1,119,500 Same week 102e anus Kcn 17 nnn 29A 1A5 355.260 1 006.271 1.180.852 Sat. Mon. Tues. Wed. Thurs. Fri December delivery In elevator_cts_ 48 48% 47% 48 46H 46 The destinat'on of these exports for the week and since May delivery in elevator 51% 5214 51% 52 50 50 July delivery in elevator July 1 1925 is as below: 52% 53 51 5134 52% 51 Rye declined 1 to 11c., but rallied sharply, touching on / 2 Flour. COTri• Wheal. the 5th inst. 19,c. above the previous closing on reports of Exportsfor Week and Since Since Week export demand. Prices rose 4 to 5c. on the 7th inst., with Week Since Week Since July 1 toJuly 1 July 1 Dec. 5 Dec. 5 Dee. 5 July 1 reports of a fair demand from Norway. No actual export 1925. 1925. 1925. 1925. 1925. 1926. business was reported. The American visible supply last Bushels. Bushels. Barrels. week increased 334,000 bushels, against 328,000 last year. United Kingdom_ Barrels. 1,728,911 5,994,667 48,545.924 Bushel s. Bushels. 65,548 276,000 It is now 11,566,000 bushels, against 20,871,000 last year. Continent 471,000 125,328 2,976,721 3.096.808 70,874,820 So.& Cent. Amer. 9,000 203,487 10,000 1,048,000 909.071 Though prices fell 1 to 11c. on the 8th inst. there were still West Indies / 2 445,529 18,000 852.900 28,000 133.925 reports of Norwegian inquiries. Later rye derived a cer- Brit.No.Am.Cols_ 2,355 951,234 445,921 tain amount of strength from the advance in other grain, Other countries notably in corn, though it usually sympathizes more with Total 1925 38.000 2,650,255 217.872 5,800.549 9,091.475 121,414,974 Tnt a I 100d ROIS 1 K K 5000 TR12 SAGA 050 170 ft9l And 17000 1,400,801 wheat. On the 9th inst. rye advanced 1 to 1%c. net. A decline of 4 to 4%c. came on the 10th inst., mainly because The world's shipments of wheat and corn, as furn shed by of the setback in wheat. Exporters took 200,000 bushels. Broomhall to the New York Produce Exchange, for the week To-day prices closed 4 to 4%c. lower. The early tone was ending Friday, Dec. 4, and since July 1 1925 and 1924, steady, with some export buying. Exporters took 200,000 are shown in the following: bushels more, for Norway. Foreign rye offered in Chicago Corn. Wheat. on Thursday was said to be feed rye. The break to-day was due to profit taking and the influence of a decline in wheat. 1924. 1925. 1924. 1925. Rye very much of the time nowadays is a mere echo of the Since Since Week Since Since Week wheat market. Last prices show a net rise for the week July 1. July 1. Dec. 4. July 1. Dec. 4. July 1. of only 1 to %c. on December and May, while July was 4 Bushels. Bushels. Bushels. Bushels. Bushels. down %c. At one time prices were some 5 to 6c. higher North Amer- 10,508,000 180,492,000 • 40,959,000 Bushels. 1,530,000 611,000 95.000 Black Sea... 720,000 14,008,00(1 2,920,000 357,000 10,469,000 9,953,000 than last Friday. 74,848.000 116,246.000 DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO. Sat. Mon. Tues. Wed. Thurs. Fri. December delivery in elevator_cts_102% 106% 105 106 102 96% May delivery in elevator 109% 114% 113 114% 110% 105 July delivery in elevator 109% 113% 113% 108% 103 111 Closing quotations were as follows: FLOUR. Spring patents $9 10a 9 50 Rye flour, patents 88 1046 50 Clears,first spring 7 75a 8 25 Seminole No.3,lb 5%c. Soft winter straights__ 8 15a 8 50 Oats goods 2 75a 2 85 Hard winter straights_ 9 10a 9 50 Corn our 250a 260 Hard winter patents__ 9 50a10 00 Barley goods Hard winter clears 7 75a 825 Nos. 2, 3 and 4 4 25 Fancy Minn. patents...10 55a11 20 Fancy pearl, No. 2. 3 City mills 10 45a10 95 and 4 7 25 GRAIN. Wheat, New YerkOats. New York No.2 red. f.e.b 1.87% No. 2 white No. 1 Northern No.3 white None No. 2 hard winter,f.o.b____1.88 Rye, New York Corn. New YorkNo. 2 f.o.b No. 2 mixed Barley, New York No.2 yellow (new) Malting 98% 52 51 112 74 a92 The statements of the movements of breadstuffs to market indicated below are prepared by us from figures collected by the New York Produce Exchange. The receipts at Western lake and river ports for the week ending last Saturday and since Aug. 1 for each of the last three years have been: Receipts at- Flour. Wheat. Corn. Oats. Barley. Rye. libis.1901bs.914:5. 60 lbs. bush. 56 lbs.bush,32lbs.91,55.48155.bush.56lbs. Chicago 259,000 20,000 131,000 676,000 198,000 3,746,000 Minneapolis 2,529,000 137,000 118.000 595.000 479,000 Duluth 415,000 255,000 257,000 3,614,000 59.000 Milwaukee-44,000 183,000 14,000 236,000 113,000 275,000 Toledo 4,000 489,000 131,000 44,000 Detroit 14.000 7.000 25,000 Indianapolis- _ 948,000 30.000 56,000 St. Louts_ _ _ 109,000 38.000 553,000 1,248,000 398,000 1,000 Peoria 33,000 52,000 845.000 153,000 16,000 Kansas City 1,180,000 301,000 154,000 Omaha 341,000 445,000 216,000 Bt. Joseph_,,. 294.000 230,000 72,000 Wichita 306,000 102,000 14,000 Sioux City 50.000 1.000 44,000 82.000 Total wk. '25 444,000 9,737,000 8.518,000 3,125,000 1,103,000 433.000 Same wk. '24 402,000 14,180,000 6.819,000 3,518,000 1,823,000 1,608,000 Same wk. '23 388,000 7.188,000 7,781,000 4.481.000 991,000 511.000 Since Aug.I1925 8,581,000 188,988,000 71,811,000 119,940,00038,913,000 14.339,000 1924 2,9 64.000348,802,000 85,989,000145,888,00038,235.00043,618,000 1923 8.226.00(1200 snn ono RR 7R1 000.'no nO7 00020.945.00015.312.000 Total receipts of flour and grain at the seaboard ports for the week ended Saturday, Dec. 5, 1925 follow: Argentina._ _ 1,066,000 27,000,000 40,199,000 2.788,000 Australia.... 456,000 16,072,000 17,628.000 India 2,512,000 21.456.000 28.162.000 1,148 Oth.Countr's Total 639,000 12.750 000240.084.0004323.162.000 4 388.000 118,009.000127,449.000 The visible supply of grain, comprising the stocks in granary at principal points of accumulation at lake and seaboard ports Saturday, Dec. 5, 1925 were as follows: GRAIN SOCKS. Barley Corn. Oats. Rye. Wheat. bush. bush. bush, United Statesbush, bush.' New York 210.000 236.000 901.000 2,000 367,000 62.000 2.000 Boston 27.000 2,000 485,000 26,000 161,000 33,000 Philadelphia 798,000 49,000 Baltimore 15,000 85.000 97.000 1,446.000 Newport News 31,000 New Orleans 68.000 199,000 305,000 14,000 Galveston 355.000 183,000 Buffalo 716,000 102,000 2,847.000 4,514,000 1,496.000 687,000 " afloat 357,000 4,707,000 719.000 6,000 Toledo 82.000 7,000 1,263,000 25.000 Detroit 190,000 30.000 180,000 Chicago 3,676.000 3,088.000 10,141,000 3,314,000 753,000 198.000 1,350.000 52.000 Milwaukee 492,000 230,000 6,919,000 3,940,000 Duluth 6.591.000 464,000 47.000 21,970.000 2,777.000 3,484,000 Minneapolis 7,027,000 676,000 Sioux City 56.000 2,000 158,000 45.000 St. Louis 574,000 1,106,000 1,421,000 29,000 56,000 Kansas City 229,000 5,993.000 4,635,000 112.000 84.000 Wichita 38,000 232.000 2,707,000 St. Joseph, Mo 195,000 79,000 1,759,000 6,000 5,000 Peoria 112,000 1,366,000 3,000 282,000 Indianapolis 727,000 468.000 2,000 Omaha 241,000 4,549,000 1,285.000 76,000 33,000 On Lakes 40,000 2,053.000 153,000 54,000 110,000 On Canal and River 542.000 55.000 Total Dec. 5 1925 _46,752,000 5,647,000 62.200.000 11,566,000 6.763.000 Total Nov.28 1925_ _ _44,775,000 2,456,000 64.282,000 11,232,000 6,673.000 Total Dec. 6 1924._ _99,461,000 9,065.000 67.250.000 20,871.000 5,236,000 Note. -Bonded grain not included above: Oats, New York, 163,000 bushels: Baltimore, 38,000; Buffalo, 447,000; Buffalo afloat, 471,000; Duluth, 128,000; Canal,28.000; On Lakes, 191,000; total, 1,466,000 bushels,against 986,000 bushels in 1924. Barley, New York, 378,000 bushels; Boston, 123,000; Baltimore. 142,000: Buffalo. 1.829,000: Buffalo afloat, 691,000: Duluth, 133.000; Canal, 723.600OOn Lakes. 213.000; total, 4,232.000 bushels, against 3,250.000 bushels in 1924. Wheat, New York, 1.671,000 bushels: Boston, 551.000; Philadelphia, 598,000; Baltimore, 503,000; Buffalo, 5,610.000; Buffalo afloat, 9,035,000; Duluth, 328,000; Toledo. 124.000: Chicago, 141,000: On Lakes, 3.810,000; Canal, 1,134,000: total, 23,305.009 bushels, against 17.719.000 bushels In 1924. Canadian Montreal 70.000 3.128,000 797.000 153,000 882.000 Ft. William & Pt. Arthur_12,464,000 2,892,000 1,221,000 .000 Other Canadian 1'1.630.000 2.267.000 47.000 1,653,000 Total Dec. 5 1925._ _29,222,000 70.000 5,756.000 1.421.000 8,613,000 Total Nov.28 1925_ _ _35.926.000 60.000 6,618,000 1,384,000 7,291,000 Total Dec. 6 1924-30,593,000 399,000 18,097,000 1,836,000 6,779,000 Summary American 48,752,000 5,647,000 62,200.000 11,586,000 6,763,000 Canadian 70.000 5.756.000 1.421 000 6,813,000 29.222.1100 Total Dec. 5 1925.- 75,974,000 5,717.000 67,9511,000 12,987,000 13,376,000 Total Nov.28 1925_ _ _ 80,701,000 2,516,000 70,898,000 12,616,000 13,964.000 Total Dec. 6 1924._.130,054.000 9.464.000 83,347.000.12,015,000 Dec. 121925.] 2901 THE CHRONICLE Tennessee.—Nashville: Rather mild, open weather with moderate rainfall on one or two days. Wheat, oats, rye, barley, clover, and pastures all did well. Generally favorable for picking cotton, gathering corn, plowing, and outdoor work. Kentucky.—Louisville: Corn gathering retarded by rain; about three fourths completed. Wheat looking well. Favorable for handling tobacco; stripping one-half to three-fourths done; considerable marketed. Rye Changes in temperature conditions during the week were not marked. the readings tending to above normal most of the time, and decidedly so pastures good. In the Northwest. Abnormally warm weather prevailed in central Gulf districts and in South Central States about the 4th, but at the same time it had become decidedly cooler in the Southwest, and during the middle days of the week lower temperatures obtained quite generally in all central Friday Night, Dec. 11 1925. and eastern portion of the country; freezing was reported locally as far south as some central portions of the east Gulf States. The latter part Primary markets for textiles ruled quiet during the week, of the week was much warmer in the Northwest, and pleasant weather for the season prevailed quite generally. without special features. As a result there was The tropical storm that was central off the east Florida coast at the and were beginning of the week advanced slowly northward, attended by gales along more time to discuss other matters, politics being chief the middle and south coasts and by rain throughout the Atlantic area. On the 2d-5th a second storm of wide influence moved eastward from the among these, and particularly the convening of Congress. central Rocky Mountains to the central Mississippi Valley, and thence northward over the western Lake region. It was attended by rain or snow The latter is expected to make a record for constructive in nearly all the districts east of the Great Plains. Early in the week sub- legislation, and particularly in regard to the tax reduction stantial rains fell in south Pacific sections and precipitation was general over the more western States, but otherwise west of the Rocky Mountains program. Another encouraging factor is the general belief the week was mostly fair. The mean temperature for the week, as a whole, was above normal, that the present Administration favors "hands off" policy except in Gulf districts and over much of the Southwest. It was especially in regard to business, while statements from official quarwarm in the Northern States where, in most sections. the temperature ters to the effect that the country is in an era of prosperity averaged as much as 6 to 18 deg. above normal. This table shows also that precipitation was moderate to substantial, in a few cases heavy, quite further stimulated sentiment as to future prospects. Retail generally from the Mississippi Valley eastward. In the Great Plains holiday buying is now in full swing, and reports indicate States the amounts were mostly light, but they were moderately heavy in much of the pacific coast area. There was an excessive amount of cloudi- that thus far sales have averaged approximately 15% ness from the Ohio Valley northward and eastward, but elsewhere consider- greater than those for the corresponding period last year. able sunny weather prevailed. While the last half of the week in the northeastern quarter of the country Advices received from retailers throughout the country state was unfavorable for seasonal farm operations because of the widespread that their stores are being exceptionally well patronized. rain or snow, conditions otherwise were generally favorable and good progress was reported. There was some damage by the tropical storm In regard to silks, while spring business has been somewhat In Parts of the Southeast; high winds and heavy rain were detrimental slow, the trade generally regards this as temporary. The to truck on lowlands of Florida, while citrus fruit suffered to some extent, and some cotton remaining in the fields in the extreme northeastern portion November report of the Silk Association of America showed of the belt was blown out. a drop in consumption and a gain in imports and domestic In general, conditions were favorable throughout the Southern States, although there was some slight frost damage in Texas, and some harm stocks. Imports during the month totaled 49,238 bales, comwas done to cane by freezing in Louisiana. The cool weather in Florida, pared with 43,530 bales in October. Consumption figures' while favorable for hardy truck, was rather unfavorable for the tender varieties. Throughout the Great Plains area, conditions continued nearly showed a seasonal drop. Mill deliveries were 41,848 bales, Ideal for the season, making the fourth consecutive week of good weather against 46,815 bales in October. Stocks on hand, which in most sections. Stock interests were favorably affected throughout the great western grazing districts, with the substantial rainfall in the far were the largest since last February, amounted to 46,813 Southwest of material benefit. Rains, followed by warm, sunny weather, bales, compared with 39,423 bales the previous month. were esepecially beneficial in California. though the moisture deficiency was DOMESTIC COTTON GOODS: Markets for domestic only temporarily relieved In most of that State. SMALL GRAINS.—Seeding winter wheat is practically completed, cotton goods maintained quietness and developed an easier except in the Pacific districts. In Missouri wheat is not doing so well and in New Mexico and western Texas more rain is needed for this crop. Else- undertone during the latter part of the past week. Buyers where wheat made satisfactory progress during the week and is generally were encouraged to hold off or reduce bids for small lots by in good condition although late-seeded is still ;very small and in some Government Cotton Crop Report issued the early part of localities has not yet come up. There is still some rice to be threshed, the but the rice situation in Arkansas has improved somewhat and the damage the week which estimated the total yield this season at by rain in Texas is not as great as was expected. Oats and rye made good 15,603,000 bales, or 305,000 bales above the forecast of Nov. growth in the Southeastern States. CORN AND COTTON.—The mild and mostly sunny weather in the 21. Total production for the year 1924 amounted to 13,627,western portion of the Corn Belt was favorable for husking, and this work 936 bales. The record year was 1914, when 16,134,930 bales Is well along. Much corn is still out, however, in the extreme lower Missouri Valley, and most of the week the weather was again unfavorable were raised, the next best being 1911 with 15,692,701 bales. for harvesting operations, while muddy fields during the last half delayed Ginnings to Dec. 1 totaled 13,846,686 bales. The crop estithis work in parts of the Ohio Valley States: generally good progress was made in Ohio. Corn has been mostly cribbed in Iowa. but the moisture mate of 15,603,000 bales terminates a year of reports which content is very high, with the outlook for good seed the poorest in many have been noted for their wide and erratic variance, and Years. The grain contains much moisture also throughout the central which have tended more than anything else to unsettle the and eastern portions of the belt. The week was favorable for picking cotton in the northwestern portion markets for the manufactured product. It is expected that of the belt and this work made good progress. Considerable cotton Congressional action will be taken within the near remains in the fields in the eastern lowlands of Arkansas. but picking is some well advanced or mostly completed elsewhere. There was delay to harvest future to change the plan of preparing and issuing these by rainfall in California, and some damage to open cotton was reported reports, and in many quarters it is hoped that the fortnightly from that State. while high winds blew out some cotton remaining in the reports will be abandoned. In view of the abundance of raw fields in the extreme northeastern portion of the belt. WEATHER BULLETIN FOR THE WEEK ENDED DEC. 8.—The general summary of the weather bulletin issued by the Department of Agriculture, indicating the influence of the weather for the week ended Dec. 8, follows: THE DRY GOODS TRADE a material as compared with last year, buyers generally are The Weather Bureau also furnishes the following resume of the opinion that prices for goods will work towards lower different States: levels, and this view appears to have become very wideNorth Carolina.—Raleigh: Rainfall rather heavy on coastal Plain; light elsewhere and more needed in west, especially to increase stream flow for spread throughout the country. Hence, sales have been power. Rain and strong winds damaged some cotton remaining in fields confined to small lots covering immediate needs, with little In northeast by beating out on ground. Wheat, oats, rye, and hardy desire to anticipate the future. Other factors responsible truck doing well. South Caro/inc.—Columbia: Wheat, oats, and rye made good advance for the quietness prevailing in primary markets, include the with higher temperatures early in week, and some early plantings being pastured; planting practically finished. Soil in good condition with con- inventorying in wholesale channels, and the fact that residerable plowing for spring crops. Winter truck on coast, and turnips, tailers are very busy with holiday sales. Print cloths, 28onicns, and cabbage in interior improved. Spring strawberry beds being inch, 64 x 64's construction, are quoted at 63!c., and 27-inch, prepared. Fair hog-killing weather. Georgia.—Atlanta: Except heavy rains in coast districts on 2d, and 64 x 60s, 6Y4c. Gray goods in the 39-inch, 68 x 72's construclight, general rains on 4th. the week was mostly fair, with moderate tem39-inch, 80 x 80's, at 12%c. peratures. Wheat, oats, and rye made excellent growth. Fall vegetables tion, are quoted at 1034c., and WOOLEN GOODS: Woolens and worsteds failed to deabundant. Grinding cane over half completed. Farm activities gradually diminishing. activity as a result of the easier trend Florida.—Jacksonville: Cooler than usual; heavy frost, about freezing, velop any renewed in interior of west, and light to heavy in portions of Peninsula. Mostly In foreign raw material markets. Sentiment, however, dry,except showers in north and central; locally heavy rains at few stations. Cool, unfavorable for truck and strawberries in north, except hardy kinds, continued optimistic owing to the fundamentally sound but favorable for citrus fruits;celery,lettuce,cabbage,and oats fair progress. business conditions prevailing throughout the country, with Fruit shipments heavy. Heavy rains and winds of previous week damaged truck on lowlands of south and wind caused some damage to citrus fruits. prospects of their continuing so well into the new year. In Winds and high seas caused Considerable damage to beach property on the meantime the showings of the low-end overcoatings and northeast coast. suitings for the fall-winter season 1926 have been getting Alabama.—Montgomery: Favorable for farm work and some plowing done. Early-planting oats mostly doing well. Digging sweet potatoes under way. Some factors reported that a fair volume of continued; some rotting in ground in scattered areas. Truck mostly doing well in southern portion; little growing elsewhere. Planting cabbage advance orders has been placed. Elsewhere in the market continued in coats region. Pastures mostly frost-killed and dry. Grinding business was more or less of a listless character, with buysugar cane continued in southern portion. Greater part of satusuma ers purchasing no more than necessary to cover immediate orange crop marketed. Mtssisstopt.—Vicksburg: Generally fair, except light precipitation Fri- needs. Only small lots for delivery within 60 days were day and in northwest portion Saturday. Mostly good progress with seasonal farm work. Pastures fair progress in southern third, but mostly poor sought. elsewhere. FOREIGN DRY GOODS: A further improvement in Louisiana.—New Orleans: Freezing in parts of cane region on Sunday morning caused further damage to buds of standing cane, much of which demand was noted for practically all classes of merchandise inust now be windrowed; grinding being rushed. out labor shortage in in the markets for linens. Profit margins, however, were some places; sugar content not greatly improved. Some rice still to still somewhat restricted, owing to the keen competition. thresh. Little other farm work. Winter truck and oats good. Oranges being shipped. Dress goods developed the most activity and it was reported Texas—Houston: Temperatures mild, except on 6th when frost nearly sampled by a number of to lower coast, with some damage to tender truck. Rains light to mod- that the best lines have been erstec heaviest in south. Progress and condition of wheat, oats, and cutters-up who plan to feature them. Another source of enpastures mostly very good, but beginning to need rain in western half. couragement has been the increasing popularity of emIdeal weather or plowing, harvesting, and cotton ginning, and all outdoor work well advanced, except rice threshing; rain injury to rice less than broidered linens. While the ecru shades were formerly in expected. Truck and citrus shipments large. great favor, current demand has switched to bleached goods. Oklahoma.—Oklahoma City: Light rain and snow at middle of week; temperature moderate and generally somewhat above normal. Sunshine The latter have had a wide distribution, being used for deficient in east; but above normal elsewhere. Good progress in Pciking home making into luncheon sets. In regard to handkerand ginning cotton and crop mostly harvested: grade poor. Wheat good condition. Pastures becoming short in some sections; livestock good chiefs, a shortage of white embroidered and hemstitched condition. lines has developed. Burlaps ruled inactive throughout the Arkansas.-74Ittle Rock: Week mostly dry; one rainy day; temperature about normal. Mostly favorable for havesting fall crops. Good progress week. While Calcutta markets continued firm, domestic In picking and ginning cotton, but considerable in fields on eastern low- consumers consistently refused to anticipate future requirelands. Rice threshing continuing with some improvement in rice situation. Someliall plowing. Winter grains satisfactory condition. Dirt ments. Light weights are quoted at 8.95-9.00c., and heavies roads fair. at 11.95-12.00c. of the conditions in the 2902 THE CHRONICLE ffitate anti Tit artinent NEWS ITEMS San Jose, Calif. -City Annexes Additional Territory Adds 15,000 to Population. -A dispatch from San Jose, dated Nov. 28, to the Los Angeles "Times" in reporting that the city had annexed certain additional territory, said: "The fourth attempt to annex the Hester, Hanchet and College Park districts to the city of San Jose won by .a majority of 408 votes at the last election. The victory will add approximately 15,000 to the population of San Jose, with an area increase of about one-third. The new territory Is located west of this city." BOND PROPOSALS AND NEGOTIATIONS this week have been as follows: -The -BOND DESCRIPTION. ABERDEEN, Monroe County, Miss. $71,693 88 5% street improvement bonds purchased by William R. Compton of St. Louis (V. 120, p. 3222) are described as follows: Date Aug. 1 1925. Denom.$500,except one bond for $410 78 and one bond for $283 10. Due $6.193 88 in 1926, $7.000. 1927 to 1930, inclusive, and $7,500, 1931 to 1935, inclusive. Principal and interest (F. & A.) payable at the Hanover National Bank, New York City. Legality approved by Charles & Rutherford, of St. Louis. Financial Statement. • $4.000,000 00 Estimated actual value of taxable property 1.900.000 00 Assessed valuation of all taxable property 212,693 88 Total bonded debt, including this issue $73,200 Water-works and electric light bonds 139,493 88 Net bonded debt, including this issue Population, 1920 Census, 4,071. -The -BOND SALE. ALAMEDA COUNTY (P. 0. Oakland), Calif. Anglo-London Paris Co. of San Francisco purchased an issue of $200,000 5% tube bonds at a premium of $3,560, equal to 101.78. ALAMOSA AND CONEJOS COUNTIES JOINT SCHOOL DISTRICT -Gray, Emery, No. 24 (P. 0. Alamosa), Colo. -WARRANT SALE. Vasconcells & Co. of Denver have purchased an issue of $8,500 5.55% judgment warrants. Date April 13 1925. Denom. $500. Due $500 1929 to 1945 incl. Prin. and int. (A. & 0. 13) payable at the County Treasurer's office. Legality approved by Pershing, Nye, Fry & Tallmadge of Denver. Financial Statement. $825.000 Actual valuation of taxable property (officially estimated) 409,281 ,Assessed valuation, 1924 (official) 15,000 Total bonded debt, excluding this issue Population, 500. 0. Annville) ANNVILLE TOWNSHIP SCHOOL DISTRICT (P. -Sealed bids will be received Lebanon County, Pa. -BOND OFFERING. until 8 p. m. Dec. 23 by A. G. Newgard, District Secretary, for $85,000 % coupon (registerable as to principal only) school district bonds. Denom. $1,000. Dated Dec. 1 1925. rnt. J. & D. Due on Dec. 1 as follows: $20,000, 1935; $30,000, 1945: and $35,000, 1955. A certified check for 2% of the amount of bonds bid for, payable to the School District Treasurer, required. Bonds are issued subject to the favorable opinion of Townsend, Elliott & Munson of Philadelphia. Bonds are free from the Pennsylvania State tax. ATCHISON SCHOOL DISTRICT NO. 1, Atchison County, Kan. BOND SALE. -The State School Fund Commission purchased in Sept. an issue of $125,000 coupon school bonds at par. Date Oct. 1 1925. % Denom. $1,000. Int. payable (A. & 0.). -Sealed ATTLEBORO, Bristol County, Mass. -BOND OFFERING. bids will be received until 11 a. m. Dec. 17 by Alberta F. Remington, City Treasurer, for the following two issues of coupon bonds, aggregating $110,000: $100,000 4X% "school loan act of 1921 bonds". Due on Aug. 1 as follows: $4.000, 1926 to 1940 incl.; $9,000, 1941 to 1944 incl.; and $4,000, 1945. 10,000 4% "Street widening bonds." Due $2.000 yearly from Aug. 1 1926 to 1930 incl. Denom. $1,000. Dated Aug. 1 1925. Prin. and semi-ann. int.(F. & A.) payable at the First National Bank, Boston. Bonds are engraved under the supervision of and certified as to genuineness by the First National Bank of Boston; their legality will be approved by Storey, Thorndike, Palmer & Dodge, whose opinion will be furnished the purchaser. All legal papers incident to these issues will be filed with the above bank where they may be inspected at any time. Delivery of bonds to be made to the purchaser on or about Dec. 18 1925. at the First National Bank of Boston. Financial Statement, Dec. 7 1925. $23,249,632.00 Net valuation for year 1924 22,931.203.33 Average net valuation for years 1922-1923-1924 573,280.08 Debt limit 23i% of average valuation 1,192,250.00 Total gross debt, including these issues Exempted Debt: Water bonds $374,000.00 Sewer bonds 253,000.00 A. B. C. Street Railway bonds and notes_ _ 6,750.00 Norton, Taunton & Attleboro Street Railway bonds and notes 22,000.00 Bristol County Tuberculosis Hospital bonds__ - 25,000.00 855,750.00 So. Attleboro school house 175,000.00 $336,500.00 $236,780.08 $145,373.66 f Water $128,325.44 Sinking funds for debts outside debt limitiSewer AVON, Livingston County, N. Y. -On Nov. 24 the -BOND SALE. Security Trust Co. of Rochester purchased an issue of $45,000 water bonds as 4;4s at 100.50. BARNS COUNTY SCHOOL DISTRICT NO. 54 (P. 0. Fingal), No. Dak.-BOND SALE. -The State of North Dakota purchased during September an issue of $22,000 5% school bonds at par. Date Aug. 1 1925. Due Aug. 1 1945. Int. payable semi-annually. BATTLE CREEK SCHOOL DISTRICT (P. 0. Battle Creek) Calhoun County, Mich. -BONDS VOTED. -At an election held on Dec. 7 the voters approved the issuance of $475,000 new junior high school bonds, at not exceeding 5% interest, payable semi-annually. Due $19,000 yearly for 25 years beginning 3 years from date of bonds. BEDFORD, Cuyahoga County, Ohio. -On Nov. 30 -BOND SALE. % coupon (property owner's portion) street impt. the $139,956.43 series No. 1 of 1925 bonds offered on that date (V. 121. p. 23061 were awarded to W.L. Slayton & Co. of Toledo at a premium of 53,755, equal to 102.68, a basis of about 4.72%. Dated Nov. 1 1925. Due on Nov. 1 as follows: $15,956.43, 1927; $16,000, 1928; $15.000, 1929: $16.000. 1930 and $15,000. 1931;$16,000, 1932;$15,000, 1933;$16,000, 1934 and $15,000. 1935. -On BIG LAKE, Howard County, Tex. -BONDS REGISTERED. Dec. 4 the State Comptroller of Texas registered $25,000 6% water works bonds. Due serially. Net debt Borrowing capacity [VOL 121 New York and Stranahan, Harris & Oatis, Inc. of Toledo as 43 at 102.305, ,s a basis of about 4.59%. Date Oct. 11924. Due Oct.1 as follows: $127,000, 1949 and $162,000, 1950 to 1954 incl. Financial Statement. Assessed valuation for purposes of taxation $298,241,730 * Total bonded debt 15,906,000 Less: Water works bonds $155,000 Si Net bonded debt 15.177,218 Population, 1920 U. S. Census, 178,270; population 1925, 235.000. * This includes school bonds, there being no separate school district in Birmingham. Ratio of net debt to assessed valuation about 5%• --BOND OFFERING. BRADENTON, Manatee County, Fla. -L. L. Hine, City Clerk, will receive sealed bids until 2 p. m. Dec. 22 for $57,000 534% paving special assessment bonds. Date July 1 1925. Denom, $1,000. Due July 1 1935. Prin. and semi-annual int. payable at the National Bank of Commerce, N. Y. C. A certified check for $3,000, payable to Whitney Curry, Mayor, is required. -BOND OFFERING. BRADLEY BEACH, Monmouth County, N. J. -Sealed bids will be received until 8 p. m. Dec. 22 by Frederic P. Reichey, Borough Clerk, for an issue of 5% pavilion and bathing casino impt. bonds, not to exceed $200,000, no more bonds to be awarded than will produce a premium of 31.000 over $200,000. Denom. $1,000. Dated Nov. 1 1925. Int. M.& N. Due on Nov. 1 as follows: $6,000, 1927 to 1931 incl.; $8,000. 1932 and $9,000, 1933 to 1950 incl. A certified check for 2% of the amount of bonds bid for, required. -The BRADY, McCulloch County, Tex. -BOND DESCRIPTION. $100.000 improvement bonds purchased by the J. E. Jarrett Co. of San Antonio -V.120, p. 233 -bear interest at the rate of5 % and are described as follows: Date Feb. 14 1925. Denom. $1,000. Due Feb. 14 1950. Int. payable (F. & A.). BROWNSTOWN FRACTIONAL SCHOOL DISTRICT NO. 1 (P. 0. -Sealed bids Brownstown) Wayne County, Mich. -BONDS OFFERED. were received until 7:30 p. m. Dec. 11 by Floyd Bryant, Secretary Board of Education, for $175,000 04% school bonds. Denom. $1,000. Dated Dec. 311925. Int. J. & D. Due $7,000 yearly from Dec. 31 1926 to 1950 incl. Assessed valuation approximately $1,500,000. BROWNSVILLE SCHOOL DISTRICT (P. 0. Brownsville) Fayette County, Pa. -NO BID RECEIVED. -No bids were received on Nov. 24 for the $80,000 % coupon school bonds offered on that date (V. 121. p. 2184). CALCASIEU PARISH ROAD DISTRICT NO.1(P.O.Lake Charles), La. -BOND OFFERING. -E. R. Henry, Clerk of Police Jury, will receive sealed bids until Jan. 5 for $150.000 5,55% road bonds. CAMBRIDGE, Dorchester County, Md.-BOND OFFERING. Sealed bids will be received until Jan. 27 next, by City Clerk, for $60,000 5% coupon city hall bonds. Denom. $1,000. Dated Dec. 26 1925. Int. J. & J. Due $10,000 every 5 years. A certified check for $3,000, required. -BOND OFFERING.CAMBRIDGE, Guernsey County, Ohio. Sealed bids will be received until 12 m. Dec. 29 by Collin Monroe, City Auditor, for $85,620.69 554% coupon (special assessment) street impt. series 4 bonds. Denom $1,000, except for $620.69. Dated Nov. 1 1925. Int. M. & S. Due on Sept. 1 as follows: 58,620.69, 1927; 59.000, 1928; 58,000, 1929; 59,000, 1930: 58,000, 1931: $9,000, 1932; $8,000, 1933: $9,000, 1934; $8,000, 1935 and 59,000, 1936. A certified check for 3-% of the amount of bonds bid for, payable to the City Treasurer,required. Bonds to be delivered and paid for, within ten days from time of award. -BOND OFFERING. CASS COUNTY (P. 0. Cassopolis), Mich. Sealed bids will be received until 1:30 p. m. Dec. 15 by Clerk Board of County Road Commissioners. for $20,250 6% Road Assessment District No. 19 bonds. Denom. $1,000 and $250. Due $2,250 yearly from Nov. 1 1926 to 1934 incl. -BOND OFFERING.CHAGRIN FALLS, Cuyahoga County, Ohio. Sealed bids will be received until 12 m. Dec. 26 by Gladys M. Foster. Village Clerk, for $8,850 5;4% coupon impt. bonds. Denom. $100, except 1 for 51.850. Dated Dec. 261925. Int. A.& 0. Due on April 1 as follows: $1.850, 1927; 51,000. 1928 and $2,000, 1929 to 1931 incl. A certified check for 5%, payable to the Village Treasurer, required. -BOND SALE. -The CHATTANOOGA, Hamilton County, Tenn. $80,397 6% paving special assessment bonds offered on Nov. 28-V. 121. P. 2548-were awarded to the West Construction Co. at a premium of $1.504, equal to 101.87. -On Dec. 10 the -BOND SALE. CHICAGO, Cook County, III. 8625,0004% city bonds, offered on that date(V. 121. p. 2783) were awarded to the First Trust & Savings Bank of Chicago at 98.26. Due serially 3 to 15 years. CHICAGO SANITARY DISTRICT (P. 0. Chicago) Cook County, III. -BOND SALE. -On Dec. 3 the 55.000,0004% coupon (registerable as to principal) sanitary district bonds offered on that date (V. 121, p. 2664) were awarded to a syndicate composed of the Harris Trust & Savings Bank, Illinois Merchants Trust Co. Continental and Commercial Trust & Savings Bank and First Trust & Savings Bank, all of Chicago at 97.467, a basis of about 4.32%. Dated Dec. 1 1925. Due 5250,000 yearly from Dec. 1 1926 to 1945 incl. -TEMPORARY LOAN. CHICOPEE, Hampden County, Mass. The Old Colony Trust Co. of Boston has purchased a $300,000 temporary loan on a 3.775% discount basis, plus a premium of $3. CHILLICOTHE, Livingston County, Mo.-BOND OFFERING.Stella Selby, City Clerk, will receive sealed bids until 7:30 p. m. Dec. 14 for 550.000 or 5% city hall bonds. Date Dec. 15 1925. Due Dec. 15 as follows: $2,000. 1930 and 1931; 52,500, 1932 to 1935 incl.; 53,000, 1936 44 to 1938 incl.; $3,500. 1939 to 1941 incl.; $4,000, 1942 to 1944 incl.; and 54.500. 1945. Purchaser to pay for printing of bonds and legal opinion. A certified check for $1,000, payable to the City Treasurer is required. -BOND OFFERCLAY COUNTY (P. 0. Green Cove Springs), Fla. ING. -M. W. Griffis, Chairman, Board of County Commissioners, wil receive sealed bids until Dec. 17 for 5515,000 6% improvement bonds. CLEARFIELD TOWNSHIP (P.0. Ebensburg) Cambria County, Pa. -Sealed bids will be received until 1 p. m. (today) -BOND OFFERING. Dec. 12 (to be opened 2 p. m. en that date) by L. A. Cretin, Secretary Board of Supervisors, for 330.000 04% road bonds. Denom. $1,000. Dated Dec. 1 1925. Int. J. & D. Due on Dec. 1 as follows: $4,000, 1926: $5,000. 1930: $6,000, 1940; 58,000. 1945 and 27,000, 1949. A certified check for $1,000, payable to the Township Treasurer, required. -BOND SALE. -Wright, Warlow CLERM ONT, Lake County, Fla. & Co. of Orlando have purchased an issue of $440,000 city hall bonds at par. -BOND SALE. CLOQUET, Carlton County, Minn. -The $20,000 coupon water works extension bonds offered on Dec. 4 (V. 121, p. 2664) were awarded to the Minneapolis Trust Co. of Minneapolis as 45is at a premium of $76, equal to 100.38. a basis of about 4.42%. Date Nov. 1 1925. Due Nov. 1 as follows: 52.000, 1927, and $3,000, 1928 to 1933 incl. The following is a list of other bidders: Int. Rate.Premium. Wells-Dickey Co., Minneapolis 552 00 5% 160 00 Minnesota Loan & Trust Co., Minneapolis 5% Brewer-Brown Co., Minneapolis 55 00 4 'Z , 61 00 Drake-Jones Co.. Minneapolis % 76 00 76 Northwestern Trust Co., St. Paul 434 First National Bank, Cloquet 85 00 454 101 00 Paine, Webber & Co., Minneapolis 434% -BOND OFFERING, -W. D. Macginnis, COLORADO (State of). State Treasurer, will receive sealed bids until 10 a. m. Dec. 22 for $500,000 BIRMINGHAM, Jefferson County, Ala. -BOND SALE. -The $937.- 5% highway series "I" bonds. Date June 1 1925. Denom. $1,000. Due 000 coupon public school building bonds offered on Dec. 8-V. 121, p. 2663 June 1 1942, optional June 11929. Prin. and int. (J. & D.) payable at the -were awarded to a syndicate composed of B. J. Van Inger & Co., A. B. office of Kountze Bros., N. Y. C. A certified check for 2% of bid payable Leach & Co., Inc., Austin, Grant & Co.. Inc., Geo. II. Burr & Co., all of to the State Treasurer is required. DEC.12 1925.1 THE CHRONICLE COLUMBUS, Franklin County, Ohio. -BOND SALE. -On Dec. 9 the $373,000 414% (special assessment) Huron Ave. impt. bonds offered on that date(V. 121, p.2433) were awarded to Folds. Buck & Co.of Chicago at a premium of $4.365.10. equal to 101.17. a basis of about 4.34%. Dated Nov. 5 1925. Due on Sept. 1 as follows: $74,000, 1932 and 1933 and $75,000. 1934 to 1936 incl. CONCORD, Merrimack County, N. H. -BOND OFFERING. -Sealed bids will be received until 12 m. Dec. 18 by the City Treasurer for $78.000 411% school bonds. Dated Dec. 1 1925. Interest semi-annually. Due serially from 1927 to 1965, inclusive. COPPERHILL, Polk County, Tenn. -BOND DESCRIPTION. The 820.000 sewer, sidewalk and water works Mint, bonds purchased by the Central State Bank of Memphis -V. 121, p. 1702 -bear interest at the rate of 6% and are described as follows: Date Oct. 1 1925. Denom. $500. Due Oct. 1 1955. Prin. and int. (A. & 0.) payable at the National City Bank, N. Y. C. Legality approved by Charles & Rutherford of St. Louis. Financial Statement. Estimated actual value $1,500,000.00 Assessed value 1925 576.840.62 Total debt, including this issue 63,000.00 Sinldng fund on hand $7,000.00 Net debt 56,000.00 Population. 1920 Census, 1.102. Present estimate. 1,500. COVINGTON, Alleghany County, Va.-BOND OFFERING. -F. W. Waggoner, Town Manager, will receive sealed bids until 7:30 p. m. Dec. 14 for $75,000 5% funding bonds. Due in 30 years, optional in 20 years. Prin. and semi-annual int. payable at the Chase National Bank, N. Y. C. A certified check for 4% of bid is required. These are the bonds on which all bids were rejected on Nov. 16.-V. 121, p. 2548. CRANSTON, Providence County, R. I. -NOTE SALE. -The First National Bank of Boston has purchased an issue of $55,000 school notes on a 3.91% discount basis. Due May 12 1926. CRESTVIEW, Okaloosa County, Fla. -BOND OFFERING. -Peed Brett, Town Clerk, will receive sealed bids any time for $24,000 6% impt. bonds. -BOND SALE. DETROIT, Mich. -The following five issues of bonds. aggregating $13,410,000 offered on Dec. 10 were awarded to the Guaranty Company of New York: Estabrook & Co.: Remick. Hodges & Co.: William R. Compton Co.: Eldredge & Co.; Equitable Trust Co.: Ames. Emerich & Co.: W.A. Harriman & Co., Inc.; Hannahs, Bailin & Lee; allot New York; Watling, Lerchen & Co. and Nicol, Ford & Co., both of Detroit; Stranahan, Harris & Oatis, Inc. and Curtis & Sanger, both of New York: Harris, Small & Co.of Detroit; J. A. DeCamp & Co. of New York: Howe,Snow & Bertha of Detroit and Stern Bros & Co. of Kansas City, for a premium of $300. equal to 100.002, a basis of about 4.38%. taking the $3,000,000 30 -year Issue as 4s and the remainder as 414s. 82,485,000 general public impt. (school series fiscal year ending June 30 1924) bonds. Due on Dec. 15 as follows: $82,000. 1926 to 1930 incl.,• and $83.000. 1931 to 1955 incl. 3,950.000 public sewer bonds. Due on Dec. 15 as follows: $131,000, 1926 to 1935 incl.; and $132,000, 1936 to 1955 incl. 3,000,000 public utility (water supply) bonds. Due Dec. 15 1955. 3,500,000 public utility (street railway) bonds. Due on Dec. 15 as follows: $110,000, 1926 to 1935 incl.; and $120,000, 1936 to 1955 incl. 475,000 general public impt. (grade separation) bonds. Due on Dec. 15 as follows: $16,000, 1926 to 1950 incl.; and 815,000. 1951 to 1955 incl. Financial Statement. A Assessed valuation Total bonded debt. including this issue Population, 1925 estimate, 1,000; school census, 213. 2903 8704:m095 GLENDIVE, Dawson County, Mont. -The $35.000 -BOND SALE. -were water works refunding bonds offered on Dec. 7-V. 121, p. 2549 awarded to the State as 58 at par. GLENVILLE SCHOOL DISTRICT NO. 12 (P. 0. Scotia) Schene c-BOND SALE. -On Dec. 7 the $30.000 5% school tady County, N. Y. bonds offered on that date (V. 121, p. 2549) were awarded to the Glenville( Bank of Glenville at 103, a basis of about 4.68%. Dated April 1 1926. Due on April 1 as follows: $1,000, 1927 to 1938 incl.; and 82,000. 1937 to 1946 incl. GREENSBORO, Guilford County, No. Caro. -BOND OFFERING. -E.G. Sherrill, City Clerk, will receive sealed bids until 2:15 p. m. Dec. 21 for the following 43(% coupon or registered bonds, aggregating $525,000; $375,000 underpass bonds. Due Jan. 1 as follows: $15,000. 1928 to* 1947 incl.; $10.000. 1948 to 1954 incl., and $5.000 in 1955. 150,000 public impt. bonds. Due Jan. 1 as follows: $2,000. 1928 to 1932 incl.: $3.000. 1933 to 1937 incl.: $4,000, 1938 to 1942 Incl.. and 85.000, 1943 to 1963 incl. Date Jan. 1 1925. Denom. $1,000. Prin. and int. (J. dr J.) payable at the Bankers Trust Co. of N. Y. City. The bonds will be prepared under the supervision of the U. B. Mtge. & Trust Co., N. Y. City, which will certify as to the genuineness of the signatures of the officials and the seal impressed thereon. Legality will be approved by Chester B. Masslich, N. Y. City. A certified check for $10,500 is required. HADDONFIELD SCHOOL DISTRICT (P. O. Haddonfield) Camden -Sealed bids will he received until -BOND OFFERING. County. N. J. p. m. Dec. 22 by Bertha M. Wilson. District Clerk, for the following two Issues of 01% bonds, aggregating $560,000: $500.000 school bonds. Denom. $1,000. Due on Jan. 1 as follows: $13.000. 1927 to 1931 incl.; $15,000, 1932 to 1936 incl. and 818.000. 1937 to 1956 incl. 60.000 school bonds. Denom. $1,000, except 1 for $500. Due 81.500 yearly from Jan. 1 1927 to 1966 incl. Dated Jan. 11926. Int. semi-annually. No more bonds to be awarded than will produce a premium of 81,000 over each of the above issues. A certified check on an incorporated bank or trust company for 2% of the amount of bonds bid for, required. -BOND OFFERING. HARDIN COUNTY (P. 0. Kenton), Ohio. Sealed bids will be received until 12 m. Dec. 16 by Dean C. Jones, County Auditor. for $6,300 514% Taylor Street impt. bonds. Denom. $1.000 and $260. Dated Dec. 11925. Prin. and semi-ann. int. (J. & D.) payable at the County Treasurer's office. Due $1,260 yearly from Dec. 1 1926 to 1930 incl. A certified check on a Kenton bank. Ohio. for $500 payable to the County Auditor, required. Bonds to be delivered within fifteen days from time of award at the office of the County Auditor. -W. E. -BOND OFFERING. HARRISBURG, Linn County, Ore. Dec. Wadsworth. City Recorder, will receive sealed bids until 7:30 p. 15 for 85.500 5% sewer bonds. Date Dec. 1 1925. Due Dec. 1 1945. optional Dec. 11935. A certified check for 5% of bid is required. Legality approved by Teal, Winfree, Johnson & McCulloch of Portland. -Braun, HART COUNTY (P. 0. Hartwell), Ga.-BOND SALE. Bosworth & Co. of Toledo have purchased an issue of $200,000 road bonds at a premium of $3,075, equal to 101.53. HARTLEY COUNTY COMMON SCHOOL DISTRICT NO. 4 (P. 0. Denom.$1,000. Dated Dec. 151925. Prin. and semi-ann. Int. (J. & D.) -On Dec. 2 the State Comp-BONDS REGISTERED. payable in lawful money of the United States at the Current Official Bank Charming), Tex. of the City of Detroit in New York. or at the office of the City Treasurer. troller of Texas registered $14,000 5% school bonds. Due in 10 to 20 Yrs. at the option of the holder. Legality will be approved by John C. ThomHEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 11 (P. 0. son of New York. -BOND SALE. -On Dec.7 the $170.Oceanside) Nassau County, N. Y. date (V. DONORA, Washington County, Pa. -BOND SALE-On Dec. 7 the 000 coupon school bonds offered on that New York121. p. 2784) were as Pis at 101.573. awarded to Geo. B. Gibbons & Co., Inc. of $25,000 451% incinerating plant bonds offered on that date (V. 121. p. 2664) were awarded to the First National Bank of Donora at a premium a basis of about 4.55%. Dated Oct. 1 1925. Due $8,500 yearly from Oct. 1 of $526.56. equal to 102.10, a basis of about 4.50%. Dated Dec. 11925. 1926 to 1945 incl. Due on Dec. 1 as follows: $2,000, 1930 to 1941 incl.: and $1,000, 1942. -The Exchange -BOND SALE. HINGHAM.Plymouth County, Mass. DUBLIN, Erath County, Tex. -BONDS REGISTERED. -On Dec. 1 Trust Co. of Boston has purchased an issue of $20,000 4% park bonds at the State Comptroller of Texas registered $40,000 5% street improvement 100.02. Dated Dec. 15 1925. Due 1926 to 1930. inclusive. bonds. Due serially. .HOLLIDAYS COVE, Hancock County, W. Va.-BOND SALE ECORSE TOWNSHIP SCHOOL DISTRICT NO. 11 (P. 0. Melvin. Prudden & Co. of Toledo have purchased an issue of 865,000 water system dale), Wayne County, Mich. -BOND OFFERING. -Sealed bids will be bonds. Legality approved by Chapman, Cutler & Parker of Chicago. received until 8 p. m. Dec. 15 by George William Foster, Secretary Board -The Eternity -NOTE SALE. HORTON, Brown County, Kan. of Education, for $430,000 school district bonds at not exceeding 5% interest. Due in 30 years from date of Issue. Certified check for 5% National Bank & Trust Co. of Kansas City purchased the following 4% notes. aggregating $21,744.95: of the amount of bid, payable to the school district, required. $10,151.06 temporary notes. ELON COLLEGE, Alamance County, No. Caro.-TIOND SALE.11,593.89 temporary notes. Due Mar. 11926. The following VI bends aggregating $10,000 offered on Dec. 8-V. 121, -BOND SALE. HUBBARD COUNTY (P. 0. Park Rapids), Minn. P. 2548 -were awarded to Bumpus & Co. of Detroit: 121. 829,000 water bonds at a premium of $400. equal to 101.38. a basis of The 85,5006% county ditch Nos.9 and 10 bonds offered on Dec. 1 (V. at a 2549) were awarded to the First National Bank of Park Rapids about 5.88%. Due Feb. 1 as follows: $500 1928 to 1937, incl., P• premium of $2.57 50, equal to 104.68. Date Dec. 1 1925. Due serially and $1.000 1938 to 1961, incl. 11,000 sidewalk bonds at a premium of $117, equal to 101.06, a basis of Dec. 1 1928 to 1933 inclusive. about 5.75%. Due $1.000 Feb. 1 1927 to 1937; incl. -BOND OFFERING. HUNTINGBURG, Dubois County. Ind. Date Aug. 11925. Sealed bids will be received until 1 p. m. Dec. 28 by Cassie M. Day, City Clerk, fer $15,000 434% funding bonds. Denom. $500. Dated Oct. 21 ERIE SCHOOL DISTRICT (P. 0. Erie) Erie County, Pa. -BOND SALE. -The $500.000 4 Si% coupon and registered school district bonds 1925. Due 81.500 yearly from June 15 1927 to 1936 incl. A certified check offered on Nov 30 (V. 121. p. 2433) were awarded on Dec. 3 to M. M. for $100, required. Freeman & Co. of Philadelphia at par. Denom. $1,000. Dated Jan. 1 HUNTINGTON BEACH UNION HIGH SCHOOL DISTRICT 1926. Due serially from 1926 to 1954 incl. -The -BOND SALE. (P. 0. Santa Ana), Orange County. Calif. EUSTIS, Lake County, Fla. -BOND OFFERING.-Geo. J. Dykes. $150,000 5% school building bonds offered on Nov. 24 (V. 121. P. 2434) City Clerk, will receive sealed bids until 2 p. m. Dec. 14 for $327.000 6% were awarded to the First National Bank of Anaheim at a premium of impt. bonds. Due serially in 1 to 10 years. Prin. and semi-ann. int. $2.626, equal to 101.75, a basis of about 4.62%. Date Sept. 1 1925. Due payable at the National Park Bank, N. Y. City. A certified check for $15,000 Sept. 1 1926 to 1935 tad. $5.000, payable to the city, is required. JEROME COUNTY RURAL HIGH SCHOOL DISTRICT NO. -An election will be (P. 0. Hazelton), Idaho. -BOND ELECTION. EVANSTON, Cook County, Ill. -BOND SALE. -The $24.000 414 coupon Sixth Ward Park Lands acquisition bonds offered on Nov. % held on Dec. 18 for the purpose of voting on the question of issuing $40,000 20 (V. 121. p. 2548) were awarded to the State Bank & Trust Co. of Evanston. school bonds. Dated May 11923. Due $3,000 yearly from May 1 1926 to 1933 incl. KANSAS CITY SCHOOL DISTRICT, Jackson County, Mo.-BOND OFFERING. -Sealed bids will be received until Dec. 17 by the Secretary FALLS COUNTY (P. 0. Marlin), Texas. -BONDS REGISTERED. On Dec. 4 the State Comptroller of Texas registered $50,000 5% bridge Board of Education. for 8950.000434% school bonds. Denom. $1,000. refunding bonds. Due serially. LARUE SCHOOL DISTRICT (P. 0. Larue) Miami County, Ohio. OFFERING. -Sealed bids will be received until 12 m. Jan. 4 next, FITCHBURG, Worcester County, Mass. -TEMPORARY LOAN. - BOND The Old Colony Trust Co.of Boston has been awarded $450,000 temporary by C. C.Holliday. Clerk Board of Education for $8.750 5% coupon school loan on a 3.69% discount basis, plus a premium of $1 80. Due Oct.6 1926. bonds. Denom. $500, except 1 for $250. Dated Sept. 1 1925. Int. M. & S. Due each six months as follows. $500 March 1 and Sept. 1 1927 to FLAT CREEK CONSOLIDATED HIGH SCHOOL DISTRICT 1934 incl.: and $500 March land Sept. 11935. A certified check for $500. (P. O. Lancaster) Lancaster County, So. Caro. -BOND SALE.- payable to the Treasurer of the Board of Education. required. Catoe Bros. of Kershaw have purchased an issue of 81,300 6% school bonds. Due in 20 years. LA SALLE COUNTY WATER IMPROVEMENT DISTRICT (P. 0. -BONDS VOTED. Cotulla), Tex. -At an election held recently the voters FLOYD COUNTY COMMON SCHOOL DISTRICT NO. 1 (P. 0. authorized the issuance of $7,331,000 water bonds. Floydada), Texas. -BONDS REGISTERED. -On Dec. 1 the State Comptroller of Texas registered $12,000 8% school bonds. Due serially. LIVERMORE, Alameda County, Calif. -BOND SALE. -The $21,000 -were awarded to 534% sewer bonds offered on Nov. 30-V. 121. p. 2665 FORT DODGE,Webster County,lowa.-BOND OFFERING. -C. W. the Bank of Italy of San Francisco at a premium of $968, equal to 104.60, Wakeman, City Clerk, will receive sealed bids until 10 a. m. Dec. 17 for a basis of about 4.73%. Date Dec. 1 1925. Due $1,500. 1926 to 1939 incl. $23,500 fire equipment bonds. Prin. and int. (J. & D.) payable at the Town Treasurer's office. LetialltY approved by Goodfellow, Eels, Moore & Orrick of San Francisco, FOWLER, Otero County, Colo. -James H. CauseY --BOND SALE. LOUISA COUNTY LEVEE DISTRICT NO. 11 (P. 0. Wapello), & Co. of Denver have purchased an issue of $11,300 4g% refunding bonds. Iowa. -The White Phillips Co. of Davenport has pur-BOND SALE. Due in 1931, optional in 1926. chased an issue of $47.300 5% levee bonds. Date Nov. 11925. oms. GARFIELD COUNTY SCHOOL DISTRICT NO. 10 (P. 0. New $1,000. $500 and $100. Due Dec. 1 as follows: 83.100, 1931 to 1933incl.; Den Castle), Colo. -BOND DESCRIPTION.-The 87.000 4%4% refunding $3,000, 1934 and 1935; 83,500, 1936; 83.000, 1937 and bonds purchased by Gray, Emery, Vasconcells & Co. of Denver (V. 121, 83.000, 1940 and 1941: 83.500. 1942: $3.000. 1943 and 1938: $3.500, 1939: 1944 and p. 2585) are described as follows: Date Aug. 1 1925. Due Aug. 1 as fol- 1945. Prin,and int.(J.& D.) payable at the office of the County $3,500 in Treasurer. lows: $500, 1926 to 1935 incl. and $1,000, 1936 and 1937. Prin. and int. Legality approved by F. C. Duncan of Davenport. (F. & A.) payable at the office of the County Treasurer, or at Kountze LOWER PENNS NECK Bros., N. Y. City. Legality approved by Pershing, Nye, Fry & Tallmadge Salem), Salem County, N. TOWNSHIP SCHOOL DISTRICT (P:W. J.-130ND SALE CORRECTION. -On of Denver. 8 $77.000 5% coupon school bonds were awarded to the City National July 2904 THE CHRONICLE [VOL 121. Bank & Trust Co. of Salem on a 4.50% basis. Denom. $1,000. Dated check for $5,000 payable to the County Treasurer, required. Legality July 11925. Interest J. & J. Due on July 1 as follows: $6,000 1926 to approved by D. W. and A. S. Iddings of Dayton and Peck. Schaffer & 1930. incl.; $5,000 1931 to 1939, incl., and $2,000 1940. The above Williams of Cincinnati. These bonds were orginally scheduled for sale on Nov. 28 (V. 121. p. 2550). corrects the report given in V. 121, p. 2665. BOND OFFERING. -Sealed bids will also be received until 10 a. m. MADISON, Dane County, Wis.-BONDS OFFERED. -W.R. Winckler, City Clerk, received sealed bids until 2 p. m.Dec. 11 for $100.000 435% Dec.28 by F.A. Kilmer,Clerk Board of County Commissioners,for $61,500 coupon school bonds. Date Nov. 1 1925. Denom. $1,000. Due $5.000 5% coupon Cornell Heights Plat sanitary sewer bonds. Denom. $1,000. Nov. 1 1926 to 1945 incl. Bidders will agree to furnish blank bonds and except 1 for $500. Dated Jan. 1 1926. Prin. and semi-ann. Int. (A. & 0.) legal opinion. Principal and interest (M. & N.) payable at the City payable at County fArs' Mg% e er . f n $5 OX, 1 978 2ii.s Treasurer's office. 192 to 1939 inclsfoafide. D o12 '. check for $5,000, payable to the County Treasurer, required. Legality MANDEVILLE, Saint Tammany Parish, La. OFFERING. - approved by D. W. & A. S. Iddings of Dayton and Peck, Schaffer & -BOND The Town Clerk will receive sealed bids until Dec. 15 for $55,000 6% Williams of Cincinnati. These bonds, as in the case of the above issue, were originally offered on Nov. 28 (V. 121, p. 2550)• Improvement bonds. -'BOND OFFERING. -0. A. MONTICELLO, Jefferson County, Fla. MAPLEWOOD CITY SCHOOL DISTRICT, Saint Louis County, Mo.-BOND SALE.-EautiMan, Smith & Co. of St. Louis purchased on Sloan, Town Clerk, will receive sealed bids until 3 p. m. Dec. 17 for $81.000 May 7 an issue of $112,000 5% coupon school building bonds at 106.80. 6% street improvement special assessment bonds. Date Jan. 1 1926. Date April 1 1925. Denom. $1,000. Due serially 1927 to 1945 incl. Denom. $1,000. Due Jan. 1 as follows: $9,000, 1927, and $8,000. 1928 to 1936 incl. Prin. and int. (J & 3.) payable at the Town Treasurer's office. Interest payable A.& 0. A certified check for $5,000, payable to the Town Clerk, is required. -The WhiteMAQUOKETA, Jackson County, lowa.-BOND SALE. -BOND OFFERMORROW COUNTY (P. 0. Mount Gilead), Ohio. Phillips Co. of Davenport, has purchased an issue of $17,082 62 street -Sealed bids will be received until 11 a. m. Dec. 28 by M. S. Rule. Improvement bonds. Date Aug. 13 1925. Due June 1 as follows: ING. Clerk of County Commissioners, for the following two issues of 554% 03,082 62, 1926: $1,500. 1927; $2,000. 1928: 31,500, 1929: $2,000, 1930; 31.500, 1931; $2.000, 1932: $1.500, 1933, and $2,000, 1934: optional any Garverick Road bonds, aggregating $14,899: time. Prin. and annual hat. (June 1) payable at the office of the City $7,750 (township portion) inapt. bonds. Denom. $800, except one for Treasurer. Legality approved by F. C. Duncan of Davenport. $550. Due on Sept. 1 as follows: $550, 1926, and $800, 1927 to 1935, incl. 7,149 (land-owner's portion) impt. bonds. Denom. $750, except one for MARENGO COUNTY (P. 0. Linden), Ala. -BOND SALE. -The $399. Due on Sept. 1 as follows: $399, 1926, and 2750. 1927 to $250.000 county bonds offered on Dec. 7 (V. 121. p. 2550) were awarded to I. B.Tirrett & Co.of Jackson as 53(s at par. Due $8,000 1928 and 1929; 1935, incl. $10,000. 1930 to 1934 incl.: $12,000, 1935 to 1940 incl., and $16,000. 1941 Dated Jan. 1 1926. Int. M. & S. Certified check on a solvent bank to 1947 incl. for 5% of the amount of bonds bid for, payable to the ()aunty Treasurer, required. The proceedings relative to the Issuance of the bonds are MARIETTA CITY SCHOOL DISTRICT (P. 0. Marietta), Wash. open to the inspection of prospective bidders: transcripts of proceedings ington County, Ohio. -BOND SALE. -On Dec. 4 the $50.000 43(% will be furnished successful bidders and sufficient time allowed within ten coupon school bonds offered on that date -were awarded days from the time -V. 121. p. 2435 for the examination of such transcript by to Prudden & Co. of Toledo at a premium of $515, equal to 101.03. a basis bidder's attorney of the awardbe made subject the approval of same. may of about 4.55%. Dated Dec. 1 1925. Due on Sept. 1 as follows: $5,000, The bonds will beand bids and ready for delivery to the date of sale or as on printed 1927 to 1930, incl., and $6,000. 1931 to 1935, incl. soon thereafter as possible and will be delivered and paid for at the County Treasurer's office. These bonds were originally proposed to be sold on MARSHFIELD SCHOOL DISTRICT NO. 1, Wood County, Wis.- Dec. 21 (V. 121. p. 2785). BOND OFFERING. -M.A. Hansen, District Clerk, will receive sealed bids until 2 p. m. Dec. 30 for $225,000 43(% school bonds. Date Apr. 1 1926. -BOND SALE. MOUNT VERNON, Westchester County, N. Y. Denom. $500. Due April 1 as follows: 211,500. 1927; $12,000. 1928: On Dec.8 the following four issues of coupons (with porivilege of registration 112.500. 1929; $13.000, 1930: $13,500, 1931; $14.000. 1932; $14.500, as to principal only or as to both principal and interest) bonds, offered 1933: $15.000, 1934: $15,500, 1935; $16.000. 1936; $16,500. 1937; on that date (V. 121, p. 2785) were awarded to Gee. B. Gibbons & Co., 317.000. 1938; $17,500. 1939: $18.000, 1940, and $18,500. 1941. Prin. Inc.. of New York. as 434s at 101.319. a basis of about 4.28%: and semi-ann. int, payable at the First National Bank of Marshfield. A $48,000 drainage bonds. Due $3,000 yearly from Dec. 1 1927 to 1942,incl. certified check for 5% of bid Is required. 37,000 highway impt. bonds. Due on Dec. 1 as follows: $5,000 1927 and $4,000 1928 to 1935, incl. MEMPHIS, Shelly County, Tenn. -The following -BOND SALE. 38.009 sewerage bonds. Due $2,000 yearly from Dec. 1 1927 to 1945,hid. bonds, aggregating $'785,000, offered on Dec. 8 (V. 121, p. 2550) were 243.000 highway repaving bonds. Due $27,000 yearly front Dec. 1 1927 awarded to the National City Co.of New York City at a premium of$620 15 to 1935, incl. -equal to 100.079: Dated Dec. 1 1925. $48,000 $37,000 $38.000 $243.000 $125.000 general hospital bonds as 4s. Date Jan. 1 1925. Due serially Eighteen/ Total. Drainage Eightvag Sewerage Jan. 1 1939 to 1952 incl. Repair 434%. Impt. 500,000 improvement bonds as 4s. Date Jan. 1 1925. Due serially 454%. 434%. 435%. Jan. 1 1939 to 1952 incl. 5 $ $ $ 160,000 special assessment bonds as 43(s. Date July 1 1925. Due serSherwood as Merrifield, Ice.._4S,552 00 37,425 50 38,437 00 245,754 SO 370,209 00 ially July 1 1926 to 1930 incl. 123,132 00 Prin. and int. (J. & J.) payable in New York or Memphis at option of American National Bank_ -48,050 70 37,041 50 38,039 80 123,905 33 Farson, Son & Co holder. 48,413 00 37,233 33 38.259 00 Fullern & Co 48,447 36 37,344 00 38,354 16 245,264 76 369,410 28 -BOND OFFERING. Geo,B.Gibbons & Co.,Ine 48,633 00 37,488 00 38,601 25 246.205 25 370,827 50 MERCHANICVILLE, Saratoa County, N. Y. g 48,566 35 37,436 56 38,488 36 245,867 15 370,318 42 Sealed bids will be received until )ec. 23 by Edward J. Hunt, City Clerk, Eastman, Dillon & Co for $7.500 434% fire apparatus bonds. Denom. $500. Dated Jan. 11926. Batchelder, Wach & Co 48,443 04 37,341 51 38,350 74 245,242 89 369,378 18 48,391 25 37.301 60 38,309 75 244,980 50 368,983 10 Int. J. & J. Due $1,500 yearly from Jan. 1 1927 to 1931 incl. These were Harris, Forbes & Co the bonds originally offered for sale on Dec. 7 as 4s (V. 121, P. 2785)• MULTNOMAH COUNTY SCHOOL DISTRICT NO. 1 (P. 0. PortMETCAL , -$7,000 6% land), Ore. gar County, III. -BOND DESCRIPTION. -The $1,000.000 school, Series 0, bonds -BOND SALE. street improvement bonds purchased by Mathey, Dixon & Co. of Spring- offered on Dec.4-V. 121, p. 2666 -were awarded to a syndicate composed field at a premium of$113 88(V. 121,1). 2666),equal to 101.62,are described of Halsey, Stuart & Co.. Inc.. A. B. Leach & Co. and A. G. Becker & Co. as follows: Coupon bonds. Denom. $1,000. Dated June 1 1925. Int. all of Chicago as 434s at 100.19. a basis of about 4.48%. Date Dec. 15 J. & D. Due $1,000 serially from 1926 to 1932, incl. Date of award 1925. Due Dec. 15 as follows: $55,000, 1928 to 1935 incl.; and $56,000, June 13. 1936 to 1945 incl. Financial Statement. MIDDLETOWN, Butler County, Ohio. -BOND OFFERING.$314,451,575 Sealed bids will be received until 12 m. Dec. 24 by C. H. Campbell. City Assessed valuation, 1924this issue) 5.525,000 Total bonded debt (incl. Auditor, for $21,600 5% (city's portion) paving bonds. Denom. 21.000 Census (Portland), 258,288. Population 1920 and $400. Dated Dec. 1 1925. Prin. and semi-ann. Int.(M.& S.) payable Population district 1925 est., 355.345. at the National Park Bank, New York. Due $2,400 yearly from Sept. 1 1927 to 1935 incl. A certified check for $500, payable to the City -An MUSCATINE, Muscatine County, lowa.-BOND ELECTION. Treasurer, required. Legality approved by Peck, Schaffer & Williams of election will be held on Dec. 28 for the purpose of voting on the question Cincinnati. of issuing $100,000 light plant bonds. -BOND ELECTION. -An MIDDLETOWN UNION SCHOOL DISTRICT (P. 0. Lakeport), NASHVILLE, Davidson County, Tenn. Lake County, Calif. -BOND OFFERING. -Fred H'. Merritt, County election will be held on Dec. 17 for the purpose of voting on the question Clerk, will receive sealed bids until 10 a. m. Dec. 15 for *11.5005% school of issuing the following coupon bonds aggregating $4,500,000: bonds. Date Jan. 1 1926. Denom. $1,000 except one for $500. Due hospital bonds. Jan. 1 as follows: $500. 1928: and $1,000, 1929 to 1939 incl. Prin. and int. $100,000 electric light system bonds. 100,000 & J.) payable in gold at the County Treasurer's office. A certified 200.000 bridge bonds. check for 10% of bid is required. 200,000 incinerator and garbage disposal bonds. 400.000 viaduct bonds. MONTE VISTA SCHOOL DISTRICT (P. 0. Los Angeles), Los 1.000.000 sewer bonds. Angeles County, Calif. -Sealed bids will be re- 1,000,000 high school bonds. -BOND OFFERING. ceived until 2 p. m. Dec. 14 by L. E. Lampton, Clerk, Board of County 1,500,000 street widening bonds. Supervisors, for $21,000 5% school bonds. Date Dec. 1 1925. Denom. $500. Due Dec. 1 as follows: $500, 1926 to 1942 incl.; 31.000, 1943 to -BOND SALE. -The Borough NEW BRIGHTON,Beaver County,Pa. 1954 incl., and $500, 1955. Prin, and semi-ann. hit, payable at the County has accepted of the Union National Bank of New Brighton for the Treasurer's office. A certified check for 3% of bid, payable to the Chair- issue of434% the bid offered on Nov.28(V. 121. P. 2666), awarding $20,000 o bonds, man Board of Supervisors, is required. of the total issue of 140,000• The bank's bid was par and agreed to take any number or amount of bonds as the borough needed the money. MONROE SCHOOL DISTRICT (P. 0. Monroe), Monroe County, Mich. -BOND SALE. -BOND SALE. -The Teachers Pension Fund has purchased an NEW ROCHELLE, Westchester County, N. Y. Issue of $18,000 school bonds at par. On Dec. 10 the five issues of coupon (with privilege of registration as to principal or as to both principal and interest) bonds. aggregating $2,170,000, -BOND OFFER- offered on that date -were awarded to a syndicate comMONTGOMERY COUNTY (P. 0. Dayton), Ohio. -V. 121, p. 2786 ING. -Sealed bids will be received until 10 a. m. Dec. 11 by F. A. Kilmer, posed of Roosevelt & Son; Remick. Hodges & Co.; A. Iselin & Co.: Geo. Clerk Board of County Commissioners, for $9,700 5% coupon Ravenwood B. Gibbons & Co., Inc.; and Blodget & Co., all of New York, as 454s and Auburn Ave. storm sewer bonds. Denom. $1,000, except 1 for $700. for $2,179.808 40, equal to 100.452, a basis of about 4.22%: Dated Dec. 20 1925. Prin. and semi-ann. int. (A. & 0.) payable at the series of 1925. Due on May 1 as follows: $33,000. County Treasurer's office. Due on Oct. 1 as follows: $700, 1927 and $1,098.000 school bonds,incl.. and $42,000. 1960. 1928 to 1959 $1.000, 1928 to 1936 incl. A certified check for $1,000. payable to the 68,000 bonds for acquisition of real property, series of 1925. Due on County Treasurer, required. Legality approved by D. W.& A. S. Iddings May 1 as follows: $2.000, 1928 to 1959 incl., and 24.000, 1960. of Dayton and Peck. Schaffer & Williams of Cincinnati. 135,000 sewer bonds, series of 1925. Due on May 1 as follows: $4,000, 1928 to 1959 incl., and 87.000, 1960. -BOND OFFERPr MONTGOMERY COUNTY (P. 0. Dayton), Ohio. 711,000 sewage disposal bonds, series of 1925. Due on May 1 as folING. -Sealed bids will be received until 10 a. m. Dec. 18 by F. A. Kilmer, lows: $21,000. 1928 to 1959 incl.. and $39,000. 1960. Clerk Board of County Commissioners, for $2.600 554% Eden Park Plat 158,000 municipal impt. bonds, series of 1925. Due on May 1 as Lateral water supply system bonds. Denom. $200 and $100. Dated Jan, follows: $20,000. 1928 to 1934 incl., and $18,000, 1935. 1 1926. Prin. and semi-ann.int.(A.& 0.)payable at the County Treaurer's Date Nov. 1 1925. Other bidders were: office. Due on Oct. 1 as follows: $100, 1927 to 1930 ind.: $200. 1931; Int. Rate Bid. Price Bid. $100. 1932 and 1933: $200. 1934: $100. 1935 and 1936; 3200, 1937; $100. Eastman. Dillon & Co 434% $2,178,441 30 1938 and 1939: $200, 1940: $100. 1941 and 1942: $200. 1943; $100, 1944 2,218,152 30 434% and 1945 and 8200. 1946. A certified check for $50. payable to the County National City Co Financial Statement. Treasurer, required. Legality approved by D. W. & A. S. Iddings of Dayton and Peck. Schaffer & Williams of Cincinnati. Assessed 1925_____ _ _ __________________ $1183:323785:088334 valutionNe bonded debt lir BOND OFFERING. -Sealed bids will also be received until the above Population (1925State census). 44,222. _-,time and date by F. A. Kilmer, Clerk Board of County Commissioners for 06,000 535% Rose Place Plat Water Supply system bonds. Denom. $300. -Sealed bids NILES, Trumbull County, Ohlo.-BOND OFFERING. Dated Jan. 1 1926. Prin. and semi-ann. int. (A. & 0.) payable at the County Treasurer's office. Due $300 yearly from Oct. 1 1927 to 1946 incl. will be received until 2 p. m. Dec. 28 by Homer Thomas, City Auditor. A certified check for $100, payable to the County Treasurer, required. for $18.500 53.6% Helen and Wilson Ave.impt. assessment bonds. Denom, Llity approved by D. W.and A.S.Iddings of Dayton and Peck, Schaffer 31.000 except one for $500. Dated Oct. 1 1925. Int. A. & 0. Due on Oct. 1 as follows: $2,000. 1926 to 1934. Incl., and 2500, 1935. Certified & Wllliams of Cincinnati. check for 1%,payable to the City Treasurer, required. Legality approved BOND OFFERING. -Sealed bids will also be received until 10 a. m by Peck, Schaffer & Williams of Cincinnati. Dec. 23 by F. A. Kilmer, Clerk Board of County Commissioners, for $61,500 5% coupon College Hill Plat Sanitary sewer bonds. Denom $1.000. -BOND OFFERING. NORTH CAROLINA (State of). -B. R. Lacy, except 1 for $500. Dated Jan. 1 1926. Prin. and semi-ann. int.(A. & 0.) State Treasurer, will receive sealed bids until 12 in. Dec. 14 for the following payable at the County Treasurer's office. Due on Oct. 1 as follows: $3,500, not exceeding 5% coupon (registerable as to principal only or as to both 1927: 14,000, 1928_to 1939_inci. and 3.5.000, 1940 and 1941. A certified principal and interest) bonus aggregating $20,125,000; DEC.121925.] THE CHRONICLE 35.000,000 highway bonds. Due Jan. 1 as follows: $167,000 1936 to 1963, inclusive, and $324,000 1964. 5,000,000 highway bonds. Due Jan. 1 as follows: $150.000 1930 to 1933, incl.; $200,000 1934 to 1937, incl.; 2250,000 1938 to 1941, incl.; 3300,000 1942 to 1945, incl., and $350,000 1946 to 1949. incl. 5,000,000 public schools building bonds. Due $250,000 Jan. 1 1931 to 1950, incl. 5.125.000 institutional building bonds. Due Jan. 1 1966. Date Jan. 1 1926. Denom. $1,000. Prin. and int. (J. & J.) payable at the State Treasurer's office or in New York City at option of holder. Legality approved by Chester B. Masslich, New York City. A certified check on some reputable bank or trust company for 2% of par value of bonds bid for, payable to the State Treasurer, is required. 2905 fled check on a bank doing a regular banking business in Ohio. or a New York draft, for not less than 2% of the amount of bonds bid for, payable to the Village Treasurer, required. "PHARR,Hidalgo County,Tex.-BONDS REGISTERED.-On Nov.30 the State Comptroller of Texas registered the following 5H% bonds aggrec i g gsewsr onds. ii 7 .OO 5 % 5 00 0 30,000 water works bonds. Due serially. -BOND SALE. PHILADELPHIA, Pa. -On Dec. 7 the issues of 414% coupon or registered loan bonds. aggregating $23,900,000 offered on that date (V. 121, p. 2437) were awarded to a syndicate composed of the National City Co., Harris, Forbes & Co.; Bankers Trust Co.; Graham, Parsons & Co.; L. F. Rothschild & Co. and Hannahs. Bailin & Lee all of New York and Janney & Co., Biddle & Henry, Bank of North America & Trust Co. all of Philadelphia, at 101.8195, a basis of about 4.365% to optional date and a basis of about 4.41% if allowed to run full term of years. 312.950.000 bonds. .000 bonds. Dated Dec. 1 1925. Due Dec. 1 1975. optional on or after Dec. 1 1945. The bonds were offered as three separate loans as follows: (1) $10.000.000 (part of a total authorized loan of 335.726.000): (2) $2,950.000 (part of a total authorized loan of $29,750.000); (3) $10,950.000. The bids for the bonds were as follows: The National City Co.; Harris, Forbes & Co.; Bankers Trust Co.; Janney & Co.; Graham. Parsons & Co.; Biddle & Henry; Bank of North America & Trust Co.; L. F. Rothschild & Co., and Hannahs, Bailin & Lee bid 101.8195 for "all or none" of(1)and (2)and 101.8195 for "all or node" of(3). Lehman Bros.; Equitable Trust Co.; Chase Securities Corp.; Ames, Emerich & Co.; Koutze Bros.; Kean. Taylor & Co.: Guardian Detroit Co.; Remick, Hodges & Co.; R. L. Day & Co., Boston; Redmond & Co.; Continental & Commercial Trust & Savings Bank, Chicago; Wm. R. Compton Co.; Stroud & Co., Inc., Phila.; Hallgarten & Co.: Old Colony Trust Co., Boston; Northern Trust Co., Chicago; Eastman, Dillon & Co.; Phelps, Fenn & Co.; Mississippi Valley Trust Co.; R. W.Pressprich & Co.; Dominick & Dominick: Federal Securities Corp., Chicago; J. A. Sisto & Co.. and Glover St MacGregor, Pittsburgh bid 101.4899 for "all but no part" of (1) and (2). and 101.4899 for "all but no part" of (3). Drexel & Co.; Brown Bros. & Co.; Guaranty Co. of New York; The Union Trust Co., Pittsburgh; Estabrook & Co.; Eldredge & Co.: First Trust & Savings Bank, Chicago; Illinois Merchants Trust CA., Chicago; Thos. A. Biddle & Co., and W. H. Newbold's Son & Co., bid 101.6673 for "all or none" of (1) (2) and (3). Granville H. Davis (in case of award to be informed la care of at Bank of North America & Trust Co., Philadelphia) bid par for $60,000 of either -BOND SALE.NORTH TONAWANDA, Niagara County, N. Y. On Dec. 7 the 296,500 4%% paving bonds offered on that date (V. 121, p. 2666) were awarded to the Fidelity Trust Co. of Buffalo at 100.983. NOTUS PARMA HIGHWAY DISTRICT (P. 0. Parma) Canyon -The 275,000 highway bonds County, Idaho. -BOND DESCRIPTION. .purchased by the Central Trust Co. of Salt Lake City and Walter S. Bruce & Co. of Boise, jointly, at 100.007-V. 121, p. 2551-bear interest at the rate of 63. % to optional date and 5H% thereafter and are described as follows: Date Oct. 1 1925. Denom. $1,000. Due July 1 1945, optional Oct. 1 1935. Prin. and int. (J. & J.) payable at the National Park Bank, Y. 0. or at the office of the District Treasurer at option of holder. Legality approved by Chapman, Cutler & Parker of Chicago. Financial Statement. Estimated actual value $8.000.000.00 Assessed valuation, 1925 3,500,000.00 Total bonded debt, this issue only 75,000.00 Estimated population, 4.000. -BOND OFFERING. OAK HARBOR, Ottawa County, Ohio. Sealed bids will be received until 12 m. Dec. 22 by R. F. Gratop, Village Clerk, for $3,250 5% (special assessment) Prospect St. impt. bonds. Denom. $500. Date Nov. 10 1925. Int. M. & S. Due $500 yearly from Sept. 1 1926 to 1931 incl.,and $250 Sept. 1 1933. Certified check for 5% of the amount of bonds bid for, payable to the Village Treasurer, required. Bonds to be delivered and paid for within ten days from time of award. OAKLAND CITY HIGH SCHOOL DISTRICT, Alameda County, -BOND OFFERING. -The County Clerk will receive sealed bids Calif. until Dec. 14 for 3460.0005% school bonds. Due serially 1934 to 1938,incl. OAKLAND CITY SCHOOL DISTRICT, Alameda County, Calif.- (1) r Zs%loners of the Sinking Fuhd of the City of Philadelphia bid Cgm BOND OFFERING. -The County Clerk will receive sealed bids until 101.76 for 21,000.000 of either (1) or (2). 'Dec. 14 for 31.000.0005% school bonds. Due serially 1940 to 1948. incl. Corn Exchange Bank of Philadelphia bid par for 31,000,090 of (3) and OAKMONT SCHOOL DISTRICT (P. 0. Oakmont) Allegheny 101 for $100,000 of (1). Bertha V. Hamill, Cochranville, Pa., bid par for $2011 worth of either County, Pa. -BOND SALE. -On Dec. 7 the $65,000 4H% coupon school district bonds offered on that date (V. 121, p. 2436) were awarded to the (1) or (2) or for 2200 worth of (3). The Ninth Bank & Trust Co. of Kensington bid par for 3100.000 of (3) 'First National Bank of Oakmont at a premium of $826.15. equal to 101.27, a basis of about 4.41%. Dated Nov. 1 1925. Due on Nov. 1 as follows: and 101.9832 for 2100,000 of either (1) or (2). Geo. F. Pettinos, Philadelphia, bid 101.9832 ter 3100,000 of either 35.000, 1931 and 310.000, 1937, 1942, 1946, 1950, 1953 and 1955. (1) or (2). Penn National Bank, Philadelphia. bid 100.50 for 3266,096 of (3) and OCEAN CITY, Cape May County, N. J. -BOND SALE. -On Dec. of (3). 7 the $25,000 school bonds offered on that date (V. 121, p. 2666) were also 101 for $50,000Bank of Philadelphia bid 101.25 for 31,000.000 of (3). Central National awarded to the First National Bank of Ocean City as 5s for $25,200, equal Provident Trust Co. of Philadelphia bid 103.50 for $500,600 of either to 100.80, a basis of about 4.91%. Dated Dec. 1 1925. Due $1.000 yearly (1)irs F or 'from Dec. 1 1926 to 1950 incl. ) t Penny Savings Bank. Philadelphia. bid 101.321 for 3500.000 of (3). (2 . The same bank also bid for 3500,000 of (1) and (2). The bank, although OCEAN SPRINGS, Jackson County, Miss. -BOND OFFERING. - bidding for 31.000.000. was willing to take only a total of $500.000 of the James Lynch, Town Clerk, will receive sealed bids until 7 p. m. Dec. 21 total of $23.900,000. and in making its bids. stated: "It is understood that for $75,000 not exceeding 6% water works bonds. Date Feb. 1 1926. we have also made a proposal for $500.000 of the 312,950.000 loan, not with Denom. $500. A certified check for 5% of bid is required. the desire of obtaining a total of $1.000,000 of these 414% bonds, but with -either all of the hope that we may get not exceeding a total of 3500.000 OGDEN UNION FREE SCHOOL DISTRICT NO. 1 (P.O. Spencer. this loan or a part of this loan and a part of the $10,950,000 loan." port) Monroe County, N. Y. -BOND SALE. -On Dec. 4 the Rochester Savings Bank of Rochester purchased an issue of $200.000 school bonds as -At an election PIEDMONT, Wayne County, Mo.-BONDS VOTED. 43s at par. Dated June 11925. Prin. and semi-ann.int.(J.& D.) payable held recently the voters authorized the issuance of 250,000 water works at the Union Trust Co., Rochester. Due on Dec. 1 as follows: $2,000, system bonds. 1926 to 1935 incl.; 33,000. 1936 to 1941 incl.; 34.000, 1942 to 1948 incl.; 36,000. 1949 to 1953 incl.; 37,000. 1954 to 1956 incl.; 28,000. 1957 to 1959 -BOND OFFERING. PLEASANTVILLE, Westchester County, N. Y. incl.; 39,000, 1960 to 1962 incl.; $10,000, 1963 and 311,000. 1964 and 1965. Sealed bids will be received until 8 p. m. Dec. 22 by Charles J. Lake, Village Clerk, for $80,500 5% registered road impt. bonds. Denom. $500. OMAHA, Douglas County, Neb.-BOND DESCRIPTION. -The 1 1925. Prin. and semi-ann. int. (A. & 0.) payable in lawful following coupon street improvement bonds awarded to the Harris Trust Date Oct.the United States at the Mount Pleasant Bank, Pleasantville. money & Savings Bank of Chicago at I00.03 -V. 121. p. 2310-a basis of about Due onof Oct. 1 as follows: $5.500, 1926, and $5,000. 1927 to 1941. incl. 4.36%, are described as follows: Certified check or bank draft for 2% of the amount of bonds required. 9200,000 4 L% street improvement bonds. Bonded debt, 2311,055. Assessed valuation of taxable property, $4.200,000 414 .7,, street improvement bonds. Date Nov. I 1925. Denom. $1,000. Due Nov. 1 1945. Principal and 799,395. 'interest(M.& N.), payable at the office of the County Treasurer. -The -BOND SALE. POINT PLEASANT, Ocean County, N. J. $25,000 5% coupon (but may be registered as to principal only at the Financial Statement (As Officially Reported). option of the owner thereof) borough hall and municipal building bonds Assessed valuation for taxation 2343.485,611 offered on Nov. 28 (V. 121, p. 2551) were awarded to the First National to 100.45. Total debt (this issue included) 29,944,940 Bank of Toms River at a prmium of $112.50. equal yearly from a basis Aug. 1 Less water debt of about 4.95%. Dated Aug. 15 1925. Due $1.000 $6,982,000 Less sinking fund 1926 to 1950 incl. 2,345,905 Net debt 20,707,035 -Sealed -BOND OFFERING. PONTIAC, Oakland County, Mich. 'Population, 1920 Census, 191,601. bids will be received until 1 p. m. (Eastern standard time) Dec. 14 by -BOND SALE. ORCHARD CITY, Morgan County, Colo. --Bosworth, H. A. Maurer, City Clerk, for the following three issues of special assessChanute & Co. of Denver have purchased an issue of $40,000 5% refunding ment bonds at not exceeding 6%: bonds at par. Date Oct. 11925. Due serially to 1938. Legality approved $15.000 paving bonds. Due 23.000 yearly from Dec. 1 1926 to 1930 incl. by Pershing, Nye, Tallmadge St Bosworth of Denver. 6.000 sewer bonds. Due 32.000 yearly from Dec. 1 1926 to 1928 incl. 4,000 curb and gutter bonds. Due $1,000 yearly from Dec. 1 1926 to 1929 Incl. PAINESVILLE, Lake County, 01110.=BOND SALE. -on Nov. 30 Denom. $1,000. Date Dec. 1 1925. Prin. and semi-ann. in (J. & D.) the $62,000 5% coupon grade crossing elimination, series B, bonds offered on that date (V. 121. p. 2436) were awarded to Weil Roth & Irving Co. of Payable at the City Treasurer's office. Certified check for 2% of the Cincinnati at a premium of $2,825, equal to 104.55. a basis of about 4.59%. amount of bid required. Typewritten bonds to be furnished by city. Dated Oct. 11925. Due $1,000 each six months from April 1 1926 to Oct. 1 -The Palmer -BOND SALE. 1954 and $2,000 April 1 and Oct. 11955. Other bidders were: PROVO CITY, Utah County, Utah. Premium. Bond & Mtge. Co. of Salt Lake City has purchased an issue of $35.000 The Provident Savings Bank & Trust Co., Cincinnati 4)4% water works refunding bonds at par. Date Dec. 15 1925. Denom. $2,607.10 Detroit Trust Co., Detroit 2,287.00 $1.000. W. K. Terry & Co., Toledo 2,071.00 -BOND OFFERING. QUAKER CITY, Guernsey County, Ohio. Seipp Princell & Co., Chicago 1.847.00 Sealed bids will be received until 12 m. Dec. 18 by R. S. Hay, City Clerk, Guardian Trust Co., Cleveland 1.790.80 'N. S. Hill & Co., Cincinnati for $4,809.69 6% (special assessment) Main or Senecaville and Fairview 1,780.00 Dated Dec. 1 The Herrick Co., Cleveland for 1.712.00 street impt. bonds. Denom. $500. except 1Oct. $809.69. 1933 hid. and Seasongood &Mayer, Cincinnati 1,681.00 1925. Int. A. & 0. Due $500 yearly from214% 1 1926 to of the amount of bonds Stranahan, Harris & Oatis, Inc., Toledo $809.69 Oct. 11934. A certified check for 1,652.00 W. L. Slayton & Co.. Toledo Treasurer, required. 1,446.00 bid for, payable to the Villagefrom time of award. Bends to be delivered and paid for within ten. days PALA SCHOOL MSTRICT (P. 0. San Jose) Santa Clara County, -BOND SALE. -On Dec. 8 the RAMSEY, Bergen County, N. J. Calif. -BOND SALE. -The 235.000 5% school bonds offered on Dec. 7 % coupon (with privilege of registration as to principal only -V. 121. p. 2551-were awarded to Dean Witter & Co. of San Francisco $29.500 at a premium of $665.75, equal to 101.90, a basis of about 4.78%. Date or as to both principal and interest) road impt. bonds, offered on that date -were awarded to the First National Bank of Ramsey V. Dec. 1 1925. Due Dec. 1 as follows: $1,000. 1927 to 1929 incl. and $2,000, - 121, p. 2786 at par. Dated Dec. 15 1925. Due $3,000 yearly from Des. 1 1926 to 1930 to 1945 incl. 1934, incl., and $2,500, Dec. 1 1935. PALM BEACH COUNTY (P. 0. West Palm Beach), Fla. -BOND OFFERING. RANKIN COUNTY ROAD DISTRICT NO. 2 (P. 0. Brandon), -Fred E. Fenno, Clerk Board of County Commissioners, will receive sealed bids until 10 a. m. Dec. 18 for 3600,000 5% road and bridge Miss. -The Merchants Bank & Trust Co. of Jackson has -BOND SALE. bonds. Date Oct. 11925. Denom. $1,000. Due 318.000 1927, $19,000 purchased an issue of $85,000 534% coupon road bonds at a premium of 1928, 1:0,000 1929, $21,000 1930. 322.000 1931, 323.000 1932, 324.000 $400, equal to 100.47. Date June 1 1925. Denom. $500. Due serially 1933, 25.000 1934, 327,000 1935, $28,000 1936, 330.000 1937. 331,000 1926 to 1945 incl. Interest payable (J. & D.). The above supersedes the 1938, $32,000 1939, 334,000 1940. 336.000 1941. 338,000 1942, 340,000 report given in V. 121. p. 2552. 1943, $42,000 1944. $44.000 1945 and $46.000 1946. Principal and interest (A. & 0.) payable at the Seaboard National Bank, New York City. A -BOND SALE. READING, Lyon County, Kan. -The Fidelity Nacertified check for 2% of bid is required. tional Bank & Trust Co. of Kansas City purchased an issue of $7.500 434 electric transit line bonds at a discount of $140,equal to 98.13. Date Jan. 1 PECOS COUNTY (P. 0. Fort Stockton), Tex. -BONDS REGIS- 1925. Due serially. Int. payable J. & D. TERED. -On Dec. 3 the State Comptroller of Texas % improvement and maintenance road bonds. Dueregistered $60,000 -NOTE SALE. ROCHESTER, N. Y. -On Dec. 7 the following four serially. issues of notes, aggregating $1,500,000, offered on that date -V. 121. PERRYSBURG, Wood County, Ohio. -BOND OFFERING.Sealed 2787 -were awarded to the National Bank of Rochester at 3.96% interest bids will be received until 7:30 p. m. Dec. 18 by John W. Lyons, Village plus an $11 premium: Clerk, for $2.722 6% (special assessment) coupon Silver Maple Sewer Dist. $500,000 local improvement as per ordinance of the Common Council No.4 bonds. Denom.$500,exceptl for $722. Dated Dec.11925. Prin.and . Nov. 10 1925. semi-ann. Int. (M. & S.) payable at the Sinking Fund Trustees. Due 450,000 subway railroad, as per ordinance of the Common Council March $500 yearly from Sept. 1 1927 to 1930 incl., and $722 Sept. 1 1931. Certi24 1925. p . 2906 THE CHRONICLE [vol. 121. 50,000 subway construction, as per ordinance of the Common Council March 24 1925. 500,000 general revenue, as per ordinance of the Common Council Nov. 10 1925. Other bidders were: Int. Rate Bid. Premium. $12 40 Genesee Valley Trust Co., Rochester 4.00% S. N. Bond & Co., New York 4.04% 5 00 Robt. Winthrop & Co., New York 4.05% ROCKFORD SCHOOL DISTRICT (P. 0. Rockford), Winnebago County, 111. -BOND SALE. -The Illinois Merchants Trust Co.of Chicago has been awarded an issue of $95,000 4J4% school bonds at a premium of $1,232. equal to 101.29. of $1.000 over 343,000. Denom. 31.000. Dated Dec. 11925. Prin. and semi-ann. int. (J. & D.) payable at the South River Trust Company, South River, the interest on registered bonds will be remitted by mall in New York exchange at the request of the holder. Due on Dec. 1 as follows: 32,000, 1927 to 1940 incl.; and $1.000, 1941 to 1955 incl. A certified check on an incorporated bank or trust company for 2% of the amount of bonds bid for, payable to August Nuss, Borough Collector, required. Bonds will be prepared under the supervision of the United States Mortgage & Trust Company of New York, which will certify as to the genuineness of the signatures of the Borough officials and the seal impressed thereon. Legality will be approved by Caldwell & Raymond of New York whose opinion will be furnished to the purchaser without charge. Bonds to be delivered at the office of the Borough Collector on Dec. 28 1925 or as soon thereafter as the bonds can be prepared. ROSEVILLE UNION HIGH SCHOOL DISTRICT (P. 0. Auburn), Placer County, Calif. -BOND SALE. -The $39.000 5% school bonds offered on Dec. 8-V. 121. p. 2667 -were awarded to the William R. Stoats Co. of Los Angeles at a premium of $1,071, equal to 102.72. -Sealed bids RYE, Westchester County, N. Y. -BOND OFFERING. will be received until 8:15 p. m. Dec. 16 by William H.Selzer, Village Clerk, for $75,000 % and 45% coupon (with privilege of registration as to principal and interest) sewer bonds of 1925. Denmn. $1,000. Dated Nov. 1 1925. Prin. and semi-ann. int.(M.& N.) payable in gold coin of the United States of America, of or equal to the present standard of weight and fineness, at the office of the Village Treasurer, in New York exchange. Due $5,000 yearly from Nov. 1 1926 to 1940. incl. Certified check of an Incorporated bank or trust company for 2% of the amount of bonds bid for, payable to the Village, required. The bonds will be prepared under the supervision of the United States Mortgage & Trust Co., which will certify as to the genuineness of the signatures of the officials and the seal impressed thereon. Legality approved by Hawkins, Delafield & Longfellow of New York. -D. H. AnST. ANDREWS, Bay County, Fla. -BOND OFFERING. drews, City Clerk, will receive sealed bids until Jan. 8 for $200,000 5% water works bonds. Date Dec. 1 1925. Denom. $1,000. Due Dec. 1 1955. Prin. and semi-ann. int. payable at the office of the City Treasurer, or at the Mechanics & Metals National Bank, N. Y. City, at option of holder. Bonded debt, including this issue, $246,000. Assessed valuation of property for 1925, 31.046,000; actual valuation, estimated, $7,500,000. Total tax rate (per $1,000), 1925. $22 00. &as. SALINA, Saline County, Kan. -The State School -BOND SALE. Fund Commission has purchased an issue of $7,517 04 4)j% paying bonds. -D. E. -BOND SALE. STANTON COUNTY (P. 0. Johnson), Kan. Dunne & Co.of Wichita purchased on Sept. 30 an issue of $440,000 5% court house bonds at par. Date Aug. 1 1925. Denom. $500. Due serially Aug. 1 1926 to 1945 hid. Int. payable F. & A. -BOND DESCRIPSTORM LAKE, Buena Vista County, Iowa. TION. -The $15.000 coupon refunding bonds purchased by Geo. M. Bechtel & Co. of Davenport at 100.97-V. 121, p. 2311-bear interest at the rate of 44% and are described as follows: Date Nov. 11925. Due serially Nov. 1 1936 to 1940, inclusive. Interest payable M.& N. -TEMPORARY LOAN. SOMERVILLE, Middlesex County, Mass. Salomon Bros. & Hutzler of Boston have been awarded a $100,000 temporary loan on a 3.63% discount basis plus a premium of $2 30. Due June 10 1926. -BOND OFFERING. SOUTH RIVER, Middlesex County, N. J. Sealed bids will be received until 8 p. m. Dec.21 by John R.Petrie, Borough issue of 5% coupon (with privilege of registration as to prinClerk, for an cipal only or as to both principal and interest) general impt. bonds, not to exceed $43000. no more bonds to be awarded than will produce a pregulMn -BOND OFFERING. WAKE COUNTY (P. 0. Raleigh), No. Caro. William H. Penny, Clerk, Board of County Commissioners, will receive m. Jan. 15 for 31,300.000 not exceeding 8% coupon sealed bids until 12 Due $100,000 Jan. 1 road bonds. Date Jan. 1 1926. Denom. 31,000. 1927 to 1939 incl. Any or all of bonds maturim, after Jan. 1 1931 may be called for redemption on that date or any semi-annual interest date thereafter. Prin. and int. (J.& J.) payable in gold at the Hanover National Bank, N. Y. City. Lmality approved by Reed, Dougherty & Hoyt. N. Y. City. A certified check for 2% of bid, payable to the Board of County Commissioners, is required. -On Dec. 4 -NOTE SALE. SWAMPSCOTT, Essex County, Mass. the Sagamore Trust Co. of Lynn purchased an issue of 3100.000 revenue basis. Due Nov. 10 1926. Payable at thenotes on a 3.57% discount First National Bank of Boston, Boston. -W. B. -BOND SALE. TAHLEZUAH, Cherokee County, Okla. Askew of Oklahoma City has purchased an issue of $33.225 6% coupon, funding bonds. Date May 18 1925. Due in 1930, 1935, 1940, 1945. and 1950. Interest payable M.& N. 0. Teaneck), TEANECK TOWNSHIP SCHOOL DISTRICT (P. will be received -Sealed bids -BOND OFFERING. Bergen County, N. J. until 8 p. m. Dec. 18 by John H. Ranges, District Clerk, for the following two issues of 4U% coupon (with privilege of registration as to principai only or as to both principal and interest) school district bonds: 31 as $105.000 school district bonds. Dated Dec. 311925. Due on Dec. incl. follows: $4,000, 1926 to 1940,incl., and $3.000, 1941 to 1955, 1 as Jan. school district bonds. Dated Jan. 1 1926. Due on 1946. inc.l. 70,000 follows: 33,000. 1927 to 1936,incl., and $4,000, 1937 to Denom. $1.000. Prin. and int, payable in lawful money or the United SALOMON-LUNA HIGH SCHOOL DISTRICT, Valencia County States of America at the office of the West Englewood National Bank, (P. 0. Los Lunas) N. Mex.-BOND OFFERING. -David 0. Garcia. West Englewood, N. J. No more bonds to be awarded than will produce a County Treasurer, will receive sealed bids until 2 p. m. Jan. 20 for $60,000 premium of $1.000 over each of the above issues. Certified check on an not exceeding 6% school bonds. Date Jan. 20 1926. Denom. $1.000. Incorporated bank or trust company for 2% of the amount of bonds bid Due $4,000 Jan. 20 1931 to 1945 incl. Prin. and semi-ann. int. payable for, payable to the Board of Education, required. Legality approved by at the office of the State Treasurer or at the County Treasurer's office, at Hawkins. Delafield & Longfellow of New York. option of holder. A certified check for 5% of bid, payable to the County -During the month of leasurer,is required. -BONDS REGISTERED. TEXAS (State of). Comptroller of Texas registered the following bonds aggregatin the Stute: Decem berg sno SALUDA,Polk County, No. Car. -Walt Thomp-BOND OFFERING. son, City Clerk, will receive sealed bids until Dec. 16 for $40,000 6% water Int. Reg. Due. and sewer bonds. Purpose. Rate. Amt. Place. 1 $2,000 Scurry Co. C. S. D. No. 228chool 53 % 5 to 20 yrs. Dec. 1 SAN JUAN (Municipality of), Porto Rico. -BOND OFFERING. _ School 5 % 5 to 20 irs• Dec. 1,500_ _ Scu Co. 0.8. D. No. 10_ Sealed bids will be received until 2 p. m. Jan. 6 by Frank McIntyre, Dec. 1 20 years 4,500 Mart Co. C. S. D. No. 7__Schoo 1 Major-General U. S. Army and Chief of Bureau of Insular Affairs, at his 2,000 Scurry Co. C. S. D. No. 28_ _School 5 % 5 to 20 yrs. Dec.2 Dec. serially office in the War Department, Room 3042, Munitions Bldg., Washington, 2,000 Runnels Co. C. S. D.No.48_ School 5 Dec. 2 D. C., for $2,500.000 4;4% coupon public impt. bonds. Date July 1 10 years 1,500 Hamilton Co.C.S. D.No.18_School 6 1925. Denom. $1,000. Due July 1 as follows: $20.000, 1933 to 1935, 5 to 20 yrs. Dec.3 1,000 Lampasas Co. C.S.D. No.24_School 5 l. inc• $40,000. 1936 to 1940, incl.: $60,000, 1941 to 1954, incl.: $80,000. -VOTERS APPROVE FOUR 1955' to 1958, incl.: $100,000, 1959 to 1967, incl., and $180,M, 1968. TOPEKA, Shawnee County, Kan. Int. payable J. & J. Legality approved by the Attorner-General of the BOND ISSUES .-At the election held on Nov. 24-V. -DEFEAT TEN Branner ViaUnited States. -the voters authorized the Issuance of 370.000Melon Bridge 121. p. 2073 duct bonds, 3162.000 Sixth St. Viaduct bonds. 390.000 buildings bonds, and defeated all other OFFERING. i SCHENECTADY, Schenectady County, N. Y. -BOND repair bonds and $970,000 school issue submitted and -Sealed bids will be received until 11 a. m. Dec. 18 by Leon G. Dibble, Fvooltelowciansgt a list giving the amount of each City Comptroller, for the following two issues of coupon (with privilege of For. Against. Amount. re tration) bonds at not exceeding . b% . sok • 7,236 4.285 $275,000 - - b $9 .000 gateway briar oar Due $5:00O yeatWom DM71 1926 to Library 6,362 5.056 37,500 Biddle Creek drain 1943 incl. 6,507 4,902 120.000 . 40,000 fire bonds. Due $2,000 yearly from Dec. 1 1926 to 1945 incl. 1"" Shunganunga drain 7,608 3,741 300,000 Denom.$1,000. Dated Dec. 1 192 7Nin.and semi-ant=(.17 ez 5 -b7) Public parks (new) 6.638 4.720 200,000 payable at the Chase National Bank in New York or at the City Treasurer's Park improvement 4,877 6,666 70.000 Branner Viaduct office. A certified check (or cashier's check) on an incorporated bank or 4,782 6.708 162.000 trust company for $2,600. payable to the City Treasurer,required. Legality Sixth Street Viaduct 6,149 5.187 337,000 to be approved by, Clay & Dillon of New York. Bonds will be delivered to Tenth Street Viaduct 6.175 5,299 545,000 Bridge the purchaser on Dec.30 1925 or such other date as may be mutually agreed Topeka Avenue 5,164 6,292 90.000 upon, either at the Chase National Bank, New York or at the office of the Melon Bridge repair 5,824 5,487 200,000 City Comptroller, at the option of the purchaser. Bids for a less rate of Fire stations 6,917 4,493 550.000 New Auditorium interest than 5% must be stated in a multiple 5-100 of 1%. 4,832 6.405 50.000 Improve City Building • 5,662 6,374 970.000 Financial Statement Dec. 8 1925. School buildings Education under Bonded debt $7.849.800 00 Bonds for school buildings will be issued by the Board of Temporary loan notes 600,000 00 direction of F.P. Edson, President, 8th and Harrison streets, Topeka, Kan. city be issued by Bonds for the other three projects which carried will Finance, Citythe Hall. 88.449,800 00 under the direction of F. L. Stevens. Commissioner of Deduct sinking funds 100,952 42 -The Valparaiso -BOND SALE. VALPARAISO, Porter County, Ind. Net bonded debt $8,348,847 58 National Bank of Valparaiso purchased on Dec. 1 an issue of $20.000 434% above Water bonds included in the 605,000 00 water works purchase bonds at par. Assessed valuation, 1925: -BOND OFFERING. Real estate `,)171,711.813 00 VANDALIA, Montgomery County, Ohio. 294,450 00 Sealed bids will be received until $ p. m.(Central standard time) Dec. 28 Personal fire engine 4,278,240 00 by W.S. Boughton. Village Clerk. for 33.0006%Prin. and and equipment Franchises semi-ann. int. bonds. Denom. $300. Dated Jan 1 1926. $176,284,503 00 (A. & 0.) payable at the Village Treasurer's office or at the office of the from Oct. Population, 1925, State Census, 92,786. Vandalla State Bank, Vandalia. Due $300 yearlyfor $1,000. 1 1927 to payable to 1936. incl. Certified check upon any solvent bank -BOND SALE. -The the Village Treasurer, required. SIOUX CITY, Woodbury County, Iowa. % sanitary impt. bonds offered on Dec. 3-V. 121, p. 2552 $225.000 were awarded to the Iowa National Bank of Des Moines and F. B. Keech VAN METER CONSOLIDATED SCHOOL DISTRICT, Dallas & Co. of N.Y. C., jointly, at a premium of $3,830, equal to 101.70, a basis County, Iowa. -BOND DESCRIPTION. The 3120.000 school building -V. 121. p. 2311 of about 4.32%. Date Nov. 11925. Due $9.000 Nov. 1 1926 to 1950 Incl. bonds purchased by Ringheim & Co. of Des Moines bear interest at the rate of434%.and are described as follows: Date Mar.1 -CERTIFICATE OFFERING.- 1925. Denom. $1.000. Due Dec. 1 as follows: $4.000 1930 to 1934, SLEEPY EYE Brown County, Minn. A. J. Thomas, City Recorder, will receive sealed bids until 8 p. m. Dec. 18 incl.: $5,000 1935 to 1944, incl. and 350.000 1945. Principal and Interest for $10,000 5% certificates of indebtedness. Date Jan. 1 1926. Denom. . & D.) payable at the Iowa National Bank of Des Moines. Legality $500. Int. payable J. & J. A certified check for 5% of bid is required. approved by Chapman, Cutler & Parker of Chicago. Financial Statement. -BOND OFFERING.SOMERS POINT, Atlantic County, N. J. Sealed bids will be received until 8 p. m. Dec. 29 by James G. Scull, City Actual assessed value of property 1924 32,413.095 Clerk, for the following two issues of 5% coupon or registered bonds aggre- Taxable value 603,273 -_.. gating $106,000: 120,000 Total debt,including this issue general improvement bonds. Due on June 1 as follows: $3,000 Population (Consolidated District estimated), 1.100. $56,000 1926 to 1943, inclusive, and $2,000 1944. VENTURA UNION HIGH SCHOOL DISTRICT (P. 0. Ventura), 50.000 school bonds. • Due $2,000 yearly from June 1 1926 to 1950, incl. -The $100,000 5% coupon -BOND SALE. Denom. $1,000. Dated June 1 1925. Principal and semi-annual Ventura County, Calif. -were awarded to the 1-V. 121. p. 2553 Interest (J. & D.) payable in gold at the First National Bank, Somers school bonds offered on Dec. Bank of A. Levy. Inc.. of Oxnard, at a premium of 34.328, equal to 104.32 Point. No more bonds to be awarded than will produce a premium of a Date Dec. 1 1925. Due Dec. 1 as follows: basis of about 4.60%. 31,000 over each of the above issues. Certified check for 2% of the bonds 32.000 1956 to 1960, incl.: bid for, payable to the city, required. Legality approved by Clay & $3.000 1926 to 195, incl., and Premium. NamePremium. NameDillon of New York. $3.569 Pacific-Southwest Trust & William R. Stoats Co 3,789 Savings Bank 3.630 t), 'Somerset Anglo-London-Paris Co SOMERSET SCHOOL DISTRICT (P. 0. So 3,531 3.738 Dean Witter & Co -BOND OFFERING. County, Pa. -Sealed bids will be received until of Italy, Ventura p. m. Dec. 17 by Jacob J. Walker, Secretary Board of Directors, for Bank -BOND OFFERING.-Geo. D. WACO, McLennan County, Tex. coupon school bonds. Denom. $1,000. Dated Jan. 1 $100,000 431% 1926. Interest J. & D. Due Jan. 1 1956. optional Jan. 1 1936. Certified Field, City Secretary, will receive sealed bids until Dec. 15 for $105,000 41% acquiring property bonds. Denom. $LOW. check for 2%, payable to the School District, required. 2907 THE CHRONICLE DEC.121925.] YAKIMA COUNTY (P. 0. Yakima), Wash. -BOND SALE. -The 5205,000 road refunding bonds offered on Dec. 3-V. 121. p. 2554 -were awarded to the Guaranty Trust Co. and the Washington Bond & Finance Co. of Yakima jointly, as 4gs, at a premium of $574, equal to 100.28. a - basis of about 4.67%. Date Jan. 11926. Due Jan. 1 as follows: $10,000 WASHINGTON SCHOOL TOWNSHIP, Owen County, Ind. coupon school township bonds 1928. 511,000 1929 and 1930. 512.000 1931 and 1932,$13.000 1933, $14,000 -On Dec. 4 the $6,500 4g% BOND SALE. 'offered on that date(V.121, p.2553) were awarded to the Fletcher American 1934. $15.000 1935, 1116.000 1936. $17,000 1937 and 1938, $18,000 1939. 'Co. of Indianapolis at a premium of $8.75, equal to 100.13, a basis of about $19,000 1940 and 520,000 in 1941. 4.48%. Dated Dec. 1 1925. Due $260 each six months from Jan. 1 1928 'to Jan. 1 1940 incl. There were no other bidders. -The -TEMPORARY LOAN. WALPOLE, Norfolk County, Mass. 'First National Bank of Boston has been awarded a $40.000 temporary loan -on a 3.74% discount basis. Due March 4 1926. • -BOND OFFERING.- CANADA, its Provinces and Municipalities. WATERBURY, New Haven County, Conn. -Sealed bids will be received until 8 p. in. Dec. 23 by Thomas P. Kelly. ARNPaioa, Ont.-BOND SALE.-Bell, Gouinlock & Co. of Toronto 'City Clerk, for the following three issues of bonds, aggregating $692,000: -year bonds at 97.92. have purchased on issue of $35,000 5% 16 1242,000 45- % water, Tenth Series "B" bonds. Dated Jan. 15 1925. Due $22,000 yearly from Jan. 15 1955 to 1965. incl. BRANTFORD, Ont.-BONDS TO BE OFFERED. Bunnell. 400,000 4g% water, Eighteenth Series bonds. Dated July 15 1925. City Treasurer, states that a bond issue of $159,000 will-A. K.be offered probably Due $10.000 yearly from July 15 1926 to 1965, incl. in the public market about Dec. 15. 50,000 4.1, % funding bonds. Dated July 151923. Due July 151934. 5 Denom. $1,000. Prin, and semi-ann. int. (J. & J. 15) payable in lawful -BOND ELECTION. ESQUIMALT DISTRICT, B. C. -At the munie'money of the United States of America at the First National Bank of Boston. ipal elections to be held in January, the ratepayers will be asked to vote on •Certified check for 1% of the amount of bonds bid for, payable to the City a $12.000 school by-law. 'Treasurer, required. Bonds will be printed under the supervision of and •-certified as to genuineness by the First National Bank of Boston. Legality -The ratepayers of this FORT WILLIAM, Ont.-BOND ELECTION. .approved by Storey. Thorndike. Palmer & Dodge of Boston. Delivery probably asked to vote on a $95.000 school by-law, it is reported. 'of bonds to be made to the purchaser on Dec. 28 at the First National city will be Bank of Boston. Bonds are to be issued in coupon form, convertible into -The School Commissioners KENOGAMI, Que.-BOND OFFERING. 'fully registered bonds at the option of the purchaser or the holder thereof. will receive bids up to 8 p. m. Dec. 15 for the purchase of $16,600 5Si% 15 -year serial bonds. A Roche, Secretary-Treasurer. -BOND OFFERING. WATSONVILLE, Santa Cruze County, Calif. -M.M.Swisher, City Clerk, will receive sealed bids until 8 p. m. Dec. 22 PRESCOTT & RUSSELL COUNTY (P. 0. L'Original), Ont.'for 5186.0005% improvement bonds. Date July 11925. Denom. $1,000. -installment bonds offered on -On Dec. 1 the $50.000 5% 20 Due $6,000 July 1 1926 to 1956 incl. Int. payable J. & J. A certified check BOND SALE. awarded R. Bain & Co., Ltd., of 'for 3% of bid, payable to the City Treasurer, is required. Legality ap- that date (V. 121, p. 2788) were16 1925. to The following is a list of bids Toronto at 99.60. Dated Oct. Eells, Moore & Orrick of San Francisco. proved by Goodfellow, received: Rate Bid. Rate Bid. WEST CREEK SCHOOL TOWNSHIP (P. 0. Lowell) Lake County, Municipal Bankers Corp 99.43 Gairdner & Co 99.07 -The $30,000 5% school bonds, awarded Ind. -BOND DESCRIPTION. 99.29 Aird, McLeod & 99.05 to J. F. Wild & Co. of Indianapolis at 105.03(V. 121. p. 2667) are described Bell, Gouinlock & Co Co__ _99.43 McNeil, GrahamCo Co & 99.03 Dated Nov. 15 1925. Int. i. & J. is. Due Fry, Mills, Spence & .as follows: Denom. $500. Dyment, Anderson & Co----99.378 McLeod,Young,Weir & Co.,Ltd98.97 serially from July 1 1928 to July 1 1941 incl. 99.178 Matthews & Co Cochran, Hay & Co 98.89 & Co 99.10 A. E. Ames & Co., Ltd 97.75 WESTLAND IRRIGATION DISTRICT (P. 0. Hermiston), Ore. - Wood, Gundy -The Secretary, Board of Directors, will receive sealed BOND OFFERING. -On Dec. 4 the following two issues PRESTON, Ont.-BOND SALE. bids until 8 p. m. Jan. 5 for $87.500 6% irrigation bonds. Date Jan. 1 -V. 121. p. 2788 of bonds, aggregating $63,440, offered on that date 1926. Int. payable semi-annually. were awarded to McLeod, Young, Weir & Co.. Ltd., of Montreal at 99.55: $53,000 new bridge 5% 20 -year installment plan bonds. -BOND SALE. WEYMOUTH, Norfolk County, Mass. -E.II. Rollins -year installment plan bonds. 10,440 local impt. 5 % 15 * Sons of Boston have purchased an issue of $40,000 4Yy % bridge bonds at Other bidders were' 100.40. Dated Nov. 1 1925. Due 1926 to 1930. inclusive. Rate Bid. Rate Bid. & Co., Ltd 99.29 Dyment, Anderson & Co A. 98.99 WILDWOOD, Cape May County, N. J. -BOND OFFERING._ H.E. Ames& Co 99.24 C. H. Burgess & Co R. Bain 98.83 Sealed bids will be received until 2.30 p. m. Dec. 22 by C.A. Heil, Jr., City J. M. Scott. Preston, Ont 99.23 R. A. Daly & Co 98.69 Clerk for an issue of 5% (registered as to principal only or as to both Wood, Gundy & Co 99.10 Cochran, Hay & Co 98.66 'principal and interest) impt. bonds, not to exceed $42,000, no more bonds to H. N. Barry & Co 99.09 Gairdner & Co 98.63 be awarded than will produce a premium of $1,000 over $42,000. Denom. 41.000. Dated Dec. 15 1925. Prin, and semi-ann. (J. & D. 15) payable in -BONDS TO BE OFFERED SHORTLY. PRINCE RUPERT, B. C. gold coin at the Marine National Bank, Wildwood. Due on Dec. 15 as 'follows: $3,000, 1926 to 1937 incl.•, and $2,000, 1938 to 1940 incl. A The city will offer shortly $90,000 5)4% 1 to 10 year serial bonds, to meet bank or trust company for 2% of the cost of grading streets. certified check on an incorporated amount of bonds bid for, payable to Robert J. Kay, City Treasurer, -On Feb. 3 the ratepayers wil QUEBEC, Que.-BOND ELECTION. required. Legality to be approved by Caldwell & Raymond of New York. Bonds to be delivered to the purchaser 2:30 p. m. Dec. 26 1925 at the City be asked to authorize the expenditure of $500.000. Treasurer's office, or as soon thereafter as they may be prepared. -Sealed bids will be ST. AUGUSTINE, Que.-BOND OFFERING. -BOND OFFERING. WOODBURY, Gloucester County, N. J. - received until Dec. 14 by E. Valin, Secretary-Treasurer, for $25.000 5% Sealed bids will be received until 3 p. m. Dec. 22 by Walter B. Woolley, municipal bonds. Denom. $500 and $100. Dated Nov. 1 1925. Prin. •City Treasurer, for the following two issues of 434% coupon bonds, aggre- and interest payable at St. Augustine, Montreal and Quebec. The bonds gating $254,000: are to mature serially in 35 years. These bonds were originally offered on 488,000 general bonds. Due on Jan. 1 as follows: 54,000, 1927 to 1933 Nov. 19-V. 121, p. 2439. incl. and $5,000, 1934 to 1945 incl. -On Jan. 1 the rateST. CATHARINES, Ont.-BOND ELECTION. 166,000 water bonds. Due on Jan. 1 as follows: $6,000. 1927 to 1942 incl., ' payers will be asked to vote on a $25,000 grandstand bond by-law. and $5,000, 1943 to 1956 incl. 11926. Prin. and semi-ann. int. (J. & J.) Denom. $1,000. Dated Jan. ST. HENRI DE TAILLOU (P. 0. Lake St. John), Que.-BOND payable at taheaZirea National Bank & Trust Co., ;Voodbury. No more SALE. w -On Nov. 3 the $50,000 5g% improvement bonds offered on that than will produce a premium of 1,000 over each of the date (V. 121, p. 2189) were awarded to Bray, Caron & Dube. Ltd., of bonds to be incorporated bank or trust company above issues. Certified check on an Quebec, at 97.88, a basis of about 6.25%. Due serially from 1930 to 1935. tor 2% of the amount of bonds bid for, payable to the City Treasurer. re- inclusive. •quired -The School Board will STRATFORD, Ont.-BONDS PROPOSED. -BOND SALE. YAKIMA, Yakima County, Wash. -The 815.000 coupon fire department bonds offered on Nov. 30-V. 121, p. 2438-were apply for authority to issue $240.000 bonds. Date Dec. 10 1925. Denom. $100. .awarded to the city at par as 4)s. -First reading of a $250,000 VERDUN, Que.-BONDS PROPOSED. Due in 1935. Int. payable seini-annually. -year bond by-law was given by the Council. 5% 20 NEW LOANS City of Philadelphia 3s 31 28 / 4s 41 4s / 4 8 / 1 2 58 / 51 48 51/ 28 Biddle & Henry 104 South Fifth Street Philadelphia Private Wire In Nt67 York Call Canal 487 Inquiries to Buy or Sell Solicited Calvin 0.Smith Co. MUNICIPAL BONDS 105 SO- LA SALLE STREET CHICAGO NEW LOANS $166,000 We Specialize in NEW LOANS $88,000 CITY OF WOODBURY CITY OF WOODBURY NEW JERSEY NEW JERSEY 44% Water Bonds 44% General Bonds Sealed proposals will be received by the undersigned until December 22, 1925, at three o'clock P. M.,for the purchase of not exceeding $166,000 Water Coupon Bonds of the City of Woodbury, New Jersey. Said bonds shall be dated January 1, 1926, in denominations of $1000.00 each, and will mature on January first of each year as follows: Six thousand dollars each year from 1927 to 1942. both inclusive, and five thousand dollars each year from 1943 to 1956, both inclusive. The rate of interest is 434% per annum, payable semiannually, and both principal and interest will be payable at First National Bank and Trust Company, Woodbury, New Jersey. The sum required to be obtained at such sale is $166.000.00, and such bonds will be sold in not exceeding such sum. Unless all bids are rejected. said bonds will be sold to the bidder or bidders complying with the terms of sale and offering to pay not less than 3166.000.00 (and accrued interest) and to take therefor the least amount of such bonds, stated in multiple of $1000.00 commencing with the first maturity. Should two or more bidders offer to take the same amount of such bonds, then, unless all bids are rejected, they will be sold to the bidder or bidders offering to pay therefor the highest additional price. The bonds cannot be sold for less than par and accrued interest. Each bid must be accompanied by a certified check for two per centum of the amount of the bonds bid for, payable to the order of the undersigned and drawn upon an incorporated bank or trust company, to secure the municipality against any loss resulting from the failure of the bidder to comply with the terms of the bid. The right is reserved to reject any or all bids. WALTER B. WOOLLEY, Treasurer of the City of Woodbury. City Hall, Dated, December 9, 1925. Woodbury, N. J. Sealed proposals will be received by the undersigned until December 22. 1925, at three o'clock P. M., for the purchase of not exceeding $88,000 General Coupon Bonds of the City of Woodbury, New Jersey. Said bonds shall be dated January 1, 1926, in denomination of $1000.00 each, and will mature on January first of each year as follows: Four thousand dollars each year from 1927 to 1933, both inclusive, and five thousand dollars each year from 1934 to 1945, both inclusive. The rate of interest is 434% per annum, payable semi-annually, and both principal and interest will be payable at First National Bank and Trust Company, Woodbury, New Jersey. The sum required to be obtained at such sale is $88.000.00, and such bonds will be sold in not exceeding such sum. Unless all bids are rejected. said bonds will be sold to the bidder or bidders complying with thelterms of sale and offering to pay not less than $88,000.00 (and accrued Interest) and to take therefor the least amount of such bonds, stated in multiple of $1000.00. commencing with therirst maturity. Should two or more bidders offer to take the same amount of such bonds, then, unless all bids are rejected, they will be sold to the bidder or bidders offering to pay therefor the highest additional price. The bonds cannot be sold for less than par and accruedlinterest. Each bid must be accompanied by a certified check for two per centum of the amount of the bonds bid for, payable to the order of the undersigned and drawn upon an incorporated bank or trust company, to secure the municipality against any loss resulting from the failure of the bidder to comply with the terms of the hid. The right is reserved to reject any or all bids. WALTER B. WOOLLEY, Treasurer of the City of Woodbury. City Hall, Dated, December 9, 1925. Woodbury, N. J. 2908 COTTON, GRAIN, SUGAR Chas. 0. Corn August Schleronberg Paul Schwarz Frank A. Kimball AND COFFEE MERCHANTS ANn BROKERS Geo. H. McFadden & Bro. Corn, Schwarz & Co. COTTON MERCHANTS PHILADELPHIA COMMISSION MERCHANTS 15 [VOL 121. THE CHRONICLE William Street NEW YORK . Cotton Exchange Building Dealers in American, Egyptian and Foreign Cottons New York MEMBERS OF New York Cotton Exchange New Orleans Cotton Exchange New York Produce Exchange New York Coffee & Sugar Exchange Chicago Board of Trade New York Cocoa Exchange, Inc. ASSOCIATE MEMBERS OF Liverpool Cotton Association FOREIGN CORRESPONDENTS Hibbert, Finlay & Hood, Liverpool Societe d'Importation et de Commission, Havre N. V. McFadden's Cie. voor Import en Export, Rotterdam Geo. H. McFadden & Bro.'s Agency, Gothenburg Johnson & Turner, Ltd., Lisbon Juan Par y Cie., Barcelona FochJr' & Co., Mdan Zellweger & Co., Zurich Geo. H. McFaddenn South American Company, Inc., Lima. rem Geo. H. McFadden & Bro.'s Agency, Central P. 0. Box 55, Osaka. Japan GWATHMEY & CO. gotoblishod 1858 Catton Exchange Bid.. New York H. Hentz & Co. Members i N. Y. Cotton Exchange Bldg. Hanover Square NEW YORK New New New New New York Cotton Exchange ' York Steak Exchange York Coffee Exchange York Produce Exchange Orleans Cotton Exchange Associate Members Liverpool Cotton Association Hubbard Bros. & Co. Coffee Exchange Building BOSTON DETROIT W. R. CRAIG 4/0. CO, SAVANNAH Merchant, and Brokers COTTON PARIS Nousbors New York Cotton aselleelee Bowling Green 041118 New York 10 Beaver St., COMMISSION MERCHANTS AND BROKERS Members New York Stock Exchange, New York Cotton Exchange, New York Ooffee &Sugar Itsabanfie, Inc. New York Produce Exchange, Chicago Board of Trade. New Orleans Cotton Exchange, Winnipeg ()rain Exchange Associate Members Liverpool Cotton Association. 4 James Talcott, Inc. Founded 11154 225 Fourth Ave., New York O•mplete factoring facilities fer Merchants. Manufacturers sea Selling Agents. ROBERT MOORE & CO. Hanover Square 44 Beaver Street, New York NEW YORK COTTON MERCHANTS USE AND CONSULT COTTON MERCHANTS Members New York Cotton Exchangt New York Coffee eit Sugar Exaloitge. Now York Products Nuisance. The Financial Chronicle Classified Department ;Opposite Inside Bask Cam) Liberal Advances Made an Cotton Consignments Stephen M.Weld & Co. COTTON MERCHANTS 82-92 Beaver Street New York City BOSTON PHILADELPHIA FALL RIVER GREENSBORO, N. C. PROVIDENCE, MEMPHIS, TENN. NEW BEDFORD HAVRE, FRANCE WELD & CO., LIVERPOOL Hopkins, Dwight & Co COTTON and COTTON-SEED OIL COMMISSION MERCHANTS INT COTTON EXCHANGE BLDG NEW YORE Orders promptly executed in COTTON AND GRAIN Weeklk Bulletin on the cotton market sent on request STICINHAUSER & CO. (Successors to William Ray & Co. Members New York Cotton Exchange Members Liverpool Cotten Also see Cotton Exchange Bldg., NEW TORE 1. F. DOMMERICH & CO. FINANCE ACCOUNTS OF MANUFACTURERS AND MERCHANTS, DISCOUNT AND GUARANTEE SALES General Offices, 254 Fourth Avenue NEW YORK Established Our 1111 Years Consistent Advertising-Is an economy and cuts the cost of selling, making prices or better services possible without lower sacrifice of seller's profits. The CHRONICLE can carry your message Oa the World's most influential class of people at o moderate coat. help you solve your publicity problems consistent manner. Lee as a in
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