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financial
The
allinurrtat
rontrie
INCLUDING
Railway ft Industrial Compendium
Public Utility Compendium
Railway Earnings Section
*State Sr Municipal Compendium
VOL. 121.
Bank and Quotation Section
Bankers' Convention Section
SATURDAY, DECEMBER 19 1925
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Report of I. B. A. Convention
We devote nearly thirty pages to-day to
an account of the proceedings of the annual Convention of the Investment Bankers Association, held at St. Petersburg,
Fla., last week.
This great investment organization is
growing in importance and in influence
with each succeeding year. The feature of
the annual gatherings is always the Committee reports, which will be found spread
out at length on subsequent pages. The
Committees are composed of men thoroughly conversant with their subjects,
and they devote themselves to their respective tasks with a thoroughness that has
never been surpassed anywhere in the same
line of work—in fact has never before been
equalled. Their studies, therefore, are of
high value. They will all be found, along
with some notable addresses, on pages 2926
to 2955 of the current issue.
•The Financial Situation.
Railroad shares have been prime favorites on the
,Stock Exchange the present week. In fact, there
has been little to the speculation outside of that in
the railroad list. The "rails" are attracting attention for a double reason. In the first place the advances in them during the last two years have been
relatively moderate alongside the prodigious and
-spectacular upward spurt in most of the industrial
:stocks and in the numerous specialties, though, to
NO. 3156.
be sure, a few of the high-priced railroad stocks have
been spurting up in much the same fashion. In the
second place the railroad stocks have latterly been
gaining strength because of the talk of possible consolidations and the benefits expected to result therefrom. There is reason to believe that there is more
of substance to the rumors and reports of consolidations than appears on the surface.
As it happens, too, all those in authority are
avowedly in favor of railroad consolidation along
rational lines. By those in authority we mean
President Coolidge, the Inter-State Commerce Commission and the two houses of Congress, as well as
the committees of those houses charged with framing the measures intended to promote mergers and
combinations, while the railroads on their part are
ready to help the movement along. The Inter-State
Commerce Commission is in complete harmony with
the idea, so long as it is allowed to retain power to
pass on the question whether any proposed merger
is really in the public interest. It does not, however, want to be bound to any set rules or be obligated to make the roads conform to any plan of its
own prepared beforehand. Therefore it asks to be
relieved of the duty of dividing the railroads of the
country arbitrarily into a number of systems in accordance with pre-arranged plans of its own making.
For themselves the railroads want to see consolidation come about in a normal, natural way—that is
as the interested parties may see advantage from
any proposed merger.
Railroad executives are prepared to co-operate
with the respective committees of the two. houses
in framing amendments to the Transportation Act
which shall meet the needful requirements to that
end. More than that, there is good ground for believing that some of the railroad executives have
recently been in touch with Senator Cummins of the
Senate Inter-State Commerce Committee and have
given him their ideas on the subject. The utmost harmony, too, of thought and action seems to prevail,
indicating that the legislation desired will be speeded
along.
Of course, the benefits and economies counted
upon as a result of the consolidations, may not all
be realized. Some advantages, however, are sure to
accrue and they afford a warrant for looking upon
the future of the railroads with considerable confidence. They afford no justification, however, for a
wild and rampant speculation in their securities,
such as has recently been witnessed in the case of
the motor and power properties and some of the industrial stocks. This week it has seemed at times
as if the same tactics were being employed to boost
the "rails" as had been so successfully employed in
2910
THE CHRONICLE
whirling upward the other stocks mentioned. Anything of the kind is to be deprecated and deplored.
All through the railroad list new high records for
the year have been established the present month.
It is a time for prudence and caution on the part of
investor and. speculator alike, and everyone should
have a care that in his enthusiasm over the favorable
prospects that appear ahead he is not swept off his
feet.
Merchandise imports into the United States last
month recorded further expansion over preceding
months. November was, in fact, the fifth consecutive month in which imports have increased. On
the other hand, though exports in November continued heavy they registered a decrease, not only in
comparison with October, but with November of
last year. In large measure, however, the decrease
in exports from the preceding month was due to the
smaller export of raw cotton, the latter being considerably less for November than for October and
smaller than in November 1924. Merchandise imports last month were $378,000,000 and exports
$448,000,000, stn excess of exports of $70,000,000.
Imports in Getober were valued at $374,061,206 and
in November 1924 at $296,147,998, last mouth's report being larger as to both comparisons. Exports
for November this year contrast with $490,600,964
for October and with $493,572,921 for November
1924, the decrease for November 1925 being quite
marked in both instances. The extent to which cotton contributed to the decline noted for merchandise exports last month will be appreciated when
it is considered that cotton exports in November
this year were 15% less than in October and 7.6%
under cotton exports of November 1924. For the
eleven months of the calendar year 1925 merchandise
imports are valued at $3,831,575,000, contrasting
with $3,276,770,000 for eleven months of 1924, a
gain of $554,805,000, or nearly 17%. The value of
merchandise imports this year is in excess of any
year back to 1920. Merchandise exports for eleven
months of 1925 amount to $4,441,808,000, contrasting with $4,145,235,000 for eleven months of 1924,
an increase this year of $296,573,000, or 7.1%. Relatively, improvement in imports has been greater
this year than exports. Here again cotton exports
cut an important figure. In quantity cotton exports
for eleven months this year are nearly one-third
larger than for the same period of 1924, but in value
the increase this year is only one-sixth. Nearly onehalf of the increase of $296,573,000 in the value of
merchandise exports for the eleven months of 1925
over the value of merchandise exports during the
corresponding period of 1924 is due alone to the increased value of cotton exports. The excess value of
exports over imports for eleven months of 1925 is
$610,233,000; for the same time in 1924 it was $868,464,900.
The movement of gold during the past month has
again changed, imports being only $10,448,172,
against exports of $24,354,696. In October imports
of gold were $50,740,649 and exports $28,039,190.
For the eleven months this year gold imports were
valued at $121,049,225, while exports were $256,666,688, an excess of exports of $135,017,463. For
eleven months of 1924, gold imports exceeded exports by $287,473,209, and during each of the past
five years imports have very largely exceeded exports. Silver imports in November were valued at
[vol. 121.
*4,049,035, and exports were 48,110,998 in the same
month.
Louis Loucheur, Minister of Finance in the Cabinet of Premier Aristide Briand of France, resigned
on Tuesday, Dec. 15. The event was outlined and
explained as follows by the Associated Press representative in Paris: "Finance Minister Loucheur
resigned to-day, following definite rejection of his
fiscal projects by the Finance Committee of the
Chamber of Deputies. The Cabinet had decided to
appeal to the Chamber for an open vote on the fiscal
program, rejected by the Finance Committee yesterday. The committee, however, refused to submit
the bills and confirmed its vote of yesterday, rejecting the financial bill. The vote came after M. Loucheur had appeared before the committee, promised
that the Government intended to work in closer cooperation with it and asked for more precise indications of its views, saying he found the motion
voted yesterday too vague. The Finance Minister
reaffirmed it was the Government's firm intention
to balance the budget as soon as possible. Little
fear is entertained of an absolute dictatorship yet,
except by the parties of the Left. Official circles
feel that should the Government resign, President
Doumergue will call upon Premier Briand to form
a concentration Ministry representing all parties
except the Socialists and Communists for one final
effort to put through Parliament in a constitutional
manner the fiscal bills designed to save the franc.
Should this fall, then, and only then would there
be a resort to stern measures. Two of M. Loucheur's
most important measures for the stabilization of the
country's finances were rejected by the Finance
Committee of the Chamber. The Finance Minister
had announced he would agree to any modifications
which appeared capable of improving his bills. The
committee took him at his word and sent back to
him the bill creating a sinking fund commission and
the one caning for the imposition of new taxes. With
the bills went an intimation that they were not
suited to the requirements of the moment."
It was pointed out by the New York "Times" representative in the French capital that "it is just two
weeks since M. Loucheur achieved his great ambition and became Finance Minister. Alert and confident, he was around on M. Briand's doorstep asking for the Finance portfolio as soon as the Premier
had finally accepted the task of forming a Government, and with eager eloquence he persuaded him
that he, and he alone, could solve France's financial
troubles." He added, "but the confidence M. Loucheur felt in himself was never shared by anybody
else. From the minute.of, the announcement of his
appointment there began a bitter campaign against
him. He believed he would be able to rally all the
opposing parties to agreement with his schemes and
would steer a middle course wisely. But nobody has
ever approved what he proposed. He wanted to increase direct taxation so as to appease one opinion
and indirect taxation to appease another. He was
quite prepared to float a lottery loan so as to meet
the Nationalists' ideas or to have a voluntary bond
conversion scheme which he hoped would please the
Socialists." In a special Paris cable message to the
New York "Herald Tribune" attention was drawn
to the fact that M. Loucheur was "the third Finance
Minister within seven weeks to relinquish his office."
DEC. 19 1925.]
TILE CHRONICLE
Failing to inspire the confidence of either the country or Parliament in the program of the heaviest
direct taxes France has ever known,"he handed his
resignation to Premier Aristide Briand."
Paul Doumer, President of the Senate Finance
Committee, on Wedne;day, Dec. 16, "accepted the
portfolio of finance in succession to Louis Loucheur." It was claimed by the Associated Press
representative in Paris that "this development came
only after considerable delay and extensive political
negotiation. The coalition of the Left was very slow
to accept Senator Downer, and sought to impose its
own financial ideas upon the Ministry before approving him. M. Doumer was M. Briand's first choice.
By insisting on giving tte portfolio to M. Doumer,
the Premier indicated, he proposes to assert a certain independence of the radical-Socialist coalition."
Continuing, he said: "M. Doumer is a solid, sober
personality. He is considered a man who would not
• rush forward with impromptu reform plans. Ile
has long pondered over the situation of the country's
finances and is said to have come to certain conclusions which speedily could be put into shape and
applied. For one thing M.Downer is regarded as an
enemy to all the complicated and ingenious schemes
which upset the existing fiscal arrangement. He is
an apostle of simplicity and advocates an increase
in existing taxation, notably the business turnover
tax, which is really an indirect tax and consequently
one in which confidence is evenly distributed among
all classes."
The following Associated Press dispatch from
Paris last evening contains the latest information
relative to the French financial situation received
before going to press: "A loan of ten billion francs,
floated in France and abroad, the interest and amortization of which would be guaranteed by a 10% levy
or contribution on the amount of the business turnover of all the great French industries, is proposed
by the industrialists of Lille, Roubaix and Tourcoing is a solution of the financial situation. The
loan would form the basis of an autonomous amortization fund under Government control. The plan
is said to have greatly impressed President Doumergue, Premier Briand and Finance Minister Doumer, to whom it has been explained, and conferences
between the industrialists and the Finance Minister
will continue. A bill for capitalization of the tobacco monopoly to the amount of 25,000,000,000
francs was introduced in the Chamber of Deputies
to-day. It is a Socialist measure, sponsored by Vincent Auriol, but is meeting with much support from
the other groups. Stock bearing 5% interest would
be issued. Ten billion francs of this would be reserved for bearers of national defense bonds, 10,000,000,000 for holders of French rentes or other State
bonds, and 5,000,000,000 for fresh money. Four billion francs of the money would immediately be
turned over to the State as the nucleus of an amortization fund. Both this solution and that proposed
by the industrialists have been received enthusiastically on the Bourse. One result was seen to-day when
the franc, which opened at 27.53 to the dollar, rose
to 27.01." In the local market the franc recovered
over 19 points.
2911
cipal political factions. Within the past week the
Paris newspapers have stressed this point. The
wonder is that they did not do it long ago before the
financial position of the Government became so
critical. The following is a sample of what has appeared in the conservative papers this week: The
Paris representative of the New York "Times" cabled
on Dec. 13 that "the'Temps'says it cannot be denied
that the whole country ardently desirse sacred union
—in short, the burying of political hatchets which
was agreed upon during the war. 'How can it be
otherwise at a time when financial disaster threatens the nation in its very life and jeopardizes its
future?' the newspaper asks and then declares that
'the partisan mentality of the present majority—its
political fanaticism and incredib:e blindness—is the
source of the nation's reaction.' Other newspapers
also print columns calling for national unity, declaring that no single party or group can work out
the great difficulties facing the country." According to Paris cable advices, the Government is apprehensive over the growing strength of the Fascists.
In the same cable message to the New York "Times"
it was stated that "Fascism in France is still in the
throes of academic discussion, but even though its
leaders have not judged that 'the time for action' is
ripe the present Government betrays considerable
perturbation, if not anxiety."
With the further severe decline in the 'franc it
was stated in Paris dispatches that for the first time
recently the people in the provinces were losing
faith in the Government and its policies and were
placing their money in foreign mediums. in subsequent cable advices from the same centre it was
stated that the people in general, as well as the
Fascists, were making known their opposition to the
Government. The New York "Times" representative
cabled on Dec.13 that "there is a distinction of form
if not one of aims to be drawn between the Fascist
program itself and the call for national unity voiced
by non-Fascist newspapers. The former wants complete freedom from parliamentary control while the
latter want a strong Government drawn from all
parties and relying on the support of Parliament."
He added that "meetings held to-day at Metz, Romans, Lyons and other cities,were severely critical
of the administration of the country since the fall of
Premier Poincare eighteen months ago and demanded the return to power of a Nationalist Government. Other meetings of business men, farmers and
wine growers at Nimes, Carcassonne and Lille at
tacked the financial plans before the Chamber. At
Nimes the Republican Committee of Industry, Commerce and Agriculture voted a two-hour strike in
protest and at Carcassonne a group comprising 27
syndicates of commerce and agriculture solemnly
decided to refuse to pay taxes to the State if the
present bills were voted."
The campaign in the Paris newspapers for radical
action to overcome the existing crisis continued.
On Dec. 14 the Paris representative of the Associated
Press said that "the present week probably will
prove momentous in French political history. Extraordinary changes in the way in which France has
been governed for the last 55 years are regarded as
imminent by the press of all political shades." ConIt has been perfectly apparent for a long time, tinuing to outline the situation,
the correspondent
even to the superficial observer, that the greatest said: "The franc continues to fall,
and there is a
need in France was co-operation between the prin- corresponding rise in the public anxiety, which
is
2912
THE CHRONICLE
being fanned by extremely daring articles in the
newspapers. Some of .these demand and others
plead for changes in the Governmental regime, ranging from the establishment of a dictatorship or
'committee of public safety' to the more constitutional proposal that Parliament sit in secret while
the financial bills are being discussed and voted.
The Paris 'Midi,' one of France's foremost noonday
papers, of which Finance. Minister Loucheur is reported to have acquired the ruling interest some
months ago, in a leading article to-day asks for the
creation of a Ministry of National Union and appointment of a committee in which all classes of the
nation would be represented, as well as eminent technical experts. The committee would collaborate
with the Finance Minister in framing financial decrees. These decrees would become effective without ratification by Parliament, which, however,
would be allowed to discuss them later in secret sessions. ‘Le Matin,' in.an article practically amounting to a proclamation to the French nation, and
‘L'Intransigeant' ask for the dissolution of Parliament and the establishment of a dictatorship by a
committee of public safety. The 'Matin's' article,
which was not signed, but which had such promi.nence that it involved the responsibility of the management of the paper; says: 'We have had enough
of politicians. This country, still bleeding from war
wounds, is not ready telace the great adventure of
revolution. Enough of politics—let a committee be
formed outside of politicians and comprising
staunch and courageous men to save France. Let
them proclaim that France is in danger and that
the hour for the Sacred Union has come.'" It was
added: "The atatin' is one of the most important
of French newspapers,.with an enormous circulation and great prestige. Its editor is Stephane Lauzanne, well known in the United States."
As the week progressed the French political and
financial situation appeared to. get steadily and
rapidly worse. In a special,cable dispatch to the
New York "Times?' on De.:14 it, was stated that
"Finance Minister Loucheur must start all over
again. Twice to-day.in the Finance Commission his
proposals were defeated andsent back for consideration in terms which, while.they avoid an immediate
crisis, create a most delicate situation." It was suggested that "in normal times any Finance Minister
so treated would resign, but this evening M. Loucheur, after a. long conversation with Premier
_effort and promBriand, decided to make another.
set of proposals. Whether
ised to bring him a new
these will have any better fortune than the first ones
it is impossible to say. .For there is this in the situation which must be counted, that the lack of confidence shown by to-day's vote is more generally in
the proposer than in the proposals. He is not strong
enough to impose his plans and failing such strong
treatment the Finance Commission and the Chamber
are so divided that they need never be expected to
agree on or with anything he proposes." Continuing,.the correspondent added that "to-day the commission voted twice, first on a motion of Vincent
Auriol demanding that before anything else was
done in the way of procuring money for the creation
of a sinking fund, there should be further economy
extension instead of an increase of the income tax,
thither repression of fraud and a new regime with
retard to real estate valuation for taxation pur
proL 121.
poses. His motion was adopted by 16 to 9 and
amounted thus to rejection of all M. Loucheur's
plans."
Commenting upon the probability of a dictatorship for France, the Paris representative of the New
York "Herald Tribune" said in a dispatch on Dec.
14 that "the possibility of a dictatorship may be
discounted for some time to come, if ever. Undeniably, the country is ripe for a dictatorship, but
this is improbable because France has no one ready
to assume a dictatorship and no elements which at
this time have the leadership or force to sweep aside
Parliament and take matters into their own hands.
If a dictatorship comes, it is likely to be in the form
of a 'sacred union' of national leaders of all sections
of opinion, including Labor, working by decree with
Parliamentary consent. But it is not probable unless the general internal situation reaches a more
critical stage than at present."
As to the Fascist movement in France, the correspondent declared that "the Fascist movement is
not considered dangerous in official circles. It is
without organization, arms and outstanding leadership. One branch of Fascists held a demonstration
to-night in the Rue Grenelle in Paris and was attacked by a small group of Royalists. The entire
company was dispersed by fire hose directed by three
companies of a fire brigade." He added that "Bolshevism, however, is another matter in the minds of
the leaders. The increase in prices, without a corresponding increase in wages, is playing into the hands •
of the Communists, whose propaganda among workers is ceaseless. The ordinary laborer in France
earns 20 to 30 francs daily, skilled labor 30 to 50,
and white collar workers 700 to 1,500 francs
monthly. Among Government employees in the
State monopolies of railroads, posts, telegraph, telephone and other lines, there are tens of thousands
equally as badly recompensed for their labor. Dissatisfaction also extends into the army, where a
colonel receives 20,000 francs annually with certain
perquisites, a major from 16,000 to 17,000, a captain
12,000 to 13,000 and a lieutenant from 8,000 to 10,000
francs annually. Demands for increased wages are
becoming general as prices go up. It is this situation which the national leaders have their eyes on
rather than on the well-fed,, disorganized Fascisti."
As noted in earlier paragraphs, Louis Loucheur
was compelled to resign as Finance Minister, because of defeat for his finance bill in the Chamber of
Deputies, and Paul Doumer was named to succeed
him.
Discussing the financial situation in France, following his return from Berlin, the Paris representative of the New York "Times" said: "All over the
world the question is being asked whether the
French franc is going the way of the German mark.
No one can to-day give a definite reply to that question, because no one knows. But one can say that
the future of the franc depends on the willingness or
ability of French politicians to bury party differences to an extent which will permit a Paris Government to have the confidence of the majority of
the French public, and especially that part of the
French public which controls wealth. Such a Government is possible, for there are men in France who
individually have ability and the trust of the public
to make a combination to be respected. But so long
DEC. 19 1925.1,
THE CHRONICLE
2913
_
as the Chamber remains sliced up by party lines as conference itself. It concludes with an expression
at present, such a Government can with difficulty of hope that the time will come when all tiations will
get a majority. With the immense wealth of France, be making efforts toward the attainment of the comwith the budget all but balanced, with a favorable mon goal and that the Council will be able to count
trade balance this year of 2,000,000,000 francs, and upon the full co-operation of the Government of the
with her national economy making her a self-con- United States in a work which so closely affects the
tained country, France can stand on her own if she peace of the world." The correspondent likewise
can get a strong Government." Continuing, he said: observed that,"although it is realized in Geneva that
"The best opinion on this side of the Atlantic, not the United States has no army reduction problem,
only among Frenchmen, but in England and Ger- League leaders are unanimous in hoping that the
many, is that if the circulation of francs passes the country across the Atlantic may see its way clear to
100,000,000,000 mark the fall of the franc cannot be some sort of participation. The point is made that
stopped, but that, on the contrary, if it can be kept the United States might be able to present useful
this side of the 100,000,000,000 mark, there is al- information concerning the economic and industrial
ways a reasonable chance of stabilizing it. This cal- aspects of the disarmament problem."
culation is based on the theory that a circulation of
more than 100,000,000,000 will bring such rises in
As to the probable attitude of the Washington
prices and changes in the economic life of the coun- Administration with respect to sending representatry as to force inflation on a large scale. Consider- tives to such a preliminary gathering as that already
ing that the circulation of the Bank of France to-day outlined, it was stated in a special Washington disis about 50,000,000,000, it might seem that there is a patch to the New York "Times," also on the evening
large margin between this and 100,000,000,000, but of Dec. 11, that "permission must be obtained of
the real margin is much less than it looks. This is Congress, in the opinion of President Coolidge, for
because there are in circulation in France some 60,- the sending of any American commissioner to par000,000,000 National Defense certificates which in ticipate in any preliminary plans by the League of
reality are one, three, six and twelve months' Gov- Nations to call a conference for further disarmaernment bonds, and in effect it is estimated that two- ment under the League of Nations. It was pointed
thirds of this amount, or 40,000,000,000, is used in out that while it will not be necessary to repeal any
business pretty much as money. These bonds retain legislation to enable the United States to participate
their face value and often are used in ordinary pay- in such a conference it might require special action
ments."
by Congress, especially as to any appropriation that
would be required'. When the invitation is received
Brief mention was made in last week's issue of the by the United States the Government will see what
"Chronicle" that arrangements had been completed can be done about it. The suggestion that Congress
for the Special Preparatory Committee that is to will have to pass legislation enabling this country
work out a plan for another world conference on to participate places responsibility either for acceptarmaments, under the direction of the League of ance or declination of the invitation up to that body,
Nations. It was also stated that it had been de- since any appropriation made would have to be
cided by the League Council to extend an invitation passed upon by the House."
Further progress was made- at the session of the
to the United States to be represented at the sessions of the Preparatory Committee. In an Asso- League Council at Geneva the next day. It seems,
ciated Press dispatch from Geneva under date of however, that opposition to a separate naval conferDec. 11 it was stated that "the text of the invitation ence developed. The Associated Press correspondto the United States Government to participate in ent cabled that "disclosure of opposition by France,
the Special Preparatory Committee which is to pre- Italy and Japan to holding an international naval
pare for the convocation of an international confer- conference apart from the proposed general disence on armament was approved at a secret session armament conference was the outstanding feature
of the Council of the League of Nations to-night. of to-day's developments in Geneva, and formed a
It will be forwarded to Washington to-morrow by notable topic of discussion in connection with Presiway of the American Legation at Berne." It was dent Coolidge's message to Congress." This develadded that "invitations almost identical in text will opment was only an incident. The chief subject for
go to Russia and Germany, the Russian communica- discussion again that day was American participation being sent by mail. The texts will only be pub- tion. The dispatch further stated that "meanwhile
lished when the document intended for Russia has the question of American participation in the prereached its destination. The Council to-night paratory study for the general conference under the
reached a complete accord on the program of study auspices of the League was opened publicly when
to.be submitted to the Special Preparatory Commit- the League Council formally invited the United
tee, and the understanding is that a copy of this States to appoint representatives on the preparatory
program, which covers all aspects of the disarma- commission. The commission's program of study
ment problem, will form a part of the American in- also was defined, and it was announced that it would
vitation." The correspondent further said that, hold its first meeting here on Feb. 15." Continuing
"according to an unofficial synopsis, the invitation his account, the correspondent said: "The French,
says that after a long study the Council is of the Italian and Japanese stand, which was revealed at
unanimous opinion that owing to the perplexity of a public meeting of the Council to reaffirm the dethe question it cannot be settled in its entirety un- cisions taken in its secret sessions, is based upon a
less there is co-operation by all the countries, be- resolution adopted by the fifth assembly of the
cause it affects the interests of all. Therefore, it League declaring that the question of naval disarmacontinues, the Council gives great value to the col- ment should be discussed as part of the problem of
laboration of the United States, both in the prepara- general disarmament. The Council approved the
tory work of the committee and the disarmament report of Foreign Minister Benes of Czechoslovakia
2914
THE CHRONTCLE
under which the United States, Germany and Soviet
Russia, as•non-members of the League, are invited
to participate in the work of the preparatory commission. The other members of the commission are
those States holding membership in the Council,
and, in addition, Bulgaria, Finland, The Netherlands, Poland, Rumania and Jugoslavia. The Council adopted a list of seven questions, which will form
the basis of a study to be undertaken by the commission, and then fixed the date for its first meeting.
Dr. Benes emphasized that the Disarmament Council (Co-ordination Commission) of the League during its deliberations had reached no conclusions on
one highly important question—namely, the supervision Of armaments."
In a special Washington dispatch to the New
York "Times" on Dec. 16 it was stated that "the invitation to participate in the arms conference to be
held in Geneva under the auspices of the League of
Nations was discussed to-day in a conference between President Coolidge and Secretary Kellogg. It
was learned later that the President will go into the
matter at more length with the Secretary of State
before he reaches a decision on the response that
shall be made. Late this afternoon Secretary Mellon
also made a call upon President Coolidge, and it was
taken to mean that the League invitation was
touched upon during the talk. Neither of the Cabinet Ministers would comment upon the conference
at the White House." According to a special dispatch to the New York "Times" late Thursday evening, "the invitation to the United States to participate in the work of the preparatory commission for
the disarmament conference, planned by the League
of Nations, was made public last night by the State
Department. It asserts that the League Council
'attaches the greatest possible value to the co-operation of the Government of the United States.' The
United States is asked to send representatives to sit
with the preparatory commission, which is to meet
in Geneva Feb. 15 and prepare for 'a conference for
disarmament which it is intended to call together
at the earliest possible date.' Although not a member of the League of Nations, the United States is informed that the 'question of disarmament can hardly
be approved with any certain hope of complete solution unless it is considered in its entirety and with
the co-operation of all nations.'"
Summary action on the troublesome Mosul
question was decided upon by the Council of the
League of Nations after long and annoying debate.
On Dec. 11 the Geneva representative of the New
York "Times" cabled that "the League Council today informed Turkey politely but definitely that the
last efforts for conciliation as to Mosul are being
made. Turkey is asked to appear to-morrow to discuss the problem with a council of three—M. Unden,
Foreign Minister of Sweden, Quinones de Leton of
Spain, and Guani of Uruguay. The Council this
morning was in conference for more than an hour
with Mr. Amery, the British Colonial Secretary."
Continuing to outline the plan of the Council, the
correspondent said: "If the last effort to re-establish working relations with the Turk fails the League
Council will start drafting the decision which it is
empowered to give under Article III of the Lausanne
Treaty, as interpreted by the World Court. There
is every reason to believe that the Council will agree
For, 121.
that the Brussels Line remain the permanent frontier. While this solution was not suggested by the
League Commission which was sent last summer to
investigate and make recommendations to the Council, it is generally considered in well-informed circles as being the only common-sense solution." He
added that "it is explained that the peoples on either
side of the line are now fairly well absorbed into the
respective countries, and that to change the line
would upset the lives of the inhabitants for a number
of years. If it were moved northward, that might
necessitate military operations to dislodge the Turks,
and if moved to the south it might force thousands
of Christians and thousands of pro-Iraq Moslems to
flee. It is said that this would be a small sop to the
Turks, as they gain some 2,000 square kilometres of
territory demanded by Great Britain."
Word came from Paris the same evening that
Premier Briand was endeavoring to bring the Turks
into line. In a special cable dispatch to the New
York "Times" from that centre it was stated that
"Premier Briand this evening personally intervened
in the Anglo-Turkish controversy over the disposition of Mosul. In receiving the Turkish Ambassador in Paris, Fethi Bey, M. Briand, in the course of
a long conversation urged the Ambassador immediately to impress upon the Angora Government
the necessity of changing its policy of truculence to
one of moderation in the interest of peace. In diplomatic circles it is believed that this personal appeal
of the French Premier may influence Turkey to accept a compromise with Great Britain."
Announcement was made in Geneva on Dec. 15
that "a decision favorable to Britain was handed
down by the League of Nations Council to-day in
the Mosul dispute between Turkey and Britain. The
Council decided to award Mosul, valuable oil district, to Iraq, provided Britain renews her mandate
over Iraq for twenty-five years and undertakes to
negotiate a Turko-British economic treaty granting
the Turks commercial privileges in Mosul." The
award was outlined in greater detail in a special
Geneva dispatch to the New York "Evening Post"
on Dec. 15. It was stated that "the Council of the
League of Nations in secret session to-day decided to
adopt the Brussels' treaty line as the definite boundary of the Vilayet of Mosul, which Great Britain
was authorized to hold under mandate for twentyfive years, an extension of the previous provisional
authority. The Brussels line, however, was modified to give the Turks a bit more territory than the
old border permitted. This bulge toward the east
will include part of a mountain range, which will
not serve any useful purpose for the Turks, except to
give them additional boundary security. It is understood Great Britain was directed to make necessary economic treaties with the Turks, and in this
lies the opportunity for the Empire to compromise
with Turkey."
In a subsequent dispatch the same evening the
New York "Times" representative declared that,
"following the morning session the Council permitted the publication of a report which may turn the
whole civilized world against Turkey and even cause
a general demand by the nations of Christendom
for the release of all Christians from Turkish rule.
The report was prepared by the League mission
headed by General Laidoner, and is filled with bar-
JAC. 19
1925.]
THE CHRONICLE
2915
The Greco-Bulgar invasion dispute has been setbarons and atrocious acts unsurpassed in history,
persecutions of tled by the League of Nations Connell. Announceexcept by Turkey, since the Roman
the Christians. As the report was written by a man ment was made in cable dispatches from Geneva on
who did not hesitate to have 130 Communists shot in Dec. 14 that "the League Council this morning offia single afternoon in order to repress the Esthonian cially imposed a fine and damages of 30,000,000
rebellion, it is doubly significant. There is no ques- levas (about $219,000) on Greece as a result of the
tion that the report influenced the Council's deci- recent invasion of Bulgarian territory and ordered
sion to give Mosul to Iraq, as the occupation of Mo- payment within two months." It was added that
sul by the Turks would have meant the murder or "Greece, despite her recent threats to take the case
flight of the 50,000 Christians who are living in the to the World Court, accepted the decision in good
disputed territory." Continuing, the correspondent spirit and even thanked the Council for absolving
said: "The report describes the systematic man- her of the charge of premeditated action. This ends
ner in which the 62d Regiment of Turkish infantry, the Greco-Bulgar affair. The Council adopted the
.acting under orders from Angora, sacked villages, report of the special commission of inquiry which
violated women and killed men and children in the fixes a modus vivendi along the frontier and it was
portion of disputed territory held by the Turks. It recommended that the neutral officers provided for
was prepared after a general investigation had been in the report should be supplied by the Swedish Govcarried on by the League commission among the ernment." As to this report, the Associated Press
3,000 Christians who escaped from the deportation correspondent in Geneva explained that "the Council
files and crossed the frontier of Iraq, where they are of the League of Nations in its action on the Greconow living in the most miserable conditions. These Bulgar affair to-day created two important juridical
Christians, despite the statement issued by Tewfik precedents, which will be of great significance in its
Bey on Saturday characterizing them as Nestorians future efforts to maintain world peace. First it laid
who rebelled against Turkey, are Catholic Chaldeans down the principle that reparations must be paid
who for centuries had lived in this region as serfs for the violation of territory without sufficient cause
of Kurdish chiefs. A home-loving people, they never even when the aggressor nation considers its action
rebelled and were the principal source of Kurdish justified. Second, it initiated a system for the appointment of neutral officers to preside over mediawealth."
It became known here Thursday evening, Dec. 17, tion along potentially dangerous frontiers."
that, "upon receipt of the League of Nations' deciPresident von Hindenburg of Germany has been
sion in the Turko-British dispute over Mosul, the
at Angora was immediately called trying to get a new Cabinet for Germany. On Dec. 14
Turkish Cabinet
into session by President Mustapha Kemal Pasha." he asked Dr. Erich Koch to undertake the task. In
According to an Associated Press cablegram from a cable dispatch on that date the Berlin representaLondon the same evening,"Prime Minister Baldwin, tive of the Associated Press said: "In keeping with
in a statement in the House of Commons to-day re- his determination to exhaust all Parliamentary regarding the League's decision on Mosul, said the sources in an effort to form a big coalition GovernGovernment believed that if Great Britain took the ment to succeed the present minority Ministry,
mandate for Iraq it would expire far short of the President von Hindenburg has requested Dr. Erich
Koch, Chairman of the Democratic Party, to survey
maximum of twenty-five years specified."
the situation and ascertain the prospects of forming
treaties have been deposited with the a Cabinet comprising a majority of the Reichstag
The Locarno
League of Nations at Geneva. This was done on parties. Dr. Koch's assignment came after Herr
Dec. 14. Cabling on that date, the Geneva repre- Fehrenbach, veteran Centrist leader, had informed
sentative of the Associated Press said: "The for- the President that his party preferred to leave the
mal depositing of the original copies of the Locarno task of organizing a Government to some other Partreaties with the League of Nations was the occasion liamentary group, although it was not opposed to the
for an impressive ceremony at to-day's meeting of President's pet idea of a big coalition. Dr. Koch,
the League Council. Speakers referred to the grow- who was formerly Burgomaster of Cassel as well as
ing authority of the League's principles and declared Minister of the Interior in 1919, immediately rethat the covenant had inspired the Locarno accords. paired to the Reichstag and spent the greater part
Officially handing over the documents to Sir Eric of the day in conferring with party leaders; whereDrummond, the Secretary-General, Sir Austen upon it was announced that the Social Democrats
Chamberlain said that the signatory Powers had en- would agree to a Koch Cabinet on the basis of a big
tered a new phase of international relations which coalition, but demanded acceptance of their labor
would guarantee peace between them. He said these program. The Centrists are with Dr. Koch unconnations had undertaken to avoid carefully anything ditionally, and the German People's Party is in
which would be in any way a menace to others and accord with him, but offer objections to the Socialthat this would help to stabilize the peace of the ists' labor program. The Bavarian People's Party
world. M. Paul-Boncour, the French representa- has decided to co-operate in the negotiations, but
tive, read a message from Premier Briand in which beyond this will promise no active political aid. The
M. Briand said that the Locarno treaties, which are Economic League has reserved the right to support
linked with the League, indicate the growing Dr. Koch from step to step."
strength of the League, the vigilant attentions of
It was indicated in an Associated Press cablegram
whose Council constitutes the best guarantee against
from Berlin on Dec. 15 that Dr. Koch might not "be
war. All the members of the Council spoke, the
majority emphasizing the fact that the Locarno con- successful in overcoming the opposition of the Peoference and the resultant entrance of Germany into ple's Party to the reforms demanded .by the Socialthe League open a new and hopeful era in interna- ists as the price for permitting members of the party
to accept portfolios.". Word came from the German
tional affairs."
2916
T H 114 CHRONICLE
[vox;in
capital Tuesday evening, however, Dec. 15, that "Dr. behind her troubles which France has yet to
Erich Koch, ex-Minister of the Interior and head of face."
the Democratic Party, whom President von Hindenburg yesterday invited to form a new German GovWhile not altogether satisfactory, evidently inernment, to-night got a Cabinet but no accepted plat- dustrial and commercial conditions in Germany
are
form for it to stand on." The New York "Times" not as unfavorable as has been represented in
some
representative added that 'as an antidote to the So- of the newspapers of that country. This is emphacialists' recital of their Governmental demands, sized by S. Parker Gilbert, Agent-General for Repwhich were unacceptable to the People's Party, one arations Payments, "in a voluminous report on
the
of the four component parts of the big coalition first year's workings of the Dawes plan, addressed
President von Hindenburg wants built, Dr. Koch to the Reparations Commission under date of Nov.
this afternoon submitted to the leaders of the Reich- 30 and issued here [Berlin] for publication to-day"
stag factions concerned in the Cabinet making a (Dec. 13).
Ministerial program containing twenty-one points
In outlining the report, the Berlin representative
and designed to reconcile the Socialist and Populist of the New York "Times" said: "Mr. Gilbert's
opviewpoints. This proposed platform was agreed to timism about the Reich's future is tempered with
in principle by representatives of the four conferring caution, however. Nowhere in the
81 printed pages
parties, but both the Socialists and People's Party comprising the report and its annexed 'exhibits' does
reserved their definite approval until the project had one find anything like a direct prophecy
about the
been discussed in thier respective caucuses to-mor- ultimate fulfillment of the 'plan
of the First Comrow. This means that there is nothing conclusive mittee of Experts.' The Agent-General
implies a
about the situation as yet."
large measure of faith in the capacity and willingThis information proved to be incorrect, as an- ness of Germany to carry
out her obligations, but
nouncement was made in an Associated Press cable he refrains from definitely
predicting that she will
message from the German capital on the evening of do so. German applicati
on of the experts' recomDec. 17 that "the Reichstag has decided to recess un- mendations, he finds, has
produced two beneficial
til Jan. 12, as the new Cabinet probably will not be results: It has lifted this
country out of the slough
constructed before the holidays." It was added that of monetary and economic
despond and restored
"Dr. Erich Koch to-day notified President von Hin- stable currency and budgetary
equilibrium to the
denburg of his inability to form a Cabinet. This ac- German State; and it has cleared
the way for Gertion had been forecast by the decision of the Social many's recovery of her pre-war prosperit
y, while at
Democratic party that it could not take part in a the same time permitting her bear her
to
reparations
coalition Government. 'Vorwaerts,' the Socialist or- burden. Mr. Gilbert,
in effect, controverts the
gan, declares distrust of the People's Party, which clamor of a commercial crisis resoundin
g throughout
hitherto has been anti-republic and anti-Socialist the German press. He admits that
in certain quarand caused the Socialists' decision to decline Dr. ters 'conditions are approaching a crisis,'
but deems
Koch's program." In a special cablegram to the New these to signify merely a 'further stage of
readjustYork "Times' the same evening it was added that ment.' Germany' adverse balance
s
of foreign trade
"the present Minister is asked to guide the Ship of is not as bad as it is described in official
statistics,
State until then, when it is expected President von he intimates, and her credit troubles are being
overHindenburg will request Dr. Luther to take the helm come slowly but surely. In his view, tariff
and
in the new Government."
other barriers against German invasion of foreign
markets constitute perhaps the greatest immediate
Conditions in Germany and France were con- obstacle to the Reich's well-being; but these, too,
are
trasted in a long dispatch from Berlin under date being gradually leveled."
of Dec. 16 from a special Paris representative of the
With respect to the two preliminary objects of the
New York "Times," who apparently was making an plan, Mr. Gilbert said: "The plan realized
during
investigation. In part he said: "Between the na- the first year its two essential preliminary objects;
tional outlook of Germany and the national outlook that is to say, a balanced budget and stable currency.
of France there is a fundamental difference, seven Without these it was impossible to look forward
to
years after the end of the World War. As 1925 the recovery of German business and industry.
The
draws to a close, it finds conquered Germany pre- budget, in fact, has been rather more than
balanced,
occupied with plans for the future, and at the same and for the time being at least the Governme
nt has
time finds victorious France preoccupied with plans instead, and on a unique scale, the reverse
problem
for liquidating the past. By a drift of circumstances of the wise management of public funds.
As for the
over which they themselves may or may not have currency, its stability has been fully
maintained
had control, the German people are looking ahead according to both internal and external
standards,
while the French people are forced to look behind. and buyers and sellers alike have again
been able to
This divergence forces itself on one. Here is Ger- do business with the assurance that
stability immany, with 65,000,000 people increasing yearly, her plies."
domestic war debt wiped out, her budget more than
balanced and dotted with new factory chimneys
The Italian Chamber of Deputies has adopted a
‘rarin' to go,' on the sure path of winning back her measure providing for compulsory
arbitration of
commercial and political position. There is France, labor disputes. According to a special
wireless diswith 40,000,000 people not increasing yearly, unable patch from Rome to the New York "Times"
on Dec.
to handle her domestic debt, with her budget un- 11, "after five hours of discussion to-day
devoted to
balanced, scarcely able to repair war damage Ger- examining paragraph by paragraph the
law grantmany did and not knowing what the future holds. ing juridical recognition to Fascist syndicate
s or
One German mark is worth seven French francs. corporations, the Chamber of Deputies approved the
One cannot escape the feeling that Germany has put law in its final shape. The most noteworthy feature
DEC, 191925.]
THE CHRONICLE
2917
of to-day's vote was that the Chamber was reversing London open market discount rates again advanced,
yesterday's decision after a remarkable speech by until quotations had practically reached the levels •
/(4)
Premier Mussolini, who declared that all labor dis- of the official Bank rate. Short bills closed at 478
/
/
1
2
putes, whether in agriculture or industry, must be 5%,as against 4 @4 9-16% last week and 478% for
submitted to compulsory arbitration." The corre- three months' bills, against 4 9-16% a week earlier.
spondent declared also that "compulsory arbitration Call money in London followed a parallel course and
/ ,
for all labor disputes represents a great victory for rose to 4%70, but closed at 35 70 which compares
last week. At Paris and Switz/0
1
2
the Fascist syndicates or corporations, whose repre- with 3 7,the close
sentatives during previous sittings have engaged in a erland open market discounts continue to be quoted
/0
1 ,
2
heated battle with Deputy Benni in behalf of the at 4%70 and 2 7 respectively, unchanged.
capitalist interests, making a strong stand against
compulsory arbitration." He added that "after
Another, though appreciably smaller, loss in gold
Signor Mussolini's speech to-day, in which he made was shown by this week's Bank of England statean appeal to both sides to make concessions for the ment, amounting to £206,115. However, this was
good of the nation, Deputy Benni declared that the accompanied by a substantial expansion in note cirindustrialists would accept compulsory arbitration culation—no less than £834,000; hence, reserve of
'as a sign of devotion to the Fascist regime which has gold and notes in the banking department fell
given Italy industrial peace.' Following this state- £1,040,000, while the proportion of reserve to liabiliment, the law was passed without hitch by an almost ties was forced down to 15.81%, as compared with
unanimous vote."
16.62% last week. In the corresponding week of
The following are some of the most important and 1924 the reserve ratio stood at 19% and a year
significant statements made by the Premier in his earlier at 15%%. Important changes were noted in
speech. "This [compulsory arbitration] is a ques- the deposit items. Public deposits increased £1,938,tion in which failure to take a step forward consti- 000, at the same time that "other" deposits were retutes in reality a step backward. We must make up duced £1,931,000. Loans on Government securities
our minds. Either arbitration must be compulsory were reduced £6,000,000, though loans on other sefor both or optional for both. It would be a grave curities expanded £7,045,000. The Bank's stock of
setback for the nation if a strike prevented wheat gold has fallen to £144,801,755, which compares with
from being harvested for one year, but in these days £128,511,617 a year ago (before the transfer to the
of keen industrial competition an industrial strike Bank of England of the £27,000,000 formerly held by
might be an even graver setback. Agriculture and the Redemption Account of the Currency Note
industry should therefore be treated alike. I con- issue), and £128,023,083 in 1923. Reserve amounts
sider the next five or ten years decisive for the fu- to £20,418,000, in comparison with £22,757,837 in
ture of our nation, because international competition 1924 and £19,587,913 the year before. Loans aggreis growing ever keener. We who appeared somewhat gate £78,126,000, in comparison with £72,398,360 one
late on the world stage cannot permit ourselves the year ago and £76,920,100 two years ago. Outstandluxury of scattering our forces. Peoples can either ing note circulation is now £144,153,000, which conlive or vegetate. When a nation vegetates it is re- trasts with £125,503,780 at this time in 1924 and
duced to the rank of a colony. To me, living means £128,185,120 the year preceding. The 5% official
something totally different. It means endeavor. It discount rate has not been changed. Clearings
means risk. It means grit. It means endurance. through the London banks for the week totaled
Living means not giving in to fate. Fate has denied £820,536,000, in comparison with £831,264,000 a week
to us raw materials, but we can win without them." ago and £778,536,000 last year. We append comparisons of the different items of the Bank of EngWord came from Rome Thursday evening that land statement for a series of years:
"by a unanimous vote the Chamber of Deputies toBANK OF ENGLAND'S COMPARATIVE STATEMENT.
1922.
1924.
1923.
1921.
1925.
day approved the Washington debt agreement with
Dec. 20.
Dec. 17.
Dec. 21.
Dec. 19.
Dec. 16.
enthusiastic applause. This approval was granted
.£
.6
Circulation
virtually without discussion, as all the speakers were Public deposits 0144.153.000 125,503,780 128,185,120 124,890,400 126.671,025
10,719,000 10,557.366 15.371,173 17,013,748 14,116.381
118,295,000 108,750,895 109,690.229 106,381,806 124,206.562
frankly laudatory except the Communist Deputy Other deposits
Covernra't securities 48,368,000 42,039,552 47,408,532 51.022,091 50.824,630
Ferriri, whose statement that the Washington agree- Other securities
78,126,000 72,398.360 76.920,100 68,797.525 85,200,078
ment represented another victory of the bourgoisie Reserve notes St coin 20,418,000 22,757,837 19,587.913 21.003,819 20,210,119
Coln and bullion_ _a144,801,755 128,511.617 128.023,083 127.444,219 128,431,144
over the proletariat was met with loud laughter." Proportion of reserve
14M%
15%
15.81%
to
17%
19%
The dispatch also stated that "the agreement, he Bankliabilities
4%
4%
rate
3%
5%
5%
.
said, represented the best terms obtainable, and
although it constitutes a considerable burden for
The Bank of France in its statement the present
Italy's taxpayers, it must not be forgotten that week reports a gain in the gold item of 34,575 francs.
the German reparations, if the Dawes plan worked Gold holdings, therefore, now aggregate 5,547,844,properly, should give the Italian Government con- 450 francs, as against 5,545,009,658 francs for the
siderable revenue which would be wholly applied to corresponding date last year and 5,540,268,868 francs
paying off debts. In addition, he said, 1,000,200,000 for the year before. Of these amounts 1,864,320,907
lire to be included in the next budget was to be set francs were held abroad in each of the years 1925,
aside in the sinking fund to meet the American and 1924 and 1923. A further addition to note circulaBritish debt payments."
tion, of 91,522,000 francs brings the total, amount
outstanding up to 49,627,523,310 francs, which is,
No change has been noted in official bank rates at the highest ever recorded. The legal limit now is
leading European centres from 97 in Berlin; 77 58,500,000,000 francs. Last year at this time note
0
0
0
in Italy and Belgium; 67 in Paris; 5 7 in Den- circulation stood at 40,518,419,720 francs and the
/0
1
2
mark;5% in London, Madrid and Norway; 4 % in year previous at 37,629,996,840 francs. The French
/
1
2
Sweden and 3 % in Holland and Switzerland. In Government borrowed 300,000,000 francs more from
/
1
2
2918
THE CHRONICLE
the Bank during the week, bringing the total of advances to the State up to 33,950,000,000 francs, a
total in excess of any previously reached. The
French Parliament on Dec. 4 fixed the maximum of
advances to the State at 39,500,000,000 francs.
During the week silver increased 2,083,000 francs and
general deposits 19,661,000 francs. On the other
hand, bills discounted decreased 232,803,000 francs,
advances fell 93,227,000 francs and treasury deposits
declined 177,000 francs. Comparisons of the different items in this week's return with the figures of
last week and with corresponding dates in both
1924 and 1923 are as follows:
BANK OF FRANCE S COMPARATIVE STATEMENT.
Changes
Status as o
for Week.
Dec. 17 1925. Dec. 18 1924. Dec. 20 1923.
Gold Holdings—
Francs.
Francs.
Franca.
Francs.
MM
In France
Inc.
34,575 3,683,523,543 3.680,688.751 3.675,947,960
Abroad
1,864,320,907 1,864.320.907 1.864,320,907
Unchanged.
Total
Inc.
34.575
Silver
Inc. 2,083.000
Bills discounted__ Dec232,803,000
Advances
Dec. 93,227.000
Note circulation
Inc. 91,522,000
Treasury deposits Dec.
177,000
General deposits_Inc. 19,661,000
5,547,844,450
318,892.802
3,428,279,669
2,578,940,653
49,627,523,310
30,760,483
3,250,113.097
5,545,009.658
305,427,881
4,900.020.193
2,921,704,084
40,518,419,720
16,513,099
1,970,192.019
5,540,268,868
296.393,050
3.269.440,785
2,416,360,929
37,629,996,840
26,312,033
2,124,576,026
The Federal Reserve Bank weekly statements that
were issued at the close of business on Thursday revealed further material shrinkage in gold holdings,
but showed contraction in both rediscounting and
open market operations. For the System as'a whole
the report indicated a loss in gold of $20,700,000.
Rediscounts of bills secured by Government paper
fell $35,100,000, and "other" bills $25,200,000; with
the net result a lowering in total bills discounted of
$60,300,000. Holdings of bills bought in the open
market were reduced $17,000,000. Total bills and
securities (earning assets) decreased $30,000,000,
while deposits declined $14,000,000. An increase
occurred in Federal Reserve notes in actual circulation of $22,600,000, and in member bank reserve
accounts $18,400,000. The changes recorded by the
New York Bank followed along similar lines. Gold
reserve declined $29,800,000. Rediscounting of all
classes of paper fell $64,500,000, but the total outstanding is btill well in excess of a year ago. Open
market purchases decreased $17,600,000. As to total
bills and securities, there was a reduction of $24,600,000, and of no less than $33,000,000 in deposits.
The amount of Federal Reserve notes in actual circulation increased $6,600,000. Member bank reserve
accounts fell $17,900,000. As to reserve ratios, these
reflected the shrinkage in gold and declined to
75.9%, off 0.7% at New York, and to 68.7% for the
banks as a group, also a decline of 0.7%.
A gain in surplus reserve of nearly $12,000,000,
brought about despite larger deposits, proved the
most noteworthy feature of last Saturday's statement of New York Clearing House banks and trust
companies. Loans and discounts decreased $290,000. Net demand deposits expanded $5,270,000, to
$4,474,426,000, which is exclusive of $8,507,000 in
Government deposits, but time deposits were reduced $253,000. Cash in own vaults of members of
the Federal Reserve Bank increased $3,806,000, to
$53,134,000. This total, however, is not counted as
reserve. Other minor alterations comprised increases of $17,000 and $125,000 in the reserves of
State banks and trust companies in own vaults and
in other depositories, respectively. Member banks
added to their reserves at the Reserve institution the
sum of $12,512,000, a factor which, of course, was
;tn. 121,
mainly instrumental in bringing about the addition
to surplus reserve of $11,977,060. Excess reserves
were thus raised to $14,472,430, as compared with
$2,495,370 the previous week. The above figures for
surplus reserve are based on legal reserve requirements of 13% against demand deposits for member
banks of the Federal Reserve, but not including $53,134,000 cash in vault held by these member institutions on Saturday last.
Call money developed an easy tone soon after the
large mid-month disbursements were made on Tuesday. This was maintained and even became more
pronounced during the next two days. Yesterday,
however, there was an advance to 5 % from the
/
1
2
opening and a renewal quotation of 434%. This
rather abrupt upturn was attributed chiefly to the
fact that it was the end of the week and to some remaining effects of the large turnover on Dec. 15.
With call money at 5 % time funds were more
/
1
2
freely offered, loans at 478% being reported against
/
the single rate of 5% for several days. Firm quotations for call money during the rest of the month
would not cause surprise. A large holiday business
is being reported by department stores, mail order
houses and chain stores. Business generally continues on a large scale, although some irregularity
is reported in certain lines. The car loadings of the
railroads for the first week of December were in
excess of 1,000,000 cars. This was a larger total
than ever reported for any week in December and
more than 50,000 cars above the figures for the corresponding week of last year. The investment market has been quite active in advance of the Jan. 1
disbursements. Several European loans are said to
be in the making.
Referring to money rates inrdetail,rloans on call
this week covered a range of 43/i to 51 %,which com4
pares with 5(4)5M% a week ago. On Monday the
high was 532%,the low 5% and 5% also for renewals.
Tuesday a flat rate of 5% was quoted, this being the
high, the low and the renewal quotation for the day.
Call funds again renewed at 5% on Wednesday, but
there was an easier feeling and before the close a
decline to 432% had taken place; the high was 5%.
On Thursday no loans were made above 43%, which
was the only rate named, and also the basis for renewals. Firmness set in on Friday with an advance
to 532%,although renewals remained at 4%%,which
was also the low for the day. For fixed date maturities moderate activity was recorded. Time funds
were in fairly good demand and the undertone of
the market was steady with quotations still at 5%
for all periods from sixty days to six months, unchanged.
Mercantile paper rates have not been changed from
434@,43'% for four to six months' names of choice
character, with names less well known still requiring
43/2%. New England mill paper and the shorter
choice names are still being dealt in at 434%. Indications of a broadening in demand, especially on the
part of country banks were noted, but trading was
restricted by lack o' offerings of the best names.
Banks' and bankers' acceptances were comparatively inactive and the aggregate turnover for the
week attained only moderate proportions. Out-oftown institutions continue the principal buyers, but
trading was dull and featureless. The undertone
was steady and quotations unchanged. For call
DEC. 19 19251
THE CHRONICLE
loans against bankers' acceptances the posted rate
of the American Acceptance Council is now 44%,
as against 43/2% last week. The Acceptance Council
makes the discount rate on prime bankers' acceptances eligible for purchase by the Federal Reserve
banks 3%% bid and 34% asked for bills running
30 days, 33'% bid and 33/s% asked for 60 days,
35% bid and 3% asked for 90 days,34% bid and
4% bid and 34% asked
3%% asked for 120 days, 37
4% asked for 180
for 150 days, and 4% bid and 37
days. Open market quotations are as follows:
SPOT DELIVERY.
90 Days.
80 Days.
wrime eligible bills
834(5334
8345339
FOR DELIVERY WITHIN THIRTY DAYS.
ItgibIe member banks
Eligible non-member banks
30 Dogs
42)334
3,1 ble
3,1 Me
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
DECEMBER 18 1925.
Paper Maturing—
After 90 After
Days. but
but
Within 6 Within 9
Months. Months
90 Days.
IEDERAL RESERVE
BANK.
Com'
rata Secured
Aric I et by U. S Bankers' Trade doricia.• A ortcri
Accepand
Livestock Governns' Accepand
Payer. obtioa- lances. tances Livestock Limiest
nuns.
Payer. Payer
ass.
Boston
4
4
New York
814
3,4
Philadelphia_
4
4
Cleveland
4
4
Richmond
4
Atlanta
4
4
4
Chicago
4
St. Louts
4
4
Minneapolis
4
a
!Came City
4
4
Dallas
4
4
Ban Francisco__
4
•Including bankers' aoceptancee drawn for
Op warehouse receipts. &a.
4
334
4
4
4
4
a
a
a
4
4
4
a
a
a
a
a
4
8,4
4
4
a
a
a
a
4
334
4
a
a
4
a
6
4
4
4
an agrioulturai purpose and secure°
Movements in the sterling exchange market this
week were narrow and lacking in importance, although a general undercurrent of firmness was apparent and demand rates at no time went below 4 84
while before the close there was an advance to
4 84 13-16. Trading during the early part of the week
was inactive and the volume of business transacted
limited; that is, so far as the local market was concerned. In London dealings were on a larger scale
and cable rates showed an upward tendency, which
as usual exercised a strengthening influence on this
side. Offerings of commercial bills were moderate,
and the inquiry was on the whole fully equal to the
supply. As a matter of fact the market presented
an appearance of neglect with dealers apparently
engrossed in the developments in France, up till
Thursday, when the inauguration of a buying
movement in sterling of considerable scope began to
attract attention, and demand bills advanced nearly
lA cent in the pound. This was said to represent
institutional buying on the part of banks who felt
that the sterling market was in a strong position
and ready for another rise. Bankers were also
adding to their London balances. Stiffening in
British money rates increased the inducement
to do this. Call funds in England during the last
few days have risen to 4%%, which compares
less than a month ago.
with a quotation of 2
In keeping with this, discount rates have been
mounting and both short and long (three months')
4
bills have advanced to 47 (4)5%, which is practically
on the same basis as the official discount rate of the
Bank of England. This led to talk of another advance in the Bank rate in some quarters. Bankers,
2919
best informed, on the other hand, were of the opinion
that this state of affairs is the result of holiday demands for funds incidental to year-end settlements
and disbursements and likely to prove temporary.
Referring to quotations in detail, sterling exchange
on Saturday last was a shade easier and demand did
not get above 4 845 (the only rate quoted), with
%
cable transfers 4 85, and sixty days 4 81%; trading
was moderately active. On Monday there was a
further slight decline, with the range 4 843/@4 84%
2
for demand, 4 84%@4 85 for cable transfers and
4 814(4)4 81% for sixty days. In the absence of
any increase in activity sterling moved within narrow
limits on Tuesday and demand sold at 4 84 9-16@
4 84%, cable transfers at 4 84 15-16@4 85 and sixty
/
days at 4 81 5-16@4 8138. Wednesday's market
was firm on quiet trading; quotations ranged between
4 84 9-16 and 4 84 21-32 for demand, 4 84 13-16
@ 4 85 1-32 for cable transfers and 4 81 5-16@
4 8113-32 for sixty days. Brisk institutional buying
sent prices up on Thursday and demand bills touched
4 853/; the low was 4 844; while cable transfers
s
%
/
2
ruled at 4 85@4 841 and sixty days 4 8138@4 813/
.
On Friday the tone was firmer, with quoted rates
fractionally up to 4 84 23-32@4 84 13-16 for demand,
485 3-32@4 853-16 for cable transfers, and 4 81 15-32
@4 81 9-16 for sixty days. Closing quotations were
4 813' for sixty days, 4 844 for demand and 4 85/á
1
for cable transfers. Commercial sight bills finished
/
at 4 845s, sixty days at 4 81, ninety days at 4 804,
documents for payment (sixty days) at 4 814, and
2
seven-day grain bills at 4 833/. Cotton and grain
for payment closed at 4 84%.
No gold engagements were reported this week
either for import or export. The Bank of England
continues to lose gold and announced sales and
exports approximating £260,000, to India, the
Straits Settlements and Argentina. Yesterday the
Bank bought £107,000 gold bars.
Semi-demoralization in French francs completely
overshadowed all other developments in the Continental exchanges and the week's trading was marked
by the establishment of new low records in quotations
for France's currency. Following a weak opening,
francs underwent further reaction downward, to
3.57—the lowest level o the year—on heavy selling
in expectation of the defeat of M. Loucheur's
financial proposals and the possible overthrow of
the Ministry. On Wednesday, however, announcement that M.Loucheur had resigned and M.Doumer
been appointed as Finance Minister brought about a
rally of 8 points, to 3.674., while yesterday afternoon
there was a sharp advance to 3.84, chiefly as a result
of a shortage of francs in France, which in turn had
been brought about by the recent heavy buying of
foreign currencies, also rumors (later officially denied) of negotiations for offering to the United States
France's share of the German reparation bonds.
Reports of various other projects for the raising of
funds without resort to taxation had a sentimentally
strengthening influence. Bankers here, however,
showed a disposition to frown upon these plans.
Trading locally continued light throughout and bankers gave it as their opinion that matters had, probably, not improved to any measurable extent. France,
so they claim, will have to face drastic financial reform, regardless of the measures utilized. Very little
hope is entertained that Doumer will meet with
greater success than did Loucheur, especially since it
2920
[Vol. 121.
THE CHRONICLE
is remembered that the latter's unpopularity dates
only since the introduction of his tax program. The
recovery in franc values, therefore, was partly sentimental and partly the result of short covering. Government support was in evidence and it was asserted
that without the intervention of the Bank of France
at this crisis the slump would have been far greater.
As against this formidable array of dismal circumstances, it was noted with considerable interest that
there has been virtually no future trading in francs.
Franc futures are being quoted at about a half point
per month under the spot rate, or the smallest spread
in months. It is recalled that when francs touched
the low of all time, 3.433/ in March of last year,
futures declined to 25 points per month below spot
rates. The reason assigned for this difference is
that at present selling is of a far more legitimate
character, with very little indication of speculation.
Last year foreign interests at all large centres were
selling francs short through offerings of futures
whereas now, French holders are selling francs and
buying other and more stable forms of currency, as
well as foreign securities, with foreign interests
sharing only to a minor extent in the dealings.
Belgian and Italian exchange were stable and ruled
at close to last week's levels, namely, 4.52 and 4.03,
respectively. Trading was narrow. Business in both
of these countries is beginning to suffer as a result of
French competition, the lower exchange rates, it is
claimed giving France the lead in exports. Talk of
the possibility of France's financial affairs being
placed in the hands of a Dictator, or adoption of a
Fascist form of government, while not as yet seriously
regarded, has caused some anxiety. Austrian kronen remained unchanged. Reichsmarks ranged a
M point, with no trading to speak of. Greek currency
remained weak, at around 1.26. In the minor MidEuropean group, the only development of importance
was renewed weakness in Polish zlotys, which dropped
back to 10.00 on persistent attempts to sell with no
takers, then closed at 10.50. Efforts of the new
Government in Poland to support the zloty are very
far from successful, and Polish interests are evidently
transferring their capital into either property holdings
or else more stable forms of currency. Plans to reduce the budget are being worked out.
The London check rate on Paris closed at 129.20,
comparing with 130.75 a week ago. In New York
sight bills on the French centre finished at 3.79,
against 3.67;cable transfers at 3.80, against 3.68k;
commercial sight bills at 3.78, against 3.66, and
commercial sixty days at 3.733, against 3.62% last
week. Antwerp francs closed at 4.52% for checks and
at 4.53% for cable transfers. Last week the close was
4.523 and 4.533 . Final quotations for Berlin marks
%
were 23.81% (one rate) for both checks and cable
transfers, against 23.81 a week earlier. Austrian
kronen continue to be quoted at .00143'. Lire finished the week at 4.02% for bankers' sight bills and
A
at 4.035 for cable transfers,in comparison with 4.023/
and 4.033/b last week. Exchange on Czechoslovakia
closed at 2.96%, (unchanged); on Bucharest at
0.46%, against 0.46, and on Finland at 2.523/,
2
(unchanged). Polish zloties finished at 10.50,
against 11.50 a week ago. Greek drachmae closed at
1.263/ for checks and at 1.27 for cable transfers.
This compares with 1.27 and 1.273/ the previous week.
ments in prices narrow and devoid of significance.
Dutch guilders ruled quiet and heavy, declining at
one time to as low as 40.15. Swiss francs remained
stable and gained 3 points. In the Scandinavian
group, the trend was downward, but here also
fluctuations were relatively small until Friday,
when Norwegian and Danish exchanges reacted over
10 points on selling. Swedish crowns, however,
advanced about 5 points. Speculative interest has
subsided. Denmark is reported as having adopted a
plan through which the National Bank undertakes
to maintain rates above $2.380, except in certain
special cases which may warrant a slight lowering.
Denmark is also said to be planning a return to par
within a short time. Spanish pesetas. again turned
weak and touched 14.14, with no specific activity to
account therefor, then recovered to 14.163/.
2
Bankers' sight on Amsterdam closed at 40.15,
against 40.15; on cable transfers at 40.17, against
40.18; on commercial sight at 40.07, against 40.073
and 39.71 for commercial sixty days, against 39.71
a week earlier. Closing rates on Swiss francs were
19.27 for bankers' sight bills and 19.313/ for cable
remittances. This compares with 19.273/b and
19.28 last week. Copenhagen checks finished at
24.75 and cable transfers at 24.79, against 24.91 and
24.95. Checks on Sweden closed at 26.75 and cable
transfers at 26.79, against 26.72
and 26. 63/2,
7
while checks on Norway finished at 20.10 and cable
transfers at 20,14, against 20.34 and 20.38 the previous week. Spanish pesetas closed at 14.163/ for
checks and at 14.183/ for cable transfers, as contrasted with 14.213/2 and 14.23 a week ago.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
DEC. 12 1925 TO DEC. 18 1925, INCLUSIVE.
C sign and Mandan,
CAW.
Noon Buying Rate for Cable Transfers In New York
Value In United Slates Money
Dec. 12. Dec. 14. Dec. 15. Dec. 16. Dec. 17
s
EUROPE$
S
kustria.schilling•-- .14061
.14072
.14063
Belgium, (ratio
.0453
.0453
.0453
Bulgaria. ley
007306 .007304 .007283
Czechoslovakia. krone .029615 .029617 .029617
Denmark. krone__ .2493
.2489
.2487
England, pound sterling
4.8495
4.8490
4.8496
Finland. markka
. .025217 .025213 .025218
France. franc
.0365
.0360
.0359
Germany. reiclismark. .2381
.2381
.2381
Greece. drachma
.012679 .012562 .012503
Holland, guilder...-. .4017
.4016
.4017
Hunkers', krone-- .000014 .000014 .000014
Italy, lira
.0404
.0404
.0403
Norway, krone
.2035
.2034
.2033
Poland. zloty
.1100
.1069
.1022
Portugal. escudo
.0514
.0511
.0512
Rumania,leu
.004631 .004829 .004840
Vain, peseta
.1415
.1420
.1416
iweden, krona
.2677
2676
.2675
iwitzerland, trans__ .1928
.1928
.1928
Yugoslavia, dinar__ .017713 .017705 .017710
ASIA311illarChefoo, tael
.7854
.7798
7804
Hankow.tael
.7894
.7678
.7744
Shanghai. tael
.7523
7548
.7569
Tientsin. tael
.7900
.7958
.7908
Hong Kong. dollar. .5743
.5746
.5752
Mexican dollar..._. .5504
.5498
.5495
Tientsin or Peiyang
dollar
.5525
.5504
.5504
Yuan. dollar
.5638
.5858
.5650
India, rupee
.3665
.3663
3867
tape°. yen
.4368
4332
.4339
4Ingapore(S.8.),do
.5663
.5883
.5663
NORTH AMER.Canada, dollar
.999438 .999414 .999498
Cuba. peso
999344 .998969 .998844
Mexico, peeo
487333 .487333 .487500
Newfoundland, dolls .996625 .997438 .997406
SOUTH AMER.%rgentina. peso (gold) .9434
.9426
.9431
mitreis
.1423
.1422
.1416
Chile, peso (paper)
.1222
.1222
.1224
1.0143
Uruguay. peso
1.0154
1.0144
$
.14058
.0453
.007288
.029618
.2488
Dec 18.
S
.14058
.0453
.007294
.029614
.2488
.14054
.0453
.007294
.029618
.2484
4.8496
4.8500
.025221 .025218
.0368
.0363
.2381
.2381
.012740 .012658
.4017
.4017
.000014 .000014
.0403
.0403
12030
.2028
.1031
.0994
.0512
.0512
.004629 .004638
.1417
.1418
.2677
.2677
.1930
.1930
.017703 .017704
.8512
.025220
.0378
.2381
.012640
.4017
.000014
.0403
.2022
.1044
.0512
.004637
.1418
.2679
.1031
.017705
•
.7796
.7894
.7525
.7892
.5735
.5490
.7833
.7709
.7580
.7929
.5750
.5490
.7842
.7788
.7588
.7983
.5763
.5503
.5525
.5625
.3662
.4370
.5663
.5617
.5650
.3670
.4352
.5663
.5538
.5667
.3662
.4333
.5663
.999621
.998875
.487667
.997406
.999578
.998875
.487667
.997156
.999570
.998875
.486667
.997408
.9415
.1418
.1213
1.0112
.9407
.1418
.1216
1.0121
.9402
.1418
.1218
1.0083
As to South American exchange, dulness pervaded
dealings, though the tone was a trifle firmer. Argentine pesos closed at 41.39 for checks and at 41.46 for
cable transfers. Last week the close was 41.47 and
41.52. Brazilian milreis were likewise higher and
finished at 14.16 for checks and at 14.21, as conThere is practically nothing new to report in the trasted with 14.14 and 14.19 last week. Chilean
former neutral exchanges, which were dull with move- exchange was easier and finished at 12.17, against
THE CHRONICLE
DEC. 191925.]
12.29, while Peru closed at 3 92, against 3 96 a
week ago.
Far Eastern Exchange was not greatly disturbed
by the rumors of impending upheaval in China and
of dissension between England and Turkey, and the
undertone was firm. Hong Kong closed at 58/
3®
558, against 583'®58%. Shanghai finished at
4®7732, against 77®78; Manila at 50®503
771
(unchanged); Singapore at 57®57%, against 57®
57%;Yokohama at 43.25®43.75, against 434®433'
while Bombay closed at 36%®37 (unchanged), and
Calcutta 363®37 (unchanged).
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $3,277,750 net in cash as a result of the currency movements for the week ended Dec. 17.
Their receipts from the interior have aggregated
$5,209,550, while the shipments have reached $1,931,800, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
into
Banks.
Week Ended Dec. 18.
Batiks'Interior movement
Om of
Banks.
$5,209 550
Gain or Loss
to Banks.
$1,931,800 Gain 53 277,750
As the sub-Treasury was taken over by the Fed.
eral Reserve Bank on Dec. 6 1920, it is no longet
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday, Monday,
Dec 12. Dec. 14.
Tuesday, Wednesd'y. Thursday. Friday,
Dec. 15. Dec. 16. Dec. 17. Dec. 18.
Aggregate
for Week.
$
$
$
$
$
$ •
$
89.000.000 111 000.00 91.000.000 138.000.00 125,000 00 110,000,00 Cr 667.000,000
Note.—The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve Systems par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Banks operations with the Clearing
House Institutions, as only the items payable In New York City are represented In
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for In arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal
Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of but
lion in the principal European banks:
Dec. 17 1925.
Dec. 18 1924.
Banks of—
Gold.
Sneer.
I
Total.
Gold,
Silver.
Total.
England - _ 144.801,755
144,801.755 128,511,617
128,511.617
France a_ _ 147.340,942 12,720.000 160.060.942 147,227,550 12,200,000 159,427,550
Germany c 49,909,600 d994,6001 50,994,200 23,038.700
994,600 24,033,300
Aus.-Hung b2,000,000
62,000,000 b2,000,000
62,000,000
Spain
101,477,000 26.088,000127.565,000 101.398.000 26,122,000 127,520,000
Italy
35.648,000 3,411,000, 39,059,000 35.583,000 3,379,000 38,962,000
Netherrds 37,565,000 1,988.000, 39,553.000 42,053,000 1,061,000 43,114,000
Nat. Belg_ 10,954,000 3,645,000 14,599,000 10.819.000 2,758.000 13,577,000
Switzerl'd_ 18,235,000 3,615,000 21,850,000 20,220.000 3,729,000 23,949,000
Sweden _ _ _ 12,801.000
1 12,801,000 13.246,000
13,246,000
Denmark _ 11,628.000
874,000, 12,502,000 11,639.000 1,280,000 12,919,000
Norway
8,180,000 8,180.000
8,180,000
8,180,000
Total week 580,630,297 53,335,600633,965,897543,915,867 51.523.600595.439,467
Prey. week 581.130.909 53.440.600 1334.571.5n9 542.716.991 51.526.600
595.243.591
a Gold holdings of the Bank of France this year are exclusive of
f74.572,836
held abroad. b No recent figures. c Gold holdings of the Bank of
German
Ibis year are exclusive of £10,363,850 held abroad. d As of Oct. 7 1924.
I
The Influence of Christmas
There is no national holiday more beloved than
Christmas. So gentle and kindly are its calls upon
the heart that we seldom stop to think of its effect
upon society and the people as a whole. Yet it is
significant that the celebration of the coming of the
Great Teacher has become fixed in the polity of a
nation and is enshrined in the bosom of society. And
we may well pause in the midst of our giving and
rejoicing to reflect upon the influence Christmas
exerts upon the aims, industries and aspirations of
the people at large. We are said to be a commercial
people, our thoughts fixed upon material gains, our
ambitions fastened upon place and power. On this
one day we forget these things and almost literally
revel in good deeds. We relax from toil, we rest in
2921
the reverence we give to the Giver who gave life itself
that all men might be lifted up. It is a day of abnegation, helpfulness and sacrifice. For, in the milltitude of gifts that love engenders, there are many
who deprive themselves that others may have joy.
How much this generous thoughtfulness affects us
all, during the year to come, we cannot estimate.
But it can only leave in its wake a more considerate feeling for the struggles and sorrows that are
the common lot of all. Life is not the same to everyone. To some it is a thrilling adventure in achievement. To others it is a monotone of trial and toil.
Many strive to conquer circumstance and win success. Not a few, borne down by adversity, grow
cynical and morose. But when the feeling of goodwill runs round the world as the Christmastide
comes on there are none so hard of heart as not to
find some happiness in the happiness of others. And
as the day recedes in the more active claims of the
days that follow what we may term the subconscious
urge of Christmas is never lost.
Let us pause, then, to think on what Christmas
teaches to a people given over, as some say, to materialism. If one takes of his earnings and profits
on this one day to add a little to the joy of others
does he not exemplify the truth that the incessant
effort to accumulate is not done in selfishness but
in the sanction of love and kindliness? Barring the
exceptions which attach to all general statements,
is it not true that this vast complex of commerce
has its mainspring in altruism? These rich men we
sometimes contemn, we may dismiss them from our
estimate by saying that having passed the point of
personal gratifications they work on either for pride
of achievement, or for the satisfaction of power
held, or for the sense of duty performed in the light
of the needs and wants of others; wants and needs,
it may be, of employees or of communities or of
those less able to help themselves whose only resource lies in benefactions wealth alone may bestow.
Follows a middle class, those who are in moderate
circumstances, who do the small business of the
country, and who minister to the countless modest
homes that strengthen society and the State, and
who, to speak in figures, are in the lower brackets of
the income tax, these are the direct givers whose
wages and profits centre in the support of family.
And then there are those who work from day to day
who rarely accumulate for the morrow, the hewers
of wood and drawers of water of a composite society, and who carry home at eventide in the necessities of a cramped existence the love that toils on,
and, though it may ask why, still bears the burden
and is glad in the laughter of childhood and the
contentment of age.
If the giving of Christmastime blossoms for a day
does not this greater giving bear fruit for the year?
If thought for this one day turns from success to
suffering does not the accomplishment of the year
in material things bear witness to the essential spirituality of commerce and trade? We are prone in
this era of questioning all things to ask that our
material life shall give a good account of itself. We
wonder if we have not lost our way in the morass of
individual endeavor. We project from our imaginings a new society and State where all men and all
things shall be equal. But if a man have nothing of
his own to give, how can he feel the joy of giving?
If all effort results in the same rewards, how can
there be the thrill of achievement? And if love for
2922
THE CHRONICLE
others becomes the standardized product of a ruling
power that knows not love, how can the springs of
.unselfishness water the parched lands of want and
need? No, this gentle tide of Christmas flows
through the year in the commonplaces of that which
we call business. It is the inventor of every machine
that saves labor, the architect of every fortune, and
the builder of every enterprise that ministers to the
benefit and progress of mankind. It is a superficial
measurement that undertakes to name it in dollars
and deeds. And if we do not appreciate this truth
at any other time we may do so at Christmas, for
then all good giving flowers from the inner spirit
of love in the individual heart.
A minister called to a Fifth Avenue pulpit said
the vast and material activities of the city made him
afraid. But in this very condition he saw a great
field for work in the spiritual. We do not enough
realize that the spiritual is already in this material.
Twenty-five years ago the banker was a moneylender and an old skinflint, in popular estimation.
To-day he is generally regarded as a dealer in credits and the manager of a business of undeniable benefit to all the people. This change has come through
talking and writing and thinking upon the essential
principles and practices of banking. The social lesson of Christmas lies in regarding it as typical of
the good-will and the giving that constitute the
reason for our motley material life. We do not
always give wisely at Christmas; we do not always
live industriously or sacrificially during the year.
And far too much we dwell upon the evils of the
acquisition and uses of wealth. Altruism is not
woven of fantasy and moonshine. It is essential to
the helping of others that we help ourselves. To go
through the business life like a mole burrowing in
the ground with no thought of the spiritual force
we are creating through our material activities feeds
the spirit of contempt for trade. To talk and write
and think on the essential verities embodied in industry and trade will set them upon a higher and in
fact a new level. Anational income of from fifty to
seventy billions annually, let the amount be what it
may, for statistical estimates vary, what infinite
good this accomplishes not only in huge public benefactions, but in personal helpfulness! Already the
effect of thought is banishing many misconceptions
and revealing the true worth of the money-making
life.
Around the coming of the time when the carols
ring out the glad tidings of Peace on Earth, Goodwill to Men, clubs are formed at the banks for the
saving of funds for the feast of Christmas giving.
Is not this what the millions are doing who are carrying home the necessaries of life every day in the
year? And if the Christmas gifts are often frivolous and foolish is not the spirit of giving worthy of
all praise? And is not much of our daily living
wasteful and extravagant while the workers toil on
glad in the joy of others without too much counting
the cost? True, generosity may become a fault,
while still the careless giving denotes self-denial.
The point of the social lesson is that a study of the
effect leads to cause. By the old saying, "the gift
without the giver is bare." And the life of toil and
trade is incomplete without constant thought that
upon it we build and can alone build the finer
structure of the spiritual. This is true concretely
and in the abstract. Our civilization would perish
without work and accumulation. And as we think
[vol. 121
on the spiritual that is in the material it follows
that the conduct of business must be elevated and
benefited. We must come the more to "think of the
other fellow" in every transaction of trade by virtue
of the spiritual urge we recognize and feel. Thus
our social education comes about. And the burden
of selfishness in business is placed where it belongs.
The giving of good-will without expectation of reward teaches an even larger and more vital lesson
when introduced into the social compact. There
can be no good-will without tolerance. We do not
from the incentive of true good-will try to force our
opinions and our wills upon others. Many imagine
they are "doing good" when they seek to compel
others to their own beliefs. But this form of doing
good is contrary to the spirit of good-will in the
sense of the giving of self for. others. We cannot
imagine a standardized Christmas when all gifts
would be alike, according to gradations in ability to
buy. Yet we are forever talking of standards in the
business world, and though we know it not, are more
or less fettered by manners and customs in society
that have no application to right conduct. In the
spirit of giving at the Christmas tide we abrogate
most of this and seek to please the taste, and to contribute to the enjoyment of the recipients of our
gifts. Not what we want, then, to have, but what
they would have for themselves is the rule. Carried
into social life this spirit would banish much rivalry,
much slavery to form, and much of the enmity that
grows from dwelling on the inequalities of life. As
in Christmas giving there is enough variety to choose
from without contributing to waste, so in the community life there is room for all personal longing
and aspirations without forcing others to live as we
do.
Even while we moralize we are admonished not to
forget the spontaneity and almost irresponsibility
of this glad time of the year. For one day we forget
the cares and difficulties that surround us and in
the spirit of the Great Teacher of good-will dare to
be glad for our own selves. This spirit of rejoicing
is contagious. Coming in contact with so many
evidences of thoughtfulness of and for others, we
are well content with our own good deeds and gifts,
be they large or small. In the brief pause we are
enlightened in the whole philosophy of life. We
know that it is right to rejoice in well-doing, for out
of this is made the joy and contentment of life. In
the strife of the competitive business life, when perchance we are forced to fight for success, we may
forget that the larger good is in the emulation and
co-operation which the seeming strife engenders.
Out of multifurm individual activities is woven the
magic carpet of a social life whereon all may dwell
in the enjoyment of personal endeavor. To standardize effort is to make life stagnant. Good-will
teaches that to each according to his need and from
each according to his ability is possible, and like.
wise desirable. Somehow in this brief and blessed
day we call Christmas, as we, care-free and even
carelessly, rejoice, we are subconsciously aware that
life is not for striving and success alone, but is for
happiness and for rest. Society can become too active, too self-centred, too ambitious, and oftentimes
it is better for many of us that we become indifferent though not cynical.
Half the social cares we have are simply the
gnomes of our own self-imposed slavery. Who seeks
for the fashions of yesterday? In another genera.
DEC. 1I 19Z5.]
THE. CHRONICLE
tion who will stop to inquire for the social leaders
of to-day? And as knowledge grows from more to
more, how small in a hundred years will appear our
boasted contributions to science, letters and art?
So we find in the social teaching of Christmas the
thought that nothing matters so.much as that we
are happy while we are here. Is it .not this which
prompts us to give to those "neediest cases" which
institutions point out to us? It is an ingrained part
of the Christmas feeling that all shall be "remembered," not one forgotten. Could we only think this
as strongly during the year how many lives would be
made brighter! Class and caste are foregone in
universal good-will. As we are kind to others so we
may be kind to ourselves. Due respect to the opinions and ways of others we revere we must have,
but independence of certain social restraints and
religious standards will not strain the mercy of our
good-will, and give us a satisfaction, not to be decried, in ourselves. Life that is all tragedy, is comedy. It is often as wise to forget as it is to remember. Christmas, the great leveler, is also the great
benefactor. None of us is as important as we
imagine ourselves to be. And in the giving of goodwill we may include the rich as well as the poor.
"Good-will to men"leads to "peace on earth." Happy
the Christmas Day that in its remembrances and
love sows the seed; of soc.al self-help that will
flower into a diviner community and national
life!
The Case of Senator La Follette.
What is a Republican? To what political principls must a holder of public office, or a candidate
for election to such an office, adhere, upon what
political platform must he stand, to what party decisions must he conform, in order to be recognized,
publicly and officially, as a member in good and
regutar standing of the Republican Party? The
question may seem a strange one to ask regarding an
American party which is seventy years old, and
which has long prided itself upon the definiteness of
its principles, the solidarity of its membership, and
the effectiveness and reach of its discipline. The
recent action of the Senate and House of Representatives in the cases of Senator La Follette and his
supporters, however, raises the question squarely,
and upon the answer which public opinion will give
to it may depend a good deal of the future usefulness of a party which at the moment commands a
majority in each House of Congress.
The facts in the case of Senator La Follette are so
extraordinary that it is well to recall them. On
Monday last the Republican Committee on Committees, the body whose function it is to assign Repub.
lican members of the Senate to committee places,
decided without formal vote to recognize Senator
La Follette as a Republican and assign him to three
committees. The decision, which was declared by
Senator Reed of Pennsylvania to have been unanimous, was taken after more than a week of discussion in which the party status of Senator La Follette
had been more or less warmly debated both within
and without the Committee on Committees. On
Tuesday the action of the committee was reported
to the Senate and confirmed without opposition.
The committees to which Senator La Follette was
assigned were the Committee on Manufactures, of
which his father, the late Senator from Wisconsin,
2923
was Chairman, the Committee on Indian Affairs,
of which the elder La Follette was a member, and
the Committee on Mines and Mining.
Whatever criticism is to be passed upon Senator
La Follette's own conception of Republicanism, he
did not leave his Senatorial colleagues in doubt regarding his position in reference to committee appointments. In a letter on Tuesday to Senator Watson, Chairman of the Republican Committee on Committees, Senator La Follette recalled the fact that
at the recent special election in Wisconsin, called to
lid the vacancy in the Senate occasioned by the
death of his father, he had been designated as the
regular Republican nominee and elected as such;
that in announcing his candidacy, and throughout
the campaign he had declared his allegiance "to the
progressive principles and policies of government
as interpreted and applied" by his father "throughout his entire public career"; and that the platform
upon which he was nominated and elected was the
same as that upon which his father "announced his
successful candidacy for the Senate in the Republican Party of 1922, and upon which the Republican
members of the House of Representatives from Wisconsin were elected at the same time." "I shall,"
the letter continued, "during my service in the Senate, adhere to the letter and the spirit of the platform upon which I was electedi and shall follow the
independent course which I have marked out for
myself." The letter concluded with the statement
that if, with these facts before it, the committee
should assign him to committee places as indicated
by the press (it does not appear that Senator La Follette himself had asked for such assignments or had
been consulted in regard to them), he would "accept
such formal assignments." With this letter before
it the committee nevertheless went ahead with its
program, and the action of the Senate in approving
it gives the official stamp of that body to the new
Senator as a Republican.
We do not at the moment recall another instance
in which a newly-elected member of the Senate,
standing avowedly upon a platform diametrically
opposed to that of the Republican Party, and announcing his intention to pursue an independent
course, has been officially pronounced a Republican
notwithstanding, and assigned to places in the Republican membership of the Senate committees.
That the Progressive platform upon which the elder
La Follette stood, both as a candidate for the Senate in 1922 and as a candidate for the Presidency in
1924, was not in any sense or in any respect a Republican platform, needs no demonstration. It was
not regarded as a Republican platform by the country at large, whatever the elder La Follette and his
supporters may have affected to think about it; on
the contrary, it was generally, and correctly, understood to represent a movement conceived and directed in open revolt against the Republican Party,
and Republican policies were the ones particularly
singled out for attack. Mr. Coolidge himself, in
the campaign of 1924, did all that he could to
make
it impossible for Progressives to vote
for him by repudiating in terms the characteristic tenets of
the
Progressive program, and his frank statement
of his
position at those points, his plain-spoken refusal
to
leave the country in doubt or to temporize
with opposition within his party, undoubtedly contributed
much to his success. To define Progressivism as Republicanism is to ignore the plainest facts of our
2924
UTE CHRONICLE
recent history. It differs more widely from Republicanism than Republicanism has for many years
differed from Democracy; it represents a wholly
different view of public policy, a wholly different
theory of the way in which Government in this country should be carried on. If the elder La Follette
could have had his way, the Republican Party would
have been disrupted and defeated and a new party
would have taken its place. The Senate, however,
appears to have been so anxious to conciliate the
Progressive opposition that it waived the distinction
aside as of no practical importance, and the new Senator from Wisconsin now wears the official Republican label by formal action of the majority party
whose principles and methods he and his father, with
their followers in Wisconsin and elsewhere, have
done their best to circumvent.
A scrutiny of the action of the Senate seems to
suggest that if the Republicans of Wisconsin choose,
as in the present case, to regard a candidate as a
Republican notwithstanding that he is not such, to
allow his name to appear on the ballot under a Republican designation, and to give him their support
at the polls, the Senate Committee on Committees,
one of whose functions is to distinguish between
those Senators who are Republicans and those who
are not, will not question the decision. Anybody
who is called a Republican in Wisconsin will, apparently, be recognized as a Republican at Washington.
The House of Representatives, although taking a
different route, has arrived at the same end, for
while it has removed some of the thirteen radical
Representatives who opposed the election of Mr.
Longworth as Speaker from important committee
[VOL 121.
places which they formerly held, it has not denied
them places altogether, but has actually assigned
them all to various committees, although at the foot
of the Republican lists. Both Houses are in the
wrong. If Senator La Follette in the Senate, and
his thirteen radical supporters in the House, choose
to follow their own course and advocate measures to
which they and their followers are committed, they
are entitled to make that decision. They are not,
however, entitled to masquerade as Republicans, as
the La Follette following has openly done in Wisconsin, and the Republican Party in Congress should
not have recognized them as party members. They
are an independent political group, neither Republicans nor Democrats, and should be treated as such.
Mr. Longworth, in his opening address as Speaker,
took occasion to condemn the European system of
"bloc government," and such situations as are presented by the French Chamber of Deputies show the
troubles which such a system may entail in times of
crisis. The House of Representatives, on the other
hand, treats the warning in a left-handed fashion by
recognizing the dissenters as Republicans, although
relegating them to minor positions on its committees, while the Senate, with the leading dissenter of
them all among its members, ignores his declaration
of complete independence and ostentatiously welcomes him as a party brother. We feel sure that
neither Republican solidarity nor popular regard
for Republican leadership in Congress will be
strengthened by such a procedure; on the contrary,
what has been done invites a continuance of the
divided party councils which it ostensibly aimed to
avert.
British Pessimists and the State of Industry.
By HARTLEY WITHERS, formerly Editor of the "London Economist."
[Copyrighted by the William B. Dana Company for the "Commercial and Financial Chronicle." Exclusive copyright in the United States.]
Some people who ought to know, tell us that we are doing
ourselves serious harm abroad, by continually explaining,
through the mouths of pessimists to whom no one listens
here, that our days as a great Industrial nation are numbered. Foreigners, we are told, and even our American
cousins who ought to understand our little ways better, are
beginning to believe that there must be something in it; so,
perhaps, it is time that a word or two was said on the other
side.
Anyone who is at all well on in years can remember how
all this pessimistic talk is an echo of what he heard fifty
years ago. I had an uncle who was never tired of telling
me, in the eighties of the last century, that the sun of
British industry was set, that the workmen would not work
as they used to do, that the masters had lost the art of
managing industry and of selling goods when they had succeeded in making them and that I should live to see the
grass growing in the streets of Manchester and Liverpool.
Then we had Mr. Joseph Chamberlain's great campaign in
the early years of this century, when Britain's "dying industries" became a stock phrase in our politics, and now
a number of young economists, who think we have made a
mistake in going back to the gold standard, are singing the
same old dirge over the corpse of British trade—that sturdy
old corpse which comes to life with a kick every time that
it is laid out for decent burial.
And this kind of pessimism is centuries old. Edmund
Burke, in his "Letters on a Regicide Peace," recalls that at
the beginning of the Seven Years' War—one of the most
glorious to British arms—a certain eloquent Dr. Browne
"published an elaborate philosophical discourse to prove
that the distinguishing features of the people of England
had been totally changed, and that a frivolous effeminacy
was become the national character. Nothing could be more
popular than that work." What happened was that, as
Burke finally put it, "never did the masculine spirit of
England display itself with more energy, nor ever did its
genius soar with a prouder pre-eminence than at a time
when frivolity and effeminacy had been at least tacitly
acknowledged as their national character by the good people
of this Kingdom."
At the present moment, with the leading British export
trades and her shipping and shipbuilding industries languishing, the pessimists have unusual opportunities for
enjoying themselves. But even so, the activity of the home
trades, the prosperity of the retail sellers and the amazing
yield of direct taxation all prove that a great proportion of
the population is earning, or receiving, and spending a real
income that puts a high standard of comfort at its disposal. In fact, it is practically spending too freely for the
needs of the economic situation, which demands that it
should stimulate its depressed export trades by free lending abroad. But this over-spending, which will be checked
now that we are "shackled to realities" by the gold standard, gives us one of our many economic reserves which will
enable us to make another great industrial effort when once
we pull ourselves together to do it.
Through the greater part of last century British trade
had too easy a time. In the absence of serious competition
it had the markets of the world at its disposal. Consequently, It rather tended to grow fat and lazy and developed
a certain slackness out of which it was being awakened by
German competition when the war came and demoralized it
again by the ease with which profits could be earned at a
DEC. 19 1925.]
THE CHRONICLE
time of currency debasement, with competition eliminated.
The after-war boom carried the demoralization still further
and one of the chief obstacles to the recovery of British
trade now is the notion among employers that they ought
to insist on the rate of profit that they have been getting,
through a period of artificial stimulus, and that unless they
can do so it is not worth while. A few days ago I was told
by a man who makes a hobby of producing exceptionally
fine wool that he sells the bulk of it, in the teeth of the
depreciation of the franc, to French manufacturers, who
give him a better price because they will work for a smaller
profit.
With the employers thus wanting too much profit, the
wage-earners, with the antiquated union regulations which
are a much more serious obstacle to production than high
wages, give the pessimists more chances of enjoyment.
If these tendencies were going to endure, the pessimists
would have good reason for their melancholy faith. But as
they will certainly be abolished by the pressure of necessity,
they constitute an economic reserve on which British industry can and will very effectively draw. Some people
say that we shall never again see anything like co-operation and good team work in British industry, because there
is too much of the spirit of revolution. But revolutions do
not happen in countries where the general level of prosperity
is as high as it is in Britain. At the Scarborough Conference a few months ago, where so much revolutionary
rhetoric was uttered, one of the Labor leaders observed
that it was ridiculous to talk about revolution, when they
had only to look about them in Scarborough and other seaside towns to see crowds of working men with their wives
and families enjoying a seaside holiday.
2925
Bankers Association, but this conference will unify the Association. The
credit is largely due toXr. Sisson and President Oscar Wells.
Francis H. Sisson, President of the Trust Company
Division said:
It was an ideal of many of us for years that the day would come when
we might work more closely together. This meeting is the most significant
step in the progress of peace within the Association taken in a long time.
The things that unite us in the American Bankers Association are far more
important than the things that divide. The time had come when the
Association had to move forward to greater strength or backward toward
disunity. This meeting means that we are going to move forward. It
marks a most important step in Association progress. It is essential that we
understand each other and work together in the Divisions. No longer is it
enough in this world that we live and let live, but we must live and help
live.
In opening the sessions of the Mid-Continent Fiduciary
Conference on Dec. 11, Oscar Wells, President of the
American Bankers Association stated that a new chapter in
co-operation among the various Divisions of the American
Bankers Association was written at St. Louis in the Conference. He pointed out that the meeting was the first joint
conference among trust companies and National and State
banks with trust departments. Mr. Wells, stated:
I want to voice my pleasure that we are now convening a joint conference
representing all institutions undertaking fiduciary services. This meeting
was arranged by the Trust Company Division. the State Bank Division
and the National Bank Division. for the common study of problems pertaining to a better type of service by trust companies and trust departments of
State and National banks. It means a better opportunity to study subjects
of common interest. From the standpoint of the Association it means writing a new chapter of co-operation among the Divisions. There has been
considerable discussion in the councils of the Association as to opportunities
for the activities of the organization to serve along lines of common interest
rather than along lines of titular divisions.
This commands the interest of every member of the Association. Grouping themselves in this way along lines of endeavor brings a greater number
of viewpoints to the subject under consideration as well as a greater divergence of views.
The program of the Conference included the following
discussions:
Executors and administrators: Their appointment, functions, duties and
responsibilities, by Wm. C. Barber, Trust Officer First National Bank of
Joliet, Ill.; Practical suggestions for facilitating the administration of
estates, by Frederick Vierling, Vice-President Mississippi Valley Trust Co.,
St. Louis.
Trusteeship of estates: Appointment of trustees, their functions, duties.
and responsibilities. by Frank N. Bancroft, Trust Officer Colorado National
Bank, Dens a.: practical suggestions to facilitate management of estates in
A. B. A. Fiduciary Conference Held At St. Louis, Dec. production of income, by John C. Mechem, Vice-President First Trust and
Savings Bank. Chicago.
11-12—New Unity of Action Among Various
Transfer Agent and Registrar of Stock: Appointment, functions, duties,
Classes of Banks.
responsibilities and practical rules to be followed. by David P. Condon,
New unity of action among the various classes of banks in Reristrar, Farmers Loan and Trust Company,New York.
Trusteeship under corporate mortgages: Appointment of trustee, functhe American Bankers Association, doing away with whattions, duties and responsibilities, by F. F. Taylor. Secretary Illinois Merever tendency toward disunity that might have been manifest chants Trust Co., Chicago; general duties, records and business aspects of
at times, was declared by speakers at the banquet held in important provisions of mortgage or agreement, by C. Alison Scully, ViceSt. Louis, Dec. 11, in connection with the Mid-Continent President National Bank of Commerce, New York.
Trustfunds, their care and investment: Power,rights
duty of trustee,
Fiduciary Conference to have resulted from the meeting. and taxation of trust investments, by W.J. Stevenson,and
Vice-President and
It was pointed out that this conference, participated in by Trust Officer Minneapolis Trust Company, Minneapolis.
New business and how to get it: The best fields for obtaining new busithe Trust Company, National Bank and State Bank Diviness, the use of advertising matter, media and local co-operative advertising
sions jointly, was the first time in the history of the country by Allan B. Cook, Asst. Vice-President Guardian Trust Co.. Cleveland.
that these three kinds of banks had met to discuss fiduciary
Community Trusts: Purpose of Community Trusts,advantage of multiple
matters. The Presidents of the three Divisions were the trustees their appointment, powers, functions ard duties. by Frank D.
Loomis,Executive Secretary Chicago Community Trust. Chicago.
speakers who voiced these views. Over three hundred
There was also an open forum for the discussion of problems
delegates attended the meeting. Grant McPherrin, President•
presented by visiting delegates. A reference to the Conof the State Bank Division said:
ference appeared in our issue qf Nov. 14, page 2365.
With some 500 State banks having trust departments.
the State Bank
Division has a keen interest in all fiduciary matters. However, we have no
thought of concerning ourselves at present in the active study and prosecution of trust matters, because the Trust Company Division is in such
excellent hands under the supervision of Mr. Sisson. President of the
Division, and because his Division has for a quarter of a century so successfully devoted its best thought and effort to these matters. Therefore, we
believe our best interests and greatest gain lie in co-operating with and
following their lead and availing ourselves of their assistance.
We realize the importance of close co-operation between all phases
of
Association work, and elimination of duplicated efforts. The officers and
members of the State Bank Division are heartily in accord with this
idea.
After the meeting at Atlantic City, knowing that the Clearing
House
Section had set up an admirable program for development of the
county
clearing house and county credit bureau in the interest of better banking,
I had a conference with Mr. Dunbar, President of that Section,
and told
him the State Bank Division would like very much to co-operate
in this
movement. He assured me he was more than willing to work with
us in
the development of this excellent plan, among our 12,000
State Bank
members.
The more I see of the American Bankers Association work, the
more I
am convinced that in our enthusiasm for making a record for self
and our
Division, we are inclined to allow important matters to fall by the
wayside.
We should stand enthusiastically for the program of close
co-operation
between all Sections and Divisions, and the elimination of duplicated
efforts.
We believe the rigid practice of this method will mean greater efficiency
and
the highest possible type of service to all members of the American
Bankers
Association.
Similar views were expressed by W. C. Wilkinson, President of the National Bank Division, who said:
For two years the National Bank Division held its own conferences
but
when we expressed a wish to meet jointly with the Trust Company Division
Mr. Sisson welcomed us in. I wish to thank Mr. Sisson for his liberality
in
this regard. We want to consolidate for the best interests of the Association
and of all banks. This meeting is a forerunner of greater consolidation in
the work we are all trying to accomplish in common. Time was when the
development of divisions threatened eventually to disrupt the American
Challis A. Austin, Heads American Acceptance Council.
Chellis A. Austin, President of the Seaboard National
Bank of New York was elected President of the American
Acceptance Council at its atnual meeting on Dec. 3, succeeding Fred I. Kent, Vice-President of the Bankers Trust
Co. who had served as President for ttvo years previous.
Howard J. Sachs, of Goldman, Sachs & Co., was chosen
Chairman of the Executive Committee. The other officers
elected were: for Vice-President, E. C. Wagner, President
of the Discount Corporation of New York; for Treasurer,
Percy H. Johnston, President of the Chemical National
Bank, New York; and for Secretary, Robert H. Bean.
Charles E. Spencer, Jr., Vice-President of the First National
Bank of Boston,and Louis S. Tiemann, Vice-President of the
American Exchange-Pacific National Bank of NewYork,were
elected Vice-Chairmen of the Executive Committee.
To serve on the Executive Committee, the following were
elected:
.1. P. Butler, Jr., New Orleans; E. W. Clark, Detroit; E. W. Decker,
Minneapolis; John H. Fulton, New York; Prentiss N. Gray, New
York;
H. K. Hallett, Boston; D. H. G. Penny, New York; Evan Randolph,
Philadelphia; H. M. Robinson, Los Angeles; Charles E. Spencer, Jr., Boston; E. C. Wagner, New York; Paul M. Warburg, New York: F. J. Zurlinden, Cleveland; F. B. Anderson, San Francisco; Walter S. Bucklin, Boston;
Frederic H. Curtiss. Boston; H. G. P. Deans, Chicago; Morton H. Fry,
New York; A. W. Loasby, New York; It. F. Loree, New York; George
Murnane, New York; A. M. Pope, New York; Levi L. Rue, Philadelphia;
Louis S. Tiemann, New York; and F. 0. Watts, St. Louis.
THE CITTRONTCLE
2926
Prot 121
14TH ANNUAL CONVENTION
Investment Bankers Association of America
REPORTS AND PROCEEDINGS
Annual Address of Thomas R. Dysart—Mistaken
Administration of "Blue Sky" Laws Penalizing
Honest Business—Work of Association.
That "honest business is being penalized too heavily and
wholly unnecessarily by the mistaken administration of
various blue sky laws," was the assertion made by Thomas
W. Dysart (of Knight, Dysart & Gamble, St. Louis) in his
annual address as President of the Investment Bankers
Mr.
Association, held at St. Petersburg, Fla., Dec. 7-12.
addressed the meeting on Dec. 8, remarked
Dysart, who
that "it is exceedingly difficult to give an adequate and
correct representation of the blue sky situation. He went
on to say:
hard-working
The State blue sky commissioners are capable, conscientious,
the public
officials. They perform an invaluable service in protecting
applicaand in furthering opportunity for a broader and more practicable
sound securities of honest
tion of thrift through the public's investing in
deenterprises offered by trustworthy bankers, and for this reason they
only
serve the commendation and support of the entire community. The
blue sky
question that may be raised is whether the real purpose of the
minds
laws has not been lost sight of. It does not seem to be clear in the
whether
of either the makers or the administrators of some of the laws
deception
the purpose of the law is to protect the public from fraud and
risks
or whether it is to try to do the impossible, to eliminate the inherent
unavoidably
that naturally exist in every business enterprise, just as they
exist in every human activity.
the
In this respect certain tendencies are especially noticeable. One is
securities of
requiring of a vast amount of detailed information on sound
and charabsolute honesty, put out by companies of unquestioned strength
acter and offered by bankers of the highest integrity. Such requirements
the
frequently cause much work and expense to the companies issuing
securities and to the bankers distributing them. Such expense, work and
is to stop
delays are needless and wasteful. The purpose of the blue sky law
the crook, not to hamper honest, capable men in honest, essential business.
In all cases the bankers are faced with a great amount of detail work
assign
in making their applications to the commissions, and are obliged to
the
a part of their force to this work alone. It is not, however, right for toll
take an additional heavy
blue sky laws and their administrations to
of the reputable investment bankers, or to put them on the defense to show
that they and the honest businesses, whose honest securities they sell, are
not themselves crooks.
The country is gradually growing to a better understanding and appreciation of good, dependable securities and investors are being taught that
they should diversify their investments and at the same time buy securities
that command the best markets. This condition in itself is greatly lessening the selling of worthless paper by frauds. Yet the result of the wrong
kind of blue sky law, or of mistaken administration of blue sky laws, is in
some cases actually acting to prevent this desirable situation because in
certain States investors are thus prevented from investing in securities of
established, nationally known enterprises, which securities in other States
are eagerly bought by well-informed investors.
punUndoubtedly much good work is being done in the detecting and
to the
ishing of crooks. This is no more a benefit to the public than it is
dealer, as well as the
investment banker, because it is the honest security
public, who is most injured by the crook's activities. This Association and
its members have every incentive to support every effort to protect the
and
public and to turn investors from bad and doubtful securities to safe
heavily
dependable securities. But honest business is being penalized too
administration of various blue
and wholly unnecessarily by the mistaken
sky laws. These laws and their administration can have but one purpose,
or
I repeat. It is to stop crooks and fraud. It is not to stop or hamper
levy unfair tribute on honest, worthy business.
expensive organizations to deterInvestment banking holses maintain
mine the tntstworthiness if the securities they sell to the public. It is
proper that the States should likewise maintain organizations to thwart
and to punish those who would deceive and rob their citizens. In this work
the States have a large and difficult task, one that needs all the thought
and energy the blue sky commissions can give to it. It is, therefore, a
doubly useless waste when a blue sky administration spends time and
effort in needless and costly investigation of honest securities at heavy
expense to reputable companies and bankers.
Alluding to the changes witnessed since the organization
of the Association in 1912 and the position of the United
States in world banking affairs, Mr. Dysart said:
To those of you who have attended the organization meetings of the
Association in 1912, it doubtless seems but yesterday that the I. B. A. was
founded. But how different was that yesterday from to-day! We have
gone a long way in that short time. In 1912 the total of capital issues in
this country perhaps did not greatly exceed two billion dollars. At that
time, too, our business and Governmental enterprises had long been accustomed to look to the Old World as the great source of capital supply.
Many of our securities were sold in Europe. This year the new capital
issues distributed in this country will greatly exceed six billion dollars,
and the Old World now comes to us with its credit needs.
The United States has become the world's greatest source of capital. We
are the world's bankers. Excepting the period of our participation in the
World War, the responsibilities of world welfare rest upon us more fully
than ever before, and this responsibility rests more heavily on you men
here to-day than on any other class of our citizenship. We have, in the
last few years, received many fearful warnings that the responsibility of
becoming world bankers would demand our utmost capabilities. I am con-
vinced that the investment banking houses of this country which conduct
have
their business on the high plane of ethics laid down by the Association
used and are continuing to use their utmost ability, integrity and foresight
in the handling of foreign financing, and that the country owes them a
debt of gratitude for the work they are performing so capably in their
vastly widened field as bankers for the world. The American people need
have no fear for the ability and honesty of the houses, representative of
this Association, which are engaged in the distribution of foreign bond
issues. In fact, the only fear the American people need have in either
domestic or foreign finance is the result that can be bought about only
through their own failure to think in a plain, common-sense manner.
There is no mystery or difficulty involved in the safe investment of funds,
either at home or abroad, if only the investor will use the necessary technical and professional services which the security dealers of high standing
willingly place before him.
Referring to the achievements of the Association during
the past year, Mr. Dysart spoke in part as follows:
Canadian Membership,
This year has been filled with achievements In the work of the Association—not the achievements of the President's office, for they have been
inconsequential—but the work accomplished by individuals, committees,
officers and group organizations. We are to have the pleasure and.honor
at this convention of weleoming a new group, one composed of our Canadian membership. This is the seventeenth group of the Association. It
was organized last October at a meeting in Toronto. Our Canadian mem.
ber houses have engendered in this Association a wonderful appreciation
of their sterling qualities, and I believe that the creation of this new
group will enhance our mutual usefulness. After all, there is only an
imaginary line between the two countries and we have so much in common
that every effort which adds to mutual appreciation and usefulness is of
lasting benefit.
Larger Board of Governors.
At this meeting you are to be asked to increase the membership of the
Board of Governors from 34 to 40. This increase is deemed necessary to
continue the policy, as we always have, of according fair representation to
every section and every interest in the conduct of this Association.
I wish particularly at this time to refer to the splendid work of your
committees and officers. I have not the time to mention each of them
individually, although each is deserving of special reference. Your Securities Law Committee has done an incalculable amount of work and study to
determine the most equitable principles involved in fair and workable blue
sky laws. The work of the Securities Law Committee has been especially
exacting because of the wide dissimilarity of the laws and the administration thereof in many of the States. The work of the committee has at all
times been constructive in trying to assist in getting sensible and workable laws in various States and in co-operating In the administration of
these laws to protect the innocent and inexperienced and to punish those
who would employ fraud and deceit in the selling of seeurities or so-called
securities.
I cannot begin to give in detail the work that your Municipal Securities
Committee has accomplished. One of its more recent services was to establish in the Bulletin regular reports of municipal bond defaults. I
heartily recommend to you that you read carefully the report of this committee, for it has accomplished an amazing amount of work in the betterment of public finance.
The report of the Committee on Circular Phraseology and Bond Titles
is also one that should invite your close attention. It has been printed for
permanent record and in addition to the copies distributed here one will
be sent to every member house by the Secretary. This report takes up in
detail many phases of a question on which there is much difference of
opinion. I think it should serve as an invaluable guide in avoiding ambiguity and misunderstanding in circulars.
F. R. Penton, Executive Secretary.
I have already had the pleasure of informing you, through an announcement in the Bulletin, of the appointment of Frederick It. Fenton to the
newly-created position of Executive Secretary of the Association. The
Association had reached the point where it had to have a permanent executive officer in the headquarters office, and your Board of Governors decided, on the unanimous recommendation of a special committee, to create
this position and to tender it to our worthy Secretary. No man has done
more for the upbuilding of this organization than has Frederick R. Fenton.
No member has a warmer place in the affection of the membership than
he. No man is so well fitted for this position. Already his work is producing results. Nowhere will you find a more energetic, harmonious, efficient organization than that in the office of your Association. I think the
appointment of our Secretary to this executive position is beyond any
question one of the best things your Board of Governors has ever done.
Committee on Publicity.
The Committee on Publicity, of which John W. MacGregor is the sincere
and hard-working Chairman, is accomplishing most praiseworthy results.
I have had opportunity to observe this work closely and I wish to emphasize the fact that you are under deep obligations to John W. MacGregor
and his committee for the educational work they are carrying on. We also
owe a great deal to John MacGregor for finding our Educational Director,
Sam Rice, and for constantly supporting him in the establishment and
development of his educational work. I wish that every member of this
Association could know as I do of the wonderful accomplishments of this
department under Mr. Rice's direction. lie has placed it on a basis of
efficiency that returns tenfold every penny that has been spent on it. It is
impossible to measure in dollars the value of its work to the investment
banking business. We could not buy for millions the public educational
results which our Association is receiving through the efforts of this department. I urge you to acquaint yourself with its activities both through a
careful reading of Mr. Rice's report and by talking with him personally
about his work and his plans for the future.
DEC. 19 1925.1
THE CHRONICLE
Newly Created Committee on Investment Economics.
Investment banking, like other lines of business, is not immune from
fads and fancies. Despite our long experience and dependable advice we
find the public swinging now to one fad and then to another. The phrase
"sinking fund" or "serial maturities" strikes the fancy of the investing
public and we are forced in some measure to accede to it, whether it fits
exactly or not to all types of securities. In one year preferred stocks will
have extraordinary popularity; in another year, common stocks; and again,
first mortgage bonds will be uppermost in demand. These things occur
without much rhyme or reason and one type of goodsecurity suffers from
or profits by these faddish 'notions. We need more stabilized investment
thinking by the people. Withal we need the closest study of economic
trends, particularly as they may directly bear on investment securities. To
that end the Board has authorized the appointment of a new committee,
with Mr. Lawrence Chamberlain as Chairman, and it will be known as the
Committee on Investment Economics. It will perform a research work that
undoubtedly will be of much practical value to the public as well as to the
financial world in general.
Group Meetings.
During the last twelve months I have had the pleasure and honor of
attending meetings of all of the groups in the United States and Canada,
except in New York, where we had so many committee meetings that there
was no necessity for a group meeting. It is an impractical wish, perhaps,
but for your own good, I wish that every one of you could attend these
group meetings in all our groups, as has been my privilege. It is an
invaluable experience for any man. I know it gave me a more profound
respect for the members of this Association than I ever had, and I want to
say that I already had a most profound respect and admiration for them.
I am afraid you would accuse me of being a confirmed sentimentalist if I
told you of all the unselfish work and general welfare endeavor that I found
in progress in the various group organizations. But it is true. Our Groups
do a large amount of work with the most altruistic motives and very few
appreciate or even know it.
There is one suggestion I should like to give to the group chairmen and
officers who are here. Bring your troubles to the Association only after
you have definite working plans to suggest Your groups can be most
effective for your own good and the good of the business as a whole by following that plan of procedure.
I should also like to suggest to each individual that he read the reports
of the various committees and the special reports that are issued from time
to time. In no other way can you know and understand what a wonderful
work your Association is doing.
I wish I had the time to discuss the splendid and valuable work of all your
other committees which have been so apparent to me during the past twelve
months. The reports of the Real Estate, the Industrial Securities, the Public
Utility Securities, the Railroad Securities Committees and others will all
give you evidence of work that deserves the greatest commendation.
Gentlemen, you are to be congratulated on the healthy, wholesome
activities of your Association in all its parts. To my successor in office
I leave a chair that is pleasant and honorable to occupy. Ile cannot but
enjoy and profit by the year that is before him.
Being President of this Association and seeing its innermost workings
cannot but make a better citizen of any man who has had that experience.
This has been to me the proudest year of my life. I would not exchange
it for any sum you could name. You have given me a love and respect for
humanity that is worth much more than money. I can repay you only with
my heartfelt gratitude, for I am your debtor far beyond my ability to make
payment in any other form.
Reference to the work of the Groups was also made by
President Dysart at the beginning of his address, in which
he said:
The clearly apparent future prosperity of this country as well as the
present well-being of our entire national community, should make this
gathering II very happy one, and we should all strive to add to our collective
bit to the betterment of the nation's affairs. In the year, now drawing
to a close, in which I have had the honor of serving as your President,
I
have visited every group of this Association in the United States
and
Canada. In these visits I have obtained a close-up view of conditions in
every section. It has given me a more profound respect and a
greater
conception of the truly wonderful productive power of the American people.
More people to-day have more money and more opportunity to obtain
the
better things of life than ever before. The productive power of the nation,
which is commonly embraced in the word "business," is practically
unlimited. I can see no reason why the next year and the years to follow
for a very long period should not contain every promise of greater
prosperity and a constant improvement in the standard of living. There,
plainly, is no need for obscure experiment to-day in social, economic
or
Governmental affairs. There are, to be sure, many social, business and
Governmental adjustments that should be made in the interest of progress.
There always will be the necessity for such adjustments, and
industries of
Europe are rapidly regaining their productive powers and that we
may
expect keener competition from the Old World than ever
before. This
warning is timely, but it is not fearsome, if only the American
turn a small amount of serious thought to the common sense people will
principles of
business. American ingenuity, American resources and American
resourcefulness are capable of competing with the whole world,
providing American
minds in greater numbers than at present turn to a more
tion of such homely truths as: you can't get something complete realizafor nothing—you
can't get rich overnight—and the invested dollar should
have a fair and
safe wage; in fact, it must have a fair and safe wage if
labor is to prosper
and the production of the country be increased and more
widely distributed
for the good of all.
The Stock Exchange and American Banking, by
E. H. H.
Simmons, President of New York Stock Exchange—
Value of Security Call Loan Market.
In addressing the Investment Bankers
Association of
America, at its annual convention on Dec. 9,
President E. H.
H. Simmons of the New York Stock Exchange
discussed the
close relationship existing between the New
York Stock
Exchange and the invehment banking business.
Mr. Simmons described the Exchange as a "stabilizing
and centralizing influence of deep significance to the
entire investment banking business of the country," and the
latter as an
"indispensable link in the financial machinery of the
nation."
Outlining the growth of the security business
in America,
Mr. Simmons traced the steps by which the
nation's industry
2927
was built up on a solid foundation only as a result of the
efforts of those who first conceived a free and open securities market, seconded subsequently by "a new type of
banker whose business it is to deal in long rather than
short term securities, and provide Exed and permanent,
instead of merely operating, capital to American industry."
The machinery of the Exchange, he explained, is best suited
to the task of distributing securities to investors over a long
period of years as they become steadily transformed from
speculative te undoubted investment classifications. Mr.
Simmons spoke in full as follows:
The New York Stock Exchange is a very old institution—one of the
oldest, as a matter of fact, in the entire annals of American business. For
more than a century, its services as a free and open securities market have
been rendered almost continuously available to the investing public of this
country. It is altogether natural that to-day not only the existence but also
the successful operation of the Stock Exchange should be simply assumed
and taken for granted by most people. Just as few people wish to tear their
automobile motor to pieces as long as it runs satisfactorily, so few American busine.ss men stop to reflect upon the whys and wherefores of the Stock
Exchange machinery or its important economic functions, unless its gears
appear to clash. The very success of the Exchange in the past as an open
market for securities has consequently been largely responsible for a lack
of familiarity with it, prevalent not only among American investors generally, but even among American financial men themselves.
A famous British economist, W. S. Jevons, once remarked, "It is a singular fact that markets have been the subject of popular prejudice and moral
objection almost in proportion to the perfection with which they economize
time, transportation and effort, and equalize prices." This terse statement
of a paradox long familiar to bankers is my own justification for appearing
before you to-day to speak of the intimate but often unrecognized relationship that exists between American investment and commercial banking, and
the leading organized securities market whose President I happen to be.
I.
The stock market was the first part of our modern financial mechanism
to develop in this country because, in many ways, its services were most
fundamental and most urgently needed. When the ten or twelve stock
brokers of 1792 gathered under the buttonwood tree in lower Wall Street
for the first time, they were unconsciously laying the foundation of a very
large portion of the organization of American finance as we know it to-day.
It was the pioneer task of these early stock brokers, which they themselves
sensed only in part, to popularize security investment in this country.
Before their time, no such thing existed, and capitalists could find a profitable employment of their funds only through the purchase of real or
personal property, or mortgage notes based upon it. In consequence, the
initial task of creating a public demand in this country for security issues
was a new departure in the business and social life of the community. The
early Wall Street stock brokers, however much they lacked our present
perspective upon the security investment business, were nevertheless led by
a sound instinct to undertake their collective task by MOM of a free and
open market, where purchasing and selling was carried on in the open at
all times, and where as much publicity as possible was afforded the prices
thus established. To the inexperienced and naturally timid security investors
of the new republic, this free and open security market in Wall Street,
although lacking practically all of its modern mechanical equipment and
conveniences in the beginning, nevertheless served as a tremendous stimulus and incentive.
Apart from. its indispensable work in popularizing the bonds of our
Federal and State Governments, the early services of the New York stock
market were especially exerted in behalf of the incorporated banks and
insurance companies. It is necessary to recall that at the opening of the
19th century in this country the banks had not yet become assured pillars
of commerce and trade, whose successful existence could be calmly and
casually assumed; the early American banking institutions were instead
novel, isolated and hazardous enterprises, subject not only to all manner
of personal irregularity and eccentricity of management, but also to
the
acute and constantly recurring economic strains always present in a new
and a poor country. Our earliest bank stocks were therefore highly
speculative securities at first, and subject to very lively and sometimes
disconcerting fluctuations. Nevertheless the continuous operation of the
open
securities market steadily attracted capital into the banking business,
materially assisted in stabilizing banking shares as a popular
investment,
and thus proved a vital factor in the ultimate emergence of commercial
banking as a successful business enterprise in America. The corporate
banks
in our older Eastern cities therefore owe a historic debt to
the stock exchanges of New York, Boston and other Eastern centres front their
earliest
days.
As the 19th century advanced, this novel process of attracting
capital
into business enterprises through the organized securities
market was repeated with one new major industry after another. A continuous
flood of
securities in new enterprises came on the market, which
were in turn
rendered familiar to American investors and stabilized by the
steady accretion of private capital. What the New York stock
market had done for
Government securities and banking shares it proceeded to
duplicate in the
case of the stocks and bonds of railroads, mines,
oil wells, utility enterprises and manufacturing and distributing concerns
of all kinds.
In the first few decades of its existence, the
New York Stock Exchange,
although it rapidly grew to be the greatest market
of its kind in the
country, was nevertheless still a largely localized
insuperable obstacles imposed on its operations by market, due to the
time and space. The
development of electric communication over the
telegraph, the telephone,
and the stock quotation ticker speedily revolutionized this
situation, and
provided the physical facilities for the creation of a
truly national market
for capital in New York. With the extension of brokerage
wires in all
directions from Wall Street, the American business in
securities rapidly
gravitated into the New York financial centre. This
evolution of the New
York Stock Exchange into a national marketing institution
to standardize the process of American security investment served in turn
to an important
degree, and to place the investors in different parts of the
country on a more
identical basis with regard to the accessibility of the
Stock Exchange floor.
Thus far in the 20th century the Stock Exchange has
continued to exert
the same economic functions, only on a broader and
more complex scale.
As old and familiar securities listed upon it have
attained stability, new
and usually uncertain enterprises involving heavy
investment risks have
risen to take their place. Our listed securities to-day
accurately reflect
the complex society in which we live, and the
higher standard of living
everywhere prevalent in the United States;
already the motor-bus and
airplane industries are represented there, and in
the field of manufacturing
a vast array of new industries which would
be totally unfamiliar to the
banker or investor of fifty years ago. In
addition, the war has given a
2928
THE CHRONICLE
[Voir, 121.
chinery of the Exchange le better suited to distributing securities to
investors gradually over a long period of years than to effect a speedy and
immediate distribution of a new issue. The investment banker, on the
other hand, Is able by his syndicate operations to raise large capital sums
for American business very quickly. Also, the listing requirements on the
Stock Exchange naturally compel a preliminary distribution of the security
issues admitted to its market, and such preliminary distribution requires
just the initial supervision and effort now devoted to it by American investment banking firms.
The growth of the investment banking business in this country, as an
indispensable link in the financial machinery of the nation, has been very
remarkable, particularly in the last decade. No clearer proof of this fact is
necessary than this very convention itself, composed as it is of representatives from practically all sections of our great country. But the vita/
services which investment bankers have rendered, and are to-day rendering,
to the domestic and international business of this nation must not obscure
in our minds the very close relationship of their business to the operation
of the New York Stock Exchange, which still remains a bulwark to the
entire investment business of this country, even in respect to issues not
listed at all upon its floor. Without the previous services of the Stock
Exchange in popularizing American investment securities and stabilizing
the processes of investment in the United States during their most difficult
and formative periods, the investment banking business as we know it toWith the price-making function of the Stock Exchange, and the national day could never have arisen. Moreover, the relationship is a continuing
value of the publicity afforded its prices, all are familiar. Few, however, one, since in the larger security issues floated in this country banking synoutside of the investment •business itself, realize in any adequate way how dicates limit their efforts to effecting a preliminary distribution only, and
Important are the services of the organized security market on the Exchange leave it to the Stock Exchange to maintain the market in such issues and
as an actual agent of security distribution. Bewildered by technical finan- effect a permanent distribution to investors often over a course of many
cial terminology, and distracted by the stock market's speculative foam anu years after the original flotation syndicate has dissolved and been forgotten.
froth, all too few people imalize the steady underlying flow of funds into The Stock Exchange furthermore provides an open laboratory where the
the capital market, and their ebb into the productive enterprises of the investment banker may witness the effects of present and prospective econation.
nomic forces on our leading security issues. In times of stress, the Stock
When a particularly large or in any way uncertain security issue is at Exchange likewise provides a shock absorber for the entire investment infirst put out, there is not, as a rule, sufficient genuine investment demand dustry in this country, by maintaining a liquid market where listed seto absorb it all at once. In con:equence such issues—and these include the curities can be sold—if necessary to protect holdings of other non-listed
majority of our large scale businesses of modern times—must be sold and for the time being unsalable security issues. When, in the severe
gradually to the imestor, as he beconies persuaded of their stability ano financial crisis which followed the outbreak of the European War in 1914
their safety. In eonsequence of this fact there is almost always a "floating the Exchange was forced to close its doors for a few months, the investment
supply" of securities which must be bought by speculative dealers and banking business likewise found itself paralyzed and burdened with economic
•
held by theni until enough investment demand develops to absorb them. obstacles previously unknown in American finance.
It is therefore the normal thing, with most new security issues, to find
Thus the Stock Exchange is to-day a stabilizing and a centralizing influa large proportion of them in the beginning reposing in collateral loan ence of deep significance to the entire investment banking business of the
envelopes at the banks and, as time goes on, gradually passing thence to the country. Even the sometimes intense speculative activity on the Stock
strong boxes of actual and permanent investors. I need not point out to Exchange is, as you all know, mostly bound up with the economic conditions
this audience that there is nothing exceptional or peculiar about this aspect surrounding and governing investment itself. Preoccupied though it may
of security distribution. Exactly the same thing occurs with merchandise be at any time with essentially speculative business, nevertheless the ultiwhich must be carried on dealers' shelves before it can be passed from the mate service of the Stock Exchange, toward which all such speculative
producer to the consumer. The financing of security dealers is therefore transactions themselves tend, is the distribution of securities among perjust as legitimate as the financing of mercantile dealers. Indeed, the busi- manent American investors. Hence it comes that to-day the Stock Exchange
ness of security distribution is only a recently developed species of ordinary and the investment bankers of the country perform supplementary funccommerce.
tions. In the past they have time and again fought shoulder to shoulder
Because of the character of the goods distributed, however, security dis- to widen the investment markets of this nation, to provide funds for the
tribution differs from the distribution of ordinary mercantile products in expansion of our ever-growing industries, and to purge the entire investtwo important particulars. In the first place, securities are non-perishable ment field of fraud and chicanery. In coming years I feel certain that this
articles, and on this account are more readily subject to resale by investors Intimate relationship between the leading American capital market and the
than are most commercial products by consumers. In the second place, leading American dealers in capital will not only be maintained, but will be
securities are, from the standpoint of the individual, purchased only with deepened by our mutual recognition of the great tasks which the future so
surplus funds after the needs and wants imposed upon him by his standard clearly has marked out for us to accomplish.
of living have been satisfied; by the same token, securities are the last
thing an individual purchases and the first thing he sells when he needs
ready funds, and this fact also tends to occasion frequent resale of stocks
The daily business of the Stock Exchange is almost as important and
and bonds in the market by investors. In consequence, the distributing significant to
commercial as to investment banking, and I wish to take
process in securities is not as regular or mechanical an affair as is the advantage of this occasion to mention a few of the fundamental links that
case with most consumers' goods and perishable commodities. Stock dis- connect our organized securities market with the commercial banking
tribution especially is a somewhat erratic process which, although in the system or-this
country. In part, the relationship between the Exchange and
long run certain and steady in the case of desirable shares, may nevertheless the commercial
banks is one of sentiment and tradition—as I have pointed
frequently reverse itself for the time being.
out, the stock market in its earliest years did much to secure capital for
An admirable example of this very sort is afforded by the statistics some of our first corporate banks a century ago, when the banking busiissued quarterly by the Steel Corporation, covering the proportion of its ness found the acquisition of such capital an extremely difficult undertaking.
common shares held by brokers and by individuals, which of course, rep- To-day, however, the members of the New York Stock Exchange compose
resent more or less accurately the floating supply of the issue as compared the largest collective borrower at our commercial banks, and the time and
with that proportion of it held by private investors. At the outset of call loans on security collateral which they obtain from the banks have
1910 just about 2-3 of "Steel common" was held in the floating supply, perforce become a highly important feature in commercial banking itself.
and only 1-8 by Investors.. By the beginning of 1914 the market had sucSecurity collateral loans, as a matter of fact, have long proved very
ceeded in distributing considerable of this stock, with the result that desirable and helpful to the lending banks no less than to the borrowing
2
1
about ½ of the issue was held by dealers and / by investors. At the stock brokerage and investment banking firms. As short-term banking
beginning of 1920 the dealers' supplies of "Steel common" had fallen to Investments, they have long possessed an enviable record of safety and ac,
a still lower proportion, and about 1 3 of the issue only was held by them, tual, as distinct from merely theoretical, liquidity. The call loan market
and the remaining 2-3 by investors. Recently there is evidence that the on security collateral provided a liquid centre for the American money
market has continued this steady distribution of "Steel common" among market, and a central rate-making machinery, during the long years of
the investors of the nation, who now hold something like 4-5 of the total decentralized banking which intervened between the abolition of the secissue, as against only about 1-5 still held by dealers. Nevertheless these ond United States Bank in 1836 and the organization of our present Fedrecords also reveal many temporary interruptions to this general drift of eral Reserve System in 1914. During all these years, the United States
"Steel common" shares from the dealer to the investor over the past 15 had one of the strongest stock exchange systems of any nation in the world
years, and some instances where the trend has temporarily been strongly —and one of the weakest and most undependable banking systems. It was
in the opposite direction. But because security distribution is more com- natural that
the poorly organized national bank system should have leaned
plex and less mechanical than the distribution of ordinary commercial heavily upon the Stock Exchange, and upon Stock Exchange loans, under
products, is no reason for denying its existence altogether or disregarding these
-day will argue that this was an ideal syscircumstances. No one to
its vast significance to practically all branches of modern American busi- tem, but at least
it was vastly better than no system at all. The situation
ness. It is not too much to claim for the New York Stock Exchange, that was very obviously neither created nor sought for by the Stock Exchange
it is the most significant single agency for the distribution of investment Itself, although
in periods of financial stress when the Stock Exchange
securities In this country to-day, or that any Issue possessed of actual and market was
forced to serve as a shock absorber for our entire banking syssteadily developing investment merit can be most effectually and inexpen- tem, the Exchange was usually blamed, instead of thanked, by shortsively distributed to permanent American investors by the organized security sighted critics.
market on its floor.
As any security dealer reviews the trials and tribulations which chronically appeared in American business prior to 1914, and which so severely
During the past few decades the major lines of American business enter- burdened the investment business in particular, he surely has cause to
prise have almost without exception taken on a remarkable degree of sta- congratulate our present Federal Reserve System for the great degree
bility, compared with conditions in previous years. Not only have our rail- of stability that it has introduced into American finance. Instead of havroad and industrial enterprises evolved from uncertainty into definite and ing thrust upon it almost the entire task of stabilizing American finance.
dependable business organizations, but our national wealth and vastly im- the New York Stock Exchange to-day is able to share this heavy and reproved banking system have likewise lent an unaccustomed stability through- sponsible burden with the powerful, highly organized and thoroughly elasout the field of American business. This constant tendency toward sta- tic machinery of credit provided by the Federal Reserve Act. In consebility in American business has naturally been reflected in the financial quence, the security call loan market of to-day' serves as a valuable supfield by the steady transformation of securities formerly speculative into port to the efforts of the Reserve System to render American banking flexible
securities of undoubted investment quality. As a result, an economic need and liquid. Ever since the organization of the Reserve System, in fact, the
has been created for dealers in investment securities as well as in issues of Stock Exchange loan market has served a valuable supplementary purpose
a riskier and more speculative character, and there has consequently by sharing with the rediscount facilities of the new Reserve banks, the
emerged a new type of banker whose business it is to deal in long rather function of acting as a shock absorber under conditions of strain in Amerithan short term securities, and provide fixed and permanent, instead of can business.
Perhaps the clearest instance of the value of the security call loan marmerely operating, capital to American industry.
The development of investment banking in this country also provided a ket to American banking and American business generally, was seen in the
supplement in security distribution to the facilities long main- critical period of deflation which occurred in 1919-1921. "Street loans"
necessary
tained by the New York Stock Exchange. For, as we have seen, the ma- reached a peak in November 1919, after which the developing money shorttremendous impetus to another development in our list, which would sooner
or later have become inevitable—the appearance there of a large aggregate
amount of foreign securities. On the 1st of November 1926 there were
listed on the New York Stock Exchange 112 bond issues of foreign Governments, 65 of which pertained to nations of Europe, 30 to nations of Central
and South America, 17 to North America and the West Indies, 7 to Australasia, and 3 to Asia. The aggregate market value of these issues appreciably exceeded two billions of dollars, while the total market value of
listed securities on the same date considerably exceeded sixty-four billions
of dollars.
The magnitude of listings on the New York Stock Exchange to-day is
therefore more than simply a reflection of the present wealth and prosperity
of the country—it also indicates how effectually the Stock Exchange has
labored during the past century in creating a demand for investment securities in the United States. In the future, as in the past, the Stock Exchange stands ready to serve the needs of the nation as a market for capital,
In respect to whatever scientific discoveries or mechanical inventions the
coming years may yet hold in store for society. Then, as now and as in
the past, the mechanism of the free and open securities market on the New
York Stock Exchange will continue to broaden the popularity of investment
securities, and to facilitate their distribution among our people.
DEC. 19 1925.]
THE CHRONICLE
2929
age caused their liquidation from $1,500,000,000 to $1,000,000,000 by and importance. Millions of Americans have, in the last decade, become November 1920 and to less than $750,000,000 by July 1921. But concur- persuaded of the value of thrift, and our modern American standards of
rently the total loans and investments of American banks reporting to the • living are in the main sufficiently high to permit wage earners of almost
Federal Reserve advanced from roughly $18,000,000,000 in November 1919 all types to save and invest in aecuritiee directly or indirectly. This means
to over $17,000,000,000 in November 1920, and then fell off to $15,000,- that the investment turnover of this country should increase even faster
000,000 in July 1921. By this drastic 50% liquidation of stock market than its commercial turnover; it serves in a measure to explain the promiloans, the banks of the country were able during the critical period of 1919- • nence recently assumed by the security collateral loan in our present finan1920 to heavily increase the accommodation extended to American agri- cial system. Whatever theoretic and dogmatic banking economists may say
culture, merchandising and manufacturing and to limit the inevitable de- or think of this matter, commercial banking in this country has very wisely
flation of these latter loans in the months following, to a reduction of :and sensibly responded to the actual conditions before it by expanding its
loans on securities, and it may be that this trend will continue to increase
only about 12%.
A further service in respect to the liquidity of commercial bank invest- 'in the future, with beneficial results to banks, borrowers, and the entire
ments was also performed by the call loan market during these and subse- general community. It is therefore high time that we undertook to revise
quent years. Many commercial banks found themselves loaded with good somewhat our theory of the proper functions of commercial banking, and
but frozen loans of substantial American corporations, which while theoret- to expand it sufficiently to apply adequately to modern conditions. Ameriically short term obligations only, had nevertheless through the period of can banking should not, and indeed cannot, be shackled by the economic
deflation become in actual fact long term obligations. In many instances formulas of a century ago. The economic shibboleths of yesterday must
these corporations were able by floating new bond issues to obtain the be revised to conform with the obvious business and financial realities of
funds necessary to retire these frozen loans at the banks. But since there to-day.
was not sufficient investment demand to place all these loans immediately
VI.
In the hands of permanent investors, this process again compelled the
A final feature in the relationship between the Stock Exchange and
assistance of the speculative dealer, who temporarily carried the new securi- American banking—perhaps the most fundamental and important of all,
ties with funds obtained from the security collateral loan markets. In this lies in the necessity of upholding and maintaining free and open markets
.
way the call loan market, after bearing the brunt of financial deflation in finance, and indeed throughout American business.
from 1919 to 1921, assisted to no small degree in reducing the large aggreAs never before, the direction of modern civilization is subject to essengate of frozen loans held by our commercial banks during and after this tially economic forces and upon them we must all rely if our standards of
period.
living are continually to be bettered in the future. To no small degree, the
In recent months the large sums being loaned by American commercial problem of our modern day is a problem of marketing, and here there is a
of stocks and bonds has afforded a frequent subject constant clash between the free and open market, and the closed and conbanks on the collateral
of discussion. Without undertaking any complete analysis on this score, I stantly manipulated market. In the modern stock exchanges, as in the
wish to point out two significant facts—first, that Stock Exchange loans similar organized markets for staple commodities the aim is to create a
by no means compose the whole or even the major part of this aggregate market open for all to deal in under equal conditions, frank and complete
of security collateral loans now held by our commercial banks; and, sec- publicity, and every collective safeguard that can be provided to insure a
ondly, that the recent increase in collateral loans generally can by no means maintenance of the just and equitable principles of trade. Such markets
be attributed simply to an expansion of loans in Wall Street on Stock Ex- are essentially democratic, since they take no hand in the making of prices,
change securities.
but simply establish price-making facilities which are available to the
In any discussion of the extent to which money to-day is loaned on se- entire public of the country.
curity collateral, it will not do to overlook the great and in all probability
The maintenance of open markets of this type, it goes without saying, is
permanent growth of the security business in this country during recent a difficult task and is likely to continue to be, as long as self-interest playa
years, and the expansion in niw security flotations all over the United so large a part in human nature. After all, the truth is not always
an
States. Nevertheless, it is quite to be expected that, as time goes on, immediately popular thing, either in the marketplace or outside it. Any
larger and larger aggregate sums of money will be required to facilitate organization which undertakes to maintain a market which will impartially
the work of the Stock Exchange in distributing its listed securities among and impersonally reflect only genuine economic forces, must necessarily
investors, since the listings on the Stock Exchange are now increasing and encounter continually selfish interests who wish to fix prices entirely
in.
have always Increased along with the growth of American business itself.
their own behalf. Sometimes this element of selfishness is experienced on
On January 2 1918 there were listed on the New York Stock Exchange an almost national scale; whenever the organized markets report a drop
1,102 bond issues and 627 stock issues. By Oct. 1 1925 our listings had in the quotations for cotton and grain—which America must sell, or a rise
in
grown to 1,360 bond and 1,004 stock issues. Thus, in less than eight years coffee or sugar—which America must buy—frequently agitation ensues
to
the number of our listed bond issues has increased about 25%, and the num- close the free markets. Indeed, open markets are continually challenged
ber of our stock issues has increased about 00%. This indication of the by the advocates of so-called "stabilization" schemes, at the root of which
growth in our listings does not, of course, take any account of the actual almost always lurks a desire to extend artificial benefits either to buyers
size of the issues themselves; through the issuance of rights and the ten- or to sellers.
dency toward larger and larger financing, the actual growth in our listings
Someone, in a fine imaginative phrase, has referred to the "bloodless
has probably been much greater than that indicated simply by the increase ,justice of the market place." Here, so it seems to me, is expressed
the
in number of issues on the list over this period. On Sept. 1 1925 the actual true ideal for all financial markets to cleave to, through crisis and contromarket value of our 1,358 listed bond issues was more than thirty-five and 'versy. In the future even more than in the past, American business will
a quarter billion dollars, and of our 1,000 stock issues was more than need the impartial democratic market places provided by the
organized
twenty-nine and a quarter billion, making a total market value of all issues exchanges, and must resent any interference with them, either
by ill-adlisted on the New York Stock Exchange on that date in excess of sixty-four vised Governmental action or the equally undesirable assumption of ecoand a half billion dollars. It should be obvious to any one who possesses nomic power by any private business group. Under freedom
from either
even the most elementary knowledge of the security business that all this private domination or public control, the free and open
market OD the
vast aggregate amount of securities has not yet been distributed to perma- New York Stock Exchange has risen from obscurity to a
central place in
nent investors, but that the process of so distributing them is now going the financial system of the modern world, and for its further
evolution
on, and that in consequence a considerable portion of this great total must along this very line it bespeaks the co-operation and
understanding of the
to-day be carried by dealers on borrowed funds until sufficient investment investment bankers of the nation.
demand develops to absorb it. Figures on total Stock Exchange loans to-day
are not available, but certainly such loans total less than 5% of the actual
market values of our current listings as above stated. I venture to assert
that there are few lines of mercantile distribution which are able to operate W. S. Gifford of American Telephone & Telegraph
smoothly and efficiently with as small proportional bank borrowings as this.
Company Before Investment Bankers Association
V.
The importance of security collateral loans in our commercial banking
system of to-day has very naturally raised once more the old question as to
the theoretical functions and the legitimate 'field of modern commercial
banking. It is all the more important to have a clear theoretical idea as to
what our commercial banks are for and just how they should operate, since
the United States is to-day the greatest creditor nation in the world, and
our banking system is not only a bulwark, but also to some extent a model
to the banking systems of other countries. It is thus particularly important that American banking theory as well as American banking practice
should be definite, coherent and realistic, that it should not in any way
follow the wandering fires of economic fallacy, or that it should be unduly
hampered by out-of-date conceptions or formulas.
It was Adam Smith who evolved the classic formula for the function of
commercial banks—that they should finance goods in transit from producer
to consumer. Adam Smith's famous masterpiece, "The Wealth of Nations."
from which 90 many of our present financial and economic theories date,
was published in 1776. It was altogether natural that in Adam Smith's
day, when the employment of credit was practically confined to the merchant class, commercial banking should be similarly limited to the financing
of merchants only, and that this situation should similarly limit any current theory regarding the proper functions of commercial banking itself.
In the last 150 years the economic and business conditions with which
Adam Smith was familiar have been revolutionized both here and abroad.
Credit, originally employed only by the State or by the merchant class, now
plays a vital part in practically every known form of industry and enterprise. Recently, systems of extending credit even to the consumer of perishable goods by part-payment systems have evolved, and have become an
apparently permanent factor in our modern credit machinery. Inevitably
banking operation has expanded with the field which it serves, into a vast
and complex business undreamed of in the philosophy of Adam Smith. No
commercial banking system of importance in the world to-day limits itself,
in point of actual fact, simply to financing the movement of goods from
producers to consumers. Thus although this familiar formula for the
proper functioning of commerctal banking has remained practically unchanged for many years, to-day in actual fact it clashes with the daily
practice of all our major modern banking institutions, including even that
of our Federal Reserve banks themselves.
I have mentioned the important part played in American commercial
banking by the security collateral loan, which enables a shifting of investments between dealers and investors. It seems altogether probable in the
future that this accommodation extended by our commercial banking system to the processes of investment should continue to increase in both size
Presents "Some Significant Facts in Our
Economic Progress."
At the closing session on Dec. 11 of the annual convention
at St. Petersburg, Fla., of the Investment Bankers Association of America, Walter S. Gifford, President of the American Telephone & Telegraph Co., called attention to evidence
tending to show "that our country is entering upon an era of
increasing material well-being, based on intricate and somewhat delicately balanced organization of its business activities." He alluded to the telephone business "as an example of a large modern business enterprise that has passed
the pioneering stage," and referred to its widely distributed
ownership as one of "the significant facts in our economic
progress." "The American Telephone & Telegraph Co.," said
Mr. Gifford, "has over 360,000 owners of its stock, all of
which is common stock. These stockholders," he added,"are
located in every part of the United States, as well as some
In Canada and other parts of the world." He pointed out
that "the average holding is 26 shares each," and observed
that "it is interesting to note also that nobody owns as much
as 1% of our stock, so it seems to me that the telephone
company is literally publicly owned." Along with the remarkable material progress which has been witnessed, Mr.
Gifford took occasion to point out that there has been "acorrespondingly remarkable development in the standards
of business honor and integrity." "In thinking over our
present economic situation," said Mr. Gifford, "there is one
duty that seems clear to me. Each of us who is engaged in
business, whether investment banking, manufacturing or
communications, should at all times study the trend of
events and analyze what that means in our particular fields.
. . . I know that we, in the telephone business, recognize
2930
THE CHRONICLE
our responsibilities, and with the new era of wide distribution of Investments, that you, as investment bankers, must
sense your added responsibiliites.“ Mr. Gifford's address
In full is given herewith:
Not so very long ago, in fact only a few hours ago from the standpoint of
the history of mankind, this country was a vast territory which was being
developed by pioneers. It is hard to realize that 50 years ago there were
no telephones, no automobiles, no electric lights. A much less time ago
there were no movies, no radio, no airplanes. The economic efforts of
the country were directed then toward the exploitation of its natural advantages and resources. Industry was conducted for the most part by individuals or by partnerships. Corporate organization of industry had only
Just made its appearance. By gradual processes of evolution this situation
would seem to have changed radically.
Our population now grows between 1 and 2% a year. On the other hand,
our business activities increase at the rate of between 3 and 4% a year.
This means that our standards of living are constantly improving, and it
is obvious that these improvements do not arise from and are not based on
the same economic developments that were taking place 50 years ago.
To-day the improving standard of living results from the greater use of
machinery and the application of organization, skill and science to the
processes of production, both industral and agricultural. Not only are
labor-saving devices being used, but new inventions have given us machinery which will accomplish what labor by itself can not A cotton mill
can turn out commodities infinitely faster than can hand spinners and
hand weavers, and railroads can transport goods at a rate that cannot be
approached by man or beast unaided by mechanical devices. But goods can
be manufactured and transported without the use of machinery. No sort
of human labor, however, can accomplish what the telephone can, transporting as it does the human voice and human personality for thousands of
miles. Electric power transmission, the radio, phonograph and the X-ray
are other examples of this type of invention which makes it possible to
not only save labor but accomplish what no amount of labor alone could.
Business has organized into increasingly larger units. To-day, 90% of
the business of manufacturing, mining, of railroads, utilities and banks, is
done under corporate form. We are expending increasingly larger BUMS
on technical and scientific research, and success is becoming more and
more a matter of skill in management and improvement in processes of
production. This movement toward larger business units, with concentration upon the problem of making two blades of grass grow where one grew
before and producing twice as much with an hour's labor as was produced
before, has meant some very interesting developments in our economic
structure.
The character of management is changing. The captain of industry of
not so long ago was a pioneer and could very properly be likened to the
pioneers who cleared the forests and blazed trails through unknown regions. To-day, while, of course, leadership, courage and vision are
needed, the very size of business undertakings necessitates a more deliberate, careful type of management. Because of the size of modern business
units, a mistake in plans or design or specifications might result in very
large losses. At the same time, management is probably not more, but
less, hazardous than in the days of pioneering. This is because the nature
of modern business makes judgment less speculative and based more on
facts—statistical, technical and scientific.
This change in our economic structure has greatly stabilized business
activity. It is possible, as it has never been before, to plan or budget
operations for a considerable period in advance and thus to stabilize production and employment. There is, of course, much more to be done, but
the trend is toward further stabilization in business.
People of the country generally are coming to recognize their future
improvement in well-being depends upon more economical production, and
that the larger units of business enterprise are not only not a menace
but are important factors in this more economical production. The attention of the business community is turned toward improvement in methods
of distribution. The Department of Commerce, with the aid and cooperation of business, is directing attention to the elimination of waste in
Industry. The railroads are working in co-operation with all concerned
for economy in use of equipment. These are but illustrations of the many
efforts toward economy and improvement in industry.
With the increased well-being of our people generally, there has grown
up a change in the ownership of industry. Large enterprises more and
more are becoming publicly owned. This would seem to result in a different responsibility of management, the management becoming, in effect,
trustees for the investments of large and scattered bodies of people. With
It also, would seem to go a change in the relations between labor and
capital. The old master and servant idea, which almost necessarily existed when the owner was the manager, is giving place to a system based
more on the spirit of co-operation than of conflict.
The relations between business and the people of the country have
already improved greatly. Large enterprises are all anxious for the goodwill of the public, and I venture to say that no one of them would think
to-day of disregarding public good-will. This in itself is a powerful factor in business progress and in the regulation of business practices.
Not so long ago the business world was opposed to any form of Government regulation. To-day it is felt that such regulation can be worked out
with every prospect of advantage. The relation, in short, of business and
Government is becoming more olearly defined, and it is being recognized
that the fields of each are independent and that each can properly assist
the other without interfering with the other.
With the increased facilities for transportation—particularly the automobile—and for communication, the entire country is becoming rapidly
homogeneous. The North, the East, the South and the West, are each
losing whatever peculiar and distinctive qualities they had, and the country as a whole is becoming a vast neighborhood. There was a time when
raw materials were always moved to parts of the country where labor was
abundant With the increased mobility of population, products are being
at least partly manufactured near the source of raw materials.
In addition to our becoming a vast economic neighborhood, one cannot
travel throughout the United States without recognizing that there is a
growing appreciation of culture and art—of the things that make life more
beautiful. Civic improvements, beautiful buildings, highways and many
other evidences, are to be seen in sections of the country that up to a short
time ago were thought to be interested solely in material advancement.
If these observations are sound, it would seem that our country is entering upon an era of increasing material well-being, based on an intricate
and somewhat delicately balanced organization of its business activities.
Progress will come largely from scientific research, the elimination of
waste and the development of better methods of production and distribution.
The telephone business is an example of a large modern business enterprise that has passed the pioneering stage. While it has its problems that
are peculiar to itself, as it illustrates many of the present tendencies and
[voL. 121.
characteristics of business generally to which I have referred, and as H
Is the business with which I am most familiar, a brief reference to some
of the significant facts about it, will, I believe, be pertinent.
The job of the telephone business is to make it possible for any one anywhere in the United States to talk any time of day or night, Sundays and
holidays included, with any one anywhere else in the United States. This
requires an organization, nation-wide in scope, organized and operating
under State laws and State regulation, and Federal laws and Federal
regulation.
We have such an organization in what we call the Bell System. It may
seem to people who have not taken the time to look into it that the organization is extremely complicated, is made up of corporations and subsidiary
corporations with various inter-corporate relations. In short, it would
perhaps seem unnecessarily elaborate in its structure. As a matter of
fact, it is quite simple. It is not arbitrary nor has it just happened. So
far as we know, it is the best form of organization to operate successfully
a nation-wide system of inter-communication under American laws and
traditions.
The American Telephone & Telegraph Co., as the parent company of the
Bell System, owns, in most cases, all of the voting stock; in some cases
the majority, and in a few cases the minority, of the voting stock of
what are called the associated operating telephone companies. These, as
you know, are the Bell telephone companies, such as the New York Telephone Co., the Southwestern Bell TelePhone Co., the Pacific Telephone &
Telegraph Co., etc., and they, with their connections, cover the whole
United States. These companies have been organized because of State laws
and State regulation and they are responsible for handling the telephone
business within their respective territories.
Now, if you want to talk, for instance, from San Francisco to New
York, or Portland, Me., to San Diego, it is obviously necessary that you talk
through several of these operating company territories. This necessitate*
your talk being handled by one operating organization which co-ordinatea
the entire process. Therefore, the American Telephone & Telegraph Co.
owns directly and constructs, maintains and operates what we call the long
distance lines. These lines inter-connect the operating company territories.
In the telephone business the apparatus used is of a highly intricate,
technical and complicated character. Therefore, if, in talking from San
Francisco to New York you wish to understand the person in New York
and the person in New York wishes to understand you in San Francisco, it
is necessary that the apparatus at both ends and throughout the length
of the lines, be of certain standards, and of the highest quality. In order
to insure such standards and quality, the American company owns over
98% of the stock of the Western Electric Co., which manufactures telephone apparatus and equipment.
Finally, in order that progress may be made in the art of telephony and
in order that this country may continue to lead the world in telephone
development, the American Telephone & Telegraph Co. maintains at headquarters, including the forces of the Bell Telephone Laboratories, over
5.000 people whose job is to invent, develop and improve telephone service
and make it more economical. It is largely because of this fact, namely.
that such a large force of people is engaged on scientific research, better
operating methods, better accounting methods and all the other things
that go to make up improved and more economical service, that telephone
service to-day in this country is at such a high standard and that we can
confidently look forward to continued progress.
The Bell System illustrates the size of modern business undertakings.
There are inter-connected in the Bell Telephone System over 16,000,000
telephones. This means, theoretically, that any one of these millions of
telephones can be put into communication with any other one anywhere in
the United States any time of day or night. I say theoretically, because,
as a practical matter, there are a relatively few instances where such
inter-connection would not give satisfactory results; such as a long distance communication where one or both of the telephones are located on a
long rural party line. In order to make that inter-communication possible
the Bell System owns property and other assets—that is, switchboards,
buildings, pole lines, conduits, etc.—that have cost over $2,800,000,000.
Including the employees of the manufacturing company, it employs over
320,000 men and women.
The telephone business grows somewhat faster than general business, and
as I have pointed out, general business grows somewhat faster than the
population. This growth in our business means a continual increase In
plant and facilities, so that our construction program is over $350,000,000
a year. Of this, nearly $100,000,000 is for reconstruction, that is, for replacing plant which has worn out or become obsolete; so that our net
additions to our plant are somewhere between $250,000,000 and $275,000,000 a year.
The American Telephone & Telegraph Co. Itself has over 360,000 owners
of its stock, all of which is common stock. These stockholders are located
in every part of the United States as well as some in Canada and other
parts of the world. The average holding is 26 shares each. It is interesting to note also that nobody owns as much as 1% of our stock, Bo it
seems to me that the telephone company is literally publicly owned. We
believe this is a good thing for the country generally; in other words,
that it is a good thing and in line with the present development of events
that the people of the country should own directly an interest in the basic
enterprises. Of course, it goes without saying that it is a good thing for
us financially. It broadens the market for our securities and, so long as
our earnings and credit are satisfactory, makes it possible for us to obtain
the large amounts of new money needed annually to keep up with our
necessary extensions of facilities.
Our busiruss is also a vast retail business. What we do is to handle
50,000,000 seperate individual transactions every day. These transactions
are handled every day in the year and any time in the 24 hours, and they
are individual in the sense that Mr. A. wants to talk to Mr. B.. etc.—in
other words, a specific individual service in each case.
A further significant fact about our enterprise is the narrow ;nargin of
profit with which it is carried on. The balance available for surplus—
that is, the profit after the payment of interest and dividends, both Of
which in our business we consider are in the nature of fixed charges,
amounts to less than a cent a day a telephote. This narrow margin of
profit is an illustration of the small margin with which large business
enterprises can be successfully operated. It is because of the fact that
we are able to plan carefully over a period of years, and because our business is so stable, that we are able to carry on with such a narrow margin.
It is interesting to note that the difference between prosperity and loss
for a great national business of the size of the telephone business is based
on something like a cent a day a telephone.
In its organization for a nation-wide business under State and Federal
laws and State and Federal regulation, in the intricacy and complexity of
Its operations. in its maintenance of a large scientific research department
as well as a large group of people engaged on economies and improvements
In operation, in the relatively small margin of profit with which it operates, in its stability and planning or budgeting of its operations in advance
and finally in its widely distributed ownership and in its size, it seems
DEC. Is 1925.1
THE CHRONICLE
2931
to use to be an excellent illustration of some of the significant facts in barley, wheat, apples, potatoes, tomatoes, beans, peaches, apricots, and so
our economic progress.
forth, everywhere and anywhere in the United States, but the spot that
I cannot close my remarks without referring to what is, after all, the citrus fruits can be grown upon and vegetables in winter, when fabulous
most vital thing in business, and that is the ideals of business and the prices are paid for them, is so small that a postage stamp upon the map
integrity of management.
of the United State. would cover it And when you realize we have a
Along with remarkable material progress, there has been a correspond- nation now of three hundred and fifty billions of dollars of wealth, one
ingly remarkable development in the standards of business honor and hundred and fifty millions of people, with half the gold supply of the earth,
Integrity. Practices and ethics which not so long ago were looked upon the giant of the earth, financially and otherwise, increasing at the rate of
as being entirely justified, have become in every sense outlawed to-day.
one million and a half per annum, increasing at the rate of twelve to fifTo-day it is probably big business which leads in those higher standards. teen billion dollars per ennum in wealth, and that the spot of productivity
It may be that it is the ability to take a long-time view of business, as can never be increased, the startling force of that statement becomes apcontrasted with the desire for immediate return, that has made possible parent.
Florida has only one competitor: California. California is a marvelous
the adoption of these higher standards. Big business, incorporated as it is,
realizes that it is established for the long haul and that in the long run State. California is a wonderful State. California is the most wonderful
scrupulous honesty and integrity are the best rules for success.
State in this Union, exceet Florida.
I like to think that these higher ethics are based on higher ideals, but
Conceding that the climate of California is equal to ours, conceding that
the knowledge that they are based also on sound business judgment, assures the fertility of soil of California is equal to ours, conceding that its natural
the fact that they are firmly implanted in the business world.
resources are equal to ours, the fact remains—I hate to say it, but it seems
This growth of higher standards of business ethics has already been of I must, that Califoria is from two to nine days from the market and
the greatest significance in the progress of the country. Obviously, it Florida is from ten to fifty hours to eighty million people. God made that
has made for greater confidence between the people of the country and condition and man cannot unmake it. The man in the North and in the
business enterprises generally, and for the greater confidence which exists East can eat his dinner there to-day and in Florida to-morrow. The busibtween Government and business—a fact recently emphasized by President ness man, in order to have his home in Florida, doesn't have to retire., He
Coolidge. It is a business asset that we should all guard with care, for it can keep in business there and have his home here and commute between
is an asset which can be easily damaged by thoughtlessness and selfish the North and here.
action. It is indispensable to the continued world leadership of our counBut wonderful as is our climate, wonderful as is our soil and actual retry in industrial affairs.
In thinking over our present economic situation, there is one duty that sources, the great glory of Florida is in the conservatism of its citizens.
seems clear to me. Each of us who is engaged in business whether in- Florida is a conservative of conservatives. It is now and always has been
vestment banking, manufacturing or communications, should at all times the most conservative State in the Union. While most of the men in this
study the trend of events and analyze what that means in our particular Union have for the past fifteen or twenty years been engaged in undertaking
fields. Not long ago, running a business could have been likened to driving to make your natural unnatural, have been engaged by law to create the
a stage coach over rough roads and whipping up the horses. Now we conditions whereby water will run up-hill, have been engaged in making
are operating a high-powered mechanism, in some ways as delicately little fish eat big fish, we in Florida have always believed in the law of
adjusted as a watch. If any of us in our respective fields fails to do his the survival of the fittest. We believe it was so in difficult times, is now
part with skill and integrity, the damage to our economic progress can be and always will be.
greater than ever before. I know that we, in the telephone business, recWe have no severance tax, and no franchise tax, and no corporation tax,
ognize our responsibilities; and, with the new era of wide distribution of and no corporation stock tax and no intangible tax, and no income tax and
investments, that you, as investment bankers, must sense your added no inheritance tax.
responsibilities. If each business goes on in the future, working
I saw some weeks ago in some literature floating around this country conout its
own problems, with sympathetic understanding, and in co-operation with taining propaganda detrimental to Florida that some real estate agent in
others, the future for continued increasing well-being in our country Is 'Miami had induced the State of Florida to repeal the inheritance tax. That
assured—and there is nothing inconsistent with that economic progress
and statement, of course, is false. With all due respect to the many friends
the maintenance of the ideals, traditions and spirit of America.
We can I have in the real estate business, I do not think any real estate man ever
all be good citizens ourselves, and we can have our respective business
en- had sense enough to think about that.
terprises good American citizens—good American institutions
We have no taxes of the sort I have mentioned. We never have had, and
thriving
and growing under American ideals and traditions.
we have not had for several reasons. In the first place, Florida does not
need them. We have more paved highways, more public improvements
Address of Welcome of Peter 0. Knight—Growth in per capita, and you gentlemen will find that statement to be absolutely
true when you float around this State for a week or so, than any other State
Deposits of Florida Banks—Florida a State
In the Union, and yet Florida to-day has no bonded indebtedness. It does
not owe one single, solitary cent, and it has seven million dollars in its
Without Taxation.
manner in which we can raise taxation for State
Treasury. While
Florida's prosperity was dealt with by Peter 0. Knight, purposes is by anthe only
occupational tax and an ad valorem tax upon real and
of the Bank of West Tampa (Florida) in an address of wel- personal property, and while the value of the property of the State of
come on Dec. 8 before the Investment Bankers Association, Florida exceeds six billion dollars for assessment purpose, all of the property
Florida, real, personal, mixed, railroads, utilities, deposits in
in
Mr. Knight at the same time calling attention to the fact thethe State of
banks, everything, is assessed in the insignificant amount of five hundred
that Florida is a State in which no income, corporation, and fifty million dollars, less than 10% of its value, and I challenge any
franchise, inheritance taxes, etc., are imposed. We quote State in this Union to produce its counterpart.
That we have had no graft or no scandal in our public affairs, and that
the following from his remarks:
the administration of our public affairs has been economical and honest is
I am not such a very old man—at least, I do not think I am—and
yet only too well illustrated by that statement.
I saw the first house built in St. Petersburg. It was in the winter of
In the next place we have no inheritance tax because we think it is
1890,
the same year that I located in Tampa, a little town then 22 miles
from wrong. We think an inheritance tax is Socialistic, Bolshevistic, Commuhere. At that time there was a bank in Tampa with $300,000 of
nistic and Anarchistic.
total reseurces. It was the only bank in south Florida. When I say south
We agree with President Coolidge that it is legalized robbery. I want to
Florida,
I mean the east as well as the west coast, and at that time Florida
was so say right here, by way of parenthesis, if my time can be extended for •
undiscovered, so undeveloped, so poor, that the deposits, the total deposits few moments, that while I am a Democrat and never voted anything but
of all the banks of the State of Florida were about $2,000,000.
the Democratic ticket in my life, upon the question of taxation and State
Shortly after I located in Tampa I organized the Exchange National
Bank. rights, Coolidge and Mellon are good enough Democrats for me.
And it will please you here to know that last night its deposits were
I want to say something else, with all due respect to that great man who
eleven times as much as the deposits of all the banks in the entire just is now gone, who will go down in history as one of the world's
greatest
State
of Florida when I discovered this now city and located in Tampa.
characters, Calvin Coolidge is making the best President this United State
It will probalf.y astonish you to know that now the total deposits
of all has had since Grover Cleveland, and Andrew Mellon is making the best
the banks of Florida are just three and a half times as much as all
of the Secretary of the Treasury this country has ever had.
deposits of all the banks in the sixteen Southern States in.1881.
We marvel at the Bolshevist in Russia who takes private property at the
more exact, the deposits of the 16 Southern States at that time were To be point of a gun. We shudder
at the bandit in Mexico who takes private
8231,000,000, and to-day the deposits of all the banks in Florida are
property at the point of a pistol. Oh, we diseourse learnedly in our magaseven hundred and fifty and eight hundred millions. I doubt if between zines
and journals at the stupidity of the French who are about to make a
a more
amazing story of stupendous and rapid growth of any territory
in this capital levy, but we do worse in this country. We make it unlawful for the
country, and the world, so far as that is concerned, has ever yet
been told man who has worked hard and acquired an estate to give it in his lifetime
or can be told.
to his family, so that he shall be compelled to keep it, so when he dies the
And this prosperity of Florida, the prosperity that Florida
is now having Government can take it away from him. I have more respect for the bandit
Is not due to any hectic real estate speculation that
this State has been in Mexico and the Bolshevist in Russia who takes the property at the point
afflicted with, but to fundamental underlying conditions, and
to consistent, of a gun, because there is some courage connected with what they are doing,
continuous development and growth of the past thirty years.
but the politician in this country who votes for that sort of legislation has
Florida is a marvelous State. It is larger than New York,
Rhode Island nothing but ignorance and prejudice and pure cussedness and cowardice
and Massachusetts combined, and although only 7% of its
soil is under cul- behind him.
tivation, it supports its population of 1,300,000 people, and
an equal numAnd so far as the French are concerned, I have much more respect for their
ber of tourists and outsiders, and actually ships 100,000
carloads of citrus proposal, because they take it when the man is alive, when his guiding
fruits and perishable materials besides. Because of the
very ability, the hand is there to still take care of the estate he has built up, but,here we
productivity and the fertility of its soil in this magnificent
climate, it can take it away from him after he is dead, when the guiding hand is gone and
support a population of twelve million more. It
can increase its annual when the estate needs that guidance more than at any other time. So Mr.
shipping to a million cars per annum.
Coolidge has condemned it and Mellon has condemned it, the American
It actually produces 210 varieties of fruits, vegetables
and field crops. Bankers Association has condemned it, the Chamber of Commerce of the
I assert without fear of successful contradiction, that
the soil of Florida United States has condemned it and the Manufacturers' Association of
the
to-day produces more wealth per capita per acre than
any spot on this United States has condemned it, and every other intelligent body that
ham
earth, Cuba not excepted.
passed upon it.
This State could build a wall around itself and support
its people withSo to that extent, with public opinion worked up to this point, when the
out any intercourse with the outside world. It furnishes
80% of the phos- Ways and Means Committee met in October in Washington, 82
phate that the ilkople of the United States use. It
Governor,
furnishes 60c of the walked up there and said: "Here, we want this iniquitous
tax repealed.
naval stores that the people of the United States use.
Outside of the This is no function of Federal Government This is something
Mediterranean, it is the greatest sponge market in the
for the
world. Whoever State." And then Green, who calls himself a Republican from
beard of Florida as a manufacturing State, and yet last year
Iowa, and
the value of Garner, who calls himself a Democrat from Texas—and if Garner
our manufactured products approximated three hundred million
was in
dollars.
Iowa he would be a Republican, and if Green was in Texas he woeld be a
Why, in Tampa, where I live, we have one manufacturing
industry, the Democrat—neither of them have any political convictions. .hey
manufacture of clear Ilavana cigars, that manufactures and
are
people of the United States in fifteen days more clear Havanaships to the Democrat and Republican for revenue only, respectively. The, they say,
cigars than why, you men do not know what you are talking about
are exported from Cuba to the nation in a year. And the value
Florida has noof that inheritance tax and everybody is going there now, and if
manufactured product amounts to forty millions of dollars
you repeal the
just eight
as much as Uncle Sam paid Spain fir' the State a hen she bought it. times Federal inheritance tax law everybody will go to Florida. What we must
'
do is this: The Government does not need the revenue, but we want -to
And so I could go on but time forbids. Suffice it to say that
there is keep the Federal inheritance tax and we want to give the
only one Florida. Florida has a monopoly. You can grow
State back 80%
grain. cern, of what they pay, so that Florida will be forced to levy
an inheritance tax.
2932
THE CHRONICLE
And so, now, this unholy two of the Socialistic majority of the Ways
and' kfeanii Comsnittee have submitted to Congress, yesterday, a proposal
Of -that kind: Nothing more un-American, nothing snore detrimental to the
interests of this country has been proposed, nothing.
,
.When; those remarkable men finished the framing of our Constitution,
the most wonderful instrument that ever was framed by mortals, they had
defined in that instrument the rights of the individual, so no matter how
great or how powerful he might become he could never interfere with the
rights of the States or with the Federal Government.
In that marvelous document they defined the rights of the States so no
matter how powerful a State might become it could never interfere with
the Federal Government over the rights of the individual. They defined
the powers of the Federal Government, so no matter how great it might
become it could never interfere with the rights of the individual or of the
•
"
respective States.
In fact, under our theory of Government, all the people of the United
away from the humblest citizen of the land
States combined, cannot •take
the slightest right guaranteed him by that marvelous instrument.
.-And yet, we here have a proposition of asking the Federal Government
to coerce a sovereign State into the enactment of legislation of a purely
local concern against the wishes of a majority of people of that State.
Why, there is nothing more ridiculous that has ever been presented to an
American Congress, nothing in the history of this country. . . .
I watched Washington for many years with great interest, not that I
wanted to - go there officially, because I several times declined that honor,
but because I take a keen interest in public affairs. You gentlemen probably
never thought about it, but if you will think about it, you will notice that
a man who goes there and stays about a year and a half generally becomes
afflicted with the disease of Washingtonitis, the principal symptom of
wbici Is. that the Man who goes there generally loses what little common
sense he had when he went there. The only two shining examples that
have not done that are Coolidge and Mellon.
With more wealth and more population than Norway or Sweden or Scotland or Ireland or Denmark or Holland or Belgium or Switzerland or Cuba,
or any of the Balkan States, even as they existed before the war, and more
wealth than Italy and Spain, oh, God, how little we know ourselves; how
little we appreciate ourselves; how little the American citizen understands
the American citizen! I know we must be patient with the weaknesses and
fallacies of mankind, but when I reflect upon our wonderful past, when I
contemplate our magnificent present, when I visualize what the future has
yet to unfold, and yet I see people running here and there saying, "Oh, it
IS all wrong. Our form of Government is all wrong. We need to amend
the Constitution still further. -We need the initiative and the referendum
and the recall and our seat of Government in Europe and Congress given
the power to pass upon' the constitutionality of its own enactments," I
wonder if they have gone mad. Because if what these people want shouid
come to pass, instead of having a Government and a constitutional limitation whereby the rights of the minority will all be protected against the
arbitrary wishes of an unreasonable majority, you will have no Government, but mobocracy and anarchy. What this blatant minority wants is
not going to come to pass, because the American citizen, the loyal, loving,
patriotic American can prepare his ideals to see the American eagle on its
wings floating to still loftier heights as the years roll by. And so we
Floridians - believe with Abraham Lincoln that while you can fool some of
the people all of the time, and all of the people some of the time, you cannot
fool all the people all of the time.
So we will continue to have optimism, we will continue to have confidence
In this great nation, of which we are a part. We will continue to believe
that Congress will not pass such iniquitous measures as are now proposed,
and if it does, the fairness and the justice and the right-mindedness of the
people in time will have it revealed and accord to Florida that which is its
just due.
[Vol,. 121.
industry. For these reasons I have been deeply impressed with the
vievra expressed by your Federal Taxation Committee regarding the necessity for restricting future issues of tax-exempt securities and also adjusting
the surtaxes in order that tax avoidance may cease and funds seeking investment may be attracted into productive business rather than tax-exempt
securities.
Taxation cannot fail to have its influence on investments; and it must
also be remembered that another important factor in the present state of
the credit and security market is the program of Government economy and
payment of the public debt, which has been so steadfastly adhered to in
recent years. From this source alone the sum of more than half a billion
dollars has annually been made available for investment in business. At the
same time the burden of taxation has been lightened; the public credit has
been improved, and the foundation has been laid for an orderly retirement
of the public debt within a reasonable number of years.
This is in accordance with the historic policy of this Government which,
from the beginning, has always balanced its budget and promptly extinguished the public debt. It is of the utmost importance that this policy.
be adhered to, for if a sound system of taxation is adopted and the present
policy of Governmental economy and orderly debt retirement is continued,
we may look forward with confidence to an era of increased prosperity in
which everyone will share.
Very truly yours,
A. W. MELLON, Secretary of the Treasury.
Thomas N. Dysart, Esq., President Investment Bankers Association of
America, St. Petersburg, Fla.
and
Report of Committee on Real Estate Securities—
Increase in Volume of Real Estate Loans
Building Costs and Rents.
One of the most comprehensive of the reports presented at
the convention of the Investment Bankers Association of
America was that of the Committee on Real Estate Securities;
by Chairman H. N. Gottlieb, of S. W. Straus & Co., of
Chicago. Stating that "there is but one outstanding fundamental observation which the Committee wishes to present
for special consideration in this report," the Committee said:
It Is the tendency to exalt shibboleths over substance. One such
shibboleth is found in the term "guaranty.' Elsewhere in this report is a
thoughtful expression of the legitimate scope and function of guarantees in
connection with bonds and mortgages, and there is no design here to disparage offerings of guaranteed securities. The Committee does feel,
however, that it cannot subscribe to an attitude which makes the guaranty
a substitute for sound substance in the project itself, particularly when the
more existence of a guaranty. Irrespective of Its inherent quality and value.
Is proclaimed as all-sufficient. There have been similar erroneous conceptions in the past, which may still exist in certain quarters; for example, the
Impression is some times conveyed, in connection with purchases of real
estate, that, if an abstract of title Is procured, certified to be a correct
abstract by a reputable title or abstract company, assurance of good title
Is thereby obtained without examhadon, and opinion of title, by a competent attorney. In like manner, a psychological link sometimes exists
or is induced between a guaranty of title and some element of guaranty of
payment. The Committee feels that not only should investment bankers
themselves carefully avoid the stressing of guaranty in a way to lull scrutiny
of the basic security, but that the message of this Association through the
medium of this report should go forth to the investing public, that in the
application of sound investment principles both should the guaranty itself
be weighed so as to attribute to it no magic qualities, which. Inherently,
It does not merit, but that, valuable as it may be, it should not be exalted
Message from President Coolidge.
so as to inculcate indifference to the primary security.
Commendation of the work of the Investment Bankers
Another such shibboleth relates to the matter of appraisals. if not in
Association came in a message from President Coolidge to the use of the term Itself, nevertheless essentially In the way appraisals
have in mind is one which seems to
the Association's President, Thomas N. Dysart. This com- are utilized. The attitude which we figures. whatever their source and
consider that the quotation of appraisal
munication, read at the session of the 8th, was as follows:
whatever lack of reality they possess, bestows immunity from the actual
facts and figures and a prticise measure of the values which inhere in the
The White House, Washington, Dec. 1 1925.
transaction. Here again there is no desire to indulge in a wholesale conMy dear Mr. Dysart:
We all know that weight and value attach to
Will you be good enough to present my greetings to the members of the demnation of appraisals.
appraisals, in particular localities, and in such
Investment Bankers Association of America at your annual convention to be particular appraisers and
localities those who are among the initiate sufficiently to differentiate beheld in St. Petersburg on Dec. 9.
analyze the elements of appraisal may derive
The activities of your Association in educating the public along the lines tween appraisers and to
into the merits of the project. We should take
of sound investment are of genuine service to the nation. Your work is of therefrom real, insight the public generally are not equipped to discriminate
that
double value. On 4he one hand, it helps to prevent our reservoir of capital thought, however,
and that. in the absence of this capacity, tusfrom being drained into unsound and unprofitable ventures. On the other and analyze in this fashion,
known and Irresponsible appraisers and grossly excessive appraisals, both
bend, it is important to secure a greater participation on the part of the
In the aggregate and in the constituent factors, may be persuasive to the
public in its enterprises, which are essentially sound and profitable. Such
unwary investor. We feel that the investment banker has a responsibility
widespread participation tends to the dissemination of knowledge of the
in this regard. There may be differences of opinion as to percentages of
needs and achievements of industry. Such knowledge cannot fail to be
of valuation for securities laws and other purposes;
helpful in furthering a mutual understanding between business and the loans and requirementscardinal principles of real estate financing which
but there are certain
public in general.
cannot be ignored and for disregard of which no indulgent appraisals can
Very truly yours,
afford a conscionable shield. Such principles are that in a construction
CALVIN COOLIDGE.
bond issue, for example, the mortgagor should itself invest a sufficient
Thomas N. Dysart, President.
amount either in funds or in property—in other words, should have a
sufficient stake or equity in the project—so as both to insure endeavor and
Zeal on his own part to make the project a success and to provide an adequate
Message from Secretary of the Treasury Mellon,
margin to guard against decline and depreciation, resulting either from
From Secretary of the Treasury Mellon the Association, general economic change or forced sale consequent upon individual disaster.
In the case of completed projects. the substantial equivalent of initial
through President Dysart, received a message in which Mr. investment by the mortgagor is to be found in valuations based upon
Mellon expressed himself as deeply impressed with the views records of earnings. actual sales, and clearly demonstrable elements of
Of the Association's "Federal Taxation Committee regarding exceptional value or exceptional circumstance, rather than speculative,
appraisal. Unless these factors exist, no compliance with legal
the necessity for restricting future issues of tax-exempt optimisticformal requirements and no attractiveness of circular, either
or other
securities and also adjusting the surtaxes in order that tax statistical or otherwise, can afford a satisfactory substitute. The investavoidance may cease and funds seeking investment may be ment banker must be the main critic of his own offering; he must Insist
that the substance, rather than the shibboleth, be there. Be can not else
attracted into productive business rather than tax-exempt shrive his conscience, or rather than that—because there is no intent to
securities." The message of Secretary Mellon follows:
impute lack of conscience—he cannot, without the resolutely determined
substance, fulfill affirmatively his own high function in the American
THE SECRETARY OF THE TREASURY.
business world.
Washington, Dec. 4 1925.
In presenting the report its general scope for the year 1925
My deer Mr. Dysart:
I hope you will extend my cordial greetings to the members of the Invest- was indicated by the nature of the subdivisions of the
ment Bankers Association of America on the occasion of their annual meet- report (following the introductory Subdivision I) as follows:
ing at St. Petefsburg on Dec. 7.
II.
General comment, under the caption, "Substance vs. Shibboleth."
The members of your Association are closely in touch with conditions
III. An analyisis of essential factors in connection with construction
throughout the country and are especially qualified to judge of the effects
the flow of capital into business payments.
of the present system ot taxation upon
DEC. 19 1925.]
THE CHRONICLE
2933
IV. Leasehold bonds.
The sale of guaranteed New York City mortgagee has grown
enormously
V.
Land Trust Certificates.
of recent years. Four of the leading guarantee companies,
with capital,
VI.
Guaranteed vs. Unguaranteed Bonds and Mortgages.
surplus and undivided profits of approximately $52,000,000
at the close
Vii. Financing Agriculture.
of 1924, had outstanding guarantees of approximately $850,000,00
0. the
VIII. Timber Bonds.
ratios between capital, surplus and undivided profits and
guarantees
IX. A comprehensive analysis of authoritative statistics on building. ranging
from approximately six times to more than twenty-five times.
In
Goats and rents, accompanied by charts and tables.
the case of two of these companies, capital was also at the
risk of title
X.
Bibliography.
guarantees or deposit liabilities as well. It is obvious, of course,
that the
It was pointed out that Subdivision VII on agricultural failure of any considerable percentage of the risks outstanding would make
the guarantee ineffective, so that
finance and Subdivision VIII on timber bonds were supplied, to require that a reasonable both prudence and good faith would seem
and definite relation between capital and
respectively, by Louis K. Boysen, Vice-President of First guarantees should always be maintained.
It seems equally clear that in any such business which is to
Trust & Savings Bank, Chicago, and Walter A. Graff, Vicecontinue,
losses ordinarily must be paid from current profits
President of Baker, Fentress & Co., Chicago, and should be tee fund, so that in the long run, if the business and not from the guaranis to survive
its
read in conjnuction with the 1923 and 1924 reports on these customers, whether a guarantee exists or not, it must takeand keep its
care of
subjects. The other portions of the report were prepared occasional mistakes and losses. Stating it another way, in the final analysis, a guarantee Is as good as the securities to which it attaches.
by members of the committee, with the ssistance of their
The guarantee by local companies of mortgages sold to life insurance
companies takes different forms and is often limited in extent. This
business organizations.
feature
has grown out of the desire of the life insurance companies to invest
In its general comment the report said:
in
mortgages over a wide area faster than their home office machinery
could be
reasonably developed. In some cases an agreement is simply reached that
Substance vs. Shibboleth.
the guaranteeing company will purchase any loans which on later inspection
The increased interest in real estate securities is a natural reflex
of their do not meet with approval; in others, that they will relieve the life comgrowing volume. In 1919 the volume of city real estate bonds offered
panies of any loan in which defaults occur. Cases have already arisen
to
the public was estimated to be $50,000,000; in 1923. $500,000,000. It
is under which the local companies have been unable to fulfill their part in
probable that the total volume of urban real estate bonds in
1925 will be the agreement, and in a sense this method may be considered, partially
close to $1,000,000,000. The relative monetary importance of
these at least, as a temporary bridge until the necessary experience has been
securities in the investment field is indicated by the comparison
of this gained and machinery developed.
figure of $1,000,000,000 with the 1925 estimated total of $5,500,000,
000 for
all other investment securities representing private capital investment.
Guaranteeing by the Issuing Company.
There have been two main currents In prevalent comment
If the capital of the issuing company is employed in banking, title insurabout real
estate securities.
ance, or other forms of risk, in such a manner that the relation between
the
One current represents a criticism of criticism; the other expresses
mis- mortgages guaranteed and the capital necessary to make good such guarangivings about trends in real estate financing,or addresses
itself to condemna- tee is not clear and sufficient, the principal may be considered questionable
tion of specific offerings.
•
and may sooner or later be called into question.
In the first category, objection is found to indiscriminate
criticism of real
Guarantee by Surety Companies.
estate securities on the ground that real estate bonds and mortgages
as a
This is a new development or the business and as surety companies' capiclass rank high as a safe, conservative security, and
constitute a great
tal is at the risk of many forms of liability, and the comments made
contribution to the upbuilding of our communities;
in
that they compare
the previous paragraph apply in part at least. In any event, something
favorably with other types of Investment securities which
are subjected to
more than a statement of the assets and liabilities of the surety company
far less critical scrutiny; and that much adverse comment
of real estate
securities is predicated upon the invidious effort of
competitors to discredit should be furnished—some definite idea as to the real strength of the
guarantee—whether a separate fund is set aside for these guarantees—the
a new type of attractive security invading the investing
field, rather than
upon a warranted solicitude in the interest of safeguardin
ratio between the fund and the guarantees outstanding, the methods
g the investing
public.
employed by the surety companies in checking appraisals, &c. The actual
experience of the surety companies in guaranteeing this form of risk has not
The second current takes cognizance of the rapid expansion of
the volume
of offerings of real estate securities, the increasing number
sufficient to determine fully the extent of risk involved, especially in
of dealers engag- been
ing in this field, either exclusively or in conjunction with
contemplation of a large volume of business over a wide area and dealing
the offering of
other investment securities; the facility with which the business
with companies of varying degrees of experience,qualifications and standing.
may be
undertaken irrespective of resources,experience or salutary regulation
Such a system, unless carefully safeguarded, might result in a false sense of
either
by public authority or established canons of business practice;
security and the issuance and purchase of many doubtful securities. Moreand doubt
as to whether the present economic structure and prospective
over, it will probably result in giving a wider market to a class of securities
economic
developments, such as building shortage or building surplus, building
than they intrinsically deserve.
costs
and rents, enter sufficiently into the reckoning of soundness of projects
to
Guaranteed by Separate but Allied Companies.
insure normal safety
This method, especially if the capital of the guaranteeing company Is at
The Real Estate Securities Committee feels that it cannot conceive
and no other risk, and if it
Offer a formula which can solve all the difficulties which are
maintains a reasonable and definite ratio between Its
inherent in
capital, surplus and profits and its guarantee, is probably the soundest and
this subject. There have been in the past efforts to weigh and
present the
best. It has been stated, however, and it will bear repeating, that:
alternative views on various questions of practice, (such as percenta gee
of
loans, corporate trustees, impounding of construction funds, and
"Experience has demonstrated that the best guarantee from loss,
land and -.
from the standpoint of the lender and the investor and, incidentally both
building appraisals in circulars and advertising), and to submit
, the
for the best interests of the borrower. is the
character and experience of
thoughtful consideration of the members the factors which must be taken
house, conservative appraisals, a substantial equity in each the issuing
Into account in determining a safe and proper course to pursue
individual
in this field property, careful supervision, and provision for continuous reductions of the
of finance. The Committee has felt that the function of an
annual report loan."
should not be an endeavor to present a comprehensive treatise on the
whole
Some of the data supplied in the report under the caption,
subject each year, but rather to proceed on the assumption that
reports of
preceding years are available for study by the members, and that
the new "Building Costs and Rents," is given herewith:
reports in the successive years should embody new material and
new
1. The Facts as to Building Costs.
thought, supplementary of the reports which have preceded and
formulated
Because of the variations in different parts of the country and between
in the light of significant developments and augmented
experience. The different classes of construction, it is difficult to
present in brief form
cumulative product of the passing years may thus be combined with conan accurate picture of changes in building costs. We have to depend
certed attention and emphasis upon the wisdom which may be newly
gleaned on various "index numbers" prepared by public or private
In a review of progress achieved and new trends exhibited.
organizations
which attempt to measure fluctuating building costs in terms of a pro-wag
The concrete results of this general purpose of the committee are
repre- year which is considered as the "base" (I. e., as 100). As the
sented by various portions of this report, as indicated by the
methods
enumeration of computing these index numbers vary, and as some
of them are based
of its main divisions in the introductory paragraph. The
discussions of on only one type of construction or upon conditions
in one section of the
agricultural loans, timber bonds, mortgages on leaseholds,
guaranteed country, the results show some variation. On the
bonds and mortgages, and land trust certificates, are, in some
whole, however, the
cases, studies differences are not great and the index numbers
by the committee which have heretofore been published in the course
may be accepted as giving
of the a reasonably accurate picture of actual conditions.
year and are here reproduced for permanent use, and in other
cases, ampliThe fluctuations in building costs for the last eight years are presented
fications, bringing down to date previous reports on the respective
subject graphically in the accompanying chart No. 1. Apart
either earlier this year or in previous years. The material thus
from the precipitous
incorporated rise in the post-war boom of 1919-20 and
In the report, together with the analysis of procedure in
the sharp decline in the succeeding
the matter of business depression, the
most striking characteristic of tho trend of costs
construction payments, the synopsis of available statistical data
on rents as depicted by this chart is
and costs, and the bibliography supplementing that of
the comparative stability of the last three
last year are sub- years. While building
material prices have fallen slightly with short
mitted to the members of the association and others interested
in the hope time fluctuations correspondi
that they will afford credible and reliable information to
ng more or less closely to those of the general
aid in the deter- level of commodity
prices, the wages of building craftsmen have been
mination of sound business course.
slowly but steadily rising, with the result that building
costs as a whole
have not varied as much as 6% since the middle of
GUARANTEED VS. UNGUARANTEED BONDS AND
1923. In the same
MORTGAGES. three
years, the spread between building costs and general
commodity
Under the above head the report had the following to say: prices has gradually narrowed, almost solely as a
result of rising coin..
modity prices.
Opinions vary as to the necessity or wisdom of guaranteein
g mortgage
The essential facts may be briefly summarized as
securities. Many of the largest and most successful makers
follows:
and distributors
A. Building costs today (September
of such securities do not guarantee them, and do not admit the
necessity
(a) Approximately 92% above the19251 are:
for a guarantee.
1913 level.
(b) Approximately 24% below the peak which was
reached In the
On the other hand, the sale of mortgage securities with guarantees
of one of 1920, when costs were 154% above the monthly average for 1913. spring
(c) Approximately 16% above the low point of
form or another is undoubtedly growing. Until recent years this
March 1922. following
business the severe business depression
has been largely confined to a few companies dealing only in New
of 1921.
York
(d) Slightly above the level reached one year ago.
City mortgages. More recently the idea has spread to other cities,
B. Building material prices to-day (September
and in
1925) are:
the case of the investments of some of the great life insurance
(a) 74% above the 1913 level.
companies,
(b) 42% below the peak reached hi April 1920, when building
local companies who act as their correspondents, guarantee in
some form or prices stood at 300, or 200%
material
above the monthly average for 1913.
another the mortgages originating with them. Still more
recently com(c) Approximately 12% above the last major "low" which
panies located in different parts of the country and doing a limited
was reached
business, in March 1922, following the severe depression of 1921.
are endeavoring to do a country-wide business by advertising the
(d) Less than 2%
guarantee below the high pointabove the level reached one year ago, but about 5%
reached during theing of this year.
of a surety company. Until lately such guarantees seem to have
a
been
C. Building wages to-day (September 1925 are:
confined to bonds secured by specific mortgages, but offerings
are now
(a) Probably at the highest levels they
ve ever attained
being made of bonds secured by a pool of scattered mortgages with a
surety bonuses which have been paid in recent years in addition to(though the
the regular
company guarantee.
wage scales are now almost wholly lacking).
119% above the 1913 level.
(b)
Perhaps the soundest underlying argument for the guarantee
is the
(c) 12% above the former peak reached in the last
safety which has always been imputed to conservative
quality of
quarter of 1920.
(d) About 2% above the level of one year ago.
mortgage
Investments and the feeling that all elements of risk or loss
should, as far
The detailed figures on which the above summaries
as possible, be removed.
are based will be
found in Tables A and B. These tables present
practically all the well-
2934
known index numbers which have been developed to measure changes in
building costs:
(a) The Federal Reserve Bank of New York's index of construction costs.
which is calculated by combining In the ratio of 3 to 2 the index numbers
of building material prices published by the United States Bureau of Labor
Statistics and index numbers of building labor wages developed by the bank.
This index is based on the year 1913 and was carried back by the bank
only to that year. We have, however, used the same methods, the same
source for building material prices, and data In regard to the wages of
artisans before 1913 published by Dr. W. R. Burgess, now of the Federal
Reserve Bank of New York. in order to extend the index number back to
1900.
This index number is probably the most satisfactory indicator of changes
In general construction costa for the country as a whole.
(b) The Aberthaw Index. which isbased on the actual cost of constructing
a seven-story reinforced concrete factory building, erected under almost
ideal conditions by the Aberthaw Company of Boston in the fall of 1914.
Estimates have been made of the cost of erecting the same building, under
the conditions of building material prices and building wages of each year
since 1914 and are now carried on from month to month. These estimates
are then expressed as percentages of the actual cost in 1914.
This is an excellent measure of the trend of building costs for the particular
type of building covered, particularly in the New England district. It is
not so good an indicator of changing costs in other types of buildings and
for the country as a whole.
(c) The Engineering News Record Index, which purports to be a national
Index of general construction costs for the United States and is based on the
changing prime of the great basic building materials (structural steel shapes.
cement and Southern pine number) and on the changing wages of common
labor. Other building materials are presumed to be produced usually in
the Immediate locality and their prices therefore to be subject to fluctuating
local conditions. The year 1913 is taken as the base.
The index is subject to the criticism that it includes the prices of only a
few building materials and of only one class of labor and probably Inflates
unduly the increase in building costs.
(d) The index prepared for the Associated General Contractors of America
and published monthly in the "Constructor." It Is based on the prices
paid by contractors for 9 building materials In 12 cities and on building
wages paid In 12 cities. Materials. prices and wages are combined in the
ratio of 1 to 1. The year 1913 is used as base.
(e) The Federal Reserve Bank of New York's index of building wages. which
is based on the wages received by eight building crafts in eight different
cities and three types of unskilled labor In the eight cities. In combining
the two types of wages, skilled labor Is given twice the weight of unskilled
labor. The year 1913 is used as the base.
This index is carried back by the bank only to the year 1913. We have,
however, made use of wager; of artisans before 1913 published by Dr. W.R.
Burgess. row of the Federal Reserve Bank of New York, to extend the
tiding number back to 1900.
(f) The United States Bureau of Labor Statistics' Index of building material
prices. This makes use of the year 1913 as the base and is a reasonably
satisfactory measure of fluctuations in the building material markets.
(g) The two index numbers of building material prices of The United States
Department of Commerce, representing the relative cost of building materials
entering Into the construction of a six-room frame house and a six-room
brick house, respectively. The prices used are those paid for materials by
contractors in some 60 cities of the United States. They are weighted by
the relative importance of each commodity in the construction of a typical
-room house.
wiz
Note.-Indexas of construction cost are also compiled and published by the
American Appraisal Co. These have the advantage of being classified by
class of building and by geographic areas. Charts 2 and 3 present In
graphic form the changes in building material prices, building wages,
building volume and unfilled material orders since 1924.
2. Comparison of the level of building costs with the level of commodity prices,
rents and the cost of living.
But while building coats are high, so are all costs and all prices. In
(bet, the major part of the rise in building costs since 1913 is due to the
decline in the value of the dollar. This decreased purchasing power of the
prices of all
dollar shows Itself in a higher level of wholesale and retail
commodities, in a higher cost of living, and In a higher level of wages and
of Incomes throughout the whole field of industry.
What has been happening in these other fields may be briefly summarized
as follows:
A. While building material prices have been rising 74%, the wholesale
noted
prices of all commodities have risen 60%. Incidentally, it may be
in
that the wholesale prices of different groups of commodities have risen
farm products are now
Somewhat different proportions. For instance,
63% above the 1913 level; foods. 59%; chemicals and drugs, 35%; metals
and metal products, 27%; house furnishing goods, 69%; fuel and lighting,
70%, and cloths and clothing 90%. While, therefore, building materials
are now about 8.75% above the general level of prices, they have not
risen as rapidly as some other commodities.
B. While building costs have been rising 92%, the cost of living (based
on retail prices) has risen, according to the U. S. Department of Labor,
by at least 73.5%. (The latest figures available are for last June.) Building costs are, therefore. only 10.7% above the general cost of living level.
The peak in the cost of living was reached In June 1920. when living costs
were 117% above the 1013 average.
C. Considering the more important constituents in the cost of living
budget (retail prices), we find that clothing has risen 70.6%. food 55%,
house furnishings and furniture 114.3% and cost of shelter or rent 67.4%.
The detailed figures on which the above summaries are based are presented in Table 0 and charted graphically in Chart 4. (We omit all
-Ed.)
charts
3. The facts as to rents.
According to the official calculation of the Department of Labor, the
cost of shelter or rent is now, as stated in the preceding section, approximately 67% above the monthly average for 1913. This index which applies
particularly to the rents paid by working-class families is based on figures
collected by special agents from 275 to 2,000 houses and apartments in each
of 35 cities. if this index be accepted as an accurate measure of the increase in rents. it Is Interesting to note that rents have not risen as rapidly
as the general cost of living, which, according to the same authority, is
73.5% above the 1913 level. Further, two other important items In the
incost of living budget have risen more rapidly than rent; clothing has
creased by 70.6% and house furnishings and furniture by 114.3%•
During the war, rents rose more slowly than commodity prices, the cost
1920,
-of living and the cost of construction. During the years 1916 to
rents,
-commodity prices climbed upward at an alarming rate, but house
gradually, because of inertia, force
while rising also, ascended much more
a consequence, in the
of custom and In some cases legal restrictions. As
of living index had
1920 peak, when the Department of Labor's general cost
had attained 250, the house
reached 210 and its Index of wholesale prices
Vot. 121
THE CHRONICLE
rent Index had not yet climbed to 160. However, when other prices
tumbled, house rents remained on approximately the same plane from the
early part of 1921 to the middle of 1923. By the end of 1921, both wholesale
and retail prices in general had fallen so much that their Index numbers
were as low as, or lower than, the index of house rents. From 1922 up to
the middle of 1924, house rents rose rather sharply, while the trend of both
wholesale and retail prices was only slowly upward. During the past year,
the rent Index has declined less than half of 1% to 167.5 while the indexes
of general wholesale prices and general retail prices have risen slightly to
160 and 173.5. respectively.
The National Industrial Conference Board compiles an Independent
index of rents and of the cost of living. A study of these Indexes shows a
similar relationship between rents and prices, though the Board's index
number of housing is somewhat higher than that of the Department of
Labor. In August it stood at 179. as compared with the Board's index
of 168.7 for the cost of living generally.
Semi-annual surveys of the rental market are made by the National
Association of Real Estate Boards through its constituent boards in 250
or more cities. These surveys constitute one of our best sources of information in regard to general trends In this market. The following
extracts are quoted from their latest report, which was published last June:
"An Increasing percentage of the cities reporting indicate a stabilization
of residential rents. 70% of all the reports in icate stationary rentals.
report
This Is 7% greater than the percentage of cities making this in dcateIn
a
December and 2% less than in June 1924. 19% of all reports 4% more
more than In December and
ten ency downward on rents. 2%
than in June 1924. Only 11% report rents rising.
"None of the cities over 500.000 report a ten f ency of rents to Increase,
while one-third of them report a downward tent ency. There is doubtless
a connection between these reports an I those given on the buil, ing situation,
none of the cities of this size reporting any shortage of apartments and
The greatest
only two reporting a shortage of single-family dwellings. 25.000 where
uniformity of reports of rising rents comes from cities under reported.
likewise uniformly
the shortgage of residential properties is
The average rent per room per month appears to have Increased slightly
over a year ago. although In some cases there has been a decrease. singleIn the Central Eastern section. rents are reporter I rising only on rents
family dwellings and only 6% of the cities report any increase in down
for this type: 38% of all the cities In this section report a tendency
for rents in large apartment buildings."
The following table summarizes some interesting data In regard to rents
presented in the six semi-annual surveys which the Board has so far published. The table gives the percentages of cities at each date, reporting
rising,stationary and falling trends of rents for both residential and bueiness
structures. The Increasing degree of stabilization Is apparent.
June
Dec.
June 1
June 27 Noe. 1
Oct.
1925.
1924.
1924.
1923.
Date of Survey. 1922.
1923.
11
17
10
40
34
53
Rising
Residential rents:
70
65
74
50
36
22
Stationary..
19
18
16
10
11
Falling
44
Business rents:
•
45
•
57
73
Rising
60
•
47
•
37
24
Stationary
34
•
•
8
0
3
Falling
6
*Not reported.
are
Periodical surveys of rental conditions insofar as office buildings
Association
concerned are made by the Renting Committee of the National
of Building Owners and Managers. The following paragraphs are quoted
from their latest survey, covering 27 cities and dated April 1 1925:
"This report includes data from 27 cities an It indicates the office
combuilding situation In these cities (accurately) as surveys have been
pleted covering all office buildings."
POUNCING ACIRICIMTURIC.
We also quote from the report the following on the "Financing of Agriculture":
should
In studying agriculture and Its financial needs In this country, we
go back to fundamental principles, which, like that of any other Industry,
are based on the doctrine of supply and demand.
of which were
Before the Civil War we had 2,660.000 farms, most
located In the eastern and southern part of the United States. Thirty years
later, after the most tremendous agricultural development known in the
Watery of the world, we had 5.660,000 farms, or an increase of approximately 3.000.000, or more than double the amount we had previous to the
war. By 1.900 most of the good agricultural land in this country had been
the number of
homesteaded and settled. During the next twenty years
farms increased more slowly. By 1920 they reached a total of 6.448.366.
Since then our number of farms has decreased.
According to the United States census, our urban population Jumped
ahead of our rural population during the period from 1910 to 1920, ism
only
urban population increasing 12.000.000 and our rural population
of our cities has
1.600.000. It has been estimated that the population
last five years. and that our urban
Increased another 8,000.000 during the
population, whereas
population represents approximately 55% of our entire
It was only 43% in 1910. It is further estimated that the population of our
cities by 1930 will exceed 70.000,000, or 60% of our total population.
With an ever-Increasing demand for food. It would seem that the supply
of agricultural products should always find a ready and profitable market.
That this Is the normal situation became apparent with the period starting
In 1897, for from that time until the opening of the World War in 1914, the
normal gradual increased demand for food stuffs, wool and cotton was
increasingly felt from year to year as the demand from the cities and
commercial Industries grow. It followed, therefore, that the farmers during
that period were generally prosperous.
The artificial stimulus of war and the necessity of speeding production to
help feed Europe then brought on a period of feverish activity in agriculture,
Inflation of food prices and a consequent orgy of speculation in land. When
the war was over and Europe In 1920 had adjusted its own production to
Its needs, the land and agricultural boom came to a sudden collapse, leaving
about 10% of our farmers financially involved in land speculation, and others
with large surplus stocks of food and cattle for which there was no profitable
market. Continued over-production in some commodities, and two or
three years continuous crop failure in the Northwest due to drouth, did not
help to balance matters, and the farming industry of this country passed
through the most serious crisis In 1920, 1921 and 1922 which it has ever
experienced.
To add to the other evils of deflation, credit conditions were bad. Little
money was available for rural credits. The efficiency of the Federal Farm
Loan Act. passed in 1916, was brought to a standstill by a law suit fostered
by the Farm Mortgage Bankers Association, in which the constitutionality
of the Federal Farm Loan Act was contested. While this suit rested in the
Supreme Court of the United States in 1919 and 1920. neither the Federal
Land Banks nor the Joint Stock Land Banks were able to lend any money.
The constitutionality oe,the Act was upheld by a Supreme Court decision
In February, 1921, and Immediately the Federal Land Banks and Joint
stock Land Banks became large lenders of funds to deserving ferment, and
the agricultural credit system was re-established on reasonable interest
rates.
• DEC. 19 1925.]
THE CHRONICLE
There was a slight Improvement in agricultural conditions in 1923. The
year 1924 showed a substantial return to prosperity. Our surplus stocks of
grain were absorbed and the call from the cities for food, cotton and wool
re-established the equilibrium between supply and demand, and the year
came to a close with reasonable profits for the farmer.
The returns for 1925 will show no bumper crops, but the production Is
of good quality and generous quantity and is very well adjusted for our
needs. The three money crops are cotton, wheat and corn. The cotton
crop will probably total 14,000.000 bales, worth approximately $1.500.000.000. or about the same 88 1924. Wheat is reported 173.000.000 bushels
short of the bumper crop of 1924 and 137.000,000 bushels less than the last
five-year average. This means we will have very little wheat for export
and it is. therefore, reasonable to presume that the shortage will result in
substantial price Increases before next spring. Our corn crop this year will
exceed the short corn crop of 1924 by 500.000.000 bushels. This excess of
corn is causing some apprehension in the Corn Belt, but in the writer's
-opinion comes at an opportune time. The rising prices in cattle and hogs
will enable the Corn Belt farmer to turn his corn into meat and thus realize
$1 a bushel for It. While there is a visible shortgage in the supply of cattle
and hogs for feeding purposes, feeders are still obtainable from the western
and southern ranches!. The price of corn suffered a collapse in September
and October due to the evident large supply, but the early part of November
Is showing a substantial increase in price. The farmer who can carry
his
corn for 60 or 90 days should be given the necessary financial aid, either
through the local bank discounting his paper with the Federal Reserve
System, or with the assistance of the Intermediate Credits Bank of his
district.
The low purchasing point of the farmer's dollar was reached in
1921
when it struck 68c, as compared to the purchase price of non-agricultura
l
commodities. It rose gradually to 87c. in October 1924, and it now
stands
at 94c.. an increase of 26c. since 1921. While It is still 6c. below normal,
If it continues to increase as it has during the last year, it should reach
par
some time early in 1926.
Summing up the present situation and eliminating a few areas
suffering
from drouth, there is a general atmosphere of moderate prosperity
throughout all the agricultural districts of the United States. It is the
opinion of
the writer that the thrifty farmers engaged in cultivating good
land are
now entering into a cycle of ever-Increasing prosperity which will
continue
for many years if speculation at fancy prices in land Is curbed,
and thrift
and industry are practiced. Sheep and wool prices came
back in 1922.
They have evidently come to stay. The cotton price came back
in 192:3.
It also remains. Wheat and corn prices revived la 1924.
Wheat has
remained firm. Corn has suffered a relapse due to the
excessive crop.
Feeding of this surplus will restore the price of corn. Dairy
products,
cattle and hogs have all swung into the line of higher
prices. They are
probably going to remain on this basis.
One of the main reasons why agriculture is not only going to
remain on
its feet, but constantly get better, is the fact that for the first
time in history
the American farmer has at his command a credit system
adequate for all
his needs. This has come about by the establishment of the
Federal
Farm Loan System, which is to the American farmer what the
Federal
Reserve System is to the commercial world.
Federal Farm Loan Act.
Three types of banks to lend money to farmers have been created
under
the Federal Farm Loan Act. The members of the Investment
Bankers
Association are all familiar with the operations of these banks, and
details of
their method of operation are, therefore, unnecessary. The
number of
Joint Stock Land banks has by various consolidations been reduced
to 52.
As of Oct. 1 1925 they have loaned $592,010,240 to 78,293 farmers.
The
twelve Federal Land banks have during the same period loaned
$1.139.627.799 to 370.876 farmers. During the last year the banks have loaned
a total
Of $251,793.435 distributed as follows: Texas $30,246,300, Iowa
$28,535.350, Illinois $16,915.800. North Carolina $11,860,950. In all the
other
States the volume of new loans falls below the ten million mark.
The net
worth of the twelve Federal Land banks is $65,696,599 73. The
not
worth of the Joint Stock Land banks aggregates $50,304,990 46.
A third type of bank operating under the Federal Farm Loan Act
lends
money to farmers indirectly by rediscounting their notes, and to
farmer
organizations directly, accepting as security the various commodities
grown
and raised upon the farm. The banks making these loans
are called
"Federal Intermediate Credit Danko." There are twelve of them,
one
located in each Federal Land bank district, and generally officered
by the
same men. The Intermediate Credit banks have since their
organization
In 1923 loaned approximately $170,000,000. This brings the grand
total
loaned under the Federal Farm Loan System to approximately
$1.900.000,000, or about one-fourth of the estimated farm mortgage debt of the
United
States. The partial refunding of this debt into long-time
amortization
teens at low interest rates has been of inestimable value to our
farming
communities, not only in the actual saving of interest rates on the
so refunded, but also because it has forced competition to the mortgages
same basis.
The average interest rate to-day on farm mortgages throughout
the United
States is probably 1% per annum less than it was prior to
1921. and the
saving in interest rates alone probably approximates
$80,000.000 a year.
The maximum interest rate that a farmer is charged on an
loan is 6%. No commission whatever is charged. To-day amortization
the farmer is
Illinois and Iowa is getting his farm loan at 53(% interest,
without commission, and has 34 years in which to pay off his mortgage
debt on a definite
amortization basis which he can easily meet, as is evidenced by
the good
collection records maintained by nearly all the banks in
the System even
duster Oro !weirs ! of deflation and poor peices.
,
There are a few problems the farmer still must solve.
Re cannot hope
to stabilize prices unless he has an orderly system of marketing
his agricultural products. No further Federal aid is necessary to
accomplish this.
The local bank and the Intermediate Credit Bank should
at all times be
willing and able to finance him so that he can hold his products
and dispose
of them to the best advantage. Co-operative marketing
has proven sue
easeful in the California fruit industry, and more recently
in the cotton.
rice and tobacco industries. Through an enlargement or
possibly better
understanding of the parcel post, the farmer should be able to
reach the conBurner direct. Poultry, eggs, butter and fruits are
consumed in large
quantities daily by the people In the cities, who would be
glad to buy them
direct from the farmer and thus avoid to some extent the
excessive prices
they are now paying for these commodities due to the
charges added by
several middle-men.
The Intermediate Credit Banks, which form an important
link in the
Federal Farm Loan System in furnishing funds from six
montha to three
years, are in their campaign for improved production
and marketing
credits, encountering opposition from many local banks. In
our
this Is a short-sighted policy because after all the local country opinion
bank is
dependent for its successful future on the prosperity of Its farmer
customers.
The country banker should be educated to realize the advantage
banks in the Federal Farm Loan System and be asked to co-operate of the
to the
fullest extent.
2935
Timber Bands.
The demand for capital in the lumber industry has been relatively large
and we have noted a tendency to finance on a funded basis Instead of temporarily over the bank counters. As a result, there has been on the whole
a smaller volume of "distress sales" in the lumber market and much less
disturbance in the liquidation of operating credits. In considerable
measure it appears that the industry has learned the folly of trying to
finance a permanent or fixed term operation solely on "receivables,"
generated in the distribution of the product, and has found that the fixed
assets and timber reserves afford an abundant source of self-liquidating
credit ideally qualified to meet all the requirements of serial or sinking fund
financing at an advantageous average interest rate over the period of conversion.
We have the satisfaction to report that no default in this department
of finance has been reported to us: on the contrary, all obligations have been
faithfully met and several issues have been retired prior to fixed maturities.
Timber bonds have maintained a relative level on the yield basis normal
to permanent financing In this industry. The demand for these securities
from banks and other investors is manifestly broader than ever before.
A note of warning might not be amiss. The lumber business, along
with other industries, has been very active the past few years. This situation probably cannot continue indefinitely and a slowing down is inevitable
as soon as building and construction, which have been at a peak, ease off.
We have noted a tendency to handle some deals rather promotive In character and development, which trend, coupled with entering a field notably
active at the moment, Is likely to bring unhappy results later.
There has been a trend over the past several months looking toward consolidations and mergers in the lumber industry which movement, It is
hoped, may be crystallized in something concrete and bring about more
efficient forest and mill management and better selling technique, all of
which should have a beneficial effect.
In fine, the progress of the year in this department of investment banking
has been satisfactory.
Dangers of "The Giant Power Situation in Pennsylvania"—Resolution Calling Attention of
A. B. A. to I. B. A. Report.
At the session on the 9th inst. of the Convention of the
Investment Bankers Association of America, a report by a
special committee appointed early in the year to look into
what is known as "The Giant Power Situation in Pennsylvan:a" was brought before the Association. • Richard E. Norton, of Phliadelphia, a member of the Association's Board
of Governors, was Chairman of the meeting, but inasmuch
as It was impossible for him to be present, the report was
submitted by Mr. Frothingham, of Coffin & Burr, Boston.
Preliminary to the report Mr. Frothingham had something
to say, as follows, regarding the dangers involved in the
proposal:
President Dysart and Gentlemen: This is my maiden appearance before
you in presenting a report and I may not have the right formula for doing
it, but if you will permit me I will make a few remarks before presenting
this report of Mr. Norton's.
Every now and then propositions dangerous to the aims and purposes and
often to the very structure of a business make their appearance. This
giant power proposition of Pennsylvania is such a danger to the light and
power industry.
Opposition and difficulty, I suppose, are beneficial to all business. It
forces them to give more attention to their processes and to their product,
and in this respect the electric light and power business occupies no position of special immunity. It must constantly be prepared to meet propaganda against this business, to meet unwise suggestions, to meet the opposition of those s ho stand for public ownership and operation and interference in the management of the business.
But to my thinking, there is one and only one way of meeting that situation, and that is for the service to give so good an account of itself, to
give such abundant service so universal and so fraught with a high public
policy that it earns the command and respect of the public that is served.
The light and power business does, howerer, stand in a special category
in at least one respect. It is a regulated public monopoly, regulated by
public authority. This does not give it, of course, any God-given right to
immunity from attack or freedom from competition.
The business is ba•ed broadly on questions of public policy, as it seems
to me, and in the long run that method of conducting the businees must
prevail which proves to give the best service to the publit.
There is, however, one fact in connection with this special position that
the utility industries occupy, and that is, the burden of responsibility that
is imposed upon public authority, under whose jurisdiction this Association
has distributed billions of public service securities, to put forth no plans
that are ill-considered, that are immature, that represent unscientific or
impractical matters, or that have back of them merely political motives.
This special responsibility lies on the public regulating authority because
it is, in a very special way, the ear of the public, and because it is vested
with a sovereign power that it must not abuse.
It seems to me that in considering these questions, the dangers of this
giant power proposal, we should not attack it merely as a menace to the
investment that has been made in the public service securities. The subject
is deeper than that The public is entitled to the best service that it can
receive. It is not, per se, concerned With the losses in value which may
be experienced in order that it can secure the best service that it can get.
So, to my thnking, it is essential to search these proposals to see what of
good they contain, and to that extent adopt them, and to see what a public
menace they contain, and to that extent resist them. Mr. Norton,
tht
Chairman of this committee, and Mr. Charles Penrose have, in a most
able
way, analyzed these giant power proposals and have brought to the
surface
fundamental errors contained in them, and the menace in them to the
public service.
It seems to me that on that broad ground, the menace to public
service,
this Association can well stand flatly and make a determined
opposition
to the accomplishment of these plans. I have looked into them
myself,
too, and it seems to me that they violate every precept of
sound, scientific
management of finance, and of wise public policy. The
propositions, to
mention only two of them, to separate into different
corporations, production, transmission and distribution, where we all know that
the combination
of those functions is the real essence of value for these
public service
issues, or to inject the public utility business into
the fortunes of industry,
which this proposition does, where we all know that its
stability of earning*
is due to the fact that it does not associate
itself directly with industry
2936
THE CHRONICLE
but confines itself entirely to the manufacture and distribution of kilowatt hours.
Now I will read Mr. Norton's report.
This report, presented under the head, "Giant Power
and Its Effect Upon Investment," follows:
The profoundly important giant power situation has been recrystallized
in the recent appointment of a Tri-State Giant Power Commission, jointly
by the Governors of Pennsylvania, New York and New Jersey. The new
Commission held its first meeting on Nov. 7. Recently, invitation has
been extended to the Governors of Maryland, West Virginia and Ohio to
appoint representatives to serve with the Tri-State Giant Power Commission, as observers in drafting a proposed compact for regulation of interState electric power transmission. Giant power is again in the public mind.
A brief review is appropriate of the circumstances surrounding the
introduction of the giant power issue in Pennsylvania; what giant power
proposes; wherein lie its serious menace and dangers, both to the electric
public utilities and their investment securities; how it was brought to the
attention of the Investment Bankers Association of America, and what
steps have been taken to combat this menace to the public service.
How /t Came About.
At the end of February, this year, there appeared in Pennsylvania the
so-called giant power report, issued under the name of the Commonwealth
of Pennsylvania. It comprises nearly 500 pages, is prefaced by a message
of transmittal by the Governor, and it represents the studies of a so-called
Giant Power Survey Board created by Act of the Pennsylvania Legislature
two years previous. Almost immediately following the appearance of the
report, there were introduced into the Pennsylvania Legislature then in
session, the some 19 so-called giant power bills, based upon the recommendations of the giant power report.
What Giant Power Proposes.
The significant features, as you will recall, are: first, to establish socalled giant power stations, of approximately 500,000 kilowatts capacity
each, at the mouth of mines in western Pennsylvania, transmit this energy
'throughout Pennsylvania over high-tension transmission lines, and secure
distribution through the present electric public utility systems whose generating capacity now installed would be used only "for standby or intermittent service." The report would provide further distribution through
Municipal or other agencies to be created in territory not now served. It
was proposed that a "common pool of power" would be created and be
segregated into three major classes: generation, transmission and distribution; and that no corporation be allowed to do more than one of these three
kinds of business. The report and the bills that were submitted had further to do with radical legal changes as affecting confiscation of property
rights, annulment of existing charters and sweeping changes in the basis
of rate structures and valuation.
[vol. 121.
ticable and dangerous legislative proposals affecting the future of the industry itself, than these which appeared first in Pennsylvania and since
that time have been sought by the Governor of Pennsylvania to be made a
national issue. You are familiar with the latter's public speaking tour,
which extended even to the Pacific Coast, during the past summer, in
behalf of the giant power issues.
How It Was Brought to the Attention of I. B. A. A.
Giant power was brought to the attention of your Association in an informal report made to the Executive Committee at the White Sulphur
Springs meeting in May of this year. The speaker, in making that report,
outlined the situation as brought to his attention by the electric public
utility industry itself, in Pennsylvania. As a result, the President of the
Association appointed a Giant Power Committee to combat the dangers of
these proposals. The speaker was appointed Chairman of that committee
and can report that immediate steps were taken which resulted in the facts
in connecton with giant power being brought to the attention of every
member of the Investment Bankers Association of America throughout the
United States. The committee has kept closely in touch with the situation
and with the leaders in the electric utility industry. The committee recognizes the need for continuance of such action and co-operation.
What Steps Have Been Taken to Combat This Menace.
Immediately after there had been opportunity for analysis of the giant
power report and the significance of its proposals were recognized, the
electric utility industry in Pennsylvania took immediate steps to bring to
the public the facts in connection with giant power. Exhaustive data were
presented in testimony at legislative hearings at Harrisburg and every one
of the 19 bills was defeated, and the Legislature adjourned for two years.
Recently, as outlined at the outset of this report, a Tri-State Giant Power
Commission has been appointed jointly by the Governors of Pennsylvania,
New York and New Jersey, and as I have also explained, Maryland, West
Virginia and Ohio have been invited to send representatives, as observers.
The effect of the appointment of this Tri-State Giant Power Commission
has been to widen the significance of giant power and to recrystallize the
subject in the public mind. Various announcements from Harrisburg indicate as probable the calling of a special session of the Pennsylvania Legislature, to consider giant power.
The Philadelphia Chamber of Commerce, one of the largest commercial
organizations in the United States, has taken active part in co-operating
with the electric utility industry in combating giant power. Many of you
are familiar with their public-spirited action in devoting the June 1926
issue of their official publication to the subject of power, as an answer to
the giant power proposals.
Recently, the Pennsylvania State Chamber of Commerce, with headquarters at Harrisburg, has followed this lead and at the present time is taking
active steps in bringing to the public the facts in connection with giant
power.
The Bond Club of Philadelphia has taken active interest in the subject
and has been addressed by an engineer close to the situation, upon the
menace to the stability of public utility investment securities involved in
the proposed legislation.
In Conclusion.
Your committee recognizes in the Pennsylvania eituation, which has
recently been enlarged to include New York and New Jersey, a gravely
serious menace. It is one which the investment banker cannot escape. So
far as radical proposals are concerned, it could not be more unsound. It
is fraught, as you have seen, with danger to existing public utility enterprises and would threaten the stability of the investment securities of the
existing companies. The inevitable effect upon industry itself and upon
general financial conditions, if the giant power legislation became law, can
be recognized by this Association.
In view of the situation which this report seeks to outline, it is say
opinion that the menace of giant power warrants every co-operation which
the Investment Bankers Association can give. Giant power has a significance to the investment banker, as well as to the electric utilities.
Wherein Lie Its Serious Menace and Dangers, Both to the Electric Public
Utilities and Their Investment Securities.
As has been called to attention by the engineers, giant power bases its
fundamental keystone upon an economic fallacy. It assumes that the cost
of production of electrical energy for the State of Pennsylvania can be
based upon a net fuel cost-25 cents a ton in the bunkers of the mine-mouth
power stations—that is wholly dependent upon the continued ability, week
in and week out, the years around, to market profitably all of the immense
quantities of by-products and residue that would accumulate from the
mining of 25,000 tons of coal material per day, for each so-called giant
power station—when the largest coal mine in the world produces less than
10,000 tons per day. Giant power loses sight of the indissoluble dependence
which would thereby be created for the electric utilities in Pennsylvania
upon industrial demand for these by-products and this residue of coal mining and coal distillation. This audience needs little reminder of the varied
fortunes of the coal market in years past, nor do you need to be told that
the vast quantity of industrial commodity which the "mine-mouth companies" (proposed in giant power) would have to dispose of profitably,
Following the presentation of the report Mr. Frothingham
even in prosperous times, would have to be marketed in competition with
be offered to bring
controlled in part at least by industrial stated that the following resolution would
long-established sources of supply,
interests in Pennsylvania and elsewhere, who have requirement of these the matter to the attention of the American Bankers Associacommodities, which at the present time are secured from plants already tion:
established and representing large investment already made. It is hardly
Resolved, That the Executive Secretary of this Association be instructed
necessary to stress what the complexion of the picture would be in times
Secretary of the American Bankers Association
depression, when even the normal demand for these commodi- to forward to the Executive
of industrial
copies of the 1925 report of the Special Giant Power Committee, together
ties would be affected, as has been during similar periods in the past.
with copies of the analysis of the so-called giant power scheme by Mr.
Giant power, then, would sweep away a determining factor in the stability
Charles Penrose, with the request that such copies be transmitted to the
of electric public utility investment securities. It has long been recognized
Governor of the American Bankers Association.
that, unlike the industrials, the electric utilities have reflected little the
The report and resolution were adopted.
depression which industrially the country has been subjected to
general
from time to time. This is in part due to the steady growth of population
and in part to the diversity factor which the utilities have the advantage
of in supplying a wide variety of industries, not all of whom are affected Report of Public Service Securities Committee of
to the same extent in an industrial depression. In short, the utilities have
Investment Bankers Association—Opposition
been as far removed as possible from the causes of industrial depression.
to Great Falls Water Power Project.
Just where the need appears greatest for complete independence from the
unavoidable fluctuations of economic conditions in industry, there it is
Continued opposition on the part of the Investment Bankgiant power proposes the most intimate and indissoluble dependence for
ers Association to the proposed legislation for the developsupply in Pennsylvania upon industrial conditions.
power
With their knowledge of business administration, the members of the ment by the Federal Government of the so-called Great
Investment Bankers Association of America will be able instantly to grasp
Falls Water Power Project on the Potomac River was called
how grave is the hazard imposed in the impracticable and senseless proallowed to do more than one of the three for in the report of the Association's Public Service Securities
posal that no corporation be
major kinds of electric power business; namely, generation, transmission Committee. In the absence of the Chairman of the commitand distribution. Giant power sets limits that would prohibit unified
tee, Henry C. Olcott, of the Continental & Commercial Truk
operation and control of these major utility operations. Giant power brings
forward the proposal to disintegrate the power utilities in Pennsylvania. & Savings Bank of Chicago, the report was presented by
I am not certain that even yet the bankers clearly understand that the Henry Hayes, of Stone & Webster, a member of the comproposals, had they become law, would have disintegrated such systems as
which also called attention to the unthe Duquesne Light Co. at Pittsburgh, the. West Penn Power Co., the mittee. The report,
Philadelphia Electric Co. and nearly countless other existing systems in soundness of the Pennsylvania "Giant Power" proposals, folthe State. I need not dwell in detail upon the inevitable effect which such lows:
disintegration would have had upon the investment securities of the utility
Legislation.
companies, as well as upon the operation and management of the propDuring the year 1925 the Legislatures of 42 States were in session.
erties.
the year made an organized effort to which
As bankers who have assisted in financing public utilities, you are Your committee has throughout
the public utility business in the various
familiar with the great investment which a large modern power station the course of legislation affecting
measures of importance harmful to the industry
represents. Therefore, you can appreciate the extent of the economic fal- States. We know of no
existing that have been enacted.
lacy in that proposal of giant power which would relegate all
Reference is made in this Committee's Interim Report of May 1925 to
public utility power stations to practical abandonment, for use only in
in Michigan, Wisconsin, Ness Jersey and
"standby or intermittent service," while reliance is proposed to be placed certain legislation then pending
for the entire supply of base load power in Pennsylvania, upon untried, Illinois.
Special attention is directed to the so-called Barr Bill, introduced in the
unbuilt and visionary "mine-mouth stations."
recent session of the Illinois Legislature, known as Senate Bill No. 367,
I could dwell at much greater length upon the dangers of what giant
which is referred to In said interim report. This bill provides that any
power proposes. Probably, in the history of the electric utility industry,
public utility operating within the State of Illinois under a franchise shall,
there is no more far-reaching example of unsound, uneconomic, imprac-
Dnc. 19 1925.]
THE CHRONICLE
under certain conditions and upon surrender of such franchise, be entitled
to receive a "terminable permit"
It is of particular interest because of the fact that the franchises, under
which all of the surface lines operate in the city of Chicago, expire Feb. 1
1927, co-terminously with the maturity of various bond issues aggregating
very large amounts, secured by the street railway properties. Under an
existing Illinois statute the city cannot grant the street railway companies
a franchise which runs more than 20 years and it is believed impossible to
finance the surface lines under such a franchise. Therefore, the question
of whether it will become possible for the companies to receive terminable
permits is of pressing interest. The Barr Bill failed to pass during the
last session of the Legislature, but a commission was appointed to consider
the question of the terminable permit as operating in various parts of the
country, outside of the State, which committee, we understand, is now in
the course of pursuing its investigations. The next regular session of the
Illinois Legislature does not convene until January 1927, or within 30 days
of the expiration of the present franchises. It is possible that a special
session will be called during the coming year to consider the report of the
committee appointed by the last Legislature. In 1920 the Investment
Bankers Association went on record as approving the principle of the terminable permit and at the White Sulphur meeting in May 1925 re-affirmed
its approval and specifically gave its support to the principle of the terminable permit, as set forth in Illinois Senate Bill No. 367. This committee, therefore, recommends to the Board of Governors that it continue to
give special attention to this situation, and should occasion arise, take
whatever steps it may see fit to support the Barr Bill or such similar
measure as may be introduced in order to deal with this situation.
Great Falls Power Development.
For a considerable period there has been before Congress a proposition
for the development by the Federal Government of the so-called Great Falls
Power Project on the Potomac River. The Association has consistently opposed Government construction, ownership and operation of public utilities.
The Board of Governors at the White Sulphur Springs meeting in May
1925, approved the recommendation of the Public Utilities Committee that
such opposition be continued against the Great Falls power legislation, as
amended, to contemplate partial Government construction and ownership,
with a leasing of the property to private interests in lieu of Government
operation. It is probable that this matter will be actively pressed in the
next Congress and we recommend that the Investment Bankers Association
of America continue its opposition to the proposed legislation.
Giant Power Situation.
Special attention is called to the giant power legislative proposals
originated in Pennsylvania. Quoting from an address on this subject, delivered by Mr. Charles Penrose, on Oct. 15 1925, the significant features
of the proposals were:
"First, a proposal to establish so-called giant rimer generating stations.
each of about 500,000 kilowatts capacity at the mouth of the mines in
western Pennsylvania, transmit this energy at high-tension throughout
Pennsylvania, and secure distribution through the present electric public
utility systems whose generating capacity now installed would be used
only for standby or intermittent service. The report would provide for
further distribution through municipal or other agencies to be created in
territory not now served. It was proposed that a 'common pool of power'
would be created and be segregated into three major classes: Generation.
transmission and distribution; and that no corporation be allowed to do
more than one of these three kinds of business. The report and bills that
were submitted had further to do with radical legal changes as affecting
confiscation of property rights,annulment of existing charters, and sweeping changes in the bases of rate structures and valuation."
The principles involved were radical in the extreme and so menacing that
a special committee to deal with the situation was appointed during the
year by the President of this Association. These measures were defeated in
the recent session of the Pennsylvania Legislature, but the principles contained therein have since been the subject of widespread propaganda
throughout the country. We strongly urge the importance of this matter
and recommend that the Association use every means at its command to
bring about a public realization of the unsoundness of this so-called giant
power plan.
Public Utility Valuations.
During the past year history has been made in values and many public
Utility properties have changed hands at what appear to be extraordinarily
high prices. It may perhaps be well to enter a word of caution in regard
to the possible danger of financing public service corporations on the valuations based on the very high prices which have recently been paid for a
controlling interest in some properties.
It seems to this committee, therefore, to be particularly important to the
end that opportunity be given to the investing public to properly analyze
values, that members of the Association release complete data in offerings
of public utility securities. In this connection, the attention of members
is again called to the ruling of better practice, set forth in the 1923 annual
report of the Business Conduct Committee.
Report of Federal Taxation Committee of Investment
Bankers Association—Letter to House Committee
Regarding Tax Revision.
The report of the Federal Taxation Committee of the
Investment Bankers Association, presented by Eugene E.
Thompson, of Crane, Parris & Co., Washington, referred
to
the newly drafted bill of the House Ways and Means Committee and to the fact that the Association's Federal Taxation Commission had appeared at the hearings of the
House
Commmittee and filed a brief on behalf of the Association.
Five major recommendations, said Mr. Thompson, were presented, as follows:
1. The reduction of the rates of the individual income tax to the
point
where the combined surtax and normal tax will not exceed 25%
in order
that tax avoidance may cease and funds seeking investment may be
attracted
into productive business rather than tax-exempt securities.
2. The repeal of the Federal estate and gift taxes, upon the
ground that
death taxes should be left to the several States and that such
levies should
be used by the Federal Government only in times of war
emergencies.
S. The elimination of both items of capital gains and capital
losses for
purposes of the income tax, pursuant to the resolution adopted
by the
Association at the last annual meeting held at Cleveland, Ohio.
4. The exemption of the interest on bonds, notes and other
obligations
of American corporations held by non-resident aliensnfrom the
application
of the United States income tax when the country of which such
nonresident alien is a citizen or subject in like cases extends
reciprocal rights
to citizens of the United States,
2937
5. The repeal of the provisions of the present law for publicity of the
amount of tax paid by every taxpayer.
Along with the report was a letter addressed by Mr.
Thompson's committee to the House Committee, in which
the former's views on tax revision were set out. We give
the letter herewith:
To the Ways and Means Committee of the House of Representatives:
In connection with the tax bill, we desire to present the following:
The Investment Bankers Association of America is a non-political organization whose members are engaged in the indispensable public service of
gathering the savings of the people together to supply the demand for
capital for Governmental and industrial purposes.
It now has a membership of some six hundred banking firms. This
membership contains not only the greatest private banking firms in the
world, but also many of our great American institutions, as well as some
of the smallest bond houses. It takes in practically all the eligible legitimate investment security dealers in the United States.
From twenty million investors the members of this Association in recent
years have raised about seventy billion dollars of capital, including about
ten billion dollars to meet the needs of State and municipal Governments,
and to finance the needs of agriculture through the Federal Land banks,
and are now placing securities at the rate of approximately six billion
dollars 2 year.
The Association feels, therefore, that it is qualified by experience to
judge of the effects of taxation upon the flow of capital into industry and
the consequent result upon the cost of living.
Secretary Mellon has estimated that the Treasury's surplus for 1926 will
come close to $290,000,000 and that the surplus in 1927, with revenue
based upon the present tax bill, would be between $250,000,000 and $300,000,000. This surplus is over and above the amounts required for retirement of the war debt, according to the program which has been established.
Such surplus assures the possibility of a substantial immediate reduction
of taxes.
The members of this Association are united in the opinion that the .
reduction of the rate structure of the individual income tax should follow
the principle of fixing the rates at the lowest point possible consistent with
adequate revenue and so as to accomplish the minimum disturbance to
business.
, In the opinion of the Association what should be done is to try to reduce
the rates of the surtax to the fullest extent possible so as to enable proCluctive business and investments to compete with tax-exempt securities in
the net return to wealthy investors. Such a reform in our present tax
system will not only be a great aid to the business of the country but it
will also accomplish the result of ultimately increasing the revenues by
increasing and broadening the .future source of the tax..
The existence of many billions of tax-exempt securities both Federal,
State and municipal, already outstanding, even if the emission of additional issues of such tax-exempt securities should be prohibited, affords
and will continue to afford the means by which all persons who are so disposed and who think it to their financial advantage in making investments
can evade the contribution of their financial advantage in making investments can evade the contribution of their just proportion of the Government's income. Every such person to-day decides for himself whether or
not he will pay the Federal income tax. This means of evasion will con- ,
tinue so long as the high surtax makes its use profitable.
The situation is a serious hindrance to business. Investments of billions
of dollars in tax-exempt securities diminishes and dries up the supply of
capital available to industry. It also means the increasing of the cost of
capital to industry which increase is reflected in the higher living costs
that reach the pocketbook of every household. The restoration of a large
portion of such capital into productive industry would on the other hand
inevitably reduce the cost of every article, thus contributing to the
general .
prosperity, comfort, happiness and welfare of the entire people.
The Association is therefore in sympathy with the program of Secretary
Mellon, and the Association has gone on record as particularly and unqualifiedly approving the reduction of the rates of the individual income
,
tax to the point where combined surtax and normal will not exceed 25%.
•
Estate Tax.
The Association recommends the repeal of the Federal estate and gift
taxes. The Association has already gone on record as favoring such repeal
upon the grounds that estate or inheritance taxation should be left to
the
States.
Practically all the States now levy inheritance or estate taxes.
In
many instances these taxes are exceedingly complex and at times
exceedingly onerous. The result is a constant over-lapping and duplication
of
taxation and with such levies imposed both by the States and by the
Federal Government there is an approach to confiscation. The history of
the
use of estate or inheritance taxes by the Federal Government is that
such
levies have been used only in times of war emergency; therefore,
the Federal Government should now repeal the present Federal estate tax,
leaving
that form of taxation to be applied by the States, and thereby
reducing to
that extent the present burdens.
Capital Gains and Losses.
The Association has gone on record as being in favor
of the elimination
of both items of capital gains and capital losses for
tax. A resolution to this effect adopted at the last purposes of the income
annual meeting held at
Cleveland, Ohio, in September 1924, is as follows:
Resolved. That it is the sense of the Investment Bankers
Association of
America, in convention assembled, that a tax on capital gains
is unsound,
unwise and uneconomic, and that the Committee on
Federal Taxation is
hereby authorized to present the views of the Investment
tion of America to the President of the United States, theBankers AssociaTreasury, the Finance Committee of the Senate, and the Secretary of the
Ways and Means
Committee of the House of Representatives,
in
anything necessary to bring about a revision andthe this connection to do
of
Revenue Act. Be it
further
itesolveS. That for the same reasons above stated, we believe
there should
be no deduction allowed for capital losses."
It can be asserted without fear of contradiction that
one of the most
effective measuree which could be adopted to simplify the
and the procedure thereunder would be the elimination of income tax law
capital gains as
income and capital losses as deductions. The most
of the law deal with the determination of gains and complicated provisions
losses. We need only
suggest the simplification of procedure which would
result from dispensing
with the necessity of establishing the valuation
as of March 1 1913 of
capital assets acquired before that date and upon
which a profit has been
realized or a loss sustained. These questions of
exercise of discretion in which honest differences valuation, requiring the
of opinion are bound to
occur, are not only difficult of satisfactory
solution, but necessarily require a great amount of time, thus delaying the
administration of the law
and preventing the desired result of an early
and certain determination of
tax liability on the part of the taxpayer.
2938
THE CHRONTCLE
[VOL 121.
Neither item has any proper place in an income tax, which logically and customers we do not know of one owning British bonds of which the Income
tax cannot be reclaimed."
Justly should be levied only on the annual recurring flow of income, and,
Publicity.
although we recognize the existence of difficulties in connection with a
We recommend the repeal of the provisions of the present law for pubsatisfactory policing of the proposition, as for example the possibilities
afforded by the corporate form of doing business for passing income to licity of the amount of tax paid by every taxpayer.
The reasons are: The present provision is utterly useless from a Treassurplus and to capital, nevertheless, it is our opinion that the elimination
of both items would result in no material decrease of revenue to the Gov- ury standpoint. It has no excuse except the gratification of idle curiosity.
It constitutes an invasion of the citizen's natural right of privacy as to hie
ernment over a period of years.
personal affairs. In many cases it may be extremely hurtful by the
Foreign Held Bonds.
unnece:sary public disclosure of business reverses. It aids in the defraudsubdivision 1 of Section ing of the public in connection with the sale of fraudulent and worthies'
Upon this point we propose the amendment to
817 (a) by the addition of a new clause, as follows:
securities by providing "sucker lists" for the use of crooked promoters. A.
"Provided, however, That Interest on bonds of domestic corporations held to this feature we invite attention to a resolution adopted at the last annual
by non-resident aliens shall not be treated as income from a salves within meeting of the National Association of Securities Commissioners, the memthe United States except to the extent that the country of which such non- bership of which is composed of the officials of the various States, who
resident alien is a citizen or subject taxes, interest on bonds of its domestic
administer the blue sky laws. The resolution reads as follows:
corporations when held by citizens of the United States."
"Whereas, It has developed that the opening by the United States of
The reasons for this suggestion are briefly as follows:
the income tax lists, affords the promoter and stock salesmen fine opporThe application ot the income tax to foreign held bonds acts as a barrier tunity to secure an up-to-date sucker list, thus making available to then)
to the free distribution of securities internationally.
the names and exact financial condition of hundreds of thousands of unSuch taxation is now imposed both by Great Britain and in the United suspecting citizens upon whom they can prey. and
these new lists are being
Whereas, It has
States. Thus a British subject holding American securities finds himself compiled and used already come to light that
in certain sections of the country. theref re be it
liable to double taxation, namely, a tax in Great Britain on the income
That the National Association of Securities Commissioners, in
Resolved.
received, and a tax in the United States as the source of the income. Like- its effort to protect the public, respectfully call the attention tithe President
facts and
the Treasury. to
wise, the American citizen owning British securities is taxed in both coun- of the United States, and the Secretary ofendeavor to havethese practices
such
request that these ()Metals use their best
tries. In the United States the situation is somewhat alleviated by the st-pped by the repeal of the law permitting publicity to the Income tax
allowance of a limited credit, but due to the limited nature of this credit list, and be it further
Respired. That the Secretary of this Association send to the Senators and
In the majority of cases, such income is subject to double taxation.
Congressmen from his State a copy of this res .lution with a personal letter
Nationals of other countries holding bonds of American companies are calling
attention to the effect of the law relating to the publication of income
also liable to pay the United States income tax, and thus a Canadian subject tax returns, which is destined to coat the citizens of the country millions of
or a Dutch citizen loaning money to a corporation in this country finds him- dollars. and to enrich the coffers of the fraudulent promoter and salesmen
self in a position where he not only does not receive his full interest, as by a like amount."
Respectfully submitted,
stipulated by the terms of the bond, the amount of the tax being withEUGENE E. THOMPSON, Chairman.
held, but in addition, such non-resident alien also finds himself placed
Federal Taxation Committee. Investment Bankers Association of America.
under the obligation of making out an income tax return printed in a
Mr. Thompson In his report also had the following to say:
language other than his own and filled with technical terms.
One of the most promising features of the present tax situation is the
The result of all of which is the closing of foreign markets for American
•
non-partisan attitude assumed toward the new measure on the part of the
bonds.
A good illustration of just what this situation is may be found upon members of the Ways and Means Committee who have worked without parreading the following letter received recently by the Guaranty Trust Co. of tisan division or prejudice. It is to be hoped that the same attitude will
be continued throughout the legislative course of the bill, and if it shall be
New York from a Dutch bank. The letter is as follows:
so, then the fact will warrant the expectation that the new law may be
Banque De Mendes Gans & Cie.,
lines more nearly approaching what is economically sound in taxaBankierskantoor Van Mendes Gans & Co.,
tion than has been the case with either the present or preceding laws. The
Amsterdam, 28 September 1925.
politicians are learning their lesson. Tax reduction is too popular to be
Guaranty Trust Company of New York:
Dears Sirs:—When we had the pleasure of your Vice-President, Mr. bushwhacked with any hope of political benefit.
Full measure of credit is due the administration of the budget law, both
Merrell P. Calloway visit us we discussed amongst other subjects the
U. S. Income Tax Law as far as applicable to "non-resident aliens." Mr. on the part of the Executive and of Congress. Strict adherence to the
Calloway requested us to write down for you the view which we take of budget
system has been an important factor contributing to tax reduction.
this law in respect to the interests of the Dutch investor in North American
The existence of Treasury surpluses which are basis of tax reduction do not
securities.
Before the war the Netherland public has been for a great number of come about magically. They have occurred solely through the drive for
years a large holder of bonds and shares issued by American corn ,rations: economy in the Government and reduced expenditures. This program of
until the f ormation of the U. S. Steel Corp :ration, mostly of these issued
third is now immiby the railroad corp irations. While generally the share holdings were of economy has already made possible two reductions. The
a speculative nature. b inds were held as safe investment and these Issued nent. The approval of the lifting of these burdens has been general. Past
T. S. Fe, the Central Pacific, Norf .1k and cuts in taxes have released funds for investments, have been a great impetus
by companies like the Atchison
Western, Southern Pacific, Union Pacific, and a number of others enjoyed
almost universally. The prosa great popularity. Also after the first appearance of your Federal Income to business, and have been so acknowledged
Tax these conditions continued to last for a long while because most of pective decrease to be made by the present Congress already has been an
the bonds held here were bearing so-called "tax free" clause so that two industrial help.
per cent income tax was not deducted from the coupons but paid by the
This report will not attempt to analyze the details of the provisions of
-06debtor company while in those instances where the bonds are not "ft
That would be useless,
a two per cent deduction of the income did not amount to much any way the new bill, as reported by the House committee.
and then there were no complicated documents to be filled out nor tiresome since the bill is still to be acted upon in both the House and Senate and
formalities to be complied with. Probably it affected the public only in undoubted'y changes will be made as the consideration of the bill proso far that a preference was given to the "tax free" bonois over bonds gresses from day to day. Those changes cannot be anticipated, but it will
not carrying this clause.
with great
The war and post war conditions brought great changes in the Dutch be the duty of the new Committee on Federal Taxation to follow
Investors holdings of American bonds. Though at more than one occasion care the daily course of the bill through Congress with the aim of trying
our public has been a distinct and imp ortant buyer of your bonds, the to prevent adoption of hurtful and damaging provisions and to secure enactunloading must have been far in excess of the buying and no doubt H
as an owner of American bonds figures far less prominent than in the pre- ment of the best law possible.
It seems appropriate at this time to emphasize the one feature of the
war days. The main causes f a• this change are of course familiar to you.
the U. S. having become a creditor nation instead of a debtor one, our present revision which is of outstanding importance in its effect on credits
investors could obtain elsewhere and especially in their own country a and securities market. The greatest victory for scientific taxation was
yield on Dutch gilt edged bonds which was at a time quite two per cent
the surtax rates to a
over that returned by good American bonds. To-day this difference has won when the Ways and Means Committee lowered
almost disappeared and the return here is only a trifle over yours; yet we 20% maximum. That action on the part of the House committee constithat your bonds have not regained their old favor. tutes an open recognition of the truth of what has been repeatedly pointed
cannot but remark
No doubt in explanation a variety of reasons can be cited: one of them we
surtaxes of the 1924 law and of the
consider to be the U. 8, Income Tax Law as affecting the non-resident alien. out as the evil effects of the excessive
business by driving
While during the first five or six years that this law came into force our laws preceding it. They were not merely hurtful to
public scarcely took any notice and probably only bankers were aware capital into tax-exempt securities and out of productive business, but the
non-resident alien, having an income from sources within tax avoidance resulting from that diversion of capital into tax-exempt
that on every
the U. 8. the obligation was laid to render to the Collector of Internal
burden was distributed most unRevenue at Baltimore a declaration of such income (the institution of the securities also meant that the actual tax
so called ownership certificates which have to accompany every coupon fairly against other classes of investments. The new House committee
presented for payment, being filled out by the bankers for their clients surtax rates if enacted into law will release capital for investment in the
cause no trouble to the client) the existence of the law and the duties It
of productive business. They will be relatively more productive
Imposes on all kinds of private people have been during the last two or three securities
to business and industry.
years brought more and more home to them. Banks and bankers in the as revenue producers and will do vastly less harm
coupons sent to them from Holland
U. B. have raised objection to encash
Foreign-Held Bonds.
for collection unless returns had been made by owners or asked for Instructions to enable them to make these returns. Quite particularly insisting
Attention is directed to the recommendation on this point made by your
have been 8012113 of the railroad corporations like the Central Pacific, Southern Committee before the Ways and Means Committee of the House of ReprePacific and Union Pacific who for themselves are Interested that either
the Income Tax Return Form 1040B shall be properly delivered or Form sentatives.
Your committee is strongly of the opinion that the present policy of
1001B rendered to the debtor company. The reason for their demand is
obvious: only when one or the other of the two forms have been returned applying the income tax to foreign-held bonds is unwise and should be
can the two per cent normal tax paid by the debtor company of coupons
detached from their issues carrying the tax free clause be reclaimed by fame discontinued.
The question to be considered with reference to the imposition of a tax
in these cases where the owner of the bonds'income does not exceed $1,000—
from sources within the U. S. Quite recently the Southern Pacific sent a in such cases is not merely one of the power to tax upon the theory respectcircular to a number of European bankers in which there Is quoted a letter ing the source of the income. Upon the contrary, the question is whether
addressed by the U. • Government to an unnamed foreign banking house
and which states amongst other things that unless non-resident bondholders such a tax is a wise measure.
The immediate hurtful effect of such a tax is that it acts as a barrier to
receiving interest en tax free bonds during 1924 properly execute Form
100111 or 1040B the collector will make returns of information in behalf the free distribution of securities internationally and restricts American
of the non-resident alien individual, based upon the ownership certificates borrowers from foreign markets. The ultimate effects may, however, have
Form 1001 and will collect the tax from the next interest payment due to
the non-resident alien individual. Thus apart from having to pay income much more far-reaching harmful results. The war and post-war conditions
tax of which we shall say more hereafter our investor is placed under the have changed this country from a debtor to a creditor nation. If we are
obligation to grapple with the return form (1040B). We have been told to continue to occupy that position in international finance and if Amerithat even a New York banker or lawyer has trouble to find his way through
his income tax form: this may be exaggerated but it is certainly true that can capital is to continue to be invested outside this country then it is
one should not expect from private citizens that they will be able to grasp highly important that we shall have a due regard for the safety of such
the many technical terms printed on the form in a language not their own foreign investments. It is entirely reasonable to expect that other counand without being able to consult official authorities.
received the benefit of the placement
For private individuals the tax due amounts, up to a certain income tries, especially after they may have
which will not so very often be exceeded here, to six per cent, two per cent of American investments, will not be disposed to treat American citizens
companies on any better than this country treats their citizens. Therefore, if this counof which as we have stated above are paid by the debtor
tax-free bonds. Individuals have therefore to pay 4% or 6% of their try continues its present policy of taxing foreign-held bonds, it will be
American income which also tends to alienate investors from American
that retaliatory taxation may be
Issues. Probably a good many of our countrymen feel it as a kind of quite within the range of possibilities
Injustice that they should be called upon to pay taxes to a foreign country imposed by other countries against similar American foreign investments,
and this feeling and in the case of such foreign securities as might be already owned by
merely because they have lent out money in that country
will still be aertentuated by the knowledge that no tax whatever is imposed American investors at the time of the imposition of such tax, the effect
in their country on incomes from coupons or dividends to owners outside might
substantially reduce the income yield as well as impair the market
the Netherlands. Should it be argued that in the United Kingdom the
entire income tax—the same as paid by the British subjects living within values of such securities.
coupons the property of foreigners
the United Kingdom—Is withheld from
In view of the rrowing extent of American foreign investments, your
net living in England then we can merely reply Gist this very fact has committee is of the opinion that the time is fast
approaching, if it has not
almost placed a ban on British bond, here and nir ngst all our Dutch
DEC. 19 1921]
THE CHRONICLE
already arrived, when all the possibilities of this situation should receive
careful consideration. The amount of revenue realized from the present
tax must be relath ely insignificant; at least it is certain'y di:proportionate to the very great damage it may cause if surplus American capital shall
continue to find it necessary to seek profitable employment out of this
country. Repeal of the present tax, we believe, will tend to the maintenance of good relations internationally.
Ownership Certificates.
It is to be noted that a recent ruling of the Treasury Department known
as Treasury Decision 3772, approved Nov. 14 1925, discontinued the use
of substitute certificates in connection with the collection of the income
tax on bond interest.
The denial of the privilege of using the substitute certificate as pro•
vided by this recent ruling of the Treasury Department, may operate to do
very considerable damage to investment houses by exposing their custonwre
lists and making it possible for others desiring to take unfair advantage
of their opportunities to improperly use such lists.
A protest against this ruling has been filed with the Treasury Department by the Chairman of the Committee on Federal Taxation on behalf of
the Association and at the present time the matter is pending before the
Department upon this protest and request for reconsideration. Every effort
should be made to secure a reversal of the ruling.
Tas-Free Covenant Ronda.
As a matter of record this report mentions the action taken by your
committee relative to the ruling that was made by the Treasury Department
In December of last year with reference to tax-free covenant bonds. The
ruling was to the effect that the 2% withholding provision of the Federal
Income tax law applied in the case of tax-free clauses where such tax-free
clauses did not cover the Federal income tax. The ruling affected a large
amount of bonds. It might have caused serious market losses, as the
effect of the ruling was to unjustly discriminate against this particular
class of bonds, placing thon in the position where they would have been
the only class of bonds in this country on which interest coupons would not
be payable in full when due.
A protest against the ruling was duly filed with the Treasury Department
by the Chairman of your committee on behalf of the Association, and in
addition your committee's counsel prepared a careful brief fully discussing
the legal questions involved, which brief was also filed with the Department.
The result of the protest was that the objectionable ruling was promptly
withdrawn and revoked.
Respectfully submitted for the Federal Taxation Committee,
EUGENE E. THOMPSON, Chairman.
Report of Hugh W. Grove, Chairman of State Taxation
Committee—Proposal Relative to Certain State
Taxes by Borrowing Corporation.
Hugh W. Grove, of the First Wisconsin Co., of Milwaukee,
In presenting to the Investment Bankers Association his
report as Chairman of the State Taxation Committee, referred to the fact that "there is a constantly increasing number of corporate issues in which the borrowing corporation
undertakes to refund to the holder of such bonds certain mill
taxes or other taxes lawfully assessed or imposed under the
laws of certain States." He added:
There is no standard form of application by which the holder of such
bonds may apply to the borrowing corporation for a refund oi suet. as
Consequently, if the bondholder is the owner of bonds of more than one
issue containing the retundii g covenant, he is obliged to app.y to e.ton
corporation for copies of the particular form required. These forms are
not always furnished promptly by the corporation, with the result that
the
holder suffers a delay of several weeks before he is in a position to
make
application for the refund.
It has been suggested that this Association might properly cause to
be
drafted a standard form of application which would be acceptable to all
borrowing corporations. If such a form could be drafted, and copies
thereof
were available at bond houses generally, the matter of making application
for such refunds would be greatly simplified.
A great deal of information and many forms now in use have been collected and are being collected by your committee, and your committee
recommends that an effort be made to draft a standard form of application
for refund of such taxes
On the subject of State taxation during the year, Mr.
Grove had the following to say:
Forty-two of the State Legislatures convened in regular session in
Of these, forty opehed their sessions in January, one in April and 1925.
one in
June. The State Taxation Committee has confined itself to
supervisory
duties, endeavoring to keep in touch with proposed legislation
in the
various States affecting the interests of Investment bankers.
Where such
legislation has been proposed, the committee has directed the
attention of
the local investment groups thereto, lending what assistance it
could, but
taking no direet action in the matter.
California.
In the State of California, stocks and bonds issued outside of
that
and evidences of indebtedness, including real estate mortgages on State
real
property located outside of California, when held by an individual
resident
of that State, were taxable at their full value. This tax often
equaled the
entire amount of income derived from the investment, with the
result
the owner thereof avoided legal residence in California, or, if the that
owner
was a legal resident, there was a tendency to conceal the ownership of
such
so-called "foreign" stocks and bonds. At the November election in
1924
the people of California proposed a constitutional amendment enabling the
State Legislature to tax "foreign" securities. The amendment was
carried
by a substantial majority. The Legi:lature of that State has passed a law
amending certain sections of the political code in order that the above constitutional amendment could be carried into effect.
The new law provides that all bonds, mortgages, notes, debentures, stocks
or deeds of trust based upon property outside of California, and all solvent
credits based upon property outside of or within the State, shall be assessed
to residents of California at 7% of the full cash value thereof, instead of
100% of the full cash value, under the old law. A California resident
owning $1,000 par value of an obligation secured by property outside
of
the State, the full cash value of which is $1,000, will now pay the prevailing county rate of $70 valuation, instead of such rate upon $1,000 valuation,
under the law as it existed prior to the passage Of the so-called "New Personal Property Tax Law." California now has a reasonable and equitable
taxation measure.
2939
Florida.
In 1923 the Legislature of Florida passed an Enabling Act for a conditutional amendment forever abolishing income and inheritance taxes. This
was approved by the voters at the last general election by an overwhelming
majority, and the amendment is now a part of the State Constitution,
Illinois.
Senate Joint Resolution No. 4 was adopted by the Legislature of Illinois,
providing that there shall be submitted to the electors of that State, for
adoption or rejection, at the next general election of members of the General Assembly of the State of Illinois, a proposition to amend Article 9 of
the Constitution, which, if approved by the electors of that State, will
lodge authority in the General Assembly to provide by general law for the
levy and collection of taxes for public purposes upon persons, property and
income. The purpose of the proposed amendment is to permit the employment by the General Assembly of various methods of taxation. The proposal will permit (1) classification of real and personal property with
exemptions; (2) income taxation with classification as to amounts and
classes of income, and with exemptions; (3) the combination of classification of property with income taxation; (4) so-called severance taxes, and
(5) other plans which the Legislature may care to adopt.
Michigan.
At the regular election held Nov. 4 1924 a State income tax amendment
to the Constitution of Michigan was submitted to the voters. The purpose
of that proposed amendment was to empower the Legislature to provide by
law a method of taxes upon the net gains, profits and incomes of all citizens and inhabitants of the State, from whatever sources said gains, profit'
and incomes were derived. Provision was made by which the tax would
be graduated and progressive. The amendment was defeated by a vote of
more than four to one. This particular amendment was not skillfully drawn
and, fell an easy prey to its opponents, who pointed out the iniquitous
effects of its provisions. The overwhelming vote against this amendment
is probably no indication of the disapproval 0 Michigan voters on the
principle of the State income tax Act.
North Carolina,
The State income tax law of North Carolina, which levies a tax upon
Incomes of individuals of 1% on the first $2;500, with a graduated increase
to 3% on all amounts in excess of $10,000, was amended by the 1925 Legislature to 114% on the first $2,500, with a graduated increase to 5% on all
amounts in excess of $15,000.
The Inheritance tax law was amended in 1925, increasing the inheritance
tax rate on inheritors of the first class, graduated from 1% to 6% instead
of 1% to 5%; and on inheritors of the second class, graduated from 5%
to 12%, instead of 3% to 7%; and on inheritors of the third class, graduated from 7% to 16%, instead of 6% to 9%.
Under the Constitution of North Carolina, all securities and property of
every kind are subject to ad valorem taxes levied by cities, towns and
counties, excepting United States Government obligations, State of North
Carolina bonds, Federal and joint stock land bank bonds, corporation stocks
and bank stocks. There is an increasing sentiment in favor of an amendment to the constitution which would permit a different rate of taxation
on intangibles, solvent credits and securities, from that levied against
tangible properties.
Ohio.
A joint resolution was introduced in the Legislature proposing to amend
the Constitution of that State, providing for taxation by uniform rule of
all real estate and tangible property, except motor vehicles, and providing
for the taxation of intangible property. A committee of the Ohio Tax
Association prepared the amendment and the major provisions consisted of
a continuation of the uniform rule on real estate, buildings and tangible
property; a three-mill tax on flat rate credits, deposits with banks and
building and loan associations, and a 4% income tax on income from intangibles. The committee which drew the amendment was preceded by a
committee of seven. Apparently, these two committees did not agree upon
the three-mill tax on flat rate credits, etc., and on the 4% income tax on
Income from intangibles, with the result that both provisions were eliminated. The matter is here set out only to show the tendency of legialation in Ohio.
South Carolina.
•Under the Act of 1923, this State had a Documentary Stamp Tax on
the
Issuance of bonds, debentures, certificates of stock and of iadebteelnes and
other documents, on the sale and transfer of capital stock, promissory
notes, deeds and conveyances, proxies, powers of attorney, and so forth. The
1925 session of the Legislature passed an Act which materially increases
the amount of these taxes.
The Inheritance Tax Law of South Carolina was amended at the last session of the Legislature. Under the provisions of the amended Act, bonds
issued by the State of South Carolina, or any subdivision thereof, Farm
Loan bonds issued pursuant to the Act of Congress known as the Farm
Loan
Act, and collateral trust debentures or other similar obligations
issued
pursuant to the Act of Congress known as the Agricultural Credits
Act of
1925, when held and owned by non-residents of the State of South Carolina,
are exempt from the provisions of the inheritance tax law of that
State.
The levying of inheritance taxes upon the property of
nen-resident decedents
is constantly engaging the attention of investment bankers.
The propriety
of any State assession inheritance taxes upon its own
obligations or those
of its subdivisions, when owned by non-resident
holders, may be seriously
questioned. The marketability of South Carolina municipal
bonds should
be improved by the constructive legislation above
mentioned.
West Virginia.
-Under the present method of taxation in the
State of West Virginia, all
bonds and similar forms of indebtedness
are taxed at the rate applicable
to real estate and personal property.
A joint resolution was passed by the
Legislature, proposing an amendment to
the constitution, excluding money,
notes, bonds and credits from the equal
and uniform taxation law of West
Virginia, and providing for a tax of not
to exceed 50 cents on each $100
of the true and actual value of such
money, notes, bonds and credits. This
proposed amendment will be submitted
to the vaers of the State at the
general election to be held in the fall of
1926. The measure had the impport of the West Virginia Bankers
Association and the State Tax Commission. This amendment is constructive
legislation and, if approved by the
voters, will mean a great deal not only
to the investment bankers of the
State of West Virginia, but for the people of
the State as a whole.
Wisoonsin.
The most interesting and most important question
tion Committee had to consider was the position which the State Taxataken by the Wisconsin
Tax Commission in relation to the taxation of
income derived from Philippine Government bonds. The Wisconsin Tax
Commission took the position
that, inasmuch as income derived from Philippine
Government bonds was
not specifically excluded from taxation in the
Congressional Act authorizing the issuance of such obligations, the income
received therefrom by a
2940
THE CHRONICLE
Wisconsin holder was taxable income in that State. Your committee caused
a typical case to be prepared on behalf of a citizen of the State of Wisconsin who had been assessed the taxes on Philippine bonds, and, through
General Frank McIntyre, Chief of the Bureau of Insular Affairs of the
War Department, under whose direction Philippine Island and Porto Rican
bonds are issued, the Attorney-General of the United States was requested
for an opinion thereon. Pinder data of April 17 1925 the Attorney-General
handed down an opinion, in which he held that such interest is exempt
from taxation as income by any of the States of the United States, or any
municipality thereof. The full text of the opinion, in so far as it relates
to the Wisconsin situation, has heretofore been published in the Bulletin of
this Association. After several conferences with the Wisconsin Tax Commission, that Commission receded from the position which it formerly took
and it is now following the opinion of the Attorney-General, and the Commission has definitely stated that it is'of the opinion that the Philippine
Islands are instrumentalities and agencies of the Federal Government, and
that •the interest on bonds issued by the Philippine Islands under the
authority of the Federal Government is not properly a subject of Income
taxation by the State of Wisconsin.
Report of Legislation Committee—Recommendation
•
That Latter Be Merged With State Taxation Committee.
A recommendation that the Legislation Committee be
merged with the State Taxation Committee was made in
the report of Tom K. Smith, of Kauffman, Smith & Co., Inc.,
Of St.'Louis, Chairman of the Legislation Committee. Mr,
.
Smith's report follows:
;you are familiar with the fact that during the poet few years much of
the work formerly done by the Legislation Committee has been transferred
to special committees, the most recent of which are the Committees on
State Taxation and Securities Law. These changes have been made upon
the recommendation of former Legislation Committees, for the purpose of
effecting a national co-ordination of policy, and the results have been uni,
form/y satisfactory in this respect.
The changes were deemed necessary for several reasons. In the first
place, there were many phases of the legislative aspect which required specialized and intensive work; in the second place, it was advisable on account
of, the national importance of many local situations, to give special attention to these individual cases. This was particularly true before the formation of the various group organizations, when the work of the Legislation Committee was so heavy that proper attention could not be given to all
cases which should have had it.
It is also impossible for a national committee to work as effectively in
the actual contact with the law-making bodies as the local people who are
fainiliar with the politics of the situation and can bring pressure to bear
where it is most necessary. For this reason there has been great 'development in the work of the local groups, and too great credit cannot be given
to these organizations for the results which have been obtained. How
well this has been done will be shown in the reports of the groups to be
made at a later session of this convention.
These altered conditions have had the result of making the Legislation
Committee practically a co-ordinating agency for the work of several of
the other committees and that of the various group organizations. It has
attempted to produce efficiency in these efforts and to disseminate and
promote the ideals of this Association in its endeavor to serve the membership and the investing public. To enumerate in detail what has been
done would be merely to duplicate much that will be heard in the group
reports.
Since the actual work of this committee has been so materially reduced
by the changes mentioned above, and since it is so difficult to segregate
its work from that of the State Taxation Committee, we recommend that
these two bodies be merged,
Report of Foreign Securities Committee.
The report of the Foreign Securities Committee, drafted
by the Chairman, George Whitney, of J. P. Morgan & Co.,
while refraining from attempts to make any prophesies as
to what is'going to happen in Europe, declared that "it is
certain" that many opportunities will, in the future, be available to the American investor abroad and the possession of
such a large proportion of the world's wealth in this country, must necessary carry with it the responsibility of assisting in the world's development" "It is not said the report,
"worth the consideration of thee members of this Investment
Bankers Association, whether hi course of time and with the
possibility of 4 clearer look ahead, a substantial portion of
such investment funds may not be directed to foreign equities. In lieu of the proposal made in the report of the Foreign Securities Committee a year ago for the formation of
an information bureau (this was referred to by us in our
issue of Sept. 27 1924, page 1466), the report the present
year suggested the creation of such a bureau jointly by the
Investment Bankers Association and the United States
Chamber of Commerce. While Mr. Whitney was unable to
be present at the convention, his report was presented, as
follows:
The Foreign Securities Committee has but little to report for the current
(Vou 121.
tuted with advantage to all, but that it should not be attempted unless it
is to be adequate, both in scope and in the quality of the information which
it provides.
There have been no matters of any importance brought to the attention of
your committee during the year, although there have been many occurrences
is the world which are of undoubted importance to the Investment Bankers Association. In fact, the period since the last report of the Committee
on Foreign Securities in September 1924 has been one of the greatest importance and interest in the general development of foreign investments
in the United States. Two events particularly have occurred which alone
mark this year, namely, the return by England to a gold standard last
spring and the consummation of the Dawes plan with respect to Germany in
the autumn of 1924, also bringing about a return to a gold standard by
Germany.
The return by England to a gold standard early in the year of 1925 was
of particular importance to the American people, as it placed the two
great Anglo-Saxon nations together firmly on the platform of sound money.
It was a step which called for great bravery and for great skill in handling,
and the United States should be very grateful that the financial matters of
Great Britain were under the guidance at that time of men whose ability
to handle them wisely and well has been thoroughly shown.
The consummation of the Dawes plan was brought about by the international German loan, the equivalent of $220,000,000, one-half of which WU
enthusiastically provided by American investors. This, the third of the
operations representing international co-operation attempting to re-establish
the monetary position of Austria, Hungary and Germany, was significant
for the strict supervision and control established and accepted by these
different countries. It is generally to be hoped that a rigid control of
external borrowings in these countries will continue in order that the full
success of the plans may be realized.
The past year has also been interesting because of the developments'which
the other three great Allied Powers have made in their readjustment program. The situation in France, which, as is well known, had the most
difficult problem to face in 1919, is not yet sufficiently clear to be commented upon, but it is safe to hope, at least, that all classes, political,
financial, industrial and agricultural, are coming to realize that heroic
measures are necessary to restore stability, which is the most important
element in the continuing well-being of the French people and that the
fundamental good sense and thrift of the French people will, as on many
previous occasions, take the matter in hand satisfactorily.
To Italy is due the credit of facing a difficult problem with great courage,
and while not yet returned definitely to a gold basis, she has made great
progress in the handling of her internal affairs through a balanced budget
and a gradual steady reduction of her internal debt.
Belgium has also progressed far in her program.
It is reasonable to believe that at the time the next report is made by
this committee to the Association, definite statements can be made about
these three great Latin countries.
The last year has also seen marked progress in the industrial and commercial development of. other countries not directly affected by the war,
notably in Japan and South America, as indicated by industrial financing
in this country.
The last year has also seen a large amount of foreign borrowing in this
country, including German industrials and municipalities. The obtaining
of these gold credits has undoubtedly helped Germany in its difficult first
year of readjustment and the American investors have been given the opportunity to invest surplus funds at high rates of interest.
This report will not attempt to make any prophesies as to what is going
to happen in Europe. It is neither wise nor possible, but it is certain that
many opportunities will in the future be available to the American investor
abroad and the possession of such a large proportion of the world's wealth
in this country must necessarily carry with it the responsibility of assisting
the world's- development.
Is it not worth the consideration of the members of this Investment Bankers 'Association whether, in course of time and with the possibility of a
clearer look ahead, a substantial portion of such investment funds may not
be directed to foreign equities? May it not be to the advantage of the
investing public of the United States to obtain the benefits and profits
which may accrue to corporations abroad, towards which success their funds
have contributed? Why should the American investor hold the bag through
the purchase of obligations where, if successful, the owners profit and, if ,
unsuccessful, the bondholders suffer? It is, of course, appreciated fully
that investment in equities is unsafe unless general conditions and management can be clearly understood, but if history can be relied upon, we
have the benefit of the experience of the English investors who have lent
money- to foreign borrowers but who have also bought equities in foreign
corporations and have, therefore, benefited from the increased prosperity of
the different foreign communities which they have assisted with credit.
In the natural course of events, prosperous corporations do not pay their
debts; they refund them. Their proper expansion and development are
continually calling for new money, but while the holders of their obligations are paid promptly at maturity, it is done by obtaining somebody else's
money for the purpose, and as the foreign securities which have been purchased in such large volume by the United States investors mature, is it
not going to be necessary for those repayments to be promptly reinvested in
order that our foreign trade will not be too greatly handicapped by a flood
of gold to this country?
This is not a matter for this year or perhaps for next, but your committee believes that it is a subject that the members of this Association can
well consider.
One of the great interests in the security business is the diversification
of contacts which it brings about. Foreign investments represent a field
that was almost unknown in this country twelve years ago. It is amazing
the strides which have been made in its development during that time and
It is greatly to the credit of the men who make up the membership of this
Association that they have been able to accept the change from old conditions. It is probable that this field has only just opened and the country
and the investment bankers will be called upon continually and increasingly
to lend their support to foreign investments, and it 18 unreasonable to believe that all such business can or should be in the form of fixed obligations.
year.
You will remember that at the convention in 1924 the Foreign Securities
Committee suggested the formation of an information bureau. This matter
has received considerable thought and, as reported by the Chairman of this Report of Southwestern Group—Efforts to Secure
committee to the Board of Governors last January, the conclusion has been
Legislation Permitting State Banks to Invest in
reached that to provide an adequate bureau of the nature desired would
Corporation and Foreign Government Bonds
ultimately involve a very much larger expense than anticipated in the 1924
—Enactment of Intangibles Act.
report, although that amount of money would undoubtedly serve as a start.
Since that time there have been suggestions made of a bureau jointly with
In furnishing the report of the Southwestern Group of the
perhaps the American Bankers Association and the United States Chamber
Association, Sigmund Stern, of Stern
of Commerce, representing three types of enterprises interested. in the Investment Bankers
foreign field, namely, the merchants, the commercial bankers and the in- Brothers & Co., Kansas City, spoke as follows:
vestment bankers. It is the suggestion of this committee that the succeedThe work of the Southwestern Group during the past year has very
ing committee develop this idea in the belief that a bureau can be last!. largely centred around the activities of the Legislative Committee, which
Dm.19 1925.]
THE CHRONICLE
has been ably handled under the Chairmanship of Mr. Gerald Parker.
Last winter Legislatures were in session in both Missouri and Kansas
and the efforts of the Group were directed not only to encouraging the
enaetment of new legislation, but to the prevention of certain undesirable
statutes which came before both Legislatures for consideration.
In connection with the Missouri legislative session, our committee cooperated with the Legislative Committee of the Mississippi Valley Group.
A more detailed report of this activity will no doubt be submitted
by the Chairman of the Mississippi Valley Group.
One of the
most important accomplishments here
was the defeat of a
measure proposed to amend existing statutes reducing the penalties on
delinquent drainage taxes. This measure had been proposed at a previous session of the Legislature and was opposed by the joint action of our
two Groups at that time on the ground that a reduction of the penalty
would weaken the desirability of Missouri drainage bonds; would result in
the withdrawal of the more substantial bond buying institutions from participating in Missouri drainage issues, and would result in a higher interest
rate for the municipality, and less desirable security from the standpoint
of the investor. Fortunately, we were able to have it killed in committee.
Special counsel was engaged to carry on this work, the expense of which
WU pro-rated between the two Groups.
In Kansas an effort was made to have the statutes governing State banks
amended to authorize investment of their funds in corporation and foreign
Government bonds, subject to the approval of the Bank Commissioner.
This was unsuccessful, owing to insufficient preliminary organization. One
of the reasons for antipathy and indifference towards this amendment was
the ambiguity of the present statute. Therefore steps are now being taken
to obtain a Supreme Court construction of the meaning of the present
statute, and counsel has advised that there is excellent reason to believe
that the court will construe the existing statute as containing authority for
investment in corporation bonds. In case the Supreme Court decision is
unfavorable, efforts will be renewed at the next session of the Legislature
to have the State Banking Act amended. It is the feeling of our members
that this is an important movement and that a successful outcome will be
beneficial to all concerned. From the investment dealers' standpoint, a
new field will be opened for the distribution of corporation and foreign
Government bonds and on the other hand Kansas State banks will be able
to diversify their holdings in a form of investment which will be both
liquid and yield a satisfactory income.
Another very important measure enacted by the last Kansas Legislature
was the so-called Intangibles Act, which levies an annual 21 mills tax on
/
2
all bonds, notes, credits and evidences of indebtedness, except those secured
by. mortgage against real estate in Kansas, which later may be exempted
from the payment of all tax, for their life, by payment of the 21
/
2-mill
registered tax. This same measure necessarily carried a provision repealing
the previous statutes which exempted Kansas municipal bonds from
all
taxation. The measure, as originally proposed in the Legislature, was
retroactive and would have subjected to taxation all bonds previously issued by
Kansas municipalities. Through the efforts of our Legislative Committee
this was amended, and the measure was made to apply only to bonds
issued
subsequent to March 1 1925. Our members feel that while real estate
mortgages are given undue advantage, the measure in general is satisfactory. In drawing mortgages securing corporation bonds which are intended to be distributed in the Southwest it will be well for originating
houses to provide for the refund of this Kansas tax through a method
similar to that followed in the case of the Pennsylvania tax and other
States.
In the interest of and for the convenience of the greatest number of our
members, our meetings have always been held in Kansas City. The fall
meeting this year, however, was held in Oklahoma City, and I am very
glad to report that all but two of our member houses were represented
at
this meeting. The Oklahoma City members entertained us royally.
no definite plan has been outlined, I feel that this is likely to lead While
to the
holding of at least one meeting each year outside of Kansas City.
The Group was honored by a visit from Mr. Dysart and Mr. Fenton
in
June of this year. A luncheon was held, which was attended by
men
women in the organizations of our member houses and at which both and
Mr.
Dysart and Mr. Fenton made addresses directed especially to the
young
men in the bond business. In the evening a dinner was held at
which we
had as our guests a number of prominent Kansas City bankers and
professional men at which Mr. Dysart and Mr. Fenton made inspiring talks.
feel that visits of this kind are most beneficial to all concerned, as We
they
are not only inspiring to the men in the bond business but acquaint
outsiders
with certain aspects of the investment business with which they are
not
familiar. We hope that the incoming administration will give WI the
pleasure and benefit of a similar visit.
2941
sion. I wish I could say these things instead of reading them. They
have been made as short as is reasonably possible. It can be said a great
deal more forcibly than it can be read, but it is better to have it down in
black and white.
The first topic to be taken up is the question of foreign industrial securities. During this year the question of foreign industrials was transferred from the Foreign Securities Committee to the Industrial Securities
Committee and there is a brief discussion on that point.
The report of the Industrial Securities Committee was
presented as follows by Mr. Gilbert:
Foreign Industrial Securities.
Since the last convention, the Industrial Securities Committee has been
given the work of following foreign industrials as well as those in this
country. The study of foreign industrial companies, besides covering all
the fundamental points which must be considered in regard to our own
companies, opens up further considerations which are vitally important in
considering the investment of money abroad in industrial securities.
First may be mentioned the difference in standards of government. We
take it for granted in this country that our Government is stable and will
endure and we are almost unconscious that the stability of Government is
the cornerstone on which our investments rest. Such stability is unto'
,
Innately lacking in many foreign countries, and its absence forms a great
risk which has to be carefully weighed in considering the perfactor of
manence of industry and industrial securities. Political complications and
the possibility of war are vital factors in investing money.
Allied to this question of government is the question of taxation, which
is frequently used adversely to capital by unstable or unsound Governments.
Here, again, we are inclined in this country to feel that taxation rests on
a fairly well understood basis and aside from wars, or other emergencies,
we are not likely to have sudden or drastic changes in our methods or rate
of taxation. On the other hand, some foreign countries are inclined to be
either unsound or predatory in their taxation, and companies which are
making good profits are frequently targets for political purposes or for the
collection of additional revenues. Tariff policies of countries with unstable Governments or Unsound ideas of taxation may be vital considerations.
Another feature which is probably understood by only a few investment
houses in this country is the legal procedure of foreign countries, which is
frequently different from our own. Laws relating to ownership of property, mortgages and rights of security holders have to be carefully studied,
and it is necessary either for some law firms which understand our own
investment requirements to make a careful study of foreign conditions in
regard to any new issue and to check the work of foreign law firms passing
on the same questions, or for the bankers to accept opinions from foreign
law firms whose understanding of our own investment requirements may
not coincide with their own.
Similarly, there is the question of accounting methods and standards and
of the checking of the balance sheets and earnings statements by foreign
auditors. Accounting methods in England the British possessions are very
much the same as our own, but in some other countries, especially in those
whose accounts have to be translated from a foreign language, the use of
terms is not always clear and it is not always easy to get an identity of
understanding in regard to the important facts and figures about the company.
It may be said in regard to some of these points that control of foreign
industrial companies is much more in the hands of banks than is customary
with us, and in such cases the circumstances are undoubtedly understood
thoroughly by such banks and contact with them will probably result in a
good understanding between the companies and our own bankers. Where.
such contact is lacking, however, a full knowledge of such circumstances
as have been noted is very necessary.
It must be remembered that America is a new buyer in the foreign market and, as such, is very likely to have securities offered which the established markets of England and France have passed by as being unsuitable.
The soundest securities are probably so well intrerched in their respective
markets that those who understand them will probably pay higher prices
for them than we will. In the long run we shall probably have either to
accustom our investors to paying the higher prices which the best securities command in their natural markets, or else take a heavy responsibility
as purchasers in making selections in the field of the more speculative
and less attractive issues.
Two Factors in Industrial Management.
In the much-discussed question of management of industrial securities
there are two vital points which seem to have largely escaped attention.
They are probably present in the minds of the more experienced originators
of securities, but they are seldom discussed and practically never mentioned in connection with an offering. These two points are, first, the
Report of Industrial Securities Committee of
actual ownership of industrial companies and, second, the incentive which
Investment Bankers Association—Foreign
the managers have for a continuing interest in their work.
Industrial Securities.—Blue Sky Laws.
In regard to the tjuestion of ownership, this ranges from the almost
Arthur H. Gilbert, of Spencer, Trask & Co., of Chicago, complete proprietorship of the so-called "one man" concern to the tremendously scattered ownership of companies like the American Telephone
In submitting to the Investment Bankers Association
his and United States Steel. In almost every company, however, there are
report as Chairman of the Industrial Securities Committee, controlling interests, the characteristics of which may have a very important effect on the future of a company, and even in the case of the
made the following remarks incident to the report:
largest companies where the ownership is widely scattered there will be a
Before taking up the report of the Industrial Securities
Committee, I few larger holders who are very likely to determine the character
will say just a word about a report which is not to be read,
and
but which policies of the concern.
is available here, of your Special Committee on Circulars that
has been
The question of ownership joins very closely with the question of incenworking during the year. It was appointed last year because
there are a tive. If the managers of the property are the actual owners
they have the
good many controversial points on circulars and a good many
points where strongest incentive for wanting to make good. If, on the other
practice is not entirely clear. And the committee felt that
hand, they
perhaps its best are merely hired men, their services are very likely to be
bought away by
work, during the year, would be to line up those different
points and some competitor who can offer more attractive terms. Probably the
have some discussion on them and, in connection with that, it
most
was also effective managements are those in which the individual members
decided to try and make something which would be of
have a
some practical real stake in the business. Either they have actual
ownership, or they
value to members. That finally took the form of schedules
of various have the prospect and the opportunity of buying into the
concerns and
sorts of securities, such as Government, real estate, industrial,
so on, taking up the topics which should be covered in the utility and becoming themselves owners, or they are on some sort of a bonus basis,
perhaps more as a reminder of the things that ought to be circular and which, in case of success, will make them financially independent.
included. In
The matter of incentive, however, is sometimes determined by
other words, it might serve as a sort of working guide to the
the
men in the matter of ownership and this is where the question of ownership
different offices who are doing the actual work in preparing
may have
circulars.
a very serious effect on the business. If the owners of the business,
There were two separate jobs for the committee during the year.
for
result of them was presented to the last meeting of the Board of And the example, are very old, the time is sure to come when control of the propand the Board of Governors, instead of deciding to have that Governors erty will either pass into the hands of trustees who will be obliged to take
report read a cautious point of view and hamper their executives
at this convention, which would take a considerable amount of
accordingly or the
time,
it printed and it is now available. I shall not discuss it any further had control may be divided up among members of a family who are incompethan tent to handle the business, or the control may be practically
this. It is here in the form to be used and copies will also be
placed for
sent out sale in the open market. Any one of these three possibilities
to the different houses and, of course, additional copies will be
may be very
available disturbing to a management which represents the owners.
for any houses that want to use the material for their circular
It is uncomfordepartments table to be tied down by dead hands, or to be directed by
or for their different branches.
ignorant and incompetent heirs, or to be in constant uncertainty of what
Now, in regard to the industrial securities, the report takes the
may happen in
form of case the ownership is bought by unfriendly or
discussion of Iota unrelated subjects, each of which has a
a
brief discus- the other hand, if the managers of a propertyunsympathetic people. on
hare been encouraged
2942
THE CHRONICLE
[VOL. 121.
and other non-voting stocks. He feels that the ownership of securities
issued against industrial enterprises should carry at least theoretical
responsibility for management and fears that the chances to control companies through comparatively small investment in the actual voting stocks
may be abused by bankers and others. For the rights which investors are
surrendering, he would substitute the regulating powers of the Federal
Trade Commission.
The committee does not wish to take issue with the college professor.
It has itself, from time to time, commented on the position of the preferred stockholder and wished it were possible to have all industrial financing done by means either of mortgage bonds or common stocks. It has
seen with satisfaction the gradually increasing interest of investors in
sound ownerships rather than in money-lending. But it is obliged to admit
that the point of dispensing with preferred stock has not yet arrived. It
does not feel, however, that this fact requires the investor, or the public
at large, to invoke the aid of the Trade Commission.
The question of the consolidation and refinancing of companies is one of
the most difficult with which the investment banker has to deal. In almost every case, the problem is brought to him for solution. It is very
seldom, if ever, that he deliberately starts out to acquire a situation with
the idea of permanent control.
But executors of estates come to him with businesses on their hands
to ask him to find a purchaser. Elderly men wish to retire and realize
on their life's work. Creditors ask the banker to help set up bankrupt
enterprises in business again. Energetic business men come in, wishing to
extend their activities by the purchase of other concerns, and also for
help in raising the money. Or some of the leading men in an industry will
have been talking over the benefits of getting together and want the
banker to show them how to merge their companies. And in most cases,
perhaps, there are combinations of these or similar circumstances, which
result in problems of extrime complexity. Some of these problems are
solved, and new, or recaptcalized, companies are brought out. Many more
prove incapable of solution and are dropped.
Generally speaking, the problem has to be solved in accordance with
the facts. And, in a great many cases, the facts resolve themselves to the
simplest terms. The buyer wants to pay in stock; the seller wants to
receive cash. The banker knows that the more the company rests on a
broad base of common stock, the safer its financial structure will be.
But the buyer does not want to give common stock. He wants to keep
that to make him rich if the business succeeds, and does not want to share
his prosperity. And three times out of four, the seller does not want
common stock. He has had the risk of business long enough. He wants
primarily, cash; if not cash, then bonds; and as a last resort, preferred
stock—in any case, something ahead of the business risk.
If the dealings are to be on a cash basis, the money must come from
the public. But here, again, the difficulties coins up in regard to common stock. The new owners of the property usually do not want to share
their future with the public. And it is only a comparatively small part
of the public who regard the common stock of a new industrial company
as anything more than a speculation to be bought at a bargain and sold
as soon as there is a fair profit. Money can be raised from this element
only at too great a cost. If the company can be bonded, recourse can be
had to the bond-buying public. But many kinds of business cannot, and
many bankers do not advise bonding an industrial enterprise. So the
force of circumstances bring the buyer and the seller to the common
ground of preferred stock.
Fortunately for the needs of such cases, there is a large body of investors who want preferred stocks. In other words, they want a larger
income than bonds of good home companies will pay and they are not
yet ready to get their higher yield from foreign securities. They want two
things—one, to be put outside the risk of the business, and two, to receive a steady, fixed income, as high as is reasonably consistent with safety.
There are intermediate classes between mortgage bonds and common
stocks—debentures, convertible bonds, prior preferreds, participating preferreds, Class A stocks, and so on—but they all have the same fundamentals
and are graduated according to the relative bravery or timidity of the
investor. These various sorts of securities are tools for the banker to
work with, tools to accomplish what the corporation wishes and tools to
give the investor what he wants. It may be said that, generally speaking,
people who buy preferred stocks or other stocks without voting power know
exactly what they are getting and get exactly what they want. From the
point of view of these investors, they do not need protection against injustice. They are not the helpless investors pictured in the address given
by the college professor. Whether they are sellers of properties who take
their pay in preferred stock, or investors who select from their banker's
list, they have made a deliberate choice and can afford to abide by it.
Now, as to the great outside public. Does it need protection? First,
would things be different if all the preferred stockholders who do not
want to vote were allowed to vote? Probably there would be no difference
at all. There does not seem to be any great difference in results between
companies whose ownership is widely scattered and those where it is
closely held. Second, does the public need protection from the bankers?
This may be considered in two or three different lights. As to the way in
which the companies are set up, it is generally true, as has been explained, that the financial structure is the result of conditions, and the
banker has to adapt his plan to those conditions. If he can do so, and
still have a good company, he does. If not, he gives it up. In regard
to the actual participation of bankers in the management, it may be said
that as long as the management is successful the bankers rarely interfere.
The management is usually in the hands of those who own the business
or operate it, or both, and the bankers seldom do either. Bankers often
receive blocks of common stock, as part pay for their services, especially
where the profits on the securities actually sold to the public are not
proportionate to the time spent or the skill employed by the bankers ; but
these holdings are not usually employed to influence the management.
Bankers do, however, possess an influence over the affairs of companies
which they have financed, by virtue of, and in behalf of, the securities
which they have placed vOith investors. It is only fair for this committee
to say that this is not a sinister or a greedy influence. No responsible
banking house is unmindful or neglectful, of the fact that after putting
them in the possession of those by whose confidence it will continue to
exist. The greatest part of the investment issues of the country is put
out by members of this Association to their customers or to their fellow
members. With them, their reputation is put at stake with every new
issue. Every banking house has the strongest of motives to set up companies right and to see that they are managed right—to keep harmony
among the individuals in the managements, to contribute every assistance
possible, and to see that policies are adopted which will serve the public
rather than take advantage of it. Your committee does not believe that
any Governmental regulating body can have as strong a motive as the
Position of Industrial Preferred Stockholders.
Attention has been called to a recent address by a well-known college Investment bankers for exercising their influence in the right direction,
professor in which he deplores recent industrial consolidations, especially or as much experience in exercising it. Every large operation represents
In their tendency to distribute among investors large amounts of preferred the combined judgment of many banking houses before it reaches the
Invest heavily in their own enterprise, the death of some of the older
owners generally results simply in the transfer from the old owners to the
managers under some arrangement which can be worked out. The managers have an additional incentive to make good and the old owners will
gradually be paid off.
Other serious situations arise where the owners of a property cannot
agree among themselves, forcing the management to work in an atmosphere
of friction and uncertainty about the future. The combinations which
occur along these lines need not be detailed further, but if houses which
are originating industrial issues do not consider these phases of ownership and incentive, they are very likely to miss points which may lead
to anxiety later on; and if they will study the history of industrial concerns they will find that many catastrophes have been caused by the
weakness or the neglect of these very points.
/Blue Sky Laws.
One of the most serious problems which the managements of industrial
concerns have to face in putting out and making a market for their securities is the question of the increasing burden of the blue sky laws. The
complexity of these laws is now so great that only experts can supply the
experience which is necessary to meet the conditions of these laws. It is
generally supposed that the blue sky laws are directed primarily against
the issuers of fraudulent securities. In the last two or three years, however, the best banking houses in the country have realized that a great
deal of the time of the commissions is being spent in investigating the
class of securities which they put out. And matters have now reached a
point where not only the bankers have to put in a great deal of time in
complying with the machinery of these laws, but corporations of the highest. class which put out securities find that they are being put on the defensive, and that in some cases the judgment of commissioners is being
substituted for the judgment of their own experienced executives. This
means that the companies in putting out securities must either try to
adapt their security issues to the conditions imposed by numerous and not
always consistent laws—and try to estimate the probable rulings and
local opinions of each commission—or must take their chances of a refusal
to allow their securities to be sold.
It is not only true that in some cases issues of the best corporations have
been denied entrance to some of the blue sky States, but it is almogt
universally true that such corporations are being caused large expense and
much vexation in satisfying various State Commissioners, not only of the
details of their accounts, but of the soundness of their business judgment.
This committee does not believe that members of the Investment Bankers
Association are offering industrial securities with an intent to defraud the
public, or that the companies in whose securities they deal from one year's
end to the other are trying to sell securities to the public of a fraudulent
or deceptive character. It does not believe that any blue sky commissioner
would state this publicly as his opinion. Managements and bankers alike
have both money and reputation at state in offering securities to the investing public. This being the case, the officials of such corporations
have a right to ask, as they do ask, why they should spend valuable time
and incur substantial expense in getting out special reports for the authorities of various States. It is very difficult to answer the President of a
corporation who wishes to know why, because some State is trying to
catch fraudulent promoters, he should have to spend perhaps hundreds of
dollars in order to satisfy investigators-so that his own high-grade securities may be allowed to find their proper market. The answer at present is
• that if companies wish a national market for their securities, as a great
many of them do, they must comply with the requirements which various
States set up. In many cases, protesting strongly against the principle
of the thing, they decide that it is not worth the expense of qualifying in
order to be able to sell their securities in some particular State.
The members of this committee do not believe that the I. B. A. is a
controversial body, or that it wishes to force the investors of any State
to take an attitude they do not wish to assume, but it would like to raise
the question whether the investors of the blue sky States wish to deprive
themselves of the opportunity to buy securities which the rest of the
country is buying. Our large corporations are now operating on a nationwide scale, and think that they are entitled to a nation-wide distribution
of their securities. No one claims that it was the intent of the blue sky
movement to prevent them from doing so. If the investors of any State
wish to confine their investment to local securities, they have the right
to do so, though such an attitude seems short-sighted. But if through
misapplication of legislation based on an entirely different principle, they
are being deprived of proper opportunities, they may very well protest.
However, this committee is primarily concerned in presenting the case
from the point of view of the companies themselves and in emphasizing
the very heavy burden on both the corporations and the bankers which
they were never, intended to bear.
•Probably good work is going on in the way of catching and punishing
Issuers of fraudulent securities, but even if such good work is being done,
It seems as if the bankers and the larger and more responsible companies
of the country are paying heavily for whatever is being accomplished.
The general understanding of the blue sky laws is that the States are using
their own resources to ferret out and punish fraudulent schemes. The
actual effect seems to be that the State pays a certain amount of overhead
for maintaining commissions, but in connection with this a very heavy
cost is assessed on the bankers and the good corporations. If it is thoroughly understood that enough good is being accomplished, and if, for
example the president of a corporation can be told when he objectsao the
expense of obtaining special information, etc., that he is doing this in
order that some criminals may be caught and the savings of the ,public
protected, he may agree that it is for the best good of the public to
handle the matter in this way. At the present time, however, this issue
is not clearly understood and a great deal of criticism and protest is being
aroused.
This committee believes that the Investment Bankers Association has
been at all times in cordial co-operation with the attempt to put fraudulent
and crooked promoters and security dealers out of business. It has at all
times been at the disposal of Legislatures and local authorities to co-operate
in every way to get good blue sky laws and have them enforced as they
should be. But in doing so it seems to have reached the unfortunate
result that its members are being more and more harrassed—in fact put on
the defensive to prove that they, themselves, are not crooked; and corporations, even the soundest and most seasoned, are being similarly put
under fire and caused a great deal of expense and a great deal of vexation.
This seems like a misdirection of a good effort, which this Association
ought to do its utmost to put right; and it seems proper for this committee, which represents industrial investors and, indirectly, industrial corporations, to call attention very strongly to these facts.
DEc.19 1925.]
THE CHRONICLE
distribution stage. If a house is unskillful or unscrupulous, its influence
dwindles very fast.
This Association has two missions which may be me4ioned here. First,
to draw on the best opinion and experience of Its nembers and present
the results to the members themselves. Second, to meet the public
fairly, to prevent misconceptions and arrive at a better mutual understanding. It is in this spirit that these comments are made on the address
to which reference has been made.
ARTHUR H. GILBERT, Chairman.
EDWARD J. BERMINGHAM.
J. A. BARNARD.
H. B. CLARK.
FRANCIS P. BUTLER.
EDGAR FRIEDLANDER.
D. DWIGHT DOUGLAS.
CLARENCE 0. GAMBLE.
HENRY J. FULLER.
I. H. OVERMAN.
GEORGE N. LINDSAY.
A. G. WELLS.
ARTHUR PECK.
FREDERICK W. SHIBLEY.
ORRIN G. WOOD.
FRANK W. REMICK.
H. E. ANDERSON.
Report of Securities Law Committee of Investment
Bankers Association, by Barrett Wendell Jr., of
Lee, Higginson & Co.—Tendency of "Blue Sky"
Legislation.
Discussing the tendency of "Blue Sky" legislation in his
report as Chairman of the Securities Law Committee, Barrett Wendell Jr., of Lee, Higginson & Co., of Chicago, declared that "we are entirely opposed to the suggestion of
some who have evidently not thoroughly studied the situation that our way out leads through a Federal blue sky
statute." Mr. Wendell added: "There might be merit in this
suggestion had it been made some 20 years ago, before the
States had legislated on the subject, but to-day we can see
nothing in the suggestion except an added burden for securities of a national character, because it is not reasonable
to assume that the States desire or would be willing to have
one commission at Washington take over this work and
supersede their present powers." He went on to say:
It could not be done without their consent and a recent Bulletin issued
by the Secretary of the National Association of Security Commissioners
elearly sets forth their views in regard to this subject. We are also confident that it is not the desire of the Federal Government to create another
bureau for a purpose of this kind and we, therefore, think that any attempts at the passage of a Federal blue sky law to be administered through
a bureau at Washington should be opposed. The matter, however, is under
consideration in Congress, and the Minneapolis "Tribune" of Nov. 20 1926
earries an item that Congressman Christopherson of South Dakota is to
introduce a Federal blue sky bill. Others may do likewise.
It should be borne in mind that the type of legislation suggested is entirely different from that proposed by Congressman Denison of Illinois.
His bill is designed to leave the States full regulation of this subject• in
so far as the intra-State transactions are concerned and merely forbids the
sale of securities in inter-State commerce if such sale would be unlawful
as an intra-State transaction. Even this power of legislation, we think,
deserves thoaghtful consideration it this time on account of the present
diversity in both the security laws themselves and the theories of administration.
Recommendations Respecting "Blue Sky" Legislation.
Having outlined the reasons why we do not believe that a Federal law
will solve our difficulties, we turn to some suggestions which we think
will be helpful.
First: The efforts of this committee should be directed toward further uniformity in legislation and it should be the duty of the committee to continue to co-operate with the commissioners and all others interested in bringing about this entirely reasonable result. In this connection,
It should be borne in mind that, even if local conditions of industry require
certain different provisions to meet their needs, there is no reason on
that account for lack of uniformity with regard to high grade issues which
deserve a national market. This result may be accomplished through the
use of the principles underlying the model bill which at the present time
seems to your eommittee the best instrument yet produced to cover the
needs of all the States of large area and scattered population.
We feel that unless a distinctly better one is produced, the effort of the
committee should be continued in pushing this bill because during the
recent legislativb sessions of 1925 these principles became law in four
States and are proving satisfactory to the investment bankers and to the
administrators.
Second: The efforts of the committee, particularly during the next
twelve months, when few Legislatures are in session, may well be
directed
toward co-operating with the commissions on problems of administration
to
the end that the regulations of the various commissions and their
requirements with respect to furnishing information may become
and also to bring about greater uniformity to the rulings of standardized
the
sions on similar language in different laws. The time required commiswork is far greater in our opinion than the Association should askfor this
of any
of its members, and we, therefore, recommend to the committee
the serious
consideration of the employment of some one individual who will give
his
entire time to the matter.
Third: We believe that far greater co-operation should
exist between
the legislative committees of the local groups and the
National Securities
Law Committee and that some one should be designated in
each group to
deal with blue sky matters. This we deem to be of utmost
importance
for this Association, as otherwise we can not progress
towards uniformity
in the regulation of high grade investment securities.
The local group
should appreciate that nearly seven years of continuous
work
given this subject, and every advantage should be taken of this has been
experience.
We are confident that much lost motion can be saved if
this recommendation is followed.
The foregoing is not in any way meant to suggest a
curtailment in thE
efforts of the groups because, while the national committee
may be of
distinct assistance in putting forward certain underlying
principles, it is
needless to say that the actual labor with the Legislatures
the local group. What is more important is that the local devolves upon
assume the responsibility of seeing that those charged with groups should
the selection
of the administrators are brought to realize the importance
of the position and the need for a man of capacity to effectively
protect
against fraud and at the same time to insure the opportunity to the public
the citizens
to enjoy a wide selection of investment securities.
2943
In conclusion, it may not be out of place to recommend to all those
present at this convention that as long as the blue sky problem confronts
us we state whenever we can and wherever we may that we are proud of
our business; that we know of no other business where ideals are higher
or where transactions of such magnitude are carried on by word of mouth
and contracts involving such large sums of money lived up to without a
written word. Let us state when occasion permits that we have made
this business our life's work because we believe in it and its service to the
country; that we are proud of our associates in the business, and we believe that our members in their various local communities contribute to the
public welfare through their personal efforts as much as any other class
in the community.
The public and the securities commissions must learn that we are just
as much interested as any legislator or any administrator in seeing that
ignorant and unsuspecting persons are not preyed on by the crooked promoter and the fraudulent dealer.
President Dysart of the Association, in calling upon Mr.
Wendell for his report, directed attention to the fact that
Mr. Wendell "has served longer, in term of years, on the
Board of Governors of this Association, than any other
man," and "has devoted more time than any other man in
this Association, to one particular class of work for the
Association." In addition to the concluding part of Mr.
Wendell's report, which we give above, we also furnish as
follows the earlier portion of his report:
A Practical. Not a Theoretical Problem.
The question of so regulating the sale of securities that the ignorant
buyer shall not be preyed upon by the unscrupulous dealer is, when analyzed,
a practical and not a theoretical problem, for this .Association has long
stated itself to be in favor of the theory and its only dispute has been in
connection with what was the best method of doing it.
The winter of 1924-25 was a very active legislative year, due to thefact
that a large majority of the legislatures of the States were in session. The
activities of your Committee during this period were made the subject
of a report to the Board of Governors at White Sulphur in May, which by
order of the Board, was published in the form of a special bulletin. Since
that time the actual labor of your Committee has been for the most part
directed to solving questions of administration.
This final report, therefore, will not repeat what is already in print, but
It will endeavor to set down for the benefit of subsequent eommittees the
views of your Committee in regard to the subject as a whole because the
membership of the present Committee has had more continuous service on
this particular matter than most of the members of your Association, and
it is felt that the experience gained in this service may be helpful to subsequent
committees in solving this subject of regulation which to-day presents as
important a matter as any that faces this Association.
Improvement in Past Six Years Due to Better Mutual Understanding of the
Problem—Theory of Regulating the Security.
Great progress has been made in the last six years in ascertaining the
principles on which Blue Sky legislation should be based and the laws
passed in several of the States in 1925 show a very marked improvement
over the earlier statutes.
The original theory of this legislation was based a good deal on that
which might underly a statute drawn to prevent the sale of cattle with the
hoof and mouth disease within the borders of a State, and it was thought
that likewise a simple prohibitive statute might be drawn to bar the sale of
diseased securities. Theoretically we find no difference, but practically
whereas it is simple to define certain classes of animals and to define the
hoof and mouth disease it is an exceedingly difficult problem to define a
security and then to define a diseased one.
The theory above described underlay the original blue sky act passed in
Kansas which dealt with the regulation of the security rather than the
regulation of the dealer,and the primary difficulty with that act and all those
which closely followed it was a practical difficulty—it could not work in
conjunction with the established trade necessities of the investment banking
business. It does, however, still form the basis of a number of the laws
still en the statute books.
Suits were brought to test the constitutionality of this type of legislation,
and although the original Kansas Act was declared unconstitutional,certain
changes were suggested by the court which were subsequently embodied in
the Michigan law, the constitutionality of which was ultimately sustained
by the Supreme Court of the United States. All of this is well known to
this Association.
After this decision many States at once began to pass laws. This was
particularly true in those sections of the country which were far away from
the general financial centres. Many of these laws were inflexible and caused
great hardship to legitimate business, but we believe this was due not to
intent on the part of those framing them, but to a lack of understanding
of the investment banking business, and how it is operated.
We think the great improvement in the character of the present-day laws
may be traced to the much better mutual understanding as to the problems
confronting the investment banker and those confronting the commissioners.
It will be remembered that for a long time this Association was inclined to
believe that the solution lay in the Fraud Act.
The Commissioners, however, maintained that a fraud act did not adequately servo the needs and they brought up many cases to substantiate
their contention that many of the enterprises presented to them for consideration were conceived by honest men, but so totally devoid of any
possibility of business success that they would work just as great a hardship
as if they had been deliberately fraudulent. For instance, some inventor
desires to issue $15,000 worth of stock. He believes he has a marketable
Invention but it is obvious to any one that if it is of practical value he has
not built his financial structure half big enough, so that if he sold the
$15,000 worth of stock he would not have enough to carry on, and those
who bought stock would lose.
Again an actual case recently stated to your Chairman may prove
illustrative of what the Commissioners face. The originator of this idea
was an eminent professor, head of the geological department of the State
university, thoroughly honest, but absolutely without knowleege of finance
and his feelings were deeply hurt because the Commissioner in his State
refused to grant him a license for the promotion of his enterprise which he
had set up. No one in this room would have done it either.
The foregoing is the reason why the Commissioners desire on new and
untried enterprises to shut the door before the horse is taken out, and
this point of view must be thoroughly understood by all who are endeavoring
to work on this problem.
At this point it may be well to mention that a consideration of this
subject must Include a thorough appreciation of the fact that in many
States those framing the laws and those administering the laws can have
2944
THE CHRONICLE[VOL 121
had no measurable contact with investment banking husiness as we know
it, particularly from the point of view of the originating of Issues to be
said in several States simultaneously. They in their turn cite instances
of local projects varying in size from $5.1.000 to ik10.000, the marketing
of which may entail months, which they are asked to pass upon and which
we venture to say no one in this room would ever have to consider if he
remained in the investment banking business for 100 years
It is, therefore, vital not to confuse the problems of the local Issue and
the problems of the national issue. It must be realized that the Blue
Sky Commissioners are justified in requiring adequate data on new and
untried enterprises.
At the same time the Commissioners have begun to understand more
thoroughly the alms and purposes of the Investment banker and also to
realize how Intimately the Investment banker is connected with the daily
life of the community, a subject which Is very little comprehended by the
public or by those whom they send to represent them in the various
legislatures.
How Investment Banker Comes in Contact with the Public.
"More than eighty per cent of the losses which are Incurred by buyers of
promiscuous get-rich-quick stocks are due to a desire for extraordinary
gain and to the blandishments of the high-power salesman. Nor long ago
investigators, acting for the Better Business Bureau, interviewed upward
of four hundred persons, residents of fifteen States, who in three years had
lost $435,000 through purchases of almost worthless securities. Though
the number of shorn lambs interrogated was not large, they wnre so widely
distributed that their motiVes, their mistakes and their losses probably
iaactyia z
indivdutlegerien s.A e fact
o
rep:en:typical cross section of VIan of aytl
ng
aeaaurprigvcped
who ought to have known better.
that most of the losers were persons
For the most part they were business and professional men, persons who
had it well within their power to ascertain precisely what sort of concerns
they were buying into, and whose bankers or other financial advisers could
have told them the hazardous nature of their gamble. The chances are
they did not care to be told, for the one thing a sucker can not stomach is
sound, disinterested advice. Flattery, fancy promises and irridescent
dreaers l .,ea
auckm ha dw, lth are the food he fattens on. These are the signs of his
To What Should a Legitimate Security Be Entitled?
It therefore now seems pertinent to discuss what the great volume of
legitimate securities should reasonably expect under Government regulation.
To begin with, it would seem to need little or no argument that ownership
One of the most interesting statements in regard to this, which we wish
of a sound security is beneficial to every person. It promotes thrift and
that we might quote in full, was made by Mr. Howard Fenton. President
builds up a backlog against old age. It promotes an interest on the part
of the Harris Trust & Savings Bank, in a talk before the Bond Men's Club
of the Individual in the country as a whole, and in order that as much
of Chicago. He asked if a State desires money to construct parks, bridges,
choice as possible may be given to the individual to select and diversify his
waterworks, sewerage systems, or school houses, who supplies the money?
holdings, the greatest possible freedom on the part of all States should be
If some rural district desires irrigation or drainage, who supplies the money?
given to this class of security. It may be stated, "Well, the ordinary
When a button is pressed to turn on the electric light, who has supplied
man doesn't buy them and has no interest," but the insurance company
the money for the construction of the electric light plants? When the
construction which issues his policy should have the opportunity of wide selection; his
gas is turned on in a stove, who has supplied the money for the
bank In which his savings are deposited should enjoy the same right, and
of the gas plant?—and so on. The answer is just one—the investment so
should the fraternal organization or labor union to which he may belong.
banker. So much for the semi-public services which are rendered. Where
our citizens earn their living with the resulting prosperity
Vital Importance of the Time Element.
do millions of
been
to the nation—in the industries the permanent capital for which has
Those not actually engaged in the selling of investments can have no
presentation will
supplied by the investment banker. We hope that this
comprehension of the importance of the element of time in the successful
bring to the attention of the public the fact that the Investment Banker marketing of an issue of a size that necessitates securing the money
important part in the life of thh country and that this country from all parts of the country—In other words, by a national issue.
does play an
could not continue to function without some one to perform this service.
To find the number of buyers required to supply $25,000,000 or $50,000,the
The more experienced Commissioners realize that it is essential to
000 to a state, municipality, railroad, or industry often requires the comthat capital should be made available bined efforts of a great number of investment bankers and oftentimes the
welfare of the country as a whole
for industry and that as little restraint as possible should be placed upon labor of several thousand salesmen. We know of no instance where this has
legitimate securities. This better understanding has resulted in exemptions been successfully accomplished unless all have been working at the same time
which appear in certain of the modern laws and also in the differentiation and In fact it is no exaggeration to say that the successful primary marketing
between those securities of companies with a history and background of of a national issue must be accomplished within a few hours from the time
successful earnings and the securities of those that have no background of the first offering. It is necessary to fully understand this If a practical
or earnings picture. It has become recognized that the former class, solution of the problem is to be found in order that no barrier be set up which
which to a great extent represent the larger Issues of a national character will prevent the man in California from buying the same security at the
are entitled to some form of quick authorization either through the medium same price and at the same time as the man in Maine. It is obvious, thereof so-called preliminary approval or through qualification by notification, fore, that the requirements concerning information to be submitted should
and it is safe to say that no law which does not contain some such pro- take into consideration the elements of time and distance and should,
vision can be considered workable.
demand only data sufficient to demonstrate the character of the issue, for
We believe that this better understanding has come about through the it Is useless to set up a legislative procedure which It will be physically
present and preceding Committees to bring to the Com- Impossible to carry out and which must result in the barring of a security
efforts of the
missioners a full and frank explanation of the problems of our business from the state.
and at the same time to try to understand the problems of the Commissioners
It also seems reasonable that the presentation of this data should be in
and to co-operate with them in working for the protection of the credulous practically the same form In each state. If, there is little to be argued
buyer.
against the foregoing, it should follow that states should carefully consider
Up to this point we have traced the progress of the laws based on the the subject and Its practical obstructions prevent the carrying out of this
Principle of regulating the security.
principle and prevent Its citizens from purchasing sound securities, any such
impediment should be eradicated through amendment of the law in order
Theory of Regulation of the Man.
that the thrifty citizens everywhere may have the same chance to purchase
We must now turn and see what progress has been made on the theory a good security.
of regulating the other element In the situation, namely the man who sells
Security Recounts/I—Civil Liability of
the security. The origin of this Idea came from an early law passed in What Obstacles Does the Legitimate
the Dealer.
the State of Maine about 1912 and this theory underlies a great many
The foregoing outlines what we believe any fair-minded person would
, of the laws now on the statute books. This theory generally prevails
In the older investment States located along the Atlantic seaboard and consider the legitimate right of a good security and we now wish to set forth
have been dealers in Investment for consideration what happens to a legitimate security under present
is due to the fact that for years there
securities in those States, whereas in our Western States the dealer in conditions, partly due to the defects in laws and partly due to faulty
administration.
investment securities has only come within the past few years.
The security is shut out of a considerable number of states because there
It Is the opinion of your Committee that the dealer Is a more important
record of a security, whether Is no provision for preliminary approval, and the issue will be sold in other
factor than the security because they have no
in consequence in the past year they have states before there is time to complete the necessary filing of the data
good or bad, selling itself, and
who Is required. It may be shut out of one state because it is called a debenture
emphasized the importance of having the State informed as to
be used
engaged in the business of dealing In investments. In States of large bond and the authorities have ruled that the term "bond" cannot
has recommended In the title of an issue unless such issue is secured by a mortgage. It may be
area and widely scattered population the Association
state passed a law in 1925 fixing the fees
shut out of one state because this
in Its model bill that dealers be registered.
with required to qualify an issue, originated outside, so high as to preclude
This general theory of combining the registering of the dealer
State the right to demand information concerning new enter- qualification. In another state the commissioner being unacquainted with
giving the
1924 by those the security business at one time refused to set up any machinery under
prises was conceived about the same time in the autumn of
in re- which the security not exempt may be qualified.
Interested in remodeling the law in Indiana, by those interested
Committee,
It may actually also be kept out of states which have a preliminary
modeling the law in Minnesota and by the members of your
people and others approval because of the labor required in supplying the material necessary
With the result that after consultation with these different
in the adminis- to secure final approval, many of the figures demanded being entirely
actually engaged in our business, as well as those engaged
was drafted Irrelevant as will be demonstrated in a later section of this report. The
tration of the law, the so-called model bill of this Association
to and element of time again appears, for it is no exaggeration to state that some
and the principles of it were adopted in the States above referred
in the times final approval on a security has been withheld for 12 months during
also In West Virginia and in Utah. All this was described in detail
and we which time the dealer is subject In the event of non-approval, to the liability
bulletin published after the meeting of the Board at White Sulphur
this year.
of taking back the security at the original price, which means neither more
think represents satisfactory legislative progress for
nor loss than guaranteeing the market to the purchaser during that period.
Banker.
Difficulties Facing the Unrestment
This is a position grossly unfair to the legitimate dealer—a condition for
We have In the preceding remarks discussed the origin of so-called Blue which there Is no legitimate excuse.
of modern laws upon this
Fortunately these bars occur with one or two exceptions in States which
Ski legislation, and we have traced the tendency
in dis- comprise a very limited investment market and the security may be offered
subject. We have seen that the cause behind these laws was traffic
are a certain in most of the Investment markets. This is done under either preliminary
eased securities, but we must not forget that whereas there
and although this works well under
number of diseased securities just as well as a certain number of animals approval or qualification by notification
mind that the data to be fur-and-mouth disease, that there are vastly more animals proper administration It should be borne in
with the hoof
and de- nished under these provisions of the different laws should be of a character
without It, and there are vastly more securities which are sound
is this fact overlooked and transmitted in such a way that they can reach administrations located
serving of the utmost freedom of market. Too often
beyond a distance that can be reached by overnight mail. Otherwise the
by those who legislate on this subject.
the elements of time and distance both prevent simultaneous offering throughFrequently we are told that the amount of money lost each year In
totals $500,000.- out the country.
United States through the purchase of worthless securities
in order
The question of civil liability previously referred to is one of the most
000. Even if we assume this figure to be correct, it is necessary
what ratio this amount bears to Important which faces the dealer of financial responsibility and is often
to fully understand the subject to decide
the total transactions, as represented by money, which take place in high- assumed without being appreciated because at times officials rule that a
grade securities in the United States In one year. In this connection It may security is exempt when in fact it is not. Or again they may find their
of the securi- law so inflexible that the sale of high grade securities is permitted without
be well to bear in mind that on several days recently the value
ties dealt in on the Now York Stock Exchange in one day approximated the compliance with the law. This well intended endeavor to be helpful on the
the amount of part of tho State authority does not relieve the dealer of civil liability, a
sum of $500.000.000, and it Is generally conceded that
business done off the Board equals that which is done on It. so that as a fact not recognized by many in the Association and which we think warrants
percentage of the total annual business transacted, the sum of $500,000.000 careful consideration on the part of our members and their counsel.
does not loom so large.
Even granting the sum of $500.000.000 as being lost, Is that sum lost
O
We have confined our discussion Securities.narto the question of marketing a
entirely by Ignorant people? We believe the editorial appearing in the new
issue, but there is one very important phase to our business which
"Saturday Evening Post" on Nov. 14 1925, entitled "The Foolish Four
has not received the consideration it should by those drafting laws on this
Hundred," throws very interesting light on this subject, the first and last
At.as
subject or by those charged with their administration.
paragraph of which we quote:
THE CHRONICLE
DEc. 191925.]
We refer now to the question of old securities. Mr. A in State X has
purchased, perfectly legally, five bonds of an issue. A change of law
makes it necessary to qualify this.security before it can legally be sold.
For legitimate reasons Mr.A desires to dispose of this security. He naturally
seeks the dealer from whom he bought it. This dealer may well desire to
purchase this security for resale, but is practically prevented from so doing,
as he can not qualify the security on account of the impossibility of furnishing the necessary data. The company which issued the security is in no
way interested and has no reason to supply, possibly at considerable trouble,
the necessary ancient history required. In general the laws provide, to
cover this situation, that the dealer can dispose of the bonds as the agent of
the owner in a single transaction, but if the market is narrow he may not
be able to sell them in a single transaction or some weeks may pass before
he can find any purchaser. The owner is handicapped and the dealer, if
he sells to five people, may be subjecting himself to a civil liability.
This matter has been given consideration in recently drawn laws and is
deserving of thought in order that the market which the investor may
reasonably expect in purchasing a security shall not be taken away from
him by hasty legislation.
II. Causes of Difficulty.
In the preceding section the difficulties which the legitimate security
encounters, with resulting harm to the business of the legitimate dealer,
have been considered.
Let us now try to analyze the causes of these difficulties. First—there
is no doubt that much of the trouble is still due to the Blue Sky Laws
themselves, for while your Committee claims to have set in motion the
trend toward a better type of law, there still remain on the statute books
many laws based on the old inflexible theory of regulation. Many laws
have been so poorly drafted, whatever they intended to regulate, that
the resulting ambiguous sections are constant causes for trouble. The
lack of uniformity in the laws also remains a great burden.
But irrespective of the laws themselves, a great part of our trouble to-day
is with the administration, for a good law can be badly administered.
It must be obvious, however, to any considering the subject that a law
which contains teeth sufficient to catch the crook must give discretionary
powers to the Commissioner, and the important thing is for him to use
those discretionary powers in the necessary cases and not to use them
where it is not necessary.
We are inclined to think that this problem of administration, like the
problem of the laws themselves, appears after study to be due in no small
measure to the fact that the men who are elected to enforce them have not
clearly in mind the proper functions of the investment banker and how
essential the performance of these functions Is to the whole community.
The general public has no idea and even Administrators unless experienced, have little idea of the machinery required to form a successful
national Syndicate. This involves first a careful study by the originating
house of the amount which can probably be absorbed in any given market.
Night letters must be prepared sufficiently detailed to describe the issue
and the terms of the offering. The transmission of this often involves
all-night work by special operators in the Telegraph Companies. Frequently the advertisement is transmitted by night letter to the Newspapers at distant points. Simultaneously copiss of the circular and syndicate letters are mailed. All this intricate machinery which is a wonderful
tribute to American Organization has been developed so that the thrifty
and saving from one end of the country to the other can have the same
bond offered to them at the same price and at the same time. The country
.
bank is enabled to purchase at the same price as the big institution located
in the larger centre—a great backlog of safety to the banks of this country.
The above demonstrates the importance of the time element, to which
we have previously referred to, and it necessarily follows that securities
WhIch are to be sold all over the country at the same time must be handled
more expeditiously by the Administrators than small issues of say $25,000
to $75,000, whose markets may be within a single community.
Attitude of Commissioners.
2945
This conception of the purpose of the law even if nor incorrect theoretically is impossible practically,for no man can.be found equipped to assume
successfully the responsibility which this interpretation would entail.
Any Administrator assuming office with this impression of his duties Is
at once confronted with the immensity of the work and as a result soon
realizes that his previous experience may not have adequately fitted him
for his duties. As a result he becomes timid and ceases to exercise Judgment,
through fear of having some security which had been passed go wrong with
the consequent complaint and probable loss of position. He then refuses
to make any business decisions and to differentiate between high grade
securities and those of untried enterprises. He begins to require an endless
presentation of immaterial facts which have no possible bearing on the
situation as a whole. The following case which occurred in 1925 illustrates
the above: A corporation with a balance sheet showing over $14,000,000
of assets desired approval on a first mortgage bond issue involving $5,000,000. The history and earnings of the company entitled the security under
the law to an investment rating. In the balance sheet appeared an item
of "Investments" totaling $100,000. A reasonable appreciation of business
would have resulted in a decision on the part of the Commissioner that this
could not be worth less than nothing and if thrown out had no material
effect on the security of the bond issue. The Commission, however, did
not view it in this light. It demanded an itemized account of this $100,000.
After months of delay and effort the investment banker presented figures
which analyzed this item down to one general item involving $900. Did
this satisfy the Commission? Not at all—it demanded an itemisation of
this $900. During all these months, long after the bonds were marketed.
the dealer who sold them had not received final approval and at any time
if such approval was not forthcoming was put in the position of buying
back all the bonds sold in that State at the price originally offered.
The injustice of holding a dealer on market fluctuation in a situation of
this kind must be apparent to any fair-minded person. The waste of efforts
on the part of that Commission in requiring the data and examining the
data can be looked on in no other light than that of pitiable. If the above
example should be thought exceptional it may be stated that your Committee
has it in its possession not less than 20 cases which are equally illustrative.
Attitude of Administrators of Experience.
Administrators of experience on the other hand appreciate the work of
Investigation undertaken by the dealer of repute before offering an investment security, with the result that on many occasions, after consultation
with members of this Association, amendments have been made, designed
to elhninate unnecessary labor on the part of the dealer in submitting
information concerning securities which general experience has proved to be
unlikely vehicles of fraud.
These amendments also have resulted in eliminating what experience has
demonstrated to be unnecessary labor on the part of the commissioner, so
that his efforts can be more effectually concentrated on the worthless
security and the elimination of the crooked dealer.
This view on the part of commissioners is usually the result of several
years of administrative experience, and unfortunately our society is so
organized that trained men do not often remain long in public office, political
and other factors resulting in changes in the heads of departments, usually
to the detriment of the state as well as to legitimate investment business.
Commissioners of experience in general realize that they do not have the
same opportunity to investigate a situation as the dealer who purchases
the security and appreciate that, in addition to the figures presented, the
success of an enterprise depends largely on the ability and moral responsibility of those engaged in its management—an important item taken into
consideration by the dealer. They therefore judge of the security a good
deal on account of the company it keeps and, if the information presented
by a dealer of repute adequately describes the security, they do not require
an enormous amount of unessential detail. In other words, as a commissioner recently stated to your Chairman, he viewed the matter from the
attitude of a credit man in a bank. This attitude naturally enables this
Commissioner to devote more of his time and energy to those securities
which have not such a history and are presented to him for consideration
by firms whose reputation are doubtful or worse. It promotes thrift and
prosperity and enables the citizens of his state to have a wide choice of
sound securities from which to select their investments. This administration is effectively protecting the citizens of his state and is fulfilling his
duty as a public servant.
It must be borne in mind by the members of our Association that there
are other people who pretend to be engaged in the investment business,
Who are only actuated by a desire to deceive and defraud. Our business,
like every other, is harassed by these jackals. There are dishonest lawyers;
there are dishonest doctors; there are dishonest grocers; there are dishonest
Associated with Mr. Wendell on the committee were
farmers, and without question there are dishonest men in every business,
but because of the dishonest individuals, the public certainly would not George W. Hodges, Roy C. Osgood, William L. Ross, George
deem it wise to pass laws to abolish all lawyers, all doctors, all farmers,
and all grocers. The problem, therefore, comes down • to how far the P. Van Riper and Eli T. Watson.
honest ones should be regulated to protect the public against the dishonest.
Assuming the need of regulation, this does not in any way excuse the
attitude of many of the new commissioners toward the legitimate dealer. Report of Municipal Securities Committee—Bond
Oftentimes this attitude is that of the prosecuting attorney or the police
Defaults in Rochester, Minn., and State
sergeant. They are so constantly in contact with criminals that their view
of Washington.
of the proportion of criminals to society at large is exceedingly warped.
The matter of municipal bond defaults was discussed in
The suspicious attitude of many of the administrators may be accounted
for by the lack of understanding on their part regarding the process which the report of the Municipal Securities Committee of the Intakes place in the purchase of a security by an investment banker and may
well coincide with a popular conception that the purchase of a security vestment Bankers Association by the Chairman, Alden H.
involves merely the ordinary bargaining between the buyer and seller as to Little, of Little & Moore, Inc., of St. Louis. Mr. Little rea matter of price, and that, if Mr. "X", the President of a company, desituation in Rochester, Minn., and in the State
sires some day to obtain money from an issue of bonds, all he does is to start ferred to the
off with the actual bonds in his hand to find a purchaser at a satisfactory of Washington, saying:
Although the activities of this committee have necessarily included many
figure. It must be obvious to the thoughtful, however, that it is not such
a simple matter, for there is nothing which a legitimate dealer fears more diverse subjects, it has only been deemed necessary to discuss in this report
than to have an issue which he has sponsored go wrong, so that for his own those questions in which the membership at large might be interested.
protection he employs experts in accounting, law and engineering or whatLegislative Sessions in 1925.
ever professional fields are necessary, as well as investigating the business
In our 48 States, 42 have concluded regular legislative sessions this year,
ability and moral responsibility of the management before he finally offers
the issue to the public. His clientele is built up on confidence in his recom- and in the State of Washington, a special session also convened on Nov. 9
mendations, and an issue which defaults even though due to a cause which last and has not yet adjourned. This committee, through the courtesy and
cannot possibly be foreseen results in a serious shaking of that confidence assietance of the Legislation Committees of the several Groups, has secured
and consequent serious injury to his business as a dealer. This fact cannot a practically complete summary of all new and amendatory laws enacted in
1925 which have a direct bearing on all types of municipal bonds. These
be too strongly emphasized when discussing this subject.
summaries are now being printed and will be mailed shortly to all members,
The Purposes of Blue Sky Legislation—States Not Insurers of Financial Success. as a supplement to this report. Many of these summaries were prepared by
examining bond counsel and the As,.ociation is indebted to
A study of the causes for Blue Sky legislation leads to the conclusion experienced
them for their generous services.
that it was designed to prevent the sale of worthless securities, no more or
Municipal Bond Defaults.
no less, and that the States did not in any way wish to assume the responsibility of insuring the success of any enterprise.
The plan formulated by this committee to give publicity to defaults in
Oftentimes, however, an entirely different viewpoint is taken by inex- payment of principal and-or interest of all types of municipal bond issues,
perienced administrators. This misconception is one of the main causes has been in operatiox for about seven months. The list of defaulters has
of the difficulties of the legitimate dealer and also must result in putting been publi. bed in five issues of the "Bulletin' and it is recommended that
the administrators themselves in a position which if analyzed is grossly these lists be watched by the municipal buying departments of member
unfair to them. They believe that they are charged vrith a duty to success- houses. Before a default, reported to this committee, is officially pubfully forecast the business success of an enterprise. Past business history lished, it has been the practice to give the defaulting community at least
proves this to be impossible. Often they seriously consider that they are 30 days' time in which to cure the default. Therefore, it should be undercharged by the law to substitute their judgment and their experience for stood that when published, a defaulter has been given ample opportunity
that of those trained for years In matters of finance.
to avoid the heavy penalty of publicity.
2946
THE CHRONICLE
It should be borne in mind that failure to have ample funds in proper
time at the place of payment designated in the bonds (or at all places of
payment, if more than one be designated) is just as much a default as is
non-payment itself. There are too many communities which endeavor to
Insist that they have ample funds on band locally and if coupons or bonds
are sent to the local Treasurer, they will be paid, regardless of the fact
that that important phase of the contract calls for payment elsewhere.
The worst case of this kind, so far reported, is the city of Rochester, Minn.
Despite the strenuous efforts of the Minnesota Group and this committee,
the officials of Rochester would not, last summer, send funds to New York,
notwithstanding the fact that a certain issue of its bonds are definitely payable there. Rochester has, therefore, been reported as a defaulter.
It is the duty of those officially reporting a default to this committee
to promptly advise it later if the default complained of has been cured.
When thus advised, or from other authentic sources, the name of the defaulting community is taken from the list; otherwise, the list is cumulative.
All defaults should be reported on the official blanks prepared for that
purpose. These can be secured from the Secretary's office or from any
member of this committee. The entire membership is urged to co-operate
with this committee in making this plan a continuing success by constantly
supporting it and promptly reporting all cases of non-payment of municipal
obligations. Up to date this committee has been partially or wholly responsible for curing, within 30 days' time, about one-third of all reported
defaults. Certainly, this is of real value to the membership and it is only
short-sightedness or ignorance of the plan that prevents more members
from using it. After all, real publicity is a weapon universally feared by
a public or private defaulter.
Washington Improvement District Bond Defaults.
For a number of years, there have been many defaults in bonds issued on
behalf of so-called local improvement districts by many cities and towns
in the State of Washington. The laws under which such bonds were issued
have been and still are inadequate in many ways, but a weak situation
became almost hopeless when, about two and one-half years ago, the Supreme Court of that State declared, in effect, that when property was sold
by county officials for delinquent State and county taxes, the tax lien of
any local improvement district was automatically vitiated. A subsequent
decision, handed down last April, gave some practical assistance to holders
of defaulted bonds. It held that a certain technical statutory notice must
be given by county officials to city officials before a tax sale; otherwise,
the local improvement district lieh was not voided. Fortunately, this was
overlooked in some sales which took place between the dates of the two
decisions and bondholders have now awakened to the fact that they may
still have some redress, if they take the necessary steps to protect their
Interests.
This committee last August mailed questionnaires to 155 cities and towns
In Washington. Simultaneously, 229 explanatory letters were sent to bankers located in the cities and towns to which the questionnaires were sent.
Up to Oct. 1 52 replies have been received from municipal officials and
many from bankers.
Of these, 21 municipalities have no local improvement district bonds
outstanding; 14 have $449,148 bonds outstanding and none in default, and
17 cities and towns, with $3,757,671 bonds outstanding, have $1,439,710 in
default.
Such a situation is unparalleled in this country to-day and none such
has existed during the past 25 years at least. The Pacific Northwest
Group has made, and is making, a considerable effort to remedy the matter,
but many complicated details were involved. They are still involved, but
wide adverse publicity has recently been given and will increasingly continue to be given to these defaults. The Washington Legislature is now in
session and it is hoped that it will not adjourn until it has passed legislation which will result in removing the present State-wide disgrace. If
this is not done, it is certain that the public credit of many, if not all of
the municipalities of that State will suffer severely for years to come and
the less to such municipalities, in added cost for future public improvements, will greatly outweigh the lighter and more honorable burden of
now arranging to make good the bonds in default. The penalty for willful
continued defaults in Washington or elsewhere is avoidance—and publicity
is necessary in order that investment bankers and investors may know
what communities consider their public credit of no value. Members of
the Association will be advised in an early issue of the "Bulletin" as to
what action is taken by the Washington Legislature.
The Official Depositary for Legal Opinions.
Another problem of a totally different nature has been before this committee for a long time. It is in connection with the "Official Depositary"
for municipal bond legal opinions. As you all know, the United States
Mortgage & Trust Co., New York City, has been our official depositary for.
the past eight and one-half years, and, according to our latest advices, now
has on deposit 27,913 opinions. During the first ten months of this year
it has furnished 923 copies of opinions to 117 members at *2 each, and 64
copies to 29 non-members at $5 each. Of these opinions, all but 60 went
to dealers in New York or immediate vicinity.
According to figures furnished by the trust company, this work has been
carried on at an actual loss, which aggregates $19,822 92 for the eight and
one-half-year period. The loss for the first ten months of this year is
reported as $2,544 and the trust company now definitely states that it
wishes to be relieved of this work, unless the Association will annually
appropriate an amount to meet the deficit, whatever it may be.
There are four alternatives before us:
1. Make an annual appropriation of approximately $3,000 toward the
cost of operation of a depositary.
2. Transfer the entire operation to the Secretary's office in Chicago.
3. Increase the charge for each opinion so that the costs of operation
may be met.
4. If the latter be deemed inadvisable or after a fair trial proves impracticable, then discontinue the "Depositary" entirely.
This committee has previously made three reports this year to the Board
of Governors and several interim reports, all of which have been published
In the "Bulletin." The subjects discussed to-day are the most important
ones now before the committee. In conclusion, we wish to acknowledge our
deep appreciation of the splendid co-operation and assistance which we
have constantly received from the Secretary's office and also from all
Group officials and members whom we have had to call upon.
MUNICIPAL SECURITIES COMMITTEE.
F. SEYMOUR BARR.
DONALD C. MILLER.
H. H. BEMIS.
ROBERT H. MOULTON.
SIMON J. BLOCK.
PAUL F. PRUDDEN.
PAUL T. BOLLINGER.
ROBT. E. SMITH.
GEORGE B. DENISON.
TOM K. SMITH.
D. ELDREDGE.
SENECA
Air. C. WARDLAW.
JOHN J. ENGLISH.
HELTON E. WHITE.
REGINALD H. FULLERTON.
ALDEN H. LITTLE, Chairman.
S. D. LAMOM.
[VOL 121.
Report of Railroad Securities Committee, by Ray
Morris, Chairman.
Summing up the situation as to the railroads, following
the presentation as his report as Chairman of the Railroad
securities Committee, Ray Morris, of Brown Brothers & Co.,
of New York, said:
It is all boiled down to two things: that the railroads are all right if
Congress keeps out of their rate-making, and the 5%% is too low, and
everybody knows it, but your Association has already passed resolutions
on both of those points, so I have nothing to suggest on that, Mr. President.
The following is the report:
From the standpoint of the railroad security holder,'who has had reason for many years to regard as of first importance the relationship between
the railroads and the various governing bodies in the United States, it is
noteworthy that no important railroad legislation was enacted by the
Congress which adjourned last March.
One or two rather threatening measures received serious consideration
by Congress. The Gooding Bill, for example, although aimed directly at
amending the long-and-short-haul clause, involved a definite re-entry by
Congress into direct rate-making. The tendency of this Congress, however, was not to disturb by such entry into the rate-making field the general program of rate responsibility with which the Inter-State Commerce
Commission is charged.
Whether the greatly increased prosperity of the railroads in the year
1925 will stimulate new attempts by Congress to intervene directly or
indirectly in the making of rates and of administrative regulations is, of
course, problematical. Your committee feels that much progress has been
made during the last five years in getting, and in keeping, railroad regulation out of politics, and there are many indications that the present administration at Washington does not favor interference with the complete
and elaborate machinery which has been evolved in this country through
many years of costly experimentation, to deal with the regulations of railroads.
Railroad Consolidations.
Viewed by the experience of the last five years, the outstanding defect
in the administrative portion of the Transportation Act of 1920, undoubtedly lies in the provision which in effect requires the Commission to produce a complete plan of railroad consolidation, and does not specifically
empower it to confirm, as they come along, voluntary consolidations except
as part of such a complete plan. It is true that Paragraph 2, Section 5,
of the Inter-State Commerce Act provides a temporary method of obtaining control, by purchase of stock, or by lease, or in any other manner
involving the consolidation of such carriers into a single system for ownership and operation, but the Act contains no machinery for carrying consolidations into effect. From a practical standpoint, the difficulties of
bringing about consolidations under a pre-arranged complete plan seem
quite insurmountable. On the other hand, voluntary consolidations are
sought to-day in many sections of the country, and it is quite obvious
that an Act of Congress is needed to confer the necessary powers and to
provide the legal machinery to carry through any consolidations separately
approved by the Inter-State Commerce Commission.
Taxes.
Your committee wishes again to,call to the attention ofthe Association
the fact that the railroads, as principal taxpayers, are being called upon
all over the country to provide a considerable portion of the coat of modern highways, which then compete with them directly at the railroads'
expense. The Federal system of railroad regulation has not been successful in eliminating some of the worst features involved in the control of
the individual State authorities, and the problem of rapidly increasing
taxation levied by local authorities against carriers whose rates are controlled by Washington is one of these bad features. Railroad taxes in
1925 have been running at the rate of about $1,000,000 a day, and have
more than doubled since 1916. In the last four years average freight rates
have declined approximately 13% and taxes have increased approximately
30%.
Tendency Towards Bond Finance.
It should be observed also that the limitation of earnings on the average
of 5%%, after which certain reserves must be built up, and then the balance
pro-rated with the Government, has undoubtedly tended to force an undue
proportion of railroad financing into the form of fixed-interest-bearing
debt. In 1916, on Class I roads, fixed charged absorbed about 48% of total
income, but in 1924 they absorbed about 55% of total income. This
tendency has repeatedly been brought to the attention of the Association.
Your committee has felt that the principle of profit-sharing with the
Government had a certain practical merit in that, by making the Government a partner in the enterprise, or at least a beneficiary, it tended to
minimize hostile legislation. It seems fair to point out, however, that
5%% is undoubtedly a very low figure if the purpose of the Governrgent
is to encourage new financing with shares as well as with bonds. The
railroads, after all, must be regarded as commercial enterprises, since the
Government takes no responsibility for meeting their fixed charges in the
event that operating revenues are not sufficient for the purpose. As commercial enterprises, their financing should certainly be balanced with a
larger proportion of common stock, which will not attract the investor
unless it is allowed to earn more than bonds pay, but which has no fixed
charge that can cause insolvency.
Trucks and Motor Buses.
Your committee called attention last year to the extraordinary inroads
which motor trucks, automobiles and passenger buses were making on the
short-haul business of certain railroads. For example, the Chicago Rock
Island 4c Pacific has called attention to the fact that in 1915 it carried
19,350,000 passengers, and in 1924 only 16,284,000 passengers. The Pere
Marquette published a bulletin last year pointing out that in 1913 the company handled 5,667,057 passengers, whereas in 1923 the company handled 2,441,140 passengers.
In 1913 the Pere Marquette handled
merchandise in less than carload lots amounting to 1,038,809 tons and in
1923 only 522,627 tons.
In connection with this problem, the Inter-State Commerce Commission
allowed the Boston & Maine to abandon 58 miles of branch line during
the year, and stated in its opinion:
'"If people prefer to tax themselves to build great highways and to use
commercial trucks and passenger vehicles in preference to the steam railroads, they have a right to their decision, but they must also assume the
responsibilities with the attendant consequences of that decision."
It seems wholly unlikely that the use of the motor truck, the automobile and the automobile bus will decrease; on the other hand, we must expect a very large extension of this use. From the standpoint of the railroad securities holder your committee does not believe that in the end
DEC.19 1925.]
THE CHRONICLE
2947
three issues in default, the largest one of which is in process of readjustment on a basis which seems satisfactory to the holders of the bonds.
The distribution of bonds originating in California has been broadening
steadily and the average retail price of the six leading districts is now a
little over 5%—a year ago it was considerably higher.
An interesting development in California is the tendency to combine
hydro-electric generation with storage of water. The districts have discovered that power can be developed in connection with their storage dams,
providing a substantial revenue and in some cases practically carrying the
financial burden.
One issue of $6,000,000 has been successfully underwritten within the
past few months by one of the leading investment houses in America.
Irrigation in California seems to be nearer the end of the construction
stage than in some other States, and the stability of securities in this State
is in part due to the intensive agricultural development not usually found in
most of the farming districts.
The early law, referred to now as the Wright Act, has undergone many
changes, and amendments of a radical and constructive nature have been
passed, greatly strengthening the original laws.
During the past year important conferences were held in California, attended by the irrigation district officials, State officials and others interested in irrigation problems in the State, our committee being represented at the conference by Mr. Stevens, until recently one of our members.
No important legislation was undertaken, although one or two measures of
minor importance were approved or disapproved by the California members
of our committee.
Oregon.
A State with vast undeveloped areas in its western and southern sections,
passed, several years ago, a most comprehensive and complete irrigation
code and combined with this law the interesting experiment of a State
guarantee of interest for a three to five-year period, or during the period
which was supposed to be the initial time of development. The best figures
obtainable by your committee show some fifteen districts approved and
with the interest guaranteed by the State, with $9,384,000 of bonds outstanding and an obligation assumed by the State for interest advanced of
over $2,000,000 and one district the State has advanced $406,000.
It is possibly too early in the history of this form of State aid to draw
a conclusion as to its final success or failure, or if it is to form a proper
foundation of safety to the dealers or investors handling or purchasing bonds
with the interest protected during an initial period of from three to five
years. It is evident, however, that State aid of this kind, direct or indirect,
will not solve the problem of the success or failure of every irrigation district, and it is a serious question whether such a guarantee accompanied by
State certification and approval has not made possible the distribution of
Report of Irrigation Securities Committee of
bonds which could not stand on their own foundation, and with the result
that the State of Oregon is confronted with the problem of having a brood
Investment Bankers Association.
of children in which there are some of questionable character, and the dealThe Chairman of the Irrigation Securities Committee of ers are awakening to the fact that there is no substitute for sound fundathe Investment Bankers Association, Joel E. Ferris, of mental conditions.
Montana.
Ferris & Hardgrove, of Spokane, pointed out that "the
Irrigationdevelopment through municipal districts is not of long record
safety of municipal irrigation district bonds depends more and there are possibly $4,000,000 of bonds outstanding with at least 10%
upon the tax-paying ability of the property owners than slow or in default.
Irrigation development through municipal districts in this State has been
upon legislation which prescribes the tax-paying obligation." undertaken at a time when agricultural conditions in the grain areas were
Mr. Ferris added:
in low ebb, aggravating the problems of settlement and colonization in new
Your committee has interested itself primary in strengthening the laws as and undeveloped districts.
Your committee was asked to render assistance in Montana by a numfound in a number of States, in correcting details of bad practice, and in
which
calling the attention of our members to the essential factors to be considered ber of dealers and that probably the most serious problem with
In handling irrigation securities. During the past year the legislative Montana municipal irrigation districts have been confronted during the
of agricultural depression has been the long statutory period of
bodies of many States were in session and your committee occupied itself past years
with many legislative matters. A review of these, while it may seem tax delinquency. As a result, it was impossible for persons acquiring a
burdensome, is justified where the results are of interest or of essential delinquency tax certificate on land in an irrigation district to safely make
any move toward the operation of the land or its rehabilitation if neglected
benefit.
or abandoned, until four years had elapsed.
The report also said:
The effect of this condition on farmers who were delinquent in their
To an extent found in almost no other type of investment security, unless
taxes was that they would permit the delinquency to accumulate year after
It be the farm mortgage, does the success or failure of the individual enter
year, often abandoning their property or operating it in an indifferent
in to the degree that it does in irrigation bonds, and your Committee on
manner. This not only resulted in a portion of the land in a district being
Irrigation Securities has, from year to year, while studying and striving neglected, but imposed the burden of tax payment upon the better class of
to improve existing laws in many States, been continuously impressed with
farmers in the district and permitted the delinquent property to drift into
the need of an organized individual program of land survey, settlement and
a condition where it might become a liability to the district.
colonization, and we preface our report with the statement that to dealers
After a conference with State officials and officials of many of the disentering the field of irrigation financing, a study of this problem is of
tricts, a definite legislative program was initiated at the recent. session of
any part of an irrigation district
major importance, particularly when
the Legislature, and as a direct result of the efforts of your committee, a
remains unsettled or undeveloped.
law was passed shortening the period of delinquency to two years in MonIt is not within the field of possible investigation of your committee to
tana municipal irrigation districts. This was accomplished only after a
take up the study of this problem in the different States where irrigation
number of weeks of diligent effort on the part of your committee and its
finance is essential, or where bonds of this character are issued. The prob- representatives.
lem must be anticipated by every house handling irrigation securities and
Another important provision incorporated in the same law was that of
the failure to foresee its effect has been, we believe, the cause of most
allowing irrigation districts by means of a revolving fund to purchase
failures.
land within their district and in their own name, for the purIt has been suggested by many friends of irrigation securities that one delinquent
making it unnecessary for the districts to
of the duties of this committee is to popularize or sell irrigation to our pose of colonization or re-sale,
entirely upon outside and speculative interests who might or
Eastern members and to the uninitiated, but as a committee, we do not be dependent
property for the delinquent taxes.
feel this position within our province and we will only attempt to survey might not wish to purchase the
Through the efforts of members of your committee and associates, an
the conditions, progress and some of the legislative work in a number of
to a successful conclusion
our Western States, where irrigation securities are of primary importance important test suit was intitiated and brought
by the Supreme Court of the State of Montana removing any doubt as to
or have been issued in substantial volume.
irrigation bonds being a direct and continuing obligation of the district.
Califtrnia.
•
This decision alone, we feel, was a most important one and of great value.
The municipal irrigation district practically originated with the passage
In Montana, another interesting experiment toward protection against
of the Wright Act in California in 1887. As modified from time to time, the drag of tax delinquencies is the plan embraced in a recent issue offered
this law has become the model for irrigation legislation in the Western by members of this Association providing for a special revolving fund
States. Under this statute an irrigation district may be organized by a which will act as a bumper to buy in defaulted land and to colonize the
majority in value of the landholders in the proposed district, subject to same.
Idaho.
the approval of the latter official. If certified by him and by the Super•
intendent of Banks and the Attorney-General, the bonds become legal for
Idaho, like Montana, has felt the result of hard times in its municipal
Investment by savings banks. Expenditures may be made by the district irrigation districts. Its default, while not large, in the aggregate have
only on certification by this Commission. Bonds may be issued only up been embarrassing in their effect.
to 60% of the reasonable value of the water, water rights, canals, lands,
In practical operation, the laws governing municipal irrigation districts
etc., within the district. All the expenses of the district, including prin- developed certain serious weaknesses owing to the hazy and uncertain
cipal and interest on its bonds, are collected by an ad valorem tax against provisions whereby the, rights of the bondholders could be protected and
all the land within the district. If the board of directors of the district the means of protection carried into practical execution.
is negligent in collecting this tax, the county tax collector and county
It was decided by our committee, after conferring with various interested
treasurer must collect the tax, which ranks equally with State, county and dealers, both East and West, that a definite program should be undertaken
other local taxes. In the case of nine months' delinquency in paying the in the Idaho Legislature which would serve to clarify and strengthen the
district tax, 10% is added to the taxpayer's bill. If unpaid three months irrigation code of that State and a program was mapped out which, through
later, the land must be sold for taxes. In lieu of a tax sale, the district the efforts of your committee, was adopted in part and placed upon the
may enforce its claim by a suit against the taxpayer. In its 35 years on statute books of the State. In some cases where taxes became delinquent,
the statute books, the law has been thoroughly tested in the courts.
no sale of the property could be made by the Treasurer and no penalty of
The credit record of municipal irrigation bonds issued in California has interest attached, inasmuch as the law provided that penalty interest should
been, on the whole, good. There are outstanding approximately $100,000 run only from the date of sale and not from the date of delinquency. The
worth of California municipal irrigation district bonds, with only two or law was changed to provide for penalty interest from the date of delinquency
this will prove unfortunate. The street railways have made marked progress during the last three years in the wider use of the motor bus to supplement their own lines and to provide needed extensions into thin territory. It looks as though a silent revolution was taking place in the handling of short-haul traffic, both passenger and freight, but your committee believes that, in the end, the railroads can turn this new type of
transportation to good use for their own purposes. In the meantime, however, while the ways and means of doing this are being developed, a whole
group of new problems is confronting both the railroad manager and the
various bodies engaged in the regulation of transportation throughout this
country. A bus operating across State lines, and thus becoming a vehicle of
inter-State transportation, is to-day in an anomalous position, so far as
its regulation status is concerned. Your committee, however, does not feel
that it is within its province to do more than to point out to the Association the potentially very great effects of this new method of transportation.
and the fact that it presents many new problems.
Committee Action During the Year.
Your committee gave consideration last winter to the course of action
it should take, if any, regarding the Gooding Bill and the Pullman Surcharge Bill. Without going into the merits of either case, it was quite
clear to us that, from the standpoint of securities owners, it was important
to leave jurisdiction of matters of this kind in the hands of the properly
constituted body—the Inter-State Commerce Commission—and that any new
intervention by Congress into the direct rate-making field would be most
harmful and dangerous. In view of the fact, however, that it seemed relatively certain that these bills would fail passage, your committee did not
ask for a hearing, although it was in contact with Washington on this point.
Your Chairman testified at a hearing before the Commission a year ago,
In the Kansas City Terminal Case, to point out the harmfulness to railroad
terminal bonds if the Commission should permit a charge in the operating
contracts, which, in this case, furnish the basis of security, during the
life of the bonds. A number of other matters of varying importance have
come before your committee, but we need ask for no definite instructions
at this time.
RAY MORRIS, Chairman.
ROBERT C. COMMON.
ROGER K. BULLARD.
PIERPONT V. DAVIS.
SAMUEL L. FULLER.
J. J. HANAUER.
S. HARVEY HUGHES.
F. J. LISMAN.
RICHARD L. MORRIS.
HARRY STU.
THOMAS D. SMITH.
J. R. SWAN.
2948
THE CHRONICLE
rather than the date of sale, which change we feel will have the practical
effect of compelling payment of taxes immediately upon the date of delinquency.
A further change in the law was made and provides that bondholders
may use maturing and unpaid bonds as a medium of purchase in acquiring
title to the land in the district, and likewise the district may acquire in
Its own name title to delinquent lands, permitting their resale and colonization.
Other provisions governing the details of the operation of municipal
irrigation districts are included in the amendments passed and add to the
protection of bondholders and underwriters of municipal irrigation securities of the State of Idaho. The co-operation of State officials with the
members of your committee and our attorneys was a most helpful and
promising feature.
Washington.
The total of municipal irrigation bonds outstanding in this State is not
to exceed, we believe, $5,000,000, and the defaults are very small. The
older districts are largely located in the intensively developed fruit district
and enjoy high credit.
An interesting experiment in State support or aid is a provision in this
State by which a special fund handled by the State Department of Reclamation purchased bonds of construction districts and carries them until such
time as they are marketable. The success or failure of this plan is yet to
be determined, as the State has found some of its issues marketable and
others in a very doubtful position.
Changes made during the two sessions of the State Legislature preceding
the one which has just adjourned, greatly strengthened and simplified the
irrigation code of the State, and your committee did not feel that any new
legislation should be presented.
A matter of great importance in which members of your committee
interested themselves and were instrumental in securing a favorable result.
In passing on a suit involving certain tax payments in a municipal irrigation district, the Supreme Court of the State of Washington so worded
its decision that it was possible to construe the court's decision as indicating that irrigation districts were, in effect, local improvement districts,
and their taxing powers limited and their obligations mere local improvement district obligations. A re-hearing on this portion of the Supreme
Court's decision was asked, able counsel were retained, and a decision rendered clarifying and fully defining the nature of the obligations of Washington irrigation districts, and holding that the same are general and not
special obligations. We feel that the effort put forth in correcting this
possible ambiguity was of the greatest importance.
In Texas, your committee submitted a number of suggestions and carried
on considerable correspondence in connection with the legislation affecting
irrigation securities and included in what is known as the "Texas Levy
Law" passed at the 1925 LegiElature. This law provides for an additional
method of creating irrigation districts and included a number of important
provisions with reference to the form of bonds, limited indebtedness, etc.
In many other States—Colorado, Nebraska, Nevada, New Mexico and
Arizona—your committee carried on correspondence with legislative committees and interested dealers and individuals and its efforts were advisory
and constructive. Figures, reports and data have not been obtainable in
many cases as to conditions and the record of issues outstanding.
Your committee feels that it has accomplished some good for the cause of
sound irrigation financing and with becoming modesty quotes from one of
the great financial publications of our country in a recent article on irrigation securities, referring to the work of the investment bankers as follows:
"Irrigation district laws are constantly being improved. The Irrigation
Securities Committee of the Investment Bankers Association of America is
doing excellent work in protecting the good features of existing laws and
strengthening the weak spots. Western interests know all too well that
Irrigation securities received a 'black eye' in the East with the collapse of
speculative Carey Act projects fifteen or so years ago. The record of irrigation district bonds issued under modern laws is on the whole good, however, and the investment rating of such securities is constantly being improved with age."
In the final analysis, your committee feels that irrigation is certainly
sufficiently justified as one of the great features in the permanent wealth
and happiness of our country. Its securities are in large part worthy of the
careful study and consideration of our members.
Initial Report of Commercial Credits Committee of
I. B. A.
In the first annual report of the Commercial Credits Committee of the Investment Bankers Association, made by the
Chairman, B. A. Tompkins, of the Bankers Trust Co. of New
York, it was stated that "competitive methods among dealers in commercial paper have included come practices that
it is felt have not been productive of the best results to the
dealers in paper themselves, nor to the general standing of
the business. "It is hoped," says the report, "that gradually,
through a co-operative effort on the part of all the commercial paper houses, some of the more objectionable competitive methods will be eliminated." The report also noted
that "the remuneration for the manifold services rendered
by the commercial paper houses appears inadequate in the
light of the general increase in the cost of doing business.
"The recognized commission," says the report, "Is still onequarter of 1%, unchanged during a period .of many years.
The commercial paper houses are unanimous in believing
that the business service rendered entitles them to a minimum commission of one-quarter of 1%." The report follows:
[voL 121.
that confront the commercial paper business. It is interesting to note that
this was probably the first occasion on which the leading commercial paper
houses had ever met on common ground for a general discussion of their
problems.
The Chairman of the new committee was requested to confer with the
other important commercial paper houses not represented at this first
meeting, to secure their reaction on the various points under discussion and
to ask them to be prepared to state their position at a meeting to be Called
30 days later in New York, at which all houses in interest were to be represented. This second meeting was held on May 27 and was attended by
representatives of practically all the leading commercial paper houses in
the country. The discussions held at White Sulphur Springs were then
carried on in further detail, and led to the suggestion that a permanent
commercial paper group be formed, to function under the auspices of the
Investment Bankers Association; that all commercial paper houses be invited
to join the Association, if not already members, and through such membership become entitled to join in the deliberations of the Commercial Paper
Group, and to assist in carrying out its plans and policies. The Chairman
was requested to appoint an organization committee to put the plan into
operation and to serve until the next annual convention. The Organization
Committee, consisting of seven members, was accordingly appointed, and
after a number of conferences, sent out on July 15 a letter to all houses
engaged in the commercial paper business, setting forth the contemplated
program and suggesting the appointment of four permanent sub-committees
to consider the various problems confronting the commercial paper houses.
This letter met with an immediate and favorable response, and resulted
In the appointment by the Organization Committee of the four sub-committees in question. These committees are known as the Committee on Competitive Methods; on Remuneration for Services Rendered; on Relations
with Banks; on Publicity. A number of the leading commercial paper
houses not hitherto members of the Investment Bankers Association have
in the meantime applied for membership, so that it may safely be said,
if these applications for membership are acted upon favorably, that all the
leading commercial paper houses will have joined the Investment Bankers
Association and will be ready to lend their support to the Association and
to the work of the Commercial Credits Committee. The Organization Committee having completed its appointed task ceases to function, and from now
on it is thought that the Commercial Credits Committee will act as the
point of contact between the Association and all the commercial paper
houses.
The four sub-committees indicate in a general way, through their titles,
a classification of the various problems that require effective action.
Competitive methods among dealers in commercial paper have included
some practices that it is felt have not been productive of the best results
to the dealers in paper themselves, nor to the general standing of the business. Continuous efforts to secure the accounts handled by other houses,
by wholesale offers of money at rates definitely below the market, have
had a very unsettling effect on the business, and have created, among other
factors, a tendency to cut down profits to a point incommensurate with the
risks involved. It is hoped that gradually, through a co-operative effort
on the part of all the commercial paper houses, some of the more objectionable competitive methods will be eliminated.
The remuneration for the manifold services rendered by the commercial
paper house appears inadequate in the light of the general increase in the
cost of doing business. The recognized commission is still one-quarter of
1%—unchanged during a period of many years. In many cases, owing to
special considerations and more particularly to the competition of the banks
and trust companies in lending at low rates to their own customers (a condition that is always specially acute in times of money ease) the remuneration is even less than one-quarter of 1%. The commercial paper houses are
unanimous in believing that the business service rendered entitles them to
a minimum commission of one-quarter of 1%.
The commercial paper houses also have problems of great difficulty to
meet in their relations with banks. In no other business are sales effected
On an optional basis—that is, on a re-purchase agreement. A large amount
of all commercial paper is sold subject to an option to return within a
specified time, if the credit investigation proves unsatisfactory to the purchasing bank.
Your committee believes that this practice is unsound in principle and
unfair in its application. It doubts the feasibility of attempting its complete elimination at this time, but believes that with the co-operation of
the banks substantial modifications can be accomplished.
Finally, it is felt that a certain amount of publicity carried on in a dig.
nified manner can bring to a larger group of merchants and manufacturers
the advantages of borrowing through the commercial paper method, and to
a larger group of banks the advantages of short-term investment in commercial paper. This work, it is felt, should take the form of addresses and
articles by members of commercial paper houses, bank officers, prominent
merchants using the commercial paper method, to be delivered at bankers'
and other conventions and to appear in banking and trade magazines, as
opportunity arises.
The committee also hopes to become a useful liaison officer between
members of the Association and the commercial paper houses. The knowledge and experience of the commercial paper house in short-term credits
should frequently be of value to the house contemplating long-term finano.
ing. Your President suggested that the work of this committee might prove
of material benefit to quite a large number of the members of the Association. The committee stands ready to do what it can to justify its creation, not only for the benefit of the commercial paper houses, but also for
the benefit of all other members of the Association.
Report of Marine Securities Committee of
Investment Bankers Association.
Fred S. Borton, of Borton & Borton, Cleveland, in his
report as Chairman of the Marine Securities Committee of
the Investment Bankers Association, stated that "it is not
the province of this committee to make any excursion into
politics, but conditions are such that it is with difficulty that
The Commercial Credits Committee herewith presents its first annual this is avoided." Continuing, he said:
report. This youngest of your committees was created at the time of the
last annual convention, when President Dysart designated its purpose to
be "the consideration of the problems of those of our member houses who
deal in commercial paper and short-time credits." Without exception, the
commercial paper houses already affiliated with the Investment Bankers
Association responded to Mr. Dysart's suggestion, and endorsed with enthusiasm the idea of the creation of this committee. The members of the new
• committee were called together for an initial conference at the spring
meeting of the Board of Governors. This conference was attended by representatives of nine commercial paper houses, located in different parts of
the country, and resulted in a lively discussion regarding the problems
The differences of opinion that have been expressed and Vehemently
adhered to in the Shipping Board and the Fleet Corporation have created
much departmental friction, and the almost impossible situation which
exists has, of late, led the President to call into his council a personal
advisor, a seasoned business man, one whose judgment is free from political
considerations. This has resulted in a recommendation that the Shipping
Board and the Emergency Fleet Corporation be entirely divorced—that the
former, with its regional representation, be retained in a somewhat judicial
capacity, the Fleet Corporation to have a board of directors composed of font
Cabinet officers and one representative from the Atlantic, Pacific and Gulf
States, the President to be the operating head, directly accountable to the
DEC. 19 1925.]
THE CHRONICLE
White House. Efforts of these men earnestly and courageously directed
will, as time goes on, untangle the situation and evolve a basis of operation which will, no doubt, work toward a condition of stabilized values.
The following is also from Mr. Borton's report:
When President Dysart announced the personnel of the Marine Securities
Committee in Cleveland last fall, the Chairman promptly became a clipping bureau. If you want to know a lot that is not true about this subject
just read the daily papers. Based on information gathered through the
members of the committee, through interviews and other research, interim
reports were made at New Orleans last winter and at White Sulphur in May.
No report was made in August at Gloucester, there being no change on
which to comment. The reports referred to were distinctly negative and
but little that is encouraging can even now be added. In these reports
stress was laid on—
The difficulties of American companies complying with the LaFollette
Seaman's Bill.
The demoralization of the whole shipping industry by hectic war-time
forced production of ships,—ships—ships, literally hundreds of which, of
many types, lie tied up or are in more or less unprofitable competitive
service.
Conflict of liens for claims, incident to the variance in laws and their
Interpretation in the different posts of entry.
The unsatisfactory protection of mortgages under existing forms.
Insurance coverage difficulties of many, many varieties, &c.
Marine investments naturally fall into two classes—ocean-going and
fresh-water operations. The related real estate, storage capacity, docks,
handling devices, etc., must be otherwise classified. For many years
splendid bonds secured by Great Lakes vessels were well bought and were,
and are, considered choice investments. Such of them as are still outstanding are distinctly desirable, but as the years have gone on these bonds
have been largely paid off and new issues have not been available. The
compelling reason for this is that lake shipping has come to be very largely
controlled by corporations which operate ore and coal boats in fleets, the
Steel Corporation and the Interlake Company lines being examples. These
large companies can safely carry their own insurance and effect many
economies which smaller groups and units cannot afford to do. New boats
are built and financed by these stronger companies without going to the
public. Boats outside of these controlled fleets, in the ratio that they are
removed from close connection with ore and coal interests, have an up and
down existence. Thin years are liberally interspersed with the profitable
ones, in which bottoms are in such demand as to give employment to all.
Investments in boats of this latter class must be judged, not from the basis
of unit value of the craft, but from the general standing, responsibility and
connections of the owning companies or groups. In other words, the vessels
themselves are not, under present conditions, acceptable as loan value security
of themselves. A real example, which came under observation of the committee, is the recent sale of a, Lake steamer appraised at $350,000, capable
of carrying $500,000 insurance, for less than $100,000. Some of the big
lines carrying passengers and merchandise between cities in overnight service have prospered and an occasional steamer is built, but they are practically paid for out of income, or by capital expansion within. Certain
lake coastwise lines have withdrawn service or have actually gone out of
business and entire assets offered for sale, it being stated that the returns
as contrasted with the added cost of operation made the action imperative.
As to the ocean-going craft, present conditions are such that there is no
real relation between cost and value. Splendid vessels in groups, pairs
and singly have been, and are being, disposed of by United States Government agencies, some at prices not over one-tenth actual cost. War-time
costs were, of course, abnormally high, but the ratio largely holds good as
to present cost of production of similar units. No end of boats are tied
up awaiting their fate. Only within the past few days 30 vessels, war-time
product, were burned as they lay along shore at Quantico, Va.
"Securities," as used in the title under which the various reports of this
Association are presented, implies a substantial convertible value against
which the issue of some negotiable instrument is to be offered to the investing public.
Much is to be done and much will have to be done before the overhanging menace of too much legislative interference and too many ships is
removed and until this is done who can arrive at the loan value of a ship
or a group of ships?
Report of Education Committee of Investment Bankers
Association, by Lawrence Chamberlain.
Lawrence Chamberlain, of J. G. White & Co., Inc., offered
as Chairman, the following report of tile Education Committee:
Because of an extended reference to be made to the Harvard Business
Library, the rest of the report of the Education Committee will be made
as brief as possible.
Those of you who are interested in the education of the public and of
the younger bond men in investment but who are not familiar with the
work of this committee, are referred to the report of the committee for
last year, which may be found on page 165 of the bound volume of the
proceedings of the 1924 convention. There was sketched what might be
called an eight years' summary of the work of the committee, with the
philosophy of its forthcoming work.
The character of that work still continues to be two-fold—textual and
co-operative-educational. At the time of the last convention the committee had two books in the press: "Security Syndicate Operations," by
Arthur Galston, and "Bond Salesmanship," by William W. Townsend. As
to the former, the publishers report very satisfactory sales, in view particularly of its technical nature and the limited number for whom it has
an appeal. , It is being called to the attention of the universities for use
In their courses on corporation finance. With regard to Mr. Townsend's
book, last year's report volunteered the assertion that it "will be in every
bond house, will be read by every oncoming bond salesman, and will prove
one of the most important contributions in English to the bibliography
of investment that has appeared within the past decade." Apparently this
prediction is well on the way to fulfillment.
With the consent of the Committee on Public Service Securities and
with the support of the Education Committee, Mr. Clinton Collver is
writing a book on Public Utility Bonds. The outline of this book has
been approved and some two hundred pages of the manuscript prepared.
In the interest of increasing thoroughness of co-operation as time goes on,
the interested committees will read the manuscript in process in each case
that the likelihood of ultimate rejection may be minimized and that the
text may be somewhat informed as it grows by the spirit and experience
of the members of the Association. You may recall that last year the
Education Committee adopted the policy of submitting texts on any investment subject for guidance and ultimate approval to the committee whose
OW11 work most nearly covers the subject of the text.
Prof. George W. Edwards is making progress on his "Foreign Investments," and now expresses the hope that it will be in the hands of the
2949
publishers by May. You may be familiar with his book, "International
Trade Finance," which has been reviewed in the Bulletin of the Association.
This new work, that is scheduled for four hundred pages, will cover the
whole field of foreign investments: the advantages and disadvantages of
foreign investments from the standpoint of public policy, and an analysis
of the different types from the standpoint of the individual investor.
The optimism of your committee last year regarding prospective publications then in cold storage, is being rewarded. Mr. E. Paul Young, who
first broached the thought of writing a comprehensive text on Investment
Advertising, at the Del Monte convention three years ago, when he was
Advertising Manager of a Pacific Coast member house, later went out of
the bond business. Ile has now returned to our profession with a New
York house and has resumed his interest in this literary work, but the
idea is now modified, and the plan is that Mr. Young shall introduce and
superintend the construction of the text, which, however, is now split into
eight or ten divisions, corresponding to the natural divisions of activities
in investment advertising, and leading specialists in each of the divisions
will be asked to write the chapter or chapters of his division. In such
highly specialized field as advertising, this seems to us to insure a high
degree of authority in the subjects covered, without which, perhaps, the
book would have a more limited usefulness. Five or six of the proposed
contributors have expressed a very real interest in the undertaking ahd
the work will be vigorously pushed from now on.
Turning to the co-operative educational work, we are reminded of some
remarks in the crime number of "Life" that appeared last month under
the caption "Conventional Endings," to the effect that "The open season for
conventions is upon us. Experts familiar with the situation have figured
out that if all speakers whose subject is 'Co-operation,' were laid end to
end, others would arise to take their places. If all resolutions that were
adopted were laid end to end, they would find their way into waste baskets
much sooner."
This committee is offering no resolutions and it repudiates with the
rest of our members the thought that "if all delegates carried on as their
wives believe they do they would be laid end to end." But we do stand
by our educational co-operative effort with the United Y. M. C. A. Schools.
Out of charity solely we refrain from more than epitomizing what has been
accomplished in the field this year. The joint committee, of which the
Chairman of the Educational Committee is Chairman, has sent Mr. A. H.
Myer, who is Director of these schools, to the following cities on reconnoissance work for the establishment of courses on Bond Salesmanship and
Investments: Newark, N. J., Pittsburgh, Cincinnati, Columbus, St. Louis,
Louisville, Wichita, Han., St. Paul, Minneapolis, Duluth, Detroit, Toledo
and Cleveland. The results naturally are varied, and since the tour was
made very recently the results are also uncertain.
In some cities they are still negative, although it is our purpose eventually that there be no negative results in any city approached unless the
conditions in that city warrant no educational work. In other cities, for
instance, Seattle, the work is being done at the present time through the
interest of the local investment bankers in cognate courses given by the
American Institute of Banking. As stated in previous reports, the committee is not wedded to any institution, whether local or national, and is
ready to give its aid to any kind of investment educational work anywhere
as long as that work is done under the guidance or with the acquiescence
of the local investment bankers. In other cities interest has been aroused,
the local bankers somewhat organized, and the courses will become a
reality when competent instructors are found or when other adjustments
are made that are necessary to the success of the plan. In other cities
the courses are now a reality and promise usefulness and permanence. We
no longer have to look to Chicago for our sole example. For instance, Mr.
Meyer, representing the joint committee, appeared at St. Louis in October
and at my suggestion trespassed on the good nature of President Dysart
to give him his impetus in that city. On his return Mr. Myer reported
that Mr. Dysart pressed several buttons and called a number of people
on the telephone and forthwith placed our representative in contact with
the key men of that city. The result is that the course on Bond Salesmanship is already established there. A month later 55 men had been enrolled, the attendance at that time proved exceptionally good and it was
expected that the course would be given again during the second half of
the school year and probably the investment course as well. In line with
the customary procedure, Mr. White, the Chairman of the local Group,
and Mr. Little, the Vice-Chairman, gave wonderful assistance, and the
Educational Director of the North Side Department of the St. Louis
Y. M. C. A. reports to your Chairman that the institution got "the finest
kind of help from the local bond houses who are members of the local
Group, and were obliged to spend very little money in the promotion of
this large class."
This co-operative educational work has already become sufficiently articulate so that the Education Committee is not content with even this
direct contact established by way of Mr. Myer, but follows his visit to
each city with a questionnaire, to be filled out by the local Y. M. C. A.
Educational Director. This questionnaire gives the present state of the
promotion work for the courses, which is thoroughly standardized as to
character, and even is planned by the joint committee. The Education
Committee then offers its services directly to the local Y. M. C. A.
Director, and with the general report from Mr. Myer and the direct report
from the local Director, it now plans to follow this work up, soliciting by
personal interview (or by correspondence, when the distance is too great
for visitation) the active support of the I. 13. A. Groups.
The work has not yet been developed to the extent that a new Group
Chairman necessarily understands what the Education Committee is doing.
We have a case in point before us. Your Chairman, in this instance, plans
to see the Group Chairman immediately after the convention and inform
him thoroughly of the scope of the work. Sufficient has been said, however, so that this convention will realize that this work is well under way,
it being practically handled, and the Education Committee will be satisfied with nothing short of adequate investment education in every community represented by members of this Association that is of sufficient
size to warrant co-operative work with local institutions, whether of the
Ys M. C. A., the American Institute of Banking, or any other that may be
the logical associate. The fruits of these joint endeavors, it will now be
seen, could not have been obtained without the foundation in texts for which
we prepared when we requested Mr. Townsend to write his book on Bond
Salesmanship for us.
The concluding topic of this report is concerned with the Business Historical Society and the Harvard Business School. For some years this
Association cherished the hope that it might establish, or might be useful
in the establishment, of a National Financial Library. The files of the
Association are swelled by reports of the various chairmen of the temporary Library Committee. It was decided, after some years of earnest
consideration, that the scope of this work was too vast and the expense
too great for us to be parties to it. Meanwhile, however, the great universities, having cognate interests in their schools of commerce and business, have been creating the nuclei of financial and business libraries. In
time we shall all be dependent on one or another of these in the course of
2950
THE CHRONICLE
[VOL 121.
our business. One of them, the product of the Harvard Graduate School
of Business Administration, shortly to be housed in the buildings being
erected by the munificence of Mr. George F. Baker, has asked us to be of
assistance to it, and since the request is merely for a certain amount of
publicity, and particularly since this school has already been of considerable assistance to another committee in which your Chairman is interested, we are glad to assist in spreading the following information:
The Business Historical Society and the Harvard Business School.
A new and unique organization of business men, to be known as the
Business Historical Society, has just been incorporated under the laws of
Massachusetts for the purpose of collecting and preserving the literature
and records of commerce, finance and industry.
The importance of the work was realized by a small group of Boston
and New York business men who made the discovery that nowhere was there
being assembled a business library, complete in its scope of the various
fields and phases of business, and furthermore that great masses of the
original data, accounts, records, pamphlets, ship logs and books were constantly being thrown away by business concerns in an effort to relieve the
crowded conditions of their files. The result has been that much valuable
4ta is being destroyed which is vastly important for the economic and
historical study of the business development of the nation.
The capital required to house such a collection and the current funds
necessary for its maintenance have discouraged previous attempts for such
an organization. This difficulty has been overcome by negotiations now
completed with Harvard University to make the Harvard Business Library,
now under-construction in the new group of buildings given by George F.
Baker, the depository of the collections of the Society, ownership et the
collections being retained by the Society. This agreement assures the
availability of the collections of the Society for study and research, relieves the Society of the necessity for assembling a large volume of standard basic material, such as current books and magazines, and permits it to
undertake immediately the collection of rare and destructible documents.
As soon as the preliminary organization is completed, an opportunity
will be given to leading business men throughout the country to become
members of the Society.
Already notable gifts have been made to the Society, including a substantial sum used to purchase about 40,000 books relating to business
during the last century. The Harvard Business Library has also made a
fine start in the collection of business material, augmented by gifts during
the past year from more than 3,000 persons. A few of these gifts are the
following:
In the field of early banking there was given to the library the London
"Bankers' Magazine" in 83 volumes from 1844 to 1907; the history of the
commercial field of business is covered in Anderson's "History of the
Origin of Commerce," containing "History of the Great Commercial Interests of the British Empire"—six volumes printed in 1790, covering the
period of 1692 to 1765; the "Tradesman or Commercial Magazine" in
seven volumes, 1800 and subsequently; Hazard's "United States Commercial and Statistical Register," 1829 to 1842; "Mechanics' Magazine, and
Register of Inventions and Improvements," 1833; the "Monthly Chronicle
of Events, Discoveries, Improvements and Opinions," 1840 to 1842. In this
connection the library is seeking the "Gentleman's Magazine," "De Bow's
Review," and the "American Railroad Journal."
A valuable deposit by the Bostonian Society gives local commercial information contained in the "Boston Shipping List and Price Current,"
published twice a week in Boston from 1843 to 1878, augmenting a voluminous manuscript record of the Boston Stock Exchange, which contains
daily highs and lows of every stock sold in Boston from 1860 to 1919.
Records and account books of the Central Wharf Zs Metropolitan Dock
Corporation, the Waltham Manufacturing Co., and other industries, add
colorful pictures of early business life in New England.
A gift from the American Iron & Steel Institute of a complete set of
their publications has been supplemented by a similar set, nearly complete,
of the "Transactions of the Iron and Steel Institute of London." These
and many other similar gifts and purchases assure to the Harvard Business
Library a historical background of modern business information which will
make the library invaluable to any student of business and to many businm,
men. A collection of photographs and autographs has already attained
important proportions.
The Harvard Business Library is making preparation for the cataloging, indexing and digesting of material—a tremendous task when one
consider that there have been over 40,000 volumes purchased and some
8,000 donations of miscellaneous material to the collections during the
past year. In preparation for the occupancy next year of the new library
building of the Harvard Business School, many plans have been set on foot
for making available historical and statistical items of business literature
which never before have been gathered together under one roof,
Business men, accustomed to thinking of the subject of business as being
of recent importance only and therefore represented in literature mainly
by new and current books, are surprised when the historical and documentary setting of the subject is revealed; and their interest promises the
library a great future in public service.
The Business Historical Society is seeking the active support and help
of the investment bankers of America in the preservation of such business
literature. Many instances have come to the attention of the School
recently of business firms who have thrown away literally tons of material
from their overcrowded files—material which told an interesting, valuable
story of the growth and accomplishment of American business. Investment bankers, who find material available in their own business or those
of their customers or clients, are urged to communicate with Mr. Charles
C. Eaton, Librarian of the Harvard Business Library, at Cambridge, Mass.
either something we have sent directly or something we have suggested.
At the same Utile, in the matter of suggestion, financial writers of magazines
and newspapers are continually obtaining materials and suggestions from
us that come out under their own name, but in that way it is from an
impartial third person and we get the document before the public, espoused
by these big magazines as their own, and therefore perhaps having a
greater impression because it is not ex-parte.
Very recently a member of a house in a city between Chicago and New
York came into the office. He has a habit of doing that every time he
comes to Chicago. I am very glad to see him. I wish all of you would
come more often. He always asked about our educational work and took
home some copy with him. Recently I was in his city and he showed me
the copies of his advertising. He is taking our educational material and
turning it over to his advertising men and they are doing quite a bit of
work with that If any of you can use that material, we could send you
quite a few hundred stories, booklets, lectures and things that I believe—
at least they were valuable to this man's copy department—and I believe
your agency men or your advertising men will find them of value and a
good deal of thought in your own advertising copy.
I am going to distribute to you as soon as I leave the platform two little
booklets. These are merely samples. I have asked the Board and the
committee for permission to quote prices on those to each member, so
that you can have them at cost and put your own imprint on them. We
will put it on for you, of course, and the only cost to you will be that of
the printing.
One of the general booklets is entitled "The Common Sense of Sound
Investing." It was written some time ago and has gone through the fires
quite a while. I think it is safe. Another one, a little heavier work, is
called, "The Rise of the Corporate Form of Business." We have in preparation a booklet on utilities. These are all very short booklets, but the
ordinary man can understand them. We beleve we have get them up in a
way that the cook in your kitchen will understand and that the college
professor and the business man of great intelligence will perhaps read
with a great deal of interest. We have got these booklets coming up on
utilities, one on industrial, one on municipals, one-half way done on real
estate mortgage bonds. I do not know how to finish it. Maybe we can
get it finished, because in writing on real estate mortgage bonds it seems
It is almost impossible to say something that is effective, with a jump to
it that it will not be misunderstood. It is a very, very difficult thing. We
have one on foreign bonds, another one on the progress of investment banking. and one that we would like very much to put out from the Blue Sky
Committee. That is Mr. Wendell's committee.
There will be on the floor shortly—I brought them down with me—our
new book on "Fundamentals of Investment" It is a money-making proposition. Although this department could, we do not wish to apparently
make any money out of it, but I believe this department has an awful
good chance and could develop into being absolutely self-supporting, although we do not want to do that.
We took 19 lectures delivered by members of our Association, nearly
4,000 sets of lectures, 19 in all, and they have been used by our member
houses. They were sent on request and dealt with the training of the
younger members.
A. W. Shaw, of Chicago, who prints "The Harvard Businees Review,"
and quite a number of very excellent business books, and all that sort of
stuff in the country, has asked us if he could publish them for us and
give us a royalty of 10%, and in that way, I think, perhaps we could make
three or four thousand dollars out of the book. It is just off of the press,
and I think there will be a plugger here explaining it. I am going to
distribute those first two books to you as samples after a while.
The Chicago "Daily News" has for almost two years been carrying on
our radio program. After the talks it always prints them. After they are
printed, bank magazines and insurance magazines ask for those talks. I
got a wire from some insurance paper in San Francisco the other day
asking for one of those talks to print out there.
And as a result the name of the I. B. A. has been printed in that little
one-radio program alone more than 24,000,000 times. That is cumulative
publicity. We are not particularly trying to sell the name I. B. A. so
much, but if we can do that, it helps. What we are trying to do is to
sell the investment idea to the public.
I forgot to mention one other bulletin or book that we are putting out.
The copy is already prepared. It is by Mr. Frank Garden, "What a
Farmer Should Know About Investments." That goes to the agricultural
extension workers, of which there are about ten thousand scattered all over
in the 2,500 agricultural counties of the country.
Mr. President, Members of the Association: I am obliged to appear
before you without a written report, for which I apologize. The reason is
that I had to come down here to ask for instructions from the committee
of the Board, we not having had a committee meeting for some time, as to
a great many things that we have been doing in the office and which I
wish to bring before you.
Most of the things I wish to talk about this morning are ways in which
we may be able better to serve you in addition to the publicity material
and educational material that we put out. I am not going to describe our
work in detail. It will take all morning to mention it all, and then some time,
besides. But, just briefly, we have put out more than six hundred articles,
speeches, lectures and news stories in the little more than two years we
have been functioning. Most of those I have written myself. Some few we
have bought I believe it is safe to say that every day, in the United
States, at least 100 publications are using something from our office,
expense involved. Because of the national election and other great activities
of the latter part of 1924, it was not possible to be sure that the money
would be forthcoming until well into the winter of 1925, and any active
steps in the advertising campaign were, therefore, postponed, pending results of the canvass. From February until the spring meeting at White
Sulphur, your committee spent its efforts in preparations for this campaign,
with the intention of presenting its first proposal in this direction at that
time to the Board of Governors.
In the interval, however, there was found to be some sincere objections
to the proposed advertising campaign in the minds of a sufficient number
of our members all over the country sufficiently to impress the committee
with the desirability of a further canvass of sentiment. It did not seem
wise to undertake such an important and delicate piece of work unless the
members of the Association were practically 100% in favor of it. Should
it not satisfy even a small number of our members, the effort might be
Report of Publicity Committee—Campaign of Publicity
Deferred Indefinitely.
In the report of the Publicity Committee of the Investment Bankers Association, presented by Vice-Chairman Robert Stevenson Jr., of Stevenson, Perry, Stacy & Co., Inc., of
Chicago, it was made known that the proposed advertising
campaign, which had been brought before the convention
a year ago (see "Chronicle," Oct. 4 1924, page 1557), had
been deferred indefinitely. Mr. Stevenson indicated that
he had been requested by the Chairman of the Publicity
Committee, John W. MacGregor, to prepare a brief report
of the year's work of this committee, since the latter had
not yet completely recovered his health. Mr. Stevenson
Report of Educational Director of Investment Bankers went on to say in his report:
For about one-half of the past year the main efforts of this committee
Association.
were directed toward the proposed advertising campaign, which was authorIn referring to the work of the Educational Director, ized at last year's convention, predicated on the raising of a considerable
sum of money from the various houses by subscription to take care of the
Samuel 0. Rice had the following to say, in part:
DEC. 19 1925.]
THE CHRONICLE
fruitless, because to have it accomplish its full purpose the campaign
would have to continue for several years, and we felt that such a campaign
would defeat its own purpose should it by any chance not be continued a
second year.
Therefore, with the advice and consent of your Board of Governors, we
decided at the May meeting to take no active steps for the time being,
toward the beginning of such a campaign, and because of the Board's recent
decision to defer the matter indefinitely, the members are now advised that
they are relieved of their pledges made to furnish funds for their activity.
This report will not attempt to go into the details of the work of the
Educational Director, who is under the supervision of the committee, as
he will cover these himself, with enough of the details which may be of
Interest to our members, but we may assure you in this connection that the
work of the Educational Director has been growing very greatly, and can
continue to grow, limited only by the facilities which are placed at his
disposal.
The Association for the past year placed at the disposal of the Publicity
Committee for the work of the committee and of the Educational Director
the liberal sum of $25,000, which we think is a thoroughly justified appropriation. The part of this sum which has been expended has been altogether giving value received, and every penny has brought a good deal
more than its value in results obtained.
In this connection, and because of the postponement of the advertising
campaign, it is the desire of the committee to concentrate for the year of
1926 on additional educational work through the same channels which have
been used in the past, and develop contacts with new ones. Probably only
25% realize how much has been accomplished in this connection, but we
wish that 75% or more would realize it. To many it has seemed a matter
of little importance to them personally. They have not been able, or we
might say, they have not taken the time or interest to appreciate how much
this work is benefiting the public, and because it is benefiting the public,
It is benefiting the members of this Association directly as well as indirectly.
We cannot afford to take an indifferent attitude toward the investment
welfare of the smallest investor in this country. Your house or my house
may not have the facilities to solicit his business. That is not necessary.
There are those of us who can handle it, who will accept it, and we must
all appreciate and finally acknowledge that each and every investor or
potential investor has his place in the investment structure, and that unless
he occupies that place, the structure cannot be as sound or as strong as it
should be, and as it is possible to make it. This is one of the most important things that the Educational Department is doing; namely, preparing
the particular individual to take the place to which he is entitled in the
Investment structure of the nation. And the individual in question is not
necessarily the "baby" bond buyer, but more often than we realize is the
potential buyer of considerable blocks of securities. Every new investor
from the smallest one to a larger one is an indirect benefit to every house,
from the smallest to the largest, aside from the direct benefit and satisfaction to the house that serves him.
In view of the postponement of the advertising campaign, which all of
you, irrespective of your complete agreement with the plan, promised to
support, and because of the important and more intensive work which your
committee wishes to do through the Educational Department, we have asked
and obtained the approval of the Board of Governors, that in addition to
the funds which the Association allots your committee for its educational
work, we may solicit voluntary contributions to the extent of $25,000 to
enlarge the scope of this work. We think this will enable us to take
amazing strides forward. The sum amounts to 10% of the pledges made
for the proposed advertising campaign, and your committee will address
you through the mails shortly after the new year, asking if you will not
contribute for this purpose. At the risk of stressing the matter too greatly,
we again wish to impress on all of the members our feeling that we cannot
do better work, having a more sincere and unselfish motive, which at the
same time is to our advantage, than to continue to proclaim the necessity
of safety in investments and the wisdom of going to the right sources,
whether those sources be members of our Association or not.
Report of New York Group, by S. A. Tompkins of
Bankers Trust Company—Martin Fraud Act.
For the New York Group of the Investment Bankers Association, B. A. Tompkins, of the Bankers Trust Co. of New
York, submitted, as Chairman, a report in which he referred
to the Martin Fraud Act and expressed the view that "the
problem of the I. B. A. throughout the country Would be
relatively simple if the other groups had a law such as that."
We give Mr. Tompkins's report herewith:
Mr. President, the activity of the New York Group centres almost entirely about activity in Albany, because that in the last analysis is all the
New York Group has to do. It has watched that group of psalm singers up
there. We have at least gained in political wisdom. By that I mean that
we have learned the utter futility of attempting to deal with a Legislature
on the basis of intelligence, because, to use a term gleaned from geometry,
intelligence in the average Legislature approaches zero as a constant. We
have, therefore, had to add the only methods that could prove effective in
legislative circles.
The main contribution that we have to offer to the I. B. A. is the passage
of the amendment to the Martin Fraud Act, after the adoption of which
we believe we have a blue sky law in New York drawn by the Attorney.
General, approved by the Attorney-General, and passed by a friendly Legislature that works beautifully in New York, and we commend it to the
consideration of other groups.
We have a double problem to deal with in New York, because, unfortunately, we have there the New York Stock Exchange with its constant
difficulties with Albany, and the legislators in discussing our problems
with us cannot dissociate us from the members of the Exchange, and in
many cases feel that we are there holding a brief for the Big Board.
However, we have passed the Martin Fraud Act with its amendments,
and I think the problem of the I. B. A. throughout the country would be
relatively- simple if the other groups had a law such as that.
Another accomplishment of which we feel we may be proud is the
method we have adopted of keeping contact between the houses of issue and
their relations with dealers throughout the country.
We have felt that it would be better for representatives of those houses
to meet once or twice a month in New York at lunch and discuss their
problems together, and also bring up at those meetings infractions of syndicate rules which had occurred in the preceding month.
We have been perfectly frank with each other. The information which
each member has given never, leaves the door of those ;fleeting rooms, with
the result that we have a better picture to-day of the houses throughout
the country and whether or not they are playing cricket than we have ever
2951
had before, and we try to apply the information that we receive there
with utmost fairness.
The only message that the New York Group wanted me to bring to this
meeting was for you all, that is, the dealers outside of New York, to have
patience with the houses of issue, to have in mind that they, too, have
their difficulties, that their objective is the same as yours, and that some
of the problems which exist to-day which the out-of-town groups have been
unable to solve, they themselves making the job of the houses of issue much
harder than it otherwise might be.
I think that it was Robert Browning who said, "When I die and you look
into my heart, you will find Italy."
When the New York Group dies and you look into its heart, you will
find Michigan.
Report of Canadian Group, by John A. Fraser,
Chairman.
In calling on Dec. 8 for the report of the newest Group of
the Investment Bankers Association of America—that of
the Canadian Group—President Dysart said:
The program first calls for a report from California. I am going to
defer that, just a moment, and ask for the report of our baby group. They
have just organized a group in Canada. It was my pleasure to have attended a meeting at Toronto, in October, at which this Canadian group was
organized. We have had members of our Association in Canada for a great
many years, but up until October we had no group organization there.
They have organized the Canadian group. It was approved by the Board
of Governors yesterday and I am very glad indeed to call for the report of
the baby group from Canada, from Mr. John A. Fraser, one of the most
important and one of the most.efficient members of the Board of Governors
that we have ever had, who is the Chairman of the Canadian Group.
Mr. Fraser, of the Dominion Securities Corporation, of
Toronto, reported as follows:
I think it was highly appropriate that our President should call upon the
baby group to give an idea of the things that should not be said, for excepting the inauguration meeting on Oct. 19, there have been no meetings
to report, there has been no money spent and we have no troubles.
Carrying out Mr. Dysart's idea, I have just one thought with respect to
that one meeting, and that is this: Mr. Dysart had just completed visiting
some 14 or 15 groups, this new Canadian group being the 17th, and completing the circle of this whole organization. He appeared before us and
asked that the younger men of the Canadian Group of the Investment
Bankers Association of America should be present. He delivered a very
inspiring speech and one which was commented upon afterwards as being
very effective. The point I wish to make is that if it were possible every
year when we have new Presidents to make a journey throughout the country
and into Canada to visit and to pass along, as we shall, in some respects
to-night, the ideas from each, it would be very helpful, and particularly
with a man of President Dysart's ability and the ability which all our
Presidents have had to not only inspire but to put over the ideas which
are necessary to make our business a success. I am referring to the new
code of business ethics of which he has spoken.
Just a word about the Canadian Group and its relations there. As you
probably know, there is in Canada an Investment Bankers Association of
Canada. This group of our American Association has no direct relationship.
Formerly, when questions arose which required the help and work of both
associations, we collaborated, co-operated and worked harmoniously in all
cases. This condition will continue. The Canadian Group should demonstrate its importance and usefulness over a period of time, because not
only is that section of the country represented by the group becoming a
more important point from which securities, particularly those relating
to the development of our great resources, coming into this country, but
also in Canada many individuals are to-day very wealthy and are very large
buyers of securities originating in this country. This condition will undoubtedly continue for some little time.
I am not going to speak any further except simply to tell of a recent
occurrence which may be of interest to you. In discussing at a little dinner recently the natural resources of our country which were being financed
by bankers in the United States and Canada and boasting considerably of
them, as we sometimes do, there were both English bankers and one of our
investment banking friends from New England. When we got through and
it was the New Englander's time to speak, he said: "There is one very
important natural resource which will be developed one day and of which
you have not spoken, and that is the enormous body of ice which will be
used in the United States some day when the Volstead Act has been repealed,"
Report of Ohio Valley Group.
Harry E. Well, of the Roth & Irving Co., of Cincinnati,
Indicated that his report as Chairman of the Ohio Valley
Group had undergone a cutting down, inasmuch as that of
Mt. Wilbur of the Northern Ohio Group had covered in his
report much of what Mr. Well had intended to say. As to
the views of the two Groups respecting legislation, Mr. Well
said:
Now, in the way of legislation, unfortunately, there was a little difference of opinion between the Northern Ohio Group and the Ohio Valley
Group on the legislation. And we discussed it in our Group very thoroughly,
appointed committees to give it further consideration and it was decided
in our Group that we do not take the active part in it that the Northern
Group did because we were not all of one mind. That did not mean that
some of us were not in favor of it, many of us were, but we could not
become unanimous on any action we wished to take.
Report of Northern Ohio Group—Efforts to Regulate
Investment Security
Dealers—Taxation of
Joint Stock Land Banks.
Discussing the above subjects, and that of uniform taxation in Ohio for all classes of personal property, R. A. Wilbin* of the Herrick Co., Chairman of the Northern Ohio
Group, said:
The principal activities of the Northern Ohio Group have been centred
around legislation. As Chairman of the Northern Ohio Group, and as
Chairman of the Legislative Committee of a few years ago, I have been
much impressed with the importance of legislation in the work of the
Group.
2952
THE CHRONICLE
And in the work of legislation there are two sorts: one, the preventive,
and one, the constructive. I think a very important, if not the most important work, is that of the preventive, and to witness that I want to tell
of one or two bills which were taken care of in our last session of the Ohio
Legislature.
The one bill to which I refer was a bill which provided, in substance, that
Investment security dealers should be regulated just as bankers are regulated to-day, that the State maintain a corp of examiners who would inspect the books and records of the security dealers.
It seems as though there was so much to be said against the bill that it
ought to have been a very simple matter to defeat it, but I assure you,
gentlemen, that it was not a simple matter, although it was finally accomplished.
After it was done, there was still another bill of the same type, which,
however, was introduced so late in the session that no progress could be
made.
Another bill which was presented was one that raises rather an interesting question, one which I think perhaps we would say at first blush was not
at all necessary: the question of the taxation of Joint Stock Land Banks.
That is, the assets of the institution by the State. It was raised by the
County Auditor of Cuyahoga County in Cleveland, and he insisted upon
putting those assets upon the tax duplicate. This has been finally arranged, and the legal question avoided by the enactment of the bill which
exempted the assets of the Joint Stock Land Bank, and the farm land
banks from taxation under the State.
Now, there is one other thing in the action of the Legislature, and that
was the appointment of a joint committee to study the tax situation of
Ohio and make a report on March 1 1926 and at the same time a joint resolution submitting to vote the constitutional amendment to free Ohio from the
uniform tax rule, which has been in effect since 1851.
It is with sorrow that I tell you the result of the tax vote. We have
tried no less than eight times since 1889 to get away from our constitutional amendment providing uniform taxation for all classes of personal
property, and we have failed eight times. We may have made progress this
last time. The vote was some 60,000, against out of a total vote of 900,000.
It did seem this time that there was a very good prospect of success.
The farmer vote has been decidedly against us, but this year we had as
members of a committee of nine two members of the Federal Farm Bureau.
We also had various interests who had been hostile to the measure heretofore, but we were not to succeed. However, we Are tremendously disappointed but not discouraged, and we expect to go on with the work.
The blue sky law, our law, is a law under which we get along. Of
course, we would like a better law, and it was suggested at one time that
we try to adopt in Ohio the model law adopted by the national committee.
This matter was considered by the Executive Committee, considered first
by the Legislative Committee, then by the Executive Committee, and it was
the unanimous opinion of both committees that it would be politically
Inexpedient to try to enact the new law at this session of the Legislature.
Now, there is just one more thing, and then I am through. I think that
one of the most important things for groups to do is to fight fraud. Of
course, we are all agreed upon that, and the question is how to do it. We
think that we have found a way in Cleveland because of the quality of our
Better Business Commission.
The Better Business Commission of Cleveland is composed of men of
the highest calibre, and above all, of a man and his staff who do the daily
work, and they do it well. Their talks on the radio, their posters in the
factories, in the shops, all through Cleveland, have been very potent to
drive•out the trickster from Cleveland.
The Northern Ohio Group takes no special credit except that they do
support that Bettor Business Commission with their cash. Every member
of the Northern Ohio Group, and they are quite liberal, supports the Group
as to time and services on the board of directors whenever called upon to
do so.
Report of Minnesota Group—Securities Law inMinnesota and South Dakota.
N. Paul Delander, of the Merchants Trust & Savings Bank
of St. Paul, as Chairman of the Minnesota Group, presented
the following report:
[VOL. 121
ten, which charters allow the issuance of bonds without an election. At
one time we believed we had this difficulty fairly well ironed out, but
opposition developed from another source, which could not be settled
before adjournment. Mr. L. A. Sauer of the Northwestern Trust Co., of
St. Paul, who served as Chairman of the committee, deserves a great deal
of credit for the time and thought which he gave in behalf of this measure
and it certainly was through no fault of his that it was not enacted into a
law.
The Minnesota Group, jointly with the Trust Officers' Association, sponsored a bill which to a certain extent would have modernized the present
laws governing investment by trustees and savings banks in Minnesota.
This measure was introduced in the House by the Legislative Committee on
Banks and Banking, and carried the recommendations of the State Superintendent of Banks and the Minnesota Bankers Association. However, certain legislators affiliated with the Farmer-Labor Party were able to master
sufficient votes to cause its defeat. It later came up for reconsideration, but
again was defeated. The principal argument against it was that certain
funds, which were now being invested in local mortgages and securities,
might be attracted to outside investments to the detriment of Minnesota
borrowers. We intend to bring this before the next session of the Legislature and hope to report better results at that time.
Our principal work during the year has centred about the new Securities
Law, which went into effect on July 1.
Shortly before the first of the year the State Securities Commission sent
to our members a preliminary draft of a bill which was to be presented
to the Legislature. The bill conformed largely to the model bill as prepared by the national committee, but after giving it some study several
sections were discovered which might become troublesome to the dealers.
A number of conferences were held with the Commissioners, who were
very fair-minded and as a result many of the provisions, which we found
objectionable, were either modified or entirely stricken out. Several valuable suggestions were made by the national committee, and we are
indebted to them for their assistance.
The administration of this Act was placed in charge of one Commissioner, a new appointee, and shortly after July 1 we began to experience
difficulties in the matter of registration of certain securities. A continuing number of problems arose which involved the interpretation of the law
and a special committee was appointed, with Mr. A. C. Wiprud, of Lane,
Piper & Jaffray, Minneapolis, as Chairman, to act for the Group.
Each problem that presented itself demanded immediate action and it
became practically necessary for the work to revolve about one man, which,
in this case, was Mr. Wiprud. The whole matter was so ably and tactfully
handled that we are confident our troubles are at an end, due largely to the
better understanding which now exists between the department and the
dealers. The Minnesota Group is greatly indebted to Mr. Wiprud for his
splendid work, which took practically all of his time for approximately
two months.
The Securities Law in South Dakota is apt to cause some trouble, but
we hope to lay plans for the introduction of the model bill at the next
session of the Legislature.
The Business Practice and Ethics Committee has been active throughout
the year and we are happy to report that there have been very few syndicate violations.
Report of Michigan Group on "Blue Sky" Legislation.
In the absence of Frank D. Nicol, Chairman of the Michigan Group, Harvey Hughes, Secretary of the Group, had
the following to report in its behalf:
Unfortunately, Mr. Nicol was unable to be here, but he is ably represented
by having two members of his firm here and a delegation from Michigan
of 37 people.
,
I have here a letter from Frank addressed to the President, which I am
going to read and then just one extract from a report and I am finished.
"Dear Mr. President.—I have the pleasure of submitting to you a report
of three Committee Chairmen of the Michigan Group I. B. A. for the year
1925.
"Probably the most important one is that of Mr. McPherson Browning,
Chairman of the Legislative Commit.ee. This report has previously been
sent to Mr. Barrett Wendell.
"Mr. Henry Hart, Chairman of the Municipal Committee, has made a
full report to Mr. Little, Chairman of the National Municipal Committee,
but in a few words, just let me say that the Municipal Committee cooperated with the Michigan Legislature in drafting a bill, to regulate the
Issuance of municipal bonds in the State, which bill, known as the Evans
Baxter bill, was passed, and is regarded as a real step forward in municipal
financing in this State. Paul Bollinger, who is Chairman of the Transportation Committee and President of the Better Business Bureau, has asked
me tojust add a few words. While a report on this is unnecessary, you
might be interested in knowing what he has done. His remarks follow:
'The group has co-operated, both morally and financially, with the Better
Business Bureau of Detroit, in keeping the Michig;an market free from
fraudulent security offerings and wildcat promotions. The Blue Sky Law
stands as is. The Governor of the State of Michigan has lot it be understood
that he wishes nothing changed in this legislation at the present time."
At the beginning of the year the Michigan State Legislature was in session and the I. B. A. of Michigan was very, very active. We had delegations up there repeatedly, probably eight or ten times, and the part which
is particularly interesting to you men is our Michigan blue sky law, which
is of national importance. We endeavored to have the Legislature adopt
a national blue sky law, but our political situation was such that we were
not able to trade successfully with the group in power and consequently
we could not get anything done along that line. Of the men who went up
to Lansing repeatedly, and for you men of the big national originating
houses who are especially interested in the blue sky situation, we have six
men here at the convention who were up there at every meeting and know
th situation thoroughly. Just so that you men will know them, the men
here are Messrs. Arthur °nester of Grand Rapids. McPherson Browning,
Paul Bollinger, Henry Hart, Charlie Norman and myself.
We won't burden this meeting with the details of this blue sky situation,
but we think we have got it coming along, and when our session meets
again in 1927 we believe we will be able to get Michigan in line and have
a fairly workable blue sky law.
At the beginning of this year the Minnesota Group set out to accomplish
certain things. In some of these, we were successful, in others we were not.
I will try to give you an idea of what we started out to do.
Our chief work this year has been with the securities law in Minnesota,
and the Minnesota Group also has North Dakota and South Dakota in its
province.
In North Dakota, Mr. Wiprud met with the Governor, the State Treasurer, and the Secretary of State, and we were able to get an understanding
whereby the law there, as far as the dealers are concerned, is not going to
cause them any trouble whatnover. It required every dealer to have a
license who operated in the State and to file a bond of $50,000. We were
able to have this reduced to $25,000.
As I stated in the report, the South Dakota situation is very bad. I
think a number of dealers have qualified to sell in South Dakota, but I do
not believe any of them will try to do very much business because it is
going to be very difficult to operate under.
Our experience has been this past year, especially in handling these blue
sky matters, that it takes almost all the time of one man to handle them
properly, and it has occurred to several of the members of the Minnesota
Group that the situation probably ought to be handled through the national
association. I think that Mr. Wendell has incorporated something to that
effect in his report, which will be made at some later day.
The Minnesota Group reported last February that as the State Legislature
was then in session its activities were being confined almost entirely to certain legislation which had been introduced at the request of its committees.
The Committee on Municipal Securities had prepared a bill known as
Senate File No. 866, which would have removed several of the evils which
exist in our present laws. Some of the important provisions were as follows:
A new definition of gross and net indebtedness and limiting indebtedness
of municipalities, including school districts, to 10% net.
All bonds and certificates of indebtedness to be approved by vote, exReport of Secretary F. R. Fenton—Growth in
cepting refunding bonds and certain certificates where more than 75% of
Membership.
the par value was to be collectible from special assessments levied against
benefited property.
F. R. Fenton, in his report as Secretary of the Investment
All bonds to mature serially in approximately equal installments, the
Bankers Association, referred to the growth in membership,
last installment to be within the estimated life of the improvements.
All refunding bonds to mature aerially, the last installment limited to the finances of the Association, and the creation of the
twenty years.
office of Executive Secretary, and the following extracts
The investment of sinking fund moneys in United States Government or
thereon are taken from the report:
State of Minnesota obligations.
It is with great pleasure that I submit to you my fourteenth annual report
The Act was passed by the House but never came to a vote in the Senate
the opposition of certain cities operating under home rule char- as Secretary of this Association, for the fiscal year ending Aug. 81 1926,
owing to
DEC. 19 1925.]
THE CHRONICLE
herewith. I wish briefly to review the work of this organization, which is
continually increasing its usefulness to our membership and to the general
public. The Association membership now includes 620 main office members
and 312 branch office members. Thirteen years ago the membership consisted of 181 main office members and 13 branch office members. The
growth of the Association continues to be the moderate and gradual increase
demanded for a well-ordered organization. In the last year the few withdrawals from membership have been chiefly from houses which have ehanged
ownership. This slight decrease has been normal and has been more than
offset by the election of new members; 22 will be presented at the meeting of the board in December 1925. In addition, 20 more applications for
membership will be presented by the Membership Committee at the board's
first meeting in 1926. One year ago our membership was 617 main and
296 branch offices.
Finances.
The solidarity of the Association yearly becomes more gratifying. It is
evidenced by the greater co-operative efforts and harmony, not only in the
work done by the committees and officers, but by the ungrudging way in
which virtually the entire membership gives its time and thought to the
Association's activities. The finances of the organization are in excellent
condition. The income from dues for the present fiscal year, which began
Sept. 1 1925, will exceed $100,000. It is interesting to, note that about
90% of these dues were paid in September, although the time for payment did not expire until Nov. 30. The Association's income from dues was
$18,160 in 1913. In 1925 the income from dues amounted to $103,200. I
refer to these items briefly, as indicative of the financial condition of the
Association.
Commercial Paper Houses.
At the May 1925 meeting of the Board of Governors, the Membership
Committee was instructed to accept application for membership of houses
whose main activities consisted of the buying and selling of commercial
paper. In pointing out the eligibility of such houses to membership it was
set forth that the demarcation between short-term and long-term financing
was not such as to exclude commercial paper houses, provided they met the
membership requirements laid down for other classes of members.
Executive Secretary.
At the August 1925 meeting of the Board of Governors the Secretary had
the honor of being offered the newly-created position of Executive &eretary of the Association. The creating of this position was proposed by the
President and was authorized by the Board of Governors after a special committee appointed to consider the proposal, had unanimously recommended
that the position be created and that it be tendered to the Secretary, providing he could give his entire time to the work. The special committee
consisted of Mr. Roy C. Osgood, Mr. George W. Hodges, Mr. Eugene M.
Stevens and Mr. Charles Schweppe, who also recommended that the Secretary retain the duties of that office as well as to assume the new duties of
Executive Secretary. Every effort is being made to fulfill the considerable
results that the special committee and members of the Board expressed
themselves as expecting from the new executive position. As this office did
not become effective until Sept. 1, and is still in the first stages of developing its work, the Secretary will be grateful for any suggestions as to
how his office can more completely serve the membership in any way and
all ways at any and all times.
This Association has now become a well-known national organization and
will continue to grow and occupy a prominent place in the affairs of this
country just so long as its members continue their business along sound and
safe lines. No one man can do all this, but the President with such a Board
of Governors which we have had in the past working together and having
the backing of our membership, will continue their usefulness to the investment banking business and our one and only client, to the public.
Report of Committee on Constitution and By-Laws.
Eli T. Watson, of Watson, Williams & Co., New Orleans,
submitted to the convention the following report as Chairman of the Committee on Constitution and By-Laws, in
which provision was made for an increase in the membership
of the Board of Governors. The report was adopted.
As our Association has grown, it has covered so much territory and the
Groups have expanded to such an extent, that it has been deemed advisable
to increase the Board of Governors by six additional members.
The entire Pacific Coast, from Washington to California, is only. represented by two Governors while the Southern Group, reaching from Florida
to the western boundary of Texas, is represented by one.
Your President, Mr. Dysart, after an extended trip through the West and
South has requested our committee to prepare an amendment to our Constitution which will permit of an increase in the personnel of the Board
of Governors by six members and we herewith submit for your approval the
amendment, Section 1, Article 3, which was adopted by the Board of Governors at their August meeting:
The Association shall at each annual meeting elect a president,five
vicepresidents, a secretary, a treasurer, and ten full term governors of the
Association, and also any additional governors requisite to fill vacancies
existing for the respective unexpired terms. At the first annual meeting
occurring after this amended section becomes effective the Association
shall
also elect six additional governors, two of whom shall hold office
for
year, two for two years and two for three years. The term of each, one
president, the five vice-presidents, the secretary and the treasurer, the
shall
be for one year, and until their respective successors are elected at
the
ensuing annual meeting. The terms of the ten full term governors next
elected
at each annual meeting shall be three years and until their
respective
successors are elected at the third annual meeting succeeding that
they are elected. The president, the five vice-presidents, the whereat
the treasurer, the thirty governors, the first president, and the exsecretary,
whose term of office last expired shall constitute the board of -president
governors
and shall be entitled to vote at meetings thereof. The first president
be a member of said board only so long as he shall continue in the shall
bond
business, and his death or retirement from the bond business
create a vacancy, but from and after his death or retirement from shall not
business the board of governors shall be constituted by thirty-nine the bond
members
only. No governor having served a term of three years shall be
for re-election as such until after the expiration of one year. No eligible
shall be elected president, vice-president, treasurer or governor person
Association unless he be eligible as a delegate to the meetings of theof the
Association under the provisions of this constitution and whenever the president, or any vice-president, treasurer or any governor shall cease to be
so eligible the office by him theretofore occupied in the Association shall
become vacant, the vacancy thus created shall until the next annual meeting, be filled by the board of governors. The several officers and
governors
in office at the date whereon this amended section becomes effective are
hereby confirmed in office for the terms for which they were respectively
elected.
Respectfully submitted,
ELI T. WATSON, Chairman, WILLIAM CAVALIER
FRED S. DORTON,
CHARLES MFSQPNKOPF,
OLIVER J. ANDERSON,
COLIS MITCHUM.
SAM BURNS,
SIGMUND STERN.
2953
Progress of the Code of Ethics Committee of Investment
Bankers Association.
Following the report made by Pliny Jewell of Coffin &
Burr, Inc., of Boston, Chairman of the Investment Bankers
Associations' Committee on Business Conduct, President
Dysart said:
At the earlier session of the Board of Governors this year It was authorized
that a special committee be appointed toeonsider a proposed Code of Ethics.
That Committee has done a lot of work. It is not yet ready to submit
anything in the shape of a definite report. The Board felt, however,
that it would be well worth while to ask Mr. Jewell, the Chairman of
that special committee, to advise you of what progress has been made in
the work of this Committee. There will be no action taken on the report
which he makes this morning. It is submitted purely for purposes of
information.
Mr. Jewell's report of the Code of Ethics Committee
follows:
From time to time there has been agitation for a Code of Ethics to be
promulgated by the Association to govern rules of conduct of investment
bankers. Although there can be no differences of opinion as to the desirability of uniformity in practice, the moment codification is attempted
many practical difficulties present themselves. Could you expect each
individual salesman to refrain from offering the last German loan until
the syndicate date, when the syndicate managers were days and weeks
before that date touring the country and holding semi-public meetings
to educate the bond houses? And how are you to interpret "financial
institutions" when a college, because of the size of its investments. insists
upon (and receives) the institutional discount which is not given to smaller
colleges?
It is probably unnecessary to illustrate further some of the difficulties.
Nevertheless, it is the belief of your Committee that the time has now
arrived when the Association should prepare a code.
Our recommendations of the adoption of a code should not be interpreted
as a reflection on the security business as a whole, for we believe that
throughout the personnel of the Investment Bankers Association are to
be found as high principles and as high an average of integrity as in any
other field ofhuman effort.
Some public notice has been given to the Inscriptions in the Illinois
Merchants Trust Co. banking rooms, of which not the least striking is
this: "All the progress of men and nations Is based upon sacredness of
contracts."
From among the present generation of security salesmen will come the
Inheritors of these businesses of ours, having to do with that most delicate
instrument of business—credit. Your Committee feels strongly that
there is a solemn duty upon the Association to use every effort to see
that the environment and daily experience of these men should be of such a
character that they will think habitually in terms of good faith, which is
the "sacredness of contracts," rather than a mistrust and cynicism. If
the salesman is devious, he will be a devious banker.
We fortunately have the experience of three of the Groups that already
have concrete rules which in practice have been found workable, and
have undoubtedly resulted in the business in their respective territories
being conducted on a substantially higher plane, with greater harmony
and with no less profit. Your Committee has drawn liberally on the
results of the efforts of these Groups for the matter and even phraseology
of the code which are to submit for your consideration, and we should like
to take this occasion to give credit to them.
Nevertheless, your Committee does not believe that the time has yet coins
when the Association should set forth a code and regime to be followed.
Only a little study is required to reach the conclusion that conditions In
the various groups differ to such an extent that it is impractical to lay down
one set of rules for the entire country. Therefore, it would be our recommendation that a code be adopted covering the ground as well as possible
and submitted to the groups for their adoption as they see fit, and with
such modification as is necessary to meet local conditions. In the light of
human experience, it Is certain that whatever is adopted at this time will
require amendment and improvement, but time only can show us in what
manner changes should be made. If the report is, as amended, approved
by the Board of Governors it would naturally be communicated to the
membership; to be improved or modified as later Judgments of the membership and the Groups suggest, but in the meantime to be an effective guide.
111 PLINY JEWELL, Chairman.
MAX 0. WHITING.
24 Federal Street,
EUGENE E. THOMPSON.
Boston, Mass.
Crane, Parris & Co.,
T. STOCKTON MATTHEWS,
Washington, D. C.
Robert Garrett & Sons,
Baltimore, Md.
B. A. TOMPKINS,
ROY OSGOOD,
16 Wall Street,
First Trust & Savings Bank,
New York City.
Chicago. Ill.
The codeitself coverssuch subjects as defining recognized investing dealers:
time and manner of release of syndicate offerings; the proper basis of accepting securities in exchange for others and other rather technical matters.
In brief, it is an effort to eliminate a few practices detrimental to the
business and so ultimately to the investing public, which have largely crept
in as a result of the difficulties of corporate financing during and just after
the war.
"The Investment Bankers Association of America submits the following
Code of Ethics to the various Groups for their consideration. While it is
probably true that the least
-governed businesses—like peoples—are the
-governed, nevertheless there is a definite sentiment in various parts
best
of the country that a codification of the principles on which business should
be conducted should be prepared by the Association. One of the underlying motives for the formation of the Investment Bankers Association, as
stated in the preamble of the constitution, was
. . to secure uniformity
of action.'
"While complete uniformity of action or of practice in various parts of
the country is impractical if applied to all of the details, it is nevertheless
thought appropriate in the principle In the following code. It is submitted
to the Groups for their individual action."
Resolutions Adopted by Investment Bankers Association—Acknowledgement of Messages of President
Coolidge and Secretary Mellon.
The resolutions adopted at the concluding session of the
annual convention of the Investment Bankers Association
recorded the appreciation of the organization of the messages
2954
THE CHRONICLE
from President Coolidge and Secretary of the Treasury
Mellon, and the thanks of the Association to those otherwise
contributing toward the success of the meeting. These
resolutions follow:
Resolved, That the Secretary be directed to transmit to Mr. Peter 0.
Knight the sincere thanks and appreciation of the Investment Bankers
Association of America for his courtesy in addressing the Convention.
Resolved, That the Secretary be directed to transmit to Mr. E. H. Simmons, President of the New York Stock Exchange, the sincere thanks
and appreciation of the Investment Bankers Association of America for
his courtesy in addressing the convention.
Resolved, That the Secretary be directed to transmit to Mr. W.S. Gifford,
President of the American Telephone & Telegraph Co., the sincere thanks
and appreciation of the Investment Bankers Association of America for
his courtesy in addressing the convention.
Resolved, That the Investment Bankers Association of America in convention assembled records Its thanks to the
Seaboard Mr Line Railway Co.
Pennsylvania Railroad Co.
Florida East Coast Railway Co.
Southern Railway Co.
Peninsular & Occidental S. S. Co.
Illinois Central Railroad Co.
The Pullman Co.
Atlantic Coast Line Railroad
for the splendid transportation service furnished on the occasion of our
1925 convention, and that the Secretary be directed to forward to each
of the companies named a copy of this resolution.
Resolved, That the Investment Bankers Association of America in convention assembled hereby records it thanks and grateful appreciation for
the splendid assistance rendered In making our 1925 convention the most
successful In its history, by the
Banks of St. Petersburg through the Clearing House Association
St. Petersburg Chamber ofCommerce
Mrs. Walter L. Wylie and the
St. Petersburg Rotary Club
Members of her Ladles Committee
St. Petersburg Motor Club
Mr. James E. Coast
St. Petersburg Civitan Club
Mr. Robert Leasing
St. Petersburg Kiwanis Club
Mr. Jack Taylor
St. Petersburg Yacht Club
The Pasadena Golf & Country Club Mr. Charles It. Hall
Mr. A. T. Thomasson
The Lakewood Estates
St. Petersburg Golf & Country Club Mr. C. C. Carr
Mr. E. E. Naugle
St. Petersburg Kennel Club
Mr. Joseph Touart
St. Petersburg "Times"
St.Petersburg"EveningIndependent" Mr. Bird Latham
Dr. Walter L. Wylie
St. Petersburg "Daily News"
and all others assisting.
Their most courteous attention has made the visit to St. Petersburg of
all attending the convention a most happy and delightful experience which
will ever be remembered.
[Vox, 121.
For President:
Ray Morris, Brown Brothers & Co., New York.
For Vice-President:
Arthur H. Gilbert, Spencer Trask & Co., Chicago.
Pliny Jewell, Coffin & Burr, Boston.
John W. MacGregor, Glover & MacGregor. Pittsburgh.
Tom K. Smith, Kauffman. Smith & Co., St. Louis.
Eli T. Watson, Watson, Williams & Co., New Orleans.
For Secretary:
Frederick R. Fenton, Chicago.
For Treasurer:
Frank M. Gordon, First Trust & Savings Bank, Chicago.
For Governors:
Frank C. Nicol, Nicol, Ford & Co., Detroit.
(To succeed C. H. Moore, Detroit, resigned, for unexpired term
ending 1926.)
Clarkson Potter, Hayden, Stone & Co., New York.
(To succeed Pierpont V. Davis, National City Co., New York.
resigned, for unexpired term ending 1927.)
Three-Year Terms Ending 1928.
Sigmund Stern, Stern Brothers & Co., Kansas City.
Carroll J. Waddell, Drexel & Co., Philadelphia.
R. A. Wilbur, The Herrick Co., Cleveland.
Alden H. Little, Little & Moore, Inc., St. Louis.
Joseph R. Swan, Guaranty Company of New York.
John P. Baer, John P. Baer & Co.. Baltimore.
J. H. Gundy, Wood, Gundy & Co., Toronto.
Charles T. Sidlo, Sidi°, Simons, Day & Co., Denver.
For Governors to fill new offices created by amendment Section 1.
Article VIII of the Constitution, adopted Dec. 8 1925:
Three-Year Terms Ending 1928.
John E. Jardine, Wm. R. Stoats Co., Los Angeles.
Charles R. Blyth, Blyth. Witter & Co., San Francisco.
One-Year Terms Ending 1926.
Benjamin H. Dibblee, E. H. Rollins & Sons, San Francisco.
Willis K. Clark, Geo, II. Burr, Conrad & Broom, Portland, Ore.
Following his election, Mr. Morris, the new President,
made the following remarks:
Mr. President and Gentlemen:—I have been very carefully advised by a
number of people that there are two things I must not do on this occasion.
I cannot take the chair, the President has told you all that, and I must not
make a speech. So that is understood.
I merely want to say, anyway, that a follow who made a speech about
what he was going to do would be doing a very dangerous thing, because
it might not work out that way, but I think anybody that has watched the
work of this Association and has taken some minor part in it for four or
five years cannot help feeling tremendously enthusiastic about the kind
of work that is done and the way it has been done and the kind of people
that are doing it. It is going to be a great plaesure to me to be actually in
that party. I do not think I can do as good a job as this fellow, but I
will do as well as I can. Thank you very much.
Resolved, By the Investment Bankers Association of America In convention
assembled, that we hereby record our thanks and appreciation of the
At the concluding session on the 11th inst. President Morris
valuable services of Messrs. Kelton E. White, Trowbridge Callaway,
James C. Willson, James N. Wright, J. Clark Moore, Jr., and Harry announced as follows his selections for committee chairmen:
Rascovar in perfecting arrangements for the 1925 convention, and that
Gentlemen, this Association has been particularly fortunate In the numthe Secretary be directed to communicate a copy of this resolution to ber of conspicuously able men who have worked faithfully and clear-headedly
each of the gentlemen named.
on these committee jobs, and it is very fortunate this year in the announcernents that I am now able to make of the incoming committee chairmen.
Resolved, That the members of the Investment Bankers Association of With one exception, that of the very important Securities Law or Blue Sky
America in convention assembled at St. Petersburg, Florida, gratefully Committee, the list is full.
acknowledge the thoughtful and friendly greetings presented to them by
Business Conduct, Chairman, Pliny Jewell.
the Hon. Calvin Coolidge, President of the United States, in his letter of
Commercial Credits, Chairman, Walter E. Sachs.
Dec. 1, addressed to the President of the Association, and profoundly
Constitution and By-Laws, Chairman, Sigmund Stern.
appreciate his commendatory comments with regard to the activities of
Circulars, Chairman Henry R. Hayes, special committee.
the Association in their efforts to contribute to a better understanding by
Education, Chairman, Lawrence Chamberlain.
investment finance. Be it further
the public of the principles of sound
Finance, Chairman, Walter W. Brewster.
Resolved, That the retiring President of the Association be, and he is
Foreign Securities, Chairman, IIoward F. Beebe.
Whiting.
hereby directed, to appropriately express to the President of the United
Government and Farm Loan Bonds, Chairman, Max 0.
States the purport and sentiments of this resolution.
Industrial Securities, Chairman, R. A. Wilbur.
Irrigation Securities, Chairman, Joel E. Ferris.
13e it Resolved Thatthe members ofthe Investment Bankers Association of
Legislation, Chairman, Hugh W. Grove.
America, in convention assembled at St. Petersburg. Florida, gratefully
Membership, Chairman, Thomas K. Smith.
acknowledge the greetings of the Hon. A. W. Mellon, Secretary of the
Municipal Securities, Chairman, Alden H. Little.
Treasury of the United States, expressed in his letter of Dec. 4 1925, to
Public Service Securities, Chairman, Richard E. Norton.
and be it further
the President of this Association,
Publicity, Chairman, Robert Stevenson. Jr.
Resolved, That the members of this Association have observed with deep
Railroad Securities', Chairman, Joseph R. Swan.
Interest and profound satisfaction the sound views, policies and accomplishReal Estate Securities, Chairman, Clarkson Potter.
ments of the Secretary of the Treasurywith regard to governmental economy,
Taxation, Carl J. Waddell.
public debt. Be it further
taxation and orderly retirement of the
We will send out a bulletin, in due course, giving the full personnel of
Resolved, That the retiring President of the Association be, and he is the committees.
hereby directed, to appropriately express to the Secretary of the Treasury
the purport and sentiment of this resolution.
Vote of Thanks to Retiring President Dysart of
Investment Bankers Association.
Vote of Thanks by Investment Bankers Association
to W. A. Harriman & Co.
In offering a vote of thanks to retiring President Dysart,
Eugene Thompson, who presented the Report of the Com- Mr. Thompson said:
mittee on Resolutions, offered as a motion, the following,
Now, Mr. President, it has been customary on occasions of this kind.
for some one to say some kind
voicing the thanks of the convention to W. A. Harriman & when the convention was about to close,not know of anything that is not
things about the retiring President. I do
Co. for the use of its wire service.
think that we might offer a vote
about him. I do
I
Mr. President. I think we might depart just a little bit from the usual
course. I know it has been a great satisfaction to many ofthe members of
the convention to have had the courtesy of the use of the Harriman wire
system, and I feel that the Committee on Resolutions, while they did not
take up the matter, would gladly wish that the convention adopt a vote of
thanks to W. A. Harriman & Company for their splendid courtesy in
furnishing us their wonderful wire system at all our conventions, especially
this one.
The motion was carried.
Newly Elected Officers of Investment Bankers Association—Remarks of President-Elect Ray Morris—
Committee Chairmen.
At the session on the 9th inst. of the convention of the
Investment Bankers Association the following officers were
unanimously elected for the ensuing year—there being no
contest, but one ticket being presented:
kindly that could say
of thanks and appreciation for the "little barefoot boy from Missouri."
Applause and cheers came in response to Mr. Thompson's remarks.
Investment Bankers Association's Appreciation of
St. Petersburg's Reception.
The following felicitations brought to a close on Dec. 12
the annual convention of the Investment Bankers Association:
Secretary Fenton: Mr. President, during the preparations for this
convention which have been going on for several months, we have had
Commerce.
unusual co-operation from the St. Petersburg Chamber of
It has been my pleasure and work for 14 years to make arrangements for
these conventions. We have always met where we have had our own
membership, whether small or large, but never in the history of this Association have the men who composed the committee appointed by the St.
Petersburg Chamber of Commerce been equalled in their endeavor and in
the entertainment provided for our convention. I think that the two men
who perhaps have been more active in the work than any others are Mr.
DEC. 191925.]
THE CHRONICLE
James H. Coad, the Executive Vies-President of the Chamber, and Mr.
Thomasson, President of Central National Bank, of this city, who was the
Chairman of the Committee, and I am going to ask at this time, with the
permission of the Chair, to have Mr. Thomasson step forward.
Mr. Thomasson: President Dysart, Secretary Fenton, and gentlemen of
the Convention: I really feel like there is very little to say now because you
have already said it. The most gratifying thing to us in St. Petersburg at
the conclusion of this convention is that the judgment of your President
and your Secretary in recommending St. Petersburg as a place for your
meeting has been vindicated to you. As I suggested the other morning,
we are particularly gratified that your Association could be with us at this
time in Florida history. I know that your time is limited. You are all
hooked up to go', and I just want to say that the only regret we have now is
that after getting all organized and everybody going good and everybody
going strong, that you are now going to leave, and I can only at this time
suggest that we wish you a pleasant trip and a safe return home. We
have cautioned everybody that we had nothing to sell, that we wanted to
give you what there was to give, and we feel like perhaps you are satisfied.
If there is anything that we have given you that you are not satisfied with,
we want you to return it, but be careful what time you return it. I thank
you very cordially on behalf of the City of St. Petersburg and we sincerely
trust that you will come again, and often.
Secretary Fenton: Mr. Thomasson is going to make so sure that we get
out of this State that he is to-day going to escort us on the trip. He is
also to be accompanied by the man whom I claim from years of experience
is the greatest organizer that I ever met in my life, and I now present to
you James E.Coad,Executive Vice-President of the Chamber of Commerce.
Mr. Coad: Mr. President, Mr. Secretary and gentlemen of the Convention: During the past 15 years I have had the pleasure of meeting most of the
Conventions of the United States, I have had the pleasure of attending most
of them and being personally acquainted with them, but it has never been
my honor or pleasure to find a greater, a more lovable bunch of men than
I have found in the representatives of this Convention here. I appreciate
very much the honor that has been conferred upon me to have a little part
in your entertainment and in making your stay somewhat pleasant.
When St. Petersburg first had the opportunity to invite the convention
here, we went after it with just this word:"We want you to come to Florida.
We would like to have you come to St. Petersburg. If you can't come to
St. Petersburg, come to Florida, anyhow, and the City of St. Petersburg
will co-operate with any city in the State for your entertainment, because
gentlemen, we believe in you and we believe in the institution you represent.
We have had an opportunity for the past ten days of rubbing elbows with
-your members, and our fondest expectation and our fondest dreams
many of
of that relationship have been confirmed and even enlarged on,And we are
mighty glad you are here. We hope you will come again and when you do
come back to the State of Florida, there is always a welcome for you in the
Sunshine City. We are only sorry that old Sol has not been working overtime during your stay here, but he wanted to show you this, the fact that
he does hide his face once in a while so that we appreciate him all the more
when he comes out, and for the past sixty days he has been steadily on the
2955
Job. He just got off the job when you boys arrived because he knew you
would bring sunshine enough to us so that we would not need him during
that time; and, of course, the facts are, too, that he wanted to show you
a different variety of sunshine than possibly you are familiar with, and that
is our brand of sunshine that we get so seldom that we have christened
It liquid sunshine. So on Monday he gave you a sample of that. On
Tuesday he gave you another sample, a little different variety of weather,
and as has been said about New England, we do have a variety of weather
as well as a variety of some other things. . . .
We are mighty glad you are here. We hope your stay has been enjoyable.
Gentlemen, just by way of announcement, I think I have said to you
before, I expressed, and Mr. Thomasson has expressed the appreciation of
St. Petersburg, and of the Chamber of Commerce for your stay here. I
might just add this word at this time, that the Association of the Chamber
of Commerce with the officials of the Investment Bankers Association of
America has been one continuous round of pleasure. There have been no
duties that have been in any way troublesome. We have had many to
perform, it is true, but it has been a real pleasure to hear the phone ring
in our office and the voice say: "This: Fred, Jim. How about so and so?".
"They are on their way, and they will be over there in a minute," or something else.
We have tried to co-operate with Fred, and in Fred Fenton we found one
of the finest type of organization gentlemen that it has ever been our
pleasure to know. I want to congratulate you on the fact of having a man
to head up your organization like Mr. Fenton, because, after all, the
responsibility and the success of an organization depends on a driving
power constantly in the office, directing and driving that organization on.
You men are busy in your own office, and you need a man at the head that
will do the work that you would like to have done. You are very fortunate.
We are very glad to have had the association of Mr. Fenton and Mr.
Dysart and all the members of your convention.
Investment Bankers' Trip to Cuba.
After the close of the business sessions of the Investment
Bankers Convention at St. Petersburg, a trip on the steamer
Northland down the west coast of Florida and to Havana
was participated in by the members. A stop of two days
at Havana was planned, during which opportunity was
given not only to become familiar with the historical and
pleasurable features of Havana and Cuba, but to inspect
also many of the industrial plants in and about Havana.
After leaving Havana, the Northland was scheduled to
call at Key West where special trains were in readiness to
proceed over the Florida Keys to Miami.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Dec. 18 1925.
Naturally, holiday trade is the leading feature of business
at this time. Preparing for inventories has a tendency to
halt wholesale business, so that it is not surprising to find
that in this direction there is on the whole less activity. It
Is true that in some branches of the steel trade there is a
good business and Pittsburgh is said to be working at 90%
of capacity. Auto steel meets with a good demand and the
tin plate output this year is 10% larger than ever before.
Yet in not a few directions the steel trade feels the preholiday lull. Pig iron has been in the main quiet, though
basic has latterly sold readily enough at Pittsburgh, where,
it appears that 30,000 tons have recently been taken. Locomotives meet with a good demand. Copper, tin, lead and
zinc have all declined, though generally rising in London.
Cotton has declined slightly with reports of large ginnings
and an idea in some quarters that the crop has been, if
anything, underestimated. Cotton exports have at times
been large, however, and the higher grades still command
large premiums. Print cloths have been in rather better
demand, but other cotton goods have been dull. Wool has
been dull, weak and nominal, with foreign auctions showing
lower prices. Woolen and worsted goods are, as a rule,
dull. Wheat prices have advanced during the week, with
persistent reports of damage to the crop in Argentina,
though these reports are often so conflicting that the gradc
trade has come to regard them with some bewilderment, it
not suspicion. There is evidently, however, more or less
apprehension in the grain markets of Europe, both because
of the failure of Russia to supply the amount of wheat that
was expected from Soviet reports given out months ago, and
also because of the apparent certainty that the exportable
surplus of Argentina will fall very much below that of last
year. Argentina then exported 172,184,000 bushels, the
largest on record for that country. Now the surplus is estimated at anywhere from 100,000,000 to 140,000,000 bushels,
with some such total as 100,000,000 to 125,000,000 bushels
considered not improbable. The export trade on this side
of the water, however, has latterly fallen off and all foreign
markets within a day or two have declined, presumably as a
natural reaction after the recent rapid advance. Corn has
been declining, the drop for the week being some 3 cents a
bushel, in the absence of anything like an eager demand,
whether domestic or foreign. There has been less export
trading also in oats and rye, both of which are somewhat
lower than they were a week ago. Retail and general trade
would no doubt be better in this country but for the decline
within the last few months in the prices of corn and cotton.
It is pointed out, however, that some improvement in the
banking situation of the Far Northwest has a tendency to
stimulate trade to a certain extent.
The output of bituminous coal and coke is now very large,
with every appearance of a deadlock in the movement for a
settlement of the anthracite strike. Mr. Lewis is quoted
as intimating that the strike may go on for a full year. In
the jobbing trade there is a brisk demand, mostly in reorders. Coffee has advanced as a natural recovery, whether
temporary or otherwise, after a decline recently of some 3
cents per pound. The Brazilian markets have latterly been
stronger. Sugar advanced for a time and then reacted,
although the recent high estimates of the Cuban crop have
been disputed in some quarters. The silk industry is fairly
active and rayon business is steadily expanding at home
and abroad. The cotton mills are taking up rayon as a side
line. The linen industry is rather more active. Raw silk
has been dull. There has been a sharp decline in prices
for rubber. In one day they fell 13 cents per pound here.
The tendency is to increase supplies, partly through the
development of new sources of production. The extravagant
prices which have ruled this year could have no other effect
than to stimulate the output in different parts of the globe.
Speculation in fact provided a bounty to encourage rubber
culture. Building keeps up on a very liberal scale. Some
reports indicate a decrease in November as compared with
October of about 15%%, but an increase of nearly 27% compared with November last year. It is noticed that failures in
general trade make a more cheerful exhibit than at this
time for four years past. The output of automobiles and
auto trucks in the United States is something almost incredible. The car loadings are very large, with big shipments of coal and a larger movement of grain. The stock
2956
THE CHRONICLE
market has been distinguished by noteworthy activity and
strength. Railroad stocks in particular have moved upward and the average of such securities has reached the
summit figures of 1916. All good securities, however, have
been in keen demand at rising quotations, undeterred by an
advance in call money to 5%%. The Bank of England has
not raised its rate of discount and to-day it is gratifying to
notice that French francs moved up sharply with a brisk
demand. They advanced noticeably in London and that
market took on a more cheerful tone. It was emphasized by
the excellent demand for better class of stocks. France's
financial position is still in lamentable contrast with that
of some other countries, but there has been a change in
Finance Ministers and it is hoped that the turn of the long
lane will soon be reached. It is a hopeful circumstance that
France sees the necessity of arranging some plan for the
payment of her debt to this country. This is a matter of
imperative necessity if France is to borrow money in any
of the big financial centres of the world. 'It is a fact, however, that it is not so much foreign capital that France needs
at the moment as a thoroughgoing financial housecleaning
in its own country. It will have to face more drastice taxation, and dismiss such projects as the capital levy, which
has too much of a Communistic and Soviet look at a time
when the world is more and more resolutely turning its
back on financial nostrums of this kind.
New Bedford cotton mill dividends for the last quarter
of the year averaged $1 33, against $175 in the third quarter. At West Chelmsford, Mass., the plan of the Sugden
Press Bagging Co. is being converted into a fancy cotton
goods mill named the Sugden Co. New looms are being installed. At Biddeford, Me., if the strike is not quickly settled at the Pepperell Manufacturing Co. its effect will be a
curtailment at the Lewiston Bleachery & Dye Works, Inc.,
Lewiston, Me., which is supplied by the Pepperell plant. At
Nashua, N. H., the Nashua mills, making Indian Head cloths
and blankets, are now running at approximately 75% of
capacity. This includes some night work from time to time.
They employ more than 3,600 operatives at both the Jackson and Nashua mills.
At Manchester, N. H., all the rayon looms of the Amoskeag mills will be in operation nights before the end of the
month. The total number is more than 1,200. This department has been running full time on the day schedule. About
5% of the more than 24,000 looms of the mills are now running on rayon cloths. The cotton division of the Amoskeag
is operating at upward of 60%. At Suncook, N. H., $00
looms at the Suncook mills are now running on women's
rayon dress goods. These mills are working at 50 to 60%
capacity and recently installed new machinery in order to
turn out venetians, poplins, broadcloths and various cotton
fabrics mixed with rayon and silk. The Suncook mills are
the fifth largest in New Hampshire. In New Hampshire
the woolen mills are busier. The worsted division of the
Amoskeag Co. is operating at over 70%, employing 3,500
operatives. Wool sorters are being added.
At Sunapee, N. H., the Brampton Woolen Co. has been put
on a 24-hour day schedule. At East Rochester, N. H., the
Ford Motor Co. is now placing orders with the Cocheco
Woolen Co., which recently increased operations. The
Southern Yarn Spinners' Association of Charlotte, N. C.,
says that spinners are reported to have orders to last them
until well into next year and are apparently not seeking
business at the present level of prices. It hopes that now
the size of the crop is more definitely determined that
prices will stabilize and business become normal. Tire
mills are employing two full shifts in some instances and
in a few departments even more. The activity, it is said,
Is likely to continue into the spring.
At Paterson, N. J., demand for sheer silks outruns the
supply. But many silk plants there are planning to close
10 days over the Christmas holidays, Manchester cotton
trade is dull and depressed. Tattersall says there may be
further financial difficulties.
Mail order houses are closing the best year in their history. Montgomery Ward & Co.'s 1925 sales and profits will
establish a record; Sears, Roebuck & Co.'s will approximate
its sales record of $257,930,025 in 1919 and may exceed that
year's profits of $18,890,125. S. S. Kresge Co.'s sales for
November were $9,425,235, an increase of 12.44% over
November 1924. Sales for the first 11 months of this year
were $87,982,054, an increase of 14.18% over the corresponding period of 1924.
[VOL 121.
The Ford Motor Co. closed a contract for 10,000 Fordson
tractors, with equipment, plows and spare parts, to be sold
to the Russian Government for an aggregate amount of
$6,000,000. Shipment of the tractors will be made in time
for them to reach the agricultural districts of Russia for
the next spring work.
Car loadings for the week ending Dec. 5 were 1,020,873,
an increase of 97,660 over the preceding week and 51,3E8
over the corresponding week of 1924.
Blizzards and snow storms on the 14th inst. interrupted
the air mail in the Rocky Mountain district. Railroads had
to use snow plows in Colorado and Wyoming. Colder
weather prevailed in the Central West. New York had a
light fall of snow in the early morning of the 16th inst.
Rains were general in the South except in Oklahoma and
northern Texas. Here on the 15th inst. it was 25 to 36; in
Chicago 30 to 32; Detroit, 24 to 30; Cleveland and Milwaukee, 28 to 32; Cincinnati, 28 to 38; St. Paul 14 to 26. Snow
flurries occurred here on the 16th. To
-day it was cold and
clear here, with 26 degrees at 8 a. m. and 37 at 3 p. m., with a
forecast for continued fair weather and little change in
temperature. It was generally cold in this country. It was
10 to 20 degrees at Chicago yesterday, 14 to 38 at Cincinnati,
20 to 28 at Cleveland and 2 to 12 at St. Paul.
Oscar Wells, President of American Bankers Association, on Business Outlook.
Oscar Wells, President American Bankers Association,
who arrived at St. Louis Dec. 10 to attend the meeting of
the Administrative Committee of the American Bankers
Association and of the Mid-Continent Fiduciary Conference,
made the.following statement regarding the business outlook:
The most satisfactory feature in the business situation, and one that will
bear emphasizing again although it has been frequently commented upon
by others. is that neither inflation nor speculation is playing a part in the
basic industry and trade of the country.
Bankers attending the meeting of the Administrative Committee of the
American Bankers Association and the Mid-Continent l'udiciary Conference agree that, to a very unusual degree for so active a business period,
the financial, industrial and mercantile activities of the nation involved in
the production, distribution and consumption of commodities are, generally
speaking, free from overtarding and unwise expansion.
Some make an exception in regard to building construction, expressing
the belief that expension here is continuing at too fast a rate and that any
sudden reaction would be widely felt because of the size of this business and
because of the number of other important lines related to it. They therefore regard as timely measures aimed to promote a gradually modified pace.
It seems generally agreed that stock speculation had gone to a point
warranting the salutary check that recently came to it. In this connection
it is noted that the adjustment in the security market, although one of the
most severe in history, was accomplished without demoralization in the
stock market itself and with no ill effect on general conditions, and the deepseated soundness of business and finance are held to have been a factor
contributive to these circumstances.
In Florida, also, land speculation has gone beyond the bounds of
conservatism. The explanation seems to be that the real potentialities of
Florida, which have long been there and might have been developed more
conservatively over a long period, have suddenly become generally realized
and are being exploited rapici;y—perhaps too rapidly, butsince fundamental
values are there, what adjustment may become necessary will be in detail
where things have been overdone rather than in any general reaction.
As to the future outlook for the country's business in general, some are
inclined to feel that the great activity of to-day will necessarily lead to a
period of inflation as optimism and success beget over-optimism and a
tendency to take chances. I believe, however, that the country is better
equipped than ever to study business conditions and dangers and to steer
a more direct course. This will tend to reduce Our deviations from straight
and prosperous progress, just as a great liner, equipped with powerful
engines, its rudder steadied by mechanically true steering apparatus and
navigated in full knowledge of ocean currents and impending weather,
can make a truer course than the ancient sailing vessel subject to the uncertainties of unknown winds and tides and lacking strong driving powers of
its own. I think our bankers and business men of to-day are inclined to
avail themselves of the opportunity to pursue a wiser, steadier business
course than ever before.
Crude Oil and Gasoline Prices Advance.
Advances were made in the prices of crude oil, fuel oils
and gasoline during the current week, in some sections being
merely in the nature of local adjustments but- in others being
the result of increased demand. For the latter reason t he
Joseph Seep Crude Oil Purchasing Agency on Dec. 12 advanced all grades of Pennsylvania crude 25c. a barrel. Other
Eastern grades of crude remain unchanged. The new prices
compare as follows:
Grade—Prices.s.
New
Bradford Dist. Oil in Nat'l Transit Co. Lines----S3 65
Penn. in N. Y. Transit Lines
3 65
Penn. in National Lines
3 55
Penn. in S. W. Pa. Lines
3 55
Penn. in Eureka Lines
3 50
Penn. in Buckeye Lines
Gaines in National Lines
es
33
295
0
Corning in Buckeye Lines
Cabell in Eureka Lines
19
210
5
Somerset Med. in Cumberland Lines
2 20
Somerset Light in Cumberland Lines
2 35
Ragland in Cumberland Lines110
Prices.
$340
3 30
330
3 30
2 9025
33
l 918
2 20
2 35
110
vance.
Ad$0 25
0 25
025
0 25
0 25
0 25
None
None
i
None
e
None
This is the second advance to made in Penn. crude since
Aug. 29 1925, as prices on all grades were increased 25c. a.
barrel on Nov. 23 1925. (See our issue of Nov. 28, p. 2584.)
DEC. 19 1925.]
THE CHRONICLE
The Standard Oil Co. of New Jersey on Dec. 11 announced
an advance of %c. a gallon in export kerosene prices, making
the new quotation 19.40c. for water white in cases.
Fuel oil for industrial use shows further firmness and the
price of the 30-32 gravity on Dec. 15 advanced %c. a gallon
to 7.03c. Pittsburgh. In the North Texas region the price
of fuel oil is recorded at $1 60 to $1 70 a barrel, the highest
prices posted in five years. Gulf Coast bunker C fuel oil
in cargo lots is quoted firm at $1 45, Gulf ports delivery,
and at $1 50 to $1 60 according to location. Smackover
fuel oil is quoted at 973/i to $1 a barrel, against 400. posted in
the early summer. Shreveport fuel oil is quoted firm at
$1 05 a barrel.
Gasoline prices were also advanced in certain sections of
the country throughout the week, with one slight reduction
in Pennsylvania the only exception. The refiners it was
reported from Pittsburgh on Dec. 11 reduced the price of
gasoline Yic. per gallon. On Dec. 10 U. S. Motor gasoline
was quoted at 103i to 103'c. a gallon at Tulsa refineries,
compared with price of 10c. a gallon a month ago. The
Standard Oil Co. of Nebraska on Dec. 15 advanced the
price of gasoline 2c. a gallon, the tank price now being 163.4e.
with 2c. State tax additional. The retail price was advanced
to 20%c. Practically all companies made the advance.
The Standard Oil Co. of Indiana on Dec. 17 advanced the
price of gasoline le. per gallon throughout its territory.
In Wichita, Kan., where a price war has been waging, the
wholesale price was advanced 10.8 to 17.8c. a gallon. According to local opinion this action indicated an end to the
price war.
The Standard Oil Co. of Ohio also announced an advance
in the gasoline price of lc. a gallon throughout the territory
served by the company, effective Dec. 17.
It was reported that numerous independent companies had
advanced the price of gasoline 2c. a gallon in thirty points in
South Dakota, where there have been local price wars during
the recent months of overproduction. Late on Dec. 18, it
was reported that the Standard Oil Co. of Kentucky had
advanced the price of serVice station gasoline lc. a gallon,
and the price of kerosene 2c. a gallon in Atlanta, Ga., and
lc. a gallon in Mobile.
2957
against 13,750 barrels; Reagan County, west central Texas,
33,850 barrels, against 33,450 barrels; Haynesville, north
Louisiana, 11,600 barrels, against 11,900 barrels; Cotton
Valley, 8,850 barrels, against 8,900 barrels, and Smackover,
Ark., light, 20,900 barrels, against 21,350 barrels; heavy
169,000 barrels, against 175,450 barrels. In the Gulf Coast
field Hull is reported at 16,850 barrels, against 16,300
barrels; West Columbia, 9,850 barrels, against 9,950 barrels;
Orange County, 15,850 barrels, against 15,350 barrels; South
Liberty, 10,300 barrels, no change; and in the southwest
Texas field,Luling is reported at 22,300 barrels,against21,600
barrels; Lytton Springs, 8,750 barrels, against 8,400 barrels.
In Wyoming, Salt Creek is reported at 60,000 barrels,
against 60,350 barrels.
In California, Santa Fe Springs is reported at 51,500
barrels, against 53,000 barrels; Long Beach, 110,000 barrels
against 109,000 barrels; Huntington Beach, 45,000 barrels'
against 45,500 barrels; Torrance, 32,000 barrels, no change,
Dominguez, 26,000 barrels, no change; Rosecrans, 22,500
barrels, against 23,500 barrels; Inglewood, 68,000 barrels,
against 68,500 barrels, and Midway-Sunset, 95,000 barrels,
against 99,500 barrels.
Automobile Prices and New Models.
Among the changes in price and the introduction of new
models during the fortnight just passed were those announced
by the Paige-Detroit Motor Car Co. On Dec. 12 this company introduced a new line of Jewett six-cylinder cars with
a number of distinctive features, listing $995 for the twodoor sedan and $1,095 for the de luxe model of the same
type. Other models in this line will be brought out later,
it is stated. The Chrysler Corporation, it is understood,
will announce within the near future a new high powered
car which will be rated at 100 horsepower and with a speed of
80 miles an hour. The new car will sell in the sedan type at
approximately $2,600. It will have a longer wheelbase and
other changes from the present Chrysler model. Dodge
Bros., Inc., is planning a large reduction in prices on its complete line of cars effective Jan. 7 1926. It is understood the
price reductions will range from $50 to $200 and an unusual
circumstance is that the new schedule of prices will be retroactive and will be applied to all purchasers of Dodge cars
after Dec. 15. The Chandler Motor Car Co. will advance
the price of various models $100 per car on Jan. 1. The
advance, it is said, affects the closed models only, and the
new schedule is: Twentieth Century sedan $1,590, Royal
sedan $1,835, Metropolitan sedan $1,895, seven passenger
sedan $1,995, brougham $1,795.
Decline Recorded in Crude Oil Production.
A reduction of 12,700 barrels was reported by the American
Petroleum Institute in the estimated daily average gross
crude oil production in the United States for the week ended
Dec. 12, when the output was 2,028,050 barrels, as compared with 2,040,750 barrels for the preceding week. The
daily average production east of California was 1,395,050
barrels, as compared with 1,405,750 barrels, a decrease of
Weekly Lumber Movement Increases.
10,700 barrels. The following are estimates of daily average
Telegraphic reports received by the National Lumber
gross production by districts for the weeks indicated:
Manufacturers Association indicated the status of the lumber
DAILY AVERAGE PRODUCTION.
industry for the week ended Dec. 12, from 398 of the larger
(/n Barrels)Dec. 12 '25. Dec. 5 '25. Nov. 28 '25. Dec. 13 '24.
softwood and 118 of the chief hardwood mills of the country.
Oklahoma
472,000
465,400
489.650
529.300
Kansas
103,400
103,750
105,650
86,300 The 359 comparably reporting softwood mills reported
North Texas
84,800
87,150
83.300
92,200
East central Texas
70,450
70,550
67.650
125,100 increases in production, shipments and new business, as
West central Texas
76,950
79,050
73,850
53,750
Southwest Texas
40,600
39,400
39.500
51.950 compared with reports from 336 mills the previous week.
North Louisiana
44,900
45.300
44.850
51,550 Increases in production and shipments, and an
Arkansas
200.950
207.850
apparent
205,400
110,350
Gulf Coast
90,500
91,300
85,750
80,500 decrease in new business, were noted in comparison with
Eastern
104,000
105.000
105.000
109,000
Wyoming
80,600
81.100
78,850
75.050 reports for the same period a year ago, when, however,
Montana
16,300
18.750
18.750
7.500 15 more mills reported.
Colorado
5.150
The hardwood reports gave large
5.300
4,850
1.300
New Mexico
5,300
5,000
5,200
450 increases in all three factors, but there were 17 more reporting
California
635,000
633,000
637,000
603,000
mills than the week before.
Total
2.028,050
2,040.750
2,045,250
1,977.300
The unfilled orders of 229 Southern Pine and West Coast
The estimated daily average gross production of the
Mid-Continent field including Oklahoma, Kansas, north, mills at the end of last week amounted to 613,295,723 feet,
east central, west central and southwest Texas, north as against 611,741,319 feet for 228 mills the previous week.
Louisiana and Arkansas, for the week ended Dec. 12 was The 127 identical Southern Pine mills in the group showed
1,092,250 barrels, as compared with 1,100,250 barrels for unfilled orders of 273,438,396 feet last week, as against
the preceding week, a decrease of 8,000 barrels. The Mid- 282,125,004 feet for the week before. For the 102 West
Continent production, excluding Smackover, Ark., heavy Coast mills the unfilled orders were 339,857,327 feet, as
oil, was 923,250 barrels, as compared with 924,800 barrels, against 329,616,315 feet for 101 mills a week earlier.
Altogether the 359 comparably reportirg mills had shipa decrease of 1,550 barrels.
ments 105% and orders 108% of actual production. For
In Oklahoma production of South Braman is reported
at
4,650 barrels, against 5,200 barrels; Thomas, 16,050 barrels, the Southern Pine mills these percentages were respect:vely
against 16,400 barrels; Tonkawa, 42,050 barrels, against 113 and 101, and for the West Coast mills 109 and 126.
Of the reporting mills, the 354 with an established normal
40,750 barrels; Garber, 41,950 barrels, against
49,050
barrels; Burbank, 46,900 barrels, against 47,600 barrels; production for the week of 215,563,891 feet, gave actual
Davenport, 20,750 barrels, against 20,900 barrels; Bristow- production 103%,shipments 110% and ordeis 114% thereof.
The following table compares the rational lumber mov( Slick, 31,250 barrels, against 30,950 barrels; Cromwell, ment as reflected by the reporting mills
of seven regioi...'
20,900 barrels, against 21,100 barrels, and Papoose, 13,750 associations for the three weeks indicated:
barrels, against 13,250 barrels.
Correvonding
Preceding
•
List
Week
Week 1925
The Alexia pool, east central Texas, is reported at 15,900
Week.
1924.
(Rerised).
Mills359
.374
barrels, against 15,950 barrels; Corsicana-Powell, 36,850 Production
336
227.645.441
221.023.108
210,713199
238.122.045
barrels, against 37,250 barrels; Wortham, 14,200 barrels, Shipments business)
237,514.350
229.320:874
Orders (new
246,716.691
267.095.765
.
214.838,495
2958
THE CHRONICLE
The following revised figures compare the lumber movement of the seven associations for the first 50 weeks of 1925
with the same period of 1924:
Production.
12,013,477,874
11,494,385,413
1925
1924
Orders.
11,729,427,133
11.354,430,754
Shipments.
11,881,761,775
11,469,886,673
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 the foregoing tables. Twenty-three of these mills reported
a cut of 19,259,000 feet, shipments 24,431,000 and orders
17,459,000. The reported cut represents 74% 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. 9 reported from
16 mills a production of 5,089,536 feet, shipments 7,020,000
and orders 7,260,000. In comparison with reports for the
previous week, when one more mill reported, this Association
indicated some decrease in production, and nominal increases
in shipments and new business.
Production and Shipments of Lumber During
October.
The "National Lumber Bulletin," published monthly
by the National Lumber Manufacturers Association of
Washington, D. C., and Chicago, Ill., on Dec. 7 1925
gave the following statistics on the production and shipment
of lumber during October:
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED MONTHLY
BY MEMBER ASSOCIATIONS TO NATIONAL LUMBER MANUFACTURERS ASSOCIATION FOR OCTOBER 1925 AND
OCTOBER 1924.
Shipments.
Production.
Association.
Mills.
Hardieds.
1925.
California Redwood
California White dr Sugar
Pine Mfrs
Georgia-Florida Saw Mill.
North Carolina Pine
Northern Hemlock &
Hardwood Mfrs
Northern Pine Mfrs
.
Southern Cypress Mfrs_
Southern Pine
West Coast Lumbermen's
Western Pine Mfrs
Lower Michigan Mfrs_
Individual reports
Total
Softwoods.
Hardw'ds,
15
27
6
53
164,356,000
4,823,000
51,967,000
145,664,000
6,011,000
43,263,000
28,500,00039,979.000
42,502,000
10,127,000 3,027,000
387,799,000
485,579,000
155,315.000
2.558,000 7,969,000
25,736,000 16,850,000
21,622,000
53,144,000
10,230,000
396,754,000
485,962,000
122,321,000
2,513,000
32,056,000
46 25,175,000
9
9 1,311,000
165
97
40
8 5,958,000
30 17,914,000
Feet.
Softwoods.
Feet.
34,830,000
Feet.
Feet.
28,946,000
505 50,358,000 1,394.092,000 67,825,000 1,348,493,000
1924.
15
California Redwood
California White & Sugar
27
Pine Mfrs
8
Georgia-Florida Saw Mill.
62
North Carolina Pins
Northern Hemlock &
50 15,916,000
Hardwood Mfrs
10
Northern Pine Mfrs
9 2,641,000
Southern Cypress Mfrs
179
Southern Pine
West Coast Lumbermen's 114
40
Western Pine Mfrs
10 5,681,000
Lower Michigan Mfrs__
29 5,499,000
Individual reports
34,698,000
25,767,000
126,115,000
11,898,000
31,509,000
102,340,000
12,422,000
34,048,000
21,293,000 33,836,000
40,659.000
12,101,000 1,492,000
400,633.000
500,154,000
130,527,000
3,925,000 5,927,000
44,979,000 8,984,000
20,373,000
50,897,000
9,358,000
427,170,000
463,600,000
127,659,000
2,404,000
52,936,000
matai
553 29.737.000 1.358.491.000 50.239.000 1.328.974.000
Total production October 1925, 1,444,450.000 feet.
Total production October 1924, 1.388,228,000 feet.
Total shipments October 1925, 1,416,318,000 feet.
Total shipments October 1924, 1,379,213,000 feet.
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED BY STATES
BY MEMBER ASSOCIATIONS.
October 1925.
Production (Feet). Shipments (Feet).
Alabama_
Arkansas
California
Florida
Georgia.
Idaho
Louisiana
Michigan
Minnesota
Mississippi
Montana
North Carolina
Oklahoma
Oregon
South Carolina
Texas
Virginia
Washington
Wisconshi_
Others •
20
20
35
13
9
15
46
19
5
42
9
14
3
51
16
34
16
69
36
33
33,138,000
38,361,000
172,390,000
26,626,000
7,033,000
63,483,000
107,144,000
22,449,000
32,057,000
113,498,000
27,989.000
7,032,000
7,217.000
248,247.000
8,251,000
76,417,000
31,311,000
327,971,000
41,656,000
52,180,000
1,444,450,000
Total
505
•Includes mostly individual reports, not distributed.
37,489,000
40,995,000
149,488,000
29,846.000
7,371,000
42,115,000
110,560,000
26,022,000
43,044,000
115,121,000
23,584,000
5,786.000
6,953,000
251,263,000
8,146,000
73,574,000
23,444,000
316,451,000
47,542,000
57,524,000
1,418,318,000
Weekly Lumber Review of West Coast Lumbermen's
Association.
One hundred and one mills reporting to West Coast
Lumbermen's Association for the week ending Dec. 5,
manufactured 97,157,191 feet of lumber; sold 94,179,341
feet and shipped 105,267,470 feet. New business was 3%
below production. Shipments were 8% above production.
[Vol, 121
Forty-one per cent of all new business taken during the week was for
future water delivery. This amounted to 38,409,541 feet, of which 24,472,168 feet was for domestic cargo delivery and 13,937,373 feet export. New
business by rail amounted to 1,684 cars.
Forty-nine per cent of the lumber shipments moved by water. This
amounted to 51,267,670 feet, of which 32.823,540 feet moved coastwise
and intercoastal and 18,444,130 feet export. Rail shipments totaled
1.625 cars.
Local auto and team deliveries totaled 5,249,800 feet.
Unfilled domestic cargo orders totaled 101,738.565 feet. Unfilled export
orders 111.087,750 feet. Unfilled rail trade orders, 3,893 cars.
In the first 49 weeks of the year production reported to West Coast
Lumbermen's Association has been 4.899,473.411 feet, new business
5,016,393,999 feet and shipments 5,045,186,873 feet.
Transactions in Grain Futures During November on
Chicago Board of Trade and Other
Contract Markets.
Revised fikures showing the daily volume of trading in
grain futures on the Board of Trade of the City of Chicago
during the month of November 1925, together with monthly
totals for all "contract markets" as reported by the Grain
Futures Administration of the United States Department of
Agriculture, were made public Dec. 8 by L. A. Fitz, Grain
Exchange Supervisor, at Chicago. They showed total
transactions during the month at all markets of 2,004,695,000
busnels, as compared with 2,233,071,000 bushels a year ago.
Tne November transactions on the Chicago Board of Trade
totaled 1,670,535,000, as compared with 1,898,645,000 in
the same month last year. In the summary given herewith
the figures listed represent sales only, there being an equal
volume of purchases.
EXPRESSED IN THOUSAND BUSHELS,
Date Nov. 1925Wheat, Corn.
Oats.
1 Sunday
2
48,794 12,900 2,014
3
47,556 11,232
1,004
4
1,576
41,367 16,103
5
2,178
40,157 12,801
6
53,379 11,287 3,857
7
997
30,051 6,427
8 Sunday
9
1,413
35,540 10,741
10
1,819
32,692 7,294
11 Holiday
12
48,661 11,395 1,605
13
72,119 25,182 2,389
14
50,337 12,239 2,960
15 Sunday
16
50,495 9,794 1,171
17
78,179 15,134 3,338
18
49,479 11,106 4,097
19
5,085
73,297 13,086
20
78,436 8,098 2.198
21
45,156 14,051 2,298
22 Sunday
23
69,895 17,230 3,775
24
77,404 15,933 3,139
25
51,705 10,9L6 3,864
26 Holiday
27
62,935 13,212 7.055
28
56,533 10,668 6,546
29 Sunday
30
66,536 20,654 18,411
I. E., (000) OMITTED.
Rye. Barley. Flax, Total,
841
670
522
677
458
267
64,549
60,462
59,568
55,813
68,981
37.742
221
166
47,915
41,971
505
716
588
62,166
100,406
66,124
793
1,810
1,824
2,037
2,808
1,491
62,253
98,461
66,506
93,505
91,540
62,996
1,409
3,181
1,353
92,309
99.657
67,848
2,234
2,077
85,436
75,824
2,902
108,503
1,670,535
Total Chicago B.of T.1,260,703 297,493 82,789 29,550 ...50,935
12
366
Chicago Open Board_ 44,886 5,671
39.951 8,932 7,097 2,834 169,007
Minneapolis C. of C._ 110,193
51,639
367
Kansas City B. of T._ 40,045 11,227
51,713
8,859
230 5,946
Duluth B. of 'I'
*36,678
6,817
St. Louis Mer.Exch._
4,942
1,875
3,999
531 ._ _774
Milwaukee C. of C___
763
1,931
42
42
San Francisco C.of C_
8
8
Los Angeles Grain Ex_
Baltimore C. of C_ _ _
.
Total al markets_ _1,499,378 317,029 124,247 47,884 7,377 8,780 2,004,695
Total all markets year
ago
1,339,724 557,384 203,696 111,451 4,636 16,180 2,233,071
Chic. Board of Trade
year ago
1 118,467 516,003 175,346 88,829 --------1,898,645
• Durum wheat with exception of 2,321.
"OPEN CONTRACTS"IN FUTURES ON THE CHICAGO BOARD OF TRADE
FOR NOVEMBER 1925.
( Short"side of contracts only, there being an equal volume open on the "long"side.
Rye.
Total.
Oats.
Nov. 1925Corn.
Wheat.
1 Sunday
2
116,693,000 53,343,000 x49,483,000 12,469,000 231,988,000
3
116,250,000 x53,152,000 49,484.000 12,507,000 231.393,000
4
115,970,000 53,324,000 49,568,000 12,600,000 231,462,000
5
118,581,000 54,607,000 49,584,000 12,620,000 233.392,000
6
117,842,000 55,462,000 50,269,000 12,707,000 236,280,000
7
120,417,000 55,354,000 49,971,000 :12,755,000 238,497,000
8 Sunday
9
z120,037,000 55.284,000 49,928,000 12,747,000 238,996,000
10
120,663,000 55,977,000 49,967,000 12,721,000 :239,328,000
11 Holiday
12
120,891,000 55,415.000 49,808,000 12,532,000 238,646,000
13
113,658,000 56,136,000 49,818,000 12,429,000 232,039,000
14
112,825,000 57,042,000 49,985,000 12,244,000 232,096,000
15 Sunday
16
110,338,000 57,071,000 50,322,000 12,235,000 229,966,000
17
107,739,000 56,842,000 50,626,000 12,193,000 227,400,000
18
107,124,000 56,354,000 50,361,000 12,225,000 226,064,000
19
110,151,000 56,940,000 50,386,000 12,237,000 229,714,000
20
110,605,000 57,324,000 50,423,000 11,960.000 230.312,000
21
108,992,000 57,862,000 50,443,000 11,921,000 229,218,000
22 Sunday
23
110,770,000 58,034,000 50.941,000 10,335,000 230,080,000
24
109,149,000 57,841,000 50,879,000 9,926,000 227,795,000
25
x106,934,000 :58,315,000 :51,027.000 9,807,000 226,083,000
26 Holiday
2'
108,187.000 57,586,000 50,922,000 9,565,000 226,260,000
28
109,174,000 57,407,000 50,261,000 19,498,000 226,340,000
29 Sunday
109,546,000 55,041,000 50,388,000 9,549,000 :224,522,000
30
Avge. Nov. 1925_113,110,000
Avge. Nov. 1924..119,174,000
Avge. Oct. 1925_111,016,000
Avge, Sept. 1925_ _103,176,000
Avge. Aug. 1925.., 96,016,000
Avge, July 1925_ 90,783,000
Avge. June 1925_ _103,475,000
Avge. May 1925_ 87,483,000
Avge. Mar. 1925-111,991,000
x Low. z High.
56,161,000
67,045,000
46,647,000
46,392,000
51,983,000
46,553,000
55,271.000
54,477,000
83,546,000
50,211,000
76,459,000
49,720,000
49,351,000
43,652,000
33,374,000
41,976,000
42,860,000
98,067,000
11,730,000
29,117,000
11,869,000
11,694,000
10,924,000
8,895,000
8,515,000
10,230,000
19,805,000
231,212,000
291,795,000'
219,252,000
210,613,000
202,575,000
179,605,000
209,237,000
195,050,000
211,409,000
THE CHRONICLE
DEC. 19 1925.]
2959
Equipment orders just placed by the railroads include 1,550 freight cars
by the New York Central, 1,000 freight cars by the Reading, 1,100 by the
Lehigh Valley and smaller lots by other roads, bringing the total to 3,325
cars. There are inquiries for 2,850. of which 2,000 are for the Union
Pacific. Locomotives ordered total 75, the Wabash and St. Louis-San
Francisco ordering 25 each. the Santa Fe 15 and the Chicago & North
Western 10. The Florida East Coast is inquiring for 38 and the Missouri
Pacific for 30.
The promise of large scale track work In 1926 is further borne out by late
-12,000 tons for the Pennsylvania, 18,000 tons for the
tie plate contracts
New York Central and 10,000 tons for the St. Paul.
A. B. & 0. inquiry for the first half of 1926 calls for 8,000 tons of bars,
6,000 tons of plates and 3,000 tons of shapes. The Norfolk & Western
has closed for 2,000 tons at 2c., Pittsburgh, for bars and shapes and 1.90c.
for plates.
To hold down inventories, some consumers, particularly in automotive
and wire-working lines, have limited deliveries in the remainder of the
month. In other cases, with invoices below to-day's price level, shipments
are going forward freely.
While automobile companies are planning good production over the first
quarter, they may not maintain the rate of the present quarter. Meansome
while, the deadlock over the new prices for parts continues, though
COTTON CONSUMED AND ON HAND IN SPINNING MILLS AND IN
makers of forgings and other parts have closed for first quarter supplies
OTHER ESTABLISHMENTS, AND ACTIVE COTTON SPINDLES.
of steel.
(Linters not included.)
Steel pipe is still the laggard among finished steel products, active capacity
In the Pittsburgh and Youngstown districts being 60 to 65%. Oil country
Cotton on Hand
Cotton
Cotton Consumed
Co.
Nov. 30.
Spindles
During-(Balev)•
buying still waits on real improvement in the oil situation. The Texas
Aaive
will buy 5,000 tons of steel for cracking stills.
in consum- In public Owing
Four
Year
Locality.
10 to 15% above the best
Tin plate output for 1925 bids fair to run
Months int, &stab- storage Al at November
pack
Ending lishments compresses (Number) record, some estimates running above 38,000,000 boxes. This year's
Nov.
Nov. 30. (Wes).
(bales).
is put at 65,000,000 cases. or 20 millions above the average
- of vegetables
1925 *543,098 .2,018,708 *1,456,166 *5,208,283 32,892,324 of recent years.
small
United States
A Northern Ohio mill has closed for 30,000 tons of sheet bars and
1924 495.182 1,825,218 1,049,327 4,802,943 31,858,088
prices are
billets for the first quarter. At Pittsburgh semi-finished steel
Cotton-growing States_ 1925 382,136 1.380,698 1,007,567 5.074.805 17,107,692 especially firm and a number of consumers have sought piecing-out tonnages.
701,164 4,535.591 18,691,304
1924 347,823 1,272.196
little
The pig iron market promises to run on into the new year with
527.600
68,655 14,146,410
392,109
New England State5--- 1925 133.946
merchant iron
455,538
45.048 13,533,028 change, as most buyers are well covered. Production of
303,631
1924 121,778
56,490
110,410
82,823 1,638,222 increases slowly. In the Chicago district stocks at merchant furnaces are
1925 27,016
All other States
222_3114 1 1121 750
44.532
97.484
into Eastern
1924 25.581
60% less than a year ago. Foreign iron moves steadily
week,
•Includes 12,559 EgY1:41511, 5,680 other foreign, 818 American-Egyptian, and foundry centers. At Philadelphia 12.000 tons were imported last
243 sea-Island consumed; 20,045 Egyptian, 26.684 other foreign, 1.804 American' half of it coming from England.
Egyptian. and 2,126 sea-Island In consuming establishments, and 8,161 Egyptian.
coke, covering 75,000 to 100.000
First quarter contracts for blast furnace
11.985 other foreign. 6,204 American-Egyptian, and 514 sea-Island in public storage.
The price is thus fairly defined
Four-months consumption, 64,185 Egyptian, 27,535 other foreign, 2,959 American- tons a month, are a feature of the week.
Egyptian, and 981 sea-Island.
at $4 a ton, which is somewhat below what the producers started to ask.
65,966 bales consumed durtng November in Spot coke is 25c. higher this week,under increased demand for domestic use.
Linters not included above were
1925 and 52,554 bales in 1924; 106,370 bales on hand in consuming establishments
A French cast iron pipe maker was awarded 6,000 tons for Detroit,
on Nov. 30 1925, and 97,379 bales in 1924; and 36.608 bales In public storage and
9.000 of this for
at compresses in 1925 and 49,928 bales in 1924. Linters consumed during four but 11,000 tons was placed with two American companies,
months ending Nov.30 amounted to 275,307 bales In 1925 and 205.713 bales in 1924 centrifugally cast product. A German maker was low on 1,000 tons for
•
Providence, R. I.
IMPORTS AND EXPORTS OF COTTON AND LINTERS.
.
-Pound Bales).
Imports of Foreign Colon (500
The "Iron Age" composite prices are unchanged this week,
Census Report on Cotton Consumed and on Hand in
November-Consumption Above a Year Ago.
Under date of Dec. 14 1925 the Census Bureau issued its
report showing cotton consumed, cotton on hand, active
cotton spindles and imports and exports of cotton for the
month of November 1925 and 1924. Cotton consumed
amounted to 543,098 bales of lint and 65,966 bales of linters,
compared with 495,182 bales of lint and 52,554 bales of
linters in November 1924 and 543,679 bales of lint and 75,750
bales of linters in October 1925. It will be seen that
there is an increase over November 1924 in the total lint and
linters combined of 61,328 bales, or 11.1%. The statistics
of cotton in this report are given in running bales, counting
round as half bales, except foreign bales, which are in
equivalent 500-pound bales:
November.
Country of Produalon.
Egypt
Chhut
Mexico
British India
AU other
Total
1925.
1924.
4 Mos. Ended Nov. 30.
1925.
1924.
21,769
1,829
593
2,049
758
2
11,053
1.083
192
4,663
383
175
43,789
8,077
2,362
2,777
6,378
406
20,902
3,618
1,331
18,856
4,570
197
Dec. 15 1925, Finished Steel, 2.453c. per Pound.
2.453c.
1
Based on prices of steel bars, beams,tankOne week ago
2.439c.
plates, plain wire, open-hearth rails, One month ago
2.531c.
black pipe and black sheets, constitut- One year ago
88% of the United States output__ 10-year pre-war average_ _1.689c.
ing
27.000
17.549
63.789
49.474
Dec. 15 1925, Pig Iron, $21.54 per Gross Ton.
$21.54
Based on average of basic and foundry One week ago
21.29
Irons, the baste being Valley quotation, One month ago
21.61
an average of Chicago, One year ago
the foundry
10
-year pre-war average__ 15.72
Philadelphia and Birmingham
-1923-- -1924- -1925-Finished steel....-High 2.824c. Apr. 24 2.789c. Jan. 15 2.560c. Aug. 18
Low 2.446c. Jan, 2 2.460c. Oct. 14 2.396c. Aug. 18
22.50 Jan. 13
High $30.86 Mar. 20 $22.88 Feb. 26
Pig iron
18.96 July 7
19.21 Nov. 3
Low $20.77 Nov. 20
Bilious of Domestic Cotton end L nters-Running Bales (See Note for Linters).
November.
Country to Which ExportedUnited Kingdom
France
Italy
Germany
Other Europe
Japan
All other
that for pig iron being at $21.54 for the third week, while
finished steel remains at 2.453e. per lb., as one week ago,
according to the composite tables following:
1925.
1924.
399,236
145,575
91,200
233,340
100,311
187,363
49,781
427,814
162,651
90,050
323.200
124,177
140,765
38,093
4 Mos. Ended Nov. 30.
1925.
1,059,044
418,310
256,209
943,228
440,726
473,839
105,061
1924.
1,054,912
430,898
266,344
730,682
373,448
322,361
89,543
Inventory-taking and the customary summing up at the
year-end are having the usual effect in checking down open
market activity in iron and steel, observes the market review
1,206.786 1,306,550 3,696,417 3.268,188 issued this week by the "Iron Trade Review." New
Total
Note.-Figurea include 11,156 bales of linters exported during November in 1925 business is being held back as well as specifications against
and 17,311 bales in 1924 and 23.122 bales for the four months ended Nov. 30 in
1925 and 31,253 bales in 1924. The distribution for November 1925 follows: running contracts where early deliveries may result. HowUnited Kingdom, 3,060; Netherlands, 582; France, 1,868; Germany, 3.771; Belgium,
ever, mills already have liberal orders in hand for both
243; Italy, 140; Spain, 125; Canada, 1,383; Mexico, 4; Panama, 2.
WORLD STATISTICS.
immediate and forward shipment and production is going
The estimated world's production of commercial cotton, exclusive of linters,
record-breaking pace. Even evidences of the
grown in 1924, as compiled from information secured through the domestic and ahead at
foreign staff of the Department of Commerce, is 23,825,000 bales of 478 lbs. lint, normal late December pause are not present in all products
while the consumption of cotton (exclusive of linters in the United States) for the
bars continue
Year ending July 31 1925 was approximately 22,640,000 bales of 478 lbs. lint. The or territories. At Chicago demands for steel
total number of spinning cotton spindles, both active and idle, Is about 162,000,000.
to come to mills in excess of heavy outgoing tonnage, adds
this journal's summary of conditions in the trade. Further
New Steel Business Shows Large Increase in Railroad points of interest we quote as follows:
Buying-Pig Iron Market Practically Unchanged.
Operations in general keep to a high plane. A further gain was made
Railroad demands stands out in the bew business of the at Chicago to a basis of 87% of steel capacity. Pittsburgh and Mahoning
gradually is moving up.
week as an offset to lessened buying by consuming industries Valley keep 85 to 90%. The Eastern industry
While steel works and mill capacities are being speeded up,announcements
which were actively in the market in November, declares this week by several companies of important enlargements to be underthe "Iron Age" this week. More than 5,000 steel cars were taken have an interesting significance.
adequacy of supplies in some products
raised as
placed, mostly in the East, also several large contracts for to Questions are being demands.toA case in point is full finished sheets.
meet first quarter
track supplies, while considerable railroad inquiry has ap- especially with holiday shutdowns in sight. Mills with this type of business
peared for bars, plates and shapes for 1926 delivery. Steel are filled to March 1. A number of larger buyers are yet to cover for
closed on 15,000
quarter. A Detroit
works operations are again fractionally larger, partly in an- first, for first quarter. automobile interest in the week
tons
ticipation of the coming holiday suspension. It is expected
bars this week brought out a sale of 5,000 tons for
A shortage in sheet
that operations will be on a good scale in the week between first quarter at $38 Pittsburgh.
Some automobile plants have become congested with heavy shipments
Christmas and New Year's, though some Central Western of materials now that their production has been slowed down and an
plants, notably those at Youngstown, will be down from embargo has been declared against one large body builder. Such cases
steel
Thursday noon, Dec. 24, until the end of the next week, are exceptional amongas the consumers. year in
best of the
railroad equipment buying,
The week shows up
continues the "Age's" weekly review giving further facts the locomotive market especially continuing its recent revival with new
Inquiries appearing for over 100 and orders for about 50. Car awards
asf ollows:
December new business naturally is not expected to keep up the November
rate, and hence the last month's increase in the Steel Corp.'s booked tonnage
will not be duplicated. The 473,000 on gain was due in large part to
-t
the formal entering of rail orders previously announced and to the annual
contract of the country's largest buyer of tin plate.
this week total 6.000. The Rock Island is in the market for 2,750 cars.
The Nickel Plate has placed 20,000 tons of rails and the Missouri Pacific
16,000 tons of tie plates.
Coke prices after their recent slump seem to have touched bottom and
reacted.
2960
THE CHRONICLE
Greater German competition for American business is reflected by news
of the sale by the Thyssen Works of 6,000 tons of cast iron pipe for gas
purposes and shipments of 5,761 tons of pig iron in November to this
country, which was conveyed In this week's cable from Europe.
The "Iron Trade Review's" composite on 14 leading iron and steel
products this week is $39 10, the same as last week's composite and $39 17
the preceding week.
Demand for Coal Increases as Weather Turns Colder
Prices Stiffen.
The colder weather of the latter part of last week increased
the demand in most of the consuming centers and put the
situation at the mines on a better basis. As a rule, prepared
sizes of bituminous coals were in better demand and prices
In general were firmer, declares the market review issued by
the "Coal Trade Journal," this week from which we also
quote as follows:
At New York the cold weather of Thursday and after started the coal
trade ball rolling again and prices stiffened considerably, particularly for
by-product nut coke, which was sold up for a week ahead 24 hours after
the trading started in. Beehive nut coke was also scarce and the increased
demand was expected to be felt soon for the larger sizes. What little
anthracite buckwheat that was left was selling at $8 up alongside, New York,
and this helped to firm the entire bituminous line. Bituminous slack was
scarce and firm in price. No change was reported in the anthracite strike
situation in spite of efforts to end the suspension.
The tidewater bituminous market showed weakness throughout New
England over the past week. Prices in Boston were off and,due to a rush of
arrivals, the same conditions held true at Providence. Arrivals at Boston
were light. Shippers were holding off from buying from the southern
loading piers as they were hoping for a drop In the prices there. Bottoms
to move coal from the South were still scarce. The retail demand, which
improved with the lowering of temperatures, fell off again, so the retailers
have stopped buying for the time being. Arrivals of foreign fuel, with the
exception of the Welsh and Scotch anthracites ,were still hard to move
and stocks of these fuels were mounting rapidly. There was no change
In the price of New England coke but very little buying was being done.
With domestic sizes of anthracite out of the market, Philadelphia householders were rapidly taking up the small supplies of buckwheat that were
left. Sales of anthracite substitutes were on the increase, prepared smokeless being the first choice with coke a close second. Briquets were slowly
coming into favor. Most of the retailers have been slow in pushing the
sale of anthracite substitutes all of which has worked for the prosperity
of the oil burner salesmen, but in spite of this apparent apathy sales of
substitutes were on the increase. On account of the continual rumors of
a settlement of the anthracite controversy consumers were buying their
supplies of substitutes in small lots only.. Prices in general showed a slightly
downward tendency as did those for coke, in spite of the increasing demand
for the latter.
Neither the domestic nor the industrial fuel markets were active in
Baltimore last week, nor have they been for the past few weeks, which
has resulted in falling off in demand for the lower grade of bituminous coals
and these can be bought at less than the average quotations. No exports
were reported.
Cold weather stiffened the demand in the central Pennsylvania producing
district and put in commission many of the mines that had been idle for
a long time. Loadings for the district last week were over those of the
previous week and shipments for the first 11 months of the year were above
those for a similar period in 1924 by almost 60.000 tons. Coke production
was very active and many ovens, idle for several years, were placed in
service in the Gallitzin area.
The coal market in Pittsburgh was quiet due to moderate weather and
the approach of the annual inventory period. New buying was less and
quite a bit of the distress coal was snapped up by the railroads. Industrial
demand was steady and had a tendency to expand as steel mills and other
industrials are running on a better scale than they have been doing for
some time. Gas coal and by-product coal were holding their own. Both
gas and steam slack were firm.
The Connellsville coke field had another week of very large production
but the quotations on the furnace grade dropped on account of the slackening in demand from the East. Spot demand for foundry coke fell off
somewhat but the contract situation was unchanged.
Due to heavy production last week in northern West Virginia prices
slumped and some distress coal went at low prices. There was a car
shortage on one of the lines feeding the Fairmont district. The demand
for slack fell off somewhat and little market was reported for the lump or
egg and nut. The daily output of mines along the Monongahela was
greater than at any other time in their history. . Inquiry for shipment to
Curtis Bay showed a slight increase.
At the time of going to press the reports from southern West Virginia,
Upper Potomac and Virginia had not arrived and we are therefore unable
to include them in this report.
[Vora 121.
trade. Buying habits, as exemplified in the customary tapering off in
orders with the approach of the holidays and inventory taking, In conjunction with the usual readjustment following the close of the lake season has
had an unsettling effect on conditions. Generally mild temperatures and
the maintenance of production at a high level have added further weight
to the depression.
Save for an occasional cargo of pea and No. 1 buckwheat in New York
Harbor, hard coal is virtually off the market. Consumers continue to show
a growing interest in coke, though retailers are chary about increasing
yard stocks, preferring to play a waiting game as long as possible.
The "Coal Age" index of spot prices of bituminous coal stood on Dec. 14
at 182, the corresponding price being $2.20. compared with 184 and $2.22
on Dec. 7.
Dumpings of coal at Lake Erie ports during the week ended Dec. 13.
according to the Ore & Coal Exchange, were as follows: Cargo, 107,301
net tons; steamship fuel 3,866 tons
-a total of 111.167 net tons, compared
with 363,225 tons in the preceding week. Hampton Roads dumpings
during the week ended Dec. 10 totaled 337.558 net tons, as against 464.217
tons in the previous week.
Bituminous Coal Output Gains-No Change in
Anthracite Fields
-Coke Production Steady.
A gain of 1,700,000 net tons was reported in the production of bituminous coal during the first week of December
by the U. S. Bureau of Mines. The output of coke remained
steady, while the production of anthracite reached 62,000
tons, though the strike situation remained unchanged,
according to the Bureau's statistics, from which the following
are excerpts:
Total production of bituminous coal during the week ended Dec. 5,
including lignite and coal coked at the mines, is estimated at 12,768.000'
net tons, the highest weekly tonnage recorded since Dec. 11 1920. Following a holiday week of curtailed working time, the week of Dec. 5 shows
a gain in output of about 1,700,000 tOLLS. However, the average daily
rate of output was less than in the holiday week.
Estimated United States Production of Bituminous Coal(Net Tons)aIncludinp
Coal Coked.
1925---------1924
Cal. Year
Cal. Year
Week.
to Date.
Week.
to Date.b
Nov. 21
12,596,000 456,311,000
10.910,000 423,265,000
Daily average
2,099,000
1,659,000
1,818,000
1,544,000
Nov. 28
11,600,000 467,911,000
9,885,000 433,150,000
Daily average_ __ _ 2,189,000
1,669,000
1,912,000
1,551,000
Dec. 5_c
12.768,000 480,679,000
10.831.000 443,981,000
Daily average_
1.679,000
2,128,000
1.805,000
1,556,000
a Original estimates corrected for usual error, which in past has averaged
2%. b Minus two days' production first week in January to equalize
number of days in the two years. c Subject to revision.
Total output during the calendar year 1925 to Dec. 5 is 480.679.000
net tons. This is approximately 36,698.000 net tons, or 8.3%. more
than that during the same period of 1924. Corresponding figures for
recent years are given below:
Years of Activity.
Years of Depression.
J
1918
433,506,000 net tons
545,858,000 net tons 1919
1920
387,664,000 net tons
523,592,000 net tons 11921
1923
443,981,000 net tons
527,641,000 net tons 11924
ANTHRACITE.
Production of anthracite during the week ended Dec. 5 is estimated at
62,000 net tons, an increase of 26,000 tons over that of the preceding week.
Total output since January 1925 is now 61,945,000 tons
-26% less than
that during the corresponding period of 1924.
Estimated United States Production of Anthracite (Net Tons).
1924
1925
Cal. Year
Cal. Year
Week EndedWeek.
to Date.a
to Date.
Week.
Nov. 21
1,827.000 80,747,000
46,000 61.847.000
Nov. 28
1.611.000 82.358.000
36,000 61,883.000
Dec. 5
1,814,000 84.172,000
62.000 61.945.000
a Less two days in January to equalize the number of days in the two
years.
BEEHIVE COKE.
As indicated by reports received from the principal coke carriers, total
production of beehive coke during the week ended Dec. 5 amounted to
299,000 net tons, a slight increase over that of the preceding week. Compared with production during the corresponding week in 1924. the current
output was 125,000 tons, or 71.8% greater.
Total output of beehive coke during 1925 to Dec. 5 is 9,656.000 net.
tons, almost 9% more than during the corresponding period of 1924.
Estimated Production of Beehive Coke (Net Tons).
1925
1924
- Week Ended
to
to
Dec. 5 Nov. 28 Dec. 6
Date.
1924.
Date.a
1925.c
1925.b
Pennsylvania & Ohio_ _ _239.000 235,000 127,000 7,442,000 6.706,000
12,000
596,000
West Virginia
16,000
465.000
18,000
20,000
Ala., Ky., Tenn. & Ga _ 21,000
863,000
22,000
868,000
8,000
349,000
Virginia
11.000
388,000
11,000
4.000
224,000
Colorado & New Mexico 6.000
5.000
224,000
3,000
Washington & Utah_....4,000
4,000
182,000
194,000
Several efforts to bring the hard-coal operators and union
United States total_ _299,000 293,000 174,000 9,656,000 8,865,000
leaders together to resume negotiations that would bring Daily average
49.000
29.000
33,000
49,000
31,000
a Adjusted to make comparable the number of days covered In the
about a settlement of the anthracite strike having come to two years. b Subject to revision. c Revised since last r eport.
naught, Governor • Pinchot's proclamation calling a special
session of the Pennsylvania Legislature to begin Jan. 13 October Railroad Freight Traffic the Largest on Record
occasioned little surprise, "Coal Age" declared in its weekly
The largest freight traffic for any one month on record was.
report issued Dec. 17, adding:
handled by the railroads of this country in October, accordAlthough seven other subjects are listed for consideration there Is little ing to reports filed by the carriers with the Bureau of Railway
doubt that the difficulty in the anthracite industry will occupy an importraffic for the month of Octotant place in the deliberations of the legislators. It is still worthy of note. Economics on Dec. 12. This
incidentally, that despite the approach of January the consuming public ber amounted to 44,061,988,000 net ton miles which has
displays no unwonted interest in the suspension, the principal insistence on never been equalled before during any one month. It was.
action to bring about a resumption of mining coming from the business
interests of the mining region. Meanwhile the tendency to hold back, an increase of 928,165,000 net ton miles, or 2.2%, over the
awaiting results, probably will continue to be in evidence, with a belief in previous high record which was established during the month
the bacxground that such tactics certainly will not lend any aid to an of Oct. 1924. It also was an increase of 4.4% over the
upward trend in the prices of substitutes.
Failure to release for publication the contents of President Coolidge's same month in 1923 and an increase of 3.7% over the same
reply to John L. Lewis' veiled strike threat in appealing for government month in 1920.
interven-in the bituminous coal situation has heightened public interest
In the Eastern District in October, freight traffic showed
in the letter from the White House, but as the reason assigned for its
suppression was a desire not to Interfere with Governor Pinchot's efforts an increase of 2.4% over the same month last year, while
for peace in the hard-coal region it is not likely that the President's reply in the Southern District there was an increase of 10.5%.
will ever be published.
The Western District showed a decrease, however, of fourSoftness in the bituminous coal market is becoming more marked, due
-from the standpoint of the fifths of 1% compared with October, 1924.
to a combination of untoward circumstances
DEC. 19 1925.]
THE CHRONICLE
2961
For the first ten months in 1925, the volume of freight
Freight traffic in the Eastern District for the ten months
traffic amounted to 377,594,710,000 net ton miles, an in- showed an increase of 6.6% over the corresponding period
crease of 5.9% over the corresponding period last year but last year while in the Southern District there was an increase
a decrease of 2.2% under the same period in 1923.
of 10%. The Western District showed an increase of 3.5%.
Current Events and Discussions
The Week with the Federal Reserve Banks.
tively. Further comments regarding the changes shown by
The consolidated statement Of condition of the Federal these member banks are as follows:
Investments in United States Government securities increased $8,000,000
Reserve banks on Dec. 16, made public by the Federal
New York district. Holdings of other bonds,
Reserve Board,and which deals with the results for the twelve In theup $15,000,000, of which 18.000,000 was in thestocks and securities
went
Boston district and
Federal Reserve banks combined,shows a decline of $60,300,- $6,000,000 in the Chicago district.
Net demand deposits were $55,000,000 higher than a week ago, increases
000 in holdings of discounted bills and of $16,900,000 in
being reported for all
Richmond.
acceptances purchased in open market, and an increase of The principal increasesdistricts except Boston, Cleveland and in the Chiin this item were 120,000,000 for banks
$46,600,000 in Government securities, holdings of which on cago district. $9.000,000 in the Kansas City district, $8,000,000 each in the
Dec. 16 included $91,000,000 of Treasury certificates issued New York and Philadelphia districts, and $6.000,000 in the San Francisco
district.
to the Federal Reserve banks by the Treasury pending the
Time deposits were $5,000,000 less than a week ago. Increases of $8,000,collection of the quarterly installment of taxes. Total bills 000 and $7,000.000 in the Boston and Chicago districts, respectively, being
more than
and securities went down $30,000,000, cash reserves declined districts. offset by reductions in the Cleveland,St. Louis and San Francisco
$20,000,000, and Fecieral Reserve note circulation increased
The principal changes in borrowings from the Federal Reserve banks
$22,600,000. After noting these facts, the Federal Reserve Include Increases of $22,000,000 in the New York district. $11,000,000 and
19,000,000 in the Cleveland and Chicago districts, respectively, and a
Board proceeds as follows:
reduction of $6,000,000 in the Atlanta district.
Largely as a result of the Treasury's financial operations on Dec. 15.
On a subsequent page—that is, on page 2980— we give the
which included the redemption of securities maturing on that date, member
banks in the New York district reduced their borrowings from the Federal figures in full contained in this latest weekly return of the
Reserve Bank by $64,500,000. Discount holdings of the Federal Reserve
Bank of San Francisco went down $13.800.000, and of the Boston bank member banks of the Reserve System. In the following is
$12.500,000, while Cleveland shows an increase of $14,900,000, Chicago furnished a summary.of the changes in the principal items
17.400.000, Richmond $6,500,000. Atlanta $2,800.000. and Kansas City as compared with a week ago and with
last year:
12,600,000. The New York bank also reported a decline of $17,700,000
Increase (-I-) or Decrease (—)
in holdings of acceptances purchased in open market, while St. Louts reDuring
ports an increase of $4,700,000 and Boston an increase of 12.500.000.
Week.
Year.
Holdings of Treasury certificates of indebtedness increased $141.800.000,
Loans and discounts, total
+146.000.000 +11,079,000.000
of which $79,000,000 represents temporary certificates issued by the
Secured by U.S. Government obligations +9,000,000
—4.000,000
Treasury to the Federal Reserve Bank of New York pending the collection
Secured by stocks and bonds
+25.000.000
+837.000.000
of the quarterly installment of taxes, and 112.000,000 the amount of such
All other
+12.000.000
+246.000.000
certificates issued to three other banks. Treasury notes on hand declined
Investments, total
+24,000.000
—187,000.000
$112,300,000, and United States bonds increased $17,200,000.
U. S. bonds
+12,000,000
+259.000,000
Federal Reserve note circulation increased at all Federal Reserve banks
U. S. Treasury notes
—5.000.000
—301,000,000
except Dallas, which reports a small decrease. The principal increases
U. S. Treasury certificates
+2.000,000
—192.000.000
were: New York,$6,600,000; Chicago, $4,000,000, and Boston, 13.600,000.
Other bonds, stocks and securities
+15,000.000
+47.000,000
The statement in full, in comparison with the preceding Reserve balances with Fed'I Reserve banks +15,000.000
+14,000.000
+20.000.000
—8,000.000
week and with the corresponding date last year, will be found Cash In vaultdeposits
Net demand
+55.000.000.
—59,000,000
on subsequent pages—namely, pages 2979 and 2980. A Time deposits
—5,000.000
+516.000.000
—7,000,000
summary of changes in the principal assets and liabilities of Government deposits
—47.000,000
Total accommodation at Fed'I Res've banks +32.000.000
+373.000.000
the Reserve banks during the week and the
year ending
Dec. 16 1925 follows:
Increases 1+)or Decreases(—)
During
Week.
Year.
Total reserves
—120.000.000 —1238,600.000
Gold reserves
—20,700,000 —252,500,000
Total bills and securities
—30,100.000 +189.400.000
Bills discounted, total
—60.300.000 +335.300.000
Secured by U.8. Government obligations.. —35,200.000 +184,700,000
Other bills discounted
—25.100.000 +150.600.000
Bills bought In open market
—16,900.000
+15,900.000
U. S. Government securities, total
+46,000,000 —165.700.000
Bonds
+17.200,000
+8.900.000
Treasury notes
—112,400,000 —187.800.000
Certificates of indebtedness
+141,800.000
+13,200.000
Federal Reserve notes in circulation
+22.600.000
—83.200,000
Total deposits
—14,000.000
+44,200.000
Members' reserve deposits
+18,400.000
+50.100.000
Government deposits
—29,900,000
—2,600,000
The Week with the Member Banks of the Federal
Reserve System.
The Federal Reserve Board's weekly statement of condition of 722 reporting member banks in leading cities as of
Dec.9 shows increases of $46,000,000 in loans and discounts,
$24,000,000 in investments, $55,000,000 in net demand deposits and $32,000,000 in borrowings from the Federal
Reserve banks. Member banks in New York City reported
increases of $8,000,000 in loans and discounts, $8,000,000
in investments and $26,000,000 in borrowings from the
Federal Reserve Bank. It should be noted that the figures
for these member banks are always a week behind those for
the Reserve banks themselves.
Loans on United States Government securities went up
$9,000,000 in the New York district. Loans on corporate
securities increased in all districts except New York, Richmond, Dallas and San Francisco. The principal increases in
this item were $10,000,000 in the Philadelphia district,
$6,000,000 in the St. Louis district and $5,000,000 each in
the Boston and Cleveland districts. All other loans and discounts were $12,000,000 larger than a week earlier, increases
of $15,000,000 in the Chicago district, $11,000,000 in the
New York district and $8,000,000 in the San Francisco district being offset in part by declines of $10,000,000 and
$6,000,000 in the St. Louis and Cleveland districts, respec-
Weekly Digest of Cables Received from Foreign Offices
of the Bureau of Foreign and Domestic Commerce.
FRANCE.
The increase in taxation program,recently defeated, which
would liave made,a total advance of ten billion francs next
year, and the bill providing for an autonomous office m
charge of amortization, financed by special taxes, also
defeated, caused, according to French observers, further
unsettlement among business interests, heightened the general acceleration of production, pyramided orders, accumulated stocks of producers and consumers in anticipotion of
continued price increases, and extended export sales arising
from the fact that the fall of the franc has been more rapid
than the rise of export prices. Transtctions in the Paris
clearing house in October reached the highest level recorded
in more than a year. Wholesale prices are steadily advancing.
in reaction to the decline in franc exchange. Unemployment
is negligible and production in most fields is at record levels,
with iron and steel particularly strong. Railway car loadings
are increasing and the receipts of the leading railways continue to improve.
GERMANY.
There was no change during November in the general
unfavorable situation af German industry and finance. Steel
production is still only 65% of normal and the closing of
additional shafts in the coal mines is in prospect. Even the
cotton spinning industry which had heretofore not been
affected, is now beginning to feel the depression. The chemical and electrical industries are the only ones operating on a
satisfactory basis. The depression of the stock market continues and at the end of November only 10.8% of all German
listed stocks were at or above par and 46.4% of all stocks
were quoted at less than 50% of par. The Reichsbank has
refused to reduce its discount rate, indicating thereby that
the present stringent policy of business deflation would be
maintained. German agriculture is still in a very serious
condition as the farmers are unable to meet current taxes
and the government has been compelled to agree to some
temporary form of financing agriculture.
THE CHRONICLE
2962
SPAIN.
Spanish business interests and productive enterprises have
been characterized in recent weeks by uncertainty, arising
from political changes and the imminence of tax reforms.
The financial needs of the Government will probably necessitate a new floating debt issue within a few weeks, but there
is an apparent scarcity of Spanish capital available for investment. Spanish industries are unchanged, with the exception of a further increase of orders for iron and steel in
connection with railroad extension, and slightly reduced unployment in the textile industries. In spite of a slight downward trend of the peseta and uncertain business conditions
in Spain, imports from the United States have continued in
good volume, through the temporary breaking off of commercial relations with Germany during October and early
November, and the less favorable terms of the new commercial arrangement with that country. The high cost of living
Is unabated and the housing situation remains acute, with
heavy material and labor costs hampering new construction.
POLAND.
Economic depression continues, with increasing unemployment and dull trade. Grain exports fail to fulfill expectations, and trade treaty negotiations with Germany still drag.
The economic program of the new cabinet calls for drastic
reduction of government expenses. Circulation of secured
banknotes has further decreased,but that of unsecured small
eurreney has greatly grown.
FINLAND.
Bill providing for the resumption 'of gold payments has
been passed by Finnish Parliament, to take effect Jan. 1 1926.
Finnish marks are to be revalorized at rate of 39.70 marks to
. the dollar, and will be covered by present gold holdings of
13,300,000 marks. Present circulation is approximately
1,270,000,000 paper marks. The tension of domestic money
market diminished byrecent cuts in discount rate from 9 to
%. Finnish trade balance favorable and its international
balance of payments is equalized.
[Vol. al.
purchase of the bills, the New York "Journal of Commerce"
of Dec. 12 said:
International bankers construed this announcement as another credit for
the stabilization of the Belgian franc, making the third in a few weeks for
this purpose. This credit will probably approximate $25,000,000. with
the Federal Reserve Bank purchasing not more than $10,000,000 of the bills,
leaving the other institutions to take the remainder. This credit will only
extend for a short period, probably spring, when the Kingdom of Belgium
will float a large long term loan.
Belgium has received two credits from syndicates composed of J. P.
Morgan & Co., Guaranty Trust Company,of this country, Bank of England,
Bank of Holland and Bank of Switzerland. It was reported that each of
the credits were estimated at $25,000,000.
Reference to participation by J. P. Morgan & Co., and
the Guaranty Trust Co. in advance of credits to Belgium
was made in our issues of Dec. 5, page 2698 and Dec. 12,
page 2817.
Belgian Budget Cut Again-200,000,000 Francs Dawes
Plan Receipts Eliminated.
Advices as follows from Brussels (Associated Press) Dec.
15, appeared in the New York "Times":
Finance Minister Janssen to-day announced another cut of 200.000,000
francs in Belgium's budget for 1926. He deprecated reports that there
had been pressure from foreign bankers, but admitted that "there has
certainly been an invitation."
When the budget was first slashed by 150,000.000 francs,three weeks ago,
practically the entire Belgian press charged that the Government was under
the vassalage of American and British bankers, from whom it was seeking
credit.
The 200.000 francs erased to-day represent the "regular receipts from
the Dawes Plan," which have heretofore been incorporated in the ordinary
budget. The foreign bankers pointed out that, inasmuch as such receipts
must be used as priority for the reconstruction of the devastated regions,
they should disappear from the ordinary budget.
In order to fill up the gap, the Government is Introducing bills providing.
first, fresh taxes amounting to 80,000,000 francs: second, further trimming
of expenditures by 60,000,000, and, third, closer collection of the existing
taxes, which is expected to yield an additional 60,000,000.
It is felt in Government circles that the budget as it stands will resist
any further "invitations", from the foreign bankers. M. Janssen himself
says: "Belgium now has a really stabilized and balanced budget."
Kingdom of Belgium Definitive Bonds Available in
Exchange for Interim Certificates.
J. P. Morgan & Co. and the Guaranty Trust Company of
New York announce that beginning Dec. 15, they are prePayment to United States by Great Britain and
pared to deliver Kingdom of Belgium external loan 30-yearOther Foreign Nations of Over $90,000,000
sinking fund 6% gold bonds dated Jan. 1 1925, in definitive
on Indebtedness.
form with Jan. 1, 1926, and subsequent coupons attached,
Regarding payments aggregating $95,253,371 made to
in exchange for the interim certificates now outstanding upon
the Treasury Department at Washington on Dec. 15 by
the office of either in New York City.
seven foreign nations on account of their war debts to the surrender of the latter at
Washington
United States, we quote the following from the
Hungary's Large Revenues.
advices to the New York "Times":
Hon. Jeremiah Smith, Jr., Commissioner-General of the
The Governments making payments were Great Britain, Belgium,
Czechoslovakia, Finland, Hungary, Lithuania and Poland. It was the League of Nations for Hungary, in his latest report states
largest amount ever received in a single day by the American Government
that receipts for the revenues pledged for the 73/2% Reconfrom its World War debtors. Two of the nations making payments—
or
Belgium and Czechoslovakia—negotiated debt-funding agreements with the struction Loan amounted for October to $4,842,000,
United States that have not yet been ratified by Congress, but made their over two-thirds of the interest and sinking fund requirements
payments in cash to cement the understandings.
of the loan for the whole year. For the four months ended
The largest payment to-day was by Great Britain, amounting to
or
$92,310,000 of which $68,310.000 was for interest and $24,000,000,000 for Oct. 31 1925, these receipts amounted to $17,140,000
principal, and, as authorized by the terms of the settlement, was made in over 234 times the entire annual interest and sinking fund
obligations of the United States which were accepted at par. It represented
the loan.
Britain's sixth annual payment of interest and the third annual installment requirements of
of principal. The payments of the other countries were made in cash.
Belgium's payment was $870,000, representing her first semi-annual
Installment of interest.
Czechoslovakia paid her first semi-annual installment of principal. It
amounted to $1,500,000.
Finland made her sixth semi-annual payment of interest and the third
annual installment of principal, the total amounting to $180,650, of which
$133,650 was for interest and $47,000 for principal.
Hungary's payment represented the fourth semi-annual payment of interest and the second annual installment of principal. The total amounted
to $39,611.25. of which $29,593.25 was for interest and $10,018 was for
principal.
Lithuania made her third semi-annual payment on account of interest.
The payment amounted to $45.678.38. The remainder of the interest
due, amounting to $45,000. will be funded in accordance with the option
given In the debt settlement agreement.
Poland, with $500,000,made her second payment on account under the
terms of the debt settlement. The remainder due will be funded in accordance with the option given in the debt settlement agreement.
Federal Reserve Bank of N. Y. to Aid Belgium Through
Purchase of Commercial Bills.
Announcement of the readiness of the Federal Reserve
Bank of New York to co-operate in the plans for improving
the monetary position in Belgium, was made as follows by
the Reserve Bank on Dec. 11:
As an aid to the plans which are in progress for improving the monetary
position of Belgium, the Federal Reserve Bank of New York in association
with other Federal Reserve Banks has indicated its readiness to co-operate
with the Belgian Bank of Issue, the Banque Nationale de Belgique, if
desired, by purchasing prime Belgian commercial bills. It is understood
that offers of co-operation have also been made by the Bank of England
and other European banks of issue.
Stating that the Bank of England, the Bank of Holland
and the Bank of Switzerland will also co-operate in the
Dr. Kemmerer to Be Financial Adviser to Poland.
An important step has been taken by the Government of
Poland to strengthen its financial situation by calling as
Financial Advisor Dr. E. W. Kemmerer, of Princeton University, who is perhaps the foremost American expert in the
field of government finrnces. Announcement was made this
week by Dillon, Read & Co. that at their suggestion Dr.
Kemmerer has been invited to go to Warsaw to confer with
the Polish Government on their fiscal policy. He left last
Saturday on the steamship President Roosevelt.
The beginning of Dr. Kemmerer's experience in the field
of government finances was in the Philippines, where he
established the National Bank and placed the finances of
the Islands on a sound basis. He was head of the American
Financial Mission to Colombia, which in 1922 established a
National Bank and placed the Colombian currency on a gold
basis, where it has since remained. Dr. Kemmerer was also
one of the American experts in connection with the drawing
up of the "Dawes Plan," and is largely credited with the
drawing up of the statutes of the new German Reichsbank.
Following this engagement, Dr. Kemmerer, in collaboration
with a Dutch associate, reorganized the finances of South
Africa, restoring the currency of that country to a gold basis.
He has recently returned from his latest mission, which consisted in the establishment of a new central bank and currency system in Chile.
The Government of Poland, at the time of the rapid depreciation of its currency, called into`consultation an English
DEC. 19 1925.]
THE CHRONICLE
expert, the Right Honorable E. Hilton Young, who drew
up a plan of financial stabilization which was put into effect
with immediate results. The paper currency of the Republic
was gradually withdrawn from circulation and the gold zloty
was substituted. This enabled the Government to balance
its budget and largely correct the evils of the inflation period.
For a year and a half the zloty was successfully maintained
at its parity of 19.3e., but the extremely bad harvest of 1924
brought about an unfavorable foreign trade situation which
required liquidation by the Bank of Poland of a considerable
part of its reserve in foreign gold currencies, and to avoid
inflation the Bank called in a corresponding part of the notes
in circulation. This restriction in the circulating medium
has been the chief reason for the temporary lack of confidence shown by Polish business in the last few months,
which resulted in the depreciation of the zloty below parity.
Foreign observers consider that the present situation can be
remedied without a great strain on Polish resources, and
that the calling in of expert advice will greatly strengthen
the position of the Treasury. Poland at this point turned
to America for a financial advisor because of the fact that
Polish Government financing has been largely handled in
the United States, and it is felt that America was in a position to give thelmost disinterested advice in the present
circumstances.
2963
It was declared, however, that the delay in making funds available for
Interest payments should occasion no surprise, as the same thing had taken
place before and that the funds had always come along within a short
period. The Interest due last June was not paid on the specified day, but
was distributed a few days later. The coupon due yesterday is the only
one that has not been cashed.
The loan was floated for the Chinese Government in 1911. offerings having
been made simultaneously in New York, London. Paris and Berlin.
Bonds of Republic of Cuba Drawn for Redemption.
Bonds to the face amount of $743,000 of the Republic of
Cuba External Loan 30-Year 5M% issue of 1923 have been
drawn for redemption for the sinking fund and will be payable
on and after Jan. 15 1926 at the office of J. P. Morgan & Co.
at 100. Interest will cease after Jan. 15 1926.
Asks Paris Electric Loan—Seine Perfect Wants 356,000,000 Francs for Power Extension.
Copyright advices to the New York "Times" from Paris
Dec. 10 said:
The Perfect of the Seine Department has asked the City of Paris to want
-year bonds, exempt
authority to issue a loan of 356,000,000 francs in 7% 35
from present and future taxes, except the transmission tax, in order to allow
the Compagnie Parlsienne de Distribution Electrique to increase its power
equipment to meet the growing needs of the City of Paris and its suburbs.
The scheme for power extension comprises the increase of the central
station capacity and the increase of power lines.
Offering, of $6,500,000 Hamburg-American Line First
Mortgage 63/2% Marine Equipment Serial
Gold Bonds.
Speyer & Co., J. Henry Schroder Banking Corporation,
and Freeman & Co., offered for public subscription on
Friday last $6,500,000 Hamburg-American Line (Hapag)
First Mortgage 63/2% Marine Equipment Serial Gold bonds,
due $500,000 annually from Dec. 1 1928 to Dec. 1 1940,
inclusive. The bonds were offered to yield from 63% to
6.62%, according to maturity, and at prices from 100 and
interest for the first maturity, 1928, to 99 and interest for
the last maturity, 1940. The books were opened at ten
o'clock a. m., and immediately closed, the issue having been
heavily oversubscribed.
The bonds form part of a total issue limited to $10,000,000
and will be secured by a direct first mortgage on the company's entire fleet of seventy-four seagoing ships now in
operation, appraised at over $25,000,000, and including the
two new first-class twin screw oil-burning passenger ships
Albert Bailin and Deutschland. This fleet is modern, about
80% of the tonnage having been built during the past five
American Issue of Italian Viscose Shares to Be Offered
years. Full particulars regarding the issue were given in
in New York Market.
our news columns on Saturday last, on page 2884.
Following the example of the Royal Dutch and other
large European enterprises the Snia Viscose of Turin,
Italy,
$35,000,000 Federal Land Bank 4M%Bonds.
the greatest individual industrial enterprise in the Kingdom Offering of
Books Closed.—Issue Over-Subscribed.
of Italy, has completed arrangements to have part of its
Public offering was made on Dec. 14 of a new issue of
capitalization in American shares. They will be depositary
receipts of a large bank issued against the deposit of the $35,000,000 ten-thirty year Federal Land Bank 43% bonds
actual shares. The depositary receipts will be registerable, at a price of 101%% and interest to yield about 4.30% to
negotiable and transferable in this country. Dividends will the redeemable date (1936) and 4% thereafter to redempbe converted into dollars and checks mailed from New York tion or maturity. The bonds were offered to the public by
City. It is understood that Harvey Fisk & Sons and E. F. a country-wide group, composed of the twelve Federal Land
Hutton & Co. will shortly offer these depositary receipts Banks, investment houses, institutions and upwards of 1,000
which do not, however, constitute any new financing on dealers. The banking group was headed by Alex. Brown &
Sons of Baltimore, Harris, Forbes & Sons Co., Brown
the part of the company.
Bide Viscose is said to be the second largest
Higginson & Company, The National
manufacturer of Rayon Brothers & Co., Lee,
(artificial silk) in the world. Its principal factories are in
the northern City Company and the Guaranty Company of New York.
part of Italy. This company is nearly a complete
unit
own machinery and controlling its chemical supplies. manufacturing its On behalf of the banking groups Alexander Brown & Sons
In manufacturing
Rayon it principally uses the Viscose process generally
regarded as the most announced the closing of the subscription books at 10.15
satisfactory from a cost standpoint, because wood pulp as
well as cotton a... Dec. 14—shortly after their opening; the issue was
linters may be used as a primary base. riecause of
the plentiful supply oversubscribed. The bonds will be dated Jan. 1 1926, and
of cheap labor and water power. Sala's production
costs are about one-half
of the English and German and only a little more
than one-third lowest will mature Jan. 1, 1956. They are redeemable at 100%
American production costs. The capitalization of this
company consists and interest on and after Jan. 1 1936. The bonds are emexpt
of one class of stuck totaling
1.000.000.000 Lire or 5.000.000 shares (200
Lire par value) ommon stock. Snia's first commercial
from Federal, State, municipal and local taxation. They
(
production of
Rayon in 1920 amounted to a little over 1,000,000
pounds. In 1925 are in coupon and registered form, interchangeable, in
nearly 20,000,000 pounds of Rayon will be produced and
next year company denominations of $10,000, $5,000, $1,000, $500, $100 and
hopes to double this production. Earnings as reported after
depreciation
are reflecting increased production. Cash dividends
in 1923 were 8%;last $40. Interest is payable Jan. 1 and July 1 at any Federal
year 10% and this year it is believed will amount to 12)4%
or about $1 per Land Bank or Federal Reserve Bank.
share.
The following relative to the issue is takenfrom the offering
circular:
Delay in Remittance Account of Interest on
Chinese
Issuing Banks.—The twelve Federal Land Banks were organized by the
Government Bonds—Morgan & Co. Fail to Receive
United States Government with an original $9,000,000 capital stock, which
Interest—Is Expected Soon.
has since increased, through the operation of the system, to over $53,000,000.
The following is from the New York "Times" of Dec. 16:
Security.—These bonds, in addition to being obligations of the Federal
ofj$6,000,000 Bonds of United Industrial
Corporation of Germany.
An issue of $6,000,000 Hydro-Electric First Mortgage
6% Sinking Fund gold bonds of the United Industrial Corp.
(Viag) of GermanAwas offered in the New York market
yesterday by Harris, Forbes & Co., Lee, Higginson & Co.
and Brown Brothers & Co. at 843/i and interest, yielding
over
7.50%.
United Industrial Corp. or Viag, as it is commonly known,
is the holding company for various enterprises controlled
by the German Government, constituting one of the
foremost European industrial groups. The business of the Viag
subsidiaries includes banking, the wholesale production of
electric power, the manufacture of aluminum, nitrates, iron
and steel and miscellaneous products, and the mining of
coal. The German Government owns the entire $28,571,428
capital stock of the company. Further information regarding this issue may be found in our "Investment
News"
department on page 3017.
Offering
Interest on the Chinese Government Railway 5% bonds, due June
15
and Dec. 15, was not available for bondholders yesterday. J.
P. Morgan
& Co., who acts as agents for the Chinese Government in honoring
coupons
on the American portion of this loan, did not receive funds to
meet the
payment. The price of the bonds sold off on the New York Stock Exchange
and the close at 43M represented a decline of 1H points from the previous
day's quotation.
Land Banks, all twelve of which are primarily liable for interest and ultimately liable for the principal on each bond, are secured by collateral consisting of an equal amount of United States Government bonds, or mortgages on farm lands, which must be:
(a) First mortgages to an amount not exceeding 50% of the value of the
land and 20% of the value of the permanent, insured improvements as
appraised by United States appraisers.
2964
THE CHRONICLE
(b) Limited to $25,000 on any one mortgage.
(c) Guaranteed by the local National Farm Loan Association of which
the borrower is a member and stockholder. The stock of these associations
carries a double liability.
(d) Reduced each year by payment of part of the mortgage debt•
Values.—The conservatism of appraisals made for the• Federal Land
Banks is indicated by the fact that for the year ended Nov. 30, 1924. 6,505
farms against which the banks had made loans totaling $18,051,339 were
sold by their owners at private sale for $44.798,233.
Operation.—In seven and one-half years of active operation, the 12 Federal Land Banks have been built up until on Oct. 31 1925 their capital
was $53,090,485, reserve $7,544,700, undivided profits $5,590,082, and
total assets $1,067,705,789. Every bank shows a surplus earned from its
operations.
Acceptable by Treasury.—These bonds are acceptable by the United States
Treasury as security for Government deposits, including postal savings
funds.
Legal for Trust Funds.—The Federal Farm Loan Act provides that the
bonds shall be lawful investments for all fiduciary and trust funds under
the jurisdiction of the United States Government. They are eligible under
the laws of many of the States for investment of all public and private funds
and have been held eligible for invsetment by savings banks in 37 States.
The holdings of the United States Government in the capital stock of the
Federal Land Banks have been reduced from $9,000.000. at the time of the
inauguration of the system, to about $1.300,000, as of Oct. 31 1925. During the same period the Farm Loan Associations acquired approximately
$51.000.000 capital stock, part of the proceeds of which was used to retire
stock owned by the Government as required by the Farm Loan Act. The
United States Government has purchased and now holds over $100,000.000
Federal Land Bank bonds. While these bonds are not Government obligations, and are not guaranteed by the Government, they are the secured
obligations of banks operating under Federal charter with Governmental
supervision, on whose boards of direction the Government is represented.
Federal Land Bank Bonds have been held eligible for investment by savings banks in:
Alabama, Arkansas. California, Colordado, Delaware, District of Columbia, Florida, Georgia, Idaho, Indiana, Kentucky, Louisiana. Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Nebraska, New
Hampshire, New Jersey, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas,
Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.
Offering of $3,000,000 Bonds of Lincoln Joint Stock
Land Bank.
A syndicate composed of Brooke, Stokes & Co. of Philadelphia, The Equitable Trust Co. of New York, the First
National Corporation of Boston, Old Colony Trust Co. of
Boston, First Trust & Savings Bank of Chicago and the
Central Trust Company of Illinois, Chicago, offered Dec. 18
a $3,000,000 issue of the Lincoln Joint Stock Land Bank, of
Lincoln, Neb., at 1013 and interest, to yield 4.31% to the
optional date (1935) and 434% thereafter. The bonds will
be dated Oct. 1 1925 and will mature Oct. 1 1965. They
will not be callable before Oct. 11935.
In denominations of 31,000, $5,000 and $10,000 the bonds
are in coupon and fully registered form and are interchangeable. Interest is payable April 1 and Oct. 1. Principal
and interest are payable at the offices of the bank, The
Equitable Trust Company of New York, and Central Trust
Company of Illinois, Chicago. The Lincoln Joint Stock
Land Bank was chartered in 1918. It operates in the States
of Iowa and Nebraska. The capital stock of the bank is
now $2,721,100, and dividends have been paid regularly
since 1919 averaging 8% per year. The present rate is 9%
which has been maintained since Oct. 1922. In addition
the bank has accumulated surplus and undivided profits
amounting to $581,691.
[VoL 121.
Ferguson, President of the Dallas Joint Stock Land Bank in
a letter to the offering houses under date of Dec. 16 says:
These bonds are direct obligations of the Dallas Joint Stock Land Bank,
and are secured by deposit of United States Government Bonds or Certificates of Indebtedness, or by first mortgages upon improved farm lands
having a value at least 100% in excess of the mortgages thereon, which
equity is steadily increased by semi-annual amortization of the loans. As
of Dec. 10 1925, there were outstanding (including this issue) total bonds
issued by this Bank to the amount of
$25,922,000
Security for these was approximately as follows:
First Mortgages upon farms, $26,594,549 deposited, secured
farms with appraised value of
$69,256,238
Capital stock paid in (carrying double liability)
2,500 000
Surplus and Reserve
659,703
$72,415,941
Disregarding stockholders' double liability, this represents 279% of bonds
outstanding. Average loans, Dec. 10 1925, represented 38% of the appraised value of the farms.
The Dallas Joint Stock Land Bank was organized July 3,
1919. The Bank has a paid in capital stock of $2,500,000
and surplus and undivided profits of $659,703, based on its
statement of December 10, 1925. The banks' loan statistics
as of Dec. 10 1925 are reported as follows:
Total amount loans closed
$29,325,449
Acreage covered by loans
2,417,678
Appraised value of land
68,580,103
Appraised value of improvements
7.704,235
Appraised value of land and improvements
76,284,338
Percentage ofloans to appraised value ofland and improvements
38.4%
Percentage of loans to appraised value of land only
42.7%
The Bank's policy is to restrict loans to the black land
belt and other sections of Texas where land values have been
well established.
The bonds are legal investments for all fiduciary and trust
funds under the jurisdiction of the Federal Government and
acceptable as security for postal savings.
Subscriptions to and Allotments of U. S. Treasury
Certificates of Indebtedness.
Secretary of the Treasury Mellon announced on Dec.
13 that the total amount of subscriptions received for the
issue of 33 % Treasury certificates of indebtedness, Series
4
"TD-1926", dated Dec. 15 1925, maturing Dec. 15, 1926,
was $876,381,000. The total of subscriptions alloted was
$453,349,000 of which $167,810,700 represent allotments on
subscriptions for which notes and certificates maturing
Dec. 15 1925 were tendered in payment. All of the latter
subscriptions were alloted in full, while allotments on
other subscriptions were made on a graduated scale.
The subscriptions and allotments were divided among the
several Federal reserve districts as follows:
Federal Reserve District—
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
—Total Subscriptions.—
Received.
Allotted.
$66.930,500
$30,055,000
320.927,500
171,995,000
81.333.000
44,997,000
66.192,500
29,165,000
28.641,000
12,830,500
35,236.500
17,744,500
87,226.500
44,404,000
29,515.500
16,988,500
22,699,500
14.819.500
17.292.500
12,040,000
33,015.500
17,622.500
40,687,500
87,370,500
$876,381,000
$453,349,000
The offering was referred to in our issue of Saturday last,
Offering of $600,000 5% Greensboro Joint Stock Land page 2824.
Bank.
We learn that Halsey, Stuart & Co., Inc., and William R. U. S.
Treasury to Redeem $66,450,000 43,% Liberty
Compton Co. are jointly interested with Harris, Forbes
Bonds at 10134'.
the bond department of the Harris Trust &
& Co. and
It was made known on Dec. 14 that the Treasury Depart-.
Savings Bank of Chicago in the offering of $600,000 5%
bonds of the Greensboro Joint Stock Land Bank, referred ment's offer to buy in about $50,000,000 of Third Liberty
Loan 434% bonds for the account of the cumulative sinking
to in these columns last week, page 2820.
fund at prices not to exceed 101% was met with offerings for
8P1.0 of $176,000,000. Secretary Mellon in announcing this
Offering of $3,000,000 Bonds of Dallas Joint Stock
indicated that no further proposals would be received. The
Land Bank.
privilege of tendering the bonds to the United States through
A new issue of $3,000,000 5% farm loan bonds of the the cumulative sinking fund expired at the close of business
Dallas Joint Stock Land Bank, of Dallas, Tex. was offered on Dec. 10. Washington advices to the "Wall Street
on Dec. 17 by Lee, Higginson & Co. and the Illinois Mer- Journal" Dec. 15 state:
chants Trust Company of Chicago, at 10334 and accrued
According to reports received from the Federal Reserve Banks, about
interest, to yield about 4.54% to the optional date (1935) $176.000,000 face amount of bonds were tendered for sale, within the
announced limit of 101)4 and accrued interest, at prices which averaged
and 5% thereafter. The bonds will bear date July 1, 1925, 101 11-32.
and will become due July 1, 1965. They will be redeemable
The Treasury has accepted all proposals for sale at prices not exceeding
at 100 and accrued interest on July 1, 1935 or any interest 101X. Such proposals aggregate about $66,450,000 face amount, and the
average cost of these bonds to the Government (exclusive of accrued interest)
date thereafter. In coupon and fully registered form (inter- will be approximately 101 6-32. On all offers which have been accepted,
changeable), the bonds are in denominations of $10,000, the bonds should be in the hands of the Federal Reserve Banks by Dec. 21,
$6,000 and $1,000. Principal and semi-annual interest payment therefor to be made Dec. 29.
(January and July 1) are payable at the Bank of Issue or
Mention of the Treasury Department's announcement
coupons may be presented for payment at the offices of Lee, regarding the proposed purchase of the bonds was made in
Higginson & Co., in Boston, New York or Chicago. H. W. these columns Nov. 28, page 2596.
DEC. 19 1925.]
THE CHRONICLE
House Action on Tax Revision Bill.
The House has this week expedited action on the tax
revision bill, drafted by its Ways and Means Committee,
and the indications were that the program of the Republican
leaders to secure a final vote on the bill by the House by
Dec. 19 would be adhered to. Reference to the fact that the
bill had been reported to the House on Dec. 7, the day the
new Congress convened, was made in these columns a week
ago. Debate on the measure was concluded on Saturday
last (Dec. 12) and on Monday, the 14th, the reading of the
provisions of the bill, under the five minute rule, was begun.
The income tax reductions, which the bill proposes, were
approved on the 14th, when various amendments were
voted down. Similarly on the 15th, unsuccessful efforts
were made to change certain of the provisions carried in the
bill, the publicity of returns, and the higher exemptions for
married and single persons, on the 16th a move to amend
the bill's estate tax provisions failed; on the 17th inst. a few
minor changes were made in the tobacco schedule, according
to the New York "Journal of Commerce," which says also,
that the effective date of the new rates upon cigars was made
thirty days after the passage of the bill. Efforts further to
reduce the rates to 50% of those in the present law were
defeated 89 to 47, while a proposal to effect a 33% cut in
the rate on tobacco, now 18c. per pound, was rejected
90 to 43. The same account states:
2965
The new tax of one-tenth of one cent a gallon on cereal beverages, asked
by the Treasury Department, as an aid in checking sales of "high powered
beer," was accepted.
The Washington advices to the New York "HeraldTribune" on Dec. 17 stated that it was believed that a lastminute effort would be made by the Democrats to move to
recommit the bill with instructions to report it with a 25%
surtax and the repeal of the automobile levy. The Associated Press advices from Washington on the 14th reporting
the approval by the House of the bills' income tax provisions
said:
The new rates provide for a cut in the maximum surtax from 40 to 20%
and for reductions in all the normal taxes.
Overwhelming support of the non-partisan bill drafted by the Ways and
Means Committee developed during the first day of consideration of
amendments by the House. Half a dozen proposed changes were swept
aside, many without the necessity even of a record vote.
The most serious fight came on the proposal of Representatives Rainey,
of Illinois, a Democratic member of the Committee, to increase the maximum surtax rate to 25%. It was rejected after a sharp three hours
debate, 196 to 117. Previously the House had rejected, 266 to 54, an
amendment by Representative La Guardia. Socialist. New York, to make
the maximum surtax rate 30%.
Other amendments were turned down in rapid order and with little show
of partisan division. The surtax vote, however, found most of the Democrats. including Representative Garrett, of Tennessee, the minority leader,
voting for the 25% maximum rate, while a large majority of the Republicans
opposed it.
A large attendance participated in the five hours' discussion of the bill
to-day during which its most vital provisions were disposed of. Adjournment was taken when the provision increasing personal exemption from
$1.000 to $1,500 for single persons and from $2,500 to $3,500 for married
An amendment under which local dealers in leaf tobacco
can sell loose persons, was reached.
leaf direct to consumers upon payment of a tax of Sc. per
The normal income tax schedule approved to-day provides for a reduction
pound was adopted.
It was pointed out that under the existing law such dealers
are precluded from 2 to 1% on the first $4.000 taxable income,from 4 to 3% on the next
from making such sales even under an 18c. rate provided
$4,000 and from 6 to 5% on the remainder.
in the law.
A great deal of time was occupied in the consideration
Another provision of the bill, increasing from $10,000 to $20,000 the
of the admission
tax provisions which Representative Griffin of New York
moved to repeal. amount of income on which the 25% credit for "earned income" may be
Another proposal was for the application of a rate of 2c.
taken, was approved without debate.
on each 10c. in
excess of $1 50 charged for admission to any place of
Regarding the amendments brought before the House on
amusement. Efforts
were made by Representative Bloom to further aid the
theatrical industry the 15th and rejected, the Associated Press had the followand by Representative O'Connor of Louisiana to relieve
athletic and sporting clubs from the tax on dues. All such efforts were
ing to say:
ineffectual.
Without even a record vote, the House swept aside an amendment
In reporting the retention of the bill, 3% tax on passenger
proposing to continue the publication of income tax returns.
automobiles, and the efforts on the 17th to amend that
Stuboorn fights were made on the provisions for increasing personal
provision, the paper just quoted said:
exemptions, but terms of the bill as framed by the Ways and Means Committee to relieve 2,500,000 income taxpayers from Federal taxation next
Majority Around 100.
year were accepted.
The big fight of the day came when the provisions placing a 3%
The bill increases the exemptions from $1.000 to $1,500 for single persona
tax on
passenger automobiles were reached. There were three proposals, one
to and from $2,500 to $3,500 for married persons. An amendment by Reprerepeal the tax, a second to reduce the rate to 1% and a third to reduce
it to sentative Mary T. Norton (Democrat), New Jersey, to boost the exemp2%. The last alone had a chance of success, but being encumbered
with tions to $2,500 for single persons and to $5.000 for married persons was
the others it was rejected, 168 to 80. the 1% reduction being defeated
by a defeated, 207 to 64.
vote of 192 to 91 and the amendment repealing the tax in its entirety,
Representative Rainey, of Illinois, a Democratic member of the Ways
proposed by Representative Rainey of Illinois, was lost, 188 to 95.
and Means Committee, conducted a fight against any increase in the
It was stated by several speakers, among them Representative McLaugh- exemptions for married persons. This was lost without a record vote.
lin of Michigan, Republican member of the Committee, that the
Later, when another of his amendments to prevent taxpayers with
manufacturers had agreed not to ask for any reduction beyond that provided in incomes over $20,000 from taking advantage of the exemptions was moved
the bill, the present law imposing a 5% rate, if the Committee would
agree down by a vote of 103 to 30,Mr.Rainey said he had decided to show whether&
to provide a refund upon floor stocks, representing automobiles in
the the Mellon machine was so well oiled as to prevent amendment of the bill."
hands of the dealers thirty days after the passage of the bill. Chairman
Not an amendment, except several advanced by Committee members
Green combatted the proposal also, declaring it had selfish motives
back to clarify sections of the adminitrative provisions, has been accepted during
of it and that every vote in favor of repeal would be a vote
against ap- the two days of reading of the non-partisan measure. Six hours of reading
propriations for good roads. The consumers, he said, are not asking for yesterday brought the House half way through the bill to the point where
repeal; they are more interested in the problem of good roads.
to-day it will take up the controversial inheritance tax question.
Representative Madden of Illinois pointed out that the automobile
The unsuccessful efforts to amend the estate tax provisions
industry fared far better than any other by reason of the proposed tax
reduction. The direct cut in the taxes alone favors the industry by about on Dec. 16 were indicated as follows in the Washington ad26%, he said, and it also has the benefit of the income tax cuts.
vices to the New York "Journal of Commerce":
He stated that it might be that such a cut would hurt the Government
Representative Ranaseyer of Iowa, Republican, moved an amendment infinances and expressed the belief that the $327,000,000 reduction contem
creasing the inheritance tax rates from a maximum of 20% to 30%, but the
plated should suffice at this time, for since the passage of the 1921 Ac
proposal was rejected by a vote of 154 to 75.
$1,600,000,000 in tax relief had been provided
Second Proposal Defeated.
From the "Journal of Commerce" account we also take the
Representative Rainey of Illinois. Democrat, proposed a maximum rate
following:
of 25%, applicable in graduated form above the committee proposals,
beginning with 21% on net estates between $15.000.000 and $20,000.000,
Capital Stock Tax.
reaching the maximum at $50,000,000, but was defeated 160 to 82.
It took the "heavy artillery" of the House to keep the membership
in
In another plan designed to compel the States to revamp their estate tax
line with respect to the automobile taxes, but the anticipated assault
upon laws so that they would not reach out and tax the property of decedents
capital stock tax proved very weak. Representative Btirtness of North
of other States, Mr. Rainey obtained much support, even though unsucDakota proposed the complete repeal of the tax, while
Representative
Beedy of Maine sought to amend the provisions so that they wou41 apply cessful. He wanted the provision providing a credit of not to exceed 80%
of the total amount of the Federal assessment to be given taxpayers for estate
specifically to the value of the shares of stock of corporations. He detaxes paid to the States.
clared that equitable valuations of corporations for the application of
this
Mr. Mills of New York declared he favored any move that would bring
levy are not possible, especially under the terms of a decision of the
Supreme about uniformity in State inheritance taxation. Chairman Green of the
Court of the United States, which held that "fair average value" requires
Ways and Means Committee spoke in favor of the idea but against the
that there be taken into consideration the potential capacity of the
corpora- amendment, becasue of the feeling that it would be contested in the Courta
tion to make profits.
and probably declared unconstitutional. The amendment was rejected by
Representative Deal of Virginia also sought repeal of the tax, but he came a viva voce
vote.
too late and the other two proposals were quickly voted down.
Threats from Texas.
Representative Blanton of Texas again assahed the activities of the Texas
Gift Tax.
The day's session started with an appeal by Representative Freer, Prog- tax clubs, the President of which, he said, had declared that unless
the
ressive of Wisconsin, for the continuance of the gift tax, not for the purpose eighteen members of the House and the two Senators from the state
would
of raising revenue, but to safeguard the estate taxes. A viva voce vote 'about face" on the repeal of the inheritance tax, "we would have
opposikilled the proposal. A move to repeal the estate tax section in its entirety tion of the deadly, earnest kind." Mr. Blanton declared also that
he had
by Representative Green of Florida failed on a point of order.
been called upon to resign because of his refusal to support a move to repeal
Despite the efforts yesterday (Dec. 18) to amend the the estate taxes. Green of Florida offered
Representative
a series of amendments in
alcohol tax provision carried in the bill, the House approved with the position of Florida, with respect to its constitutional provision line
preit as written in the bill. It would cut the present tax 25% cluding the assessment in that State of an estate tax. All his proposals were
rejected.
beginning Jan. 1 1927 and an additional 25% a year later.
From the Associated Press advices from Washington last
night (Dec. 18) we take the following:
A proposal to impose a one-cent-a-gallon levy on denatured alcohol was
defeated, but an amendment was offered by the Ways and Means Committee requiring that confiscated alcohol seized on entry into this country
be subject to the tax when sold by the Government was approved.
A proposal to relieve tangible personal property from estate
taxation offered by Representative Treadway of Massachusetts, a member
of the committee, received only his own vote
A great deal of animosity was expressed to-day by members of
Congress
towards the methods which Florida is said to be adopting to
attract wealth
to the State. Addressing himself to the members of the Florida
delegation
to-day, Chairman Green of Iowa told them "you never can made
a really
great State through colonies of tax dodgersimoney grabbers, coupontart-
2966
THE CHRONICLE
ters, jazz trippers and booze hunters. Your delightful climate and your
natural resources are a sufficient attraction if you do not offset them by
filling up your community with numbers of that ancient and dishonorable
order of tax dodgers, who of all citizens are the most narrow, the most
selfish and the most unpatriotic."
A Texas delegation which journeyed to Washington with
a view to seeking the repeal of the Federal estate tax failed
to accomplish its aims, the reception accorded it being indicated in a Washington dispatch to the New York "Times"
Dec. 11:
"Texas Tax Club" and members of similar organizations who have
come to Washington with the demand that the Government get out of the
estate tax field and leave that source of revenue to the States met with a
flat refusal to-day and in return were charged with acting for large financial
interests by whom their trip was financed.
The Texas delegation in the House, in a conference with the visitors,
unanimously declined to accede to the demand and drew out the admission
that all expenses had been paid not only for the present journey but for the
trip when the club appeared before the Ways and Means Committee in
the middle of November.
Representative Blanton of Texas declared in the House that expenses of
members of the Texas Legislature had been paid to a special unofficial
session which drew up the resolution insisting there should be no division
of the estate tax between the Government and the States.
In referring the previous day to the Texas delegation, the
"Times" said:
Together with the Texans. representatives of Legislatures of Alabama,
Arkansas, Delaware, Kentucky, Louisiana, Maryland, North Carolina,
Rhode Island and South Carolina met to-day to hear Senator Underwood
of Alabama speak, and passed a resolution addressed to President Coolidge
and Congress deploring the course of the Ways and Means Committee in
providing the Delano credit of 80% on the Federal inheritance tax because
of inheritance taxes paid to States.
Hallgarten & Co. and Boissevain & Co. to Consolidate
January 1st.
A merger of considerable interest to the financial world is
announced by two banking firms of international prominence.
Hallgarten & Co., whose name and activities have figured
in world finance for 75 years, and Boissevain & Co., whose
international relations, particularly with Holland, have been
well known for over a quarter of a century, will consolidate
on Jan. 1st. The business of these two houses will continue
under the name of Hallgarten & Co.; Andrew J. Miller and
Harry H. Moore of Boissevain & Co. becoming general partners of that firm. J. L. Pierson, of Boissevain resident of
Amsterdam, Holland, will retire.
Measuring the Man for the Bonds—Equitable Trust
Company's New Campaign of Advertising.
Recognizing that men are all different—in physical
appearance, health, temperament, ability, ambition—and
that, as they go through life and develop their talents, their
earning power, their living requirements, their plans for the
future of their families, all present widely divergent problems, the advertising department of The Equitable Trust
Company of New York, has co-operated with the bond
department in the preparation of a series of newspaper
advertisements which will endeavor to acquaint the investing
public with the necessity of being measured for investments.
The first advertisement of this campaign, published on Nov.
9, in the New York newspapers, told how and why each
investor should be measured. Under the head' WhatBonds
Should You Buy" the company says:
which we
There are several hundred different bond issues now outstanding,
advantages—
as bankers, consider good investments. Each has certain
but not all of them advantages to you.
result from buying
We see almost daily the hardship and worry which
lost
the wrong types of good bonds. Business men with opportunities
bonds. Widows, with
because they cannot readily raise money on their
"business men's bonds." Estates swalInadequate safety because they hold
lowed up by inheritance taxes because of wrong investments.
The company contends that the choice of good bonds
must depend upon yourself and your present investment—
the size of your income, and the amount of your surplus for
investment, whether you are married or single, how many
dependents you have, &c., &c. In its offer to investors
it says:
our
To the man or woman who has funds to invest, we offer the help of
bonds
Investment specialists in selecting the right bonds, from the best
the financial world affords.
accept.
Our offer is made in your interest as well as our own. It is easy to
It entails no obligation. Simply send for our Investment Memorandum.
it to us.
Turn to your page. Put down the facts it calls for and return
basis,
The information will be held entirely confidential and, with it as a
we will prepare a personal investment program designed to meet your specific
needs and plans.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
Two New York curb market memberships were reported
sold this week, that of Anthony J. Ferris to Chester B.
Freeman and that of Charles H. Boylhart to Gerald Marqusee for each for $37,500. This is an increase of $2,500
over the last preceeding transaction and is a new high
record price.
[VOL 121.
record. The last preceding sale was at $14,500. The seats
were reported purchased by John Lamborn and H. Raebeck.
Samuel S. Conover, President of the Fidelity-International Trust Co. of New York and John T. Sproull, Chairman of the Board of the Coal & Iron National Bank, announced on Dec. 17 that the boards of directors of the
Fidelity-International Trust Co. and the Coal & Iron National Bank at meetings held simultaneously Dec. 16 had
unanimously voted to recommend to their stockholders that
the two institutions be merged. The Coal & Iron National
Bank will first become a State bank and as soon as the law
permits will be merged into the Fidelity-International Trust
Co., which will then change its name to Fidelity Trust Company of New York. The capital of the enlarged institution
will be $4,000,000, the surplus $2,500,000 and the undivided
profits $500,000, making a total invested capital of $7,000,000. The deposits of the two banks at the present time
aggregate about $45,000,000, making total resources of over
$50,000,000. It is planned to have the head office in the
north side of the Equitable Building at 120 Broadway, formerly occupied by the Liberty National Bank and latterly
used by the Metropolitan Trust Co. before its amalgamation
with the Chatham & Phenix National Bank. These quarters
will be renovated to accommodate the new tenant. The
offices of the company at present of the Coal & Iron National Bank at 143 Liberty Street and those of the FidelityInternational Trust Co. at the corner of Chambers Street
and West Broadway, as well as its two branches at 110
William Street and 17 Battery Place, will be continued as
now, giving the new institution five advantageous places of
business in the downtown business and financial sections.
The managing officers of the two institutions when merged
under the name of Fidelity Trust Co. of New York will be
Samuel S. Conover, Executive Chairman; John T. Sproull,
Chairman of the Executive Committee, and Julian W. Potter, President. Mr. Potter, whose illness had to some extent
delayed the negotiations attending the merger, was said to
be making satisfactory progress in the recovery of his
health. The proposed merger was referred to in these columns Oct. 3 1925, page 1642.
The Hamilton National Ban- k of this city has announced
a plan for increasing the capital and surplus of the bank
to $2,000,000; the capital and surplus of the Hamilton Safe
Deposit Corporation to $200,000 and the New York Hamilton
Corporation to $300,000. The stock of the bank and its
affiliated corporations was originally issued in the form of
units at $180, and these units to-day have a market value
of $220. The new stock will be issued in the form of ten
thousand half units, which will be offered to the present
stockholders at the price of $85 each. The following figures
are furnished to indicate the growth of the deposits: April
3 1923, $1,552,486 88; April 15 1924, $5,058,763 62; June 25
1925, $9,154,849 88; Dec. 1 1925, $11,104,328 04. The bank
opened two additional offices in November 1924 and a new
building is being constructed to house the Queens Village
office.
Gilbert E. Chapin has resig- ned as Controller of Loans of
the Federal Reserve Bank of New York to become a Vice.
President of the Bank of America of this city. Before his
connection with the Federal Reserve Bank Mr. Chapin was
credit man with the Westinghouse Electric & Manufacturing
Co. and subsequently Assistant Treasurer of the Westinghouse Electric Export Co. He started with the Federal
Reserve Bank in 1917 as Manager of the Credit Department
and served successively as Assistant Cashier and Manager
of the Loan Department and more recently as Controller of
Loans. Mr. Chapin will take up his new duties on Jan. 2
1926.
The board of directors of t- he United States Mortgage &
Trust Co. this week declared the regular quarterly dividend
of 4%, payable Jan. 2 1926 to stockholders of record Dec. 26
1925. The board also authorized the transfer of $1,000,000
from undivided profits to surplus account, increasing the
latter to $4,000,000. Additional compensation of 10% of the
amount of salaries paid during the year was voted to officers and employees.
Archibald F. Maxwell has accepted the Presidency of the
Central National Bank of the City of New York. His resignation as Vice-President of the National Bank of Commerce
Jan. 2. Mr. Maxwell became
Two New York Coffee and Sugar Exchange memberships in New York becothes effective
sold this week for $15,000 each, a new high associated with the National Bank of Commerce in 1913,
were reported
DEC. 19 1925.]
THE CHRONICLE
after an extensive banking and commercial experience in
Pittsburgh, which included an association with the Mellon
National Bank of that city. He has been President of the
New York Chapter of the American Institute of Banking
and Vice-President and director of the New York Credit
Men's Association. For a number of years he lectured
and directed courses in credits under the auspices of Columbia University. The Central National Bank of the City
of New York will open about the middle of January in the
new Central National Bank Building at 1440 Broadway.
With the installation of the safe deposit vaults the handsome new banking quarters are rapidly approaching completion.
At a special meeting held on Dec. 14, the stockholders
of the Lawyers Title & Guaranty Co. of New York authorized an increase of the capital stock of the company from
$8,000,000 to $10,000,000. Stockholders of record Dec. 22
will be entitled to subscribe for one share of such new stock
for every four shares of the old Stock of the company held
by them on such date for $200 per share, payment to be
made for such new stock in cash in one payment on or before the 1st day of February 1926. Any such stock not subscrbed for and not pad for on or before Feb. 1 may be sold
by the directors to such persons as it may determine at a
price not less than $200 per share and for cash. The issue
of such new stock shall be effective Feb. 1 1926 and certificates therefor will be delivered as soon thereafter as possible. As we noted in our issue of March 7 1925 (page
1163), the company increased its capital from $6,000,000 to
$8,000,000 Feb. 28 1925.
Amos L. Beaty has been elected a director of the Chase
National Bank of this city to fill the vacancy left by the
late Andrew Fletcher of the Amercan Locomotive Co., who
died recently. Mr. Beaty is President and a director of the
Texas Co.
The Title Guarantee & Trust Co. of New York will distribute to its employees and officers out of the profits for
the year under its profit-sharing plan a total of $1,200,000.
All the employees and officers share in this distribution and
the extra compensation received by each one varies from
16% to 47% of his yearly salary and is based on the length
of service with the company. All who have been with the
company for fifteen years or more, of whom there are 386,
receive 47%. The active real estate market during the year
In every borough of Greater New York has resulted in a
great volume of business for the company. It is the largest
distribution of profits to employees that has ever been made
by the company. At the December meeting of the board
of trustees the profit-sharing plan was re-enacted for the
year 1926.
Harry A. Kahler, President of the American Trust Co.
and New York Title & Mortgage Co., announced on Dec. 1,
to the Nyamco Club, the welfare organization of these
institutions, at a dinner attended by the club members at the
Hotel Commodore that the profit sharing distribution to the
eleven hundred employees of the companies would be the
largest in their history. A statement with regard to this says:
Expressed in percentages, the 1925 profit-sharing is roughly 28% of the
salary of the individual. Mr. Kehler explained that this was a general
statement, because a sliding scale has been adopted with additional weight
for length of service. Of this 28% profit-sharing, 14% is to be paid as a
Christmas check and the remaining 14% will be deposited in a trust fund for
the benefit of the employees and invested in stock of the New York Title &
Mortgage Co. This is the third year which this profit-sharing plan, believed
to be unique in the financial district, has been in operation, Mr. Kehler
told the diners, and the result has more than Justified all expectations.
The profit-sharing represents 20% of the net profits of the companies
after the payment of dividends, taxes, expenses, losses and reserves. It is
distributed on a point basis, computed by salary and length of service.
The half paid to the trustee and invested in the stock of the New York
Title & Mortgage Co. is held as an endowment fund, each employee to
receive his share when he reaches the age of sixty years. The income on
this fund is accumulated until the individual's fund reaches $1,000. Thereafter the income is paid to the employee annually.
Since this plan has been in operation, the stock now in trust for the
employees, including the present profit-sharing distribution, has a market
value of nearly 31,000,000.
IIThe purpose of this plan. Mr. ICahler explained to the diners, is to
protect the employee at the time when he will probably be most in need of
cash—to give the employee a financial interest in the success of his company, to make i,, pOssible for him to increase his earnings by his own efforts
and to take the place of a bonus or present, without affecting salary
schedules.
10 This year, for the first time, the officers and employees of the County
Trust Company, of White Plains, an affilated institution, are Included.
2967
the right to subscribe to the new stock at $200 per share in
the proportion of one share of new stock for each four
shares now held. The present market value is over'$900
with .rights a share. The subscription rights will expire
on the date of payment, Jan. 15 1926. Reference was made
in these columns Nov. 28 1925, page 2600, to the proposed
increase.
On Monday of this week (Dec. 14) the proposed merger
of the Fidelity Trust Co. of Buffalo and the Manufacturers
& Traders National Bank (reported in these columns in the
"Chronicle" of Oct. 17) was consummated. The resulting
institution—the Manufacturers & Traders Trust Co.—has
resources of over $100,000,000. Harry T. Ramsdell, for
more than half a century associated with the Manufacturers & Traders National Bank, and for many years its President, is Chairman of the board of directors of the new
bank, while Lewis G. Harriman, formerly President of the
Fidelity Trust Co., is President. With few exceptions, it is
understood, the officers of both the banks remain with the
new institution. A new position, that of Chairman of the
Finance Committee, has been created and Robert W. Pomeroy appointed to the office; Perry E. Wurst has been
elected a Vice-President in charge of trusts. The roster of
the new institution is as follows:
Chairman of the Board, Harry T. Ramsdell; President, Lewis G. Harriman; Vice-Presidents, Samuel Ellis, James H. Carter, Harley F. Drollinger,
Kenneth MacDonald, Charles H. Ramsdell, George P. Rea, Perry E. Virtue;
Secretary, George B. Macphail ; Treasurer, Edward W. Kuhn; Trust Officers, Samuel C. Easterbrook, Thomas Cantwell; Investment Trust Officer,
A. Erwin Rankin; Assistant Secretaries, Howard E. Avery, Jooeph E.
Chambers, Walter L. Curtiss, Charles C. Deering, Arnold L. Eaton J. Donald Ellinwood Jr., Richard S. Graham, Albert E. J. Krause, Charles E.
McHenry, Edward W. Miller, Henry W. Root, Frank H. Stephen, George
D. Thomson, Albert J. Winkelman; Manager Safe Deposit Vaults, Thomas
S. Battle.
Branch Managers: Frederick J. Federlein, Main-Genesee
branch; Stephen F. Stall, Grant-Boyd branch; Franklin B. Jefferson, Cold
Spring branch; Ward M. Blackman, Delaware Avenue branch; Peter Jansen, Broadway-Mills branch; Jacob Kercher, Kensington branch; Francis
B. Bacon, Hertel Avenue branch.
Five new members have been added to the directorate.
They are John M. Davis, President of the Delaware, Lackawanna & Western RR.; George H. Allen, Vice-President of
the American Brass Co.; Ralph Hochstetter, President of
the Cliff Petroleum Co.; Paul A. Schoellkopf, President of
the Niagara Falls Power Co. and Buffalo, Niagara & Eastern Power Corp., and Leonard F. Yerkes, President of the
Dupont Rayon Corp. In accepting the presidency of the
new bank, Mr. Harriman was reported in the Buffalo
"Courier" of Dec. 15 as saying in regard to the directorate:
Not only is the new bank strogger in resources, but the directorate of
the bank is also strengthened by the addition of five men who represent
varied and strong industries. Included in the old directorate are men who
represent the coal, iron, steel, electrical, lumber, printing, wall paper and
allied industries, as well as several of the foremost members of the law and
banking professions. The directors are representatives of nearly all the
basic industries and allied lines in Buffalo, making for sound advice to
Patrons and the bank as well.
The directors of the Citizens National Bank of Baltimore on Dec. 15 declared the regular quarterly dividend of
6% and a special dividend of 4%, equal to 10% for the final
quarter of 1925, both payable Jan. 2 1926, to stockholders
of record at the close of business on Dec. 18. This makes the
total dividend disbursements of 28% for the year 1925. The
directors also passed resolutions recommending to the stockholders at their annual meeting to be held Tuesday, Jan. 12
1926, the declaration of a stock dividend of 50% payable
out of undivided profits, on Feb. 15 1926 to stockholders of
record at the close of business on Jan. 15 1926; the bank
will then have a capital of $3,000,000 and surplus and undivided profits of $5,500,000—said to be the largest capital
resources of any bank south of Philadelphia and east of the
Mississippi River. The management of the bank has had
in contemplation for some time this change in capital structure, but has not felt that the time was opportune until now,
when the effects of post-war deflation have largely spent
themselves; another factor which governed the action of the
directors is the highly satisfactory condition of the bank's
office building investment. This modern and attractive
structure is now under lease, it is stated, to an exceptionally
high class of tenants at more than 90% of capacity. The
dividend policy on the increased capitalization will be governed by the future earning power,of the institution, but it
is expected that quarterly dividends of 5% will be paid beginning April 1 1926.
Alfred C. Knox, Vice-President of the Mellon National
The stockholders of The Peoples Trust Co. of Brooklyn Bank for 22 years, died at his home in Ben Avon, a
suburb
approved on Dec. 9 the plans to increase the capital stock of Pittsburgh, Dec. 10. Besides being a director of
the
from $1,600,000 to $2,000,000. The shareholders are given Mellon National Bank, Mr. Knox was a director of the Hoe-
2968
tetter Connellsville Coke Co., and Chairman of the Board
of the Logan Trust Co., New Kensington, Pa. Coming to
Pittsburgh in 1886 from Connellsville, Pa., where he had
been Cashier of the Youghiogheny Bank from the time of its
founding, Mr. Knox became Cashier of the Fifth National
Bank. After three years' service he was made Cashier and
Vice-President of the Pittsburgh National Bank of Commerce, in which positions he served until the bank was absorbed by the Mellon National Bank in 1903. At that time
he was made Vice-President of the Mellon National Bank
and .had continued in that office since. ,
Three Denver banks, the Drovers National Bank, the
Broadway National Bank and the North Denver Bank, the
fast mentioned a State institution, closed their doors on
Thursday of this week (Dec. 17), according to Associated
Press dispatches from that city appearing in yesterday's
New York daily papers. The deposits of the three institutions, it is said, aggregated approximately $4,400,000, the
Broadway National with $3,088,683; the Drovers' National
$1,100,100. and the North Denver Bank $258.000. Frozen
assets in live stock loans and an impairment of capital were
the reasons indicated by national bank examiners for the
closing of the two national banks, while State bank examiners, who took charge of the North Denver Bank would not
make public any reason for the closing of that institution.
A later Associated Press dispatch from Denver (Dec. 18).
appearing in last night's New York "Evening Post," reports
the closing of two more Denver banks, namely the Capitol
Hill State Bank and the Metropolitan State Bank.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Railroad shares were the dominating feature of the stock
market the present week and many new high records for the
year were established in the railroad list. The trend of
prices was upward except on Saturday and Monday when the
movements were somewhat mixed. Railroad shares moved
briskly into the foreground on Saturday, speculative interests
centering around Atlantic Coast Line which surged forward
to a new high at 260 followed by Louisville & Nashville which
advanced to a new top at 148 though it slipped back 3 points
to 145 in the closing hour. Pittsburgh & West Virginia also
was in strong demand and moved briskly forward 6 points
to a new high record at 123. The market opened strong.on
Monday with railroad stocks again leading the forward
movement. Chesapeake & Ohio.was the feature of the group
and advanced 434 points to 125 followed by Texas & Pacific,
Rock Island, Atlantic Coast Line and Seaboard Air Line.
More than twenty new peaks were recorded by the railroad
shares in the brisk trading on Tuesday. These included
Pennsylvania which crossed 54 for the first time, Atlantic
Coast Line, Chesapeake & Ohio, Nickel Plate, Illinois
Central Common and Preferred. Pere Marquette, Erie, New
Haven, Wheeling and Lake Erie, Atchison and Norfolk &
Western. Industrials were active and strong, Ludlum Steel
swinging upward to its best pribes of the year and new high
records were established by New York Canners, Vulcan
Detinning, Columbian Carbon, and Crex Carpet. Motor
stocks were the weak spots, Chrysler slipping back more than
6 points and Hudson declining 8 points. Oil shares improved
and gains of from 1 to 3 or more points were recorded by many
of the leading issues. Railroad shares and industrial stocks
continued to move forward on Wednesday, twenty railroad
issues and 15 industrial shares reaching new high levels for
the year. The strong stocks in the railroad group included
Baltimore & Ohio, Chesapeake & Ohio, Norfolk & Western, Chicago & Northwestern and Northern Pacific,
Pennsylvania, Southern Railway, Erie, Rock Island, and
Kansas City Southern sold at the highest prices for the
year. Specialties also were in strong demand at advancing
prices, New York Canners reaching a new high for the year
at 8134. Prices ruled lower in the forepart of the session on
Thursday. with an irregular recovery at midday and a brisk
rally in the closing hour. Railroad shares maintained the
vigorous forward movement of the preceding day. Lehigh
Valley, Pennsylvania, Southern Railway and Wabash advancing to their highest prices of the year. and numerous
other issues moving briskly forward to higher levels. A
feature of unusual interest was the prominence given to the
oil stocks, which moved sharply upward during the final hour,
Associated Oil advancing to 463's at its high for the day and
recording a new peak for the year. Following the announcement of the readjustment of American Can capitalization,
the stock advanced to 259, but later in the day receded to
253 and closed at that price. New tops were recorded by
Fleischmann, Columbian Carbon and Weber & Heilbroner.
The trend of prices was irregular and the market was unus-
[Vol. 121.
TIFF, CHRONICLE
ually quiet on Friday. Railroad stocks were again the centre of the speculative interest, though there was a noticeable
quieting down from the activity of the preceding day. The
important movements included Postum Cereal, which crossed
par, and Pullman, which sold at a new top for the current
movement.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY. WEEKLY AND YEARLY.
United
States
Bonds.
Railroad.
dtc.
Bonds.
857,560
1,584,685
1,996,531
2,164,965
1,884,127
1,744,500
83.800,000
6,850 000
7,658 000
10,220,000
8,406,000
7,179 000
81,205,000
2,526,000
3,537,000
2,636,000
2,608,500
1.990.000
35,365,500
3.603,000
1,563,900
1,228,500
1.830,500
1,239,000
10 919 106
S44111000
814.502.500
814.830.400
5aturday
Uonday
Tuesday
Nednesday
Thursday
7r1day
TWO
Jan. 1 tO Dec. 18.
Week Ended Dec. 18.
Sales at
New York Stock
Exchange.
1924.
1925.
Stocks
10,579,151
-No. of shares_
10,232,36f
Bonds.
Government bonds.. 814,830,400 816,136,750
State de foreign bonds_
14,502,500 18,134.000
Railroad .Sx misc. bonds 44,113,000 50,831,300
Total bonds
State.
Municipal &
Foreign Bonds
Stocks,
Number of
Shares.
Week Ended Dec. 18.
1924.
1925.
432.182,571
269,407,712
$342,200,860
678,671,500
2,829,265,375
5877,536,665
559.666,500
2,261,497,800
873.445.900 885.102.050 53.850.137,235 83,698,700,965
DAILY TRANSACTIONS AT THE ROSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Pr;sly urranIr wa.,....1
,
Baltimore.
Philadelphia.
Boston.
Week Ended
Dec. 18 1925.
Shares. Bond Sales. Shares. Bond Sates. Shares. Bond Sales.
88,000
31,000
31,700
21,100
28,600
50,000
13,371
19.210
21,466
27,023
19,061
13,831
8620,500
90,100
13.400
16,500
43,200
32,000
1,506
2,321
4,957
5,714
a5,161
a5,164
8360,750
113,962
5815,000
22,823
5170,400
eozo7nn
llq ROA
2101
inn
27666
*186
.000
*15,086
*30,542
*34,302
*32,871
*42,089
34,702
$127,500
7.500
39,000
34,750
119,000
33,000
189,592
ial nAo
* In addition, sales of rights were: Sat., 2,953; Mon., 871; Tues., 6,475; Wed.,
5,624; Thurs., 4,459.
a In addition, sales of rights were: Thurs., 100; Fri., 5,775.
COURSE OF BANK CLEARINGS.
Bank clearings for the present week will again show a
moderate increase as compared with a year ago. Preliminary
figures compiled by us, based upon telegraphic advices from
the chief cities of the country, indicate thrt for the week
ending to-day (Saturday, Dec. 19) bank exchanges for all
the cities of the United States from which it is possible to
obtain weekly returns will aggregate 6.2% more than in the
corresponding week last year. The total stands at $11,436,932,950, against $10,770,598,839 for the same week in
1924. At this centre there is an increase for the five days
of 1.1%. Our comparative summary for the week is as
follows:
1925.
1924.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$5,399,000,000
622,568,531
571,000.000
447,000,000
137,542,764
153,800,000
203.198.000
154,787,000
169,495.199
166,351,866
115.439,414
110,474,826
72.447.778
85,338,581,543
670,483,866
533,000,000
414,000.000
117,769,856
136,072,847
150.400,000
132,884,000
154,537,838
140,322,522
102,382,022
92,844,787
69,878,207
+1.1
+9.1
+7.1
+8.0
+16.8
+13.0
+35.1
+16.5
+9.7
+18.6
+12.8
+19.0
+4.0
Thirteen cities, 5 days
Other cities, 5 days
68.323 104,878
1,207,672,580
87,952.957.488
1.127,244,970
+4.7
+7.1
Total all cities, 5 days
All cities, 1 day
59,530,777,458
1,906.155,492
59,080,202.458
1,690,396,381
+5.0
+12.8
Clearings-Returns by Telegraph.
Week Ended December 19.
"'-'-` -" ----- *-- ---s-
ell AIR 1129
nAn 110770 CAR
RAO
4-A9
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be 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. 12. For
that week there is an increase of 5.4%, the 1925 aggregate of
the clearings being $10,462,727,307 and the 1924 aggregate
$9,929,713,102. Outside of New York City the increase
is 8.7%, the bank exchanges at this centre recording a gain
of only 3.0%. 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 the totals
are larger by 1.8%, in the New York Reserve District (including this city) by 3.1% and in the Philadelphia Reserve
District by 10.3%. The Cleveland Reserve District has a
gain of 3.0%, the Richmond Reserve District of 9.4% and
Disc. 19 1925.]
THE CHRONICLE
the Atlanta Reserve District (chiefly by reason of the increase at Miami) of 25.3%. In the Chicago Reserve District there is an improvement of 10.2% and in the St. Louis
Reserve District of 4.3%, but in the Minneapolis Reserve
District there is a loss of 2.9%. In the Kansas City Reserve
District the totals are better by 6.5% in the Dallas Reserve
District by 10.4% and in the San Francisco Reserve District
by 13.1%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Dec. 12 1925.
1924.
1925.
$
Federal Reserve Districts.
$
let Boston
12 cities 512,486,040 503,295,331
11 ' 6,076,072,221 5,891,460,292
2nd New York
10 "
648,946,783 588,482,332
8rd Philadelphia
8 "
387,303,865 375,923,738
4th Cleveland
6 "
230,524,639 210,632,249
6th Richmond
13 "
288,876,851 230,616,579
8th Atlanta
20 "
995,947,210 903,598,775
7th Chicago
8 "
241,773,024 231,826,729
8th St. Louis
7 "
9th Minneapolis
152,110,383 155,610,681
• 12 "
276,655,699 259,870,353
10th Kansas City
5 "
92,951,615 84,202,257
11th Dallas
559,078,977 494,194,286
12th San Francisco_ .._ _17 *.
Inc or
Dec.
1923.
1922.
$
%
$
+1.8 433,955,538 430,570,525
+3.1 4,696,221,466 4,378,890,467
+10.3 527,105,286 528,199,011
+3.0 369,210,751 364,996,916
+9.4 203,384,518 187,299,114
+25.3 221,297,774 195,421,222
+10.2 870,327,519 802,908,442
+4.3 224,789,719 84,105,560
-2.9 134,526,442 130,726,157
+6.5 240,178,810 254,759,345
+10.4 73,464,563 61,168,151
+13.1 493,908,198 4-14,956,517
129 cities 10462727;07 9,929,713,102 +5.4 8,488,370,584 7,864,001,427
Grand total
Outside New York City
4,514,748,135 4,153,980,318 +8.7 3,912,719,440 3,602,746,186
nansiia
29 cities 419.311.919
388.577.447 -I-11 R
307 ell Rio 141 Istra 0.5.4
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended December 12.
Clearings
•
1925.
1924.
inc. or
Dec.
1923.
1022.
$
$
$
$
%
First Federal Reserve Dist ict-BostonIde.-Bangor____
799,582
742,375
+7.7
Portland
3.924.031
3,528,149 +11.2
Mass.
-Boston- 4.50,000.000 449,000,000 +0.2
Fall R1ver....
2,997,029
2,658,021 +12.8
Holyokea
a
a
Lowell
1,186,214
1,330,841 -10.9
Lynn
a
a
a
New Bedford...
1,729,559
2,037,874 -15.1
Springfield_
5,783,488 +5.3
6,090,616
4,231,159
Worcester
4,074,936
+3.8
Conn.
-Hartford
13,006,226 +28.4
16,695,999
6.824.604 +7.7
7,352.911
New Haven...
R.I.-Providence
13.468.800 +22.7
16,532,400
840,017 +12.7
N.11.-M'cheetor
946,540
758,482
3,850,179
380.000.000
2,884,836
a
1.290,189
a
1.780,409
5,373,168
3,895,000
11,994,810
6,995.778
13,822,100
1,310,587
751.784
.3,500,000
382,000,000
2,667,497
a
1,389,027
a
5,330,662
5,330,628
4,288,509
10,227.368
6,218,050
•12.500,000
1.365,905
+1.8
433,955,538
430.570,525
Total(12 cities)
512,486,040
503,295,331
-New
Second Feder at Reserve 13 strict
5,948,725
N. Y.
-Albany
6,346,655
1,071,000
1,119,300
Binghamton...._
46,214,439
03,265,874
Buffalo
899,750
Elmira
908,905
1,348,361
1,499,526
Jamestown__ .
.
New York_
5,948,979,172 5,775.732.784
12,346,723
13,314,676
Rochester
5,429,465
5,800,493
Syracuse
3,008.414
Conn.
-Stamford
0,751,683
N. 3.
1,101,043
642,753
-Montclair
38,359,588
Northern N. J_
40,443,184
York+6.7
7,416,949
4,964,968
+4.5
1,351,500
1,071.190
+15.3
47,195.300
43,847.491
+1.0
710,160
654,065
+11.2
1,315,663
1,164,988
+3.0 4,575,651,144 4,261,255,241
+7.8
11,017,862
10,271,904
+6.8
4,290,227
4,374,530
+24.7
3,032,696
2,646,442
-41.6
798,371
568,171
+5.4
43,441,594
48,101,567
Total(11 cities) 6,076,072,221 5,891,460,292
+0.0 4,696,221,466 4,378,890,467
Third Federal Reserve Dist'let-Philad elphia
1,502,771
Pa.
-Altoona
+2.2
1,535,668
_
2,491.865 +78.5
Bethlehem_ _ _
4,449,351
1,265,011 +10.3
Chester
1,395,067
2,861,340 -3.9
2,751,354
Lancaster
Philadelphia
616,000,000 559,000,000 +10.1
3,798,038
Reading
+5.1
3,991,560
6,469,572 -2.1
Scranton
6,336,510
4,096,212 -1.2
e4,048,837
Wilkes-Barre
1,883,296
York
+1.3
1,908,078
6,114,227 +27.7
N..L-Trenton...
6,530,358
a
Del.-Wilming'n.
a
a
1,325,210
3.990,382
1,388,310
3,067,141
498,000,000
3,672,403
5,955,008
3.567,580
1,550,954
4,588,298
a
1,301,332
3,842,010
1,389,000
3,043,455
501,000,000
3,496.254
5,010,270
3,213,299
1,634,179
4,369.212
a
588,482,332 +10.3
527,105,286
528,199,011
Fourth Feeler al Reserve D istrIct-Clev eland'
Ohio
-Akron
9,302,000 -44.6
e5,150,000
6,667,000
Canton
5,363,307 -.5.0
5,093,214
5.106,339
67,414,424 +3.7
Cincinnati_
69,878,337
68,493,047
Cleveland
112,143.201 106.772,453 +5.0 109,889,222
Columbus
15,561,100 +10.6
16,316,900
17,210,700
Dayton
a
a
a
a
Lima
a
a
a
a
Mansfield
1,777,115 +3.8
1,788,497
d845,491
Springfield.- _
•
a
a
a
Toledo
a
a
a
a
Youngstown..._
4,538,609 +12.2
4,917,347
5,090,476
Pa.-Erie
a
a
a
a
Pittsburgh_
170,824,446 165,194,730 +3.5 158,032,399
5 .878,000
5,117,223
69,021.558
109,778,350
15,948,300
a
a
1,572,508
a
a
4,459,579
a
153,221,400
Total(10 claw) 648,246,783
Total (8 cities) _
+3.0
369,210,751
364,996,916
Fifth Federal Reserve Dist act-Richm ondW.Ya.-Hunt'g'n
1,929.946 +10.9
2,141,003
Va.-Norfolk__
13,716.706 -13.0
d11,939.439
Richmond
61,250.085 -0.6
60,851.000
-Columbia.
S. C.
3,377.433 -26.5
e2.484,954
Md.-Baltimore _ 124,061,335 104,494,079 +18.7
D.C.-Washing'n
29,046,908
25.864,000 +12.3
2.142,017
12,352.269
59,563,000
3.702,799
101,590,433
24,034,000
2,127,800
10,735,103
55,536,423
2,324,813
93,859,368
22,715,607
I/ Total(6 cities).
203,384.518
187,299,114
5,949.489
3,466,000
22,014.281
60,814,150
2.390,302
1,658,843
a
15,629,027
6,771,693
3,842.755
19.825,000
55,333.137
2,287,573
1,590,952
a
12,404.121
29,339,868
2,191,430
1,128,829
501,252
76,314,303
28,483,320
2,032,102
907,371
1,096,062
60.847,136
221,297,774
195.421.222
387.303,865
375,923,738
230,524,639 210,632.249 +9.4
1 Sixth Federal Reserve
Dist rict-Atlant aTenn.-ChatVga. d7,574,076
6,382,798 +18.7
Knoxville
3,334,118
3,035,093 +9.9
Nashville
23,590,403
+6.8
22,087,166
Ga.-Atlanta___
82,379,297
65,871,194 +25.1
L Augusta
2.223,406
2,194,264 +1.3
Macon
1,894,706
1,939,646 -2.3
'Savannah
a
aa
Fla.-Jack'nville.
39,677,371
17.681,971 +124.4
Miami
25,448,849
7,170,825 +254.8
Ala.-Birminera.
28,517,470
31.080,547 -8.2
Mobile
2,426,407
1.995,026 +21.6
Miss.-Jacksoa._
1,860000
1,645,000 +13.0
Vicksburg
508,720
533.049 -4.9
-New Or'
La.
89.444.028
69,000,000 +0.6
Total(13 cities)
288,876,851
230,616,579 +25.3
2969
Week Ended December 12.
Clearings at
1925.
1924.
Inc. or
Dec.
1923.
$
Seventh Feder al Reserve D 'strict-Chi cago
-Adrian _ _
Mich.
254,594
280,123 240,824
9.1
Ann Arbor_ _ _ _
1.253,906
1,072,506 +16.9
917,821
154,655,004 142,809,008
Detroit
+8.3 129,106,818
11,007.061
Grand Rapids_
7,238.081 +52.0
7,083.937
Lansing
2,503,37e
2.376,789 +5.3
2,105,560
-Ft. Wayne
Ind.
3,448.673
2,713,120 +27.1
2,625,168
Indianapolls
22,711,000
18,258,000 +24.4
21.337,000
3,257,200
South Bend_ _ _
2,667,000 +22.1
2,928,400
6,286,098
Terre Haute _
5,400.279 +16.4
5.035,316
Wis.-Milwaukee
43,056,198
40,615,363 +6.0
39,361,178
Ia.-Cedar Rap.
2.416,346
2,438,088 0.9
2,491,859
DesMoines....
10,783,485
11,101,314 2.9
10,802,265
Sioux City_ - 6,702,476 +5.2
7.048,000
6,667,708
Waterloo
1,130,000
1,539,685 -26.6
1,447,821
-Bloomington
Ill.
1,605,64
1,668,975 -3.8
1,482,615
711,510,005 645,075,828 +10.3 625.854.882
Chicago
•
Danville
a
a
a
1,523,805 1.479,528
Decatur
2.9
1,266,083
5.148,097 +8.7
5.597,533
Peoria
4,695,738
Rockford
3,126,073
2,469,978 +26.6
2,460,661
2,500,310 +12.6
2,816,595
Springfield_ _ _ _
2.425.865
1922.
206,128
829,556
112,674,948
6,551,054
1.900,260
2.215,414
21.140,000
2,618,200
36,217,210
2,501,397
9,596,527
5,660,634
1,233,428
1.444,098
588,020,935
a
1,212,248
4,361.507
2.178,989
2,345,909
Total (20 cities) 995,947,210 903,598.775 +10.2
Eighth Feelers I Reserve Dis trict-St. Lo uls5,274,144
-Evansville.
5,125.882
+2.9
Ind.
Mo.-St. Louis_ _ 148,800,000 140,235,252 +6.1
Ky.-Louisville
37,712,928
36,497,631
+3.3
Ownesboro __ _
592,359
452,325 +30.9
30,848,258
31.738,235 Tenn.- Memphis
2.8
Ark.-LittleRock
16.517,384
15,986,562
+3.3
368,124 +14.1
419,934
Ill.-Jacksonville
1,422,218 +13.1
1,608,017
Quincy
870,327,519
802.908.442
5.617,355
139,612.738
34,541.395
651.147
28.479.586
14.094.659
345,086
1,447.753
33,906,131
1,044,912
29,138.001
13,572,168
376,339
1,529.745
Total(8 cities)- 241,773,024 231,826,229 +4.3
Ninth Federal Reserve Dis 'let-Minn eapolls
-Duluth_ _ d11,710.234
12.301,902 Minn.
4.9
98,390,510
99,554,845 -1.2
M inneapolis
34,088,918
35.557,949 -4.1
St. Paul
-Fargo._ _
2,025.038
2,268,740 -10.7
N. 53.
1,423,893
-Aberdeen.
1,755,180 S.53.
18.9
Mont.-Billings _
793,861
680,281 +16.7
3,492,284 +5.3
3.877,929
Helena
224,789,719
84.105,580
10.305,724
78.320,389
38.336.948
2,124.524
1,443.809
658.343
3,336.705
8,523,762
78.222.199
35,965,020
2,160,942
1.454.055
570.494
3,829.685
Total(7 cities) _ 152,110.383 155,610.681
Tenth Federal Reserve Dis trlct Kens as City
Neb.-Fremont..
d422,052
439,152 3.9
Hastings
774,527
524,523 +47.7
5,178,722
Lincoln
4,186,699 +23.7
Omaha
38.328,294 +11.1
42,558,790
-Topeka _ _
Kan.
d3,739,704
3.197,960 +16.9
8,220,368
7.794,312 +5.5
Wichita
Mo.-Kan. City. 144,947,768 137,121,277 +5.7
d7,942,667
7,463.557 +6.4
St. Joseph.
a
-Muskogee
a
Okla.
a
Oklahoma City d35,957,955
36,259,944 0.8
a
a
Tulsa
a
1,223,642 1,203,178
-Col. SPgs.
1.7
Colo.
24,561.523
22.230,363 +10.5
Denver
e1,148,445
1,100,530 +4.3
Pueblo
134,526,442
130,726,157
430.395
583,917
4,156,977
38.192,025
3,427,567
7,857,309
126,358,441
7.902,742
a
28,250,770
a
1,179,390
20,978,525
860.752
325,524
527,902
4.148,356
42,637.238
2.815.308
10,119,472
146,097,751
+6.5 240,178,810
las+19.0 - 2,080.251
+23.9
40,384,091
-5.9
13.968.683
22.3
11,769,977
•
5,261,561
+1 8.3
254,759,345
84,202,257 +10.4
92,951,615
Total(5 cities).
73,464,563
Twelfth Feder al Reserve D strict-San Francl ice
41,225,817 +10.4
45,518,383
42.448.757
Wash.-Seattle_ _
11,744,000 +10.1
12,928,000
Spokane
12,299,000
a
a
Tacoma
a
a
1.599,522 +16.7
1,867,032
Yakima
1,443,122
39,906,623
Ore -Portland..
42,767,733
39,602,594
+7.2
19,234,903 +6.4
20,484,159
16,951.294
Utah-S. L. City
a
Nev.-Reno
a
a
a
a
a
-Phoenix
a
Ariz.
a
4,222,863 +83.5
7,750,010
5,854,921
Calif.-Fresno_ _ _
7,163,277 +6.6
7,634,770
Long Beach _ _ _
9,995.898
Los Angeles.... 169,508,000 156,151,000 +8.6 157,123,000
19,204,598 +21.5
17.275,686
23,331,057
Oakland
6.234,334 +4.9
6,408,844
6,537.589
Pasadena
8,478,182 +27.4
8,832,699
Sacramento _ _ d10,800,008
5.193,140 +21.8
4,550,871
6,327,376
San Diego_ _ _
San Francisco_ 192,925,000 165,000,000 +16.9 163,000,000
2.519,034 +11.3
2,192,513
2,804,032
San Jose
1,801,041
Santa Barbara_
1,406.188 +28.0
1.346,499
2,053.80 +23.1
2.527,587
Santa Monica.
3,567,200
Stockton
2,857,000 +24.8
4,582.500
61.168,151
Total(12 cities) 276,655,699 259.870,353
-Da
Eleventh Fede ral Reserve District
2,280,597
-Austin__
1,916.236
Texas
47,545,746
58.934,310
Dallas
15,228,940
16.183,156
Fort Worth__ _
10,407,000
Galveston
13,399.620
Houston
a
a
5,157.499
6,100,768
-Shreveport.
La.
4,538.264
a
25,227,430
a
1,246,450
20,799,042
814,872
1,547,087
33,648,574
12,778,761
8,270,936
a
4.922.813
35.915,661
*11,500.000
a
1.350,812
35,377,350
15,974,478
a
a
6,267.866
7.580,140
126,798,000
16,327,025
5,334,830
8,161,876
*4,300,000
163,400,000
2,506,156
1,381,823
2,780,500
Total(17cities) 559,078,977 494,194,286 +13.1 493,908,198 444,956.517
Grand total (129
10462 727,307 9,929,713,102 +5.4 8.448,370,584 7,864,001,427
cities)
Outside New York 4.514.748.135 4153.980,318
+8.7 3,912.719,4403,602.746,186
Week Ended December 10.
Clearings al1925.
Canada
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon.......
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat._ _
PeterboroUgh- -- Sherbrooke
Kitchener
Windsor
Prince Albert__ _ _
Moncton
Kingston
$
108,947,545
112.273,133
110,211,657
16,635,996
7,714,862
5,492,383
3,737,153
5,578,343
9.933,007
3.109,365
2.190.477
2,845,023
5,530,029
6.980,636
706,217
706.752
2.795.327
1,880.973
1.128,874
1,183,327
632,601
489,549
853,640
800,902
1,010,155
3.500,533
502,379
1,118,390
844.691
1924.
$
103,386.276
100,578,178
87,254,862
14,628,366
6,518,083
5,096,335
3,115,593
4,922,017
10,329,020
2.444.248
1,881,930
2,843.951
5.250,511
4,848.000
764,799
626.093
2,037.646
1,442,742
889,111
1,228,081
565,397
344,571
869.512
773,828
944,224
3,021,789
320,618
913,650
738,016
Inc. or
Dec.
%
+5.4
+11.6
+26.3
+13.7
+18.3
+7.8
+20.0
+13.3
-3.8
+27.2
+16.4
+0.1
+3.3
+44.0
-7.7
+12.9
+37.2
+30.4
+26.9
-3.7
+11.9
+42.1
-1.8
+3.5
+6.9
+15.8
+56.7
+22.4
+14.4
1923.
$
104,221.984
104,448,057
80,705,438
15,154,445
6.736,181
6,106,235
2,893,684
5,589,206
7,773,908
2,626.901
1,807,965
2.726.471
5,478,834
4,935,944
652,491
589,517
2.264.901
1,526.727
1,101,359
1,354,608
552,861
393,803
812,419
866,910
981,965
2,974.209
402,077
955,472
796.947
1922.
$
102,877,248
107.902.336
66,162.317
14,101,554
7,975.839
4,822,013
3,932,980
5.447.672
6.278.825
3,154.870
1,798.151
2,737.397
4,468.701
5.075,283
691.449
644,705
1,676,802
1,388.004
1,021.535
850,096
453.353
363,110
780,984
803.736
1,069,598
3,156,875
389,042
1,117,954
667.231
Total (29 eitles) 419.333,919 368,577.447 +13.6 567 411 Alo Oct gnu 669
a No longer report clearings. b Do not respond to requests for figures. c Week
ended Dee. 9. d Week ended Dec. 10. e Week ended Dee. 11. •Estimated.
2970
THE CHRONICLE
[Vol, 121.
Auction Sales.
-Among other securities, the following,
Railroads Establish a New High Record for Speed in not actually dealt,in at the Stock Exchange, were sold at auction
Handling Freight Cars.
in New York, Boston and Philadelphia on Wednesday of
A new high record for all time in the speed with which this week: By Adrian H. Muller & Sons, New York:
$ per sh. Shares. Stooks.
R Per as.
freight cars were handled was made by the railroads of this Shares. Stocks.
25 Fifth Ave. Bank of N. Y. --$2,500 5 Haller Car & Locom. corP., com- 1 lot
country during the month of October, according to the 160,000 Atlantic Fruit & Sugar
$200 note of L. Paul Rausch, due
May 16 1919
Co., Dar $5
Bureau of Railway Economics. The average daily move- 1,600 Cuban Dominican Sugar, pt. 50 $1,222.50 balance of note of H. B. 2 lot
1534
Adrienne, due Nov. 27 1920
10 lot
Dominican Sugar,
ment of freight cars in October was 32.2 miles per day which 26,720 Cuban par
common, no
3
81.000 demand note of Daniel I.
Bradley, dated Oct.8 1918. Int.
was the highest average ever attained during any one month 202,44 Gold Reward Cons. Gold
M.& M., par $10
paid to Oct. 8 1919
slot
1 000 lot
on record. This average exceeded by 1% miles the previous 377.6 U.S. Stores 8% COM. pref._ 55 82,400 Eureka-Swansea Extension
,
25
Mining Co., par 10
76 Shaw & Roever, Inc
record of 30.7 miles made in October, 1923, and 1924 and $50,000 representing 10 promissory 1 150 Spokane Internat.eta Co_ _1,500 lot
Ry.
lot
notes of Goodman Theatrical
113 1-3 Corbin Coals, Ltd., pre:-.250 lot
again in September, 1925.
Corp., all due on demand and
698 Corbin Coals, Ltd.. corn_ .._ _300 lot
bearing dates from Jan. 10 1924
25 New Brunswick & British ColoIn computing the average movement per day, account
lot
to Aug. 28 1924
5
nization Co
is taken of all freight cars in service, including cars in transit, 300 Cole Motor Co. of N.Y.,Inc..50 lot 209 Detroit Mackinac & Marquette10
lot
$4,500 lot
500 Western States 011 Corp., par
Land Co
cars in process of being loaded and unloaded, cars undergoing
$5 lot
$10
175 lot 4 Mexican Northern RY
10 lot 500 National Nassau Bank of N. Y.
or awaiting repairs and also cars on side tracks for which no 5 Tyson Co., Inc
300 Sydney Blumenthal & Co.,
(1n liquidation), on which Raul
common, no par
534
oad is immediately available. The average load per freight
dating dive. of $25.50 per share
$415 lot
have been paid
car in October was 26.3 tons which was a decrease of 1 ton 800 Barnett Oil& Gas, par $1 ----1
50 Island Oil & Transp., par $10--I
157 Goldfield Develop., assess. No.
7 paid, par Sc
under the average for October last year and seven-tenths of 250 Island Oil .34 Transp, ctf. of 13 lot 13,415 Goldfield Deep Mines,
dep., par $10
Assess. No. 7 mild, Par Sc
a ton below the average for Oct. 1923. It also was a decrease 1,000 Candelaria Mines Co.,
Dar $1
315 Goldfield Cons. Mines, par $10
of one-half of a ton under the average for Sept. 1925.
700 Southwest 011, par $1
,
100 Chicago Utilities Co., corn.
•
70 Acme Packing Co., par $10_ _ _ temp. stock ctf
4 3-12 Brooklyn Jockey Club
5205
25 Boston & Osage Oil Co.. Par $
6 Midwood Park Co
1,500
1,100 Tramp Consol. Mining, Par
$110
8 Queens County Jockey Club __151
El
The Curb Market.
25 Musical Comedy Guild, coral
1,000 rubles Russian Internal 5555, lot
1 lot
1916. coup. No. 2 & subsequent
Many issues in Curb Market trading this week showed 50no par Comedy Guild, pref
Musical
attached
25 Musical
Utilities Co.. let M.
decided strength and though their were irregular periods the 4 Hudson Illus. Review Corp.. Pf. 7 lot $1,000 Chicago11942. Apr. 1915, &
Towers, Inc., cl. A.1
58, due Apr.
market generally inclined to firmness. Oil shares led the list. common, no par
subsequent coupons attached.
Hudson Towers,
Decreed value paid
Buckeye Pipe Line advanced from 53% to 553. Galena- 4 common, no par Inc., Cl. B,}120 1,700 Montgomery Shoshone Cons.
Mining, par $5
Signal Oil corn, was off from 36 to 303 and closed to-day at $1,000 Hudson Towers, Inc., 7% lot 100 South Utah Miner& Smelters,
cum. inc. reg. deb. bond
Arcady Farms Milling Co.,
Par $5
313'. The new prof. sold up from 96 to 10034. Humble 75Common, DO
par
I
400 Mitchell Mining, par $10
Oil & Refining was the outstanding feature with an advance 37 Arcady Farms Milling Co.,(10 12 Banco Nacional de Cuba
2d pref
lot 25 Eastern Steel, let preferred- _ _$250 lot
from 78 to 9134, a high record price. It reacted finally to 150 Arcady Farms Milling Co.,
2,241 Nat. Gas Register Pump,
Corn. v. t. c.,
$1101
/
.
8832 Illinois Pipe Line improved from 1343 to 137 and ends 80let pref Process Corp.. no par-80 lot 1,400 Nat. Gasno par Pump (c1.
Actinic
Register
$1108
the week at 13634. Ohio Oil was up from 633/ to 663/i and 40 U. S. Gasoline Mfg. Corp..
H). Pref. stock rights
5 lot 430 Nat. Gas Register Pump. Pref..
par $25
finished to-day at 653/2. South Penn Oil gained four points 50 Kendall Products Corp., pref.,)
$170 lot
Par $25
15
to 173, with the final figure to-day 1713. Standard Oil 50Par $10 Products Corp., com.,j lot 480 Saguenay Pulp & Power, pref.,
855108
par $5
Kendall
1
2,600 Saguenay Pulp & Power..
(Indiana) rose from 655% to 665%. Vacuum Oil moved up 20Par $10
$190 lot
units Duncan Anticline Drilling
com., par $5
from 1023 to 1093', reacted to 107 and sold finally at 108. Synd., Roswell, N. M., par $50- Hot 1,000 Copper Canyon Mining, par •
%
$125 lot
2 lot
$1
Lago Oil & Transport advanced from 183/i to 23 and ends the 200 Alaska Gold Mines Co., par $1020101 20,000 Volcano Mines, no stock11,660 Crown 011 Co., Par $1
$10
holders liability,
week at 22. Among industrials, American Can, new stock 700 Iledley Gold Mining Co., Ltd.. 134 127 U. S. Radiumpar $1 cl. A, lot
Corp..
par $10
$10 lot
corn., no par
down from 43 25 Huriburt Motor Truck Co.,
"when issued," was traded in for the first time
1 lot 200 U. S. Radium Corp., cl. A.,
common, no par
$5 lot
to 4234 and up to 425 . Chrysler Corp. dropped from 12 Southern Oil & Chem., par SW 1101 COM, v.1. C., no par
%
2,600 Twin Republic Mining Co.,
200 Radium Luminous Material
3
$5 lot
54% to 4834 and closed to-day at 49. Continental Baking,
par il
Corp.; cl. A, own., no par
50 lot
lot
250 Assets Realization, par
equal parts
Class A com, was off from 126 to 122, the Class B weakened 50Series No. 4 of Chic. Rys. Co., lot 90 Louisiana Consol. Min..$10-815 lot
Par $1-81
46
%
165 N. Y. OZ East River Ferry__ --El lot
from 32 to 285% and the preferred from 102 to 983 . The 50 Holbrook Hughes Corp., pref.)
$16 lot
Hughes Corp.,345 lot 50 Blograph Co
close to-day for two last mentioned issues was at 293/i and 1,734 Holbrook $1
2,059 Halcyon Real Estate, com_8110 lot
common par
I
1,770 Wilbur Bldg. Corp-377,000 lot
1,500 Bailey Brook Burner Salesj
993.! respectively. Intercontinental Rubber sold down from
1
Co., par 81
100 Triangle Film, Par $5
%
183 to 13 and at 143 finally. Miller Rubber declined 6,825 Powell Oil Co.,com., par $1-12 lot 500 World Film, par $5 mining...1mo
136 Powell Oil Co., pref., par $10_ _I
10 San Ramon Min. &old stook_ 4
lot
from 433, to 38. Nickel Plate corn. was strong and advanced 6 Ansco Photoprod., corn., no par_15 lot 115 Maxwell let pref.,
200 Marianna Lumber Corp
6 lot 398 Nat.Drug Stores,com.,no par-$25 lot
from 1093 to 1133 , the close to-day being at 111%. 25 Nat. Metalizing Co., com
%
$150 lot
)1 lot 383 Nat. Drug Stores, pref
Co.,
Pittsburgh & Lake Erie RR. improved from 160 to 164% but 25 Nat. MetalizingCorp..pref _ _ 1 lot 280 Mid-Western Oil Ref. Corp., lot
$15
corn., no par
corn__
108 cut Steel Ship
85 Mid-Western Oil Ref. Corp,
3,000 La Compania de los Puertos
reacted finally to 161.
$35 lot
pref., no par
de Cuba (Cuban Ports Co.)
_20 lot
615 lot
35 Miquon Sales Corp
A complete record of Curb Market transaction for the 50 Transocean Fin. et Commerce)
32 lot 1,600 Astoria Mahogany Co., corn.
Corp., pref
week will be found on page 2995.
On deposit with a creditors' com12 Trarufocean Fin. & Commercej
mittee at the Nat. City Bank,
Corp., com
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET
812 lot
New York City
1,810 Interboro Cons. Corp., pref._ 1 lot
100 Vegetable 011 Corp., Pref.-- -835 lot
150 Degnon Realty & Ter. Impt. Co 45
2 National Rifle Supply Co
1 lot 57,500 Hardshell Mining, par $1-_875 lot
BONDS (Par Value)
STOCKS (No. Shares).
200 Int. Marine Mfg. Co., no par.. 1 lot 100 Nat. Gas Register Pump, pref..)
par $25
6 lot
Domestic. For'n God. 541 Tintic Co., par $5
Oil.
Week Ended Dec. 18. lud.ttMis.
1,000 Midwest
-Tex. Oil Co., par $1. 8 lot 200 Nat. Gas Register Pump, prof. $1
I let
B, stock rights
5 lot
33,920 $552,000 8104.000 75 Distillation Industries, Inc
102,510
Saturday
130,230
390,000 100 Kelvin Engineer. Co., com .... _80 lot 333 Nat. Gas Register Pump,com.,
67,325 1,277.000
115,110
280.485
Monday
v.1. c
694,000 700 Montgomery Shoshone Cons.
61.230 1,315,000
242,585
341,245
Tuesday
10 lot 107 Earp-Thomas Cultures Corp-S50 lot
Min. Co., par 85
327,000
53,600 1,507,000
150,330
Wednesday
268,365
330,000 18 Amer. Rub. Prod. Corp.. prof.350 lot 36 Haynes Chemical Corp., no par.$27 lot
48,320 1,146,000
243,890
Thursday
327,180
700 Cadokla Oil Synd., Par $1..$5 lot
167,000 108 Amer. Rub.Prod.Corp.,corn_ J
50,130 1,340,000
294,210
Friday
300,975
200 Guanajuato Mining & Milling,
$59,253.73 Steel Utilities, the., 30par 85
$13 lot
day notes dated Dec. 31 1920 to
314,525 $7,137,000 $2,012,000
Total
1,848,480 1,148,635
$1 lot
Dec. 311924, without recourse_400 lot 50 Second Avenue RR
150 Trident1lot 420 .1. Paskus & Son, Inc., pref. _8500 lot
1 lot 1,610 Eastern Steel, let pref.-$1,100 lot
1,000 Armstrong 011, par $1
1 lot 10 Eastern Steel, 2d pref
88 lot
1,000 Trident Oil, par $1
-PER CABLE.
ENGLISH FINANCIAL MARKET
1 lot 2,300 Eastern Steel, corn
$110 lot
3,900 Trident Oil, par $1
1 lot 500 Ansco Photoprod., pref...810.100 lot
2,000 Armstrong Oil, par $1
The daily closing quotations for securities, &c., at London, 4,000 Armstrong Oil, v,t. c., par 51 1 lot 2,000 Ansco Photoproducts, com.,
no par
1 lot
82,100 lot
300 Trident Oil
as reported by cable, have been as follows the past week:
1 lot 210 J.I.Case Plow Works,no par3100 lot
500 Armstrong Oil, par $1
Fri.
Thurs.
Wed.
Tues.
Men.
Sat.
London,
2,000 Armstrong Oil, v. t c
1 lot 50 American Foreign Trade Corp.,
pref
$7
Week Ending Dec. 18Dec. 12. Dec. 14. Dec. 15. Dec. 18. Dec. 17. Dee. 18. 859 Federal System of Bakeries ot
31 9-16 31 11-1831 13-16
31%
Silver, per oz
d 31-11-16 31%
America, Inc., com., no par...610 lot 250 American Foreign Trade Corp., lot
84.10% 84.10% 84.1114
Gold, per fine ounce
Corp., DOM
84.11M 84.11M 84.11
1,500 Willys Corp., com., no par__ 1 lot
54%
5414
5414
100 Astoria Mahogany Co., pref.,
5414
Consols, 2M per cents
100 Checker Cab Mfg. Co., issued
10034
10034
10034
ctf, of deP
100%
10034
British,5 per cents
$6 lot
subsequent to Aug. 1 1924, tenth.
943/
943'
95
95
9434
British, 434 per cents
350 Southeastern Shipping Co..Inc. 40
ctf., no par
6
46.25
44.75
46.00
44.80
45.75
772 Northwestern Trust Co. of St.
French Rentes (in Paris) fr._
7,000 Unity Gold Mines, par 85-1
51.90
49.60
50.00
47.10
Paul, Minn
49.00
French War Loan (in Paris)fr
188 Ampco Tw. Drill. A, no par 32,000
15
note of Kentucky Washed)
94 Ampco Tw. Dr.B, no
1
The price of silver in New York on the same day has been: 4,000 Unity Gold Mines,par 85..1 lot $816.03Co., dated May 1 1924.-1
Coal
par
Silver in N. Y., per oz. (eta.):
11,500 $20,463.20 note of Ky.Washed Coal
1,600 Jones Radio, no Par
69
6831
6834
Foreign
69
6834
68%
Co., dated Oct. 17 1925
$6,000 notes Gaylord Alderman Co) lot
/ 875
$39.426.82 note of Ky. Washed' lot
50 Jute Prod., Inc., pref., and 501
Coal Co.. dated Dec. 15 1925_ --1
shares common as bonus
1,015 Mentopine Corp., com., no)
125 Louisiana Petrol, Products Co.,I
315
Par
385
common, par $10
73 Primary Mfg. Corp., pref. & 146.1 lot 1,050 Mentopine Corp., pref., par3 lot
$10
shares com,as bonus, no par.- 2,500 Primary Mfg. Corp.,
pal
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c. 200 Acme 011 & Ref. Co par $110 lot 663 Mentopine Corp., corn., no par $5
1,150 Mentopine Corp., pref.,
$10
lot
193 Oakley Valve Co., pref
1
Ins.
Int.
300 Guardian Oil Co., no par500Thermo Carburetor, no par--$36 lot
Rate.
Bid. Asked
Maturity.
Rate,
Maturity.
Bid. Asked.
200 Pugh Stores, corn., Par $10-1 $1
5 Canada Copper Corp., Par $5-127
1 lot 25 Amer. Gramlte Saw, com
5108
14 Wellington Mines, par $1
992Ta
Sr. 15 1926-__ 434% 1007., 100% June 15 1926- 33.4% 9934
500 Butte-New York Copper----$10.1ot
234 Salamanca Sug., Qom., par $101
pt. 15 1926-- 434% 10021$2 100711 Dec. 15 1927_ 434% 1003.4 10011,3 134 Woodmere School, par $10_ Slot 500 Bullion Mining. Salt Lake City, al
no 15 1926.-3% 9911,. 992%2 Max. 15 1927___ 4%% 101h. 1013.4
$3108
Utah
100 Maibohm Motors Co., Par $10- 1 lot
,.. in 1028___31 % 9018., Inn
1
,
100 Acme Pack. Co.,com., par $10- 3101 1,000 Rescue-Eula Mining, par $1.85 lot
aorinmertiat andMiscelianeottsgem
DEC. 19 19251
THE CHRONICLE
Shares. Stocks.
$ Per eh.
1,436 Salamanca Sugar, 7% Pref.,
v. t c
17a.
650 Corrigan, Hilliker & Corrigan,
Inc. ,pref
$ 0 lot
40 El Paso Cons. Gold Mining,
interim ctf., par $5
1 North Texas Oil dr Gas Assoc.,
members W.of interest
$13
3 U. S. Food Products Corp
lot
28 Interborough Consol. Corp., pfd
15 Interboro. Metrop., V. t. c_
100 Santa Fe Gold & Copper Min.,
Par $10
1,346 Commercial Chemical Co. of
Tenn. com., no par
All right, title & int. in 18.250 shs. $500
'
Commercial Chemical Co. of lot
Tenn., com., cl. A stk., held
under escrow agreement, dated
Nov. 24 1923, by the Ill. Merch.
Trust Co. of Chicago
800 Commercial Chemical Co. of
$1,000 lot
Tenn., pref
25 Incorporated Land,
25 Incorporated Land, pref
110 Springfield Body Corp. of
N. Y., pre!
1234 Kerr Elevator Appliance Corp
25 Kerr Elevator Appliance, pref_ _
1,000 Austin Amazon Copp.. Par $1
5,000 Marconi Wireless Co. of
America,corn., par $5
3,756 80-100 Darwin Silver, par $1 $600
lot
800 Daniels Motor, corn., no par
250 Daniels Motor, pref
1,000 Goldfield Develop., No. 1
$5,000 Imp. Russian 5345, 1921 _
110,000 Elder S.S. Co., 1st M.Ser.
7s, Ser. B, C. D, E., due 19221925, ctf. of dep
$9,000 Internat. Products 8.8.Co.,
marine equip. tr. 7s, 1921-1925,
ctf. of dep. 15% Paid on acct. of
principal
30 Harr Products, corn., v. t. o.,1
no par
/110
30 Harr Products, pref. v. t. c
lot
30 Standard Supply & Equip., clA $15
.30 Standard Supply & Equip., el. B lot
66 Industrial Motors Corp., no par $1 lot
300 Butte-N.Y. Copper, par 51__$10 lot
Shares. Stocks.
$ Per eh.
40e. Dunn Pen Co., Inc., no par..)
50 Dunn Pen Co.,8% Orel
150 Grape Ola Corp. of America,) $1
1 lot
com., par $10
121 Grape Ola Corp. of America,
founders stock, par $10
2,148 Gray Mfg. Co., Cl. B., pref.,
$10 lot
par $10
Per Cent.
Bonds.
$10,000 Knox Proc. Corp. let 435_100 lot
$72,000 Titan Term. Co. 2d fis,
1934. Nov.1924 coup.attached.
(Now 3d mtge. bonds and are
subord. to back taxes, &c.)_ _1,100 lot
$12,000 Associated Motor Indust.
734% coll, trust notes
5 lot
MON National Motor Corp. 7%
25 lot
deb. trust notes, series A
$11,200 Associated Motor Indust.
734% coll, trust notes
2234 lot
$12.000 Associated Motors Indust.
45 lot
734% coll, trust notes
$11,000 26 Ave. _ItR. 1st cons. Is,
at.of dep.. Aug. 1 1908 coup.on_ 55 lot
1300 Woodmere Academy 10
-Yr.
deb. 4s, due Nov. 1 1924
35 lot
$500 Woodmere Academy 10
-Yr.
deb. 48, due Nov. 1 1931
155 lot
$30,000 Grand Rapids Holland & L.
Michigan Rapid Ry. 1st 20
-year
Is, ext. at 7% to Aug. 1 1924 by
4
agreement
$2,000 Deep Sea Fisheries, Inc., 1st
88, due Nov. 1 1931
30 lot
$2,000 Comstock Tunnel 1st inc.
4s, due Sept. 1919: May 1892
coupon on
40 lot
$3,500 Pittston Paper Corp. 1st
68, 1937
100 lot
$1,500 Dry Dock E.Bway.& Batty
ER., ref. mtge. inc. reg. C bds.
and $273 scrip
$155 lot
$1,000 Richmond Lt. & RR., 1st
coll. tr. P.M.45, 1952
8
$10,000 Nations 011 Refineries,
Ltd., 1st M. cony. 138, underwriters rec, for dep. bonds_ ....$260 lot
$20,000 Col. London & Springfield
Ry.,1st 20-yr. a. f.Is, etf, dep4300 lot
$102,100 Vermont dr Quebec Power,
Corp., 1st 20-yr. 88,'42, ctf. dep $15 lot
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh.
28 South Fourth St. Nat. Bank_ _ _ _46234
70 Warwick Iron & Steel, par $10.. 331
13 Harrisburg Lt. & Pr., pref.__ 49
4 Guarantee Tr.& Safe Deposit C0_195X
3 Franklin National Bank
636
5 Second Nat. Bk.of Philo,
551
10 Manayunk Nat. Bank_ _416, ex-rights
5 Quaker City Nat. Bank
250
1 Nat. Bk.of Delaware. Wilming'n.200
4 Phila. Bourse, com., Par $50---- 20
20 Phila. Bourse, com., par $50.-- 1934
100 Denver & Rio Grande RR.,coml $2
100 Denver dr Rio Grande RR., pfdl lot
30 Phila, Life Insurance, par $10.. 1434
20 Bergner & Engel Brewing, pref_ 3
20 Curtis Publishing, corn
310
14 13th & 15th Sts. Pass. Ry
17031
22 Phila. & Grays Ferry Pass. Ry. 56
74 Phila. & Darby Passenger ILY
2531
4 Frankford dr Southwark Pass. Ry.255 Si
48 Reading Traction
21
50 Princess Coal Mining
$16 lot
30 Union Pump & Power
$7 lot
6 Autocar Co., pref
85
1,016 Central Iron & Steel
32
11 McCahn Sugar Ref. & Molasses,
Preferred
87
200 Solidifier Corp., sub, to assessment of $50 share
34
1,087 Super Glass, corn., full paid34
20 Phila.& Camden Ferry,Par $50_144
100 Trexler Co. of America
$1 lot
25 Hare & Chase, Inc., pref
50
1 Bryn Mawr (Pa.) National Bank_376
10 Logan Bank & Trust, par $50
70
10 Federal Trust Co
526
10 West Phila. Title & Tr., par $50_24334
60 Market St. Title & Tr., par $50.560
7 Peoples Bank & Trust, par $50...136
5 Chelten Trust, par $50__ A87 ex-rights
5 Mutual Trust, par 150
125
10 Tioga Trust, par $50
131
10 West End Trust
316
5 Aldine Trust
30034
6 Aldine Trust
30034
Shares. Stocks.
$ per sla.
1 Bk. of No. Amer. & Trust
350
18 Guarantee Trust & Safe Deposlt.19334
22 Continental-Equitable Title dr
Trust, par $50
221
20 Contlnental-Equit. Title & Tr_ _220
7 Northern Trust
702
5 Glenside (Pa.) Trust, par $50..... 58
200 Sweetwater Mining, 1st pref....175 lot
17 Coplay Cement Mfg., pref
72
11 Copley Cement Mfg. corn
1234
100 Rosemary Mfg., com
109
Bonds.
Per cent.
$2,000 Mfrs. Club of Phila., 26 65,
1940
92
$1,000 Fort Pitt Traction, 1st 58,
Sept. 1936
7414
$1,000 Harrisburg Gas, 1st Is, 1928. 9934
$3,000 Ocean Co. Gas, 1st Is. 1940,
Oct. 1923 & all subsequent coup.
attached)
$1.000 lot
$6,000 Indiana Columbus& Eastern
Traction, gen. & ref. 55, 1926,
et!. of dep., $100 pieces
33(
$10,000 Muncie Hartford dr Ft.
Wayne ER.lst 55, 1935, elf. dep. 11
$5,000 Union Trac. of Indiana, 1st
gen. extend. 5s, 1932, etf. of dep_ 10
$1.000 Scranton Ry., 1st & ref. Is,
1947
71
$1,300 Benevolent Protective Order
of Elks, Phila, Lodge No.2, gen.
13:3, 1942
80
$22,975 promissory notes from the
Pardee Phonograph Corp. to Arlo
Pardee, various dates, denoms.
from MO to $2,500
$50
$15,250 promissory notes from the lot
P. E. D. Corp. to Arlo Pardee,
various dates, denom. from $500
to $2,500
Rights.
$ Per Right
5 Manayunk National Bank
161
92 Manayunk National Bank
16031
4 Chelten Trust
56
By R. L. Day & to., Boston:
Shares. Stocks.
$ per sh.
10 First National Bank_ __ _ 33034 ex-div.
12 Federal National Bank
10034
50 National Shawmut Bank
24334
3 American Trust Co
410,14
50 Otis Co
4734
13 Nat. Fabrics Finish. Co., com
91
12 Lancaster Mills, common
37
14 Saco-Lowell Shops, common_
9
250 Canad. Conn, Cotton Mills,
common class A, par 510
134
1 Arlington Mills
9931
5 Bates Mfg, Co
19834
15 Naumkeag Steam Cotton Co_ 190
5 Massachusetts Cotton Mills
77
200 Parker Mill, pref
11
45 Lancaster Mills, common
37
3 Arlington Mills
9831
1 Ipswich Mills, common
74
10 Pepperel Mfg. Co
135
25 Massachusetts Cons Ry., pref. $1 lot
2 Beloit Hotel Co., Par $50
41 Cole-Ingersoll Mining Co
151 lot
1 Kenwood Co., pref
25 Grant Motor Car Corp., pref
3 New Eng. Equit. Ins., par $50._ Slot
275 Midwest dr Gulf 011 Corp..)
preferred, par $10
20 Midwest dr Gulf 011 Corp.,/6 lot
common, par $10
100 Ajax 011 Co., class A, par $10..
50 Engle Shoe Co., pref
20 lot
40 Trinity Copper Corp., Par 15.-1
200 First Nat, Copper Co., Par $5- 3323.4
500 Ely Copper Co., par $10
I lot
400 Cons. Nev.-Utah Corp., par $3J
$200 Cons. Nev.-Utah Corp. cony.
(is, elf. dep
15 Mills Co.. Preferred
37 lot
5 Libby Glue dr Products Co
1 Boston Athenaeum, par $300„...851
10 Berkshire Hill Paper Co., corn,. 10
_A
Shares. Stocks.
$ per sh.
50 B. B. & It. Knight Corp., pref,
certif. deposit
2
40 Stollwerck Choc. Co., 1st pref 25
10 Fairbanks Co., pref
4
85 Lawrence Gas & Electric Co.,
Par 325
47-4734
156 Fall Riv. Gas Wks.. par 125__ 60
400 Chatham Associates Trust
- 17
20 units First Peoples Trust_ 75ex-div.
50 Pacific Develop.
Par $50_ 5 lot
Merrimac Chemical Co., par
5
Corp.'
$50
7731 ex-div.
10 Bird dr Sons, 1st pref.__ .10031 & div.
6 Plymouth Cordage Co__ _ _143 X-144X
5 Nor. Boston Ltg. Props., pref__104X
10 Nat. Cooperage Co., com
1 lot
50 Adams Evans & Co., pref
5 lot
50 Adams Evans & Co., com
5 lot
Wilson dr Co., com.,
SOO .J. C.
par $10
Slot
56 Nat. Cooperage Co. pref
5 lot
'
25 Nor, Boston Ltg. Props,, com
96
100 Cambridge G. L. Co., par $25- 71
50 Winchester Brick Co., pref
5 lot
100 American Furnace & Engineer.)
corn., par $10
3.5101
800 Amer. Furnace dr Engineer.]
Pref., Par $10
10 Beverly G. & E. Co., par $25._ 8834
5 American Glue Co., common
41
10 Merrill Mfg. Co., pref
11 lot
5 Merrill Mfg. Co., corn, as bonus!
4,900 Blaisdell Costillan Synd. 8%
coup. notes April 1922, coup.
April 1914 & sub, on
5 lot
Bonds.
Per Cent.
5,000 Russian roubles int.530,'26_ 3 lot
$10,000 San Luis Southern Ry, 1st.
30-yr. Is, Jan, 1 1940, coupon
July 1917 and sub. on
40 lot
2971
By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ per eh.
$ per sh. Shares. Stocks.
5 Clinton (Mass.) Trust Co
0144
113
30 A. L.Bayles & Sons, com., parl
4 Merchants National Bank
362
$25
7 First National Bank
2 Hartford Automotive Parts Co.I
4.1
331
6 Naumkeag Steam Cotton Co..
com., par $50
..I89
3/50 lot
9 Border City Mfg. Co
2 Hartford Automotive Parts Co.I
6
4 Bates Mfg, Co
Pref.. par $50
19831
48 Salmon Falls Mfg. Co
1.000 El Favor Min. Co., par $11
20
15 Pepperell Mfg. Co
135
25 Galv.-Houston Elec. Co., pref__ 6131
30 Monomer Mills
3634 6 Puget Sound Pow.& Lt., com___ 5134
40 Quincy Market Cold Storage dc
65 Lowell E.L.Corp., par 125_5734-5734
Warehouse com
10 Converse Rubber Shoe, pref _ _
7411
127
50 Great Falls Mfg. Co
3,400 Boston Wyoming Oil Co..
19
160 Fairhaven Mills, com
1
510 lot
Par $1
100 Great Falls Mfg. Co
70 Metropolitan Wharf Trust
$1 lot
19
5 Richard Borden Mfg.Co
26,000 Pac. Tungsten Co., par 81.825 lot
60
•
3 Fllnt Mills
97
500 Parrott Gay Cot. Co., par $1.) p1 .
15 Quincy Market Cold Storage es
50 Vitamin Food Co., v.1 o
I MI
Warehouse Co., corn
12531 100 Marmite, Inc., of America,MOO
lot
11 Nashua & Lowell RR
pref., par 110
12131
75 Crowell Thurlow
7,14534 Minn.& St. L. RR., com
2
$103 41
8,000 Loud.Underg. Elec., par 11117,000 200 Doane Towboat Co.. par $10- 931
38 d
1,000 Lond.Underg. El., par £10. lot. 40 Eastern Mfg. Co.. pref
41
7 Springfield Ry, Co.. 4% pref- - 58
72 American Glue Co., com
10 Edison Elec. Ill. Co., Brockton,
10 Union Twist Drill Corp.. Pref8334
4
Par 125
1634 28 Boston Term. Refrig. Co., pref.
10334, ex-div.
66 Blackstone Vol. Gas& Elec. Co.,
com., par $50
9734 62 Commercial Finance Corp.. prof. PM A
28
75 George P. Cox Last Co
65
Par $50
51 Commercial Finance Corp.,corn.
9 units First Peoples Trust
75
3
25 Nor. Boston Ltg. Prop., corn
95
Par $50
100 Cons, Mang. Co., Inc., par $1114 lot 10 Mass. Ltg, Cos..6% Prof
COS.
10 Mass. Ltg. Cos., com_ _70, ex-div.
500 Utah Petroleum Co., par 31_4
20 Mutual Finance Corp., Prof.,
26 Edison Elec. III. Co., Brockton,
par $50
37
Par $25
5534
1 Worcester Gas Light Co., com.,
5 Merrimac ChemIcil Co., par $50
5431
7734, ex-div.
Par $25
100 Yarg Prod.& Ret.Co., par El.- Sc. 130 Bay State Film, pf., par $10-$100 lot
500 Single Thread Lock:stitch Co.,)
2,83334 Bay State Film, com.,
$259 lot
Par $1
par $10
I
Per Cent.
Bonds.
120 Huff Electrostatic Separator /180 lot
Co., par 125
$10,000 K. C. Mex. & Orient Ry.
50
-year 1st 45, Jan. 1960 elf. of
1380, Caro. G.& El. Co., 26 pt.)
dep., carrying 40 she. pref. and
13 Dennison Mfg. Co., 1st pref.
40 abs. cora, stock of the K. C.
11331, ex-div.
Mexico & Orient Ry. Co
$10.1ot
50 New Eng. Guar. Corp., pref 1155 lot
$9,419.43 Costilla Trust 3d Ben ctf. 41 4
50 New Eng. Guar. Corp.,com j
of beneficial interest
$180 lot
97 Blackstone Val. Gas & Elec. Co.,
com., par 150
9734 $5,000 Sizer Steel Corp. 1st 75, May
Ill
50, flat
100 Municipal Real Est. Tr_114X,ex-div
1937, ctf, of deposit
150 Internat. Construe. Co. ctf, of
$155.000 Nat. Rys. of Mex. gen. • sell
16, flat
deposit
mtge. 4s, 1977
$10 lot
24 Quincy Market Cold Storage dc
$159.000 Nat. Rys. of Mexico prior
18, flat
Warehouse Co., com
lien 4348, 1957
126
25 Northern Texas Elec.. pf
1734 1382.50 Nat. Rys. of Mexico rota.)
12 Amer. Mfg. Co., com_114 Xex-div. for coupons
$8,140 Nat. Rys. of Mexico 6%1
40 Stollwerck Choc. Co.. 1st pref__ 19
certif. of deposit
90
831 Elder Mfg. Co., 1st pref
144,414.10 Nat. Rys. of Mexico3$5,600
25 Elder Mfg,Co., 26 pre!
38
A warrants for coupon arrears I
lot
831 Elder Mfg. Co., com., par $10. 4
177.030 Nat. Bye. of Mexico B I
warrants for coupon arre,ars_
$5,000 Northern Mass. St. Ry. 1st
& ref. 55. April 1943 cif, of dep_8185 lot
1
I
By A. J. Wright & Co., Buffalo:
$ per sh.
Shares. Stocks.
7 Buffalo Niagara dr Eastern Power,
2434
class A
8 Gramm Bernstein Truck Corp.__ 1
169 Colonial Finance Corp
3
40 Gramm Bernstein Truck Corp.,
7% preferred
1
119 Colonial Finance Corp., pref
3
7 Buffalo Niagara & Eastern Pow.,
33
elaas B
8 Paramount Kitchener Theatres,
Ltd
81 101
Shares. Stocks.
$persh.
55 Stuyvesant Properties, prof...-$5 lot
5 Paramount Kitchener Theatres,
Ltd., pref
82101
13 Paramount Peterboro Theatres,
Ltd
$3 lot
7 Paramount Peterboro Theatres,
Ltd.. pref
32.75 lot
Bonds.
Per cent.
$14,000 Meridian Petroleum Corp..
let M. s. f. ser. cony. Is. dated
April 1 1921 (etf, of den.)
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capitol
Dec. 8
-The First National Bank of San Carlos, Calif
$25,000
Correspondent, Henry F. Wrigley, 1033 Monadnock
Building, San Francisco, Calif.
Dec. 8
-The First National Bank of Leeton, Mo
25,000
Correspondent, Ross E. Feaster, Windsor, Mo.
Dec. 11
-The Second Northwestern National Bank of Minneapolis,
Minn
200,000
Correspondent, James A. Latta, care Northwestern
N. B. Minneapolis, Minn.
Dec. 11-The danville National Bank, Manville, N. J
50,000
Correspondent, Edward F. Meyer, P.0. Box 584, Manville, N. J.
25,000
Dec. 12 The Highlands National Bank ef San Antonio, Fla
Correspondent, Webster Spates. San Antonio, Fla.
-The Hillsdale National Bank, Hillsdale, N. J
50,000
Dec. 12
Correspondent, Henry J. Werner, Hillsdale, N. J.
APPLICATIONS TO ORGANIZE APPROVED.
-The First National Bank of Kissimmee, Fla
Dec. 8
$50,000
Correspondent, L. H. Gedge, Kissimmee, Fla.
Dec. 11-The Eastside National Hank of Paterson. N. J
200,000
Correspondent, Henry A. Williams, 125 Ellison St.,
Paterson, N. J.
Dec. 11-The Long Island National Bank of New York, N. Y.... 200.000
Correspondent, S. C. E. Carpenter, 395 Broadwa,
Astoria, L. I., N. Y.
APPLICATIONS TO CONVERT RECEIVED.
Dec. 8
-The Norwood-Carolina National Bank of Charleston,S.0 _2200.000
Conversion of the Norwood-Carolina Bank, Charleston,
8.0.
Dec. 8
-The First National Bank of Murchison. Texas
25,000
Conversion of The First State Bank, Murchison, Texas.
CHARTERS ISSUED.
-The Oakmont National Bank, Oakraont (P. 0.
-12858
Dec. 9
Upper Darby), Pa
$25,000
President, V. Gilpin Robinson; Cashier, Frank H. Jackson.
National Bank in Litchfield, Minn
Dec. 12
-12859
-First
75,000
President, F. M. March; Cashier, W.C. Hinterman.
CHARTERS ISSUED TO NATIONAL AGRICULTURAL CREDIT
CORPORATIONS.
-The National Agricultural Credit Corporation of
Dec. 10
-No.2
Fort Dodge, Iowa
$250,000
Dec. 10
-No.3
-The National Agricultural Credit Corporation of
Des Moines, Iowa
250,000
CONSOLIDATION.
-Lebanon National Bank & Trust Co., Lebanon,0_$150,000
-2360
Dec. 12
-The Citizens National Bank & Trust Co.of Lebanon,
and 4239
Ohio
125,000
Consolidated under the Act of Nov. 7 1918 under the
charter of the Lebanon National Bank & Trust Co., and
under the title"The Lebanon-Citizens National Bank &
Trust Co."(No.2360), with capital stock of $275.000.
2972
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.
Railroads (Steam).
4
Akron Canton & Youngstown
414
Albany & Susquehanna
Carolina Clinch. & Ohio, corn. (quar.) '75c.
$1.61
Elmira & Williamsport, pref
1%
Joliet & Chicago (quar.)
1
Kansas City Southern, pref. (quar.)
Manhattan By.,non-assenting (quar.)_ _ *13
Northern Pacific (quar.)
"13(
4
Northern Securities
2
0,,Extra
Reading Company, common (quar.)--- *El
50c.
Second preferred (guar.)
Richmond Fredericksburg O. Potomac
*7
Common and dividend obligations
Common and thy. obligations (extra).
1
Sussex RR
Western Pacific RR.Corp., pref.(quar.) 15
Books Closed
Days Inclusive.
Jan. 1 Holders of rec. Dec. 15a
Jan. 1 Holders of rec. Dec. 15a
Jan. 10 *Holders of rec. Dec. 31
Jan. 1 Holders of rec. Dec. 200
Jan. 4 Holders of rec. Dec. 240
Jan, 15 Holders of rec. Dec. 31a
Jan. 2 *Holders of rec. Dec. 28
Feb. 1 *Holders of rec. Dec. 310
Jan. 11 Dec. 25 to Jan. 11
Jan. 11 Dec. 25 to Jan. 11
Feb. 11 'Holders of rec. Jan. 140
Jan, 14 Holders of rec. Dec. 280
Jan. 2 Holders of rec. Dee. 26a
Jan. 7 Holders of rec. Dec. 28a
Public Utilities.
"1% Jan. 14 *Holders of rec. Dec. 31
All-America Cables (quar.)
American & Foreign Power
- 4314c Jan. 2 Holders of rec. Dec. 15a
Allot. ctfs, for corn. & pref. stock
"2
Jan. 13 "Holders of rec. Dec. 31
American Gas (quar.)
15 Jan. 2 Holders of rec. Dec. 17
American Power & Light, pref.(quar.) _
Amer.Superpower Corp., let pref.(qu). $1.50 Jan. 1 Holders of rec. Dec. 15
Arkansas Central Power Co., pref. (qu.) $1.75 Jan. 2 Holders of rec. Dec. 21
Associated Gas & Electric
Holders of rec. Jan. 11
Class A stock (payable in Class A stk.) (8) Fe b. 1
887%. Jan. 2 Holders of rec. Dec. 10
Original series preferred (quar.)
831.75 Jan. 2 Holders of rec. Dec. 10
$7 dividend series (quar.)
Assoc. Inter. Elec. Corp., Cl. A (No. 1)_ 62140 Jan. 2 Holders of rec. Dec. 31
) 1% Jan. 2 Holders of rec. Dec. 15
Binghamton L., H.& P.,7% pref.
114 Jan. 2 Holders of rec. Dec. 15
Six per cent preferred (guar.)
Birmingham Elec. Co., pref.(quar.)--- 1% Jan. 2 Holders of rec. Dec. 15
Central Ill. Light,6% preferred (quar.). 134 Jan. 1 Holders of rec. Dee. 15
118 Jan. 1 Holders of rec. Dec. 15
Seven per cent preferred (guar.)
*13.4 Jan. 1 'Dec. 15 to Dec. 21
Cincinnati Gas & Electric (guar.)
662-3c Jan. 2 *Holders of rec. Dec. 16
Cincinnati Street By.(quar.)
Jan. 2 'Dec. 21 to Dec. 31
Cincinnati & Sub. Bell Telep. (quar.)-- "11
134 Jan. 2 Holders of rec. Dec. 12
Cleveland By,. (guar.)
Coast Valley Gas & Elec., pref. A (qu.).. •114 Dec. 31 *Holders of rec. Dec. 15
‘ 134 Dec. 31 'Holders of rec. Dec. 15
0
Preferred B (quar.)
Columbus Eleo. & Power, common (qu.) 214 Jan. 2 Holders of rec. Dec. 140
134 Jan. 2 Holders of rec. Dec. I40
Second preferred (quar.)
Columbia By.. Gas& Elec., pref.(quar.) *134 Jan. 2 'Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 15
Columbus By.,Pow.& Light, new,corn. $3
$1.62 Feb. 1 Holders of rec. Jan. 15
Series B preferred (guar.)
Denver Tramway, preferred (No.2)._ _ _ $1.25 Jan. 1 Holders of rec. Dec. 15a
yi Jan. 15 Dec. 24 to Dec. 31
Dominion Power & Transmission, pref._
East Bay Water, Class A. pref. (guar.)... *114 Jan. It *Holders of rec. Dec. 31
'134 Jan. 15 *Holders of rec. Dec. 31
Class B preferred (quar.)
Eastern Kansas Power Co.. pref.(guar.) 134 Jan. 2 Holders of rec. Dec. 21
Jan. 1 Holders of rec. Dec. 20
Eastern N.J. Power Co., pref.(guar.)._ $2
Eastern Texas Elec. Co., corn.(quar.)._ $1.25 Jan. 2 Holders of rec. Dee. 18a
1% Jan. 2 Holders of rec. Dec. 16a
Preferred (quar.)
Dec. 31 Holders of rec. Dec. 21a
Edison Elec. Ilium. of Brockton (extra) $1
134 Feb. 1 Holders of rec. Jan. 15
Electric Bond dc Share, pref. (quar.)__
Electric Bond .1. Share Securities(guar.). 250. Jan. 11 Holders of rec. Dec. 21
Elmira Water, Lt.& RR.. 1st pref.(qu.) 13.4 Dec. 31 Holders of rec. Dec. US
134 Dec. 31 Holders of rec. Dec. 16
Second preferred (quar.)
*131 Jan. 15 *Holders of rec. Jan. 4
El Paso Electric Co., pref. A (guar.)-.
134 Jan. la *Holders of rec. Jan. 4
Preference B (quar.)
Florida Public Service, pref. (quar.).... 513.4 Jan. 2 'Holders of rec. Dec. 15
General Gas & Elec., corn., Cl. A (quar.) 3734c. Jan. 2 Holders of rec. Dec. 31
Jan. 2 Holders of rec. Dee. 31
$2
$8 Preferred, Class A (guar.)
$1.75 Jan. 2 Holders of rec. Dec. 31
$7 Preferred, Class A (quar.)
$1.75 Jan. 2 Holders of rec. Dec. 31
Preferred, Class B (quar.)
13.4 Dec. 31 Holders of rec. Dee. 14
Houston Gas & Fuel. preferred (guar.)._
114 Jan. 2 Holders of rec. Dec. 15
Illinois Power,6% preferred (quar.)_ _
1% Jan. 2 Holders of rec. Dec. 15
Seven per cent preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 21
Kansas Electric Power, pref. (quar.).-75e. Dec. 31 Holders of rec. Dec. 21a
Lowell Electric Light Corp.(extra)
Electric Corp., common (quar.)- 50c. Dec. 31 Holders of rec. Dec. 22
Manila
Marconi Wireless Tel. of London, pref_ _ •314 Jan. 1 'Holders of rec. Dec. 24
134 Jan. 2 Holders of rec. Dec. 19
Memphis Power & Light, pref. (guar.)._
Metropolitan Edison, Ser. B, pref.(qu.) 31.75 Jan. 2 Holders of rec. Dec. 21
$1.50 Jan. 2 Holders of rec. Dec. 21
Series C preferred (quar.)
134 Jan. 2 Holders of rec. Dec. 15
Mississippi River Power, pref. (guar.). _
Municipal Gas Co. of Texas, pref. fun.). $1.75 Jan. 1 Holders of rec. Dec. 15
Jan. 1 Holders of rec. Dec 21a
New England Investment & &cur.. pref. $2
New Jersey Power & Light, pref.(quar.) *1% Jan. 1 Holders of rec. Dec. 15
Jan. 1 Holders of rec. Dec. 15
North Pennsylvania Power, preferred... *3
Ottawa Light, Heat& Pow.,corn.(qu.)- 114 Dec. 31 Holders of rec. Dec. 15a
134 Jan. 1 Holders of rec. Dec. 15a
Preferred (quar.)
•11.4 Jan. 2 *Holders of rec Dec. 15
Parr Shoals Power, pref. (quar.)
118. Jan. 2 Holders of rec. Dec. 150
pref. (quar.) Power Corp. of N. Y.,
Jan. 1 Holders of rec. Dec. 15a
$1
Providence Gas (quar.)
Jan. 15 Holders of rec. Dec. 17a
1
Puget Sound Pow.& Lt., cont.(quar.)
118 Jan. 15 Holders of rec. Dec. 17a
Prior preference (quar.)
134 Jan. 15 Holders of rec. Dec. 17a
Preferred (quar.)
Jan. 2 Holders of rec. Dec. 140
Savannah Elec.&Pow.,deb.Ser. A (qu.) 2
- '1% Jan. 2 *Holders of rec. Dec. 15
Sayre Electric Co.. 7% pref.(quar.)Jan. 2 Holders of rec. Dec. 19
Springfield (Mass.) Street Rys., pref.-- 2
6
TennesseeElec.Pow.Co., %lst pf (qu.) 31.50 Apr. 1 Holders of rec. Mar. 15
$1.75 Apr. 1 Holders of rec. Mar. 15
7% 1st preferred (guar.)
$1.80 Apr. 1 Holders of rec. Mar. 15
7.2% 1st preferred (quar.)
50c. Feb. 1 Holders of rec. Jan. 15
6% 1st preferred (monthly)
50c. Mar. 1 Holders of rec. Feb. 15
6% 1st preferred (monthly)
50c. Apr. 1 Holders of rec. Mar. 15
6% 1st preferred (monthly)
600. Feb. 1 Holders of rec. Jan. 15
7.2% let preferred (monthly)
60e. Mar. 1 Holders of rec. Feb. 15
7.2% 1st preferred (monthly)
60e. Apr. 1 Holders of rec. Mar. 15
7.2% 1st preferred (monthly)
134 Jan. 1 Holders of rec. Dec. 17
Texas Electric By.,first pref.(attar.)--13.4 Feb. 1 Holders of rec. Jan. 15
Second preferred (quar.)
134 Jan. 10 Jan. 1 to Jan. 10
Trinidad Electric Co., Ltd. (quar.)
Jan. 15 Holders of rec. Dec. 24
Water Pow., Spokane (aw) 2
Washington
West Kootenay Pow.& Light, pref.(cill.) 134 Jan. 2 Holders of rec. Dec. 23
1%
West Palm Beach Pow.Co., of (No. 1)_
West Penn Power Co.,7% prof.(quar.). 134 Feb. 1 Holders of rec. Jan. 15
134 Feb. 1 Holders of rec. Jan. 15
Six per cent preferred (quar.)(No. 1)_
Jan. 2 Holders of rec. Dec. 21
2
Williamson Elec. Co.. pref. (quar )- Winston-Salem Gas Co., pref (quar.)-- *134 Jan. 2 "Holders of rec. Dec. 15
254 Dec. 31 Holders of rec. Dec. 19
Worcester Consol. Street By., pref
Preferred (account socum. dividends). h234 Dec. 31 Holders of rec. Dec. 19
Banks.
Jan. 2 Holders of rec. Dec. 24
4
Amer. Exch.-Pac. Nat.(quar.)
Amer.Exch. Securities, Class R(No. 1). 50c. Jan. 2 Holders of rec. Dec. 24
Jan. 2 Dec. 16 to Jan. 1
2
Broadway Central (guar.)
Jan. 2 "Holders of rec. Dec. 24
'4
Chemical National (IA-monthly)
Jan. 2 Holders of rec. Dec. 310
5
Island, Bank of
Coney
*334 Dec. 31 'Holders of rec. Dec. 24
East River National (quar.)
Jan. 2 Holders of rec. Dec. 21
3
Greenwich (quar.)
Jan. 2 Holders of rec. Dec. 21
2
Extra
Jan. 2 Holders of roe. Dec. 19
3
Mechanics (Brooklyn) (guar.)
inn. 2 Holders of reo. Dec. 19
2
Extra
[vol. 121.
THE CHRONICLE
Name of Company.
Banks (Concluded).
Mechanics & Metals Nat.(quar.)
Municipal (Brooklyn) (quar.)
Extra
Mutual (quar.)
Extra
Park,National(quar.)
State (quar.)
Stock dividend
Trust Companies.
Brooklyn (guar.)
Extra
Central Union (quar.)
Extra
Empire (guar.)
Extra
Fidelity-International (quar.)
Fulton (quar.)
Irving Bank-Columbia Trust (quar.)...
Mutual Trust Co., Westchester Co.(qu.)
Extra
New York (quar.)
Peoples(Brooklyn)(guar.)
Extra
Title Guarantee & Trust (quar.)
Extra
Extra
United States Mortgage & Trust (guar.)
Fire Insurance,
Continental Flre
Fidelity
Pacific Fire (stock dividend)
Per
When
Cent. Payable
'5
2
2
3
5
6
4
125
6
3
7
5
3
3
214
234
334
3
1
5
5
214
4
4
4
4
33
$3
150
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Books Closed
Days Inclusive.
2 "Holders of rec. Dec. 19
1 Holders of rec. Dec. 20a
1 Holders of rec. Dec. 200
2 Holders of rec. Dec. 24
2 Holders of rec. Deo 24
2 Holders of rec. Dec. 18
2 Dec. 19 to Jan. 8
2 Dot. 19 to Jan. 3
Jan. , 1
Jan. 1
Jan. 2
Jan. 2
Dec. 31
Dec. 31
Dec. 31
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jen. 2
Dec. 31
Dec. 31
Jan. 2
Jan. 2
Mar.31
Jan. 2
Holders of rec Dec. 26
Holders of rec. Dec. 28
Holders of rec. Dec. 22a
Holders of rec. Dec. 22a
Holders of rec. Dec. 19a
Holders of rec. Dec. 19a
Dec. 19 to Jan. 20
Holders of roe. Dec. 21
Holders of rec. Dec. 18a
Holders of rec. Dec. 31
Holders of rec. Dec. 31
Holders of rec. Dec. 19
Holders of rec. Dec. 30
Holders of rec. Dec. 30
Holders of rec. Dec. 22
Holders of rec. Dec. 22
Holders of rec. Mar.20
Holders of rec. Dec. 26
Jan. 11 Holders of rec. Dec. 30
Jan. 11 Holders of rec. Dec 30
Dec. 15 Holders of rec. Dec. 15
Miscellaneous.
Abitibi Power & Paper, pref. (quar.)- _
134 Jan. 2 Holders of rec. Dec. 20
American Can, common (quar.)
118 Feb. lb Holders of rec. Jan. 30a
Common (extra)
Feb. 16 Holders of rec. Jan. 30a
3
Common (payable in common stock). '50
To be r stifled at meeting Feb 9
Amer. Pneumatic Serv., 2d pref. (quar.) "31
Dec. 31 *Holders of rec. Dec. 21
Amer. Rolling Mill, preferred (quar.)... "154 Jan. 1 *Holders of rec. Dec. 15
Amer. Seeding Machine, pref. (quar.).. •114 Jan. 15 *Holders of rec. Dec. 31
Amer. Shipbuilding, common (guar.)2
Feb. 1 Holders of rec. Jan. 15
Preferred (quar.)
134 Feb. 1 Holders of rec. Jan. 15
Amer. Surety Co. (guar.)
$1.50 Dec. 31 Holders of rec. Dot. 190
Extra
50c. Dec. 31 Holders of rec. Dec. 19a
Amer. Type Founders, common (quar.). 2
Jan. 15 Holders of rec. Jan. 50
Preferred (quar.)
154 Jan. 15 Holders of rec. Jan. 50
Archer-Daniels-Midland Co., pref. (c111.) *134 Feb. 1 Holders of rec. Jan. 21
Art Metal Construction (quar.)
40e. Jan. 2 Holders of rec. Dec. 22
Arundel Corporation (quar.)
*300. Jan. 2 "Holder, of rec. Dec. 24
Extra
*60e. Jan. 2 *Holders of rec. Dec. 24
Auburn Automobile, common (quar.).. 75e. Jan. 2 Holders of rec. Dec. 21
Austin, Nichols & Co., pref. (quar.)_... *13.1 Feb. 1 5Holders of rec. Jan. 15
Dec. 29 Holders of rec. Dec. 21
Autosales Corporation, preferred
5
Barnhart Bros. & Spindler
158 Feb. 1 Holders of rec. Jan. 25a
First and second preferred (guar.).Bayuk Cigars, tint preferred (quar.)--. •118 Jan. 15 Holders of rec. Dec. 31
Convertible second preferred (quar.)_. •118 Jan. 15 "Holders of rec. Dee. 31
*2
Jan. 15 "Holders of rec. Dec. 31
8% second preferred (guar.)
•114 Jan. 2 Holders of rec. Dec. 19
Beatrice Creamery,common (quar.)_
Preferred (quar.)
*134 Jan. 2 Holders of rec. Dec. 19
Bridgeport Machine, preferred (quar.).. 31.75 Jan. 1 Holders of rec. Jan. 1
Jan. 2 Dee. 20 to Dec. 31
British-American 011 (quar.)
31
See note (bb)
British-Amer. Tobacco, ordinary (final). (bb) Jan. 19
See note (bb)
(bb) Jan. 19
Ordinary (interim)
Browning Crane Co., pref.(quar.)
134 Dec. 31 Holders of rec. Dee. 19
•114 Feb. 1 Holders of rec. Jan. 15
Byers(A. M.)St Co., pref.(mar.)
Canada Bread, Ltd., let pref.(guar.)--- •118 Jan. 2 Holders of rec. Dec. 15
'154 Jan, 2 Holders of rec. Dec. 15
Preferred B (quar.)
Canada Cement, Ltd. (quar.)
134 Jan. IC Holders of rec. Dee. 31
Canfield Oil, common (quar.)
134 Dec. 31 Dec. 20 to Jan. 4
114 Dec. 31 Dec. 20 to Jan. 4
Preferred (quar.)
Jan. 10 Holders of rec. Dee. 24
$1
Central Steel Co., common (quar.)
Jan. 2 Holders of rec. Dec. 15
2
Preferred (quar.)
114 Dec. If Holders of rec. Dec. 15
Century Electric Co. (quar.)
Chicago Rails ay Equipment, corn.(qu.)'75c. Dec. 31 Holders of rec. Dec. 19
•151 Dec. 31 'Holders of rec. Dec. 19
Preferred (quar.)
Dec. 31 *Holders Of rec. Dec. 19
Cincinnati Union Stock Yards (quar.)-- *2
Cities Service
*14 Feb. 1 'Holders of rec. Jan. 15
Common (monthly)
Common (payable in common stock)_ tlyi Feb. 1 *Holders of rec. Jan. 15
•14 Feb. I *Holders of rec. Jan. 15
Proferred and preferred B (monthly)
Feb. 1 Holders of rec. Jan. 11
City Investing, COM.(in common stock). AO
134 Jan. 4 Holders of rec. Dec. 21
Preferred (quar.)
6214e. Jan. 2 Holders of rec. Dec. 15
Cleveland Builders Supply & Brick
*81.50 Dec. 31 'Holders of rec. Dec. 20
Conley Tank Car, common (quar.)
Dec. 31 *Holders of rec. Dec. 20
*2
Preferred (quar.)
*5214c Dec. 31 *Holders of rec. Dec. 19
Connor (John T.), common (quar.)-*334 Dec. 31 *Holders of rec. Dec. 19
Preferred
"134 Dee. 31 'Holders of rec. Dec. 19
Consolidated Ice, preferred (quar.)
Consol. Mining & Smelting of Canada._ 75e. Jan. 15 Holders of rec. Dee. 31a
Jan. 15 Holders of rec. Dec. 31a
$5
Bonus
250. Jan. 25 Holders of rec. Jan. 15
Consolidated Royalty 011 (quar.)
20c. Jan, 30 Holders of rec. Jan. 16
Continental Motors Corp.(quar.)
Jan, 2 'Holders of rec. Dec. 16
*1
Cornell Mills (quar.)
Corona Typewriter, common (quar.)... 500. Jan, 2 Holders of rec. Dec. 120
50c. Jan. 2 Holders of rec. Dec. 12a
Common (extra)
Jan. 2 Holders of rec. Dec. 12a
2
First preferred (quar.)
13.4 Jan. 2 Holders of rec. Dec. 120
Second preferred (quar.)
Dec. 31 Dec. 16 to Jan. 1
3
Craddock-Terry Co., corn. (quar.)
3
Dec. 31 Dee. 16 to Jan. 1
First preferred
3
Dec. 31 Dec. 16 to Jan. 1
Second preferred
334 Dec. 31 Dee. 16 to Jan. 1
Class C preferred
Creamery Package Mfg., common (qu.). *50c. Jan. 10 "Holders of rec. Jan. 1
'134 Jan. 10 *Holders of rec. Jan. 1
Preferred (quar.)
*83.75 Jan. 4 "Holders of rec. Dec. 15
Crown Finance Corp., common
.$1.75 Jan. 4 *Holders of rec. Dec. 15
Preferred
13.4 Jan. 31 Holders of rec. Jan. 15
Crucible Steel, common (quar.)
.40c. Jan. 1 *Holders of rec. Dec. 20
Detroit Forging, common (quar.)
•154 Jan. 15 'Holders of rec. Jan. 1
Dodge Bros., pref. (quar.)
50c. Jan. 20 Holders of rec. Dec. 31
Dome Mines, Ltd. (quar.)
13.1 Jan. 2 Holders of rec. Dec. 23
Eisenstadt Mfg., pref. (guar.)
Electric Controller & Mfg., corn.(qu.).. 31.25 Jan. 2 Holders of rec. Dec. 19
134 Jan. 2 Holders of rec. Dec. 19
Preferred (quar.)
Equitable Office Bldg. Corp., coin (qu.) $1.25 Jan. 1 Holders of rec. Dec. 17
31 75 Jan. 1 Holders of reo. Dec. 17
Preferred (quar.)
Feb. 1 Holders of rec. Jan. 15
Famous Players-Lasky, pref. (quar.) -. 2
Dee. 31 *Holders of rec. Dec. 19
$2
Farr Alpaca (quar.)
*3
Dec. 31 "Holders of rec. Dec. 19
Extra
50c. Jan. 2 Holders of rec. Dec. 15
Faultless Rubber Co.(quar.)
Jan. 1 Holders of rec. Dec. 15a
2
First National Pictures, pref. (quar.)--Fisk Tire ct. Rubber, common (extra)... *El
•114 Jan. 1 Holders of rec. Dec. 15
Fleischmann Co., preferred (quar.)
•114 Jan. 1 *Holders of rec. Dec. 16
Flint Mills (quar.)
.25c. Jan. 1 *Holders of rec. Dee. 15
Formica Insulation (quar.)
Foster (W. C.) Co. common (quar.)... 75c. Jan, 1 Holders of rec. Dec. 20
81.75 Jan. 1 Holders of rec. Dec. 20
Preferred (quar.)
3734c. Jan. 1 Holders of rec. Dec. 20
Preferred (extra)
$1.25 Jan. 2 Holders of rec. Dee. 21
General Baking, Class A (guar.)
Dec. 31 Holders of rec. Dee 26
2
General Baking, preferred (quar.)
'300. Jan. 1 *Holders of rec. Dec. 19
General Fireproofing, corn. (quar.)
*70c. Jan. 1 *Holders of rec. Dec. 19
Common (extra)
•114 Dec. 31 *Holders of rec. Dec. 20
Preferred (quar.)
Dec. 20 Holders of rec. Dec. 10
General Tire & Rubber,common (extra)- 3
154 Jan. 2 Holders of rec. Dec. 19
Preferred (quar.)
*55c. Jan. 1 *Holders Of rec. Dec. 20
Gibson Art, common (quar.)
*10c. Jan. 1 *Holders of rec. Dec. 20
Common (extra)
'13.4 Jan. 1 *Holders of rec. Dee. 20
Preferred (quar.)
50c. Jan. 2 Holders of rec. Dec. 220
Glidden Company, common (quar.)
14 Jan. 2 Holder* of rec. Dec. 220
Pceforrod Omar.)
Dm. 191925.]
Name of Company.
THE CHRONICLE
Per
Cent
IVhen
Payable
Books Closed
Days Inclustre.
Miscellaneous (Continued).
Goulds Mfg. Co.. common (guar.)
13.4 Jan, 2 Holders of rec. Dec. 19
Common (extra)
Jan. 2 Holders of rec. Dec. 19
2
Preferred (guar.)
114 Jan. 2 Holders of rec. Dec. 19
Great Lakes Steamship (guar.)
*El .54 Jan. 2 'Holders of rec. Dec. 15
Great Lakes Transit (quar)
1% Jan. 1 Holders of rec. Dec. 26
Group No. t011 Co
"5200 Dec. 21 "Holders of rec. Dec. 22
Hamilton-Brown Shoe (monthly)
25c. Jan. 2 Holders of rec. Dec. 23
Extra
50e. Jan. 2 Holders of rec. Dec. 23
Happiness Candy Stores, Inc
25c. Ian. it Holders of rec. Dec. 30
Harbauer Company (quar.)
45e. tan. 2 Holders of rec. Dec. 19
Extra
45e. Jan. 2 Holders of rec. Dec. 19
Harris Automatic Press (guar.)
75e. Ian. 2 Holders of rec. Dec. 19
Hatfield-Reliance Coal. emu
40e. Feb. 1 Holders of rec. Jan. 200
Preferred (guar.)
Jan. I Holders of rec. Dec. 20a
$2
Heath (D. C.) & Co., pref. (gtuir.)_-1% Dee. 31 Holders of rec. Dec. 26
Henderson Petroleum Corp. (____
Dec. 21 Holders of rec. Dec. 15
Si
Special
Dec. 21 Holders of rec. Dec. 15
Si
Hibernia Securities, pref.(Soar.)
Holders of rec. Dec. 24
I%
Hollingshead (R. M.) Co.. coin.(No. 1) 25c. Ian. 2 Holders of rec. Dec. 150
Preferred (guar.)
Ian. 2 Holders of rec. Dec. 15a
Holt, Renfrew Co.. pref. (guar.)
13.4 Jan. 2 Holders of rec. Dec. 29
Home Title Insurance(Brooklyn)(guar.)
Dec. 31 Dec. 23 to Jan. 12
Hood Rubber, common (guar.)
Deo. 31 Dec. 20 to Jan. 1
Si
Huttig Sash & Door. common (ci oar.). _ .3714c. lan.
Holders of rec. Dec. 19
Preferred (quar.)
1% Ian. 2 Holders of rec. Dec. 19
Industrial Acceptance Corp.. corn (qu.)
Jan. 2 'Holders of rec. Dec. 21
Common (extra)
un. 2 'Holders of rec. Dec. 21
'Si
First preferred (guar.)
Jan. 2 'Holders of rec. Dec. 21
Second preferred (guar.)
Jan. 2 'Holders of rec. Dec. 21
*S2
Imperial Tobacco of Canada. ordinary. •114 Deo. 3(. •
Internat. Acceptance Bank. corn.(guar.) .S1
Jan. 2 *Holders of rec. Dec. 15
International Concrete (guar.)
•25e. Deo, 21 "Holders of rec. Dec. 15
Internat. Harvester, common (guar.).- *$1.21 Jan. It 'Holders of rec. Dec. 28
Internat. Projector Corp., corn.(guar.) 25c. attn. 1 Holders of rec. Dec. 21
Preferred (guar.)
Si 71 Jan. I Holders of rec. Dec. 21
International Shoe. pref.(monthly)
Ian. 2 Holders of rec. Dec. 15
Johns-Manville. Inc. (guar.)
*75e. Ian. 2 'Holders of rec. Dec. 19
Johnston (It. F.) Paint Co.. pref. (guar.) '2
lan. 1 *Holders of rec. Dec. 15
Kaynee Company, preferred (quar.)__ _
1% Dec. 31 Holders of rec. Dec. 19
Kirschbaum (A. B.) Co., pref. (guar.)-1% Ian. 2 Holders of ree. Dec. 21
Kroger Grocery & Baking, new pref.(qua •134 Ian. 1 'Holders of rec. Dec. 15a
First preferred (Soar.)
•1
/an. 1 'Holders of rec. Dec. 15a
La Salle Extension Univ.. corn. (guar.). 1% Ian. 2 Holders of rec. Dec. 21
Preferred (guar.)
134 Ian. 2 Holders of rec. Dec. 21
Lawyers Mortgage Co. (guar.)
2% Dee. 31 Holders of rec. Dec. 21
Loew's(Marcus) Theatres(Toronto).pret
lan. 15 Holders of rec. Dec. 31
Loew's London Theatres(Canada), pref. 33.4 Ian. 1! Holders of rec. Dec. 31
Magma Copper Co. (guar.)
75c. Ian. U. Holders of rec. Dec. 31
Manning. Maxwell & Moore. Inc.(guar) 114 Ian, 4 Holders of rec. Dec. 31
Marlin-Rockwell t'orp., cotn.(2 mos.div 33e. Ian. 4 Holders of rec. Dec. 28a
Preferred (guar.)
134 Jan. 4 Holders of rec. Dec. 28a
MacAndrews & Forbes, corn. (guar.)._. 2% .an. 1. Holders of rec. Dec. 3I0
Common (extra)
Ian, It Holders of ree Dec. 31a
5
Preferred (Soar.)
134 Ian. It Holders of rec. Dec. 3Ia
McCrory S'ores. preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 20a
Preferred (Soar.)
134 May 1 Holders of rec. Apr. 20a
Preferred (quar.)
114 tug. 1 Holders of rec. July 20s
Preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 200
Medart (Fred) Mfg., pref. (guar.)
Ian. 2 Holders of rec. Dec. 22
2
Merchants de Mfrs. Securities (guar.)._ '2
Ian. 1 'Holders of rec. Dec. 1
Stock dividend
Ian. 1 "Holders of rec. Dec. 15
Mexican Petroleum, common (Stara . $3
Ian. 2( Holders of rec. Dec. 310
Preferred (quar.)
Ian. 2( Holders of rec. Dec. 31a
$2
Missouri Portland Cement (guar.)
25e. Dec. 11. Holders of rec. Dec. 11
Mohawk Rubber, preferred (guar.)._
194 Ian. 2 Dec. 22 to Jan. 1
Mortgage-Bond Co. (guar.)
Dec. 31 Holders of rec. Dec. 21
2
Mountain & Gulf Oil (guar.)
tet2c. Jan. It 'Holders of rec. Jan. 2
Extra
•Ic. Jan. It *Holders of rec. Jan. 2
Murray-Ohio Mfg., preferred Mara
2
Ian. 2 Holders of rec. Dee. 19
National Cloak & Suit. corn.(quar.)___. $I
Jan. It Holders of rec. Jan. 8a
National Fuel Gas(guar.)
$1.50 Jan. It Holders of rec. Dec. 31
Extra
Jan. 11 Holders of rec. Dec. 31
$2
Nat. Grocers Co.. Ltd.. 1st pref.(No. 1) (aa) Jan. 2 Dec. 15 to Jan. 1
National Paper & Type. pref. (quar.).... 2
Jan. It Holders of rec. Dec. 31a
New Bradford Oil (guar )
•1214c Jan. 15 *Holders of rec. Jan. 2
New England Fuel Oil (guar.)
"25e. Jan. 2 "Holders of rec. Dec. 24
Newmont Mining Corp
600. Jan. 15 Holders of rec Dec. 31
Newton Steel,common (guar.)
•50o. Dec. 31 'Holders of rec. Dec. 20
Common (extra)
*50o. Dec. 31 *Holders of rec. Dec. 20
Preferred (Soar.)
*50c. Dec. 31 "Holders of rec. Dec. 20
New York Air Brake, Class A (guar.)... Si
Apr. I Holders of rec. Mar. 10
Common (guar.)
50e. Feb. 1 Holders of rec. Jan. 6
New York Title & Mtge.(guar.)
Jan. 2 Holders of rec. Dec. 19
4
Extra
Jan. 2 Holders of rec. Dec. 19
Niptssing Mines Corp.(guar.)
•150. Jan. 20 *Holders of rec. Dec. 31
North American Car (quar.)
'623.40 Jan. 1 *Holders of rec. Dec. 22
Ogilvie Flour Mills (guar.)
$1.25 Jan. 2 Holders of rec. Dec. 21
Oklahoma National Gas(Soar.)
50c. Jan. 20 Holders of rec. Dec. 28a
Otis Elevator, common (guar.)
$1.50 Jan. 15 Holders of rec. Dec. 31
Preferred (guar.)
14 Jan. 15 Holders of rec. Dec. 31
Overman Cushion Tire,coin. A & B(gu ) 134 Jan. 1 Dec. 19 to Jan. 1
Preferred (guar.)
$1.75 Jan. 1 Dec. 19 to Jan. 1
Owens Bottle.common (guar.)
75e. Apr. 1 Holders of rec. Mar. 16
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 16
Pan American Petroleum & Transport
Common and Class B common (guar.) $1.50 Jan. 20 Holders of rec. Dec. 31a
Park Utah Cons. Mining
•15c. Jan. 2 'Holders of rec. Dec 15
Phelps Dodge Corp.(guar.)
Jan. 2 Holders of rec. Dec. 21a
1
Philadelphia Insulated Wire
Feb. 1 'Holders of ree. Jan. 15
•$2
Pick (Albert) & Co., pref. (Soar.)
1% Jan. 2 Dec. 23 to Jan. 1
Pie Bakeries of Amer.. Inc., Cl. A (qua_ $1
Jan. 2 Holders of rec. Dec. 16
7% preferred (Sar.)
11.4 Jan, 2 Holders of rec. Dec. 16
Pittsburgh Coal. preferred (guar.)
•114 Jan. 25 'Holders of rec. Jan. 8
Pittsburgh Transformer, common (gu.). •2
Jan. 2 Holders of rec. Dec. 31
Common (extra)
(7) Dec. 31 Ilolders of rec. Dec. 30
Preferred (guar.)
Jan. 2 Holders of rec. Dec. 31
*2
Prairie Pipe Line (guar.)
Jan. 31 'Holders of rec. Dec. 31
*2
Procter & Gamble.8% pref. (guar.).-- _ *2
Jan. 15 'Holders of rec. Dec. 24
pro-phy-lac-tic Brush (guar.)
*50e. Jan. 15 'Holders of rec. Dec. 31
Rand-Kardex Bureau, corn. (No. I)
--- - •1.6 Jan. 11 'Holders of rec. Dec. 21
Preferred (guar.)
*31.71 Jan. 2 'Holders of rec. Dec. 31
Remington Arms Co., pref., Ser. A (SM) 114 Jan. 2 Holders of rec. Dec. 21a
Richardson Co.. preferred (guar.)
'11.4 Jan. 1 'Holders of rec. Dee. 15
River Raisin Paper Co. (guar.)
'11.4 Jan. 15 'Holders of rec. Jan. 5
Royal Typewriter. common
Ian. 17 Holders of rec. Jan. 10
$I
Preferred
3)4 Ian. 1
Holders of rec. Jan. 10
St. Joseph Lead Co.(guar.)
50c. Mar. 2( Mar 10 to Mar.21
Extra
Mar.21 Mar 10 to Mar. 21.
25
Quarterly
50c. lime 2 June 10 to June 21
Extra
250. June 2 June 10 to June 21
Quarterly
50c. -tent. 2 Sept. 10 to Sept.20
Extra
25e, Sept. 20 Sept. 10 to Sept 20
Quarterly
500. Dec. 20 Dec. 10 to Dec 20
Extra
25e. nee. 2( Dec. 10 to Dec. 20
St. Louis Nat. Stock Yards(guar.)
Jan. I *Holders of rec. Dec. 28
•2
St. Regis Paper Co., common (guar.).- 50c. lan
2 Holders of rec. Dee. 15n
F. Preferred (guar.)
81.75 Jan. 2 Holders of rec. Dec. 15a
Sayers & Renville, common (guar.)
fan. 1
Common (extra)
'34 Ian. I
Preferred (Soar.)
Ian. 1
•I
Schulte Retail Stores Corp. pref.(guar.) 2
Ian. I Haleers of ree. Dec. 15
Sefton Manufacturing. corn
.511e. Dec. 2r *Holders of rec. Dec. 22
Preferred (guar.)
•1% Jan. 2 'Holders of rec. Dec. 22
Sleberling Rihh.. pf (acct. aecurn. div.) .h4
Holders of ree. Dee. 5
Stein!? Packing (guar.)
-Inc. Ian. 2 Holders of rec. Dec. 21
Ian. 2 Holder!' of ree. Dee. 21
1 Extra
15e
Sparks-WIthington Co., common (on.)
50e. Dee. 31 Holders of rec. Dec. 19
P Preferred (guar.)
194 Dee. 31 Holders of rec. Dec. 19
tan. 2 Holders of rec. Dec. 24a
Spicer Manufacturing. pref. (guar.)._
Standard C'ommere'l Tobacco, corn (nu.) 25e. Ian. 2 Holders of rec. Dec. 23
1 4 tan
•! Haldera of rne. Dee. 23
,
Preferred
Name of Company.
2973
IVhen
Per
Cent. Payable
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Standard Drug Products (guar.)
*25c. Jan. 1 "Holders of rec. Dec. 20
Stanley Co. of America (guar.)
$1.50 Jan. 1 Holders of rec. Dec. 17
Star Petroleum
Dec. It
•57
Extra
.$23 Dec. 1(
State Theatre Co., Boston. pref.(guar.). "52
Jan. 2 "Holders of rec. Dec. 19
Stern Bros.. corm, Class A (guar.)
Jan. 2 Holders of rec. Dec. 216
•$1
Stetson (John B.) Co., common
"53.71 Jan. It 'Holders of rec. Jan. 1
Preferred
"4
Jan. It 'Holders of rec. Jan. 1
Stevenson. Brien & C9., Inc., corn
Jan. 1
5
Preferred (quar.)(No.3)
1% Jan. 1
Stone(H.0.)& Co..common (Soar.)._ 75e. Jan. 2 Holders of rec. Dec. 15
Common (payable in common stock).. 110
Jan. 2 Holders of rec. Dec. 15
Preferred (Soar )
1% Jan, 2 Holders of rec. Dec. 15
Sullivan Machinery (guar.)
Jan. It Jan. 1 to Jan. 13
51
Tech-Hughes Mining
5
Feb. 1 Holders of rec. Jan 15
Telling-Belle Vernon Co.,corn. Mara
75c. Dec. 31 Holders of rec. Dec. 21
Preferred A and 13 (guar.)
134 Dec. 31 Holders of rec. Dec. 21
Texon Oil & Lund
Dec. 2! 'Holders of rec. Dec. 24
.6
Stock dividend
Dec. 21 'Holders of rec. Dec. 24
*e10
Textile Bunking Corp. (guar.)
Jan. 2 'Holders of rec. Dec. 24
.2
Transue & Williams Steel Forg.
.50c. Jan. I( 'Holders of rec. Dec. 31
Tulip Cup Corp.. common (guar.)
3714e. Jan. 2 Holders of rec. Dec. 21
Preferred (guar.)
114 Jan. 2 Holders of rec. Dec. 21
Union Ice Co.(Pittsburgh)
Dee. 22 Holders of rec. Dec. 7
3
United Alloy Steel Core
.50c. Jan. 1 'Holders of rec. Dec. 26
United Equities Corp. (special)
Ian, It Holders of rec. Jan. 2
Si
U. S. Industrial Alcohol, pref. (Soar.).. •134 fan. It 'Holders of rec. Dec. 31
UniviTtal Leaf Tobacco. pref.(guar.).-. 2
Ian, 2 Holders of ree Dec. 21
Weisbuch Co.npany, preferred
$3.50 Dee. 31 Holders of rec. Dec. 19
Westmoreland Coal
51.50 fan. 2 Dec. 25 to Jan. 3
White Eagle Oil & Refining (guar-)
•50c. Jan. 2( 'Holders of rec. Dec 31
White Motor Securities, pref. (guar.)
114 Dec. 31 Holders of rec. Dec. 15
White Rock Mineral Springs, corn. (gu.) 30e. Dec. 31 Holders of re!. Dec. 22
Common (extra)
20c. Itec. 31 Holders of rec. Dec. 22
Common (additional extra)
40c, Dee. 31 Holders of rec. Dec. 22
First preferred (guar.)
114 Dec. 31 Holders of rec. Dec. 22
Second preferred (guar.)
I% Dec. 31 Holders of rec. Dec. 22
Second preferred (extra)
Dee. 31 Holders of rec. Dec. 22
I
Second preferred (additional extra)
Dec. 31 Holders of rec Dec. 22
2
Whitman (Wm.) Co., pref.(quar.)
Jan. 1 'Holders of rec. Dec. 17
•134
Winnsboro Mills, common (guar.)
Jan. 2 'Holders of rec. Dec. 23
"2
Preferred (guar.)
"194 Jan. 2 'Holders of rec. Dec. 23
Won't. ,14nnof•ort.ol,, need fryln,
/
4
•1, ute. 9
nfree. Dee. 26
t
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividentls announced this week, these being given in the preceding table.
Name of Company.
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
Railroads (Steam).
Alabama Great Southern, ordinary____. 33.4 Dec. 29 Holders of rec. Nov.27
Preferred
3% Feb. 11 Holders of rec. Jan. 15
Albany & Susquehanna (Veda')
2
Jan, 9 Holders of rec. Dec. 220
Allegheny & Western
Jan, 2 Holders of rec. Dec. 2I0
3
AL...111duli Topeka az Santa Fe, pref
2% reb. I Holders of rec. Dec. 310
Atlantic Coast Line RR.. corn
3% Jan. 11 Holders of rec. Dec. 160
Common (extra)
an. 11 Holders of rec. Dec. 160
1
Baltimore & Ohio, common (guar.)
134 Mar. 1 Holders of rec. Jan. 166
Preferred (guar.)
1
Mar. 1 Holders of rec. Jan. 160
Bangor & Aroostook. common (guar.)._ 75e. Jan. 1 Holders of rec. Dec. 154
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 150
Beech Creek (guar.)
50c. Ian. 2 Holders of rec. Dec. 154
Boston & Albany (guar.)
234 liee. 31 Holders of rec. Nov.30
Boston & Providence (guar.)
23.4 Jan. 1 Holders of rec. Dec. 19
% Dec. 31 Holders of rec. Dec. 154
Buffalo & Susquehanna,common (guar.)
Preferred
2
Dec. 31 Holders of rec. Dec. 156
Canada Southern
13.4 Feb. 1 Holders of rec. Dec. 310
23. Dec. 31 Holders Of rec. Dec. 16
Canadian Pacific, common (guar.)
2
Chesapeake & Ohio. common
Jan, 1 Holders of rec. Dec. 44
Preferred
314 Jan. 1 Holders of reo. Dec. 40
5
Dec. 21 Holders of rec. Dec. 170
Chicago Burlington & Quincy
Chicago Indianan & Louisv.,common.. 234 Jan. 11 Holders of rec. Dee 26
Jan. II Holders of rec. Deo. 26
Preferred
2
2
Chicago & North Western, common
Dec. 31 Holders of reo. Dec. 16
3% Dec. 31 Holders of rec. Dec. 10
Preferred
Dec. 31 Holders of rec. Dec. 110
Chic. R. I. & Pacific,6% preferred.... 3
Seven per cent preferred
33.4 Dec. 31 Holders of rec. Dec. 116
5
Chicago St. Paul Minn.ik Omaha, pref._
Dec. 31 Holders of rec. Dec. la
Dec. 21 'Holders of rec. Dec. I
CID. N.0.& Texas Pacific. common_ _ _ .3
Common (extra)
"314 Dee. 21 *Holders of rec. Dec. I
5
Cincinnati Northern
Jae, 20 Holders of rec. Jan. I30
Cleve. Clot!. Chic.& St. L.,corn.(qua
194 Jan, 20 Holders of rec. Dec. 310
Preferred (guar.)
1% Jan. 20 Holders of rec. Dec. 310
Colorado a Southern, fleet preferred..,. 2
Dec. 31 Dec. 13 to Jan. 1
Dec. 31 Dec. 13 to Jan. 1
Second preferred
4
Consolidated RR& of Cuba, pref.(gu.)
13.4 Jan. 2 Holders of rec. Dec. 150
Cuba RR.. common (guar.)
$1.40 Dec. 31 Holders of rec. Dec. 310
Febl'2i Holders of rec. Jan. 156
Preferred
3
244 Ho 21 Hoidera of ma. Nov.286
,
Delaware & Hudson CO. (guar.)
3
Detroit River Tunnel
Jan, 15 Holders of rec. Jan. 8a
Great Northern. preferred
214 Feb. I Holders of rec. Dec. 246
Greene Railroad
3
Dec. 1! Holders of rec. 0ee. 184
Gulf Mobile & Northern, pref. (In ad).).
Si Jan. 1 Holders of rec. Dec. 15a
Preferred (acct. accum. divIdend)____ h334 Jan. I Holders of rec. Dee. 154
Hocking valley
2
/C.,. 31 Holders of rec. Dec. 40
Illinois Central. leased lines
.an. 2 Dee 12 to Jan. 4
2
I
Lackawanna RR.of N. J. (guar.)
tan. 2 Holders of rec. Dec. 70
Lehigh Valley, common (guar.)
8714c Jan, 2 Holders of rec. Dec. 19a
Preferred (guar.)
81.25 Jan. 2 Holders of rec. Dec. 19a
Little Sehuylkill Nay., RR.& Coal___. Si
Ian. 15 Dec. 19 to Jae. 17
Louisville & Nashville
oh I
Il,,i'ters of roc Jan 15a
Mahoning CoaIRR.. common
$12.50 Feb. 1 Holders of ree. Jan. 254
Preferred
$1.25 Jan. 2 Holders ot rec. Dec. 230
Manhattan fly.(modified guar.)
270. Jan. 2 Holders of rec. Dec. 18a
Michigan Central
10
Jan. 29 Holders of rec. Dec. 310
Extra
734 Jae. 29 Holders of rec. Dec. 31a
Mobile & Birmingham. preferred
2
.111
. Dec
2
to Jan.
1,
Mobile & Ohio
3% ,,cc. 31 Holders of rec. Dec 16a
Extra
3
,)ee. 31 Holders of rec. Dec. 166
Morris & Easex
2.1234 tan. 2 Holders of rec. Dec. 96
New Orleans & Northeastern (extra)
3
Dec. 21 Holders of rec. Dee. 14
New York Central RR.(guar.)
1
to Jan. 27
134 Feb. 1 In.
V Chic. & st I. , coot & pref (gu.)
: Holders tf rem'
I
New York & Harlem.corn. & pref
$1.25 Ian. 2 Iluklei'd of rec. Dee. 154
N. Y. Lackawanna & West. (Soar.).,..
Ian. 2 Molders of rim. DOC. 120
Northern Central
$2
Jan. 15 Holders of rec. Dec. 316
vortolk & Restern ,com (quar.)
14
9, I
01,tera ,of
Nov 300
Old Colony (guar.)
la( Jan. I Holders of rec. Dec. 124
Common (extra)
1
lee. II. Headers of ree Nov 306
Pere Marquette, common (guar.)
'2 Holders ofec
14
1
1 u.,1,ier.
re
rc
15
1 54
.3
Prior preference (guar.)
134 I.Cb. I Holders of rec. Jan. 15a
Preferred (guar.)
Phila. Baltimore dz Washington
.3
Dec. 31 'Holden; of rec. Dec. 15
Pitts. Ft. Wayne & Chic.. corn.(Soar.).
'
% .an.
eloiders of rec. Dec 100
Preferred (quar.)
.4
an
I ,Tolderf+ of rec. fleC. 10a
Pittsburgh & Lake Erie
x2
$
Feb. 2 H n i rr of
u, 1
d
Jan,
Pittalt McKeesport Si Youghiogheny..
of rr:Ce•.
e 1 1:1
16 1
Rensselaer & Saratoga
a
Jan. 2 Dec. 16 to Jan. 1
Si Louis-San Francisco fly.,corn.(gu.)
% Jan. 2 Holders of rec. Dec. tba
yi Feb. I Holder, of rec. Jan. lba
Preferred (guar.)
% May I Holders of rec. Apr.
Preferred (guar.)
10a
Preferred (guar.)
% Aug. 2 Holders of rec. July tba
Preferred (guar.)
i Holders at rec. Oct. 156
44
St. Louis Southwestern, pref.(guar )4 Dee. 31 1101,10, of car. Dec. 15a
Southern Pacific Company (fluor.)_
2 Holders of rec. Nov.270
Is.4
Southern Railway. Common (quar.)____
% Feb. 1 Holders of rec. Jan. 9
Preferred (guar.)
4 Jan. 15 Holders of rec. Jan. 2
Name of Company.
Per
When
Ceni. Payable.
Books Closed
Days Inclusive.
Railroads (Steam) (Concluded).
Dec. 31 *Holders of rec. Dec. 28
*6
Toronto Hamilton & Buffalo
*e20 Dec. 31 *Holders of rec. Dec. 28
Stock dividend
Jan. 15 Holders of rec. Dec. 31a
6
Troy Union RR.(annual)
231 Jan. 2 Holders of rec. Dec. la
Union Pacific, corn. (quar.)
231 Ian. 2 Holders of rec. Dec. 150
Valley RR.(New York)
Dec. 31 Holders of rec. Dec. 21a
6
Virginian fly., common (annual)
public
131 Jan. 1 Holders of rec. Dec. 19
Alabama Power. preferred (quar.)
Amer.BrownBoveriElec.00rp„pf.(No.1) $1.75 Jan. 1 Holders of rec. Dec.d210
$1.75 Jan. 2 Holders of rec. Dec. 15a
Amer.& Foreign Power, pref. (quar.)American Gas es Elec., common (quar.)_ 25c. Jan. 2 Holders of rec. Dec. Ili
common (payable in new non par cam.) (w) Jan. 2 Holders of rec. Dec. 10
81.50 Feb. 1 Holders of rec. Jan. 11
Preferred (guar.)
Amer. Public Service, preferred (qUar.)- 131 Jan. 2 Holders of rec. Dec. 15a
(qu.)_
Amer. Public Utilities, prior pref.
1% Jan. 2 Holders of rec. Dec. 15a
Participating Preferred (quar.)
131 Jan, 2 Holders of rec. Dec. 15a
Amer. Telephone or Telegraph (guar.)._
2M Jan. 15 Holders of rec. Dec. Dio
8c. Dec. 31 Holders of rec. Dec. 104
Arkansas Natural Gas (quar.)
191 Jan. 2 Holders of rec. Dec. 14
Asheville Power & Light, pref. (guar.)._
associated Gan & Elec. Co, pret.(extra) 1234c Jan. 2 Holders of rec. Dec. 10a
Bangor Hydro-Electric, pref. (guar.).- 131 Jan, 2 Holders of rec. Dec. 10
Jan. lb Holders of rec. Dec. 23
2
Bell Telephone of Canada (quar.)
la{ Jan. 15 Holders of rec. Dec. 196
Bell Telep. of Penn., pref.(quar.)
1% Jan. 2 Holders of rec. Dec. 18
Boston Elevated, common (quar.)
Jan. 2 Holders of rec. Dec. 18
4
First preferred
331 Jan. 2 Holders of rec. Dec. 18
Preferred (quar.)
135 Jan. 1 Holders of rec. Dec. 150
Brazilian Tree., Lt & Pow.. pref. (qu.)_
Jan. 2 Holders of rec. Dec. 12a
$1
Brooklyn Union Gas (quar.)
Jan 11 Holders of rec. Dec. 210
7
Extra
Canadian General Elec., pref. (guar.).- la{ Jan. I Holders of rec. Del. 15
Capital Tract., Washington. D. C.(qu.) 131 Jan. 1 Holders of rec. Dec. 14
15{ Jan. 2 Holders of rec. Dec. 14
Carolina Power & Light. Pref.(quar.)Central Illinois Public Serv., pref (qu.)_ $1.61 Jan. 15 Holders of rec. Dec. 31
in Dec. 31 Holders of rec. Dec. 10
Central States Elec. Corp., pref. (qu.)_
131 Dec. 30 Dec.d15 to Dec. 20
Chicago City fly. (quar.)
pref.(quar.) 1% Jan. 1 Holders of rec. Dec. 160
Chic. North Shure & Ivillw..
194 Jan. 1 Holders of rec. Dec. 15a
Prior lien stock (qua:)
Chicago Rapid Transit, prior pf.(m'thlY) 65e. Jan. 1 Holders of rec. Dec. 15a
65c. Feb. 1 Holders of rec. Jan. 19a
Prior preferred (monthly)
65c, Mar. 1 Holders of rec. Feb. 16a
• Prior preferred (monthly)
Dec. 31 Holders of rec. Dee. 31
5
Chickasha Gas & Elec., common
13-4 Dec. 31 Holders of rec. Dec. 31
Preferred (quar.)
$3.50 Jan. 1 Dec. 20 to Jan. 1
Citizens Pass. Hy., Phila.(guar.)
Consoi Gas. El. L.& Pr, Halt.,cem. O(ti.) 62%c Jan.2'26 Holders of rec. lieu. 150
Jan2'26 Holders of rec. Dec. 150
2
Preferred. Series A (qua:.)
154 Jan2'26 Holders of rec. Dec. 150
Preferred. Series B (quar.)
135 Jan 2'26 Holders of rec. Dec. 150
Preferred, Series C (quar.)
Consol Gas, New York, pref. (quar.) -- la{ Feb. 1 Holders of rec. Dec. 15a
11.4 Jan2'26 Holders of rec. Dee. 15
Consumers Power,6% pref. (quer.) _ _
1 65 Jan2'26 Holders of ree. Dec. 16
6.6% preferred (qua:.)
7% preferred (quar.)
194 Jan2'26 Holders of rec. Dec. 15
50c. Jan2'26 Holders of rec. Dec. 16
6% preferred (monthly)
55e. Jan2'26 Holders of rec. Dec. 15
6.6% preferred (monthly)
corn. (qUM.) El.lo Jan.I'26 Holders of rec. Dec. 120
{Continental Gas & Elec.,
I.Jan.1'26 Holders of re*. Dec. 120
Prior preference 7% (quar-)
1% Jan.1'26 Holders of rec. Dec. 120
Prior preference 6% (quar.)
131 lan.F26 Holders of rec. Dec. 120
Participating prererred (quar.)
reo. Dec. 120
Participating preferred (extra)
34 Jan.1'26 Holders of rec. Nov.300
.1$3
Dec. 30 Holders of
Continental Passenger fly., Phila
Holders of rec. Dec. 210
2
Jan. 15
Detroit Edison (quar.)
Jan. 2 Holders of recs. Dec. 150
Duluth-Superior Traction, pref. (quar.)- *1
Eastern New York Utilities, pref.(qua:.) 134 Jan. 2 Holders of rec. Dec. 16a
(10 Jan. 2 Holders of rec. Dec. 15
Electric Investors, Inc.. common
Else. Light & Power Co. of Abington
50e. Jan. 2 Holders of rec. Dec. 116
& Rockland (guar.)
50c. Jan. 2 Holders of rec. Dec. ha
Extra
Electric Power & Light, pref. (guar.).- - $1.75 Ian. 2 Holders of rec. Dec. 15
Jan. 2 Holders of reo. Dee. 15
El Paso Elec. Co., pref. Class A (guar.) $2
21.75 Jan. 2 Holders of rec. Dec. 15
Preferred, Clam A (qua:,)
$1.75 Jan. 2 Holders of rec. Dec. 15
(quar.)
Preferred. Class B
Engineers Public Service. pref. (quar.).. $1.75 Jan. 2 Holders of rec. Dec. 1
Federal Light & Traction, tom. (quer.). 0350. Jan. 2 Holders of rec. Dec. 150
Frankford & Southwark Pass. fly.(qu.). $4.50 Jan. 1 Dec. 2 to Jan. 1
Jan. 1 Holders of rec. Dec. 10a
Georgia fly. & Power 8% pref.(quar.)_. 2
134 Jan. 1 Holders of rec. Dec. 100
Seven per cent preferred (quar.)
Germantown Passenger fly. (quar.)---. $1.31 Jan. 5 Dec. 17 to Jan. 4
1 LA Jan. 2 Holders of rec. Dec. 31a
Gold & Stock Telegraph (quar.)
Hackensack Water, pref., Cl. A (No. 1)_ $1.75 Dec. 31 Holders of rec. Dec. 18
570, Jan. 2 Holders of rec. Dec. 140
Haverhill Gas Light (quar.)
Dec 30
Deo. 31
$2
Illinois Bell Telephone (quar,)
Illinois Power & Light 7% pref. (quar.). la{ Jan. 2 Holders of rec. Dec. 10
134 Jan. 2 Holders of reo. Dec. 10
Six per cent preferred (quar.)
su .50 Jan. 15 *Holders of rec. Dec. 31
Illinois Public Service. pref.(quar.)
13-4 Jan. 2 Holders of rec. Dec. 19
Illinois Traction, preferred (quar.)
1% Jan. 15 Holders of rec. Dec. 26
Internat. Telephone & Telegraph (qu.)._
131 Jan. 1 Holders of rec. Dec. 5
Interstate Power. preferred (quar.)
°131 Jan. 2 *Holders of rec. Dec. 19
Iowa Power & Light. 7% pref. ((Mari
Jamaica Public Service. pref. (guar.)._ _ $1.75 Jan. 2 Holders of rec. Dec. 12
la{ Jan. 1 Holders of rec. Dec. 17
Jersey Central Pow. & Lt., Prof.(qu.)_ _
Kansas City Power & Lt.. 151 pfd. A ((u) $1.76 Jan. 1 Holders of rec. Dec. 15a
13•
Jan. 2 Holders of rec. Dec. 16
Kansas Gas & Elec.. pref. (quar.)
el54 Dec. 21 *Holders of rec. Nov.30
Kentucky Hydro-Elm. pref. (quar.)
131 Jan, 2 Holders of rec. Dec. 18a
Kentucky Securities Corp., corn.(qu.)._
1% Jan, 15 Holders of rec. Dec. 18a
Preferred (quar,)
13.1 Jan. 15 Holders of rec. Dec. 31
Laurentide Power (quar.)
50c Dec. 31 Holders of rec. Dec. 18a
Lone Star Gas (quar.)
Long Island Lighting, preferred (guar.). 131 Jan. 2 Holders of rec. Dec. 21
Loulsv. Gas & El., Del. cl. A&B ((U.).. 4331c Dec. 26 Holders of rec. Nov. 30
194 Jan. 2 Holders of rec. Dec. 5a
Mackay Companies, corn. (quar.)
1
Jan. 2 Holders of rec. Dec. Eta
Preferred (quar.)
common (qu.)_ 75c. Dec. 31 Holders to rec. Dec. 14
Massachusetts Ltg. Cos.,
131 Jan. 16 Holders of rec. Dec. 26
Six per cent preferred (guar )
Jan. 15 Holders of rec. Dec. 26
2
Eight per cent preferred (quar.)
$3.50 Jan. 15 Holders of rec. Dec. 31
Mexican Uthitles
134 Jan. 15 Holders of rec. Dec. 310
Middle West Utilities, pref. (guar.)..._
la{ Jan. 6 Holders of rec. Dec. 22
Midland Utilities, pref., Cl. A (quar.) _
Prior lien stock (quar.)
134 Jan. 6 Holders of rec. Dec. 22
Minnesota Power & Lt., pref. (quar.)
134 Jan. 2 Holders of rec. Dec. 15
Missouri Power & Light. 7% pref.(qu.). •1)( Ian. 2 *Holders of rec. Dec 19
30c, Jan, 2 Holders of rec. Dec. 18a
Mohawk Valley Co. (guar.)
200. Jan, 2 Holders of rec. Dec. 18a
Extra
Motion W.Penn. P. S.. 7% Pt (qu.)-- 4331c Jan. 1 Holders of rec. Dec. 15
1
Jan. 2 Holders of rec. Dec. Ila
Montana Power, common (quar.)
135 Ian. 2 Holders of rec. Dec. Ila
Preferred (quar.)
Mountain States Power, pref. (qua:.).,.. la{ Jan. 20 Holders of rec. Dec. 31
Holders of rec. Dec. 120
Jan.
$1
Narragansett Elec. Ltd.(guar.)
National Electric Power, pref. ((uer.)
191 Jan. 2 Holders of rec. Dec. 21
$1.75 Jan. 2 Holders of rec. Dec. 15
Nat. Power 4. Light. pref. (guar.)
National Public Service Corp.Pref., Series A,and partie. pref.(qu.)_ $1.75 Jan. 1 Holders of rec. Dec. 17
2
Dec. 30 Holders of ree. Dec. 10
New England Telep. & Teleg. ((ter.)Newport News & Hampton fly., Gas &
la{ Jan
1 Holders of rec. Dec. 150
Electric Co., common (quar.)
191 Jan. 1 Holders of rec. Dec. 150
Preferred (quar.)
N.Y. Central Elec. Corp., pref.(quar.)_
13-4 Jan, 2 Holders of rec. Dec. 21
la{ Jan. 1 Holders of ree. Dec. 15a
New York Steam, pref. (quar.)
1% Jan. 16 Holders of reo. Dec. 19
New York Telephone, pref.((Mar.)
50c. Dec. 31 Holders of rec. Dec. 15a
Niagara Falls Power, tom. (quar.)
43310. Jan. 15 Holders of rec. Dec. 310
Preferred (quar.)
an. 1 Holders of rec. Dec. 15
Niagara Lockport & Ont.Pr.,tom,(qu.) 50c
13-4 Jan. 1 Holders of rec. Dec. 15
Preferred (guar.)
/2% Jan. 2 Holders of rec. Dec. 5
North American Co.. corn. (quar.)
an. 2 Holders of rec. Dec. to
75c
Preferred (quan)
131 Jan. 2 Holders of rec. Dec. 19
North Amer Light & Pow..7% Pi.(qu.)
North West Utilities, prior lien pf. (qu.)_ $1.75 Jan. 2 Holders of rec. Dec. 15a
Northern N.Y. Utilities. corn. (guar.)._ 75c. dDec 30 Holders of rec. Deo.d15a
Northern Ohio Tr. & Lt., 7% prof. (q11.) la{ Jan. 2 Holders of rec. Dec. 15
1% Jan. 2 Holders of rec. Dec. 15
Six per cent preferred (guar.)
Feb. 1 Holders of rec. Dec. 31
Northern States Power,corn,, Cl. A (qu.) 2
20c. Feb. 1 Holders of reo. Dec. 31
Common, Clam B (quar.)
194 Jan. 20 Holders of rec. Dec. 31
Preferred (quar.)
[vol. 121.
THE CHRONICLE
2974
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
$1.50 Jan. '2 Dec. 16 to Jan. 1
Northwestern Telegraph
594 Jan. 2 Holders of rec. Dec. 21
Ohio Bell Telephone, preferred (quar.)-131 Mar. 1 Holders of rec. Feb. 15
Ohio Edison Co. 6% pref. (guar.)
1.65 Mar. 1 Holders of rec. Feb. 15
6.6% preferred (quar.)
'
la{ Mar. 1 Holders of rec. Feb. 15
7% preferred (quar.)
55c. Jan. 2 Holders of rec. Dec. 15
6.6% preferred (monthly)
Mc. Feb. 1 Holders of rec. Jan. 15
6.6% preferred (monthly)
55c. Mar. 1 Holders of rec. Jan. 15
6.6% preferred (monthly)
Ohio River Edison Co., preferred (quar.) 131 Jan. I Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 17
1
Ottawa Traction (guar.)
Jan. 2 Holders of rec. Dec. 17
1
Bonus
Jan. 15 *Holders of rec. Dec. 31
Pacific Gas & Electric, common (guar.)- *2
Pacific Telephone & Teleg., corn.(quar.) 134 Dec. 31 Holders of rec. Dec. 210
13-4 Jan. 15 Holders of rec. Dec. 310
Preferred (quar.)
Panama Power & Light Corp., pref.(qu.) 134 Jan. 2 Holders of rec. Dec. 11
Penn-Central Light & Pow. pref. (qu.). $1.25 Jan. 2 Holders of rec Dec. 15a
lb 121 Holders of ree. Jan. 25
venusylvania-Ohio P.& L.:8% pt.((u.) 2
194 lob 1'26 Holders of rec. Jan. 25
7% preferred (quar.)
Pennsylvania Power dr Light, pref.(qu.) la{ Jan. 2 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 18a
Pennsylvania Water & Power (guar.).
- 2
Jan. 18 Holders of rec. Jan. 4a
2
Peoples Gas Light & Coke (quar.)
la{ Jan. 2 Holders of rec. Dec. 14
Portland Elec,Power, let pref.(quar.)_ _
Porto Rico Rye,. Ltd., pref. (quar.)- -. 131 Jan. 2 Holders of rec. Dec. 15
Power Corp.of N.Y.,common (quar.)-- 260. Jan. 2 Holders of rec. Dec. 150
Dec. 31 Dec. 24 to Jan. I
Public Service Co.of Okla., corn.(quar.) 2
134 Dec. 31 Dec. 24 to Jan. I
Prior lien stock Mar.)
134 Dec. 31 Dec. 24 to Jan. 1
Preferred (quar.)
Dec. 31 *Holders of rec. Dec. 4
.
Public Service Elec.& Gas,6% pref (qu.) •1
Public Serv. Corp. of N.J., corn.(quar.) $1.25 Des. 31 Holders of rec. Dec. 4a
Dec. 31 Holders of rec. Dec. 4a
2
8% preferred (quar.)
la{ Dec. 31 Holders of rec. Dec. 40
7% preferred (quar.)
la{ Dec. 31 Holders of rec. Dec. 4a
6% preferred (No. 1)
75c. Jan. 1 Dec. 16 to Jan. 1
Reading Traction
Jan. 2 Dec. 16 to Jan. 3
Ridge Ave. Pass. fly., Phila. (guar.)... $3
St. Cloud Public Service. let pref.(qu.). 134 Jan. 2 Holders Of rec. Dec. 31
Jan. 1 Dec. 2 to Jan. 1
Second & 3d Sta. Pass. fly., Phila. (qu.) $3
134 Dec. 31 Holders of rec. Dec. 15
South Pittsburgh Water, tom
7% preferred (quar.)
134 Jan. 15 Holders of rec. Jan. 2
13-4 Jan. 15 Holders of rec Dec. 24a
Southern Canada Power, pref. (quar.)._
South'n Gas & Pow.Corp.,7% pf.((U.). 134 Jan. 1 Holders of rec. Dec. 27
.
Southwestern Bell Tel., pref. (guar.).
- 194 Jan. 1 Holders of reo. Dec. 19
Southwestern Lt. & Pow., corn. A (qu.)- $1.50 Dec. 20 Holders of rec. Dec. 11
$1.50 Jan, 2 Holders of rec. Dec. 28
Preferred Mar.)
Southwest Gas & Elec., pref. (quar.)..- *151 Jan, 2 *Holders of rec. Dec. 15
Southwest Securities Co.,common(qu.) e$1.50 Jan. 2 *Holders of rec. Dec. 15
Springfield (Mo.)fly.& Light, pt.(qu.)
154 Jan. 2 Holders of rec. Dec. 15
Standard Gas & Elec., common (guar.). 75c. Jan. 25 Holders of rec. Dee. 310
194 Jan. 25 Holders of rec. Dee. 31
Seven per cent prior pref (quar.)
131 Jan. 15 Holders of rec. Dec. 31
Six per cent non-cum.stock (guar.)--J'n15'26 Holders of reo Jan 1 '26
Tacoma
-Palmyra Ferry Co
Tennessee Elec. Pow.,6% 1st Pref.(qu) 135 Jan.1'26 Holders of reo. Dec. 15
la{ Jan.1'26 Holders of rec. Dec. 15
7% first preferred (quar.)
$1.80 Jan.1'26 Holders of reo. Dec. 15
7.2% first preferred (quar.)
50c. Jan.1'26 Holders of reo. Dec. 15
6% first preferred (monthly)
600. lan.1'26 Holders of rec. Oct. 15
7.2% first preferred (monthly)
Jan. 2 Holders of rec. Dec. 15
2
Toledo Edison Co., prior pref.(guar.).
234 Jan.1'26 Holders of rec. Dec. 20
To-City Ry. & Light. tom.((Man)- -- Dec. 31 Holders of rec. Dec. 150
Twin City Rapid Tran., Minneap.,tom_ 2
134 Dec. 31 Holders of rec. Dec. 156
Preferred (quar.)
Holders of rec. Dec. 150
/84.75 Jan.
Union Passenger fly., Philadelphia
Holders of rec. Dee. 9
$1.60 Jan.
Union Traction (Philadelphia)
Holders of rec. Dec. 16
134 Jan.
United Gas & Elec. Corp., pref.(quar.)Jan. 15 Holders of rec. Dec. 810
Si
United Gas Improvement (quar.)
(qu.) 60c. Feb. 1 Holders of rec. Jas. 156
Un.Lt.&Pow.Corp.,Cl.A &B.com.
$1.62 Jan. 2 Holders of reo. Deo. 150
Preferred, Class A (quar.)
Jan. 2 Holders of rec. Dec. 150
Preferred, Clam B (quar.)
Utah Gas & Coke, Pf.& Panic. Pf• q" $1.75 Jan. 2 Holders of reo. Dec. 15
(
191 Jan. 2 Holders of rec. Dec. 10
Utah Power .4 Light, pref. (quar.)
Utilities Pow. dr Lt. Corp., cl. A (qu.). u50c. Jan. 1 Holders of ree. Dee. 50
(yi Jan. 1 Holders of rec. Dec. 5
Class B
21.75 Ian. 1 Holders of reo. Dec. 5
Preferred (qua:.)
Virginia fly. dv Power. pref. (quar.)- - 134 Jan. 20 Holders of rec. Dec. 31a
la{ Jan. 15 Holders of rec. Dec. 31
Western States Gas & Elec., pref. (qu.)
Jan. 15 Holders of rec. Dec. 230
2
Western Union Telegraph (quar.)
Del. 31 Holders of rec. Dec. 15a
West Penn Company,common ((uar.)_ $1
Jan. 1 Holders of rec. Dec. 15
155
West Philadelphia Passenger By
134 Jan, 1 Holders of reo. Dec. 15
Winnipeg Electric Co., prof.(quar.) _ _ _
la{ Jan. 2 Holders of rec. Dec. 14
Yadkin River Power, pref. (quar.)
Banks.
3
America. Bank of (guar.)
Amer.Exchange Securities, Cl. A (qu.). 2
4
Chase National ((uer.)
$1
Chase Securities (guar.)
Chath & Phenix Nat.Bk.& Tr.CO.(qU.) 4
134
Chelsea Exchange (quar.)
3
Coal & Iron National (quar.)
3
Colonial (qua:.)
3
Extra
Commerce (National Bank of) (qtiar.)
- 4
5
Commonwealth
3
Europe, Bank of (quar.)
4
Extra
20
First National (guar.)
5
First Security Co. (quar.)
3
Lebanon National
the (quar.)... 4
Manhattan Co.. Bank of
4
National City (quar.)
4
National City Co.(quar.)
4
Public National ((uer.)
Seaboard National (Qum-)
2
Standard (qua:.)
2
Extra
Mandard National Corp., corn.(quar.)_. 500.
22
Common (extra)
154
Preferred (quar.)
2)1
United States, Bank of(quar.)
Jan. 2
Jan. 1
Jan, 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan.dI5
dDeo.21
Jan.
Jan. 15
Jan. 2
Jan 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Dec422 to Jan. 12
Holders of rec. Dec. 15
Holders of rec. Dec. 14a
Holders of rec. Dec. 146
Dec. 16 to Jan. 1
Holders of rec. Dec. 18a
Holders of rec. Dec. 90
Holders of rec. dJan. la
Holders of rec Dec dl5a
Holders of rec. Dec. 18a
Holders of rec. Dec. 31a
Holders of rec. Dec. 10
Holders of rec. Dec. 10
Holders of rec. Dec. 310
Holders of rec. Dec. 310
Holders of rec. Dec. 21
Holders of rec. Dec. 180,
Holders of rec. Dee, 180
Holders of rec. Dec. 18
Holders of rec. Dec. 21
Holders of rec. Dec. 24
Holders of rec. Dee. 26
Holders of rec. Dec. 26
Holders of rec. Dec. 26
Holders of rec. Deo. 28
Holders of rec. Dec. 26
Holders of rec. Dec. 210
Trust Companies.
5
Bankers (quar.)
Bank of New York & Tr. Co.(quar.)--- 5
2
Extra
3
Equitable (quar.)
3
Guaranty (quar.)
4
Manufacturers (quar.)
1
Extra
1234
United States;(quar.)
Jan. 2
Jan. 2
Jan. 2
Dee. 31
Dec. 31
Jan, 2
Jan. 2
Jan. 2
Holders of rec. Dee. 14
Holders of rec. Dec. 18a
Holders of rec. Dec. 18x
Holders of rec. Dec. 210
Holders of rec. Dec. 18
Holders of rec. Dee. 15
Holders of rec. Dee. 15
Holders of reo. Dec. 210
Fire Insurance.
Rossla of America (quar.)
M Iscellaneous.
Acme Steel Goods (quar.)
Adams Express (quar.)
Advance'tamely Co.. prof.(quar,)____.
Aeolian Company, pref. (quar.)
Aeolian, Weber Piano & Planola, p.(qu.)
Ahumada Lead Co.(quar.)
Extra
Air Reduction, Inc. (guar.)
Alliance Realty (guar.)
Stock dividend
Allied Chemical & Dye Corp., p1.(qu.)
Allis-Chalmers Mfg., pref. (quar.)
aluminum Manufactures,Inc.,com.(qu.)
Preferred (quar.)
American Art Works. corn. & pref. (qu.)
American Bank Note, new. COM.(qu.)..
Preferred (quar )
American Beet Sugar. corn.(11111r.)
Preferred ((mar.)
$1.50 Jan. 2 Holden of rec. Dec. 15a
50c. Jan. 1
51.50 Dec. 31
75e Jan. 2
191 Dec. 31
131 Jan. 15
7.540. Jan. 2
17%e Jan. 2
Jan. 15
$1
2
Jan. 27
e20
Jan. 15
la{ CU. 2
131 Jan. 15
37a{c Dec. 31
135 an.1'26
135 Jan. 15
40c. Tan. 2
750. Jan. 2
1
an3026
134 an. 2
Holders of rec. Deo.d19a
Holders of reo. Dec. 150
Holden of reo. Dec. 15a
Holders of rec. Dec. 21
Holders of rec. Jan. 5
Holders of rec. Dee. 150
Holders of rec. Dec. 15a
Holders of rec. Dec. 316
Holders of rec. Jan. 15
Holders of rec. Dec. 216
Holders of rec. Dec. 15a
Holders of rec. Dec. 290
Holders of rec. Dec. 15a
Holders of reo. Dec. 200
Holders of rec. Dec. 31
Holders of rec. Deo. 150
Holders of reo. Dec. 150
Holders of reo.Jan.9'260
Holders of rte. Dec. 120
Dm. 191925.]
Natal of Coin pony.
THE CHRONICLE
Per
When
Cent. Payable
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Amer. Brake Shoe & Fdy., corn. (qu.)-- 51.50 Dec. 3 Holders of rec. Dec. 180
Preferred (guar.)
I% Dec. 3 Holders of rec. Dec. I8a
American Can, pref.(guar.)
1% Jan. ' Holders of rec. Dec. 160
Amer. Car & Foundry, common (guar.)_ 51.50 Jan.
Holders of rec. Dec. 150
Preferred (quar.)
134 Jan.
Holders of rec. Dec. 150
&mei icau Chain. Class A (qirer.)
50c. Dec. 3 Dec. 22 to Jan. 1
American Chicle, pref.(guar.)
1% Jan.
Holders of rec. Dec Ida
Prior preferred (quar.)
131 Jan.
Holders of rec. Hee. 15a
American Cigar, preferred (guar.)
1% Jan.
Holders of rec. Dec. I5a
American Coal
Dec. 2 Dec. 1 to Dee. 21
$1
Amer. Cyanamid, common (guar.)
Jan,
1
Holders of rec. Dec. 15
Common (extra)
Holders of rec. Dec. 15
34 Jan.
Preferred (guar.)
134 Jan.
Holders of rec. Dec. 15a
American Express (guar.)
Jan.
Holders of rec. Dec.
-La France Fire Eng.. coin. (att.)- 25c. Feb. 1 Holders of rec. Feb. 10
Amer.
la
Preferred (guar.)
154 Jan.
Holders of rec. Dec. 150
Amer. Laundry Machinery, common.... ./25
Jan. 2 Holders of rec. Jan. 9
American Linseed. prof.(guar.)
144 Jan.2'2
Holders of roe. Dec 2110
Preferred (guar.)
11.4 Aprr2 Holders rec 'far. 19211.
American Locomotive, corn. (guar.)
52
Dec. 3 Holders of rec. Dec. 140
Common (extra)
52.50 Dec. 3 Holders of ree. Dec 140
Preferred (guar.)
1,4 Dec. 3 Holders of rec. Dec. 140
American Manufacturing, corn. (guar.)
1)4 Deo. 3 Dec. 16 to Dee. 30
Preferred (guar.)
134 Dec. 3 Dec. le to Dec ao
American Milling, common (guar.)
42
Dec. 2 Holders of rec. Dec. 188
Common (special)
44
Dec. 2 Holders of rec. Dec. 180
American Plano, common (guar.)
2
Jan.
Holders of rec. Dec lb
Preferred (quar)
11.4 Jan.
Holders of rec. Dec. 15
Amer. Radiator, common (guar.)
$1
Dec. 3 Holders of rec. Dec 160
American Railway Express (guar.)
$1.50 Dec. 3 Holders of rec. Dec. 150
American Safety Razor (quar.)
76e. Jan.
Holders of rec. Dec. 100
Amer. Sales Book,common (guar.)
$1
Jan.
Holders of ree. Dec. 15a
American Snuff, common (quar.)
3
Jan.
Holders of rec. Dec. Hu
Preferred (quar.)
13.4 Jan.
Holders of rec. Dec. 110
Amer. steel Foundries, coin. (quar.)., 750. Jan. 1
Holders of rec. Jan. 20
Preferred (guar.)
1% Dec. 3 Holders of rec. Dec. 15a
American Stores Corp.(guar.)
500. Apr l'2 Mar. 17 to Apr. I
Quarterly
50e. Jul 1'2 June 16 to July I
Quarterly
50c. Oct 1'2 Sept. 16 to Oct. 1
American sugar Refining. common
lit Jan. ' Holders of roe. Dec. lc
Preferred (guar.)
I% Ian.'
Holders of me. Dec. la
American Tobacco. pref. (guar.)
1% fan.
Holders of rm. Dec. 100
Amer. Vitrified Products,cow.(quar.)_ 51
Jan. 1 Holders of roe. Jan. 50
American WhoOsale Corp., pref.(qu.)
1)4 Jan.
Holders of roe. Dec. 2I0
Amer. Window Glass Mach., corn. (qu.) 1%
Jan
Holders of rec. Dec. 16
Preferred (quar)
1% Jan.
Holders of rec. Dec. 16
Amer. Woolen, preferred (guar.)
131 Jan. 1 Dec. 16 to Dec. 22
Anglo-Amer. Oil (interim)
3654c Jan.
Holders of coup. No. 31
Armour & Co.(Del.), el. A coin. (guar.)
Site. Jan.
Holders of rec. Dec. 106
Preferred (guar.)
IN Jan.
Holders of rec. Dec. 100
Armour & Co.(III.), pref. (quar.)
1% Jan.
Holders of rec. Doe. 100
Armstrong Cork, common (guar.)
13§ Jan.
Dec. 18 to Jan. 2
Common (extra)
5
Jan. 1 Dec. 18 to Jan. 2
Preferred (quar.)
134 Jan.
Dec. 18 to Jan. 2
Artloom Corporation, coin.(guar.)
750. Jan.
Holders of rec. Dec. 2Ia
Associated 011 (guar.)
50c. Jan. 2 Holders of roe Dec. 310
Atlantic Steel, common (quar.)
134 Dee. 31 Dec. 21 to Jan. 1
Ault & Wlborg Co., preferred (quar.).
1% Jan. 2 Holders of rec. Dec. 15
Babcock & Wilcox Co.(guar.)
144 lan.l'26 Holders of rec. Dec 20
Quarterly
134 Apr 1'26 Holders rec. Mar.20'26a
Balaban & Katz, COM.(monthly)
215e Jan.1'26 Holders of rec. Dee. 200
Monthly
250 Feb. 1 Holders of rec. Jan. 200
Monthly
25c. Mar. I Holders of rec. Feb. 20a
Monthly
25c. Apr. 1 Holders of rec. Mar. 208
Preferred (guar.)
3
Jan 1'26 Holders of rec. Dec. 20
Baldwin Locomotive Wks., cam.& pref
3% Jan. 1 Holders of rec. Dee. 50
Bancitaly Corp. (annual)
*59
453
Christmas dividend
Barnsdall Corp., class A & B
50c. Jan 2'26 Holders of rec. Dec I50
Beech-Nut Packing, coin. (quar.)
60c Jan. 11 Holders of rec. Dm. 260
Preferred class B (quar.)
1% Jan. 15 Holders Of rec. Dec. 310
Belding Brothers (quar.)
75e. Jan. 2 Holders of rec. Dec. 2I0
Belgo-Canadian Paper, corn. (guar.).
- 1% Jan. 11 Holders of rec. Dm. 31
Preferred (guar.)
154 Jan. 2 'Holders of rec. Dec. 12
Bendix Corp., class A (quar.)
60c. Jan. 2 Holders of rec. Dec. 150
Berry Motor (quar.)
50e. Jan 2 Holders of rec. Dec. 21
Bessemer Limestone & Corn., corn.(qu.) 1% Jan. 1 Holders of
rec. Dec. 200
Common (extra)
4
Jan. 1 Holders of rec. Dec. 29a
Preferred (quar.)
134 Jan. 1 Holders of rec. Dec. 200
Bethlehem Steel, 7% pref. (guar.)
134 Jan2'26 Holders of rec. Dec. la
Eight per cent preferred (guar.)
2
Jan2'26 Holders of rec. Dec. la
Bingham Mines Co. (guar.)
51
Dec. 30 Holders of rec. Dec. 19a
Blaw-Knox Co. (extra)
4
Dee. 24 Dec. 13 to Dec. 25
Bohn Aluminum & Brass, corn
250. Jan. ' Holders of rec. Dec. 150
Preferred
2
Jan.
Holders of rec. Dec. 16a
Borg & Beck Co.(guar.)
50c. Jan. 1 Holders of rec. Dec. 190
Extra
25c, Jan. 1 Holders of rem Dec. 19
Boston Wharf
3
Dec. 31 Holders of rec. Dec. la
Boyd-Welsh Shoe (guar.)
75c Jan.
Dec. 20 to Jan. 3
Brown & Williamson Tob.,corn.(guar.). 1% Jan.
Holders of rec. Dec. 19
Preferred (guar.)
1% Jan.
Holders of rec. Dec. 19
Brunswick-Balke-Collender Co., pf.(qu.) 1% Jan.
Holders of rec. Dm. 20
Bucyrus Company. corn.(guar.)
1% Jan.
Holders of rec. Dec. 19
Common (extra)
2
Jan.
Holders of rec. Dec. 19
Preferred (guar.)
154 Jan.
Holders of rec. Dec. 19
Budd Wheel, common (guar.)
50c. Dec. 31 Holders of rec. Dec. 10a
First preferred (quar.)
134 Dec. 31 Holders of rec. Dee. 100
Burns Bros., preferred (quar.)
13.4 Jan. 2 Holders of rec. Dec. 21a
Burrongin Adding mach.,
,
corn.(qu.).-- 75c. Dec. 31 Holders of rm. Dec. 15
Preferred (guar.)
1.34 Dec. 31 Holders of rec. Dec. 15
Bush Terminal, 7% pref.(guar.)
Jan. 15 Holders of rec. Dec. 2I0
6% preferred
3
Jan. 15
Bush Terminal Bidgs. Co., pref.(quan) 1% Jan. 2 Holders of rec. Dec.d3la
Holders of rec. Dec.
Butte Copper & Zinc
500. Dec. 24 Holders of rec. Dec. 17a
9a
Butte & Superior Mining (guar.)
500. Dec. 31 Holders of rec. Dec. 15a
Calumet & Arizona Mining (guar.)
Si
Dec. 21 Holders of rec. Dec 4n
Extra
500. Dec. 21 Holders of rec. Dec. 4a
Canada Iron Foundries, pref
4
Jan. 15
Canadian Car dr Foundry, pref.(guar.). 154 Jan. 11 Holders of rec. Dec. 31
Holders of rec. Dec. 28
Canadian Connecticut Cottons. pf.(qu.) 1
Jan. 2 Holders of rec. Dec. 15
Canadian Consol. Rubber, pref.(quar.)
13.4 Dec. 31 Holders of me Dec. 18
Canadian Locomotive, pref.
134 Jan. I
(quar.)-Central Aguirre Sugar, coin. (quar.) -- 51.50 Jan, 2 Holders of rec. Dec. 20
Holders of rec. Dec.
Cerro de Pasco Copper (extra)
Dec. 22 Holders of rec. Dec. 22
$1
10a
Certain-teed Products Corp., corn. (qu.) 51
Jan. 1 Holders of rec. Dec. lba
First and second preferred (quar.)
Jan. I Holders of rec. Dec. 150
. 134
Chandler Motor Car (guar.)
75c. Jan. 2 Holders of me. Dec. 210
Chesebrough Mfg., corn. (guar.)
6234'.! Dec. 29 Holders of rec. Dec. 9a
Common (extra)
621.4c Dec. 29 Holders of rec. Dec. 90
Chicago Fuse Mfg. (quar.)
621.4c Jan. 1 Molders of rec. Dec. 16a
Chicago Mill & Lumber, Prof.(guar.)
1% Jan. 1 :Holders of rec. Dec.d22a
Chicago Yellow Cab (monthly)
33 I-3e Jan. 2 Holders of rec. Doe. 19a
Monthly
•
33 1-3c Feb. 1 Holders of rec. Jan. 206
Monthly
33 1-3c Mar. 1 Holders of rec. Feb. 200
Chile Copper Co. (guar.)
623.4c Dec. 28 Holders of rec. Dec. 24
Chrysler Corp.. met. (guar.)
2 Holders of rec. Dee. 15a
$2 Jan
Cities Service Co., common (monthly)
)4 Jan. 1 Holders of rec. Dec. 15
Common (payable In common stock)
1)4 Jan. 1 Holders of rec. Dee. 15
Preferred and preferred B (monthly)
)4 Jan. 1 Holders of rec. Dee. 15
City Investing Co., coin.(guar.)
Jan. 4 Holders of rec. Dec.
10
Cleveland Builders Supply
621.40.Jan. 2 Holders of rec. Dec. 21
16
Cluett, Peabody Az Co., Inc.. pref. (qu.) 1% Jan. 2 Holders
of rec Dec.
Coca-Cola Co., common (guar.)
51.75 Dec. 31 Holders of rec Dec. 21
15a
Preferred
3% Dee. 31 Holders of rec Dec. 15a
Cohn-Hall-Marx Co., corn.(guar.)
700. Jn15'26 Holders of roe. Jan.5'26
Common (guar.)
70(3. ApI6'26 Holders of rec. Apr.5'26
Common (guar.)
be. July5'2 Holders
Commercial Inv. Trust, corn. (Interim). 0450 Jan, 1 Holders of rec July 5'26
of rec. Dec. 150
First preferred (guar.)
1% Jan. 1 Holders of rec. Dec. 15a
Commercial Solvents Corp., Cl. A (qu.). 81
Jan, 1 Holders of rec. Dec. 180
First preferred (guar.)
2
Jan. 1 Holders of rect. Dec. 180
Name of Company.
2975
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Conttnued).
Continental Baking Corp., Cl. A. corn.. $2
Jan. 2 Holders of rec. Dee. 16a
Preferred (Qua:.)
$2
Jan. 2 Holders of rec. Dec. 164
Continental Can, preferred (quar.)
131 Jan. 1 Holders of rec. Dec. 190
C0tY. Inc.(qont.)
950. Dee. 31 Dee 22 to
Jan.. 1
Oraddock-Terry Co., corn. (guar.)
3
Dec. 31 Holders of rec. Dec. lbo
First and second preferred
Dec. 31 Holders of rm. Dee. 16
3
Oasis C preferred
Dec. :31 Holders of rec. Dec. 15
334
Cramp(Wm.)& Sons Ship & E. B.(qu.) 50c. Dec. 31 Dec. 18 to Jan. 1
Crex Carpet (guar.)
Jan. 15 Holders of rec. Dec. 3Ia
51
Crucible Steel, preferred (qua?.)
154 Dec. 31 Holders of roe. Der. 15a
Cuba Company, preferred
53.50 Feb. 1 Holders of rec. Jan. lba
Cuban-American Sugar, common (guar.) 50e. Jan. 2 Holders of rec. Nov.244
Preferred (guar.)
134 Jan. 2 Holders of rec. Nov.24a
Dalton Adding Machine, corn (quar.)
13.4 Jan. 1 Dec. 22 to Dee. 31
Preferred (quar.)
154 Jan. 1 Dm. 22 to Dec. 31
Dsvls 51111. Mar )
13.4 Dec. 24 Holders of rec Dee. 12
Detroit & Cleveland Navigation
200. Jan. 2 Holders of rec. Dec. 16
Devoe& Raynolds,Inc.,corn. A &B(qu.) 60c. Jan. 2 Holders of rec. Dee. 210
First and second pref.(guar.)
13.4 Jan. 2 Dec. 22 to Jan. I
Dome Mines. Ltd. (quar-)
500. Jan. 24) Holders of rec. Dec. 31a
Dominion Glass, corn.& pref.(quar.)__
154 Jan. 2 Holders of roc. Dee. 16
Dominion Textile, Ltd., corn.(qua?.)... $1.25 Jas. 2 Holders of rec. Dec. 15
Preferred (quar.)
1% Jan. 16 Holders of rec. Dec. 81
Douglas-Pectin Co.(guar.)
25e, Dec. 31 Holders of rte. Dec. la
Extra
25c. Dec. 31 Holders of rec. Dm la
Draper Corporation (guar.)
2
Jan. 1 Holders of rec. Dec. 5
Extra
2
Jan. 1 Holders of rec. Dee. 5
Dunham (James H.)& Co.,corn.(qu.)
134 Jan. 2 Holders of rec. Dec. 190
First preferred (quar.)
134 Jan. 2 Holders of rec. Dee. 190
Second preferred (guar.)
13.4 Jan. 2 Holders of rec. Dee. 190
duPont(E. I.) de N. dc Co., coin.(extra) 5
Jan. 8 Holders of rec. Dec. lo
Debenture stock (guar.)
134 Jan. 25 Holders of rec. Jan. 9a
duPont de Netn. Powder. corn. (guar.). •134 Feb. 1 'Holders of rec. Jan. 20
Preferred (guar.)
Sit., Feb. 1 *Holders of rec. Jan. 20
Eastern Rolling Mill, new (No. 1)
3734c Jan. I Dec. 16 to Dec. 30
New stock (extra)
600. Jan. 1 Doe. 16 to Dee. 30
Preferred (guar.)
Jan. I Dee. 18 to Dec. 30 _
*2
Eastern Steamship Lines. 1st pref.(au.)
154 Jan. 1 Holders of rec. Dec. 266
Preferred (no par) (guar.)
8714 cJan. 15 Holders of rec. Jan. 8o
Eastman Kodak, common (guar.)
$1.2
au
2 Holders of rec. Nov.30
Common (extra)
750.
u. 2 Holders of rec. Nov.300
Preferred (guar.)
134 Ian. 2 Holders of rec. Nov.30a
Edmunds & Jones Corp.. corn. (qua!'.) *75e. Ian. 1 Dec. 21 to Dec. 31
*1% Jan. 1 Dec. 21 to Dec. 31
Preferred (guar.)
Elsenlohr (Otto) & Bros.. Inc.. Pi.(qL) 154 Ian. 1 Holders of rec. Dec. 216
Electric Auto-Lite Co.(guar.)
$1.54 Ian. 2 Holders of rec. Dec. 15a
Extra
60c. Jan. 2 Holders of rec. Dec. 16a
Elec. Storage Battery, corn. & pf. (qu.). $1.25 Jan. 2 Holders of rec. Dec. 18a
Common and preferred (extra)
Jan. 2 Holders of rec. Dec. 18a
$1
Electric Vacuum Cleaner, pref.(guar.)
154 Jan. 2 Doe. 25 to Jan. I
Elgin National Watch (extra)
*36.2. Ian. 20 *Holders of rec. Jan. 4
Elliott
-Fisher Co.. corn. & corn. B (qu ). 51
Jan. 2 Holders of rec. Dec. 16
Common and common B (extra)
fan. 2 Holders of ree. Dec. 15
$3
Preferred (quar.)
154 Jan. 2 Holders of rec. Dec. 15
Emerson Elec. & Mfg.. pref. (quar.)
an. 1 Holders of rec. Dec. 20
134
Empire Safe Deposit Co.(guar.)
154 Dec. 30 Holders of rec. Dec. 23a
EndicottJohnson Corp., corn. (guar.)._ $1.25 Ian. 1 Holders of rec. Dec. 184
Preferred Mar./
13.4 Jan. 1 Holders of rec. Dec. 18a
Evans (F. S.) & Co. A &B (guar.).
*50c. Jan. 2 *Holders fo rec. Dec. 22
Class A & B (extra)
*25c. Jan. 2 *Holders of rec. Dec. 22
Federal Finance Corp., Class A (No. 1). The. Feb. 1 Holders of rec. Jan. 15
Class 13(No. 1)
26c. Feb. 1 Holders of rec. Jan. 15
Fair, The, common (monthly)
20e. Ian. 1 Holders of rec. Dec. 200
Common (monthly)
20e. Feb.'26 Holders of ree.Jan 2016
Fairbanks, Morse & Co.. corn.(qua:.).. 65e. Dec. 31 Holders of rm. Dec. 150
Famous Players-Lasky Corp., corn,(qu.) $2
Ian. 2 Holders of rec. Dec. 16a
Federal Motor Truck (guar.)
*30c. Jan. 2 *Holders of rec. Dec. 19
Fifth Avenue Bus Securities (quar.).... 16e. Jan. 16 Holders of rec. Jan. 46
Finance Co.of Amer.(Bait.), corn.
(qu.)_ 62340 Jan. 16 Holders of rec. Jan.
Common (extra)
51
Jan. 16 Holders of rec. Jan.
7% preferred (guar.)
433.jc Jan. 15 Holders of rec. Jan. 5
Finance & Trading Corp.. coin
*51.75 Jan.2'26 *Holders of rec. Sept.2641
Fleischmann Co.,corn.(guar.)
$1
Jan. 2 Holders of rec. Dec. 16a
Foot Bros. Gear & Machine, corn.(guar .) 26e. Jan. d2 Doe. 21 to Jan. 1
Preferred Mari
134 Jan. d2 Dec. 21 to Jan. 1
Forhan Company,common
25c. Jan, 2 Holders of rm. Nov.30a
Class A stock (No. 1)
40e. lan. 2 Holders of rec. Nov.30a
Fox Film Class A & B (guar.)
51
Jan, 15 Holders of rec. Dec. 31a
Francisco Sugar (guar.)
*51.50 Jan. 2 *Holders of rec. Dec. 2
Gabriel Snubber Mfg.(guar.)
6234c Jan. 1 Holders of rec. Dec. 150
Extra
623.4e Jan. 1 Holders of rec. Dee. 15a
Galena-Signal 011, pref.& new pref (qu.) *2
Dee. 31 *Holders of rec. Dec. 10
Garfield Safe Deposit Co
4
Dec. 28 Dec. 10 to Dec. 27
Extra
2
Dec. 28 Dec. 10 to Dec. 27
Gong Amer. Tank Car Corp., corn.(qu.' $1.50 Jan. 1 Holders of rec. Dee. 15a
Preferred (guar.)
154 Jan. 1 Holders of rec. Dec. Ifia
General Cigar Co.Inc., deb. prof.(qu.). 13.4 Jan2'26 Holders of rec. Dee. 23a
General Electric(guar.)
2
Jan. 15 Holders of rec. Dee. 3a
Special stock (guar.)
15c. Jan. 16 Holders of rec. Dec. 3a
General Motors, common (extra)
Jan. 7 Holders of rec. Nov. 23a
55
Slx per cent preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 44
Seven per cent preferred (guar.)
154 Feb. 1 Holders of rec. Jan. 44
Debenture stock (guar.)
134 Feb. 1 Holders of see. Jan. 4a
General Ry. Signal, corn. (qu.)
81
Jan. 2 Holders of rec. Dec. 10a
Common (extra)
25e. Jan. 2 Holders of roe. Dec. 106
Preferred (guar.)
131 Jan. 2 Holders of rec. Dec. 100
Ginter Company, common
2934e Dec. 31 Holders of rec. Dec. 17a
Common (payable in common stock)_ _ f33Ii Dec. 31 Holders of rec. Dec.I17a
Glen Alden Coal
$3.50 Dec. 21 Holders of rec. Dec. 12a
Goodrich (B.F.) Co.. pref. (guar.)
154 Jan.216 Holders of rec. Dec. 150
Goodyear Tire & Rubber, pre/.(guar.).. 13.4 Jan, 1 Holders of rec. Dec. la
Prior preference (guar.)
2
Jan. 1 Holders of rce. Dec. 16a
Goodyear Tire &Rub.of Can., pf.(qu.)
154 Jan. 2 Holders of rec. Dec. 14
Gessard (H. W.) Co., corn.(monthly) 33 1-3c Jan. 2 Holders of rec. Dec. 2Ia
Common (monthly)
33 1-3c Feb. 1 Holders of rec. Jan. 21a
Common (monthly)
33 1-3c Mar. 1 Helders of rec. Feb. 18a
Gotham Silk Hosiery, corn.(No 1)
41 2-3c Jan. 2 Holders of rec. Dec. 15a
First and second pref.(guar.)
134 freb. 1 Holders of rec. Jan. 15o
Gmsselli Chemical, common (quar.).... 2
Dec. 31 Holders of rec. Dec. 15
Preferred (guar.)
134 Dec. 31 Holders of rec. Dec. 15
Great Lakes Towing, corn. (guar.)
134 Dec. 31 Holders of rec. Dec. 15
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 15
Great Northern Iron Ore Properties...,.
750 Dec. 28 Holders of rec. Dec. 414
GreatWestern Sugar, corn.(guar.)
52
Jan. 2 Holders of rec. Dec. 16a
Preferred (guar.)
151 Jan. 2 Holders of rec. Dee. 150
Greenfield Tap & Die.6% pref.(quar.)_
134 Jan. 2 Holders of rec. Dec. 16a
Eight per cent preferred (guar.)
2
Jan. 2 Holders of rec. Dee. 15a
Grennan Bakeries, common (guar.)
26e. Jan. 1 Holders of rec. Dec. 150
Preferred (quar.)
151 Jan. 1 Holders of rec. Dec. 15a
Guantanamo Sugar. Prof.(guar.)
2
Jan. 2 Holders of rec. Dec. 15a
Gulf 011 Corp.(guar.)
3734c Jan. 1 Dec. 20 to Dec. 23
Gulf States Steel, corn. (guar.)
133 Ian. 2 Holders of rec. Dec. 156
let pref (guar.)
154 Jan13'26 Holders of rec. Doe. 15a
Hammerrnill Paper, pref.(guar.)
154 Jan. 1 Holders of rec. Dec. 200
Hanes(P. H.) Knitting, pref.(guar.)
- 154 Jou. 1 Holders of rec. Dec. 19
Harbison-Walker Refrac., prof. (quar.)_
134 Jan. 21 Holders of rec. Jan. 11
Hecla Mining
200
Dec. 15 Holders of rec. Nov.
Helme (George W.)CO.,corn.(qua?.)... 750. Jan. 2 Holders of rec. Dec. 15
140
Common (extra)
$3.75 Jan. 2 Holders of rec. Dec. I40
Preferred (quite.)
154 Jan, 2 Holders of rec. Dec. 14a
Hercules Powder, common (guar.)
134 Dec. 24 Dee. 16 to Dec. 24
Common (extra)
4
Dec. 24 Dec. 16 to Dec.
Hibbard,Spencer, Bartlett &Co.(mthlY) 35e. Dec. 24 Holders of rm. Dee. 24
18
Extra.
20C. Dec. 24 Holders of rec. Dee. 18
Hillcrest Collieries, common (guar.)_
134 Jan. 15 HOlders of rec. Dec. 31
Preferred (guar.)
154 Jan. 15 Holders of rec. Dec. 31
Hollinger Consol. Gold Mines
8c. Dec. 31 Holders of rec. Dec. 14
Holly 011
250 Dee, 31 Holders of rec. Dee. 16
Homestake Mining (monthly)
500. Dec. 26 Holders Of rec. Dec. 194
Household Products (extra)
50c. Jan. 2 Holders of rec. Dec. 15a
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
131 Jan, 2 Dec. 23 to Dec. 30]
Hovey (F. C.) Co., pref. (guar.)
75c. Jan. 2 Holders of rec. Dec. 1 ba
Hudson Motor Cur ((ivar.)
30e. Jan. dl Dec. 18 to Dec. 311
Humble 011 dc Refg. (guar.)
131 Jan. 2 Holders of rec. Dec. 26
Hydraulic Preto brick, pref.(guar.)._
•
Dec. 26 Holders of rec. Dee. 15
I
Preferred (extra)
Jan. 2 *Holders of rec. Dec. 15
*SI
Ideal Cement, common (guar.)
*500. Dec. 22 *Holders of rec. Dec. 15
Common (extra)
*I% Jun. 2 *Holders of rec. Dec. 15
Preferred (guar.)
Dee. 31 Dec. 1 to Dec. 29
Dhows ripe Line
25c. Jan. 11 Holders of rec. Dec. k8a
Independent Oil & Gas(guar.)
Independent Pneumatic 'Fool (quar.)_.. *$I Jan. 2 *Holders of rec. Dec. 21
Dec. 31 Holdera of rec. Dec. 201
2
India Fire & Rubber,common (uuar.)
131 Dec. 31 Holders of rec. 1)ec 21e
Preferred (guar.)
Jan. 2 Holders of rec. Dec. 210
2
India Tire & Rubber (guar.)
131 Jan. 2 Holders of rec. Dec. 21
Indian Motocycle, Pref. (guar.)
Jan. 2 Holders of rec. Dec 140
3
Ingersoll-Rand Co., preferred
131 Jan. 1 Holders of rec. Dee. 150
Inland Steel, preferred (guar.)
50e. Jan. 4 Holders of rec. Dec. 170
Inspiration Consul. Copper (guar.)
Jan. 10 Holders of rec. Dec. 220
International Business Machine (quar.). 42
Internat. Buttonhole Sew. Mach.(au.).. 15c. Jan. 2 Holders of rec. Dee. 15
Dec. 31 Holders of rec. Dec. 1.50
.
Corp., corn. (guar.) - $1
Internat. Cement
134 Dee. 31 Holders of rec. Dec. 150
Preferred (quar.)
International Match, partic. pref. (gu.). 80c. Jan. 15 Holders of rec. Dec. 240
International Nickel, common (quar.)_ _ 50c. Dec. 31 Holders of rec. Dec. 170
131 Jan. 15 Holders of rec. Jan. 20
Intermit. Paper,6% pref.(quar.)
I% Jun. 15 Holders of rec. Jan. 20
7% preferred (quar.)
131 Jun. 2 Holders of rec. Dee. 150
International Salt. (guar.)
$1.50 Jan. 1 Holders of rec. Dec. 150
International Shoe, common (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 154
Common (guar.)
$1.50 July 1 Holders of rec. June 15a
Common (quar.)
$1.50 Oct. 1 Holders of rec. June I50
Common (guar.)
I% Jun. 1 Holders of rec. Dec I5a
Interuattoual Silver. Pref. (guar.)
Deo,. 31 Holders of rec. Dec. 15
57
Accumulated dividends
Jun. 2 Holders of rec. Dec. 15
(guar.). 2
Intertype Corporation, lot pref
Jan. 2 Holders of rec. Dec. 15
3
Second preferred
131 Feb. 1 Holders of rec. Jan. d21
pref
Ipswich Mills,
$5 Jan. 1 Holders of rec. Dec. I50
!Aland Creek Coal, Com. (gear.)
$1.50 Jan. 1 Holders of rec. Dec. 150
Preferred (guar.)
1% Jun. 2 Holders of rec. Dec. 19z
Jewel Tea, pref. (guar.)
5231 Jun. 2 Holders of rec. Dec. 190
Preferred (acct, accumulated diva.)
pref. (quar.)131 Jan. 1 Holders of rec. Dee. I5a
Jones & Laughlin Steel.
75c. Dec. 30 Holders of rec. Dec. 150
Jordan Motor Car, corn. (guar.)
131 Dec. 30 Holders of rec. Dec. lba
Preferred (guar.)
rec. Dec. 21
Kaufmann Department Store, pref.(flu.) 131 Jan. 2 Holders of rec. Dec. 181
Jan. 2 Holders of
$2
Kayser (Julius) & Co., pref.(guar.)
61.50 Jan. 2 Holders of rec. Dec. 210
Inc., common (guar.).Kelsey Wheel,
60c. Jan. '6 Holders of rec. Dec. 110
Kelylnator Corporation (extra)
Jan. 2 Holders of rec. Dec. 4a
$1
Kennecott Copper Corp.(guar.)
134 Jan. d2 Holders of rec. Dec. 21a
King Phillip Mills (guar.)
Dec. 22 Holders of rec. Dee. Sa
20
Extra
Jan. I Holders of rec. Dee. 20,
Kinuey (G. R.) Co.. Inc.. corn.(guar.). at
°3731r Jan. 2 *Holders •f rec. Deo. 16
Kraft Cheese, COM.(guar.)
2131 Jan. 2 *Holders of rec. Dec. 18
Common (payable in common stock)... •
Jan. 2 Holders of rec. Dec. lha
2
Kresge Dept Stores. pref.(guar.)
Dee. 31 Holders of rec. Dec. I5a
Kresge (S. S.) Co., common (guar.)---- 2
I% Dec. 31 Holders of rec. Dec. 15a
Preferred (guar.)
131 Jan. 2 Holders of rec. Dec. 19
Kress (S. H.) Co., pref.(quar)
Jan. 2 Holders of rec. Dee. 240
Kuppenhelmer (B.) & Co.. common.... 51
131 Jan. 2 Holders of rec. Dec. 17°
Laurentide Co. (guar.)
Jan. 2 Holders of rec Dee. 19
231
Lawyers' Title & Guaranty
100
$2 Jan. 2 Holders of rec. Dec.
Lehigh Valley Coal elides (quar.)
*331 Jan. 2 *Holders of rec. Dec. 15
Libby, McNeil & Libby. Of.(No. 1)._
rec. Jan. 5a
50c. Jan. 15 Holders of
Libbey-Owens Sheet Glass, corn.
$1 Jan. 15 Holders of rec. Jan. ba
Common (extra)
rec. Jan. 50
Common (payable in common stock)-- /20 Jan. 15 Holders of rec. Jan. 5a
•131 Jan. 15 *Holders of
Preferred (guar.)
Tobacco. pref.(guar.). 131 Jan. 1 Holders of rec. Dec. 154
Liggett dr Myers
500. Dec. 31 Holders of rec. Dec. 120
Mew's, Inc.(guar.)
Dec 31 Holders of rec. Dec. I la
Long-Bell Lumber, Class A. corn.(gu.)- $1
Jan. 1 Holders of rec. Dec. 24
4
Long Island Safe Deposit131 Jan. 1 Holders of rec. Dec. 18a
Loose-Wiles Biscuit. tat Pref. (guar.)--1% Feb. 1 Holders of rec. Jan. 180
Second preferred (guar.)
231 Jan. 2 Holders of rec. Dec. 17
Lord & Taylor. corn. (guar.)
75e. Jan. 2 Holders of rec. Dec. 150
Lorillard (P.) Co..common(guar.)
$1.75 Jan. 2 Holders of rec Dec. 150
Preferred (quar.)
50e, Jan. 2 Holders of rec. Dec. 213
Ludlum Steel (guar.)
Feb. 1 Holders of rec. Dec. 31
3
Publications. Inc
Macfadden
131 Jan. 2 Holders of rec. Dec. 154
Manatl Sugar. prof. (ritsara
$1.50 Dec. 31 Hoidens of rec. Dec. 16a
Mack Trucks. Inc., cum. (guar.)
Dec. 31 Holders of rec. Dec Ma
Common (payable in common stock)- - 150
131 Dec. 31 Holders of rec. Dec. 16a
First preferred (guar.)
131 Dec. 31 Holders of rec. Dec. 164
Second preferred (guar.)
131 Feb. 1 Holders of rec. Jan. 16a
Macy (R. H.) dr CO., pref.(guar.)
254. Dec. 31 Holders of rec. Dec. 23
Major Car Corp., common (quar.)
131 Dec. 31 Holders of rec. Dec. 23
Preferred (guar.)
2 Holders of rec. Dec. 2I3
Mallinson(H.It.) & Co.. Inc.. pref (gu) 131 Jan. 2 Holders of rec. Dec. 21a
$1.1231 Jan.
Manhattan Electrical Supply (qual.)
131 Jan. 2 Holders of rec. Dec. 17a
Manhattan Shirt, Pref.(guar.)
Dec. 31 Holders of rec. Dec. 19a
$1
Marland 011
1.1231 Dec. 22 Holders of rec. Dec. Cla
Maryland Casualty (guar.)
Jan. 2 Holders of rec. Dec. 18a
$1
Mathleson Alkali Works. corn
131 Jan. 2 Holders of tee. Dec. 18a
Preferred (guar-)
131 Jan2'76 Holders of rec. Dec. 15a
May Department Stores. pref.(guar.).2 *Holders of rec. Dec 21
McCord Radiator & Mfg., Class A (q1E)- •75e. Jan.
6231c Dec. 31 Holders of rec. Dec. 15a
Merchants le Miners Transp.(gu.)
Jan. 2 Holders of rec. Dec. 17
1
Merck & Co., pref. (guar.)
231 Dec. 31 Holders of rec. Dec. 2e
Mergenthaler Linotype (guar.)
$1.25 Dec. 31 Holders of rec. Dec. 12
Merrimac Chemical (guar.)
Dec. 20 Dec 15 to Dec 30
Metropolitan Paving Brick, corn.(extra) $2
Dec. 31
Dec. 18 to
I% Jan.
Preferred (guar.)
Holders of rec. Dec. 18a
Jan.
$1
Midland Steel Products. com
Holders of rec. Dec. 184
47e. Jan.
Common (extra)
Holders of rec. Dec. 180
Jan.
$2
Preferred (guar.)
Holders of rec. Dec. 18a
Jan.
$1
Preferred (extra)
Holders of rec. Dec Hi
131 Jan.
Mill Factors Corp.(guar.)
Holders of rec Dec. 19
.lan.
Extra
30 Jan. 16 to Jan. 29
Mining Corp. of Canada((Interim).... 1231c.Jan.
of tee. Dee. 210
Montgomery Ward & Co., Class A (qu.) $1.75 Jan. 1 Holders of rec. Dec. 21,1
$1.75 Jan. 1 Holders
Preferred (guar.)
$1.25 Jan. 2 Holders of rec. Dec. 184
Morgan Lithograph, corn. (guar.)
131 Jan. 2 Holders of rec. Dec. 18a
Seven per cent pref. (guar.)
15e. Jan. 2 Holders of rec. Dec. 70
Morristown Securities, corn. (guar.)
114 Jan. 2 Holders of rec. Dec. 15a
Preferred (guar.)
3731c Dec. 31 Holders of rec. Dec. lie
Mother Lode Coalition Mining
15 Holders of rec. Jan. 2
2
Motion Picture Capital Corp.. Pf.(gu.)_ 900. Jan. 1 Holders of rec. Deo. 150
Jan.
Mobo Meter Co.. Inc.. claw A (quar.)..
50c. Dee. 20 Holders of rec. Dec. 10a
Motor Wheel Corp.(guar.)
Dec. 20 Holders of rec. Dec. 10a
30
Extra
20c. Jan. 1 Holders of rec. Dec. I5a
Mountain Producers Corp.(guar.)
Jan. 1 Holders of rec Dec. 150
40c.
Extr
231 Dec. 31 Dec. 16 to Jan. 1
Mount Vernon-Woodberry Mills, pref
Murray Body Corporation
Holders of tee. Dec. 160
Common (payable in common stock)_ _ f114 Jan.116 Holders of tee. Dee 310
754 Jan. 15
National Biscuit.common (guar.)
Jan. 1 Holders of rec Nov. 30
$1
National Breweries, com. (guar.)
131 Jan. I Holders of rec. Nov 30
Preferred (guar.)
Jan. 2 Holders of rec. Dec. 210
National Dairy Products, corn.(quay.).. 75c. Jan. 2 Holders of rec. Dec. 21
Preferred (No. 1)
Dec. I la
Stamping. prof.(01.) I% Dec. 31 Holders of rec. Dec. Its
Nat Enameling &
Deo. 31 Holders of rec.
2
National Lead. corn. (quar.)
231 Jan. 8 Holders of rec. Dec. 24
Licorice,corn
National
Jan. 8 Holders of rec. Dec. 24
5
Common (extra)
114 Dec. 31 Holders of rec. Dec. 24
Preferred (guar.)
Jan. 2 Holders of rec. Dec. 15
2
pref.(guar.)
National Refining.
31 Holders of rec. Dec. 210
National Supply of Del.. pref.(quar.)... 131 Dec. 2 Holders of rec. Dec I85
231 Ian.
lonalSurety (guar-)
Nat
I% Jan. 2 Holders of rec. Dec. 7
National Sugar Refining (guar.)
Jan. I "Holders of rec. Dec. 14
*$3
National Tea, old common
25c. Dee. 31 Holders of rec. Dec. I80
Nevada (;onsol. CouPer
an.4'26 Holders of rev Dec. 2o
:1
Class A (quar.)
New York Air Brake, & Terminal
Jan. 2 Holders of rev. Dec. 280
6
Realty
New York State
[VoL 121.
THE CHRONICLE
2976
Name of Company.
Per
Cent. Payable.
Miscellaneous (Continued).
New York Canners
/5
Common (payable In common stock)_
333
First preferred
4
Second preferred
75c.
New York Transit (quar.)
Mk.
New York Transportation (guar.)
1%
Nichols Copper Co.. preferred (quar.)
. She
Nizer Corporation, Class 1.1 (quar.)
. (r)
Class B (payable In clam B stock)
7be
Class A (guar.)
3
Northern Pipe Line
North American Provision. pref. (qu.). *I%
Norwalk 'lire & Rubber, cow. (quar.).. 40c.
1%
Preferred (guar.)
75c
Normally Co
50c.
Ohio Fuel Corp.(guar.)
50c.
Ohio Oil (guar.)
Extra
50c.
011 Well Supply, common (No. I)
$2
Omnibus Corp.. Prof. (guar.)
2
Orpheum Circuit, pref. (guar.)
The.
Owens Bottle, common (guar.)
$1
Common (extra)
Common (payable in common stock)- 15
134
Preferred (guar.)
SI .51
Pacific Oil
Packard Motor Car, common (guar.) - 50c.
45e.
Paige-Detroit Motor, common (quar.)_
134
Preferred (guar.)
Pan American Petroleum of California_
233
Pas American Petroleum of California_
233
'$I
Paraffin Cos., Inc., corn.(guar.)
*$1
Common (extra)
P
58e
eabody Coal. preferred (monthly)...,
$3.50
Pelz-Greenstein Co.. Inc., pref
114
Penick & Ford, Ltd., Prof.(guar.)
Preferred (acc't aCCUln. dividends)... /134
131
Penney (J. C )Co., 1st pref. (guar.)._
50c.
Penook 011 (quar.)
75c.
Pet 5111k, corn. (quar.)
131
Preferred (guar.)
Pettibone, Mulliken. let & 2d pf. (qu.) 133
75c.
Phillips Petroleum (guar.)
10c.
Pittsburgh 011 & Gas
Pittsburgh Plate Glow corn. (goat.)... .2
Pittsburgh Steel. common (guar.)
Si
.500
Plymout h 011
Pratt & Lambert. Inc.. common (quar.). •75c
Price Brothers & Co., Ltd., corn.(qu.)_.
31
133
Preferred (quar.)
13i
Provincial Paper Mills, corn.(guar.)- - 1
Common (special)
134
Preferred (guar.)
1)4
Pure Oil. 531% pref. (guar.)
131
Six per cent preferred (guar.)
Eight per cent preferred (guar.)-780.
Quaker Oats, common (guar.)
131
Preferred (guar.)
133
Radio Corporation, pref. (guar.)
2
Railway Steel-Spring, corn.(quar.).__.
2
Common (extra)
131
Preferred (guar.)
$1
Real Silk Htplery. common (guar.)
131
Preferred (guar.)
3
Realty Associates, first preferred
35c.
Reece Button Hole Mach.(guar.)
Sc.
Reece Folding Machine (guar.)
Reid Ice Cream Corp., corn. (guar.).- - - 75c.
133
Reliance Manufacturing. Prof. (guar.).
Remington-Noiseless Typew., pref.(qu.) 154
Remington Typewriter. 1st pref. (guar.) 15-4
15-4
First preferred, Belief; A (guar.)
2
Second preferred (guar.)
20c.
Boo Motor Car (guar.)
30c.
Extra
1%
Republic Iron & Steel. pref. (guar.)-- 151
Fteynoids Spring pref. A & B (guar.)
Reynolds(R.J.)Tob..com.&com.B(q11.) $1
131
Preferred (guar.)
Richardson & Boynton Co.. part. pf.(qu) 75c.
131
Richmond Radiator. pref. (guar.)
75e
New pref. (extra)
Royal Baking Powder, corn.(quar.).... 2
2
Common (extra)
131
Preferred (guar.)
$1
Safety Cable Co.(No.1)
Safety Car Heating & Lighting (qual.).. *2
*2
Extra
50e.
St. Joseph Lead (quar.)
111
Extra
1.12%
St. Louis Amusement Co.. cl. A (gu.)St. L. Rocky Mt.& Pac. Co., corn.(gu.) 1
1%
Preferred (guar.)
*50c.
St. Regis Paper, common (guar.)
•1%
Preferred (guar.)
150
Salt Creek Consol. Oil,(guar.)
I%
Swage Arnim Corp.. first pref. Mara-131
Second preferred (guar.)
Scruggs-Vandervoort-Barney Dry Goods
First preferred
331
Second preferred
50c.
Shattuck (Frank G.) Co.(guar.)
380.
4hell Union 011 Corp., coin. (guar.).
Sherwin- W Mame Co.. Can.. corn. (gu.) 131
151
Preferred (guar.)
231
Shredded Wheat. corn (guar.)
Silver King Coalition Mining (guar.)... 25c.
10c.
Special
2
Sinibroco Stone Co.. preferred
50e.
Simmons Co.. corn.(guar.)
25e.
Common (extra)..
50u.
Simms Petroleum
2%
Singer Mfg. (guar.)
131
Sloss-Sheffield Steel & Iron, corn. Wu.).
154
Preferred (guar.)
Solar Refining
$1.50
South Penn 011
1 Si
South Porto Rico Sugar. Com.(guar.).
2
Preferred (guar.)
SI
Smith West Pa. Pipe Linea (guar.)
75c.
Southern Acid & Sulphur, common
8
Standard Coupler. pref.(annual)
42e.
Standard Milling, common
50c.
Preferred
$1
Standard 011 (Kentucky)(quar.)
5
4tandard 011 (Nebraska)
10
Extra
$2.50
atandard 011 (Ohio). corn (guar )
Standard Plate Olsas, prior pref. (quar.) 1%
1%
Steel Co. of Canada. common (guar.)...
1%
Preferred guar.)'
Sterling Oil& Development (extra)---- •50c.
$1.50
(guar.)
Stroniberg Carburetor
16
Swan & Finch Oil Corp.. preferred
Swift & Co (guar.)
50e.
Symington Co.. class A (guar-)
Ill
Telautograph Co., Prof. (guar.)
75e
Texas Company (guar I..
Thompson (J R.) Co.. corn. (monthly) •30e.
•30c.
Common (monthly)
•30e.
Common (monthly)
Books Closed
Days Inclusive.
Dec. 31 Holders of rec. Dec. la
Feb l21. Holders of rec. Jan. 22'26
.
Febi'D El oldera of rec. Jan. 22 2e
Jan. IL holders of rec. Dec. 18
Jan. lt Holders of rec. Jan. 26
tau. k Holders of rec. Dee. 21
Ian. 1 Holders of rec. Dec. 12
Jan. 0 Holders of rec. Jan. 5
Ian. 1 Holders of rec. Dec. 12
Jan. 1 Holders of rec. Dee. 8
Jun. 1 "Holders of rec. Dec. 10
Jan. 1 Holders of rec. Dee. 100
Jun. 1 Holders of rec. Dee 100
Yee. 31 Holders of rec. Dec. 100
Jan. IL Holders of rec Dec. 316
cc. 31 Nov. 29 to Dec. 27
See. 31 Nov. 29 to Dec. 27
Jan. 2 Holders of tee Dec. 15a
'‘ Holders of rec. Dec. 11J0
Jan. 2 Holders of rec. Dec. 154
Jun. 1 Holders of rec. Dec. 106
,
Jan. 1 Holden of rec. Dec. 180
Jun. 1 Holders of rec. Dec. 160
Jan. 1 Holders of rec. Dee. 166
'folders of rec. Dec. 15a
((II. 21
Jan. 31 Holders of rec. Jan 15a
Jan. 2 Holders of rec. Dee. lba
Jan. 2 Holders of rec. Dec. 15a
Isii.1'21. Holders of rec. Dec. 20a
Apr FP 11 olden of rec. Dec. 20s
Dec. 25 'Holders of rec. Dec. 17
2: 411older9 of rec. Dec. 17
-of rec. Dec. 190
Jun 2 Holden
Holders of rec. Dec. 29
Jan.
Holders of rec. Dee. 190
Jan.
Holders of rec. Dec. 19a
Jan.
Dec. 3 Holders of rec. Dec. 210
Dee 2 Holders of rec. Dec. 100
holders of rec. Dec. 11
Jan.
Holders of rec. Dec. 11
Jan.
Jan. 2 Holders of rec. Dec. 220
an. 4 Holders of rec. Dec. 210
)ec. 2, Holders of rec. Dee. 15a
Dec. 31 •11ceders of rec. Dee. 19
Jan, 2 Holders of rec. Dec. 28a
/cc. 11 'Holders of rec. Dec 15
'Holders of rec. Dec. I50
Jan.
Jan, 2 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 15
Jan. 1. Holders of rev. Dee. 15
Ian. 2 Holders of rec. Dee. 15
Ian. 2 Holders of rec. Dec. 15
Jan. 1 Holders of rec. Dec. 10
Jan. 1 Holders of rec. Dec. 10
Jan. 1 Holders of rec. Doe. 100
Jam 15 Holders of rec. Dec. 315
Feb. 2; Holders of rec. Feb. la
Jan. I Holders of rec. Dec. la
Dec. 31 Holders of rec. Dec. 50
Dec. 31 Holders of rec. Dec. ha
Dec. 21 Holders of rec. Dec. 5a
Jan. 2 Dec. 20 to Jan. 1
Jan. 2 Dec. 20 to Jan. 1
Jan. 15 Holders of rec. Jan. 5
Jan. 2 Holders of rec. Dec. 15
2 Holders of rec. Dec. 15
Ian
Jan. 2 Holders of rec. Dec 210
Ian. '2 Holders of rec. Dec. 184
Jan. 15 Holders of rec. Jan. 4
Jan. 1 Dec. 16 to Jan. 1
Jan. I Dec. 16 to Jan. 1
Jan. 1 Dee. 16 to Jan. 1
Ian. 2 Holders of rec. Dec 150
Jan. 2 Holders of rec. Dee. 154
Pan. 2 Holders of rec. Dec 15a
Jan. 2 Holders of rec. Dec. 15a
Jan. 1 Holders of tee. Dec. 18a
Jan. 1 Holders of rec. Dec. I8a
Jan. 2 Holders of rec. Dee. 16
lanI521 Holders of rec. Dec. 3I6
Ian. 15 Holders of rec. Dec. 31a
Dec. 31 Holders of rec. Dec. 154
Dec. 31 Holders of rec. Dec. 15a
Dec. 31 Holders of rec Dec. 15a
Jan. 15 Holders of rec Dec. 31a
Dec. 23 *Holders of rec. Dec. 14
Dec. 23 *Holders of rec. Dec. 14
Dec. 21 Dec. 10 to Dec. 21
)eo. 21 Dec. 10 to Dec. 21
Jan. 2 Dec. 20 to Jan. 1
Dee. 31 Holders of rec. Dec. 18a
Dee. 31 Holders of rec. Dec. I80
Jan. 2 'Holders of rec. Dec. 15
Jan. 2 "Holders of rec. Dec. 15
Ian. 2 Holders of rec. Dec. 15a
Ion. 2 Holders of rec. Dec. 15a
Feb. 15 Holders of rec. Feb. 10
IIolders of rec. Dec. 21
Holders of rec. Dec. 21
Holders of rec. Dec. 210
Holders of rec. Dec. 10
Holden, of rec. Dec. 15
Goiders of rec. Dec. 16
Holders of rec. Dec. 210
Holders of rec. Dec. 15
Holders of rec. Dec. 15
Holders of rec. Dec. 15
holders of rec. Dec. 15a
Holders of rec. Dec. 210
Holders of rec. Dec. 15a
Dec. 11 to Jan. 1
Holders of rec. Dec. 106
Holders of roe. Dec. 210
Dec. 1 to Del. 10
Holders of rec. Dec. 10
Holders of rec. Dec. 100
Holders of rec. Dec. 100
Holden Of rec Dec. 15
Holders of rec. Mar. 10
DN.. 25 to Jan. 12
Holders of rec. Dec.d2la
Holders of rec. Dec. 210
Dec. 16 to Jan. 1
Nov. 21 to Dec. n
Nov. 21 to Dec. 21
Holders of tee. Nov. 27
Jan.
Holders of rec. Dec. 2I0
Feb.
Holders of rec. Jan. 8
Feb.
Holders of rec. Jan. 8
Dee. 2 *Holders of rec. Dec. 10
lan. 2 flolders of rec. Dec. 110
Ian. 2 Holders of rec. Dec. 29
lan. I Dee. 11 to Jan. 7
Ian. 2 Holders of rec. Dec. 150
Jan 11 Holders of tee. Dec. 3Ia
)ec 31 Holden" of rec. Dec. 40
Ian. 2 *Holders of rec. Dec. 23
Feb. I •Holders of rec. Jan. 23
Mar. I *Holders of rec. Feb. 23
Jan. 2
Jan. 2
.Ian. 11
Deo. 31
Dec. 31
Dee. 31
Dec. 31
Jan. 2
Dee. 24
Jan. 1
Jan. 2
Jan, 15
Jun, 2
Dec. 31
1/ec. 21
Jan, 2
1)ec. 10
Dec. 31
Ian, 2
Ian. 2
Dec. 31
Mar. 15
Ian. 2
Dec. 3
Dec. 3
Dec 3
Dec. 2
Dec. 2
DEC.19 1925.]
Name of Company.
THE CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days inclusive.
511scellaneou:. (Concluded).
Thompson (R. E.) Mfg., 1st pref.(qu.). $2 Jan. 15 Holders of roe. Dec. 31
First pref.(for guar. ended Sept. 30)
.. 82 Jan. 15 Holders of rec. Dec. 31
Tide Water Oil (guar.)
25c. Dec. 31 Holders of rec. Dec. 16a
Tobacco Products Corp., corn. (guar.).
(z) Jan. It Holders of rec. Dec. 31
Todd Shipyards (guar.)
Dee. 21 'Holders of rec. Dec. 1
031
Torrington Company,common (guar.)-. 3
Jan. 2 Holders of rec. Dec. 18
Common (extra)
Jan. 2 Holders of rec. Dec. 18
5
Tower Manufacturing, common (guar.) The. Jan. 1 Holders of rec. Dec. 15
I
Jan. If Holders of rec. Dec. 31
Tuckett Tobacco, common (guar.)
Preferred (guar.)
194 Jan. 15 Holders of rec. Dec. 31
men & Co.. preferred
4
Jan. I Holders of rec. Dec. 21
Underwood Computing Mach.. Of. 0411•' I% Jun. 1 Holders of rec. Dee. 19
75c. Jan. 1 Holders of rec. Dec. la
Underwood Typewriter, corn.(guar.).-Dec. 23 Holders of rec. Dec. la
Common (extra)
Si
194 Jan. 1 Holders of rec. Dec. la
Preferred (guar.)
Union Carbide & Carbon (guar.)
81.25 Jan. 1 Holders of rec. Dec. 90
United Cigar Stores of Amer., corn.(qu.) 50c. Dee. 31 Holders of rec. Dec. 10a
11
Dec. 31 Holders of rec. Dec. 100
Common (payable In corn. stock)...
United Drug, com. (guar.)
194 Mar. 1 Holders of rec. Pet.. 150
First preferred (guar.)
194 Feb. 1 Holders of rec. Jan. I50
United Dyewood. pref. (guar.)
154 Jan.1'21 Holders of rec. Dec. 150
United Electric Coal Cos., common__ 60e. Dec. 23 Holders of rec. Dec. 14
United Fruit (guar.)
234 Jan. 2 Holders of rec. Dec. 5
United Profit Sharing Corp.
30c. Jan. 2 Holders of rec. Dec. 100
No par common (guar.)
Common. $1 par (guar.)
15c. Jan. 2 Holders of rec. Dec. 100
United Shoe Machinery, corn. (guar.). 62)4t- Jan. 5 Holders of rec. Dec. 15
Preferred (guar.)
37)41 Jan. 1 Holders of rec. Dec. 15
U.S. Bobbin Jr Shuttle .pref (guar.)._
194 Dec. 31 Holders of rec. Dec. 90
U. S. Distributing. preferred
3% Jan. i Holders of rec. Dec. 150
gee. Dec. 31 Dec. 7 to Dec. 20
U.S. Gypsum,common (guar.)
Comtnon (extra)
82
Dec. 31 Dec. 7 to Dec 20
Common (Payable in common stock).. el5
Dee. 31 Dec. 7 to Dec. 20
Preferred (guar.)
194 Dec. 31 Dee. 7 to Dec. 20
Doe. 31 Nov 28 to Nov 30
U. S. Steel Corporation, corn. (quer.). _
Common (extra)
Si Dec. 31 Nov 28 to Nov.30
U.8.1 obacco. common (guar.)
The. Jan. 2 Holders of rec. Dec 140
Preferred (guar.)
I% Jan. 2 Holders of rec. Dec. 140
Upson Company, preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 15
Utah Copper Co (guar.)
$1.25 Dec. 31 Holders of rec. Dec. 180
Vacuum Oil (guar.)
60c. Dec. it. Holders of rec. Nov.30
Extra
500. Dec. It Holders of rec. Nov.30
Special
al
Dec. If Holders of rec. Nov.30
Virginia Iron, Coal & Coke. pref
214 Jan. 3 Holders of rec. Dee. 150
Vulcan Dminning, pref.(quar.)
154 Jan. 20 Holders of rec. Jan. 90
Pref. (acct. accumulated dividends)._ 112
Jan. 20 Holders of rec. Jan. 90
Preferred A (guar.)
I% Jan. 20 Holders of rec. Jan. 90
Wabasso Cotton, Ltd. (guar.)
$1
Jan. 2 Holders of rec. Dec. 15
Waldorf System. coin. (guar.)
.1114c Jan. 7 Holders of rec. Dec. 200
First and second nref (woirl
•mc. Jan.
Holders of roe. Dec 20
Walworth Co.. preferred (quar.)
75e. Dec. 31 Holders of rec. Dee. 210
Ward Baking Corp.. pref. muar )
134 Jan. 2 Holders of rec. Dec. 15
Warren Bros , common (guar.)
$1 Jan. 2 Holders of rec. Dec. lea
First preferred (guar.)
75c. Ian. 2 Holders or rec. Dee. 190
Second preferred (guar.)
8754c Ian. 2 Holders of rec. Dec. 190
Washington 011
*2
Dec. 31 Dec. 16 to Dec. 30
Weber & Hellbroner. corn.(guar.)
51
Dm 30 Holders of rec. Dee. 15
West Coast 011 (guar.)
'81.50 Ian. 1. 'Holders of rec. Dec. 24
Extra
Dec. 21 'Holders of rec. Dec. 10
.510
Western Grocer pref
lan.P2. Dee. 20 to Jan. 1 1926
Westinghouse Air Brake (guar.)
81.50 Jan. 30 Holders of rec. Dec. 31
51
Extra
Ian, 30 Holders of rec. Dec. 31
Jan. 3. Holders of rec. Dee. 3I0
Westinghouse Elec.& Mfg .corn.(guar.) $I
Preferred (guar.)
Ian. 11 Holders of rec. Dec, 3I0
81
Weston Electrical Instrument (guar )-50o
Ian. 2 Holders of roe. Dee. 16a
West Point Manufacturing (guar.)
2
Ian. 2 Holders of rec. Dec. 17
Wheeler Condenser & Eng., pref.(guar.) $2
Ian. 2 Holders of rec. Dec. 13
White Motor (guar.)
41
Dec. 3. Holders of rec. Dec. 150
White Rock Mineral Spire., corn.(guar.) 300. Dee. 31 Holders of rec. Dee. 22
Common (extra)
20o. Dec. 31 Holders of rec. Dec. 22
154 1)00. 31 Holders of rec. Dec. 22
First preferred (guar.)
Second preferred (guar.)
194 Dec. 31 Holders of roe. Dec. 220
1
Second preferred (extra)
Dec. 3) Holders of rec. Dec. 220
Will & Hamner Candle. Inc.. pref. Riu.1 2
Ian, I Holders of rec. Dee. 15
Willys-Overland Co.. preferred (guar.). •154 Jan. 2 *Holders of rec. Dec. 20
Preferred (acct accumulated diva.)
12914 Jan. 2 Holders of rec. Dec 19a
Woodley Petroleum (guar.)
I5c. Dec. 31 Holders of rec. Dec. 19
Wright-Hargresves Mints, Ltd
294 Jan. 1 Holders of rec. Dec. 15
794 Jan. 1 Holders of rec. Dec. 15
Extra
Wrigley (Wm.) Jr. az Co.(monthly)... 25c. Jan. 2 Holders of rec. Dec. 1110
Extra
50c. Jan. 2 Holders of rec. Dec. 190
25c. Feb. 1 Holders of rec. Jan. 200
Monthly
25c. Mar. 1 Holders of rec. Feb. 200
Monthly
Monthly
250. Apr. 1 Holders of rec. Mar. 200
Worthington Pump & Mach., pf. A (qu.) 134 Jan. 2 Holders of rec. Dee. 2I0
Preferred B (guar.)
134 Jan. 2 Holders of me. Dec. 2Ia
Werlitzer (Rudolph) Co , 7% pf. (qu.).
134 Jan. 1 Holders of rec. Dec. 19
Yale & Towne Manufacturing (guar.).- - 81
Jan. 2 Holders'of rec. Dec. 100
Special
Dec. 22 Holders of rec. Dee. 100
$1
Yates Amer. Machine Co.. prior pf.(qu.) 6214c. Jan. 1 Dec. 20 to Jan. 1
Yellow Cab Co.of Newark, corn.(qu.)
25c. Jan
1 Holders of rec. Dec. 15
Yellow Truck & Coach, class B (qu.)-181 Jan 2 Holders of rec. Dec. 150
I% Jan. 2 Holders of rec. Dec. 150
Preferred (guar.)
Youngstown Sheet .4 Tube, corn. (qu.). $1
Dee. 31 Holders of rec. Dec. 15
Preferred (guar.)
194 Dec. 31 Holders of rec. Dee. 15
Zenith Radio (annual)
6
Jan. 2 Holders of roe. Dec. la
4
Extra
Jan. 2 Holders of rec. Dec. la
.
•From unofficial sources. t The New York Stock Exchange has ruled that stock
VIII not be quoted ex-dividend on this date and not until further notice,
I The
New York Curb Market Assoclailon has ruled that !mock will not be quoted ex
dividend on this data and not until further notice.
Annual dividend for 1925 all Payable in equal quarterly Installments on April 1
July 1. Oct. 1192S and Jan. 11926. have been declared as follows: On the common
stock 34 40, quarterly installments Si 10. prior preference.7%,q uarterly installments
114%. participating preferred. 7% regular, quarterly Installment 1 %.participating
Preferred. 2% extra. quarterly Installment
%. preferred, 6%, quarterly installment, 14%.
O Transfer books not closed for this dividend. d Correction. 'e Payable In
stock.
/Payable In common stock. g Payable in scrip. h On account of
accumulated
dividends. m Payable in preferred stock. a Payable In Canadian funds.
One month (December) dividend due to change of dividend payments.
J Less the following amounts to cover second and third guar. Installments
01 1924
Income tax: Continental Pass. Sty.. 37 eta.; Union Pass. Sty.. 60 cts.;
West Phila.
Pass. Sty., 63 cts.
k On Class A stock dividend is 214% of one share of Class A stock. In
cash dividends holders may take on the preferred stock 3.75% of a share of lieu of
Mock for each share of original series pref. and .06 of a share of Class A Class A
stock for
each share of $7 dividend series stock.
!Subject to authorization at stockholders' meetings on Dec. 28.
o For period from Nov, 15 to Deo, 15 1925. due to change in dividends
from
Q.
-F. 15 to Q.
-J. I.
p Payable In voting trust certificates for class B stock at the rate of one
-tenth of
I share for each enure of class 11 stock held.
f Bublect to deduction to provide for Federal taxes assessed against the railroad.
r Dividend Is I N share of B etock for eneh 11111 shares held.
sTo be quoted ex-dIv. 33 1-3% stock dividend on Dec. 11.
•
I Payable In participating preferred stock.
u Payable either In cash or Class A stock at the rate of one-fortieth of a share.
*Payable 20e. In cloth and 15c. per share (1-100 of a share) in common stock.
to One-fiftieth of a share of new non-par common.
x Payable also to holders of coupon No 37.
V Dividend is One-tenth of a shure of common stir* for each share held.
S Dividend is one-fifth of a share of founders shares of the Happiness Candy Stores.
aa Four months dividend to Dec. 31 1925.
66 Final dividend is 2s. 3d. and interim is 10d., free of tax. Transfers received In
London in order up to Jan.4 will be in time for payment of dividends to transferees.
2977
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Dec. 12. 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.
(Staled In thousands of dollars)
-that is, three (000) ciphers omitted
New
Capital Profits.
Week Ending
Dec. 12 1925. Nat'l, Sept.28
State, Nov.14
(000 omitted.) r.Cos• Nov.14
Members of Fed. Res.
Bank of N.Y.&
Trust Co.... 4,000
Bk of Manhat'n 10,000
Mecb&MetNat 10,000
Bank of America 6,500
National City_ 50,000
Chem Ica) Nat. 4,500
Am Ex-Pac Nat 7,500
Nat Bk of Corn_ 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-ColTr 17,500
250
Bowery Nati Bk
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
U 8 Mtge As Tr. 3.000
Guaranty Trust 25,000
Fidelity-interTr 2.000
New York Trust 10,000
Farmers L & Tr 10,000
Equitable Trust 23,000
Loans,
Reserve
iscount, Cash
with
Net
Time Bank
Its
InvestLegal Demand
De- Menments, Vault. eposi- Deposits. Posits. laAce.
tortes.
Bon.
Bank. Average. Average Averag
$
S
12,807
518 7.91
75,35
14,732 158.639 3.41 17,672
15.749 179,79
3,633 22,33
5.223
81,813 1,983 11,784
62,403 591,674 4,874 67,44
17.597 138,526 1,381 15,65
12,625 153.581 2,33 19,11
40,021 371.277 1,012 41,46
13.236 226.855 2.787 24,22
25,443 127.397
572 14.99
14,558 199.133 7,074 24.26
24,375 175,59
1.0:1 16,9
4,49
2,375
42.137 1,39
71.199 303.02
57 28,65
13.732 293,216 3,21 36.47
.11
928
5,911
1
1,161
141 1,08
8.256
26,894 390,998 4 :1 49.3
2,905
26,28
886 3,
1.089
521 1.30
15,142
1.766
47
18,614
2,9
8.758 115,38
1,152 14,98
1,531
19,279
546 2,27
30.391 333,234 1,015 36.26
4,750
59,358
810 7,4
21,53
1,673 46,2
411,9
2,20
440 2.49
22.396
20,018 175.72
633 20,34
18,52
148,433
648 14.60
12,852 263.85
1,691 29,16
Average. Averag
$
57,93
8.21
129,376 26.01
169,197 10,95
88,3
4,72
*636,414 71,57
116,916 4,55
141.92 11,22
315,651 13,43
170,574 43,660
113,387
_ _174.492 30:66.
9.94
128.26
31.421 11,90
214,7
23,60
274.094 26,10
2,05
3,33
41
6,79
*388,41 16,91
25,17
8,99
74
18.
4,07
113,40
. .
*300,35. 48,33
55,317 4.88.
*407,697 47,70
18,28
1.79
150,02 19,22
24.74
•111.9
*285,46 25,40
MeV.
648
852
348
4.958
5.920
s:iii
995
4,951
992
47
411
Total of averages 308,850501,3995,132,841 51,221.585,840c4,342,6251497,47523.504
Totals, actual co ndltion Dec. 125,139.136 53,134594.818c4.353.6711494,22423.514
Totals. actual co ndition Dec. 65,139,316 49.328582,306c4,347,873494,93123.609
Totals. aaucd co ndition Nov.285,140,556 51.220584.986c4,311,441 506,65923.413
State Ranks Not Me bars of Fed'I Res've Bank.
Greenwich Bank 1,000 2,594
23,142 1,983 1,978
22,2
1,798
3,500 5.867 106.963 4,845 2,435
State Bank__
39.48 64.257 ---.
Total of averages
4.500
8,642
130,105
6,828
4,413
61.686 66,055
Totals, actual co ndition Dec. 12 130,851 6,881 4,588
Totals, actual co million Dec. 5 129,807 6.833 4,433
Totals, actual co edition Nov.28 131,528 7,145 4.847
Trust Commis
,les Not Membe a of Fed'I Ree'v e Bank
Title Guar &Tr 10,000 17.233
64,545 1,513 4,778
Lawyers Trust. 3,000 3,204
22,077
935 1,820
62.47 68.246
61.692 65,772
64,052 66.153
1,938
876
41,7221
17,58
Total of averages 13.000 20.437
86.622
2,448
6.5913
59,3071 2,814
Totals, actual co ndition Dec. 12
Totals, actual co minion Den. 5
Totals, actual co ndition Nov.29
85,842
86,996
90,875
2,355
2.386
2.416
6.622
6,652
6,552
58.276
59,591
64,4541
2,872
2.892
2,840
Gr'd agfrr.. off?. 326,350530.2995.349,568 60.497596.851 4.463,618566,34423.504
Comparison wit h prey. week.. -6,405 +2,310-1.833 -12,820-2,697 -19
Gr'd aggr., aa'l cond'n Dec. 125,355,829 62,370606.028 4,474,426563,34223.514
Comparison wit 1i prey. week - -290 +3,823 +12637
+5.270 -253 -95
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
agar.. fel cond'n
as8r.. ea cond'n
'
.
agar.. actlcond'n
agrr.. ea3cond'n
aggr.. acrl cond'n
aver.. act'lennd'n
Dec. 56.356.119
Nov.285,362,959
Nov.21 5,361,933
Nov.14 5,357,100
Nov. 75,381,737
Oct 315,406.399
58.547593,391
60,781 597,385
87,867617,271
65,944640.065
59.165588,551
55.712636.991
4,489,158 563.59523.609
4,439,947 575.65223.413
4.497,684 564,52723.507
4,501,102 558.75823.603
4,516,092 550,07823,398
4.575,877 551,57223.319
Note.
-U. S. deposits deducted from net demand deposits In the genera totals
above were as follows: Average total Dec. 12, $8,507,000. Actual totals] Dec. 12,
$8.507,000; Dec.6,88.508,000; Nov.28.$10,004,000; Nov.21. $10,092,000: Nov.14,
517,200,000. Bills Payable, rediscounts, acceptances and other liabilities, average
for week. Dec. 12. 5705,207.000; Dec. 5. 8680.798,000; Nov. 28. 5677.750.000:
Nov.21, 5635,337.000; Nov. 14.$626,817.000. Actual totals Dec. 12.$731,247,000;
Dec. 5. 8695,372,000; Nov. 28, $706,367,000; Nov. 21, $666,687.000; Nov. 14,
8668.782.000.
•Includes deposits in foreign branches not included in total footings as follows:
National City Bank, $150,005.000; Chase National Bank. $11,728.000; Bankers
Trust Co., $33,387,000; Guaranty Trust Co., $65,950,000; Farmers' Loan & Trust
Co., 56.245,000; Equitable Trust Co., 162,831,000. Balances carried in banks in
foreign countries as reserve for such deposits were: National City Bank, $19,362.000;
Chase National Bank,$31,648,000; Bankers Trust Co., $3,227,000; Guaranty Trust
Co., 54,391,000; Furthers' Loan & Trust Co., $6,245,000; Equitable Trust CO..
$7,903.000.
c Deposits in foreign branches not Included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following
two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
In Vault.
Members Federal
Reserve Bank....
State Banks•
Trust companies..,.
Total
Total
Total
Total
Dec. 12....
Dec. 5_ _ _ _
Nov.28_ _ _
Nov. 21_
Reserve
In
Depositaries
Total
Reserve.
Reserve
Resuired.
Surplas
Reserve.
585,840.000 585,840,000 579,465,500
4,413,000 11,241,000 11.103,480
6,598.000 9,046,000 8,896.050
6,374.500
137.520
149,950
9,276.000 596,851.000 606,127,000 599.465.030
9,240.000 598,684,000 607,924,000 601,301,720
9,212,000 505,016,000804,228,000 599,232.600
9.023.000604,336,000 613,359,000 605,528,290
6.661.970
6,622,280
4.995.400
7,830,710
6.828.000
2,448.000
•Not members of Federal Reserve Bank.
•This Is the reserve required on the net demand deposits In the case of State banks
and trust companies, but In the case of members of the Federal Reserve Bank
Includes also amount In reserve required on net time deposits, which was as follows:
Dec. 12, 514,924,250; Dec.5,815.003,810; Nov. 28, 515,052.110; Nov. 21,
814,701.440; Nov. 14. 814,587.560.
2978
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve Bank_
State banks*
Trust companies•
Total
Total
Total
Total
Dec. 12
Dec. 5_ _ _.
Nov.28_ __ _
Nov.21_ _ _ _
a
Reserve
Required.
Total
Reserve.
Surplus
Reserve.
$
$
$
$
594.818,000 594,818,000 580,803,950 14,014,050
222,780
6,881.000 4,588,000 11,409,000 11,246,220
235.600
2,355,000 6,622,000 8,977,000 8,741.400
$
9,236,000 606,028,000 615,264,000 600.791,570 14.472.430
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
•Not members of Federal Reserve Bank.
a This Is the reserve required on net demand deposits In the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also amoun lot reserve required on net time deposits, which was as follows:
Dec.12,$14,826,720; Dec.5,814,847.930; Nov. 28, 515.199,770; Nov. 21, $14,866,890; Nov. 14. $14,669,430.
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
Previous Week.
Dec. 12.
$1,149,115,600 Inc. 8206,400
Loans and investments
78,700
4,818,700 Inc.
Gold
273,900
25,809,500 Inc.
Currency notes
21,700
92,941,800 Dec.
Deposits with Federal Reserve Bank of New York
1,209,842.700 Dec. 7,463,800
Total deposits
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust com91,200
panies in N. Y. City,exchange dr U.S.deposits_ _ 1,138,495,700 Dec.
166,486,400 Dec. 3,939,000
Reserve on deposits
Percentage of reserve, 20.4%.
RESERVE.
-Sate Banks
- -Trust Companies
587,604.000 14.97%
Cash in vault*
$35,966.000 15.82%
31,417,600
5.37%
Deposits in banks and trust cos_
11,498,800
5.05%
Total
547,464,800 20.87%
$119,021,600 20.34%
•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Dec. 12 was $92,941,800
-The
Banks and Trust Companies in New York City.
averages of the New York City.Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
•
• Loans and
Investments.
I •$
1111101.1111111111
$ $ $
.4.44airten000 OZXZZOO
$
6,332,147,800
6,345,708,100
6,341,502,700
6.354.728.100
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
6,498,683,600
*Total Cash
in Vaults.
Demand
Deposits.
$
5,463,129.200
5,442,136.800
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
5.602.113,700
Reserve in
Depositaries.
$
82,507,800
79,454,700
80,540,400
81,151 400
84.211,400
83,247,000
82.965,500
82,079,500
84.916,400
84,365,300
83,765.400
83,583.400
86.517.800
88,814,300
84.741.300
88.401.000
88.462.600
91,125,200
5
723,923,100
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
745.155.200
743,772,000
746,115.60(
734.901,500
738,833.300
732,709,201
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
Mated is thousands of dollars-that is. three ciphers f0001 omitted 3
CLEARING
NON-MEMBERS
Week Ending
Dec 12 1928.
Members of
ffed'i Res've Rank
Grace Nat Bank_ _.
Total
Trust Company
Not Member of it
Federal Reserve Bank
&tech Tr, Bayonne.
Loans.
DUcounts,
investNet
Capital. Profits. meats.
&c.
1 11
.
$
1.79
Cash
In
Vault.
1.798
12,917
200
1,200
604
2.787
8,485
32,900
1
3.392
Reserve
Na
Na
with
Legal Demand Time
Deposi- Deposits )eposits
tories.
,4verage Average Average ,4rerage ,4 serape
$
4
1,138
4,145
12.91
6,897
III
41,385
1,13
85
3,406
4,256
328
1,603
1,931
6,897
4,145
6,399
27,400
2,569
4,291
33,799
6,860
500
546
9,351
357
195
3,493
5,880
5Mi
5444
9,351
357
195
3,493
5,880
2.900
Grand aggregate_ _.
Comparison with prey, week
5.736
63,653
+1,001
4,662
-143
3,262 a44,189
+75 +1,461
16,885
-133
2.900
2 900
2 901
2.900
5 736
5 618
5.618
5.618
62,652
62,358
62,674
61,754
4,805
4,662
4,743
4,846
3,187
3,117
3,112
3,123
a42,728
844,543
844,934
844,095
17,018
17,065
17,077
17,061
Total
Or'd aggr., Dec. 5
Or'd agar., Nov. 28
Ord aggr . Nov. 21
Or'd aggr.. Nov. 14
•United States deposits deducted. none.
Bills payable, rediseounts. acceptanses and other list:ditties $2,668.000.
Excess reserve. 5349.120 decrease.
Boston Clearing House Weekly Returns.
-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks'
BOSTON CLEARING HOUSE MEMBERS.
Dec. 9
1925.
Changes from
previous week.
Dec. 16
1925.
Dec. 2
1923.
$
$
$
Capital
66,800,000 66,800,000
66,800,000 Unchanged
Surplus and profits
91,304.000 91,304,000
91,304,000 Unchanged
Loans, disc'ts & investments_ 1016862000 Inc. 9,620,000 1007242000 998,494,000
Individual deposits,incl. U.S. 700,133,000 Inc. 12,457,000 687,676,000 699,667,000
Due to banks
134.937,000 Dec. 5,279,000 140,216,000 136,923,000
Time deposits
219,703,000 Dec. 7,376.000 227.079,000 221,511,000
United States deposits
8,630,000 Inc. 5,904,000 2,726,000 3,129,000
Exchanges for Clearing House 33,113,000 Inc. 2,081.000 31.032,000 36,487,000
Due from other banks
88,822,000 Inc. 2,520.000 86.302,000 90,877,000
Reserve In Fed. Res. Bank... 81,262,000 Inc.
7.000 81,255.000 81,685,000
Cash in bank and F. R. Bank 12,210,000 Inc. 2,037,000 10,173,000 9,317,000
Reserve excess in bank and
Federal Reserve Bank
620.000 1.057.000 1.328.000
437.000 Dec.
Philadelphia Banks.
-The Philadelphia Clearing House
return for the week ending Dec. 12, 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."
Week Ended December 121925.
Two Ciphers (00)
omitted.
Memberso1
Trust
F.R.System Companies
Capital
Surplus and Profits
Loans, disc'ts & investm'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'ies
Reserve with F. R.Bank
Cash in vault •
Total reserve dv cash held....
Reserve required
Excess res. & cash in vault
$5,000.0
17,182,0
49,145,0
808,0
16,0
944,0
31,416,0
1,993,0
34,353,0
$42.025,0
128,684.0
833,851,0
42,910,0
113,561,0
141,904,0
614,999,0
112,587,0
869.490,0
4,524.0
68,311,0
13,012,0
81,323,0
66,136,0
15,187.0
1,609.0
6,133,0
4,829,0
1,304,0
1925
Total.
$47,025,0
145,866,0
882,996,0
43.718,0
113.577,0
142,848,0
646,415,0
114,580.0
903,843,0
3,509,0
4,524,0
68,311,0
14,621,0
87,456,0
70,965,0
16,491,0
,
Dec. 5 1 Nov.28
1925
1925
$47.025,0 $47,025.0
145,866,0 145,866,0
878,772.0 880,204,0
35.906,01 36,298,0
116.244,0 114,505,0
145.401,0 143,750,0
627,946.0 630,090,0
114,345,0 112.412,0
887,692,0 886,252,0
3,928,0
3,668,0
3,565,0' 3,683,0
64.775,0 64,888,0
13.153,0 13,181,0
81,493.0 81,752,0
69,184,0 69,341,0
12,309,0 12,411,0
•Cash in vault not coun ed as reserve for Federal Reserve members.
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business Doe. 16 1925 in
comparison with the previous week and the corresponding
date last year:
Dec. 16 1925. Dec. 9 1925. Dec. 17 1924.
Resources
(loll with Federal Reserve Agent
Gold redemp. fund with U. S TreasurY
380,109.000
10,876,000
320.109,000
12,244,000
444,442,000
9,172,000
Gold held exclusively agst
R. notes
Gold settlement fund with F. R. Board
Gold and gold certificates held by bank__
390,935,000
186,168,000
337,044,000
332.353,000
262.9(15.000
348.740.000
453,614,000
206,915,000
262,362,000
Total gold reserves
Reserves other than gold
914,197,000
25,642,000
943,998,000
25,620,000
922,891,000
19,932,000
Total reserves
Non-reserve cash
Bills discounted
Secured by U. S. Govt. obligations.._
Other bills discounted
939,839,000
16,594.000
969,618,000
15,123,000
942.823,000
13,046,000
103,177,000
43,490,000
144,189,000
67,004.000
41,599,000
11,443,000
Total bills discounted
Bills bought In open market
U. S. Government securities
.
Bonds
Treasury notes
Certificates of indebtednet,
146.667,000
17,908.000
211.193.000
35,570,000
53,042,000
93,449,000
141,419,000
32.286.000
91,182.000
1.257.000
77.912.000
3,280.000
8,625,000
117,020,000
78,011,000
Total U. S. Government securities
Foreign loans on gold _
139,887.000
2,376.000
82,449.000
2,241.000
203.656,000
1,746,000
Total bills and securities (See Note),,, 306,838,000
New York City Non-Member Banks and Trust Com-The following are the returns to the Clearing House
panies.
by clearing non-member institutions and which are not ineluded in the "Clearing House Returns" in the foregoing:
Total
State Banks.
Not Members of Ott
Federal Reserve flank
Bank of Wash. His.
Colonial Bank
[VOL. 121.
THE CHRONICLE
331.453.000
351,893,000
Due from foreign banks (See Note)._
Uncollected items
Bank premises
All other resources
861.000
148,220.000
17,261.000
4.689.000
634,000
205,440,000
17,448,000
7,351,000
Total resources
710,000
228,153,000
17,261.000
3,235,000
1,512,630,000 1.587,225,000 1,538,635,000
LiabilitiesFed'l Reserve notes in actual circulation_ 369,551,000 362,979.000
Deattitrn Member bank, reserve ace's- 852,827,000 '
veo
870,779,000
533,000
11.582,000
Foreign bank (See Note)
6,813,000
10.298.000
Other deposits
8,965,000
9,466,000
376,250,000
887,124,000
765,000
13,088,000
8,482,000
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
909,459,000
160,147,000
30,146,000
59,929,000
2,704,000
Total liabilities
869,138.000
178,490,000
32,190.000
58.749,000
4,512,000
902.125,000
126,728.000
32.132.000
58,749.000
4,512,000
1,512.630,000 1.487,225.000 1,538.635,000
Ratio of total reserves to deposit and
-Fedi Res've note liabilities combined.
75.9%
76.6%
73,3%
Contingent liability on bills purchased
for foreign correspondents
19,340,000
12,711,000
13.795,000
NOTE.-BegInning with the statement of Oct. 7 two new Items were added in
order to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the caption. "All other turtling assets." now
made up of Federal intermediate credit bank debentures, has been changed to
"Other securities," and the caption, "Total earning assets" to "Total bills and se
curities." The latter term has been adopted as a more accurate description of taw
total of the discounts, acceptances and securities acquired under the provisions of
Sections 13 and 14 of the Federal Reserve Act, which are the only Items Included
therein
DEC.191925.]
2979
THE CHRONICLE
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,Dec. 17, and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 2961, 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. 16 1925.
Dec. 16 1925. Dec. 9 1925. Dec. 2 1925. Nov. 25 1925. Nov. 13 1925. Nov. 10 1925. Nov. 4 1925. Oct. 28 1925 Dec. 17 1924.
$
3
3
$
S
$
$
$
RESOURCES.
S
1,394.759.000 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 1,822,424,000
Gold with Federal Reserve agents
49,994,000
47,770.000
47,048.000
62,443,000
50,732,000
57,705,000
54,162,000
50,004,000
54,570,000
Gold redemption fund with U. S. Tress_
Gold held exclusively agst.F.R.notes. 1,449,329.000 1,365,277.000 1.397,586,000 1,405,467.000 1.418,022,000 1,406.748,000 1,382,271,000 1,424,897,000 1.869,472.000
Gold settlement fund with F. R. Board_ 664,899,000 753.172.000 729,002,000 724,029,000 724,982,000 737.838,000 753,252,000 716,589.0130 589,390,000
Gold and gold certificates held by banks_ 587.358,000 603.836,000 616.023.000 616.397,000 639,245.000 634,530,000 637,040.000 641,063,000 495.256.000
2.701,586,000 2,722.285,000 2,742,611,000 2,745.893,010 2,782,249,000 2.779,116.000 2.772,563,000 2.782,549.000 2,954,118.000
94.467.000
108,358,000 107.616.000 114,938,000 114,642,000 122,836,000 111,386,000 107.718,000 110,511.000
Total gold reserves
Reserves other than gold
2,809,944,000 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 3,048,585,000
Total reserves
46,901,000
52,932.000
40,418,000
47,167,000
45.663,000
49,546,000
43,948,000
44,389.000
45,268,000
Non-reserve cash
Bills discounted:
Secured by U.S. Govt. obligations_ _ _ 343,121,000 378,272,000 314.582,000 346.326,000 280.534,000 276,229,000 330,229,000 293,285.000 158.413,000
275,946,000 301,102,000 329,293,000 278,388,000 285,832,000 288,431.000 306,109,000 296.709.000 125.398,000
Other bills discounted
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of Indebtedness
619,067.000
352,692,000
679,374,000
369,550.000
643,875.000
357,723,000
624.714.000
359,458,000
566,366,000
354,980,000
564,660.000
352,687.000
638.338,000
342,453.000
589,994,000
328,717,000
283,811,000
336,827,000
73,451,000
153.740.000
171,280,000
56,276,000
266,080,000
29,517,000
56,269,000
254,858,000
28,302,000
56,285.000
244,439,000
31.575,000
56,352,000
244,272,000
32,655,000
57,632,000
243,122.000
33,254,000
57,632,000
243,740,000
28.853,000
56.020,000
248,477,000
20,260.000
64,578.000
341,485,000
158,099,000
Total U. S. Government securItiee
Other securities (Set note)
Foreign loans on gold
398,471.000
3.195.000
8.798,000
351.873.000
3,195,000
8.300,000
339,429,000
3,150,000
8,300,000
332,299.000 333,279.000
3,150.000
3,150,000
5,701,000
6,500.000
334,008,000
3,720,000
4,799.000
330.225.000
3.220.000
3.800,000
324.757.000
3.220.000
3,399,000
564.162,000
2,050,000
6.000,000
Total bills and securities (See Note).- _ 1,382,223,000 1,412,292,000 1,352,477,000 1,328,121,000 1,263.476,000 1,259,874,000 1,316,036,000 1,250,087,000 1,192,850,000
640,000
640.000
640.000
634.000
Due from foreign banks(See Note)
671.000
710.000
658.000
861.000
771,000
Uncollected items
952,147,000 692,811,000 742,551,000 686,348,000 816,673,000 702.177.000 687,010,000 684.027,000 881,419.000
61.632,000
61.593,000
61,809,000
61.557,000
61,768,000
61.607,000
Bank premises
61,552,000
61.817.000
62,021,000
18,282,000
18.120,000
22,824,000
18,108,000
18.081,,000
AB other resources
17,632,600
18,454,000
19,362,000
18,166,000
Total resources
LIABILITIES.
F. K. notes in actual circulation
Deposits—
Member banks—reserve account
Government
Foreign bank (See Note)
Other deposits
5,269,926,000 ,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 5.198,498,000
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
2 300,505,000 2.314,530,000 2.312,999,000 2,290,784,000 2,321,899.000 2,288,743,000 2,315,000,000 2,297,264,000 2,256,308,000
827.072,000 626,937,000 670,132,000 622,853,000 733.512,000 628,462,000 631,239.000 617,350,000 723,943,000
116,964,000 116,863,000 116,871,000 116.844,000 116.813,000 116,659.000 116,653,000 116,602,000 112,036,000
217.837,000 217,837.000 217,837,000 217,837,000 217.837,000 217,837,000 217,837,000 217,837.000 220,915,000
17.105.000
16.592.000
16.599.000
17,257,000
13,843,000
19,318,000
19,374,000 . 18,258,000
18.053.000
1,788,230.000 1,765,627,000 1,742,706,000 1,731,510,000 1,708.050,000 1,711,275,000 1,713,422,000 1,694,771.000 1,871,453,000
2,264.797.000 2,246,386,0® 2.235,787,000 2,219,813,0002,260,822.000 2,232.173,000 2,245,629,000 2,227,212.000 2,214,744,000
22,294,000
30.383,000
24,975.000
38,670.000
8,542,000
5,954.000
36.853,000
35,840,000
44,136,000
11.988,000
11,473.000
12,990.000
12.071.000
14,385,000
8.398,000
12.937,000
11.884,000
13.002,000
22,288.000
27,515,000
23,103.000
19.311.000
18,637,000
21,356,000
21,181,000
20,420,000
20,074,000
5,269,926,000 5,061,168,000 5,078,803.000 4,997.881,000 5,115.368,000 4,980.081,000 5,010.743.0004.960,423,000 5,198,498,000
Total liabilities
Ratlo of gold reserves to deposit and
68.7%
69.4%
69.9%
69.0%
71,5%
F. R. note liabilities combined
66.3%
66.7%
68.2%
67.6%
Ratio of total reserves to deposit and
72.5%
68.7%
72.1%
72.3%
71.5%
73,9%
69.4%
71.1%
F. R. note liabilities combined
70.5%
Contingent liability on bills purchased
36.811,000
37,063,000
36,849,000
50.967.000
36,848,000
42,725,000
39,959.000
for foreign correspondents
45,402,000
40,101,000
—
—
S
$
$
$
Distribution by Maturities—
II
$
S
$
$
97,943,000
95.272,000
1-16 day bills bought in open market
100,223,000 113.683,000 107,875.000 104,633,000 101,396,000 105,640.000
81,993,000
483,252,000 549,433,000 510,719.000 494.404,000 438,585.000 439,780.000 497.635.000 451,142,000 200,751,000
1-15 days bills discounted
2,563,000
1-15 days U. S. certif. of Indebtedness_
3,723,000
4,878,000
6,453,000
3,149,000
40,000,000
92,730,000
6,526,000
4,691,000
1-15 days municipal warrants
64,062,000
70.338,000
64,863,000
60.529,000
58,526,000
18-30 days bills bought In open market_
64,550,000
65,345,000
59,338,000
61,183,000
38,974,000
40,275,000
35.232,000
37,471.000
38,278,000
35.177,000
36.883,000
27,796,000
16-30 days bills discounted
39,645,000
517,000
16-30 days U. S. certif. of indebtedness
2.346,000
2,424,000
16-30 days municipal warrants
99,096,000 108,277,000 111.115,000 107,422.000 105,985.000
98,609.000
86.618,000
301.000 105,192,000
81-60 days bills bought in open market_
49,247,000
56,540,000
62,158,000
49.636,000
,859.000
26,816,000
81-60 days bills discounted
56,761,000
55,854.000
52,726,000
1.870,000
1,380.000
1.860.000
81-60 days U. S. certif. of indebtednixfs_
45,000
31-60 days municipal warrants
45,000
79,029,000
67.039,000
70,404,000
78,504,000
61-90 days bills bought In open market..
68,480,000
71,671,000
66,519,000
60,854,000
63,317,000
35,871,000
23,663,000
28,832.000
30,389,000
18,159,000
61-90 days bills discounted
31,818,000
25,107,000
31,162,000
28,518,000
24,067,000
81-90 days U. S. certif. of indebtedness_
61-90 days municipal warrants
15,996,000
14,801.000
16.214,000
14,560.000
11,800,000
Over 90 days bills bought in oven market
18,141,000
16.238.000
16.636,000
16,212,000
10.422,000
8.739,000
8.133,000
10,289,000
10,209,000
9,854,000
9,937,000
9,445.000
Over 90 days bills discounted
9,619,000
78,550,000
24,410.000
15,251,000
94,032,000
22,991,000
24,104,000
Over 90 days certif. of indebtedness_ __ _
23,611,000
25,428,000
25,431.000
Over 90 days municipal warrants
—
F. R. notes received from Comptroller 2,945,883.000 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 3,189.942,000
831,719,000 843,748,000 869,531,000 874,732,000 896,802,000 905,682,000 912.601.000 921,892.000 973,213,000
F. R. notes held by F. R. Agent
Isifued to Federal Reserve Banks
How Secured—
By gold and gold certificates
Gold redemption fund
Gold fund—Federal Reserve Board
By eligible paper
2,114,164,000 2,086,647.000 2.052,837,000 2.037,020.0002,020.853.000 2.026.888.000 2.012.311,000 2,007,072,000 2,216,729,000
—
—
303,851.000
108,101,000
982,807.000
919,180.000
304.501,000
108,645,000
894,426,000
999.029.000
304,901,000
102,328,000
935,695,000
949,410,000
305.300,000 305,301,000
106,481,000 111.014,000
943.682,000 039,264,000
930,553.000 878.126,000
303.330,000
101.276,000
951,410.000
863.613.000
303,331,000
106,401,000
922,545,000
929,598,000
305.731.000 278,904,000
110,614.000 118.314.000
960,782.000 1,425,206,000
870,683,000 577,093,000
Total
2,313.939,000 2,306,601.000 2,292.834,000 2,286,016.000 2,233.705.000 2.219.629.000 2 201 875 n00 2.247.010 nnn 2,399,517,01
NOTE.—Beginning with the statement of Oct. 7 two new items were added in order to show separately the amount of balances he d abroad aid amounts due
to foreign correspondents. In addition, he caption,"All other earning assets," now made up of Federal Intermediate Cred t Bank debentures, has leen changed to
"Other securities." and the caption, "To al earning assets" to "Total bills and securities." The latter term has been adopted as a more accurate eeeciiption of the
total of the discounts, acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which are the on'y Items included
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DEC. 161935,
Ttoo ciphers (00) omitted.
Federal Reserve Bank of
Boston.
New York.
Phila.
Cleveland. Richmond Atlanta. Chicago. M. Louis. Minneop. Kan. City Dallas. San Fran.
Total.
RESOURCES,
1
Gold with Federal Reserve Agents 84,540,0
Glold red'n fund with U.S.Treaa_
6.832,0
8
S
$
$
S
3
$
$
$
$
$
$
380,109,0 136,087,0 181,704,0 72,147.0 92,895.0 114,736.0 14,988.0 53,867,0 50.499,0 18,745,0 194,442,0 1,394.759,0
10,876,0 14.080,0 2,243,0 2,616,0 4,928,0 2,589,0 1,215,0 1,166,0 2,226,0 2,181,0 3,618,0
54,570,0
Gold held excl. agst. R.F.notes 91,372.0
Gold settle'tfund with F.R.Board 43,752.0
Gold and gold certificates
46,124,0
390.985.0 150.167,0 183,947.0 74,763,0 97.823,0 117.325,0 16.203,0 55,033,0 52,725,0 20,928.0 198,060.0 1.449,329.0
186.168,0 55.540,0 58,157,0 30,602,0 33,024,0 134.541,0 18,871,0 22,540,0 30,140.0 13,670,0 37,894,0 664,899.0
337,044,0 17,229,0 46,827,0 6,158,0 3,611,0 64,800,0 11,013.0 6,556,0 4,238,0 10,913,0 32.845.0 587,358.0
—
914,197,0 222,936,0 288,931,0 111.523,0 134,458,0 316,666,0 46,087,0 84,129,0 87,103,0 45,509,0 268.799,0 2,701,586,0
25,642,0 4,580,0 7,842,0 4,708,0 6,508.0 14,707,0 10,276,0 2,171,0 3,721,0 5,546,0 5,696,0 108,358,0
Total gold reserves
Reserves other than gold
181,248,0
16,961,0
Total reserves
198,209.0
Non-reserve cash
3,769,0
Bills discounted:
Sec. by U.S. Govt. obligations 18,841,0
Other bills discounted
15,801.0
939,839,0 227,516.0 296.773.0 116,231,0 140,966,0 331.373.0 56,363,0 86,300,0 90,824.0 51,055,0 274,495,0 2,809,944,0
16,594,0
951,0 3,190,0 3,154,0 2,502.0 6,096,0 2,705,0
659.0 1,897,0 1,662,0 2.434,0
45,663,0
1,767,0 30.274.0
7,562,0 20,094,0
343,121,0
275,946.0
Total bills discounted
34,642,0
Bills bought in open market
82,047,0
U.S. Government securities:
Bonds
553,0
Treasury notes
1,246,0
Certificates of indebtedness_
9,350,0
146,667,0 56,256,0 102,141,0 44,863,0 27,791.0 97,584,0 22,584,0 6.299,0 20.543,0 9,329.0 50,368,0
17,908,0 12,749,0 7,260,0 3,350,0 66,038,0 29.721,0 32,408,0 20.491,0 15,635.0 33,321,0 31.764,0
619,067,0
352,692.0
Total U.S. Govt. securities... 11,149,0
103,177.0 34,056,0 58,291.0 14,682,0 5,715.0 55,089,0 9,766.0
43.490,0 22.200.0 43,850,0 30,181,0 22,076,0 42,495,0 12.818,0
16.419,0
604,0 8.104,0
32,286,0 3,507.0 17,608,0
91.182,0 14,728.0 3,010,0
139.887,0 18.839.0 28,722,0
7,665,0 8,387.0 7,033,0
467.0
5,662,0 15,211,0 14.382,0 23,522,0
1,962,0 9,372,0 4,815,0 15,051,0
73,451,0
153,740.0
171,280,0
4,858,0 13,011,0 50,685.0 17.791,0 15,289,0 32,970.0 26.230.0 39.040,0
398.471,0
1,240.0
2,726,0
892,0
981,0 20,252,0 1,746,0
7,873,0 17,868,0 11,849,0
4,157,0 12,565,0 4,196,0
2,610,0 8,853,0
3,689,0 11,690,0
2980
THE CHRONICLE
RESOURCES (Concluded)
Two Ciphers (00) omitted.
Boston.
New York.
Phila.
$
$
$
Other securities
Foreign loans on gold
651.0
2,376,0
[Vora 121.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. ran Fran
s
$
$
942,0
3,050,0
818,0
466.0
360,0
$
$
405,0
1,214,0
$
45.0
290,0
3
100.0
352.0
$
308,0
Toro.
$
616.0
$
3,195,0
8,798,0
Total bills and securities
Due from foreign banks
Uncollected Items
Bank premises
All other resources
128,489,0
Total resource-)
LIABILITIES.
F.R.notes in actual circulation
Deposits:
Member bank-reserve scat
Government
Foreign bank
Other deposits
425.412,0 1,512,630,0 408,552.0 529,662,0 253,398,0 305,448.0 661,546.0 182,721.0 152,600,0 220,002,0 159.648.0 458.307,0 5,269,926,0
176,824.0
369.551.0 158,573,0 232,510.0 92,563,0 183,085.0 161,112,0 39,140,0 69,294.0 69,764,0 47,931.0 207,883.0 1,788,230,0
143,492,0
280,0
161,0
133,0
852,827.0 136,281,0 186,482.0 69,268,0 83,714,0 336,499,0 81.042,0 54,698,0 89,679.0 61,859.0 168,956.0 2,264,797.0
154.0
13.0
533.0
763.0
443,0
442,0 1.121.0
163,0
149.0
926.0
964,0
5,954,0
202,0
115.0
6,813.0
232.0
89.0
299.0
76.0
87.0
152.0
72,0
100.0
8.398,0
163.0
8,965.0
323.0 1,251,0 1,216.0
628.0 1.522,0
144.0 5,578.0
21.356,0
900.0
533.0
Total deposits
Deferred availability Items
3avila! paid In
Iurplus
AU other liabilities
144.066,0
78.215.0
8.611.0
16,382.0
1,314,0
869,138.0 137,265.0 189.002.0 69.559.0 84.569,0 338.491.0 83.479,0 56,267.0 90,815.0 82,242.0 175,612.0 2.300,505.0
178.490,0 80,190.0 70.632.0 72.501,0 42,707,0 113,414.0 44,123.0 15.215.0 45,379.0 36.480.0 49.726.0 827,1)72.0
32.190.0 11.616.0 13.141,0 5.979.0 4.646,0 15.722,0 5.127.0 3383.0 4,237.0 4,278.0 8.232,0 116,964,0
58.749,0 20,059.0 22.462,0 11,701,0 8,950.0 30.426,0 9.971.0 7.497.0 8,977.0 7.592.0 15.071.0 217,837,0
849.0 1,915.0
1.095.0 1,491.0 2.381,0
4.512.0
19.318,0
881.0 1.144.0
830.0 1.125.0 1,781.0
306,838.0 91.712.0 139,065.0 53.537,0 107.200,0 179,204.0 73,188,0 42,414,0 89,600,0 69,188,0 121.788,0 1,382.223.0
710.0
710.0
228.153.0 86.611,0 81.946,0 77.653.0 49.864,0 134,776.0 45.475,0 17.487.0 52.256,0 34,703.0 52,568,0 952.147.0
17,261.0 1,386.0 7,681.0 2,446.0 2.791.0 8,099.0 4.627,0 3,070,0 4,884,0 1,834.0 3,338,0
61.607,0
3,235.0
376.0 1,007.0
377.0 2.125.0 1,998,0
363,0 2,670,0
541.0 1,206.0 3,634.0
17.632,0
90.655.0
4,100.0
100.0
Total liabilities
425,412,0 1,512,630.0 408,552,0 529,662.0 253,398.0 305,448.0 661,546,0 182,721.0 152,600.0 220.002.0 159,648.0 458,307,0 5,269,926,0
Memoranda
Reserve ratio (per cent)
75.9
61.8
76.9
70.4
71.7
56.9
68.7
66.3
56.6
71.6
46.3
46.0
68.7
Dontingent liability on bills purchased for foreign correspond'te 3,206,0
4,638.0 2,296,0 1,776,0 5,979.0 1,993.0 1,430,0 1.733,0
19,340,0 4,029,0
50,967.0
1,516,0 3.033,0
F. R. notes on hand (notes rec'd
from F. R. Agent less notes In
eirmilation)__
23.803.0 124.072.0 29.841.0 24.326.0 14.892.0 22.580.0 19.483.0 6.228.0 2.864.0 9.472.0 5.570.0 42.803.0 325.934,
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS DEC 16 1923.
Federal Reserve Agent at-
Boston
New York
s
s
s
s
Chicago
St Louts
Minn. Kan. City
ss
Total
San F)'.
Dottie
s
s
s
$
$
743.463.0 223.214.0 290.856.0 133.425,0 230.575,0 231,332.0 69,748,0 90,388.0 102,136,0 66.533.0 304.986,0 2,945.883.0
249.840,0 34.800.0 34.020.0 25,970,0 44,910.0 250.737.0 24.380,0 18.230,0 22.900.0 13,032.0 54.300,0 831,719.0
F.R. notes issued to F.R. bank 200,627.0
Dollateral held as security for
V.R. notes issued to F R. Bk.:
Gold and gold rertifIcates_. _ 35.300.0
Gold redemption fund
14.240.0
Gold fund-F.R. Board_
35.000.0
Eligible paper
116,689,0
Pnt.v.....1.
.....
i
Cleveland Richmond Atlanta
Phila.
s
(Two Ciphers (00) Omitted.)
s
F.R. notes rec'd from Comptrorr 259,227.0
F.R.notes held by F R. Agent__ 58,600.0
493.623,0 188.414.0256,836,0 107,455,0 185.665,0 180,595,0 45,368,0 72,158,0 79.236,0 53,501,0 250,686,0 2,114,164,0
186.698.0 3.200.0 8,780.0 21,160.0 10.200.0
10.325.0 13,052,0
15.136.0
27,411,0 11,998,0 12.924,0 4.487,0 7.695,0 4,091.0 1,663.0 1.815.0 4.139,0 2,609.0 15.029.0
166,000,0120,889,0 160,000.0 46.500.0 75.000.0110,645.0 3,000,0 39,000.0 46.360.0 1.000,0 179.413,0
131.184,0 53.398.0 109.388.0 45.532.0 93,764.0 127,106.0 54,983.0 26.297.0 36.108.0 42.645.0, 82,086,0
I
nn• nnn n
as I on., n Ion AOK n on. nn' n 117 070 il 1120 RAO n /AI 0.10 n
an n./. n
on IRA n
OR an, n
303,851.0
108,101,0
982.807.0
919,180.0
RI •Inn n n.ya aqo n n 'ii') 020 .
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources.
the liabilities of the 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 2961.
I. Data for all reporting member banks In each Federal Reserve District at close of business Dec. 9 1925.
Federal Reserve District.
Erosion. New York
Number of reporting banks
Loans and dlecounts. grams:
%cured by U.EL Gov't obligations
Secured by stocks and bonds__ _
All other loans and discounts-
102
41
$
$
64,558
11.480
342.051 2,388,693
664.724 2.628,670
Phila.
s
Three ciphers (1100) omitted.
Cleveland. Richmond Atlanta. Chicago. St. Lewis. Minneap. Kan. City Dallas. San Fran.
54
s
75
$
72
s
36
$
100
$
33
$
24
s
69
$
49
$
67
Total.
s
722
20.077
501.906
759,206
6,174
147.073
376.229
8.333
25.054
93.957 842,185
427,731 1.229.742
9,842
203,607
299,840
2.432
69,729
181,594
4.011
115,136
330,082
3.165
77.202
239.738
764,122 1,281,189
529.476
530,021 2,096.981
513.289
253,755
449,229
320.105 1.213,381 14,051,724
9.488
49,923
16.376
6,904
4,196
249,036
33,081
168,814
34.849
25.691
16.541
356.191
25.564
29.336
7.669
2.155
1.923
62,932
12.957
23.149
10,693
6.587
2.295
110.355
7,171
26.456
12.277
17.304
4,643
43.226
9,183
49.080
14,175
15,453
3.837
76,809
335.923
635,167
129,579
Total loans and investments
1,355,484 7,225,308 1.100.045 1.916,356
Reserve balances with F. R. Bank-.
79.602 121.213
95.939 780.945
Dash In vault
37.530
19.577
89,168
22,009
Net demand deposits
897.674 5,726,765 768.024 1,0092741
rime deposits
404,551 1,169.727 200,368 743.569
Dovernment depoelts
5,420
3,374
11,910
2,531
Bills parte & redisc. with F R. Bk.
&cured by U.B.Gov't Obligations
35,937
12.190
3,650 119.891
All other
27,662
12,109
56,836
21,449
Bankers' balances of reporting member banks In F.R.Bank cities:
Due to banks
42.930
123.912 1.082.863 171,700
17111Afrnin hank.
..17 712
00 114
62.430
24.118
659.055
41,697
16.064
390.948
202.480
834
Total loans and discounts
1,018.255 5,081,921
Investments:
U.S. pre-war bonds
40,457
9,634
U.S Liberty bonds
85.708 612.117
U.S. Treasury bonds
18.689 204.302
U.S. Treasury notes
4,391 163.743
U.S. Treasury certificates
16,052
6.568
Other bonds. stocks and securities 212.219 1.106,716
Total Investments
337.209 2.143,387
12.726
388.553
362,843
14,881
14,937
5.771
1.975
4.135
40,522
17.659
179,350
53,151
64,608
7,118
425.374
91.'221
747,260
166.036
111.077
168.537
621,242 2.844.241
43.468 245.451
11.879
53.911
365.756 1.763,421
217.156 1,027.704
2,142
3,770
679.325
50.808
8.585
421.684
205,066
995
364,832
24.293
6.131
237.919
108,804
724
617.766
5.3,614
13.144
487.142
143,949
437
8.040
175,892
270.032 5.440,124
955.309 8,435.708
17.958
17.950
6.239
6.539
1,813
23.826
24.392
222.425
147.452 1.404.272
50.311
434.502
30.098
345.448
16.830
85,951
208.269 2.924,475
74,325
477,352 5,417,073
394,430 1.690,733 19.468.797
30.571 115.787 1,683,188
11.208
24,201
313,407
288.680 708.453 13,154.207
96.541 822.812 5,342,727
4.745
1.684
38,566
5.802
13,174
2.933
14.033
46.852
16,360
3.830
9,283
1,000
645
4.670
4,582
2.289
7,743
40.108
19.755
26.134
14.194
355,149
146.038
86,991
37.369
60.106
29.236
102.633
56.832
39,958
29.572
45.522
14,760
284.586
198,636
108,819 2,241.303
48.555
604)12
2. Data of reporting member banks In New York City. Chicago. and for whole country.
All Reporting Member Banks.
Dec. 9 1925.
Dec. 2 1925.
Reporting Member Banks in N. Y.
COY
Dec. 10 1924. Dec. 9 1925. Dec. 2 1925. Dec. 10 1924
Reporting Member Banks ta cum.
Dec. 9 1925. Dec. 2 1925. Dec. 10 1924.
Number of reporting banks
Loans and discounts. gross:
Becured by U. B. Govt obligations
Secured by stocks and bonds
All other loans and discounts
722
$
175.892
5,440,124
8,435,708
722
$
167.126
5,415.508
8,423,302
739
7
179,545
4.603.544
8,189.223
61
7
59.630
2.130,033
2,309,009
61
$
49,790
2,145,119
2,295,759
67
7
61,762
1.924.562
2,299,017
46
$
17.571
637.610
685.118
46
7
17.968
633.932
670,705
47
$
23.877
511,723
704,238
Total loans and discounts
dovestments:
U.S. pre-war bonds
U. B. Liberty bonds
U.S. Treasury bonds
U. B. Treasury notes
TT. W Treasury rertlfle111PR
Other bonds,stocks and securities.
14.051.724
14.005.936
12,972.312
4,498.672
4,490,668
4,285,341
1.340.299
1,322,605
1,239,838
222.425
1,404.272
434,502
345.448
85.951
2.924.475
221,341
1,396.429
431,377
350,584
84.155
2,908,807
262,401)
1,464,245
75.230
646,611
278,072
2.877.481
29,771
521.104
188.822
156.770
13,465
809.688
29,681
513,358
185.669
159,424
14.008
809,579
41.031
594,18)
12,095
286.441
144,776
870.675
1,968
103.492
16.211
50.659
945
193.903
1.869
103.174
16.132
51,831
931
187.487
4,089
80,294
4,186
97,222
18.570
205,313
Total investments
5.417,073
5,392,693
5.604,053
1.719,620
1.711,719
1,949.201
367.180
361,430
409,676
Total loans and investments__
Reserve balances with F. It. banks_
Cash in vault
Net demand deposits
Time deposits
Government deposit.;
Bills payable and rediscounts wltb
Federal Reserve Ranks:
Secured by U. B. Govt. obligations
Another
19,468.797
1,683,188
313.407
13.154,207
5,342,727
38,566
19,398.629
1,668.229
293.534
13,099,512
5,347,552
45,146
18.576.365
1,669,281
321.172
13,213,047
4,826,351
85.416
6,218,292
724,911
71.119
5,166,027
785.260
9,649
6,202,387
717.509
64.859
5,165,865
787.515
11,347
6,234.547
720.690
74.397
5,367,893
810.913
16,410
1,707,479
168.604
25.223
1,188.502
502.302
1,497
1,684.035
165.62
24,152
1,163,607
499.130
1,453
1,649.514
174,854
30.167
1.178.046
451.835
3.082
284.568
198,636
224.258
226.592
67,912
41.795
83,795
53.123
33.895
76,917
9,755
2.791
17,125
3.883
14,176
4,723
655
270
Total borrowings from F.R.bks.
483.202
450.850
109.707
136.918
110.812
12.546
21.005
10200
921
Dm. 19 1925.]
THE CHRONTCLE
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages whieh follow:
Sales
for
Week
Range for Week.
Lowest.
Par. Shares $ per share.
Railroads.
Ala & Vicksburg_ __ _100
Brunsw'k T & fly Sec100
Buff Rock & P pref_ .100
Chas & Ohio Mrs.._ _100
Chic Milw & St P etfs 100
Prof etfs
100
Chic St PM & Om etf100
Duluth S S& Att.__ _100
Preferred
100
Erie ctfs
100
2d pre( Mrs
100
III Cent Leased Line RR
1000
Sec series A
100
Iowa Central
Mahoning Coal RR.._50
Nash Chart & St L .100
Nat Rys Mex let pref 100
New On Tex & Mex_100
NY & Harlem
50
•
N Y Ry part ctfs
Pref etfs
•
Pacific Coast
100
100
2(1 preferred
Pere Marquette ctfs.100
Prior pref etfs
100
Plus Ft W St Ch pfd.100
Reading rights
1
Vicks Shrevep & Pac.100
Range Since Jan. 1.
Highest.
Lowest.
$ per share.
Highest.
per share. S per share.
100 11014
2,300 114
15 954
40011874
2.200 94
5.200 19
200 53
2.000 434
3.100 74
100 374
100 41
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
103
3
86
934
7
1214
45
2%
3%
25)4
4014
Oct 1104
Feb 174
Apr 100
Aug 1264
Sept 15
Oct 22
Aug 55
Apr 534
Apr 854
July 373-4
Nov 41
Dec
Nov
July
Dec
Sept
Nov
Dec
Dec
Dec
Nov
Dec
36 7134
100 234
1 505
400 188
1.800 6
500 130%
2.590 171
86 291
1,500 63.4
2011 324
300 52
200 824
100 87
25 1424
4,700 133%
200 9114
Dec 15 734 Dec 18 684
Dec 15 24 Dec 15 14
Dec 17805
Dec 17 800
Dec 14 192 Dec 18 143
Dec 14 74 Dec 14
334
Dec IR 13314 Dec 15 1134
Dec 12 199.4 Dee 16 160
Dec 14 295 Dec 16 262
Dec 17 74 Dec 18 634
Dec IR 324 Dec 18 20
Dee E. 52 Dec 12 34%
Dec 12 8214 Dec 12 604
Dec 14 87
Dec 14 804
Dec 15 14234 Dee 15 139
Dec IS 2034 Dec 12 16%
Dec 15 914 Dec 15 85
Aug 74
Jan 34
Oct 505
Apr 192
Apr 834
Feb 3434
Jan 199%
Aug 310
NON 12
Aug 4034
Jan 54
July 824
Oct 87
Jan 144
Aug 244
Nov 9114
Apr
Mar
Dec
Dec
Nov
Dec
Dec
12 11034
12 144
15 954
12 12634
14 104
12 1914
15 55
12 54
12 84
12 3714
14 41
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
12
14
113
16
18
18
16
17
16
12
14
Range for Week.
Lowest,
Indus.& Mis.(Con.) Par. Shares $ per share
Pub Serv Elec Pr pfd _100
100 105 Dec 14
Seneca Copper
• 8.100 934 Dec 16
Shubert Theatres
• 3,700 53 Dec 18
Simmons Co pref _ _ _ _100
100105% Dec 12
So Porto Rico Suit pfd100
300 110 Dec 12
Stand Gas & El Pr__ __50
500 54 Dec 18
Sun Oil
• 8,700 3914 Dec 14
Tex Pac Land Trust_100
303590 Dec 15
The Fair
* 1.800 33% Dec 12
Tidewater 011 pref_ _ _100 1.700 994 Dec 16
Tobacco Prod rights_ _ _.106800 131 Dec 12
United Cigar Stores rgts. 8,400 1534 Dec 17
Un Dyewood Corp_ _100 1,100 9 Dec 16
United Paperboard__100 4.600 3014 Dec 16
Universal Pict 1st pf _10(
30( 9414 Dec 12
4 Dec If
Universal Pipe & Rad II, 22.301
U S Express
101
101 4 Dec 11
Virginia-Carolina new_ _, 2,10( 19)4 Dec 17
Preferred new 7%.1O1 1,901 943.4 Dec 11
501
114 Dec If
Certificates
"
Prof ctfs
101
901 9 Dec lf
134 Dec 18
B certificates
' 201
6% preferred
101 3,601 484 Dec 17
301 424 Dec 1(
Virginia Coal At Coke 101
Vulcan Detinning_ _ _10(
10( 1134 Dec 10
201 103 Dec 17
Preferred
101
Wal wort h Co
• 7,90( 2334 Dec 12
201 4 Dec lf
Wells. Fargo
1
Dec 17
West Penn Co ctfs
•
601 121
Preferred ctfs
101
101 97 Dec 12
West Penn Pr pref_1(1C
101 10814 Dec IF
Wilson & Co. etts____20
301 43-4 Dec 18
Yellow Trk & Coach_ _1(1 7.80(1 274 Dee 15
1 ,...nrrot1
-5
10
'1 ,,..
100 1(5 15 , IS
Range Since Jan.1.
Highest.
122VARRRVARR222R2R2gRRUMR222,1g2Re,
Wall Street, Friday Night, July 00 1925.
Railroad and Miscellaneous Stocks.
-The review of the
Stock Market is given this week on page 2968.
Sales
for
Week
clow
,oto
XXX 4 X'..0
X
XXX
XXX44X
7tCM:1=:1C1Clett:JUtt:JUeet1C=C:10
STOCKS.
Week Ended Dec. 18.
Maniters' 05azett
STOCKS.
Week Ended Dec 18.
2981
Lowest.
Highest.
s per shore 4 tier share.
1004 Jan 108
Oct
9
Nov 11
Nov
52
Dee 5514 Des
1004 Jan 10634 Dec
9954 Jan 1124 Dec
504 Mar 564 Nov
3814 Nov 4314 Nov
Dec
255
A p 650
324 Sept 394 Aug
99
Nov 101
Oct
114 Dec 234 Dec
1534 De 184 Dec
Dee 20
Mar
9
184 Apr 33
Dec
9434 Dec 103 34 Oct
14 Der
14 Dec
3% Jut 45.4 Mar
1714 Der 2134 Dec
924 Nov 9534 Dec
4 Der 5
July
4
Mar 20
Nov
54 Mar 234 Nov
5634 NON 597-4 Dec
30 Jun( 46
Dec
6
Aug 1114 Dee
80
Am 103
Dec
2214 Den 244 Dec
354 Jun( 14
Dec
107
OM 12534 Dec
96
No 9734 Oct
104
Jar 111
July
4)4 Sept 6
Sept
224 Oct 4054 Oct
on
(-,... Ion
Ort
Aug
June
Dec
Dec
Dec
Dec
Nov
Jan
Dec
Foreign Exchange.
-Sterling exchange ruled quiet but
firm and closed strong on brisk institutional buying on the
part of British interests. Continental exchange was irregular
and weak. French francs reacted violently, first down,
then up, on political developments in France. Local trading
was narrow.
To-day's (Friday's) actual rates for sterling exchange were 4 131 15-320
481 9-16 for sixty days. 4 8123-3204 84 13-16 for cheques and 4853-3205
4 85 3-16 for cables. Commercial on bank sight 4 84 9-3204 84 11-16
sixty days 4 80 31-3204 81 1-16, ninety days 4 SO 7-3204 SO 5-16. and
documents for payment (60 days14 81 7-3204 81 5-16. cotton for payment
4 84 19-3204 84 11-16. and grain for payment 4 84 19-3204 84 11-16.
Today's (Friday's) actual rates for Paris hankers' Vanes were 3. .53405
6
3.784 for long and 3.7003.83 for short. German hankers' marks are not
yet quoted for long and short bills. Amsterdam bankers' guilders were
39.71 a 39.72 for long, and 40.07(Th 40.08 for short.
Exchange at Paris on London, 129.20 francs: week's range, 129.20 francs.
high and 135.12 francs low.
The range for foreign exchange for the week follows:
Sterling ActualSiTly Days.
Cables.
Cheques.
High for the week
4 81 9 16
4 853-16
4 84 13-16
Low for the week
481%
4 84 SS
4843-4
Paris Bankers' Francs
High for the week
3 7834
385
3 84
Low for the week
3 51 Si
358
357
Germany Bankers Marks
High for the week
23.8154
238154
the week
Low for
23.81
23.81
Amsterdam Bankers' Guilders
High for the week
39.72
40.18
40.16
Low for the week
39.70
40.16
40.14
Domestic Exchange.
-Chicago. par. St. Louis, 15®25c. Per 61.000
discount. Boston, par. San Francisco, par. Montreal, 13125 per
61,000 discount. Cincinnati, par.
Industrial & MIscell.
American Bank Note.50
301 205 Dec If 210 Dec 16 161
Jar 210
Dec
New
1011.10) 40 Dec 14 44% Dec 16 40
Der 44% Dec
Preferred
50
30( 56 Dec 14 56 Dec 14 5334 Jan 584 Sept
Am Brown Boveri E WI •23.40( 4914 Dee 18 5034 Dec 14 494 NON 53% Oct
Preferred
100 601 98 Dec 1: 98 Dec 12 00% Nov 98
Dec
Am Chicle, prior pref._•
10( 88 Dec lf 88 Dec 18 85
Oct 92
July
Amer-La France FireEng
7% preferred
101 40( 9814 Dec 14 994 Dec 18 9034 Sept 100 June
American Metal. pref 100 201 117 Dec 14 117 Dec 14 111
Mat 119
Nov
American Republics__ _• 5,301 73 Dec It 7934 Dec 15 48
Jar 7934 Dec
American Snuff
10
30( 1394 Dec 17 142 Dec 18 1384 Apt 154
Nov
Am Writ Pap, of etts.100
101
4 Dec 12
14 Dec 12
4 De, 4
Jan
Armour of Illinois. C1B25 50,501 17
Dec 11 18 Dec 15 16% Nov 204 Oct
Preferred
100 601 91
Dec It 9134 Dec 14
Dec91
934 Nov
Arnold Constable etfs__" 1,50( 1234 Dec If 1434 Dec 12 10
S3p1 1634 Nov
New
501 27 Dec 17 30 Dec 16 27
Dee 30
Dec
Art Metal Construc_10
301 194 Dec 12 1934 Dec 14 15
Jar 2034 Nov
Auto Sales
50 20( 534 Dec 11 6 Dec 16 3
NON
6
Dec
Preferred
50 201 25 Dec If 25 Dec 15 12
NON 2534 Dec
Brit Emp Steel,2d pf.100
201 94 Dec 1( 934 Dec 16 63-4 Juli 14
Oct
Bklyn Union Gas rights_ 14,501 6% Dec 18 74 Dec 12 634 Der 94 Sept
Burns Bros, pref____100, 40( 97 Dec 11 97 Dec 16 914 Juli 99
Oct
Bush Term Bldg. pref100
10( 1004 Dec 1710034 Dec 17 984 Jar 103
Dec
Byers & Co(A M1
' 2,80C 34 Dec 1( 37 Dec 18 23
3,
Oct 44 34 Oct
Cert-Teed Prod.Ist pf100
10C 10434 Dec 18 10414 Dec 18 894 Jar 110
Sept
Commercial Credit_ _ _ _27,10C 45 Dec 17 5434 Dec 12 384 Sept 554 Dec
Com Investment Trust_• 2,900 754 Dec 1(1 78 Dec 14 50
Jan 844 Nov
Crex Carpet
100 1,10 607-4 Dec 14 644 Dec 18 36
Mar 644 Dec
Cuba Co
*, 2,900 4714 Dec 11 4834 Dec 14 464 Nov 5414 Oct
United States Liberty Loan Bonds and Treasury
Cushman's Sons
•! 500 9734 Dec 17 9834 Dec 18 62
Mar 104
Oct
Preferred
• 100 1044 Dec 15 104 34 Dec 15 0314 Nov 10434 Dec Certificates on the New York Stock Exchange.
-Below
Deere & Co pref
100
300 107 Dec 1410734 Dec 18 82% Jan 110
Nov
.4"
Devoe & Raynolds - •10,600 7774 Dec 15 8234 Dec 18 53
Oct 8214 Dec we furnish a daily record of the transactions in Liberty Loan
1st preferred
10(
200107
Dec 18 1074 Dec 15 974 Jan 1°7;4 Dec bonds and Treasury certificates on the New York Stock
Eastman Kodak pref.10(
Oct 1154 Nov
10011534 Dec 1511534 Dec 15 112
Emerson-Brant pref_10(
700 24 Dec 15 254 Dec 12 8
May 2634 Aug Exchange. The transactions in registered bonds are given
Eureka VACUUM Clean.' 16.000 53 Dec 14 574 Dec 16 48 34 Nov 574 Dec in a footnote at the end of the tabulation.
Fairbanks Morse pref 10(
100108
Dec 16 108 Dec 16 10634 June1104 Nov
Fed Lt Trae prof _10f
.
100 89 Dec IS 18 Dec IR 824 Sept 89
Dec
Fleischmann Co new.... '0,400 524 Dec 17 544 Dec 17 524 Dec 544 Dec Daily Record of U. S. Bond Prices. Dec.12. Dec 14 Dec.15. Dec.16. Dec.17 Dec.18.
Foundation Fern rights. 17,300 3314 Dec 14 354 Dee 14 IS
Nov 434 Nov
(mho possu omen 99113a gnsru woe
9922,1
Fox Film Class A
• 8,800 8134 Dec 15 8334 Dee 12 6814 Sept 84
Nov First Liberty Loan
314% bonds of 1932-47__( Low..99"ii 99n, 991 .2 995431 9922st
99"n
Gen Cigar prof
100
100 107 Dec 15 107 Dec IS 105
Jan 1114 Mar
(First 334,)
(Close 9922st 9922ss 9922ss 9922is 9922st 99"n
3
Debenture pref _ 100
100112 Dec 18 112 Dec 1/ 104
July 112
Dec
6
102
18
147
40
81
Total sales in $1,000 units__
Gen Motors 6% deb_10(`
100 994 Dec 18 9934 Dec 18 884 Apr 994 Apr
100.00
Converted 4% bonds of (High
Gotham Silk Hosiery.. 1.500 3934 Dec IR 42 Dec 14 394 Dec 42
Dec
100.00
Preferred
Dec 17102 Dec 14 994 Dee 102
10C 3,000101
Dec
100.00
Guantanamo Sugar....• 3.500 5 Dec 14 5)4 Dec 17 334 Sent 63.4 June
____
___
____
_ __
_ __
1
Total sales in $1,000 units._ _
Hanna 1st. pre( C I A.100
250 5934 Dec 14 5914 Dec 14 424 July 89
Feb
Converted 4 Si% bonds (High 10122is 1012931 101"ss 101"31 1012.31 101"n
Helme (0 w)
25 1.300 684 Dec 14 754 Dec 12 66
May 7734 Jan
of 1932-47 (First 44s)i Low. 101",, 101"2: 101'ht 101"3, 101":1 101"n
Howe Sound rights....
Oct 4
400 34 Dec 14 334 Dec 14 3
Dec
I Close 101"al 101"11 101"3, 101"st 101"11 101"31
Indian Refining pref_100
Mar 110
100 105 Dee 16 105 Dec 16 77
Dec
Total sales in $1.000 units
6
87
46
13
11
198
Ingersoll Rand new,,
Nov 100
700 92 Dec 15 95 Dec 14 77
Nov
Second Converted 44%[High
Internat Cement pref 10C
100.11
20010334 Dec 16 104 Dec 18 1024 Nov 107
Aug
____
____
____
____
____ 1.00"Is
bonds of 1932-47 (First( Low.
Internat Paper 1st paid.
200 664 Dec 14 67 Dec 14 6134 Dec 67
Dee
Jones & L Steel pref. 10(1
Second 434*
100"n
Dec 1711434 Dee 16 11134 Feb116
200 114
Aug
Total sales in $1,000 units___
____
Kansas & Gulf
11
____
___
____
____
10
34 Dee 16
300
4 Dec 14
Si May 14 June
K C Pow & Lt 1st pt...°
Converted 44% bonds (Hioe
tcl gla
,
iiii
iii i
i iii 10 ;
7
.
400 108 Dec 1610834 Dec 17 99
Jan 10954 Sept
Kresge (SS) Co pref _10(
4% bonds of 1927-42_(Low. 100 ti
_
,
---- 100 ii
,
-----101 114 Dec P 114 Dec 1, 1104 Mat 116
Oct
(Second 4s)
Kuppenheimer
0
101 30 Dec 1: 30 Dec l(1 23% Sep' 30
Dec
Lehn & Fink
Total sales in $1,000 units_ 11000021::11
5.00) 383.4 Dec 18 3934 Dec 12 37% Nov 4414 Oct
Mackay Cos pref___10(
(High 100"33100",,109.3 Mat 7834 Feb Second Liberty Loan
-4
100"32 100 132 1011 V,
20f 7134 Dec 12 7234 Dec IF 66
Macy Co pref
of 1927-42 (Second (1,0w. 1002,21 1002`n 10022vi 100"33 100"31 100"n
101
11)0118 Dec 15 118 Dec 1! 114% Jar 118
Aug
Mallinson & Co pref _10(
41(s)
IClow 100243, 100"33 100"33 1001 33 100"33 100"31
Mat 92
100 82 Dec 18 82 Dec 18 81
Apr
Manati Sugar
Total sales in 81,000 units._
Oct 55
158
208
234
484
479
251
201 39 Dec 15 39 Dec 1! 34
July
10(
May Dept Stores pfd 101
fflIch 101 33 101% 10113, 101,
,
10( (23 Dec 1:123 Dec 18 1163.4 Mar 124
31 100"n 100"ss
June Third Liberty Loan
Maytag Co
414% bonds of 1928.-- -(1-ow. 101,33 101.00 100"33 100"
, 100'431 100"n
"
'2,701 21% Dec 17 2214 Dec 14 213.4 Nov 2654 Oct
Mid-Cont Petrol pfd _10(
(Third 434*)
(Close 1(1 1',, 101 b,10032n 10021,, 10021ss 100.31
300 94 Dec If 944 Dec 17 834 Apt 944 Oct
Montana Power pref_10(
Total sales in $1.000 units__
Mat 117 June
579
3,673 2.944
565
66
37
20011534 Dec 1711534 Dec 10 109
Mullins Body pref__ _10(
(High 1022is 102.,, 1022n 1022:1 102.00 102.00
100 87 Dec 14 87 Dee 14 80% Sept 87
Jan Fourth Liberty Loan
Murray Body
4 11 % bonds of 1933-38_4Low. 101.33 101"n 1013'33 101.33 101"n 101"n
35,00
Dec 424 Mar
814 Dec 12 14% Dec 11'
N Y Steam let pref ..
(Fourth 41(13)
Jar 102 June
(Clime 102233 101.33 102.00 101..a: 102.00 101"3,
200 10034 Dec 18 10134 Dec lf 97
North Amer Edison pfd" 1,400 944 Dec 14 954 Dec 14 9414 De( 964 Dec
Total sales in $1,000 Units...
209
217
328
186
152
192
Norwalk T & Rubb___1( 1,50( 134 Dec 15 14 Dec 14 124 Sop) 184 Aug rreasury
11119h 106,833 106"33 106,633 106"33 106"33 10613st
Preferred
474s, 1947-52
(Low
101
Dec 85
Aug
106"41 106"31 106,033 106.33 106433 1051%
100 79 Dec 18 79 Dec 18 79
Oil Well Supply
(Clow 106'.31 106"33 106,433 106933 106 031 106II:s
21 1,00e 3434 Dee 17 3614 Dec 12 3414 Nov 38
Nov
Total sales in 81,000 units._
Onyx Hosiery pref___101
7
101) 95 Dec If 9534 Dec 17 7831 Mat 97
Nov
20
1
27
44
11
(High 103.00 103.00 103.00 103.00 10222ss 10222n
Otis Elevator pre_ __10(
Feb 112
July
100 104 Dec 12 104 Dec 12 101
48, 1944-1954
Outlet Co
(Low. 103.00 10222
.102",, 10223ss 102"ss 10222n
600 494 Dec 1: 5114 Dec 14 494 Nov 57
Nov
Preferred
10(
(Close 103.0)) 102"33 102"33 102"33 102.33 102"ss
Nov 10074 Dec
200 1004 Dec 16 10014 Dec 17 98
11.
17
'IA
Total sales in $1.000 units__
111
Owens Bottle nref...le(1
201 114 Dec 1 11434 Dec 14 1103‘ Apr 115
Nov
10
'
Pacific Tel At Tel pref 100
100 103 Dec 17 103 Dee 17 92% Jan 103
Nov
Pan-Am West Petrol 11.5 57.600 43 Dec 12 4934 Dec 16 374 Oct 494 Dec
Note.
-The above table includes only sales of coupon
Panhandle P & R pfd 100
Oct 6014 Feb
700 494 Dec 1. 55 Dec 18 37
bonds. Transactions in registered bonds were:
Parish & Bingham stpd.•
100 2 Dec 14 2 Dec 14 134 Jan 2
Dec
Pathe Exchange A
9923,1 to 992152 3d 414s
• 1,300 75 Dec 18 7634 Dec 16 70
Nov 9
034 Oct 38 1st 334s
10023n to 1013n
Philadelphia Co pret..50
4 1st 4345
1012411 to 101",,11 4th 4 54a
500 48 Dec 14 48 Dec 14 454 Jan 49
July
10122n to 1012n
Phillips Petroleum righ 41,1
9 2(1 4348
100"31 to 100"33 1 Treasury 4103
34 Nov 134 Nov
14 Dec 12 14 Dec 12
106433 to 106%
Phoenix Hosiery
5 800 35 Dec 15 35% Dec 15 18
Apr 4234 July
Preferred
100
84
100 96 Dec 15 96 Dec 15
Apr 98
Nov
Pitts Term Coal pref 100
100 874 Dec 15 874 Dee 15 79
July 884 Nov Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Pitts Util Pr etfs new_10
200 1454 Dec 1 15 Dec 14 124 Nov 154 July
(See page 2970)
Prod & Ref Corp pref_ 5
20 32 Dec 16 3214 Dec 18 27
Sept 4734 Feb
PS Elee & Gas pref_ _100 1.500 99 Dec 1210054 Dee 16 9234 May 100% Dec New York City Banks and Trust Co. (See pate 2997.)
2982
New York Stock Exchange-Stock Record, Daily, Neekly and Yearly
OCCUPYING FIVE PAGES.
POI sales during the week of stocks usually inactive, see preceding page.
HIGH AND LOW BALI PRICES
-PER SHARE. NOT PER CENT.
lieteriag.
Dec. 12.
Monday.
Dec. 14.
Tuesday.
Dec. 15.
$ per share 3 per share $ per share
Wednesday Thursday.
Dec. 16. I Dec. 17.
S per share
Friday.
Dec. 18.
Sales
far
She
STOCKS
NEW YORK STOOK
EXCHANGE
Lowest
S per share $ per share Shares.
73
7214
73
130 135 *131
3
107 110 8 *107
'1712 18
173
4
*5614 5812 '5614
83
4
85
8 87
8
8
11013 1113 11014
11
1138
111e
* 14111 and asked prices. s Ex-dividend. a Ex-rttasta
7212 6,500
135
300
108
1,900
900
173
4
5812 1,200:
87
8 3,300
11138 3,600
113e 15 060
Highest
$ per share
1Veek.
Railroads,
Par
4412 45
44
45
100
45
48
*46
48
*45
48
*45
48
800 Ann Arbor
*655 6612 66
8
66
66
300 Do pref
100
66
*654 67
8
66
66
*6618 667
1273 12838 12718 1284 1273 13012 130 13233 1294 1314 12912 13014 39,300 Atoll Topeka & Santa Fe 100
4
4
97
97
9612 9612 9612 965
97
1,300 Do pref
100
8 963 963
8
4 963 963
4
4 97
712 712
712 8
100
712 77
8
8
83
8
8
8 14 20,300 Atlanta Blrm & Atlantic
73
4 818
255 260
25512 264
100
261 265 x25614 26212 255 259 *255 25512 16,900 Atlantic Coast Line 11R
9118 9178 9114 913
4 9118 927
8
925 935 98,500 Baltimore & Ohlo
8
8
100
3 923 9412 925 94
4
67
67
2,300 Do pref
67 67
67
100
67 67
6712 67
667 673
8
8 67
47
48
47
47
485
8 4753 483
x47
4 3,400 Bangor & Aroostook
50
4712 473 4914 48
4
*97 101
100 Do prof
100
99
*9514 99
89818 99
981s 984
*97
993 *95
4
8
4
604 607
8 61 18 6214 6112 6213 6078 6112 605 6112 613 6212 18,100 Bklyn Manh Tr 5 t o___No par
81
81
8312 2,400 Do pref 5 t 0
8112 8112 8112 8112 815 83
4
Vo par
8
823 8314 *83
350 Buffalo Rochester & Pltts.100
4
8018 8012 *8012 82
80's 801 *801 83
*80
83
813 813
4
1453 146
4
100
14512 14618 14558 1463 14612 148
4
146 1475 14512 14614 9,200 Canadian Pacific
8
*295 300
2,800 Central RR of New Jersey_100
302 302
300 30412 300 3043 300 304 *300 304
4
1213 1223 121 1257 1244 1283 1273 13012 1274 1293 12712 12812 157,800 Chesapeake & Ohio
8
4
8
100
8
4
4
6,400
Do prof
123 123
124 12518 1243 128
100
12712 128 4 1273 128
,
4
4
1273 130
4
8
84 6,000 Chicago & Alton
77
8 8
75
8 814
8
814
100
77
8 74 •
77
8 77
8
134 14
Do pref
1418 14
1412 10,300
1358 14
137 137
8
8 1392 143
8 14
100
113 OCC &St Louis
•174 200 *176 200
1897 1897 19414 19414 *180 200 *180 195
8
100
8
*3334 37
36
800 Chic & Ea8t.111 RR
34
*3412 36
3712
*333 37
4
34
100
*333 35
4
46
Do prof
46
48
48
49
483 5234 12,100
4
100
46
4612 453 477
4
8 47
11
11
32.500 Chicago Great Western
II
8 1134 1214 12
1214
1133 13
100
1153 1114 113
4
79,900
Do pref
247 25
3
4 283 2934 283 31
8
100
244 257
8 25
263
4 27
283
100
938
978
914 10
97 10
8
10
103
8 104 1033 42,800 Chicago MIlw & St Paul
9 4 97
3
8
Do pref
193
4 193 2038 48,400
4
8 19
8 19
197
8 1914 197
100
191s 193
4 1914 197
4
4
8
75
76
754 7614 7614 78
78
805
8 783 8012 773 793 65.800 Chicago & North Weetern_100
0115 118 *115 118
Do prof
11512 11513 11712 11712 1,000
117 11812 118 118
100
4712 5014 495 5314 52
8
54
5512 330,100 Chicago Rock Isl & Pacific_100
5414 5312 573
8 544 57
1,400
Do 7% preferred
*97
98
97
98
98
9812 9814 99
97
9614 9614 97
100
2,400
Do 6% preferred
4
*85
86
4
854 86
'853 86
85
8512 853 854 853 86
8
100
1,000 Chic St Paul Minn & Om_ _100
*52
53
*52
53
54
*5312 55
523 53
4
54
5512 54
1,200
Do met
'108 110 *108 110
11512 117
116 116 *114 117
110 115
100
4 6612 6612 9,350 Colorado & Southern
633 63 8 63
8
3
634 6312 664 654 6612 6612 673
100
Do lst pref
•84
69
•64
69
68
*65
69
*64
69
*134
*65
6812'
100
6312
Do 20 pret
6312 *59
*60
65
*60
6313 *60
65
6312 *58
100
*59
100
14812 14812 14712 14814 1474 1494 14912 1505 14812 1497 14714 1483
8
4 7,100 Delaware & Hudson
3
140 140 1 140 14112 141 14238 142 14312 14234 14412 14212 14314 22,400 Delaware Lack & Western_ 60
45
45
4434 45341 4512 4618 46
4714 47
4753 4614 4614 3,700 Denver Rio Or & West pref 100
38
8
383
8 3818 383
3812 393
8 383 3914 3818 387 85,500 Erie
4
100
41 3833 39
Do Int pref
44
447
8
4414 454 4438 4518 445 455
8
8 4458 4538 4412 445 55,300
100
Do 28 prof
42
421242
4 4212 4234 4214 4238 4218 4238 21,700
100
- 4253
75,200 Great Northern prof
783 787
4
8214 807 82
8
3 783 79141 794 8012 80
823
8 81
100
4
Iron Ore Propertles_No par
8
253 257
4
8 255 2575. 255 257
8
2618 263 10,000
8
8 2518 26
26
2614
35
3514 3514 10,700 Gulf Mob & Nor
3514 35
8, 3514 357
8 355 3614 3512 36
8
100
357
Do prof
10612 10612 1067 1067 s103 103
10212 10234 10214 10214 *10112 10212 1,800
100
8
8
Havana Elec fly, Lt & P_ _100
*230 250 *230 250 *230 250 *230 250 *230 250 *230 250
3312 34
3412 3438 34'3 343* 353* 3518 3512 4,800 Hudson dr Manhattan
33
34
34
100
71
100
Do prof
*70
703 *70
71
*70
7034 71
704 *7014 704 *70
100
1183 1183 118 4 1185 11878 1247 12453 12512 123 125
12318 12414 57,300 Illinois Central
4
8
4
,
8
100
3,800
Do pref
*118 1183 *118 119
119 12412 125 12514 12312 12312 1237 1237
8
8
4
100
300 hat RYS of Cent America 100
*27
28
*27
28
•27
28
27
27
*27
28
27
27
Do prof
*63
75
*63
6512 '63
6512 *63
6512 *63
6512 '63
6512
100
8 29
303 10,300 Interboro Rap Tran v t 0_ _100
8
281s 28 8 2914 303
,
8 29
294 293 3014 2914 295
8
475 4814 48
8
4912 4818 493
8 484 51
4833 5018 4918 5014 58,600 Kansas City Southern
100
800
Do prof
'61
62
62
62
62 62
6214 6214 6212 6212 6212 6212
100
53,300 Lehigh Valley
834 837
8 83
86
8812 r863 88
833
4 8312 8514 847 86
8
4
50
145 148
144 147
14418 1457 144 14512 14212 14314 142 14312 11,900 Louisville & Nashville
8
100
200 Manhattan Elevated guar 100
.85
90
*85
873
4 86
90
87
873
4
87
*87
"80
8
6
Do modified guar
4212 41
42
40
4018 40
4014 2,900
4212 4212 4214 4314 42
100
813
Market Street Ry
*612 9
*7
612 8
*7
8
•7
812 *7
812
100
Do pre(
*26
33
*2612 32
*26
33
*25
33
*26
33
*26
33
100
4412 441 *4315 46
46
*43
46
4312 435
8 4312 4312
500
Do prior Prof
*43
100
Do 2d prof
*15
18
*14
*1212 17 '1212 18
•1312 18
18
*12
16
100
27g
23
4 24 *23
4 27
8
27g
23
4 314
3
3
'23
4 314 2,700 Minneap dr St L
100
*4712 503
4 4712 48
5112 50
50
50
50
900 Minn St Paul & 85 Marle_100
4812 483 "50
8
77
77
*7112 77
*72
78
78
78
78
78
*74
79
300
Do pref
100
4313 42
4238
4112 42
4118 4214 4138 43
427
8 413 4212 71,600 Mo-Kan-Texas RR___ _No par
8
8 8814 89
8714 8814 12.500J
Do pref
89
891
8812 8915 884 8912 8834 893
100
41
4012 4114 40
403 40
403 43,700 Missouri Pacific
8
3912 40
393 4014 40
4
100
90
884 8912 887 893
8
8 89
91
9114 883 90% 884 893 33,200
4
4
Do pref
100
31.
3
3
3
2 8 313 17.300 Nat Rye of Max 211 pref
5
212 2l
2 8 27
3
s
8
24 WS
100
130 13114 12934 1303 121,500 New York Central
8
4
1283 12914 12812 12938 1285 1308 1293 132
4
4
100
1783 1784 *17712 182
4
3,800 N Y C & St L Co
178 17912 17812 180
180 18212 180 183
100
973
3 973 98
8
800
974 9718 *97
98
"97
98
97
97
97
Do pref
100
44
4414 4334 4514 45
455 47
8
453 4612 453 4614 84,100 NY N 11 & Hartford
4
8
46
100
8
24,300 N Y Ontario & Western.....100
*2713 28
8 283 29
2712 283
4 284 294 2914 304 2914 297
100 Norfolk Southern
*36
3812 *36
39
40
39
39
*37
4012 *36
39 .36
100
1483 15014 1483 14912 44,700 Norfolk & Western
4
8
1474 14838 14712 14812 148 15012 1493 151
4
100
Do pret
85
*83
85
*83
85 I
100
.83
87
*82
87
83
83 I *83
IGO
7414 7518 744 7514 754 7614 7553 773
4 7614 7712 7612 774 67.000 Northern Pacific
100
55 115,600 Pennsylvania
8 54
8
523 5318 5318 5312 5312 5414 543 5514 5412 553
4
601
21
203 203
4
4 3,600 Peoria & Eastern
19
19
215
8 2012 2114 *20
203 2112 21
8
1001
8,000 Pere Marquette
*84
85
38
8312 83
83 8 28312 843
3
8 8412 8512 8412 85
100
8914 8914
8012 8012 89
400
Do prior prof
4
89
"8914 893 *89
893
4 89
89
100
300
*7734 79
Do prof
No
7812 7812 *773 79
4
*773 79
4
*773 79
4
4
*773 79
5,600 Pittsburgh at West Va
114 114
11734 123
12078 1207 120 1207 120 1203 11112 115
4
100
8
3
8712 8712 8718 873
4 8712 8914 883 9033 89
4
904 88
89
47,800 Reading
50
100
4
Do let prat
*393 4012 *3934 4012 *393 4012 *393 4012 *393 4012 393 393
4
4
4
.4
4
50
41
41
'40
4012
400
Do 211 prof
*40
403 '40
4
403 '40
8
403
8 4014 41
60
59
6012 "56
587
* 1,300 Rutland RR prof
567 5812 '58
8
59
59
6014 60
60
100
8
100
987 99
8
99
9912 2973 983
4
4 9814 1013 100 1014 9914 1007 57,300 St Louts-San Francisoo
4
200
89
"88
89
*87
89
Do prof A
*8713 89
*8812 89
89
*8712 89
100
637 6512 65
8
6914 6613 69
673 6812 66
8
6712 653 6612 31,500 St Louts Southweetern
s
100
1,700
Do Prof
78
*77
78
77
77
4 78
7813 278
7818 78
.7714 773
100
5134 52
39,300 Seaboard Air Line
8 515 53
8
515 52
8
52
53 8 53, 5418 5212 537
3
s
100
4912 5,700
*4812 483
Do prof
4 49
493
4 493 497
4
8 493 50
4
493 493 *49
4
4
100
8
8
4
1011s 102
83,500 Southern Pacific Co
100
993 994 993 100
8
10018 1013 10112 1033 1013 103
4
g
4
8
8
1153 1163 11618 11612 1163 1173 1173 1187 1183 1193 118 11914 45,000 Southern RallwaY
4
8
3
8
100
923 93
4
923 927
8
93
93
93
93
*9212 93
8 9212 9212 1,500
Do pref
100
573
3 5513 564 55
5618 57,100 Texas & Pacific
5312 537
8 5353 554 5433 564 56
100
14
4001 Third Avenue100
•13
14
0135 14
8
14
14
•13
133
4 1314 1314 14
*7112 7312 *7112 73
*7314 74 . .70
74
Twin City Rapid Transit__100
*73
74
37114 75
8
8
4
3
1494 1493 14812 1493 1487 1501s 14912 15012 1487 15014 1483 14913 25,7001 Union Pacific
8
100
7434 743
8 75
*743 75
4
4 747 747
8
2 7414 747
7534 2,7901
Do prof
*743 75
4
100
26
*26
27
26
26
*20
26
*20
5001 United Railways Invest
26
26
26
27
100
8212 78
81
*78
80 '78
80
2,0001 Do prof
8112 8112 8212 83N 82
100
•125 200 *125 200
150 150
1001 Virginia Railway & Power_100
0125 200 *125 200 0125 200
100
8
8
4
4 423 4418 4318 4418 100,2001 Wabash
4
404 4114 405 4113 407 421g 413 433
724 7218 727
8 73
733
8 73
4
737
8 7212 733 37,8001
Do prof A
713 724 72
4
100
*5734 63
*57
63
*573 63
4
057
63
Do pref 13
*573 60
4
100
1712 1713 177
8
8
8 1718 1712 167 1718 26,000 Western Maryland
165 164 165 1718 17
8
100
243
8' 24
241, 24
247
8 25
2513 244 2512 2414 2453 9,100
Do 211 pref
243
8
100
374 37
385
8 384 393
3
8
8 383 3914 383 3918 28,800 Western Pacific new
es
3614 3612, 36
100
8
805 807
8
81
805 81
8
8018 804 807 81
8 3,400
807 804 81
8
Do prat new
100
2914 293
8, 293 3114 31
8
32
3013 314 3014 31,
4 297 301s 46,100 Wheeling & Lake Erie Ily 100
8
5038 5012 503 5218 5112 5214 5115 5214 49
4
513s 483 4918 7,400
4
Do prat
100
73
7618 7334 7434 73
723 73
4
733
4
130 131
130 130 *130 135
,131 135
107 107 *1033 107 010312 107
4
10514 109
8
8,
4
18
1812 184 187 187 *173 1812 18
59
x58 8 587
7
583
4 59
8 5814 5814
58
94 *83
4 9
83
4 87
8
94 94
9
11238 1123 111, 112 •
8
8
112 113
111 112
.
int. Ito, 103e 101, 1012 11
11
111,
rEa 011 Ann
!Canoe for Year 1925.
Oa basts of 100-s8are lots.
5 per share
22 Feb 17
40 Mar 24
11614 Jan 16
9213 Feb 17
3 Jan 14
14714 Jan 16
71 Mar 30
624 Apr 21
3514 Mar 23
89 June 22
3518 Jan 5
724 Jan 2
48 Apr 2
13612 Mar 30
265 Mar 30
8914 Mar 30
10514 Apr 14
353 Apr 24
518 Apr 23
140 May 20
293 Mar 30
4
40 Mar 30
9 Jan 2
1914 Mar 30
314 Apr 20
7 Apr 20
47 Apr 14
1013 Apr 14
4
4018 Mar 30
92 Jan 2
82 ?Aar 30
331 Apr 22
7314 Apr 21
4418 Jan 6
60 Mar 26
54 Jan 21
13312 Mar 30
125 Mar 30
345 Oct 9
8
2634May 15
35 June 23
34 June 29
60 Apr 24
25 Dec 5
23 Mar 30
8912 Mar 30
112 May 16
213 Mar 18
4
6412 Feb 18
111 Mar 31
11212 Apr 23
18 Jan 8
5912 Jan 2
1312 Mar 23
8Mar 30
285
57 Jan 15
69 Mar 30
106 Jan 16
48 Dec 4
66 Dec 14
1323 Dec 16
8
3June 25
973
8 8 Dec 8
3
265 Dec 15
9415 Dec 16
673 Nov 14
4
5612 Nov 2
100 Oct 26
64 Nov 301
8314 De3 171
92413lay 2
1523 Jan 8
8
321 Jan 3
13012 Dec 16
130 Dec 16
3
105 Fcb 9
1913 Feb 21
19414 Dec 16
3814 Aug 25
5714 Jan 2
15 Feb 7
323 Feb 6
8
163 Jan 7
8
2812 J m 7
805 Dec 16
8
11812Nov 7
573 Dec 16
100 Dec 7
891
:Mar 3
5912 Jan 13
117 Dec 16
7011SePt I
65 Nov 91
624 Aug 27
155 Apr 8
147NJune 8
60 Jan 12
393* Dec 16
487 Jan 2
8
43% Jan 5
8238 Dec 16
4053 Jan 19
4Sept 8
363
10914Sent 5
246 Sep:, 10
383 Aug 26
8
72 July 10
12512 Dec 16
12514 Dec 16
3318 Sept 11
6613July 14
3413 Feb 9
51 Dec 16
6212 Nov 30
8812 Dec 17
148 Dec 1 1
11912Sept 14
514 Feb 9
12 Sept 21
4614 Sent 21
6514Sept 21
3514Sept 21
4 Mar 6
57 . Nov 19
8614 Nov 19
4512Sept 8
913 Aug 18
4
4
413 Dec 8
9112 Dec 5
314 Dec 16
132 Dec 16
183 Dec 16
98 8 Nov 20
7
47 Dec 16
34 4 Aug 13
3
45 Sept 29
1.51 Dec 16
83 Dec 8
777 Dec 18
3
5538 Dec17
215 Dec 15
8
8512 Dec 16
8912 Dec 14
7812 Dec 15
123 Dec 12
9114June 1
41 June 1
443
8June 1
8
627 Jan 9
10214 Aug 28
9214 July 28
6914 Dec 14
784 Dec 5
5414 Nov 14
6113 Aug 27
108331 Jan 9
1195 Dec 17
8
11512Sept 19
5814 Mar 13
15%Sept 9
74 Nov 30
15314 Jan 10
7714July 31
3311May 18
837 Dec 14
8
150 Nov 4
4714 Aug 26
737 Dec 17
8
6012 Aug 22
183 Aug 25
8
2814 Jan 9
393 Dec 16
8
81 Dec 7
32 Dec 15
537 Dec 1
8
84 Ma) 20
,
324 Mar 23
6 Nov 18
20 Jan 13j
4214 Nov 241
15 Dec 8
214 Oct 28
3053 Apr 4
40 Mar 30
2814 Jan 2
743 Jan 2
4
3058 Jan 5
71 Mar 30
112June 24
11314June 10
118 June 24
884 Jan 6
28 Mar 24
205 Apr 4
8
214 Apr 22
12312 Mar 30
7512 Jan 8
5814 Apr 25
4213 Apr 9
1334 Apr 30
4June 24
613
78 July 29
6812 Apr 16
63 Mar 19
693 Mar 30
4
8
357 Mar 18
3614 Mar 18
42 Apr 24
674 Jan 16
78 Jan 20
4June 11
433
70111June 25
203* Jan 16
35 Mar 30
96 ()et 7
775 Jan 2
8
83 Jan 2
4314 Jar)27
712 Apr 17
68 Jan 22
13314 Apr 24
72 Jan 30
18 Aug 31
4813 Mar 23
6418 Jan 14
1018 Mar 30
5534 Jan 20
3812 Jan 21
11 Mar 24
16 Mar 27
4July 31
193
72 July 27
ION Mar 31
22 Apr 2
Industrial & Miscellaneous
Abitibi Power & Paper..No par 62 Jan 8 7618 Dec 14
All American Cables
4
100 119 Jan 5 1333 Oct 28
Adams Express
100 90 Apr 16 11714 Oct 9
Advance RurnelY
100 13 Apr 11 20 Oct 23
Do pref
100 47 Feb 18 6214 Oct 23
Ahuinada Lead.
.3131av 27
1
718 Oct 13 125
Air Reduction, ino..___No par 883 Jan 30 1175* Dec 1
4
Max Ruhlwr Inn
NA /Ins
0$. nee 2 187..lona to
rMC .111 AIRS
gauge for Preoloist
Year 1924.
Lowest
!lollop
$ Per share 5 per 2.114 V.
12 Apr
25 Mar
9718 Jan
8612 Jan
15 Feb
8
112
Jan
524 Apr
5614 Apr
393 Dee
4
Jan
86
1313 Jan
483 Jan
4
40 May
14234 Mar
199 Mar
67% Feb
9913 Jan
314 Apr
818 May
100 Apr
21 May
37 May
Apr
4
1012 June
1072 Oct
1814 Oct
4914 Jan
Jan
100
2112 Feb
76% Feb
85 8 Jan
5
Jan
29
6814 Apr
Jan
20
Jan
50
Jan
CS
10413 Mar
11053 Feb
42 Dec
4
203 Jan
2858 Feb
2518 Jan
53% Mar
26 May
1134 Apr
Jan
50
2278 E
4614 E
12034 13
9658 E
6 E
15214 E
847 I/
2
6613 1
3
4414 E
95 N
417 D
1
753 13
4
684 r
1564 N
295 E
9814 U
10913 it
104 E
1978 11
15014 N
38 13
g
627 E
117 N
1
311 N
/
4
1814 N
324 N
4
753 E
11434 E
50 N
974 E
874 N
571s 13
94 13
49 11
65% E
39 N
1391 E
8
14953 13
4313 13
353 A
8
4914 E
4614 13
75 13
393.4 N
2912 E
99 U
203 Nov
8
5714 Oct
1004 Mar
104 Mar
114 July
441s May
123 Jan
4
174 Mar
5114 Mar
33912 Apr
875 Jan
8
Jan
42
3013 Jan
634 Mar
20
3
4ct
41 Nov
14 Mar
14 Jan
2814 Mar
50 Juke
1012 May
294 Feb
94 Jan
Jan
29
lte July
9918 Feb
7213 Feb
83 May
144 Jan
16 May
1213 AM
10212 Jan
723 Feb
4
477 Mar
3
4214 Jan
04 Mar
4012 Mar
7112 Apr
60
Jan
38
Jan
517 May
8
34
Oct
53318 Jan
32
Jan
1918 Apr
426 Jan
,
33
Jan
577 Jan
8
814 Jan
1414 Jan
8513 Mar
3812 Jan
6634 Jan
19
Jan
83 Malt
4
394 Oct
12653 Mar
70 Mar
75 145r
8
264 14pr
86 Feb
103 Jan
4
34
Jan
2212 Jan
83 June
8
1514 May
2914 13
6478 E
117% E
11714 E
1813 N
63 N
394 J1
4118 E
594 r
85 E
109 E
85 E
5178 It
131* J
42 L
7111 J
30
J
4
J
5312 13
75 E
344 E
754 113
344 N
74 fp
3 E
11934 13
128 ID
937 se
334 13
2814 N
29 N
13314 11
8018 in
73 13
50 E
2212 N
73 13
8512 A
77 A
7514 13
794 D
5613 J
56
J
66 N
65 D
8213 D
554 13
74 IC
2418 D
4513 13
10512 N,
7934 D
85 D
484 El
1811 it
66
J
1513 D
3
7613 A
41 1)
647 D
723 it
4
34% D
605 D
424 D
1614 D
2614 D
'713 Jan
1414 Jan
iii: 1)
3213 D
81 Dec 84 1)
9612 May 1224 D
7312 Jan 9311 D
6 June 163 D
8
2814 June
44
1)
13
6714 Jan, 93 at. ?Ow. 1L. rt
New York Stock Record—continued--Page z
2983
pus sales during) the week of stocks usually Inactive, see second page preceding.
&WA ANL LOW SALE PRICES—PER SHARE, NOT PER CENT.
Saturday
Dec. 12.
Monday,
Dec. 14.
Tuesday.
Dec. 15.
Wedneeday
Dec. 16.
Thursday,
Dec. 17.
Friday.
Dec. 18.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
On basis of 100
-share lots
Lowest
Ilighest
PER SHARE
Range for Prestos.
Year 1924.
Lowest
Highest
Per share S per share
per share 3 Per share Shares Indus. & Miscall. (Con.) Par $ per share $ Per share
3
per share $ per share
Per agar
per slays
13
134
4
17
1% •13
8
134
13
4
178
8
1 Jan 6
1,200 Alaska Juneau Gold Min_ 10
17
s
213 Oct 26
13
4
4
1% *13
% Jan
11: Mar
1143 11612 115% 11655 114% 116
4
11312 1153 113 114
4
1123 11418 42,200 Allied Chemical & Dye_No par 80 Mar 30 11658 Dec 11
4
65 Ma
871s Der
12114 12114 12114 12114 /1193 1193 "1193 120 *1193 12014 *120 12014
Do pref
4
4
4
100 117 Jan 9 1214 Nov 21 110
400
4
Apr 1183, Dee
9334 9634 9512 9714 943 9614 9318 9512 93
4
933
4 93
94
45,500 Allis-Chalmers Mfg
100 7112 Jan 5 9714 Doc 14
411 May 735 Dee
/
4
,
1083 10812 1085 11183 10812 109 "108 109 .10812 109
8
8
4
Do pref
10812 10312 1,600
100 10314 Jan 3 109 Dec 15
90
Apr 1044 Dec
27% 275
8 2718 2712 2718 283
273
, 27
4 2714 275s 2714 273
4 8,000 Amer Agricultural Cbem_100 1312 Mar 19 297 Oct 13
,
71 Apr
,
1718 July
793 8012 7912 79% 7912 80% 8014 81
4
805s 8214 7912 7912 6,900
Do pref
100 364 Mar 23 8213 Dec 1
1814 Apr 4958 Jan
34
34
*33
34
333 34
4
4
33 2 33 2 3312 333 .3212 34
,
SOO Amertcan Beet Sugar
,
100 2953 02t27 43 Jan 7
38 Mar
491: Feb
*7014 803 *7011 80 4 .7114 80 4 •711 4 8014 *7114 8014 *7114 793
4
Do pref
,
,
4
100 8014 Jan 19 877
,June 19
881 Oct 83 Dee
:
34
33
33
34
3218 33
3114 32
3138 3312 3214 3314 11,500 Amer Bosch Magneto_No Par 261 Mar 24 544 Jan 3
,
2214 Apr
387 Jan
:
145 14914 14812 155
152 156
151 152
151 15312 z152 15314 14,500 Am Brake Shoe & F_ __ _No par 9014 Mar 30 153 Dec 15
76
Apr 102 Dee
•114" 1143 •11412 1143 .11412 115 .11412 115
4
4
11412 1 1433 •112l2 114
Do pref
200
100 10712 Jan 12 1145 Dec 17 104% July 110 Mar
8
8
25718 2593 25814 26312 26014 26414 257 263 4 252 259
,
25114 25412 155,200 American Can
,
100 1581 Jan 18 26414 Dec 15
957 Apr 16312 Dee
,
8
8
1215 1215 121% 1213 12134 12134 *120 12112 121 121
8
Do pre!
1211, 1211s
100 115 Jan 29 1217
600
58ept 14 109
Jan 119
Oet
111 1113 110% 11134 x10912 10912 1083 110
4
109 110% 109 11012 7,400 American Car& FoundryNopar 9712 Apr 27 115
4
54F3eDt 17
.123 127 .125 1261, .121 1243 •121 12412 .121 12412 *121 12412
4
Do pref
100 1204 Apr 2 128 July 28 11- 714 -Aiti 12 - Kit
8
5
.
;
2412 2412 245 24311 247 247r
8
8
2412 24% 2412 24% 24% 24% 1,300 American Chain,class A _
25 221J Oct 3 27 Feb 14
21% Mar 25 Sent
53
54
53
557
8 5112 54
5214 53
5012 52
52
8,000 American Chicle
52
No par 37 Jan 27 62 Apr 18
141 Apr
/
4
407 Dee
2
5312 55
5112 53% 5112 53
5112 51% 50
5114 49
Do certificatee
No par 37 Jan 7 5812 Apr 18
5012 4,800
23 Sept 39 Dee
.438 434 .45
8 434
4% 45
8
412 412 *412 4% 1,000 Amer Druggists Syndicate_ 10
48 45
412 Oct 7
3% June
613 Jan 22
7
Oct
.136 13712 136 136 .13614 138
137 137
137 140 •137 13812 2,100 American Express
166 Jan 2
100 125 Apr 27
88
Apr 16414 Dee
4314 45% 443 46% 4312 45
4
4314 4414 43 433
4 43
4334 50,200 Amer dr For'n Pow new _No par 2714 Apr 7 511
/
4Sept 3 ------9312 933
4 9318 93% .91
9112 9114 9112 9112 9112 1,000
9214 •91
Do pref
No par 87 Jan 6 94 Feb 19
135 135
Do 25% Paid
300
1141 Apr 7 142 Sept 23
/
4
9211 Mar 13258 Deo
Ii
1312 .13
" 171 .13
-.
1312 —1 212 121; ;i12172 1314 121-4 -134
- 114 Jan 14
200 American Hide & IAsather_100
5071141 JanAp
812 Mar 31
74 De
12% Dee
/
1
4
6112 60% 603
6184 613
81
4 61
.6112 6212 6114 62
4 61
Do pref
100 6812Sept 2 75% Jan 14
1,300
138 1383 137 138% 1374 139
8
135 135
13612 13712 135 1363
100 83 Mar 18 139 133c 18
4 9,800 American Ice
72 Aug 96
Feb
84 .83
*83
84
.83
84
84
8412 .83
Do pref
83
85
400
100 7412 Mar 17 88 July
833
4
731 Nov
:
83 Feb
43
4
43% 4314 4418 423 4418 43
4418 43% 44% 423 4312 26.800 Amer International Corp_ _100 324 Mar 30 467 Nov 13
4
,
1733 Mar 35% Nov
153 15% 15% 15% 15% 15% 15% 153
4
4 1512 155
8 1512 155
10 1114 Jan 2 20 Nov 14
8 4,000 American La France F E
10 May
12% Jan
57
49
51
5012 53
57% 54
55% 533 54%
4
15,100 American Linseed
100 20 Mar 25 5914 Nov 5
134 May
/
1
2854 Dee
.8612 8712 8712 89
89 89
8812 8812 8812 8812
Do pref
1,100
100 63 Jan 2 89 Oct 2
531 Dee
30
Apr
12414 125 4 z119 12014 11912 12012 11912 120 s 119 121
18512 12931'4 15,800 American Locom new_ _No par 1044 Jan 5 1447s Mar 6
534
,
0 8 2
,
5
0
70% Apr 10914 Dell
•119 4 120 .117% 120 *11812 120 •119 11934 1193 1193 •119 1193
,
8
8
Do Dret
100
100 115 Aug 14 124 Feb 16 1161g Apt 1204 Sep,
4
5:33 53% 533 55
4
4
5312 54% 53% 53% 5212 53% 5314 537
No par 454 Mar 30 57 Oct 26
/
1
4
, 6,500 American Metals
884 June 54 Dee
117 117% 11718 1177 111512 11612 114, 115.2 114% 11434 11412 11412 5,500 American Radiator
8
2
894 Jan 3 12212 Nov 4
9414 Apr 136 Dee
.7914 81
.7812 81
•7612 80
*7612 80 .78
80
Amer Railway Ex press _ _ _ _100 276 Sept 15 84 Jan 13
•77
80
7711 Nov
83 OM
4 6812 70% 633 68 2 585s 6214 583 60%
68% 70,
4
,
4
2
33,100 American Safety Razor__ _ _100 367 Jan 2 7654 Nov 14
54 Apr 10 4 NOV
,
614 612
612 6 2 •1318 6%
,
6
6%
618 6%
2,100 Amer sato & COmin _ __No par
5 Oct 20 141 Feb 28
/
1
4
:
5
17011 Oct15% D s
100 Feb
/
1
4
133% 135'2 13212 13414 1323 134
4
1315 133
8
131 1323
4
/
1
55,400 Amer Smelting & Refining _100 904 Mar 30 13.512 Deo 12
Jan
11312 11312 113 113% 113 113
113 113
11312 11312 5629311i 1361367
Do pref
13
100 1054 Jan 5 11514 0
800
96
Jan 107 1 Del
3
e1 9
1
437 44
8
43% 44
435 433
8
4 435 44
8
433 44
4
4354 44
441 Oct 27
/
4
5.900 Amer Steel Foundries_.No par 3733June 11
•113 115 .112 115 •110 115 .110 115 .111 115 *11212 113
Do pref
100 108 Jan 7 1131g Oct 14 10114 Apr 10914 Nov
753 75% 75% 7614 76
4
763
8 76
/
4
76
7518 76
/
1
4
7514 7514 5,900 American Sugar Refining_ _100 47 Jan 16 771 Dec 7
Oct 611 Feb
38
/
4
.101 102
101 10114 10014 101
101 101
101 101 •10014 101
Do pref
100 9144 Jan 16 10414 Nov 17
1,600
77
Oct 99% Felt
.12
12 4
1118 1112
,
1114 1114
1118 111, 1058 11
6 may 8 2412 Feb 14
100
6% July
114 117
, 1,800 Amer Sumatra Tobacco
281: Jan
.88 120
*88 120 .88 120 .88 120 .88 120 .88 120
Do pref
100 28 Apr 27 1204 Oct 15
221: Sept 89
Jan
42 .40
.40
42
40
40 .39
41
3914 39 4 •39
4June 1
47 Feb 25
3814 Dec 431 Jan
400 Amer Telegraph & Cable._100 373
41
,
:
1447 145
8
144% 145
144% 145
1445 145
8
/
1
14412 145
100 1304 Jan 2 145 Dec 7 121', June 1344 Des
142 143
7,100 Amer Telep & Teleg
/
1
1153 1153 1154 115 4 11518 1153 11453 1157 11414 115
4
4
,
8
4
11414 115
ao 85 Feb 17 12112 Oct 22 138% Mar 189% Nov
4,200 American Tobacco
107 107 .10512 107 *10512 107 .10.512 107
106 10618 106 106
Do pref
100 1044 Jan 6 110 Nov 12 101
400
Apr 1081: Jury
113% 1143 11314 1147s 113% 1147 1137 1145 134 11458 113% 11414 6,700
4
8
8
Do common Class B_ _ _50 844 Feb 17 11912 Oct 29 13514 Mar 188% No•
•1214 126
12314 12314 *124 126
12114 12314 •120 121
.100 103 Apr 22 135 Nov 4 106 Sep: 115 Sep,
120 121
600 American Type Founders.
3
,
76
74
73% 7614 7214 74
71
73
697 7212 71
8
/
1
4
20 34 Jan 13 7614 Dec 14
40 Feb 144 De,
72% 48,300 Am Wat Wks & El
•10034 10111 .1003 10114 10012 10012 10114 10114 1017 1017 1017 1017
4
,
Do let pref (7%)
8911 Mar 101
100 9714 Aug 6 103 Feb 18
700
s
8
Dee
4414 4412 4212 44
4212 4318 415 425
8
8 4114 427
4
42
514 Sept
100 3454May 6 643 Jan 6
14,400 American Woolen
42
787 Jan
,
92 92
9012 9112 *8812 90
*Ws 90
*883 90
8
89% 89%
Do prof.
100 6912May 6 961a Jan 20
1,000
90 Oct 102% Jai
•15
8 2
•13
8 2
112 Dec 18
1%
.112 2
15
8 .112 2
Amer Writing Paper pref.. _100
71: Jan 3
11 Apr
,
112
300
7 July
112
914 1,600 Amer Zinc, Lead & Smelt
9% 934
.934 10
93 10
s
914
7 May 12 121, Jan 9
9
914 95
9,
2
8
25
7 Mar
1214 Dee
41
42
4112 43
42
4212 4012 4112 395 4012 .38
,
25 244M ay 1 447 Dec 4
Do pref.
24 June 38% Dee
2,700
40
49
49,
51
4 49
497 504 49% 50
8.
5014 51
4914 497 40,300 Anaconda Copper Mining _50 3514 Apr 21 5314 Nov 8
,
281 May 484 De•
,
.4012 42
41% 417
8 41
405s 4112 .4114 42
41
4114 4114
,Oct 1
600 Archer. Dan'Is Mid1M-No Par 28 Jan 7 457
284 Dec 29 Dee
•104 105 .104 105
103% 101 •104 1047 .104 105
104 104
100 9011 Jan 5 105 Oct 16
300
Do Pre(
90 Dec 914 Dee
97% 9712 97% 97 2 9712 97% 9712 0758 07,2 9712 9712 97% 3,300 Armour & Co (Del) pref _ _100 904 Mar 31 100 Oct 8
,
8314 June 94% De:
2412 25
2412 24% 2412 213
4 2433 2433 2133 243
4 244 215 18,100 Armour of Illinois Class A._25 20 Mar 19 2712 Oct 6
8
15
153
8 1418 1414 1414 1438
14
1418
14
14
125 14
8 Jan 5 175, Oct 30
8
3,300 Arnold Constle&Covto No par
0 Oct 18
Jima
5212 53
53
55
56
57
57
57
5612 57
57
No Par 39 June 19 58 Der 18
58
3,100 Artloom
108 108
109 109
108 108 .107
•108 110
_
109 109
Preferred
100 10112 Aug 20 109 Dec 11
350
58
563
4 5612 58
5612 58
5614 5712 555 57
8
/
4
17,400 Associated Dry Goods_ __ _100 4612 Aug 17 611 Nov 2
*1003 102 .101 102 .101 102
4
10112 10112 .101 102 •10512 102
51
5 12
6
Do lot pre:
100 94 Jan 7 102 0c128
831g May
400
Nov94
•10612 107 *108 107 .106 107
106 106
10512 10512 *10312 105
Do 2d pre!
100 101 Jan 2 10814 Feb 7
200
89
Jan 1023 Dee
4
4334 44
43
4373 423 4412 4312 4412 435 46 4 4512 4612 62,700 Associated 011
4
8
,
25 32 Mar 30 4612 Dec 18
271 July 34% Fell
:
6314 63% 614 623
617 6414 6212 64 4 6212 6312 12,000 Atl Gulf & W I SS Line__ _100 20 Jan 5 77 Sept 29
2
4 6134 62
,
104 Mar 23 Dee
/
1
5512 5414 5412 5
*54
55
.5412 58 .54
,
Do pref
4,2 54 2 54
55%
100 31 Jan 5 60 Sept 23
700
121 Jan 311 Dee
:
:
•107 108 2 100% 108, 106 10814 10712 109
4
10812 10938 10834 10918 2,900 Atlantic Refining
,
100 954 Jan 2 11712 Feb 5
781 July 14014 las
:
•116 118 *116 118 •116 118 *116 118 .116 118 .116 118
Do pref
100 113 Sept 18 11754June 8 108
Oat 118 Feb
1814 18 4
18, 18 2 17, 1814
1614 17
15
4
,
,
16
4
1512 171 8,800 Atlas Tack
91 Feb 16 21 Dec 4
No par
,
/
4
5 June
11% Jan
297 29% 29% 29% 2914 29 4 28% 29% 29
s
29
,
284 29
32% Jan 12
22 July
18% Mar 331: Del
2,600 Austin. Nichols& Covt c No par
9412 9312 9312 9312 9312 93
.92
9312 .92
93
Do pref
100 875 Jan 27 95 Aug 15
,
79
800
Apr 91 Nov
.7
8
1
•s
•7
7
•78
3
1
1
1
.
7
s
1
414May 14
11: Nov
1 Dec 4
Auto Knitter Hosiery_ _No par
812 Jan
12814 1293 12814 1305 129% 1317 129% 131% 1293 132% 132*78 13 12 102,500 Baldwin Locomotive Wire..100 107 Mar 30 146 Feb 26 1041 May 134%
4
8
8
s
9 / 92
0
1
4
/
4
Del
•11012 114 *11012 113 *11012 113 •11012 113 .11012 113 .11012 113
/
1
4
Do pref
100 107 Aug 7 116 Jan 31 1104 June 1171 Nov
:
265 27,
8
2714 28% 227% 27% 2612 273
4
4 2612 27
2654 2812 38,300 Ramsdell Corp, Class A
14 Feb 234 Des
25 184 Aug 12 30 Mar 3
24
24% 233 243
24
243 25, /2412 2412 .24
8
4
4
8 24
243
8 3.500
Do Class B
10
25 16 Aug 18 2514 Dec 14
Jan
171: Des
54, 541s .52
8
533
4 52
48
534 •52
55 .16
52
48
No par 35 Jan 6 731 Oct 8
,
23 2 Nov 39 De:
,
300 Barnet Leather
.384 40
*3814 40
•'81 1 40 .3814 39
*3814 33% 38 4 3812
,
No par 3814Sept 29 5314 Feb 14
8912 May 69
200 Bayuk Cigars, Ins
Jan
71
71
681s 69% 68
72% 69
893
8 69
1391s 70
% 70% 29.600 Beech Nut Packing
20 60 Mar 23 77% Aug 26
4454 Apr 72 Des
/
1
4
40% 41
40% 415
40% 4114 40
408 4012 41
8 41
411e 41.80 Beaune Bros
No par 37 Sept 4 4158 Dec 17
-- - - 4914 49% 49
49% 498 4914 4738 48% 4712 48
4712 4814 20,800 Bethlehem Steel Corp
100 37 June 6 53% Jan 13
3714 Oct 82% Feb
11518 115% 115 115
4
115% 115, .11514 1153 .115 116 •115 116
8
Co cum cony 8% prel 100 109 Mar 18 1164 Feb 8 10114 Apr 1101 Feb
600
4
1003 101% 101% 101% 10012 10112 101 1013 101 10112 10112 10112 1,900
4
8
8912 June 97 Feb
Do pref 7%
100 9314June 1 102 Jan 31
.614 7
614 614
914 6 4 .6
7
6% 6% .814
,
612 1,200 Booth Fisheries.
41:May 4
3 June
/
1
4
8% Oct 6
No Pas
71a Jaz
.4112 42,2 •4112 4212 41
4112 41
4118 41
41
41
41
Cons Mills Class A_ 50 4058 Aug 26 46 July 21
SOO Botany
32
327
8 32% 333
4 32% 333
4 32% 3314 3218 323
8 32
32 4 17,700 Briggs Manufacturing.
.No Par 27 Oct 24 4412May 25
,
13412 13554 13412 135
13412-13412 135 13514 134% 136
134 13434 3,100 Brooklyn Edison, Inc
Jail; 12414 - 1100 12053 Jan 2 15612Nov 6
11e;
88
8814 8612 87% 8612 87
86
8612 8818 8612 861s 8612 5,300 Bklyn Ut.lon Gas
751, Feb 17 10014 Nov 5
No par
585 Apr 82% Dee
,
123 12318 126 126
126 126
128 129
125 126
12934 130
100 6412 Mar 31 157 Nov 2
1,500 Brown Shoe Inc
89 May 761 Dee
:
•107 109 .107 109 •105 109 •105 109 .103 110 •103 110
Do pref
100 96 Mar 25 109 Oct
84 June 99 Deo
/
1
4
*3014 32
*3012 31
30
3034 30
30
307 31
8
291
% 2938 1.500 Brunswick-Balke-Colrr No par 24 June 25 49 Jan 21
/
1
4
124 124
124 125% 126 12612 12612 127
127 1274 12612 128
3,000 Burns Brothers
No Par 9213 Feb 11 128 Des 18 -915 Dec 1121, June
-36 4 363
,
4 36% 37,
4 36
3612 3612 36% 36% 37
36% 37
Do new Class Boom No par 17 Mar 31
4,200
3714 Deo 14
19% Feb 29 NOT
.93
9412 *93
9412 .9112 9412 9118 92
*91
927
8
300 Burroughs Add'ii Macb_No par 65 Jan 3 103 Sept 4
62 Nov 671 Oat
/
1
4
:
2512 25% 2312 26
2114 2112 911l 911% 7,600 Bush Terminal new....No par
4
23% 24% 213 23
21
: 21 2
,June 4 26 Dee 14
145
89 89
8812 88 2 8812 88% 8812 89
8912 89 2 89
,
,
89
Debenture
800
100 80 May 14 897
,June 20
.6
64
,
614
6
53
5
/ 53
1
4
4 5%
61s
6
4
3,
000 Butte Copper & Zino
5 414 :Vier 31 84 Jan 2
3% June
25% 26
25
253
2412 2412 24
4 25
25% 24% 25
5% 24
5: 4,100 Butterick Co
17
100 17 May 13 2854 Jan 3
17
Apr 254 Dee
/
1
16% 16%
1614 16% 21512 16
153 15% 15
8
15 8 1418 14% 8,
,
700 Butte & Superior M Ming _ _10
612May 5 2414 Jan 9
14 May
.3
251: Dee
8
12
12
12
33,
12
.1
*3
%
3
•3
8
12
400 Caddo Cent Oil& Ref.
__No par
%Nov 12
25 Jan 12
,
1 Nov
614 Jan
1323 13412 .131 13112 131 131
4
2
130 130% 1283 12978 12971 132 4 4,400 California Parking
No par 1001: Jan 27 13612 Nov 13
80
Apr 1064 Dee
3112 313
4 3114 311
, 31
4 30% 311
311_ 30% 313
3114 32% 68,800 California Petroleum
:
25 237 Jan 2 327 Mar 7
191 July
,
,
2914 Feb
2
2
2
2
2
2
2
2
2
2
1%
17
s 5,800 Callahan Zino-Lead
114 Oct 10
10
44 Feb 19
2 2 May
1
1I
57 Jan
55% 56 4 56
,
567
8 5614 567 .5614 563
4 55% 5634 5658 5634 3,600 Calumet Arizona Mining
8
10 45 Apr 22 594 Nov 20
411 Mar 581 Der
/
4
:
•1312 14
14
14
.14
1312 14
1312 14
14%
1312 1312 2.900 Calumet & Hecht
13% May
25 1214May 26 185 Jna 5
8
19% Der
64
65
66
6612 6614 66 2 66
6612 6512 68
65
,
5.100 Case Thresh Machine_ _ _ _100 24 Mar 18 6712 Dec 2
14 Mar 35
Dee
100 101
102 102
102 10212 10212 103
102 102 2 102 102
,
65
Do prof
3,200
100 60 Mar 11 103 Dec 18
4114 May 77
Jaz
1912 197
8
8 193 1934
19
19% 19
19
1914 19
1834 1938 5,300 Central Leather
100 1.114 Mar 28 235 Oct 13
94 Mar 21% Dee
,
65% 64
65
65
64
64% 647
8 65
6414 65
65
66 4 4,700
,
Do pre/
100
2914 Mar 584 Dee
/
1
*31% 3212 .313 3212 *32
4
323 34 4 33% 3412 3312 3312 1,300 Century Ribbon Milla_No par 4914 Mar 24 71 Oct 13
4
,
32 2
,
301 Sept 2 47% Mar 11
4
254 Apr 3514 Nor
.9312 9512 .9312 9512 .9312 95 2 *9312 9512 .9312 9512
,
Do pref
95'!
100 94 Dec 2 98 Jan 14
/
1
4
Jan 95% July
91
6114 62
6114 62 2 8114 8212 6112 6214 61 . 61
,
6014 81
8,400 Cerro de Pasco Copper.No par
/
1
4
8 517 .51% 150
4054 Mar 584 Des.
/
1
5114 515
8
49% *9312 49 2 11,800 Certa1n-Teed Producta_No par 434 Mar 24 04 Nov 14
5034 4912 5053 491s
48%
51'4
4054 Mar 24 58.4Sept 8
247g June 441: Dee
4612 46% 4512 4612 443 46
4612 47
4514 46% 46
4
46
10,900 Chandler Motor Car. __No par 2713 Aug 20 52 Oct 23
267 Nov
,
661g Jan
123% 124% 124 124
12418 12418 120 124
119 121
120 120
4,500 Chicago Pneumatic Tool_ _100 8014 Mar 19 128 Dec 2
797 May 1007 Dee
8
49% *49
2
4912 49
*49
49 •____ 4912 .__-- 50
248
48
200 Chic Yellow Cab tern Mt No par 4412July 7 55 Jan 3
39 May 811 AP/
65% 65% 653 6612 641, 8612 63
8
:
64
6114 63
59, 8114 15,700 Childs Co.
8
No par 497 Mar 31 744 Oct 26
2
_
34
34
34% 3412 343
34
333 31 4
4 34
4
343
4
,
11,300 Chile Copper
25 3012 Mar 30 37 Jan 2
/
1
4
25 Mar -18 / De;
/
1
1
4
4
20% 20
20
.20
.19
20 .20
20
3
21
20
19
3% 3914
14
500 Chino Copper
5 19 Apr 23 28% Feb I,
L. Mar 29 Dt!.
,.
4
21212 217% 211 2143 2033 210
194 20612 192 199% 19914 203
4
95,500 Chrysler Corp
No par 10814July 14 253 Nov 2
10812 109 •106 10312 106 10612 •10612. 108
108% 109
106% 1061
Do preferred
2.400
No par 100',July24 1117 Nov 7
8
4 683 6912 .69
69% 69
4
% 6912 693
69
*68
6912 69
69
800 Cluett,Peabody & Co
100 5812 Mar 17 713 Jan 12
,
65 001 jiff! -iiT
4
15118 151 14 151 1523 z14712 148
147 14812 1464 147
5
146 1463
4 4,000 Coca Cola Co
No par 80 Jan 6 1771 Nov 9
/
4
61
Apr 831 Dee
,
38% 373 3814 38 3812 3712 38
3812 38
38
3712 377
4
8 3,200 Colorado Fuel & Iron
100 3214
247 Feb 5414 Aug
4
5712 58% 58
57% 58
6012 62% 6012 611 29.300 Columbian Carbon•to No par 45 Apr 21 4814 Jan 13
6012 5914 62
Mar 24 6254 Dec 17
394 Sept 55% Jan
8012 8014 8314 8214 8312 823 84'
8014 80% 80
4
83
84
45.200 Col Gas & Else.....No par 454 Jan 21 86 Oct 21
33 Mar 48 Dee
— • Rid and asked °Seed 03 ClIe, 00 this day
a El-rights z EX-dividend
New York Stock Record-Continued-Page 3
2984
Foe'ales during the week of stocks usually Inactive. gee third page preceding.
BINH AND LOW RALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
Dec. 12.
Montag,
Tuesday,
Dec. 14. I Dec. 15.
Wednesday. Thursday,
Dec. 16.
Dec. 17.
Friday,
Dec. 18.
Sales
for
the
Week.
$ Per share $ Per share
per share $ per share S per share S per share Shares.
•11214 113
11212 11212 *11212 113 *11212 113
500
11212 11212 112 112
130 132
129 129 *128 130
1,400
12514 12514 1243 1263 2124 124
4
4
12614 128
128 129
2,800
121 121
12712 12712 125 12512 121 121
183 1914 183 187
4
8
8 1818 185
8 1712 1778
1712 1712 1714 1712 10,100
*34
.3
4 1
1
1
500
1
3
4
*3
4
7
8
3
4
1
1
60
/ 6112 61
1
4
63
6112 623
4 59
57
59
62
57
593 33,100
4
*9012 96
*9012 954 *9012 95 8 *9012 957 *9012 953 *9112 953
5
8
4
4
418 418
1,300
418 414
4
4 18
378 378
378 4
*37
8 4
954 953
4 9514 95 8 945 , 9578 9418 947
7
8
8
8 94
943
4 943 947 26,600
8
3
13,300
28 3
7
3
3
34 34
3
3
27
8 3
310
853 883
4
4
8814 8612 8714 85
8612 85
4 873 8922 87
8514 26,000
*13012 131
10,300
13012 1304 13012 131
13814 140
132 13612 134 137
123 124 123 1278 1214 1212 12
4
20,300
2
1178 12
1238 1 17 12
8
3934 40
393 40
4
39
397
8 385 3938 385 387
8
8
8 384 394 21,500
•12112 12312 *121 124 *121 124 *121 123 *121 123 *121 123
55
1.300
57
55
55
5512 557 56
8
5512 56
56
5613 *56
813 823
4
10,300
83
4 82
8214 83
81
8212 8012 8112 8014 81
*99 102
500
1014 102
*965 100
8
100 100
*99
*9812 100
993
4
3,000
9'
913 958
912 912
912 912
95
8 94
94 94
'43
434 43
4312 423 4334 4278 4312 4318 4312 425 4318 7,200
4
8
244 2514 243 2514 2414 243
15,600
2412 2212 2312 2214 23
4
4 24
9612 9612 *9618 98
*9614 98
200
*9614 98
97 97
*9613 98
314 314
3
318 12,900
314
318 328
3
318
3
3
3 14
•17
17
400
183 *164 177
4
183 *16
4
8
8 1612 17 I 1618 163 *16
*98
9812 98
98
97
98
*97
98
97
983
4 9812 9812 2,000
8 1,900
4713 4713 4712 473
8 4712 473
8 4712 475
4 4718 4712 4712 473
7g
7
8
54 1,200
87
8
1
54
3
4
3
4
3
4
7
8
3
4
3
4
39
8 40
41
38,50
4212 4212 4378 41
427
8 403 42
4
398 407
*2678 2814 *2612 2814 *2612 273 *2612 273 *263 273 *2618 2738
4
8
4
4
1,600
*138 139
13614 137
13912 13912 138 138 1 13718 137
13614 137
4138 423 387,400
4212 43 8 42
8
3
427
8 415 42 8! 40
8
7
4212 4018 42
*8712 873
8714 5,100
4 8714 873
8714 87
8724 873
87
4 87
8714
4
4
1,100
1712 1712 1714 1714
3
163 17141 163 163
4
4
4 1634 j93 *163 17
*1914 1912 *1914 1912 *1914 19121 1912 19.2 1912 1922 193 20
700
4
•110 111
1105 1105 1107
8
8
8 1,300
8
111 111
11012 111 I 11018 1103 1105
8
5,000
1095 10978 1095 11112 10934 11012 11014 11014 110 11014 110 110
8
8
8 28
283 11,400
8
2812 283
8
4 2812 295
2958, 2812 2938 233 283
8 29
14,000
23114 234
219 22312 222 225
229 231
22624 230 1 221 227
8
900
101 101
8
8
8
10012 10012 *10012 1005 1005 1003 *1003 10118
100 101
31
3018 3012 33,700
317
8 305 3112 3012 313
41 3014 3114 3024 31
8
81073 10812 *1075 1083 810712 10712 1074 10712 *10512 1063 1053 1054
600
4
4
4
8
8
300
*1087 109 *1084 103 *10714 10912 10714 10714 107 1074 *105 107
8
/
1
4
/
1
/
1
4
1,700
933 933
4
8 913 92
8
4 91
944 29278 9314 9214 9214 913 915
8
12,800
75
8
/ 783 274
1
4
78
7712 7814 77
774 78
/ 77
1
4
77
4 78
200
*314 33
4
314 314 *34 312
8 34 *314 313 *34 312
33
7012 7012 7018 703
8 7018 703
7012 697 7014 26814 6814 4,200
8
4 70
300
113 113 .113 116 *113 116 *11414 116 *114 117 211214 11214
100
•16
17
17
173
8 17
*16
17
*1612 1753 *1613 17
/ *17
1
4
312 *3
400
*3
3
*3
312
312
3
3
34 34
3
524 4,300
517 514 517 517
8
/
1
8
8 504 507
5012 5012 5214 51
8 50
10914 11014 1095 III 810712 10812 10634 1073 107 108
8
10654 1075 14,700
8
4
700
.
116 118 •116 118
117 117 *11512 11712
117 11712 118 118
_
____
35 8 3612 -3614 - .1- 23514 3618 -34- - -3- -33is -i4-1-2 333414 21.700
3
37 4
35 4 .
77 77
77
77
77
77
75
7734 7414 7414 74
7412 1,300
2,300
963 9713 9618 963
4
95
0412 95
4 96
96
96
94
96
1,600
•17213 178
17513 17513 17513 17512 17512 17812 175 17712 1773 179
4
•1412 17
*1412 17
8
*145 17
8
*145 17 .1453 17
*1453 17
100 101
9612 9912 10,800
9912 101
99
. 97
9912 9653 9713 96
8
2214 22
2138 225 47,100
22
22
2212 2112 2228 213 217
8
8 21
1104 Ill
/
1
11114 112
/
4
112 112
111 11112 1111 11218 112 11214 4,000
14814 14934 15014 155 2153 155
157 15912 51,500
154 15512 155 161
151 153
15112 156
4
/ 153 1567 15112 1543 15218 1573 157 1554 57,200
1
4
4
8
12,400
21
213
4 20
8
/ 215
1
4
8 20 4 2112 2018 20 4 195 2014 107 20
3
8
3
3712 373
4 373 3813 r.,3658 363
4
354 6,700
/
1
/
4
8 3512 3618 35
4 361 365
612 611
653 65. 634 7 I 678 678, 3,100
7
63
4 7
7
56128 5312 553
4'
563 571 563 58
4
/
4
4
255
4 5312 543 21,400
4 5354 543
810212 104 *10212 104 810112 104 *100 4 103
300
1003 10112 *10012 10212.
4
3
8
67
68
12 6512 6712 6614 6712 6618 68 8 66
67 8 6614 673 29,600
7
7
109 109
10112 10412 105 105
10514 10712 10312 106 *10312 10512 2,200
STOCKS
NEW YORK STOCK
EXCHANGE
PRE SHARE
Range for Year 1925.
-dare Iota.
On basis of 100
Lowed
Highest
$ per share
11318 Oct 29
190 Jan 29
189 Jan 29
43 Jan 2
/
1
4
17 Feb 10
63 Dec 14
96 Dec 10
9% Feb 10
97 Dec 9
6 Jan 7
/
1
4
8912 Dec 14
140 Dec 18
1522 Oct
17
417 Dec 4
8
127 July 3
6014 Oct 15
843 Vnv 7
8
102 Dec 14
145 Feb 9
8
625 Feb 26
8
3313 Mar 3
101 Mar 13
64 Feb 27
/
1
444 Jan 6
/
1
107 Oct 3
59 May 26
7 Jan 9
/
1
4
491 Jan 23
/
4
2712 Dee 9
159,2se pt 29
4
483 Nov 4
9112 oct 17
1818 Nov 20
2312 Aug 4
113 Scot 23
118 Jan 19
3012 Dec 4
271 14 Nov 12
10412 Nov 13
4018July 16
110 June 16
11034.1une 24
9134 Dec 9
80 Dec 5
61
8July 31
744SW 17
/
1
1183 Oct 9
4
19 Jan 3
/
1
4
434 AUS 5
615 Oci 28
8
4July 27
1143
120 July 27
11112Ren117
3714 Dee 14
86 No% 23
9812 Dec 10
179 Dec 18
17 July 13
/
1
4
125 Nov 7
28 Oci 2
/
1
4
18
11612
161 Dec 17
4
1813 Nov 17
247 Oct 13
8
397 Nov 20
8
1614 Mar 2
60 Oct 27
104 Nov 23
70 Dec 11
109 Dee 11
264 Dec 2
111 Dec 18
105r2 iiiii2 ioiT2 Ili" jai- 'Visit ii5Lis 167 4 66- iiiii:t inii4 fill 15;665
133714 Aug 24
319 32113 32012 32712 323 327
316 32412 46,900
4
318 32312 3143 320
117
8July 10
/
4
/
4
/
4
11
114 114 111 1114 1118 1114 111 1118 111 114: 6,100
11
1493 `)
11718 11818 11618 1173 1144 11612 1115 1143 1105 11414 1125 115 1134,600
4 1` v
8
8
8
/
1
4
8
115 Dee 16
2,700
114 11412 11412 11412 11454 11434 1144 115
114 115
11478 115
/
1
543 Sept 21
4
/
1
8, 2,000
52 52
1214 524 527
5218 5218 .52
64
5218 5218 *52
83 Sept 16
2814 284 2838 28 8 *2812 29
7
2814 28 8 2818 2814 2814 32 1 24,500
7
59 June 12
53
54
5234 534 52 8 5414 52 8 5414 523 5412 531z 54141 65,900
8
5
5
801 Oct 29
/
4
4 723 7312 7338 74
4
7354 733
7312 7,400
72
74
74
7412 73
1054 Nov 19
100
'
7103 10612 103 103
.... - - -___ *103 106 *103 10414 *103 104141
5812 Jan 14
2,000
48
45 45
*47
45
48
46
4612 47
47
4712 48
83 Dec 2
715 7418 8,300
8
7614 7614 76
741 75
/
4
/ 7713 75 8 7654 75
1
4
3
76
Inv
'
11412 , 30
110 110 I 1,200
•108 112
110 11212 *108 112 *108 112
110 110
5222 Dec 15
4
4813 48
4
513
4 503 503 13,000
/ 49 4914 49
1
4
551
524 505 52
/
1
4
2612 Dec 11
/
1
25
257
8 254 2512 254 2512 2412 253
/
1
8 244 244 244 2514 28,000
/
1
51 oct 9
8 1,800
493 4934 4512 467
4
8 45
4613 4512 4512 4512 4512 4514 457
74 Nov 6
/
1
4
6518 657
8 643 653
6312 644 13,400
4
4 63
643
4 6318 644 6314 65
102 Nov 14
400
9912
*9812 100
9912 *98
100 100
*9812 100
*9814 9912 99
1145 Oct 30
8
10512 10512 105 1054 10312 10412 104 104
/
1
10314 10314 103 10412 5,100
lop Dec 7
400
8
10814 10814 10818 109 *10612 10912 *10611 10912 *10612 1085 107 107
217 Dec 7
8
4 8,200
*205 203
8
2018 203
4 2013 21
2012 2138 2012 2114 2078 21
14318.1une 19
98
98
985 9918 2
8
96
964 95t2 9614 95
954 9524 9512 3,500
194 Jan 2
/
1
133
4 1.100
/ *13
1
4
1212 1212 1212 1318 1314 133 *13
13
133 '
4 713
4
953 Nov 5
9012 913
8 91
9438 9012 9212 9114 9214 26,400
943 29318 943
4
4 91
axis Jan 7
8 6,800
7
34 8 3454 3312 3412 3428 345
5
3418 3418 33 8 337
33
/ 341
1
4
/
4
8
4912 Nov 2
2,600
44
44
4618 463
44
2 453 46
4
*4513 4534 4412 4512 44
487 Jan 9
8
303 3012 2,400
8
3012 30 4 305s 3114 31
3
31
*3012 31
304 31
50 Jan 12
100
4812
*4712 4812 *473 4813 48
4812 *48
4
4812 *48
48
*48
4718 Nov 23
4,100
46
4534 46
4613 46
464 47
24612 467
8 4614 4612 46
86 Jan 29
8 3,000
694 713
*69
71
70
7014 7012 6938 7012 6918 71
69
31 18 Nov 4
8 2,100
2712 277
28 8 28
3
28
/ 2714 2814 2714 2714 273 273
1
4
4
4 28
13912 Nov 2
10512 1063 10412 10612 29912 1033
4
4
4
4 953 1003 100 10212 189,000
4 96 1003
31 Nov 5
2714 273
8 2718 274 265 273
265
8 2612 2714 25,000
8
8 2614 2718 26
4134June 17
3214 3318 32
3212 3238 3438 32,900
32
323
327
8 3218 33
4 32
21 Aug 28
1,200
20
20
20
193 2012 20
4
20
20
19
21
*1913 21
1414 Dec 4
8
/ 9,400
1
4
1212 1212 1154 1212 114 12
/
4
/
4
/ 111 111 117 12
1
4
111 12
/
4
/
1
/
1
124 Dec 4
113
4 2,200
*11
12
1012 1014 11
1114 113
5
4 11
1138 *10 4 11
50 Feb 2
8 2,200
433
4 4312 437
*4314 4312 43 43
43
4
43 4312 433 434
112 Sept 28
112 112
200
110 112 1.111 112 *109 112 *10312 112 *10314 112
32 Jan 12
/
1
4
8
/ 1,700
1
4
*26
4
2612 2618 264 2614 263
8
4 2614 263 2253 254 255 25
2428 Nov 5
22
2258 22
22
2138 22
2114 2212 2114 2114 2018 2114 6,600
17614 Nov 13
2,900
171 17112 172 174
14222 14312 143 144
4
172 1723 814214 144
811284ept 30
6814 2,200
68
68
71
7112 .7012 71
6912 68
69
86913 70
6922 Dec 4
4
8 6212 633 215,800
65 8 6714 61
5
6614 6118 635
/ 663
1
4
8 63 8 653
4 63
7
13814Sept 18
41,800
12814 13112 12912 13112 129 13124 1283 13014 12712 12812 12612 128
8
121 Nov 10
811913 120 *11912 120 *11912 120
11912 11912 119 11912 *11912 120
144 Feb 6
/
1
t Mercantile Marine___188
pron
9
/ 1014
1
4
10
8
/
4
8 113 111 1118 111z 24.700 Ini3glerea f
103
4 1014 11
104 113
/
1
624 Feb
/
1
po pref
4212 443 89,300
8
27 Aug
38
3912 40
4
413
8 4114 433
8 424 454 433 46
4812 Nov 20
/ 53,700International Nickel
1
4
g 4414 44
4614 447 4628 445 447
8
455
8 4558
8
02 Nov 19
Do pref
.99 101
*98 10112 *98 1023 *100 10112 *98 10112 .98 10112
4
76 Oct 3
8
6414 67
613
4 6314 637 28,700 International Paver
6614 67
63
/ 644 67
1
4
65
/
1
63
88 Dec 11
Do stamped pref
200
88
*86
88
88
88
*86
89
88
*86
89
89
*86
/
1
4
Do met (7)
700
100 86 July 31 99 pot 21
•98
9812 9818 9818 9813 9812 9814 9814 99712 9812 9813 9812
700 International Shoe
No par 108 Feb 2 199* July 27
*174 180 *174 180 .175 180
180 180 *175 180
179 180
Do pref
412 A
1 00 14,12 Sepprt 13 121 June 3
100
144 Aug 14
2,800 Internat Telep & Teleg
•lial2 111- ii5i2 fiiii iiii4 fil- iii13 iii- liii2 iii'i iiii2 III- -- .
3
800 Intertype Corp
2 293 Oct 21
2714
No par 112.1
ot
;IX 2
267 27
27
*26
27
8
27
2618 2618 263 267 *26
4
8
283 Dec 14
3
2514 15,800 Jewel Tea, Ins
25
2214 2512 2414 263
8 2418 2512 2414 2454 2413 25
115 Dec 18
Do
200 jones
811612 120 .117 120 8117 120 *117 120 *117 120 2115 115
BDos Tea,Inc.stpd- _ ISS 11 ' ae' 217 Feb 3
rref
?33.4nn Il
4
3
s
155 16
8
16
1618 16
153 15
4
153 16
4
/ 1,800
1
4
16
16
16
4513 4,500 Jordan Motor Car
8
NO par 353 Aug 10 65 Nov 2
473 24614 4614 45
8
464 45
471 4714 47
/
4
46
45
8
8 4,000 Kayser (J) Co v t 0
4
No par 183 Mar 17 4218 Dec 14
4113 413 415
41
/
1
84114 4112 4112 4218 4114 4178 404 41
Do let pref
100
No pox 83 Mar 30 103 Dec 17
103 .103 *10112 103
•102 103 *102 103 .102 103 *102 103
•Bid and asked prices, no sales on this day. z Ex-dividend. 8 Par value changed from $100 to $50 and prloes on that basis beginning
8 ax-Foreign rights.
443* 45 44%
Indus. & Miscall'. (Con.) Par $ per share5
Col Gas & Mee pref
100 1044 Jan
Commercial Solvents A No par 80 May 25
Do "B"
No par 76 May 25
Congoleum Co new_
15 Nov 27
/
1
4
No par
Conley Tin FollstampedNo par
12May 19
Consolidated Cigar _ _ _Ne par 2613 Jan 2
Do prof
100 7954 Jan 2
Consolidated Distrib'rs No par
318 Jan 7
Consolidated Gas(NY) No par 741 Mar 30
/
4
Consolidated Textile_ __No par
234June 9
Continental Can Inc_No par 6013 Mar 29
Continental Insurance
25 103 Jan
Cont'l Motors tern otfs_No par
814 Jan 2
Corn Products Reno w I_ _ _ 25 323
8May 29
Do pref
100 11818 Jan 7
Coty. Inc
No par 48 Atig21,
Crucible Steel of America_ _100 6412 Mar 30
Do prat
100 92 May 8
Cuba Cane Sugar
73 Oct 23
4
No par
Do prat
/
4
100 371 Oct 23
Cuban-American Sugar. _10 20 Oct 26
Do pref.
/
1
4
100 93 Nov 11
2,2 Oct I
Cuban Dominican Sug_No par
Do pref
100 1613 Dac 11
Cudahy PaekIng
100 95 Alig 20
Cuyamel Fruit
No par 44 Nov 16
Daniel Boone Woolen Mills_25
3 Deo 15
4
Davison Chemical v t o_No par 2778 A pr 30
De Beers Cons Mines_ _No par 2014 Mar 18
Detroit Edison
100 110 Jan
Dodge Bros Class A.
..No par 213
4June 9
Preferred certits
No par 7312May 7
Dome Mines, Ltd
No par 1254 Apr 14
Douglas Pectin
No par 14 Feb 16
Duquesne Light let pref.. _ _100 103 Jan 7
Eastman Kodak Co_ _No par 1043
4July 18
Eaton Azle & Spring_ No par 1012 Feb 13
El du Pont de Nem & Co_100 13414 Jan b
Do pre/ 6%
100 94 Jan 23
Elec Pow & Lt otlii._ _No par 173 Apr 25
8
40% Pr Pd
100 Mar 18
Prof full Paid
10013 Mar 28
Do pref ctfs
89 Aug 28
/
1
4
Elect Storage Battery.
__No par 601 Mar 30
/
4
Emerson-Brantingham Co 100
1 18May 1
Endicott-Jobnson Corp__ 60 63 Apr 2
/
1
4
Do prat
100 111 May 28
Exchange Buffet CorP_No par 1312July 23
Fairbanks Co
214 Mar 27
26
Fairbanks Morse
No par 3214 Jan 2
Famous Players-Lasky.No par 9014 Feb 17
Do pre/ (8%)
100 1037s Feb 17
Full paid receipts _ _..No par 102 Aug 31
Federal Light & Trac
15 26 Oct 2
Federal Mining & Smelt'g_100 1514 Mar 13
Do pref
100 4913 Mar 11
Fidel P enFlre lmsotte N0 . 14712 Jan 6
l
te n of N_ Y _ p25
_,
Ave Bus
12 Jan 8
Fisher Body Corp
25 6014 Feb 17
Fisk Rubber
1012 Mar 24
NO par
Do let pref
/
1
4
100 715 Jan 16
Fleischman Co
NO par 76 Mar 19
Foundation Co
No par 90 Jan 6
Freeport Texas Co
8 Mar 18
Gabriel Snubber A
No par 2872 Aug 25
N
Gardner Motor
418 Jan 2
No par
Gen Amer Tank Car
100 4412 Aug 4
Do Prof100 9334 Feb 16
General Asphalt
100 4212 Mar 30
Do pref
100 8612 Mar 17
General Baking
No par 121 Mar 7
General Cigar. Inc
100 841IMay 4
General Electric
100 22714 Feb 17
Do special
8
10 107 Oct 15
General Motors Corp__No par 64 Jan 6
/
1
4
Do 7% corer
100 102 Jan 5
Gen Outdoor Adv A ..No par 4518 Aug 13
Trust certificates
No par 2618 Aug 13
General Petroleum__ ___ 25 42 Jan 16
Gen Railway Signal now..iw 68 Nov 24
No
Do preferred
9022 July 10
General Refraotorles___No par 42 Oct 7
Gimbel Bros
No par 47 Mar 16
Do pref
100 10214 Mar 14
Ginter Co temp otfs___No par
22 Feb 13
/
1
4
Glidden Co
No par 1212 Mar 19
Gold Dust Corp v t o No par 37 Mar 3
Goodrich Co (B F)
No par 3634 Jan
Do pre
100 92 Jan 3
Goodyear T & Rub pf•t 0-100 8618 Jan 6
Do prior Drat
100 103 Apr 27
Granby Cons Min Sm & Pr-100 13 Mar 30
Great Western Sugar tein ctf 25 91 Jan 16
Greene Cananea Copper_100 1134 Mar 19
Gulf States Steel
100 6718 Mar 24
Hartman Corporation. No par 255 Apr 24
4
Hayes Wheel
No par 30 Mar 14
Hoe(R) & Co tern ctfs_No par 27 Dec 5
Homestake M ning
100 43 Jan 2
Househ Prod,Ino.ternottNo par 3412 Jan 5
Houston 011 of Tex tem ars _ 100 69 Apr 22
Howe Sound
1612June 11
No par
Hudson Motor Car
/
1
No par 334 Jan 5
Hupp Motor Car Corp____ 10 1414 Mar 18
Independent Oil& Gati_No par
1312 Jan 15
Indian Motocyole
No par 13 Mar 24
Indian Refining
612 Jan 2
10
Certificates
6 SeP1 4
10
Inland Steel
4May 1
No par 383
Do prat
100 10412 Apr 13
Inephation Cons Copper
20 2214 Apr 22
Internat Agricul
7 Jan 7
/
1
4
So pars
Int Business Machines_No par 110 Mar 30
International Cement_No Par 52 Jan 5
Inter Combue Engine_No par 3134 Jan 21
International Harvester_100 9613 Mar 25
(The)251
,0
111.6.1Ulnaer A
0% II
20. ii 1;raarrii
PER SHARE
Range for Previous
Year 1924.
Lowesi
MOM
Per share $ Per shin;
10314 Dec 105 Dr
4313 Jan 13114 Dry
33
Jan 12913 Dee
325 May 664 Fee
8
/
1
7 May 1414 De,
/
1
4
114 Mar 30 Nov
/
1
Jaz
5912 Apr 84
3 Di;
/
1
4
4 Jan
607 Jan 79 Der.
3
/
1
4
25 Apr
8
8 Jaz
43 Apr 695 Dee
/
1
4
8
/
1
4
8918 Apr 109 Die
1ec
NOi
3118 A6r 1231D
6
15 3 33r
' A6n 43 4 nt
1
Di,
48 May 76
86 May 98 Der
1012 Oct 18 Fs..
8
535 Apr 717 Far
8
2
/
1
284 Nov 387 Fe
Jan 1001.4 Not
96
812 Fet
,
41 June
/
4
38 Dec 62 Feb
4518
6
3812
184
10114
7413 Jaw
Nov
Nov 8214 Ma)
/ -Tau
1
4
Nov 69
4
Jan 221 Der
4
Jan 1151
204 Jar
-311 4 Nov 938 June 18 flit
/
1
10013 Mar 1084 Be171
3
10418 Apr 1147 Nov
8 Sept 244 Jet
/
1
4
112 May 142 Del
86
Apr 96 Dm
_
_
_
66 "OW.
/ June
1
4
313 July
3
7 May 73 6 Dee
8
Jag
10512 June 116
18 Dec 2412 14113
44 Jag
2 Dec
2513 May 34 Des
Jan 9811 Des
61
87% Jan 10813 Des
161; May
113Apr
1
2454 .. a4Z
/
1
4
4113 Jan 64 Des
118 Mar 140 Doe
/ Job
1
4
9
/ Jan 13
1
4
51 June
3818 July
4,414 Jan
6612 Jan
7 Sept
/
1
4
137k Der
66 Der
90 Nol
/
1
4
945 Dee
8
13 2 Jr.?.'
7
314 Oct
35a May
92 Feb
311 Apr
/
4
711 Apr
/
4
93 Jan
8214 Apr
19312 Jan
1012 Apr
55 Oct
/
1
4
9518 July
7 Jan
63 Dee
99 Dee
/
1
4
63 Doi
/
1
4
100 Des
160 Sept
985 Dee
8
322 Des
114 July
/
1
667 Dec
,
10312 Des
38* June
46
Alp
31 June 16" Jag
471 June 6478 Dec
/
4
Jan 107 Sept
99
8
21 Dec 273 Nov
8 June 16 Nov
8
2312 Apr 437 No,
17 June 88 Dee
7014 May 92 Dec
/
1
4
Jan 90 Dee
39
/
1
8814 Jan 1084 Del
8
/
1
124 Apr 217 DOS
8
8314 Oot 967 Dee
/
4
10 May 211 Dee
62 May 8914 Feb
4
31 Sept 441 Feb
3214 May 527 Feb
8
4814 Dec 517 Des
8
31 July 6612 Jan
313 Apr 88 Ntm
8
61
Apr 82 Feb
/
1
4
2013 May
1118 May
5 Sept
/
1
4
151 June
/
4
3 Apr
/
1
4
36 - Dii
18
Jar
1614 Dee
2514 Feb
71s June
81I May
10114 Jan
221 Feb
/
4
3 June
83 Apr
40 Apr
/
1
4
22 Mar
78
Jan
106 Feb
6
/ Jan
1
4
261 Mar
/
4
111 May
/
4
7513 May
3413 Apr
6212 Mar
483 No,
*
107 Dec
/
1
4
33 Des
/
1
4
9 Jet
/
1
4
/
1
1184 Des
69 Nov
/
1
4
39 Der.
1104 De',
/
1
1154 Nov
/
1
155 Des
8
GIs Dee
2718 Dec
96 Nov
60 Dec
747 Oct
s
73 Apr
11514 May
66 Feb
2412 Dec
164 Apr
/
1
78 Mar
145 Sept
4
2114 May
1614 Aug
77 Aug
June 3. a
fit/Nov
11918 Dec
94 Dee
324 Mai
/
1
2314 Jan
106 Dec
27
/ Jan
1
4
8
625 Dec
38 ,1 Jar
3
10218 Feb
Ex-rights.
New York Stock Record-continued -Page 4
2985
For sales during the week of st cite usually Inacti•e. see fourth page preceding.
'ISM AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday:
Dec. 12. I
Moeda,
Dec. 14.
1
Tnesany.
Wednesday Thursday.
Dcc. 15. 1 Dec. 16. 1 Dec. 17.
prom,.
Dec. 18.
Per share $ per share S per share 5 per share 5 per share 4 Per share I
1718 173
8 1634 173
17
1712 16% 1714 1714 19
18
1914
66
66 I *66
67
68 I 68
67
68
68
69
7112
71
*65
67 .65
71
67
6712 6712 6814 6814 68
71
*69
117 1194 116 11814 11212 11412 113 113 I 11212 11212 1157 1157
8
8
5418 5412 5414 5514 5412 5514 5418 547
533 5418 537 5414
214 218
2
2
218
2
2
218
218
218 218
2
.84
89 I 84
4
85 I .83
88 i *833 8418 83
83
83
84
.680 715
712 715 ,*700 725 *6994 700 *708 725
725 725
3218 323
8 3212 3212 323 323
8 32
8
3212 31
31
313
4 31
•157 100 *160 162 I 160 160 I 157 160 ,•155 160
15912 1593
4
133 14
4
1318 1314 133
13% 1312 1314 1312 13
1414
4 14
*88
91
*88
9014 9014 8812 91 I 88
91
9012 *89
90
012212 123
123 123 *122 125 "122 125 *122 125 *122 125
8712 874 87
8
87
86, 87 I 8714 88% *86
8712 87
871
69
6912 683 70
684 694 6812 69141 688 698 69
4
7
691
385* 393
8 3814 3914 3814 3312 375 383
4' 375 38
373 38
4
1 2 7 4 *712 73
"712 758'
7 2 73
,
3
4'
7
4 *712 75
8
7,2 75
*493 503
*4912 497 •49
4
4912 50
493
4 49
49
*4838 49
•117 118
118 120 *112 121 *112 120
1193 1193 11912 12184
4
4
365 37 I 3612 3718 x353 46
8
4
353 353
8
4 3514 36
355 361
8
*113 115 ,*113 115 x113 113 *112 116 i 1114 114 *112 116
165 163
8
4 1653 1714 17
18
1712 1814' 175 177
8 1712 181
8 2318 233
4 2314 2312 2314 2338 23
2314 233
2314 23
231
4 563 573
553 563
4
4 577 60
5514 53 4 547 5614 553 56
3
8
134 134 I 135 135 *135 138 *133 13712 *133 13612 *13314 138
21214 21312 21312 218 221214 2133 20912 214
4
20918 21412 211 2141
11012 11012 *110 11014 x110 110
110 110 1 110 11014 11014 11014
*1053 10614 *1053 10614 *1043 10614 105 10512 *105 106 1.105 106
4
4
4
105 105 , 105 105 I 10314 10312 104 10138 104 104
10212 104
4312 4312 43 2 438 4312 433
,
4 4318 4334 4318 4314 4318 4314
22% 23 I 2218 223
4 23
234 234 24
*2312 233
4 2312 233
4
*5214 5212 51 12 528 5112 52
51 14 523
4 513* 5412' 5318 543
4
43312 333
4 325* 33 I *323 3312 32% 328 3212 32781 3314 333
8
4
3314 *323 35
325*
4
3214 323
4 313 35
4
333 33 41 34
4
3
34
2512 2512 25
25 41 243 2514 2412 2514 2518 2518' 2412 2512
,
4
5814 5812 577 594 5718 5814 5714 598 5718 5818 35612 575
8
285 29 I *2812 2914 *283 29
8
4
287 293
8
8 287 29 I 283 287
4
8
2112 2112 *21*4 2212 213 22
4
213 22
4
215 2158' 21
8
21 I
9414 974 9612 993
4 97
98
9814 10212 399
993
4 97
9934
137 1373 13614 13712 1363 1334 1363 13912 13512 1377 136 13612
4
4
4
8
•1193 122
4
1193 1193 *117 121 *117 120
4
4
117 117 I 117 117 I
*217 22% *2112 22 • *2112 22% 2112 2112 213 213
8
4
4 213 213
*2212 2314 2212 22121 *2212 23
223 223 *223 23121 *223 23
4
4
4
4
934 9%
912 10 I
9% 912
9% 912
93
3 912
9
% 912
1134 12
113 12
4
115* 1218 1158 1134 1112 1134
1158 1178
7
3512 35
3512 357
3514 363
4 3512 37
3514 3618 3518 3614
1
1
1
118
1
1
1
1
1 1
1
118
•132 135
132 132 I 134 135
13312 13312 132 132 x130 130
8114 8214 804 82
80
82
8012 82
8012 807
8 80
8012
795 80
8018 81% 8118 84
8212 8414 8114 823
8 813 8218
8
3514 357
8 35
3512' 3412 3514 34
343
4 34
35
*34 4 343
,
4
7l
785 7121
714 7,4
7l4'
714
712
714 712
718 714
43
4314 43
4314 24112 4218 415 417
8 4112 4112 4013 407
8
31
3118 3012 313
8 3014 3014 3018 3012 30
30
3012 305*
1812 1938 197 197
8
8 1814 187 *16
18 I *16
18
1 75* 18
*3314 34
3414 3412 35
3512 3512 3512 3512 36
36
36
.445 455 *455 460
450 460
450 450 I 44512 455 *455 458
*106 10514 *106 10614 *106 10614 106 106 1'106 1065 106 106
*
1018 11
1012 103 103
103 1034 10
4
8
8 10
1014
10
1014
71
71
71
71 12 71
71
71
718 7012 704 70% 7114
•12312 12612 *12312 12612 .123% 12612 *12314 12512 *12314 126 *123
1253
4
715 73
8
735* 7412 7312 733
73
4 72
694 72
67
70
•100 10014 *100 10014 100 10018 *9912 100 I 9918 10g
,
7412 76
753 77 1 757 77
4
7638
75
77
4212 423 *42
4
42% 4214 424 4212 4254 4214 4214 4112 42%
*97
98 I 07
97121 *97
97 I *97
98
*07
98
*97
98
4 32
323
3112 3018 3114 3018 3118
8 3112 313
4 31
315* 313
7212 7212 72
73
*69
4
7112 703 703
705
4 69
8 683 6934
4
*3512 36 I 3512 36
36
3614 3614 36
25
3512 3512 37
*88
90
"8712 89
*87% 90 I *8712 90
.8712 8812 87
87
16418 16118 164 1643 16212 164
163 163
4
16412 16512 165% 168%
•11614 117 *11614 117 *11614 117 i•11614 117
11614 11614 *11614 117
5612 5614 56 4 5614 5612 5614 5614
,
57
57 I 56,2 5612 "55
8
4
8
4 133 1312 133 1312 135 1378 31312 1312
133 137
135 133
4
3534 353
41 36
363
38 I 3612 3734 3712 373
4 37
4 3714 3712
•5112 56 I 56
*5412 557
56
56
41 56
56
56
*55
56
7314 7312 74
77
76
78 I 7812 8112 79
8012 7812 797
8
41
41 I .40
40
3818 3818 .3814 40
41 12 4012 4012 38
*75
80
75
*75
73
79 I 75
7314 *73
74
*73
75
.274 2318 281 28 41 2814 2814 2814 2814 *28
0 ,
2814 *277 2814
8
6618 66% 66
6514 66
65
665
8 65% 67
66
65
653
4
49% 4914' 49
8
493* *4812 4912 493 493* 4912 4912 403 4912
,
•10
17 I •16
17 I 1612 1612 1612 1612 1614 1614 16
161
sal, 10
•912 1018
9% 9% *912 10 I *912 10
' 10
912
*3412 3712 37
37
*3612 3712 *37
3
7% 374 3718 *3612 37
4912 5014 50
50
4912 5012, 4912 4912 4812 4914 4812 483
4
•
24 2912 2914 293 *2918 2912 29
29
29
8
29,
4
.2834 287
8
13278 133
1334 1343 133 134 I 129 131
127 129
4
127 127
PER SHARE
Range for Year 1925.
On basis of 100-thare lots.
Said
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares.
28,200
1,100
800
2,600
27,700
5,800
600
400
2,900
500
3,500
1,400
600
5,000
8,400
7,500
2,700
700
1,700
9,900
200
30,800
4,300
51,000
200
24,600
Indus. & Miscall. (Coo.) Par
Kelly-Springfle10 Tire
25
Do 8% pref
100
Do 6% pref
100
Kelsey Wheel, Ina
100
Kennecott Copper
No par
Keystone Tire & Rubb_No par
Kinney Co
No par
Kresge (5 S) Co
100
Kresge Dept Stores_ _ _ No par
Laclede Gas L (St Louis)..100
Lee Rubber & Tire__ __No par
Liggett & Myers Tob new.. 25
Do pref
100
Do -13" new
26
Lima Loo Wks
No par
Loewe incorporated _ No par
No par
Loft Incorporated
Long Bell Lumber A.._No par
Looee-Wiles Biscuit
100
Lorillard
25
Do oref
100
Louisiana Oil temp ctfs.No Par
Louisville G & El A. _No par
Ludlum Steel
No Par
100
Mackay Companies
Mack Trucks, Inc
No par
Lowest
I
FItohest
PER SH
Range fcr Prelims,
Year 1924,
Lowest
Hishell
per star,
Per share $ per ,are
Jan
215
8July 3
94 June 85
Jan
33 June 88
74 July 3
Joe
72 July 3
70 June 1084 Di
46 my 74
124 Dec 11
0014 Nov 6
344 Jan 674 Dee
Vs Jar
3i2July 16
112 Oct
100 Oct 15
5214 May 864 Des
800 Oct 13 28712 Jan 4754 Dag
4534 Jan 7
424 Nov 624 June
Jan 113 Nos
178 Mar 31
79
19 Oct 1
8 May 1715 Jan
4
92 Dec 4
50 Mar 683 Dec
8
123 Nov 19 1147 July 121 Juni
8
487 Mar 6812 De(
8
897 Dee 4
56 June 78, Dee
% ju
5,1
744 Jan 14
443 Nov 7
4
154 June 25 Dee
918 Apr 6
53 Sept 19
50 Klei 84 WO;
190 Nov 4
4Sept 25
3338 Dee 6014 July
393
116 Aug 26 112 Nov 117 Vet
233 Feb 3
4
0111y 23
263
60 Dec 15
17
Oct 38'4 -1576;
141 Sept 23 107
Jan 119 Aug
242 Nov 2
754 Apr 1187 Des
2
113 Aug 17
954 Jan 1071 Dee
4
100
1065 Aug 7
8
87 Apr 10114 Dee
2,500 Macy (R H) h Co, Ino_No par
112 Oet.15
59 May 714 Dec
3,900 Magma Copper
No par
46 Nov 6
261 June 4558 Dee
,
37% Jan 23
4,200 MallIneon (H R) & Co_No par
18 Mar 4118 Des
5.300 Manh Elec Supp tern ctfe No par
59 Mar 10
334 Mar 493 J1417
4
3,100 Manhattan Shirt
25
347 Nov 12
8
2612 Dec 44
Jan
2,000 Manila Electric Corp_ _No pa
4912 Apr 24
283 Dec 8112 Dee
4
2.700 Maracaibo 011 Expl-No Da
3512 Jan 31
245 Oct 374 Jae
8
87,300 Mariana 011
No pa
601s Dec 5
29 May 42 Feb
1,100 Marlin-Rockwell
No pa
32% Oct 30
Jan 173 Mai
8
4
1,000 MartIn-Parry Corp__ _ _No pa
8
374 Jan 7
3112 Nov 875 Jan
37,000 Mathleson Alkali Wkstem et(50
10212 Dec 17
395 may 583 Des
8
4
16,300 May Department Store,_. 50
13912 Dec 16
8212 Apr 115 Des
400 McCrory Stores Class B Nor'
Oct 10684 Jul,
1394 Oct 16
88
'
,
600 McIntyre Porcupine Minee__
223 Oct 28
4
145 Dec 181 Jan
8
4
400 Metro-Goldwyn Pictures p4.2
2412 Nov 16
15 Sept 19 Deg
6,200 Mexican Seaboard 011_ _No pa
2212 Jan 6
1418 Jan 26% sco'
11,300 Miami Copper
2434 Jan 13
20 May 25 Apr
43.600 Mid Continent Petro_.No pa
38 Nov 14
314June 6
5,700 Middle States 011 Corp_ _ 1
1 Aug
638 Jan
1,200 Midland Step Prod pref. _100
0112 June 98 Nov
147 Aug 10
6,800 Montana Power
100
99% Aug 6
6114 June 743 Dec
4
92,000 Monte Ward & Co Iii corn_ _10
8114 Dec 16
4
213 May 4812 Dee
No par
6,400 Moon Motors
42 Nov 2
1712 Oct 2712 Feb
918 Jan 2
4,700 Mother Lode Coalltion_No par
6 May
914 Fell
No par
3,000 Motor-Meter A
444 Oct 8
6,900 Motor Wheel
No par
35 June 29
1,700 Mullins Body Corp_ _ _ _No par
2112 Feb 20
9 Mar
)5ei
1,700 Munslugwear Co
No par
36 Dec 17
294 July 894 Jan
1,200 Nash Motors Co
No par
488 Oct 5
964 Apr 204 Des
Do pref
300
100
107 July 15
9814 July 1044 Noy
7.100 National Acme etamped_ _10
11 Dec 12
34 Oct 104 Jan
3,700 National Biscuit_
25
77 Oct 15
5014 Mar 774 Sept
Do pre!
100
12812May 9 12,042 Jan 126$4 Del
7,400 National Cloak h Suit_ _100
44 June 707 Dee
847 Oct 16
8
8
Do pref
1,000
100
104 Jan 29
9112 Mar 1004 Doi
15.800 Nat Dairy Prod tern ctfallo par
817 Nov 5
,
8015 Apr 644 Dee
3,700 Nat Department Storm No par
45 May 12
Jan
3814 Oct 43
Do pref
100 96 Apr 15 102 Jan 2
100
9232 June 101 Dee
8,900 Nat Distill Products_ No par 31) Apr 9 4318 Oct 26
1,200 Nat Distil Prod pf tern et!No pa
5212 Jan 8 81 Oct 2
3013 Au
64 15ei
2,100 Nat Enam & Stamping
100 25 Apr 30 39 Aug 29
1812 Sept 447 Jan
2
Do pref
300
10(
75 June 22 001 Jan 12
/
4
67 Sept 89
Jan
3,500 National Lead
100 13812 Apr 27 17434 Nov 7 1234 Apr 16914 Aug
Do pref
100
100 11412Sept 2 119 Sept 18 11112 May 118 Sep:
5412 Oct 7212 Feb
700 National Supply
50 55',Sept 24 71 Jan 29
2,100 Nevada Consol Copper.._
114 Apr 27 1638 Jan 7
2
117 Jan
1634 Deo
3,900 NY Air Brake tern otts_No pa
3112 Oct 17 661, Jan 3
3614 Apr 57 Des
50 Sept 18 87 Jan 7
Do Class A
500
No pa
474 Jan 57 Des
78,200 N Y Canners temp ctts_No par 3184 Mar 30 8112 Dec 16
32
one 37 Des
1,400 New York Dock
100 18 Mar 24 4514 Nov 13
Jan 3718 May
19
Do pref
800
100 5218 Jan 14 76 Dec 11
4118 Feb 5614 MIRY
600 Niagara Falls Power pf new.2
275 Oct 8 29 Jan 12
8
27 June 29 Sept
31,000 North American Co
4118 Jan 5 75 Oct 27
1
Jan 45 Dee
22
Do prof
1,300
5
465 Jan 2 5012Sept 12
8
8
437 Jan 5014 July
700 Nunnally Co (The)._ .No pa
8 Jan 16 1812 Nov 18
7 Apr
912 Dee
100 Ontario Silver Min new No pa
4% Mar
54 Jan 22 11 Oct 30
84 001
800 Onyx Hosiery
No pa
1814 Jan 6 39 Dec 7
18 may 30
Jan
Oppenhelni,Collins&CoNo pa
1,900
4118 Sept 24 53 Dec 1
1,000 Orpheum Circuit, Inc
253 Jan 16 327 July 30 14- Feb 29 1:44
4
8
3,400 Otte Elevator (8)
6
875 Feb 27 14012 Aug 21
8
5852 June 92 De/
123 13
4
1212 123
4 1214 1212 1218 1214 4,600 Otis Steel
4 1212 123
4 1214 123
No par
8 Mar 18 1514 Aug 28
64 Nov
117 Jan
,
•88
4
91
4
'883 91
4
*8812 90,
8 883 883 *8812 90
100
Do pref
*8812 90
100 5014 Mar 18 9712 Aug 28
44 Oct 7414 Mar
6738 673
6174 6214 6212 6278 10,400 Owens BottM
8
6814 26112 62
4 677 68% 67
25 4234 Mar 17 693 Nov 13
4
3214 May 474 Jan
•132 133 *131 132
130 131
129 13012 12914 130
131 132
3,800 Pacific Gas & Electric
100 10212 Jan 5 13718 Nov 4
9012 Jan 105 Dee
597 6018 597 6012 z587 613
8
8
6214 61
8
63
4 61
63
647 163,400
8
No par 519 Aug 18 8514 Jan 31
45 Apr 584 Feb
8
• 4012 40% 4018 40% 393 4012 3812 3912 383 39% 3834 39% 25,100 Pacific 011
8
8
Packard Motor Car
10 15 Jan 16 4812 Nov 12
9 2 May 1612 Des
7
2614 27
8 2512 2614 26
263 2712 x255 2714 251z 257
4
8
2634 9,600 Paige Dot Motor Car_.No par
173
sMaY 6 32 Oct 24
745 747
8
8 75
76
753 7614 7514 757
4
75
75
4 7512 76
8,200 Pan-Amer Petr & Trans.__ 50 5912Sept 3 837 Mar 3 -14 4Feb 65 Des
1
2
7612 773
8 763 77% 765 7812 77% 783
4
4 7714 78 4 7712 7812 90,700
8
,
Do Class B
50 6018 Aug 27 8412Mar 3
4114 Feb 645 Dee
8
•412 43
4 .4% 43
4% 518
514 6
5
5 18
4
8
4% 45
8,700 Panhandle Prod & Ref_No par
214 Aug 28
614 Dee 4
112 Sept
418 Jan
283 283
4
4 2854 28% 2812 28% 27
2814 2714 2714 2712 28%
1.300 Park & Tilford tern ctts_No par 25 Sept 26 3842 Jan 10
24 Sept 853 Deg
4
*1812 18%
187 1938
8
8 183 1914 1812 19
4
187 187
8
8 18% 187
2,400 Penick & Ford
No par
1714 Nov 6 28 Apr 14
.15
17
*15
143 15
4
•15
17
17
•15
17
*15
16%
200 Penn Coal.4 Coke
50 124 Apr 29 Ms Jan 2
1814 Nov "ibie -Jan
24 2%
24 2 8
214
214
2.2
214
212
3
23
8
218 2 8 57,700 Penn-Seaboard St'l vto No par
3
1 Aug 12
3 Jan 9
ita Oct
at, Jan
11814 11812 11814 11814 118 118
11812 11812 11812 11812 11834 1183
4
900 People's0 LAC (Chic)
100 112 Jan 16 123 Oct 18
923 Apr 11912 Dee
4
6618 665
8 65 4 66% 0512 6512 6512 6612 655 6612 6512 6618 8,800 Philadelphia
3
8
Co (Pittsb)
50 5112 Mar
427 May 574 Del
8
4334 44% 4212 43 4 4218 425
8 4215 4314 4218 4212 4112 4214 16,400 Phlla & Read C & I ___No par 3744May 18 6714 Dec 8
3
6 5212 Jan 9
3412 Mar 5414 De.
•43
44
43
43
*42
4212 4212 4212 4212 4212 *41
42
Certificates of int___No par 38 July 11 5012 Jan 23
400
35 Mar 5238 July
.
55
5912 *55
5912 .55
*55
59
5912 *55
59 2 *55
5912
,
Phillips-Jones Corp...
44 May 88 July
203 203 *2012 21
4
4
2012 2012 2012 2012 2012 2012 1,6001 Phillip Morris & Co, .No par 51 Nov 16 901t4 Jan 12
2012 21
Ltd-- -10 123 Mar 19 2514 Sept I
4
11 July 233 Jan
4418 44% 44
4
44% 4412 45% 447 455
8 4412 4514 45
8
45% 56,800' Phillips Petroleum
No par 3614 Mar 30 4718June 12
2812 Oct 4212 Ain
353 36% 35% 35% 315 35% 34
4
335 363
8
35
8 343 36
8
4
31,2001 Plerce-Arrow Mot car_No par 104 Mar 30 4734 Oct 29
618 May
16 Dee
9114 92
*91
92
88
8818 91
91 ' 88
90
90
9012 3,100
Do pre!
100 43 Mar 24 100 Nov 4
1818 May 54 Dee
Do prior prat
No par 85 Mar 18 102 Sept 14
5912 June 95 Des
-)5",
-- iis -14 -- jig -14 --ilia
114
112
13 - 1,1500 Pierce 011 Corporation
25
114 Nov 12
5
14 Apr
34 Feb
ca Jan
*22
24
9.11, •23
2014 22?! 2112 214 *23
25
•23
25
Do pref
400
100 2014 Dec 14 40 Feb 26
20 Mar 36
•43
4 5
47
Jan
47
7
45
8 4%
43
4 5
434 4
43
4 47
4,600 Ple cePetrol'm tern ctfs_No par
44 Dec 11
814 Feb 6
44 Oct
*40
41
54 Dec
40
397 397
3912 3912 *3914 40
40
40
40
1,000 Pittsburgh Coal of Pa
100 3714May 2 5412 Jan 13
477 Dec634 Ma/
8
*83
86
*83
85
83
86
83
*83
83
83
*83
86
Do prof
300
100 80 May 4 99 Jan 5
9472 Aug 100 API
971. *96
*96
*96 100
9712 "06 100
*96 100
*96 100
Pittsburgh Steel prof
100 94 Mar 26 1024 Jan 8
95
Jan 103 Ami
57
6014 61
61
61
60
8
61
5918 597 *59
59
61
2,700 Pitts Term Coa'
100 30 Apr 27 633 Jan 17
4
584 Dec 633 Dec
153 1618 1512 16% 16
4
4
4 16
153 153
4
16
16
*1512 157
3,400 Pittsburgh Utilities pref _ _ _10 127 Mar 24 1778June 25
8
07 Jan
2
*1514 153
4 15 2 1512 *1514 153
167 Dee
2
,
*14
16
*14
4 1512 16
16
100
Do pref certificates_ _ _ _10 123 Mar 20 16 June 28
4
114 Feb
9112 8918 9114 895 911
89
1612 Dee
8 9112 10114 58,200 Post'ro Cer Co Inc new_No par 64% Nov 18 10114 Dec
8918 9138 8918 913
8
18
4812 Ayr 10312 Dec
577 59
8
5912 60
8 6018 62% 637 6614 16,900 Pressed Steel Car
595 605* 60 607
8
100 45 June 25 89 Jan 23
39 Aug 82
8218 8214 82
Jan
82 4 8214 8214 823 8374 833 85
,
8
4
83
90
3,000
Do pre!
100 7612July 9 924 Jan 3
1412 1418 1414
87 Aug 90 Feb
*14
1418 143* 14
143
4 1312 1374 1312 15
6,800 Producers & Refiners Corp_ 50 1212 Aug 26 325 Feb 3
8
8012 8114 8012 81
22 4 Apr 43Ij Jan
3
80
793 801
791 803
4
81
4
7012 793 13,600 PubServCorp of NJ newNo Par 625
4Mar 30 877 Aug 5
8
*10312 105 •10312 105
39 Mar 70 Dec
10312 10312 *10318 104
105 105
104 105
600
Do 7% pref
100 99 Jan
106 Nov 18
9612 Mar 10118 Des
11612 11612 •115 11612 •115 1181 *115 11612 *115 11612 *115 116
300
12
Do 8% pref
100 1084 Apr
119 Oct 14
161 1623 16074 1633 16212 164
9914 Apr 115 Dee
4
8
162 16412 16312 16912 1673 17014 49,200 Pullman Company
4
100 129 Mar 30 17312Sept 17 1134 Apr
39
39
3914 39 4 3914 391
1514 Deo
,
3914 3912 3918 3914 39
3914
1,900 Punta Alegre Sugar
50 33 July 2
4714 Jan 7
293 30
295 3014 2914 30
4
372, Dec 674 Mai
8
2018 29% 2812 2914 283 30
4
66,100 Pure 011 (The)
25 254 Aug 1
3334 Feb 4
*106 108 *106 107 •106 107 *106 107 *106 107 *106 107
20 June 3014 Dee
Do 8% pref
100 10212 Jan
10812Sept 9
4412 453
92
4 44% 45% 42
Jan 1054 Des
8
4412 425 4334 423 444 4312 443 29,700 Radio Corp of Amer_..No par 3914 Nov
4
4
21 777 Jan 2
,
•451% 46
48
257 Oct867 Dec
2
46
46
2
46
46
46
*455 46
8
*455 46
8
700
Do pref
50 4512 Oct 28 54 Feb 4
457 Oc
k
50 Dee
• Bid and asked prices, no sales on this day. x Ex-dividend. a Ex new
righte. a No par.
Ex-rights. 8'Trading on New York Stock exchange
because of email amount 01 stock outstanding.
euapentied
fg3,
1
Vg gwo !A preft`'r
100
Per share
1214 Mar 24
41 Mar 25
43 Mar 25
87 Aug 4
4612 Mar 30
134Sept 9
74 Mar 25
355 Apr 2R
31 Dec 17
11014 Jan 6
115 Feb 20
8
57 Mar 25
11812 Jan 18
56'2 Mar 27
80 June 23
22 Feb 17
6 Jan 28
45% Mar 20
77 Feb 17
3014 Jan 24
1084 Feb 27
1358 Aug 26
23 Dec 17
314 Feb 17
114 Mar 20
117 Jan 18
104 Jan 27
99 Jan
691, Jan
34 Mar 31
2114 1)ec
32 Mar 21
2014 Mar 16
2812 Mar
204Sept 20
32% Mar 30
1043.1ar 13
1912 Aug 31
51 Jan 6
101 Mar 23
79 Mar 17
16 Jan 2
18 Jan 3
9 Dec 8
8 May 1'.
203 Aug 19
4
5 Apr 16
8
96 Jan 2
04 Apr 17
41 Mar 30
2234 Mar 19
May 4
40 Nov 10
18 Apr 9
13 Aug 26
30% Apr 23
1934 Jan
1034 Jan 21
414 Mar 24
65 Apr 29
1234 Mar 11
654 Mar
99 Jan 1
42 Jan
3812 Jan
New York Stock Record-Continued--Page 5
2986
For sales during the week of stocks usually tnactire, see fifth page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
gahirday.
Dec 12.
Norsday.
Dec. 14.
Tuesday.
Dec. 15..
Wednesday. Thursday,
Dec. 17.
Dec. 16.
Friday.
Dec. 18.
Sales
for
the
IVeek.
PER SHARE
Range for Year 1925.
-share lots
On balls of 100
Ht
Lowest
.
Indus. & Miscell. (Con.) Par $pershs per ,hare
per share
16 Per share $ per Share $ per share $ per share $ per share
122',
Railway Steel Spring
10) 12212 Feb 17 182 Nov 12171 173
171 171 12
170 170
/
1
168 173
16912 1694 188 168
Rand Mines, Ltd
No par 33 4 Nov 23 3912 A ug .5
2
8
*333 35
4
*333 34 2
4
,
8412 3412 *3412 343 *3414 35
4
*333 35
Ray Consolidated Copper_ 10 1138 Apr 22 174 Feb 9
1212 121
8
8
4 1212 123
4 1214 1212 121s 1212 1218 123
* 123 123
6014 Dec 14
Reid Ice Cream
No par 43 Oct 1
58 585
8
57
58
59
*59
5912 *583 8014 573 5814 58
4
4
Rels (Rob!) & Co
10 May 16 23114 3103, 9
No par
18
1818 1812
1818 193*
1812 19
1812 1812 1812 1812 18
s
Remington Typewriter_ _.100 4634 Jan 27 1178 Dec 10
.
4
115 11614 1163 11712 11412 11612 115 11614 11214 1143 112 11314
4
Do 1s1 pref
100 100 Jan 2 10912 oet 23
*10814 110 *108 110 *107 110 *107 110 *10712 110 *10712 110
Do 2d pref
100
100 103 Sept 29 11312 Apr 29
•108 110 *108 11014 210614 106, *105 11014 *106 11014 *106 11014
4
8June 12 2314 Jan 13
125
No par
1418 1514
1414 1412 7,700 Replogle Steel
1518 1514 15
15
147 15 8 143 , 15
4
,
8
100 4218 Apr 30 848k Jan 3
16,000 Republic Iron & Steel
3
581 6018 585 5912 53 4 60
/
4
8
60 8 607
,
8 60
4
6058 593 61
Do pref
100 8414July 7 95 Jan 13
*9212 9412 1,200
9212 94
9414 94
*94
*9212 94
9412 *9314 94
19 Jan 5
No par
8 July 2
912 .9 8 4,600 Reynolds Spring
7
,
1058 1012 103 903
8 10
101
/
4
934 97
*97 10
3
g 95
4 8,400 Reynolds(R J) Tob Clas2B 25 7214 Mar 24 95 2 Nov 23
9558 29312 933
93 4 933
3
4 9312 943
4
4 941 957
/
4
8 943 957
Do 7% pref
100 11972 Jan 8 122 Apr 29
•12118 12112 *1211 12112 *12118 12112 *12114 12112 *12114 12112 *12114 12112
/
4
951
5,400 Ross% Insurance Co, _ ._ __ 28 85 June 25 9712 Feb 20
88
89
88 .87
*88
89
*88
89 .87
89
*87
2
4814 Mar 24 573 Jan 31
547 547
8
5412 543
4 5412 55
545 55
2
538 5414 5312 5412 7,400 Royal Dutch Co(N Y shares) _
10 3534July 1 5212M ay 25
44
4412 413
4 4,800 St Josepb Lead
4312 4414 43
443* 444 44
/
1
44
4412 44
s
883 9114 8914 9014 18,700 savage kruis Corporation_ 100 4812July 15 1083 Mar 3
4
8
82's 8814 84 8 873
,
4 891s 914 885 9114
2
48ept 3 1347 Dec 7
.No par 1013
13018 13112 12,200 Scbulte Retail Stores..
1315 1323 13119 1323 130 4 131% 12914 13214 130 131
8
4
4
3
Do pre}
100
100 110 Jan 6 118 Aug 21
4
4
1143 1143 *112 115 *112 114
•11512 11614 *11514 1157 *113 115
8
4J
1314 Nov 27 163 une 22
1,300 Seagrave Corp
No par
14
14
141 *135 14
/
4
8
14
14
14
14
14
14
14
4 6,500 Sears, Roebuck & Co
100 14712Mar 30 23312 No, 10
4
229 229
22814 22912 2283 229 4 228 23012 2273 22914 22814 2288
4
3
772 Jan 3
Shattuck Arizona Copper.. 10
54 Apr 22
_ No par 4012M ar 30 92 Aug 6
2
.614
66-- -6 16-5-':666 Shattuck (F £0
4 761-71;2 11 2
7
-1/67 -61i4 6958 697 -- 4 -66- .4
47
800
£2
.4614 467 4612 4612 4612 46/ 4634 47 4612 4612 *48 4612 32,300 Shell Transport & Trading_ par 3912SePt 23 285 Dec le
1
4
Feb 4
Shell Union(IllNo
2158 Aug 12
8
4 2512 26
253 26
4
255s 257
8 25 8 254 2538 25% 25 8 253
5
/
4
Do pref
300
100 9912 Jan 2 1061 Nov 5
105 105 *104 105
10412 10412 105 105 *104 105 *104 105
4
10 1734Sept 3 263 Jan 12
8 2212 23 4 21,600 Simms Petroleum
,
8
225 233
8
8 223 227
2319 23% 23
233 222 4 23
8
3
par 3114 Mar 17 845 Nov 2
5118 5112
51
52
51
5214 521s 521 5212 251
513* 51
/
4
8
17 Jan 6 247 Feb 2
5 5 8 m n nsCo
: 01 1
8
2014 203
4 20 8 2118 205 2114 2058 2114 2012 2118 205 2212 115,600 81nelrir Con, oil r tipN par
8
5
Do pref.
4
500
100 783 Jan 2 9418 Feb 3
8912 8912 9014
4 8914 8914 .89
*8918 8912 89
/ 8912 *8914 893
1
4
25 2134 Mar 30 3212 Nov 14
303 3138 31,400 Skelly 011 Co
4
8
3112 3012 3112 305 3114
3114 313* 311 3158 31
/
4
3,300 Sloss-Sheffield Steel & Iron 100 8014 Mar 30 14312 Dec 8
13314 13512 13412 136
13314 135
•13012 134
133 135
135 135
10(1 62 Jan 8 103 Dec 14
95
9984 12,200 South Porto Rico Sugar
s
934 97
/
1
9612 103
9912 10212 10018 1017 100 100
780 Spear & Co
0 13 Dec 16 24 May 28
/
1
4
No 10
par
14
13 8 1358
5
1318 1318 *13
1312 1312 *13
*13
14
14
peel..
Do pr
800
79
7814 Dee 16 92 May 19
79
81
*7918 80 4 7814 7918 *78
3
*79
12 81
7912 80
85ept 23
No par 1512 Feb 17 387
27
2712 18,900 Spicer Mfg Co
245 27
8
25
25% 28
255 2612 2518 263
8
s 2412
100
Do pref
100 92 Apr 1 108 July 10
10214 10214 *102 103
*102 103 *102 103 *102 104 *102 103
8,400 Standard Gas & El Co_No par 4014 Jan 2 61 001 16
563 57
4
573* 5612 57
4 57
575 577
8
5714 573
4 571 573
/
4
100 82 May 19 8212 Dec 18
81
82 2 10,800 Standard Milling
,
8
797 8114 7812 79
*78
7614 7614 765
763 81
4
Do pref
2.1une 12
200
100 81 Jan 20 863
8812 .84
8612
86
*84
8612 .84
*84
88
88
85
85
7 5812 553 567
4
553 577 24,800 Standard 00 of California_ 25 5112 Aug 13 8714 Feb 2
4
56
55
547 55
8
543 5512 55
4
3 44
2151ar 30 4712 Feb 3
435 4414 52,200 Standard 011 of New Jersey 25 383
8
43
44
427 433* 428 4312 43 433
k
7
4 4312
Do pref non-voting..._ _100 11814 July 7 119 Feb 24
/ 11714 1173 117 1173
1
4
4
8 3,000
4
118 118 *11712 118
1173* 1173 1173, 117
18 Ian 16
55,Aug3i
1,200 Stand Plate Glass Co_ _No par
7
7
7
635 67
*63
4 7
7
7/
1
4
7
74
/
1
7
No par 8214 Mar 25 8012 Dec 14
1,500 Sterling Products
*8014 81
12 8012 •8014 81
7814 80
80
8012 8012 8012 80
-Warn Sp Corp..No par 55 Mar 18 9812 Dec 18
/
4
g 89
8912 9514 941 9612 174,000 Stewart
891 91
/
4
90
927
8 91
91
927
2
4
79
/ 7912 79
1
4
797
783 784 763 7712 7814 78% 7912 79,2 1,700 Stromberg Carburetor_No par 61 Mar 18 893 Oct 27
4
8
8 5512 563* 554 568 31,800 Studeb'r Corp(The)newNo par 4114 Jan 28 885 Nov 2
/
1
8 557 565
8
5714 578
583 5714 5614 567
4
Do pref
200
100 112 Mar 13 125 Sept 29
123 123
•120 123 *120 123 *120 123 *120 123 *120 123
No par
3 Oct 15 12 Mar 6
2,400 Submarine Boat
3
3
318
3
3 8 319
,
31 319
/
4
31 3
/
4
/
1
4
3
/
1
4
/ 3
1
4
813 Feb 9
No par
212 Dec 7
212 2% 6,600 Superior Oil
212 212
212 258
212 2%
2
/ 23
1
4
4
1
212
415 Jan 10
8
200 Superior Steel
100 20 May 1
28
28
*23
*23
28
•23
28
25 25
2412 2412 *23
57 Mar 19 1512 Oct 26
2
Sweets Co of America
50
*12
13
1312
4
4
*1112 1312 *113 1312 *113 1312 *113 133 *12
4
4
8Sept 18
104 Jan 15 207
/
1
133 133
1334 14
4
4 2,100 Symington temp ctts...No par
1414
8 14
141 1414 1418 1452 1414 143
/
4
Class A temp ctfs__..No par 19 8 Dee 18 26188ept 18
7
1,500
8
2018 2014 2014 197 20
22018 201 20
/
4
2012 2058 207 21
s
1,600 Telautograph Corp_ _.No par 11 Aug 14 1614 Nov 7
k
14
14
1312 137
8
147
145 145 *14
8
*14
1414 1414 147
16 Dec 7
No par
1438 25.600 Tenn Copp dr C •
74 Apr 1
145
8 141 1412 14
/
4
8 1414 1434 14
143 14% 1438 147
4
8June 12
4
. 25 425 Jan 5 543
38,500 Texas Company (The).
/ 53
1
4
7
521 52 5212 52 5212 52
/
4
/ 5258 5218 52 s 52
1
4
52
10 9712 Feb 17 12112 Nov 7
8
8
4
/
4
11712 1183* 1173 11912 1181 1193 117 1184 116 1173 11614 11718 2.500 Texas Gulf Sulphur
2
7
143* 1514 147 15 8 18,100 Texas Pacific Coal &OIL.- 10 107 Aug 27 2358 Feb 6
7
151a 15
s
1538 154 1512 16
/
1
154 155
/
1
8
8,000 Tidewater 011
100 3014Sept 28 367 Dee 1
3418 347
8 3412 35
2343 35
8
4
/
1
/
4
/
4
3518 354 351 351 343 35
18,800 Timken Roller Bearing.No par 373
4Mar 18 59% Oct 30
/
4
5
55% 53 8 5458 5338 561 5412 56
853 563
4
2 5512 56% 54
4
....100 70 Jan 2 1013 Nov 20
7
g 941 954 941 95
/
1
9514 954 9612 24,900 Tobacco Products Corp.
/
4
/
1
/
4
95
961 09312 94
/
4
95
2
Do Class A
3,700
100 934 Jan 2 1103 Nov 27
105 106
8
105 10512 1045 10512 10414 105
10718 108 *10512 108
578May 9
3128ept 26
25,400 Transc't•1011 tem ctf new No par
414 4
414 4%
41 4%
/
4
43
414 4%
414
424 41
/
4
300 Truism)& Williams St'l No par 24125ept 25 35 Jan 10
/
1
2534 253 *254 26
*2534 26
4
*2534 27
26
26
•26
27
561 5612 2,900 Underwood Typewriter.... 25 384 Mar 28 8514 Nov 2
/
4
56
5712 56
573 573 *56
4
4
57
5712 58
57
15,000 Union Bag & Paper Corp_ _100 38 Apr 1 88 Oct 23
7212 7112 72
7212 73% 72
76
76
7712 72
7612 77
3
4
25 33 Oct 19 43 2 Feb 5
355 363 12,900 Union Oil, California
3512 36
35% 36
351 36
/
4
8 3512 357
357 357
97
400 Union Tank Car
100 9614 Dec 15 134 June 19
97
/ 9712 97
1
4
97
9614 98 4 97
,
9414 *9312 95
*94
Do prof
100 11314Juue 17 11718May 6
700
s
4
115 11514 *1143 1147 115 115
115 115
115 115
115 115
293
4 4,701. United Alloy Steel
8 29
No Par 24 May 15 3678 Mar 4
29% 2912 297
2912 29
2914 29
*29
2911 29
43,400 United Cigar Stores
25 6014 Jan 8 11512 Neu 9
10014 102 4 1018 104
,
10112 104
10414 106
10034 104
105 105
100 11072 Feb 4 16212 Oct 31
150 15012 150 152% 15318 15512 6,700 United Drug
15112 15112 151 151
15112 1514
/
1
4
Do 1s1 pref
500
3
50 52 Jan 18 58 Nov 5
553 55 4 *5512 56
4
55% 55% *5512 56
58
5512 5512 56
8
4 6,100 United Fruit
100 2047 Mar 31 246 Sent 30
23412 23712 236 2393
232 234% *230 233
22912 232
228 228
8
2714 28 4 2714 2814 19,000 Universal Pipe & Rad__No par 2612 Apr 27 507 Feb 11
,
12 28% 2712 28%
4
/
4
283 2912 273 291 27
4
Do pref
2,500
76
100 65 July 10 94 Feb 11
78
763 *74
4
78
7812 7912 7812 7812 78% 78% 78
8,800 U 8 Cast Iron Pipe & Fdy.100 13114 Apr 22 250 Feb 11
196 19812 198 200
201 20514 194 203
202 209
205 205
Do pref
700
101 10112
100 91 July II 113 Aug 21
102 102 *10112 102
*10012 10112 10112 102 *10112 102
4
58
541s 573 66,800 US Distrib Corp tern ctf No Par 3012 Feb 17 634 Dec 11
5912 57
5818 5912 58
604 61% 5818 62
Do pref
' 100 130 Mar 9 250 Dee 11
250 *210 250 *210 250 *210 250
*225 270 *220 280 *210
4 4,800 US Hoff Mach Corp v t2No par 23 Jan 3 494 Oct 17
443
3
45
453
4 45% 454 4,514 4512 44
45
4 45
443 443
4
741 7512 17,000 U S Industrial Alcohol_ _ _.100 7014 Dec 7 98 Oct 24
/
4
8
733 74% 733 7414 73% 75
4
741
8 73
7412 75,
Do prof
300
100 102 Dec 8 115 June 22
10414 10414 104 104
106 108 *104 106 *103 106
•103 108
168 1693
5 7,600 TJ S Realty & Improv't_ _. 100 114I2Mar 30 1844 Nov 2
,
174 17514 175 8 17912 176 4 178% 17512 17812 173 173
,
3
s 8212 85
831s 8512 8314 8514 821* 85 163,000 United States Rubber__ _ _100 33I2M ar 30 9714 Nov 13
8858 87% 8412 87
8
Do 1s1. pref
800
5
/
4
100 92 4 Mar 30 1087 Nov 14
,
10712 1073 10714 107 4 10712 10712 107 10712 107111 1071
4
•107 108
s
4634 4858 7,200 US Smelting. Ref & Min.. 50 30 Feb 17 485 Dec 18
47% 4634 47% 46% 47
47
48
47
4612 47
/
1
4
Do pref
900
4
50 44 Apr 16 49 Dee 12
4 483 49
4814 4814 *4814 483
49
49
49 49
491 4918
/
4
4
.100 1123,Mar 30 189141vu 7
8 13412 133% 1343 136,500 United States Steel Corp..
1327
4
13412 13512 1333 135
135 13614 134% 136
Do prat
100 122I8May 7 138 Nov 6
8
12534 125% 125% 125% 1257 12618 12512 12512 2,300
1253 126
4
126 126
100 Utah Copper
*98 103
10 82 Mar 19 Ill Nov 18
*98 103
*98 103
*98 103
.98 10212 103 103
11,300 Utilities Pow & Lt A__No Par 30 Aug 27 38 Aug 6
35% 3512 36
3512 35
35
4
361 343 35
/
4
3514 357
9 35
4JulY 9
2May 4 343
4
NO Par 253
32,
8 313 31% 2,700 Vanadium Corp
,
313 3214 3218 32 2 32
4
3
32 4 32% 32 4 33
3
Van Raalte
1514 Aug 24) 28% Nov 7
*2212 2312
No par
*2212 24
*2212 2312 *2212 25
*225 25 .2212 25
8
Do 1S1 pref
78
*72
100 80 Apr 1 80 Nov 16
78
*72
79
*72
79
*72
79
*72
79
•
72
4July 9
ilisept 23
83
200 Virginia-Caro Chem_ __No par
112
112
15
8
1%
*112 2
*11 2
/
4
•112 2
*112 2
Do prof
200
9
84 Jan 5 23I2July 8
9
1041
/
4
94 9 4
,
,
*912 101 *612 10's *912 1018
.912 11
478Ju1y 9
4 Aug 28
Do "8"
*114
2
No par
*114 2
*114
2
2
*114 2
*114
*114 2
714 Jan 13 265 Dec 14
19,500 Vivadou (V) new
26
No par
4
,
8
8
4
23 8 2411 243 26% 257 2612 255 2614 253 26 4 26
7
/
4
No Par 1412 Aug 10 197 Jan 3
2
4 1719 1712 1718 1712 17% 187 21814 191 18,000 Waldorf System
173 17% 1712 173
8
400 Ward Baking Class A_ ..No par 116 Apr 30 198 Dee 10
197 197
197 198
198 *195 198 *195 198
•194 198 *195
Class B
823 28,200
4
No Par 3714 Mar 30 9512 Oct 3
81% 82 2 81
,
8114 83
82 4 85
3
4
843 8518 8412 85
Preferred (100)
/
4
No Par 9412 Feb 11 112 Dec 9
/
1
•110 11214 *110 11212 •1084 11014 *10814 110 •10814 11118 *1081 110
8
177 17% 2,200 Warner Bros Pictures A.._ 10 1752 Dee 17 227 Oct 16
8
18% 17% 17%
18% 187
2 18
2
•19
19% 187 19
0
4,000 Warren Bros
*45% '473
4
No par 43 June 24 801 111Y 6
48% 49
4712 4712 4712 47% 47% 49
48
.47
8
974 99% 985 10012 40,200 Weber & Helibr, new _c No par
/
1
98
9412 9512 29412 97
97
9412 95
1
Western Elec 7% peel,,...100 151 A Pg15 11 °12itnc 28
10 Au r 17 1712 Dee 15
2Sept 18
- 2 9:11515 Western Union Telegraph.100 11814 Jan 2 1447
3
.713514 13784 1351, 136! 1357 115 8 1357 131i1-'
136 13614 137 138
5,000 Westinghouse Air Brake.... 50 97 Apr 9 144 Aug 17
4
124% 12614 123% 1233 122 12412 124 125
4
4
4
1243 1263 1253 127
7412 75% 30,800 Westinghouse Elee & Mfg_ 50 8814 Mar 28 84 Jan 3
g
4
4 7412 75% 7412 75
75
763
8 757 765
8 743 753
2012 Aug 17
2,700 West Elec Instrument
18
18
4
9 /Or 1
/ 18
1
4
1814 17
,
19
1812 1914 1814 18 2 18
19
8
Class A
1.000
8
195 Mar 31 287 Dec 10
4
2814 273 27% *27% 28
4
*2812 283
*2812 29
4 283 28% 228
No par
12112 12112 1,800 West Penn Co
12112 12112 121 121
124 124 2123 123
123 128
0
Do 7% pf tern et! new.100 94 Apr38 10 NI Y 21
45 JUIV 22
100
95
96
96 .
9612 *94
*94
97
97
9612 *95
•92
97
4
White
No par 2512 Aug 28 313 Feb 2
,
8 2714 271* 2718 2712 2712 2712 2714 27 2 2712 28% 7,100 White Eagle Oil
2714 275
Motor
50 8712 Mar 30 10412 Aug 18
8
80
8212 8112 827 29,201)
8018 82
84
8412 8418 8512 04134 83
8 2,800 White RR, M & S ctfs_No Par 3312 Dec 1 492 Aug 7
/
4
3714 39% 3812 3712 371 375
38
*38
381* 38
s
s
387 387
2M
53 aY 15
2 Dec 3
312 13,200 Wickwire Spencer Steel elf...
318
3
34
,
2% 318
23
4 314
218 314
2
/ 218
1
4
918 Jan 26 347 Nov 4
263 57,200 WIllys-Overland (The)...._. 6
8
4
263
4 253 26% 26
8
,
/
4
/
4
271 2714 271 27% 265 27 8 26
2
Do pref
8 5,200
3
100 7214 Jan 28 1237 Dec 7
/
4
4
12214 122% 12112 1223 12114 12'21 2120 8 1223
4
12112 12212 12212 1223
4
512Sept 24 133 Mar 7
100 Wilson & Co. Inc
514
No Par
514 *5
5
/ 513 *5
1
4
518
514 *5
614 *5
*5
Do pref
17 Sept 2 60 Mar 7
100
20
20
101
231. *19
23
2312 •19
2312 *19
2312 *19
.20
,
8
25 11214 Jan 28 220 0 129
200% 20214 20014 2023 12,100 Woolworth Co (F W)
199% 20212
19812 19912 201 20212 19914 201
5
10,500 Worthington P & M
43% 45
100 3514 Aug 12 70 8 Jan 2
4314 44
45
4612 44
4
4 45
4314 4518 443 483
Do pref A
7914
100 78 Nov 5 88 Jan 9
7914 •78
7918 *78
4 *7914 7912 *78
*7914 7912 *794 703
Do pre B
$00
64%
64
106 58 Aug 18 781 Feb II
65
*64
65
65
68
488
6612 *65
6612 *85
2July 1
4
4
27% 2814 273 27% 273 27% *2712 27% 2,400 Wright Aeronautical.....No par 18 Mar 30 323
281s 2812 2712 28
/
1
4
500 Wrigley(Wm Jr)
2543 5512
4
No par 4512 Mar 30 57 Oct 27
*55% 56
*56
56
56 4 56
,
564 5612 *56
/
1
56 4
'
Yale & Towne
25 62 Sept 23 7014July 29
/
4
*6112 66 2 *611 6612 *6112 6612
*6112 67
,
*6612 67
87
•82
4
Yellow Cab Mfg tern Ws
10 3312 Feb 18 483 Oct 1
- 7,100 Youngstown Sheet & T No par 83 Mar 27 9212 No% 7
7A4i2
86i4 87
-giC1
-t377.
- 78
New stook 00 the bards of 1 new share for 3 old shares
this day. s Ex-dividend a Ex-rights
•Bid and asked pricee. no sales on
Shares.
4,600
100
8,500
2,600
2,200
7,100
•
STOCKS
.
NEW YORK STOCK
EXCHANGE
-86f4 887s
,
PER SH
Ranee for Prevent.
Year 1924.
Loves:
Moho*
i per share
per Mar,
.
108 Jan 13712 I).
/
1
4
30 Jan 33 yoe
9 Mar 1711 IN/4
_
9 Oct 1112 'Jae
32 Jan 544 Der
14
9014 July 99% Dee
9012 May 110 Der
7 June 2314 Nov
14
42 June 633* Dee
82 June 95 Mar
97 May. 2234 Jai:
2
8
015 Mar 79 Dee
8
1'154 Mar 121 June
88 Mar 98 Kepi
Ws Feb
40 2 Sept
3
Jan 457 Dee
2
22
323 Jan 88% Dec
2
14
983 AM' 129 Aug
4
4
105 May 1123 its
May
8
-4i 14
15.
- 5 1 12
31
1311
"
-- 33
153 July
4
9112 Jan
103 Jan
2
22 Ayr
15 July
Oct
75
1718 July
52 May
Oct
58
---_
12 bee
224 Dee
994 Dee
24 Dec
37 Dee
2718 Jan
Jan
90
29 Feb
847 Dee
8
957 M82
8
67;
-14 Jiine 20 78 July 9814 Dee
3112May 413 r• e
2
r
39 May 738
12
70 July 85 May
564 Apr 884
33 May 42 Jan
/
1
4
1155 Mar 11918 Aug
131 Oct 354 June
/
4
554 Apr 654 Nov
484 July 10072 Jam
5412 May 847 Jan
3012May 481 Dee
4
10972 Nov 115
Jan
6 Nov 12% Dee
25 Jan
8
84 Aug
23 July 35 Dec
18 Sept
3 Jan
6 June
/
1
4
63 Mar
,
378 June
5714 Apr
8 Oct
11614 Oct
3112 May
62 Apr
8314 Mar
3 4 Apr
3
283* Oct
3618 Sept
3312 Sept
35 Nov
Jae
94
1061 Feb
/
4
20
Oct
• 4212 June
71 May
4612 May
Jan
182
13 July
4712 Oct
84 Feb
817 Jan
8
2111i,31%j ay
16 May
Marft,
98
- 3- 11 4 f•We
9% Jan
45 2 Jan
3
110 Dee
1514 Feb
Feb
151
Jan
41
1
73 Dee
9312 Oct
64 Jan
354 Jan
Jan
43
848, Feb
39 Nov
1327 Sept
2
11634 July
37
Feb
6414 Nov
12158 Dee
53 Der
22412 Aug
48 13ec
79 Dee
189 2 Dee
3
10414 Oct
126448 Dec2% 004De
814 May 8714 Juee
Dl,
Jan 108 4 Dee
98
3
90 June 14312 Dee
2212May 427, Jan
95 2 D
4 11 Dec
%
6612
1812 MayMar
37 Mar 487 Dee
/
1
4
2
9414 June 121 Dee
1183 Feb 123
8
64
Jan i 3 .ieb
8 14 Dee
i
8.
19
16's
53
Junei
et
Se91
212 June
%June
43 July
4
14
Apr
3104834
80 Jan
Jan
34% Jan
7 Jan
.. Jan
..
11S1
.2
. ..
2£
.1
ITN "Ai); 117 July
105 May 1183 Dee
4
84
Jan 111 Dee
5512May . 1
7_5_ ,
4_a,
_Dee
4713 -ii6 •;
,
1
8712 Arp 97 Dec
2312 May 293* Feb
5012 Apr .. _Der
.
72
/
1
4
67 May -1- -14 -Jan
4
8112 May 88
Jan
44 May 28
Jan
11
Aug 7218 Jan
72 Apr 1204 Dee
/
1
4
2314 June 81
Dee
88 July 8912 Dec
5812 Jan 753 Dee
4
93 May 233 Deo
2
2
5
35 Apr 46 Dee
593 Om
4
- 3 i•-1
3,11 2 ,at
•
72 Dee
New York Stock Exchange-Bond Record Friday Weekly and Yearly
2987
iss. 1 1909 the Exchaugs reetao4 aI tooting bonds was chanced and oriee2 are non: and Interest"-eseept for Mamie wig dgfaulted bongs
91
BONDS
Y. STOCK EXCHANGE
Week Ended Dec. 18.
H
Prim
Fracas
Dec. 18
Week's
Range or
Last Sale
Range
Since
Jan. 1.
BONDS.
N.Y.STOCK EXCHANGE
Week Ended Dec. 18.
Pries
Friday
Dec. 18,
Week's
Range or
Last Sale
Range
Since
Jan. 1.
MO No?. Low
Bid
Ask Low
U. S. Government,
High
Hit*
Hid
Aa Lots
High Ni. Low
10734 11 1023 1094
First Liberty Loan
4
Netherlands 6s(flat prima)_ _1972
S 10712 Sale 10718
1041
8 68 1004 1044
8
0
854% of 1932-1917
80
-year external 68 Ulan -1954 * 0 10358 Sale 1035
J D 992222 Sale I 9914: 003232 404 9918n 018,
10112 26
9912 104
1 100
0217w Panama (ltein 5445 tr rect8-I953 3D 101 10138 1014
Sale 100 100
Cony 4% of 1932-47
J D 100
977 103
8
10212 353
522 Peru (Rep of) Ott] 85
Cony 434% of 1932-47
4
1944 AD 1024 Sale 1013
D 1013322 Sale 101142101333! 271 101 1522 03
8
683
8
3
664 79
2d cony 4I4% of 1932-47
Poland (Rep of) g 68
1940 * 0 683 Sale 675
1002122 Sale 10015221001ln 11 100142 103
4
J
8814 83
86
96
Ext'l s f g 85 interim recta _1950
Second Liberty Loan4
' 8714 Sale 863
3
9931.
98
36
94 100
983 98
Porto Alegre (City of) 88_1961 3D 98
4
4sof 1927-1942
M N 100 10042 1004: 10042 152
4
1113
4 10 109 1124
Cony 44% of 1927-1942
MN 10033:2 Sale 10034210035w 1676 100nas 01",, Queensland (State) ext 41 78 1941 A0 1113 Sale 111
10713 144 10113 1071
Third Liberty Loan
25-year 68
:
_1947 FA 10714 Sale 10634
9912 70
94 100
1946 * 0 99 Sale 99
454% of 1928
M S 1003722 Sale 101153:10142 7764 100"48 Oro Rio Grande do Sul 89
9814 35
93 99
Rio de Janeiro 25-yr s f 88...1946 A0 9712 Sale 9712
Fourth Liberty Loan
974
5
92
934
25-yr exti Se
_1947 * 0 9712 Sale 9614
454% of 1933-1938
A 0 101342 Sale 1013421021n 1434 1011420315n
10413 14 100 1074
8
Treasury 454e
1947-1952 A 0 10611:2 Sale 10642 1061122 103 10402:0813n Rotterdam (City) external 681964 MN 1035 _ _ _ _ 104
10(34 15 103 108
4
1067 Sale 1063
8
87 100132204142 El Salvador (Rep) 88
Treasury 48
1948
1944-1954 3 D 102142 Sale 102142103
10112 39
97 102
Sao Paulo (City) 8 f Se_ . 1952
State and City Securities.
N 101 Sale 101
10312 210 100 1044
997 1014 San Paulo (State) ext s f 8a__1936 .1
8
10212 103 102
N Y 0117-44s Corp stock_1980 M 8 10018 ___-I10018 Dec'25
994 10214
10214 74
10018 1037
8
i 1005 Dec'25
8
4
s
!Xs Corporate stock
External a 1 8s Int recta
1964M 8 1005
1950• J 102 Sale 1013
8712 25
624 92%
10114 1023 Seine (France) ext 7e__ . _1942• J 867 Sale 85
8
8
8
8
the Corporate stock
1966 A 0 1005 __-- 1023 Apr'25
84
92
92
42
10014 10314 Serbs. Croats & Slovenes 884962 MN 92 Sale 9114
1972 A op 1003 10114 1004 Oct'25
4
44s Corporate stock
1938
82
88
84
810614 Oct'25 _
8414 77
83
1486241486241084 Solssons (City) 68
83
434s Corporate stock
1971 J 0 10518 1055
MN
48 103 106
105
105
5 10412 1077 Sweden 20-year 68
8
431s Corporate stock..JulY 19673 J 1044 10511 105
1939 3D 10412 105 10414
9812 1034
8
10134 101
4
10412 108
Sis Corporate stock
19653 D 1047 10512 10112 Dec'25
External loan 514e_ ...
.1954 MN 1013 Sale 10112
117 I 11 113 11714
4
4
8
1044 108 4 Swiss Confeder'n 20-yr of 8s 1940 33 1163 Sale 1163
44s Corporate stock
4
3
1963 Si B 1043 1053 105 Nov'25
984 1044
1037
8 34
9718 10014 Switzerland Govt ext 5344.1946 A0 10318 Sale 103
9714 Dec'25
/
1
4% Corporate neck
1959 M N
29
6414 6812
4
9714 10014 Tokyo City be loan of 1912.1952 MS 6612 Sale 6612
67
4% Corporate stock
1958 MN 9714 973 9714 Dec'25
100
19
97 2014
4
9714
2
9714 1004 Trondhlem (City) extl 6148.1944 3, 99% Sale 993
4
4% Corporate stock
1967 MN 9714 973 9714
6 10614 112
1087 110
8
4% Corporate stock
964 100
1956 M N 9612 9714 9612 Nov'25
Uruguay (Republic) ext 88_1946 FA 110 111
108
5 1074 11118
96
96
Oct'25
4
983 Zurich (City of) e f Eis
4
4% Corporate stock
1955 MN 9612
1945 A0 1074 108 1073
4 10411 1074
&II% Corporate stock
1957 MN 10412 Sale 10411 105
Railroad.
8
Oct'25
1003 102
4
10414 1074 Ala Gt Sou 1st cons A 5.--1943 30 1015 102 102
451% Corporate atria_
1957 MN 10412 10518 105 Dec'25
1004 1015
8
4
4
874 90 S Ala Mid let guar gold 5s.....1928 MN 1003 ____ 10012 Dec'25
7
% Corporate stk_May1954 MN 874 8812 873 Dec'25
4
8114 85
8334
8
4
Oct'25
8714 91
Alb & Bung cony 334s
434% Corporate stk _Nov 1954 M N 875 -__- 88
1948 AO 833 8412 8312
Oct'25 __-814 84
831 84
8
New York State Canal Im- 4s1961 .11
--- 1004 Nov'25
1004 1033 Alleg & West let g 4s gu
4
1998 * 0 83
044
90
9234 9312 927
g
2
10118 Mar'25 927
g
4s Canal
1014 10118 Alleg Val gen guar g 4e
1942 3 J
1942 M
764 29
6314 77
7512
454s Canal(rapt
1097 Aug'25
8
1097 11414 Ann Arbor 1st g 4s___July 1995
8
19643 J
•J
8978 179, 88
9212
4s Highway Mint regiater'd 1958 _ _ _
1024 July'25
10 4 114
8
27 03
Atch Top & El Fe
-Gen g 48_1995 AO 8912 Sale 8918
81
Highway Improv't 1418_1963 M S
10812 Oct'25
_ 88 Dec'25. ___il 84,2 90
88
4
Registered
A0
Virginia 2-38.
86
7134 Feb'25
1991
764 784
Adjustment geld 41_4uly 1995 Nov 854 Sale 8584
.1
57
824 88
Foreign Government.
86
8
8
Stamped
July 1995 MN 853 857 8512
Argentine (Nat Govt ofi 7e1927 F A 102 Sale 1013
4 102
8
1
8514
797 83
8
4
57 1018 10314
Registered
MN 8414 _ _ __ I 82 Nov'25 - - 1
814 85
S f tls of June1925 temp 1959 .1 D 96 Sale 957
85
8
85
96
204
954 9712
Cony gold 48 1909
1955 3D
0512 9714
Extls f 6s of Oct'25 tetnp_1959 A 0 953 Sale 953
2
4
854
8111 85
8518
4
96
304
11
Cony 48 1905
2 86
1955• D
96 Sale 9618
Sinking fund 68 See A_ __ .1957 M
_ 8312 Nov'25 --95
973
4
9612 140
81
844
Cony g 48 issue of 1910-1960 3D 8312
External 68 series B_ _Dec 1958 .1
14
98 100
96 Sale 9518
9914
99 Sale 99
943 97
4
East Okla Dly let g ts_ _1928 M
9
612 140
Argentine Treasury 54.6._ _1945 M 13 863 Sale 863
8
8
87
8512 Nov'25
83
/ 87 8
1
4
3
8113 89
865
8 12
Rocky Mtn Div lot 43.-1965 33 86
Australia 30-yr 5a_ __July 15 1955 J J 963 Sale 963
4
8812 88 Dec'25 ---86
89
4
9613 995
8
Trans
-Con Short L let 18_1958 J
9718 243
'88
2
92
9534
9412
934 10111
Austrian (Govt) I 71
4
1007 148
8
19433 D 1003 Sale 100
Cal-Ariz let & ref 434s"A"19132 MS 9412 ____ 9412
Belgium 25-yr ext s f 71481_1945 J D 10912 Sale 10913 109
2
8912
874 92 4
3
, 8914
4 30 107 11014 ALI Knotty & Cin Div 4s_ _ _1955 MN
20
-rear s f 8s
4
1073
-!10214 Aug'25 --__ 10214 103
/
4
1941F A 1073 Sale 10758
9 1084 1091 At! Knoxv & Nor tot g 58_4946 3D i0212
4
25
-year ext 610
8
9034 96
9312 53
9634
1
98 4
4
9
5 954
AU & Chart A L let A 4348._1944 3, 9834 - 1 963
1949 M S 927 Sale 9218
Esti• f (is inter rata
8618 Sale 85
103 ____ 10318
10318 46 10111 193 4
3
8314 884
19553
1st 30
-year ba Series B_1944 J
864 255
Extl 8 f 7s lot ctfe
4
854 8511
954 984 Atlantic City let eons 4s_-_1951 J J 844_I 854 July'25 --1955 J D 953 Sale 9512
9618 217
Bergen (Norway)s f 88
9214 40
89
9413
9214' 92
113
10818 11514 Atl Coast Line 1st con 48../2193 MS 9218 1945 M N 113 Sale 113
1952
0
8 105 4 108
25
8
-year sinking fund 68_1949 A 0 973 Sale 9712
4
9512 99 8
4
7
-year secured 78
10
987
a 24
MN 1053 10611 1063. 10613
907 95
8
Berlin (Germany) 634s
95
10
87
9104
1950 A 0 8712 Sale 87
8713 133
General unified 4348
1964• D 95 Sale 95
8514 94
Berne (City of) e 83
140
8
94
4 108
4
L & N coll gold 4a----Oot 1952 MN 9314 Sale 893
6 107 1114
1945 M N 1077 1084 1073
94 98
Bogota (City) ext'l s f 81
9714 963
78 7814 Dec'25 ---751s 80
4
9714 33
Atl & Dam let g 48
,
1945 A 0 97
1948 33 77
Bolivia (Republic of) Eo
/
1
4
6
6512
66 I
614 704
61
97
924 99 5
3
2d 48
1948 J J 644 68
1947 M N 98 Sale 9612
76 Dec'25 --75
80
Bordeaux (City of) 15-yr 68_1934 MN 8318 Sale 8214
80
89 4 Atl & Yad let g guar 43-1949 * 0 7512 77
3
844 91
98 8 1004
5
Brasil 13. external 8e
10214 229
997 Dec'25
8
95 103
A & N W Ist gu g 58
3 D 102 Sale 10114
1941 JJ 9912 101
1941
804 91
78 (Central Ry)
4
904 87
salt & Ohio 1st g 4s_ _ _July 1948 * 0 897 Sale 883
285
90
8
804 924
1952 .1 D 90 Sale 8914
87 Dec'25
854 904
20 1034 1084
8
106
Registered
7348 (coffee seem) (flat).1952 A 0 10514 1057 1054
July 11991338 QJ 874 89
0413 100 4
1
Buenos Aires (City) esti 634.19553 J 9914 Sale 99
944 188
894 95
993
4 52
-year cony 4345
10
MS 9418 Sale 9314
8.534 933*
10014 21 100 102
937
8 71
Canada (Dominion of) g 511_1926 A 0 100 Sale 100
/
1
4
Refund & gen bs Series A4905 J O 9314 Sale 924
55
8
4 102
1024 68 100 104
25 10138 10312
let g ba int etre
1948929 A0 10212 Sale 102
1931 A 0 1017 Sale 1013
127 10214 10414
103
10
a
1023
8 71 10112 10334
103 Sale 1023
8
10
-year 5348
-year 68
1929 F A 10218 Sale 1017
4
be
4
10412 134 1003 1044
Ref & gen 68 ser C temp_1995 3D 1044 Sale 104
1952 MN 1023 Sale 10234 10314 101 10158 105
83 8 904
5
Carlsbad (City) a f 13s
103
96 104
21
893
8 50
PLE& W Va By.ref 48_ _1941 MN 8918 Sale 884
19543 J 103 Sale 103
Chile (Republic) esti I 88_1941 F A 1073 Sale 10714
4
973 Sale 974
4
974 173
95 4 997
3
s
Southw Div 1st 5s
10814 49 10614 110
1950
88
12 80
53 1014 10811
1021
75
30
External 5
1926 A 0 10218 Sale 102
Tol & Cin Div Ist ref 48 A.1959 33 75 Sale 7413
-year.f 8.
20
983 103
4
55
-year esti 7s
6053 62%
Battle Cr dc Slur lot gu 36_1989 3D 603 62 624 May'25 ____
8
1942 M N 10011 Sale 1004 101
924 9413
25-year f 81
1081
9218 9412 933 Nov'25
8
35 10814 11014 Beech Creek let gu g
1946 M N 10814 Sale 108
9012 914
Chile Mtge Bit 6
8
937 963
8
903 Nov'25
4
4
Registered
954 88
June 30'1957 J 13 947 Sale 944
J o 9114 95
46
4312
453
1
77
79
Chinese(Hukuang Sly) 58
7714
1114
4014 514 Beech Cr Ext let g 8348_4951 AO 774 __ __I 7714
1951 J D 45
8
8912 14
85 894
14 1094 112
Christiania (Oslo) s 1 821
Big Sandy let 48
1915 A 0 11012 1107 11012 1101
1944 3D 8914 Sale I 89
9513 1014 B & N Y Air Line 1st 4R_ 4955 P A 74
30-year a (is
100
87
75
20
7412 74 Dec'25
1954 MS 9914 Sale 99
064 10014 Bruns & W let gu gold 48.....1938• J 913 94 , 92, Nov'25 __-_
30
991
2
92
94
16
-year a f 68
3
1955 M N 994 Sale 99
$
8
993 1021
9914 1014 Buffalo It dc P gen gold 56_1937 MS 10112 -___ 10112 102
Colombia (Republic)634.__1927 A 0 100 10012 100
3
3
10014
9414 100
Copenhagen 25
804 11818 .
8712 58
Consol 4341
9914 36
N 8712 Sale 874
-year.15348_1944 J J 99 Sale 9811
1957
9513 98I
Cordoba (Prov) Argen 7s 1942 J J 9613 Sale 96
_
824 May'25
__ I 82 86
14
9614 13
Registered
MN
8
994 101
1
95 10211 Burl C R & Nor let 5s
Cuba 58 of 1904
8
7
994
- 13
1944M S 993 Sale 993
AO lilf)is 101 1004 Nov'25
934 100
7
External 50 of 1914 Sea A- 1949 F A 974 Sale 9712
_ _ 10318
10318 25 17
04 103
/
1
4
Canada Sou cons gu A 5s_ _13962 AO 103
9814
3 4
84
Fitenial loan 434s
4
8
8812
924 965
1
984 Canadian Nat 451s_Sept 15 1954 MS 933 - -14 94
8 94
9414 62
4
1949 F A 883 897 881z
9612 10314
1004 10112 10018
9814 99
5
5345
-year gold 4 ki _Feb 15 1930 P A 984 983 9814
10012 98
985
8 86
4
1953
10112 23
9814 102
5 1144 117 4
Cseeboelovak (Repub of) 81_1951 AO 10118 Sale 101
11714
Canadian North deb e f 74_1940
3
D 115 Sale 11718
4
9734 1014
Sink fund 88Ser B lot 0118_1952 £ 0 1003 Sale 1003
4
101
7 115 1184
32
11518
20
-year s f deb 03-48
1946 J J 11714 Sale 115
96
Ext'l s 1 71.:s ser A
9612
9614 76
964 961
4
963
8
b
10-yr gold 414
8
1945 A0 96 Sale 96
...Feb 15 1935 FA 9618 965 964
81
8
79
4
Danish Con Municip Si"A"1946 P A 10914 1113 1083
1104 14 10812 11212 Canadian Pao Ry 4% deb stock_ 33 803g Sale , 80
80 3 111
4
4
4
10912 23 1084 112
Series 13 8 88
68
93 3
5
Carl: & Shaw lot gold 1s
4
1948 P A 1094 1093 1083
1932 MS 923 ____' 9314 Oct'25
109 111
_10978 Oct'25
75
834
Denmark external of 88
821* 10
Caro Cent 1st eon g 48
1945 AO
1938 3D 8218 Sale 8218
gots 105
8
20
1_5
00 184 4
94:8 1 2
:
3
10314 21
-year Os
684 6718
0214 28_ 1"7 :
Caro Clinch &0 let 3-yr 58_1938 3D 16
1942 33 103 Sale 1025
02 Sale 10172 1673
8
3 10678 100428
Dominican Rep Con Adm 81 Gg58 FA 10112 102 ;10214 Nov'25
101 103 4
3
5
8
1077
lot & con g 68 ser A
8
1952 J o 1075 108 1075
854
02
96
9312 60
Custom AdmInIste 534s.. _1942 MS 9312 Sale I 93
Cart & Ad let go g 4s
3D 851s 8614 8518 Dec'25
963 104
4
10312 Salo 10312 104
Dutch East India;ext 68
65
1947
Cent Branch U P let g 4g-19 1 ▪ D 7812 80
7812 Dec'25
9
8
48
987 103is Cent New Eng 1st gu 4s_ _1961 33
8
8
40
-year Os
1034 65
1962 MS 10312 Sale 1033
9314 103
80
s
4
-year ext 534,
974 99
14 Central Ohio Reorg 4343_1930 MS 973 ____ 977 Oct'25
1953 MS 1013 1013 10112 10112 25
8
8
MN 1013 1013 10112 101712 22
8
4
923 103
4
80
-year ext 53411
i 1014 104
4
1953
4
1023
Central of Ga lot gold 5+1_421945 P A 1023 ____ 1023
4
French Repub 25-yr ext 811_1945 MS 1003 Salo I 993
4
4
983 108
4
994 1084
10224 539
10212 13
Como! gold 5s
1945 MN 10212 Sale 10214
8
20-yr external loan 73122_1941 3D 975 Sale I 963
4
93 10113
983 386
4
10014 Oct'25
MN 9718 _
external 7.01 1924
9014 1420
86
937
8
1949 3D 88 Sale 8712
10314 38 10112 1044
10-year
621
June 1929 3D 103 16338 103
Finnish Mun L'n 634. A
85 8 9212
5
903
4 11
6
99 103
Ref & gen 5148 ser B
1954 AD 90 Sale 90
4
10214
1959 AO 102 10214 1013
External 634o Series B_ _1954 AD 904 Sale 90
9078 34
85
12 9212
8558
Chatt Div pur money g 184951 3D 855 853 855
8
6
8
4
EA
4
,
Finland (Rep) ext 68
8314 8918
8812 29
'2598 100
72
1945 MS 88 Sale 88
,
Mao & Nor Div let g 58_1946
8
' 995 _ _ _ _ 100 Dec
3
External f 78
96 Sale 9514
76
96
9314 984
1950 M
1.004 101
Mobile Division ba
101
_ _ 101 Nov'25
1948 11
German externalloan 7s._ _ _.1949 AD 1013 Sale 1003
4
1015 1016
8
913 1024 Cent RR & B of Ga coil g 58_1937 MN 983 983 98
8
4
95
99
985
8
2
8
4
German Cent Agri° Bk 7s
934 9714 Central of N J gen gold 5e.....1987
9434 253
4
1950 MS 943 Salo 9418
4 10918 21 107 110
' 1083 Sale 1083
3
4
Qt Brit & Ire'(UK of) 51.0_1937 P A 1044 Sale 1043
4
10478 113 104 1074
106 108 4
3
Registered
____ 1084 Dec'25
61987
• J 109
10
-year cony 5344
4
1929 P A 1173 Sale 1174
1173
4 67 1154 119
Cent Pao 1st ref gu e 48
86
/ 90
1
4
8 73
895
1949 P A 8912 Sale 8918
Greater Prague 734s
937
8 18
89
9514
Mtge guar gold 3Its_ __ _#1929 J D 963 97
1952 MN 937 Sale 9312
954 9714
1
4
963
4
963
4
Greek Govt 7s
83 881s
M
8612 8614
87
7
86
1984
Through St L let au 4s_ _1954 *0 8718 89
8713 211 8518 81114
873
8
Haiti (Republic) Os
96 Sale 96
9612 63
9114 97
1952 A
Guaranteed g 58
961z 9 4
8
4
974 223
1960 FA 973 Sale 9714
Hungary(Rind of).1 730_1944 P A 96 Sale 96
967
8 67
87
984 Charleston & Savannah 78_1936 J J 117
___ 11212 Fob'25 .___I 112121171*
/nd Bank of Japan 8% notes 1927 FA 997ti Sale 993
4 100
9812 100
84
8
Chat& Ohio fund & impt 51_1929 33 1005 101 101 Dec'25 -__I 985 102
8
Italy (Kingd of) ext'l 7s..._ _1951 J O 944 Sale 9112
94 8 1385
5
8111 8 ,
94
97
4s
44
1st consol gold 58
6 101 1034
MN 1023 Sale 1024
8
103
Japanese Govt Z loan 4s
4
833
4 39
1931 ▪ J 803 Sale 8312
1004 1094
193 MN 1023 1023 101% Nov'25
69
8
4
3
30
-year f 6)S8
90
8
927 375
8
95
875 93
7
1954 FA 925 Sale 924
General gold434a
925
8 35
1992 MS 9212 Sale 923
1
Oriental Development 6a..1953 MS 85 Sale 85
86
8313 8734
34
Registered
857 901
a
4
9018 July'25 ____
1992 MS
Lyons (City of) 15
-year 68_1934 MN 83 Sale 8214
844 115
80 4 89 4
3
8
9 4 954
20
-year convertible 4)4s-1930 P A 984 Bale 9814
9812 74
4
Marseilles (City of) 15-yr 68_1934 MN 8314 Sale 8214
80
8414 77
89 4
3
3
30
-year cony secured 5.- 1948 *0 1424 Sale 1340
4 14514 1523 1017 14514
Mexican Irrigation 4I4s
8
16
_
1943 MN 315 3214 29 Nov'25
3012
1033 12913
4
Registered
*0
____ 129 Dec'25
Amenting f 434.
29
307
8 63
167 307
8
9812
1
1943
8
9712 9844
Craig Valley 1st g re
1940• J 9812 ____ 9812
Mexico(US)extl bs of'99 £1945
35
3912 Oct'25
38
_
4512
• J 24
8213 85
Potts Creek Branch let 48_1946 33 80
Oct'25
83 83
Assenting 5s of 1899
4212 Sale 42
423
4 25
31
44
1945
R & A Div lot con g 4s 1989 33 844 ____ 85
85
6
8113 8534
Assenting 5s large_
_ 4112 Sale 4115
42
15
3513 444
79
83
' 8141 -___ 80 2 Nov'25 ____
3
24 consol gold 45
,
1989
Assenting 5s small
3712 May'25
35
374
Warm Springs V 122 g 511
4
984 _,__ 983 Oct'25
958 954
3
-1941 M
Gold deb 45 of 1904
26
• 11
Oct'25
1912 26
1964
6414
Chic & Alton RR ref g 38_ _1949 AD
Assenting 4e of 1004
8
28
185
263 Sale 247
4
184 28
65 Bale 645 Nov'25
R2 8
Conti den strand Apr 1925 int
66 4 0
5933
&wanting ta of 1904 small_
_
2314 Aug'25
20
241z
Ctf dep mod Oct 1925 Int_ _
02
85
615 Dec'25 ____
8
50
62
Assenting 4s 01 1910
33 711.1. - 1 254 Oct'25
_
4 327
2014 261
2
23
1
1
53
283
Railway first lien 345
444 554
105 33 52 8 Sale 51
°
Assenting 48 of 1910 large
313 Sale 304
4
323 112
4
50
52
52
Ctrs dep Jan '23troub coup-52
21
45
504
Assenting 421 cd 1910 small
279
323 Sale 264
4
194 29
2814
837 Sale 834
8
Chte Burt de Q--111 Div 3304949
837
8
6
8114 8613
Tress 6s of '31 assent(large)'33
4112
4112 10
33
46
92 Sale 913
Illinois Division 48
1949
4
881 9418
92
:
15
Small
8
4514 26
45 Sale 437
344 46
084 too
8
0
Nebraska Extension 411-1927 MN 995 100
993
8
9958
Montevideo 75
965
8 40
1952 ID 96 Sale 95%
88
MN
9713
Realstexed
- -- 983 Sept'25
4
984 994
-year extl 139_ _ _1943 P A 1005 Sale 10012 101
Norway 20
8
59
97 102
13
General 4.
1958 MS 91 Sale 9018
91
23
8814 971
4
20-year external 63
/
1
4
1008 89
1944 P A 100 Sale 10014
974 1913
4
lit & ref 5s
1971 P A 1024 Bale 10212 103
9 100 108 4
12
1
20
-year esti Os
1952 A0 101 Sale 10012 10114 46
97' 102
Ohio City tr Conn Rys 58
52
1927 AD 51
31
5118 Dec'25 --__
454 63
-year if 5145 temp__ _1005 3D 9514 Sale 95
955 237
8
40
94 974
15=51. a Due Jan. a Dee Jul,. kflueAug. pDuoNsv. •°Mon plc
6751
2
2988
BONDS.
WY.STOCK EXCHANGE
Week Ended Dec. 18.
New York Bond Record —continued —Page Z
Price
FN0ag
Dec. 18.
Week's
hangs or
Lon Sale
Range
&nes
Jas. 1.
BONOS.
N Y STOCK EXCHANGE
Week Ended Dec. 18.
If
a.
Prdcl
Friday
Dec. 18.
Week's
Range or
Lass Sate
Range
Since
Jan, 1.
Ask Low
Bid
45,82,0W
MO No. Low
Ma
High
ROO No. Low
High
8
102% 10 14 Erie & Pitts gu g 834e B_-__1940 3, 85% 8813 8414 Oct'25
84%
Chicago & East Ill let 6a___1934 A 0 106 106% 1023 Oct'25
84
75 4 644
3
4
/
1
4
8
723 794
4
Series 0
0& E III RR (sew co) gen 56_1951 M N 753 Sale 7412
84% 84%
I, 853 8812 84 Aug'25
8
__ 1003 Nov'25
994 1033 Fla Cent & Pen let ext g 58_1930 33
8
1:5110 & Erie let gold 55
1982 MN 10112 10218 10112 Dec'25
99% 10
013
964 100%
65% ilia
993 101.112 9912
4
4
9934
594 6812
Chicago Great Wait let 4a 1959 M 5 654 Sale 6314
Coneol gold 58
1943 J J 10018-111 Nov'25
914
10914 11212 Florida East Coast let 4345_1959 3D 95
96
95 i
1
6310e Ind & Loulsv—Ref 68_1947 J 3 111
92
967
8
963 Sale 9512
4
9912 10012
993 Oct'25
5
97 I 131
Refunding gold 58
1947 3 3 100
9713
let & ref 58 Series A
93
1974 M
_ 178 Nov'25
873 Dec'25
4
85
: 813 Fla West & Nor 78 Series A 1934 MN
1
Refunding la Series 0
1947 .1 J
4
102% 197
17
92
10
6)
6414
87
9212 Fonda Johns di Glov 4418..„1953 MN 5814
73
General bis A
1966 M N 9112 Sale 9112
60
1034 14 101 104
May 1966 J 3 103 Sale 103
_ 9J12 Dec'25 -General 6s B
Fort St U D Co 1st g 440_1941 33
8214 9018
7912
1
9 104% 105
774 Ws Ft W & Den C let g 544a
9018--4
Ind & Louisville let gu 48_1958 J 3 7912 Sale 7912
19131 J O 1943 105 1044• 105 I
4
2
924 98
4
87
957
81
854 884 Ft Worth & Rio Gr let g 4e 19283, 96
9712 963
131)/a Ind & Sou 50-year 48_1956 3 3 87 Sale 87
944 Nov'25
931 9414 Frem Elk & Mo Val let 6e 1933 A
,
107 10812 107% Nov'25 -1061 10914
,
0310 LB & East let 4430_1969 1 13
5212 20
9978 101
2
4310 584 GH&SAM&P let bs
lUU3
3
10014 27
CM & Puget Sd let gu 4a_--1949 J .1 5212 Sale 52
1931 MN 100 8_
5
494 5413
5214
99 101
/
1
4
8
5214
Certificates of deposit-- -12
2d extene en guar
1931 J , 100 10J 1003 Dec'25 -9018 96
813
8 40
6
934
8
70% 813 Gal) Botts & Bend lat 5e
s
,
CD M & St P gen g 488er A-81989 I—I 81 Sale 804
1933 AO 937 Sale 934
2 10014 10513
104
104
8
7012 16
General gold 3 Ne Sec 13..41989 3 J 69s 7014 703
6214 7012 Genesee River let e f 58...,,.1957 J
9
897
8
/ 923 Ga & Ala Ry 1st cone 58.-01945• J
1
4
8
8
9613 9511 Dec'25
77
93 102%
Gen 444s Series C__ _May 1989 3 3 897 Sale 8912
5334 128
_ 994
4318 55% Ga Caro & Nor 1st gu g 58 I929 J J
4
99 101.04
10014.
Gen & ref Series A 4S:8..02014 A 0 523 Sale 53
3
47
534 81
(
5514 Georgia Midland 151 3.
67 -c9
Certificates of deposit_ _ . .. .. 53 Sale 524
644 68
1946 AO 10014- 661 Dec'25 ---tali 961
93% Oct'25 -53 4 84
523 Sale 5212
3
4
44% 58%
:
942
R & I ext let gu g 440_1941 J
Gen ref cony Ser B 58_ —02014 IVA
32
53
4612 544 Grand Trunk of Can deb 78_1940
5218 523 5212
4
1153
3
Certificates of deposit__________
1144 117
A0 115 8 S.sl6 11514
964 10514
105 Sale 10412 10412 19
107 10713 107
1013 21 106% 108%
lb-year e 06,
1934
lift wee fis
1938 MS
183
53
8
11034 83 10813 111
44
601 Great Nor gen 78 Berke A-1936 3, 111114 Sale 1104
:
D enture 4 Ns
1932 .1 13 52 Sale 523
eb
21
53
5212 Sale 524
2 109 110
564 5412
110
110
Certificates of deposit
Registered
J J -554
46
5318 313
5212 Sale 5214
784
Sale 9313
89
933
4
let & ref 434s Series A-1981
93 4 11
3
Debenture 48
1925 3 13
'
3
99% 103
523
4 70
473 54%
4
52 Sale 5212
4
Certificates of deposit
General 530 Series B—__1952
' 1023 Sale 1021s 10213 77
3
72
53
44
92
5614
97
/
1
4
4
General 59 Series C
15-year debenture 48
1934I 3 523 Sale 5212
1973 33
72
463 5414 Green Bay & West deb etre"A"_.
81
4
/
1
4
4
5314 25
5218 523 52
e 96 3
Certificates of depoelt..... _
19:4
817% 1782
8
15
385
Feb 108913817: Salet'g fl 7718
20
941s 100
13
11 19
Chic di M0 RI, Div 58-1928 3h
Debentures etre "B"
-983 101% Greenbrier By let gu 48----1940 Feb
99
12
3
92
992 46
9L
86
884
87 Aug'25
Oh o & N'weet Ext 48_1886-1926 F A 9912 Sale 99112
,
8
MN
9
103141
1
9818 99 4 Gulf Mob & Nor lot 5I4s _..1950 A0
10314
3
4
99% 1034
99
4
Registered
1886-1926 F A 9912 993 994
743
8 13
731s 77
10318 104 10414 Dce'25
981s 10414
OuIf&S I let ref & t g be—b1952
General gold 3345
1987 m N 7412 754 74
7212 July'25
7213 Harlem R & Pt Chee let 48_4954• J
72
84%
_ 844 Dec'25 -80
Registered
Q F
MN
99% 9214
20
814 8613 Hocking Val let cone g 4348_1999 33 92 W14 9112
854 34
93
General 48
1987 M N -/514 Sale 84%
5
8512
88
844
82 8513
9012 May'25
9013
88
8614 91.1
Registered
Stamped 48
1987 M N 85
1999 3'
99% 101%
4
4
1003 105
10114 1014 100
H & T C lat g int guar
General 58 stamped
1987 M N 10312 1043 10318 Dec'25
10114
2
1937 J
1034 106% Houston Belt & Term let 5e.1937 J
99
9612 Nav'26
95
9613
1879-1929 A 0 10414 1044 10414 Nov'25
linking fund 6e
4
4
4
103 104
99:: 10014
____ 1004 Oct'25
A 0 1033 1043 1033 Dec'25
Houston E & W Tel let g 5e4933 MN
Registered
7
4
983 101%
4
10012
100 Sept'25 ---Sinking fund be
1879-1929 A 0 10012 Sale 983
IN guar ba red
99 s 10
7
0
1933
N
991s 10018 Housatonic Ry cons g be
1879-1929 A 0 10014 ___ 9912 014'25
Registered
924 95
1937 MN 96%
9213 Sale
9914 103
111
100 4 15
3
Hod & Manhat 58 Series A1957 FA
'Inking fund deb Si
1933 M N 10014 Sale 10014
85 94
/
1
4
994 101
111
5
914 911
/
4
5
Registered
Registered
M N 10014 ____ 10014 0; '24
1:
2
F4 3eP.3711'2,54'
v 14 8 nu :1
FA
9 105 11218
107 2
,
111
73's Sale
10
1930 J 13 10614 Sale 10614
Adjustment Income 5s____1957
-year secured 711 it
87
: 77%
8
12 107 11212 Illinois Central let gold 4a__1951 AO 913 93
4
4
91%
91 18
15
-year secured 6 Ne g__-.1936 M S 1113 112 1114
904 94
'
3
9918 34
4
4
9118 102
90% 93%
8714 91
May 2037 J D 983 Sale I 983
let & ref g 58
93%
Registered
1951 J
8
851, 16
8214 86
81 Nuv'20
Ohio RI & P—Rallway gen 481988 3 3 85 8514 843
s
let gold 3348
51
847
1951 ii 82% 84
83 Nov'25
8114 8314
Registered
J J 8318_ _
Registered
80
/ 83 4
1
4
8
' 7918 8313 828 Jan'25
3
587
87
88
s
4
83 897
/
1
4
,
Refunding gold 48
4
81
Extended let gold 830_1951 AO 823 835 8214 Dec'25
1934 A 0 873 gale
84
/
1
4
83 8818
8614 Nov'25
62 62
Registered
71
62 Feu'25
A 0
lat gold 3s sterling
1951 MS 66
10111 103%
10312 Nov'25
88
Collateral trust gold 48-1952 A0 88 8812 88
Oltlo Bt L & N 0 gold 511---.1951 J D
884 89
10214 June'25
1014 102%
83
8713 863 Nov'25 -4
Registered
Registered
J D
86 s MN
8
A0
Sept'25
78 79%
8
9114 24
Gold 34e
let refunding 4s
1961 3 D
87 9 4
/ 28
1
4
1955 MN 9014 Bale 897
82 Sale 82
25
83 87
82
/
1
4
Memphis Div let g 411
Purchased lines 340
1951 3 D
7811 84 s
,
1952 J
8
10878311584
185,
0112
1
101 1033
753 8213 8414 July'25 --4
0 St L & P 181 cons g bi
79 841s
Registered
1932 A 0
3,
8
102% 1084
8 1033
8
7
8518
Cale St P M & 0 cone 68_ —1930 J D 1037 ____ 1033
Collateral trust gold 48_1963 MN 85 Sale 844
83 8 4
88
_
9214 93%
93 4 Oct'25 _3
3
81
8411
Cons 6e reduced to 8Ne 1930 J D 9318 94
Registered
MIS 82834 Dec'25
20 10288 1001s
/4
1 051 10414
9213 10514
105
983
8 16
Refunding be
Debenture 59
1930 M S 984 Sale 98
1955 MN 1044 1
10314 30 1017 103
4
9814 9914 98
/
1
4
9512 99%
1
9818 32
lb-year secured 15448
Stamped
1934• J 1023 Sale 10254
6
75
/
1
4
91)1s
8818
2 1091s 113
Oldo T 111 & So East let be-1960 3 D 88 Sale 87
15
-year secured 634e 9__1936 3, 11113 Sale 11112 11113
55
'20
88% 911
8413
8214 23
/
4
9013 _ _ 915 Oct
Dec 1 1960 M 8 8112 82 8214
Inc gu be
Cairo Bridge gold 48
1950 J
_
74 Dec'25 -74
Sale 94
94 1 103
904 9
70
5
Ohio Un Stan let gu 444e A.1963 1 .1
Litchfield Div let gold 38_1951
' 731
3
11 100 10312
94 4
g
4- 1
le 1024 1027
let be Series B
77
1s 8214
Louis, Div & Term g 3448 1953 3 .1 804 81 4 8112 Dec'25
1963 3 J 10214
7312 74
9714 101
73
Oct'25
704 74
1003
4 36
Guaranteed R 58
1944 J D 10014 Sale 1001s
Omaha Div let gold 36_1951 P A
74___
_74
74
6 11614 11812
1
71% 77
lot 634s Series C
St Louis Div & Term g 38.1951 J
1963 3 1 11712 118 11713 118
2
4
813
4
813
10514 106
79
838
8118 82
4
Chic & West Ind gong 631-401932 Q M 1043 10514 10514 Dec'25
4
Gold 334s
1951 J
767, 82
1
8.1 Nov'25 -701s 8313
8112 54
4
:
7
Consol 96
-year 45
Springfield Div let g 334.4951
1952 .1 J 8113 Sale 8013
' 783 82
3
3
10012 123
97 100 4
88
88
1st ref 512e sec A
Western Linea let g 4a
1963 M S 10018 Sale 100
1951 P A 8614 91) 8614 Oct'25 --84 Aug'25
99% 10114
__ 10114 Dec'25
84 87
Oboe Okla & Gulf cons 5s
1951 M N 10114
Registered
1951 P A ____
3 934 9613 Ill Central & Chic St L & N 0—
9614
96
Ole H & D 2d gold 4448-1937 3 3 9512 VS
s
91% 94
/
1
4
98 1001
0 I St L & C 1st 3 4a_Aug1936 Q F 9314 944 94 Dec'25
Joint let ref be Series A___1983• 4) 99% Bale 99% 10014 153
8814 Aug'25
95
904 93 2 Ind Bloom & West Ist ex t 4s 1940 A0 814
9214 Dec'25
88
/ 881
1 :
4
,
Registered
Aug1930 Q F
97% 89% Ind III & Iowa lot g
9
89/8
1
87
/ 92
1
4
9218- - 873 Nov'25
89J4
4
4
Cln Leb & Nor gu 4e g
8912
1943 MN 873 91
48
1950 33
2
99% 10113 Ind Union Ry gen 5,Bet A 1985 J J 100 ---- 100
99 101
1(1014
____ 10014 Dec'25
°IDS & CI cone Ist g 5e__1928 J .1 100
4
8
4
813 851z
4
4
843
100 ---- 9913 Nov'25
4
9914 100 4
Cleve Gin eh & St L gen 46,19933 D 843 Sale 843
Gen & ref 5a Berke B
1965 J
33 100 lOble
9834 Sale 983
96
98% lot & Grt Nor 1st 68 Set A__1952 3, 104 Sale 10311
104
4
-year deb 434e
1931 J .1
30
983
4 12
263
75
___ 10114 Nov'25
98 105 s
3
66
79
General 58 Series B
1993 3 13 102
Adjustment 6e, Series A__1952 Aprl 744 Sale 74
2
744
8 38 1021s 1044
87 78
1037
744
7413 Ref & impt 68 Series A
1929 3 3 10312 Sale 10312
Stamped
Apri
4
2 1033 1073 lot Rye Cent Amer let 58_1972 MN 7813 783 7813
8 106
764 80
8
/ :
1
1
7813
66 Series C
1941 J J 1034 Sale 1033
4
4
28
62
9412 1004 Iowa Central lot gold 5e_1938 3D 62 Bale 6412
8
10018 117
67 85
19613 J 100 Bale 993
58 Series D
7
8813 91
608
8_ 904 Dec'25
67 62
/
1
4
60% Sale 6014
Cairo Div 1st gold 49
1939 J 3 905
Certificates of deposit......
27
3
8212
814
21
80
191 2614
/ SI
4
CM W & M Div let g 48_1991 3 3 811 - 12 813
8
:
2014 Sale 20
Refunding gold 45
1951
2
4
814 86
8312
88%
James Frank & Clear let 48_1959 3D 88% Bale 88%
St L Div 1st cell tr g g 411-1990 MN 8214 -___ 8318
854 9
0
8018 83
IOU Nov'24
8018 July'25
M N
Registered
WWII
KaA&0 R 1st gu g 58_1938 3
1
863 8913 Kan de M lstgug48
8213
4
8084
8213
Ofir & Col Div 1st g 4e__1940 MS 8712 ___ 89 Nov'25
1990 AO
9918 19018
2
87% 8813
10014
8812 July'25
W W VaI Div let g 4s____1940 J J
2d 20
-year be
1927 3, 10014 831e 10014
10618 108
1023 1035
s
8
8
OCC&Igen cons g (ie __1934 .1 3 1077 ____ 108 Dec'25
4
KC Ft SAM cone g 68
.
1928
N 1023 103 it13% Dec'25
10018 1024 K C Ft 8 & M Ry ref g 48_1936 A0 89 Sale 881s
89
80
/ 89
1
4
Olev Lor & W con 1st g 58_1933 A 0
-- _ 1001g Nov'25
95 4 9818 KC&M R&D let gu 58_1929 A0 993
993 Dec'25
3
4
96
9712 953 Dec'25
98 100
4
/
1
4
Oa Mar 1st gu g 44is
s
1935 M N 101419
1
9814 10014 Kansas City Sou 1st gold 39_1950 AO 7338 74
7312
73 8
3
704 75
8
984
Cleve & Mahon Vali g 58_1938 J J 9838 Sale 983
99
99
/
1
4
934 117
884 93%
Ref & !mot fai
1942 1 .1 974 -___ 99 May'25
01 & P gen gu 4Ns Ser A
Apr 1950 33 9313 Sale 924
83 4 8618 Kansas City Term let 4e___1960 J J 8518 Sale 8518
3
853
s 34
__ 8512 Sept'25
83
/ 877s
1
2
Series C 35:s
1948 M N 8312
8512 9612 8614
83 4 8534 Kentucky Central gold 48_1987 J
84
3
8712
8514 12
4
Series D 334e
1950 F A 8312 15 833 Nov'25
8712 Nov'25
95 100
/
1
4
874 89
987
8 16
7714
Kentucky & Ind Tom 450.196 I
Cleve Shot Line let gu 4348-1961 A 0 9812 Sale 9812
'
3
100 Juue'25
/
1
/
1
4
100 100
8
1064 13 1044 1074 Knoxville & Ohio Iota 68.„1925 3,
/
1
/
1
Clove Union Term 53.4e__1972 A 0 1064 Sale 1065
7
9912 102
1003
8 1003
8
4
Lake Erie & West let g 65_1937
1973 A 0 1003 10112 1003
4
9958101',
10112 14
lat a f be Ser B
' joei,
3
1
973
954 98
4
834 88
4
/
1
4
2d gold ba
12
Coal River Ry let gu 4s__ _ _1945 1 D 8612 8731 873 Nov'25
1941 3, 9734 Sale 9734
20
78%
9818 99
967 99
78
s
81
78%
9814
9814 16
Lake Shore gold 3438
s
Colorado & South let g 48_1929 F A
1997 J D 783 80
9512
1
7713
7712
7514 794
Refunding & eaten 4148_1935 M N 954 Sale 95
Jtmlstered
95 4 10
3
D 7714 80
1997 J
983 178
8
88
/ 87
1
4
8
3
87
8
1948A 0 867 881 2 87
97
/ 994
1
4
001 & H V let ext g 48
Debenture gold 48
1928 M S 9813 Sale 983
844 8414
4
9713 28
844 Apr'25
94% 971s
25
1955 F A 854
-year gold 41)
COI & Tol let ext 4e
1931 M N 9714 Sale 963
98
10
81% 81%
4
957 96
8
944 -- 98
Conn & Paasum Riv let 48...1943 A 0 773 8212 814 Jan'25
Registered
1931 M N
2 100% 1031
103
8313 8914 Leh Val Harbor Term 5a...1954 F A 1023 Sale 1023
4
9
89
4
4
Cabs RR let 50
-year fel 9—.1952 J J 873 Sale 874
4
Loll Val N Y lat gu g 4%8..1940 J J 964 ---- 9612 Dec'25
8 1024 106
8
4 105
19363 D 1047 105 1043
95as 98
lot ref 734e
89
9312
9312
9312
1
93
93 9512
Registered
Cuba Northern Ry let 6s.. 19863 J 9234 Sale 9214
19403 J
96
824 19
814
98 4 Lehigh Val (Pa) cone g 48-2003 M N -ars 83
3
Day &Mich 1st cons 4448-1931 J 3 97 ____ 9814 Nov'25
79
84
/
1
4
78 Nov'25
8812 924
9012 31
Del& Hudson let & ref 481943 M N 9011 Sale 9018
78
Registered
81
M N 78
92
9214 24
11012 297 10114 11012
1935 A 0 110 Sale 108
30
-year cony be
General cons 4148
88
93
2003 MN
917 -ifi
2
10138 12
1
4
1937 M N 1023 Sale 1023
I5
-year 544e
4 10314 11 101 104
Lehigh Val RR gen be fieriee4003 M N 10 18 8ale ; 10014
9858 102
8
1930 J D 10814 1083 10814 1084
7 107 110
4
2:14 80612
10
-year secured 7s
3
LebVTsrmRy
ita 58-1941 A 0 10405 14 10738 1023 Dec'25 -- 1014 10284
9312 95
9312 9514 Leh & N Y let guar gold 4e 1945 M
9338 Dec'25
88
1936 F A
88
3
D RR & Bdge 1st gu 4E g
8714 89
841 89
s
8534 Len & East let 50-yr 68 gu .1966 A 0
82
1054 10513
8
2 103 107
-1st cons g 48 1936 1 J 853 Sale 843
4
853 17
4
Den & R 0
/
1
4
857 90 4 Little Miami 4e
1936 J J 894 Sale 88
8813 Dec'25 -s
89
15
,
Canso! gold 414s
83
/ 87
1
4
1g
1952 M N
95
99
Improvement gold 5s...._1928 1 D 9812 Sale 984
9812 39
Long Dock consol g 68
1077 1091:
s
1935 A 0 10912 -- 10914 Nov'25
55
10014 Oct'25
70
6612 414
8
Long laid lot con gold 58_51931 Q 3
Den& R 0 West gen 5s_Aug 1955 MN 66 Sale 657
998: 10214
394 517
46
4412 Dec'25
s
1935 1 .1 45
95 Dec'25
let consol gold 48
Dee M & Ft D 1st gu 4s
9418 95
94
9584
61931 Q
45
50
47
45 Dec'25
Temporary ctfs of deposit--------- 40
90
90
General gold 48
1
884 911e
D 90
1938
9314 9318
93
95
1947
9313 Feb'25
s
9312 Aug'25
Gold 48
Des Plainee Val let 43.4o
19323 D 91
897 934
8
7014 75
72 4 71% Sept'25
3
8413 Nov'25 -Unified gold 4s
Det & Mack—lst lien g 48_1995 J D 70
8414 85
821 85
4
65 6712
65
65
1
1995 3 13
1
Gold 4s
Debenture gold 5e
2
9714
97 4 973 974
5
: 9514
954 9818
91
1961 MN 94% Sale 93 4
95
3
947
947
8
8 49
20
95%
-year p m deb 5e
4
Del RI, Tun 4448
.
41
8718 95
113
102 104
__ 103
Oct'25
Guar refunding gold 4s
8438 15
1301 MIssabe de Nor gen 58_ _1941 J .1
8414 Sale 834
1949 M
82 8513
101%102 s
7
/ 10238
1
4
1 10011 103
1937 A 0 102-- 102
Nor Sh B 1st con g gu 58_01932 Q 3 9914 100 100 Dec'25 -Doi & Iron Range 1st 5e
98% 100%
8618
8518
864
81
90
8
4
10014 1007 1003 Dec'25 --Louisiana & Ark let g 5,3_1927 M
Dul Boo Shore & Atl g 58-1937 J J 85
99% 102
88 907 Lou &Jeff Bdge Co gu g 4e 1945 M 8 8618 87, -86
9 ,18 .
5
9.
s
Etat Ry Minn Nor Div lot 48248 A 0 jo014 . 1:4 90 Dec'25
4
1
86
83
8714
Ms 1021: Louisville & Nashville 58_1937 M N 1021: 10312 103 Dec'25
100 Dec'25
1938 M S
East Tenn reorg lien g 5a
1024 105
13
101
101
9911 10118
0312 40
Unified gold 48
East T Va & Ga Div g 58_1930 J J
1940 J J
917 95 4
8
3
1955 M N 10214
10214 1024
2 100% 103
01 101
Cone let gold ba
Collateral trust gold 5e_ .1931 M N
Oct'25
100% 103
N 1013
101 102%
___ 102 Dec'25
1055, 1053
10
Elgin Joliet & East let g 68_1941 M
-year secured 78
4 28 105 108
1930 M N
12
0 10214 103 103 Dec'25
81965 A ,
99% 103
El Pluto & 8 W 1st rta
1104 EI e
897
4 1044 1085,
10734
:
Isi refund 5340 Berke A 2003 A 0 10538°3358 Sa1: 107%
107 109 4
3
let & ref 59 Series B
10414
Erie let coneol gold 7s ext-1930 M S 10812 Sale 108 Dec'25
10434 31 1014 107
2003A 0
5
1996 3 J 75 Sale 74
754 lb
139% 75 3
3
let & ref 4Ne Series 0_2003 A 0
let cons g 4s prior
95
957
8 27
92
97
g
1996 J 3 717 ____ 7113
73
673 73
4
19
Registered
104 Dec'25
N 0& M lat gold 6a
19301 J 104%
104 107
1996 J .1 673 Sale 674
4
68
167
613 68
4
2d gold fte
let consol gen lien g M
19318 Sa57
0 1 l0
9
5 19301 3 :9 12 1034 Oct'25
10313 105
6
1996 J J _6. 8
6412 Nov'25
58
Registered
6718
91 Nov'25 -Paducah & Mem Div 48_1946 F A
88
911
/
4
97
1951 I A
,
9
964
954 99
9614
St Louie Div 2d gold 3e 1980 M
Penn coil trust gold 4a
653 6613 653
4
3
661
:
653
4
61
4
4
206
6211 693
8
69
4
-year cony 48 Set A__1953 A 0 683 Sale 683
97
L&N&M&M 149434s-1945 MS 100 -50
98 100%
Oct'25 -69
1194 80 6912
1953 A 0 69 Sale 684
L & N South joint M
do Berke B
84
J J 84
81% 8612
84
4
993, 99 Dec'25
8
260 I 69% 84
83
Loulev CIn & Lox gold 440-1932 M N 99
Gen. cony 4a Series D-1953 A 0 843 Sale 823
98% 99
/
1
4
l0e5 3 3 104 1043 10414
4
,
10412 19 1011 1061, Mahon Coal RR let 58
Erie & Jersey lets f Os
1934 J .1 101% 103 102 July'25 ---99 103
Due may,
Due July. .Doc Sep . o Due Oct. F Due Dec. a Option sale.
Doe Yob, a Due June.
a Duo Jan. S
16
6;i_ _
e
----
_-_-
___
-113
:0
New York Bond Record—Continued—Page 3
BONDS
N.Y.STOCK EXCHANGE
Week Ended Dec. 18.
2,3
t
.3a.
Price
Friday
Dec. 18.
Week's
Range or
Last Sale
4
3'
c2,
2
!tangs
Since
Jan. 1.
Ask Law
Ma
High No. Low
High
Manna RR (South Lines) 48 1939 M N 6212 6412 6418 Dec'25
5912 6418
let 46
1959 MN 61
Ws 64 Nov'25
8312 67,4
Manitoba Colonisation 55
1934 ▪ 13 99 1003 9918 Nov'25
3
97% 10C4
Man GB&N W let 334e
1941 ▪ 2 81%
81 Nov'25
803 84
3
Michigan Central 55
1003
1931 NI
8
1003 Dec'25
8
99 4 102
3
Registered.
__ 10014 Dec'25
MS 9918
10014 10012
as
1940 2 J 923
8
9214 Dec'25
903 9214
4
J L & let gold 3348
1951 MS 787
7718 Apr'24
3
let gold 334e
791 86
1952 MN 81
8512 83 Dec'25
20
-year debenture 46
1929 AO 071298
97%
97%
9612 98
Mid of N J let ext be
9112 9213 Nov'25
1940 AO 90
88
9312
Milw L S & West imp g 6e. _1929 F A 1004 ____ 9913 Oct'25
9912 100%
Mil & Nor let ext 4335(blue)1934 I D 93
9412 94 Nov'25
8512 94
Cone ext 434e (brown)_ _1934
D 9314 95
9313
9312
2
83
93
,2
14118par & NW let fru 4e.. _1947 M 8 88% 8812 88 Dec'25
893
86
3
Milw & State L let gu 3348_1941 J J 8218
8138 Dec'25
804 81%
Minn & St Louie let 76
1927 • D 993 10012 103 Nov'25
4
98% 103
let eonecil gold be
1934 MN 62
63
62
62
513 624
5
4
Temp ctfs of deposit
65
MN 60
5614 Nov'25
5614 80
let & refunding gold 4_1949 M 5 2114 22
2112
21% 17
1914 26
Ref & ext 50-yr 53 Ser A_1962 Q F 15
1612 1513 Dec'25
134 2114
let guar g 71.
1927 J D 100
102 Sept'25
10018 102
M St P & 8SM con g 46 int gu '34
J 87% Sale 87%
87%
8412 90
6
let cons Es
1938
4
983 9938 987
J
8
9912 33
94% 100%
10
-year Coll trust 6 3344._ 1031 hI S 103 10314 103
103% 18 10214 1043
4
let & ref 86 Series A
1946 1 J 9938 101 101
Dec'25
98% 103
115-year 534e
1940 M 5 8918 Sale 89
8912 10
8314 9118
let Chicago Term 6 f 48
1941 MN 9212 -- 9212 Dec'24
MEIBM&Aletg 4e int gu .1926 .I 2 997 100
8
9972
99%
99 4 100
5
Miselesippi Central let be_ _ _1949
93
94
93
9318
91
8
94
Mo Kan & Tex—let gold 48_1990 J D 844 Sale 843
4
8473 40
8014 854
Mo-K-T ER—Pr I 5s Ser A.1962 J J 9714 Sale
86
963
4
9
963
614
4 82
40-year 4e Series 13
1962
3 80 Sale 79%
8012 11
7114 803
4
10-year de Series C
1932 J J 1023 Sale 1023
4
3 103
16 1014 104.4
Cum adjust be Ser A Jan 1967 AO 90 Sale 90
9112 947
78% 92%
Missouri Pacific (reorg Co)
let dr refunding be Bar A _ _1965 F A 9012 Sale 893
4
9034 64
83 9 4
03
let de refunding 63 Ser D._1949 F A 1013 Sale 10112
4
102
99 10314
255
let & nebula tle Ser E int_1955 M N 101.3 Sale 101 12
4
102
126
994 102
General 4s
1975 M 8 66 Sale 65
6212 67
6612 222
Mo Sac 3r1 78 ext at 4%
1938 MN 87% 89
874
8718
843 893
,
2
3
Mob & Bit prior lien g 68_ _ _1945 J J
99 Sept'25
99 103'e
Mortgage gold 49
1945 J J 794 82 82 Nov'25
76
91
Mobile & Ohio new gold 68_1927 J D 1034 ____ 101%
10214
3 1013 10414
4
let extended gold 8e__ _51927
8
• J 1013 102 103 Dec'25
10112 104
General gold 4s
1938 MS 893 9012 90
4
90
3
81
9013
Montgomery Div let g 68_1947 FA 10018 _ _ 983 Nov'25
4
964 101
St Louts Div be
1927 JO 100 10012 10012
10012
95 10012
1
Mob & Mar 1st gu g 48
1991 MS 8512 883 8513 Nov'25
4
843 8512
4
Mont C let gu 8 as
J 109 112 10912 Oct'25
1937
109 113
Let guar gold 58
1937 J J 10112 103 102 Nov'25
101 10312
M A E let gu 334e
2000 J O 7734 783e 78
7818
763 82
4
4
Nashv Chatt & St L let 58_1928 AO 10112 Sale 10114
10112 41 10018 102
N Fla & 1st gu g 58
1937 P A 10114 103 1013
3 10138
997 102
3
1
Nat Ry of Mex pr lien 434e.A957
J
30 Sept'24
_
July 1914 coupon on
19 Apr'25
19
19
Assent e f red June coup on
1712 1812 1738
1814 22
1314 2144
Guar 70-year of 49
1977 AO
8712 July'24 _
Gen if 4e assenting red
21% Sale 2012
213
8
9
13
22
Nat RR M ex prior lien 4348_1926 JJ
3812 July'24 ____
___
July 1914 coupon on
I J
24 Sept'25
24
2413
Assent with July '24 coup on
343 32
34
34
39
24
34
let coneol 444
A 0
1951 --28
Apr'24 _
Meant with Apr 1924 coupon
153 1712 163
3
s
4
1 -113
1638
New England cone be
1945 3 .11 100% Sale 1003
4
1013
3
2
94 1013
3
Conked sis
1945 3, 7934 82
793 Oct'25
4
793 813
4
NJ June RR guar let 4e
1986 FA 8313 8414 84 Nov'25 ____
8312 86
NO&NE let ref &Imp 434e A'52 J 2 9212 Sale 9212
9212
86
9
921 2
New Orleans Term let 48
J 1 834 Sale 8314
1953
8314
8014 84%
8
N 0 Texas & Mm let 66 Oct 1925 1 0
100 Sept'25 __
100 1013
4
Non-cum Income be Oct_ _1935 A 0 963 Sale 963
3
8
923 98,
3
4
9638 26
let be &Hee El
1954 A 0 9614 Sale 961
96-38
14
904 973
4
let 534s Belles A
1954 A 0 10214 Sale 1013
4
98 1023
10213 66
8
N & C Bdge gen gu 4 Ss_ __ _1945 J 1 933
8 9613 943 Dec'25
9313 94%
N Y B & al B let con g be1935 A 0
100 -- 995s
9914 100
N Y Cent RR cone deb fie_ _1935 M N 10714 Sale- 1067 Oct'25 ____
10714
8 1116 117,
2
m N 105 116 107 Sept'25 _
Registered
106 11612
Consol 48 &Mee A
1998 F A
861s Sale 857
3
8612 63
824 8714
Ref & impt 4 ile -A92% Sale 9238
7
9314 85
88% 93
Ref & Impt be Series C__ _2013 A
/
4
2813 :1011 sale 10112 10214 166
99 102'4
Registered
A 0
1003 Aug'25
4
9912 10118
N Y Central & Hudson River—
Mortgage 334s
798
191)7 1 1 7814 Sale 7713
7814 14
76
Registered
1997 J i 77
84
763 Nov'25 _
4
74
7814
Debenture gold 48
943 Sale 9438
8
1934 M N
m
9212 96
9438 42
Registered
923
3
9312 Nov'25 _
9214 9312
40
-year debenture 48
1942 1 J 913 9213 92 Nov'25
4
53
1 9
0
Registered
93 Feb'25 ___
9O
t
t
Lake Shore coil gold 3343_1998 F
7012 11
76
7612 76
74% 784
Registered
75
743 76
1998 F A
4
75
5
74
79
Mich Cent eon gold 334e 1998 F A
7812 84
80
80
5
80
75
Registered
1998 F A 76
80
7614 July'25 ____
754 7612
N Y Chic & St L let g 4e
A 0 9312 9412 84
1937
84
91
3
94%
Registered
1937 A 0 903 9212 9213 Dec'25 ____
89
9215
25
-year debenture 4e
1931 M N 9514 Sale 95
9514 13
927 9612
2
20 68 Series A B C
1931 M N 10238 Sale 10212 1027
,
14 102 8 10413
Ref 534e Series A
1974 A 0 991 4 Sale 9812
9912 542
9338 9912
N Y Connect let gu 434e A_1953 F A 9212 Sale 924
90
43
923
N.Y & Erie let ext g 4s___ 1017 M N 883 ____ 8912 Oct'25 ____89 934
4
894
BO ext gold 434.3
94 Nov'25
937 954
2
4th ext gold be
193 M ° 100
____ 10014 Oct'25 ____
930 A S
3
99 10114
8th ext gold 45
973 ____ 9712 Sept'25
4
9712 9712
N Y & Green L gu g be
1 9 8 j D 9212 9 m N
4
2
94
Oct'25
N Y & Harlem g 3348
2000 m N 783
79 Nov'25
95% 80
78
4
94
N Y Lack & W let & ref 55._1973,m P'
80 July'24
1
_
let & ref 4 As
100 10012 Dec'25
10 1. 1;--- 4 03
6
4
NYLE&Wlst7eext
197316111 10412 ____ 107 Dec 25,____ 10512 10713
93
0
.
Dock & Impt be
1943 1 3
1003 Dec'25!__..,
4
994 1003
4
N Y & Jersey let 5s
ion% Sale 100%
99% lulls,
1003
31 10
NY & Long Branch gong
4
9113 June'25'__
411 1199432 F
9112 914
1 MS
N YN II & Hart n-c deb 481847M A 903 92
7112
7112
7113
' 3
6012 01 12
80
8
7
,
Registered
M 8 61
June'251_
Non-cony deben 333e____1947
8
5538 6312
Non-cony deben 3 34s____1954 M 0 63-- _ 6312 Dec'25 ____
A
6112 63
5714 Dec'25
544 80
Non-cony deben 4s
1955 J 1 6714 70
684
69
69
60
13
Non-cony deben 4e
1956
118 Sale 6812
70
66
31
70
Cony debenture 33.4&....1956 M N
6114 Sale 61
1 J
817
8 35
63 613
8
Cony debenture lls
2141 8614 98
98 Sale 97
1948 J J
98
Regtstereo
J J
92 Nov'25
8312 94
Collateral trust 68
1940 A 0 974 Sale 9612
9714 46
9014 100
Debenture 48
7e 6112
1967
531 62
40
62
Cons Ry non-cony ea__ _1954 M N. 6138 61
66 Dec'25 ____
66
65
Non-cony deben 48_ _1955 J 1
1 .
58 64
623
4 13
1 6212 Sale 6212
_
Non-cony deben 4e
Oct'25 ____1 6712 64
195(1
61
3
N Y & Northern 1st g be_...1927 1 0
A
. 0038 ____ 1003 Aug'25 ____ 100 10034
4
1
N Y 0& W ref let g 4e_June 1992
69
M 8 6812 Sale 8812
10
65
7012
General 48
g
8212 0911
1955 1 0 647 sale 64%
647g
I
Registered
j D _
65 Apr'25 ____
65 65
N Y Prey & Boston 48942 A 9
_ _ 8612 Feb'25 ___
864 864
N Y & Putnam let con gu
461.'93
4 9618
0 843 - - 834 Nov'25
89, 1021
92'4 8 4
8 0
N Y & It II let gold be
1927M8 9938 100 100 Dec'25
N Y Buse & W let ref 58
12;14 A 773 82
4
7538
77
661 77
27
20 gold 434s
1937 F A
1
5918 88
General gold 58
83
4
637 6312
2 83
1940 F A 63
83
8%
8
9 % 66
5
9 97
5
Terminal let gold be
99
97
93 Sept'25
N y W'elles dt B let Ser 14 H6
1_'46 iw N 6914 Sale 68
943 JJ
89 3 317
4
597 70,
2
4
Nord By esti 6 t (1348
1950 A 0 78% Sale 78
81
130
7913 85%
Norfolk Sou let & ref A 58.1961 F A
783 Sale 7838
3
Ms
2
703 84
3
Norfolk & Sou lst gold RA
1141 M V
061 1 eq
e61? Nov'25
94s, 98
a Due Jan 6 Due July
p Due NOV. 5 Option eale
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 18.
2es
t
2989
Pries
Friday
Dec. 18.
Week's
Range or
Last Sale
iTs
Rang.
Since
Jan. 1.
Ma
Ask Low
Mph No. Low
High
Norf & West gen gold 88____1931 MN 10614
10612 Dec'25
108 10812
Improvement & ext 6e___1934 F A 1073 ____ 1083 Apr'25
3
4
108% 1084
New River let gold
1932 A 0 1063 ____ 1003 Sept'25 _ - 106 108
4
N & W Ry let cons g 4s1998 A 0 90 Sale 893
3
901.c 30
92%
88
Registered
1996 A 0 8612 _ _ __I 8712 Oct'25
86
89
Div. let lien & gen g 48_1944 3 J
]
91
913 91
3
91
8
8814 92
10
-year cony 6s
1929 M 5 150 Sale 148
15112 99 1254 15112
Pocah C & C joint 413.....1941 J D 9112 913 9112
904 9314
9112
1
Nor Cent gen & ref be A
1974 141 ____ 10212 Nov'25
8 102
_ _ 1003 103
4
North Ohio let guar g 5s_ _1945 A 0 8712 89
884 Dec'25 _ _
94
88
Nor Pacific prior lieu 4s
1997 Q J 86 Sale 8538
8812 156
87
83
Registered
8512 _ _
8514
1997 Q J
8512 32
824 854
General lien gold 38
02047 Q F 62 Sale
594 6212
Registered
8'8
57
112Sept'25 _7 _
a2047 Q F
8 25
_8
5712 60
Ref & impt 434e eer A____2047 J j 87 Sale 8553
8634 25
83
87%
Registered
2 2 823 _ _ _ _ 85% Feb'25
4
853 853
4
4
Ref & Imp% 6e ser 13
4
2047 J ,1 10814 Sale 1073
1083 146' 1041 10813
8
/
4
Registered
J J -------- 1067 May'25 ___-1 105 10672
Ref & impt be ser C
98% 23
2047 J 2 98% Sale 97%
9413 983
4
Ref & impt 5e ser D
99
23
2047 J J 09 Sale 97%
/
1
044 99
St Paul & Duluth let 58_1931 Q F 100% ____ 99% Mar'24
let consol gold 4s
1968 2 D 84% 85.2 8514 Oct'25
4
4
;
-14 -851Nor Pac Term Co let g 8e 1933 J .1 1093 -___ 110 Dec'25
4
10914 110
No of Cal guar g 58
10314 Nov'25
1938 A 0 1030 —
102 10314
North Wisconsin let 88
4
1930 J J 10238 -___ 1033 Apr'25
103% 10412
4
Og & L Cham let gu 48 g.....1948 J 3 723 Sale 1 721
73
10
7114 75%
1938 2 la 101 13 ____ 101
Ohio River RR let 868
101,
10
4
981 1011
4
, /
General gold Se
100 100 Nov'25
1937 A 0 99%
081 100
/
4
Ore & Cal let guar g be
1927 3 3 10058 Sale 10058 1004 27 10018 191%
Ore RR & Nay con g 45
1946 J D 9018 ____' 9113
3
8572 904
90 2 19
,
Ore Short Line—let cons g 58_'46 J J 1043 10512 10412
4
5 10034 107
10412
Guar cons be
4
9 J .1 1043 10512 10412
15 10214 107
10 4
43
Guar refund 4s
1929 J D 974 Sale 97
96
/ 97%
1
4
97 14 123
838
8
Oregon-Wash let & ref 46_1961j J 833 Sale 833
8
40
85
81
Pacific Coast Co 1st g be
97
19413 J D 9412 Sale 97
1
97
82
Pae RR of ale let ext g 4s
____ 92
92
1938 F A 92
1
90 r 98%
2d extended gold be
19382 J ---- ---- 1001s
10018
4
9814 10013
Paducah & Ills let e f 4348_ _1955 J J 9512 97
95% Nov'25
944 96
Paris-Lyons-Med RR 86
4
1958 F A 783 Sale 773
231
80
4
704 814
8 f external 76
4
1958 M 5 833 Sale 83
804 89
85, 197
4
Paris-Orleans RR s 1 78
1954 M 5 85 Sale 823
159
83
4
80
90
Patilleta Ry 75
1942 M B 101 Sale 1003
4
6
97 10112
100%
Pennsylvania ER—cone g 48 1943 NI N 9412 ____ 947 Dec'25
3
917 9512
3
14
Consol gold 4e
3
1948 M N 923 Sale 92
7
8812 98
92,4
4e stewed
May 1 1948 MN 9173 Sale 9113
18
92
9012 93
Consol 434e
1960 F A 99 Sale . 983
974 100
99
4
General 4 3is
1965 J D 94 Sale 933
941 130
9112 95
General 58
99% 1033
1968 .1 D 10258 Sale 102
1023 112
4
10-year secured 7e
1930 A 0 10812 Sale 108
1081
43 10714 110
15
-year eecured 634e
4
112
1936 F A 1113 Sale 1111s
34 1119 4 112
3
Registered
____ 109.2 June'25
1094 10911
F A 109
40-year gold be
1984 ht N 9812 Sale 98%
983
97
4
9812 240
Pa Co—Go 3345 coil tr A reg 1937 M 5 8612 ___- 8612 Oct'25
847 87
2
Guar 334s coil trust Ser 8_1941 F Al 8353 8412 8313
8412
8412
82%
Guar 3346 trust etre C___ A942 1 D 8118 ____ 82
82
-82
833
4
82
Guar 3345 trust ctfs D___ _1944 JO 813 ____ 82
82
3
8112 8212
Guar 15
-25-year gold 48_1931 A 0 9614 ____ 943 Dec'25
944 9613
Guar 42. Ser E
86 Dec'25
1952 M N 8512 87
84% 8
612
Peoria & East let con 8481940 A 0 7913 80% 80
774 82%
15
80,8
Income 46
400,1 80
3
Sal% 100,8
ml
7
1990
373
31% 373
4
Pee& Pekin Un 1st 5%a _ _ _1974
2
99 102
Pere Marquette let Ser A 58_1956 JAP0r 1 193958 Sale 10012 101
0
A 1 0712
25
9718 101
let 4e Ser B
1956 J J 85 Sale 8412
854 61
80
8512
Mita Halt & W let g 48
8
8
1943 M N 923 92% 923 Dec'25
923 94%
8
Gen 5s Series IS
F
1974 De A' 1064 107 106
e'25
104 108
Philippine Ry 1st 30-yr
48 1937 J J 4114 Sale 41 14
1,32
413
2
40
WS
Pine Creek regstd (Is
J D 106 108 10512 Mar'25
10514 10512
PC C &ER Lgu 4346A
1940 A 0 9612 Sale • 9612
96
964
99%
Series B 4348 guar
1942 A 0 96% Sale j 9653
9638
96
9913
Series C 410 guar
9212 9624
1942 MN 9518 ____I 921
92.3
5
Series D 4s guar
1945
N 92,4 -- 9212 Dec'25
89% 95
Series E 334e guar gold
9118 Nov'25
95
1949 F A' 92
94
90
Series F 4s guar gold
9214 94
19532
9218 Dec'25
91% 9312
Series
4s guar
1957 M N 92% -- 93 Aug'25
9012 9413
t3eriee H 4s
1960 F Al 9214
033 Sept'25
4
94
_
91
Berke cons guar 434s
9412 9672
1983 F A' 9514 Sale 95 4
,
95,41
1
SeriesJ 434e
1964 191 NI 95 - - 95
95
1
90
94
General M be Series A _1970 2 D 994 -- - - 093
9618 101
9912 16
Gen rutge 5s Series II
1978
8
.1925 A 01 993 Sale 99
974 99711
993
4' 91
Pitts & L Erie 2d g be
10053 Nov'25
907 101
11
Pitts Mat & let go 6e
_1932 J J 1053 1064 106 Aug'25
190 100
Pitts 1311 & L E let g
____ 10014 ,Oct'25
1943 A 0 100
40
100 1024
let COM gold bs
M
1943 .1 J 9838 -- -- 10018
1001, 101
Pitts Va & Char 1st 45
Ni N 88% ____ 91% May'25
911, 9114
Pitts Y & Ash let cons 56_1947 M N 10014 ____ 101
1923
Dec'25
100 101
let gen 45 serlee A
3 ---- 903 Oct'25
1948 J 0 90
8
87
90%
let gen 5e merles B
F A 102 Sale 102
102
100 10213
ProvIdence Secur deb 48_ ,j957 M N 59
_ _ _ _ 59% Nov'25
9
57
534 6014
Providence Term let 4s
8314 8412 8318
1956 M
8318
1
81% 8318
Reading Co gen gold 4s
1997 J J 96 Sale 96
9212 9912
96 1
1
Registered
9412 9514
94% May'25
Jersey Central coll R 46___1051 A 0 593 913 90
90 i
1
88
93
Gen & ref 434s Ser A
J .1 943 Sale 944
943
31
9213 96
Richm Sr Danv deb be stpd__1997 A 0 100 8 10014 10014
1 27
,
OP, 101
10014
2
Rich & Meek let g 48
M N 73l 79
"
74
794
Richm Ter Ry let gu be_ _A952 J J 997 10013 100 Sept'25
Term Ry
1948
8
99% 102
Grande June let gii 68._1939 J D 95118 96
9412 Nov'25
92% 96%
Rio Grande Sou let gold 4e 1940• J
04
512 7
0
5 June 25
5
_
7
Guaranteed
31
_
alay'25
__
6
6
Rio Grande West lat gold 46.1939 31 8714 Sales 8714
ga
87% 41
824 8913
Mtge & coil trust 4s A _
A 0 74
1049
7412 74
743
8
75%
71
9
R 1 Ark & Louis let 4%_
81934 M 14 894 Sale 8812
893
8 84
85
90
Rut-Canada let gu g 40
19492
753 7618 758
50
753
734 77
Rutland let con g 434e
86
873 8614
4
11
8714
8514 89
St Jos & Grand Isl lot g 48_1947 4 j 7712 78
9 1J J
773
3
773
5
4
7512 83
St Lawr & Adir let g be
1996 J
___ 95 Sept'25
91% 95%
go
is
9 J 0 101 10312 101
9 A 3 9543
6
Oct'25
_ 101 10212
St L & Cairo guar g 46_
1
95
963 9512
3
9512
94
3
9811
St L 1r M & 8 gen con g 5.e_1931 A 0 100% 10038 1005
1003
3
5
9914 101
Unified & ref gold 48
1929 11
.
953 Sale 9512
953
91% 9611
48
Registered
J J 9212 ____ 93 Sept'25
913 93
8
Itiy & Div let g 48
89 Sale 8812
89
111
83% 90
St L M Bridge Ter
g 5s
193 AIN
933 A O 993 102
0
4
__
99% 10012
St LA San Fran (reorg co) 46 1960 J 1 773 Sale 993 Dec'25
77
777 529
71
78
Prior Hen Ser B be
1950 J
9312 Sale 9214
9312 84
8514 9312
Prior lien Ser C 5e
1928 J
1027 Sale 1025a
8
103
17 1017 1033
2
4
Prior lien 5342. Ser D
1942
993 Sale 993
8
100
108
93% 100%
Cum adjust Ser A 88____51955 A 0 9314 Sale 92
9312 269
84 4 94 4
3
,
Income Smite A 65
51960 Oct. 867 Sale 86
8
8712 740
7614 977
2
StLoule & San Fran
gen 6e '31 J J 1043 Sale 1043
4
1043
4
8 103% 105%
General gold be
10038
_ 1003
s
1003
1 100 101
St L Pee & N W let gu be
1948 j 2 997 102 10012
931 J J
8 -- 10012
1 1001g 10412
St Louis Sou let gu g 48
__ 944 Dec'25
923 9414
3
St L 8 W 1st g 413 bond etfe 1931 MN 8414
98 AI S 9312- 9
8412 84
84
31
78
84
2d g 4s Income bond ctfe_p1989 J J 7418 75
74 Dec'25
_
72% 78
Consol gold 4e
91 Sale 90
91
46
85% 91
1st terminal & unifying 5821932 .1 13 90 Sale 90
952 1 .1
90
4
81% 904
St Paul & K C Sh L 1st 4346_1941 F A 863 Sale
857
863 122
80
873
4
St Paul E Or Trunk 434e_ _1947 J
_
90
914
St Paul Minn & Man con 45_1933 J D 90- - - 90 . Oct'25
5 963 953
95
953
4
4
87% 984
4
Registered
J D
I 92%
_ 924 944
'it C0111101
48
10734 16858 10838 July'25 2 10614 1094
10838
Registered
1053 ____ 106
Oct'25
105% 106
60 reduced to gold 4%8_1933jj
193
3
993 Sale 993
4
993
5
9512 1004
Registered
J 971
___ 9712 Apr'25
97% 98
Mont ext let gold 48
1937 3.1 D 9318 9412 927 Dec'25
93
3
28
87% 954
R gistered
,
J D 9014 94
9014
90
924
Pacific ext guar 4s___ __1940 J J 887 Sale 88% Sept'25
8
884
i
89%
88
St Paul Union Depot 68___ _1972 J .1 10112 102
10112 102 I
2 100 102%
New York Bond Record-continued ---Page 4
2990
SONDS
N.Y.STOCK EXCHANGE
Week Ended Dec. 18
it
Prize
Priam
Dec. 18.
Week',
Range or
Last Sale
Mob No
elik,Low
Bid
1
85
8312 833 85
4
985 Nov'25
8
9918 2
111
10912 _ _ _110912
1013
4
I
•1013
4
1018
4
877 8938• 8958 Dec'25
793 80 I 791 Dec'25 -- -793
7914 797 7912
4.
7
4
873 801
87% Sale 87
7214
7i7 7238' 72
8
95 Sale 93
853 233
9 13
8814 89 I 88%
88
1
____ 100
100141 11
100
4
1023 1041810418 July'25 105 1068 10412 Oct'25.--9
87
8812 Sale 8614
85 Sept'25
81 18 85
977 193
8
9738 Sale 9718
2
10012
993 100 100
10012 Dec'25 -- 100
2
8818.
8614 Sale 88
84 July'25 -_
So Pac of Cal-Gu g 68
1927 M N 10238 _ _ _ 104 Aug'25 -So Pao Coaat let gu g M
1937 2 3 9418 _ _ _ _ 9412 Jan 25 __
80 Pao RR let ref 418
8924' 122
4
8
19553 J 895 Sale 883
4
10412 73
SOlethern-let cons a 6s
1994 J J 104 Sale 1033
2
10212
Registered._
. J D 10212 103 10212
8112 128
Develop & gon 48 Ser 5_ _1956 A 0 8112 Sale 8114
27
Develop & gen 68
8 108
Sale 1073
4
1956 A 0 1073
Develop &gen 534e
1127
8 63
1958 A 0 11212 Sale 112
Mem Div let g 4348-58
Oct'25
1998 J .1 10112 ----101
St Louis Div 1st g 48
4
1951 J J 8753 Sale 873 Dec'25 _
Mob & Ohio coil tr g 48
8718 14
1938 M S 87 Salo 887
So Car & Ga let ext 5318_1929 M 14, 10112 --- 10112
10112 15
Spokane Internal let g 58_1955 J J 801s 823 80 Nov'25
4
Term Assn of St L lert g 4148_1939 A 0 968 9712 983 Dec'25
4
let cons gold be
10012 10012 10
1944 F 5, 101
Gen refund 8 1 g 4la
34
88
88
843
4
1953 J J1 85
Tex & N 0 con gold be
98 Dec'25
1943 J J 9812
Texas & Pao let gold 58
103
10
2000 J D 10239 Sale 1023
La DI, B L let g 58
997
8
10014
3
4
19313 J 993
Tex Par-MO Pac Ter 530_1964 M 5 9914 Sale 9914
9914 25
Tel & Ohio Cent let gu 6e_1935.7 J 991 101 10018 Dec'25
Western DI let g 58
99% Nov'25
1935 A 0 10018 101
8
2
General gold 68
9712
8
1935 J D 973 9812 97%
Toledo Peoria & Weal 41917.1 J 33
_
33 Nov'25
35
Tol St L & W pr lien g 8Ks 1925 J J -_-- - -- - 997 May'25
8
50
-year gold 48
864
3
1930 A 0 8812 Sale 8614
9712 Dec'25
T0IWVdrOgu44sA
19313 J 9739 99
Series B 43:8
96%
8
2
19333 J 967 9812 98%
Series C 4a
90 Nov'25
1942 M 5 90
Per Ham & Buff 1st g 48
1948 J D 8812 869 8612 Dec'25
Ulster & Del let cone g 6s
8
77
12
80
1928 J D 76
7614
let refunding g 48
41
6
40%
1952 A 0 4014 43
Culon Pacific let g 4s
923
67
1947 .1 J 9214 Sale 9178
2
91
Regletored
..1 J --- _ - -- 907
8
80
-year cons' 45
994 68
19271 .1 9914 Sale 9918
let & refunding 411
100
88
8
e2008 M El 857 Sale 85%
let lien & ref 58
e2008 M 8 10618 Sale 10512 10618 26
10
-year perm secured 68_1928 .1 3 1023 Sale 10234
21
103
4
t7 NJ RR & Can gen 48
_
1944 M S 91% 923 93 Aug'25
4
Utah & Nor gold 58
__ _ _ 100 Dec'25
19261 J 100
Mt extended 4s
8
1933 J J 938g 9614 935 Sept'25
Vendetta cons g 48 Ser A_1955 F A 874 ---- 8814 Nov'25 -Consol Is Series B
1957 M N 87% _-_- 8712
.
8712
5
rera Crux & P lat gu 4Ks
20 Sept'25
1934 J J
m
AentIng let 4 Ks
2512 12
8
1934 --..„ -ibis - 12 247
ig
gerdiVI&WIst 458
993 Nov'25 _
4
4
1928M is 993
1Irginia Mld Series E 68
4
1926 M 8 993 100 100 Dec'25
Se Series F
____ 100 Dec'25
_
1931 ./ J
General bs
8
1938 M N 1007 __ __ 10039 1005
8
8
ea & Southw'n let gu 58_2003 J J 983 Sale 988
4
988
4
1
4
let cons 50
-year be
8
8
1958 A 0 903 Sale 903
90%
6
81ralnian let be Series A
1961 M N 1003 Sale 10018
1003 102
4
4
Wabash let gold 58
10212 50
4
1939 M N 10212 Sale 1013
34)1 gold 58
9912 12
083
8
1939 F A 9912 100
Ref s f 5 Ks ser A
083 151
4
1975 M 8 9812 Sale 9818
Debenture B Mregistered_11139
_
4
933 Feb'25
let Ilen 60-yr g term 46.._1951 J J 8214 8258 813 Nov'25
4
Del & Ch ext lift g 5s
____ 100% Nov'25
1941 J J 101
Dee Molnea Div let g 48-1939 J J 828 ---*- 84 Dec'25 Om Div let g 3348
1
77
77
1941 A 0 771s
Tol & Ch Div g 48
1941 M 8 8514
8812 Nov'25
Oct'25
Warren lst ref gu g 3348_2000 F A 7512 ___: 77
Wash Cent let gold 48
1948 Q M 8112 8312 8312 Dec'25
Wash Term let gu 331e
8112 Nov'25
1945 F A 8239 84
8234 Nov'25 _
let 40-year guar 48
1945 F A 903
4
8
W Mtn W & N W let gu 68_1930 F A 9612 9739 985 Dec'25
8
6812 59
West Maryland let 849
4
1952 A 0 673 Salo 873
.4
101
West N Y & Pa let g 5s__ .__1937 J J 101 Salo 101
Gen gold 43
1943 A 0 83 8312 83 Dec'25
Income g Ss
45 • Feb'25 -Apr 1 1983 Nov
Western Pac let Sot A 68_1946 M 8 96 Sale 9514
9812 121
10314 13
let gold 08 Series 13
1948 M 8 10314 Sale 10018
4 47
4
843
West Shore lat 4a guar
23613 J 84 Sale 833
Registered
8339 13
2361 J J 8312 Sale 83
7
10018
Wheeling & L E left g 56.-._1928 A 0 100 101 10018
Wheeling Div let gold 58.19281 J 983 10018 100% Dec'25 _ _
4
Earn & Impt gold .58
1930 F A 9812 ____ 9812 Dec'25
43
81
Refunding 4144 Series 14_1966 M 5 81 Sale 8039
7
8112
RR let consol 48
8014
1949 M S 8112 85
9
6518
Wilk & East lst gu g 58
19423 D 8418 Sale 8418
WIll & S F lat gold be
1938 3 D 10139 10312 103 Nov'25 -Winston-Salem 8 B left 48_1960 J J 8612 87 I 853
4
8819 21
34
803
Wia Cent 50-yr let gen M
1949 J J 8012 Sale 8018
Sup & Dul div & term let 41e38 M N 88% Salo 8639
29
87
WOr de Con East lot 4 Ke.....1943 J J
733 78% 8218 Dec'25
4
INDUSTRIALS
85
Adams Express coil It a 48_1948 M
7
85 Sale 85
Ajax Rubber let l5
-ye f 88_1936 J
10212 Sale 10112 10212 25
Alaska Gold M deb es'A
5
1
1925 M
4
4
4
4
Cony deb Si Series B
418 4 Dec'25
1928 M
Alpine-Nlontan Steel 78____1955 M
9134
9118 Sale 9118
7
ilm
1
1928 A
4
1023
1023 103 1023
am Age Che 1st bs
4
4
1033 sale 1034 104
4
09
1st ref s f 7As g
945 F
984 21
9812 Halo 9838
Amer Beet Sug cony deb 68_1931 F
9814 9839 98
9839 10
American Chain deb s f 138._1933 A
97
97 Dec'25
Am Cot Oil debenture 58_1931 M N 96
1936,1 3 10534 Sale 105 4
4
I
3
1053
km Dock & Impt gu M
138
125 137 133
127
Amer Ice deb 7s _July 15 1939
A 0
1939 - -- 10012 10114 10034
101
3
am Mach & Fdy a f 6s
9812
9812
1
km Republic Corp deb 68_1937 A 0 9812 99
4
ans Sm & R let 30-yr be sera 1947 A 0 993 Sale 99
998 141
19:7 A 0 1077 Sale 107
21
108
let NI 69 series B
10312 87
Amer Sugar Ref 15-yr 65...A937 J J 103 Sale 102
977 458
8
Azu Telep & Teleg coil tr 48_1929 1 .1 9714 Salo 9718
913
4
Convertible 48
1
1938 M 8 913 Sale 913
4
4
1
-year cony 41:e
1933 M El 973 983 98
98
4
20
4
1948 .1 D 101 Sale 1003
4
10118 51
30
-year roll tr Sa
8
35-yr s f deb fs
19603 1 975 Sale 97%
363
-year s f 631s
1943 M N 1035 Salo 10312 1033 131
4
8
20
9812 82
•131 Wat Wks & Elec 68-1934 A 0 98 Sale 96
5
19393 J 49
51
49
4939
Am Writ Paper a f 7-88
5
487
8
Temp Interchangeable otfs dep. --- 4818 49
4818
10112 230
Anaconda Cop Min let 68..1953 F A 1013 Salo 10114
8
10518 427
1938 F A 105 Sale 10412
-year cony deb 76
15
9718 184
8
Andes Cop Min deb 7s 50% pd'43 J J 967 Salo 95
983 132
Anglo-Chilean Nitrate 78 _1945 M N 9712 Salo 9712
4
1
88
(Clomp Una) 7119 _1939 3 j 88 saw 87
Antilles
1
9334
4
4
Ark & Mem Bridge & Ter 58_1964 IN 5 933 Salo 933
8• A Pass let KU g
&
J .1
Banta Fe Pres & Pima 55_..1942 M S
Say Fla et West lot g 6e___11834 A 0
let g 58
1934 A 0
&dote V dr NE let go g 4i 1989 MN
Seaboard Air Line g 48
1950 A 0
Gold 48 ertamped ______ 1950 A 0
adhurtment 68
Oct 1949 F A
Refunding 4s
1959 A 0
Let & cons es Serie( A_ ___1945 M 5
Atl & Birm 30-yr Ist g 48.41933 M
Seaboard & Roan let 5e____1928 .1 j
▪ A N Ala cone gu g Es
1938 F A
Gen cons guar 50-yr 58_1963 A 0
SO Pao Col 43(Cent Pac 001)819491 D
Registered_
..1 D
110-year cony 48
June 1929 IN 13
.7.1-7ear con, 68
10343 D
-year g 68
30
_1944 MN
San Fran Terml let 45_ _1950 A 0
977.
a Due May
0 Due Julie
4 Due May
Due August
kal$17*
BOWS
ims. 1
NOB
Low
8514
81
98% 102
10712 111
10114 102
8754 90%
74
8112
74
8212
88
73
5912 7313
84% 96
%
83% 89%
9984 1(11 18
10418
1024
1027 109
s
84
8812
85
•81
9612 98
9911 10312
9812 101
88%
84
8514
83
1021a 104
94% 9
412
0714 92
10014 10412
99 10212
73% 814
1
103 108
1068 113
4
994 10211
8514 873
4
82% 883
4
100% 103
8714
80
9514 9814
99 10114
8034 88
9814 99
997 103
4
98 10014
97 10014
99% 1011%
9912 10014
964 99%
28
35
9912 99%
821a 8784
9694 97%
98% 9712
89% 90
8712
84
8714 921e
40 52
90% 9412
8918 93
98% 99%
881 90
:
8
1037 10712
10213 104%
9214 93
992 1014
4
93% 93
%
868. 8814
)3658 87%
20
20
23% 28
99% 10014
993 10012
4
99% 101
100 1024
93% 102
8414 933
4
95 10112
10014 10212
94% 997
s
9412 99
933 93
4
%
77% 837
11
99% 1014
81% 88
74
773
4
8413 89
77
47
8112 86%
8118 85%
83 96%
95 4 974
8
831s 69
9834 1014
7912 83
45 45
90% 9612
10018 10812
8114 864
79% 84
100 101%
9834101
984 9984
81
68
8112
72
813 874
4
101% 1034
824 8712
7714 8112
80% 8714
753 824
4
8712
86
94% 10314
34 87
8
4
87
a
90% 91
%
984 103
94% 104 4
3
9712 102
985 99%
8
911i 9712
la% 1084
113 138
98 10112
914 100
9512 99%
103% 10812
9912 10414
961 97%
8
89% 9714
9439115
100 10214
94% 9818
101 105
9312 98
44
8312
6344
43
991s 102
8
991 1057
4
94 10012
97% 101
8814 9412
91
9514
• Optfoo sale
N
BONDS
Y. STOCK EXCHANGE
Week Ended Dec. 18.
it
Weer,
Range or
Lasi Sale
Price
"'WM
Dec. 18.
Aft Low HMO No.
BM
9014 88
:amour & Co let real eat 4301939
D 9018 Sale 90
95
90
Armour &Co of Del 6344__1943 J J 9414 Sale 944
11
8
103
Associated 0116% gold notes 1935 m 5 10278 103 1025
8
Atlanta Om L. let 59
1047,1 D 99% ____ 983 May'25
214 Dec'25
1718 20
Atlantic Fruit
aft( dep_1934
397 1712 Nov'25 _ _
Stamped ctfe of deposit _______
8
90'8
Atiantic Refg deb be
9939 Sale 9939
1937
2
105
Baldw Loco Works 181 58.-1940 M N 1043 107 105
4
10418
Baragua(Coup Az)7K e_. _ _1937 Ii 10418 10412 1044
10518 10
Hamada]]Corp s f cony 8% A1931 33 105 Sale 105
332
8
101
Bell Telephone of Pa be
4
1948 33 1001 Sale 1005
1003 132
4
1st & rot 58 Ser C
8
1960 A0 1005 Sale 10012
1003* 19
Beth Steel let ext s f be
1926
' 100 Sale 100
3
32
98
1st & ref bs guar A
1942 M N 9512 Sale i 9514
933
4 31
30-yr p m & Imp s f ft.__ _1938
J 9339 Sale I 934
8
955 109
Cons 30
-year 6s Series A_ _1948 F A 9518 Sale 9518
Com 30
8712 30
-year 6346 Series B 1953 F A 8614 Salo 8612
9412 10
Bing & Bing deb 6Ks
195015 8 9318 9412 9412
91
3
Booth Fimberles deb a f Se__ _19261A 0 89
91 I 91
9514 77
Botany Cone Mills 6Ks1934 A 0 95 Sale 1 9414
10112 19
Brier 11111 Steel 1st 534e..,....1942 A 0 10139 3.310 101
7712 86
Wway & 7th Av let c g 56_1943 J D 77 Sale 77
7712 86
Ctfe of dep mond June '25 Int
_ _ 784 Salo 1 7812
933
Brooklyn City RR 58
4 18
4
1941
J 933 Sale 9314
liklyn Edison Inc gen 58 A 1949 J J 10214 Sale 1018
10218 89
General 68 Series B
10514 .14
1930 J J 104-8 Sale 10439
917 190
Bklyn-Man R Tr Sec (18....19138 J
8
9112 Sale , 9112
Bklyn Qu Co & Sub con gtd 68'41 M N 63 Sale 63
22
83
651
let 68
11141,1 J 7712 79 I 78 Dec'25
Brooklyn R Tr let cony g 48-2002 J J 888 ____ 92 June'25
3-yr 7% secured notes_
13812 Nov'25
1921
J
Ctfe of deposit staruped
5
4
Y
Bklyn Un El let g 4-5e
WA 8812
8812
1950
8812 17
Stamped guar 4-5s
F
1960• A 8812 884 8812
Bklyn Un Gm 1st cons g 58-1945 MN 1013
102 Dec'25
4
10-yr conv deb 79
18512 Nov'25 1932 M N
t llen & ref
a suag
Seri A_1947 M N 110
f aaes
___ 10912 Dec'25
Iron 8158
93 . 9218 Nov'25
19323 D 91 B°111) Terminal let 49
B 1
us
0
952
ex.. 1960 A 0 8714 8912 874 Nov'25 _
Consol Si
9212 15
J 9112 9212 92
1955
Siguar tax
Bondi!:
11
g
4
4
Cal G & E Corp unit& ref 58_1937
s
N 1007 Sale 10039
100% 20
Cal Petroleum s f g (3349 _1933 A 0 1035 Sale 10312
104
8
12
Camaguey Sus let eta 78
91
24
1942 A 0 9012 Sale I 88
Canada &S Lines let coil f 78 '42 M N 10039 10114 100
10014 16
Cent Diet Tel let 30-yr 68-1943 J D 102 Sale 1017
s
102
6
Cent Foundry let s f (38
4
1931
4
A 993 Sale 998
993
4
9
Cent Leather 1st ilen f 68._1945
J 10014 Sale 100
10012 128
Central Steel 1st g s f 88_ _ _1941 MN 115 Sale 115
115
2
Cb
L & Coke let 911 58_.19373 J 1013
1013 Dec'25
4
4
Chicago Rye IN be
79% 99,
cmain Gaa er Ills Ser t ref 58.37r 0 10214 9 1e 1075
Chile Copp a Elea la
9
8
2
8 Sale 72 8 10 14 62:
9 102iz 0
1950 A A 7
92 A
2
13.
5348 Ser B due Jan 1
4
10414 23'
1987 A 0 1044 Sale 1033
Clearfield Blt Coal let 4s. _l9403 J 7812 ____ 82 Nov'25
Colo F & I Co gen f 158
90
(35
1943 F A 889 Sale 8839
Col Indus let & coll Se
8
21
F A 845 Sale 82%
Columbia & E let 58
9
10012 10039 1004
1927 J
Stamped
Sale 10012 110800°43:i 11
Col & 9th Av let
Oct'25
g 58._ 1927 3 5 10.0_82
99 M 3
3
Columbus Gas let gold 56._1932 J 3 9312 99% 994
994
i
Commercial Cable let g 4a.._2397 Q J 7312 78
74 Dec'25
Commercial Credit,f 818
10018
7,
1934 MN 10018 Sale 100
Commonwealth Power 13a._-1947
N 103 Sale 10212 10312 94
10412 371
Computing-Tab-Ree f 88-1941 J J 10412 Sale 104
Conn Ry de L 1st & ref g 4 Ka 1951
92 July'25
92
J 91
9112
1
Stamped guar 430
19513 J 9111 ---- 9112
Cons Coal of Md let & ref 68_1950 J
8212 29
813 Sale 81%
4
ConsolGas(N Y)deb 5%8_1945 F A 10414 Sale 104
10109
Cone'd Pr dr Ltg let 8;0
1943 M 8 1034 Sale 10339 104 4
Cont Pap & Bag Mills 830 1944 F A 794 Sale 78
33'
79
Consumere Gas of Chic gu be 1938 J 3 1003 1003 1003 Nov'25
6
4
8
N 97% Sale 9712
Consumers Power let 5s__1952
98
83,
Corn Prod Refg a f g ba
8
1931 M N 994 -- 905 July'24
1st 26
-year f 58
10114 11.
4
1934 M N 101 1013 101
Crown Cork & Seal 1st s ft:18_1943 F A 8339 Sale 8312
835
8
8
Cuba Co cony s f 08
4
9812 88
11353 J 953 Sale 953
4
Cuba Cane Sugar cony 7s___1930 J J 933 Sale 9312
938 20
4
Cony deben stamped 04_1930 J J 98 Sale 98
5
98%
Cuban Am Sugar let coil 88_1931 RI 8 ions Sale 107% 108
9
Cuban Dom Bug let 73:8_1944 MN 9212 Sale 9212
934 21
Comb T & T 1st & gen 68. _1937 J
1
993
4
4
993 10013 993
4
Cuyamel Fruit let 69 lot
94
2
9412 93
'40 A 0 93
Dent Clty Tratnw 1st con 59 1933
'5
0:Aug33
8 11
3
2
024
Den Gm & E L lstdrref I g 68'61 MN 9312 Sale
11
Stamped
8
934
5
M N 9312 9373 935
Dery Corp(D G)let,f 78_1942 M S 85
6
857
8
857 84
s
Detroit Edison let con tr 59.1933 J J 1017 Sale 10014
6
101
s
let & ref be Settee A_July 1940 64 S 1023* 10212 1024
10212 23
Gen & ref be Serles A •
1007
8 113
8
1949 A 0 1007 Sale 10018
7
108
let&ref8sSerlesB.July 1940 M 8 10712 Sale 10739
Gen dr ref 5s ser B
31
100
8
0 997
14
13 1900012
3
1955
Det United bet cons g 4Ks 1932
Sale
Dodge Bros deb 6s
240
12
9
8
5
99
88
1941 M N 9512 Sale 8 84
Dold (Jacob) Pack let 88_1942 MN
7914
78
3
784
Dominion Iron & Steel M
.1
6
8
1939 .1 D 9278 S:4_1 82
J J
Donner Steel let ref 7a
9414 94 Dec'25
1942 J J 94
du Pont(E I) Powder 430_1936
Duquesne Lt let & cell lls_ _1949 J J 1053 Sale 195312 N9 625 : 5
4
093 D0 2
% : :
1v0 3 3
.
let coil truet 5349 Series B.1949 3 .1 19512 9:5. 105
10512 17
1Q
3 J 02 4 . .
East Cuba Sug 15-yr 81 g 7344 37 M
10514 70
105 Sale 104%
'
Ed El III Bkn lit con g 49__ _1939
Ed Elec 111 let C0919 g 58_._1995
J 10214 -_ 102 Nov'25
Elec Pow Corp(Germany)6 Ks'60 1 S 884 Sale 884
873
4 34
141
Elkhorn Coal6% notes
100 Nov'25 _ _
1925
Empire Gas & Fuel 7348...„1937 M N 1023 Sale 1024
103
119
4
Eqult Gas Light let con 58_1932 M 8 9912 100
9912 Nov'25
Federal Light & Tr let 58
9212 17
4
1942 al 8 9218 928 9239
let Ilen (le stamped
4
10112
8
1942 M IS 101 10112 1003
50-year doh 9118er B
9212
925
8 19
94
1954 J 0 93
Federated Metals e f 79
9812 34
1939 3 D 98% Sale 97
Fisk Rubber let.? 85
114
8
1941 M S 1135s Sale 113%
Ft Smith Lt & Tr let g 68
7812
3
1936 111 8 7811 Sale 78
Frameric Ind & Dev 20-yr 760'42 J J 873 8
9018 67
4 9
Francisco Sugar 131 sf 731s _1942 MN 10418 Sale 18418
0
°
104%
5
Gaa & El of Berg Co cons g 581949 J D 003
8
- - 100 Nov'25
Gen Asphalt cony (le
____ 104 Nov'25
1939 A 0 105
General BukIng let 25-yr 69_1936
104% Nov'25
Gen Electric deb g 314s
873
4
2
1942 F A 874 Sale 87%
Oen Bair betel g 88 Ser A___1952 F A 102 10318 10212 10212
5
German Gen Elec 7e_Jan lb 1945 J J 9512 Sale 954
9814 27
Goodrich Co 634s
20
21
19473 1 10412 Sale 0454 10414
Goodyear Tire it Rub betel 1941 M N 121 Sale
10
-year a f deb g 8s
11014 1857
°34
41931 F A 1094 Salo 10912
Gould Coupler lot elSe.._l94I) F A 91
92
91
Granby Cons M El & P con
_
A'28 N N 100 10012 10113 Nov'25 __5
Stamped
100
3
192815 N 100 10014 100
Gray it Davit' let cony s f 78_1932 F A 9839 9714 9812
983* 124
(St Cons El Power(Japan)78.1944 F A 9112 Sale 90%
9112 33
Great Falls Power lets f 58-1040 M N 1013 10212 10314 Dec'25
4
Hackensack Water let 4a.--1952 I J
ANov'25
8612 _ _7
8 54 8 _
Hartford St Ry let 48
8857% ‘225
1930 M
_Havana El Ry L & P gen 58:V54 M S 943 Sale 92%
4
93
8
(arena Elec 009801 g 58
9414
4
943
943 96
4
1952 F
3
fershey Choc let s f g 68
994 10418 Oct'25
99
1942 M
bet M it coll 5318 int ott_1940 J J 993 Salo 9939
4
997 184
8
Ioe(R)& Co let 834,temp_1934 A 0 9714 Salo 9612
973* 44
lotiand-Amer Line 68 (11(4).1947 MN 8514 Sale 854
854 23
1ludson Co Gies 18t g 58-.1940 M N IGO% ____ WON
100%
6
aff,
1
Range
Bince
Jan. I.
Um
HMI
85
91
91
96
10134 1034
975 98 4
4
8
17
zie
16% 22
97% 1 012
0
99% luo
103 107
102 106
10014 108
100 1014
993911)114
9314 91.84
94
90
9311 9712
8512
50
924 M
704 93
94
951
:
97 103
88
7e
67% 71
90% age%
994 108
103%100
824 92
8114 71
73% 81
92
92
131312 13 4
6
131 12314
8112 90
8112 89 4
3
994 102
156 190
1074 11038
9112 94
91
86
864 9212
43% 99 4
3
98 10112
100% 10412
87
95% 101
1004 102%
933 100
4
97% itt1 12
110 118
4
984 1013
7312 88
105 11113
9319 1024
10012 106
80
82
87 2 93
7
80
884
100 10214
100 101%
9
14 14
9812 941%
7112 771:
98 1013
4
97% 10313
1011 105%
4
904 9212
8812 93
78
12 90
1011 105
4
1004 105
78
924
92% 1007
s
903 100
4
100
74
90
95% 9634
112
98
98 102%
107% 110
92
98%
97 10112
93
9912
824 8314
924 97
92 4 96
8
75
88
99% 102%
9912 102%
97% 101%
101118 10812
.
093 1001s
4
86
93 4
3
94 1011
7812 8814
60
68 2
5
88% 97
901s 95
104% 107%
104 108
100 1067
1
89
954
994 108
864 8812
97 1004
974 105
994 10012
88
904
964 103
914 94%
97 107
108 115
7814 82%
86
95%
1(1312 108%
984 100
101 104%
1044 105%
83
9012
100 10212
92
987
8
100% 1088
4
119 12112
108% 111
9012 9
5
4
93 101
9134 1007
8
92 9714
8714 92
997 108%
1
83% 878
2
82% 851
:
854 95%
92% 974
108 106
98 100
94 1044
79 904
93 100 s
18
8
New York Bond Record—Continued —Page 5
BONDS.
N.Y . STOCK EXCHANGE
Week Ended Dec. 18.
1 t
Price
Friday
Dec. 18.
IVeek's
Itanue or
Lan Sale
1
rp
4
Soilage
Since
Jan. I.
N
BONDS
Y STOCK EXCHANGE
Week Ended Dec. 18.
5 -2
2991
Price
fortaav
Dec. 18.
Weee's
Ranee al
Last Sale
ma
Nigh No Low
Act Low
High
Ata
Ase bow
I!toe
Humble 011 & Refining 548_19324 J 1015 Sale 10114
10134 26
8
4912 10.12 11118bury F11\41118 20-yr tis .1943 A
1013 13212 102 Dec'25
4
annuls sell Teleutame Ns__ .1956',2
4
101 i 571 97 1017 Pleasant Val Coal let 8sf 5n. 114283 0 07% 9812 973 Nov'25
1003 Salo 100%
8
4
j
Illinois Steel deb 4 4s
7
9514
6
92% 963 Pwah Con Collieries 1st af5s19573 ji 93
19404 0 0514 Sale 94
4
9114 9J12 Dec'25
Ind Nat Gas & Oil 58
91 1
1
1936'm N 9012 91% 91
8712 91
Port Arthur Can & Ok 68 A.1953 F A 10112 10212 1013
4
1 13
4
Indiana Steel tat ba
8
10214
9 101 1041$
1952 M N 102 Sale 1017
M 118 Series It .
.1953 F A 10112
101% Doc'23
Ingereoll-Rand 1st 58
9934
9934 Oct'25 _ _ _ _
_
1935,3
99 4 9934 Portland Eke Pow let 68 13_1947 MN 9 14 Salo 1 99
,
9
foterboro Metrop coil 430_19543 A 0
11
Apr'25
10
11
Portland Gen Elm let 5s, _ .1935 .1
99% 100
9914
93
99
::
Guaranty Tr Co ctfs dep
128 412 Aug'25
7_
412 712 Portland Ry let & ref W._ _1930 M N 92
% 93 5, 9255
92%
Ott dep stpd eastd 16% sub. .1. .
1012 Mar'25
1012 1012 Portland Ry Lt & P 1st ref 581942 F A 89 Sale 1 88%
89
interboro Rap Tran tat 611_1966 j
07 Sale 6
68% 65
693 7434
8
let I & ref Cs eer 13
_ 1947 M IV, 99
99
9914 99
Stamped
664 Sale i 6618
6718 197
7312
59
lot & refund 74s Ser 4_1948 MN 106 10714 106
10614
10-year Se
7012 37
BIN S112 Porto Rican Am Tob Se__ _1931 M N 1053 106 1106
1932A 0 6812 Sale 1 68%
4
106
10
-year cony 7% notes.. _1932•51
89 Sale 89
89 3
4 49
85
95
Pressed Steel Car 58..1 ,, 1933 j j 9412 Sale 1 9412
94 15
Int Agile Corp tat 20-yr 58, 1932 MN 8814 883 88
4
8814
11
91
67
Prod & Heist Seiwith waentar31 .1 D 110 Sale 11012 Doc'23
Stamped extended to 1943..._.M N 8218 Sale 82
8212 26
61
8212
Without warrante attached_ _ _3 0 1093 11012 1093
4
110
4
Inter Mercer' Marine at 58 19411A
87 Sale 85
8714 374
823 9112 Pub Serv Corp of NJ ief.n 5e_1944 F O 1004 4 s416 110432 10434
4
9
13 105 ,14
1959 A A
0,
0s
9578 Sale 9734
International Paper be
0834 98
1947
8712 98 4
,
Secured g es
RefefOs tier A
4
9614 112
913 99
4
1955M S 981 Sale 943
Pub Serv Flee & Gas 1st 53401959 A 0 10312 Sale 1103%
103%
lot Telep & Teleg cony 5345 1945 M
1063 Sale 10615
4
107 1 573 10112 1097
8
1st & ref 1348,
.
4
1964 A 0 10312 1033 103%
1031
4
Jurgene Works fis(gat price)_1947 .1 1 101 10112 10018
101
96
88 10712 Pub Serv El Pow & 1.tg Os, 1948 A o 10612 1063
4,106
106%
Kansas City Pow & Lt Es__ _1952 M
1003 Sale 100
100% 53
953 102
8
Punta Alegre Sugar 713
1937 a j 106 107 1107 Dec'23
Kansas Caa & Electric 88
1023
4 19
1952M S 102% Sale 10218
9814 10312 Remlngton Arms 8s.
_ _ _1937 IN N 8414 8612 86 • 86
Kayser & Co 78
10818 31) 10112 10812 Repub I & 8 10-30-yr Sesf. A940
19421F A 108 Sale 108
98%
A 0 98% Sale 9712
Kelly-Springfield Tire
10414 27
N 10312 Sale ,10312
90 109
Ref A gen O348 ser A
93
1953 J J 9275 93
9412
Keyetone Tel p Co 1st 58
9114
9114
4
1936„1 J 9114
9212 Ritna Steel 1st 75
82
.1955 F A 9318 Sale 9018
907
13
Kings County El & P g Se__ .19371A 0 102
____ 1023 Dec'25
4
_
99 103
Robbins &Myers s f 713
833 Dec'25
61
60
4
1952
Purchase money Be
1024 22 114% 12034 Rochester Gas & El 7s eer B_1946 1 D 11218 11214 11212 112%
1997 A 0 120% Sale 112012
M 5
Kings County El 1st g 4e _1949,F A
7612 77
7512 Nov'25
_
75
79%
Gen Mtge 534e serleo C._ .1918 M S 17212 .
772 17514
_3
0 112 10342
05
73
Stamped guar 413
77 Sale 7612
1949 I A
77 ! 28
,
74
80
-Brown Iron Co 7e
Rogers
1942
N
Kline County Lighting 58_A954
1)87 997 98%
8
a
8
985
1
89 10114 St Jos Ry Lt 111 & Pr 5a. _1937 MN 854 9114 91
91
034s
1073
4
1954
1077
8
3 103% 108 2 St Joseph Stk Yds let 4 45_1030 J J 96
J 107%
,
---- 96 Nov'25
Clime, Co 741I
1936J 0 107 Sale .107
108 I
3 104% 109
St L Rock Mt & P 58 stmpd _1955 J J
4
783 7912 7812
7914
Lackawanna Steel be A
9412 Sale 1 93
04% 74
1950 M
895 943 St Louis Translt 58_ _
8
4
.1924 A 0 7012 ____ 7112 Oct'25
Lac Gm L of fit L ref&ext 56_1934 A 0 1007 ____ 1003
8
4
1003
4
4
9814 1017 St Paul City Cable bs
8
1937 3 3 9214
9512 0c9 2
91 2
5
2
V24
7
5
Coll & ref 534s Series C
1953 F A 10212 Sale 1017
8
10212 105
9514 102% Saxon Pub Wke (Germany) 78'45 F A
Bale
t010 C & Nav f 4 48 A _ _1954 J
____ 09 1 98 Dec'25 _ _
9554 10614 Saks Co 7a
1942 IN S 107 10812 109 Dec'25
Lehigh Valley Coal let g 58_1033 .1
100 Sale ,100
100
3
99% 10112 San Antonio Pub Ser 88....1952 3 J 10112 Sale 10112 10112
Lex Ave tt P F 1st gu g 58_ _1993 M
4112 4114 Dec'25
3912 4418 Sharon Steel Hoop 1st 88 err A '41 M 13 1133% 1073 107
4
10712
Liggett & Myers Tobacco 78_1944 A 0 118 119 11183
8 1187
12 116 120% Sheffield Farms 63419
s
1942 A 0 10612 Sale 10612
10612
Registered
11614 ____111612 Oct'25
A
115 11744 Sierra & San Fran Power 58_1949 F A 9114 SAI6 9114
913
58
S 1007 _ _110012
8
1961
1003
4
973 10212 Sinclair Cons 011 15-year 70_1937 1411 S 931 Sale 92
5
4
9312
Registered
A 9818 _ _ _ _I 98
Oct'25
__
97% 98
lot in coil tr Bs C with warr 1927 J 0 11)8 Sale 10618
108 2
,
emillard Co (5) 70
1944 A 0 11612 Sale 1 11614
11612
9 11414 117%
let lien 84413 Ser B
4
1931) J D 863 Sale 87
8712
Registered
_ _ _ 1153 Oct'25
4
A 0
11312 1153 Sinclair Crude Oil 3-yr 63 A 1928 F A 10012 Sale 10014
4
10012
9812 Sale 973
1951 F A
9812
9
9434 9812
3-yr 6% notes 13 Feb 15,1926 F A 10012 Sale 10014
100%
Registered
94
- 9614 Oct'25 _
A
9614 9614 Sinclair Pipe Line 6s
1942 A 0 87 Sale 87
873
4
Louisville Gal & Electric 58_1952 53 Pa 973 Sale 9712
4
973
4 32, 90% 99, Skelly 011 634% notes
8
1927 A 0 12514 Sale 12312 1253
4
Louis, Ry tat con 55
89
943 8912
1930
4
8912
1
8912 9312 Smith (N 0) Corp lot 6358_1933 .; N 10154 sai e 10174 10142
6
5
0
6
M o 0 Sl
Lower Austrian Hydro-Elee Co—
South Porto Rico Sugar 7e_ _1941
le 8!6348
8614
1944 P A 8614 87
861
,
3
8518 87
.▪ 4 101 14 Sale 101 18
South Bell Tel & Tel 1st a 1 581941
10112
Mental Sugar 714,
1942 * 0 10114 Sale 100%
102
50
97 102
Sweet Bell Tel let & ref 5e__1954 F A 100% Sale 100% 100%
Manhat Ry(NY)cons g 48_1090 AO 597 Sale 597
6012 19
8
5712 84
Southern Cob Power Be_ .1947
973 Sale 1 97%
4
98,
2(1 la
8
51% 533 53
4
53
2013 3D
1
51
5614 Spring Val Water g 5s ____1948 M N 9812 9914, 997 Dec'25
Manila Electric 78
102
1942 MN 102 Sale 102
10
97% 103
Standard Milling let 5e
8
10014
1930 MN 100, Sale 1 9712
Manna Rice Ry & Lt a f 58,195,5
S 8912 9012 89 Nov'25
__
85
92
Steel AC Tube gen a f 7s Ser C 1951 a J 1073 Sale 107%
4
108
Market St Ry 7s Series A_ _ _1940
09 Sale 9812
99
25
97% 10214 Sugar Estates (Oriente) 78_1942 M S 8912 90 1 8912
9014
Metr Ed let & ref g 6s Ser B_1952 Q J 1044 Sale 10412
FA
1043
4
0 10112 10614 Superior 011 let a(is
1929 FA.1 93 Sale ; 93
9312
1st & ref be Series C
9712 973 9612
4
9112 9714 Syracuse Lighting let g 5s_ _1951 .1 D 1004 _-_- 10012 Dec'25
97% 27
1953• J
/
1
Metropolitan Power Ss
4
103
2 100 104
1963• D 10218 1023 103
Tenn Coal Iron & RR gen 58_1951 • J 102% 10312 1023
1023
8
Met West Side El (Chic) 48_1938 FA
7112 7214 7214
7214
2
68% 80
Tennessee Elec Power tot 68_1947 J D 10255 Sale 10214
1023
4
Mid-Cont Petr let 614s..,.1940 MS 10118 Sale 1005
8
10118 70
9514 102
Third Ave let ref 4s
57
1960 3 3 5612 Sale 56
Midvale Steel &0cony a 1 58 1936 MS 9314 Sale 9214
9314 114
8718 9314
Ad) Inc 55 tax-ex N Y.....a1960 AO 41 Sale 41
42
3.411w Elec Ry & Lt cons g 58_1926 FA 1017 102 100
8
100
4
997 10112 Third Ave HY 1st g 58
8
4
93%
1937 J J 933 Salo 935
Refunding & eaten 4348_ A931 ii 9714 Sale 9718
9714
6
94% 9712 Toledo Edison let 7s
1941 M S 108% Sale 10812 1083
4
General 5e A
9814 Sale 9814
9812
94 100
7
1951
Toledo Tr L & 1'512% notes 1930 J
98 Sale 98
98
let 58B
9014 Sale 8912
9012 33
1961 ID
84% 92% Trenton G & El 1st g 58
1949 88 S 9918 10312 9912 Nov'25
lat .& ref g 68 Serlea C___ _1953 MS 101 10112 101
10114 17
98% 104
Trumbull steel deb 64
_ _ _1940 I" A --------97 Sept'25
Milwaukee Gas Lt 1st 4s _1927 MN 98% Sale 99
99
5
9614 993 Twenty-third St Ry ref 5s. _1982 J
4
6012
Montana Power 1st be A_ 1943 33 100 Sale 100
10014 21
9712 1003 Underged of London 4344_ _1933 J '1 60 .6_ _ 096220% 0 t.:25
4
3 92% S31 e
9
0c 25
et
Montreal Tram let & ref 514_1941 J
963 97
4
963
4
967
8 14
04
9812
Income Os
1948 ▪ J
Morris & Co let a f 4348._. _1939 .3 J 84% Sale 843
4
8514 41
7812 87
Union Bag & Paper let M 68_1942 M N 105 Sale 1043
4
105
Mortgage-Bond Co 45 Ser 2_1966 AO
7718 Nov'25
77
_
7718 Union Elec Lt & Pr 1st g 66_1932 M S 1007 1013 1013
8
4
4
1013
4
10 -year be Series 3
-25
963
_1932 32 96% 9612 96%
95% 9712
7
Ref & ext 56
10012
1933 M N 10018 Sale 100
Murray Body 1st 49
851,2 Sale 82
1934
853
4 82
77% 10012
lstgst4eeeriesA
8
1954• J 1005 101 10012 101
Mu Fuel Gaa 1st go g Ss
4
.1947 SIN 933 ____ 99
99
1
9512 09
Union Elev Ry (Chic) 58...A945 A 0 78
7912 79 Dec'25
Mut Un gtd bonds eat
_ _1941 MN 10018 101 102 Nov'25
99 102
Union 011 1st lien f Es
A931 J J 100 10055 1007 Dec'25
8
Nassau Flee guar gold 4s
1951 33 5814 Sale 5814
5914
6712 64
18
30-yr Os Ser A
4
May 1942 F A 1033 104 103%
104
Nat Enam & Stamps let 58_1929
101
____ 993 Oct'25
4
97% 993
4
lot lien f 5s Ser C
9312 Sale 9512
1635 F A
9512
National Acme 74411
J D 98 Sale 97
98
/
1
4
1931
19
80
99 4 Union Tank Car eon!'" 7e__ .1930 F A101 Aug'25
,
Nat Starch 20
-year deb ba_ _ 1930 3.8 9914 100
98 Nov'25
98
993 United Drug 20-yr 6e.oct 15 1944 A 0
4
F;s5- e- 1033
4
10412
National Tube lot Egs
8
1052 MN 1015 102 10212
10012 103
10212
United Fuel Gas let s f 8a. _.1936 J J 102 Sale 19112
102
Newark ConeolGaa be
1948 J o 100% 10112 100%
9812 101
1003e
3
United Rye Inv 58 Pitts IMMO 1926 M N 99% Sale V15
8
997
New England Tel & Tel 54_1952 J
101 Sale 1003
10158
4
9912
Stamped
995 997 997 Dec'25
8
N Y Air Brake let cony (01_1928 MN 10214 107 10312 Dec'25 10 10112 102
8
10414 United Rye St L lot g 4s___ .1934 I 3 7312 Sale 7312
7312
New ON Pub Serv let 54 A._1952 AO 9012 9118 9012
9114
895 92
11
8
United SS Co 15-yr 6s
9412 94
1937 MN 94
94
let & ref 5s ser B
9012 Sale 90%
1955 J 1
88% 92% United Stores Realty 20-yr 6s '42 A 0 103 103% 103
0012 36
N Y Dock 50-year 1st g 4a_ _1951 P A 81 Sale 81
103%
81
2
774 523 U Snubber let & ref 58 der A 1947 J J 9112 Sale 9012
4
4
9112
N Y Edison 1st & ref 64s 4_1941 AO 11514 Sale 1143
4
27 112 11512
115
10-yr 734% see notes
4
1930 F A 1063 Sale 106%
107
let lien & ref be 13
1944 AO 101% Sale 10112
99% 102
10134 77
US Smelt Ref & 53 cony 60_1926 F A 100 Sale 100
100
Y Gee El Lt & Pow g 513 1948 J O 1033 104 103%
4
103%
3 100% 10412 U 13 Steel Corp coupon _
_ .41963 MN 10512 Sale 10514
10614
Purchase money g 4s
1949 FA 89 8914 89
10
80
89
90%
of 10-60-yr 5slregistered.4
MN
N Y I. FAWest C &RR 5 34e 1042 M
9712 10212 10012 Apr'25
10012 10012 Utah It & Trac let de ref 5a 1963 A 0 873 Sale 10434 Nov'25
4
N Y Q El L & P let bs
1944
8712
8714
4
4
993
1930 P A 993 _ _ _ 993
4
9912 101
5
Utah Power & Lt let 58
9512
N Y Rya let It E & ref 4s_ 1942 .1 J 3612 5212 47 Oct'25
1944 F A 0538 9578 95
46
5412 Utica Flee L & P 1st Os_ ...1950 J J 10112 ____ 10214 Dec'25
Certificates of deposit
45 Sale 48 Dec'25
42% 54
Utica Gas & Elec ref & ext La 1957 J J 100 Sale 100
100
30
-year ad) Inc
41 4 3% Nov'25
—Jan 1942 A 0
3% 6
Victor Fuel late 158
Oct'25
1953 J J 5314 6212 58
Certificates of deposit.....
5
2
3
5% Va-Caro Chem let 7s
N Y Rye Corp inc 6s_ _ _Jan
1947 J D 1043 ____ 1043
4
10434
4
23 Sale 22
2418 2121 22
1965 - - - 32%
Certificates of deposit
N Y & Rich Gaa let 6s
--- 10512 Sale 10455
1043
4
101 Sale 101
101
2
9912 10212
Certificates of deposit stand --. 104% 105 1023 Oct'25
NY state Rya let cone 448_19 MN 564 Sale 56
,
56
951 raN
82
5612 44
6814
Stpd as to payt 40% of prin
let con 64e series 13
783 7912
196264 N
4
7912
7912 90%
lot 78
NY Steam 1st 25-yr Be
104% Sale 104%
1947 105%
1947 M N 10214 Sale 10214
1023
4 211 97% 104
Ctf of d 'Posit
N Y Telep let & gen of Ser A
-- 10514 811111 10412 10512
11714 Sale 9714
96
973
M
4 32
99
Ctf of a, poeit stpd..
30-year deben f (le_ _ 448_1039 F A 11012 Sale 1097
.
105 8 106IR 103% Oct'25
,
_Feb 1949
8
11014 35 107% 1103
4
734s with & without war .19373 0 9734 Salo 97
20-year refunding gold 80.1941 A 0 107% Sale
973
4
10714
107% 117 10618 108%
Certlfe of (leo without warn -Niagara Falls Power let be_
9818 Sale 973
9818
4
101 1013 10114
4
_1932
9914 103
10112
9
Certife of dep with
Ref & gen 6.3
9312 Oct'25
s
Jan 1932 A 0 1057 Sale 10512
10512
1 103 1065 Va Iron Coal & Coke 1stwarrants
8
Niag Loek & 0 pr 1st 58
((113 "5- - 977
g 55 194988
7
98
8
AO 99 Sale 987
8
9712 100
9914
8
Va Ry Pow 1st & ref 5s
No Amer Cement deb C, 145A_1955 MS 100 Sale 993
1943 ii 97% Sale 97%
9814
A 1940
0712 10212
4
10014 115
ertientes Sugar 1st ref 7a. _1942 J
Nor Amer Edison Os__
92 Sale 87%
9212
_1952 MS 10218 Sale 101%
9672 103
10214 41
Warner Sugar Refin 1st 7'1_1941 J O 9312 Sale 9312
Secured e 1 g 6 34» Ser B...1948 131
9414
104 Sale
4
105% 31 1003 106
Warner Sugar Corp bat 7e_ _ _1939 J
Nor Ohio Tree & Light 6s __1947 MS 9312 Sale 104
77% Sale 7518
77
9312
9418 32
91
97
Wash Wat Power s I 5o.,._1930 J 3 10112
Nor States Pow 25-yr ba A1941 A
10134
101%
973 9814 97%
4
93
9814 48
9918 Weetchee Ltg g 58 stmpd 814 1950 .1 D 10212 Salo 1013 Dec25'
Registered
8
*0
9314 Jan'25
9314 93 4 West Ky Coal bat 7s
,
let & ref 25-yr Os Ser B_ _1941 A0 105 107
1944 MN 10012
10012
4
4
1043
105
3 103 10714 West Penn Power Sex A 58. 1946 MS 995 1003 10012
North W T let Ill g 434s gid_1034 J J 96% Sale 96%
8 Sale 993
8
10014
963
8
2
94% 98
1st 78 Series D
1946 MS 106 10614 1084
Ohio Public Service 7348 A 1946 AO 11214 1123 1123 Dec'25
106%
4
4
108 1123
4
1st ba Series F
1963 MS 99% Sale 0911
let & ref 78 series 13._ . 1947 FA 11038 ____ 11012
100
11112
6 107% 111 12
Temporary 58 SeriesE_ _1963 M
Ohio River Edison 1st
9834 Sept'25
J J 102 Sale 10112
102
•
9812 104
1st 534s &Mes F
195.3 AD 11541 4 10512 104%
Old Ben Coal 1st Be
j
104%
1944 FA 97 Sale 97
97
96
1
99
West VL C & C 1st (is
1950 .1
Ontario Power N F 1st be_ _1943 FA 10014 Sale 9912
84% 8512
8412
98 1003 Western Electric deb 58_1944 AO 10014 Sale 84
10014
5
4
Ontario Transmission 68._. 1945 MN
100
1003
8
99% Sale 99%
97
99%
6
99% Western Union Coll tr cur 58_1938 J J 10218
Otte Steel 8/3
-- 102 Dec'25
1941 F A 105 10512 105
105
1
955 106
8
Fund At real estate g 4 48_1950 MN 9612 Sale 9714
bet 25-yr a f g 7348 Ser 13_ _1947 F A 1003 Sale 10012
9714
4
14
1007
80% 10112
s
15-year 8 lls g
1938 F
11114 Sale 111
pacific & El gen & ref Es_ _1942 J
11114
9712 Sale 9712
9814 93
9312 99
Westinghouse E & NI 7e_ _ _ _1931 MN 106 Sale 1053
4
Pao Pow & Lt Istaref 20-Yr Es'30 P A
10618
9912 100
8
08 100
993
993
4
8
Wickwire Spen Steel 1st 7a 1935 33 70
703 75 Dec'25
4
Pacific Tel & Tel 1st ba
1937 J
101% Sale 10114
10112 30
99% 102
Certificate:8 of deposit
7518 Oct'25
Ref M 5aseriee A
1952 M N
99 Sale 987
8
991.4 54
9212 10012
Certificates of deposit stamped MN ____ 74% 75
pen-Amer P & T 1st 10-yr Ts 1930 F A 105 1053 105
Oct'25
8
10512 16 10412 107
Wickwire Sp Steel Cs is Jan 1935 NI N 65
6812 63
Cony f Be
136
1934 M N 11218 Sale 110%
11212 207 103 118% Willys-Overland 5 f 6 34s. _ __1933 MS 10212 Sale 10212
Fart-Lee at leasehold 634j953 J J
102%
3
9212
92
92
91
99
Wilson & Co let 25-yr a 166,1941 A0 9912 Sale 99
Pat & Passatc & El oons be 1949M
100
____ 100 Dec'25
100
96 100 4
,
Registered
93
peop Gas h C 1st oons g 68_1943 A 0 11012
Feb'25
11012
11012
3 107 1103
10
4
-year cone a f fle
19283 D 53
73
Refunding gold 5s)
743 Dec'25
8
1947 M S 99 Sale 99
34
945 100
997
8
8 32
Certificates of deposit......
phuaaelphia Co roll tr Os A_1944 F A 10314 Sale 103%
- 7014 Sale 70%
71
10312 32 101% 105
10-yr cony s 734e
91931 F A 6912 75
-year cony deb 534 _ _1938 M
15
70% Dec'25
99 Sale 9812
9912
5
93% 100
CeNificatee of deposit ______
— 6914 Sale 6912
Phi's& Reading C & I ref 58.1973
7038
100 100% 993
4
99 102% Winchester Arms 7456
10014
9
1941 A 0 1013 Salo 1013
4
Faeroe-Arrow Mot Car deb 861943 141 8 108 109 1013
4
101%
10718 32
90 108
Young'n Sheet & T 20-yr 01.19433 J 1017 Sale 10112 1017
8
Pierce Ott of Re__ Alec 15 1931 J D 10414 106 1057s Dec'25
4
102% 107
a Due Jan. 4 Due April p Due Der •Option sale
•
,
U
Range
steed
Jan. 1.
No. Low
High
9952102%
97
9814
88 04%
10
99% 102%
10014 102
11
9612 100%
4
983 1007
2
s
2
9212 0612
8414 92
6
4
94 1003
4
5 164% 108
1 101 106
16
9214 97
104 115,
4
11 109% 11312
2 103% 10514
120
95 101
14
9872 105 4
,
45
99% 105
6 10212 19,.
1023 10712
4
3
97
86
29
9312 91¼
2
8918 95
6
8818 007
s
1
5712 73%
5 110 11234
2 1023 10512
4
2
80
8312
27
8518 93
9512 95
6
7714 87
7112 823 2
97
95
58
9012 9414
104 109%
4, 9912 104
3 10572 B. 12
3 1043 1073
4
4
8
90
95%
95
88 9512
695 1035 120
8
26
82% VIA
53
9914 101
14
9912 1014.
103
82
90
153 106% 1273
4
14 101 10212
15 102 10012
14
99 10214
45
9618 10112
14
9314 9972
9112 997
2
962 101
7
2
24 105 10514
4
8712 9712
6
90
99
9712 101%
1 10012 103
40
494 104 4
,
33
51
5812
98
34% 50,
4
22
9312 0
0
2 10818 110
7
97% 100%
98 100
.
974
97
7
70
60
95
89
86% 92
91
9412 105
1
99% 102
17
9814 101
13 100 104
80
75
947 1013
8
4
102% 10518
9412 95%
5
101 10514
22 10014 104%
25
118 103
99 10011
18
99% 100%
6712 7414
5
91
2
1.153
4
3 10212 105
203
85
92%
54 104% 105
46 100 102
71 10414 108%
103% 10614
15
8318 91%
981.
91
18
1003 10214
4
9814 103
53
58
73 1043
4
7112 10518
68 1023
4
37
97
5
14
14
48
53
6
15
1
17
5
15
20
It
77
4
12
25
1.7
12
44
19
_
II
14
83
9812 10512
98 10512
94,2 10312
43 100
4212 10018
41
9512
98
90
9314 99
9412
86
'8117 egi:
2
75% 8712
994 1013
4
4
98 102
10012 10234
93% 10014
10414 107%
931s 100
96% 5914
4
100% 1053
84
95
98 1017s
9918 10212
92% 973
4
113912 11214
145 10514
%
70
91
7518 8.8
70
141
6212 78
9912 102%
91% 100
93
93
55
7133
2
53
75
6314 77
59% 7414
1e014 1021
4
9514 102
2992
BOSTON STOCK EXCHANGE-Stock Record s.:=1.9.
HIM AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
~ray.
Dec. 12.
Monday.
Dec. 14.
Tuesday,
Dec. 15.
Wednesday. Thursday,
Dec 16.
Dec. 17.
PrWar.
Dec. 18.
Sales
fer
ih4
Range for Year 1925.
Week.
I
1
Railroads
15812 15813 15812 15812 15812 1584I 15814 15812 15812 159
15812 15812
210 Boston & Albany
100
8334 8414 8312 85
84
85 1 85
8.512 84
2,480 Beaton Elevated
85 282 4 83
3
100
*104
___- 104 14014 *10414
149 Do pref
100
*125
1201 Do lst pre!
100
111 111
111in .11 113
-- 12
- 111 irl
4
8
491 Do 2d pref
-lli 11012 116i
100
4514 46 i 4534 46
464 464 4612 48
3,234 Boston& Maine
48
100
4912 4812 49
4212 4312 43 43 *_
44 1 44
44
45 45
___ _
310 Do prof
100
viz 6314 6112 62 1 Iiii2 6112 63 64
634 65
64 6412 1,348 Do Series A 1s1 pref.-100
81
289 Do Series B let pref_.-100
8712 8712 -84 _ I *n
*73
83
78
7812 77 If356 Do Series C let pref....100
10412 16412 105 11014 110 110 *110 ____ 110 113
112 115
464 Do Series D let pref_100
*178
_ *178
_ *178
_ *177
Beaton & Providence
100
69 56 i 5912 lici 1 59 -6
6
59 16 -HC ii- -Li
---791 East Mass Street Hy Co_100
70
72 1 7012 73
7112 1,860 Do 1s1 prof
72 7212 •68
72
71
72
70
100
8412 6412 6412 67 *6512 68 , .64
70
68 '63 65
325 Do pref B
61
100
*4212 43
43 454 45
46 I 4538 46
454 46
4612 494 3,852 Do adjustment
100
55 55
5312 5518 5512 55 , 55 55
328 Maine Central
55
4
55
533 533
4
100
4414 4418 *437 444 45 464 463 463
8
s
4 454 465
453 4614 4,648 NY NH& Hartford
4
100
*
87
Northern New Hampshire-100
•2121 122 *4120 122 •x121 122 *x120 122 •x120 122 ---Norwich & Worcester preI-100
110 110
110 110 *x10914 110 i 10914 110
1094 10912 10914 10912
111 Old Colony
100
*56
59
*57 59_I
____ ____
60 60
25 Rutland prof
100
0100 1003 *993 1004 1004 10014 9912 4
4
994: 100 1003 --------63 Vermont & Ma8sachugetts-100
8
Miscellaneous
„„ I ___
,,.
....
,,.
....
„.
312 312
312 33
4
33
4 c•4 -464 0.4
en ••4 2,150 Amer Pneumatic Servioe_25
c•4 0.4
13 4 2384 24
3
2412 2414 2414 2412 2412 24
2414 2334 24
975 Do pref
ao
14412 14412 14412 145
8
14412 1447 14458 14458 14412 14478 14214 1423
902 Amer Telephone & Teleg_100
4
7312 7312 7212 7312 72
7212 72
7212 7012 7112 7014 71
1,112 Amoskeag Mfg
No par
*7512 80 I 7512 7512 *7512 80 i .7512 80 '7512 ------------------ArtDometapr
80
7712 7712
0
No Prts
*18
--- '18
__ •18
__- *18
"18
lf
e Construe. Inc_ 10
I 64 65
64 65
2470 Atlas Plywood t e
64 6412 64 4
6512 643 6614 1312
11•1812 183 *18
4
1812 •173 1714 17
4
1713 •1512 1612 17
460 Atlas Tack Corp
1714
No pas
*100 101 1 99 100 . 9912 9912 .99 101
99 99
________
135 Sigelow-HartfCarpet _ _No Inc
*107 108
107 10712 10712 10712 +107 108 '107 108
50 Boston Cons Gas Co pref _100
888 39
4
413
4 4112 4312 - 2 -- 3
388 38 8 383 40 1 41
4
4
7
:115i 427 - 8,725 Connor (John 'I')
4
10
8012 6012 60 61 . 61
801 Dominion Stores, Ltd_ _No par
6212 66
81 I 614 63
85
66
*100 _ __ *100 ____ *100 ____ *x100 ____ *x96
_ _ ___ ___
____
Do pre! A
100
*33 8 4
312
312 378
312 4 I •33
4 412
312 --14 - 33
4
567 East Beaton Land
*312 412 *312 41
*31
5 i "31
*312 5
5
*312 412
Eastern Manufacturing
15
8
86
8878 874 88
8612 864 87 1 8614 89 I 88
88
8978 6,723 Eastern SS Lines, Ino
25
*4314 44
4378 43 8 4378 4378 437 4378 4412 4412 ---------305 Do Prof
7
8
No 1oo
gar
99 99 1 *97
*97 99
99 I *97 99 *97
99 r ___
__
5 let preferred
109 209 2083 209 1 20812 209 i 2097 2097 209 2097 20812 21912
4
s
8
306 Edison Eleotdo Ilium
8
100
5 I *4
4
+4
*4
4
4
5 I
5
4
4
4
205 Daiv88 04_1(0(v tn m08
Elder 70 0003to e) ._::100
(
10
____ ___
*22 2312 *2312 ____ *2312 __-_ *2312 28
24
*2312
__________ Georgia Ry & Eleo
100
Do 6% non-cum preI-100
39 1614 -554 if- -4612 - 5 _ 78
1,7137 Gilchrist Co
""ailit - -I -ail -2 664 387 39
iii
417No par
107 109
*10212 10312 103 10334 10312 10434 104 107
106 1073 17,872 Gillette Safety Razor_ No gar
4
13
•12
13 --------1,305 Greenfield Tap & Die
1212
1212 13 i 1212 13 1 1212 13
25
69 69 i *68
6812 6812 267
68
220 Hood Rubber
69 I .6712 69 '67 69
No par
_
72 +36812 6912 *26712 6812
I *7012 7112 "k70
Internet Cement Corp_No par
*.30 .75 *.40 .75
-4715 -.75 *.35 .75 ..30 .75
,
iii 1 ,
-,=
-0
.50 --,International Produete_No par
.40 .75
.75 .75
*.50 2
.
0.50 2
•
.50 2
.75 .75
715 De pref
100
Kidd r. Peabody Acceptance
*95
$05
95 *95
40 Corp Class A Prof
100
7 8 778 --------70 Libby. McNeill & Libby_ 10
7
812 812
4
812 812 *814 -- _- *814 834
83
___ __ Lincoln Fire Insurance
____ 70 *---- 70 ,*__.- 70 *--__
70
20
1212 1212 "12
1212 12 70-i218 -- 18
12 I "12
12
1212 12
-. 127i30 Loew's Theatres
25
771z 7712 78
80
7812 79
7812 78
1,467 Massachusetts Gas Coe ....100
80
83
7818 78
69
____
68
*8812 6912 6812 6812 6812 6812 6812
68
45 Do pref
100
193 193
193 166193 193
193 193 ":192 193
193 193
65 Mergenthaler Linotype_100
9141
7
*7
94
914 *7
8'2 812 "8
912
912 912
60 Mexican Investment, Inc
10
__ •_ _
Miseiseippi River Power _ _.100
2
i- -sW2 i941ii- -ii- - ze
;iii4 .
fiti-1 -ii- ii- •- - 61- ;55- 80 Do stamped pref
5
100
414 414
44 438
44 433
*418 433
280 National Leather
44 418
418 414
10
•.30 .40 *.25 .40 +.32 .40
.35 .35 '.32 .40
.30 .30
850 New Eng. Oil Ref. Co.tr ode10 "10
12 1 10
10 "10
9
*7
12
10
_ I
228 Do Prof (tr ode)
100
.54 7 *-_-*518 7 I *513 7 I *518 7
7
2,187,New Eng South mins_.N0 par
5
I
25
28
25
25
24
25 1 24
26 •__
23
25
26
116 Preferred
100
114 11434 11412 11434 11412 11434 114 11434 11334 11412 114. 11412 1,304INew England Telephone_100
30 "29
30 •29
•29
30 1
30 •29
30 1 .29
lOrpheuni Circuit. Inc....... 1
5712 57
57
6612 55 553
5712 56
4 54
543
4 5312 5312
5971Pacific Mills
100
64 64 I *68
*64
- -1 _ _ _ _
20 Plant altos 0). 1st pref
100
4
4
11
1614 113 .21118 - 34 *2153 153 *x163 -- 4
*153
8 163
8
4
551Reece Button Hole
---10
*114
112 •112
'Reece Folding Machine
10
11312 1144 11312 11312 113*3 114
1 11-I 11512 1 -1- 11312 1 - 576 Swift .500
-14
-14 5
11312
100
72
72 I 7134 713
73
*70
4 7114 7112 70
7112 26712 68
336 Torrington
25
412 5 I .412 5 1 "412 512
*412 5
458 458
5
326 Union Twist Drill
5
a
di) 4912 49
4912 248
4812 484 4838 4814 49
485 49
8
2,4971United Shoe Mach Corp
25
2812 2812 x28
29
28 +228
29
28
9241 Do pref
2834
25
Ventura Congo' 11 FielIs- 5
0
Certificates of deposit
17 1/4 173 19
4
-1712 I73- 1734 1784 1714 17l
XhS5e I91- 7:715 WaidortSys.lno,new eh No par
5
4
2312 2412
2318 24
224 23
23 23
25
481 Walth Watch CI B com_No par
23's 24
*23
48
48
48
48
50
50 "47
50 *48
48 "48
54
323 Do pref trust idle
100
943 •93
95 '93
4
94
94 943
4
4
4 943 943 *92
78 Do prior pref
9412 94
100
3.750 Walworth Manufacturing- 20
233 24 1 23 8 237
5
4
2314 233
8 237 24
4 2314 2334 2312 24
8
4712 4712 4712 48
4 4714 4812 4812 49
4712 473
474 47*3 1,546 Warren Bros
ao
INi2
4
vs 7, It *72.84 _i-_-
*
42 43
.4712 50
4212 43
"4612 50
*4234 43
49
'47
43
47
43
47
.4314 44
48
47
----
96
45
Do let pref
Do 2d pref
gini88
PER SHARE
lased for Preview
Year 1924.
Lowest
STOOKS
BOSTON STOOK
EXCHANGE
Lowest
158 Feb 18
7514 Mar 17
92 Jan 113
109 Mar 31
114 Mar 20
10 Apr 17
1112 Apr 24
17 Apr 27
29 Apr 27
25 Apr 25
354 Apr 25
167 Feb 26
20 Sept 4
60 July 31
51 Aug 26
35 Sept 8
23 May 27
28 Mar 30
70 Feb 18
100 Jan 18
90 Jan 2
4514May 1
87 Feb 24
Illgiest
44 Jan 7
212 Mar 25
1812 Mar 25 2412 Dec 3
13034 Jan 2 145 Den 9
8D2May 8 87 Aug 8
2012May 11 204 Aug 20
14 Jan 18 16 Aug 20
4512 Aug 25 674 Dec 5
912 Aug 21 21 Dec 4
a
193 Noo 27 10R142 Oct
0 12 j v 17 091
7
31
8
20 Jan 26 4312 Dec 17
2814 Jan 30 74 Oct 29
99 June 12 100 Dec 5
14 Apr 30
63
88e00 23
3 July 29
6 4 Jan 24
3
42 Mar 9 894 Dec 18
35 Jan 16 4614 Oct 31
89 Jan 3 100 July 20
200 Jan 5 213 May 21
412July 1
534 Oct 9
17 Oct 0 88 Jan 7
,
11533 Feb 27 115 4 Feb 27
784 Apr 15 8414Sept 8
3234 Aug 29 43 July 1
5712 Jan 2 1098481ept 24
11 May 12 1512June 1
52 May 0 72 Oct 2
5212 Jan 5 80 Oct 1
2 Jan 3
12 Aug 20
.40 Dec 17 104 Jan 9
8212 Jan 6
614 Apr 16
5814 Nov 4
1114 Aug 11
68 Feb 3
6312 Jan 9
187 Jan 7
714seet 21
38 Jan 2
874 Jan 10,
4 Apr 221
.20 Feb 9
S's Apr 7
5 Aug 20
2412May 7
99 Apr 21
2114 Oct 22
5212June 12
32 Aug 3
154 Aug 12
14 Nov 12
10914 Apr 22
4512 Apr 13
3 Oct 23
4034July 29
2812 Jan 13
1914 Jan 3
1934 Nov 5
14% Aug 4
5 Jan 15
174 Jan 8
85 Jan 8
1634June 2
37 Jan 2
50 375 Jan 10
60 4012 Jan 17
"'beet
16434 Jan 7 14574 Mar 164 De.
80 Jan 2
7134 Aug 85 De
10114 Dec 17
874 Dec 964 Ma;
130 Dec 16 107 Dec 1164 Jan
116 Dec 17
92 Sept 10114 Del
4912 Dec 17
84 Jan 254 Nov
45 Dec 17
12 Jan 2874 Nov
65 Dec 17
18 June 374 Nov
8712 Dec 17
174 Jan 103 Nov
7912 Dec 15
10 Feb 41 Nov
110 Dec 4
23 Jan 82 NOY
180 May 28
43 Jan 172 Noy
6212 Nov 12
18 May 3812 Dee
73 Dec 14
5812 Jan 71 Dec
70 Dee 18
48 May 6112 Noy
4912 Dee 18
28 May 4814 net
53 Dec 15
25 June 3712 Apr
4634 Dec 16
14 Jan 334 Dee
90 Dec 4
02 Jan 81 Nov
125 Oct 22
80 Jan 108 Nov
113 Oct 30
724 Jan 98 Nov
8312 Jan 2
34 Mar 64 Nov
101 Dec 10
70 Jan 934 Nov
414 Dos
1 Nov
12 Jan 204 net
121 June 13412 Do
574 Oct 83 Jan
09 Oct 79 Aut
13 Aug 10 Feb
6 June
104 Jae
Dec
-july
204 Deo 28's M
2412 May i6 6
3 Sept
1
5
84 Jan 8812 Dee
3 Feb
2 Sept
4 Oet
812 Feb
38 Jan 5514 Mar
344 Jan 40 Feb
854 Jan 93 Mw
1634 Jan 20412 Des
212 Jan
5 Dee
13 Jan 61. Des
1134 Mar 11612 Saps
79 Aug 80 Jan
615; Oct
1214 Nov
40 Mar
41 Apr
.10 Feb
.25 Feb
58I "iSe71
15 4 Jan
7
60 Dee
59 Noy
3 Do
16 Dee
9513 Nov 25
80 Jan 8812 Deo
84 Dee
ins Jan 7
4 June
704 Mar 2
70 Jan 71 Nov
9 Mar 13 Dee
134 Jan 5
83 Dec 18
60 Nov 81 Feb
70 Oct 6 82 June 70 Jan
197 Oct I4 160 Apr 172 Dee
1834 Jan 15
84 Jan 174 Feb
19 Feb 364 Dee
124 Oct 27
964 Nov 4
80 Jan 90 Sept
5 4 Nov
,
2 Apr
63 Jan 13
4
54 Arn
2 June 22 .50 Den
6 Dec 814 Mar
12 Sept 8
3 May 1514 Mar
11 Feb 9
55 Jan 14
40 July 714 Mar
12212Nnv 20
98 Dec 1154 Jan
2 4 Dee
87
3234July 30
51941, c
8
b
Oct
814 Jan 13
75 Oct 16
65 Sept 744 Mar
18 Apr 3
113 Jan 17 July
4
314 Jan 8
34 May
3 Jan
120 Feb 6 100 June 118 Dee
3512 June 52 Dee
734 Dec 5
5 Dec 10 Feb
74 Jan 23
84 Jan 4334 Dee
50 NOV 4
29 Oct 22
2414 Feb 284 Noe
2y jan 13
16
194 Oct27 Jan
/ ov 8
1
4N
2612 Nov 16
-185
4
Nov
2412 Dec 18
04 Jan 1014 Feb
14 Jun
2312 Feb
54 Dec 18
95 Dec 2 624 Dec 78 Feb
2714July 29
15',June 22 Feb
2918 Jan 39 .4 Noy
8
50'a July 7
4312July I
8434 Apr 41 yap
Mar 4.2 Jars
48 Dec 17 83
*.15 .25
Adventure Consolidated- 25 .15 Feb 16 .25 Jan 26 .15 Dec .61 Des
.10 .20
•
Algomah Mining
25 .10 Mar 3 .25 Jan 2 .10 June .25 Dee
5 June
3 Jan 10
500 Arcadian Consolidated__ 25 .50 Dec 18
.50 .60
1212 1212 1,365 Arlsozut Commercial
912 Mar 28
24412 5412 1,734 Bingham Mines
14 Junn 314 Dee
8 j e 1881 DeeD °
181814 Oct 8
10 2814Julv 1 60 Feb 24
133 May 197 Jan
4
1312 1334 3,177 Calumet & Hecla
4
25 1238June 8 1878 Jan 2
3
17 N nv
.60 .60 2,470 Carson H111 Gold
3 D
%
1 .20 May 5 .90 Aug 4 . 812 3uoe 33 I:
74123 uey 8
4,288 DapperZ ge 0per
Co y. ynD0 Co
t
188 19
4
25 .02 Dlc 11
•.06 .09
.78 Feg 1 8 .30 Dec .70 Map
33 ja 8
1
34 July
312 318 1,550 East Butte Copper Mining_ 10
64 Jan 2
64 Dee
3 June 5
•
.70 1
las Jan 24 .110 May
Franklin
1 Jan
25 .40 Jan 7
104 Dot
134 Feb 6 .80Oe0
- --- -- _ _
Hancock Consolidated
2 Jan
25 .50 June 13
22
2214 _ - ,768 Hardy Coal Co
12812 Jan
1512Jue8 6 23 Jan 24
1 Dly 0
84 Feb 5 .80 May
*112 2
100 Helvetia
254 Dee
25
154 154
9414 Apr 142 Nov
821 Inland Creek Coal
1 121 Mar 28 165 Dec 7
*99 100
41 Do prof
90 June 100 Bern
1 9414May 27 100 Nov 2
2012 Jan 7
12 June 2212 Dee
1134 113
305 Isle Royal Copper
4
97 Apr 22
8
25
Kerr Lake
112 Mar
218 Feb
a .90 Aug 19 11311 Feb 4
112June 19 .50 Jan
-1;. 5
7
Keweenaw Copper
-Y- - -- -I14 Nov
-I25 .50 June 29
*1 -I-1 -i:7-5 112 •115 112
i? t 450 Lake CoDPer CO
1
3 Jan 2 .90 AD
112 nl 11
14
14
vs 115 •1
314 Dee
1 Apr 11
25
712may 14
234 Jan 10 .70 June
La Salle Copper
3 Dee
•118 112 •118 112 *118 112 *Ds 112 "118 112
25
234 Jan
Mason Valley Mine
1%
•13
"134 2
4 218 •1114 2
*112 2
*14 2
•112 2
3
a .95 Sept 12 114 Jan 13 .50 Oct24 Doe
2
150 Maas Consolidated
.55 .55 ".55 .75 *.55 .75
Jan
".50 .75
.51 .51 *.55 .75
1% Aug
25 .40 May 14
3 Jan 2 80 Apr
660 Mayflower-Old 0010121
112 158 *112 118
112 112
*a114 112
112 112
5 July
138 112
25 .50 Nov 30
2512June 9 41 Jan 13
354 Mohawk
3212 3212 3212 3213
284 June 41 Dee
3212 33
*3214 33
3234 3312 33
33
25
19
19
19
164 Jan 25s Deg
760 New Cornelia Copper
19
19
1912 1912 1918 1914 1918 1912 19
6 18 Mar 30 25 Jan 2
New Dominion Copper
'.10 .30 •.10 .30 *.10 .30 •.10 .30 *10 .30
.10 July 2 .85 Feb 18 .40 Dec
234 Apr
_ New River Company
25
35 June 40 Mai
25
_ 25
25
100 25 Apr 2 31 Aug 28
25
120 Do pref
58
58
5712 Dec 75 Mai
5718 5718
•
254
58
55 58
100 40 June 30 85 Aug 31
2 68 2,550 Nlpleelnig Mines
Jan
554 Jan
53
64 i57
4 54
634 Des
3
578 6
618 *6
6
6 18 64
a 43sJuly 3 634 Nov 10
378
16
3
311s
2 4 2 s 3,101 North Butte
28 3
3
7
7
174 Oct
2% 3
3
15 .89 June a
2 8 318
7
318
63 July
4
100 Ojibway Mining
11 Jan 10 .40 June
•.75 1
4
*.75 1
*.75 1
1
1
*.75 1
25 .15 Nov 24
1 Nov
•.75 1
305 Old Dominion Co
*1734 19
18
19
18
18
19 •18
19
*18
Dcl
18
25
18
Sert 21
j 18
406 Pd Crk Pocahontas Co_No Dar
1514 1512 1512 1534 1538 154 1514 1514 154 1512 *15
191S4 July 1513Ig12 July
5
1512
12
21
21
119 APr 188 2187712
60.5 Quincy
22 22
22
2212 •2112 2212 2112 22
2234 22
14 June 8434 Del
25 18712jDece 22 39 Jan 10
665 St Marra Mineral Land
36 *3512 36
35
3512 3512 3512 38 4 3612 37
37
26 June AD Dee
3
37
25 2812 Apr 21 48 Jan 12
40 may 1
114 Jan 9 .80 Ayr
+.55 .75
275 Shannon
.50 .50
.
.65 .65 *.55 .70
.
.50 .50
10
Da Sept
2 Jan 5 .15 Aug
.85 .85
".80 1
600 Superior & Boston Cooper_ 10 .70 May 13
.80 1
*.80 1
*.80 1
1
1
24 Deo
37 Dee
,
374 Jan 2 8 1 s Jan 23
614 638
64 633 1,780 Utah-Apex Mining
s
614 614
614 63
612
17. June
8
6
614 63
B
.60 .70 1,035 Utah Metal& Tunnel
.62 .70
.62 .62 •
.02 .62
.62 .65 $.60 .70
1 .40 July 7 .98 Jan 29 .14 Jun .70 Jab
11 Jan 81 .15 Apr
190 Victoria
4
.30 .30
.30 .50
•.30 .50 *.35 .50 •.35 .50 •
.35 .50 •
25 .22 Nov 24
1 Aug
.17 .25
Winona
.17 .25 •
$.17 .25 •.17 .25 *.17 .25 •.17 .25 •
25 .lo Aug 17 .48 Jan 7 .13 Feb .71 July
______ wyandot
.50 *a_ ___ .50 +a_ ___ .50 *a- .50 _-_*a_
28 .05 Apr 14 .21 Feb 11 .10 July .25 Jul,
•Bid and asked prices, no sales on this day a Ex-rights. 6 Ex-di,. and righte s Ex-div o Ex-stock dia. a Assesement 9a14 g Pilo° on new basic
•.15 .25 *.15 .25 •.15 .30 ..15 .25 •.15 .30
".05 .20 *.05 .20 •.05 .20 ".05 .20 *.05 .20
.75 .75 *.50 1
.75 .75
.75 .75 •.75 1
1234 13
1258 1278 1234 13
1212 127 +1212 13
8
54
56
54
55
56
5312 53
53
537
8 54
1358 1334 137 14
1312 137
133 14
1334 14
8
8
4
•.40_
.40 .50, .50 .50
.30 .50 *.50 .
183 19 I 1834 19
4
1812 19 - 19
20
19
20
.06
.06 •- _ _ .06 *__ _ _
.06 *____
312 34
358 4
312 358 *358 4
312 318
*.70 1
'
0.70 1
*.70 1
•
.70 1
•.70 1
$.80 114 *.80 114 •
.80 14 *.80 114 *.80 114
8
2114 214 21
2118 "2033 2112 207 22
2114 21
*112 2
.112 2
•112 2
4 *112 2
13
4 13
15512 156
161 16212 162 165
155 160
160 162
98 98
9812 99 *29712 99 *297 100 "297 100
"s1112 1212, 1134 12 *113 124 1158 114 1134 12
4
DEC. 19 1925.]
THE CHRONICLE
Quotations of Sundry Securities
All hand mires are ..and In
PICP0t whir, marked
Standard Oil St**** Par RIO
Railroad Equipments Peresidasis
AA.
Anglo-Amer 011 vol stk....81 *173 18 Atlantic Coast Line Si
5.20 5.00
4
Bonus stock
5.00 4.85
Equipment 634s
*173 18
8
Atlantic Refining__
5.30 5.10
100 108 10915 Baltimore & Ohio fts
Preferred
Equipment 434* & 511---- 5.05 4.50
100 116 117
Borne ikrymeer CO
100 222 227 Buff Rod)& Pitts equip 60.. 5.25 5.00
Buckeye Pipe Line Co.- 60 *55
5512 Canadian Pacific 434e de
6.
.
Oheeebrough Mfg new
80...
25 *6712 68 Central RR of N .1 65
Preferred
5.30 5.10
Chesapeake & Ohio 64,
100
Continental 011 new.... 10 *243 2412
5.10 4.85
s
Equipment 614e
Rights
Equipment 5e
*85c 85c.
5.00 4.80
Oreecent Pipe Line Co__ 50 *15
16 Chicago Burl & Quincy 6e_ 5.25 5.00
Cumberland Pipe Line_100 139 140 Chicago & Eastern III 51411. 5.50 5.15
Eureka Pipe Line Co_ __ _100 *60
61 Chicago & North West 65.. 5.35 5.10
Galena Signal Oil corn._ _100 *31
Equipment630
34
5.10 4.85
Preferred old
100 100 105 Chic RI & Pac 414s & 5s__. 5.00 4.75
Preferred new
Equipment 6s
97
._ _100
5.45 5.15
Sumble Oil & Ref new_ 25 *881 89 Colorado & Southern fle
5.51 5.20
Illinois Pipe Line
6.20 5.00
100 13612 137 Delaware & Hudson 6i4
21 •IT 1 135 Erie 434e & 56
.
,
Imperial Oil
5.2 5.00
5.2
New when issued
3712
Equipment 6e
5.5
Indiana Pipe Line Co
59 Great Northern (is
50 *58
5.38 5.10
International Petroleum (I) *333 337
8
Equipment 5e
5.00 4.80
Magnolia Petroletim____100 181 182 Hocking Valley 6e
501)4.80
Rational Transit Co_ _12.60 *1712 18
Equipment 66
5.3.3 5.10
New York Transit Co_ __100 49
50 Illinois Central 434s & 58_ 4.85 4.70
Northern Pipe Line Co--100 6912 7012
Equipment 64
5.21 5.00
Ohio 011 new
25 6512 66
Equipment 70 & 6145._
5.01 4.80
Penn Max Fuel Co
25 *19
21 Kanawha & Michigan es__
5.40 5.15
Prairie 011 & Gee new..... 25 5614 563
__
Equipment 414e
8
5.20 5.00
Prairie Plpe Line uew__100 12712 128 Kansas City Southern 534e. 5.35 5.00
Solar Refining
100 208 212 Louisville & Nashville 6s___
Southern Pipe Line Co_ 100 604 8514
Equipment 6145
V8
19
0
South Penn Oil
100 171 172 Michigan Central 5ti & Be__ 6.15 4.75
Southwest Pa Pipe Linea 100 *52
53 Minn St P & 88 M 4 14e & M 5.31) 5.00
Standard 011 (California) 2 *5712 573
Equipment 634e & 7s_ _ 5.35 5.05
4
.
Standard 011 (Indiana)._ 2 *6611 663 Missouri Kansas & Texas 8e 5.
4
65 5.35
Standard Oil (Kansas)._ 2 *3312 337 Missouri Pacific 6s & 615e
8
5.60 5.25
Standard Oil (Kanto lity) 25'135 136 Mobile & Ohio 415e & 5*... 5.05 4.80
Standard 011(Nebraska) 100 242 244 New York Central
4)4* & Eis 4.85 4.70
Standard 011 of New Jed_ 25 *44
4415
Equipment 6e
Preferred
1l714 118
Equipment 7e
Standard 011of New York 25 *45 4 455 Norfolk & Western 434..... 4.81 4.6u
,
Standard 011 (Ohlo)___100 382 364 Northern Pacific 78
5.10 4.90
Preferred
100 118 120 Pacific Fruit Express 7s.„ _
5.10 4.90
Ewan & Finch
100 23
24 Pennsylvania RR ea roi & 64 5.20 4.75
Union Tank Car Co__ _100 96
98 Pitts & Lake Erie 6945
5 10 4.90
Preferred
.100 1143 115
Equipment 6e
4
5.45 5.20
Vacuum 011 new
25 *108 10814 Reading Co 4)4e & Bs
4.85 4.60
Washington 011
10 *52 ____ St Louis & San Francisco 5a
5.00 4.55
Other 011 Stocks
Seaboard Air Line 514e & Se. 5.50 5.25
Atlantic Lobos OU
(5) *13
4 2 Southern Pacifie Co 4)4e.. 4.85 4.70
Preferred
50 *3
4
Equipment 76
5.05 4.80
Golf 011 new
25 *8512 85 4 Southern Ry 434* & 5s.
3
5.05 4.80
Mountain Produeers__-. 10 *2412 241,
8
Equipment6e
5.35 5.10
Mexican Eagle011Toledo& Ohio Central Os
. 5.50 5.10
103
National Fuel G
Gas
518
128 Union Paellie 71
5.00 4.80
Salt Creek Cone 011
4 9
10 .83
ilalt Creek Producers-- 10 333 33
5
Tobacco Stock.
8
American Clem common 100 110 113
Public Utilities
Preferred_
100 96 100
Amer Gas & Elec. new __-(3) *78
83 Amer Machine & Fdry _ _100 185 195
6% ()ref new
(I) *91
93 British-Amer Tobac ord. 11 .27
28
Deb fie 2014
Bearer
MAN *9712 9812
El •27
28
Amer Light & Trao oom-100 202 264 Imperial Tob of 0 B & herd
25
26
Preferred
100 112 114 Int Ctgar Machinery _ _ _100 85
.
90
&met Power & Lt common__
65 653 Johnson Tin Foil & Met..100 60
4
75
Preferred
100 94 96 MmAndrewe & Forbes_ _100 180 185
Deb tie 2016
Preferred
98
M&S 96
100 100 103
amer Public UM com.„100 80
83 Mengel Co
100 42
45
7% prior preferred___100 86 89 Porto Rican-Amer Tob 100 50
60
4% partio pre:
100 79 81 Universal Leaf Tob com_100 60
82
Associated Gm & El Dl. (5) *50
Preferred
100 98 101
51
Secured 11 634e 1954 J&J 100 102 Young (.., 5) Co
100 124 126
Blackstone ValCi&E com 50 *98
Preferred
98
100 105 110
Carolina Pow & Lt own_ __
_-,
Cities Service cnmmon-- _20 *- 83
3 s -354 Rubber c
100 841 8518 Am Tire & Rub c legelaal)
8
Preferred
(om
C
---- -10 v75
8 77
Preferred B
8
Preferred
100 476
Preferred B-B
78 Firestone Tire & Rub 00M 10 *121 125
Cities Service Bankere Shares *1918 -6% preferred
100 1003 10112
4
Com'w'ith Pow Corp 'Iow(S) *3814 - 4
7% Preferred
383100 9918 100
Preferred
89 General Tire & Rub com-100
100 87
50
Mee Bond & Share pref_100 103 104
Preferred
"
10
2
114 -.Elea Bond & Sit Secur -.__ *136
6612 Goodyear Tire & R cotn.100 37 18 (I) 46
Elm AY Securities
612 Goody',T & R of Can p
Lehigh Power Securities-0) *184 188 India Tire & Rub
f ir) 170
95
Mississippi RI, Pow com 100 50 100
Preferred
80 1 6
no .95 97 Mason Tire & Rub oom.0, •
Preferr d
15
4 e4
2
,
First mtge 54 1951_ -J&J 993 9911
8
7
.100 10
Preferred
15
0 F g deb 7s 1935__M&N 102 _ _ _ Miller Rubber 03111. new 100 38
Rat Pow & Lt corn_ -(2) 445 450 I Preferred
Power
100 1041 10014
4'5
Common w
Is 291 Mohawk Rubber
8
S
293
0.1
O
85
Preferred
(I) *103 105 ,1 Preferred
110
_
• Income 7s 1972
J&J 102 103 1 BelberlIng Tire & Rubber 0) 28 -.
274
North States Pow com..100 132 13313 I Preferred
98
Preferred
.Swinehart Tire & It oom_100 ...
100 100
Wor Texas Elec Co corn. 100 35
40 11 Preferred
Preferred
100 55 80
Pacific Gas & El let pref _100 99 98
Sugar Stocks
Power Securities com......(:)1 *8
15 .Caracsa Sugar
50 *1
3
Second preferred
27 Cent Aguirre Sugar eom- 20 79 81
(5)1 *23
Coll trust fle 1949.....J&D, .87 91 Fulard°
100 138 1.40
Sugar
Incomes June 1949__F&A! *78 82 Federal Sugar Ref corn. 100 50
55
Puget Sound Pow & Lt 100 50 53
100
Preferred
85
0% preferred
86 Godchaux Sugar, Ine_-_(() '
100 84
1
37
11
7% preferred
Pr
Preferred
100 dI07 109
45
35
let & ref 554s 1949„J&D
19
1
9918 10014 Holly Sugar Corp com.-( ) *L
i
lf
t
i
Ry & LIght__100 67
Preferred
Republic
Preferred
100 92 --- Juncos Central Sugar_ _100 105 125
South Calif Edison com.100
128 Ili- National Sugar Refining-100 110 112
8% preferred
New Niquero Sugar- -100
100
85
Standard O&E17% pep) 100 130 145 Santa Cecilia Aug
Corn Pf100
1
4
Tenn Elec Power let pt 7% 100 101 Savannah Sugar corn__
0012
98
141
Western Pow Corp 91..100 971
98
117
Preferred
Weat Missouri Pr 7% off
-. 94
97 Sugar EMU:30116sta pf-100 38
44
Short 'germ Sscurities
industrial&Mtscell
Anaconda Cop M in •29.1&..1
American Hardware
25 *1021 104
5
Chian. 1 & Pac 55 1929 J&J 1023 103 Babcock & Moo:
100 141 143
Federal Sue Ref Be '33..Mect. 991 991; BMW (E W) CO new
(I) •241, 2612
96
Hocking Valley 68 1926 es&? 94
Preferred
50 *55
57
Lehigh Pow See 6s '27_ F&A 100 1001f Borden Company com
(f) *100 102
101 1013
,
Missouri Pacific 55 '27 J&J
100 20
25
: Celluloid Company
Sloes-Sheff 8&1 Os 39.F&A 10014 1001
Preferred
100 67
72
:
Wle Cent 5145 Apr 15 '27 . 102 1021 Childs Company pref -100 119 122
10012 101
Joint Stk Land Elk Bond
Hercules Powder
100 140
Ohio 31 Stk Ld Bk Se...1951 10112
Preferred
100 112 115
1031
,
55 1952 opt 1932
.10(4 z104 110
10114 1031 international Silver pref.
tis 1963 opt 1933
102 1031, Lehigb Valley Coal Salem 50 82
84
1114s 1951 opt 1931
100 122 126
10312 105) Phelps Dodge Corp
4441 1952 opt 1932
Royal Baking Pow corn.100 190 200
1003 102
4
4441 1952 opt 1932
Preferred
100 101 103
100 1011:
815e 1964 opt 1934..._, 1001
.100 373 378
4 102 Singer Manufacturing..
4541 11613 opt 1033
101 1023
4
612e 1965 opt loss
10012 102
Pao Coast of Portland.Ore
54 1955 opt 1936- M&N 10111 10314
64 10,1
i loft- tea
• 1.. , el.... I .•.. 0. IS
,•••.r..1...ler also nays accrueddividends
New stock. f Fi., prim. k Limit szde. n Nominal z Ex-dividend. r Ex-rights.
eItx-etook dividend. s Sale price ?Canadian quotation. •Ex-interest.
V !:18
1
100
2.1,2 228
2 i*13"
4
1%11,1
2993
Outside Stock Exchanges
Boston Bond Record.
-Transactions in
Stock Exchange M
.o. 12 to Dr°. 18
Friday
Kast Week's Range
of Prices.
Sale
Bonds
Price. Low. High.
Anglo ChB Con Mt 78.1945
9945 9945
Atl GdcWI SS L 55_ 1959
74
74
Chic Jet Rye &U S Y 55'40 9834 9844 9831
East Mass Street RR
Series A 43.4*
1948 63
64
63
Series B 5s
1948 67
67
68
Hood Rubber 7s
193' 10411 10431 10434
Houston L &P,Ser A 5s'53
9314 9315
K C Mem & B 4s
1934
9215 9214
K CM & Bridge 55_ _ _1929 99
99
99
Kerstadt(End) 7s_
193(
97
97
Mass Gas 415s
1929 9931 98
9941
4 158
98)5 9844
1931
5145. w
194f
9934 100
Miss River Power 5s._1951
994( 100
New England Telep 55.1932
10045 10035
P C Pocah C deb 7s
115 115
193• 115
Rutland 414s
1941 8534 8544 85)4
Swift at Co 5s
1944
9945 10034
Warren Bros 7)4EL...1437
150 150
CS
en
bonds at Boston
both inclusive:
Sales
for
Week.
Range Since Jan. 1.
Low.
$1,004 100
3.000 63
10,000 96
High.
Oct 101
Oct
Jan 7814 Sept
Feb 100
Sept
Sept
75.000 62
72
Dec 78
8.000 66
9,00t 10134 Jan 106
1,00C 93)5 Dec 93)4
Apr 93)4
4.000 91
1.00( 98)1 Jan 100
Oct 97
11.000 97
15,00( 9745 Fet 9911
6,00( 9415 Jan 9735
41,00( 9911 Dec 100
11,00( 96)4 Jac 100
2,000 993( Jan 10145
8,00( 101
Aug 120
853.1 Mal
8514
5,00(
7,00( 971‘ Jan 10031
Jar 1140
50( 123
44 41411
•n
flee 743
4
Feb
Mar
July
Dec
Aug
May
Oct
Dee
June
Dee
June
Aug
Sept
Dee
June
Oct
Mar
•No par value.
Philadelphia Stock Exchange.
-Record of transactors
at Philadelphia Stock Exchange, Dec. 12 to Dec. 18, both
.
inclusive. comnilerl frem officisl sales lists:
fertday
NiteS
Range Since Jan. 1.
Last Week's Range for
Week.
of Prices.
Sale
StocksPar. Price. Low. High Shares
High.
Low.
Abbotts
Dairy pref.100
Alliance Insurance
10
Amer Elea Pow Co pf _ _100
American Milling
10
American Stores
•
Baldwin Locomotive_ .100
Bell Tel Cool Pa Prof
Brill (.1 0)Co
100
Preferred
100
Buff & Susq CD pf v t 0.100
Cambria Iron
50
East Shore
E 8% Pf _25
Eisenlohr (Otto)
100
Preferred
100
Electric Storage Batt'y.100
Fire Association
50
Giant Portland Cement.54)
Preferred
50
Insurance Cool N A__ _ _10
Keystone Telephone._ _50
Preferred
50
Lake Superior Corp___100
Lehigh Navigation
50
Lehigh Valley
50
Lit Brothers
10
Little Schuylkill
50
Penn Cent L &P tern ctts.*
Pennsylvania RR
50
Pennsylvania Salt Mfg 50
Philadelphia Co (Pitts)_50
Preferred (cumul 6%)50
Ms Electric of Pa
25
Full Paid Receipts
Warrants
Phila Gtn &Norris
50
Phi% Insulated Wire
*
Phila Rapid Transit..
..50
Philsdelphla Traction...51)
Phila & Western
50
Preferred
50
Scott Paper Co pref
_100
Tono-Belmont Devel__ _1
Tonopah Mining
1
Union Traction
50
United Cos of NJ
100
United Gas ImPt
50
VL.tory Park Land Impt _ _
Warwick Iron & Steell0
Weat Jersey & Sea Shore-50
Westmoreland Coal
50
York Railways prof
50
10111 10115
55)5 5654
561.4
10144 10145 102
12
12
12
844( 844( 8736
132 132
110)4 11011 112
136 139
10514 1051.4
50
250
3844 3814 3834
2534 25)5
19)5 194(
9734 9734
774( 7834
282 300
37
37
50
50
6335 594( 6434
614 7
311( 311(
345
315
3
10641 106 108
33)1
40
7244
72
484(
5135
3544
118)5
6)5
4
3311 3431
40
40
7111 7231
5234 55)1
7011 72
8611 east
48
48
46
4734
4634 47)5
2031 22
122 123
4931 50
4911 52
5631 5714
12)4 12)4
35;1 35)4
99
99
131 211
41( 5
38
39
204 204
11614 11741
844 644
4
4
44)4 45)4
55)5 60
36
36
BondsAdv Bag & Paper is._1943
10014 10034
923‘
Amer Gas & Elec 55..2007
91
45'45 58)4 53
Elec SC Peoples tr
5814
Keystone Telep 1st 5s_1935
9134 9111
13
Lake Superior Corp 55 1924 13
13
98
Lehigh Cat Nav cons4)45'54 98
98
Lehigh Vail cons 4345_1923
9814 9814
Market St Elev 1st 45.1955
87
87
63
Peoples Pass tr etre 4s_1943 83
62
Phi' Co 1st 55
10211 10234
s,
1949
84
Phila Elec 1st s f 4e._ _1966
84
55
1960 101)4 10115 10134
1st 58
1966 10234 10215 10211
1947 1063,4 10815 10615
514s
1953
10531 107
514s
York 11,10.7AVS 151 55 1437
953 4514
4
No Par Value.
Jan
225 92
Jan
905 37
Oct
120 91
140 10
JU1Y
9,390 4514 Jan
100 11414 Feb
IR' 10731 Apr
Mar
95
1
98 June
Nov
48
1
Ms
38
3
Feb
75 25
914 July
450
10 8014 June
810 6134 Apr
10 227
Jan
18 1711 Jan
Jan
10 46
356 46)5 Feb
45
Jan
6
Apr
315 20
5.470
Aug
3
4,895 8031 Mar
545 7431 Jan
5,802 21% MAY
20 40
Jan
630 60
Jan
22.407 4231 Apr
193 70
May
50 5234 Mar
170 3734 Apr
22,601 3735 Apr
557 4614 Dec
13.469 1611 Oct
60 10654 Nov
15 46
May
Jan
4.761 40
Nov
1.120 56
20 1014 Oct
15 3514 Oct
Jan
10 96
15.155
% Jan
1.891
1)4 Mar
1,750 38
Dec
110 19944 Jan
10.088 79)4 Mar
Apr
4
100
334 Nov
1,530
531
3114 Jan
20 4115 Aug
Oct
20 35
30
3,500
34,000
1.200
10.000
5.000
5.000
5.000
11.00
12.000
501
16.000
14.200
18,000
2.500
4,000
100
87
57
8214
13
9711
98)4
85
5914
9411
83
100
100
103)4
10411
92
Oct
Apr
Jan
June
Dec
Oct
Dec
No%
Nov
Sept
Jan
Aug
Au
Jan
Fe
Jan
101;4 Oct
60 Jun*
10434 Apr
12
Feb
8811 July
Dee
132
Dee
112
Nov
145
Mar
110
Jan
53
Jan
40
27
July
191( Dee
Dee
99
8011 Dee
Dee
300
Oct
42
5931 Sept
Jan
70
934 June
35 June
7% Feb
110 June
8534 Dee
Nov
37
4114 Mar
724( Dee
5534 Dee
8534 Jan
8841 Des
491.4 Aug
5741 Nov
4711 Dec
Dec
22
124)4 Nov
54)4 Nov
Oct
50
6334 Mar
18)4 Jan
Oct
75
100)4 Oct
2)5 Dee
545, Nov.
44
Mar
205
Oct
120)4 Nov
64( Oct
74( Jan
48
Aug
Dec
60
Aug
38
10135
94
65
92H
19
99
9845
87
70
104
115
104
10414
107
10734
9544
Des
June
Mar
June
Jan
May
Dee
Dee
Jan
Sept
Mar
Sent
Sept
June
Oct
Dee
z Ex-dividend.
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange Dec. 12 to Dec. 18, both inclusive. comniled from ofeicial lists:
sales
'
,
rictus
Last Week's Range for
Sale
Week
of Prices
StocksPar Price. Low. High Shares
Amer Wholesale prof..
.100
Armstrone-Cator P pf _100
Arundel Corp. new stock_•
Allan Coast L (Coon).
.50
10
Autoline 011 pref
Baltimore Brick pref.-100
50
Baltimore Trust Co
Baltimore Tube prof.
..100
Benewh (I)corn
•
Preferred
25
Central Teresa Elul; pref_10
Century Trust
50
Chas Walton prof
100
Ches&Po Tel of Balt 98 100
Commerce Trust
100
Commercial Credit
•
Preferred
25
f
Preferred B
25
35
12
80
100
52
35
288
80
10
100
52
3835
272
810
2
149 149
60
81
40
40
27
27
.8) .90
152 152
100 100
11334 11345
59
59
as
47
5335
Yam
254( 28
2734 2745 2745
30
20
5,085
410
35
2
225
75
30
14
390
10
5
183
20
402
28
239
Range Since Jan. 1.
Low.
8435
52
203,4
160
8
80
11144
45
38)4
25
75
106
100
1103.5
5734
2234
24
2344
Sept
Dec
Mar
Jan
June
Dec
Feb
Oct
Jan
July
July
Jan
Dec
Jan
Mar
Mar
Septr
Apt
High.
100
100
3954
272
12
88
150
70
40
2734
2
152
100
114)(
80
55
27
2734
Sept
Sept
July
DOB
Dec
Nov
Sept
Jan
May
Aug
Jan
Oct
Dee
June
Feb
Dee
Nov
e
Dee
2994
TH
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par Price. Low. High. Shares.
Consol Gas E L & Pow__ _• 4335
ConGE L & P6% P1-100
655% preferred
100
7% preferred
100 11051
8% preferred
100 124%
Consolidation Coal —.100 5254
Eastern Roll Mill corn new*
Equitable Trust Co
25
Fidelity & Deposit
50
Finance Co of America._25
Preferred
25 28%
Finance Service, Class A 10 2055
Preferred
10 1051
Houston Oil pref tr ctfs_ 100 90
Manufacturers Finance_25 65
Manfr Finance Trust pf.25
Rights
1.51
Ex-Rights
1st preferred
25 22%
2d preferred
25 2341
Maryland Casualty Co.
.25 100%
Merchants & Miners, new
443.5
Mortgage& Accep com___* 2355
Preferred
50
Mt V-Woodb Mills v t r 100
Preferred v t r
100 80
New Amsterd'm Cas 00.10 55%
Northern Central
50
Penne Water & Power_100 158
Silica Gel Corp
•
Union Trust
50
United Ry & Electric-50
CB Fidelity & Guar
60 216
Wash Balt & Annap__50 15%
Preferred
50
West Md Diary,Inc,corn.
94
West Md Diary, Inc, pf.50
Bonds—
Bait Electric Stpd 56.-1447
Bernheimer-Leader 78.1943 10034
Consol Gas ten 4348..1959
Consul Ci EL & P 454s 1935 9734
1st rfg 58
1965
534% notes, Sec E...1952
Danville Trac & P 58..1941
Fla East Coast 58
1974
Ga Sou & Fla 58
1945
Iron City Sad & Gr'l 6s'30
Md Electric Rwy
_ 92
Norfolk Street Ry 58_ _1944
UnitedRy&E4s..1049 67
Income 4s
1999 49
Funding 58
1936 68
6% notes
1927
6s when Issued
1949 9151
Wash Bait & Annan 5s1041 73
•No par value.
4355 44%
10355 104
10855 110
110% 11251
12454 12611
5234 5431
43
4335
6034 60%
120 124
59% 5455
28% 2951
2051 20)4
1011 1051
8755 90
72
85
23
23
1% 2
71
66
2251 24
23% 25
100 100%
44% 46%
23
2355
4355 44
17
1751
77% 81
54% 5535
80% 80%
158 158
17
18
225 225
18
18
216 217
15% 1554
2554 2554
94
90
54
54
256
35
125
92
275
402
1,070
fa)
503
30
638
265
25
155
2,016
50
5,965
208
1,518
849
344
317
450
40
158
481
342
5
15
535
47
185
117
16
66
495
4
(In RONICLE
Range Since Jan. 1.
Low.
High.
Jan
32
July
102
Apr
105
Mar
109
Mar
122
36 May
Nov
37
Jan
52
Jan
89
Apr
50
Apr
26
18% Jan
Jan
9
Ain
78
50% July
June
21
134 Dec
Dec
66
21 June
22 June
82% Apr
Dec
44
1335 Jan
Oct
43
955 Apr
Mar
55
42% Jan
7634 Jan
126% Jan
12 May
Mar
151
1531 Apr
Jan
179
545 Apr
11
May
Apr
44
Apr
44
4751 Aug
Oct
105
110% Sept
Sept
114
12734 May
Jan
72
4355 Dec
6535 Oct
124
Nov
5955 Dec
29% Dec
July
22
11
July
Jan
97
Nov
73
24% June
Dec
2
Dec
71
25 June
Nov
26
102% Oct
Dec
47
2435 June
Oct
46
Nov
20
83% Nov
56
July
81% June
185
Aug
Jan
22
Dec
225
21
Sept
Dec
217
17% Sept
2554 Dec
Nov
96
Oct
62
1014 101%
Mar 101% Oct
2,000 100
17,000 9954 Jan 10451 Sept
100 101
95
95% 3.000 9234 Jan 95% Dec
97% 97% 2,000 9351 Mar 97% July
99% 99% 3.000 99
Aug 100% July
104% 104% 5,000 102% Jan 105% Aug
6655 66% 2,000 65
Aug 7155 Mar
9634 96% 4,000 9634 .Dec 9634 Dec
9941 9931 2,000 9751 Mar 10054 Nov
98
98
Dec
6.000 98
Dec 98
92
92
Mar
6.000 92
Dec 100
98
98
5,000 9755 Jan 99% Sept
6641 67
16.000 66% Nov 71
June
5,000 48
4854 49
Nov 62% Jan
Nov
67% 68
7.000 6751 Nov 74
1:500 9555 Oct 9954 Jan
9731 9741
91% 92% 9,000 9141 Dec 9654 Jan
73
Dec
77
Apr 77
57.000 58
St. Louis Stock Exchange.—Record of transactions at
St. LOIHS Stock Exchange Dec. 12 to Dec. 18, both inclusive compiled from official sales lists:
Stocks—
er way
Sales
Lost Week's Range for
of Prices.
Sale
Week.
Pos. Price. 'ow. High Shares.
Boatmen's Bank
100
Nat Bank of Commerce 100
Trust Company—
Mississippi Valley Tr.-100
St Louis Union Trust__100
Street Railway—
100
United Rys corn
Preferred ctf dep....100
Low.
High.'
150
156
8
150
159
4 140
Nov 150
67 14334 Jan 159
Dec
Dec
266
320
Miscellaneous—
Amer Credit IndemnIty_25
Amer Invest Bank
• 14
•
Baer Sternberg
Boyd-Welsh Shoe
•
Brown Shoe preferred...100
Certain-teed Prod 1st puce
2d preferred
100
Chicago Ry Equip com__25
25
Preferred
Consolidated Lead
20 5551
EL Bruce corn
•
Preferred
100
Emerson Electric pref _ _100 101
Ely & Walker D G com_25 33
Fred Medart Mfg com_ •
Fulton Iron Works com.. •
Preferred
100
Hamilton-Brown Shoe_ _25 6155
Hussinann Refr corn
• 42
Huttig S & D com
• 3434
Preferred
100
Hyd Press Brick com__100
Preferred
100
Independent Package corn. 26
Preferred
100
Internat Shoe com
• 180
Preferred
100 110
Johansen Shoe
• 42
Johnson-S & El Shoe
•
McQuay-Norris
*
Mo-Ills Stores corn
• 16
Mo Portland Cement_ .25
Nat Candy corn
100
1st preferred
100
2d preferred
100
Pedigo-Weber Shoe
• 41
Polar Wave I lir PA
Rice-Stix Dry Gdscom1st preferred
100
St Louis Amusement
Scruggs-V-B D G com _ _ 100
A_- - 1st preferred
100
25 preferred
100
Scullin Steel pref
100
Securities Inv corn
• 4854
Skouras Bros "A"
•
So Bcid & Sulphur com _100 5351
Southwest Bell Tel pref 100
St L Cotton Compress_100
Stix Baer Fuller Co
3334
St Louis Car corn
10
Preferred
100
Sleloff Package corn
Sheffield Steel
Wagner Electric corn
•
Preferred
100
Waltke & Co corn
46
Preferred
100 10534
Street Railway Bonds
East St L & Sub Co 58_1932
United Railways 48_ _ _1934
A.. .44 •••,in
laaa
la as
*No par value.
Range Since Jan. 1.
270
325
11 242
69 256
Apr
Dec
20c
8
27c
8
53
53
14
14
2951 2955
4255 43
108 10834
105 105
9454 9455
4254 43%
2654 2654
4036 56
56
56
102 102
101 101
32
34
3355
33
26
26
100 100
6155
61
42
42
3436 35
100 102
651 655
90
9034
27
26
107 107
176 180
11.955 110
42
41
80
78
16
16
16
16
65
63
9036 9236
110 110
107 107
40
4236
39
38
2654
26
10834 108K
55
55
119% 12034
90
90
94
93
106 106%
49
45
55
55
5341 52%
11455 11554
71
70
3355
33
1631 1655
98
98
22
22
2836 27
33
34
81
83
45
46
105 10536
360
130
Feb 280
Jan 325
8c Feb
451 Apr
15 3634 Jan
75 14
Dec
140 28
Nov
40 38 June
9 9836 Apr
15 87
Jan
10 77
Jan
30 42
Dec
12 26
Oct
699 42
Nov
70 38
Apr
.65 100
Nov
10 95
Aug
374 2234 Jan
95 30
Apr
20 30
Apr
30 98 June
420 4455 Jan
10 37
Mar
520 2134 Mar
25 100
Apr
15
5 June
138 81
Jan
240 25
Dec
25 10234 Aug
39 195
Feb
331 106
Nov
12E. 40
Mar
58 70
No
100 1434 May
95 1336 Oct
175 4136 Feb
55 88
Nov
5 107
Mar
15 103
Feb
1.205 35
Nov
645 38
Dec
1,050 26
Dec
11 107
Jan
50 50
Oct
Feb
60 104
14 8336 Apr
Mar
39 92
20 wog Mar
985 41
May
190 36
Apr
55 5134 Dec
61 10754 Apr
Dec
25 70
625 33
Dec
19 1634 Dec
225 97
Nov
45 97
Nov
180 2636 Dec
339 2634 Jan
130 79
Aug
Dec
865 45
Dec
140 105
$4,000
8331 84
6,000
73% 74
aa la 71 IL 99 min
.
8234 Nov
6614 Sept
f171,4
net
30c Dec
834 Nov
60
1434
36
5055
109
105
97
50
27
56
63
102
Feb
Nov
Oct
Jan
Nov
Dec
Oct
Mar
Nov
Dec
Sept
Dec
101 34 Nov
3734 Oct
37
Nov
37
Nov
10236 Feb
70 Sept
Oct
51
Feb
40
10234 Nov
8% July
Oct
102
3334 Aug
10736 Aug
19736 July
110
Dec
5434 Sept
115
Aug
1955 Sept
1634 Apr
75 Sept
107 May
Dec
110
Dec
107
55 Sept
4134 Nov
3194 Oct
Oct
111
Oct
63
12034 Dec
9036 Dec
Nov
96
Oct
108
5134 Oct
Oct
68
Oct
65
11534 Dec
Dec
71
Dec
35
Dec
17
Dec
98
Oct
25
3134 Nov
Feb
50
92 Sept
Dec
46
10534 Dec
Feb
86
Dec
74
73t4 Dee
[Vol. 121.
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange Dec. 12 to Dec. 18, both inclusive, compiled from official sales lists:
Stocks—
Friday
Sates
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High Skates.
Range Since Jan. 1.
Low.
High.
Am Vitrified Prod, com.50
32% 3434 1,510 1955 Jan 35
Oct
Am Wind Glass Mach_ _100 7935 7955 8034
320 75
Nov 110
Mar
Preferred
100
9131 93
21. 9151 Dec 110
Feb
Arkansas Nat Gas, com_1(
651 635 2,472
531 Apr
694
8% Feb
Carnegie Metals
IC
617 14
1831
18
Aug 20
Nov
Consolidated Ice, com__50
135 Mar
10(
255 236
3
Aug
Devonian Oil
10 1634 16
599 1434 Oct 18
1635
Oct
Duquesne Light pref _100 111
110 105% Jan 11234 Oct
11036 111
Indep Brewing corn
Sc
145
151 Mar
351 Mar
251 3
Jones & Laughlin, pref_10(
114 11455
8E 11155 Jar 116
Oct
Lone Star Gas
2' 4534 4255 4634 5,909 32
Jan 4636 Dec
Nat Fireproofing com50 1831 1754 18% 1,811 1154 Jan 18% Dec
Preferred
51) 3951 39
3934
982 3134 Jan 3931 Nov
Oil Fuel Corp
2' 3531 3534 3534 4,248 31
Apr 3754 Nov
Oklahoma Natural Gas_ _26 33
7,150 26
3155 34
Jan 34
Dec
Pittsburgh Brew corn. .5(
451 434
134 Mal
100
6
Oct
Pittsburgh Oil& Gas
Aug
6
5
6
1
216
8% Feb
Pittsburgh Plate Glass_100 288
Aug 295
191 255
285 288
Feb
Pitts Steel Fdy com
•
Dec
28
, 183-4 Sept 30
2836 30
Salt Creek Con 011
9
655 Oct
931 1,141
934 Nov
936
Stand Plate Glass pr pf AOC
7834 7894
Dec 98
Jan
45 78
Preferred
100
33
32
Feb
300 30
Aug 79
Stand San Mfg. com__-_21 120
115 120
Jan
136
643 100
Tidal Osage Oil
IC
1031
10
851 Jan 13% Feb
200
Union Nat Bank
375 375
Sept
100
101) 360
Feb 380
U S Glass
18
1,241) 13
21 19
19
Apr 2034 Jan
West Penn Rys, pref.._ _10C
Feb
9134 9155
Apr 95
10 89
Rights—
Lone Star Gas
5
5,494
5
455 5
Dec
351 Dec
Bonds—
Pittsburgh Brew 6s...1949
93
Mar 93
$6,000 85
Dec
93
Welt Penn Rye 55. _ _ _1931
9635 9.35
5nc 951
,
4 Jen 99
Apr
•No par value.
Note.—Sold last week and not reported: 5 Commonwealth Trust at 270; 15.
Devonian Oil at 1531; 5 Exchange Nat. Bank at 90; 14 Fidelity Title & Trust at
401; 30 Union Nat. Bank at 375: 20 West Penn Rya. pref. at 02, and $500 West
Penn Traction 58 at 88.
Cincinnati Stock Exchange.—Record o" transactions atCincinnati Stock Exchange Dec 12 to Dec. 18, both inclusive, compiled from official lists:
Stocks—
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.
Am Laundry Mach,com.25
Amer Rolling Mill, com_25
Preferred
100
Baldwin. new pref
100
Buckeye, Inc
100
Carey (Philip), pref.....100
Champ Coated Pan,Pf 100
Champ Fibre, pref
100
Churngold Corporation...
City Ice & Fuel
•
Dow Drug, corn
100
Eagle-Picher Lead, com.20
Fay & Egan, pref
100
Fleischmann, pref
100
Formica Insulation
*
French Bros-Bauer,com _ _ •
•
Gibson Art, corn
Globe Wernicke, pref__100
Gruen Watch, corn
•
Preferred
100
Hatfield-Reliance, corn...*
Preferred
100
Kroger, corn
10
New preferred
100
Paragon Refining, corn_ _25
Procter & Gamble, com_20
8% preferred
100
6% preferred
100
Pure Oil, 6% pref
100
8% preferred
100
Richardson, corn
100
Preferred
100
U S Can, corn
•
Preferred
100
U 13 Playing Card
20
U E3 Print & Litho. com_ 100
US Shoe, corn
•
Whitaker Paper, com_ _ _ _•
Western Paper
*
135
5234
10834
10634
32
110
110
103
67
2494
250
3435
65
11434
27
16
37
9655
39
10451
1955
10255
12634
112
8
135
168
112
85%
10651
158
108
63
102%
14336
84
8
56
3255
Banks.
Fifth-Third-Union units100 321
133 137
5251 5334
108 10854
105 10654
3155 32
110 110
110 110
103 103
6751
65
2431 2454
250 250
3331 3355
6251 65
114% 11456
2651 27
16
14
37
3734
9654 9694
39
3955
1033-410434
1955 20
10294 10234
12434 128
112 112
755 8
134 13555
168 168
111 11231
8534 8555
108% 107
153 160
108 108
64
63
10231 102%
141 14351
8341 84
8
8
54
56
3236 3254
320
Public Utilities.
Cincinnati & Sub Telep_50 85
8434
Cincinnati Gas& Elec._100 8955 8934
CInc Gas Transport'n_.100 123
123
C N & C Lt & Traci,com100 8355 81
Preferred
6441
100 66
Ohio Bell Tel, pref
110
100 110
Tractions.
Cincinnati Street RY....50
Ohlo Traction, pref
100
Railroads.
C NO&T P. pref
Little Miami guar
36
8035
100 103
50 93
321
85
9035
123
8355
6631
110
36
35
8035 8094
103
93
103
93
1,797
1,627
29
20
210
13
110
6
1.675
247
5
3.595
55
20
86
2,400
646
10
200
97
110
2
631
23
205
1,389
2
180
147
10
73
10
150
53
28
18
55
311
a
Range Since Jan, 1.
Low.
72
Feb
47
Jan
10651 Feb
10331 Jan
3134 Oct
105
Jan
101 • July
9955 Jan
48
Jan
23
Jan
149 May
31
Mar
60
Aug
112
Feb
18
Mar
10
Mar
35
Apr
96
Nov
30
Fel?
10051 Jan
1634 July
100 June
73% Mar
110% Jan
555 Jan
112
Jan
High.
Nov
161
5754 Jam
11155 July
11951 Jan.
33
Oct
113 Sept
110 Spa
105
Apr
79 Sept
140
Jan
220
Nov
4054 Jab
95
Jam
115
Oct
32
Sept
Jae
15
40
Feb.
10255 May
35 Sept
103 May
23 Sept
106
Jan.
14134 Oct
11394 July
10
July
131
Apr
10554 Sept 112
103
90
102
51
100
10755
59
5%
1655
Mar
Feb
May
Jan
Apr
Mar
Sent
Apr
May
108
150
108
7354
105
155
8055
1054
5851
Oct
Oct
Nov
Nor
Oct
July
Nov
Oct
Feb.
Nov
29 275
Jan 32255 Nov
116 7634
309 82
15 103
430 75
401 60
61 106
Sent 94 June
Jan 90 May
Jan 12654 Sept
Jan 84 June
Apr 6355 July
Mar 110 May
266
20
31% Aug
40
Jan
3936 Sept.
85
Sent
10 10131 Nov 105
10 92
Jan 95
July
Jan
•No par value.
Chicago Stock Exchange.—Record of transactions at
Chicago Stock Exchange Dec 12 to Dec. 18, both inclusive,
compiled from official sales lists:
Stocks—
sates
Friday
Last Week's Range for
Sale
of Prices•
Week.
Par. Price. Low. High. Shares.
All America Radio Cl A _ _5
Amer Pub Seco, pref... _100
American Shipbuilding_100
Armour & Co (Del), p1.100
Armour dr Co, prof _ .. _ _100
Common CIA v t c_ _ _25
Common Ci B v t c.__25
Armour Leather
15
Auburn Auto Co,com__25
Balaban & Katz v t 0...25
Beaver Board v to B....*
Preferred certificates.100
Bendix Corp, Class A...10
Borg dr Beck '
*
B idgeport Machine Co..*
Bunte Bros
10
Cantml III Pub Serv, pref..*
Central Ind Power. pf _ _100
21
94%
9734
90%
2445
1734
46
68
35
3255
2951
8834
89
20
9454
74
9651
9051
2445
1734
4
4534
68
434
34
3254
29
10
18
8834
89
22
9654
76
9755
9136
25
18
4
50
71
4%
35
34
30
10
1834
89
89
1.120
162
295
2,437
1,215
3,510
6.780
25
4,675
1,800
10
200
2.000
1,900
100
140
108
172
Range Since Jan. 1.
Low.
18
89
49
90
84
19%
Illi
355
31%
5134
336
2155
24
2454
7
1134
83
85
June
May
Apr
Mar
Apr
Mar
Apr
May
Aug
Feb
July
June
Mar
Mar
Oct
Jan
Sept
Nov
High.
3654
96%
85
99
94
29
21
6
5635
8336
7
40
383-4
3254
1034
20
9134
93
Feb
Dec
Sept
Oct
Feb
Oct
015.
July
Nov
J11131
Apr
July
Sent
Nov
May
Nov
Mar
May
DEC. 19 1925.]
THE CHRONICLE
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Continued) Par. Price. Low. High. Shares
Range Since Jan. 1.
Low.
High.
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High Shares,
25
Nov Am Pneum Serv. corn
Sept Amer Pow & Lt corn new.* 65%
Preferred
100 95%
Nov
Jan 'Amer Rayon Products...' 34%
Jan Amer Road Machlnery.100
so% Apr Amer Rolling Mill com _ _25
100
5243 Dec American Seating
51
Dec Am Superpow Corp CI A.• 32
82
8043
• 32%
Class B
Sept
100
25 25%
Prior preferred
34 Jan
.5
510
Dec Amer Thread preferred.
141% June Amer Writ Paper corn..100
140
•
614 Dec Arundel Corporation
534
Oct Assoc Gas & Elec Class A.• 345(
89
8234
Oct Atlantic Fruit & Sugar...' 85c
16
1244
55%
Feb Atlas Portl Cement new..
70
Feb Bliss (E W)& Co com___*
118
51
Oct Blyn Shoes, Inc, cam_ -10
114 Sept Bohn Alum & Brass
34
• 258
27% Dec Bolssonnault (G) Co
2714
109% Mar Borden Co corn etch stk.50 10114
Corn subscrin stock -SO
132
Oct
25
Jan Boa & Maine RR stpd-100
3414
3744 Jan Bos & Me let pf A stpd-100
3143 Oct Bradley Fireproof Prod.-- 400
3354
39
Oct Bridgeport Mach corn.--• 1234
Brit-Am Tob ord bear. 51
10
28
26% 1,125 26
26
734
Dec 27% Dec Brooklyn City RR
14% 15% 1,318 12
Apr 16% Mar Brown Shoe Cowl
4334
2% 2%
244 Dec
50
7 May Brown & Well Tob cl B.10
100
39% 3914 42% 5,185 26% Jan 44% Dec Bucyrus Co.coin
155 166
165
1,462 94% Jan 195 Sept Buff Nlag & E Pow nom..." 3334
100 2434
115
115 115
Preferred
50 111
Jan 125
Jan
76% 76%
Jan 76% Oct Burdines Inc common WI.'
10 68
26
27% 2,966 14% Mar 30% Nov Burroughs Add M pref.100
27
54% 5134 5414 8,100 41% Mar 56
• 4034
Jan Can Dry Ginger Ale new-.
2
39
3634 41% 9,350 28 May 41% Dec Car Ltg & Power corn._ .25
.100
. 55 85
9034 91
91
Jan 92% Apr Carolina Pow & Light.
100
59
60
150 50
Jan Celluloid Co corn
Apr 70
100 6834
3534 3534 36%
Preferred
815 35% Oct 48. Jan
.20
93
93
93%
248 85% May 94
Dec Central Aguirre Sugar.
88
92
88
728 35% Jan 99% Sept Cent Sta El CorP8% P1100
• 72
30
3014
150 2534 May 31
Dec Central Steel corn
14% 15% 1,095 13
Nov 22
Aug Centrifugal Pipe Corp ' 2554
8% 844 1,535
8%
654 Apr
9% Oct Checker Cab Mfg, Cl A •
1% 1%
500
34 Oct
2% Feb Chic Nipple Mfg CI A -.50 4351
42
50 2654
42
Class B
25 37% Apr 43
Nov
22
22
225 20% Aug 26% Oct Chic No Sh & Milw RR.........
2234
114% 114% 116
3,460 92% Feb 125
July Childs Co pref new. _100
9814
98% 98
515 9144 Jan 98% Mar Christie. Brown & Co corn •
601 98
10614 106% 107
Jan 108
Nov Chrysler Corp, new,corn • 49
51
625 32% Jan 57
50
Aug Cin Ind & West v t 0.-100 15
100
Preferred
370 98% Apr 101 June
100% 100 100%
20 383.4
60 92
97
97
97
Nov 97
Nov Cities Service corn
100 8434
Preferred
2,750 42
59
58% 58
Aug
Mar 59
10
Preferred B
2515 2434 25% 1,050 23% Aug 27
Oct
Bankers shares
9444 9444
50 94
Aug 96% June
4% 444 12,500
49.4
4
Apr
6% Jan Cleveland Automobile corn* 29
95
2111
94
94
85 89
Sept 9514 Feb Colombian Syndicate
.
1.534 14% 1544 6,060
9 Sept 17% Mar Com'w th-Edtson Co- _100
22% 22% 22% 1,790 22% Dec 24
Dec Com'weulth Power Corp
3834
21% 22
Common, new
670 1734 July 23% Oct
100 8644
Preferred
Jan
6014 5714 6214 5.97. 33 June 74
131 131
Warrants
2. 10734 Jan 132% Dec
-10 z41
130 130
10 118
Jan 13044 Dec Connor (John T) Co.
6%
210 92
100% 101
Jan 101
Dec Consol Dairy Products_ _•
109% 10954
10 102
July 111
Nov Cons Gas,E L&P Bait new* 4314
22
132 135
95
Dec Continental Baking.comet* 122
Apr 137
Common B
• 2944
105 105
115 102% Jan 106
July
100 9914
8% preferred
48
Ma
5914 58% 6034 10,33
75% Feb
24%
Continental Tobacco....' 15%
23
50
14% Ma
23
4243 July
16
16
20
16
Dec 25% June Courtaulds. Ltd
54
5
50
5434
Jan 56
Nov Crane Co pref
• 2344
89
95
96% 92,300 5534 Ma
96% Dec Curtiss Aeropl & M,coin.
100
2,685 10914 Apr 120% Feb
Preferred
11334 113% 114
30.851 20% Dec 36
2134 sog 26
Jan Curtiss Aeropi Assets Corp
46
474 3,525 42% July 5054 Oct De Forest Radio Corp...* 12%
46
50% 20,450 47% Dec 50% Dec Devoe & Rayn CI B new.
4944 49
11,125 65
.100
Ma
7814 7834 80
80% Nov Dixon (Jos) Crucible..
•
2
2
250
% Feb
5
Jan Doehler Die Casting _
Dominion Stores, Ltd....'
147% 148%
450 44
Ma 166% Oct Dubiller Condenser dr Bad'
9
165 175
49 49
175
Jan 180 Sept Dunhill International....' 2614
92% 95
93
Apr 99 June Duplex Cond & Radio v to'
710 81
134
320 42
• 12
Jan 5634 Dec Durant Motors. Inc
5454 54% 56
•
3234 30% 32% 4,550 18% Apr 3234 Dec Due Co. Class A
71
71
25 64 Jun
71
•
Class A v t c_
71
May
1.255 112
158% 167
Feb 206
Sept Eastern Rolling Mill new • 42
5
244 Aug 53
5% 1,175
Jan Eastern Steamship Lines_ 89
35% 36
455 22% Mar 354( Dec Eastern Texas Eiec Co...'
19% 1,950 12
1934 15
Oct 24
Jan Eisenlohr(Otto) & Bro.100 1944
6
2.420
9% 10
•
944
Oct 23% Feb Eitingon-Schild Co
80
841( 4,940 41
82
Ma
84% Dec Electric Auto LiteCO....' 7374
113 114
45 11234 Apr 120
July Elec Bond & Share.pref 10(1 10443
110 110%
300 110 May 123
Jan Hien Bond & Share Sec...* 66
16% 17% 6,076 16% Dec 17% Dec Elec Invest without war'ts' 6634
17
110
841 8%
544 Jan 10% Mar Electric Ry Secure, new..'
634
25
8% 644
63( Nov 1414 Jan Emporium Corp wi• 38%
56% 1,725 4034 Jan 57
5534 55
Oct Engineers Public Serv corn* 23%
27% 29% 4,335 27% Dec 31% Aug
29
Preferred (SO% paid)._• 9934
2714 29%
710 26% Nov 48% June Estey-Welte Corp. Cl A_ •
92% 95
420 90
•
Oct 9844 Oct
8%
Class B
493.4 1,245 45
July 55% Jan Fageol Motors Co. com.10 1034
4854 48
Fajardo sugar
100 140
Apr 84% Mar Federal Finance Corp cl A* 34
7734 7734 7834 7.000 74
5114 52
9,000 46
Apr 63
• 18%
Class B
Mar
80
2,000 75% Aug 8554 Feb Federal Motor Truck_ -10 38%
80
• 24
54% 54% 1,000 53 Sept 78% May Federated Metals
97
97
9,000 86% Oct 98% June Film Inspection Mach . •
Jan iogg Dec Firestone T & R,7% Pf•100 9934
10234 97% 102% 27,000 92
100 100
1.000 98
Jan 100%'Nov Fisk Rubber 1st pref w I _
Fielschmann Co new w
•
Ford Motor Co of Can.100
•No par value.
• 18
Forhan Co,class A w
New York Curb Market.-Offieial transactions in the Fox Theatres. Cl A. corn.• 29%
Franklin(H H)Mfg,cum • 3234
New York Curb Market from Dee 12 to Dec. 18,inclusive:
Preferred
100
Freed-ELgemann Radio_
7
Sates
Friday
• 17%
Freshman (Chas) Co
Week Ended Dec 18
Range Since Jan, 1.
Last . Week's Range for
Glav-Hous Elec Co corn 100
Week.
of Prices.
Sale
Gamer ell Co common...
6031
StocksPar. Price. Low. High Shares
•
Low.
High.
4%
Garod Corporation
80%
General Baking class A._
Indus. & Miscellaneous.
17%
Class 13
Abraham & Strauss
• 5351 5334 5434 1,500 534 Dee 5854 Dec General Fireproofing corn.
• 46
Preferred
101. 10551 10554 107
1.300 10534 Dec 108
Dec Gen.0& E of Del Cl Awl 59%
Adiron'k P& L.7% pf _100
100 92
102 104
Jan 107
95
May
Class A preferred
Aere M fg Supply. Class A
100 18
20
20
Sept 2014 Sept Gen'i Ire Cream Corp__ •• 50
Class B
•
Nov
2,700 11
1451 15
1634 Sept Georgia Ry & Pow com_100
Ala Gt Southern,com...50 10034 97 10214 3.460 8134 Oct 107
• 4134
Dec Gilchrist Co
Preferred
10334 9934 10354 1,550 80
Nov 107
Dec Gillette Safety Razor„...* 106%
Alpha Portland Cement 100
109 109
10 109
Dec 150
• 143
Oct Glen Alden Coal
Aluminum Co com new_..• 64
2,000 53
63
67
Nov 71
Nov Goodyear Tire & R.com100 3734
Preferred new
400 9834 Nov 9934 Dee Grand (F W)5-10-25c St.'
osg 9934
Amalgam Leather coat. •
300
854 Aug 1754 Oct Grennan Bakeries Inc. •
1534 1551
Amer Bank Note w I
100 38
40
40
Dec 41
3%
Dec Grimes Ra & Cam Rec...'
Amer Can new w 1
25 4234 4174 4334 59,500 4134 Dec 4334 Dec Habirshaw Elec Cable, new
American Gas dr Elec com • 7854 7854 8034 1,700 6854 Apr 8434 May Happiness Candy St CIA.'
834
Preferred
700 8334 Apr 9354 Nov
9134 92
• 92
Founders shares
83.4
Amer Lt & Trae com....100 26334 261 26854 1,725 137
Jan 288
Nov Havana Elec Utll v t _- 4434
Preferred
1111) 1111
11244 1111
41111 114
Ian float *rm.
Preferred
Central £3 W,7% pref
_•
Prior lien preferred_ _..•
Warrants
Chic City & Con Ry pt sh.•
Preferred
•
Chicago Fuse Mfg Co
•
Chic N S & MiIw. com.100
Preferred
100
Prior lien preferred._100
Chicago Rys, part ctf eer 4
Chicago Title & Trust.100
Commonwealth Edison 100
Consumers Co new
5
Preferred
100
Continental Motors
•
Crane Co
25
100
Preferred
50
Cuneo Press"A"
Daniel Boone Wool Mills 25
Decker (Alf)& Cohn,Inc.*
Deere & Co, pref
100
Diamond Match
100
Eddy Paper Corp (The)..•
•
Elec Research Lab
Evans & Co, Inc, Cl A...5
Fair Co(The)
*
Fitz Simons & Connell
Deck & Dredge Co--20
Foote Bros(G & M)Co..'
•
Gill Mfg Co
•
Gossard Co (H W)
Great Lakes D & D_ _ _100
Hart, Shaft & Marx_ .100
Hib, Spenc & BarttettCo25
10
Hupp Motor
•
Hurley Machine Co
100
Illinois Brick
Illinois Nor Util pref__ _100
Indep Pneumatic Tool_ •
Kellogg SwItchboard.....25
Kentucky Hydro-Elec_100
Kraft Cheese Co
25
Kup'helmer & Co(B)Inc.5
La Salle Ext Univ.
_ _10
Libby,McN & Libby,newl0
Lindsay Light
10
McCord Radiator Mfg A.•
Maytag CO
•
Middle West Utilities._ •
Preferred
100
Prior lien preferred. 10(
Midland Steel Products •
Midland UM prior Ilen..100
Preferred "A"
100
Morgan Lithograph Co...*
National Elec Pr"A" wi.•
Preferred
10C
National Leather
1(
Omnibus pref A w
_101
Voting trust ctts vr1 a.'
I_Penn Gas & Elec w
•
Pick (Albert) & Co
10
Pines Winterfront A
r
Pub Serv of Nor III
Pub Serv of Nor Ill_ 100
Preferred
100
7% preferred
100
Quaker Oats Co
100
Preferred
100
Real Silk Hosiery Mills..10
Reo Motor
10
Ryan Car Co(The)
25
Stand Gas & Elec pref. _50
Stewart-Warner Speedom •
Swift dt Co
100
Swift International
15
Thompson (J R)
25
United Biscuit cl A
*
Union Carbide & Carbon.
•
United Iron Works v t c.50
United Light & Power
Common CIA w I a.
Common cl B w I rt....*
Preferred cl A w 1 ay....*
Preferred cl 13 w I a_ _ _*
United Paper Board..
.10
Preferred
100
US Gypsum
20
Unit Theatres Cone el A.5
,
Utilities Pow & Lt Cl A. •
Vesta Battery Corp
•
Wahl Co
•
Ward (Mont)& Co
10
Preferred
100
Class A
•
Will 011-0-4.1 Corp corn.'
Wolff Mfg Corp
•
Wolverine Portland Cem 10
Wrigley Jr
•
Yates Mach part pref. •
Yellow Tr&Co Mfg ci II _10
Preferred
100
Yellow Cab Co Inc(Chic)•
Bonds
Chicago City Ry 55.._.1927
Chic City .4 Con Rye 513'27
Chicago Railways Se 1927
5s Series A
1927
Ogden Gas Co 55
1945
Pub Serv 1st ref g 551956
Swift & Co 1st s f g 5s..1944
89%
9854
10
88
905( 2,465 88
440 9615
98% 9846
10
1234 1,070 10
%
34
44 1,550
3%
600
5
5%
300 27%
32% 33
48
5234 6,875 36%
245 74
80
80%
135 99%
9934 100
44
100
44
44
510 510
10 400
430 130%
13834 140
4
534 644 34,650
295 30
82
84
11% 13
8%
360
60
59
85 51
115% 117
185 113
350 4734
4754 48
125
31
41
%
27%
26
750 20
107 10744
160 83
128 129%
100 115%
22%
22
100 15
35
32
1,825 15
2934
29
650 23%
3344 3444
580 31%
Nov
Sent
Dec
Apr
Apr
Aug
Sept
Oct
Sept
Jan
Feb
Apr
Nov
Mar
Jan
May
Apr
Oct
July
Jan
Jan
Feb
Apr
Mar
Mar
Aug
90%
100
14%
134
9%
2995
4
4
6334 6734
9534 98
3434 3.554
5
5
5014 5154
305 316
32
3334
3294 343.4
25
25%
4
4'ie
500 50c
• 3554 353.4
343.4 3634
758 89c
5534 5834
2444 25
645 6%
17
17
20c 25c
98 10234
98 10034
45
4834
64
64
200 400
10
133.4
273.4 2751
754 834
43% 44
17
17
198 199
333.4 3334
2434 2444
23
25
1053' 10554
40
4134
2
244
439 439
2034 2234
6834 7244
82
83%
9444
93
7134 7334
2434 2834
11
11
433.4 44%
26% 2734
4814 5234
119 1193.4
6244 63
4834 6434
1214 1734
2144 2234
3814 3853
8414 85
714 734
1934 1954
2854 3034
11.14 2616
13844 13834
3844 40
8644 8734
65
6844
43%
39
6% 6%
4454
43
122 128
28% 32
98% 102
15% 16
33% 3434
115 115
23
2544
85
82
44
44
12
16
77
8054
18234 164
13% 13%
65
63
8% 10
2614 27
1
144
12
1334
14% 15%
15%
15
43%
42
88
89
91
9314
19% 19%
36% 37
72% 7634
104% 104%
65% 67%
66% 7134
6
6%
41
38
2354 2434
99
9934
27
2734
834 8%
1034 10%
134 145
3344 34%
16
17
36% 3734
24
24
5
5%
99
9934
106 108
49% 53%
624 635
1734 1834
28% 30
32% 33%
83
85
7
934
1634 2034
25
25
60
60%
4
8%
79% 8334
17% 18
46
48%
57% 5934
95
95
47
57
139% 14144
39% 4134
103 109%
14144 143%
3534 38%
73
73
1934 1954
3
4
15
1534
8% 8%
741 834
43
4434
69
6934
Range Since Jan. 1.
Low.
3%
48%
8234
26%
Dec
Feb
Oct
May
49
201
26%
27%
24%
344
500
333-4
25%
57e
44
22%
3%
14
200
6743
67%
3434
5041
July
e
Oct
Mar
Mar
Feb
Jan
Nov
Aug
Mar
Nov
June
Aug
Sep
Oct
Dec
Mar
Mar
Nov
Nov
Feb
Jun
Dec
Dec
Jan
Nov
Dec
Dec
Nov
Nov
High.
800
78.500
2,700
500
8,300
1,300
300
100
1.900
71.700
10
454
2434
644
43%
10
189
3334
2334
20
1043.4
3313
1%
200
1834
65
68
93
51
10
1
29
11%
4814
113%
48
44
9%
21%
35
8114
7%
17%
19%
60c
133
Mar
Sept
Apr
June
Dec
Jan
Sept
Nov
Nov
Dec
Mar
Jan
Mar
Mar
Feb
Jan
Jan
4
87%
98
5134
8
57
329
4134
45
27%
4%
1
39
45%
1)4
68
35
844
19
334
102%
10034
48%
64
40c
13%
2844
9%
44
1734
210
3334
244(
26%
107
51%
5%
45834
2714
97
97
100
7554
30%
2434
4434
2734
52%
125
134%
57%
1714
2234
43
85:4
8
21%
82
2%
140
Sept
Dee
Dee
June
Mar
Jan
Dec
Oct
Oct
Sept
Feb
July
July
Ault
Mar
Oct
Oct
Nov
Nov
Feb
Dec
Dec
Dec
Dec
Dec
Dee
Ann
Feb
Dec
Oct
Oct
Dec
Dec
Dec
Oct
July
May
Nov
Sept
Jan
Sept.
Dee
Nov.
Nov
Jan
Dec
Nov
Dee
Oct
Nov
Dec
Dee
Apr
Feb
Dec
Aug
Feb
Dec
Nov
May
28.100
1,100
400
4,000
7,50
3,400
4.600
48,800
3.300
1.400
900
25
2,600
500
100
2.900
500
40
100
50
5,800
900
2,000
39.800
600
1,200
2,000
50
150
6,800
2,400
2.700
400
12,000
25.200
3,200
11.400
2.600
900
300
100
7,800
150
1,400
2,500
2,400
200
1.000
100
100
39.700
80
2.300
28,900
1,200
50
3.900
12,500
10
150
6.500
29,200
32,600
700
5,900
300
2,000
400
300
16,200
2.400
14,800
400
400
6.100
400
4.500
9,600
1,100
300
Sept
Jan
Feb
Sent
Dec
Jan
Jan
Jan
Jan
Oct
Dec
Dec
Feb
Mar
Ma
Dec
Oe
Jun
AP
Nov
Dec
Sept
Dec
Aug
Dec
Dec
Nov
Oct
Oct
Aug
Dec
July
Sept
Apr
Jan
Dec
Dec
Sept
Sept
Nov
Nov
13% Aug
120
Feb
32% Nov
16
Dec
30 Sept
24
Nov
434 June
98 June
103% Dec
4434 Nov
Mar
462
174( Sept
Nov
26
16% Apr
78
AP
Apr
7
934 Mar
17% Oct
57 Sept
Apr
2
60% Oct
1534 Nov
3434 Sept
5454 Aug
95
Dec
34
July
95
July
38% Oct
5744 Jan
117
Feb
2444 Jan
55 Jun
1554 Ma
3
Dec
14% Dec
6%, Jan
asi Fe
42
No
66
Oct
4344
88)(
86
43%
8%
4734
144
42%
10834
2654
41
115
2634
8854
48
34
80%
164
2044
73%
38%
31
17
21
33
22%
44
89
9334
19%
3754
79
107
9134
73
1334
41
29
100%
28
734
1544
135
36%
19%
4744
30
1154
100
108
53%
1390
2034
30
4214
94
3354
28
36
61%
17%
8334
20%
52
643.4
107%
57
14494
4134
109%
147
49%
90
2134
27
21
9%
934
45
7034
May
Nov
May
Dee
Nov
Aug
July
Oct
Aug
Jan
Nov
Dec
Dec Nov
Nov
Feb
Dec
Dec
Jan
Oct
Jan
Jan
Jan
Jan
Feb
July •
Dec
Dec
Dec
Dec
Dec
Dee
July
Feb
Nov
Dec
Dec
Aug
Sept
Nov
Nov
Sept
Dec
Oct
Nov
Oct
Salt
Jan
Oct
Dec
Dee
Oct
Nov •
Den
July
Oct
Jan
Jan
June
Oct
Jan
Dec .
Oct
Oct
July
Oct
Dec.
Nov
Dec •
Sept
Nov
Oct •
Oct •
May
Avg
June
July
Aug
Sept
Sept
100
54,900
190
3,100
100
60
60
1,500
4,800
500
1,800
400
200
7,900
13,900
2,400
300
100
100
5,000
6,900
200
1,200
120
4,000
14.000
1,000
13,000
200
100
100
100
100
700
70
5.500
2,000
10
480
50
40
40
1.200
11,100
100
700
600
1,300
so
30%
79%
25%
28
834
31%
108
21%
9144
1434
33%
115
13
55
1754
12
54
143
10
63
854
2034
1
9%
14%
15
37
76
80
12%
35
67%
101
55%
40
5%
38
19%
99
25
6
Sept
Jan
Feb
Jun
Jun
Oct
Dec
July
2996
r wiry
Suits
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
THE CHRONICLE
Range Since Jan. 1.
Low.
High.
Hazeltine Corporation_ _ _• 15%
15% 1811 13,000 1411 June 51% Jan
Hellman (Richikrd), Inc—
Common
•
y, 14%
400 14% Aug 1531 Nov
Pref with warrants _ _ _.
• 33% 3331 3335
Bet" 34% Sept
800 32
Hercules Powder, pref_100
May
111% 113%
30 10431 Feb 115
Heyden Chemical
1% AM
3% Nos
1,200
234 231
Hires(Chas F.) Co—
Class A common
Nov
26% Nov
25
25
1.600 25
25%
)
Hollander(A)& Son,com.• 354 3531 3611
1.000 34% No'. 3815 Nov
Horn &'Jordan Co
• 6034 60% 64% 2.700 46
69% Nov
May
Hunt Bros Pack, Class .A..• 25
Dec 30
Aug
100 25
25
25
Imperial Tob of GB & Ire
Jan 2511 Nov
200 21
25% 25)4
Industrial Rayon Corp CIA
Oct 20
(to
2031 20% 22
8,200 20
Insur Coot Nor Amer_ __10 63% 60
1,500 5631 Oct 64% Dec
64%
Intercontinental Rubb_100 1411
5% Jan 20
Coe
13
18% 6,400
Int Concrete Ind I. rs shs
13% ,1111%
Mal
7
1,200
7% 8
Int Match non-cot pref_31 58% 57
62% 14,500 3734 Jan 62% Dee
Internal Projector Corp_ _*
Dec
1415 Dec
700 13
13
1431
Internat. Utilities, Class A
Not
1.000 3214 Oe, 40
3811 3811 39
Class B
13% MaN
Jan
17
735
711
731 2,500
Inter-Ocean Radio Corp..
14
Jan
400 80c May
1
134
Johns-Manville. Inc
• 5155 x150% 163
Aug,
775 14331 Nov 185
Jones(Jos w)Radio M fg-•
May
I
9
Jan
1
115 3.600
KeivInator Corporation.. 7831
7711 7914 3.500 1811 Feb 8411 Not
Kraft Cheese
5 x8951 x8911 92%
Ma.) 9915 Aug
510 64
Land Co of Florida
3,900 5015 Sep, 94
5131
Sept
5031 55
Landay Bros, Ina Cl A_ •
400 35% Dec 37% Nov
35% 36
La Salle Eaten
100 13% No'. 21% Aug
15% 1535
Lehigh Power
Feb 197
• 184
Nor
184 191% 3,800 82
Lehigh Valley Coal Sales.5i, 82% 80% 8234
Securities_May
87
Jun
175 78
Lehigh Vail Coal ctfs new.
Mar 5011 Jan
10,560 33
39
39
40%
Libby McNeill & Libby_ 1G
911 Dec
100
63.4 Api
834 8%
Libby Owens 8heetGlass.2:. 215% 210 222%
Nov
400 182 June 240
Liberty Radio CO snores •
244 Dec 10% Oct
13,900
334
231 5
Marconi WIrel Tel Lond.11
5% Dec 10
Jan
1,400
5%
5% 53.4
Mass Gas Cos, coin_ _100 83
Nov 83
Dec
160 75
83
76
Preferred
Dec 69
100
Dec
30 67
69
67
McCord Rad & Mfg v t c_• 23
25
700 2115 Sept
Sept
22% 23
Mengel Co
Its
Jan 1911 July
400 30
44% 4335 44%
Mercantile Stores Co.
.100 148% 141 148%
Sept 160
Oct
600 136
Mesabi iron Co
•
4% Jan
13.4 Oci
4.700
131
154
111
Metro 5 & 500. Class A—.
Dec
6
631
635 Dec
200
6
611
Preferred
Dec 5234 Nov
50 45
45
46%
Metr00011040 CO..)., Storer
400 4731 Der 56% Nov
4714 4831
Middle West Utilities,com' 114% 114 116%
1,100 8231 Feb 124% Aug
lot
Prior nen stock
70 0851 Jan 10731 Aug
106 106%
Preferred
100 98
Jan 99 June
170 91
98
9831
Midland Steel Products_ •
200 45% Nov 58
Aug
50
51
Midvale Co
Oct 28% Jan
100 23% 23% 25
700 18
Miller Rubber, corn. new._
50
Oct
3.200 41% Nov
38
38
4331
Preferred
Dec 103
101
Nov
210 98
9931 100
Mirror (The) 7% pref 101.
Dee 104
Dec
100 102
103 103
Mohawk Valley Co new
Oct
4511 July
4,600 31
3811
3754 42
Moore Drop Forge CI A..' 6734 6731 67%
100 6311 Mar 70% Oct
Motion Plc Capital Corp * 1931
Mat
20
Dec
5.800 17
1811 20
Music Master Corp
•
1% Dec 21% Jun
411
1% 434 39.000
Nat Elec Power, Class A • 25% 25
Dec 3031 Dec
3011 15.100 25
National Grocer
6% June
100
6
5% Sept
6
6
Nat Power & Light, cons-•
Nov
190 184% Feb 467
437 442
New when issued
29% 29% 3034 11,000 28% Nov 30% Nov
Preferred
•
Jan 105
Dec
180 95
103 105
Nat Pub Saw Cl A corn..• 23
1.500 2234 No' 30
Aug
2214 23%
Class B common
June
•
1.500 13% No' 20
14
14%
National Tea
• 605
Jan 649
1,600 230
Dec
594 649
Neptune Meter Class A_ •
1,200 2434 Dec 2634 Nov
2434 2531
Nev-Cal El Co corn new w I 31
Dec 58
Oct
300 29
31
33
New England Tel & Tel_ •
Nov
200 102
May 122
115 115
New Mex & Ariz Land.. _1
1534
19% Sept
3,700
6% Jan
1511 16
N Y Telep
% oref..100 x112 x112 11335
Feb
325 11034 Jan 114
Nickel Plate corn new w I.. 11135 109% 114% 8.500 82% Aug 114% Dec
Preferred new w I
1.440 8231 Mar 9411 Dec
93% 9311 9435
NUes.Bement-Pond Co.new
400 1711 Dec 1831 Dec
1731 1711
Nber Corp. Class A
•
Apr 84
Nov
100 37
77% 7734
Class LI
• 79% 77% 80% 8.800 4331 June 85% Nov
Northern Ohio Power Co.* 15%
634 May
Oct
19
1411 1716 44,800
Nor Ont Lt & Pr corn..100
1,250 4334 July 53
May
4811 5134
Nor States P Corp coca ha 132% 130 13811 10.900 102% Jan 146
Nov
Preferred
lot
100 94% Feb 10131 July
100 100%
Ohio Brass, Class B
•
Dec 80
200 73
Nov
73
76
Omnibus Corp v t c
•
9% Sept
1714 Jan
1411 15% 2,200
Penne Water di Power. 101,
Jan 187
460 127
Aug
160 16315
Philadelphia Elec com__25
Apr 57% Nov
200 39
46% 47
Pick (Albert) & Co rom.li,
Nov 22% oil
2C0 20
22%
22
Pillsbury Flour Mills
43
800 3131 Sept 42
Dee
39% 43
Pitts& 1.E RR.com___ 50 161
Go
1,700 142
Aug 167
160 164%
Pittsburgh Plate Glass.100
July 290
June
100 260
285 285
Power Corp of N Y corn_.' 7811 7731 79% 15,600 33
Jan 91% JitlY
Power Securities, cora. •
De:: 26
100 10
Jan
10
10
Pratt & Lambert. Inc_
Feb 56
(let
•
200 40
54
5411
Price Bros. Ltd. corn..100
25 50% Nov 5111 Dec
5114 5115
Procter & Gamble corn..20
Mar 138% Dec
260 109
134 135%
Pro-phy.lac-tic Brush com•
100 3831 May 4434 Dee
43
43
Puget Sound P & 1..corn100
Oct 60% SW
700 47
51% 53
Purity Bakeries Class A.25 42
Apr 46% June
1,500 35
4131 4215
Apr 47
Class It
• 3811 38% 40% 2,100 34
June
Preferred
Mar 100
100
100 93
Oct
9831 9811
Pyrene Manufacturing...10
100
994 July 12% Mar
1031 10%
Rand-Kardex Bu new WI _
Dee 43
Dec
2,100 38
40
40
39
Mar 58% Oct
Rem Noiseless Ty pew, A.
• 48% 48% 51
700 37
Class A pref
Sept
170 95% Mar 120
100 110
110 111
Reo Motor Car
Nov
10 23
22% 24% 6.600 15% Apr 28
Republic Ni ot or Truck v c
1414 Nov
31 Scot
2,100
8%
834 934
Richmond Radiator flew.. 18% 17% 1831
21% Oct
SOO 1315 Sept
Preferred new
No' 42
Oct
100
1,000 35
40.
39
Rickenbacker Motor
7% Oct
10% Nov
711
731 831 17,200
Rove Radio Corp tr ctfs_ • 80c
5,400
800 Dec 14% Jan
134
80c
Royal Bak Pow d corn._100
Nov 221
320 180
Nov
188 205
Safety Cable Co
Ins
48
5111 No'
1,700 48
48%
48
Safety Car kite & Ltg__101,
4(1 10734 May 133
Dec
130 133
Si Regis Paper eon)
• 83
July
8214 83% 2,900 3615 AK 95
SelberlIng Rubb Co, cm..
200 22 June 3431 Oct
26
26
Serve' Corporation A._. • 30
9% Apr 35% Oct
30% 3031 8,100
Sherwin Williams, Corn._25
400 42% Sept 45
Oct
43%
43
Silica Gel Corp con v t c.• 17
1,100 12% Mar
Jun
VI
1634 18
Singer Ma nufact uring _101 378
Dec
50 199% Jai' 410
370 378
Singer Mfg Ltd
Mar
8
£1
100
4
10 June
8
8
Sleeper Radio v t c
3
2% Dec
19% Jan
•
2% 314 5,800
Sala Viscose ord
400 1635 Dec 17% Dec
16% 1631
SOu Calif Edison corn..1(1(1 128
Sip'
127% 131% 3,150 10134 Jan 1411
7% pref, Series A__ _100 11134 11151 111%
600 104% Mar 11331 Sent
6% pref Series B.. .1110
Jen 1(995 Dec
100 88
98% 9831
Southern Cities Mil, pf.100
July 87
100 83
July
85
85
South Dairies Class A w L
49)1 47% 50
56
3.800 30
Sein
Aug
Class B w I
28
Sept
3431 Aug
2631 2811 6,400 19
Weastern Pr & Lt new w I 3311 32% 3331 21,600 28% Aug 34% Oct
Southern G & P Class A_ • 25% 25% 25%
Deo
600 221-4 Sent
28
Southw Bell Tel,7% 91.100 x113% 11311 113%
Nov
30 10631 Mar 114
Sparke.V% Rhine,on Co__ •
Nov
1,300 28% Dec 32
2814 2911
SPIltdorf Beth Elec Co_ _ _ _
42% 42
Dec 4211 Dec
1.200 42
42%
Standard Motor Constr_10
231
1,000
2% Dec
5% Mar
231 3%
Stand Publishing (71 A 25 20
May 27% Feb
1,600 19
1931 2031
Standard Tank Car, corn.•
200
8% June 1611 Aug
11
11%
Statd Textile Prod. B pf100
Dec 41% July
100 29
29
30
• 26% 23% 28
[nuts Motor Car
Apr 28
Dec
6
22,800
100 114
Swift & Co
Feb
370 109
May 120
11335 114
_ 11 2131 20% 26
Swift Internat
16,000 20% Dec
:153.4 Jan
Tampa Electric Co.,...100 29231 286 292%
Dec 29254 Dec
80 283
Ind dc E Tr, pref. _100 29
800 13
Mar 4011 Nov
T
29
343-1
Thatcher Manufacturing.•
Sept 73
25 62
Oct
62% 6234
2%
•
Thermlodyne Radio
Dec 25
2
Jan
2
3% 18,500
46
__
400 44
Nov 50
Nov
Thompson (John R)
4534 4634
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week
Stocks (Continued) Par. Price. Low. High Shares
(VOL 121.
Range Since Jan. 1.
Low.
High.
Thompson(RE) Radio vtc•
411 Dec 25
5
Jan
4% 7% 7.800
Timken-Detroit Axle._ _10
931
9
500 .37-4 Jan
935
294 Marun
Ton i•rod Export Corp___•
334 May
531 511
531
811 Oct
1.400
Todd Shipyards Corp ' 2631 26
Dec 42
2631 3,900 23
Torrington Co
25
Nov 7231 Oct
70
70
100 67
Tower Manufacturing.
..5
Mar 2431 Jan
5
500
831
834 831
Trans Lux Day Pict Screen
ClaSS A corn
• 1014 1031 12
5% Sept
30.100
Trumbull Steel, com......25
Feb
7% Sept
13
19% Dee
931
934 1011 2,800
Truscon Steel
10
900 2434 Oct
2631 29
Tublze Artif Silk ClatiEl B. 254
Aug 22
N av
D y
c ,Acr
6
244 255
240 163
Tulip Cup Corporation..'
200 1434 Nov
14% 15
'rung Sul Lamp
No'. 10% Dee
8
1,700
9%
974 9%
Class A. w 1
2131 Nov
2054
2034 20% 2.900 2031 Nov
Union Carbide at Carbon.' 7834
Mar ,4%
81
65
7831 7931 12.404
United Cigar Stores wI... 8831 88
Dec
NovDee
89% 2,000 88
United Elec Coal Cos etc.
4731 Sept
Sept
43
43
200 39
United 0 & E coin new.... 55
Feb 5734 Nov
55%
55
4,300 25
Trust certificates
Nov
Jan
5534 5511
700 37
5535
United Gas Improvetn't_50 116
Nov
v
6
11514 118
11.100 9054 Feb 121
United I.t & Pow corn A • 14734 147 15034 10.900 444 Mar 167
1,1
United Profit Sharing....1
1-4
13%
1331 13%
1.400 13% Dec
United Shoe Mach, com_25 48% 48% 4811
54
200 40% July
U S Dairy Products el A_ .
315.1 30% 32
400 25% De.
Class 13
Dec
17
17
17
100 15
US Light & Heat com___111 1854
ND°u °
j :eicyl:
Nciv
D
16
35°2
7
18%
3% June 2
17
500
Preferred
10
115 Jan
531
511 6
2.200
U S Realty & Impt new...
o
D
2
16 31 Oe
1.400 65% Der 77H Dci
7011 7214
U S Rubber Reclaiming...
415 Aug
16% 16%
600
U S Stores Corn CIA ._ _•
Nov
28
26% 2631
400 17% Apr 62
Second preferred (8%)..
Nov
58% 5831
100 51
Universal Pict um
Mar
40
40
44
400 24
Utilli lea Power & Lt B • 17
*
Oct
47
16% 1731
1.100 16% r)ec 21 % N civ
Utility Share Corp w i.. _ _
176
Dec
1034
9
10% 11% 2.000
Opi Ion warrants
De
p eil
Dec 14
3%
3
3
9,100
33.4
Preferred (non-voting).. 16
Dec
Dec
16
16
500 16
Vick Chemical Co
• 41% 41
3
Dec 41611 Nov
4211
800 40
Victor Talking Niachine100 88% 80
SeptOct
Apr 117
9915 6.400 65
Ware Radio Corp
•
40% Jan
I
De,
154
3
1
29.500
Warner Bros Piet corn •
19
100 17q4 Join
14% 1431
Western Auto Supply
27% 27%
500 27% Dec 28% De0
Western Md Ry 1st pf..100 82
Dec
82
80
50 80
'Western Pr Corp pref_ 100 9735 9711 9731
Sept
31) 8611 Jan
West Penn Eler el A w 1(ne 88
6813 i
88
88% 1.000 84% Oct 82)34 D e
Common certifs of dep..
96% 96%
20 74% Sept 9611 Dee
Preferred
100
97
97
50 8614 Jan 99
Sept
Wilson & Co (new) w 1_ _ _
1531 July
Aug 3
13%
13% 13%
5
600 11
Class A
• 29
APT
2935
26% Aug
29
2,104
Preferred
500 68 June 75% Apr
7111
7135 71%
Wolverine I•ortl Cement...
611 Nov
754
1354 Sept
200
634
615
Woodward Iron, corn_ _100
Oct 87
87
10 70
Deo
87
Yellow Tact Corp. N Y__. 10%
9
22
Sent
.lan
954 1014 6,400
Zellerback Corporation_ _ _ _
200 27
Dec 27% NoT
27% 27%
Right.
New Eng TeieP &'Meg
4% Des
411 Dec
431 4% 1,200
Former Standard Oil
Subsidiaries.
Anglo-American Oil....Li
1.400 1734 Dec 26% Apr
18
1714 18%
Certificates of deposit_ _
Dee
18
3.300 1734 No%
1731 18
Borne-Scrymser Co_ _100 223
Apr 240
July
20 205
223 223
Buckeye Plpe Line
50 5511
Jan
5315 55% 11,640 53% Dec 72
Chesebrough Mfg
25 68
Nov
400 48% Jan 74
6815
68
Continental Oil v t
24% 2415 24% 51.300 21% Ma' 31% Feb
Crescent Pipe Line
25
Feb 17% Oct
300 10
15% 15%
Cumberland Pipe Line 100 13931 139 139%
Mar 155
July
40 132
100 61
Eureka Pipe Line
Dec 96
Jan
430 61
62
61
Galena-Signal 011. com _100 3115
Feb
1.925 3011 Dec 65
3031 36
100
New preferred
Dec 1073-4 July
180 96
96 100%
Humble 011 & Refining...25 8814 78
9134 06,300 42% Jan 9134 Dee
100 131% 13431 137
Illinois Pipe Line
Jan 154% Jan
170 127
Imperial 011 (Can) new... 3711
36Si 303.1 36.900 27% Mar 3934 Dee
50 5831
Indlana Plpe Line
Jan
330 5731 Dee 84
5834
57%
Niagnolla Petroleum ___100 182
Dec
780 13034 AM' 190
181% 18331
National Transit ____12.50 1711
1,300 1611 Dec 253.4 Jan
1711 18
100 x4911 x4931 5031
New York Transit
Jan
Aug 79
150 50
100 70
Northern Pipe Line
Feb
720 6734 Dec 88
67% 7411
Ohio 011
25 65% 6331 6631 5.300 60% Aug 75% Feb
Penn Mex Fuel
25
Ozt 44% Mar
300 20
2131 22
Prairie Oil& Gas
25 56% 5434 5611 11.00(
45% Oct 65% Jan
100 12731 126 128
Prairie Pipe Line
Jan 129% Nov
1,880 106
100 210
Solar Refining
Jan
Jan 254
130 203
208 211
100 17155 169 173
Jan 197
South Penn 011
Jan
700 139
Southern Pipe Line
100 6511 64% 661,4
Jan
410 64% Dee 103
Nos
South West Pa ripe
Nov
85
120 53
53%
53
Standard 011 (Indiana)...25 6611 65% 6614 36.000 59% Mar 70
Feb
Standard 011 (Kansas)._25 33% 3334 34
46
Feb
1.800 30% Oct
Standard 011(Ky)
2' 135
1,600 114% Mar 137% Oct
134 135
100
Standard 011 (Neb)
Jan
Aug 270
130 231
240 242
Standard Oil of N Y. _25 4535 45
AUF 48% Feb
4651 61,800 40
Jar 369
Jan
Standard 0I1(0) cora...1011 363
80 338
361 363
Mar
100
Preferred
July 123
116
11831 120
Jan
100
27
Aug
Swan & Finch
320 12
2431
22
Vacuum 011
25 108
29,200 80% Jan 10934 Dee
102% 10934
Other Oil Stocks
734 July
SeD1
Amer Contr 011 Fields___5
1
7,100
4% 611
534
2% Jan
Amer Maracaibo Co
1134 Jan
7
7% 8,400
711
Oct 1011 June
10
Argo 011 Co
3
900
531 5%
6
Apr
891 Feb
Arkansas Natural Gas,_111
100
6% 6%
634
411 May
Ail:toile Lobos Oil corn...•
1% Dec
1.300
111 1%
1%
Dec
1.600
2
Preferred
1234 May
3
3 3
1
3>4
Nov
Cardinal Petroleum Corp.
1
5% Oct
4.400
151 211
231
Carib Syndicate
311 Mar
7% Aug
611 6% 10.000
6%
911 Dee
Consul Royalties new „...1
300
1211 Nov
91i 934
5 1314
Creole Syndicate
851 .14in
14% Apr
12% 1331 35,700
1,800
Dec 1211 May
Crown Cent Petrol Corp.
5
•
6
5
5%
• 81c
500 50c
Jan
Darby Petroleum
1
App
1
760
I ierby 011A Ref common •
1.400
Dec
2
7
1.eb
2
2
231
Euclid 011
Jan
Iisir Dec
1%
111 U'i• 5,000 87c
ciinson 011 Corn
58.500
114 Jan
4% 6
Deo
511
Gilliland 011 corn v t o. •
3% Mar
114 Nor.
1%
111 3.200
Gulf 011 Corp of Pa
25 85% 83% 8651
5.900 6351 Mar 87
Deo
Honolulu Cons 011
311 Dec
351
3%
331 2,300
3% Deo
International Pet roleum--• 33%
3331 34% 111.700 2231 Mar 35% Dee
Kirby Petroleum
231 Sept
2.100
•
3% 354
531 Jan
331
Lego 011 & Tr Corp el A—. 22
1831 23 235.500 1731 Dec 23
Dec
Lago Petroleum Corp....* 11%
951 1131 334,600
44 June 11% Des
Leonard 011 Developm't_25
59.200
7% No, 13
8
9
Oct
831
Lion Oil& Refining
900 18
• 24%
Oct
2411 2434
2534 Nov
1.ivingst011 Petroleum... •
2.900 750
I
Jan
1
134
131 Sept
Lone Star Gas
25
1.400 32% Sept 47
47
43
Deo
Niamey 011 Corp
•
1.700 bile
Jan
1% Oct
13'4
131
1%
100
Marland 011 of Mot
1
131 Jan
4% Feb
331 3%
Mexican Panuco 011_._ _10
Apr
431 20.600 56c
4
4%
5% Nov
Mexico 011 Corp
10
2,000 10c Feb 370 Mar
17c 20e
Mountain & Gulf 011
1,300
1
1
July
115
131
2
Mar
Mountain Producers_ _ _25 2415
21.100 1811 Jan 2611 Deo
2411 26
National Fuel Gas
350 106
• 127
123 129
Jan 129
Dee
New Bradford 011
5
3% Jan
634 611 5,900
631 Dec
634
New York Oil
100
834 Feb 12% June
10% 1035
Noble 011 & Gas corn... _1
Sc
10.000
4c Nov
4c
Sc
130 Feb
Ohio Fuel Corp
25 35% 35
500 31
3511
Mar 37
Nov
Oklahoma Natural Gas_ _25
150 28
3314
32
Feb 3334 Dee
Peer 011 Corp
•
2% 214 9,900 90o May
2%
234 Dec
Pennock 011 Corp
900 1731 Jun 2834 Oct
• 23
2211 23%
Red Bank 011
25 17
19
17
600 16
Mar 44% June
Reiter-Foster 011 Corp—• 20
22% 7,100
20
9
Sept 3334 June
Royal-Can 011 Syndicate.'
4,000 250 Dec
35c 45c
2
AR
Ryan Como'Petroleum_ _•
311 Jan
6% 731 2,400
631
914 Mar
Salt Creek Consol 011...10
9
9
934 2.900
6% Oct
931 Nov
Salt Creek Producers-10 33% 33% 34
17,000 24
Jan 3434 Dee
Sante Fe 011 & flpfvto.._
334 4
5.700
4
3% Dec
4
Dec
Nor States Pow 6148_1933
634s gold notes
1933
Ohlo Power 58 Ser 11_ .1052
Pan Amer Petrol 68w 11940
Pennok 011 68
1927
Penn-Ohio Edison 68..1950
Penn Power & Light 581952
5s Series D
1953
xPhila Electric 5Hs._ -1947
196)1
hs
(is
1941
Phila. Rapid Transit 6511)02
Phillips Petrol 7148_ - _1931
Pure 011 Co 614s
1933
Rhine-Main-Danube Corp
78 Series "A"
195
(
Rhine-Westphal El P7s5ti
Smola Falls Co 5a._..1955
Schulte R E Co 68_ _1935
1935
fis"X"
Shawsheen Mills 76_1931
Siernans & Halske 7s.._192t
1931
78
Sloss-Sheff Stl& 1 63_1921
Solvay dr Cie 68
1934
Southeast P & LOS A.2021
With warrants
South Calif Edison 55_1944
Southern Gas Co 645_1935
Stand 011 of N Y 6345-191
0
Stutz Motor of Am 7548 '37
Sun 0115548
1939
Swift & Co 5s..Oct 15193.
Thyssen (Aug) 1&S 7s 1931
Tidal-Osage Oil 78“._1931
Toho El Pow (Japan) 78'55
Tokyo EleC Light 6s_ _192i.
Trans-Cont inental 01178'3(
Trumbull Steel 68.._ _194)
Tyrol Hyd-E1 Pow 7148'55
(Jolted 011 Prod its_ _1931
(Jolted Rys of Hay 73.4s'36
(IS Ruh Ser 6 45 newl926
Serial 6145 notes_ _ _1927
Serial 64% notes...1921.
Serial 614% notes_ _1929
Serial 64% notes_1930
Serial 634% notes._1931
Serial 034% notes_ _1932
Serial 64% notes_1933
Serial 64% notes_1934
Serial 64% notes_ _1935
Serial 63-4% notes_ _1936
Serial 614% notes 1937
Serial 6 ki% notes_ _193
,
Serial 614% notes__193P
Serial 63.4% notes. _194(
U S Smelt, At Rel 5 49_193r
Vacuum 01178
193f
Walworth Co 645_
1931
-1941
68
Webster Mills R 1
_1033
Westph'a UnElPow 648'50
4._.
Foreign Government
and Municipalities.
Cologne (City) 6 45_.1950
Columbia (Rep of) Dept of
A ntioallia 78
1945,
Danish Cons Munk)545'55
Denmark(Kg)554s w1 1955
65
1970
Gratz (City) Austria 85 '54
French Not Mail SS 781049
Heidelberg City 7148_1950
Hungarian Cons Mun
Loan 7345 •
1945
Indust Mtge Bk of Finland
1st M coils 1 7a.._ _1949
Medellin (Colom) 85..1948
Nether'ds (Kingd) 88 B '72
Peru (Republic of) 85_1932
1940
71
4a
Rumlan Govt645____1919
634s certifs
1929
1921
548
5345 certifs
1921
SarraFe(4reentinal7s 1)42
Sarre Basin Con Co 78_1935
Switzerland Govt 554s 1923.
tTnnor A •,a•..1st"
, '.'''' '''
•nr,
Range 'trice Jan. 1.
Low.
12954 12834 133 122.000 10534
10334 10334 10334 42.000 994
95
9334 95 271.000 89
10334 10354 105
1106000 10054
100 100
4.000 97
974 97
98% 62.000 97
9714 974 9714 6,000 95
9754 974 9734 11,000 95
106 10614
2.000 104
101
101
10.00(1 98
1.000 104
1073-4 10714
9734 9754 9734 9,000 96'j
10414 1044
5,000 10314
1024 102% 1024 31,000 9774
96
94
99
1023.4
1034
98%
1074
10674
98
9S
9654
924
9034
974
9614
96%
10214
10134
10151
1014
101%
102%
10134
10134
1014
102
100)4
10454
90
100
874
8534
954 96
94
94
974 98
98 100
864 8634
1023.4 10215
954 9614
94
9434
10251 1024
10314 104
9734 99
10614 1094
9634 964
984 9834
1064 10674
95 100
11744 98
96% 9674
914 9334
1034 10314
8934 9054
9654 974
964 97
96
963.4
9654 9644
304 3374
11144 12
1003.4 0034
102
0214
1024 024
102
02
101
0174
1013.4 01%
101
0134
101
014
101
0134
101
021
4
101
0114
10034 6114
10074' 0134
10014 0114
02
101
1003.4 0034
10454 0434
9634 974
96
9714
100 100
8754 8734
85
9014
8954
9334
9814
91334
100
100
97
8054 80
9834 9834
89
82.000
60.000
6,000
16,000
8.000
5,000
14.000
3.000
15,000
13,000
108.000
59.000
1.000
10000
34.000
235,000
30.000
105,000
52.000
1000
52.000
300 000
.
26.000
40.000
31.000
8.000
42.000
2.000
8,000
6.000
16 000
1203)))
9,000
19.000
20.000
12.000
10.000
15.000
21.000
22,000
16,000
16.000
31.
000
23.000
39.000
107,000
9.000
19
94
94
9714
98
80
100
9244
9054
101
WO
9554
1003.4
92
9834
106
9244
9545
94
90
103
87
904
944
96
94%
28
1074
10034
10054
10034
9914
9934
974
97
9654
964
96
954
9544
9534
9535
95)4
994
104%
9634
96
6714
8734
Jan
Jal
Jan
Dec
Jan
Dec
Apr
Apr
Jan
June
AIM
Ant
Apr
Jan
De(
Nov
Dec
De,
Dee
Apt
Oct
Aug
Jar
Jai
Oct
Oct
Jan
Dec
Aut.
Dec
Jam
Jar
Aut.
Jar
Aug
Dec
Sep'
No,
Jun.
Jai
Mal
Nov
Apr
Apr
Apr
Apr
Apr
Mar
Apt
May
Apr
Am
Ma)
Apr
Ma)
Mat
or
Dec
Dec
1)e.
Ma '
,
Dec
86
$74,000
8434 De.
9014
9834
984
10034
98
8114
984
44.000
5.000
230,000
25.000
7,000
102,000
12.000
8954
984
984
98
96
774
9834
8834 894 53.000
984 964
98
98
1074 10734
100
9734 9734
144
1634
154 15
1554 1334
1434
9314 934
933.4
10214 101 34
Q0'4 9014
1'
Bonds (Concluded)-
zzuntnxzw%,, , :mm=1.4.-zxxxx x).1.t.).1
,ttu.104,
High.
974
9834
10734
10034
9814
174
174
164
17
94
9414
1024
91
ermzuroc
uxxx
ts22a22822222aaRtqlii%Winqqaas&s!iqgintr= tiAMIAZIalit234”.
2
4
Low.
Dec
N.'
De.1
Jul
De
,
Are
Dee
8834 Dec
254,000 924 Ma)
22.000 974 Jill
,
15,000 1025-4 Mar
Jam
25.000 99
72.000 974 No
,
122.000 114 At.
428,
000 11
Aug
274,000 11
July
179.000 1034 Ma)
12.000 1)2)4 Sen
3.000 9314 Dec
91.000 101
1*,
20000 9014 Dee
2
Range Since Jan. 1.
Sapulpa Refining
1
Dec
5
Jan
2
1
100
1
Savoy 011
334 Jan
Nov
1% 1%
3,200
1
134
Tidal Osage Oil
Feb
9
1034
800
10
1514 Feb
Venezuelan Petroleum _ _ _
5.400
14 Sept
3% 3%
3%
434 Am
Wilcox 011 & Gas new
2534 27
1,400 2234 Sept
26%
3134 June
Woodley Petroleum Co..
Mai
900
5)4 54
7
274 Mar
Minila Stocks
Alvarado Min & Mill. __20 76c
760 980
254 Mar
400 500 May
Arizona Globe Copper... I
Mc
Jan
7e
Feb
150 180
6,000
Calumet & Jerome Copper_
150 15c
150
1,000 15c Mar 260 Mar
Cal versa Copper
1
34 4
11-4 Jan
44 Nov
900
Chief Consol mining
3% 4
Dee
3.200
235 Oct
4
1
Chino Extension
40
3c
13,200
3c Dec
1% June
Coniagas Mining
34 3%
34 Dec
500
Dec
4
Consul Copper Mines. _1
134 2
2
1.400
4
Feb
July
Cons M & Smelt of Can_25 150
149 154%
Oct
Nov 167
1.140 143
Continental Mines
450 70e
15 45c
2,300 45c Dec
14 Apr
Copper Range Co
194 193
100 1854 Dec 32% Jan
4
Cortez Sliver Mines Co ._1
6c
6c
2,000
6c Not
het(
25e
Cresson Cons Gold M &M .1
2%
24 2%
600
Feb
4
2)4 Oct
Crown King Cons Mines.!
135 14 1.300
114
134 Nov
1)5 Dec
Dolores Esperunza Corp._2
68c 68c
5,000 35c .lan
(5 Nov
Dundee Arizona
22c 22c
1.000
22c Feb 280 Nov
Engineer Gold M ines.Ltd.5 16%
164 18% 3,100 II% Nov 109
July
Eureka Croesus
6c
60 19.000
Sc De( 23e Feb
First Thought Gold Min...1
7c
6c
Sc 22,400
Oct 58c
3c
Jan
Forty-Nine Mining Co....1
6c
7c
3.000
Sc
Jan 42c July
Golden Centre Mines
2
234
2% 2.800
13.4 Nov
7% July
Goldfield Consol
5c
6e
8.000
Jan
40
8c Feb
Goldfield Florence
8c
Sc
6.000
Sc June 14c Feb
Green Monster Mining_50c
Sc
1.000
8c
30 Apr
80 Mar
Hawthorne Mines, Inc _ _ .1
19c
17c 20e 24,000
8c
Feb 25c Nov
Ilecla Mining
25r
174 1734
100 1234 Apr 18
Not
Hollinger Consol G M...5
17% 1745
100 1234 Apr 17% Oct
Jerome Verde Development 92c
060 94e
1.700 50c Sept
Apr
2
Kay Copper Co
1
1%
134
134 29,700
14 Jun
234 July'
Herr Lake
5
400 fifte May
134 1%
174 Fel,
Knox Divide
10c
lc
1.000
lc
lc
Jan
Jan
3c
Mason Valley Mines
6
14
14 2
2.30
14 Dec
214 Jan
New Cornelia Copper..._5 194
19
1,000 18% Mar 24% Jan
19%
New Jersey Zinc
100 20735 206 209
1.03 181
May 21454 Nov
Newmont Mining Corp_10 464 454 46% 2.900 43
Oct 4654 J1113'
Nipissing Mines
.5
634
534 634 8.400
43-4 May
654 Jan
Nixon Nevada Copper_ _ _
87c
75c 87c 55.400 39c Nov 87c Dec
Ohio Copper
75c
75c 80c
6.800 73c Aug
114 Jan
Parmac Porcupine Mm..
.1
30c
280 30c
3.000 15c Fel
52c
Jan
Plymouth Lead Mines._ -----9c
2.000
9c
4c NO, 85c Mat
Premier Gold Min, Ltd.
.1
234 6.000
2s
2
Jat
27 Sent
4
Red Warrior Mining
22c
2Ic 22c
3,000 200 Fel
51c Atm
Ban Toy Mining
1
3c
Sc
4.000
3c
Jan
2o
70 Feb
Shaw alines(lornorat ion.
3,000 12c De.
120 24c
Orl
1
Silver King Coalition
500
9
9
5
Jan
Sept
10
Booth Amer Gold & Plat...1
6
5,600
5% 6
234 Mat
64 Nov
1 Spearhead Gold M!Mug _ _ I
40
40
6c 33.000
4c
Fel
12c May
Took Hughes
1
2)4
214 2% 5,900
134 Jay
254 Dec
Tonopah Belmont Devel_l
234
14 235 4.700 52c
Ap.
214 Dec
Tonopah Extension
I
14
14
135 Au)
Me 12,100
3111 Feb
Tonopah Mining
11m MR,
.
44 5
500
6
Aug
United Verde Extens_ -50e 274 264 274
1.700 20)4 Ap
2934 Jan
United Zinc Smelt
10(
550 550
20e
Oc.
75c Dec
U 8 Continental Mines_ _A
80
1,000
Sc
6c Aur
113c Mar
Utah Apex...........(1
1.500
454 Jat
634 634
634
84 Jan
Utah Metal & Mineral.
650 658
600 1350 De4
Jan
1
Wenden Copper m Ming..1
34
2
24 3% 12.900
Jtit
Apr
5
West End Consolidated. _5
1,000 24.3 Are
26c 26c
56c July
West End Exten Mining_l
Sc
Sc
9.000
30 Not
6c
17c
Jan
Bonds
Allied Pack cony deb 88'39
884 90 $28.000 84
Mar
9434 Feb
Debenture 65
1939
Z.000 734 Sept
78
78
8434 Feb
Aluminum Co or Am 761933 1064 1064 10634 16,000 106% Au) 107% June
Amer G & E deb 6s _.2014 074 974 9734 129.000 95
Jar
99% July
American Power & Light
Os old without warr_2014 954 0534 954 129.000 93% Jar
984 May
(15 new
954 954 21.000 94% No, 98% May
Amer Rolling Mill 6s-1938
10134 1014 32.000 100
Jar 1134 June
American Thread 65. _1928
2,000 1024 Jar 104
103 103
Feb
Amer W Wks & El 69_1975 9434 9434 9434 86,000 94% Not
95
Nov
Anaconda Cop Mln 63.1929 10234 10274 103
62,000 192
Jar 104
May
Andian Nat Corp 68-1940
128 13134 3.000 103
Apr 128
Dec
Without warrants
100 100
100
37.000 954 Nov 10034 May
Assoc Gas & Elec 63 _1965 944 9434 944 115,000 92
Aut. 96 June
Assoc'd Simmons Hardware
6345
1933 954 9534 954 81,000 81
Fel, 96
Nov
Atlantic Fruit Ss
20
20
22
23.000 1734 Oct 27
Mar
All G & W I SS L 5s..19511 74
7334 74
22,000 62
Jan
78% Sept
Beaver Board Co 85._ _1933 9434 943 9534 38.000 874 Sept
4
9534 Oct
Bell Telen of Can 5s..1955 9934 9934 994 61.000 9734 AuR 100 June
Beth Steel equip 78..
.1935 10334 1034 105
39.000 103
Ma 10434 Oct
Boston & Maine RR 651933 9554 95
954 39.000 824 Ma
96
Oct
Brunner Turb & Eq 7346'55
9634 964 2.000 95% Dec 964 Dec
Canadian Nat Rye 78.1935 11034 110 111
37,000 108 34 Jai 112 1
4 Anr
Chic Milw & St P (new co) On ace own of a m dificati on of reorg nizationplan
AdJ mtge Saw 1
2000 all eon tracts are on II and v Id.
1966 9234 178
Cities Service 65
4 47.900 90
x
1
Sept
91 4 June
Cities Service 78, Ser B1966
1.000 1504 Jan 1784 Feb
Cities dery 76, Ser C..1966
12634 1264 10.000 111
Jae 128
Feb
Cities Serv 7s, Ser D..1966 1014 10134 1014 81,000 98% Jan 1064 Feb
Cities Serv Pr & Lt 65.1944 9454 044 9435 191,000 92
Feb 954 Oct
Cone G,E L & P. Balt138 Series A
1949 1063-4 10574 1064 13.000 1043.5 Jan 108 June
68 Series F
1965 9934 994 100
21.000 98
Aug 1004 June
Conant Textile 85
854 86
1941
86
11.000 80
Am 95
Jan
Cosg-Meeh Coal 645-1954
954 96
7.000 95
Sept
9834 June
Cuban Telep 7146..._ .1941
10854 109
12,000 106
Jan
Cud thy Pack deb 546.1937 9234 9234 9274 29,000 893.4 Jan 1124 Aug
95
Feb
55
1946 95
12.000 90
9434 95
Apr 95 June
Detroit City Gas Its 1947
1044 10554 22,000 10214 Jan 19614 Mar
Detroit Edison deb 761928
1364 13634
1,000 125
July 15
654 Sept
Eitingon-Sehild Co 08_1935
984 984 51,000 984 Dec
Dec
Est RR of France 78. _1054 8234 81% 834 240,000 7814 Am 99
884 Feb
Europ'n Mtg & Inv 74.'50
9235 934 4.000 92
Nov
94
Nov
Federal Sugar (is
1933
16.000 90
91
90
Dec 99
Mar
Galr (Robert) Co 78..1937
1034 10314
1,000 99
Apr 104)4 July
Galena Signal 0117s_ 1930
1024 10134 6.000 1924 Dec 100)4 July
. General Ice Cream 615s '30 128
115 12954 53.000 104
July 12954 Dec
General Petroleum 68_192S
1014 1013.4 6.000 10054 Jan 112% Jury
1st 55
Aug 15 1940 9474 9454 947-4 29,000 9354 Sept
95
Nov
German Gen Elec 648.1940 9434 94
944 28,000 94
Dec
9414 Dec
Goodyear T & R 58_ _ -1928
9914 9914 5.000 9934 Dec 99% Dec
Grand Trunk Ry 6 45.1936
8,000 101134 Jan 110
10654 1073-4
J u.y
Great Cons Eiec 6348_1950 8574 854 86 179.000 8554
Not
863.4 July
Gulf 011 of Pa 53
1937 9934 9954 100
36,000 9814 Jan 10134 May
Serial 5348
7
101
101
2000.
100 34 Os, 10114 .lan
Serial 5148
101
1928
10134 12.000 101
Aug 1024 Sept
Hood Rubber 78 ... _1936
10434 105
9,000
Inland Steel deb 5148.194:. 984 984 984 134.000 102 Jtmtt, 10554 July
9814 Dec 99
Dec
Italian Power6)45.-1928
1014 1014 21.000 974 Jan 10134 Dec
Kansas City Term 48_1961
85
85
8554 46.000 83
July
8634 July
Keystone Telep 54s .1955
8654 867-4 2.000 867.4 No, 91
Aug
Krupp (Fried), Ltd. 751929
90
17.000 86
91
Aug 994 Jan
Laclede Gas 1.1 514O 19:15 9754 974 99
17.000 974 Dec 100
Nov
Lehigh Power Secur 65.1927
1013.4 10154 28,000 1004 July 10154 Mar
Libby. McN eir Lib 75_1931
10454 10454 4.000 102
Jan 105
Aug
Liggett Winchester 75.1941 --1073.4 107% 6,000 1
Long Island Ltg C066_1945 10034 100 10014 25.000 0774 Dee 10814 Aug
9914 Aug 102
July
Manitoba Power 75._ .1945 10335 103 103
8.000 9814 Jan 10454 Oct
Mass Gas 5345
1946 9954 9934 100 217,000 99% Dec 100
Dec
15StP&SSMRy 58.1938 99
984 9934 (54.000 984 Dec 9974 Dec
81158ouri Pac RR 53..1927
10054 1003.4
9.000 993.4 Apr 101
May
Morris & Co 74:1
1044 1044 1054 7,000 984 Jan 1054 Nov
Motor Prod Corp 65_1943
994 994 2.000 99
Feb 9934 Dec
2997
rortatiy
Last Wee.t's Range Saley
Sate.
for
o, Prizes.
Price. Low. High Week.
tatv.Imlze'az 0 v4zWox
,
fortday
Sates
Last Week's Range for
Other 011 Stocks
Sale
of Prices.
Week.
(Conauded)
Par Price. Low. High Shares.
THE CHRONTGLE
. _ ...
.
alEsszsa2F,a2s!asasasur,s4avei1O4sHa4§sHsep:s00es FA0gF
i
3- tisz=sEiss s wasiisr. s XXXX4X XXXXxXX
---1sseg0Fi
7
x x x xxx x xx x x
XX =X
xxxxx x xxxx xxx
x x x
x xxxx xx
DEC. 19 1925.]
• No par value. k Correction.
Lis,ed on the Stock Exchange this week, where
additional transactions wi I be found. o New stock. s Option sale. It When
Issued. r Ex-divldend. u Es-rich s. z Ex-stock dividend.
New York City Realty and Surety Companies.
All prices dollars per share.
Ask
Alliance WIty
Amer Surety.
Bond & M G.
Lawyers Mtge
Lawyers Title
& Gu.rrantee
180
178
314
228
183
310
2,12
360
370
illtd.
aft.
Bid. Aa.
Mtge Bond.. 145
155 Realty Assoc,
Nat Surety_ 210 220
(Bklyn)com 505 828
N Y Title &
1st pref.... 98
100
Mortgage.. 455 455
20 prof.... 90
93
ll S Casualty. 360
Westchester
IT S Title Gila 340 346
Title & Tr_ 420 -__
New York City Banks and Trust Companies.
All prices dollars Dn. Vlore.
Banks-N.Y. Bid
Ask
America•
...
330 340
Amer Ex Pac 480 490
Amer Union. 195
Broadway Cen 275 Bronx Boro*. 753
Bronx Nat.,. 375 ;18
Bryant Park• 510 230
Butch & Dro% 16
170
Capitol Nat.. 215 225
Cent Mercan. 345
_
Chase
555 .565
Chath PheniN
Nat Bk & Tr 376
372
Chelsea Exch• 220 230
Chemical.... 710 720
Coal & Iron__ 345 355
Colonial•...... . 50
Commerce.
368 374
Com'nwenith• 325
25
Continental
Corn Exch._ _ 585 600
Cosmop'tan*. 190
East River... 355
Fifth Avenue.2400 2600
2600 2980
First
Franklin
160
170
Garfield
380
270
Grace
Greenolch• _ 425 475
Banks.
Bid.
FlarnlIton_--. 200
Hanover
1115
4
Harriman_ _
Manhattans. 238
Niech & Met. 930
4115
Mutual*
Vat American 180
National City 595
New Neth... 265
Park
500
Penn Exch... 154
Port Morris_ 200
f5i
Public
ieaboard- - - 630
deventh
1:0
500
itate•
815
145
Tmdc•
United
215
United States. 280
Wash'n
725
Brooklyn
Coney Island* 225
451
First
Mechanics's_ _ 310
ontauk•_ _
253
Nassau
315
People's
475
4,),teenahoros
175
•Banks marked (*) are State banks.
Ask.
rust Cos. Bid
AA.
225
New York.
113, American
490 Bank of N Y
242
dr Trust C 620 640
435 Bankers Trust 610 020
Bronx Co Tr, 240
Central Union 910 iia
600 Empire
334 338
275 Equitable Tr. 313 318
510 Farm L & Tr. 562 587
134 Fidelity Inter 320 335
Fulton
350
685 Guaranty Tr. 376
379
_ _ Irving Bank180
Columbia Tr 333 339
Lawyers Tr.
_
Manufacturer 510 515
155 Mutual(West
230
cheater)._. .
235 255
290 N Y Trust_ 555 565
Title Cu & Tr 690 710
1)8 MtR & Tr 410 415
-__ United States 1390 1910
Westches Tr. 400
Brooklyn.
iAi Brooklyn Tr 1185 595
325 kings Count) 2300 2400
Mid wood _
*70
- Peonle's.
y780 790
z) Ex-dividend. (y) Ex-rights.
2998
gutelligna.
Xnuestuunt and
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the second
week of December. The table covers four roads and shows
17.40% increase over the same week last year.• '
Second Week of December.
1924.
1925.
Increase. Decrease.
$
$
$
$
308,779 61.890
370.669
Buffalo Rochester & Pittsburgh_
4,546,000 3,507.000 1,039,000
Canadian Pacific
330.576
315.365
Minneapolis & St Louis
1,949,019 1,964.329
St Louis-San Francisco
15.211
15,310
30,521
7,181,053 6,110,684 1,100,890
1,070,369
Total (4 roads)
Net increase(17.40%)
In the table which follows we also complete our summary
of the earnings for the first week of December:
1924.
1925.
First Week of December.
$
Previously reported (3 roads)--- 5,781,013
Ann Arbor
130,250
Canadian National
5,563,643
Duluth South Shore & Atl
90,080
Georgia & Florida
47.000
2.164,000
Great Northern
4.038
Mlneral Range
285,626
Minneapolis & St Louis
362,880
Mobile & Ohio
8.486
Nevada California & Oregon_ -1,967,659
St Louis
-San Francisco
535,300
St Louis Southwestern
3,925.196
Southern Railway System
392,222
Western Maryland
Increase. Decrease.
$
$
$
73,870
4,902.738 952.145
12,140
118,110
4.791,608 772,035
8,179
81,901
10.700
36.300
360,025
2,524,025
5.195
9.233
17.980
303.606
6,174
369,054
3,324
5.162
10,930
1,978.589
74,077
609,377
3,683,496 241.700 ----23.384
368,838
21.257.393 19,782,037 2,023,607
1.475.356
Total (16 roads)
Net increase (7.411%1
548,251
In the following we show the weekly earnings for a number
of weeks past:
Week.
Current
Year.
Id week Oct. (16 roads)---4th week Oct. (16 roads)_--let week Nov (16 roads)____
2d week Nov. (16 roads).Sd week Nov.(16 roads),,,.
4th week Nov.(16 roads)___1st week Dec.( 4 roads)- _1st week Dec. (16 roads)--2d week Dec.( 4 roads) --
S
22.817,485
32.128.402
21.623.284
22.230.760
22,569.751
27.051.922
6,076,639
21.257,393
7.181.053
Previous
Year.
Increase or
Decrease.
%
$
$
+818.397 3.72
21.999.088
+290,948 0.91
31.837,454
-168.8.59 0.77
21.792.143
1.132.119 5.41
21,008.641
1.732.633 8.32
20,837.118
24.351.216 +2.700.70611.12
+870.295 16.72
5.206,344
19,782,037 +1,475.356 7.46
6.110.684 +1.070.369 17.40
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), these being very comprehensive.
They include all the Class A roads in the country, with a total
mileage each month as stated in the footnote to the table.
,
Gross Earnings.
Month
1925.
1924.
Increase or
Decrease.
Net Earnings.
1925.
1924.
Increase Of
Decrease.
$
3
$
$
s
$
Jan,. 483,195,642 467,329.225 +15.866,417 101.022.458 83.680,754 +17.341.704
Feb., 454.009.6611 478.451.607 -24,441,938 99,460,389 104,441,895 -4,981,506
Mar__ 185,498,143 504,362.976 -18,864,833 109,230,086 114,677,751 -5,447.665
172,591.665 474,287,768 -1,696,103 102,861,475 97.471.685 +5,389.790
May.187,864,385 476,649,801 +11,114,584 112,859,524 98,054,494 +16.805.030
lune - 506.002.036 464,774,329 +41.227,707 130,837,324 101,487,318 +29.35,006
July__ 521,538,604 480.943.003 +40.595.601 139.606.752 111,786.887 +27,819,865
Aug,. 554,559.318 507.537.551 +47.021.704 166.558.686 134.737.211 +31.821.455
Sept.564,443.591 540,063.587 +24.381.004 177,242.895 159,216.004 +18,026,891
Oct __ 190.161.046 571.576.038 +18.585,008 180.695.428 108.640,671 +12.054,757
Note.-Percentsge of increase or decrease In net for above months has been
January,20.73% Inc., February, 4.77% dec.. March,4.74% dec.. April. 5.53% Inc..
May, 17.49% inn.; June. 18.91% inc.: July. 24.88% Inc.; Aug., 23.26% Inc.; Sept..
11.32% Inc.: Oct.. 7.14% inc.
- In Jan. the length of road covered was 236,149 miles In 1925, against 235,498
Wiles In 1924,In Feb., 236,642 miles. against 236.031 miles, in March,236.559 miles.
against 236.048 miles.In AprII. 236.664 miles. against 236.045 miles, in May.236.683
miles. agaInst 236,098 miles. In June. 236.779 miles, against 236,357 miles. in July,
236.782 miles, against 236.525 miles: In August. 236.750 miles. against 236.546 miles:
In September. 236.752 miles, against 236,587 miles; in October, 236,724 miles,
against 236.584 miles
-The table
Net Earnings Monthly to Latest Dates.
following shows the gross and net earnings for STEAM
railroads reported this week:
-Grossfrom Railway- -Net from Railway- -Na after Taxes1924.
1925.
1924.
1925.
1924.
1925.
$
8
$
$
$
8
Monongahela Connecting
-4,434
23,992
482
28,380
143,484
November - 180.386
50,687
244,453
105.583
299,690
From Jan 1- 1,970,068 1,763,234
Balance,
Fixed
Net after
Gross
&illus.
Charges.
Taxes.
Earnings.
Companies.
49,674
62,764
112,438
327,422
Oct '25
Cumberland Co
69,221
60,761
129,982
314,142
'24
Pow & Light Co
740,396
758,881
12 mos end Oct 31 '25 3.884,777 1,499.277
656,257
742,591
'24 3,836,584 1,398.848
Detroit Edison Co Nov '25 3,476.019 *1,397,417 e336,899 1,060,519
658,195
'24 2.810,324 *1.026,260 e368,065
11 mos end Nov 30 '25 32.709.129*11.068,343 e3.888.017 7,180.326
'24 28.674,079 *8.910.122 e3,780.365 5,129.757
177,197
335.427
512.624
Nov'25 1,007.695
Hudson & Manh
145,097
339.300
484,397
989.773
'24
5,271.221 3.703,387 1,567,834
11 mos end Nov 30 '25 10,965,661
'24 10,790.734 5.137,382 3.726,929 1.410,453
4,790
272,391
Oct'25
Lake Shore El By
240
251,298
System
'24
113,639
10 mos end Oct 31 '25 2,667,979
55,492
'24 2,577.868
77,344
24.500
101,844
221.811
Manchester Trac, Nov '25
61.828
21,703
83,531
217,035
Lt & Pow Co & subs '24
716,757
268,403
985.161
11 mos end Nov 30 '25 2,593.076
630,086
243,858
873.944
'24 2,548.471
94,150
77,326
171.476
809.255
Market Street By Nov' 25
107,511
73,695
181.206
809.059
'24
851,108 1.187,394
11 mos end Nov 30 '25 9,050,430 2,038,502
754,283 1.265,909
24 9,030,584 2.020.192
c After depreciation.
b After rentals.
*Includes other income.
e Includes amortization of debt discount and expense.
FINANCIAL REPORTS.
The Cuban-American Sugar Co., New York.
(Annual Report-Fiscal Year Ended Sept. 30 1925.)
The report will be found at length on a subsequent page,
including the remarks of President George E. Keiser, the
consolidated balance sheet and consolidated profit and loss
account.
GENERAL STATISTICS FOR YEARS ENDING SEPT. 30.
1921-22.
1922-23.
1923-24.
1924-25.
1.847,746 2,256,736
1,853,202
Total bags
2.135.259
361,078
295,639
296,512
Total in tons
341.641
35.865
18,381
10.228
Cardenas Ref.(1,000 lbs.)
32,643
164,111
214.298
242.696
Gramercy Ref.(1,0001bs.) 179.866
INCOME ACCOUNT FOR YEARS ENDED SEPT. 30.
1921-22.
1922-23.
1923-24.
1924-25.
*Sugar sales
824.351.759 $34,393,545 $36.062.832 $23,949,568
231.715
366.347
1,096.430
1.932,540
Molasses produced
390,206
379,507
612,912
608,927
Interest received
821,805
510.103
544,954
479,382
Profit on stores, &c
Total
527,372.608 536,647.841 537,318,789
Prod. & mfg. costs, selling & general expenses 23.021,835 26.760.581 26.261,154
Net earnings
$4.350,772 $9.887,260 $11,057,634
DeductProvM, for inc. taxes as
may be finally de$830,000
termined
$390,000 $1,040,000
1.304,561
1,332,127
1.443.390
Depreciation
151.950
171.517
47,601
Int. on bills payable, &c..
45.175
45,175
Disc, on bonds & notes
45,175
722.800
722,657
711,624
Interest on bonds
525,393.294
20,731,078
$4,662,216
31,243.786
572,145
88,727
734,110
$1,712,982 36.575,783 $88,003,148 52.023,447
30.177.149 26.403,932 20.453.350 18.982.468
Total
$31.890,132 332.979.715 $28,456.498 $21,005,915
552.566
552,566
552,566
Pref. dividends (7%)--552.566
1,500.000
2.750,000 2.250.000
Common (cash) diva_ _
(15%)
(2235%)
Rate, per cent
(2734%)
Balance, surplus
Previous surplus
P.& L.surp. Sept. 30-328,587,566 $30.177.149 $26,403,932 $20,453,350
* Denotes raw and refined sugar produced, lean commissions, &c.•
CONSOLIDATED BALANCE SHEET SEPT. 30.
1925.
1924.
1924.
1925.
$
$
LiabilitiesAssets
$
$
Common stock...10.000,000 10,000,000
Lands, buildings,
machinery,&c.41,422,163 40,801,942 Preferred stock._ 7,893,800 7,893,800
Good-will
3.929.340 3,929,340 1st M.gold bonds. 8,851.000 9,030,000
854,542
Real est. mtgs.,&c. 565,597
Advances to colonos, &c_ a
7,053,712 7,052,046 Bills & loans pay588,516
380.160 able
Investments
369,320
Accounts payable. 1,603.705 1.781.956
Planted and grow98,020
89,170
817,435 Salaries and wages
ing cane
871,655
39,811
44,788
Live stock & equip. 1.333,775 1,315,176 Interest accrued
Reserve for Income
Inventory of raw
material, &c..... 3,752,575 3,899,366 & excess profits
Raw & ref'd sugar_ 5,639,803 8.827,942 taxes unpaid... 1,883.934 2,279,920
Cash
1.732.336 1,043,418 Deprec'n reserve_ _11,579,717 10.656,155
28,587,586 30.177,150
250,702 Surplus
Cash feria M bds. 250,702
sitects. & bills rec. 1,279.732 1.585,514
U.S. Treas. notes. 2,763,289 3.011,250
461,688
Other def'd charges 504,548
70,902,950 73,175,978
Total
70,902,950 73,175,978 Total
-V. 121. p.
* After deducting reserve for bad and doubtful accounts.
2408, 1683.
Central Aguirre Sugar Company.
(26th Annual Report-Year Ended July 31 1925.)
The remarks of President Charles G. Bancroft, together
Electric Railway and Other Public Utility Net
-The following table gives the returns of with the income account and balance sheet for the fiscal
Earnings.
ELECTRIC railway and other public utility gross and net year 1925, are cited on a subsequent page.
CONSOLIDATED INCOME ACCOUNT YEARS ENDED JULY 31.
earnings with charges and surplus reported this week:
-Gross Earnings- -Net Earnings
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
Nov 1,065,065
874,615 *487.077 *402,213
Alabama Pow Co
11,415,296 8,919,857 *5.265 A95 *4,445.726
12 mos end Nov 30
Nov 1,557,063 1,259,961 6839.051 8601,504
Cities Service Co
19,399,958 17,368,090b11.214,712 b9,607,682
'2 mos end Nov 30
*After taxes.
b After preferred dividends.
Balance,
Fixed
Net after
Gross
Charges. Surilus.
Taxes.
Earnings.
Companies.
Adirondack Pow & Nov'25
155.696 6163,000
c318,696
750,501
899,039
130,941
'24
Light Corp
664.420 c229,980
12 mos end Nov 30 '25 8,303,661 c3,021.588 1,789,177 b1,232,411
'24 7.295,397 c2.424,234 1,429,531 9494.703
621,072 c1,264.943
Columbia Gas & Nov '25 3,378,972 *1,886,015
484.314 c617,005
Elec Co and subsids '24 2,149,499 *1,101.319
11 mos end Nov 30 '25 29.960.722*14,584.046 5,407.958 c9.176.088
'24 23.750.626*11,334,368 5,739.798 c5,594,570
369.056 c193,785
Cent Maine Pow Nov '25
'24
349,249 c154,274
Co System
12 mos end Nov 30 '25 4,156.478 c2.027.860
'24 3.841,922 c1.811,394
Companies.
1923-24.
1922-23.
1921-22.
1924-25.
Sugar & molasses prod__ $5,613,645 $4,642,767 $5,979.719 $4.048,025
362.157
407.990
310,294
315,412
Miscellaneous receipts__
Total income
$5,923.939 $5.004,925 $6.387,710 $4,363.497
3,862,556 3,944.298 3,505,931
Agrlcul. & mfg. expenses 4,205.721
Net earnings
$1,718,218 $1,142,369 $2.443,412
58,000
Divs. rec., Cent. M.Co_
87,000
116,000
Sundry adjusts. & credits
1.639
$857.566
58,000
Net income
Depreciation, &c
Plant adjustmls (net)_
81,806,857 81.200.369 $2,559.412
152,264
167.893
160,437
2,150
$915.566
163,728
Balance, surplus
Previous surplus
Adjust. of tax reserves
Miscellaneous
$1,638,964 $1,048.105 $2.396.825
7,648,972 7,892.784 7,520,208
19,617
51.218
7,093
5751.838
7,703,460
3,554
Total
$9,236,718 $8.940.889 89.943.743 88.458.851
Deduct-Reserve for income taxes
369.631
25,651
369,548
180,000
Dividends
(30%)903.000 (30)903,000(55)1660,000 (30)902.250
19,285
Reserve for Maur.. &c_ _ _
10.743
21.412
25.674
P.& L.surp., July 31- $8.128.044 $7,648.972 57,892,784 57.520,208
DEC. 19 1925.]
THE CHRONICLE
CONSOLIDATED BALANCE SHEET JULY 31.
(Central Aguirre Sugar Co., Luce & Co., S. en C. and Ponce ec Guayama RR.)
1924.
1925.
1925.
1924.
AssetsLiabilities$
$
5
$
Real est.. bldgs.,
Capital stock
roll'g stock, &c_a5,637,480 5,639.268 (150,000 shares,
Cash
3,000,000 3.000,000
$20 each)
60.063
77,161
Accts. & notes rec. 943.930
10,896
46,211
945,553 Sundry accruals
Mat'l dz supplies
400,000
425,965
373,166 Notes payable_ _ ._ 500,000
Growing crops
65,300
851.619 Accounts payable_ 145,829
744,619
Sugar & molasses_b1,538,298 1,755,210 Deferred credits._
11,199
649
Investments
2,651,866 1,927,990 Income. &C., tax
Accrued Interest_
296,271
reserve
375,181
6,773
8,992
Construe. & impts.
Reserve for reduc(not completed)
103,000
140,000
Lion of reatals
36.604
41,976
Insurance fund
52,832 Res. for shrinkage
55,187
17,000
Deferred charges
56,697 in investments
60,774
52,832
Claims for taxes._
55,187
33.822 Insurance fund
70.725
8,128,044 7,648,972
Surplus
12,239,876 11,756,695
Total
Total
12.239,876 11,756,695
a Real estate, roadway and track, mill, buildings, roiling stock, portable
track, steam plows, livestock, carts, implements. &c., $7,276,418: less
reserve for depreciation, $1.638.938.
b Loss provision for shipping expenses.
-V. 121. p. 2880, 1912.
(B.) Kuppenheimer & Co., Inc., Chicago.
(Fourth Annual Report-Year Ended Oct. 31 1925.)
COMPARATIVE INCOME ACCOUNT.
Oct. 31 '25. Nov. 1 '24. Nov. 3 '23.
Year.; endedGross profit
$2.203,255
Admin. & gen. exp., less
misc. income_ --. -- 1.669,828
Not
Not
-stated
Fed. taxes. $51,000; int,
stated
paid, $20,540: total- 71.540
Net profit for year
$461,888
Excess of par val. over
cost of Pref. stock purchased and canceled
Cr.42,020
Less-Portion accrued
prior to Sept. 28 1922,
incl. In initial surplus_
Org'n exp. written off_
Pref. dividends (7%) 154,586
-Common diva. ($2)
200,000
Balance. surplus
Previous surplus
$149.322
2,582,506
$535,358
$877.723
Oct. 28 '22.
Not
stated
318,671
20.088
237.221
$328,099
2,254,406
$620,414
1.633,992
EARNINGS FOR YEARS ENDED MAY 31.
1924-25.
1923-24.
1022-23.
1921-22.
Total net profits
44,533,052 $1,667,445 $3,698.594 $4,909,790
Repairs & maintenance_
474.891
1,673.062
1.439,560
1.237,598
Reserve for d'tful debts_
282,242
478.931
411,3071i
Cash discounts on unsettled acc'ts, &c
198,146
1,337,743
1,244.2521 1.987,411
Res've for depreciation_
200,000
200,000
Balance, net profit _ _ _ $3,577,773loss$1.822.290
$403,474 $1,484,781
Bond interest accrued__ $2,617.790 $2,634,531 $2,499,565 $1,602,565
Int. on borrowed money
(sub. cos.)
48.360
Res, for depreciation
300,000
Receiver's expenses..._
50,269
Int. ace, on notes &
acct's payable
312,487
Gen. int. & discount__
843,789
771,110 1.501,661
Consumers' Chem.Corp.
Pref. dividend (7%)..
13.125
27.125
28.000
Comm.on revolv'g cred_
333.122
Total deductions
$3,328,906 $3.491,445
3.297.800 $3,465.348
Balance deficit
sur$248,866 55.313.736 $2.894.327 $1,980.567
a After reducing inventories to market value where market was lower
than cost.
Deficit Account May 311925.
Capital surplus June 1. 1924
$3,729,058
Net profit as above
248,866
$3.977.924
Deduct-Loss on sale of shares of cap. stock of Southern Cotton
1 Co. and of Gewerkschaft Einigkeit
16.928,680
Further prov. for doubtful accounts prior to receivership
1.500.000
Exp. legal fees, Sze., in connection with Southern Cotton 011
Co's receivership
441.192
Net profit on sale of miscell. investments
cr29.793
Deficit at May 31 1925
x$366,211
Cr.15.622
222,880
2999
$47,540
1,586,453
Profit and loss surplus $2,731.828 $2,582,505 $2,254,406 $1,633,993
x Including premiums on sale of Preferred stock in lieu of accrued diva.
COMPARATIVE BALANCE SHEET.
AssetsOct.31 '25. Nos. 1 '24. LiabilitiesOa.31 '25. Nov. 1 '24.
Land,bidgs.,mach.
7% Cum. Pref.
.
and fixtures_ __ x$808,522 /395,113 stock
$2,500,000 $3,300,000
Tr.-mks.&goodwill
1
1 Common stock__ _ 500,000
500,000
Inventories
1,595,982 1,627,875 Accounts payable. 254,357
267,012
Notes & accts. rec. 3,064,141 3.309,095 Accrued payrolls,
Equity in real est..
4.508
interest, &c.._ 236,082
4.205
277,115
Cash
202,977
773,098 6% real estate
EMPI.notesfor pur.
bonds
275,000
300,000
of stock (sec.)__
17,625
13,469 Reserve for continStock for employ's
gencies
61,631
135,000
150,000
Deferred charges__ 142,927
132,916 Surplus
2,731,828 2,582,505
B. K. & 0., Inc.,
Pref. stock
795,584
559.229
Total
Total
$6,632,267 $7,376,633
$6,632,267 $7,376,633
• x After deducting $517.081 reserve for depreciation.
-V. 121, p. 716.
Libbey-Owens Sheet Glass Co.
(Eighth Annual Report-Year Ended Sept. 30 1925.)
514,862,155
CONSOLIDATED BALANCE SHEET MAY 31.
[Including directly operated sub. COR. 1925 and Southern Cotton 011 Co.
and other directly operated subsidiaries, 1922. 1923 and 1924.1
1925.
1924.
1923.
1922.
Assets$
$
$
S
Real estate, plants,good
will, &c
$30,825,185 $51.983,222 551,953.902 $51,710,738
Invest in affil'd cos., &c_ 1,173.378
5,334.331
7.142.6287,340,543
Cash
e12.048.543 13,367.986
6.894,219 8.162,096
Mfd. prod., mat. & sup_ 3,679.625
8,029.713 11.694.471 10,195,660
Acc'ts & bills rsceivable_a11,068,429 19,635.665 24,331.671 29,656.635
Int.,ins.,&c.,paid in adv.
104.900
555.690
798.562 1.733,389
Miscellaneous investm'ts
488,711
580.101
447,113
289,133
Due from Southern Cotton Oil Co
1,560,935
Mixed Claims Comm.
(German award)
388,000
Net proceeds from sales
of Cap. assets
19,830,064
d14,862,155
Defic:t _
Total
86,029,925
Liabilities
Capital stock. preferred_ 21,568.536
Capital stock, common_b12,243.175
Consumers'Chem.Corp.
Preferred stock
c375,000
Funded debt
36,598.000
Bills payable
7,131,204
Accounts payable
1.188,479
Accrued interest
4,222,590
Receiver's liabilities_
290.516
Contingent accounts_ _ _ _
394.261
Depreciation rmsrve
1,799.353
Insurance, &c., reserves_
218,810
P. & L. surplus
Capital surplus
99,486,708 103,262,566 109,088.193
21.568.536 21,568,536 21,568.536
12.243,175 12.243.175 27,984,400
375,000
375.000
387.500
36.750.000 37.375.000 25.401,000
18,226.950 16,283.346 23.661,650
1,920,817
1,285,796
1.001.481
1,357.312
571,017
564.688
547.431
602.879
1.896.625
1,902.609
1.953,838
283.550
224,969
231,460
6.295,449
3.729.058 11,456.704
Total
86,029,925 99,486.708 103,262,567 109,088,193
a Includes accounts receivable, 52.740,464: bills receivable. $11.986.617,
reserves for doubtful debts, 53.460.506, and cash discounts allowable on
less
INCOME ACCOUNT YEARS ENDED SEPT. 30.
accounts receivable. /108,146.
1923-24.
1922-23.
1924-25.
1921-2.
b Representing 279,844 shares voting and 69,961 shares non-voting
a Mfg. prof. & royalties_ $3,404,349 $3,919,151 $4,237,929 $2,278,088 "B" at $35 per share, the valuation placed thereon in accordance Class
with
Other income
486,976
583.012
165,068
293.333 action of directors.
c Dividends and principal guaranteed by Virginia-Carolina Chemical Co.
Total income
$3,987,361 $4,406,127 $4.402,997 $2,571,421
d See statement of capital deficit above.
Patents,licensing,exper.
e Held in banks under claims claims of set-off $2,517,425: free balances,
expenses, &c
5538.137
$616,830
5399.934
5621.695 59.531.118.
Res. for est. Fed, taxes
f Deposited with Central Union Trust Co. (trustees for 1st Mtge. 25
593,000
and
535,000
450.000
-230,000 Year 7s.).
-V. 121. D. 2890. 2419.
280,000
Preferred dividends(7%)
280,000
210,000
contingencies_.
140.000
750.000
Common dividends_ _ - _
000,000
400,000
300,000
Balance, surplus
$1.655,531 $2,244,990 $2,943,063 $1,279,726
Profit & loss surplus_ _ _ - 5.617.658 x4,259,158
4,358,234
2,175.868
a After deducting cost of sales and general overhead. x In Jan. 1924 a
50% Common stock dividend ($2,500,000) was paid.
BALANCE SHEET SEPT. 30.
1925.
1924.
.
1925.
1924.
LiabilitiesAssetss
$
$
$
Plant, dze
8,709,301 7,565.193 Preferred stock... 4,000,000 4.000.000
Employees' houses 445.673
452,302 Common stock__ 7,500.000 7,500.000
Cash & U.S.secur. 4,171.806 3,532,418 Accounts payable_ 342,946
574.938
Accts. & notes rec. 423.942
429,229 Taxes, insur., &c_
56,031
39,961
Inventories
1,286,896 1,204,639 Res. for Fed. taxes
Misc.accts. reedy.
& contingencies_
1,313,813
and advances._
_ 445,442
97,392 Est. Fed. taxes_.
. 230,641
by. In due from
Res. for repairs and
affil. cos
contingencies
1,072,496
2,762,303 3,345,517
Patents (depree'n
Reserve for repairs
136,594
book value).... 965.218 1,154,218 Surplus
5.617,659 4,259,158
Deferred assets...
38,704
43,554.
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
Secretary of the Treasury Mellon to Succeed, as Director-General of Rns„
James C. Davis. Resigned.
-Work of RR. Administration practically completed.
-New York "Times" Dec. 16, p. 44.
Trial Cost to Government of Federal Control of Railroads During 32 Months
Was 51.06.000,000 as Reported b,James C. Davis, Retiring Director-General
.
of Railroads.
-New York "Times'• Dec. 15, p. 39.
U. S. RR. Labor Board Refused to Grant Waae Increase Demanded by
Signal Men on 15 Roads.
-"Wall Street .Tournal" Dec. 16. p. 15.
Surplus Cars.
-Class I railroads on Nov. 30 had 136.796 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 11.978 cars over the number
reported on Nov. 22. Surplus coal cars in good repair on Nov. 30 totaled
43,658, an increase of 6,651 cars within approximately a week, while surplus
box cars in good repair totaled 58.463, an increase of 697 during the same
period. Reports also showed 19,596 surplus stock
increase of
Total
19,034,573 17,824,463 2,784 over the number reported on Nov. 22, whilecars, an refrigerator
19,034,573 17,824,4631 Total
surplus
Nole.-Company was liable at Sept. 30 1925 for uncompleted construc- cars totaled 7.809, an increase of 1,499, compared with the previous period.
tion contracts in the approximate amount of $150.000, and for the unpaid
Car Shortage.
-Practically no car shortage is being reported.
portion of its subscription for capital stock of an affiliated company.
Repair of Locomotives.-Locomotivee in need of repair on Dec. 1 totaled
V. 121. p. 2886, 2412.
10,725, or 16.9% of the number on line, according to reports filed by the
carriers with the Car Service Division of the American Railway Association. This was an increase of 16 locomotives compared with the number in
Virginia-Carolina Chemical Company.
need of repair on Nov. 15. at which time there were 10.709, or 16.8%,
but a decrease of 849 locomotives compared with the number in need of
(Receivers' Report-Year Ended May 311925,)
repair on Dec. 1 last year. at which time there were 11,574, or 18%. Of
the total number in need of repair 5,370, or 8.5%, were in need of classified
The following figures for the year ended May 31 1926 are repairs on Dec. 1, a decrease of 311 compared with Nov. 15, while 5.355,
running repairs, an increase of
need
taken from the report of the receivers filed with the Federal or 8.4%. were inperiod.ofClass I railroads on Dec. 1 had 327 locomotives
within the same
4,656
Court. The figures for 1925 are those of the company and locomotives in storage. an increase of 374 compared with the serviceable
number of
its directly operated subsidiarycompanies. Figures for such locomotives on Nov. 15. Dec. 12.-(a) RR. gross
Matters Covered in "Chronicle"
and net earnings
previous years include those of the Southern Cotton Oil Co. for October-p. 2806, 2809. (b) Switchmen's union seeks 7% wage ininterstate Commerce
and other directly operated subsidiary companies. The crease-p. 2834. (c) it to formulate a plan Commission asks for repeal
to divide country's railroads
200,000 shares capital stock of the Southern Cotton Oil Co. of provision requiring
into a number ofsystems:favors natural consolidations-p.2834. (d)R.It.
were sold by tho receivers during the year to R. S. Hecht Aishton, President American Ry. Assn., on burden of taxation-p. 2835.
and A. D. Geoghegan of New Orleans for the sum of $8,875,000. The reorganization plan of the Virginia-Carolina
Chemical Co. declared operative Nov. 9 1925 was outlined
in V. 121, p. 853.
Alabama Great'Southern RR.
-Bonds Authorized.
-
The I.
-S. C. CommiSsion on Dec. 5 authorized the company to procure
the authentication and delivery of not exceeding 5500,000 1st Consol.
Mtge. 5% gold bonds, Series "A," to be held by it until the further order
of We Commission.
-V. 120, p. 3307.
3000
THE CHRONICLE
Boston & Maine BR.-Underteriters' Compensation.
Homer Loring, Chairman of the executive committee in response to a
request for a statement concerning the compensation to be paid to the
banking syndicate, in connection with the reorganization of the road is
Quoted as follows:
It is the first and principal duty of the banking syndicate to obtain the
assent of stockholders and lcoondholders to the plan of reorganization and to
procure as large a subscription as is possible by the stockholders to the
$13.000.000 of prior preference stock.
A second and subsi lary duty is to provide a fund of $500.000 which may
be loaned to small stockholders who desire to subscribe for new stock and
Who have not the cash to make the subscription at the present time.
The compensation which the syndicate will receive is 3We., of the
$13.000,000. or $445.000, but no part of their compensation shall be due
and payable until the entire prior preference stock has been disposed of.
either by subscription on the part of stockholders of the Boston & Maine
Railroad, or sale to the syndicate, or otherwise. This means. In effect, that
the syndicate will receive no compensation until the plan is declared
effective.
I am informed that the syndicate has permitted the New Haven road to
become a member of the syndicate for its share (about one-third) of the
total prior preference stock, so that a substantial portion of the $455.000
will go to the New Haven road.
In addition to the duties above described the syndicate agrees that It
will. if requested by the company, purchase such prior preference stock as
Is not subscribed for by stockholders at its fair market value, as determined
by agreement between the General Readjustment Committee and the
syndicate managers and approve I by the directors of the Boston & Maine
Railroad. lees a commission of $3 a share for each share purchased.
Already more than $10.000,000 of prior preference stock has been subscribed for by stockholders, and it is probable that the syndicate will get
little, if any, of the stock.
The above is the entire compensation which the fifty banking house
members of the syn iicate will receive for active services, which will extend
over a period of at least six months, in connection with the readjustment of
$80.000.000 of stock owne I by 16.000 shareholders and $43,000,000 of
bonds.
-V. 121. p. 2748, 2633.
Central Indiana Ry.-Would Abandon Road.
-
The company has applied to the I.
-S. C. Commission for authority to
abandon its entire line of road, the main line of which extends 96 miles from
Muncie to Waveland Junction, ml.. with a 22
-mile branch line from Sand
Creek to Brazil,Ind.
-V.120. p. 3062.
ehicepo Milwa vices & St. Paul Ry.-Certificates Ready.
The bondholders' defense committee (Edwin C. Jameson, Chairman)
In a notice to the holders of Junior bonds and tem_porary receipts, announces
that certificates of deposit issued by
Lawyers Trust Co. as depositary of
the committee and duly reeistered by Empire Trust Co., are now ready
for delivery at the Lawyers Trust Co., 160 Broadway, New York. Temperarreceipts for bonds already deposited should be presented for exchange.
The committee reports substantial progress in Its efforts to secure better
treatment for the Jnulor bonds and invites deposits.
-V.121, p. 2870. 2748.
Florida East Coast Ry.-Obituary.-
President William H. Beardsley died in New York City on Dec. 13.V. 121. p. 1786.
Frankfort & Cincinnati Ry.-Abandonment.-
The Franklin Circuit Court of Franklin County, Ky. on Oct. 24 1925
appointed receivers for the company's properties. -V.120. p. 3183.
'
Georgia & Florida Ry.-Report to Special ComMittee.A report giving an up-to-date picture of the present physical
and financial condition of the company as submitted by the
Receiver, General Manager and Auditor to R. Lancaster
Williams, Chairman of the Special Committee charged with
the formulation of a plan of reorganization, affords the
following:
Latest Earnings.
-The gross operating revenues for month of Nov. 1925
have approximated $210,000, the largest earnings thus far reported for
any month. The net income nr the month, benre car hire and interest.
has approximated $71,500. Total interest charges on receiver's certificates
and old divisional bonds for one month amount to about $13,000.
For the 4 months ending Nov. 30 1925 the road will show net income
before interest and car hire around $260,000. Interest for 4 months on
receiver's certificates, on old divisional bonds, $53,000: on $6,220,000 old
1st Mtge. 5s. $103.700; car hire about $75,000: surplus over
all fixed interest charges, including interest accrued (but notcar hire and
being paid)
on old 1st Mtge. 5s, for 4 months, about $28,300.
For the calendar year 1925 the net income before car hire and interest
will approximate $500.000. It is believed that by the purchase of approximately $1.000 000 wcrth of new freight cars the present car hire charge
can be practically eliminated. It can be assumed that interest on cost of
such equipment would amount to about $50,000 per annum,and deducting
this $50.000 from $500.000 (the net income which remains before interest
and car hire), the balance would be 5450.000, while the total interest
Charges for the calendar year 1925 on receiver's certificates and on old
divisional bonds, plus the full 5% Interest for 12 months on the old 1st
Mtge. 5% bonds outstanding, aggregate only $470,000.
The railway during the past 4 months has averaged net income of about
$65.000 per month before car hire and Interest, which is equal to about
three times the monthly fixed interest charge on all bonds as now proposed
In the pending plan of reorganization.
Property in Excellent Physical Condition.
-The property is now in good
physical condition-best in fact in its entire history.
Territory Traversed Rich and Developing.
-The section through which
the system operates is now more prosperous than we have ever seen it. and
Is developing steadily. In the language of one of the experts quoted in the
receiver's report to bondholders of Oct. 13 1925: "There is every prospect
that the traffic of the Georgia & Florida will continue to increase. During
the next decade that increase should be at a rapid rate. . . . In the
South there is as yet no indication of a slackening in the rate of growth.
There is every prospect that that rate will continue for some decades."
Net Income Since July 1921 Has Exceeded All Receiver's Interest Charges.
Since the present administration took charge of the property in July 1921
the road's net income. over and above all operating expenses, taxes, car hire.
&c.. has, for the entire period, in the aggregate, been considerably in excess
of the total interest tharges of the receivership, including interest on
receiver's certificates, which has been paid promptly, and also on all old
divisional bonds. For the current 6 months the net income after payment
of all operating expenses, rentals, taxes and car hire, will probably be more
than 3 times the amount of all receiver's interest charges for this period.
Nearly $1.000.000 Expended Since July 1921 for Improvements,
SinceJuly 1 1921 extensive improvements have been made upon the property
July
Including the reduction of grades and the elimination of curves, so that on
Important portions of the system its locomotives can now haul behind one
engine three times the number of cars formerly handled. The expenditures
for improvements and betterments and additional property since July 1921
aggregate about $1,000.000.
-The receivership is
Receivership Not Borrowing a Dollar from Banks.
not borrowing a dollar from banks or bankers or from the bondholders
,
committee.
he amount of its old indebtedness is being steadily reduced,
and its bank balances are increasing.
All Liabilities of Every Kind of Present Road to be Cleared Off at Foreclosure
Sale.
-The pending reorganization plan will, of course, provide that all
Obligations of every nature against the property shall be cleared off, so that
the new bonds to be issued may be secured by a first and only mortgage
on 500 miles of railroad, including mainline, Greenwood, S. C., to Madison,
Fla. (Greenwood extension 56 miles to be constructed), and all branches,
together with about 60 miles additional of second tracks, sidings and spurs.
Earnings Increase About 125% Since 1915.
-The earnings of the road
since 1915 have more than doubled: for the current year they will approximate $1,912,000, as compared with $850,279 in 1915, operated mileage.
both years being the same, 404 miles, and net operating revenue for 1925
will probably exceed $570.000, against $36.479 in 1915. The Statesboro
branch. about 40 miles, is still being operated separately and its earnings
are not included in any statement of earnings of the Georgia & Florida Ry.,
which are based on 404 miles.
Net Income Before Interest and Car Hire for Four Months Equal to Four
Months Interest on $15,600.000.
-For the 4 months ending Nov.30 1925
the road's net income before car hire and interest will probably exceed
$260.000. which is equal to interest for that period at 5% Per aim= On
[VOL. 121.
$15,600.000. The total interest charges of the receivership for the past
4 months amounted to about $53,000.
Debts Ahead of Old First Mortgage Bonds About $2,700,000.
-The total
amount of the outstanding indebtedness which takes priority over the old
1st Mtge. bonds, and which must, therefore, be provided for, aggregates
about $2,700.000. (including receiver's certificates). U. S. loan, and old
divisional bonds, plus the net amount of other indebtedness, estimated at
about $300.000) and the expenses of reorganization.
Interest on Present Old 1st Mtge.Ss is $25,916 Per Month.
-Interest at 5%
on the entire amount of old 1st Mtge. bonds now outstanding amounts.
for 4 months, to only $103.666. The net income, before interest and car
hire, for the past4 months has therefore been 670 more than interest charges
/
for that period on receiver's certificates, on old divisional bonds, and also
on the entire outstanding issue of old 1st Mtge. 5% bonds. No interest
has been paid on the old 1st Mtge. 5s since May 1913.
Proposed Yearly Interest Charge Under Tentative Reorganization Plan.
The fixed interest charge proposed in the pending reorganization plan
is only $260.000 per annum. If the $3,000.000 new 1st Mtge. bonds bear
5%, or 5290.000 if they should be issued at 6%.
Present Line Already Earning Several Times Proposed Fixed Interest Charges
After Reorganization.
-The road has therefore earned in the past 4 months
an amount of net income before car hire and interest, in advance of getting
to Greenwood, which is equal to 3 times the proposed fixed interest charges,
at 5% after reorganization, or 2.69 times the proposed fixed interest charges
If the new bonds should bear 6%. To state the proposition differently,
the railway in the past 4 months has made a net income, before interest
and car hire. which Is enual to a full year's fixed interest charges, as now
ptrposed, after reorganization, and after its completion to Greenwood.
Engineers Say Greenwood Line Should Soon Add $1.113.000 to Total
Earnings.-Coverdale & Colpitts In their report estimate that the Greenwood
extension will add within two years to the earnings of the entire system,
Including the earnings of the extension itself ($865.000) and earnings which
the extension will add to existing lines (5)46 0301 $1,113 000. If the operating ratio should be the same as for 1925, the net operating revenue win
be thus increased about $330 000. This increase alone would largely
exceed the proposed total fixed interest charges after reorganization of the
entire system.
Car Hire to be Eliminated bit Burring New Freight Cart.
-For 1924 the car
hire charge amounted to $158,151. Coverdale & CnIpitts in their recent
report said: The entire car hire debit of 5158.151 can be eliminated by the
purchase of 500 freight cars.'
The proposed interest charges of $260.000 in the pending plan includes
interest on $1.000.000 Car Trusts to be issued for purchase of the 500 new
freight cars recommended.
Earnings Already Running Far Ahead of Engineers' Estimate.
-In the 6
months that have elapsed since June 1 1925 when Coverdale & Colpitte
submitted their report on the property, the road has shown an increase in
its gross operating revenue, as compared with the same period last year
about 50% greater than the total increase which Coverdale & Colpitts
estimated would be obtained on the existing lines for the ensuing three years.
The outlook for earnings for the property at this time is better than it has
ever been le its entire histor,
Lowest Motgane Debt Per Mile of Any Railroad in United States with 500
Arles or Moe.
-The estimated actual cash cost of the 444 mile.; of railroad
and equipment now owned by the Georgia & Florida Ry. is approximately
$10 000 000, and on the factor which has sometimes been used in such
calculations. the "reproduction cost" would be about $17,500,000. to which
should be added $2.000.000 additional for the estimated cost of the Greenwood extension. The total amount of mortgage bonds now proposed to
be issued, exclusive of the United States loan of $792,000 and the $200.000
of Terminal bonds. due 1930. Is only $3.000,000, which, it is believed, will
represent the lowest indebtedness per mile on any railroad in the United
States operating 500 miles or more. If the reorganization is carried out at
once, say by Jan. 1 1926. the reorganized company should begin business
with no net floating debt, and approximately $2,200.000 of cash in its treasury-to be used mainly for construction of the Greenwood extension.
[Signed by Jon. Skelton Williams, Receiver; H. W. Purvis. General
-Compare also V. 121. /1)• 1904.
Manager, and M. T. Lanigan, Auditor.
1343.1
-Tentative Valuation.
Georgia Southwestern Gulf RR.
The L-S. C. Commission has placed a tentative valuation of 59.700 on
this total owned. and $459.700 on the total used property of the company,
as of June 30 1918.-V. 90. p. 502.
-Equip. Trusts.
International-Great Northern RR.
The company has asked the I.
-S. C. Commission for authority to Issue
$1.920,000 4A % Equip. Trust Certificates to he sold to Kuhn. Loeb &
Co. at 96.25, the proceeds to be used in the purchase of equipment costing
$2,564,000.-V. 10, p. 3057.
-Report.
-Interoceanic Railway of Mexico, Ltd.
The report of the directors for the 12 months ended 30th June. 1925.says:
Since the last report no change has occurred with regard to the position
-the Mexican Eastern and
of the company's railway and its leased lines
Mexican Southern Railways
--which still remain in the hands of the Government of Mexico.
No accounts have been rendered nor has any compensation been paid,
and as a consequence the directors are not in a position to present any
revenue statement or balance sheet.
During the year 12,500 was received from the National Rys. of Mexico
on account of the administration and moratorium expenses of this company
and its leased lines.
The debit balance against net revenue account, mainly in respect of
accrued interest on debenture stocks and rentals of leased lines, had increased
from £2.892,939 at June 30 1924 to £3,239.943 at June 30 1925.
With the consent of the Debenture stockholders' committee appointed in
May. 1923, and with the acquiescence of the leased lines, the moratorium
granted to the company in 1915 has been extended from time to time and
is still in operation.
-V. 119, p. 2643.
Long Island RR.
-Increase Rental Denied.
The Transit Commission has denied the application of Long Island RII.
and Pennsylvania Tunnel & Terminal RR. for an increased rental to be
paid by the Long Island RR.
The application was to increase the interest rate provided for In the
rental agreement from 4 and 4Si% to 6% and as so modified to extend the
term of the agreement for one year from Jan. 1 1926.
The matter of this terminal agreement has been extensively considered
by the commission and has been the subject of two decisions-one on Jan.
23 1925, and the other on July 211925. It originally came before the commission on July 13 1923.
The Commission, last July. approved the present agreement permitting
an increase of about $420,000 a year in the rental. an] permitte I that
increase to be made retroactive so as to be included in the accounts for the
years 1923. 1924 and 1925.
The commission stated that no facts are presented on this application
that were not before the commission and consi lerei in extenso on the
previous application. In the light of those facts it is the opinion of the
commission that the adjustment indicate I in its previous decision should
continue for at least another year.
-V. 121. p. 2871, 2634.
Mobile & Ohio RR.
-Equip. Trusts Sold.
-Clark, Dodge
& Co. have sold at prices to yield from 4.55% to 4.805
A
according to maturity $1,200,000 41 % Equip. Trust certificates, Series "0." Issued it”der the Phila. plan.
Dated Jan. 15 1926: to mature $80,000 annually on Jan. 15 from 1927 to
1941 incl. Dividends payable J. & J. Principal and dividends payable
In N. Y. City. Denom. $1,000c*. Central Union Trust Co., New York.
trustee.
These certificates are to represent in part the purchase price of new equipment to cost not less than 31,500,000, of which at least $300,000 is to be
paid by the company in cash, the purchases in contemplation (with such
changes therein as may develop to be desirable during the negotiations with
the builders) being as follows: 5 mikado type freight locomotives: 4 Pacific
type pa.ssenter locomotives; 500 automobile box cars; 4 passenger coaches;
6 baggage-express cars.
Company will unconditionally guarantee by endorsement on each certificate
the prompt payment of the principal and dividends of these certificates.
Issuance.
-V.
-Subject to authorization by the I.
-S. 0. Commission.
121, p. 2871. 327.
Natchez Columbia & Mobile RR.
-11
-Final Valuation.
The I -S. C. Commission has placed a final valuation of $389.436 on the
owned and used, and $86,100 on the used but not owned properties of the
company, as of June 30 1916.
Dec. 19 1925.]
THE CHRONICLE
New Orleans Texas & Mexico Ry.-Equip. Trusts.
-S.
The company has applied to the I. C.Commission for authority to issue
8750.000 43%iEquip. Trust Certificates, to be sold to Kuhn. Loeb & Co.
The proceeds from the sale of the certificates will be used in the
at 96
purchase of 10 locomotives, 12 passenger cars and 50 coal cars.
-V. 121.
p. 2748.
Prescott & Northwestern RR.
-Final Valuation.
The I.
-S. C. Commission has placed a final valuation of $350.120 on the
owned and used property of the company, as of June 30 1916.-V. 120.
p. 3063.
Richmond Fredericksburg & Potomac RR.
-Declares
Extra Dividend of 5%.
-The directors on Dec. 17 declared
an extra dividend of 5% on the 81,316,900 Common (voting)
stock, par $100, in addition to the regular annual dividend
of 7%. In 1923 and 1924 the company declared.on the
regular yearly dividend of 7%. Of the foregoing issue,
$947,200 is owned by the Richmond-Washington Co., which
is in turn owned jointly by the Pennsylvania RR., the
Baltimore & Ohio RR., the Atlantic Coast Line RR., the
Southern Ry., Seaboard Air Line Ry. and Chesapeake &
Ohio Ry.-V. 120, p. 2266.
St. Louis-San Francisco Ry.-To Rehabilitate Road.
-
President James B. Kurn states that the first step in a building program
of large dimensions by the company will be taken shortly after the first of
the new year when the work of rehabilitating the recently purchase I Muscle
Shoals. Birmingham & Pensacola RR. will begin. The Pensacola line is
143 miles in length and runs from Kimbrough. Ala.. to Pensacola. Fla.
Plans for the complete rehabilitation of the road call for an expenditure of
*2.500.000. according to estimates made by the Frisco engineering department.
-V. 121. p. 2748.
Wiscasset Waterville & Farmington RR.
-Citizens
Buy Road.
A dispatch from Wiscasset, Me.. Dec. 9, says: "When the company
decided to scrap its little two-foot gauge line that rambles 44 miles up the
Sheepscot River Valley residents in the towns along its course decided they
would buy the road and run it themselves. At a meeting Dec. 9 the townsfolk got together the last of the 350.000 required, and at midnight the
citizens will assume control. The scrapping process was to begin Dec. 1.
the owners decreed. unless 350.000 the junk value of the line, could be,
offered them. The period of grace was extended."
-V.84. p. 160.
PUBLIC UTILITIES.
Harlem (New York City) Board of Commerce Urges Increase in Fare StkffiCient to Make City's Investment in Pres.nt and Future Subways Self
-Sustaining.
-Board opposes municipal operation and proposes each new subway should
be placed In private operation as soon as completed. "New York Times"
Dec. 13, Sec. 1. page 1.
Gigantic Hydro-Electric Derelopment Proposed for Tennessee River Valley.
Plan for 100 dams to develop 4,000.000 h. p. on Tennessee River and
tributaries, will conserve high annual rainfall in Southern Appalachian
Mountains, will furnish 9
-foot draft for navigation from Knoxville to Ohio
River and wIll open up entire region for industrial development as natural
resources abound. "New York Times" Dec. 13, Sec. 1. page 1.
All America Cables, Inc.-E4imated Earninas.Estimated Earnings for Quarter and Twelve Months Ended Dec. 21.
-Quarter Ended- -Twelve Mos. Ended
*Dec. 31 '25 De'. 31 '24•Dec. 31 '25 Dec. 31 '25
Net after exp. & taxes__
$826.125 12,923.007 32.900.447
1860,670
Other income
148,500
172.000
667.831
601,150
Net income
Dividends
*1.032.670
472.170
*974.62.5 *3.590.838 *3.501.597
468,022
1.887.590
1.677.022
Surplus
$506,603 $1,703.248 *1.824,575
$560,500
Estimated.
-V. 121. p. 2872, 1458.
American Statp.s Securities Corp.
-Stock Offered to
United Light & Power Co. Stockholders.
-See that company
below and V. 121, p. 2872.
Arizona Copper Co., Ltd.
-To Retire Pref. Stock.
The stockholders on Dec. 2 voted to reduce the authorized capital from
1715.000 to £395,000 by cancelling the whole of the £320.000 Preference
stock and returning to the holders thereof the capital paid up thereon,
together with dividend accrued to the date of repayment.
-V.120. p. 2686.
-Earns. Year End.Sept.20'25.
Ark.
-Missouri Power Co.
Gross earnings
Oper. exp. & taxes other than Fed. taxes
Annual int. requirements on outstanding bonds
$669 692
399.329
126.539
Balance
$143.824
Net earnings available for interest on the let Mtge. 6% bonds are over
2.1 times annual interest requirements.
-V. 120. D. 3184.
Associated Gas & Electric Co.
-Preferred Dividends
Payable in Cash or in Stock (at Option of Holder).
The directors have declared the following quarterly dividends:
Class A Stock.
-2Si% of one share of Class "A" stock, or at the rate of
10% per annum. payable Feb. 1 1926. to holders of record Jan. 11 1926.
On the basis of $35 per share for the Class "A"stock, this dividend is at the
annual rate of $3.50 per share.
Original Series Preferred Stock.
-874c per share plus the extra dividend
of I2)ic heretofore declared, or $1 in all, payable on Jan. 2 1926, to holders
of record Dec. 10 1925.
$7 Dividend Series Preferred Stock.
-$1.75 per share, payable Jan. 2 1926,
to holders of record Dec. 10 1925.
Provision was also made for stock dividends, in lieu of the cash dividends
on the Preferred stocks, at the rate of 3.75-100ths of a share of Class "A"
stock for each share of Original Series Preferred stock, and 6-100ths of a
share of Class "A" stock for each share of $7 Dividend Series Preferred
stock. On the basis of $35 per share for the Class "A" stock this is at the
annual rate of $5.24 per share for the Original Series Preferred stock and
$8.40 per share for the $7 Dividend Series Preferred stock.
Stockholders may purchase sufficient additional scrip to complete a
full share or sell their scrip at the rate of $1 above or below, respectively,
the last sale price of Class "A" stock on the day preceding, upon request to
the Seaboard National Bank, 115 Broadway, N. Y. City. (Compare V.
121, v. 1675. 1787)•
Power Output.
The kilowatt-hour report of the Associated Gas & Electric System for
the 4 weeks ended Nov. 20 shows a gain of 21.1% over the same period
of la t ,vear. or a total output of 44.741.751 kwh. Staten Island sales of
electricity, reflecting to a large extent the effects of the recent electrification
of the Baltimore & Ohio RR,lines on the Island, are at a rate .54.5% above
the same 4 weeks of 1924. Pennsylvania properties distributed 22% more
power. the New York-Vermont Interstate Power group, 56.2% more, and
the Kentucky-Tennessee Group 12% more than in 1924. while the New
York State properties, serving many rural as well as urban communities,
show a gain of 13.1%.
Gas sales of the system increased 3.7% In the 4 weeks, with gas output
of the Pennsylvania properties showing an increase of 10.1%.
See Associated International Electric Corp. below.
-V. 121, p. 2749.
Associated International Electric Corp.
-Organized
-Initial Dividend.
This company has been organized in Conn. to acquire, develop and hold
investments of Associated Gas & Electric Co. outside the United States.
The company will acquire the Associated Gas & Electric company's
220.000 shares of Manila Electric Corp. and is offering Manila minority
stockholders Class "A" stock for their stock on a share for share basis.
See Manila Electric Corp. below.
3001
Boston Elevated Ry.-Joint Special Committee Recommends 30
-Year Public Control
-Calls also for Cut in Dividend
Rate, Stabilization of Franchise Tax and Exemption from
Independent Bus Cornpetilion.-The joint special committee,
which was appointed under authority from the Massachusetts
Legislature of 1924, on Dec. 14 filed its report for the next
Legislature, on the future course for the Boston Elevated
Ry., recommending extension of public control for a period
of 30 years, reduction in the dividend on the common stock
to 5%,freedom from competition from independent bus lines
and public financing of future extensions.
One member of the committee, Representative Francis
X. Coyne of Boston, dissents from the majority conclusions,
and advocates public ownership. The majority report, after
discussing the experiences of.the Elevated in the past, takes
up the major considerations for the future and sets them
forth as follows, with its recommendations:
In this chapter. rapid transit extensions and improvements, except so
far a; they require additional rolling stock or power, will be omitted from
consideration because, following past precedents. It seems reasonably certain that any such extensions and improvements will be financed by the
city of Boston or by some other public agency, and will therefore require
no capital issue on the part of the Elevated.
At the request of the committee, Edward Dana, Gen. Mgr. of the Elevated, has prepared a forecast of capital expenditures which he deems
necessary within the next 5 years. In this table. no provision is made
for expenditures on rapid transit extensions. And the figures given assume
that there will be no substantial increase in car-riding. Should an increase
in car-riding develop, additional rolling stock and power facilities would
be needed.
The total expenditure called for by this 5
-year program is $18.650.000.
Of this, at least $12,480.000 can be provided from the depreciation reserves,
leaving not more than $6,170.000 to be raised from new capital issues or
other sources. Should the amount of the annual depreciation reserve be
Increased during the 5
-year period, a somewhat larger sum would be provided from this source and the amount of now capital required would be
correspondingly reduced. The total sums proposed to be expended are
.
as follows
Rolling stock
*5.000.000
Power
3,800.000
Repair shops. carhouses and garages
6.850.000
Surface lines
2,000.000
structures and appurtenances
Elevated
Miscellaneous
250.000
It will be observed that the depreciation reserve will be sufficient to take
care of all these expenditures except those for shops. car-houses and garages,
and if go allocated there would still remain not legs than $68.000. which
Could be used toward the proposed expenditure of t6.850.000 for the shops,
carhou.ses and garages. In practice, any new capital provided would be
distributed over the various items in the program and the depreciation
reserve would likewise be distributed. The foregoing analysis of the figures
is made merely to show how very far the depreciation reserve will go toward
meeting the requirements, and how comparatively little new capital will
needed.
ben ded
Th expenditures called for by this program, when made, should put the
rolling stock, power and shop equipment of the system in first-class condition for handling the present volume of traffic. It should be noted that
the net over 16.170.000 by which the depreciation reserve will fall short
of meeting the expenditures called for by the program does not fail far short
of the sum of 17.428,745 which it appears from computation from figures
contained In John A. Beeler's report of 1917 on the Boston Elevated system
was the amount of accrued depreciation on rolling stock and track and line
equipment at the time of the commencement of public control-or in other
words, the amount by which the company had failed up to that time to
provide for the renewal and replacement of these important items of depreciable property. It is also to be noted that this sum of about 86.170.000
does not fall very far short of the $8.036.565 of depreciable property still
carried on the company's books at cost, but which, according to the trustees,
ratings, has exceeded its estimated useful life. and upon which, therefore,
no depreciation is now being accrued. The Beeler estimate and the valuation of the property which has exceeded its useful life and on which no
depreciation is now being accrued indicate the extent by which the company
had failed to carry out its obligations through neglect to set aside prow
reserves on account of the depreciation of depreciable capital assets. The
Improvements called for by the Dana program are in effect to make good
the deficiency. They will not provide increased facilities to take care of
increases in volume of traffic. out, together with expenditures from the
depreciation account, will merely bring the system up to a proper degree
of efficiency for handling a volume of business which has remained praotionally stationary since the commencement of public control. It is no
mere coincidence that the amount in excess of depreciation reserves required
to meet these expenditures is not far below the 87.428.745 and the $8.036.565
above referred to.
How Needed Capital Might Be Secured.
As already explained, no considerable capital outlay on the part of the
Elevated will be required for rapid transit extensions. Doubtless the
needed capital for such extensions will be raised by the city of Boston or
the Commonwealth. as in the past, or by a district formed 1w the purpose.
The discussion of ways and means f ir raising new capital will therefore
be confined in this chapter to the capital expenditures, calling for about
-year program, and such
86000.000 recommended by Mr. Dana in hb 5
other capital needs of like nature as may arise from time to time.
The Elevated has a bond-borrowing capacity of $2.232.477. but most of
these bonds will be needed to raise money for expenditures incidental to
the opening of the Shawmut branch. Under the law, no additional bonds
can be issued, because of the statutory requirement that bonded debt
shall not exceed the par of the capital stock plus paid-in premiums. Under
certain conditions it might be proper to permit a small increase in bondissuing capacity, but any such provision would be merely a palliative, and
the committee feels that if passible a method should be devised which will
give permanent, or at least more than merely temporary, relief. So much
tx bonds.
Now, as to stock issues: The common stock of the Elevated, which has
a par value of $100 a share, is now selling at about $80 a share. It is
entitled to a dividend rental of
($6 a share). This dividend rental
will contlue until June 30. 1928, the end of the fixed term of public control,
and from year to year thereafter unless and until the Legislature gives
notice of intention to terminate. Should public control be terminated,
the dividend rental would be at an end. It is true that the Public Control
Act provides that the company shall be entitled to charge fares sufficient
to continue payment of dividends at present rates. But this clause is not
a contract binding on the Commonwealth: and it is by no means certain
that the company could, as a practical matter, establish fares sufficient
to meet all expenses including proper provision for depreciation, and
dividends at present rates,and after these payments have a sufficient margin
surplus earnings to support the price of the common stock and make
of
possible the raising of new money fir capital requirements at reasonable
rates. In fact, it seems probable that, were public control to be terminated,
the uncertainties of the future would drive the price of the common stock
below its present level of about *80 a share.
At present market price, the stock yields an income return of about
754 %. Under the law. no new stock can be issued and s dd at less than
the par value of $100 a share. Even if the law were to be changed so as
to permit sale at less than par, it would be inadvisable to raise new capital
at such high cost. It may be that under present candid ins some form
of preferr.)d stock yielding 7% could be a )Id at par. but this is doubtful
because the present 7% preferred Is selling at only about par and has recently sold below par. However this may be, In view of the extremely
narrow margin of earnings under the 10
-cent fare and the importance of
doing everything possible to raise new capital by the most economical
methods, it is particularly desirable that some way should be found to raise
new capital on more favorable terms.
The principal reason for the high income yield at which Elevated preferred
and common stocks are selling is uncertainty as to their future. If this
uncertainty were removed these securities would sell at a much higher'
price, and therefore at a much lower income yield, and it would be possible
to issue new stock at a much lower cost (not exceeding 6%). and on the
3002
THE CHRONICLE
[VOL 121.
basis of this now stock to issue equal amounts of new bonds, under present
9.—Section 10 of the committee's bill provides that the bill shall take
market conditions, at a cost not exceeding 534% or possibly somewhat less. effect when the act has been accepted by the holders
The soundness of these conclusions is proved by the prices at which safe class of the stock of the Boston Elevated Ry., and of a majority of each
upon the filing of a
investment securities are now selling. Let us take a few examples. The certificate to that effect with the secretary of
5% preferred stock of the Atchison, Topeka & Santa Fe By. sells at about further provided, as in the case of the present the Commonwealth. It is
Control Act, that none of
95 and at that price yields about 53.1 %. The 407 preferred stock of the the provisions of the bill shall be construed as a contract
binding on the
Union Pacific RR. sells at about 75 and at that price yields about 5 1-3%. Commonwealth, except those defining the terms and
conditions under
Among home securities, the stock of the Boston & Albany RR.sells at about which, during the period of public management
163 and yields about 5.37. It pays a dividend of 8i%. of which 8% property shall be managed and operated by theand operation. the Elevated
trustees and the provisions
is guaranteed by the New York Central RR. under a lease which has about of Section 13 of the Public Control Act as amended by
Section 8 of the
73 years to run. The Boston Consolidated Gas Co. has recently sold a committee's bill.
534% preferred stock to bankers at the par value of $100 a share and this
Highway Expenditures vs. Bus and Trolley.
stock was subsequently distributed to investors at $102 a share at which
In
price the yield is only 5.39. For certainty of return the investor will ing recent years vast sums have been spent from general taxes for widenand improving streets for automobile traffic. Much of this has been
make large concessions, and in the case of the Boston Elevated, so long
necessary, and doubtless mere must be done. It should be recognized.
as public control continues the car rider will be the sole beneficiary of all however,
that all these increased facilities for vehicular traffic tend to.
savings of interest and dividends which may be made by increasing the take
away passengers from our trolley, subway and elevated lines, and
certainty of the interest and dividend payments. For this reason it is thereby
to increase the unit cost of a ride to those passengers who continue
to the advantdge of the public and the stockholders as well that the return to
patroniie these lines, and to bring the day nearer when.it may be neceson capital invested in the Elevated system be surrounded with every reasonable safeguard. By making Elevated stock safe for the investor we relieve sary for the general public to contribute from general taxes part of the
expense of operating this essential transportation service.
the car rider of paying high rates for new capital.
The fact is that the thousands of persons rolling into the center of the
Simplest Way to Altract Capital.
city, one by one, in their private automobiles not only unnecessarily congest.
The simplest way to make the stock safe for the investor and thereby the downtown section, but also decrease the patronage of our trolley and
serve the car rider by attracting new money for capital needs at low rates rapid transit lines. No large expenditures for increasing facilities for autoIs to extend the fixed term of public control. The fixed term under the mobile travel should be considered without fully weighing its effect on
1918 act was 10 years running from July 1 1918 to June 30 1928. It has our large investments in these trolley and rapid transit lines, and its effect
been abundantly proved that with a fixed term as short as this, new capital upon the ability of the car rider to meet the added burden of such further'
cannot be raised at low rates. In order that substantial benefit may be rapid transit extensions as are needed.
obtained in the shape of low rates for new capital and for refunding maturAffirmative action should also be taken for arresting any further decrease.
ing bonds the committee believes that an extension of 30 years from June in car-riding and stimulating more car-riding. For instance, provision
30, 1926, should be made in the fixed term of public control. In view, might be made for parking spaces near rapid transit terminals, where perhowever, of the fact that, while greatly benefiting the car rider through sons could leave their cars and continue their journey by elevated or sublowered cost of new capital such extension will also greatly benefit the way. An experimental step in this direction has already been taken at
common stockholders through substantial increase in the market value of the Everett Terminal. The investment of private capital in garages at
their stock and through long-time assurance of a fixed dividend, the com- terminals should be encouraged. Considerable progress in this direction
mittee believes that the proposed extension should be conditional on con- has been made at Kendall Square. The advisability of further curtailing
cessions by the common stockholders. When we consider the Atchison parking in the downtown section should also be considered. Furthermore.
5% Preferred stock which is selling at 95 and also consider the fact that a determined effort should be made by the trustees to stimulate car-riding,
unlike Atchison the Elevated stock is free of the 6% Mas.sachusetts income particularly during non-rush hours, by advertising and otherwise. Salestax the possibilities of increased market value for the Elevated stock are manship has its place in street railroading as well as in other lines of business..
manifest. The committee recommends that these concessions take the
Independent Bus Lines.
form of a reduction, beginning on July 1, 1926. in the common stock dividend
Licenses to independent bus lines should also be refused. It is generally
rental from 6% to 5%. By the reduction of the common stock dividend an
annual saving of $238,794 would be effected, thus enabling the trustees to recognized that in public utility service regulated monopoly is the only
raise about $4,000,000 new capitol without adding to the present annual economical method. There is added reason, however, for reserving to
expense. The importance of this saving can perhaps be more readily the Elevated system a monopoly of passenger transportation within its
realized, when one considers that for the full period of 30 years this saving territory. The system is under lease to the public at a fixed rental. If
the revenue of the system fails to meet the cost of service the public must
will amount to $7.163,820.
advance the money to pay the deficit, and eventually the car rider must
Limit the Franchise Tax.
Under the present law, the trustees are required to pay a franchise tax. reimburse the amount advanced. On the other hand, whether in the form
of decreased faros or improved service the public and the car riders get the
at an average for the preceding three years of the tax rates of the several full benefit of
all operating savings. In other words, the public and the
cities and towns (now $27 50 per $1.000), on the market value of the out- car
standing stock after making deduction of the value of real estate and other the riders have a stake in the fortunes of the system, and in order to get
best p^ssible service at the lowest possible fares, and to make the most
Should the improved credit of the Elevated or
property locally taxed.
lower rates for money result in any substantial increase in market values, economical use of the huge investment in trolley and rapid transit lines.
the public must
or should the rate of tax be substantially increased, or should any consider- the territory of see to it that no competing services are permitted to enter
the system.
able amount of additional stock be issued to provide facilities for the imHow to Extend Lines in Metropolitan District.
provement of service, the franchise tax would be greatly increased. AttenSo long as rapid transit extensions are confined to the city limits or
has already been called to the fact that the total tax burden on the
tion
Elevated system has approximately doubled since 1917. As taxes are a Boston, as all except the Cambridge subway have been, they can be built.
part of the cost of service, this burden falls directly on the car rider. On financed and owned by Boston as heretofore. But for the construction.
the other hand, the rental being fixed and there being no possibility of in- financing and ownership of rapid transit extensions outside of Boston,
creased dividends or profits to the stockholders, the car rider will be the some other means must be found. For this purpose we cannot count •
sole beneficiary of anything which can be done to reduce taxes or to prevent on the several cities and towns through which any such extensions will
further increases in taxes. With a view to stabilizing the franchise tax run, because they would be unwilling to put money into outlying fragand preventing further increase, the committee therefore recommends an ments of a rapid transit system. Given ample means for raising the
amendment to Section 2 of the Public Control Act providing for the refund needed capital, the Boston Elevated By. Itself could undertake the task.
so long as publlc control continues of any amount by which the franchise but established precedent appears to be against such a policy. The only
tax in any year exceeds that paid in 1925.
remaining agencies to which the task could be assigned are the CommonThe savings in expenses which will result from carrying out the foregoing wealth or a district.
recommendations should hasten the payment of the balance still due the
The district served by the Elevated system is in like situation, and the
-cent local fare. committee believes that, with some modifications, a plan similar to that
cities and towns and pave the way for restoration of the flat 5
which has worked so well in the management of our metropolitan water,
Further Amendments to Public Control Act.
park
• 1—Under the present act the terms of all the trustees expire at the and and sewer systems may be applied to the construction, financing
management of rapid transit lines. In the trustees of the Boston
same time. It is generally agreed that this is a mistake, and that the terms Elevated By.,
who are appointed by the governor and represent the
should be rearranged so that they will expire at different times, as is cus- public, a
tomary in the case or most boards and commissions. With this end in division suitable agency is at hand. If preferred, however, a transit
of the Metropolitan District Commission might be created for
view, the committee recommends the amendment of Section 1 of the Public the
purpose. Whenever it seems advisable to build a rapid transit line
Control Act so as to provide for the making of this change at the time of beyond
the limits of the city of Boston, the General Court may authorize
the commencement on July 11926. of the extended term of public control, either of
these agencies to build it, may provide that It shall be leased to
this time or as soon thereafter as the act takes effect the
by the appointment at
Elevated, and may obtain the necessary funds for construction, as
of five trustees for terms of two,four, six, eight and ten years, respectively, in the case
of the purchase of the Cambridge subway, by the sale of bonds
from July 1, 1926, and thereafter by the appointment every two years for of the
Commonwealth, the interest and serial and sinking fund payments
-year term of one trustee. The amendment also provides that the on which
a 10
are to be met from rentals. If, however, it seems to the General
board shall organize every two years by the election of a chairman.
2.—Section 2 of the proposed bill contains the provisions for a 30
-year Court inadvisable to delegate to the trustees or a transit division the duty ,
extension of the fixed term of public control and for limiting the franchise of construction, this duty may be given to the Commissioners of the Department of
tax, so long as public control continues, to an amount not exceeding the Cambridge Public Utilities, as was done, in the case of alterations in the.
subway.
franchise tax of the current year, both of which provisions have been fully
In
discussed in the preceding chapter. In section 4 will be found the amend- be any case, the trustees, the transit division or the commissioners may .
by which the common stock dividend rental is reduced from 6% theempowered to employ the Boston Transit Department, and in any casement
power to make takings by
assess betterments
domain and
to 5% from and after July 11926. This is also discussed in the preceding may be granted. In one of eminent It should beto
possible to carry out
these ways
chapter, as one of the conditions to the proposed extension of public control. any plans of
rapid transit development in the metropolitan district that
be authorized to dispose of may
3.—It is recommended that the trustees
from time to time be determined upon. It is true that this plan.
preferred stock without offering it to the stockholders. In some cases involves the
Commonwealth,as in the case of metrouse of
this change should facilitate the disposition of the stock on favorable politan water, parkthe credit of the
and sewer projects and of the Cambridge subway purterms.
chase.
however, has been in no way strained
4.—The provisions of Section 7 of the Public Control Act, requiring the by theseThe Commonwealth's credit, such as the metropolitan waterworks. .
trustees to establish in advance eight different grades of fare, four above and the transactions, many of which, have involved lame sums of
Cambridge subway purchase,
money.
and four below the current rate, have proved wholly impracticable. It Furthermore,
district is essential to
is impossible to predict in advance just what changes in fares will be needed. prosperity of the welfare of the metropolitanlarge percentage of the the. •
inthe entire Commonwealth. A
This question must be determined after most careful study of all pertinent habitants of the
factors at the time when a change in fare appears to be needed. Section 5 of others make Commonwealth live within the district and thousands
their living in the district—and the district bears a large
provides for thls by giving the trustees general part of the
of the committee's bill
authority to put into effect from time to time such rates of fare and schedules V. 121. p. expense of the State government,and is the seat of the capital.— .
2270.
of charges as in their judgment will meet the cost of service.
Barre & Montpelier Traction & Power Co.—Sale.-Reduction of Fares.
John J. Flynn. Burlington, Vt.. recently acquired the real estate. poles '
5.—Even more impracticable is the provision of Section 10 of the Public
Control Act requiring a reduction of fare whenever the surplus in the and overhead of the above company for 820.000. The sale was confirmed
reserve fund exceeds 30% of the $1.000.000 originally placed in the fund. on Nov.30 by Judge Frank D. Thompson of Barton, as master of chancery
the
The 30% excess amounts to only 8300.000. which is less than 1% of the gross ofMr.auction sale.
Flynn has been elected President of the reorganized company.
annual receipts. This is altogether too small a surplus on which to base
The other officers elected are: Vice-Pres., Chauncey W. Brownell, Bura reduction of the fare. Section 6 of the committee's bill corrects this
situation, by providing that the trustees shall not be required to reduce lington: Sec. & Treas., Fred H. Andrus. Vergennes; If. D. Hendee and
fares until at least 32.000,000 has been added to the original reserve fund the officers compose the board of directors. The new company takes
of $1.000,000 and until the surplus earnings have not been less than over the franchise of the Vergennes (Vt.) Power Co., and has applied to
$1.000,000 for each of two successive years. In other words, until a sub- the Vermont P. Ft. Commission for authority to issue $50,000 additional
stantial reserve has been accumulated and until surplus earning capacity stock. It also plans to operate the Barre-Montpelier line. ("Electric
has been shown for a reasonable period of time no reduction in fare shall Ry. Journal.")—V. 112. p. 61.
be required. This will permit a consistent fare policy, free from frequent
Burlington County (N. J.) Transit Co.—Bus Substirn.
small and vexatious changes. Up to date, this problem has not become
The Common Council
Burlington, N.* J., has been authorized to
one of immediate importance, because until the advances made by the substitute buses for trolleyof from Burlington to Mt. Holly and Moorescars
have been paid off, no surplus can be accumulated in the town—V.
cities and towns
121. p. 1788.
reserve fund. But when the cities and towns have been reimbursed in
full, the trustees will be faced with the problem, and in connection with
Carolina Power & Light Co.—Earnings.-year extension, it seems advisable to correct this
the recommended 30
12 Months End. Aug. 31—
1925.
1924.
defect in the public control act.
Gross earnings from oper
83,207.149 $2,495,849'
6.—Section 7 of the committee's bill amends section 12 of the Public Con- Operating expenses including taxes
2,018.237 1,628,954
-year extension.
trol Act so as to conform with the 30
7.—Any surplus above the original $1,000.000 in the reserve fund belongs
Net earnings from operations
$1,188.912 $866.895
to the district served, and in the event of termination of public control it Other income
443,816
393,905
is distributable under Section 13 of the Public Control Act to the cities
towns, in the same proportion in which they are liable for deficits.
and
Total income
81.632,728 81,260,800 If, however, the option of purchase is exercised by the Commonwealth or Interest on bonds
462,025
380,092'
any political subdivision thereof, it is provided by Section 8 of the com- Other interest and deductions
131,770
50.003
mittee's bill that this surplus, instead of being distributed,' may be used Dividends on Pref. stock
369,944
240,720
toward payment of the purchase price, thus reducing by so much the
debt it would be necessary to incur to make the purchase.
Balance
8589.985
8668.989
8.—Section 9 of the committee's bill amends Section 16 of the Public —V. 121, p. 2636. 2401.
.
Control Act so as to provide that in event of a taking of the Elevated
Canadian Western Natural Gas, Lt. & Pow. Co., Ltd.
by eminent domain the compensation to be paid shall not be
property
The company on Nov. 28 concluded a customer ownership campaign.
enhanced by reason of the passage of the proposed act or of any contract
selling 2,539 shares of 6% Cumul. Pref. stock (par $100) at $94 per share. .
made pursuant thereto.
Dm 19 19251
THE CHRON1 CI,E
3003
Dated Dec. 11925: due Dec. 11945. Denom. $1.000.9500 and $100c..
Principal and int. (J. & D.) payable at Central Trust Co.. Chicago. trustee,
without deduction of normal Federal income tax up to 2%. Red. all,
or part, on any int. date, on 60 days' notice. at 103 and int.
Central Public Service Co.—New Subsidiary.—
Company.—Furnishes electric light, power and gas service to the city of
Greensburg. Ind., and surrounding territory.
See Hoosier Public Utility Co. below.—V. 121, P. 584. 976.
Capitalization on
Central States Electric Corp.—Temporary Debs. Ready. 1st Mtge. bonds (this issue) Completion of the Present Financing.
x9250.000.00
Dillon, Read & Co. interim receipts for secured 6% Sinking Fund gold Capital stock (no par value)
5 000 shares
debentures, due Nov. 1 1945 (with non-detachable stock purchase warrants)
x Additional bonds can be issued only under conservative restrictions of
are now exchangeable for temporary debentures at the Central Union Trust the trust indenture.
Co.,80 Broadway, N.Y.City. For offering, see V. 121, p. 2271.
Security.—Secured by a direct first mortgage on all the fixed properties
now owned, which mortgage will cover like after acquired property. ComCincinnati Street Ry.—Diridend Reduced.—
pany's existing fixed properties have a reproduction value of 8593,000,
The directors have declared a dividend of 66 2-3 cents per share on the corresponding to about $2,400 for each 91.000 of these bonds outstanding.
Capital stock, par $50, payable Jan. 2 to holders of record Dec. 16. This The mortgage will provide for an improvement, maintenance and depreciadividend represents 25 cents per share for October at the rate of 6% Per tion fund equal to 1235% of the gross operating earnings.
annum, and 41 2-3 cents per share for November and December at the rate
Earnings 12 Months Ended Aug. 31.
of 5% per annum.—V. 121, p. 2155, 2037.
1924.
1925.
earnings
967.742
975,976
Cities Service Co.—Dividends—Earnings.—
Gross
38.918
35,625.
of 1% in Common stock and
of 1%, Oper. ex. & gen. taxes
Regular monthly dividends of
in cash have been declared on the Common stock, together with the usual
928,824
940.352
monthly cash dividends of 3 of 1% on the Preferred and Preference stocks, Net earnings before depreciation and Federal taxes..
915,000
all payable Feb. 1 to holders of record Jan. 15. Like amounts are payable Annual int. on this issue requires
Management.—All of the Capital stock will be owned by the Central
Jan. 1.
Public Service Co.
Earnings for Month and 12 Months Ended Nov. 30.
—Month of November— —12Mos End.Nov 30
.
. -Houston (Tex.) Gas & Fuel Co.—Bonds Offered.—
1924.
1925.
1925.
Period—
1924.
$1,557.063it'l 259.961 919,399,958 917,368.090 Harris, Forbes & Co. are offering at 98
l
Gross earnings
and int. yielding
,
1,490,379
,197.131 18,627.202 16,704.044
Net earnings
1,030,165 16,422,270 14,705,187 about 5.27% $800,000 Ref. & Impt. (now first) Mtge. 5%
1,293,539
Net to stock
601,504 11,214.712
839,051
9,607,682 Gold bonds of 1912, due Sept. 1 1932.
Burp. after Pref. div
—V. 121. p. 2873, 2435.
Data From Letter of E. G.Connette, Vice-Pres. of the Company.
Power & Light Co.—Stock on List.—
Cities Service
Company.—Does the entire gas business in the City of Houston, Texas
There have been placed on the Boston Stock Exchange list temporary serving a population of over 180.000. In co-operation with the City.
certificates for 100,000 shares (par $100 7% Cum. Pref. stock (see offering company has entered into a favorable contract with Houston Gulf Gas Co.,
in V. 121, p. 2749).—V. 121, p. 2873.
running to March 1 1936, to purchase from it natural gas for distribution.
Columbus (0.) Ry. Power & Light Co.—Dividends.— Company's own gas manufacturing plant, which has a daily capacity of
maintained for standby service. DistriThe directors have declared a dividend of $3 per share on the new Com- about 10.000,000 cu. ft., will be
and now serves over
mon stock, no par value, payable from surplus profits on Jan. 2 to holders bution system embraces over 340 miles of pipe lines
of record Dec, 15, and a quarterly dividend of 1%% on the new Series 29.700 customers.
Company has been granted a new franchise by the City of Houston,
"B"
% Preferred stock (for the period Nov. 1 1925 to Jan. 31 1926), which extends, in the opinion of counsel, to July 1 1955, or about 22 years
payable Feb. 1 to holders of record Jan. 15.—V. 121, p.2037.
beyond the maturity of these bonds.
Valuation.—The value of the property, as of Jan. 11925,for rate making
Community Traction Company.—Tenders.—
the City of
purposes,
The Bankers Trust Co., trustee, 16 Wall St., N. Y. City, will, until Dec. Houston, as agreed upon in the profit sharing contract with
additions and
plus subsequent capital investments made
22. receive bids for the sale to it of 1st Mtge.6% Gold bonds. dated Jan. 31 improvements to Oct. 31 1925, amounts to 95,160,718. for
This valuation is
1921, to an amount sufficient to exhaust 9146,259 at prices not exceeding the valuation of the company's properties for rate purposes found in 1921
104 and int.—V. 121, p. 457.
by a special master in the U. S. District Court, plus the cost of subsequent
additions and improvements.
Connecticut Co.—Control Regained by New Haven.—
Rate of Return.—The franchise embodies a profit sharing contract, terIt was decided definitely at a meeting of the trustees on Dec. 5 that the
minable by the City
940.000,000 of stock of the company should be turned over to the New York return at the rate of on 90 days' notice, allowing the company to earn a
8% per
upon the recognized valuation, plus
New Haven & Hartford RR. as the corporation legally entitled to it. It additional capital investmentsannum may be made from time to time for
which
was said that the return on the stock would be made soon, concluding the additions and improvements within the City limits. While the profit
order of Judge D. J. Winslow of the U. S. District Court, modifying the sharing contract is in force, the City shall receive one-half of all profits In
decree of 1914. (See also New York, New Haven & Hartford RR. in excess of the 8% return.
V. 121, p. 2635.).V 121, p. 2636.
Earnings 12 Months Ended Oct. 31 1925.
91.534.363
Gross earnings
Denver Tramway Corp.—Preferred Dividend No. 2.—
1.135,943
A quarterly dividend of 1 % has been declared on the Preferred stock, Operating expenses, taxes, maintenance & depreciation
payable Jan. 1 to holders of record Dec. 15. An initial dividend of 1 q %.
$398.425
Net earnings
was paid on this issue on Oct. I last. The Preferred stock is preferred as
183,500
to dividends up to 7% per annum,of which the first 5% shall be cumulative Annual int. on bonds with public (incl. this issue)
at all times, and the remaining 2% cumulative only when earned in any
Balance
9214,925
year, but not paid. (See plan in V. 120. p. 2548).—V. 121. P. 1568.
Equity.—As against the valuation of $5.160,718, there are now to be
East St. Louis & Suburban Co.—Bondholders' Protective outstanding with the public only 93,670,000 of bonds. This large equity is
represented by the $1,050,000 7% Cumulative Preferred stock issued from
Agreement for Alton Granite & St. Louis Traction Co. 1st time to time since 1912, on which dividends are regularly paid and by
-7. 120. P. 1881.
91.500.000 of outstanding Common stock.
Consol. 5s Terminated.—
The agreement dated Aug.2 1920, providing for the deposit of 1st Consol.
Illinois Northern Utilities Co.—New Financing, &c..
Granite & St. Louis Traction Co.. dated Aug. 1
5% Gold bonds of the Alton
Halsey, Stuart & Co., Inc., have purchased 92,500.000 First & Ref.
1904, has been terminated by the protective committee.
The holders of the certificates of deposit. issued by the Mississippi Mtge. 5% bonds, due April 11957. and will offer them publicly within a
short time.—V. 121, p. 1569.
Valley Trust Co.. depositary, are notified that on and after Dec. 17 they
may have delivered to them the bonds evidenced by their respective cerInterborough Rapid Transit Co.—Div. Rental.—
tificates of deposit, on delivery of such certificates of deposit, and on
payment to the depositary of $20 per bond, being the pro rata charge per
In accordance with a court decision, made a few months ago, the combond for the compensation of the committee and for its expenses incurred. pany will pay holders of non-assenting 7% Manhattan Ry. stock a
rei i
The committee consisted of D. R. Francis Jr., J. Sheppard Smith, quarterly rental of $1 75 a share. Payment will be made Jan. 2 to heglrs.
Edward J. Costigan, James H. Grover, James Duncan, with J. E. Riley. of record Dec. 28.—V. 121, p. 2873.
Secretary.—V. 121, p. 1100.
Payment can either be made in full or on the partial payment plan, viz.:
910 down and 910 monthly. The campaign started on Nov. 20 with an
objective of selling 1.500 shares.—V. 121. p. 2519.
Edison Elec. Illuminating Co. of Brockton.—Extra Div.
An extra dividend of 4% has been declared on the outstanding Capital
stock, par 925, payable Dec. 31 to holders of record Dec. 21. The usual
quarterly dividend of 234% was paid Nov. 1 last. Dividend record:
Year
1911-19. 1920. 1921. 1922. 1923. 1924. 1925.
0%
Reg. divs.
8
10%
8% p. a.
10%
19%
Extras
557------3%
4%
2%
x4%
xPayable Dec. 31.—V. 121. p. 1568.
Empire Gas & Fuel Co.—Tenders.--
International Power Securities Corp.—Listing.—
There have been placed on the Boston Stock Exchange list temporary
bonds for $10,000.000 61.4% Secured gold bonds, Series "C','dated Dec.
1925 and due Dec. 1 1955.—See offering in V. 121. 13. 2873.
International Utilities Corp.—Combined Earnings.—
As taken from the reports of the following corporations which are con.
trolled through stock ownership:
Kentucky Securities Corp., Northwestern Utilities, Ltd.. Canadian
Western Natural Gas, Light, Heat & Power Co.. Ltd., Buffalo & Erie
Railway Co., Coffeyville Gas & Fuel Co., Southwestern Utilities Corp.
1925.
x1924.
9 Mos. End. Sept. 30—
93,921,778 $3.499,994
Gross revenue
2,113.169 2,182.301
Oper. expense & other charges
Halsey, Stuart & Co., Inc. as Sinking Fund agent, will until Dec. 28
receive bids for the sale to itcif (a) 9450,000 of 1st and Ref. Cony. 15
-year
7%7. gold bonds, Series "A, at prices not exceeding 106 and int.: (b)
-Year 7% Gold bonds, Series "B." at prices
9100,000 of 1st and Ref. Cony.3
not exceeding par and int., and (Cl $42.000 of 1st and Ref. Cony. 7)5%
Gold bonds,Series"0,"at prices not exceeding 106 and int.—V. 121, p.1788. Net earnings
Int. charges
Fayette County (Pa.) Gas Co.—Special Dividend.—
The directors have declared the usual monthly dividend of 68% cents
and a special dividend of 2% on the outstanding 91.600,000 capital stock,
ilgo.
9100. both payable Dec. 20 to holders of record Dec. 15.—V. 119. p.
Hackensack (N. J.) Water Co.—Obituary.
Palmer Campbell, a director, died at Bernardsville, N. J.. on Dec. 15.—
V. 121, p. 2873.
Havana Electric Railway Light & Power Co.—Plan
Operative.—Speyer & Co., as readjustment managers, have
declared operative the plan (V. 121, p. 1461) for exchange of
securities of the company for securities of the Havana
Electric & Utilities Co. More than 175,000 shares, or over
83% of the company's 210,000 shares of 6% Pref. stock,and
about 141,000 shares, or over 93% of the company's 150,000
shares of Common stock, have been deposited under the
plan. In a statement to holders of certificates of deposit
for Preferred and Common stocks Speyer & Co., state:
91,808.609 91.317,693
761,775
665,031
Balance for Prop. Retire. Res., Sinking funds, Fed.
91.046,834 $652,662.
taxes & dividends
x Partly estimated.
NOTE: This is not an earnings statement of the International Utilities
Corp., but is a combined statement of the above named companies.—
V. 121, p. 2156, 1101.
Kansas City Railways.—Plan Declared Operative.—The
reorganization committee (Melvin A. Traylor, Chairman) in
a notice to the security holders announced that the plan for
the reorganization of company, dated June 1 1925 (V. 120,
p. 2942) has been declared operative. The announcement
further says:
The Missouri P. S. Commission has, by order entered Dec. 12 1925,
approved the proposed capitalization provided in the plan. Approximately
-Year
9434% of the 1st Mtge. gold bonds, approximately 98ti% of the 2
-Year 7% Col6% Collateral gold notes, approximately 9834% of the 3
lateral gold notes, and 100% of the Secured Promissory notes, aggregating
approximately 96% of all such securities, have become subject to the plan.
The sale of the property in the receivership and foreclosure proceedings
pending in the Federal Court, has been adjourned to Jan. 4 1928.
On and after Dec. 26 1925, the books for the registration of transfers of
order to enable those who have not as yet deposited their securities
certificates of deposit will be permanently closed against the making of toIn
become parties to the plan and to participate therein, the reorganization
transfers. It is expected that the new securities (in temporary form) and committee has authorized its depositaries to accept deposits of such securthe cash payable to depositors will be distributed early in Jan. Notice
without penalty until the close of business on Jan.2.—V.121, p.2750.
fixing the date for such distribution will be mailed in due course to the ities
holders of certificates of deposit—V. 121, p. 2520, 1908.
Lexington (Ky.) Utilities Co.—Preferred Stock Offered.—
Havana Electric & Utilities Co. (Me.).—Plan Operative. Bonbright & Co., Inc. are offering at 93 and dividend, to.
yield about 7% $1,500,000 63/2% Cumul. Pref. (a. & d.)
Hocking-Sunday Creek Traction Co.—Line Sold.—
stock (par $100).
See Havana Electric Ry. Light & Power Co. above and V. 121, p. 1461.
E. B. Young, former Gen. Mgr., has purchased the property of the
company for 942,000, for the bondholders. This road has been in receivership for about 1% years.—V. 121, P. 1101.
Hoosier Public Utility Co.—Bonds Sold.—Thompson
Ross & Co., Inc., Chicago, have sold at 99 and int. $250,000
1st Mtge. 6% gold bonds, Series "A."
-M. Redeemable, all or part. on any dividend date
Dividends payable Q.
upon 60 days' notice at 10634 and dividends. Transfer agent, Guaranty
New York.
Trust Co., New York. Registrar, Corporation Trust
Co..
Under the present Federal income tax law (Revenue Act of 1924) dividends
on this stock are exempt from the normal tax and are entirely exempt from
all Federal income taxes when held by an individual whose net income, after
all deductions, is 910,000 or less. Dividends when received by corporations.
are entirely exempt from all Federal income taxes.
3004
THE CHRONICLE
Data from Letter of P. W. Bacon, Vice-President of Company.
Company.
-Supplies, without competition, electric light and power to
Lexington. Ky. It also owns the elect-ic distribution systems In two nearby
towns, and under wholesale contracts with other utility companies It supplies power to numerous communities within a 40
-mile radius of Lexington.
Including Frankfort. Through subsidiary companies It controls the ice and
cold storage business in Lexington and Georgetown and the urban and interurban railways operating In this territory. This territory is In the famous
Blue Grass region, which is a rich agricultural section and the leading producer of Burley tobacco and hemp in the United States.
Purpose.
-Proceeds will provide funds for the retirement of floating debt,
and other corporate purposes.
Earnings Twelre Months Ended Oct. 31 1925.
Gross earnings, Including other income
S1.092.551
Operating expenses, maintenance and taxes
422.444
Net earnings
Ir.tscst charges. amortization, &c., deductions
$670107
257.697
Balance available for reserves. dividends, &c
9172..540100
5412.410
Annual div requirements on $1.500.000 6 I•6 % Cum. Pref. stock
Capitalization Outstanding (upon Completion of Present Financing).
Preferred stork. 6%% Cumulative (this issue)- ,
$
Common stock
,500 , 1
00
la 100.0 1
First Lien & Ref. 6% Gold bonds, 1929. 1936 and 1946
3.018.950
Underlying bonds, 5s. assumed
538.500
a All except directors' qualifying shares, owned by Kentucky Sec. Corp.
Equity.-ThLs Preferred stock is followed by Common stock, all of which
is owned by the Kentucky Securities Corp. This latter company has
outstanding $2348898 6% Preferred stock and $2.052.287 Common stock,
both paying dividends regularly, and having a present market value of
about $3.400.000.-V. 121, p. 458.
Lowell Electric Light Corp.
-Extra Dividend.
The directors have declared an extra dividend of 75 cents per share on
the capital st1A. par S25, payable Dec. 31 to holders of record Dec. 21.
An extra dividend of like amount was paid on Dec. 31 1924.-V. 121.
p. 1678.
[Vol, 121.
Dated Nov. 15. 1925; due Nov. 15 1926. Denom. $1.000 and $500.
Red. on 30 days' notice at 101 at any time prior to 3 months before maturity
and at 100 thereafter. Principal and int.(M.& N.) payable at Continental
& Commercial Trust & Savings Bank of Chicago, and the international
Trust Co.. Denver. trustee, without deduction for normal Federal income
tax not exceeding 2%; Penn. 4 mills. Maryland 4)4 mills taxes Conn.
personal property tax not exceeding 4 mills ner $l per annum and Mass.
income tax on int. not exceeding 6% of such int. per annum refunded.
Data from Letter of E. P. Bacon, Vice-President & General Manager.
Company.
-Organized In 1925 to acquire and operate, directly or through
subsidiaries, electric light and power and other public utility properties
In the Western States. Company. through a subsidiary, now serves without competition electric light, power and ste.am heat to communities in
Wyoming. South Dakota and Montana. having an estimated population
in excess of 15.000. Cities and towns served include Greybull. Riverton,
Hudson, Worland and Yoder. Wyo.: Edgemont. S. D., and Forsyth and
Baker. Mont. Company does not own or operate any traction or gas
properties
Consolidated Statement of Earnings 12 Months Ending October 311925.
Gross earnings
$198,688
Operating expenses
120.171
Balance available for interest
$78.515
Interest at 6 4, on $520,000 Seeured gold notes
,
31.200
Securt(0.-In addition to being a direct obligation of the company notes
are secured by $627.000 1st Mtge. 6S4% bon is and all the Common stock
(except directors' shares) of the Midwest Public Service Co.. a subsidiary.
Purpose.-Procceds will be used to retire outstanding Indebtedness
incurred In the acquisition of the properties and to provide additional
capital for further acquisitions, additions and Improvements. It is anticipated that the proceeds of $400.000 of this issue will retire all outstanding
indebtedness of the company, the balance being available for the acquisition
of additional properties, thereby adding to the earnings.
CapitalizationIssued.
Authorized.
Secured gold 6% notes (this issue only)
$520.000
5520.000
First Prof. 7% stock
82.500
350.000
Participating l'fd. stock
67.500
400,000
Common stock (no par value)
2.188s112.
2.500shs.
Mississippi Valley Public Service Co.
-New Name.
Power co. below.
Montpelier & Barre Light & Power Co.
-Bonds Offered.
Manila Electric Corp.
-New Corporation to Exchange
-Acquires Hold- -Charles H. Tenney & Co.. Boston, are offering at 95
Shares for Shares of Manila Electric Corp.
- and int. to yield about 5.42% $584,000 1st Mtge. 5%
inns Abroad-Initial Dividend on New Co. Rock Declared.
The organization of the Associated International Electric Corn. under Cony, gold bonds.
Connecticut laws to acquire, develop and hold Investments of
Manhattan (Elevated) Ry.-Dividend Rental.
-
See Interborough Rapid Transit Co. above.
-V. 121, p. 2874.
the Associated Gas & Electric Co. outside the United States was announced Dec. II.
The new corporation is acquiring 220.000 shares of a total of 280.000 outstanding Common shares of the Manila Electric Corp.. which were acquired
by the Associated system last July.
The new corporation is acquiring additional shares of Manila Electric
In exchange, share for share, of its Class A stock, upon which the Initial
quarterly dividend of 62% cents a share was declared. payable Jan. 2 to
stockholders of record Dec. 31. The directors also voted to allow 12)-i
cents a share to all Manila stockholders who deposit their stock for exchange
after Jan. 2. ThLs will provide continuous dividends at the rate of 62)-i
Cents a quarter to Manila stockholders who accept the off r to exchange
their Manila Common stock for Class A stock in the new corporation.
Sufficient income to assure dividends on Associated International Class A
stock will be provided by the new corporation's holdings of Manila Common at the rate of $2 a share a year on 220.000 shares, which will aggregate $440.000. and the additional income at the rate of $2 a share from such
further amounts of Manila Common which may be acquired by it. The
Associated International has no liabilities except the obligation to (Settle its
stocks In pursuance of the exchange offer which has been made. Former
officers of the Manila Electric have been elected to the board of the new co.
The exchange of stock will provide for an accretion of cash reserves which
would not have been possible if the old company had continued to pay
dividends at the rate of $2 50 a year. Minority stockholders in the old
company are offered Class A stock in the new company, which will give
them dividends at the rate of$2 50 a year. The majority interest, however,
will receive earnings at the rate of $2 on their holdings of new company
Common. This lower dividend rate will provide a cash surplus which
might be used to meet United States and Philippine Government claims
totaling $1.085.957. should these claims prove valid.
Dividend Rate Reduced.
The directors have declared a quarterly dividend of 50c. a share on the
Conunon stock. payable Dec. 31 to holders of record Dec. 22. Previously
disbursements of 625.6c. a share were made on this issue. See above and
also V. 121. p. 2874.
Maritime Telegraph & Telephone Co.
--Bonds Offered.
.
Royal Securities Corp , td., Montreal, are offering at 95 1
A
and interest, yielding Aout 5.30%, $1,000,000 Ref. & Gen.
Gold bonds, Series A.
Mtge. 5%
Dated Jan. 1 1926: due Jan. 1 1956. Callable as a whole, but not in
See Wisconsin Railway, Light &
Dated Oct. 11914: due Oct. 11944. Int. payable Apr and Oct., without
deduction for any normal Federal income tax not in excess of 2%. Callable
as a whole, at 105 and int. D eta n.c. $1.001 and r* $103 or multiples
thereof. American Trust Co., Boston. trustee. Company has agreed
to refand the present 6% Mass, income tax.
Issuance.
-Approved by the Vermont P. S. Commission.
C)mnany.-A Massachusetts corporation doing business in Vermont,
supplying electriticy for light, heat and power in the cities of Montpelier
and Barre. and in the towns of Graniteville. Websterville, Waterbury,
Williamstown. Waltsfield, Washing on. Marshfield, CalaLs. East Calais,
Plainfield. Cabot. East Montpelier. North Montpelier. Northfield, Middlesex, Moretown, Berlin. Warren and North Duxbury, comprising practically
all of Washington County. Vt. Electric power is used extensively in the
worrying and finishing of granite. The Barre district is known as the
-granite center of the world'• and within this district are numerous deposits
of the highest grade of monumental and building granite for which the
market is world wide.
Security.
-Secured by a mortgage constituting a direct-lien on all property
of the company now or hereafter owned,subject only to $507,000 of underlying bonds outstanding In the hands of the public.
Capitalization (Upon Completion of Present Financing).
1st Ref. Mtge.5% Cony, gold bonds (incl. this issue)
$1,747.800
10
-Year gold notes. due Sept. 15 1930
250.000
7% Prior Preference stock
275.000
6% Preferred stock
1,353.200
Common stock
1.000.000
12 Mos. End.
Calendar YearsEarnings1922.
1921.
Gross earnings
7
*
$555.853 $521.573 5752. 4 5847.762 5915.522
Operating expenses & taxes 324.937 285.863 437.436 467.049 502.970
Int. on ail bds. outstand'g- 94.810
96,089 114.594 121.614
95.715
Balance
136,106 139,995 219.209 266.119 290.938
Net income (of $412.552) for year ended Oct. 31 1925 over 354 times
interest charges of $116,390 on all bonds to be outstanding upon completion
of present financing, including this issue.
Purpose.
-To refund $584.000 Consolidated Lighting Co. 1st Mtge. 55,
due Jan. 1926. The balance of the proceeds of this financing will be used
to retire $250.000 10
-year gold notes. due Sept. 15 1930.
.Management.
--Company has been under the management of Charles H.
Tenney & Co. since organization in November 1912.
Convertible Feature.
-Bonds are convertible at the holder's option on and
after March 1 1928 until maturity, into 6% cumulative Preferred stock at
ta res
pa .This stpI kpis 8empt from Massachusetts and normal Federal income
.
12 c 5ex6.
Dart, on 60 days' notice, on any Interest date in any year to and including
1930 at 105 and Interest, thereafter to and including 1940 at 104 and int.,
thereafter to and including 1945 at 103 and int.. thereafter to and Including
1950 at 102 and int., thereafter to and including 1954 at 101 and Int., and
. Principal and
thereafter at 100 and int. Denom. $1.000 and $500 c5
National Electric Power Co.-Pref. Div. No. 2.
interest (J. & J.) payable in gold in Halifax, Montreal or Toronto. Eastern
The directors have declared a regular quarterly dividend of 1%% on the
Trust Co., trustee.
7% Cum. l'ref, stock,
2 to holders of record Dec. 21. An
Commissioners of inItl21, ivic1e3 of like payable Jan. paid on this issue In October last.-Approved by the Nova Scotia Board of
Issuance.
v ia1 d p 2 4.
to
2d
amount was
Public Utilities.
Data from Letter of 0. E. Smith. President of the Company.
National Fuel Gas Co.
-Extra Dividend of 2%.
-Incorporated in 1910 as a consolidation of telephone comCompany.
The directors have declared an extra dividend of 2% on the outstanding
panies. some of which had been established since 1887. Owns and operates•
il3 .000 00.0 1 apita
y 7 m ...p
C
without competition, the telephone system in the Province of Nova Scotia. p0:y1 23 t 0f31 81%,l stock. par $100, In addition to the regular quarterly
both payable Jan. 15 to holders of record Dec. 31.and controls the telephone business in Prince Edward Island. Its lines
connect with the New Brunswick Telephone Co.'s system and it has other
long distance business. The
connections under favorable agreements for
New Britain (Conn.) Gas Light Co.
-Bonds Offered.
total population of the district served is more than 500,000.
Fuller, Richter, Aldrich & Co., Hartford, Conn. are offering
Capitalization out.:/anding (upon Completion of Present Financing).
$400,000 1st Mtge. 5% Gold bonds at price to yield 4.60%
Issued.
First Mortgage 6s (closed)
$1.500.000 to maturity.
Refunding & General Mortgage 5s, Series A (this issue)
1.000.000
Dated Jan, 11926: due Jan. 1 1951. Int. payable J. & J. New Britain
Preferred stock, 6%, Serie. A
1,000.000
Preferred stock. 7%, Series B
1.500.000 National Bank. trustee. Authorized. $800.000. Callable on or after Jan. 1
Common stock (now paying 6%)
850,000 1926 at 103 and Int. Bonds are free of Conn. state tax. Interest payable
without deduction for normal Federal income tax not to exceed 2%.
Earnings Twelve Idonths Ended October 31 1925.
Security -First mortgage on entire property of the company, valued at
Gross revenue
$1.532.331 $1.600.000. Company has no floating debt.
Operating expenses, maintenance, depreciation. &c
1.098.888
Purpose.
-To refund a like amount of 5% bonds maturing Jan. 1 1926.
Earnings.
-For the first 9 months of 1925. earnings after taxes for 1926,
Net earnings
$433.443 but not allowing for depreciation, were about 7 times interest requirements
Annual Interest on all bonds, including this issue
. 140.000 on this issue. Net earnings for past 6 years have averaged between 5 and
6 times annual interest charges.
Balance
$293.443
Legal.
-This issue is legal for Savings Bank and Trust Funds In ConnectiSecurity.
-Secured by a direct mortgage on the entire property now or cut.
-V. 119. p. 2878.
hereafter owned, subject to the First Mortgage bonds, due in 1941, the
mortgage securing which is closed.
-V. 121. p. 1678.
New Fr.gland Co.
-Recapitalization.
The special meeting of stockholders called for Dec. 14 to approve the plan
Massachusetts Gas Cos.
-Sub. Co. Increases Stock.
of enlargement and reorganization, has been postponed to Dec. 23. Up to
The Mystic iron Wo,ks Co., a sub-has Increased its authorized capital
Dec. 14 26.093 shares of 1st Pref. stock out of 34.185 shares outstanding,
stock (par 5400) from 30.000 shares to 40.000 shares.
-V. 121. p. 2875.
23.106 shares of 2nd Preferred out of 27,000 outstanding, and 91.208 shares
of Common out of 100.000 outstanding had been deposited as assenting to
Michigan Bell Telephone Co.
-Expenditures.
The directors have authorized expenditures of $6.855,000 in plant the plan. See plan In V. 121. p. 2751.
extensions throughout Michigan. of which $2.150,000 will be spent In
New England Telephone & Telegraph Co.-Vice-Pres,
Detroit, $750,000 in Grand Rapids, and $706,000 In Battle Creek. So
George II. Dresser, General Manager, has been elected Vice-President,
far this year the company has authorized expenditures of $18,615.000.In charge of operations, to succeed Charles T. Howard, who will retire on
V. 121. p. 1569.
Jan. 16. Robert F. Estabrook will succeed Mr. Dresser as General ManaMidwestern Power Co.
-R. E. Wilsey ger.
-Notes Offered.
-V. 121. p. 2521.
& Co., Inc.. Chicago, and Palmer Bond & Mortgage Co..
New York Westchester & Boston Ry.-Commuter
Salt Lake City, Utah, are offering at 99M and int., to yield Traffic Up.
A
over 61 %, $520,000 One-Year 6% Secured Gold Notes,
President L. S. Miller says: -This year has set high records for passenger
Series "A."
traffic Single-trip passengers carried during Nov. numbered 891,252, a
DEC. 19 1925.]
THF, CHRONICLE
3005
gain of 17% over last year. The total for the 11 months was 9,262,390 a now interconnected. The system of the company
forms an important
gain of 11.4% over 1924."
part of a larger interconnected
Mr. Miller predicted that, because of the boom in Westchester develop- Electric Co. In the States of system of subsidiaries of American Gas &
Virginia,
ment and population growth, and in view of the new express-service exten- Indiana. and Michigan. NewKentucky. has been West Virginia, Ohio,
business
sion of the road that will be placed in operation about Jan. 1, the road as additional generating units have been installed. developed promptly
would set new high records for passenger traffic during 1926. November
Physical Values of Over $50.000.000.
-There are outstanding under the
was featured by a gain of 50.160. or 34% over the railroad's commuter 1st & Ref. Mtge. $33.496.500 bonds, of which $9.702,000
are Series A
traffic for Nov., 1924. attributable largely to increased commutation rates 7% bonds due Jan. 1 1951. $13.794.500
inaugurated by the New Haven. A gain of 325.320, or 18% in number of 1952. and $10.000.000 Series C 6% bonds Series B 5% bonds due July 1
due Sept 1 1953 (not including
commuter-trips was registered during 11 month period.
-V. 121, p. 2752. $18.000 hold by the company). The Series A, B. and C bonds are
equally and ratably secured by direct mortgage lien on the company's
North American Edison Co.
-Balance Sheet.plants and properties, valued at over $50.000.000, based on an appraisal
5ept.30 20. Dec. 31 24
Sept.30 25. Dec. 31 24. made by Ford. Bacon & Davis in 1921, with subsequent additions at cost.
They are secured by direct first mortgage lien on the greater part of the
Assets
Prop.and plant_248.080.454 _231,078.522 Capital stock _ _ 27.139.870 27.139.870 company's properties, including the two principal generating stations and
Cash on deposit
Pfd. qtks ofsubs. 42,819,077 37,903,717 practically all the new high-voltage transmission lines, and by second
mortgage lien on the remainder, subject to divisional lien issues aggregating
with Trustees_
938,898 4.736.222 Minority lots. In
$2.689.500. outstanding under closed mortgages. These divisional lien
490.84X
capital surplus
Investments-___
487.333
Due from arn cos. 4.429.284 5.558,18'
of subsidiaries 6,706,267 6,277,298 bonds must be paid at maturity and not extended.
Cash
6,194.592 2.727.172 30 year6% Bds.,
Earnings
-12 Months Ended Oct. 31.,
U.S.Hoy twin. 10.004 075 17.214.442
Series' ...._ 13,160,000 13,300,000
A
Gross
Total Net
Gross
Total Na
238.337 25 yr 644% Bds..
Notes& bills rec. 3.730.340
Earnings.
Revenue.
Earnings.
Revenue.
Accts. rerble_ _ _ 6,711.391 9,551.58e
Series 'B
7.760.000 7,840.000 1920
$6.060.183 $2,304,659 1923
89.571.583 $3,730,405
6,964.436 6,632.412 Fd.debt of subs.127.349.029 132,439.517 1921
Materials & sup.
6,928.680
3.025.529 1924
10.378.250 4.215.283
217.689 Due to anti cos. 8.071 004 8,060.994 1922
Prepaid accts.__
2.58.681
7.117.512
3.249.133 1925
11.015.461
4,660,428
Bond & note dts. 10,362,444 10,945.041 Notes&bills pay 1,478.317
411.626
Capitalization Outstanding (Including this Issue.)
Accts. payable-. 1.966.932 2.474.488
Sued cur I la WI. 1,589.922 1.421,390 Divisional issues
$2.689,500
Taxes accrued... 5.794.836 3,842,615 1st & Ref. Mtge. bonds (see above)
33.496,500
Interest scented- 1,678.838 2,223.430 6% Gold Debenture bonds
2.000.000
Divs. accrued__
265,735
261.630 6% Preferred stock
10,904,800
Sund.seer.!lab,'
77.157
48.994 Common stock
990.120 dm.
Deprec. reserve_ 35.705.437 32.367.082
Purpose.
-These $5.662.000 Series B bonds have been issued to
Other reserves... 5.797 520 5,059 017 the company in part for capital expenditures already made reimburse
Total(each side)298.161.930 289 390.451 Surraus
10.803.988 8.318.784 terms of the mortgage providing for the issue of bonds for aunder the
principal
xRepresented by 385,000 shares without par value.
-V.121. p. 2875.2403 amount not exceeding 75% of the cash cost of additions to the property
as certified to the trustee by engineers.
North Carolina Public Service Co.
Approval.
-Ownership of
-Approved by the Ohio P. U. Commission.
Control.
-American Gas & Electric Co. owns the entire Common stock..
Trolley Line in Concord, N. C., Passes to City.
-V. 121, p. 2876. 2274.
Ownership of the street railway in Concord, N. C., on Dec. 7 passed
to the City of Concord. N. C.. as a result of the failure of the company to
Omnibus Corp.
-Passengers Carried by Subsidiaries.
pay paving assessments amounting to $33,854. Service had been disFifth Avenue Coach Co.. N. Y.1925.
continued on this line about 5 months ago.
1924.
-V.121. p. 1348.
November
5.452.191 4.981.762
First 11 months
North Pacific Public Service.
65.662.262 56.814.613
-Control.
(Operation of 5.4 miles of route in the Bronx began Oct. 10 1924 and of
See Puget Sound Power & Light Co. below.
-V. 121, p. 708.
5.93 miles in Queens on July 9 1925.)
Northern States Power Co. (Minn.)
Peonies Motor Bus Co., Si. Louis-Notes Sold.
1925.
- November
1.785.137
1.368..985
Guaranty Co. of New York, H.M.Byllesby & Co. Inc. and First 11 months
21.987,439 10.928.588
Spencer Trask & Co. havo sold at 96 and
to Yield
Chicago Motor Coach Co.1925.
1924.
November
5.90%. $7.L00,000 53'% gold notes.
. .
53.781,127 45.702,124
Dated Dec. 1 1925: due Dec. 1 1940. Principal payable at Guaranty First 11 months
(Operation on the west side of Chicago began March 1924.)-V. 121.
Trust Co.. New York. trustee. Int. payable (J. & D.) in New York and
Chicago. without deduction for any Federal income tax not in excess of p. 1909.
2%. IlDenom. 51.000. $500 and $100c*. Red. all or part on any int. date
Pacific Gas & Electric Co.
-Stock Application.
on 60 days' notice, on or before Dec. 1 1930 at 105 and Int., the premium
The company has applied to the California RR Commission for perthereafter decreasing Si of 1% for each year or f action thereof elapsed
mission to issue $2,500,000 1st Pref. stock to finance uncapitalized exsubsequent to Dec. 1 1930. Penn. 4 mill tax refundable. Mass, income penditures.
-V. 121. p. 2876.
tax not exceeding 6% per annum refundable.
Purpose.-Proceels are to he used by the company to pay part of the cost
Penninsular Telephone Co.
-New Financing.
of acquiring the Common stock of St. Paul Gas Light Co.
A syndicate headed by Coggeshall & Hicks is expected to offer an issue
Capitalization Outstanding After Giving Effect to Present Financing.
of 53.500.000 1st mtge 5345 In the early part of next week. The proceeds
Underlying divisional bonds
$23.719,600 of this Issue will be used to satisfy the existing liens, including the existing
Divisional stock
818.550 first mortgages, under which $1.063.900 principal amount of bonds are out1st & Ref. Mtge. bonds, Sand 6%. 1941
a34.053.000 standing, to pay current indebtedness incurred for additions and extensions
1st Lien & Gen. Mtge. bonds, Series "A,"6%, 1948
14.270.000 to the property made during the year 1925. and will in addition thereto
1st Lien & Gen. Mtge. bonds, Series "B."5%.1950
8.500.000 provide approximately $1.200.000 tor future extensions and additions to the
5)4 gold notes. 1940(this issue)
7.500.000 company's telephone plant and system from which the company should
-V. 120. p. 3315.
fiJi gold notes. 1933
4.850.200 realize substantial increases in earnings.
634% Convertible gold notes, 1933
6.748.800
Pennsylvania-Ohio Electric Co.
-Exchange Offer.
Preferred stocks. 7% cumulative
48.545.700
Common stock. Class A
President R. P. Stevens, of Penn Ohio Edison Co. has announced that
par $100
b16.957.300
Common stock. Class .8.1. par $10
'
5.000 000 34.021 shares, or more than 80%.of the 7% Preferred stock of the company
a 817.302.000 additional 1st & Ref. Mtge. bonds are now or will be had been deposited with the Bankers Trust Co. to be exchanged for a like
presently pledged under the 1st Lien & Gen. Mtge. and all futurs issues of number of shares of Penn-Ohio Edison Co.'s 7% Prior Preference stock at
these bonds must be similarly pledged.
the expiration of the offer on Dec. 10.-V. 121, p. 2753.
b For the purpose of making Class "A" Common stock of the Northern
Public Service Corp. of N. J.
States Power Co.(Del.) available for the conversion of the 634% Convertible
-Stock All Taken.=
gold notes, 56.748.800 additional Class "A" Common stock of the company
The first offering of 6% Cum. Pref. stock under the corporation's popular
has been Is•Pued. The price at which the 634% notes are convertible into ownership plan resulted In sales of 25.583 shares to 5.778 subscribers, or
the Common stock of Northern States Power Co. (Del.) is substantially 583 shares more than the 25.000 shares that were set as a goal for the
below that now prevailing in the market
employes of the various subsidiary companies.
Earnings.
-Net earnings for the 12 months ended Oct. 31 1925, not
This campaign began Nov. 1 and ended Dec. 7, making just 28 working
including $864,259 net income applicable to the common stock of St. Paul days during which the stock was sold. This makes an average of 913.7
Gas Light Co.. exceeded 1.86 times annual interest requirements on total shares sold to 206 subscribers each day.
funded debt presently to be outstanding. For further details regarding
Since the first offer of Preferred stock was made to customers in 1921,
the company, see V. 121, p. 2875.
there has been disposed of under this plan, about $35.000,000 worth of
preferred stock in eight campaigns-V. 121. p. 2639, 2274.
Ohio Northern Public Service Co.
-Bonds
Offered.
Damon & Bolles Co., Boston, are offering at 101 and int.
$150,000 1st & Ref. (now First) Mtge. 6% Gold Bonds.
Dated Jan. 1 1917: due Jan. 1 1942. Denom. $1,000, $500 and $100.
Calable at 101 and int. Int. payable J. & J. free of the normal Federal
Income tax up to 2% at Ohio Savings Bank & Trust CO.. Toledo, 0.
Trustee or National Bank of Commerce, New York.
Capitalization Outstanding
First Mortgage 6% Gold Bonds
$177.600
Capital Stock (paying 8%)
193.000
-Calendar Years- 9 Mos. End.
1923.
1924. Sept. 1925.
Gross earnings
$110,989
$117,627
$128.589
Operating expenses, maint.and taxes63.033
65.433
72.369
Net earnings
$47,956
$52,193
a$56.220
Interest on bonds
10,656
10.656
10,656
Balance
$37,300
$41.537
$45,564
aNet earnings are over 5Si times the bond interest.
Company.
-Incorporated in Ohio in 1916. Does the entire electric
light and power business in the city of Bowling Green and town of Portage,
0. It also sells electricity at wholesale to the town of Tontogany.
Ohio Power Co.
-Dillon, Read & Co.;
-Bonds Offered.
Lee, Higginson & Co. New York and Continental & Commercial Trust & Savings Bank, Chicago are offering at
94M and int., to yield about 5.39%, 165,662,000 1st &
Ref. Mtge. 5% Gold bonds, Series B. Dated July 1 1922;
due July 1 1952 (see description of bonds in V. 115, p. 1639.)
Data from Letter of Pres. R. E. Breed, New York, Dec. 16.
Company.
-Owns and operates large electric power and light generating
plants and distributing systems in important manufacturing and mining
sections of Ohio. Its transmission and distributing lines, amounting to
to over 2 291 miles, serve communities having a total population of over
500,000,including in all 152 cities and towns, among which are Canton,
Mt. Vernon, Newark, Fremont. Lancaster, Bucyrus, Steubenville,
Liverpool, Lima and the Wheeling district west of the Ohio River. East
pany is the most important subsidiary of American Gas & ElectricComCo.,
which also controls electric power and light properties in various
east of the Mississippi River, including Wheeling, Charleston anddistricts
Logan,
W. Va.; Atlantic City, N. J Scranton, Pa.; Rockford, III.; Marion,
Muncie, South Bend and Elkhart. Ind., and Benton Harbor and
St.
Joseph, Mich.
Company owns two principal electric generating stations, the Windsor
plant at Power, W. Va., and the Philo Plant at Philo, Ohio. Company
has recently completed the construction of a 132,000-volt steel
transmission line between the Philo plant and Croolcsville, Ohio, -tower
similar transmission line between the Philo plant and Canton, Ohio. and a
With
the completion of these lines, the eastern and western systems of the company and its generating plants on the Ohio and Muskingum rivers are
Puget Sound Power & Light Co.
-Expansion.
The company, it is announced, will acquire the distribution system and
other electric properties of the North Pacific Public Service Co., operating
in Bremerton. Charleston. and Poulsbo, Wash., on Jan 2.
Holdings recently purchased by the Puget Sound company include the
high tension transmts.sion line of the Northwestern Power & Manufacturing
Co., and the distributing system and two power sites on the Dungeness
River from the Sequins Light & Power Co.
-V.121. p. 2404.
Republic Railway & Light Co.
-Power Output.
Electrical output of 41.037.000 kw. hrs. by subsidiaries of the company
in November established a new record for the operations of that system.
The November production shows a gain of 39.9% over the same month
last year, while for the 12 months ended Nov. 30 the system reported
392,525,000 kw. hrs, output, again of 18.87 over the 338.716.000 kw. hrs.
0
produced in the preceding 12 months.
-V. 121, p. 2753.
Riverside Traction Co.(N. J.).
-Sale.
-
Conveyance by the company of its interests in the Burlington. N. J..
power station to the Public Service Electric & Gas Co. has been approved
by the New Jersey P. U. Commission. The approval is contingent upon
the payment of $340.000 to the West End Trust Co. under a mortgage
made by the Riverside Traction Co.
-("Electric Ry. Journal.")
-V. 94.
p.699.
Sodus(N. Y.) Gas & Electric Light Co.
-Bonds Offered.
-J. A. W. Iglehart & Co., Baltimore, are offering at 9932
/
,
to yield 6.05%, $500,000 First Mortgage 6% Gold bonds,
Series "B." Dated Nov. 1 1925; due May 1 1941. See full
details in V. 121, p. 2753.
Southern Gas & Power Corp.
-Acquires Stk in Tex. Co.
The Maryland P. S. Commission
has authorized the company to acquire
2,000 shares of no par Common stock of the Sabine Utilities Corp. (Del.)
which operates in Texas, supplying gas service.
-V.121. p. 2877.
-Tenders.
Tide Water Power Co.
The New York Trust Co., trustee, will until Jan. 6 receive bids for the
sale'to it, for account of the sinking fund, of 1st Lien & Ref. Mtge. 6
Gold bonds Series "A," due Oct. 1. 1942 and 1st Lien & Ref. Mtge. 5%
Gold bonds, Series "B." due April'!. 1945, to an amount sufficient su
stantially to exhaust $58,993 at the lowest prices obtainable, not to exceed
107Si% and int. in respect to the 6% bonds and 105 and int. in respect
to the 5Si% bonds.
-V. 121. p. 708.
Union Electric Light & Power Co. of St. Louis.
-To
Issue Additional Stock-Acquisition.
The company has applied to the Missouri P. S. Commission for authority
to acquire the hydro-electric power dam and plant at Keokuk, Ia..from the
North American Co., the parent company. and for authority to issue
40.000
shares of Pref. stock at $100 a share and 325,000 shares of Common stock
3006
TEM C1TRONTCLE
(no par value) at $20 a share, to finance the purchase. The petition does
not set forth the purchase moo.
Negotiations for the purchase of the Keokuk property from the Mississippi
River Power Co. by the North American Co. for the Union Electric Co.
were completed in October. (See North American Co. In V. 121. p. 1789)•
-V.121, p. 2639.
United Light & Power Co. (Md.).-Subscription Rights
-The directors of
to Stock of American States Securities Corp.
American States Securities Corp. announce that warrants
issued by it to the stockholders of the United Light SE Power
Co. cf all classes, of record on Dec. 111925, will be placed
in the mails on or about Dec. 21, which warrants will entitle
such stockholders to subscribe to stocks of the Securities
Corporation on or before Jan. 7 1926. Pres. Frank T.
Halswit further says in part:
For each share of stock now owned of the United Light & Power Co..
the stockholder will be entitled. upon the surrender of his warrant and
payment of $8.50, to receive the following: (a) One share of Class "A"
Common stock of the Securities corporation, to cost $6.: (b) One-half share
of Class "13" Common stock of the Securities corporation, to cost $2.50 and
(c) Warrant entitling the holder or assigns to subscribe to one additional
share of Class -A" Common stock of the Securities corporation on or before
Dec. 31 1926. at $8 per share and thereafter, and on or before Dec. 311927,
at $12 per share.
The American States Securities Corp.. organized in Delaware, has outstanding 600.000 shares of Class "B" Common stock of no par value, and
holds in its treasury. Important public utility voting stocks of an acquired
value of $3.000,000, and of a present market value exceeding $3.500.000.
The Capital stock of the corp-ration will be increased to an authorized
issue of 2,500.000 shares of Class "A" Common stock (no par value), of
which there will be presently outstanding 850.000 shares, and 2 500.000
shares of Class "B" Common stock, whirls is the sole voting steels, and of
which there will be presently outstanding an additional 425,000 shares,
making a total of 1.025.000 outstarding.
The Class "A" Common stock will be entitled to a preferential dividend
of $1 a share per annum, viv-n declared, before any dividend can be paid
or set apart on the Clams "II" Common stock. The Class "B" Common
stock will be entitled to a dividend of $1 a share in any one year, when
declared, after class "A" Common stock has received a like dividend • and
thereafter both classes of stock share equally in dividends, share for share.
in excess of $1 per share.
The Securities corporation now owns and has contracted for substantial
amounts of: American Superpower Corp.. Class "B" Common stock,
Electric Investors, Inc., Common stock. Brooklyn Union Gas Co.. Common
stock, Consolidated Gas Co. of New York, Common stock. United Gas
Improvement Company stock. American Power & Light Co. Common
'
stock, United Light and Power Co., Class "B" Common stock and other
Important public utility securities.
It is conservatively estimated that the Income to be derived from investments now held or contracted for, based on the present rates of dividends
paid by the companies whose securities are included, will warrant the payment of a dividend of 50c. per share on Class "A" Common stock to be
presently outstanding, and which dividend it is the purpose of the management to pay within the first fiscal year.
It Is the purpose of the management to list the stocks of the company on
-V.121.
the Chicago Stock Exchange and on the New York Curb Market.
p. 2878.
-Stock Increased.
Utilities Power & Light Corp.
The stockholders on Dec. 17 increased the authorized Class A stock
-V.121. p. 2878.
from 250,000 shares to 400,000 shares, no par value.
-Acquisition of Electric SubsidiWest Penn Electric Co.
aries of Amer. Water Works & Elec. Co., Inc., Approved.
The Maryland P. S. Commission has authorized the company to acquire all the Preferred and Common stock of the West Penn Co., and
all of the Common stocks of the Potomac Edison Co. and of the Keystone
Power & Light Co.. all subsidiaries of the American Water Works & Electric
Co., Inc. (see latter co. in V. 121, p. 1458).-V. 121. p. 1464.
[VoL 121
It was announced this week that the company has elected to redeem on
Feb. 1 1926 $2.500.000 of its outstanding First Ref. Mtge. Sinking Fund
Gold bonds, Series "A," at 10334 and interest. Holders of bonds of the
serial numbers drawn by lot for redemption are asked to surrender them
with the Aug. 1 1926 coupons, and all coupons maturing subsequent to
that date, at one of the offices of Lee, Higginson & Co., for payment.
V. 121, p. 2405.
-Sub. Co. Bond Issue.
American Beet Sugar Co.
-V. 121, p. 2405.
See Minnesota Sugar Corp. below.
-Extra Cash Dividend of 3% on
American Can Co.
Common Stock-To Increase Crimmon Stock-50% Stock Dividend Proposed.
-The directors have declared the regular
dividend of 134% and an extra dividend of 3% on the Common stock, both payable Feb. 15 1926. An extra dividend,
of 2% was paid on Feb. 16 1925, while on Feb. 15 1924 an
extra distribution of 1% was made.
The stockholders will vote Feb. 9 (a) on changing the
authorized Common stock from 440,000 shares, par $100, to
2,640,000 shares, par $25; (b) on ratifying the action of the
directors authorizing the distribution to the Common stockholders of 824,666 shares of new Common stock as a 50%
stock dividend. When these changes have been ratified
the Common stockholders will receive six shares of the new
Common stock of $25 par in exchange for one present share.
To preserve the equality of voting power between the Preferred and Common stocks, each share of Preferred will be
given six votes per share.
The company, in an announcement, says:
The company has enjoyed another prosperous year. and while the books
will not be closed until Dec. 31 next. present available figures indicate net
a o nk
lsrc ings for the year after all charges of at least 28% for the present Common
The company has a larger new construction program than usual for next
year. made imperative by increasing demands from customers. This requires conservative treatment of cash resources. The directors and officers
believe, however, that a dividend rate of $2 per share per annum can be
maintained on the new $25 Common stock. Excess earnings above this
will be used when needed to create additional plant facilities which will be
-V. 121, p. 842.
productive of further earnings for the future.
American Car & Foundry Co.-Rarnings.-
President W. H. Woodin says: The earnings from all sources for the 6
months ended Oct. 31 1925. were 32.107,918. The management of your
company will hereafter publish semi-annual statements of earnings.
0
The directors have declared dividends of I%'7 on the Preferred and $1.50
per share on the Common Capital stock, payable Jan. 11926, to holders of
record Dec. 15.-V. 121. p. 2405. 1223.
-New Directors.American Laundry Machinery Co.
Wa lter F 879
v. 12l p. 2 1 a ylor and Harvey H. Miller have been elected directors.. ..
-Increases Dividend.
American Pneumatic Service Co.
The directors have declared a semi-annual dividend of Si a share on the
2nd Pref. stock, payable Dec. 31 to holders of record Dec. 21. This is
-V. 121. Is• 1910.
an increase from a $1.50 to a52 annual basis.
-Extra Dividend of 1%.
American Surety Co.
The directors have declared an extra dividend of 1% in addition to the
regular quarterly dividend of 3%, both payable Dec. 31 to holders of record
12. Slm11a4 distributions were made on June 30 and Sept. 30 last.
191 . p 148r.
-New President, &c.
American Tobacco Co.
George W. Hill, formerly Vice-President, has been elected President to
succeed his father, the later Percival S. Hill. Junius Parker has been
dividend of 1
elected Chairman of the Board of Directors, a newly created office. James
The directors have declared the regular quarterly
the 7% Cumul. Preferred stock and an Initial quarterly dividend of I Si% H. Perkins and Donald Geddes were elected memhers of the board to fills
-V. 121. p.
Cumul. Preferred stock for the quarter ending Jan. 31 1926, vacancy and to take the place of F. M.da Costa, who resigned.
on the 6%
both payable Feb. I to holders of record Jan. 15. See offering of latter 2879.
Issue in V. 121. p. 2754.
-International Bridge Favored.
Co.
American
- At a plebisciteTransit voters of Windsor. Ont. expressed approval
-Capital Increase.
Western New York Utilities, Inc.
Dec. 7 the
has filed a certificate at Albany, N. Y., increasing its of the Detroit River Bridge project by a majority of 4 to I. Joseph A.
The company
authorized Preferred stock from $1,500,000 to $2,000,000, par $100. The Bower, V.-Pres. of the New York Trust Co., proposes to finance and
erect the span, which will connect Detroit with the Border Cities of Canada.
Common stock remains unchanged -V. 121. p. 588.
He is asking the adjacent Canadian municipalities and county, together
-Earnings.
with the Province of Ontario, to guarantee $6.000,000 of the lsridge
Western Public Service Co. & Subs.
1924.
1925.
debentures.
Ended Sept. 3012 Mos.
31.746.054 $1,286,122
The vote on Dec. 7 indicated the sentiment of more than half the populaGross earnings
804,604 tion of the interested district. The remaining towns and the rural districts
1,108,074
Operating expenses and taxes
238.776 will vote on Dec. 14 and Jan. 4.
324,999
charges
Interest and amortization
While this plebiscite does not bind the people in any way It will give
$242,742 the bridge toroponents an indication of the popular sentiment toward the
$312,981
Balance for res., ret. & dividends
project. Mr. Bower and his associates will then place the matter before
-V. 121, p. 980, 842.
the proper Governmental authorities and later will re-submit to the people
-To Issue Stocks. a definite plan for guaranteeing the securities.
Ry., Light & Power Co.
Wisconsin
Sentiment throughout that section of Ontario and in the Detroit district
The stockholders have adopted plans to issue $1.500,000 in capital seems strongly to favor the bridge project. The structure proposed will
stock, of which $500.000 will be issued at once to finance extensions and have the longest main span of any bridge in the world, 1,850 ft. Plans
Improvements. The name of the company has been changed to the Miss- have been prepared by the McClintic-Marshall Co. of Pittsburgh and
-V. 116, p. 1052.
Public Service Co.
of financing is
issippi
construction Is expected to begin in the spring if the plan bridge is to be
cost of the
Worcester Consolidated Street Ry.-To Pay $2.75 per finally approved by the Canadians. The total 2159.
approximately $16,000,000. See also V. 121, 1)
-Initial Div. on 6% Pref. Stock.
West Penn Power Co.
t4% on
Share on Account of Accumulated Preferred Dividends.
The directors have declared a dividend of $2.75 per share on account of
accumulations on the Preferred stock, together with the regular semiannual dividend of $2.50 per share, both payable Dec. 31 to holders of
record Dec. 19.-V. 121, p. 2041.
-New Subsidiary Formed.
Appleton Co.
INDUSTRIAL AND MISCELLANEOUS.
The Appleton Manufacturing Co. of Boston and Anderson, S. C., was
organized in Massachusetts in November last with an authorized capitalization of $2,000,000. par $100. The company proposes to issue 12,000
shares for cash and take over the business of Brogon Mills, Inc., located at
Anderson, S. C. D. D.Little bas been elected treasurer of the new comPanV.-V. 121, p. 1911. 1681.
American Brass Prices Reduced 31 Cent per Pound on Sheet Brass Seamless
-".Boston News Bureau." Dec. 16.
Brass Tubes and Sheet Copper.
Napped
Amoskeag Manufacturing Co. Reduces Prices from 8 to 10% on 14.
-New York News Bureau Association, Dec.
Goods for Fall 1926.
The directors have declared a quarterly dividend of 40c per share, payable
J2n 2
2 76. to holders of record Dec. 22. ll'rom January 1922 to October 1925
a
-V. 121, p.
incl, the company had been paying 25c. per share quarterly.
-Production, etc.
Alpine Montan Steel Corp.
11 Mos. Mthly. As.
November
Production (Tons)82.709
909.800
85,900
Coal
85,163
936,800
89,300
Raw iron ore
31.309
344.400
34.700
Pig-iron
33,80025,000
Steel ingots
18.272
201:700
,
Rolled iron
1,045
11,500
1.500
Workshop manufactures
Shipments (Tons)
35,318
388,500
33,400
subsid_
Coal to customers other than
7,736
85,100
4,300
Pig-Iron
15,227
167,500
17,600
Rolled iron
Orders Received (Tons)
35.173
386,900
36,800
Coal
8,364
92,050
2.700
Pig-iron
26,035
286,400
26,600
Steel ingots
$1,030,000
Total of outgoing invoices in Nov
Total for first eleven months of 1925
At the end of Nov. there were at work in the company's various plants
8.323 miners and 4,596 rnillhancLs.
Output of workshop manufactures in Nov. was a record for the year,
also the production of steel ingots. Shipments of rolled iron in Nov.
were exceeded only in June of this year.
The total amount of outgoing invoices in Nov.: $1.030,000, compares
-V. 121, P• 2041, 1791.
with 3762,000 in Oct. and $819,000 in Sept.
-To Redeem
American Agricultural Chemical Co.
$2,500,000 of First Refunding Mortgage Bonds, Series "A."
-Larger Dividend.
Art Metal Construction Co., Inc.
Arundel Corp., Balt.-60-Cent Extra Common Div.
The directors have declared an extra dividend of 60 cents a share and
the regular quarterly dividend of 30 cents a share on the Common stock,
-Compare
o
v par. p l5 le
n.i21 value7bt h payable Jan 2,to holders of record Dec. 24.
. .
-Receiver's Sale.
Atlas Tool Co., Toledo.
Louis J. Rhode, receiver, will sell at public auction to the highest bidder
at Toledo. Ohio, on Dec. 19. the property of the above company.
Aunt Jemima Mills Co., St. Joseph, Mo.-To Dissolve
-To Retire Pref.S tock-Assets Acquired by Quaker Oats Co.
The stockholders will vote Dec.22 on authorizing the directors to liquidate
and dissolve the corporation, to pay all of its debts and obligations and to
distribute the remainder of the proceeds derived from its properties and
assets to its stockholders. All property and assets of the company, except
cash on hand and the claim of the company against the U. S. Government
for a refund of Federal taxes, have been sold, transferred and delivered to
the Quaker Oats Co., pursuant to authority from the stockholders and
directors of the Aunt Jemima Mills Co. A two-thirds vote of all the issued
and outstanding stock of the company is necessary to authorize liquidation
and dissolution.
The directors on Nov. 24 1925,called for redemption at 110 and diva..
each and every share of the 1st Prof. (Cumul. Cony.) stock outstanding.
On and after March 11926,the accrual of further dividends upon such stock
will cease. The directors, however, are extending to holders of such Prof.
DEC. 19 1925.]
THE
CHRONICLE
stock the privilege of presenting their stock for redemption and payment at
any time between now and March 1 1926. at 110 and dividends to date
of payment.
The company, in a letter dated Nov. 14, said in part:
For some time the officers of the Quaker Oats
with Aunt Jemima Mills Co. for the purchase of Co. have been negotiating
assets.
except its cash and certain claims against the U.all its property and refund
S. Governme
of Federal taxes. As a result of such negotiations the Quaker nt forCo. has
Oats
finally submitted to your board of directors an offer, in writing, to buy the
property and assets of the company at a price which your directors have
every reason to believe will he sufficient with cash on hand, to pay 110 and
divs. for the outstanding Preferred stock, and at least $80 per share for the
outstanding Common stock of the company.
Under this offer it is possible that the returns to holders Common stock
might be slightly in excess of $80 per share. The above of
mentioned
against the government for refund of taxes may net the Common claims
stockholders from $2 to $4 per share additional.
In the event the assets of the company should be sold to the Quaker Oats
Co., that company Intends to continue the operation of the Aunt Jemiina
plant in St. Joseph. and their officers have stated that they will
add to the line of products now manufactured by our company. probably
Results for Fiscal Year Ended June 30 1925.
Net earnings of Aunt Jemima Mills Co. before deduction for Federal
and
State income taxes amounted to $540.482. This represents the
amount
remaining after charging off $129,239 for depreciation on
buildings and
machinery. $22.832 covering flood loss (cloudburst) and after
setting up
additional reserve against the possible return of package
goods. Disposition
of the remaining earnings is shown in the following income
statement:
Surplus balance. June 30 1924
$267.578
Add: Net income. year ended June 30 1925
Transfer from sinking fund reserve covering Pref. stock
retired.- 540382
29.707
Total
$537.767
Deduct: P ef. dIvs. $66,568; Common dim. $168.365:
Leta_
Prov. for (1924) Fed. & State Inc. taxes. S66,655: additional _ 232.933
Fed.
taxes prior periods. $2.377 total
.
69.032
Addition to sinking fund reserve for retirement of Pref.
stock
39.471
Privision for 1925 Federal taxes to June 30
12.551
Surplus balance as at June 30 1925
$483(179
Aunt Jemima Mills Co.. Balance Sheet. June 30
1925.
Assets
btatetttiesPlant,equipment,.1‘c
x$1.011.413 Preferred stock
$912,800
Cash
229,213 Common stock
z1,799.728
Bankers' acceptance
129,630 Accounts payable
64.678
Accounts Sr notes receivable_ y245.185 Pref, diva.
pay. July 7 1925_
16.499
Inventories
844.463 Corn. divs. Pay. July 7 1925.
166.365
Investmen'
t
,
125.172 Sundry accrued items
3.353
Deferred charges
107.148 Fed. Inc. tax (Cal. yr. 1924)38.531
Goodwill, trademarks,
875.545 Sinking fund reserve
a39.486
Prov.for Fed. & State Ine.tax
bl2.s51
Total (each side)
$3.567.770 Surplus
481.779
x After deducting $942.316 for reserve for depreciati
on. y After deducting $13.319 for reserve for doubtful accounts. z
Represented by 33.273
shares of Common stock outstanding out of an authorize
d issue of 80.000
shares, no par value. a For retirement of Preferred
stock. b For 8 months
ended June 30 1925.-V. 121. p. 2755.
3007
Buckeye Steel Castings Co.
-Par of Common
Changed.
The stockholders on Nov. 30 voted to change
stock from 60.000 shares. par $100. to 240.000 the authorized Common
shares, par $25. Four
shares of the new Common stock will be issued in exchange
for each share
of Common stock (par $100) now hold.
-V. 111. p.2426.
California Petroleum Corp.
-To Receive Div.
from Subs.
The Red Star Petroleum Cu. In which the above corporati
on
stock interest, has declared an extra dividend of $16 per share has a 59%
besides the
regular dividend of $7 for December, making the total for
the month $23
and for the year $100 a share.
-V. 121. p. 2407.
Canada Bread Co., Ltd.
-Acquisition.-
' Negotiations were completed last week whereby the company
took
the business of the Purity Products. Ltd.. of London. Ont., Canada. over
The
consideration was said to be S69.000.
-V. 120. p. 3089.
Canada Iron Foundries, Ltd.
-Annual Report.
-
Years Ended Sept.30- 1924-25.
Net earnings
$350.209
Interest & exchange_
76.333
1923-24.
$339,769
64.237
1922-23.
$348.518
54.120
1921-22.
$115.350
57,622
Total
$426.542
3404.006
8402.638
$172.972
Depreciation
8195.059
8195.059
8195.059
d195.059
Deben. Int. & sink. fund
64,491
86.051
67.731
69.717
Motet. non-oper. plant..
9.892
10.253
10.532
12.634
Reserve fund
50.000
Preferred dividends__ -(4%)155.112 (3)116.334 (2)77,558 Cr.50,000
Bal.,sur. or def
sur$1,988 sur$16.308 sur$1,760 de354,438
COMparatioe Balance Sheet Sept. 30.
1925.
1924.
.
1925.
1924.
Assets$
$
Liabilities8
$
Real estate, buildCommon stock.... 1,598.900 1.594.900
Inas. machinery
Pref. non-cum. stk 3.877,800 3,877.ao0
& good-will. ___a4,216,792 4,411.852 6% let M. deb.
Cash
35.991
119.029 stock
6613,703
689,702
Bills & accts. rec.- 593.411
444,307 Accounts payable,
Matls & supplies- 697.363
684,854
wages. &c
115,047
91,982
Govt. Investment_ 731.478
650,956 Dividend payable.. 155,112
116,334
Inv. In other cos.- 759.572
807.683 Reserve for taxes &
Call loans
225.000
75,000 'mad) claims46,163
39,715
Unexp loser. de
13.932
55,302 Deb. sink. fund_ __ 145,674
121,395
Reserve fund
700,000
700.000
Surplus
21.142
19,154
Total(each side) 7,273.540 7.254,981
a Plus additions.less depreciation and realizations to date. b Authorize
d
$1,500,000:issued and fully paid,$809,298; less $195.597 redeemed
through
sinking fund.
Pres. V. J. Hughes in his remarks to stockholders says in
part:
Company during the year entered into an agreement
its interest in the Northern New Brunswick & Seaboard to divest itself of
Ry. The capital
of the railway company was one of the assets taken over from the
liquidators
of the Canada Iron Corp.. Ltd., in 1915. but has proved merely a
source
of expense. In connection with the transfer of the railway company
and
in order to obtain a release from the Government of New Brunswick
of any
contingent claim against this company, It was agreed to hand
over to the
railway company certain rights-of
-way which were the property of this
Autosales Corp., N. Y. City.
-5% Preferred Dividend.
- company. These were subject to the deed securing the Debenture stock,
The directors have declared a dividend of
but the trustees for the stock
Partic. Pref. stock, par $50, payable Dec. 29 5% on the 6% Non-Cumul, $50,000. Debenture stock to agreed to release them for a consideration of
that amount was purchased by the company
to holders of record Dec. 21.
This Is the first cash disbursement on the issue since March
-V. 119. p. 2884.
31 1920. when and handed to the trustees for cancellation."
a payment of 14% was made. In Dec. 1920 and
1921
ments of4%% and 4%,respectively, were made in Preferred stock disburseCaracas Sugar Co.
-Annual Report.
stock -V.120.
D. 961.
15 mos. end. 14 mos.end. 10 mos.end. Year ended
PeriodSept.30'25. June 30'24. Apr.30'23. June 30
Belgo-Canadian Paper Co., Ltd.
'22.
-New Control, &c.
- Net earnings from sugar
See St. Maurice Valley Corp. below and V. 121. p. 2880.
and molasses sales_ _ _ _ $2.625.819 $2.740.790 $1,914.832
$1.114,966
Operating cost
2.514.555
2.379.959
Belvidere Apartments, Cincinnati, O.
1.571.058
1.386.221
-Bonds Offered.
-S. W. Straus & Co., Inc., are offering at prices to
Operating profit
8111,265
$360.832
$343.774 loss$271.254
Depr. on plant & equip..
from 6% to 6.40% according to maturity $1,300, yield Interest and discounts
207,142
230.100
133.947
Mtge. 6 Yi% Serial Coupon Bonds. (Safeguarded 000 1st Organization exp., prop. 203,263.. 234,216
207,804
under the
written off
Straus plan.)
• 3.292
3.078
8.840
Dated Nov. 16 1925; due serially Nov. 1927-1940. Int.
LOG.; for year
$91.999
payable M.Sz N.
883.818 sur$206.749
Denom. $1,000, $500 and $100c5 Callable at 102 and int:
$715.999
.
Adjust. on prey. crops
2% Federal
31.281
15.191 Cr.173.367
income tax paid by borrower. California 4 mIlle, Iowa 6
,
155.070
5 mills, Wyoming a.) mills. Oklahoma 34 mills, Colorado mills, Kentucky
Balance. deficit
5
$123.280
$9) sur$380.116 $871.070
.009
234 mills, Minnesota 3 mills, Montana 3% mills, personal mills, Kansas Previous deficit
390.773
property taxes
291,764
refunded.
671.880 sur199.189
Res. for ins, to planters_
86.104
The property mortgaged consists of an 11-st
•
reinforced concrete, fireproof construction nowory apartment building of
P.
nearing
$600,158
$390,773
land, in the Rosehill section of the Avondale district in completion, and -V.& L. deficit
$291,764
$671.880
120. p. 2554.
Cincinnati. owned
. .
in fee. The location of this property is one of the most desirable in
Cincinnati. particularly In view of its excellent transportation.
Chateau Frontenac Apartments, betroit.-Bonds
The property
is less than 25 minutes by street car from the downtown
business section Offered.
-The Strauss Corp. are offering at par and int.
and not more teen 20 minutes by automobile.
The building will contain every feature of equiment and
$550,000 1st Mgte. 63'% Real Estate bonds.
that will make its accommodations closely approximate those construction
of the beautiDated Dec. 15 1925; due serially Dec. 15 1927-1937.
ful residences that surround the Belvidere Apartments.
This building (J. & 1).) payable at Union Trust Co.. trustee, Detroit, Principal and int.
will be the finest of its kind in Cincinnati. A survey of
rental conditions Federal income tax is paid by the borrower (J. Will Mich. 2% normal
has shown that there is a strong demand for apartments of
'Wilson). Bonds are
rentals are satisfactory and vacancies are almost negligible. this character; tax-exempt in Michigan.
Security.
-A direct closed first mortgage on the land, 8
Net annual earnings from the property covered by the
-story fireproof
ample deductions for operating expenses, taxes, insurance mortgage after building and furnishings. A first lien on the entire net rental income out
for vacancies are estimated at 4179.000 which is more than and an allowance of which montnly deposits are made each month in advance with the trustee.
twice the greatest to meet interest and, principal payments as they become
annual interest charge on the present bond issue.
due.
located on the Southeast corner of East Jefferson Avenue and Property is
The bonds are the direct obligation of the
Marquette
which Frank Messer and Jacob Warm are Belvidere Building Co., of Drive, opposite one of Detroit's beautiful public parks and the Detroit
the principal officers and River. The land has been conservat
Stockholders.
ively appraised at $97,000. The
ing, including furnishings and equipment, estimated by Otto Misch build& CO..
members Associated General Contractors, will cost $820.448.
Bethlehem Shipbuilding Corp., Ltd.
-Earnings.
-The gross earnings have been conservatively estimated
The corporation has just closed a contract with-Contract,
calling for the construction at a cost of $400,000 the N-T-U Company $152,700 annually. Operating expenses, including insurance, taxes, at
of a plant neat Santa keep, vacancies and depreciation
Marla, Calif., capable of extracting 1,000
are estimated not to exceed $50,820 upper
shale rock. Two years ago the corporationbarrelsaof oil per day from oil annum. Deducting this from the gross earnings there remains
for this company upon the same property built smaller capacity plant income of $101,880 each year or almost 3 times the greatest annual a net
which has been in successful charge.
interest
operation ever since.
-V. 121, p. 2277.
Chrysler Corp. (Del.).
-Split Up Approve
(Daniel) Boone Woolen
d.
Mills, Inc.
-Offer Rejected.The stockholders on Dec. 18 ratified an increase in the
Federal Judge Edwin S. Thomas at Hartford,
the offer of $27,000 made by W. B. Dunne, of Dec. 14, declined to accept from 800,000 shares, no par value, to 3,200,000 shares, no Common stock
par value,
Providence, R. I., for the approved exchange on the basis of
plant and equipment of the company at
four shares of new Common stockand
for
J. McLaughlin. appointed by the CourtBaltic, and the sale made by Charles each share of Common stock now held.
-V. 121. p. 2524.
as a committee to sell the property,
was ordered vacated.
City Investing Co.
-50% Stock Dividend.
Thomas J. Speliacy, ancillary receiver of the company,
-The directors
reported to the on Dec. 17 declared
Court that the creditors' committee in
a 50%1Stock dividend on the outstanding
property, which should be accepted. Chicago had offered $75,000 for the
-V. 121, p. 2756.
$4,000,000 Common stock, par $100, payable
Boston Duck Co.
-Merger Approved.
-
See Otis Co. below.
-V. 118, p. 2441.
British American Oil Co.
-Dividend Increase
d.
The directors have declared a dividend of $1
stock, payable Jan.2 to holders of record Dec. 19. per share on the capital
The company previously
paid quarterly dividends of 50 cents per share, and
1925, paid extra dividends of 50 cents per share. in Jan. 1923, 1924 and
-V. 120, P. 1208.
British-American Tobacco Co., Ltd.
-Report.
years Ended
on Feb. 1 to
holders of record Jan. 11.
The stockholders on Dec. 15 increased the authoriz
Common stock from $4,000,000 to $8,000,000.-17. ed
121,
p. 2756.
Columbian Mfg. Co.
-Merger Approved.
See Otis Co. below.
-V. 119. D. 2068.
Commercial Credit Co., Balt.-20% Stock
The stockholders will shortly vote (a)on increasing the Div., &c.
capital stock and (b) on approving the sale of sufficientpresent authorized
new capital stock
to provide the company with $10,000,000 to $12,000,000
Subject to approval of the proposed plans the directors additional stock.
Brown Shoe Co., Inc., St. Louis.
thereafter declare a 20% Common stock dividend payableintend to promptly
-Plan Ratified.to
holders and from Jan. 1 1926 to increase the cash dividend Common stockThe stockholders have ratified the plan to change the present
shares of $100 par value to shares of no par value, as outlined authorized stock outstanding from $1.50 per share per annum to on the Common
$2 per share
in V. 121, annum, which is equal to $2.40 per share
p. 2642, 2632.
per annum on the present per
outstanding Common stock.
Brunner Turbine & Equipment Co.
The Commercial Credit Co. and Commercial Investme
-Contracts.
poration have jointly authorized the following statement nt Trust CorThe company has just closed with two sugar concerns in Carlow,
: "In the past
Ireland, two weeks informal discussions have taken
and Frienley, England, for installations costing together about
S1,200,000. both companies, regarding the possibility of place between the official of
-V. 121, p. 27513.
merging the two companies.
The discussions were purely tentative and have been
terminated. The
Sept.3G1925.
Net profit
15,145,237
-V. 121, p. 2407. 1912.
1924.
£4,866,266
1923.
1922.
£4,494.972 .C4 A00.784
THE CHRONICLE
3008
conclusion was reached that at the present time the best interests of the
two companies might best be served by continuling to operate independent-V. 121. P. 2881, 2756.
ly."
-Rights.
al Investment Trust Corp.
Commerci
The Common stockholders of record Dec. 30 will be given the right to
subscribe on or before Jan. 15 for 72,000 additional shares of Common stock
(no par value) at 360 per share, in the ratio of one share for each 5 shares
held. (See also V. 121. p. 2643.1
The Central Union Trust Co. of New York has been appointed Registrar
for Dillon. Read & Co. interim receipts for Commercial Investment Trust
shares.
ail% 1st Pref. stock with Common stock purchase warrants 75,000
(See offering in V. 121, p 2643.)
-V. 121. P. 2881,
See also Commercial Credit Co. of Baltimore above.
2756.
-Dividends.
T.) Connor Co., Boston.
(John
Common
The directors have declared a dividend of 52X cents on the payable
and the regular semi-annual of 33.4% on the Preferred stock, both
The dividend on the Common stock
Dec. 31 to holders of record Dec. 19.
with
includes the usual quarterly declaration of 50 cents per share, together
adjust231 cents additional which has been added in connection with theand the
with O'Keefe, Inc..
ment of asset values for the proposed merger
Ginter Co.
to act
A special meeting of the stockholders has been called for Dec. 26
on the consolidation plan. For terms, see Ginter Co. below and V. 121.
D. 2881.
-Stock
Consolidated Laundries Corp.(of Maryland). $22
&W.
-Bonner, Brooks & Co., New York, have sold at
per share 125,000 shares Common stock (no par value).
Transfer agent, Bank of New York & Trust Co., New York.
Registrar, Irving Bank-Columbia Trust Co., New York.
be pres-
--Common stock, authorized 1,000,000 shares; to
Capitalization.
ently outstanding 335.000 shares. No bonds or Preferred stock.
York. Dec. 15.
Data from Letter of President Charles B. Kilby. New
-Organized to acquire, either directly or through wholly
Corporation.
properties or stocks of the following companies,
owned subsidiaries, all of the
Existing
for which all the stock to be presently outstanding will be issued.
mortgages, notes payable and other liabilities will be assumed: System
Laundry Co., Inc.; (2) Unit
(1) New York linen Supply &
Laundry;
Laundry Corp.; (3) Avon Steam Laundry, Inc.;(4) New System(7) Select
(5) Economy Mercantile Corp.; (6) Volunteer Laundry. Inc.; S'tancourt
Co.. Inc.; (9)
Laundry Co., Inc.; (5) Coney Island Laundry
West End
Laundry Co., Inc.; 10) The Pride of the Kitchen Co.; (11)
Inc.;
Laundry. Inc.;(12) & K Laundry Co., Inc.; (13) Spotless Laundry,
04) Pride Laundry Corp.; (15) Autostop Towel Cabinet Co.. Inc.; (16)
Co.
Household Laundry Corp.: and (17) The Lackawanan Laundry
systems in
Corporation will be one of the largest laundry and linen supply
is
the United States. The principal business of the constituent companies
York and in addition the companies serve many
carried on in Greater New
Island and the State of
of the most important cities and towns in Long
the outNew Jersey. The companies to be part of the new system Include
and
standing factors in their respective branches in the laundry industry of
a period
have demonstrated their stability and successful operation over
The consolidation will result in a well balanced and co-ordinated
years.
by a single
business. Direct supervision of the combined companies economies in
management should result in greatly increased efficiency and
larger profits.
operation and substantially
years
-Combined earnings of the companies for the last three after
Earnings.
and
after all deductions, Including depreciation and Federal taxes,
to the
charges and adjustment of salaries months
adjustments of non-recurring
present rate are as follows: 1923. $5.38,686; 1924. $701,466; 1925 (2
estimated), $966.007.
consolidation
It is expected that the economies and other benefits of the
will be reflected in greatly increased earnings in 1926.of placing this stock
have signified their intention
-Directors
Dividends.
on an annual dividend basis of $2 per share, payable quarterly, beginning
April 1926.
York
-Application will be made to list these shares on the New
Listing.
Stock Exchange.
1925 (After Consolidation).
Consolidated Balance Sheet Oct. 31
Liabilities
I
Ir. AssetsLand bldgs., mach..&fa-33.809,582 Real estate mortgages and$1,384,115
301.703 notes payable
Cash
300,475
757.654 Bank loans
Inventories
562.796
573.941 Accounts payable
Notes & accts. reels, secs_
76.089
1 Accrued accounts
will, leaseholds, &c_
Good
51.239
'Res, for taxes & conting__
$3.068,168
• Total (each side)
$5.442,882 Capital and surplus
[voL 121.
lease additional ice depots with a combined daily ice handling capacity of
an additional 12,355
2,102 tons and retail coal yards capable of handling allowing the handling
tons of coal daily. Building material yards are owned
of 6.539 tons daily of such material. Company also owns and operates
trailers, a river
7 sand, gravel and stone quarries, as well as 153 trucks. 25370 horses.
and lake fleet of tugs and scows and over 590 wagons and
Authorized Outstanding
Capitalization*$10,000,000 $3.000,000
7% Prior Pref. stock, cumulative
4,500.000 4,500,000
7% Prof. stock, cumulative
3,250,000
*5.000.000
Common stock (15 par value)
1st Mtge. Sinking Fund 6%. Series A (this issue)_ 15.000.000 6.000.000
2.500,000
2,500.000
due Jan. 1 1931. -Year 6% Cony. Gold Notes,
5
*Of which a sufficient number of shares will be held against conversion
the voting
the 5
-Year 6% Convertible Gold Notes or fir deposit under the Notes.
of
trust in case of exercise of the Purchase Warrants attached to
-Proceeds from sale of bonds and notes will be applied towards
Purpose.
and
the retirement of the company's entire funded debt now outstanding
to the payment of current Indebtedness.
Paid, Depreciation, Depletion and
Net Profits Before Deducting Interest
Federal Taxes, Calendar Year:
4-Yr. Aver.
1922.
1923.
1924.
*1925.
31,443.199
$1,389.625
51,726,544
8927.118
51,729.512
*Two months estimated.
will
Annual interest on the 1st Mtge. Bonds to be presently outstanding
require 3360.000.
Coal Co., By-Products Coke Corp.,
-Peabody
Management and Control.
and the Globe Coal Co.. large coal mining or coke producing companies,
recently
are among the principal stockholders. Peabody Coal Co. hasthe ComA majority
assumed complete management of the company. agreement. of
mon stock will be deposited under a voting trust Patten. C. D. Caldwell,
-D.S. Boynton, John Hertz, James A.
Directors.
D. F.
M. E. Keig, Stuyvesant Peabody, Edwin W. Sims, B. A. Eckhart,
G. Logan,
Kelly, Wm. N. Pelouze, Wm. Wrigley, Jr., Geo. F. Getz. Frank
M.P. Peltier.
Balance Sheet, Oct. 31 1925 (after present financing).
Liabilities
Assets
33.000.000
Land, buildings, mach.. etc_b$12,917.870 7% Prior Pref. Stock
4.500.000
7% Pref. Stock
Wagons, trucks, horses, fix3,250,000
1,786,835 Common stock
tures. etc
1.009.832 1st Mtge. Sink. Fund 6%.... 6.000.000
Cash
-Year 6% Cony. Gold Notes 2.500,000
Accts.& Notes rec., less res.- 2,421.614 5
1,351.188
101.402 Accounts payable
Claim for refund of taxes__
13.920
2,111.121 Mdse. coupons outstanding._
Inventories
150.171
46.051 Accrued state & county taxesInvestments
61.250
accrued
629.131 Pref dividends
Deferred charges
500.000
2,500,000 Appropriated surplus
Good will
a2.197,327
Surplus
$23.523,856
$23.523.856 Total
Total
&Including amounts arising from reduction in par value of Common
appraisal of properties.
stock and from
bIncludes leased property and improvements thereon owned by the Company valued in the aggregate at 32,162.452.-V. 121, p. 2881, 2644.
-L. C. Smith and Corona
Corona Typewriter Co., Inc.
Merger-Ford, Bacon & Davis to Control Both Companies. in-
typewriter
The most important develrpment for many years in the typewriter
dustry is the combination of the L. C. Smith standard officewhich was and
antypewriter under one management
the Corona portable
nounced Dec. 15. Ford, Bacon St Davis, Inc. of New York have contracted to purchase a controlling interest in the stock of the Corona Typewriter Co., Inc. of Groton. N. Y.. pioneers in the development of the portable typewriter.
acquired control of
A little over a year ago Ford. Bacon & Davis. Inc.. majority interest in
a
the L. C. Smith typewriter through the purchase of N. Y. The surviving
the L. C. Smith & Bros. Typewriter Co. of Syracuse, of the Company and
Smith brothers retired from the active management
Frank R. Ford became its president.
stockMr. Ford stated Dec. 15 that it was the intention of the large
to consolidate
holders in both the L. C. Smith and the Corona companies
the consent
these companies as soon as the legal details can be completed;
of each
and approval of more than a majority of the present stockholders
plan. It is understood that
company having already been given to this meetings of stockholders can
details will be announced as soon as formal
be held.
Smith companies
Since the size and earnings of the Corona and the L. C.
are almost exactly the same, this merger will provide the consolidated comthe present capital and business of each
pany with approximately double
in the typewriter industry.
and will make it one of the most powerful factorsagencies in practically all
Both companies have branch offices or sales
all foreign countries and since the
cities of the United States as well as in
but supplement each
products of the two companies are not competitive,
enlarge the sales
other, this consolidation will materially strengthen and
possibilities of the combination.
Consolidated Mining & Smelting Co. of Canada, Ltd*
-The directors have declared
Extra Dividend of $5 per Share.
Extra Dividend.
per share on
The directors have declared an extra dividend of 50 cents
an extra dividend of $5 a share and the regular semi-annual
regular quarterly dividends of 50
to
outstanding capital stock the Common stock, in addition 2%the the 1st Preferred and lid % on the
dividend of 75e. a share on the
on
Common,
cents per share on the
31.- 2d Preferred stocks, all payable Jan. 2 to holders of record Dec. 12.par $25, both payable Jan. 15 to holders of record Dec.
V. 121. D. 712.
V. 121, p. 335.
-Dividend Increased
-Halsey, Stuart
Crucible Steel Co. of America.
-Bonds Sold.
Consumers Co., Chicago.
-The
a $5 Annual Basis.
98 and int., to yield over 6.15%, on Common Stock from a $4 toquarterly dividend of
&ICo., Inc., have sold at
Fund 6% gold bonds, Series A. directors on Dec. 16 declared a Common stock, par 13%
$6,000,000 1st Mtge. Sinking
$100,
(accruing from Jan. 1 1926) on the outstanding 355,000,000
Dated Jan. 2, 1926; due Jan. 1, 1946. Int.
of Halsey, Stuart & Co., payable Jan. 31 to holders of record Jan. 15. From July 31
payable J. & J. at Chicago and New York offices
income taxes not in excess of 2%.
Inc., without deduction for FederalRed. all or part at any time upon 30 1923 to Oct. 31 1925 incl. the company paid quarterly
Denom. $1.000, $500 and $100 O.
-V. 121, p. 1784.
to Jan. 1 1936; 103 on dividends of 1% on this issue.
days' notice at the following prices and int.: 105
101 on Jan. 1 1941 and
Jan. 1 1936 and thereafter to Jan. 1 1941; and
-New Director.
Co.
Conn. personal property tax
Cuban-American Sugar
thereafter to maturity. Penn. 4 mills tax,
tax on the
Mass, income
George C. Keiser has been elected a director succeeding H. W. Wilmot.
not exceeding 4 mills per dollar per annum and
int. not exceeding 6% of such int. per annum refunded.
Stuart -V. 121, p. 2408.
through
-Company will covenant to retire Series A Halsey, Jan.
Sinking Fund.
Bonds on
-Stock Offered.-Haligarten &
Curtis Publishing Co.
& Co., Inc., sinking fund agent. $3375,000 of these
Such Bonds will be
1 1931 and an equal amount annually thereafter. or if not so obtainable Co. and J. A. Sisto & Co. are offering at $310 per share
up to and including the prevailing call price, This sinking fund
purchased
5,000 shares Common stock (without par value) carrying
will be redeemed at the then prevailing call price.maturity.
provides for the retirement of all Series A Bonds by
the stock dividend declared Dec. 16. These shares do not
-An issue of $2,- represent new financing for the company but are part of
$2,500,000 Convertible Notes Sold.
-Year 6% Convertible gold notes was also sold outstanding stock.
500,000 5
Authorized. Outstanding.
Capitalizationby the same bankers at 100 and interest.
$20.000,000 $18,269.000
Prof. Stock, par $100
payable J. & J. at New
Dated Jan. 2 1926: due Jan. 1 1935. Interest
without deduction
York and Chicago offices of Halsey, Stuart & Co., Inc.,
$500 C.
not in excess of 2%. Denom.$1,000 and Jan. 1
for Federal income taxes
prices and int..• At 102 to
Red. upon 30 days notice at following
thereafter to
1930 and
1928: on Jan. I 1928 to Jan. 1 1930 at 101; on Jan. 1
maturity at 100.
option of the holder
-These notes will be convertible at the
Convertible.
Cumulative
at any time prior to maturity, into the 77 Prior Preference
one share of stock at $100 for each
stock of the company, in the ratio of
int. and diva.
for accrued
$100 principal amount of notes, with adjustment
may be detached
Stock Warrants.
-These notes will carry warrants (which notes) entitling
and either held or disposed of separately and apart from the
representing
the holder thereof to purchase voting trust certificates, each
Jan. 1 1931 in
one share of the Common stock of the company on or before of notes at 35
amount
the ratio of five certificates for each $100 principal
per share in cash or an equal principal amount of these notes.
Dec. 3 1925.
Data from Letter of Pres. S. Peabody, Chicago,
several well
Company.-Incorp. In Illinois in 1913 as a consolidation of
conducted for more than 40
established companies. Business successfully
building material in
years. now consists of the distribution of coal, ice and
exceed 7,000,000 tons.
Chicago and adjacent territory. Annual sales now enjoy excellent railroad
The distributing yards and plants of the company service to its patrons
are strategically located to render efficient
facilities,
machinery. Company
and are completely equipped with modern handling
daily manufacturing capacity
owns artificial ice plants with a combined with a daily handling capacity
deposts and retail coal yards
of 2.200 tons,
and operates under
of 4.540 and 3.500 tons of ice and coal respectively,
7% Cumulative
900.000 shs. 900,000 s
Common Stock (without par value)
Company -Owns and ublishes the nationally known periodicals "The
Saturday Evening Post,' "Ladies' Home Journal" and "The Country
Gentleman."
-Net earnings have for many years shown a steady increase.
Earnings.
and ample cash and stock dividends have been paid. It has been the
custom to pay dividends monthly, and from time to time extra dividends
have been paid.
-Company has no funded or other debt except current monthly
Assets.
accounts and among its current assets on June 30. 1925 were about $20,000.000 in.cash, U. S. Government bonds and other liquid securities. It
also owns valuable parcels of real estate. situated on Independence Square
and elsewhere in the City of Philadelphia.
-The stockholders on Dec. 16 1925 voted to issue 900,000
Stock Dividend.
shares of no par value Preferred Stock, having the same right ,privileges
that
and preferences as the present outstanding Preferred Stock, except issue
it may be redeemed either in whole or in part. It is proposed to their
Common stockholders in proportion to
70(1,000 of these shares to the
this
holdings, as a stock dividend. At the present market for Pref. stock
would amount to an extra stock dividend worth from $85 to $90 per share
-V. 121. p. 2162.
of Common stock.
-New Financing.
Davison Chemicll Co.
% debentures to the Century
-Year
The company has sold 83.000,0005
who
Trust Co., Baltimore, Imbire & Co., Ltd., and Frazier Sz Co., Inc., inoffer them next week around par. Proceeds will pay off current
will
Sulphur & Phosphate Co. bonds
debtedness and retire $774.000 Davison
THE CHRONICLE
DEC. 19 1925.]
due March 1, 1926, after which the new issue will constitute the sole outstanding bonded debt. The debentures will be secured by 100,000 shares
of Davison Sulphur & Phosphate Co. stock and 184.650 shares of Silica
Gel Corp stock.
-V.121. p. 712.
-Bonds
Dexter Portland Cement Co., Nazareth, Pa.
Sold.-Blair & Co., Inc., and Cassatt & Co. have sold
at prices to yield from 6% to 63/2%, according to maturity,
$2,200,000 1st Mtge. Serial gold bonds.
Dated Dec. 15 1925; due 8165.000 on Dec. 15 in each year from Dec.
15 1926, incl., to Dec. 15 1934. incl. and $715,000 on Dec. 15, 1935. Free
of Penn. 4 mills tax. Principal and in (J. & D.) payable at Blair & Co.
in N. Y. City, without deduction for any Federal income tax not in excess of
2%. Denom.$1.000. Red. as a whole at any time, or in part Irrespective
of maturity on any int, date, on 30 days notice at 103 and int. on or befe're
Dec. 15 1928; thereafter at 102 Si and int. on or before Dec. 15 1930; thereafter at 102 and tat. on or before Dec. 15 1932; thereafter at 1013i and int.
on or before Dec. 15 1934 and thereafter prior to maturity at 101 and int.
Data from Letter of Pres. John A. Miller, Nazareth. Pa.. Dec. 15.
Incorp. in Penn. in 1899. Has been engaged in the manufacture and sale
of Portland cement for 25 years. Company is one of the oldest. best known
and most successful in the cement industry. Plant located in the Nazareth
section of the Lehigh Valley cement district and adjoins the property of
the Penn-Allen Cement Co.. whose business and assets the Dexter company
Is about to acquire. The plants of the two companies have a capacity of
2.350.000 barrels per annum, and will constitute the largest unit operating
in the Nazareth section.
Dexter Portland Cement Co., in addition to regular dividends on its
Preferred stock, has paid dividends continuously on its outstanding Common
stock since 1907 at rates varying from 6 to 12% per annum, the payment
for the year 1925 being 12%. During the same period through reinvestment of $2,200,000 from earnings, the company has thoroughly modernized
its plant and increased its annual capacity from 600.000 barrels to 1,275,000
barrels.
The Penn-Allen Cement Co., in addition to regular dividends on its
Preferred stock, has paid dividends on its Common stock continuously since
1919, with the exception of the year 1921, at rates ranging from 6 to 12%
per annum, the rate in 1925 being 10%. in the same period over $1.000,000
has been reinvested in the property from earnings.
Security.-Secured by a first closed mortgage upon all the real estate.
plants and fixed assets owned by the company,including the fixed properties
about to be acquired from the Penn-Anlle Cement Co. The properties
upon which these bonds will be a first mortgage have been appraised as
having a net sound value (less depreciation) of $4,675,700.
Purpose.
-Bonds are being issued in connection with the acquisition of
the business and assets of Penn-Allen Cement Co.
Net Earnings Available for Interest and Federal Taxes Calendar Years.
(Combined net earnings of Dexter Portland Cement Co. and PennAllen Cement Co..after property taxes,depreciation and depletion,available
for interest and Federal taxes.1
1922.
1923.
1924.
1925
(9 mos.).
$245.515
$961.492
$702.669
$853.766
Net earnings as shown above for the 3 years and 9 months average
$736,917 per annum, equivalent to over 5 Si times the maximum annual
interest charges on the proposed issue of First Mortgage bonds. and for the
9 months ended Sept. 30 1925. such earnings were at an annual rate equal
to 8% times said interest charges.
Balance Sheet Sept. 30 1925 (After This Financing).
Assets.
Cash
$282.502 Notes payable
$111.089
Cert. of Dep.& savings sect__
82,350 Accounts payable-trade
98,78(1
Notes & accounts receivable__ 430.069 Accrued amounts payable_
260.052
Inventories
486,867 Res. for Fed. tax
100.148
16.336 1st Mtge. Serial 68
Prepaid expenses
2.200.000
Deferred charges
208,000 Capital stock
1,987.860
23,417 Surplus
Investments
318,021
Property, plant & equipment_ 3,546.389
Total
-V. 121, p. 2408.
$5,075,950
Total
$5,075,950
3009
receipts of the Nieuw Amsterdantsch Administratie Kantoor will be issued.
American holders of Guaranty Trust Co. of New York depositary receipts
may exchange them for the Dutch stamped receipts of the Nieuw Amsterdamsch Administratie Kantoor by surrender ot their American receipts
at the main office of the Guaranty Trust Co., New York.
Application will be amde to list the Dutch Stamp Administration Receipts
on the Amsterdam, Holland, Bourse.
Capitalization.
6,000,000 Guilders-equivalent at 40c. to 82,400.000
Authorized
To bepresentlyissued_1,350,000 Guilders-equivalent at 40c. to 8540.000
1,000 Guilders
Par Value Dutch Stamped Administration Receipts
100 Guilders
Par Value American Depositary Receipts
American Receipts issued denominations 10 shares and multiples thereof:
The capital stock is entitled to a prior dividend of 6% before any other'
distribution of profits as provided in the Act of incorporation. Interest
at the rate of6% per annum on the par value of capital stock will be cumulative from date of issue up to Dec. 31 1930. No fees will be paid the Managing Director or board of the company until such cumulated interest hasbeen paid in full out of profits.
-The Act of Incorporation authorizes 200 Founder shares (no par value
entitled to 10% of the net profits) which will be presently issued.
Compang.-Incorp. Dec. 14 1925 at Amsterdam. Holland, under the
Laws of the Kingdom of the Netherlands. The by-laws of the company
will be sanctioned by Her Majesty, the Queen of the Netherlands.
Company has been formed to cultivate rubber and coffee in South
Sumatra, Dutch East Indies. It has acquired Crown Leaseholds coverings
18,865 acres. These leases all run from 62 to 70 years, expiring from 1987
to 1995 inclusive. The rentals are at the very favorable and low rate of
23 cents per acre per annum.
These Crown Leaseholds have been acquired for capital stock in the
amount of 350.000 Guilders, or $140,000 par value. Total net proceeds
from the sale of the 1,000,000 Guilders or $400,000 par value of stock will,
therefore, be available for the cultivation and development of the properties
and as working capital. It is estimated that the proceeds from this issue
will clear and bring into full bearing 1,800 acres.
Operotions.-It is proposed to clear and plant during 1926. 1927 and 1928
a total of 1.800 acres. The plantings per acre will be 57 rubber trees and
800 coffee plants. The coffee which is planted as a filler will begin to
produce in 1929. reaching its maximum production in 1933. and then declining to nothing in 1939. The rubber production is estimated as follows:
1932, 49.500 lbs.; 1933, 165.000 lbs.: 1934. 352,000 lbs.; 1935, 550,000 lbs.;
1936. 748.000 lbs.; 1937. 880.000 lbs.; 1938. 957.000 lbs.; 1939. 990.000 lbs.
-Assuming an average market price for the coffee of
Estimated Profits.
70% of the present selling price and an average market price for rubber
of less than 40c. per pound, or 40% of its present price, gross receipts from
the originally planted 1,800 acres (developed from the proceeds of this
original issue) would be approximately: 1929. $12.600; 1930 $60.000; 1931,
$133.000: 1932, $193,000; 1933, 8221,000:1935. $305,000; 1936, 8542.000;
1937. 8362.000; 1938, $362.000; 1939, 8360.000.
Management.
-Mr. J. N. Burger, of Amsterdam, Holland, Managing
Director. D. G. Boissevain (with Harvey Fisk & Sons', New "York) will
also be on the board of directors.
-Listing.
Eitingon Schild Co. Inc.
There have been placed on the Boston Stock Exchange list temporary
-Year 6% Sinking Fund Gold Debenture bonds,
bonds for 84.090.000 10
-See offering in V. 121, p. 2882.
dated Nov. 11025 and due Nov. 1 1935.
-Merger.
Electric Refrigerating Corporation.
Announcement was made Dec. 15 by banking interests of a 810,000.000
merger of electric refrigerator companies and the formation of a corporation
with assets in excess of that figure to be known as the Electric Refrigeration
Corporation.
The Keivinator Corp. largest manufacturer of household refrigerating
equipment,and the Niro;Corp.,largest manufacturer ofcommercial electric
refrigerating units, will combine with the Grand Rapids Refrigerator Co.,
Kelvinator and Nizer will exchange, share for share, into the stock of the
new company,and Grand Rapids will be taken over for a cash consideration
of approximately $6.000.000. Part of this money will be raised by an issue
of Electric Refrigeration Corp. debentures and the balance will be taken
from the treasury of the combination.
The details of the capitalization of the Electric Refrigeration Corp. are
not yet ready for announcement. The purpose of the consolidation, it is
stated, is to enable the Kelvinator and Nicer corporations to obtain control
of the company making the cabinet in which the electric refrigeration units
are installed.
-Shipments Increase.Dodge Brothers, Inc.
Elk Horn Coal Corp.
-Listing.
Shipments for the Ii months ended Nov. 30 1925, amounted to 242.614
The Baltimore Stock Exchange has authorized the listing of 84.500.000
cars, compared with 211.669, cars shipped in the same period In 1924, 6
-year 1st & Ref. Mtge. Sinking Fund 6„t4% Gold bonds (V. 121, p. 1913)
representing 14.6% increase. With a month's prouetion yet to be re- and $1,500,000 6
-year 7% Debenture Notes (V. 121. p. 2526).-V. 121;
ported, sales of Dodge Brotners motor cars this year already are 16.973
cars in excess of sales for the entire year of 1924, and are the largest here- p. 2644.
Emporium Corp. (Del.), San Francisco.
-Stock
tofore in the history of the business, according to official figures issued by
the company. Substantial increases in both exports and bus, truck and Lehman Brothers, New York, Mercantile Securities Co. of
commercial car business account for a large portion of the increased proCalif. and Strassburger & Co., San Francisco have sold at
duction.
On Dec. 1 1925. 11 years and 20 days after the completion of the first
Capital stock (no par value).
Dodge Brothers car, a total of 1.466,023 cars had been produced and $34 per share 72,000 shares
Listing.
-It is expected that application will be made to list the stock on
sold, of which number, it is officially reported, over 90% are still in service.
The corporation will have completed early in 1926 additions to its plant the New York Stock Exchange and on the San Francisco Stock & Bond
at a cost of about $8,000,000, financed out of surplus, which will increase Exchange.
-Capital stock, authorized, and issued or held for exchange
Capitalization.
production capacity nearly 50%. Such Increased capacity Is designed to
for minority stock interest in subsidiary company 360.000 shares, no par
meet the increasing demand for Dodge ears both at home and abroad.
value. The owners of over 98% of the Common stock of the Emporium
Announce Reduction in Car Prices.
have already agreed to exchange their holdings for stock of Emporium Corp.
The California corporation, which is the operating company, has no
Reduced prices and greatly increased production will be the 1926 program
of Dodge Bros., Inc.. Detroit motor car manufacturers, according to an funded debt other than purchase money mortgages on real estate, but has
announcement made Dec. 15. No.hint is given as to the amount of the an authorized issue of $500,000 7% Cumulative Prof. stock, of which
reductions, except that the public is assured that the cut in prices will be $260.300 are outstanding.
large. The reductions will apply to the complete line of Dodge Bros. Data From Letter o'Pres. A.B.C. Dohrmann,San Francisco, Dec.18.
cars and will be effective Jan. 7 1926. The full amount of the reduction
History 44 Business.
-The Emporium was the first complete department
will be immediately refunded to all purchasers of Dodge Bros. cars since
store operated in San Francisco. The original Emporium was opened in
Dec. 15.
May, 18.96. on a co-operative plan whereby each department was owned
The reductions, according to the announcement, are made possible by a different owner. In July, 1897, the present Emporium was organized by
as
a $10,000.000 expansion, now nearing completion, in the plants of Dodge
Bros. and of Graham Bros., majority control of which was recently obtained single corporation under the leadership of F. W. Dohrmann. The business
by Dodge Bros., Inc. These expansions, which have been financed out has grown in volume and in profits, so that today the Emporium continues
of surplus, include new buildings and equipment and will ne.arly double to hold the outstanding position as the largest department store in San
Francisco. Its volume of business is, and for many_ years has been, approxithe capacity of the Dodge Bros. factory in 1926.
Robert C. Graham, assistant to the president, has been elected Vice- mately twice that of its next largest competitor. The Emporium has on its
books approximately 100,000 accounts.
President and General Sales Manager.
-V. 121, p. 2756.
Anticipating the development of San Francisco westward along Market
(John) Douglas Co., Cincinnati, 0.
-Will Buy Pref.- Street, the Emporium has purchased a tract of land three blocks west of the
present location, having an area of about 233,000 sq. ft. The building
It is announced that the directors have 5108.684 in the redemption
proposed to be erected on
larger single
for Pref, stock which will be used to purchase about one-third of thefund existing department store. it will have anow occupied floor area than any
outThe building
is under lease which
standing $346.500 Pref. stock at 108 and int. on Dec. 31. All stockholders expires in 1933. By that time it is expected that the new building will be
who wish to sell at that price may deposit their stock on or before Dec. 24 completed and ready for occupancy. The new location and increased
with the Fourth & Central Trust Co., Cincinnati. 0. If more stock is facilities will afford the Emporium the oppportunity for its proper and
offered for redemption than the amount of the fund, the directors reserve expected development.
the right to pro rate the amount bought from each stockholder, or to redeem
Organization OE Purpose.
-The Emporium Corp. (of Delaware) has been
any surplus if they deem if advisable from the current funds of the com- organized with a capitalization of 360,000 shares of Capital stock for the
pany.
-V. 105, p. 1001.
purpose of acquiring, through the exchange of sick, the Common stock of
the Emporium (of Calif.), and to provide funds to finance the acquisition
(E. I.) du Pont de Nemours & Co.
-Sells Property.
-real estate.
The company has sold its property, consisting of 555 acres of land and of Sales &Profits.
-Net earnings of the Emporium for the 3 years ended
27 buildings, at Wayne, N. J., to the Broadway Development Co. The Jan. 311925, after dividends on Preferred stock and provision for Federal
buildings had been used for many years for the manufacture of black taxes, and the equivalent earnings per share on the Capital stock of the
powder. This was not a "war plant." Expansion of the city brought it Emporium Corp. (based on the exchange of all the Common stock of the
too close to the danger zone and the du Pont Company moved out several Emporium for Capital stock of the Emporium Corp.), have been as follows:
years ago.
-V. 121, p. 2757.
Net Earnings.
Earnings per Share.
81,063.534.44
$2.95
Dutch-American Rubber Plantation Co. (Neder- 1923
993,140.78
2.75
1924
1,124.914.24
3,12
landsch-Amerikaanshe R ubber-Plantage Maatschappij). 1925
Earnings for the year ending Jan. 31 1926 are estimated at S1,2511,000,
-Stock Offered.
-Harvey Fisk & Sons are offering 1,000,000 or $3.47 per share, on the basis set forth above.
guilders capital stock at $40 per share of 100 guilders par
For the 9 months ended Oct. 31 1925, net earnings have been certified
at
value. Van der Werff & Hubrecht of Amsterdam, Holland, of $840.857 being substantially in excess of the earnings for the same period
the previous year.
are offering 507 of these shares simultaneously in the
Total sales for the year ended Jan. 31 1925, including those of leased
0
departments, were 817,973.709. It is estimated that sales for the current
Amsterdam market.
year will be approximately $1,000,000 in excess of this figure.
Deliveries in the United States will be in the form of registered negotiable
-it has been the policy of the directors to pay dividends
Dividends.
Depositary Receipts, issued by the Guaranty Trust Co. of New York, consistent with the growth of the business and the requirements for working
representing the original shares deposited in the Nederlandsch Indische capital. It is their intention to.
place the stock of the Emporium Corp.
Handelsbank, Amsterdam, Holland. For Holland delivery Dutch stamped forthwith upon a $2 dividend basis.
3010
THE CHRONICLE
Initial Consolidated_Ba1ance7Sheet, Oct. 31 1925.
Liabilities
Cash
$254,843 Accounts payable. trade__
3254.843
Accounts rec., less reserves._ 1,717,302 Other accounts payable
Inventories
4.398,226 Dividends payable
Investment securities, at cost
65.702 Accr. rent, pay. Feb. 1 1926_
Fixed assets
3,764,425 Other accrued liabilities
Prep.exps.& deferred charges
202,765 Reserves for taxes
Good win
1 Prof. stock of subs. co
Capital stock
Total (each side)
$10,393,264 Initial surplus
$797,818
327,663
216,000
254,875
221,444
446,479
260,300
6,000,000
1,868.683
fvol, 121
Lowest. Highest.
Lead
5.0845
5.0960
Silver.69X
.72%
Zinc
.07375
.0885
A dividend of 1 X % on the Pref. stock was paid Dec. 15, 1925.-V. 121,
P. 1466.
Ferguson-McKinney Mfg. Co. of St. Louis.
The books of the company were falsified to the extent of $2,007,674 last
Feb., in order to obtain $3,300.000 in loans from various banks, according
to auditors' report filed in Federal Court at St. Louis, Dec. 9 by Eugene
H. Angert, receiver.
Of the total amount of falsification, the principal Item listed is $1,250,000,
Equitable Office Bldg. Corp.
-Larger Dividend.
Goods Co.. holding company
The corporation has declared a quarterly dividend of $1.25 a share on which was received from the Carleton Drywhich was not
recorded as a
the Common stock,and the regular quarterly dividend of IX % on the Prof. of the Ferguson McKinney concern, but
liability.
stock, both payable Jan. 1 to holders of record Dec. 17. On Sept. 30 last
Approximately $565,625 was carried among accounts receivable by the
the company paid an initial quarterly dividend of $1 a share on the Common
Ferguson-McKinney company for false merchandise invoices showing goods
steeu.-V. 121, p. 2279.1
to have been delivered to the Carleton firm, but which were not delivered;
and the padding of merchandise inventories was computed at $599,824.
Essex Cotton Mills, Inc.
-To Dissolve.
The falsifications totaled $2,416,419 but the auditors. In their report,
The stockholders have approved the recommendation of the directors credited a
that the company be dissolved forthwith. To carry out this plan, holders company's number of items which have been found, among the defunct
assets.
of the 1st Prof. stock will receive $101.75 in cash upon the immediate
Forrest Ferguson,
Three indictments each against Murray
presentation and surrender of their certificates at the Guaranty Trust Co. charging them with felonious making offalseCarleton and obtain $3, 00.000
statements to
There are also outstanding $5,000,000 Non-Cumul. 6% 2nd Pref. Stock bank credits for
Nov. 25
the Ferguson-McKinney Company, were returned N
and 300,000 shares of no par value Common stock.
-V. 120. p. 1886.
last by a Circuit Court Grand Jury.
-V. 121, p. 2409.
Eureka Vacuum Cleaner Co.
-Earnings.
-
-No Extra Div.
Financial Investing Co. of N. Y., Ltd.
The company for the current year will show about $6.75 a share earned
on the outstanding 250.000 shares of capital stock, according to A. L.
McCarthy. V.-Pres. This estimate Is based on actual figures for 11 months.
together with shipments and orders booked. Net sales for the year are
expected to be considerably in excess of 1924. when they totaled $9.614,700.
In 1924 net was $1.601.660. after all charges and taxes, equivalent to
$6.40 a share, against net of $1,575.948. or $6.03 a share in 1923.
For the first 10 months of the current year net was $1.012.946 or $4.05
a share. October's net being $199.960 against $138,763 In Oct. 1924. Last
year 44% of the total business for the year was done in the last quarter.
as "err'
'td for vacuum cleaners reach its peak during the Christmas season.
-V.121. p. 2757. 2163.
A dividend of 25 cents a share has been declared on the Common stock,
payable Jan. 1. to holders of record Dec. 15. An extra dividend of 10 cents
a share was paid Oct. 1 on the Common stock in addition to a dividend of
25 cents a share.
-V. 121. p. 2409.
-Parker,
-Notes Sold.
Fairfield Dairy Corp.. New York.
The directors have declared a quarterly dividend of 114% on the Capital
stock, payable Jan. 1 to holders of record Dec. 16. In April. July and Oct.,
1925. quarterly dividends of 1% had been paid, compared with 2% quarterly
paid from April 2 1923 to Jan. 2 1925 incl.-V. 121, p. 2409.
Robinson & Co. and Bauer, Pond & Vivian, Inc., have sold
%
-Year 632%
at 993 and int. to yield over 614% $500,000 3
/
Collateral Trust gold notes (with stock purchase warrants).
Dated Dec. 1 1925: due Dec. 1 1928. Denom. $1.000 and $500.c5
Interest payable at United States Mortgage & Trust Co.. trustee, without
deduction for normal Federal income tax not in excess of 2%. l'enn. and
Conn, personal property taxes not exceeding 4 mills per annum each, the
District of Columbia personal property tax not exceeding 5 mills per annum.
the Maryland securities tax not exceeding 4t' mills per annum, and the
Mass. Income tax on the interest not exceeding 6% of such interest per
annum refunded. Red. all or part by lot on any int, date, on at. least 30
days' notice. at 102 and Int. if redeemed on or before Dec. 1 1926: at 101
and int, if red. after Dec. 1 1926. and on or before Dec. 11927: and at 100
and int. if red. after Dec. 1 1927 and before maturity.
Data from Letter of Pres. Willet C. Evans.
Corporation.-Incorp, In New York. Owns 99% of the outstanding
Common stock of Willow Brook Dairy of New York. Willow Brook Dairy,
originally incorp. In 1901, succeeded to the business of the firm of Smith &
Halsted. which began business in 1881. Starting with a small building and
a $40,000 investment, Willow Brook Datry has built up a large and profitable business.
Willow Brook Dairy owns completely equipped creameries In Mass.,
Conn. and New York, including plants at Sheffield and Egremont. Mass.,
Gaylordsville and Kent, Conn. and Ancram and Baldwin Place. N. V.
Also owns largefarms for the production of certified milk.known as Mahonec
Farms, and located at Baldwin Place, N. Y. From its creameries, which
are equipped with the most modern machinery, the milk Is shipper' direct
by rail to its distributing plant at Mount Veronn, which is modern in every
respect and equipped for the most sanitary and efficient of Its products.
From its plant at Mount Vernon and a smaller plant at New Rochelle.
Willow Brook Dairy is operating more than 80 retail delivery routes serving
lernon anor
arn ms
h0ahmorpe7 TtMoung m rNew Rochelle. the Zlhaar_
re g s and
1
°
l r r1 ellairv2PT
i 4 " at l n .
Z
oneck, Bronxville, Tuokahoe. Crestwood, a part of Yonkers. and the Wakefield. Woodlawn and City Island sections of The Bronx. N. Y. City.
Serurity.-Specltically secured by the deposit with the trustee of all of
*- the Common stock of Willow Brook Dairy now owned. plus an amount of
cash sufficient to purchase, on the terms now contemplated, the remaining
Common stock of Willow Brook Dairy, which,upon purchase. Is to be deposited with the trustee in lieu of such cash. As provided in the Collateral
Trust Indenture not exceeding 49% of the pledged stock may be released
from the lien of said indenture, upon deposit with the trustee. either In
cash or in notes to be taken at their face amount, of the sum of $250 per
share of stock to be released.
IVarrants.-Notes have attached to them, upon the original issue thereof.
detachable stock purchase warrants entitling the hearer to purchase 10
shares of the Common stock (without par value) of the corpora'ton for
each $1.000 of Notesat $20 per share. in case the corporation shall, prior
to Feb. 1 1927 call for redemption all of its outatandings notes. all rights
of purchase shall terminate on that date: hut if all the Notes shall not have
been called for redemption prior to Feb. 11927.such rights of purchase shall
continue for *60 days after the date, If any, fixed for the redemption of all
of the outstanding notes. but In no event shall the right continue later than
Dec. 1 1928. For the 5 months ended Oct. 31 1925 the net nrofits applicable to the Common stock of Fairfield Dairy Corp.. after all prior charges of
'
Willow Brook Dairy and interest on these notes. hut before Federal axe.,
of the corporation, were over $1 per share and were at the rate of $2.76 per
share per annum.
Net sales and net profits of Willow Brook Dairy years ended May 31 !after
deducting allowance for depreciation of physical property. Interset charges
of Willow Brook Dairy, Federal income taxes and dividends on Prof. stock)
Net Pritts. Times earned.
Nti Sales.
3.25
$105.786
1921
51.855.543
76.850
2,36
1922
1.667.098
2.91
94.714
1923
1.762.577
127.078
3.91
1924
1.912.848
3.68
119.667
1925
2.003.091
5.28
71 615
935,529
1925 (5 m09. ended Oct. 31)
Consolidated balance sheet as of Oct. 31 1925 of Fairfield Dairy Corp.
and its subsidiary shows net assets. including good-will purchased,applicable
to them notes of $1.079.196. The balance sheet is based on the assumption
that the corporation will acquire the remaining 1% of the outstanding
Common stock of Willow Brook Dairy not now owned.
Farr Al,aca Co.-Frtrn Div?*den d of 5°1An extra dividend of 3% In addition to the regular quarterly dividend of
2% has been declared on the Capital stock, both payable Dec. 31. to holders
of record Dec. 19. A special dividend of 2% was paid on June 30 1925 in
addition to the usual quarterly dividend of 2%.-V. 121, p.81.
t
-Quarterly Report.
Federal Mining & Smelting Co.
Tons Shipped-Quarter Ended.
Oct. 311924.
Joty 311925.
Oct. 311925.
14.147
12.937 Aug. 1924
Aug. 1995
14.643 May 1925
15 215
12.286 Sept. 1924
Sept. 1925
16.251 June 1925
15.872
12.230 Oct. 1924
Oct. 1925
16.589 July 1925
48.234
Total
37.453 Total
47,483 Total
Net Earnings, Before Depletion. Depreeitition and Taxes-Ouarters Ended.
Oct. 311924.
I
Oct. 311925.
July 311925.
1924___
5--- $384.615 May 1925-- 5309.311 Aug. 1924_ __ $262.232
1118. l"
285.854
273.939 Sept.
Sept. 19'5_ _ - 422,070 June 1925-__
. 350.747
ct. 1925_ - _
501.383 July 1925_- 247,292 Oct. 1924_
4898.832
y$830,543 Total
Total
x$1.308.068 I Total
il3c efote deducting $67.954. construction and equipment: yBefore deduc..
'81.487 construction and equipment: aBefore deducting $90,583,cont'ng 1
truction a d equipment.
hi
Wiring the quarter ended Oct. 311025. the lowest and highest New York
prices of lead and silver, and St. Louis prices of zinc, were as follows:
-Extra Dividend.
Firestone Tire & Rubber Co.
The directors have declared an extra dividend of $1 per share on the Common stock, par $10.
Harris Creech, President of Cleveland Trust Co., has been elected a
director to succeed the late L. E. Sisler.-V. 121, p. 2645.
Flint WM of New Bedford.
-Larger Dividend.
Ford Motor Co. of Canada Ltd.-Output.-
In November the company produced 6,656 cars and ,rucks, against 3,403
'
In November last year and 7,114 In October this year. For the first 11
months of 1925 the output was 75,700 cars and trucks, compared with 65,892
in the corresponding period of 1924.-V. 121. p. 2279. 2163.
Galena Signal Oil Co.
-Damage Suit.
-
Suit has been filed in the Federal Court at Houston. Tex., by the Atlantic
& Gulf Petroleum Co. for damages of $765.375. It is alleged the failure
of the Galena company to fulfill a drilling contract applying to 517 acres
in the Humble field resulted in the draining of oil from beneath the land by
others.
-V. 121, p. 1231.
-Initial Class "A" Dividend.
General Baking Corp.
The directors have declared a quarterly dividend of $1.25 per share on
the Class "A" stock, payable on Jan. 2. to holders of record Dec. 21.
The Smith Great Western Baking Corp., consisting of nine modern
baking plants in Missouri, Kansas and Oklahoma, recently purchased by
the General Baking Corp., was formally taken over by that corporation
on Dec. 14. The purchase price was not announced. It was said that the
Smith Great Western Baking Corp. had a turnover last year of $6.000.000
with profits after depreciation and before taxes of about $1,000,000.V.121, p. 2646.
-Extra Dividend of 70 Cents.
General Fireproofing Co.
The directors have declared an extra dividend of 70 cents a share and the
regular quarterly dividend of 30 cents a share on the Common stock, no
par value, both payable Jan. 1 to holders of record Dec. 19. On Oct. 1
last, the company paid an extra dividend of 30 cents a share on the COMMOD
-V. 121. p. 1574.
stock and on July 1 last an extra of 20 cents a share.
.Clibson Art Co., Cleveland.-Ertra Dividend
The director; have declared an extra dividend of 10c. per share and the
regular quarterly dividends of 55c. per share on the Common stock, no
par value, and 1 j on the Preferred stock, all payable Jan. 1 to holders
%
of record Dec. 20. Like amounts were also paid on April 1, July 1 and
Oct. 1. I925.
-V. 121. p. 1467.
-Terms of Consolidation.
Ginter Co., Boston.
In a letter to the shareholders of the Ginter Co„ John T. Connor Co.
and CYR eeffe's Inc.. Pres. Augustus F. Goodwin, who is to be chairman of
the proposed First National Stores, Inc.. outlines the full details of the
contemplated consolidation of the three companies as follows: (a) Each
share of John T. Connor Co. 7% Preferred stock will receive one share of
the new First National Stores. Inc. 7% Preferred stock. For every Common share of John T. Connor Co. stock there will he given one share of the
new First National Stores, Inc. Common stock and $6.85 in the new First
National Stores 7% Preferred stock.
(b) Each share of O'Keefe's. Inc.. 8% Preferred stock will receive one
share of First National Stores Inc. 7% Preferred stock. Each Common
share of O'Keefe's, Inc.. will receive 1.3333 shares First National Stores Inc.
Common stock and 1.01139 shares First National 7% Preferred stock.
(c) Every owner of the 8% Preferred stock. $10 par value, of the Ginter
Co. is given three choices, He may exchange his 8% stock for the new 7%
Preferred stock on the basis of 115 the holder of 100 shares receiving 11%
shares of the new $100 par 7% stock. Second: He may sell his present
shares at $11 a share to Merrill, Lynch & Co. Third: Fie may hold his
present l'referred stock which will be junior to the new Preferred issue.
Each shareholder of Ginter Co. Common following the Common stock
dividend of 33 1-3%, payable Dec. 31. will receive one share of the new
First National Storrs Common stock.
The new First National Stores, Inc. will have an authorized canitaliration
of 50.000 shares of 7% Preferred stock (par $100) and 600.000 Common
shares (no par velum. After the exchange of shares Is completed there will
be outstanding 44,917 Preferred shares and 565,000 shares of Common
stock.
Combined Sales and Net Profits of the Three Companies for Calendar Years.
1924.
1923.
Z1925.
1922.
962
816
493
v1.644
Stores operated
348,486,092 545.729.011 542.078.810 835.918.355
Sales
1,553,549
1.607,835
1,842.449
1.242.294
x Net profits
x Net profits after all expenses including depreciation and Federal taxes
at current rates. y Oct. 31. z 10 months actual and two months estimated.
President Augustus F. Goodwin further says in substance:
This has been a merger made by the principals of the companies concerned.
No stock is to be sold to the public to consummate it and all stockholders
approached are believers in the great future of the consolidated company
and wish to stay with it. I believe it good wisdom to do so.
New stores will not be placed in competition with existing stores of the
other dividions and new territory which offers profitable development is to
be opened up throughout New England.
It is preposed to have built a large single warehouse, closer to the average
center of store locations of the three companies. Large economies in handling, administration and transportation costs should thus result. Duplication in advertising costs can be eliminated.
Large profits are expected as a result of the plan to create a manufacturing
plant to produce much merchandise now bought from manufacturers. The
combined business of the three companies should make such manufacturing
profitable and desirable.
A bakeshop, built for modern, economic production, with a capacity of
about 125.000 loaves of bread a day is contemplated. A unified garage.
stable, and printing plant should lower the costa of thew departments.
A direct source of milk supply in an exceptional dairy section will give the
company, at lower prices, better milk than generally sold elsewhere.
Contingent upon the consolidation being effected contracts have been
made by and approved by the board of directors providing for the retention
of the services of the present executive staffs of all three companies. These
include in the case of Charles F. Adams and certain other executive agreements that they shall give all of their business time and attention to the
DEC. 19 1925.]
THE CHRONICLE
3011
affairs of this company for a period of 5 years and shall not engage either
Hatfield-Reliance Coal Co.
-Dividends.
-directly or indirectly in the grocery or provision business in New England
The directors have declared a quarterly dividend of 40c. a share on the
for a like period. In connection with and as a part of these contracts and
arrangements for continuity of management, Charles F. Adams is to pur- Common stock, payable Feb. 1 to holders of' record Jan. 20, and the usual
chase 10,000 shares of the Common stock and Michael O'Keeffe is to quarterly dividend of 2% on the Preferred stock, payable Jan. 2 to holders
purchase 5,000 shares of such stock at $15 per share, to be paid for in cash of record Dec. 20.-V. 120. p. 1466.
within 10 days after the stock is ready for delivery.
(R. M.) Hollingshead Co.
-Initial Dividend.
(The stockholders will vote Dec. 28 on increasing the Common stock
The directors have declared an initial dividend of 25 cents per share on
from 200.000 shares to 600.000 shares and on creating an issue of $5.000,000
the Class "A" Common stock, no par value, payable Jan. 2 to holders of
7% Pref. stock.)
President A. F. Goodwin in a letter to the shareholders says that as the record Dec. 15.-V. 121, p. 2047.
results of the appraisal are now approximately known concerning theproposed
Honolulu Consolidated Oil Co.
-To Change Par.
merger of the Ginter Co., O'Keefe's, Inc., and the John T. Connor Co..
The stockholders will vote in January on changing the authorized Comthe directors of the companies involved will recommend that in exchange
mon stock from 15,000,000 shares (9,448.000 shares outstanding) par $I..
of the present Ginter 8% Preferred stock for new 7% Preferred stock the
to 1,500,000 shares of $10 par value. The latter figure was erroneously
premium be raised from 10 to 15%.
reported as 15.000,000 shares of $10 par value in our issue of Dec. 12.Sales of the Ginter Co. for Month and Eleven Months Ended Nov. 30.
1925-1Vovembor-1924.
Increase. i 1925-11 Mos.-1924.
Increase. V. 121. p. 2885.
$1,210,919 $1,135,978
$74,9411$12,486.379 $11.273,498 $1.212,881
Horn 8c Hardart Co., N. Y.
-To Create New Issue of PreSee also V. 121. li)• 2883•
Glidden Co., Cleveland.
-Resumes Dividends on Common
-The directors on Dec. 12 declared a quarterly cash
Stock.
dividend of 50c. a share on the outstanding 400,000 shares of
Common stock, no par value, in addition to the regular
quarterly dividend of 1%% on the Prior Preference stock,
both payable Jan. 2 to holders of record Dec. 22. Quarterly dividends of 50c. a share had been paid on the Common
stock from April 1 1920 to Jan. 3 1921, inclusive; none since.
Preliminary figures for the fiscal year ended Oct. 31 1925 indicate net
Income slightly in excess of $2.200.000. after depreciation, Federal taxes.
&c. equivalent after Prior Preference dividends to $4 24 a share on the
Common stock outstanding, as compared with actual net income of $1,078,906.
Estimated Hawes for the fiscal year ended Oct. 31 show a gain in sales
of over $4,275,000. compared with actual sales In the preceding fiscal year
amounting to 819.614,396. It is stated that current assets as of Oct. 31
1925 are at a ratio of better than 4.20 to 1.-V. 121, p. 1796.
Globe Grain & Milling Co.
-Omits Common Div.
-
The directors on Dec. 9 decided to omit the dividend usually due at this
time on the outstanding $8.000.000 Common stock. par $100. The company has paid dividends at the rate of $4 annually on the Common stock
since the last quarter of 1924. when dividends were resumed on this issue
for the first time since suspension on Jan. 1 1921.
The regular quarterly dividends of 114% on the 1st Preferred and 2%
on the 2nd Preferred stocks were declared.
At the timb the Common stock was placed on a $4 basis. President W. E.
Keller stated that the resumption of' payments was made possible by the
sale of $1,125,000 of Secured Notes of the Globe Cotton Oil Mills to the
First National Bank of Los Angeles. The proceeds from the sale were estimated to satisfy dividend requirements until April 1 of this year.
-V.
121. P• 1353
.
Grauman's Greater Hollywood Theater, Inc., Los
Angeles.
-Bonds Offered.
-H.M.Lewis & Co., Los Angeles,
are offering at 100 and int. $450,C00 1st Mtge. Leasehold
63/2% Serial Bonds.
•
Dated Oct. 1 1925: due aerially Oct. 1928-1940. Denom. $1,000c*.
Principal and int. payable (A. & G.) at Federal Trust & Savings Bank of
Hollywood, trustee. Normal Federal Incense tax not to exceed 2% paid
by company. Callable on any int. date, all or part, on 30 days notice
at 102H.
Data from Letter of Joseph M. Schenck. V.-Pres. of the Company.
Company.
-Incorporated in 1925 for $1,000,000 to acquire a suitable site
and to erect a theater building thereon. With the exception of directors'
qualifying shares, one-third of the stock held by each of the following parties:
West Coast Theatres, Inc., Sidney Grauman, Joseph M. Schenek. all of
whom are prominent and influential In the production or presentation of
motion pictures.
-year leasehold on the north side of HollyCompany owns a valuable 99
wood Boulevard, located between the Hollywood Hotel and Garden Court
Apartments, having a frontage of 140 feet. with a depth of 250 feet. Terms
of this lease call for a rental of $1.000 ner month for the entire AO VKI S
,
The theater building to be erected with equipment will cost $906,000
without giving any value to the leaseholi. This loan will constitute a
50% debt. The theater will have a seating capacity of 2.000.
EarnInoe.-The estimated earnings are based unon those of Grauman's
Egyptian Theater, which, because of similarity of location, size, management, and productions to be shown, affords an excellent enmparlsnn. The
net earnings before depreciation and Federal Income TAT of Grauman's
Egyptian Theater were: 1923, $184,006; 1924, $124,428; 1925. at the rate of
$181.728.
-Extra Dividend of 2%.
Hamilton-Brown Shoe Co.
-
The directors have declared a special cash dividend of 2% and the regular
monthly cash dividend of I %. payable Jan. 2 to holders or record Dec. 23.
A year ago an extra dividend of 1% was declared.
-V. 120, p. 590.
-Sale.
Hanover Cement & Stone. Ltd.
Tenders will be received by the Chartered Trust & Executor Company,
46 King Street West, Toronto. trustee for the 8% 1st & Ref Mtge, Sinking
Fund bonds, up to Dec. 19. for the purchase of lands and premises situate
In the Town of' Hanover and in the Townships of Bentinck and Brant, In
the County of Bruce, Province of Ontario.
Happiness Candy Stores, Inc.
-Dividend No. 2.-
A regular semi-annual dividend (No. 2) of 25 cents per share has been
declared on the Capital stock payable Jan. 15 to holders of record Dec. 70.
An initial distribution of like amount was made on July 15 last.
-V. 121.
D• 1353.
-Bonds Called.
Harleigh-Brookwood Coal Co.
Thirty-six 1st Mtge fi% Sinking Fund gold bonds, due 1928. of $1,001)
each, have been called for redemption Jan. 1 at 102)4 and int, at the Girard
Trust Co., trustee, Phila.. l'a.-V. 117, p. 2439.
ferred Stock-Rights.
-
The stockholders will vote Jan. 2 on increasing the authorized Preferred
stock from 10.000 shares of 6% $100 par value stack (all of which is now
held In the company's treasury) to 100.000 shares of 7% Preferred of $100
par. Upon the authorization of the proposed increase, the company will
offer at par ($100 per share) 28,000 shares of the Preferred stock to holders
of its outstanding 560,000 shares of no par Common stock of record Jan. 10
on the basis of one share of Preferred for each 20 shares of Common held.
In addition each new share of Preferred stock thus purchased will carry
with it the right to purchase one share of Common stock on the following
terms: At $60 a share until March 1. 1927 the price to increase $5 each
year until It reaches $80 March 1. 1931. For this purpose 28.000 of the
unissued shares of Common stock will be set aside.
Payment for the new Preferred stock is to be made at the option of the
stockholder in full on or before March 1 or In two installments, 50% on
or before March 1 and 50% on or before June 1. The new Preferred stock
is to be redeemable all or part at any time within two years from date of
respective is.suance of any shares. upon 50 days' notice at 105 and diva.;
during the third year at 104 and digs.: during the fourth year at 103 and
dim* and thereafter at 102li and diva.
The company, in a letter to the stockholders, states that "during the
past two years the company has, through the use of a substantial portion
of net earnings and through bank loans, more than doubled the size of the
bakery and its isminment and the commissariat, and ha.s opened four new
restaurants. The &met vs deem It wise at this time to reimburse the
treasury for such ethenditures, to substantially reduce current loans from
banks and to provide in part the capital necessary to take care of' future
capital developments, thus redwing the future necessity for the application of so large a proportion of the net earnings of the company for development purpose."
-V. 120. p. 1211.
Huyler's, Inc.(Candy Manufacturer).
-New Control.
Announcement was made Dec. 15 of the purchase of the entire wholesale
and retail business of Huvler's by a Southern syndicate headed by Rudolf
S. Hecht (Pres. of the Hibernia Bank & Trust Co.): Fred W. Evans (Pres.
Gen. Mgr. of D. IL Holmes) of New Orleans: Irvin Fuerst: Percy H. Johnstone (Pres. of the Chemical National Bank). and H. B. Baruch (of Henry
Hentz & Co.), New York. The continuance of Huyler's as a separate
business organization with no other affiliations is assured by this purchase.
Huyler's is the oldest and probably the best known candy manufacturer
and retail company in the country and operates factories in New York,
Boston. Chicago and ocher points and a chain of 55 retail stores in various
cities throughout the United States and Canada. Huyler's was established
50 years ago, has been one of the pioneers in developing the candy and soda
badness. Among the innovations which Huyler's have introduced have
been the ice cream soda, the packing of candy In waxed paper to make it
keep in hot weather and the introduction of Frerch bonbons into this
country.
Associated with the new Huyler's Is A. D. Geoghegan, Pres, of the
Southern Cotton Oil Co. and of the We qn 011 & Snowdrift Co.
Mr. Geoghegan has accepted a plat- on the board of directors as has
Meyer Eiseman, a New Orleans re.nitor who, together with Mr. H. Clifford
Bangs of' Washington, D. C., was la trumental in bringing together the
principals in the recent negotiations. Mr. Hecht will be Chairman of the
Board of Directors of the new Huyler's. Inc., which will be a Louisiana
corporation. Mr. Fuerst will he Pres. In complete charge of operations
and management, and Mr. Evans, who is head of the South's leading
department stoma, will be Vice-Pres, and will give a liminted amount of
time to the new organization.
The purchase price was not made public, but $7,500,000 has actually
been subscribed to the syndicate and it will take over Iluyler's with ample
capital on hand after the payment on purchase price for the development
of both the retail and wholesale ends of the business. The syndicate.
It is understood, was greatly oversubscribed and has the backing of practically unlimited capital.
Plans call for nationwide expansion with new stores In all leading and
growing communities, but the distribution of Huyler products will not be
confined to these stores. It will be widened and popularized in such ways
as to realize on the reputation of Huyler's as the "national candy."
Executive offices and the main factories of Huvler's will remain in New
York. although branch factories will be established in various sections of
the country. the first new factory probably in New Orleans. Irvin Fuerst.
the new President. formerly head of Fuerst & Kraemer of New Orleans and
more recently Vice-Pres. of one of the largest candy businesses in America,
will devote his entire time exclusively to the development of Huyler's with
headcrtarters In New York. The business will be taken over formally
on Jan. 2.
-Forms New Subsidiary.
Imperial Oil, Ltd.
This company has organized a new subsidiary company, to be known as
the Dalhousie Oil Co., Ltd., which will acrmire all of the assets,leases and
emapment of the Southern Alberta Oils, Ltd., and the Southern Alberta
Oil Co., Ltd. The lennerial comnany will own 51% of the stock of the
-V. 120. p. 710.
Dalhousie company.
-Extra Dividend on Second
Industrial Acceptance Corp.
Preferred Stock.
The directors have declared the regular quarterly dividends of $1 75 per
share on the First Preferred stock and $2 per share on the Second Preferred
stock, and also an extra dividend of $l per share on the Second Preferred
,,,
and a dividend of $I per share on the Co. ton stock, all payable Jan. 2 to
holders of' record Dec. 21.-V. 120, p. 2821.
-Reorganization Plan
Intercontinental Rubber Co.
Dissolution of Holding Company and Distribution of Assets.
The stockholders will vote Jan. 5 on dissolving the company
(a holding company) and authorizing the distribution of the
assets to the stockholders. The company owns all the stock
Hershey Chocolate Co. & Subs.
-Balance Sheet July of the Intercontinental Rubber Products Corp. Pres. G. H.
31 1925.
Carnahan in a letter to the stockholders says:
(C. H.) Harrison Co.
-Bonds Called.
-
All of the outstanding let Mtge. 7% Gold bonds, dated July 1 1924.
of the Wolverine Land & Home Co. (now the C. H. Harrison Co.) have
been called for payment Jan. 2 at 102 and int. at the Security Trust Co..
trustee, Detroit, Mich.
-V. 121. p. 2411.
Liabilities.
Preferred stock
$1,074,200
Common stock
15.000.000
Bank loans
3.350.000
payable for purchasesAccts.
797.655
Federal taxes accrued
722,019
Accrued wages,Interest, other
taxes. etc
900.329
1st Mtge, S. F. 6% gold
bonds 01 1042
9.290.500
Purchase money mortgage_
2,400.000
Real estate mortgages
375,000
Cuban ceases
129.609
Reserve for depreciation
11,391,624
Outstanding minority cap. St.,
of Sub. (Hershey Cuban
Ry. Co
y5.000
Total (each side)
$86.431,7741Surplus
20.095 838
a Includes $5.911.614 amount paid for stock of subsidiaries in excess of
their book value at time of acquisition.
y Issued 1,200 shares, $100 par value; owned by company 1,100.-V.
121.p. 2885, 2647.
Assets.
"- mach at eqUIP-S29,260,121
Land hid
Public service construction &
equip
14,000,096
Cash
487,163
Ciatomers' accts. receivable_ 1.568.296
Merchandise inventories_ ___ 10,201.494
Miscellaneous investments. _ _ 1.300,205
Good will, trade marks, etc__ x6,314,128
Prepaid Ins., Int,, taxes, etc__
122,675
Other prepayments-adv. a-c
sugar crop 1926, etc
2,606.816
Unamortized bond dis.. etc__
570.779
Simplification of the corporate structure of the company and its subsidiaries is now considered advisable by the directors for the purpose of
eliminating the expense of one holding company and changing the capitalization to a basis which would facilitate the payment of dividends on the
stock outstanding in the hands of the public whenever the directors determine that earnings and financial position justify such distribution. Upon
the consummation of this plan, it is intended to apply to the New York
Stock Exchange for listing of the stock.
The plan provides for the dissolution of the holding company and the
pro rata distribution of all of its assets after discharging any indebtedness.
Company owns all of the 31.370 outstanding shares (60.400 shares auth.)
of Intercontinental Rubber Products Corp. (of Del.), and miscellaneous
other assets of moderate value. The remaining 29.030 authorized but
unissue.d shares of the Products corporation are held subject to the conversion and subscription rights of holders of that Corporation's Convertible
Collateral Trust Gold Notes.
The miscellaneous assets of the company would be sold to the Products
corporation upon terms which will enable Intercontinental Rubber Co.
to make distribution in liquidation to its stockholders on a basis whereby
a holder of 100 shares of its stock would receive at his option, either (a) 100
shares of stock of the Products Corporation and $150 in cash or (b) 108
.
shares of such stock and $70 in cash. The same alternative privileges
3012
[voL 121.
THE CHRONICLE
would apply to lesser amounts of stock of Intercontinental Rubber Co.
108 shares of the Products Corporation would represent substantially the
same proportionate interest in the business as 100 shares of Intercontinental
Rubber Co.
The plan also contemplates changing the name of the Products Corporation to "Intercontinental Rubber Co." in order to preserve the value of
the more widely known name.
Summary of Reorganization Plan Dated Dec. 4 1925.
Objects.
-The objects of the plan are to reduce corporate expenses and
taxes by eliminating one holding company which Is no longer necessary.
and at the same time consolidate and simplify the present situation where
each of the two companies has a different basis forcapitalizing substantially
the same assets and for stating the values of such assets in balance sheets
and accounts. This will involve replacing the shares of $100 par value
of the New Jersey company now outstanding in the hands of the public.
by an equal number of shares of the Delaware company without par value
and retaining the valuation of the assets fixed at the time of the formation
of the Delaware company. By effecting the proposed change in the basis
of capitalization, the payment of dividends on the stock outstanding in the
hands of the public would be facilitated whenever the directors determine
that earnings and financial position justify such distribution. The plan
preserves the present interest in the business of the stockholders of the
New Jersey Company, and the potential interest of holders of the Cony.
Coll. Trust Gold Notes of the Delaware company. It also preserves the
value of the New Jersey company's name by changing the name of the
Delaware Company to Intercontinental Rubber Co.
Present Position.
-The New Jersey Company has outstanding 529.030.000
common stock (par $100). Its porincipal asset is 31.370 shares without
par value of the capital stock of the Delaware Company issued in 1922
against properties of.a then stated value of $3.137.000 and:
(a.1 Cash, about $90.000.
(b) Patents, patent rights, trade names and processes and data, statistics
and reports relating to the production and manufacture of guayule rubber.
with respect to which an exclusive license and right of full use were issued
to Intercontinental Rubber Products Corp. as part of the consideration
for 31.370 shares of that company's stock.
(c) An interest in a contingent claim of American Congo Co.(New York)
against the German Government. of doubtful value.
(d) An Interest in a nitrate property in Chile, carried on the books at
$51.318 and now in process of liquidation.
(e) Miscellaneous assets of nominal value.
The Delaware company has an authorized capital of 60.400 shares without par value, of which 31.370 shares are outstanding, having been issued
to the New Jersey company in payment for all of the issued securities
(except $10.000 of the stock of Continental Plantation Co.,since acquired)
and evidence of indebtedness of the subsidiary companies, which directly
own the operating properties of the Intercontinental group, and the above
mentioned license.
The 29.030 authorized but unissued shares of the Delaware company
are reserved for conversion of $2.903.000 Convertible Collateral Trust
Gold Notes. due Oct. 1 1932. of which 5580.600 are now outstanding.
Under the Trust Indenture the holders of these notes are entitled:
(a) To subscribe to further issues of the present authorized notes at the
Issue Price (not exceeding par and int.): (13) to convert the notes into authorized and unissued stock of the Delaware company at the rate of one share
of stock for each $100 of notes: and (cl to purchase at $100 per share a
prop' rtionate amount of the Delaware company's authorized and unissued
stock, without par value, reserved for the conversion of notes authorized
but. unissued.
Chu,ter Amendments.
-The Delaware company is to amend its charter
by changing its name to Intercontinental Rubber Co.. by increasing its
authorized capital stock from 60.400 shares without par value to 604.000
shares without par value, by providing for the issuance to its stockholders
of 8 additional shares of such increased capital stock for each share of the
Delaware company stock outstanding at the time such increase becomes
effective, and by providing that the conversion and subscription rights of
the holders of its Convertible Collateral Trust Gold Notes may be exercised
upon the basis of 10 shares of the Delaware company's stock for each share
now reserved against such rights.
Upon consummation of the plan, the New Jersey company will have
received additional shares of such increased capital stock of the Delaware
company to an amount (282,330) which, together with its present holdings
(31.370). will equal 10 shares of the Delaware company's stock (313.700)
for every share thereof now held by the New Jersey company (31.370).
Tranler of Assets.
-The Delaware company is to acquire from the
New Jersey Company all of its assets, exclusive of its stock in the Delaware
company and cash. In consideration therefor, it is to pay the New Jersey
company $60.000 in cash and in addition is to assume all contingent liabilities of the New Jersey Company, estimated not to exceed $15.000 and to
pay or reimburse the New Jersey company for all expenses, legal or otherwise, In excess of the sum of 83.402, incurred in connection with the carrying out and consummation of the reorganization, including the expenses
of dissolving and liquidating the New Jersey compatr; and the distribution
of its assets.
The Delaware company is also to declare a dividend of $55.000 on the
31,370 shares of stock now outstanding, which. of course, would be paid
to the New Jersey company as holder of all of this stock.
Liquidation of New Jersey Company.
-Of the 282.330 shares of the increased capital stock of the Delaware company to be received by the
New Jersey company. It Is planned that the sale of 23.224 shares thereof
shall be underwritten at $10 per share so as to give the New Jersey company
or its stockholders the option of securing cash aggregating $232.240 in
lieu of their distributive shares in this stock. Of the remaining 259.106
shares of the Delaware company's stock 176 would not be issued but in lieu
thereof the Delaware company would pay the New Jersey company $2.112:
leaving a balance of 258.930 shares of Delaware company's stock to be issued
to the New Jersey company or its stockholders. The foregoing 176 shares
would have been distributed to the New Jersey company or its stockholders
in order to preserve their exact proportionate interest in the business
except for the fact that this odd amount of stock could not be distributed
pro rata among the stockholders of the New Jersey company without
creating additional fractions.
Upon completion of these transactions, the New Jersey company would
have 5207.112 in cash (including the $90.000 originally on hand). Expenses
of dissolution and liquidation are estimated at $3.002, leaving a balance
of $203,210. equivalent to 70 cents per share on the New Jersey company's
stock. It would also have 290.300 shares of the Delaware company's
stock (258,930 plus 31.370 now held), or one share for each share of its
own outstanding stock, together with the right to receive 23,224 additional
shares of such stock or $232.240 additional cash, equivalent to 80 cents
per share of the New Jersey company's outstanding stock.
The New Jersey Company would take proper corporate action to dissolve
and its directors. as Trustees, would liquidate its affairs and distribute the
net assets among its stockholders.
Upon consummation of the Plan, the Delaware company would have
outstanding 313,524 shares of stock without par value, and there would
remain unissued 290.476 of its shares, of which 290.300 would be reserved
against the conversion and subscription rights of the holders of its Convertible Collateral Trust Gold Notes. The balance of 176 shares would
remain unissued.
Upon the liquidation of the New Jersey Company. the holder of 100
shares of stock would receive: (1) if the right to receive additional cash
be not exercised: (a) $70 in cash. (b) 108 shares of Delaware company's
stock. (2) If the right to receive additional cash be exercised: (a) $150
in cash,(b) 100 shares of Delaware company's stock.
The same alternative privileges apply to lesser amounts of stock of the
New Jersey company than lots of 100 shares.
-V. 120, p. 2018.
Internat.
Business Machines Corp.
-Balance Sheet.
-
Sept. 30'25 Dec.31'24.
Assets$
$
Land, buildings,
plant & equip_ _x6.112.167119,644,971
Pat's& good-wilLy13.698,5161
Cash
1,277,696 1,124.477
Notes & accts. rec. 3,995.843 3,799,438
Call loans
1.000.000
Inventories
3,577.846 3,562,962
sinking fund
2,827
1,251
Commis.adv.salesmen on unfilled
orders. &c
225,139
290,310
Prep. Ins., tax. dm_ 187.050
139.219
Investments
1.533,635 1.071.509
Sept.30'25. Dec. 31'24,
Liabilities$
5
Declared capital
and surplus- _.z23,985,439 21,647,086
Notes&aacts.pay.,
accr. Items, &c. 795,386
931.203
Dividend payable_ 321,446
301,354
Accr.int. on bonds
84,015
168.030
Fed'i taxes (est.)._ 223,373
275,000
Bond. Indebtedn'ss 5,567,000 5,603,500
Reserve for con(in_ 461.558
446.101
Cap. stk. & surplus
o/ subs,not own. 170,927
263.438
Total
31.609,144 29,635,712
31.609.144 29.635.712 Total
x After deducting depreciation reserve amounting to $7,222,177. y After
deducting $822.708 reserve for amortization. z Declared capital and surplus, represented by 160,734 shares of capital stock without par value,
and subject to Federal taxes for the first 9 months of 1925.-V. 121, 1)•
2885. 2647.
International Projector Corp.
-Initial Dividends.
Initial quarterly dividends on the following stocks have been declared,
payable on Jan. 1 to holders of record Dec. 21, said dividends being for the
quarter ending Dec. 31 1925: $1.75 per share on the $7 Dividend Preferred
stock (no par value) and 25 cents per share on the Common stock (no par
value). These dividends are payable also to holders of allotment certificates. representing $7 Dividend Preferred stock and Common stock.
-See
also V. 121, p.2760.
Jaeger Machine Co., Columbus, 0.
-Otis
-Stock Sold.
& Co. have placed privately 100,000 shares of no par value
Common stock at $25 per share.
Exempt from the general property tax under the existing laws of the
State of Ohio. Dividends exempt from the present normal Federal income
tax. Transferable in Columbus and Cleveland.
Capitalizatbm.-To be authorized and outstanding: Common stock
100.000 shares (no nam. No funded debt. No Preferred stock.
Company.
-Organized In Ohio in 1906. Business been built up principally out of earnings until Its present plant covers approximately 7)4 acres
of land with 165.000 sq. ft. of floor space. Company manufactures tiltingdrum concrete mixers In 6 sizes and 36 models. It is estimated that half
of the mixers now in use are of the tilting drum type and that about half
of this total are Jaegers. Products of the company are distributed through
approximately 500 distributors, dealers, agents and salesmen who cover
the entire United States. Company also does some export business.
Sales and Earnings, Years Ended Nov. 30.
1920.
1921.
1922.
1923.
1924.
1925.
Net sales $967.868 $689.766 51,123.822 51.528.461 51,518.943 52.019.490
*Net earn. 62.793 68.972
373.603
299.476
378.648
466,896
*Net earnings available for dividends and amortization of patents.
Dividend Policy.
-It is planned to place the no par Common stock now
being offered on a 52.50 annual dividend basis, payable on quarter dates
beginning March 1, 1926.
Assets.
-Company's balance sheet as of Nov. 30 1925 adjusted to give
effect to changes arising in connection with recapitalization, shows current
assets of $892,117 or more than 8 times current liabilities of 5108.036.
Listing.-It is expected that application will be made to list this stock
on the Cleveland and Chicago 8tock Exchanges.
Jewel Tea Co., Inc.
-Sales, &C.
Price 48 Weeks ofSales
Average number of sales routes
-V. 121, p. 2647, 2048.
1924.
1925.
512,672.320 $12,440,538
1,023
1,042
-Merger.
Kelvinator Corporation.
See Electric Refrigeration Corporation above.
-V. 121, p. 2780.
Kolb Bakery Co.
-Bonds Called for Redemption.All of the outstanding 1st Mtge.5% gold bonds. dated Dec. 29 1911 have
been called for redemption Jan. 1 at 105 and int. at the Guaranty Trust
Co. trustee., 140 Broadway, N. Y. City. Holders may at their option
receive payment at 105 and int. to date of delivery by poesentIng bonds
prior to Jan. 1 at the office of the trustee.
-V. 115, p. 2801.
-Retires Notes.
(Fried.) Krupp, Ltd., Essen, Germany.
Goldman, Sachs & Co. announce the retirement for the sinking fund of
$750.000 7% 5
-Year Merchandise Secured Gold Dollar notes, due Dec.
15 1929. See also V. 120. p. 92, 2951.
(B.) Kuppenheimer & Co., Inc.
-To Reduce Auth. Stock.
In the annual report for the year ended Oct. 31 1925 (see a preceding page)
President Louis B. Kuppenheimer says:
Owing to its strong financial condition, the company during thepastfiscal
year purchased for retirement its Preferred stock to the amount of 8,000
shares This stock was formally canceled and retired on Nov. 10 1925, and
together with the amount a Preferred stock previously canceled and,
retired, reduces the amount of Preferred stock now outstanding to 17,000
shares.
By reason of such retirement of a total of 18,000 shares of Preferred
stock and to have the authorized Preferred stock of the company correspond
with the now outstanding Preferred stock there will be submitted to the
stockholders at the annual meeting on Dec. 29 a proposition to reduce the
authorized Capital stock from $4,050,000. consisting of 35,000 shares of
Preferred stock, par $100. each, and 110.000 shares of Common stock, par
$5 each. to $2,250.000, consisting of 17,000 shares of Preferred stock, par
$100 each, and 110,000 shares of Common stock, par $5 each.
-V. 121, p.
716.
-Resignation.
-Lanston Monotype Machine Co.
Arthur W. Whitney, recently Republican candidate for Governor Of
New Jersey. has resigned as a director of this company.
-V. 121, p. 2529.
-Rights, etc.Lawyers Title & Guaranty Co.
The stockholders Dec. 14 increased the authorized Capital stock from
58.000.000 to $10,000.000, par $100.
Each stockholder of record Dec. 22 1925 will be entitled to subscribe for
one share of new stock for every four shares of old stock held for $200 per
share, payment to be made in full on or before Feb. 1 1926 at the office of the
agent of the company, Lawyers Trust Co., 160 Broadway, N. Y. city
,
v• 121, P. 2885.
Lehieh & Wilkes-Barre Coal Co.
-Defers Dividends.
-
The directors have deferred action on the regular quarterly dividends
of $3 per share on the Common and 87 Li cents per share on the Preferred
stock which would normally be payable on Jan 1. The company's mines
have been closed since Sept. I. A year ago. an extra dividend of $3 per
share was paid on the Common stock in addition to the usual quarterly
dividends.
-V. 120. p. 2019.
Life Savers, Inc.
-Stock Sold.-Hornblower & Weeks
Corp.-Reorg. have sold at $21 per share 100,000 shares Capital stock
(no par value). This stock is being bought from individuals
-New and
International Combustion Engineering Corp.
involves no new financing for the company,
System Generator.
camuaivaion.-Common stock (no par value): Authorized, 550.000 shs.:
Development of a new type of steam generator, which is expected to have
Intercontinental
Rubber Products
See Intercontinental Rubber Co. above.
-V. 120, p. 2018.
a revolutionary effect In the public utility and manufacturing fields, has
been announced by the corporation. Fuel economy which will run into the
millions of dollars is forecast as a result. The development follows several
years of research work by International's English company. The new
type of boiler, it is claimed, not only, reduces materially the cost of gener,
ating steam, but also cuts capital expenditure for generating stations from
35 to 40%.
The new type ofsteam generating unit, which is now in service intEngland,
is developing at the present time 70.000 pounds of steam from 2,000 sq. ft.
of heating surface. The ultimate capacity of this particular unit is equal
to 1,500% of rating with the ordinary steam boiler of the same heating
surface.
-121.p. 2647.
presently to be Issued, 500,000 abs. No funded debt. No bank debt.
No preferred stock.
Edward J. Noble and associates will retain over a 75% interest in the
company, which may be increased through an option to purchase for
cash from the company at the close of 1926. the 50,000 shares of unissued
stock, with a resulting gain of working capital.
Data from Letter of Edward J. Noble, Founder of the Business.
Company.
-To be formed in New York. Will acquire business started
by the founder and associates in 1913, with 53.800 of cash capital. Business has been built up to its present proportions entirely out of earnings
and bz.( distributed liberal dividends to shareholders. Since 1921. sales
aye shown a steady and substantial increase in every year.
DEc. 19 1925.]
THE CHRONICLE
The product responsible for this growth is "life savers." the 5
-cent package confection produced in 6 flavors and now known in practically every
civilized country of the world. Since 1916. over $5,000,000 has been
spent to familiarize the public with "life savers," and the current advertising and sales development expenditure is over $1,250,000 annually.
During 1925, the production and sale of hard candles known as"life saver
fruit drops" was commenced. Without the aid of any advertising the
sale of this product has shown a steady and substantial increase. With
advertising expenditure it Is expected that sales from this product will
duplicate the results shown in the past by "life savers." Modern fireproof plant located at Port Chester, N. Y. contains over 85,000 square
feet of floor space.
Sales and Earnings.
-Product Is sold to over 8,000 jobbers and dealers
in the United States. In every year since organization, the present company has shown a profit. Net earnings of the present company, after
allowing for Federal taxes, and after deducting income from investment
securities owned but not to be transferred to the new company, and the
sales of 5
-cent packages have been as follows:
Sales of
Net after Net per Share
Sc. Packages._
Taxes. of New Issue.
Year129,005,000
$914,698
1925 (10 months)
$1.83
137,030,000
910,701
1924
1.82
108.635,000
632,674
1.26
1923
83.625.000
498.147
.99
1922
The above earnings do not include any income from the Canadian busi
ness which is expected to earn over $60,000 in 1925 and which will be acquired by the new Life Savers, Inc., through 100% stockovrnership.
Based on orders on hand and shipments made since Oct. 31, final net for
this year is expected to be $1,050,000. or $2.10 per share.
Dividends -It is intended to place the stock on a $1.60 annual dividend
basis.
Assets.
-The plan for the acquisition of assets and liabilities of the
present company provides that, as of Jan. 2 1926, after giving effect to
this issue of 500,000 shares of stock, current liabilities will include only
current accounts payable for purchases recently made, that inventory will
be at cost or market, whichever is lower, and that net quick assets shall
amount to $500,000. The American Appraisal Co. has appraised the
present sound value of the fixed assets of the company to be in excess of
$1,200,000. The proposed capitalization is based on earning power. Net
tangible assets, taking net quick assets at contract figure and fixed assets
at present appraised value and including investment in Canadian subsidiary
and other assets, amount to $1,725,000.
Listing.
-It is expected that application will be made to list the stock
on the New York Stock Exchange.
(Louis K.) Liggett Co.
-November Sales.
Month of November.1925.
1924.
Increase.
Total sales
$3.648.527 $3.071,513 x$577,014
x Of this increase the old stores contributed $286.539.-V. 121. p. 1797.
1685.
MacAndrews & Forbes Co.
-5% Extra Dividend.
-
An extra dividend of 5% has been declared on the Common stock in addition to the regular quarterly dividend of2.both payable Jan. 15 to holders
of record Dec. 31. On Jan. 15 1925 an extra dividend of 4% was paid on
this issue.
-V. 121, P. 2886.
McCrory Stores Corp.-Sales-Pref. Dividends for 1925.
3013
zation of mortgages and bondsand further through exercise of stock purchase
warrants. The indenture securing the Secured Sinking Fund 53% Gold
bonds will provide that no additional mortgages may be placed upon the
properties during the life of these bonds.
Sinking Fund.
-The indenture will provide that all rentals in excess of
Income taxes, total interest charges, amortization requirements of first
mortgages and $50,000 reserve fund, will be applied semi-annually, beginning Jan. 1 1927, to the redemption of Secured 53i% Gold bonds by purchase at not exceeding 100 and int. or by call by lot at that price. It is
calculated that this sinking fund will retire at least 36% of this issue before
maturity even though all bonds so acquired have been purchased or retired
at the maximum figure.
-story office
Properties.
-The property at 29-33 West 42nd Street is an 18
and store building of steel, marble and brick construction. It is on the
north side of 42nd Street, between Fifth and Sixth Avenues, in the heart
of the most desirable shopping district in New York. The plot extends
from West 42nd St. to West 43rd St., 200 ft. x 78ft. frontage on each street.
The character of the neighborhood is such as to assure the permanence of
its present high standard.
The St. Nicholas Avenue property occupies a corner. 119.6 ft. on St.
Nicholas Avenue and 225 ft. on 181st St., in the center of one of the best
outlying retail districts in N. Y. City. It is north of the junction of St.
Nicholas Avenue and Broadway and is on the line of the Broadway Subway
of the Interborough Rapid Transit Co., a station being located at this
corner. 181st Street is a wide highway making a direct connection with
Washington Bridge over the Harlem River. It is also within a half mile
of the new West Side Subway now under construction, which will also
have a station at 181st St., according to present plans. This locality has
developed considerably in recent years, and its possibility for further
development is believed to be very great. The Woolworth Co. occupies
a portion of this property and, it is understood, has sub-let the balance, the
tenants including D. A. Schulte, Inc., Louis K. Liggett Co.. Loft, Inc.
and Regal Shoe Co.
Authorized. Outstandino.
Capitalization.$4.350,000 $4,350,000
1st Mtges., due Jan. 1 1946
Secured Sinking Fund 5)i% Gold bonds, due
4.250,000
4,250,000
Jan. 1 1946 (this issue)
250.000
a 143.750
Capital stock (par $5)
a Balance of authorized capital (21,250 shares) deposited with trustee
against issuance of stock purchase warrants.
The bankers will purchase at once 28,750 shares of the Capital stock at
par to be held in a voting trust and voting trust certificates representing
21,250 shares, the balance of the authorized Capital stock, will be deposited
in escrow with the trustee against the exercise of stock purchase warrants.
It is calculated that net rental payments will provide funds sufficient for
the entire extinguishment of the debt of corporation not less than 15 years
prior to the expiration of the shorter lease in 1975.
Stock Purchase Warrants.
-Each $1,000 bond will carry a detachable
warrant entitling the holder to purchase 5 shares of the Capital stock or
voting trust certificates representing Capital stock in accordance with the
following schedule: On or before Feb. 1 1926 at $5 per share, from Feb. 2
1926 to Jan. 1 1931 at $10 per share,from Jan. 2 1931 to Jan. 1 1936 at $15
per share, from Jan. 2 1936 to Jan. 1 1941 at $22.50 per share and from
Jan. 2 1941 to July 1 1945 at $30 per share. Warrants will be callable as
a whole by publication at any time upon 30 days' notice at $10 per warrant,
the right being reserved to the holders to purchase stock, or voting trust
certificates representing stock, upon terms and conditions provided in the
warrants, up to and including the date set for redemption.
Sales for the first week of December were $310,626, an increase of 25%
Merchants & Manufacturers Securities Co., Chicago.
over the corresponding week of last year.
The directors have declared a dividend of 7% on the Preferred stock for -Extra Dividend of 1% in Stock.
-New Director.
the year 1926, payable in 4 quarterly payments of 13j% each, on Feb. 1.
The directors have declared the regular quarterly dividend of 25i% in
May 1, Aug. 1 and Nov. 1 to holders of record Jan. 20, April 20. July 20
cash and an extra dividend of 1% in stock, both payable Jan. 1, to holders
and Oct. 20, respectively. A dividend of like amount was declared a
year ago on the Preferred stock for the year 1925.-V. 121. D. 2761, 2648. of record Dec. 15.
-V. 119.
Cecil Dixon, of Hathaway & Co.. has been elected a director.
p. 1742.
-Common Stock on $2 Basis.
Marlin-Rockwell Corp.
The directors have declared a dividend of 33 cents per share on the
-New Store Opened.
Metropolitan Chain Stores, Inc.
Common stock for the two months ended Dec. 31 and the regular quarterly
The company announces the opening of another new store which is located
dividend of 1 % on the Preferred stock, both payable Jan. 4 to holders of
by the comrecord Dec. 28. As the holders recently voted to amend the provisions of in East Liverpool. This is the fourth new store to be opened121. p. 2886.
-V.
the charter so that the Preferred stock could be convertible into Common pany this year and raises its chain to a total of 72 stores.
stock, the directors deemed it wise to make both dividend payments on the
-Lane,Piper &
-Bonds Offered.
Minnesota Sugar Corp.
same date and for this reason declared a two months' dividend on the
Common shares. The declaration of the 33 cents dividend establishes the Jaffray, Inc., Minnesota Loan & Trust Co., Minneapolis
Common stock on a $2 a year basis, compared with $1 a year previously.
.ofTrust Co. and Wells-Dickey Co., Minneapolis, recently
-V. 121. D. 2529.
ferred at prices ranging from 98 and int. to 101% and int.
Maytag Co. 'Del.), Newton, Iowa.
-November Sales.
6.20% according to maturity
to yield from 5%% to
1925.
Month of November.
1924.
(abt.) 20,000 units 10,600 units $1,200,000 1st (Closed) Mtge. 6% Serial Gold Bonds,
Sales of washing machines, etc
These figures were reported last week to be for the 11 months endedNov.
Dated Nov. 1 1925: due serially May 1 1928-1941. Principal and int.
30.-V. 121. p. 2886.
(M.& N.) payable in U.S. Gold Coin. at Irving Bank-Columbia Trust Co..
New York, trustee. Denom. $1,000 and $500 c*. Red. all or part on
-Sale.
Menter Co., Inc., New York.
on 60 days'
order
The business of the company operating a chain ofretail men's and wemen's any int. date in reverseplus a of maturity and numerical order part thereof
each year or
at par and int.,
clothing stores throughout the country, with headquarters at 467 7th Ave., notice,unexpired term of the premium of 1% for
bonds, such premium in no event to exceed
of the
New York, which failed last Sept. for $2,250,000, is to be offered for sale
Federal
on Dec.22. Bids will be opened on that date before Federal Judge Williams 5%. Int. payable without deduction for normalMinn. income tax up
to 2%. Exempt from moneys and credits tax in
Bondy.
-V. 121. p.'1354.
Walter Leigh,Pres.of American Beet Sugar Co.
Data from Letter of IL
Mercantile Properties Inc., N. Y. City.
-Bonds Sold.Corporation.
-A subsidiary of the American Beet Sugar Co. Will own
at
erected
which
sugar
Potter & Co., Spencer Trask & Co. and E. H. Rollins & a modern beetMinn. factory will be is now beingoperatingfor it andEast
will
unit
a complete
Plant
Grand Forks,
Sons have sold at 943. and int. to yield about 6% $4,250,- have a capacity of 1,200 tons of beets claPy or in excess of 30,000,000
granulated sugar per annum.
0
000 Secured Sinking Find 5M% Gold bonds, (with stock pounds of standard-The property will be operated by the American Beet
Lease of Property.
purchase warrants).
Sugar Co. under a lease providing for a rental to be paid to the trustee
Dated Jan. 1 1926: due Jan. 1 1946. Denom. $1,000. Interest payable sufficient to meet when due all installments of interest and maturing prin& J. without deduction for Federal income taxes up to 2%. Penn. 4 cipal of this issue. American Beet Sugar Co. will also be required to
mills tax and Mass. income tax on the int. not exceeding 6% of such int. maintain and keep in repair the leased property, pay all taxes, and provide
per annum refunded. Red. all or part at 100 and int. on any int. date for the corporate expenses of the lessor company. The lease will extend
upon 30 days' notice. Central Union Trust Co., New York, trustee.
beyond the life of the bonds and will be non-callable except in the event
Data From Letter of Pres. John J. Matthews, New York. Dec. 12. of acquisition of the property by the lessee and assumption by it of the
Company.-Incorp. under laws of the State of New York to buy, sell and mortgage.
Securtly.-Bonds will be secured by a closed first mortgage upon this
lease real estate. Has contracted to purchase the property at 29-33 West
of more
42nd St., (known as the Aeolian Building) and theproperty at the south- property which, upon completion, will represent an investmentthe plant
than $1,750,000. American Beet Sugar Co. agrees to complete
west corner of 181st St. and St. Nicholas Avenue, N. Y. City. which are
free and
leased to F. W. Woolworth Co. for periods of not less than 50 years on and will guaranty that upon completion the property will be the lease
clear of all liens and encumbrances other than this issue and
absolute net rental bases.
Leases.
-F.W. Woolworth Co. has leased the 42nd Street property for 63 described herein.
Earnings of American Beet Sugar Co.
-Net earnings of the company
rental of $400,000 per annum for the first
years from May 1 1927, at a net
21 years and $450,000 per annum for the remaining 42 years, the lease for the 8 years ended March 31 1925. Including earnings of the properties
at an average annual rate
terminating May 11990; and the St. Nicholas Avenue property for 50 years at Chaska, Minn., and Mason City, Ia., wereearnings were at the rate of
from Sept. 1 1925, at a net rental of $125,000 per annum,the lease terminat- of $1,282,438. For the last 3 years such net
$1,514,651 per annum and for the year ended March 31 1925, were
ing Sept. 11975.
Prior to the beginning of the Woolworth lease of the 42nd Street property, $1.411,252. The maximum annual requirements of this issue for interest
the equivalent of the annual rental of $400,000 will be secured by the obliga- will be $72,000 and the maximum annual requirement for interest and
tion of the present owner secured in turn by collateral deposited with the maturing principal will be $134,400.
trustee, and also by assignment of a net lease of the building to the former
Monroe Clothes Shop, Inc.-Reeeivership.owner to May 1 1927.
Federal Judge John C. Knox on Dec.9 appointed Samuel Wieder (Credit
Security.
-As security for these bonds company will deposit with the
Manager of the American Clothing and Furnishings Credit Bureau, Inc.)
trustee the original Woolworth leases and assignments of its right to receive
the net rentals under these leases, so that all rental payments will be made as receiver. The petition in involuntary bankruptcy flied by Benjamin F.
direct to the trustee. These rental payments rank, in the opinion of counsel Steinberg, counsel for several creditors, estimated liabilities at $350,000
for the company, as a direct operating charge of the F. W. Woolworth Co.. and assets at $100,000.
preceding all dividends on its stock.
Morris & Co.
-Complaint Dismissed.
Minimum net payments to company are fixed at $525,000 per annum.
The Federal Trade Commission has dismissed its complaint against the
Under the net leases F. W. Woolworth Co. pays all maintenance expenses, company of Chicago for the reason that it has gone out of business. The
taxes, insurance and cost of renewals. Upon termination of the leases, allegations of the complaint were that the company violated Section 7 of
Improvements made by the lessee become the property of the landlord.
the Clayton Act thereby tending to create a monopoly in the product which
Financial.
-Two first mortgages aggregating $4,350,000 with interest at It handled.
-V. 121, p. 1470.
5% per annum. maturing Jan. 11946. secured upon the properties, will be
-Extra Dividend of 1%.
Mountain & Gulf Oil Co.
held by the Prudential Insurance Co. Amortization of 1% per annum
payable semi-annually will provide a reduction of 20% in these first mortThe directors have declared an extra dividend of 1% and the regular
gages by maturity.
quarterly dividend of 2%..payable Jan. 15 to holders of record Jan. 2.
During the life of these bonds the trustee will apply all net rentals Like amounts were paid April 15. July 15 and Oct. 15 last.
-V.121. p. 1470.
(amounting to $525,000 per annum until 1948 and $575,000 per annum
-To Pay Interest, &c.
Murray Body Corporation.
thereafter) to payment of income taxes, all interest charges, amortization of
First Mortgagee, and, after setting aside a special reserve fund of $50,000,
The application of the Guaranty Trust Co. of New York and Detroit
to the retirement of Secured Sinking Fund 5 4% Gold bonds. It is cal- Trust Co. of Detroit, Mich., for authority to pay interest on coupons on
culated that surplus at the end of the first fiscal year available for amortiza- the First Mtge. 10
-Year 6 3.‘% Sinking Fund Gold bonds, due Dec. I 1925.
tion of debt and reserve fund will amount to $73.750, equivalent to $1.47 but not presented until after the appointment of a receiver on Dec. 3, has
per share on the 50,000 shares of authorized Capital stock. This surplus been granted by the Court. Such coupons will now be paid upon presenwill be augmented each year as fixed charges decrease through the amorti- tation to either of the paying agents named above.
THE CTTRONTGLE
A receiver having been appointed of the properties, the following have
agreed to act as a Committee to represent the 1st Mtge 635% 10 Year
Sinking Fund Gold Bonds, due Dec. 11934.
In order that the committee may be in position most effectively to repro
sent the bondholders and to protect their interests to the fullest extent
poealble, holders of the bonds are urged to forward them for deposit to
Guaranty Trust Co.. New York or Security Trust Co., Detroit, Mich..
the depositaries. Application will be made to list certificates of deposit
on the New York Stock Exchange.
Committee.-Merrel P. Callaway, Chairman, V.-Pres., Guaranty Trust
Co ,New York: Henry L Bogert, Jr., (Eastman,Dillon & Co ). New York:
W.C. Rauds, Detroit, with Charles H. Platner, Secretary. 140 Broadway.
N. Y. City; and Davis, Polk, Wardwell, Gardiner and Reed, N. Y. City.
Counsel.
President Wilson of the Guardian Trust Co., Detroit, receiver, states
that the company Is producing between 400 and 500 bodies a day. The
value of the December output, In all branches, should exceed $3.000,000,
it is said. Schedules for January approximate 850 bodies a day. Every
effort is being bent to insuring this production. January billings of the
company, in all branches, should be well above $5,000.000. Total business
on the books exceeds $25,000,000.
Guaranty Trust Co. and Bankers Trust Co., New York have agreed with
the New York Stock Exchange to provide registration and transfer facilities
for the Common stock and as result the stock will not be removed from the
list. V. 121, p. 2886.
-
National Baking Co.
-Registrar.
The New York Trust Co. has been elected registrar of the Common stock
of the company. See also V .121, p. 2761.
Wm,. 121.
a total ground area of about 41.837 SQ. ft. The property has been appraised
as follows: Land, $4,037,500; building. $5,239,247; total valuation, $9,278.747. Based upon the above appraisal, this issue represents less than s
54% mortgage. Further details In V. 121, p. 2886.
Naval Stores Investment Co.
-Notes Called.
An of the outstanding Coll. Trust 6% Gold notes. dated Sept. 1 1923.
have been called for payment Jan. 15 at par and int., at the office of Baker.
Fentress & Co.. 208 (So. La Salle St.. Chicago,
117, p. 2002.
-Extra Dividend.
Newton Steel Co., Youngstown, 0.
The directors have declared an extra dividend of 50 cents a share on the
Common stock and the regular quarterly dividends of 50 cents a share on
the Common and 14% on the Pref. stock, all payable Dec. 31 to holders
of record Dec. 20.-V. 120, p. 1469.
-Annual Report.
(Geo. B.) Newton Coal Co.
Years end. Oct. 31.Tonnage sold
Net earnings
Depreciation
Int. on bonded debt_
Federal taxes
Net Income
-V. 121. p. 2168.
1924-25.
889,162
$166,146
114,492
12.100
6.000
1923-24.
857.411
$141,348
115.055
12.100
1.000
$33,553
1922-23.
1,110.064
$549,525
118.190
12,100
56.800
$13,193
1921-22.
818.967
$104,909
113,002
12,100
$362,438 def$20,193
New England Oil Refining Co.-Litioation.-
Federal Judge Anderson at Boston has approved the form of the amended
decree and order of notice to be sent to former creditors of New England
National Cash Register Co.
-Postponement.
Oil Corp., informing them of their right to rescind acceptance of
Word has been received from Cincinnati, stating that a postponement stock In settlement of their claims. Creditors who elect to rescind must
has been granted until Feb. 15 by the court, to the 90 salesmen of the send notice of their intention to the receiver. Irvin M. Garfield. by Jan. 8.
Company in the suit brought by the U. S. Government charging them The receiver. by Jan. 11, will file a petition that all whose stock has been
with methods which resuit In restraint of trade. intimidations, etc., and deposited with him may be held entitled to rescind. On or before Jan. 18
the government seeks to punish the individuals for continuing their prac- any party in Interest may file objection to rights of an alleged creditor
tices. The cases are the outgrowth of one decided in 1916. when the to take this action, and on Jan. 25 the Court will hear claims of creditors.
company, its officials and others consented to the entry of decree pro- -V. 121. p. 2762. 1799.
hibiting certain of their practices, but it is again charged that the old
methods have been renewed.
New York Air Brake Co.-Resionation.Considerable interest attaches to the case in view of the fact that the
B. J. MInnier has resigned as Vice-President and General Manager.
Remington Company has been successful in the past in all suits brought V. 121, p. 2414.
by the National Company, involving patents, rights, etc.
New York Title & Mortgage Co.
The proceedings against 90 of the salesmen of the National Company
-1% Extra Div.
have been brought on the complaint of the Remington Cash Register Co.
The company has declared an extra dividend of 1% and a quarterly
and the latter company it is stated has presented to the Department of dividend of 4%, both payable Jan. 2 to holders of record Dec. 19.
Justice, evidence of additional improper trade practices, involving it. is Ir 1 1 1 ly 253a.terly distributions of 3% were made on the stock.Preo•2 tisp. q u 1 r
,
said, over 100 other salesmen.
-V. 121. p. 2762.
National Distillers Products Corp.
-Guaranteed Notes
So7c1.-Equitable Trust Co. and Hambleton & Co. hitve
sold at 99 and interest, to yield over 6.65%, $3,500,000
10-Yerr 6
Guaranteed Gold notes.
Dated Dec. 15 1925: due Dec. 15 1935. Interest payable J. & D. In
New York, without deduction for any normal Federal Income tax not in
excess of 2% per annum. Penna. and Conn. personal property taxes not
exceeding 4 mills, Maryland securities tax not exceeding 45i mills, and
Mass. income tax not exceeding 6% per annum, refunded. Denom.
$1.000 and $500 c5. Redeemable, all or Part, on 30 days' notice at any
time at 105 and interest, less 3,‘ for each full 12 months period elapsed after
Dec. 15 1925. Equitable Trust Co. of New York. trustee.
Guaranty.
-Guaranteed unconditionally as to principal. Interest and
sinking fund, jointly and severally by Kentucky Distilleries & Warehouse
Co., and Kentucky Alcohol Corporation.
Data from Letter of Seton Porter. President of the Corporation.
Company.-Incorp. in Virginia. Corporation succeeded in 1924 to the
business formerly conducted by U. S. Food Products Corp. It is engaged,
through subsidiary comnanies. in the manufacture of industrial alcohol.
including the purchase of molasses in Cuba from sugar centrals and the sole
of molasses in this country. Through other subsidiaries, the corporation
also owns and operates the largest whiskey warehouses in the country and
is engaged in the authorized storage and merchandising of whiskey. Another subsidiary is engaged in the manufacture of maraschino cherries,
gjace fruits and olives.
In addition to the above subsidiaries, Eastern Alcohol Coro., which is
owned jointly with the E. I. du Pont de Nemours & Co.. will supply the
alcohol requirements of that company, and will also provide National Distillers Products Corp. with a large part of the output of a new alcohol Haut.
Properties.
-The fixed properties of the corporation and its subsidiaries
are valued, after deduction for depreciation, at $5,047.546, which is based
upon engineers' annraisals.
As of Oct. 31 1925. net current assets, after giving effect to the present
financing. would be $6,912,800.
Consolidated Earnings after Depreciation and Interest on Floating Debt, but
Before Federal Income Taxes.
Ten months ended Oct. 31 1925
$1,187,893
Calendar year 1924
1.137.240
Calendar year 1923
1.078.897
Arnual interest charge on present issue
The above figures include earnings of Liberty Yeast Corp., a subsidiary,
The assets of that corporation have
averaging $162.490 per annum.
recently been sold, but it is expected that earnings will be materially increased by the application of the proceeds in the further development of
other lines and in effecting a reduction in interest charges. The above
figures do not include any profit from the sale of the Liberty Yeast Corp,
Sinking Fund.
-Indenture will rovide for a sinking fund of $175,000 per
annum, payable in semi-annual installments, which will retire approximately one-half of the issue by maturity
Purpose.
-Proceeds will be nsed to acquire a half interest in the Eastern
Alcohol Corp., to reimburse the treasury for the acquisition of stock in the
Petroleum Chemical Corn., for improvements and additions to the manufacturing plants of subsidiaries and also for working capital.
Authorized. Outstanding.
Capitalization-Year 6% Guar. Gold notes (present issue)__ $3.500,000 53.500.000
10
Preferred stock (no par value)
110.000 shs. 110.000 shs.
Common stock (no par value)
200,000 shs. 168.000 shs.
-V.121, p. 2531.
National Motors Corp.
-Sale.
The real estate of the corporation at Jackson, Mich., was sold Dec. 5 at
auction to satisfy tax claims of the Federal, State and County Governments.
The purchaser was N. G. Manly of Jackson on his bid of $12,000. The
value of the property was estimated at $200,000.-V. 121, p. 2414.
National Press Building (Corp.), Washington, D. C.
-Bonds Sold.
-P. W. Chapman & Co., Inc., Blyth, Witter
& Co. and White, Weld & Co. have sold at 993/ and int.
$5,000,000 1st (closed) Mtge. 6% Sinking Fund gold bonds.
Dated Dec. 11925:due Dec. 11959. Principal and Int.(J. & D.) payable
at New York Trust Co., New York City, trustee. Denom.$1.000 and $500
Red. in part, at the option of the corporation for sinking fund purposes
on any Int. date upon 30 days' notice, to and incl. Dec. 1 1938. at 103 and
int.: thereafter, to and incl. Dec. 11947. at 102 and int.: thereafter, to and
Incl. June 1 1958. at 101 and int.: and thereafter at 100 and int. Red. as
a whole on any int. date upon 30 days' notice at 101 and int. Interest
payable without deduction of any Federal income tax not in excess of 2%•
Refund of the Penn., Conn., Kansas and Calif. taxes not to exceed 4 mills.
Maryland 4)4 mills tax, Kentucky and District of Columbia 5 mills tax.
Mich. 5 mills exemption tax, Virginia 534 mills tax, and Mass. Income
tax not to exceed 6%.
Building.
-The National Press Building, the largest privately owned
office structure in Washington, D. C., Is to be erected by the National
Press Building Corp. It is designed to be the national headquarters for the
Press and to consolidate under one roof the Washington offices of practically
every publication of importance in the country. The entire Common stock
of the National Press Building Corp. (except directors' qualifying shares)
Is owned by the National Press Club, incorp. under an Act of Congress, the
membership of which includes representatives of practically every news
publication of Importance in the world. •
-Thisissue will be secured by a closed first mortgage on the land
Security.
and building, owned in fee, the plot extending approximately 150.6 ft. on
14th Bt. and 269.2 ft. on F. Street, N. W.,Washgton,D.C., and having
e.
Nipissing Mines Co., Ltd.
-Cash, etc.
Financial Statement Dec. 9 1925 Showing Total Cash. etc.. $4.232,097.
Dec. 9 '25.Sepl. 24'25.
Cash in bank. Incl. Canadian bonds, etc
6
8
626 82
$3, 83 85 $3, 55;682
748112
4 .
Value of bullion and ore in transit & on hand, etc
-V. 121. p. 1578.
Nizer Corporation.
-Merger.
See Electric Refrigeration Corp. above.
-V. 121, p. 2531.
Northern Securities Co.
-Extra Dividend of 2%.
The directors have declared an extra dividend of 2% in addition to the
usual semi-annual dividend of 4%,both payable Jan. 11 to holders of record'
- 220, p 325. distribution of similar amount was made in Jan. 1924.
Dec 14. An extra
v:
-Trustee.
North Western Refrigerator Line Co.
The Irving Bank-Columbia Trust Co. has been appointed Trustee of an
authorized issue of $1,100,000 Equipment Trust 0% notes. Series "A,
and $390.000 Equipment Trust 6% notes. Series "A2.'-Sec also V. 121. lx•
2649.
O'Gara Coal Co.
-Reduces Pref. Stock.
The stockholders on Nov. Ill voted to reduce the amount of the auth-zod12 e.of 21ass "A" Preferred stock from $1.07000.000 to $3,000,000
oriv
1Tup 3 :.
33
(
1493 Broadway 'Corp., N. Y. City.-Ctfs. Called.
All of the outstanding Guaranteed Prudence certificate.; in the above
corporation's 1st Mtge. have been called for redemption as of Jan. 18. at
103 and int.. The original first mortgage of $4.000.000 has since been.
reduced under amortization plan to $3,560.000. Payment will be made
at the o
y2 Prudence Co., Inc., at New York City or Brooklyn,
e829
N.
Vrri.ces114°.rpt.h
Otis Co. Boston.
-Merger Approved.-
The proposed plan for the consolidation of this Co., Columbian Manufacturing Co. and Boston Duck Co. has been approved by the stockholders
of each company.
To effect the merger, the capital stock of Otis Co. has been increased from
$2 400.000 (par CM to $4.083.000. Otis Co. offered Boston Duck Co.
9.830 shares or the equivalent of 1.4 shares of the former for one of latter
and offered ColumbianManufacturing Co. 7.000 shares and 8210,000 in cash,
or the equivalent of one share of Otis and $30 in cash for each share of
Columbian Manufacturing Co.
-V. 121. p. 2887.
Ovington Bro's Co., N. Y. City.-Pref. Stock Offered.
Throckruorton & Co., New York, are offering at $12.25 per
share 50,000 shares Participating Preference stock (no par).
l'referred as to cumulative dividends, and upon dissolution or liquidation
Regular dividends at rate per
as to assets al) to $15 per share and dIvs. Jan. 1 1926, payable Jan. and
annum of 80 cents per share to accrue from
July. Participates to the extent of 20% of net profits for each fiscal year
ending Jan. 31 in each year, commencing with 1927, during which the net
profits exceed the sum of $225,000. payable on Jule 1 nod following the
fiscal year ending Jan. 31. First participating dividend payable July
1927 with respect to net profits for the fiscal year ending Jan. 31 1927.
Non-callable prior to Jan. 1 1931. Red. thereafter all or part on any div.
date, on not less than 60 days' notice, at $15 per share and div. Transfer
Agent. Equitable Trust Co., New York; Registrar, Seaboard National
Bank. New York; exempt from the normal Federal Income tax.
Authorized. Outstanding.
Capitalization100 000shs 100,000shs.
Participating Preference stock (no par value)
100,000shs. 79.550shs.
Common stock (no par value)
Data from Letter of Pres. Charles K. Ovington, New York, Dec. 15
Purpose.
-Company proposes, early in spring of 1926. to open a new
store at 212 No. Michigan Boulevard, Chicago. equal in size and appointment to the Fifth
New York, store. This new store will occupy 6
floors and basement. The building now being constructed is specially
Ave.'
designed for the home of Ovington Bro's Co. and their unequalled collection
of fine art goods selected In the choice markets of America. Europe and
the Orient. The Chicago store is ideally situated and will more conveniently serve an established mid-western patronage consistently built up
over three-quarters of a century for Ovington's high quality of merchandise.
Nature of the Business.
-From a small inception. Ovington's has grown
in be one of the most distinctive stores in America. Company carries a
most comprehensive stock of china. crystal, silverware, lamps, shades,
occasional furniture, mirrors, paintings, objects of art in porcelain, enamel,
bronze, ormolu, leather and metal, collected by expert buyers in all parts
of the world. The china and crystal departments rank first In assortment
and quality in this country. Large percentages of the goods sold Is for
gifts and many thousands of these gifts each year are sent to distant points
in the United States from the New York store, which has become nationally
known as "The Gift Shop of Fifth Avenue."
Business was established In Brooklyn in 1846 with a capital of $1,000.
Business has been built up entirely out of reinvested earnings. In 1889
the business was removed to Fifth Ave., New York. On June 18 1921 the
present store at 436 Fifth Ave.(39th St.) was occupied. The present home
occupies ail entire building 50 ft. on Fifth Ave. and 100 ft. on W.39th St..
consisting of 7 floors and basement.
Earnings.
-Average net income, after all charges, including Federal
taxes, for the 3 years ended Dec. 31 1925 (Dec. 1925 estimated) equalled
166.393. Income for the full year 1925 (Dec. estimated) equals $223,397,
or nearly 3 times Participating Preference stock dividend requirements.
DEC. 19
1925.]
THE CHRONICLE
With the Chicago store In full operation, it is expected that sales and
net income for the new store will within a reasonable period compare favorably with that now enjoyed by the New York store.
-Consolidation.
Owens Bottle Co.
It was announced on Dec. 9 that the consolidation of the Charles Bo1dt
Glass Co.. Cincinnati. with the Owens Bottle Co., Toledo, will be effected
Jan. 1. For several years the Toledo company has owned a majority of
the stock of the Cincinnati firm. It now is acquiring complete ownership.
in the belief that the two companies can be operated under one management
more economically than they can be operated independently.
With the acquisition of the plants of the Bo1dt company, the Owens
Bottle Co. will have factories located in Newark. Toledo and Cincinnati,0.,
Huntington, Fairmount, Clarksburg and Charleston, W. Va.; Glassboro,
N. J.• Streator, Ill.; Evansville and Loogootee, Ind. and Okmulgee,Okla.V. 121, p. 2414.
'
Pacific Fire Insurance Co.
-150% Stock Dividend.
The stockholders have voted approval to the recommendation of the
directors that the capitalization be in increased from $400.000 to $1.000,000
by the declaration of a 1505' stock dividend, payable Dec. 15 to holders of
record on the same date.
-V. 121, p. 2168.
Pacific States Lumber Co.
-Asked to Waive Default in
Interest-Protective Committee.
-The Committee below in a
letter to the holders of the 1st mtge. 8% bonds, says:
The company, because of depressed conditions in the fir lumber industry
and an investment in fixed capital which has depleted its working capital.
failed to provide funds to meet its bond interest requirements for the July
11924. and Jan. 1 1925, coupons. In conformity with the provisions of the
mortgage and in the interest of the bondholders, the underwriters purchased
the coupons maturing on those dates, and are still holding them une-ancelled
as collateral for their advances. During the present year the company has
undergone further extensive losses. The July 1 1925. coupons were paid by
the company, but with funds borrowed from its bankers.
In view of these losses, it is doubtful whether the company can provide
the necessary funds to meet its Jan. 1 1926. interest coupons, without
seriously depriving itself of the necessary working capital.
Company has derived approximatel,y 5350.000 from the sale of nonoperating timber and other assets, which funds it has deposited, in accordance with the terms of the mortgage with the trustee. It was the company's
Intention to use these funds for tha purpose of retiring bonds of the 1927
maturity in accordance with the provisions of the mortgage, but the
trustee has ruled, through advice of its counsel, that because the company
failed to provide its July 1 1924, and Jan. 11925. interest, the funds cannot
be used for this purpose, but must be retained by it as part of the mortgage
security until used or applied in accordance with the provisions, of the
mortgage.
Careful analysis of the company's losses and of its general condition has
convinced the committee that in the interest of the bondholders, continued
liquidation through operation is for the present at least Imperative, and
that the expense and complications of a receivership should, and probably
can be avoided. To accomplish this with safety, it is essential that the
bondholders put themselves in a position where they can waive default, and
as a condition for so doing, assume, if desired, complete control over the
the affairs of the company.
The bondholders are asked to deposit the bonds without delay with one
of the following depositaries: Central Trust Co.of Illinois, Chicago; Second
Ward Savings Bank, Milwaukee, Wis.; Minneapolis Trust Co., Minneapolis:
Bank of California, N. A., San Francisco, depositaries.
13 lid hrl ers' Pr te live Cnnktritt e,
-G. S. Arnold, Chairman, C. T.
MaeNeille.(Halsey, Stuart & Co.): N. V. Wagner,(Second Ward Securities
Co.); Alexander V. Ostrom. (Wells-Deckey & Co.); Homer W. Bunker.
(Peirce, Fair & Co.) with Harry Smyth, Sec., 201 So. La Salle St.. Chicago
and Arthur N. Selby, Asst. Sec,.• 433 California St., San Francisco and
Winston, Strewn & Shaw, 28 S. Dearborn St., Chicago, Counsel.
Condensed Consolidated Statement of Income (Incl. Subs.)
-Calendar Years.9 Mos. End.
1922.
1923.
1924. Sept. 30 '25.
Net profit from opera_ _ _ $1,575.261 51,726.783
$553.973
5665.408
Miscellaneous income_ _
39,704
131,207
145.591
52.056
Total
51.614.965 51.857.990
Depreciation
5387.502
$461,540
Depletion
297,914
• 277.059
Carrying charges on timber & non-oper. prop..
118.307
125.940
Interest on 8% bonds_ _ _
526,879
573.040
Other interest charges_ _
62.284
35.057
Amortiz.of bond disc. &
premium
85.900
85,900
$699,564
5451.504
228.031
5717.454
5368.948
195,200
130.494
573.040
102,384
138.368
426.676
93.127
85.900
94.987
3015
Listing -Application will be made
theft bonds OU the'New:York
Stock Exchange. .
Doheny,Los Angeles:calif,. Dec. 1.0.Data From Letter of Chair. E. L.
Company.
-Was organized in California in Sept.. 1916, and Is engaged •
in the business of producing, refining.and marketing petroleum and its .
:
products. Company has outstanding $20,000,000 Capital stock. It has no
other funded debt except that there are outstanding 5410,0006% mortgage
bonds due July 1 1930 against certain properties acquired by the company.
Pan American Western Petroleum Co. (parent company) organized in
May, 1925 in Delaware owns all of the Capital -stock -(except directors'
shares) of Pan American Petroleum Co. having acquired the same in Aug. •
1925 from the Pan American Petroleum. & Transport Co. The share
capitalization of the parent company is as follows:
Authorized. Outstanding.
Class"A" voting stock (without par value)._ __ 200,000 sits. 100,010 sha.
Class"B" non-voting stock (without par value) 800,000 shs. 400,000 abs.
$11,250,000
-Year 6% Sinking Fund Gold notes, 1940_
15
An initial dividend of 50 cents per share was declared on the stock of the
parent company payable Oct. 30 1925. Both dosses of stock of the parent
company have the same rights and privileges except that the Class "B"
stock has no voting powers.
-Company proposes to create an Issue of $15,000.000 1st Mtge.'
Purpose.
15
-Year Convertible 65' Sinking Fund Gold bonds (a) to acquire a modern
lubricating plant of 1,500 barrels daily capacitrlind all of the Capital stock'
of the Los Angeles Midway Pipe Line Co. whleh•wns and operates a pipe
system of approximately 126 miles of 30,000 barrels daily capacity: (b) to
retire indebtedness incurred for other extensions already matte; and (c) to
provide additional working capital. The above lubricating plant and pipe
line system are now under lease or contract to this company and will constitute very desirable acquisitions to its other facilities.
-Secured by a closed first mortgage or first lien on substantially
Security.
all the real estate owned in fee at the date of the mortgage by the Pan
American Petroleum Co. (of Calif.), including about 4,242 acres of oil and
gas lands; a modern refinery near Los Angeles Harbor with a daily capacity
of 70.000 barrels; storage facilities and terminals; and in addition interests
and leases in oil and gas lands covering approximately 21,320 acres. In
addition the mortgage will cover as a first lien, the lubricating plant and all
the Capital stock of the Los Angeles Midway Pipe Line Co. to be presently
acquired. The properties to be subjected to the mortgage in the first
Instance, Including the properties to be presently acquired, were carried
on the books (less depreciation) as of Sept. 30 1925. at about 530.000.000.
Valuation does not include any leases from the U. S. Government now in
litigation or upon land situated within the Naval Reserve.
Net Earnings of the Pan American Petroleum Co. (of Calif.) Available for
Interest, Depreciation. Depletion & Federal Taxes.
1924.
1925 (9 Mos.) Annual Aver,
1923.
1922.
54,283.588
$7,274,907
55.069,889
$1.178,002
52.540.659
The annual interest on the proposed first mortgage bonds is $900.000.
The foregoing statement excludes the earnings arising from the leased
properties now in litigation with the U. S. Government, except' certain'
earnings which have been so combined on company's books with those from
the company's other leases as to make separate figures unavailable, that is
to say, except (1) the earnings arising prior to March 24 1924, from the
leases on about 30,500 acres and (2) the earnings for the entire period from
the remainder of such leases covering 661 acres.
Furthermore, the foregoing statement does not include any earnings from
the lubricating plant, pipe lines, &c., to be presently acquired. Such
earnings should be an offset to any deduction of earnings from Government
lands Included in the above statement of earnings so that without regard to
,
earnings from such lands, the earning power of the company as above set
forth would not be materially affected.
-A brief summary of some of the principal properties of the
Property.
company upon completion of the present financing is as follows: Lands
owned in fee and under lease situated in varioes California oil districts
aggregating approximately 26,000 acres, a modern 'refinery near Les.
Angeles occupying approximately 306 acres of land owned In fee and 53'
acres under lease, with storage facilities of about'14.000;000 barrels and a
daily distillation capacity of approximately 70,000 barrels: a lubricating
plant of 1.500 barrels daily capacity located near the refinery, a modern
wholesale marine loading station at tidewater (located on land owned by
the City of Los Angeles and occupied under permit from the City) with a
storage capacity of 440.000 barrels and a loading capacity of 22.000 barrels
of fuel oil per hour, or 7,000 barrels of gasoline per hour: a pipe line system
(including that owned by the Los Angeles Midway Pipe Line Co.) consisting
of about 260 miles of main and gathering pipe lines. This.company Owns
wholesale distributing stationk, tank cars, die., and has under'lease and in
operation 77 gasoline and lubricating oil service stations, the improvements
on which are owned by this company, which also owns other miscellaneous
properties used in the conduct of:the above mentioned business.
There is net included in the foregoing any property which at present is
involved In litigation with the United States. It is the purpose of the
company to defend its right to such property, in accordance with the terms
of its leases, before the appropriate judicial tribunals.
The production from all properties, including government leases for the
past few years has been as follows: ln 1922, 4,557,719 barrels: in.1923:
3.509,536 barrels; in 1924, 7,145.044 barrels; estimate for 1925'about
6,200,000 barrels. Of this total, the Oroduetion from leaties in litigation has
been as follows: in 1922, 1.019,77(1 barrels; in ,1923. 1.114.206 barrels:
in 1924, 1,235.055 barrels; estimate for 1925. 1.37 93 barrels..
0.2
Financing).
Balance Sheet as of Sept. 30 1925 (Artoi• TM'
Liabilities
Asses
520.000.000
a$34,754.91e Capital stuck
Fixed assets
4,045,800
Crude & fuel oil & ref. prods_ 12,479,41? Capital surplus
2,131,134 let Mtge. 15-Yr Cony. 65__- 15,000,000
Materials and supplies
Accounts receivable
1 585 67e Underlying 6% mortgage due
. 410,000
86.007
July 1 1930
Oil receivable
5,728,042
280,306 Accounts payable
Notes receivable
26.751
3,379,418 011 payment
Cash
2,000.000
Dividends payable
U. S. receivers Naval reserve
2,380,448 U.S Receivers Naval Reserve
No. 1 (per contra)
No. 1-Suspense(per contra) 2,321.898
Prepaid Ins., taxes, rentals,
153,075
unamort. bond disc.& mlso 2,054,041 Reserve for Fed. taxes, 1924..
649.729
Reserve for Fed. taxes, 1925_
R.705.137
Surplus
Surplus
5149.401
$285,232 def$871.789 def$599.1442
Surplus Accounts.
-Adjusted balance, Jan. 1 1922 including Capital
surplus arising from revaluation of timber as of March 1 1913. 58.374.992;
surplus net profits (1922). $149,401; surplus net profits (1923). $285.232:
-Net loss (1924), $871,788: net loss 1925)
total. 58,810,626. Deduct.
$599.843: net book loss on sale of capital assets (1925i $130.363; miscellaneous adjustments. $17,164; total deductions,51.619.160. Balance,including capital surplus, as Sept. 30 1925, 57.191.465.
Consolidated Balance Sheet, Sept. 30 1925 (Incl. Subs.)
Assets
Cash
$37,040 Secured bank loans, &c
$793,470
600.505 Past due coupons
Receivables Rem reserves)_ _
573,040
Inventories
1.741.585 Acceptcontr. &c.. notes pay.
307,956
Miscellaneous funds
5.466 Trade acets pay., accr. taxes,
11,501
wage.s, int.. ,tc
Investments
496,304
Sinking fund on deposit
345.977 Rea for Inc. taxes Prior years
47.597
Oregon tracutland scrip(val) 11.120.157 Accrued int, on bonds
140.580
Plants, equip.,&c.,(dep.cost) 6,161,956 Deterred liabilities. &c
6.899
Deterred charges, dal
1,143,286 First mtge. 8% gold bonds._ 7,596.962
•
a 7% Cumul. Pref. "A" atk_
166,700
138% Cumul. Pref. "B" stk_ 1.350,000
b 8% Cumul. Pret."C" stk. 1.500,000
Common stock
998,400
s59,1s1.364
$59,131,364
Total
Total
Surplus
7,191,466
Total (each aide)
$21.169.374
a Cost of Properties: Oil lands, leases and development. pipe line':
a Cumulative dividends unpaid 578,766. b Dividends waived until refineries, marketing stations and facilities. &c. 543.072.285. lees reserve
Jan. 1 1925 except on 1,500 shares of Class "B" issued as of Jan. 1 1922. for depreciation, 55.382.816; reserve for depletion, 52.931,552.-V. 121,
-V. 117. p. 1563.
V. 1578.
Pan-American Petroleum Co. (of Calif.).
-Bonds
-Bonds of
Pan-American Western Petroleum Co.
Offered.
-Blair & Co., Inc. are offering at 99 and int. $15,into Stock of Parent
000,000 1st Mtge. 15-Year Convertible 6% Sinking Fund Subsidiary to Be Converted Co (of Calif.) above. Company.
-V.121. p. 2168.
See Pan American Petroleum
Gold bonds. A large proportion of this issue was withdrawn
Park Central Apartment Hotel (56th St. and 7th Ave.
for investment by interests affiliated with the company so
-American Bond &
-Bonds Offered.
that the entire $15,000,000 was not available for public Corp.), N. Y. City.
Mortgage Co., Inc. are offering at 100 and int. to net 6
subscription.
Dated Dec. 15 1925; due Dec. 15 1940. Principa land int. (J. & D.) for all maturities excepting Dec. 1 1927, June 1 and Dec 1
payable in New York at the office of Blair & Co., and In Los Angeles.
without deduction for any Federal income taxes not exceeding a% per 1928, and June 1 1929, which are offered at a price to yield
1st Mtge. Serial Gold Bonds.
annum. Penn.4 mills tax and Mass. income tax not exceeding 6% of such 6% $4,000,000 6
interest, refundable. Red, in whole (but not in part except for sinking
fund) at any time on not less than 60 days notice at 105 and int. up to and
incl. Dec. 15 1926, the premium decreasing thereafter Yf of 1% during
each successive 12 months period.
Convertible at the option of the holder into the Class "B" stock of Pan
American Western Petroleum Co.(parent company) at the following prices:
$55 per share if converted on or before Dec. 15 1928: or $60 per share if
converted after Dec. 15 1928, and on or before Dec. 15 1931; or $65 per share
if converted after Dec. 15 1931 and on or before Dec. 15 1934: or $70 Per
share if converted after Dec. 15 1934 and on or before Dec. 15, 1937; or
$75 per share if converted thereafter.
Sinking Fund.
-On Dec. 15 1927, the company, as a sinking fund, will
deliver or pay to the trustee, bonds of this issue or cash sufficient to retire
1-14th of the 515,000,000 bonds; and semi-annually thereafter on June 15
and Dec. 15 of each year, the company will deliver or pay to the trustee,
bonds of this IRMO or cash sufficient to retire 1-28th of the principal amount
of the 515,000,000 bonds. Company reserves the right to anticipate the
sinking fund. Compary is to ha entitled to credit on its sinking fund
obligation for bonds retired through conversions.
Dated Dec. 1. 1925: due serially Dec. 1 1927-1935. Callable at 10134
and int. Int. jaayable J. & D. Chatham Phenix National Bank & Trust
Co.. New York, trustee. Normal Federal income tax up to 2% on the
annual interact paid wnen claimed. Penn e, Conn.and Vermont 4 mills tax,
Michigan and District of Columbia 5 mills tax. Mass. and New Hampshire
income tax up to 6% of the interest refundable.
Valuation.-The property was recently appraised as follows: Max Natanson, land. $1,457.167; Starrett & Van Vleck, building, $4,756.765; total,
56,213.932. Based on the above, this 1st Mtge. Bond issue is less than
65% of the appraisals. Above appraisal based on 25-story building. Plans
since changed to 31-story building.
Estimated Net Annual Yncome.-E. S. Willard 3; Co.. $672,360; Joseph A.
Rauschkolb, $727,790. The lowest appraised estimate of net annual income. or $672.360. is over 2 times the heaviest annual interest requirements on this entire bond issue and considerably in excess of the amount
necessary to meet all annual interest and principal payments.
Security.
-Bonds will be secured by a direct closed first mortgage on the
land owned in fee located at the southwest corner of 7th Ave. and 56th St..
fronting 100Aft. Sin,on 7th Ave. with a depth of 175 ft. on 56th Bt.. N. Y.
3016
THE-CHRONICLE
City. Included under the first mortgage is the 31-story fireproof apartment
hotel'under construction.
Building.—Containing about 800 rooms, the Park Central Apartment
Hotel will be 31 stories high, of steel frame fireproof construction and
will rise 350 feet above street level. Apartments will be arranged in suites
of one to three rooms, with larger apartments available. Among the
attractive features of the building will be an enormous swimming pool
fed from artesian wells, drilled through solid rock to a depth of 500 feet.
A beautifully decorated open-air roof garden will be available to the tenants
In Park Central.
OunterahLp.—The personnel of the 56th St. & 7th Ave. Corp. is composed
of the following: Isaac Baer, Harry Lenzner. Samuel Behrman and Julius
Vogel. Actual equities of these men in New York City properties exceed
$4,000,000.
Park Utah Consolidated Mines Co.—/Xvidend No. 2.—
The directors have declared a dividend of 15 cents per share, payable
Jan. 2 to holders of record Dec. 15. An initial dividend of like tinnount
was paid on Oct. 1 last.—V. 121. p. 1235.
[VOL 121.
The time limit for the exchange of securities of the Library Bureau,
Inc., and the Rand Kardex Co. for stock of the Rand Kardex Bureau.
Inc., has been extended from Dec. 15 to Dec. 24.—V. 121, p. 2888. 2763.
Rand Mines Ltd.—Interim Dividend of 50%.—
The Bankers Trust Co. has been advised of the declaration of an interim
dividend of 50%. equivalent to 2s. 6d., per Ordinary share. The dividend
will amount to 6hs. sterling per "American share" and will be paid in
London on or about Feb. 11 1926. A distribution of like amount was
made on these shares on or about Aug. 111925.—V. 121. p. 2888.
Rollins Motor Co., Cleveland.—Bankruptcy.—
A petition in voluntary bankruptcy was filed in Federal Court at Cleveland, Dec. 9 by the company. Liabilities were placed at 8958,035 and
assets at $741.380. Decision to wind up the affairs of the company was
made at a directors' meeting Dec. 7, the petition said. The Rollin car
has been out of production for some time.
Rome (N. Y.) Wire Co.—Reclassifies Capitalization.—
The company has filed a certificate at Albany, N. Y., increasing its
authorized capitalization from $4.000.000 of 7% Pref. stock, $350.000
6% Pref. stock, and $5,650,000 Common stock, all $100 par value, to
the 13. Ponder Grocery Co. operating a chain of 245 stores in Virginia and $10,000,000 7% Cum. let Pref. stock, par $100, and 300,000 shares of
North Carolina. According to the present plans of the new owners of Class A and 200,000 shares of Class B stock, both of no par value.—
the chain store company a public offering of securities of the Ponder cor- V. 121. e. 1919.
poration will be made shortly. The business was founded by D. Pender
Royal Typewriter Co., Inc.—Common Dividend No. 2.—
In 1899 with a capital of $2,000. Since that time it has grown to a company
which in the current year will show a business turnover of approximately
The directors have declared a dividend of $1 per share on the Common
stock, no par value, payable Jan. 17 to holders of record Jan. 10. An extra
$10,000.000.
dividend of like amount was paid on this issue on July 17, 1925.—V. 120,
(D.) Pender Grocery Co.—New Financing Expected.—
it Is understood that Colvin & Co., investment bankers have acquired
(R. H.) Perry & Co.(Coal Distributors).—New Financ'g p.3201.
St. Joseph Lead Co.—Dividends Declared for 1925
(Including Four Extras of 25 Cents).—The directors on Dec.
17 declared four extra dividends of 25 cents per share and
four regular quarterly dividends of 50 cents per share on the
Phillips Petroleum Co.—Stock 98% Subscribed.—
The stockholders subscribed to 478.816 or98,4% of the 481.416 additional outstanding $19,367,657 capital stock, par $10, payable on
shares offered for subscription at $40 a share. Subscription rights expired
March 20, June 21, Sept. 20 and Dec. 20 to holders of
Dec. 14.—V. 121, p. 2649, 2415.
record March 9, June 9, Sept. 9 and Dec. 9, respectively.
Co., Inc.—Transfer Agent.—
(Albert) Pick, Bart &
an extra dividend of $1
Manufacturers Trust Co. has been appointed Transfer Agent of 300.000 On Dee. 21, the company will pay
shares of Class "A" Preferred stock. 300.000 shares of Class "B" Pre- per share in addition to the usual quarterly dividend of 50
ferred stock, and 580,000 shares of Common stock.—See V. 121, p. 2763. cents.—V. 121, p. 1579.
Pie Bakeries of America, Inc.—Dividends No. 2.—
St. Maurice Paper Co., Ltd.—Sale of Property,
The directors have declared a quarterly dividend of 1%% upon the 7%
It is understood that Hemphill. Noyes & Co. are heading a group of
bankers who have purchased a substantial interest in the company, said
to be the largest retail distributors of coal in Hudson County. New Jersey.
It Is expected that a pubic offering of securities will be made shortly in
this connection.
Ctunul. Prof.stock and a quarterly dividend of $1 per share on the Class"A
stack, both payable Jan. 2 to holders of record Dec. 16. Initial dividends
of like amount were paid on these issues on Oct. 1 last.—V. 121. P. 1686.
Pierce Oil Corp.—Bond Interest and Sinking Fund.—
Harold B. Thorne, Vice-President in charge of finances of the Pierce
Petroleum Corp., announced on Dec. 14 that $100.000 had been deposited
with the Chase Nat. Bank of the City of New York, trustee, to meet the
sinking fund payment due Dec. 15 on the outstanding Pierce Oil Corp.
8% Sinking Fund Gold Debenture bonds. Funds have been deposited
in the bank also to meet coupons due Dec. 15 from $1,300,000 outstanding
of the issue.
The Chase National Bank will until Jan. 15 receive bids for the sale to
It of the above mentioned bonds,to an amount sufficient to exhaust approxi•
matelY $100,000, at prices not exceeding 1074 and int.—V. 121, p. 2531.
Pioneer (Sugar) Mill Co. Ltd.—To Omit Dividend.—
The directors have voted to discontinue further dividends, due to the
Impaired finances resulting from the decreased sugar market existing for
the past 12 months—V. 120. p. 2158.
Postum Cereal Co. Inc.—To Increase Stock.—
'
The stockholders will vote Dec. 28 on increasing the authorized Common
stock from 800.000 shares to 1.375,000 shams, no par value.—See also
V. 121, p. 2888.
Provincial Paper Mills Co., Ltd.—Acquisition.—
The company has acquired the wholesale paper business of the John
Martin Paper Co. of Winnipeg. Calgary and Edmonton, Canada.—V. 121,
P.2532.
Quaker Oats Co., Chicago.—Aceuisition.—
See Aunt Jecerina Mills0o. above.—V. 121, p. 2763.
— Quincy Station Post Office(Building Corp.), Chicago.
—Bonds Sold.—P. W. Chapman & Co., Inc., have sold at
100 and int. $1,100,000 1st Mtge. 6% Sinking Fund gold
bonds.
Dated Dec. 1 1925; due May 1 1941. Principal payable at Forman
& D.) payable at
Trust & Savings Bank, Chicago. trustee. Interest
(J.
New York Trust Co., New York. Denom.$500 and 31,000c*. Red. In
part for sinking fund purposes on any int, date upon 30 days' notice, to and
incl. June 1 1931, at 103 and int.: after June 1 1931 to and incl. June 1
1936, at 102 and int.; and thereafter to but not incl. May 1 1941,at 101 and
int. Red, as a whole or any int. date upon 30 days' notice at 102 and
int. Interest payable without deduction for that portion of. Federal
income tax not in excess of 2%. Refund of Penns . Conn. and Calif.
4 mina tax, Maryland 4g mills tax. Kentucky and District of Columbia
5 mina tax, Michigan 5 mills exemption tax, Virginia 5% mills tax, and
M}1193, income tax not to exceed 644% auth. $1,400,000.
Building.—Quincy Station Post Office, designed as a modern parcel post
office of the character used by the U. S. Post Office Department,is located
In Chicago at the northeast corner of Quincy and Jefferson Sts. within a
block of the new Union Passenger Station. The building consists of 4
stories and basement, of modern steel and brick construction, the foundations and columns of which are designed to permit the construction of 3
additional stories when the Government may require such space to increase
parcel post office facilities.
Securite.—These bonds will be secured by a first mortgage on the land
and building owned in fee, fronting about 213.25 ft. on Quincy St. and
about 82.5 ft. on Jefferson St.
Earnings—The U. S. Government has contracted for a lease of the entire
building for post office purposes for a period extending beyond the maturity
of these bonds at an annual rental of $123,500. The United States Government has occupied the entire building for post office purposes since May
16 1921
.
The net income of the property for the year ending Nov. 30 1925, after
the payment of operating expenses, maintenance and taxes, was $107,209,
as compared to the maximum annual interest charge on this issue of$66,000.
The contract with the U. S. Government grants to the Post Office Depart
Meet an option to purchase this property at the end of 5 years for $1,450,000, at which time, as a result of the operation of the sinking fund, there
should be less than $950,000 bonds outstanding; also, an option to purchase
at the end of 10 years for $1.350,000, at which time there should be less
end
than $800,000 bonds outstanding; also an option to purchase at thethan
of 1534 years for 51,250.000, at which time there should be less
$525,000 bonds outstanding. In the event the contemplated additional
improvements are made, this option to purchase shall be as follows: at the
end ef 5 years for $1,900,000; 10 years for $1,700,000; 1534 years for
$1.600,000.
Sinking Pund.—Mortgage provides for a quarterly sinking fund to begin
March 1 1926. The trustee will collect the rentals and will reserve from
such rentals $91,000 annually for the account of the interest and sinking
fund requirements. The operation of this sinking fund, through the
purchase of bonds in the open market, or redemption, should reduce this
present issue to about $525,000 at maturity, or less than the present estimated ground *value.
Rand-Kardex Bureau, Inc.—Initial Dividends.—
The directors have declared an initial quarterly dividend of 1%% on the
Preferred stock, payable Jan. 2 to holders of record Dec. 21, and an initial
quarterly dividend of 1t,% on the Common stock, payable in Common
stock, on Jan. 11 it, holders of record Dec. 21.
Arrangements have been made by individuals to purchase through the
Buffalo Trust Co.. Buffalo. N. Y., the stock dividends of all who desire
to dispose of them at the rate of $40 a share. The 1.6% dividends is equal
on this basis to 64 cents a share on each share of Common stock.
See St. Maurice Valley Corp. below and V. 121, p. 2888.
St. Maurice Valley Corp.—Bonds Offered.—Wood,
Gundy & Co., New York, are offering $6,266,500 1st Mtge.
& Collateral Trust Sinking Fund gold bonds 6%,Series "A,"
at 99 and int., yielding nearly 6.10%. The bonds will be
offered simultaneously in Montreal,Toronto, and New York.
In addition there will be offered in London, Eng., £500,000
($2,433,333) of 6% Registered Debenture stock, Series "A."
ranking pani passu therewith.
Dated Dec. 1 1925: due Dec. 1 1945. Principal and int. (J. & 1).)
payable at the bolder's option in U. S. gold coin at the agency of Royal
Bank of Canada, New York, or in Canadain gold coin at Royal Bank of
Canada in Toronto, Montreal, Halifax. St. John, Winnipeg, Regina,
Edmonton and Vancouver, or in gold coin of the Kingdom of Great Britain
at the Royal Bank of Canada. London, Eng.. at the fixed rate of $4.86 2-3
to the el sterling. Denom. c* $1,000 and $550 and rt. 251,000 and
multiples. R d.all or part or any int. date on 60 days' notice at the following
prices and int.: at 105 if red, on or before Dec. 1 1930. and thereafter at h
of 1% less for each subscription year, or fraction thereof. Montreal Trust
Co., trustee.
Data from Letter of Pres. H. S. Holt Dated Montreal, Dec. 11 1925.
Corporation.—Has been incorp. under the laws of the Province of Quebec
and has acquired the undertakiag and assets. including the physical properties, of St. Maurice Paper Co.. Ltd., and over 85% of the authorized and
outstanding $8.500.000 Common shares of Belgo Canadian Paper Co.,
Ltd. Corporation has arranged an agreement with Belgo Canadian Paper
Co., Ltd., whereby the business and properties of the latter will be leased
and operated by the corporation.
The business of Beige Canadian Pape- Co.. Ltd., was established in 1900.
commencing operations with the manufac,,, r3 of groundwood pulp. Production of newsprint was begun in 1904 with an annual output of 7,500
tons. The history of the business during the intervening 21 years has been
one of steady and conservative expansion. To-day, the company's mill
at Shawinigan Falls, embraces 6 newsprint machines and is one of the
lowest
-cost producers of newsprint paper in the Dominion of Canada. with
an annual capacity of 117,000 tons newsprint paper.
St. Maurice Paper Co., Ltd., was incorp. in 1915, and has been in continuous and successful operation since that date. Production of newsprint
was commenced at the present mill near Three Rivers in 1917. with 2
machines of combined annual capacity of 36.000 tons. In Nov. 1924 and
Jan. 1925 additional installations were completed bringing the total to 4
newsprint machines with annual capacity of 78,000 tons newsprint paper.
St. Maurice Valley Corp. therefore owns or controls two newsprint mills
in the valley of the St. Maurice River in the Province of Quebec. with a
combined capacity of 195.000 tons newsprint. In addition, it has an annual
capacity of 18.000 tons kraft pulp. Corporation is the third largest producer of newsprint in the Dominion of Canada.
.—The average annual net earnings of the business acquired
Earnings
by the corporation, and of Beige Canadian Paper Co., Ltd.. for the 5 years
and 9 months ended Sept. 30 1925. after operating expenses, including
maintenance and repairs, available for interest on these bonds, depreciation
and income taxes were1;2,178.572, or over 4 times the annual interest on
the bonds and Registered Debenture stock presently to be issued. During
the greater part of this period, there were installed and in operation only
6 newsprint machines, compared with ten now in operation.
For the 9 months ended Sept. 30 1925 net earnings of the business acquired
by the corporation, and of Beige Canadian Paper Co. Ltd., after operating
expenses, Including maintenance and repairs, available for interest on these
bonds, depreciation and income taxes were $2,445,372—or at the rate of
$3.260.496 per annum, equal to over 6 times annual interest on the bonds
and Registered Debenture stock presently to be issued.
Combined expenditures for maintenance and repairs averaged over
$448,000 per annum during the 5 years and 9 months ended Sept. 30 1925
and are aeducted before arriving at the above earnings. The mills are
operating to capacity.
Assets Securing Bonds.—There will be subjected to the direct, specific
charge of the trust deed securing the bonds, physical assets, including lands,
buildings. plants. machinery, equipment and timber leases certified
at 514.143,646, against which amount there is carried a depreciation and
depletion reserve of $2.056,659. There will also be pledged under the
direct specific charge of the trust deel over 85% of the authorized and outstanding Common shares of Beige Canadian Paper Co.said pledged
shares having a book value of $9.662,217. The combined net current
assets of the corporation and Belgo Canadian Paper Co.. Ltd., as at Sept.
30 1925, after deducting all current liabilities, aggregated $4,649,691.
Authorized Outstanding.
capttaituuton—
1st Mtge.,& Coll. Trust Sinking Fund bonds
515,000,000 a$8,699,833
(incl. Registered Debenture stock)
6,800,000
10,000,000
7% Sinking Fund Cum. Red. Pref. shares
150.000
150.000
Common shares (of no par value)
Mtge. & Coll. Tst6% Sinking
Trust
a Of Series"A"of which $6,266,500 1st M
,
Fund gold bonds and £500,000 (52.433.333) 6% Registered Debenture
stock. At the option of the corporation and with the consent of the holder,
bonds may be converted into Registered Debenture stock of an equivalent
principal amount, and vice versa.
Sinking Fund.—Trust deed will provide for a cumulative sinking fund
commencing Dec. 1 1926, of 5175.000 for each of the first 5 years and
$250.000 annually thereafter, together with interest on bonds and(or)
Registered Debenture stock redeemed through the sinking fund. This
sinking fund will be used to purchase bonds and (or) Registered Debenture
stock of Series "A" in the open market at or below the then redemption
price, and failing such purchase, bonds and (or) Registered Debenutre
stock will be drawn for redemption as provided In the Trust Deed.
DEc. 19 19251
THE CHRONICLE
Bond Issue.
-Bonds and Registered Debenture stock will oe secured by
first mortgage and charge on all the corporation's assets, specific as to real
estate, buildings, plants, machinery, equipment, timber limits and all other
fixed raats and arso as to the shares, bonds. debentures and other securities
of any subsidiary company, including over 85% of the presently authorized
and outstanding $8,500.000 par value Common shares of Belgo Canadian
Paper Co. and by way of floating charge as to all other assets, including
the operating lease from Belgo Canadian Paper Co. Such charges will
also cover all of the corporation's interest in assets hereafter acquired.
Directors.
-On completion of organization M. B. Wallace (Chairman),
Hubert Blermans (Vice-Pres.), G. H. Montgomery. K. C. Sir Herbert
S. Holt (Pres.), J. H. Gundy (Vice-Pres.), Francois Faure, C. R. McMillan,
T. A. Wark, E. B. Murray.
Representing a consolidation of balance sheets of St. Maurice Paper
Co., and Beige Canadian Paper 00.1
Consolidated Balance Sheet Sept. 30 1925 (after financing).
AssetsLiabilities
Real estate, machinery, tim1st Mtge. 6% Belgo Can.
her limits, &(3
Paper Co
$34,533,334
$8,857,000
Investments
767,706 1st Mtge. & Coll. Tr. 6%._ 8,699.833
Accounts & bills receivable
1,686,379 7% Cum. Pref. shs. Belgo
Can. Paper Co
Pulpwood & logging supplies- 4,807,222
5,000,000
Mill supplies & finished pro7% Sink. F. Cum. Red. Pref. 6,800,000
1,168,551 Common stock
duct
a9,791,703
Insurance & taxes, &e
472,715 Bank loan & accr. lot
499,676
Accounts & bills payable_ _ 1,950.016
Accrued wages
47,437
Accrued bond interest
120,000
Belgo Can. P. Co. dlv. dead
197,500
Contingent reserve
197,833
Res. to provide at par for
acquis. of B. Can. P. Co.
Total (each side)
$43,435,998
minority shares
1,275.000
a 150,000 shares of no par value represented by equity in surplus and
reserves as follows: (1) surplus of corporation and sub. co. $6.779.846:
(2) depreciation and depletion reserves $3,011.857.-V. 121, p. 2888.
Sayers & Scovill Co., Cincinnati.
-33/2% Extra Div.
An extra dividend of 3%% has been declared on the Common stock.
together with the regular quarterly dividends of 1%% on the Common
and Preferred stocks, all payable Jan. 1 to holders of record Dec. 21. Similar amounts were paid on Oct. 1 1925.-V. 121, p. 1687.
(Bernard)Schwartz Cigar Corp., Detroit.Dies. Def'd.
The directors early this month decided to defer payment of the quarterly
dividends of 25c. a share which ordinarily would have been paid on Jan. 2
next on the Class "A" and "B" Common stocks.
-V 121, p. 2169.
Scott Paper Co.
-Listing.
The Philadelphia Stock Exchange has authorized the listing of $500.000
additional 7% Cumul. Sinking Fund Preferred stock.
-V. 121, p. 2416.
Seiberling Rubber Co.
-Pays Accrued Dividends,
The company on Dec. 15 paid a dividend of 4% on the Preferred stock
to holders of record Dec. 5. This payment wiped out all accumulations
on the issue.
-V. 121. p. 2052.
Shanklin Mfg. Co. (Del.).
-Stock Offered.
-Theodore
Hoffekker & Co., New York are offering at $100 per share
(with one share of Class A stock) 5,000 Shares $7 Cumulative
Convertible Preferred Stock.
Preferred as to cumulative dividends from Jan. 1 1926, at the rate of
$7 per share, per annum. Dividends payable Q.
-J. Preferred up to $110
per share in liquidation and redeemable as a whole or In part on any dividend
date at $110 per share and div. Dividends free of the present Federal
normal income tax. Corporation Trust Co., New York, registrar. Equitable Trust Co., New York, transfer agent.
Convertible.-Pref. stock will be convertible into the Class A stock
at the rate of 4 shares of the latter for each share of the first 2,500 shares
of Prof. stock presented for conversion, and at the rate of 3 shares of Class
A stock for each share of the next 2.500 shares of Pref. stock presented.
CapitalizationAuthorized. Outstanding.
$7 Cumul. Cony. Prof. Stock (no par value)____ 7,500 shs. 5,000 shs.
aClass A stock (no par value)
100,000 shs. 25,000 shs.
aClass B stock (no par value)
10,000 shs. 10,000 shs.
aThe Class A stock is entitled to non-cumulative dividends at the rate
of $2 per share per annum, after payment of which the Class B stock is
entitled to like dividends, and thereafter the two classes share equally,
share for share, in dividends declared. Holders of Class B stock will
have exclusive voting rights, except on certain non-payment in Prof. or
Class A dividends.
Company.-flas been incorporated in Delaware to acquire the entire
capital stock of Shanklin Manufacturing Co. of Illinois, engaged In the
manufacture of the patented Guy-Dropper Lamp, a carbide lamp for
miners, which has been successfully manufactured and sold by the company
for many years in large quantities. In addition the company manufactures
a line of stamped metal articles and automobile accessories. Company
also plan to manufacture and market shortly, an Improved wood screw
which it believes has a large and profitable field.
Business was organized in 1913 and until lately was not incorporated.
The main office and plant is located at Springfield, Ill., and is modern In
every respect. The stability of the business both in years of good and
bad times, is proven by the fact that in no year excepting 1921 has it railed
to show a profit. This loss was not from operation but was due to extensive inventory write off covering experimental machinery, jigs and woo.
Customers include chain stores of nation-wide scope.
Earnings.
-Net profits of the operating company, after adequate allowance for depreciation but before taxes and after elimination of non-recurring
expenses and losses averaged $60,301. annually from Jan. 1, 1919, to
Sept. 30, 1925, or over 1.7 times dividend requirements on the preferred
stock of the Delaware Company presently to be outstanding.
"In the current quarter, profits of the operating company, after deducting a sum equal to preferred dividends of the Delaware company, are
estimated to be at the rate of over $2 a share per annum for the Class A
stock of the Delaware company presently to be outstanding.
Purpnse.-Thls financing will provide ample working capital for increased production in company's staple line and provides the required
new capital to develop the screw business which has large possibilities for
profit.
Skelly Oil Co.
-Shipments.
The company during November shipped 1,033 cars of gasoline compared
with 760 cars in Nov. 1924, and 1,728 cars of all products as compared with
1,214 cars in the same month last year.
-V. 121. p. 2417.
(L. C.) Smith & Bros. Typewriter Inc. Merger.See Corona Typewriter Co., Inc., below.
-V. 121, p. 2052.
'
3017
suit with the alternative of a fine instead of ouster if the company were
found guilty of restraint of trade as alleged. The company was charged
with operating a monopoly on gasoline and products through certain restrictive clauses In contracts with other companies covering use of a crude
oil cracking process. The new suit includes the l'exas Co., Standard OD
Co., Ky. and the White Eagle Oil & Refining Co.
-V. 120. P. 2825.
Stanley Co. of America.
-Plan App•oved.The stockholders on Dec. 16 approved the _plan to change the capital
structure of the company, as outlined in V. 121, p. 2889.
(F. B.) Stearns Co., Cleveland.
-New Control.
An announcement was made Dec. 15 that interests connected with John
N. Willys, President of the Whys
-Overland Co. have acquired control of
the F. B. Stearns (Motor Car) Co. of Cleveland through the purchase
of the majority stock Interest. The price paid was reported to be $10 per
share.
-V. 121, p. 596.
Steel & Tube Co. of America.
-Bonds Called.
Certain Gen. Mtge. S. F. Gold bonds, Series "0," dated Jan. 21 1921.
aggregating $319.000, have been called for.reclemption Jan. 1 at 1075 and
int. at the Continental Trust & Savings Bank, Chicago, or at the First
National Bank, New York City.
-V.120, p. 596.
Sun Oil Co.
-Listing.
The New York Stock Exchange has authorized the listing on or after
Dec. 16 of 32,014.40 (auth. 1,250.000) shares Common stock, no par value,
on official notice of issuance as a 3% stock dividend, making the total
amount appli^A
'.105,614.40 shares Common stock, no par value.
-V.121,p 2533,2417.
Syracuse (N. Y.) Washing Machine Co.
-Extra Div.
The directors have declared an extra dividend of $1 per share and
stock dividend in addition to the regular quarterly dividends of 75 a 2%
cents
per share on the Class "A" and "B' Common stocks, all payable Jan. 2 to
holders of record Dec. 18. On Oct. 1 last, a stock dividend of 1-50 of a
share was paid on the Common stocks.
-V. 121, p. 1581.
Texas Co.
-Acquires Lease in Oklahoma.
The company has acquired by purchase the Galvez Oil Oo's. 80
-acre
in the Davenport(Okla.) pool in Lincoln County on which one well hasloam
been
completed making 750 barrels a day of 48 gravity oil and on which two.
wells are drilling. The price paid was approximately 31.000.000.
The Texas Co. by this purchase increases its daily averaee production
to about 4,000 barrels in the Davenport pool.
-V. 121. P. 1236.
Title Guarantee & Trust Co.
-8% Extra Dividend.
The trustees have declared an extra dividend of 8% on the capital stock
In addition to a regular quarterly dividend of 4%. The quarterly dividend
and one-half of the extra dividend are payable Jan. 2 to holders of record
Dec. 22, and the remaining half of the extra is payable Mar. 31 1926 to
holders of record Mar. 20 1926. In the current year the company
four quarterly dividends of 3% and four extra dividends of 4%.-V.paid
120.
p.3202.
Trumbull Steel Co., Warren, Ohio.
-New President.
John T. Harrington, of Youngstown, Ohio, has been elected President,
succeeding Philip Wick. C. S. Eaton, J. 0. Eaton and E. B. Greene, al
of Cleveland. Ohio, have been elected directors to fill vacancies on the
board. In addition, C. S. Eaton was named Chairman. 0. H. Elliott,
formerly general rriperintendent of Jones & Laughlin Steel Co.. has beenelected Vice-President in charge of operations.
-V. 121, p. 211114.
Tyson Co., Inc.
-Minority Stockholders Ask Receiver.- 1
The complaint in a suit for the appointment of a receiver for this company
theatre ticket agency, and against William J. Fallon, Chairman, and other'
officers for an accounting of funds alleged to have been improperly received
from the agency, was filed in the New York Supreme Court Dec. 14 by
William Barclay Parsons and Granville Hartman in behalf of 188 minority
stockholders. The complaint also asks that the officers be restrained from'
doing any acts in connection with the business of the company.
The plaintiffs allege that William J. Fallon controls 4.200 shares of the
total of 10,000 shares of Preferred stock and the majority of the Common'
stock. The 186 minority stockholders own 1.145 shares of Prefered and'
1.255 of Common,it was said. The complaint recites that In 1921 a public
offering of 7.500 shares, dividend equally, of Common and Preferred. was'
made by Mr. Fallon at $100 a share. Each purchaser of five or more
shares was entitled to preferential privileges in the purchase of theatre
tickets. According to the complaint the corporation received 3250.000
in cash to' this stock. It is alleged that no meeting of the stockholders
has ever been held and that the salary fixed for Fallon was 3200.000. Dividends were paid on the Preferred stock until June 1921 but nothing has
been paid since. It is also charred.
The complaint alleged that William J. Fallon "has diverted funds of the
corporation to improper purposes and to uses other than those of the corporation, and for that reason the corporation is now insolvent." The case
was noticed for trial in January.
-V. 112, p. 753.
United Alloy Steel Corp.
-Resumes Dividends.
The directors on Dec. 16 declared a dividend of 50 cents a share on the
Common stock, payable Jan. 9 to holders of record Dec. 26. A distribution of like amount was made on this issue in April 1924; none since.
V 121. p. 1581.
United Drug Co., oston.--Tenders.The American Trust bo., trustee, 50 State St. Boston, Mass., will
until Dec. 23 receive bids for the sale to it of 5%-Year 8% Coupon Notes,
due June 15 1926, to an amount sufffcient to absorb $192,500.-V.
121.
p.2534.
United Equities Corp., N. Y. City.
-Special Dividend.
The directors have declared a special dividend of $1 per share on the
capital stock, payable Jan. 15 to holders of record Jan. 2.-V. 119, p. 1637.
United Industrial Corp.(Vereinigte Industrie-Unternehmungen A. G.), Germany.
-Bonds Offered.
-Harris,
Forbes & Co.,. Lee Higginson & Co., and Brown Brothers &
Co., are offenng '843.. and interest, yielding over 7.50%,
at
$6,000,000 Hydro-Eleetric First (Closed) Mortgage 6%
Sinking Fund Gold bonds.
Dated
Dec. 1 1925: due LOLL 1 1945. Principal and interest (J. & D.)
payable at Harris, Forbes & Co.. New York, or at the option
at Harris Trust & Savings Bank, Chicago. in U. S. gold coin. of the holder
Callable on
any interest date after 60 days' notice at 100 and interest. Denom. $1,000
and $500 c*. Deutsche Treuhand-Geiellschaft, Berlin. Germany, trustee,
and Harris Trust & Savings Bank, Chicago, Ill.. co-trustee.
In a letter to the bankers Messrs. Lenzmann and Lan-
dauer, managing directors, state in substance:
Southern Ice & Cold Storage Co.
-Bonds Called.
Listing.
All of the outstanding 1st Mtge. 7% Gold bonds have been called for
-Company has agreed to apply for the listing of these bonds on
redemption Jan. 1 at par and int. plus a premium of % of 1% for each year the Boston Stock Exchange.
Company.
-United Industrial Corp. or Viag as it is commonly known,was
or part thereof of the unexpired term of the bonds. Payment will be made
at the Liberty Central Trust Co., Broadway and Olive Sts., St. Louis, formed in 1923 and is the holding company for various enterprises controlled
by the German Government and constituting one of the foremost European
Mo.-V. 116, p. 421.
Industrial groups. The business of this group includes the wholesale
proSparks-Withington Co.
-New Common Stock Put on $2 duction of electric power, the manufacture of aluminum, nitrates, iron,
steel and miscellaneous products, the mining of coal and banking.
Annual Dividend Basis.
The hydro-electric plants of the Viag system engaged in the
wholesale
The directors have declared a quarterly dividend of 50 cents per share production of electric power have an aggregate installed
capacity of over
on the new no par Common stock, and the usual quarterly dividend of 100,000 k. w. The steam power plants of the system
located
13j% on the Prof. stock, both payable Dec. 31 to holders of record Dec. extensive lignite coal fields (also owned by subsidiaries) have adjacent to
an aggregate
19. This is equivalent to $2 per share quarterly on the old Common stock installed capacity of over 325,000 k. w.. not Including 70,000 k. w, now
of not par value which was outstanding prior to the distribution to holders under construction. During the 12 months
of record Nov. 14 of three additional shares for each share held. On Oct. bined output of the power plants controlled ended June 30 1925, the comby Viag was in excess of two
1 last, the company paid an extra dividend of $1 per share and a regular billion k.w.h. and it is calculated that during
1926 it will exceed two
quarterly of 75 cents per share on the then outstanding Common, as com- billion four hundred million k.w.h.
pared with extras of 50 cents per share paid in addition to regularquarterly
Through its subsidiaries engaged in the production of
aluminum Viag Is
dividends of 75 cents on April 1 and July 1 1925.-V. 121. p. 2650.
the dominant factor in the German aluminum Industry.
The aggregate
production by these subsidiaries now exceeds the total production
in any
Standard Oil Co. (Ind.).
-Ouster Suit Modified.
other European country and approximates one-third
Attorney-General Gentry of Missouri on Dec. 12 dismissed the anti- In the United States. The bauxite required for the of the total production
trust ouster suit against the company filed in the Missouri Supreme Court. num by the Viag subsidiaries is derived from the manufacture of alumiSept. 12 1924, by former Attorney-General Barrett. Gentry filed a new trolled by these subsidiaries. Two of the Viag extensive deposits consubsidiaries rank among
.3018
(Pot. 121.
THE CFIRONTCLE
the leading companies In the German nitrate industry with an aggregate
annual production of approximamly 80.000 tons. Other subsidiaries ()stn.
in various parts of Germany, a number of extensive manufacturing plants
engaged in the production of steel, rolling mill products, agricultural mahe banking subsidiary. Retellschinery. textile machinery, tools. &c.
Kredit-Geoellschaft A. 0., is the only bank directly or indirectly controlled
by the German Government and is an important factor in the economic life
of Germany. It has capital, reserves and surplus of over $10,000,000. and
. deposits In excess of $84.000.000.
In addition to;the subsidiaries which it controls through the ownership
of all or a majority of their capital stocks. Viag has large interests In a
number of other German industrial enterprises, for example. the Ilseder
Smelter Corp. (Atkiengeselischaft ['seder fluette), of which it owns 25%
of the Capital stock. This corporation is one of the leader.; in the German
iron industry, owning and working the largest known deposit of iron ore In
. Germany and also controlling the Peiner Iron and Steel Rolling Mills Corp.
(Aktiengesellschaft Peltier Waizwerk) and the "Frederick the Great" Mining Co. (Geworkschaft "Friederich der Grosse") which owns and operate;
one of the largest German coal mines.
Sinking Fund.
-Company has agreed to provide (through the deposit of
bonds or cash) for the retirement in each year. beginning Dec. 1 1926, of
$150.000 of these bonds. Bonds acquired by the sinking fund will be
Canceled.
iderigaqed Propertg.-The 2 large modern hydro-electric power plants
Which will be mortgaged as security for these bonds are the Innwerk plant
(Innwerk, Bavarian Aluminum Corp.) and the Caro Plant (Bavarian
Power Corp.).
The Innwerk plant was completed and placed in operation early this year
and is the largest hydro-electric plant In Europe. The generating implement consists of 15 units (8 alternating and 7 direct current) operating
under a head of 102.3 feet and having a combined generating capacity of
105,250 kva. (86.250 kw:).
The Caro plant began operation in 1919 and Is modern In every respect.
The generating equipment consists of 4 unto; operating under ii head of
122.1 feet and having an aggregate generating capacity of 32,000 kva.
(22,400 kw.).
The present reproduction value of the properties directly subject to the
Ilene of the mortgages securing these bonds amounts to over 4 times the
total funded debt (this issue) to he outstanding against these properties.
Capiialization of Viag Authorized and Outstanding Upon Completion of
This Financing.
828.571.428
Capital stock (all owned by German Government)
2.857.143
Capital reserve
6,000.000
Hydro-electric 1st Mtge. 6s (this issue)
Company has guaranteed payment of the principal. Interest and sinking
fund of the 57.5e10.000 outstanding bonds of Electric Power Corp.. Its
principal electric power producing subsidiary.
Earn(ngs.--Conaoildated net earnings of Viag and Its, subsidiaries; for
1924 available for the payment of Interest. depreciation. &c. tall intercompany charges eliminated) were in excess of $7.000.000. or over 8 times
the aggregate annual interest charges; on this (ague of bonds and on the
$7,500.000 is; Mtge. bonds of Electric Power Corp.. a subsidiary, which
are guaranteed by Mg. It!Reticulated that the consolidated net earnings
for the year 1925 will be substantially larger than those for 1924.
-While Article 248 of the Treaty
Relation to Reparations and Dawes Plan.
of Versailles provides that the entire assets and revenues of the German
Reich and its constituent States shell be subject to a first charge for reparations payments. it will be noted that the relation of the German Reich to
Wee VIM{ is that of the holier of its entire capital stock.
By reason of the Government stock ownership, the Viag and the two
eubsittlary mortgagor companies are now exempt from the operation of the
an-called Dawea Plan. The German Government. however, In order to
equalize the reparations burden, requires these companies to make certain
annual payments estimated as not exceeding an aggregate of $250.000.
These payments are unsecured and correspond In amount to the annual
charges which. under the Dawes Plan, would be imposed upon their properties if privately owned. Neither German law nor any International engagements assumed by the German Government Involve any restriction upon
the right of the company to acquire the foreign exchange requisite to perm:t
the company to meet the external obligations evidenced by these bonds.
-Proceeds will be used to provide for the enlargement and
Purpose.
extension of various plants and properties of the Viag group.
Balance Sheet June 30 1925.
(Showing llnancial poallion of Viag and subsidiaries, other than Reichs
Kred it-Geselischaft.j
Liabilities
Assets828.571.429
860.125.763 Capital stock
Fixed assets
9.076.741 Minority stock of subs.._ 1.845.238
owned
Securities
2.595.9481E1. Pr. Corp. 1st 6l4s.. a5.000.000
Cash
b16.173.833
Other current assets-_-26.578.452!Current liabilities
46,786.404
$95.376.90 11Reserve & Surplus
Total(each side)
a $2.500.000 additional issued in Sept. 1025. b Of this amount $7,346.llschaft of which
446 53 represents indebtedness to Reichs-Kredit-Gese
VIAG owns the entire ateltal stock.
All conversions from German to United States currency have been made
at 4.20 gold marks to the dollar.
-Receivership.
Ware Radio Corp.
Federal Judge John 0 Knox on Dec. 14 appointed Stark B. Ferris.
J.
receiver on an equity suit of the Daven Radio Corp. of Newark. Isthe
No estimate Is made of the assets or liabilities. but the petition says
company has large inventories of manufactured appliances for radio broadcasting reception, but needs incidental supplies and owes its employees
$12.000 in wages and is without the ready cash to meet these demands.
The Ware plant shut down temporarily Dec. 12.
-down rested
Paul Ware. President.said that the responsibility for the shut contracted
with the Music Master Co. of Phila. "Lst June this companyturned over
seven-tube radio sets," he said. "We have
to buy our output of
payment. We are
to them 20.000 of these outfits and have received noadjustment."
unable to avoid this shutdown pending some sort of
Master Corp.. when informed
Walter L. Eckhardt, Pref. of the Music
made
of Mr. Ware's statement, said: "Last June. through an arrangement Corp.
through financiers, we agreed to advance 8450.000 to the Ware Radioof sets
make delivery
under a stipulation that the Ware company was to
beginning in the following month. No deliveries were made in .Tuly. and
In August less than 100 sets were delivered. In Sept. approximately 1.000
seta were delivered, and up to Nov. 10 a total of 4.900 sets were received
paid
We had kept up payments for each delivery up to Nov. 10. We had since
the Ware company's weekly payroll. There have been deliveries other
Nov. 10. but all of these are to be returned and our contracts and
relations with the Ware company cancelled because of the unsatisfactory
outcome of the arrangement made with Mi. Ware In June."
-Transfer Agent.
Warner Sugar Corp.
The Equitable Trust Co. has been appointed Transfer Agent for the
-V. 120. p. 2160.
voting trust certificates of this corporation.
-New Director.
Westinghouse Air Brake Co.
W. L. Monro, President of the American Window Glass Co.. has been
-V. 121. p. 2890.
elected a director. succeeding Charles McKnight.
of 1% for each year. or part of a year, to
together with a premium of
maturity. Payment will be made at the Continental & Commercial Trust
& Savings Bank. Chicago. 111.-V. 120. p. 3327.
-Lease of Properties.
(F. W.) Woolworth Co.
-V 121. p. 2890.
See Mercantile Properties. Inc. above.
CURRENT NOTICES.
-"The 30th Annual Edition-1926" of the Diary & Manual of the Real
Estate Board of New York has just come from the press of the printer
the Nation Press. This Diary, printed consecutively since 1597. has
in modest
,
grown from a small booklet with a few name and addresses. issued
quantity, to a book of 366 pages filled with Important information on various
exclusive of the Diary paves on which are
phase; of real estate This is
recorded tax facts and other similar reminders. The 1926 edition is 22.500
copies. Whatever may befall the so-called "Emergency Rent Laws" at
by
the hands of the Legislature in 1926, these laws, carefully annotated
in the
A. C. MacNulty. Counsel for the Board, occupy a prominent place
Diary.
A number of new features have been added. One of these is an exhaus-Its Relation to the Income
tive article on "Depreciation of Office Buildings
Tax.- This analysis, supplied through the courtesy of the National
Association of Building Owners and Managers and prepared by J. P. Hall
of the Gordon & Strong Company. Chicago. will help solve many of the
problems In connection with the making of Federal Income Tax returns.
GovernSeveral pages of the Diary & Manual are devoted to Municipal
ment and Local Taxation, prepared by Edward P.Doyle.Mgr.ofthe Board's
Bureau of Information & Research.
Aside from these articles on various phases of Local Government and
of
Taxation, there are short summaries of the law on tax lines: maturing
city
public improvements: assessments by installment: apportionment of
and water faucet, and so forth.
of
Features of the Federal Income Tax are covered by Morris L. Ernst.
Taafe
Greenbaum. Wolff & Ernst. and of the State Income Tax by Mr.J.T.
of the State Tax Department.
The Building Zone Resolution with legal decisions on important points
Is given in its latest amended form.
Various laws of importance to property owners, broker*, lawyers, and
architects are given at length or in summarized form, as for Instance, the
law licensing Real Estate Brokers and Salesmen: the Workmen's Compensation Law: the Labor Law: Tenement House Law: Fees Legally Prescribed.
and various statutory forms of contracts, mortgages. etc.
There is included a list of the membership of the Real Estate Board of
New York, among these being approximately 450 of the best known real
estate brokerage houses in New York City.
Incidentally, the meaning of the word "Realtor," so often erroneously
applied. Is explained as being a real estate broker who is a member of a
Real Estate Board which holds membership in the National Association of
Real Estate Boards: and it Is further explained that injunctions against
the use of the word by other persons have been granted by the courts of
several States.
A number of public officials have contributed to the contents of the book.
of the
The Diary is edited by Richard 0. ChittIck, Executive Secretary
Board.
was
With the exception of a few complimentary copies, the entire edition
disposed of in advance of its delivery by the printer.
and Phila-Edward B. Smith & Co., with headquarters in New York
has absorbed
delphia, have opened another main office in Boston. The firm
a well-known Boston
the entire organization of Flint. Wellington & Co..
Boston correInvestment house which, for some time, has been actinz as
to
spondents of the Smith firm. Several important additions were made
Flint, who
the personnel of the organization taken over and Lester E.
become the Boston
was the senior partner of Flint, Wellington & Co., has
partner of Edward B. Smith & Co.
-The Seaboard Bank of the City of New York has been appointed
on
agent for the payment of coupons and rezistered interest maturing
Twenty-third Street Railway Company Improvement and Refunding
Class "B"
Mortgage 5% gold bonds: also transfer agent for 75.000 shares
no par value Common stock of Pennsylvania Gas & Electric Co., as likewise agent for the redemption of 75.000 shares Preferred stock of The Borden
Co.. and transfer agent of 3,000,000 shares Class "A" no par value stock
of Lego Oil & Transport Corp.
The Equitable Trust Company of New York has been appointed
Transfer Agent for Voting Trust Certificates of both the Campania Azucarers Andres Gomez Mena and the Warner Sugar Corporation. The
stock
Equitable has also been appointed Registrar for Class A Common
of the Pennsylvania Gas & Electric Corporation.
Chatham Phenix National Bank & Trust Co. has been appointed
(56th St.
trustee under Trust Mortgage of l'ark Central Apartment Hotel
& Seventh Ave. corporation), dated Dec. 1 1925, securing an issue of
bonds maturing serially.
i% First Mortgage gold
$4.000.000 6l
Is
-The Puritan Mortgage Corp.,277 Madison Ave.,New York, distributwhich briefly describes
ing a booklet entitled "1926 Investment Suggestions"
bonds available now and for
diversified issues of real estate mortgage
January reinvestment. Copies of this booklet will be sent free on request;
-Irving Bank-Columbia Trust Co. has been appointed trustee of an
authorized issue of 81.200.000 par value First (closed) Mortgage 6% Serial
gold bonds of the Minnesota Sugar Corp.
-A. A. Housman & Co., members of the New York Stock Exchange,
announce the opening of an office at Main St. and County Road, Palm
Beach, Fla., with direct private wires to New York.
The New York Trust Co. has been appointed Sinking Fund trustee for
Dinkier Hotels Co., Inc., for Class "A"stock under agreement dated Dec.
8 1925.
-A booklet containing more than 2.000 quotations; on Public Utility
and Industrial Bonds has been issued for tree distribution by Lilley, Blizzard
& Co. of Philadelphia.
- -Fenner and Beane, members of the New York Stock Exchange, have
-Extra Dividends.
White Rock Mineral Springs Co.
dividends of 40 cents a issued for free distribution their fortnightly comment on the Security and
The directors have declared additional extra
share on the Common stock and of$2 a share on the 2nd Pref stock. payable Commodity Markets.
Dec. 31 to holders of record Dec. 22. These dividends are in addition to
Newman Bros. & Worms, 25 Broad Street. New York, announce the
the dividends of 20 cents a share on the Common and $1 a share on the 2nd
under the management of I. L. Roque,
Preferred and the regular quarterly dividends of 30 cents a share on the opening of a bond departmentCo., Inc.
a share on the 2nd Preferred which were declared formerly with Keane, Higble &
Common and of $1.50
last March (V. 120, p 1471) and which will also be paid on the above
-Heiner, King & Goldman announce the removal of their offices on
-V.121, p. 1920%
dates.
Dec. 19 1925 from 67 Exchange Place to 20 Broad Street.
-Lege & Co., Chicago, announce that J. William Carey has become
Willys-Overland Co.
--Dividend Arrearages.The Committee on Securities of the New York Stock Exchange rules associated with the firm.
of $29 75
that the Preferred stock of the company will not sell ex-dividend
Baillargeon, Winslow & Co., Seattle, Wash., announce that Alexander
in Common stock until Dec. 24. The Preferred stock sold ex $1 75 cash Griggs Pringle has become a member of their firm.
dividend on Dec. 18. See V. 121, p. 2767.
The Bank of America, New York, has been appointed transfer agent
-Bonds Called.
Wisconsin Alabama Lumber Co.
of the Preferred and Common stock of Burdine's. Inc.
due Jan. 1 1928.
California.
certain 1st Mtge. 63.i% Sinking Fund Gold bonds,
-The Strauss Corporation has opened an office in San Diego,
aggregating 570,000, have been called for payment Jan. 1 at par and int.,
-Dividend Increased.
Westmoreland Coal Co.
The directors have declared a dividend of 3% (V .50 a share) payable
Jan. 2 to holders of record Dec. 24. From Oct. 1 1924 to Oct. 1 1925 incl.,
-V. 120, p. 2025.
quarterly dividends of 1% (50c. a share) were paid.
DEC. 19 1 925.1
TTTE CITRONTCLE
S.Cports
'3019
awl ;Docuntents.
1.1.1111.31,0140 AS 1.0 PC..•04 VITO
,
CENTRAL AGUIRRE SUGAR COMPANY
ANNUAL REPORT TO THE STOCKHOLDERS FOR 1925.
Aguirre, Porto Rico, December 11925.
The twenty-sixth annual report of the Directors of the
Central Aguirre Sugar Company and affiliated interests is
herewith submitted for the year ending July 31 1925.
As predicted in our last annual report, the volume of sugar
produced was the greatest in the history of the Company,
and had the price not been very low the financial results
would have been quite impressive. We were able, however,
because of the large crop and the efficiency of the organization
in producing and marketing same, to close the year with a
substantial balance in excess of the dividend requirements.
Labor conditions have been very good and there has been
a fine spirit of harmony in the entire operating staff.
The new store building has been completed and the
property of the Company has in every respect been kept in
a satisfactory state of repair; this statement applying not
only to buildings and machinery but also to the railroad
owned by the Company.
During the year substantially all the remaining outstanding
stock of the Central Cortada has been purchased and that
Company is being operated under the direct supervision of
the officials of your Company.
The present crop probably will not be as large as that
produced last year, but the cane is in good condition and,
except where it has suffered for lack of sufficient moisture,
should show satisfactory results. Through the introduction
of two new varieties of cane, we are hoping to increase
materially the tonnage produced per acre, and are also
applying our energies to more intensive cultivation and a
greater use of fertilizers than ever before. Through acquisition by Luce & Company of some properties of moderate
size by purchase and lease, we have more than kept good the
acreage on which we can depend for cane.
The Aguirre Mills began grinding December 19 1924 and
finished June 28 1925 with a total of 59,070 tons of sugar;
the Machete Mill began grinding January 8 1925 and finished
June 15 1925 with a total of 15,816 tons of sugar; the Cortada
Mill began grinding January 9 1925 and finished June 20
1925 with a total of 13,302 tons of sugar.
For the Directors,
CHARLES G. BANCROFT, President,
CENTRAL AGUIRRE SUGAR CO., LUCE &'CO. S. en C. AND
PONCE 8c GUAYAMA RAILROAD COMPANY
CONSOLIDATED PROFIT AND LOSS STATEMENT FOR THE
YEAR ENDED JULY 31 1925.
Income:
Sugar:
Sugar sales
$3.502,238 16
Sugar on hand--subsequently
sold
1,523 816 11
35,026,054 27
Molasses:
!Molasses sales
3117.733 94
Molasses on hand — subsequently sold
44,331 75
162.065 69
Cane:
Cane sales
425,524 92
Other Revenue:
Miscellaneous income
310.294 31
33.923.939 19
Expense:
Agricultural, manufacturing and general expenses
4.205.720 75
Net Income
$1,718.218 44
Profit and Loss Credits:
Dividends—Central Machete Company____ $87,000 00
Sundry adjustments for equipment sold and
other credits
1.639 02
88.639 02
$1,806,857 46
Profit and Loss Charges:
Provision for depreciation of fixed assets....- $167./393 27
Provision for income taxes of current year.... 180.000 00
347.89327
Net Profit for Period
31.458.964 19
Robert G. Sparrow
New York Office
NI mb American
120 Broadway
Institute of
ROBERT G. SPARROW & CO.
Accountants
Accountants & Auditors
Cable Addrcss
William C. KirkSan Juan. Porto Rico
"Rowspar"
patrick,
Sussessors to
Resident Partner
W. T. Woodbridge 8c Co.
Auditors' Certificate.
We have audited the accounts and records of the companies
herein named, for the year ended July 31 1925, and, in our
opinion, the foregoing consolidated balance sheet and
accompanying consolidated statement of income and profit
and loss correctly present respectively their financial condition and the results of operation for the date and period
stated.
ROBERT G. SPARROW & CO.
By ROBERT G. SPARROW.
Member American Institute
of Accountants.
CENTRAL AGUIRRE SUGAR COMPANY, LUCE & COMPANY,
S. en. C
AND
PONCE & GUAYAMA RAILROAD COMPANY
CONSOLIDATED BALANCE SHEET AS AT JULY 31 1925.
ASSETS.
C/urrent Assets. Growing Crops and Investments:
Cash on hand and in banks
$60,062 67
Notes and mortgages receivable
131,779 30
Accounts receivable:
Duo from affiliated cos
3757.190 09
Due from others
54.960 60
812.150 69
Inventories:
Sugar and molasses
provision for shipping expenses)
31.538.298 02
• Materials and supplies
425.964 88
1.964.262 90
Accrued interest
8,991 65
Growing crops
744,61925
Investments:
Investments in the stock of
affiliated companies
$7,573.465 35
Insurance fund investments
(per contra)
55.187 29
Other investments
78,401 00
2.707,053 64
36,428.920 10
Deferred Assets:
Construction and improvements in progress- $41.976 16
Claims for refund of taxes
70.725 44
Deferred charges to operations
60.774 37
173.475 97
Fixed Assets:
Real estate, roadway and track, factory
buildings and equipment, rolling stock,
live stock, steam plows, implements. &c..-37,276,418 25
Less reserve for depreciat"on
1.638,938 29
5,637,479 96
Total Assets
312,239.876 03
LIABILITIES AND CAPITAL.
Current Liabilities:
Bank loans payable
$500.000 00
Accounts payable
145.828 84
Accrued insurance
752 78
Accrued property taxes
10.142 89
Reserve for income taxes of prior Years.._.. 116.271 20
Reserve for income taxes of current year
180.000 00
$952,995 71
Deferred Credits:
Suspended credits applicable to 1926 crop—
649 23
Reserves:
For reduction of rentals
$103,000 00
For insurance fund (per contra)
55.187 29
158,187 29
Capital Stock (56,000.000 00 author'zed):
Issued (150.000 shares at 520 00 per share)..
3.000.000 00
Surplus:
Balance Aug. 1 1924
37.648,971 8`..•
Add—Net profit for year ended July 31 1925_ 1.458.964 19
Deduct—Adjustment of income
taxes of prior years
Reserve for insurance fund _ _ _ _
Provision shrinkage in value
of investments
Dividends declared and paid.. _
$9,107.93607
$51.21841
2,35486
23.310 00
903,000 00
979,892 27
8.128,043 80
Total Liabilities and Capital
$12.239.876 03
flThi, 121
THE CHRONICLE
3020
THE CUBAN-AMERICAN SUGAR COMPANY
ANNUAL REPORT—FOR THE FISCAL YEAR ENDED SEPTEMBER 30 1925.
December 5 1925.
To the Stockholders:
The Board of Directors submits the following report for
the fiscal year ending September 30 1925:
The Company produced during the year from its six
estates 2,135,259 bags (320 lbs. each), or 341,641 tons (2,000
lbs.)ofraw sugar,ascompared with 1,853,2(12 bags, or 296,512
tons for the previous year. The crop would have been somewhat larger had it not been for labor troubles bCCUrring at the
eastern estates during the early part of the grinding season.
This made it necessary to extend operations into September,
resulting in a lower percentage of sucrose, and in consequence
a reduction in the total amount of sugar produced.
A comparison of the output of raw and refined sugar for
the last two years appears in the following table:
Cane Ground
Raw Sugar Produced:
Chaparra
Delicias
Tinguaro
Unidad
Mercedita
Constancia
Total
Refined Sugar Production:
Cardenas Refinery. Cuba
Gramercy Refinery, La
1923-1924.
1924-1925.
3.032.885 Tons 2.415.760 Tons
(Bags 320 lbs.) (Bags 320 lbs.)
508,240 Bags
595.942 Bags
775.786 "
825.794 "
228,066 "
257,111 "
87.654 "
104,943 "
124.440 "
155,054 "
129,016 "
"
196.415
2,135.259 Bags 1.853,202 Bags
or
Or
r
296,A12 Tons
341.641 Tons
32.643.685 lbs. 10,228.609 lbs.
179,866.378 lbs. 242.696,579 lbs.
The net profit of the Company for the fiscal year amounted
to $1,712,982 20; after providing for all interest charges, depreciation on buildings, machinery and equipment, the year's
proportion of cost of cane plantings, as well as sufficient
reserves for doubtful accounts and for all United States and
Cuban Income Taxes. Raw sugar on hand at September 30th has been taken at prices subsequently realized.
The capital outlay during the year was small in comparison
with that of previous years, amounting to $627,387 62; the
major portion of which was expended for the completion of
railroad extensions to cane areas previously planted, and for
the purchase of necessary railroad equipment to take care
of the increased tonnage.
Regular quarterly dividends of $1 75 per share were paid
on the preferred stock, and on the common stock three dividends of 75c. and one dividend of 50c. per share were paid.
The directors at the August Meeting of the Board deemed it
advisable, on account of the low price of sugar prevailing at
that time and the uncertain outlook for the future, to reduce
the common stock dividend to 50c. per share.
The Company purchased during the year $179,000 of the
First Mortgage Collateral 8% Sinking Fund Gold Bonds, due
March 15 1931, making a total of $184,000 of these Bonds
now in the Treasury.
The Company has no bank indebtedness, and its only current liabilities are those accruing in connection with the daily
routine of its business.
All of the Company's properties have been maintained in
a state of complete and modern efficiency and are in condition to handle the coming crop with economy and dispatch.
The Consolidated Balance Sheet as of September 30 1925,
together with Profit and Loss and Surplus .Accounts for the
year ended that date, have been audited and certified to by
the Company's auditors, Messrs. Stagg, Mather & Co., and
are appended hereto.
Sincere appreciation is expressed to the Officers and Employees of the Company for the loyal and efficient service
rendered by them during the year.
Respectfully submitted,
By Order of the Board of Directors,
GEORGE E. KEISER, President.
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR
ENDED SEPTEMBER 30 1925.'
Raw and Refined , Sugars Produced—Net
Proceeds, after deducting Commissions—S24.351.758 93
1,932.539 60
Molasses Produced
608,926 61
Interest Received
Miscellaneous Profits from Public Service
Railroad, Electric Plants, Stores, Cattle,
479.382 45
etc
—$27,372,607 59
Less—Expenses of Producing. Manufacturing, Selling, etc.,
23,021.835 48
Raw and Refined Sugars
•
14,350.772 11
$1,443,390 35
Deduct—Provision for Depreciation
Provision for such Income Taxes as may be
390.000 00
finally determined
Discount on Collateral Sinking Fund Gold
45,174 96
Bonds
Interest on Collateral Sinking Fund Gold
711.623 77
Bonds
Interest on Bills Payable, Current Accounts,
47,60083
etc
2,637,78991
51,712,982 20
Net Profit for the year
CONSOLIDATED SURPLUS ACCOUNT FOR THE YEAR ENDED
SEPTEMBER 30 1925.
*30.177,149 63
Balance, October 1 1924
Add—Profit for the year ended September 30 1925, per an1,712.982 20
nexed account
$31,890,131 83
Deduct—Dividends on 7% Preferred Stock:
Paid Jan, 2 1925 for three months to Jan. 1
1925-131%
Paid April 1 1925 for three months to April 1
1925-131%
Paid July 1 1925 for three months to July 1
1925-13i%
Paid Sept. 30 1925 for three months to
Oct. 1 1925-131%
$138,141 50
138,141 50
138.141 50
138.141 50
5552,566 00
Dividends on Common Stock:
Paid Jan. 2 1925-5.75 per share
Paid April 1 1925—$.75 per share
Paid July 1 1925—$.75 per share
Pahl Sept. 30 1925—$.50 Per share
$750.000 00
750.000 00
7 50.000 00
500.000 00
*2.750.000 00
3,302,566 00
$28.587,565 83
Surplus at September 30 1925
CERTIFICATE OF ACCOUNTANTS.
December 5 1925.
To the President and Directors of The Cuban-American Sugar
Company:
We have examined the books and accounts of The CubanAmerican Sugar Company and its Subsidiary Companies for
the year ended September 30 1925, and hereby certify that
the annexed Consolidated Balance Sheet has been correctly
prepared therefrom.
Investments in other Companies are carried at conservative values. Refined Sugars on hand September 30 1925
have been valued at cost or market, whichever was lower, and
the Stock of Raw Sugar at the net prices subsequently realized.
Subject to the foregoing and to the final determination of
Federal Taxes we certify that, in our opinion, the annexed
Consolidated Balance Sheet sets forth the true financial
position of the companies as at September 30 1925, and that
the relative Profit and Loss and Surplus Accounts correctly
show the results of the operations for the period.
STAGG. MATHER & CO.
THE CUBAN-AMERICAN SUGAR COMPANY.
and It. Subsid cry Companies.
CONSOLIDATED BALANCE SHEET, SEPTEMBER 30TH, 1925.
LIABILITIES.
ASSETS.
Capital Stock:
Capital Assets:
Common (Authorized $10.000.000 00)
$11,070,844 62
Lands
$1000000000
1,000,000 shares of $1000 each
Buildings, Machinery, Railroad Tracks,
Seven Per Cent Cumulative Preferred Stock
30,351,318
Rolling Stock, etc
(Authorized $10,000,000 00)78.938 shares 7,893,800 00
2622,162 88
of $100 00 each
3,929.340 28
Goodwill
00$17,893,800 00
369,319 75
Investments in Other Companies
1.333.774_63 First Mortgage Collateral 8% Sinking
Work Animals, Live Stock and Miscellaneous Equipment
Fund810.000.000
Gold Bonds, due March 15 1931
Current Assets and Growing Cane:
Less:
5871.655 11
Planted and Growing Cane
$965,000 00
Redeemed
Advances to Colonos and Contractors, less
Purchased and in Treasury 184,000 00
7,053.712 06
Reserve
1,149,000 00
Materials, Supplies and Merchandise in
8,851,000100
3,752,575 03
Stores
565,597116
Real Estate Mortgage and Censos
Molasses.. 5.639.802 73
Raw and Refined Sugars and
Current Liabilities:
22
Accounts and Bills Receivable, less Reserve 1,279.732
*1.603.704 76
Accounts Payable
2,763,289 07
United States Treasury Gold Notes
98.019 77
Salaries and Wages Accrued
Cash in Banks, with Fiscal Agents and on
39,611 47
Interest Accrued
1,732.335 95
Hand
33600
23.093,102 17
Reserve for Depreciation
Other Assets and Deferred Charges to Operations:
Reserve for United States and Cuban Income and Excess 11:579:716159
Cash in Hands of Trustee for Redemption
Profits Taxes_
5250.702 20
of First Mortgage 8% Gold Bonds
:83
1 681:585
28:58 934 18
Surplus, per annexed statement
246,580 24
Discount on First Mortgage Bonds
257,967 79
Insurance, Taxes, etc
Prepaid
755.250 23
*70.902.94004
570.902,949 94
Dim.191925.]
THE CHRONICLE
3021
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
-COFFEE
COTTON-SUGAR
-ETC.
-WOOL
-DRY GOODS
-METALS
PETROLEUM-RUBBER-HIDES
was asked though more generally 2Mc. There are those who
think big Cuban crop estimates like that of Guma-Mejer's
recently 5,773,714 tons have been discounted. The unexpected is apt to happen. It is said that the menacing
colon° situation in Cuba had not been settled and that there
Friday Night, Dec. 18 1925.
with grinding at some of the large
COFFEE on the spot was in moderate demand and steady; might be interference is true that five additional centrals
Cuban centrals. It
Rio 7s 17c.; Santos 4s 223/2 to 23c.; fair to good Cucuta 253/i started grinding in Cuba early in the week. That raised the
t
to 263c.; Honda 29% to 30c.; Medellin 30% to 31c.; washed total to 38 as against 27 a year ago. The additions were the
Robusta 21% to 22c. Cost and freight offers on the 14th Caracas, the Palma, the Alto Cedro, the Oriente and the
inst. included Bourbon 4s-5s at 21.40c.; Bourbon 2s at 22e.
Guantanamo. H. A. Himely cabled exports
3s-4s at 21.65c.; 3s-5s at 21.40c.• 4s-5s at 21.15c.; 5s-6s at San Antonia at
for the week ended Dec. 14th as 72,178 •
20.95c.; 4s-5s peaberry at 21.20e. Bourbon 4s at 21.75c.; of old crop sugars
-Feb. tons including 59,771 tons north of Hatteras, 1,858 tons to
3s-5s, Bourbon at 21.75c. and Bourbon 4s-5s Jan.
tons to England and 3,457 tons to China.
March equal monthly shipments at 21.25c. Later the tone Savannah, 7,092old crop were 25,849 tons and old crop stook
/
was firmer; spot Rio 7s, generally 173 to 173sc. Santos Total receipts of189,888 tons. Statistics for the new crop
4s 223/ to 22%c. Mild was quiet for early 1926 shipment and was placed at to Dec. 14th of 9,269 tons, leaving the stock
was offered here it is stated at Yi to 1%c. under current spot showed receipts It was rumored early in the week, though it
at 11,796 tons.
prices.
crop estimates would be further
The cost and freight market at one time fell. Santos 4s was a mistake, that Cuban this year is not very large, but
carryover
for immediate shipment, 20.80c. Firm offers included increased. The crop it is not a negligible factor, particularly
s
prompt shipment bourbons 2s. and 3s. at 223/c. to 23c.; added to a good
Predictions early in the
%
4
3s. at 22.35c. to 223c.; 3s. and 4s. at 213 to 22c.• 3s. and as the new crop is very abundant.
Glancing back over
'
55. at 21.100. to 21.8004 4s. and 5s. at 20.90c. to 22c.; 4s. week of 23'c. sugar were not verified. of Commerce put the
and 6s. at 21.35c. to 213 c; 5s. and 6s. at 21.35c.; 6s. and the last season the Cuban Department
4
Number of centrals grinding 183 in
7s. at 21c. Part bourbon 2s. and 3s. at 22 to 223/ic.; 3s. and statistics as follows: 1923-24 and 198 in 1920-21; production
45. at 21.40 to 22.40c.; 3s. and 5s. at 2134 to 22c.; 4s. and 5s. 1924-25 against 180 in
1923-24 and 3,934,at 20.85c.; 5s. at 20.60c. to 21.40c.• Santos peaberry 4s. 5,189,346 in 1924-25 against 4,112,699 in
11.78% in
11.32% in
and 5s. at 22.40c.• 3s. and 5s. at 21A to 21.60e. Victoria 297 in 1920-21; yield in 1920-21; 1924-25 against
cane ground 45,842,028 in
7s. and 8s. at 16:30c.; future shipment Rio 7s., Jan., at 1923-24 and 10.91%
and 36,480,586 in
16.90c.; Santos, Jan., Feb. bourbon 4s. at 21.40c.; Jan. 1924-25 against 35,143,767 in 1923-24 against 1,773,461 in
burnt 3,313,194 in 1924-25
March bourbon 4s. at 2134c. to 21.30c., and part bourbon 1920-21; cane1,460,786 in 1920-21; cane left over 3,876,276
3s. and 5s. at 2134c. Cost and freight Rio offers were 1923-24 and
in 1923-24 and 3,503,872 in
scarce later. For prompt shipment Victoria 7s. and 8s. were in 1924-25 against 718,970
here at 16.20 and sold at that price. Victoria 7s. were held 1920-21.
Futures were up a few points on the 14th inst., with
at 16.40c. Santos offers came in unchanged to somewhat
grinding in Cuba was not proceeding without
higher. The cheapest offers in the market were bourbon intimations that
Warehouse stocks here on the
3s.-4s. and 5s. at 213c., and then on up to 22c. for im- at least some interference.
to 67,114 bags. Sales of futures were
mediate shipment. Bourbon 4s. 58.-were quoted'at 21c., 14th had dropped
switches at 14 points,
-Feb.
-March bourbon 4s. at 18,300 tons, including July-Decemberpoints, Mar.
immediate shipment and Jan.
-Dec. 37
-May, 20 points, Sept-Dec. 6
21.25c. Geneuin bourbon 4s. at 21.50c. and bourbon 5s. Dec. and May-Sept. 19 points. Futures advanced on the
and 4s. at 21%c. Other offers included Santos peaberry 4s. points
sales of 54,800 tons. Refined
and 5s. at 213c. Santos 4s. at 21.75c.• 3s-4s. at 22c.; 15th inst. 2 to 11 points withspot and 5.20c. for January.
to 5.50c.
was
future shipment 4s. at 21.60c. Berlin mail advices stated Somedull at 5.35 as to the likelihood of much, if indeed
are sceptical
that German people formerly among the heaviest consumers
situation in the near future. The
in
of coffee in the world, are turning to cocoa and coffee substi- any improvement to the below the cost of production but
be
price is declared
tutes for their hot beverages, because of the extremely high for the moment that does not seem to matter. Not that
price of coffee. To-day spot coffee was dull with Rio 7s.,
be maintained at the present
%
163 to 17c., with the higher figure more general as the day anybody expects production to
producer is encouraged by better prices. But
/
wore on. Santos 4s. were quoted at 223' to 223tc., but were rate unless the of that sort is necessarily slow. If exports
largely nominal. Rio 7s. were called 163/i to 17c. at the a readjustment
from Cuba continue at their recent rate it is pointed out
close, which was about where they stood last Friday.
of old Cuban crop sugar will soon
Futures advanced in an oversold market and with heavy that the entire surplus
that Havana looked for an
were
• covering. The trading broadened with Brazilian markets be used up. Rumorslabor afloat
troubles in Cuba. They gave
of
at times firmer. On the 16th inst. Santos exchange rose early settlementmarket. Raws advanced 3 to 23 3c. for
/
1-32d to 7 5-32d. with the dollar rate up 40 reis. Rio support to the
4.140., duty paid, on the 15th inst., with sales
exchange advanced 1-64d. to 7 11-64d. and the dollar rate Cuba c.& f. or
of 104,700 bags. H. A. Himely's estimate of the crop was a
was 40 reis net higher. Term prices were very little change factor. Besides the quarrel in the Cuban sugar industry
but at the close there was a decline of 275 reis at Rio. The
Himely estimate of the 1925-26 Cuban
total in sight of Brazilian coffee for the United States is grew worse. The 5,292,714 tons, or 81,000 tons less than
is
sugar
1,282,019 bags against 799,692 last year. The New York raw week's crop
estimate of 5,373,714 tons made by Guma-Majer.
stock is 425,506 bags against 287,340 last year. Rio has last
44 Cuban centrals had gotten
3001000 against 510,000 a year ago. Santos 1,249,000 While cables reported that 29 last year at this time there
against
against 1,839,000 last year. New York futures advanced under operation as that Cuban colonos preferred to put off
7 to 11 points at first on the 17th inst. although the cables were private cables
contents
were somewhat easier and cost and freight offers from Santos cane cutting until after the holidays when sucrose.
Camaguay,
were about 10 points net lower. Offerings here however would be larger. Grinding in the Province of mill-owners
fell off. The sales were 21,000 bags. Santos opened 25 Cuba was impeded by the controversy between lackof cane.
for
reis lower to 75 reis higher with exchange and the dollar and colonos, some factories stopped grinding terminal prices.
buying rate unchanged. The closing cable showed terme London closed higher by 1 M.to 2Yid. in
prices 25 reis lower to 25 reis higher. Rio was 100 to 150 Cuban raw sugars were offered to United Kingdom at
reis higher at first but reacted later. Rio exchange fell us. c. i.f.
Havana reported that 44 mills were grinding while last
1-64d. to 7 5-32d.; later 7 11-64; the dollar 30 reis lower.
Prices are some 3c. below the top. Discounts on distant year at this time 29 were active. Some of the latest mill,
months which had chilled confidence have largely disappeared. to begin grinding are Palma, Caracas, Oriente, Altot, Cedros
There are indications it is said of small supplies among cus- San Antonio and Senado. Sugar planters and mill owners
sumers. Naturally much will depend on the effects of the have not reached an agreement and the struggle has begun.
tightness of the Brazilian money market. But prices which Refined was quiet later at 5.35 to 5.40c.; some small lots
December liquidation force down almost 2c. rallied later on by one refiner at Sc. Later small sales were made at 2 11-32c.
firmer Brazilian advices and a greater demand. To-day for Cuban. Cuban statistics for the week ending Dec. 14
futures closed 15 to 30 points higher for the day after light were as follows: Receipts, 16,020 tons against none in the
transactions. But the tone was firmer with the cables higher previous week, 3,789 in the same week last year and none
Rio advanced 25 to 225 reis and Santos was 50 lower to 25 two years ago; exports none; stocks, 16,020 tons against none
higher. Exchange was 7 5-32d. and dollars $920. Santos in the previous week,3,789 last year and none two years ago.
4s firm offers were 21.25 to 22c. Final prices show a rise To-day Cuban raws dropped to 2 5-16o. with a sale-of 20,000
bags for early January clearance, with outport options.
for the week of 30 to 35 points.
British prices were weak with a light trade. Peru us c.i.f.,
Closing prices were as follows:
Mauritius were offered at 16s or equal to us for Cuba, which
16.55a nom.I July
qpot (unottic.)16 __ I March
16.10a
16.400 - - I September--15.70a
December _ _16.75a
.
I May
was offered at that price. The European crop is estimated
SUGAR.
-Cuban raws advanced to 2 9-32c. early in the at 7,576,000 metric tons against a previous estimate of
week with some sales at that price. Later 2 5-16 to 2Mo. 7,685,000 tons. The Porto Rncan crop is officially esti-
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."
7022
THE CTTR(INTTCLE
VOL 121.
mated at 550,000 tons or 40,000 less than the last crop. kerosene, bulk, 45-46-150 W. W. delivered New York, tank
Futures were 7 points lower to 2 points higher at the close cars, 934c. Motor gasoline, garages (steel barrels), 17o.;
after transactions of 28,000 tons. Final prices show a decline up-State, 17c.
for the week of 4 points on December and a rise of 2 points Ukia tonna. Kana.aa and TexasElk Basin
SI.
Undrr 28.
$1.00 Big Noddy
1.1
on other months. Spot Cuba closed at 2 5-160. or 1-16c.
32-32 9
1.59 Cat Creek
1.5
higher than a week ago.
39 and above
•i• 15 and above
2.C. 11
1.76
Spot (unoffic.)2 5-16_
December .. _ -.2.23a _
March
2.37a _
IMay
July
2.49a 2.59a
reptember__ .2.69a
Dec. 1926_ .2.75a
TEA.
-In London on Dec. 14th Indian advanced Md on
some grades. Offerings 32.830 packages and 30.000 sold.
In London on Dec. 15th Ceylon teas barely steady; offerings
17.000 packages and 16.000 sold at the following prices:
Medium pekoe 18 73/2d to Is 1030; fine peko Is lid to 2s
5d; medium orange pekoe is 8d to Is lid; fine orange pekoe
• Is 11 Md to 2s 6d. In London on Dec. 16th offerings were
25,300 packages and sales 24,000 at following prices: Medium
peko is 63/2d to Is 93/2d; fine pekoe Is 10d to 2s 10d: medium
orange pekoe Is 7d to Is 10d; fine orange pekoe is 103/2d to
35 2d. Sales are adjourned until Jan. 4th.
LARD on the spot was lower; prime Western 14.90 to 130.
Middle Western 14.75 to 14.85e.; city lard in tubs 15 to
1534c. Compound carlots in tierces 12 to 123ic.• Refined
pure lard to Continent 153 20.; South America 17c.; grazil 180.
/
To-day prices were firmer; prime Western 15.15c.; Refined
Continent 15.50c.; South America 170.; Brazil 18c. Futures
declined on selling by local and European interests and lower
prices for corn. Some buying appeared on the decline based
on small stocks and an idea that prices are low enough at
this time. To-day futures Were higher with a firmer market
for hogs and a better cash demand. Commission houses were
buying. Some of it was supposed to be for foreign account.
Hogs closed 10 to 15 points higher with the top $11.50.
Western hog receipts to-day were 114,000 against 154,000
a year ago. Some of the bulls think that the heavy consumption of cotton oil is a bull point on lard. Last prices
show an advance for the week of 3 to 12 points.
Texas CO. 28-28.9
33 33 9
42 and above
1.18 Caddo-Below 32 dog
15.5
1.6
32-34.9
2.27
1.75
. bv irek.
, :,
38 a13 b.i. e
Penneylvania
$
$3.65 llorkeye
$3.59
Corning
95 Bradford
1.87
(1.1.0
%
7 1 r
11 : 1 (1ii y t..:::h
3 69 1. il::•Ei
1.60
Somerset. light
2.35'
1.40
11...k ('reek.
1.97 Mexia 39 deg
1.75 l'rineeton
1.95
Smackover.27 deg. 1.30 Canadian
2.3g Gulf Coastal "A". 1.50
%Vortham. 38 deg_ 1.95 IVoor.t..r
2.00
1
RUBBER declined here 13c. in one day. Late last week
prices declined sharply in a dull market with London off 13i
to 2d. and Singapore 134 to 155d. Here plantations first
/
latex crepe spot $1.03 to $1.05; Dec. $1.03 to 31.0434;.ran.March $I to $1.01 M; April-June 98 to 99c.; ribbed smoked
sheets. spot
-Dec.$1.02 to $1.03 M:Jan-.March $1 to $1.01;
April-June 98 to 99c. Figures compiled by the Rubber
Association of America, Inc., show importations of crude
rubber into the U. S. in Nov. this year of 36,000 tons again
28,660 tons for Nov. 1924. Total importations for the 11
months were 345,318 tons in 1925 and 289,678 in 1924.
Arrivals for Nov. were as follows: Atlantic ports, 32,075 tons;
Pacific ports, 991 tons. Some maintain that Great Britain
is losing her grip on the rubber trade and output. It is
declared that among other countries Brazil looms up a big
potential source of supply. Brazil, it is declared, can soon
relieve the situation. It has already rubber trees growing.
Brazil about 15 years ago had, it is stated, the bulk of the
trade in her hands. She lifted the price by manipulated
exports to about $3. That started the "ztr East to producing
on a competitive scale. Great Britain put up pr ces by the
Stevenson restriction loan and now high prices are stimulating
production all over the world. After a brief rally on the 12th
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. inst.
prices weakened on the 14th inst. With London off
Sal.
Fri PI
Wed. Thurs.
Mon. Tues.
2i/ to 3d. on big speculative sales. They were due to an
2
December delivery_cts_14 32
14.32
14.17
14.37
14.30
14.20
January delivery
14.05
14.32
14.20
14.20
14.25
14.15
increase in the stock there of 623 tons to 4,453 tons against
March delivery
13.97
14.22
14.15
14.10
14.20
14.07
3.830 last week, 4,905 last month and 31,424 last year.
May delivery
14.20
14.12
14.22
14.10
14.05
14.25
PORK steady; Mess $35.50; family $39 to $41; fat back Spot 5034 to 51d.; Dec. 50 to 5034d.; Jan. 493% to 50d.
pork $36 to $37; Ribs easier; Cash 14.62c. basis 40 to 60 lbs. Singapore was up % to Vid. on the 14th; spot 493gd.; Dec.
/
average. Beef scarce and firm; Mess $25 to $27; packet $25 493/2d. New York first latex spot $1.03 to $1.0434; Dec.
to $27: family $28 to $30; extra India mess $43 to $45; No. $1.03 to $1.04; ribbed spot $1.02 to$1.03; Dec.$1.02 to 31.03.
1 canned corned beef $3; No.2,$5.25;six pounds $18.50;pick- Prices here later fell to $1.01 to $1.03 for first latex spot, $1
-March latex
led tongues $55 to $60 nominal. Cut meats steady; pickled to 31.01M for ribbed spot with trade dull; Jan.
hams 10 to 20 lbs. 213% to 2230.• pickled bellies 6 to 12 lbs. 99e. to $1; Jan-March ribbed 98 to 99e. London was un/
21)4 to 22e. Butter, lower to high, 413/2 to 48c; Cheese, changed to Md. higher on the 15th inst.; spot 503% to 51d.;
'
flats 21 to 2834c.; Eggs, fresh medium to extras 38 to 54c. Jan. 493% to 493/2d.; Singapore fell % to 1 Md.; spot 483/sd.;
OILS.
-Linseed has been quiet; spot April raw oil in car- Jan.-March 4634d. The Rubber Exchange has leased quarlots, cooperage basis, 12.8c.; in tanks, 12c.; boiled, tanks, ters at 31 So. William St. and business will begin as soon as
12.4c. Flaxseed was dull. So were specialty oils. Latterly equipment can be installed. Most of the members have paid
linseed has been reduced to 12.7c. Cocoanut, Ceylon, for their seats.
Suddenly on the 16th inst. prices came down 130. with
f. o. b. coast, tanks, 11c.; Manila, tanks, coast, spot, lb.
3
Corn crude, tanks, plant, 9% to 93/2c. Olive, $1 20 to a crash. They had been, it was contended, largely artificial.
$1 25. Chinawood, New York spot, barrels, 13 to 13340. Trade balked at the high costs. London on that day
Soya bean coast, 12c. Edible oils: Corn, 100-barrel lots, plunged down 3 to 33/2el. and Singapore 23% to 3d. Tired
12Me.• olive, $2 to $2 50. Lard, prime, 17%c.; extra foreign holders sold out in London and Singapore. Statistics
strained winter, New York, 143 c. Spirits of turpentine, are gradually favoring buyers. High prices attract large
%
98e. to $1 0134. Rosin, $13 85 to $16 50. Cottonseed supplies; it is the economic law. New York quotations on
oil sales to-day, including switches, 10,800 barrels. Crude the 16th inst. were as follows: First latex crepe spot, Dec.,
90 to 91c.; Jan.
-March, 89 to 9034c.; April-June, 85 to 87e.;
S. E., 8% bid. Prices closed as follows:
-March,
February.--10.15a10.25IMay
Spot
10.15a
10.35a10.36 ribbed smoked sheets spot, Dec., 89 to 90c.; Jan.
IJune
December.._10.20a10.50IMarch
10.220 _
10 40010.03 883/2 to 90c.; April-June, 85 to 87c.; brown crepe, thin clean,
January.-- _10.26a ____ April
'co.:361July
10.25a
10.48a
87c.; specky, 85c.; amber No. 2, 8843.; No. 3, 86c.• Para
PETROLEUM-Pennsylvania crude was raised 25o. early Up-river fine, spot, 9134c.; Caucho ball, Upper, 64c.; lower,
'
in the week by the Joseph Seep Purchasing Agency. New 58c.; Centrals, Corinto scrap, 69o.; Esmeraldas, 68e.;
prices range from $3.20 for Gaines to $3.65 for Pennsylvania Guayule, washed and dried, contract, 51e. London on
grade in New York Transit Lines. Bulk kerosene was Dec. 16: spot, 473%d. to 4834d.; Deo., 4730. to 48d.• Jan.,
stronger at 83/2 to 83%c. for water white in tank cars local 453%d. to 46Mcl.; Jan.
-March, 45d. to 453%d.; April-June,
refineries and 93% to 9343. in tank cars delivered to trade. 42d. to 423%d. Singapore on Dec. 16: Spot, 458 1.; Dee.,
%
4
A better jobbing demand was reported. France has been 453%d.; Jan.
-March, 43304 April-June, 403%d. On the
a good buyer. Cased prime in the Gulf was quoted at $1.65 17th inst. with the fortnightly settlement ended, came a
and water white at $1 75 a case. Gasoline was firmer at 12c. sharp rally in London, i.e., 33/2d. after which there was a
for U. S. Motor. In tank cars delivered to trade 13o. was reaction ending at a net rise of 'M to 134d. Trade and
asked while in steel drums to garages 17o. was quoted. Cased speculative buying braced London. New York was a bit
gasoline was in better demand. In the Gulf section U. S. sceptical. It did not respond with any heartiness to the
Motor was held at 113/2o. and 64-66 gravity at 15 to 1534e. London upturn. Trade in fact was rather slow. Here first
Bunker oil was slightly more active at $1.65 for grade C in latex, spot, 93 to 95c.; Dec., 93 to 94c.; Jan.-March, 91 to
bulk New York harbor refineries. Gasoline has latterly 923/2c.; April-June, 88 to 893/20. Ribbed smoked sheets,
advanced 2o. in Minneapolis. Kerosene has been firm. spot, 92 to 94c.• Dec., 92 to 93c.; Jan.-March, 91 to 92o.;
Garber crude oil has advanced 15o. for 42-42.9 gravity; $2 42 April-June, 88' 89e. Brown, crepe
to
clean, 89c.;
is quoted; 44 and above $2 58. There are no new features amber No. 2, 90c. London on Dec. 17: spot, 49% to 49Md.•
thin,
in bunker oil. On Oklahoma crude there is a premium being Dec., 49 to 493/2d.; Jan., 46X, to 468 d.; Jan.
-March, 45M
%
paid of 10 to 25c. a barrel. Midwestern gasoline has been to 46d.; April-June, 4234 to 423 d. Singapore, Dec. 17:
%
distinctly firm. Yet Texas wholesale prices seem rather Spot, 43%d.; Dec., 44d.; Jan.
-March, 403/2d., and April5
weak. North Texas tank, car lots, were quoted at 93( to June, 373%cl. The Akron, Ohio, Chamber of Commerce says:
%
9340. as against 93 C. earlier in the week. The Emergency Of 19 rubber companies in the Akron district that they show
Fleet Corporation will place additional coal burning ships an increase in sales during 1925 over 1924 of over $109,000,on its Oriole Line to United Kingdom ports, displacing oil 000. Total output of the rubber industry there for the
burners owing, it is understood, to the substantial savings fiscal year ended Nov. 1 1925 was $473,556,909, against
effect by the substitution several months ago of four coal $364,552,564 in 1924. Annual payrolls of the rubber comburners for oil burners. It is estimated that the entire cost panies increased from $70,197,554 in 1924 to $82,111,477
of placing these four burners in condition will be recovered this year. The aggregate capitalization of the 19 companies
in less than 18 months through fuel savings. New York re- was given as $330,509,778.
fined export prices: Gasoline, cases cargo lots, U. S. Motor
HIDES
-Common dry were dull at 220. for Orinoco.
specifications, deodorized 27.15o; U.S. Motor bulk, refinery, River Plate were quiet; 2,000 Swift La Plata frigorifico cows
12e. Kerosene, cargo lots, cases, 17.900. Diesel oil, sold at $34 or 153 c for early shipment to Europe. Nominal
%
Bayonne, barrels, $1 9934; furnace oil, bulk, refinery, quotations were 15o. for cows and 1734e. for steers. Packer
Petroleum, refined, tanks, wagon to store, 15o.; hides were in a trifle better demand with spready native
63io.
DEC. 19 192.3.]
THE CHRONICLE
steers quoted at 16c.; regular, 15c.; butts, 140.; Colorados,
13c.; bulls, 11c. Later common dry hides sold rather more
freely. Interior hides were 25 to 25c. Wet salted hides
have been in better demand. A sale was reported of 4,000
Artiga steersat$42.25or 19lie, c. and 1. Country hides were
dull and unsettled. City packer hides were weak. Small
lots of spread native steers sold at 16c.
-The demand increased. Later
OCEAN FREIGHTS.
sugar and coal tonnage was more active.
Charters included grain from New York to United Kingdom. 30.000
quarters. 10%. including Manchester and exclusive of Irish ports, 31. 3d.,
ec. 21-Jan. 6; 16.03'1 quarters from New York to England-Ireland. 3s.
4446.. two ports 3s. 746(1., December: 10.000 quarters from Philadelphia
to United Kinzdem.:is 4466.. Dec. 11-21. oils, refined and (or) spirits from
Gulf to United Kingdom, 26s. (id.. January-February; refined and (or)
spirits from Gulf Co French Atlantic. 23s. Id., January: 295.000 cubic feet,
tractors. &c.. from New York to Black Sea, Dec. 21 -Jan. 6. 946c.; grain
from Vancouver to United Kingdom-Continent, 34s., January: 35,000
quarters 10% from Philadelphia to Liverpool. 3s. 34.. Dec. 17-29: clean oil
from Gulf to French Atlantic, 24s. 66., December-January: crude from
Peru to United Kinvium. 30s.. January; sugar from Halifax to United
Kingdom-Continent, 20s., January: coal from Wales to Roston, 8s. 6d.,
Dec. 27.
-Coke advanced 50e. to $375 to$425run-of-oven
COAL.
at Connellsville. Pennsylvania run-of-mine was unchanged.
The nominal range is $4 75 to $5 on Navy standard at Hampton Roads and the tone firmer with colder weather. A good
Western business was done. Hampton Roads prices were
stronger late in the week. In New York apartment houses
the use of soft coal has been found satisfactory. Gas and
steam coal is in good demand.
TOBACCO. There is very little change in the general
situation. Trade on the whole is disappointing. There is
no evading that fact. Prices are reported to be steady
but as a matter of fact they are largely nominal. Cuban
and Porto Rican quotations are said to be well maintained,
with dow and then a fair business. In general, however,
transactions in tobacco at this time are by no means up to
the expectations formed some weeks back. Lexington,
Ky., wired that over 17,500,000 pounds of burley tobacco
have been sold through the Burley Tobacco Growers' Cooperative Association there from the 1923-24 crops. One
parcel of 2,000,000 pounds went to the P. Lorillard Tobacco
Co. Huntington advices show heavily increasing receipts
from West Virginia growers. Since Nov. 1 the American
Tobacco Co. has bought 15,500,000 pounds of pool burley
tobacco.
COPPER has been rather quiet and 'easier. Producers
were quoting 14%e. at one time but admitted that sales
were being made at 140. On the 15th inst. London declined
5 to 10s. and this with the disturbing French situation
caused an easier feeling here. There has latterly been a
moderate demand on the basis of 14 Xi to 14 go., the latter
for Western shipments. To-day spot Standard copper in
London was 7s. 6d. higher at £60 with futures 5s. higher at
£61;sales 100 tons and 1,400 tons respectively. Electrolytic
was 10s. higher at £66.
TIN fell to 6134 for spot Straits and 603/2e. for futures in
sympathy with a decline of £4 at London on the 15th inst.
Sales in London on the 15th were 1,050 tons but the outstanding feature were the sales at Singapore of 450 tons which is
treble the normal for that market. The disturbing political
conditions in France were a depressing factor. Prices are
now the lowest since early in October, when the average
price was 62.2304 in September it was 58.270. Prices have
latterly rallied. Spot Straits sold it is stated at 623/2e. and
distant months at 61X. But there was not much business
here. London, however, has latterly been distinctly firmer.
To-day spot prices there were £1 higher at £281 15s. while
futures advanced 7s. 6d. to £277 2s. 6d., with sales of 100
and 750 tons respectively.
LEAD was marked down to 9.10c for December shipment
by the St. Joseph Lead Company and it was intimated that
9e. could be done East St. Louis. The American Smelting
& Refining Co. was still quoting 93O. The weakness abroad
and the disturbing French situation were the depressing influences. London on the 15th inst. declined 3s 9d on spot
lead to £33 16s 3d and futures fell 2s 6d to £33 15s. New
York has latterly made little response to the steady rise
in London. One big company quotes nic. New York.
East St. Louis has latterlis been 9.10e. though earlier in the
week it was 9.05o. To-chy London advanced 2s 6d ,reaching
£34 15s.
ZINC like other metals has been quiet and easier. Prompt
and December sold at 8.70 to 8.75c. and January at 8.55 to
8.60e. Zinc ore was held at $56 a ton. Unsold stocks are
12,000 tons as compared with none two weeks ago. Spot
zinc in London on the 15th inst. fell 7s 6d to £37 25 6d and
futures declined 6s 3d to £36 10s. December is now about
8.700. and trade light. Brass specials command premium
of 15 to 20 points over prime western. At Page. high grade
zinc is still to be had, although some are inclined to get
103io. Futures have latterly declined 73'6 points. To-day
London advanced 6s 3d touching £38 10s.
STEEL as usual at this time of the year, feels the slowing
down for inventories. Railroad buying, however, is still a
conspicuous feature, even if not so much so as recently.
Steel cars have sold freely and the railroad companies have
recently been good buyers of shapes, plates and bars for next
year's delivery. Some 15,000 tons of sheets were bought by
Detroit for the first quarter. Some auto sheet mills are sold
ahead for over 60 days. Sheet bars are not quite so readily
obtainable as they were; $38 is said to have recently been
paid at Pittsburgh for 5,000 tons, a rise of $2 per ton at
3023
least on that particular transaction. Some 100,000 tons of
steel rails have yet to be bought it is said for 1926 deliver3r,
40 to 50 per cent of winch may it is believed be purchased
this month. The big tin plate output surprises everybody.
It is 123/i per cent above the previous record. For 1926 the
total is put at 40,000,000 boxes and the vegetable pack this
year is stated at 80,000,000 cases, another h'sii record. It is
also stated that the holiday shutdowns of mills will be for a
shorter period than usual. At Youngstown steel bars were
weaker at 2 to 2.10c. Chicago reports sales of bars outrun
the shipments. Finished steel in general, however, has been
quieter with the approach of the holidays.
PIG IRON sales last week are said to have reached 16,000
to 18,000 tons in New York. Eastern Pennsylvania was
quoted at $21 to $22 for Buffalo, and $23 to $23.50 for Chicago. American iron has been taken here of late in preference to Dutch. Ferro-manganese has been quiet at $115.
Spiegeleisen slow but steady at $33 to $34. Iron latterly
has been dull. Little business is expected at this inventory
period until aler the turn of the year. Importations of
foreign iron are uninterrupted. Last week 12,000 tons it
appears arrived at Philadelphia 50% of which was English.
Foreign iron has monopolized the market in New England
recently. German iron is the cheapest there,selling as low
as $20.75 on Boston docks, though the nominal quotations
are $21.50 to $22. New England last week bought 4,000
tons. It appears that Canadian pig iron is selling in Central
Michigan. Smelters are said to be paying 25 to 30o. a ton
above the market as premiums for prompt delivery because
of specially desired quality. One thousand tons of Canadian
iron of high silicon content sold near the Northern Illinois
line, it is said, at $23 base, Chicago.
WOOL has been in the main quiet and more or less depressed, in sympathy with lower prices is foreign markets.
This is the situation in a nutshell. New York nominal
quotations in a slow market were as follows:
Ohio and Pennsylvania fine delatne, 54 to 55e.: 44 blood. 53 to 54c.;
34 blood. 53 to 54c.: 44 blood. 52 to 53c. Territory basis, fine staple.
$1 30 to $1 35; medium. French. $I 25 to $1 28: medium clothing $1 16.
blood.
to Si 20: l4 blood staple, $1 20 to Si 22: ti blood. Si 05 to Si 10;
95c. to $1 00. Texas, clean basis, fine, 12 months. SI 28 to Si 0: fine
10 months. Si 23 to Si 25: fine 3 to 8 months. $114 to $1 17; pulled,
scoured basis, A super. $I 10 to $1 15; II super. 90 to 95c. Australian
64-70s.. 51 15 to $1 20. New Zealand, 56-58s.. 54 to 564. Montevideo,
58-60s.. 47 to 49c. Buenos Aires. III (46-48s.). 35 to 360. Cape best
combings. Si 06 to $1 08.
In London on Dec. 11, offerings, 12,294 bales; selection
very good. Demand light. Prices lower. Details:
New 8,uth Wales. 3,525 bales: scoured merinos. 24 to 39d.: crossbreds.
20 to 36446.; greasy merinos, 20 to 3244c1.; crossbreds, 844 to 2Id. Queensland, 1.566 bales: greasy merinos. 1444 to 27466.; crossbreds. 946 to 20d.
Victoria. 1.127 bales: scoured merinos, 30 to 4346d.: crossbreds. 14 to I64.
New Zealand. 2.944 bales: scoured merinos, 26 to 33d.•. crossbrdes, 14 to
32d.: greasy merinos. 1244 to 22d.: crossbreds, 844 to 9d. Cape Colony.
892 bales: scoured merinos, 34 to 43d.: crossbreds. no sales: greasy merinos,
1146 to 236.: crossbreds, 8 to 16446. Punta Arenas, 15 bales: scoured
crossbreds, 11 to Hid. River Plate, 88 bales: greasy merinos. no sales;
crossbreds, 10 to 1846d. English. 2.137 bales: greasy merinos, no sales:
crossbreds, 12 to 266.
In London on Dec. 14th offerings 12,070 bales. Demand
better. Crossbreads were not so plentiful. Withdrawal
prices unchanged. Details:
New South Wales, 2.356 bales: Scoured merinos, 25 to 39d.: crossbreds,
14 to 35446.; greasy merinos. 12 to 266.: crossbreeds. 8 to 1944d. Queensland, 1.134 bales Scoured merinos. 32 to 4344d.; crossbreeds, 12 to 3444d.;
greasy merinos, 14 to 27d.: crossbreds. 15 to 20. Victoria, 833 bales:
Scoured merinos. 24 to 406.; crossbreds. 16 to 3344d.; greasy merinos, 15 to
27d.: crossbreds, 12 to 196. South Australia. 771 bales: Scoured merinos,
30 to 396.: crossbreds, 10 to 344.: greasy merinos no sales ;crossbreds, 11 to
1444d. New Zealand, 6,318 bales: Scoured marinas no sales; crossbreds.
15 to 35(4d.; greasy merinos, 12 to 22d.: cre-sb-eds. 946 to 18(46. Cape
Colony. 172 bales: Scoured merinos, 32 to 38d.: crossbreds, 20 to 31d.:
greasy merinos. no sales: ermsbreads, no sales. Czechoslovakia, 221 bales:
scoured merinos, no sales; crossbreds, no sales; greasy merinos, no sales;
crossbreds. 9 to 126.
In London on Dec. 15th offerings 10,260 bales. Selection
good. Demand fair, mostly from the home trade. Prices
steady. Details:
25 to 4444(1.; crossbreds.
New South Wales, 1.268 bales: Scoured merinos,
14 to 386.: greasy merinos, 1344 to 25d.; crossbreds. 10(4 to 186. Queensland, 52 bales: Scoured merinos, no sales; crossbreds. 26 to 36d.: greasy
merinos, no sales; crossbreds. 15 to I96. Victoria, 927 bales: Scoured
merinos. 30 to 40d.; crossbreds, 15 to 3646d.: greasy merinos, 1346 to 2944d.
crossbreds, no sales. West Australia, 78 bales: scoured merinos. no sales
crossbreds, no sales; greasy merinos, 14 to 21d.; crossbreds. no sales
greasy merinos, no sales; crossbreds. 1044 to 176. Tasmania. 230 bales
Scoured merinos, no sales; crossbreds, no sales; greasy merinos. no sales
crossbreds, 1044 to I96. Peru, 222 bales: Scoured merinos, no sales
crossbreds. no sales; greasy merinos, no sales: crossbreds, 8 to 1744d.
In London on Dec. 16 offerings were 10,421 bales. Prices
lower. Fine merinos down 5%; medium and low, 10%;
crossbreds fine, 5%; medium and coarse, 73z%, and Capes
10%. Details:
New South Wales, 1,397 bales: scoured merinos, 30 to 41d.; crossbreds,
20 to 32d.; greasy merinos. 16 to 266.: crossbreds, 8 to 1944d. Queensland.
664 bales: greasy merinos, no sales; crossbreds. 16 to 21d. Victoria.
10.006 bales: scoured merinos, 31 to 4444(1.: crossbreds, 17 to 31446.
greasy merinos, 15 to 29d.; crossbreds. 14 to 2544d. • South Australia,
542 bales: scoured merinos, 25 to 39d.: crossbreds. 19 to 306. West
Australia. 789 bales: scoured merinos, 30 to 426.: crossbreds. 25 to 37d.:
greasy merinos. 16 to 28466.; crossbreds, 11 to 20346. New Zealand,
3,930 bales: scoured merinos, 32 to 456.; crossbreds, 19 to 35446.; greasy
merinos, 17 to 23d.; crossbreds, 946 to 1846d. Cape Colony, 72 bales:
greasy merinos, no sales; crossbreds, 9 to 13d. Punta Arenas. 2,021 bales:
scoured merinos, no sales: crossbreds, 24 to 26d.: greasy merinos, no sales;
crossbreds. 946 to 1734d.
In Liverpool on Dec. 14 best grades of East Indian low
end dull; medium unchanged. In Liverpool on Dec. 15
East India wool auction ended. Bussorahs dull.
Members of the British Parliament are attacking what
they call the "gamblers" in wool. And Councillor Rushworth of the National Association of Textile Trade Unions
is quoted as saying that they favor central buying of wool,
whether by employers or government, as long as gamblers
were eliminated.." "Anyone can buy wool Bradfordward'
he stated. "One hears that irregular buyers are boasting
of profits of £100 sterling weekly. There is much gambling
in raw wool, which is adversely affecting employment in
THE CHRONICLE
the industry: At Bradford wool top prices have recently
declined sharply i. e. 3d on 70s. At Brisbane on Dec. 15,
attendance large. Demand sharp from Bradford, France
and Germany. American held aloof. Greasy merinos super,
fleece and skirtings 10 to 123/2% lower than on Nov. 20;
good and ordinary 10 to 15% lower. At Brisbane on Dec. 17
demand keen; prices stronger.
At Wellington 18,000 bales of the 25,000 offered sold on
the 12th inst. Selection fair. Demand not satisfactory.
The Continent was the chief buyer. Crossbred prices were
lower but closed firm. Compared with prices at the sale of
Napier on Tuesday, on approximately similar grades and
with the Wellington sale a year ago they were:
Super merinos at Wellington. Dec. 12, 193i to 223(d.; average merinos,
173‘ to 193(d.; crossbreds, 56-58s., at Wellington Dec. 12. 1434 to 1834d..
against 29 to 3534d. on Dec.16 last year; 50-56s. at Wellington on Dec 12,
1234 to 17d., against 15 to 17d. at Napier on Dec. 8 and 26 to 31d. at
Wellington on Dec. 16 1924; 48-50s., 1134 to 1534d., against 12U to 17d.
at Napier on Dec. 8, and 2434 to 29d. at Wellington Dec. 16 1924: 46-48s..
1134 to 1634d.,against 12 to 1634d. at Napier on Dec.8 and 2234 to 27,34d.
at Wellington on Dec. 16 1924: 44-46s., 1034 to 1434d., against 1134 to
15,./d. at Napier Dec. 8. and 21 to 2534d. at Wellington Dec. 16 1924:
40-44s.. 10 to 13d.,against 934 to 14d.at Napier on Dec.8,and 19 to 2334d.
at Wellington on Dec. 16 1924; 36-40s., 10 to 12d., against 1034 to 1234d.
at Napier on Dec. 8, and 18 to 21d. at Wellington on Dec. 16 last year.
[Vei 121
In order that comparison may be made with other years,
below the totals at leading ports tor six seasons:
we give
Receipts at-
1925.
19t4.
Galveston_ _ _ _
Houston, &c..
New OrleansMobile
Savannah__
Brunswick _
Charleston_ __
Wilmington __
Norfolk
N'port N.
,&c
All others
118 708
79.414
82.730
5.177
24.632
126,437
56.333
76.543
5,028
16,660
1923.
7.160
3 884
19.919
10.421
6.319
24,733
9 861
8,173
3.491
6.996
14.203
62,738
13,411
53.754
5,233
12,977
200
2.817
3.354
11.265
29
2,401
Total this wk_
351 485
330,847
214.353
136.866
141.588
178.079
77.449
51.034
50.789
2,578
7,609
242
5,362
2.067
13,732
1922.
1921.
41,557
37,214
29,163
1,681
5,867
3,761
1,430
9,257
1920.
62.881
213
25.847
2,159
15,846
250
3.697
3.268
13,224
Since Aug. 1_ _ 6.051.070 5.1116.904 4.479.315 3.894.834 3.317.811 3.288.988
The exports for the week ending this evening reach n
total of 292,827 bales, of which 102,703 were to Great Britain,
73,165 to France, 40,277 to Germany, 26,990 to Italy,
21,033 to Japan and China, and 28,659 to other destinations.
In the corresponding week last year total exports were 318,976
bales. For the seeson to date aggregate exports have been
At Timaru, N. Z., on Dec. 16 offerings were 10,800 bales 4,247,956 bales, against 3,960,371 bales in the same period
and 10,600 sold; selection good; demand excellent. America of the previous season.
Below are the exports for the week:
bought. Prices compare as follows:
Merinos, super, 18 to 22d. against 3334 to 38d. at Dunedin last year;
crossbreds, 56-58s., 1634 to 193.0.. against 32 to 36d. at Dunedin last year;
'
50-565., 15 to 18d.. against 28 to 32d. at Dunedin last year; 46-485., 13 to
1634d., against 23 to 28d. at Dunedin last year; 44-46s., 11 to 14d., against
22 to 26d. at Dunedin last year; 40-44s., 934 to 1230., against 19 to
2130. at Dunedin last year.
At Buenos Aires on Dec. 11th wool dull. Offerings 10,439,511 kilos. Fine 12 to 16.50 pesos; medium 12 to 13.60 pesos;
coarse 9.50 to 11.80 pesos; fine wools from the Province of
- Corrientes 18 pesos. At Buenos Aires on the 12th inst. the
market was dull. Outlook not encouraging. Demand poor
especialy for the better grades. At Buenos Aires on Dec.
14th market more active. Offerings 10,606,591 kilos. Fine
crossbred 10 to 14 pesos; medium 12 pesos; coarse 10 to 11.50
pesos; fine medium yearling 10.50 to 11.50 pesos; coarse
yearling 8 to 10 pesos; fine from Corrientes 19 pesos; from
Entre Rios 16 pesos. At Buenos Aires on Dec. 15th market
weak. Offerings 10,764,457 kilos. Fine crossbreds 12 to
13.70 pesos; medium 12 to 12.35 pesos; coarse 10 to 11.50
pesos; medium coarse yearlings 7 to 11 pesos. At Buenos
Aires on Dec. 16th wool dull. Rather more inquiry. Offerings 10,738,745 kilos. Fine 14.80 pesos; cross fine 10 to 13
pesos; medium 11.80 to 13 pesos; coarse 9.50 to 11.70 pesos;
cross fine medium from Entre Rios 15.50 pesos; medium
coarse yearlings 6.50 to 10.60 pesos. At Buenos Aires on
Dec. 17th wool dull. Offerings 10,915,508 kilos. Prices:
Fine crossbreds 11.50 to 14 pesos; mediums 10.50 to 13
pesos; coarse 9.50 to 11.80 pesos; good medium from Corrientes 18 pesos; fine crossbeds from Entre Rios 15 pesos;
medium 14 pesos; coarse 13 pesos; fine crossbed yearlings 15
pesos; yearlings from Entre Rios 14 pesos.
COTTON
Friday Night, Dec. 18
,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 totel receipts have reached
351,485 bales, against 330,550 bales last week and 396,275
bales the previous week, making the total receipts since
Aug. 1 1925, 6,081,070 bales, egainst 5,616,904 bales for
the same period of 1924. showing an increase ,since Aug. 1
1925 of 464,166 balPs
Receipts atGalveston
Houston
New Orleans
Mobile
Pensacola
Savannah
Charleston
Wilmington
Norfolk
New York
Boston
Baltimore
Mon.
Sat.
Tues.
Wed.
Thurs.
Fri.
Total.
15,487 19.429 39,767 14,238 19,742 10,045 118,708
___
21,624 20.645
-- 79,414
16,081 21,084
8,768 11,838 15,999 22,242 11,681 12,202 82,730
1,1/0
876 5,177
213 2,103
154
721
815
------------ -- -- --815
837 24,632
- 16
4.262 4,299 6,845
627 7,160
1,012 1,599 1,217 1,012 1.693
921
604 3,884
147
298 1.179
735
3,436 2,034 6,194 2,086 2,672 3,497 19,919
----------------5,837
5,837
79
------60
---- 3,130 3.130
Totals this week_ 50.482 68.691 73.323 64,546 62,810 33.633351,485
The following table shows the week's total receipts, the
total since Aug. 1 1925 and the stocks to-night, compared
with last year.
1925.
Receipts to
Dec. 18.
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
Totals
1924.
This Since Aug This Since Aug
Week. 1 1925. Week. 11924.
Stock.
1925.
1924.
118,708 2,090,828 126.437 2,521.016
28,368
7,220
79,414 1,101,192 56,333 955,134
654.976
628,145
17,354
82,730 1.411,634 76,543 1,130.093
463,348
416,675
90,548
7,265
1,958
411,740
189
133,219
29,613
18,719
493
100,915
7,160
162,618 5,028
570
12,027
15,163
634,136 16,660
400
188,535 10,421
45,431
965
78,894
130
37,861
3.884
19,919
84,130 6,319
334.581 24.733
72,100
221,450
33,661
155,069
13.768
110.851
18,509
9.967
15,094
254
66,673
1,694
986
6.093
208,947
728
1,340
3.646
5,177
815
24,632
5,837
79
3,130
13,838
7,012
22,461
2,515
160
223
351 455 6.081.070 330.647 5.616.904 1.558.952 1,538,023
Exported to
Week Ended
Dec. 18 1925.
Great
GerExports from- 9ritain. France. many.
Galveston
Houston
New Orleans- __.
Mobile
Pensacola
Savannah
Charleston
Wilmington ___.
Norfolk
New York
Baltimore
Los Angeles...
Ban Francisco_ _ _
Japan&
Italy. Russia. China. Othr.
Total.
____ 11,415 12,129 126,445
38,754 33,341 12,556 18,250
--------7,084 79,414
28,548 24,283 11,709 7,790
-----------4,708 6,917 36,668
11,682 13,361
815
11,112
4,123
5:iii
------------------------815
__
999 24,772
_
--------3,000
------------520 7,593
____ 2,950
------------1,100 3,420
--_ 2,320
------------------------5,541
..9751
------------3,569
1,428
700
___ _
_ _ __ ' ------------1,910
_
. 1,910
Total
102,703 73,165 40,277 26,990
-___ 21,033 28,659 292.827
Total 1924
133,672 49.221 65,892 25,103
....... 11,234 33,854 318,97
gWal 10/3_
,
lin 79
___
95 no' 9791" 900
90
From
Aug 1 192510
Dec. 18 1925. Great
GeeExportsfrom- Britain. France. many
Galveston...
Houston... _
New Orleans
Mobile
Jacksonville_
Pensacola
Savannah..
Brunswick
Charleston_ _
Wilmington _
Norfolk
New York
Boston
Baltimore
Philadelphia_
Los Angeles_
San Diego
San Fran
Seattle
Total
11.0.17
91 34.1 957.57
Exported to
Japan,/
Italy. Russia. China. Other.
Total.
376,75- 175,121 258.978 100,251 5,006 84,081 165,464 1,165,656
311,60! 195,940 271,021 72,412 90,923 54,891 89,714 1,086.506
--__ 165,181 97,646 844,330
237,41, 108,802 140,701 94,588
87,297
--- 1,500 3,469
500
54,438 6,480 20,910
------------1,924
14,670
8,341
____ 4,400
--------4,406
--_
12,027
6,561
300
758
---- 61,504 25:995 463.748
135,447 7,506 227,402 5892
400
--------21,400 6,i350 133,732
45,291
____ 60,411
-------2,906
48,320
4,00(
____ 24,026 17400
--------8,
750 4,628 137,046
60,608
___ 63,061
---. 25,027 111,657
400
29,481 12,627 3 ,79( 13318
0
------------1,890
2,915
991
_
29
i ------------950
____
65
118
i
433
--------2,535
19,604
8,18!
1:450 7,000
- 1,
500
3.100
---------------- ---1,60(
--------60,935
---61,710
621
___,
100
____ 53,870
300
54,170
1,281,442 109,535 1109526 304,469 96,323 519,045 427,615 4.247.956
total 1924._ 1,360,522 109,092 915.857 '107,084 53,29 407.355 407,168 3,960,371
9
motal 1093.
1 00900f '97 Roo -.51 0,, 9 5 909
50 '99 0,9, '11 547
057.044
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 virtua ly all the
cotton destined to the Dominion comes overland and it is impossible to get returns
concerning the same from week to week, while reports from the customs districts
on the Canadian border are always very slow in coming to hand. In view, however.
of the numerous inquiries we are receiving regarding the matter, we will say that
for the month of November the exports to the Dominion the present season have
been 33.277 bales. In the corresponding month of the preceding season the exports
were 29,903 bales. For the four months ended Nov. 30 1925, there were 81.822
bales exported, as against 66.924 bales for the corresponding four 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 CoastGetGreat
Dec. 18 at- Britain. France. many. Cont'nt. wise.
Galveston
New Orleans
Savannah
Charleston
Mobile
Norfol
Other ports *_ _
6,800
7,945
__
7,711
4,000
3.600 12,000 23.000 4,000
835
5,140 17,650 20,357
7,000 1,000
__-- 1,084
1,084
____
___
550
--------1,275
-------2.00
---1.500 6.500 8,000
Total.
Leaving
Stock.
49,400 605,576
51.927 411,421
8.000
92,915
1,084
44,347
10.036
19577
-2,600 1,524,469
0,000
89,600
Total 1925
26,456 10,740 38.750 59.632 7.469 143,047 1.415,905
Total 1924_ 41,196 10,419 16,688 60.539 11,086 139,908 1,398,115
Total 1923_ 41,254 11.279 18.432 38,498 14.301 123.764 888.400
*Estimated.
Speculation in cotton for future delivery has been on only
a fair scale and the drift of prices on the whole has been
downward, although there was a good rally, amounting to
some 40 to 45 points, on the 15th inst. It was followed the
next day, however, by another decline. The feeling here is
generally bearish. It is not believed that the fall of prices
has culminated. The stress is on the big crop. Some were
of the opinion that it is really nearer 16,000,000 than 15,603,000 bales, the Government's last estimate. There is also
an expectation of big ginning figures in the next report by
the Census report on the 21st inst. Some guesses
-they are
nothing more-have been as high as 14,730,000 bales, against
12,792,294 last year and 9,549,015 in 1923 and 9,488,852 in
1922. These figures are the totals up to Dec, 13 each year.
DEc. 19 1925.]
THE CHRONICLE
3025
It is said that the crops of all producing countries in the picking. This work could be done, moreover, in cold
world, except Mexico and Peru, are larger than those of weather. Snappers could wear gloves. Snaps and bollies,
last year. Some express the opinion that they will be however, cannot be tendered on contracts. Another incident
-around 2,000,000 bales, the largest on record. Bremen of the season is that there has been a great deal of cotton
-cabled the other day that the stock there, including afloat, rejected by mills and merchants at home and abroad owing
exwas 530,000 bale,s which is far larger than that of a year to the poor character of some of the shipments. The
9,000,000
-ago. The warehouse stocks are much the largest for at ports this season, some contend, are likely to reach
least two years past. Bremen says Egyptian linters are bales. In addition to this, it is believed by some that Americonfine thembeing used instead of cellulose for rayon mills. Hedge can mills will take 7,000,000 bales. Others
consumption of
sales have been something of a feature here and in New selves to the statement that the world's something like
Orleans and Liverpool. Liverpool cables have been inclined American lint cotton this year may easily be
white
to be weak. It reports a dull market and no offtake. Of 14,500,000 to 14,750,000 bales. The scarcity of good
late Liverpool, Wall Street and the South, as well as local cotton it is assumed in some quarters will lead to a tight
Recently Wall
interests, have been selling here. A good deal of selling is situation •for such cotton early in 1926.
account, though
noticed of March and May. Some, on the other hand, have Street was buying to some extent for long
liquidated
been buying those months and selling October. January on the decline this week it is credited with having
that
has been under some pressure. January notices are due on such holdings rather freely. Of late it is enough to say
some
the 24th inst. and some have an idea that there may be declines have been rather grudging. In the opinion of
some issued, though there has not been much said about it. the market does not want to go down and the technical
of
Spot prices have of late been declining. The discounts on position, in spite of admittedly rather heavy covering
the low grades are said to be the largest thus far this sea- late, is still regarded by some as eminently strong.
To
-day prices advanced 5 •to 10 points and closed very
son. Moreover, Egyptian cotton has recently declined some
350 points, or roughly speaking, abbut four times as much steady in a narrow pre-holiday market. Liverpool cables
as American cotton in the same time. It is intimated that were rather better than due, but Manchester was gloomy
under the circumstances Egyptian cotton, or in other words, and Tattersall cabled that there might be some further
-16-inch staple may compete actively financial difficulties there. In general cotton goods were
cotton of 1% to 13
with the better grades of American. East Indian cotton quiet on this side of the water. Spinners' takings were
has also been steadily declining of late and it is said that smaller than those of last week, but were well ahead of
Japan is buying this sort on a liberal scale. Cotton goods those for the same week last year. Print cloths were reon this side of the water have not been active. At times ported to have sold rather more readily of late, with other
Worth Street has done a fair business in print cloths, but goods slow, however. Spot markets were slightly higher,
nothing more. Fall River has been rather quiet than other- with a fair business for this time of the year. Some ginning
wise. Southern carded weaving yarns have declined % to estimates were around 14,760,000 bales. Egyptian cotton
le. latterly. Manchester has been slow. Many of the Far was about 20 points higher in Liverpool to-day. Alexandria
Eastern bids on cloths have been too low to admit of busi- closed 5 points higher on December uppers and 55 points
ness. Yarns at Manchester have been dull and weak. Spot higher on January sakels as compared with yesterday. In
sales at Liverpool on one day recently were up to 12,000 New York Egyptian cotton was unchanged on uppers and
bales, but they quickly subsided. Latterly they have been %c. higher on sakels compared with yesterday. The world's
43,000 to 7,000 bales a day, 50% of which was American. crop is stated by Washington at 28,652,000 bales, against
There has been a certain amount of selling here on stop 24,700,000 last year. The increase is put at 1,975,000 bales
orders and May dropped on the 17th inst. to 18.43c. It was of American and 1,977,000 of foreign. With the carryover,
apprehended that if it went below 18.50c. a mine of selling according to one computation, the supply for the season will
orders would be tapped, which might have a very distinctly be 35,243,000 bales, against 30,450.000 last year, when the
depressing effect. It did not prove to be the case. Reports consumption in the world of all kinds was 23,177,000. Last
are rife that 50,000 bales will be received in New York this prices here to-day showed a decline for the week of 16 to 21
month for tender on December contracts, though the trading points. Spot cotton ended -at 19.40c. for middling, a decline
in the current month ceased, according to the new rule, on for the week of 30 points.
The Census Bureau report on ginning for the season to
the 10th inst. That will apply to all months as they come
around. Speculation as a rule has been quiet. Cotton is Dec. 13 will be issued on Monday, Deci 21.
still suffering from the competition for the favor of the
The official quotation for middling upland cotton in the
speculative public of this country of the stock and grain New York market each day for the past week has been:
Sat. Mon. Tues. Wed. Thurs. Fri.
Dec. 12 to Dec. 18markets.
19.50 19.35 19 80 19.45 19.35 19.40
The consumption in this country in November did not Middling upland
-The highest, lowest and closing prices at
FUTURES.
come up to expectations. It proved to be 543,098 bales,
against 543,679 in October and 495,182 in November last New York for the rest week have been as follows:
year. November's total was, therefore, very nearly the
Saturday, Monday, Tuesday, Wednesday, Thursday, Friday.
same as that in October, and was less than 50,000 bales
Dec. 18.
Dec. 17.
Dec. 16.
Dec. 15.
Dec. 14.
Dec. 12.
' larger than in November last year. This was certainly a
total for November had recently been )ecember- ----------------disappointment. The
Range._
estimated at close to 600,000 bales. As it will be seen it
Closing. _ _. _ _ _ _ _ _ _ _ _- _. _ _ _
in consuming estab- Mowry
was some 57,000 under that. Cotton
Range. 18.71-18.8e 18.55-18.68 18.51-19.01 81.64-18.98 18.44-18.68 18.54-18.84
lishments on Nov. 30 turned out to have been 1,456,166 bales,
Closing. 18.71-18.74 18.56-18.58 18.98-19.0C 18.64-18.61 18.54-18.51 18.59-18.60
or some 240,000 bales more than at the end of October and vebruary- -----------------Range..
185-18.71407,000 more than on Nov. 30 last year. In public storage
19.09-18.75Closing. 18.79-18.67and compresses the total on Nov. 30 proved to have been Varch
Range_ 18.86-18.98 18.75-18.88 18.75-19.22 18.86-19.17 18.63-18.91 18.77-18.88
5,206,283 bales, against 4,499,382 a month previous and
Closing. 18.88-18.91 18.78-18.80 19.20-19.22 18.86-18.87 18.77-18.81 18.84-18.86
4,802,943 on Nov. 30 last year. The number of active spin- April
Range.. - - - 18.51-18.51 ---------18.50-18.50
dles at work during November was 32,892,324, against 32,Closing. 18.75-18.66-19.07- 18.73-18.88 -18.85425,206 during October and 31,858.088 on Nov. 30 last year. MayRange.. 18.61-18.72 18.51-18.61 18.55-18.98 18.60-18.94 18.43-18.71 18.56-18.62
The spindle figures encouraged some, though others looked
Closing. 18.62-18.64 18.55-18.94-18.97 18.60-18.61 18.55-18.51 18.60-18.62
for a greater increase. Chicago sold to some extent and June
local traders have been selling on the bulges. At times some
18.40-18.39Closing. 18.46-18.39-18.78-18.47of the spot firms have also been sellers. One argument is July18.30-18.48 18.20-18.2 18.25-18.6. 18.33-18.62 18.16-18.4 18.17-18.31
Rangethat there is little or no buying except by the mills and the
18.24-18.62-18.61 18.34-18.25-18.31 18.22-18.21
Closing. 18.30shorts. Some of the mills are said to have provided for their August
-flange... - - 18.00-18.0C - - -- - -- - wants up to the next crop, even if that is very far from being
18.03-18.40-18.14-18.03-18.05 Closing. 18.11the case of the majority.
Sertember Range.. 18.25-18.22 17.99-17.98------ 18.02-18.01 18.13-18.1:
On the other hand, the market has latterly shown some
Closing. 18.11-18.01 -18.36-18.02-17.99-18.00 signs of resistance to pressure. Mills have been fixing October
flange... 17.88-18.02 17.81-17.9e 17.85-18.1f 17.86-18.17 17.75-17.91 17.78-17.81
prices on a scale down, not only here, but in Liverpool, as
Closing
well as in New Orleans. High grades have continued firm November- 17.88-17.91 17.82-18.16-18.18 17.86-17.87 17.83-17.81 17.84-17.81
Range. - - at an extreme basis. Exports have made an excellent show- - - - -- - -- ing. Very much of the cotton has evidently gone to France
Range of future prices at New York for week ending
and the rest of the Continent. On the 17th inst. Liverpool,
after selling freely early in the day, became a buyer of Dec. 18 1925 and since trading began on each ontion.
March before the close. Contracts at times have become
Range Since Beginning of Option.
Range for Week.
scarce. Concededly, the market is short. Some think the Option for
18.75 Oct. 31 1928 15.72 Mar. 3 1925
short interest is very heavy both for trade and speculative Dec. 1925._
18.11
3
1926._
account. Spot cotton has been in fair demand. Spot firms Jan. 1926 18.44 Dec. 17 19.01 Dec. 15 19.68 Oct. 31 192' 15.45 Mar.30 1925
Nov. 11 192' 14.70 July
1925
Feb.
at times have bought freely of March as well as May. New Mar. 1926.... 18.63 Dec. 17 19.23 Dec. 15 18.34 Oct. 31192' 55.40 Apr. 27 1925
April 1926.. 18.50 Dec. 18 8.51 Dec. 14 19.89 Nov. 12 192r 19.89 Nov. 12 1925
Orleans has been a buyer. Japanese interests have bought May 1926- 18.43 Dec. 17 18.98 Dec. 15 18.50 Oct. 31 1928 15.63 July 27 1925
18.84 Oct. 31 192' 21.20 Sept. 12 1925
May. There was said to be a considerable volume of buy- June 1926
18.65
Oct.
18.16
Aug.
1925
ing orders for May at something under the present market. July 1926.. 18.00 Dec. 17 (8.00 Dec. 15 18.13 Dec. 311921 54.72 Oct. 17 1925
Dec. 14 1.8.38
11 192' 52.00
Dee. 14
8
Aug. 1926....
It becomes increasingly evident that this is a low grade Sept. 1926 _ _ 17.99 Dec. 14 18.25 Dec. 12 18.35 Dec. 7 1928 50.98 Oct. 14 1925
crop. Some advices go so far as to say that the average Oct. 1099 17.7S Tr.r. 17 •8.14 T1pn. it 15 Cc Dee. g invr 1,1.70 Nov. 6 1925
grade is low middling. Others think that this is an exaggeTHE VISIBLE SUPPLY OF COTTON to-night, as made
ration. Much of the ginning of late, however, is believed up by cable and telegraph, is as follows. Foreign stocks, as
to have been of snaps and bollies. A good deal of "snap- well as the afloat, are this week's returns, and consequently
ping" has been done this season because of the high cost of all foreign figures are brought down to Thursday evening.
3026
THE CHRONICLE
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Dec. 18Stock at Liverpool
Stock at London
Stock at Manchester
1925.
bales_ 722,000
68.000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
790,000
319.000
179.000
3.000
77,000
36,000
Total Continental stocks
614.000
1923.
1924.
582.000 522.000
4.000
1.000
72,000
43,000
•
626,000 598,000
11.000
1.000
54,000
139,000
148.000 123,000
10,000
4,000
47.000 101.000
27.000
28,000
2,000
5.000
1.000
2,000
1922
835,000
5.000
63,000
329.000
462.000
374.000
903.000
2.000
111.000
200,000
6.000
89,000
49,000
3.000
2.000
Total European stocks
1,404.000 1,000.000 927.000 1.365,000
India cotton afloat for
79,000 143.000 118.000
- 55,000
American cotton afloat for Europe 807,000 926,000 611.000 439.000
Europe_Egypt,Brazil,&c.,afloatforEurope 119,000 148,000 129,000 109.000
Stock in Alexandria. Egypt
277.000 271.000 291.000 345.000
Stock in Bombay. India
563.000 326.000 300.000 457.000
Stock in U. S. ports
1.558 952 1.538,023 1,012.164 1.049.651
Stock in U. S. Interior towns
1,924,002 1,558,379 1.132,917 1,384.130
U.S. exports to-day
1,257
Total visible supply
6,709,211 5,846.402 4.546.081 5.266.781
Of the above, totals of American and other descriptions are as follows
American
Liverpool stock
bales- 427.000 446.000 309,000 497.000
Manchester stock
50,000
34.000
47.000
37.000
Continental stock
584,000 337.000 259.000 434.000
American afloat for Europe
817,000 926,000 611.000 439.000
U. S. port stocks
1,558,952 1.538.023 1.012.164 1,049,651
U. S. interior stocks
1,921.002 1,558,379 1,132,917 1,384,130
U. S. exports to-day
1,257
Total American
East Indian, Brazil.
Liverpoolstock
stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil. 8te.. afloat
Stock in Alexandria. Egypt
Stock in Bombay, India
Total East India. &c
Total American
5,352.211 4.839,402 3.371.081 3,840.781
295.000
18.000
30,000
55.000
119.000
277.000
563.000
136.000
1.000
9,000
37.000
79,000
148,000
271.000
326.000
213.000
4.000
25,000
70,000
143.000
129,000
291,000
300.000
338.000
5.000
26.000
28.000
118.000
109,000
345.000
457,000
17357,000 1.007.000 1.175,000 1.426.000
5,352.211 4.839.402 3471,081 3.840.781
Total visible supply
6,709.211 .5,846.402 4.546.081 5,266.781
Middlind uplands, Liverpool.....9.81d. 13.28d. 19.68d. 14.96d.
Middling uplands, New York
19.40e.
24.00e.
36.40c.
26.20e.
Egypt, good Sake!, Liverpool.... 18.45d. 30.10d. 23.95d. 19.204.
Peruvian, rough good. Liverpool. 23.00d. 20.754. 23.50d. 17.254.
Broach. fine, Liverpool
8.85d. 12.55d. 17.50d. 12.75d.
Tinnevelly, good, Liverpool
9.25d. 13.10d.
18.40d. 14.15d.
[Vol.. 121.
MARKET AND SALES AT NEW YORK.
Futures
Market
Closed.
Spot
Market
Closed.
SaturdayQuiet, 20 pts. dec... Barely steady
Monday
Quiet, 15 pts. dec.. Steady
Tuesday
_ Steady, 45 pts. adv. Steady
Wednesday.. Quiet. 35 pts. dec.. Steady
Thursday -- Quiet. 10 pts. d._ Barely steady
Friday
Wet, 5 pts. adv.. ery steady
SALES.
Spot.
Contr't. Total.
1.500
2,400
1,500
3,200
8.600
------
Total
1,500'
2,400
1,500
3.200•
8,600
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-1924---Since
Aug. 1.
310,640
125,410
12,377
28.382
95.068
232.211
-1925Since
Aug. 1.
371.343
159.960
18.400
33.802
99.351
232.379
Week.
26.100
11.070
1.826
2,016
6.613
20.448
61.960
915.235
68.073
804.088
9,046
809
21.688
47.006
10.727
214.797
383
708
19,886
44.774
11.023
221.551
31,543
•
Dec. 18ShippedVia St. Louis
Via Mounds,&c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
272.530 .
Week.
28.188
11,150
2.624
4,121
7.267
8.610
Total gross overland
Deduct Shipments
Overland to N. Y., Boston. &c
Between Interior towns
.
Inland, &c.,from South
Total to be deducted
Leaving total net overland 0._ :30.417 642.705
* Including movement by rail to Canada.
20.977
277.348
47,096
526.738
The foregoing shows the week's net overlard movement
this year has been 30,417 bales, against 47,C96 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase ovr a year ago.
of 115,967 bales.
1924
------I925
Since
In Sight and Spinners'
Since
Aug. 1.
Aug. 1.
Week.
Week.
Takings.
Receipts at ports to Dec. 18
351,485 6.081.070 330.647 5,616.904
Net overland to Dec. 18
526.738
642.70547.096
30.417
Southern consumption to Dec.I8. 190.000 1.645.000 115.000 1,627.000
Total marketed
481,902 8.363.775 492.743 7.770.642
Interior stocks in excess
*7,385 1,376.133
21,984 1.759.234
Excess of Southern mill takings
353,760
over consumption to Dec. 1
569.098
-----Came into sight during week__503.886
485.358
9,500.535.
Total in sight Dec. 18
10.692.107
Nor, spinners' takings to Dec. 18- 72 313
.
4
13,2crtasa.
1.
031.288
60,594
807.249
Continental imports for past week have been 187,000 bales.
Movement into sight in previous years:
Bales.
The above figures for 1925 show an increase over last week
WeekBales. I 'Since Aug. 17,776.662
287.59411923of 190.978 bales, a gain, of 862,809 over. 1924, an increase 1923-Dee. 21
of 2,163,130 bales over 1923, and' an incr,ase of 1,442,430 QUOTATIONS FOR MIDDLING COTTON AT OTHER
bales over 1922.
M A RKETS.
AT THE INTERIOR TOWNS
Movement to Dec. 18 1925.
Towns.
Receipts.
Week
Ship- Stocks
meats. Dec.
Season. Week. 18.
Movement to Dec. 19 1925.
Ship- Stacks
ments. Dec.
Week. Season. Week
19.
Receipts.
Ala.,Blrm'ghain1 3,969 74.22: 6,184 11.960 2.064 46,858 3.117 8.913
Eufaula
800 22,300
800 7,000
461
15.165
512 6.012
Montgomery ...
999 87.804
939 29,906 1.649 69.829 2,997 24.090
Selma
1.713 80,667 3.231 26,458 1.139 59,470 2,290 23,944
Ark., Helena_ _ 4,887 71,576 1,746 35.008 2,215 54,888 2,449 23,430
Little Rock
7,604 172,893 7.057 62.32) 7,938 168.561 5.727 47,851
Pine Bluff... 7,155 127.693 5,103 63.321 3,149 114,617 3,577 47.702
Ga., Albany__.
50
7,778
82 2,43:
26
3,784
26 2,566
Athens
364
19.566
300 13.134 2.643 30,214 1.275 16.378
Atlanta
7.263 148.176 8.180 59.535 7,815 155.282 11.614 65.997
Augusta
11,303 252.428 10.048 99.294 6.096 162.260 6.719 64,462
Columbus_
2,757 56,870 3,020 13,513 4,040 41.014 4,283 8.003
Macon
1.3311 53,446
987 25.881 1.249 31.637
472 10.040
Rome
2,206
40.661 1.500 18.330 1,630 37.505 1.208 15.941
La., Shreveport 9,374 153.252 2.235 40.625 2.000 89.000 4,096 32,000
....
33.552
_ _. 10.885
Miss.,Columbut 1,812 37.484 1,603 10,692
Clarksdaie___ 9.624 159,356 6.862 70,286 2.620 103.371 4,790 45.678
Greenwood.. 12,292 157,331 6.458 60.851 2,633 129,075 6,922 55.634
741 16.934
51: 33.670
Meridian._ _ 1,293 52,898 1.185 17,383
Natchez
• 1.488 47.631 1,820 14.650 1,10, 36,485 2,149 9.055
314 29.735
795 13,527
Vicksburg.__
791
44.587 1.575 17.746
138 32.648 2.699 12,374
Yazoo City
1,337 47.346 1.473 21,296
Mo., St. Louis_ 29,277 371.389 28.188 13,881 26,395 322.443 26,100 4,295
N.C..Greensb ro 3,542 33,808 1,641 13,026 3,036 28.167 1.108 12.389
500
837
648
5.009
Raleigh
300
445
387
9.912
Okla., Altus
10.070 95.742 8,544 21,401 12,432 123.833 11,357 28,976
Chickasha
8.710 120,375 7.386 16.998 6.783 92.146 7.697 13.073
Oklahoma
12,299 113.589 12.276 27,207 8.165 107.419 7,831 30,017
3.C.,Greenvilh 14.635 142,165 10,060 44,566 8,152 103.153 4,127 34,792
302 5,962
1,306 11.696
Greenwood....
4,912
__ -. ,
Fenn..k.tem phi: 76.821 1,0,639 64,9512.29654
63,243 710,674 65,016135.505
409
Nashville....
703
11
61
2.344
38
575
-rex., Abilene
214 69,610
351 1.097 3:380 49.592 4,236 2.154
280 5,272
270 16,592
130
4,382
115 4,331
Brenham....
969 2.767
Austin
10,21
577 1,795 1,934
611
26.
4791
Dallas
7.460 120.253 9.298 24.516 11,114 148,915 14,304 26,147
Houston _ _.158,3453,559.101 175,768 754,036 174,6303,422,543 153,187 665.553
.
Paris
3.681
99.189 2,841 7.584 3,827 75.855 4.704 9.561
San Antonio.
528 22.728
917 2,430 1.000 64.2041 8.854 2.182
FortWorth_. 3,046 63,340 2,422 10,935 9,213 122,0411 8,651 17.082
rots, dfl Morn,41g 51017 750 010500 1001094009 1R7 naafi 010 093:157 VW 15.55379
The above total shows that the intenor stocks have increased during the week 21,984 bales and are to-night
365,623 bales more than at the same time last year. The
receipts at the all towns have been 31,550 bales more than
the same week last year.
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Dec. 18 for each of the past 32 years have been as follows:
1925
1924
1923
1922
1921
1920
1919
1918
19.40c.
24.00c.
35.50c.
26.10c.
18.754.
15454.
39.254.
29450.
1917
1916
1915
1914
1913
1912
1911
1910
30.55c.
18.10c.
12.054.
7.40c.
12.90c.
13.10c.
9.450.
15.154.
1909
1908
1907
1906
1905
1904
1903
1902
15.10c.
9.10c.
11.90c.
10.45c.
12.150.
8.054.
13.054.
8.65o.
1901
1900
1899
1898
1897
1896
1895
1894
8.50c.
10.00c.
7.50c.
5.81c.
5.88c.
7.19c.
8.50c.
5.75c.
Week Ended
De • 18.
.
Galveston
New Orleans
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock
Dallas
Fort Worth
Closing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday. 7
19.50
18.88
18.45
18.83
18.75
18.63
19.00
19.45
19.25
18.95
19.40
18.81
18.40
18.75
18.69
19.10
18.56
19.00
19.35
19.00
18.90
18.80
19.80
19.16
18.85
19.15
19.00
19.10
19.00
19.00
19.75
19.25
19.30
19.25
19.45
18.8.5
18.45
18.82
18.75
19.50
18.63
19.00
19.40
19.00
18.95
18.90
19.35
18.77
18.35
18.77
18.63
19.00
18.56
19.00
19.30
19.00
18.80
18.80
19.35
18 77
18.40
18.83
18.75
19.00
18.63
19.00
19.40
19.00
18.90
18.85
NEW ORLEANS OPTION MARKET.
Saturday,
Dec. 12.
Monday,
Dec. 14.
Tuesday, Wednesday. Thursday,
Dec. 17.
Dec 16.
Dec. 15.
Friday,
Dec. 18.
December. 18.7318.61-18.67 19.0049.11 18.70-18.71 18.67-18.72 18.66 ---January _ _ 1863-18.66 18.56-18.57 18.90.18.91 18.59-18.60 18.52-18.54 18.52-18.55
February.- - -- - -- - -- - -- - March_
18.29-18.30 18.22-18.23 18.60-18.62 18.29-18.31 18.25-18.27 18.26-18.29
April
- - -- - - - -- - -- May
18.05-18.00 17.96-17.97 18.36-18.39 18.01-18.02 18.02-18.04 18.00 ------June
- - - - - - -- - -- - July
17.85-17.86 17.78 ---- 18.17 ---- 17.81 ---- 17.84 ---- 17.82-17.84
August _ _ -- -- ---- -- -- -- -- -- -- -- -- -- -- -September -- -- -- -- -- ---- -- -- -- -- -- -- -- -October... 17.25-17.30 17.19-17.20 17.54-17.55 17.21 -17.25-17.20 17.22 ---November - - -- - -- - -- - - - Tone
Quiet
Steady
Steady
Spot
Steady
Steady
Steady
Steady
CENSUS REPORT ON COTTON CONSUMED AND
-This report, issued on
ON HAND IN NOVEMBER,&C.
Dec. 14 by the Census Bureau, will be found in full in an
earlier part of our paper under the heading "Indications of
Business Activity."
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening denote that the weather during
the week has been generally favorable i n those parts of the
cotton belt in which cotton remains to be picked. Picking
and ginning have made excellent progress. Some cotton
still remains to be picked in Oklahoma and Arkansas, elsewhere the cotton crop is practically all picked.
Galveston, Texas
Abilene
Brownsville
Corpus Christi
Dallas
DIrio
Palestine
San Antonio
Taylor
New Orleans, La
Shreveport
Mobile, Ala
Savannah, Ga
Charleston. 8.0
Charlotte, N.0
Rain. Rainfall.
4 days 1.03 in.
dry
3 days 1.26 in.
4 days 0.61 in.
1 day 0.02 in.
4 days 0.31 in.
3 days 0.63 in.
4 days 0.56 In.
3 days 0.38 In.
3 days 1.31 in.
4 days 2.61 In.
3 days 4.31 in.
3 days 1.02 In.
4 days 1.44 in.
2 days 0.45 In.
Thermometer
high 71 low 38 mean 55
high 70 low 24 mean 47
high 78 low 36 mean 57
high 76 low 36 mean 56
high 70 low 28 mean 49
low 38
high 70 low 32 mean 51
high 76 low 34 mean 55
low 32
mean 59
high 72 low 32 mean 52
high 76 low 37 mean 59
high 72 low 47 mean 60
high 72 low 40 mean 56
high 68 loW 27 mean 48
DEtc.19 1925.]
3027..
THE CHRONTOLE
Alexandria, Egypt,
December 16.
1925.
1923.
320,000
4,317.021
Receipts (cantars)This week
Since Aug. 1
1924.
370.000
4.977,082
290,000
4,478,475
Since
Week. Aug. 1.
Exports (bales)-
Since.
Since
Week. Aug. 1. Week. Aug. 1.
To Liverpool
86 90
' 7.750 104.080 7.750 116.944
To Manchester, &c____ _ 10.000 78.874 16,000 118.478 13.750 100.937
To Continent and India- 5.000 140.435 14.500 167.355 7,900 171.854
To America
56 84:. 15.250 54.091 1.500 52,289
Total exports
15.000 363.053 54.094 144.007 10.900 442,024
Note.
-A cantar is 99 lbs. Egyptian ba on weigh about 750 lbs.
This statement shows that the receipts for the week ended Dec. 16
were 320.000 canters and the foreign shipments 15,000 bales.
Receipts at Ports.
Week
Rnded 1925.
1924.
1923.
Receiptsfrom Plantation
'Stocks at Interior Totems.
1924.
1925.
1923.
1925.
1924.
1923
Sept.
is.. 358650 176.4811258.747 843 994 415.060 519,567473.097364,0(0 133.80
25-- 325.890'291.226 88.750 872.105 544.092 577,954 554.001 420.289 347.14
Oet.
494.2 366.406329.949 957.762 3303.536 670.922230.1 425.849422 91
9_ 462,6211 (20.69)'273.052 1.137.618 796.031. 811 088 547.516 513,193 113.21
16_ 123.613 141.48: 181.21:i (.267.36) 898.351 946,192 553.564 543.801 122,31
23. '81018 139.29: 177,17. 1 385 048 1 057.20. .060.002500.70 i.18,154 '90.98
so-. 376.061 048,463 (49,0511.516.0991.196,181 1,086,495507.115 327,437 175.52
We,.
,
437 549 1143,25 135.631 i .568 003 1.307.371 1.165.366 189.45: 194.45: (14.50
13_ 343 371 373,602307,467 1.648.176 1,411.260 1.179,333 421.541 177.48t 321,41
,o_. 377 983 i32,20s 124.59 677 442 i .466.391 1.244.773 109 247 MA6 1/61.90
,I
,
27_ ill 384 370.024 298,211 .784 345 1.545.601 1.251.785418.287 129,232 915.22
Dee.
396.27 370.752265,809 1.836.525 1.583.955 1.225.801448.45 109,101.2:19,526
330.561133.RA 31)4(6:' . •
1.565.764 1.178.745 39.1.101:. 115.634 .17 127
18_ _ 351,48. 330,647214.353 1.924.002 1.558.379 1.132.917 373.46 123.282 168.525
• The above statement shows: (1) That the total receipts
from the plantat.ons since Aug. 1 1925 are 7,825,7.3 bales:
in 1924 were 6 996,113 hales, and in 1923 were 5,390,418
bales. (2) That although the receipts at the outports the
past week were 351,98i bales, the actual movement from
plantations was :71.969 bales, stocks at interior towns
having increased 21,931 bales during the week. Last year
receipts from the plantations for the week were 323,262
bales and for 1923 they were 168,525 bales.
WORLD SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable, also the takings, or amounts
gone out of sight, for the like period.
Cotton Takings.
Week and Season.
1925.
Visible supply Dec. 11
Visible supply Aug. 1
American in sight to Dec. 18
Bombayreceipts to Dec. 17._ Other India shipm'te to Dec. 17
Alexandria receipts to Dec, 16.;
Other supply to Dec. 16_ •-b
Total supply
Deduct
Visible supply Dec. 18
IFeek.
6,518.233
•
1924.
Season.
2,342,887
5 -0 .Sgo 10.692.107
-3
119.000
681.000
181,000
64.000
863.200
15,000
408.000
Werk.
5,602.614
485.35F
100.000
17.000
74.000
9.000
Season.
2
.190.493
9.503.535
418.000
89.000
983.800
134.000
7,220,119 15.168.194 6,287,972 13.315,828
6.709.211 6.709.211 5.846,402 5.846.402
Total takings to Dec. 18-a
510.908 8.458.983 441.570 7.469.426
Of which American
368.908 6,452.783 329.570 5.594.626
Of which other
142 000 2 006 200 112.000 1.874.800
•Embrates receipts In Europe from Brazil. Smyrna, West indica. &c.
a This embraces the total estimated consumption by Southern mills,
1.640.000 bales In 1925 and 1,627.000 bales in 1924-takings not being
available-and the aggregate amounts taken by Northern and foreign
spinners 6,818,983 bales in 1925 and 5,842.426 bales in 1924. of which
4.812,783 bales and 3.967,626 bales American.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years, have been as follows:
1924.
1925.
Receipts at
Dee. 17.
Week.
Brenty.9
Exports
from
Bombay
1925
1924
1923
Other India
1925
1924
1923
Total all
1925
1924
1923
1'1
Since
Aug. 1.
1923.
Since
Week.i Aug. 1.
)00"
to, miff 1)5
For the Week.
Week.
4)5000
000,
Since
Aug. I.
WW1
Since August 1.
Great Conti- Japan&
Great
Britain. neat. China. Total. Britain.
Continent.
Japan &
China.
Total.
1,111 16.000 6,001 23,000
7.000 32,00( 39,000
6,001 38,00
44,000
12,00(
16,00(
66,001
2,0(8. 15,000
-
17,000
38,001
8,001
23,C01
1,000 16,000 6.00
2,003 22,00 32,00
II On 38 nno
23,000
33,000
.4 1(01
,
50,00C 289,000 234,000 573,000
24,001 154.000 306.004 484,000
7 1 00) 349.046' 907 ow .644 ono
,
146.000 234,00( 392.000
73.000 306,00( 396.000
263.000 207.000 516,000
143,000
181,000
81,000
89.000
96.000
119,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
19,000 bales. Exports from all India ports record a decrease
of 33,000 bales during the week, and since Aug. 1, show an
increase of 89,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
bond cloths and yarns is quiet. Merchants are buying very
sparingly. We give prices to-day below and leave those for
previous weeks of this and last year for comparison.
1925.
4entember
11
18
25
October
2.
9
16
23
1924.
34 Lbs. Shfrt- Couon
323 Cop .ngs, Common It Mal%
Twist.
to Finest
Upl*dr
44 Lbs. Shirt Cotton
325 Cop nos. Comm°, MIddre
Twist.
to Finest.
UpTde
•0 a21
101022
1031a22
154
156
156
ale 0
a162
a162
191(a21 155 0181
(Mao.- 152 alb 6
18 4194 14 6 ale 2
IR 01934 (46 alb 2
. 173(019 142 014 6
November
. 17 a111 1
,II 1 014 5
6
1714a1633 It 2 p146
13
. 173.in1631 It 2 014 6
20
_ 17 a1834 112 a14 6
27
Dec.
_ 1641a1534 14 2 a1.( 6
4
11
.10018 0 1 i 1 017 4
In a171.4 1) 0 a14 4
Is
13.01 14 0251. .8 0 0183
13.57 :3 a213, i 7 2 a17 6
12.91 .3 02534 174 a184
14.21
13.54
14.09
12.72 43.442634 i 76
11.63 :4 a26 18 0
11.54 ':1340253, i 75
11.27 :33121251, 17 b
10.35 14 46261, (75
018 6
018 4
a18 1
018 1
018 1
15 23
14.09
13.53
13.45
13.58
10.49 :314026
10 58 .3tia26
10611 :Th9253.
10.74 .34025I
al8 0
017 7
018 0
a160
13.25
13.87
13.63
1.3.59
10 42 23 0241. 16 5 a17 1
1
1,1 (7 :3 024,15 5 al7 0
9.S1 13 a213., IR 4 ale 7
12.93
13.11
13.28
17 4
17 3
'74
.7 4
-3h prr ents in detail:
SHIPPING NEWS.
Bales.
-To Ravre--Dec. 15
-La
-Vincent, 100-__Dec. 12
NEW YORK
Savoie. 100
200
-Dec. 10--Cekie. 030_ __De.:. 11-Samaria. 350 1.280
To Liverpool
To Maacnester-Dec. II-Archimedes, 148
To Leghorn-Dec. 15-Sinsinawa. 353
350
-Isonzo II, 300
To Geaoa-Dec. 14
300
me Bremen-Dec. 12-Columbus. 991
991
-Ida. 300
To Vealce-Dec. 12
300
-De La Salle, 13.095: Lancaster
-Dec. 12
HOUSTON-To Havre
Castle. 1.500- _ _Dec. 16-ClIffwood. 9.688
24,283
-Lancaster Castle, 566_ .,Dec. 16_
To Antwerp--Dee. 12
ClIftwood,_ 250
816
-Lancaster Castle, 900-Dec- 16
-Dec. 12
-Cliff
To Ghent
wood, 518
1,418
•
To Bre nen-Dec. 15-Rlo Panuco. 5,370_ __Dec. 16-Endicott, 6,339
11.709
-Endicott,8)0
800
To itotternaun-Dec. 16
T. 11 trcelona-Dec. 16-Mare Caribe. 3,050
3,050
To Liverpool-Dec. 12-Raa.on de Larrinaga. 4.313: Cripple
--Diplomat, 13.830_
eroeiC 8 020- _ _Dec. 15
26,163
-Ramon de Language. 1.881: Cripple
To Manchester-rec. 12
Creek. 100.....Doc. 15-Diplomat. 404
2.385
To Venice-Dec. le-Caterina Gerolomich, 1,041
1,041
To Trieste-Dec. 15-Caterina Gerolomich, 379
379
--Dec. 15-Caterina Gerolomich. 600
To Naples
600
-Ida Zo. 5.770
-Dec. 12
To Genoa
5,770
To Cope.hagen-Dec. 12-Tasmanic. 930
900
To War )ar4-Dec. 12-easm,sam. 1J.)
100
-To Liverpool-Dec. 15-Nessian.8 834
NEW ORLEANS
8.834
To Manchesttr-Dx. 15-Nessian. 2,848
2.848
-Montana. 1.400
To Dunkirk-Dec. 15
1,400
-Dec. 15-Montana, 8,314; West Erral. 3.647
To Havre
11,961
-West Erral, 875
875
To Antwerp-Dec. 15
-West Erral, 3.100
-Dec. 15
3,100
To Ghent
To Gothenburg-Dec. 11-Trolleholm. 650
650
-Sinaloa. 300; Nordhavet, 300_..
•
To Vera Crtil--Dec. 10
1.280
Dec. 12-Kotonia, 680
To Japan-Dec. 12-Steel Ranger, 4.703
4.708
To Rottordant-Dec. 12-Maasdam, 1.012
1,012
-Ramon de Land age,
GALVESTON-To Liverpo31-Dec. I5
9,711_ _ _Dec. 16-Diplomat. 10.454; Cripple Creek, 9.595... 29.760
-Ramon de Larrinaga, 6.050 -Dec. 15
To Manchester
Dec. 16-D.plamat,864; Cripple Creek, 2.080
8.994
-Lancaster Castle. 5.317-Dee. 15-Dec. 14
To Havre
-Sonora. 9.924; West Hematite,
Cliffwood, 2.959_ _Dec. 16
33,341
15,141
To Antwerp-Dec. 14-Lancaster Castle. 700_ __Dec. 15-West Hematite, 150
ClIffwood. 300_ _Dec. 16
1.150
-West Hema•-•
-Dec. 15-Cliffwood. 350 .Doc. 16
To Ghent
Hie, 1.433; Lancaster, 3,486
5.269
To Bremen-Dec. 16-Waban, 7.899; RIO Panuco. 4.657
12,556
To Rotterdam-Dec. 16-Waban, 601
601
To Genoa-Dec. 11-Monstella, 3,103_ --Dec. 16
-Ida Zo,
11.214
14.317
To Gothenburg-Dec. 12-Tasmanic.1.350.
•
To Copenha en-Dec. 12-Tasmania, 200
200
To Venice-Dec. 12--Cateelitt (tar lomich. 3.432
3.432
To Trleate-Dec. 12-Caterina Gerelomich, 501
501
To Japan-Dec. 12
-Genoa Marti, 8.910; Kyfuku Marti, 2.475 11.415
To Barcelona-Dec. 11-Cadiz. 3.559
3.559
SAVANNAH-To Liverpool-Dec. 15-Novian. 7.120
7.120
To Manchester-Dec. 15-Novian,3,992
3.992
To Bremen-Dec. 12
-Minden, 8.301- __Dec. 14-Coldwater.
9,751
To Rotterdam-Dec. 12
-Minden,909
To Janan-Dec. 11-Silver Cedar, 2.500
2.500
To China-Dec. 11-Silver Cedar, 500
500
CHARLESTON-To Liverpool-Dec. 14-Mesmeric.4.110
4.110
To Menchester-Dec. 14-Magmeric. 13
13
To Bremen-Dec. 12
-Coldwater, 2.900
2,900
To Hamburg-Dec. 12
-Coldwater. 50
50
To Rotterdam-Dec. 12
terdam-Dec. --Coldwater. 500
500
To Antwerp-Dec. 12
-Coldwater, 20
20
NORFOLK-To Manchester
-Dec 14
-Hatteras. 1.200-Dee.16
-Meltonian. 450
1.650
To Liverpool-Dec. 14-East Side, 2,300; Cornish Point, 334
- -Dec. 18-Rexmore. 1,257
3.891
MOBILE-To Havre
-Dec. 11-Sonora, 1,630
1.630
PENSACOLA-To Liverpool-Dec. 17
-West Hike, 815
815
SAN PEDRO-To Manchester-Dec. 12
-London Importer,450
450-450
To Liverpool-Dec. 14-Cardiganshire, 250
250
SAN FRANCISCO-To Japan-Dec. 12-President Lincoln, 1,410 1.410
To China-Dec. 12
-President Lincoln, 500
500
WILMINGTON-To Bremen-Dec. 11-Coldwater, 2.320
2.320
To Ghent
-Dec. 11-Coldwater. 1.100
1.100
BALTIMORE
-To Havre
-Nov. 30-Collamer. 100---Dec. 6
Kentucky, 250
350
Total
292.827
THE CHRONICLE
3028
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
Dec. 4. Dec. 11. Dec. 18.
Nov. 27.
32,000
38,000 41.000
Sales of the week
41,000
20,000
24.000
22,000
24.000
I. Of which American
1,000
Actual exports3.000
75.000
83:000
79.000
.
75.000
Forwarded
Total stock
642,000 679,000 720.000 722.000
Is Of which American
346.000 373,000 420,000 427,000
92,000
164.000 137.000 131,000
Total imports
Of which American
123.000 95.000 107,000 66,000
397.000 418,000 387,000 419.000
Amount afloat
Of which American
291,000 313,000 275,000 314.000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday.
Monday.
Tuesday.
Wednesday. Thursday.
Market,A fair
business
Quiet.
Quiet.
12:15 {
Dull.
P.M.
doing.
Quiet.
Friday.
Quiet.
MId.17prds.
10.05
993
9.81
10.01
9.74
9.81
Sales
2,000
6,000
6,000
7,000
6,000
5,000
Barely st'y, Quiet but
Quiet.
Futures.
Quiet, Barely st'y, Barely st'y,
Market ( 4 to 6 pts 7 to 11 pts 3 to 5 pts 3 to 4 phi 13 to 18pts steady,3 to
opened
f decline, decline, decline, advance. decline. 8 Pis. adv.
Quiet,
Steady.
Easy,
Steady,
Market, (
Quiet but
Quiet.
4
i 4 to 9 pts. steady,9 to 9 to 13 pts 4 to 9 pts. 13 to 17pts 4 to 8 pts.
advance.
decline,
decline.
I rItv.iinp. la ma dee advanne.
P. M
-Prices of futures at Liverpool for each day are given below:
Sat.
Dec. 12.
to
Dec. 18.
Mon.
Tues.
Thurs.
Wed.
Fri.
121.4 1234 1234 4.1i 1234 4:11 istil 4:00 1214 4:00 1234 4:00
p. m.p m.p. m. p. m. p. m. p m p. m.p. m.p. m.p. m. p. m.p. m.
December
.....
January
-,
February...._
March
AMU
May
June
July
August.......
September_ __ _
October.......
November
d.
9.7
9.74
9.7
9.76
9.7
9.7
9.74
9.7
____ 9.6
____ 9.66
____ 9.61
o re
d.
__ - ____
d.
9.63
9.63
9.63
9.66
9.65
9.69
9.66
9.66
9.61
9.59
9.54
d.
9.61
9.61
9.61
9.6
9.64
9.6:
9.6,
9.6,
9.5!
9.5f
9.51
d.
9.56
9.5
9.57
9.61
9.61
9.6
9.61
9.62
9.58
9.53
9.48
9.49 Q4' 041
d.
9.76
9.77
9.73
8.80
9.79
9.83
9.79
9.791
9.72
9.691
9.83i
4F, 95
d.
9.7
9.74
9.71
9.77
9.76
9.8!
9.7,
9.75
9.6
9.66
9.61
d.
9.64
9.66
9.6
9.6!
9 6:
9.73
9.71
9.71
9.64
9.61
9.55
DC
d.
9.49
9.51
9.4
9.55
9.54
9.58
9.56
9.58
9.51
9.48
9.42
9.37
d.
9.48
9.51.
9.4!
9.54
9.53
9.57
9.55
9.57
9.48
9.48
9.42
9.37
d.
9.56
9.56
9.55
9.60
9.5.
9.6
9.61
9.62
9.54
9.51
9.45
94C
d.
9.58
9.56
9.85
9.59
9.18
9.63
9.61
9.62
9.54
9.62
,
9. 6
0.41
BREADSTUFFS
Friday Night, Dee. 18 1925.
Flour is still the familiar story of very small transactions.
Buyers adhere to the policy of purchasing from hand to
mouth. A weekly review of the conditions of things in this
branch of trade is little more than a monotonous repetition
of conditions which have existed for many weeks past.
Prices have in some cases been recently reduced. But
nothing stimulates business either for home or foreign account. Certainly export business to all outward appearance was not at all active. There were clearances on one
day of 14,750 sacks, chiefly to Hamburg and Antwerp and
Boston on the same day cleared 12,000 barrels, from which
it would appear there is a certain amount of foreign business going on whether it is actually reported or not. In the
main, however, the European demand is evidently slow.
Very small clearances were reported to Genoa.
Wheat declined early in the week, though a rally came
later followed by a renewed break at the close. On the 14th
inst., prices dropped owing to weak cables and Canadian
prices. Chicago fell 2% to 5c., the latter on new July.
Winnipeg dropped 4 to 5c. Later came a rally at Chicago
from the low of 214 to 2%c. and at Winnipeg
of 2 to 214c. Liverpool closed at a decline of 3%d. to 4%d.
on liquidation and larger shipments, large offers of Australian wheat and dulness of cash wheat. Buenos Aires
/
2
/
was 412 to 51c. lower on reports of good weather in Argentina. Export business was dull. World's shipments and the
passage stocks for the week showed small declines. London
cabled the New York "Times" that the failure of Russia to
deliver the enormous quantities of wheat expected from her
as a result of the extravagant Soviet forecast of a bumper
wheat crop was arousing grave fears in England. Owing
to the widespread alarm, the Food Council for the first
time held public meetings, its Chairman, Lord Bradbury,
ruling that the question of raising flour and bread prices
was so serious for the public that it had a right to hear
what the experts had to say on the subject. Unless the
world economizes on wheat there will be barely enough to
go around, according to Sir Herbert T. Robson, head of a
prominent firm of grain shippers. The world must now
turn to Canada for its main wheat supply, he said, since
Canada alone seemed to have a satisfactory crop. He added
that he did not think Russia would be able to export wheat
until February or March at the earliest. London newspapers accuse Soviet agents with having manipulated the
world wheat market by circulating reports earlier in the
year that Russian exports would be far larger than they
have turned out to be, well knowing that the estimates
would not be realized and meanwhile buying in Winnipeg
and Chicago for an inevitable advance in prices when the
truth as to Russ!an exports should become known. Russia
is now putting out big cotton crop estimates. Argentina's
wheat yield for 1925-26 Is estimated at 5,845,000 metric tons
in the second official forecast, against 6,400,000 metric tons
in the first estimate issued Nov. 14. The exportable surplus
is estimated at 3,900,000 tons. The statement says: "The
[voL 121.
first estimate of 6,400,000 tons of wheat was considered in
some grain circles in Buenos Aires and abroad as extremely
pessimistic, but it was justified in that the statistical division of the Ministry of Agriculture was apprised of the fact
that the crops in the provinces of Cordoba and Santa Fe had
seriously deteriorated in the first fortnight of Nov., due to
climatic factors." Chicago wired that Canadian interests
begin to talk 425,000,000 to 450,000,000 bushels of wheat for
the three provinces, compared with around 400,000,000, the
last official estimate. So far this season farmers in the
three provinces have marketed 280,000,000 bushels, of which
112,000,000 were exported up to Dec. 1. The American visible supply decreased last week 1,281.000 bushels, against
1,382,000 last year. It is down to 45,471,000 bushels, against
98,079,000 a year ago. Most operators had expected a large
increase. The decrease caused the rally, punctuated by a
good deal of covering by uneasy shorts. The next day came
a sudden rise in Chicago of 4 to 5c., with export sales of
2,000,000 bushels, mostly Manitoba, but in part durum. The
Argentine exportable surplus was stated at 110,000,000
bushels, or something more than some recent estimates, but
slim beside the total of last year. Offerings in Chicago were
smaller. Buenos Aires rose 22 and Liverpool 3%d. to
1c.
/
3%d., and Winnipeg 4% to 4%c. To-day prices made a net
4
/
decline of 1% to 2%c. in Chicago and 11 to 2c. in Winnipeg.
Speculative interest declined. Fluctuations were more or
less erratic. The trend, however, was toward a lower level
of prices. The cables were lower. Export business was
light. Receipts were fair. It looked like some increase in
the visible supply for the week. On the other hand there
was more or less buying of July, owing to unfavorable crop
news. The winter wheat acreage was put at 9% less than
last year in 11 leading States. The indications pointed to
further rains in Argentina to-morrow. But it got scant
attention. Early in the day there were reports of rains in
southern Argentina. They are not wanted. It is a fact, too,
that Liverpool in the later trading made a quick rally of
3%d. from the low of the day. Argentine reports have been
contradictory. A Buenos Aires dispatch said that in Rosario, Santa Fe province, a good deal of surprise is expressed
at the report by the Ministry of Agriculture on the extent
of damage to wheat in northern Argentina. This official
report put the damage at only 18.6% in Cordoba, whereas
provincial and private reports declare that it would run as
high as 79% in Cordoba. The dispatch adds that the provincial Agricultural Bureau puts the damage in Santa Fe
at a much higher figure than that given by the Minister
of Agriculture, which was 42.5%. But all this had no effect
to-day. The market acted overbought and a bit tired.
Final prices show a rise for the week, however, of % to 2c.
Buenos Aires at one time to-day was 2%c. lower. Estimates
on the Argentine export surplus ranged from 118,000,000 to
140,000,000 bushels, much to the bewilderment, to put it
mildly, of the rank and file of the trade.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
cts-186% 1843i 18934 19234 19194 18834
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_cts_166 16434 169% 172g 171q 168%
May delivery in elevator
164 161% 167 168 166 163%
July delivery in elevator
14594 144 147% 148 146 145
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_cts-151% 148 153% 1551 153 151%
May delivery in elevator
155 152 157% 158 155% 153%
July delivery in elevator
153 150 15594 156 15334 151%
Indian corn declined at one time, largely in sympathy
with the decline in wheat, but also because of larger offerings from Iowa and Illinois. Eastern demand, too, was
light. Later in the week came an upturn, with offerings
smaller, the stock small, and demand fair. The American
visible supply increased 2,275,000 bushels, against an increase in the same week last year of 2,208.000 bushels. It
leaves the total 7,922.000 bushels, against 11.273.000 a year
ago. World's corn exports last week were 3,233,000 bushels,
against 4,388,000 in the previous week and 3,629,000 last
year. Springfield, Ill., wired: "Never heard of such a yield
of corn as at present. Know of one 22-acre field making
113 bushels per acre; in fact, our farmers have raised two
crops in the same year. The movement has been surprisingly small, but the corn is backing up and will have to come
some time. Country roads are better now." To-day prices
were % to 1c. lower for the day. Transactions were very
small. Speculation was decidedly languid. There was
enough selling for short account and also enough liquidation to depress the market, especially as wheat was lower.
One adverse factor was the delivery of over 400,000 bushels
on December contracts. Another was the dulness of the
cash trade. Some of the wires pointed to larger receipts
after ,the holidays. About the only buying was for short
account. The buying on the long side cut very little figure.
Final prices show a decline for the week of 3 to 81
4C.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 yellow
cts 9534 96
9634 9634 9434 93
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues, Wed. Thurs. Fri.
775 77/ 754 75
December delivery in elevator_cts_ 7794 77
84% 8394 84
May delivery In elevator
81 g
82
84
July delivery In elevator
83%
84
86
86
85% 86
Oats declined for a time, with corn and wheat, and then
rallied when they did. The American visible supply de-
DEC. 19 1925.]
THE CHRONICLE
3029
creased last week 1,445,000 bushels, against an increase in
The exports from the several seaboard ports for the week
the same week last year of 1,180.000 bushels. The total is ending Saturday, Dec. 12 1925, are shown in the annexed
now 60,755,000 bushels, against 68,430,000 a year ago. There statement:
was only a fair speculation. To-day prices closed about %c.
Corn.
Flour.
Oats.
Rye.
Barley.
Exports fromWheat.
lower after small trading. The speculation was given up
entirely to professionals. Even they did not take hold
Bards. Bushels. Bushels. Bushels.
Bushels. Bushels.
3.078.327
32,336 176.981
117.105 120,100
freely. Oats were a reflection of the weakness In other New York
402.000
8,000140.000
Boston
grains. The receipts were moderate, but the cash demand Philadelphia
847.000
15.000 263,000 160,000 205.000
11.000
279,000
382,000
30.000
was no more than fair at best. The indications point to Baltimore
1,000
Norfolk
some reduction in the visible supply for the week, but no- Newport News
7.000
1,000
20.000
17.000
209.000
body seemed to pay any attention to this. One drawback New Orleans
2.000
was that there was little or no export inquiry, and especially Galveston
19.000
17.000
Montreal
916.000
37,000
•no actual business. Final prices show a decline for the St. John, N.B
136.000
week of % to %c.
Total week 1925_ _ 5.761.327 209.000 188.105 486.100 192.336 801.981
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri
cts 52
52
523's 5234 52
52
No. 2 white
gATI FU'LURE7 lN
f
e
ved
DAILY CLOSING PRICES OF s
% 41% 41;14 40%
December delivery in elevator_cts_ 41% 40% 41s
May delivery in elevator
45
44% 45% 45% 45
44%
455( 45
455
46
July delivery in elevator
454 44%
PRICES OF OATS FUTURES IN WINNIPEG.
DAILY CLOSING
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_cts_ 46% 45% 46% 474 47
46%
May delivery in elevator
504 493
50% 51% 51
50
50% 50% 515
July delivery in elevator
523's 51% 5034
a
900 000
01
cum
904 0.10
00007
60 610
1
900 977
The destination of these exports for the week and since
July 1 1925 is as below:
Corn.
Wheat.
Flour.
Exportsfor Week
and Since
July 1 to-
Week
Dec. 12
1925.
,qince
July I
1925.
Week
Dec. 12
1925.
Pince
July 1
1925.
Week
Dee. 12
1925.
Since
July 1
1924.
Rarrel<•
Bowels.
Ryshel4
Ruenol..
Bushels
Bushels.
276.000
Rye declined at first and then turned upward. The United Kingdom_ 56.201 1,785.202 3,607.432 52.153.356
531.000
Continent
American visible supply increased last week 141.000 bushels, So.& Cent. Amer_ 97,434 3,074.155 2,011.18. 72.886.002 60000 1.141.000
93.000
8,000
142,713 1,051.784
211.467
908.900
133.925
56.000
.against a decrease In the same week last year of 1.691.000. West 'Indies
454,529
9.000
Brit.No.Am Cols_
The total is now 11.707,000 bushels, against 19,180,000 a Other countries_ _ _ 27.380 473,301
951,234
2.355
4.
year ago. To-day prices closed 1% to 21 lower, partly in
Total 1925
10 1.105 8.094 654 5.761.397 127.176,301 200,000 2.659.255
,
sympathy with a decline in wheat. Also, export demand
-___........
..... .... ., .....
•
was poor. New crop news was favorable. A private esti
mate of the acreage was 4,417.000 acres, or 105% of last
The world's shipments of wheat and corn, as furnished by
year. The condition was put at 89.4%, against a ten-year
average of 88.7%. A cable dispatch asked for a bid on Broomhall to the New York Produce Exehanee. for the week
1,000 tons of Polish rye. Speculation has latterly been ending Friday, Dec. 11, and since July 1 1925 and 1924,
quiet, and prices have sagged noticeably from the high are shown in the following:
point of the week. Final quotations to-day were / higher
3
4c.
Corn.
Wheat.
on December and % to / lower on other months as com3
42c.
1925.
1924.
1924.
1925.
pared with last Friday.
DAILY CLOSING PRICES OF RYE FUTURES TN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_cts_ 96% 96
100% 109
,
___ 97
May delivery in elevator
105
103% 108
1O83 10634 104%
July delivery ln elevator
107
1031 102
107
105
1023'
Closing quotations were as follows:
Spring patents
Clears, first spring
Soft winter straights
Hard winter straights
Hard winter patents
Hard winter clears
Fancy Minn. patents
'City mills
FLOUR
$8 754 9 00 Rye flour.,patents
26 00636 40
7 75/1 8 2:' Seminole No. 3. lb
53c.
8 10n 8 50 Oats goods
2 70a 2 81
00 Corn flour
8 75n 9
2 450 2 55
9 00a 9 50 Barley goods
Nos. 2. 3 and 4
7 754 8 25
425
Fancy pearl, No. 2. 3
10 35n11 00
and 4
10 504111 00
725
GRAIN.
Oats, New York
Wheat, New YorkI Km No 2 white
No. 2 red, fob
None
No. 3 white
No. 1 Northern
No. 2 hard winter.f.o.b...-1.91
Rye. New York
Corn, New YorkNo. 2 f.o.b
Barley. New York
No. 2 mixed
Malting
No.2 yellow (new)
93
Flour.
Wheat,
Corn.
Oats.
I Barley.
Ill%
74 090
Rye.
,b1s.196lbs. bush.60 lbs. bush. 56 lbs. bush. 3'2 lbs.lbush.481b5 bush.56lbs.
370.000 2.478.000
Chicago
994.000
294.000
186.000
8.000
3.423.000
92.000
745.000
517.000
Minneapolis_ 205.000
1,750.000
406.0001
Duluth
128.000
210,000
171.000
75.000
250.000
42.000
Milwaukee_
214,000
19.000
353.000
153.000
Toledo
56.000
2,000
14.000
20.000
8.000
Detroit
4,000
622.000
27.000
114.000
Indianapolis
St. Louis..
743.000
975.000
664.0 S
53.000
.
119,000
-Peoria
671.000
212.000
32 000
46,000
35,000
2.000
162.001
471.000
Kansas City_
4.701.000
417.000
Omaha
464.000
346.000
St. Jo.ePh
265.000
278.000
56.000
Wichita
100.00
373.000
6,000
Sioux City__
449,000
66.000
49.000
2,000
Total wk. '25
Same wk. '24
Same wk. *23
501.000 12,658,000
436,000 9,227,000
397,000 6,714,000
6.878.000
5,756.000
9,429,000
4,085,000 1.135,000
450,000
4,578,000 1.420.000
909,000
5,434,000 1,103,000 1,097,000
Since Aug 11
1925
9.082,0 i 201.646,000 78.489,000 124,025,000 40,048,000 14,789,000
1924
9.400,000358.028,000 91,745,000150.466,000 39.655.000 44,527.000
1023
R fti 7 nrAnna no,. nnn Oe 9in non 1 id 441 0110 99 fldR nnn 1 a Ann nnn
Total receipts of hour and grain at the seaboard ports for
the week ended Saturday, Den. 12 1925, follow:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
Bushels.
Barrels,
Bushels.
Bushels. Bushels.
Bushels.
New York_ _ _
396,000 1,305.000
99.000
250.000 5,075,000
48,000
Philadelphia-170,000
145.000
105,000
44.000 1,062,000
Baltimore__ __
121.000
29.000
245,000
180,000
366,000
Newport News
7,000
Norfolk
1,000
New Orleans•
27.000
57,000
211,000
Galveston..._
27.000
Montreal_
604,000
39,000
45.000 1,229,000
177,000
32,000
St. John, N.B.
37,000
136,000
Boston
38,000
25,000
187,000
306.000
Total wk. '25
458.000 8,201,000
Since Jan.1'25 23,848.000 230,541,000
772.000 1,393,000 1,921,000
80,000
8,854,000 75,207,000 43,128,000 29,599,000
Week 1924___
448.000 6,392,000
860,000 1,520,000
133,000
577.000
Since Jan 1'24 25.175.000300.222.000 18.020.000 50.954,000 30.463,000 36.473.000
*Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
pier,
July 1.
Rinee
July 1.
Week
Dec. 11
Mere
.Rtned
July I.
Ads 1.
rno4,
04.
ofe het*
,
Bushel.
1.608 04)0
78,00'
637.000
, ,935 (IfIr 740 01 1 ono
North Amer_ 9,741.no
709.000 10.417.000
210.00'
, 9 ono nnft
2541.00 14.9e4.00
Black Rea___
119.230.000
,
483.000 97.443 ono 41 41441,000 2,432,00 77,280.
AreentIna___
200,000 16.27. non 17.076 non
Anatralla--2,512,000 21,832,000
India
485.000 28.647
630.000
Oth.Countes
Total
10.689.000250,766.000334 185000 3,223.000114.242.000 130.923.000
The visible sunnlv of grain, comnrisine the stocks in
granary at princinal noir tq of necumulation at lake and
seaboard ports Saturday, Dec. 12, were as follows:
GRAIN STOCKS. nos.
52
51
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-
Week
Dee. 11
Unitod StatesNew York
Wheat.
h^ ^h.
,
565,000
1,10,enn
Core.
bosh.
4 ore)
:I Ann
108000
255.000
twe.nen
ft77".nnoh•
351 nno
95000
31 Ann
50.000
;
h",,s;;
219 000
2.000
26.000
49,000
i .h1
t
196.000
20,000
65.000
16,000
514 00
. 0
PhIladelnhla
1,390,000
Baltimore
Nmanort News
2041.000
340.000
New Orleans
yen non
14.000
Dahmaton
116.0410 1.1123.000
001 nnn
4.
137.000 2.5711,000
Buffalo
&a.. ono
267.000
887. 00
0
1,5. 110
0 0
" afloat
7,000
8,000
0
99.000
848 00
1,37 0
..0
Toledo
ve ono
400 000
afloat
sn.nno
yin nno
105 non
40004)
Detroit
831.000
3,210,000 4,357.000 9,433 on0 3.324,000
Chicitgo
.
'
afloat
fle.000
101.000
0
00
5c87 0
5 non
.0
250.000 1 4. 0°
Milwaukee
535.000
7 ^ ()no 4.1.7 000
011
Doluth5991 Ann
e0,4)00 20.7'1 000
7,4nn non
Minnemmlis
8 00
4147.000 2.777 n
.0Zi 3,644:0 0
0
79 000
5
0
Plow. City
1 g3 60
70700)) 1 005.0(10
25.000
54.000
St. 7,001.1
1.41 5 On0
114.000
85,000
4 005 on()
440 0r40 5.691 non
Tre11 10R City
.
Qn,nno
p.712.nr()
290.000
2 n (or)
,
5,000
0
8.000
1,764 00
04.000
Rt.eb,,
pei . ntaroh. M o
w .T iae
,t
a9jinn 1,27.4.0n0
3.0n0
445 nnn
.
sal ,non
2.000
7.5.0 0
0
Tndlananolis
30,000
112,000
70.000
.
00n
1,;;9nnl
0.
270,000 4,5'
Omaha
109.0(11)
On Lawn,
72,000
28,000
On Canal and River
Total Dec. 12 1915_ __ _45,471,non 7.999.o04) 60,755,000 11,707,000 7.053,000
Total Dec. 5 109.s____46.959.non 5,4147001) 62,200,000 11.566.000 6.763.000
Total Dec. 13 1924____98.070.000 11.273,000 68.430,000 19.180.000 5.540.000
Note.-unndorl ,
rrein not Included above. n915, New York. 194.000 bushel,: Baltimore, 8000: Aoffalo. 740,00o: rentfalo afloat, R71,000: Duluth. 66.000: total.
,
.00n huohela In 1094. Barley. New York. 653.000
1.900,000 huehel,. atmt gt 9 999
:
bushel,: Bostoo, 211. 00: Pattiromm. 49,3000 Buffalo. 1 465.000: Buffalo afloat,
0
1.41341.001): Dolurb. 01 (1(10: on Lake. 440000; torsi. 5.931.000 bushels. against
140 000 hosbe.N In 1024
. When". No,'York. 9 442.000 Tembela: Boston. 314.000:
41741 non: st,tfralo. 41.660.000: Buffalo afloat.
PhlindelnhIn. 4107.000:
19.666,000: Duluth,
118.000: Ckle..en. 141.000: On Lakes. 3.818,000:
Canal, 15.000; total, 28,353,000 bushels, against 21.840,000 bushels in 1924.
Canadian
3.469
.000
rt. WillIam & Pt. Arthur_ 11.8.7.on0
o
Other Canadian
14,472.000
157.000
1.265.000
153.000
862.000
2.7?4.000 1,215.000 3.344.000
2,834,000
48.000 2,038,000
157.000 6,8
03010 1,416.000 6,244,000
Total Dec. 12 1025_3 .'l, 0
0
00
70.00n 5,759.000 1,421,000 8,613.090
Total Dec. 5 1095_ _ _20.999 nnn
Total Dec. 13 1924____26,557,000
385,000 16,000,000 1,646,000 6,119,000
Summary-45,471.000 7,922.000 60.755.000 11,707,000-7.053.000
American
Canadian
157,000 6,823,000 l.416.0006.244.000
30,271.000
Total Dec. 12 1025____75 ?soflan 8,070.000 67.578.000 13.123,000 13,297.000
Total Dec. 5 1095__75,074.000 8.717.000 67.956.000 12.987.000 13.376.000
Total Dec. 13 1924_124,838,000 11,858.000 84,430,000 20.826,000 11.659.000
WEATHER BULLETIN FOR THE WEEK ENDED
DEC. 15.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the influence of the weather for the week ended Dec. 15, follows:
3030
THE CHRONICLE
Except in the Gulf districts, temperatures were moderately high for the
season at the beginning of the week, with the plus departures from normal
ranging from 15 deg. to 20 deg. in the Northwest. For several days thereafter rather cool weather persisted in the extreme South, but it continued
warm in the Northwest, and during the middle part of the week warm
weather for the season prevailed in most districts. During the latter part
considerably cooler weather overspread the northern half of the country,
and at the close there was a sharp drop in temperature over the Southwest
and in central Rocky Mountain sections. The day to day temperature
changes during the week were small for the season, with the readings tending to above normal in most sections during much of the time.
Chart I shows that the week, as a whole, was warmer than normal
everywhere, except in parts of the Lake region and Northeast and locally
in the Southwest. In other sections the weekly means were generally from
4 deg. to as much as 14 deg higher than the seasonal average. From the
Mississippi Valley eastward freezing weather was not reported father south
than the Ohio Valley and south-central Virginia, but to the westward the
line of freezing extended southward to south-central Texas. Temperatures as low as zero were reported from only a few scattered points in the
more northern States.
Storms were not active for a winter week and precipitation was mostly
of a local character, except that rain was quite general over the South
near the close. Early in the week a storm passed eastward over the southern Canadian Provinces, but without material precipitation in the States.
though snow flurries were rather frequent in the Northeast. During
the latter part a depression passed southeastward over the Rocky Mountains, reaching the west Gulf area on the morning of the 14th. It was
attended by some rather heavy precipitation in the Rocky Mountain
districts, and resulted, near the close of the week. in general rains over
the South, with some heavy local falls. West of the Rocky Mountains
generally fair weather continued, except in the Pacific Northwest where
some heavy rainfall was reported over limited areas.
Chart II shows that the precipitation for the week, as a whole, was
moderate to rather heavy locally from Tennessee and Arkansas southward and in the western portions of the North Pacific States. The weekly
totals were as much as one-half to somewhat more than an inch in parts
of the lower Missouri Valley, the central Great Plains, and central Rocky
Mountain districts: elsewhere precipitation was mostly inappreciable.
Over large areas of the Southwest. including the Plateau area and most of
California, the week was rainless.
The mild weather, light precipitation, and absence of severe storms made
a fain-Table week for agricultural interests in nearly all sections of the
country. In the Southern States the usual outdoor operations made good
progress until the closing days of the week when interrupted by rainfall,
and winter cereals and truck crops were favorably affected, though it was
too wet on some lowlands of Florida. and the warm, moist weather in that
State was unfavorable for the handling of citrus fruits. Rain was needed
in parts of the Southwest. Including western Oklahoma and western Texas.
In the South Atlantic States hardly truck crops made good advance, and
the precipitation near the close of the week was beneficial, though insufficient to materially improve the stream flow. In the central valley States
the general absence of material precipitation was favorable for gathering
corn and other outdoor operations, while throughout the Great Plains
another nearly ideal week for outside work was experienced, with live-stock
still ranging freely in northern districts and thus saving much feed.
The storm near the end of the week closed considerable range in central Rocky Mountain sections, but, otherwise, conditions were generally
favorable for livestock over the western half of the country. Precipitation in the Pacific INorthwest was beneficial, but rain is again needed in
most sections of California. and the snowfall in the mountains of that
State is still markedly deficient.
SMALL GRAINS.—Late-sovrn winter wheat is generally making slow
growth, and is reported to be poor in Indiana; otherwise the crop made
good progress during the week. Wheat is generally in good to excellent
condition. though small in Kansas and Illinois. In west and northeast
Texas it is needing rain and in west Oklahoma a need for more moisture
is beginning to be felt. The acreage in Arkansas is small. There is a
moderate snow cover over the more northern portions of the belt, except
in Michigan where snow is needed. The sowing of winter grains has
progressed well in California during the week and much seeding was done
in Tennessee.
CORN AND COTTON.—The week was generally favorable for gathering corn, and especially so in the Great Plains and the Ohio Valley States,
This work is well along or completed in most sections. but there is still
considerable complaint of the moisture content of grain being high.
Good progress was made in finishing the harvest of the cotton crop,
with unusually good weather for this work prevailing during most of the
week. Picking is nearly completed in Oklahoma, and also in Arkansas,
e cept in some eastern counties where considerable is yet in the field.
,
This work has been practically finished in Texas. although some Was
gathered during the week. The dry weather in California was favorable
for cotton harvest.
[Vol, 121.
THE DRY GOODS TRADE
Friday Night, Dec. 18 1925.
Little change was noted in conditions surrounding the
markets for textiles during the past week. While primary
markets, for the most part, remained dull and uninteresting,
holiday business in retail channels was reported as continuing at record proportions. It was claimed that stores
throughout the country have been crowded every day recently, and sales for this coming Saturday (to-morrow) are
expected to set new records for any single day. Novelty
goods of a gift nature have enjoyed an especially large
turnover. Silks have figured activeLy in the distribution of
holiday merchandise, and as a result primary business has
been on a larger scale. Mills were beginning to secure
orders on spring lines and retailers were claimed to have
begun covering their requirements for next year ih a more
liberal way. Nevertheless, it is expected that it will be
well into the middle of January before spring buying reaches
anything like full activity. Thus far interest has centred
more in the novelty print cloths rather than the plain
fabrics. Despite some uncertainty in Japanese prices for
raw silk material, the effect on domestic values has been
negligible. There were rumors of probable labor troubles
at Paterson next month when, it was claimed, some of the
unions propose to strike for shorter hours. However, these
reports caused less apprehension than heretofore, owing to
the wide distribution of manufacturing plants. In regard
to cottons, sentiment has been more optimistic, due in part
to the Government cotton consumption report showing a
total of 543,098 bales of lint consumed by mills during
November.
DOMESTIC COTTON GOODS: During the past week
markets for domestic cotton goods remained in the seasonal
lull usual at this time of the year. Prices continued to be
readjusted to lower levels, as might be expected in view of
the large cotton yield. Buyers take the stand that with such
a plentiful supply of raw material facing mills throughout
the world they can afford to await further price cuts, and
especially as the cotton and yarn markets display a downward tendency. As a result, the buying of goods has been
withheld pending further developments. Price readjustments included the naming of lower levels on several lines
of kanded bleached goods.. Revisions In prices for the
latter ranged from one-half to one cent a yard under opening values. Among other fabrics reduced were ticking.,
denims, wide sheetings and pillow cases. However, it was
claimed that aside from the price situation, the outlook for
business In cotton goods was brighter than for some time
past. According to a number of factors, January promises
to be one of the most active months experienced In some
time. These assertions were based upon the fact that
wholesalers have placed practically none of their spring
business as yet. Thus the outlook is for a rush of orders
which will no doubt make for a firm market. It was also
The Weather Bureau also furnishes the following resume
claimed that never before has such a volunie of goods reof the conditions in the different States:
mained unbought as is the case this year. Furthermore, it
North Carolina.—Raleigh: Mild and generally fair: favorable for outdoor activitlea. Picking cotton nearly completed. Wheat, oats, rye, and was pointed out that the small filling-In orders received
truck doing well. Stream flow still much below normal.
from retailers have reached surprisingly large totals for
South Carolina—Columbia: Abnormally warm 10th and 13th; week
closing wet, but rains too light for much improvement in stream flow. this time of the year and indicate a necessary replacement
Winter cereals and hardy truck improved. Grain-field pasturing in- of lines within the near future. Print cloths, 28-inch, 64x
creasing. but otherwise pasturage is poor. Some hog killing. Consider64's construction, are quoted at 62 and 27-inch, 64 x 60's,
/
1c.,
able plowing. Lettuce and spinach on coast doing well.
Georgia.—Atlanta: Week mild and dry until close when general rains at 6c. Gray goods in the 39-inch, 68 x 72's construction, are
rapid growth; planting about
occurred: heavy in places. Cereals making
finished. Grinding cane nearing completion. Pepper canning factories quoted at 10c., and 39-inch, 80 x 80's, at 12c.
still working. Hardy truck—mostly cabbage, onions, turnips. and spinWOOLEN GOODS: Continuing generally quiet, markets
ach—doing well. Much plowing for spring crops accomplished, but infor woolens and worsteds developed a somewhat easier
terrupte I by rains at close.
Florida.—Jacksonville: Colder than usual, with local frost in north and undertone. Factors claimed that they could not get prices
west fore part: last days of week mild. Too wet on lowlands of peninsula.
Truck fair to good progress. Setting celery continued. Some potatoes for the fabrics based upon high raw wool, and as a result,
recovering from effects of previous cold. Strawberries in bloom; some indications are that prices to be named on the new overyoung fruit. Oats improved: local seeding continued. Warm, moist
weather unfavorable for handling citrus fruits; much local dropping. Pre- coatings next month will probably range from 5 to 8%
paring tobacco Ian 's.
below last year's levels. While business has been more or
• Alabama.—Montgomery: Unseasonably warm throughout; general and less
restricted, sales of worsteds totaled a slightly larger
locally heavy rains at close. Week mostly favorable for farm work and
much plowing accomplished. Sowing oats progressing slowly; early- volume than woolens. For instance, demand for women's
planted doing well. Digging sweet potatoes, harvesting satsuma oranges, wear
worsteds has been more active of late, and mills have
and grinding cane nearly finished. Truck crops in south and some western
sections mostly doing well; planting winter truck in coast region good been hoping for a better distribution than was experienced
progress.
Mississiopi.—Vleksburg: Generally fair to Saturday, inclusive. but last spring. In the men's wear division, samples of spring
heavy rains In west and probably moderate to heavy elsewhere thereafter. worsteds were shown. They were claimed to be different
Mostly good to excellent progre.ss in seasonal farm work to Saturday. from
anything heretofore seen owing to the freer use of
Pastures good progress in southern third: mostly poor elsewhere.
Louisiana—New Orleans: Warm, dry weather until end of week favor- rayon. Fabrics with 50% "Snaifil" or rayon wool substituable for cane harvest, which made good progress: yields show only slight tion were said to have been favorably received.
Improvement with some deterioration where previous frost damage most
severe. Threshing rice about completed. Some plowing and consider
FOREIGN DRY GOODS: With the exception of handable road work done. Oats and truck doing fine.
Texas.—Houston: Unusually warm unfit last day when cold wave over kerchiefs, business in the linen markets was less active. A
spread State: light precipitation in eastern half, but dry in western. Progress large influx of buyers, expected to arrive at this time, failed
and northeastern portions. Progress and condition of citrus good, with
large shipments. -Plowing and rice threshing made good progress. Cotton to make their appearance. Factors, discussing their diepicking practically completed, although some gathered during week.
appointment, stated that they would probably provide for
Oklahoma.—Oklahoma City: Ideal weather for outdoor work. Crops
nearly all harvested. Very little cotton remaining in fields; practically their January white sales the week between Christmas and
all boiled. Wheat in good condition, but beginning to need rain in west New Year's. In regard to handkerchiefs, re-orders conportion. Native pastures fair; wheat pastures good.
Arkonsaa.—Little Rock: Weather very favorable for all farm work, ex- tinued large and total business was claimed to be beyond
cept on 14th. Cotton praccically picked, except in eastern counties where doubt the largest transacted at any holiday season. Conconsiderable yet to pick. Rice nearly threshed: mills running day and sumer
buying is steadily cutting into retailer's stocks, and
night. Wheat, oats, rye and winter truck doing nicely. Small acreage of
it is expected that the latter will be forced to replace their
winter grain.
temperature, with
Tennessee.—Nashville: Abundant sunshine and high
only moderate rainfall on one day, resulted in rapid drying of soil and lines shortly. Reports of the return to popularity of white
Much plowing. Harvesting of late crops and sowing winter grains fairly handkerchiefs have evidently had little influence on concaught up; wheat, oats, and rye made excellent growth. Roads good sumer
preference, which continues to favor novelty goods
condition generally.
Kentocky.—Louisville: Dry, with minima generally above freezing. in the brightly colored patterns. Burlaps continued dull,
Wheat and rye growing slowly* condition good. Pastures still fairly good.
December lull being felt. Light
Corn gathering nearing completion on many farms. Favorable for market- the full effect of the
weights are quoted at 8.85c. and heavies at 11.65 to 11.700.
ing tobacco. Roads much improved.
*tate and,
3031
THE CHRONICLE
DEc.19 1025.]
titg pepartment
NEWS ITEMS
-Final Official Vote on ConstituNew York (State of).
-The final official vote cast
tional Amendments Announced.
on Nov. 3 on the four constitutional amendments, adopted
on that day, was announced by the State Board of Canvassers
on Dec. 14. The vote on the 8100,000,000 bond issue was
960,385 to 937,990, 'on the 8300,000,000 grade crossing
elimination bond issue 1,032,109 to 859,702, on the amendment for a short ballot and consolidation of State departments
1,048,087 to 775,768, and on the judiciary amendment
1,090,632 to 711,018.
-Extra Session of the State
Pennsylvania (State of).
-Governor Pinchot
Legislature Called-To Convene Jan. 13.
signed a proclamation on Dec. 14 summoning the General
Assembly of the State in extra session, to convene 2 p. m.
Jan. 13 next. The Governor in a statement accompanying
the proclamation, sets forth eight subjects for consideration
in his call for the extra session. They are:
Election-law reforms.
Anthracite coal and regulation of the mining industry.
Revision of laws regulating banks, trust companies and building and
loan associations.
Probition enforcement.
Gascline tax c-Ilection.
The Philadelphia and Camden bridge over the Delaware River.
Giant power.
The Delaware River tristate compact, apportioning the waters of the
Delaware River between New York, New Jersey and Pennsylvania.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
ASHTABULA,Ashtabula County, Ohio.
-BOND SALE.
-On Dec.14
the following three Issues of 5% coupon bonds aggregating $17.500. offered
on that date (V. 121. p. 2663). were awarded to Well. Roth & Irving Co.
of Cincinnati at a premium of $362. equal to 102.68. a basis of about 4.63%.
512.000 storm drain sanitary sewer and sewage disposal works bonds.
Due $500 yearly from Oct. 1 1926 to 1949. Inclusive.
2.500 (city's portion) street improvement bonds. Due $500 yearly
from Oct. 1 1926 to 1930. Inclusive.
3.000 (special assessment) street improvement bonds. Due 51.000 yearly
from Oct. I 1926 to 1928. inclusive.
Dated April 1 1925.
-BOND OFFERING.
ATHENS, Athens County, Ohio.
-Sealed bids
will be received until 12 m. Dec. 26 by Griff H. Evans. City Auditor. for
20.0005% coupon refunding bonds. Denom.$1.000. Dated Jan. 11925.
Int. M.& S. Due $1,000 each six months from March 15 1927 to Sept 15
1936 incl. A certified check for 2% of the amount of bonds bid for, payable
to the City Treasurer, required.
8171.000 assessment bonds. Due on Dec. 15 as follows: $12.000. 1926
to 1931 incl.; 516.000, 1932 to 1934 incl., and $17,000. 1935 to
1937 incl.
57,000 public impt. bonds. Due on Dec. 15 as follows: $5,000. 1926
to 1928 incl., and $7,000, 1929 to 1934 incl.
Denom. $1,000. Date Dec. 15 1925. Prin. and semi-ann. int. (J. &
D. 15) payable in gold coin of the United States of the standard of weight,
and fineness existing on Dec. 1 1925 at Bergenfield National Bank, Bergenfield. No more bonds to be awarded than will produce a premium of
$1.000 over each of the above issues. Certified check on an Incorporated
bank or trust company for 2% of the amount of bonds bid for, payable
to the Borough of Bergenfield, required. Legality approved by Reed,
Dougherty & Hoyt of New York.
-BOND
BETTENDORF (P. 0. Davenport), Scott County, Iowa,
-The White-Phillips Co. of Davenport has purchased an issue of
SALE.
518,000 444% sewer bonds. Date Nov. 11925. Denom.$1.000and $500.
Due Nov. 1 as follows: $1.000, 1934 to 1937 incl.: 51.500, 1938 to 1941
incl., and $2,000. 1942 to 1945 incl. Prin. and int. (M. & N.) payable
at the City Treasurer's office. Legality approved by F. 0. Duncan.
Davenport.
-TEMPORARY LOAN.
-On Dec. 10
BEVERLY,Essex County, Mass.
a temporary loan of $200,000 maturing April 23 1926, offered on that
date, was sold to the Beverly National Bank of Beverly on a 3.65% discount
basis plus a premium of $3.
-BOND OFFERING.
BILTMORE, Buncombe County, No. Caro.
H. H. Nabor. Town Clerk, will receive sealed bids until 12 m. Dec. 29
for $20.000 not exceeding 6% coupon or registered street, water and light
bonds. Date Jan, 1 1926. Denom. $1,000. Due Jan. 1 as follows:
51.000. 1929 to 1944 incl., and 52,000. 1945 and 1946. Prin. and semi-ann.
Int, payable at the Hanover National Bank. N. Y. City. A certified
check for $400, payable to the Town Treasurer, is required. Legality
approved by Storey, Thorndike, Palmer & Dodge of Boston.
BLOOMFIELD, TROY, ROYAL OAK AND SOUTHFIELD TWPS.
FRACTIONAL SCHOOL. DISTRICT NO. 1 (P. 0. Birmingham),
-Sealed bids will be
-BOND OFFERING.
Oakland County, Mich.
received until 8 p m. Jan. 4 next by Roy J. Taylor. District Secretary,
for $54.500 44% kill School site addition bonds. Denom. 51.000. except
one for $500. Date Dec. 15 1925. Prin, and semi-ann. Int. (J. & D. 15)
payable at Birmingham. Due $4,500, Dec. 151926. and 55.000 .yearly
from Dec. 15 1927 to 1936 Incl. Certified check for $500 required. Bonds
are to be sold subject to the approval of Miller, Paddock, Canfield &
Stone and John C. Spaulding of Detroit, and the buyer shall pay the
attorney fee and furnish the blank bonds.
-Angela
BOISE CITY, Ada County, Idaho.-130ND OFFERING.
Hopper. City Clerk, will receive scaled bids until 3 p. m. Jan. 19 for
$115.000 station approach bonds. These are the bonds offered and sold on
-V. 120.
March 17 to the Palmer Bond & Mortgage Co.. Salt Lake City.
p. 1508. The sale was held up owing to a suit filed by the Boise Develop-V. 120. p. 1918.
ment Co.
-BOND OFFERING.
BORDENTOWN, Burlington County, N. J.
Sealed bids will be received until 7:30 p. m. Dec. 22 by Jos. R. Malone,
City Clerk, for the following two issues of 5% serial funding bonds:
$24.000 street impt. bonds. Due $3,000 yearly from 1933 to 1940 incl.
Callable at any paying period after Dec. 31 1929.
20,000 water impt. bonds. Due 51.000 yearly from 1926 to 1935 incl.
Callable at par and accrued Int. at any interest paying period.
Int. June 30 and Dec. 31. Certified check for 10% of the amount of
bid required.
-BONDS OFFERED.
BOYNE CITY, Charlevoix County, Mich.
Sealed bids were received until 8 p. m. Dec. 14 by George A. Roderick. city
Clerk. for 540.0004)4% or 5% street improvement bonds. Due on Sept. 15
as follows: 53.000. 1930 to 1932, incl.: $4.000. 1933 to 1936. incl., and
55.000. 1937 to 1939. incl. Bids may be submitted for 414% or 5% bonds.
ATLANTIC-GULF SPECIAL ROAD AND BRIDGE DISTRICT
BRAZOR1A COUNTY ROAD DISTRICT NO. 36 (P. 0. Angleton),
-BOND OFFERING.
-B. T. Redstone. Sec. Texas.
(P. 0. Vero Beach, Fla.
-BOND OFFERING -Sealed bids will he received until Jan. 11
Board of Bond Trustees, will receive sealed bids until 2 p. m. Jan. 25 by J. Logging, County Judge, for $150.000 54% road bonds. Date
for $um:Loon 6% coupon road and bridge bonds. Date Sept. 1 1925. April 10 1926. Denom. $1,000. Due 55,000 1927 to 1956 Incl. Prin.
Denom. 51,000. Due Sept. 1 as follows: $40,000, 1930 to 1941 incl.. and int. (A. & 0. 10) payable at the Hanover National Bank, N. Y. City.
and 520.000. 1942. Prin. and in (M. & S.) payable in gold at the U. S. A certified check for
payable to the County Judge, Is required.
Mtge. & Trust Co., N. Y. City. A certified check for 55.000, payable
to the Board of Bond Trustees. is required.
BRAZORIA COUNTY ROAD DISTRICT NO. 36 (P. 0. Damon),
-BOND OFFERINO.-J. Loggins, County Judge, will receive
-ROM- SALE.
)
-on nee, 17 Texas.
ATTLERORO, Bristol County. Mass.
road bonds.
Jan. 11
the following two issues of coupon bonds, aggregating 5110.000 offered on sealed bids until$1,000. for $150,000 54%to 1935 incl., Date Sept. I
Due 58.000 1926
and $7.000.
1925. Denom.
that date (V. 121. p. 2902, were awarded to Merrill, Oldham & Co. of
1936 to 1945 incl. Prin. and int. (A. & 0. 10) payable at the Hanover
Beaton at 102.04. a basis of about 3.98%;
4)4'S. "wheel loan act of 1921 bonds." Due on Aug. 1 as follows: National Bank, N. Y. City. A certified check for $3,000. payable to the
8100,000
54.000. 1926 to 1940 Incl.; 59,000, 1941 to 1944 Incl.; and $4,000. County Judge, is required.
1915.
CAMAS MUTUAL IRRIGATION DISTRICT (P. 0. Dubois), Clarke
-Underwood & Co., of New York City.
10,000 4% "Street widening bonds." Due $2,000 yearly from Aug. 1 County, Ida.
-BOND SALE.
1926 to 1930 Incl,
have purchased an issue of $600.000 irrigation bonds.
Dated Aug. 1 1925.
-BOND ELECTION.
CANYON CITY, Randall County, Tex.
-An
-BOND SALE.
AURORA, Dearborn County, Ind.
-On Dec. 7 the election will be held on Jan. 11 for the purpose of voting on the question
$13,500 5% fire truck bonds, offered on that date (V. 121, p. 2547), were of issuing $30,000 bonds.
awarded to the Aurora State Bank of Aurora at par.
CARTERET COUNTY (P. 0. Beaufort), No. Caro.-noNn SALE.
% coupon road and bridge bonds offered on Dec. 15-BALTIMORE COUNTY (P. 0. Towson), Md.-BOND OFFERING.
- The 5700.000
Sealed bids will be received until 11 a. m. (eastern standard time) Jan. 13 V. 121. p. 2432-were awarded to a syndicate composed of Braun. Bosworth
next, by John R. Haut, Chief Clerk of County Commissioners, for all or & Co., and Prudden & Co., both of Toledo and Morris Mather & Co. of
4
Chicago at a premium of 15.669, equal to 100.80. a basis of about 5.44%.
any part of the following two issues of 4, % coupon bonds:
$750,000 public read and school bonds. Due on Feb. 1 as follows: $30.000, Date Dec. 1 1925. Due Dec. 1 as follows: st.ofx). 1926 to 1935 Incl.;
1949: 5165.000, 1950:5175.000. 1951;5185,000,1952 and 5195,000. 515.000, 1936 to 1945 incl.; $24,000. 1946 to 1955 Incl.; and $30.000, 1956
to 1965 incl.
1953.
500,000 public school bends. Due on Feb. 1 as follows: 516.000. 1947:
-BOND ELECTION-An
CHICKASHA, Grady County, Okla.
569.000. 1948: 572.000. 1949( $75.000. 1950: 578.000. 19.51; election will be held on Jan. 15 for the purpose of voting on the question of
1952; 584.000. 1953 and 525.000. 194.
$81
1926. Prin. and semi-ann. int. (F. & A.) issuing 540.000 storm sewer bonds and $11,000 bridge bonds.
Denom. $1,000. Dated Feb. 1
-TEMPORARY LOAN.
CHICOPEE, Hampden County, Mass.
-The
payable in lawful money of the United States at the Second National Bank.
Towson. A certified check for 1% of the amount of bonds bid for, payable Old Colony Trust Co. of Boston purchased a $300.000 temporary loan
to the County Commissioners. required. Legal opinion will be furnished maturing Nov. 19 1926 on a 3.775% discount basis, plus a premium of $3.
free of charge to the successful bidder, if requested, by Elmer J. Cook,
1.(P.O. Astoria), Ore.
CLATSOP COUNTY SCHOOL nisT.
Attorney. Second National Bank Building. Towson.
-Sealed bids will be received until 710 P. to. Dec. 22
BOND OFFERING.
BANTA-CARBONA IRRIGATION DISTRICT (P.O. Tracy), Calif. by W. A. Sherman. District Clerk. for 5,30.000 514% school bonds. Date
-BOND SALE.
-The 5125,000 6% coupon irrigation bonds offered on Dec. 11925. Due $7,500 Dec. 1 1927 to 1930 incl. Int. payable (J. & D.)
-were awarded to J. R. Mason & Co. of San A certified check for 5% of bid is required.
Dec. 12-V. 121. p 2782
Francisco at a premium of 5967 70, equal to 100.77, a basis of about 5.94%•
CLINTON, Anderson County, Tenn.
-BOND SALE-The following
Date Dec. 1 1925. Due July 1 as follows: 51.000, 1941 to 1943 inel.:
52.000. 1944 to 1947 incl.; $3.000, 1948 and 1949: 55.000, 1950 to 1953 6% bonds. aggregating 3170.000 offered on Dec. 15-V. 121. p. 2664
the Central State Bank & Trust Co. of Memphis at a
incl.;
1954 to 1957 incl.•. 57.000. 1958 to 1961 incl.; 58.000, 1962 were awarded to equal to
100.50.
Premium of $85,
and 1963. and $10,000, 1964 and 1965.
$65,600 sewer bonds.
$150.000 water bonds.
-BOND OFFERING.
BAYONNE, Hudson County, N. J.
-Sealed bids
COLUMBUS, Franklin County, Ohio.-BTDS.-The following Is a
will be received until 10:30 a. m. Jan. 5, by William P. Lee, City Clerk.
for the following three Istilles of 414% coupon or registered bonds, aggregat- list of other bidders for the $373,000 44% (special assessment) Huron Ave.
improvement bonds awarded to Fold, Buck & Co.. ot Chicago, on Dec.
ing $864.000:
5479,000 general impt. bends. Due on Jan. 1 as follows: $15,000, 1927 to at 101.17-a basis of about 4.34%, as stated in V. 121. p. 2903: Premium
1950 incl.: 519.000. 1951 and 520,000, 1952 to 1956 incl.
2 0 00
Bidder & Co., Toledo; Batchelder. Wack & Co., New York__ 33 84300
:37
327.000 school bonds. Due on Jan. 1 as follows: $7,000. 1927 to 1950 PriicldensHalsey. Stuart & Co., Inc., Chicago
Incl.; 59.000, 1951 and $10.000, 1952 to 1966 incl.
A. E. Aub & Co.. Cincinnati; R. W.Pressprich & Co.. New York_ 1.938 00
58.000 water front (mot. bonds. Due on Jan. 1 as follows: $4,000.
R. L. Day & Co.. Boston
2.94297
1927 and 1928 and 55.000. 1929 to 1938 incl.
Denom. $1.000. Dated Jan. 1 1926. Prin, and semi-ann. Int. (J. & J.) Harriman & Co.. New York; by The Herrick Co., Cleveland..., 3.839 00
payable In gold at the Union Trust and Hudson County National Bank. Hayden, Miller & Co.. Cleveland; National City Co.. New York; 3,397 00
Harris. Forbes & Co.. New York
Bayonne Branch. Bayonne, or at the Mechanics & Metals National Bank.
2.584 89
New York. No more bonds to be awarded than will produce a premium E. H. Rollins & Sons. Chicago
675 30
0
of $1,000 over each of the above issues. A certified check for 2% of the Northern Trust Co., Chicago; Wm. R. Compton Co., Chicago-. 3,021 0
bonds bid for. payable to the City, required. The bonds will be prepared Gram, Todd & Co., Cincinnati
under the supervision of the United States Mortgage & Trust Co., New Guaranty Co. of New York, N.Y.;First Citizens Corp., Columbus 1.555 41
3 0 84
York. which will certify as to the geniuneness of the signatures of the Austin. Grant & Co., N.Y.,by Huntington Nat. Bank,Columbus 2..681 00
13
officials and the seal impressed thereon. Legality will be approved by Stranahan, Harris & Oatis, Inc., Toledo
Bankers Trust Co., Cleveland; Tillotson & Wolcott Co., Cleveland 3,205 00
Hawkins. Delaficid & Longfellow of New York.
Otis & Co_,. Cleveland; Estabrook & Co., New York; Curtis &
I" BETHEL, Clermont County, Chio.-BONDS OFFERED.-Sealad
Sanger, Boston; Hannahs, Bailin & Lee, New York
,... 1.63800
bids were received until 12 m. Dec. 14 by C. D. Hill, Village Clerk, for Stephens & Co., New York
3.777 00
an issue of $5.000 5% fire engine bonds. Denom. $500. Date Dec. 15 A. B. Leach & S. Inc._, New York
1.75600
1925. Int. J. & D. Due $500 yearly from Dec. 15 1926 to 1935 incl.
Eldredge & Co., New York
3.13693
BERGENFIELD, Bergen County, N. J.
-BOND OFFERING.
CLINTON TOWNSHIP SCHOOL DISTRICT NO. (P.O. Clinton),
-BOND OFFERING.
Sealed bids will be received until 9 p. m. Dec.29 by Paul S. Towne. Borough Lenawee County, Mich.
-Sealed bids will he reClerk, for the following two issues of 5%, coupon (registerable at the option ceived until 12 m. Dec. 21 by Hazel C. Barnard. Secretary Board of Educefo the holder as to prin. only or as to both prM.and int.) bonds:
Hon. for $60,000 44% school bonds. Denom. 51.000. Dated Jan. 1
$3,000.
.000,
56.000.
3032
THE CHRONICLE
1926. Principal and semi-annual interest (J. & J.) payable at the State
Savings Bank, Clinton. Due $2,000 yearly from Jan. 1 1928 to 1957.
inclusive. Certified check for 5% of the bid, payable to the Board of
Education, required.
COMANCHE COUNTY (P. O. Lawton), Okla.
-BIDS REJECTED.
All bids received for the $400,000 5% road bonds offered on Dec. 11 (V. 121,
p. 2783) were rejected.
CONCORD, Merrimack County, N. H.
-On Dec. 16
-BOND SALE.
the $78,000 4)4'% school bonds offered on that date (V. 121, p. 2903) were
awarded to Merrill. Oldham & Co. of Boston at 100.73. Dated Dec. 1 1925.
Due serially from 1927 to 196.5 Ind. Other bidders were:
Rate Bid.
Rate Bid.
Estabrook & Co
100.23
100.681Harris. Forbes & Co
E.H. Rollins & Sons
99.565
100.16 National City Co
-The $75.000
COVINGTON, Allegheny County, Va.-BOND SALE.
5% funding bonds offered on Dec. 14-V. 121, p. 2903
-were awarded to
the Well, Roth & Irving Co. of Cincinnati at a premium of $15, equal to
100.02. Due In 30 years: optional in 20 years.
-Sealed
CRANSTON, Providence County, R. I.
-BONDS OFFERED.
bids were received until 8 p. m. Dec. 18 by William M. Lee. City Treasurer.
for $400.000 4%, coupon school Series "A' bonds. Denom.$1,000. Dated
Jan. 1 1926. Principal and semi-annual Interest (J. & J.) payable in gold
at the First National Bank of Boston. Boston. or at the Rhode Island Hospital Trust Co., Providence. Due $10.000 yearly from Jan. 1 1927 to 1966,
Inclusive. Bonds will be prepared under the supervision of the First National Bank of Boston, which will certify as to the genuineness of the signatures of the officials and the seal impressed thereon. Legality will be approved by Ropes, Gray, Boyden & Perkins, of Boston.
DADE COUNTY (P. O. Miami), Fla.
-All bids
-BIDS REJECTED.
received for the following 5% bonds, aggregating $800,000, offered on
Dec. 10 (V. 121. p. 25481 were rejected:
$300,000 Causeway Bridge bonds maturing as follows: $3.000. 1930 to 1939,
incl.: *4.000. 1940 to 1944, incl.; $5.000, 1945 to 1954. Incl.: and
$10.1100. 1955 to 1974. incl.
147,000 West Dixie Highway bonds maturing as follows: $1,000. 1930 to
1931. Ind.: $2.000. 1932 to 1942. Incl.: $3.000. 1943 to 1954, incl.;
$5.000.1955 to 1957. incl.: $4,000. 1955 to 1967. Incl.: $5,000. 1968
to 1971. Incl.: and $4.000. 1972 to 1974. Incl.
253,000 General Highway County bonds maturing as follows: $2.000. 1930
to 1939. incl.: $3.000, 1040 and 1941: $4.000. 1942 to 1944. Incl.:
$5.000. 1945 to 19.54. Incl.:19.000. 1955 to 1959, incl., and $8.000.
1960 to 1074. Incl.
100.000 Armory bonds maturing as follows: $1,000. 1930 to 1949. Incl.:
$2.000, 1950 to 1954. Incl.; $3,000, 1955 to 1964, incl.: and
$4.000. 1065 to 1974, incl.
Date Oct. I 1924. Denom. $1,000. Legality approved by John C.
Thomson. New York MI%
DAVIDSON COUNTY (P. 0. Lexington), No. Caro.
-BOND OFFER/NO.
-William J Parker. County Clerk, will receive sealed bids until
Jan. 4 for $300.000 5% road and bridge bonds. Interest payable semiannually.
DAYTON, Montgomery County Ohio.-BOND SALE.
-On Dec. 16
the 11500.000 43 % coupon (with privilege of registration as to principal
A
only, or as to both principal and Interest), bridge improvement of 1925 series
,
A. • bonds offered on that date (V. 121. p. 26641. were awarded to Halsey.
Stuart & Co.. Inc.. of Chicago. at a premium of $17.688. equal to 103.53
a basis of about 4.40%. Dated Dec. 1 1925. Due *20.000 yearly from
Sept. 1 1927 to 1951, inclusive.
DE WITT COUNTY ROAD DISTRICT NO. 7(P. 0. Cuero), Tex.
BONDS RFOISTERED.-On Dec. 10 the State Comptroller of Texas
registered $300,000 5% road bonds. Due serially.
DILLON SCHOOL DISTRICT NO. 8, Dillon County, So. Caro.-The $48.000 school bonds offered on Dec. '7-V. 121. p.
BOND SALE.
-were awarded to the Drake
2548
-Jones Co. of Minneapolis as 5)45 at a
premium of $1.005. equal to 102.09. Date Dec. 11925. Due Dec. 1 1945.
Int. payable annually (Dec. I).
DOVER-FOXCROFT WATER DISTRICT (P. 0. Dover-Foxcroft)
Piscataquis County, Me.
-BOND OFFERING.
-Sealed bids will be
received until 2 p. m. Dec. 21 by Arthur C. Howard, District Treasurer.
for 185.000 4)•i% coupon water bonds. Denom. *1.000. Dated Jan. 1
1926. Prin. and semi-ann. Int. (J. & J.) payable at the Old Colony Trust
Co.. Boston. Due Jan. 1 1946. A certified check for 2% of the amount of
bonds, payable to the District. required. Bonds will be certified as to
genuineness by the Old Colony Trust Co. of Boston. Legality approved
by Ropes, Gray. Boyden & Perkins of Boston.
EAST CI EVFI.AND. Cuyahoga County, Ohio.
-BOND SALE.
On Dec. 15 the following three Issues of coupon bonds, aggregating $210.000
offered on that date (V. 121. n. 2548) were awarded to the Herrick Co. of
Cleveland at a premium of$3.130.10,equal to 101.49,a basis of about 4.51%;
$40,000 4)4% park and playground bonds. Due on Oct. 1 as follows:
$2.000. 1927: $1.000. 1928 and 1929: $2.000. 1930: $1.000. 1931
and 1932: $2.000. 1933: $1.000. 1934 and 1935: $2.000, 1936
11.000. 1937 and 1938: 12.000. 1039: $1.000. 1940 and 1941
$2,000. 1942: $1.000. 1943 and 1944: 12.000. 1945: 31.000. 1946
and 1947: 12.000. 1948: 11.000. 1949 and 1950; *2.000. 1951
11,000. 1952 and 1953: $2.000. 1954 and 11.000. 19.5.5 and 1956
50.0004 IA % traffic signal bonds. Due on Oct. 1 as follows: $4,000. 1927
.
$3,000. 1928 and 1929: *4.000. 1930: 13.000, 1931 and 1932
14.000. 1933: 13.000. 1934 and 1935: 14.000. 1936: 13.000. 1937
and 1938:14.000. 1939 and $3.000, 1940 and 1941.
% general street impt. bonds. Due $8,000 yearly from Oct. 1
120,000
1927 to 1941 incl.
Dated Dec. 11925.
-BOND ELECTION-An elecEL CAMPO. Wharton County, Tex.
tion will be held on Jan. 12 for the purpose of voting on the question of
issuing $12,000 city hall and fire station bonds.
[VOL 121.
GIRARD, Trumbull County, Ohio.
-'BOND OFFERING.
-Sealed
bids will be received until 12 m.(central standard time) Dec. 28 by Blanche
S. Maphis, City Auditor, for $8.400 534% water purification plant bonds.
Denom. $3.50. Dated Oct. 1 1925. Int. A. & 0. Due $350 yearly from
Oct. 1 1927 to 1950 incl. A certified check for $420. payable to the City
Treasurer, required.
-An election will be held
GLENDALE, Mo.-BOND ELECTION.
to-day (Dec. 19) for the purpose of voting on the question of issuing $25,000
fire department bonds.
GRAND RAPIDS SCHOOL DISTRICT (P. 0. Grand Rapids) Kent
County, Mich.
-BOND OFFERING.
-Sealed bids will be received until
5 p. m. (central standard time) Jan. 4 (to be opened 8 p. m. on that day)
by Herbert N. Morrill, Secretary Board of Education for $928.000 434%
coupon school bonds. Denom. $1.000. Prin. and semi-ann. Int.(M.& S.)
payable at the office of the Treasurer of Board of Education, in New
York exchange. Due on Sept. 1 Ts follows: $50.000, 1935 to 1942 incl.;
*304.000. 1943 and $224.000, 1944. A certified check for 3% of the amount
of bonds bid for, payable to the President of Board of Education, required.
GRANDVIEW INDEPENDENT SCHOOL DISTRICT, Johnson
-On Dec. 9 the State CompCounty, Tex.
-BONDS REGISTERED.
troller of Texas registered $20,000 6% school bonds. Due serially.
HALIFAX-ST. JOHNS SPECIAL ROAD AND BRIDGE DISTRICT
-Samuel
(P. 0. De Land), Volusia County, Fla.
-BOND OFFERING.
D. Jordan, Clerk Board of County Commissioners, will receive sealed bids
until 10 a. m. Jan. 18 for 32.000.000 6% coupon or registered road and
bridge bonds. Date Jan. 1 1926. Denom. $1,000. Due Jan. 1 as
f•Alows: 130.000. 1931; 135.000. 1932; 340.000. 1933: $45.000, 1934:
$50 000, 1935; $55.000, 1936: 360.000, 1937: $65.000, 1938: 170.000,
1939; *75.000. 1940: 380,000, 1941; $85,000, 1942: E90.000. 1943: $100.000,
1944: $110.000. 1945: $125,000, 1946; *140.000. 1947: 8155.000. 1948:
$175.000. 1949; $190.000. 1950, and $225,000, 19.51. Int. payable J. & J.
A certified check for $20.000, payable to the Chairman Board of County
Commissioners, is required. Legality approved by John C. Thomson.
N. Y. City.
-On Dec. 14 the
-BOND SALE.
HAMBURG, Berks County, Pa.
$160.000 434% coupon tax free (registered as to principal only) borough
bonds, offered on that date (V. 121. p 2549). were awarded to the Hamburg
Savings & Trust Co. and the First National Bank. jointly, both of Tramburg, at a premium of $800. equal to 100.50, a basis of about 4.46% if
allowed to run full term of years. Dated Jan. 1 1926. Due on Jan. 1
as follows: $200 1932 and 1933. 33.000 1934 and 1935. $4.000 1036 to
1038. Incl.: $5.000 1910 to 1941. incl.: $6 non 1942 to 1944. incl.: 87.000
1945 to 1947. incl.: $8.000 1948 to 1950. Inel.• *9.000 1051 to 1953. Incl.:
110.000 1954. $11.000 1955 and $12 000 1956. The borough, however,
reserves the right to redeem any and all of the bonds at any time after Jan. 1
1936 upon 30 days notice.
HARDEMAN COUNTY SCHOOL DISTRICTS (P. 0. Quenah),
-On Dec. 9 the State Comptroller of Texas
Tex.
-BONDS REGISTERED.
registered the following 6% bonds, aggregating $4.000;
E2.000 Common School District No. 34 school bonds.
2.000 Common School District No. 11 school bonds.
Due In 5 to 20 years.
-BOND SALE.
HAYS SCHOOL DISTRICT, Ellis County, Kan.
The City of Hays purchased on Aug. 13 an issue of $130.000 4)(% coupon
school bonds at par. Date Aug. 1 1925. Denom. $1.000 and $500. Due
$6.500. 1926 to 1945 incl. Int. payable F. & A.
-BOND SALE.
HENDERSONVILLE, Henderson County, No. Caro.
-The following bonds, aggregating 5475.000, offered on Dec. 15-V. 121.
.
n. 2784-were awarded to Magnus & Co. of Cincinnati as 51 4s at par.
$300.000 street impt. bonds. Due Jan. 1 as follows: *23,000. 1929 to
1940, incl., and $24,000. 1941.
175.000 water and sewer bonds. Due Jan. 1 as follows. $6,000, 1929 to
943.412.! $7.000. 1944 to 1954. incl., and $8.000. 1955.
1
1
Date Jan.
-BOND SALE.
HERNANDO COUNTY (P. 0. Brooksville), Fla.
The $1.000.000 51 % road bonds offered on Dec. 7-V. 121. p. 2784
4
were awarded to Marx & Co.of Birmingham and Prudden & Co. of Toledo.
jointly.
HIGH GROVE SCHOOL DISTRICT (P. 0. Riverside), Riverside
-D. G. Clayton, Clerk of Board of
County, Calif.
-BOND OFFERING.
Supervisors, will receive sealed bids until 10 a. m. Dec. 28 for $20,000 5270
school bonds. Date Jan. 1 1926. Denom. $1,000. Due $1,000 Jan. 1
1928 to 1947, incl. A certified check for 5% of bid, payable to the Clerk
of Board of Supervisors, is required.
HILLSBOROUGH (P. 0. San Mateo), San Mateo County, Calif.
BOND SALE-The 150.000 5% coupon front. bonds offered on Dec. 1-were awarded to Pierce, Fair & Co. of San Francisco at
V. 121. p. 2665
a premium of E2.210, equal to 104.42, a basis of about 4.52%. Date
Nov. 11925. Due $2,000 Nov. 1 1926 to 1950, incl.
-BOND OFFERING.
HINDS COUNTY (P. 0. Jackson), Miss.
W. W. Downing, Clerk Board of County Supervisors. will receive sealed
bids until 3 p. m. Jan. 13 for *1.800.000 5% series B road bonds. Date
Jan. 1 1926. Denom. $1.000. Due Jan. 1 as follows: $54,000. 1027
to 1931 incl.•. i72.000. 1932 to 1941 incl.. and $51.000. 1942 to 1951 incl.
Prin. and int. (J. & J.) payable In Jackson of at the National Bank of
Commerce, N.
City, at option of holder. A certified check for 5%
of bid, payable to the Clerk Board of County Supervisors, is required.
Y'
Financial Statement.
$100.000.000
Estimated value of property
42.0011,000
Assessed valuation (1925) in excess of
1,676.000
Bonded Indebtedness (exclusing this issue)
47,000
Sinking fund
-The
Hawaii.
-BOND SALE.
HONOLULU (City and County of),
*1.000.000 5% coupon public impt. 'bonds offered on Dec. 15-V. 121, P•
2434
-were awarded to a syndicate composed of Lee, Higginson & Co.,
Barr Bros. & Co., both of N. Y. City; Edmunds Bros. of Boston, the
FLAT CREEK SPECIAL SCHOOL TAXING DISTRICT (P. 0. Fletcher American Co. of Indianapolis. Herrick Co. of Cleveland. Old
- Colony Trust Co. of Boston and the Second Ward Securities Co. of MilAsheville), Buncombe County, No. Calm-BOND OFFERING.
W. C. Murphy, Supt. of Public Instruction, will receive sealed bids until waukee at a premium of $71,970. equal to 107.19. a basis of about 4.45%.
12 m. Jan. 12 for $55,000 not exceeding 6.'"z school bonds. Date Jan. 1 to optional date and a basis
about 4.56% if allowed to run full term of
1926. Denom. $1.000. Due Jan. 1 as follows: $1.000, 1928 to 1930 years. Date Dec. 15 1925. of
Due Dec. 15 1955, optional Dec. 15 1945.
incl., and 12.000. 1931 to 1056 incl. Prin. and semi-ann. Int, payable
Financial Statement (as Officially Reported).
at the Hanover National Bank. N. Y. City. A certified check for $1.100.
*214.275.164
payable to the County Treasurer. Is required. Legality approved by Assessed valuation, 1925
Total bonded debt, including this issue
3,080,000
Storey, Thorndike. Palmer & Dodge of Boston.
Less water bonds
$1.000,000
-The Net bonded debt
FOND DU LAC, Fond 'du Lac County, Wis.-BOND.SALE.
2,080,000
valuation less thark,1%.
121, p. 2665
-were
*76.000 435% sewer bonds offered on Dec. 8-V.
Ratio of net bonded debt to assessed
awarded to the Commercial Co. and W. J. Ryan, both of Fond du Lac.
Population, 1925, officially estimated. 101.500.
jointly, at a premium of $969 45. equal to 101.27. a basis of about 4.35%•
HOUSTON INDEPENDENT SCHOOL DISTRICT, Harris County,
Date March 11925. Due $4.000. 1927 to 1945, incl.
Tex.
-BOND OFFERING.
-Sealed bids will be received until 10 a.' m.
FORT BEND COUNTY ROAD DISTRICT NO.1 (P. 0. Richmond), Jan. 25 by H. L. Mills, Business Manager Board of Education, for *2.005.Tax -BOND SALE.
-The J. E. Jarrett Co. of San Antonio has purchased 0005% school bonds. Date Feb. 11926. Due i143.000 1927 and $133,000
an issue of *00.000 554% coupon road bonds at a premium of $600. equal to 1928 to 1941, inclusive. A certified check for 2% of bid is required.
100.66. Date June 1 1925. Interest payable A. & 0.
-BOND OFFERING.
INDIANA (P. 0. State of).
-Sealed bids will-be
-BOND OFFERING.
- received until 11 a. m. Dec. 29 by Lewis S. Bowman, Secretary State
FOUR OAKS, Johnston County, No. Caro.
N. H.Barber, Town Clerk, will receive sealed bids until 4 p. m. Jan. 11 for Board of Finance (P. 0. Indianapolis), for $1.000,000 tax anticipation loan
*70.000 water and sewer bonds. Legality approved by Bruce Craven of bonds. Dated Jan. 2 1926. Due June 30 1926. Certified check for $1,000
required. Bidder to state rate of interest.
Trinity.
--BOND OFFERING.
FULTON COUNTY (P. 0. Rochester), Ind.
JACKSON COUNTY SCHOOL DISTRICT NO. 91 (P. 0. Butte
-M. P. Baker, District Clerk, will
Sealed bids will be received until 10 a. m. Dec.23 by Isaac A. Bats, County Falls), Oregon.
-.-BOND OFFERING.
% highway bonds.
receive sealed bids until 7 p. m. Dec. 28 for 320,000 5% school bonds.
Treasurer, for $4.000
Date Jan.
CAR WOOD SCHOOL DISTRICT (P. 0. Garwood), Union County, for 5% of 11926. Denom. $1,000. Due Jan. 1 1946. A certified check
bid is required.
-On Dec. 11 the $180,000 4)11% coupon (with
-BOND SALE.
N. J.
KERR COUNTY SCHOOL DISTRICT (P. 0. Kerrville),'Tex.privilege of registration as to principal only or as to both principal and int.)
-On Dec. 7 the State Comptrollerx,of Texas
school bonds, offered on that date (V. 121, p. 2784) were awarded to the BONDS REGISTERED.
Union County Trust Co.of Elizabeth at a premium of$540, equal to 100.30, registered the following 6% bonds. aggregating $12,500:
Place.
a basis of about 4.73%. Dated Jan. 1 1926. Due on Jan. 1 as follows: Amt.
Common School District No. 2 bonds.
14.000
$4.000, 1928 to 1937 incl. and E5,000. 1938 to 1965 incl.
3.500
Common School District No. 26 bonds.
-The
-BOND SALE,
GATES COUNTY (P. 0. Gatesville), No. Caro.
5.000
Common School District No. 14 bonds.
-were awarded
$100.000 5% road bonds offered on Dec.14-V.121. p.2665
Due serially.
Co.of Toledo at a premium of$1,005. equal to 101.005
to Braun,Bosworth &
KERNERSVILLE. Forsyth County, No. Caro.
-BOND SALE.
-a basis of about 4.92%. Due $3,000 1930 to 1939, incl., and $5,000,
The $100,000 coupon street impt. bonds offered en Dec. 15-V1121.1p.
1940 to 1953, incl.
Dm.191925.]
THE CHRONICLE
_
2665—were awarded to A. T. Bell & Co.of Toledo as 5148 at a premium of
$161. equal to 100.16, a basis of about 5.48%. Date Nov. 1 1925. Due
4500 Nov. 1 1927 to 1946 incl.
KLAMATH FALLS, Klamath County, Ore.—BOND OFFERING.—
Lein L. Gaghagen, Police Judge, will receive sealed bids until 8 P. m. Jan.
11 for the following, not exceeding 6% bonds, aggregating $190,215.53:
$16,600.28 street impt. bonds. Denom. $500, except one for for $109.28.
A certified check for $500 is required.
7,073.72 street impt. bonds. Denom. $500, except one for $73.72. A
certified check for $353.68 is required.
13,410.90 street impt. bonds. Denom. $500, except one for $410.90.
A certified check for $500 is required.
3,522.89 street impt. bonds. Denom. $500, except one for $22.89. A
certified check for $176.14 is required.
17,542.74 street 'rapt. bonds. Denom. $500, except one for $342.74.
A certified check for $867.13 is required.
2,715.85 street impt. bonds. Denom. $500, except one for $135.79.
A certified check for $135.79 is required.
Denom. $600, except one for $292.84.
8,792.84 street ingot. bonds.
A certified check for $439.64 is required.
street inapt. bonds. Denom. $500, except one for $319.30.
4,319.30
A certified check for $215.96 is required.
110,586.77 street impt. bonds. Denom. $500, except one for $86.77. A
certified check for $5,000 is required.
5,650.24 street impt. bonds. Denom. $500, except one for $159.24. A
certified check for $282.96 Is required.
Dated Jan. 111926. Due Jan. 111936. optional Jan. II 1927. Legality
approved by Teal, Winfree, Johnson & McCullock of Portland.
LAKE COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 25
(P. 0. Tavares), Fla.—BOND OFFERING.—D. H. Moore, Supt. of
Schools, will receive sealed bids until Jan. 18 for $30,000 6% school bonds.
Date Jan. 1 1926.
LAKELAND, Polk County, Fla.—BOND OFFERING.—J. W. Buchanan, Jr., Mayor. will receive sealed bids until 11 a. m. Dec. 30 for $458,000
6% street impt. bonds. Date Dec. 1 1925. Denom. $1.000. Due Dec. 1
as follows: $45.000, 1926: $46.000, 1927 to 1932 incl.: 545.000. 1933 and
$46.000, 1934 and 1935. Prin. and semi-annual int. payable at the Hanover
National Bank, N.Y.C. A certified check for 3% of bid on some reputable
bank or trust company doing business under the laws of Florida is required.
Legality approved. by Caldwell & Raymond of N. Y. C.
Financial Statement.
Assessed Valuation 1925: .
$39,238,050
Real estate
4.020.680
Personal..
Total
$43,258,730
Population. 21,700.
LAWTEY, Bradford CountyFla.—BOND OFFERING.—W. E.
Torode, Secretary Board of Bond 'Trustees, will receive sealed bids until
1 p. m. Jan. 19 for 520.0006% electric light coupon bonds. Date Dec. 15
1925. Denom. 51.000. Due 51.000 Dec. 15 1926 to 1945. inclusive.
Principal and interest (J. & D.) payable at the Hanover National Bank,
New York City. A certified check for $1,000, payable to R. R. Thede,
Chairman Board of Trustees, is required.
MOUNT LEBANON TOWNSHIP (P. 0. Pittsburgh), Allegheny
-ADVERTISED.
County, Pa.—NO BIDS RECEIVED—BONDS TO BE RE
—No bids were received on Dec.7 for the $125.000 4,1% coupon township
bonds offered on that date (V. 121, p. 2550). The bonds will be re-advertised.
MOUNT LEBANON TOWNSHIP (P. O. Pittsburgh) Allegheny
County, Pa.—BOND OFFERING.—Sealed bids will be received until
8 p. m. Jan. 3 next, by F. W. Cooks. Township Clerk, for $125.000 431%
or 4)1% coupon Township bonds. Denom. $1.000. Dated July 1 1925.
Int. J. & J. Due on July 1 as follows: $20,000. 1930, 1935. 1940, 1945,
1950 and $25.000, 1955. A certified check for $1,000. payable to the Township Treasurer, required.
MOUNT OLIVE TOWNSHIP SCHOOL DISTRICT (P.O. Mt. Olive),
Morris County, N. J.—BOND SALE.—On Dec. 14 the $42,000 5%
coupon school bonds offered on that date (V. 121. P. 27841 were awarded
to R. M. Grant & Co., Inc., of New York, at a premium of $288 96. equal
to 100.68—a basis of about 4.94%. Dated Feb. 1 1926. Due on Feb. 1
as follows: $1,000, 1927 to 1932, incl., and $1.500. 1933 to 1956, incl.
MULBERRY, Polk County, Fla.—BIDS REJECTED.—All bids re.
•ceived for the following four issues of 6% bonds, aggregating $167.000.
offered on Dec. 1 (V. 121. p. 2310) were rejected:
$59,000 paving bonds. Due July 1 as follows: 32.000, 1936 to 1940. incl.;
l. and $4.000. 1952 to 1955, incl.
53.000. 1941 to 1951.
inc.
24,500 water bonds. Due July 1 as follows: 51,000, 1936 to 1947, incl.,
$1.500, 1947 to 1955, inclusive.
8.500 White Way bonds. Due $500 July 1 1939 to 1955. inclusive.
75,000 street improvement assessment bonds. Due $7,500 Nov. 1 1926
to 1935, inclusive.
NASSAU COUNTY (P. 0. Mineola), N. Y.—CERTIFICATE OFFERINO.—Sealed bids will be received until 12:30 p. m. Dec. 29 by Philip F.
Weidersum, County Comptroller, for the following two issues of 4,1%
registered certificates of indebtedness bonds. aggregating $210,000:
$50.000 tuberculosis hospital.
3160.000 county building.
Denom.$1,000. Dated Dec. 11925. Prin. and semi-ann. int. (J. & D.
payable in gold at the County Treasurer's office. Due June 1 1927. A
certified check for 2% of amount of certificates bid for, payable to William
E. Luyster, County Treasurer, required. The certificates will be prepared
under the supervision of the Nassau County Trust Co., Mineola, which
will certify as to the genuineness of the signatures of the County officials
and the seal impressed thereon. Legality approved by Reed, Dougherty
& Hoyt of New York.
NEW CASTLE AND MOUNT PLEASANT (Towns) UNION FREE
SCHOOL DISTRICT NO. 4 (P. 0. Chappaqua) Westchester County,
N. Y.—BOND SALE.—On Dec. 10 the $16.500 4M % school district bonds
offered on that date (V. 121, p. 2786) were awarded to the Mount Pleasant
Bank of Pleasantville at par. Dated Oct. 11925. Due $1,000 yearly from
Jan. 1 1927 to 1939 incl.: $500. Jan. 1 1940 and $1.000. Jan 1 1941 to 1943
inclusive.
NEW HOME INDEPENDENT SCHOOL DISTRICT, Tex.—BONDS
REGISTERED.—On Dec. 7 the State Comptroller of Texas registered
$20.000 6% school bonds. Due serially.
NEWTON, Harvey County, Kan.—BOND OFFERING.—Adella Martin, City Clerk, will receive sealed bids until 1 p. m. Dec. 28 for 332.800
431% internal impt. bonds.. Date July 1 1925. Denoms. 51.000. $900
and $380. A certified check for 2% of bid is required.
LEESVILLE, Lexington County, So. Caro.—BOND OFFERING.—
R. H. Able, Town Clerk, will receive sealed bids until Jan. 14 for $10,000
6% sewerage bonds. Denom. 51.000.
LIMA, Allen County, Ohio.—BOND DESCRIPTION.—The $15,000
5% water works and water main bonds purchased by the City Sinking
Fund Trustees (V. 121. p. 2665) at par, are described as follows: Coupon
Dated Sept. 1 1925. Int. M.& S. Due yearly
bonds. Denom. $1.000.
terminating Sept. 1 1941. Date of award Aug. 17.
LOTT, Falls County, Tex.—BOND SALE.—On Oct. 23 Wm. Gunnell
has purchased an issue of 55.000 514% coupon water-works bonds at par.
Date Aug. 11925. Denom.$500. Due Aug. 1 1965, optional Aug. 1 1935.
Interest payable F. & A.
LUZERNE SCHOOL DISTRICT (P. 0. Luzern.) Luzerne County,
Pa.—BOND SALE —On Sept. 19 the Luzerne National Bank of Luzerne
purchased an issue of $30.000 5% coupon new school bonds. at 103.50.
Denom. $500. Dated July 1 1925. Int. J. & J. Due $10,000, 1932:
1936 and 1940.
MABANK, Kaufman County, Tex.—BONDS REGISTERED.—On
Drc. 7 the State Comptroller of Texas registered 560,000 6% water works
bonds. Due serially.
MADISON, Dane County, Wis.—BOND SALE.—The $100.000 414%
coupon school bonds offered on Dec. 11 (V. 121, p. 29(14) were awarded to
the First Trust & Savings Bank of Chicago at a premium of $1.530. equal
to 101.53—a basis of about 4.32%. Date Nov. 1 1925. Due $5,000
Nov. 1 1926 to 1945. inclusive.
MANATEE COUNTY (P.O. Bradenton), Fla.—BOND OFFERING.—
Robert H. Boesch, Clerk Board of County Commissioners, will receive sealed
bids until Jan. 25 for $200,000 highway bonds.
MEMPHIS, Shelby County, Tenn.—BIDS.—The following is a list
of bids received for the three issues of bonds, aggregating 5785.000, awarded
to the National City Co. of New York City at 100.079 (V. 121. p. 2904):
$125,000 general hospital bonds as 4s. Date Jan. 1 1925. Due serially
Jan. 1 1939 to 1952, inclusive.
500.000 improvement bonds as 4145. Date Jan. 1 1925. Due serially
Jan. 1 1939 to 1952, inclusive.
160,000 special assessment bonds as 4 Ms. Date July 11925. Due serially July 1 1926 to 1930, inclusive.
Interest Rates Bid
Premium
3500,000 $125.000 $160.000
Bid—Not
Issue.
Issue
Issue.
Allocated.
4%
The National City Co
414%
4M%
$620 15
Geo. B. Gibbons & Co., Inc._ 414%
414%
Guardian Detroit Co
414%
9,062 50
Eastman, Dillon & Co
First National Co. of St. Louis_
414%
Mississippi Val. Ti'. Co., St. L_
%
4.11%
4,553 00
Phelps-Fenn & Co., New York..
Blodget & Co., New York
Guaranty Co. of New York-%
4,1%
414%
1,22460
Caldwell & Co
Redrnond & Co
4,1%
431%
4,1%
10,33845
First National Bank of N.Y--431%
Liberty Say. Bank & Trust Co__ • 431%
%
13.125 00
Bankers Trust Co.of New York}
4%
%
Union & Planters Bank & Trust 44%
855 65
Co. of Memphis
431%
Barr Bros., Inc., Newyork_
4M %
1055000
431%
Old Colony Trust Co., Boston_
Halsey, Stuart & Co
E. H. Rollins & Sons
01%
oi%
434%
6.13200
Hibernia Securities Co
4M%
Seasongood & Mayer
43.1%
8.43000
431%
Harris Trust & Say. Bank, Chic
I. B.Tigrett & Co.. Memphis__
4M% 707 00
4%
43.1%
Bank of Comm.& Tr. Co.. Mfs.
Estabrook & Co., New York__ _
4,i%
446665
431%
4,1%
Kauffman, Smith & Co
MOON TOWNSHIP SCHOOL DISTRICT (P. 0. Corapolis R. F. D.
No. 3) Allegheny County, Pa.—BOND OFFERING.—Sealed bids will
be received until 8 p. m. Jan.5 next, by Lewis 0. Smith, Secretary Board of
Directors. for 555.000 431% school bonds. Denom. $1.000. Dated Feb. 1
1926. Int. F. & A. Due on Feb. 1 as follows: $1,000, 1934 to 1936 incl.:
52.000. 1937 to 1948 incl.: and $4.000. 1949 to 1955 incl. A certified check
for $1.000 payable to the District Treasurer, required. The bonds are
free from the Pennsylvania State tax. These are the bonds originally
offered on Dec. 15 (V. 121, p. 2785.)
MOOREHEAD, Clay County, Minn.—BOND SALE.—The $50,000
coupon water and light plant bonds offered on Dec. 11—V. 121, p. 2785—
were awarded to Paine, Webber & Co. and Drake-Jones Co.. both of
Minneapolis, jointly, as 4 Ms at a premium of $210. equal to 100.42, a basis
of about 4.23%. Date Jan. 11925. Due Jan.! as follows: $6,000 1928,
$7,000 1929, 58,000 1930, 59,000 1931 and $10,000 1932 and 1933.
3033
NILES SCHOOL DISTRICT (P. 0. Niles), Berrien County, Mich.—
BOND SALE.—Prudden & Co., of Toledo. purchased an issue of $28.000
414% refunding bonds at a premium of $100, equal to 100.35.
,
NISHNEBOTNA DRAINAGE DISTRICT (P.O. Rockport),kt hlson
County, Mo.—BONDS OFFERED.—James F. Gore, Attorney for District,
bids until 1.30 p. m. Dec. 18 for $125.000 514% drainage
received sealed
bonds. Due Feb. 1 as follows: $6.000 1928 to 1934. Inclusive: $7,000
1935 to 1941, inclusive, and $9.000 1944 and 1945. Principal and interest
(F. & A.) payable at a banking house to be designated by purchaser.
Legality approved by Charles & Rutherford of St. Louis.
NOBLE COUNTY (P. 0. Albion), Ind.—BOND SALE.—On Dec. 15
the $57.797 6% coupon Jesse Bilger et al. public ditch bonds offered on that
date (V. 121. p. 2666) were awarded to the Farmers & Merchants Bank of
Laotto at par. Dated Dec. 15 1925. Due $5,779.70 yearly from June 15
1926 to 1935 incl.
NORTH BERGEN TOWNSHIP (P. 0. North Bergen) Hudson
County, N. J.—BOND SALE.—On Dec. 10 the following two issues of
coupon (with privilege of registration as to principal only or as to both
principal and interest) bonds, aggregating 5411.000 offered on that date
V. 121. p.2786) were awarded to the Steneck Trust Co. of Hoboken at par:
$162,000 431% assessment bonds. Due on Dec. 1 as follows: $14,000.
1926 to 1929 incl.; $15.000. 1930 to 1935 Ind., and 516,000.
1936.
249,000414% impt. bonds. Due on Dec. 1 as follows: 59.000. 1927 to
1929 incl.: $10,000, 1930 to 1944 incl., and $12,000. 1945
.
1925
5
W 19 0 incl.
Dated Dec. 1
NORTH CAROLINA (State of).—BOND SALE.—The following
coupon bonds, aggregating $20,125,000 (registerable as to principal only
or both principal and interest), offered on Dec. 14—V. 121. p. 2904—were
awarded to a syndicate composed of Lehman Brothers, Chase Securities
Corp., Kean,Taylor & Co., Ames,Emerich & Co.. Hallgarten & Co., R. W.
Pressprich & Co.. Guardian Detroit Co., Inc.. Geo. B. Gibbons & Co., Inc.,
Caldwell & Co., L. F. Rothschild & Co. Heidelbach. Ickelheimer & Co..
Stroud & Co., Inc., Howe, Snow & Beraes, Inc., Stifel, Nicolaus & Co..
Inc., Batchelder,Wack & Co., Mississippi Valley Trust Co.. Hoffman,
O'Brien & Co., Weil, Roth & Irving Co.. Inc., and J. A. DeCamp & Co,
Inc.. as 431s at 100.0899, a basis of about 4.49%:
55.000,000 highway bonds. Due Jan. 1 as follows: $167,600 1936 to
1963, inclusive. and $324,000 1964.
5,000,000 highway bonds. Due Jan. 1 as follows: 5150.000 1930 to
1933, incl.: $200,000 1934 to 1937, incl.: $250.000 1938 to 1941.
incl.; $300,000 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. The bankers are reoffering the bonds for investment
at prices to yield 4.35%, 4.375% and 4.40,% according to maturity.
Financial Statement (As Officially Reported).
Assessed valuation 1924
52.652,045.611
Total debt, including these issues
128.758,132
Less sinking funds
3,921.862
Net debt (less than 4.75% of assessed valuation)
Population 1920 Census
$124,836.270
2.559,123
NORTH HEMPSTEAD AND HEMPSTEAD UNION FREE SCHOOL
DISTRICT NO. 5 (P. 0. New Hyde Park) Nassau County, N. Y.—
BOND SALE.—On Dec. 15 the 5300,000 431% coupon or registered school
bonds offered on that date(V. 121, p. 2786) were awarded to A. M.Lamport
& Co., Inc. of New York at a premium of $3,900, equal to 101.30, a basis
of about 4.42%. Dated Dec.! 1925. Due $5,000 yearly from Jan. 1 1927
to 1986 incl.
iscld
NORTH TAMPA SPECIAL ROAD AND BRIDGE DISTRICT (P.O.
TAMPA) Hillsborough County, Fla.—BOND SALE.—The $350,000
road bonds offered on Dec. 11—V. 121, p. 2551—were awarded to the
National City Bank of Tampa at par. (Rate not stated.)
ONEIDA, Madison County, N. Y.—BOND OFFERING.—Sealed bids
will be received until 4p. m.(to be opened at 7:30 p. m.) Dec. 29 by M. E.
Brophy, City Clerk, for $600,000 414% coupon water bonds. Denom.
51.000. Dated Jan. 1 1926. Principal and semi-annual interest (J. &
payable at the Oneida Valley National Bank, Oneida. Due on Jan. 1 as
follows: $20,000. 1935 to 1944, inclusive. and $400.000, 1945. Certified
check for $10,000 required. Legality approved by Clay & Dillon. of
New York.
ORANGE COUNTY (P. 0. Orange), Tex.—BOND SALE.—The
—
Security Trust Co. of Austin has purchased an issue of $90.000 531% road
and bridge refunding bonds.
3034
THE CHRONICLE
(VOL
$12.000 public library bonds.
150.000 gas works bonds.
405,000 water-works bonds.
750,000 sewer bonds.
1,000.000 school bonds.
1,500.000 Shockoe Creek improvement bonds.
483.000 general improvement bonds.
Date Jan. 1 1926. Denom. 31.000. Due Jan. 1 1960. Principal and
interest (J. & J.) payable at the office of the City Comptroller (unless the
bonds are
the office of the fiscal agent, New York City.
PADUCAH SCHOOL DISTRICT, McCracken County, Ky.- The bondsregistered) at
will be prepared under the supervision of the United States
BOND OFFERING.- L. J. Hanifan. Supt. of Schools, will receive sealed Mortgage & Trust Co.. N.Y. City, which will certify as to the genuineness
bids until Jan. 5 for $175,000 5% school bonds. Denom. 11.000.
of the signatures of the officials and the seal impres.sod thereon. Legality
-WARRANT OFFERING. approved by Reed, Dougherty & Hoyt, New York City. A certified check
PALM BEACH, Palm Beach County, Fla.
for
% of bid is required.
-L. Trevette Lockwood, Town Manager, will receive sealed bids until
7:30 p. m. Dec. 22 for 1150.000 6% special impt. time warrants. Date
-BOND OFFERING.
ROCHESTER, Olmstead County, Minn.
-A.F.
Oct. I 1925. Denom. $500. Due serially 1926 to 1935 incl.
Wright, City Clerk, will receive sealed bids until 2 p. m. Dec. 31 for 175.000
PALMER FIRE DISTRICT NO. 1(P. 0. Palmer), Hampden County, 434% sewage-disposal plant coupon bonds. Date Sept. I 1924. Denorn.
-Sealed bids will be received until 12 m. $1,000. Due Dec. 1 as follows: 112.000, 1926;11.009. 1927 to 1935. inclusMass.
-BOND OFFERING.
ive, and 13,000. 1936 to 1944. inclusive. Principal and interest (J. & D.)
Dec. 22, by Robert L. McDonald, District Treasurer, for 130,000 4
coupon "Water Loan Art of 1920- Series D bonds. Denom. V .000. Date Payable at the office of the City Treasurer. A certified check for 2% of bid.
Jan. 11926. Prin. and semi-ann. int.(J.& J.) payable at the First National payable to the City Treasurer, is required.
Bank of Boston. Boston. Due 11.000 yearly from Jan. 1 1927 to 1956 incl.
ROYAL OAK, Oakland County, Mich.
-BOND OFFERING.
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 Sealed bids will be received until 7:30 p. to. (eastern standard time) Dec. 25
Ropes, Gray, Hoyden & Perkins, whose opinion will be furnished the by R. Bruce Fleming. City Clerk, for the following twelve issues of special
purchaser. All legal papers incident to this issue will be filed with the assessment bonds, aggregating $255.300:
above bank, where they may be inspected at any time. Bonds to be 35.700 Third Street pavement and curb bonds. Due 11.140 yearly from
Dec. 15 1926 to 1930 incl.
delivered to the purchaser on or about Jan. 4 next at the First National
5.200 Harrison pavement and curb bonds. Due 11,040 yearly from
Bank of Boston.
Dec. 15 1926 to 1930 incl.
Financial Statement Dec. 15 1925.
$5,496,226 27,000 Woodcrest pavement and curb bonds. Due 15,400 yearly from
Net valuation for year 1924
Dec. 15 1926 to 1930 incl.
137.000
Total bonded debt, including this issue (all water debt)
64.600 Northwood Boulevard pavement and curb bonds. Due 112.920
yearly from Dec. 15 1926 to 1930 incl.
-The First
-TEMPORARY LOAN.
PEABODY, Essex County, Mass.
National Corporation of Boston, has been awarded a temporary loan of 22.000 Williams Street pavement and curb bonds. Due 12,200 yearly from
Dec. 15 1926 to 1935.
a 3.67% discount basis plus a premium of 13.25.
1150,000 on
22,600 Curry Avenue pavement and curb bonds. Due 14.520 yearly from
-SOLD BY SYNDI-423.900.000 ISSUE RE
PHILADELPHIA, Pa.
Dec. 15 1926 to 1930 incl.
-The Natinlal City Co., Harris. Forbes & Co., Bankers Trust Co., 31,300 Laurel Street pavement and curb bonds. Due 16,260 yearly from
CATE.
Dec. 15 1926 to 1930 incl.
Janney & Co. Graham, Parsons & Co.. Biddle & Henry. Bank of North
nd Hannahs, Bailin & 14,600 Second Avenue pavement and curb bonds. Due $2,920 yearly
America & Trust Co.. L. F. Rothschild &
Co.,onds, due Dec. 11975,
from Dec. 15 1926 to 1930 incl.
Lee, announce that the issue of 123.900.0004M
optional 1945. which were awarded to them on Dec. 7 (V. 121. p. 2905). 15.800 Pingree pavement and curb bonds. Due $3,160 yearly from Dec.
15 1926 to 1930 incl.
has all been sold. The hankers re-offered the bonds for public subscription
at 103 and interest, yielding 4.275% to optional date and 4.50% thereafter. 13,100 Longfellow pavement and curb bonds. Due 12.620 yearly from
Dec. 15 1926 to 1930 incl.
-TEMPORARY LOAN.
PITTSFIELD, Berkshire County, Mass.
- 13,700 Irving pavement and curb bonds. Due 12.740 yearly from Dec. 16
F. S. Moseley & Co. of Boston purchased on Dec. 16 a 1100.000 temporary
1926 to 1930 ind.
loan, payable June 16 1926.
19.700 water service program No. 1 bonds. Due 33.940 yearly from
Dec. 15 1926 to 1030 incl.
-WARRANTS OFFERED.
POLK COUNTY (P. 0. Bartow), Fla.
Denom.11.000 as far as possible. Dated Dec. 15 1925. A certified check
J. H. Raulerson. Clerk Hoard of County Commissioners, received sealed for $2.500 payable to the City of Royal Oak. required. Bidders to name
bids until Dec. 18 for $20.000 6% time warrants. Date Jan. 1 1926. rate of interest.
Denom.11.000. Due $40,000 Jan. 1 1927 to 1931 incl. Int. payable J.& .1
RYE, Westchester County,
Y.
-BOND SAI.E.-On Dec. 16 the
-BOND SALE.
-On Dec. 14 the 375.000 coupon (with privilege ofN.
PONTIAC, Oakland County, Mich.
registration as to principal and interest)
following three issues of special assessment bonds offered on that date sewer bonds of 1925. offered on that date
-V.121, p.2006-were awarded
(V. 121, p. 2905) were sold to the City of Pontiac, as 430, at par:
to Westcott & Parrott
at 100.078, a basis of about
New York as 4
$15,000 paving bonds. Due 13.000 yearly from Dec. 1 1926 to 1930. Incl. 4.24%. Date Nov. 1 of
1925. Due $5,000 yearly from Nov. 1 1926 to
yearly from Dec. 1 1926 to 1928, incl.
6,000 sewer bonds. Due 12,000
1940 inclusive.
4,000 curb and gutter bonds. Due 11,000 yearly from Dec. 1 1926 to
1929, incl.
-NOTE SALE.
SALT LAKE COUNTY (P.O. Salt Lake City), Utah.
Dated Dec. 1 1925. Stranahan, Harris & Oatis, Inc., of Toledo, bid -The Old Colony Trust
F. S. Moseley & Co.. both of Boston, and
par plus a premium of 137 50 for 5Y4s for the bonds.
R. W. Pressprich & Co. ofCo., C., Jointly, purchased an issue of $1,300,N. Y.
000434% tax anticipation notes. Date Dec. 311925. Due Dec. 31 1926.
PREMONT INDEPENDENT SCHOOL DISTRICT, Jim Wells
-BONDS REGISTERED.
-On Dec. 12 the State Comp-BOND OFFERING.
County, Tex.
SAN FRANCISCO (City and County of), Calif.
Texas registered $20,000 5% school bonds. Due serially.
troller of
-J. S. Dunnigan, Clerk of Board of Supervisors, will receive sealed bids
until 39. m. Jan. 11 for 16.000.0005% school bonds. Date March 11923.
-BOND SALE.
-The $75,000 Denom.
PROSSER, Benton County, Wash.
1928 to 1967, incl. A certified check for
-were awarded to 310.000.31,000. Due 1150,000.named Clerk, is required. Legality apwater works bonds offered on Nov. 3-V. 121. p. 1945
payable to the above
the State at par.
proved by John C. Thomson, N. Y. City.
•
-On Dec. 15 the 12.500.0004%
PROVIDENCE, R. I.
-BOND SALE.
Financial Statement.
water supply loan bonds offered on that date(V. 121. p.2552) were awarded
•
The outstanding bonded debt of the city and county is
to a syndicate composed of Eldredge & Co.: Kean, Taylor & Co.; W. A. Water debt
Harriman & Co. Inc.; L. F. Rothschild & Co. and G. B. Gibbons & Co.. Other debt
141.106:00
38 0° 0
0 0
'
Inc. at 97.862. a basis of about 4.205%. Dated Jan. 2 1926. Due 11,500,
000 Jan. 2 1936 and 11.000.000 Jan. 2 1946.
Total
179.106.000
in
County, Pa.
-BOND OFFERING.
QUARRYVILLE, Lancaster
- ofThe city has no floating indebtedness nor debt created• anticipation
taxes.
Sealed bids will be received until 12 m. Dec. 28 by Burgess J. Allan Kirk,
Of the foregoing a tax has been levied and in process of collection (apat the office of H. Edgar Sherts, 42 North Duke St.. Lancaster. for 130.000 proximately two-thirds collected) sufficient to redeem water bonds to the
434° water supply impt. bonds. Denom. 11,000. Date July 1 1925. amount of 11,000,000 and other bonds to the amount of 11,646,600. which
)'
Certified check for 2% of the amount of bonds bid for, payable to the will reduce the total debt by 12,646.600.
Borough, required. The bonds are free from the Penna. State tax.
The assessment roll for the current fiscal year is
1733.789,500
-BOND SALE.
-The following Non-operative property
RALEIGH, Wake County, No. Caro.
316,791,956
registered bonds aggregating 11.400,000, offered on Dec. 16 Operative property
coupon or
-V 121, P. 2786-were awarded to a syndicate composed of First National
Total assessment
$1.050.581,456
Trust Co.; Curtis & Sanger: Estabrook & Co.; Eldredge & Co. and the
Property assessed at approximately 50% of its value.
Wm. R. Compton Co., all of New York, and Old Colony Trust Co. of
Boston as 434s at a premium of 118,116, equal to 101.29, a basis of about
-BOND SALE.
-The
SANTA MONICA, Los Angeles County, Calif.
4.59°4:
$120,000 434% university site bonds offered on Dec. 1-V. 121. p. 2311$1,000,000 street impt. bonds. Due 150,000 Jan. 1 1927 to 1946 incl.
were awarded
Company of Los Angeles at a premium of
the Security
200,000 water bonds. Due Jan. 1 as follows: 13,000. 1927 to 1936 1125, equal to 100.10, a basis of about 4.49%. Date Dec. 1 1925. Due
inel.• $5,000. 1937 to 1956 incl. and 17.000,1957 to 1966 incl. $30,000, 1926 to 1939, incl.
department and sewer bonds. Due Jan. 1 as follows:
200,000 fire '
14,000, 1927 to 1936 incl.; 16.000. 1937 to 1946 incl., and
-BOND OFFERING.
SARANAC LAKE, Franklin County, N. Y.
310,000. 1947 to 1956 incl.
Sealed bids will be received until Dec. 21 by Seaver A. Miller, Village
Date Jan. 11926.
Clerk, for 15.105.78 coupon or registered paving bonds, at not exceeding
Financial Statement (as officially reported).
5%, interest. Denom. $1500, except 1 for 1605.78. Dated Jan. 1 1926.
375.000.000 00 Prin. and semi-ann. int. (J. & J.) payable at the Adirondack National
Actual valuation
Bank, Saranac Lake, in New York exchange. Due on Jan. 1 as follows:
Assessed valuation (1925)
:1,9 1,9 1 00 3500, 192710 1935 incl. and 1605.78, 1936. A certified check for 5% of the
3
2
Total bonded debt (including this issue)
1,797,648 12 amount of the bid, payable to the Village, required.
Water debt, 11,547.000; sinking fund, 1250.648 12
3.134.272 88
Net bonded debt
• SEMINOLE COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 1
Population, 1920 census, 27,076; present estimate. 40,000.
(P. 0. Sanford), Fla.
-T. W. Lawton, Supt. Board
-BOND OFFERING.
-BOND SALE.
-The of Public Instruction, will receive sealed bids until 10 a. m. Jan. 12 for
Dayton), Tenn.
RHEA COUNTY (P. 0.
-were $450.000
1312,000 coupon funding bonds offered on Sept. 14-V. 121, p. 1129
% school bonds. Due in 1 to 30 years. Int. payable semi-ann.
awarded to Seasongood & Mayer of Cincinnati as 5s. Date Sept. 11925.
SHAWNEE RURAL SCHOOL DISTRICT (P. 0. Shawnee), Allen
Denom. $1,000. Due Sept. 1 1955. Prin. and hit. (M. & S.) payable at
-On Dec. 15 the 124.000 57 coupon
-BOND SALE.
the Chase National Bank, N. Y. C. Legality approved by John C. County, Ohio.
-V. 121, p. 2787
school district impt. bonds, offered on that date
-were
Thomson, N. Y. C.
awarded to
Terry & Co. of Toledo for $24,587. equal to 102.44, a
Financial Statement.
115,000,000.00 basis of about 4.71%. Dated Dec. 15 1925. Due 1500, April 1 1926 to
W..
Real valuation
Oct. 11927. incl.; 11,000, April 1 1928; $500. Oct. 1 1928 to Oct. 11929.
7.530,935.72
Assessed valuation (1924)
incl.: 11,000. April 11930; $500, Oct. 1 1930 to Oct. 11931, incl.; 11,000,
1562,000.00
Bonded debt (this issue included)
April 11032; 1500, Oct. 1 1932 to Oct. 1 1935. incl.: 11,000, April 11936;
40,699.52
Sinking fund
3500, Oct. 1 1936 to Oct. 11937. incl.; 11.000. April 11938' 1500. Oct. 1
1521,300.48 1938 to Oct. 11041, incl.,: 11.000, April 1 1942; 1500, Oct. 1 1942 to Oct. 1
Net debt
1943. incl.; 11,000. April 1 1944: 1500, Oct. 1 1944 to Oct. 11945, incl.;
Population (1920 Census), 13,812.
$1,000, April 1 1946, and 1500. Oct. 11946.
-Sealed bids will be
-BOND OFFERING.
RHODE ISLAND (State of).
SOMERSET COUNTY (P. 0. Somerset), Pa.
-BOND SALE.
-On
received until 12 m. Jan. 5 by Richard W. Jennings, General Treasurer
(P. 0. Providence), for all or any part of 1500.0004% tax-free court-house Dec. 10 the 1200,000 454% tax-free coupon (with privilege of registration
loan gold bonds. Denom. $1,000 Dated Aug. 1 1925. Principal and as to principal only or as to both principal and interest) bonds offered on
awarded to the Mellon National Bank of
semi-annual interest (F. & A.) payable in gold coin of the United States that date (V. 121. p. 2667) were
equal to the present standard value of fineness and weight. Due Aug. 1 Pittsburgh, at a premium of $4,075, equal to 102.03. a basis of about
1975. Bonds will be delivered at any time desired by the purchaser on or 4.35%. Dated Dec. 15 1925. Due Dec. 15 1945. Other bidders were:
before Feb. 1 1926. Either coupon or registered bonds will be issued as
Premium.
Premium.
desired, and coupon bonds may at any time thereafter be converted into Union Trust Co
$4,040 W. IT. Newbold's Son & Co .12.144
registered bonds at the option of the holder.
3,554 The County Trust Co., SomerS. M. Vockel & Co
Yarnell & Co
set, Pa
3,032
2,026
Financial Statement.
1,638
113.539,000 00 Edward Lowber Stokes & Co_ 2,920 The National City Co
Bonded debt of State. including this issue
2,914
2,666,847 24 Stroud & Co
Sinking funds as of Nov.30 1925
Greenport) Suffolk County, N. Y.
SOUTHHOLD (P. 0.
-BOND
110.872,152 76 SALE.
Net debt
% highway construction bonds offered
-On Dec. 11 the 190,600
Assessed valuation of cities and towns of the State as of
awarded
on that date (V.
$1,185,119,600 00 of New York for 121. p. 2787) were100.58, a to the Eastman, Dillon & Co.
June 15 1925
basis of about 4.42%. Dated
$91,134. equal to
-C. H. Jan. 11925. Due on July 1 as follows: $5,000. 1926 to 1942 incl.; $5.600,
RICHMOND, Henrico County, Va.-BOND OFFERING.
Cofer, City Comptroller, will receive sealed bids until 5 p. m. Dec. 29 for 1943. Bids were also received from Geo. B. Gibbons & Co., Inc. and the
Southhold Savings Bank.
the following 434% coupon or registered bonds, aggregating 14,300,000:
-The following 5%
ORLANDO, Orange County, Fla.
-BOND SALE.
-were
bonds, aggregating 1470,000, offered on Dec. 12-V. 121, p. 2666
awarded to the Florida National Bank of Jacksonville and associates at a
discount of 112.784. equal to 97.27:
1180,000 paving bonds. Date Dec. 1 1925.
170.000 paving bonds. Date Feb. 1 1926.
60.000 sewer bonds. Date Dec. 1 1925.
60.000 sewer bonds. Date Feb. 11926.
Due serially in 1 to 10 years.
Dm.19 1925.1
THE CHRONICLE
STAMFORD, Fairfield County, Conn.
-TEMPORARY LOAN.
F. S. Moseley & Co. of Boston purchased on Dec. 15 a $200,000 temporary
loan on a 3.81% discount basis plus a premium of $2.25. Denoms. $25.000.
$10,000 and $5,000. Due June 15 1926. The notes will be engraved under
the supervision of the Old Colony Trust Co. of Boston. Legality approved
by Ropes, Gray, Boyden & Perkins of Boston.
STEUBEN COUNTY (P. 0. Angola), Ind.
-BOND OFFERING.
Sealed bids will be received until 10 a. m. Dec. 31 by Frank 0. Watkins.
County Auditor, for $5,785.11 6% County bonds. Denom. $600. except 1
for $385.11. Dated Jan. 1 1926. Prin. and semi-ann. int. (M. & N.)
payable at the County Treasurer's office. Due on May 1 as follows:
4385.11, 1926 and $600, 1927 to 1935 incl.
SWAN CREEK TOWNSHIP (P.0. Swanton R.F. D. No. 23) Fulton
-Spitzer, Rorick dr Co. of Toledo have
County, Ohio.
-BOND SALE.
purchased an issue of $6,267 5%% road bonds at a premium of $10, equal
to 100.16. Dated Dec. 11925. Int. payable semi-annually.
-The State Comptroller
TEXAS (State of).
-.--BONDS REGISTERED.
of Texas registered the following school district bonds, aggregating $7,700:
Int. Rate.
Due.
Amount.
Place.
Dale Reg.
$2,500 Martin Common Sch. Dist. No. 13_ _ _5% 10 to 20 years Dec. 9
Dec. 9
1,200 Anderson Co. Common S. D. No. 17_6% 20 years
Dec. 9
2.500 Collin County Common S. D. No.3/-5% Serially
Dec. 10
1,500 Limestone Co. Corn. S. D. No. 11-_ _5% 5 to 10 years
TAYLOR COUNTY COMMON SCHOOL DISTRICT NO. 11 (P. 0.
-BONDS REGISTERED.
-On Dec. 9 the State CompAbilene), Tex.
troller of Texas registered $15,000 5% school bonds. Due serially.
TERRACE MUNICIPAL IRRIGATION DISTRICT (P. 0. Del
-BOND SALE.
-The Frank C.
Norte), Rio Grande County, Colo.
Evans Co. of Denver has purchased an issue of $100,000 6% irrigation
bonds. Date Dec. 1 1925. Denom. $1.000. Due serially. 1930 to
1949 incl.; optional after 1935. Prin. and semi-ann. Int. payable in
N. Y. City. legality approved by Pershing, Nye, Tallmadge & Bosworth
of Denver.
.
TIPTON, Tipton County, Ind.
-BOND OFFERING.
-Sealed bids
will be received until 7:30 p. in. Dec. 28 by Nina D. Smith, City Clerk, for
$32.000 5% refunding bonds. Denom. $1,000. Dated Dec. 11925. Prin.
and semi-ann. int. (J. & D.) payable at the City Treasurer's office. Due
on Dec. 1 as follows: $3.000, 1928 to 1935 incl.: and $4,000. 1936 and 1937.
the reserving of the right to retire any or all of this issue after 3 years
from date of the bonds upon giving 60 days' notice in writing.
TONAWANDA (P. 0. Kenmqre), N. Y.
-NO BIDS RECEIVED
-ADVERTISED.
-We are advised by E. W. Johnson,
BONDS TO BE RE
Town Clerk, that no bids were received for the 14 issues of coupon bonds
aggregating 33.275.000 offered on Dec. 14-V. 121. p. 2667. He further
states that the bonds will be re-advertised immediately.
TROY, Bradford County, Pa.
-BOND SALE.
-The $12,000 4%%
street impt. bonds offered on Nov. 23 (V. 121. p. 2438) were awarded to
the First National Bank of Troy at par. Dated Dec. 1 1925. Due $2,000
yearly from Dec. 1 1933 to 1938 incl.
TRUMBULL COUNTY (P. 0. Warren), Ohi o.
-BOND SALE.
On Dec. 11 the $49.000 5% coupon Chagrin Falls-Greenville I. C. H.
No.35 bonds offered on that date(V. 121, p. 2787) were awarded to Stranahen, Harris & Oatis. Inc. of Toledo at a premium of 31,03.5.50. equal to
102.11, a basis of about 4.58%. Dated Dec. 11925. Due each six months
as follows: $3.000 April 1 and 32.000 Oct. 1 1927 to 1931 incl. and $3,000
April 1 and Oct. 1 1932 to 1935 incl.
UNIVERSITY CITY SCHOOL DISTRICT, St. Louis County, Mo.BOND OFFERING.
-The Secretary of Board of Education will receive
sealed bids until 8 p. m. Dec. 29 for $470,000 434% coupon school bonds.
Date Jan. 1 1926. Denom. $1.000. Due 319.000, 1930: $20,000, 1931:
1.000, 1932; 322.000, 1933 and 1934: 324.000. 1935: 625,000, 1936:
26,000, 1937: $27.000. 1938: 328,000, 1939; 329.000. 1940: 331,000. 1941:
2,000. 1942; $34,000. 1943: 335.000. 1944; $37,000. 1945. and
8,000. 1946. Prin. and int. (J. & J.) payable at the Mississippi Valley
Trust Co., Si, Louis. A certified check for $5,000, payable to the Treasurer of Board of Education, is required. Legality approved by Charles
k Rutherford of St. Louis.
WACO, McLennan County, Tex.
-BOND SALE.
-The $105,000
4,i% acquiring property bonds offered on Dec. 15-V. 121. p. 2906
-were
awarded to Garrett & Co. of Dallas at a premium of 31,071, equal to 101.02.
These bonds were registered on Dec. 7 by the State Comptroller of Texas.
' WALTERS, Faribault County, Minn.
-BOND OFFERING.
-Sealed
bids will be received until Dec. 22 by Geo. W. Ahnemann, Village Clerk,
for $4,000 6% coupon electric light bonds. Date Dec. 1 1925. Denom.
$100 or $400. Due serially June 1 1927 to 1936, incl. Int. payable
J. & J. These are the bonds originally offered for sale on Dec.8-V. 121,
-but all bids were rejected.
D. 2553
WARREN COUNTY(P.O. Glens Falls), N. Y.
-BOND OFFERING.
Sealed bids will be received until 11 a. m. Dec. 22 by Beecher W. Sprague,
County Treasurer, for $220.000 454% tuberculosis hospital, Series of 1926.
bonds. Denom. 31.000. Dated Jan. 1 1926. Int. J. & J. Due $10,000
yearly from July 1 1930 to 1951. incl. Certified or cashier's check on an
incorporated hank or trust company in the State of New York for 2% of the
amount of bonds, payable to the County Treasurer, required. Legality
approved by Clay & Dillon of New York, whose opinion will be furnished to
the purchaser free of charge. Bonds to be delivered to the purchaser on
Jan. 1 1926 or such other date as may be mutually agreed upon between
the purchaser and the County Treasurer. The county reserves the right
to sell the bonds at public auction, and in that event any sealed proposal
received will be deemed to be a bid on such auction sale at the price named
in such proposal.
WASHINGTON TOWNSHIP (P.O. Reynoldsville R. D.1),Jefferson
-The First National Bank of Apolla purCounty, Pa.
-BOND SALE.
chased an issue of 324.500 5% township bonds at par. Int. J. & D.
-BOND OFFERING.
WATERBURY, New Haven County, Conn.
Sealed bids will be received until 8 p. in. Dec. 23 for the following three
issues of bonds, as follows:
$242,000 4)4% water bonds. Date Jan. 15 1925. Due 1955 to 1965, ind.
400,0004)4%water bonds. Date July 151925. Due 1926 to 1965, incl.
50.000 4)4% funding bonds. Date July 15 1925. Due July 15 1934.
WEEHAWKEN TOWNSHIP, Hudson County, N. J.
-BOND SALE.
-On Dec. 17 this township sold $152.500 5% five and six year temporary
impt. bonds at a premium of $1,055 25, equal to 100.69, to Howard A.
Stokes of New York.
WHITE CASTLE, Iberville Parish, La.
-BOND OFFERING.
C. Josepe, Mayor, will receive sealed bids until Jan. 5 for the following
6% bonds, aggregating $35,000:
328,000 electric light plant bonds.
7,000 street improvement bonds.
Due serially 1927 to 1946, inclusive.
WHITE PLAINS, Westchester County, N. Y.
-BOND OFFERING._
Sealed bids will be received until 11 a. m. Dec. 29 by Eugene S.
Commissioner of Finance, for $100,000 4)4% registered schoolMartin.
bonds.
Denom. $1,000. Dated Jan. 1 1926. Prin. and semi-ann. int. (J. & J.)
payable in lawful money of the United States in New York exchange at
the office of the City Commissioner of Finance. Due $10.000 yearly from
Jan. 1 1936 to 1945, incl. Certified check or cashier's check on an incorporated bank or trust company in New York for 32.000, payable to the
Commissioner of Finance, required. Legality approved by Clay & Dillon
of New York,
WICHITA FALLS, Wichita County, Tex.
-BONDS REGIBTERED.On Dec. 11 the State Comptroller of Texas registered the following 4ji%
bonds. aggregating $421,000:
$37,000 refunding sewer bonds.
i $7,000 park bonds.
36,000 water works bonds.
31.000 hospital bonds.
10,000 incinerator bonds.
Due serially.
WILMINGTON, New Hanover County, No. Caro.
-BOND OFFER-Thos. 13. Meares, City Clerk and Treasurer, will receive sealed
ING.
bids until 12 in. Dec. 29 for $410,000 not exceeding 5% public impt. bonds.
Date Jan. 1 1926. Due Jan. 1 as follows: $10,000, 1927 to 1935 incl.•
320.000. 1936, and $25,000, 1937 to 1948 incl. Prin. and int. (J. & J.)
payable in gold at the National City Bank, N. Y. City. A certified check
Ems
3035
for 2% of bid, drawn on some incorporated bank or trust company, payable
to the City Treasurer, is required. Legality approved by John 0. Thomson
of N. Y. City.
YAKIMA COUNTY (P. 0. Yakima), Wash.
-BIDS.
-The following
is a list of bids received for the $205.000 road refunding bonds, awarded
to the Guaranty Trust Co. of New York and the Washington Bond &
Finance Co. of Yakima,jointly, as 4%s at 100.28. a basis of about 4.67%V. 121. 02907:
Pa. Rate. Prem.
Ferris & Hardgrove, Spokane
% 812300
Geo. H. Burr. Conrad & Broom. Inc.. Seattle; John E. Price
& Co.. Seattle: Ralph Schneeloch Co., Portland, and the
Trust Co., Portland
Security Savings &
4)4% 1,19925
Union Trust Co.. Spokane. and Seattle Nat. Bank. Seattle- -5%
231 65
Lumbermens Trust Co.. Portland, and Peirce, Fair & Co.,
Portland
% 334 15
5%
Ralph 11,anchard Co., Portland
2.525 00
Myth, Witter & Co.. Portland
5%
2,706 00
Yakima Valley Bank, Yakima; Nat. Bank of Commerce,
Seattle; Bonbright & Co. Seattle; Baillargeon. Winslow
& Co.. Seattle: Bond & Goodwin & Tucker, Seattle, and
First National Bank, Seattle
4)4% 533 00
State Finance Committee, Olympia
4 J4%
-BOND OFFERING.
YPSILANTI, Washtenaw County, Mich.
Sealed bids will be received until 4 p. m. Dec. 21 by H. C. Holmes. City
Clerk, for $20,000 45i% paving bonds. Denom. $1.000. Dated Jan. 2
1926. Int. semi-annual. Due as follows: 32.000, 1928 to 1931, incl.,
and $4,000, 1932 to 1934. incl.
CANADA, its Provinces and Municipalities.
,
ANCASTER TOWNSHIP, Wentworth Co Inty, Ont.-BOND SALE.
-The $8 487 54 5%% 10-installment bonds offered on Nov. 20-V. 121.
p. 2554-were awarded to H. R. Bain & Co. of Toronto at 101.50. Due
in 10 years-Bids were received up to
ANTIGONISH, N. S.
-BONDS OFFERED.
-year light and power bonds,
Dec. 12 for the purchase of $60,000 5% 30
Dated Nov. 1 1925. Denom.$500 and 31.000. D.C. Chisholm, Clerk.
-The School Trustees will reAYLMER, Que.-BOND OFFERINGS.
-year
ceive bids up to 6 p. m. Dec. 21 for the purchase of $25.000 5% 30
bonds in denom. of $500 each and payable at Aylmer. R. K. Edey, Sec:
Treas. of School Trustees.
-Bids were invited up to
BRANTFORD, Ont.-BONDS OFFERED.
-installment (city's share)
noon Dec. 16 for the purchase of $137,800 5% 25
Provincial highway bonds. Interest J. & J. Due 35.300 yearly from
Dec. 15 1928 to 1953. inclusive. A. K. Bunnell. City Treasurer.
ELK SCHOOL DISTRICT NO.3776, Sask.-BONDS AUTHORIZED.
-This district has been granted authority by the Local Government of the
Province of Saskatchewan to issue $1,500 bonds.
-The Dominion Securities
FORT WILLIAM, Ont.-BOND SALE.
Corporation. Ltd. of Toronto has purchased an issue of $200.000
%
Collegiate Institute bonds.
HALDIMAND COUNTY (P.O. Cayuga), Ont.-BOND SALE.
-H.R.
Bain dr Co., Ltd., Toronto, have purchased the issue of 3100.000 5%
-installment bonds offered on Dec. I (V.121, p. 2788) at 99.76-a basis
20
of about 5.03%. Other bidders were:
Rate Bid.
Rate Bid.
99.50 Fry, Mills, Spence & Co____99.43
Wood, Gundy & Co
99.53 A. E. Ames & Co., Ltd
Municipal Bankers Corp
99.19
99.40 McLeod, Young, Weir & Co_99.19
Bell. Gouinlock & Co
99.275 Gairdner & Co
Cochran, Hay & Co
99.15
99.13 Dominion Securities Corp_ -99.0725
99.0725
Aird, McLeod & Co
Macneill, Graham & Co
99.03 C. H. Burgess & Co
98.96
-BOND DEFEATED.
HAMILTON, Ont.-BONDS VOTED
-The
ratepayers approved a $450,000 sewer bond by-law, at the municipal
elections held recently. Several other by-laws voted on at the same time
were voted down.
HARRISTON, Ont.-BOND SALE.
-Cochran. Hay & Co. of Toronto
have purchased an issue of $22,000 5% town bonds at 99.04.
-BOND SALE.
-The Okanagan Loan & Investment
KELOWNA,B. C.
Trust Co. of Kelowna has purchased an Issue of $4,500 534% 10
-year city
bonds at 100.50.
KENOGAMI, Que.-BOND SALE.
-On Dec. 15 the $16 600 534%
15
-year serial bonds, offered on that date
-V. 121. p. 2907
-were awarded
to the Credit Municipal at 99.12. Int. M. & N. Due December 1926
to 1940 inclusive.
KENOGAMI, Quo.
-BOND OFFERING -Bids are invited up to
-year serial bonds.
8:30 p in. Dec. 22 for the purchase of $51,000 5% 10
payable at Kenogami, Montreal and Quebec. D. Deners, Clerk.
-The ratepayers have approved
KINGSTON. Ont.-BONDS VOTED.
the $25,000 park by-law.
LONDON. Ont.-BONDS VOTED.
-The ratepayers approved the
following three issues of 5% bonds submitted to them on Dec. 7 (V. 121.
p.2554):
$225.000 Nurses' Home.
75,000 street bridge.
75,000 Home for Incurables.
Due serially in from 1 to 20 years.
MIMICO, Ont.-BOND SALE.
-On Dec. 7 the following two issues of
5% bonds, aggregating $81,510, offered on that date (V. 121 p. 2785)
were awarded to C. H.Burgess & Co.,of Toronto, at 96.17, a basis of about
5.37%:
$71.510 bonds. Due in 30 equal annual installments.
10,000 bonds. Due in 10 equal annual installments.
NIAGARA FALLS, Ont.-BONDS DEFEATED.
-The ratepayers
have defeated a $25,000 park by-law.
POINTE Au Pic, Que.-BOND OFFERING.
-Sealed bids will be received until Dec. 21 by Charles Desbiens, Village Secretary, for $13,200
% improvement bonds.
PRIVAT, Que.-BOND OFFERING.
-The School Commissioners will
receive bids up to noon. Dec. 23 for the purchase of 312.000 5%% 17
-year
serial bonds, payable at Privet. J. E. Sisson, Secretary-Treasurer.
QUEBEC WEST, Que.-BOND OFFERING.
-The School Commissioners will receive bids up to 8 p.in. Dec. 23 for the purchase of $42,000
5% 15
-year serial bonds in denom. of $100 and $500 each. G. Rouleau,
Secretary-Treasurer.
SASKATCHEWAN SCHOOL DISTRICTS, Sask.-BOND SALES.
The following is a list of the school district bonds, according to "Financial
Post" of Toronto dated Dec. 12, reported sold by the Local Government
Board from Nov. 21 to 28: Ridgedale Village S.1). 4507. $2,500, 20
-year
6s; C. C. Cross & Co., Regina; Barhill S. D. 4567. $4,500 15
-year 6s,
Regina Brokerage & my. Co.: Evelyn S. D. 4600, $2,800 15
-year 63(8,
Geo. Moorhouse, Regina; Scrip S. D. 4630, $3,600 15
-year 6s, Regina
Brokerage & Inv. Co.
SILLERY, Que.-BONDS OFFERED.
-Bids were invited up to 6_p. m.
Dec. 15 for the purchase of 846.500 5% 10
-year serial bonds. T. H.
McNeil, Secretary-Treasurer.
STRATFORD, Ont.-BOND ISSUE REFUSED
-BOND ELECTION.
-The City Council has refused the request of the School Board for a
-V. 121. p. 2907.
3240.000 bond issue
At the municipal elections in January the ratepayers will be asked to
vote on a $15,000 bond by-law.
-BONDS DEFEATED.
WINNIPEG, Man.
-The ratepayers defeated
the $450,000 heating plant debenture by-law voted upon on Nov. 27V. 121, p. 2554.
WEST GWILLIMBURY TOWNSHIP, Ont.-BOND SALE.
-Fey
Mills, Spence & Co. of Toronto have purchased an issue of 352.000 534 %;
-installment bonds at 105.18. Other bidders were:
30
Rate Bid.
Rate Bid.
Wood, Gundy & Oo
104.09 Municipal Bankers Corp ___104.574
Stewart, Scully k Co
104.59 McLeod, Young. Weir &-Co_104.125
THE CHRONICLE
[VOL 121.
ginanciai
ifinancial
CHICAGO, MILWAUKEE & Si. PAUL
RAILWAY COMPANY
Bondholders' Defense Committee
To the Holders of Junior Bonds
and Temporary Receipts:
Certificates of Deposit issued by Lawyers Trust Company as Depositary of this Committee and duly registered
by Empire Trust Company are now ready for delivery at
the address below. Temporary receipts for bonds already
deposited should be presented for exchange.
This Committee reports substantial progress in its efforts
to secure better treatment for the Junior bonds, and invites
deposits.
Further information can be obtained by communicating
with the undersigned.
OUR
PLEDGE
We are dedicated to
good workmanship,
prompt deliveries and
courteous service—
"our best" to every
customer.
TELEPHONE VAN BUREN 8000
CENTRAL'
BANRNOTE COMPANY
FRED R.ESTY,PRESIDENT
BONDS AND STOCK CERTIFICATES
ENGRAVED OR PRINTED
319.331 NORTH ALBANY AVE.
CHICAGO,ILLINOIS
New York, December 17, 1925.
LANE F. GREGORY, Secretary, EDWIN C. JAMESON, Chairman
160 Broadway, New York, N. Y.
LEROY W. BALDWIN,
Counsel:
LOUIS V. BRIGHT,
NATHAN L. MILLER,
PRENTICE & TOWNSEND,
JOSEPH S. FRELINGHUYSEN,
New York.
THOMAS READ,
JOHN DICKEY, Jr.
Philadelphia
Committee.
Depositary
LAWYERS TRUST COMPANY
160 Broadway, New York, N. Y.
t'lbOMMILCGIIII=111X
We
Specialize in
City of Philadelphia
3s
31 2s
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41 48
3
42
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1
58
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51 28
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104 South Fifth Street
Philadelphia
Private Wire to New York
Call Canal 3487
GOrp0rate
ginanceng
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