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The
UnnnetrVtl
Panda'
rontrie
INCLUDING
Public Utility Compendium
Railway& Industrial Compendium
Railway Earnings Section
State & Municipal Compendium
Bank and Quotation Section
Bankers' Convrntion Section
SATURDAY,DECEMBER 20 1924.
VOL. 119.
NO. 3104.
drafted the original Federal Reserve Act. Mr. Willis
was also Secretary to the Federal Reserve Board in
PUBLISHED WEEKLY
the early years of its existence and there is probably
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NOTICE.—On account of the fluctuations in the rates
heed, therefore, to what he has to say
remittances for European subscriptions and advertisements must be made should give
in New York Funds.
regarding some of the changes contemplated by the
Subsortption includes follotoing Supplements—
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bill in the general provisions of the existing National
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BANK AND QUOTATION (monthly.)
PUBLIC UTILITY (semi-annually.)
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AND INDUSTRIAL (semi-ann.)
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that "the dictates of caution are in danger of being
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Representative,
CHICAGO Orricr—In charge of Fred. H. Gray, Business
19 South La Salle Street, Telephone State 5594. E. C. radical changes contemplated, he says: "The McGardens. London.
LONDON Orrics--Edwards & Smith. 1 Drapers'
Fadden bill in one of its provisions recognizes the
WILLIAM B. DANA COMPANY, Publishers,
Streets, New York
Front, Pine and Depeyster
authority to borrow heavily on notes and drafts seCOMPANY. cured by live stock. It then permits the rediscountPublished every Saturday morning by WILLIAM B. DANA
D• Biggs
President and Editor, Jacob Seibert: Business Manager, William Office of Co. ing of this paper without the usual limitation upon
Trees•Willbun Dana Seibert; Sec. Herbert D.Seibert. Addresses of all.
such instruments when offered to a Federal Reserve
bank. In the same way it provides for the making
The Financial Situation.
and then
Though Congress to-day takes a recess until Dec. of ordinary stock and bond collateral loans
com- makes the note so protected eligible for redis29, and the life of the present body expires the
ing 4th of March, advices from Washington continue count."
The whole community ought to rise in angry proto affirm that a most determined effort is to be
banking bill with the re- test against attempts to use the facilities of the Fedmade to pass the McFadden
assembling of the two branches after the holidays. eral Reserve System, which were created to serve
This bill has a two-fold purpose. The ostensible trade needs and trade needs alone, in schemes for
main object is to deal with the subject of branch rediscounting ordinary stock and bond collateral
banking. But the bill also has a second object, loans. The endeavor, too, comes at a most inopporwhich there has been no attempt to conceal and tune time, for, as we pointed out in an extended arwhich, indeed, its advocates refer to with pride as ticle in our issue of Nov. 22, the Federal Reserve
one of its most meritorious features. This second banks at the moment, through their open market oppurpose or object is, in the language of the support- erations, are diverting the Federal Reserve System
ers of the measure, to "modernize" the national bank- from its true functions and making it an instrument
ing system. Public attention has converged almost for saturating the credit and currency of the country
entirely upon the provisions regarding branch bank- in a most inordinate degree. We showed that the
ing and in truth the greater part of the bill is taken money glut, which for months has been such a proup with these provisions. Accordingly, there is dan- nounced feiture at the financial centres, is the reger that the changes embodied in the other part of sult not merely of the large influx of gold from
the measure may fail of the close and careful scru- abroad, but also, and in still greater degree, of the
fact that on top of this huge mass of gold the Federal
tiny which their importance demands.
An attempt to "modernize" a banking system is Reserve banks have been superimposing note issues
always to be regarded with anxiety and concern, for for which there is no need, and which should go in
views as to "modernization" differ widely, and may retirement when not required, to an aggregate of
embody attempts at revolution and destruction. In fully a thousand million dollars. We do not purpose
the present instance it would seem that some serious to-day to go over the same ground again, iu proof of
dangers lurk behind apparently innocent changes the statement, but will merely add now that in the
proposed in the phraseology of the existing law. In interval of four weeks since that article appeared the
our issue of last week—pages 2698 and 2699—we re- process of saturation has gone still further. .The
printed two editorial articles discussing the McFad- article made it clear that between May 21 1924 and
den bill from the "Journal of Commerce" of this city. Nov. 19 1924 the extra note issues had risen from
The editor of the "Journal of Commerce" is H. Par- $733,597,000 to $1,043,087,000. The present week's
ker Willis, who was Carter Glass's right-hand man return of the Federal Reserve banks shows that the
back in 1913 and 1914, and who is understood to have aggregate of extra note issues is now up to $1,173,.
he Thronicie.
THE CHRONICLE
ivoL. 119.
643,000. Here is the computation for each of the
The increase in gold exports during recent weeks,
dates given:
to which reference has been made, figure in a very
Dec. 17 1924. Nor. 191024. May 21 1924. moderate way in the November foreign trade stateTotal gold reserves
32,954,118,000 53.050,818,000 33.138.166,000
Gold exports last month were valued at
Less total deposits
2,256.308,000 2,270,445.000 1,985,334,000 ment.
Leaving free gold
5697.810,000 5780373.000 51,152,832,000 $6,689,182, and were the largest of any momth since
Reserve notes in circulation_ 1,871,453,000 1,820,460,000 1,886,429,000
March 1923, and with the exception of the last menExcess of notes, representing saturation__ _$1.173,643.000 51.043,087,000 5733,597,000 tioned month and October 1922, were in excess of any
This saturation, of course, is the work of the Fed- month prior thereto back to 1920. In fact, during the
eral Reserve banks, not of the member banks. Now, past three years, gold exports have been considertempt the latter with the privilege of having their ably less than $1,000,000 in 18 out of 36 months. For
stock and bond loans rediscounted at the Federal the current year to date gold exports have amounted
Reserve banks and what would happen? Could any to only $21,973,660, these figures contrasting with
surer way be devised of wrecking the Federal Re- $27,931,888 for the corresponding period of the preserve System and plunging the whole country in ceding year. Imports of gold during November were
ruin?
$19,849,589, which was practically the same as for
October, while the value for the eleven months of the
The November report of the foreign commerce of current year is $309,434,074, these figures contrastthe United States, issued by the Department of Com- ing with $290,074,586 for the corresponding eleven
merce at Washington on Monday, was on the surface months of 1923. The decrease in gold exports for the
hardly as sensational as the report for the preceding current year to date is $5,958,228, and the increase in
month, at least as to exports. The latter continued gold imports for the same period $19,359,488. The
large in November, though both exports and imports excess of gold imports over exports for eleven months
in that month were somewhat less in value than for this year is, accordingly, $287,460,414; for the correOctober. The heavy movement of cotton and wheat sponding period of 1923, gold imports exceeded exto foreign ports was still a feature, particularly the ports by $262,142,698. Little change appears in the
shipments abroad of cotton, which for November statement of the movement to and from the United
were much the largest on record for any one month States of silver, exports during November amounting
and this naturally added to the value of total mer- to $9,401,406, and imports to $6,480,816.
chandise exports for November. Another consideraIn a later statement the Department of Commerce
tion is the fact that there were five Sundays and two indicated the destination of the gold exports in Noholidays in November this year, and making allow- vember. England headed the list with $2,000,334,
ance for this (October thus having three more busi- believed to be in transit for Russia; the second largness days than November), both exports and imports est was $1,797,100 to Hong Kong; the third,$999,927,
in the later month are relatively larger than for to Sweden, and $883,362 to British India. Of the
October.
remaining $1,000,000, Canada and Mexico received
Merchandise exports in November were valued at more than two-thirds. Germany does not appear in
$494,000,000. These figures contrast with $527,232,- the list. As to gold imports in November there was
500 for the preceding month and $401,483,872 for a shipment of $10,717,761 from France and $3,265,November 1923. Imports in November amounted to 772 from Holland; also $2,843,665 from Canada and
$296,000,000, while for October the value was $310,- $1,400,000 from Argentina.
802,053, and for November last year $291,333,346.
The excess of exports over imports for November this
The final estimate of the Department of Agriculyear stands at $198,000,000; for November 1923 it ture on the grain crops, harvested in the United
was $110,50,526. With the exception of the pre- States for the current year, which was issued at
ceding month, the value of exports in November was Washington on Tuesday, gives the combined acreage
in excess of any month since January 1921. Cotton of the principal farm crops at 355,210,400 acres,
exports last month were 1,306,550 bales, while in which contrasts with 355,594,730 acres for 1923. The
October foreign shipments were 946,506 bales, and winter wheat production was 590,037,000 bushels
in November 1923 767,289 bales. The value for the and spring wheat 282,636,000 bushels, making the
November exports of cotton this year will be close to combined yield 872,673,000 bushels. With the unfa$170,000,000—for the preceding month the Depart- vorable season the output of corn, 2,436,513,000 bushment of Commerce estimated the value of foreign els, is far below preceding years. The yield of oats
shipments of cotton at $123,308,500 and for Novem- is put at 1,541,900,000 bushels, rye 63,446,000 bushber 1923, when the price of raw cotton was much els and barley 187,875,000 bushels. There was a
higher than it is this year,$126,629,000. An amount large crop of potatoes on a reduced acreage as comapproximating fully $45,000,000 is therefore in-' pared with recent years, the production being placed
eluded in the statement of November exports for this at 454,784,000 bushels. With the exception of corn,
year's cotton shipments over and above the value for practically all of the farm products returned a very
cotton exports for October 1924 or for November satisfactory yield, and with higher prices this year
1923. For the eleven months of the cUrrent calendar than last the money value was much above that of
year, the total value of all exports of merchandise ,1923, even for corn. The Department's estimate of
from the United States is $4,145,726,294, against The total value of all farm products for 1924 is $9,479,$3,740,827,561 for the corresponding period of 1923, 902,000. These figures contrast with $8,726,889,000,
with the imports $3,276,672,967, against $3,503,761,- the revised statement for the 1923 crop and with
197 for eleven months of the preceding year. The $7,816,020,000 the value of the 1922 crop. Corn
increase in exports this year is $404,898,733, while leads all other crops, notwithstanding the poor conimports show a decrease of $227,088,230. For the dition, the higher price for this year making it of
eleven months this year there is hence an excess of greater value than the much larger crop of 1923.
exports of $869,053,327, against an excess of exports The ftorm value of this year's corn crop is placed by
of $237,066,364 for the corresponding period of 1923. the Department of Agriculture at $2,405,468,000,
DEC. 20 1924.]
THE CHRONICLE
which is $188,000,000 more than the value of the
1923 yield of corn. Cotton ranks second with a total
value of $1,683,274,000. This includes the value of
cotton seed. The hay crop holds third place, the
value for both tame and wild hay being $1,467,648,000. Next is wheat, winter and spring together holding fourth place at a value of $1,136,596,000. These
comprise the billion-dollar crops, according to the
estimates of the Agricultural Department. Substantial yields are recorded for the remaining crops, and
for most of them, the farm value, at the higher prices
this year, is greater than was the case for the yield
of 1923.
The high market price of wheat this year has stimulated the farmers to put down a greater acreage for
both wheat and rye this fall, the estimate of the
Agricultural Department just issued, showing the
area of fall sown wheat at 42,317,000 acres, which is
6.5% greater than the revised figures of 39,749,000
acres, planted in the fall of 1923, for the winter
wheat crop harvested during the current year. For
rye the fall sown crop for this year is 4,206,000 acres
and contrasts with 4,173,000 acres a year ago, the
increase being very small. The condition of winter
wheat on Dec. 1 this year is 81% or normal; a year
ago it was 88% of normal; Dec. 1 1922, 79.5%, with
the ten-year average for Dec. 1, 85.6%. No estimate
is made at this time of the probable yield. There
was more extensive planting in some sections this
fall because of the late season, but on the other hand
there was drought, particularly in some parts of the
Pacific Coast, which caused a reduction in sowing;
likewise in some parts of the country there was decrease because of excessive rains. The larger area
was in the great Central States, where production is
heavy; also in Texas. For the State of Kansas, in
which one-fourth of the area devoted to winter wheat
is located, there are 10,506,000 acres this fall, against
9,819,000 acres for the fall crop of 1923, and 12,284,000 acres for 1922. Nebraska reports 3,353,000 acres
sown to winter wheat for the current year, against
2,941,000 acres for 1923; Oklahoma 3,659,000 acres
this year, against 3,485,000 acres for the fall of 1923;
Indiana 2,257,000 acres, against 1,963,000 acres, and
Ohio 2,567,000 acres, against 2,468,000 acres. A
small increase in area is also reported for Missouri,
Pennsylvania, Colorado and Oregon, but there is a
decrease this year for Illinois. For Texas, the area is
1,822,000 acres, against 1,469,000 acres. The reduction in the area sown in some sections was due to the
late maturity of other crops this year. The Department places the average abandonment of area during
the winter the past ten years at 10.6%, the reduction
ranging from 1.1% to 28.9%, the latter, of course, being exceptionally high. Should the average abandonment of 10.6% occur this winter, there would
remain 37,831,000 acres for harvest in the spring,
these figures contrasting with 36,438,000 acres harvested this year.
The condition of winter sown rye on Dec. 1 this
year is placed by the Department at 87.3% of normal, which compares with 89.9% of normal on Dec.1
1923 and a ten-year average of 89.4%.
Formal announcement was made in Berlin on Dec.
15 of the resignation of Chancellor Marx and his
Cabinet, and of its acceptance by President Ebert.
The latter requested the Ministers to continue to
serve temporarily. At that time it was thought in
2797
Berlin that Foreign Minister Stresemann might be
asked to form a new Ministry. A Berlin dispatch,
under date of Dec. 13, two days before the resignations were made public officially, stated that "Dr.
Stresemann is ambitious to head the Government,
but the complicated situation resulting from the national elections makes it practically impossible for
a Cabinet of the Right to be formed." It was added
in the same dispatch that "Dr. Stresemann is reported willing to accept the post he now occupies-that of Foreign Minister—in a new coalition Cabi
net." The New York "Herald Tribune" correspondent in the German capital said, however, in a cable
message on the evening of Dec. 15 that, "in quarters
close to the Chancellor it was believed to-night that
the final upshot of the confusion in which the Dec. 7
election has left the country will be the return of the
Marx Government to power without any changes
when the Reichstag meets en Jan. 5." That correspondent declared that "Stresemann is now in an extremely uncomfortable position, due to the attitude
of the Centrists, because he is now confronted by the
problem of actually putting into effect the promises
he made the Nationalists during the campaign to
give them posts in the Ministry. Marx's success in
swinging his party against assuming leadership in
the new Ministry has proven a serious blow to Stresemann's plans." Announcement was made in Berlin
the same evening that"the new Reichstag would hold
its first session Jan.5." The day following the resignation of the Marx Cabinet President Ebert held
conferences with Reichstag leaders "to decide which
party is best qualified to undertake the task of forming a new coalition Government"
President Ebert, on Wednesday, Dec. 17, according to a special dispatch to the New York "Evening
Post" from Berlin,"asked former Chancellor Stresemann, upon the latter's return to Berlin, to attempt
formation of a Cabinet. Stresemann deferred a definite answer." The Berlin correspondent of "The
Sun" said that the offer was made "on the ground
that the Peoples' Party, having forced the resignation of the Ministry, was responsible for the formation of its successor." That correspondent also said
that "Stresemann indicated his unwillingness to become Chancellor, his personal preference being the
retention of the Foreign Affairs portfolio, but said
he would lay the question before a caucus of his
party." Dr. Stresemann made the effort, but failed.
The representative of the New York "Times" in Berlin cabled that "Stresemann's failure is caused by
the adamant stand of the Centrists [Catholics], who
stuck to their refusal to participate in a Government
including the Nationalists." President Ebert then
asked Chancellor Marx to form a Ministry. He also
failed. According to a special Berlin cable message
to the New York "Times" dated Dec. 18, "all efforts
of Chancellor Marx to form a new dovernment have
to
failed, the Centrists having refused . join a Government with the Nationalists, while Stresemann's
Deutsche Volkspartei rejects any combination in
which the Nationalists are not represented." It was
thought then that Hermann Mueller, Socialist leader,
would be "asked to try his hand at forming a Government." The dispatch added, however, that
"though his party is the strongest in the Reichstag
he will hardly succeed in his taskV
The Cabinet situation was outlined as follows in
a Berlin cablegram to the Associated Press last eve-
_ 2798
THE CHRONICLE
fling: "Finding themselves unable to form a Government commanding a Reichstag majority, President Ebert and Chancellor Marx to-day agreed to
discontinue their, efforts until shortly before the
Reichstag meeting Jan. 5. The Marx-Stresemann
Cabinet continues to function in the meantime. It
is believed the most probable solution of the crisis is
that the Marx Government will face the Reichstag,
chancing defeat by the opposition. All the parties
agreed to a political truce over the holidays, as the
deadlock held out no prospect of an early solution."
Reports are beginning to come to hand of substantial improvement in Germany's financial position.
Trade Commissioner Douglas Miller at Berlin has
prepared a "review of the German financial situation,
which was made public in Washington on Dec. 14."
Mr. Miller states that "the latest compilation of the
German finances shows that at the end of the first
six months of the German fiscal year on Sept. 30
s
there was a - urplus of 149,326,160 gold marks over
expenditures and that business revival already is
evident." He also explained that "the current
budget, covering the German fiscal year which began
on April 1;is the first since the introduction of the
rentenmark and the completion of the first half of
the fiscal year on Sept. 30, therefore, presents the
first opportunity- for accurate forecasting of Government expenditures and revenues." By way of a brief
summiry; Mr. Miller says that, "according to the
official figures,:total revenues amount to 3,494,975,372 gold marks. Ordinary expenditures amount to
2,913,970;470 gold marks; repurchase of outstanding
Government securities to 230,844,179 gold marks,
and payments on reparations account, 200,834,563
gold 'marks; or total expenditures of 3,345,649,212
gold mark's. The net surplus [over and above repurchase of:old obligations and reparations payments]
is thus 149,326,160 gold marks." Continuing, he suggested that "it is significant of Germany's return to
stability that the tax receipts for the last six months
'considerably exceed those for the entire preceding
fiscal year, which included the acute inflation period'
and about four months of the rentenmark. Previous
figures-fo'r the fiscal year ended March 31 1924 show
.tax receipts of 1,879,429,336 gold marks, or about
2
1
/
28 % Of the "receipts that can now be expected for
:this year:" •
• The bondition"of Premier Herriot's health is said
considerable apprehension among his
to have caused .
close political associates. His illness was at first
`diagnosed ;as grippe, but on Dec. 14 an official bulletin was Issued in which it was admitted that he was
"suffering from phlebitis' in the right leg." The
Paris representative of the New York "Times" said
that "during the last five days he has suffered such
'pain thathe was unable to sleep till last night, when
he succeeded in slumbering for a few hours. Yesterday the swelling, which had involved the whole leg,
became localized in the calf and it was thought a
surgical operation would be needed to relieve the
pain. This morning's consultation, however, showed
that an operation would not be necessary." Proceeding to comment Upon the effect of the political situa.tion set "up by the Premier's illness, the "Times" representative asserted that "there is already discussion
.of who could possibly take his place as head of the
present majority Of the Radical Socialists, Republican Socialists and Socialists who form the Left bloc
[VOL. 119.
and the largest combination in the Chamber. By
common consent the choice made is former Premier
Paul Painleve, now President of the Chamber and
unsuccessful candidate for the Presidency of the
Republic against M. Doumergue." It was declared
that "M. Painleve has the confidence of all the Left
parties in greater degree than any other man and
would be able to keep the support of the Socialists,
who would not consent to give the same collaboration
to M. Briand or any other prominent Left leader outside of their own party."
Still another diagnosis of the trouble in the Premier's leg was made by his physicians on Wednesday,
according to a Paris Associated Press dispatch. It
stated that "the swollen leg of Premier Herriot,
which has so complicated his hard attack of grip
and caused him so much pain, is due to a new microbe found so far in ten cases of influenza that have
developed here recently, according to friends of the
Premier to-day." It was added that "his physicians
have finally diagnosed this symptom of his illness,
which has puzzled them so greatly, as the outgrowth
of the new freak in influenza cases." According to
the latest cable advices from Paris, the Premier was
improving.
Even though he was on his sick bed, the political
opponents of Premier Herriot seem to have been active in efforts to accomplish his overthrow. On Dec.
16 the Paris representative of the New York "Herald
Tribune" cabled that "Alexandre Millerand, former
President of France, declared open war on the Herriot Ministry in a bitter denunciation of its domestic
and foreign policies, delivered to-night at a dinner
attended by 1,200 members of the National Republican League." The correspondent further outlined
the speech as follows: "In impassioned language,
M. Millerand called on all Republicans, without regard to political, religious or other controversial
opinions, to combat the Ministry which, he charged,
is destroying French peace, the French army, French
finances and is paving the way for the eventual triumph of Communism. His appeal was not for the
formation of a new political party or new elections,
but was addressed to the French people on the basis
of the Communist danger resulting from the radical
tendencies of the Herriot Ministry. M. Millerand's
program virtually amounts to an invitation to the
Moderate and Radical Socialists to combine with the
Republicans in the formation of a Centrist Bourgeois
bloc in the present Chamber of Deputies. In attacking the Herriot Ministry, M. Millerand charged that
taxes were heavier than before the elections and the
cost of living was higher, while in the foreign field,
security, in the shape of definite pledges, such as the
Ruhr occupation, has been sacrificed for the Geneva
protocol, which, at best, he said, was only a mirage."
The session of the British Parliament on Monday
evening was looked forward to with special interest
because at that time Austen Chamberlain, Foreign
Minister, was expected to make a report on the session of the Council of the League of Nations that he
attended in Rome last week. It was to be his first
speech in the House of Commons following his appointment as Foreign Minister. The London correspondent of the New York "Times" said that in that
speech "he served notice on the world to keep hands
off Egypt." The Minister was quoted in part as follows in his statement of the position of the British
Dloc. 201924.]
THE CHRONICLE
Government with respect to Egypt: "The British
Government have laid fl..wn the special relations existing between Great Britain and Egypt as Matters
in which the rights and interests of the British Empire are vitally involved and we will not admit them
to be questioned by any other Power. In pursuance
of this principle, they will regard as an unfriendly
act any attempt at interference in the affairs of
Egypt by another Power, and they will consider any
aggression against the territory of Egypt as an act
to be repelled with all the means at their command.
In Egypt all that we desire is that the Egyptian Government should do its duty, and if they are willing
to do that they will find no better, no firmer and no
more loyal friends than the Government and people
of this country."
2799
permitted myself a phrase in some conversations
which I had with representatives of the press abroad.
I permitted myself to recall a proverb which I begged
them not to mention lest it should create a slight
coolness between the Chancellor of the Exchequer
and myself. But as I have mentioned it to him today, I may perhaps repeat it to the House. I said
to those with whom I talked,'We have an English
proverb, Why bark yourself when you keep a dog?'
Since we all had Finance Ministers, I said, we might
perhaps dispense ourselves from a discussion of
finances which might be adequately discussed by the
Chancellors of the Exchequers themselves when they
met subsequently."
The Foreign Secretary evidently was outspoken in
declaring his attitude toward Russia. The New York
Naturally there was no less interest in the Minis- "Times" representative said that, "referring to the
ter's account of his conferences with Premier Her- Zinoviev letter, Mr. Chamberlain said the evidence
riot of France and Premier Mussolini of Italy. While, presented to the Cabinet Committee was conclusive
as might have been expected, the New York "Times" in the minds of all members. It left not a shade of
correspondent said that "Mr. Chamberlain did not a shadow of doubt as to the authenticity of the docuindicate the extent of his conversations with the ment. As to the Russian treaty, it was agreed that
Foreign Ministers in Paris and Rome beyond saying the project of guaranteeing a loan was as dead as
he claimed that by these visits and conversations he mutton before this Government took office." The
had established mutual relations of trust and confi- Foreign Minister was quoted directly as saying that
dence among the Ministers directly responsible for "I do not know whether it may be possible at some
the foreign affairs of the three countries," the dis- future date fruitfully to take up negotiations again
patch indicated that the members of the House were with Soviet Russia. I do not think the present time
'satisfied. Mr. Chamberlain was quoted as saying is opportune for that purpose, nor to preserve northat "I believe that if a stenographer had been pres- mal diplomatic relations with the Soviet Governent at both conferences and had reported them to the ment. Normal relations with any Government reworld, the world would have been reassured by the quire that that Government should observe normal
pacific attitude of the various Ministers who were relations of friendly conduct existing between any
engaged in these conversations. It was possible for two nations. I think it would be wise for us to hold
me to deal with some minor matters. I did not at- our hands and wait and watch again before deciding
tempt to deal with the great issues which obviously. on any fresh action in either direction or of any kind.
confront us. I heard, and I was glad to hear, a great Henceforth I shall take as Secretary of State here
deal of the foreign point of view, not the French and the same attitude which I believe the Secretary of
Italian only, but of the different foreign points of State in Washington took when he published a docuview about the protocol." He made it clear that he ment which he declared to be authentic and when he
had not committed the British Government with re- was challenged or its authenticity denied in exactly
spect to any of the matters he had discussed. On this this way by the Soviet authorities."
Ramsay MacDonald; head of the former Labor Minpoint he was reported to have said that "I learned a
great deal, but I could give no indication one way or istry, followed Mr. Chamberlain. The New York
the other—for rejection, or acceptance, or amend- "Herald Tribune" correspondent said that, "followment, or substitution, or anything else—of what ing attacks by Ramsay MacDonald and other Labor.
might be the attitude of his Majesty's Government and Liberal leaders, the Conservative Ministry won
when they had first carried their own inquiry to a its first vote of confidence in the House of Commons
point at which they could fruitfully enter into discus- to-night by 363 to 131. The ballot was taken on an
sion with the Dominions and when the British Em- amendment to the King's speech by Charles ,Trepire as a whole had taken the matter into considera- velyan, a member of the late Labor Cabinet, 'regrettion and reached its conclusions." Continuing, he ting' the Government's policies in Egypt and Russaid: "I make no pretense that we decided a great sia."
At the session of the British House of Commons on
deal. We did not seek to make any new treaty or to
come to any fresh decisions. What we did seek, and Wednesday evening, Prime Minister Baldwin outwhat I think we achieved, was to eliminate some lined policies that created opposition immediately
small matters which would have been points of fric- in the House and that have caused wide comment on
tion if we had not come to an agreement to recog- both sides of the Atlantic. The London correspondnize the largeness of our common interests the world ent of the New York "Evening Post" cabled that
over and to resolve that in so far as each of us was "Prime Minister Baldwin announced last night, in
individually concerned we would do our best to pre- what was the most important session of the House of
vent such small differences as must arise from time Commons since the election, that the Safeguarding
to time, even among the best of friends, from sep- of Industries Act would be revised in order to make
arating us or impeding our co-operation in the possible the applying of tariffs for the protection of
greater common interests which are ours and largely certain British industries. These tariffs would in
Europe's and the world's as well." Before closing general be payable on goods from all countries and
his speech, which the New York "Times" representa- not, as heretofore, applicable only to specified coun•tive said lasted 85 minutes, Mr. Chamberlain as- tries, where competition was exceptional. The anserted: "Neither did I discuss inter-Allied debts. I nouncement stirred Lloyd George to solemn indigna.
2800
THE CHRONICLE
tion. 'This declaration is one of the gravest I have
heard from the lips of a Prime Minister. It means
that the fiscal system upon which the trade and commerce of this country has been built for many years
past is to be completely changed. He really has announced a general tariff.' Philip Snowden likewise
was prompt to paste the label of protection on the
Baldwin plan. 'The only difference between protection and safeguarding, according to the Prime Minister, is that one is tweedledee and the other tweedledum.'
" London dispatches last night stated that
"the House of Commons, in accordance with program, began its holiday recess to-day, adjourning
this afternoon until Feb. 10."
The leading nations of Europe that are in the
League of Nations evidently not only are waiting for
the United States to become a member, but actually
believe that she will in due time come in. Both of
these ideas were expressed by Aristide Briand, a former Premier of France,in the course of an interview
in Rome with American newspaper correspondents
on Dec. 12. He was quoted in part as follows: "The
League of Nations will become great and powerful
only when America enters it. I think that it is
merely a matter of time, because after all, to send
3,000,000 soldiers across the ocean to fight is far
more difficult than to send a few representatives to
an arbitral court to discuss. At present the absence
of the United States is the League's greatest weakness, and progress will be checked till this grave
deficiency has been remedied. When America eventually enters—as she will eventually enter—the
League will indeed become universal and all-powerful in settling conflicts between nations, and will receive that last impulse it requires to become what it
was in the late President Wilson's dreams. America
by its wonderful generosity, by its marvelous willingness to relieve distress and suffering, has proved to
the world that its reserves of human sympathy and
charity are inexhaustible. This means, in other
words, that the American people are naturally,syni
pathetic toward the League and cannot long keep
out. Time is our greatest ally. Give time and you
will see. I remember that when I eigned the Pacific
convention in Washington I thought that this was
another little League of Nations. I visualized this
little league taking contact with the other League
and gradually forming aforming a bridge to carry
America to Geneva. This has not happened, but we
see that America is always ready and willing to -end
its experts to advise and collaborate with us on any
technical question. This is already much, but for 'is
French it is not enough, as we ardently desire to see
.‘ merica enter the League"
The League of Nations Council closed its 42d ses
sion, which was held in Rome last Saturday, Dec. 13.
Announcement was made before adjournment that
"its next meeting will be held in Geneva, it having
been decided that Spain's offer of hospitality, made
by the Spanish representative in to-day's sitting,
should be accepted only in event of it being found
advisable some time in the future to break away
from what henceforth will be a fixed rule of holding all Council meetings in the 'Capital of the
League of Nations.'"
[VOL, 119.
ington dispatches. The New York "Times" representative at the National Capital said in a message
to his paper on Dec. 12 that, "while inquiries at the
White House brought an expression of the hope that
events might take such a turn as to justify a favorable reaction in Europe toward the President's desire, they gave no intimation that this hope had substantial foundation." He added that "opposition to
holding such a conference in America Fes expressed
publicly by Ramsay MacDonald,as head of the Labor
Government of Great Britain, replies to the inquiries
pointed out, and subsequent developments gave the
belief that the British attitude found a sympathetic
response on the Continent, with an indication that
the subject was not likely to receive consideration by
important nations in the near future, even should
holding a conference on European ground be advocated." The "Times" correspondent further claimed
that "the present attitude of the United States, as
explained by the White House spokesman, is one of
waiting. Developments in Europe, he said, would
determine the course of Mr. Coolidge, would enable
him to decide whether he would be justified in issuing a call for another naval armament conference.
The hope was expressed that it might be possible for
him to issue a call next year." The New York "Evening Post" representative bluntly said that,"with respect to another conference for reduction of armaments, the President allowed the notice to go forth to
Europe that American initiative in such a matter
was dependent entirely upon European readiness for
a genuine discussion. European politicians might
talk as much as they pleased for home consumption,
but certain incontrovertible facts remained."
Apparently France has decided that she cannot
undertake to settle her war debt to the United States
witliout arranging to meet obligations of a similar
character to Great Britain. Early reports had it
that her idea was to pay the United States first.
Great Britain at once took the stand that France
should do as much for her in this respect as for the
United States. According to a dispatch to the New
York "Times" from its Paris correspondent,"careful
inquiry in official and unofficial circles indicates
that as matters now stand the French will not in the
near future make any definite proposal to Washington for an arrangement of the French debt to the
United States. In the meantime France is going to
try to reach terms of settlement of her debt to England. It had been the intention of the Herriot Government—indeed, Finance Minister Clementel declared so—to endeavor to reopen negotiations with
the American Debt Funding Commission. The tentative overtures of Ambassador Jusserand brought
strong evidence that public opinion in Britain w,ould
demand a similar simultaneous arrangement of the
French debt to that country. This stand of London
in opposition to America's becoming a privileged
creditor swung the balance between those Frenchmen who favored immediate negotiations and those
who favored waiting, on the side of the latter. It is
the commonly expressed opinion here now that
France must know how the Dawes plan is going to
work before she can make definite promises."
The American note "in reply to the British repreThere is little probability of an international con- sentations concerning American claims on Germany"
ference on a further reduction of naval armaments was received at the Foreign Office in London on Dec.
being called in the near future, according to Wash- 12. The Associated Press representative in that city
DEC. 20 1924.]
THE CHRONICLE
cabled that it "will not be touched until the arrival
of Foreign Secretary Chamberlain from Rome. Mr.
Chamberlain is expected to reach London on Saturday night" (Dec. 13). Neither the British or American note was published last week. The Washington
correspondent said that "the texts of both the British note and Secretary Hughes's reply will be made
public simultaneously." He added that "meanwhile
it has become known that the British note was quite
firm and that the reply of the American Government,
drafted by Secretary Hughes, is equally firm, though
couched in cordial language." So far neither note
has been published officially.
2801
plained that "the rioting was provoked by demonstrations for Trotzky when large masses of workmen
swarmed to the station and in nearby streets, denouncing the Zinoviev faction, which is considered
responsible for Trotzky's 'exile,'" His friends vigorously denied that he was in political exile.
Very little appeared in cable dispatches from
Rome and Milan to American newspapers relative
to the activities of Premier Mussolini until toward
the end of the week. The New York "Times" representative in Rome,in a wireless message on Dec. 15,
said that "economies totaling well over 2,000,000,000
lire in the Ministry of Communications, which manThe Radicals have continued to give the French ages postal, telegraphic and telephonic services, railGovernment authorities special concern and trouble. roads and mercantile marine, were announced to the
It seems, according to Paris dispatches, that on Dec. Chamber by Minister Ciano to-day and were every12, during the official reception to Leonid Krassin, where greeted with liveliest satisfaction as another
the new Soviet Ambassador, by Presid'ent Don- evidenee of the great work of restoration of Italy's
mergue, Mme. Ergewanna, a Russian author, and public finances and public services which, as even the
who claimed to be the widow of a New Yorker by the most hardened opponents of the Fascist Government
name of Dickson, attempted to assassinate the Rus- are ready to admit, has been accomplished by the
sian Ambassador. A few days later the Paris repre- Fascist Government." The correspondent added
sentative of the New York "Herald Tribune" cabled that "this most satisfactory result has been obtained
that "a complete reorganization of the Communist by completely wiping out the railroad deficit, which
program in France, to become effective Jan. 1, to under previous Governments had reached 1,400,000,accelerate the drive for a revolution after the Rus- 000 lire yearly, by changing the postal, telegraphic
sian pattern, recently was ordered, it is disclosed in and telephonic deficit, which under previous Govthe official edict of the Communist Federation of the ernments had reached 500,000 lire yearly, in a surParis region, copies of which have been seized by plus of 25,000,000, and by decreasing the deficit due
police raiders and made public." He also stated that, to subventions of privately operated steamship com"whether the revolt will take place as planned is not panies by nearly 200,000,000. It has been rendered
known to the public. The recent arrest and deporta- possible, as Minister Ciano himself pointed out,
tion of the foreign Communists active in agitation in partly by good management, partly by re-establishFrance may have the effect of delaying the movement, ing of discipline among Government employees and
but many leading French agitators still remain. No partly also by increasing the prosperity of the counRussians were among those deported." The attitude try which, by augmenting traffic, has raised the
of the new Soviet Ambassador to Paris was shown revenue of the State-owned public utilities to a point
also by what happened at the Embassy of his Govern- far in excess of what was imagined possible before
ment on Dec. 14. The Associated Press correspond- the advent of the Fascist Government." Continuing
ent in the French capital cabled that "the red flag of to outline the report, the correspondent said: "Railthe Union of Socialist Soviet Republics, as Russia is road estimates for the present fiscal year, said Minnow officially named, was ceremoniously hoisted ister Ciano, at first foresaw a deficit of 194,000,000
from the Russian Embassy this morning. Leonid lire. This figure was later redueed to only 110,000,Krassin, the Ambassador, issued a note this evening 000, but he is now in a position to state that the defisaying that the ceremony took place in the presence cit this year will disappear completely. In the first
of the Embassy staff and 'every citizen of the Union four months of the fiscal year revenue-from the railwho is in Paris.' The band played the 'Interna- roads has exceeded estimates by over 100,000,000 lire,
tional,' which is the Russian official hymn, and while another saving of 50,000,000 has been rendered
those present sang the words of the hymn. Krassin possible by falling prices of coal. Railroad traffic,
made a short address, but his note does not give its he said, is now 30% greater than it was before the
substance."
war. Part of this increase, however, is due to exIn a cable dispatch last evening the Paris repre- panding of the railroad net, but even allowing for
sentative of "The Sun" said that "the Bolshevist this, last year's traffic for each mile of railroad
revolution announced by scaremongers for yesterday showed an increase of 10% over pre-war, while the
has been postponed until Christmas Eve, when the first four months of this year mark another increase
Bourgeois make traditional mirth over white wine of 18% over last year. Passenger traffic has also
expanded to such an extent as to render it necessary
and black and white sausages."
to run 11% more trains than.last year. He also anIt seems to be believed in the leading European nounced that 400 miles of new electrified railroads
capitals and in the United States, where the matter will be completed within the next three years. The
has been given careful consideration, that Leon postal, telegraphic and telephonic budget, he conTrotzky, War Minister in the Soviet Government, tinued, showed a surplus of over 10,000,000 lire for
virtually has been exiled from his country. It was the first four months of the present fiscal year. Three
claimed by his friends that he left Moscow on Dec.13 large wireless stations are being built by the Italo
for a "rest cure" in Crimea. According to advices Radio Co.—one in Coltano, one in Rome and one in
received in Berlin and Vienna the next day,"serious Milan. A new direct transatlantic cable between
disorders accompanied by street fighting and blood- Rome and New York will be inaugurated in February
shed, occurred in Moscow yesterday on the departure and a cable between Rome and Buenos Aires in
of Leon Trotzky, Soviet War Minister." It was ex- March, he also announced. He reaffirmed the Gov-
2802
THE CHRONICLE
[Vol,. 119
ernment's intention to impose on any company which 185,120 and £124,890,400 one and
two years ago, remay eventually take over the State telephones not to spectively, while loans amount to £72,404,000,
as
raise rates over the present level."
against £76,920,100 in 1923 and £68,797,525 the year
previous. No change has been made in the official
Trouble has broken out in the Italian Chamber of discount rate from 4%. Clearings through
the LonDeputies, which was assembled some weeks ago by don banks for the
week totaled £778,536,000, as
Premier Mussolini, largely as a formality. Accord- against £850,262,000
a week ago and £716,406,000
ing to Rome cable advices on Dec. 17, "insults, cat- last year. We append
herewith comparisons of the
calls and hisses followed by a violent wordy battle different
items of the Bank of England extending
between Premier Mussolini and an Opposition Dep- over a series of years:
uty, by the resignation of one Deputy, by withdrawal
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
from the Chamber of others, by a challenge to a duel
1924.
1023.
1922.
1921.
1920.
Dee. 17.
Dec. 19.
Dec. 20.
Dec. 22.
Dec. 21.
and by the passage to the Opposition of former Pre.£
mier Salandra, marked to-day's sitting of Parlia- Circulation
125,504,000 128,185,120 124,890,400 120,871,025 134,582,240
10,558,000 15,371,173 17,013,748 14,118,381 13,789,834
ment, which presented as chaotic an appearance as Publlcdepaidts
Other deposits
108,700,000 109,890,229 108,381,808 124,208,582 136,030.543
during the stormiest period before the advent of Governin't securities 42,039,000 47,408,532 51,022,091 50,824,830 77.177.702
Other securities
72,404,000 78,920,100 68,797,525 85,200,078
Fascism." The New York "Times" correspondent Reservenotes& coin 22,754,000 19,587,913 21,003,819 20,210,119 78,914,458
11,828,793
Coln and bullion- _128,511.817 128,023,083 127,444,219 128,431,144 127.781,033
explained that "the general reason for to-day's pan- Proportion ofreserve
19.07%
1534%
17%
demonium was the refusal of Fascist Deputies to to liabilities
14 gi%
734%
Bank rate
4%
4%
3%
5%
7%
allow the 'Fascist revolution to be put on trial,' as
they term it, or, in other words, their refusal to allow
The Bank of France in its statement this week
Fascist leaders, who are responsible for committing shows further
a
contraction of 49,512,000 francs in
. or ordering acts
of violence in the period immedi- note circulation, bringing
the total outstanding down
ately following the revolution two years ago, to be
to 40,518,419,000 francs. This contrasts with 37,brought up for trial before the law courts. The more 629,996,840
francs at this' time last year and with
immediate cause of the outburst was the rejection by 36,049,514,5
15 francs in 1922. Just prior to the
the Fascist majority of the resignation of the Viceoutbreak of war,in 1914, the amount was 6,683,184,President of the Chamber, the Fascist Deputy
785 francs. The gold item continues to show small
Guinta, against whom legal proceedings are to be ingains, the increase this week being 109,000 francs.
stituted for inciting the Fascisti to commit acts of
The Bank's aggregate gold holdings are thus brought
violence which almost cost the life of at least one
up to 5,545,009,050 francs, comparing with 5,540,leader of the Opposition."
268,868 francs at the corresponding date last year and
with 5,534,663,266 francs the year previous; of the
According to cable advices received early in the
foregoing amounts 1,864,320,907 francs were held
week, the Netherlands Bank has reduced its discount
abroad in both 1924 and 1923 and 1,864,367,056
/
rate / to 41270—the first change in a consider1
2
%
francs in 1922. During the week, silver increased
able period. Apart from this revision, official dis500,000 francs, bills discounted were augmented by
count rates at leading European centres remain at
288,041,000 francs and general deposits rose 123,10% in Berlin; 7% in Paris and Denmark; 6 % in
/
1
2
545,000 francs. Advances, on the other hand, fell
Norway; 5 % in Belgium and Sweden; 5% in Ma/
1
2
off 11,559,000 francs, while Treasury deposits were
drid and 4% in London and Switzerland. The open
reduced 10,373,000 francs. Comparisons of the
market discount rate in London continues to advance
various items in this week's return with the stateand the closing was at 3 13-16% for short bills,
ment of last week and corresponding dates in both
against 39-16@3%%,and at 3 13-16@378% for three
/
1923 and 1922 are as follows:
months' bills, against 3%@311-16% a week ago.
BANS OF FRANCE'S COMPARATIVE STATEMENT.
Money on call at the British centre was likewise
Changes
Status as of
Dec. 18 1924. Dec. 20 1923. Dec. 211922.
firmer, advancing to 31 4%, but closing at 2 8%, as Gold Holdings— for Week.
/
7
/
Prams.
Francs.
Francs.
Francs.
against 23
Inc.
/ last week. In Paris the open market In France
4%
109.000 3,880,688,143 3.675,947,980 3,870,298.210
Abroad
No change
1,884,320,907 1,864,320,907 1,864,387,056
/
discount rate was advanced to 614%, against 514%
/
Inc.
Total
109,000 5,545,009,050 5,540,268,868 5,534,863,266
last week, and at Switzerland 3%, unchanged.
Silver
Inc.
500,000
305,427,000
298,393,050
288,984,108
The Bank of England again added to its gold reserves, the increase for the week ending Dec.17 being
£7,591. Nevertheless, there was another contraction
in reserve, totaling £1,051,000—brought about by an
increase of £1,059,000 in note circulation. Public deposits expanded £518,000, but "other" deposits
showed a contraction of no less than £16,946,000.
Loans on Government securities were reduced £15,003,000, while loans on other securities fell £342,000.
Notwithstanding these changes, there was a further
advance in the proportion of reserve to liabilities,
which is now 19.07%, as against 17.54% a week ago
and 17.02% the week of Dec. 3. At this time a year
ago the ratio stood at 1558% and in 1922 at 17%.The
/
bank's stock of gold aggregates £128,511,617, which
compares with £128,023,083 in 1923 and £127,444,219
a year earlier. Reserve totals £22,754,000, against
£19,587,913 last year and £21,003,819 in 1922. Note
ciiculation is £125,504,000, in comparison with £128,-
Dillscllscounted
Inc.288,041,000
Advances
Dec.11,659,000
Note circulation....Dec.49,512,000
Treasury deposits_ _Dec. 10,373,000
General deposits._ _100.123.545,000
4,900,020,000
2,921,704,000
40,518,419,000
16,513,000
1,970,192.700
3,269,440,785
2,418,360,929
37,629,998,840
26,312,033
2,124,576,026
2,115,613,122
2,150,543,338
36,049,514,515
15,216,090
2.130.148,793
The Federal Reserve Board's statements issued
Thursday afternoon, reported continued decline in
gold reserves for the System as a whole, and expansion in rediscounting both locally and nationally.
The combined report indicated a reduction of $43,300,000 in gold, while rediscounting of Government
secured paper increased $31,100,000. Rediscounts of
"other" bills decreased $1,600,000 and the net result
of•the week's operations was an increase in total bills
of $29,500,000. There was a falling off in holdings of
bills purchased of $16,000,000. Earning assets gained
$25,800,000 and Federal Reserve notes in actual circulation increased $14,800,000, but deposits fell off "
$3,000,000. At New York a gain of more than 1.34,000,000 in gold was shown, while rediscounts of Government secured paper expanded $4,400,000; other
•
DEC. 20 1924.]
THE CHRONICLE
bills fell about $300,000, and the aggregate of open
market bills was reduced $17,400,000. Earning assets decreased $13,700,000, although deposits gained
$29,200,000, and the amount of Federal Reserve notes
in actual circulation increased $6,800,000. In both
statements expansion in member bank reserve accounts was revealed; for the System this amounted
to $22,400,000 and at New York to $33,500,000. As
regards reserve ratios, that of the local institution
advanced .6%, to 73.3% in consequence of the gain
in gold, but for the banks as a group, reduced gold
holdings were responsible for a decline of 1.3%, to
73.9%.
Restoration of a substantial surplus, accompanied
by sharp reductions of both loans and deposits, constituted the principal features of last Saturday's
statement of New York Clearing House banks and
trust companies. The loan item was reduced no less
than $72,583,000. Net demand deposits declined
$14,539,000, to $4,728,926,000. This total is exclusive
of Government deposits to the amount of $14,144,000, a falling off in the latter item of $6,067,000 for
the week. As to time deposits, there was a shrinkage of $9,891,000, to $606,837,000. Other less important changes included an increase of $2,531,000 in
cash in own vaults of members of the Federal Reserve Bank, to $55,992,000, which, however, is not
counted as reserve; a decline in cash in own vaults
of State banks and trust companies of $35,000 and
contraction of $319,000 in the reserves kept in other
depositories by State banks and trust companies of
$319,000. Member banks added heavily to their reserves in the Federal Reserve institution, namely
$88,015,000, and this together with the decrease in
deposits, was sufficient to bring about an increase in
surplus of $89,808,250, thus not only eliminating last
week's deficit, but leaving an excess reserve of $71,026,790. The above figures for surplus are on the
basis of legal reserves of 13% for member banks of
the Federal Reserve System, but do not include cash
in own vault of $55,992,000 held by these member
banks on Saturday last. .
2803
the retail & turnover of. holiday/goods. A greater
degree of expansion in the more substantial lines is
looked for after the turn of the year. The United
States Steel Corporation is said to be operatinglat
83% of capacity, and other important companies in
the steel industry at 80% on the average. It would
seem that in due time this expansion in many directions would be reflected in the money market.
Referring to money rates in detail, loans on call
A
have covered a range during the week of 2M@S1 %,
week ago. Monday the high was
as against 3@4% a
332%, the low 3% and VA% the rate for renewals.
A tendency toward relaxation was shown on Tuesday
when all loans were negotiated at 3%. On Wednesday also the only rate quoted was 3%, which also
again was the renewal basis. Thursday call funds
renewed at 3%, unchanged, but before the close a
low figure of 2% was named; the high was still 3%.
Increased ease pervaded the call market on Friday
and there was a decline to 23/2%, which was the
high, low and ruling figure for the day. Fixed-date
maturities, on the other hand, showed a firmer
tendency and toward the latter part. of the week
1
/
sixty and ninety-day money advanced-to 3A@331%,
four, five and six months moved
while
against 3
%
1
up to 3Y@4%, as compared with 33 %-last week.
attributed to preparations for'
The firmness was
meeting the huge Jan. 1 dividend and interest disbursements. Only a limited inquiry was noted,
however, and no large individual trades reported in
any maturity. The former differential between
regular mixed collateral and all-industrial loans is
no longer observed.
Mercantile paper rates, though firm in tone, have
4
1
not been changed from 34@33 % for four to six
months' names of choice character, with names less •
well known requiring 3%@4%,the same as last week.
New England mill paper and the shorter choice names
A
continue to be dealt in at 31 %. A brisk inquiry
country banks, with the
was noted, mainly from
4
bulk of the business passing at 33 %.
Banks' and bankers' acceptances - were firm and:
open market quotations on both spot and time delivery were advanced another of 1% on 90 and 30- •
day bills. Trading was quite active and a fairly
large aggregate turnover reported. There was a
good demand for prime names from city and country
institutions alike. For call loans against bankers'
acceptances the posted rate of the American Acceptance Council was reduced from 3% last week, to
2%%. The Acceptance Council makes the discount •
rate on prime bankers' acceptances eligible for purchase by the Federal Reserve Banks 3% bid and
%
8
/
4
.
27 % asked for bills running 30 and 60 days, 31
0
bid and 3% asked for bills_running 90 days, 3317
running 120 days, 34%
bid and 3% asked for bills
bid and 34% asked for bills- running 150 days, and
34% bid and 34% asked for bills running 180 days.
Open market rates follow:
Following the unusually large turndver and disbursements at this centre on Monday, Dec. 15, the
call money market has been specially easy. On
Thursday afternoon the quotation dropped to 23/2%,
at which it ruled throughout yesterday's business
session. Time money was reported as active and
'firm during the first half of the week, but yesterday
and the day before it was quieter, with no change
in rates. This trend in both departments of the
money market was to have been expected. It is
finally logical to look for at least a stiffening in rates
as the end of the month and year approaches more
closely. Prior to the weekly meeting of the Governors
of the New York Federal Reserve Bank there were
rumors again in speculative circles that the rediscount rate would be increased, but no change was
made, and none appears to be expected soon in
SPOT DELIVERY.
30 Days.
60 Days:
90 Days
prominent banking circles. The investment demand
0214
3 C 234
3
eligible bills
for new securities, even those of some of the smaller Prime
FOR DELIVERY WITHIN THIRTY DAYS.
European Powers, has been active. Special reference Eligible member banks
214 bid
3 bid
might be made to the promptness with which the Eligible non-member banks
Greek and Belgian loans were taken. Transactions
There have been no changes this week in Federal
in stocks have continued on a large scale. On the
Stock Exchange they reached daily totals well in Reserve Bank rates. The following is the schedule
excess of 2,000,000 shares. The business of the of rates now in effect for the various classes of paper
country continues to expand, with special activity in at the different Reserve banks:
2804
THE CHRONICLE
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
DECEMBER 19 1924.
[voL. 119.
is regarded as indicative of the fact that Germany
is absorbing the precious metal against credits made
Payer Maturing—
possible by the loan recently floated. So far as
After 90 After 6
can be learned, there is no connection between the
Days, but
but
Within 90 Days.
Within 6 Within 9
FEDERAL RESERVE
Months. Months. rise in sterling and the heavy movement of gold to
BANK.
India; the latter is taken to be the result of the high
Secured
Agric'l & by U.S. Bankers' Trade
Agricul.
Livestock Covern't Accep- Accepvalue of the rupee and India's favorable foreign
and
and
Paper
Obliga- tances. tance:. Livestock Livestock
n.e.s.
tions.
Paper. Payer.
trade.
Boston
334
3M
ah
3M
3M
33'
Referring to the day-to-day rates, sterling exNew York
3
3
3
a
3
3
Philadelphia
354
334
334
3M
3M
334
change on Saturday last was inactive, but firm and
Cleveland
334
3M
334
3M
334
Richmond
4
4
4
4
4
a trifle higher; demand bills advanced fractionally
Atlanta
4
4
4
4
4
4
Chicago
4
4
4
4
4
4
to 4 68%@4 69 7-16, cable transfers to 4 69/@
St. Louis
4
4
4
4
4
4
Minneapolis
4
4
4
4
4
4
4 69 11-16 and sixty days to 4 66%@4 66 16-16;
Kansas City
4
4
4
4
4
4
Dallas
4
4
4
4
4
4
the market was largely professional in character.
San Francisco
314
3M
33'
3M
33.5
•Including bankers' acceptances drawn tor an agricultural purpose and secured On Monday trading continued quiet and featureless;
by warehouse receipts. &c.
prices, which moved within narrow limits, were
practically unchanged, at 4 69@4 693 for demand,
%
The sterling exchange market moved listlessly this 4 693@4 69% for cable
transfers and 4 663/2®
week with trading apparently under the influence of 4 66% for sixty days. Increased
offerings of comthe approaching Christmas holidays. A pronounced mercial bills induced a
slightly easier tendency on
falling off in interest was manifest throughout and Tuesday, so that demand
declined to 4 68%@
rate fluctuations were exceptionally narrow, with no 4 693, cable transfers to
4 68%@4 693/i and sixty
important changes recorded in either direction, days to 4 65%@4 66%; lack
of buying power was
until yesterday, when an advance in London cable also a factor. Wednesday's
market was dull with
rates sent the local market up to 4 707 , a small quotations steady at very close
%
to the previous
fraction under the previous high point. During day's figures, namely,4 683/2@4 69 3-16
for demand,
the early dealings a slight tendency to lower levels 4 689@4 69 7-16 for cable transfers
and 4 66©
was in evidence and demand bills hovered alternately 4 66 11-16 for sixty days. Better buying
was reabove and below 4 683/, with the extremes 4 68%@ sponsible for an advance on Thursday that
2
carried
4 69 7-16. London sent lower cable rates part of demand to 4 68 13-16@4 7098, cable transfers
to
the time, but the predominating influences for a 4 69 1-16@4 70% and sixty days to 4 66 5-16@,
while were a moderate increase in offerings of cotton 4 67%. On Friday an increase in activity
was
and grain bills, while there was a dearth of buyers, noted and quotations shot up to 4 70%@4 70%
for
which naturally tended to depress values. Specula- demand to . 70%@4 715i for cable transfers
4
and to
tive operators were conspicuous by their absence, 4 67%@4 683 for sixty days. Closing quotations
%
and the result was a market devoid of any semblance were 4 68 5-16 for sixty days, 4 70 13-16 for demand
of activity. On Thursday several of the large and 4 711-16 for cable transfers. Commercial
sight
banking houses re-entered the market as buyers,
bills finished at 4 70%, sixty days at 4 66 9-16,
and this served to stiffen rates with the effect of ninety days at 4 66 11-16, documents
for payment
advancing demand bills more than a cent to 4 69%. (sixty days) at 4
66 13-16, and seven-day grain bills
Before the close the buying movement had subsided, at 4 70 3-16. Cotton and grain
for payment closed
but firmness abroad had a sentimental effect here at 4 70%.
and final rates were the highest for the week.
Gold engagements for export again attained subVery little in the way of important international stantial proportions, and included
a shipment early
developments of a political or financial character in the week of $2,500,000 to Berlin,
consigned to the
transpired during the week, and bankers were dis- Reichsbank by J. P. Morgan &
Co., thus making a
posed to regard the fact that sterling rates had not total of $12,500,000 shipped to
Germany on the
sustained a more severe slump as an encouraging present movement up to that time.
The Yokohama
sign. Lower levels are not unusual at this season Specie Bank and the Farmers' Loan
& Trust Co. are
and no expectation of increased speculative activity shipping $1,000,000 each to India.
Late yesterday
is entertained until after the holidays. Narrowing afternoon it was learned that J.
P. Morgan & Co.
of the spread between money rates here and in had engaged another $2,500,000 gold for
shipment to
London is likely to constitute an important element Germany, making a total so far
of $15,000,000
in preventing'further important advances in sterling shipped by that firm to the
Reichsbank on account
values, especially since English banking authorities the German bond offering to the
United States.
persist in their belief that the price of the pound
has advanced disproportionately with the lowering
As to the Continental exchanges, trading was if
in living costs. However, local interests hold to anything duller than in sterling, and rate changes
the opinion that sterling is due for a rise to still higher were of a minor character, even in the leading curlevels, and it is noteworthy that advices from Lon- rencies. French francs led the limited activity, but
don are distinctly less pessimistic in tone. Senti- dealings were sporadic and movements usually meanment in favor of a return to parity continues strong ingless. At times a certain amount of selling pressure
and many bankers continue to urge the resumption developed and rates were forced down a few points,
of gold payments early in the new year; that is, but as has been the case during the recent past, supbarring any untoward happenings of a serious char- porting orders were forthcoming at each sign of weakacter. Much, of course, will depend upon the ness, and the range for the franc was 5.393@5.34.
personnel of the new German Cabinet, and its atti- Improvement in the condition of M. Herriot's health
tude toward reparation matters. Considerable in- to some extent removed fears of a precipitate change
terest has been aroused by the movement of gold in governmental policies, while absence of unfavorable
from New York to Germany, which in some circles developments, either domestic or foreign, were
also
DEC. 20 1924.]
2805
THE CHRONTCLE
factors in steadying the franc. The general disposi- of decreasing. No real improvement, it is believed,
tion, however, among large operators was to await can take place until a balanced budget has been
the next move on the part of the German Govern- achieved.
Bankers' sight on Amsterdam finished at 40.37,
ment. Antwerp francs were dealt in to a limited
Paris exchange. against 40.30; cable transfers at 40.41, against 40.34;
extent and followed the lead of
Reichsmarks were slightly easier and part of the commercial sight bills at 40.31, against 40.24, and.
time were at 23.81, though closing at 23.82, un- commercial sixty days at 39.95, against 39.88 a week
changed. Austrian krone remain motionless. Lire, ago. Swiss francs closed at 19.35 for bankers' sight
though not particularly active, sold off slightly, bills and at 19.38 for cable transfers, as compared
ranging between 4.30 and 4.253 on fairly liberal offer- with 19.36 and 19.37 a week earlier. Copenhagen
ings of bills and few takers. Greek exchange con- checks finished at 17.67 and cable transfers at 17.71,
tinued to reflect the strengthening influence of the against 17.57 and 17.61. Checks on Sweden closed
present loan negotiations and ruled around 1.81 2. at 26.92 and cable transfers at 26.96, against 26.92
Of the other minor exchanges, Czechoslovakian and 26.96, while checks on Norway finished at
crowns were strong, Rumanian lei fairly steady, and 15.11 and cable remittances at 15.15, against 15.10
both Polish marks and Finmarks unchanged. In a and 15.14 the week previous. Spanish pesetas closed
word, the market is displaying holiday inactivity, the week at 13.96 for checks and 13.98 for cable
transfers. Last week the close was 14.15 and 14.17.
besides awaiting a new lead.
The London check rate on Paris closed at 87.25, FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVB
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
which compares with 88.00 a week ago. In New
DEC. 13 1924 TO DEC. 19 1924. INCLUSIVE.
York sights bills on the French centre finished at
Rate for Cable Transfers in
5.39, against 5.343 2; cable transfers at 5.40, against Country and Monetary! Noon BuyingValue in United &ales Money. New York.
Unit.
5.353 2; commercial sight bills at 5.38, against 5.331 ,
Dec. 13. Dec. 15. Dec. 16. Dec. 17. Dec. 18. Dec. 19.
A
and commercial sixty days at 5.329, against 5.281
4 EUROPE$
$
$
$
$
$
&traria.
.000014 .000014 .000014 .000014 .000014 .000014
last week. Antwerp francs closed at 4.98 for checks Belgium,krone
franc
.0496
.0492
.0494
.0500
.0496
.0496
Bulgaria, ley
.007322 .007311 .007283 .007338 .007350 .007350
and at 4.99 for cable transfers, which compares with Czechoslovakia, kron .030180 .030196 .030221 .030263 .030312 .030293
Denmark, krone
.1754
.1758
.1749
.1765
.1769
.1754
4.92 and 4.93 a week earlier. Final quotations on tngland, pound eter- .6938 4.6945 .6888 .6904 4.6959 4.7066 .
ling
Finland, markka
.025197 .025192 .025191 .025193 .125185 .02520
Berlin marks were at 23.82, against 23.81 the week France,franc
.0539
.0534
.0536
.5037
0537
.0536
.2380
lertnany,reichsmark• .2380
preceding. Austrian krone continue to be quoted Greece.drachma__ .018152 .2380 .2380 .2380 .018134 .2380
.018157
.018159 .018147 .018152
.4032
.4040
A034
at 0.00143/. Lire finished the week at 4.27M for Holland,•guilder_ _ _. .000013 .4033 .4032 .000013 .4031 .000013
s
.000013
if tingarY krone_ __ _
.000013 .000013
.0428
.4027
.0431
.0431
.0431
.0431
bankers' sight bills and at 4.28M for cable remit- Italy. lirakrone
.1514
.1511
sIorway,
.1512
.1513
.1514
1513
.1921
.1921
.1921
.1921
.1920
.1921
tances, in comparison with 4.30 and 4.31 a week Poland.zloty
0479
.0483
Portugal. escudo
.0483
.0481
.0483
.0485
Rumania,leu
005108 .005073 .005075 .005064 .005083 .00510
earlier. Exchange on Czechoslovakia closed at 3.03, 9pain, peseta
.1399
.1400
.1395
.1406
.1420
.1413
.2695
.2695
.2694
.2695
.2695
2694
against 3.024; on Bucharest at 0.51/, against 3weden,krona
.1936
.1937
.1935
3witzerland. franc__ .1936
.1936
.1936
Yugoelayla, dinar__ .015016 .014977 .014953 .014951 .014946 .01496
0.51%; on Poland at 1934 (unchanged), and on ASIAChinaFinland at 2.53 (unchanged). Greek exchange Chefoo,tael
.7675
.7679
7787
.7713
.7563
.7583
.7663
Hankow,tael
.7716
.7650
,.7758
.7597
.7584
.7498
finished at 1.81 for checks and at 1.81 Mfor cable Shanghai, feel
.7441
.7446
.7533
7629
.7559
Tientsin, tael
.7779
.7758
7858
.7800
.7650
.7700
.5537
.5515
transfers. Last week the close was 1.81M. and 1.81%. Hong Kong, dollar. .5551 .5533 .5500 .5509 .5513 .5488
Mexican dollar__
.5456
.5488
.5500
.5556
Tientsin or Peiyaniz
dollar
Yuan dollar
India.rupee
Japan, yen
3ingapore (8.13.) dolla
NORTH AMER.Canada, dollar
Cuba. peso
Mexico, peso
Vewfoundland. data
SOUTH AMER.hrgentina, peso (gold)
Brazil, tniireis
Chile, peso (paper)_ _.
Uruguay nom
.5575
.5542
.3519
.3841
.5400
.5557
.5533
.5525
5517 - .5546
.5617
.5833
.5621
.5617
.5638
Movements in the neutral exchanges, formerly
.3535
.3522
.3525
.3516
.3518
.3841
.3837
.3838
.3837
.3838
so-called, were likewise lacking in significance. The
.5404
.5416
.5408
.5395
.5404
undertone was firm and quotations, with the excep993174 .992904 .994099 .994697 .996021 .994989
999625 .999714 .999766 .999661 9.99766 .999766
tion of Spanish pesetas, which lost ground slightly,
.487917 .489750 .489833 .489000 .489500 .488333
.990625 .990158 .991750 .992344 .993229 .992188
remained at very close to the levels of a week ago.
.8775
.
5796
.
5772
'
8787
'
8881
'
Probably the most noteworthy feature of an other8837
.1138
.1136
.1150
.1154
.1142
.1138
.1136
.1127
.1146
.1110
.1118
.1132
wise dull and uneventful week was the reduction
.9531
.9605
.9707
.9705
.9698
.9667
in the Netherlands Bank rate, which had the effect, •The new relehamark le equivalent to 1 rentenmark or 1 trillion paper marks.
as intended, of arresting the advance in guilders
In the South American exchanges very little
and putting a stop to gold shipments. At about activity was noted, although the tone remains firm
40.30, guilders are well below the gold shipping and quoted rates displayed a tendency to advance.
point. Although rates were not materially changed, Argentine checks went up to 38.87 and cable transfers
considerable activity was noted at intervals in to 38.92, against 38.56 and 38.61, although Brazil
Danish kroner. This was regarded as the result of exchange was easier and closed at 11.57 for checks
speculative attempts to make capital out of the and 11.62 for cable transfers, comparing with 11.55
Danish exchange situation. It is understood that and 11.60 last week. Chilean exchange was firmer
the Government of Denmark has placed before the and finished at 11.50, against 11.06, while Peru
Riksdag a stabilization plan of wide scope, involving was unchanged at 4 21, the same as a week ago.
among other conditions the borrowing of $40,000,000
The Far Eastern exchanges were easier, though
abroad and artificial control of rates at not lower actual quotations were not essentially changed.
than 17.52 until July 1 of next year. The program Hong Kong closed at 559I@56, against 56@561 4
/
.;
has not as yet been approved and Danish exchange Shanghai at 7631 @763, against 78%@781 ; Yoko.
A
is at present systained by means of the National hama at 38%@39, against 39@393' ; Manila at
I
City Bank credit that was renewed in October. 50@5034 (unchanged); Singapore at 5534 @55m
.
.
Recent gyrations in Spanish exchange are attributed (unchanged); Bombay at 353'1 @35 (unchanged),
.
to speculative activity. The week's decline is and Calcutta at 35%@359 (unchanged).
mainly due to profit taking. Financial conditions
in Spain, while showing improvement, are still far
The New York Clearing House banks, in their
from satisfactory. End of the Moroccan campaign operations with interior banking institutions, have
appears to be in sight, but political unrest still. gained $3,549,972 net in cash as a result of the curexists, while the Government's deficit shows no sign' rency movements for the week ended Dec.
19.
2806
THE CHRONICLE
[VOL. 119.
Their receipts from the interior have aggregated forward with the current, and the beneficent changes
$4,679,572, while the shipments have reached $1,129,- which he witnessed owed neither their origin nor
600, as per the following table:
their national sweep to him or to the organization
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING which he controlled.
INSTITUTIONS.
What has been dwelt upon,rather, by most of those
Into
Out of
Gain or Loss
who since his death have sketched his career, is his
Week Ending Dec. 19.
Banks.
Banks.
to Banks.
masterful success as an organizer of the trade union
Banks interior movement
81,129,600 Gain 83,549,97
54,679,572
2 movement, and his strenuous efforts to wrest from
As the Sub-Treasury was taken over by the Fed- the public, from employers, from Government and
eral Reserve- Bank on Dec. 6 1920, it is no longer from the courts a recognition of certain labor claims.
possible to show the effect of Government opera- It was as the uncompromising leader of a militant
tions'on the Clearing House institutions. The Fed- and aggressive host, bent upon winning victory for
eral Reserve Bank of New York was creditor at the causes which it espoused, and which it identified
Clearing House each day as follows:
with the permanent interests of labor as a whole,
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANE
that his name became known from one end of the
AT CLEARING HOUSE.
country to the other. Personally of a kindly and
Aggregate
Saturday. Monday, Tuesday, Wednesd'y, Thursday, Friday,
conciliatory disposition, given to friendship and befor Week.
Dec. 13. Dec. 15. Dec. 16. Dec. 17. Dec. 18. Dec. 19.
loved of his friends and intimate associates, he was
79.000.000 100000000 96,000.000 100000000 105000000 93.000,000 Cr. 573,000.000
by nature a fighter whenever what he conceived to
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 be the rights of labor were in any way involved; and
the Federal Reserve System's par collection scheme. These large credit balances.
however,reflect only a part of the Reserve Bank's operations with the Clearing House the hardihood of his attacks, the frankness and even
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 severity of his criticisms of policies and men, and
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve the uncompromising demands of his program testiBank for collection for the account of the local Clearing House banks.
fied to an intensity of conviction and disregard for
The following table indicates the amount of bul- personal consequences which, had his cause been always beyond reproach, might well have earned him
lion in the principal European banks:
place in the ranks of the unofficial statesmen through
Dec. 20 1923.
Dec. 18 1924.
whom nations as well as classes are inspired and led.
Banks o
Gold. I Saver.
Gold.
Total.
Total.
Any estimate of Gompers's career, however, must
e
e
England __ 128,511,617
128,511,617128.023,083
128,023,083 look below the surface of his official activities, mulFrance a__ 147,227,5.50 12,200,000159,427,550 147,036,958 11.840,000158,876,958
Germany _ c23,038,700 d994,600' 24,033.300 28,390,850 3,475,400 31,866,250 tifarious and impressive as those activities were, to
Aus.-Hun_ b2,000,000
b
I b2,000,000 b2.000,000
b2,000,000
Spain
101,398,000 26,122,000 127,520,000101.105,000 25,936.000127,041,090 the nature of the cause of which he was the pre35,583,000 3.379,000 38,962,000 35,309,000 3,420,000 38,729,000
Italy
43,114,00 48,482,000
NetherYds. 42.053,000 1,061,000
623,000 49,105,000 eminent champion. What was the "labor movement"
Nat. Buis 10,819,000 2,758,000 13,577,000 10,789,000 2,676.000 13,465,000
SwitzerYd_ 20.220,000 3,729.000 23.949,000 21,487,000 3,491,000 24,978,000 as Gompers conceived it? That it included the pro13,246,000 15,113,00
Sweden.- _ 13.246,000
15,113,000
Denmark _ 11.639,00
1.280.000 12,919,00 11,645,0
182,
11,827.000 gressive betterment of the every-day conditions unNorway __ 8.180 I'S
8,180,00
8.182,0
8,182,000
der which wage earners work, adequate pay for serTotal week 543,915,86 51.523.600595.439,467557,562,891 5l,843,4u 609,206,291
Prey. week 543,716,991 51,526,6
95,243,591 557,940,19 51,387,400 09,327.590 vices performed, and recognition of the right of thil
a Gold holdings of the Bank of France this year are exclusive of £74,572,836
share in the determination of social polheld abroad. b No recent figures. c Gold ho dings of the Bank of Germany this workers to
Year are exclusive of £11,766,600 held abroad. d As of Oct. 7 1924.
is icy equally with other members of the community is
evident enough, and to the extent to which his devoSamuel Gompers.
tion and ceaseless activity contributed to those ends
In the death of Samuel Gompers labor has lost one he is entitled to grateful remembrance. There can
of its great leaders, though his influence and impor- be no economic soundness in a society in which labor
tance are not to be measured by the way in which his is ungenerously dealt with or inadequately paid, and
name, during his lifetime, appeared in the news- for every rational effort, whether organized or not,
papers, since he always took pains to keep himself to get rid of unfair discrimination or disadvantage
conspicuously in the eyes of the public. Eulogists there should always be unquestioned public support.
of Mr. Gompers have for the most part wisely re- Men of action, however, must also be judged by their
frained from ascribing to him any considerable acts, and the most superficial study of Gompers's
measure of credit for the general economic better- career shows that his conception of the "rights" of
ment of the wage-earning classes which has been so labor went far beyond a mere betterment of economic
pronounced a feature of our national progress during status, however generously the term might be conthe past forty years. Few men are of such command- strued.
To Gompers, as time went on, organized labor aping power as to enable them to affect very greatly
the larger movements of economic life, and Gompers pears to have become less and less a co-operating
can hardly be regarded as an exception to the'rule. factor in production and distribution, and more and
The gains which American labor has made in wages, more a dominating power whose word was to be law.
in conditions of employment, and in general social Whether in wages, or hours, or working conditions,
recognition, since the formation of the American the demand was not only for all that was fairly due,
Federation of Labor in 1881, have been the result of but also for as much more as organized pressure
many and diverse influences, some of which Gompers could get, and the union labor conditions which obwas able to accelerate and in a more or less formal tain to-day in many American industries—conditions
way direct, but far the
-larger part of which were too which have not only deprived employers of a large
deep-seated, too pervasive, and too mighty to be bit- measure of effective control over the workmen whom
ted and bridled by never so able and aggressive a they employ, but which have contributed to make the
leader. It was Gompers's good fortune to serve as costs of production and distribution higher in the
the official head of organized labor in this country in United States than in any country in the world—
a period when the stream of economic progress was are in large part a result of the magnification of laflowing strongly in almost every channel of indus- bor "rights" under the Gompers regime. Gompers
trial and commercial life, but he was himself carried himself had much to say, especially in his later years,
Dgc. 20 1924.]
THE CHRONICLE
2807
about the desirability of co-operation between em- pers was in his point of view. It cannot be too often
ployers and employed, but the host which he led was reiterated that the solution of the problems inherent
nevertheless to all intents and purposes a labor army, in the relations of capital and labor is not to be found
the war which he directed was virtually a class war, in arraying labor in organized masses against the
and the spoils of victory were, for labor, further rest of the community, as if labor were a thing apart,
nor in delivering ultimatums backed by a threat of
privilege and domination.
to happen when a highly organ- strikes. Unless the two great factors in the creation
What was bound
ized labor movement, conceived of in no larger terms of social wealth work harmoniously together, neither
than those of a class struggle for advantage, got for claiming for itself the all-controlling voice, there can
the moment the upper hand, was strikingly shown be no just distribution of benefits or rewards. It is
by the attitude of organized labor during the World because Samuel Gompers, with all his great powers
War. No single episode of Gompers's career has been and undoubted devotion, appears to have seen no
more praised than the alleged "patriotism" with hope for labor save in the hardening of class lines
which he rallied the forces of American labor to the and reliance upon militant methods, that his work,
support of the Government for the winning of the now that it has been completed, seems likely to be rewar. The quality of the patriotism which organized membered more for its limitations than for its sublabor exhibited on that occasion, however, was some- stantial achievements. In an age which, knowing
what strained. It is true that in this country, as in only too well the evils of economic war, is striving
Great Britain, labor worked long and hard, and that hard to find an assured way to economic peace, he
its prodigious output contributed greatly to the ulti- clung to the essential methods of the old regime. It
mate success of the Allies, but it was nevertheless is in every way to be hoped that the American labor
under the lead of Gompers that American labor, fol- movement, strong in organization and effectiveness
lowing the fatal example set by the trade unions in for work, may under new leadership broaden the
Great Britain, extorted from Government and from -foundations of its social purpose and develop for
private industry concessions, privileges, bonuses and itself methods more enlightened and urbane.
wage increase's strangely in contrast with the rewards held out to the men who faced injury, sickThe Enduring Lesson of Christmas Day.
ness and death in fighting on land and sea. From a
With that delicate charm and humor for which he
moral point of view the profiteering of labor is in
• every way as great an evil as the alleged profiteering is cherished by the discerning reader, Samuel Mcof capital, and its social consequences are at least Chord Crothers writes, in the"New York Times Book
equally disastrous, but while the profiteering of Review," upon the merriment in "Merry Christmas!"
capital (if such existed) went its way with the re- "One may have great possessions in the fields of
turn of peace, the profiteering of labor continues in philosophy or economics or ethics. All these possesthe refusal, voiced and supported by Gompers as the sions he must hold lightly if he would enter the world
official spokesman of American workers, even to con- which belongs to the child. One may be too clever
sider a general reduction of wages below the average by half to understand all that the child takes in at
war-time level. This is not statesmanship, nor yet a glance. One may be so anxious to know how everygood policy; it is rule by force; and for the "patriot- thing is coming out that he cannot enjoy what is
ism" which seizes upon a national exigency to take going on at the moment." And how true this is 1
by force all that it can get, and continues to act in Fortune, faith, perfection, power, praise, how they
peace much as if the war were still going on, there bend us to their wills, making us drudges in a world
of wonder! All time at our disposal, yet rushing
cannot in the long run be praise.
It is not as a labor statesman that Gompers will be through life as if each day were the last! Doing
remembered, notwithstanding that the largeness of great things in all the avenues of effort without
the forces which he to some extent directed made him space for contemplation and appreciation. So strivfor many years a national power. His conception of ing for the perfect and impeccable that we deliver
the labor problem was too narrow ever to become uni- life over to penance and regret. So thinking of othversal, and it is with universals that true statesman- ers that we forget our own rights and privileges.
ship deals. Possibly he was right in challenging the Casting sombre shadows in the sunshine of experiauthority of the courts which sought to punish him ence and pleasure—that reform may touch the world
and his associates for contempt, and in assailing the with a magic wand, but transforming our very selves
use of injunctions in labor disputes; neither the into martinets and zealots! And the glory and splenbench nor the bar is to-day of one mind regarding dor of living, even in the world we create, we deny
either of those questions, and legal opinion may yet to each other by intolerance and questioning. Havincline still further, as it has already inclined some- ing "older grown" we turn away from the sweet simwhat, in his direction; but the manner of his protest plicity of childhood and are disquieted by our ideals,
did little to indicate respect for the Government to disappointed by our successes.
Mr. Crothers writes: "Once a year we change all
whose Constitution he owed it that he could legally
protest at all. His championship of the universal this" (referring to his own outline). "Let the prueight-hour day ignored the economic differences be- dential virtues have a vacation, and let every man
tween nations and the peculiar necessities born of be as generous as his nature will allow! Let the
the war, and his autocratic attempt to deliver the sober elder son have some of the adventure which the
organized labor vote to La Follette in the recent cam- prodigal enjoyed. Let him spend his substance in
paign received at the polls, as well as within the riotous giving. Perhaps he will return to his own
ranks of organized labor itself, the rebuke that it business none the worse for his experience. We
think all the better of him for having seen him undeserved.
None of these things can fairly be passed over as abashed in the pursuit of altruistic pleasure."
mere incidental aberrations, still less as the defects "These pleasures are real, distinct and immediate.
of great qualities. The essential limitation of Gom- They are complete in themselves. We do not have to
2808
THE CHRONICLE
[VOL. 119.
wait for the organization of an ideal commonwealth tnas Day, when all the world laughs together, can
in order to feel the thrill which comes from co-opera- plot against his fellows, can nurse a grudge, can look
tive effort. All we have to do is to co-operate with with envy on those more fortunate than himself. If
somebody who stands near us. The kindly deed such there be he is lost to the wonder in the eyes of a
meets instant and soul-satisfying recognition even child that finds the world good.
in such an imperfect world as this." At the risk of
The old saying that "Christmas comes but once a
being "prosy" in such a delightful presence, may we year," grown trite with age, sometimes sneered at in
not continue to think along these lines in the impend- the carping criticism that finds fault with everying celebration of the one day loved the world over? thing, shows us how much we lack, in our earnest
After all, is it not the savor of abundant joy, the striving, of accepting things as they are. Our social,
relaxation of care and toil, the sacrificial fervor of political and industrial life—each is tainted with
helpfulness, and the spiritual exaltation of love, that contest. We measure success by place, power and
make Christmas a benison to every people?
wealth. We refuse to believe that those who sacrifice
It would jar our reflections to delve into its origin for others, succeed. We strive to get ahead of someand significance. Following Dr. Crothers, we re- one else. Yet the beginning of the harvests is in the
duce all controversy to the child's joy in an unfold- cold of winter; the ideal of helpfulness is in that
ing world. If we become again children we shall see moment when we measure self against the welfare of
the romance of our great adventure. Reform, reac- others. If there is but one day in the calendar of an
tion, progress, industry, wealth, work, what are these over-confident civilization when peace and love reign,
mooted things while for a single pause in all our it is when the heart of man melts in tenderness for
arduous pursuits we strive to be happy in giving and those who are struggling hard upon the same road.
loving and living! There is much in the freedom of Work and wealth that are wholly for self are the
the pursuit of happiness. But now comes a time miser's gold. But work and wealth put to uses that
when we "cash in" on all our enterprises by thinking benefit others, albeit they advance self, are the talon each other. Not to change human nature to our ents that multiply indefinitely.
proud conception of what life ought to be, but just to
So we may say there is such a thing as the philosmeet and greet our friends and fellows on the com- ophy of Christmas. All the carols that ring and the
mon level of children of God! In this pause, if only stars that beam are reminders that life begins anew
for one day, the home is sanctified and the soul puri- with each high resolve, each humble deed. If the
fied. It is not a day consecrated to rituals and forms light of one sublime character who went about doing
of worship, though these may be embodied by some; good shines undiminished down the ages, so this one
it is a day of thankfulness and praise that all are day may make brighter and better the whole year.
horn again children seeking and finding the joys that Often in our egotism of triumph over obstacle and
are for us, and around us, and in us.
environment we grow arrogant and proud. Yet what
Too often we seek our pleasures in a frenzy of fash- is life without love? Happy as is the phrase "the
ion and passion. But when the holly glistens and gift without the giver is bare," it expresses nothing
the yule log burns no one thinks of asking his friend of great moment, unless it teaches us that all work is
or neighbor to do other than that which pleases him hallowed by a sacrifice by the soul in and through
alone. All the year we are striving in business, poli- life itself. Consciousness of •the responsibility of
tics and social life to make others find pleasure in wealth, of the duty of work for work's sake, these are
our own beliefs and efforts. But Christmas is every daily consecrations born of the spirit of good-will
man's own for himself and for no other. In the gifts and love symbolized in Christmas Day!
he gives, the associations he seeks, there is the outOne day devoted to unalloyed happiness! What a
flowing of his own spirit. For one day there is the boon this is to a worn world! Just to know that we
complete accord of liberal hearts and open minds. can be happy if we will, how must it soften the comIf, in the longing for the fullness of happiness, the petition of all effort and soothe the anguish of all
wanderers come home, how fitting this is to express failure. For now are the poor happy with little, as
the true gentle loving that fills the world with peace. the rich may be with more. Happiness is in the
If minds shall turn to the life and character of the heart. As the child counts not the cost of the trifle
lowly Nazarene; or, if Pagan, shall behold in pre- of a toy, so the poor man,feeling his heart grow kind,
vision the path of the returning sun; who shall say finds joy in humility and even poverty. Out of this
that life and light are not one in the holiness of the philosophy of living, one day may be longer than
inner soul. We shall go forward in glory as we fol- life, for in the end, that comes to all, there is but one
low the path of the wisdom that is goodness.
satisfaction that cannot fade from the soul—the conA day of pause! A day for the spiritual in the sciousness that one loved and helped others on the
midst of the material. Like the pause in poetry and way. This day of pause, of rest, of relaxation, and
music it is essential to the melodies that fill the of contemplation, is a window that opens upon the
world with achievement and order. For without the life beyond. Few there are who do not somehow feel
happiness of man the symphonies of civilization are that life is not worth the living unless there may be
but discords. Pursuit may be more of pleasure than sometime,somewhere, happiness for all.
Do we cultivate happiness in our daily living? Do
possession. But there must come a time of rest that
we may feel the joy of living. To work under the we make each day an opportunity for doing good to
goad of necessity, under the spur of ambition, under others in a concrete, specific way? Do we measure
the lash of desire, this is not all. For all the year we this wave of love that sweeps a world, so lately at
may think on the happiness of the future,for one day war, by the giving of presents and the jollification
there is the gentle joy of consummation. And why? of thoughtless merriment? Do we even confine its
Because though we cannot always bring happiness motive and meaning to the essence of a single creed,
to self, we may strive to bring it to others. Gifts are however high and holy? Then we do not feel the
the symbols of good-will. Just to think on others is rapture of Christmas joy born of the giving of self
a religion in itself. Where is the man who on Christ- for others, not in things but in thoughts, not in
DEC. 20 19244
THE CHRONICLE
2809
We read with admiration how England's strength
favors that perish, but in the feeling that endures
and blesses. For of all days this one shows us our- through the long years of her history has been established in the men she has produced out of her loins
selves as we are.
to meet the nation's need and save the day, her long
of Maurice
array of famous chieftains, statesmen and leaders
America's Strength—The Career
Egan.
who on both home and foreign fields have made her
Francis
on in great history; and we are proud to set over against
A process of national assimilation is going
Americans, whose
both North and South America such as has not oc- them similar names of native-born
since that accomplished by names and story thrill us and our children, from
curred on a similar scale
Lincoln and Grant, to
France. Centuries ago France was the battleground Washington and Franklin,
world of Europe. Rome and Carthage men of our own day, Robert Bacon, and those whose
of the new
distinguished public
moved upon her territory from the south, and fre- story is not yet written, who in
sacrifice have proved that Amerquent migrations of strange people from Central service and heroic
name. Along the
Europe and the East poured upon her from beyond ica produces men worthy of her
there are the names of men of foreign
whole history
the Rhine.
One and all have come and gone as masters of her stock who were as Wily American as any. The fact
fate and possessors of her soil. What had value in is so common as not to attract attention; it is imtheir blood or their institutions she has adopted or portant as showing how the contribution of the imabsorbed. In all modern history no nation has pre- migrant to America may transcend any possible
sented a more united people than France, occupying injury or peril. The men for the hour whom Amera definite territory and having a common name, a ica produces out of her body, composite as that is,
common language, a common tradition and a com- are as notable and as competent as those of any other
mon religion, all loyal to one Government and ani- land.
We have to-day a new story of this sort, one to
mated by a common spirit. The fusion of races was
so successfully accomplished that France has gone make many glad. It is called "Re2.Alections of a
through the many crises of modern times with never Happy Life,"* and is the story of a distinguished
an intimation of a citizenship divided on racial or public service. In the critical days just before and
ancestral lines. In language and spirit and life no during the war we had various worthy representaEuropean State is more thoroughly one and indivis- tives abroad whose services are only now coming to
ible. Her historian, M. Guizot, could say with show be recognized, but to whom, we hope, due honor will
it in
of reason that no great idea has ever been accepted be given before it is too late for them to receive
it had passed through the alembic person.
by Europe until
Maurice Francis Egan was our Minister to Denof France.
On a larger scale America, North and South, is mark from 1907, when he was appointed by Presiengaged in a similar task. With no thought of ab- dent Roosevelt, to 1918, the most trying era of the
sorption or fusion, it began with violence and rapine European war. This is an autobiography which he
in Central and South America more than three cen- finished just before his death only the other day.
turies ago. Only in recent times has it begun to take He possessed rare literary ability and the list of his
on the modern form of diverse peoples slowly assimi- many writings is amazing; but what now concerns
lating in accepted conditions that they may share a us is his conduct of the one public service he was
called to render and which was critical to the
common national life.
The task changes to what may be its final aspect, nation and to the world.
He was born in Philadelphia in 1852, but his
at least for this continent, in the United States.
Here immigration in mass, attracted by a wide un- father came from Tipperary, and he was in consedeveloped territory, began in the 19th century. A quence both Irish and a Roman Catholic. In 1907,
mighty wave of European peoples flowed upon the at the age of 55 he was called to be a diplomatist in
land. In percentage to the native population it one of the most perplexing courts in Europe. Bereached its height in the 50's, but only in more re- hind it in the volume runs the delightful story of
cent days has it passed into millions and called forth what was indeed "a happy life," leading up to the
repressive legislation in a measure arresting it and day when the need of the hour led the President to
giving supreme occasion to estimate its significance press the new and undesired duty upon a man who
felt himself unprepared but saw that he should yield
and to appreciate the task it presents.
Much has been said of the nature of its problems to the call.
He soon found himself transplanted in Copenand the possibility of its absorption, as well as of
the reality of its danger to the national life. Atten- hagen in the midst of troubled conditions in which
tion is called to our constant need of manual labor the situation of the American representative was
in all our activities, especially when it is expert. growingly difficult. Afterwards to account for his
Estimates are presented of the financial contribution getting through them with some degree of success,
of the average individual immigrant, and the great he said that "the date 1776 was burnt into his heart,
sum represented by the mass. The contribution of as Calais was impressed on the heart of Mary Tueach nationality in its traditions, its literature and dor." Copenhagen was a focus of the diplomatic
its history, its mores and its manners, is inestima- forces which were determining the fate of Europe.
ble. Here and there small groups are pointed to as Men say the age of diplomacy is past, and recount
already completely Americanized. In speech, hab- its duplicities and failures; his testimony is differits, spirit and bearing they are one with ourselves, ent. He says: "I had to find out for myself." An
enriched in fact, and not impaired by the memories English diplomatist was described by the London
of their origin. We have set up monuments to for- bureaucracy as "a dilettante, a trifler, a man ineigners who in earlier days adopted us and rendered capable of serious thought, who simply enjoyed the
the nation distinguished service—Steuben, Sigel,
"Recollections of a Happy Life," by Maurice Francis Egan. George
Schurz, etc.—the list would be long.
H. Doran Co.
2810
THE CHRONICLE
[VoL. 119.
privileges of his position." "I found this true," he Protestant. But he won there for himself the recepwrites of amateurs in our own service, but I never tion which "honor, charm, good breeding and kind.
found it true in the foreign diplomatic services." He ness," he once said, had won for a colleague.
was matched with men whom he regarded worthy
At the end he writes: "The son of an exile, an exof every honor and even capable of any sacrifice in ile who became thoroughly American, I have always
the interest of their country. He had to make believed and acted as if there were only one country
friends, and to learn all, and at the same time to in which the principles of true freedom would come
impart little, for America's attitude was undeter- to the fullest fruition, and that is these United
mined. As to his early success a distinguished Rus- States." To which he adds the reminder that our
sian said of him: "I talked with Mr. Egan for two Lord's promised peace is not to all mankind but to
hours. I know he has information we ought to get "men of good will." The summons is to them if wars
and I think I am getting it; but when I leave him I are to cease.
find nothing in my mouth but a pleasant taste."
He soon discovered that war was coming. Ten- Curtailment of Commerce Bureau Publications.
"Cost increases at the Government Printing Office since
sion on all sides increased. In the spring of 1914 he the passage of
appropriation acts for the current fiscal year
felt it necessary to return home for instructions and have in effect made a heavy reduction
in the printing funds
guidance; only to receive pleasant compliments and allotted to the Bureau of Foreign and Domestic Commerce,
suddenly to be hurried back to his post by news of and an immediate curtailment of publications is therefore
the assassination of Prince Alexander. The war imperative." This announcement appears on page 504 of
"Commerce
quickly broke out, but even then no one in Copen- published byReports," the weekly survey of foreign trade
the aforesaid Bureau.
hagen thought an attack on Belgium possible. Her
So invaluable have become the various publications of the
neutrality was guaranteed by all the great Powers, Bureau in question to the business community of the United
and her frontier forts were considered impregnable. States that this announcement will be received with no little
Anxiety ran in every other direction. The ruthless regret. On various classes of foreign news—financial, legislative and statistical—they afford the only source open to
treatment of home-going Americans by the Prussian American readers for authentic
information in concise readofficials came as a shock. The crushing of Belgium able form. As such they are indispensable to every Ameriand the ultimatum to the United States, and finally can newspaper of importance desirous of obtaining its news
the sinking of the Lusitania and the blowing up of as near first hand as possible. We may be excused, therethe Sussex followed in quick succession. The cries fore, for a feeling of anxiety lest the knife be inserted too
deep and drawn too far.
of her drowning children mingled with the cries of
The necessity for pruning Governmental expenditures is
the Belgians reached the hearts of her people and at self-evident. The Government Printing Office is especially
last America answered the challenge of imperial Ger- open to charges of prodigality. The Government printing
presses have turned out far too many useless reports and
many and entered the war.
The tale of what took place in the Chancelleries documents, not infrequently for free distribution to gratify
the vanity of members of Congress.
of Europe is told in detail by one who had inside in- publications which are of a nature to With reports and news
assist In the extension
formation and Wan as deeply neva* of: Is 11118 alert. at American trade In foreign markets the case is entirely
He shared Denmark's hourly (imager ',Ionia came different, especially publications which command a ready
with our entering the war on the side of the Allies, market at a fair price.
The publications of the Department of Commerce, bringing
when she became a mere pawn in the game and the
straight to the American business man reports from Amen rights of the small nations were elusive. The em- can Consular officers and
representatives of this Departbargo was stringent; food was scarce; oil, coal, fats ment in foreign countries stand in a category by themselves
and fertilizers disappeared. The little land throbbed —a category which we have advisedly described as "Invaluwith hope and fear. Until July 1918 the Allied line able." It is greatly to be hoped that the retrenchment will
was thought impregnable. Then it became doubtful for these publications be only temporary, save as regards
non-essentials.
and a great fear fell upon all. Death was in many
The regret of which we have spoken will be the greater
homes. Thousands of imprisoned soldiers and de- when It is appreciated how and where the abbreviating procwere to be cared for; courage had to ess is to be applied. The weekly issue of "Commerce Reserted children'
be sustained, and life must go on. The Ambassador's ports" is to be reduced from 64 to 56 pages and occasionally
to 48 pages. The Monthly Summary of Foreign Commerce
son was in the army at the front. The office staff is to be
changed from quarto to octavo and
wanted to be there but could not be spared, and re- six months, in December and June, will only once in each
the countries of
mained loyal in an indispensable service which origin and destination be furnished—a severe blow
to one of
brought no recognition and no medals. The wives the oldest and most useful of our national publications.
shared to the full their husband's cares and duties. It is, however, the special publications, the careful and exhaustive summaries of foreign trade conditions, and monoTheir story has not yet been told. Mr. Egan's health graphs on trade
in certain commodities and
began to fail under the strain, as did Ambassador Consuls and others representing the United countries from
States, that are
Page's in London. He in time was able to return to to be treated most severely. No more such special publica.
Washington where, close to the Government, he ren tions will be sent to the printer "unless extreme urgency
dered a brief but important service. Then came the can be proved." Moreover, the manuscripts of "130 of these
special surveys, which are already prepared or in course of
armistice and the treaty of peace.
preparation, will be withheld from publication,"
He was spared for a few years in which the recog- of course, of the expenditure of time and money regardless,
that their
aition by a host of friends and admirers, both of his compiling has .required. Others will be greatly reduced In
personal charm and his exceptional public service, scope before they are sent to the printer.
The monographs on trade In certain commodities have
fittingly crowned his happy life. He was able to
been a refinement of the activities of the Bureau of Foreign
record of the Danes, to whom he was so bound,"who and Domestic Commerce
that was possibly of questionable
Suffered so much on all hands and especially from expediency, because of its opening the door to an almost unGermany"; "now that Germany is down hatred on limited field for investigation—a field for the proper cultithe part of the Danes has largely disappeared." The vation of which a large corps and a very considerable financomment is expressive of his own persistent attitude cial outlay would seem necessary. For the present these
might be dispensed with.
to all. His chief sorrow is a diplomatist was that
Whether there is any other part of the proposed curtailbeing a Catholic he was Minister to a country wholly ment that should be allowed to pass without a protest going
DEC. 20 1924.)
THE CHRONICLE
2811
to Congress may be determined by a perusal of the principal been made, it is still found inevitable that the size of the "Summary" be
reduced. Beginning with the forthcoming issue containing statistics of the
economies which are officially described as follows:
foreign trade for October 1924, the countries of origin and destination will
Commerce Report—The number of pages in each issue will be reduced
from 64 to 66 and occasionally 48.
Commerce and Navigation.—A number of tables in this annual volume of
statistics of the foreign trade of the United States will be curtailed by
omitting certain articles, customs districts, and countries with small figures.
In many instances the figures will be given in thousands, only two instead
of three years will be covered, and a number of other changes will be necessary.
Monthly Summary of Foreign Commerce.—It is deeply regretted that any
changes Lhould be necessary in this original source of monthly statistics of
our export and import trade, but after every other feasible curtailment has
omitted each month except December and June, when they will be shown
allow comparisons for half-year periods. A number of the tables will
reduced and the size of the publication will be changed from "quarto"
"octavo."
Special Publications.—No new special publications, trade information
bulletins, or monographs on trade in certain commodities and countries will
be sent to the printer unless extreme urgency can be proved. The manuscripts of 130 of these special surveys, which are already prepared or in
course of preparation, will be withheld from publication and others will be
greatly reduced in scope before they are sent to the printer.
be
to
be
to
Indications of Business Activity
whereas at this time last year the same grade was only 10
THE STATE OF TRADE—COMMERCIAL EPITOME.
There is a fair wholesale and jobbing business going on. cents per pound higher than American. The East Indian
It is rather unevenly distributed. In New England, for in- cotton, which is inferior to that of American growth, Is
stance, it is not so good as elsewhere, say in the West and quoted at very close to the American price. Under the cirNorthwest. Retail trade in the main is making a good cumstances Europe is disposed to buy more American cotshowing taking the country over. Holiday business is mak- ton. It Is significant, too, that Lancashire mills, using
ing a satisfactory exhibit. What is really quite as much to American cotton, are running close to full time. This state
the point, the big industries of the country are showing more of things is encouraged by the fact that Manchester is havlife. Iron and steel are more active at rising prices. Here ing a better trade not only with the Orient, but with the
and there are indications of more animation in the textile Near East. Eventually, no doilbt, the American cotton manindustry, notably in the Carolinas and Georgia, although ufacturing industry will revive both North and South. In
there need be no blinking the fact that there is still a good fact, at the South it is already doing well, as numerous redeal of room for improvement elsewhere. Wages have re- ports go to show. The world's consumption of American
cently been cut 10% by some of the New England mills, but cotton will not impossibly be something like 13,000,000 bales,
It is significant that there are hints that a further reduction which would be an increase of nearly 2,000,000 bales over
will be necessary there or at any rate a more general reduc- the total last season. Wool is higher, even if not very active.
tion than has yet taken place. A significant sign of the Copper is tending upward. Coffee has risen sharply during
times is that the big Amoskeag mills of Manchester, N. H., the week under the growing fear of a poor yield in Brazil
are considering the question of manufacturing linens and and under the stimulus also, it must be added, of what looks
are investigating the matter in the great seat of the linen like wild speculation in Brazil. Sugar, on the other hand,
manufacture in Ireland. The fact that mills in New Eng- has declined somewhat, with close to 50 mills now grinding
land have not been running at anything like full capacity in Cubar, or a far greater number than was so engaged at
for about a year past has its reflection in lessened holiday this time last year. The natural inference is that the crop
trade. The workers have less to spend as a matter of course. is good. Lumber has advanced on the Pacific Coast. Chain
Some of the Maine mills, however, are now increasing their store sales make a good showing. Car loadings are up to the
working time, owing to a larger demand. Fall River's trade zenith for early in December. Bank clearings are very
is still light. At times during the week there has been a large, partly owing to Government financing, partly to an
large business in print cloths in the Worth Street district of active stock market, with daily transactions to-day, for inthis city. But within a day or two transactions have fallen stance, again above the 2,000,000-share line, after a tempooff. Yet, taking the great mass of commodities, there are rary lull, and partly to the gradual expansion of trade in
more advances in prices than declines. And that was also this country. The increased buying power is one of the sigthe case, It will be recalled, last week. To-day business in nal factors of the times. The estimated farm value of the
the West is somewhat restricted by bad weather and inter- country's crops this year is no less than $9,479,902,000, or
ference with telegraph communication. It was very cold in $753,000,000 greater than last year and $1,663,882,000 over
some parts, with snows at the West and Northwest. At 1922. The cotton crop is valued at $1,487,225,000, as against
times it has been very mild in the far Southwest. Later $1,571,850,000 in 1923, the decrease being due to a drop in
came snow in parts of Texas and Oklahoma. On the whole the price attendant on a larger crop. But even as it stands
the winter wheat outlook has been improved by rains or it can readily be seen that here is another great'source of
snows In Kansas, Colorado, Oklahoma and Texas. The guying capacity. One reflection of it is found in the big total
grain markets have risen to a new high level for the year, of retail trade with mail order houses and chain stores. The
particularly wheat under the spur of news that indicates grand total of their sales for 11 months is $717,896,277,
that Europe will have to import for some time to come on a against $664,331,705 for the same period last year, an inrather large scale. One interesting incident of the week was crease of 8%. Confidence is growing and after the readithe heavy buying of flour in this country by Russia. The ness with which the United States, French and German loans
Argentine wheat crop seems likely to turn out smaller than were absorbed we have another instance this week, though
was at one time expected. And talk of $2 wheat in this on a smaller scale, in the quick subscription to the Belgian
country grows more confident. In fact, No. 3 red wheat in and Greek loans. It might be added here that the New York
Chicago is already up to $181 per bushel, No. 2 red wheat, bank clearings on Dec. 16 surpassed anything in the record.
The stock market, as already noted, has latterly been active
free en board at New York, closed to-day at $1 94%.
It is indeed a handsome Christmas present that the grain and prices have resumed their upward movement. Call
markets offer the American farmer. Wheat 1s45 to 67 cents money was 22 to-day. London is quiet, as usual, on the
1%
/
per bushel higher than a year ago, corn is 55 to 60 cents eve of the holidays. Everything goes to show that the Dawes
higher, oats are 20 cents higher and rye 77 cents higher, plan is working smoothly thus far. Trouble seems to be
with a great advance also in hog products. At the North- brewing in Russia; that is Red doctrines seem to be finding
west, too, flax is 55 cents per bushel higher than at this time opposition in unexpected places, and Trotzky is said to have
last year. The farmer owes the big grain rise to large ex- been banished to southern Russia.
Boston wired that there was a strong and growing moveports. Those of wheat closely approximate 250,000,000
bushels, or some 55,000,000 more than up to this time last ment to bring about a general decrease in wages in the cotyear. There are indications that Europe will have to buy ton mills. Lawrence, Mass., wired that further wage cuts
rye on a larger scale and there is some foreign buying in in New England mills are expected. Some resistance to the
American markets of oats and barley. The export business cut made by the Everett mill is hinted at, although opinion
in cotton, too, is highly gratifying. To-day the total is close to among employees is divided on the question. A reduction
4,000,000 bales, for the season thus far, and the excess over in the Pacific mills is intimated. At Lowell, Mass., on Dec.
last season is nearly one million bales. Cotton is favored by 18 the move to a lower wage level in the cotton textile field
Its relative cheapness as compared with Egyptian, East In- was continued with the announcement of a 10% cut in wages
dian and other growths. Egyptian and East Indian have in several of the leading cotton mills as of Dec. 29. Mills
been sold short by exporters who have been in effect cor- which have announced the cut are the Appleton Co., Massanered in Egypt and India, so that some descriptions of Egyp- chusetts cotton mills, Merrimack Manufacturing Co. and
tian cotton are now 25 cents a pound higher than American, the Tremont & Suffolk mills. These four mills produce the
2812
THE CHRONICLE
[Vox. W.
grbater part,of the cotton goods output of the city. The
Automobile Price Changes and New Models.
,Booth mills and the Hamilton Manufacturing Co. and the
The Jordan Motor Car Co. this week announced a new
Lawrence Manufacturing Co., which produces knit goods
only, are not included in the general cut. Since the first three-passenger coupe,eight-cylinder model,to sell at $2,876.
move was made toward a lower wage level by the Amoskeag
mills last month this is the first concerted action toward a
Increase in Wholesale Prices in November.
wage reduction in the cotton manufacturing business, and
the move is expected to become general. At Biddeford, Me.,
Wholesale prices of commodities averaged higher in Nothe Pepperill mills are starting up some of its idle narrow vember than in the preceding month, according to informalooms, owing to increasing orders. An abundance of cheaper tion collected by the United States Department of Labor
cotton accounts for the lower prices which were named on through the Bureau of Labor Statistics in leading markets
of the country. The Bureau's weighted index nu* iber, which
napped cottons by the Amoskeag Co. on Dec. 16.
Charlotte, N. C., wired that a large number of Southern includes 404 commodities or price series, rose to 152.7 for
textile mills have changed the product which they manufac- November compared with 151.9 for October, a gain of onetured during the past six months with a greater diversity of half of 1%. The Bureau's statement of Dec. 15 continues:
Food articles were 1%% higher, due to increases in butter, coffee, eggs,
product. Charlotte, N. C., advices also stated that the
flour and
oils. Clothing
manufacturing margins on cotton yarns have shown a steady drugs also vegetable more than 1% materials, metals and chemicals and
averaged
higher than in October, while in
advance during recent months and are greater now than they group of miscellaneous commodities, including such important articles the
as
cattle feed, leather, wood pulp and wrapping paper, jute, sisal, Manila rope,
were last year, in spite of the fact that both yarn and cotrubber and lubricating oil, prices were 2'4% higher. Smaller increases
ton prices are lower. Durham, N. C., wired that 1924 busi- are shown for the groups of farm products,
fuel, building materials and
ness lags behind that of 1923 owing to the dulness at textile house furnishing goods.
Of the 404 commodities or price series for which comparable data for
mills during the summer, a smaller cotton crop in North
October and November were collected, increases were shown in
Carolina and a reduction in wages. At Camden, S. C., the stances and decreases in 71 instances. In 101 instances no change 172 inin price
Wateree mills propose to enlarge the plant from 19,000 to was reported.
49,000 spindles. At West Point and La Grange, Ga., the INDEX NUMBERS OF WHOLESALE P.tl' S. BY GROUPS OF COMMODITIES (1923 EQ*1 S 100.0)
mills, it is stated, are running on full time. LaGrange is
running a night shift. These two points are among the
November
1924.
large consumers at the South.
Group
1923.
October. November..
At Manchester, Eng., 92% of the members of the American
Farm products
145.6
149.2
section are adhering strictly to the short-time schedule.
149.5
Foods
148.0
151.0
153.8
Tire fabric orders have been larger than expected and it Cloths and clothing
201.0
188.4
190.4
187.4
182.1
182.8
is planned to produce more tires because of the extended car Fuel and lighting products
Metals and metal
141.0
127.2
128.7
Building
181.0
170.7
171.8
manufacturing schedules. With automobile and body plants Chemicalsmaterials
and drugs
130.2
132.2
134.0
House furnishing
178.0
171.0
preparing for increased production during the early part of Miscellaneous goads
172.0
118.1
119.8
122.9
1925, a better buying outlook is afforded for textiles, says All commodities
152.1
151.9
152.7
a dispatch from Detroit. At West Orange, N. J., 200 men
Comparing prices in November with those of a year ago, as measured by
and women employees of C. B. Rutan & Co., hat manufactur- changes in the index numbers it is seen that farm products, foods, chemicals
ers, are out of work because, singular to say, union officials and drugs, and miscellaneous commodities were considerably higher, while
clothing materials, fuels, metals, building materials and house furnishi.T
will not consent to the firm's purchasing semi-finished hats. goods were appreciably lower. All commodities, considered in the aemer
Two weeks ago, John G. Crowell, President of the firm, an- gate were less than one-half of 1% higher than in November 1923.
nounced that it was unable to make sufficient profit from
the manufacture of hats and that it was more advantageous
to purchase semi-finished products and finish them. He Further Increase in Employment in Selected Industries
said, therefore, that the company had decided to discontinue
in the United States in October.
the manufacture of hats and would henceforth confine itself
Stating that employment in manufacturing industries into the finishing alone. Unfinished hats can be bought creased 1.7% in October as compared with September,
the
cheaper than the firm can make them.
U. S. Department of Labor, through the Bureau of Labor
Production of passenger automobiles in this country last Statistics, says:
month totaled 195,279, against 284,939 in the same month of
This Is the third successive month showing a gain in employment and
1923 and 215,362 in 1922, the Department of Commerce an- marks a return of the regularly expected autumn Increase In employment,
which, however, failed to appear in 1923. Aggregate earnings of emnounced to-day. In the first 11 months of the year produc- ployees in October increased 3.7%,and per capita earnings increased 2%.
These unweighted figures, presented by the United States Department
tion amounted to 3,009,009 passenger cars and 333,601 trucks,
It was announced. This compares with 3,361,744 cars and of Labor through the Bureau of Labor Statistics, are based on reports from
8.768 establishments in 52 Industries, covering 2,616,622 employees
848,672 trucks in the 11 months of 1923 and 2,131,824 cars total earnings during one week in October were $67,947,217. Thewhose
same
establishments in September reported 2,573,846 employees and total payand 226,273 trucks in the 11 months of 1922.
rolls of 865,496,560.
It has rained here a little during the week and frequently
Seven of the nine georgraphic divisions of the United States show increases
threatened snow, but on the whole it has been too mild for In employment in October, and eight of the nine show increasesin payrolls'
trifling fall, which disappeared at once. On the totals.
more than a
The East South Central States
17th inst. it was 56 degrees here. Moderate rains have fallen Increased employees' earnings. led both in increased employment and in
The New England and Middle Atlantic
at the West, with snow at Kansas City, Denver and Bis- States follow as to increased employment, and the East North Central
and South Atlantic States as to Increased payroll totals.
marck. Temperatures were 2 degrees at St. Paul, 8 at Kansas City, 18 at Bismarck, 16 at Milwaukee and Helena, 28 at
Comparison of Employment in October 1924 and September 1924.
Chicago, 38 at Cleveland and 40 at Indianapolis. At SasThirty-four of the 52 separate industries gained in employment in October
katchewan, Can., on Dec. 16, it was 62 degrees below zero as compared with September, and 37 industries gained in payroll totals.
The confectionery, stamped ware, agricultural implement
in Red Deer and 56 below in Canrose. Public schools had goods industries gained the greatest number of employees, and woolen
appro;dmately
to close until the weather moderated. There was snow and 7% each: and the carpet, stove, hosiery, and woolen goods industries led
sleet on Wednesday as far south as Oklahoma City. Light in increased payroll totals, the increase in each case being over 10%.
All but 2 of the 10 textile industries gained considerably both in number
snows occurred over Thursday night and to-day in Nebraska, and earnings of employees, as did 5 of the 7 industries in the iron and steel
Kansas, Iowa, Illinois and Oklahoma; light to heavy snow group. One other industry in the latter group gained in employees'earnings
but showed a slight decrease in number of employees. The boot and shoe
in Arkansas, Missouri, Indiana, Kentucky and Ohio and Industry gained 1.3%
in employment, together with a slight decrease In
general rains in Texas and Mississippi and in parts of Ten- payroll total; the glass industry showed a substantial gain both in number
sleet at the West interfered with the and earnings of employees; while the automobile industry coupled a gain
nessee. Snow and
of 4.5%
wires to-day between New York and Chicago. To-day it ployees. in earnings of employees with a gain of 1.3% in number of emwas mild here, with a forecast for to-night of rain turning to
The ice cream industry shows its usual October decline, with a drop of
approximately 11% both In employment and earnings of employees. The
snow.
Petroleum Markets Quiet.
There was no activity to speak of in the crude oil or
gasoline markets during the week just ended. Only one price
change of note took place and that was local in effect, being
an advance in the price of gasoline of le. per gallon in Dallas,
Houston, San Antonio and Waco (all Texas), and of Mo.
per gallon in Beaumont, Texas. This brought the tank
wagon price up to 110. per gallon throughout the State.
sugar industry's decrease was the same as ice cream as to employment and
over 1% greater as to earnings. The cigar industry fell off nearly 8% In
number of employees and nearly 10% in employees' earnings.
Considering each of the 12 groups of industries as a whole, 9 are shown
to have gained both In employment and in payroll totals, stamped ware,
textiles, and the iron and steel group showing the greatest increases in the
two items. The tobacco group shows a loss of 6.2% In employment and
of 8.2% in payroll totals, while the food and chemical groups show small
losses in the two items.
For convenient reference the latest figures available relating to all employees, excluding executives and officials, on Class I railroads, drawn from
Inter-State Commerce Commission reports, are given at the font of the
first and second tables.
Dec. 20 1924.]
COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHMENTS
DURING ONE WEEK EACH IN SEPTEMBER AND
OCTOBER 1924.
Industry.
2813
THE CHRONICLE
Amount of Payroll.
Es- No.on Payroll.
tabOct.
of
Sept.
of
Oct.
ugh- Sept.
1924. Change.
ments. 1924. 1924. flange. 1924.
and shoe, steam railroad car building and repairing, shirt, automobile,
structural iron, agricultural implement, hosiery, iron and steel, cotton
goods and men's clothing industries. These losses ranged from approxi.
mately 25% down to 12.5%.
Considering each of the 12 groups of industries as a whole, the paper
group is the only group showing an increase in employment and in em-month period. The iron and steel and vehicles
ployees' earnings in the I2
groups lead all others in decreased employment and payroll totals, their
decreases being approximately 16% and 21% each in the two items.
8
Food and kindred
1,005 105,765 195,389 -0.2 4,856,458 4,750,303 -2.2
products
COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHMENTS
Slaughtering & meat
84 82,292 81,052 -1.5 2,010,428 1,997,516 --0.6
DURING ONE WEEK EACH IN OCTOBER 1923 AND
packing
OCTOBER 1924.
257 33,971 36,595 +7.7 633,222 659,645 +4.2
Confectionery
221,526 -10 7
99 7,787 6,905 -11.3 247,954
Ice cream
402,066 -1.2
406,889
274 14,962 15,074 +0.7
Flour
Amount of Payroll.
Es- No. on Payroll.
276 45.232 45,547 +0.7 1,212,928 1,165,865 -3.9
Baking
5;
%
tab
Industry,
303,685 -12.0
345,037
15 11,521 10,216 -11.3
Sugar refining, cane_
of
Oct.
of
Oct.
Oct.
Oct.
fish+5.7
Textiles & their prods. 1,689 508,522 527,450 +3.7 9,859,099 10,434,465
1924. Change.
meals. 1923. 1924. Change. 1923.
326 168,494 177,063 +5.1 2,632,024 2,850,743 +8.3
Cotton goods
68,873 71,297 +3.5 1,121,837 1,237,290 +10.3
goods
252
Hosiery & knit
$
$
204 51,301 52,710 +2.7 1,052,160 1,128,890 +7.3 Food and kindred
Silk goods
669 169,969 155,133 --8.7 4,198,367 3,874,750 --7.7
products
Woolen and worsted
Slaughtering dr meat
1,474,510 1,624.711 +10.2
168 64,285 68,745 +6.9
goods
82 90,251 80,287 --11.0 2,212,918 1,979,244 --10.6
packing
5.56,161 +11.4
+4.3 499,459
31 20,217 21,08
Carpets and rugs
309.970 --5.6
328.470
93 18,065 16.474 --8.8
Confectionery
Dyeing and finishing
85,014 --9.5
93.902
34 3,134 2,817 --10.1
Ice cream
+4.3
636,481
86 25,803 26,89° +4.2 610,422
textiles
350.377 --11.6
396,153
--10.7
232 14,861 13,270
Flour
-1.5 1,427,663 1,356,257 -5.0
263 58,407 57,50
(Nothing, men's _ _ _ _
864,662 +1.0
856,022
215 33,810 32,840 --2.9
Baking
329,285 +5.3
312,595
+3.9
21,77
96 20,971
Shirts and collars...
285,483 --8.2
310,902
13 9,848 9,445 --4.1
443,733 +0.1
+3.0
Sugar refining. cane_
443,237
176 17,084 17,59
(Nothing, women's _
270,914 -8.2 Textiles & their prods. 1,348 474.767 427,592 -9.9 9.791,208 8,686.684 -11.3
-2.4
295,192
87 13,087 12,77
Millinery&laccgoods
248 154,035 134,625 --12.6 2,668,120 2.199.048 --17.6
Cotton goods
Iron and steel and their
997.610 --13.1
200 64,856 56,299 --13.2 1,148,002
Hosiery & knit goods
+2.1 14,766,629 15,655.638 +6.0
1,517536,615548,14
products
192 49,977 48,580 --2.8 1,081,879 1,050,124 --2.1.
Silk goods
+4.2 6,858,409 7,424,940 +8.3
209242,810252,90
Iron and steel
Woolen and wasted
395,106 -(*)
395,258
-4.7
103 14,499 13,81
Structural ironwork _
137 53,723 52,563 --2.2 1,268,725 1,281,852 +1.0
goods
Foundry & inachine488,189 --16.8
586,764
22 20,762 18,748 --9.7
Carpets and rugs
+0.3 4,516,908 4,684,212 +3.7
749 168,050 168,49
shop products_ _ _ _
Dyeing and finishing
781,993 +6.9
+2.3
731,790
57 31,907 32.63
Hardware
579,947 --2.6
595,472
69 25,666 24,785 -3.4
textiles
629,818 +2.8
--41.2
612,627
22,356 22,30
180
Machine tools
189 54,823 47,970 --12.5 1,397,260 1,181.246 --15.5
Clothing, men's.._
Steam fittings and
314,558 --20.5
395,806
86 24,808 20,844 -16.0
Shirts and collars__ _
steam & hot-water
373.097 --7.1
401,450
135 14.627 13,089 --10.5
Clothing, women's_
131 40.759 40.880 +0.3 1,188,165 1,225,094 +3.1
heating apparatus
221,013 --10.8
247,730
--12.1
70 11,480 10,089
Millinery&lacegood
514,475 +1.0
+5.4
463,472
88 16,234 17,11
Stoves
+1.1 4,299,002 4,423,369 +2.9 Iron and steel and their
198,223 200,35
Lumber & its products. 1,046
1,193507,332 423,490 -16.5 15.176.742 12,119,834 --20.1
products
+0.1 2,332,018 2,333,869 +0.1
419 13,204 113,30
Lumber,sawmills_ _ _
154233,534 203,68 --I2.8 7.088.717 5,918,834 --16.5
Iron and steel
796.766 +3.6
-0.1
769,440
Lumber, millwork_ _
264 32,637 32,61
340.649 --13.2
392,240
90 13,838 11,874 -14.2
Structural ironwork.
+3.9 1,197,544 1,292,734 +7.9
363 52,382 54,44
Furniture
Foundry & machin
+0.4
+1.3 2,643,331 2,655,21
325 113,049 114,52
Leather & its products _
580176,904133,488 --24.6 5,355,355 3,763,788 -29.7
Shop products_ _ _ _
+4.6
608.66
581,660
+1.3
23,815 24,16
Leather
120
376,076 -16.5
450.613
--9.8
30 17,985 16,22
Hardware
-0.7
Boots and shoes....
205 89,204 90,363 +1.3 2,061,671 2,046,55
479,947 --23.2
155 21,918 17,05 -22.3 624.622
Machine tools
+2.1
Paper and printing__ _ _
794 150,605 151,649 +0.7 4,580,385 4,676.15
+4.4
Steam fittings and
1,412,35
Paper and pulp
207 52,841 53,497 +1.2 1,352,397
steam & hot-water
362,54
+4.0
348,697
Paper boxes
151 16,504 17,158 +4.0
785,831 -2.2
803,348
-3.0
heating apparatus 103 26,694 25,89
+0.8
Printing, book & Job
234 37.320 37,294 --0.1 1,216,678 1.226,33
454.710 --1.5
481.847
-0.7
81 16.409 15,30
Stoves
+0.7
Printing, newspaper
202 43,940 43,700 --0.5 1,662.613 1,674,91
-5.5 3,047,676 2,905,521 --4.7
Lumber & its products. 612133,912 126,54
Chemicals and allied
7.7 1,436,294 1,324.758 --7.8
204 67,838 62,629
Lumber,sawmills
--0.4
2,174,557 2,165,97
)
products
249 75,304 75,299 --(0
-4.2 625,135 606,319 --3.0
168 24.847 23,80
+4.7
584.25
Lumber, millwork
97 22,034 22,644 +2.8 558,250
Chemicals
240 41,227 40.106 -2.7 986.247 974,444 --1.2
Furniture
134.51
-0.6
135,354
99 7,132 7.109 -0.3
Fertilizers
-6.7 2,458,716 2,303,208 --6.3
265 106,703 99,51
-2.3 Leather & its products.
53 46,138 45,546 -1.3 1,480,953 1,417,20
Petroleum refining_ _
--8.8 635,345 562,392 --11.5
110 24,533 22,36
Leather
Stone, clay and glass
--6.1 1,823,371 1,740,816 --4.5
155 82,170 77,14
Boots and shoes._ _ _
+3.7
+0.4 2,682,46 2,765,22
613 103,077 103,517
products
+0.8 3,681.754 3.764,429 +2.2
-1.3 Paper and printing.....l 651 120,605 121,52
726,22
736.07
Cement
78 24,830 24,394 --1.8
1,144,644 ---0.6
Paper and pulp
I 141 43,559 43,391 -13.4 1,151,994 ,
Brick, tile and terra
303,935 306,496 +0.8
137 15,070 14.681 --2.6
Paper boxes
833,89
+2.1
816,36
345 31,757 31,356 --1.3
cotta
854,905 +3.0
830,075
Printing, book & jobl 194 24,555 25,316 +3.1
+2.1
308,27
304,54
52 12,243 11,019 --2.6
Pottery
179 37,421 38,140 +1.9 1,395,750 1,458,294 +4.5
Printing, newspapers
896,826 +8.6
825,47
138 34,247 35.848 +4.7
Glass
Chemicals and allied
Metal products, other
1,266,721 --9.8
products
302,134 +4.7
I 167 48,821 44,069 --9.7 1,228.721
288,66
47 12,62 13,552 +7.4
than iron and steel_ _
424,253 --8.2
69 16,743 15,503 -7.4 462,342
Chemicals
I
Stamped and enam98,124 --12.4
112,073
66 5,556 4,979 --10.4
Fertilizers
302,134 +4.7
+7.4
288,66
47 12,62 13,55
eled ware
744,344 --10.3
829.837
32 26.522 23,587 --11.1
Petroleum refining..
695,732 -8.2
759,27
196 42,52 39,902 --6.2
Tobacco products
Stone, clay and gl
()hewing & smoking
516 86,456 79,730 --7.8 2,331,647 2,139.936 --8.2
products
154,534 -2.1
157,91
9,710 --0.2
36 9,73
tobacco and snuff.
502.244 --5.4
530,633
61 17.658 17,003
Cement
542,198 -9.8
601,36
Cigars & cigarettes..
160 32,78 30,192 --7.9
Brick, tile, and terra
Vehicles for land trans630,181 --7.0
293 25,210 23,566 -6.51 677,361
cotta
+1.4 12,834,83613,548,256 +5.6
896 431,462437,405
portation
262,336 --6.0
45 10,306 9,847 -45j 279,026
Pottery
214 252,608 256,240 +1.4 7,827.460 8,177,678 +4.5
Automobiles
745,175 --11.8
844,627
117 33,282 29,314 -I1
Glass
56.280 +2.3
55,007
40 2,241 2,365 +5.5
Carriages & wagons.
products, other
Metal
Car building and r
240,802 --8.3
262,683
33 11,406 10,733 --5.9
than iron & steel
pairing
Stamped and enam533,249 +1.7
524,224
Electric railroad...
185 17,885 18,202 +1.8
240.802 --8.3
262.673
--5.9
10,73
33 11,406
eled ware
+8.0
Steam railroads
457 158.728160.598 +1.2 4,428,145 4,781,04
617,377 --9.6
-5.9 682,946
175 36,729 34,56
+2.3 Tobacco products
541scell. Industries.. _ _
391 206,080 209,429 +1.6 5,741,849 5,873,73
Chewing & smoking
527.255 +8.7
107 18,824 20.203 +7.3 481,893
Agricul. implements.
121,623 +8.8
111.781
31 6,444 7,29 +13.2
tobacco and snuff.
1
Electrical machinery,
495,754 --13.2
571.165
+3.2
. 144 30,285 27,27 --10.0
Cigars & cigarettes_
132 93,606, 95,027 +1.5 2,537,946 2,619,49
apparatus & suppl
227,05
+5.7 Vehicles for land trans214,777
35 7,251, 7,498 +3.4
Inanos and organs_ _
643430,187361.68 --15.9 14,318,719 1.313,956 --21.0
portation
262,11
+7.6
243,553
9 10,566 10,743 +1.7
Rubber boots & shoes
171 260,553220.761--15.3 9,177,076 7,096,092 --22.7
Automobiles
+0.7
68 52,884 52,280 -1.1 1,599,038 1,610,97
Automobile tires_ _
44,133 +0.2
44,058
--1.4
32 1,886 1,86
-5.3
Carriages & wagons_
40 22,949 23,678 +3.2 661,642 626,84
Shipbuilding steel-.
Car building and rePairing-8,768,25738462616622 +1.765,496,56067,947.217 +3.7
Total
460,092 --10.2
512,099
--8.9
172 17,602 16,03
IMectric railroad._
268150,146 123.029 -18.1 4,585,486 3,713,639 --19.0
Steam railroad
--4.8 5,738,550 5,476,629 --4.6
335204,200 194,472
Recapitulation by Geographic DivisionS.
NILscel. indst ries
460,988 --14.4
75 20,347 17,554 -11.7 538,242
Agricul. implements.
+3.1
1,115 351,954 351,570 -4-3.7 8.261.
New England
481
Electrical machinery,
2,906,649 2,542,207 --12.5
+2.6
2,213 776,030 792,701 +2.120,900,234
Middle Atlantic
122102,9i 92,035 -10.6,
apparatus & suppl.
211,035 --10.2
235,065
+5.4
East North Central_ _. 2,332 717,403 808,837 +1.422.254.547
28 7,64P6,901 -9.7
Pianos and organs
229,510 --17.0
+0.5
785,139,480 138,290 -0.9 3,396,394
West North Central
8 11,901 9,705 -18.5 314,234
Rubber boots& sh
+4.2
953223,250 225,110 +0.8 4.126,931
South Atlantic
64 33,546 47,458 +41.5 978,973 1,479.797 +51.2
Automobile tires
553,092 --27.7
765.387
+8.7
372 86,411 89,479+3.6 1,609,715
East South Central_.._
38 27,784 20,819 -25.1
Shipbuilding, steel_
+4.0
315 70,570 71,755 +1.7 1,485,453
.
West South Central_ _
54.709,847 -13.3
-3.3
698,461
Mountain
142 20,586 24.977 -6.1
6,607 23310872079046 --10.863,093,250
Total
+3.1
511 102.1521103,903 +1.7 2,763,344
Pacific
Recapitulation by Geographic Divisions.
Total
8.7682573846 616622 4-1.765.406.56067.947.217 -4-.37
-11.4 7,196,846' 6,297.755 --12.5
771 303,122 268,446 New England
-11.7 20,601,12447,753.892 --13.8
1,841 739,741553,200 Middle Atlantic
Employment on Class I Railroads.
-11.5 23,916.883 20.185,815 --I5.6
1,853 781.643692.102 East North Central
-8.6 2,833,903 2,601.559 --8.2
671 116.020,106.047
West North Central__
-8.3 3,543.513 3,213,390 --9.3
607 184.0271168,670 South Atlantic
.229,429,757
1 1,756,871
July 15 1924
-7.6
-8.2 1,185.911: 1,095,945 54,561 225 59.438;
a232,414,352
1-F- .5 East South Central
1.772,704 1 +0.11
August 15 1924
-2.4
988,373 -1.2 1,012,226
185 45,005' 44.543 West South Central._.
529,938, 501,982 --5.3
19,0111 18,115 --4.7
of payroll for one month.
a Amount
105
Mountain
-8.9
2,272,904. 2,071,136 359 82.990, 73,362 --11.6
Less than one-tenth of 1%.
Pacific
NW
ZOZIAVGal,
-3.71
Comparison of ErnplOyMent in October 1924 and October 1923.
Reports from 6,607 establishments are available for a comparison of
employment and pay-roll totals between October 1924 and October 1923.
These reports, from identical establishments in the two years, show a
decrease in 1924 of 10.8% in employment, a decrease of 13.3% in total
earnings and a decrease of 2.8% in per capita earnings.
Each of the nine geographic divisions shows a decrease in employment
and in employees' earnings In October 1924, as compared with October
Atlantic, East North Central and
1923. The New England, Middle
in the 12
Pacific divisions show losses in employment of over 11% each
in payroll totals.
month period, with correspondingly large decreases
States show decidedly the smallest losses in
The West South Central
the two items.
as compared with
There were increases in employment in October 1924
October 1923 in only 4 of the 52 separate industries and increases in payautomobile tire industry gained 41.5%
roll totals in 8 industries. The
in employment in this yearly comparison, while the total earnings of its
employees increased 51.2%. Chewing tobacco, book sod job printing
and newspaper printing also show some gains in both items.
The greatest losses both in employment and employees' earnings in the
12 months were in the shipbuilding, foundry, machine tool, rubber boot
Total
Class I. railroads-August 15 1923
August 15 1924
6,607 23310872079046 -10.8!63,003,25054,709,847,--13.3
Employment on Class I Railroads.
___I
1,957,055
1,772.704
---
a263,145,797
a232,414,352
I
11.7
a Amount of payroll for one month.
Per Capita Earnings.
with Septem.
Per capita earnings increased in October 1924 as compared
and were unchanged in 2
ber in 34 of the 52 industries here considered
the carpet industrY,
other industries. The largest increase, 6.870. was in
followed by the steam railroad car building and repairing, hosiery, rubber,
hardware, silk goods, iron and
boot and Shoe, stove, structural ironwork,
per capita earnings
steel, and pottery industries. The greatest decreases in
were in the shipbuilding, millinery, baking, naen!s clothing, and confectionery industries.
Comparing per capita earnings in October 1924 and in October 1923
increases are found in 19 of the 52 industries, the stove industry alone
showing an increase of over 5%.
The rubber boot and Shoe imihiStry led In decreased per capita earnings
with 10.4%, followed by automobiles with 8.7%.
2814
THE CHRONICLE
COMPARISON OF PER CAPITA EARNINGS
OCTOBER 1924 WITH
SEPTEMBER 1924 AND OCTOBER 1923.
% of Change
% of Change
October 1924
October 1924
Compared with
Compared with
Sept. Oct.
Sept.
Industry1924. 1923.
Industry1924.
Carpets and rugs
+6.8 -7.9 Electrical machinery,appaCar building and repairing,
ratus and supplies
+1.7
steam railroad
+6.7 -1.1 Agricultural Implements
+1.3
Hosiery and knit goods__ _ +6.5 +0.1 Printing, newspaper
+1.3
Rubber boots and shoes_
+5.9 -10.4 Printing, book and Job__ _ _ +0.9
Stoves
+5.3 +5.0 Slaughtering & meat packStructural ironwork
+4.9 +1.2
ing
+0.9
Hardware
+4.4 -7.5 Ice cream
+0.8
Silk goods
+4.4 -0.1 Cement
+0.4
Iron and steel
+3.9 -4.3 Dyeing & finishing textiles_ +(a)
Pottery
+3.9 -1.6 Lumber, sawmills
(b)
Furniture
+3.8 +1.6 Paper boxes
(6)
Glass
+3.8 +0.2 Car building and repairing,
Lumber, millwork
+1.2
electric railroad
-(a)
Brick, tile and terra cotta_ +3.4 -0.5 Fertilizer
-0.3
Foundry and machine-shop
Sugar refining, cane
--0.7
products
-6.8 Petroleum refining
-1.0
Leather
+3.3 -2.9 Flour
-1.9
Paper and pulp
+3.2 -0.3 Boots and shoes
-2.0
Cotton goods
+3.1 -5.7 Chewing and ; mottIng toAutomobiles
+3.0 -8.7
bacco and snuff
-2
Machine tools
-1.1 Cigars and cigarettes
--2.1
Woolen and worsted goods_ +3.0 +3.3 Stamped & enameled ware_ -2.5
Steam fittings and steam
Clothing, women's
-2.8
and hot water heating
Carriages and wagons
apparatus
+2.8 +0.9 Confectionery
-3.3
Pianos and organs
+2.2 -0.6 Clothing, men's
-3.5
Automobile tires
+1.9 -6.9 Batting
-4.5
Chemicals
+1.8 -0.9 Millinery and lace goods.- -6.0
Shirts and collars
+1.4 -5.4 Shipbuilding, steel
-8.2
a Less than one-tenth of 1%. b No change.
Oct.
1923.
-2.1
-0.7
-2.5
-0.1
+0.5
+0.7
--1.7
+0.0
-0.1
+3.5
[Vol,. 119.
The establishments in operation wore
employing 81% of their normal
full force of employees, and these employees
were working an average of
92% of full time. This is a gain of 8% in average
capacity operation and
of 6% in the average of full-time operation
over the reports for July,
since which time there has been a steady improveme
nt in general employment conditions.
Wage Changes.
During the month ending Oct. 15 1924 wage rate
increases wore reported
by 38 establishments In 13 industries and wage
rate decreases were reported
by 59 establishments in 16 industries.
The increases, averaging 9%, affected 3,045 employees
, or 49% of the
total number of employees in the establishm
ents concerned. The decreases, which averaged 9.5%, affected 20,211
employees, or 75% of the
total employees In the establishments concerned
. More than one-half
of the employees affected by the
decreases in rates were in the cotton goods
Industry.
WAGE ADJUSTMENT OCCURRING BETWEEN
-4.2
+0.9
-1.0
+1.7
-3.9
--3.6
-2.6
+3.8
+1.6
+3.5
-3.4
+4.0
+1.
5
-3.6
Establishmerits,
SEPT.15 AND OCT.151924.
Amt. of Increase or de
crease in
wage rates.
Employees Affected.
Percents!
employees.
NumIn estabDer relishm'ts
Total porrg
Total reporting In all esnum- Meese Range. Aver- num- increase tabli,shber
or deage. Der.
or dements
report- crease
Crease in repent
*Mg. in wage
wage
rates.
rates.
Industry.
Increases. %.
Time and Capacity Operation.
Reports in percentage terms from 6.250 establishments show a continued
Increase in October both in full-time and in full-capacity operation.
Throe
per cent of the reporting establishments were idle, 64% were
operating
on a full-time schedule, and 33% on a part-time schedule, while
40%
had a full normal number of employees and 57% were operating
with a
reduced force.
FULL AND PART TIME AND FULL AND PART CAPACITY OPERATI
IN MANUFACTURING ESTABLISHMENTS IN OCTOBER 1924. ON
55
W
W
32
35
21
48
52
55
36
50
31
29
42
29
68
64
76
48
48
27
60
43
67
67
58
67
VWVVWWWWWVVW
4 000W..W,W.0W
,
88
88
91
92
79
88
80
94
14
32
43
30
55
18
20
26
86
65
53
67
61
80
70
73
VVVMVMWV
0000 04 0W
,
,
88
89
87
16
7
8
82
93
91
91
89
95
94
97
95
92
95
90
90
94
95
95
100
91
93
83
98
90
100
89
81
93
36
27
55
67
01
35
38
34
40
61
61
54
45
90
50
32
41
87
45
80
45
30
32
64
70
43
30
39
64
59
04
57
38
39
46
54
10
46
60
50
13
47
10
47
70
55
48
12
29
51
84
67
MV
91
86
94
VVW
CCA.
77
62
0
W
23
27
Total
6.2501
• Leila than one-half of 1%.
3
74
25
513
28
17
44
68
71
93
96
90
90
98
31
57
17
35
__
68
43
83
59
100
92
40
57
81
64
33
I
VVW
CVW
98
97
93
02
0WW0W
91
94
M
W
80
60
W0
190
80
20
26
00V
NWM
20
88
93
00WWW
88
00
A..,
44
89
96
92
82
97
92
91
88
86
98
95
94
00
00
91
OWM
V.0
0 OW 000MOVVVV
VW0VMOWVV.P.
,
WWIPWOVA.4,
00000.000MWOWA.. =tnt
Food & kindred products_
34
70:
2
Slaughtering and meat
3: __
53
packing
18:
1
27
Confectionery
42
2
Ice cream
29
231
3
Flour
55
19.t. __
Baking
14
11 18
Sugar refining,
__
18
4
Textiles & their products_ 1.162
cane_.
36
280
6
Cotton goods
31
Hosiery and knit goods_
57
15.
3
15
4
Silk goods
20
Woolen & worsted goods
22
15
.
-z
21
Carpets and rugs
b
19
Dyeing & finishing textiles
57
63 -Clothing, men's
3
163
42
Shirts and collars
45
4
4
Clothing, women's
34
7.
3
Millinery and lace foods
7
61
46
Iron & steel & their prod
2
1,15:
48
55
Iron and steel
143
.5
6
Structural ironwork_
28
II
I
Foundry and machin
50
52t
2
shoP Products
4' 73
Hardware
48
15
i
Machine tools
Steam fittings and steam
and hot water heating
apparatus
39
10. -.
53
Stoves
66
3
2
78
Lumber and its products
20
Lumber,sawmills
26
333
4
10
Lumber, millwork
190
1
31
261 el
Furniture
32
237
Leather and its products
3
22
83
2
Leather
38
154
Boots and shoes
3
18
Panerand printing
52
(*)
25
131 -Paper and pulp
21
II
Paper boxes
-1
24
161
Printing, book and Job_
_
121
Printing, newspapers...
26
14 --4
7.7hernicals & allied prod
25
0'3
2
Chemicals
38
56
Fertilizers
9
13
3
-_
Petroleum refining
27
482
8
3tone, clay and glass prod_
3
61
3
Cement
27
8
260
Brick, tile & terra cotta_
-62
47 Pottery
24
11
Glass
Ketal products other the
43
Iron and steel
30 -Stamped and enameled
43
30 -7.
ware
38
robacco products
114
8
Chewingand smoking to
50
20 -bacco and snuff
34
88 10
Cigars and cigarettes_
rehicles for land transpor
tation
30
654
1
Automobiles
64
157
4
Carriages and wagons
29
2
4
Car building & repairing.
12
electric railroad
120
1
Car building & repairing,
steam railroad
22
353 (')
41scellaneous Industries
33
4
251
Agricultural implement
37
63 11
Electrical machinery,
apparatus & suppiies.f
88
1
35
Planes and organs
21 __
19
Rubberbootsandshoes J
667
Automobile tires
39
51 i
Shipbuilding, steel
221 -5
I
0.40
W40
44.00000A, VVV4
,
000044MVA. 0
000WW,.00 000r..W0A
,
0N0WV Ca
Industry.
CCVMMOW0=1V0MM00MVMMW0WW
0
0 00.01V000000009..WCA.
.0.019W
EstablishPer Cent of Aoge. Per Cent of Aoge.
EstalilWiments % of Establishments % of
meats
Reporting.
Operating
- Full Operating- Full
Time
Capac,
Oper.
Oper.
in Esin EsTotal Per Cl, Full
Part tablish- Full Part iabltslt
Num- Idle. Time. Time. merits Capac-,Capac- meats,
Opeep. ily. I ity. Operg
Confectionery
Hosiery and knit goods_ _ _ _
Silk goods
Foundry and machine-shop
products
Steam fittings and steam &
hot water heating appar's
Stoves
Lumber, sawmills
Lumber, millwork
Leather
Printing, book and Job_._ _
Printing, newspaper
Glass
Car building and repairing,
electric railroad
257
252
204
10
I
5
749
2
5-10
8.8
25
17
(a)
131
88
419
264
120
234
202
138
1
12
1
5
1
5
5 7-18
2 7-11
3 7-10
4 3.5-8
1
9
12.0
5.0
5.0
7.7
10.0
7.9
6.0
9.0
32
33
100
244
16
59
217
44
11
45
29
40
18
11
28
15
(a)
(a)
(a)
(a)
(a)
(a)
(a)
185
1
10.0
76
39
(a)
11.8 11,810
0.5
317
7.5
259
15.0 1,600
4.0 3,118
40
12.0
97
22
100
89
07
51
7
(a)
(a)
3
1
(a)
407
47
(a)
528
211
137
101
154
125
1,310
20
74
73
30
100
81
10
50
70
17
25
1
(a)
(a)
1
(a)
1
4
(a)
(a)
2-12
6.2
5
5.0
10-12 10.8
10
124
50
2,025
23
68
89
(a)
(a)
4
Decreases, %.
Cotton goods
Hosiery and knit goods__ _ _
Woolen goods
Clothing, men's
Iron and steel
Structural Ironwork
Foundry and machine-shop
products
Steam fittings and steam &
hot water heat. appa'tus_
Lumber, sawmills
Furniture
Fertilizers
Brick and tile
Pottery
Glass
Agricultural implements_ _ _
Automobile tires
326
252
168
263
209
103
27
2
1
1
5
1
5-15
5-10
7.5
15
2-10
12
749
4 10-12.5 10.2
131
419
363
99
345
52
138
107
68
2 8-15
3 5-23
1
15
1
12
3
10
2 10-28
3
10
1
10
2 10-20
10.3
9.6
15.0
12.0
10.0
17.2
10.0
10.0
13.2
a Less than one-half of 1%.
Index of Employment in Manufacturing Establishments.
Index numbers for October 1924 for each of the 52 industries
surveyed by
the Bureau of Labor Statistics, together with a general
index for the combined 12 groups of industries, appear In the following
table in comparison
with index numbers for September 1924 and October
1923.
The general hides of employment of the
Bureau of Labor Statistics for
October 1924 Is 87.9.
INDEX OF EMPLOYMENT IN MANUFACTURING
INDUSTRIES, OCTOBER,1924, AS COMPARED WITH SEPTEMBER,
1924,& OCTOBER 1923.
[Monthly average, 1923 = 1001
1923.
Industry,
1924.
Oct. Sept. Oct.
1923.
1924
Industry.
Oct. Sept. Oct.
General index
99.3 86.7 87.0 Paper and printing__ _ _
100.8 99.8 100.5
l'aper and pulp
97.9 92.0 93.1
Food & kindred prod'ts 107.1 97.1 97.2
Paper boxes
)06.4 100.5 104.0
Slaughtering & meat
Printing, book & Job 100.3 102.0 101.9
Packing
104.3 89.9 88.6
Printing, newspaper 101.7 101.7 104.2
Confectionery
121.2 98.9 106.5 Chemicals and
allied
Ice cream
95,4 101.6 92.8
products
09.3 88.0 88.7
Flour
107.7 97.4 98.1
Chemicals
98.5 86.6 89.0
Baking
105.5 101.9 102.6
Fertilizers
102.8 86.0 85.8
Sugar refining, cane_ 96.1 106.1 94.1
Petroleum
98.0 90.8 89.6
Textiles & their prod'te 96.1 83.5 86.3 Stone, clay refining
and glass
Cotton goods
92.2 76.3 80.2
products
101.2 95.0 95.3
Hosiery & knit goods 98.2 83.9 86.8
Cement
101.0 100.7 98.9
Silk goods
99 0 93.5 96.0
Brick, tile and terra
Woolen & worsted
cotta
104.4 99.6 98.3
goods
98.1 87.7 93.8
Pottery
104.9 110.9 108.0
Carpets & rugs
99.3 84.9 88.6
Glass
90.8 82.8 86.7
Dyeing & finishing
Metal products, other
textiles
92.2 84.1 87.6
than iron and steel 92.1 79.2 85.1
Clothing, men's.... 97.4 87.6 86.2
Stamped & enameled
Shirts and collars
98.6 77.0 80.0
ware
92.1 79.2 85.1
Clothing, women's__ 99.9 85.6 88.1 Tobacco
products_ _ _ _ 100.2 94.9 88.3
Millinery & lace g'ds 95.7 87.7 85.6
Chewing & smoking
Iron and steel and thelr
tobacco & snuff 101.9 98.4 98.2
products
100.2 79.9 81.2
Cigars & cigarettes__ 100.0 94.5 87.0
Iron and steel
102.1 84.6 88.1 Vehicles for land transStructural ironwork_ 102.0 01.6 87.3
101.7 81.2 85.3
portation
Foundry & machineAutomobiles
102.5 81.2 85.4
shop products.... 99.1 74.5 74.7
Carriages & wagons_ 85.8 79.1 83.4
Hardware
99.7 86.1 88.1
Car building and reMachine tools
1)0.3 76•8 76.7
nalring.elec.rallroad 102.0 87.2 88.8
Steam fittings and
Car building and resteam & hot water
Pairing,steam
heating apparatus 100.1 94.8 95.0
rail- 101.9 81.1 85.1
road
Stoves
99.0 85.5 90.2 Miscellaneous industr's 94.1 82.2 83.8
umber & Its Products 101.2 93.4 14,1
Agricultural imprts. 80.9 68.5 73.5
Lumber, sawmills 102.3 2.7 92.8
Electrical machin'y,
Lumber, millwork
99.3 98.1 18.0
apparatus & supp_ 102.5 88.5 89.9
Furniture
100.4 92.7 96.3
Pianos and organs__ 102.7 92.6 05.8
-eather & its products_ 97.5 90.0 91.8
Rubber b'ts & shoes_ 93.1 52.8 53.7
Leather
96.1 86.4 87.5
Automobile tires... 78.8 107.3 106,1
Balots and Ahnf._
98.3 92.0 1559
fthloholldlne. steel__ 94.8 73.7 76.0
The following table shows the general index of ernployn
ent it manufacturing industries from Juno 1914 to October 1924, based on figures
pubiLshed
by the Bureau of Labor Statistics:
RING INDUSGENERAL INDEX OF EMPLOYMENT IN MANUFACTU
TRIES,JUNE 1914 TO OCTOBER 1924.
average, 1923 = 100.1
[Monthly
Month.
2815
THE CHRONICLE
Dmc. 20 1924.]
1914. 1915. 1961. 1917. 1918. 1919. 1920. 1921.
91.9 104.6 117.0 115.5 110.1 118.1
January
February ----------92.9 107.4 117.5 114.7 103.2 115.6
93.9 109.6 117.4 116.5 104.0 116 9
March
93.9 109.0 115.0 115.0 103.6 117.1
April
94.9 109.5 115.1 114.0 108.3 117.4
May
98.9 95.9 110.0 114.8 113.4 108.7 117.9
June
96.9 94.9 110.3 114.2 114.8 110.7 110.0
July
92.9 95.9 110.0 112.7 114.5 109.9 109.7
August
94.9 98.9 114.4 110.7 114.2 112.1 107.0
September
94.9 100.8 112.9 113.2 111.5 106.8 102.5
October
39.9 103.8 114.5 115.8 113.4 110.0 97.3
November
92.9 105.9 115.1 117.2 113.5 113.2 91.1
nrywnhpr
76.8
82.3
83.9
84.0
84.5
84.9
84.5
85.6
87.0
88.4
89.4
89.9
1922. 1923. 1924.
87.0 98.0
87.7 99.6
83.2 101.8
82.4 101.8
84.3 101.8
87.1 101.9
86.8 100.4
88.0 99.7
90.8 99.8
92.6 99.3
94.5 98.7
96.8 98.9
95.4
96.6
96.4
94.5
90.8
87.9
84.8
85.0
88.7
87.9
Four weeks of January
Four weeks of February
Five weeks of March
Four weeks of April
Five weeks of May
Four weeks of June
Four weeks of July
Five weeks of August
Four weeks of September
Four weeks of October
Five weeks of November
Week of Dec. 6
Total
1924.
3,382.138
3,617,432
4,607.708
3,499,210
4,474.751
3,825.472
3,528,500
4,843,404
4,148,403
4.380,149
4,972,391
968,258
1923.
3,373.965
3.381,599
4,581,176
3.784,266
4.876,893
4,047.603
3,940,735
5,209,219
4,147,783
4,312,650
4,889,500
913,921
1922.
2.785.119
3,027.886
4,088,132
2,863,416
3,841,883
3,414.031
3,252,107
4,335,327
3.699.397
3,913.048
4.668,655
909,174
48,023,810
47,419,310
40,797,973
-Production in October Increases
Boxboard Statistics
But Unfilled Orders Decrease.
date
The Department of Commerce at Washington under
operations of
Increase Reported in Crude Oil Production. of Dec. 16 announced monthly figures on the
Slight
on reports of from 75 to 84
An increase of 2,500 barrels was reported this week by boxboard manufacturers, based
1923, as
Institute in the estimated daily companies each month, beginning with November
Petroleum
the American
average gross crude oil production. The Institute estimates follows:
Stock of Waste Paper.
that the daily average production in the United States for
(End of Mon01)•
ConUnthe week ended Dec. 13 was 1,977,300 barrels, as compared
sumpfilled
UnPro- Orders Orders lion
with 1,974,800 barrels for the preceding week; when comYear
shipped
In
On
Re- (End of Waste
dueOperaand
Transit. Parch.
during the corresponding week of
pared with the output
lion. cared. Month) Paper. Hand.
lion.
Month,
1923 the current figure shows an increase of 34,000 barrels.
Tons. Tons. Tons. Tons.
Inch Hrs. Tons. Tons. Tons.
The daily average production east of California was 1,374,300
1923
68,382 129,661 128,399 9,428 20,333
140,228 140,686
November__
barrels, as compared with 1,376,800 barrels the previous December _.8,703,115 140,553 144,419 77,288 128,978 149,870 11.690 19,982
. _ 6,680,217
1924
114.137 13,224 36.541
week, a decrease of 2,500 barrels. California production was January
7,683,887 160,817 186,379 92,658 151,145 107,720 12,953 23,890
7,300,766 156.002 158,775 88,214 148,329 124,774 13,997 21,877
603,000 barrels, as compared with 598,000 barrels; Santa Fe February
85,989 185.988
8 253,274 178,293 152,881
March
127.392 11,533 25,709
Springs is reported at 50,000 barrels, against 52,000 barrels; April
7,904,214 167,580 148,018 68,504 155,790 129,950 11,632 26,354
7,794,499 161,820 147,981 85,811 154,584 145,542 13.674 33,522
May
139,883
Long Beach, 128,000 barrels, no change; Huntington Beach, June
8,338,149 141,841 151,161 81,399
150,442 18.939 34,370
6,339,107 141,364 155,871 100,837 137,688 147.072 17.002 34,297
41,000 barrels, no change; Torrance, 45,000 barrels, no July
184,513
8,156,758 186,340 202,542 118,492 174,941 157,915 15,319 40,382
August
158,871
7,715,528
change, and Dominguez, 45,000 barrels, against 41,000 September.......ant, 179,982 100 021 99,101 179163 183.59414,921 26.253
RI 'Ion
loa AVI
barrels. The following are estimates of daily average
gross production for the weeks indicated:
nia
DAILY AVERAGE PRODUCTION.
Dec. 13 '24. Dec. 6 '24.Nov.29 '24. Dec. 1523.
In Barrels381.900
531.950
526,550
529,300
Oklahoma
70,800
87,250
86,800
86.300
Kansas
64,450
89,150
90,900
92,200
North Texas
191,750
175,450
176,300
178,850
Central Texas
54,900
55.600
55,450
51,550
North Louisiana
119,350
114.450
110,950
110,350
Arkansas
93,550
131.100
132.300
132,450
Gulf Coast & S. W.Texas
111,030
108.000
108,500
109,000
Eastern
147,250
87.350
89,050
84.300
Wyoming, Montana & Colo
595,500
708,350
598,000
603,000
California
Total
1,977.300
1,974.800
1,975,800
Slight Increase in Factory Employment in Pennsylva
-Slight
and New Jersey During November
Industrial Activity.
Recession in
t in
Only a slight increase occurred in factory employmen
Jersey in November, says the Federal
Pennsylvania and New
Reserve Bank of Philadelphia in its monthly statement,
made public Dec. 15, relative to employment and wages in
statement
Pennsylvania and New Jersey. Continuing, the
says:
1.943,300
Loading of Railroad Revenue Freight Continues Heavy.
Loading of revenue freight is the greatest for this season
of the year in the history of the railroads. Total loading
of revenue freight for the week ended on Dec. 6 was 968,256
cars, according to reports filed by the railroads with the
Car Service Division of the American Railway Association.
This was an increase of 54,335 cars over the corresponding
week last year and 59,082 cars above the same week in 1922.
It was also an increase of 226,915 cars above the corresponding week in 1921, and an increase of 130,303 cars above the
corresponding week in 1920.
The total for the week of Dec. 6 was an increase of 89,625
cars above the week before when freight traffic was reduced
owing to the observance of Thanksgiving Day. Further details follow:
Coal loading for the week totaled 193,256 cars, an increase of 21,223
cars over the preceding week and an increase of 20,098 cars over the same
week in 1923. Compared with the game week in 1922 it was a decrease of
4,562 cars.
Grain and grain products loading amounted to 54,024 cars, an increase of
4,699 cars over the week before and 2,357 cars above the same week last
year, but a decrease of 1,388 cars under two years ago. In the Western
districts alone, grain and grain products loading totaled 34,834 cars, an
increase of 863 cars over the corresponding week last year.
Live stock loading for the week totaled 42,963 cars, an increase of 10,201
cars over the week before and 27 cars above the corresponding week last
year as well as 5,360 cars above the corresponding week in 1922.
Loading of merchandise and less than carload freight totaled 249,034 cars,
27,139 ears above the week before and 3,125 cars above the same week last
year. Compared with the same week in 1922, it also was an increase of
21,996 cars.
Miscellaneous freight loading totaled 334,307 cars, 20,939 cars over the
week before and 21,906 cars above the corresponding week in 1923, also was
28,842 cars above the corresponding week in 1922.
Forest products loading totaled 73,286 cars, 6,131 cars higher than the
week before and 8,545 cars above last year. Compared with the correspondcars.
ing week two years ago, it was an increase of 10,631
Ore loading amounted to 10,491 cars, 990 cars below the week before due
and 1,225 cars under last year, but
to the seasonal decline in ore shipments
823 cars above two years ago.
the preceding week, but
Coke loading totaled 10,895 cars, 263 cars above
498 cars below the corresponding period in 1923 and 2,120 cars under the
same period in 1922.
Compared by districts increases over the week before due to the falling off
in freight shipments because of Thanksgiving Day, in the total loading of all
commodities were reported in all districts, while all showed increases over
the corresponding week last year. The Eastern and Allegheny districts were
the only ones to show decreases under the corresponding period in 1922.
Loading of revenue freight this year compared with the two previous years
follows:
-
was accompanied
Indeed, in Pennsylvania, a 1% increase in employment
slight recession
by a .5% decline in per capita earnings, which indicates a
industries in that State,
in industrial activity. Among the metal fabricating
showed notaelectrical machinery, blast furnaces and iron and steel forgings
payrolls than
ble increases, but most of the other industries reported smaller
matein October. Most of the textile products industries as well as building
increases
rials also expanded their operations in November, the largest
occurring in carpet and rug mills and glass plants.
per capita
In New Jersey employment advanced .4% in November and
manufacturearnings were 1.8% higher indicating a further expansion of
metal manuing operations of between 2 and 3%. As in Pennsylvania, the
declines, whereas
facturing and food products groups reported the largest
further expanthe textile products and building material industries showed
Jersey were 82%
sion. The largest individual increases recorded in New
The significance of
in printing and publishing and 22% in glass plants.
by the fact that the
the figures reported for wages paid is affected somewhat
-included Armistice
-the week ending Nov. 15
period covered by the reports
Day, when many plants were closed.
EMPLOYMENT AND WAGES IN NEW JERSEY.
Compiled by Federal Reserve Bank of Philadelphia. Decrease
Increase or
Nov. 1924 Over Oct. 1924.
No.of .
Average
Total
Plants
Wages.
Reporting EmPlogart Wages•
Croup and Industry' +1.8
+2.2
+0.
335
All industries(38)
_0.3
+1.3
+1.6
93
Metal manufactures
-3.4
-9.9
-8.8
5
Automobiles, bodiet and parts
+1.7
+1.4
0.2
18
Electrical machhury and apparatus
+3.2
-4.0
15
Engines, machines and machine tools
-1.0
-2.1
-1.2
15
Foundries and machine shops
--1.6
-2.7
-1.1
3
Heating appliances and apparatus
+5.4
+7.5
+1.9
6
Steel works and rolling mills
+13.5
+18.7
+4.8
3
Structural iron works
--3.1
--3.6
--0.5
18
steel products
Miscellaneous Iron and
+10.2
+11.1
+0.8
4
Shipbuilding
-1-6.6
+4.3
-2.2
6
Non-ferrous metals
-3.8
-0.9
+3.1
80
Textile products
+1.7
+3.8
+2.1
3
Carpets and rugs
-3.5
+2.4
11
Clothing
-174
-19.4
4
Hats. felt and other
+0.3
+6.3
+6.0
9
goods
Cotton
--6.8
22
Silk goods
-3.1
+3.8
+7.2-+7.1
10
Woolens and worsteds
+12.7
+18.3
+5.0
4
Knit goods and hosiery
+6.3
-5.8
+0.5
10
hyeing and finishing textiles
+0.2
+4.8
+4.8
7
Miscellaneous textile products
+2.8
-15.8
-17.9
11
Foods and tobacco
+4.2
-21.1
-24.3
7
Canneries
+1.7
+5.7
+3.9
4
Cigars and tobacco
-5.1
-0.6
+4.5
25
Building materials
-0.4
+45
+5.0
9
Brick, tile and terra cotta products
-9.8
+10.7
+22.5
3
Glass
4.2
-4.5
-0.4
13
Pottery
+6.7
+7.7
+1.0
42
and allied products
Chemicals
-0.8
+1.5
+2.0
23
,
Chemical:and drugs
-0.3
+2.5
+2.9
9
Explosives
-3.8
-3.7
-0.1
7
Paints and varnishes
.5
+12.5
3+12
Petroleum refining
+4.5
+2.9
+1:8
84
Industries
Miscellaneous
+2.8
+4.7
5
-1.8
Furniture
5
_0 9
.
+1.9
+2.8
Musicalinstruments
11
+4.7
-0.4
+5.0
Leather tanning
+94
+1.2
4
+10.7
Leather products
6
-1.4
-5.0
-3.8
Boots and shoes
+4.0
+2.8
10
+1.2
Paper and pulp* Products
+74.9
5
+32.1
+32.4
Printing and publishing
14
+1.8
+2.1
+0.3
and goods
Rubber tires
11
-2.0
-0.5
-1.5
Novelties arid jewelry
18
+2.3
+1.2
+3.3
All other industries
2816
THE CHRONICLE
EMPLOYMENT AND WAGES IN PENNSYLVANIA.
Compiled by the Federal Reserve Bank of
Philadelphia and the Department of
Labor and Industry, Commonwealth of Pennsylvania.
STATEMENT OF POSTAL RECEIPTS AT FIFTY SELECTED OFFICES
FOR
FOR THE MONTH OF NOVEMBER 1924.
No.of
Increase or Decrease
Plants
-No,. 1924 orer Oct. 1924.
Report-EmployTotal
Avg&
Group and Industrymeat.
Mg.
Wages.
Wages.
All industries (39)
662
+0.1
-0.4
-0.5
Metal manufactures
248
-0.6
1.3
-0.7
Automobiles, bodies and parts
18
-0.5
-4.2
-3.
8
Car construction and repair
13
-1.0
+3.7
+4.7
Electrical machinery and apparatus
+5.5
23
+13.0
+7.1
Engines, machines, and machine tools... _
21
-0.1
7.4
7.3
Foundries and machine shops
+1.2
54
-3.0
-4.2
Heating appliances and apparatus
15
-2.0
-7.7
-5.9
Iron and steel blast furnaces
10
+3.7
+2.5
-1.2
Iron and steel forgings
12
+4.2
+9.6
+5.2
Steel works and rolling mills
41
+0.6
--2.4
Structural iron works
8
-7.3
-2.6
+5.1
Miscellaneous iron and steel products
29
+1.3
Shipbuildin
4
-11.8
-9.6
+3.5
Textile products
165
+1.9
+1.1
+0.8
Carpets and rugs
11
+5.3
+6.5
+1.2
Clothing
21
-5.8
-6.0
-0.3
Hats, felt and other
3
-0.7
--0.4
+0.3
Cotton goods
13
+1.7
+1.9
+0.2
SUk goods
46
+1.5
+0.4
-1.1
Woolens and worsteds
21
+0.3
-0.2
-0.6
Knit goods and hosiery
43
+2.7
+8.1
+5.3
Dyeing and finishing textiles
7
+2.9
+0.2
-2.6
Foods and tobacco
66
-2.2
-5.0
-2.9
Bakeries
19
-1.2
-0.7
+0.5
Confectionery and ice cream
19
-6.5
-14.7
-8.8
Slaughtering and meat packing
11
+0.6
+1.6
+1.0
Cigars and tobacco
17
+1.4
+1.3
-0.2
Building materials
54
+4.2
+4.0
-0.2
Brick, tile and terra cotta products
14
+3.4
+4.3
+0.8
Cement
14
+0.7
-3.2
-3.8
Glass
23
+8.5
+12.0
+3.2
Pottery
3
-0.8
-5.8
-5.1
Chemicals and allied products
28
+0.6
+1.1
+0.5
Chemicals and drugs
17
+7.8
+85
+4.2
Paints and varnishes
6
+0.3
-3.8
-4.1
Petroleum refining
6
-0.1
+0.3
+0.4
Miscellaneous Industries
101
+0.3
-0.8
. Lumber and planing mill products
8
-2.4
+10.2
+12.9
Furniture
6.3
16
+6.8
+0.4
Leather tanning
19
0.9
-0.3
-1.2
Leather products
a
0.6
-1.1
-1.6
Boots and shoes
23
+1.6
-4.6
-8.1
Paper and pulp products
11
-0.7
-1.0
-0.3
Printing and publishing
18
+1.1
+0.6
-0.4
Rubber tires and goods
-10.8
3
-25.3
-12.9
Decreases in Postal Receipts in Selected and Industrial
Cities.
Slight decreases in postal receipts amounting to less than
1% were reported by the 50 selected and 50 industrial cities
for November, as compared with November 1923, according
to figures received on Dec. 8 by Postmaster-General New.
Five Sundays in the month and the fact that election day
was a holiday in many States and caused a virtual suspension of business in others is held responsible for the loss,
the first factor alone representing a difference of about
4%.
Tabulated figures follow:
[Vox.. 119.
November
1924.
OfficesNew York,N.Y___
Chicago. III
Philadelphia,Pa
Boston, Mass
St. Louis. Mo
Kansas City, Mo
Cleveland, Ohio
San Francisco, Cal_
Brooklyn, N. Y_
Detroit, Mich
Los Angeles, Call _
Pittsburgh, Pa_ _
Minneapolis, Minn.
Cincinnati,Ohio__ _
Baltimore, Md_ _ _ _
Washington, D. C_
Buffalo, N. Y
Milwaukee, Wis__.
St. Paul, Minn.__
Indianapolis, Ind
Atlanta,Ga
Denver, Col
Omaha, Neb
Newark,N. J
Dallas. Texas
Seattle, Wash
Des Moines, Iowa_
Portland, Oregon
New Orleana, La_
Rochester, N.Y _ _ _
Louisville,KY
Columbus, Ohio__ _
Toledo, Ohio
Richmond, Va
Providence,R.
Memphis, Tenn.__
Hartford, Conn
Nashville, Tenn
Dayton, Ohlo
Fort Worth,Texas.
Syracuse, N,Y _ _ _ _
Houston, Texas...
New Haven, Conn_
Gr'd Rapids, Mich_
Jersey City, N.J.
Akron, Ohio
S. L.City:Utah_ _ _
Springfield, Mass
Worcester, Mass
Jacksonville, Fla
Total
5,477.157 64
4,624,665 84
1,394,443 58
1,213,993 23
1,057,082 44
797,826 49
815.177 17
591,034 75
599.063 44
650,114 55
609.12053
528,162 28
516,940 53
538,648 06
431,572 52
394.411 45
382,861 75
365,559 61
363,102 77
338,170 67
270,454 68
255,592 18
230,824 97
275,012 09
277,622 83
236,653 61
244,618 53
223,197 68
217,797 83
198,193 18
210.913 69
199,570 22
169,856 41
155,655 44
149,270 87
148,476 87
148,525 08
130,288 54
135.171 50
104,369 16
114,097 28
122,606 56
121,277 06
108,448 61
101,912 56
95,605 21
102,376 78
97,071 34
87,597 54
68,859 09
November
1923.
Increase.
Per Ct. Per Ct. Per Ct
1924 1923 1922
over
over
Over
1923. 1922. 1921.
5,645,273 81 •168,116 17 .2.98 10.28 8.30
4,467,604 26 157,061 58 3.29 3.86 15.88
1,429,804 84 *35,361 26 *2.47 1.77 13.58
1,220,099 16 *6,105 93 •.50 3.36 13.31
1.054,00988 *16,927 24 *1.61 6.37 15.87
739.356 74
8,469 75 1.07 4.34 27.79
616,857 00 •1,679 83 0.27 9.63 11.57
579,316 40 11,718 35 2.02
1.03 14.17
610.093 87 *11,030 43 *1.81 8.62 12.97
630,335 89 19,778 66 3.14 10.75 18.69
618,738 17 07,617 64 *1.24 22.75 21.53
552,275 32 *24,113 04 *4.37 8.05 11.41
553,545 30 *36,604 77 •6.61 *4.99 23.01
506,648 94 31,999 12 6.32 9.33 11.20
445.807 05 •14,234 53 *3.19 6.92 5.07
390,402 84
1.03 12.07 7.25
4,008 61
382,351 06
51060
.13 11.04 10.69
386,425 99 *20,866 38 *5.40 13.39 11.68
342,834 95 20,267 82 5.91 • 11.54 22.88
326,782 64 11,388 03 3.48 14.09 20.18
273,922 31
*3,467 63 *1.27 10.10 11.33
248,476 18
7,116 00 2.86 5.08 10.17
239,331 53 *8,506 56 .3.55 2.04 18.81
273,978 96
1,033 13
.38 13.09 16.39
276,106 37
1.51645
.55 17.23 27.54
232,760 25
3,893.36
1.67 3.75 20.26
229,122 06 15,496 47 6.76
1.80 26.88
219,373 94
3,82374
1.74 11.14 15.56
215,415 29
2,382 54
1.11 6.41 5.90
215,177 17 '16,98399 *7.89 5.87 7.21
208,204 72
2,708 97 1.30 11.12 10.37
193,627 55
5,942 67 3.07 5.80 15.00
168,134 96
1,721 45 1.02 12.29 11.01
160,899 75 '5.24431 •3.26 15.52 15.84
157,321 48 •8.050 61 ••5.12 7.63 18.30
138,756 82
9,720 05 7.01
2.90 14.22
139,272 95
9,252 13 6.64 12.41
7.45
133,409 63 '3,1210' *2.34 15.31
7.57
136,168 16
.906 66
16.97 25.84
98.372 48
5,998 88 6.10 *39.38 20.98
130,554 63 *16,457 35 *12.61 11.66 12.13
113,876 12
8,730 44 7.67 4.27 4.70
121,071 47
20550
.17 2.74 25.77
106.528 60
1,920 01
1.80 6.30 8.49
113,441 65 '11,52909 •10.16 12.76 15.90
88,692 83
8,912 38 7.79
.97 17.13
93,028 99
9,347 79 10.05 •1.02 19.66
99,787 88 *2,716 54 .2.72 2.47 20.12
87,374 81
222 73
.25 4.98 15.61
72,089 91
*3,210 82 *4.45 6.83 24.42
26.471,02668 26,530,823 38 '59,79668
..23
6.93 13.79
• Decrease.
Aug.1924 over Aug. 1923,.35 decrease;Sept. 1924 over Sept. 1923, 11.28 Increase
Oct. 1924 over Oct. 1923, 8.92 increase.
Bookings of Orders for Architectural Terra Cotta at
a Low Ebb.
Bookings of architectural terra cotta by 26 identical manufacturers, who produced about 95% of the architectural
terra cotta made in 1922, have been reported to the Department of Commerce as below. The table gives the tonnage
and value by months since the beginning of 1923. Values
exclude freight, cartage, duty and setting charges.
2
n
n
....
•
Neit...ON=004.0t.CI
V.0400 ,
0WON.1
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http://fraser.stlouisfed.org/
MEI
Federal Reserve Bank of St. Louis
1
1923
Na Tons.
Value.
1924.
Net Tons.
Value.
STATEMENT OF POSTAL RECEIPTS OF FIFFY INDUSTRI
16,004 $1,798,484 January
AL CITIES January
16,240 $1,561,518
February
10,126
1,218,023 February
FOR THE MONTH OF NOVEMBER 1924,
13,227 1,467,539
March
15.388 1,789,508 March
12,022 1,316,553
Per Ct. Per C. April
14,320 1.822,518 April
13,011
1,570.117
1924
1923
May
9,432 1,271,496 May
November
November
10,171
1,229,551
Over
June
10,775 1,343,231 June
Office1924.
1923.
10,807 1,127.928
Increase.
1923. 192. July
7
8,057 1,023,843 July
Springfield, Ohio
$173,156 71
5135,679 60 $37,477 11
13.745 1,475,672
27.62
.37
10,630 1,293.460 August
Oklahoma, Okbt
109,137 98
114,19508 .5,057 10 *4.43 13.60 August
965,689
8,685
September
8,604 1,057,148 September
Albany, N.Y
99,700 78
95,132 96
11,115 1,145,202
4,56782
4.80
4.07
9,112 1,028,891 October
Scranton, Pa
81.974 37
98,340 29 '16,36592 .16.64 27.96 October
903,709
8,989
November
10,233 1,143,019 November
Harrisburg,Pa
97,192 19
92,636 93
9,974 1,064,077
4,555 26
4.92 30.39 December
San Antonio, Tex
12.990 1.384,922
81,350 85
78.295 08
5,055 77
8.63
7.40
Spokane, Wash
77,630 33
83,053 00 *5,422.67 *6.53
9.68
Oakland, Calif
111,369 25
97,877 48 13,491 77 13.78
7.59
Birmingham,Ala
104,628 36
98,919 61
'5,708 75
5.77 20.09
Topeka, Kau
86,001 55
87.38030 '1,34875 *1.54 .3.54
Mechanical Stokers Sold in November 1924.
Peoria. Ill
63,766 61
68,084 64 '4,31803 *6.34
8.84
Norfolk, Va
65,564 54
64,307 41
1,25713
1.95
2.27
The Department of Commerce has made public the folTampa, Fla
61,334 10
66,380 40 '5,04630 .7.60
6.88
Fort Wayne,Ind
76,542 81
82,084 36 .5,541 55 .6.75
17.63 lowing statistics on mechanical stokers according to reports
Lincoln, Neb
63,289 58
62,833 02
*456 56
•
.72 04.60 received
Duluth, MI1111
from 13 establishments. These data are shown by
63,879 87
67,125 22 '3,44535 .5.13
10.07
Little Rock. Ark
65.40087
66,238 38
747 51
1.14
6.96 months for 1924 and 1923:
Sioux City, Iowa
62,426 97 *2.074 06
80,352 91
*3.32
10.77
Bridgeport, Conn
60,106 51
66,722 61
*6,616 10 .9.92
7.95
STOKERS SOLD, HORSEPOWER AND KINDS OF INSTALLAT
Portland, Me
55,154 55
62,640 90
7.48635
13.57
3.33
ION.
St.Joseph, Mo
51,610 10
51,303 16
'30694
•.59
..69
Springfield, Ill
42.50420
38,598 36
3,90584
10.12 *1.34
No. of
Trenton,N.J
49,210 57
50,775 38
1 584 81
Installed Under3.18
4.03
SaabWilmington, Del
46,218 14 '1,50852 *3.26
44,709 62
.26
Year and
nthMadison,Win
Stokers Bold.
44,342 13
47,189 36
2,84723
Fire Tube
6.42
Water Tuba
11.86
Month.
mess,
South Bend, Ind
49,723 73
49,987 68
263 93
Boilers.
.53
Boilers.
12.11
Report
Charlotte, N.C
48,10047
54,816 10
6,71563 13.96
7.34
Mg.
Savannah, Ga
No.
H. P.
46,404 58
*3,472 19 *7.48 18.20
42,932 37
No.
H.P.
No.
H.P.
Cedar Rapids. Iowa
40,569 98
40,460 17
109 81
.27
9.47
1923,
Charleston, W. Va.
42.685 32 '4,61641 .10.81
38,068 91
4.23 January
15
145
Chattanooga,Tenn_ _
83,270
52,820 63
63,19175 '10,37112 *18.41
29
3,400
118
79,870
12.40 February
15
129
Schenectady, N. Y--66,619
37,631 66
39,513 30
1,881 64
9
1,172
5.00 17.09 March
65,447
120
Lynn, Mass
15
120
68.955
35,418 89 .4,661 62 *13.16
30,75727
1.259
111
9
67.696
7.14 April
15
167
Shreveport,La
85,339
36,431 50
36,937 47
505 97
14
2,000
1.39 15.92 May
153
83,939
15
194 100,513
Columbia, S. C
29,170 78
29,310 87
140 09
14
98,598
1.915
180
.48
6.92 June
Fargo, N.D
15
135
8
59,719
58.915
28,30035
5.01074 21.43 12.85 July
23 379 81
129
804
Sioux Fails, S. D
15
129
52.518
49,064
108
21
28,441 87
3,454
29,567 10
1,12523
3.96
19.89 August
15
Waterbury, Conn
135
71,693
69,069
33,820 52 *1,151 92 *3.40 10.37 September
2,624
32.668 60
117
18
Pueblo, Colo
15
99
60,486
57.732
16
83
27,044 20 .1,576 55 .5.83
2,754
25,467 65
9.02 October
15
Manchester, N.H
88
30,246
32,576
74
23,020 08
14
2,330
24,186 89 '1,16681
*4.82
3.20 November
15
Lexington, Ky
50
14,941
16,241
40
10
1,300
25,478 45
24,91839
'56006
*2.20 10.45 December
Phoenix, Aria
15
56
73
29.697
32,517
17
2,820
24,287 22
3,00112 14.10
21,286 10
9.36
Butte,Moot
17.838 56
19,738 51
*1,899 95 *9.62
2.39
Total, 1923..._
Jackson, Miss
_
1,464 730.846
1,287 704,614
22,20607
440 11
21,765 96
202 16.30
1924.
Boise, Idaho
17,795 00
20,459 00 '2,66400 •13.02 41.16 January
15
Burlington, Vt
91
84
66.492
65,448
18,572 99
18,437 17
135 82
.73
4.36 February
Cumberland,Md
15
110
62,113
99
60,588
11,841 27
12.83837 *1,047 10 *8.12
12.27 March
Reno, Nev
15
89
34,597
77
32,972
11,741 61
9,97700
1,764 61
17.68 *13.61 April
15
Albuquerque,N.Mex._
74
89
47,939
45,989
12,745 64
12,154 97
590 67
4.85
3.17 May
Cheyenne, Wyo
15
64
34,447
61
33,897
8,157 98
10.04747 '1,38949 •18.80
4.18 June
15
102
:15,549
83
32,825
July
Total
15
115
37,759
101
$2.626,616 81 $2,608,851 16 $17,765 65
38,099
8.09 August
.68
13
94
41,931
77
39.445
September
Decrease.
13
73
25,988
46
19,342
Dctober
Aug. 1924 over Aug. 1923, 3.25; Sept. 1924 over Sept. 1923, 11.45; Oct.
13
104
58,585
97
56,883
1924 November
over Oct. 1923, 11.28.
15
1191
al 1A7
95
55.402
DEc. 20 1924.]
2817
THE CHRONICLE
Steel and Iron Markets Continue Active—Steel Works
at 80% of Capacity—Pig Iron Price Advances.
At a season in which ordinarily there is a slowing down
for
steel works operations are still increasing, the average
at fully 80% of capacity, with
the country this week being
85%,
some Pittsburgh and Youngstown producers up to
"Iron Age." At the same time Chicago
observes this week's
reports continued activity in pig iron and finished steel,
for
while at Pittsburgh there is an increase in specifications
some further additions to the list
shipment after Jan. 1 and
18,
of active blast furnaces and mills, says the "Age" on Dec.
details as follows:
giving further
more blast furnaces
capacity. This is on the best basis of the year. Two
85% clip.
have gone in at Chicago, where steel making is at an
regions by IndeExpected advances of wages In the Connellsville coke
going back to the
pendent operators became a reality this week, the scale
This action again brings
Sept. 1 1920 basis, effective generally Dec. 16.
C. Frick Coke Co.,
the independent scale on a level with that of the H.
tely 25 to 50%.
for field labor, and represents an advance of approxima
Coke prices have advanced 50 to 75 cents.
rers are among those
Automobile builders and accessory manufactu
in fortifying themselves in
large consumers of steel who are more interested
underframe manufacturer
their future requirements. At Cleveland, one
delivery by July 1. Final
has contracted for more than 50,000 tons fbr
to-day 221.000 tons.
figures on building steel awards for November shows
1923.
or 85% of capacity, the largest total since March
nt mills, reached the
Sheet sales in November reported by the independe
ng 164% of capacity.
unusually large total of 462,709 tons, representi
added, sales of all makers probably
With the Steel Corporation bookings
exceeded 700,000 tons.
was the placing of 3.000
The principal item of railroad buying this week
pending.
cars by the Missouri Pacific with 2,000 more
Radiator Co. with an inquiry
Reappearance in the market of the American
foreshadow another large buying
for 60,000 tons for second quarter may
pending inquiry of 100,000 tons.
movement in pig iron. Cleveland reports
Certainty of higher
At Chicago 20,000 tons of basic have been closed.
prices. All grades at Pittscoke costs has further strengthened pig iron
week.
burgh advanced 50 cents to $1 further this
iron and steel products is
The composite this week on 14 representative
week and $39 58 the preceding
$40 14. This compares with $39 94 last
week.
notably in steel bars,
Many consumers have specified more liberally,
part of their first
than was expected for December, some calling for a large
in many months,
quarter requirements. Several mills, for the first time
are getting behind in bar deliveries.
in ordering, but a
The automobile Industry, as a rule, is still cautious
just contracted
maker of car frames and other automobile stampings has
plates, strip
with a Cleveland mill for 50,000 tons of steel, including light
steel and sheets, for the first half.
shapes—the effort to
In the heavier steel products—bars, plates and
but Pittsadvance prices continues. In the main the market is stronger,
Indiana, and by
burgh mills have been absorbing freight on business in
been competing
means of barge shipments Pittsburgh producers have
actively in St. Louis and farther Southwest.
from Lake Superior
pig iron producers are facing Season's Shipments of Iron Ore
Sooner than they expected, merchant
Ports Smaller.
coke operators in the Connellsville district
higher costs. Independent
and this means
advanced wages this week to the H. C. Frick Co. scale,
the furnace
The shipments by water of iron ore from Lake Superior
that under their contracts, which have a wage advance clause,
coke in the first quar- docks during the season just closed totaled 42,623,572
companies will pay from 75c. to $1 15 a ton more for
is an advance of
period
ter of 1925. The immediate result in the Central West
as against no less than 59,036,704 tons for the same
50c. a ton in the asking price for pig iron.
of a last year, being a decrease of 16,413,132 tons, or 27.80%.
market
Before the higher prices took effect the appearance in the
that
taken as the
radiator company, long known as a leader in buying, was
The movement this season is practically the same as
quarter. The company's
beginning of a buying movement for the second
1922, which amounted to 42,613,229 tons,
continued at a for the season of
present inquiry is for 30,000 tons. Pig iron buying has
26
but contrasts with shipments during 1921 of only 22,300,7
moderate rate in nearly all centres and the situation is strong.
Below
effect before the
The Connellsville wage advance restores the rates in
and during 1920 of no less than 58,527,226 tons.
on mines and ovens. tons
from the various ports
30% cut of last summer, made at all but Steel Corporati
has been getting we compare the water shipments
Recently the Corporation, with its increasing coke output,
for the last five seasons:
lle district.
the call on labor in the Connellsvi
SiUire Season.
1,000 by the Louisville
1920.
With 3,040 cars bought by the Missouri Pacific,
1921.
1922.
1923.
inquiries for 1,000
1924.
Tons.
& Nashville and 860 by the Northern Pacific, and with
Tons.
Tons.
Tons.
Tons.
& Ohio, railroad buying conPorts—
cars and 2,000 car bodies for the Baltimore
1,806,656 7,361.700
4,244,669 5,607,411 4,592,354
Escanaba
were booked to the number of 54.
tinues active. Locomotives
786,946 3,416,108
2,516,548 5,789.285 1,976,220
100 lbs.
Marquette
8,180,852
Makers have advanced railroad spikes 10c. per
were the largest in 20 Ashland
4,807,565 6.237,449 5.813,207 2,264.705
14,812,398
Bookings of fabricated steel work in November
13.355.214 17,820.476 11,234,240 4,991,278 15.479.334
1923. which made a Superior
months. The indication is that 1924 will surpass
9.164,803
12,882,082 20,163,619 13,044,771
Duluth
9,278,464
record, by fully 10%.
in the larger projects, put Two Harbors
4,817,494 6,418,464 5,952,437 3,286,338
The week's awards, which exceed 28,000 tons
November
the
42,613,229 22,300.726 58.527,224
rate of bookings thus far at 10 to 15% below
the December
42.623,572 59,036,704
Total
tons and industrial
rate. Conspicuous wore business buildings taking 12,000
amounting to 7,000 tons.
enterprises (Including 4,000 tons of oil tank work)
are for business buildings.
Over two-thirds of the 38.000 tons offresh inquiries
Lumber Movement Sound.
Continental, have closed
The larger can companies, the American and
a total of about
year, to
A summary df telegraphic reports received by the Nations
or are closing for tin plate for the first half of next
sold up for that peried,
250,000 tons and the leading producer is now largely
Lumber Manufacturers' Association from 374 of the larger
for the week
notably at its Western mills.
The Pure Oil Co. softwood commercial sawmills of the country
There is some revival of interest in oil pipe line work.
previous
-inch pipe for a Texas line and the ending Dec. 13, as compared with 389 mills for the
has ordered at Pittsburgh 60 miles of 8
-inch pipe, also for Texas.
Marland Oil Co. is in the market for 75 miles of 8
s a sound condition in the lumber industry.
have been week, indicate
Good-sized contracts for 1925 supplies of 50% ferrosilicon
ts decreased slightly. Orders (new business) are
placed by the large steel companies at $82 50 per ton, freight to Pittsburgh Shipmen
week
absorbed. Th's is a 10% advance over the 1924 price.
keeping pace with production. New business for last
being
10, after
The movement of tin plate to Japan between Dec. 1 and Jan.
preceding week with 15 fewer mills
tariff going shows an increase over the
which shipments are likely to fall under the restored Japanese
business
shipment from reporting. There was also an increase in new
Into effect March 10, is likely to reach 350,000 boxes. For
over the same week of last year, with 15 fewer
States an American oil company is buying 100,000 boxes.
the United
(nearly 17%)
in Germany
Continental steel markets are apprehensive of developments
mills reporting.
ends.
after Jan. 10, when free importation of allied materials
orders, is enThe unfilled orders of 251 Southern Pine and West Coast
The British steel industry, in the low state of shipyard
& Scottish
couraged by the scale of railroad buying. The London Midland
mills were 695,096,886 feet, as against 658,618,151 feet for
Ry. plans to spend £14,000,000.
Separately, the Southern Pine
tons,
The usual composite price table is as follows:
Dec. 16 1924, Finished Steel, 2.531c. Per Lb.
Dec. 9 1924, 2.531c.
Based on prices of steel bars, beams, tank
Nov. 18 1924, 2.474c.
plates, plain wire, open-hearth rails.
Dec. 18 1923, 2.775c.
black pipe & black sheets, constituting
-year pro-war average, 1.689c.
10
88% of the United States output
Dec. 16 1924, Pig Iron, $21 67 Per Gross Ton
Dec. 9 1924, $21 34
Based on average of basic and foundry
Nov. 18 1924, 19 88
the basic being Valley quotation,
irons,
Dec. 18 1923, 21 88
the foundry an average of Chicago,
-year pre-war average, 15 72
10
Philadelphia and Birmingham
Finished steel, 1924 to date: high, 2.789c., Jan. 15;low, 2.460c.. Oct. 14:
Pig iron, 1924 to date;
1923, high, 2.824c., April 24; low. 2.446c.. Jan. 2.
High. $22 88, Feb. 26; low, $19 21, Nov. 3: 1923. $3086 March 20; low,
$20 77, Nov. 20.
251 mills the week before.
group, 131 mills, reported unfilled orders as 262,789,417 feet,
compared with 257,388,615 feet for the same number of mills
the previous week; 120 West Coast mills had unfilled orders
amounting to 432,307,469 feet, as against 401,229,536 feet
for 118 mills a week earlier.
Altogether, the 374 comparably reporting mills had shipments 107% and orders 121% of actual production. For
the Southern Pine mills these percentages were respectively
107 and 114; and for the West Coast mills 99 and 119.
Of the comparatively reporting mills, 347(having a normal
pro..
production for the week of 216,977,642 feet) reported
of normal, shipments 105%, and orders 117%
duction 99%
thereof.
The following table compares the national lumber movement as reflected by the reporting mills of seven regional
associations for the three weeks indicated:
New buying of iron and steel has closed down, leaving
producers in possession of well-filled order books. This is
afundamental market condition that appears very promising,
declares the "Iron Trade Review" of Dec. 18 in its summary
of market conditions. "All records now available, including
Corresponding
Preceding Week
the 506,699 ton increase in the Steel Corporation bookings,
1924 (Revised),
Week 1922.
Past Week.
accentuate the heavy volume of buying that took place in Mills
389
389
• 374
231,546,041
r. The feature of the present situation continues Production
8
Novembe
222,018.118
223.895,10
202,112.212
240.621,350
242.852.931
which users have been converting book Shipments
the active way in
231,884,591
270,421,765
281,791,404
business)
obligations into definite business by ordering out material Orders (new
The following figures compare the lumber movement for
It is estimated that fully 33 to 50% of the
to their plants.
of 1924 with the same period of 1923:
orders for steel recently placed in the Chicago district have the first 50 weeks
Production.
Orders.
ShiPmentl•
refilling depleted stocks," declares the "Review," 1924
been for
11,626.732,673
11,878,181,413
11,498,395.754
which adds:
12,347,897,591
12,154,390,063
1923
11,634,169,419
wn district this week
Independent open-hearth plants in the Youngsto
of practical
reached 87% of the theoretical, equivalent to about 97%
1924 decrease
671,716,178
527.651,289
135,773,665
2818
THE CHRONICLE
The mills of the California White & Sugar Pine Association make weekly reports, but for a considerable period they
were not comparable in respect to orders with those of other
mills. Consequently the former are not represented in any
of the foregoing figures. Nine of these mills reported a cut
of 2,746,000 feet last week, shipments of 6,948,000 feet,
and orders of 6,067,000. The reported cut represents 20%
of the total of the California pine region.
West Coast Lumbermen's Association Weekly Summary.
One hundred and twenty mills reporting to the association
for the week ending Dec. 6, manufactured 103,618,826
feet
of lumber; sold 121,464,444 feet; and shipped 102,045,44
1
feet. New business was 17% above production. Shipments
were 16% below new business.
Forty per cent of all new business taken during
the week was for future
water delivery. This amounted to 48.962.906
feet, of which 36,117,412
feet was for domestic cargo delivery: and
12,845.494 feet export. New
business by rail amounted to 2,268 cars.
Forty-five per cent of the lumber shipments moved
by water. This
amounted'to 4.5,503,903 feet, of which 33,222,914 feet
moved coastwise and
Intercoastal; and 12,280,989 feet export. Rail shipments
totaled 1,736 cars.
Local auto and team deliveries totaled 4,461,538
feet.
Unfilled domestic cargo orders totaled 160,352,598 feet.
Unfilled export
orders 95.406,938 feet. Unfilled rail trade orders 4,849
cars.
In the 49 weeks of the year, production reported
to West Coast Lumbermen's Association has been 4,591,774.126 feet;
new business 4,643,275,437
feet; and shipments 4.689.137,396 feet.
[VoL. 119.
1924 and 16,602 bales in 1923. The distribution for Nov. 1924 follows: United
Kingdom, 2,265: France, 650; Germany, 10,803; Other Europe, 2,001; Other Countries, 1,592.
World Statistics.
The estimated world's production of commercial cotton, exclusive of linters, grown in 1923, as compiled from information secured through the domestic and foreign staff of the Department of Commerce is 18,969,000 bales
of 478 pounds lint, while the consumption of cotton (exclusive of linters in
the United States) for the year ending July 31 1924 was approximately
19,400,000 bales of 478 pounds lint. The total number of spinning cotton
spindles, both active and idle, is about 159,000,000.
Agricultural Prosperity of 1924
-The Season's Grain
and Other Farm Productions.
The Crop Reporting Board of the United States Department of Agriculture made public on Dec. 16 its estimates of
the acreage, production and value (based on prices paid to
farmers on Dec. 1) of the important farm crops of the United
States in 1922, 1923 and 1924, based on the reports and data
furnished by crop correspondents, field statisticians, and cooperating State Boards (or Departments) of Agriculture
and Extension Departments, and the figures are as follows.
It will be noted that the aggregate of the farm values for
1924 stands at $9,479,902,000, against $8,726,889,000 for
1923 and $7,816,020,000 for 1922.
Production.
Crop.
Acreage.
Per
Acre.
Total.
Farm Value Dec. 1.
Unit.
Per
Unit.
Total.
Cents.
Dollars.
105,012,000 23.2 2.436,513,000 Bush. 98.7 2,405,468,000
Corn-1924
104,324,000 29.3 3.053,557.000 1923
72.6 2,217,229.000
1922
"
65.8
Census Report on Cotton Consumed and onIliand in Winterwheat1924 102,846,000 28.3 2,906,020.000 " 132.1 1,910,775,000
38,438,000 16.2
590,037,000
779,510,000
39.518,000 14.5
1923
November, Also Active Spindles, and Exports and
571,959.000 "
95.1
543,710,000
1922
42,358,000 13.8
586.878,000 "
104.7
614,399,000
Imports
-Consumption Still Below a Year Ago.
Spring wheat 1924 17,771,000 15.9
282,836.000 "
126.3
357,086,000
20,141,000 11.2
1923
225,422,000 "
85.3
Under date of Dec. 13 1924 the Census Bureau issued its 1922
192,283,000
19,959.000 14.1
280,720,000 "
92.3
259,013,000
report showing cotton consumed, cotton on hand, active cot- All wheat-1924. 54,209,000 16.1 872,673.000 " 130.2 1,136,596,000
59.659,000 13.4
1923
797.381,00
"
92.3
735,993,000
ton spindles and imports and exports of cotton for the month
62.317,000 13.9 867,598,00
1922
"
100.7 873.412,000
42.452,000 36.3 1,541,900,000 "
48.0 739,495,000
of November 1924 and 1923. Cotton consumed amounted to Oats-1924
40,981,000 31.9 1,305.883,000 "
1923
41.4
541,137,000
1922
40,790,000 29.8 1,215.803.000 "
39.4
492,233 bales of lint and 50,960 bales of linters compared Barley-1924
478,948,000
7,086,000 26.5
__
187,875,000 "
73.1
137,270,000
with 532,702 bales of lint and 48,803 bales of linters in
1923
7,835,000 25.2
197,691.000 "
54.1
107,038,000
7.317,000 24.9
1922
182,068,000 "
52.5
95,560.000
November 1923 and 532,702 bales of lint and 55,095 bales of Rye-1924
4,173,000 15.2
63,446,000 "
107.3
65,061.000
5,171.000 12.2
1923
63,077,000 "
65.0
40,971.000
linters in October 1924, the Bureau announced. It will be
1922
6,672,000 15.5
103,362,000 "
68.5
70,841,000
15,956,000 "
seen that the decrease from November 1923 in the total of Buckwheat-1924 816,000 19.6
103.0
16,441,000
1923
739.000 18.9
13.965.000 "
93.1
13,008,000
lint and linters combined is 38,352 bales, or 6.6%. The
1922
764,000 19.1
14.564,000 "
88.5
12,889,000
9.2
227.3
"
statistics of cotton in this report are given in running bales, Flaxseed-1924._ 3,289,000 8.5 30,173,000 " 210.7 68,611,000
1923
2,014,000
17,060.000
35,951,000
1922
1,113,000
9.3
10,375,000 "
211.5
21,941 000
counting round as half bales, except foreign bales, which Rice-1924
892,000 38.1
33,956,000 "
138.6
47,051,000
1923
895,000 37.7
are in equivalent 500-lb. bales.
33,717,000 "
110.2
37,150,000
1922
1,055,000 39.2
41,405,000 "
93.1
38,562.000
DEPARTMENT OF COMMERCE.
Potatoee,white,'24 3,662,000 124.2
454,784,000 "
64.8
294,861,000
1923
3,816.000 109.0
416,105,000 "
Bureau of the Census.
78.1
324.889,000
1922
4.307.000 105.3 453,396.000 "
58.1
263,355,000
Preliminary report
Sweet potatoes,'24
938,000 76.6
71.861.000 "
128.4
92,290,000
Washington, 10 a. m., Dec. 13 1924.
1923
993.000 97.9
97,177.000 ••
97.9
95,091,000
Cotton consumed, cotton on hand, active cotton spindles and imports
1922
109,394,000 "
77.1
84,295,000
and Hay, tame-1924 1,117,000 97.9
61,454,000
1.59
97,970,000 Tons 813.82 1,353,789,000
exports of cotton for the month of November 1923 and 1924, with
statistics
1923
59,868,000
1.49
89,250,000 "
$14.13 1,261,486,000
of cotton consumed, imported and exported for the four months
1922
ending
61,159,000
1.57
95,882,000 "
$12.56 1,204,101,000
Nov. 80.
Hay, wild-1924. 14,931,000
.97
14,480,000 "
$7.86 113,859,000
1923
15,556,000
(The statistics of cotton in this report are given in running bales, counting
1.12
17,361.000 "
$7.88 136,734,000
1922
15,871,000
1.02
16,131,000 "
$7.14 115,176,000
round as half bales, except foreign cotton, which is in equivalent 500-pound
All hay-1924._ _ 76,385.000
1.47 112.450,000 "
$13.05 1.467,648,000
bales.)
1923
75,424,000
1.41 106,611,000 "
813.12 1.398,220.000
1922
77.030,000
1.45 112,013.000 "
$11.78 1,319,277.000
COTTON CONSUMED AND ON HAND IN SPINNING MILLS AND IN
Tobacco-1924.. 1,720,000 722
.242,823,000 Lbs.
20.6
256,346,000
OTHER ESTABLISHMENTS, AND ACTIVE COTTON SPINDLES.
1923
1.877,000 807
,515,110,000 "
19.9
301,096,000
1922
1,695,000 736
(Linters not included.)
,246,837,000 "
23.2
289,248,000
Cotton-1924
40,115,000 b156.8
13,153.000 Bales d22.6 1,487,225,000
1923
37,123.000 6130.6 c10,139,671 "
Cotton1Consum,ed
d31.0 1,571,815,000
Cotton on Hand
1922
33,038,000 b141.3
c9,762,069 "
During (Bales)c123.8 1,161,946,000
INIIINov 30.1.
Cotton
Cottonseed-1924
5,840,000 Tons 533.57 196,049,000
Spindles
1923
---04,502,000 "
$45.92 206,732,000
In
In Public
Active
1922
c4,336,000 "
4 Month; Consuming Storage
Locality.
$40.18 174,220,000
Year
During
Cloverseed-1924
747,000
1.3
977,000 Bush. $13.68
Novena- Ending Establish- and at
13,362,000
November
1923
775,000
1.8
1.228,000 "
Nov. 30.
ber.
510.76
ments. Compresses (Number)
13,218,000
1922
1,170.000
1.7
1,955,000 "
(Bales). (Bales.)
$9.38
18,332,000
Sugar beets.e.'24
842,000
8.88
7,478,000 Tons f$7.10 653,090.000
1923
657,000 10.66
United States
7,006.000 "
1924 *492,233 *1.817,533 *1,046,612 .4,914,219 31,789,876
$8.99
02,965,000
1922
530,000
9.77
5,183,000 "
1923 532.702 2,054,110 1,444,474 3.769,204 34,123,732 Beet
57.91
41,016,000
sugar-1924
842.000
1.29
1,085,000 "
1923
657,000
1.34
881,000 "
Cotton-growing States_ 1924 347,548 1,272,182
699,862 4,646,786 16,082,076
1922
530,000
1.27
675,000 "
1923 358,642 1,372,785
929,172 3,609,220 16,164,912 Canesugar(La.)
New England States. _ _ 1924 121,052
455,987
303,146
45,04813,538.028
1924
180,000
.58
105,000 "
473,632
1923 140,176
462,208
94,589 16,247,132
1923
217,000
.75
162,000 "
All other States
89,364
1924 23,633
43,604
222,385 1,569,772
1922
241,000
1.22
295,000
1923 27.884
107.693
53,094
65.395 1.711.688 Maple sug.dtsyrup
•Includes 10,129 Egyptian, 7,171 other foreign, 1,400 American-Egyptian and
(as sugar), 1924 05,407,000 h2.20
35,302.000 Lbs.
26.1
9,214,000
1923
213 Sea Island consumed; 25,002 Egyptian, 21,242 other foreign, 7,303 Americang15,291,000 h2.19
33,533,000 "
25.3
8,484,000
1922
Egyptian and 1,043 Sea Island in public storage. Four months' consumption,
g16,274,000 h2.1I
34,263,000 "
22.0
7,538,000
48,903 Egyptian, 31,169 other foreign, 8,777 American-Egyptian and 1,474 Sea iorghtun syrup'24
404,000 67.7
27,339.000 Gals. 94.6
25,869,000
1923
Idand.
380.000 84.2
32,001,000 "
86.2
27,595.000
1922
447,000 81.5
36,440,0/0 "
Linters not included above were 50,960 bales consumed during November Peanuts
71.0
25,855,000
-1924..
986.000 625
616,200,000 Lbs.
6.2
37,981,000
In 1924 and 48,843 bales in 1923; 95,781 bales on hand in consuming estab1923
896,000 723
647,762,000 "
6.8
43,918,000
1922
lishments on Nov. 30 1924 and 96,120 bales in 1923, and 51,804 bales in
1,005,000 630
633,114,000 "
29,613,000
4.7
Beans, dry,
public storage and at compresses in 1924 and 43,870 bales in 1923. Linters
edible.e-1924. 1,376.000
9.7
13,327,000 Bush. $3.71
49,494,000
consumed during four months ending Nov. 30 amounted to 200,327 bales in
1923
1,320,000 12.1
16,004,000 "
58,457.000
53.65
1924 and 205,581 bales in 1923.
1922
1,079,000 11.9
12,793.000 "
47,843,000
$3.74
Grain sorghums.e
IMPORTS AND EXPORTS OF COTTON AND LINTERS.
1924
5,085.000 22.5
114,231,000 "
97,405,000
85.3
1923
5.792,000 18.3
105,835,000 "
99,473.000
940
Imports of Foreign Cotton.
Exports of Domestic Cotton and Linters-Running
1922
5,064,000 17.9
90,524,000 "
79,503.000
87.8
(500 Pound Bales).
Bales (See Note for Linters).
Broom corn_e_'24
442,000 6345
7,214,006
76,272 Tons $94.58
1923
536,000 6303
12.989,000
81,153 " $160.08
Country
4 Mos. End.Country
4 Months Ending
1922
275.000 271
37,300 " $219.46
8386.
000
of Pro- Norember.
November.
Nov. 30.
of ProNov. 30.
ilops_e-1924
20,350 ,245
2,620.000
25,333,000 Lbs.
10.3
duction.
to Which
1923
18,440 ,071
3.722.000
19,751,000 18.8
Enaction 1924. 1923. 1924, 1923.1E2/m1'd 1924.
1923.
1924.
1923.
1922
23.400 ,186
2,383.000
27,744,000 "
8.6
30wpeaa-1924._ 1,094,000
8.9
33,874,000
114,352.000 Bush. $2.36
Egypt__ 11,053 11,48820,90120,473 U.King. 427,614 282,4111,054.912 787,467
1923
1.273,000
9.7
37,225,000
119,090,000 "
51.95
Per1_ __ 1,083 4,339 3,618 9 45;eFrance _ 162,651 109,647 430,898 370,802
1922
1,344.000
9.2
33.410,000
119,950,000 "
$1.68
China__
192
124 1,230 7421Italy--. 90,050 61,765 266,344 237,843 toy beans
-1924.
613,000 11.9
$2.30
19,567.000 21,940,000
Mexico_ 4.664 238 1 R.858 tn4 Germ'y 323,200 108.411 730,882 463,265
1923
492,000 14.5
$2.02
18,944,000 "
18,060,000
'
Er.Indis 383 283 44,673 2.894I01h.Eur 124,177 82,348 373,448 297,383
1922
314.000 13.8
$1.90
15,832.000 "
11,085,000
21110th. 174
92 sa 193J 138.Japan-- 140,765 93,311 322,361 250,783
Velvet beans
-'24
673.000 *10.3
1474,000 Tons $19.35
0,171,000
A11.0th. 38,093 29,496
89,543 67,916
1923
620,000 *11.5
1474.000 "
$19.73
9,353,000
1099
RIA Ana •11 a
,In 'inn
..
*0700
2 907 000
Total _ _ 17,54916.56449,47534.207iTotal _ _ 1,306.550 767.2893.268,18812,475,459
a Minor crop prices mostly
Note -Figures include 17,311 bales of linters exported during November In 1924 e Principal producing States. for Nov 15. b Pounds. c Census. d Per pound.
f Minimum. It Trees tapped. h Per tree. Itoand 5,097 bales In 1923, and 31,253 bales for the tour months ending Nov. 30 in eluding that gathered
from acreage used primarily for hay or grazing. • Bushels.
1
COMMERCIAL TRUCK CROPS.
Farm Value.
Production.
Acreage.
Asparagus
-19241923
1922
Beans,snap-1924
1923
1922
Cabbage-1924
1923
1922
Cantaloupes-1924
1923
1922
-1924
Cauliflower
1923
1922
Celery-1924
1923
1922
-1924
Corn,sweet
1923
1922
Cucumbers-1924
1923
1922
Lettuce-1924_._
1923
1922
Onlons-1924
1923
1922
Peas, green-1924
1923
1922
Potatoes, early_k
1924
1923
1922
Spinach-1924
1923
1922
Strawberries-1924
1923
1922
Tomatoes
-1924 _
1923
1922
Watermelons 1924
1923
1922
49,420
42,050
32,860
75,390
61,280
49,550
109,960
104,880
133.830
89,700
84,160
103.300
13,190
11,580
9,250
21,380
19,760
17,230
299,410
250,850
197,600
129,580
91,960
82,200
63,060
57,990
44,900
59,900
61.940
63,290
241,620
206,690
171,800
Per
Acre.
136
139
123
1.4
1.6
1.6
8.8
7.7
8.1
154
140
124
266
287
280
286
270
267
1.7
24
2.4
62
83
108
217
243
241
294
279
296
1.1
.9
• 1.1
Total.
Per
Unit. Unit.)
Dollars.
6,781,000 Crates $2.25
2.58
5,854,000 "
2.46
4,041,000 "
104,500 Tons 113.72
138.50
100.300 "
120.70
79,600 "
16.14
973,000 "
22.27
805,700 "
12.20
1,089,000 "
1.47
13,789.000 Crates
2.00
11,745,000 "
2.25
12.805,000 "
1.45
3,514.000 "
1.59
3,322,000 "
2.13
2,589,000 "
2.57
6.114,000 "
2.40
5,333,000 "
2.29
4,601,000 "
14.19
500,500 Tons
12.38
590,600 "
10.99
474,700 "
1.52
8,058,000 Bush.
1.76
7,671,000 "
1.34
8.867.000 "
1.21
13,653,000 Crates
1.24
14,118,000 "
1.48
10,829,000 "
.95
17,627.000 Bush.
1.35
17,306.000 "
.85
18,763,000 "
64.70
259,200 Tons
67.07
180,100 "
.
62.60
181,700 "
Total
Dollars.
15,182,000
15,081,000
9,945.000
11,884,000
13,892,000
9,608,000
15.705,000
17,939,000
13,288,000
20,230.000
23,501,000
28,861,000
5,103,000
5.284,000
5,517,000
15,742.000
12.804,000
10,519,000
7,100,000
7,313.000
5,216,000
12,268,000
13,482,000
11,856,000
16,553,000
17,515,000
15,984,000
16,751,000
23,343,000
15,876,000
16,771,000
12,080,000
11,374,000
44,182,000
1.07
41,178,000 Bush.
307,540 134
41,689,000
1.59
281,740 93
26,245,000 "
42,402,000
1.17
311,930 116
36,198,000 "
6,977,000
66.20
105,400 Tons
3.1
33.600
5,407.000
56.44
95,800 "
3.1
30,550
4.721,000
69.53
"
67,900
2.9
23,760
35,292,000
.13
266,951,000 Quarts
146,750 1.819
38.258,000
.15
148,360 1,728
256,409,000 "
38,354,000
.15
260,403,000 "
132,800 1,961
54,1341.000
31.79
1,718,900 Tons
3.7
469.860
57,662,000
33.46
1,723,200 "
4.2
409,890
50,293,000
30.33
1,658,000 "
4.8
345,420
8,503.000
49,765 Cars 171.00
168,230 1296
10,645,000
249.00
42,734 "
157,350 1272
10,991,000
155.00
71.128 "
211.060 1337
1 Average price or season paid to grower. k This tern Is ncluded In the Item of
"potatoes, white," shown in first table, and appears only once in the "total" In the
following table. I Number.
FRUIT CROPS.
Farm Value Dec.1.m
Production.
•
Acreage.
Per
Acre.
Total
Unit.
523,000 Bbls.
28,000 18.7
Oranberries_n.'24
652.000 "
28,000 23.3
1923
560,000 "
22.4
25,000
1922
179,443,000 Bush.
Apples,total,1924
202,842,000 "
____
1923
202,702,000 "
1922
28,701,000 1111Ls.
Apples, coin% '24
---35,936,000 "
1923
31,945,000 "
1922
51,679,000 Bush.
Peaches
-1924_
192345,382,000 "
55,852,000 "
1922
---Pears
17,961,000 "
-1924
1923
17,845,000 "
---20,705,000 "
1922
1,777,000 Tons
Grapes
-1924....---1923
2,227,000 "
1922
2,076,000 "
Oranges(2 States)
1924
35,400,000 Boxes
36,500,000 "
1923
30,200,000 "
1922
Total-1924.._ 355,210,400
355,594,730
1923
26R RA6260
/022
Per
Unit.
Total.
Dollars,
Cents.
5,165,000
$9.88
4,664,000
$7.15
5,702,000
$10.18
212,193,000
118.3
101.9
206,696,000
199,848.000
98.6
$3.67 105,259,000
$2.91 104,656,000
93,636,000
$2.93
65,914,000
127.5
62,025.000
136.7
74,717,000
133.8
25,287.000
140.8
21,570,000
120.9
21,943,000
106.0
73,705.000
$41.47
71,009,000
$31.88
99,167,000
448.00
$1.82
$1.78
82.10
64,290,000
64,940,000
63,310.000
9,479.902,000
8,726,889,000
7 SIR ron nrin
m Minor crop prices mostly for Nov. 15. n Principal producing States.
The figures here published for both 1923 and 1924 have been revised on
the basis of the latest and fullest information now available. The revised
figures here shown and not the unrevised figures previously published,
should be compared to obtain the proper relation of the 1924 acreage and
production to that of 1923 and earlier years.
CROP REPORTING BOARD.
W. F. Callander, Chairman.
S. A. Jones,
J. A. Becker,
J. B. Shepard.
C. F. Serie,
Approved:
C. E. Gage.
C. F. Marvin,
0. K. Holmes,
Acting Secretary.
N. I. Nielsen.
Success of Co-Operative Marketing Dependent on Efficient Management, According to C. L. Christensen of Department of Agriculture.
The success of co-operative marketing depends more than
anything else upon efficient management and a thorough
understanding on the part of the membership as to the
possibilities and limitations of co-operative marketing, according to Chris L. Christensen, in charge of the Division of
Co-operative Marketing in the United States Department of
Agriculture, who has just made a three months' tour of the
country studying co-operative methods. "The importance
of having men with business capacity to head up co-operative
organizations can not be overestimated," Mr. Christensen
says. He declares that co-operative organizations are beginning to realize more than ever before that production and
marketing are inseparable, and that very often the solution
of a'marketing problem may be found to originate in production practices. Organizations are also learning that pro-
2819
THE CHRONICLE
DEC. 20 1924.]
duction must be adjusted to meet market demands. Mr.
Christensen's study included the co-operative marketing
methods employed by farmers' organizations for handling
fruits and vegetables, dairy products, poultry products, wool
and grains. He visited 20 to 25 organizations in California.
In Oregon he studied the wool marketing associations, and in
North Dakota and Minnesota he investigated the business
methods and practices of farmers' elevators to determine the
factors that enter into the efficient management of the elevators.
-Imports
The Country's Foreign Trade in November
and Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on Dec. 15 issued the statement of the foreign trade of the United States for November and the eleven
months ending with November. The value of merchandise
exported in November this year was $494,000,000, as compared with $401,483,872 in November last year. The imports of merchandise were $296,000,000 in November 1924,
as against $291,333,346 in November last year. This left a
trade balance in favor of the United States on the merchandise movement of $198,000,000 for the month in 1924, as
compared with a favorable balance for the corresponding
month in 1923 of $110,150,526. Imports for the eleven
months of 1924 have been $3,276,672,967, as against $3,503,761,197 for the eleven months of 1923. The merchandise
exports for the eleven months have been $4,145,726,296,
against $3,740,827,561, giving a favorable trade balance of
$869,053,327 in 1924, against $237,066,364 in 1923. Gold
imports totaled $19,849,589 in November this year, against
$39,757,436 in the corresponding months last year, and for
the eleven months they are $309,434,074, as against $290,074,586. Silver imports for the eleven months have been $68,080,410, as against $66,281,229 in 1923, and silver exports
$98,611,403, against $62,947,706. Some comments on the
figures will be found in the earlier part of this newspaper
in our article on "The Financial Situation." Following is
the complete official report:
TOTAL VALUES OF IMPORTS AND EXPORTS OF THE UNITED STATES.
(Preliminary figures for 1924, corrected to December 11 1924.)
MERCHANDISE.
November.
1923.
1924.
Imports
Exports
11 Months end. November. Increase (-1-)
or
Decrease(-)
1923.
1924.
$
$
$
296.000.000 291,333,346 3,276,672,967 3,503,761,197 -227,088,230
494,000,000 401,483..872 4,145,726,294 3,740.827,561 +404,898,733
Excess of impts
Excess of expts 198,000,000 110,150,526
869,053,327
237,066,364
IMPORTS AND EXPORTS OF MERCHANDISE BY MONTHS.
1923.
1924.
Imports.
$
January _ -- 295,506,212
February__ 332,323.121
March.... 320,482,113
324,369,966
April
302,987,791
May
274,000,688
June
278.593,546
July
254.542,143
August
September- 287,136,677
310,802,053
October
November_ 296,000,000
December
$
329,253,664
303,406,933
397.928.382
364,252,544
372,544.578
320,233.799
287.433,769
275,437,993
253,645,380
308,290.809
291,333,346
288.304,766
1922.
1921.
5
$
99
217,185,396 208.798. 8
215,743,282 214,529.680
258,177.796 251,969,241
217.023.142 254,579,325
252.817,254 204.911,186
260,460,898 185.689.939
251,771,881 178.159,154
281,378,403 194,768,751
298,493.403 179,292,165
276,103,979 188,007,629
291,804,826 210,948,036
293,788,573 237,495,505
1913.
$
163.063.438
149.913,918
146,194,461
155.445.498
133,723,713
131.245,877
139.081.770
137.651,553
171,084,843
132,949.302
148,236,536
184,025,571
11 mos.end.
Nov ____ 3,276,672,967 3.503,761,197 2,818,958.260 2,271,652,065 1,608,570,909
12 mos.end.
Dec --__
3,792,065,963 2,112,746,833 2,509.147,570 1,792,596.480
Exports.
January... 395.172,187
February__ 365,774,772
March... 339,755,230
346,935,702
April
May
335,098.701
306,989,006
June
276,649,055
July
August._
330,672,764
September. 427,459.572
527,232,503
October.
November_ 494,000,000
December.
335,416,506
306,957.419
341.376,664
325,492,175
316.359.470
319.956,953
302.186.027
310.965.891
381,433,570
399,199,014
401.483,872
426,665,519
278,848.469 654,271,423 227,032,930
250.619.841 486.454,090 193,996.942
329,979,817 386.680.346 187.426.711
318,469,578 340,464,106 199,813.438
307,568,828 329,709,579 194.607,422
335,116.750 336,898.606 163.404.916
301,157,335 325.181.138 160,990.778
9
301,774.517 366.887.538 187,90 .020
313.196,557 324.863,123 218,240.001
370,718.595 343,330.815 271,861,464
379,999,622 294,092,219 245,539,043
344.327,560 296,198,373 233,195,628
11 mos.end.
Nov ____ 4,145,726,294 3,740.827,561 3,487,449,909 4,188,832,983 2.250,822,664
12 mos.end.
a 157 awl min 2 RIII 777 450 4.458.031.385 2.484.018_290
Fl,...
GOLD AND SILVER.
November.
1924.
1923.
11 Months end. November. Increase(+),
or
1923.
Decrease(-)
1924.
$
$
19,849,589 39,757,436
746,704
6.689,182
$
309.434,074
21.973,660
8
$
290,074.586 +19,359,488
27,931,888 5,958,228
Excess of Impts 13,160,407 39,010,642
287,460,414
262,142,698
GoldImports
Exports
Silver
Imports
Exports
6,480,816
9,401,406
5,269,173
8,775,474
68,080,410
98,611,403
Excess of impts
Excess of expts
2.920.590
3.506.301
•
30.530.1193
66,281,229 +1,799,181
62,947,706 +35,663,697
3,333,523
2820
THE CHRONICLE
IMPORTS AND EXPORTS OF GOLD AND SILVER, BY MONTHS.
Gold.
1924.
Imports.
January ___
February__
March
April
May
June
July
August
September
.
October
November December
1923.
$
45,135,760
35,111,269
34,322,375
45,418,115
41,073,650
25,181,117
18,834,423
18,149,981
6,656,155
19,701,640
19,849,589
$
32,820,163
8,382,736
15,951,357
9,188,470
46,156,195
19,433,539
27,929,447
32,856,097
27,803,961
29,795,185
39,757,436
32,641,226
Sam.
1922.
$
26.571,371
28,738,920
33.488,256
12,243.555
8,993,957
12,976,636
42,986,727
19,092,208
24,464,235
20,866,156
18.308,087
26,439,677
1924.
1923.
$
$
5.979,758 5,824,637
7,900,409 3,792,387
6,220,934 4.626,376
3,907,745 4,261,869
5,639,582 4,461,148
4,870,389 6,065,947
7,127.613 10,066,463
7,041,630 6,465,949
7,082,962 8.517.971
5,828,672 6,929,311
6,480,816 5,269,173
8,172,301
1922.
$
6,495,758
4,785,957
6,953,105
4,799,873
5,511,553
6,345,744
6,957,298
4,943,762
6,370,279
3,940,349
5,855,405
7,847,570
11 mos.end.
_ _ 309,434,074 290,074,586 248,730,108 68,080,410 66,281,229 62,959,083
12Novmos.
edn.
Dec
322,715,812 275,169,785
74,453,530 70,806,653
Exports.
January ___
February -March
April
May
Tune
July
August
September _
October
November _
December
280,723 8,472,198
862,983 8,208.644
505,135 1,399,089 1,731,794 8,876.713
817,374 10,392,100
963,413 8,355,278
1,390,537
655,235 1,578,867 7,801,689
593,290
824,444 3,406,658 9,686,517
268,015
548,484 1,600,754 8,648,499
327,178
522,826
643,714 9,190,362
2.397,457 2,200,961
955,853 8,632.067
4,579,501
862.697 1.398,607 10,345,205
4,125.268 1,307,060 17,591.595 9.465.023
6,689,182
746,794 3.431.065 9.401,406
711,529 2.709,591
6,921,002
2.191,059
4,731,705
4,336,338
3,499.358
3.581,081
6,233,163
7,032,221
8,123.460
7,522,845
8,775,474
9,521,083
3,977,118
7,091,665
4,302,182
6,108,732
5,676,755
6,004.421
6,268,953
3,861,180
3.735.178
3,268.731
6.599,171
6,913,200
11 mos.end.
Noe ____ 21,973,660 27,931,888 34,165,303 98,611.403 62,947,706 55,894,086
12 mos.end.
Dec
28.643.417 36.874.894
72.468.789 62.807.286
Bituminous Coal Markets Continue Dull-Anthracite
Trade Improves Slightly.
There was little activity in the bituminous markets of
the country during the past week and it is now doubtful
whether the markets will show much life before the end of
the month, so said the "Coal Trade Journal" on Dec. 17,
adding:
The New York market remained featureless. At Chicago shipments of
"no-bills" depressed the domestic market and weakened prices, but the
demand for screenings continued. Boston tidewater prices weakened and
the usual year-end slowing down of business was reflected in the bituminous
market. The market in Philadelphia was quiet. At Pittsburgh a fair
volume of buying continued, but competition impedes price recovery.
Detroit reports little demand and unsettled market owing to oversupply,
and the Louisville report is similar. In fact, there are no encoura.ring
reports excepting from Superior-Duluth, where the coal trade at the Head
of the Lakes continues heavy and industrial demand is picking up,and from
Toronto, where improvement in demand and prices was noted.
Throughout the week that ended Dec. 7 movement of bituminous coal
over the lakes continued, but in greatly diminished volume, according to
the "Ore and Coal Exchange." The volume, however, was greatly diminished, 313,629 net tons being dumped at the lower Lake Erie ports, a decrease of nearly 50%. Of the total dumpings 303,534 tons were cargo coal
and 10,095 tons vessel fuel. In the corresponding week last season dumpings totaled 116,726 tons. Cumulative dumpings of cargo coal this year
to Dec. 7 stood at 22.873,927 tons, a decrease of a little less than 2% from
the average of the four preceding years.
During the first week in Decemoer dumpings of bituminous at Hampton
Roads increased sharply. The tonnage dumped is reported as 463,332 net
tons,an increase of 102,432 tons,or 28%. The principal factor contributing
to the improvement was an increase of 74,448 tons in exports and of 16,412
tons in foreign bunker coal.
The movement of bituminous coal through the Atlantic ports declined
to 2,704,769 net tons, as against 2,932,927 tons in October. This decrease,
according to the Geological Survey, was doubtless largely due to the short
month of November and the holidays.
There was a further gain in beehive coke production for the week ended
Dec.6. The total output is estimated by the Geological Survey at 173,000
net tons, an increase of 15,000 tons,or nearly 10%. Cumulative production
of beehive coke for the year to Dec. 6 stood at 8,938,000 net tons. The
tonnage for the same period last year was 17,150,000 and for 1922 7,174,000.
The anthracite markets regained some of their old strength last week.
Conditions in New York were greatly improved. In Philadelphia all sizes
were in greater 'demand excepting buckwheat. Boston reported little
improvement, however, and Buffalo still waited cold weather which we
presume has arrived by now. Company coal was reported scarce in New
Jersey and dealers and industrials both optimistic. There was nothing to
comment upon particularly, but a general optimistic tone prevailed.
The shipments of anthracite from Lake Erie ports totaled on Dec. 7
3.094,092 tons for the season. For the corresponding period in 1923 they
totaled 3,513.939 tons. The last cargo of anthracite to be shipped up the
lakes this season cleared from Buffalo on Dec.6.
[vol.. 119.
is so steady that some operators are breaking down egg to keep pace with
the demand for the more popular size. Chestnut also is quite strong, in
some instances commanding the same price as stove. Egg and pea are in
difficulty, however, some producers sending pea to storage piles. Steam
sizes are rather quiet, especially buckwheat No. 1; rice and barley are somewhat more active. With the falling off in demand it is probable that but
for the curtailment of output by outlaw strikes there would be a softening
in independent prices.
Within the last few weeks more than 5.000 mine workers have sailed
from New York for their native lands to spend the holiday season and in
many instances the entire winter months. It is expected that before the
year ends the number will have been increased to nearly 10.000 mine workers
and their families.
"Coal Age" index of spot prices of bituminous coal has taken another
tumble, standing on Dec. 15 at 169, the corresponding price for which is
$2 04. compared with $1 71 and $2 07 respectively for the preceding two
weeks.
Another marked increase in activity took place at Hampton Roads,
dumpings of coal for all accounts during the week ended Dec. 11 totaling
479,099 net tons, surpassing the high mark of the previous week by 43,377
tons.
Production of Coke in November.
A slight increase marked the production of by-product
coke in November. The total output was 2,929,000 net tons,
against 2,899,000 tons in October. The daily average production for the month was 97,640 tons, an increase of 4.4%
over the October average. The plants were operated at
77.3% of capacity. Of the 75 plants, 68 were active and 7
idle, according to statistics compiled by the United States
Geological Survey.
The production of beehive coke, on the contrary, showed
no increase. The total output for November is estimated
from the reported shipments by rail at 630,000 tons, almost
exactly the same figure as in October.
The total production of all coke in November thus reached
3,559,000 tons, which happens to be exactly the same figure
as that for last May. In comparison with the monthly average of 4,748,000 tons during the year 1923, however, the
present rate of output still shows a decrease of 25%.
MONTHLY OUTPUT OF BY-PRODUCT AND BEEHIVE COKE IN
THE UNITED STATESa (NET TONS).
By-Product
Coke.
Beehive
Coke.
Total
1920 monthly average
1921 monthly average
1922 monthly average
1923 monthly average
2,565,000
1,646,000
2,379,000
3,133,000
1,748,000
462,000
714,000
1,615.000
4,313,000
2,108.000
3,093,000
4,748,000
Aug. 1924
Beet.1924
Oct. 1924
Tiny 1224
2,445,000
2,543,000
2,899,000
2 020 0110
434,000
523,000
631,000
939 000
2,879,000
3,066,000
3,530,000
2 559 Ann
a Excludes screenings and breeze.
The coal consumed in coke ovens during November is estimated at 5,203,000 tons, of which 4,209,000 was charged in
by-product plants and 994,000 in beehive plants.
ESTIMATED MONTHLY CONSUMPTION OF COAL FOR MANUFACTURB
OF COICEs (NET TONS).
Consumed in Consumed in
By-Product
Beehive
Ovens.
Ovens.
1920 monthly average
1921 monthly average
1922 monthly average
1923 monthly average
3,684,000
2,401,000
3,421,000
4,523,000
2,665,000
706.000
1,107,000
2,507,000
Total
Coal
Consumed.
6,349,000
3,107.000
4,528,000
7,030,000
Aug. 1924
3,513,000
685,000
4,198,000
Sept.1924
3,654,000
825,000
4,479,000
Oct. 1924
4,166,000
995,000
5,161,000
Nov. 1924
4,209.000
994.000
5.203.000
a Assuming a yield in merchantable coke of 69.6% of the coal charged in byproduct ovens, and 63.4% in beehive ovens.
Of the by-product coke reported for November 2,445,000
tons, or 83.5% of the total, was produced by plants affiliated
with iron furnaces and 484,000, or 16.5% was produced at
non-furnace plants. The relative proportions of furnace and
merchant coke in each month of the last five years is shown
in the following table.
It will be seen that the percentage contributed by furnace
Snappy weather throughout a large portion of the Middle plants ranges from a minimum of 79.8 to a maximum of 86.0,
West has injected some much needed vim into the steam depending on market conditions. The average during the
coal business of that locality, though domestic demand is 59 months over which the record extends is 82.5%.
somewhat slow when considered in relation to output, PER CENT OF TOTAL MONTHLY OUTPUT OF BY-PRODUCT COKE
THAT WAS PRODUCED BY PLANTS ASSOCIATED WITH IRON
declares the "Coal Age" just issued, and then continues:
P Trade in the Southwest also shows some improvement with a dip in the
FURNACES AND BY OTHER PLANTS 1920-1924.
temperature. Little of outstanding interest marks the trade in other sec1920.
tions, which is of a spotty character, varying from minor gains at Pittsburgh
to sagging tendencies in Kentucky. Indifference seems to be the attitude
Furnace. Other.
In Ohio, Atlantic seaboard and New England markets. On the whole the
industry apparently is suffering from a seasonal lull that seldom fails to
January ___ 79.8 20.2
appear at this time of the year. The real unsettling element, of course, February_. 80.7 19.3
Is the closing of Lake navigation.
81.1 18.9
81.1 18.9
About the only feature of strength in the market is in screenings, which April
May
82.0 18.0
are in somewhat limited supply with consequent firmness in price tendency.
June
82.3 17.7
The dearth is not due to any growth in demand, however, but is merely July
82.5 17.5
the natural corollary of the curtailed call for lump. Monthly Government August_
82.0 18.0
surveys of industrial conditions continue to show increased employment September_ 81.1 18.9
in most sections,.save in New England, where the situation is not changing October_.. 81.3 18.7
November_ 81.1 18.9
Much.
December. 82.5 17.5
Demand for hard coalts marked by extreme caution, orders being fitful
81.4 18.6
and in small lots.lkYardslare well stocked except for stove, the call for which
•
1921.
•
1922.
1923.
1924.
FurFurFurFursaes. Other. nace. Other. nace. Other. nace. Other.
83.1
82.3
81.3
80.3
81.1
82.6
81.2
83.0
83.8
84.0
84.2
84.9
16.9
17.7
18.7
19.7
18.9
17.4
18.8
17.0
16.2
16.0
15.8
15.1
82.4
83.3
83.3
83.7
85.5
85.7
86.0
80.3
82.7
83.3
83.1
82.9
17.6
16.7
16.7
16.3
14.5
14.3
14.0
19.7
17.3
10.7
16.0
17.1
82.8
82.3
82.6
82.6
82.7
83.1
83.3
82.7
82.2
82.2
82.2
82.0
17.2
17.7
17.4
17.4
17.3
16.9
16.7
17.3
17.8
17.8
17.8
17.4
82.8
83.6
83.0
83.0
80.0
80.7
80.6
79.5
82.0
82.9
83.5
82.7
17.3
83.6
16.4
82.6
17.4
___
17.2
16.4
16.1
16.4
20.0
19.3
19.4
20.5
18.0
17.1
16.6
20 1924.]
THE CHRONICLE
Increases Shown in Production Figures for Bituminous
Coal, Anthracite and Coke.
An increase of 972,000 tons of bituminous coal is reported
for the week ended Dec. 6, as compared with the preceding
week, and of 203,000 tons in the output of anthracite during
the same time, while coke production has risen from 158,000
to 173,000 tons, according to the United States Geological
Survey. The following data are quoted from the Survey's
report:
Recovering from the effects of the.Thanksgiving celebration, the production of soft coal reached a total of 10,612,000 tons in the first week of
December, a substantial increase over the record of the holiday week.
In computing the average daily output, widely observed holidays like
Thanksgiving are not included as full-time days, but count only as that part
the reof a normal day indicated by the record of loadings. According to
a little
ports of the railroads, Thanksgiving Day 1924 appeared to count as
less than 20% of a normal Thursday. On this basis, the average daily rate
against 1,769,of output for the week was approximately 1,865,000 tons, as
days.
000 tons in the following week, which included six full working
Ordinarily, the average daily rate of production in a holiday week, when
computed in this manner, shows an increase, owing to the stimulation of
production on the days immediately preceding and following the holiday in
anticipation of, and as a result of, the shutdown.
Estimated United States Production of Bituminous Coal (Net Tons), Including
Coal Coked.
1923
1924
•
Cal. Year
Cal. Year
to Date.c
Week.
to Date.
Week.
10,160.000 495.428,000
10.559,000 413,545,000
Nov. 22
1,795,000
1,693,000
1.497.000
1,760,000
Daily average
8,943.000 504,371.000
9,640,000 423,185.000
Nov. 29-a
1,795.000
1,767,000
1,504,000
1.865,000
Daily average_
9,829,000 514.200,000
10,612.000 433,797,000
Dec. 6-b
1,791.000
1,638,000
1,510,000
1,769,000
Daily average__
a Revised since last report. b Subject to revision. c Minus one day's
production in January to equalize number of days in the two years
ANTHRACITE.
The production of anthracite showed recovery from the effects of the
Thanksgiving holiday, but was somewhat curtailed by local strikes. The
r
principal anthracite carriers reported loading 34,690 cars, and on that basis
it is estimated that the total output in the week ended Dec. 6 was 1,814,000
net tons. Compared with the most recent full-time-week-that ended Nov.
22-this was a decrease of 13,000 tons. Despite the curtailment, the present weekly rate of output compares favorably with that prevailing at the
corresponding date of other recent years.
Estimated United States Production of Anthracite (Net Tons).
1923
1924Year
Year
to Date.
Week.
to Date.
Week.
2,031.000 84,424,000
1.827,000 81.227.000
Nov. 22
1.691.000 86,115.000
1,611,000 82,838.000
Nov. 29
1,837.000 87,952,000
1,814,000 84,652.000
Dec. 6
BEEHIVE COKE.
The production of beehive coke was marked by a substantial gain in the
week ended Dec. 6. The total output is now estimated at 173,000 net tons,
an increase of 15,000 tons, or nearly 10%. The principal increases occurred
In Pennsylvania, Ohio and West Virginia. In the Connellsville region, according to the Connellsville "Courier," the output increased from 103,880
to 119,550 tons. The "Courier" stated further that many of the active
ovens increased their operating time and that 1,008 additional ovens were
fired.
Estimated Production of Beehive Coke (Net Tons).
1923
1924.
Week Ended
to
to
Dec. 6 Nov. 29 Dec. 8
Date.b
Date.
1923.
1924.
1924-a
212.000 6,769,000 13,830'000
Pennsylvania & Ohlo__127,000 115,000
990,000
469.000
8,000 16.000
11,000
West Virginia
872,000 1,028,000
Ala.. Ky.,Tenn.& Ga. 20,000 19,000 17,000
695.000
388,000
8,000 10.000
8,000
Virginia
352,000
244,000
6,000
4.000
Colorado & N.Mexico_ 4,000
254,000
196,000
4,000
4,000
Washington & Utah_ 3,000
,000 158,000 265.000 8.938.000 17.150,000
United States total_ _173
30,000
59.000
29.000 26,000 44.000
Daily average
a Subject to revision. b Less ono day's production in New Year's week
to equalize the number of days covered for the two years.
Cumulative production of beehive coke during 1924 to Dec. 6 stood at
8,938,000 net tons. Figures for similar periods in earlier years are as fellows:
7,174.000 net tons
19,705,000 net tons 1922
1920
17.150.000 net ton
5,276,000 net tons 1928
1921
Current Events and Discussions
The Week With the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Dec. 17, made public by the Federal
Reserve Board, and which deals with the results for the
twelve Federal Reserve banks combined, shows an increase
of $29,600,000 in holdings of discounted bills and of $12,300,000 in Government securities, together with a decline
of $16,000,000 in acceptances purchased in open market.
Total earning assets went up $25,800,000 and Federal Reserve note circulation $17,800,000, while total deposits went
down $3,000,000, cash reserves $44,100,000, and nonreserve cash $1,200,000.
All Federal Reserve banks report larger holdings of discounted bills, with the exception of Atlanta, which shows a
decline of $4,100,000, and Boston and Minneapolis, which
report a total decline of $1,100,000. The principal increases in
discount holdings are as follows: Chicago, $11,900,000;
Cleveland, $8,100,000; Richmond, $7,400,000; New York,
$4,200,000. Holdings of paper secured by United States
Government obligations increased by $31,100,000 to $158,400,000. After noting these facts, the Federal Reserve
Board proceeds as follows:
A decrease of $17,400,000 in holdings of acceptances purchased in open
market is reported by the New York Reserve Bank. The Cleveland
bank shows an increase of $1,900,000 in acceptance holdings and Boston
an increase of $1,100,000, while the remaining banks report relatively
small changes in this item for the week. The system's holdings of Treasury notes declined $19.600,000, while holdings of United States bonds increased $18,200,000 and of Treasury certificates 313,700,000. Holdings of
Treasury certificates on Dec. 17 included a certificate for $40,000,000
Issued by the Government to the Federal Reserve Bank of New York
pending the collection of income tax funds.
The Cleveland bank shows a decline of 33,400,000 in its Federal Reserve
note circulation and the Chicago, Minneapolis and Dallas banks show a
total decline of $900,000. The prnicipal increases shown by the remaining
banks are as follows: New York, $6,900,000; San Francisco, $3,600,000;
Boston, $3,400.000; Philadelphia, $3,100,000; Richmond. $2.900,000.
The statement in full, in comparison with the preceding
week and with the corresponding week last year, will be found
on subsequent pages, namely pages 2857 and 2858. A
summary of the changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
Dec. 17 1924 follows:
2821
Total reserves
Gold reserves
Total earning assets
Bills discounted, total
Secured by U. S. Govt. obligations
Other bills discounted
Bills bought in open market
U. S. Government securities. total
Bonds
Treasury notes
Certificates of indebtedness
Federal Reserve notes in circulation
Total deposits
Members' reserve deposits
Government deposits
Other deposits
Increase (+1 or Dscrease (During
Year.
Week.
-344,100.000 -3114.900.000
-43,400.000 -137,000,000
+39,000.000
+25,800.000
+29.600.000 -466,400,000
+31,100,000 -227.000.000
-1,500.000 -239,400.000
+14,400,000
-16,000,000
+12,300,000 +482,900,000
+46.100,000
+18,200.000
-19.600,000 +287.000,000
+13.700,000 +149,800.000
+17.800.000 -425,000.000
-3,000.000 +373.500,000
+22,400,000 +365.200,000
-2.800.000
-27,400,000
+11.100.000
+2.000,000
The Week with the Member Banks of the Federal
Reserve System.
Increases of $49,000,000 in loans and investments, as
against decreases of $46,000,000 in net demand and Government deposits, and of $55,000,000 in reserve balances, are
shown in the Federal Reserve Board's weekly consolidated
statement of condition on Dec. 10 of 739 member banks in
eading cities. It should be noted that the figures for these
member banks are always a week behind those for the Reserve
banks themselves.
Total loans and discounts went up $57,000,000, the larger
increase of $82,000,000 in loans on corporate securities being
offset in part by decreases of $20,000,000 in loans on United
States Government securities and of $5,000,000 in "All
other" largely commercial loans and discounts. Total investments were reduced by $8,000,000, holdings of United
States Liberty bonds and pre-war bonds showing a decline
of $24,000,000, while United 'States Treasury bonds and
United States Treasury notes were increased by $8,000,000
each.
Loans and discounts of the New York City members were
$30,000,000 more than for the previous week; declines of
$20,000,000 in loans on United States Government securities
and of $14,000,000 in "All other" loans and discounts
partly offsetting an. increase of $64,000,000 in loans on corporate securities. Inevstments of these banks in United
States securities went down $19,000,000, of which $16,000,000 was in Liberty Bonds, and holdings of corporate securities
went down $8,000,000. Further comment regarding the
changes shown by these member banks is as follows:
2822
THE CHRONICLE
Relined Bullion.
Exports. Imports.
Exports.
.01
2.32
2.69
16.44
.07
a r.,
1,407,177
263,102,075
304,418,583
1,862.054,539
8,470,702
727 720 01.1
AM00.0
000.00
000.00.
1:00;070c;
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Total Value.
13 321.740 6.481.416 9.401.406
NeS.
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a Includes United States paper currency in circulation In foreign countries and the
amount held by the Cuban agencies of the Federal Reserve banks
b Does not include gold bullion or foreign coin outside of vaults of the Treasury,
Federal Reserve banks, and Federal Reserve agents.
e These amounts are not Included in the total since the money held In trust against
gold and silver certificates and Treasury notes 01 1890 Is included under gold coin
and bullion and standard silver dollars, respectively.
d The amount of money held in trust against gold and sliver certificates and
Treasury notes 01 1890 should be deducted from this total before combining it with
total money outside of the Treasury to arrive at the stock of money In the United
States.
e This total includes 815,753.750 of notes in process of redemption, $162,879,607
of gold deposited for redemption of Federal Reserve notes, 517,569,278 deposited
for redemption of national bank notes, $6,015 deposited for retirement or additional
circulation (Act of May 30 1908), and 56,624,106 deposited as a reserve against
Postal savings deposits.
.1 Includes money held by the Cuban agencies of the Federal Reserve banks of
Boston and Atlanta.
Note.
-Gold certificates are secured dollar for dollar by gold held in the Treasury
for their redemption; silver certificates are secured dollar for dollar by standard
silver dollars held In the Treasury for their redemption; United States notes are
secured by a gold reserve of 5152,969,025 63 held In the Treasury. This reserve
fund may also be used for the redemption of Treasury notes of 1890, which are also
secured dollar for dollar by standard sliver dollars, held In the Treasury. Federal
Reserve notes are obligations of the United States and a first lien on all the assets
of the Issuing Federal Reserve bank. Federal Reserve notes are secured by the
deposit with Federal Reserve agents of a like amount of gold or of gold and such
discounted or purchased paper as is eligible under the terms of the Federal Reserve
Act. Federal Reserve banks must maintain a gold reserve of at least 40%,including
the gold redemption fund which must be deposited with the United States Treasurer,
against Federal Reserve notes in actual circulation. Federal Reserve bank notes
and national bank notes are secured by United States Government obligations, and
a 5% fund for their redemption Is required to be maintained with the Treasurer of
the United States in gold or lawful money.
Stock of Money in the Country.
The Treasury Department at Washington has issued its
customary monthly statement showing the stock of money in
the country and the amount in circulation after deducting the
moneys held in the United States Treasury and by Federal
Reserve banks and agents. The figures this time are for
Dec. 1. They show that the money in circulation at that
date (including, of course, what is held in bank vaults and
the reserve that the member banks of the Federal Reserve
System keep with the Federal Reserve banks) was $4,993,- Comparative Figures of Condition of Canadian Banks.
In th'J following we compare the condition of tho Canadian
570,452, as against $4,879,693,585 Nov. 1 1924, and $4,923,157,751 Dec. 1 1923, but comparing with $5,628,427,732 on banks as reported for Oct. 311924, in comparison with the
Nov. 1 1920. Just before the outbreak of the European war, figures for Sept. 30 1924 and Oct. 311923:
0
0
00000
Imports. Exports.
Countries$
$
$
$
$
$
10,717.761
France
14,950
6,380
Germany
607,888
3,356 386,456
Netherlands
3,265.772
715
Portugal
2,976
497
Spain
12,553
27,002
999,927
Sweden
3,200
Switzerland
17 4,016,786
5,737 2,000.334
England
7,154 2,806,767
107,620 861,079 162,227
2.843,665 265,034 280,717
Canada
1,772
41,358
Costa Rica
1,225
7.000
Guatemala
2,250
139,351
5,405
Honduras
96,500
55,239 •
Nicaragua
8,242
21,191
70,826
50,598
Panama
337,411 414,595 3,970,579
Mexico
3,932,748
69,793
Bermuda
150
8,600
25
17
Trinidad & Tobago_
570
395
Other Brit.IV. Ind_
134
1,066
92
Dubs
10,000
1,400,000
Argentina
13.230
Brazil
10,755
Mile
238,708
6,875
2,430
131,881
5,810
jolombla
16
5,036
11
Dutch Guiana
107,539
1,074,292
211,400
Peru
100,000
jruguay
161
48,231
111
,enezuela
883,362
4,008,927
2,776,689
British India
125,000
Ileylon
30,000
;traits Settlements_
4,479,653
155 3,126,004
24,125
Mina
24,508
150,404
30,000
369,521
3utch East Indies_
100,866
1,797,100
long None
70,500
2,492
144.399
'10111Thine Islands__
211
187,641
gew Zealand
488
228
British South Africa
9,912
141
'rends Africa
3,923
2,897
'ortuguese Africa
0V C
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4,993,570,452
3.87
8.24
.49
3.44
437,970,967
033.687,709
55,606,263
389,112,895
Per
Capita.
Amount.
In Circulation.
MONEY OUTSIDE OF THE TREASURY.
GOO.G.
1
..
..000
GOOgn
.
000100010
..,, nr.....w
,
.r.
011-: t.: igo .0 C
00104
-c
8,730,408,665 d4,318,308,412
8,836,908,196 d3,969,115,918
8,326,338,267 d2,406,801,772
5,312,109,272 d2,942,998.527
3,738,288,871Id1,843,452,323
1,007.084,483 d212,420,402
Total Value.
Imports.
Silver.
N VIN 0; 4 GS
8,738,408,443 d4,338,113.0411
Gold.
r4.1 c4c;c<
,
.-..-.9ocom
..........,...
00.0.00
4
Total Dec. 1 '24
GOLD AND SILVER IMPORTED INTO AND EXPORTED FROM THE
UNITED STATES, BY COUNTRIES.
...•
-.
00
:17
Total.
Gold and Silver Imported into and Exported from the
United States, by Countries, for November.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washbagton has made public
Its monthly report, showing the imports and exports of gold
and silver for the United States for the month of November
1924. It will be noted that the imports of gold were $19,862,384 and the exports only $6,689,182. The statement
follows:
C
Atnt. Held in
Trust _Against
Gold & Ether
certificate., (dr
,
Treas'y !Volta
*1 1890).
Increase (+) or Decrease (-)
During
Week.
Year.
Loans and discounts, total
+$57,000,000 +$1.055,000,000
Secured by U. S. Government oblig'ns
-20,000,000
-45,000,000
Secured by stocks and bonds
+82.000,000
+836,000,000
All other
-5,000,000
+264,000.000
investments, total
-8,000.000 +1,132,000,000
U. S. bonds
-16,000.000
+434.000.000
U. S. Treasury notes
+8,000,000
-195,000,000
U. S. certificates of indebtedness
+194,000,000
Other bonds, stocks and securities
+699.000.000
Reserve balances with Federal Reeve banks -55,000,000
+245,000,000
Cash in vault
+11.000.000
Net demand deposits
+1,000.000 +1,961.000.000
Time deposits
+767,000,000
Government deposits
-47,000,000
+52,000,000
Total accommodation at Fed'! Reeve banks +7,000,000
-379,000,000
c:
:
:
MONEY HELD IN THE TREASURY.
On a subsequent page-that is, on page 2858
-we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
as compared with a week ago and with last year:
[Vol. 119.
that is, on July 1 1914, the total was only $3,402,015,427.
The following is the statement:
.
0
-,4
o
G.
_$
a ,. ,
.......c
q
.
,-..
.1',s':itll
CIRCULATION STATEMENT OF UNITED STATES MONEY—DECEMB
ER 1 1924.
Net demand deposits of all reporting members show but little change for
the week, increases in the Chicago. Minneapolis,
St. Louis, Dallas, Atlanta,
Richmond and San Francisco districts being nearly offset by decreases in
the other districts, principally New York and Philadelphia. The New
York City banks report a reduction of $14,000,000 in time deposits. Net
withdrawals of Government deposits aggregated $47,000,000, of which
$9,000,000 is shown for the New York City members,
Reserve balances with Federal Reserve banks were reduced by $55,000,000. the New York City banks reporting a reduction of $59,000.000 under
this head. Cash in vault increased by $11,000,000.
Borrowings of all reporting institutions from the Federal Reserve banks
were increased from $103,000.000 to $110,000,000. Like borrowings of
member banks in New York City were reduced from $32,000,000 to $13,000,000.
THE CHRONICLE
DEC. 20 1924.]
ASSETS.
Oct. 31 1924. Sept.30 1924. Oct. 31 1923.
$
44,650,056
14,610,722
8
54,698.784
12,479.134
Current gold and subsidiary coin—
In Canada
Elsewhere
$
45,275,977
14,152,771
Total
Dominion notes—
In Canada
Elsewhere
59,428.754
59,260.782
67.177.921
168,036,307
19,635
143,493.658
19.822
158,717.373
24.944
2823
annual installment of principal. The total payment amounted to 8179.325.
of which $134,325 was for interest and 845,000 for principal. The payment
was made in cash.
Hungary.—The second semi-annual payment of interest, except that part
which is funded, and the first annual installment of principal on the funded
indebtedness. The total payment amoutned to 824.433, of which $14,833
was for interest and $9,600 was for principal. The remainder of the interest
will be funded in accordance with the option debt settlement agreement.
The payment settlement agreement; the payment was made in cash.
Lithuania.—The first semi-annual payment of interest. The total payment amounted to $90,450, which was made in cash.
The obligations of the United States accepted in payment have been
cancelled and retired and the public debt reduced accordingly, the Treasury
stated.
168,055,943 143,513,482 158,742,319
Total
17.231,431
14,833,980
13,221,316
Notes of other banks
26.368,532
25,299,042
24,293,644
United States & other foreign currencies
97,413,422 161,687,783
127,029,099
Checks on other banks
Loans to other banks In Canada,secured
Including bills rediscounted
Deposits made with and balances du
The same paper stated:
5.301,956
3,988,830
4,465,208
from other banks in Canada
The British Government through its fiscal agent yesterday met the
Due from banks and banking correepon
10,384,067
7,621,745
8,025,508
in the United Kingdom
dents
Dec. 15 interest payment on the $4,600,000,000 debt owing to the United
Due from banks and banking correspon
States. J. P. Morgan & Co. transferred 891,000,000 in gold to the Federal
dents elsewhere than in Canada an
45,127,558 Reserve Bank of New York, acting as agent for the United States Govern107,270.745 80,969,611
the United Kingdom
Dominion Government and ProvIncla
ment in the transaction. The $91,000.000 in gold represents 868,000.000
361,106,050 369,839,283 272,901,658
Government securities
in interest and 823,000,000 in amortization charges.
Canadian municipal securities, and Brit
lab foreign and colonial public securl
137,340,990 140,171,231 117,993,680
ties other than Canadian
55,409,495 43,421,548
55,890,765
Subscriptions to French Internal Loan.
Railway & other bonds, debens.& stock
Call and short (not exceeding 30 days
on stocks, debentures
According to Associated Press accountsfrom Paris Dec. 15,
loans In Canada
bonds and other securities of a suffi
that subscriptions
113.185,752 105,564,807 116,220,141 Finance Minister Clementel announced
dent marketable value to cover
Call and short (not exceeding 30 days
to the recent internal loan had reached a total of nearly
loans elsewhere than in Canada o i
stocks, debentures, bonds and othe
5,000,000,000 francs. The exact amount was 4,936,000,000
securities of a sufficient marketabl .)
155,468,182 148,925,920 183.623,849 , francs. It was added that the returns from the country,
value to cover
Other current loans and discls in Canad i 981.111.418 956,744,582 1.066,859,326 which have yet been received, may increase this total.
Other current loans and discounts elsewhere than in Canada after making fu I
provision for bad and doubtful debts. 188,473,939 185,160,963 174,263,189
Loans to the Government of Canada_
McGarrah Returns from Europe—Says
19,797,114 Gates W.
8,564,443
13,626,556
Loans to provincial governments
Germany is Making Good Progress.
Loans to cities, towns, municipalities an 1
77,580.782
67,390,153
63,775.211
school districts
Gates W. McGarrah, Chairman of the Board of the
Overdue debts
15.811,200
11.342,458
11,433,919
Non-current loans est. loss provided for _
6,770,062 Mechanics & Metals National Bank of New York, returned
8,083,877
8.109,105
.
Real estate other than bank premises_
3,811,927
3,555,324
3,664,387
Mortgages on real estate sold by the ba lc
to his desk on the 17th inst., after an absence of two months
Bank premises at not more than cost less
69,448,181 in Berlin. Mr. McGarragh said:
72,456,367
72,523,723
amounts (if any) written off
Liabilities of customers under letters f
General business in Germany is making good progress and the outlook
46,208,646
59,012,655
61.243,530
credit as per contra
is encouraging. It will be well to remember there are several difficult
Deposit with the Minister of Finance f r
6.130.425 situations to overcome; one being to reduce the cost of production. On
6,239,410
6,253,581
_
the security of note circulation
63.202.533 48,752,533 64,102,533 the other hand, we must not underrate the energy and resourcefulness of
*Deposit in the central gold reserves_ _ _
9,967,836
6,670,556
6.749,618
Shares of and loans to controlled corn p'l a
the German people or their manifest willingness to carry out the program
Other assets not incl. under the foregol H
4,335.560 they have accepted
3,793,467
3,900,747
_
heads
As trade expands foreign credits and loans will be required, but udnue
_ 2,808.850,356 2,6 0,578,550 2,791,269,363
Total assets
haste to grant them is unwise. Furthermore, as I see it, German industry
-time
and business will not be helped by accepting large amounts of short
LIABILITIES.
172,860,810 163,413,279 185,495,429 direct accommodations from institutions in the United States which are
Notes in circulation
Balance due to Dominion Governme S
not fully informed on all the requirements, and which compete quite
after deducting advances for credit 3,
50,047,036 162,319,017 unnecessarily with German banks.
116,100,909
pay lists, &c
26,350,000
19,400,000
24,200,000
There are, no doubt. important economic problems in Europe awaiting
_
Advances under the Finance Act
46,647,047 the
39,870,537
36,104,866
settlement of the inter-Governmental debts. The bearing of all
Balances due to provincial government 1.
Deposits by the public, payable on d zpeace and prosperity, but on our
518.771,927 497,365,631 549,706,081 these problems not only on Europe's
mand in Canada
own foreign trade relations makes the terms of the settlements of secondary
Deposits by the Public, payable after n ).1,141,136,278
tire or on a fixed day In Canada--- _ 1,189,086,750 1,177,428.453 298,899,929 importance.
355,744,961
Deposits elsewhere than in Canada... _ 359,698,817 .
Mr. McGarragh went abroad on Oct. 18 (as we indicated
Loans from other banks in Canada, 5cured, incl. bills rediscounted
in these items Oct. 18, p. 1799) following his appointDeposits made by and balances due ,o
16,316,403 ment as American member of the General Board of the
10,448,981
15,149,193
other banks in Canada
Duo to banks and banking eorrespo 15,328,478 German Bank of Issue. Reference to his appointment was
5,809,093
8,725,234
dents in the United Kingdom
Due to banks and banking correspo 1made by us Sept.6,p. 1124.
dents elsewhere than in Canada a id
36,929,443
30,155,982 35,599,965
the United Kingdom
6.385,598
9,394,456
8,887.309
Bills payable
46,208,646 Six Months of the German Budget on a Gold Basis—
61,243,530 59,012,655
Letters of credit outstanding
Acceptances under letters of credit_ _
Surplus of 149,326,160. Gold Marks at End of the
1,748,460
1,455,913
1,393,114
Liabilities not incl. under foregoing hea Is
1.907.836
823,976
1,863,411
Dividends declared and unpaid
First Six Months Ended Sept. 30.
122,875,000 122,875.000 123,625,000
Rest or reserve fund
._ 121,909,560 121,909,560 123,408,610
Capital paid up
covering the German fiscal year be2,788 831,472 2,670,599.582 2,772,412,325
Total liabilities
170,175,000 170,175,000 182,175.000
Capital authorized
122,072,300 122.072,300 123,572,300
Capital subscribed
Aggregate amount of loans to director5,
and firms of which they are partnerI
17,771,394
12,355,073
11,756,174
and loans for which they are guarantore
Average amount of current gold and su b64,912,616
59,406,184 62,444,044
sidiary coin held during the month
Average amount of Dominion notes he
139,713,767 132,638,222 158,608,857
during the month
Greatest amount of notes of the bank in
time during mont 1_ 177.617.342 169.403.512 196.613.124
circulation at any
• Of this deposit $9,502,533 is in gold coin, the balance is in Dominion notes.
Note.—Owing to the omission of the cents in the of 'dal reports, the footings in
the above do not exactly agree with the total given.
ia
Great Britain and Other Foreign Nations Pay United
States $91,949,000 on War Indebtedness.
Payments of 891,949,000 on account of funded war indebtedness to the United States were turned over to the
United States Treasury on Dec. 15 on behalf of the Governments of Great Britain, Poland, Hungary and Lithuania.
In its account of these payments the New York "Journal of
Commerce" had the following to say in avdices from its
Washington burea.:
The British installment was paid in the form of Treasury certificates of
indebtedness. The various payments were as follows:
of interest and the second
Great Britain—The fourth semi-annual payment
funded indebtedness of Great Britain.
annual installment of principal on the
of which 868,655,000 was for
The total payment amounted to 891,655,000.
and as authorized by the terms of
interest and $23,000,000 for principal, of the
United States, which were
obligations
the settlement was made in
with a cash adjustment.
accepted at par and accrued interest,
,
/
of 43. % Treasury cerThe obligations were $2,770,000, face amount,
$6,730,000, face amount, of
tificates of indebtedness, Series TD, 1924;
Series TD2, 1924;$81,450,000,
% Treasury certificates of indebtedness,
indebtedness, Series TS.
face amount, of 231(% Treasury certificates of
1925. the accrued interest being 8563,062 and the cash adjustment $141.937.
of interest and the second
Finland.—The fourth semi-annual payment
The current budget,
ginning April 1 is the first since the introduction of the
rentenmark; accordingly, the completion of the first half of
that fiscal year on Sept. 30 presents the first opportunity for
accurate forecasting of government expenditures and revenues, says Trade Commissioner Douglas Miller, Berlin, in a
report to the Department of Commerce. In announcing this
under date of Dec. 15 the Department says:
More than ordinary interest is attached to the figures of government
finance during this time, not only because they represent Germany's ability
to get back to normal production on a gold basis, but for the light they may
shed on the possibility of carrying out the provisions of the Dawes plan.
According to the official figures, total revenues amount to 3,494,975,372
gold marks. Ordinary expenditures amount to 2,913,970,470 gold marks.
repurchase of outstanding government securities, to 230,844,179 gold marks:
total
and payments on reparations account, 200,834,563 gold marks; or
expenditures of 3,345.649.212 gold marks. The net surplus (over and above
repurchase of old obligations and reparation payments) is thus 149.326,160
gold marks.
.
Surplus Available for..Reparations.
expenIn estimating the future surplus of ordinary revenues over ordinary
for reparations payments, can be
ditures, which may be made available
outstanding
added to the present surplus the sums spent in buying back
of
currency, together with the amounts paid into the reparations account
six months,
the Reichsbank. These items total 581.000,000 gold marks for
which is substantially equal to
or a rate of 1,162,000,000 per annum,
1,200,000,000 gold marks, the estimated reparations payments for the
has
first year under the Dawes plan. The amount paid on reparations
already been substantially increased by a subsequent payment of 38,480.053
making total reparations paygold marks in the opening days of October,
ments this year amount to 239,314.616 gold marks.
Ter Receipts 26% Above Estimates,
Receipts from taxes in the first six months of this fiscal year, amounted to
3,29E093.213 gold marks, or 26% more than the half-year portion of the
year.
budget estimate of 5,243,747,035 gold marks for the entire
by the relative importance of
An analysis of receipts from various taxes,
shows that income tax equals
these various sources of Government revenue
and excise (including the
39% of all receipts; turnover tax, 28%; customs
vinegar, sugar, salt, matches
taxes on tobacco, wine, beer and spirits,
•
2824
THE CHRONICLE
[Vox. 119.
playing cards, etc., 19%, of which amount customs alone equal 4%; property tax, 5%;transportation tax, 5%;corporation tax,4%;capital-transfer
tax, 2%; motor-vehicle tax, 1%; foreign-exchange tax, 1%; non-recurring
taxes, 1%;betting and lottery tax, 1%;other taxes,3%.
•
passed the pre-war level. For the first nine months of 1924, finished steel
production was 27% in excess of the production in the similar period of
1913, while coal production was 2% larger and that of coke 21% larger.
The rich Campine coal deposits, where commercial production has commenced, are providing excellent coking coal, which Belgium has heretofore
Per Capita Tax Rate.
Since total tax receipts for six months equal 3,299 million gold marks, imported. With their full development it is expected that the country will
be more than self-sufficient in its coal resources.
rough estimates of the yield for the year can be placed at 6,600 millions.
It is interesting to note that for two years Belgium has had practically no
These taxes have been collected almost entirely from the inhabitants of
unemployed. While in 1921 there were in Belgium 210,000 unemployed,
unoccupied Germany, and at that rate represent a per capita State tax of that
is approximately one third of the laborers affiliated to the unemploy139 gold marks per annum for unoccpuied Germany alone. If the populament organizations, one can say that for two years the whole nation has
tion of the occupied territory is included, the per capital Federal tax works
been working. . . .
out at about 105 gold marks per annum. Local and provincial per capita
The budget for 1925 submitted to Parliament can, in all points, be comtaxes are estimated in the semi-official "Industrie und Handelszeitung" as
pared to our pre-war budgets. The budget of ordinary expenditures includes
70 gold marks per annum. The total per capita tax is thus 209 gold marks not
only all the permanent expenditure of the Government, ordinary and
per annum for unoccupied Germany alone, and 175 if the entire territory is
exceptional (inclusive of these for public debt) but also all the charges of all
considered.
the lbans contracted for reparation of war damages and for war pensions.
The German authorities estimate per capita income before the war at The
budget of ordinary revenues includes exclusively the resources from
640 gold marks and the present income at about 400 marks. According to taxes and
permanent receipts of the Government (exclusive of all proceeds
these figures, taxes of all kinds absorb around half of the national income, from
loans). The ordinary revenues including a sum of francs 120,000.000
whether the occupied territory is included or omitted. Considerable doubt new
taxes now submitted for the approval of Parliament will amount in
must be cast upon these estimates of local taxation, as probably too high. 1925 to francs
4,268,000,000. The expenditures including a sum of francs
However, Federal taxes alone, as shown by the published figures, amount 210,000,000 for
increase of salaries and pensions. will amount to francs
to at least one-quarter of the per capita income.
4,246,500,000, leaving an excess of revenues over expenditures of francs
It is significant of Germany's return to stability that the tax receipts for 21,500,000. It has
been possible to obtain such result only through a conthe last six months considerably exceed those for the entire preceding fiscal stant increase
of revenues from taxation. The revenues from taxation which
year, which included the acute inflation period and about four months of in
1913 amounted to francs 351.000,000 were for 1921, according to the
the rentenmark. Previous figures for the fiscal year ended March 311924. budget
of that year, francs 1.460,000,000, and the estimates for 1925 for
show tax receipts of 1,879.429,366 gold marks, or about 28%% of the such
revenues amount to francs 3,540,000,000. Even allowing for the
receipts that can now be expected for this year.
reduced purchasing power of the franc the taxes in 1925 will be 244% of the
taxes of 1913. both computed on a gold basis.
The extraordinary budget of 1925, conceived on the same lines as pre-war,
Offering of $50,000,000 Belgium Government Bonds—
includes exclusively capital expenditures, that is to say, expenditures desBooks Closed—Bonds Oversubscribed.
tined to develop, improve and modernize public works of the nation. It
As in the case of the Greek Government bonds offered Is to be noted that all loans contracted for the above purpose provide for a
here on Dec. 17, subscription books for the $50,000,000 regular amortization which now aggregates about Fes. 200.000.000 per year.
It is due
that the Belgian Government owns
Kingdom of Belgium external loan 30-year sinking fund to-day itsto the above financial policy greatest mileage per square mile in
railway system (having the
6% gold bonds offered on Thursday, Dec. 18, were closed the world), and all telephone and telegraphic services in Belgium. the agimmediately after their opening at 10 a. m.; the Belgian gregate value of which amounts to more than $800,000,000. It is also due
to that policy that the Belgian Government has been able to equip and debonds, it is stated, were oversubscribed four or five times. velop the Belgian ports, especially that of Antwerp. which is to-day the most
These bonds were offered by a syndicate headed by J. P. Important on the European continent.
On Dec. 31
Morgan & Co. and the Guaranty Company of New York war damages 1924 the Belgian Government will have spent on reparation of
more than Fcs. 20,000,000,000, of which Fcs. 13.000,000,000
at 873/2% and accrued interest, to yield 7% to maturity. have been applied to the reconstruction of public and private property.
The expenditures which are still to be made to complete the reconstruction
In its issue of yesterday (Dec. 19) the New York "Times"
are estimated at Fes. 1,500,000,000, of which it is expected to spend
said:
Fes. 870,000.000 in 1925. The latter amount will be covered by the repaAllotments on the Belgian loan were scaled down to 10 to 20% of the ration payments
which Belgium will obtain in 1925 by right of her priority.
amounts asked, according to dealers' reports, and the Greek allotments It can,
therefore, be expected that beginning 1927 all receipts for reparations
were sliced down to 5% of the amounts asked. In the Stock Exchange to be received
from the operation of the Dawes plan will be destined for the
market, where the overflow of these orders is best reflected, the price of amortization
of the public debt. . . .
the new Belgian bonds was carried up to 88%. or three quarters of one
As to revenues and expenditures of the railways they no longer figure in
point above the offer price. The closing transactions was 874, a net the
Government budgets. On Jan. 1 1925 the railways will become entirely
gain of only one-eighth point, which was attributed to measures taken by
autonomous and their accounting as well as their operation must in the
the bankers to prevent too rapid an increase. Sales on the Exchange future be
based on purely industrial lines. But while the estimates for
totaled $240.000.
the railways have not yet been submitted to Parliament, it is from now on
The price on the new Greek bonds, which were underwritten by Speyer certain
that the revenues from operations will not only cover their ordinary
& Co., moved up to 893., and the last transaction was at 89%. The gross
expenditures but also all charges for loans contracted on their behalf. The
gain was 1% points and the net gain 1% points. In this case, too, bankers
capital expenditures for Government monopolies will as before the war be
reported, efforts were made to prevent overbidding. Sales on the Excovered by loans for which regular amortization funds will be provided.
change in the Greek issue totaled $522,000.
The financial policy during the last years has enabled the Government
The $50,000,000 Belgian bonds offered this week will be to curtail its public borrowing. Below is a comparison of the total amount
of the public debt before the war and during the years following the armistice
dated Jan. 1 1925 and will become due Jan. 1 1955. Re(the external debt being calculated at the rates of exchange of Sept. 30 1924):
garding their redemption the official statement says:
Annual Increases
In the loan contract, pursuant to which these bonds are to be issued, the
in Public Debt
Kingdom of Belgium covenants to pay as a sinking fund $1,667,000 per
Years Ended
annum, payable in equal monthly installments beginning Feb. 1 1925.
Public Debt.
Sept. 30.
such amount being sufficient to retire annually one-thirtieth of the entire
Aug. 4 1914
Frs. 5,866,000,000
issue at 100%. Such sinking fund payments are to be applied to the pur- Sept.
30 1919
25,470,000,000
chase of bonds, if obtainable at or below 100% and accrued interest, or if Sept.
30 1920
31,000.000.000
Frs.5,500,000,000
not so obtainable, to the redemption of bonds, called by lot, at 100% and
Sept. 30 1921
37.026,000,000
6,000,000.000
accrued interest, such interset in either case to be paid otherwise than out
Sept. 30 1922
39,501.000,000
2,500,000,000
of the sinking fund. The bonds are to be redeemable at said price for the Sept.
30 1923
40,485,000,000
1,000,000.000
sinking fund on Jan. 1 1926 or on Jan. 1 of any year thereafter.
Sept. 30 1924
40.684,000,000
200,000.000
The bonds will be in coupon form, in denominations of
Above figures include the entire debt of the Belgian Government direct
$1,000, $500 and $100, and will not be interchanegable. and indirect, including that of the railway and Government monopolies
that contracted by companies or co-operatives for the reparation of
Principal and interest (Jan. 1 and July 1) will be payable and damage
war
under the
in United States gold coin of the present standard of weight annual increases of theguarantee of the State. It will be noted that the
public debt have shown a marked diminution in
and fineness in New York City at the offices either of J. P. the last years. The course of the public debt shows clearly the progress
Morgan & Co. or of Guaranty Trust Co. of New York, made in the financial reconstruction of Belgium.
The debt of Belgium on Sept. 30 1924 consisted of internal loans of
without deduction for any Belgian taxes, present or future. 32,035,000,000 francs and externals loans amounting, at exchange rates
J. P. Morgan & Co. and Guaranty Trust Co. of New York as of that date, to approximately $447.342,000 (not including $171,800,000
advanced by
United States Government prior to the armistice). The
are fiscal agents. M. Georges Theunis, Premier and external debt thethe hands of the
in
public, after giving effect to the present
Finance Minister of the Kingdom of Belgium, in a letter loan issue, will be $209,081,000. calling for interest and sinking fund payments of $21.080,000 per annum.
dated Dec. 16 1924, addressed to J. P. Morgan & Co., has
The amounts due on allotments of the bonds will be payable
the following to say in part regarding the purpose of the
at the office of J. P. Morgan & Co. in New York funds to
loan, &c.:
In connection with your purchase of $50,000,000 Kingdom of Belgium their order, and the date of payment (on or about Jan. 5
external loan 30
-year sinking fund 6% gold bonds, I beg to advise you that 1925) will be
stated in the notices of allotment. Interim
the bonds are to be direct external obligations of the Kingdom of Belgium.
They are to be issued under a loan contract in which the Kingdom of Bel- receipts will be delivered pending the preparation and delivery
gium will covenant that if in the future it shall issue by public subscription of the definitive bonds.
any loan having a lien on any specific revenue or asset, these bonds shall
Those associated with J. P. Morgan & Co. and the
be secured equally and ratably with any such loan. The proceeds of the
bonds will be applied to the consolidation of part of the existing floating Guaranty Co. of New York in the offering are: First
debt and to cover expenditures for income producing properties. In con- National Bank, New York; The National City Co., New
nection with such use the National Bank of Belgium will take over at least
York; Bankers Trust Co., New York; National Bank of
one-half of such dollar proceeds to be used by it, if necessary, as a reserve
for the protection and stabilization of the exchange value of th Belgian Commerce in New York; the Mechanics & Metals National
franc. I also beg to give you the following information with reference Bank, New
York; the Equitable Trust Co., New York;
to the economic and financial situation of Belgium and the steps taken
the New York Trust Co.; Harris, Forbes & Co.; Lee, Higto secure budget equilibrium.
Economically. Belgium has recovered from the war. Agricultural pro- ginson & Co.; Kidder, Peabody & Co.; Dillon, Read & Co.;
duction is approximately as large as in the years immediately preceding Halsey,
Stuart & Co., Inc.; First Trust & Savings Bank,
1914. The production of coal, coke, sugar beets and other raw materials
equals or exceeds that of the pre-war years. The output of the metallurgical, Chicago; Illinois Merchants Trust Co., Chicago; Continental
textile and glass industries, Belgium's chief industries, has attained or sur- & Commercial Trust & Savings Bank, Chicago;
Central
DEC. 20 1924.]
THE CHRONICLE
2825
purpose of this loan is to provide funds for establishing
Union Trust Co., "Purpose.—Tbeindustry Greeks who lived in Turkey and who, in accoron the land or in
Trust Co. of Illinois, Chicago, and the
y. ar transferred to
dance with the Treaty of Peace with that countr
For this
Pittsburgh.
York Greece. The number so transferred is approximately 1,500,000.the Greek
, the New
has been established by
Regarding the bringing out of the bonds
work a Refugee Settlement CommissionCouncil of the League of Nations.
say:
the
the approv
"Times" of Dec. 18 had the following to h loan, the firm of J. P. Government withsupervision al of the operations of the Commission. It
over
the recent Frenc
In this rssue, as in the case ofrecord. The agreement between financial which will have
an American
rs appointed by the League, one of themby the Greek
Morgan & Co. set up a new time
g concern consists of two membe
rs appointed
Kingdom of Belgium and the American bankin k, New citizen, ho is to be Chairman, and two membe Hon. Henry Morgenthan
authorities of the
of the League.
al points shortly after 1 o'cloc
with
was reached in respect to all essentidescription of the issue, its maturity, GovernmentChairthe approval
man and has been succeeded by Hon. Charles P. Howland
the
York time. Three hours later price were flashed over the wires to Morgan was the first
the
sinking fund 'provisions and country, and by 5 o'clock last evening full ar- of New York. ds of the loan, after repayment of advances amounting to
"The procee
connection throughout the to-day's offering.
the National Bank of
$16,450,000 from the Bank of England and
had been made for
g
of the
rangement(
interval required for gettinh about for the work of the Commission, will be placed at the disposalfree of
24-hour
This celerity compares with a the offering of the $100,000,000 Franc Greece
Government has undertaken to transfer to it.
the machinery into operation for n issue the amount was not so large and Commission, and the000 acres of land suitable for cultivation, houses and
Belgia
loan, but In the case of the ate was not so pressing as in the French issue charge. about 1.250, value of which is estimated at more than $48,000.000.
urban real estate, the
the need for a large syndic 00,000 German loan.
to grant the lands to settlers on terms involving reand its predecessor, the $110,0 bankers the officials of the Belgian Govern- The Commission plans installments with interest over a period of not more
In dealing with the Americanwhich were distinctly favorable, according to payment in semi-annualto make advances from the funds at its disposal for
and
ment were able to obtain terms
6%. than fifteen years,
The coupo rate on the new loan isprice productive purposes on similar terms."
associates of J. P. Morgan & Co. French and n
German loans, and the
Security.
which compares with 7% on thewill yield the investors a flat 7%, against
Government and will
is such that the Belgian bondsloan and 7.75% in the case of the German
The loan will be the direct obligation of the Greek
yields of 7.53% for the French
nment was
by:
basis, it was assumed that the Belgian Gover lf of 1% be secured charge on revenues to be collected under the control
loan. On this
g from one-ha
first
receiving its new money at an interest charge rangin the interest charges (1) Athe International Financial Commission, the yield of which
of
1% per annum under
ts for the
basis
per annum to three-quarters ofn Governments.
for the year 1925 is estimated (on theaboutof receip
$12.245.000
borne by the French and Germa
fact that the
nine months ended Sept. 30 1924) at
s were said to account for this. One was the and, through
monopolies
Several factor
,
The revenues so pledged are the receipts from paper), totte
loan is only half the size of either of its predecessors issues, greater
and cigare
Belgian
nment
(1. e., salt, matches, playing cardsterritories of Greece, from
theremarkable success of the two earlier foreign gover bonds has been inbacco and stamp duties in the new
Government
and
confidence in their ability to sell foreign t market was said also to be fa, Candla, Samos, Chios, Mytilene (the
the customs at Canea
whole of Greece
stilled in American bankers. The presen
Syrac, and from the alcohol duty in the to a contingent prior
foreign loans.
vorable for
last named revenue is subject, however,
charge of about $400,000.)
0 Greek Govern- (2) A charge upon the surplus of revenues heretofore assigned
Offering in United States of $11,000,00
requirements
to the International Financial Commission over es have been
ment Bonds.
such revenu
for the service of the loans for which1925 is estimated (on the
7% secured
-year
pledged. This surplus for the year
Subscription lists for $11,000,000 40
about 13.731.000
Government were
basis of receipts for the first nine months of 1924) at
sinking fund gold bonds of the Greek
$25,976,000
10 a. m. Wednesday
opened at the office of Speyer & Co. at
Total about
, it is
about six times
pledged for this loan should equal ting (at par of
and were immediately closed, the issue
The above revenues
morning Dec. 17
-subscribed. The the annual interest and sinking fund requirements amoun
announced, having been many times over
c offering was exchange for sterling) to about $4,475,000. e of the Refugee Settlement
publi
large advance subscriptions before the
charge on the property and incom
(3)
of the books. It is CommiA first It is estimated that the value of the property and assets
ssion.
made had indicated the early closing
applied as
than $200,000,000 were of the Commission after the proceeds of this loan have been period for
a
reported that subscriptions of more
the planned will be approximately $94,000,000, and that, takingsold, moneys
ning on Dec. 15
ments for lands
received. Speyer & Co., in annou
repayment of 15 years, the receipts from repay Installment basis, amount
advanced and rents, should, on an equal annual , or more than the annual
ase of the bonds by them said:
purch
ted arrangements for the
per annum
Speyer & Co. confirm that they have comple the Greek Government after 1928 to not less than $4,700,000 loan. Approtimately four-fifths of
of
of the
Ameri
purchase of $11,000,000, theed that can part will be offered for public requirements for the servicewill be repayment.;10 capital, 75% of which,
these bonds
this amount, it Is estimated,
for
Loan of 1924, and it is expect
to be applied as p4.111aditional sinking fund
,000,
subscription in this country on Wednesday. by a group of Greek banks or over $2,800bonds arethis loan.
taken
of
,000 of this loan have been
d redemption of
was formed
£2,500
offere
of Greece, and £7,500,000 wereLtd., at
The International Financial Commission referred to above es assigned
headed by the National Bank sibscr
by Hambros Bank,
of, and to adminisper the revenu
last week in London for public ribed,iption, bonds are now selling In In 1898 to control the collection nment loans. The members of the Comand the
to the service of Greek Gover
largely over-subsc
88 and very
Governments of Great Britain. Prance
6%. Indications are that the loan will
London at a premium of aboutcountry, as applications for participation mission are representatives of the cably the order of the Greek Governhas
prove an equal success in this already largely in excess of the amount and Italy. Itfrom accepted irrevo d for this loan the amounts required
the revenues pledge
ment to retain
in the American syndicate are
payment of interest and sinking fund. y has passed through two Balkan
available.
the for
in London and
Since 1898. during which time the countrhas consistently maintained payReference to the flotation of the bonds
columns last week, wars and the great European war. Greece
proposed offering here appeared in these
due under the obligations fo her external debt.
Loan of 1924, ments
s on the New
page 2708. The bonds, part of the Refugee
Application will be made to list the bond
of Nations, were
authorized by the Council of the League
Exchange. It is pointed out that the loan
ed interest, to York Stock
under the auspices
offered by Speyer & Co. at 88% and accru
is the third reconstruction loan arranged
loans to
nts due on allotments will be payable
yield 8%. The amou
League of Nations, the other two being
funds on or about of the
at the office of Speyer & Co. in New York
Speyer & Co. announce the receipt
ia.
receipts exchangeable Hungary and Austr
r, Director
Jan. 6 1925 against delivery of interim
following cablegram from Sir Arthur Salte
. The bonds will be dated of the
for definitive bonds when ready
and Financial Section of the League of
11964. They are of the Economic
Nov. 1 1924 and will become due Nov.
Nations, from Geneva:
scheme on which Freak
ption before May 1 1936 except by sinknot subject to redem
Having been associated from beginning with
Greece,
par. The Government Refugee Loan is being raised and having recently returned fromsed both
ing fund operating by drawings at
- where I have studied situation on the spot, I am deeply Impres ve value
est date there
reserves the right on that date or on any inter
loan and with great reconstructi
par the whole with strength of securities of
after to increase the sinking fund or to pay off at
of work.
(Signed) SALTER.
e. The bonds
loan on giving three months' previous notic
in denominations of $1,000 and $500.
will be in coupon form
principal and Allotments of Greek Government Loan in London—
Interest will be payable May 1 and Nov. 1 and
4
Bonds at 73 Premium.
will be payable in New York at the office of Speyer
interest
present standard of
London Dec: 15 is
& Co. in United States gold coin of the
The following special cablegram from
,
t and fineness, without deduction for any Greek taxes taken from the New York "Journal of Commerce":
weigh
states:
the new Greek loan. The
present or future. The official announcement ized amount
Extensive dealings began at once to-day in
ally reached 7%
These bonds are part of an international loan (total author balance of market opened at 63 premium and the price eventu for any amount
8,000), the
Applicants
£12,300,000, equal at par of exchange to about $59.85 sold through public premium, though closing at 5% premium.for £3,000 received £100 and
have been
nothing. Those
which, namely £7,500,000 sterling bonds,Limited,
,000 sterling less than £2,000 receiveded £400. The average allotment was 4%% of
subscription in London by Ilambros Bank National and £2.500
£10,00
Bank of Greece. This those for ation. 0 receiv
d in Athens by the
bonds are being offere
protocols dated Sept. 29 1923 and the applic
the
Dec. 14, stated:
loan is issued pursuant to ActsGenevaGreek Parliament dated June 7 and
The same paper, in advices from London
of the
1924, ratified by
involving an aggregate
Sept. 19
l of the League of Nations,
of the
More than 100,000 separate applications were filed,
75,000 will receive con24 1924, and the resolutions1924. Counci
Oct.
of £170,000,000, and of these it is understood ed Immediately.
dated Sept. 29 1923 and Sept. 19
sideration. The remainder had their checks return
says:
prosp
to the sinking fund, the g fund ectus per annum, sufficient
As
of 3 %
,
e sinkin
17Sinking Fund.—Cumulativor before maturity. Additional sinking fund,
to redeem the entire loan at ments referred to below, estimated to amount, Henry Morgenthau on Significance of Greek Loan—
l repay
eequal to 75% of capita
per annum,of which amount about $500.000
Loan to be Administered by Refugees Settl
after 1928, to about $2,800,000 can issue. Sinking fund to be applied to
ment Commission.
applicable to the Ameri nnual drawings at par.
would be
redemption of bonds through semi-a
Henry Morgenthau, formerly Ambassador to Turkey and
purpose, &c., of the loan is also
The following as to the
later the first Chairman of the Greek Settlement Comcircular:
taken from the offering manos, Envoy Extraordinary and Minister mission, authorized on Dec. 13 the following statement with
Cacla
Monsieur Demetrius
Britain, has authorized the following regard to the Greek loan, the entire amount of which is to
Plenipotentiary of Greece in Great
:
ent in behalf of the Greek Government
statem
2826
THE CHRONICLE
[von. 119.
be administered by the Refugees Settlement Commiss
ion Offering of Potomac
Joint Stock Land Bank Bonds.
with its American Chairman:
At 102% and interest to yield 4.70% to
As the first Chairman of the Greek Refugees' Settlemen
t Commission,
the optional date
and in view of the fact that an American, Charles
P. Howland, will sail and 5% thereafter, Brooke, Stokes &
Co. of Philadelphia,
shortly to become the permanent Chairman of this Commissi
on, I have Washington and
been asked to state the significance of the Greek
Baltimore, offered on Dec. 18 a n'ew $500,loan, part of which will
probably. be offered to public subscription in this country
in a few days. 000 issue of 5% farm loan bonds of the Potomac Joint Stock
The situation is made the more interesting in view of
the advices I have Land Bank. The bonds are dated Dec.
1 1924, will become
received that when £7,500,000 of this loan were offered in London
a few due Dec. 1 1954
days ago, there were 100,000 individual applicant
and are not callable before Dec. 1 1934. In
s for that portion of
the loan, the total subscriptions amounting, so am
I
told, to £170,000.000, coupon form in denominations of $1,000 and $500, the bonds
or over $700.000,000.
will be interchangeable for fully registered Lends.
The situation which brings about this unique loan is quote
Interest
unprece- will
be payable Dec. 1 and June 1 at the Riggs
dented. In the second half of 1922, during the retreat of
the Greek army
National
and the capture of the whole of Asia Minor by the Turks,
Bank, Washington, D. C. The Potomac Joint
hundreds of
Stock Land
thousands of Greek inhabitants of those regions fled back to
their native Band was chartered in
May 1923 to operate in the States of
country. The total number of refugees amounted to about
1.000,000.
At the beginning their situation was appalling. It was
Virginia and Maryland. On Nov. 30 1924 the bank
alleviated through
reported
the remarkable work of American and English charitable
societies which farm loan bonds outstanding of $2,372,000,
capital of $250,fed many hundred thousand refugees for several months
and saved a 000, surplus of
$22,672, and total assets of $2,791,887. George
great many lives. Among these must be mentioned notably the American
Red Cross and the Near East Relief. The refugees on the
A. Harris, former Director and Treasurer of
islands of
the Federal
Greece were chiefly fed by Dr. Fridtjof Nansen, the famous Norwegia
Land Bank of Baltimore, is President of the Potoma
n.
It was clear from the beginning that this philanthropic support
c Joint
could Stock Land Bank.
Only be a temporary remedy. The definite settlement of these Greek
refugees in productive work was evidently the task of the Greek Government. The financial condition of the Greek Government was
such, Offering of $400,000 Southeast Missouri Joint
Stock
however, that the situation could only be met by a foreign loan and that
Bank
Land Bonds.
could only be raised with the moral support and technical
help of the
League of Nations.
The bond department of the Liberty Central
Trust Co. of
The League of Nations, as in the cases of Austria and Hungary,
had St. Louis is placing on the
the matter carefully investigated, as a result of which a plan for
market $400,000 5% farm loan
a selfliquidating loan was prepared, which later met the apptoval of the Council bonds of the Southeast Missouri Joint Stock
Land Bank of
of the League of Nations, and which has received the endorsem
ent of the Cape Girardeau, Mo. Dated Oct. 1 1923 and
due Oct. 1 1953,
Bank of England and other financiers who have carefully gone into
the the bonds (issued under
the Federal Farm Loan Act) will
subject.
The entire loan is to be administered by the Refugees' Settlement Com- be redeemable at 100 and accrued
interest on Oct. 1 1933 or
mission with its American Chairman. The Greek Government transfers on any interest date
thereafter. The bonds, coupon and fully
directly to the Commission about 1.250.000 acres of land suitable
for registered and
interchangeable, are in denominations of
cultivation and development. The value of the land is estimated to be
more than £10,000.000. The Greek Government transfers to the
Settle- $1,000 and $500. Principal and interest (April 1 and Oct. 1)
ment Commission all the proceeds of the loan.
will be payable at the First National Bank, St.
The task of the Commission is to promote the establishment of refugees
Louis, or at
the Southeast Missouri Trust Co., Cape Girarde
In productive work in Greece, either upon the land or otherwise.
au. The
The services of the loan are guaranteed by certain assigned Greek Southeast Missouri Joint Stock
Land Bank was chartered
revenues and there is the additional security of the lands themselves and
the sums to be paid by the settlers as rent,or for reimbursement of advances. Nov. 14 1922. Its statement of Sept. 30 1924 shows a capital
The Greek Government in addition undertakes a special obligation to stock paid in of $250,000, surplus paid in of $25,000,
farm
effect as soon as possible an equilibrium of the national budget.
loan bonds outstanding of $950,000, and total assets
of
In order, therefore, to prevent depreciation of the Greek currency and
$1,515,775.
consequent depreciation of the revenues assigned to the loan, the Government also agrees not to create charges upon its other revenues exeept only
for the purpose of meeting external obligations.
Formation at Chicago of National Association of
Though this plan will not make unnecessary the assistance of the private
Finance Companies—Decision to Re-Establish
philanthropic societies of the world in this extraordinary situation, the task
of the Commission, and the purpose of this loan, is to establish these
Fundamental Principles in Financing Retail
returned inhabitants upon a permanently productive and self-supporting
Sales of Automobiles on Part Payment Plan.
basis so as to not alone prevent suffering on the part of those people, but
The formation of the National Association of Finance
Make certain that they will be able to contribute to the actual prosperity
of their own country.
Companies was effected at a meeting in Chicago last week
Confidence in the ultimate value of this plan was shown by the Bank of
(Dec. 10 and 11) at the Hotel La Salle, of representatives of
England in its willingness to make an advance in cash to provide
for the
companies specializing in the financing of motor cars.
requirements of this situation until a national loan could actually
be neThe
gotiated.
meeting had been preceded by conferences on the 8th
and
My experience showed me that what at first seemed an impossible prob9th of committees representing the bankers of the country
lem—the peaceful, ordered absorption of about 1,500,000 impoveris
,
hed
the finance companies and the manufacturers of motor
Immigrants—could actually be solved upon a sound financial basis. It
is
cars.
unique in history that a great calamity could be so treated, but I am confi- The Chicago
meeting was the result of previous meetings
dent that this constructive treatment of the situation will not alone help
to called by bankers and held
in Chicago, New York,Baltimore,
make Greece economically independent, but enable her to contribut
e her
full share toward maintaining social stability and peace in the Balkans.
Kansas City and Pittsburgh, at which meetings,
representaIt is no surprise to me,therefore, that this loan has been so heavily over- tive
bankers suggested the necessity of considering and re-j
subscribed in London. The record of Greece itself in meeting her external
establishing certain fundamental principles in connect
obligations would be ample security for the loan even in addition to the
ion
land collateral and productive guarantees which make the plan perfectly with the financing of the retail sale
of automobiles upon the
sound finance. It is not without significance that investors in Greece monthly
time payment plan.
itself are taking £2,500,000 of the loan, and that the London investors
At the Chicago meeting A. W. Newton, Vice-Preside
even want part of the $11,000,000 of dollar bonds in addition to the large
nt of
amount of sterling bonds which they have bought.
the First National Bank of Chicago, Chairm
an of the committee of banks, presented the situation from
the bankers'
point of view. A. E. Duncan, Chairman of the
Board of the
Stabilization of Greek Exchange.
Commercial Credit Co. of Baltimore, represen
ted the ComIn connection with Greek financing here, announcement mittee of Finance Companies, and his presentation was supwas this week made that the efforts ot stabilize Greek ex- plemented by Henry Ittleson of the Commercial Investm
ent
change have met with a large measure of success. Stating Trust Co. of New York, and John J. Schumann, Jr.,
Vicethat at the present time and for more than a year past the President of General Motors Acceptance Corporation,
both
drachmai has been stabilized at approximately 250 to the of whom were members of the Committee of Finance
Compound sterling or about 50 to the dollar, the announcement, panies. Alfred H. Swayne, Vice-President of
General
Motors Corporation, spoke as Chairman of
dated Dec. 13, says:
the Special
The method by which this stabilization has been achieved Is in accordance Committee of the National Automobile Chambe
r of Comwith a legislative decree of the Greek Parliament providing that:
merce and told the meeting his committee
had not had suf(1) The banks and banking firms carrying out exchange transactions
ficient time to complete its contact with the
shall transfer to the National Bank of Greece,for account of the State, 15%
manufacturers
as a whole, but he was confident that
of the exchange purchased by them.
the meeting could
(2) The National Bank of Greece is authorized to issue banknotes with count upon the support
of the manufacturers of any conthe specific purpose of purchasing exchange for the account of the State.
structive program which had for its object placing
The exchange thus acquired serves as cover for the banknotes issued.
motor
Simultaneously with the disposal of this exchange, the National Bank of car financing upon a thoroughly sound
banking basis. At
Greece is obliged to withdraw from circulation a number of banknotes equal the prelimin
ary meetings of the steering committees resoluIn value to the exchange sold. By the first measure it was intended to
enable the State to acquire easily the quantities of exchange necessary for tions were drafted, these being presented to the meeting for
Its own needs (purchases of foodstuffs, service of public debt, .4c.).
consideration and discussion, and adopted as follows:
The object aimed at by the second measure was to build up a reserve
Whereas, for some time past, in the stress
of competition, there has been
fund of exchange with the National Bank so that the latter might be in a a growing tendency on the part of the
many companies which
position, in moments either of slackness of offers or of speculative exploita- guarantee paper covering the retail sale to individuals upon timefinance or
of passen-
tion, to intervene with the object to checking any manifestation of acuteness.
This reserve fund amounts to-day to about £5,000,000. At times of
abundant offers it reached the limits of £8,000,000, and reversely, at times
of great demand,it fell to £3,000,000.
ger automobiles, to depart from certain recognized and fundamen
tal principles;
And whereas, realizing the necessity of maintaining this class
of business
In high credit standing with the banks, which are called
upon to lend
large sums of money in connection therewith, there have
been recently
DEC. 20 1924.]
THE CHRONICLE
gh meetings attended
held in Chicago, New York, Baltimore and Pittsbur bonding companies
s,
by representatives of automobile finance companie
bankers, those principally in atwhich guarantee automobile paper, and
meetings the bankers
tendance being located in nearby territory, at which
fundamental principles,
suggested the necessity of re-establishing certain
after a thorough discussion thereof;
on or before Feb. 1 1925 in
Now, therefore, be it resolved. That, effective
as soon thereafter as may be
the territory east of the Rocky Mountains, and
ns, all finance companies
feasible in the territory west of the Rocky Mountai
le retail paper be, and
and bonding companies which guarantee automobi
discount, lend upon or guarantee
they are hereby urged to only purchase,
sale, lease or mortgage upon new
automobile retail paper covering the
follows:
or used passenger cars for individual use, as
new passenger cars, the
(a) On monthly installment paper covering
months, payable in
m maturity of such paper shall not exceed 12
maximu
equal monthly installments.
new passenger cars, the mini(b) On monthly installment paper covering
be less than either one-third of
mum down payment by purchasers shall not
at point of delivery, including
the cash or 30% of the time selling price
accessories and equipment.
passenger cars, the mini(c) On monthly installment paper covering used
either 40% of the
mum down payment by purchasers shall not be less than
delivery, including accescash or 37% of the time selling price at point of
months, payable in
12
sories and equipment, with a maximum maturity of
equal monthly installments.
resolved, That all manufacturers and distributors of and
And be it further
d to co-operate in
dealers in passenger cars be and they are hereby requeste
passenger cars for
a sincere endeavor to confine the sale of new and used
continue to keep
individual use within the aforesaid limitations, in order to
r automobiles
the manufacture, distribution and retail financing of passenge
upon time upon a safe and sound basis.
of resolutions
And be it also resolved. That the proceedings and copies
mailed to all
passed at this meeting be published in pamphlet form and
le retail
finance companies, bonding companies which guarantee automobi
and trust compaper, automobile manufacturers of passenger cars, banks
co-operate to
panies throughout the United States, with request that each
tal principles and
the fullest extent in re-establishing the aforesaid fundamen
forth by such proin otherwise carrying out the intent of the meeting as set
ceedings and resolutions.
ard truck
Taxicabs and Trucks.—Inasmuch as the total volume of taxicab
companies and
business is comparatively small, the committees of finance
ons at this time as to the
bankers have not attempted to make any suggesti
This does not
terms of payment on taxicabs or trucks of any description.
should
Imply that any smaller down payment or longer term of payment
be recommended than in the case of passenger cars.
A statement received by us regarding the meeting says:
resolutions revolved
The discussion on Wednesday and Thursday. of these
endorsement or non-endorseto a large extent around the subject of dealer
urse, although there was
ment. technically known as recourse or non-reco
presented. The steering
no mention of this subject in the resolutions as
should not be brought
committees were of the opinion that this subject
to be little hope of
up for discussion at this time because there appeared
in the short time
reaching an agreement upon the complicated problems
2827
South Bend, Ind.
E. M. MorrisPresident Associates Investment Co.,
Co., Pittsburgh, Pa.
G. A. Pivirotto, President Automobile Finance
San Antonio, Tex.
W. M. Ratcliffe, President United Securities Co.,
Co., Los Angeles, Calif.
0. Rey Rule, Vice-President Pacific Finance
Corp., Minneapolis, Minn.
L. M.Rocheford, Secretary Northern Finance
Trust, Pittsburgh, Pa.
A,. A. Ross, Vice-President Colonial Finance
Co., Atlanta, Ga.
Glenn B. Ryman, Secretary American Discount
Corp., Philadelphia, Pa.
L. M. Seiber, President Automobile Finance
ors Acceptanc,eCorp..New York.
,
J.J.Schumann Jr. Vice-Pros.General h ot
e & Credit Corp.,Philadelphia.
G.B.Squires, Vice-Pros.National Guarante
Co., Omaha, Neb.
C. E. Vesy, Vice-President American Credit
San Francisco, Calif.
L. F. Weaver, President L. F. Weaver Co.,
e Co., Baltimore, Md.
F. R. V. Williams,President Finance & Guarante
officers were
From among the directors the following
:
elected
Investment Co.. St.
Security
President—A. E. Brooker. President
Louis, Mo.
Secretary National Bond & InvestVice-Presidents—John L. Little,
t Finance & Guarantee
ment Co., Chicago, Ill.; F. R. V. Williams, Presiden
Equitable Credit Co.,
e, Md.; James J. A. Fortier, President
Co., Baltimor
Weaver Co., San FranNew Orleans, La.; L. F. Weaver, President L. F.
cisco, Calif.
of the
Chicago was selected as permanent headquarters
ions will be sent to all
National Association, and invitat
to become
finance companies throughout the United States
At the suggestion of the bankmembers of the Association.
n comers, a form of questionnaire was agreed upon betwee
s and committees of the finance committees of the banker
companies
panies, which form shall be submitted by finance
assets
to their depository banks to develop the nature of the
by each finance company and
of and class of business done
obtain
such other data as the banks feel that they should
company customers.
from their finance
m
Lewis E. Pierson Says Maintenance of Individualis
Is Toundation of Structure of American Industry.
ion
The maintenance of individualism which is the foundat
re of American industry, is essential to
of the whole structu
Chairthis country's continued greatness, Lewis E. Pierson,
s
man Irving Bank-Columbia Trust Co., said in an addres
at the Hotel Astor, this city, on
before the Bankers' Forum
PresiDec. 13. The guest of honor was William E. Knox,
s Association, and Mr. Pierson cited
dent American Banker
in his
Mr. Knox's rise from immigrant boy to pre-eminence
of
ion as a proof "that America is indeed the land
profess
is measured by indiopportunity, where individual success
posividual ability, without regard to inherited wealth or
ued:
tion." Mr. Pierson contin
allotted for the meeting.
their addresses, announced
Although the speakers, in the beginning of
of non-recourse, they
that they had no intention of discussing the subject
talking, involved in
invariably found themselves, after a few minutes of
referred to a special
to remind
discussing its principles. This subject was finally
It detracts nothing from the distinction of our guest of honor
e give this matter
over difficommittee with the recommendation that this committe
ourselves that his success is not an isolated example of triumph
tion, and that it bring in a program for coneminence in
full and thorough considera
culties, but that a general survey of those who have achieved
sideration at a later date.
indicates that the qualities of leaderand the whole sub- American industry and business clearly
Resolution was proposed denouncing secret rebates,
in the hard school of experience than
thought well to adopt ship seem to be more easily acquired
ject was thoroughly aired. It was not, however,
understood in any other way.
the individual
this in the form of a resolution, inasmuch as every one fully
The strength of our country lies in the fact that it has been
rneeitng
the individual
the object of the discussion and the consensus of opinion of the
who has made America great and America in turn has made never forget.
was against such rebate.
s, we should
on new successful. This is something which, as American
structure
Resolution "B," which Involved the amount of the down payment
too often remind ourselves that the whole
red difficulty on adoption the first day because a As Americans we cannot
individualism. It
passenger cars, encounte
industry is built upon the solid foundation of
of finance companies doing a business based on Ford cars of American
business and
large number
structure of American
to pass such individualism is wrong, then the whole
were present and they felt that it would be useless to attempt
all such companies of American prosperity is a delusion.
a resolution unless ways and means could be found to get
in America
ed evidence in
to abide by that ruling. Those present spoke and pronounc
Mr. Pierson described industrial development
of 25%, the
ls
the way of statistics which proved that the down payment
d through iodividual initiative, denouncing proposa
the larger achieve
present customary amount, was too small. All of them favored
utilias advo- for Government ownership of railroads and other public
price,
down payment of one-third of the cash or 30% of the time
it would
of individual
cated in the resolution, ifsome means could be found to insure that
ties, which, he declared, would deprive them
in operation. These finance companies pointed out that if
be made general
and decision. Mr. Pierson added:
ted at ambition, responsibility
they were to agree to it, and other finance companies not represen
commit themselves to the theory
be comMost disastrous of all, if our people ever
the mooting did not agree to it, those who did agree to it would
more than a cena large company that the Government can do for Americans that which, for
mitting business suicide. To complicate matters further,
themselves, they will strike
Ford business, refused to abide by this ruling, and tury, they have been doing, and doing well, for
doing an exclusive
will not
y, in a death blow at the ambition of every American boy. Ambition
the final adoption of Resolution "B" was postponed until Thursda
man is led to believe that he is not
order to give this one finance company time to reconsider its attitude, in thrive in an atmosphere where the young
favor of
that his future depends upon the
the hope that they could come in and abide by this ruling. As evidence the master of his own destiny and
from
ut the entire Government and the caprice of politics. Once the nation turns aside
of the genuine spirit of co-operation which prevailed througho
made it great, it will
which has
ngs, this one company announced on Thursday that it would the splendid doctrine of individualism
proceedi
opportunity to individual ambition.
endorse this resolution; following which, the objections of all others were slowly but surely close the doors of
withdrawn and the resolution unanimously adopted.
Having demonstrated to themselves that they could meet upon a common
Circulation Based Upon
ground and agree upon fundamental principles which should underlie their Profit on National Bank
s of 1930.
g business, the meeting then proceeded to formally organize itself
financin
2% Consol
into a permanent association. Accordingly, on Thursday the by-laws
prepared a
ee
The First National Corporation of Boston has
governing the Association were presented and a committ on organization
l bank
appointed to further consider these by-laws and bring in their reconunenda- circular to show the profit to be derived from nationa
The
Mons for final approval by the whole body. This was accomplished.
upon the purchase of the 2% Consols of
tion based
es
members of the Finance Committee divided themselv into twelve groups, circula
Then each group nominated sev- 1930. The corporation points out that when the Federal
following the Federal Reserve districts.
was to be chosen by the Nominating Committee
framed it was contemplated that Federal
eral men, one of which
- Reserve Act was
as directors; in addition, twelve directors
from each of the twelve districts
displace National Bank
all twenty-four directors, who elected Reserve notes should eventually
-large were chosen, making in
at
present
notes in circulation, and the announced policy of the
permanent officers.
their
The Association elected the following directors:
Investment Co., St. Louis, Mo.
A. E. Brooker, President Security
t Industrial Finance Co., Boston, Maas,
Timothy L. Byrnes, Presiden
Guarantee Co., Louisville.,Ky.
E. W. Carter, President Carter
Investment Co., Syracuse, N. Y.
David B. Costello, Counsel Syracuse
ial Credit Co., Baltimore, Md.
A. E. Duncan, Chairman Commerc
Finance Corporation, Toledo, Ohio.
R. E. Ewing, President Motor
e Credit Co., New Orleans, La.
James J. A. Fortier, President Equitabl
Mich.
A. E. Holton, President A. E. Holton & Co., Detroit,
nt Trust,New York,N.Y.
Henry Ittelson,President CommercialInvestme
s Co., Kansas City, Mo.
R. C. Kemper,President Interstate Securitie
nt Co., Chicago, Ill.
John L. Little, Secretary National Bond & Investme
administration—as expressed in the recent annual report of
this idea even
the Secretary of the Treasury—is to carry out
1 notice was given
at some cost to the Treasury. On Nov.
1925. Now the
of the redemption of the Old 4s of Feb. 2
Secretary recommends the retirement of the Consol 2s as
soon after April 1 1930 as consistant with other fiscal operations of the Treasury, and of the Panama 2s before that date.
As compensation for the loss of the circulation privilege Mr.
Mellon recommends relief measures, notably the McFadden..
•
2828
THE CHRONICLE
[VOL. 119.
Pepper bills, designed to assist national banks to compete
on situation as it affects both thelivestock man and the
farmer, I feel that if a
more favorable terms with State institutions. There
seems meeting could be arranged between our conference and you,that you would
to be doubt says the circular, in the minds of some bankers be in a position to give both some information and suggestions
that would
as to the desirability of continuing their present circulation be most helpful to us.
In asking for a meeting with these officials, Chairm
accounts, or selling the collateral bonds and securing
an
the
premium which is still available upon them. It then pro- Carey gave particular attention to the. cattle situation but
also indicated that the conference would like
ceeds as follows:
to discuss the
whole question of finance as it affects agriculture
Holders of Old 4s must either relinquish their circulati
and any
on accounts within
the next six weeks or buy 2% Consols or Panama 2s in
other suggestions which the bank presidents
substitution for the
might have
called bonds.
along the lines upon which the conference is now working
Holders of Consol 2s may continue their accounts with
.
assurance of un-
disturbed enjoyment until Aprll 1 1930.
Holders of Panama 25 face the probability of redemption of their
bonds at
any time within the next five years.
Obviously the profit to be derived from the use of Panama 2s
at a premium
is a very uncertain quantity since the date of their redemption
is problematical and there is therefore no basis for calculating the sinking
fund necessary to retire the premium at which the bonds may be carried.
Consol 2s may be figured for payment April 1 1930 so that the profit
from
their use as security for circulation may be calculated within
the limits of
accuracy that are possible under the circumstances of fluctuati
ng interest
rates.
If the bonds should remain outstanding after 1930. the profit
will then be
augmented by the amount of the annual sinking fund which need
no longer
be provided.
We append a table of profits and sinking funds based on circulati
on of
$100.000 notes secured by Consol 2s at prices from 104 to 102 with
money
rates at 4%,5% and 6%. In figuring these profits we have made
allowance
for Federal income tax of 12 Ji% on the taxable income. Different
States
have their own tax laws and in some cases such laws may modify
the figures.
The method of computing the profit is as follows:
Decrease in Postal Savings Deposits in Novemb
er.
A decrease of $170,000 in postal savings
deposits in November is reported in the following stateme
nt Just made
public by the Postmaster-General, the figures
at $13'4,235,422
at the end of November, comparing with
$134,405,422 on
Oct. 31 1924.
STATEMENT OF POSTAL SAVINGS
BUSINESS FOR THE MONTH OF
NOVEMBER 1924 AS COMPARED WITH
THE MONTH OF OCTOBER
1924.
Balance on deposit October 31
$134,405,422
Decrease during November
170,000
Balance on deposit November 30
$134,235,422
Depositors' Inc.(4-)or
Depositors' Ine.(+)•,
Post Office—
Balance.
Dec.(—) Post
Balance,
New York, N. Y341.005.968 -$363,769 Long Office—
Dec.(—
,
Island City,
Brooklyn. N. Y__ 11,250,111 —170.651
N. Y
184,737
Boston, Mass-- 7,148.783 —86,031 Bingham
+2,058
Profit from Circulation of $100,000 Bank Notes Based Upon
Canyon,
2% Consols of Chicago, III
5,927,410 —39.754
Utah
1930 @ 104 Money ® 5%.
184,542
Seattle. Wash....3,068,428 —6.329 Flushing,
—827
183,241
Philadelphia, Pa- 2.646.605 —4,244 Fairbanks N. Y._ _
—561
Interest on $100,000 bonds (41 2%
, Alaska *182,110
$2.000 00 Pittsburgh, Pa.._ 2.082,410 —26,313
+5.403
Interest on $95,600 loans at 5%
Birmingham, Ala_
178,722 +2,824
4,750 00 Kansas City, Mo.. 1,803.935 +2,705 Miami, Fla
177.658 +21,457
Tacoma, Wash.__ 1,561.506 +7,677 Norwood.
173,018 —3,893
Gross income
Detroit, Mich_ _ 1.494,110 —31,070 Hurley. Mass._
Wis
36.750 00 Portland, Ore_
169,198
+1,279
Deduct:ions:
1,436.924 +9,158 Baltimore,
169,080 +4.013
Newark. N.J.
1.272.166 —18,976 Bayonne, Md...
Tax %%
164,281
St. Paul, Minn_
$50000
+407
1,174.607 +8.022 Memphis,N. J.__
Tenn
Sinking fund
163,668 +1,530
St. Lo Ls, Mo._
994.719 +4.439 Anchorage, Alaqm
671 00
Uniontown,Pa.
Federal tax 1214% on $4,750
951.640 —23,576 New Orleans. La- *162.424 +3.432
593 75
182.390 +2.252
Butte, Mont
829.881
Expense
+3.935 Jamaica. N.
161.919 —5.783
62 50
Los Angeles, Calif.
806.959
+112 Boise, Idaho
161,697 —1,050
1.827 25 San Francisco. Cal. 680.147 —2,331 Wilmington, Del_
161.021
Milwaukee, Wis...
—2.567
632.989 —3.482 Dallas, Tex
158.490 +3,056
Great Falls, Mont. 614,141 +10.465 Phoenix, Aria
Net income
157,142 +5.981
4,922 75 Denver, Colo.--595,214
+785 Missoula, Mont._
Income from $104,000 direct loans at 5%
153.809 +5,771
5,200 00
Jersey City. N.J.
578,471 —3.490 Casper. Wyo
Federal tax 12%%
153,252
+286
Cincinnati, 0___
650 00
508.125 +5.628 Lewistown, Mont
153,134 +18,760
Buffalo, N. Y._ _ _
479.766 —6.680 Camden, N.J.__
4,55000 Minneapolia,Minn.
150.468 —2,736
475.473 +20.689 El Paso, Tex
149,743 +25.463
Providence, R. I_
452,735 —6.419 Gary, Ind
Net profit from circulation
139.723 —5.460
$372 75 Columbus, 0_ _
429.698 +2.000 Paterson, N. J.._
136,084 —2,104
Ironwood, Mich_
420.928 +1.555 Elizabeth, N. J
The tables are believed to be accurate as an average measure
136,051
of profit for Cleveland,0
—1,392
379,942 —9,026 Salt Lake City,
any given set of conditions. If it is a banker's judgment that the
Passaic, N.J
loans of his
365.596 —5,021
Utah
136,002 —5,456
bank will average say 5% over the next five years. then he lain
361.859 —2,024 Akron,0
a position to Aberdeen, Wash_
131,388 —1,428
Sioux City,Ia.__ _
determine from the tables the profit to be derived from
358.775 —1,341 Christopher, Ill_
circulating notes if Washington.D.C.
128.012 +4,945
347.883 +3,255
his judgment has been correct, and also to estimate the effect
127,350
+969
of errors of McKees Rocks,Pa. 348,487 —4,055 Tampa,Fla
Oklahoma City,
judgment within reasonable limits.
Pocatella,Idaho
322,551 +13,378
Okla
127,219 +2.055
McKeesport.
8100.000 CONSOLIDATED 28 OF 1930 AS OF JANUAR
322,098 —10,214 Everett, Wash.__
123.662 +4.115
Y 1 1925.
Bridgeport,Conn_
321.648
+456 Centralia, Wash._
Money Rates—
4%
5%
122,918 +1,778
6%
4%
6% Lead vine, Colo_ _
5%
236.315 —4.250 Dayton,0
Price—
122,147
—Circulation Profit—
+3,082
Roundup, Mont
—.Annual Sinking Fund
294,986 +20,208 Cheyenne, Wyo._
- Astoria,
120,211 +44,233
104
Ore
434
291,027 —4.435 Monongahela.Pa_
372
311
688
671
654 Lowell, Mass__ __
119,418
283.060
10314
—169 Manchester. N.H. 117.419 —4,025
460
399
338
667
650
+2,679
833 Toledo. 0
279,884 +4.744 Export, Pa
1031
486
425
115,296 —1,080
365
645
285,833 +7,826 Ban Antonio, Tex_
629
813 Kansas City, Kan.
114,336 —3,489
1034
Omaha. Neb
512
452
392
260.120 —2.437 Breckenridge,Tex.
624
608
593 Roslyn, Wash._
113.324
—317
__
10314
259.151 —3,775 Raymond, Wash_
538
478
419
602
587
572 Hartford, Conn
112,972
+227
243,590 —3.844 Spokane, Wash_
10314
563
505
446
112,755 +MON
.581
566
552 Havre, Mont_ _ _ _
238,620 +28.448 Helena, Mont._
1033-(
589
112,585 —2.606
531
473
559
231,408 —1,278 McAlester,Okla
545
531 Pawtucket, R.I
112.353 +2.524
New Haven,
10314
615
558
230.225 —7.053 Rochester
500
638
524
511 Des Moines,Conn.
112,283 —1,463
Ia.—229,578 +43.898 Masontow, N.Y_ _
103
841
584
527
516
n,
503
490 Erie, Pa
112,154 —1.620
229.458 —1,319 Augusta, Ga Pa._
10214
667
611
554
495
482
470 Pueblo, Colo
110,083 +4,583
221,270 +3.391 Conneaut,0
1023(
693
837
581
473
461
449 Billings, Mont _
109,879 +1.273
213,074 +10,392 Hartshorne, Okla_
1023
719
663
608
452
440
429 Staten led, N.Y.
108,924 +11.291
209,680
10214
745
—896 Anacortes, Wash.
690
635
430
419
409 Mt. Pleasant, Pa_
108,741 +1.494
10214
208,240
770
717
+970 Brownsville, Pa._
662
409
398
108,585 —2.405
388 Red Lodge. Mont.
1024
796
208.553 +10,276 Maynard. Mass
743
689
387
377
368 Sioux Falls. S. D.
108,436 +1.780
102%
208,332 +12,850 Lawton, Okla._
822
770
716
366
356
347 Sheridan, Wyo. _
107,498 +12.331
102
203.968 +5,816 Indianapolis. Ind_
848
796
743
344
335
327 Pensacola. Fla.... _
107,366
—219
203,715 —1.692 Cleburne. Tex...
106,584 +5,096
Atlantic City,N.J.
•In quarterly payments beginning April 1 1925.
201,692 —11,573 Henryetta,
105,461 +13,246
Bellingham,Wash,
199,948 +5,055 Springfield, Mo..
104,771
Oakland, Calif
+1.089
199,534
—809 Windber, Pa
104,416
Altoona, Pa
+741
192,558
—107 San Diego, Calif_
103,956
—1,322
President's Agricultural Conference to Reconvene
Ky._
188,634 —2.583 Tonopah, Nev_
101,164
Miles City, Mont_
—114
186,528 +18,304 Norwich,Conn.._
100,547 —2.342
Duluth, Minn....
January 5.
186,509
—701 E.Pittsburgh, Pa.
100,263
Jacksonville, Fla_
—584
185,973 —2.601 Wichita, Kan_ _ _
100,168
Jan. 5 has been set as the date of the next meeting of the
+4,824
*October balances.
President's Agricultural Conference, according to word received Dec. 17 from its Chairman, Robert D. Carey of
Wyoming. It is understood that members of the conference
will go to Washington several days before the meeting in
order that considerable preliminary work might be'done.
It is the plan of the conference, according to Chairman Carey,
to make immediate recommendations to the President on
relief for the cattle industry now considered an emergency
problem. The second question is that of co-operative marketing and early recommendations are anticipated. Members of the conference have been giving attention to these
.and other ptoblems during the recess in order that action
might be made shortly after reconvening. Chairman Carey
has addressed a letter to the Presidents of the twelve regional
Farm Land Banks who will meet in Washington the forepart
of January, suggesting a meeting between them and the conference. Referring to the emergency in the cattle industry
Chairman Carey said to the Federal land bank Presidents, in
. part:
While there are a number of things to be considered in connection with the
cattle industry, the problem is largely one of finance. As you and other
-Presidents of the various land banks are in close touch with the financial
Pacific Flour Export Company of
Portland Formed
Under Webb-Pomerene Act to Engage
in Export
of Flour.
The Pacific Flour Export Co. of
Portland, Ore., has filed
papers with the Federal Trade Commis
sion in connection
with the Export Trade Act (WebbPomerene law), according
to an announcement made by the
commission Dec. 19,
which says:
This law grants exemption from
the anti-trust laws to an association composed of two or more persons,
partnerships, or corporations entered into for
the sole purpose of and solely
engaged in export trade; with the further provision that the association shall
not be in restraint of trade or do any act
which artificially or intention
ally enhances or depresses prices of substantially lessens competition within
the United States.
The Pacific Flour Export Co. is
incorporated under the laws of the State
of Delaware. Its purpose is
to engage in the exportation of flour, grain and
grain products to foreign countries
. The office of the general manager,
F. L. Shull, is located in the
Board of Trade Building, Portland, Oregon.
Stockholders of the company are: Portland Flour Mills
Co., Portland.
Ore.: F. L. Shull, Crown Mills, D.
A. Pattulo of Portland, Ore.; Wasco
Warehouse Milling Ce., and E.0. McCoy of The Dalles,
Ore.; Centennial
Mill Co., L. P. Baumann, Fisher Flouring Mills
Co., and 0. D. Fisher of
Seattle, Wash.; Columbia River Milling Co., and A.
Alexander of Wilbur,
Wash.; Sperry Flour Co. of Tacoma, Wash.: Preston
Shaffer Milling Co.
and E. H. Leonard of
Waitaburg. Wash.
Disc. 20 1924.]
THE CHRONICLE
2829
found to
had taken profits from it. If Mr. Stoneham is
and
can
along with
I„ Sixth Annual Meeting and Dinner/of Ameri
have been a partner, he will be liable, it is said,
Council—Election of Officers.
W. Frank McGee (the former active partAcceptance
E. M. Fuller and
annual ner of E. M. Fuller & Co., who have confessed to bucketing
The American Acceptance Council held its sixth
of the
rata share of the $2,000,meeting on Friday Dec. 12 in the directors' room city. orders given to the firm) for a pro
ing, this
to 4,000 customers when they
000 owed by the former brokers
Merchants' Association, Woolworth Build
Vice-President, failed. Fuller and McGee, it is said, now claim to be penniThe President of the Council, Fred. I. Kent,
address review- less. Mr. Chadbourne, of counsel for the creditors, argued
Bankers Trust Co., New York, delivered an
had conplishments of the organization for the year, before Judge Hand recently that Mr. Stoneham
ing the accom
possible developments in the ac- cealed his partnership in the firm of E. M. Fuller & Co. and
as well as discussing the
ent, it was
was responsible for its losses. During the argum
ceptance market.
l dinner of the American Acceptance intimated that Fuller and McGee would testify before the
The sixth annua
Waldorf-Asction with their firm.
Council, held in the evening of Dec. 12 at the held by the referee as to Mr. Stoneham's conne
and argued that
Max D. Steuer appeared for Mr. Stoneham
the largest and most successful of any
toria, was
zation. President Kent was toast- the attempt to name his client as a partner was "outlawed"
Council since its organi
Other speakers because it had been delayed so long. Following the handing
master and one of the principal speakers.
W. P. G. Harding of the Federal Reserve down of the decision, Mr. Steuer (according to the New
were Governor
dent of the York "Herald-Tribune" of Dec. 13) said "the order is unsatBank of Boston; Paul M. Warburg, former Presi
al ReHand's opinion,
and Carl Snyder, General Statistician, Feder
isfactory and will be appealed from." Judge
Council,
Officers from seven of the Fed- as printed in the New York "Times" of Dec. 13, was as folserve Bank of New York.
were pres- lows:
eral Reserve banks and the Federal Reserve Board
in a dormant partner who
The whale purpose of this proceeding is to bring
the Council, including Vice-Governor Edent as guests of
bankrupt firm and bind him
;Governor W.P.O. is alleged to have concealed his membership in aI have heretofore held, the
mund Platt of the Federal Reserve Board
ship. As
Cur- by the adjudication of the partner in court in respect to the issues of the
Harding, Federal Reserve Bank, Boston; Frederic H.
alleged partner is entitled to his day
nor Insolvency of the firm and the commission of the acts of bankruptcy, as well
tiss, Chairman, Federal Reserve Bank, Boston; Gover
who has concealed his partnership
Jay, as his membership therein. A partnerpetition, filed after the four months'
Benj. Strong, Federal Reserve Bank, New York; Pierre
may be brought in nunc pro tune by a
n R.
bankruptcy has expired. Metcalf vs.
Chairman, Federal Reserve Bank, New York; Edwi
period succeeding the original acts of
amendBank, New Officer, 17 Fed. Caa. 9496; in re Kaufman, 176 Fed. 93. While an to avail
ful,
Kenzel, Deputy Governor, Federal Reserve
ers,
Cleve- ment nunc pro tune enables the intervening petitionfour if success period pre,
months'
York; D. C. Wills, Chairman, Federal Reserve Bank
of acts of bankruptcy long after the
Reserve themselves the statute has expired, this is due to the denials of Mr. Stoneham
land; F. J. Zurlinden, Deputy Governor, Federal
scribed by
petitioning credFederal that he was a partner and the difficulties which counsel for the true state of
Bank, Cleveland; C. R. McKay, Deputy Governor,
ing what they claim to have been
s, Federal itors met with in unearth Stoneham was a partner, he would be profiting
Reserve Bank, Chicago; Governor Geo. N. Norri
If they are right, and
man., Fed- facts. own wrong if he were allowed now to avoid the proceeding by having
by his
Reserve Bank, Philadelphia; R. L. Austin, Chair
'
disChairman, in the past concealed his membership in the firm and thwarted efforts to
eral Reserve Bank, Philadelphia; W.H. Hoxton,
a member of the firm it may fairly
Wm. McC. Martin, cover it. Indeed, if Stoneham be really operates as an estoppel which would
Federal Reserve Bank, Richmond, and
be said that his concealment of the fact
a bar to the proceeding that the
apolis.
prevent him from successfully urging as
Chairman, Federal Reserve Bank, Minne
ted more than four months
ng the choice of officers re- acts of bankruptcy, if committed, were commit a party. If I am right in
At the Council's annual meeti
brought in as
dent and the prior to the time when he wag may be brought in irrespective of the bare
sulted in the re-election of Mr. Kent as Presi
holding as I do that Stoneham
Discount Cor- consideration that more than four months have expired since the date of the
be joined as
elevation of E. C. Wagner, President of the
of whether
Executive Com- alleged acts of bankruptcy, the question other words,he should
to the general equities
poration of New York,from Chairman of the
resi- a party comes down to one of laches ; in ned by no fixed rule as to time or
r, Vice-P
mittee to Vice-President. Dr. Chas. A. Holde
the situation. These are to be determi
the beginning of a proceedto succeed Mr. of
drastic requirements of diligence. Undoubtedly
dent of the Guaranty Trust Co., was elected
unreasonably, but upon
Mr. Stoneham ought not to be delayed
ttee.
ing against
that the first information of
Wagner as Chairman of the Executive Commi
the assumption of his counsel in their brief
rs in
ning Interest
New York Stock Exchange Ruling Gover
Transactions.
on Out-of Town
New York
At a meeting of the Governing Committee of the
tion governStock Exchange on Dec. 10 the following resolu
ing interest on out-of-town transactions was adopted:
NS.
INTEREST ON OUT-OF-TOWN TRANSACTIO
York Stock Exchange
Transactions in securities dealt in on the New
York City all payments
being based on delivery and settlement in New
with respect thereto must be made accordingly.
sales by them are made
If settlements with customers in the case of
ent in New York or at any
at any time prior to the actual date of settlem
es, interest, at not less than
time subsequent thereto in the case of purchas
full time involved must
the approximate ruling rates for money, for the
be deducted or added as the case may be.
this rule will not
In cases where the amount of interest is less than El
Manly.
nce is received
In cases where by reason of delay through the mails remitta
d may be perone day late, the waiving of the one day's interest involve
of a practice thereof,
missible on occasional purchases only. The making
• however, is forbidden.
herewith are
Any rulings heretofore made which may be incomdstent
hereby rescinded.
With regard to the adoption of the resolution the "Wall
Street Journal" of Dec. 13 said:
instances
te
Adoption of this measure is believed to be to elimina certain
ed on out-of-town
where interest payments which should have been collect
was foregone. There
orders, between time of sale and delivery of securities.
the matter of
were but few cases of this and the ruling is designed to make
interest uniform with all houses.
d by petitioning credito
Stoneham's membership in the firm was obtaine such delay as would bar the
May 1923, I cannot say that there has been any
ion of time applicable. Counsel
relief asked for. There is no definite limitat
until they were in their sound
have not been obliged to institute a proceeding
ent has a burden of showing that
discretion really prepared. The respond
bly have prepared their case
they unreasonably delayed and could reasona
think he has done. I can see no
before they did institute it. This I do not
creditors their day in court upon
reason for refusing to give the petitioning
nun° pro tune accordingly.
the merits, and I grant the motion to amend
1923 for alleged
Mr. Stoneham was indicted in September
mony before
charged that he gave false testi
perjury, it being
Fuller company bankruptcy
Referee Harold P. Coffin in the
which was advanced
proceedings in swearing that $147,500,
r
checks drawn to the order of forme
to E. M. Fuller & Co. on
Sheriff Thomas F. Foley, was a loan.
before Judge John
On the first Monday in January 1925
Mr. Stoneham is to stand
Knox in the Federal District Court
the former brokerage
trial, together with other members of
Co., Leo J. Bonday (his lawhouse of Charles A. Stoneham &
upt brokerage firm of
yer), and the members of the bankr
d using the mails in a scheme to
E. D. Dier & Co. for allege
was returned against
defraud. The indictment in this case
other defendants by a Federal Grand
Mr. Stoneham and the
not unsealed until Jan. 11
Jury in the fall of 1923 but was
e has been
of the defendants on this charg
1924. The trial
several times postponed.
M.
ed Henry
W. McIntosh Named to Succe
Federal Judge Hand Rules that Charles A. Stoneham Joseph
of the Currency.
Dawes as Comptroller
er in
Must Prove that He was not a Silent Partn
the Senate the
On Dec. 16 President Coolidge sent to is, as CompBankrupt Firm of E. M. Fuller & Co.
the
Illino
on Dec. 12 nomination of Joseph W. McIntosh, of
Judge Augustus N. Hand of the Federal Court
Henry M.Dawes, whose
on in bankruptcy against troller of the Currency, succeeding
granted a motion to amend the petiti
ns last week, page
June 27 1922) to resignation was referred to in these colum
(filed on
B. M. Fuller & Co. of this city
ation was confirmed by the Senate on
es A. Stoneham, principal owner 2716. The nomin
Include the name of Charl
nt Deputy Comptroller
all Club (New York Dec. 18. Mr. McIntosh is at prese
New York National League Baseb
of the
on a pe- of the Currency.
partner. Judge Hand's decision was
"Giants") as a
firm of Chadbourne, Hunt,
tition filed last April by the law
ors of the
Brown, attorneys for a group of credit
Jaeckel &
. The result of the decision is to
bankrupt brokerage house
subject to examination in
make Mr. Stoneham, it is said,
s before a referee, and counsel for the
bankruptcy proceeding
proceedings, in order to
creditors will have to show at these
firm
r, that he had invested money in the
prove him a partne
Subscriptions of $1,900,000,000 Received to United
States Treasury's Recent Bond .Offering.
According to an announcement made by Seeretary of the
Treasury Mellon on Dec. 14 the total cash subscriptions
received for the 4% U. S. Treasury bonds of 1944-45
amounted to over $1,400,000,000, while the subscriptions
2830
THE
CHRONICLE
[VoL. 119.
for which Treasury Certificates of
Indebtedness, Treasury mall the check to you
unless you instruct us to have the
notes and Third.Liberty Loan bonds were
check mailed direct
tendered in pay- to the registered owner.
ment for the new Treasury bonds, totabd on
While
the 14th inst. ginning redemption will be made only as of Jan. 1 1925, owners may, be$500,000,000.
These exchange subscriptions will close as of Dec. 11924, surrender their.certificates in advance, for redemption
Jan. 1 1925.
to-day, Dec. 20; the cash subscriptions
as we have heretofore
Further Information.
noted (Dec. 6, page 2594 and Dec. 13, page
Please communicate with us if you desire
2717) were closed
more specific information concerning details and the require
Dec. 4. The Treasury Department announ
ments to be observed in any particular
ces that the cases which may be
brought to your attention in handling the redempt
allotments on cash subscriptions will be $224,513,500
ion
—the of these issues of certificates.
allotments thus being restricted close to the cash
offering of
Very truly yours,
$200,000,000 or thereabouts. The Treasury Department's
BENJ. STRONG, Governor.
announcement of the 14th inst. indicated that the
exchange Congress
subscriptions would be allotted in full. Secretary
Recesses To-day (Dec. 20) Until Dec. 29
Mellon's
-Convening of Final Session of 68th Congr
statement of the 14th follows:
ess
-The Secretary of the Treasury announc
McFadden Banking Bill Slated to Pass After
ed that the total cash subscriptions for the Treasury 4% bonds of
1944-54 amounted to over $1,400,000.000
New Year.
of which about 325,000,000 were subscrip
tions for $10,000 or less. In
On Dec. 10 the Senate concurred in
accordance with the Treasury's announc
ed intention that the cash offering
the House resolution
would be restricted to around $200,00
0,000 cash subscriptions were closed providing for a recess over the Christmas holidays—adjournDec. 4 1924, but all subscriptions in the mail
before midnight. Dec. 4 and ment to be taken to-day
(Dec. 20) until Monday, Dec. 29.
received by Federal Reserve banks
by 10 a. in.. Dec. 6, were treated as
One of the measures which is expect
being presented before the closing of the books.
ed to be taken up after
The two elements controlling the method of alloting
cash subscriptions the recess is the McFadden bill designed to "modernize" the
were(1) the cash requirements of the Treasur
y until its next probable time of national bank laws.
On Dec. 18 "Wall Street Journal" said:
financing, in March 1925, and (2) the Treasury's
desire to give preference to
The McFadden bill
subscribers for small amounts. Accordingly, the
allotment for cash subscriptions was on the following basis: Cash subscrip
tions in the amount
$1,000 or less were allotted in full. Cash subscrip
tions for amounts over
$1.000 and up to and including $10,000 were allotted
65% with a minimum
of $1,000. Cash subscriptions for amounts over
$10,000 were declined.
On this basis, the allotment on cash subscrip
tions will be $224,513,500.
Subscriptions for which 4% Treasury certific
ates of indebtedness, maturing March 15 next,
% Treasury notes, maturing March 15, and
Third
Liberty Loan 4;1% bonds are tendere in
d
payment, and which will be
allotted in full, now total about $500,00
0,000. These exchange subscriptions will be closed on Saturday, Dec. 20.
Exchange subscriptions which
were in the mail or otherwise in transit before
midnight, Dec. 20, will,
however, be accepted. Interest on such exchang
e subscriptions will be
adjusted as of Dec. 15 1924.
It is expected that the definite bonds will
be ready for delivery on Dec. 15.
will pass the House shortly after the new year,
it was
Indicated to-day by floor leaders
in the House. The bill making the first
changes to be effected in the Nationa
l Banking Act in over 50 years has the
support of both major parties, and
has been granted a preferred position by
the Steering Committee.
The following relative to the bill was
contained in Washington advices Dec. 16 to the New York
"Journal of Commerce:"
A movement to amend the McFadd
en bill so that the authority given
national banks to do branch banking
will be confined to banks located in
those States where at the time of the
passage of the bill State laws permit
branch banking has been instituted by
Representative Morton D. Hull of
Illinois, a member of the House Banking
and Currency Committee. Mr.
Hull also seeks to prohibit State banks
members of the Federal Reserve
system, and State banks applying for members
hip in the system, in States
which at the time of the passage of the bill do
not permit branch banking
from engaging in branch banking, by any subsequ
Redemption of War Savings (Stam
ent change, and still
ps) Certificates and remain or become member
s of the Federal Reserve system.
Treasury Savings Certificates Series
In a circular letter addressed to members of Congres
1920.
s Mr. Hull states that
this last proposal is made in order that such State
In a circular to member banks regarding the
member banks of the
method of Federal Reserve system may not acquire advantage in
such States over the
procedure in the redemption of War Saving
s certificates national banks.
(stamps) and Treasury Savings certificates,
lie says that the McFadden bill will soon
be before the House, and that
Series of 1920, the provisions which
involve the most discussion have been those concerning
maturing Jan. 1 1925, Benjamin Strong,
Governor of the branch banking.
Federal Reserve Bank of New York,
"The purpose of my amendments," he said,
states that "while
"is to permit branch banking
redemption will be made only as of Jan. 1 1925,
by national banks,in
owners may, business opportunity so far as it is now necessary,in order to give them equal
with State banks in the Reserve system, and to retain
beginning Dec. 1 1924, surrender their certifi
cates in advance for the Federal.overnment the power to determine the extent to which
for redemption as of Jan. 1 1925." The
circular (No. 643, branch banking shall become a part of our national banking system, until
and dated Dec.6 1924)follows:
such time as we shall have had wider and larger
experience, rather than to
make surrender of that direction at the present
To each Bank. Trust Company and
time to the State governSavings Bank in the Second Federal Reserve ments."
District:
Mr. Hull said that the amendments have been submitt
United States War Savings certifica
ed to the Comptes sold by the Treasury In 1920 in troller of the Currenc
y and are not objected to by him.
the Government's movement for
thrift and saving become due and payable
Jan. 1 1925. These securities consist of:
The McFadden bill modified .to meet some of the objecAn issue of War Savings certificates,
Series of 1920. each certificate being tions raised against it, stands
a good chance of being passed
a card folder containing'space for
s
20 stamps. Holders of these certifica
tes by the House during this session
will be entitled to receive on or after Jan.
of Congress, said a dispatch
1 1925 35 00 for each War Savings
stamp of the Series of 1920 then affixed
thereto. The stamps are carmine from Washington to the New York "Journal of Commerce,"
in color and bear a portrait of George
Washington. The certificates are Nov. 27, which went on
to say:
In both registered and unregistered form.
This is the only bill that has been promise
An issue of Treasury Savings certificates,
d special consideration by the
Series of 1920, in the denomina- House Rules
Committee.
tions of $100 and 31,000. These certifica
tes are centrally registered at the
If the House and the Senate fail to act
Treasury in Washington and provide for paymen
favorably upon this measure before
t by the Treasury only.
March 4 next, practically all of the ground
heretofore covered by the House
Committee on Banking and Currency
PROCEDURE FOR BANKS.
will be lost, for on that date all pending bills die, and if further consider
ation is desired they must be brought
War Savings Certificates.
forth anew in the next Congress and again
run the gamut of the committees.
Banking institutions generally will handle
redemptions for their customers. Chairman McFadden of the Banking and Currency Committ
ee has been
Unregistered 1920 War Savings certificates will
be accepted for payment working hard during the summer to win over the opposition, and
at this bank and its Buffalo Branch, and
now that
for that purpose you will find en- Congress is again convening he will continue his efforts
to win votes for the
closed a supply ofform W.S.66 to be used in making
cash redemptions. Full measure.
details governing the redemption are contain
ed in Treasury Department
The final session of the 68th Congress was brough
Circular 347. copies of which have been sent to banking
t under
institutions by the way
Treasury. Unregistered certificates may be presente
on Monday Dec. 1. In the Senate, where immedi
d and surrendered
ate
to us at any time in advance of Jan. 1 1925
for payment on that date, and adjournment was taken on the 1st
inst., out of respect for
when so presented a check payable to the order
of the holder will be mailed Senator
Lodge and other Senators who had died during the
by us to reach him on or about Jan. 1 1925. It
will
tion to send unregistered certificates to us in advancefacilitate the redemp- recess, three new membe
rs were sworn in, viz., J. H. Metcalf
of the payment date.
Matured certificates will be paid immediately upon
of Rhode Island, William M. Butler of Massac
presentation.
husetts, and
Payment of certificates surrendered through banks will
be made to the R. W. Means of
banks through which presented, while payments of
Colorado. Senatoi Borah of Idaho on the
certificates presented
direct to post offices, to this bank or its Buffalo Branch,
or to the Treasurer 3d inst. became Chairman of the Senate Foreign Relations
of the United States will be made direct to the
holder.
Committee, succeeding the late Senator Lodge.
Certificates having registered stamps affixed are payable only
Two new
at the post members were
office where registered. Unregistered certificates
also appointed to the committee—Senators
also are payable at any
money order post office.
McLean. of Connecticut and Edge
Treasury Savings Certificates.
The redemption of United States Treasury Savings
certificates of the
Series of 1920, dated Jan. 2 1920, all of which are in
registered form, is provided for in Treasury Department Ciruclar 348:
Registered owners of Treasury Savings certificates, Series of
1920, will be
entitled to receive, on or after Jan. 1
cate and $100 for each $100 certificate.1925, $1,000 for each $1,000 certifiThese certificates are payable only at
sion of Loans and Currency, Washington, the Treasury Department, DiviD. C. The demand for payment
appearing on the back of each certificate presented
for redemption must be
properly signed by the owner in the presence
of and duly certified by a
United States Postmaster (who should
affix the official postmark of his office), an executive officer of an incorporated bank
or trust company (who
should affix the corporate seal
of the bank or trust company), or any other
person duly designated by the Secretar
y of the Treasury for the purpose.
If Treasury Savings certificates, Series
of 1920, are presented to this bank
by you we shall forward them
to the Treasury for payment by check payaMae to the order of the registered owner,
and shall request the Treasury to
of New Jersey. Senator
Boiah relinquishes the Chairmanship
of the Senate Education and Labor Committee, Senator
Phipps of Colorado succeeding him as Chairman of that commit
tee. Prior to the
convening of Congress, concentration
on appropriation bills
was agreed upon as the basis of the
House legislative program
at this session of Congress at a confer
ence on Nov. 28 between President Coolidge and House leaders With
.
regard
thereto the Associated Press accounts said:
Speaker
Gillett, Representative Longworth of Ohio, the Republican
floor
leader, and Chairman Snell of
the Rules Committee agreed with the President that attention should
be centred first on the supp.y meastu es to forestall the necessity for an extra
session after next March for this reason alone.
Other measures which the House delegati
on told Mr.Coolidge would come
up included the Rivers and
Harbors Bill, the public buildings program, the
McFadden Bill to amend the banking laws,
the Lehlbach Retirement Bill.
DEC. 20 1924.]
THE CHRONICLE
2831
have been
"separate and apart from the return and may
against a
rent from the return or it may have checked
diffe
ding the name of the taxpayer in the
single item not inclu
New York Tribune,
return." In the proceedings against the
"
the action against the Baltimore "Daily Post,
return." In
more sustained on Dec. 16 the
Federal Judge Soper at Balti
es
the indictment. The Associated Press advic
was the action taken at demurrer to
said:
her development of Nov. 28
Anot
that day
ruling out of future Re- from Baltimore
nwho handled the case for the Gover
a caucus of Republican Senators
United States Attorney Woodcock,
Senators identified with the
be decided by the Department
said the question of an appeal would
publican conferences four
ment.
action of the Republican of Justice at Washington.
the
third party movement. This
facts set forth in the indictment—that
, as
The demurrer admitted the
gh the adoption of a resolution
s named therein, but
Senators came throu
the tax payment of the five person
"Post" published
of Pennsylvania:
follows, offered by Senator Reed
te, contended no law was violated.
on
ment proand the Constitutional amend
affecting Government employees,
Congress, already passed by
s in the time of meetings of
viding for change
lthe Senate.
renewal of the fight for the Howel
The House leaders also expect a
Labor Board.
abolishment of the Railroad
Barkley bill providing for
the eleven
the House would dispose of
n
Mr. Longworth expressed belief
recess, making it fairly certai
n bills before the Christmas
appropriatio
be passed before March 4.
that all of the supply bills would
Follet
the conference that Senators La
sion to the publicity provisions (Secti
Resolved, That it is the sense of
Judge Soper limited his discus
conferthe demurrer. He
not invited to future Republican
of 1924, the second ground of
Ladd, Brookhart and Frazier be
in Senate com- 257) of the Revenue Act
on.
vanccies
Constitutional phase of the questi
named to fin any Republican
ences, and be not
did not deal with the
ons to Section 257, by Act
e of the amendments and additi
mittees.
of Nov. 28, of"The purpos " said Judge Soper. "Congress determined to abandon
es
1924, is plain.
l public.
According to the Associated Press advic action of the
t of taxes paid from the genera
the
the policy of secreting the amoun
fraud, of favoritism.
Senator Borah said he did not agree with
t that thereby the chances of
or La Follette and It was doubtless though of income might be reduced.
Republican conference in excluding Senat
d of improper concealment on the amount of taxes paid by his fellows would
e party conferences. He said he woul
"Every citizen informed
others from futur
the Government. The taxpayers
the report of the become a possible source ofinformation to to do their full duties. No other
likely
have something to say about it when
on standing and the officials would be the more for the changes in the law.
cies
committee on committees in filling vacan
explanation satisfactorily accounts
very spirit
ves that it is counter to the
was also quoted as
"Bearing this in mind, one percei
assist to
committees reached the Senate. He
added irablicity, materially
of the law to punish those who, by
consisCongress had in view. To give
saying:
use. What we should do accomplish the very object which is necessary to hold that Congress had
ely better
I think we can put our time to infinit
statute, it
the
to so
the test the support of legislative tency and clearness to
against printing and publishing
is to get down to legislation and make
no intention to apply the penalties
out on the commissioner's lists.
measures in the future.
of the returns as should be given
in effect.
as "silly and much
s, the prohibition remains
Describing the action of the conference
Regarding other parts of the return
of self-appointed
foolish," Senator Norris said that "no set
e can be the judges of the Republicanmembers of the Senat
ism of anybody."
Senate passed
In its brief session on the 2d inst., the
ion bill, carrying about
the second deficiency appropriat
tment in the closing
$185,000,000, which had failed of enac
Two groups of Republican Senators
hours of the last session.
Coolidge at the
had breakfast conferences with President
on
the opening week of Congress, one
White House during
2d inst. Fourteen Senators
the 1st and the other on the
the 1st, while thirteen
breakfasted with the President on
the 2d. A discussion of the legisothers were his guests on
the objective of the
lative program, it is understood, was
in the day of the 2d inst. President
conferences. Later
Watson of Indiana,
Coolidge had a conference with Senator
of the
leader, and Senator Moses, Chairman
assistant party
ittee. The New York "Times"
Senatorial Campaign Comm
advices regarding this said:
hour, the Senators
nearly an
During this conference, which lasted
le
gave their opinion as to the probab
outlined the calendar of the Senate and
They advised the President
fate of several of the more important bills.
d and told some of the things
just how the party leadership plans to procee
it hoped to avoid.
sed, it is understood
While details of thd conference were not disclo
it would not be possible
that Senators Watson and Moses indicated that
ous legislative program.
in the brief life of the session to take up an ambiti
aside from the approThey made it plain that action on any proposition,
versy would have to be
priation bills, that would be likely to excite contro
deferred until the new Congress.
States District Court
On Dec. 9 arguments in the United
by the Baltimore "Daily
at Baltimore on the demurrer filed
was represented by
Post" were completed. The defendant
Secretary of War, and W. Calvin
Newton D. Baker, former
dispatch to the New
Chesnut. According to a Baltimore
se made the following points in atYork "Times," the defen
tacking the indictment:
and the amount
pers of names of citizens
That publication by the newspa
part ofincome
constitute publication of any
ofincome tax they paid does not
is forbidden by law.
tax returns which
ment to the
violating the First Amend
That Congress cannot, without
publication
at the same time forbid its
Constitution, make data public and
al
in the press.
directed Collectors of Intern
Mr. Baker declared that since the law
availfor public inspection, such
ue to make the tax figures available
Reven
."
have
ability in itself constituted "publication
the law," he said,"we would
"If any other construction is placed on
om of the press as
om of speech and denying freed freedom of the
Congress authorizing freed
power to do. The
to the same data. This Congress has no
Neither
any one may lawfully say.
press means the right to print whatever
ure of
ted. Nowhere in the literat
can be restricted where the other is permit
te speech and
a legislative attempt to separa
our law can there be found
attempt could or should sucpress in the matter of freedom, and no such
ceed."
demurrer, declares that the Act
Mr. Woodcock, in arguing against the
ding their publication, was conmaking income taxes public, but forbid
that the law violated the First
stitutional. Answering the argument
ock said the law did not conment to the Constitution, Mr. Woodc
Amend
the press.
stitute an abridgment of the freedom of
"is simply to prevent Congress
"The effect of this amendment," he said.
it enjoyed when that
the freedom of the press
from taking away any of
was adopted."
amendment
York Tribune,
In the proceedings against the New
Dec. 9 reof
the United States District Court on
s Involving Constitutionality of Publicity
Test Case
Inc., a jury in
eedings Against "Tribthe verdict being rendered at
Income Tax Returns—Proc
turned a verdict of not guilty,
who, according to the
une," Kansas City and Baltimore Papers.
the direction of Judge John C. Knox,
r
to test the constitu- "Herald Tribune" of the 10th inst., held that under a prope
Proceedings which have been brought
of the last Revenue
ted construction of the publicity provisions
tionality of the publication of income tax lists have resul
which indict- Act of Congress it is not unlawful for newspapers to pubin verdicts upholding the three papers against
inspection at the Collectors'
ments had been found in the test cases to determine the legal lish the figures opened to public
sions of the income tax publicity offices in October.
ity of the conflicting provi
ned by the Federal
paOn Dec. 10 a new indictment was retur
clauses of the Revenue Act. Indictments against these
ne, Inc., charging
returned in the several test cases brought by Grand Jury against the New York Tribu
pers had been
office. One of these— unlawful publication of income tax returns. This was done
the United States Attorney-General's
red to in with a view to getting a Supreme Court ruling on this and
that against the Baltimore "Daily Post"—was refer
2371. On Nov. 25 the New York the other test suits. As to the new indictment the "Tribune
our issue of Nov. 22, page
ne," was Herald" on the 11th inst. said:
Tribune, Inc., owner of the New York "Herald-Tribu
Colonel William Hayward, United
d States Grand Jury on three counts,
indicted by the Unite
The new indictment was obtained by
on Tuesin- States District Attorney,it appearing that the acquittal by the jury"Heraldcharging the unlawful printing and publishing of three
ment in favor of the
a final determination on the first indict
S. Dickey, day was
Knox, in the first trial.
come tax returns. On the same date Walter
corporation. Federal Judge John C.
Tribu
nal-Post," and statedne" construction of the publicity provision of the tax law favorably to
his
owner and publisher of the Kansas City "Jour
a Federal the newspaper and the object of the new trial is merely that he may put that
Ralph Ellis, Managing Editor, were indicted by
from, which the Government will appeal.
ful publication opinion in a different legal form,States Attorney, said yesterday.
Grand Jury at Kansas City for alleged unlaw
John E. Joyce, Assistant United
the old, except in one particular.
d proceedings have
The new indictment is identical with
of income tax returns. These last name
whose income tax
of the three taxpayers the publication of
the United States Supreme Court on For the names the "Herald-Tribune" formed the basis of the suit, it subbeen taken to
in
assess
Dec. 2 of Federal Judge Albert stitutements names of three others, whose tax assessments were published in
s the
an appeal from the ruling on
ing: Frederick A. Clark,
Kansas City, Mo., who held that the publication the "Herald-Tribune." They are the0 follow an R.Dick,$27,933 04.
L. Reeves at
aux. $94,57 15; Fairm
constitute a violation of the provision $172,405 58; W.H.La Royte
of the returns did not
—was quashed
The second indictment—that of the 10th
any person to print or
in the Act making it "unlawful for
(the 12th) by Judge Knox, who in his
ded by law any the following day
publish in any manner whatever not provi
on that the
e of income, profits, findings of that day said: "I am of the opini
n or any part thereof, or sourc
retur
has not transgressed the law and that this inin any income return." defendant
losses or expenditures appearing
ald Tribune"
not violate this pro- dictment will not properly lie." The "Her
The publication in question, he said, did
•
was of the 12th int. said:
n was made
vision, since the list from which publicatio
2832
THE CHRONICLE
It is understood that the
judgment quashing the second indictment may
be quickly appealed to the
Supreme Court without Intermediate appeal
to
the Circuit Court of Appeals
.
With regard to the verdict of the 9th
inst., we quote as
follows from the "Herald Tribune":
[Vox,. 119.
The three counts contained in the indictm
ent were based on the publication of the income tax returns of Archer
M. Huntington, M.M.Belding and
John T. Underwood, respectively $114,55
1, $243,681 and $258,617. Mr.
Joyce said the men whose tax figures
were selected for the indictment had
made no complaints to the Federal authorit
ies and that the Government
selected the names entirely at random
.
The case involving the "Herald
-Tribune" was the only one in which the
Editorially the "Herald Tribune" at that time
facts leading up to the publication
of income taxes have been established.
stated:
The "Herald-Tribune," from
the outset has co-operated with the United
The Freedom of the Press.
States Attorney, Colonel William
Hayward, to obtain a prompt decision in
This newspaper has been indicted by
the United States Supreme Court.
the local Federal grand Jury on the
On the rendition of the verdict Colonel charge that it unlawfully
published amounts of Income taxes paid. The
Hayward announced that the questio
ns involved would be immediately individuals whose taxes
were published made no complaint. Their names
carried up to that tribunal.
were selected entirely at random
It was suggested that the acquitta
. The indictment was found solely for the
l by the jury might be construed as purpose of testing the
question as to the legality of any such publication.
a final decision In favor of the
newspaper, from which the Government "The Herald Tribun
e" welcomes this litigation as an opportunity
could not appeal. Colonel Haywar
to assist
d then indicated that he would seek the Administration in
ascertaining the intent of Congress and not less
another indictment to-day, based on
to
publication of income taxes paid by protect the constitutional
other individuals. The Govern
right of newspapers to print the news.
ment could then appeal from an order
The publicity provisions of
quashing the second indictment.
the income tax law were perhaps the most
egregious blunder of the late lamenta
ble session of Congress and are so
ambiguous in terms that the Attorne
Court Sustains Defense.
y-General publicly declared that the
intent of Congress in enacting
them could only be "surmised." "The
Judge Knox fully sustained the contention "The
of
Herald Tribune" that Herald Tribune" believes that
the statute on which the inditcment Is
the Act did not make It unlawful to publish
income taxes paid, but merely founded did not prohibit the publica
tion of the figures.
prohibited publication of income tax returns
But the question of far greater
and details of taxpayers' inimportance is whether the Government has
come and deductions. It was also contend
ed that if the Act had prohibited a constitutional right to prohibit
the publication of facts made public by the
publication of income taxes after the figures had been
made available to mandatory provisions of an Act of Congres
public inspection it would have been unconstitution
s. Can Congress say: "You may
al as a violation of the talk, but you may not write?" The
indictment itself charges that the figures
First Amendment in the Bill of Rights, which declare
s that "Congress shall which this newspaper published were
"a public record." They unquesmake no law abridging the freedom of speech
or of the press."
tionably were. By express directio
n of Congress the collector's records
Although the indictment alleged that "The Herald
Tribune" had pub- were thrown open to inspection by all
lished parts of the income tax returns, the evidenc
comers. They were published in
e showed that the returns newspapers generally throughout the
country.
were at that time in Washington and that the figures
The threat involved in this attempt
published were furnby Congress to restrain the printing
ished to the public at the office of Collector
Bowers of the Custom House of public records attacks the freedom
of
from his assessment lists pursuant to orders of
the Commissioner of Internal The First Amendment to the Federal the press at its very foundations.
Constitution declares:
Revenue, issued under Section 257-b of the Act,
which provides:
"Congress shall make no law respect
"The Commissioner shall, as soon as practicable in
ing an establishment of religion or
each year, cause to be prohibiting the free exercise thereof: or
abridging
prepared and mado available to public inspection in such
freedom of speech,
manner as he may or of the press: or the right of the people peaceabtheto
ly
assemble, and to
determine in the office of the collector in each internal
petition the Government for a redress
revenue district and in
of grievances."
such other places as he may determine, lists
containing the name and the
It Is of the essence of the freedom
thereby guaranteed to the press of
post-office address of each person making an income
tax return in such dis- America that there shall be no governm
ental suppression of news. If Contrict together with the amount of the income
tax paid by such person."
gress could restrain the press from printing
the amount of taxes paid after
they had been made accessible to the
Publication of Returns Prohibited.
general public could it not be urged
that it might equally restrain the press
from publishing any other public
Another section of the Act declared it "unlawful for
any person to print event? In a democracy the newspapers are the eyes
and ears of the people.
or publish in any manner whatever not provided
by law any income return, Only a small percentage of the voters may
by personal presence hear the
or any part tte-eof or source of income, profits,
losses or expenditures ap- proceedings in their legislatures and their courts
and examine the records
pearing in any income return." This was the statute
on which the indict- in their collectors' offices. That knowledge there obtaina
ble by the few
ment was based.
may be kept from the many by suppression of
newspaper publication is an
In his argument, Henry A. Wise, special counsel associat
ed in the defense unthinkable proposition.
with Sackett, Chapman, Brown & Cross, attorne
ys for "The Herald TribThis paper has always believed that confidential
relations should be
une "said:
strictly observed. It has alwaysfought on behalf
of the freedom of the press.
"Now, your honor has for consideration in determining
this question only Some years ago two "Tribune" men refused to violate
a confidence and the
two provisions of the statute. We have Congress
enacting a law putting in whole power of the Government was turned
against them. Their "crime"
two things which, if the construction claimed by
the Government is to was that they had exposed an act which
the Government, apparently, had
apply, means nothing more nor less than that the
Congress of the United no intention of prosecuting. President Wilson,
Secretary McAdoo and
States did an idiotic thing.
others in the Administration attempted
to set up a system by which news
"Did the Congress when it said to the Commiss
ioner of Internal Revenue, about governmental affairs could be printed
only if given out by certain
you compile a list of taxpayers and the amount
of tax paid by them and high government officials. The "Tribune" fought
make it public, mean what it said? Presumably
the case up to the United
it did. Did Congress, when States Supreme Court, where it obtaine
d a unanimous decision in its favor.
it said that no one should print or publish
any part of an income tax re"The Herald Tribune" will do everything it can
turn mean what it said? Presumably it did.
to secure the repeal of
Now,if It meant both of these the present law, so that the names of
the taxpayers and the amounts they
things, is there room here for both of them
to have application? I say the pay shall be made available only to
government officials who have duties
answer is obvious,that there is—that the
Commissioner of Internal Revenue relating thereto. "The Herald Tribun
e" will also insist to the limit of its
In preparing the list of taxpayers and the
amount of taxes paid by them is power that the freedom of the press
guaranteed under the Constitution
not disclosing any part of an income tat
return.
shall not be abridged. It welcomes this
challenge to represent the public
"He is disclosing facts of record in the revenue
department of our Govern- and has full confidence that it will succeed in
this fight to protect the public
ment independent of, aside from and apart from,
any income tax return, and from publicity which is improper and
to guarantee it news to which it Is
in making up the list of the amount of taxes
paid it isn't even necessary entitled.
for him to have reference to the income tax return
of any tax payer. And
At a conference on Nov. 26 of attorneys
in his orders to the collectors the Commissioner of
Internal Revenue did not
representing the
even refer to the income tax returns, which were
then in his own office at New York Tribune, Inc., and John E. Joyce,
Assistant United
Washington.
Collectors Published Lists.
"He directed the collectors to make up the lists
of taxpayers and taxes
paid through records in the collectors' offices
when there wasn't a single
income tax return in the offices of any one of
them. Now,if the construction of this statute for which the Government contend
s is to apply here,then
the Commissioner of Internal Revenue is guilty
of a crime under Section
1.018 of the revenue law,and the collector is guilty
of a crime under the law.
When the collector took these lists and made them
available to the public
he published them just as effetively as did the New
York "Herald Tribune."
"And so we are confronted with an utter absurdity.
The courts in the
construction of statutes do not give an interpretation
which results in an
absurdity when a reasonable interpretation with sense and
not nonesnse can
be given."
"The Herald Tribune's" counsel contended, moreover, that
it was to be
Presumed that Congress, in the passage of the Revenue Act, did not
intend
to break down the constitutional prohibition of abridgm
ent of the freedom
of the press, and that to adopt the interpretation contend
ed for by the Government would make the law not merely absurd and unreaso
nable, but
Clearly unconstitutional.
Judge Instructs Jury.
After hearing the arguments of Colonel Hayward and John
E. Joyce,
AssLstant United States Attorney, who contended that "The Herald
Tribune" had published figures contained in income tax returns and
had therefore
published parts of income tax retnrns, that the statute permitted
publie
inspection in the Collector's office but prohibited other forms of publicit
y,
and that the statute is constitutional. Judge Knox instruct
ed the jury:
"I do not think I can take a view to agree with the argument
presented by
the Government," he said. "The argument present
ed here is of a character
that would permit of a rather lengthy dissertation upon
the construction of
these statutes, and perhaps, in the event of a certain constru
ction, the constitutional power of Congress. I will instruct you that, by
reason of the construction which I place upon the statute under which
this indictment is
drawn, there can be in this case no verdict
of guilty against the defendant.
I accordingly instruct you to return
a verdict of not guilty."
The time required to try the case was remarka
bly short. The Jury was
impaneled at 11 a. m and returned its verdict
at 3.02 p. m. Counting out
the luncheon recess of an hour
and another briefer recess of about fifteen
!minutes, the case was actually in court
something less than three hours.
States Attorney, it was agreed that the New
York Tribune,
Inc., would appear in Federal District Court
Dec. 1 to plead
not guilty to the Indictment. The two
lawyers, according to
the "Herald Tribune" of Nov. 27, issued the
following statement:
New York Tribune, Inc., will plead not guilty
next Monday. It will ask
leave to make any motions necessary to
present the important questions
involved speedily and in a broad way.
We have assured Mr. Joyce that "The Herald
Tribune" will co-operate
with him to obtain a speedy determination in
the trial court so that the test
case will be promptly decided in the United
States Supreme Court. The
purpose of the defense will be to assist the Depart
ment of
the intent of Congress in enacting the publicity provisi Justice to ascertain
ons of the Act and at
the same time to have declared unconstitutional
this most recent attempt
of Congress at governmental suppression of news.
We are convinced that the publicity provisions
are so conspicuously ambiguous and conflicting that they did not state a
prohibition of publication
of income taxes paid. 'I hey purport to prohibit
publication of the amount
of income losses and other details of the taxpaye
r's business and affairs.
No such information was published in "The Herald
Tribune." All that"The
Herald Tribune" printed was the amount of taxes
paid, which by mandatory provisions of the law were thrown open to
public inspection.
We are convinced, moreover, that Congress had
no constitutional right
to prohibit publication of the taxes paid. The
law, if it applied at all,
abridges the freedom of the press. Congres
s in effect said that a small
number of people might know the facts by persona
l application at collectors' offices, but that the public generall
y must not learn the same facts
through their chosen newspapers. The
menace of such a proposition is
obvious and, carried to its logical consequ
ences, threatens governmental
censorship in its most dangerous and drastic
form.
At the time (Nov. 26) Walter H. Dicke and
y
Ralph Ellis
of the Kansas City "Journal-Post" were arraig
ned in the
Federal Court at Kansas City an early trial date
was urged
and agreed to by both the Government and the
defendants.
Pleas of not guilty were at that time entered
by both men,
and they were released on bonds of $1,000
each for trial
As to the proceedings against it the "Hera
ld Tribune" in Dec. 1. Following the action on Dec. 2 of
Its issue of Nov.20 said:
Judge Reeves In
sustaining the demurrers of the defendants,
an appeal to the
DEC. 20 1924.]
THE CHRONICLE
2833
It was not an incident to its
lists. This was clearly a usurpation of power.
the part of the Congress to say
power to tax, but obviously an attempt on
information made available to
In what manner the people should acquire
tible of the construction given
them. Moreover, if the enactment is suscep
a clear transgression
l for the Government, the Act would be
tment of It by counse
Depar
, which forbids an abridgon instructions received from the
the First Amendment to the Constitution
upon
Mr. Madison acted
Judge Reeves with an applica- ment of the freedom of the press.
Justice at Washington. He appeared before
to hold that the enactment is
by the Court.
In this view. the Court is constrained
tion for a writ of error, which was allowed
in law.
Reeves erred in declaring invalid the violative of the First Amendment to the Constitution andis void
The appeal contends that Judge
albeen followed to the effect that
, owner and editor of the "Journ
2. In the above discussion the theory has
indictments against Walter S. Dickey
constitutional
ssional Act. I am not
t the Congre
editor, and places the
the publication as made offended agains
Post," and Ralph Ellis, managing
The statute upon which the indictment is based
the high court.
r whatquestions involved squarely before
test Inclined to that theory.
person to print or publish in any manne
the first decision in the series of
for any
Judge Reeves, who handed down
pers to makes it "unlawful
any part thereof. or source
to determine the right of newspa
provided by law any income return or
cases instituted by the Government
in any income return."
the Income Tax ever not
or expenditures appearing
ruled that the section of
publish income tax information,
tion of income, profits, losses
this provision, as no publicaunconstitutional. He drew a distinc
The publication in question did not violate
Law, relating to publication, is
or any
of individuals and corporations and tion was made "in any manner whatever" of "any income return
between the publication of the names
of
tor
any income return, but, as conned in lists made public by the Collec
part thereof," and did not purport to cover
the amount of tax paid as contai
returns.
s only that the pubment charge
of part of the actual tax
ceded on argument, the Government indict
t
Internal Revenue and the publication
pers were within their rights, under lication as made was from a list of those who had paid a tax and the amoun
The Court further held that newspa
the press in printing matters made paid by them, respectively. This was separate and apart from the return
of
constitutional guarantees for freedom
have checked against
the collectors.
been different from the return,or it may
public,such as the lists given out by
in the return.
ants to appear be- and may have
an assignment ordering the defend
including the name of the taxpayer
a single item not
Judge Reeves issued
ssional Act, as hereinbefore
the decision should not be corParagraph "B" of Section 257 of the Congre
fore the Supreme Court to show cause why asked by the Government to
duty to have prepared and
will be
set out, enjoins upon the Commissioner the
rected. The Supreme Court probably
calling the name and post office
made available to public inspection, "lists
advance the hearing on the appeal.
e tax return, together with the
address of each person making an incom
ws:
The text of Judges Reeves's decision follo
t of the tax paid by such person."
amoun
l purpose to preserve the cloak
for the Western Division of the
Undoubtedly it was the Congressiona
In the Diqtrict Court of the United States
ers, but after the imposition
of secrecy upon the returns of income taxpay
n District of Missouri.
Wester
nt with the name of
Walter S. Dickey and Ralph Ellis, and the payment of the tax, then the fact of the payme
United States of America. Plaintiff, vs.
made available for public
and the amount paid by him must be
the taxpayer
Defendants.—No. 6812.
inspection.
could be construed as printing
On Demurrers to the Indictment:
ants
It could only be a violation of the law if it
in its several counts, charges the defend
lity the
The indictment in substance,
names and and publishing by indirection a part of the return. In all probabi
the
publication in the Kansas City "Post" of
name and amount
with having made
publication of each Congress had this in mind when it provided that the
inspection. Moret of income tax paid by certain parties. The
the amoun
le for public
income tax, is set forth in the paid by a taxpayer should be made availab
separate name, with the amount paid as an
d against the publication "In
over. the inhibition of the section is directe
law."
indictment in separate counts.
such any manner whatever" of any portion of the return "not provided by
paying
ment that the names of the parties
be construed as part of the
It is alleged in the indict
under the law, a matter
If,therefore, the amount paid as a tax may
statute, for its
and the amounts so paid had become,
income tax
ions of the penal
publication, to wit, Oct. 24, 1924 return, it was excepted from the provis
of public record,and that at the date of
law in this that it must be made
collection district containing the publication is in a measure provided for by
"a list of income tax payers within the said
ined
g the amount of said income tax,determ ue. available for public inspection.
name of Frank 0. Niles, showin
cted as apart of the Revenue Law
Collector of Internal Reven
Section 3,167, Revised Statutes,re-ena
divulging or making
as aforesaid, and paid by him to the said
the said office of said of 1924, forbids any officer of the Government from
tion in
was prepared and made available to Inspec State of Missouri, aforesaid,
t or source of income or any
known in any manner whatever the amoun
s City,
Collector of Internal Revenue in Kansa
ssed in any income return. Yet such
r determined by the said Commi
particulars thereof set farth or discus
for all lawful purposes and in the manne
is required to expose to public
officer by another section of the statutes
t paid by each.
sioner of Internal Revenue."
e charged by alleging that inspection a list of all income taxpayers with the amoun
sets out the specific offens
more favorable to an
The indictment then
tion was "not for the purbe strange indeed if any interpretation
It would
le for inspec
the list prepared and made availab or public prints." In substance the officer should be made than to the unofficial person mentioned in practipose of being printed in newspapers
other counts cally the same language in the same statute.
as to names, is repeated in the
er and amount paid by him
above charge, changed only
It is my judgment that the name of the taxpay
of the return
in the indictment.
of the indictment for the was not considered by the lawmakers such an important part ss sought to
the sufficiency
if the Congre
The several demurrers challenge
the statute upon which it is based, as to cover it with the cloak of secrecy, Even
that
ation, it not only exceeded
reason, as stated by the defendants,
ting to
maintain a measure of secrecy upon this inform
s, is a Congressional Act attemp
Constitution.
or upon which its sufficiency depend
of granted Congres- its authority, but impinged upon the First Amendment to the
matters, and is beyond the scope
defendants will be
regulate purely local
amendment to the Constitu- In view of the foregoing, the demurrers of the several
and impinges upon the first
sional powers
abridging
forbids the enactment of laws
sustained.
District Judge.
tion of' the United States, which
of such
ALBERT L. REEVES, United S(ates
er,it is urged that the publication
the freedom of the press. Moreov
of these Kansas City, Mo., Dec. 2 1924.
by the Congressional Act. In view
and
lists is inferentially authorized
proceedings
examine the Revenue Act of 1924
During the presentation of arguments in the
contentions it becomes necessary to
privileges of the press.
of Kansas City on the 1st inst.,
er the law with respect to the
to consid
Com- before the Federal Court
ssional Act provide that: The
-hour arguThe pertinent portions of the Congre
and
each year,cause to be prepared
Senator James A. Reed of Missouri made a three
missioner shall, as soon as practicable in
determine, in
to
he may
public inspection in such manner as
the defense, according to Kansas City advices
ment for
made available to
e district, and in such
of the collector in each internal revenu
ne," which reported him as
the office
post the New York "Herald Tribu
containing the name and the
other places as he may determine, lists
e tax return in such district, follows:
office address of each person making an incom
by such person.
against Walter S. Dickey," he
together with the amount of the income tax paid
"This is not a case of the Government
ed by counsel that the pubg the freedom of
It is both alleged in the indictment and admitt
to stop the hand of tyranny from stiflin
a
data required by the above said. "It is case
ned the
United States—the
lication was made from this list and contai
people granted by the Constitution of the
based upon Section 1,018 of the the American
provision. The indictment, however, Is
and the freedom of the press.
particularly as subdivision of right of free speech
its public officials orders to
Revenue Act, approved June 2 1924, and
"Granting to our Congress the right to give
ed as Section 3,167
not Print
n which was in the law previously and appear
to say that the press shall
said sectio
other things, that "it make public income tax records, and
emporer, king or
says, among
of the Revised Statutes. This section
ng it more power than ever was enjoyed by
or publish in any manner what- them, is granti
shall be unlawful for any person to print
, or any part thereof, or source czar."
e
Recalls the "Dark Ages."
ever not provided by law any incom return
appearing in any income return."
es telling of the suppression of
of income, profits, losses or expenditures,
Senator Reed read passages from histori
the United States provides
First Amendment to the Constitution of
The
d, and likened the attempt of the
the freedom of speech or of the the press in the "dark ages" in Englan
the income tax reports to the
that "Congress shall make no law abridging
Government to penalize the press for printing
press."
the course methods of the rulers of those days.
other pertinent matters, will be discussed in
The above, with
ng out to stifle the very thitig
"It is the blood-red hand of tyranny reachi concluding his argument.
in
of the opinion.
save such power as may have for which this country was founded," he said
1.. Concededly, the Congress has no power
in Equity Court at
tution. The provisions of the
On Nov. 24 Justice Adolph A. Hoehling
been specifically granted to it by the Consti
, to impose
ents in an income tax pubCongress with power, among other things
heard argum
Constitution clothe
ments to the Constitution Washington, D. C.,
and collect taxes, and in view of one of the amend
brought before the court in
all necessary legislation to make ef- licity test case, the matter being
the Congress is given power to enact
n, Mass.,
It is academic that when clothed with a proceedings instituted by Gorham Hubbard of Bosto
fective the income tax amendment.
possesses such incidental power as to
of the Treasury and the
main or principal power the Congress
legisla- who seeks to restrain the Secretary
e of the chief power, so that all
publishing the figenable it to make effective its exercis
al power may be enacted and such Commissioner of Internal Revenue from
tion incidental or germane to the princip
paid in 1924. The
tory provisions. In making
legislation may to a degree embody regula
ures representing the amount of tax he
Congress would undoubtedly have the
effectual the Income Tax Law the
the ground that such publication is
its taxing operations and to protect tax- petition is based on
power to preserve the secrecy of
ts to the Constituprocess.
accrue from governmental
against the Fourth and Fifth amendmen
payers against harm that might
re and rethe foregoing proposition is not
the argument and briefs submitted,
denounce unlawful search and seizu
From
which
ental, however, that under the guise of a tion,
challenged. It is equally fundam
furnish evidence against himself.
to
cannot regulate any matters of a purely local lieve a citizen of having
taxing power the Congress
ssioner of
as a penalty for disobedience to such reuglation.
On Dec. 3 Justice Hoehn:3g held that the Commi
nature and enforce a tax
of taxpayers and the
names
instant case the publications gave the
may not be enjoined from making availnal Revenue
In the
This information had already been yielded to the Inter
amounts paid by them.
the name and postoffice address of
taxpayers with the amounts paid had been made able to public inspection
Re.
public, as a list of the
payinspection. The power of Congress to eforce the
tax payer as well as the amount of tax paid,
income
available for public
been concluded, and an
had been made effective and had
usions, the Associated Press adment of the tax
ng the court's concl
the chief power granted to Congress, the inci- gardi
with the final exercise of
no vices from Washington, Dec. 3, said:
necessity be at an end. Congress would have
dental powers would of
opinion granting the motion of Comexercise an incidental power which in a measure
The decision was handed down in an
authority to continue to
main
for an injunction filed against him by
after it had fully enjoyed and exhausted its
missioner Blair to dismiss the suit
involves local regulation
ng therefrom.
t the publication of the amount of tax
the benefits accrui
Gorham Hubbard of Boston to preven
Dower and had gathered all
such publication is prejudicial to the taxBut it may be argued that
ss all paid by the petitioner.
if the Congress had attempted to suppre
the opinion of the United States Supresia
payer. This may be true, and
The Court based its decision on
could have been made effective, but in this
case of Flint vs. Stone-Tracy Co., which involved the conpublications, its Act probably
r of the publication of the Court in the
attempted to regulate the manne
case the Congress
Dec. 6 by United
United States Supreme Court was taken on
Kanney Madison. In a dispatch from
States District Attor
"World" said:
sas City, Dec. 6, the New York
2834
THE CHRONICLE
[vol.. 119.
stitutionallty of the Corporation Tax
Law of 1919 as amended by the Act
01 1910. In that case the validity
of the legislation was attacked on various Tax Publicity[Curb Aim of Fight
Begun by Brooklyn
grounds,including the claim that
the provisions for inspection of the returns
Club—Committee Denounces Inspection of
filed by corporations was violativ
e of the Fourth Amendment. The United
States Supreme Court rejected
Records as Violation of Fourth Amendment.
that claim, saying "Congress may have
deemed the public inspection of
such returns a means of more properly
The following is from the New York "Evening
securing the fullness and accurac
Post" of
y thereof. We cannot say that this feature
of the law does violence
to the constitutional protection of the Fourth Nov. 15:
Amendment, and this is equally true
The first organized protest against
of the Fifth Amendment protecting
the provision of the Revenue Act
persons against compulsory self
which permitted public inspecti of income
-incriminating testimony."
on
tax returns was announced toWhile this decision related to corpora
day, when Charles F. Kingsley, Chairm
a
tion tax law, Justice Hoehling dean of the Committee on National
clared its language was broad
Affairs of the Union League Club of Brookly
enough to involve the present case and was
n, said a mass meeting would
controlling on the Court.
be called to discuss a plan of action.
It is a matter of history, the
The meeting will be principally for resident
Court pointed out,that income tax lists were
s of Brooklyn and Long Island.
printed and published during at least part
of the period between 1864 and Mr. Kingsley said the committee has obtained from the club's board of
1871, when the Civil War tax was
operative, and that such publication, as governors "authority to apply for leave to fife a brief, amicus curiae, to
now, provoked a controversy.
Whether the matter ever proceeded beyond any suit the Attorney-General may bring to test the publicity provision of
public discussion the Court was
not advised and had not been able to find the law, and to take such other steps as may be deemed necessary to organany adjudicated case involvi
ize a demand for its repeal."
ng the question at that time.
Whether public inspection oftax returns
"We condemn the publicity provisi
carries the right of publication in
on of the Income Tax Law as destrucnewspapers or otherwise, the Justice stated,
was not involved in the pro- tive of privacy and a denial of the fundamental right of citizens to keep their
ceedings before the court, but paragra
phs A and B of Section 257 of the own affairs to themselves," the report of the committee stated.
Revenue Act of 1924,relating to opening
the returns to the public,he added,
Fourth Amendment Quoted.
were valid and enforceable.
The Fourth Amendment of the Federal Constit
Should it develop, the Justice suggested,
ution provides:
that Section 3167 of the Revised
Statutes forbidding publication be upheld
"The right of the
by the courts as valid and en- and effects, against people to be secure in their persons, houses, papers,
forceable, then the publication of Hubbar
unreasonable searches and seizures,shall not be violated,
d's tax return would entitle him and no warrants shall issue, but upon
to appropriate redress under that
probable cause, supported by oath
or affirmation, and particularly describi
statute.
ng the place to be searched and the
It is the duty of the Commissioner
of Internal Revenue, however, the persons or things to be seized.'
Justice asserted, to make available
on public inspection the name, address
We have been reared in the belief that we
and amount of tax paid as has been
are safe in our persons and papers
determined under the law.
from unreasonable search and seizure,
and that even reasonable search and
seizure can be made only upon warrant
duly issued. The most important
and precious of our papers are the records,files
and transcripts which picture
United States Attorney-General Stone's
Statement the course of our business operations and contain the yearly balances showing what we make or lose. The Constit
Regarding Selection of Names of Taxpayers
utional guarantee was not design d
as
to protect a citizen in the mere physical
Basis for Income Tax Publicity Test
possession of his papers, but t o
maintain his ownership of their contents
against the world.
Proceedings.
The publicity provision of the Income
Tax Law is, in spirit, if not in
letter, an infringement of the Fourth
A statement by United States AttorneyGeneral Stone Government proceeds in tax collecting Amendment. It means that the
upon the theory that the citizens
explaining that the names of the persons select
ed as a basis of the country are dishonest and not entitled to the private possession of
for indictment of the newspapers against
own
which action has theirand papers. We have no right to pry into the affairs of our neighbors
they have no right to pry into our affairs.
been brought to test the publicity of incom
e tax returns protect our privacy. We have as much right to The Government should
the pursuit of happiness
were chosen at random, without complaint
as we have to life and liberty.
or suggestions
from the individuals, was issued on Nov.
Income tax publicity has been the cause of much envy,
humiliation and
28. Attorney- unhappiness. If
you destroy the right of a person to keep his affairs
General Stone said:
to
himself, you destroy his right of happiness to the extent
that privacy is
Those names, together with the amount of
income tax paid, selected necessary to his happiness. Nothing in the way of legislation could
go
by the various United States attorneys as
a basis for indictment of the further towards restriction the freedom of the individual and limiting
his
several newspapers which have recently publish
ed income tax returns in rights than the action of Congress in opening his books.
violation of law, were picked at random, without
suggestion or complaint
of any nature from the taxpayers mentioned.
Public Opinion for Repeal.
The several indictments thus far returned were
"An income tax report is essentially confidential.
made necessary in order
It recites in detail
that various phases of the tax law Tight be clarifie
d in those jurisdictions the sources of profit, and dissects the business operations of a taxpayer.
wherein the violations occurred. For each separat
It goes into details, In many instances, that the taxpaye
e count of an indictment
r never would have
a name, with the amount of tax reported paid,
was selected from the pub- worked out for himself and lays bare the secrets of his industry and enterlished list, and in no instance has it been
found that those whose names prise.
happened to be singled out ever made any
Publication of the facts compiled for general inspect
complaint of any character to
ion under the Norris
the Federal authorities prior to the return
Amendment often amounts, in effect, to the publication
of the Indictment.
of all essential
Three cases have now been institut
facts relating to a citizen's business. A trained investigator,
ed to test the question as to the
after getting
legality of the publication of informa
the main items from the Government records, will extract
tion based upon portions of income tax
the additional
returns in three different district
details by shrewd business deduction or by supplementary
s of the United States.
prying and
In New York, New York Tribune Inc.,
,
was made defendant in an indict- spying.
ment charging illegal publication
Public opinion generilly demands the repeal of the
of income tax returns. In Baltimore
publicity clause of
a
similar case is pending against "The Baltimo
re Post." The third case was the Income Tax Law.
started this week by the indictm
In addition to Mr. Kingsley, the committee
ent in Kansas City of Walter S. Dickey
includes: F. W. Rowe,
owner and publisher, and Ralph Ellis, managi
Edward F. Dyckman, George W. McKenz
ng
ie, Dr. Edward E. Hicks,
City Journal-Post." These cases will be brought editor, of "The Kansas McKenzie Williams, Marshall Snyder,
James J. Kennedy, Charles A.
to trial early in December.
Decker, Edward N. Whitney, Herbert
Defendants are co-operating with the Govern
H. Kellogg, W. Gerald Hawes,
ment in securing an early
John E. Ruston, C. C. Wayland, Thomas
determination of the legal question involved,
P. Peters and L. L. Jay.
which is solely to ascertain
the intent of Congress in passing Section
257 (b) of the Revenue Act of
1924 and Section 1918 of the same Act, vfhich
embodies Section 3167 of the Report of
Post Office Department on Cost of Carrying
revised statutes as amended.
Mail—Net Loss of Approximately $40,00
Indicating that action on the repeal of the public
0,000
ity proDuring 1923.
visions was unlikely at the present session, the New
York
According to a report on cost ascertainmen
"Ernes," in a Washington dispatch, Dec. 9,
t, submitted to
stated
Attorney-General Stone announced te-day that he hoped to get:
the Senate on Dec. 3 by Postmaster-Gener
a Supreme
al New, a loss of
Court decision on the publicity sections of
the Income Tax Law before $39,805,702 was sustained by
the Government in the operaMarch 1 and to this end Government briefs have
been prepared based upon tion of the
postal service during 1923. The report
the case of "The Kansas City Post," recentl
y decided on legal points in
indicates
favor of the newspaper.
that there was a loss in all cases for each
class of mail exThe action of Federal Judge John C.Knox,in New
York to-day,in direct- cepting first-class mail and the
postal savings. The figures
ing a verdict in favor of "The New York Herald Tribune"
eliminates that presented show
case from consideration of the Government in its
that losses were largest in the handli
appeal procedure. The
ng of
only other indictment thus far brought against newspap
ers for publication second-class mail, newspapers and magazines,
of the tax lists is that of "The Baltimore Post,"
the deficit
in which arguments on the being given as $74,712,869,
and third-class mail, on which the
demurrer were heard to-day.
loss is reported as $16,291,575. The next
Government prosecutions were begun mainly to test the
publicity law
highest loss was in
rather than to punish the newspapers or their publish
ers and editors for the registry service, with a total deficit of
$10,374,014. On
alleged violations of the law. In sustaining a defendant's
demurrer to the fourth-class mall, or parcel
post,the loss amounted to $6,916,
indictment of Walter S. Dickey and Ralph Ellis, respectively publishe
r and 754.
Paid first-class mail was handled at a profit
managing editor of "The Kansas City Post," Judge Reeves
ruled that sec
of $80,417,hens of the Revenue Act of 1924, which permit inspect
ion but prohibit 716 and the Postal Savings System at a profit
of $4,701,411.
Publication of tax lists, manifestly constituted violation of the
First Amdne- The revenues and costs
were computed on the fiscal year of
ment of the Constitution, guaranteeing freedom of
the press. The Judge
also questioned the right of Congress to set up limited
1923. Total revenues for the year were
regulations after
$534,413,172 and exexercising its full power in collecting taxes and giving those collecti
ons actual penditures $574,218,874, with a loss, as
stated above, of
publicity.
$39,805,702.
The fact that Judge Reeves reached a decision on
constitutional grounds
Will obviate consideration of the points involve
The report was filed in response to a Senate
d by the intermediate Federal
resolution,
courts. A Government motion to advance conside
ration of the case will be and was designed in connection with
a bill proposing genmade in the Supreme Court.
eral increases in salaries of postal employees,
Republican members of the House Ways and Means Commit
involving intee decided
to-day that to take up the matter
of income tax publicity at this session creased rates on all classes of mail except letter
mail, more
would be to put the appropriation bills
in danger and that it would be best extended mention of
which will be found in another item in
to await a court decision before acting.
this issue. The Cost Ascertainment report,
Representative Watson of Pennsylvania was informe
d that the Adminissaid the Posttration favored his bill repealing
the publicity sections rather than the master
-General, "Is merely a fact-finding statem
measures introduced by Representative
ent and
s Chindbloom and Fairchild. Mr. does not make
Watson was also told that If the
any recommendation with respect to
supply bills were disposed of in time his bill
postage
would probably be taken up in
the House, but the appropriation bills are rates." The report was presented in response to
the followexpected to consume the entire
session.
ing resolution adopted by the Senate Dec.
2:
DEC. 20 1924.]
THE CHRONICLE
the Post Office
Whereas, There was included in the appropriation bill for
item of $500,000 for
Department for the fiscal year ending June 30 1924 an
ing the cost of the Departthe purpose of completing the work of determin
ment of handling the various classes of mail matter; and
completed; therefore,
Whereas, It is understood that said report has been
be it
ully requested to subResolved, That the Postmaster-General be respectf
mit said report to the Senate of the United States.
2835
sted
Advances in Postal Rates to Yield $66.000,000 Sugge
-General New to Meet Proposed
by Postmaster
Increase in Pay of Postal Employees.
letter
Increases in postal rates on all classes of rdail except
an
are proposed by Postmaster-General New to meet
mail,
0,000 a year in the Post Office Departaddition of $68,00
measthe ment's expenditures in the event of the passage of the
The Postmaster-General's announcement regarding
e higher pay to post office employees. The
ure to provid
transmission of the report follows:
a letter
Poasmaster-General's proposals are embodied in
ChairCost Ascertainment.
Report on
sed, under date of Dec. 12, to Senator Sterling,
cost of carrying and addres
The report of the Post Office Department on the
Committee on Post Offices and Post
ng the special services man of the Senate
handling the several classes of mail and of conducti to-day.
postal rates is
al
Roads. The total yield from the increased
was transmitted to Congress by the Postmaster-Gener
saes hat i is accomIn transmitting the report the Postmaster-General
0,751.
accountants, New York, estimated at $66,39
are based
panied by a special repor by W. B. Dickenson & Co.,
Cleveland, and that each
Announcing that his suggestions for advances
and Ernst & Ernst, Certified Public Accountants,
cost ascerh and exhaustive review of the methods followed, the data upon the conclusions arrived at in the report on
firni gave a thoroug
the conclusions and the
refer elsewhere, Mr. New, in his
secured, and the manner of handling them in reaching
of them; and that tainment, to which we
conclusions themselves, and have certified their approval
Department
ce with the best established prac- letter to Senator Sterling, gave notice that the
the ascertainment has been made in accordan
defend" this cost ascertaing similar results in commercial enterprises.
"to explain and
tices observed in obtainin
e Assistant to the is preparing
The report. itself is signed by Joseph Stewart, Executiv
ee of experts who ment if attacked.
Postmaster-General, Chairman of the departmental committ
proposed in
the methods purThe yield from the various classes of mail
conducted the work. It is voluminous and covers in detail
ng the necfollows:
sued in analyzing the functions of the postal service, in collecti
the advances suggested is estimated as
ning revenues and ex510,876,000.
essary data and in their use in assigning and apportio
Second class mail—Newspapers and periodicals.
ascertainment of
penses. Among other conclusions the report represents an
Fourth class mail—Parcel post, $12,000.000. ing, $18,000,000.
advertis
revenue, expense and profit or loss reached.
Third class--Circulars and direct mail
the postal serrate from one cent to one and oneThe report contains a vast array of public information on
Postcards—Through increasing the
ance of service for every class of mail
vice. It shows a loss in the perform
savings, such half cent, $12.500,000.
matter and special service, excepting first-class mail and postal
Registered letters, $4,000,000.
from the postgain or loss being the difference between the revenue derived
Money orders, 53,500,000.
the postal service
age or fees and the direct and apportioned expenditures of
Postal insurance, $3,058,000.
on account of the mails and services, respectively.
Collect on delivery, $1,103,000.
ding stateThe report, the Postmaster-General says, is merely a fact-fin
follows by Postmasdoes not make any recommendation with respect to postage rates.
The changes proposed are outlined as
ment and
the Joint ComThe report shows that the work was first undertaken by
nding with the ter-General New:
mission of Congress on Postal Service with the understa
and Fees.
al data and preparProposed Changes in Postage Rates
Postmaster-General that the work of gathering statistic
the Post Office DeCards.—These rates are increased to
ing an estimate would be conducted by the officers of
First-Class Matter, Postal and Post
Conin 1923 and
cent.
partment. The Joint Commission went out of existence
cents each, being an increase of M
the work by the Depart- 1%
rate on reading portion of newsgress made an appropriation for the completion of
Second-Class Matter.—No change in
portion of periodicals classified as
ment.
papers. No change in rate on reading
published and mailed
, weights of mails, numural, religious, fraternal, &c., when
Statistics of the entire postal service as to revenues
stockholder or
the scientific, agricult
of weights of mails to their cubical contents,
not conducted for profit of any private
ber of pieces, the ratios
actual by organizations
newspapers is 1% cents
of the
al. The present rate on reading portion of
post office employees and railway mail clerks
Individu
time devoted by
ng the special services and a
present rate on the reading portion
handling of the several classes and performi
per pound; this is not changed. The
reported and tabulated from of scientific, agricultural, &c., publications not conducted for profit Is
vast number of other functions were recorded,
use in apportioning revewhich the necessary computations were made for work in the post offices 13 cents per pound; this is not changed.
publications is increased
the
The rate on the reading portion of all other
nues and expenses. An exhaustive analysis of
results as to all
1M to 2 cents per pound.
in the Railway Mail Service was made with recorded
from
and
publications now subject
on the railroads, electric
The present rates on the advertising portions of
these elements. The transportation of the mails
analyzed and the appropriate to zone rates are increased 2 cents per pound in the first, second and third
lines, and by other means, was exhaustively
to the several classes of mail zones and 1 cent per pound in the fourth,fifth and sixth zones, over present
apportioned expense of the same was charged
in cities and
eighth zones. It is
these services. The actual work of the carriers
rates. No increase is proposed in the seventh and
which received
the classes of mails
ing portions of pubrural carriers on rural routes was analyzed and
also proposed that the increased rates on the advertisalike to advertising
of the
were charged with their lications now subject to the zone rates will apply
and special services which received their benefits
nments of service actually portions of all publications, except publications where the advertising
appropriate expense based upon careful ascertai
matter is 5% or less of the total printed space.
received.
publisher or registered
ing information concernUnder the department's recommendation any
The report includes many tables of most interest
revenues derived from news agent may elect to mail a portion or all of the issues of any publicato
ing the postal service and conclusions with respect
s of mail matter and tions entered as second-class matter under the rates recommended for
and the expenses incurred by each class and sub-clas
for each class of
be applicable to each piece
fourth-class or parcel-post matter, such rates to and registered news agents
each special service performed. The general results show,
cases excepting
rs
mail as a whole and special service performed, a loss in all
for each addressee. This will enable publishe
shows these
to a single addressee at the
first-class mail and the postal savings. The following table
to ship large bundles of second-class matter
results:
parcel-post rates.
are changed from 1 cent for
The rates on transient second-class matter
ON OF ALLOCATABLE 80—STATEMENT SHOWING RECAPITULATI EXPENDITURES four ounces to 1% cents for each two ounces, up to and not exceeding
UES AND
TIONS AND APPORTIONMENTS OF REVENTABLE A, ACCORDING TO
8 ounces.
parcel-post rates to apply to weights above as to limit the
FOR THE FISCAL YEAR 1923, SHOWN IN
ES, AND THE 8 ounces and
changed so
THE CLASSES OF MAIL MATTER AND SPECIAL SERVIC
Third-Class Matter.—Third-class matter is
class weighing more than 8
LOSS OR GAIN ON EACH.
weight to 8 ounces. All matter now in third rates of postage on matter
ounces will go at parcel-post rates. Third-class
cent for each 2 ounces to 1%
Classes of Mail
not exceeding 8 ounces are increased from 1
n of books, catalogues, seeds,
Matter and SpeGaff:.
cents for each two ounces, with the exceptio of 1 cent for each 2 ounces.
Loss.
Expenditures.
Revenues.
cial Services—
bulbs, scions, &c., which will go at present rates provides that fourth-class
$80,417,716 32
Fourth-Class Matter.—The recommendation 8 ounces, embracing all
Paid first class__ 8271,894,051 49 5191,476,335 17 874,712,868 67
14
of
Second class_ _ _ _ 31,214,425 47 105,927,294 25 16,291,675 48
matter shall be limited to weights in excess of 8 ounces. The proposed
40 77 60,136,516
43,844,9
excess
Third class
6,918,753 82
matter now in the third class weighing in
Fourth Cill148- — - 120,649,662 42 127,566,416 24
s approximately 2 cents per
357,819 45
357,819 45
schedule of increases in the zone rates average
Franked matter_
more than 2 cents per package
6,214,131 44
6,214,131 44
Penalty matter_
package for all zones with increases averaging sixth zone, and no increases
27,315 29
27,315 29
the
Free for blind__
in the nearby zones, with a lesser increase in
4,603,838 17
12,871,746 39 I 17,591,003 59
Foreign
proviso that rates on boobs, catain the seventh and eighth zones, with a
Receipts foreign
shall be 1 cent per piece less than
115,419 03 1
mail transit__
logues, &c., weighing in excess of 8 ounces
9,540,111 17
99
Money order__ _ 11,601,425 82 21,141,936 01 10.374,013 81
the rates applicable to merchandise.
8,005,579 20 18,379,693
on insurance is increased from
Registry
4,701,411 05
Insurance and C.O.D.—The minimum fee higher fees. In lieu of the
708,092 95
5,409,504 00
Postal savings__
in the
121,997 34
8,297,645 67
8.173,64833
3 to 5 cents with lesser adjustments
Special delivery_
services, the proposed legislation
1,145,959 46
8,331,730 60
7,185,771 14
Insurance
present fees of 10 and 25 cents for C.O.D.
1,825,437 39
5,904,580 74
4,079,143 35
COD
s for fees of 12. 15 and 25 cents.
provide
221.809 28
221,809 28
fees on money orders ranging
Treasury savings
Money Orders.—In lieu of the present
ranging from 5 to
5525,047,317 41 5572,282,220 81 5132,354,030 77 $85,119,127 37 from 3 to 30 cents, a schedule of fees has been devised
Total
Loss, excluding
22 cents.
registered mail is inon
unassignable &
Registered Mail.—The present fee of 10 cents
47,234,903 40
unrelateditems
when the sender shall request a
creased to 15 cents, with a proviso that
Less unas.signa7,773,776 74
be paid therefor.
7,773,776 74
return receipt a fee of 3 cents shall
ble revenues._
cents for the special delivery
Special Delirery.—The present fee of 10
regardless of weight. The departNet loss, exclud126 66
$39,461,
of mail matter applies to all Mail matter
ing unrelated_
cents for the special delivery
ment's recommendation proposes a fee of 15
but not in excess of 10
344,575 52
1,936,653 15
1,592,077 63
Unrelated
of mail matter weighing in excess of 2 pounds,
of packages weighing in excess
pounds, and 20 cents for the special delivery
.171 78 8574.218 873 96 539.805.702 18
Deana tontals__ 8534.413
of 10 pounds.
the above
and estimated costs for second-class
The report a so shows the revenues
Mr. New's letter to Senator Sterling submitting
newspapers; weekly, semi-weekly and tri-weekly newsmail divided to daily
follows:
, etc., magazines, and all other schedule
Dec. 12 1924.
papers; scienti is, agricultural, religious
periodicals.
for the fiscal year 1923, Hon. Thomas Sterling, United States Senate.
As to the weights of the mails, the report shows
nce with your request for the sugMy dear Senator Sterling:—In complia
or 5.62% of weight of all mails;
820,555,512 pounds of first-class mail,
from which may
mail, or 24.24% of weights of all gestions of the Post Office Department as to the sources
1,381,045,131 pounds of second-class mail, or 4.08% of the weight of all be derived revenues approximately aggregating the additional cost the
malls; 232,582,062 pounds of third class
of the weight Department would be compelled to meet in the event of the passage of the
mails; 3,394,619,815 pounds of fourth-class mail, or 63.08%
or 1.29% of the weight bill increasing the pay of post office employees, I transmit herewith the
of all mails, and 73,793,050 pounds of foreign mail,
following in the form of a bill, which will, in the judgment of the Departof all mails.
2836
THE CHRONICLE
[VOL. 119.
ment. meet the desired end. It will be
observed that the suggestions affect
It amounts to a tax on advertising,
every class of mall on which the Departm
and therefore a tax on the proceeds
ent now sustains a loss, as revealed
of business. It is about time that
by the result of the cost ascertainment
Congress woke up to what it means.
just completed by direction of ConNo essential element of business life Is
gress, except foreign mails, and it is the
going to stand for this sort of tax.
purpose to distribute these with due
regard to equity.
The great danger of this sort of tax is that
it will force the publishers to
abandon the use of the mails entirely and
81, By practice of every economy possible consistent with
to develop private methods ef
good service and distribution.
by reason of the gradual increase
This would reduce the volume of mall, but
in the volume business, the Department
the overhead
costs of the Post Office Department would
has been slowly approaching the point where of
remain the
its receipts would balance its
expenditures. According to Departmental
In addressing Senator Sterling, Mr. Hansosame.
estimates, the postal pay bill
n said:
will add approximately $68,000,000
to the annual expenditures and it is at
Washington, Dec. 15 1924.
once obvious that the money to meet
this must come from somewhere. Hon. Thomas Sterling. United States Senate.
The question is whether it shall be assessed
My Dear Senator:—On behalf of the
against the general taxpayer or
American Newspaper Publishers'
whether it shall be obtained by providin
g increased rates for mail now carried Association, I desire to make formal request that our Associat
ion be allowed
at a loss. It is my belief that the latter
the privilege of presenting its
is the correct methcd.
views to your committee when hearings are
Inasmuch as these suggestions are based upon
the conclusions arrived at held on the bill which I understand you are to introduce to-day or
by the cost ascertainment, I desire
toto say that I have implicit faith in their morrow for the purpose of increasing salaries and raising addition
al revenues
accuracy. It has been made by some
of the most efficient and experienced in the Post Office Department.
experts in the postal service and has
It is the hope of the American Newspap
later been most carefully analyzed by
er Publishers' Association that
two of the best known firms of expert
accountants in the country, and both It will be given an opportunity to demonstrate
that the increased rates
the accountants and the Department
are prepared to explain and defend on newspapers proposed by the Postmaster-General
not only would fail
It if attacked.
to produce additional revenues,
but would drive daily newspapers comThe loss incurred by fourth-class mall, or
parcel post, is much less than pletely from the mails.
had been popularly believed. Most extrava
You will perhaps recall that in
gant
1917 Congress ordered four successive
repeatedly made concerning the deficit incurred statements have been Increases of onequarter of a cent per pound on daily newspap
through carrying parcel
ers in the
post, but the figures demonstrate these exaggera
first and second zones. The f;rst
tions. In submitting the
two of these increases of one-quarter of
rates proposed herewith, the Department
proceeds upon the theory that a cent a pound produced approximately 1613.500,000 addition
al revenue.
while the handling of this class of mail is a very
useful and in fact indispens- The third increase of a quarter of a cent a pound produced
less than $400,000
able feature of the postal service, it is
nevertheless commerce and should be additional revenue, and when the fourth increase in
rates was made there
regarded as such when it comes to making
rates for carrying it. Fourth- was a falling off of over $300,000 in revenue.
class mail is made up of commodities and
As a plain business proposition,
not of intelligence. It should pay
newspaper publishers cannot see how
Its full way and leave a slight margin of
safety sufficient to provide for un- an increase of two cents per pound in the first and
second zones, which is
foreseen changes. The loss sustained on
this class of mall closely approxi- equivalent to 100% over the present rates, will
provide any additional
mates 87,000,000. In order to wipe this out and
provide the margin referred revenue for the department when less than three years ago an increase
to, the Department suggests increases amounti
of
ng to .about 4142,000.000. but a quarter of a cent per pound caused a falling off in revenue
of nearly
However, after the cost of the salary bill
is added to the expense of the half a million dollars.
Department, the proportional share chargea
This matter is so vital, not only to the
ble to fourth class will pracpublishers but to the public at
tically balance this margin.
large, that the publishers feel justified in
requesting an opportunity for a
Third-class mail consists largely of
circulars and of direct mail adver- full hearing and deliberate discussion before action
is taken by Congress.
tising. It has to some extent the treatme
With cordial personal regards. I am,
nt of first-class mall. Concerning
It, It is the view that, like parcel post,
it also should pay its way and leave a
Very truly yours,
slight margin. The loss on this class
is $16,000,000. It is proposed to
ELISHA HANSON.
increase receipts by $18,000.000 by
means of the new schedtue of rates
herein proposed.
As President of the National Publishers' Association,
First-class mall as a whole yields a profit in excess
of 880,000,000, but the Arthur J. Baldwin has likewise asked, in a letter
to Senator
postal card feature of it is carried at a loss
of about .45 of a cent on each Sterling, which
we give herewith, that a hearing on the
card. It is proposed to cover this by increasi
ng the price of postal cards to
13-5 cents. There will be those who will regard
this as much more difficult proposed new rates be accorded the publishers. His letter
of accomplishment than the Department
believes will prove the case. follows:
Postal cards are principally used by those
who buy them in considerable
numbers and employ them in sending out notices
Dec. 17 1924.
of various kinds and the Hon. Thomas Sterling, Chairman Senate Post
Office and Post Roads ComIndividual sales are not nearly so numerous as
is popularly believed. By
mittee, Washington, D. C.
this moans we estimate added revenues of
$12,500,000.
Dear Senator Sterling:—The National Publishers Associat
Second-class mail consists entirely of publicat
ion, representions, newspapers and ing the leading popular, scientific, religious
periodicals, and the loss on it is placed at
and agricultural publications,
874,712,000. Notwithstanding together with other publishers' organiza
tions, have long protested against
this, the recommendation for Increases on second
class calls for 810,878,000. the existing rates on second class mail matter
as being an unfair tax by the
One million of this is expected to be derived
from newspapers mailed by Government for the service rendere
d In their distribution through the
individuals and not by the publishers.
malls.
In holding the increase on this class within
the limits named the DepartBy virtue of the demands of the professionally organized forces
ment has been governed by numerous
of postal
considerations. It has been the employes requiring an increase of $68,000
traditional policy of the Government to give
,000 per year, the Post Office
publications the benefit of low Department has submitted to you a means
rates, recognizing them as distributors of
of providing this revenue by
general information. It always further taxing second-class matter
with another burden of over $10,000,000
has and still does recognize the desire of
the public for daily news and current Per annum,or an increase of
over 33 1-3%.
Information and reading matter. The
increases proposed will apply to the
This, together with the manner suggested that
advertising pages of both newspapers
a 100% increase on the
and magazines, with a slight increase first two zones, which is the natural
field of circulation for every newspaper
on the reading portion of magazin
es.
and a great many periodicals, makes the propose
About $4,000,000 is estimated from registered
d rates absolutely conletters, and about $3,500.- fiscatory.
000 from money orders, on which under present
rates there are very subThen, too, the proposed discrimination of
stantial losses. These features are more or
rates on reading matter as
less in the nature of banking appearing in newspapers and periodic
als is utterly ridiculous. What power
transactions and may be rattly so regarded, but
the
is there to determine what is daily news
large as to make them greater than those charged rates fixed cannot be so
or weekly news, current or scienby the banks and express tific?
companies for a similar service, and it is believed
that the sums are as large
All of which makes the situation an impossib
as can be justified.
le one. In the first place the
publisher cannot pass it on to his readers, nor
should the readers bo further
On insurance and collect-on-delivery services increase
s of $3,058,000 and taxed.
81.103.000, respectively, are estimated for.
Therefore, I wish to voice the protest of member
The total increases provided by the rates in this
s of the National Pubbill are estimated to lishers' Association and all magazine publishers against
yield $66,390,750 87 and will approximately cover
the passage of such
the 868,000,000 estimated unsound legislation that will further increase our rates,
and earnestly request
as the dost of the bill S. 1898 providing the
increased schedules for the pay an oportunity of laying before yourself and
your committee such facts as
of employees.
will prove the impossibility of this proposed legislat
ion.
The Department will be glad through the Postmas
ter-General, and still
Respectfully yours,
better through the experts of the Department,
to give to your committee
ARTHUR J. BALDWIN, President Nationa Publishe
l
rs' Association.
any further information desired.
Regarding the contentions of the Postal Committee
Very truly yours,
of the
•
(Signed) HARRY S. NEW,Postmaster
American Newspaper Publishers' Association,
General.
relative to the
• Objections to proposed advances, which have been made proposed increases, we quote the following from
by newspaper publishers, are the subject of another article ton dispatch to the New York "Times," Dec. a Washing13:
in this issue.
Fear End of
Newspaper Publishers Declare Higher Postal Rates
Will Drive Newspapers from Mails—Ask Hearings.
Members of the American Newspaper Publishers' Association and the National Publishers' Association have voiced
their objections to the proposed increases in postal rates
suggested by Postmaster-General New in a letter to Senator
Sterling, which letter will be found in another article in
this issue. In requesting that the American Publishers'
Association be given a hearing on the suggested increases,
Elisha Hanson, Washington representative of the Association, in a letter to Senator Sterling states that "the increased
rates on newspapers proposed by the Postmaster-General
not only would fail to produce additional revenues, but would
drive daily newspapers completely from the mails." Frederick W. Hume, Executive Secretary of the National Publishers' Association, making a similar declaration, was
quoted in the New York "Times" of Dec. 15 as follows:
The additional rate on second-class
mall would amount to a 33 1-3%
cereal% in postage on newspapers and magazin
es.
Mailing Newspapers.
The American Newspaper Publishers' Associat
ion, according to representatives on its Postal Committee, believes that if
Congress approves the suggestion of the Postmaster-General, which in etfect
doubles the rates on newspaper circulation going through the malls, the
result would be reducing the
revenues accruing to the Department and absolute
ly forbidding the circulation of daily newspapers In the malls.
In 1917, it is stated by the committee, Congress
ordered four increases on
second-class postage. These increases were to take
effect in four successive
years at the rate of a quarter of a cent a pound
for each year. In other
words, the basic rate for the first and second zones
was 1 y, cents a pound;
the following year it became 134 cents a pound;
the third
to 1% cents a pound, and the fourth increase brought year it advanced
the rate to 2 cents
a pound.
The Postmaster-General now proposes to double
the present rate on the
first and second zones, increasing it from 2 cents
to 4 cents a pound. He
bases this recommendation upon the cost ascerta
inment report prepared by
his Department, and recently submitted to Congres
s.
The effect of the 1917 increase shows, it is held,
that the first increase of
one-quarter of a cent a pound advanced the revenue
s accrued from secondclass mail from $11,717,623 97 to $16,059
,247 89. With the second increase, to the I 3.5 cent rate, the revenues jumped
to
For the fiscal year ended June 30 1921, the third $25.100.320 34.
increase was in effect
and the revenues increased less than 8500,00
0, the sum total received
being 825,499,780 14.
The last increase went Into effect during the
fiscal year which ended
Juno 30 1922 and this increase of but one-quarter
of a cent a pound
produced a decrease in revenues, as the total receipts
that year were 825,-
1
DEC. 20 1924.]
1.11.11 CHRONICLE
2837
l magazines.
such as scientific, religious, and fraterna
d somewhat from rate publications,
n Newspaper Publishers'
197,444 76. Since 1922 the revenues have increase
On this policy of the Government the America object to having these
$31.214.425 47.
does
second-class mail, the figures for 1924 being
Association has no criticism to make, but it
the second-class mail, so as to
costs shouldered onto the paying users of
Effects of Rate Increases Cited.
the pile up a deficit against those who pay their way."
authorized by
One result of the four increases in rates which were
said:
ly all second-class mail
In his letter to Senator Oddie Mr. Hanson
1917 Revenue Act, it is held, was to drive practical
of this country now exceeds
special rates and that which
"The cost of the rural free delivery service
from the mails, except that which is favored by
practically no revenues. The
s
$80,000,000 a year. This service produce
is delivered on the R. F. D. routes.
a carrier on his route,
delivered by city carriers service is paid for on the number of miles traveled by
him, or
To-day practically no daily newspapers are
in its cost irrespective of the number of pieces or pounds of mail carried by
g this fact,
of city post offices. Notwithstandin
working out
day.
has allocated to daily the number of hours employed by him during the
ent
ascertainment report, the Post Office Departm
, bases the cost of this rural
"The cost ascertainment report, however
expense incident to the city
newspapers a great percentage of the overhead
and stops made by the carrier. By using
s, which are not used by the daily news- carrier service on pieces, weight
post offices and the city terminal
that on which the carrier is
this method, which is entirely different from
papers.
against the users of secondarbitrary allocation of expense paid, the Post Office Department has assessed
As an instance of this alleged unfairness in
delivery service of $334,375,091 11,
of the Minneapolis "Journal." class mall a total charge for rural free
delivery service.
the Publishers' Committee cited the case
l" had a mail circulation or approximately 40% of the entire cost of rural free
Prior to the 1917 rates, the Minneapolis "Journa
cost of
When it tried to pass along the additional
Allocation Unfair.
Calls Cost
of more than 60,000.
a loss of 20,000 in mail
allocation of rural free dethe postal service to its subscribers, it suffered
"It is the contention of the publishers that this
the best
subscribers.
unfair but unjust, as well as improper under
its mail circulation was brought about by an livery cost not only is
this cost would be on
This loss of one-third of
To-day, with methods of accounting. The proper method to assess
of mail handled. If
cent a pound distributed over four years.
increase of 1
to the various classes
copies were handled through the the basis of receipts according
lass mail of the rural free dea mail circulation of 40.000, only 34 single
this basis were adopted, the cost to second-c
ce
Minneapolis city post office.
about 6%.instead of 40%. making a differen
ion is routed, tied and sacked In the office livery service would be only
one item alone of more
The remainder of this circulat
ion to the mail in charges assessed against second-class mail in this
ion and delivered by employees of the publicat
of the publicat
outside of transportation, than $29,000,000.
users of second-class mail
train, on which it is carried to destination, and
"The cost ascertainment report charges the
ent is delivery by
the only service performed.by the Post Office Departm
Post Office service, whereas
with 12.35% of the general overhead of the
the rural carrier at destination.
about6% of all postal revenues."
the receiptsfrom second-class mail are but
June 30 1924 the Post
Mr. Hanson wrote that during the fiscal year ended
Study Division of Second Class Loss.
and $19,890,466 44 mere on
it is contended by their committee, Office Department expended *567.522,288 21.
The publishers, at the present time,
The total cash dn•
nt's cost ascertainment account of obligations undischarged in prior years.
are having a thorough study made of the departme
Congress when ficiency in postal revenues was only $14,463,976 24.
so that they will be able to present their views to
report,
cost for handling Congresas prepared shows
"This sum exceeds by only a few dollars the
the question of increased rates comes up. This report
"In other words, the
various divis:ons of second- sional and Department mail." said Mr. Hanson.
that the expenditures and the receipts from the
as a business institution,
Post Office Department paid for itself last year
class mail are as follows:
deficit is nothing
-odd which represents its working
Agricultural All Others. and the 614,000,000
of Government mail and
Including
Trade,
more nor less than a tax for the free distribution
Weekly
Daily
Magazines. literature."
Newspapers. Newspapers. Scientific.&c.
$13,449.813
gton dis*46.273.540 *22.027.514 $20,554,473
Expenditures
According to the "Herald-Tribune's" Washin
8.837.580
5,612.615
1.915.361
11.798.910
the cost ascerReceipts
4,612,233 patch, Dec. 18, additional discrepancies in
14,951,858
20.112.153
34.474,630
Loss
were set
proportionate loss in tainment report of the Post Office Department
The Publishers' Committee stated that the largest
the so-called county free forth that day by Mr. Hanson. These advices state:
the handling of second-class mail is incident to
er classification, and
s on cost, of handling
publications which are included in the weekly newspap
Mr. Hanson pointed out that in its report to Congres
d any change in policy
that the entire charge for
adds that the Postmaster-General has not suggeste
mails. the Post Office Department calculated
through the mails was
toward these papers.
sending Congressional and departmental matter
, in his annual report
on county free papers, the comThe Postmaster-General, however
The method by which this loss is laid
allocation to them of a $6,571,980 39.
prior to sending the
through the
to Congress, which was made public only the day
mittee members hold, was arrived at
route in the country. It is by
that the actual cost of
certain cost per stop on each rural carrier
cost ascertainment report to Congress, set forth
allocates the remainder of the loss
ending June 30 1924, was
the same method that the department
handling this public mail for the fiscal year
the figures
or a difference of more than $6,000,000 between
on second-class mail.
the department's figures, $12,842,659,
g to
ent which went
The rural free delivery service, accordin
set up In the two official communications of the Departm
revenue. By figuring the cost per stop,
no
to Congress on two successive days.
Costs $87.542,694 and produces
cost is allocated to second-class
$34,943.951 of this total rural free delivery
g to the
Says Post Office Talks in Millions.
gross receipts from second-class mail, accordin
mall, whereas the
speaking in
Government's method of
The Post Office Department for many months has been
are but $31,567,866. which, under the
report,
cost of rural free delivery service terms of millions of dollars, placing a deficit of many millions on this class
figuring,falls to pay by over $3,000.000 the
class of mail,
of mail, and another deficit of many millions on another
alone.
n Newspaper
Assail R. F. D. as Cost Basis.
according to the Washington representative of the America
upon the number of stops Publishers' Association.
The cost of the R. F. D.service has been based
committee conter-General which was
stop. The
"If one Is to accept the report of the Postmas
and number of pieces of mail delivered at each
to its logical conclusion sent to Congress Dec. 1," said Mr. Hanson, "to-day he will find that
tends that if this basis of calculation were followed
it would mean that each the total operating deficit incident to the transactions, for the fiscal year
in a recommendation for rates to cover the cost.
to pay an additional ending June 30 1924, was but $14,463,976. As against this the Postmasterpiece of first, second and third class mail would have
of charge services
General sets forth that the Department performed free
charge of about eight cents.
service, a letter for the Government which had they been paid for at the same rates charged
In other words, to meet the cost of the rural free delivery
have to have ten private users, would have brought in revenues totaling 312.842.659. This
which now goes anywhere in the mails for two cents, would
Postmaster makes no means that the Post Office Department cost the people of this country
cents in postage if delivered in the country. The
but he does propose on its general operations for the fiscal year 1924 only $1,621,317. In
such recommendation, however, as to first-class mail,
d in the coun- other words this sum represented the amount of taxes which the people
double the rates on second-class mail which is delivere
to
penalty on the farmer in of the country had to pay for the upkeep of the largest single branch of
try over the R. F. D.route. This is held to be a
50% to 100% more than our entire Government.
that postage alone on newspapers would average
000 for the con"As against this sum Congress appropriated $32,300,
the present cost of those newspapers to the farmer.
for various public
struction of public roads: it appropriated *254,774,666
In response to a request from Senator Tasker L. Oddie works operations of the Department of the Interior; It appropriated $297,ated *252,150.231 for
for a statement outlining its views on the proposed rate 097,250 for the Navy Department, and it appropri a revenue-producing
None of these Departments is
Departm
s, the American Newspaper Publishers' Association the Warent, and ent. penny of the appropriations made for them had
ncrease
every
departm
on Dec. 17 through its Washington representative, Elisha to be obtained through general taxes.
$565,221,759 for the
are
"In other words, out of a total expenditure of
Hanson, filed on Dec. 17 a brief contending that "there
$571,000,000 was returned to
approxim
Office
between the allocations made by the PostGovernmDepartment, revenues ately from services performed by
gross discrepancies
received
ent through
the
Post Office Department in its ovei head assessments against that Department, and $13,000,000 repiesents free services to the GovernDepartment.
newspapers and other users of second-class mail." The ment itself as performed by the000 the *20,000.000 loss which the Depart"If one adds to this *13,000,
of giving free
New York "Times" account says:
to have suffered because of the public policy
claims
•
that postmasters ment
the 615.000,000 which the
In support of this allegation, the association points out
circulation to certain publications, as well as
on to the receipts of their offices. On this Department records as a loss because of the favored rates which Congress
are paid their salaries in proporti
be charged with 6%
that on its revenuebasis of allocation of costs, second-class mail would
has authorized for other publications, It will be found
ascertainment report charges
Department operated at an extraordinary profit.
of the postmasters' salaries, whereas the cost
g to the producing services the
accordin
second-class mail with approximately 18% of that cost,
tative of the association,
Other Class Rates Decreased.
letter which Elisha Hanson, Washington represen
Postmaster-General,
Assistant postmasters are paid in the same manner,
"Notwithstanding the recommendations of the
sent to Senator Oddle.
nt against second-class mail for based on the cost ascertainment report for approximately a 100% increase
and Mr. Hanson stated that the assessme
publishers
on the greater bulk of the mail circulation of newspapers, the
their salaries is in excess of 12%.
said Mr. Hanson
that the present
contend that the Department's statistics conclusively show
"Supervisory officials are also paid on the same basis,"
to date the newspapers have been unable to find mail rates for publications have passed the point of diminishing returns.
in an interview, "and up
has been
nt."
"During the last six years a 100% increase in newspaper rates
the allocation of their assessme
authorized in the
authorized by Congress. As against this Congress has
Points to Small Deficit.
third class
same period of time a decrease in first class rates, a decrease in
Senator Oddie points out that, according to the rates, and what was equivalent to a decrease in fourth class rates.
The communication to
ent on account
fiscal year,
-General, the net lo.s to the Post Office Departm
"The Postmaster-General's report shows that for the last
Postmaster
fiscal year ended June 30 1924 was $14,463,976 24. the general revenues of the Department increased 7.53%. But with a
of its business for the
represents nothing more nor loss than
three years ago.
association,
100% increase in newspaper rates effective less than
This loss, according to the
ional and departmental mail out of the Wash- the returns from newspaper mail increased by 2.29% •
the cost of handling Congress
The association holds that if the free services of
seems an absurdity for the Post"On the face of this showing alone it
ington City Post Office.
Government business and Government policy master-General now to propose a further increase of 100% on the only
the post office incident to
be shown to be operating at a
war ended."
nued, the department would
class of mail which has stood such an increase since the
were disconti
fine profit and not at a deficit.
the National PublishMr. Hume, Executive Secretary of
said,"in addition to the Congressional
"These free services," Mr. Hanson
, include upward of $20,000,000 a year ers' Association, quoted further above, was also reported as
and departmental mailing privilege
small country weekly
accorded
cost incident to the free circulation privilege
in the New York "Times" of the 15th inst.:
cost incident to the handling of favored follows
newspapers, and $15.000,000 a year
2838
THE CHRONICLE
"The bill for postal rate increases submitte
d by Postmaster-General New
to Senator Sterling, Chairman of the Senate
Post Office Committee, makes
the situation utterly hopeless," said Mr.
Hume. "Any one who has studied
the case thoroughly must realize that Congress
will be flooded with protests
from all over the country against the passage
of such a bill. The result will
be that neither measure—the postal rate
bill nor the postal pay bill—can be
passed. I do not think that Congress
would dare pass such an unscientifically planned bill.
"Postmaster-General New's bill has plunged both
proposals into a state of
chaos and left Congress confronted with an impossib
le task, which it can not
under any conceivable circumstances solve at the
coming session."
Mr. Hume said that he had seen Postmaster-Ge
neral New in Washington on Saturday night, at the Gridiron dinner, and
had found him ready to
admit that he was "between the devil and the deep
blue sea" in the postal
rate case, as he had been forced to provide additional
revenue by the character of the postal pay bill.
"He told me, however," Mr. Hume went on, "that he
did not think any
one could attack the methods by which his conclusions
had been reached.
He explained that his proposal was based on a cost ascertai
nment made by
the best experts in the postal service, and had been analyzed
by two of the
best known firms of expert accountants in the country.
In consequence, he
said, he did not think their methods could be successfully
attacked.
Calls Methods Used Unfair.
"I replied that the publishers were prepared to submit an analysis
of his
figures, when they had an opportunity to do so, which would
prove that the
methods used in the cost ascertainment were unfair and unjust.
I told him
that the publishers desired a chance to show that the methods
used were not
the standard practices used in business for cost allocation."
Mr. Hume declared that the methods of cost ascertainment used
by the
Post Office Department were unfair because they allocated
to second-class
mail matter an exorbitant percentage of that overhead cost
of delivering
mail.
[Vol.,. 119.
ment entered into for the delivery of $10,000
for the use of
other influence. It is said that the motive
of the alleged
bribes was to assure a vote adverse to the Preside
nt being,
cast when his veto of the bill is voted on by
the Senate on
Jan. 6. We give the following from the New
York "HeraldTribune's" Washington Bureau, under
yesterday's date,
referring to admissions made by Attorney-G
eneral Stone
regarding his investigation:
Attorney-General Stone made guarded
admissions concerning the matter.
He said it had been revealed that
money actually had passed. He declined
to give details, the name of the
employee or whether the President had called
his attention to the matter. In
other quarters it was stated that Senators
first advised the President, who in
turn brought the matter to the attention
of the Attorney-General.
The Senate will vote Jan. 6 on the
bill and veto. Indications continue
that the veto will be sustained.
Annual Report of Postmaster-General
New-7.53%
Increase in Revenues for Year—Cost
Deficiency
Reduced During Year $9,601,227.
Postmaster-General New in his annual
report to the President, made public Dec. 1, shows an
increase in postal revenues for the year ended June 30 1924
of $40,120,853, or 7.53%.
The Postmaster-General points out
that while the business
of the Department, as measured
by postal revenues, increased 7.53%, the expenditures to care
for it were increased
The Senate on Dec. 17 decided to take a vote on the veto only 5.4%.
The revenues of the Postal Service for
message of the President on the postal pay increase bill on
the year amounted
to $572,948,778. The audited expendi
Jan. 6, debate thereon to begin on Jan. 5.
tures for
the fiscal year
1924 were $587,376,916, an increase over
the preceding year
of $30,525,949 48. The excess of the
audited expenditures
Missouri Papers Object to Postal Rate Increase.
over revenues was $14,428,137 and in
addition there were
A Kansas City (Mo.) dispatch to the New York "Times" losses by fire, burglary and other
causes amounting to $35,says:
839, making the cash deficiency in postal
revenues $14,463,Protest of the Missouri Press Association against the proposed increase
in 976. The cash deficiency, says the report, has been
postal rates on newspapers were contained in telegrams sent to
reduced
Senators $9,601,227 for 1923, when
it amounted to $24,065,204.
Reed and Spencer in Washington last night.
The Postmaster-General reviews in his annual
Joseph S. Hubbard, Executive Secretary of the association, said he
conreport the
ferred with E. B. Roach. President, in Carthage, Mo., yesterda
y on the history of the project for ascertaining the
cost of carrying
action to be taken.
and handling the several classes of mail matter
The protest points out that the proposed increase, if it becomes effective
and perform,
will mark a hardship on 500 small dailies and weeklies in Missouri.
ing the special services, and a report thereon
since trans"The publishers now are paying war-time postage, while the revenue
of mitted to Congress, is referred to in anothe
the newspapers has been reduced since the war, and the additional
r item in this
burden issue. In
his annual report the. Postmaster-General
would cause several to suspend," the message said.
again
calls attention to the congested traffic conditi
ons in large
cities presenting ever-increasing difficulties
in the problems
Victor Rosewater, Formerly of Omaha "Bee," Says of mail transpo
rtation. There appears to be but one ultiNewspapers Will Seek Other Means of Distribution
mate solution, he says, namely that of underg
round transporIf Mail Rates Are Increased.
tation. The practicability and adequacy of
tunnels must be
The following is from the New York "Times" of Dec. 16: considered as plans are developed and
presented. At the
Victor Rosewater, former editor and publisher of "The
Omaha Bee," present time the department has practical
while in New York yesterday, attacked the proposals made
experience with
in Washington pneumatic tubes
which, though limited in capacity,
by Postmaster-General New last Saturday for an increase in postal
rates.
have
He predicted that the proposed bill, if passed by Congress, would
drive proven satisfactory in New York City. He also again calls
newspapers and magazines out of the malls into other channels of
distribu- attention to the recommendation of
the Joint Postal Comtion.
mission to re-establish the service in
Mr. Rosewater made the following statements:
Boston and Philadel"To anyone at all familiar with the peculiar development of this postal phia.
situation and of the forces behind it the schedule now offered reveals itself as
Pneumatic-Tube Service.
a piece ofsheer opportunism. Those who formulated the measure-are moved
The pneumatic-tube service was
by a desire to provide a certain sum to meet demanded salary increases and
operated in New York and
have endeavored to secure the additional revenue by piling it almost hap- Brookl
yn over 26.8173 miles at a cost of
$522,986 19 for the
hazard and without any logical guiding principle on the patrons they believe
year,
to be the easiest marks. Plainly no reasoned-out theory of apportioning
postal charges on any fair basis either of cost or benefits has been followed.
New York City Mail Facilities.
In this day, with every other effort aiming at return to industrial normalcy
.
Special attention, says the report, has
rates for newspapers and periodicals, for example, are to be put up from 100
been given during
to 900% above pre-war.
"In the face of the cry for lower freight and express rates, parcel post
Is to be boosted to the extent the traffic will bear. That cost is not controlling as is proved by the proposed extra half cent on post cards to cover a
supposed present deficiency of 45 emits, but which,on that basis, will still be
short when the cost of the salary increases is added pro rata.
"The fact that higher charges do not necessarily produce greater revenue is
entirely ignored. The j3 cent rate as against 2 cents for a letter may conceivably almost extinguish use of the post card. Likewise, excessive rates
on second class would surely push still further diversion of this part of the
Vestal business to other means of transportation and distribution already
well started by the postage increases of the past few years. Unfortunately,
the burden sticks on those least able to shift it, just those for whom the
postal service means most.
"I fully agree with the suggestion that the financial and revenue structure
of the Post Office Department ought to be readjusted to meet present conditions, but the revision of the law, if it is to be equitable, should be founded
on a careful study of the rate problem and a more thorough understanding of
postal functions."
the year to the problems for the relief of
mail transportation
over the congested streets in New York
City, and also for
providing post office facilities at the main
office
and important stations. Consideration has been
given to the project
of erecting a new building or modific
ation of the present
building located over the Pennsylvania
tracks. A special
study has been made of transportation
problems, particularly
in connection with the plans of the
Transit Commission of
New York for the building of north
and south main subways,
in some of which it is hoped that
facilities may be Secured
for mail transportation.
Postal Savings Deposits.
The total postal savings deposits were
$136,464,898. This
shows an increase of $1,142,835, the
first gain recorded since
the fiscal year of 1919.
The report also notes that an import
ant change was made
in the method of paying interest
due depositors effective
Jan. 1 1924. Upon the surrender of a certific
ate on which
interest for a period of a full year has not accrued
interest
thereon will be allowed and paid for fractional
parts of a
year at the rate of one-half of 1% for each full
period of
three months that the amount represented by the
certificate
has remained on deposit from the first day of the
month
following the day on which the certificate was
issued, or
Alleged Bribery of Senate Employee to Secure Passage
of Postal Pay Increase Bill Over President
Coolidge's Veto.
Charges that an employee of a Senate committee received
$2,600 as a bribe from certain representatives of postal employees to use his influence in obtaining passage of the postal
pay increase bill over President Coolidge's veto are being
investigated by Attorney-General Stone, according to reports emanating from Washington yesterday (Dec. 19).
Evidence, it is also stated, has been presented of an arrange- from the day to which the last interes
t was paid.
DEC. 20 1924.]
THE CHRONICLE
2839
4i
Death of Samuel Compere.
ings of newsAccording to report the total weight of mail
-three years
class at pound rates and
death of Samuel Gompers, for forty
The
papers and periodicals as second
ase of 5.24% President of the American Federation of Labor, who passed
free-in-county was 1,396,516,845 pounds, an incre
postage col- away at San Antonio, Tex., on Saturday (Dec. 13) has, as
.
over the mailings for the previous year. The
r,
2.29% over the pre- was to be expected from his prominence as a labor leade
lected was $29,258,254 95, an increase of
of sympathy and sorrow. Mr.
evoked wide expressions
vious year.
9
publications were Gompers, seventy-four years of age, left Washington Nov.
There were 10,010 post offices at which
age paid for El Paso, Tex., where the annual convention of the Fedtotal post
entered as second-class matter. Of the at the 50 offices
presided throughout its
eration opened Nov. 17. Having
at the pound rates, 79.67% was collected
he pro30 there were 28,265 sessions, whereat he was again elected President,
having the largest mailings. On June
an in- ceeded to Mexico City along with many of his labor coling status,
publications having a second-class mail
l ceremony of President
leagues, and attended the inaugura
crease of 283 over the previous year.
to secure Calks of Mexico. Notwithstanding the strain his weakened
ite plan
The Department has followed out a defin
ers presided
preparation of their frame had already thus undergone, Mr. Gomp
co-operation of publishers in the proper
the Pan-.
ng in order to insure from Dec. 3 to Dec. 5 at the convention sessions of
periodicals for mailing and in addressi
Labor, held in Mexico City—at
American Federation of
re
Improved service.
of important which he was also elected President—but Dec. 6 a seve
The Postmaster-General submits a number
ce, including attack of illness made it necessary for him to hand over the
servi
recommendations for improvement in the
ess at the convention to
task of delivering the concluding addr
the following:
becoming worse on
n and renewal of official Vice-President Woll. His condition
natio
To change the requirement for the exami
believed that his recovery was being
succeeding days, it was
bonds.
Mexico City; conseish and maintain a guaranty
To authorize the Postmaster-General to establ
rded by the rare atmosphere of
es of those officers and employees who reta
fund by assessments against the salari
Mr. Gompers was hurried by train to
quently, on Dec. 10
are required to furnish bond.
m.on Dec. 12. Despite
of the third class by the San Antonio, where he arrived at 5 p.
To provide for the appointment of postmasters
on of San
tion from Dr. Rice and Dr. Hans
thorough atten
Postmaster-General.
day,
General to pay the rent on post office prem- Antonio, the aged labor leader died at 4:10 a. m. next
To authorize the Postmasteriates. Reises monthly instead of quarterly.
ence of his foremost Federation assoc
service performed in excess of in the pres
Antonio, Dr. Rice said:
To compensate employees for overtime
garding his condition while in San
of digitalis It
eight hours daily.
but under the influence
for night work.
The heart rate on arrival was 160,
To authorize the payment of a differential
From this time he was improving until
had slowed down to 140 at 11 p. m.
n employees at the age of 85 years.
heart refused to respond
To authorize the retirement of certai
red at 2:30 a. m., when his
ish motor vehicle rural routes a sudden collapse occur
To enable the Postmaster-General to establ
ation.
e
to stimul
in length.
bled a pint and a half of blood to reliev
of not less than 36 nor more than 75 miles
Epinephrin was used and he was
procedure he rallied for a few minutes,
and assistant examiners in the
To provide for the promotion of examiners
congestion of his lungs. After each
almost at once collapsed.
taken
Railway Mail Service.
ding year a fractional part of but
ing from diabetes. Two specimens
To provide for carrying over to the succee . '
I was told he had been suffer
, and this disease did not particig the evening were free from sugar
leave granted to railway postal clerks
durin
the annual
for moving the household goods
it is
To authorize the payment of expenses ay Mail Service when arbitrarily pate in the final attack.
irregularity) when he arrived, but
Railw
The heart was fibrillating (absolute
of officers and regular clerks in the
condition had existed.
for other not known how long this
transferred.
was in a critical condition and might
allowable on postal savings and
I told Mr. Gompers at 3:30 that he
To increase the rate of interest
stood, but did not respond, his heavy
ts.
not pass through the night. He under
t for
Improvemen
.
to fix a charge for a return receip
breathing preventing any spoken words
To enable the Postmaster-General
Morrison,
registered articles.
able for regisstatement was issued by Frank
The following
l to fix the fees charge
To authorize the Postmaster-Genera
ration of Labor, describing
at not to exceed $1,000.
American Fede
indemnity payable
charges on Secretary of the
tration of mail matter and for
General to impose demurrage
s postage Mr. Gompers' death:
To authorize the Postmasters
s or return them to the sender
parcel
k this morning after heroic effort
undelivered collect-on-delivery
President Gompers died at 4:10 o'cloc
s.
San Antonio were in
collect under certain circumstance
fees to be collected to save his life. Dr.Lee Rice and Dr. W.B. Hanson of
nd to
General to prescribe the
Gompers' heart failed to respo
To authorize the Postmaster- orders.
attendance. Mr. Rice stated that Mr.
ys for
condition of the heart and kidne
of
for the issue of domestic money
grant sick leave to the employees
restoratives. There had been an acute sible to overcome the weakness of
al to
To authorize the Postmaster-Gener
fully a year and a half past. It was impos
ng Mr. Gompers's
the mail-equipment shops.
on claims of post- the heart. Every possible measure was taken to prolo
ing the report of action taken
To repeal the law requir
to no avail.
life, but
last words. "Nurse,this is the end."
acmasters.
At 230 this morning he uttered his
day
monthly rendition of money-order
author- he said. "God bless our American institutions. May they grow better
To require quarterly instead of
and fourth-class post offices
at third
counts by district postmasters
by day."
scious. His breathbusiness.
Gompers was uncon
emized to transact money order
From that time until the end Mr.
apl to relieve postmasters and postal
moments before the end. As death his
To enable the Postmaster-Genera
for losses of funds which occur ing was heavy until just a few
sank peacefully and quietly into
in meritorious cases from liability
ployees
proached, his face became calm and he
part.
their
supplies last slumber.
through no fault or negligence on
the
in his discretion, to purchase
Mexico City when he believed
To enable the Postmaster-General, Office Department and Postal Service
In accordance with a wish expressed in an held Mr. Gompers's hand as
es in the Post
and contract for servic
near. Vice-President James Dunc
end to be
in open market.
the
he passed away.
ts, was surrounded by a group
Mr. Gompers. during his last momen
associates and cohave for years been his intimate
Allison.
members of which
Death of William 0.
er, died on Dec. 18 workers.were Dr. Lee Rice and Dr. W. S. Hanson of San Antonio; Frank
iam 0. Allison, publisher and bank
They
Will
; Vice-Presidents
West 16th Street. His death Morrison, Secretary of the American Federation of Labor Mahon,PresiD.
at his home in this city, 115
Woll and Martin F. Ryan; W.
following a week's illness of James Duncan, Matthew Association of Street and Electric Railway Emwas due to multiple thrombosis
Funeral dent of the Amalgamated of"The Molders' Journal" and President of the
Mr. Allison was in his 76th year.
ployes; John P.Frey, editor
pneumonia.
er of the A. F.
to-day at his New Jersey Ohio State Federation of Labor; Florence C. Thorne, memb A. F. of L.
services will be held at 2:30 p. m.
Roberts, Chairman of the
C.
d Cliffs. Mr. Allison of L. research staff; William er M. Wright, director of the A. F. of L.
residence, Sylvan Avenue, Englewoo
Legislative Committee; Chest
J. Tracy, members of the
conspicuous self-made men of the times. information and publicity; J. W.E. Giles and E., Washington; C.N.Ider,
was one of the most
Printers' Union
from a comparatively humble office force;T.J. McQuaid,PlateL. Lynch, member of the Amalgamated
As showing his advance
Anton
t influence and affluence, organizer, San Streetio; Joseph ic Railway Employes, and A. L. Bytel,
and Electr
station in life to a position of grea
Association of
say that as a youth he was for a time United States immigration officer.
Mrs.
it is only necessary to
M. if. May of New York and
B. Dana, the founder of this
The two nurses present were Miss
the coachman for William
in Mr. Marie Jameton of San Antonio.
always took a profound interest
newspaper, and who
ers'family, his widow
fifty years ago founded
Messages of sympathy to Mr. Gomp
workers'
Allison's welfare. Mr. Allison over
a weekly with and three sons, and many high tributes to the late
Reporter,"
"The Oil, Paint and Drug
from sources the world over.
r he became publisher of "The champion, have been sent
a world-wide standing. Late
the following letter:
Magazine" and "The Druggists' Circular," President Coolidge sent with great regret that I have heard of your
Painters'
t is
circulation. Mr. Allison My dear Mrs. Gompers:—I
in your sorrow.
monthlies which also have a wide
express to you my deep sympathy
ated National Bank of this bereavement and I want to was devoted to the interests of organized labor,
Gompers's whole life
me a director of the Consolid
beca
Mr.
he
in October 1907 was elected Presi- until his name had become almost synonymous with the cause repre
city in January 1904, and ng 0. F. Thomas. The name of sented. As the founder and head of a great organization no man has had a
eedi
rs of the nation,
the wage earne
dent of the bank, succ
nce in the shaping of the policy of
ged in 1909 to the National Reserve wider influewill long be felt by his associates, not only at home but abroad.
the institution was chan
n and his loss
Very truly yours,
inuing as its head. The institutio
CALVIN COOLIDGE.
Bank, Mr. Allison cont
Allison was at one time
ed from the field. Mr.
later retir
s and at his death
rnment, per Ambassador Jusserand,
Englewood Cliff
The French Gove
Mayor of the Borough of
s Trust & Guaranty Co., the
d a message to Frank Morrison, President pro
was a director of the Palisade and the Lincoln Trust Co. addresse
York
tempore of the Federation, saying:
Empire Trust Co. of New
how deeply isfelt in France
I am instructed by my Government to tell you
leaves three children, Mrs. Katharine
ded with snore intelligence
of New Jersey. He
the death of Samuel Gompers. No one has defen
John Blauvelt Allison.
and
MacLean, Mrs. Frances Noice
2840
THE CHRONICLE
and heart the cause of labor,
to which he devoted all his energy and
has, at
the same time, better served his
country and mankind.
M.Herriot deems that this great
citizen deserves the testimony of admiration which he offers to his
memory in the name of the Government of
the
Republic.
Secretary of Commerce Hoover said:
There is no parallel in histor
y to his career—elected and re-elected to his
high office by the franchise of
millions year after year for more than forty
years.
Governor Alfred E. Smith of New York
paid his tribute
thus:
A great American passed when Gompe
rs died. His Americanism was
made finer through his having been
born outside the country. All his life
was devoted to the support of
principles in which he believed with all his
heart. Labor has lost a great leader
, America a true citizen and humanity a
real friend.
[Vol,. 119.
A Cigarmaker at Thirteen.
Mr. Gompers came to the United
States when he was 13 years
worked as a cigarmaker in New
old and
York City. He first becam
e identified
with the labor movement in 1864.
when only 14 years old, and
organize the Cigarmakers' Intern
ational Union. He becam helped to
e .Secretary
and President of the union, which
became a large and succes
sful organization, and also edited its publication,
"The Picket."
Notwithstanding strong opposition
in union labor circles, Mr. Gompe
took an active part in the organi
rs
zation of the National Civic Federa
tion to
establish better relations between
capital and labor, and was its
VicePresident. He was affiliated with
the Society for Ethical Culture,
established in New York City by Dr.
Felix Adler. He remained an
active
member of the Cigarmakers' Union
and was also a member of the
Masons,
the Odd Fellows and the Elks.
Mr. Gompers was married twice.
His first wife, Sophia Julian of
New
York. died In 1919,shortly after the
celebration of their fiftieth annive
rsary.
They had three sons and a daught
er. The latter, a nurse in France
, died
during the war. On April 15 1921
Mr. Gompers, then 71 years old, marrie
Mrs. Gertrude A. G. Neuscheler.
d
38 years old, a music teacher, who
survives him.
Besides his wife, Mr. Gompers is
survived by three sons. Alexander, an
employee of the Compensation
Bureau of the State Industrial Depar
tment,
and Henry and Charles, residents
of Washington: three brothers, Alexander Gompers of 90 Harrison
Avenue. Brooklyn; Henry Comport;
of
2164 Grand Avenue. the Bronx, and
Simon Gompers of East Norwalk,
Conn., and two sisters, Hattie
Gompers Isaacs and Bella Gompe
rs Isaacs,
both of Boston.
The body of Samuel Gompers was conveyed by train
from
San Antonio to Washington, D. C., where it lay
in
the headquarters of the Federation of Labor from state at
Tuesday
morning (Dec. 16) until night. On Wednesda
y morning it
was brought to this city, and it is estimated
that
people viewed the body as it lay in state in the Lodg 15,000
e Room
of the Elks Club, 108 West Forty-third Street. On
Thursday, funeral service3 were held at the latte
r place, after Reso
lutions Adopted at Recent Annu
which the cortege proceeded'to Sleepy Hollow
al Convention of
Cemetery,
American Federation of Labo
at Tarrytown. The list of honorary pallbearer
r—Op
s included
tion of Third Political Party—Fa poses FormaGeneral Bullard, U. S. A., Admiral Plunkett,
vors Insurance
U. S. N.,
Governor Smith and Mayor John F. Hylan.
Enterprise Run by Organize
d Labor,
With the exception of the year 1894, when he was
The American Federation of Labor,
defeated
at its annual conby John McBride, Mr. Gompers has reigned as
President of vention at El Paso, Tex., went on record as opposing the
the American Federation of Labor since he helpe
formation of a third political
it in 1881. The following account of his life was d organize the Resolutions Committee, party in the United States,
in their report on the subject,
published in
the New York "Times," of Dec. 14:
stating that their non-partisan political
policy intends "that
The European conflict ended, he went
to Paris, where he helped to organ- labor proposes to use all parties and be used by none
." The
ize the International Labor Congress.
Five of its tenets were incorporated convention, held from Nov. 17
to Nov. 25, favored the prointo the peace treaty. They were
declarations that labor is not a com- posal that
"organized labor should engage in a joint
modity, for an international eight-hour
day, for a standard and adequate
insurance
living wage, for equal pay for men and
women for equal work and for the enterprise owned and controlled by orgnaized labor,
while in
prohibition of child labor.
his address following his re-election for the
Mr. Gompers was one of the founde
forty-fourth time
rs of the American Federation of Presi
dent of the Federation, Samuel Gompers (who
Labor, which he saw grow from a group
of small locals to a national organse death
ization with a membership of millions.
In a career filled with efforts to at San Antonio, Texas, on Dec. 13, we report elsew
here in
improve the condition of workers from his
fifteenth year, he became a this issue) declared that "the
unique figure in American public life.
American workers will resist
any attempt to cut wages, no matter
Mr. Gompers. early in his career, refused
to accept political office. He
what the result be
always opposed the establishment of a labor
party and developed the policy to industry." On Nov. 17 was held the
first joint session
of labor "punishing its enemies and reward
ing its friends." In recent years. of the American
Federation of Labor and the Mexican
particularly in this State. Mr. Gompers's
influence had been generally for
Confederation of Labor, which, concurrent
the Democratic candidates, but this was
explained by the fact that the
with the El
Democratic platform declarations were
more nearly what organized labor Paso convention, was holding its sixth
annual convention
desired than the Republican.
at Juarez. Mr. Gompers, welcoming the
Mexican deleFriend of Five Presidents.
gates, said that the good relations existing
between organMr. Gompers was the friend of five
ized labor in both countries would insur
American Presidents, McKinley.
Roosevelt, Taft, Wilson and Hardi
e lasting peace
ng. He was often called into consulta- between the natio
ns.
tion with them. Settlement of a
number of Industrial disputes which
threatened to reach nation-wide propor
During the sessions the delegates listened
tions were attributed to his wise
in disapproving
leadership.
silence to a plea put forward by A.
B. Swales and C. T.
Cramp of the British Trades Union
Father of Much Legislation.
Congress for a resumption
Among the laws framed, supported or origin
ated by Mr.Gompers were of friendly relations with Soviet Russia.
A special report
the eight-hour law for Government employ
ees, the various State laws appearing in the New York
fixing hours of labor, laws establishing Labor
"Times" stated Nov. 25 that the
Day as a holiday, the Federal deleg
ates opposed such action "until the
Workmen's Compensation Law and similar laws
in various States, the law
people of that nation
exempting labor unions from prosecution as
combinations in restraint of had a government of their own choice."
trade and the law regulating punishment for
On Nov. 21 a
contempt of court. He also resolution was unani
mously passed in which the delegates
was responsible for the law creating the Depar
tment of Labor as a separate decla
department of the Federal Government with a
red themselves "unalterably oppo
Cabinet member at its head.
sed" to any modifiThe legislation exempting trade unions from
the anti-trust laws, regu- cation of the Japanese exclusion law.
lating punishment for contempt and limiting the
use of the injunction, which
In a report submitted by the Execu
was included in the Clayton Anti-Trust Law
tive Council Nov. 21,
passed by the Sixty-third
the Federation's non-partisan politi
Congress, grew out of litigation against trade
unions and their officials
cal policy was reafwith which Mr. Gompers was directly concer
ned. The contempt section firmed, the report stating in part that:
of the Clayton Act was framed to meet conditions
which
arose through the
The Americ an labor movement,
conviction ef Gompers, John Mitchell and Frank
if it is to be true to its missio
Morrison, officers of the advocate, promote and protec
n to defend,
t the rights, interest and
American Federation of Labor, for contempt of
welfare of America's
court in 1908. Justice wage earners, must be as free
from political party domina
Daniel Thew Wright of the Supreme Court of the
tion now as at
District of Columbia any time in the history of our
movement.
sentenced the three labor leaders to jail for violation
of an injunction prohibiting the Federation from boycotting the Bucks Stove
The report of the Committee on
& Range Co. of
Resolutions, on this
St. Louis. An appeal to the United States Supre
me Court set aside the subject, which was followed by a
practically unanimous vote
conviction on technical grounds and new contempt procee
dings were insti- in favor of a non-p
tuted. Another conviction and sentence in the lower
artisan political policy,.was
courts was set aside
reported in
by the Supreme Court on the ground that the statut
e of limitations had special advices to the New York "Times," Nov.
25, as folexpired before the second proceedings were begun.
lows:
During the seven years that his case was in litigation Mr. Gompe
rs
In approving the Executive Counci
exerted his influence to change Injunction and contempt
l's report the Resolutions
procedure. Court stated that the former
Committee
presented "clearly and suppor
decisions that trade unions could be prosecuted as combinations
ted by uncontrovertible
in restraint evidence that labor's non-pa
of trade under the Sherman Anti-Trust
rtisan political campaign was
Law prompted him to demand a effect upon our
of tremendous
body politic and that through
Specific exemption for labor organizations from anti-t
its procedure forces have
rust prosecutions.
been set in motion that will bring into
being consequences of momen
importance to the better and fuller
tous
Ins Campaign Against United States Steel.
life of all our people."
Continuing, the report said:
Throughout the twenty years of anti-trust agitation which follow
ed the
"Your committee unequivocally reconu
enactment of the Sherman law Mr. Gompers was active
nends full approval and endors
in urging legisla- ment of the attitude and activit
etion and litigation against the big combin
ies manifested and engaged in on
ations of capital that had grown Presidential and
the recent
Congressional elections, and are
Up in American industry. He conduc
inspired by the future
ted a campaign against the United opportunities presen
ted to America's wage earners.
States Steel Corporation which culmin
ated in an investigation by a com"Our non-partisan political policy
mittee of the House of Representati
does not imply that we shall ignore
ves.
the
existence or attitudes of politiacl
Mr. Gompers was born in Londo
parties. It does intend that labor propos
n Jan. 21 1850. His father was a to use all parties
es
and be used by none. Appreciative of
cigarmaker and Samuel was the eldest
present tendencies
of eight children. His mother was a and future develo
pments, the Executive Council accurately
woman of excellent education and throug
h her influence he was led to study, future in practical
visions the
although he began at the age of
terms when it says we need not concern oursel
10 to help his father support the family. with the comin
ves so much
He went to school from
g or going of political parties, their
his sixth to his tenth year and was then apprenticed developmen
realignment, or the
t of new and independent political partie
to a shoemaker. He did
s or groups.
not like this trade and worked with his father
"Labor having succeeded
as a cigarmaker for three
in elections where Congress—and
years, during which time he attended evening alone
Congress
—was the issue, the effort was
school.
made in this recent election
conquer Congress under the guise
to reof a Presidential electio
n de.
Dix. 20 1924.]
THE CHRONICLE
2841
dared to be of paramount issue. Our non-partisan political policy withstood the test and Issued forth triumphant and with its forces intact. The
opponents having played their strongest card and having failed, the future
belongs to labor and progress."
How Samuel Gompers Viewed Proposed Wage Cuts
in His Address Adjourning Labor Convention
at El Paso.
The same advices later referred as follows to the convenIn his address adjourning the forty-fourth annual convention's indorsement "in principle" of the proposal that tion of the American Federation of Labor (reported in other
unions engage in the insurance business:
columns) Samuel Gompers c itieized an editorial recently
The Resolutions Committee said that it waS favorably impressed "with
the proposal that organized labor should engage in a joint insurance enter- written for the Washington "Post" by.George Harvey, who
prise owned and controlled by organized labor, based upon the American Mr. Gompers claimed, advocated a general reduction in
experience table of mortality and safeguarded so as to fully protect the
wages as a means of lowering high freight rit'es of which
righs and intterests of every member insured."
The committee recommended that the report of the special committee on the farmers are complaining. Mr. Gompers seized the opporthe subject of insurance be carefully studied and that President Gompers tunity to declare that American labor would strenuously
be authorized to call a voluntary conference of all national and international
resist all wage-cutting attempts. Discussing Mr. Havrey's
officers within the year "for such action on this important proposal as shall
appeal to the best judgment of those attending, and as may be within their views he stated:
power to do."
Attempts have been made to have the workers and the farmers assume a
The insurance report declared that group insurance has been generally hostile position toward each other. We have tried to show them that it was
misunderstood.
the profiteer that makes their condition what it is, and we will never stop
"This insurance was ostensibly furnished free to the employees so long pointing that out.
as they remained or retaihed their employment," the report continued
Don't get the impression that such an utterance as that of Harvey is
"The purpose of group insurance by employers is obvious. Its influence is haphazard. It was he who invented the slogan which probably had more to
to chain the beneficiary to his employer.
do with the result of the election than any other thing. In that editorial he
"The financial ramifications of the insurance combination are unlimited speaks as the mouthpiece of the corporations, the insurance companies and
and inconceivable. Insurance constitutes one of the most powerful single the railroads.
units in the financial oligarchy of our land. Its ramifications extend to all
We have had other George Harveys in our day who tried to bring about
parts of the civilized world. It is alleged that the tremednous resources wage reductions. In reply to them the American labor movement has
at the disposal of the insurance combine have been used in the attempt adopted a slogan: "It is better to resist and lose than not to resist at all."
to crush organized labor."
Let it be clearly understood, come what may. be the result what it may,
The convention unanimously adopted a resolution Nov. the American workers will resist any attempts to cut wages, no matter what
industry.
22 threatening Warren S. Stone, President of the Brother- the result be to that cannot pay a living wage, according to our American
An industry
hood of Locomotive Engineers, and a director of the Coal standard of civilization had best get out of business. If the gauntlet is
River collieries in West Virginia, with a boycott unless that thrown down, let us pick it up and fight to the bitter end until the human
our society
company resumes the employment of union coal miners. element in entitled." is recognized and is accorded that place in our life to
which it is
The resolution, drawn up by the Committee on Boycotts,
said:
Measures of Representative Cable and Others to Provide
Your committee finds that a strike has been in effect at four mines of
for Succession of President to Avoid Situation
the Coal River collieries in West Virginia since April I of this year. due to the
Threatened at Recent Election.
failure of the company to renew its wage agreement with the United Mine
Workers of America. We find further that the officers of the United Mine
To meet the contingency threatened at the recent PresiWorkers have made repeated but fruitless efforts to reach a settlement with
Warren S. Stone, Chairman of the board of directors of this corporation dential election, bills have been Introduced in Congress to
which assumes responsibility for its labor policy. We find also that this coal provide for the succession to the presidency In the event of
company has served eviction notices upon the union men who are on strike
the non-election of a presidential candidate. Representative
and has resorted to the employment of strikebreakers.
In view of these facts and as a further constructive effort; your committee John L. Cable (Republican) of Ohio, introduced on Dec. 4 a
recommends the following:
bill to provide for the choice of an officer who shall act as
"That the Executive Council of the American Fedeartion of Labor be instructed to exercise its good offices to secure a settlement of this unfortunate President in the event that a President and Vice-President
controversy at the earliest possible date; that in the event of failure of such shall not have been elected and qualified as provided by law.
negotiations the Executive Council be instrneted to advise the membership Representative Cable also introduced (on the 5th) a joint
of the American Federation of Labor of all the facts in the premises."
The report of the Resolutions Committee on "Industry's resolution providing for the creation of a commission to prePath of Progress," which was submitted and adopted Nov. pare a constitutional amendment providing for the election
24, urged the necessity of capital combining with labor in and terms of President, Vice-President, Senators and Repreorder to attain "democracy in industry." The New York sentatives. Commenting on his own and other legislation
introduced, Representative Cable says:
"Times" account of the report read:
The Norris amendment elim:nates the "lame duck" session of Congress,
The report stated that the road to democracy was not a road that labor
could travel alone, and that labor was willing to contribute its full share
toward the attainment of the ideals of democracy. Labor now awaits the
response, the report continued, "of those within our indatrial organizations to come to a like understanding to that herein expressed. and, with us.
enrich our nation by the fullness of the principles of democracy."
So long as the employers do not co-operate in the molement toward
industrial democracy, the evolution toward that goal mustsive way temporarily "to a wasteful economic and political struggle," according to the
report.
"Too frequently labor Is still compelled to fight for the simplest rights,"
the report said. "It Is compelled to carry on a constant warfare for industrial freedom—for the right to organize,for the right to cease work,the right
to speak through its chosen representatives, the right to fair conditions under which to work, the right to keep its childhood from the mill, the factory
the mine and the sweatshop."
The convention also approved a policy opposed to Government ownership of industry, while a warning was voiced by
the Resolutions Committee against the hasty formation of
labor banks. The reports referred to said:
• The Executive Committee's expressed policy of opposition to invasion of
the field of private industry by Government was approved by the Resolutions Committee and the convention.
"Democracy cannot come into industry through the State," was the
declaration. "Industry must find its own way through the difficulties
with which it is beset, or face the alternative of State intrusion which must
Invariably lead to bureaucracy and breakdown."
The report on "Labor and the Courts" asserted that property rights alone
were always protected, whereas human rights were ignored. Restriction
of the veto power of the Supreme Court was suggested. It was also decided
to ask Congress to re-define the equity power of the Courts. It was recommended that the Executive Council's report on this subject be published in
pamphlet form for distribution.
Reporting on banking and credit, the Resolutions Committee stated that
wage-earners in this country did not believe in the Martian theory of State
enterprise, but that they believed in private initiative as indicated by the
growth of labor banks.
While expressing the utmost good-will toward labor banks, the report
suggested that caution be followed in their further extension and pointed
out that the idea had already attracted adventurers and exploiters. The
report warned labor against "so-called securities and investment companies
which are not subject either to the national or State laws," and the policies
of which are in the hands of the officials controlling those companies, who
are not obliged to "render official reports" in the same way that banks
have to follow tho rules of Federal or State 004 ernmenta. •
After the conclusion of the convention Mr. Gompers and
300 labor representatives journeyed to -Mexieoi pity and
attended the inauguration of President-elect Calks on Nov.
30—where he was stricken with his fatal illness.
and the White substitute for the Norris amendment permits the Senate
to continue after March 4th to select a Vice-President, but neither proposed
amendment meets the other issues presented in the resolution enclosed.
With respect to Mr. Cable's proposals we quote the following from a Washington dispatch Dec. 4 to the New York
"Herald Tribune":
Representative Cable would extend almost to the nth degree the procedure
provided in the Constitution for such a contingency. Should the Electoral
College fail to elect, the Constitut.on gives the House of Representatives
the power to elect a President. Should the House in turn be unable to
agree upon a candidate the Vice-President chosen by the Senate would
become President.
Representative Cable proposes that should a deadlock continue down
through the Senate the Secretary of State automatically would become
Acting President. Inability of the senior Cabinet member to take the
office would, under Mr. Cable's plan,lay it before the next ranking Cabinet
officer. the Secretary of the Treasury, and so on down the line of the ten
department heads.
Editorial reference to the need of providing legislation to
meet the deadlock which seemed imminent at the recent
election was made as follows in the New York "World" of
Dec. 6:
During the recent campaign both doubt and alarm were widely expressed
because of serious complications that might follow from the failure to elect
a President on Nov. 4.
The time is ripe now,because of the public interest aroused in the question,
for Congress to remedy what may have been an oversight, but is plainly
a defect in the law. No circumstances should be possible in which the
Government of the United States could be left without an Executive. or
with an Executive whose title to the office of President in emergency could
be questioned.
For the first time the American people have had a thorough warning,
and they have a right to expect from Congress that it will not let the matter
lapse through carelessness or procrastination. The flaws in the law of
succession to the office of President in case of what may seem improbable
events, but are by no means impossible, should be corrected for all time
and without delay.
Likewise in an editorial Dec. 7 the New York "Times"
stated:
It is good to see that Congress has not forgotten the public
uneasiness
in the recent campaign about the succession to the Presidency in
case
neither President nor Vice-President should be chosen by the
College or Congress. By an oversight the Succession Act of Electoral
1886 falled
to provide for this contingency. If the contingency be
unlikely, none
the less it should be guarded against. Otherwise there will
always be the
2842
THE CHRONICLE
possibility of a situation rich in uncertainty, confusion and alarm. Reprosebtative Cable has introduced a bill extending to the case of no election
of a President by majority of electoral votes or by the House, or of a
Vice-President by the Senate, the order of succession by the members of
the;Cabinet fixed by the Succession Act only "in case of removal, death,
resignation or inability of both the President and Vice-President of the
United States: that is, only vacancies in those offices occurring in the
terms of those officers are at present provided for.
Thus the contingency of death before induction into office is equally
unprovided for with the contingency of no election under the methods
prescribed by the Constitution. Mr. Cable's bill is admittedly only provisional. It directs that the Secretary of State and so on shall act till
an Executive is elected. It has been said, more or less speculatively,
that the Secretary of State as Acting President would convene Congress,
which would order a new election. Could Congress do so under the
Constitution? The President and the Vice-President are to hold office
during a term of four years. Irrespective of the length of term to fill
Which Congress would order a special election, has it any authority to
order such an election? Read this part of Clause 6 of Section 1 of
Article II:
—
"The Congress may by law provide for the case of removal, death,resignation or inability, both of the President and Vice-President. declaring
what officers shall then act as President, and such officers shall act accordingly until this disability be removed or a President shall be elected."
',Did not the makers of the Constitution refer to the next quadrennial
election? Can we believe that such a contingency as it is now proposed
,to remedy was in their minds? It is not for laymen to meddle in these
high matters. Senator Pepper and others have in mind the appointment
of a commission to study the question thoroughly. Not merely legislation
by Congress, but a Constitutional amendment dealing with every possible
contingency in the Presidential succession is contemplated. If such an
amendment is necessary, there can be no partisan opposition to its passage.
Senator Johnson of Colifornia, in introducing on Dec. 16
a joint resolution calling for a constitutional amendment to
provide against the contingency which seemed likely to arise
at the recent presidential election, had the following to say:
I seek by the amendment to avoid a situation with which recently we
became familiar. I endeavor to preclude the contingency by which a
Presidential election would be, under the mode now designated by the
Constitution, ultimately determined in the House of Representatives.
I propose to do it by amending the Constitution so that a plurality rather
than a majority of the electors shall elect. I would prefer, Mr. President,
the majority mode, but, weighing the advantages and the disadvantages,
understanding, as we did in the past few months, the influence upon the
people of the suggestion of throwing Presidential election into the House
of Representatives. I feel that we may safely intrust to a plurality of the
Electoral Collage the election of a President of the United States rather
than suffer the ills and uncertainties of the present method.
I do not like the plan of the Presidential succession which has been suggested by some gentlemen wherein an individual who has not been selected
by any number of our people, an official who holds his office merely as an
official and would not under any other circumstances be chosen President,
might be designated for an indefinite time as President. In such a contingency the selection would represent neither party nor principles nor
policies nor any considerable number of the electorate at all.
Itt, So I present the proposed constitutional amendment in the hope that the
matter may be discussed and that we may arrive at a just solution of it.
It is the only feasible amendment that appears at the moment,this I present,
providing that a plurality of the Electoral College shall elect a President
of the United States, Just as a plurality of our voters elect our Presidential
electors and the various officials in the different States.
lir I may say parenthetically that I should prefer that the President of the
United States be elected by a direct vote of the people and by a majority
of the people themselves. That, however, seems not to be feasible nor
possible at the present time: but now, when the subject is fresh in our minds,
when we understand the arguments that may be made concerning the
Presidential succession, and when the possibilities have been painted to us
In the fashion that they have been painted in the past few months: when
fresh in our minds in the description of the evils which may arise by the
succession going into the House of Representatives for determination,I do
hope that we at least attempt to remedy the situation and not allow it to
rest in abeyance until another Presidential election. I therefore introduce
the joint resolution proposing this Constitutional amendment and ask
that it may be referred to the Judiciary Committee.
•
The resolution was so referred.
The following is the bill introduced by Representative
Cable on the 4th inst.; it was referred to the Committee on
Election of President, Vice-President and Representatives
in Congress:
H. R. 10268.
A BILL To provide for the choice of an officer who shall act as President
in the event a President and Vice-President shall not have been elected
and qualified as provided by law.
PBs it enacted by the Senate and House of Representatives of the United States
.
Of America in Congress assembled, That in the event either the House of
Representatives has not chosen a President, whenever the right of choice
devolves upon them, before the time fixed for the beginning of his term,
and the Vice-President has not been chosen by the Senate before the time
fixed for the beginning of his term; or, in the event that the President-elect
and the Vice-President-elect shall be unable to assume the duties of their
respective offices becuase of constitutional inability or death, then the
Secretary of State, or if there be none, or in case of his removal, death,
resignation, or inability, then the Secretary of the Treasury, or if there be
none, or in case of his removal, death, resignation, or inability, then the
Secretary of War, or if there be none, or in case of his removal, death,
resignation, or inability. then the Attorney-General, or if there be none,
or in case of his removal, death, resignation, or inability, then the Postmaster-General, or if there be none, or in case of his removal, death, resignation, or inability, then the Secretary of the Navy, or if there be none,
or in case of his removal, death,resignation, or inability, then the Secretary
of the Interior, or if there be none, or in case of his removal, death, resignation, or inability, then the Secretary of Agriculture, or if there be none,or in
case of his removal,death,resignation, or inability, then the Secretary of
Commerce. or if there be none,or in case of his removal, death, resignation,
or Inability, then the Secretary of Labor shall act as President, and such
officer shall act accordingly until a President shall be elected.
[VoL. 119.
H. J. Res. 301.
Joint resolution for the creation of a commission to prepare a constitutional
amendment providing for election and terms of President, Vice-President, Senators and Representatives.
Whereas, the provisions for the election and terms of President and VicePresident and the terms of Senators and Representatives require comprehensive amendments to the Constitution; and
Whereas, under the present method the following questions having arisen
which have not been finally determined or perfected by proper amendment
or legislation, to wit:
(a) Does the Secretary of State succeed to the Presidency if for any
reason there is no constitutionally-elected President by March 4?
(b) Shall there be a special election? Or does the person succeeding to
the Presidency fill out the unexpired term?
(c) If the election were ordered in case of a vacancy in the office, could
it be for the unexpired term or would it have to be for a term of four years,
thus disarranging the four-year period of the Government?
(d) Does the commission of a Cabinet officer expire on March 4, and
would this prevent succession?
(e) For what length of time would a Cabinet officer act as President?
(f) Shall the choice of a Chief Executive be intrusted to the House of
Representatives about to go out of existence when such House may even
be under control of the party defeated at the preceding November election?
(6) Where the President-elect dies before the second Wednesday in
February, may the House of Representatives elect a President?
(h) In case of failure to count the votes and declare the results by the
4th of March, where the electors have not failed to elect but Congress has
failed to declare the result, may the count continue?
(i) Would the Vice-President elect succeed to the Presidency should the
President-elect die before the 4th of March?
(j) Who would be Presidentin case both President-elect and Vice-Presidentelect should die before March 4?
(k) If more than three persons voted for as President should receive the
highest number and an equal number of votes in the Electoral College,
and suppose there were six candidates, three of whom had an equal number,
who is to be preferred?
(I) If there should be more than two of the candidates for the VicePresidency in a similar category, for how many then, and for whom, would
the Senate vote?
(m) If a candidate for President should die after the election and before
January 12 and before the electors met, how should they vote?
(n) If the President-elect should die after the Electoral College has met
and before Congress counted the vote, how could the vote be counted?
Or could it be postponed?
(o) Should the Congress, particularly when repudiated by the people,
continue to legislate? Or should a new Congress be convened to carry out
the recently expressed wishes of the people? And
Whereas, various constitutional amendments are pending in the Senate
and House of Representatives providing in part a remedy for these situations: Therefore be it
Resolved, That there shall be created a Constitutional Amendment
Commission, which shall consist of nine members, three of whom shall be
appointed by the Speaker of the House of Representatives, three of whom
shall be appointed by the President pro tempore of the Senate, and three
of whom shall be appointed by the President of the United States.
Sec. 2. The committee is authorized and directed to study these and
other pertinent questions and to prepare the form and substance of necessary
constitutional amendment or amendments, and to make final report and
recommendation to Congress not later than January 1 1926.
Sec. 3. For the purposes of this resolution, said commission shall be provided with suitable quarters in the city of Washington, District of Columbia,
by the Treasury Department. The committee shall serve without compensation, but shall be reimbursed for their actual traveling expenses
while engaged in the duties herein set forth. There shall also be paid the
cost of necessary printing and stenographic services, all of which expenses
shall be paid, one-half from the contingent fund of the Senate and one-half
from the contingent fund of the House.
111
Meeting of Administrative Committee of American
Bankers Association in Washington.
Regarding a meeting in Washington of the Administrative
Committee of the American Bankers Association, the New
York "Commercial," in advices from there under date of
Dee. 12, said:
The Administrative Committee of the American Rankers Association
concluded its two-day meeting to-day. Members of the committee called
on various Treasury and Federal Reserve Board officials and on chairmen
of committees of the House and Senate Banking and Currency committees.
The McFadden bill revising banking laws again was the principal topic:of
discussion.
It is also understood that the Committee called on President Coolidge.
Spring Meeting of American Bankers Association to Be
Held at Augusta, Ga., April 20-23.
The annual spring meeting of the Executive Council of
the American Bankers Association for 1925 will be held at
the Bon Air-Vanderbilt Hotel, Augusta, Ga., April 20 to
23, it is announced by F. N. Shepherd, Executive Manager
of the Association. Special trains from New York and from
the Middle West will be arranged for the members of the
Council, which comprises representatives from each State.
It is expected that about three hundred will attend the
meeting.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
Seven New York Stock Exchange memberships were reported posted for transfer this week, as follows: That of
John P. Grier to H. T. W. Huntting for $101,000; Max
Bruel to William F. Ladd, Chas. E. Quincy, deceased, to
Robert T. Stone, and Edwin Gould to Howard H. Logan,
The resolution, submitted on Dec. 5 by Mr. Cable, and each for a consideration of $100,000; that of J. Edwards
referred to the Committee on Judiciary, follows:
Davis, deceased, to A. T. Meyer, and that of U. S. Roth
DEC. 20 1924.]
THE CHRONICLE
2843
The 1925 calendar of the United States Mortgage & Trust
child, deceased, to E.F. O'Brien, each for a consideration of
Co. of this city, the fifteenth in a series depicting United
$98,000.
States historical scenes, is now being distributed. The illuTwo New York Cotton Exchange memberships were re- mination is from a painting by Percy Moran and shows Genported sold this week, that of Hugh V. Stowell at auction to eral Washington retiring from public life to his private
Norris Sellar for a consideration of $30,500, an advance of estate at Mount Vernon.
$500 over the last previous sale. The second sale, in the
Brian G. Hughes, President of the Dollar Savings Bank,
regular way, was for $30,000, being the membership of
of this city, died after a stroke of apoplexy at his home in
Charles J. Sorrell, sold to Allan Bond for another.
Monroe, N. Y., on Dec. 8. Mr. Hughes was 75 years old. He
An increase in the capital stock of the Seaboard National had retained active interest in his bank and other business
from $4,000,000 to $5,000,000 was authorBank of New York
connections up to the last day before his death. His town
ized by the board of directors at its meeting on Dec. 12. The
house is at 1984 Madison Avenue.
new stock will be offered to shareholders subject to the
on
ratification of the plan by them at the annual meeting
According to recent newspaper advices from Boston, a
Jan. 13 1925. The price to stockholders will be $100 per certificate of incorporation has been granted by the State
share, against its current market price of around $475 a Board of Bank Incorporation to the Pilgrim Trust Co., which
share, on the basis of one share of additional stock for every has been organized in that city with a capital of $200,000.
four shares owned by the stockholder. In this way $1,000,- The new institution is to be located in the North End, it is
000 in all will be acquired which will be used for enlarging said. The charter was petitioned for, it is understood, by
the capital. It is proposed to issue transferable warrants James A. Parker of Charles Head & Co. of Boston and 14
of subscription on Jan. 15 1925 to shareholders of record on others.
Jan. 14, calling for payment in full on or before Feb. 16 1925.
J. Lynch Pendergast, President of the United States Safe
Subscription rights will therefore be on the basis of one new
Deposit Co., 32 Liberty St., died on Dec. 16 at the Lenox Hill
share of stock of the bank for each four shares held by the
Before the merger in 1909 of the
shareholders of record on Jan. 14 1925. The Seaboard Na- Hospital at the age of 70.
United States Safe Dehas a sur- National Safe Deposit Co. with the
tional Bank, with a present capital of $4,000,000,
posit Co., Mr. Pendergast had been President of the first
plus of $6,000,000 and undivided profits of approximately
to the presidency of the
$2,000,000. The surplus is to be increased to $7,000,000 by named company, and he was chosen
continuing company. At a meeting of the directors of the
a transfer of $1,000,000 from the undivided profits account.
Servoss was elected President to
Chellis A. Austin, President of the bank, stated that the company on Dec. 19 H. L.
succeed Mr. Pendergast. E. W. Dutton was elected Vicedeposits have nearly doubled within the last three years and
Vice-President and Treasurer.
are at present in the neighborhood of $135,000,000. The President and F. J. Claussen
the United States Mortof line now and this increase is Mr. Servoss is a Vice-President of
capital is somewhat out
gage & Trust Co.
needed to meet the demands of an expanding business. It is
expected that the present dividend rate of 16% per share
At a meeting of the United States Mortgage & Trust Co. of
will be continued after the increase in capital is effected. this city on Dec. 19 the regular quarterly dividend of 4% on
The following table depicting the development of the bank the
capital stcok was declared payable Jan. 2 1925 to stockduring the past ten years is of interest:
holders of record Dec. 27 1924. The directors also voted the
—Yearly-Surplus and
Capital. Undivided Profits. Deposits. Dividend Rate. payment of additional compensation of 10% of the amount
1914
Dec. 31 1914-- —S1,000.000 $2,733,442 13 $29,744,803 21 12
employees during the year.
cc. 31 1915-- 1,000,00048.680,2111915 of salaries paid to officers and
1,000,000 3,095.088 98 57.031,13237 22 a 1916 Robert F. Brown, Assistant to the President, was elected
Dec. 27 1916__
Dec. 31 1917____ 1.000,000 3,448,201 62 65,847.681 98 13 b 1917
1918 Vice-President and Secretary, and Charles Diehl was elected
Dec. 31 1918__ 1,000,000 3.602,80942 55,917,460 80 12
68,792,644 31 12
1919
Dec. 31 1919—•1,000,000 4,194.399 21
1920 Vice-President in charge of the 125th Street branch.
Dec. 29 1920____ 1,000,000 4.791,017 15 58,655,350 70 12
1921
3,000.000 4,973,759 77 48,466,175 27 12
Dec. 31 1921_
Dec. 29 1922_ ___ 4,000.000 7.079,370 94 *97,108,602 62 14 e 1922
Dec. 31 1923____ 4,000,000 7,315.793 99 113,140,4 7 58 16 0d 1923
Mar.31 1924_ _ _ _ 4,000,000 7.462,596 09 120,439.728 44
June 30 1924_ __ _ 4,000,000 7,613,810 73 128,958.842 711 16%e 1924
Oct. 10 1924__ __ 4,000,000 7,787.966 05 135,820,328 09
•In 1922 the Mercantile Trust Co. of New York. with deposits of
$18,762.000, was merged with the Seaboard National Bank.
a Including 10% extra. b Including 1% extra. c Including 2% extra.
d Including 4% extra. e Dividend payments, beginning with first quarter
1924, on 16% regular annual basis, with 4% paid quarterly.
Statements of capital, surplus and undivided profits and deposits are
those reported to the Comptroller of the Currency of the United States
as of the dates given.
The Irving Bank-Columbia Trust Co. of this city announced on Dec. 15 the appointment of R. L. Smith, Assistant Secretary, to be Assistant Vice-President at its Woolworth office, 233 Broadway. Mr. Smith has been active in
banking for 26 years, and has been with the Irving since
1913.
The Irving Bank-Columbia Trust Co. also announces the
appointment of Alois A. F. Marcus as its representative in
the countries of Central Europe and Holland, with headquarters in Berlin. Mr. Marcus sailed on the Aquitania, Dec. 13,
to take up his duties. This appointment, it is stated, is in
line with the company's policy of furthering business with
foreign countries through co-operation with its correspondent banks. Irving-Columbia special representatives are now
stationed also in London, Paris, Bombay, Mexico City and
San Juan, Porto Rico. Mr. Marcus has been in the banking
business for 27 years. In 1897 he began his business career
with his father's banking firm, Marcus & Volkmar, of Berlin.
From 1901 to 1907 he held positions in Berlin, London, Paris,
Madrid and New York. From 1907 until 1922 he was partner in the private banking house of Veit, Selberg & Cie of
Berlin. During the last two years he has been Manager of
the Deutsche Unionbank in Berlin.
Ralph H. Stever, Cashier, and Thornton C. Thayer,
Assistant Cashier, of the Seamen's Bank for Savings, this
city, have been appointed to the newly-created offices in the
bank of Comptroller and Deputy Comptroller, respectively.
At a meeting of the board of trustees of the bank on Dec. 4
it was decided to pay interest from the first of each month
beginning Jan. 1 instead of from the first of each quarterly
period, as has been the practice heretofore.
A. W. Miles, director and treasurer of Best & Co., has been
elected a director of the Central Mercantile Bank of New
York.
C. E. Currey has been appointed Assistant Secretary of the
New York Trust Co. of this city.
The directors of the Metropolitan Trust Co. of this city
have declared the usual quarterly dividend of 4%, payable
Dec. 31 to stockholders of record on Dec. 19. The directors
have also voted a Christmas bonus of 10% of the year's salaries to all employees of the trust company. Nearly three
hundred of the staff of the company with members of their
families will enjoy the annual Christmas dinner-dance at
the Hotel Roosevelt on Monday evening, Dec. 22.
—•--The Twenty-third Ward Bank of the City of New York,
located at Third Avenue and 137th Street, has decided to
change its name beginning Jan. 2 1925 to the Bronx County
Trust Co.
Incident to plans to increase the capital of the Central
to
Trust Co. of Cambridge, Mass., the directors have declared
a special cash dividend of 100% in addition to the regular
quarterly dividend of 3% and an extra of 3%. All dividends
are payable Jan. 2 1925 to stockholders of record Dec. 24
1924. It is proposed to issue $300,000 of new stock, increasing the capital from $200,000 to $500,000. Of the 3,000
shares of new stock, 2,000 shares will be offered to present
stockholders in proportion to their present holdings at par,
$100. The other 1,000 shares of new stock will be offered
later to the public at a price to be determined by the directors.
Directors of the Old Colony Trust Co., Boston, on Dec. 16
voted to recommend to the company's shareholders at their
annual meeting on Jan.27 next the issuance of 30,000 shares
of new stock at $150 a share, thereby increasing the capital
of the institution from $7,000,000 to $10,000,000. If authorized, the new stock will be offered first to present shareholders, it is said. As of Oct. 10 1924 the Old C lony Trust Co.
had a surplus of $9,000,000 and undivided profits of $1,231,-
2844
THE CHRONICLE
079; after the capitalization increase, therefore, the combined surplus and undivided profits of the bank will be in
the neighborhood of $12,000,000. The current dividend rate
of 12% will be maintained on the increased capital, it is said.
After being a fugitive from justice for more than 14 years,
Clifford S. Heller, former Assistant Cashier of the Mount
Holly National Bank, Mount Holly, N. J., was arrested in
Detroit on Dec. 17, where he was doing business as an iron
and steel broker under the name of Luther W. Smith. He
Is charged with the alleged embezzlement of $18,510 from the
bank and $3,800 from a building loan association, in 1910.
Heller disappeared from Mount Holly on a Sunday night in
June 1910, telling his family that he would be absent for a
day. The shortage was discovered at the bank two days
later when the bank's vault (of which Heller had been custodian) was finally opened after resort had been had to
drilling, all efforts to open it in the ordinary way having
failed. The long pursuit for the accused man led to Nova
Scotia, Liverpool, Munich, Los Angeles and Detroit. An
Associated Press dispatch from Detroit on Dec. 18, printed
In the New York "Evening Pose.' of that date, stated that
Heller had appeared before United States Commissioner
Hurd of Detroit and pleaded "not guilty" and was held for
examination on Dec. 26 under a bond of $35,000.
A new Philadelphia bank—the Susquehanna Title & Trust
Co.—opened for business on Dec. 13. The new trust company
is capitalized at $200,000, with a surplus of $40,000 and occupies its own building at 1611-15 West Susquehanna Avenue.
More than 400 residents of the section, it is said, have acquired stock in the institution. The officers are: Samuel
P. Haxton, President; Frank Ayer and Isaac S. Grossman,
Vice-Presidents; Tilghman S. Derr Jr., Secretary-Treasurer,
and Harry G. Drescher, Title Officer.
The main bank building of the Calvert Bank of Baltimore
at Howard and Saratoga Streets has been enlarged and improved in order to meet the growing needs of the bank's business and the increase in the number of depositors, now more
than 40,000. By the alterations the ground floor space of
the building has been more than doubled and the public space
more than quadrupled. The improvements include a new
and much larger safe deposit vault of the most up-to-date
type, equipped with the latest safety devices. In addition to
Its main office at Howard and Saratoga Streets, the Calvert
Bank maintains four branches in Baltimore. The personnel
of the bank is as follows: William C. Page, President;
James H. Preston (and Counsel), Richard Gwinn and John
• S. Townsend, Vice-Presidents; W. H. Dashiell, Cashier, and
L. J. Lubbehusen and C. J. McKenzie, Assistant Cashiers.
At the recent annual meeting of the directors of the Bankers Trust Co. of Detroit the transfer of $100,000 from undivided profits to surplus account was authorized. This operation gives the company a capital of $500,000 with surplus
of $300,000 and leaves approximately $150,000 in undivided
profits. The directors also declared the regular quarterly
dividend of 2% and an extra dividend of 2%, both payable
Jan. 2 to stockholders of record Dec. 31. Arthur A. Prabel
was elected an Assistant Secretary and Assistant Treasurer
of the institution and with this addition the officers were
re-elected as follows; Arthur Webster, Chairman of the
Board; Walter C. Brandon, President; Frank W. Hubbard,
Edwin Denby and Ralph Nixon, Vice-Presidents; Harry W.
Hanson, Secretary and Treasurer, and B. E. Cole and Arthur
A. Prabel, Assistant Secretaries and Assistant Treasurers.
At the regular December meeting, the directors of the
Union Trust Co. of Chicago declared an extra dividend of 2%
in addition to the regular quarterly dividend of 3% on all
capital stock of record as of Dec. 31 1924. This brings the
total dividend rate for the year up to 16%.
According to the "Wall Stre-et Journal" of Dec. 16, the Citizens' State Bank of St. Peter, Minn., has been closed because
of slow collections. The failed bank had deposits of $470,000,
It is said.
Further referring to the clos- ing on Dec. 10 of the Cheyenne
State Bank, Cheyenne, Wyo., the Torrington National Bank.
Torrington, Wyo.; the Commercial Bank of Guernsey, Neb.,
and the State Bank of Lingle, Wyo., noted in the "Chronicle" of Dec. 13, page 2725, and, according to newspaper advices, said to belong to the Clark group of banks, of which
the Corn Exchange National Bank of Omaha, recently taken
over by the Omaha National Bank,was one, the Omaha "Bee"
[Vox,. 119.
in its issue of Dec. 11 quoted Mr. H. S. Clark Jr. as saying
In regard to the ownership of the failed institutions: "The
situation was an unavoidable one, due to the general state
of the cattle industry in Wyoming. The Cheyenne State Bank
was known as one of the McDonald banks. I was not an
officer, although I did own one-fourth of the stock. There
was no connection between the Wyoming banks and the Corn
Exchange National of Omaha except that I was a stockholder in all institutions."
The statement of condition of the National Bank of Commerce in St. Louis at the close of the bank's fiscal year on
Oct. 10 1924, Just recently received, gives the total resources
as $100,089,931, of which $27,339,843 is in cash and exchange. On the debit side of the statement total deposits are
shown at $80,549,283 (a gain of $22,189,451 between "call"
statements Sept. 14 1923 and Oct. 10 1924) and combined
capital, surplus and undivided profits at $19,220,696. Since
the bank became a national institution in 1889, we are told,
$26,460,000 has been paid to the stockholders in dividends.
The bank's affiliated institution, the Federal Commerce
Trust Co., as of Oct. 10 1924, had combined capital, surplus
and undivided profits of $1,067,532 and total assets of
$1,209,677. John G. Lonsdale is President of the National
Bank of Commerce in St. Louis. .
At the annual meeting of the stockholders of the Commercial National Bank of Raleigh, N. C., to be held on Jan. 13
1925, a proposition to increase the capital of the Institution
from $300,000 to $600,000 is to be submitted for ratification.
The proposed increase is to be accomplished by the declaration of a dividend of 50% from the undivided profits, and
the issue of 1,500 shares each of the par value of $100 therefor; and the issue and sale, at $130, per share, of 1,500 additional shares to be offered to the present shareholders In
proportion to their present holdings.
R. S. Hecht, President of the Hibernia Bank & Trust Co.
of New Orleans, in a letter to the stoirsholders under date of
Dec. 17, announces the largest deposits in the history of the
bank and a modification of its dividend rate from 24 to 20%,
which is considered the conservative and logical banking position to take during this period of unusually low interest
rates and correspondingly reduced earnings. The letter
says:
The deposits of our bank have for some time past been running well in
excess of $50,000,000 and are to-day $53,000,000, which is a greater total
than we have ever had on any corresponding date In the history of our institution. We have, however, experienced difficulty in this era of abundant
money supply in finding profitable employment for these increased funds in
liquid short time loans in the legitimate channels of commerce and industry.
The yield on bonds and other high grade securities has steadily declined,
and the average rate for commercial paper has during the past few months
reached a lower level than at any time since 1838.
This decline in Interest rates will necessarily reflect itself in smaller
bank earnings, and, as it is difficult to forecast how soon a return to more
normal conditions may be expected, the board of directors decided, at today's meeting, to make the next quarterly dividend payable Jan. 2 1925
$4 50 per share instead of $8, as it has been for the past several years. The
Hibernia Securities Co., which was organized to take over the bond and security busienss of the batik and whose common stock is owned and was
acquired by the shareholders of our bank without cost to them, has declared
its regular quarterly dividend of 6%, or 50 cents per share, so that the total
dividend received by our stockholders will be at the rate of 20% per annum.
After having built up a surplus considerably in excess of our capital, we
have during the high interest period of recent years felt justified in pursuing a, liberal dividend policy, with the result that we have been paying
a substantially higher divdend rate than ally other bank in this city. However, our directors believe that, with the present outlook for continued ease
In the money market the interest of stockholders will best be served by following the prudent and conservative course of curtailing somewhat our
dividend disbursements until such time as changed conditions bring about an
improvement in money rates.
The City National Bank—a new institution which has been
In process of organization for several weeks—will open for
business in Houston on Feb. 1 1925, according to the Houston
"Post" of Dec. 14. The new bank will occupy quarters in the
old Cotton Exchange Building, it is said, and will be capitalized at $200,000. The officers chosen for the institution are
Jacob Embrey, President; W. L. Moody of Galveston, Tex.,
Vice-President, and A. B. Jones, Vice-President and Cashier.
Mr. Embrey for the past four years has been a national bank
examiner; Mr. Moody is Vice-President of the City National
Bank of Galveston, and Mr. Jones recently resigned as Cashier of the Guaranty National Bank of Houston with which
he had been connected for the past five years, to go with the
new institution.
A special meeting of the stockholders of the American Etchange Bank of Dallas, Tex., will be held on Jan. 13 to ratify
a proposed Increase in the bank's capital from $2,000,000 to
$4,000,000, recommended by the directors on Dec. 11, according to the Dallas "News" of Dec. 13. The "News" quoted
Diac. 20 1924.]
2845
THE CHRONICLE
Nathan Adams, the bank's President, as saying in this finally to 3934. Amer. Gas & Elec. corn. advanced from
11434 to 120% and sold to-day at 11934. Amer. Light &
regard:
The increase of capital has, in the opinion of the board, become necessary Tract. corn. sold up from 136 to 145 and down finally to 142.
on account of the large increase in its business. The development of the Amer. Power ez Light, corn., gained over twelve points to
Southwest for the last ten years has been very great and it was the unani- 6834 and closed to-day at 6834. Industrials also came in for
mous opinion of the beard that we could expect continued growth and dea large share of strength. Borden Co., corn., moved up
velopment of this section of the country for many years to come.
They believe, therefore, it is incumbent upon them to meet the condition 129 to 133. Centrifugal Cast Iron Pipe rose from 2334 to
and it was unanimously decided to offer to the shareholders of this institu30 and reacted finally to 2734. Continental Baking, Class
tion the opportunity to double their present holdings.
A, common, after an advance of two points to 11634 fell to
The directors of the Italian-American Bank of San Fran- 114 and ends the week at 1143 . Del. Lack. & West. Coal
4
cisco have voted an extra dividend of $1 in addition to the was conspicuous for an advance from 11934 to 132, the close
regular $2 quarterly dividend, payable Jan. 2. It is stated to-day being at 131. Glen Alden Coal rose from 121 to
that the stock will probably be maintained upon a 9% basis. 12534 and sold finally at 12534. Doehler Die-Casting
President Sbarboro reports a prosperous year for the insti- improved from 183 to 22. Dubilier Condenser & Radio
4
tution. Assets during 1924 have increased more than $2,000,- moved up from 60 to 66 and down finally to 6434. Oil
000. At the close of business as of June 30 1924, the assets shares were only moderately active. Prairie Oil & Gas
totaled $21,497,763 as compared with $15,902,433 on June 30 after registering a gain from 19934 to 212, broke to 204, but
1923.
moved upward again, resting finally at 209. Prairie Pipe
4
Line advanced from 10534 to 1083 and closed to-day at 108.
We are in receipt of the annual statement of the CommerStandard Oil (Indiana) advanced from 5834 to 6234 and
cial Bank of Scotland, Ltd. (head office Edinburgh), coverfinished to-day at 6134. Standard Oil (Nebraska) rose from
ing the twelve months ended Oct. 31 1924. The report, which 246
to 255.
was presented to the shareholders of the bank at their anA complete record of Curb Market transactions for the
(after
nual general meeting on Dec. 17, shows net profits
week will be found on page 2871.
providing for rebate of discount and interest and for all bad
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
and doubtful debts) of £335,117. To this sum is added £56,BONDS (Par Value).
STOCKS(No. Shares).
220, the balance to credit of profit and loss brought forward
Week Ending Dec. 19.
from the preceding year, making together £391,337. Out of
mining. Domestic. Poen Ooie,
OE.
Ind
this amount, the report shows, there was applied in July in Saturday
$62.100
97,630 $538.000
55,420
86.430
981,000
44,000
208.020
98,400
121,085
payment of the half year's dividend on the "A" and "B" Monday
179,000
153.760 1.074.000
98.870
172.250
Tuesday
208.390 1,240.000
215,000
59.370
shares at the rate of 16% and 10%, respectively, £96,875 Wednesday
158,492
153.480 1,018.000
124,000
122.751
228,425
(under deduction of income tax £28,125), leaving a balance Thursday
56,000
132,890 1,195,000
132.491
229,470
Friday
directors recommended be distributed
of £294,462, which the
954.170 $6.046,000 $680,100
567.302
996,152
Total
as follows: £96,875 to pay the second semi-annual dividend
on the "A" and "B" shares at the rate of 16% and 10%, reCOURSE OF BANK CLEARINGS.
spectively (under deduction of income tax £28,125) ; £50,000
Bank clearings for the country as a whole continue to
to be added to reserve fund; £25,000 to be credited to officers' retiring fund, and £50,000 to be applied to reduction of show substantial gains over a year ago. As before, the imthe bank's properties, leaving a balance of £72,587 to be car- provement follows largely from the expansion at New York
ried forward to the next fiscal year's profit and loss account. City, the exchanges at this centre showing an increase for
The bank's total assets on Oct. 31 1924 were £43,203,244, the five days of 33.1% over 1923. Preliminary figures
while total deposits were £34,716,735. The paid-up capital compiled by us, based upon telegraphic advices from the
of the institution is £1,750,000, with a reserve fund of like chief cities of the country, indicate that for the week ending
amount. The Earl of Mar and Kellie, K.T., is Governor, to-day (Saturday, Dec. 20) aggregate bank exchanges for all
with Lord Saltoum, Deputy Governor, and Alexander Robb, the cities of the United States from which it is possible to
obtain weekly returns, will register an increase of 20.7%
General Manager.
over the corresponding week last year. The total stands at
•
$10,844,498,076, against. ,982,070,294 for the same week
FOREIGN EXCHANGE.
week is as
Sterling exchange ruled quiet and steady. The Contin- in 1923. Our comparative summary for the
and somewhat irregular, with follows:
ental exchanges were inactive
quotations generally lower than those that prevailed a week
Per
Clearings-Returns by Telegraph.
Cent.
1923.
1924..
Week R dine Dec. 20.
ago, although no important changes were noted.
To-day's (Friday's) actual rates for sterling exchange were: 4 67%0
4 68% for sixty days; 4 70%04 70% for checks, and 4 70%04 71% for
cables. Commercial on banks sight, 4 7O)®4 70%: sixty days, 4 6630
4 66%; ninety days, 4 65%04 66%, and documents for payment (60
days), 4 66304 66%. Cotton for payment. 4 7034(4)4 70%, and grain
for payment. 4 70h04 70%.
To-day's (Friday's) actual rates for Paris bankers' francs were: 5.32(4)
5.33 for long and 5.37)4 05.3851 for short. German bankers' marks are
not yet quoted for long and short bills. Amsterdam bankers' guilders
were 39.94039.96 for long, and 40.30040.32 for short.
Exchange at Paris on London, 87.25; week's range, 87.25 high and 87.90
low.
The range for foreign exchange for the week follows:
60 Days. Checks.
Sterling, ActualCables.
High for the week
4 683.
470)4
471)4
Low for the week
4 65%
4 68%
4 68%
Paris Bankers' Francs
5.39h
High for the week
5.33
5.40h
5.32%
Low for the week
5.26)4
5.33%
Bankers' Marks
Germany
High for the week
23.82
23.82
Low for the week
23.81
23.81
Amsterdam Bankers' Guilders
39.96
40.38
High for the week
40.42
39.85
40.27
Low for the week
40.31
Domestic Exchange.-Chleago, par. St. Louis. 15025c. per $1,000
discount. Boston, par. San Francisco, par. Montreal, $7.1875 per
$1,000 discount. Cincinnati, par.
THE CURB MARKET.
Trading in the Curb Market this week was broad and
active and advances were general throughout the list. Public utility issues were most conspicuous for large gains.
4
Adirondack Power & Light, corn., advanced from 323 to
3834 and closed to-day at 38. Commonwealth Power
Corp., corn., after fluctuating during the week between 122
and 126 jumped to 131 to-day, resting finally at 130. Lehigh
Power Securities moved up from 8634 to 99 and finished today at 983/s. Middle West Utilities from 7634 advanced to
79. Western Power gained six points to 41 and reacted
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$5,336.000.000
570,483,868
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
69,678,207
54,009.668,888
520,819,554
452,000,000
392.000,000
121,057,320
132.667,130
144.900.000
129.441,000
143.580.301
139,388.327
91.984.553
90.942,435
77,236,891
+33.1
+9.5
+17.9
13 cities, 5 days
Other cities, 5 days
87,950.366,945
1,086,714,785
$6,445,686,399
1,039,372,180
+23.3
Total all cities, 5 days
All cities, 1 day
89.037.008.730
1,807,416,346
57.485.058,579
1,497.011.715
+20.7
+201
lin 844 408 076
58.982.070.204
-I-on,
Tni.,,i ,,ii
Milan frtr
,,,..),
+5.6
-2.7
+2.8
+3.8
+2.7
+7.6
+0.7
+11.3
+2.1
-9.8
+4.8
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 weeks 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-the week ended Dec. 13. For
that week there is an increase of 16.9%, the 1924 aggregate of
the clearings being $9,921,382,077, and the 1923 aggregate
,487,779,997. Outside of New York City, however, the
increase is only 6.0%, the bank exchanges at this centre
having recorded an expansion of 26.2%. We group the
cities now according to the Federal Reserve districts in which
they are located and from this it appears that in the Boston
Reserve District there is a gain of 16.1%, in the New York
Reserve District (including this city) of 25.4% and in the
Philadelphia Reserve District of 11.6%. In the Cleveland
Reserve District the totals are larger by only 1.8%, in the
2846
THE CHRONICLE
Richmond Reserve District by 4.4% and in the Atlanta
Reserve District by 1.0%. The Chicago Reserve District
has an increase of no more than 3.8%, the St. Louis Reserve
District of 3.1%, but the Minneapolis Reserve District of
15.6%. The Kansas City Reserve District has a gain of
7.9% and the Dallas Reserve District of 14.6%. The San
Francisco Reserve District is the only district showing smaller
totals than last year but the decrease is only trifling, namely
0.4%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ending Dec. 13 1924.
1924.
Inc.or
Dec.
1923.
Federal Reserve Districts.
$
$
(1et) Boston
11 cities 502,455,378 432,644,951
(2nd) New York
11 " 5,891,460,2924,696,331,466
(3rd) Philadelphia
588,482,332 527,105,286
10 (415) Cleveland
8 "
375,723,738 369,210,751
(6111) Richmond
212,370,170 203,385,418
6 "
(6th) Atlanta
223,445,754 251,297,774
12 "
(7th) Chicago
903,598,775 870,327,519
20 "
(8th) St. Louis
231,842,603 334,789,719
S "
(91)1) Minneapolis
155,478,836 134,526,442
7 "
(10th) Kansas City_
259,981,459 240,898,810
12 (11th) Dallas
84,202,2,57 73,464,564
5 "
(12th) San Francisco._.16 "
492,140,483 493,908,198
1922.
1921.
$
S
%
+16.1 430,570,525 388,928,684
+25.4 4,378,890,467 4 562,957,660
+11.6 528,199,011 469,695,024
+1.8 364,996,916 347,930,839
+4.4 187,299,114 156,490,183
+1.0 195,421,222 161,602,328
+3.8 802,908,442 700,063,177
+3.1 84,105,560 65,036,224
+15.6 130,726,157 118,463,738
+7.9 254,759,345 228,679,859
+14.6 61,168,151 54,253,489
-0.4 444,757,517 391,741,336
Grand total
126 cities 9,921,382,077 8,487,779,997 +16.97,864,202,4277,645,542,539
Outside New York City
4,145,649,293 3,912,128,853 +6.0 3,602,747,186 3,183,381,854
ninths
29 mth. 388_577.448 367.431.521 4-0.3 351.809.652 353.923.100
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
•
Clearings as
1924.
Week Ending Dec. 13.
1923.
Inc.or
Dec.
1922.
1921.
S
$
$
%
First Federal e serve Distric t
-BostonMe.
-Bangor 742,375
751,784
758,482 -2.1
Portland
v3,500,000
3,528,149
3,850,179 -8.4
Mass.
-Boston _ _ 449,000,000 380,000,000 +18.2 382,000,000
Fall River_ _ _ 2,667,497
2,658,021
2,884,836 -7.9
Holyoke
a
a
a
a
Lowell
1,389.027
1,330.841
1,290,189 +3.2
Lynn
a
a
a
a
New Bedford_ _
2,037,874
1,697,662
1.780,409 +14.5
Springfield_ _ _ 5,783,488
5.330,628
5,373,168 +7.6
Worcester_ _ _ _ _
4,075,000
3.895,000 +4.6
4,288,509
Conn.-Hartfor I.
13,006,226
10,227,368
11,994,810 +8.4
New Haven_ _ _
6,995.778 -2.4
6,824.604
6,218,050
R 1.-Providen e
13,822,100 -2.6 *12,500,000
13,468,800
Total(11 chi 0
502,455,378
432.644,951 +16.1
Second Fed r al Reserve D istrict- Ne
-Albany_ _
N. Y.
5,948.725
7,416,949
Binghamton_ _ _
1,071,000
1,351,500
Buffalo
c46,214,439
47,195,300
Elmira
899,750
710,160
Jamestown_ _ _
. el.348,361
1,315,663
New York_ _ _ - 5,775,732,784 ,575,651,144
Rochester_ _ _
12,346,723
11,017,862
Syracuse
5,429.465
4,290,227
Conn.-Stamfor El
c3,008,414
3,032,696
N. J.-Montclalr
1,101,043
798,371
Northern NJ
38,359,588
43,441,594
430,570,525
$
1,026,193
2,300,000
347,000,000
1,729,795
a
1,460,650
a
2,064,599
4,359,386
3,194,412
8,928.146
5,203,203
11,662,300
388,928,684
w York-19.8
4,934,968
4,791,720
-20.8
1,071,100
1,024,500
43,847,491
-2.1
37,887,676
+26.7
654,065
1,164,988
+2.5
1,009,893
+26.2 4,261,255,241 4,462,460,685
+12.1
10,271,904
8,747,603
+26.6
4,374,530
3,637.290
-0.8
2,646,442
2.270.137
+37.9
568.171
783,199
-11.7
48,101,567
40,244,957
Total(11 cities 5.891,460,292 4,696,221,466 +25.4 4,378.890,467 4.562,957,660
)
Third Federali Reserve Dist rict-Phila delphi aPa.
-Altoona __ _
1.325,210 +13.4
1,502,771
1.301,332
945,773
Bethlehem _ _ _ _
3.990,382 -37.6
2.491,865
3,842,010
2,755,553
Chester
1,388,310 -8.9
1,265,011
1,389,000
1,096,342
Lancaster. _ _.
3,067,141 -6.7
2,861,340
3,043,455
2,544,734
Philadelphia _. 559,000,000 498.000,000 +12.2 501,000.000 446,000,000
Reading
3.672,403 +3.4
3,798,038
.
3,496,254
2,707.133
Scranton
5,955,008 +8.6
6,469,572
.
5,010,270
4,879,849
3,567,580 +14.8
Wilkes-Barre_. d4,096.212
3,213,291
2.988,537
York
1,550,954 +21.4
1,883,296
1,534,171
1,337,594
N.J.
-Trenton..
4,588.298 +11.5
5,114,227
.
4,369,211
4,439,509
Del.-Wilming'n.
a
a
a
a
a
Total(10 cities i
588,482,332
527,105,286 +11.6
528,199,011
469.695,024
Fourth Fede r al Reserve D strict-Clev eland- Ohio-Akron. _ •
6,667,000 +39.5
d9,302,000
5,878,001
5.000,000
Canton
5,106,339 +5.0
•
5,363,307
5,117.222
3,757.907
Cincinnati _ _ •
66,493,047 +1.4
67,414,424
69,021,551
65,599,366
Cleveland
106,772,453 109,889,222 -2.8 109,778,351
90,359.677
Columbus _ _ _ •
16.316,900 -4.6
15,561,100
15,948,300
13,830,300
Dayton
a
a
a
•
a
a
Lima
a
a
a
a
a
•
Mansfield
1,788,497 -0.6
d1,777,115
1,572,500
1.198,353
•
Springfield- -a
a
•a
a
Toledo
a
a
a
a
a
Youngstown _
4,459,579
4,917,347 -7.7
d4,538,609
3,165,236
Pa. Erie
a
a
a
a
a
Pittsburgh .._
165,194,730 158,032.399 +4.5 153,221,400 *165,020,000
Total(8cities)
+1.8
364.996,916
Fifth Federal Reserve Dist rict-Richm ondW.Va.-Hunt'o
2.142,017 -9.9
1,929,946
VS.
-Norfolk _ _
12.352,269 +11.0
d13,716,706
Richmond _ _ _
61,250.085
59.563,000 +2.8
S. C.-Charlest'
d3,377.433
3,702,799 -8.8
Md.-Baltimore - d106,232,000 101,590,433 +4.6
D. C.-Wash'to
24,034,000 +7.6
d25,864,000
2,127,800
10,735,103
55,536.423
2,324.813
93.859,368
22.715,607
Total(6 cities)-
375,923,738
369,210,751
+4.4
187,299.114
Sixth Federal Reserve Dist rIct-Atlant a
Tenn.-Chatt'ga
d6.382,798
5,949,489 +7.3
Knoxville
3,035,093
3,466,000 -12.4
Nashville
22,087.166
22,014,281 +0.3
Georgia-Atlanta
60,814,150 +8.3
65,871,194
Augusta
2.194.264
2,390,302 -8.2
Macon
1,939,646
1,658,843 +16.9
Savannah
a
a
a
Fla.-Jack'nville
17,681.971
15,529,027 +13.9
Ala.-Birm'gham
31,080,547
29,339,868 +5.9
Mobile
1,995,026
2,191,430 -9.0
Miss.
-Jackson_ _
1,645,000
1,128.829 +45.7
Vicksburg
_
533,049
501,252 +6.4
La.-NewOrleans d69,000,000
76.314,303 -9.6
6,771,693
3,842,755
19,825,000
55,333,137
2,287,573
1,590,952
a
12,404,121
28,483.320
2.032,102
907.371
1,096,062
60,847,136
Total(12 cities)
212,370,170
223.445.754
203,384,518
221.297.774
+1.0
195.421.222
[Vol,. 119.
Week Ending Dee. 13.
Clearings as
1924.
Inc.or
Dec.
1923.
1922.
1921.
Seventh Feder al Reserve D 'strict-Chi cago
Mich.
-Adrian _
280,123
206,128
240.824 +16.3
187,865
Ann Arbor_ __ _
1,072,506
829,556
917,821 +16.8
530,000
Detroit
142,809,008 129,106,818 +10.6 112,674,948
87,989,000
Grand Rapids_
7,238,081
6,551,054
7,083,937 +2.2
7,255.726
Lansing
2,376,789
1,900,260
2,105,560 +12.9
1,668,600
Ind.
-Ft. Wayne
2,713,120
2,215,414
2,625,168 +3.4
2,071,615
Indianapolis
18,258,000
21,140,000
18,873,000
21,337,000 -14.4
South Bend..,..
2,667,000
2,618,200
2,928,400 -8.9
1,801,926
Terre Haute
5,400,279
5,025,316 +7.5
Wis.-Milwaukee
40,615,363
39,361,178 +3.2
29,112,264
36,217,210
Iowa
-Cad.
2,438,088
2,491,859 -2.2
1,351,608
2,501,397
Des Moines__ _
11,101,314
10.802,265 +2.8
9,703,414
9.596,527
Sioux City....
6,702,476
6,667,708 +0.5
4.584.305
5,660.634
Waterloo
1,539,685
1,447,821 +6.3
1,176,185
1,233,428
IlL-Bloomlngton
1,668.975
1,482,615 +12.6
1,460,013
1,444,098
Chicago
645,075,828 625,854,882 +3.1 588,020,935 522,498,789
Danville
a
a
a
a
a
Decatur
1,523,805
1,266,083 +20.4
1,194,615
1,212,248
Peoria
5,148.047
4,695.738 +9.6
4,361,507
4,304,601
Rockford
2,469,978
2,460,661 +0.3
2,178,989
1,902,564
Springfield_
2,500,310
2,425,865 +3.1
2,345,909
2,398,097
Total(20 cities)
903,598,775
870.327,519
+3.8
802,908,442
Eighth Federa Reserve DU trict-St.Lo uisInd.
-Evansville.
5,125,882
5.617,355 -8.7
Mo.-St. Louis.. 140,235,252 139,612,738 +0.5
Ky.-Louisville
36.497,631
34,541,395 +5.7
452,325
651,147 -30.5
Tenn.- Memphis
Owensboro_31.738,235
28,479,586 +11.5
Ark.
-Little Rock
15.986.562
14,094,659 +13.4
Ill.-Jacksonville
384,498
345.086 +11.4
Quincy
1,422,218
1,447,753 -1.8
4,538,284
4,422,591
33,906,131
1,044,912
29,138,001
13,572,168
376,339
1,529,745
27,637,844
1,026,347
20,713,919
9,681.598
319.119
1,234,806
+3.1
84,105,560
65,036,224
Ninth Federal Reserve Ms trict-Minn eapolis
Minn.
-Duluth_
d12,301,402
10,305,724 +19.4
Minneapolis_
d99,423.000
78,320,389 +26.9
St. Paul
35,557,949
38,336,948 -7.2
No. Dak.-Fargo
2,268,740
2,124,524 +6.8
S. D.
-Aberdeen
1,755.180
1,443,809 +21.6
Mont.
-Billings _
680.281
658,343 +3.3
Helena
3.492,284
3,336,705 +4.7
8,523,762
78,222,199
35,965,020
2,160,942
1,454,055
570,494
3.829,685
7,411,055
70,137,000
$2,819,488
2,096,680
1,193,762
649,533
4,156,240
130,726,157
118,463,738
325,524
527,902
4.148,356
42,637,238
2,815,308
10,119.472
146,097,751
424,139
549,560
3.275,387
35,820,666
2,534,710
9,958,965
133,744,757
a
25.227,430
a
1,246,450
20,799,042
814,872
a
20,614,509
a
976,679
20,075,996
704,491
254,759,345
228,679,857
1,547,067
33,648,574
12,778.761
8.270,936
a
4,922,813
1,562,758
28,804,177
11,627,162
7,776,931
a
5,582,461
Total(8 cities)_
231,842,603
224,789,719
Total(7 cities). 155,478,836 134,526,442 +15.6
'Tenth Federal Reserve Dis Wet Kans as City
Neb.-Fremont.
d439,152
430,395 +2.0
Hastings
635,629
583,917 +8.9
Lincoln
4,186,799
4,156,977 +0.7
Omaha
38,328,294
38,192,025 +0.4
Kansas-Topeka
d3,197,960
3,427.567 -6.7
Wichita
d7,794,312
7,857.309 -0.8
Mo.-Kan. City_ 137.121.277 126,358,441
+8.5
St. Joseph_
d7,463,557
7.902.742 -5.6
Okla.
-Muskogee
a
a
a
Oklahoma City d36,259,944
28,250,770 +28.3
Tulsa
a
a
a
Colo.
-Col.SPIN
1,223,642
1,179,390 +3.7
Denver
22,230,363
20,978,525 +6.0
Pueblo
e1,100,530
860,752 +27.8
Total(12 cities) 259,981,459 240,898,810 +7.9
Eleventh Fade al Reserve District
-D aliasTexas
-Austin...
1,916,236
2,080,251 -7.9
Dallas
47,545,746
40,384,091 +17.7
Fort Worth... d16,183,156
13,968,683 +15.9
Galveston
13,399,620
11,769,977 +13.8
Houston
a
a
a
'
La.
-Shreveport
5,157,499
5,261,561 -2.0
700,063,177
Total(5 cities).
84,202.257
73,464,563 +14.6
61,168,151
54,253,489
Twelfth Feder al Reserve D istrict-San Franc' 8C0-Wash -Seatl.
41,225,817
42,448,757 -2.9
35,915,661
32,135,543
Spokane
11.744,000
12,299,000 -4.5 •11,500,000
10,369,000
Tacoma
a
a
a
a
a
Yakima
1,599,522
1,443,122 +10.8
1,350.812
1,573,508
-Portland_
Ore.
39,906,623
39,602,594 +0.8
35,377,350
33,892,751
Utah-S. L. City
19,234,903
16,951,294 +13.5
15,975,478
15,544,462
Nev.-Reno _
a
a
a
a
a
Ariz.
-Phoenix _ _
a
a
a
a
a
Cal.
-Fresno._ _
4,222,863
5.854,921 -27.9
6,267,866
5,245,240
Long Beach__ _
7.163,277
9.995,898 -28.3
7,580,140
4,358,521
Los Angeles_
156,151,000 157,123,000 -0.6 126,798,000 103,081,000
Oakland
19,204,598
17,275,686 +11.2
16,327,025
13,843,944
Pasadena
6,234,334
6,408,844 -2.7
5,334,830
4.302,346
Sacramento
d8,478,182
8.832,699 -4.0
8.161,876
6,677,278
San Diego_ _ _ _
5,193,142
4.550,871 +14.1
4
3,591,914
'4.300,000
San Francisco_ 165,000,000 163,000.000 +1.2 163,400,000 151,000,000
San Jose
2.519,034
2,192,513 +14.9
2.506,156
2,779.540
Santa Barbara_
1.406,188
1.346,499 +4.4
1.381,823
940,489
Stockton
2,857.000
4,582,500 -37.7
2,780,500
2,405,800
Total(16 cities) 492,140,483 493,908,198 -0.4 444,957,577 391,741,336
Grand total (126
cities)
9,921,382,077 8,487,779,997 +16.9 7,864,002,427 7,645,842,539
Outside NewYork 4,145,649,293 3,912,128,853 +6.0 3,602,747,186 3,183,381,854
Week Ending December 11.
Clearings as
1924.
1923.
Inc. or
Dec.
1922.
1921.
Canadian$
$
$
%
$
Montreal
103,386,276 104,221,985 -0.8 102,877,248 118,670,976
Toronto
100,578,178 104,448,057 -3.8 107,902,336 100,603,760
Winnipeg
87,254,862
80,705,438 +8.1
66,162,317
61,129,899
Vancouver
14,628,366
15,154,445 -3.5
14,101,554
12,628,007
Ottawa
6,518,083
6,736,181 -3.2
7,975,839
7,489,036
Quebec
5,096,335
6,106,235 -16.5
347,930,839
4,822,013
5,678,013
Halifax
3,115,593
2,893,684 +7.7
3,932,980
3,427,239
Hamilton
4.922,017
5,589,206 -11.9
5,447,672
5,503,901
10,329,020
7,773,908 +32.8
1,849,408 Calgary
6,278,825
6,192,549
2,444,246
2,626,901' -7.0
7,591,854 St. John
3,154,870
2,789,840
Victoria
1,881,930
1,807,965 +4.1
49,581,709
1,798,151
2,187,116
2,843,951
2.726,571 +4.3
2,050,000 London
2,737,397
2,984.114
5,250,511
5.478,834 -4.2
74.911.468 Edmonton.s
4,468.701
5,217.121
4,848,000
4,935,944 -1.8
20,505,744 Regina
4,200,416
5,075,283
Brandon
764.799
652,491 +17.2
691.449
701,240
Lethbridge
626,093
589,519 +6.2
156,490,183
787,356
644,705
Saskatoon
2,037,646
2,264,901 -10.0
2,071,202
1,676,802
Moose Jaw
1,442,742
1.526,727 -5.5
1,502,417
1,388,004
Brantford
889,111
1,101.359 -19.3
1,234,846
1,021,535
5,151,655
1,228.081
1,354,608 -9.4
742,258
850,096
2.822,089 Fort William....
565,397
552,881 +2.3
533,926
453,353
19,075,768 New Westminster
Medicine Slat....
344.571
393,803 -12.5
412,000
363,110
48,237,000 Peterborough__ _
_
869,512
812.419 +7.0
780,984
778.728
1.964,907
773,828
886,910 -10.7
803,730
904,687
1.192.173 Sherbrooke
Kitchener
944,224
981,965 -3.8
1,069.596
995.449
a
Windsor
3,021,789
2,974,209 +1.6
3,158,875
2,964,031
8.788,969
320,618
389,042
402,077 -20.3
23,637,358 Prince Albert__
Moncton
913,650
955,472 -4.4
1,117,954
819,875
1,650,000 Kingston
738,016
667,231
796,947 -7.4
773,098
922,516
379,008 Total Canada
(Z9) 368.577.445 367.431.521 -I-0.3 351.809.652 353.023100
47,780,883
161.602.326
a No longer report clearings. b Do not respond to reauesta for figures. c Week
ended Dec. 10. d Week ended Dee, 11. e Week ended Dec. 12.
Estimated. '
DEc. 20 1924.]
THE CHRONICLE
2847
THE ENGLISH GOLD AND SILVER MARKETS.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
We reprint the following from the weekly circular of
with only
The upward swing of the stock market which
Samuel Montagu & Co. of London, written under date of
brief interruptions, has been under way for the past month
Dec. 3 1924:
GOLD.
or more was again in evidence during the present week.
The Bank of England gold reserve against its note issue on the 26th
Prices have been firm, and except for a sharp setback late ultimo amounted to 2126,669,300 as compared with £126,667,940 on the
on Tuesday, the trend of the market has been strongly previous Wednesday.
The Indian demand this week for gold has again been extremely strong
toward higher levels. Railroad issues continued to hold the and the substantial amount offering was readily absorbed.
The price of gold fell to-day to 89s. 6d., which is the lowest price of the
leadership, closely followed by industrial shares. Copper
year, and was also reached on Nov. 14 last.
securities moved into higher ground as a result of the advance
The following figures relate to movements of Indian trade (private aoin prices for that metal, and oil stocks have displayed steady count) during the month of October last:
Exports. Imports. Net Exports. Net Imports
In Lacs of Rupees899
2084
2983
improvement. Increased activity characterized the short Merchandise
647
1
Gold
138
211
73
session on Saturday, with prices in most of the active issues Silver
Total net exports, 115.
working steadily upward. Oil shares, which have not hereexpect that India is likely to
At about present prices the Indian bazaars
A corretofore displayed very pronounced activity, came strongly to require all the gold that it can obtain during the coming year.popularity
spondent of the "Englishman" states that silver is declining in
the front, and several of the Standard Oil issues improved as a metal for ornaments, but gold is increasing, because of the recent
precious metals is
alone
from one to five points. Motor sharesIwere in strong de- banking crises and the notion that gold draws among the to the fraudulent
attention
Proof against price fluctuations. He
mand, numerous issues making new high records. The not- practices of Indian sonars or goldsmiths, and refers to the need for gold or
legislation to deal
hallmarks legally recognized as
able feature of the trading on Monday was the brisk advance silverdishonesty of goldsmiths, establishsuch, suggesting and introduce a
standard products,
with
in United States Cast Iron Pipe & Foundry, which closed system of hallmarks.
The Southern Rhodesian gold output for October 1924 amounted to
1334 points above its early low. Special interest was also
ounces for September 1924 and
ounces, as compared with
manifested in General Electric and Worthington Pump, 52,364 ounces for October 1923. 53.138
52.019
both of which recorded substantial gains for the day. RailSILVER.
road shares, particularly Atchison, Northern Pacific and
The Indian bazaars have been again buyers this week in the market, and
prices the moderate
Central RR. of New Jersey, were especially conspicuous in have been able to secure without unduly affectingraised quotations had
supplies on offer. Possibly the demand might have
the upward movement. United States Steel common nearly not the sterling exchange with the United States considerably appreciated.
reached its 1924 high record at 11934, but receded later in China has not been active, speculative transactions have taken place both
the day; Maxwell A advanced to a new high at 81, and oil ways. America has not been a free seller, though a fair amount of sales
have been made. The Continent has been more a seller than a buyer.
shares continued to improve in the early trading but fell off
We hear from India that the silver demand from the bazaars will not be
somewhat in the closing hour. The day's trading included so keen in 1925-probably not more than 60,000 to 70,000 bars during the
530 separate issues and a total of 46 new high records were year.
INDIA. CURRENCY RETURNS.
Nov. 7. Nov. 15. Nov. 22.
registered during the session. Stock prices set a new high
In Lacs of Rupees18034
18088
18022
Notes
8489
8543
average during the early trading on Tuesday, though later Silver in circulation in India
8578
coin and bullion
Silver coin and bullion out of India
in the day a sharp setback occurred, and most of the early Gold coin and bullion in India
2232
2232
2232
gains were lost. Prior to the downward reaction, United Gold coin and bullion out of India
5713
5713
5713
Securities (Indian Government)
1600
1600
1499
States Cast Iron Pipe & Foundry was selling at 1543, Securities (British Government)
ult.
No silver coinage was reported during the week ending 22nd.
nearly 17 points above Saturday's close. The spectacular
consisted of about 52,600,000
The
the 29th ultimo
jump of Central RR. of New Jersey to 294 was the feature ouncesstock in Shanghai on dollars, and 870 silver bars, as compared with
in sycee, 39,000,000
of the day. Baltimore & Ohio made a new high for the year 52,300,000 ounces in sycee, 41,500,000 dollars. and 880 silver bars on the
(up to that time) at 81, and Union Pacific crossed 150. 22nd ultimo.
Statistics for the month of November 1924 are appended:
Railroad stocks again came into the foreground on WednesBar Gold.
-Bar Silver per oz. std.Per Oz Fine.
2 Months.
Cash.
day, closely followed by industrial issues and gains of four
91s. 3d.
34;id
;id.
Highest price
34
89s. 6d.
and five points were recorded by numerous issues in each Lowest price
33 7-164.
33 3-16d.
90s. 1.5d.
33.927d.
33.775d.
group. Lehigh Valley and Reading were the leaders of the Average price
Bar Gold,
-Bar Silver per oz. std.Per Oz Fine.
2 Months.
Cash.
forward movement, the former advancing 732 points and the
Quotations89s. 10d.
33 9-164.
Nov. 27
33 5-16-1.
latter 33'. American Woolen spurted forward 534 points Nov.28
33 11-161. 89s. 11d.
339-16-3.
33 9-16d.
33 7-16d.
and Woolworth hung up a new record for the year at 124%. Nov.29
89s. 11d.
3314d.
3394cl.
Dec. 1
89s 8d.
333id.
33;id.
Sales again passed 2 million shares, and marked the 17th Dec. 2
89s. 6d.
335-16d.
333-16-1.
Dec. 3
89s. 9.2d.
day that this record figure has been reached since the present Average
33.5200.
33.3764.
The silver quotations to-day for cash and two months' delivery are
unprecedented movement began. The feature of the tradthose fixed a week ago.
below,
ing was the vigorous upward spurt of American Can,. which respectively the same as, and ;id.
made a record high at 161, and United States Steel common,
-PER CABLE.
ENGLISH FINANCIAL MARKETS
which equaled its highest level for the year at 11934. RailThe daily closing quotations for securities, &c., at London,
road shares continued in active demand, particularly D. L.&
as follows the past week:
W., Southern Pacific and Atchison, the latter going forward as reported by cable, have been
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
London,
to a record top at 120k. Speculative interest in the stock
Dec. 13, Dec. 15. Dec. 18. Dec. 17. Dec. 18. Dec. 19.
Week Ending Deo. 19d 32%
32 9-16 326-16 326-16 327-16 32 5-16
market again reached a high pitch on Friday, oils, steel Silver, per oz
Gold, per fine ounce
885.9d. 8811.9d. 888.9d. 888.10d. 888.10d. 888.7d.
stocks and specialties leading the upward rush of the last Consols. 234 per cents......
5734
5734
5754
57)4
5734
10134
10134
10134
10134
hour when many new high records were scored. Sales again British,5 per cents
101id
9734
5734
9834
9853
3734
passed the 2 million mark, though the volume was some- British,4 percent.
50.05
51.00 50.05 50.05 50.05
French Rentes(in Paris) fr_ _ ____
what reduced from the high record of Thursday. American French War Loan(in Paris)fr ____ 62.40 62.40 62.40 62.05 62.05
Locomotive and United States Steel common reached their
The price of silver in New York on the same day has been:
highest for the year. Railroad shares continued their for- Silver in N.Y.,per oz.(CW):
67m
6733
6734
6734
68
6834
ward movement under the leadership of New York Central, Foreign
which reached a new top for the year at 118 8 The final
.
Public Debt of United States--Completed Return
tone was strong.
Showing Net Debt as of September 30 1924.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
The statement of the public debt and Treasury cash
holdings of the United States, as officially issued September
tuzuroaa,
$1410,
United
Week Ending DOC. 19.
Stocks,
&c.
Municipal &
States
30 1924, delayed in publication, has now been received, and
No, Shares.
Bonds,
Foreign Bac
Bonds.
as interest attaches to the details of available cash and the
950,300
Saturday
$6,102,000 $1,665,000
$3,663,000
summary
Monday
1,707,004
8,934,500
1,990,000
1,478,600 gross and net debt on that date, we append a
Tuesday
9,503,000
1,916,850
2,637,500
3,106,000 thereof, making comparison with the same date in 1923.
Wednesday
1,907,815
9,733,800
2,992,500
1,748,150
Thursday
Friday
Total
Sales at
New York Stock
Exchange.
2,008,182
2,089,000
10.579.151
8,515,000
7,953,000
4,344.000
3,505,000
4,243.000
1,898,000
$50.831.300 318.134.000
818 128 72A
Week lending Dec. 19.
1924.
1923.
5,545,138
Stochs--No. sharee___ 10,579,151
Bonds.
Government bonds_ _ - $16,136,750 $34,472,000
State & foreign bonds_ 18,134,000
5,782,000
Railroad & misc. bonds 50,831,300 20,532,000
Total bonds
Jon. Ito Dec. 19.
1924.
1923.
269,407,712
228,604,650
$877,536,665
559,666,500
2,261,497,800
$798,054,000
431,107,000
1,502,013,000
$85,102050 $660,786.000 $33.698,700,965 32,731,174,000
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Sept. 30 1924. Sept. 30 1923.'
$412,583,885 3422,747.512
Balance end month by daily statement.&.3
-.-Excess or deficiency of receipts over
Add or Deduct
-4.525.202
+5,265,537
disbursements on belated items
or under
418,222,310
417,849,422
Deduct outstanding obligations:
2,286,200
Treasury warrants
2,991,738
ts,g340
a,
331, :476 lit
4: :
1
Matured interest obligations
Disbursing officers' checks
40,215,083
22,822,807
Discountaccrued on War Savings Certificates
.
193,582.031
145,728,809
Total
(-)or surplus(+)
BalanCe.deficit
+272,120,613 +224440,279
2848
THE CHRONICLE
[VOL. 119.
-- - INTERESY-BEARING DEBT OUTSTANDING.
InterestSept. 30 1924. Sept. 30 1923.
Title of LoanPayable.
$
$
2s, Consols of 1930
599,724.050
-J. 599,724,050
Q.
45, Loan of 1925
118,489,900
-F. 118,480,900
Q.
2s of 1916-1938
48,954.180
48,954,180
-F.
Q.
2801 1918-1938
25,947,400
25,947,400
Q.
-F.
3s of 1961
49,800.000
49,800.000
Q.
-M.
35, Conversion bonds of 1946-1947
28,894,500
28,894,500
-J.
Q.
941,013,500
Certificates of indebtedness
J -J 1,108,883,000
334s, First Liberty Loan, 1932-1947
3.-.). 1,409,998.950 1,409,999,050
8.680,900
48, First Liberty Loan, converted
6,008,750
J -D.
529.502,300
434s, First Liberty Loan, converted
J -D. 531,123,800
3,492,150
414s, First Liberty Loan,second converted
3,492,150
J.-D.
38,229,600
40,Second Liberty Loan, 1927-1942
27,466,500
M.
-N.
3,077.110,950 3,160,208,200
434s, Second Liberty Loan, converted
431s, Third Liberty Loan of 1928
M.
-S. 2,978,777,250 3,381,538,750
434s, Fourth Liberty Loan of 1933-1938
A.-0. 6,324,489,850 6,327,133,450
783,954,300
763,948,300
43Is, Treasury bonds of 1947-1952
351,211,460
Matured 419.275,731
4s, War Savings and Thrift Stamps
11,877,900
11,903,080
J.
-J.
234s, Postal Savings bonds
-D. 3,357,528,300 4.055.148,300
J.
531s to 534s, Treasury notes
20,982,816,641 21.833.799.890
240.706,561
244,327,462
50,828,230
27,217,160
Aggregate of Interest-bearing debt
Bearing no Interest
Matured,interest ceased
Total debt
Deduct Treasury surplus or add Treasury deficit
021,254,361,263 22,125,332.1381
+272,120,613 +224,640,279
920,982,240,650 21,900,692.402
Net debt
a The total gross debt Sept. 30 1924, on the basis of daily Treasury statements, was
$21,254.008,844.31 and the net amount of public debt redemption and receipt/3
in transit, &c., wan $352,418.61.
b No deduction Is made on account of obligations of foreign Governments or
other Investments.
Commercial and B1i5CellanconsBeme
AU prices dollars per share.
Sta
173
390
400
140
455
5112
160
445
105
178
440
480
95
300
430
144
Trade•
Trademen's• _ 200
236 Ward• _ _ 190
United States* 203
Wash'n Mao_ 205
Yorkville •__ _ 1200
Banks
Manhattan •..
Mech & Met_
Mutual'.
Nat American
National city
Rights.....
New Neth •__
!Park
'Penn Etch__
Port Morris__
Public
Seaboard __
Seventh Ave_
Standard
Brooklyn
Coney island'
First
Mechanics'•
Montauk •___
Nassau
People's
Oueenshoro•_
180
425
170
180
310
270
168
Trust Co.'. Bed
New York
American _
Bank of N Y
lib
& Trust Co 570
460 Bankers Trust 420
5212 Central Union 685
Empire
299
, 7 5 Equitable Tr. 246
1.5
115 Farm L & Tr_ 790
Fidelity Inter 2:15
Fulton
380
490 Guaranty Tr. 310
105 Irving BankColumbia Tr 233
440 Law Tit & Tr 253
150 Metropolitan. 348
Mutual (West
cheater)
140
200
N V Trust__. 410
Title Gu & T 485
U S Mtg & Tr 328
United State 1625
Westches Tr. 250
Brooklyn
Brooklyn Tr. 685
Kings County 1200
Manufacturer 310
425
People's
Stand San Mfg,com____25 11634 115
Tidal-Osage Oil
10 10
934
U S Glass
25 16%
1034
West'house Air Brake__ _50 107% 106
West Penn Rys, Prof.. _100
93
BondsIndep Brewing 6s..1955
West Penn Rys 5s....1931
Ask
176
395
Apt
580
427
695
iio
750
250
410
315
242
253
355
iis
495
850
325
178
•Banks marked with I• are State balks. (x) Ex-dividend. (1) New stock.
Alliance R'Ity
Amer Surety
Bond & M 0
City Investing
Preferred
Lawyers Mtge
Rid
115
116
390
104
101
197
Ask
Mtge Bond.
Nat Surety.
N Y Title &
Mortgage..
US Casualty_
U S Title Guar
121
410
100
202
Bid
118
200
200
260
Ask
203
Receipts at-
270
del
154
90
80
260
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
InL
Rate.
Mar. 15 1925...
Mar. 15 1021L..
Dec. 15 1925_
Sept.15 1926...
June 15 1925...
431%
434%
434%
431%
%
Int.
Rate.
BM.
Asked,
Maturity.
10031
101%
101%
101
100%
101%
10134
10134
101
Dec. 15 1927_
Mar.15 1927_
Mar. 15 1925_
Sept. 15 1925...
ieeN
Asked.
Bid.
41 % 102
4
431% 102
10031
4%
234% 991.i•
10234
10231
10034
1001n
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange Dec. 13 to Dec. 19, both inclusive, compiled from official sales lists:
Stocks-
sates
Friday
Last 1Veek's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Am Vitrified Prod. com.50
50
Preferred
Am Wind Glass Mach _ _100
Am Wind Glass Co, pf _100
Arkansas Nat Gas. corn. 10
631
Carnegie Lead & Zinc__ _5
100
Colonial Trust
Commonwealth Tr. __100
Duquesne Light, pref 100
Harb-Walk Itefrac, com100
Jones & Laughlin, pf_._100
25 3234
Lone Star Gas
Nat Fireproofing, com_ _50 12
50
Preferred
Ohio Fuel Corp
3231
1
Ohio Fuel 011
25
Ohio Fuel Supply
Oklahoma Natural Gas_ _25 27
Pittsburgh Brew, com__50
Preferred
50
534
Pittsburgh Coal, com__100
100
...Preferred
PIttsb dc Mt Shasta Cop_ _I
6c
Pittsburgh 011 & Gas___ _5
734
Pittsburgh Plate Glass.100 259
Salt Creek Con 011
10
634
Standard Plate Glass, corn'
,.
•••••
'
200
2131 2231
35
8631 8631
515
8831 8831
35
110 110
5,875
534 6
25
334 331
111
190 190
127
202 205
60
106 106
93
125 127
120
1103111031
4,447
33
32
1,175
1131 12
1,030
3134 3334
12,795
3134 33
35
1334 14
203
3231 3231
395
27
2731
301
134 2
80
534 531
20
51
Si
190
9731 98
8c 2,500
6e
135
734
734
300
257 259
831 631 2,906
10
1531 1531
"
" A 1n
Range since Jan. 1.
Low.
834
7234
8231
107
4
134
182
17331
102
120
11031
2834
7
2034
2831
1131
31
2231
134
431
51
9434
5c
6
209
831
14
ofc
June
Aug
Nov
Mar
Oct
May
Oct
Apr
Feb
July
Nov
Jan
June
June
Sept
June
Feb
May
Jan
Jan
Dec
Mar
Mar
July
Jan
Dec
Nov
High.
27
8831
99
112
7
6
195
205
108
125
11431
3334
1331
3434
3334
1531
40
2831
8
734
63
100
11c
931
265
1031
39
Inn
Dec
Dec
Dee
Feb
Apr
Apr
Feb
Dee
Sept
Apr
Jan
Nov
Dec
Dec
Nov
Aug
Nov
Nov
Jan
Feb
Jan
Apr
Jan
Feb
Mar
Jan
May
A vter
75
06
$3.000
1.000
Low.
9034
8
1634
84
83
High -
Jan 120
July 16
Dec 30%
Feb 111
June 9534
Oct
Feb
65
92
Dec
Jan
Aug
Dec
Nov
8234 'Jan
96
Dec
Flour.
Wheat.
Corn.
Barley.
Oats.
Rye.
bls.196Ibs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush .4 Sibs. bush.56195.
Chicago
260,000
738.000 2,062,000 1,402,000
340.000
239,000
Minneapolis
141,000
3,038,000
618,000
253,000 1,060.000
Duluth
2,081,000
477,000
32,000
495.000
Milwaukee....
32,000
37,000
102,000
48,000
366,001
341,000
Toledo
663,000
82,000
1,000
75,000
Detroit
31,000
11.000
14,000
Indianapolis
48.000
351,000
112,000
St. Louis
94,000
799,000
628,000
3,000
432.000
32,00
Peoria
50.000
15,000
390,000
199,000
21,000
Kansas City
936,000 1,114.000
110.000
Omaha
317.000
272.000
156.000
St. Joseph...
193,000
208.000
32,000
Wichita
274.000
114.000
4,000
Sioux City
54,000
171,000
140,000
2.000
9,227.000
6.714,000
9,038,000
436,000
397.000
365.000
5,756,000
9,429.000
7.899,000
009,000
4,578,000 1,420,000
5,434,000 1,103,000 1,097.000
5,155.000
789,000 1,264,000
Since Aug.19,400,000358,029.000 91.745,000 150,466,000 39.655,000 44,527,000
1924
8,617,000 206.984.00(1 98,210.000 114,441,00022.048.000 16,409,000
1923
1022
11.074.00 235 190 000 127.505.000 103 172.000 10 503 00023 200 000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Dee. 13 1924, follow:
11 heat.
,
Flour.
Receipts at-
Bushels.
2,269,000
104,00
1,187,00
564,001
80.000
717,000
484,000
421.000
418.000
148,000
Barrels.
New York._ _
220,000
Portland, Me_
1,000
Philadelphia._
42,000
Baltimore__
30,000
Norfolk
2,000
82,000
New Orleans •
Galveston
40,000
Montreal _ _ ...
St.John,N.B_
3,000
Boston
28,000
Corn.
Oats.
Bushels.
5,000
Barley.
Rye,
Bushels.
Bushels. Bushels,
228,000 1,118,000
369,000
5,001
8,000
33,000
16,000
15,000
193,000
83,000
112,000
112,000
2,000
441,000
183,000
1.000
30,000
138,000
577,000
850.000 1,520,000
Total wk. '24
133,000
448,000 8,392,000
Since Jan.1'24 25,175,000300,222,000 18.020,000 50,954,00030.4113,00038,473,000
444.000
242,000
Week 1923_ _ _I 697,000 8,823,000
690.000 1,021,000
Since Jana'23 23,084.000 267,427,000 37,971,000 40,492.000 17,010.00034,314,000
• Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Dec. 13 1924, are shown in the annexed
statement:
Wheat, Corn. Flour, Oats,
Rye,
Barley, Peas.
Bushels. Bushels. Barrels Bushels. Bushels, Bushels. Bus/sets.
Exports from840
Realty Assoc
(Iiklyn)com 150
1st pref
80
26 pref. _ _
78
Westchester
Title & "Tr 230
344
260
825
626
20
Breadstuffs figures brought from page 2903.
-The
New York City Realty and Surety Companies.
All prices dollars per share.
75
96
117
10
17
108
93
Range since Jan. 1.
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Total wk. '24
Sante we. '23
Same wk. '22
New York City Banks and Trust Companies.
Ask
Banks-N.Y Bid
250
America
Amer Each.. 348 555
Amer Union. 185
Bowery •____ 525
___
Broadway Cen 155
Bronx Boro• 250
Bronx Nat..._ 150
Bryant Park • 176
Butch & Drov 135 140
Cent Mercan 205
z412 i
Chase
Chat dc Phen_ z297 302
__
Chelsea Each' 168
Chemical
590 be
Coal & Iron__ 225
Colonial •____ 440
Commerce __ 384 367
Com'nwealth• 280
Continental.. 200 210
Corn Exch.. 448 458
Coernop'tan• 115 125
215 225
East River_
Fifth Avenue. 400
255 260
Fifth
2150 2225
First
300
Garfield
120 izi
Gotham
Greenwich •_. 388
Hanover
950
Harriman..
485 "4-85
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par Price. Low. High. Shares.
New York
Portland, Me
Boston
Philadelphia
Baltimore
Norfolk
Newport News
New Orleans
Galveston
Montreal
,t. John, N. B
1,141,335
104,000
38,000
916,000
103,000
80.000
121,598 39,997 34,830
1,000
8,000
11,000
26.000
52,000 19,000
1,000
1.00(
937.000 51,000 69.000 40,000
1 810,000
27,000
821,000
418,000
3,000
907,377
85,000
217,000
Total week 1924._ 6.388,335 51,000 294,548 98,997 60,830 1,209,377
i'll'Ill• wool, 1023
.0.476.633 50 0011 3251 3551 ago non an, 501 167 973
The destination of these exports for the week and since
July 1 1924 is as below:
Flour.
Exportsfor 1Veck
Week
and Since
Since
Dec. 13 July 1
July 1 to1924.
1924.
Barrels. Barrels.
United Kingdom_
Continent
So. & Conti Amer_
West Indies
Brit.No.Am.Cols.
Other Countries__
Total 1924
Total 1923
Wheal,
Week
Dec. 13
1924.
Bushels.
Corn.
Since
July 1
1924.
Bushels.
lifeck
Dec. 13
1924.
Bushels.
Since
July 1
1924.
Bushels.
93,013 2,339,883 2,232,904 65.532.808
141,530 4,714,958 4,124,881 116,371,431
6,415
518,078
10,000
311.100
27,390
669,147
750
80,150
6,135
26,200
333,105
897,332
61,000
294,548 8,581,306 8,368,335,182,992.841
328.358 7.183_082 5 476 1133112f/ 511611145
51,000 1,451,501
50 000 1.559.028
70,961
786,830
568,810
21,000
3,900
The world's shipment of wheat and corn, as furn'shed by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Dec. 12, and since July 1 1924 and 1923,
are shown in the following:
Corn.
Wheat.
1921.
Week
Dec. 12.
Since
July 1.
1923.
Since
July 1.
1924.
!Week
Dec. 12.
Since
July 1.
1923.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels. Bushels
North Amer. 8,932,000249,911,000 207.025,000
637,000 2,293,000
26.000
Black Sea_
464,000 10,417.000 8,1)47,000
2,920,000 23,122,000
Argentina_ .._ 1,447,000 41,646.000 43,246,000 2,984,000 119.230,000 64,502,000
Australia
_
248,000 17.876,000 17,824,000
India
376.00 21,832,000 12,376,000
0th, countr'
639,000 14,563.000
1,584,000
Total
11,023.000334,185,000308.077,000 3,474.000 130,923,000 90,305,000
DEC. 20 1924.]
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Sazurday, Dec. 13, were as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
" afloat
Toledo
" afloat
Detroit
Chicago
afloat
Milwaukee
Duluth
" afloat
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
GRAIN STOCKS.
Corn.
Oats.
Wheat.
bush,
bush,
bush,
127,000 1,088,000
2,711,000
41.000
51,000
179,000
36,000
2,153,000
325,000
14,000
1,562,000
116,000
478,000
2,278,000
363,000
2,896.000
835,000 1,199,000
5,363,000
15,383,000
256,000 5,260,000
56,000
686,000
1,903,000
540,000
1,402,000
270,000
230,000
22,000
11,187,000 4,753,000 17,721,000
790,000
844,000
511,000
48,000 2,334,000
99,000 8,065,000
7,621,000
318,000
12,692,000
218,000 22,395,000
543,000
218.000
360,000
382,000
3,165,000
531.000
16,632,000 1,772,000 2,185,000
2,833,000
357,000
266.000
1,159,000
17,000
986,000
560,000
424,000
661,000
650,000 2,165,000
3,819,000
345,000
350,000
2849
THE CHRONICLE
Rye.
bush.
2,119,000
501,000
388,000
1,555,000
Barley,
bush.
601,000
49,000
8,000
252,000
36,000
93,000
810,000
2,070,000
68,000
613,000
728,000
2,000
12,000
3,760,000
454,000
634,000
536,000
422,000
291,000
3,456.000
1,107.000
1,199,000 1,997,000
14,000
11,000
20,000
15,000
152,000
40,000
17,000
6,000
72,000
214,000
350,000
23,000
25,000
APPLICATION TO CONVERT RECEIVED.
-Farmers National Bank in Plano, Tex
Dec. 9
Conversion of the Farmers State Bank. Plano. Tex.
$60,000
APPLICATION TO CONVERT APPROVED.
-The First National Bank of Benson, No. Caro0081 ,000
Dec. 9
Conversion of the Farmers Commercial Bank, Benson,
No. Caro.
CHARTERS ISSUED.
Dec. 8-12605 The Roseland National Bank of Chicago. III-$200,000
President, Theophilus Schmid;Cashier,Cornelius Teninga.
Dec. 12-12606 The Yardville National Bank, Yardville, N. J-- 25.000
President, Josiah T. Allinson; Cashier, E. C. Axton.
25,000
Dec. 12-12607 The National Bank of Grey Eagle, Minn
President, George R. Christie; Cashier, Harry Lee.
1,601,000
Dec. 13-12608 The National Bank of Lewistown. Mont
President, B. N. Forbes; Cashier, P. J. Osweiler.
VOLUNTARY LIQUIDATIONS.
$25,000
Dec. 8-7978 The First National Bank of Shoshoni, Wyo
Effective Nov. 29 1924. Liq. Agent, S. H. Megown,
Shoshini, Wyo. To be succeeded by a State bank.
50,000
Dec. 124904 The First National Bank of Carbondale, III.
Effective Dec. 9 1924. Liq. Agent. J. E. Mitchell,
Carbondale, Ill. On Nov. 8 1924 the Carbondale
Trust & Savings Bank, Carbondale, Ill. purchased
the assets and assumed the liabilities of tlieliqu dated
bank. Under date of Nov. 17 1924 certificate was
Issued authorizing the conversion of the Carbondale
Trust & Savings Bank into the First National Bank in
Carbondale, Charter No. 12596.
-Among other securities, the following,
Auction Sales.
not actually dealt in at the Stock Exchange, were sold at auction
98,079,000 11.273,00068.430,000 19,180,000 5,540,000
Total Dec. 13 1924
Wednesday of
Total Dec. 6 1924._ - _99,461,000 9,065,000 67,250,000 20.871,000 5,236,000 in New York, Boston and Philadelphia on
Total Dec. 15 1923
73,808,000 4,722,000 18,157,000 18,315,000 3,321.000 this week:
Note.
-Bonded grain not Included above: Oats, New York, 352,000 bushels
By Messrs. Adrian H. Muller & Sons, New York:
Boston, 359.000; Buffalo, 207.000; Buffalo afloat, 308,000; Duluth, 66,000; On
per alsShares. Stocks.
Lakes, 1,080.000; total, 2,372,000 bushels, against 2,598,000 bushels in 1923.
pref__ 434
Barley, New York. 2,031,000 bushels; Boston, 142,000; Baltimore. 297,000; Buffalo. 3,000 Ritter Boot 011 Co., par $1__$5 lot 100 B.B.& R.Knight,Inc., Seal
Bottle
138,000; Buffalo afloat, 460,000; Duluth, 4,000; On Lakes, 68,000; total, 3,140,000 1,500 Bitter Root Oil Co., par $1._53 lot 471 American Dan
1
Corp., pref
bushels, against 311,000 bushels in 1921. Wheat, New Ittirk, 1,893.000 bushels 457 Dunn Pen Co., Inc., pref., par
1, $5
$1 lot 55 Howe Dubber Corp., pref
$10
Boston. 225,000; Philadelphia, 689,000; Baltimore, 784,000; Buffalo, 5,835.000
377 Howe Rub. Corp., com, no part lot
Buffalo afloat, 8,594,000; Duluth, 262,000; Toledo. 126,000; Toledo afloat, 549,000 250 Dunn Pen Co., Inc., corn., no
par
$1 lot 245 Hodgman Rubber, pref. $3.100 lot
On Lakes, 2.883,000; total, 21,840,000 bushels. against 32.375,000 bushels in 1923
200 Southwest Metals Co., no par_235 lot
70 Emergency Umbrella Co.. Inc..
Canadiancorn., Class "B"
$5 lot 2,000 Castle Dome Bevel. Co. of
2825lot
461,000 25 Kahn Optical & Photographic
Montreal
135,000
1.702,000
385,000 3,432,000
Maine, par $5
Ft. William & Pt. Arthur_13,681,000
8,579,000 1,155,000 3,656,000
SI lot 300 Pacific Development Corp. of
Co., Inc., pref., par 510
57 lot
" afloat
New York, no Par
562.000
100 The Prints Biederman Co.,
$255 lot
Other Canadian
3,989.000
356,000 2,002,000
10,712,000
$200 lot 55 Mexican Northern Ry
corn ,no par
125 Timber Point Corp., par $50..210 lot 100 Tezultlan Copper Mining &
$30108.
Total Dec. 13 1924-26,557,000
385,000 16.000,000 1.646,000 6,119.000 Agreement covering a $15.000 subSmelting Co.,$100 each
399,000 16,097,000 1,836.000 6,779,000
Total Dec. 6 192&_._30,593,000
62 Walter A. Wood Mowing &
scription to "Parapad Syndicate"
$1 lot
24,000 8,739,000 1,439,000 1,884,000
Reaping Machine Co
Total Dec. 15 1923-.29,585,000
on which 50% has been paid in....525 lot
12 Deep Sea Fisheries
$454 note of Arthur D. BoddY,
Summary
dated Mar.29 1924,int.6%. 1510 lot 100 Flemish Lynn Phonograph Co.,1$10 .
98.079,000 11,273,000 68,430,000 19.180,000 5,540,000
American
)
lot
par $5
385,000 16,000,000 1,646,000 6.119.000 5500 demand note of A.H.Mans-1
26,557.000
Canadian
52,000 Carolina & Yadkin River Ry
bach, dated Nov. 18 1922
1st 58, ctf. of deP
15 Mary Lincoln Candy Co.,Inc.,i
Total Dec. 13 1924...124,636.000 11,658,000 84.430,000 20.826.000 11,659,000
common, no par
352 lot 000 Equitable Oil dc Refining Co.
Total Dee. 6 1924_130,054,000 9.464,000 83,347,000 22,707,000 12,015,000
$1 lot:
of Texas. par $5
Total Dec 15 1923__103.393,000 4,746,000 26,896,000 19.754,000 5,165,000 36 9-10 Mary Lincoln Candy Co..1
200 New Fiction Publishing Co.,
Inc., preferred
common, par $5
175 Lord Electric Co., st pref._ _$50 lot
20 Lord Electric Co.,1st pref.__ _215 lot 500 Rex Midway 011 Co., par $1_7_ 2101,
5 Merchandise Buyers,Inc..Par $50 210t
FOREIGN TRADE OF NEW YORK-MONTHLY 4,000 The Sunbeam Gold Mining &
Milling o., par $1
$45 lot 500 British Intern. Corp., Cl. A__$40 lot
STATEMENT.
2,900 British Intern. Corp.,CLB.$100 lot
25 The River Feldspar & Milling)
$12lot.
Co., preferred
3820 lot 497 Trico Co., par 8.5
125 Universal Interests,Inc.,com.,
25 The River Feldspar & Milling I
Customs Receipts
Merchandise Movement at New York.
$1101.
no par
co., common
at New York.
125 Universal Interests, Inc., corn.,
160 The River Feldspar & Milling)
Exports.
Month.
Imports.
$1 lot
no par
3540 lot
Co., preferred
46
400 10th & 23d St. Ferry Co
160 The River Feldspar & Milling1
1924.
1923.
1924.
1923.
1924.
1923.
131 Memphis Gas & Electric Co 310 lot
Co., common
)
$10 lot
421 Rock Island Co
50 The River Feldspar & Milling)
8
$
8
$
$
$
3220 lot 10,500 San Antonio Copper Co.:
January_ _ 130.402,242 152,885,893 146,793,889 115.926,692 24,779,787 26,583,026 50Co., pref
7,000 shares fully paid and 3,500
The River Feldspar & Milling!
February.
155,554,139146,915,003 139,028.108 115,654,813 28,444,581 26,451,928
shares $3 50 paid, par 510__2875 lot
Co., common
)
March...._ 149.384.187 194,179,676 133,687.771 136.179,813 27.625,869 33,140.206 200 Cole
Motor Co.of N.Y.,Inc_560 lot 7,000 Sierra Consol. Mines 2:000
i62,514.222 169,417,394 145.002,767 129,989,307 26,752,166 28,837.309
April
shares fully paid and 5,000 shares
pref.__
May
135,620,732 180,462,783 143,792.987 127,527.281 23,179,124 29,333,844 50 Depollier Watch Co.,corn., no1$5 lot
$450101
$7 paid, par $10
Depollier Watch Co.,
June
31,236366 150.476.338118.762.946 126,727.477 23,902,660 26,870,486 50par
26,050 Nevada United mining Co.
134,244,024 130,629,533113.857,690 122,714,293 25.426.495 24,680.863
July
Si5010$
par $1 each
111,756,587 129,706,345 139,802,244 125.059.775 24.565.320 25.936,476 100 Hurlburt Motor Truck Co. of
August
Copper Canyon Mining Co.
Pa.
September. 131.786,636 119,639.728141.844,404 127,967,562 28,765.865 26.350.449 100 4% 2d pref. "B," par $5_ _ _22 lot 3,200
$110101
par $1
of Del..
Distinctive Pictures Corp.,com$101ot
October _ 154,424,252 149,561,943 168,984,882 133,087,943 28,358,873 30.468,926
150 U. S. Motor Fuel Corp
$5 lot 180 Lucey Mfg. Corp. cony. Cl. A
$10101
par $50
Total-__ 1296923387 1523874636 1391557688 1260834956 261,800,740278,653,513 6 promissory notes of the Second
Ave. Development Co. Inc., ag50 Limestone Products Corp. ofi
i125
America, common. no Par
gregating $1,800, dated July 1
lot
1916 two protested
51 lot 50 Limestone Products Corp.
Movement of gold and silver for the eight months:
America. pref. par $50
150 Magna Metal Corp., corn.....151 lot
1
100 Magna Metal Corp., 1st pref.(
80 Acme Die CadIng
210 Livingston 011 Corp
Gold Movement at New York.
Silver
-New York.
$30 lot 180 B.B.& R.Knight Co.,Ine.. pf. 434
10
150 Helena Light & R.Co., pref
125 Oklahoma Petr.& Gasoline Co.
preferred
Month.
Imports.
Exports.
Imports.
Exports.
$3 lot 1,000 Rawhide Coalition Mines Co.
I
82101
of Nevada, par 51
15 American Fruit Growers of Pales1924.
1923.
tine
1924.
1923.
1924.
1924.
$20 lot 156 Acme Production Corp. of Del.,
$1108
par $1
2,750 Walcoff Clothing Corp.,corn.
32 Deep Sea Fisheries, Inc., corn.
no par
$
1
$
$
$
$
$
81 lot
v. 1. c.
35.558.071 12.834.516
January
750 7,715.837 2,027,123 5,339.346 900 National Fuel Oil Co., par 55_31 lot
51 Deep Sea Fisheries, Inc., corn.
4.316,466 5.711,992 250 Island 011 & Transport, corn,,
February. 28,514,8110 3,041.00;
315.000
20.37
$1101
v. t c
March___ 27,968,134 10,607.175
par $10
201.600 9,621,840 3,195.759 5.527.936
$1 lot
225 Shandaken Tunnel Corp., Inc.,
April
37,018,743 6.854.519
21,262 1.162,613 13,333,218 165 Laramie North Park & Western
740,500
$6 lot
Del.,common, no Par
May
35,003.505 42.291.398
7.527 2.079,560 7.657.794
RR.. pref A
5
24 Bull & Rockwell Co. 1st pref.,
20.402.503 16.323,114
24,880
30,926 1,327.470 6,987.083 10.000 Homestake Extension MinJune
par $50
15.222,422 24,412.425
30.512
47.86. 3,710,326 7,757,269
ing, par $1
81,000101
July
14,279,486 26.481.917 1.703,671
737,477 3,110.243 7,210.420 1 The Aeronautic Society, par 21031 lot 12 Bull & Rockwell Co.,2d pref.,
August
$2.600
par $25
458.016 3.439,55i 6.844.139 25 Atlantic Biaugus Co., pref
Stptember, 1.028.986 24.352.110 2,167 626
$2 lot
61 61-70 Bull de Rockwell Co. lot
16,070,991 24,119,994 1,710,347
599,935 2,517,514 2,103,698 75 Atlantic Blaugas Co., corn., par
October
common, no per
$10
$2 lot
231,067,650 191,408,176 6,894,886 19,261,063 26,886,625 68,472,885 10 Lenox Motor Car Co
52 lot 50 Jackson City Club Building
Co., par $10
29 Sanitary Products Co
$60 lot
1 Jackson Realty & Securities Co.
325 Banque Franco Americaine de$10,000 Consolidated Assets Co.1
posit receipt of the Charbonnages
National Banks.
-The following information regarding
Ltd., 1st M.5% bonds
de l'Oklahoma
$6 lot
5 Sector Gear Shift & Mfg. Co
national banks is from the office of the Comptroller of the 200 Seacoast Canning, pref., v.t.c.
$106 lot 258 Jackson Glass Works, par $10_ 5150
Currency, Treasury Department:
12 Campbell Dairy Products Co_ _ - lot
100 National Motor Car & Vehicle
Corp., no par
$6 lot 90 Community Hotel Co., Jackson,
APPLICATIONS TO ORGANIZE RECEIVED.
Mich.,preferred
300 Precision Speedometer Co.,
Capital.
common, par 210
$1 lot 45 Community Hotel Co., Jack
Dec. -The Economy National Bank of Ambridge,Pa
$100,000 110 Producers Oil Co. of America,
son, Mich., no Par
Correspondent,0. Roy Kerr,care of Valley Realty Co..
common, par $5
$58 lot 1,000 Elvin Mechanical Stoker Co.,
Ambridge, Pa.
par $10
3
18 Brooklyn Academy of Music__ 11
25,000 70 Pomander Walk, Inc
Dec. -The Peoples National Bank of Hayward. Wls
$25101 5 Industrial Motors Corp., no par_ _1 $8
Alvin M. Johnson, Hayward, Wis.
Correspondent,
105 Great State Production Co_ ___$1 lot 200 King Edward Silver M., par $5} lot
-The Homestead National Bank, Homestead, Pa
100,000 255 Kentucky Wagon Mfg. Co...._ 30c. 10 Selden Truck Corp., 1st pref.'
Dec. 10
Correspondent, John A. Virostek, 304 American State
ctf. of deposit
510,000 participation in Arabalpa
Bank Bldg., Pittsburgh,' Pa.
3$
100 The Phosphate Mining Co_
Syndicate
$80
Dec. 10
-The First National Bank a Rosemead, Calif
25,000 $5,000 Participation in Wickwire
20 Kny Scheerer Corp., pref
1$1,000
II. P. Thayer, care of First National
Correspondent.
$30 lot 36 Kny Scheerer Corp.,corn
Mitchell Royalty Trust
lot
Bank, Monterey Park, Calif.
2,000 Canadian Oil Leases Syndi50,000 The Nellie Mining Co.,Inc.,
cate. Ltd., par 51
$225 lot
Arizona, par $I
85108
APPLICATIONS TO ORGANIZE APPROVED.
1,000 ExhibitorsTradeRevIew,Inc.$101ot 250 Hayes Avenue-26th Street
k 52
Corp., common
Dec. 10
$100,000 20 Roselawn Development Co
-The First National Bank of Royal Oak, Mich
85 lot
3101 65 British Intern. Corp. Cl. A,
54 Atlas Interlocking Stair Co
Correspondent, Lewis Erb, Royal Oak, Mich.
no par
Dec. 10
200,000 200 Mutual Tire & Rubber Co.,
-The Peoples National Bank of Montclair, N. J
$8101
$11101 25 British Intern. Corp., Cl. B,
common
Correspondent, Percy H. Johnston, 32 Pleasant Ave.,
Inc., Del., no par
100 Helena Light& Ry. Co., pref.._ 10
Montclair, N. J.
$1105:
Dec. 13
434 140 Cyclops Steel, pref
-The First National Bank of L'Anse °reuse, Mich
50.000 75 B. B.& R.Knight,Inc., pref.
$100101
150 Helena Light & Ry Co., pref._ 10
Correspondent, H. J. McGill. Mt. Clemens, Mich.
134
_1
01
9
-I
9
_ 3
I
2850
THE CHRONICLE
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per oh.
10 Marine & Mill Supply Corp.,
100 West End Chem. Co. par 81.810 lot
8% preferred
$1 lot 20 Helena Light & Ry., pref
15
6 Marine & Mill Supply Corp..
30 Hooker Elec. & Chem.Co. pref. 40
common, Inc. Del., no par
$1 lot 200 Premier Extension Gold Mining
300 Prints Biederman Co., cora.,
Co., Ltd., par $5
10c.
no par
$550 lot 1,000 Hard Shell Mining Co., par 51 lc.
100 Dayton Coal, Iron & BY,
200 Engineers Petroleum, par $1._ Sc.
pref., par $5
$1 lot 1,000 Clias.F ,Noble 011 & Gas Co:
250 Harry E. Posner & Co., Inc.,
preferred, par $1
300.
no par
$115 lot 11 Morosco Stock Holders Protective
831.0975 American Dan Bottle Seal,
Corp., par $50
$1 lot
prof
$500 lot 11 Morosco Holding Co., prof....)
11,000 Montana d, Mexico Mining
50 Morosco HoldingCo.,corn., no1511ot
Co., Inc., Del., par $5
par
$1 lot
100 Broussard 011 Co., corn., par
50 L.S. E.,Inc.,corn., par $10_ _ 1$15 lot
$50
100 20 L.S.E.,Inc., pref
50 Audiffren Refrigerating Ma50 Bear Tractor Corp. of Amer.,)
chine Co., pref
pref., par $10
1
($1 lot
50 Audiffren Refrigerating Ma130 Bear Tractor Corp. of Amer.,I
chine Co., corn
com. par $10
1,250 Osceola Cypress Co., corn__ _ 5
1,000 lkiorrington Mining,Par s1__$5 lot
4,995 Florida Plantations Co.. pref.$2
20 Metallic Industries,Inc
1565 lot
2,543 Salamanca Sugar Co., pref.
16 Measuregraph Co., no par...
and $94 16 scrip
5,000 Idaho Develop.Co., par $532 lot
2)4
851 North American Oil & Ref.
Bonds.
Per cent.
Corp., par 5.5
$16 lot $231.949.01 Upper Columbia Co.
200 Flint & Homer Co., Inc.. 2d
-year 6% notes, 1937
10
1
preferred
$1,000 lot $45,000 Idaho Irrig. Co., Ltd., adj.
125,040 Lincoln Mining & Dev,Co.25 lot
65
1
40 Clarke & Hutcheson,Inc., prof.550 lot $56,055.31 Upper Columbia Co. 10
20 Clarke & Hutcheson, Inc., pref.$35 lot
Year 6% notes, April 17 1933._ _ _ 1
12,500 Banner Consol. Mines, Inc.,
$5,500 Woodmere Realty Co.5
-year
par Si each
deb. bonds, Ser. A,$500 each._525 lot
$150 lot
500 Bunnell
-Stevens Co., Inc.,
$3,000 Pennsylvania Collieries 1st
preferred
s. f. (is, 1936
$100 lot
31
333 Bunnell-Stevens Co.,
com.
$4,000 Beneficial Loan Society,Inc.,
no par
Series 13 (is, reg. 1939, with cor$50 lot
5,608 U. S. Metal Cap & Seal Co.,
responding profit-sharing certifs.
corn., par $1
Nos.E 5859,5860,5861,5862_ _ _ 93
$250 lot
20 Morosco Holding Co., com.,
$1.000 229 W. 46th St. Corp. deb.
v. t. c
6s, reg., 1928
$10 lot
$200 lot
5 Morosco Holding Co., pref
$10 lot $1,000 Dunn Pen Mfg. Corp. cony.
$53,800 The Stenotype Co. notes_ _
8s, 1933, Oct. 1924 and subse200 United Pulp Corp., par $10 I
quent coupons on ($500 each)__$10 lot
50 Dongan Hall, Inc
}$8 lot $25,000 City of Bridgeport, Ala.,
100 Pung Chow Co., Inc., pref--1
5% ref. 55, 1932 to 1942 ctfs. of
75 Pung Chow,Inc.,corn., no par-I
deposit
$25 lot
40 Butterworth-Judson Corp.,corn39 lot $10,000 North Carolina special tax
481)4 Durango Copper Co.of N.Y.
bonds issued in aid of Western
par $10
$5101
North Carolina RR
MO lot
500 Consol Arizona Smelting Co..
$82,503.89 Corralitos Co.income 4s,
par $5
1949, registered
$95 lot
10 Peerless Mineral Products Co.,
$5.223,300 certif. of participation for
preferred
coll. notes, Series "B,' of the
$5
3 Peerless Mineral Products Co.,1 11
Santa Clara Sugar Co. of Del.,
common
registered in the name of "James
200 Interboro.-Metrop. Co., corn.,
J. Fox," endorsed in blank_ _550,0001ot
V. t. C
$100,000 Birmingham de S. E. Ry.
200 The Lake Torpedo Boat Co.,
gen. & equip. (is. Aug. 1915 and
common, par $10
subsequent coupons attached
_ 16
3,800 Atlantic Lobos Oil Co., pref.,
$89,100 Yeller Montana Land e,
par $50
Water Co. 2d Inc.65, 1928, No. 1
7
33 Ansco Co., common
and subsequent coupons attach.$75 lot
$31 lot
200 Ajax Oil Co., Cl. A tp. ctf..1
$500 Local Improvement bond of the
par $10
City of Vancouver. Wash., due
42 lot
100 Ajax Oil, Cl. A, par $10
July 11922
$65101
50 Standard Supply & Equip, A_15751ot $50,000 Brooklyn Ferry Co.of N.Y.
25 Stand.Supply & Eq.,B,par $101
1st cons. mtge. 55, 1948, ctf. of
1,000 Butterworth-Judson
dep. Aug. 1906 and subsequent
Co.,
common, no par
coupons attached
$15
$100 lo
60 Producers Pipe Line dr Ref. Co..
$200.000 Russian Govt. 5% Treas.
par $5
notes, due May 1 1918, extended
$ lot
50 Atlantic Tar & Chemical Works,
to May 11919,int. paid to Nov. 1
Ltd.,common,no par
1919(payable to bearer)
1
$1,800 lot
50 Texas Tool&011 Corp., no par _ _ 51 lot 533,700 Seaboard Finance & Invest100 Interstate Gasoline Co., par $1525 lot
ment Co. 7% cony. notes, due
50 Eastern Steel Castings, no Par..$5
Sept. 1923
5
[vol.. 119.
RightsRights.
S per rt.
$ per Ti.
15-7 Old Colony Trust Co. (when,
$10,000 Seneca Copper Co. cony.
as and if issued)
deb. 8s, Apr. 15 1925._ _7934 & int.
13)4
Bonds.
Per cent. $4,000 collat. note of National
$14,000 Second Ave. RR. 58, Feb.
Motors Corp. dated Nov. 1 1923,
1948
851 lot
due July 1 1924, with collateral
$8,000 Carolina Farms Co.68, Mar.)
attached.
$20,000 Jackson
1923
Motors 1st mtge. bonds, ctf. of
4200
42 shares Carolina Farms Co. stk J lot
deposit, and 800 shares Jackson
$500 Cascade Silver Mines dr Mills)
Motors com,stock, par 510_5434 lot
1-yr. note dated Sept. 28'20_ _ _ _ I
Mtge. & mtge. note given by Pas$1,000 Cascade Silver Mines& Mills I
quale Scardini to Nicolini Del
1-yr. note dated July 14'20
4101
Gaudio, dated July 28 1919, re$10,000 Cascade Silver Mines &I lot
corded with Middlesex South
Mills 1-yr. note dated June 30201
District Deeds, Book 4277, page
52,500 Cascade Silver Mines & Mills!
308, securing property 454-458
1-yr. note dated June 10'20
Main St., Medford
$1,200 lot
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ NT oh. Shares. Stocks.
t per oh.
62 Ipswich Mills, preferred
6934-70 15 Second National Bank.Boston_ _350
100 Samoset Cotton Mills
20
10,700 Durango Mining Milling dr
10 Hamilton Mfg. Co
56
Exploration Co., par 51
$100 lot
25 Saco-Lowell Shops, corn
51
80 Mexican Iron & Steel Co
$3 lot
50 Samoset Cotton Mills
5,263 Boston-Duenweg Mining Co.,
35
10 West Point Mfg. Co
136 ex-div.
par $1
50 lot
1 Ipswich Mills, common
27
10 Missouri Mine Tailings Co__ _. 10101
6 Nyanza Mills
52% 825 Panuco-Boston Oil Co
80 lot
25 Upper Coos RR
58
11 Monepelier & Barre Lt. dc Pr.
30 Upper Coos RR
56
Co., common
19
25 Dodge Mfg. Corp., pref
35
5,000 D.Goff & Sons 7s, July 1924.
10 Bausch Machine Tool Co., pref_ 31
ctf. of deP
40% flat
10 Jones, McDuffee & Stratton
5,000 D.Goff & Sons 7s, July 1925,
Corp., prof
ctf. of deP
10034
40% flat
5 Jones, McDuffee & Stratton
10,000 San Luis-Southern Ry. Co.,
Corp., corn., class "A"
50
1st 5s, Jan. 1940
$100 lot
5 American Glue Co., common..._ 50
19,000 Elder Steel SS. Co. 1st 7s,
100 Cactus Copper Co., par $5_ _51 lot
1927, ctf. of dep
810101
90 Boylston Street Land Co.. last
4,000 Cent. N.Y.Sr Southern RR.,
assessment unpaid, par $15
100.
deposit receipt for subscription
15 Wickwire Spencer Steel Corp., pf 25
receipt for 1st & Coll. Tr. bonds.$50
16-100 State Theatre Co., pref._ _ 68c. 25,000 Denver & Salt Lake RR. lot
.
8 Reed-Prentice Co., common_ _ _ _ 1
coll. tr. 6% notes, Feb. 15
10 Eastern Mfg. Co., pref
46%
1917
82,300101
15 Jones, McDuffee & Stratton
532,514 95-100 Denver & Salt Lake
Corp., pref
100%
RR. 1st 5s, May 1943, carrying
5 Greenfield Tap & Die Corp.,
14,187 shares ctf. of beneficial int.
preferred
90% ex-div.
for com. stock, 857 77 ctf. of
65 Bausch Machine Tool Co., coin_ 11%
beneficial int. for corn. stock,
25,000 Climax Milling & Mining
2,480 shares Denver de Salt Lake
Co.,par $1
51 25 lot
RR.Construction Co.stock.20%% flat
400 Pan Pacific Cons. Oil, corn..
5,000 Montana Southern Ry. 1st)
par 525
$1101
6s. July 1937
151,020
20 Herschel'Spillman Motors, pfd.,
37,700 Boston & Montana Corp.1 lot
par 850
25c. lot
1st & cons. 6s, March 1932_ ___ 1
30 Carbon Steel Co.. common
22% 2,000 Butte Anaconda & Pacific
10 Roland A. Crandall, 8% panic.
RR.5s,2144
88%
preferred '
1
1,000 Copley Square Trust 410,
2 Boston Belting Corp., pref.
March 1941
933.4
par $50
20
1,000 Union Electric Light d,Power
1034 ColoradoIce&ColdStorageCo_ 510 lot
Co. 5s, Sept. 1932
99%
34,378 Southwestern Oil Fields Co.,
Bonds.
Per cent.
Par 51
51,500 lot $10,000 Michigan RR. Co. let 58,
5,241 Missouri Zinc Fields Co.,
ser. A, dated May 11919, ctf. of
pref., par $25
$50 lot
deposit
53.000 lot
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
S per oh. Shares. Stocks.
5 per oh.
Irredeemable ground rent $59 20)
242 Amer. Consol. Oil, Inc.. pref. _82 lot
a year all that irredeemable'
242 Amer. Consol. 011, Inc., corn.
.82 lot
yearly ground rent of $5920.1
5,000 White Sand Oil Co
$1 101
Issuing out of all that certain lotI
50 Minerals Equipment CO
$100 10t
of ground, situate on the south- 51,190 5 Star Motors, Inc. (escrow)
$16 lot
westerly side of Somerset St.,
80 William Frelhofer Baking Co.,pf. 92
extending from Cedar St .to
210 Clover Leaf Mining Co
575 lot
Chatham St. containing in
300 Clover Leaf Mining Co
$100 lot
fromt on Somerset St. 160 ft.,
20 Pathe Freres Phonograph Co.
and extending in depth 80 ft.
8% debenture stock
$70 lot
By Messrs. R. L. Day & Co., Boston:
$100 to be paid at time of sale_
400 Moffat Cover & Co
$150 lot
Shares. Stocks.
11 U. S. Food Products Corp
$ per sh. Shares. Stocks.
$7101
$ per oh. 10 Pottsville Steam Heat& Pow.Co. 50
2 National Shawmut Bank_..215 ex-div. 1,000 Century 011 Co., par 510_ _ _ _ 55 lot 20 Schuylkill Trust Co. (Pottsville,
50 Silica Stone Co., pref
81101
Pa.)
10 American Trust Co
77% 10 Silica Stone Co., common
375% 27 New Eng.Securities Co.. prof...) $3
81101
87 Hare & Chase, Inc., common... 20
29 3-5 Wright Mfg. Co
40 Silica Stone Co.,corn., ctf. of int.81 lot
$1,000 lot 6 New Eng.Securities Co..corn....
(lot
8 Bigelow-Hartford Carpet Co., p1.102)4 18 N.Curtis Fletcher, prof
39034 900 Monica Nlines Co.
,com.,par $1.51 lot
k El 7 Philadelphia National Bank
40 Union National Bank
5 West Point Mfg. Co
225
100 Para Recovery Co
135% ex-div. ION. Curtis Fletcher, common_ _ _
lot
$1 lot
25 Bank of North America de Trust
1 Androscoggin Mills
7 Bergner & Engel Brew. Co., pref_ 6
100 Amerige Davis Machine Co.,
132
Co
12 Pepperell Mfg.Co
284% 11 Bergner dc Engel Brew. Co.,corn. 134
par $1
140-140%
15 Olney Bank & Trust Co.,par $50.152
20 Flint Mills
7 Bergner & Engel Brew. Co., pref. 6
100 Intermit. Min. Co., par El _
129
35 Community Trust Co., par $50. 49
8 Union Cotton Mfg. Co
11 Bergner & Engel Brew.Co..com2,750 Long Horn 011 Co., par lc._ _
128
10 United Security Life Insurance d,
25 Springfield Rye.. pref
mon
200 Majestic Petroleum Producing
46
1)4
Trust Co
17534 50 Northern Liberties Gas Co
1,000 Appleton Rubber Co., corn
Co., par 5c
10
34
10 Broad Street Trust Co., par 850. 75
95 Peerless Mfg. Co., Newport,
550 Tungsten Comet Mining Co.,
122 Vulcan Motor Devices
2
5 Aldine Trust Co
N. H., preferred
30034
par $1
66
2 Franklin Trust Co
100 National Drug Stores Corp., pf_ 53 1,600 Western Slope Copper Min.
283
Bonds.
Per cent.
I Land Title & Trust Co
50 National Drug Stores Corp.,corn lot
673
& Smelt. Co., par $1
$20,000 American Feldspar & Kao671
lin Co., coll. 6s, 1929
100
1,000 Texas Big League 011 Syndi- 525 2 Land Title d, Trust Co
51,005101
3 Land Title de Trust Co
12 Cape Cod Preserving Corp__.5334 lot
670
$14,373.75 Ohio Syndicate certif. of
cate, par Sc
lot 1
Guarantee Trust & Safe Dep. Co_163
100 Boston Personal Prop. Trust_ _12434 330 Texas Production Co., par $1..
deposit
$12 lot
25 Manayunk Trust Co., par $25_ 90
3 William Lawrence Real Estate
$100 Benevolent Protective Order of
2,500 Congressional 011 Corp., par
1 Provident Trust Co
563
Trust($50 paid in lig.), par $50_ 25
Elks (Phila. Lodge No. 2) (is.
100
5 Aldine Mortgage & Guaranty Co_ 2034
30 Municipal Real Est. Tr. 110% & div. 500 Cushing-Garber 011 & Ref., par
1942
86
100 Castle Kid Co.. pref
10% $2,000 Wilson Martin Co. 2d M.78
53 Real Estate Associates
100
70
4 John B. Stetson Co.,corn., no par 9734
5 Boston Real Estate Trust. par
1,5003. X.L. Oil & Ref. Co., par lc
($1.000 Ser. F, duo 1926 $1,000
40 St. Charles Hotel Co., pref
Ser.P,due 1936)
203.4
$1,000
$925 dr div. 500 Hub Wyoming 011 Co., par lc_ _
51,000
1 Midland Valley RR., preferred
30
$31,000 Wilson Martin Co. 78
10 Herschell-Spillman Motor Co.,
200 Chaparrel Hill Gold Mining
2 Midland Valley RR.,common_ _ _ 20%
common, par $50
($4,000, 1924 $4,000, 1926
Co., par $1
5 Amer.Theatre Realty Co.. par $10 10%
10 Herschell-Spillman Motor Co.,
52.000, 1920 53,000, 1927 53,50 Boston & Penobscot Shipbuild-1
42 Victory Insur. Co., par $50
000, 1928 52,000, 1929 82,000,
9934
preferred, par $50
log Co., common
$10
SI
40 Victory Insur. Co., par 550
100
20 A. L. Bayles & Sons Co., corn- lot 50 Boston & Penobscot Shipbuild- 1 lot
1930 52.000, 1931 $2,000, 1932
6 Reliance Insur. Co., par $50
52,000, 1933 32,000, 1934, $2,mon,par $25
993.4
ing Co., preferred 100
80 Smedley Brothers Co
100
100 Amer. Oil Eng. Corp., corn.
000. 1935 51,000, 1936)
15 Mermaid Dish Washer Co., pref.
71
12 Powelton Real Estate Co
65
$2,000 Jackson Consul. Trac, Co.
(subscription receipt assessment
63 Mermaid Dish Washer Co.,corn.
12 Lebanon Iron Co
11
1st & ref. 5s, 1934
paid), par $10
50 The Rubay Co., common
42
$5
10 Nevada Consol. Cop. Co., par 55 14% 15,000 Springfield Consol. Water
200 Saliger Ship Salvage Corp., par
100 Jewett, Bigelow & Brooks Coal lot
14 Hestonville Mantua & Fairmount
1st 5s, 1958
$1
Co., pref., par 810
92%
Pass. Ry., common
26% $1,000 Mineral Equip.deb.88.._5100 lot
5,000 Boston Mexican Petroleum
50 Jewett, Bigelow & Brooks Coal
10 Ridge Avenue Passenger Ry_ _166
$9,000 Ind. Col. & East. Trac, gen.
Trustees, 1st lien
Co., common
$300
7% Scranton Life Insurance Co.... 12
d, ref. 58, 1926 (ctf.
500 Boston Mexican Petroleum lot 500 Boston d, Wyoming 011 Co., par
5 International Text Book Co
63% $5,000 Ind. Col. & East .Trac. gen.
Trustees, ordinary
$1
6 Hare & Chase, Inc., preferred...89
1,350 Simms Magneto Co., corn.,
& ref. 5s, 1926 (elf. dep.)
5
1 Boston Athenaeum, par 8300..._650
125 Roach Stoker Co.,com.,par 550
50,000 rubles Russian Govt. 5%%
par $5
12
$10101 10 Fairbanks Co., 1st pref
550 lot
30 Old State Corp.,7% pref
internal loan, duo 1926
$400 lot
$750 lot
30 Greater Cotuit Shore Co
95
200 Brooklyn Rapid Transit Co.
510,000 Caddo Central Oil & Refin.
50 George A.Treadwell Mining Co.,
200 North Butte Mining Co., par
(old stock)
16
$3 lot
1st cons. Os, 1930
par 310
234
$15
$5101
60 North Western Leather Co., pref. lc. 1,700 Eureka Smelting d, Mining
8 Phoenix Insur. Co.of Hartford_ .521
6c.
Co., par $1
20 Inter-City Trust Co., common.)
CURRENT NOTICES.
400 Eureka Croesus Mining CO,
par $10
Sc.
par Si
$1
70 Bay State Storage Warehouse I lot 4,500 Consolidated Cortez Silver
-Frank T. Stanton & Co. in their December issue of "Stanton's Wireless
Co., preferred
10c.
Mines, par Si
84 Boston Belting Corp., pref., par
Bulletin," cover thoroughly recent developments in wireless and radio stocks.
1,000 Reorganized Crackerjack Min$50
$I lot
18%
ing Co., par 100
James Talcott, Inc., has been appointed factor for Edward McConnell
15 Amer. Glue Co., common
49
53 Sliver-Gel Products Co., pre& Co., importers and converters of cotton goods, shirtings, ginghams, otc.
200 National Motors Corp., corn.-1 $5
ferred, par $10
10 Plymouth Rubber Co., corn....f lot 53 Sliver-Gel Products Co., corn.._ 1
Lilley, Blizzard & Co.. Philadelphia, have issued for free distribution
52,222 Boston Apex Mining Co..
16 Brown-Beckwith Corp., corn.. _81 lot a
booklet containing quotations on 2,000 unlisted public utility bonds.
par 55
$101ot 100 Temtor Corn & Fruit Products
15 New England Securities Co..)
$2 lot
Co
Donald S. Stewart, formerly with P. F. Cusick & Co., has Alned the
preferred
10
)$5 50 Fairbanks Co., 1st prof
sales department of Prendergast & Co., 7 Wall St., New York.
6 New England Securities Co..com_ j lot 40 A. L. Sayles & Sons Co., pref.,1
65 Ames Shovel & Tool Co., pref.__ 25
-The New York Trust Co. has been appointed registrar of Oared
par $50
35 Quincy Mkt. Cold Storage &
40 A. L. Bayles d, Sons Co., com., $5
Corporation Common stock of no par value.
W'house Co., common
lot
135
par $25
10 Jones, McDuffee & Stratton
-Mr. Edgar Reeves, formerly of Frazier, Jelke & Co., has joined the
50 Purdy Tow & Water Boat Co.,
Corp., Class A
sales department of Bellows & Bellows.
par 825
ao
THE CHRONICLE
DEC. 20 1924.]
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.
2851
Per
When
Cent. Payable.
Books Closed.
Days Intkutivs.
Miscellaneous (Continued).
Sc. Jan. 2 Holders of rec. Dee. 190
American Hawaiian Steamship (quar.)
Amer.Laundry Machinery,com.(quar.) 75e. Mar. 2 Feb. 22 to Mar. 2
134 Jan. 15 Jan. 7 to Jan. 15
Preferred (quar.)
Amer. Manufacturing Co., corn. (quar.) 134 Dec. 31 Dec. 16 to Jan. 1
134 Dec. 31 Dec. 16 to Jan. 1
Preferred ((Mar.)
*50c. Jan. 5 *Holders of rec. Dec. 31
American Rolling Mill, tom.(quar.)
ji Jan. 1 *Holders of rec. Dec. 15
Preferred (quar.)
Si
Jan. 2 Holders of rec. Dec. 16
American Sales Book,com.(quar.)
•13.‘ Jan. 2 *Holders of rec. Dec. 22
American Screw (guar.)
Per
When
Books Closed.
Jan. 2 *Holders of rec. Dec. 22
Extra
Cent. Payable.
Days Inclusive.
Name of Company.
13( Jan. 15 Holders of rec. Dec. 310
Amer.Seeding Mach.,pref.(quar.)
134 Feb. 2 Holders of rec. Jan. 150
American Shipbuilding, pref. (quar.)_
Railroads (Steam).
$1.50 Dec. 31 Holders of rec. Dec. 206
American Surety (quar.)
*3
Jan. 1 *Holders of rec. Dec. 20
Allegheny Western
Jan. 2 Holders of rec. Dec. 24a
$1
American Textile Co.(guar.)
13( Mar. 2 Holders of rec. Jan. 10a
Baltimore & Ohio,common(quar.)
1
Jan. 15 Dec. 20 to Jan. 8
1
Mar. 2 Holders of rec. Jan. 10a American Vitrified Products, com
Preferred (guar.)
Archer-Daniel
-Midland CO.. prof.(qu.)- •15.‘ Feb. 1 *Holders of rec. Jan. 21
Feb. 16 *Holders of rec. Feb. 2
Hend. & St. Louie, pref. (ann'il *4
Louis',.
134 Jan. 15 Holders of rec. Jan. 20
Asbestos Corp. of Canada, pref.(quar.)_
134 Feb. 2 Holders of rec. Jan. 15
-Texas, pref. A (No. 1)_
Missouri
-Kansas
Jan. 15 Holders of rec. Jan. 15a
Associated Industrials, Pref.(quar.) -- 2
1X Feb. 2 Holders of rec. Dec. 31
Northern Pacific (quar.)
13( Jan. 2 Holders of rec. Dec. 150
Feb. 12 Holders of rec. Jan. 15a Ault& Wiborg Co., pref.(quar.)
Reading Company,common (quar.)_ _ $1.
Austin, Nichols & Co., pref.(quar.)_ _ •134 Feb. 1 *Holders of rec. Jan. 15
50c. Jan. 8 Holders of rec. Dec. 23a
Second preferred (quar.)
*25c. Feb. 1 *Holders of rec. Jan. 20
Balaban & Katz. corn.(monthly)
•250. Mar. 1 'Holders of rec. Feb. 20
Common (monthly)
Public Utilities.
*25c. Apr. 1 *Holders of rec. Mar.20
Common (monthly)
13( Jan. 1 Holders of rec. Dec. 20
Alabama Power, preferred (guar.)
•1% Apr. 1 *Holders of rec. Mar.20
Preferred (guar.)
*13( Jan. 14 *Holders o rec. Dec. 31
All America Cables (quar.)
13( Jan. 1 Holders of rec. Dec. 29
Barnet Leather, preferred (quar.)
134 Jan. 15 Holders of rec. Jan. 2
American Gas (quar.)
Jan. 15 *Holders of rec. Dec. 31
Bayuk Cigars, 1st pref. (quar.)
13( Dec. 31 Holders of rec. Dec. 15
Amherst Gas (quar.)
*
2
Jan. 15 *Holders of rec. Dee. 31
Second preferred (quar.)
131 Jan. 2 Holders of rec. Dec. 19
Arkansas Central Power, pref. (quar.)
•1% Jan. 15 *Holders of rec. Dee. 31
Convertible preferred (quar.)
Arkansas Light di Power, pref.(quar.).. 13( Jan. 1 Dec. 16 to Jan. 1
'$1.25 Jan. 2 *Holders of rec. Dec. 20
Binghamton Light, Heat & Power,com_ 23( Jan. 2 Holders of rec. Dec. 20a Beatrice Creamery, com. (guar.)
*15i Jan. 2 *Holders of rec. Dec. 20
Preferred (quar.)
13( Jan. 2 Holders of rec. Dec. 20a
Seven Per cent preferred (quar.)
•1%
13( Jan. 2 Holders of rec. Dec. 20a Bessemer Limestone dr Cement,com.(qu)
Six per cent preferred (quar.)
134 Jan. 2 Holders of rec. Dec. 15
Bird & Son, Ltd., pref. (quar.)
Transit, pf. (qu.). $1.50 Jan. 15 Holders of rec. Dec. 31
Brooklyn-Manhattan
50c. Jan. 2 Holders of rec. Dec. 26
Boyd-Welsh Shoe (quar.)(No. 1)
Dominion Power & Transmis'n, p1.(qu.) 13( Jan. 15 Dec. 22 to Dec. 31
50c. Apr. 1
Quarterly
East Bay Water, pref., Cl. A (quar.),_ _ _ *134 Jan. 15 *Holders of rec. Dec. 31
-Feb. 5 *Holders of rec. Jan. 21
Bond & Mortgage Guarantee (stock div.) *e66 2
*131 Jan. 15 *Holders of rec. Dec. 31
Preferred, Class B (quar.)
Jan. 19
See note to
British-American Tobacco, Ordinary---- w
2
Easthampton Gas (quar.)
Dec. 31 Holders of rec. Dec. 15
See note to
Jan. 19
to
Ordinary (interim)
1)( Jan. 15 Holders of rec. Jan. 20
El Paso Electric Co., pref. A (quar.)
' Jan. 1 *Holders of rec. Dee. 20
2)4
Preferred B (quar.)
134 Jan. 15 Holders of rec. Jan. 2a By-Products Coke, pref. (quar.)
Jan. 2 Dec. 17 to Jan. 1
1
Florida Public Service, pref.(quar.)_ _ _ 134 Jan. 2 Holders of rec. Dec. 20a Canada Bread,com.(quar.)
134 Jan. 2 Dec. 17 to Jan. 1
Preferred (quar.)
Greenfield Elec. Light & Pow.,com.
Dec. 31 Holders of rec. Dec. 15
(qu.) 2
134 Jan. 16 Holders of rec. Dec. 31
Canada Cement,corn. (quar.)
200. Dec. 31 Holders of rec. Dec. 15
Employees' stock
750. Jan. 15 Holders of rec. Dec. 20
"Canada Dry" Ginger Ale, cl. A (qu.)
38c. Dec. 31 Holders of rec. Dec. 15
Preferred (guar.)
Jan. 5 Holders of rec. Dec. 23
Canadian Cottons, Ltd., corn.(quar.)- 2
Haverhill Gas Light (quar.)
57c. Jan. 2 Holders of rec. Dec. 15
134 Jan. 5 Holders of rec. Dec. 23
Preferred (quar.)
1% Dee. 31 Holders of rec. Dec. 13
Houston Gas e.v Fuel, pref. (guar.)
134 Dec. 31 Dec. 21 to Jan. 4
Canfield Oil, com. (quar.)
Jersey Cent.P.& L.Corp.. part. p1.(qu) 134 Jan. 1 Holders of rec. Dec. 17
134 Dec. 31 Dec. 21 to Jan. 4
Preferred (quar.)
Kansas Gas & Electric Co., pref.(quar.) 134 Jan. 2 Holders of rec. Dec. 20
$1.50 Jan. 2 Holders of rec. Dec. 26
Central Aguirre Sugar (quar.)
Massachusetts Ltg. Cos.,6% Pref. (111.) 131 Jan. 15 Holders of rec. Dec. 26
Jan. 10 Jan. 1 to Jan. 9
51
Central Steel, corn.(quar.)
Eight per cent preferred (quar.)
2
Jan. 15 Holders of rec. Dec. 26
Jan. 1 Dec. 21 to Dec. 31
2
Preferred (quar.)
Middle West Utilities, pref (quar.)_._ - •13( Jan. 15 *Holders of rec. Dee. 31
134 Dec. 22 Holders of rec. Dec. 15
Century Electric Co. (quar.)
Jan. 1 Dec. 16 to Jan. 14
Mississippi Power & Light, pref. (quar.) 2
75c. Jan. 2 Holders of rec. Dec. 16
134 Jan. 2 Holders of rec. Dec. 200 City Dairy (Toronto), com.(quar.)Mississippi River Power, pref. (quar.)__
134 Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
*
2
Jan. 2 *Holders of rec. Dec. 22
Mohawk Valley Co.(quar.)
254 Jan. 2 Holders of rec. Dec. 27
City Investing, com. (quar.)
*
4
Jan. 2 *Holders of rec. Dec. 22
Extra
134 Jan. 2 Holders of rec. Dec. 27
Preferred (quar.)
•134 Jan. 15 *Holders of rec. Dec. 31
National Fuel Gail (quar.)
*134 Jan. 2 *Holders of rec. Dec. 20
Columbia Sugar (quar.)
New Orleans Public Serv.,Inc., Pt.(qu.) 13( Jan. 2 Holders of rec. Dec. 20
Jan. 15 Holders of rec. Dec. 31
Consolidated Mining & Smelt.of Canada 3
Newport News & Hampton Railway,
*50c. Jan. 2 *Holders of rec. Dec. 15
13( Jan. 1 Holders of rec. Dec. 15a Corona Typewriter, com. (quar.)
Gas & Electric, preferred (quar.)Jan. 2 *Holders of rec. Dec. 15
*
2
First preferred (quar.)
New York State Railways, pref.(guar.). 134 Jan. 2 Holders of rec. Dec. 26a
' Jan. 2 *Holders of rec. Dec. 15
1)4
Second preferred (quar.)
Northern Indiana Gas & Elec., p1. A (qu) *134 Jan. 14 *Holders of rec. Dec. 31
Creamery Package Mfg.,com.(quar.) *50c. Jan. 1 *Holders of rec. Jan. 1
134 Jan. 2 Holders of rec. Dec. 20
Ohio Bell Telephone, pref. (quar.)
Jan. 1 *Holders of rec. Jan. 1
Preferred (quar.)
Ohio River Edison Co.,7% pref.(quar.) •134 Jan. 2 *Holders of rec. Dec. 22
Jan. 31 Holders of rec. Jan. 15
1
Crucible Steel, com.(quar.)
*50c. Jan. 20 *Holders of rec. Dec. 26
Oklahoma Natural Gas (quar.)
Sc. Jan. 20 Holders of rec. Dec. 316
DictograPh Products Corp.,corn.(No.1)
Jan. 15 *Holders of rec. Dee. 31
PacificGas & Electric Co., corn.(quar.)_ *2
Jan. 15 Holders of rec. Dec. 316
2
Preferred (quar.)
'134 Jan. 15 *Holders of rec. Dec. 31
Pacific) Teleph. & Teleg., pref.(quar.)
Dec. 3 *Holders of rec. Dec. 22
*
2
Dixon (Jos.) Crucible(quar.)
Panama Power & Light Corp., pref.(qu.) 134 Jan. 2 Holders of rec. Dec. 20
*134 Jan. 1 *Holders of rec. Dec. 9
Doehler Die-Casting (quar.)
75e. Jan. 31 Holders of rec. Jan. 15
Philadelphia Rapid Transit (guar.)
334 Jan. 31 Holders of rec. Dec. 31
Phila. & Western Ry., Pref.(quar.)___ _ 6234c Jan. 15 Holders of rec. Dec. 31a Eastern Theatres(Toronto), pref
154 Jan. 2 Holders of rec. Dec. 20
Edwards (Wm.) Co. (quar.)
134 Jan. 1 Dec. 16 to Jan. 14
Pine Bluff Co., pref. (quar.)
Electric Controller & Mfg.,com.(guar.) $1.25 Jan. 2 Holders of rec. Dec. 20
Porto Rico Railways, Ltd., pref.(quar.) 134 Jan. 2 Holders of rec. Dee. 15
154 Jan. 2 Holders of rec. Dec. 20
Preferred (quar.)
$1
Jan. 1 Holders of rec. Dec. 15
Providence Gas (quar.)
•
Federal Drop Forge (quar.)
234 Dec. 22 *Holders of rec. Dec. 20
Jan. 15 *Holders of rec. Dec. 20
Puget Sound Pow. & Lt., com. (qu.).... *1
Dec. 22 *Holders of rec. Dec. 20
*5
Extra
•13( Jan. 15 *Holders of rec. Dec. 20
Prior preferred (quar.)
*16c. Jan 15 *Holders of rec. Jan. 2
Fifth Avenue Bus Sec. Corp.(quar.)
*134 Jan. 15 *Holders of rec. Dec. 20
Six per cent. preferred (quar.)
334 Jan. 1 Holders of rec. Dec. 27
Rutland Ry.. Light & Power, pf. (qu.)- 134 Jan. 2 Holders of rec. Dec. 20a Firestone-Apsley Rubber,Prof
Jan. 15
134 Jan. 2 Holders of rec. Dee. 20a Firestone Tire & Rubber,common(qu.) *32.50 Jan. 20 *Holders of rec. Jan. 2
Sayre Electric Co.. pref. (quar.)
•
134 Jan. 15 *Holders of rec.
6% preferred (quar.)
Shawinigan Water & Power(quar.)
134 Jan. 10 Holders of rec. Dec. 23
.154 Feb. 15 *Holders of rec. Feb. 1
7% preferred (guar.)
Southeastern Power & Light, prof.(au.) $1.75 Jan. 15 Holders of rec. Dec. 31a
154 Jan. 1 Dec. 20 to Jan. 1
Foote-Burt Co., pref.(quar.)
Southern Canada Power, pref.(quar.)._
13( Jan. 15 Holders of rec. Dec. 31
*30c. Jan.
Standard Gas Light, New York, pref
2
Dec. 31 Holders of rec. Dec. 22a General Fireproofing, torn.(quar.)
*40c. Jan.
Common (extra)
Turners Falls Power& Elec.,com.(quar.) 13( Dee. 31 Holders of rec. Dec. 15
$1.75 Dec. 15 Holders of rec. Oct 31
General Optical Co., pref
Employees stock (guar.)
15c. Dee. 31 Holders of rec. Dec. 15
134 Jan. 2 Holders of rec. Dec. 20
Vermont Hydro-Elec, corp., p1.(qu.)
134 Jan. 2 Holders of rec. Dec. 20a General Tire & Rubber, pref.(quar.)
Jan. 1 Holders of rec. Dec. 200
2
Grant(W.T.) Co., prof.(quar.)
Virginia By.& Power, pref.(quar.)
•154 Jan. 20 *Holders of rec. Jan. 2
*31.50 Jan. 2 *Holders of rec. Dec. 20
Great Lakes Steamship (guar.)
Washington Wat. Pow., Spokane (qu.). 2
Jan. 15 Holders of rec. Dec. 24
West Kootenay Power & Light, pt.(qu.) 134 Jan. 2 Holders of rec. Dec. 23d Hamilton-Brown Shoe, cont.(monthly)- 25c. Dec. 23 Dec. 17 to Jan. 1
250. Jan. 2 Dec. 17 to Jan. 1
Common (extra)
West Penn Power Co..7% pref.(guar.)_
134 Feb. 2 Holders of rec. Jan. 15
154 Jan. 1 Holders of rec. Dec. 29
Heath (D. C.) & Co.. pref. (quar.)
Western States Gas & El., Prof. (qu.)_ _ *134 Jan. 15 *Holders of rec. Dec. 31
Dec. 15 Holders of rec. Dec. 11
5
Hibernia Securities Co., coin
Winnipeg Electric Railway,com.(quar.) 1
Feb. 1 Holders of rec. Jan. 15
134 Jan. 2 Holders of rec. Dec. 26
Preferred (guar.)
354 Jan. 2 Holders of rec. Dec. 26
Holmes(D. H.) Co., Ltd.(quar.)
Holt, Renfrew & Co.. pref.(guar.)
134 Jan. 2 Holders of rec. Dec. 27
Banks.
Dec. 3 Dec. 21 to Jan. I
51
American Exchange National (quar.)___ 4
Jan. 2 Holders of rec. Dec. 24a Hood Rubber,common (quar.)
(Cincinnati) corn.(qu.) 134 Jan. 1 Holders of rec. Dec. 17
Chemical National (bl-monthly)
Hotel Gibson Co.
*4
Jan. 2 *Holders of rec. Dec. 20
Jan. 1 Holders of rec. Dec. 17
2
Common (extra)
East River National (quar.)
•334 Dec. 31 *Holders of rec. Dec. 26
134 Jan. 1 Holders of rec. Dec. 17
Preferred (quar.)
Europe, Bank of (guar.)
3
Jan. 2 Holders of rec. Dec. 22
*25c. Dec. 26 *Holders of rec. Dee. 13
Extra
Hydrox Corp. (quar.)
4
Jan. 2 Holders of rec. Dec. 22
Dec. 30
Fifth National (guar.)
Imperial Tobacco of Canada,ordinary.._ *1
*231 Jan. 2 *Dec. 24 to Jan. 1
• 34 Dec. 30
Greenpoint National (Brooklyn)
Ordinary (interim)
6
Jan. 1 Dec. 21 to Jan. 1
18
Greenwich (quar.)
$ .25 Jan. 1 Holders of rec. Dec. 18
3
Jan. 2 Holders of rec. Dec. 20a Interlake Steamship (guar.)
Holdersof rec. Mar.
Extra
Quarterly
2
Jan. 2 Holders of rec. Dec. 20a
Holders of rec. Dec. 15
52
Hanover National (quar.)
2 05 A ee
Internat.Concrete Industries,corn.(qu.) $1.. Dpr; 2
6
Jan. 2 Dec. 21 to Jan. 1
*75c. Jan. 1 *Holders of rec. Dec. 20
Mechanics, Brooklyn (guar.)
3
Jan. 2 Holders of rec. Dee. 20a Johns-Manville Co., com.(guar.)
134 Jan. 1 Holders of rec. Dec. 20
Extra
2
Jan. 2 Holders of rec. Dec. 20a Kaynee Co., pref.(quar.)
Jan. 1 Dec. 21 to Jan. 1
Mechanics & Metals National(quar.)
Kelley Island Lime & Transport(quar.). 2
Jan. 2 Holders of rec. Dec. 20
5
Dec. 20a
New Netherland (guar.)
- 134 Jan. 1 Holders of rec.
2
Jan. 2 Holders of rec. Dec. 20a Kirshbaum (A. B.) Co., pref.(guar.).
Jan. 2 Holders of rec. Dec. 23
2
Park, National(quar.)
Laclede Steel (quar.)
*
6
Jan. 2 *Holders of rec. Dec. 22
Peninsular Nat. Bank (Cedarhurst)_ _ _ _
•234 Dec. 31 *Holders of rec. Dec. 20
Lawton Mills (quar.)
3
Jan. 2 Holders of rec. Dec. 31
Richmond Hill National (Brooklyn)_ _ _ _ 2
234 Dec. 31 Holders of rec. Dec. 19
Lawyers Mortgage Co. (quar.)
Dec. 31 Dec. 28 to Jan. 1
*31.25 Jan. 31 *Holders of rec. Jan. 15
Washington Heights, Bank of(quar.)_ _
Lehigh Valley Coal (No. 1)
134 Jan. 1 Dec. 31 to Jan. 1
13( Jan. 2 Holders of rec. Dec. 22
Library Bureau, common (quar.)
Jan. 2 Holders of rec. Dec. 22
2
Common (extra)
Trust Companies.
Jan. • 2 Holders of rec. Dec. 22
2
Preferred (quar.)
Jan. 1 Holders of rec. Dec. 24
Brooklyn (quar.)
4
8
Jan. 2 Holders of rec. Dec. 26a Long Island Safe Deposit
Extra
Jan. 2 Holders of rec. Dec. 26a MacAndrews & Forbes Co.,corn.(quar.) 23( Jan. 15 Holders of rec. Dec. 31a
3
Central Union (quar.)
Jan. 15 Holders of rec. Dec. 31a
4
Jan. 2 Holders of rec. Dec. 22a
6
Common (extra)
Extra
Jan. 3 Holders
4
Jan. 2 Holders of rec. Dec. 22a
J . 15 Holde of rec. Dec. 31a
Preferred (quar.)
.1
1
*Holders of rec. Dec. 31
Empire (quar.)
Dec. 31 Holders of rec. Dec. 20a Manning, Maxwell& Moore,Inc.(qu.).
3
Extra
Jan. 2 Holders of rec. Dec. 17
3
Dec. 31 Holders of rec. Dec. 20a Merck & Co., preferred (guar.)
2
Irving Bank-Columbia Trust (quar.)..... 3
Jan. 1 *Holders of rec. Dec. 20
Jan. 2 Holders of rec. Dec. 19
*2
Murray Ohio Mfg., prof.(guar.)
Jan. 2 Holders of rec. Dec. 15
Fidelity-International (quar.)
Metropolitan Filling Stations,com (qu.). 2
23,4 Dec. 31 Holders of rec. Dec. 19
5
Jan. 2 Holders of rec. Dec. 22
Jan. 2 Holders of rec. Dec. 15
Fulton
2
Common (extra)
2
Jan. 2 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 22
2
Common, Class A (quar.)
Extra
4
Dec. 31 Holders of rec. Dec. 19a
Metropolitan (guar.)
Jan. 2 Holders of rec. Dec. 15
Preferred (quar.)
2
3
Jan. 2 Holders of rec. Dec. 31a Mortgage-Bond Co.(quar.)
Dec. 31 Holders of rec. Dec. 22
2
Mutual of Westchester County(quar.)
2
Jan. 2 Holders of rec. Dec. 31a National Paper & Type, pref.(quar.)__ _
Jan. 15 Holders of rec. Dee. 300
2
Extra
5
Jan. 2 Holders of rec. Dec. 20a National Refining, preferred (quar.)..
Jan. 2 Holders of rec. Dec. 15
2
New York (quar.)
Naumkeag Steam Cotton Co.(quar.) _ _ *3
5
Dec. 31 Holders of rec. Dec. 30
Jan. 2 *Holders of rec. Dec. 20
People's (Brooklyn) (quar.)
York Air Brake,common (quar.)_ $1
Trust (guar.)
3
Jan. 2 Holders of rec. Dee. 22
New
Feb. 2 Holders of rec. Jan. 7
Title Guarantee &
Class A (quar.)
4
Jan. 2 Holders of rec. Dee. 22
Apr. 1 Holders of rec. Mar.10
51
Extra
New York Title & Mortgage Co.(quar.) 3
4
Mar.31 Holders of rec. Mar.21
Jan. 2 Holders of rec. Dec. 20
Extra
New York Transportation (quar.)
04
Jan. 2 *Holders of rec. Dec. 27
*50e. Jan. 1 *Holders of rec. Jan. 2
U.S. Mortgage & Trust (quar.)
North American Car, Class A (quar.) _ '6234c Jan. 1 *Holders of rec. DM. 24
North Star Oil & Ref Ltd., pref (quar.) 134 Jan. 2 Holders of rec. Deo. 17
.
Ogilvie Flour Mills (guar.)
3
Jan. 2 Holders of rec. Dec. 22
Fire Insurance.
Ohio Fuel Corporation (quar.)(No. 1)_.. *500. Jan. 15 *Holders of rec. Dee. 31
Jan. 10 Holders of rec. Dee. 29
$3
Continental'
1st pref. (quar.)
Ohio Leather,
*
2
$3
Jan. 10 Holders of rec. Dec. 29
Jan. 1 *Holders of rec. Dec. 20
Fidelity-Phenix Fire
Second preferred (acct.accum. cllvs.)_ *52
Jan. 1 *Holders of rec. Dec. 20
Open Stair Dwellings (guar.)
*134 Dec. 3
Pacific-Burt Co., common (quar.)
134 Jan. 2 Holders of rec. Dec. 17
Miscellaneous.
Preferred (guar.)
13,4 Jan. 2 Holders of rec. Dec. 20
134 Jan. 2 Holders of rec. Dec. 17
Abitibi Power & Paper, pref.(quar.)-- 2
Jan. 1 Holders of ree. Dec. 104 Page & Shaw,Inc.. torn.(In com,stock) *.f100
American Caramel, preferred
285.2
Name of Company.
THE CHRONICLE
Per
When
Cen4. Payable.
Books Closed.
Days Dula:ice.
Miscellaneous (Concluded).
Paige-Detroit Motor Car,corn.(guar.)._ •30c. Jan. 2 *Holders of rec. Dec. 20
Preferred (guar.)
'l' Jan. 2 *Holders of rec. Dec. 15
Park City Mining & Smelting (guar.)... •15c. Jan. 2 *Holders of rec. Dec. 15
Pelz-Greenstein Co., preferred
3M Jan. I Holders of rec. Dec. 29
Pick (Albert) & Co., corn,(guar.)
•40c. Feb. 2 *Holders of rec. Jan. 20 i
Preferred (guar.)
*1A Jan. 2 *Holders of rec. Dec. 23
Pittsburgh Malleable Iron (monthly)._ '1J( Dec. 22 *Holders of rec. Dec. 15
Prairie Oil& Gas(guar.)
*2
Jan. 31 *Holders of rec. Dec. 31
Prairie Pipe Line (guar.)
*2
Jan. 31 *Holders of rec. Dec. 31
Premier Gold Mining
*8c. Jan. 3 *Holders of ree. Dec. 25
Procter & Gamble Co.,8% Pref.(quar.) 2
Jan. 15 Holders of rec. Dec. 24a
Robers(Wm.A.) Co.. preferred (guar.). 1M Jan. 2 Holders of rec. Dec. 17
St. Joseph Lead (quar.)
50c. Mar.20 Mar.10 to Mar.20
Quarterly
500. June 20 June 10 to June 21
Quarterly
50c, Sept.21 Sept. 10 • to Sept.21
Quarterly
50c. Dec. 21 Dec. 10 to Dec. 21
Silver King Coalition Mines Co.(guar.)_ *200. Jan. 2 *Holders of rec. Dec. 20
Standard Screw, common (guar.)
3
Jan. 1 Holders of rec. Dec. 15
Preferred
Jan. 1 Holders of rec. Dec. 15
3
Stanley Company of America (guar.)_
1A Jan. 2 Holders of rec. Dee. 20
Steel Co. of Canada, corn. & pf. (qu.)__ 1( Feb. 2 Holders of rec. Jan. 7
Stetson (John B.), corn
*$3.75 Jan. 15 *Holders of rec. Jan. 1
Jan. 15 *Holders of rec. Jan. 1
Preferred
*31
Sullivan Machinery(guar.)
Jan. 15 Jan. 1 to Jan. 14
$1
Telautograph Corp., pref.(guar.)
•114 Jan. 10 *Holders of rec. Dec. 31
Textile Banking (guar.)
Jan. 2 *Holders of rec. Dec. 24
.2
Tintic Standard Mining (quar.)
•20c. Dec. 22 *Holders of rec. Dec. 17
Extra
*30c. Jan. 2 *Holders of rec. Dec. 17
Tobacco Products Corp.,corn.(guar.).- $1.50 Jan. 15 Holders of rec. Jan. 2
1
Jan. 15 Holders of rec. Dec. 31
Tuckett Tobacco,common (guar.)
1 A Jan. 15 Holders of rec. Dec. 31
Preferred (guar.)
Jan. 2 Holders of rec. Dec. 20
Syracuse Washing Machine,com.(quar.) $2
Common (payable in common stock). (v) Jan. 2 Holders of rec. Dec. 20
Jan. 2 Holders of rec. Dec. 20
Common (extra)
32
Common(extra, payable In com.stock) (0) Jan. 2 Holders of rec. Doe. 20
Underwood Computing Mach., pf. (qu.) 1M Jan. 1 Holders of rec. Dec. 20a
United Alloy Steel Corp.. Pref.(quar.)_ 'l( Jan. 20 *Holders of rec. Jan. 1
United Verde Extension Mining (quar.)_ 50c. Feb. 2 Holders of rec. Jan. 3a
U. S. Industrial Alcohol. pref. (guar.).- 'i1 Jan. 15 *Holders of rec. Dec. 31
*5
Jan. 2 *Holders of rec. Dec. 31
U. B. Safe Deposit
U.S.Sheet & Window Glass. pref. (qu.) *2
Jan. 2 *Holders of rec. Dec. 23
Jan. 2 Holders of rec. Dec. 20
Universal Leaf Tobacco, pref. (quar.)._ 2
'Sc. Dec. 31 *Holders of rec. Dec. 19
Utah-Idaho Sugar, corn. (guar.)
Preferred (guar.)
*1M Dec. 31 *Holders of rec. Dec. 19
Van Dons Iron Works, pref.(guar.).- 134 Jan. 2 Holders of rec. Dec. 22
Warren Bros., corn. (guar.)
*al
Jan. 2 *Holders of rec. Dec. 20
First preferred (guar.)
•750. Jan. 2 *Holders of rec. Dec. 20
4
Second preferred (guar.)
.8714c Jan. 2 *Holders of rec. Dec. 20
Western Canada Flour Mills (quar.)
2
Dee. 15 Holders of rec. Dec. 6
Westmoreland Coal(guar.)
*50c. Jan. 2 *Holders of rec. Dec. 26
White Eagle Oil& Refining (guar.)
*50o. Jan. 20 *Holders of rec. Dec. 31
White Rork Mineral Spring, coin.(qu.)- *250. Dec. 31 *Holders of rec. Dec. 22
*1,4 Dec. 31 *Holders of rec. Dec. 22
Preferred (quar.)
Whitman (William) Co., Inc..pf.(qu.)-- 114 Jan. 1 Holders of rec. Dec. 23
2
Williams Tool, preferred (guar.)
Jan. 1 Holders of rec. Dec. 20
Jan. 2 *Holders of rec. Dec. 18
Will & Baumer Candle, pref.(guar )____ *2
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam). '
33 Dec. 26 Holders of ree. Nov.26
Alabama Great Southern, ordinary
3i. Feb. 16 Holden] of rec. Jan. la
Preferred
4A Jan. 2 Holders of rec. Dec.d15a
Albany & Susquehanna
2
Jan. 10 Holders of rec. Dec.d22a
Special
2A Feb. 2 Holders of rec. Dec. 31a
Atchison Topeka & Santa Fe, prof
Atlantic Coast Line RR., common
3) Jan. 10 Holders of rec. Dec. 15.
Bangor & Aroostook, common (quar.)__ 114 Jan. 1 Holders of rec. Dec. 20a
Preferred (guar.)
l( Jan. 1 Holders of rec. Dec. 15a
Beech Creek (guar.)
50c. Jan. 2 Holders of rec. Doe. 15a
Beaton ,Sz Albany (guar.)
214 Doe. 31 Holders of rec. Nov. 29
Boston, Revere Beach & Lynn (quar.)__ 1i Jan. 2 Holders of rec. Dec. 15a
Buffalo & Susquehanna, corn. (quar.)__ 114 Dec. 30 Holders of rec. Dec. 10.
2
Dec. 30 Holders of rec. Dec. 10a
Preferred
Canada Southern
134 Feb. 2 Holders of roe. Jan. 2a
234 Dec. 31 Holders of rec. Dec. la
Canadian Pacific. tom. (guar.)
2
Jan. 1 Holders of rec. Dec. 5a
Chesapeake & Ohio, common
33( Jan. 1 Holders of rec. Dec. 50
Preferred
5
Dec. 26 Holders of rec. Dec. 170
Chicago Burlington & QuineY
Chicago Indianan. & Louisville, com-- 234 Jan. 10 Holders of rec. Dec. 27
2
Jan. 10 Holders of roe. Dec. 27
Preferred
2
Dec. 31 Holders of rec. Dec. la
Chicago & North Western,corn
334 Dec. 31 Holders of rec. Dec. la
Preferred
Chic. R. I. dr Pacific, 7% Preferred-- 334 Dec. 31 Holders of rec. Dec. 5a
3
Dec. 31 Holders of rec. Dec. 5a
Six per cent Preferred
Doe. 31 Holders of rec. Dec. la
Chic., St. Paul. Minn. az Omaha. pref._ 5
3
Dec. 22 Holders of rec. Dec. la
CID.New Or!. de Tex.Pac.,common...334 Dec. 22 Holders of rec. Dec. la
Common (extra)
Cleve. C.C.& St. L.,corn.& of (qu.).- 114 Jan. 20 Holders of rec. Jan. 2
2
Dec. 31 Dec. 14 to Jan. 1
Colorado az Southern. 1st preferred
4
Dec. 31 Dec. 14 to Jan. 1
2d preferred
3
Feb2'25 Holders of reo Jan 15'25o
Cuba RR., preferred
214 Doe. 20 Holders of rec. Nov. 28a
Delaware & Hudson Co. (guar.)
3
Jan. 15 Holders of rec. Jan. 8a
Detroit River Tunnel
234 Feb. 2 Holders of rec. Dec. 26a
Great Northern Railway, preferred
2
Dec. 31 Holders of rec. Dec. 5a
Hocking Valley RR
2
Jan 2 Doe. 12 to Jan. 4
Illinois Central, leased lines
134 Jan. 5 Holders of rec. Dec. 24a
Joliet & Chicago (guar.)
Jan. 15 Holders of rec. Doe. 31a
Kansas City Southern Ky.. pref.(guar.)_ 81
1
Jan. 2 Holders of rec. Deo. So
Lackawanna RR. of N. J. (guar.)
8734c Jan. 2 Holders of rec. Dec. 13a
Lehigh Valley, common (guar.)
$1.25 Jan. 2 Holders of rec. Dec. 13a
Preferred (guar.)
3
Feb. 10 Holders of rec. Jan. 15
Louisville & Nashville
$10 Doe. 29 Holders of rec. Deo.d19a
Mahoning Coal RR.. COM.(guar.)
$1.25 Jan. 2 Holders of rec. Dea.d19a
Preferred
Jan. 29 Holders of rec. Jan. 2a
10
Michigan Central
Jan. 2 Deo. 2 to Jan. 1
2
Mobile & Birmingham
434 Jan. 2 Holders of roe. Dee. 9a
Morris & Essex
•334 Dec. 30 *Holders of reo. Dec. 16
Mobile& Ohio
, New York Central RR.(quar)
134 Feb 2 Jan. 3 to Jan. 28
N.Y.Chic. & St. Louis, corn. az pf.(qu.) IA Jan. 2 Holders of reo. Nov. 15a
$2.50 Jan. 2 Holders of rec. Dec. 15a
New York & Harlem,corn, and Prof-N. Y.Lackawanna dr Western (quar.)..
134 Jan. 2 Holders of rec. Doe. 13a
Jan. 15 Holders of reo. Dec. 310
$2
Northern Central
Jan. 10 Dec. 25 to Jan. 11
4
Northern Securities (guar.)
*114 Jan. 1 *Holders of roe. Doe. 13
Old Colony RR.(guar.)
Jan. 2 Holders of rec. Dec. 15a
Pere Marquette. common (quar.)
1
134 Feb. 2 Holders of rec. Jan. 12a
Prior preference (guar.)
Five per cent preferred (guar.)
134 Feb. 2 Holders of rec. Jan. 120
Dec. 30 *Holders of rec. Dec. 15
Philadelphia Baltimore & Washington__ •3
234 Jan. 10 Jan. 1 to Jan. 11
Philadelphia & Trenton (guar.)
Pitts. Ft. Wayne & Chic., corn.(guar.)- 1% Jan. 2 Holders of rec. Dec. 100
IA Jan, 6 Holders of rec. Dec. 10a
Preferred (guar.)
22.50 Feb. 2 Holders of reo. Jan. 12a
Pittsburgh & Lake Erie
Pittsburgh McKeesport& YoughloghenY $1.50 Jan. 2 Holders of rec. Doe. 15
Pittsburgh & WPM Virginia. pref.(quar.) 134 Feb. 28 Holders of rec. Feb.2'250
Jan. 2 Holders of rec. Dec. 15a
Rensselaer & Saratoga
4
St. Louis & San Francisco. coin.(No. I) 134 Jan. 15 Holders of rec. Jan. 2a
Preferred, Series A (guar.)
115 Feb. 2 Holders of rec. Jan. 15a
Preferred, Series A (guar.)
134 May 1 Holders of rec. Apr. 15a
Preferred, Series A (guar.)
134 Aug. 1 Holders of rec. July 15a
Preferred. Series A (guar.)
1M Nov. 2 Holders of rec. Oct. 15a
St. Louis Southwestern. Pref. (quar.)__ 114 Dec. 31 Holders of rec. Dec. lfia
Southern Pacific Co.(guar.)
1(4 Jan. 2 Holden of rec. Nov.280
Southern Railway, common (quar.)___ - 134 Feb. 2 Holders of rec. Jan. 10a
Preferred (quay.)
11/ Jan. 15 Holders of rec. Jan. 2a
Name of Company.
Railroads (Steam) (Concluded).
Troy Union Railway
Union Pacific, corn, (guar.)
United N.J. RR.& Canal Cos.(guar.)_
Valley RR.(N. Y.)
Virginian Railway, common
Western Pacific RR.Corp., pref.(guar.)
[VOL. 119.
Per
When
Cent. Payable.
234
234
234
4
134
Jan. 15
Jan. 2
Jan. 10
Jan. 2
Dec. 31
Jan. 5
Books Closed.
Days Inclusive.
Holders of rec. Doe. 26a
Holders of roe. Dec. 1
Dec. 21 to Dec. 31
Holders of rec. Dec. 150
Holders of rec. Dec. 20
Holders of rec. Doe. 230
Public Utilities.
Amer.& Foreign Pow.,pf full pd.(qu.)_ $1.75 Jan. 2 Holders of reo. Dec. 15a
.
Pref.(25% paid allot. ctfs.)
4354c. Jan. 2 Holders of rec. Dec. 15a
American Gas& Electric, corn.(guar.)
25e. Jan. 2 Holders of rec. Dec. 10
Common (extra payable in corn.stock) (v) Jan. 2 Holders of rec. Dec. 10
Common (special pay. in corn. stock)Jan. 2 Holders of rec. Dec. 10
Preferred (guar.)
134 Feb. 2 Holders of rec. Jan. 10
American Power & Light, pref.(quar.)_ _ 13.4 Jan. 2 Holders of rec. Doe. 15
American Public Service, pref. (guar.)-- 154 Jan. 2 Holders of rec. Dec. 15
Amer.Public Utilities, prior pref.(qu.)_ 114 Jan. 2 Holders of rec. Dec. 150
Participating preferred (quar.)
134 Jan. 2 Holders of rec. Dec. 15
Amer. Telephone & Telegraph (guar.).- 214 an15'25 Holders of roe. Dec. 200
2(4 Ap15'25 Holders of reo.Mar.17'260
Quartetly
Arkansas Natural Gas (guar.)
8c. Dec. 31 Holders of rec. Dec. 10a
Asheville Power & Light, pref.(quar.)__ 134 Jan. 2 Holders of rec. Dec. 17
Associated Gas & Elec., prof.(guar.)._- 87)4c. Jan. 2 Holders of ree. Dec. 10
12A 0. Apr.1'25 Holders of roe. Mar. 15
Preferred (extra)
Preferred (extra)
12(40. July1'25 Holders of rec. June 15
12340. Oct.1'25 Holders of rec. Sept.15
Preferred (extra)
Preferred (extra)
12340. Jan1'26 Holders of rec. Deo. 15
Baltimore Electric. preferred
$1.25 Jan, 2 Holders of rec. Dec. 15
114 Jan. 2 Holders of rec. Dec. 10
Bangor Ky.& Electric, pref.(quar.)
2
Jan. 15 Holders of rec. Dec. 23
Bell Telephone of Canada (guar.)
•15.‘ Jan. 15 *Holders of reo. Dec. 20
Bell Telephone of Pa., prof. (quar.)_
114 Jan. 2 Holders of rec. Dec. 180
Boston Elevated, common (guar.)
4
Jan. 2 Holders of rec. Dec. 180
First preferred
3)4 Jan, 2 Holden of rec. Dec. 180
Preferred
Brazilian Trac., Light di Pow.. pref.(qu.) 134 Jan. 1 Holders of rec. Dec. 150
Brooklyn Borough Gas, corn. (quar.)--- 50e Jan. 10 Holders of rec. Dec. 310
134 Jan, 2 Holders of rec. Dec. 240
Preferred (guar.)
$1 Jan. 2 Holders of rec. Dec. 110
Brooklyn Union Gas(guar.)
Capital Tract., Wash., D. C. (guar.)._ 134 Jan. 1 Holders of rec. Dec. 9
Carolina Power& Light,common(guar.) 114 Feb. 2 Holders of roe. Jan. 15
114 Jan. 2 Holders of rec. Dee. 17
Preferred (guar.)
1,14 Jan. 2 Holders of rec. Dec. 15
Central Illinois Light,6% pre/.(quar.)
1,4 Jan. 2 Holders of rec. Dec. 15
Seven per cent preferred (guar.)
Cent. Illinois Pub.Serv., pref. (quar.)_ $1.50 Jan. 15 Holders of rec. Dec. 310
Central States Elec. Corp.. pref.(qu.)__ 134 Jan. 2 Holders of roe. Doe. 10
Chicago North Shore & Milw., pt.(qu.). 114 Jan. 1 Holders of rec. Dec. 170
1M Jan. 1 Holders of rec. Dec. 170
Prior lien preferred (guar.)
Chicago Rapid Transit, priof pf.(mthly.) 65c. Jan. 1 Holders of rec. Dec.d160
85o. Feb. 2 Holders of rec. Jan.d13a
Prior preferred (monthly)
85c. Mar. 2 Holders of rec. Feb.d10a
Prior preferred (monthly)
Jan. 2 Dec. 21 to Jan. 1
Cincinnati & Suburban Bell Telen. (qu.) $1
Citizens Passenger Ky., Phila.(quar.).- $3.50 Jan. 1 Dee. 21 to Jan. 1
114 Dec. 31 Holders of reo. Dec. 12
Cleveland Railway (guar.)
Coast Valley Gas& Elea., pref. A (guar.) 114 Jan. 1 Holders of reo. Dec. 150
114 Jan. 1 Holders of rec. Dee. 15
Preferred B (guar.)
Columbus Electric & Power,corn.(qu.)- 234 Jan. 2 Holders of roe. Deo. 13
134 Jan. 2 Holders of rec. Dec. 130
First preferred, Series A (guar.)
134 Jan, 2 Holders of reo. Dec. 130
Second preferred (guar.)
Consumers El.L.& P.. New Orl..pf(qu.) 134 Dee. 31 Doe. 11 to Jan. la
Consumers Power,6.6% pref.(mthly.)- 55c. Jan. 2 Holders of rec. Dec. 15
114 Jan. 2 Holders of reo. Deo. 15
6% preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 15
7%* preferred (guar.)
1.65 Jan. 2 Holders of rec. Dec. 15
6.6% preferred (guar.)
Cons.Gas El. L.& Pr.,Balt.,com.(qu.)_ 50o. Jan. 2 Holders of rec. Dee. 15
Jan. 2 Holders of rec. Dec. 15
2
Preferred Series A (quar.)
134 Jan. 2 Holders of rec. Dec. 15
Preferred Series B (guar.)
Jan. 2 Holders of reo. Doe. 15
Preferred Series C (quar.)
§Continental Gas& El.Corp.,corn.(qu.) 75c. Jan 1'25 Holders of rec. Dec. 130
Common (payable in common stock). _ f75c. Jan 1'25 Holders of rec. Dec. 130
114 Jan 1'25 Holders of rec. Dec. 130
Participating preferred (guar.)
A Jan l'25 Holders of rec. Dee. 13s
Participating preferred (extra)
/A Jan 1'25 Holders of reo. Doe. 130
pref.(payable in oom.stock)_ _
Panic.
134 Jan 1'25 Holders of rec. Dee. 13a
Preferred (guar.)
134 Jan 1'25 Holders of rec. Dec. 130
Prior preferred (guar.)
Jan. 2 Holders of rec. Dec. 200
Dayton Power & Light, com.(guar.) _ _ 1
134 Jan. 2 Holders of reo. Doe, 200
Preferred (guar.)
2
Jan. 15 Holders of rec. Dec. 200
Detroit Edison (guar.)
1
Jan. 2 Holders of rec. Dee. 160
Duluth-Superior Traction, pref.(quar.)_
*682-3 Jan. 1 *Holders of rec. Dee. 15
Empire Gas & Fuel (monthly)
Jan. 2 Holders of rec. Dee. 15a
Federal Light & Traction, com.(quar.)_ $1
Common(pay.In 6% cum.prof.stk.). m75c. Jan. 2 Holders of roe. Dec. 154
frankford & Southwark Pass. Ky.(qu.)_ $4.50 Jan. 1 Dec. 2 to Jan. 1
Jan. 2 Holders of roe. Dec. 15
General Gas& Elec. Corp., cl. A pf (qu.) $2
$1.75 Jan. 2 Holders of roe. Dec. 15
Class B. preferred (guar.)
Jan, 1 Holders of roe. Dee. 200
.
Ga. Ry.& Pow, lat prat cum.8% (qu.) 2
1% Jan. 1 Holders of reg. Dee. 200
First Prof. cum.7% (guar.)
Germantown Passenger Icy.. Phila.(On.) $1.31 Jan. 6 Dec. 18 to Jan. 5
•1A Jan, 2 *Holders of reo. Jan. 2
Gold & Stock Telegraph (quar)
Dec. 31 Holders of reo. De0. 300
2
Illinois Bell Telephone (guar.)
Illinois Power & Light. 7% Pref. (qu.)-- 134 Jan. 2 Holders of reo. Deo. 10
1)4 Jan, 2 Holders of rec. Dee. 10
Participating preferred (guar.)
Illinois Traction, preferred (guar.)
13.4 Jan. 2 Holders of reo. Deo. 20
134 Jan. 15 Holders of rec. Doe. 270
International Telep. & Teleg.(quar.)_..
Kansas City Pow.& Lt., pref. A Mar., $1 .75 Jan. 1 Holders of rec. Dec. 1.S4
Kentucky Hydro-Elec, Co.. prof. (qu.). 1M Dec. 20 Nov. 30t0 Dee. 3
Kentucky Securities, common (guar.)._ 1M Jan. 2 Holders of me. Dec. 220
Jan. 15 Holders of rec. Dec. 220
Preferred (quar.)
Mackay Companies,common (guar.)... 114 Jan.. 2 Holders of rec. Dec. 60
1
Jan. 2 Holders of rec. Dec. 60
Preferred (quar.)
Manila Electric Co., common (quar.).....,6214c Dec. 31 Holders of rec. Deo 180
Manufacturers Light & Heat(guar.)
111 Jan. 15 Holders of rec. Dec. 310
Metropolitan Edison, preferred (guar.)._ $1.75 Jan. 2 Holders of rec. Dec. 200
134 Jan. 2 Holders of roe. Doe. 15
Minnesota Power & Light. pref.(quar.)_
Missouri Power & Light, pref. (guar.)._ $1.75 Jan. 2 Holders of rec. Dec. 200
Monon. W.Penn.Pub.Ser. 7% pf.(qu.) 4334c. Jan. 2 Holders of rec. Dec. 15a
3715c. Jan. 2 Holders of reo. Deo. 150
6% Preferred (guar.)
1
Jan. 2 Holders of rea. Dec. 120
Montana Power, corn,(guar.)
154 Jan. 2 Holders of roe. Dec. 120
Preferred (guar.)
40o. Dee, 20 Holders of rec. Dec. 1
Municipal Service, corn.(extra)
Jan. 2 Holders of rec. Doe. 136
Narragansett Electric Lighting (quar.)_ $1
Nat. Power & Light. Preferred (guar.)._ $1.75 Jan. 2 Holders of rec. Dec. 10
Nevada-California Elec., pref.(guar.)._ •15.4 Feb. 2 *Holders of rec. Doe. 81
Dec. 31 Holders of rec. Dec. 10
New England Telep. & Teleg. (quar.).. 2
New York Telephone, pref.(guar.)
154 Jan. 15 Holders of rec. Dec. 20
Niagara Falls Power, preferred (guar.)._ 4334 Jan. 15 Holders of rec. Dee, 310
Niagara Lockp. & Ont.Pow., corn.(qu.) 50c. Jan. 2 Holders of rec. Deo. 15
Common (extra)
25o. Jan. 2 Holders of reo. Dec. 15
Preferred (guar.)
1 A Jan. 2 Holders of roe. Deo. 156
North Amer. Light & Pow.,7% PT.(qu.) 134 Jan. 2 Holders of rec. Dec. 20
North. Ohio Trac. & Lt.,6% Pf. (guar.) 154 Jan. 2 Holders of rec. Deo. 18
Seven per cent preferred (guar.)
134 Jan. 2 Holders of rec. Deo. 15
Northern States Power(Del.), com.(qu.) 2
Feb. 2 Holders of rec. Deo. 31
Preferred (guar.)
134 Jan. 20 Holders of reo. Dec. 31
Northern Utilities, prior lien (quar) _ _ 41.75 Jan. 2 •Holders of rec. Dec. 15
Jan. 1
Northwestern Telegraph
$1.50 Jan. 2 Dec. 16 to
Ohio Bell Telephone, prof. (guar.)
134 Jan. 1 Holders of rec. Dec. 20
rec. Feb. 15
Ohio Edison, 6% preferred (quar.)
$1.50 Mar. 1 Holders of
6.6% preferred (guar.)
$1.65 Mar. 1 Holders of reo. Feb. 15
Seven per cent preferred (quar.)
Mar. 1 Holders of rec. Feb. 15
Ottawa Light, Heat & Power,corn.(qu) $1.7$ Dec. 81 Holders of rec. Dec. 15a
1 )4
Preferred (guar.)
114 Jan. 1 Holders of roe. Dec. 150
Ottawa Traction (guar.)
Jan. 2 Holders of roe. Deo. 15
1
Bonus
Jan. 2 Holders of roe. Dec. 15
1
Pacific Lighting Corporation, corn
Dec. 22 Holders of ma. Nov. 26
/80
Penn Central Light &Pow.,coin.(qu.)
3734c Jan. 2 1Iolders of roe. Dec. 100
Common (extra)
100. Jan. 2 Holders of rec. Dee. 10a
Preferred (guar.)
Jan. 2 Holders of roe. Dec. 100
$1
Preferred (extra)
100. Jan. 2 Holders of rec. Dec. 10a
Pennsylvania Edison, prof.(guar.)
Jan. 2 Holders of roe. Dec. 204
$2
Pennsylvania Power de Light, Prof.(qu.) $1.75 Jan. 1 Holders of rec. Dee. 15
Pennsylvania Water & Power (guar.)... 2
Jan, 2 Holders of rec. Dec. 196
154
Name of COMPanib
2853
THE CHRONICLE
Due. 20 1924.)
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
134 Jan. 1 Holders of rec. Dec. 20a
Babcock & Wilcox Co.(guar.)
3
Jan. 2 Holders of rec. Dec. 20
Extra •
134 Apr. 1 Holders of rec. Mar.20a
Quarterly
334 Jan. 1 Holders of rec. Dec. Sc
Baldwin Locomotive.common Sc pref..
Barnhart Bros. Sc Spindler
1 X Feb. 1 Holders of roe. Jan. 28a
First and second preferred ((Mara
-*50o. Jan. 2 *Holders of rec. Dec. 20
Bassick Alemite Corp., corn.(guar.)
60c. Jan. 15 Holders of rec. Dec. 316
Beech-Nut Packing, com.(guar.)
134 Jan. 15 Holders of rec. Dec. 310
Preferred (guar.)
Belgo-Canadian Paper,common(No. 1).. 134 Jan. 10 Holders of rec. Dec. 316
134 Jan. 2 Holders of rec. Dec. 120
Preferred (guar.)
Jan. 2 Holders of rec. Doe. la
Bethlehem Steel Corp.,8% pref.(guar.) 2
15( Jan. 2 Holders of rec. Dec. la
Seven per cent pref. (guar.)
500. Jan. 2 Holders of rec. Dec. 20a
Bingham Mines Co
50c. Jan. 1 Holders of rec. Dec. 20a
Borg Sc Beck (guar.)
3 Dec. 31 Holders of rec. Dec. 106
Boston Wharf Co
Brandram-Henderion, Ltd., prof. (du.). 134 Jan. 2 Holders of rec. Dec. 1
Bridgeport Machine, preferred (guar.) _ 134 Jan. 1 Holders of rec. Dec. 20
50e. Jan. 2 yDec. 23 to Dec. 31
British American 011(guar.)
50o. Jan. 2 yDee. 23 to Dec. 31
Bonus
Brown Sc Williamson Tob.,cons.(gu.)_ _ '134 Jan. 1 *Holders of rec. Dec. 20
5134 Jan. 1 *Holders of rec. Dec. 20
Preferred (guar.)
Brunswick-Balke-Collender, pref. (au.). 134 Jan. 2 Holders of roe. Doe. 206
134 Jan. 2 Holders of rec. Dec. 20
pref. (guar.)
Bucyrus Company,
Jan. 2 Holders of rec. Dec. 20
66
Preferred (in full of all accum. di vs.)
134 Feb. 2 Holders of rec. Jan.d23a
Burns Brothers, prior pref.(guar.)
134 Jan. 2 Holders of rec. Dec. 190
Preferred (guar.)
Burroughs Adding Machine (gust.)..... 750. Dec. 31 Holders of rec. Dec. 15
1X Dec. 31 Holders of rec. Dec. 15
Preferred (guar.)
2% Jan. 15 Holders of rec. Jan. 26
Bush Terminal Co.. common
3 Jan. 15 Holders of rec. Jan. 26
Preferred
Bush Terminal Bldgs., pref. (quar.)...... 134 Jan. 2 Holders of rec. Dec. 17a
50o. Dec. 24 Dec. 10 to Dec. 23
Butte Copper Sc Zinc
*Holders of rec. Dec. 24
Jan,
C. G. Spring Sc Bumper, pref. (quar.)... *2
Holders of roe. Dec. 206
California Petrol Corp.. pref. (quar.)..... 134 Jan.
50c. Dec. 2 Holders of rec. Dec. 5
Calumet Sc Arizona Mining (guar.)
Banks.
•
Jan. 1 Holders of rec. Dec. 31
3
Canada Iron Foundries, Ltd.. pref
Jan. 2 Doe. 16 to Jan. 13
America, Bank of (guar.)
3
Canadian Car Sc Foundry, prof.(guar.). 1St Jan. 1 Holders of rec. Dec. 26
Jan. 2 Holders of roe. Dec. 13
Amer.Exch,Secur. Corp. Class A (qu.)_ 2
Prof.(acct. Sc In full of scrum.diva.).. /15X Jan. 1 Holders of rec. Dec. 26
Jan. 2 Holders of rec. Dec. 180
4
Chase National (quar.)
Jan. 2 Holders of rec. Dec. 15
2
Jan. 2 Holders of rec. Dec. 180 Canadian Conn. Mills. pref.(guar.).Chase Securities Corporation (guar.)
51
Canadian Consol.Rubber, pref.(guar.)_ 134 Dec. 31 Holders of rec. Dec. 15
4
Jan. 2 Dee. 14 to Jan. 1
Chatham Sc Phenix Nat. Bank (guar.)
Jan. 2 Holders of rec. Dec. 100 Canadian General Elec., Ltd.. prof.(qu.) 134 Jan. 1 Holders of rec. Dec. 13
3
Coal & Iron National(guar.)
Jan, 1 Holders of ref. Dec. 20
Canadian Locomotive,common (guar.). 1
Jan. 1 *Holders of rec. Dec. 15
Colonial (guar.)
53
134 Jan. 1 Holders of rec. Dec. 20
Preferred (guar.)
Jan. 1 *Holders of rec. Dec. 15
Extra
*3
Dec. 20 Holders of rec. Dec. 12
- 1
Jan. 2 Holders of rec. Dec. 190 Casein Co. of Amer. of Del. (extra).
Commerce. National Bank of (quar.)
4
Jan. 15 Holders of rec. Dec. 31a Certain-teed Prod., 1st Sc 2d pref.(dud - 134 Jan. 2 Holders of rec. Dec. 190
Commonwealth
5
750. Jan. 2 Holders of rec. Dec. 206
Jan. 2 Holders of rec. Dec. 310 Chandler Motor Car(guar.)
6
Fifth Avenue (guar.)
62340 Dec. 29 Holders of rec. Doe. 96
Jan. 2 Holders of rec. Dec. 310 Chesebrough Mfg., corn.(guar.)
10
First National (guar.)
134 Dec. 29 Holders of rec. Doe. 90
Preferred (guar.)
Jan. 2 Holders of rec. Dec. 310
5
First Security Co.(quar.)
6234c Jan. d2 Holders of rec. Dec. 1f3a
Jan. 2 Holders of rec. Dec. 200 Chicago Fuse Mfg.(quar.)
Lebanon National(No. 1)
3
134 Jan. 1 Holders of rec. Dec. 204
Jan. 2 Holders of rec. Dec. 190 Chicago Mill Sc Lumber. pref. (guar.)._
Manhattan Co.(Bank of the)(guar.) - $2
Chicago Nipple Mfg., Class A (guar.)... 75c. Jan. 2 Holders of rec. Dec. 15a
Jan. 2 Holders of rec. Dec. 23
3
Mutual (guar.)
331-3 Jan. 2 Holders of roe. Dec.20a
Chicago Yellow Cab (monthly)
Jan. 2 Holders of rec. Dec. 23
5
Extra
33 1-3e Feb. 2 Holders of rec. Jan. 206
Monthly
Jan. 2 Holders of rec. Dec. 160
4
National City (guar.)
33 1-3e Mar 1 Holders of rec. Feb. 20a
4
Dec. 31 Holders of rec. Dec. 20
Monthly
Puonc National (quar.)
6234C Dec. 29 Holders of rec. Dec. Bo
Jan. 2 Holders of rec. Dec. 28a Chill Copper(guar.)
4
Seaboard National (guar.)
Cities Service Co.
Jan. 2 Holders of rec. Dec. 24
2
Standard (guar.)
Common (mthly. pay.In cash scrip).- 04 Jan. 1 Holders of rec. Deo. 15
134 Jan. 2 Holders of rec. Dec. 24
Extra
Coin.(mthly. Pay, In coin. stk. serifs) 51 34 Jan. 1 Holders of rec. Dec. 15
34 Jan. 2 Holders of rec. Dec. 24
Standard National Corp.,corn.(guar.)
34 Jan. 1 Holders of rec. Dec. 16
Preferred and preferred B (mthly.)
134 Jan. 2 Holders of reo. Dec. 24
Preferred (quar.)
134 Mar. 1 Holders of rec. Feb. 15a
Jan. 2 Holders of rec. Dec. 200 Cleveland Stone (guar.)
4
State (guar.)
134 June 1 Holders of roe. May 156
200
Quarterly
2% Jan. 2 Holders of rec. Dec.
United States, Bank of (guar.)
1% Sept. 1 Holders of rec. Aug. 15a
Quarterly
734 Dec. 31 Holders of roe. Dee. 20
Yorkville (guar.)
Cluett, Peabody Sc Co.. pref.(gum.)
134 Jan. i Holders of rec. Dec. 224
30
Dec. 31 Holders of rec. Dec. 20
Extra
51 .75 Dec. 30 Holders of rec. Dec. 15a
Coca-Cola Co., com. (guar.)
Trust Companies.
314 Dec. 30 Holders of rec. Dec. 156
Preferred
134 Dec. 31 Holders of rec. Doe. 200
American (guar.)
Jan. 2 Holders of rec. Dec. 190 Colt's Patent Fire Arms Mfg.(guar.)--- 500. Des. 31 Holders of rec. Dec. 13a
5
Bank of N.Y.& Trust Co (guar.)
3734c Dec. 31 *Holders of rec. Dec. 31
Jan. 2 Holders of rec. Dec. 190 Commercial Credit Co., com.(guar.)... •
1
Extra
Preferred (guar.)
*134 Dec. 31 *Holders of rec. Dec. 31
5
Jan: 2 Holders of rec. Dec. 150
Bankers (guar.)
Dec. 81 *Holders of rec. Dec. 31
Preferred class B (guar.)
*2
Dec. 31 Holders of rec. Dec. 22
3
Equitable Trust (guar.)
Commercial Invest.Trust., 1st pf.(qu.). 134 Jan. 1 Holders of rec. Dec. I5a
.
3
Dec. 31 Holders of rec. Dec. 19
Guaranty (guar.)
Jan. 1 Holders of rec. Dec. 20
Jan. 2 Holders of rec. Dec. 226 Commercial Solvents Corp.. el. A (qu.). $1
2
Lawyers Title & Trust (guar.)
First preferred (guar.)
Jan. 1 Holders of rec. Dec. 20
2
1
Jan. 2 Holders of rec. Dec. 226
Extra
500. Jan. 2 Holders of rec. Dec. 206
Jan. 2 Holders of rec. Dec. 200 Connor (John T.) Co., common
4
Manufacturers(guar.)
Preferred
334 Jan. 2 Holders of rec. Dec. 206
3
Deo. 31 Dec. 25 to Jan. 1
Mldwood
Jan, 2 Dec. 19 to Jan. 1
1234 Jan. 2 Holders of rec. Dec. 20a Continental Baking Corp.,c1A com(qu.) $2
United States (guar.)
Jan. 2 Dec. 19 to Jan. 1
2
Preferred (guar.)
1)( Jan. 2 Holders of rec. Dec. 200
Continental Can, pref.(guar.)
Fire Insurance.
Dec. 31 Dec. in to Dee. 31
Rossia (guar.)
$1.50 Jan. 2 Holders of rec. Dec. 150 Craddock-Terry Co., common (Wan)-. 3
Dec. 31 Dec. 16 to Dee. 31
First and second preferred
3
331 Dec. RI Dec. 16 to Dec. 31
Class C preferred
Miscellaneous.
Adams Express (guar.)
Dec. 31 Dec. 17 to Jan. 1
$1.50 Dec. 31 Holders of rec. Dec. 150 Cramp(Wm.)Sc Sons S.Sc E.Bldg.(gU.) 1
Jan. 15 Holders of rec. Jan. 2
1
Advance-Rumely Co., pref. (qu.)
75e. Jan, 1 Holders of rec. Dec. 15a Crane Co., common (extra)
Aeolian Company, preferred
Jan. 10 Holders of rec. Dee. 316
lt( Dec. 31 Holders of rec. Dec. 200 Cresson Cons. Gold M.Sc M.
(guar.).Jan. 15 Holders of reo. Dec. 316
Aeolian. Weber Plano & Planola, pref.
Crex Carpet
(guar.)._.
(interim)
Dec. 31 Holders of rec. Doe. 15a
2
Dec. 20 Holders of rec. Dec. 156 Crucible Steel Co.,Prof.(guar.)
Air Reduction Co.(guar.)
Jan. 2 Holders of rec. Dec. 6s
Jan. 15 Holders of rec. Dec. 316 Cuban-Amer. Sugar, com. (guar.)
$1
Jan. 2 Holders of roe. Dec. 6a
Allied Chemical Sc Dye Corp., pref.(qu.) 1% Jan. 2 Holders of rec. Dec. 156
Preferred (guar.)
Allis-Chalmers Mfg., pref. (guar.)
Dec. 29 Holders of rec. Dec. 15a
154 Jan. 15 Holders of rec. Dec. 246 Cuyamel Fruit (guar.)
American Art Works. own. & pref.(qu.) 134 Jan, 15
Dec. 20 Holders of rec. Dec. 6o
Davis Mills(guar.)
American Bank Note, cons.(extra)
Jan. 1 Dec. 26 to Dec. 31
$7.50 Dec. 31 Holders of rec. Dec. 156 Detroit Brass Sc Malleable Wks.(mthly.)
Preferred (guar.)
Jan. 2 Holders of MC. Dec. 15a
750. Jan. 2 Holders of rec. Dec. 156 Detroit Sc Cleveland Navigation (quar.)American Beet Sugar,common (guar.)._
1
Jan. 2 Holders of rec. Dec. 20
Jan. 31 Holders of rec. Jan. 10a Devoe Sc Raynolds, Inc., com.(guar.)....
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 13a
Jan, 2 Holders of rec. Dec. 20
Common (extra)
Amer.Brake Shoe & Fdy.,corn.(guar.). 31.25 Dec. 31 Holders of rec. Dec. 190
Dec. 21 to Jan. 1
First and second preferred (guar.)....
Jan.
Preferred (guar.)
Dec. 3
134 Dec. 31 Holders of rec. Dec. 190 Dold (Jacob) Packing, pref.(guar.)
American Can, pref.(guar.)
Jan, 20 Holders of rec. Dec. Si
134 Jan. 2 Holders of rec. Dec. 176 Dome Mines, Limited (guar.)
American Car az Foundry, com.(guar.)_ 3
Jan. 2 Holders of rec. Dec. 18
Jan. 1 Holders of rec. Dec. 15a Dominion Canners, Ltd., pref.(guar.).Preferred (guar.)
Jan. 2 Holders of rec. Dec. 15
1% Jan. 1 Holders of rec. Dec. 15a Dominion Glass,com,and pref.(guar.).
American Chain, Class A (guar)
Jan. 1 Holders of roe. Dec. 11
Dominion Stores, preferred A
50o. Dec. 81 Dec. 21 to Jan. 1
American Cigar, preferred (guar.)
Jan. 2 Holders of rec. Dec. 15
I% Jan. 2 Holders of rec. Dec. 15a Dominion Textile, Ltd., com.(guar.)
American Cyanamid, common (guar.)._ 1
Jan. 15 Holders of rec. Dec. 31
Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
Common (extra)
Dec. 31 Holders of rec. Dec. la
34 Jan. 2 Holders of rec. Dec. 15
Douglas-Pectin Corp.(guar.)
Preferred (guar.)
Jan. 1 Holders of rec. Dec. 15
Douglas(W. L.) Shoe, preferred
I% Jan. 2 Holders of rec. Dee. 15
American Express (guar.)
$1.50 Jan. 2 Holders of rec. Dec. 116 Draper Corporation (guar.)
Jan. 1 Holders of rec. Dec. 6
Amer.La France Fire Eng.,com.
(guar) 250. Feb. 16 Holders of rec. Feb. 2a du Pont(E. I.) de Nemours Sc Co
Preferred (guar.)
134 Jan.
Holders of rec. Dee. 226
134 Jan. 26 Holders of rec. Jan. 10a
Debenture stock (guar.)
American Locomotive, common (guar.). 51.50 Deo, 3 Holders of rec. Dec. 126 du Pont(El.) de Nem.Powd.,com.(qu) 134 Feb. 2 Holders of -rec. Jan. 194
Preferred (guar.)
134 Feb. 2 Holders of rec. Jan. 194
Preferred (guar.)
1% Dec. 3 Holders of reo. Dec. 120
American Milling,common
5
Jan. 24 Dec. 16 to Jan. 1
Dec. 22 Holders of rec. Dec. 166 Eastern Rolling MM.common
Si
American Multigraph, pref. (guar.)._ 1% Jan.
Holders of rec. Dec. 15
Jan, 24 Dec. 16 to Jan. 1
2
Preferred (guar.)
American Plano, common (guar.)
2
Holders of rec. Dec. 15
Jan.
Eastern Steamship, first pref (guar.).- 1% Jan. 2 Holders of rec. Dec. 27a
Preferred (guar.)
I% Jan. 2 Holders of rec. Dec. 15a
8734 Jan. 15 *Holders of rec. Jan. So
Preferred (no par value)
Amer.Pneumatic Service, 2d pref
75c. Doe. 31 Holders of reo. Dec. 176 Eastman Kodak, cons.(guar.)
51.2 Jan. 2 Holders Of ma. Nov.296
American Radiator, common (quar.)51
Dec. 31 Holders of rec. Dec. 15a
750. Jan. 2 Holders of rec. Nov.29a
Common (extra)
Common (in common stock)
/50 Dec. 31 Holders of roe. Dec. 15a • Preferred (guar.)
134 Jan. 2 Holders of rec. Nov.29a
American Railway Express (guar.)
31.50 Dec. 31 Holders of rec. Dec. 15a Edmunds Sc Jones Corp., corn.(guar.).- *50c. Jan. 1 *Holders of rec. Dee. 20
2
American Shipbuilding, corn. (quar.)__
Feb2'25 Holders of rec. Jan. 15'25
*50e. Jan. 1 *Holders of rec. Dec. 20
Common (extra)
al% Jan, I *Holders of rec. Dec. 20
2
Common(guar.)
W11'25 Holders of rec. Apr.15'25
Preferred (guar.)
2
Common(guar.)
Aug.I 25 Holders of rec. July 15'25 Eisenlohr (Otto) Sc Bros., pref.(guar.).- 1% Jan.
Holders of roe. Dec. 206
American Snuff, common (guar.)
3
Jan. 2 Holders of rec. Dec. 120 Electric Auto-Lite. common (guar.).Holders of rec. Dec. 15a
$1.50 Jan,
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 126 Electric Storage Battery,com.Sc pf.(q1.1.) $1
Jan, 2 Holders of rec. Dec. 19a
American Steel Foundries, com.(guar.). 75c. Jan, 15 Holders of rec. Jan. 2a
$I
Common and preferred (extra)
Jan. 2 Holders of rec. Dec. 19a
1% Dec. 31 Holders of rec. Dec. 15a Elgin Nat. Watch (extra)
Preferred (guar.)
52.50 Dee. 20 Holders of rec. Dec. 8a
25e. Jan. 1 Dec. 21 to Jan. la
American Stores,common (guar.)
Extra
$2.50 Jan. 20 Holders of rec. Jan. d3a
Amer. Sugar Refining, pref. (guar.)..._ 1% Jan. 2 Holders of rec. Dec. la Elliott-Fisher Co..com.Sc B corn.(qu.)_ Si
Jan. 2 Dec. 16 to Jan. 15
134 Jan. 2 Holders of roe. Dec. 100
Amer.Tobacco, pref.(guar.)
Common and Series B common (extra) $1.50 Jan. 2 Doe. 16 to Jan. 15
Preferred (guar.)
Amer.Type Founders,coin.& pref.(gu.) 134 Jan. 15 Holders of rec. Jan. 106
134 Jan. 2 Dec. 16 to Jan. 15
American Wholesale Corp.. pref.(guar.) 1% Jan. I Holders of rec. Dec. 200 Emerson Electric, pref. (guar.)
1% Jan. 1 Holders of rec. Deo. 20
I% Jan. 2 Holders of rec. Dec. 19a Empire Safe Deposit(guar.)
Amer.Window Glass Mach..coin.(1111.)
1% Dec. 30 Holders of roe.
1
Jan, 2 Holders of rec. Dec. 19a Endicott-Johnson Corp., com. (gust.).... $1.25 Jan. 2 Holders of rec. Dec. 23a
Common (extra)
Dec. 13a
13( Jan. 2 Holders of rec. Dec. 196
Preferred (guar.)
1% Jan. 2 Holders of rec. Dec.
Preferred (guar.)
131 Jan. 15 Dec. 16
to Dec. 25
American Woolen. preferred (guar.)Fairbanks. Morse Sc Co., corn. (guar.).... 65o. Dec. 31 Holders of roe. Dec. 13a
15a
-Lasky Corp..com.(qu.) E2
Famous Players
Armour & Co.of Illinois, pref. (guar.)_.. I% Jan. 1 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 160
Preferred (guar.)
2
Armour & Co.of Delaware, pref.(guar.) 1% Jan. 1 Holders of rec. Dec. 15a
Feb. 2 Holders of rec. Jan. 15a
1% Jan 2 Dec. 18 to Jan. 2
Federal Motor Truck (guar.)
30e. Jan. 2 Holders of rec. Dec. 20a
Armstrong Cork,common (guar.)
1% Jan. 2 Dec. 18 to Jan. 2
Fisher Body Ohio Corp., pref.(quar.)..
2
Preferred (guar.)
Jan. 1 Holders of rec.
3734c Jan. 26 Holders of roe. Dec. 31a Francisco Sugar (guar.)
Associated Oil (guar.)
$1.50 Jan. 2 Holders of rec. Dec. 196
1% Deo, 31 Holders of roe. Dec. 20
Quarterly
Atlantic Steel. common
$1.60 Apr. 1 Holders of rec. Dec. 23a
Mar.
Atlas Portland Cement,com.(in stock). 012% Dec. 20 Holders of roe. Dec. 15
Quarterly
$1.50 July 1 Holders of rec. June 21a
20a
Quarterly
Baker(B.J.) & Co., Ino..01. A.com.(qu.) 50c. Jan. 1 Dec. 16 to Dec. 31
$1.50 Oct. 1 Holders of rec. Sept.216
Public Utilities (Concluded).
Peoples Gas Light dz Coke (guar.)
Portland Elec. Pow.,6% 151 pref. (qu.)
Prior preference (guar.)
Public Service Corp. of N.J., corn.(qu.)
Eight per cent preferred (guar.)
Seven per cent preferred (guar.)
Reading Traction
Ridge Ave. Pass. By., Phila. (guar.)
Savannah Elec.& Pow..deb. 1st pf.(qu.)
Second & 3d Sta. Pass.By..Phila.(qu.)
Springfield Hallway & Light. pref. (qu.)
Standard Gas & Electric, corn.(guar.)
Seven per cent prior preferred (quar.)_
Tennessee Elec. Power. 7% 1st pt. (qu.)
Six per cent first preferred (guar.) Toledo-Edison Co., pref.(guar.)
Twin City Rap.Tran., Minneap.,corn_
Preferred (guar.)
Union Passenger By.. Philadelphia
Union Traction. Philadelphia
United Gas & Elec. Corp.. Pref.(guar.)United Gas Improvement,common(qu.)
Prof.(guar.)
United Light & Power, com. A & B (qu.)
Preferred class A (guar.)
Preferred class B (guar.)
Utah Gas & Coke. pf.& part. Pt.(guar.)
.
Utah Power as Light, preferred (quar.)_ _
West Penn Co., cons.(guar.)
West Philadelphia Passenger By
Western States Gas& Elec., pref.(qu.)_ _
Western Union Telegraph (guar.)
Winnipeg Electric By.. Pref.(guar.)_ _
Yadkin River Power, preferred (guar.)
Jan. 17
2
134 Jan. 2
1% Jan. 2
31,25 Dec. 31
2
Dec. 31
1% Dec. 31
75e. Jan. 1
$3 Jan. 2
Jan. 2
32
Jan. 1
$3
134 Jan. 2
750. Jan. 26
1% Jan. 26
1% Jan. 2
1% Jan. 2
Jan. 2
2
Dec. 31
2
134 Dec. 31
34.75 Jan. 1
$1.50 Jan. 1
134 Jan. 1
S1
Jan. 15
87340 Mar.14
400. Feb. 2
$1 62 Jan. 2
$1 Jan. 2
$1.75 Jan. 2
1% Jan. 2
Dec. 3
$1
Jan.
$5
1% Jan. 1
134 Jan. 1
I% Jan.
IN Jan.
Holders of rec. Jan. 3a
Holders ox rec. Dec. 18
Holders of rec. Dec. 18
Holders of rec. Dec. 12a
Holders of rec. Dec. 120
Holders of rec. Dec. 120
Dec. 11 to Dec. 31
Dec. 16 to Jan. 1
Holders of rec. Dec. 136
Dec. 2 to Jan. 1
Holders of rec. Dec. 150
Holders of rec. Dec. 31a
Holders of rec. Dec. 31
Holders of rec. Dec. 12
Holders of rec. Dec. 12
Holders of rec. Dec. 15
Holders of rec. Dec. 160
Holders of rec. Dec. 16a
Holders of rec. Dee. 150
Holders of rec. Dec. 90
Holders of rec. Dec. 16
Holders of rec. Dec. 31a
Holders of rec. Feb. 28a
Holders of rec. Jan. 15a
Holders of rec. Dec. 15a
Holders of rec. Dec. 15a
Holders of rec. Dec. 15a
Holders of rec. Dec. 10
Holders of rec. Dec. I5a
Holders of rec. Dec. 15a
Holders of rec. Dec. 31
Holders of rec. Dec. 24a
Holders of rec. Dec. 15
Holders of rec. Dec. 17
2854
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
[Vol. Ilt
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
Fleishmann Co., common (guar.)
75c. Jan. 4 Dec. 16 to Dec. 31
McCall Corporation, Preferred (guar.)__ •1% Jan. 2 *Holders of ref. Dec. lb
Common (extra)
50c. Jan. 1 Dec. 16 to Dec. 31
Preferred (account accum. dividends). *NM Jan. 2 *Holders of rec. Dee. 16
Frontenac Breweries, Ltd., pref.(guar.) 134 Jan. 2 Holders of rec. Dec. 15
McCord Radiator Mfg., class A (qu.)
*75c. Jan. 2 *Holders of rec. Dee. 20
Galena-Signal 011, common (guar.)
$I
Dec. 31 Holders of rec. Dec. 150 McCroryStores Corporation, pref.(qu.) 154 Feb. 1 Holders of rec. Jan. 20e
Preferred and new preferred (guar.).- 52
Dec. 31 Holders of rec. Dec. 15a
Preferred (guar.)
134 May 1 Holders of rec. Apr. 20a
Garfield Safe Deposit (quar.)
4
Dec. 27 Dec. 11 to Dec. 28
Preferred (guar.)
134 Aug. 1 Holders of rec. July 20a
Extra
2
Dec. 27 Dec. 11 to Dec. 28
Preferred (guar.)
154 Nov. 1 Holders of roe. Oct. 20a
General American Tank Car, corn. (qu.) 81.60 Jan. 1 Holders of rec. Dec. 150 Merchants & Min. Transport.
Dec. 31 Holders of ref. Dec. 15a
(guar./- 2
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 15a Mergenthaler Linotype (quar.)
234 Dec. 31 Holders of rec. Dec. 3a
General Baking, common (guar.)
$1.50 Jan. 2 Holders of rec. Dec. 20a Merrimac Chemical (guar.)
31.25 Dec. 31 Holders of rec. Dee. 13
Preferred (guar.)
$2
Jan. 2 Holders of rec. Dec. 206 Metropol. Paving Brick Co., pref.
(guar.) *1% Jan. 1 *Holders of rec. Dec. 15
General Cigar, debenture pref.(guar.)._
134 Jan2'25 Holders of rec. Dec. 236 Mexican Petroleum, common (guar.)._ _ 53
Jan. 20 Holders of ref. Dec. 30a
General Electric, common (quar.)
Jan. 15 Holders of rec. Dec. 30
2
Preferred (guar.)
52
Jan. 20 Holders of rec. Dec. 30a
Special stock (quar.)
15e. Jan. 15 Holders of rec. Dec. 30 Midland Steel Products, corn.(quar.)--- 31
Jan. I Holders of rec. Dec. 16
General Fireproofing, pref. (guar)
134 an2'25 Holders of rec. Dec. 20
Preferred (guar.)
Jan. 1 Holders of reo. Dec. 160
2
General Motors, 7% pref.(guar.)
134 Feb. 2 Holders of rec. Jan. 5a Mill Factors Corporation (guar.)
134 Jan. 2 Holders of rec. Dec. 20
Six per cent debenture stock (guar.).- 134 Feb. 2 Holders of rec. Jan. 6a Montgomery Ward & Co., pref.(guar.). 1% Jan. 1 Holders of rec. Def. 200
Six per cent pref. (guar.)
Feb. 2 Holders of rec. Jan. 6a
Class A stock (quar.)
134
1.75 Jan. 1 Holders of rec. Dce. 20a
General Railway Signal, common (guar.) 1
Jan. 1 Holders of rec. Dec. 20
Mother Lode Coalition Mines
3734e. Dec. 31 Holders of rec. Dec. 12a
Common (extra)
1
Jan. 1 Holders of rec. Dec. 20
Motor Wheel Corp., common (guar.).
20o. Dec. 20 Holders of ref Dee, 106
Jan. 1 Holders of rec. Dec. 20
Preferred (guar.)
134
Common (extra)
20e. Dec. 20 Holders of rec. Dec. 100
Gimbel Brothers, preferred (guar)
134 Feb. 1 Holders of rec. Jan. 15a Mountain Producers (guar.)
20c. Jan. 2 Holders of rec. Dec. 150
Glen Alden Coal
53.50 Dec. 20 Holders of rec. Nov.29
Extra
25c. Jan. 2 Holders of rec. Dec. 15a
Glidden Company, prior pref.(Win)
- 134 Jan. 2 Holders of ref. Dec. 160 Murray Mfg. Co., common (guar.)
2
Jan. 2 Dec. 21 to Jan. 1
Goodrich (B. F.) Co., pref.(guar.)
Common (payable in common stock)_ f2
134 Jan. 2 Holders of rec. Dec. 20a
Jan. 2 Dec. 21 to Jan. 1
Goodwin's, Ltd., pref. (quar.)
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 20
2
Jan. 2 Dec. 21 to Jan. 1
Jan. 1 Holders of rect. Dec. 20a Nashua Gummed & Coated Pap.,pf.(qu.) 134 Jan. 2 Holders of ref. Dec. 12
Goodyear Tire dr Rubber, prior pref.
(qu.) 2
Goodyear Tire & Rub.of Can.,p1.(qu.)
134 Jan. 2 Holders of rec. Dec. 17
National Biscuit, corn. (guar.)
75c. Jan. 15 Holders of rec. Dec. 31c/
Prior preferred (guar.)
National Breweries, common (quar.)___ $1
134 Jan. 2 Holders of ref. Dee. 17
Jan. 2 Holders of rec. Dec. 15
Gossard(H. W.) Co.,common (mthly.)_ *250. Jan. 2 Holders of rec. Dec. 20
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 15
Common (monthly)
*250 Feb. 2 Holders of rec. Jan. 20
National Dairy Products Corp. (guar.). 75e. Jan. 2 Holders of rec. Dec. 200
Common (monthly)
*25c. Mar. 2 Holders of rec. Feb. 20
Nat. Enamel. & StPg.. pref. (guar.) - 154 Dec. 31 Holders of rec. Dec. lba
.
Goulds Manufacturing,common (guar.)_
134 Jan. 2 Holders of rec. Dec. 20
National Fireproofing, preferred
2
Jan. 15 Holders of rec. Jan. 2
2
Jan. 2 Holders of rec. Dec. 20
Common (bonus)
Preferred
134 Apr. 15 Holders of rec. Apr. 1
134 Jan, 2 Holders of rec. Dec. 20
Preferred (guar.)
National Lead, common (guar.)
2
Dec. 31 Holders of rec. Dec. 12
Dec. 31 Holders of rec. Dec. 15a National Licorice,common
2
Graeselli Chemical, common (quar.).
234 Jan. 8 Holders of rec. Dec. 24
lye Dec. 31 Holders of rec. Dec. 15a
Preferred (guar.)
Preferred (guar.)
134 Dec. 31 Holders of rec. Dec. 24
Great Lakes Towing, common (quar.)_ _
13( Dec. 31 Holders of rec. Dec. 15
National Sugar Refining (quar.)
1% Jan. 2 Holders of rec. Dec. 8
Preferred (guar.)
134 Dec. 31 Holders of rec. Dec. 16
National Supply of Delaware, pref.(qu.) 1% Dec. 31 Holders of ref. Dec. 200
Dec. 24 Holders of rec. Dec. la National Surety (guar.)
Great Northern Iron Properties
52
234 Jan. 2 Holders of rec. Dec. 170
Great Western Sugar, common (quar.)__ 52
Jan. 1 Holders of rec. Dec. 15a National 'Yea, common (guar.)
52
Jan. 2 Holders of rec. 1)ec. 15a
Preferred (quar.)
New England Equity Corp., pref.(guar.) 2
134 Jan. 1 Holders of rec. Dec. 15
Jan. 1 Holders of rec. Dec. 15
Greenfield Tap dr Die.6% pref (quar.)_
New England Fuel 011 (guar.)
134 Jan. 2 Holders of rec. Dec. 13
d25c. Jan. 2 Holders of rec. Dec. 17
8% preferred (guar.)
2
Jan. 2 Holders of rec. Dec. 13
New York Air Brake class A stock (qu.). Si
Jan2'25 Holders of rec. Dec. 30
Grennan Bakeries, Inc., common (guar.) 25e. Jan. 1 Holders of rec. Dec. 15
New York Canners, Inc.
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 15
Common (payable in common stock). /3
Feb. 2 Holders of rec. Jan. 16a
2
Jan. 2 Holders of rec. Dec. 15a
Guantanamo Sugar. pref. (guar.)
First preferred
334 Feed '21 Hold,of rec. Jan. 22'25a
Gulf 011 Co.(guar.)
Second preferred.
3734c. Jan. 1 Dec. 21 to Dec. 24g
Feb 121 Hold of ree Jan. 22'25a
Gulf States Steel, corn. (guar.)
13.( Jan. 2 Holders of rec. Dec. 150 N. Y.& Honduras Rosario Min.(extra). 5
Dec. 24 Holders of rec. Dec. 13
First preferred (quar.)
1a Jan2'26 Holders of rec. Dec. 15a New York Mortgage Co., corn. (guar.). 50c. Jan. 15 Holders of rec. Nov.29
114 Jan2'25 Holders of rec. Dec. 15a
Second preferred (guar.)
1% Jan. 15 Holders of rec. Nov.29
Preferred (guar.)
Hammermill Paper, preferred (quar.)_
*134 Jan. 2 *Holders of rec. Dec. 20
N.Y. State Realty & Term.(annual).- 6
Jan. 2 Holders of rec. Dec. 260
Hanes(P. H.) Knitting. pref.(quar.)___
134 Jan. 1 Holders of rec. Dec. 20 • New York Steam Corp., pref.(quar.).
134 Jan. 2 Holders of rec. Dec. 150
pref. (guar.)
- 134 Dec. 20 Holders of ref. Dec. 50 New York Transit (guar.)
Hanna (M. A.) Co., 1st
50o. Jan. 15 Holders of rec. Dec. 19a
Harbison-Walk. Refract., pref.(guar.). 134 Jan. 20 Holders of ref. Jan. 10a Nichols Copper, preferred (guar.)
1% Jan. 2 Holders of rec. Def. 20
Harmony Creamery. preferred (qua?.)_
134 Dec. 24 Holders of rec. Dec. 15
North American Co.,corn.(in corn. stk.) (z) Jan. 2 Holders of rec. Dec. 50
750. Jan. 1 Holders of rec. Dec. 20
Harris Automatic Press (guar.)
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 5ci
Dec. 31 *Holders of rec. Dec. 24
Hawaiian Pineapple (extra)
*51
Northern Pipe Line
Jan. 1 Holders of rec. Dec. 8
Jan. 2 Holders of rec. Dec. 150 Nunnally Co
Helme (George W.) Co., corn. (quar.)-- 3
50c. lee. 31 Holders of rec. Dec. 15a
Jan. 2 Holders of rec. Dec. 15a Ohio Oil (guar.)
15
Common (extra)
25c. Dec. 31 Nov.30 to Doc. 21
134 Jan. 2 Holders of rec. Dec. 15a Olympia Theatres, Inc., corn.(quar.)___ 50c. Jan. 15 Holders of rec. Jan. 2
Preferred (guar.)
Hercules Powder, common (guar.)
134 Dec. 24 Dec. 16 to Dec. 23
Preferred (guar.)
1% Jan. 15 Holders of rec. Jan. 2
2
Dec. 24 Dec. 16 to Dec. 23
Common (extra)
Omnibus Corp., pref. (guar.)
2
Jan. 2 Holders of rec. Dee. 200
Hibbard, Spencer, Bartlett Co.(mthly.) 35e, Dec. 26 Holders of rec. Dec. 19
Orpheum Circuit, common (monthly)_ _ 12Me Jan. 1 Holders of rec. Dec. 200
lOo. Dec. 26 Holders of rec. Dec. 19
Extra
Jan. 1 Holders of rec. Dec. 150
Preferred (guar.)
2
2
Dec. 21 Nov.22 to Deo. 1
Higbee Company, 2d pref. (guar.)
Otis Elevator, common (guar.)
Jan. 15 Holders of rec. Dec. 310
51
/Interest Collieries, common (guar.).-- 134 Jan. 15 Holders of rec. 1)ec. 31
Common (extra)
51.50 )ee. 29 Holders of rec. Dec. 12a
134 Jan. 15 Holders of rec. Dec. 31
Preferred (guar.)
Preferred
134 Jan. 15 Holders of rec. Dec. 310
1
Dec. 31 Holders of rec. Dec. 11
Hollinger Consold. Gold Mines
Overman Cushion Tire,Inc.,com.
(guar) 134 Jan. 20 Holders of roe. Dee. 31a
25o. Dec. 31 Holders of rec. Dec. 15
Holly 011
Preferred
314 Jan. 10 Holders of rec. Dec. 311
50c. Dec. 26 Holders of rec. Dec. 20a
Homestake Mining (monthly)
Second preferred
334 Jan. 10 Holders of roe. Dec. 31a
Products (extra)
Household
50c. Jan. 2 Holders of rec. Dec. 17a
"X" preferred (guar.)
134 Jan. 20 Holders of roe. Dec. 31a
75e. Jan. 2 Holders of rec. Dec. 15a Owens Bottle, common (guar.)
Hudson Motor Car (guar.)
75c. Jan. I Slobbers of rec. Dec. 160
30c. Jan. 1 Dec. 18 to Dec. 31
Humble Oil & Refining (guar.)
1% Jan. 1 Holders of rec. Dec. 160
Preferred (guar.)
Hydraulic Press Brick. pref.(guar.).--- 134 Jan. 2 Holders of rec. Dec. 20
Pacific Oil
SI
Jan. 20 Holders of rec. Dec. 15a
2
Jan. 1 Holders of rec. Dec. 15a Packard Motor Car,common (quar.)_
Ide(Geo.P.) & Co.,Inc., pref.(quar.)__
30e. Jan. 31 IIolders of rec. Jan. 15a
Dec. 31 Nov. 30
Illinois Pipe Line
6
to Dec. 25
1% Dec. 15 Holders of rec. Nov.29a
Preferred (guar.)
.6
Independent 1)II h Gas(guar.)
25e. Dee. 31 Holders of rec. Dec i 2. Pacolet Manufacturing,common
Dec. 20
Independent Pneumatic Tool(guar.)._ _ .1,134 Jan. 2 *Holders of rec. Dec. 20
*3M Dec. 20
Preferred
Feb. 14 Holders of rec. Jan. 20
Indiana Pipe Line (guar.)
51
Pan-American Petroleum & Transport
Jan. 1 *Holders of rec. Dec. 20
India Tire & Rubber,common (quar.)_ _ *1
Common and common B (guar.)
Si
Jan. 20 Holders of ref. Dec.d30a
•1X Jan. 1 *Holders of rec. Dec. 20
Preferred (guar.)
Patchogue-Plymouth Mills, common.... Si Dec. 15 Holders of ref. Nov. 18
Indian NIotocycle, Pref.(guar.)
134 Jan. 2 Holders of rec. Dec. 20a Pathe Exchange, Inc.*3
Jan. 2 *Holders of rec. Dec. 15
Ingersoll-Rand Co., preferred
05
(pay.in CI.A com stk
Cl. A& 13 com.
Dec. 24 Holders of rec. Dec. 15
134 Jan. 1 Holders of rec. Dec. 15a Penney (J. C.) Co., preferred (guar.)... 1% Dec. 31 Holders of rec. Dee. 20a
Inland Steel, preferred (guar.)
Jan, 10 Holders of rec. Dec. 230 Permanent Mtge. Co., preferred (extra)
International Business Machines (guar)- 52
154 Feb.1'26
(quar.)
1
Jan. 2 Holders of rec. Dec. 15
Internat. Buttonhole Machine
Pettibone-Mulliken Co., 1st & 2d pf.(qu) 1% Jan, 2 Holders of rec. Dec. 240
Dec. 31 Holders of rec. Dec. 15a Phelps, Dodge Co. (guar.)
51
51
Internat. Cement,common (guar.)
Jan. 2 Holders of ref. Dec. 20a
Dec. 31 Holders of rec. Dec. 15a Phillips Petroleum (guar.)
Common (payable in common stock). flO
60c. Jan. 2 Holders of rec. Dec. 16a
134 Dec. 31 Holders of rec. Dec. 15a Pierce-Arrow Motor Car, prior pf.(qu.). 52
Preferred (guar.)
Jan. 2 Holders of rec. Dec. 150
International Harvester, corn.
134 Jan. 15 Holders of rec. Dec. 24a Pittsburgh Plate Glass (guar.)
2
Dec. 31 Holders of ref. Dec. 15a
International Salt (guar.)
134 Jan. 2 Holders of rec. Dec. 15a Price Bros. & Co., Ltd., (guar.)
M Jan. 2 Holders of rec. Dec. 17
- $1.25 Jan. 1 Holders of rec. Dec. 15a Pro-phylactic Brush common (guar.)._ _ 50c. Jan, 15 Holders of roe. Dec. 310
International Shoe, common (guar.).
51
Jan. 1 Holders of rec. Dec. 150 Provincial Paper Mills, com. (guar.)._
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 15a
151 Jan. 2 Holders of rec. Dec. 15
International Silver, pref. (guar.)
AM Jan, 2 Holders of rec. Dec. 15a Pure Oil, 534% pref. (guar.)
Preferred (acct. accum. divs.)
51.25 Jan. 2 Holders of ref. Dec. 150
(guar.) 52
Jan. 2 Holders of rec. Dec. 15
Slx per cent preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 15a
Intertype Corporation, first pref.
53
Jan. 2 Holders of rec. Dec. 15
Eight per cent preferred (guar.)
Second preferred
Jan. 2 Holders of rec. Dec. 16a
Jan. 1 Holders of rec. Dec. 190 Quaker Oats Co., common (guar.)
3
Island Creek Coal, common (quar.)---- 52
Jan. 15 Holders of rec. Dee. 31a
Jan. 1 Holders of roe. Dec. 19a
Preferred (guar.)
51
134 Feb. 20 Holders of rec. Feb. 2a
Common (extra)
$1.50 Jan. 1 Holders of rec. Dec. 190 Radio Corp.of America. pref. (guar.)._
1% Jan. 1 Holders of ref. Dec. 1
Preferred (quar.)
I% Jan. 1 Holders of rec. Dec. 15a Railway-Steel Spring, corn.(guar.)
2
Dec. 31 Holders of reo. Dee. 17a
'ones & Laughlin Steel. pref. (quar.)__
Preferred (guar.)
Jordan Motor Car, common (quar.)---- 75c. Dec. 31 Holders of rec. Dec. 200
134 Dec. 20 Holders of rec. Dec. 60
75c. Jan. 1 Holders of rec. 1)ec. 200
134 Dec. 31 Holders of rec. Dec. 20a Real Silk Hosiery (guar.)
Preferred (guar.)
Realty Associates, 1st pref
3
134 Jan. 2 Holders of rec. Dec. 20
Jan. 15 Holders of roe. Jan. 5
Kaufmann Dept. Stores, pref. (quar.)_
Jan. 2 Holders of tee. Dec. 26a Reece Button Hole Machine Mani_
3
Jan. 2 Holders of rec. Dec. 15
- 2
Kayser (Julius) & Co., pref. (guar.).
1
Jan. 2 Holders of rec. Dec. 15
13e Jan. 2 Holders of rec. Dec. 200 Reece Folding Machine (guar.)
Kelsey Wheel, common (guar.)
Kennecott Copper Corporation (quar.)- 750. Jan. 2 Holders of rec. Dec. 5a Remington Arms, first preferred (guar.) 134 Jan. 2 Holders of roe. Dec. 201
Dec. 31 Holders of rec. Dec. 15a Remington Typewriter, let pref.(guar.) 1% Jan. 1 Dec. 21 to Jan. 1
Kresge (S. S.) Co., common (quar.)---- $2
First preferred, Series S (guar.)
151 Jan. 1 Dec. 21 to Jan. 1
134 Dec. 31 Holders of rec. Dec. 15a
Preferred (guar.)
Second preferred (guar.)
2
Jan. 1 Holders of rec. Dec. 15a
Dec. 20 Dec. 14 to Dec. 21
Kresge Department Stores, pref. (guar.) 2
A2
Second preferred (acct. accum.
Dec. 20 Dec. 14 to Dec. 21
134 Jan. 2 Holders of rec. Dec. 20
Kress (S. H.) Co., Preferred (quid% ---)
15c. Jan, 1 Holders of roc. Dec. 15a
Jan. 2 Holders of rec. Dee. 24a Reo Motor Car (quar.)
Kuppenheimer (B.) & Co.. Inc., corn___ $1
Extra
35e. Jan. 1 Holders of rec. Dec. 15a
134 Jan. 2 Holders of rec. Dec. 15
Laurentide Co., Ltd.(guar.)
Republic Iron dr Steel, pref.(quar.)__
134 Jan. 2 Holders of rec. Dec. 16a
32 Jan. 2 Holders of rec. Dec. 11
Lehigh Valley Coal Sales (guar.)
Reynolds Spring, class A dr B (quar.)--134 Jan. 1 Holders of rec. Dec. 15
Jan. 1 Holders of rec. Dec. 20
Lehigh & Wilkee-Barre.common (extra) _ *53
Reynolda(R.J.)Tob.,com.dr com.13.(gu.) 75e. Jan. 1 Holders of ref. Dee. 180
1AI/bey-Owens Sheet Glass, corn. (extra) *500. Jan. 2 Holders of ref. Dec. 21
Preferred (guar.)
31.75 Jan. 1 Holders of rec. Dee. 15a
Liggett & Myers Tobacco, pref.(quar•)- 134 Jan. 2 Holders of rec. Dec. 15a
1% Jan. 15 Holders of reo. Dec. 9a
50c. Dec. 30 Holders of rec. Dec. 13a Richmond Radiator, preferred (guar.)._
Loew's, Incorporated (guar.)
1% Apr. 15 Holden+ of ref. Mar.31a
Preferred (guar.)
134 Feb. 1 Holders of ref. Jan. 20
Loew's Boston Theatres. corn. (quar.)-Preferred (guar.)
134 July 15 Holders of rect. June 205
Lone Star Gas (guar.)
*500. Dec. 31 *Holders of rec. Dec. 18
1% Oct. 15 Holders of rec. Sept.300
Preferred (guar.)
Loose-Wiles Biscuit, first pre!. (quar.)_. 151 Jan. 1 Holders of rec. Dec. 180
154 JanlS28 Holders of res. Dee. 310
Preferred (guar.)
Second preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 19a
Dec. 31 Holders of rec. Dee. 15a
Jan. 2 Holders of rec. Dec. 15a Royal Baking Powder,corn.(quar.)._.,. 2
Lorillard (P.) Co., Common (quar.)-3
2
Common (extra)
Dec. 31 Holders of ree. Dec. 150
Preferred (guar.)
151 Jan. 2 Holders of rec. Dec. 150
Preferred (guar.)
134 Dec. 31 Holders of roe. Dec. 15a
Ludlum Steel (guar.)
50o. Jan. 2 Holders of reo. Dec. 200
*2
Dec. 23 *Holderl of rec. Dee. 11
Mack Trucks, Inc., common (guar.).
- $1.50 Dec. 31 Holders of rec. Dec. 15a Safety Car Heat & Lighting (guar.)._
150e. Dec. 20 Dec. 10 to
Dec. 21
First and second preferred (guar.)._
151 Dec. 31 Holders of rec. Dec. 15a St. Joseph Lead (guar.)
Des. 31 Holders of ree. Del. 15a
134 Feb. I Holders of ref. Jan. 17a St. L.Rocky Mt.& Pao. Co.,corn.(qu.) 1
Macy (R. H.) & Co., pref. (guar.)
134 Dec. 31 Holders of rec. Dee. 16a
Preferred (guar.)
Magnolia Petroleum (guar.)
Jan. 5 *Holders of rec. Dec. 23
*1
St. Maurice Paper( oar.)
134 Dec. 29 Holders of rec. Dec. 22
Magor Car Corp., corn.(guar.)
25e. Dec. 31 Holders of ref. Dec. 24
Salt Creek Consol 011 (guar.)
•15e. Jan. 1 *Holders of ref. Dec. 20
Preferred (guar.)
151 Dec. 31 Holders of reo. Dec. 24
first pref. (guar.)._
Mallinson(H.R.)& Co., Inc., pref.(qu.) 151 Jan. 2 Holders of rec. Dec. 22a Savage Arnie
134 Jan. 2 Holders of roe. Dec. 154
Corp.,
Second preferred (qua?.)
Malian Sugar. common (guar.)
IM Feb. 16 Holders of rec. Feb. 2a
134 Mar. 2 Holders of rec. Feb 14a
an 1'25 Holders of rec. Dec. 150
Common (guar.)
134 June 1 Holders of rec. May 154 Schulte Retail Stores. preferred (guar.). 2
Common(guar.)
Holders of rec. Aug. 15a Schwartz(Bern.) Corp.,com. A & B (qu.) 25e. Jan. 2 Deo. 11 to Dec. 14
134 Sept. 1
Preferred (guar.)
Sefton Mfg. Co.. corn.(guar.)
50a. Dec. 24 Dec.d2I to Jan. 1
134 Jan, 2 Holders of ref. Dec. 16
Preferred (guar.)
Manhattan Electrical Supply (guar.).-- $1
1% Jan. 1 Dee.d21 to Jan. 11
Jan. 2 Holders of rec. Dec. 200
Manhattan Shirt, pref. (guar.)
25o. Dec. 31 Holders Of roe. Dec. 10a
134 Jan. 2 Holders of rec. Dec. lba Shell Union 011, corn. (guar.)
Matbleson Alkali Works, pref. (quar.).... 154 Jan. 2 Holders of rec. Dec. 200 Sberwln-Williams(Canada),com.(quar.) 134 Dec. 31 Holders of rec. Dec. 16
May Department Stores, pref.(guar.).- 134 Jan. 2 Holders of ree. Dec. 154
134 Dec. 31 Holders of rec. Dec. 15
Preferred (guar.)
Name of Company.
Name of Company.
DEC. 20 1924.]
Name of Company.
THE CHRONICLE
When
Per
Cad. Payable
Books Closed.
Days Inclusive.
2855
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
Miscellaneous (Concluded).
Shredded Wheat (quar.)
2
Dec. 31 Holders of rec. Dec. 20
The following shows the condition of the New York City
Extra
1
Dec. 31 Holders of rec. Dec. 20
Simmons Company, common (guar.)... 50e. Jan. 2 Holders of rec. Dec. 15a Clearing House members for the week
ending Dec. 13. The
Common (payable in common stock)_ /8
Jan. 2 Holders of rec. Dec. 15a
Simms Petroleum (quar.)
50e. Jan. 2 Holders of rec. Dec. 15a figures for the separate banks are the averages of the daily
n5 Dec. 31 *Holden of rec. Dec. 10
(
1
Singer Manufacturing (quar.)
results. In the case of the grand totals, we also show the
Extra
*2
Dec. 31 *Holders of rec. Dec. 10
Sloss-Sheffield Steel & Iron,corn.(qtr.)._ 134 Dec. 20 Holders of rec. Dec. 9a actual
figures of condition at the end of the week.
134 Jan. 2 Holders of rec. Dec. 20a
Preferred (quar.)
Soden (G. A.) Co.. corn.(guar.)
Jan. 1 *Holders of rec. Dec.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
•1, Jan. 1 *Holders of reo. Dec. 17
.‘
First preferred (guar.)
17
(Bated Si thousands of dollars-that is. three ciphers 10001 omitted.)
Preferred (quar.)
*2
Jan. 1 *Holders of reo. Dec. 17
Second preferred (extra)
Jan. 1 *Holders of rec. Dec. 17
Solar Refining
5
Dee. 20 Nov.30 to Dec. 10
New
Extra
5
Dec. 20 Nov.30 to Dec. 10
ita Profits Loans,
Reserve
South Porto Rico Sugar.corn.(guar.)... 134 Dec. 31 Holders of rec. Dec. 10a Week Ending
DittOtint, Cash
wish
Net
Time Bank
Preferred (quay.)
2
Dec. 31 Holders of rec. Dec. 100
Dec. 13 1924 Nat'l, Oct. I Invest
Legal Demand
in
De- CirceSouth West Penn. Pipe Lines (guar.).- $1
Dec. 31 Holders of rec. Dec. 15
State, Nov. 1 MOW, Vault. Depose- Deposits. POW.. inSparks-Withington Co. (quar.)
50o. Jan. 2 Holders of reo. Dec. 15
(000 omitted.) Tr.Cos.Nov.1
tortes.
(toe.
Extra
50e. Jan. 2 Holders of rec. Dec. 15
Spartan Mills
4
4Dee.31 Holders of rec. Dec. 20a Members of Fed. Res. Sank. Average Average Average Average Average As'.
Spicer Manufacturing, pref.(guar.)._ 2
Jan. 2 Holders of reo. Dec. 200 Bank of N Y &
$
Standard Coupler. preferred
*
8
Jan. 2 'Dec. 25 to Jan. 13
Trust Co__ __ 4,000 12,462 77,635
794 7,790
10,991
58.1
Standard Oil(Kentucky)(guar.)
Dec. 31 Dec. 16 to Jan. 1
$1
Bk of Manhar 10,000 13.874 152,956 2,955 17,217
126,074 24,201
Standard Oil(Nebraska)
5
Dec. 20 Nov.20 to Dec. 20
Meeh & Met B 10,000 16,020 185.930 3,646 23,705 179,129 10,122 548.
Standard Oil (Ohio), corn.(quar.)
234 Jan. 1 Holders of rec. Nov.28
Bank of Amer'
6.500 5,412 88,604 1,704 12,629
94,517 4,785
Standard Plate Glass, 7% pref.(quay.) •1,4 Jan. 1 *Holders of rec. Dec. 22
Nat City Bank_ 40,000 54,335 656,467 4,737 76,765 *688,634 100,453 956
•19,4 Jan. 1 *Holders of rec. Dec. 22
Prior preferred (quar.)
Chem Nat
4,500 16,857 137,084 1,314 17,527 130,571 3,861
Sterling Coal (quar.)
1
Jan. 2 Holders of rec. Dec. 20
Nat Butch & Dr 1,000
6,839
262
87
761
5,727
231 476
Stern Brothers. common (quay.)
1
Jan. 2 Holders of rec. Dec. 15a Amer Exch Na
958 13,053
5.000 8,074 112,501
98,953 9,107 4.966
Stromberg Carburetor (quar.)
$1.50 Jan. 2 Holders of rec. Dec. 150 Nat Bk of Corn.. 25,000 39,854 353,215 1,269 3,536 331,129 17,480
Swift & Co. (quar.)
2
Jan. 1 Dec. 11 to Jan. 8
Pacific Bank_ __ 1,000 1,708 32,381 1,132 4.388
30,241 3,064
Texas Company (quar.)
750. Dec. 31 Holders of reo. Dec. 50 Chat&PhenNa 10,500 9,357
4,865 19,110
134,350 35,525 6:66i
Thompson (J. R.) Co., oom.(monthly). 250. Jan. 2 *Holders of roe. Dec. 23a Hanover Nat Bk 5,000 23,096 171,769
126,183
596 14,842
112,004
294
Common (monthly)
250. Feb. 2 Holders of res. Jan. 23a Corn Each Ban 10,000 13,493 208,889 8,016 27.015 191,229 27,837
Common (monthly)
25e. Mar. 2 Holders of rec. Feb. 230 Nat Park Bank_ 10,000 23,870 179,973 1.166 18,843 142,31 10,163 aUsii
Preferred (quar.)
134 Jan. I Holdeer of rec. Deo. 230 East River Nat_ 2,100 1,952 30.807 1,137 3,249
23,135 7,163 499Tide Water 011 (quar.)
1
Dec. 31 Holders of rec. Dec. 180 First National__ 10,000
346,433
423 35.950
Todd Shipyards Corporation (quar.)___ 81.50 Dee. 20 Holders of rec. Dec. la Irving Bk-ColTr 17,500 62.690 292,257 3,938 38,559 270.715 24,994 7,479
12,417
288,852 28,718
Tonopah Extension Mining (quar.)
Sc. Jan. 1 Holders of rec. Dec. 11
Continental Bk_ 1,000 1,066
149
7,657
745
5,843
452
Torrington Co. (quar.)
62340 Jan. 2 Holders of reo. Dec. 19
Chase National_ 20,000 25,141 384,284 4,68 49,360 372,017 23,850 1:6ii
Extra
$2.50 Jan. 2 Holders of rec. Dec. 19
Fifth Ave Bank
906 3,057
24,478
500 2,704 23,859
Tower Manufacturing, common (guar.). 750. dJan. 1 Holders of rec. Jan. dl
Commonwealth.
13,191
46
600 1,099
1,472
10,630 2,856
Underwood Typewriter, corn.(quar.).. 75o. Jan. I Holders of rec. Dec. 6a Garfield Nat_ _ 1,000 1,680
49
16,798
2,349
16,125
429 397
Preferred (quar.)
134 Jan, 1 Holders of rec. Dec. 66 Fifth National_ 1.200 1,301
19,097
2,499
21
18,960 1,262 246.
Union Carbide & Carbon (quar.)
$1.25 Jan. 1 Holders of reo. Dec. 50 Seaboard Nat__ 4,000 7,788 105,171 1,11 13,50
101,42
5,284
67
Union Twist & Drill, preferred (quar.) _ •13.4 Deo. 31 *Holders of yea, Dec. 20
21,919
2,41
Coal & Iron Na
38
1,500 1,341
17,831 3,176 412
United Cigar Stores, corn. (quar.)
50c. Dec. 31 Holders of rec. Dec. 156
*288,642 40,528
Common (payable in common stock). 1134 Dec. 31 Holders of rec. Dec. 15a Bankers Trust_ 20,000 26,514 321,156 1,12 36,91
U S Mtge & Tr_ 3.000 4,619 58,462
83
49,758 7,876
6,701
United Drug, first preferred (quar.)__._
134 Feb. 2 Holders of rec. Jan. 15a Guaranty Trust 25,000 19,180 502.391 1,856 53,6201 *482,511 51,486
Second preferred (quar.)
•134 Mar. 2 *Holders of rec. Feb. 16
2,391
Fidel-InterTrust 2,000 2,117 20,945
42 2,391 1
18,116 1,862
United Dyewood, pref. (guar.)
134 Jan2•25 Holders of rec. Dec. 16a N Y Trust Co__ 10,000 19.147 182,723
81 20,919 150,912 30,596
United Fruit (quar.)
214 Jan.2•25 Holders of rec. Dec. 6a Metropolitan Tr 2,000 4,129 45,931
5,522
51
Quarterly
234 Apr. 1 Holders of rec. Mar. 6a Farm Loan & Tr 5,000 17,370 144,331
53 15,709 •120,689 27,603
Quarterly
234 July 1 Holders of rect. June 6a Equitable Trust 23,000 11,262 265,706 1,54 32,609 *310,632 24,143
Quarterly
234 Oct. 1 Holders of rec. Sept. 5a
Quarterly
234 Jan 216 Holders of rec. Dec. 5a Total of averages291,900 462,2245,293,544 54,806 624,730 e4,631,076 543,59532.356
United Profit Sharing, common
15
Jan. 2 Holders of rec. Dec. 110
United Shoe Machinery, corn. (guar.).- 62340 Jan. 5 Holders of ree. Dec. 16
Totals, actual condition Dec. 13.5,253,848 55,992687,109e4,617.598539,76832,409Preferred (guar.)
37340 Jan. 5 Holden of rec. Dec. 16
Totals, actual condition Dec. 65,327.068 53.461 599,094e4,632,748549.54132,863
Distributing Corp., prof
334 Jan. 1 Holders of rec. Dec. 20a Totals, actual condition Nov.29 5,321.001 63,693625.021 e4,596,145570,810 32.208.
U.S. Gypsum,common (quar.)
$1
Deo. 31 Dec. 46 to Dec. 21
State Banks Not Me mbers of Fed'I Res've Bank.
Common (special)
$5
Dec. 31 Dec. d6 to Dec. 21
Greenwich Bank 1,000 2,434 21,075 1,850 1,854
841
20,956
Common (Payable In common stock) /35 Dec. 31 Dec. d6 to Dec. 21
Bowery Bank__
250
897
5,309
409
350
2,710 1,979
Preferred (guar-)
134 Dec. 31 Dec. de to Dec. 21
State Bank.... 3,500 5,134 98,281 4,090 2,153
34,101 60,951
_
U.S. Realty & Irnprovt., pref.(quar.)
154 Feb. 2 Holders of rec. Dec. 5a
United States Steel Corp.,corn.(quay.). 134 Dec. 30 Nov.29 to Dec. 1
Total of averages 4,750 8,467 124,665 6,290 4,416
57,767 63,771
Common (extra)
34 Dec. 30 Nov.29 to Dec. 1
Preferred (guar.)
154 Nov.29 Nov. 4 to Nov. 5
Totals, actual condition Dec. 13 124,884 6,380 4,411
58,041 63,775
U.S. Tobacco, common (quar.)
75o. Jan. 2 Holders of rec. Dec. 156 Totals, actual co edition Dec. 6 123,815 6,426 4,542
57,248 63,722
Preferred (quar.)
154 Jan. 2 Holders of rec. Dec. 156 Totals, actual co ndition Nov.29 126,273 6,430 4,988
60,179 63,638
Upson Co., common (extra)
2
Jan. 2 Holders of rec. Dec. to Trust Companies Not Members of Fed 'I Res'v e Bank.
Preferred (qiran)
2
Jan. 2 Holders of rec. Dee. 150 Title Guar & Tr 10,000 15,90
59,390 1,583 3,992
37,024 2,593
Utah Copper (quar.)
$1
Dec. 31 Holders of rec. Dec. 120 LawyereTit&Tr 6.000 6,3111 27,356
909 1,653
837
18,083
Vacuum 011 (quar.)
•
500. Dec. 20 *Holders of rec. Nov.29
Extra
4
11
Dec. 20 *Holders of rec. Nov.29
Total of averages 16,000 22,220 86,746 2,492 5,645
53,107 3,430
Victor Talking Machine, corn. (quar.) 42
Jan. 15 *Holders of reo. Dec. 31
Preferred (quar.)
*134 Jan. 15 *Holders of rec. Dec. 31
Totals, actual condition Dee. 13 86,370 2,4771 5,571
53,287 3,294
Virginia Iron. Coal & Coke, pref
234 Jan. 2 Holders of rec. Dec. 130 Totals, actual condition Dec. 6 86,802 2,466 5,759
53,469 3,465 _--.
Vulcan Detinning, pref.(quay.)
134 Jan. 20 Holders of rec. Jan. 9a Totals, actual condition Nov.29 88,735 2,293 6.212
55,961 3,383 ---..
Pref. (acct. accumulated dividends)._ hl
Jan. 20 Holders of rec. Jan. 9a
Preferred Class A (quar.)
134 Jan. 20 Holders of rec. Jan. 96 Gr'd aggr.. aver 312,650492,912 5,504,955 63,588634,791 4,741,950610,796 32,858
Wabasso Cotton (quay.)
61
Jan. 2 Holders of rec. Dec. 15
Comparison with prey. week.. -22,334 +2,340-7,596 -8,506-13,871 1-48.
Wahl Company, pref. (quay.)
134 Jan. 1 Holders of rec. Dec. 26a
Waldorf System, common (quar.)
31340 Jan. 2 Holders of rec. Dec. 20 .Gr'd aggr., aa'lcond'n Dec. 135,465,102 64.849697,091 4,728,926 606,83732,409
First and preferred (quar.)
20e. Jan. 2 Holders of rec. Dec. 20a
Walworth Manufae(uring, pref. (quar.)_ 134 Dec. 1 Holders of rec. Dec. 200 Comparison with prey. weak.. -72,583 +2.498+87696 --14,539-9,891 i-46
Wanner Malleable Casting, Class A (qu.) 6234c Jan. 1 Dec. 25 to Jan. 1
Gr'd aggr.„ oat cond'n Dec. 65,537.685 62,353609,395 4,743.465616,72832,363
Ward Baking Corp., pref. (quar.)
134 Jan. 2 Holders of rec. Dec. 15
Gr'd aggr.,eel cond'n i Nov.29
Weber & Helibronet,common (quar.)___ 50o. Dec. 30 Holders of rec. Dec. 17a Gr'd aggr., actl cond'n ,Nov.225.536,009 62,416 636,221 6,712.285637,831 32,207
5,485,077 59,942647,913 4,664,139640.842 32,270
Preferred (guar.)
134 Mar. 2 Holders of rec. Feb. 16a Gr'd aggr., act'l cond'n Nov.15 5,501,160 57,733829,853 4,719,997607.209 32,282
Weber Piano, preferred (quay.)
134 Dec. 31 Holders of roe. Dec. 20a (It'd aggr., act'l cond'n 'Nov. 85,364,008 81,029717,780 4,574,147606,257,32
,150
Weisbach Company
33.50 Dec. 31 Holders of rec. Dec. 200 Gr'd aggr.. act'l oond'n NOV.1
15,533,627 54.352641,123 4,669,203615.964,32.140
West Coast Oil(quar.)
•$1.50 Jan. 5 *Holders of rec. Dec. 24
Extra
O320 Dec. 31 *Holders of rec. Dec. 20
Note.
-U. S. deposits deducted from net demand deposits in the general totals
West Point Mfg.(quay.)
2
Jan. 2 Holders of rec. Dec. 15
above were as follows: Average total Dec. 13, $16,457,000; actual totals Dec. 13,
Western Electric, common (guar.)
$2.50 Dee. 31 Holders of roe. Dec. 26a $14,144,000; Dec. 6, 220.211,000; Nov. 29, 821,590,000; Nov. 22, 323.123.000;
Preferred (quar.)
134 Dec. 81 Holders of reo. Dec. 20a Nov. 15,$27,946,000. Bills payable, rediscounts, acceptances and other liabilities,
Westinghouse Elec.& Mtg.,corn.(quar.) $1
Jan. 31 Holders of rec. Dec. 3Ia average for week Dec. 13,8546,812,000; Dec.6.8529.475,000; Nov.29.8516,820.000;
Preferred (quar.)
51
Jan. 15 Holders of rec. Dec. 310 Nov.22,8486.880.000: Nov.15.8489,420,200. Actual totals Dec. 13,8816.972,000;
White Motor (qua?.)
81
Dec. 31 Holders of reo. Dec. 20a Dec. 6, $532,223,000; Nov. 29, 5550,121,000; Nov. 22, 2.530,315,000; Nov. 15,
Whitman(Wm.)Co., pref. (qua▪ r.)
'154 Jan. 1 *Holders of reo. Dec. 23
8485,735.000.
Woodley Petroleum (quay.)
40e. Dec. 20 Holders of rec. Dec. 15
•Includes deposits In foreign branches not included in total footing!, as follower
Woods Mfg.. pref. (guar.)
134 Jan. 2 Holders of rec. Dec. 22
Worthington Pump & Mach., pf. A(qu.) 134 Jan. 2 Holders of rec. Dee. 200 National City Bank,$128,476,000; Bankers Trust Co.,$17,108,000; Guaranty Trust
.
Co., $82,393,000; Farmers' Loan dr Trust Co., $7,559,000; Equitable Trust Co.,
Pr,tarred B (quay.)
134 Jan. 2 Holders of rec. Dec. 20a 07,215,000. Balances
carried In banks in foreign countries as reserve for such
Wright
-Hargreaves Mining (quay.)
234 Jan, 2 Holders of roe. Dec. 15
deposits were: National City Bank, $17,723,000; Bankers Trust Co., $446,000;
Extra
234 Jan. 2 Holders of reo. Dec. 15
Guaranty Trust Co.,$5,084,000: Farmers' Loan & Trust Co.,87,559,000; Equitable
Wrigley (Wm.) Jr., & Co.
Trust Co., $7,661,000. c Deposits In foreign branches not Included.
Monthly
250. Jan. 2 Holders of reo. Dec. 20a
Monthly
25o. Feb. 2 Holders of rec. Jan. 20a
The reserve position of the different groups of institutions
Monthly
250. Mar. 1 Holders of rec. Feb. 20a
WurlItzer(Rudolph) Co., pref.(guar.)._
on the basis of both the averages for the week and the actual
134 Jan. 1 Holders of rec. Dec. 20
Yale & Towne Mfg.(quar.)
81
Jan. 2 Holders of rec. Dec. 10
condition at the end of the week is shown in the following
Yellow Cab Mfg., class B(monthly)._ 210. Jan. 2 Holders of rec. Dec. 206
Class B (monthly)
21o. Feb. 2 Holders of roe. Jan. 20a two tables:
Class B (monthly)
210. Mar. 1 Holders of tee. Feb. 20a STATEMENT
OF RESERVE POSITION OF CLEARING HOUSE BANES
Youngstown Sheet dr Tube,corn.(quar) 51
Dec. 31 Holders of rec. Dec. 15a
AND TRUST COMPANIES.
134 Deo. 31 Holders of reo. Dec. 15a
_ Preferred (quar.)
•From unofficial sources. f The New York Stook Exchange has ruled that stook
will not be Quoted ex-dividend on this date and not until further notice. 5 The
Averaged.
New York Curb Market Association has ruled that stook will not be quoted exdividend on this date and not until further notice.
Cash
Reserve
•
not closed for this dividend. 0 Correction. e Payable In stork.
Reserve
in
a Transfer books
Reserve
Taal
Surplus
in Vault. Depositories Reserve.
Payable in common stock. g Payable In scrip. h On account of accumulated
Reserve,
dividends. fn Payable In preferred stock. n Payable in Canadian funds.
$
Annual dividends for 1924,all payable In equal quarterly installments on April 1. Members Federal
Reserve banks.
624.730,000 624,730,000 618,347,730 6,382,270.
July 1 and Oct. 1 1924 and Jan. 1 1925 have been declared as follows: On the com6.290.000 4,416,000 10,706,000 10.398,060
mon stock $3 cash and 83 in common stock;on the participating preferred the regular State banks*
307.940
6% and extra dividends of 1% In cash and 1% in common stock; on the preferred Trust companies'... 2.492,000 5,645,000 8,137,000 7,966,050
170,950
stook regular 11%; on the Prior preferred stock regular 7%
Total Dec. 13
8,782.000 634,791,000 643,573.000 636.711,840
e Extra dividend Is one-fifteenth of a share of non-par common stock and special
Total Dee. 6_ _ _ _ 8.826,000 642.387,000 651,213,000 638,285,110 8,881.180
extra dividend is one-half a share non-par common stock.
Total Nov. 29_ _ _ 8,512,000 626,742,000 635.254,000 630,407,410 12,927,890
11 Payable in Class A Common stock.
Total Nov. 22_ _
8.507.000 627.319.000 635,826,000 628,678,570 4,846,590
v Stock dividends are one-fifteenth of a share of common stock each.
7,147,430.
to Final dividend is two shillings and Interim dividend is ten pence. Transfers
• Not members of Federal Reserve Bank.
received In London up to Jan.3 will be in time for payment of dividend to transferees.
a This is the reserve required on the net demand deposfie In the ease of State
banks
s Payable at option of holder either in cash at the rate of 85e. a share on one- and trust companies, but in the case of members of
the Federal Reserve Bank
ortieth of a share of corn, stock for each share held.
Includes also amount in reserve required on net time deposits, which was
ea follower
Payable to holders of coupon No. 12.
Dec. 13, 516,307.850; Dec. 6, 316,728,360;.Nov. 29, $17,135,520;
Nov. 22, 816,s Payable to holders of Coupon No. 7
975,410.
Capl
I
[Vox,. 119.
THE CHRONICLE
2856
-In the folBoston Clearing House Weekly Returns.
lowing we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks: •
Actual Figures.
Cash
Reserve
in Vault.
ReMVO
DePOSildlies
Reserve
Required.
Total
Reserve.
Reserve.
Members Federal
Reserve balms
State banks.
Trust companies•___
Total Dec. 13_ _
Total Dec. 6..._
Total Nov. 29.___
Total Nov. 22 _ _ _
8,857,000 697,091,000 705,948,000 634,921,210 71,026,790
8,892,000 609,3)5.000 618.287,000 637,068,460 -18.781,460
8,723,000 636,221,000 645.944.000 633,849,520 11,094.480
8,589,000 647,913,000 656,502,000 627,607,920 28,894,080
BOSTON CLEARING HOUSE MEMBERS.
$
687,109.000 687.109.000 616,480,780 70,628.220
343,620
6,380,000 4,411,000 10,791,000 10,447.380
54.950
2,477,000 5,571,000 8,048,000 7,993,050
•Not members of Federal Reserve Bank.
b This Is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank
Includes also amount of reserve required on net time deposits, which was as follows:
Dec. 13, 516,193,040; Dec. 6, 516,486,230: Nov. 29, 517,124,300; Nov. 22, 517,216,910.
State Banks and Trust Companies Not in Clearing
-The State Banking Department reports weekly
House.
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 Basting Department.)
Differences from
Dec. 13.
previous week.
81.006,374,700 Inc. $5,364,600
Loans and Investments
4,416,700 Inc.
158,300
Gold
25,751,500 Inc. 1,362,800
Currency and notes
88.702,400 Inc.
673,100
Deposits with Federal Reserve Bank of New York1.072,668,700 Inc.
140,100
Total deposits
Deposits, eliminating amounts due from reserve
depositories and from other banks and trust
companies In N. Y. City, exchange and U. S.
1,015,850,800 Inc. 5,819,500
deposits
160,318,100 Dec. 1,921,000
Reserve on deposits
of reserve, 21%.
Percentage
RESERVE.
- -Trust Companies
State Banks
$84,422,200 15.24%
•$34.448,400 16.45%
Cash In vault
28,597,100 5.18%
Deposita 1n banks and trust cos-- 12,850,400 6.13%
$47,298,800 22.58%
Total
$113,019,300 20.40%
• Include! deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Dec. 13 was $88,702,400.
-The
Banks and Trust Companies in New York City.
averages of the New York City Clearing House Banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED B.11817LTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Week EndedAug. 16
Aug. 23
Aug. 30
Sept 8
Sept. 13
Sept. 20
Sept. 27
Oct. 4
Dot. 11
Oct. 18
Oct. 23
Nov. 1
Nov. 8
Nov. 15
Nov.22
Nov. 29
Dec 6
- • ..
Demand
Deposits.
$
6,147,562,200
6,197,834,200
6,176,232,200
6.189.878,800
6.171.331,700
6.245.090.200
6,380,981.700
6,482.535.800
6,413,398,600
6,406,300,400
6,45.5,020,500
6.471.127.800
6.426.927.200
6,433,204,400
6.474,249.900
6,518.724,600
.6528,299.100
,,, ...soc-Inn
$
5,396,229,400
5,420,377,800
5,410,175,900
5,413.638.100
5.428.157.800
5,544.643.300
5.544.188.800
5,616.632,400
5,568,825,300
5,572.477.300
5,649.960,400
5.827.593,900
5,591.048,400
5,683.989,100
5,884,532.300
5,708.357,400
5,760.687.300
$
78,611,500
77,334.600
78,013,900
80,217,700
83,772,900
80.731,400
81,522,500
81,794.900
87,219,200
85,602,500
83.921.000
83,783,000
84.099,700
88.084,800
85,378,900
87,856 300
89,895,100
a 7c, fmn WIn
0,7. onn
*Total Cash
Reserve frs
in Vaults. Depositaries,
8
761,925.500
727.393,700
733.914.000
722,157,200
739.130.000
828,036,100
749.472,300
748.585,400
749.029,900
765.528,200
762.706,900
750,335,800
751.013.300
773.736,400
761,712,200
759,845,500
775 979 000
,
'
,aAnennnn
New York City Non-Member Banks and Trust Com-The following are the returns to the Clearing House
panies.
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
Mated in thousands of dollars-thta is, three ciphers (0001 angled.)
Members of
Ited'i Res've Ban
3race Nat BankTotal
State Banks
Not Members of
fred'I Reeve Ban .
Sank of Wash. Etta_
:Iolonlal Bank......._
Total
Trust Company
Not Member of
fred'i Res've Bank
Idech. Tr., Bayonne
1,111
,i f t
$
1,6
1,6:•
Na
Net
Reserve
with Demon
Time
Cash
Legal Deposits. Deposits.
in
Vault. Depositortes.
Average Average Average Average Average
s
$
$
$
s
4,118
51
3.507
598
9,813
9.813
51
598
3,507
Philadelphia Banks.
-The Philadelphia Clearing House
return for the week ending D e. 13, 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."
Weat Ended Dec. 13 1924.
Two Ciphers (00)
omitted.
Membersof
Trust
F.R.System Companies
7,408
26,700
873
2,991
387
1,519
6,130
24,340
2,110
3,104
3,022
34,108
3,884
1,886
30,470
5,214
416
61
3,037
5,944
8,909
1.200
481
2,541
8,909
1#
1.000
416
35.000,0
18,528,0
44.651,0
1,234,0
18,0
1,024,0
27,589,0
1,479.0
30,072,0
$41,819,0
123.666,0
820.891,0
36.454.0
108.960.0
154,942.0
589.630.0
93,058,0
837,630,0
61
3,037
5,944
15,276
-127
036,281
a38,253
a36,537
237.159
15,403
15,810
15.817
15.798
2,711
)rand aggregate
Domparison with prey. wee
5,172
52,830
+327
4,331
+124
2,701
2,700
2,7001
o 'Ma
5,113
5,113
5,113
52,503
52,87.
53,195
a Ilq
02 AAR
4,207
4,114
4,168
42.R
2,525
2,453
2,484
2_633
a United State deposits deducted. $134,000.
Bills payable rediscounts, acceptances and other liabilities, 3575,000.
Excess reserve, 528,860 Increase.
Nov. 29
1924.
Dec.8
1924.
$46.819,0
140,192,0
865.542,0
37,688.0
108,978,0
155,966.0
617,199,0
94,537,0
867,702.0
12,010.0
4,453,0
64,033.0
14.635.0
83,121,0
69,169.0
13,952.0
$48,819.0
140.192,0
886.527,0
34,418,0
117,897,0
159,065,0
621,162,0
99,032,0
879,259,0
17,750.0
3.129.0
65,046,0
12.874.0
81,049.0
69.242,0
11,807.0
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Re3erve
Bank of New York at the close of business Dee. 17 1924 in
comparison with the previous week and the corresponding
date last year:
Dec. 17 1924. Dec. 10 1924. Dec. 19 1923.
RelOW41-
444,442.000
Gold with Federal Reserve Agent
9,172,000
Gold redemp.fund with U.B. Treasury.
444.530.000
5.487,000
633,742.000
6,492.000
Goldheld exclusively slat. PAL notes. 453.614,000
Goldsettlement fund with F. R. Board_ 206.915,000
Gold and gold certificated held by bank... 262.362.000
450,017.000
197,153,000
240.972,000
640.234,000
81,720,000
169,915,000
Total gold reserves
Reserves other than gold
922.891.000
19,932.000
888.142,000
20.875,000
891,869,000
22,527,000
Total reserves
Non-reserve cash
Bills discounted
Secured by U. S. Govt. obligations
Other bills discounted
912.823.000
13,046,000
909.017.000
14,093.000
914,396,000
8,728.000
41,599,000
11,443,000
37.126.000
11,741,000
104,894,000
25,704,000
Total bills discounted
Bills bought In open market
U. S. Government securitiesBonds
Treasury notes
Certificates of indebtedness
53,042,000
93,449,000
48,867,000
110,81f.000
130,598,000
89,294,000
8,625.000
117,020.000
78,011,000
4,902,000
142,447,000
58,903,000
1,149.800
3,960.000
4,590,000
Total U. S. Government securities
Foreign loans on gold
203,656,000
1,746,000
204,252.000
1,746.000
9,699,000
Total earning assets
Uncollected items
Bank premises
All other resources
'351,893.000
205,440.000
17,448,000
7,985,000
365,682,000
140,744,000
17,436.000
10,334.000
229,591,000
166,243,000
14,516,000
1,116,000
1 538,835.000 1,457.306,000 1,334,590,000
LiabilalesFed. Rae. notes In actual circulation
Depoelta-Member bank, reserve seal
Government
Other deposits
376,250.000
887,124,000
785,000
21,570,000
389.364,000
853,580,000
6,415,000
20,178.000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
909.459,000
160.147.000
30,148,000
59,929,000
2,704,000
880.173,000 684,474,000
114,969,000 133,460,000
30,214.000 29.438,000
59,800,000
59,929.000
3,253,000
2.657,000
433.165,000
669,767,000
3,781,000
10,926,000
1,538.635,000 1,457,306,000 1.334,590,000
Ratio of total reserves to deposit and
Fed. Res, note liabilities combined__
Contingent liability on bills purchased
for foreign correspondents
CURRENT
2,545 237,014
+733
+20
1924
Tots!.
046,819.0
140,192.0
867,492,0
33.258,0
114,319,0
162,048,0
621,924,0
97,564,0
881.536,0
16.463.0
3,956,0
4,453,0
65.916,0
64,033,0
13,383,0
1,489,0
13,146,0
83,255.0
5,942.0
77.179,0
69,753,0
4,174.0
64.995,0
13,502,0
1,768.0
12,184,0
•Cash In vault not counted as reserve for Federal Reserve members.
Capital
Surplus and profits
Loans, dIsets & invest'ts._
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U. S. deposits (not incl.).Ree've with legal deposit'sReserve with F. R. Bank__
Cash in vault •
Total reserve & cash held_ _
Reserve required
Recess res. & cash In vault_
Total liabilities
Total
led aggr., Dec 6
.
.1r d neer.. Nov. 29
3rd agar.. Nov.22
-,.... ....- -,...„ ,.
4,118
Dec.3
1924.
$
$
3
3
57.400.000 57.400.000
Capital
57,400.000 Unchanged
52.000 82,461.000 82.418,900
Surplus and profits
82,513,000 Inc.
Loans, disc'ts dr investments. 895.647,000 Inc. 3,035,000 892,612,000 898,418,000
Individual deposits, incl. U.S.657,805,000 Inc. 11,492,000 646,313,000 654.394.000
Due to banks
143,937.000 Dec. 4,375,000 148.312,000 148.909.000
Time deposits
162,007,000 Dec. 1,087,000 163,094,000 166.787.000
United States deposits
18,367,000 Inc. 6.477.000 11,890,000 14.258,000
Exchanges for Clearing House 34.651,000 Inc. 2,609,000 32,042,000 33.797.000
Due from other banks
85,589,000 Inc. 9,374,000 76,215,000 82.715.000
154,000 76,664,000 77,784,000
Reserve In Fed. Rea. Bank
76.818,000 Inc.
Cash in bank and F.R.Bank_ 12,569,000 Inc. 1,422,000 11,147,000 10,096,000
Reserve excess in bank and
763.000 1,654,000
415.000
Federal Reserve Bank
1.178.000 Inc.
Total resources
Loans,
Net
Capital. Profits. Di'CLEARING
counts,
SON-MEMBERS.
Nat. bks. Oct. 10 InvestWeek Ending State bias. Nov.15 menu,
Dec. 13 1924. Tr. cos. Oct. 16 etc.
Dec. 10
1924.
Changesfrom
previous week.
Dec. 11
1924.
73.3%
72.7%
82.6%
12.711,000
14,442.000
6,189,000
NOTICES.
-Carl T. Naumburg and Arthur W. Dixon, who have been associated
in the management of the bond department of E. Naumburg & Co., announce the formation of the co-partnership of Naumburg & Dixon, with
offices at 120 Broadway. The new firm will conduct a general Investment
business in high-grade bonds, including corporation, foreign government
and tax-exempt issues. Prior to their association with E. Naumburg
Co.. Mr. Naumburg for many years was assistant manager of the bond
department of Henry L. Doherty & Co. and Mr. Dixon was district sales
manager in charge of the Newark office of the Doherty firm.
D. Lindsley ac Co., Inc., announce the removal of their offices to
111 Broadway, New York.
lAc. 20 1924.]
2857
T H It CHRONICLE
l Reserve Board.
Weekly Return of the Federa
Thursday afternoon, Die. is,and showing the condition
The following is the return issued by the Federal Reserve Board In the first table we present the results for the system
ay.
Wednesd
of the twelve Reserve Banks at the close of business on preceding weeks and with those of the corresponding week last year.
Agents'
as a whole in comparison with the figures for the seven
y for each of the twelve banks. The Federal Reserve ler and
The second table shows the resources and liabilities separatel
ons in Federal Reserve notes between the Comptrolthe latest
transacti
Accounts (third table following) gives details regarding
banks. The Reserve Board's comment upon the returnsfor
Reserve Agents and between the latter and Federal Reserve nt of "Current Events and Discussions."
week appears on page 2S21, being the first item in our departme
1924.
AT THE CLOSE OP BUSINESS DEC. 17
IES OF THE FEDERAL RESERVE BANKS
COMBINED RESOURCES AND LIABILIT
11924. Nov. 5 1924-1 Oct. 291924. i Dec. 19 1923.
1 26 1924:Nor. 19 1924.INov. 12
',iDec.
10 1924' Dec.3 1924. !Nov.
Dec. 17 1924.
1
$
$
1
$
i
$
'
3
1
1
$$
00 2,140,445,000
$
1
$
1
RESOURCES.
1,933.981.000 1.970.011.000 1,989.213.000 2.004.220.0
61,095,000
36.246,000
1,822,424,000 1,836,288,000 1,905,730,000 1,026,215,000
38,070.000
agents
27,114,000
38,620,0001
Gold with Federal Reserve
42.136,000
,
32,093,000, 45.788,000
47,048,000
Gold redemption fund with U. S. Tress_
2.040,466.0002.201,540.000
00 1,972.601.0001,997.125.000 2,027,283,000 580.869.000 541,011,000
586,866.000
R. notes 1,869,472.000 1,368.381.000 1,951.518.000 1,968,351.0
601.642,000
Gold held exclusively agst. F.
539.390,000, 647,643.000 588,036,000 591.026,000 610,131.0001 449,115,000 424,370,000 422,491,0001 348,584,000
,
Gold settlement fund with F. R.. Board_
495,256,0001 481,474,000, 488,376,000, 486.873,000, 468,086,000
Gold and gold certificates held by banks_
,
00 3,091,135.000
'3,047,882,000 3,038,519.000 3,043,826.0
3,050,318,000
87,768,000. 72,303,000
2,354,118, 002,997.498,0003.027.930.000 3,046,250,000
85.148,0001
Total gold reserves
92,411,0001 90.065,000
87.701.000
89.963,000
,
94,467,000, 95.218,000
Reserves other than gold
3,131.594,000 3,163,438,000
00 3,143,229,000,3,137,047,000 3,123,667.000
64,548,000
3,048,585,000 3,092,716,000 3,117.893,000 3,133,951,0
35,355.0001 42,300,000
41,731,000
reserves
Total
43.005,000
40,023,000, 34,307,000
40,418,0001 41,643,0001
Non-reserve cash
I
!
95,175.000, 75,471,000. 385,425,000
II
95,334,000
Bills discounted:
84,680.000
96.204,000
147.094,000 364,771.000
158,413,000 127,279.000, 124,656,000
Secured by U. S. Govt. obligations._
, 149,164,000! 128,893,000 134,088,000
125,398,000 126,977,000 124,272,000 125,201,000
1
Other bills discounted
750,196,000
224,232.000 229,263.000 222,565.0001 322,379,000
283,811,000 254,256,000 248,928,000 221,405,000 233,844,000 248,190,000 234.848,000, 215.404,000
Total bills discounted
354,606,000 281,001.000 275,245,000
336,827,000 352,833,000
I
I
111112 bought in open market
I
I
18.464,000
41,702.0001
I
42,309.0001
44,746,000
44,243.0001
IL S. Government securities:
54,493,000
46,358,000, 44.785.000' 44,320,000
64,578,0001
398,318.000 398,006,0001 398,429,000
Bonds
8,292,000
341,485,000 361,082.000 390,876.000 390,079,000 397,568,000 145,300.000 144,561,000, 144,069.000 1
Treasury notes
158,099.000 144,456,000 139,282,000 147.816,000 145.266.000
Certificates of indebtedness.
51 0 0
' 81,289;00
584,200.000
587,077.000 588,364,000 584,876.0001
2.007.0001
564,162,000 551,896,0001 574,943.000 582,215,000
3.557.0001
3.557,000
Total U. S. Government securities
2,550,000
2,550.000
2.050.000
6,000.000'
2,050,000
.
All other earning assets
6,000.000
2,050,000
6,000,000
Foreign loans on gold
000 1,153,875,000
1,064,343,000 1,052.544,000,1,024,176,
1,167,040,000 1.186,527,000 1,087,171.000 1,038.716,000
1,192,850,000
I28.000
!
Total earning assets
734,270,000
1
685.893,000 583,567,000 611.709,000, 56.951.000
redernp. fund agst. F. It. bank notes
6%
713,720.000
831.419.000 649,131,000 663.892.000 615,240,000
60,743,000, 60.724.000
60,751,000
Uncollected items
61,085,000
61,553.000
15,515,000
61,741,000, 61,555,000
26,768,0001
61,764,000
27,541,0001
27,439,000
Bank premises
27,363.000, 27,179.000
27,299,000
26,239,00. I
23,458,000
All other resources
0015,188,625,000
4,897.269.0
00 5,086,934,000 5,018,104.000 4,883.417.000
5,198,498,000 5,038,510.000 5.097,189,000 4,959,585.0
I
i
Total resources
I
,
1,816,817.000 1,766,622.00012,296,436,000
LIABILITIES.
477,000
00 1.849,006,000 1,845.308.0001.823.460,000 1,829,202,000
I
1,871.453.000 1,853,614,0
I
P. R notes in actual circulation
t
I
I
i
F. R bank notes In circulation—net._
2,162.347,000 1,849,596,000
l
00 2,172.354,000 2,118,075,000
Deposits —
11,334,000
28,266.0001
2,214,744,000 2,192,333,000 2,252,475,000 2,148,137,000 2,215.346.0
29,813,000
33,424,000
Member banks—reserve account
24,667.000
26,723,000
22,911,000
21,922,000
35,975.0011
8,542.000
31.107,000, 27,351,0001
29,662,000
Government
30,432.000
27,856,000
30,007,000
31,002.000
33.022.000
Other deposits
2,217,984,0001,882,852,000
00 2,270,445.000 2,235,440,000 2,178,995,000 566.510,000 654,456,000
2.256,308,000 2,259.310.000 2,305,393,000 2,202.716,0
606,738,000 541.592,000
Total deposits
723,943.000 578 685,000 595,581,000 584,340.000 646,230,000 112,222.000 112,009,000 111,953.000 110,156.000
availability Items
Deferred
112,036.000 112,123,000 112,159,000 112,160,000 112.241,000 220,915.000 220,915.000 220.915.000 218,369,030
Capital paid In
25,879,000
13,305.000
220,915,000 220,915,000 220,915,000 220.915,000 220,915,000
13.089.000
13.587.000
Surplus
13,643,000
14,137,000
14,135.000
13,863,000
13,843,000
All other liabilities
4.897.269.000 5,188.625,000
5.018,104,000 4.883,417.000
5,198.498,000 5,038,510,000 5,097,189,000 4,959.585.000 5,086,934.000
Total liabilities
74%
76.6%
76.0%
74.9% 1
74.5%
Ratio of gold reserves to deposit and
75.2%
72.8%I
72.8%
71.5%
F. It. note liabilities combined
75.7%
1
78.6%
78.2%
reserves to deposit and
77.2%
76.8%
7.4%
Ratio of total
75.1% 1
75.2%
73.9%
F. R note liabilities combined
17,886,000
' 24,070,000
25,929,000
25,584.000
27,177,000
Contingent liability on bills purchased
27,179.000
31,229,000
37,297,000
42,725,000
for foreign correspondents
5
$
$
I
$
MIS
$
,
$
I
I
$
$
$
78.429.0001 99,634,000
91,576,000
74,489,000
63.123,000
Distribution by Maturit4es75,403,000
81,993,000 100,198,000 107,856,000
124.903.000 522.264,000
137.645,000 138.101.000
1-15 days bills bought in open market_
2 000
200.751,000 174,476,000 170.178.000 138,102,000 149.052.000
46,000,
1-15 days bills discounted
4,000,000
55,426.000 53,3
40,000,000
I
1
1-15 days U. S. certif. of Indebtedness
I
1 180
68 9
42.114,000
41.293,000
49.011,000' 46,126.000
53,412,000
1-15 days municipal warrants
58,458,000
63,229,000
54,043,000
59,338,000
27,271,000
26,413,000
38.195,000
bills bought in open niarket
25,528.000
16-30 days
23,604.000
23,750,000
23,755,000
27,796,000
16-30 days bills discounted
63,720.000, 08,240.000,
1
88,44381:000000
'
I
16-30 days U. S. certif. of indebtedness_
I
52,503,000
59,128,000
74,404.000
84.907.000
16-30 days municipal warrants
80.240,0001
96.688.000
77,781,000
42,266,000
105,192,000 108,012,000
38,685,000
34,014,000
33,175,000
81-60 days bills bought in open market
32,397,000
28,674,000
28,835,000
68.268,000
26,816,000
68,267.000
68.341.000
100.000
81-80 days bills discounted
,
10,000
s.
81-60 days U. S. certif. of indebtednes
I
i
58,640,000
38.860.000
37.311,000
46,145.0001
60,941,000
81-60 days municipal warrants
78.322,0001 61,807.0001
58,171,000
78,724,000
19.895,000
78,501.000
17.124.000
bought in open market_ _
15,239,000
16.433.000
61-90 days bills
17.761,000
17,018.000
1,022,000
17,303,000
1,416,000
18,159,000
1,416,000
7.0001
.
01-90 days bills discounted
241,000
7,000
24,067,000
7,000
I
1
61-90 days U. S. certif. of Indebtedness_
1
7,477,000
5,698.000
5,540.0(10
7.026.000
12.263.000
61-90 days municipal warrants
10,139.000
13.302.000
28,751,000
11,861,000
8.430.000
11,800,000
8,940,000
8,139.000
9,596,000
Over 90 days bills bought in open market
9,541,000
9.308.000
5,346,000
9.887,000
74,387,000
10,289,000
78,959.000, 74,878,000
76,926,000
Over 90 days bills discounted
84,096,000
85.936,000
88,789,000
94,032,000
I
Over 00 days certif. of Indebtedness
I
I
I
I
Over 00 days municipal warrants
2,793,837,000
00 2,255.532,000 2.252,367,000 2.256.452.000 497,401,000
Federal Reserve Notes—
2,216,729,000 2,200,892,000 2,262,896.000 2,248.213,000 2,254.425,0
426.330,000 435,550.000 489.830.000
Outstanding
1
345,276,000 347,278,000 413,890.000 402,905,000 430.965,000
banks
Held by
00 2,296,436,000
1,823,460.000'1,829.202,00011,816.817.000'1,766.622.0
1.871,453,000 1.853,614,000 1,849,006.000 1.845.303,0001
In actual circulation
3,147.311.000 3,155.526.000 3,630,501,000
00 3,185,685,000 3,186.031,000 3,170,639.000 3,174,616,000
836,664,000
Amount chargeable to Fed. Res. Agent 3,189,942,000 3,203,711.000 922,789,000 1 937,818.0001 916.214,0001 919,084.0001 894.944,0001 899.074.000
973,213,000 1,002,819,0
In hands of Federal Reserve Agent
000 2,256,452,000 2,793,837,000
2,255,532.000'2,252,367,
2,218,729,0002,200,892,000 2,282.898,0002,248,213,0002,254,425,000
Issued to Federal Reserve Banks.
327,084,000
How Secured—
290,501,000! 305,504.000, 306.504,000
278,904,000, 278,904.000. 279,104,000, 289.104,0001 289,504,000 1 285,521.0001 263.154,0001 252.232.000 653,392.000
By gold and gold certificates
394,305,0001 364,604.000 357,166,000 321,998.000; 320,444,000 117,372,000 118.055.000 113,756,000 113,751.000
By eligible paper
118,314,000 113,904,000 113.627,000 122,431,000 111,111,000 1.562,135.000 1.565.154,000,1,583.960.000 1,699,610,000
Gold redemption fund
1,425,206,000 1,443,430,000 1,512,909,000,1,514,380.000;1,533,366,000
With Federal Reserve Board
256 452 000 2,793.837.000
00,2, . .
2,255.532.000!2,252,367.0
2,216,729,000 2,200,892,000 2,262,896,000 2,248,213,000'2,254,425,000
Total
00
-- —
456,665,000 448.334,000 417.904.000 1.019,129,0
577,093,000 678,283.000 571,620,000 478,862.000 487.126.000
Eligible paper delivered to F. R. Agent_
Victory notes.
• Includes
CLOSE OF BUSINESS DEC. 17 1924
OF EACH OF THE 13 FEDERAL RESERVE BANKS AT
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES
3finneap. Kan. City
Two ciphers (00) omitted.
Boston. New York. Phila. Cleveland. Richmond Aaania. Chicago. St. Louis.
Federal Reserve Bank of—
$
$
S
$
$
$
$
$
3
$
RESOURCES.
62,741,0
444,442,0 163,751,0 186,409,0 81,193.0 139,875,0 190,949.0 55,983,0 72,354,0 4,097,0
Gold with Federal Reserve Agents 170,096,0
9,172,0 5,518,0 3,219.0 1,874,0 2,583.0 4,041,0 2,791,0 1.062,0
8.783,0
Gold red'n fund with U.S. Treas_
66,838.0
453,614,0 169,269,0 189,628,0 83,087,0 142,458,0 194.990,0 58,774,0 73,416,0
Gold held excl. agst.F.R.notes_ 178,879.0 206,915,0 33,513,0 44,553,0 23,956,0 14,170,0 84,168,0 23,494,0 23,351,0 36,289,0
40,357,0
Gold eettle't fund with F.R.Wrd 18,890,0 262,362,0 25,264,0 21,309,0 18,886,0 8,205,0 86,273,0 9,183,0 5,664,0 3,338,0
Gold and gold ars. held by banks
102,431,0 106.465,0
238,126,0 922,891,0 228,046,0 255,490,0 125,009,0 164,833,0 365,431.0 91,451,0 1,533,0 3,226,0
Total gold reserves
19,932,0 5,147,0 6,851,0 3,659,0 8,290,0 11,165,0 12,231,0
9,902,0
Reserves other than gold
103,964,0 109,691,0
248,028,0 942,823,0 233,193,0 262,341,0 129,568,0 173,123,0 376,598,0 103,682,0
536,0 1,955.0
Total reserves
13,046,0 1,112,0 2,691,0 1,788,0 2,984,0 5,893,0 2,488,0
3,450,0
Non-reserve cash
198,0 1,079,0
21,942,0 5,253,0
Bills discounted:
41,599,0 25,927,0 34,562,0 11,050,0 1,497,0
11,182,0
4,472,0
Sec. by U. S. Govt. obligations 6,098,0
11,443,0 9,099,0 16,693,0 19,314,0 16.647,0 20,545,0 7,230,0 4,366,0
Other bills discounted
12,483,0 4,564,0 5,551,0
53,042,0 35,026,0 51,255,0 30,365,0 18,144,0 42,487,0
17,280.0
16,0 13,797.0
Total bills discounted
03,449,0 19,454,0 34,375,0 1,079,0 8,390,0 28,333,0 15,650,0
56.888,0
Bills bought In open market
securities:
930,0 8,625,0 8,394,0
U. S. Government
8,625,0 1,066,0 10,103,0 1,265,0 1,594,0 17,376,0
1,755.0
45,808,0 10,998,0 12,933,0 17,921,0
*Bonds
22,180,0 117,020,0 23,979,0 33,426,0 2,424,0 1,341,0 14,716,0 2,746,0 3,955,0 6,427,0
Treasury notes
880,0
829,0
78,011,0 4,495,0 15,347,0
Certificates of indebtedness- 10,421.0
25.513.0 32.742.0
203,656,0 29.540,0 58.876,0 4.518.0 3.815.0 77.900.0 14.672.0
Taal U.S. Govt. securities__ 34.356.0
Dallas. San Fran.
Total.
S
$
$
41,535,0 213,096,0 1,822,424,0
1,675,0 2,233,0
47,048,0
43,210,0 215.329,0 1,869,472,0
17,269,0 41,355,0 589,390.0
8,774,0 27,108,0 495,256,0
69,253,0 283,792,0 2,954,118,0
8,623,0 3,908,0
94,467,0
77,876,0 287,700,0 3,043,585,0
40,418,0
1,649,0 2,826,0
562,0
3,656,0
3,562,0
5,835,0
158,413 0
125,398,0
4,218,0 9,397,0
20,535,0 44,862,0
283,811 0
336,827,0
2,700,0 2,145,0
16.717,0 38,740,0
5,304,0 14,968,0
64 578 0
3414850
158:099,0
r,.. ,........
24.721.0 53 RYA is
2858
THE CHRONICLE
RESOURCES (Concluded)
Two ciphers (00) omitted.
Boston.
8
Foreign loans on gold
AU otner earning assets
Total earning assets
Uncollected Items
Bank premises
All other resources
New York.
$
1.746,0
Phila.
(voL. 119.
Cleveland. Richmond Atlanta. Chicago, St. Louis. Minneap.
Kan. City
S
582,0
1,550,0
$
702,0
$
342,0
2
264,0
3
894,0
$
294,0
$
216,0
8
276,0
500,0
Dana*. San Fran
$
228,0
$
456,0
Total.
$
6,000,0
2,050,0
108,524,0
72,443,0
4,312,0
204.0
Total resources
LIABILITIES.
P.R.notes in actual circulation
Deposits:
Member bank-reserve acct
Government
Other deposits
Totaldeposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
Total liabilities
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities combined, per cent
Contingent liability on bills purchased for foreign correspond'ts
351,893,0 86,152,0 145,207.0 36,303,0 30,613,0
205,440,0 78,614,0 71,811,0 68,054,0 39,113,0 149,614,0 43,099,0 30,309,0 52,866,0 49,702,0 108,568,0 1,192,850,0
17,448,0 1,114,0 9,129,0 2,528,0 2,875,0 106,405,0 43,194,0 18,706,0 47,751,0 34,869,0 45,019,0 831,419,0
8,264,0 3,158,0 3,176,0 4,597,0 1,912,0 3,255,0
7,985,0
61,768,0
182,0
335,0
389,0 2,277,0 1,218,0
333,0 3,650,0
807,0 1,892.0 4,186,0
23,458,0
436,961,0 1,538,635,0 400,367,0 491,514,0 238.630,0250.985,0
647,990,0 195,954,0 160,341,0 217,667,0 167,900,0 451,554,0
5,198,498,0
207,493,0 376,250,0 173,774,0 206,630,0 89,597,0
142,994,0 198,526,0 57,728,0 72,142,0 73,185,0
56,682,0 216,452,0 1,871,453,0
133,847,0 887,124,0 126,048,0 183,206,0 64,518,0 62,438,0
309,164,0 80337.0 59,599.0 87,108,0 61,417,0 159,838,0
911,0
2,214,744,0
765,0
223,0
307,0
970,0
472,0 1,330,0
825,0
293.0
872.0
820,0
129,0
754,0
21,570,0
8,542,0
470,0 1,256,0
187,0
142,0 1,349,0
629,0
671,0 1,118,0
588,0 4,913,0
33,022,0
134.887,0 909,459,0 126,741,0 184,769,0 65,675.0 63,052,0 311,843,0
81,891,0 60,563,0 89,098,0 62,825,0 165,505,0 2,256,308,0
69,688,0 160,147,0 68,877,0 62.331,0 64,890,0 30,045,0 90,153,0
7.980,0
30,146,0 10,518,0 12,757,0 5,900,0 4,573,0 15,184,0 40,670,0 15,462,0 40.910,0 35,863,0 44,907,0 723,943,0
16,390,0
59,929,0 19,927,0 23,691,0 11.672,0 8,950,0 30,426,0 5,131,0 3,269,0 4,341,0 4,130,0 8,107,0 112,036,0
10,072,0 7.484,0 9,496.0 7.577,0 15,301,0 220,915.0
523,0
2,704.0
530,0 1,336,0
896.0 1,371,0 1,858,0
462.0 1,421,0
637,p
823,0 1,282,0
13,843,0
436,961,0 1,538,635,0 400,367,0 491,514,0 238,630,0 250,985,0 647,990,0
195,954,0 160,341,0 217,667,0 167,900,0 451,554,0 5,198,498.0
72.4
73.3
77.6
67.0
83.4
84.0
73.8
74.3
78.3
67.6
65.2
75.3
73.9
12,711,0
4,106,0
4,953,0
2,413.0
1,863,0
6,308,0
2,074,0
1,524,0
1,947,0
1,609,0
3,217.0
42.725.
0
STATEMENT OF FEDERAL RESERVE AGENTS'ACCOUNTS AT
Federal Reserve Agent at-
Boston New York Phila.
AUCIWITel(In Thousands of Dollars)
$
Federal Reserve notes on hand
50,750
Federal Reserve notes outstanding
234,833
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
35,300
Gold redemption fund
16.796
Gold Fund-Federal Reserve Board
118,000
Eligible paper( Amount required
64.737
lExcess amount held
9,431
CLOSE OF BUSINESS DEC. 17 1924.
Cleve. Richm'd Atlanta Chicago,
$
$
2
$
$
345,660 42,000 49,470 23,944 65.770
524,509 210,778 227,951 99,807 158.844
188.531 6,400 8.780
3,500
29.911 14.962 12,629 3.398 5.375
226.000 142,389 165,000 77,795 131.000
80,067 47,027 41,542 17,614 18,969
33,353 3.069 42,106 11,382 7,425
Total
529,847 1,428,031 466,625 547.478 232,940 390.883
Liabilities
Net amount of Federal Reserve notes received from
Comptroller of the Currency
285,583 870,169 252,778 277,421 122.751 224,614
. Collateral received from I Gold
170,096 441,442 163,751 186.409 81,193 139.875
Federal Reserve BanklEligible paper
74,163 113,420 50,096 83.648 28,996 26,394
Total
529,847 1.428,031 466,625 547,478 232.940 390,883
.Federal Reserve notes outstanding
.Federal Reserve notes held by banks
234,833
27,340
207,493
Federal Reserve notes in actual circulation
524,509 210,778 227,951 98.807 158,844
148,259 37,004 21,321 9,210 15,850
376.250 173.774 206.630 89.597 142.994
St. L. Minn. K.City. Dallas San F .
r
Taal.
$
2
3
$
$
i
248,120 25.200 14,714 26.453 16,632 $
64,500 973,213
217.566 64,843 75,261 79,805 63,592
259.940 2,216.729
8,785 13.052
14,556
278,904
5,304 4.198
802 4,381 3,479 17,079 118.314
185,645 43.000 58.500 58.360 23.500
196,017 1,425,206
26,617 8.860 2,907 17.064 22,057
46,844 394,305
44,024 19,259
785 2,237 2,480 7.237 182,788
727.276 174,145 166,021 188,300 146,298 591,617
5,589.459
465,686 90.043 89,975 106,258 80,224 324,440
3,189,942
190,949 55,983 72,354 62.741 41,535
213,096
70,641 28,119 3,692 19,301 24,537 54.081 1.822,424
577,093
727,276 174,145 166,021 188.300 146,296 591,617
5,589.459
217,566 64,843 75.261 79.805 63,592 250,940 2,216,729
19,040 7,115 3,119 6,620 6,910 43.488 345,276
108.528 57 725 72 142 72 185 An 8512 215 452 1 571 sna
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 739 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 Oct. 18 1917, published in the "ChroniPle" of Dec. 29 1917, page 2639. The comment of the Reserve
Board Loon the figures
or the latest week appears in our Department of "Current Events and Discussions," on page 2821.
1. Data for all reporting member banks in each Federal Reserve District at close of business Dec. 10 1924
Three ciphers (000) omitted.
Federal Reserve District.
Boston. New York
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneay.
Kan. City Dallas. San Fran.
Total.
---------77
75
36
101
33
25
71
50
66
$
2
739
$
$
Si
$
2
$
8
$
3
9.827
65,986
3
10,261
$
18,454
6,648
7,652
31,010
9,580
2,812
4,363
3,401
268,807 2,146,848 313,459 409,821 125,262
9,551
179,545
65,679 672,476 173,078
62,656
90.955
66,608 207,895 4,603,544
651.2842,595.217 369,209 728,207 344,516 381,497 1,203.417 313,383
214,854 330,977 226,057 830,605 8,189,223
929,918 4,808,051 692,929 1.156,482 476,426 454,828 1,906,903
Total loans and discounts
496,041 280,322 426,295
U.B. pre-war bonds
13,458
1,048,051 12,972,312
51.558
10,675
45,543
26.153
15,031
22,223
14,366
8,536
11,217
U.S. Liberty bonds
82,116 689,863
25,097
262,409
53,191 194,747
35,629
10,514 163.007
24.951
28,902
38,588
U.S.Treasury bonds
128,207 1,464,245
3,775
18,632
2,960
4,510
1,986
622
13,688
1,692
226
3,116
23,022
U.S. Treasury notes
8.896 308,043
75,230
31,665
65,528
2,717
2,762 126.894
11,165
20,109
26,744
8,368 147,886
32,363
U.S. Certificates of Indebtedness
646,611
14,238
18,919
1,001
2,310
28,021
3.860
13,116
6,743
198,497 1,133,429 256,505 348,934
29,445
Other bonds, stocks and securities
278,957
64,299
42,851 420,510
99,653
36,873
71,180
184,211 2,876.601
Total loans & disc'ts dt investmls 1,245,028 7,157,462 1,062,163 1,834.663 608,211 528,918 2,681.246 651,728
388,084 583,883 364,583 1,470.396 18,576,365
94,957 776,696
Reserve balance with F. R. Bank
78.147 130,241
39,157
37.943 242,985
48.985
30.443
50,260
30,538 108,929 1,669,281
23,471
Cash in vault
91.977
19,856
36,416
15,881
11,937
57,878
8,386
6,772
13,324
11,633
880,360 5,900,123 763,906 1,026,612 369,776 306.624 1,737,617 397.632
23,641
Net demand deposits
321,172
316.001 1,149,822 171,512 694,207 178,600 191,896 919,171 213,618 273,919 470,926 270,766 805.782 13,213,043
Time deposits
99,428 134,962
91,219 665,915 4,826,351
9.429
Government deposits
19,881
13,576
10,755
4,333
3,028
7,210
1,455
708
1,671
2,227
11,143
Bills payable and rediscounts with
85,416
Federal Reserve Bank:
2,461
28,148
11,719
Secured by U.S.Govt.obligations
18,252
1,225
187
3,159
529
42
A10......
290
4,507
1,900
5,299
67,012
3.070
7,534
5,148
10,633
755
1.100
2 540
1 2r.n
41 705
42
108
55
VI0'N0WVIC5
000P
-.Q.0
Number of reporting banks
Loans and discounts, gross:
Secured by U.S. Gov't obligations
Secured by stocks and bonds
All other loans and dlecounta
2. Data of reporting member banks In Federal Reserve Bank and branch cities and all other
reporting banks.
New York City.
City of Chicago.
All F. R. Rank Cities. F. R. Branch Cities
Other Selected Cities.
Total.
Dec. 10.
Dec. 3. Dec. 10. Dec. 3. Dec. 10.1 Dec.
3. Dec.10'24 Dec. 3 '24. Dec. 12'23
,
,
67
47
47
67
Number of reporting banks
255
255
193
193
291
291
739
2
739
$
$
766
$
$
Loans and discounts, gross:
$
$
2
$
2
2
23,877
23,922
81,845
$
61,762
$
123,144
Secured by U.B.Govt. obligatio
141.921
31.686
32,332
24,715
24,793
179,545
224,070
199,046
1 924,562 1,860,663 511,723 499,337 3,385,905 3,317,898 663.405 657,926
Secured by stocks and bonds
545,822 4,603,544 4,521,646 3,767,997
.
2,299,0172,313,106 704,238 710,495 5,119,887 5,145,519 1,694,924
All other loans and discounts
1,680,9451,374,412 1,367,612 8,189.223 8,194,076 7,925,456
239 838 1,233,754 8,628,936 8,605,3382,
,285,341
11, ,
5
Total loans and discounts
390,0152 371, 03 1,953.3611,938,22712,972,312 12,914,76811,9
,
2
17,523
41,0324,089
4.113
92,105
41,031
U B. pre-war bonds
92,088
72.934
73,586
97,370
98,287
262,409
263,961
274,070
79,958
80,296
910,284
594,188 609,718
U.S. Liberty bonds
929,796 357,166 357,136 196,795 199.292
1,464,245 1,486,224 1,012,494
4,186
12,161
2,965
33,463
12,095
U.S.Treasury bonds
30,889
20,617
17,737
21.150
80,834
18,695
67,321
75,230
97,222
97,195
469,645
286,441 290,374
U.S. Treasury notes
465,161 129,252 127,426
47,714
46,396
696,611
841,379
638,983
18,570
19,463 221.274
144,776 143,520
U. B. Certificates of Indebtedness
219,290
41,305
43,092
16,378
278,599
16,217
85,403
278,957
870,675 879,110 205,313 201,430 1,648,621 1,651,396 697,457 698,035
Other bonds,stocks and securities
530,623 *527,226 2,876,601.2,876,657 2,177,341
8
Totalloans dr disc:eta Se Investmls,6,234,5476,231,529 1,649,514 1,638,87812,004,22 '11,993.9583,708,7463,688,2152,863,
391.2844340 18,576,365*18520 51316,389,044
Reserve balance with F.R.Bank
720.690 780,035 174,854 180,545 1,213,515 1,277,176 271,338 269,965 184,428
177,083 1,669,281 1,724,224 1,423,824
29,252
71,169
161,819
30,167
Cash in vault
74,397
153.824
70,366
69.342
88,987
310,401
321,172
87,235
321.286
5,367,8935,390,624 1,178,046 1,169,190 9,247.843 9
Net demand deposit/
,269.0202,192.8632,181,554 1,772,937
13,213,04313,211,894
810,913 825,159 451,835 445,730 2,449,670 2,462,1711.383,767 1,371,065 992,914 1,761.320 4,826,351 4,826,190 11,252,421
Timedepoelts
992,963
4,058,847
4,836
55,108
3,082
Government deposits
25,489
16,410
85,582
23,875
36,809
85,416
6,433
132,355
9,964
33,500
Bills payable and rediscounts wit.
Federal Reserve Bank:
26,195
7,455
655
29,980
Secured by U.B. Govt. obligation
9,755
42,169
35,100
19,917
5,250
67,912
6,617
67,336
241,213
All other
428
16,570
270
1,536
2,791
12,097
12,008
9.421
13,217
14,268
41,795
35,786
247,471
Ratio of bills payable & rediscoun
With F. R. Bank to total lo
and invaatmanta nap /*Ant
_
0.6 '
0.6
3.0
*RevLsed figures.
Three ciphers (0 )male&
00
Dec. 10. Dec. 3. Dec. 10.1 Dec. 3.
Sales.
STOCKS.
Week Ending Dc. 19. for
Week.
(Concluded)
Vanhers' Ogazette
Wall Street, Friday Night, Dec. 19 1924.
-The review of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 2847.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
Sales.
STOCKS.
Week Ending Dec. 19. for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan_ 1.
Lowest.
Highest.
Par. Shares $ per share. $ per share. $ per share.$ per share.
Railroads.
Mar 463
100 43 Dec 17 43 Dec 17 25
1 1
Ann Arbor. pref
40% Dec 44%
Bangor & Aroostook_ _50 12,900 40% Dec 1 44% Dec 17 70% May 88
Dec 17 874 Dec 17
100 87%
Buff Roch & Pitts, pf.100
Dec 90
100 900 85 Dec 1. 90 Dcc 15 85
Buffalo & Sum(
Mar295
Central RR of N J---100 10,100 254 Dec 1 295 Dec 16 199
Jan 574
20G 56 Dec 18 56 Dec 1' 29
C St P Minn & Om_le
300 91 Dec 1 94 Deal: 684 Apr 94
111
Preferred
69% Dec 19 693( Dec 19 68% Aug 71
25
Cleve & Pittsburgh_100
Jan 59
200 56 Dec I. 56 Dec 13 45
Colo & Sou,2d pref_101
100 300 86 Dec 1. 92 Dec 1. 7134 Mar 92
Cuba RR,pref
44 Dec 19 24 Jan 5
Duluth So Sh & AU_ IGO 1,000 4 Deal
7% Dec 16 34 Apr 84
III
100 74 Dec 1
Preferred
Hudson & Manh, pf-100 700 63% Dec 1 64% Dec 13 57% Nov 64%
Mar 117%
Illinois Central, pref _100 700115% Dec 1. us% Dec 19 104
Jan 85
100 85 Dec I 85 Dec 17 42
100
Manh Elev. gtd
101 2,000 43 Dec 16 483( Dee 19 29% API 50
M St P&SSM
100
100 69 Dec I: 69 Dec 18 50 June 70
Preferred
100 5% Dec 16 541 Dec 16 3% July 64
Nat Rye Mex,let pf_100
Aug 163
50 1,275 159% Dec 17 163 Dec 17 135
N Y & Harlem
Jan 40
100 100 25 Dec It 25 Dec 19 16
Pacific Coast
Jan 141
Pitts Ft W & Chic, pf 100 405139% Deal' 139% Dec 15 137
Pitts & West Va rights_ 3,850 12% Dec 1 13% Dec 13 74 Oct14%
214 Dec 16 22% Dec 17 154 Mar 2531
12,000
Reading rights
Dec
Dec
Apr
Dec
Dec
Dec
Dec
Nov
Nov
Dec
Dec
Dec
Dec
Dec
Dec
Dee
Dec
Dec
Dec
Feb
Sent
Nov
July
Mat.
Range MO/ Jan. I.
Highest.
&MO for
Lowest.
Lowest. I Highest.
Indus. & Miscall. Par. Shares $ per share. R Per share. h Par sham.IS per share.
Dec 3431 Feb
50 500 284 Dec 16 284 Dec 1 28
Midvale Steel
D
• 100 34%ec 1 3434 Dec 15 284 July{ 3934 Jan
Munsingwear
Nag Motors pref____100 400 0434 Dec 15104% Dec 15 Kix July1104% Nov
Dec
Nat Cloak & Suit pf_100 600100 Dec 18100% Dec 17 9134 Mar;10034 Oct
Nat Dept Stores pref_100 200 9834 Dec 15 99 Dec 17 9234 June, 99
Nat Distil Prod pref . 800 43 Dec 18 44 Dec 1 3034 Aug 4734 Nov
Jan
Sept 89
Nat Enam & St pref _100 100 81 Dec 18 81 Dec 181 67
Dec
New York Canners,....' 2,4001 3534 Dec 19 36% Dec 13 32 June 37
Dec
May 20
• 600j 174 Dec 17 20 Dec18; 11
N Y Shipbuilding
Sept
Niag Falls Pr pref new 25 2,000 27% Dec 13 28% Dec 16 27 June 29
Jan
• 100 204 Dec 13 20% Dec 13 18 May 30
Onyx Hosiery
100 200 78% Dec 15 784 Dec 1. 76% Aug 894 Feb
Preferred
Jan, 9816 Nov
18 9836 Dec 18' 92
Orpheum Circuit pf_100 2001 984 Dec
Jan'1094 June
Otis Elevator pref.-100 10010334 Dec 15 10334 Dec 1 96
Oct 7434 Mar
100 1,700 59 Dec 15 62% Dec 18 44
Otis Steel pref
Jan
Panhandle P & R pf _100 200 40% Dec 16 404 Dec 16 29 Sept 40% Jan
Penn Coal & Coke____50 1,000 234 Dec 18 2334 Dec 15 18% Nov 30% July
Mar 5234
Dec 19 49 Dec 19 35
100 4934
P & It C & L etfs w I_ _*
July
78
PhillJones Corp pref_100 500 88 Dec 13 88 Dec 13 82% May 90
Feb
Novi 94
Phoenix Hosiery preL100 100 85 Dec 16 85 Dec 16
Dec
700 90 Dec 17 92 Dec 13 594 June 95
Pierce-Arrow pr pref.__
Aug
Jan 103
Pittsburgh Steel pref_100 800 100% Dec 1510134 Dec 17 95
900 6IH Dec 17 62% Dec 19 61% Dec 6234 Dec
PitTerm Coal receipts
Dec
Dec 86
1.900 83 Dec 16 86 Dec 18 83
Preferred
Pitts Utilities pref ctfs.10 2,900 15 Dec 13 154 Dec 18 114 Feb 634 Dec
Dec 17 42 June 474 Jan
Prod & Ref Corp pref.50 200 43 Dec 19 44
Dec
P S Corp NJ pf 8%__100 020111 Dec 19111 Dec 19 994 Apr 115
8,200 23% Dec 13 2534 Dec 19 12% May 25% Dec
Rights
July
Jan 118
100117 Dec 16 117 Dec 16 113
ngo
Y (
R S Ro fric pref_100
Reis teelb
Oct 163.4 Jan
• 200 12 Dec 15 12% Dec 16 9
Sept
Mar 96
Russia Insurance Co__25 300 93% Dec 17 94 Dec 16 86
Jan 4136 Feb
Shell Trans & Trad_ _£2 600 39% Dee 16 3934 Dec 15 33
Dec
Apr 96
500 94 Dec 19 95% Dec 18 90
Sloss-Sher St & I pref.100
Apr
Oct 100
100 9934 Dec 18 994 Dec 18 97
Spalding Bros 1st lif_100
100 1,700 72 Dec 15 7354 Dec 16 39% May 733( Dec
Standard MMing
July 34% Jan
Dec 16 23
100 200 31 Dec 16 31
Superior Steel
Sweets Co of Am new.50 2,900 1234 Dec 15 124 Dec 16 12% Dec 12% Dec
14% Dec
631
Telautogranh Corp....'13,400 1234 Dee 16 14% Dec 18 260 June
Mar
Aug325
12 8434 Dec 18 285 Dec 18
Tex & Pac Land Tr_ _100
Nov
Nov 39
Union 011 California_.2519,800 3534 Dec 13 3734 Dec 15 35
Dec 13 4234 June 64% Nov
United Cigar St new_ _25 3,600 60 Dec 17 62%
Oct 6% Dec
100 100 5 Dec 16 5 Dec 16 4
U S Express
100 200 22 Dec 7 2234 Dec 16 1534 Oct 3334 Jan
Van Raalte
Jan
61 Dec 19 61 Dec 19 53 Sept 80
1st preferred
Jan
4 June 7
.
__0 100
-Carolina Chem B_101 1,200 134 Dec 15 134 Dec 13
Vs
Dec 134 Dee
Dec 17 1
600 1 Dec 18 134
Certificates
Dec
Dec 4
100 4 Dec 19 4 Dec 19 4
Preferredeertificates
100 14 Dec 18 134 Dec 18 14 Dec 14 Dec
B certificates
Jan
Oct 53
Virginia Coal& Coke 100 100 39 Dec 19 39 Dec 19 35
July
West Elec 7% cum pf 100 600 114% Dee 17 1154 Dec 18 111% Apr117
Jan 814 Nov
804 Dec 15 72
West E & Mt let pref.50 100 80% Dec 15
Dec
* 7,800 114 Dec 13 126 Dec 19 474 Jan 26
West Penn Co
Dec
100 900 94 Dec 18 95% Dec 16 874 Apr 97
Preferred 7%
Nov 10334 Dee
West Penn Pow pref_100 100 1034 Dec 17 1034 Dec 17 102
Aug 72% Jan
100 3,600 19 Dec 15 23 Dec 15 11
Wilson Co pref
July 89% Dec
Worthington pref A 100 300 89 Dee 16 89% Dec 16 68
100 1,500 724 Dec 13 7534 Dec 17 584 Jan 7531 Dee
Preferred B
Industrial & Miscell
Dec
Dee 64
Abitibi Pow & Paper„.* 500 61% Dec 1 614 Dec lo 61
All Ameri-a Cables_ _100 200120 Dee 1 1224 Dec 1' 964 May 1224 Dec
Dec 16 544 Dec 13 52 May 58 Sept
Amer Bank Note, pref.50 400 53%
Dec
Amer Chicle, eertifs_.• 700 38% Dec 16 39 Dec 17 23 Sept 39
Am La France Fire En.
Feb 103
Nov
100 200 98 Dec 16 98 Dec 16 95
7% cum pref
100125 Dec 13 125 Dec 13 12034 May 125 June
Amer Radiator, pref.', i
Oct
Amer Railways Expr.100 600 79% Dec 16 81 Dec 19 774 Nov 83
25
Jan 46% Dec
American Republics-t 3,800 40 Dec 18 46% Dec 19 98
Jan 110
Dec
Mill, pref 100 600108% Dec 16 110 Dec 13
Am Rolling
Amer Safety Razor-100 1,600 35% Dec 1e 36% Dec 15 35% Dec 40% Nov
Nov
Apr 153
100149 Dec 17 149 Dec 17 134
100
American Snuff
Aug
300 94% Dec 1 t 94% Dec 1. 94% Dee 100
111
Preferred
Amer Teleg St Cable_100 200 384 Dec 1. 39 Dec 18 384 Dee 43% Jan
Dec
new.... 1 33,300 84 Dec 1, 88 Dec 17 82% Dee 88
Amer Tobacco,
100 45,400 83 Dee 13 87% Dee 17 81% Nov 874 Dec
B new
Sept 115 Sept
400112 Dec 1 1144 Dec 18 106
Am Type Founders. _111
Am Wet Wks & Elee_ _20 58,000 36% Dec 1. 414 Dec 18 244 Nov 41% Dec
Nov 4% July
100 24 Dec IP 24 Dec 18 1
Am Writ Paper etts_li i
%. Mar 1 Dec
4 Dec 16
4 Dec 13
.
Meets Realization__ _10 1.100
Nov
100 94 Dec 17 94 Dec 17 834 May 94
Assoc D G, let pref..100
Jan 102
Dec
100 100102 Dee 1' 102 Dec 18 89
2d preferred
Apr 54% Feb
100 51 Dec 10 51 Dec fe 47
Atlas Powder, new____*
Dec
100 92 Dee I. 92 Dec 19 82% Feb 92
100
Preferred
*10,600 6% Dec 1. 9% Dec 18 5 June 11% Feb
Atlas Tack
Jan 44 Dec
50 200 44 Dec 17 416 Dec 17 3
Auto Sales
Dec
50 500 15 Dec 17 16 Dec 19 114 Jan 16
Preferred
Dec
* 600 33 Dec 15 39 Dec IP 234 Nov 39
Barnet Leather
100 06% Dec P 964 Dec IS 954 Oct 98 Sept
Bayuk Bros, 1st pref.100
Aug
100 24 Dec 1, 236 Dec 15 1% Nov 6
Stee1.100
British Empire
Booth Fisheries,letpf 100 100 30 Dec 17 30 Dec 17 20 June 42% Jan
100 97 Dec 17 97 Dee 17 84 June 99% Dec
Brown Shoe, Inc, pf-100
Burns Bros, pref__-_100 500 98 Dec 1' 99 Dec 16 954 Mar 99% May
Dec 120% Apr
Prior preferred _ _ _ 100 200 118 Dec 1 118 Dec 15 118
Burroughs Add Mach--• 700 65 Dec 16 65% Dec 18 82% Nov 674 Oct
Aug
Bush Term Bldg, pref100 100 98 Dec I 98 Dec 15 88% Jan 102
25 1,300 16% Dec 19 17 Dec 17 13% Mal 19% Jan
Calumet & Hecla
Jan
Case(H)Thr Maeh.Pf100 500 65 Dec 1. 69 Dec 17 41% Ma) 77
600 31 Dec 17 32 Dec 1. 25% Apr 354 Nov
Century Ribbon Mills_
•18.400 4111 Dec 17 4434 Dec 17 24% Jan 44% Dec
Certain-Teed
2001034 Dec1 1034 Dec 16100% Jan 10534 Jan
Cluett, P dr Co, pref.1 1
Dec
Columbia Gas&El,pi'1 i 1 1,900103% Dec 13 104 Dee 13 103% Dee 104
4 Dec 94 Dec
Solvents rights__ 11,600 534 Dec 13 94 Dec 17
Comm
Dec
• 2,200 13% Dec 1 14 Dec 17 734 May 14
Conley Tin Foil
% Jan 1% Dec
* 6,501 1 Dee 1' 14 Dec 13
ConsolDistributors
Nov
25 1,100101% Dec 13 105 Deal 89% Apr 105
Com Insurance
Corn Prod Heft, pref100 601)120% Dec 1 121 Dec 1611154 Apr 123% Aug
100113% Dec 13113% Dec 13,104% Jan 114 June
Cont Can Inc pref.-100
Dec 95
Feb
Cosden & Co, prof.__100 600 83 Dec 19 84 Dec 131 83
Feb 43
Dec
100 43 Dec 19 43 Dec 111 21
111
Crex Carpet
• 200 624 Dec 18 69% Dec 181 564 Aug 76% Sept
Cushman's Sons
Nov
200 804 Dec 1, 81 Dec 15 614 May 84
Deere & Co, pref____ 1 1 1
200 97 Deal. 98% Dec 13 93 Mar 984 Aug
Devoe-Rayn,lat pf...100
Duquesne Lt, 1s1 p1.100 700 105 Dec 1610534 Dec 16 100% Mar 108% Sept
Aor 96
Dec
E I du Pont6% pref.100 500 94 Dee 15 96 Dec 16 85
Jan
Dee 25
200 21 Dee 18 21 Dec IS 21
Elk Horn Coal CorP.Pf 1
Dec
Emerson-Brant, pref 100 1,500 13% Dec 15 16 Dec 19 74 Apr 16
Dec 44 Jan
Fairbanks Co (The)_ _25 400 2 Dec 15 2% Dec 17 2
Dec
Fail banks-M tern cgs..' 2,400 314 Dec 16 32% Dec 15 25% May 34
Federal Lt& Tr tem etre* 7,000 112 Dec 13 1224 Dee 16 74% Ma 12234 Dec
100
100 854 Dec 16 8534 Dec 16 74% June 85% Dec
Preferred
Ma 146
Dec
Fidel Then Fire I, NY 25 210142% Dec 13 146 Dec 17 118
Dec 1064 Nov
Franklin Simon. pf.. _100 200104% Dec 15194% Dec 15 104
Au 125
100 120 Dec 15 120 Dec 15 113
Oct
Gen Baking Co, pref___*
.
Jan
General Refractories_ _* 300 42 Dec 16 43 Dec 15 31 Junel 55
Jan 107
100 1,100104 Dec 17104% Dec 15 99
Sept
Gimbel Bros, pref
• 1,600 234 Dec 17 24% Dec 15 23% Dccl 2734 Nov
Ginter Co
AP 115
Dec
Great West Sugar. pf 100 300 112 Dec 17114% Dee 13 105
Guantanamo Sugar rte._ 2,300 1-32 Dec 17 3-16 Dec 15 1-32 De 3-16 Dec
Feb
Hanna let pref c I a..100 600 87 Dec 13 87 Dec 13 87
Dccl 95
Hayes Wheel, pref___100 3001004 Dec 16101% Dec 17 10034 Dec 101% Dec
• 1,600 48% Dec 19 49% Dec 15 48% Dee 51% Dec
Hoe(R)& Co,cr
A-Dec
Hydraulic Steel, prof 100 700 6 Dec 17, 10 Dec 13 331 May 10
63 252 Dec 18255 Dec 13 159
Jan 265
100
Nov
Ingersoll-Rand
_* 1,200 64 Dec 13 6% Dec 13 3 Jun
9% Jan
Int Agricultural
4 Dec
4 Dec 13
Its Dec 13
he Dec
new_Int Combustion Eng rte_ 30,100
July 79
Dec
International Salt 100 200 78 Dec 17 79 Dec 18 70
Apr 119
Nov
International Shoe____' 500 114 Dec 16 1144 Dec 17 73
100 1001194 Dec 17 119% Dec 17 115% May 119% Dec
Preferred
• 400 24% Dec 19 2634 Dec 16 24% Dec 3234 Mar
Intertype Corp
Jan 115
Sept
Jones& L Steel pref _100 10011131 Dec 19 1114 Dec 19 109
Feb 99
00 97 Dec 18 99 Dec 1 92
Dec
X C Pow & Lt 181 pret•
% Dec 16
4 Ma
4 Dec 13
1
Jan
10 8,800
Gulf
Kansas 411
Kelly-Spr Tire6% pf 100 300 52 Dec 13 54% Dec 18 40 Jun 78% Jan
Dec 98% Sept
Kresge Dept St pref-100 200 90 Dec 18 90 Dec 18 90
5 300 28 Dec 16 29 Dec 15 25 Sept 3051 Dec
Kuppenheimer
Nov 117
Feb
100 100112H Dec 19112% Deo 19 112
Lorillard pref
Oct 106% July
•16,100 90 Dec 13 98% Dec 1 86
Stores 11
McCrory
Ma 106
Aug
100 100 104 Dec 16 104 Dec 16 100
Preferred
Feb
Mackay Cos pref.. _100 100 88% Dec 15 68% Dec 15 644 Ap 69
Oct 1144 Dec
700110% Dec 16114% Dec 19 93
Mack Trucks letIna pd
Dec
Mallinson(R H)pref 100 100 92% Dec 15 92% Dec 15 78% July 93
July 6954 Mar
100 100 52% Dec 19 524 Dec 19 45
Manati Sugar
28% Dec 31% Dec
•
Manila Electric new... 1,200 30 Dec 13 30% Dec 17 115
Jan 122
Dec
May Dept St pref__ _100 100 122 Dee 19 122 Dec 19
Dec
• 400 995-4 Dec 19 100 Dee 18 sast Apr 101
Met Edison prat
Dec
Metro-Goidw Pie pref_27 10,000 17 Dee 13 19 Dec 15 15 Sep 19
Nov
met 100 300 96% Dec 19 97 Dec 13 9134 June 98
Midland &Prod
2859
THE CHRONICLE
DEC. 20 1924.]
•No par value.
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Baltimore.
Philadelphia.
Boston,
Week Nadine
Shares. Bond Sales. Shares. Bond Sales.
Mare,. Bond Sale,.
Dec. 19 1924.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey. wk. revised_
16,038
29,826
32,713
39,286
38,418
27,728
$14,650
42,700
55,900
50,800
43,150
40,000
7,987
11,332
15,101
20,387
13,425
6,166
54,300
100,500
49,300
38,700
418,900
34,000
1,361
2,485
1,882
1,666
3,937
1,191
817.200
30,000
37,400
26.700
16,000
15,200
184,009
8247,200
74,398
8645,700
12,522
$142,500
172112.6
8102 900
118 182 51 045 000
11.3110
5185.900
Daily Record of U. S. Bond Prices. Dec. 13 Dec. 15 Dec. 16 Dec. 17 Dec. 18 Dec. 19
(High 1001133 101 133 101.00 101.00 1001133 100"n
First Liberty Loan
334% bonds of 1932-47,_I Low_ 10011.3 1001133 100213: 10011n 10011n 1001•31
.1001132 100"n
(Close 1001133 1001133 1001133 10011
(First 334s)
76
19
66
310
223
32
Total sales In $1,000 units.,,
---- 10111ss
---___ ____
____
Converted 4% bonds of (High
---- 101,531
---____
____
____
1932-47 (First 4e)_ __ _ILow_
____
Total sales in 31,000 units__ _
Converted 434% bonds (High 10111n
of 1932-47 (First 4316)(Low_ 1011132
(Close 10121,3
21
Total sales in 81,000 units__ _
____
Second Converted 43.1%(High
____
bonds of 1932-47 (First( Low.
Second 43(s)
____
Total sales in $1,000 units_ __
(High
Second Liberty Loan
____
4% bonds of 1927-42..._( Low_
(Second na)
____
Total sales in 31.000 units__ _
Converted 434% bonds (High 1001131
of 1927-42 (Second (Low_ 1002182
(Close 100"n
4348)
235
Total sales in $1,000 units....
(High 1016as
Third Liberty Loan
4g% bonds of 1928____( Low_ 101in
(Close 101411
(Third 43.4 )
,
910
Total sales in $1,000 unUs___
(High 1011133
Fourth Liberty Loan
bonds of 1933-38_-( Low_ 101"sa
44%
(Close 101113
(Fourth 4348)
1977
Total sales in $1,000 units...
,
(High 105 as
Treasury
(Low. 105183
4}(s, 1947-52
,
(Close 105 at
504
Total sales in $1,000 units___
-_-_
(High
4s '1944-1954
--(Low_
---'Close
Tnlill vielo, en st newt wolf..
5
__ ---- ------10121n 1011131 1011131 101"ss 101nu
.33 1011•32 101"si
1011131 1011133 10111
1011133 101"n 101"as 101"n 101"an
77
28
12
76
120
....- - ------ --101%
------------101133
22
-_- -
----
----
---
___-
----
----
----
----
---100"81
1001131
100"n
175
1011as
n
101,
---100"11
1001132
100"n
322
101",,
1014n
-- -100"n
1001132
100"n
366
101"aa
,
101 n
---100"at
100"st
100"st
349
101"n
101',,
---100"e
100"e
100"r
24!
101'n
101'n
101'31
1011111
101"11
101'31
11
1014
139
10111n
:,
10123
10111.1
526
,
105 a1
105132
105'n
10
1001133
100142
1001132
1090
1011•33
101"n
101nn
403
10.51n
105133
1051ss
103
100113
100113
100113
557
224
1011.33
101"as
1011133
585
,
105 si
105133
,
105 aa
262
10011n
1001133
1001•31
230
225
10 2132
101"as
101"aa
451
105'as
105133
105'n
321
100"u
100"8
100"3
11144
291
1011•3
101",
101"a
291
105.01
104n.
105.01
761
100"3
1008,4
100143
,
15
125
-The above table includes only sales of coupon
Note.
bonds. Transactions in registered bonds were:
101% to 101•8s
1001182 to 100111112 3d 43.113
44 let 334s
30 1st
2d 4318
43859
1011131 to 1011131 23 4th 431s
1001183 to 100"n 98 Treas. 4413
1012131 to 10114,
/
104211n to 10511n
Quotations for U. S. Treasury Notes and Certificates
-See page 2848.
of Indebtedness.
-The review of the Curb Market is
The Curb Market.
given this week on page 2845.
A complete record of Curb Market transactions for the
week will be found on page 2871.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
2860
OCCUPYING FOUR PAGES.
For sales during the week of stocks usually inactive,
see preceding page
111011 AND LOW SALE PRICES-PER SHARE, NOT PER
chwr.
Saturday.
Dec. 13.
Monday.
Dec. 16.
Tuesday,
Dec. 16.
Wednesday
Dec. 17.
Thursday, I Friday,
Dec. 18. I Dec. 19.
Sales
for
She
1Veek.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924.
On basis o 100-sharg Lois
PER SIIARE
Range for Previous
Year 1923.
Lowest
Lowest
Highest
Highest
2 per share $ per share $ per share $ per share $ per share $ per
share Shares.
Railroads.
Par $ per share
117 118
11812 1204 118 1197 1185 119% 11914 1203 119
$ per share
8
8
4
1204 85,600 Atch Topeka & Santa Fe100 9718 Jan 2 120% Dec 18 $ per share $ per share
95
95
95
95
94% 95
94
943 95
Oot 19518 Mas
4
9413 95
913 95
4
Do prof
2,300
100 3812 Jan 2 05 Dee 11
3% 3%
33
4 3%
35
355* Dec 905 Mar
33
8 3%
4 334
8
3% 4
% 3%
3
4,800 Atlanta !Mem & Atlantic...10')
1% Feb 23
14614 14614 214312 144
5 Dec 4
1434 14412 144 14812 14614 147
14 Aug
314
1465 148
8
4,800 Atlantic Coast Line RR
I00 112 Jan 23 148 Dec 8 1097 July 27 Feb
7312 7912 7914 803
8178 82
4 80
8
84% 8134 833
Feb
80
8234 147.400 Baltimore & Ohio
100 524 Apr 22 817 1)ec 17
6418 6418 64% 6514 65 65
8
4013 Jan 803 Dee
64% 6514 65 6512 657 8613 7.301)
4
Do prof
100 364 Apr 18 8512 Dec 19
383 38% 3853 401$ 39
4
405
8 383 3912 3718 3814 3718 38
553 May 807 Mar
4
4
3
22,100 Bklyn Manh Tr v t o--No Par
1312 Jan 4 41% Dec 5
73
73% 723 73
4
72% 7314 7212 73
914 Oct 1413 Dec
727 727
8
727 73
8
2,900
Prof vol tr ctfs
No par 483 Jan 3 75% Dec 5
.412 5
4
4% 4%
412 413
3413 Oct 497k Dec
5%
5
5
2,000 Brunswick Term & Ity____100
1 Jan 3
150% 1505 150 15112 15014 15112 150% 15112 15014 15012 •412 5
8
,
5 2 Dee 9
7 Nov
8
25, Jan
15012 151 18 8,700 Canadian Pacific
100 14214 Mar 10 15613 Nov 28 1398, Sept 180
9814 084 9
94% 967
84 97,
8 9514 9618 9518 9(8
2
915 9534 65,500 Chesapeake de Ohio
Apr
8
100 87%, Feb 28 984 Dec 12
10812 107
107 107
107 107
107 107 *107 10714 *107 107,
57 June 783 Jan
8
900
Do pref
4
100 9912 Jan 3 10918July 25
9 4 913
,
912 914
87
8 94
9Ig 93
96 June 104% Feb
91 104 11,800 Chicago & Alton
8
,
93 1018
8
100
1812 18,2 1818 184 17% 18% 175 183
Apr 15 1012 Dee 8
,
34
48 Dee
8
2 May
13 18
187
8 18
1814 15,800
Do pref
100
84May 20 1978 Dec 8
367 36% 3618 3812 36
8
35, Jan
3614 36
38
357 37
125* Dec
3534 36
4,300 Chic & East Ill RR
100 21 May 5 38 Dec 5
5912 5912 58
59
584 583
19 Aug 313% Feb
4 68% 58
583 60
5312 535* 9,400
Do pref
100 37 May 5 82% Dec 5
93
4 97
8
97 1018 10
912 0
9% 10
%
4613 Aug 6214 Mar
92 92
,
,
1014 12,800 Chicago Great Western
100
4 Apr 30 117 Nov 24
28
2312 281s 28% 27% 28% 28
8
2912 2913 2914 2818 2918 29,100
23 Oct
4
7 Feb
Do pref
100 1012lune 4 313 Nov 24
8
67 Oct 17 Fe2
17
17 8 1612 1714 1614 17
,
1618 163
4 164 17
16313 187 20,800 Chicago MIlw & St Paul._.100 10%
s
294 30
Oct 6 1814 Nov 24
2914 3018 283 29% 2858 29% 29
4
11', Oct 281 Mgr
8
293
283 294 54,400
4
Do pref
100 19
73
73
7314 74
8 74
7234 737
205 Doe 461 Mat
8
75
7312 743
4 7313 743 17,400 Chicago & North Western_100 4914 Oct 11 321g Nov 24
•I1312 115 .114 115 •114 115
Jan 3 75% Dec 8
474 Dec 88 Mar
111 114 •11312 115
114 11434
300
Do pref
45
100
4612 4513 4714 4618 4712 4658 48
9718 Dec 1185* Mar
47
483, 4612 475 95,910 Chicago Rock 18l& P3010,2_10 100 Jan 8 11414 Dec 19
8
9412 9414 9414 9413 94i2 94
*94
0 2112 Feb 15 50 Nov 22
9412 943 913
194 Oct 3772 MA?
8 94
91
800
7: preferred
100 78% Feb 26 97% Dec 1
8314 83 4 827 83% 8318 8312 8312 84
,
2
72 Aug 95 Feb
83% 838 833 8334 2.900
4
a% Preferred
100 855 Jan 2 8712 Nov 28
46
8
4614 4612 4813 47% 48
47
473
607 Aug 85 Mar
8
4 4618 4718 48
41313
100 20 Jan 2 49 Nov 8
131 132
13112 13258 132 13212 133 134% 134 13812 1333 13912 4,600 Colorado & Southern
17
Oct 4513 Feb
8
16,900 Delaware & Hudson
11112 Mar 5 13912 Des 19
142 14214 142 144
14212 143% 143% 146% 14514 148
9314 July 12412 Feb
147 1493 31.200 Delaware Lack & Western.100
3212 3312 32% 3314 31% 32% 313 32% 315* 3218
50 1103 Feb 15 1493 Dec 19 109% Oct 13012
4
8
4
Feb
313* 315 59,600 Erie
100 20% Jan 3 353 Aug 1
4812 4914 4634 48% 4534 4714 46% 47% 4612 47
8
1018 May 223 Dec
4
4512 48%1103,600
Do 1st preferred
100 28% Feb 19 49'4 Dec 13
443 453
4
4 433 453
4
4 4314 44
4312 4413 4312 445* 4334 433 15,300
15
Jan 314 Dee
4
Do 26 preferred.
100 2518 Jan 3 47% Doe 3
7118 7112 7112 7314 73
733
4
4 733 75
733 75
4
105* May 275 Dee
8
7312 744 87,400 Dreat Northern pref
100 533 Mar 3 75 Dec 17
3414 3412 34
4
34% 3314 34
344 35
505 Oct 80 Mae
8
335* 343* 335* 343 20,300
8
Iron Ore Properties_ _No Par 26 May 23 39%
2612 27
28
271z 2512 2618 27
28% 2812 2912 2712 29
25 July 36 Mar
7,803 quif Mob & Nor tr Ole ._ _100 113 Apr 30 2912 Nov 25
86
4
86
86
86
.85
87
Doe 5
87
94
94 Aug 20 Mar
9212 94
.93
9412 6,400
Do pref
100 60 Jan 3 91 Doc 17
28
26,
4 25% 26% 26
2812 2514 26
447 Jan 82% Feb
25
2
253
4 25
203 Oct 30 294 Des 5
4
115% 116% 116 116% 1143 11618 115% 1165 116 1185* 11814 2514 9,600 Hudson & Manhattan
4
8
1163
4 8,900 Illinois Centrat
100 10014 Mar 4 117% Dec 5
1612 1612 1614 1812 .16
1614 1614 17 .16
li95 Dec 11712 Feb
17 .1614 17
1,100, Int Rys of Cent America._ 100 113
62
.60
4July 24 1812 Nov 21
*59
6112 .61
62
61
61
*61
62
.6113 62
2001
Preferred
100 441461ay 12 83 Nov 21
8
8 33
327 327
3412 334 35
34
34
3212 34
--32
323
4 6,1001 Interboro Rap Tran
100 1284 Jan 2 39' Judy17
3812 383
4 3612 377
3 35% 37% 3512 387
94 June
8 357g 373
22% Mar
36
37
26,800 Kansas City Southern--100 17% Mar 28 415
8 Dec 5
155 July 24% Mar
8
57% 573
4 5734 57% .5713 53
*5712 5812 58
58
58 1 58
8001
Do prof
100 5114 Mar 31
74% 7514 73% 75
5912 Dec 5
7312 784 8014 85
81% 813
4853 July 5714 Mar
4 784 8178
50 53912 Apr 10 85 Dec 17
*103 1033 104 105
4
10514 1057 10514 10718 106 10714 10812 10712 86,900 Lehigh Valley.
8
54 June 715* Feb
4,300. Louisville it Nash ville
100 4758 Jan 10 10712 Dec 19
*4718 48
47
4912 48
4912 48 48 .
84% Oct 156 Feb
4814 4812 4814 4312 3,400 Mann Elevated,
•7
•7
3012 Jan 2 517 July 18
*7
mod guar-100
.7
8
8
2712 Dec 4612 Apr
8
9
.7
9
1,000 Market Street fly
614 Mar 15
100
20
2812 .
.
20
1312 Jan 4
28 .20
28 .
712 Oct '22 Mar
20
28 .20
28 .20
28
Do prof.
100 20 Oct 17 404 Jan 5
45
*45
46
4412 4412 *44
45
23
Oct 6812 Mar
4512 48
45
4513 46
1,500
Do prior pref
•14
100 41 Nov 8 7112 Jan 4
18
.14
18 .14
18
5812 Oct 87 Mar
•15
1612 1612 1814 18% 18
600
Do 24 prof
100 14 Mar 18 30 Jan 4
*3
3% 3%
312
148 Oct 5814 Mar
3% 3%
314 3%
3% 3,
3% 33
8 2,000 glinticap & St L (new)__ 100
2
1% Jan 3
43 Jan 28
304 31% 29
8
305 31
8
3114 2918 30
% Aug
29
913 Feb
31
294 3018 70,400 Mo-Kan-Texas RR._
1012May 20 3138 Dec 5
__No Par
7414 7512 74
753
04 Oct
4 7212 74313 7314 74
17
73% 74
Feb
72% 73% 15,600
Do prof
4
100 293 Feb 1.8 75% Dec 15
3218 327
j
8 3214 33
3218 3312 32
441 Oct 1512 Feb
3312 3212 33% 323 33% 51,700 Missouri Pacific
4
oom
100
4
93 Jan 3 344 Nov 20
70% 713
814 Oct
4 70% 7113 7114 7218 7214 73% 723 733
nag Feb
4
4 73
74
45,800
Do prof
*2l
100 29 Jan 3 74 Dee 19
234
2% 2%
2214 Oct 49 Feb
23
21
4
21
2% 2% .214 212
214 2 4
,
1,100 Nat Rye of Mex 2d pref
118July 18
100
113 11312 113 11313 113% 1143 11312 113% 11314 11312 113
3 Dec 4
114 Nov
4
4% Feb
11312
100 93:2 Feb 15 12113May 20
1165 117313 11714 118% 11718 118% 11718 11814 118 1183 11814 11913 6,000 New On Tex de Mex
8
8212 Aug 105 May
4
81,300 New York Central
100 9918 Feb 15 11912 Doe 19
123% 12512 122 1243 12212 123
12512 128
8
9012 May 10714 Dec
122% 12312 12214 123
4,900 N Y e & St L new co
100 724 Feb 18 128 Dee 13
9014 9012 90
6713 Aug 804 Dee
9012 90
9014 9014 9012 893 00,
4
4 89% 897
8 2,503
Do prof..100 83 May 21 9363Sept 5
29
293
4 29% 31
294 3012 297 3214 3112 33 4 31
88 Nov 954 J1D7
8
,
32% 218,600 N Y N II de
100 144 Jan 2 3314 Dec 18
257 25% 25% 2612 253 2614 2534 28
8
4
95 July 2213 Jan
8
26% 2712 2612 2714 23,200 N Y Ontario Hartford
& Western...100 18 May 24 2814 Nov 21
2512 2512 253 25% 26
4
28
27
1414 June 215 Feb
28
8
2712 2712 263 263
4
4 6,000 Norfolk
100 1212 Apr 22 29 Nov 25
12318 1241s 123% 124% 12312 124% 12412 126
9 Sept 183 Feb
126 1277 1281z 127% 44,000 Narfolk Southern
8
8
& Western
100 11212 Jan 3 13213 Apr 8 100 July 11753 Feb
•75
7512 7512 7512 *754 78 .7514 77, •7514 78
7512 •75
4
100
Do pref
100 72% Feb 28 80I8June 10
72 Sept 784 Ant
6912 7018 70
7112 7013 7112 7114 7234 713 73
4
7114 7238
100 477 Mar 3 73 Dec 18
8
48% 483
4 48% 48% 4814 4834 4812 49% 483 49% 48% 4918 60,900 Nrrthern Pacific
4914 031 8112 Mar
4
37,400 Pennsylvania
so 4214 Jan 3 50 Dec 5
.184 21
8
•187 21
477 Apr
•1812 21
407 NJV
4
1912 1912 •1912 2012 183 18%
8
200 Peoria A Eastern
9% Mar 13 2212 Nov 12
100
72
73
z71
72
Oet 17 Mar
8
70
69
70
7014 673 69
4
873 68
8
9,500 Pere Marquette
100 404 Mar 31 73 Doc 13
85
8513 84
85
30
84
84
Jan 4714 June
84
84
84
8412 8412 8412 2,600
Do prior pref
100 7112Apr 23 3512 Aug 2
76
77
75
874 Oct 783 Mar
75% 74
75
*74
7612 75
4
7514 .7412 7512 1,900
Do pref
100 60 Jan 4 77 Aug 8
7114 72% 7014 72
6912 71
6912 71
574 Oct 7012 Jan
69
70% 6818
9,100 Pittsburgh & West Va
100 38 Jan 4 7514 Dec 1
105% 1055 105% 105% •1053 10618 •1053 1064 .1053 10818 •1053 70
8
337 Jan 505 May
4
4
4
8
4 106,
8
900
Do prof
100 8514 Jan 5 1067 Oct 29
69% 71% 7118 723
85 Dee 93
, 7212 7534 75% 79
783 7912 77
4
Jan
7812 159.000 Reading
50 51%May 20 7912 Dec 18
3612 3612 3812 3612 364 40
8812 June 814 Feb
39
40
394 40
38% 39% 9,900
Do 1M preferred
so 31 Oct 14 881 Jan 14
36
36
3614 3714 373 40,2 39% 4214 4112 447
44 June 5812 Feb
4
8 421, 4414 22.000
Do 2d preferred
50 61318 Jan 86 56 Jan 14
•56
61 .
60
61
61
60
45 June 5814 Jan
6414 63
83
63 .63
8312 2,000 Rutland RR pref
100 32 Jan 3 68 Nov 20
82% 63
625 6312 6212 6313 623 633
8
224 Oct 39 Dee
4
4 623 63 2 823 6312 40,000 St Louts-San Fran
4
8
,
100 194 Apr 30 65 Doe 5
797 79% 793 8014 79% 80% 80
8
4
16% Oct 27 Mae
8012 7918 79% 7915 79% 2,800
Do prof A
100 42% Jan 3 8212 Dee 5
52
.527
324 Jan 60 Mat
8 5214 537
543g 52
8 5114 53% 53
53% 5114 52% 12,800 St Louts Southwestern
100 33 Jan 2 55% Dec 5
*7212 7312 z727 72% 724 72 4 72
8
72
2512 Aug 3853 Feb
,
72% 723
8 7112 72
500
Do prof
100 157% Jan 3 74 Nov 26
22% 223
543, June 637 Mar
2212 22
22% 22
8 22
22% 22
23
8
2212 2312 18,100 Seaboard Air Line
100
614 Jan 2 2418 Dec 4
40% 41% 4013 4112 3912 4012 40
43 Aug
4
40% 404 423
74 Feb
4 41
41% 14,900
Do pref
100 1414 Jan 2 4512 Doe 4
1023 10318 103% 10414 10212 10418 1034 1047 103% 105% 10312 1013 135,900 douthern
4
84 Aug 154 Dee
8
4
Pacific Co
100 8512 Mar 26 10513 Nov 12
7712 78
773 78% 77% 78
7714 78
4
8414 Aug 9514 Feb
77% 79,
4 78% 793 62.200 Southern Railway
4
100 3812 Jan 2 79% Dee 19
8114 8114 8112 823
8
24% Jan 3918 Dee
4 823 83
8214 823
4 8212 8212 81% 8214 4,500
Do pref
100 863 Jan 3 83 Dec 16
4
4534 463
03 July
4 45% 46% 4514 46 4 4512 467
8 483 4712 4618 4714 23,600 Texas & Pacific
,
8
70% Mat
_100
19 Jan 3 483 Dec 4
8
•13
1414 1514 15 2 •14
14 Aug 2912 Mai
1512 •1212 15 2 .13
,
15 .1212 15
,
600 (laird Avenue
100
83
46lay 20 1812July 17
812 Dec 1914 Feb
*58
57
57
5714 5714 58
357
57
*5612 5712 . 4 5712
563
400 Twin City Rapid Transit. -100 3913 Oct 2 86
Jan 12
14714 14712 14712 149
14812 150% 1494 151% 15012 1515 1504 1513 65,500 Union Pacific
5814 Jan 7712 June
8
8
100 1285 Mar 3 1515 Dec 18 1244
8
8
7418 74% 7412 74% 7434 .7412 74%
•74
743 *74
Aug 1447 Feb
4
743
4 74
600
Do pref.
100 70 Mar 20 7612 Aug 27
7014 nee
•2714 2712 28
2812 2812 29% 20 34
28
28
314 41
764 Jan
23,200 United Railways Invest
100
75 Apr 23 41 Dec 10
8
5918 603
5913 59
7% Oat 217, Mar
8 50,2 6014 593 5 4 59
4 03
64% 613 64% 18,400
8
Do prof
100 284 Apr 21
8712 68
673 6958 68
4
67
67
26
Oct 62 Mar
6818 68,
70
8 684 70
3,600 Virginia Railway & Power_100 36 Feb 29 64% Dee 18
72 14July 12
215 22
8
30se Aug 3812 Oct
2134 2214 21% 2312 2212 2312 223 23
8
22
22% 51,400 Wabash
100
HA Jan 4 213 Dee 5
8
56% 5718 57
7 Mar 12 Dee
573
4 5712 8014 594 60% 58% 593
4 5814 59 109,900
Do pref A
100 34 Jan 3 6014 Dee 17
4112 42
4218 413 42% 41% 41% 1,600
2314 Jan 364 Dec
38
38% 39
38
4
38
Do pref B
100 2212 Jan 3 42% Dee 18
13
1612 Jan 23% Dee
13
13
13% 1312 13% 1313 1412 1413 1814 15
1614 102.200 Western Maryland
83
100
8.1uno 3 1614 Dee 18
8 Sept 15 Feb
22
22
224 23% 2214 2312 224 2453 24% 2614 233 26
8
20,400
Do 26 preferred
100 15146lay 15 21314 Dec 18
14 Sept 2814 Mar
343 343
4
4
4
34% 3412 35% 333 34% 34% 34% 11,500 Western Pacific
4 343 3514 34
100 143 Jan 2 36% Dee 4
4
Sotp 204 Mar
86
86
8512 8512 855s 85% 8512 85% *85
85% 853 85%
4
Do pref
800
100 58 Jan 7 8612 Dec 6
143 143
53 May 63% Mar
4
8 1418 18,
8
8 1814 17 3 18
4 137 137
4 1414 143
17
,
81,000 Wheeling he Lake Erie Ry -100
712 Jan 2 1712 Dec 18
293 30
4
3212 30% 31% 23,000
Oct 104 Feb
2912 30
2713 283
.4 284 32313 31
Do pref
100 1414 Jan 2 3212 Dec 5
10
Oct 19
Feb
Industrial & Miscellaneous
9214 93
92 •
923
92
4
3923 927
8 925* 9312 *92
92
9212 2,100 Adams Express
100 7312 Jan 2 9312 Doe 8
07 Boot 82 Mar
1412 15 4 15
1534 16
15% 164 153 16
1512 3,600 grivance [tamely
4
1512 16
,
100
6 June 9 1638 Dec 10
612 Oct 1918 Mar
51
52 .
51
50
51
5218 514 5114 5114 51 14 51
51%
900
Do pref.
100 2814June 14 54 Dec 10
24 Nov 04% Jan
.8812 89% 89
4 885 903
8
8912' 8912 89,
89
89
4 5.000 Air Reduction, Inc___.No pa' 8714
2 8912 893
Jan 2 93 Dee 9
1234 1312 1314 14
56 July
134 13% 123 13% 24,700 Ajax Rubber. Inn
135 14121 133 133
8
72% Mss
4
8
60
446,1ay 14 1412 Dec 16
4
is
.1212 .1212
44 Oct 147 Mar
18 .13 3,000 Alaska Gold Mines
8
•15
14
4 .15 .12
10 .10 Oct 24
14 Feb 2
58 Mar
Is Aug
14
1 18 •118
1
118
1
*1
118
118
114
1
118
1,200 Alaska Juneau Gold M.10
5 Jan 30
8
112 Mar 4
% Oct
1% 0422
8318 8378 8212 84
85% 84% 85% 30,100 Allied Chemical & Dye_No par
84
83% 85
825 88
8
65 Mar 18 8712 Dee 8
594 Aug 80
Jan
.11812 119
118 118
117 118
117 118 •11712 118
118 118
200
Do pref
100 110 Apr 8 1185 Dec 8 1054 Aug 112 Mar
8
67
68
72% 48,200 Allis Chalmers Mfg
6712 70
7012 727
8 7114 72% '71% 72% 71
100 41 May 20 72% Dec 16
371 June 5114 Feb
103 103
4
102 10312 1035* 104
104 104 .104 1047 104 101
8
900
Do pref
109 90 Apr29 104 Dec 16
5714 Jan
89 Nov
.145 15
8
134 14% 13% 13% 1334 14% 4,300 Amer Agricultural
8 145* 148
145* 147
Chem_ _100
718 Apr 7 174July 29
1018 July 36% Feb
4012 417
41
414 401g 407
3 3814 39% 38% 3914 38% 395
Do pref
8 3,300
100 183 Apr 7 495* Jan 9
4
284 Oct 68% Feb
• 4234 434 423 4314 43
43
4313 43
4
43% 43
437
4312 6,600 American Beet Sugar
gots Feb
4913 Feb 6
25 AIDS
32
3334 3212 334 325* 347
3313 3478 3314 3414 334 3412 23,500 Amer Bosch Magneto_ _No 100 36 Mar 21
par 2214 Apr 1
38%
22S4 Oct
60 Mar
90
90
89
289
89
90
9012 89
89
89
90
8912 1,300 Am Brake Shoe & F__.No par 70 Apr 14 9112 Jan 12
Dee 5
804 Sent 8314 Feb
107 10714 107 10714 108 10714 10714 10714 *107 110 31063 1068
4
200
Do pref
100 10414July 10 110 Mar 28 102 July 110
Jan
1475, 14812 148 14913 14812. 15112 15018 15314 152% 161
158 16312 190.600 American Can
734 Jan 107% Dee
100 957 Apr 21 18312 Dee 19
8
11612 117
117 1171s 11712 1173 3 11612 116
11814 11814 11614 11612 1,400
4 ,
Do prof
100 109 Jan 8 119 Oct 27 108 Sept 116 Feb
11803 1847 z181 183
4
8
17912 18113 180 18112 179 1813 182 1833
4
4 7,500 American Car & Foundry_100 1534 Apr 14 184% Dec 13 14814 July 189
Mar
•124 125 z124 124
124 124
12112 12112 •12112 1227
123 123
Do prof
500
8
100 118% Apr 9 125 July 18 117 Sept 125% Jan
24
243
8 24
2418 .237 24
24
8
24
24
2418 s233 24
8
1,800 American Chain, el A
26 21% Mar 21 25 Sept 5
20% June 254 Mar
38
38
38 38
3812 4012 39
407
3934 6,000 American Chicle
8 3912 4014 39
No par
5% Jan 17% Nov
143 Apr 22 40% Dec 17
4
*53
4 6
553 53
4
53
4 53
4 *53
4 57
5% 53
4 1,600 Amer Druggists Syndicate. 10
4
8
4 53
53
34Juue 6
418 Sept
7 Oct 25
7% Feb
'140 147
14812 1493 148 15184 148 148
4
148 150
148 149
7,400 American Express
137 Nov 14312 Map
100 88 Apr 15 1518 Deo 16
11183 119
8
119 1204 119 1203, 11912 1213 1213 12314 12312 125% 8,500 Am & Foreign Pow
4
4
25% paid__
96 Dec 97 Dec
9213 Mar 8 1255* Dec 19
L1193 1197 11914 11934 11912 12012 12012 122
4
8
122 12212 124 126
5,100
Full paid
9112 Apr 4 126 Dec 19
_
1312 1313 134 1312 .1312 133
4 134 134 1314 13 4 •1314 13% 2,100 American Slide & Leather_100
,
74 Apr 28 1453 Dec 9
816 Aug 13% Mar
•
7012 71
70
71
897 70
8
70
70
70
703
3,510
8 69
70
Do Diet
100
604 Jan 3 72% Dee 5
29% Aug 7444 Mar
•1416 and asked prices. a Ex-dividend. S Ex-rights.
t
1
t861
New York Stock Record-Continued-Page 2
usually inactive. see second page preceding
For sales during the week of stocks
rein JtIAKS
NOT PER CENT.
HIGH AND LOW SALE PRICES-PER SHARE,
Friday,
lirednesday Thursday,
Tuesday,
Monday,
Saturday,
Dec 19.
Dec. 18.
Dec. 17.
Dec. 16.
Dec. 15.
Dee. 13.
Share $ per share 5 per share
$ per share $ per share $ per share $ per 8812 87
8712 8914
87
8 8812 8912 8712
883
8611 8834 87
73
78
78
7712 7712 *77
7718 7718
4
4 773 78
773
•77
1 341
8 334 3314 3212 3314 3312 34 8 33 4 113
334 334 3314 337
4
1112
8
1114 1114 1118 1112 113 113
4
11% 1178 1134 113
2412 2112
253
25
26
4 2512 2618 26
263
2558 26
25
45
45
45
4 45
4
453 453
47
4614 .45
45
44
44
97
9112 914 9312 93
884 8812 8912 89
4
871 8812 88
12018 •119 12014 120 120
311812 120 *11812 120 •118 12012 12018 50
504
50
8
495 493
4
5012 493
50
4
503
50
50
50
132 132
133 *130 134
130 13512 113412 136 *131 13212 *131
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1 1924.
-share lois
On basis o 100
Lowest
Htghest
rein Jr1 altd
Range or Prerious
Year 1923.
Lowest
Highest
$ per share $ per share $ per share
Shares. Indus. & Miscall.(Con.) Par
Oct 11111 Apr
78
96 Feb 7
100
5,900 American Ice
Feb
77% Oct 89
83 Feb 5
100
DO pref
500
16 Sept 3312 Mar
3518 Nov 28
8,400 Amer International Coro-100
4
101 July 13 Mar
1214 len 9
10
La France F E
3,800 American
Oct 38 Ma'
13
2818 Dec 4
100
2,700 American Linseed
Feb
2812 Oct 50
48 Nov 29
100
Do pref
1,500
7614 Dee
4
641 July
97 Dec 19
par
49,000 American Locom, new_No
120128ept 29 11412 Sept 122 Feb
100
Do [ref
300
2
404 June 557 Mar
8
515 Dec 10
No par
7,900 American Metals
Dec
Jan 97
78
135 Dec 15
25
4,000 American nu-Bator
94 Feb
44 June
28
1014 Nov
25
American Safety Razor
2112 Jan
105* July
154 Feb 11
par
; .,,
-5 - -8- 665 Amer Ship & Comrn___No
4
123
5114 Oct 691, Mar
- -791% Dec 19
. Tili -iY2 -12 8 -1.2i2 -- - - -1.2T2 12
1211/ 2
-iiiz - 1- - Hi2 - - 2 -12
8 884 915* 51,400 Amer Smelting dr Refining_100
93 June 102% Mar
10512 Nov 6
4
8912 883 8912 834 8912 8312 893
100
4 88
8712 873
Do pre
1,500
314 July 404 Mar
444 Dec 18
1054 10512 1055* 105% 1053 106 106
10512 10512 1055*
8
1045 105
8 4414 4434 31,300 Am Steel Foundries....-33 1-3
974 Aug 10514 Feb
4118 4418 117
4312 43
10914 Nov 19
43
100
8 424 43
4218 427
Do pref
200
Feb
Oct 85
10718 10718 •10718 103
48
6134 Feb 7
110 *106 10712 10712 10712 *107 109
-100
•I07
77.900 American Sugar Refining
53
52
92 Dec 108% Jan
4
5212 545* 513 54
994 Feb 14
5114 5011 51
100
4 50
5014 513
Do pref.
3,300
4
923 93
93
364 Feb
18 July
4 93
923
924 92
2812 Jan 9
9114 9214 02
100
92
92
Sumatra Tobacco
4
133 1414 5,300 Amer
4
133 14
123 14
4 1212 13
4
8 113 123
3212 July 65% Feh
104 117
100 2212Sept 9 69 Jan 16
Do pref
300
June 12334 Deo
42
*4112 431 *4212 434
8 41
394 395 395
*38
100 12118June 26 13114 Dec 18 11914 July 161% Feb
2
0341 38
4
13312 13434 x13133 1314 20,000 Amer Tele(' & Teleg
140,
8
8
100 1365* Mar 25 1817 Nov 11
8
1327 13318 13318 1334 1334 1337 13312 134
American Tobacco
Mar
101 Apr 11 1084 July 23 1004 Nov1054 Feb
100
Do pref
300
8
8
1047 1047
8
11333 Nov 11 140 May 159%
10412 10112 1044 1014 *10412 105 *10412 105
14114 105
Do common Class 10 10 1354Mar 25 141 Dec 3
2712 Jan4434 Apr
--_- ---_ ____ ___ ______
40 Feb 18
v t c .10
---- ---- ---- ---- ---- ---- ------tm Wat Wks & El
___ _____
Jan
8514 July 93
101 Dec 11
---- ---- ---- ------- -- -- -- -- -- -- --.-- -- - - .10018 100% 10018 10014 1004 10014
Do lot pre(7%) v t 0.100 8912 Mar 21 102 Nov 17
700
43% Jan 8712 Den
1004 10918
*100 105 *100 105
Do panic pf(6%) v t cbS 66 Feb 19 787 Jan 1.1
900
9912 9912
65
998 100
Oct1095* Mar
101 101
8
*99 101
51148ept 10
100 100
100
100
100
3 Oct1111 Jan
8
4
98
8
665 634 664 697 103,800 American Woolen
4
8
8
607 6112 6118 6214 624 6414 633 60
100 90 Oct 25 1025 Jan 19
Do pref
9512 1,000
1 14 Dec 34 Mar
7 July 14
4
4
Ili Apr Id
9812 /9614 9314 *953 9314 9611 963 !96'g 964 96
•98
700 Amer Writing Paper pref _100
434 43
194 Feb
.44 5
5
64 Oct
5
5
5
512
Mar 29 1112 Dec 5
7
54 518 .518
3,300 Amer Zinc. Lead & Sraelt___25
11
8 11
4
241 Dec 5814 Feb
1114 10% 114 1012 104 1012 107
11
25 24 June 5 35 Dec 4
104 11
Do pref
4,000
8
337 34
34
4
1
/ Oct 5312 Mar
32
8
8 3414 3412 34
4
345* 317
344 313 35
2812May 20 433 Dec 10
33
8
427 35.600 Anaconda Copper Mining. 50
4
881 Oct 0414 Dee
4
8
943 Dec 13
4214 413 4214 42
.
425* 4112
4
424 413 424 42
42
100 8314June I,
1834 Oct
4
923 9312 1,400 Armour & Co (Del) pref
93
93
1012 Nov
9314 91
*9314 91
6 Oct 27 15 Jan 9
8
9418 913 /9214 94
8 94 2,400 Arnold Conttle&Cov to Nopat 79 Jan 15 14012 Nov 19
624 Jan 89 Mar
4 94 *87
83
4 814
83
4 84
.83
84 9
84 9
100
3,300 Associated Dry Goods
13712 1371
2418 Oct 2912 Dee
110
137
13612 1374 136 136
4
13414 13414 1363 137
25 2712 July 16 344 Feb 5
8
34 Met
3212 317 321 18,700 Associated Oil, new.
94 July
3112 31
D23 9
8 31
3112 317
4
4 313 32
313
31
Gulf & W 1 SS Line....100 1014 Mar 26 23 Dec 9
8
4
64 July 27 Mu
4
4
193 225* 213 224 205 2194 8,600 All
re
2118 2112 2112 215* 205* 21
100 1212 Jan 4
Do pref.
2884 2,100
4 2312
999 Sept 15312 Jan
2718 235* 2778 283
23
4
273 284 *27
29
*28
100 781 2July 16 11018 Jan 31
4 7,700 Atiantto Refining
Jan
8
May 120
925* 917 923
8 91
4
9214 893 907
9134 9212 90
8534 89
100 108 Oct 27 118 Feb 7 115 Jul, 35'2 las
Do pref
100
17
114 111 •114 115 .114 1111 *114 115
1812 Mar 28 33% Dec 12
*11312 115 *114 115
3111 9,400 Austin. Nichols & Co_No par
4 31
314 3114 313
3112 324 31
5912 Jan
8
327 3312 3212 33
June
785*
_100 79 Apr 17 91 Nov 25
Do prof
9034
894 .83
89
652 Dec 2814 &pi
91
812 Jan 2
9012 *83
112Nov 7
4
893 .83
894 .83
•83
100 Auto Knitter Floalery_NO par
212 212
4
4 *212 23
8May 20 13214 Feb 19 11612 Aug 1444 Mar
4 *212 234 .212 234 .212 23
.212 23
1261s 13234 125,900 Baldwin Locomotive Wks.100 1043
12534
4
Apr 1161 Jan
111
4
123% 12378 124 1215* 121 12618 1233 12513 1214 11412 116 116
100 1101/June 10 .t712 Nov 28
Do pref
300
Fs Aug35 Mar
11412
88une 30
115 115 .114 116
Feb 16 215
•113 115 *113 115
207 14.200 Barnstiall Corp, Clam A_. 25 14 Jan 7 1614June 30
Jan
4 20
203
Oct22
6
1912 2012 1912 201z 1912 194 194 194 1934 15
25 10
Class B
Do
*1414 1512 10,000
1414
64 June 824 Am
8
2May 16 59 Jan 5
1518 1518 147 15
15
15
•1412 15
4 3.800 BaYuk Otgars, Inc ___No par 3914 Apr 15 595* Nov 28
4
484 Dec8414 Mar
4
4712 473 473 *4612 473
4 4712 474 4712
473
45
47
•48
20 443
574 574 7,300 Beech Nut Packing
70
5712 53
5
415*
8
5712 584 577 55
100 3734 Oct 22 6218 Feb 15 10014 June 11114 Ma/
5712 5712 565* 577
Maa
8 4812 4912 29,000 Bethlehem Steel Coro
8
435 491
June
434 49
Feb
4814 494 4858 4919 4812 49
Do cum cony 8% pref _100 10114 Apr 12 11014 Feb II
100
110 *103 110
.103
87 July 9712 Mar
109 109 .103 110 .10818 110 *103 115
100 891 2June 30 07
new
Preferred
4
900
944 943
712 hill
95
95
4
31 Oct
9134 95
718 Jan 6
9118 95
95
322,1une 11
No Par
944 914 .94
8 55* 1,600 Booth Figheries
55
Jan
512 58
54 55*
512 512
•514 512 *514 512
100 1071 4June 2 12414 Dec 12 1044 May 121'4
1,600 drooklyn E1Ison. Inc
4
12112 1213 12014 121
12014 122
4
21 824 Dec 16
4
12214 1223 1223 123
•121 123
80'1 29,100 Bklyn Union Gas new_ No par 565* Apr 27 7612 Dec 1
4
-3
41 8 Oct 654 Apr
4 8014 8112 783 8014 80
823
81
818
8
807 8112 80
100 39 May
Sept 1445* Ma.
7014 704 7112 741n 4,600 Brown Shoe Inc
70
70
73
72
7112 73
71
71
100 9712 Feb 26 i12,2June 27 100 Sept
4,700 Burns Brothers
9312 99
Jan
43
100 10112 95 101
2111
102 103
19% Feb 26 29 Nov 21
10312 10334 103 103
Do new Clam B oom.___
22
221
8,700
4
215* 23
2412 2218 23
44 Oct 111 Feb
23
914 Dec 1
25
25
52June 25
3
27
5
•25
814 8.400 Butte Copper & Zino
8
4 84
73
84
134 June 22 Aug
8
84
8
8
814
8
17 Apr 28 233 Jan 23
8 8
7
7
100
2114 2012 2012 4,600 Butterick Co
4
127 Oct 3772 Mat
2114 2158 2114 2114 21
4
4
8
10 14 May 29 213 Dec 16
207 2118 213 22
8
2014 213 24,000 Butte & Superior Mining
94 Feb
114 Nov
4 204 21% 2018 21
213
414 Jan 19
1 Nov 18
8
197 204 204 215* 21
1,100 Caddo Cent 01: at Ref _No par
11
114 .114
14
14 114
77 Aug 87 Feb
8
13
114
112 112
10412 Dec 3
Vs
114
1.500 California PaOting.___No par 80 Apr 30
Sept 295* Myr
1004 10114 101 10178 101 101
1714
914 Feb 5
July 18
8
*9912 1005 101 10114 101 10112
22% 2212 2318 224 2314 23.300 California Petroleum. new. 25 1912
22
8 22% 2312 2212 23
4
213 227
934 Sept 11012 May
100 9212July 16 107 , Jan 31
Do pref
4001
931 *9712 9812
1252 Feb
*9712 9312 98
3% Oct
97
97
8
55 Jan 9
97
10
97
212May
10
*0614 981
418 12,200 Callahan Zinc-Lead
4
4 10
4
418 414
Oct 66 Ma/
414
42
4
44
4
5514 Dec 3
10 414Mar 31
4 418
33
200 Calumet Arizona Mining
53
53
53
Pa Feb
4
8
4 Oct
8
4
13 JulY 18
5414 *5212 5114 525 525 *523 5314 *5212 - -- --_Is Mar 28
•5212
Vo par
- - __ -- Case (J I) Plow
- -17 Dec 42 Mar
_ _ _
__ _
14 Mar 19 35 Dec 8
_
1,500 Case Threshing Mach_No par
*3012 -31
:30
95* Nov 4.012 Mat
3112 io -364 30
ii
5612 c
97 Mar 28 215* Dec 15
52i4 i214 iiii2 100
Leather
1978 204 13,000 Central
4
1
/
754 Mar
2318 Nov
8 2014 2114 2018 203
215* 2018 213
8
207 2138 21
100 294 Mar 6 5814 Dec 15
Do pre(
5018 564 13,300
5518 5512 563
3812 Oct 5012 Mat
55
Dec 5
5714 5714 5714 58'4 5514 57
19.500 Cerro de Pasco Copper _No pa, 404 Mar 31 52 Jan 2
52
51
4
503 51
Oct 78 Mat
13
8 505* 51
5034 515
5014 51
264 Nov 10 6612
505* 51
_No par
Car_
3712 x3614 364 17,100 Chandler Motor Car..
36
4
754 June 001 Mar
36
35
311
355* 36
34
79710.1ay 15 9314 Dec 19
344 35
,
9318 93 4 3.500 Chicago Pneumatic
93
9312 93
93 .93
9238 92
6112 Apr 10
9114 91
91
2,900 Chicago Yellow Cab._.No par 39 May 12 3512 Aug 18
50
/50
493 50
50
4
493 493
a,4924 50
4
493 5012 50
245* June 365* Mar
31,1ar 29
25 253
4
3114 3418 343 31,400 Chile Copper
3414 34
1434 Aug 314 Mar
344 3112 34
344 315
3114 343
5 15 Mar 28 284 Dec 4
2618 1.200 Chino Copper
764 Mar
4 2614 2614 26
90 July
4
4
277 *263 2712 263 263
7512 Jan 30
2712 .27
27
2,000 Cluett, Peabody & Co__ A00 55 Oct 7 8318 Dec 9
60
60
6514 Oct 83% June
61
5312 5914 60 60
61
4
603 61
60
80
7,600 Coca Cola Co v t o____ .No par 61 Apr 21
8014 8011 81
Oct 355* MaY
20
8114 8211 x80% 8118 8018 8114 8014 8012 80
8
100 247 Feb 15 5114 Aug 5
Colorado Fuel & Iron
97,500
8
4514 433 4112 434 45
Oct 514 Dec
4114 43
Ill
42
4014 415
Jan IS
394 40
3,300 Colutuhlan Carbon v t c No par 39345ept 30 555* Dec 19
4912 50
4918 50
3014 June 375* Apr
4
493 5012 4912 50
Mar 2i 4714
50 .4914 50
60
4612 4714 48.000 Col Gas & Elec. new....No par 33
Feb
Apr 48
4612 4614 47
25
8 45
4514 457
4512 4512 46
45
4312 Jan II 13114 Dec 17
1233 13114 121 12514 111912 121% 3,000 Commercial Solvents A No par 33 Jan 15 12911 Dec 17
15 Apr 40 Dec
11014 11012 11118 119
•107 108
No par
B
5.500
119 121
4
10714 10912 112 1193 119 12912 123 124
888ay 19 4614 Feb 19 c4412 Dec 184% Nov
104 101
No par 323
Congoleum Co_ ._
4
8
4214 4338 4238 4412 425 434 424 433 18,700
145* Dec 395* Jan
8 414 43
413
41
8
113 Mar 25 30 Nov 28
No par
6,900 Consolidated Clgar
28
234 28
2712 27
60 Dec 83 Feb
4
4
274 274 27, 281 2 2612 273 *27
100 59% Apr 24 84 Jan 15
Do pref
1,100
824 824 .824 83
83
83% .81
4
4 823 834 •82
823
82
4
4
551 July 623 Feb
8
8
1107 Jan 2 797 Dec 12
Pa
774 774 50,900 Consoll1ated Gas(N ININo
8 7714 78
Oct 1
8
7834 7712 7 4 77% 777
7814 784 78
Consol Gas,E L & Pot Balt101 129 Sept 15 155% Jan 5
_
-14% Feb
Oct
8
-- - - -i
-- - 2% Apr 22
-- - - - -- - Consolidated Textile__ _ No par
%
4T4
4%
575* Dee
412 424 May
412 1%
412 1%
414 1%
12
1
4
100 4312 Apr 14 694 Dec 19
Can, Inc
1214 Jan
Oct
b
38
4
8
657 -643 855* 6512 671 2 674 1 12 6812 6914 52.400 Continental Motors__.No pa
84 Dec 10
8
647 654 65
8 Apr 22
84 812 101,400 Continental
812
84 812
84
88 812
28
8 812
83
4
8% 85*
Products Refin WI ___25 3112 Jan 15 43, Nov 5
61.900 Corn
624
22
- -14 Sept - - Mar
424 425* 424 424 4114 423* 4114 4218 404 42
4114 42
8Sept 30 4014 Feb
No par 225
56,600 Cosden & Co
4
2634 253 27
26
8412 Mar
574 Sept
8 2514 264 254 26
267
7352 Dec 5
2412 2618 26
7338 73
758 39.700 Crucible Steel of America...10048 May 13 93 Dec '3
7312 715* 72% 72
85% Aug 944 Mat
7214 734 72
7112 73
100 86 May 22
Do pref
300
95
9114 *91
Feb
91
•93
20
812 Aug
Feb 6
07 '9414 9512 9414 9414 94
•96
1012 Oct 22 18
Vs par
8 9,400 Cuba Cane Sugar
1212 127
8
8 125 1314
3312 Aug 854 Dec
1312 1334 13% 135* 1314 133
2
8
717 Feb 1I
1312 137
100 535* Apr 21
Do prof
27,500
57
8 56
8
8
8 555 567
8
23 Aug 371 Feb
6618 5714 557 567
8
567 58
8
574 575
Nov 11 387 Feb II
10 2314
2 8,500 Cuban-American Sugar
2914 295* 2912 2912 294 291
Apr
2914 30
92 July 106
293 30
30
30
100 96 Jan 4 10014 Nov 21
Do pref..
100
9814 .98
9314
1214 Mat
3 July
4 978 978 597% 9314 .98
973
812 Feb 5
4
973 .97
Velma 16
'97
54 512 6.850 Cuban Dominion Sugar No pa
,
54 6
39 Aug 5812 Mgr
518 514
518 514
62 Feb 5
54
44
4 5
43
100 38 Dec 15
Do prof
1,70
40
8 39
3918 403
544 July 7212 Dee
3814 3312 38 38
38
38
7412 Jan 3
•___ 42
No par 454 Nov It
7.100 Cuyatnel Fruit
4
533 548
5 543
5312 5412 5312 54
8
553 567 /544 5514 53
6 Nov 6 32,4 Mar 6
8% 8% 2.800 Daniel Boone Woolen 811112; 25
4 812
314 Dec
73
812 812
8
2038 May
77
4
718 8
12 841 Jan
74 8
8 433 4714 43,200 Davison Chemical v t o_No par 3312 Nov 21 224 Dec 5
445
8 4218 4538 4318 4478 44
18% Dec 28 Mat
423* 413
4214 43
184 Jan
De Beers Cone Mines__No par
4
2234 . 4 223
213
4
4
8
4
223 .217 223 *213 223 *214 2234 .22
4 Jae 30 1151 Dec 9 10014 June 111 Mar
*2218
100 100
8
1143 1143 11414 1153 111214 11214 2,500 Detroit Edison
4
3
30 4 May 644 Jan
11518 11514 1144 11514 11412 115
4
113 Nov 19 204 Jan 7
4 1312 135* 1312 135* 1,400 Dome 811059, Ltd __._No par
8
4
14, Juae
4ct
3
II
4 1312 1312 1312 133 •1312 133
133 133
115* 1,10* 9 18 Dec 3
1612 2,500 Doaglas Pectin
8 16
165
1512 155* 16
16
4
164 16
89% Jan 1153 Apr
16% 1612 16
8Nov 26
Eastman Kodak Co___No par 1044 Apr 21 1147
10912 1103
1094 11014 10912 110
6,500
10978 11038
110 11018 110 110
27 July
Oct
20
4S50t 11 2418 Jan 8
83
Eaton Axle & Spring __No par
173
1514 16
22,700
8 16
15
165
15
Feb 1 1064 Jan 148% Apr
•1212 1314 1318 1312 1012 13712 135 1363 1364 138
138 13934 53,100 E I du Pout de New & Co_100 112 May 20 14178 Dec 4
111 374 Mar
52 3,
134% 13514 134 13512 13414
6313 16,900 E1e2 Storage Battery __No par 5012May 18 66
8 62
6414 647
124 Dec 2014 Jan
6414 6412 6412 654 644 653* 644 65 •
50 11 Dec 12 1158July 26
Coal Corp.
111
100 Elk (Toro
71 Feb
1112 1112 1112 *1112 1212 *11
88 Dec
1112 .11
312July 23
12 .11
%June 23
•11
200 Emerson-Brantingham Co_100
*212 23
212 23
*212 23
.212 23
4
587 Oct9414 Jan
.212 23
8May 0 7318 Dec 1
*212 23
5,300 Endicott-Johnson Corp___ 50 557
701
694 6912 70% 70
6312 7012 69
Oct118
Jan
70
70
70
100 105,2June 26 116 Jan 17 110
6912
Do pret
_ 115 115
200
____
4
197 Dec 31
Jan
2412 Aug 1
11412 11412 *114 115 .113 115
1812,1ay 21
•113 115
800 Exchange Buffet Corp_No par
20% 204 .20 if .2012 21
21
62
Oct93
Jan
2014 20
20% .20
.20
Players-Lasky_No par 61 Jan 29 96 Dec 3
8
9234 9112 0214 9334 923 933 30,600 Famous
82
Oct9914 Feb
29314 9134 933 95
8 Jan 28 10514 Dec 15
100 877
944 95
Do pre (3%)
.10534 10611
700
4
4
4
5 Juno
13 Nor
5% k 4. I
2218 Dec 17
106 106% *1053 1063 1053 1053 .105 1053
•10514 106
2214 2214 2,500 Federal mining A Smelt g_100
4
1912 221g 213 22
1912
2
8114 Jun
80, Feb
4 19
100 WI Jan 2 62re Dec 17
1714 174 1812 183
Do pref.613
4 594 6 138 15,800
8 59
74 Sept101 Jan
912 5712 827
5
2
134 Jan 26
58
5814 5914
912 Jan 23
No par
59
*57
8
200 Fifth Avenue Bus
•113 12 .114 12
•1138 12
8
No par 163 Jan 23 226 Dec 13 140 July 21214 Jan
9 113 11% 11% 11%
*114 115
Body Corp
1,500 Fisher
218 218 *213 222
215 215
4
2213 223
8
57 Oct1612 Feb
812fline 6 134 Dec 10
224 224
No par
222 226
29,000 Flab Rubber
s 1312 1212 1318 1212 13
100 38's July10 85 Dec 9
1318 1332 1318 1312 127
2
127 13
First preferred
3,300
80
7912 8112 80
8
8212 817 82
4 alai
5715 Feb1/1 8212 82
82
No par 4414 Jan 22 9014 Nov 28
83
83
3,500 Fleischman Co
4 8312 834 83% 8214 83
534 Oct785* July
8
8
No par 6812 Jan 11 945 Dec 12
8
1827 833 *8212 8234 823 915
8312 84
8 9212 944 9112 931 27,500 Foundation Co
g 92
Jul.
927
91
No
No
928 0312 9212 933
Texas Co
8
97 1012 24,400 Freeoort
8
97 10
1012
5 Dee 423 Apr
g's
3 ji 9
14 4
e 5 4771 Jan 7
iir
7114 0
3 29ePt 21
pa
11% 1014 1014 10
8
95 1078 11
4
4
2,40 Gardner Motor
4 4
*33
4
4
4
5812 001
4
71, Feb
4
4
No par 3512May 28 53 Dec 19
4
4 4
•33
g
8,800 Gee Amer rank Car
4 477 494 4912 53
47 473
47
47
8
23 kw
100 3138 Apr 11 593 Dec 9
54 Mar
48
z48
48
48
5712 584 26,100 General Asphalt
564 58
564 57
44 .,
60
43
8 565* 573
Mar
5858 574 587
57
135 rsrat________._ .100 714 kw 51 96 Dec 9
830
9512
9512 .92
95 .92
9112 9134 .92
944 95
95
•92
051. 5 EZ•nglitl. az.4lviuieI1d.
1 145 300il in 11
•-HS and ailed prioes: no gale. 0611814
$ per share
72 Aug 28
7512 Nov 3
4
171 Mar 19
10 May 19
1334May 7
30 Apr I.
701e Apr 15
11614 Apr 16
41une 3
383
944 Apr 16
8
57 Apr 22
104 Oct 28
5712 Jan 14
96 Jan 2
3312 Apr 21
10114 Apr 25
35 Oct 30
77 Oct 30
642111y 11
i --o4 ,
___
4 iii
2862
New York Stock Record--Continued-Page 3
For sales during the week of stocks usually Inactive,
see third page preceding
HIGH AND LOW SALE PRICES
PER SHARE
-PER SHARE, NOT PER CENT.I Sales
PER SHARE
STOCKS
Range Since Jan. 1 1924.
Range for Precious
for
NEW YORK STOCK
Monday,
On Oasts of 100
-share lots
Tuesday,
Wednesday Thursday
Year 1923.
Friday,
the
EXCHANGE
Dec. 15.
Dec. 16.
Dec. 17.Dec. 18.
1
Dec. 19.
Week.
Lowest
Lowest
Highest
Highest
$ Per share $ per share $ per share $ per share $
per share $ per share
145 150
152 155
145 100 •147 150 .146 150 2148 148 Shares. Indus.& Miscell.(Con.) Par $ per share
$ per share 5 per share $ per share
3,600 General Baking
9612 96
97
Vs par 93 Jan 12 160 Sept 24
985
8 97
98
72 July 1034 Nov
96
97
96
96
96
10,600 GeneralCigar,Inc
•
107 10812 *107 10812 *107 10812 *107 10812 96
100 8214 Apr 30 985 Dec 15
8
8018 June 974 Dee
*107 10812 10812 10812
100
Debenture preferred
275 27612 2763 28412 280 2843
100 100 Apr 3 10812Sep1 17 10414 Nov 110
4
4 279 282
Apr
28112 285
4
2833 288
66,000 General Electric
11
11
11
100 19312 Jan 3 288 Dec 19 1675 Sept 20214 Dec
1118 114 1118 11
2
11
11
1118
11
11
3,200
Special
00 4 5112 61
3
10 1013 Apr
614 603 6158 6012 614 6034 6113 604 615 47.400
4
1014 Oct 12
Jan
8
General Motors Corp__No par 5534 Oct 29 1112Ju1y 11
*92
9314 *92
934 9214 9214 *92
15 6214 Dec 1
93
9214 9214
200
Do pref
2 93
*92
9314 *9214 93
100 80 Juno 4
9238 9212 *92
79 July 89
933
Apr
4 9214
600
Do Deb stock (6%)-...100 8012.Juno 9 93 Dec 10
10212 103
102 1024 10214 10214 1024 1024 10214 9214 *9212 93
9312 Dec 10
4
783 July 90 Apr
1023 10212 10212 1,800
4
77 Preferred
40
415
8 4132 4214 41
100 954July 10 10312 Dee9-4134 411g 4112 414 425
8 42
424 25,500 General Petroleum
58
.583
8 58
25 382
8June 9 45 Aug 4
583
4 5852 613
4 6032 6112 604 647
---8 61
8
645 54,800 Gimbel Bros
12
12
No par 4718June 6 647 Dec 18 -- - - June -- -12 - - *12
1214 1214 14
8
3912
131s 131, 134 135
51
Air
8 13
13
5.700 Glidden Co
4214 4214 .42
No par
8 June 6 15 Nov 19
43
*42
4212 4134 4258 *4134 4214 4112 4134 1,000 Gold Dust Corp
6 Sept
12st Feb
343 343
4
No par 2812 Apr 10 434 Nov 26
4 35
3614 3614 373
14 37 3712 363 374 14.860 Goodrich Co
2 37
37
4
(B F)
•9014 92
No par
*91
17 June 19 3712 Dec 18
92
92
92
92
8
92
173 Oct 4118 Mar
92
92
*9112 92
400
Do pref
8412 8014 8413 8518 8514 865
100 70143.1ay I 92 Dec 10
8
8934 88
6734 Oct 9212 Mar
903
8 88
89'u 20,700 Goodyear T & Rub pf v t 6_100 39
10714 1075 10712 1077 10712 10712 87
8
Jan 4 90 8 Dee 18
8
,
*10712 103
35
Oct 6213 Apr
10712 10818 21053 1013
4
2,200
Prior preferred
173 173
8
8 175 18
100 884 Jan 2 10812 Dec 18
8
1712 1814
88
Oct 99 Feb
177 174 18
8
18181 1814 1852 4,100 Granby Cons M,Sm &
414 414
Pow100 1212 Apr 14 214 Aug 20
44 43
8
4,
8 412
12
Oct 33 Mar
44 43
2
4
414
3 3 414 6,500 Gray & Davis, Inc_ __No par
7
212 Oct 10
94 Jan 11
634 Dec
1553 Mar
9628 964 2944 95
9212 9412 9218 93
92
9314 9112 924 13,300 Great Western Sugar
.16
17
25
16
174 167 167 *16
8
8
167 *16
8
1678 167 167
8
2
600 Greene cananea Copper_100 8314 Oct 22 934 Dee 13 . -- -_- - - ---*6
612
638
10 May Id
638
54 6
185
8Ju1y 22
*512 6
12 51 2
1353 Dec 844 Mar
.
5
53
800 Guantanamo Sugar____No par
4 54
8112 8112 2793 817
4 s Nov 11
1
4
1018 Feb 6
8 804 82
803 813
4
5 Sept
4 8214 835
1412 Feb
8 8312 864 27,900 Gulf States Steel _ _ ____ _100
57144 3712 3714 375
62 May
8 37
374 373 377
66 June 1045 Mar
2
8 37
8
3752 3612 375
8 5.300 Hartman Corporation_No par 31 Sept 20 8914 Feb 7
36
363
4 36
10 4434 Feb 4
3718 365 383
8
8 373 3312 373 334 371s 377 23,000 Hayes Wheel
4
793 Nov
4
947 Feb
4
2
8
42
4214 *42
100 3214May 20 524 Feb 4
4214 41
41
4112 4112 41
31 July
44
4112 54113 4212 1,400 Flomestake Mining
Apr
3612 3612 364 3618 36
364 23512 36
54 Dec 794 Jac
354 355 *3514 3534 2,500 Household Prod, Ino. _No 100 35 July 1 5613 Ian 3
8
733 78
par 313 Apr 19 38 Nov 28
5
2
754 7812 743 7714 753 76
8
4
284 July
755 774 7512 7812 25,400 Houston 011 of Texas
8
394 Mat
3414 3458 2335 3414 333 344 337 3412 3358
100 61 Apr 22 8212 Feb 5
8
4
493 Aug
8
4
3414
78
Feb
17
1714 163 1738 1634 1712 163 1718 163 1718 334 3414 29,500 Hudson Motor Car____No par 2012May 13 344 Dec 4
4
4
20 June 324 Mar
4
17
1714 6,500 Hupp Motor Car Corp_„_ 10 11 13May
1
214
17
8 24
13
IS J30 2
1
24
1
1512 Dec 304 Apr
13
8
118
14
13
8 13 33,720 Hydraulic Steel
8
10
No
11
104 11 14 1012 11
is Jan 2
24 Dec 15
102 1012 104 1034 105 114 13,909 Independent 011 & Gas_No par
8
12 Oct
612 Jan
8
par
5349apt 27 1312 Nov 24
332 Sept 1114 May
Indiahoma Reflning
18 18
5
--12 Nov 19
------1734 173 .173 1812 *1712 1812
24 Jan 17
1
Oct 19 Mar
4
4
900 Indian Motocycle___No par
5
1512.1une 6 2514 Feb 4
5
514 53
3
514 53
8
5
518
18 Dec 194 Dee
5
5 14
53
3 513 4.909 Indian Refining
46
10
46
3 4 Apr 12
3
464 47
718.1tine 18
464 4718 463 4718 4634 4718 47
4
312 Dec
812 Apr
4714 5,800 Inland Steel.
Vs par 3112May 16 484 Nov 28
3018 3012 2938 3072 2958 3012 30
30
3118 July
295 30
8
4652 ADP
2914 303
2 7,590 Inspiration Cons Connor - 20 224 Feb
28 3114 Dee 5
234 Oct 434 Mar
____ ____
1nternat Agticul Corp pref_100
r111 1114 11112 11218 11214 11212 1125
312!klay 29 1018 Ian 8
44 Oct 3972 Feb
8 115
11518 11612 11613 11712 5,000 Int Business Nittchines_No par
5812 59
83 Apr 11 11712 Dec
253
534 53
54
5312 533
____
4 53
__
___
53
527 531
8
2,950 International Cement__,Vo par
3618 38
403 Apr 21 5912 Nov 19-31 - June -44 ik,far
4
3714 39
3612 3818 3618 37
21
8
_365 3734 374 3338 112,860 Inter Combos Engine_No par
10614 10712 1073 10812 10612 10813 10612 10734
22 Mar
8
39 Deo 15
1952 June 2718 Apt
10638 107
107 10313 19,100 International Harvester-100 78 Jan 31
3 10912 Dec 19
663 Oct 0812 Feb
4
115 115
115 115
115 115
11518 11518 .115 1154 *115 11514
400
Do pref
1334 14
100 106 Feb 26 11513 Nov 19 106
14
1414 137 137
2
8 135 14
8
Oct 11614 Jan
134, 1312 13l 14
4,200 lot Mercantile Marine
4114 443
100
64 Jac 2 155 Dec 5
8 4418 4134 4312 443
8
8 434 444 4418 4513 443 463 25,100
44 Aug
1152 Feb
2
8
Do prat
2313 24
1012 2612 Mar 26 473 Deo
233 2418 2352 2412 233 2414 2312 24
8
4
1812 Aug
4
Jan
47
2312 24
37.100 International Nickel (The) 25 11.13May 9 2512 Nov 4
.92
95
*9312 94
*93
28
95
103 Oct
*9312 95
*9312 95
3
*934 95
164 Feb
Do prof.
100 7512May 29 95 Nov 10
503 514 5112 533
4
4 5112 527
6934 Jan 83 June
8 5118 52
.52
5412 53
554 21,500 International Paper
•727 7312 727 727 *7112 73
100 3412 Apr 15 59 July 15
8
8
2778 Oct 584 Mar
8
*7112 73
7312 7312 7314 7312
600
Do stamped preferred.100 6211 Mar 25 7 17 Oct 1
873 8914 887 897
4
2
8
8 897 913
60
8
Oct 7512 Jan
4 895 9138 9013 9012 907 91
8
8
7,000 Intern:it 'Telep & Teleg
1412 147
1(40 66 Feb I 914 Deel.6
8 144 1512 15
64
8 15
155
Oct
7113 Apr
1512 147 154 1518 1513 21,800 Invincible OH Corp
8
.__No par
8212 84
1012July 17 167 Jan 2
83
8 84
845
8
9012 91
713 Nov
924 94 1004 9412 9912 7,200 Iron Products Corp_
1914 Mar
__No par 3912 Apr 2 1004 D33 18
207 21
8
20
21
3212 Aug 5814 Mar
2012 2012 2018 2018 203 2113 21
8
225
8 9,600 Jewel Tea, Inc_
10212 10212 *100 10312 10214 1024 *101 103
100 1652 Apr 15 2314 Jan 2
153 Oct 24 Mar
8
103 10512 105 106
900
Do pref._
•1712 19
100 78 Mar 31 103 Dec 19
1814 1813 1813 1812 183 197
02 June 8812 Dee
4
2 194 1972 20
2112 5,400 Jones Bros Tea, Ins
51
190 14348e1st 10 2712 Jan 3
517
2 5014 513
8 5118 5252 5072 5112 5014 5114 250
203 Dec 63ss Mar
s
507 18,700 Jordan Motor Car
8
No par 21347,1ay 20 525 Dec
.2713 2813 27
2712 28
3
16-2812 27
2714 2714 283
4 2714 274 9,300 Kayser (J) Co, v t 0._ _No par
*86
8912 *8713 8912 *8712 8912 .88
1614 Aug 16 384 Jan 18
23 July
8912 89'4 8914 *88
454 Feb
8912
100
Do 1st pref
No par 77 Aug 16 10212 Feb 11
1713 1752 1713 1814 17
174 173 1712 1712 173
96 July 104 Mar
2
4 1712 183 17.100 Kelly-Springfield Tire
8
•48
4912 4912 495
25
93
4June 20 35 Jan 10
8 497 494 495 494 50
s
8
2012 Oct 624 Mar
52
*51
52
900
8% preferred
953 104
4
100 33 June 21 88 Ian 10
101 103
99 102
100 100
78 Nov 108
99
99
Jan
297
99
6,700 Kelsey Wheel, Inc
._100 76 May 7 101 Dec 13
534 54
537 543
8
8 537 543
2
4 535 544 534 5458 544 547 05,200
76
3
Oct 11714 Mar
8
Kennecott Copper _ __No par 3418 Jan 21 514
17
8
17
8
2
2
2
2 18
2
Dec 19
292 Oct
8
24
45 Mar
24 218
2
2
2,700 Keystone Tire & Rubber . 10
•82
84
112 Oct 22
83
8312 8314 834 *82
44 Jan 9
85
152 Oct
11 12 Mar
83
85
8313 81
2.000 Kinney Co
1432 440 *43012 440
No par 5214May 14 85 Dec
435 440 *425 430
18-450 45014 452 452
500 Kresge(88)Co
100 28713 Jan 17 452 Dec 19 177 Mar 300 4418 47
Deo
4612 477
8 454 47
4514 47
4558 4612 45
46
8.200 Kresge Dept Stores__ _No par 4212 Nov 12 627
1110 1l13'119 112
110 110
8June28-110 110 *109 110 *110 111
500 Laclede Gas IL (St Louls) _
•1213 123
4 13
1314 1318 1314
1314 133
75 July
8 13
S113 Jung
2
133
8 1278 1314 5,500 Lee Rubber & Tire. __No_100 79 Jan 2 113 Nov 18
64
par
647
8 6312 64,
8 May 13 1718 Jan 11
4 64
6414 6313 6114 6412 654 66
111 Oct 314
2
6813 9,200 Liggett& Myers'Tob
-new. 25 50 Mar 26 6813 Dec 19 1113 Apr 1184 Mar
111812 11912 *1163 11934 *118 11934 118 118 *118
4
4
119 *118 11912
Jan
100
Do prat
643 6412 6414 643
8
100 1147
sJuly 7 121 June 26
8 633 64
4
634 64
6414 65
6.523 6814 13,100
B new
6652 6714 663 6714 6634 6712 675 69
25 187 Mar 28 6814 Dec 19
8
4
8
68
69
674 7014 26,500 Lima boc Wks tern ctf _No par
2212 2312 24
66 June 9 7014
25
2414 25
2313 2412 23
5814 June
234 23
7474 Mao
237 96,900 Loew's incorporated... No par 1512June 25 25 Dec 19
8
612 65
8
64 67
Dec 15
8
614 612
63
14 June
8 63
8
63
214 Feb
8 612
612 67
8 3,900 Loft Incorporated
No par
.78
80
512 Apr 22
7812 80
79
84 Jan 11
7912 78
78
8 Sept
78
7813 7818 7834 2,400 Loose-Wiles Biscuit
1158 Jan
100 50 Mar 6 84 Nov 8
3618 363 2354 364 347 3012 3473 35
4
2
3413 35
3614
6614 Dee
344 3453 19,000 Lorillard new
25 334 Nov 21 4014 July 2 July
333 337
2
8 3314 343
8 3314 344 335 347
8
8 33
3414 2324 3312 16,600 Ludlum Steel
-'Jo par
H1412 120 *11413 119 *11412 116 *1147 117 *11413 117
17 Oct 28 344 Dec 17
8
*11413 117
Mackay Companies
114 11578 2113 11412 11318 1143 11212 114
WO 107 Jan 2 119 Aug 1 103 May
4
11312
121 8
Feb
8
.105 107 *108 11012 •10334 107 *10312 107 *104 1153 1 15 1177 44,200 Mack Trucks. Inc.. - - --No Par 754 Apr 14 1177 Dec 19
2
5812 Jan 934 Apr
107
105 105
300
Do 1st preferred
100 954 Jan 16 106 Nov 20
•99 101
*97 10012 *974 100
*9712 100
99
87 July 9014 Mae
99
*9712 100
100
Do 2d preferred
100 87 Apr 22 101 14 Dec 9
6812 6812 6812 70
70
71
6914 7014 693 7112 7014 703 12,200 Macy(R II)
72 June 92 Mae
4
4
& Co. Inc-No Par 59 May 15 7112 Dec 18
3713 3713 37
3814 3712 373
4 37
57 July
714 Jan
3713 3713
4,700 Magma Copper
35/2 36
353 36/2 3582 3641 357 3734 *37
2
No par
2 394 354 361.4 323 38
2714 Oct 3814 Mar
2 3512 36,100 Mallinson (11 R) & Co_No par 21318June 14 3814 Dec 6
18 Mar 28 4112 Dec 4
•42
4434 443 443
8
8 42
434 14
*121 43
21 June 40
Jan
44
.4
433 4114 1,400 Manhattan Elec SupPlYN0 Par 3314 Mar 21
4
327 33
8
4934July 15
32
3212 313 317
3
2 314 32
35
31
Oct
3113 31
66 Mar
314 12,800 Manhattan Shirt
25 31 Dec 10
27
2812 2818 29
28
283
4 28
285
40
8 28
Oct
287
477 Jan
8 2813 29
2
11,600 N1aracalbo 011 Expl___No par 245 Oct 14 44 Jan 10
3538 38
8
3712 385
8 363 3813 3614 3714 3718 383
3712 Jan 26
4
16 Sept 284 Dec
8 3714 3812 119,300 Marian,' 011
No par 29 May 12 42 Feb 5
174 Oct 5952 Apr
51114 12
1112 1113 113 1314 12
4
14
124 137
2 1312 1314 5,200 Marlln-Rockwell
No par
8 Jan 8 174 Mar 11
324 3211 3214 333
3614 3614 3634 354 36
8 33
314 Nov
10 Feb
3438 3534 20,900 Martin-Ferry Corp
No par
314 Nov
4912 50
4813 494 49
5314 5112 5614 54
26 July 374 At 2
56
55
5834 20,000 Mathleson Alkali Works._ 50 2952May 28 3752 Jan 17
804 807
2 805 817
4
8
8 82
8118 8214 834 82
314 Oct 834 Mar
834 8213 8318 60,700 Maxwell Motor Class A....100 38 Apr 13 583 Dec 19
14 8112 DeC 16
3812 3934 385 3912 38
8
36
Oct 6314 Mar
393
4 3714 304 364 3154 37
3814 92.000 Maxwell Motor Class B.o
1013 Apr 30 3914 Dec 13
111 112
1103 11212 11112 11312 111 11212 11114 11312 11018 1117 20,000 May Department Stores_ par
4
104 Oct 21
8
AP11
100 8212 Apr 21 115 Dec
•147 1512 147 15
8
3
12
6752 Jan 93 Dea
*1472 15
147 144 1514 1513 *15
8
1512 1,000 McIntyre Porcupine Mines__
145 Dec 11 1814 Jan 7
8
1912 2012 20
2012 20
2012 2014 203
15 Sept 204 May
4 2018 207
8 204 2214 32,800 Mexican Seaboard(311_No par
1412 Jan 3 25 4Sept 12
2212 223
3
4 2212 2258 223 223
4 225 225
3
534 Aug 234 May
8 2212 225
8
8 2212 2252 7,400 MI3M1 Copper
5 20 May 19 25 Aug 18
138
112
13
8
2012 Oct
112
114
13
12
3 112
8
114
13
8
304 Feb
114
114 19,100 Middle States Oil Corp__ 111
1 Aug 14
•68
67 Jan 2
2
69
312 Nov
6814 74
72
7218 7112 72
743
4 71
1214 Jan
705 7312 24,900 Montana Power
8
100 6114June 17 744 Dec 16
4512 464 4612 4714 46
5412 June 75 Mar
467
8 46
47
467 17
8
4 464 473 78.000 Mont Ward & Co III Corp_ 10 213
3
451:ty 20 48 Nov 19
243 244 24
8
184 May
243 234 2414 2312 233
3
4 2312 2312 235 2418 7,500 Moon Motors
2614 Nov
8
No par
1712 Oct 28 2712 Feb 7
82
3
81*
814
173 Jan 294 Mal
4
812
814
3
82
3
88
87
4
8 4 83
,
2
814 82
2 7,700 Mother Lode CoalitIon_No par
8 May 10
17
914 Feb 16
17
16
1714
718 June
1712 1814 175 177
8
8 17
17
14
*163 17
4
Feb
2,300 Mullins Hotly Corp
No par
9 Mar 22 1814 Dec 16
190 1903 1904 1903 188 188 *188 191
4
1012 Aug 2972 Mar
4
191 192
19312 198
2,300 Nash Motors Co
'Jo par
964 Apr 29 198 Dec 19
•712 8
712 712
712 712 *718 712
(512 Jan 11412 Jan
7
73
8 *712 712 1,000 National Acme
50
314 Oct II
1012 Jan 28
7118 7138 71
7 Nov
7312 72
734 7113 724 7112 72
1818 Feb
71
7212 12,600 Nation/41111,watt
25 5014 Mar 28 7714 Sept 23
126 127
38
12612 12612 *12613 127
Jan
4
1263 1263
4
_
_
200
Do pref
10e 12012 Jan 8 12611 Dec 17 11812 July 5272 Nov
*654 6614 663 694 6912 707
8
8 695 70 *12612- -- *12612- 125 Feb
8
70
70
*66
5,200 National Cloak & Stilt
70
100 44 June 5 707 Dec 16
8
42 42
40 June 674 Feb
42 42
8
4158 42
4114 42
413 42
24111 42
4,500 Nat Dairy Prod ten ett2.No par 3018 April
4114 Dee 4
•373 3834 38
4
3813 383 383
4
4
4 3712 384 2,100 Nat Department* ores No par 3614
4 3713 3814 373 373
Oct 27 43 Jan 9
32
344 June 424 Apr
3212 3112 33
31
31 12 *3012 3112 3134 3412 33
3458 9,300 Nat Enam'g 3 Stgraping_100 18128801 8
4
444 Jan 17
35
Oct 73 Mar
158 158
158 16112 1594 160
159 1627 16312 165
160 160
8
21,700 National Lead_
100 12312 Apr 21 16914 Aug 15 108 July 148
1164 11614 11614 11614 11634 1163 11612 11612 11614 11614 *11614 117
4
500
Do pref
1011 11112May 27 118 Sept 9 1074 June 114 Dee
577 5813 577 58
58
4 59
8
Jan
5712 5712 577 583
3
2
4 59
82
4.000 National Supply
50 5112 Oct 10 7212 Feb 4
15
5412 Oct 684 Dee
15
15
1514
15
1518 15
15
1518 15
1478 15
2,900 Nevada Consul Copper___ 5
1172 Jan 2
1558 Dee 9
48
4814 4852 4912 493 493
912 Oct
183 Mat
8
534 5414 524 544 32,100 NY Air Brake temp ctfe No par
8
4 4912 53
364 Apr 22 5414 Dec 18
41
2653 Jan 4272 Nov
5 2 5412 54
5512 55
5412 54
54
54
56
553 56
4
4,400
Clam A
No par
474 Jan 7 56 Nov 17
2912 31
404 Aug n1 12 Feb
*3018 3012 297 3018 30
8
29
3012 30
30
30
2,800 New York Dock
100
19 Jan 9 374May 23
54
5418 543 543
1514 June 27 Apr
4
4 5414 5112 5114 5414 5458 547
8 1,500
8 5414 547
Do pref.
100 4112 Feb 27 5514May 14
4214 423
374 Aug 5112 Mar
4 423 4314 4178 4314 42
4
4234 423 427
8
8 42
8
427 46,400 North American CO
10 22 Jan 2 45 Dee 4
4678 47
1712 May 244 Apr
464 47
4614 4714 4612 47
*4613 463
2
4 463 4612 3,400
Do prof
60 437 J30 2 51)14 July41
8
*812 912 .814 912 *812 9
4212 July 4812 Feb
.812 912 *812 9
Nunnally Co (The)...
*812 9
.......No Par
4
7 Apr 11
2
912 Dec 9
773 Oct 1018 Feb
4__ __ _ ___ __ _
4,700 Ohio Body & Blower__ _No Par
. __
_ _
14 Dec 1
*8
7
43 Jan 14
2
14 Dec 104 Jan
.6
7
*6
76
6
*6
_- 7
100 Ontario Silver !kilning
7
100
43 Mar 24
4
254 26
84 Oct 14
3 July
26
914 Dec
2614 2614 263
2 2614 2612 2614 2612 22612 2612 4,100 Orpheum Circuit, Ins
1
18 Feb II 2612 Dec 17
1614 June 2152 Apr
8212 8312 83
8312 834 8334 8212 84
8212 8318 827 8314 2,800 Otis Elevator../
8
50 684June 24 8511 Dec 9 11412 July 163
912 10
934 103
8
Feb
912 904
93 1018
8
94 1012
1014 27,100 Otis Steel
952
No par
614 Nov 6 117 Jan 26
443 4412 444 453 244
8
3
7 June
14e4 Mar
4
4412 4318 4312 4314 433
4 4312 433
4 8,100 Owens Bottle
25 3914May 29 47 Jan 10
3652 Jan 523 Apr
4
_ Pacific Development
10314 1633 jai 1633 903f3 iiiis; ii..
3 Jan 2
2
1 14 Jan 11
4 Nov
4
::
-4
214 Ma/
- iiii- 104 101,3 1034 104 2,000 Pacific Gall& Electric
100 9012 Jan 4 10414 Nov 29
73 July 944 Dee
*84 03
4
9
9
9
91
*9
913 *84 912 *83
300 Pacific Mall Steamship__ 5
4 912
7 Apr 7 104 Jan 9
50 3 5212 55134 523
3
7 July
4 504 513
1234 Ma,
4 5012 513
4 513 5318 525', 5312 66,800 Pacific 011
4
45 Apr 22 5314 Feb 5
14
1414 1414 143
3114 Sept 624 Dee
4 1412 1478 1412 145
1413
4
4 143 147 24,900 Packard Motor ear
8
10214 1024, Mal, lnal. *Ina'. Ina 51021., Inn 8 5I022 143
10
2May 1
97
144 Dec 16
97 Oct 154 Mat
2
, 103
1021 4 10214
Preferred
600
_100 4912 Apr 24 10214 Dec 12
9012 June 99 Feb
•Bid
4.44.1 orio88: act 4.0es tans day. s
Far esliie un4540a frau) SLaa t. 550 and urines on teat basis 110/41t1.11114
.1,
1110 5
a 188-rigota
Saturday,
Dec. 13.
•
ia_
2863
New York Stock Record—Concluded—Page 4
page preceding.
For sales during the week of stocks usually Inactive, see fourth
PER SHARE
PER SHARE
Range for Previous
Range Since Jan, 1 1924.
STOCKS
Sales
HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Year 1923.
-share lots
On hags of 100
NEW YORK STOCK
EXCHANGE
.1ile
Friday,
Wednesday, Thursday,
Highest
Tuesday,
Monday,
Saturday,
Lowest
Highest
Lowest
Dec. 19.
Dec. 18.
Dec. 17.
Dec. 16,
Des. 13.
Dec 15.
Shares.
per shank
per share
$ Per share
Par $ per share
Indus.& Miscell.(Con.)
2
1
/
i Per share $ per share $ per share $ per share $ per share $ per share Shares.
53 Seta 93 Feb
83% Dec 19
3
3 6112 633 46,000 Pan-Amer Petr & Trans-__ 50 444 Feb 14 6212 Dee 19
584 5753 594 5913 607
59
58
58
5614 58
504 Oct 86 Feb
50 4114 Feb 14
B
Do Class
4
4
4
81 Ape
55
57
5612 573
4 563 5712 564 5812 584 6013 603 6212 274,700
114 Oct
418 Jan 23
6
112Sept
400 Panhandle Prod & Ref _No par
5312 4
33
.313 4
33
332 4
*314 4
*314 4
-4
15 Dec 6 - 4
3 July 1
100 Parish & Bing, stapd .No par
8
4 17
513
4 17
3 *13
4 17
4 *13
4 13
13
8
4 17
8 *13
4 17
*13
par 24 Sept 8 35 Dec 8
No
7,800 Park & Tilford
4 3214 33
333
3 33
337
g 33
334 337
API
6
3314 337
3 3314 34
Oct
414 Jan 17
14 Oct 16
3
4 17 10,900 Penn-Seaboard St'ly t oNo Par
13
2
4 17
13
2
4 17
13
13
2
2
4 17
4 172
134 17
13
86 Apr 984 Dee
5
1,500 People's0 L & C(Chic)_ _ -100 9244 Apr 29 11912 Des 19
116 11612 116 11612 11412 116 *115 116
4
1153 11534 116 116
41 July 5014 Mai
56% Dec
50 4278May 1
4
4
4
8 5312 544 533 5414 533 5512 5518 563 22,200 Philadelphia Co (Pittsb)--Par 344 Mar 28 5278July 31
547
4 54
543
54
1
/
8 484 4914 4818 4918 4813 4914 70,700 Phil,& Read C & Ow I_No
484 4714 485
ADs
4854 48
47
14
- Aug 80
900 Phillips-Jones Corp_ _ _ -No Par 44 May 14 88 July 31 11 July 2419 Dee
83
81 '79
81
83
8178 8212 *82
80
8 76
8212 837
114
4 Jan
1558 16
16
14,390 Phillip Morris & Co Ltd....10 11 July 10 233 Apr 5
8
4 153 1614 1512 1573 16
3
8 157 163
1612 167
4g
19 Sept 6952 Apr
Petroleum_ No par 2812 Oct 3 4212
3
8 353 3612 3612 374 62,600 Phillips
8 3518 355
355
154 Jan
64 July
344 364 x3512 3612 35
618May 13 16 Dec 9
1414 1434 6.500 Pierce-Arrow Mot Car_No par
15
1418 14
1518 14
4 14
4 144 153
2
1412 143
1312 July 355 Jan
100 1812May 15 54 Dec 9
Do pref
8.300
3
487 5014 4812 4912 49
52
524 50
112 .11.1111
6 Feb,
4912 4912 60
44 Jan 22
112 Apr 3
25
112 134 7.400 Pierce Oil Corporation
153 153
4
8 13
15
8
8 17
15
4
3 13
15
Jan
4
14 13
Oct 45
16
Jan 21
100 20 Mar 4 36
Do pref
26
2,100
2512 25
25
25
2512 2512 2414 2414 25
24
24
—
4
53 Dec 5
2
43 Oct 11
No par
514 512 45,900 Pierce Petroleum
54 533
518 51*
8
54 53
514 54
r
8
518 53
Jan 67 *
7
58
4
Dec 15 633 Mar 12
8
100 485
8
15,500 Pittsburgh Coal or Pa
4 503 52
4
503 507
5014 5014 5014 51
8
8
505 5214 485 51
Apr
Oct 100
96
3
100 947 Aug 21 100 Apr 4
Do pref
200
9814 *97 100
•97
*97 100
98 98
98
98
*98 100
1114 Sep
10 July
8
167 Dec 8
9% Jan 2
9.000 Pittsburgh Utilities pref__.100
4
8 153 16
1514 155
15
3 1514 1534 15
8 153 157
4
8
155 157
47 July 134 Feb
96
5,500 Poetum Cereal Co Inc_ _No par 4812 Apr 22 9814 Dec 16 10812 June 1144 Jan
95
97
*96
4 97 97
983
974 9714 9812 97
97
117 Oct 2
100 110 Feb
Do 8% preferred
100
11613 11623
*11612 117 *11612 117
4
*1164 1163 *11612 117 *11612 117
4213 Oct 814 Jan
62 Jan 26
100 39 Aug
4,500 Pressed Steel Car
4 5812 597
4
4
8 57
573* 573 5812 573 583
573
5713 5718 57
Oct 99% Jan
80
100 67 Aug 15 90 Feb 6
Do pref
400
*8112 8224
82 82
82
82
821 *8112 82
*82
82
82
5818 Mar
17 Nov
4
3
283 2834 9.400 Producers & Refiners Corp_ 50 223 Apr 22 4312 Jan 22
283
28
28
27
8 2714 29
287
27
28
25
414 Dec 5112 Apt
Mar 25 6914 Dec 3
39
3
6814 68 4 6818 6884 31.500 PubServCorpofNJ new No pa
6753 681
8
8 675 681
4 6753 683
4
663 673
July 134 Mar
100 11312 Apr 10 147 Dec 8 11012
4
8
1
/
1434 1431 143 1445 142 14434 14134 1433 14212 14414 143 14612 17,700 Pullman Company
8
417 July 6914 Apr
50 3818 Dec 19 8752 Mar 14
4028 39
49's 3818 394 17,000 Punta Alegre Sugar
4 40
403
8
414 4153 403 4134 39
32 Feb
164 Sept
20 June 6 3014 Dec 6
2
2973 60,500 Pure 011(The)
3 29
297
4
287 293
4 283 2924 29
30
8
2814 2934 29
8212 Aug 100 Mar
Do 8% preferred__ ._100 92 Jan 10 10514 Dec 9
400
*103 104
4
4
1043 105 *1023 105 *10312 10412 1913 1912 *103 104
-Oct 15 4812 Nov 19
25%
4713 4313 91,200 Radio Corp of Amer__No pa
8
4714 481
465 48
4413 45's 4414 46'8 4513 47
3
50 457 Oct 21 4914 Nov 19
Preferred
400
4
3 483 483
4
8
8
4
3
4812 4822 477 477 *473 4812 *477 487 *484 487
991k Oct 123 Kik;
8
100 108 Jan 3 1357 Oct 2
8 9,100 Railway Steel Spring
13133 1327 x1307 13114 131 13113 13038 1333
8
3
4
132 13334 1313 133
2914 July 345 Feb
30 Jan 17 3312 Nov 5
No pa
300 Rang Mines, Ltd
4
*323 33
4
323 3234 •324 33
4
4
323 323 *323 33
4
.323 33
7
9 2 Sept 1714 Mat
9 Mar 27 1712 Dec 5
15.800 Ray Consolidated Copper_ 10
4 1512 16
153
1623 16
1512
1614 154 16
1614 16'2 16
24 June 484 Mat
Jan 4 51 Dec 18
4912 14,000 Remington Typewriter__100 3214
4912 505
4 49
8 49
493
4
4912 51
483 501
48
48
89 Dec 104 Feb
100 9014July 11 99 Nov 12
1st preferred
09
400
9813 9812 9813 .97
9812 9812 299
99
*96
981
•96
80 Jan 99 Nov
100 9012May 13 110 Dec 2
2d preferred
.106 ___ •106 116 *106 120 *108 120 *108 112 *108 115
8 Oct 31% Feb
714June 11 2314 Nov 29
No Par
2214 69,500 Replogle Steel
2158 21
3 21
217
2112 2253 21
214 227
8
213 22
4
404 June 663 Mar
8
100 42 June 7 617 Feb 11
4
8
563 573 16.700 Republic Iron & Steel
5712
4 55
563
4 553 5612 56
563
4
56
3
557 56
4
844 Oct 96% Mat
82 June 16 95 Mar 6
100
Do pref
9312
900
9214 9214 *92
*92
92
9312 92
9314 94
*934 94
2
14 June 297 Ara
4
2May 13 223 Jan 7
97
No par
1653 15,500 Reynolds Spring
4 16
1618 167
8 1614 1713 164 163
3
1714 165g 173
17
75 Dec
Jan
47
2
793 Dec 2
8
8 7612 7653 3,500 Reynolds OR J) Top Class B 25 615 Mar 31
767
8
8 774 773
8
8 7714 773 27612
••7718 77'2 775 775
100 11514 Mar 26 121 June 17 114 July 118 Feb
Do 7% preferred
100
4
3
4
4
4
12012 1213 *121 1213 •121 1213 .121 1213 x1197 1194 .121 1213
4012 Aug 554 Feb
4012 Oct 14 594 Feb 6
11.400 Royal Dutch Co(N Y shares)_
8
4 485 49
4812 4738 4818 4734 483
48
5
4
473 48 3 493 49
17 June 2312 Dee
8
10 22 Jan 7 457 Dec 16
23.900 St Joseph Lead
40
4 4212 4314 414 4212 4218 43
457
424 43
4
393 40
5 Feb
114 Oct
3% Jan 24
6
114 Mar
Santa Cecelia Sugar_ _No par
12
1812 Jan 35
Jan 2 88%
2
iii4 -ii- WI; - 1:76i Savage Arms Corporation_100 3258 Apr 16 12914 Dec 16 88 May 116% Dee
668
631-iiig - - 2 .-832 16- -g6ig - 7- -iia" "ii- -ii
Dee
Aug 7
par 9633
112
10714 10714 107 110 108 10934 108 10934 10953 11073 109 1494 40,00( Schulte Retail Stores _No 100 7854May 1 150 Dec 18 654 June 923o Feb
47,90( Sears, Roebuck & Co
14653
3
14118 1447 14612 150
8
139 13913 13914 1423 1413 144
4
52
100 11212 Mar 2 125 Nov 12 10612 June 115 Nov
Do pref
2
47 Oct 1212 Mat
614 Jan 11
Ishlay
No par
-1- 4..56" Seneca Copper
-2
4
12
--113 -- 4 — 11 - Ili - -14 - II% -- lie -- -3- — 11. - -11- --114 --1 2 -- 188
4
5 Oct 107 Mar
8 July 23
4 Apr 11
50 Shattuck Arizona Copper.- 10
*714 712
7
*7
7
7
8
714 714 •714 73
194 Map714 74
12% Jan
22 Dec 8
4July I
153
No par
8
2113 214 215 46,00 Shell Union 011
8
8 205 214 21
4 2012 215
217
8 21
3
207 213
Nov 95 May
8913
2
985 Dec 19
100 9112 Jan
Preferred
60
4
*973 9813 9818 984
4
4
973 9812 *973 984 98 98
*9734 98
612 July 16 Feb
,
10 105 Jan 4 19 Nov 14
8
4
4 173 177 22.90 Simms Petroleum
8 174 173
4 1713 1753 174 173
3
1714 1734 z173 173
4
224 Dec 343* Mat
No par 22 Apr 14 37 Dec 13
8
3333 3212 3314 3314 333 13,10 Simmons Co
8
37
4
35
z333 3412 325 3353 33
16 Sept 331 Ma
2
/
,
4
4 163 1714 73,80 Sinclair Cons Oil Corp_No par 15 July 16 2718 Jan 2
1624 1638 167
3
8
155 1612 1612 1634 1613 1653 157
8014 Aug 994 Feb
Oct 14 90 Jan 21
100 75
Preferred
30
7814 7814
4 7814 7914 •784 79
4
91 Jan 35 Mat
---- ---- 7812 7812 783 783
25 1718July 17 29 Feb 4
2218 6,80 Skelly 011 Co
2114 2218 22
211
2114 2113 21
8
215 2214
203g 22
394 July 63 Dee
8
8 9,50 Sloss-Sheffield Steel & Iron 100 52 May 20 847 Dec 19
847
8112 81
4
7913 8014 793 807s 81
81
80
80 80
3814 Aug70 Dee
8
60 South Porto Rico Sugar_ _ _100 58 Oct 29 957 Mar 8
*6612 6714
6512 6713 66 66
68 .6512 67
68
*6513 69
1
1144 June 27 4 Feb
Mauna 20 20 Dec 18
No par
4
1834 193 31.70 Spicer Mfg Co
8
3 187 20
197
8 19
1813 1818 193
18
1812 18
7
88 Oct97 8 Feb
100 78 July 18 9814 Dec 17
Do pre(
60
9812
9712 9712 9712 0824 9818 9818 *98
•96
9633 9612 961
3 7,60 Standard Gas & El Co_No par 3112May 20 4152 Dec 5
4 4014 407
8
3 403 403
4012 407
8 4012 41
4034 4073 4053 407
July 12312 Jan.
4718
12
8
8 6214 633 53,10 Standard 011 of California_ 25 554 Apr 21 68 Jan 26
623
8 61
4
8 603 613
6053 617
8
6013 0134 615 62
8
307 July 444 Max
424 Jan 26
3712 374 3918 3938 40 113,50 Standard 01101 New Jersey 25 33 May 14 11918 Aug 22 114 4 Aug 11814 Jul7
3718 3712 37
8
363 3712 3718 371
4
4
Do pref non-voting_ _ __100 115 4 Mar 1
4 2.30
8
3
8
117 1173 1167 1171i 1175 1173* 117 1173
3
117 lI7's 1167 117
_
1318 Oct 21 3514June 11
134 1413 5,30 Stand Plate Glass Co__No par
8
4
1412 1334 1438 133 137
144 1452 1418 1524 14
67;
51 June - 5 /Fa;
No par 554 Apr 23 6512 Nov 24
64
60 Sterling Products
64
64
4 64
*6312 633
64
64
631 *6314 64
*63
74 July 1244 Apt
2
-Warn Sp Corp_No par 4823 July 17 1007 Jan 12
7214 75,10 Stewart
8 71
7114 727
7214
8 69
64s 6553 68'i 6812 703
64
5912 July 9414 Mat
Carburetor_No par 54I2May 14 847y Jan 11
5,30 Stromberg
6812 6912 *6713 6812 6712 68
69
6712 671 26712 6814 68
Dec 19
443
4412 46 154.80 Studebaker Corp(The)n WI No 304May 20 46
2 433* 445* 4312 4412 44
2
8 435 443
4412 445
Apt'
7 Jan 15
s
Nov 3 123 Dec 15
No par 6
3
8 114 117 45,80 Submarine Boat
3 1112 117
3
117 123
8 1012 1214 1114 115
1112 12
6% Feb
2 Sept
818 Aug 4
Jan 2
No par
238
414 54 28,90 Superior Oil
438 4l
3
44 43
414 412
414 413
3
414. 43
Oel
4
1 June
3 Jan 2
134Sept 8
10
214 214 2,09 Sweets Co of America
8
238 238 *214 23
8
3 23
23
•24 212
3 21
*23
93 Jan 5
8 June 12% Feb
%Mar 31
No par
812 834 4,83 Tenn Copp & C
3 853
85
53
4
812 8
812 83
84 823
4
8 83
83
5 Jan 30
34% Nov 52% Mu
4June 7 45
434 4312 444 40,90 Texas Company (Tlie)---- 26 373
8 424 4318 4234 434 43
427 433
8
2
417 43
Jan.
5314 July 65
10 5714 Apr 21 101 Dec 19
48,30 Texas Gulf Sulphur
8 9613 101
8 9512 9613 9512 963
4 9458 973
3 9334 943
4
923 937
54 Nov 244 Feb
8 Oct 14 154 Feb 1
3
1013 1034 107 1158 1114 1153 10,60. Texas Pacific Coal & OH_ _ _ 10
3 1012 11
115
8 11
1012 113
94 July 144 Mar
100 11614 Oct 15 151 Feb 7
3,60 Tidewater 011
12914 133
129 13013 *129 130 z129 132
4
12312 1263 12912 130
3312 Jan 45 Mar
Jan 7
4
8 384 3914 384 3914 383 3912 26.70 Timken Roller Bearing_No par 3112May 19 41 Dec 19
8 374 383
383
8
377 3814 38
46% Aug 78% Hee
7234 23.20 Tobacco Products Corp._ _100 53 Apr 11 7234
3 72
72 3
72
7018 72
3 704 71
7033 7012 7012 707
7612 July 92% Dee
100 834 Mar 25 934 Oct 9
Do Class A
4,30
8 9234 93
8 924 923
4 9233 927
8 9212 925
114 Oct 144 Jan
9218 9214 924 925
614 Jan 21
333 Apr 15
373 4
29.80 Transeontinenta1011._No par
378 4
7
38 4
8 4
37
3 4
37
378 4
7
35 8 Aug 62 Dee
8
8 1,30 Underwood Typewriter_ 25 361sSent 8 43 Jan 9
3934 397 397
3
*39
4
4 40
4012 *393 40
4
393 403
53812 39
Oct 774 Mar
50
Bag & Paper Corp. 100 3312Sept 10 64% Feb 4
4414
44
50 Union
46
545
46
46 .45
46
46
46
45
45
81 Feb 99% Mar
8Sept 18
100 94 Jan 7 I327
1.70 Union Tank Car
4
12234 1223 121 122
119 120 *120 125
120 123
*12012 124
Jan
106 Sept 112
4July 23
100 10614 Feb 18 1163
Do pre(
20
114 114 *113 114
113% 1134 *113 114
•113 114 10113 114
29 July 3912 Mat
No par 20 Oct 23 37 Feb 11
2,60 United Alloy Steel
29
27
2714 273
4 2714 2712 27
8 27
g
3 267 267
3
267 267
3
744 Oct 85 4 Feb
29 120 Dec 15
100 71 May
7.70 United Drug
11614 118
8
117% 11814 11812 1197 118 119
2
11618 1197 11712 120
4614 Feb 49 July
50 4612May 3 52 Nov 18
Do let preferred
52
1.10
52
4
52
•517 52
52
52
52
52
52
52
52
12
100 182 Jan 4 22412 Aug 5 15212 Jan 187 Dee
204 20512 1,00 United Fruit
204 204
205 206
4
4
2043 2043 204 20434 *206 207
19
45
41
96,70 Universal Pipe & Rad_ _No par 13 July 23 45 Dec 19
4112 44
3973 43
3312 3414 34
8 34
40
345
100 4712 Oct 14 77t2 Dec
Preferred
7712 28,90
75
77
3 74
6933 6813 7212 7312 745
8814 6812 68
19 W.- "Li; 691* Dee
89.30 U S Cast Iron Pipe & Fdy_100 64 Feb 27 161 Dec 21
155 161
148 15412 14912 15312 14914 153
13612 13812 139 150
64 June 87 Noy
2
100 817 Jan 15 10414 Oct
Do pref
20
10112 10112
101 101
•100 101 *100 101 *10012 104 *100 102
Corp
No par 2112May 8 42 Dec 17
4
3 39
403 26.10 US Distrlb
417
40
42
38
8 3714 3814 3712 38
3
377 377
100 98 July 18 168 Dec 17
Preferred
60
163 163 *14812 160
155 168
•145 ____ *145 155 *145 155
114 Oct ii- Jan
U S lioff'n Mach Corp_No par 1652 Mar 28 24% Oct 22 3 2312 2312 3,80
8
235 237
•2318 2312 2313 2312 2312 2312 2312 24
1
40 June 734 May
8
8412 863 47.50 U S Industrial Alcohol----100 6113May 20 867 Nov 18
8
8318 843
4 8412 86
4 8318 843
84
8212 8414 83
9514 June 101 Mao
100 98 Jan 3 10634 Dec 17
Do pref
20
8
4
•105 10812 5105 10812 *105 10823 1063 10684 1063s 1063 •105 107
8812 July 106 Mar
90 June 9 14312 Dec 5
7
120 128 8 27.10 U S Realty & Improv't— _100
129 132% 128 1301 128 130
12912 133
127% 129
9712 Aug 108% Mar
100 June 9 143 Dec 5
Preferred
1.20
127 127
13014 131 5130 1311 129 129
12814 12814 132 132
3058 Oct 647g Mai
100 2212May 22 42% Jan 12
8 4014 4138 38,10 United States Rubber
4114 42'8 41
3 4013 4114 40 405
423
403
39
Jan
4
764 Oct 105
95% Dec 5
100 6612May 28
4
Do 1st preferred
9312 933 9414 8,10
93
8
933 94
8
93
9333 935 9433 9312 941
1852 Oct 43% Mar
50 184 Mar 28 38 Dec 1
5,30 US Smelting, Ref & Min
31114 36
3614 3612 3612 37
37
3622 36
3618
4
353 33
38% Dec 484 Jan
371:Mar 22 4812 Nov 20
Si)
4512 4512 1,1020
Do pref
4
4514 4513 4534 4534 453 46
*4512 42314 4513 457
8512 July 109% Mar
Dec 19
2
11712 1187 11752 118% 11734 11912 1183 119% 247,1(40 United States Steel Corp_ _100 9414June 6 1193* July 23 11812 Aug 12312 Jan
11714 1177 11712 119
100 11842 Feb 1 123
5,1(40
Do pref
2
2
2
121 12114 121 121'I 12118 1213 12118 1213 1213 12111 12158 1217
554 Oct 764 Mar
10
3
10 64 Jan 18 853 Dee
83
9040 Utah Copper
8314 833 583 8312 83
2
84
84
84
83
84
84
243 Feb
Oct
2
14
8
100 185 Jan 4 46 Dec 16
4
25.00 Utah Seeuritle2
4433 453* 4414 4514 433 45
2 444 96
457
4433 44
44
44% Mai.
2444 July
No par 1918June 9 3312 Feb 11
9.10 Vanadium Corp
4 2834 30
3
287 293
4 2812 2014 2812 287
4
28% 283 293
28
64 June 27 Feb
Jan 11
%June 10 10%
8 213 3,70 Virginia Carolina Chem__ _100
23
3 212
23
212 234
234 23
8
3 27
27
8
24 25
17 June 69 KY
4
2I2June 9 343 Jan 2
100
Do pref
753 7.70
75* 84
7
7
712 9
914 9
3
912 9
10
10
Oct 23 Mae
12
434July 12 1518 Jan 10
No par
83
8 14
8
8
8 6.80 Vivaudou(V)
81
8
818 84
814 87
873 91s
14511 June 20 May
No par 14 Apr 29 20 Nov 7
8 5.50 Waldorf System
4
4
183 183 x1812 187
1834 187
1834 19
1914 183 1914
4
4
183
NA Dec
1214 Jan
1412 Nov 19 1912 Mar 15
Wpber Ar Hellbroner_ No par
1714 173
4 8,90
1714 18
4
3 184 1853 2173 18
183
18
18
18
1212 Nov 20
5 Oct 1
1
50 Wells Fargo
8
1212 121 •123 1212 123g 1238 *1233 121 •123g 1212 *124 1212
Feb
4
Western Union Telegraph.100 105 May I 1183 Dec 9 Wit; Kii;
1171 11614 11614 11612 11612 11618 11612 5,1C
118
11644 1163 117 118
76 July 120 Feb
108 10834 10712 10834 LOC Westinghouse Alr Brake__ _50 84 Jan 2 111 Dec 9
8
10612 1067 105 107
10612 107
5212 June 6712 Feb
10612 107
3
6912 687 6933 18,80 Weetinghour a Elect & Mfg. 50 551sMay 15 75 May 17
4
4 685 0914 69
693
6953 69
3
687 6918 69
Oct 30 May
20
2
1
/
No par 2312May 12 29% Feb 8
White Eagk Oil
274 5,30
8 267g 2673 27
4
3
4 267 2714 267 267
2614 273
3
257 26
45 June 607 Mar
8
7212 Dec 18
50 5012 Apr 11
8
White Mo or
4
4 703 7212 z707 7212 27.60
4
7133 703 713
7112 70
1
70 4 7152 70
2 Dec 14 Feb
6
5 Jan 11
4
3 Oa 20
Wickwire Veneer Steel
14
114 6,40
14 14
118
1
118
1
•14
114
14 14
5 June 114 Dec
1May 17 1414 Jan 18
67
25
eriand (The)
WI11ys-0*
4
8 1012 107 49.60
3
3
4 103 1012 103 107
4
8 103 103
1012 103
4 1053 107
424 Jan 83 Dee
100 6112May 16 88 Jan 16
Do r ref
743 757 15,8(
4
3
3 7418 76
4
4 733 743
4
8 733 743
7414 753
7314 74
19 June 42% Mat
412Nlay 16 28 Jan
No par
Wilson 4 Co foe
818 6,90
8
84
8
4
4 8
73
4
713 8
814
4
7
74
*7
Apr 1 1253 Dec 18
82,1( Woolwieth Co(F W) n WI 25 7211
2
11412 115
4
1124 114% 11414 1173 118 12412 12212 12634 123 125
g
197 Oct -WI; Feb
74 Dec 19
100 2314June
WorthIngton P & M
74 134,7(
68
71
6813 714 69
8514 724
534 5752 5812 71
81g Jan 134 NOY
2May 1
1718 Dec 4
95
Wright Aeronatuical___No par
1612 163
4 3,60
17
3 16
4
153 157
154 154 1512 1534 1558 16
5
37 4 Dec 404 Dee
4512 Nov 19
No par 35 kpr 2
Wrigley(Wm Jr)
1,3(
8
445 45 .4412 45
54414 45
45
45
54412 45
4414 45
z3952 4012 11,9( Yellow Cab Mfg tern etfs. _.10 32 Nov 26 8.515 M sr 27
42
,
3812 3912 391. 4312 405 4134 40
3814 39
62 "o"ci
61 Youngstown gheet & T No oar 59% Oct 27 72 Dec 9
,
6919 091. 701 7014
70
70
5591, 702. 111271. 6*1e *601: 70
--f,;
50
0
1
41.1e4441. a Ex-new tight&
•Bid and asked pylori no Woo 00 MU day. a 81,4-411,
a No par.
2864
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan.1 191)9 the Exchange method of quoting bonds was changed and prices are now -and interest"-except
for income and defaialed bonds.
BONDS
-3
g
N Y STOCK
Week Ending Dec. 19
EXCHANGEA'
Price
Friday
Dec. 19
Wears
Range or
Last Sale
Range
1
Since
I g1
Jan. 1
I roil
,
High No. Low
High
BONUS.
N. Y STOCK EXCHANGE
Week Ending Dec. 19
a.
Price
Friday
Dec. 19
Week's
Range or
Last S014
l.
Rues.
Sem.
/as 1
U. S. Government.
Ask Low
Bid
Bid
Ask Low
Low
High
WM Liberty Loan
Itch Top & S Fe-Gen g 49_1995 A 0 883 Sale 88; High 190
4
883
4
86
91,
4
a%% of 1932-1947
J D 1003622 Sale 100 iis 101.81 719 9814r 10242
,
411uotment gold 412
/1995 Nov
8212 Sale 8212
8212
2
70% 8511
Cony 4% of 1932-47
.1 D 1011622 Sale 101 16221011622
5 98142 102142
Stamped
11995 No. 83 Sale 824
50
83
7912 85
Cony 4H% of 1932-47
J D 1012122 Sale 10111,21012
.n 334 981122102"u
Jour gold 40 1909
1955 J D 81; Sale 8114 Dec'24 __-_
81
85
2d oonv 432% of 1932-47
J 13 101,922101"u 101122 101622
22 981, 1021122
42
_____
J D 815 Sale 815
8
81;
8
5
80; 85
Second Liberty Loan
Cony g 49 issue of 1910._ 1960 1 D 80; 8118 813
4
81; ___3_
81; 85
80
83::
45 of 1927-1942
54 N 100,622
_ 1003022Dec'24 ____ 98142 102"42
(Jul.. 111, 1st
M :- 983 Sale 985
4
8
084 11
954 9912
Cony 4 X % of 1927-1942
M N 100142 Sale 1001322100,6s 1712 9842 102
Rocky Mtn Div let 49_..1966 J J 8312 84% 8412 Dec'24
Third Liberty Loan
Frans-Con Short L let 49_11458 J J 88 Sale 8612
I
834 89
30
88
1134% of 1928
M S 101622 Sale 101 122 1011232 2890 99°12 102142
Cal- Ariz 1st ek ref 49"A"1962 M 8 9210 92;
Fourth Liberty Loan
All& 1.11rtn10-yr 1st 4.0___el93J M
1
24
3
12 A
'W114 11
434% of 1933-1938
A 0 101142 Sale 101142101342 0613 98147 1100A, Atl Knoxv & CIn Div M._ _1955 St S 82; Sale
,
894 10
N 8918 Sale 89
81
90
Treasury 4416 1947-1952
A 0 105
Sale 10414210582211650 99
Atl Knox,& Nor lot g 50_.A946
0 54 ii__ 196i: Nov24 --.
6
14
2
02i
V3 lg2,8
4
.
4
Treasury 43
1044-1954 J D1100,122 Sale 100162210015s 2218 100,6 01i0134 AtlA Char! A List A 412(2_ _1944 J D 19138 _
4
99998 ))22i8
::111 32
.1 J
29 oonsol coupon
d1930 Q J
10314 Mar'24 ____ 102; 111243
let 30-year 59 Series 13_ .._ _1944 J J 10214 Sale
16 103
3
Panama Canal 3s gold
1961 QM
93% 0712 All Coast Line let con 49...51952 54 S 893 Sale 1024 1024
9712 Oct'24'____
4
State and City Securities.
10-year secured 7s
1930 M N 10714 Sale
NY Clly-4322 Corp stock..1961) M 13 101 102 100; 100581
98% 10134
3
General unified 434s.J
Sale a, igli
:i
i`3 1 :lEii
6
,
4He Corporal.. stock
1964 M
101 102 10112 Nov'24 _
LA N coil gold Is
01952 M $ }3(6170:
82
7
V8 27
SI; 87%
6348 Corporate stock
1961 A 0 10134 1013 102; Oct'24l_
4
All & Dear let g 4a
0
5
1948 J J
34
734 8014
448 Corporate stock
1053 1074
1971 J D
10614 Sept'24!..
4
2d 43
19482 .1 6212 63 653'4
75
77
% 73 4
63 4
773
44e Corplratastuck.July 19672 J 10512 10614 10618 Sept'24'____ 103 1106%4 Atl & `cad 1st g guar Is
3
05
6913
02
;06
19171 A 0 75
804
767 77 Dec'24 -- - e
68
44e Corporate stock
103
1965 J D 10512 1064 106; Nov'24'_
Nov'24'
A & N IV 1st gu a 5s
1941 J
0813
964 1004
£34a Corporate stock
1963 M S 10512 1064 10512 Dec'24'__997 -___ 10018 Aug'24 ____
107
Ball & Ohio prior 3549
1925
100 100 Dec'24 _--904 100;
4% Corporate stock
1959 M N
2
984 Sale 98 8
2
1
2 943 9912
084
9
8
Registered
/1925 Q
9934 ____ 991 Sept'24 ---96 10014
4% Corporate stock
1958 M N 981s
98
98
let 50
-year gold 421
1194 A 0 865 Sale 86
,
8
Corporatestoek
1957 MN
981s 985s 9
Registered
8
_1194. G 2 84; 8512 843
)
8
32 11
931
s
" 997
1
6
7
8
4% Corporate stock rog__1956 M N
94; 98,
2
98 Nov'24 ___
10-year cony 4329._
1033 Si S 8918 Sale 885
8
893 341
4
824 9014
4)4% Corporate etoek _ _1957 MN 105
8
____ 1053
10582
Refund & gen Sc Series A.1997 I 0 8534 Sale 85;
86
1134% Corporate stock_ _1957 MN 105
;
1053
s 11 10096 8 1169096:91:1:
02
s
____ 1053
34
let g 5s Int etts '
1948 A 0 100 Sale 99%
10014 3 i 1E1 1E::
7
t
:
,
34% Corporate stock_ _ .1954 MN
883
4
8 85
883
4
4 90;
10
-year 63-------------32t, 1 .1 1023 Sale 102; 103
4
New York State an Ira 46.1961 J J
10212 Aug'24 ____ 10211 10334
Ref Jr gen 6t3 f3er C temp _1995 J D 1015, Sale 101
101 12 198 100 101;
Highway Improv't 4345 .1963 M S
Dec'24 ____ Ill 1127
Ill
8
P Jet & M Div lot at 3)4,3.1921 MN 997 100
8
903 Dec'24 ---4
954 IOU
Foreign Government.
P LE&W Va Sym ref 49._1911 M N 84 Sale 84
argentine (Govt.) is
1927 F
84 10034 111413
101; Sale 10118
102
Southw Dlv let gold 3%o 1927 1 J 993 Sale 993
4
4
843'4 77
99 2 22
92 1094
7
9
81
Argentine Treasury 56_ .3
1945 M 8 8314 Sale 83
854
78
8518 19
Tol & Ctn Div lot ref 412A _105' 1 J 6912 Sale 6.14
35
684 71.1
693
4
Sinking fund 6s Ser A_
1957 M S 9414 Sale 95
Battle Cr & Slur let gu 38 1989
D 59
58
62
Ertl s ser B vr
1958
96512 Beech Creek let gu fr 4e__.. 1936 .1 J 92% 611r 62 Aug'24 ---04 gn '
'2
953 Sale 9518
8
91
1
auetrian (Govt) s 1 7e
11143
D 97 Sale 9612
8314 98 Beech Cr 9:xt 18t at 314e _9195, A 0 765* ____ 92; Dee'12
9712 236
80
7714 May'24 ::::
5014 55
777 7714
4
Belgium 2.5-yr extol 7349 9_1945 1 D 10912 Sale 1087
110
87 111
e
137
Big Sandy lot 49
1944 1 D 8512 86
85 Dec'24
5
-year 6% notes
_Jan 1025 J J 10018 Sale 100
4
963 101
10018 28
13 & N Y Air 1-Ine 151 U.__ _195; F A 6718 Sale
6712 18
61
694
20
-year s f Ss. _
_ .1941 F A 107; Sale 10714
9
7 109 Bruns & IV 151. gu gold 49._.1938 J J 915 93 6718
10710 85
8
92 Nov'24
25-yr ext 64e temp reete_1949 M S 94 Sale 93;
9314 9812 Buffalo It & P gen gold 56..193: NI S 102
94; 515
____ 102 Dec'24
Bergen (Norway) f 89._
1945 MN 11112 11212 11112
6 1,112 115
112
Consul 434s
1957 M NI 87 Sale 86;
_--.!:. i 7t:109214,
7
888112 3 3
)3
8714 .: : 1(8:4 1:0:4
,
2
11
25
-year I 6s temp
1949A 0 963 Sale 9612
98 Burl C R & Nor 1st .5a_. _1934 A 0 01)5, 10014 10012
96
06% 22
4
Dec'24
Berne (City of) f
1945 M N 111; Sale 111
1113
4 25 108 11212 Canada Sou cons gu A 55
4
198s A 0 1003 Sale 10012
4 11
Bolivia (Republic of) 3e. _ _1947 al N 9212 Sale 91;
126
93
94 Canadian North deb g 1 79 1919 J 0 115; 1157 115; 1003
85
e
1153
4 80
Bordeaux (City of) 15-yr 89_1934 M N
853:( 91
8514 Sale 8514
873* 164
25-years I deb 6343_ _
1941 1 ./ 116; Sale 11614
116; 60 19 % 11314
7034 1
2
Etraell, LT 61 external tie
1941 J 11 964 Sale 953
99, Canadian Pee Ity deb 49 stock_
9612 107
2
91
4
Sale 785
8
7914 233
75 (Central Ry)
1952 2 I) 823 Sale 8218
88 Carb & Shaw 1st gold 49_ _1932 ,1 S 9794
76
8212 89
8
111 j
e12 94 Sept'24 ---90
94
73-4 (Coffee seeur) C(flat) 1952 A 0 10314 Sale 1023
4
124 g (
41 IV
Caro Cent 18t eon at 49
81 Dec'24 ---1949 1 .1 8118 82
79% 8.3
Buenoe Aires (City) ext 6%9.1955 J .1 96 Sale 95
Caro Clinch 0 let 3-yr 56 1938 J D 1013 Sale 1014 101; 45
4
92; WI;
Canada (Dominica, of) g 66_1926 A 0 100; Sale 100; 1008 35
9952 10158
Os
1952 J 0 106% Sale 106; 1067
s 57
06 10814
51
1931 A 0 101% Sale 101
9912 103; Cart & Ad 1st go g 4e
1017
74
1981 J D 824 8318 8312 Sept'24
81
834
10-year 54c
1929 F A 10212 Sale
126 1004 10414 Cent Branch IT P 1st 41. 1948
103
4
75; 14
741e
at
67
76
1952 M N 1023 Sale 10212
103
4
160
99, 1044 Cent New Eng Lot gu 46_ _ _1961 I ; 6V4 7 's 6'
4
art. 27
"S
7 14 at
1
50; 67
Carlsbad (City) 6 f as
1954 J
97
984
973
944 99 Central Ohio Reorg 434, --.1930 M S 963 9912 97; July'24 - -4
98
4
4
Oldie (Republic) ext e I 89_ _1941 F A 1063 Sale 106
4
1063
4 52 102 109,2 Central of Ga let gold 56._P1041 r g 1g38 101 101
101'o1V::
)
14
4
i
99 107733
116
62 e
External 5
-year f Se__ .1926 .t 0 10312 Sale 103; 10312 10 1023 105;
s
Consol gold 59 _____
17
1945
20-yr eel 70
1942 NI N
9912 Sale 994
99; 121
9914
94
10-vear occur
..... Jute 142o J 11 10212 Sale 101 12
30 "94 "
1021g
1110 1 1
9
1946 61 N 107 Sale 106
25
-year s Sc
10712 35 102 it1712
Ref & gen 534s ser B___ _1959 A 0 903 Sale 993
28
8
100
4
98 100
Chinese (Hukuang Ry) 59_1951
D 433 Sale 4012
465 229
4
8
394 4712
Chatt Div pur looney 11 44 1951 J D 84 --- 84
Oct'24 - Christiania (City) s f 8e_ _ _1945 A 0 11012 Sale 1093
18 107 113
111
4
Mae & Nor Div let 1150 1946 j .1 100 1008 100
12
4
100
783 100
i)51 84
30-yr 8 f 6s int etre
M S 96
963 9
9719 15
0710 9712
4 84
Mobile Dklaien
____ 100 Nov'24
.19l6 j j 100
0674 100
91
11034
0o:cambia (tepuelie) 6,
49..1927 A 41
9914 Sale 994
94; 100 Cent RR & So'
9912 25
(la cull 05* 1937 M N 9512 953 993
4
993
4
Copenhagen 25
-year s f 5%9.1044 J .1 044 Sale 937
6714 96, Central of N J gen gold 59_1987 .1 2 107 108 107 4
38
943
4
8
4
10 103; 10814
10814
Cuba 5s of 1004
1944
0714 Sale 96;
9334 97 4
5
974
,
Registered
6 102% 10712
--------11987 Q j 106 Sale 106
10611
Exter debt 5a 1914 Per A..1049 I' A
97(4
0714 11
89
9714 Cent Pee let ref go g Ic .- 1949 F A 8712 Sale 8672
8712 61
8912
85
Enema!loan 4448
1049 F A
7914 89
3
867
867
8
8
Mtge guar gold 3349
4
.11929 .1 D 053 Sale 951a
053
4 16
01
9614
(
6940
1953 1 J
97 Sale 967
97 4 208
914 97.4
Through St List gu 49_,..1954 A 0 8712 Sale 86 Dec'24
8178 87
Czechoslovak (Raoul, of) 88.1951 A 0 100)4 Sale 100
94 1013 Charleston & Savannah 78 _1938 .1 j 11614 ..... 1154 Feb'24
74
4
10012
_ 11514 115;
/
1
Blnk fund 8aSer B int ctia.1952 A 0 100 Sale 993
10012 38
97 0 101 1 Chem & Ohio fund & Impt 58 1929 J I 1004 Sale 1
4
, 297 13
1017
bacilli.) Con M on lei p 89"A".1946 F A 110 Sale 1093
8
12 1064 1127
110
8
4
let cousol gold 59
9
10212:
ril
1939 m N 10212 Sale 1023
3
Berlee B s f 8a
1946 F A 10034 Sale 1094
1064 11012
109; 23
101 Nov'241 - Registered
1936
6"101
149
0
Denmark external s 1 Os
_1945 A 0 11012 Sale 11012
46 10714 1125
111
8
General- gold 4145
8818 Sale 884
89
1992 M S
113
20
-year de
1942 1
100 Sale 993
1003 149
4
4
934 10112
Regisrered
8614 Oct'24 -- - 1092 Sio 85% 86
Dominican Rep Con Adm 815958 F
2 1017 Dec'24 ____ 10(1 101%
10114 0
8
20
05 Sale 94;
-year convertible 4145 _1930 F A
95
279
_-'
1
88 48 94141
8:4 4 96
Custom AdmIntatr 5%9_1942 M S 9112 91; 111
15
:
913
4 17
85; 94;
30-year cony secured 59. _ _1946jj 1050 Sale 1053
6
A 0 0 2 1e
r
8
1087 1762
88% 109
Dutch East Indies ext
_1947 J .1 98121 Sale 9712
92; 99
9814 137
Craig Valley 1st g 511
093 Nov'24 -- -4
1940
92; 993
4
40-;ear 6s
-_1962 Si S 973 Sale 9712
4
9212 99
9814 192
Potts Creek Branch lot 45_1946 j ji 82
83 83 1)ec'24
30
-year ext 510
1953 M S 93 Sale 915
8
92; 89
8512 934
RA ft, Div 1st con 2 le _1989 J J 843 ____ 84;
4
843
4
1
30
-year ext 5345
1953 MN 917 Sale 9114
8
921,1 270
85; 9314
2d coma)] gold 46
8412 Dec'24
1989
3
-798" 85359
776
it react, Repot) 2.-y r ext rta _ 19451M S 104 Sale 10312 104; 323
888
9212 109
4,
Warm Springs V Lot
7)g3 g8
, (
)11 95 July'24 -95
95
20-vr external loan 74" 1941
r) 100 Sale 100
9012 10514 =We & Alton RR ret gg 56 .1941
10012 375
3s .1949 .. 0 653 _63_ 6214
6212 24
21
A . 5:
External 75 of 1924 temp 19492 D 94 Sale 94
s
9412 1805
9512
94
Certils dep stpd Oct 1924 Int5914 Dec'24 - 10
54
6
1: 74
1
Finland (Reo) Oct 60
86; Sale 86;
8712 22
8512 91 12
Cert.!: den stmpd Apr 1924 lot .
601 -_ 607 Nov'24 -- - 4
8
533 8113
781 82
:
German ext'l loan 78 w I_ _ _1949 A 0 953 Sale 95
8
9512 2433
9 4 9514
23
Runway first Iron 3160.._..1951) 3 J 46 Sale 46
,
48
76
3034 48%
Gt Brit & Ire!(UK of) 5346_19371F A 105 Sale 104; 10512 220
98; 107
Chic Burl 6 Q-111 Div 310.1949 J
8112 814 82
2
82
10
-year cony 5106
1929,F A 11514 Sale 1147
. 1151 2 749 10612 11534
Illinois Division 41. _
1949 J J 8014 8934 8914
90
3
Greater Prague 7558
19521M N
91; Sale 91
781 93 2
91; 72
:
,
Nebraska Extension 44 _ _1927 M N 985 Salo 984
8
98; 22
91 2
99% 1014
8
Halt)(Republic) 69
1952IA 0 9112 Sale 91
8812 93
913
4 32
General 49
81
4
1958 F41 e 883 Sale 877
8
89
Hungary(Mind of) at 74a w 1'44 F A
89 Sale 88
893
4
87
893 329
4
1st & ref 56
0:
1
:
1071 F A 105 Sale_ _ 101
10114 70
Ind Bank of Japan 6% notes 1927 F A
99 Sale 983
99
997 Chte City & Conn Rye 59
8
0914 121
4
56
2
1927 A 0
5(1
457. 18 g
8887
56
9317
Italy (King.: of) Ser A 0%6_1925 F
100 10012 100
98, 101
2
6
100
Chicago & East III 1st Se _A934 A 0
1073 Dec'24 - -- 10414 107;
4
Japanese Govt # loan 41
19311 J 827 Sale 82;
8314 149
754 84 C & E Ill RR(new co) gen 59_1951 M N ,614 sa:1: 76
53 8 S
72 2 5
5: 8
763 158
4
6012 7819
Temporary s f g 64
8
1954 F A 913 Sale 0114
9112 444
884 93% Chic & Erie 1st gold 56 _1982 St N
9914
9912 ' 92
Oriente! Developtnent 66_1953 M S 84; Sale 84;
81
96
86
91
Chicago Great West 1st 45. _1059 31
6112 71
59;
Lyons (City of) 15-year 6s.:1934 M N 8512 Sale 851.
7218 91 Chic Ind & Eouisv-Ref Os _1047 J S 11012 Sale 109
155
88
11012
8 191 118(1)92134
Maradbee(City of) 15-yr 60_1934 MN 8512 Sale 8512
99
:
724 91
8714 110
Refunding gold 59
9912 - _ __ 100
1947 J
100 1
1
Mexican Irrigation 4349__ _1943 NI N
20
40
20 Sept'24 .....__
Refunding 40 Series C... 1917 J
85, 87
2
8512 Oct'24'--:7.
91% 180%
8
Idexico-59 of 1899 E
05
1945 ("1 J
40 Nov'24 ____
'20
5112
General 59 A.
_ _ 8712
19116 M N
878
21 ,11
Gold debt Is of 1904
8112 878
8
MI.1 0 - - - 23 Dec'24 ____
30
18
General 6s B _ ___ _.
gni in .
. ,
10112 10012 10134
1024, 11
rig& J
Montevideo 7s
883 90
4
1952
89; 20
88
8514 93
Ind & Louisville 1st gu 41.1956 .1 J
Netherlands 6e (fiat Mean...1972 MI El 103 Sale 102; 103% 78
893 10314 Chic Ind & Sou 50-year 46. _1956 1 J 87% 7 _
4
8
7 1 _ . 873 Deo814
6
7 14
6i
7 241---'
I
82 .15 4
I11 14
30
-year external ea Ulal)-1954 A 0 10012 Sale 997
98 103 Chic L S & East let 434s. 1969 1 0 9212 1003 372
4
05
93 Nov'24
Norway external 01 89
817 93
1940 A 0 11212 Sale 1124
11212 21 109; 1134 C
& Puget Scl 1st gu 49_1940 J J 56 Sale 56
20-yr esti 68
48
603
9812 Sale 98
1943 F A
4
Ch M & St P gen g 49 Ser A.e19S9 J 1
20
-year external 64 lot et:8.1944 F A 97% Sale 9712
993 198
4
97
" 99
'4
General gold 334e Ser R..,1989 J
30-yr exti Os
1952A 0 9712 Sale 9712
9812 60
924 9912
General 412s Series C_ .__e1989 J I
Panama (Rep) 334* tr reeta.1953 .1 1) l003 Sale 10019
4
31
101
9514 10134
Gen & ref Series 4)0..02014 A 0
Porto Alegre (City of) M.__ _1961 J 0 94 Sale 94
95
49
02
90
Oen ref cony Ser 13 50_.o2014 F A
2r at N.,
4
2; 4 M
',8
IP MI
Queensland (State) extol 7a 1941 A 0 110 Sale 109
27 1044 110;
110
let sec (31
1934 J J 159L :
08670 4 s 43el2
232 43
: 8S6a7 11e
25
-year 69
43
9912 104
1947 F A 103 Sale 10212 103
1e
9588789:334::4844
Debenture 4349
514 68
1932 J I)
1023 71 1311 499
686750
Elo Grande do Sul Se
_ .1946 A 0 9412 Sale 94
2671811
66788184
Debenture 42i
8)90 3987 7 18 1.389,a8 1 3184 80925 16
) 4
1925 J 1) 7731488 8a41: 788 71888
39
735777:8: 94
89996
889
0
Rio de Janet's'. 25-yr s t Ss. 1946 A 0 94; Sale 94
.
.
2
11:4E
: ,0.7: 1908000:8
9414 61
9 2 2
5
68, 1 0009:7
a83 6874564'4
11696 , 17
978 :
1 1
87ts 69 4
9
' 963
;
25
-year debenture 40
56 Salo 574
1934 J
5614
4!-;
25-yr art] Se
47
60;
1947 A 0 93 Sale 93
26
94
87
97%
Chick Mo Riv Olv 56_ _1926 J J
Rotterdam (City) external 661964
N 10012 Sale
Chle & N'wcst Est 0 _1886-1926 F A
El SA:solder (Kee;
10314 104 IN
... 194/. I
Igrs ,
17 in 12.4
Registered_
... _1886-1926 F A
Sao Paulo (City) a f .....1952 NI N 9812 Sale 983
24
99
904 102,
s
2
General gold 3 cis _
1937 M N 73; 74
7312
7312 ...,
10
603 76
6
San Pablo(State) est f Re _1936 J .1 1003 Sale 1003
8
101
8
20
94 103
General 44_
_1967 M N 84 Sale 84
Sere (France)(1x1
8
1942 .1 1 003 Sale 90%
013
4 91
79
97,
2
Stamped Is
1987 M N
Serbs. Croats & Slovenes 86.1962 MN 87 Sale 864
88
436
6314 9012
10
General 59 4tamoed.H187 M N 102; 104% 103
103
82 ,ns(City) 6.4
,999
1914 m N 86 Sale 86
157
88
76
893
4
Sinking fund 6a
4879-1929 A 0 1044 ____ 10012 Nov'24 --;;-.
99 1054
95
0
Sweden 20
-year 68
19301 ix 10414 Sale 10312 10412 55 101% HAL,
Sinking fund 50
1879-1929 A 0 10012 Sale :10012
10012 39
01); 1004
External loan 53-49 Inter etle '54 MN 993 Sale 9912
8
9982 255
99 2 99;
,
Registered_
0911 ____ 1007e Nov'24 --- i : 10;1::
.__1879-11 29
,
5 ,7
i
14
Swiss Confcd.-r 2./-2t 4 es 194o 1
116 Sale 1153
42 ill's 118
116
8
Sinking fund deli 56
_ . 1933 M V 99% Sale :'994
10114
Svrltserland Gov! ext 510;7.1946 A 0 101 Sale 10012
247
WI
943 101,2
4
Registered
i7 1 0734
_ 1
10 24
'
1933 MN joiiz i6 , 0012 Dec514
Tokyo City 59 loan of 1912 .....NIS 66
67
66; 16
66
5912 663
4
10
-year secured 76 g
1430 J
Trondlliem (City) esti '46_1944 J .1 97 Sale 97
97; 59
96
994
15
-year secured 6349
1117
8 27 19: 10211
411 617"
: 18 2
: 1936 M S 11112 111; 11112
Ifruguay (Itepuulie) ex 88..1948 F A 10614 Sale 10512
10614 42 11)1 14. 107
Chic R I& P-Hailfruy gen 4019882 J 8312 84
83; 52
8318
784 84
_1945 A 0 111 Sale 111
Earich (Ctty nil f ga
4 10912 1133
11114
1 .
4
Regigtered.
82 ' 4
.1 J 817 84 , 82
7674 83;
Railroad.
Refunding gold 49
84% 334
4
1934 A 0 84; Sale I 833
73; 851a
Ma Or Sou letcons A 58
1943 J 0 10012 102 10014 Dec'24
5
Chic St L & N 0 gold 5a_ _ _.1951 J D 101.. 10212 1013
101;
4
Ala Mid 1st guar gold 5s
____ 101
1928 MN 101
Dec'24 2- 9r4 12"
34
__
Gold 314e.
---1951 1 D 80 ...... 78 e Ott
77
784
Alb & Suso cony 3)49
1946 A 0 8111 Sale 8112
813
4
Joint lst ref 58 Series A. 1963 J
7
g
Alleg & West let g40 gu
1998 A 0 8312 85
831s Dec'24
Do Series 13
_C
_a 2
2
1
-054 9 4
04
1963 2 D _ gf! S _11.1 924 JIM9 24 --81
6
6
8
Alleg Val gen guar g to
91
8834 93
92
1942 M
9114
3
9114
Memphis Div let g 45
1951 J D 8218 854 821e Dec'24 ---805s 85
Ann Arbor 1.1 ------.119050 .1 64
64% 64
6478
4
57
6512 C oIl I.
P 14, cons R 55_
1932A 0 1014 ____ 1014 Do.:'24'- --;
997 101,
4
I$IS-A. a Due Jan. A Due Apr11.
Due May. a Dile June. 4 Due July. 7: Due Aug
Due Oct. p Due Nov
4 Due Des .outlet: 9tile
.
273,f,
MI
gl
2865
New York Bond Record—Continued—Page 2
&Jaye
Since
Jan. 1.
-High
Hiot No Lots
_ -_
Ask Low
High Illinois Central (Concluded)—
High No. Low
Ask Low
89
85
Bid
1
88% Nov'24 -1950 J D Bit 3818 _
Cairo Bridge gold 40
1 101% 1064
10614
69% 724
Ohio St P M & 0 cone 8a___1930 3D 10814 Sale 10614
7014 Nov'24
8
703 72
Litchfield Div lot gold 35_1951 J J
731 923
4
4
/
9234 Nov'24 - _
4
743 8012
D 91%
1
Cons 60 reduced to 3318_1930
77
0
7
P J
Loulsv Div & Term g 33-Ie 1953 J A 7748 Sale 77
8
993
9312
98 12 22
4
683 72
9812 98
1930 MS 98
Debenture be
70% Nov'24
Omaha Div let gold 3e__ _1951
764 82
7914 50
7012 81
D
7914 Sale 7812
ChM T H & So East lot 58_1984
Oct'24 -81
02
7 14
.1 663 72
St Louts Div & Term g 32_1951 J .1
5712 6412
6212 38
7518 824
Dee 1 1960 M S 60% Sale 6018
Inc gu bs
1
7912
4
1
/
79
1951
Gold 3448
89% 94
9212 28
75% 82
92 Sale 92
Chic tin Sta'n lot gu 4}213 A.1963
82 July'24 ---82
7414 80
J
A 8 3 87
Springfield Div let g 350-1951
97 102%
10114 21
83% 874
8 11
1063 .1 J 101 Sale 100
863
lat be Series B
87
86
,
Western Lines lat g 42_ _1951 P A 86
15 114% 118 4
8.5
85
1963
J 11612 Sale 11612 117
let 8%a Series C
85 May'24 -1951
,
Registered
104% 105 2
83% 8812
,
Chic & West Ind gene 65__41932 Q M 105 4 -- 10512 Nov'24 80
874
1
8714
1950
7112 784 Ind 111 & Iowa let g 42
4
4
763
96 101
7618 Sale 753
1952 J
3
1004
Consol 50
-year 40
.1 2 87 4 8 78
8
1965 j j 1004 -- - - 100
8
10112 1047 Ind Union Ry 52 A
4
4018 711
1935 M S 103% 104 10312 Dec'24
7018 358
15-year f 734s
8
Sale 687
94 10014 Int & Great Nor adjust tle_ _1952 J
8
90% 10212
1952 M N 993 101 100 Nov'24
2 91
Oboe Okla& Gulf cone 5s
1007
J
8812 9412
1st mortgage (is certificates1952 J j 1600851 Sale 100%
8
935
8
8
767
76
8
933 Sale 935
1937 J J
Cln H & D 2d gold 43.e
76% 54
7612 Sale 7612
MN
82% 91 Int fly) Cent Amer 1st 53_1972
8
905 Dec'24
70
56
91938Q F 9012
I St L & C let g 49
1938 • D 57 Sale 57
4
/
911 911 Iowa Central let gold 55
4
/
1515 26
91936 Q F 863 -- 9112 Sept'24
4
Registered
t
J S 18
57382 1
1951 M D 0348 2_02! 20
gold 4s
8918
Refunding
86
871a
8718
8314 89
8712 88
1942 ht N
Can Leb & Nor gu 45 g
8714 Nov'24
98% 1004 James Frank & Clear let 45_1959
100% Oct'24
99 100
1928.1
,
99 2
UnS&Clconslstg5o
-- 100 Nov'24 -2
Ka A & (1 13 let gu g fsIgaa .1 .1 993
78% 84
4
823
77% 83
8212
D 8014 83
8
82
taeve Citt Ch & St L gen 46.1993
A 0 80
8212 8112
1990
8
8214 9812 Kan & M 1st gu g 42
96%
95 101
8
1931 J
965 Sale 9612
Dec'24
-year deb 4110
20
8
8
1927 J J 1003 10012 1003
97% 104 4
,
2d 20
-year 58
1993 J D 9812 102 10318 Oct'24
6 10012 104
General .Ss Series B
103
KC Ft S& NI cons g 139- - _ -1928 M N 10212 103 103
10314 33 10012 104
1
/
734 82%
8
1
/
824 45
Ref & impt 6e Series A.._1921).3J 103 Sale 1027
.
.
A 0 82,8 6_441e_ 8112
90
2 101% 107 4 It C Ft S & SI Ry ref g 40 1936
,
106
9412 9812
1441 3 .1 10512 106 106
Osseries C
98% Dec'24 -9612 KCAM R&B let gu 58 1929
94
67
a
,
717
95 2 114
1963
J 9512 Sale 95
33
71
be Serlee D
4
A0 70 Sale 693
8618 91
Kansas City Sou let gold 3E4_1950
4
91
86
1939 J
88% 9012 903 Nov'24 21
Cairo Div let gold 42
Apr 1950 J J 89 Sale 89
894
77
Ref & leapt 55
80
4
/
801 79%
80% 86%
6
3
Cln W & M Div let g 4e 1991 J J 80
0's 61
4
8
4
51
7812 85 Kansee City Term let 45_ __1960 J J 833 Sale 834
8314
4
861
823
82
4
_
St L Div let coil tr g g 42_ _1990 M N 8212 83
Dec'24
4
4
1
/ 8810 Kentucky Central gold 45.1987 J J 833 8412 84 Nov'24
85
6012 86
8
Elpr & Col Div late 48_ 1940 M S 8818 897 88 Nov'24
86
87
lot 5e. _1923 50 88% ---- 10012
86
2 10114 101
10012
W W Val Div iota 4e._ 1940 J .1 8713 8812 867 Aug'24 -- 103% 10915 Keck dr Des Moines
1025 J .1 10012 Sale
Knoxv & Ohio let g Os
4
93% 101
19343 J 10 4 - _ 1073 Dec'24
8
CC & I gen cons g 68
7
99%
99% Sale 99%
J
8
977 10112 Lake Erie & West 1st g 5a 1937
10112 10
997
87
8
- 101
Clay Lor & W con let g 5e1933 A 0 10112
1
4
94%
943
4
1941 .1 .1 943
26 gold Is
84% 98%
96 Aug'24 -6• 73% 801s
1935 M N
7814
9618 CI & Mar lat gu g 4%a
7812 78
.31) 78
1997
99 Lake Shore gold 33.Is
95
783
75
,4
1938 J .1
Mahon Vall g 5e
98% ---_ 9812 Nov'24---8
'4
Cleve &
92
7818
9748 Nov 77
8
91
1997 J D 767 78
91
Registered
1942 J J
811 94% 99
- 91 Mar'24,---,
97 4
Cl&Pgengu444aSerA
4
1928 M S 977 Sale
8412 943
Debenture gold 49
9214 97
8412 Aug'24 -19421. 0 97%
Series B
8
945
954 67
178 ...
M
8312 841
4
/
1931 00 N 9518 Sa1!_
-year gold 48
25
91% 95%
91
,
19501 A
8312 Oct'24 -86
SerleeD 354e
4
953 July'24 -___
1931
9012 97%
Registered
9714
8
10 100 1014
97,4
:neve Sher Line let au 4440_1961 A 0 97, 98
1003
1954 F A 10012 101 10012
92% 97
4 32 102% 108 Leh Val Harbor Term 5s
1053
4
4
Union Term 53.45_ _ _1972 A 0 1053 Sale 1043
Cleve
9612 1011 Len Val N Y let gu g 4445 1940 J J 964 9812 964 Dec'24
4
/
45
9112 947
2
100
1973 A 0 100 Sale 993
4
let f be Ser B
8
947 Nov'24
8
913
8412
1940 J
Registered
80
8312 13
78% 83
/945 ID 83
84
8314
8012 42
Coal River Ry let gu 48
80
26
4
/
92% 981 Lehigh Val (Pa) cone g 45..2003 MN 80 Sale
97
85% 96
1929 FA 96% 97
8
18t3
967
4
Oolorado & South
89 I
46
2003 M N, 89 Sale 8812
4
8012 913
General cone 4548
99
99%
994, 56
91
Refunding & eaten 4548_1935 MN 91 Sale 9 4
0,
4
/
4
/
811 871 Lehigh Vall 1313 gen 52;series.2003 151 N 994 Sale 99
1948 AU
8718 Nov'24
4 1004 103
Ool & II V let ext g 4a
10112 102 I
8
Lab V Term Ry 1st cue be- -1991 AU 101
817 86
99% 993
4
1955 FA
8412 Dec'24
,
84 2 90
Col & Tel let ext 48
994 Nov'24
85
1941 A0 99%
4
818
Registered
5
EU% 86
8414
47'11b8 RR let 50-year be g_ _ _1962 J J 8312 Sale 83
Oct'24 - _
851 88
83 S 83
99 1054
1938 J
Sale 101
10612 38 10012 10612 Leb & N Y 1st guar gold 45.1945 A 0 10314 10434 1034
10314
let ref 7545
7
104 I
8712 8912 Lex & East let 50-yr Is gu 1965
8112 814
8812 59
1966 J J 88 2 Sale 8712
,
Cuba Northern Ry let 5e
8
- 8112 July'24 __-- 106% 108
1962 al N 827
9212 97
Little Miami 45
9
9612
9612 9514
96
_ __
Oar & Mich lat cons 44-22._1931
,
83% 91 14 Long Dock consol g 88
1935 A 0 107 2 ---- 108 Nov'24 77
971a 10012
0
9
Del & Hudson let & ref 4E_ .1943 MN 89% Sale 89%
8
92% 1031a Long leld let con gold 52 81931 Q J 994 997 9912 Dee'24'—__
10318 220
9312 10018
1935 A U 10214 Sale 100
SO-year cony be
1001s Aug'24'9238
971
4
/
51931
let come' gold 40
4
843 88%
1018 16 10612 102%
3
1937 MN 1003 Sale 100 4
4
-year 5540
I5
1
88381
%
.11 j
2 -_-_-_-_ 8838
110
15
1938 Q D 88
General gold 45
sg
109
es
4
1930 J D 10812 1083 10818
-year secured 75
10
02 Dly:24,---:
8918 2uee 24 -J D 8818
94
92
1932
2
Gold 4s
84%
94
79
.1936• A
9312 ____ 94
11 RR & Bdge lot go 48g.
D 9508
•E 82,2 _8_3_7
,
!
6714 83%
1949
Unified gold 45
69
91% 96
83
8214 Sale 8214
Den & R Gr—Itut cons le._1938 J J
2
'
s24'
6
8
92,2 Nov 3 ---7213 87
1934
gold be
Debenture
90
84
864 14
8614 864
86
1930 J
Comet gold 43.4e
874 Dec'24'---.
4
883
1937 MN 87
-year p m deb 521
20
34
2 08
88
96
79
8
8212
Improvement gold M.__ _1928 J D 96 Sale 95%
341 508
4
/
Guar refunding gold 45_ 1949 M S 8212 Sale 8218
5814 88
944 100
564 Sale 5612
1955 J A
lit & refunding 55
6
99
98%
4434 4612
Nor Sh B let con g gu .52_611932
4
4812 Nov'24
9512 1011
do Registered
2
994
M j 94 l
3414 59 2 Louisiana & Ark let g 5e
8S
,
1927 Q S 997 Sa e 9914
57% 11
7912 95
5612 5734 5712
Farmers L&Tr rcte Aug 'IS..
3414 59, Lou &Jeff Bdge Co gu g 42_ _1945 M S 824 Sale
2
9
5812
8
565 6712 57
-Hankers Tr We of den
212 Dec'24-22 1004 10412
33
58
s 9
46
1937 M N 103 1037 103
Louisville & Nashville 58
577
9412
89
5512
5514 55
do Stamped
1
/
924
92
57
37
Unified gold 48
12
1940 .1
57
894 92
5412 ____ 57
Am Ex Na) Ilk Feb '22 eels_
92 Dec'24
3118 55
87's
Registered
2
1940
55
55
964 103
do Aug 1922 etre
3
102
M j
4101 102
3712 47 4
,
Collateral trust gold 59... _1931 j I14 1003
8
,
38 2 33
3814 Sale 3712
Des M & Ft D lat gu 4e____1935 J .1
35 1057 1084
7412
60
I0-year secured 78
1930 M N 108 Sale 10712 108
74 Dec'24
77
75
Del & Mack—let lien g 48_1995 J D
2
02,2 : 104 108
194
70
60
4
/ 92
let refund 534e Series A 2003 A 0 10234 1041 104
_ _ 6712 Nov'24
9712 1054
1995 J D
68
Gold 4e
10212
4
8712 9312
let ,k ref 58 Series B
2003 A 0 10212 Sale 1013
6
9112
92
9118 9112
86,4- - 914
934
1961 MN
Det Riv Tun 454s
8
093 102
let & ref 4 Me Series C —.2003 A 0 9212 Sale
105
8
1015 ____ 102 Dec'24
001 Mtesabe & Nor gen 58.._1941 J
104 Nov'24 -- 10312
95 101%
N 0& M let gold 65
1930 J .1 10418
5
8
1007
8 Sale 1007e
Dal & Iron Range let 5e_ _ _1937 A 0 1005
8
1033 Dec'24 -- 102 104
88
76
26 gold (is
13
1930
8
875
8718 Sale 87
8512 904
081 gen Shore & Atl g 5a__ _1937 1
F
8912 891a
1'12 10 , 634 Dec'24 -- -2
3 8 4 88
8
Paducah & Mem Div 413 1.040 j
8
64
60
O Minn Nor Div 1st g 48_ _ _1948 A 0 87% ____ 885 June'24
4
/
901 100 4
,
St Louie Div 26 gold 3e_ _1980 MS 63 Sale
954
4
93
1938 M S 993 -___ 99 Dec'24
Aeon reorg leo g 58
93 Nov'24
g 4%e 1945 MS 9414 97
100
98%
LA N&M,4151 let
-__ 100 Nov'24
85
1930 J J
997
79
11 T Va & Ott.DIv g ba
9
8278
82% 81%
4
97% 1013
L & N South joint M 4e..1952 J J 92
2
10014
77
8- 8
77
1955 51 N 10014 1003 10014
Cons let gold 58
'
9 28
0
7
764 ___- 9718 Jan014 - - 9712 103
81952 G1
Reeletered
42
103
8_ 10118
96
994
ICIgln Joliet & Eaot fete 58__1941 MN 1011
9818 Sale
4
/
991 Louisa Cm & Lax gold 448_1331 M N
99
3
9912
6i
8
985 101
1965 A 0 99% - 12 9912
El Paso & W 1st ba
__ _ _ 101 Nov'24 - J 101
8
1934
5 1045 10912 Mahon Coal RR let 5e
10712
8
63
55
Brie let consol gold 7e ext 1930 M S 107% 108 1073
5
62
8
6218 6212 617
4
613 74% Manila RII(Southern Lines) 1939 M N
9811 99
4
713 159
1996 1J
7014 Sale 7014
1st cone g 48 prior
9812 997 9812 Dec'24 -69
Manitoba Colonization 58
1934 J D
61
4
67% 10
80% 82%
1996 .1 .1 633 637 673
4
Registered
8214 ---- 8212 July'24 -Man GB& NW 1st 3%6_1941 J
5312 66
6418 364
I 6312 Sale 83
8
let consol gen lien g 48. _1996
t 98 1007
1007s
8
59
1931 M E 1007 --- 1007
Michigan Central 55
53
a
99
88
4
583 Nov'24
1996 J .1
Registered
99
99
Registered
1931 Q M 99
8812 953
4
4
95
95% 95
95
86% 964
Penn eon trust gold ule. _1951 F A
96 Dec'24 -01
J J
4 661
543
4
/
1940
414
6512 124
7718 8612
60-year cony Is Ser A...1053 A 0 9434 Sale 6418
8612 Sept'24
5412 6912
8614
,
1940 .1
Reo ia ered
lot g gldt3 ti
6812 191
774 93%
1953 A 0 6412 Sale 64
do Series B
5934 77
JLAS 1st gold 3548
1951 83 S 77% ____ 7718 Apr'24 75% 620
0 73 Sale 73
Gen cony 4e Series D._ _1953
8012
801 2
1. 774 83
MN
7912 823
894 104
1952
25
103
9214 98%
1955 1 J 103 Sale 102%
Crle & Jersey lets 165
I
4
9618 Dec'24 19 0 AG 9614 97
82
86
2
49
20-year debenture 48
8418 Oct'24
1940 .1 J
8712 93%
11
Rae & Pitts gu g 33.48 B
AO 933 Sale 91
4
85
83
Mid of N J let ext 58
Oct'24
84
9912 10114
1940 .1 J
Series C
Dec'24
97% 100
Mew L S & West imp g 56_1929 FA 10014 ____ 10014
8
J 100
____ 993 Nov'24
1001s 1004
Ma Cent & Pen lot eat g 50_1930
1925 MS 100 10018 10018 Nov'24
933 100
Ashland Div let g6).
8
1
988
J
8
987 Sale 9878
194:1
8
885 9218
()onset gold 56
1
9112
9112
J D 8718 95
87% 95
& Nor let ext 43-48_1934
16
93
9212
85
Florida la Coast let 414e___ _1959 J D 927 933 93
Dec'24 -- - .
1934 3D
9612
96
Cone extended 43.4s
.1974 M S 964 Sale 96
964 105
83% 88
let & ref Is Ser A temp..
30
882
89'14 Sale 86't
100% 10212 Mil Spar & N W let gu 413_ _1947 M
10212 102
82
864
Fla West & Nor 7s Ser A —1934 MN 10212 Sale 101
90
July'24 8
_
08
9 38
1941 J J 813 _9;92:42 9112
70
63
Mil g & S L let gu 3%5
6714 22
1952 SIN 6612 Sale 66
974 103
•oarla J & Gloy 4342
1927
193 J D
4
82% 8812 alinn & St Louis let 72
4
883 ____ 8812 Nov'24
6818
9
51
22 3 22
622
4
/
Vert St U D Co let 12 4%a_ _1941 J J
511
St N
3
100 4 105%
let consol gold 5s
1312 234
VI W & Den C let g 5%8_1961 J D 104% ____ 104% Dec'24
21 Sale 21
841s 943
4
let & refunding gold 4e_.1949 M
9412 9412 Nov'24
1312 21
2
Ft Worth & Rio Gr let g 42_ _1928 2 J 92
20
18
10514 10712
& ext 50-yr 55 Ser A._1962 Q F
Ref
Oct'24
____ 107
8512 90
from Elk & Mo V let(le__ _ 1933 A 0 108
,
86 2 74
4
/
861 Sale 8614
954 100% al St PASS St con g 48 lot gu'38 J
4
/
97% 103%
I3H&SAM&Plet58.,..A031 MN 10018 ____ 1001 Dec'24
% 18
.1
98
4
984 983 9838
9612 10012
lot cons 55
4
4
993 Dec'24
1031.3 J 993 100
ga ext4in be guar
8 23 101 10334
1027
MS 10212 Sale 102
-year roil trust 6 545_
10
8918 9334
7
92
917 91
9714 10218
(ialv Hous & fiend let be_ _ _1933 A 0 91
9918 21
9 1
:46 I, 100 100% 99
23
89 101%
let &ref 60 Series A
10014
4
87
6
83
Genesee River lots f 68_ _ _ _1957 J .1 993 10014 100
85
84%
8412 96
1949 MS 8312 85
-year 53-4e
2
25
927
8
21945 J J 92% Sale 9212
9115 101%
Gs & Ala Ry let con 58
9212 Dec'24
9318 100
lot Chicago Term si 45_1941 MN 9212 ____
4 44
992
96% 9978
Gs Car & No let gu g be__ _ _1929 J J 9918 Sale 994
99l 9938 99% Dec'24 _
& A let g Mint gu_1928
3
60 4 67 NI EIS
8
8 645 Dec'24
1946 A( 60% 645
92
88
Os Midland 1st 32;
92 Dec'24
9812 10010 Mississippi Central let 5e_ _ _1949 .1
4
993 -___ 100
Oct'24
1924 M N
754 834
Gila VU & N let go g 52
4 34
81,
4
803 Sale 803
98
98% Mo Kan & Tex—let gold 45_1990 J
4
1942 J D 9912 ____ 983 Feb'24
7854 874
0ou & Oewegatch 55
8612 319
85% Sale 85%
90% 95
1 0
,2
RR—Pr I Is Ser A.1962 J
Mo-K-T
9412 Nov'24
9412 96
Grit I ex let gu 2 4,442_ _1941 J J
74
32
65
72
7114 71% 7138
J J
40-year 45 Series B
8
11614 36 11034 11714
39
8
945 10212
Grand Trunk of Can deb 72_1940 A 0 1153 Sale 115%
102
8
8
75 10215 107%
1932 J J 1017 Sale 1013
10-year (is Series C
107
8
1938 M S 107 Sale 1063
-year f (INJ
15
5154 80
105
79
4
77 Sale 763
10512 163 106 110,8
Cum adjust 55 Ser A Jan_1967 AG
Great Nor gen 78 Series A _ _1936 J .1 109 Sale 108
83
8
9234 Missouri Sactfte (reorg Co)
92
7518 854
let & ref 4%8 Seriee A _ _1961 J .1 92 Sale 92
844 229
84 Sale 8312
9618 1017a
let & refunding 5e Sec A _ _1965 A
100 8 48
,
1)814 101
1952 J J 100% Sale 100
General 544e Series B
4 36
100,
914 9534
let & refunding Is Ser C._1926 P A 100 Sale 100
93% 69
92 Sale 92
19733 J
8
873 100
General 55 Series C
991 2 171
9938 Sale 98%
4
593 70
1st & refunding 613 tier D 1949 FA
75
Feb 69
70 Dec'24
51
65
438
Green Bay & W deb etfe "A"____
64
63% Sale 6318
M
16
7
4 16
143
General 4.9
14 Sale 14
Feb
Debentures etre "B"
% 85
80
Nov'24
8
8412 ____ 843
29
81
8
197
1035 MN
98 Mo Pac 3d 7s ext at 4%
8
98
923 9818
4
01111 dc la 1st ref & t g 52__91952 J J 98 Sale 955
4
/
981 Oct'24
8
963
36' 6312 8312 Mob & 131r r-lor lien g M. _1945 J
82
8112 Sale 8112
85
68
Harlem R & Pt Ches let 4/4__1954 M N
85 Dec'24 _
19' 3 J J
8
8
89% 41' 837, 903
Mortgage gold 4s
J 893 Sale 89%
1024 104%
1100k12112 Val lot cone g 4548_1999
102%
8
83
84
83 May'24
Mobile A Ora new gold 60_1927 J O 1025 104 102%
J 83% 90
1909
•
100% 102%
Registered
_ 1024 10238 Sept'24
1
97 113014
100
____ 100
let eat 41a1 gold M.__ .81927 Q
1937.3 J 100
74
85
& T C let g 55 Int gli
8418
8418
97
5
95
95
General eaid 42.__ .....1938 MS
Sale 95
92
9814
Houton Belt & Term let 5_1937 J J 95
mailmen. -y Div lot g 68_11147 P A
978 9812 98 Nov'24
a
4
4
95, 997
99% --__ 993 Aug'24
1933 M N
4
951 10034
3
Elous E & W T lat g 52
3 Sale 99
10014 16
1927 J O 99
99% Nov'24
St Lou. • ,.1v 52
9% 100
9
8
1933 M N 997
85
1
76
let guar 58 red
84
8212
1938 MS
54,4 95 Mob A 011 a cell tr g 42
943 Nov'24
4
9234 94
804 85%
Housatonic NY cons g 511-1937 MN
4
/
841 Dec'24
1991 MS 84%
8u3 88
4
8
Mob & Mau let gu g 4e
4
/
8712 115
871 Sale 863
& Manhat Sc Series A _ _1957 F A
July'24 -- 1084 110%
Hod
1937 J J 11014 ____ 110
164
69
584 6912 Mont C 1st gu g 62
1957 A 0 6858 Sale 6818
Aditiet Income 59___ _
99% 101
4
4
J 1043 103 1003 Sept'24 -1937
88
93
4
1
/ ____ 89 Dec'24
let guar gold ais
88
764 80
6
Illinois Central let gold 413_1951 J
7712
8
2000 JO 757 7712 7638
89 M & i let gu 340
89
89 July'24
1951 .1 .1 8714 90
99% 102
5
Reglotered
101
8314 Nashv Chatt & St L let 5e 1928 AO 101 Sale 101
79
1951 .1 J 803 813 8214 Nov'24
99
99
Apr'24
let gold 3445
1937 P A 10015 ---- 99
k Ei lot gu g 50
Oct'24
4
773 844 ,N
8
1051 A 0 803 ____ 81
liztendea let gold 344e
Sept 23
8012 8012 Nat fly of Me:wilful 4442_1957 J
8012 June'24
81
---- ---- 30 4 July'24
19.51 A 0 78
Regletered
153
27
4
-8/ li"
61 June'24
July 1914 coupon on
61
310
57% 72
1951 M
4
/
271 July'23 ---let gold 32 sterling
-year a f 48_1977 A0
8
87%
Guaranteed 70
8
893
86314 861s
aa
Collateral trust gold 4a_ 1952 M S 86 Sale 875
18 May'24 - -lit'
844 9012
8
April 1914 coupon on
88% 138
1955 M N 8814
let refunding 48
3812 June'23
Mex prior lien 4542_1926 JJ
4
Nat RR
1
/
754 81
4
/
781 813 7914 Dec'24
1952 J J
25 July'24 I25 4114
Purchased lines 33.45
July 1914 coupon
,
83 2 23
8
797 8612
40._ J953 M N 8318 Sale 8318
A pr"23
Collateral trust gold
28
1951
10614
10' 99% 10512
let consol 45
1955 M N 104 10418 104
Refunding Is
36 .1an'24
sii- 'g______
April 1914 coupon
1034 13 10012 104
19343 2 103 1034 103
-year secured 5449
in 22
1814 Apr'24
15
51 108,• 11212
4
ADM 1914 coupon off......
1103
1936'J J 109% 11114 11038
-year secured 6 3.4s g
15
Dee July, a Die Sept. 0 Due Oct • Option atle.
Due J. 0 Due lab. S Due June.
•
BONDS.
N.Y. STOCK EXCHANGE
Week Ending Dec. 19
113
.
t?
Price
Friday
Dec. 19
Week's
Range or
Last Sale
Rango
Since
Jan, 1,
BONDS.
N.Y.STOCK EXCHANGE
Week Ending Dec. 19
t
Price
Friday
Dec. 19
Week's
/range or
Last Sale
Wa
2866
New York Bond Record-Continued-Page 3
BONDS.
N. Y STOCK EXCHANGE
Week Ending Dec. 19
t
Price
Friday
Dec. 19
Week's
Range or
Last Sale
723
Poe?:
Range
Since
Jae. I.
BONDS.
N. Y. STOCK EXCHANGE
Week Ending Dec. 19
S
t
Price
Pada!,
Dec. 19
Week's
Range or
Last Sale.
&Me.
Jul I
--II
.5r•
No. Low
8612 925
3
874 9712
8811 92
9053 9612
9033 94
934 10112
2
100 1004
Act Low
Bit
High NO. Low
High Pitts CM Chic & St L (conc1)Bid
Ask Low
Wel
Xaugatuck RR 1st 48
1954 M N
667 May'23
8
Series 3135
F A
8912
924
New England eons Ss
1945 J .1 9112 _
736- Vic. Series E guar guar gold.. _1949 1 0 8912 _ _ 8912 Sept'24
9213 Oct'24
F
4s gold
1953
Nov'24
Consol 4s
1945 J J 79 Sale 78
83
75
Oct'24
Series G 4s guar
1957 M N 8912
91 Nov'24
if J June RR guar lst 4e. _ _ _1986 F A 8112 86
4
803 83
83 Sept'24
Series I eons guar 43411._ .1963 F A 953
3 - - 953
8
953
8
XO&NEI0tref&imn4 1-is A'52 .1 J 8512 Salo 8513
8113 88
7
8512
Series .1 4 Yis
1964 M N
9414 _ _
94 Nov'24
Frew Orleans Term lot 48.....1953 2 J 8118 8178 814
7614 83
2
General 53 Serlea A
8114
D 9934 Sale 9914
1970
9912
NO Texas & Mexico 1st 62_1925 J D 1015 1017 10153 1014 10
8
9814 1023 Pitts & L Erie 20 g .58
8
8
a1928 A 0 1003 1013 10012 Sept'24
3
3
Non-cum Income 55
19: A 0 93 Sale 927
*
8514 9312 Putts NleK & Y lot gu 611
3
934 140
_1932 J
104
105 Dec'23
let be Series B temp
1954 A 0 91 Sale 9038
9414
89
96
20 guaranteed 68
92
1934 J .1 102
-9834 loo
983 Aug'24
4
let 5%8 Series A temp_1954 A 0 9812 Sale 9312
98 100
9834 64
Pitts Sh & L E 1st g 52
1940 A 0 101
9812 10(l3
100
4
Oct'24
LI & C Ildge gen gu 4138_ _ 1942 I J 9278
,
9112
92
_ 937 Nov'24
8
1st corm] gold Se
1943 1
97
983
983 Feb'
4
4
24
NYBarNIBlatcong5e_.1935 A 0 99 10018 99 Dec'24
95 101
Pitts V & Ash let cone 58. _ .1927 MN 1054
99 1 210
,
10018 Dec'24
111 Y Cent RR cone deb 63._1935 el N 1123 Sale Ill
2227 10311 1137 Providence riecur deb 41)._ .1957 M N
4
4
11314
40
501
53
8
53
2
53
Consol 48 Series A
804 864 Providence Term lot Is
1998 F A
827 Sale 8212
3
83 4 46
,
19.50 M S 811g
xi)
81)
80 Sept'24
Ref & leant 41.4s "A"
a013 A 0 8914 Sale 89
51
844 9012 Reading Co gen gold is
90
.1 954
1997
9553
874 9
54
954
Ref & Inapt be
953 10034
8
t 0 9938 Sale 9914
2013
Certificates of deposit
993 274
4
8714 9614
9514
N Y Central & Hudson River
Jersey Central colt g 413_ _1951 A 0 88'g 8Sl 873 Nov'24 41
8314 8914
4
88
Mortgage 3155
794
74
1997 1 J
45
76 Sale 76
Gen & ref 4 tss Fier A
7612
1997 1 J 04 Sale 94
8818 943
4
944 37
Registered
1997 1 1 744 7612 773 Sept'24
7214 7814 Rich & Dan ba.
4
1927 A 0 997 100 1003 Oct'24
3
983 101,3
8
3
3
Debenture gold 44
8918 96
1034 At N
93 Sale 03
Rich & Meek let g 5a.
933
4 15
1943 51 N 7412 77
7.114 7414
7414 Nov'24
313-year debenture 43
1942 J J 9112 9218 917 Dec'24
933 Rich Ter So
4
87
8
1952 .1 J
8
96 1905
3
Lake Shore colt gold 3Sto-1998 F A
707 7714 Rio Grande June let gu 581039 J D 1093 101 14 10018 Nov'24
8
15
74,2 Sale 7412
75
923 Sale 923
8
84
9314
8
4
923
8
Registered
697g 75
1998 F A
1
Rio Grande Sou let geld 48_ _1940 J J
7353 76
7353
734
514 7
5
7
84 7
5
Mich Cent coil gold 3Ae_ -199x F A
73
3
784
Guaranteed_
7514 Sale 7513
7514
.......
J J
7 Dec'23
Registered
1998 F A
7214 7712 Rio Grande West 1st gold 49-1939
737 743 75 Nov'24
8
4
4
1 833 837 8334
8
6
9 - T8 844
84
N Y Cble & St L lst g 4s_ _ _1937 A 0 923 Sale 923
894 933
4
924 50
4
Mtge & coil Cruet 42 A_1949 A 0 7212 Sale 721.1
4
60
7318
38
73
Registered
1937 A 0
881a 9134 R I Ark & Louis lot 4
4
913 Dec'24
M 8 87 Sale 8612
7412 8734
8712 83
35
-year debenture 42
88
1931 MN
5
954 Rut-Canada let gu g 45
9318
9314 Sale 9313
1949
J 73
74
68
8374
73 Nov'24
2d 63 Series A B C
1931 M N 1024 Sale 10214 10314 83 1004 1033 Rutland let con g 4135
4
1941 . .1
1
8018 88
86 Dec'24
Ref 5128 Serial A
I974 A 0 9412 Sale 94
94 12 183
93 2 96 4
,
,
X I Connect let gu 41,21 A 1953 8' A
864 92 St Jos & Grand 121 g 40
12
9012
9012 91
91
1947
7112 77
1 7512 77
7512
2
7512
IF Y & Erie let ext g 4.8
1947 M N
Oct'24
89
89
8312 8912 St Lawr & Adir let g 54
92
1996 J 1 933 --__ 95
9114 903
2
s
Oct'24
fid ext gold 4148
1933 M r
9312 96
20 gold 60
913
96 May'24
3
1996 A 0 993 102 100 Dec'24
4
98 100
4th ext gold Is
1930 4 0 9912
96
9714 St L & Cairo guar g 40
9714 Sept'24
1931 J J 933 9412 937 Dec'24
4
89
9514
8
5th ext gold 48
1928 J 1) 97 4 ---- 9714 Nov'24
9312 9712 St L Ir
& S gen con g sift .1931 A 0 0912 Salo 9912
,
96 10118
9934 42
X Y & Green L gu g 52
1946 M N
9184
8412 9212
913
4
Unified & ref gold 40
1
1929.2 J 9214 Sale 913
8312 934
3
927
3 76
N Y& Harlem g 3
_ _2000 M N 7814
763 78
4
78 Aug'24 - -.G Dlv lot g 4a
1933 MN 8014 Sale 8312
857
4
72
843
4 76
X T Lack & W ist & ref 53_1973 NI N
ift__98i2 9812 St L 51 Bridge Ter gu g 55
9812 Nov'24 - 0 9912 10018 99
193)) A
14812 10014
99
lot & ref 1 iia
9913
96 101
_1973 51 N 10012
St L & San Fran (reorg co) 431950 3 1
99t2
5
6578 734
232
X Y L E & W let 72 ext _1930 M S 10312 109
10214 10212
Prior lien Set B 50
0212 Aug'24
1950
813212 Sale 85 8
7
5 Sl
71323
804 874
821)1 60
7 2
6
Dock & Imp Se
19432 J
973 9911
3
4
9934
Prior lien Ser C fig
993
4
903
4
1928 3
102 Sale 10178
984 10314
10214 31
N Y &Jet
-my 1st 58._
1932 F A 1007 Sale 998, 10078
4
9612 1004
3
5 tie Series D
1912
937 Sale 933
8
8712 9534
3
94,
4 86
N Y & Long Br gen g 48 _1941 M S 903 ____ 9012 Nov'24
91)
9013 ()um adjust eler A 6s
3
_h1955 A 0 857 Sale 8512
3
72
8034
8612 277
N Y N H & HartfordIncome Series A es„._. _)11960 Oct. 7818 Salo 7813
584 814
793 512
4
Non-conv deben 42
1947 M s 60
4412 6114 St Louis & San Fran gen 611..193 I
614 Dec'24
64
.1 105,
3
- 10514 Nov'24
3
9973 1053
Non-cony deben 3358.- .-1947 Al S 547 50
58
38
5514 Dec'24
s
General gold Se. _
_1931 J J 1003 10114 1003
4
9712 1004
4
1003
4 11
Non-cony deben 31-6s....1354 A 0 55 Sale 5312
4912 5514
3
54
St L & S F
cons g 41. _. 1996
8414
8414 8412
3
841
Non-cone deben 48
4414 61
1955 J 1 594 Sale 593
25
4
61
Souther Div let g58, _1947 A 0 0758
1 9912 Oct'24
9712 9912
Non-cone deben 44
1956 al N
28
6112 . St L Peo & N W lot gu M.-1948
61
60
J 10112 102 102 Nov'24
- -14
98 111312
Cone debenture 354e
1956 1 .1
34933'42 60 St Louts Sou 1st gu g 4a ------1941 NI S 93
15
5434 Sale 5314
5514
9412 93
9112 9412
non• debenture 68 _____ . _1948 1 J 854 Sale 843
59
87 St L S W 1st g 4s bond etts .1989 MN .804 8012 804 Dec'24
4
863 154
4
1932
83
70
8012 19
Debenture 45
5512 152
1957 M N 5518 553 53
36
553
4
20 g 43 Income bond etts.91989 J J 7418 76
4
74
6914 7419
1925 A 0 96 Sale 9514
78 European Loan
703 973
8
4
9714 681
Consol gold 4e
•D
Sale 8512 Dec'2486 86
93
777 8'. 12
a
1925 A 0 9514 Sale 05
Francs
69
9)312
96 2474
lot terminal & unifying 58.1952 .1 .1 83 Sale 82
85
IN
8314 53
Cons Ry non-cone 45. _1930 F A
44
Apr'23
St Paul & K C Sti L 18144s-1941 FA 81 Salo I 803
73
8
83
813
8 58
Non-cone 45
_1954 J J 5513 Sale 5513
4612 W(1 St Paul E Or Trunk 4 S30 ..1937
-14
5614 27
_ _ ,3
1 4
:
___ 88 Sept'24
88
95
Non-cone deben 4e_ _ ..1955 1 J
48
5312 Dec'24
551z, St Paul Minn & Man 46..._1933
9418 95
919412
013 984
4
26
95
Non-cone deben 4e ___1956 1'.1 533
8
4212 5712
50 Dec'24
lot consol g 68
10813 Sale 10814 Dec'24
1).5 lo9
le Y & Northern 1st g ba _._ .1927 A 0 10014 ____ 101
Oct'24
993 101
4
thi reduced to gold 41-28.-1933
9834 ____ 9812 Dec'24
943 911
8
X Y 0 & W ref 1st g 4s___.41992 M S 68 Sale 673
33
60
69
4
69
Mont ext hot geld 40
1937
92 Salo 92
873 977g
4
9218 21
1955 J 1) 63
General 4s
6
583 6(1
6518 65
3
65 18
Pacific ext guar 45_ _ .- - -1040
_-__ 89 89 Sept'24
31212 711
1942 A 0 853 ____ 853 Oct'24
N Y Prov & Boston 4e
4
8518 853 8 A& A Pam 101 Ku g 4s,.,-.l943
3
s
81 Sale 807
714 83
3
813
s 32
N TA Putnam 1st Con gu 4s '93 A 0 813 8314 827 Dec'24
4
81
8
8312 Santa FP Prie & Phert 58._ ..1942 36
9853 100 100
9938lies
Oct'24
1927 M a 991g
N Y& It B 1st gold 53
8912 100 San Fran Term) let Is
9914 Sept'24
1950 A
84
90 2 87 4
,
,
8412 19
X Y Hasa & W let ref be _ ._1937 1 J 6812 Sale 6614
5212 72 Say Fla & West 64
6912 122
10712 1012
1934 A
i077g ____ 11)8 Aug'24
1937 F A 594 62 60
20 gold 41-40
29
43
62
50
62
1934 A
101
10012 10112
____ 10114 Nov'24
1940 F A 6112 6212 62
General gold 55
404 66 Scioto V & NE let gu g 49.-1989 36 N 88 Sale
6312 47
847 9
88
8 012
2
8912
1943 M N
Termlnal lot gold 55
9212 94
1
937
8614 9513 Seaboard Air 1.1ne g 4s
3
9373
AC) 757 77
8
5514 763
7612 Dec'24
4
1 63 Sale 604
N Y Webes & B ist Ser I 4143 46.2'
157
3912 63
63
Gold 40 etamped
A () 754 Sale 757
3
5812 763
3
3
757
3
Nord Ry s f 6SO V I
1950A 0 3412 Sale 8312
,
831 883
.
8514 317
8
killuptment Us
01949 P A
19959'
763 Sale 7614
4
434 78
777 410
8
Norfolk Sou let & ref A 58,1991 F A 72 Sale 72
7312 74
01's 76
Refunding 4a
AG 6014 Salo 60
1959
474 6112
6012 51
Norfolk & Sou let gold ba._ _1941 M N
88
4
713 723 9513
953
4
8
9518
4
let & cons 180 Series A. -.1945 M S 8412 Sale !
67 i 86
5
161
85
Hort & West gen gold 6s
1931 M N 10713 10812 10714 Dec'24
105 3 1077 Seaboard & Roan lot be-- _1926 J J 100 1001s 844
3
8
973 10118
10018
4
5
10018
Improvement dr ext 6e.....1934 F A 10773 ____ 10712 Oct'24
196 111713 ti & N Ala cons go g 50
1936 F A 102 104 102 Dec'24
1015 1u43
8
4
New River lot gold
1932 A 0 10614 10714 10712 Sept'24
106 10712
Gen cons guar 50-yr 54 ._1963 A 0 103 10414 1033 Dec'24
99 10512
4
N & W Rv 1st cons g ts_ _ _1996 A 0 8814 Sale 873
86
80
9l3% So Pac Col 48(Cent Poe col)/1949 J D 843 Sale
4
90
4
845
8118 8612
8
86
52
Registered
1996 A 0
89 Sept'24
8614 89
20
-year coov 43
8
a1929 lk,1 N 963 Sale 0618
1937 N1 S
9658 144
9212 10012
DWI let lien & gen g 40.1944.2 .1 897 Sale 8912
8614 904
8
897
8 30
20-year cone Ss
9934 10012 10014
pD8 1014
101
48
-year cone 68
1929 M S 1277 Sale 125
10
4
12834 349 10613 13112 So Pac of Cal-Ou g 53
10112 ___ 10112 Dec'24
101 103
Poeah C & C Joint 42_1941 .1 D 904 91
34
90
7618 9212 So Pac Coast 1st gu 48 g__ _1 9 7 1 0 94 90 14
1934 j J
95
8812 Nov'24
8712 1014
North Ohio itit guar g 513_ _ _ _1945 A0 8712 88
8412 91 1 So Pac RR let ref 4s
5
873
4
873
4
1955 . 1 883 Sale
1
8
85
885 iLi
904
8
. 837 Sale 834
,
1
Nor Pacific prior lien 4a _ _ ig
g
8015 863 Southern-1st cons g &L.-1994 3 1 10012 Sale ' 8718
4,
8414 132
944 102
Registered
7834 85101
834 8413 83
Develop & gen 48 Ser A _ _ _1956 A 0 7312 Sale 10012 10114 116
83 18 16
7312
7412 129
6918 753
4
a2047 Q F 603 Sale 6018
General lien gold 311
8
5634 63 I
603
4 54
Develop & gen 60
1956 A 0 10212 Sale 102
9512 105
103
a2047 Q F
Registered
57
593 Dec'24
4
6312, Develop & gen 61
-ft
1954) A () 107 Sale
2
_2047 J 1 8612 Sale 8612
793 88121
Ref & impt 43.4e ser A
4
5
Mem Div lots 44s-5s. _ -19 J j 9912 101 10653 10712 5791 10114 1077
8712
-95 1 3
1
9912 Dec'24 -935 100
8
2047J .1 107 Sale 1064
(is ser IS
165 1014 103
53
107
Bt Louis Div let g 45
85
857 8514 Dec'24 -- 8
795 8614
4
2047.2 J 9614 Sale 953
Be C
903 98121 So Car & Ga 1st ext 5 143._ .1929 M N 102
3
4
96 4 27
,
Ill'. 10258
10218 102
102
5
2047.2 .1 957 Sale 953
5a
8
8934 100 Spokane Internal lot g 5s_ _16 J
10
4
96
955
9
3
J 8314 8518 824
824 9234
827
8
1
D__St Paul &Duluth lot 5a...1931 Q F
9914 9914 Sunbury & Lew Is
9512 Dec'24
8934 _ _
•91
_
Oct'23 - - let consol gold 48____ .1968 .1 D 80
...1 Superior Short L let 50 2_ 7 _41930
__
8414 Jan 23
51 S
10914 11593 Term Assn of St List g 4138_1939 A 0 9914 --- 95 May'18 -Not Pac Term Co 1st g 61. .1933.3 3 10913 1093 10912 Dec'24
- 4
- 4
9514 96 I 9514 Dec'24 _9572
1938 A 0 100 ____ 9114 Aug'24
No of Cal guar g 58
8912 10912
let cons gold 52
1944 F A 100
____ 100
10012
9714 19012
4
1930 1 J 1034
North Wisconsla 1st 82
973 100
3
_ 100 June'24
Gen refund s f g 4s_
8212 83 8212
7854 ,
1 014
8258 14
, 'Tex & NO con gold Ss.
1943 1 j
1'1, -1 J
99 Dec'24
9412 99
69
7414! Texas & Poe 1st gold 83_. ,. 2200000
Oil & L Cham let gu 42 6 _ _1948 J J 7212 73
7212 Dec'24
9934 Sale 9914
Slat0ii
9934 25
92 101
1943 M S 9034
Ohio Coon Ry 43
903 Dec'24
8 12 91)
4
34' 20 gold income Ss
cme
8218 95
86 Nov'24 - 7313 86
1936 1 D 993 101
4 9714 100
Ohio River RR let g 5e
20
0934 100
La Div B I. let g 52
1031.3 J 9812 99
9812
01 100
5
1937 A 0 9814 -- 983 Nov'24
General gold 50
95 4 943 Tel & Ohio Cent 1st gu 68... 1935 1 1 101) ___ 9812
4
3
4
10012 Dec'24 -97 103
1927.2 .1 1004 101 1007
Ore & Cal lot guar g 53
3 101
9914 10214
Western Div 131. g 54. ___ 1935 A 0
947 101
3
8812 873
6
854 9012
Ore RR & Nav eon g 4a_ _1946 J D 88
4
General gold
873
4
. - 1935. 0 99
1
% 997 9 3
9 12 9 3
6
9
902 100
1
458_'46 J J 10312 Sale 10414 Dec'24
Ore Short 1.1ne-let cons .101 10614 Toledo Peoria A West 48___ 1917.2 J 96 4 Sale2 97% Dec'24 -__
50___30
25
30
208 3014
29
3
1946.3 .1 104 10412 10312 10412
Guar cons 52
3
8
7 1013 1063 Tol St L & W pr lien g 3144_ 1925 3 1 9912 994
994 Dec'24
964 1181
_1929 J D 9612 Sale 963
3
Guar refund 48
924 9814
9653 64
50-year gold 4s.
81 12 Sale 803
4
81121 25
itt
844
7933 84 Tol WV .40 gu 414s A
Oregon-Wash let & ref 45_ _ _1961 J J 8214 Sale 813
4
8253 135
1931.2 (
1933 J ) 963
1959 A J
4
967 Dec'24- - -8
9514 97
.
82
8
80
7513 81
Pacific Gout Co let g be ___1946 .1 D 80
8014
Series B 41.28
9O13 97
954 Feb'241- 9514 9512
1
78
4
Pao RR of Mo 1st ext g 48-1938 F A 893 90, 894
4
903
4
894
&glom C 48
1942 NI S 891
1938.3 J 984 -- 9814 Dec'24
89
26 extended gold .55
9918 Tor Ham & Buff let g Is. _ _51946 JO 8332 --- 8612 Mar'23E
8 85
85 Dec'24
- -1116 4
9212 9812 Ulster & Del let eons g
Paducah & TIM tat s f 4 tic _1955 J J 9334 94
9373 Sept'24
5a_ _ 1952 J I) 91 Sale 91
928
91
3
91
974
Pule-Lyons-Med RR Re__ 1958 F A 805 Sale 805
65
8
8
8112
8114 389
lot refundIng g 45
80 57
62
6112 Dec'24 -7034
61
884 935 Union Pacific let g is
9012 235
Sink fund external 78 se 1_1958 M 8 8814 Sale 8814
8
1947 J J 9073 Sale 903
4
9112 86
885 94
8
139
841s 9312
Paris-Orleans RR 0 f 72-1954 M S 8812 Sale 8812
90
--year cone 4s
0
1927 .1 .1 987 Sale 987
8
8
9918 154
953e 100
.194251 8 97
95 Dec'24
89
98
98
retaliate Ry 711
let& refunding 4,1
02008 NSt
8474 Sale 843
/
2
85
81
813 8814
3
1
8913 9512
Pennsylvania RR-cone g 48 1943 MN 90 4 -- 9212
9212
,
1st lien & ref .53
10418 105 10414t
10412 17 100 106
1948 PA N 9018 9112 9012
9334
87
Comm!gold 48
10
9012 29
-year perm secured 6a_ .11)283 / 1033 Sale 10313
028 M 8
8
10333 28 1023 10512
4
May 1 1948 MN
8714 05 U NJ RR & Can gen .18__ .1 25364 .1 S 91
9012 904 Dec'24
de stamped
11,994 71 j3
9212 93 Sept'24 - 4
883 93
1960 F A 981 987 984
.
90 100
5
8
984
Con8o14148
tab
Nor gold 58
U
& 10018 101 10014 Dec'24 _ 03 1003
4
1985.3 D 93 Sale 923
9014 9914
8
61
General 412s
93
let extended 43
955
8
93 Aug'24 -03
93
1968.2 D 10214 Sale 1013
4
933 110
General 52
4 10214 80
Vandalia colts g 4s Ser A __ _ 195 FI
95 N
57
864 87
8612 Oct'24 -86
8612
1930 A 0 109 Sale 083
-year secured 78
4
10
1094 46 101 11014
Como)! is 8erle8 B
81)
85
4
8
8612
2
1
15-vear Hpr‘ired 8 .48____ Ma r A 1104 Sale 1014
3
Vera Crez & P let RU 4 14o. __1934 1 1 8614 863 863
1104 146 1073 111
20
20
204
Oct'24 -40
9818 Sale 973
1964 M N
-year gold 50 temp
973 984
4
Bily 1914 coitpou on
4
984 609
2113 20 Dec'24 ---254
20
Fennsylvania Co
Verdl V lAW letgSo
1926 M S 994 ____ 100 Nov'24 - - 9914 100
8538 8614 VirgInis Mid Series E Si.
Guar 3555 cell trust roe A.I937 M S 844 854 855 Sept'24 _ _
8
1926 M
10018 1005 1001s Dec'24 --8
97 1004
84
83 Dec'24
83
Guar 353ecoll trust Ser 8_1941 A A
General 58
10014
4
10014
98 10014
__ 10014
Guar 313e trust ctfe C__ _ .1912 J D 817 84
854 Sept'24
3
8114 8518 Va & Southw'n let go 5,1_21)03 1" N
_
36 -1 J 954 9678 0.512 Dec'24
9214 97
Guar 31-4o trust ctfs D._ _ .1944 J D
1
8912
8912
8114 8912
let con3 50
-year Se_
1958 A
8414 Sale 8414
7614 8812
844 25
Guar I5
905e 96 Virginian let Is Serlea A _ 1962 M
8
-25-year gold 40. _1931 A 0 947 95
95
9,
54
7
9512 Sale 9518
N
9214 973
9553 92
.4
Gnat 43 Ser E
8334 871e W3bash let Cold
121.52 M N 85
3
85
8612 85
.1941) M N 10012 Sale 10012
1 33 F A
9612 10112
101) 4 16
3
Peoria & East let cone 48_ 1940 A 0 79 Sale 79
87
20 gold 50
80
79
27
9434 Sale 943
4
87
9°18
981g
Income 4s
384
21
1990 Apr. 3614 Sale 353
3634 30
4
1st lien 50-yr g term 4s_.. 1954 J ..1
78 Dec'24
7812 79
68
79
Pere Marquette lot Ser A bs 1956 J J 9812 Sale 98
9112 99
Det & Ch ext 1st it &I.__ 1941 J
98
82
993 _ -- 9933 Dec'24 _ _ _ _
8
97 100 4
,
let 48 Ser B
1956 J J 8112 Sale 8112
ODmes
761s 8212
823
3
6
;st 44,..1939 J .1 827 8_2
i
le
814
8018 73_3! 8112
7284
2
1
7212 8114
Phila Ball & W lot g 45_._ _ 1943 M N 9214 93
92 Nov'24
4D31iv
8912 9934
8
__
733 Nov'24
5734 733
4
Philippine Ry let 30-yr of 48 1937 J J 423 Sale 42
47
37
Tol & Ch Div g 43
4313 19
4
88 Nov'24
__
7711 85
PCC&8tLgu43.23 A
1940 A 0 06
997 Nov'24
g
9353 997 Warre3 lot ref gu a 3344__3000 M 0 77 a -- 7738 Oct'24
8
97
_
A 11
199441 F A
773 774
8
Series B 41-4e guar
934 963 Wash Cent lot gold 48
1942 A 0 9614 964 964 Nov'24 _
3
1948 Q SI 8418 8812 8612 Aug'24 __
7
84 8611
Series C 412s guar
1942 MN 96
88
9612 9412 Aug'24 _
9412 Wash Term 1st au 31.4e
1945 I' A
1945
8211 83 I 8213 Aug'24
8114 89
Series D 48 guar
194.5 NI N 8912 ---- 3514 Dec'24
83
903
4
1st 40
-year guar 40
8812
84 July'24 ____
733 884
4
a Due Jan. a Due Marc13. a Due Apr. 11 Due May. I Due June. A Due July. 5 Due
tug. I Due Oct. 9 Dtla Dee. s Option sale.
2
2867
New York Bond Record-Continued-Page 4
BONDS.
.
• Y.STOCK EXCHANGE
Week Ending Dec. 19
tl
-
Price
Friday
Dec. 19
West's
Ranee or
Last Sale.
Janos
Since
Jas, 1,
BONDS.
N. Y. STOCK EXCHANGE
Week Ending 1)ec, 19
t
Pries
Friday
Dec. 19
Week's
Range or
Lul Sale.
I
g Y.!
3A
/Wags
Blau
Jam 1
Hies
Mob No Low
Ask Low
1130
RNA
HiuO No Low
Ass Low
Bid
8 10414 48 10212 111
NI
1
90 96 East Cuba Sug 15-yr s I g 7 Fie'37 J 3 10312 104 10354 Nov'24 ____
95
8913 92
4
953 95
W MinW &NW let gu 56_1930 F A 92
893
J 9112 92
6512 Ed El III Bkn let con g 4a_ _1939
58
9812 10112
644 161
8
West Maryland 1st g 4s__1952 A 0 635 Sale 6318
10112 Dec'24
9753 10114 Ed Elee III let cons g 5a____1995 J 3 1014
5
994
96
100
4
West N Y & Pa let g be__ __1937 J J 993 Sale 100
99% 15
8
4
993
1925 .1 D 993 100
7612 8412 Elk Horn Coal cony 6s
884 98
82 Dec'24
249
1943 AO 804 82
97
Gen gold 45
8
3-4s__1037 M N 967 Sale 9612
7913 9314 Empire Gas & Fuel 7
9334 100
8
9114 65
3
8
99%
5a__ _1946 M S 905 Sale 905
99%
Western Pac let Ser A
1932 M S 9912 100
9252 102 Equit Gas Ltght 5s
3
8
8
883 98
1015
4
3
1946 M 13 10114 1013 10112
90
8814
B es
MS 88
89
7853 85 Federal Light & Trac
36
9812 11911
83
2361 J J 8312 Sale 824
West Shore 1st 45 guar
M S 11712 Sale 11112 11712 186
78
7714 88 s
,
13
9812 102
81
8
8018 807 8012
67
J
2361
102
Registered
98% 10034 Federated Metals S f 75.__ A939 ▪ 13 102 Sale 101
9818 lip%
4 18
1003
4
1926 A 0 1003 _ _ _ _ 100
10814 35
Wheeling & L E 1st g 5s
1941 M S 10712 Sale 107
98 10034 Fisk Rubber let 5 1 8s
81
77
4 10
1003
Wheeling Div let gold 55_1928 J .1 994 100 100
9912 Ft Smith Lt & Tr 1st g 55. 1936 MS 7814 -- -- 7814 Dec'24 20
94
84% 974
991 9612 Nov'24
1930 F A 97
4
933
93
Eaten & impt gold 5s
94
93
Frameric Ind & Dee 20-yr 73es'42 3
5311 69
8
4
4 37
683
3 1015 1074
10512
Refunding 43-4s Series A_1966 NI S 683 Sale 67
M N 10514 10512 10514
1942
75 Franeisco Sugar 7355
60
9
98
94
72
8
____
11994492 Ni 5 72 Sale 717
RR 1st cense! 48
70 Gas & El of Berg Co cons g 5s 1949 J D 984 -- - - 98 Nov'24
49
20
65
1
3
643
2 101 1057
J D 6212 65
Wilk & East let gu g 5a
8
99 10134 General Baking let 25-yr 6E1_1936 J I) 1049 105 104% 104%
8114
80
8
4
2
D 1003 ___ 1013 Nov'24
1936
8414
Will & S F let gold 55
F A 8414 Sale 8414
194'2
81
844 Gen Electric deb g 31413
10.5%
8312 20
1060 J .1 8314 Sale 834
105% 10 100 102
Winston-Salem S1.3 lel 4s
1952 NI S 105 Sale 105
8
Debenture 55
765 8414
6
9814
80
81
80
10114 14
Wle Cent 50-yr let gen 43_ _ _1949 1 .1 80
77
4
90
873 Gen Refr 1st 81 g (is Ser A _ _1952 F A 101 10114 101
8
933 1005
86
85
87
10012 118
Sup & Dul div & term let 45'36 MN 86
8
1947 J .1 1003 sale 100
Goodrich Co 6 Sea
INDUSTRIALS
11912 178 11412 1204
85% Goodyear Tire & Rub tstsf 8s'41 MN 11914 Sale 11914
78
4
8518 23
85
86
&dams Express coil tr g 48 1948 MS 85
10914 86 too 110
F A 10919 Sale 10814
el931
10-year a f deb g 88
4
743 9814
93
91
9612 32
II 9612 Sale 94%
1936
&lax Rubber 85
93 Dec'24 ---712 Granby Cons NI S & Peon 6s 4'21 MN 91
5
94
90
51
5
5 Dec'24
1925 M6
Alaska Gold M dell es A
__-- 9158 Nov'24
,
19 8 MN 91
712
Stamped _
5
4
98
5
89
51
5
3
5
1926 MS
9412
Cony deb fla series B
9412 9412
1925 M N 94
94 10014
Cony debenture 8s
6
96
4
78
983
8
14
1928 t 0 9814 983 9812
92
Ara Aerie Chem let Is
92 Sale 8812
1932 FA
82 101
Gray & Davis 7s
52
9312
91
95
95 Sale 9414
1941 P A
let ref f 7.Fee g
9258 114
F A 9114 Sale 9118
9113 9734 Gt Cons El Power (Japan)7s 1944
105
98 102%
97
13
1933 A 0 9614 Sale 9614
Chain em
8
American
1029
92 Great Falls Power Isle f 5s_1940 M Is 10212 Sale 10218
82
40
7914 834
92
9014 92
9118
Ain Cot 011 debenture Is.... _1931 MN
4
833 Dec'24
4
833 85
1952
1061s 1073 Hackensack Water 48
4
!
814 861
107 Aug'24 _
1936 J 3 106
Am Doek di Impt gu Os
8612 18
8
871-4 975 Havana El Ry L & P gen 5s A 1954 m S 86 Sale 854
9
9514
92
92
4
1937 () 913 Sale 9112
Amer Republics 65
9614 Dec'24 -9312 95
_ _ .1952
91% 97% Havana Llec coneol g
64 101 104
95% 173
Am Sm & It 1st 30-yr be set A1947 A 0 9518 Sale 95
58 N 1034 Sale 10312 104
4
8413
72
105% 51 10154 1063 Hershey Choc let 5 1 g 43e. _ _1942 58 N
1947 A 0 105 Sale 105
7912 30
B
7912 Sale 7814
9612 1023 Holland-Amer Line 13s (Fla:1_1947
4
84
944 994
9912 Sale 9912 100
J
1
Amer Sugar Refining Os _...1937
98
983 98
9213 9814 Hudson Co Gas let g 513___ A949 MN 98
3
969 1004
904 1.59
9934. 60
Am Teiep & Teleg coil tr 45_1929 J .1 96% Sale 9614
9914
99% 991
93 Humble Oil& Refining 5349_1932
87
9312 9814
8
_
905 Dec'24
1936 M
Convertible 45
97% 88
8
6 10058 1113 Illinois Bell Telephone 5a..._1956 J D 9718 Sale 97
914 9513
8
1113
111
9342 51
1933 MS iio
-year cony 43e9
10
1940 A 0 9314 Sale 93
99
974 1025311111003 Steel deb 43511
82
9414
19463 D no% sale 10012 101
30
-year coil tr be
8912 10
9714 10314 Ind Nat0 & 0551936 MN 7912 Sale 8912
262
102
8
1943 MN 10134 Sale 1013
30-years f 5441
102 I 22 100 104
1952 M N 102 Sale 10114
1925 F A 120 Sale 12412 12612 32 11214 12612 Indlana Steel 1st 5a
7-year convertible 6s
100 Aug'24 ---- 100 100
p1935 J 3 983 - - -4
844 94 Ingersoll-Rand 1st 55
1012 11
4
4 28
923
am Wnt Wke & Elec 58._ 1934 A 0 923 Sale 924
Dec'24
11
14
38
57 Interboro NIetrop coll 4les_..1956 A 0 11
9
8
5884 7114
455
1939 J J 44 Sale 44
7018 214
Am Writ Paper a f 7414.
44
5
57 interboro Rap Teas let 59_19136 3 3 6812 Sale 6814
4412 46
58% 7214
44 5e
44
6912 295
Temp interchangeable etre dep
68 Sale 68
944 10014
Stamped
544 7512
8
733 127
9912 Sale 991a
1953 F A
9912 388
Asaconda Copper 65
1932 A 0 72% Sale 72
944 10112
10
-year 66
831a 94
193e F A 10114 Sale 1003
4
1014 480
7e
9312 89
8
1932 M 5 927 Sale 9258
9312 967a
7a
4 10
933
4
461 7012
4
7
933 9412 9312
1939 J J
70
Comp Azue Antilla 734a
7012 69
44 , 83,2 87% Int Agric Olorp let 20-Yr 5
8-1932 M N 69
7911 el
86
armour & Co let realest 4F01939 J D 8512 Sale 85
8914 67
4
4
8453 9212 Inter Nieman Marine et (13. _1941 A 0 883 Sale 883
88
4
83
913 165
8712 132
armour & Co of Del 53s.,1943 3 3 9112 Sale ' 9012
1
1947 3 . 8714 Sale 8612
834 81
4 38 1 96% 102 International Paper 55
1013
1935 NI
10112 Sale 10112
Associated Oil temp Os
84 Mar'24 --__
_
1947,3 3
' 18 4 40
lot & ref 5e B
7312 893
1912 Dec'24
Atlantic Fruit 7s etre dep..._1934 J D 1814 25
893 164
8912 Sale 88
5 ' 1858 3912 Jurgens Werke 63(fiat price) _ 194713 3
97%
89
183
9714 106
1858
Stamped certifs of deposit _____ - - 1812 20
4
8
8
8
96, 993 Kansas city Pow & I.t 5s19521M 5 957 Sale 953
954
93
4
98% 34
9812 32
atlantic Refg deb be_ _ _ _1937 J J 9858 Sale 973
1952,M S 9814 Sale 98
19 10013 103 Kaneas Gas & Electric fle
103
97% 1054
5111w Loco Works 1st 58_ A941) M N 10214 Sale 10214
10218 20
1942lF A 102 Sale 1015*
7s
8614 10411
126
98
1937 J J 10118 10258 10312 Dec'24 10 100 10414 Kayter & Co
clamp Azu Bare 734e
9514 104 Kelly-Springfield Tire Ss__ _1931,M N 98 Sale 964
10212
7313 86
2
82
Barnmdall Corp s f cony 8% 41931 3 .1 10258 Sale 1024
8
827 82
65
9712 10158 Keystone Telap Co 1st be_ 1935'J J 82
101
98% 103
J J 101 Sale 10012
17
1948
Bell Telephone of Pa 5s
101
1937 A0 101 Sale 101
9. 10112 Kings Co El & P g 5e
100% 30
8
7, 11073 11612
11612
Beth Steel 1st ext s f Ss ,_1926 J J 10058 Sale 1003
1997 A0 11658 Sale 116
9218 9712
17
Purchase money 135
6934 76
9414
1
4
7512
1942 M N 94 Sale 933
let & ref be guar A
8712 9158 Kings County El 1st g 45 .1949 FA 7512 Sale 7512
704 74
9038 41
894
8
7512 17
10-yr n m & Imp f iSa_ _1936 J J 897 91
76 1 754
1949 F8 75
93 100
178
Stamped guar 44
94
774 103
Cony 30-year 68 Series A.1948 F A 9314 Sale 93
88, 3
3 .1 8712 8912 88
4 46
853
92 Kings County Lighting 513_ A954
84
96 104
1
BI953 F A 8514 Sale 85
4
Cony 30-year 5Se a Series
4 1033
_ 1033
19543 3 10314
7212 833
4
61es
8412 81
Dec'24 -- - 2 10112 10512
1926 A 0 82
10512
Booth Fisheries deb 51 6e
3 0 10514 ____ 10514
1936
03
973 Kinney Co 73es
4
93
88
9714 883
29
4
Brier Hill Steel 1st 53es_ _1942 A 0 97 Sale 963
9012
1950 rd s 90 Sale 90
einl: 7314 Lackawanna Steel 55 A
7314 13
91% 98%
IFwe7 & 7th Av 1st eels _1943 J D 74 Sale 734
9814 46
22
6014 74 Lac Gaa L of St I.ref & ext 68 1934 A 0 9814 Sale . 9818
74
8
719
92% 9614
7214 75
Certifs of dep stpd June'24 Int
5 Sale 9514
9512 03
A
.1953 F
95
94
87
Coll & ref 5Fie ser C
9518
91
9214
9212
9218 94
1941
Brooklyn City RR 5s
9518 Dec'24
"'l 1024 Lehigh C & Navel 450 A., _ 1954 3 3 95
10018 194
4
993 Sale 9914
91 101
Sklyn Edison Inc gen be A 1949 I J
4
4
10012 1003
1933 1 3
3 10212 10011 Lehigh Valley Coal 58
104
8712 8953
1930 3 J 10312 104 10312
General 65 Series 19
Sept'24 -8
____ 895
91
193:3 1 .1
10412 109
4s
,
105 8
324 434
1930 3J 10512 Sale 105
General 75 Series 0
8
8
107 11013 Lox Av & P F let gu g 5a.__1993 NI S 4014 555 405 Dec'24 -- 11434 119
10738 Nov'24
1940 J D
General 78 Series I)
11812 47
4
723 843 Liggett & Myers Tobac 78_ _1944 A 0 11718 Sale 1174
s
:!
00
84
8314 Sale 8314
95% 100
1968 J
99 , 85
R Tr Son 6s
011:17n-Nlan
9812 Sale 98
1951 F A
4
5a
8
667
67
` 633 7012
Maya Qu Co & Sub con gtd Ls'41 NI N 6614 67
8 116 1 45 11412 1184
8
1944 A 0 1147 Sale 1147
80
8058 Lorillard Co (F) 78
8012 Oct'24
99
95
1941 3 J
let Is
1951 F A
8 17
965
8
965 Sale 9612
543
7814 101
98 Nov'24 ---A 0
881e 934
Orooklyn Rapid Trans g 5a 1945
915* 36
96
96
Louisville Gas & Electric 58_1952 M N 9114 Sale 9012
96 June'24 -- - Trust certificates
120 1 128 10814 120
Sale 118
4
8
647 823 Magma Cop 10-yr cone g 78_1932 3 11 120
81 1 10
81
974 40113
let refund cony gold 15_2002 3 J 80
100% 34
1942 A 0 10014 Sale 100
9712 10912 Menet!Sugar 7345
70
66
-10912 Sept'24
t-yr 7% secured notes __19'21 J J _
6418' 32
8
8
981/ 120 Manhat Sty(NV)cons g 4e_1990 A 0 633 Sale 635
58
120 Nov'24'
47
5
Certificates of deposit..........
56141
4
2013 3 D 5512 553 5512
9254 11718
2d 4a
11718
100
9412
11741
Ctrs of deposit stamped _ _
9912! 15
984
99
98
1942 M N
804 8512 Manila Electric 75
2
-821/ 88
Sitlyn tin El let g 4-5a
1950 F A -8314 Sale 8314
838 38
84141
8414
85
84
8512 Manila Elee Sty & Lt 58 50_ .1953 WI S
81
97 101
8314 835s 8312 Dec'24
1950 F A
Stamped guar 4-5s
994' 70
1940 Q J 995 Sale 99
96% 10012 Market Bt Ry 743 Ber A
10014 17
1 116% 140
&Alen tin Gas let cone g 5e_194: td N 100 Sale 100
132
8s with waenta'31 A 0 1254 134 132
_1932 M N 14412 165 160
71
1634 20 114 16312 Marland 011 s 1
10618 74 100 106%
A 0 10618 10614 1064
Without warrant attached_
9913 10815
1
8
117 136
151 lIen & ref Os Series A1947 MN 107 1079 107
107
1931 F A 125 133 129 Nov'24
711s Series 13
1 114 163
,
1921-M N
163
163
4
08, 106 1
V.
10558 21
1053 Sale 10558
do without Warrant8- --,
903 9358
924 Oct'24
1932 1 D 91%
Buff & Susq Iron a f 58
1588 10112 11218
11218
1934 MS 1094 Sale 107
S1
8658 Maxwell Motor a f 78
86
1
,
9'1 3
86 Dec'24
11951 4 0 75
91% 103
Bub Terminal let 4e
102141 14
e
4 885 Metr Ed 151 & ref g 6s Ser 13_1852 Fa 102 1024 102
8.33
4
8
867 Sale 865
8
867
8
9412 102
Comm!5s
4 101 1 16
1953 .31) 101 Sale 1003
91
9758 Metr Power 6s
8
95% 16
1014 10813
'._
Building Is guar tax ex...1960 A 0 945 Sale 9414
1073
Mexican Petroleum a f fla_. _1936 MN
3
85 4 904
Dec'2487
Sale
a I 5s 1936 NI S
9714 100 Midvale Steel &0cony
9918
5
9918 100
9914
1937 NI N
96 1054
Cal0& E Corp bs
9_
'
8 241-_8
0
8 2
95 10178 Mllw Elee Ry & Lt cons g 5s 1926 FA 10012 101 10714 Dec9
4
10114 34
193:; 1 0 1003 Sale 10012
9012 96
Cal Petroleum 6 Se a (w 11
5
Refunding & eaten 43-4s_ _1931 1 .1 95 Sale 95
9212 973
4
93
9412 9'3
1
9814
Camaguey Suit 1st sf1 75_ A942 . 0 93
92
4
95 2 52
963
8
957 Sale 954
1951 J
General 58 A
9414 993
4 14
973
Canada SS Linea let coil a f is'42 11 N 9612 9714 9612
811s 8b
3 26
857
4
1961 3D 853 Sale 85
1st 55 B
8
l942 1' A 10712 1075 10712 10712 16 10298 18734
Canada Gen Elec Co 88.
95% 100
4 80
MS 985 Sale 98
993
8
1953
4
973 101
1
1st & ref g 6s ser C
100
Cent Dist Tel 1st 30-yr 58..1943 I D 100 10012 100
4
943 98%
4 40
983
8
983
983-4 99
912 9712 Milwaukee Ga.9 Lt 1st 4s _1927 MN
3 8
96%
Cent Foundry let s f 6a_ _1931 F A 9514 9512 9512
95 101
76
973
9734 Sale 97
9212 1007 Montana Power 1st Se k_ ...1943 J J
8
1004 330
Cent Loather 20-year g bts_ _1925 4 0 10014 Sale 10014
8653 95
69
95
.3, 9414 Sale 9414
20 10793 110
Montreal Tram 1st & ref 55_1941
110
1941 MN 110 Sale 10912
83
Central Steel 88.._
76
794 37
70 Sale 79
9312 100 Morris & Co 1st s f 4 See_ ___1939 J
5
9914
7412 7442
CO G L & Coke let gu g 58_11)37 J J 9914 9912 9914
___ 7412 June'24
1966 A0 761
74
89 Mortgage Bond 4s
8414 150
1927 F A 83 Sale 83
Chicago Rys let be
92
9613
2
9612
971 96
go 1094
1932 A0 96 88
5s
1083 236
8
1932 A 0 10818 Sale 1075
Chile Copper 65 Ser A
9614
92
9614 Dec'24 -- -4
8
955 10058 Mu Fuel Gas let eu g 55_ __ A947 MN 953 97
8
2
991.
9834
Cincin Gas & Elee let & ref 53'56 4 0
4
937s 963
N 951
_ _ 9518 Aug'24
96 10212 Mut Cr. gtd bonds ext 5%4...1941
3
8, .
1017
95
514e Ser 13 due Jan 1 ___ _1961 A 0 101 334 11e-- 1014
4
533 63%
57
J 62 8- - 62
63
627
8113 9334 Nassau Elec guar gold 45... _1951
t6
4
933
93
9312
931
94
0010 F & I Co gen 5 t 55...._1943 F A
82
60
•D
94
9712Oct'43
92
94
8212 National Acme 71e5_
1931
75
4
8114' 28
Col Indus let & coil Is gu._ _1934 E.' A 803 8112 81
964 9912
9614 10111 Nat Enam & Stampg let 55_1924 J
10014 24
1927 J J 1001s Sale 100
Columbia CI & E 1st Is
954 97
Oct'24
06
___
_193 J J 07
964 101
Nat Starch 20-year deb Is.
1004' 13
1927 J J 10018 Sale 100
Stamped
MN 1005 Sale 1005
10112
8
8
1
195
7 National Tube 1st 5a
5
6
12
7
Col & 9th Av let gu g 5s_ 1993 M S
11 :
'941 (1 '3
23
1
100
83
99
1948 J o 100 Sale 100
Newark Con Gas 55
-4
983 Dec'2I
J J 9812
Columbus Gas 1st gold 513_1932
9714 1014
61
100
4
4
7614 New England Tel & Tel 5a._195 Jo 993 10014 993
70
73
71
7212
7212
Commercial Cable 1st g 4s 2397 Q
1011s 104 1
2
21
104
104 Sale 104
87
9858 NY Air Brake 1st cony 63._192
974:
Commonwealth Power Sq.. _ _1947 M N 9738 Sale 9718
78%
73
4 13
783
787 783
8
98 103 N Y Dock 50-yr let g 4s
195 FA 78
1024
Oomputing-Tab-Ree a 1 fis_ A941 J J 10218 103 102
4
41 1097 1144
A0 11312 Sale 11318
1133
4
874 883 NY Edison 1st & ref 83.4s A_194
3
Conn lty & L 1st & ref g 434s 1951 3 J 874 ____ 8818 Oct'24 ,
9814 102 s
10218 18
8934 NY Gas El Lt & Pow g 5g_ _194 J O 10218 Sale 101
82
8
4
1951 J J 887 ____ 893 Dec'24 -- - Stamped guar 4 kis
824 8612
4
8
859 86's 853
86
Purchase money g 4s
8618 44
1949 FA
4
903
65
88
Cons Coal of Nld 1st & ref 59 1950 J D 87 Sale 87
804 814
44
8112 Apr'24
91
88
NY Slunk Sty let at 5s A_1966 3 .1 8012
94
90
90
Bag Mills 6348_1944 F A 90
Cow Pap &
2, 08 101
101
9312 100 'I Y Q El 1. & P let g .59. _ 193( F A 100 fOi 101
984 Nov'24 -- -Con G Cool Ch let cue 53._1936 J J 95334 99
8
333 4612
4614 24
87
9258 N Y Rye let It E & ref 4s_ 194 J S 4614 Sale 4514
91
8
63
Consumers Power let 53_ .A952 NI N 905 Sale 9014
4612
32
4614 174
Certtflcates of deposit
901 103
453* Sale 4413
3
4
MN 993 -___ 909 July'24 -- -Corn Prod Refg a f g 5a _ _1931
1 12 6
44 49.
10
a1942 A 1) 44 Sale 4
98(4 1011
5s
10078
-year ad) Inc
30
_ 1007
8
76 8
1934 M N 1005
1st 25-year s f 5e
112 6
411
4
76
4
5
71
5 Sale
Certificates of deposit
85
1943 F A 75
138
6913
Crown Cork & Seal
bh
46
953
46
9112 98 N Y State Rya 1st cons 43481962 M N 67 Sale 67
9412 Bale 9412
Cuba Cane Sugar cony 7s. A930 J J
96
85
_ _ _ 92 9212 Dec61244
96 10112
1062 NI N
0
6
61511
100
/
Cony deben stamped 814_1930 J J 9912 Bale 9912
924 99
3
98
8
675
10758 108 10712 10812 16 107 10812 N Y Steam 1st 2.5-yr 85 Ser A 1947 M N -9758 98
M
Cuban Am Sugar let coil 841.1931
1
9612 66; 935* 974
9414 9878 NY Telep let & gene f 4 Lig _mg M N 95% Sale 954
9
98
8
Comb T & T 1st & gen 59__ .1937 J J 97 4 Sale 975
30
10814 90: 105 109
8
-year deben a 1 6e_ __Feb 1949 F A 1077 Sale 1077
8414 9312
8 59
925
Sale 9212
Den Gas & EL Ist&ref s f g 58'61 MN 9212 7612 76
82
20-year refunding gold 644_1941 A 0 10658 Sale 106
1065* 64 1034 10714
67
6
77
75
1942 M
99 1064.
Cary Corp (D (I) 7s
3 1005s
8 10112 32 10212 103%
4
__ 1005
99 10198 Niagara Falls Power let 5s. 132_
4
1003 10012 10098
Detroit Edison 1st coil tr 55_1933 J J 10012 Sale 993
6
54
a1932 A 0 10412 10512 1044
1054
Ref & gen fis
95 101
101
4
11940 M S 10014
9912 105
let & ref 5s Series A
4
10712 109 104 1073 Mae Lock &0 Pow let 58..1954 M N 10112 Sale 105
61940 M S 10712 Sale 10658
8
let & ref 65 Series 13
4
59, 99 1049
7
,
30
0534 Dec'24I0 105
1 1,0
Refunding Ile Series A____1958 F A 07%
8458 95
92
8
8 Sale 915
9114 101
Del Milted 1st cone g 4348_ _1932 J J 915
4(9
Sale
544 No Amer Edison 65 ___ ___1952 M S
Nov'24
Milli Bee 1st 5to ctf dep1927 A 0
32. 96 103
101
der B_19481M S 100 Sale .100
Secured a f g 63413
5478
38
7_4 54 Nov'24
8712 9312
C Is of deposit stamped _____ 28
93
1
,
, Sale ,
2
87 Nor Otdo Tree & Light (341 _ .1947,M El 92 s e I 9218
80
79
,
°o/d (Jacob) Pack let 68_ _1942 M N 81
9312 34. 891 9134
10
Nor States Pow 25-yr be A _ _194114 0
85
58
68
Sale 6512
Dominion Iron & Steel be _1939'.1 J 6712 Sale 8614
10412 101 101 105
let & ref 25-yr fis Ber B_ _1941'A 0 10318 1043 103
9212
81
8812 50
1042,3 J 8814
4
Donner Steel 7s
3
1077 1071 10713 1103
4
4
2
8912 9212 N4rthwesen Bell T let 7e 4.1941 F A 1073 Sale 1073
89%
9212 894
du Peat (E I) Powder 4145_1936 3 D 894
6' 92
954
9458
9458 Sale 943
3
4 60 1.067 10734 N ,etb W T let td g 4 1 45 gtd.1934 1 J
1073
duPeat de Nemoure & C0748'31 MN 10758 Sale 10712
4
51 1035 1103
4
1103
48 10314 106% 0,10 Public Service 730_1946 A 0 11014 Sale 11014
106
4
4
J 1053 Sale 1053
Duquesne Lt let & roll 6a_.l949
7 10014 109
1947 F t 10714 Sale 10741
10714
'''•
26 102 10458
104
4
let sell trust 5148 Series 13_1949 3 J 1033 Salo 10312
Due July, 6 Due Aug Due No s Due Got, my, r Due Dec. I 09tion sale.
Due June.
This JAN( 5 Due Feb.
Z868
THE CHRONICLE
New York Bond Record-Concluded-Page 5
{voL. 119.
Quotations of Sundry Securities
All bond prices are "and Interest" except where marked "t."
BONDS.
Standard 011 Stocks Par Bid. Ask.
Pries
Week's
Ranee
Railroad Equipment, Per Cl, Basis
IT STOCK EXCHANGE
.
Friday
Anglo-American 011 new_ Cl •175 18
Since
Ranee or
8
Atlantic Coast Line 6s____. 5.25 5.00
Week Ending Dec. 19
Atlantic Refining
Dec. 19
Last Sale
Jan. 1
100 9134 92
Equipment 6448
5.00 4.80
Preferred
100 114 11412 Baltimore At 01110 Se
5.35 5.00
11608 Borne Serymeer Co
864
Ask Low
Atoll No. Low
100 233 240
Equipment 445 & ba__ _
4.95 4.75
Old Ben Coal 151 68
1944 F A 98 Sale 975
9612 095 Buckeye Pipe Line Co__50 .59 593 Buff Roch A Pitts equip Si. 5.10 4.85
s
8
98
38
4
Ontario Power N F tat 58_ 1943 F A
940 993 Chesebrough Mfg new.. 25 54834 4918 Canadian Pacific 4%e & 69. 5.05 4.80
995 99
4
8
Ontario Transmission Se_ _ _1945 M N 99
Preferred
9912
94
953 _
8
100 1127 113 Central RR of N J Ces
9912 Dec914 - 5
9 21
'.
8
5.25 5.00
=is Steel Is
1041 F A 9812 Sale 9812
10112 Continental Oil new.
93
9834 20
25 *45
50 Chesapeake A Ohio 68
5.30 5.05
let 25-yr a g 714eSerB1947 F A
Crescent Pipe Line Co_. 50 •12
84
95
17
92
92
91
15
Equipment610
5.15 4.85
Pacific G & El egn & ref 5s_ _1942 J J 91
Cumberland Pipe Line_ 100 135 137
903 95
4
933 Sale 935
4
9418 74
8
Equipment 58
5.00 4.80
Pea Powdat let&ref 20-yr be '30 F A
915 9912 Eureka Pipe Line Co
98
8
9812 98
100 81
985
8 18
83 Chicago Burl & Quincy 68.. 5.25 6.00
Pacific Tel & Tel let .Se
1937 J J 9914 Sale 9918
Galena Signal 011 mem_ I00 57 5712 ChicagoA Eastern Ill
965 100
8
993
4
19
514s. 5.50 5.05
58
1952 M N 023 Sale 9212
Preferred old
8
905 937
8
4
100 108 115 Chicago A North West 13e
65
93
5.30 5.05
Pan-Amer P dr T let 10-yr 78 1930 F A 10218
Preferred new
9914 10514
4
100 10512 108
Sale 104
10412
Equipment8448
6.05 4.85
Park-Lex (et(e) 6)le
Humble Oil& Ref new
1053 J
94 100
97 Sale 9512
25 *4134 417 Chic RI & Pao 445 & 58..
38
97
8
5.15 4.90
Pat & Passaic G & El cone 68 1949 M
Illinois Pipe Line
8
937 9912
___ 977
100 126 12712
1
977
8
8
Equipment($a
Peop Gaa dr C lat cons g 8s1943 A 0 977
5.55 5.25
81 10414 10812 Imperial 011
25 1 212 11312 Colorado & Southern 68_ . 5.45 5.20
1071z 10814 10814
10814
Refunding gold Se
1947 M
Indema Pipe Line Co
8714 98
945 ____ 9518
7
8
953
50 87012 72 Delaware A Hudson 13a
4
_
5.25 5.00
Philadelphia C Os A
1944 F A 10212 Sale 102
095e 1030 International Petroleum _(I) *227 23 Erie 4% s & 55
1027
8 36
8
5.30 5.00
6%5
1938M 8
Magnolia Petroleum...
90
.100 134 136
96
9412 41
Equipment 80
Pinta & Reading C dcl ref 50_1973 J J 9414 Sale 94
5.50 5.20
National Transit Co__12 60 2212 233 Great Northern
9114 102
101 Sale 100
10112 80
4
ffe
5.30 6.05
Plerce-Arrow 8e
1943 M
New York Transit Co
8818 100
100 61
985 131
8
8
05 Sale 945
63
Equipment 5s
Pierce 0118 18e
5.00 4.75
_1931 J D
Northern Pipe Line Co-100 77
847 103
8
27
103
8
78 Hocking Valley 65
Pillsbury Fl Mills 20-yr fki _1943 A 0 10234 103 1023
5.40 5.10
Ohio 011 new
947 100
8
993
25 *6312 8414
8 38
993 Sale 9914
8
Equipment fie
Pleasant Val Coal let g s I be 1928 J J
5.00 4.75
Penn Me: Fuel Co
93 102
9712 Dee'24
25 833
34 1111nole Central 44/ & be-- _ 4.90 4.70
Pocah Con Collieries 1st 91501957 I J
Pralrle 011A Gas new. 100 20812 20912
9012 95
9718---- 9318
9314 937
9314
8
Equipment69
5.25 5.00
Portland Gen Elec 1st 5s__ _1935 J .1
95
995 Prairie Pipe Line new.....100 108 10812
8
8 100
983
995
8
5
Equipment 78 A
Portland Ity let & re( 5s____1930 MN 985 Sale 9254
5.05 4.80
Solar Refining
86
93
00
8
923
8
4
100 205 208 Kanawha & Michigan (le
Portland Ry Lt & P lst ref 5.91942 F A
5.50 5.15
Southern Pipe Line Co 100 86
803 90
843 8512 8418
8
8
4
85
88
Equipment 4345
5.20
Oa 13
South Penn 011
4
94
893 97
9414
100 128 132 Kanaaa City Southern 534S. 5.35 5.00
9412 17
let & refund 7)4e Ser A _ _INt7) 1 10518 Sale 1047
5.05
:
;1
Southwest Pa Pipe Lines_100 66
106
8 103 107
67 Louisville & Nashville Sc._
Porto Rican Am Tot) 8a___ .1931 M N 106 108 10558
.
.
____
8 106
3 10418 10612 Standard 011 (California) 25 86212 627
8
Equipment6440
Pressed Steel Car 5e
5.05 4.80
1933 J J 94 Sale 933
8812 95
Standard Oil (Indiana)._ 26 *6112 615 Michigan Central
94
8
66
8
Prod & Ref s f 8e(with waren/0'31 J D
be & 6a_ _ 6.20 4.96
10938 11614 Standard 011(Kan)
114 114 Dee'24
25 8360 365 Minn St P & SEIM 445 & It 5.30 5.00
8
Without warrants attached_ _ _ J D
Standard 011 (Kentucky) 25 8119 11934
11012 25 10811 111
Pnb Sere Corp of N J gen 56_1959 A 0 110 Sale 110
Equipment 648 & 78-- 5.30 5.00
Standard 011(Nebraska) 100 253 255
77 107
._
10412 _ 48
10412 10458 10412
Me/mud Kansas A Texas lie 5.65 5.35
Certificates of deposit
8
9614 9712 Standard 01101 New Jet% 25 *3922 3954 Missouri Pacific 68
_ _ 98
973 Nov'24
Pub Sere Elea at Gee let 5%131959 A 0
& 6%._ _ 5.66 6.26
Preferred
96
9912
98 Sale 98
9834 51
100 117 1174 Mobile A Ohio 444e * 511Pub leery El Pow & Ltg 6s1948 A 0
5.00 4.76
96 10114 Standard Oil of New York 25 .437 44 New
10312 27
8
Punta Alegre Sugar 7e___ ._ _1937 J I 10312 Sale 10212
York Central 434,& 51 4.90 4.75
Standard 011(0510)
10212 Sale 10218
10312 101 10218 122
100 350
52
Equipment Oa
Remington Arms Cia
5.25 5.00
1937 MN 007 Sale 883
8312 950
52
Preferred
4
8
100 11812 1712
9112
Equipment 78
Repub I A 8 10-30-yr 5a a f _ _1940 A 0
5.05 4.80
92
17
963 Swan & Finch
100 24
4
2412 Norfolk A Western 4% - _ 4.85 4.40
5As
1953 1
8758 93
Union Tank Car Co.
g118 55
...100 121
e
N3 Tat g034
4
24 Northern Paelflo 75
Robbins & Myers a f 7a
5.10 4.85
Preferred
65
66
9112
7412 65
9
100 113
14 Pacific Frult Express is.... 5.05 4.80
loch & Pitts Coal & Iron 56_ 1946 j D 65
92M N
5
Vacuum Oil new
90
__
91
4
25 8014 8112 Pennsylvania RR eel be & Os 5.10 4.76
Rogers-Brown Iron Co 7e__ _1942 M N 903 ____ 90 Aug'24
Washington 011
73
20
83
10 28
90
8318 Sale 8212
3012 Pitts & Lake Erie 614s
St Joe Hy Lt Ht & Pr Is
6.15 4.90
1937 MN 85
85
7634 8514
Other 011 Stocks
1
_ 85
E0utpment68
• L Rock Alt P 5estmpd_1955
5.60 6.25
Atlantic Lobos 011
80
8 11
74
705
79
79
7812 - - IL
*218 214 Reading Co 4%,& ISe
St Louis Transit Is
4.76 4.50
1924 A 0 7312 74
Preferred
5212 7812
60
e
7
7313
725
6
712 St Louis A Ban Francisco Si. 5.15 4.90
St Paul City Cable 56
3 1 95
1937
9112 9612 Gulf 011 new
9612 95 Dec'24
21 86412 643 Seaboard Air Line 5145 & Os 5.60 5.20
4
5
St Paul Union Depot eie _ .1972
e3l, 414 Southern Pacific Co 414e
10014 23
950 1023 Mexican Eagle 011
9912 100 100
4
4.85 4.50
Saks Co 7a
_1942 M a
10514
4 102 10712 Mutual 011
Sale
12
Equipment 79
5.00 4.80
San Antonio Pub Ser 613 __ _1952 I 21 10514 sale 105
9912
9912
100
National Fuel Gam
938 101
19
s
163 lle7 107 Southern Ity 414s & It
8
5.05 4.80
Sharon Steel Hoop 1st 88 ser A '41 M
100 106
106
10518
Salt Creek Producers.- 10 .2414 245
10512 Sale
8
8
Equipment es
5.40 6.10
Sheffield Fume 63es
F O 1043 1047 1040
A A
8 114
1047
Sapulpa Refining
8 16 1000 105
8
8
a
112 Toledo & Ohio Central
5.35 6.10
Werra & San Fran Power 59_119949
42
35
91
837 92
4
8
900 903 9014
5.00 4.80
Union Pacific 75
Sinclair Cons OH 15
-year 70.1937 M 8 8714 Sale 87
8512 97
8818 151
Public Utilities
8,146 B temp etre
1938
51
84
8211 0014 Amer Gas A Elec now__(I) •x80
8334 Sale 8212
81
robaee• Stocks
Sinclair Crude Oli 53411
1925 A 0 9912 Sale 9912
1000 86
Preferred
97 10114
50 846
47 American Cigar common 100 75
78
8e
10018 Sale 10014
957 10114
8
1005 138
Deb 6e 2014
8
MAN 943 9512
4
.100 86
Preferred
90
einclair Pipe Line 5a
82
Amer Light A Trao com _100 140 145 Amer Machine & Fdry_ 100 160
837
8 96
81.3 86
e
South Porto Rico Sugar 7e_ Iii2121 F 110A 102 Sale 82
47 J
A
1023 102
8
10212 36 1005e 1040
Preferred
100 93
95 British-Amer Tobao ord_ CI '2512 - - 121c 4
South Bell Tel & Tel lets 14s1941 J J
993
2 100
94 100
29
Amer Power A Lt corn
68 89
El •2512 2614
Tweet Bell Tel 1st & ref 5a 1954 F A 9912 100
Bearer
0
9312 9714
9612 Sale 903
963 168
Preferred
4
8
100 88 90 Helme (Cleo W) Co, corn 25 *x78
Southern Colo Power 6s
80
1947 J J 93 Sale 9212
93
55
Deb Be 2016
85
9312
MAP 9312 0412
lb
Preferred
Stand Gas & El deb g 6445-1933 M 8 106 Sale
100 113
10814 109
1053
8
Amer Public Mil oom_100 75
0411 108
1912 20
85 Imperial Tob of0 B A Irel'd
Standard Milling 181 55
1930 M N 997 100 100
100
19
953 10014
e
7% prior pref
100 88
92 Int Cigar Macblne17
Steel & Tube gen a f 78 Ser C 1951 1 J 105 8
100 70
10512 105
10512 17 103 107
4% panic pref
100
75 Johnson Tin Foil A Met_100 75
Sugar Estates (Oriente) 73 _1942 NI S
9412 98
97 Sale 963
Associated Gas & El pf (V_ 841) - 40 MacAndrews & Forbes 100 153 157
4
24
97
Superior Oft lot s 1 7s
1159 1D 08
991 FA"
9912 98ls Dee'24 _
96 100
Sec g 812s 1954
Jet.1 94
96
Syracuse Lighting 1st g 5e_ .1
Preferred
100 100 102
92
987 BiackstoneValO&Ecom 60 73
s
75 Mengel Co
32
Light & Pow Co coll tr a f 50'51 J J 9814 ____ 9814 Dee'24 _
100 30
_
8
1047 Nov'24
_
Carolina Pow A Lt com.100 328 335 Porto Rican-Amer Tob_ _100 60
8418 105
Ienn Coal Iron A RR gen 5e 1951 J J
60
102
8
9914 103
34
Cities Service Co com
100 171 173 Universal Leaf Tob oorn_100 45
48
Tennessee Cop let cony Be_ _1925 51 N 1.15 3 Sale 102
Preferred
8
10112 10312 10112 1023
9712 103
6
100 803 81
4
97
Preferred
Tennessee Elec Power let 68 19471 D
100 94
935 100
99 Sale 99
e
993 108
Preferred B
4
10 575s 7 Young (J /3) Co
Third Ave 1st ref 45
54
100 120 125
1960 2 2 5714 Sale 5614
Preferred B13
5012 615
5718 47
8
100 7712 78
Ad) Inc 58 tax-ex N Y_a1960 t
Preferred
100 100 104
513 169
4
391/ 585s CitiesService Banker.'Share* *1718 1714
5012 Sale 5012
Rubber Stoeks(Chrelairg) prices)
Third Ave Ry let g be
1937 .1
Colorado Power oom
947 94
8
943
8 11
927 96
94
8
101
3414 3512 Am Tire A Rub tom
Tide Water 011 10-yr 614e-1931 F A
8
10314
Preferred
103 Sale 103
5 102 10434
100
Preferred
Toledo Edison 1st 7s
40
1941 54 5 10934 Sale 10934
ComWth Pow Corp tom (I) *120 130 Firestone Tire &
10934 25 106 110
Toledo Trac Lt dr Pr 6% notes '25 F A 1003 Sale 10014
Rub Corn 10 .9412 96
9812 101
8
Preferred
10012 37
100 82
8212
67 preferred
100 98 99
Trenton G & El let g 5a_1949 61
9714 ____ 97 Sept'24
Consumers Power prat _101 90
97
07
03
77: preferred
100 9514 98
Elec Bond A Share pref.100 10212 10312 General
Undergr'd
Tire A Rub corn Si) .230 235
London 414e__1033 1 J 885 __ 90 Aug'24 ____
8
Elee Ely Securities
90
90
(I) •I6
17
Preferred
Ince ue e.
100 98 100
1948 J 2 85
____ 8812 Dee'24 ___
797 8812 Lehigh Power Securities-(5) 00 100 ',Goodyear Tire A It
8
MOOD nog de Paper let M 66_1042 M N 957 Sale 9512
4
8
oom_100 225 223
7
8
9578
92
983 Mleelealeld RI,Pow COM 100 3212 3313 'Cloody'r TAR of
8
4
Union Elec Lt & Pr let g 6(3_1932 51 S 9934 Sale 993
can 01.100 e913 92
10012
9718
Preferred
4
10018 21
100 88
90 India Tire A Rub corn. 100
Ref & ext Se
1933 M N98e Sale 98
3
First mtge be, 1961_ _J&J 963 973
18
00
92 100
4
4
Preferred
Union 1:ley Sty (Chic) 5e_ _ _1945 A 0
100
77 , 77 Dee'24 ___
8 F g deb 78 1935__MAN 10212 10312 Mason Tire A Rub com_a) gee 215
70
77
Union Oil let lien s I be_ _ _1931 1 2 -0934 _ ..' 993 Nov'24
4
9514 10214 Nat l'ower & Lt com
___
(I) 200 204 I
Preferred
25
20-yr 65 Ser A
100 20
May 1942 F A 10238 102 10234
- -12
1023
Preferred
8
9918 1030
1
(t) 93
9412 Miller Rubber
10
100
Union Tank Car equip 7e___1930 F A 10314 Sale 10314
Income 7s 1972
101
12 16
10312
9 113 105%8
JleJ 95
0 9812
Preferred
United D
100 103 104
Drug cony 8a
_ 115 D'24
Dec
Northern Ohio ElectricAt)
'24
Mo awk
26
100 18
United Fuel Gas let et 6s...1936 i D 073 Sale 973
141
9
J
4
083
Preferred
8 13
4
920 100
100 .28
87
2191
Ph lerred
re rRubber
75
United Rye Inv be Pitts issue 1928 M N 10018 Sale 100
210
100
North States Pow com.100 104 _ _
91 100
Seiberling Tire & Rubber(I) •1514 114
Stamped
9912
99
9914 99
91
13
99
Preferred
100 96
Preferred
100 89
05
United Rye St I. let g 4s____1934 J J 75 sale 7314
75
19
6118 75
Nor Texas Elea Co coM_100 70
75 I SwInehart Tire & R cOm_100
United SS Co 15-yr 65
1937 M N
9112 Sale 9112
9112
Preferred
86
9
9:3
100 72
Preferred
1600
United Stores Realty 20-yr 68 '42 A 0 10112 Sale 10112 10214 50
0814 1035 Pacific Gas & El lit pref 100 9114 9214
8
Sugar SSSSSS
US Rubber hit A ref Is sec A 1947 1 2 8538 Sale 8518
8618 301
7812 8778 Power Securities com
•I7
20 Caracas Suesr
6
50 .4
10-yr 714% flee notes_
I930 F A 10514 Sale 1043
4
10514 62
Second preferred
990 10611
(t) .45
47 Cent Aguirre Sugar corn. 20 870
72
US Smelt Ref A M cony 08_1926 F A 10112 Sale 1013
4
1017
Coll cruet 6e 1949_.J&D 91
8
102
05 Fajardo Sugar
100 110 112
U S Steel Corpfeoupon. _41963 MN 10412 Sale 104
1043 23
4 18 1090290344 1004
Incomes June 1940_ _F&A
0512
79
82 Federal Sugar Ref oom 100 49
52
5110-60-yr 5elregistered_d1963 MN
----10418 Dee'24
Puget Sound Pow A Lt_ _100 50
52
Preferred
100 80
90
Utah Lt& Trac let & ref ria_ _1944 A 0 8418 Sale 8418
4
6% preferred
80
8 4
8712
43
100 83
85 Godchaux Sugar, Inc..-(I) 82
4
Utah Power & Lt 1st Le_ _ _ _1944 F A
511 875e 94
7% preferred
100 d105 107
Preferred
25
100 20
Utica Elec L & Pow let a 1 be 1950 1 1 ri4 S _l_ _ ay Dee%4
8 _a e
9738 101
& ref 53481949 __J&D 97
98 Holly Sugar Corp corn (I) *32
36
Utica Gas & Elec ref A ext be 1957 2 1 98 Sale 98
983
8
3
901s 9914 Republic fly & Light__ _100 50
52
Preferred
100 92 06
Victor Fuel let a I Os
5518 Nov'24
60
5518 643
1053 2 1 51
Preferred
4
100 70
73 Juncos Central Huger__ _100 75 125
Va-Caro Chem let 78
1947 J D 7034 Sale 7012
601 5312 8512 South Calif Edison oom..100 10212
'
2
- Natienal Huger Refining.100 103 106
Certificates of deposit----------70 Sale 70
541 5278 73
8% preferrea
100 115 11 - New NIquero
714
88
92
Certlfleates of deposit stmpd
67
11
67
5312 69
Standard GA El 7% Pr 0100
65
_ _ Banta Cecilia Sue Corp pf 100
2
5
7X6 with & without war_ A937 .i- -is 44 Sale 44
45
73. 2712 7314
8% rum prof
50 04-4912 5012 Savannah Sugar cora
(:) •63 66
Certife of dep with warrants_ re-, 44 Sale 44
48
111 26
4712 Tennessee Elea Power...
(I) 52
5212
Preferred
82
100 80
Vs Mon Coal & Coke let g 6.1 1949 m II 910 93
5, 88
9112
9112
Second preferred
92
(I) 87212 75 Sugar Estates Oriente p1100 86
90
Va Ry Pow let & ref 58
943
8 261
1934 J 1 9312 Sale 933
4
88
9512 Western Power Corp---100 390 4012 West India Sof Fin
15
5
com-:00
Vertlentes Sugar let ref 78_ _194e .1
026 8014 971
1
9212
8
Preferred
9112 Sale 9112
.100 85
87
Preferred
40
100 35
4
Warner Sugar Refin let 7a_ _1941 J D 913 sale 91
92
18
87 10314
Short Term S
Wes
Warner Sugar Corp let 7e
81
1939 1 3 81 Sale 80
29
7714 0634 Anaconda Cop Min 65'29 J&J 10212 103 Industrial/Miscall
Wash Wat Power s f 5e_ _ _1939 J J 10012 ____ 101
Dee'24 ____
Anido-Amer 0117%2'25 A&O 1037 1718j American
993 101
8
001
:
94
950
Weetebee Ltg g Se anoint gtd 1950 2 0 997 100 10014 Dee'24 _ ___
963 10012 Federal Sue Ref 6e'33_MAN 0612 9712 Babcock &Ilardweze_ _ _ _100 138 141
8
8
Wilcox
1
100
West Penn Power Sec A l&..1916 M 8 9512 9612
8
9612 39
8912 9651 Hocking Valley be 1926 14AS 10(114 1000 Bile!(E WI Co new
(:) •
14
1st 40
-year 65 Series C_ _ _1958 1 D 105 Sale 10412
105
.
8 101 10512 K 0 Term Re 6458 31 2012
'
Preferred
let 7e Series 13
1946 61 8 1063 Sale 10612 1067
8 14 10414 1073
4
1 12
5 1
4
1926 1007 101 4 Borden Company corn ( 'a 1374
8 - -16
13
1st fie Series It
1063 M S 93 Sale 93
93 14 2
863 9712 Lehigh Pow Sec 6,'27_F&A 101 10114
4
0
Preferred
3
10 1350 10
10
18
1?
let Vie Series F
10112 15
1953 A 0 101 Sale 101
98 1021s Sloss-Shelf SA1 fle '29_F&A 1013 1017g i ellutold company
8
Western Electric deb 5e
9812 113
1944 A 0 983a Sale 9818
06
9912 U B Rubber 7148 1930_F&A 1043 105
4
Preferred
Western Union coil tr cur 56_1938 1 J 1003 10012 101)12
10(112
2
8
8
960 1015 Joint 5th Land Ilk Bonds 1 214 103 Child, Company corn
(
10
51
Fund & real eetate g 4%8_1950 M N 9412 95
0
9034 9718 Chic J t Atli Land Bk 1e_1951
2
15
-year 64es g
23 10834 11214
111
1936 F A II() 11012 110s
ba 1952 opt 1932
1 212 10314 Iltreules Powder
Igg 1P5 10
1 0
1
Weetieghouse E & M 70._ _1931 M N 1075 Sale 10712
g 56 10634 10934
1077
8
55 1963 opt 1933
1025 10312
8
100 105 107
Preferred
Wiekwire Spen Steel let 7 _ _1935 J J 767 Sale 737
8 18
8
777
8
51
510 1951 opt 1931
790
10112 10514 International Sliver pref 100 106 109
WWys-Overiand s f 6)4e_ _1933 M S 993 Sale 9914
04
100
Of 1952 opt 1932
95 100
4
10112 1023 Lehigh Valley Coal Sales 50 485
87
8
Wilson & Co let 25-yr e 1 6a 1911 A 0 93 Sale 9114
41Se 1952 opt 1932
9912
80
N12 In
Corp
100 100 104
10
-year cony e f (la
1923 J D 555 Sale 55
8
93
44
&Me 1963 opt 1933
1095 101'812 Ph ylaIBBaVing row coM-100 12
9 154
8
106 40 152
)2
8 (
Roe P D ge
10-yr irony et 7(14,
P1931 F A 54 Sale 54
Par Coast of Portland, Ore
59
161
4612 100
Wineharter Arms 744e
1941 A 0 1017 Sale 10134
8
1017
7 1003 10214
5e 1954 on 1931
8
8
102 103 I Ellnef rr nnotsetnrIne .100 188 190
"
gr kt i
P
Yeung'n Sheet ar T 20-yr (14_1943 I J 955 Sale 9512
8
95 4 111
3
94
97
• Per snare. I No par value. I Busts. 4 Purchaser also pays accrued dividend/
a Du Jan. a Due April. c Due March. •Due May. if Due June, li Due e New stock.
Flat price. k Laid gale. n Nominal. z its-dividend •Ex-r Otte.
July k Due Aug e Doe 0.1. .
:
Due Dee. • Option sale.
:Ex-stock dividend. s Sale price
r Canadian quotation.
44?it
t869
BOSTON STOCK EXCHANGE-Stock Record
1 611. al. el.11,1
-PER SNARE, NOT PER CE.VT.
H1011 AND LOW SALE PRICES
Friday,
Tuesday. I 1Vednesday., Thursday,
Monday,
Saturday,
Dec. 19.
Dec. 17. ' Dec. 18.
Dec. 16.
Dec. 15.
Dec. 13,
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGH
Range Since Jan. 1 1921.
Lowest
Highest
Range for Precious
Year 1923.
Lowest
Hiohest
Railroads.
8Mar 27 161 Oct 7 143 Apr 151 Juno
.100 1457
145 Boston & Albany
4
15314 15814 15314 15314 153 1533
Ian
75 June 84
4
100 713 4ug 8 80 Jae 8
159 159 *215814159 .x15314159
663 Boston Elevated
75
74
75
274
0112 Aug 100 Mar
7514 7412 75
75
75 12 76
75
75
100 8812 Dec 18 9614May 10
28312 8812 --------32 Do pref
_ .9214
*9218
Dec 18 1164 Jan 21 11118 Aug 125 June
92
92
.9112
100 107
341 Do 1st pref '
-12
95 Nov 106 Mat
112 iii 112 1 - 2107 10712 10714 10714
112 112
-1 2
11112 1 100 92 Sept 30 100 Feb 27
28- Do 2d pref
95
95
9112 95
95
95
734 Dec 2011 Ma,
9112 95
9412 95
812 Jan 2 2514 Nov 24
9412 95
100
1812 5.915 Boston& Maine
15
1812 20
27 Feb
194 1812 20
7 Dec
19
8
8 1912 20
19
197
100 12 Jan 10 267 Nov 11
Do pref
31
19
19
22
22
. .22
3212 Mar
1212 Oct
.22
21
21
23
•20
100 13 June 12 3714 Nov 24
Series A 1st pref
3112 --------1,073 Do
31
31
48
Feb
30 20
12 2912 - 1512 Dec
31
3114 31
Jan 2 48 Nov 24
31
100 1712
--------215 Do Series II let pref
3812 40
40
42 Mar
154 Dec
4112 4112 4112 4112 4112 4112 38
100 16 Feb 27 41 Nov 23
0 Do Series C Ist pref
3312 3512 --------37
34
3512 3512 33
20 Dec 59 Feb
34
34
34
100 23 Jan 3 62 Nov 20
34
pref
--------43 Do Series D let
52
51
51
50
52
52
5112 52
*51_
100 143 Jan 4 172 Nov 17 135 July 16012 Jan
_ _ _ ___ Boston & Providence
____
.172 185
_ •17112
13 Feb 35 Mar
____ *171
*17112 -_•171
100 18 May 12 3314 Dec 19
64
8 3 3
354
334 3414 343 -- - - 5.981 East Mass Street Ry Co
Jay
3212 3214 54 Dec 72
32
-- -78 3212 3212 32 32
100 5812 Jan 8 71 Dec 8
83 Do lot pref
63
6912 68
•68
67 67
65 Max
69
564 Dec
69
69
69 "68
69
100 48 May 26 6112 Nov 17
460 Do pref Li
60
59
60
59 .59
48 Mat
31 Dec
5912 5912 59
60
60
60
100 28 May 21 4512 Dee 19
60
4434 4414 4512 3,249 Do adjustment
8 44
447
45 Max
4314 43
31 Nov
43
11
3912
4312 44
4
4312 44
East Mass St Ry (tr ctfs)._100 313 Apr 23 374 Feb 9
Jan
43
2212 Dec
Apr
100 25 June 19
Maine Central
- 37
,
221 Jan
94 July
3
*55 - -7 *55 li *55 8 ----------15 NY Nil & Hartford
14 Jan 3 3314 Dec 18
;55
100
8
62 Dec 84 Pet
8
4 293 304 297 324 314 3314 3118 323 20,750 Northern New Ilampshire_100 62 Jan 14 81 Nov 10
8
287 294 2912 303
____ ____ ______
x....-- 80 *.r____ 80
*s____ 80 •x____ 80 *z____ 80 .
75 Dec 100 .11
10
17 Norwich & Worcester pref _100 80 Jan 2 108 Nov 19
____ ____
Pet
101 103 .2101 106 .2101 106
6412 Oct 81
"2____ 105
100 7212 Jan 4 98 Nov
67 Old Colony
9712 9712 9712 9712
8
98 .29712 98
2112 Aug 387 De
97
98
96 .297
96 100 34 Mar 3 64 Nov 10
Rutland pref
Jar
70 Nov 98
Massachusetts _100 70 Jan 22 9318 Nov 19
17 Vermont &
66 *55
.
55 -55 --------90 16 55 Miscellaneous
34 Jar
1 Sept
,
1 Nov 6 313 41Dec 13
25
312 4,633 Amer Pneumatic Service
312
312 312
314 34
Jar
338 312
Dec 20
12
312 334
34 3%
50 12 Jan 3 2014 Dec 12
Do pref
235
18
1914 18
19
1914 21814 1812 '118
1912 20
20
June 24 13112 Dec 18 119 June 12811 Del
20
213114 13112 3,033 Amer Telephone & Teleg_100 121 Oct 28 83 Jan 14
8
8
Jar
8
6712 Oct 112
4
8
1323 1324 1323 1333 1334 1334 1333 1337 13334 13412 723 7314
No par 5712
Amoskeag Mfg
1,121
4
7212 73
Jar
74
74
75
Oct 88
74
72
73
7214 72
72
69 Oct 29 79 Aug 14
Vo pa
Do pref
_ __ .77 ------------20
164 Ma,
77 '76
4
77
144 Nov
77 '76 . _
S 16 Feb 15
•76
____ ___ ___ _ _ _ Art Metal Construe,Ina__ 10 13 Aug 10 1014 Jan 8
6
8 Dec 2018 Yet
fe .14 16 .14 1- .14 18 --------950 Was 'rack Corp
.14
16
•I4
6 June
No pa
918 918
84 812
Oct 10812 Fel
_ - -- __
1 104
60 Boston Cons Gas Co pref__ 100 104 Jan 18 108 July 10 .05 Dec .30
106 106
106 106
Jac
6
'Jac 15- 1; *108 10612 10612 10612 107 107
.07 Mar 29 .20 Jan
____ _ ___ Boston Max Pot Trus_ -NO Pa
__ *.03
__ '.08
.08
_ •
19 July 27 Mai
•.08..08
Dec 19 2818 Mar 5
10 21
2
--1-12 1,922 Conuor (John T)
4 21 -3
22 2212 213 - 4 21
2112 22
254 Dec 2814 Ds,
4
-2112 2134 213 22
24I2May 22 35 Sent 26
25 Dominion Stores, Ltd
3312 3312
*3212 36 .3212 34
33
33 .32
33 '32
•32
100 84 Jan 15 884 Dec 11
Preferred A
. ___ ___
___
*28312---- .202
4
_
-- Jar
2 Dec
"29212 ----'x92
3 Feb 25
*10212 _
2 Sept 22
10
830 East Boston Land
212
212 _-2
-2
35 Dec 1418 Ma,
234 24 .212 234
4
212 23
3234 24
812 Feb 6
4 Oct 3
5
Eastern Manufacturing
2,185
6
6
514 512
5 14
5
434 5
31 Nov 12712 Ma
434 434
•412 5
Jan 3 5514 Mar 8
38
5312 5212 5212 1,877 Eastern SS Lines, Inc
5412 53
Oc
Oct 40
35
4
5112 51 12 513 5314 53
52
52
No par 344 Jan 25 40 Feb 7
Preferred
--------220
37
37
Oc
37
37
88
37
85 Aug
3712 37
3712 3712 37
100 854 Jan 8 93 Mar 8
60
let preferred
90
.88
91
Jai
88 .88
88
90
"88
De 5 1524 Nov 172
87
87
100 16312 Jan 2 197
1.436 Edison Electric Illum
194 195
4
4
4
105 1953 195 1953 105 1953 194 19534 191 195
14 Dec 104 Jai
131
5 Dec
212 Jan 17
No par
75 Elder Corporation
.34 4
414
5l
414.__
July 294 Fel
414 414 •
412 5
66 Cialveston-Houston Elec-100 13 Jan 11 41 ',Dec 8
0
4
40 - *4018 41
40 40
42
514 Dec 154 Ma
.40
612 Jan
40 40
42
*40
4Sept 10
33
No par
Gardner Motor
5
_
5 •
_
Oct1164 Oc
5 5 . 5 5
' _
5
_
•
100 11314 Mar 2 1164Sept 16 116
Georgia Ry & Elec
____ "Hi
____ *iii
78 Feb 8014 Jun
___ 5114
*Hi ...._ '114
100 79 Aug 18 80 Jan 3
0% non cum pref
_ ____ ____ ___ ___
24 Fe
4
143 Nov
12 . __ .7812 _ __ .7812
Jan 7
1
•7812 _ _ .7812"78
25 1218 Nov 18 157
1412 --------642 Greenfield Tap dr Die
14 '1312 _-Dec
144 14
4 14
113
Dec
14 14 - •____ 11
'Jo par 46 Mar 25 60 Nov 15 50 July 534 Ma
486 flood Rubber
5912 5912 25812 5812
4
44 Ma
593 60
241 32
5912 60
5912 60
59
28 59
58
Internet Cement Corp_No par 41 Apr
54
3 Ma
51 '25312 5412.25312 5414 .253
3 Dec 10 .10 Dec
•5812 5912 *253
--------220 International Products_No pa .10 Feb 18
2
.114
8 Ma
.114 2
4 2
4 134 *13
13
214 214
25 Feb 14 14 Dec 10 .60 Dec
100
Do pref
350
10
10
12
"10
11
11
•____ 13
•-___ 13 ...___ 13
Kidder, Peabody Acceptance
SO May 8312 Fe'
100 80 Jan 3 8812 Dec 11
Corp Class A pref
103
8812 8812
89
£02 Au
44 Dec
8 Nov 8
8812 8812 8812 8812 .8812 89 '8812 89 .8812 718
4 June 12
10
130 Libby. McNeill& Libby
7
7
7
•718 712
74 731i
8 •718 714
_20 70 Jan 9 71 Nov 19
*718 73
_ ___ ___ Lincoln Flre Insurance_....
____
.____ 70
-1 Al
14
1 June -1
•-___ 70 •_ _ _ _ 70 •____ 70 •____ 70
9 Mar 21 1212 Dec 17
25
731 Loew's Theatres
I23
1218 12 --- 8
4
7312 Dec 874 Ja
4
4 113 1218 1134 1214 113 124 12
1112 113
350 Massachusetts Gas Cos_..100 68 Nov 3 81 Feb 20
71
70
701
70
Ja
4
703 71
71
62 Dec 73
7118 71
71
71
71
100 62 June 26 70 Jan 31
Do pref
141
6312 6312
6312 64
Ja
6312 64
4
633 65
64
6412 64
172 Dec 10 147 June 179
5314
237 Mergenthaler Lioolype.....100 150 Apr 22
170 I7O's 169 170
4
171 171
3 Dec 143 Fe
171 17112 171 172
171 172
612 Jan 2 174 Feb 31
Mexican Investment, Inc__ 10
4
4 ...___ 113
2814 la
4
18 No
4
•____ 12 •____ 113 •____ 113 •____ 113 .3234 34
Feb 18 35 Oct 2
160 Mississippi River Power_100 19
323 3214
4
4
4
323 323
Jan 84 Fe
4
4
80
4
323 323 '323 34
4
.323 34
100 80 Jan 4 90 S^pt 25
8
Do stamped pref
_
____ _
00
*88
90
90 '88
84 Fe
90 .88
1 i'fa Dec
8
53 Nov 7
8912 00 '88
2 Apt 24
10
3
412 18 1,415 National Leather
412 43g
4
4 43
43
412 Ben
8 54
Oct
47
3
8 5
47
Apr 8
4
434 43
512
113
114 5,451 New England 011 Corp tr ctfs_ .50 Dec 10
1
1
.50 2
.50 .7'
112
1
112 112
C I11
121e Dec 16
20
614 Dec 18 3114 Mar
100
Preferred (tr Ws)
625
9
9
10
712 .8
712
JsIn
614 712
7
7
11512 Jan 11 110 Dec 122
11
•10
4 9934 1004 4,618 New England Telephone_100 98 Dec 16 26 Nov 25
9914 1003
164 July 2112 Al
101 10314 98 10111 9312 100
Jan 1
103
4
1023
14
1
.
_ _ ___ _ _ Orpbeum Circuit, Inc
261 ___
261 "26
Ja
.28
190
261
84 Dec
*2514 26 .2512 261 '26
6918 Oct 30 87 Feb 14
555 Pacific Mills
81
- 81
811
80
81
80
81
81
81
80
811
81
4
10 113 Jan 5 17 July 22 2144 Dec 18 MI
60 Reece Button Hole
1618 1618
34 MI
Jan
2
163 .11614 17 •11.614 17 .21614 163
3 Jan 2
218May 14
•1614 1614 1612
10
8
50 Reece Folding Machine
238 23
234
8
4
23 .223
2 Felb
4
23 ..2212
8
4
8 23 .223
.23
*24 23
5 .10 Oct 27 .40 Feb 15 .10 Dec
___ ___ Simms Magneto
.25 ____
.25 •__ __
.25 .____
9812 Jun 1004 Jiin
.25 .____
.25 "____
•__ _ _
100 100 June 11 112 Dec 9
990 Swift & Co
10934 11-12
10912 110
8
10914 1093 110
394 Dec 60 Mi
4
4
1093 1093 109 1093 109
25 3512June 3 52 Dec 18
2,227 Torrington
48
248
52
4 51
513
If
11 MI
5
5012 51
6 De
10 Feb 18
612 Dec
49
4914 4912 4912 50
255 Union Twist Drill
____
712 8
10
*7
7
324 Nov 554 MI
8 "77
7
25 34 Jan 3 4314 Dec 12
4278
4212 ---- 3,673 United Shoe Mach Corp
4212 43
8
423 43
244 June 2814 JtIn
8
4318 i
ii4 2423 43
4318 431
8
25 213 Feb 29 28.4 Nov 11
Do pref
363
.2612 27
2612 27
IsID
2612 27
4
193 Aug30
4
263 2714 22612 27
27 Jan 29
2714 271
2012 5,229 Ventura Consol Oil Fields_ 5 1914 Oct 15
4 20
4 194 193
4
8 194 193
193 197
15 Dec 82218 MISr
4
Nov 7
4
193 197s 193 20
8
--------400 .Valdorf Sys,Ina, new eh No par 137 Apr 30 20 Feb 1
19
19
4
5 Feb13 M,
8
183 183 '1812 19
19
19
4
183 19
64 Jan 11 1012
Cl B com_No par
602 Walth Watch
8
812
8
4 814
73
.712 8
15 Dec 2912 M at
7
7
•712 8
100 14 June 10 2312 Feb 13
Preferred trust Ws
606
1712 18
IR
1512 18 .17
16
Dec
18
1514 '15
15
1114 Jan
16
•15
10,620 Walworth Manufacturing_ 20 154June 20 22 4 Feb 19
22
8 21
204 217
20
19
19
254 Jan 344 M as
1914 1812 1834 19
19
Jan 3 393 Nov 18
50 294
2,095 Warren Bros
3612 37
4
4
373 3734 373 38
4
8 373 38
3012 Dec 3912 M as
4 3712 377
3734 373
4
50 343 Apr 25 41 Jan 25
Do lst prof
3912 --------198
3334
39
3912 39
33 July 42 M
3812 39 .39
39
*38
50 38 Mar 5 42 Jan 18
Do 26 pref
___ ____ ______
41
.40
41
41 '40
41 .40
'40
3 Dec 124 Pilb
41
*40
518 Jan 14
Wickwire Spencer Steel._ _ 5 90 Aug 20
;____
Mining
IA
1
Dee 18 .42 Nov 14 .10 Nov
30 AdventureConsolidated_. 25 15
.15 .15 ..15 .50
.r
•.20 .50 •.15 .50 •.I5 .50 •.15 .60
Jan 15 .42 Nov 14 .10 July .50 M ar
25 .10
Algomah Mining
.20 .30
..20 .30 •
.
.35 ..20 .35 1 .20 .30 1
1114 M
..20
•.20 .30 1
212July 22 .70 July
25 .75 June 16
112 112 1,910 Arcadian Consolidated
11
08
118
118
118 114
8
13
7 Dec 144 5.2 at
114
114
114
8 Jan 2 1218 Aug 19
1114 1,339 Arizona Commercial__ . 5
1114
11
1114 11
144 Oct19 Feb
114 1114 1118 1112 1118 1114 11
10 14 June 13 27 Dec 16
8
s
2614 267 2257 2614 3,476 Bingham Mines
2612 27
2612 2614 27
26
17
Oct 69 June
2514 26
2
" 134May 15 197 Jan 7
Calumet de Ueda
1614 1612 2,390
1614 161
1612 1634
8 1612 17
918 Peb
4 1612 167
14 Dec
1612 163
3 Feb 1
.37 Nov 15
.70 .70 1.650 Carson 11111 Gold
.70 .7
.80 .80
1.70 .80
.80 .80 '
2218 Oct 464 NI Bt
.60 .70
25 '812June 6 2914 Aug 20
1,215 Copper Range Co
2712
8 26
263
s 26
2614 261
2612 2612 2612 27
5 Feb
214 Jane
27
27
434 Jan 23
34 Jan 3
10
____ _ __ ___ ___ Davis-Daly Copper
__ _ ____ ____ ____ _ ____ _ . __ _ _
8
43 Nov 1111 M at
512 Jan 24
314July 15
43
755 East Butte Copper Mining_ 10
44 - 2
ilg il
43
414 ily .414 414 412
8
21 M as
-14
414 4
1 Jan 8 .30 May
25 .40 May 24
245 Franklin
.50 .75
•
.40 .40 ..50 .7
1.50 .75
.55 .55 '
4 Id at
1
Oct
.40 .50
2 Jan 28
27
Oct
25 .30
112
155 Hancock Consolidated
.1
1
1
11
.1
1
•
1
114 .
1.87
112
244 Mar 334 Ju ne
1934 Nov 14 2812 Jan 7
1
325 Hardy Coal Co
14 2014
20
20
20
.1014 201
4
193 20
20
20
114 Feb
.iiii114 21
2 Nov 17 .10 Sept
25 .30 May 10
210 Helvetia
112 '118
112
.118
II.
114
11
112 '114
112 .114
931s Nov 1154 A Pr
•1111
1 9414 Apr 2 142 Nov 29
583 Island Creek Coal
138 139 213412 135
4
904 Nov 1004 Mrat
1384 1393 139 13912 138 13914 138 139
1 90 June 4 100 Sept 11
__
Do pref
79
"9412
97
97
98
0612 96
9612 97 .96
97
Oct 3314 31 ar
97
16
25 12 June 7 20 Jan 3
165 Isle Royal Copper
1612
174 1612 _171 .16
4 1712 1712 17
51714 173
51714 18
34 Jea
a
17 Dec
24 Feb 13
112Mar 5
5
25 Kerr Lake
4 2
'13
4 2
'13
'134 2
2
2
4 2
•13
314 II ar
•134 2
114 Nov 11 .60 Sept
Jan 7
25 .50
Keweenaw Copper
11
.95 .95 .
112 .1
1
112
112 .1
112 '1
Oct
514 IdIs:
•1
1
4JulY 23
23
2 .90 Apr 3
5112 2
135 Lake Copper Co
5112 2
112 .112 2
112
214 214
314 2.1tar
•112 214
8Sept 24 .50 Dec
23
.70 June 13
2
4
.214
23
140 La Salle Copper
2
2
*214 212 .218 24 .218 214 "218 34
14 Nov
8
23 NI ar
2 Mar 7
114 Oct 23
5
138 1,100 Mason Valley Mine
14
112
14
8 13
112 112 .13
134
8 .13
8
•112 17
4
41 lelIs,
134 Aug 20 .50 Dec
.50 Jan 8
2
114
114 5.75
Mass Consolidated
114 •1
112 •____
112 .1
114 .1
•1
112 Oct
7 F eb
5 July 21
9
80 Apr
2
2
134 2
760 Mayflower-Old Colony
2
2ts
2
214 212
214 212
214 214
Oct 71 2/ ar
27
25 2312June 13 3812 Aug 20
370 Mohawk
3412 3514 3412 3512 3512 3512
8 3514 354 3518 36
351
1414 Oct 2412 31
35
1612 Jan 2 23 Aug 18
2,720 NewCornella Copper
2212 2214 22's 2214 23
8
44 4
24 Aug
ID'
2214 2214 223 2212 2212 2212 2212
4
23 Apr 7
.40 Dec
1,155 New Dominion Copper
___
.40
.49 .50 ____
.4
.40 .40 'AO .55
35 Apr 40 4 Pt
.50 .50
100 35 June 16 40 Mar 11
3212
New River Company
_ 3212 ... - 3212 •- - 3212 ..- - 3212 ._ _ 321 • . •
72 Nov 84 le at
75 Mar 11
100 60 June 1
pref
Do
_
____
sag 1 eb
4
43 July
;55 . .._ *65 _ . *6 ..„_ *6614 .- -14 *65 .6 ;56 _ -13.8
514 Jan 10 61111Feb 1
5
120 NIpissing Mines
'814 - -38 .6
6
6
04
614 - ,
6
4 `Ws - -14
4
6
11( Nov 124 le as
•618 - 838July 26
178 Oct
15
212 23
8 2,335 North Butte
8
212 23
212 24
4
X
21 / 23
4
,
23f4 23
8
24 14Is,
1
.2% 27
I Nov 3 .50 Nov
.40 June 10
25
.70 .70 •
.70 .90
150 011bway Mining
.75 .75
1312 Oct824 2* as
•.75 .90 ..70 .90 ..75 .90 .23
25 15 Jan 30 27125u1y 28
23
2314 2312
340 Old Dominion Co
2312 23
2312 2312
•2212 23
23
214 Aug
412 li ov
23
54 Feb 1
34 Jan 3
.412 5
City Mining dr Smelt_ 5
•478
514
200 Park
4
4
8 43 '123 1314
43
1214 Dec 1614 I,
.44 518 .415f, 4%
1512July 23
Is,
13
'13
1312
13
13
415 Pd Crk Pocahontas Co_No par l03 July 11
13
1234 13
18
Oct50 1I,
4
•1212 13 '1212 13
fu
25 14 June 10 253 July28
2
s 2212 2234 223 25
893 QuInCY
2212 227
4
Oct534 5 as
27
2312 2312 2212 2212 223 2314 .3612 37
25 26 June 16 4014 Aug 18
37
37
37
550 St Ifary's.Mineral Land
3712
3712
3712 37
14 5 ar
112Sept 13 .30 Dec
8
363 3712 37
10 30 Apr 2
lIs
I
1
1
2,187 Shannon
18
1
1
118 114
14
.95
1
1 2
1
lug
25 .25 July 19 .40 Sept 8 .10 June
1.25 .50
South Lake
..25 .75 ..25 .7 '
1 Dec
8July 25
17
314 h ar
•.25 .75 ..25 .75 11.25 .75 "13
Jan 15
25 .90
17
.134 2
14
250 Superior
4 2
4 2
.13
134 .134 2
34 1 eb
134
2 July 26 .65 Dec
8 .13
112
8
13
405 Superior & Boston Copper_ 10 .25 Aug 19
11
8
11
.14
8
13
8
13
112
112
1I2
112
24 Oc
3111, Dec 1
6 .l Dr
8June 2
17
5
338 312 4,412 Utah-Apex Mining
8 3'z
33
34 312
314 312
A
338 3°
312 338
3 5 at
1 .01 Jan 3 .01 Jan 3 .01 Dec
•-•Utah Consolidated
---- ---- ---- --8
13 ]eb
1 .14 June 18 .70 July 22 .25 Dec
Metal & Tunnel
.30 .30 ..20 .30 1.100 Utah
.25 .25
.22 .22
.20 .20
•.25 .30
1 Aug 18 .60 Aug
24
24 I eb
25 .15 Apr
1
170 Victoria
.75 .90 ".80 .90 '.60
.90 .90
I
.90
•
1
•.90
25 ,13 Feb 6 .71 July 22 .10 Dec
134 2.as,
.30 .30
399 Winona
.25 .25
.25 .25
.25 31.
.25 .25
•.25 AO
1 atat
25 .10 July 23 .25 July 26 .10 Dec
Wyandot
.25 •.15 .20
•.15 .25 ".15 .25 0.15 .25 •.15 .25 ..15
Price on new basis
8
,141(14
.11, ...4 rutots
K4
p Ex-.11vidend 3 Ex-stook dividend. a Assessment paid
no sale' on this dB
0131 and asked prices
2870
THE CHRONICLE
Outside Stock Exchanges
Boston Bond Record.
-Transactions in bonds at Boston
Stock Exchange Dec. 13 to Dec. 19, both inclusive.
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
Bonds
-
AUG& W I SS L 58_1959 61
59% 61 $40.000
Chic Jet Ry & US Yd 58'40
981. 98% 2.000
Chic M & St P 4%8_ .2014
53% 53% 2,000
E Mass St RR ser A 450'48 64% 64
64% 4.000
Series B 55
1948 71K 70
71% 16,950
Hood Rubber 78
1936
101h 101% 46,000
K C CI de Spfd 1st 5s._1925
98
98h 17,000
Kendall Mills654s._ _1944
97% 9714 1,000
MassGas 4%s
1929
97% 97h 2.000
454s
1931
95h 96
11,000
Miss River Power 55._1951 96
96% 98h 41,100
New England Tel 58_1932
99
9914 13.000
New River 58
1934
90h 90h 3,000
Swift dr Co 55
1944 9754 9714 9814 19,000
Western Tel& Tel
99% 9914 11,000
Range since Jan. 1.
Low.
42
Jan
9254 Jan
53% Dec
58 Sept
59
Aug
99% May
85
Jan
97g Dec
94% Jan
91
Jan
92
Jan
97
Jan
Jan
87
94% may
95% Jan
High.
61
98%
55
66%
75%
103
98%
97g
99
97g
9934
102%
91
101
100%
Dec
Nov
May
Nov
Nov
Nov
Nov
Dec
Dec
Sept
Oct
Nov
Nov
July
Nov
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange Dec. 13 to Dec. 19, both inclusive, compiled from official lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Range since Jan. 1.
r rtaay
oases
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
[VoL. 119.
Range since Jan. 1.
Low.
High.
Phila Electric of Pa
25 38% 37% 3854 7,438 29 May 3934 Aug
Preferred
25 3734 3734 37%
333 2934 Mar 39% Aug
Phila G'ton & Norris
_50
5 118% Apr 122
12134 11154
Nov
Phila Rapid Transit__ -50 38
3754 3854 4,751 3054 June 39
Jan
Phila de Reading Coal__ •
47% 48
200 37% Apr 5055 July
Philadelphia Traction. _50
81 '
62
186 5854 May 64
Jan
Phila Jr Western
50 15
15
1534
255
9
Jan 2034 May
Preferred
50
3534 3511
37 31% Apr 35% Jan
Railways Co General---10
654 854
530
454 June
654 Oct
Reading Company
50
70% 79
2,660 51% May 79
Dec
Second preferred
50
3734 4254
670 33% May 42% Dec
loon Paper Co pref._ _ _100
97% 98
17 93K June 9834 Aug
•
['ono-Belmont Dever._ _ _1
9-16 9-16 '5,320
7-16Aug
11-16Feb
ronopah Mining
1
134 134 1,275
234 July
1K Jan
Union Traction
50 3934 39
39% 1,101 37% June 43
Jan
Jnited Cos of N J
100
201 201
105 18655 Jan 201
Dec
United Gas Impt
50 8234 8154 8354 5.718 5854 Jan 84
Aug
Preferred
50
58
58
232 5554 Jan 58 June
United Ry Inv pref.-_ _100
60
60
200 31
Feb 60
Dec
West Jersey &Sea Shore_50
38
39
30 3454 July 42 May
Westmoreland Coal
50
56K 5654
50 56
Dec 66K Feb
York Railways pref
50
35
35
5 3334 Oct 3614 Apr
Bondskmer Gas dr Elec.58._2007 91
88
9134 35,300 84
Mar 92
July
Uonsol Trac N J 1st 581932 70
70
70
6,000 61% Jan 76 June
flee Peo tr Ors 4s_ _ _ _1945 62% 6254 83
25,600 61
Oct 66
Mar
3eneral Asphalt 65... _1939
9934 100
2.000 98% Nov 100
Nov
nter-State Rys coll 4a 1943
55% 5534 2,000 44
Feb 60 June
Keystone Tel 1st 5s. _1935
81
82
3,000 75
Jan 85K July
Jake Superior Corp 5s 1924
15
15
13,000 13% Sept 19% Feb
vrarket Street Elev 48 1955
86% 8634 1,000 84 May 86% Dec
didvale Steel & Ord 58-'36
87% 8754 26,000 87% Dec 8734 Dec
'eople's PIM tr ctts 48 1943
67
67
1,000 67
Dec 72 June
'hila Co lst 5s
1949
10255 10255 1,000 100% Apr 10234 Dec
Cons Jr stamped 58.1951
93% 9334 6.000 88% Jan 94
Dec
'hila Elec lst s f 4s._ _1966
8234 8234 1,000 80
Oct 85% Aug
181 58
1966 10134 100% 101% 161,900 97
Feb 103% Aug
5555
1947
10334 10455 47,000 99% Jan 10434 Nov
5548
1953 105
10334 105
42,000 98% Jan 105
6s
1941 106% 106% 10834 4,000 10334 Jan 107% Nov
Oct
teadln,gJer Cent coll 4a '51
88
88
20,000 8354 Jan 88
Dec
'lilted Rya gold tr off 48'49
63
63
6,000 54
Mar 73 June
fnited Rys Invest 58.1926
100 100
5,000 93
Jan 100
Dec
Rifted Rye San Fr unstpd_
100 100
1,000 9834 Dec 100
Dec
'eht•lr 171•311nresods 1st faa 10'47
01
01 IL In Ma
Low.
High.
Alabama Co
100
76% 79
185 45 May 79
Dec
Armstrong-Cator 8% pf 100
60
25 60
Dec 89
6054
Mar
Arundel Sand & Grave1.100
89
440 46
88
Jan 90
Dec
Baltimore Brick
100
8
75
4% Aug
6
6
Dec
Baltimore Trust Co. .50
155 157h
80 155
Apr 160
Jan
Baltimore Tube
100 30
27
30
340 21
Jan 37
Feb
Prelerred
100 63
59
64
303 53
Jan 73% Feb
Central Fire
10
35
35
20 26
Jan 35
Oct
Cent Term Sug pref.. _10
234 2%
1% Oct
65
4% Jan
Ches ds Po Tel of Balt...100 111% 111% 112
45 109% June 112
Feb
Commerce Trust
50
59% 60
30 52
Nov 60
Nov
Commercial Credit
•
25% 26%
357 2254 June 31% Feb
Preferred
25 25
25
25K 2,123 23% June 26
OA
inn
021, 'flan
Dec
Preferred B
25 26K 26
347 24% May
26K
Dec27
Consol Gas E L & Pow...
• 33
33
35h
415 31K Nov 3554 Dec
Chicago Stock Exchange.
-Record of transactions at
634% preferred
100
los% 106%
174 100% June 107
Dec
7% preferred
100
108% 10934
21 104% Mar 110% Dec Chicago Stock Exchange Dec. 13 to Dec. 18, both inclusive,
8% preferred
100
123% 124%
55 115% Jan 124% Oct compiled from official sales lists. Our record this week
does
Consolidation Coal _ _ _100 71% 71% 72
225 6954 Apr 81% Jan not include
Friday's market, telegraphic communication with
Eastern Rolling Mill
• 100
94 105
334 66% Jan 105
Dec
8% preferred
100
110 113
138 88
Jan 113
Dec Chicago having been completely broken on that day-all wires to
Fidelity & Deposit
50
253 77 June 90 June that point being down,
8834 90
owing to a severe sleet storm.
Finance Co of Amer pref
.25
26% 26%
25 18
Jan NM Dec
Finance Service class A_ _10
19% 19%
58 1734 Apr 21% Nov
Thurs.
Sales
Preferred
9
10
9%
9
123
7% June
9% Nov
Last Week's Range for
Range since Jan. 1.
Houston Oil wet tr ctfs.100 95K 94% 96
295 86% May 9734 Deo
Sale
of Prices. Week.
.
Humphrey's Mfg pref....25
26% 26%
21 2634 Nov 26% Nov
StocksPar. Price. Low. High. Shares.
Low.
High.
Indlahoma Refg Co_ .25
.05 .05
64 .05
Dec .05
Dec
Manufacturers Firuynce.25
55h 56
62 50
Feb 56
Nov Amer Pub Serv. Pref--100
90
91
250 85 May 92
Nov
1st preferred
25 25% 25
25%
62 22
Jan 25% Dec American Shipbuilding.100
57
57
20 483.4 Oct 63
Jan
2d preferred
25
24
24%
29 21% Sept 24% Dec Armour & Co(Del), pf_100 9334 93
9434 1,200 83 May 95
Dec
Maryland Casualty Co_.25 86% 86% 8514
110 75 June 88
Dec Armour Jr Co, prgf__--100 86K 86% 8934 2,245 69
Apr 893.4 Dec
Maryland Motor Insur_.50 92
91
92
219 65
Jan 92
Dec Armour Leather
15
6%
og 7
677
2 May
734 Mar
Merch & Min Tr Co_ _100
116 116
60 102 Juno 118
Preferred
Dec
100 85
78
104 47 June 85
85
Dec
Monon Vail Trac pref. _25
20
65 17 May 2354 July Balabam de Katz v t c_.
20%
.25 5134 5134 5134
762 38
Apr 5134 Jan
Mort & Accept Corp
•
15
15
7 11
July 16% Sept Bassick-Alemite C0f1)- •
44
55 2774 May 45
44K
Deo
Mt V-Woodb Mills v t r 100
13% 14%
455
7 Sept 15
Dec Beaver Board v t o "B"..
5
734 7%
550
1% Feb
734 Dec
Preferred v t r
100 63
62
63h
263 45 June 64
Preferred certificate6.100 3034 36h 37
Dec
85 13 June 40h Dec
New Amsterdam Cate_ _ 100
42% 43
221 38% June 43
Dec Booth Fisheries, pref...100 3034 30% 3034
Nov 40
10 27
Jan
Penna Water de Powcr_100 127% 127 12954
262 98% Jan 135% Oct Borg* Beck
•
2634 2634
240 22 June 31
Jan
Silica Gel Corp
* 15
12% 15
920 12
Nov 30% Feb Bunte Bros
10 14
14
14
80
9
Jan 14
Dec
United Ry & Electric---50 20
20
20
280 15% May 2034 Sept Case (J I)
5.4
54
20
34 Dec
334 June
U S Fidelity & Guar. .50
180 185
129 145
First preferred
Apr 185
Dec
100
2
2
50
235
1 June
474 Jan
Wash Bait Jr Annap_ _50
435
6% 754
4% Nov
Second preferred.- -100
7% June
.
54
Si
34
460
g Apr
34 Jan
Preferred
50
1834 18%
12 10% Oct 28
Jan Cent III Pub Serv, pref _.* 8534 85
.
8534
440 85
Jan 92 Sept
West Md Dairy corn
*
30
30
100 29% July 30
Aug Chice&ConRy pt eh eom_*
5(
54
h 2,419
14 Dec
7
Dec
Preferred
51% 52%
50
8 49% May 5254 Oct
Preferred
•
3% 4
334
432
134 Aug
4
Jan
Bonds
Chic Rys Part Ctf Series 1_
6
6
10
96
5 June 15
Feb
Ball Elec stpd 58
1947
100% 10054 $2,000 9754 Jan 100% Deo
Part Certif Series 2
%
14
34
400
34 Apr
1
Jan
Ball Sparr P& C 4548_1953
88% 89
2,000 86
Mar 90
Part Cent( Series 3
July
Si
50
Si
% May
155 Dec
Bernh Leader St 7s_ _1943 104
.
104 104
1,000 10054 Apr 104
Part Certlf Series 4
Dec
54
24
%
Si
54 Dec
34 Dec
Consolidated Gas 5s._1939 100% 10034 100% 5,000 98
Mar 100% Dec Commonwealth Edison 100 13534 135 13554
79 12634 May 137% Dec
Cons G E Lek P4548_1935
95% 95% 2,000 91
Jan 96
Nov Consumers Co, corn. AO
4
225
434
34 Oct
4% Jan
Series E 5%s
102 102
1952
2,000 9734 Jan 10254 Nov
Preferred
100 5655 4835 57
703 33
Nov 65
Jan
Series A 6s
105 105
1949
5,000 102% Jan 106
Nov Continental Motors
*
834
834 8% 3,595
6
Apr
8% Dec
Series D 6%s
109 10934 9,000 107 Slay 109% Nov Crane Co, common
1957
25
65
6934 1,127 61
Nov 73
Nov
Consol Coal ref 55_...1950 87% 8734 87% 1,000 87
Preferred
Jan 90 June
100 11434 11434 114%
180 10734 mar 116% Nov
Elkhorn Coal Corp 68.1925
995( 99% 6.000 9534 Jan 9974 Oct Cudahy Pack Co, corn.100 74
72
74
340 55
Apr 75
Nov
Lake Roland El 5s_ _1942
98h 9814 1,000 96
Star 9854 Dee Daniel Boone Wool/sail's 25
834
7% 8h 4,200
5
Jan
Nov ,38
Lexington (Ky) St 58.1949
90
90
1,000 86% Jan 90
Dec Decker (Alf) Jr Cohn.
Macon Dub & Say 55_1947
74% 7434 1,000 35
Inc. pref
Jan 75% Oct
100
9554 97h
430 86 May 97% Deo
Monon Valley Trac 55.1942
86
88
7,000 76
Jan 88
Dec Deere et Co, pref
100 8154 81
8134
130 61
May 883.4 Nov
N N Jr Ham G&E 1st 5s'44
81% 81% 1,000 7554 Jan 82% Oct Diamond Match
100 1173.4 117 118
185 115
July 12034 Jan
Nor Central ser A 55..1926
100% 100% 1,000 10034 Dec 100% Dec Elec Research Lab
• 3734 3474 39
7,810 3334 Dec 3954 Nov
United Ry dr E 4s....1949 70K 70K 7054 27,000 6854 Mar 73% Aug Gill Mfg Co
•
5
5
554
735
334 Oct 18
Jan
Income 4s
52
52% 23,000 49
1949 52K
Apr 53 Sept Godchaux Sugar,com_. •
3
334
85
234 Nov
8
Jan
Fundings 59
1936 7454 74K 74K
1,500 7254 Jan 75
Jan Coward (14W). pref
•
2754 27%
200 22
July 30
Jan
fis
9934 99% 10,000 95% May 9934 Nov Great Lakes D & D _ _.100 2734 93 95
1927
310 79% Apr 95
Dec
68
1949 96% 9654 96% 5,000 95% Apr 99% Jan Hibbard, Spencer, BatWash Bat & Annap 59.1941
65% 66
9,000 60
lett le Co
Oct 66% Dec
25
68
68
80 6534 Jan 70
Feb
Hupp Motor
10 17
1634 17% 9,950 1034 June 1734 Jan
Philadelphia Stock Exchange.
-Record of transactions Hurley Machine Co
• 6034 5834 62
5,675 48
Apr 67
Nov
Illinois Brick
100
485 78 May 110
Deo
at Philadelphia Stock Exchange, Dec. 13 to Dec. 19, both Indep Pneumatic Tool...• 72 106 110
72
74
350 72 June 8034 Jan
Internat Lamp Corp....25
inclusive, compiled from official sales lists:
254
254 234
700
1
Mar
9
Jan
Kellogg Switchboard _ .
_ _25
4354 4554
464 37
Apr 473.4 Nov
Friday
Sales
Kraft Cheese
25 31
30% 31
775 24
Oct 32
Nov
Range since Jan.!.
Last Week's Range for
Kuppenh & Co pref....100
98
96
70 9054 June 96
Dec
Week.
Sale
of Prices.
Libby McNeil& Lb new.10
754
7% 73.4 2,514
4 June
774 Nov
StocksLow.
Par. Price. Low. High. Shares.
High.
Lyon Jr Healy Inc pref.100
104 104
260 90
July 104
Dec
McCord had Mfg "A"...* 39
065 30
3834 3934
Apr 4034 Dec
Alliance Insurance
645 32
38
Jan 38% Dec SlcQuay-Norris Mfg
10 37
37
• 14
14
1434
130 11 June 2054 Jan
Amer Elec Pow Co pref.100 94
20 77% Mar 96 June Middle West Util corn.. • 7755 76
94
94
78
1.645 43
Jan 85 Sept
American Glass of N J.100 120
120 12454 1.102 7754 Apr 129% Nov
Preferred
lot)
91% 93
545 8334 Mar 9434 Sept
American Stores
PIlor lien preferred_ _100 98
4754 12,307 2634 Apr 48% Dec
• 4534 45
97
9834 3,175 94
Jan 9934 Sept
Bell Tel of Pa pref
128 106% Oct 109
109
Dec Midland Steel Prod
108%
* 33
33
33%
600 3214 Nov 35
Nov
Brill(JO)Co
1,270 85% Jan 123
107 112
100 111
Jan National Leather
10
5
4% 554 1,857
2% June
534 Nov
Cambria Iron
40
67 3834 Jan 41
40
Mar North American Car Co..•
50
28
28
84 27
Oot 3334 Oct
Elsenlohr (Otto)
42
45 30% July 61% Jan Omnibus pref -A" w 1_100 91
42
100
89
91
July
325 8614 Dec 92
Preferred
8634 8634
5 85
Vol trust Ws w I a_ _ _ _• 1714 15% 1734 33,550
Apr 98
Jan
100
1434 Sept 18% July
Elec Storage Battery _ _100
360 50% July 65% Dec People's Gas Lt& Coke 100
64
65%
115% 11534
12 9334 May 1183.4 Dec
GeneralAsphalt
Apr 58
950 33
Dec Philipsborn's Inc tr vtfs. _1
100
56K 58
34
%
34 7,060
234 Jan
A Aug
Giant Portland Cement_50
3 May 2254 Sept Pick (Albert) Jr Co
287
15
17
10 22h 2034 2254 5,621 17
July 2254 Deo
Insurance Co of No Am_10 65
938 483.4 Jan 119
64% 66
Nov Vines Winterfront "A"...5 5634 5334 5834 2,775 1954 Apr 56% Dec
Keystone Watch Case_.100
100 43 Sept 57K Dec Pub Ser of Nor III corn_ * 11134 10855 111%
5754 5714
347 99 June 111h Dec
Lake Superior Corp..
2% June
Common
4
4% 2,585
5% Nov
4
.A00
11)0
Dec
109 110
May 110
210 98
Lehigh Navigation
Preferred
50 87% 8534 8855 5,365 64% Jan 8834 Dec
100
94
57 9034 June 9934 Jan
9454
Lehigh Valley
7% preferred
50
73% 84% 2,606 39% Apr 84% Dec
100 10555 10555 105%
200 105
Aug 108
Oct
Lit Brothers
290 22 June 30% Nov Quaker Oats Co
23
2334
10 23
100
Apr 325% Deo
325 325
100 250
Mlnehill de Schuyl Hay_.50
Preferred
52
5 4834 Mar 52
Dec
52
go go% May 10334 Nov
100
10234 IN Ti.
Northern Central
Oct Real Silk Hosiery Mills_ _10 58
12 7254 May 78
50
78
78
5754 5854 1,605 2834 July 6034 Deo
Penn Cent Light & Pow._•
59% 60%
35 57
Jan 60% Dec Reo Motor
10 17% 17% 1854
1,030 15 June 1934 Jan
Pennsylvania Salt Mfg_ _50
205 7854 Oct 89
84
Feb Ryan Car Co(The)
8455
25 3214 3254 33
1,500 3034 Nov 35
Dec
Pennsylvania RR
48% 4954 7,877 42% Jan 49% Dec Standard Gas& Elec Co_ •
50
.
515 3054 Jan 4154 Dec
4054 41
Penn Traffic
Preferred
25.3
Dec
2
2
100
2
2% Apr
50 5034 50
634 4634 May 51
Nov
5034
Philadelphia Co(Pittii)_ _50
Apr 55
54% 55
30 43
-Warn Speed com _• 7134 8334 7254 80,200 4954 Aug 101
Dec Stewart
Jan
Preferred (5%)
so
35
25 33
35
Jan 36 June Swift h Co
100 1103.4 10934 110% 3.160 1004 May 112
Dec
Preferred (cumul6%)_50
151 42
4554 46
Jan 4654 Dec
•No par value.
2871
THE CHRONICLE
DEC. 20 1924.]
Sates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low, High. Shares.
Range since Jan. 1.
Lew.
High.
Sales
Friday
Last Week's Range for
of Prices. Week.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
65% 25,200 1034 Jan 6594 Dee
Dubiller Condenser & Rad. 64% 60
15 3251
Swift International
900 23 May 3231 Deo
3031 3134
Dunhill International__ •
25 47
Dec 11% Dec
Thompson,J R.com_
1151 21,200 11
Duplex Cond dr Rad v t e • 1134 11
334 Jan
Union Carbide & Carlion.• 6651
131 1,600 99c Dec
1
Do Pont Motors, Inc-- •
3,
United Iron Works v t c_50
4,500 12 May 3651 Jan
• 16% 1551 17
Durant Motors, Inc
2214 Sept 2834 Sept
United Light & Power
2851 7,100
Oct Duz & Co, Inc, Class A.' 2751 26
4934 3,240 2834 May 56
48
•
Common "A" WI a_
1,730 36 June 64 Sept
6251 61% 63
Oct East Penn Elec Co corn...
May 55
1,250 31
48
48
Nov
Jan 103
Common"B" w I a_ ... _. 48
770 97
165 7554 Apr 85 Sept Elec Bond & Share,pre7100 102% 102% 103
_• 8334 8334 8334
Oct 3851 Dee
Preferred "A" w I a__ 38% 5,000 30
Oct Federated Metals Corp • 36% 36
4154 Nov 48
860
43
42
3% Aug 105( Aug
Preferred "B" w 1 a__ _ _• 42
7% 831 2,300
8
Machine.'
July 2534 Dec Film Inspeetion
309 16
Dec
Dec 56
United Paper Bd com__100 2231 2234 24
700 54
56
54
Dec Fisher Body Corp new w I.
Apr 175
161 17014 1,209 78
Dec
20 167
U S Gypsum
980 410 June 526
481 526
47
4834 1,685 3454 Nov 4814 Dec Ford Motor Co of Can-100 523
Dec
Universal Theatres C Co.5 47
270 88% July 119
117 119
• 118
Jan Foundation Co, pref
July 28
25 15
19
19
Nov 3251 Oct
Vesta Battery Corp corn. •
Jan Freed-Etsemann Radio.... 3034 2834 31% 20,000 27
Dec 42
2,740 16
• 1934 1851 20
Wahl Co
100 60c Aug 70e Jan
650 65c
3
Feb Garland Steamship
Oct 2534
30 19
22
22
Sept
Wanner Malleable cast'gs•
5751 7,400 49% Sept 59
16 11034 Jan 117 Sept GIlletteSatety Razor new w I 5634 56
Ward, Montg & Co, pf_100 11654 11651 11654
• 12591 121 125% 1,1041 76% Jan 130;4 Nov
10 4631 4551 4751 21,495 2134 May 4734 Nov Glen Alden Coal
Common
834 Jan 2634 Dec
2351 26% 45,200
• 11734 1171411834 1/070 104 May 11931 Nov Goodyear Tire & R.com100 25% 68
Feb 81 June
Class "A"
300 35
69
• 69
951 Oct Grand 5-10-25e Stores
431 Apr
250
8
8
•
Nov
Wolff Mfg Corp
1751 1751 1,700 1651 Nov 22% July
4451 4534 7,890 3554 Oct 4551 Dec Grennan Bakeries
• 45
3%
750 Dec
Wrigley Jr, common
100
75e
75c
Jan Griffith (D W)Cl"A" •
Nov 97
9.865 32
3834 42
4 May
8s Dec
Yellow Cab Mfg CI"B"_10 40
6% 8% 28,400
814
10,393 3814 Oct 6434 Jan Happiness Candy St cl A..
4954 50
754 Dee
3 May
Yellow Cab Co Inc(Chic)• 50
751 1,500
6
734
Foundersshares
Feb 2254 Dec
• 4254 3784 4234 27,300 18
Hazeltine Corp
3% Nov
Bonds
1 June
2% 231 1,200
•
Heyden Chemical
Jan 20% Dec.
Armour & Co of Del 20
500 15
20%
Jan Imperial Tob of GB & I-11 2051 20
22,000 8834 June 92
91
91
1943
65( Dec
2 June
year g 5346
534 631 4,100
Dec
651
I idercoritinenbil Rubb_1110
Jan 84
11,000 74
83
82
8 June 1331 Deo
Chicago City Ry 52_ -.1927
1334 2.8C0
Dec Internal Concrete Induat10 13% 12
Nov 57
5534 40,000 48
Dee
Dec 38
38
Chicago C&C Rye 5s_1927 5434 54
300
38
38
,
Dec Inter Match non-vat pf, w I 38
Oct 86
10,000 74
Dec
Nov 48
Chicago Railways 56_ _ 1927 8351 8351 84
46
4731 1,500 46
Jar
Internat Utilities. CIA..-• 46
Oct 45
4251 42% 10,000 36
1927
651 Nov 1334 Dec
4s.Series"B"
12% 1351 3,800
• 1351
AD]
Class B
2,000 1551 June 24
24
24
Adjust income 4s_ _ _1927
8% Sept 1651 Dee
16% 4,200
Inter-Ocean Radio Corp..' 1251 12
Jan 11051 No
10051 10051 2,000 95
Commonw Edison 56_1943
Dec 10% Oct
7
14,200
8
9054 9034 1,000 85 June 9051 De( Jones(Jos WI Radio Mfg_•
July
2
Cudahy Pack lat M g 58'46
1,800 50c Dec
c 55e
10 50e
eau may fig 34 Jult
Keystone Solether
a min
073l OR
o.....9 A.,r1 1 at a f f• ca 10.111.
Feb
634 June 13
400
891 894
854
Landover Holding Corp A I
Oct
Jan 09
9,600 83
so 34 99
• 98%
-We are unable to give Lehigh Power Securities_ 50 86% 84% 88% 1,025 72 May 899-4 Feb
St. Louis Stock Exchange.
Lehigh Valley Coal Sales
Apr
the record of transactions on the St. Louis Stock Leh Vail Coal ctfs new w 4554 4254 4534 102,300 26% June 4534 Dec
to-day
73.4 Deo
4
200
754
dt Libby_ _10
Exchange for the week from Dec. 13 to Dec. 19, telegraphic Libby McNeil Cl Stores..' C 54 6% 7% 26,200 534 Dec 7 Deo
7
Liberty Radlo
53
Dec
52%
with the West having been interrupted Long-Bell Lum Corp A... 5251 5254 5234 1,200 69 Dec 106 July•
communication
Apr
200
93
93
•
-the wires being down, owing to a McCrory Stores
yesterday (Dec. 19)
Apr 67 July
200 27
58
56
Warrants
so 25 AP 35;4 Apr32
30
severe sleet storm.
100
Mengel Co
Jan
14
854 De
-This week's record on the Mercur Bank (Vienna)
100
8% 831
Pittsburgh Stock Exchange.
834
American shares
Mar
834 Sept
2
354 4% 1,800
434
•
Mesabi Iron Co
Pittsburgh Stock Exchange will be found on page 2848.
4,200 50 May 8534 Sept
7651 79
• 79
Middle West Utilities corn
9834 Nov
420 96 Sep
9751 98
100
Prior lien stock
-Below is a record of the
New York Curb Market.
80 88 June 9184 Dec
9051 9151
Preferred
Jan 2581 Mar
900 18
24
23
Curb Market from Dec. 13 to Midvale Co
• 24
transactions in the New York
40 389.4 Jan 109,4 Dec
•
Dec. 19, both inclusive, as compiled from the official lists. Motor Products Corp_ • 44 105 109% 2,710 4214 Deo 4514 Dec
4234 45%
Murray Body Corp
Dee
2 1921, the New York Curb Nat Distillers Products__ _ _ 1354 13% 13% 1,200 7;4 Sept 104 Nov
As noted in our issue of July
534
234 July
400
451 5
10
Dec
Market Association on June 27 1921 transferred its activities National Leather coin.. 203 187 204
2,520 83;4 Mar 204
Nat Power & Light.
Sept
260 151 May
246 249
from the Broad Street curb to its new building on Trinity National Tea,new
• 246
Al*
3% Jan 10
4% 5%
issuing an official sheet New Mei & Arta Land...1 43-4 11051 11151 .5,000 109 Mar 11234 J999
Place, and the Association is now
175
N Y Telep 634% ['ref-.100 110%
100 33;4 Jan 41 Juno
34
34
which forms the basis of the compilations below.
N Y Transportation__ _10
Deo
Oct 89
22,900 70
Nickel Plate corn. new. w. 8456 8451 89
owes
Frtaay
Oct 8934 Deo
8654 8934 8,700 82
Preferred, new. w 1
87
Range since Jan. 1.
Last Week's Ranee for
July
Week ending Dec. 19.
1551 1751 12,900 14% Aug 19
Omnibus Corp v t c. w I_ _• 17
Week.
of Prices.
Sale
July
700 86% July 93
90
89
Series A preferred _ _ _100 90
High.
Low.
Par. Price. Low. High. Shares.
Stocks33% Sept 4934 Dec
Pattie Exch Inc class A _ • 4954 44% 49% 1,45
6434 Dee
900 3754 Oct
6031 6151
Pittsb Term Coal, corn.100
Indus. & Miscellaneous.
Sept 8451 Nov
700 79
8251 8351
6% preferred
Jan
3
100
200 60c Nov
1
85e
10
Acme Coal Mining
300 4034 Aug 46 Sent
44
45
3234 3834 3,300 2254 Feb 3851 Dec Pro-phi-lac-tic Br cons_ •
Adirondack PAL. com-100 38
800 10 May 13% Feb
1034 1034
Dec Pyrene Nlanufacturing_ _ 10
151 Mar 11
300
951 934
Nov
•
10
Allied Packers, corn
3% AP
951 5,300
9
Dec Radio Corp of Amer,corn•
954
800 1434 June 60
100 5951 58
Nov
5994
5
Prior preferred
31114 Jul
100
451 451
451
Preferred
5
Jan 10034 Dec
700 95
9934 10051
1814 Jan
Am Cotton Fabric pref _100
Jun
10 1734 17% 1834 1,500 1534
Aug Ran Motor Car
Am 39
22300 30
39
134 Jan
'.el Piireige iu nevi w i 383-4 34
200 500 Ma
75e 75c
5
4334 Jan 12034 Dec Repettl Inc
Jan
Amer Gas & Elec. com__.• 11994 11454 12034 9,200
100 4651 Aug 50
_
100 4151 Apr 4634 July Rosenb'm Or Corp, pf. _50 4736 47% 4734
46
46
50 46
Preferred
1754 SePt
99.,
Apr 1534 Sept Rova Radio Corp tr ctts • 1154 1051 1151 3,000 1381 July 21
8
1254 1451 1,100
10
Dec
Amer Hawaiian SS
May
100
21
21
Oct Royal Typewriter corn_ •
Aug 14554
2,325 117
136 145
Amer Lt & Tree. coin- _100 142
Apr 11151 Dec
10 101
11154 11151
Dec Safety Car Heating_ _100
Apr 95
200 84
94
94
100
Jan
Preferred
Nov 35
2,500 11
isg 17
Dec Silica-Gel Corp corn v t (3_• 14
Oct
Dec
Dec 17
Amer Pow & Lt com new-• 6834 5634 6831 78,100 3734 Apr 6851 Aug Sleeper Radio v t c
4,500 15
15% 17
17
92
125 84
90
100 8994 89
Aug
Preferred
Aug 91
20 88
8854 88%
Feb 4631 Dec Sou Calif Edison 7% pf.100
200 32
4651
4651
•
American Stores
40 May 206 Oct
8c 120 50,000
3151 2934 3234 8,700 2454 Oct 3281 Dec Southern Coal it Iron._ 5 100 106% 106%
AM Superpower Corp.a A
50 10551 Aug 107 Sept
Oct 3534 Dec S'west'n Bell Tel, pref. 100 10654
32
2934 3551 11,300 25
DeoClass B
Dec 65
3,100 38
454 Jan S'eastern Pr & Lt corn...' 5854 4054 65
Oct
311.4
200
31111 354
American Thread, pref... _5
2534 July 27% Nov
Oct 93 June Stand Publishing Cl A --25 2634 26% 2754 1,200
Appalachian Pow,com_100 7754 7254 7934 1,920 65
934 Dee
434 Nov
751 954 7,900
Dec Stutz Motor Car
84
•
1,500 1634 Atte 30
.,...,,, i millets Nita Co •
Nov
2834 30
260 100 June 112
10934 110
100
200 903.4 Dec 0094 Dec Swift & Co
100
9054 9034
3534 Nov
Preferred
15 3254 3231 3351 4,700 18% Mar 55
300 1734 July 193-4 Sept Swift International
1854 19
Dec
Arizona l'ower, com_ _100
10.100 1754 Jan
55
• 5251 44
Apr 8831 Dec Tenn Elec Power,com _ _.
72
10
8851 8831
Armour & Co (III), pref.100
300 49% Jan 7334 Dec
7194 7334
Second preferred__ __ • 73
20 48 Sept 8051 Dec
79
Nov
803
Armour Leather, pref..100
2054 Dec 25
100
20
20
234 Pail Ter H & Ind Tr pref-__100
1
Ole
12,800 72c Sept
Atlantic Fruit & Siig. w 1.•
Nov 17% Dec
1754 21,100 12
Fet Thermiodyne Radio w I..' 179-4 16
100 1554 Nov 19
17
17
•
Bilss (E W) Co corn
7 Oct 18% Aug
1451 13,400
Thompson(RE)Radio vtc• 1484 13
1,070 11734 Mar 133% Alb
51( Feb
Borden Co. common...100 13254 129 133
2% Sept
3% 1,700
351
3
Mar 106 Ma), Tob Prod Export Corp._•
100
100
100
10334 10351
Preferred
Dec 834 Feb
400 40
40
4034
• 40
Todd Shipyards Corp....
NO
4,500 4634 Nov 49
473.4 48
Botany Cons Mills, CIA 50 48
400 18% Sept 2814 Nov
24
2454
5
No
Tower Mfg Corp w I
Dec 21
2(1
• 20
20
20
2054
Common
Apr 67% Dec
Union Carbide & Carbon." 6651 66% 67% 2,500 56
2534 2634 1,930 2054 Jan 2634 Dec
Brit-Am Tob ord bear__El 26
31
32% 2,600 18% Jan 41 34 June
Ordinary registered__ _El 2634 2554 2654 1,000 2194 Feb 263-4 Dec United G & E,cam.new.10 32
Oct
Apr 56
49% 1,000 30
400 V..% Sept 1434 Jul) United Lt & Pow com A..• 4934 48
951 934
10
ati July
Brooklyn City RR
7% Feb
1,800
5% 6
634
United Profit Sharing._ _ 1
Brunsw-Balke-Coll,com100 4934 4951 4931 3,000 4991 Dec 5094 No
Dec
34% Apr 44
900
Not
United Shoe Mach corn _ 25 4234 4251 44
July 104
50 98
104 104
Burroughs Add Ma pf _ _100
154 Jan
1,500 50e Nov
50e 50c
118 Lt & Ht Corp.com__10
254 Jar
1
1
200 50e July
Car Ltg & Power, corn..25
134 Jan
400 84e Dec
• 84c 95c
10
Preferred
Fel
Dec 77
, 10 35
3534 3534
Celluloid Co common _100
400 1554 July 20% Sept
1851 19%
.*
20 69
Dec9034 Mal US Stores Corp CI"A".
09
69
20
Cent Aguire Sugar
Deg
July 46
100 69
46
46
Preferred
154 Jar
100 50c Dec
50c 10c
Cent Teresa Sugar, corn.10
Dec 26% Dec
Utillties Pr & Lt cl A w
2 Sept451 Mal
2654 2551 26% 9,600 2551 Nov 23
400
234 251
10
Preferred
Jan
19
10
22
22
Wanner Mall Cast CIA...'
Del
30,500 1534 Sept30
rentrtfttaal Cast Iron Pipe* 2751 233.4 30
4234 44% 4.700 14% Apr 4734 Nov
43
Ward Corp.corn, Claes B
Dec 1994 Do
1894 1834 1954 20,900 18
Chapin-Sacks Inc w I
Jan 9734 Nov
9254 9734 1.000 7931
7% preferred
106 93
(Amite!t011 N S011 f.,111_ .III 1394 1351 1351 1,200 11) Jul) 1394 De
3751 19,600 13% June 37% Dec
_• 3654 31
Jai
Ware Radio Corp, w
Aug40
1891 1951 1,800 14
Checker Cab Mfg,Cl A_ •
Mar 4534 Sept
11,500 26
41
Western Pr Corp. com.100 3951 35
200 3354 Nov 4034 Jun,
Chic Nipple Mfg, cl A _50 3494 3454 3434
8634 Dec
690 80 Jun
8434 8654
Preferred
100 86
500 1394 Sept2234 Jai
1654 1634
50 1634
Class B
700 10 May 1834 Nov
1651
1631 16
White Rock Min Spr new
• 4034 4031 4236 1,200 32 May 4431 Del
Nov
Childs Co new stock
9 June 17
100
1654 1651
•
No,
V tc
900 132 JIIIii 190
169 171
Cities Service. oom......100 171
Oct
5
334 Oct
700
454 5
Wickwire-Spencer Steel..
100 8034 8034 8054 1,600 6634 Jan 8234 No,
Preferred
Nov 39% Jan
15
2,000
1651 18
754 No'
pi
634 Ian
Yellow Taxi Corp N Y. _• 18
734 754 2,700
Preferred B
No,
Mar 79
100 64
77
77
100
Preferred B13
No
Jan 125
Former Standard 011
114 125 854,000 77
125
Stock scrip
No
Subsidiaries
92
$8,000 70 Mal 91
92
92
Cash scrip
1884 6,900 1484 June 1854 Dec
No
Anglo-American Oil....11 18% 17
• 1734 1034 1734 2,100 1334 May 19
Bankers' shares
Mar
Jan 265
20 155
235 240
Ain
Apr 95
Borne-Scrymser Co__ -100 235
10 82
91
91
Cleve Automobile. pref.100
Sept 15% Jan
600 51
5991
De
50 59% 58
Buckeye Pipe Line
8,000 250 May
700 85e
80c
Colombian Syndicate
400 4731 May 5234 Mar
49
48%
20 3334 Feb 36 Jun
Cbesebrough Mfg new__25
3454 3454
Colorado Power com _ _ _100
Jan
200 1134 June 20
13%
13
Feb 131
Crescent Pipe Line
25 13
De
122 131
6,775 56
Conewealth Pow Corp.. • 130
July
10 11034 Jan 149
13551 13556
Cumberland Pipe Line_100
375 74
Mar 90
No
100 8254 8254 8254
.
._
Jan
Oct 105
80 74
80% 82
100
Eureka Pipe Line
preferred..Cons Gas E1Ldz P.BaltJuly
70
370 52 Sep
5334 5951
Galena-Signal Oil, com-100 57
3251 3234 3534 11,400 3184 Nov 3934 Oc
New w 1
Dec
6 100% June 113
105 113.
100
Nov 118
New preferred
De
continental Raking,com A* 11451 114 11651 5.600 94
Humble Oil & Refinlng..25 41% 3951 41 7 16,800 3434 Aug 43% Mar
• 2336 2251 2451 42,000 1634 Nov 2451 De
Common B
Jan
Sep 161
30 120
125 127
100 127
Illinois Pipe Line
De
8,300 8994 Nov 97
Jaa
8% preferred9254 0251 97
400 Y04 Mr' 2634 De
Imperial 011 (Can) coup _25 11394 10954 113% 2,60.1 9834 Apr 119
• 2434 2434 25
c•notio, ,asi roble,0
Jae
68 Sept 100
26
72
71
50 71
July 4034 Fe
Indiana Pipe Line
MOO 32
• 3834 3751 40
Jan
Cuba Company
J31 y 162
250 122
qvnnija Pornlelltn_
Ion
134 137
De
4
7
300
Nov
651
6
27% Feb
Cuban Tobacco Co v t c___ -- -_
900 2054 Jun
2154 23
_12.50 23
National Transit _ _
4% June 11
6,100
De
1351 16
Curtis6Aero&M.newcom• 15
Jaa
Aug 97
62
40 55
60
100
3,600 3054 May 59
De
New York Transit
59
51
100 58
Preferred
No 10714 Jan
7734
390 72
Dec 21
Northern Pipe Line----100 7754 74
100 21
De
21
21
.
Curtiss Asseta Corn ctfs__
7934 Jan
4,900 58 Jun
63% 6331 64
300 11 June 26
De
26
24
Jan
. •
43
Davies(Wm) Class A_
Jul
34
700 27
33
25
Penn Mex Fuel
21
Nov 28
De
Jan
De Forest Radio Corp._ • 2694 2554 2734 17,100 88
Oct 269
8,890 103
100 209
19954 212
Prairie 011 es Gas
Apr 120
1,350
No
11954 132
Del Lack & West Coal. 50 131
3,800 5034 Nov 54% Nov
25 52% 5034 53
New when issued
July 4181 De
1,000 23
40
Fan
Deny & Rio Cr West...100 3854 3851 99
Feb 111
10531 10831 2,650 1UU
108
291e M.
Ron.
IR
Line
100
R WI
1 oL,t
Prairie Pipe
_ n.1
so 175 July 230 Jan
2034•1 206161
100 206
Solar Refining
• No par value.
3351 7,125
32
450
47
4734
6731 10.910
6534
675
3
3
19
4234
55
134
Jan
Apr
Apr
Oct
3551
5054
6734
451
Nov
Jan
Dec
Jan
154
2872 •
THE CHRONICLE
Friday
Sales
Former Standard Oil
Last Week's Range for
Subsidiaries
Sale
of Prices.
Week.
(Conauded)
Par. Price. Low. High. Shares.
South Penn 011
100
Southern Pipe Line__ • _100
South West Pa Pipe L._100
Standard Oil (Indiana) ..25
Stanoiarol (>11 (Kansas)_ _25
Standard Oil (KY)
25
Standard Oil (Neb)_ _ _ _100
Standard 011 of N Y__ _25
Stand 011 (Ohio) com...100
Preferred
100
Swan & Finch
100
Vacuum 011
25
130
Range since Jan. I.
Low.
128 134
910 117
85
87%
120 804
69
70
30 69
6134 58% 62% 97,500 5434
36% 34% 36%
3,700 3234
1194.4 1184 119%
1,600 101
255
246 255
530 199
44
424 44% 16,200 374
350
345 352
140 275
116 116
10 115g
23
24%
510 20
81
78% 8154 18,100 584
June
Oct
Dec
July
Aug
May
Jan
May
June
Dec
Nov
Jan
High.
171
100
89
68%
5054
1214
262
48
37734
120
81
834
Jan
Jan
Jan
Jan
Jan
Nov
Nov
Jan
Nov
May
Jan
Nov
(VOL. 112.
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Mining (Concluded) Par. Price. Low. High. Shares.
United Eastern Mining_ __I
United Verde Extension 50c
B Continental Mines_„5
Unity Gold Mines
6
Utah A pxt
Wenden copper Mining_..1
West End Exten afiaing _1
White Knob Copper pref
Yukon-Alaska Trust Of.
23
13c
65e
2
15%
380
27%
13c
6.50
3
131
8o
850
15%
400
2.000
28%
1.000
13e
8,000
70c
1,100
334
1,000
2
16,800
Sc
6,000
850
100
16
400
Range since Jan. 1.
Low.
35e
21
9e
5lic
2
1
2c
60c
15
Oct
June
Nov
Dec
Apr
Apr
May
Mar
Feb
High.
Mt
3034
20e
2)4
354
234
33e
85e
16
Feb
July
Jan
Feb
Deo
Nov
Sept
Dec
Dee
Bond,
-
Allied Pack cony deb 68'3
193
9 9,
79
82 $19.000 48
May 85
Deo
Se, series B
90
92
25.000 57
May 94
Doe
tluminum Co of Am 78 '33
Arkansas Nat Gas
107 1074 5,000 105% Mar 107%
10
555 534
544
4
1,900
Oct
Aug
7
Jan
78
Atlantic Lobos()Hewn_ •
102% 102%
1.00(3 10114 Jan 1034 June
2
2)4
230
254 Dec
4% Jan
Omer 0& E deb 68_2 25
1014
9
Preferred
96
95% 141,000 944 Oct 9644
•
654
400
July
5
11
Jan
American Ice 78
10534 1034 103% 13,000 9935 Oct 107% June
93
Carib Syndicate
355 4
3%
Aug
5,690
254 Oct
644 Jan American Power & Light
Creole Syndicate
94
9% 10% 9,000
24 Jan 104 Dec
old warn attach _2010 934 9344 94%
Derby 011 & Ref, corn_
•
77,000 9354 Dec 95
5
534
Sept
200 17% June 3444 Dec Amer Rolling Mill 68_1938 100
100 10034 39,000 98% Apr 1014 Oct
Preferred
• 264 264 284
700
24 June
734 Feb
Amer Sumat Tob 7445 1925
Euclid 011 Co
90% 9234 12.000 73
98c
July 99
90e
1
Feb
2.200 800
Oct
1
Nov American Thread 6s_ _1925 103
103 103
Federal Oil
5
1,000 1014 Jan 101% Nov
220 25c
3.000 I5c May 60c
Jan
Anaconda Cop Min 65 1929 10254 10234 103
Gilliland 011, coin, v t e_ •
46.000 101
Feb 104
34 3%
Aug
14 Jan
900
554 Feb
Anglo-Amer Oil 734s_ _1925 10034 100%
Gienrock Oil
100% 16,000 10034 Nov 10234
10
15e
150
1,000 150
Oct 60c
Jan Assoe'd Simmons Hardware
Juno
Gulf Oil Corp of Pa
25 64% 6335 66
7.300
May
64s
1933
83
International Petroleum__• 22% 22% 2334 33.500 56% June 674 Nov
834 3,000 7134 June 934 Feb
164
24% Nov
Atlantic Fruit 8s
20
17
Kirby Petroleum
20
•
14.000 17
434
Dec 36
4
6
17,400
Mar
1% Apr
7
Dec AUG& W ISSL 50__1959 61
Lego Petroleum Corp_ __ ..•
59% 6031 105.000 42
654
Jan
6
654 7,100
6144 Dec
254 Jan
64 Dec Beaver Board Co 86_1933
Lance Creek Royalties__ _1
8744 884 12.000 70
lc
Jan 89
lc
Nov
lc Feb
5,000
30 Aug
Beth Steel equip 78_1935 10334 103 1034
Latin-Amer 011
1
23.000 102% Feb 104% Oct
2e
20
7,000
lc Aug
1118 Feb Boston & Maine RR 651933
90% 91
,Livingston Petroleum... •
9,000 72
1
Jan 91
1
1
Deo
400 60e Mar
24 July Canadian Nat Rye 78.1935
109 10934 20,000 106% Jan 112
Lone Stet Gas
25
32
32
100 27
Sept
Mar 32
Dec Central Leather 6s_ _ _ _1945 9534 95
Mexican Panuco 011_ _10
9554 91.000 95
De, 95% Dec
610 610
100 500 Sept
14 Apr Chic It I & Pee 534s..i926
Mexico 011 Corp
1004
10
13.000 9731 Nov 101
90 100
70 May 30c
4,000
July
Jan Chic Liu Stat Saw 1___1944 98% 98% 101
Mountain & Gulf Oil
98% 17.000 9854 Nos
1
I
1
300 97c Dec
9834 Nov
1% Mar Childs Co 63
1929 106
105% 108
Mountain Producers
.10 1834 18
94.000 102
18%
Juno 110
3,100 16
Deo
Feb 20% Oct Cities Service 7s,ser B.1966
144 145
Mutual 011 vot trust ctis_5 12
1134 12
7.000 1184 Feb 145
40,800
Dee
94 July
1334 Jan
7s, series C
1956 10941 10355 10944
National Fuel Gas
•
107 107%
59.000 894 Jan 112
120 85
Nov
Jan 1104 Sept
is Series D
Seri
1966 9841 97% 9841 58,000
New Bradford Oil
5
89
Jan 101
341
35i 3% 2,400
Nov
354 Dec
644 Jan
75. series E
1966
109 110
New England Fuel 011_ _ _5 2414 19
2.000 101
Apr 107
26
5.300 17
Sept
Oct 44
July Cities Seri, Pow & Lt 6s '44
9454 9454 96.000 944 Nov 94% Doe
Noble(C F) Oil & G coin.!
9c
9c
9c
80 Sept 16o
2,000
Feb ConsG,E L&P.Bait.68'49
10454 1054 7.000 1014 Jan 105% June
Northwest Oil
1
30
50
8,000
20 June
Pc
Jan
5348
1951
952
8
2
102 102
Ohio Fuel Corp
9.000 93
Jan 103
32
32%
400 29% Oct 334 Nov
Oct
6345 Series D
1084 10954 10,000 10644 Mel 10954 Nov
Peer 011 Corp
•
1% 3,500 96e Nov
134
1%
6
Jan Congo! Textile fie
1941 88
8734 88
Pennok Oil Corp (new)_ •
11,000 68
1634 1754
1,500 12% Oct 1834 Nov Cuban Telephone 7)401041
Sept 97
Jan
108% 10654
Pennsylvania Beaver OILS 110
1.000 106
100 14c 36,000 100 Dec 620 Feb Cudahy Pk deb 544s_ _1937
July 107% Oct
8744 8734 88
Rea Bank Oil
80,000 8134 Mai
25 21% 2031 24% 5,100
89
Nov
534 Jan 58
Aug
Deere dr Co 7545
1931
1034 10434 15,000 99% May 105
Royal Can Oil Syndicate.•
7%
7
8
31.700
Nov
2% Apr
8% Dec Deny & It t] West 58..1935 58% 5334 60
Ryan Consol
69,000 5034
_ •
4
4
4%
800
34 Jan
5% Mar Dot City Gas 6s
1947 10234 10154 1024 42,000 9934 Nov 61% Dee
Salt 'reek Consol On_ Petroleum 10
Jan 10331 June
6)4 64 3,500
635 Dec 103, Jan
112 113
Salt Creek Prod ucers_ _ _10 24% 2341 24)4 9,300 194 Feb 274 Sept Detroit Edison 6s....1932 113
43,000 102% Jan 11344 Dee
Ss
1931 1124 11254 1124 17,000 108
Sapulpa Refining
Nov 1134 Dee
5
Pi' 11u,
100 82c
Jan
235 Mar Dunlop T &Rot Am 70_1942 9934 98 100
Tidal Osage Oil n-vot stk.'
45,000 90
Jan 100
8
8
8
1,900
6
Dee
1)ec 14
Jan Federal Sugar 60
97
97% 21.000 95
Voting stock
Nov
•
9
9
300
8
Jan 1634 Jan Fisher Body (is
1926 10 31 10155 1024 7.000 9954 Jan 10144 Aug
93 9
3
United Cent Oil Corp,com•
23i 3
600
24 Dec
3% Nov
1927 10154 101% 101% 11.000 984 Jan 10214 Sept
Venezuelan Petroleum_ _
344
334
314 9,500
254 Sept
44 Nov
60
1928 10234 1024 10244 26.000 974 Jan 1024 Aug
Western States 011 dr Gas 1
90
90
2,000
102% Del
80 Dec 30c
Jan Gair (Robert) Co 70..1937 98
98
984 2,000 944 May 1004 Sept
Wilcox Oil & Gas
6
551 64 5,100
1
4% May
8% Feb Galena-Signal OH 7s__1930
105% 10531 2.000 1043.4 Jan 106
Woodley Petroleum Co..
634
•
6
64 1,400
Aug
5
Nov 13
May General Asphalt es _ _ 1939
100
Y" Oil & Gas
7.000 9955 Dec 100
50
50 10.000
Nov
3e Dec
14e
Feb General Petroleum 60_1928 10054 100% 100
10031 16,000 9454 Jan 101
Aug
Grand Trunk Ry 646_1936 106
106 107
18,000 105% Jan 10 44 Aug
,
Gulf Oil of Pa 55
1937 9834 9844 9814 29,000 94
Mining Stocka
Jan 903.4 Nov
Hood Rubber 75
1936
1003.4 1014 12,000 994
Internat Match 648..1943 1144 106% 115% 438000 92% May 1024 Nov
American Exploration_ _ _ 1
600 650
Jan 115% Doo
300 25c Mar
14 Feb Italian Power 648_ _1928
Arizona Comm
9834 9934 2.000 974 Feb 100
11% 11%
500
Sept
2
May 114 Dec Kan City Term Ry 534s'26
10134 101% 10134 31.000 1004 Jan 102% Sept
Arizona Globe Cooper__ I
40
6e
(30 35,000
3e
Oct 12o
Jan
Lehigh Pow Secur 6s_ _1927
Black Hawk Cons
1
180 18e
Jan 101
1,000
lc
Jan 18e Nov Libby McNeill& Libby 78'31 100% 10034 1014 3,000 96
10144 10034 10134 16.000 94 Juno' 101% Nov
Butte & Western Mm._ _ _1 150
15c 150
2,000 100 Mar 55c
Nov
Jan Liggett-Winchester 70.1942
108 108
Calaveras Copper
.5
13,000 102% Jan 1084 Noy
2
2
100
1
Feb
3
Nov
Lower Austrian HydroCalumet & Jerome Copperl
180 200
8,000
70
Feb 38e Dec
Flee Pow 6 Sis w 1_ _ 1944 854 854 8534 52,000 85
Clanario Copper
10
444
4
Aug 8541 Deo
4% 28,400
134 May
4% Dec Manitoba Power 7,...1941 984 9834 984
Chief Consol Mining
1
11.000 95% Jan 1381% Scot
354 4%
1,700
244 July
4
Jan Missouri Pac RR 5s_ _ _1927 99% 9934
Chino Extension
1
9934 6.030 99% June 1004 Aug
35e 380
2,000 350 Dee 38c Dec Morris & Co 7%8
1930 9354 97
Comstock Tun & Drain 10c 26e
994 40,000 92 June 1004 Feb
260 300
3,000 150 Aug 30c
Oct Motor Prod Corp 6s 1913
99
Consol Copper Mines_ _
99
2,000 9154 July 9934 Nov
254 3
3
3,200
14 Jan
44 Nov
Murray Body Corp 640'34
984 9844 8,000 084 Dec 98% Dec
Consol Nevada Utah
3
6c
60
7.000
Sc
Apr
90 May Nat Distillers Prod 70_1930
100 100
Cortez Silver,
1
10c
be
18,000 85 June 100% Nov
6,000 100 June 100 Mar
National Leather 80_1925
102 102
Creason Cons Gold Mds151.1
354
10,000 92
3% 3% 2,100
Apr 10294 Nov
334 Oct
44 Jan
New On Pub Serv 50__1952
Crown Reserve
8631 8634 19,000
490 490
1
1,000 44c Sept 75c
Jan
Nor States Pow 64s_.1933 1054 10444 1054 158,000 8154 Jan 953( Jan
Diamond B1 Butte Reorla
60
7c
98
Jan 1054 Dec
16,000
4o
Jan 220 July
1933 99
635% gold notee____ 1052 894 9934 130
Divide Extension
30
30
1
38,000 084 May 100
1,000
2c
Oct
Jan
7c Aug Ohio Power is
89
Dundee Arizona Copper_ _ _
90
20c 21c
8,000 84% Jan 9144 Sept
5,000 12c Nov 200 Dee
7s
1951
106 106
Engineer Gold Mines Ltd__ --1534
13
16
1,000 106
Dec 1064 Nov
2,100
Mar 234 June Park & Tilford 68
6
1936
95
95
Eureka Creams
90 100 15,000
1,000 84
Feb 9734 Sept
4e June 15e
Jan
95
954 17,000 95
600
54c 60c 18,900 400 Sept 700 Dec Pennok 011 Corp Os. .1027 95
First Thought G M
Dec 95% Deo
Penn Pow & Light de _1952 93
Golden State Mining
80
100
93
9354 26,000 87% Jan 94
100 44,000
June
80 Dec 100 Aug Philo Electric 548._ _ _1953 10434 104
1044 2,000 9844 Jan 10434 Dee
Goldfield Consol Mines..!
40
40
1.000
40 Feb
Jan
8o
534s
1947
10354 104
Goldfield Deep Mines- 5
10
3,000
20 16,000
10 Dec
c
70 Seta
55. w 1
1960 10044 10054 1004 5,000 9891 Jan 104% Nov
7c
Goldfield Development_ 5a
(Sc
90 27,000
100% Dec loot Dee
20 Aug
19e Nov Phillips Petrol 74s_ _1931
103
90
Goldfield Florence
80 10c
1
3,000 100
Apr 104
5,000
Aug
70 Dec 420
Jan Pub Serv El & OM 534s.'64 964 96 103
9635
3c
Gold Zone Divide
10c
30
Nov
6,000
2e June
Jan
12e
Public Service Corp Cal 1944 9454 9454 0434 50,000 964 Dec 97
Green Monster Min__ _50c
65.000 94
6c
6c
1.000
Oct 97
30 Aug
July
90 Dec Pure 011 Co 6)48
1933 9754 9641 98
Halifax Tonopah
42.000 9234 Jan 99
70
90
3.000
Dec
70 Dec
90 Dec Shawaheen Mills 78__ _1931 10334 103
10334 31,000 102
90
Karmill Divide
100 10e
160 44,000
Jan 10434 Mu
Apr
28
260 Aug Sinclair Cons Oil es ..1927 99
9844 99 205.000 9834
150 160
Hawthorne Miura. Inc- -1
7,000 12c Nov 82r
Jan Slow-Shelf St & I 60.1929
Dec 9044 Nov
102 102
Heela Mining
10% 10% 2,300
3.000 97
25e 1034
Jan 10244 July
844 Jan 10% Dec Solvay & Cie liv
1934
Hilltop Nevada Mining..1
lc
lc 10,200
Apr 102
lc
Feb
Sept
7e Star South Ctilf Edison 50_1944 92% 10031 10034 25,000 99
9234 9241 6,000 89% Jan 93% Nov
14% 14%
Hollinger Consol0M_ _ __S
1,100 11% Mar 1434 Dec Standard Gas & El 64s'54
1054 1054
3
Howe Sound Co
2% 3
1
4,100
1)4 June
Aug 10831 Dec
Jon Stand 011 of NY 8448_1933 1064 10654 10654 318.000 96
3
1063-4 6,000 105% Jan 109% June
10e
120
Independence Lead Min_ _I
9.000
80
Apr
18e
Feb
7% serial gold deb_ _1926
105 105
92e 960
1,000 102% May 108% Sens
Jerome Verde Devel
600 76c July
Jan
2
7% serial gold deb_ _1927 105
105 105
510 630 70,700 150 Mar 95e July
4,000 10434 July 1064 Aug
Jib Consol Mining
1 55e
7% serial gold deb...1928 105
105 105
3,000 105
1% 1% 36,100
liiis
Kay Copper Co
1
Jan 106% Feb
Apr
14 Dec
7:s ii5 tgold deb__1 931 95
os r ,
199
3
10534 10555 24.000 1054 Dec 109
Kerr Lake
400
14
5
134
144 Mar
Feb
24 Nov Su
95
Knox Divide
10
20
2c
10c
9,000
Dec 06% Dee
lc May
20 Dec Swift & Co 58__Oct 15 1932 9434 9434 9834 327,000 95
4e
40 16,000
Lone Star Consol
1
le May
90 Aug Tidal-Osage Oil 7s__ ..1931 10444 10441 9454 62,000 8934 May 9544 Aug
10444 3.000 10134 Jan 104% July
MacNamara Min & Mill_!
30
30
3,000
Jan
le
12c Sept Union El L& Pot 111541'6 99
85
924
984 99
33.000 9444 Apr 100
Mammoth Divide
20
2c
3.000
20 Dec lie Star Union 01168
Nov
1014 1014
1,000 100%
Marsh Mining
Sc
50
1
2,000
40 Dec 13e
July
Jan
United Drug 611
1944 1014 101 1014 140,000 100% Oct 102
Mason Valley Mince
135
155
5
Oct 101% Dee
1% 3,100
14 Jan
2
Aug United ()II Prod 8i_ _ _ _1931 354 35
3654 10,000 23
Mining Coo! Canada
2gis 2•19
100
Oct 7934 Feb
Dec
Vis Dec Un Rys of Havana 748.'36 10944
10933 10931 19,000 10534 Jan 110
Mohican Copper
110 15e
11.000
15e
Sc
Oct 48e
Nov
Jan Vacuum 011 75
1936 1074 107 10741 23,000 106
Natlonal Tin Corp_
8e
90
8,000
Jan 108 June
50e
50 Aug 180
Oct Valvoline 011 68
1937
1034 104
3,000 10144 Apr 104% July
Nevada Silver Horn
le 10,000
10
lc
Feb
lc
Feb Webster Mills 644s-1933
10134 101
1013-4 29,000 10044 Jan 104% Sent
New Cornelia Copper Co_5 22% 22
22%
600 154 Jan 25% July
New Jersey Zinc
185 194
1,020 134% May 194
100 187
Dec
Foreign Government
Nipladng Mines
1,100
6%
5
63-1 6%
544 Jan
634 May
and Municipalities
Nixon Nevada
340
320 35e
6,000 250 Sept 60o
Oct
Ohlo Copper
1%
1711 66,500 650 Mar
1%
Piz
Oct Bogota (Colombia)85_1945 97
97
9844 861,000 97
Parmae Porcupine Mines.. 50c
Dec 99
Dee
380 500 28,100 160 June 67c Mar Finnish munle 64e Class A
91
9044
61,000 9044 Dec 91
Plymouth Lead Minee_..1 730
Oct
70c 730 29,200 30e
Jan 80e
Oct French Nat Mail SS 7s1949 904 9044 91
91
40,000 91
Premier Gold Mining Ltd.)
Dec 91
Dec
134 Apr
2%
2 1z 2% 8,100
,
2% Nov Indus Mtge Bk of Finland
Ray Hercules, Inc
90
80 140 23,000
5
Dec 38c
8c
Feb
let M coil I f 75
.1944
9431 954 38,000 934 Nov
9634 Sept
Red Warrior Mining Co_ _ I
410 490 13,000 210
Jan 75o Aug Netherlands(Kingd)(1111172 103
10255 103
81,000 8934 Apr 1034 Dec
Rochester Silver Corp
12e, 12c
1,000
Jan
50
120
Oct Peru (Republic of) 80_1932
99
994 4,000 97% Jan 100
Rocky Mt Smelt & Ref pLI
Sept
1
200
1% 14
Apr
14 July
8s
1944
994 9954 64,000 99% Oct 99% Oct
San Toy Mining
40
4c
50 68,000
Apr
1
20
50 Feb Poland (Repub of) 68.11(11
73
73
734 48,000 6834 Sept
SIB/ King Divide,Reorg 10c
7544 Oct
3,000
Sc
60
lc June
Cc Nov Russian Govt 640_ _ _1919
12
14
34,000
9
Jan
21
South Amer Gold & Plat_ _1
Aug
1,700
3)4
354 4
5% Oct
234 June
6348 eertincates_ _1919 1341
11
14 130,000 10
Jan 20% Feb
Spearhead
60
40
1
80 13,000
2o
Jan
10e June
54e
1921
1245
1154 14
65.000
9% Jan 204 Aug
Superstition Cons Mining.!
20
2c
9,000
le Mar
30 July
Certificates
11% 11%
5,000
934 Jan 21
Tonopah Belmont Devel_ I
Aug
51e 540
510
6,500 400 Apr 7.50 Feb Switzerland Govt 5348 1929
10134 10135 11.000 9734 Apr 102
Tonopah Divide
1
210 21c
Aug
2,000 170 May 40e
Feb
Ext 5% notes
1926
1004 1004 89,000 97% Jan 101
Tonopah Extension
234
1
Nov
4,400
211is 3
14 Jan
34 Oct
Tonopah Mining
• No par value. k Correction. 1 Litsed on the Stock Exchange
1
1% 1%
800
134 Jan
24 July
this week, whore
TM-Bullion S & D
10c 100
100 10e
7.000
30 Feb
16e Nov additional transactions will be found. o New
stock. s Option sale. to When
Trinity Copper
300 300
2.000 250 May 80e
Jan issued.
0 Ex-dividend. y Ex-rights. z Ex-etock dividend.
Other 011 Stocks
1,0
I
Xnuestntent anti gailroati ptellioentet
2873
Balance,
Fixed
Charges.
$
Surpls.$
186.277
863.721
185.274
841.243
9.544.680 1.895,868
9,170,120 1.890,437
641.045
537.315
Increase. Decrease.
1923.
1924.
7,425,676
Second Week of December.
5,081.751
5
75.587
44.780
216.928
353,526
308,746
Buffalo Rochester & Pittsburgh
62.805
697.184
252.033
4.649.764 5,346.948
Canadian National
578,232
985.000
2.636.641
4,492,000
3.507.000
Canadian Pacific
635.362
2.293.897
1,839.633 1.643.054 196.579
St. Louis-San Francisco
71.345
531.385
602.730
St. Louis Southwestern
. b After rentals.
maintenance
* Includes other incomes. a After
10.907,873 12.366,913 267,924 1,726.964 c After depreciation. d After deducting credit to reservefor dopreciatino
Total (5 roads)
1.459,040
Net decrease (11.79%)
.1 Includes taxes. k Before taxes.
New York City Street Railways.
Net Corp.
Fixed
In the following we also complete our summary for the
'Na
Gross
Income.
Charges.
Revenue. Revenue.
Companies—
first week of December:
i
$
$
128.757
36.791
165.548
970,391
Sept '24
143,975
Increase. Decrease. Brooklyn City
52.366
1923.
1924.
196.340
991,398
'23
First Week of December.
365.318 1,394,084
8,886,406 1.759.402
9 mos ended Sept 30 '24
$
$
470.204 1.756.392
$
$
'23 8,953.072 2.226,595
1,505.900
57.954 --50.410
7.544
Previously reported (6 roads)_-- 11,596.078 12,962.366 139.612
1,560
2.626 Brooklyn Heights Sept '24
111,883
109.257
68.189 --59.416
8,773
Ann Arbor
6.837
'23
13.122
96,525
83,403
522,816 --475.212
47,604
Duluth South Shore & Atlantic_
37.866
1.000
9 mos ended Sept 30 '24
35,200
36.200
623,853 --552,205
Florida
61,648
Georgia &
63,924
'23
2,515,242 2,332.455 182.787
Great Northern
52.027 —36.518
15,509
210,951
651
8.815
9.466
Brooklyn-Queens Sept '24
—2,532
Mineral Range
50,688
48.156
206,728
11.683
'23
370,137
358.454
Mobile & Ohio
473,007 —68,594
404,413
2.536
1,897.629
6,608
4,072
9 mos ended Sept 30 '24
79.417
Nevada California & Oregon_ _ _
460,287
539.704
186,919
'23 1,906,146
3,562,501 3,749,420
Southern By
30.876
27.586
58.462
25,021
714.749
739,770
244.741
Sept'24
Coney Island &
Texas & Pacific
15.714
27.497
29,334
43,211
393.967
245,605
364,633
'23
Western Maryland
Brooklyn
319,862
250,830
570,692
'24 2,235,267
9 mos ended Sept 30
293,779
248.382
542.161
349,071 1,752,120
19.379.076 20,782.125
'23 2,234,553
Total (16 roads)
1.40.049
13,590 --10,589
3.001
Nat CIIICIPM-SA (R.7A%.,1
12,378
Sept '24
Coney Island &
--7.654
13.630
5,976
14.260
'23
Gravesend
122,362 --95.023
27,339
112,824
Public Utility Net
'24
9 mos ended Sept 30
Electric Railway and Other
122,108 --65.119
48.989
117,421
'23
17,467
92,483
Earnings.—The following table gives the returns of Nassau Electric
109,950
499,739
Sept'24
61.094
93.564
154.658
467.526
'23
ELECTRIC railway and other public utility gross and net
—6.809
831,181
824.372
'24 4.402.254
this week:
9 mos ended Sept 30
324.059
earnings with charges and surplus reported
841.185
'23 4,147,354 1.155,644
—Gross Earnings— —NetEarnings—
10.794
26.408
37.203
109,118
Prerimts
Sept '24
Current
South Brooklyn
Previous
Current
4.675
29.838
34.513
105.503
Year.
'23
Year.
Year.
Year.
55,190
217,239
Companies.
272.429
944,451
30 '24
$
9 mos ended Sept
$
$
33,420
S
287,391
320.811
851,541
'23
339,092 *127.936 *101,723
424
296
nt Rye of Cent Amer.-Nov 383.336
720
21,682
Sept'24
644
261
11 mos ended Nov 30-- 4,615.463 3.881.164 *1.962.249 *1,590.638 Manhattan Bridge
905
22,354
'23
3c Line
*466,880
9.670
2,590
910.558 *501.806
12,260
201,176
ctitah Secur Cos & subs_Nov 951,245
30 '24
9 mos ended Sept
8,927
2,141
11.068
206,331
12 mos ended Nov 30.._1O,836,443 10.037,160 *5,464.725 *5.156.530
'23
Interboro Rapid Transit System—
260.126
• Net after taxes.
1,325.612 1.065,486
Sept '24 3,035,301
Subway
1.046,743 --21.516
Earnings for subsidiary companies only.
'23 2,770,529 1,025.227 9,549.520 2.820.104
Division
Balance,
Fixed
Net afar
Gross
9 mos ended Sept 30 '24 28.826,242 12,369,624 9,341.109 1,207.571
Surilus.
Charges.
Taxes.
Earnings.
'23 27,211.894 10,548.680
690.541 --250.989
439,552
Sept'24 1,563,991
Elevated
625.994 --189,512
99.039
130,941
436,482
d229.980
Division
Adirondack Power Nov '24 664,420 d216.031
115,073
100,958
3,959.956 6.138.782 —2.178.826
636.536
'23
9 mos ended Sept 30 '24 14,320.624
& Light Corp
994,703
1,429,531
'23 14.247.825 3,819.188 5,210.238 —1.391.050
12 mos ended Nov 30 '24 7,295.397 d2,424.234 1.136,408
768.366
258,524
488.286
'23 6,895.380 d1.904,774
746.810
2,406.610
119,946 New York Rapid Sept '24 2,054,427
480.667 • 91,728
83,388
572.395
338,815 *204,334
Transit
'23
Appalachian Power Nov '24
99,603
55.029
*154,632
6,555.368 :1348.871 2,206:197
302,397
'23
9 mos ended Sept 30 '24 21.734.344
Co
861.530 1,180,428
'23 19,174.157 5,782,449 4,534.309 1.248.140
12 mos ended Nov 30 '24 3.625,116 *2.041.958
964.469
655.157
--3.574
224,949
'23 3.417,151 *1,619,626
221.374
Third Avenue
Sept '24 1,198,371
20.825
27.580
21.512
222,305
a49,092
243,130
Oct '24 *152,393
'23 1,182,311
Railway System
Arkansas Light 86
30.485
26.106
a56.591
2,000.819 2,018.782 --17,963
*132,764
'23
Power Co
9 mos ended Sept 30 '24 11,012,045
166:175
525.415
318,044
'23 10,740,192 2,184,464 2,017.989
12 mos ended Oct 31 '24 *1,793.793 a843,459
331,633
273,599
210:127 --25.107
'23 *1,447,691 a605,232
185.320
735,137
114,966 New York By (rec) Sept'24
37,938
231,055 --139.663
91.392
758.525
23
Bklyn City RR Co Nov'24 931,024 *152,904
147.797
53,445
700,886 2,310,970--1,710,084
972,455 *201.242
'23
6.631.628
9 mos end Sept 30 '24
595,493
187,708
627,869 2,106,175--1.478.306
'23 6,797.977
5 mos ended Nov 30 '24 4.708.989 *783,201
792.341
262.587
--5.677
2,925
'23 4,880.417 *1,054.928
—2,752
95,312
Sept'24
Eighth Ave
--3.669
11,447
5,007
7.778
8,670
94.888
13.677
'23
53,560
Oct '24
Cleve Painesv &
87,680 --97,879
—168
12,316
878,748 —13.199
12,148
56,630
'23
9 mos end Sept 30 '24
Eastern By System
98.074 —138.620
7,806
85,750
875,455 —40.546
93.556
'23
524,975
10 MOS ended Oct 31 '24
—7,105
3,682
136.221 —13.461 Ninth Ave
122,760
--3,423
587,759
'23
40,143
Sept'24
—4.934
1.495
--3.439
747.782 c640.103
41,839
'23
Nov'24 2.140,499 *1,187,885
Columbia Gas &
22.460 —83,390
513.882 c561.363
351,819 --60,930
'23 1.855.547 *1,075,245
9 mos end Sept 30 '24
Electric
13,546 —105,878
'
374.400 --92.332
1
'23
12 mos ended Nov 30 '24 25,831.476' 13,275,065 6,794,356 c6,480,709
79.225
49.548
011,210,171 6.046.272 0,163,899 N Y & Harlem
'23 20,879.014'
128.773
112,256
Sept'24
72.732
49,064
658.195
121,796
368,065
111,682
'23
Detroit Edison Co Nov '24 *3,039.787 1.026.260
643,335
463,619
557.214
344.440
901,654
1.086,449 1,106,954
'23 *2,859.665
9 mos end Sept 30 '24
679,212
461,868
5,129,757
'23 1.090.611 1,141,080
11 mos ended Nov 30 '24 *30,693,315 8.910,122 3,780.365 4,268.855
--7.017
17.528
10,511
'23 *28,498.505 8,126,458 3.857.603
91.036
Sept'24
Second Ave (rec)
17,272
--9.021
8.251
9,825
10,939
20.764
87,656
53.930
'23
Eastern Shore G & Oct '24
166,879 —98,540
9.489
68.339
10.263
19,752
827,390
'24
50.214
'23
9 mos end Sept 30
El Co & subs
149.407 --102.240
47.167
106,483
126.487
232,970
762.174
612.882
'23
12 mos ended Oct 31 '24
86.135
116,993
25.712 —10,842
203,128
547,984
14,870
'23
64,728
Sept'24
25.499 —17.709
39,228 N Y & Queens
7,790
21,436
*60,664
202,573
56,508
'23
Eastern Texas Elec Oct'24
241,421 —158,258
39,036
18,415
83.163
*57.451
170,795
'23
435,308
Subs Co
'24
Co and
9 mos end Sept 30
132.666 —109,794
669.456
221,979
22,872
505,657
'23
12 mos ended Oct 31 '24 2,323,669 *891,435
559,439
222,248
1,429
4.286
'23 2.019.975 *781,687
5.725
61,730
Sept'24
Steinway By
2.474
4,481
10,276
6,955
1,594
11.870
21,564
Nov'24
58,869
'23
Grafton County
5,002
38,825
43,827
9.010
1.447
10,457
20.602
'23
623,777
& Pr Co
'24
El Lt
9 mos end Sept 30
12,046
37,774
84,299
49.820
161.126
100,425
190,925
571,997
11 mos ended Nov 30 '24
'23
61,976
15.035
5,150
--3,383
77.011
169,229
1.767
'23
34,736
Sept '24
Long Island Elec
--1.790
4.135
48.117
47.486
95,603
2.344
344,405
37,882
Galveston-Houston Oct'24
'23
36,270 --37,179
13,276
41,492
--900
54,768
283,193
'23
307,911
Elec Co & Sub Cos
9 mos end Sept 30 '24
34.305 --54,598
425,190
527.179
952,378
301,547 —20,293
12 mos ended Oct 31 '24 3,742,583
'23
201,527
487.470
688,997
803
4,522
'23 3.318.812
5.325
41,526
New York & Long Sept'24
8.649 —72,911
145,097
339.300
484.397
989.773
Nov'24
46,297 —64.262
Hudson &
'23
Island (rec)
58,123 —13.390
150,421
339,311
489,732
44.733
'23 1,001.468
Manhattan
339,399
'24
9 mos end Sept 30
79,338 —253.008
371,848 —173,670
' 11 mos ended Nov 30 '24 10.790.734 5.137,382 3,726,929 1,410,453
'23
1,889
'23 10.532,884 4.903.686 3.733,005 1.170.681
6,179
8.068
31,853
Sept'24
35,076
241 Ocean Electric
14,384
7,663
33,317
218,952
22,047
38,518
Lake Shore Electrie Oct '24
'23
53.162
35,356
53.773
1,505
33,851
221,739
'23
106,935
279,014
By System
'24
9 mos end Sept 30
352,052
60.563
55,492
62,908
407,544
123,471
281,266
10 mos ended Oct 31 '24 2,314,319
'23
354,543
137,302
491,845
'23 2,306,692
—3.736
10,059
6,323
33,500
Sept'24
76,092
—2.404
107,511 Manhattan &
10.629
809.059 *183,603
8,225
Nov '24
33.240
Market Street
'23
Queens (rec)
60,343
156,984
82.082 ---24,847
829,106 *217.327
'23
55,235
Railway
291,198
9 mos end Sept 30 '24
754,284 1,265,910
10.477 --13.855
--3.378
11 mos ended Nov 30 '24 9,020,584 • 2,020,194
65,644
Sept'24
Richmond Lt &
604.268 1.551,927
'23 8,968,132 2,156,195
—4,690
8,339
3,649
68.064
'23
RR Co
14,529
c70,345
84.874
85.147 —22.745
313,694
Nov'24
62,402
Massachusetts
614,145
9 mos end Sept 30 '24
15,954
83,631
07,677
369,900
121,571
310.502
'23
491,471
618,706
Lighting Co
'23
166,633 c574.578
741,211
11 mos ended Nov 30 '24 3,128,748
166.472 0517,593
684,065
'23 3,047,601
•Includes other income. — Deficit.
a54,774
*133,361
Oct '24
Mississippi Power
a36,318
'23 *107,882
& Light Co
252,840
201,213
a454.053
12 mos ended Oct 31 '24 *1.332,844 a403.676
FINANCIAL REPORTS
'23 *1,199,632
131,308 b158,117
551,633 *289,425
Niagara Lockport & Nov'24
117,560 b118.490
599.792 *236.050
'23
Ontario Power Co
*2.807.394 1,429,860
Financial Reports.—An index to annual reports of steam
11 mos ended Nov 30 '24 5.379,981 *2.382,004 1.276,447 61,377.534
b1.105.557
'23 5,040,621
and miscellaneous companies which
69,548
155,845
86.297 railroads, street railway
315,686
'24
Oct
Penn Central
41.375
127,807
86.432 have been published during the preceding month will be given
297,884
'23
Light & Power Co
775.471
980.231
of each month. This index will not
2 mos endad Oct 31 '24 3,632,548 1.755.703
364,323 1.055.454 on the last Saturday
'23 3,214,565 1,419,778
17,60.3 include reports in the issue of the "Chronicle" in which it is
315.959
k33,562
74,313
Nov '24
Philadelphia &
115.666
k28,885
13,219 published. The latest index will be found in the issue of
71.889
'23
Western By Co
178,441
822,643 k353,426 3174.985
11 mos ended Nov 30 '24
will appear in that of Dec. 27.
161.226 Nov. 29. The next
793.395 k332,067 3170,841
'23
Latest Gross Earnings by Weeks.—In the table which
follows we sum up separately the earnings for the second week
of December. The table covers 5 roads and shows 11.79%
decrease from the same week last year.
Net after
Taxes.
$
Nov '24 4,063.759 *1.049.998
Philadelphia
*1,026.517
'23 3.825,466
Rapid Transit Co
11 mos ended Nov 30 '24 41.266.771'11,440.548
'23 40.894.248'11,060.557
Nov '24 7,673.356
Public Service
Corp of New Jersey '23 6,965.274
12 mos ended Nov 30 '24 87,017,144
'23 78,763.354
292,515
883.534
Nov'24
Republic Ry &
314,838
877.587
'23
Light
11 mos ended Nov 30 '24 9,557.945 3.214.873
'23 9,027.895 2.929,259
Gross
Earnings.
2874
THE CHRONICLE
[VOL. 119.
Increase of 294 during the same period. Class One railroads on
Dec. 1
had 4.904 serviceable locomotives in storage, an increase of 86 over the
number in storage on Nov. 15. The railroads during the last half of
November repaired and turned out of the shops 36.148 locomotives, an
increase if 728 compared with the number repaired during the first half
of November.
Repair of Freight Cars.
-Freight cars in need of repair on Dec. 1
189.140, or 8.2% of the number on line, according to reports filed totaled
by the
carriers with the Car Service Division of the American Railway Association.
This was an increase of 3,833 over the number reported on Nov.
15. at
GENERAL STATISTICS FOR YEARS ENDING SEPT. 30.
which time there were 185.307, or 8%. Freight cars in need
repair on D3c. 1 totaled 146.286, or 6.3%. This was a decreaseof heavy
1923-24.
1921-22.
1920-21.
1922-23.
compared with Nov. 15. Freight cars in need of light repair of 1,073
Total bags
1,853,202
1,829.818
2,256.736
1,847.746
totaled
Total in tons
296.512
292,771 42,854, 94 1.9%, an increase of 4.906 compared with Nov. 15.
361,078
295,639
Matters Covered in "Chronicle" Dec. 13.-(a) Railroad gross and net earnCardenas Ref.(1,000 lbs)
10.228
35,865 No melting's ings
18,381
Gramercy Ref.
(1,000 lbs)
242.696
100,358 mission Oct., p. 2695. 2698. (b) Strictures of Inter-State Commerce Com164.111
214.298
on compensation to bankers in acquisition of "Gulf
The usual comparative income account was published in by Missouri Pacific: approves acquisition, p.2718. (c) ReportCoast Lines"
of I.
says roads are not receiving return of 551%; recovery of excess-S.0.C.
income,
V. 119, p. 2766.
p. 2720. (d) Report of I.
-S. C. 0. urges remedial legislation respecting
Section 28 of the Merchant Marine Act, p. 2722.
CONSOLIDATED BALANCE SHEET SEPT. 30.
1924.
1923.
1924.
1923.
Alabama Great Southern RR.
-Bonds.
Assets
Liabilities$
The L-S. C. Commission
Lands, buildings,
Common stoek---I0,000,000 10,000,000 authentication and delivery on Dec. 11 authorized the company to procure
of not exceeding $500,000 of 1st Consol. Mtge.
machinery,&c__40,801,942 38,705,105 Preferred stock.._ 7,893,800 7,893.800 5% gold
bonds. Series "A."
-V. 119, p. 320.
3,929,340 3,929,340 1st M.gold bonds_ 9,030,000 9,035,000
Advances to Colo
480,335
Real est. mtgs.,&c. 654,542
Albany & Susquehanna RR.
-Special Dividend.
nos,&c_a
7,052,046 6,434,914 Bills & loans payA special dividend of
Investments
380,160
568,516 1,398,864 stock (par $100). payable2% has been declared on the $3,500.000 Capital
405,160 able
Planted and growAccounts payable_ 1,761,956 1,413,163 semi-annual dividend of Jan. 10 to holders of record Dec. 21. The regular
454% was also declared, payable Jan. 2 to holders
ing cane
817,435
812,725 Salaries and wages
66.762 of record Dec. 15.
89,170
Livestock& equip. 1,315,176 1,259,264 Interest accrued-.
44,768
46,455
Special Dividends Paid.
-30% Nov. 1909; 3.25% each in Jan. 1916. 1917
Inventory of raw
Dividends declared
and 1918: 151% in Jan 1920; 2% each in Jan. 1921, Jan. 1922, Jan. 1923
material, &c_._ 3,699,366 4,121,927
and unpaid_
1,500,000 and Jan. 1924.-V. 119. p. 1951.
• Raw & red sugar_ 8,827,942 8.889.051 Reserve for income
1,043,418 1,792.830
Cash
and excess profits
Bangor & Aroostook RR.
-Listing.
250,702 taxes unpaid- 2,279,920 2,207,502
Cash for 1st M.bds 250,702
The Boston Stock
accts.& billsree. 1,585.514 2,999,299 Deprec'n reserve_ A0.656,155 9,961,416 (par $50) Common Exchange has authorized the listing of 77,200 shares
stock.
-V. 119, p. 2757, 2642.
30,177,150 26,403,932
U.S.Treas. notes- 3,011,250
Surplus
556,614
Other derd charges 461,688
Boston & Maine RR.
-Brings Court Action Against Bus
250.317 Total(each side).-73,175,978 70.407,248
Advances
-V.119,p.2766. Company Operating from Greenfield to Springfield.
a After deducting reserve for bad and doubtful accounts.
The company has several problems to which It is giving special attention
Caracas Sugar Company.
at the moment. One of these concerns competition by motor vehicles.
In order to conserve the best interests of the traveling public and of
(4th Annual Report-Fiscal Year Ended June 30 1924.)
stockholders of the road, it has been necessary to go to the courts for the
remedial action,other moans of redress not being available under the conditions.
President Edwin F. Atkins reports in brief:
In carrying out this plan, the road has brought action in District Court
The total output was 313,333 bags of raw sugar, equivalent to sub- at Greenfield against operators of the busses of the Do Luxe Transportation
stantially 44.761 tons. This output greatly exceeds all previous records. Co. of Northampton under Chapter 159. Section 49, of the General Laws.
It reflects the policy which has been pursued of building up the production
Thornton Alexander, solicitor for Boston & Maine, says:
of the company with a view to reduction of costs. The Lequaltio lands
This bus company operates from Greenfield, through Deerfield, Whately,
referred to in the last report are being developed and the company now
Hatfield, Northampton, Easthampton and Holyoke. to Springfield. The
owns about 22,700 acres and leases 44,000 acres.
Certain statistics usually covered in the report are as follows: Yield law requires it to have a license in each of these places. It has been denied
of the sugar from the cane was 12.01%, as compared with 12.43% in 1923 a license in the city of Northampton four times and has received a license
and 11.86% in 1921. The reduction of yield as compared with 1923 was in no town or city other than Springfield.
This company has operated its busses without legal authority in direct
due to the large plantings of spring cane, which always contains less sucrose
than the older ratoon canes, and to the heavy rains in February. which competition with the B. & M. for the only class of passenger traffic which
operated to decrease the sucrose content of the cane in the latter part is profitable to the B. & al. between Greenfield and points south to Springof the crop. The mill started grinding on Dec. 10 1923, and finished field. The railroad service between all of these points has boon more than
on May 16 1924. Rainfall 90 inches, which was altogether unusual.
adequate. Many of the trains operated are trains which bring in no profit
[The proposed recapitalization plan is given in our investment news on account of the fact that they carry a very large number of comMuters
columns under "Industrial and Miscellaneous," on a subsequent page.]
and students at extremely low-trip fares and the single-trip fares are necessary to the railroad in order to leaven the reduced rate traffic.
INCOME ACCOUNT FOR STATED PERIODS.
Competition of the bus between Greenfield and Springfield is destructive,
14 Mos. end. 10 Mos.End.-Years Ended
not constructive, because it diminishes the revenues of the railroad, while
June 30'24. Apr.30'23. June 30'22. June 30'21. at the same time the railroad is obliged to run the same number of trains
PeriodNet earnings from sugar
to carry commuters, baggage, mall and express.
and molasses sales-- $2,740,790 81.914,832 $1.114,966
Not
While the bus company pays a license of only $25 per year to the city of
2.379.959
1.571.058
Operating cost
1,386,221
stated.
Springfield, and no other license charges, no personal propIrty tax and
only E5 per thousand on the par value of its capital stock, the railroad pays
Operating profit_____ $360,832
8343.774 loss$271,254 loss$607.314 6162,000 in local taxes from Greenfield to Springfield, inclusive. A large
on cane plantations
126,227 amount of this money goes into the highways. The bus thoreby has a
Der. on plant & equip.
207,142
230.100
highway provided for It as a right of way at public and railroad expense.
Interest and discounts....
234,216
133,947
207,804
95,801
Since there is no centralized commission or power which has jurisdiction
Organization exp., prop.
over such interurban lines, the only method provided by the statutes by
Written off
3,292
3.078
6,840
which this situation can be
out is under the provisions which provide
Miscellaneous
16,549 for fines for violation of the licensing law.
-V. 119. p. 2642.
Loss for year
883.818 sur$206,749
$715,999
Detroit Bay City & Western RR.
$845,892
-Sale Postponed.
Adjust. on prey. crops
173,367
15.191
155,070
The sale of the road has been postponed until Jan.17.-V. 119, p. 2757.
Balance, surplus
8380.116 der5871,070 der5845,892
def599,009
Chicago Burlington & Quincy RR.
-Block of Stock Sold.
Previous surplus
def291,764 def671,880
199.189
1,045,081
A block of 1.200 shares of Capital stock of the company has been purchased and resold by Adams & Peck a 8180. This is the largest individual
P.& L.deficit
$291.764
8390,773
8671,880 sur$199,189 transaction in the stock since 1901. when Northern Pacific and Great
Northern purchased approximately 97.5% of the Capital stock of the road.
COMPARATIVE BALANCE SHEET.
V.
Liabilities-June 3024 Apr. 30'23
AssetsJune 3024 Apr. 30'23 - 119, p. 2525.
Property acct -x.65,244,789 $4,280,535 Capital stock (50,.
Connecting Ry.,
58,483 000 shs. at $50
62,555
Organization exp.
The Philadelphia Stock Exchange has authorized the listing of $1,545,000
each)
Stock in Caledonia
$2,500,000 $2,500,000 additional 1st Mtge. 50 Gold bonds. Authorized, $15,000.000; issued
/,
20,000 let Mtge. bonds
Sugar Co
20,000
(.)
4
and listed. S8.545.000
(*)
-37.000.000
-bearing interest at the rate of 4% per
21,674 Mtge.on Lequeltis
lit Mtge.lands__ - 224,997
annum and $1.545.000 bearing interest at the rate of 5% per annual.
lands
Live stock, sup350,000
- 119, p. 578, 1063.
V.
164,678 Notes dr accept'ces
331,112
plies, &c
outstanding.... 2,017,474 1,817,408
Onliquid. sugars &
Denver & Rio Grande Western RR.
-President.
Accounts payable_ 2,987,133 1,357,554
mol., less advs.
At a meeting of the board of directors Dec. 17, J. H. Pyeatt was elected
608,742
827,246
on account
President of the company.
-V. 119, p. 2642.
Accts. receiv.from
planters & othGrand Trunk Western Ry.-Definitive Certificates.
164,072
ers, less reserve_ 729,525
The Guaranty Trust Co. of New York is prepared to deliver definitive
65.015
23,609
Cash
6% Equipment Trust Gold notes upon surrender of trust receipts for the
291,764
Tot.(each dde)-$7.854,607 $5,674,963 same.
390,774
Deficit
-V. 115, p. 759.
•82,000,000 of an authorized issue of $4.000.000 let Mtge. 8% Sinking
Great Northern Ry.-Abandonment of Part of Line.
'Fund Gold bonds have been issued and are held as collateral for loans to
The 1.-S. C. Commission on Dec. 10 issued a certificate authorizing the
the company.
x Land. buildings, machinery, &c., 84,542,167: new construction in company to abandon that part of Its line of railroad extending from Olcott
process, $1.930; cane fields and new plantings, including ditches. $313,172; to Fermoy, a distance of approximately 20.5 miles. all in St. Louis County,
steam plows, carta, tools. furniture, &c.,$43.042; total 85,810,311; less Minn. The line which it is proposed to abandon was constructed in 1901,
mainly for the purpose of transporting iron ore from mines on the Mesabi
reserve for depreciation. $565,522.-V. 117. p. 1989. 1780.
Range, near Virginia, Minn. One of the two principal minas originally
served has become exhausted and the other has been taken over by the
United States Steel Corp. The ore from the latter mine is handled by the
Duluth Missabe & Northern Ry. An occasional car of forest products has
been moved via the lino between Olcott and Fermoy, but the revenue from
this source has not been substantial.
-V. 119. p. '2407, 1732.
STEAM RAILROADS.
The Cuban-American Sugar Co., New York.
(Annual Report
-Fiscal Year Ended Sept. 30 1924.)
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.
L08.9
GENERAL INVESTMENT NEWS.
Southern Pacific ER. Grants $500.000 Increase in Wages to Enginemen-Increase amounts to 24c. per day for
Agreement is Retroactive to Sept. 1.
men engaged in passenger service, 36c. In freight service, 32c. in yard
service and 32c. for hostling service. No change in present working rules
New York Times" Dec. 17. p. 35.
was made.
Boston & Maine RR. Sues Bus Company Operating Without License.
De Luxe Transportation Co. of Northampton said to be operating passenger
service in violation of law. "Sun" Dec. 18, p. 12.
-Surplus freight cars in serviceable condition totaled 208,451
Car Surplus.
on Dec. 7, an increase of 24.537 cars compared with the number on Nov.30,
due to the seasonal decline In freight traffic, according to reports filed by the
railroads with the Car Service Division of the American Railway Association. Surplus coal cars in good repair on Dec.7 totaled 95.961,an increase
of 13,142 over the number reported on Nov. 30, while surplus box cars in
good repair totaled 81.875. an increase of 8,328 within a week. Reports
showed 12.075 surplus stock cars, an increase of 1,395 over the number
reported on Nov. 30, while there was an increase during the same period of
1.862 in the number of surplus refrigerator cars which brought the total for
that class of equipment to 8,317.
-Practically no car shortage is being reported.
Car Shortage.
Repair of LocOmotives.-Locomotives in need of repair on Dec. 1 totaled
11,574, 18% of the number on line, according to reports filed by the carriers
with the Car Service Division of the American Railway Association. This
was a decrease of 63 locomotives under the number in need of repair on
Nov. 15, at which time there were 11.637, or 18%. Of the total number,
6,128, or 9.5%, were in need of classified repair, a decrease compared with
Nov. 15 of 357, while 5,446, or 8.5%. were in need of running repair, an
Gulf Mobile & Northern RR.
-Dividend Increased.
-
The directors have declared a quarterly dividend of 151% on the Preferred stock, placing the issue on a 6% annual basis. The dividend is
payable Feb. 15 to holders of record Feb. 1. In tho last three quarters disbursements of 151% were made.
-V. 119, p. 938.
Gulf & Ship Island RR.
-Lease of Line by Edward Hines
Yellow Pine Trustees.
The 1-S. C. Commission, on Dec. 3. approved and authorized the acquisition by the Edward Hines Yellow Pine trustees of control, by lease, of
that part of the line of road owned, extending from Lumberton to Maxie,
a distance of approximately 16 miles, in Lamar, Pearl River and Forrest
Counties, Miss.
By the terms of the lease, which is dated July 5 1924. the Gulf company
leases to the trustees that part of its railroad between Lumberton and Maxie
for a period of 15 years from that date. The trustees agree that they will
properly maintain the leased property and will make necessary renewals and
additions thereto; that they will relay all of the main line of the leased
property with new 75-pound rail and ballast it with at least 8 inches of
gravel. The primary consideration to the Gulf company for the lease of its
property is the tonnage it is to receive from the Mississippi Southern RR.. 119, p. 2757, 1281.
Huntingdon & Broad Top Mountain Railroad &
Coal Co.
-Notes.
The I.
-S. C. Commission has authorized the company to issue 8993,628
promissory notes in liquidation of unfunded indebtedness outstanding.
DBC. 20 1924.]
THE CHRONICLE
2875
-Bonds Authorized.
three issues of
Portland Terminal Company.'
the company to issue
It is also represented that the company has outstanding early in 1925.
-S. C. Commission, on Dec. 10, authorized for the purpose of reThe I.
amount of $2,280.500 which mature fund them at
bonds in the aggregate
bonds
ts to
not exceeding $1,800,000 1st Mtge. 5% Gobi
and that the company contemplates making arrangementhe above notes.
- retiring 81.800.000 1-Year 53 % Promissory notes, maturing .April 1 1925.
hit.
'their maturities, at which time it proposes also to fund
The bonds will be sold at not less than 91 and Central RR. to assume obV. 118, P. 1772.
The commission also authorized the Maine the bonds.
-V. 119, p. 2526.
• Louisiana & Arkansas Ry.-Equipment Notes. to issue ligation and liability as guarantor in respect of
authorized the company
-S. C. Commission on Dec. 10
The I.
not less
Air Line Ry.-Adjustment Mtge. Interest.
Seaboard
"K"; said notes to be sold at
Feb. 1 of interest
$80.000 6% Equipment notes, Seriesto be used in the procurement of two
The directors on Dec. 18 authorized the payment on
than par and int. and the proceeds
Guarantee Trust Co., coupons Nos. 49 and 50 on the Adjustment Mortgage 5% bonds, aggregatoil-burning locomotives costing $100,000. The from the builders.
also V. 118. p. 3198.)-V. 119, p.2758.
New York, trustee, will procure the locomotives the denom. of $1,000, ing 2%%. (See
in
Amended
The notes are to be dated Dec. 15 1924, to be semi-annually in amounts
Southern Ry.-Pref. Stockholders Fileof complaintComplaint.
to mature
admitted by
• payable to bearer June and Dec.,and ending Dec. 15 1934.
bill
The Preferred stockholders in an amended Richmond. Va., claimed that
of $4,000 beginning June 15 1925 and been made for the sale of the notes,
White in Law and Equity Court at
Judge
No contract or other arrangement has par.
, as previously asked, is due them in
-V. 119, p. 198.
829,000,000 rather than $23,000,000
but they are to be sold at not less than
back dividends.
were filed, one a copy of the plan and agreement
Three additional
-Resignat
RR.
Louisiana & North West the Metropolitan ion. Co., has re- for the reorganizatiexhibits Richmond St West Point Terminal Ry.& Wareon of the
Trust
of
Tennessee Virginia
J. T. Monahan, Vice-President
RR. Co. house Co.. the Richmond St Danville RE, and the East them as to terms of
West
signed from the board of directors of the Louisiana & North
& Georgia Ry.: one a letter to security holders informing on net income and
data
-V. 119. p. 1510.
the reorganization of May 1893; and a third giving
dividends since July 1 1895.
-Operation of Line.
Preferred stockholder
Marianna & Blountstown RR. a certificate authorizing- Preferred stock bill states that dividends dueinstead of 171,000.000s-5%
The amended
the
as set
-S. C. Commission, on Dec. 10, issued
The I.
a year since July 1 1895-total 377,000,000, been $140.221,930: and that
operate a line of railroad extending from Scotts Ferry to Myron, forth in the original bill; that net profits have
company to
shareholders.
Preferred
Fla., a distance of 1 mile.
a connection but $48.000,000 has been paid the now held by the company is not needed
The company owns and operates a railroad extending from
It claims that $6,000.000 profits
be in
in a general southerly
with the Louisville St Nashville RR. at Marianna River, about 29 miles. for corporate uses and should be applied to the dividends alleged to from
direction through Blountstown to the Apalachicola Blountstown to Scotts arrears. The new bill asks for an injunction restraining the company
s
also operates, under a trackage contract, from Blountstown Manufac- paying dividends on Common stock until the claim of Preferred stockholder
It
Ferry, 15 miles, over a logging road owned by the agreement is an under- is adjudicated.
since early in October,
turing Co. The only consideration for the trackage road in safe condition
of the bill follows several legal movesa Preferred stockholder,
The filing
Connecticut,
taking on the part of the company to keep the logging
Ferry about when the Norwich Water Power Co.of
the Preferred shares. A
for operation. This logging road extends westerly from Scotts
sued for payment of $23,000,000 alleged due on
miles, crossing the Chipola River. Recently a sawmill and certain naval demurrer was filed by the railway and on Dec. 10, without waiving its debeen established on the west side of the Chipola murrer, the company made answer, denying that Preferred stockholders
stores operations have
to extend its operacontending that such payment
River at a point called Myron and the company desires
served have the back payment coming to them and
on against the
tions over the logging road to reach these industries, which are not
would constitute a harmful and unconstitutional discriminati
,
by any other common carrier railroad.
Common stockholders.
may be the railway's answer to the amended bill
The next step in the case
Value.
Maryland Delaware & Virginia Ry.-Finalof $2,226,312 on of complaint.
-V. 119. P• 2758, 2408.
-S. C. Commission has placed a final valuation
The I.
and used, as of June 30 1915, and $390.000
the company's properties owned
-V. 118, p. 1268.
PUBLIC UTILITIES.
on the properties used but.not owned.
35%
Cable Rates to Columbia (South America) Will be Reduced 20% to
Mississippi River & Bonne Terre Ry.-May Retire
Colurtabian Government
Reduction Possible Through Close Co-operation Between
-"Wall St. Journal" Dec.15. p. 10.
Bonds on April 1 1925.
Officials and the All America Cables,Inc.
Plan for County.
-V. 113. p. 1053.
;Westchester Transit Commission Presents New Transit
Soo St. Joseph Lead Co. under "Industrials" below.
commuters,construcelimination of Grand Central as terminal for
-Declares Initial Quarterly Proposessubway under Madison Ave. to extend to City Hall and eventually
Missouri-Kansas-Texas RR.
tion of a
the
all steam and electric lines
-The directors, on Dec. to New Jersey, and the junction ofRiver, New York "Times" from 14.
Dec.
Dividend of 134% on Preferred Stock.
at 140th and the Harlem
an initial quarterly dividend of 134% on the county P. 18.
15, declared
See, 1.
Trotnmen.-Total of $106.680
Fifth Annual Bonus Given Los
Preferred stock, Series 'A," thereby placing the stock on a was paid to 2,380 trainmen underAngeles Ry. established in 1920. Regular
merit system
basis, payable Feb.2 to holders of record Jan. 15. bonus is $60 a year on the basis of $5 a month after 6 months' service.
5% annual
"Wall St. Journal" Dec. 16, P• 10.
See also V. 119, p. 2407.
Nevada Northern Ry.-Final Valuation.
company's
-S. C. Commission has placed a final valuation on the30 1 17,The I.
June
p
romty of p3,404,900 for rate-making purposes, as of
5 3.
c
Texas & Mexico Ry.-New Chairman.
New Orleans
of directors
William H. Williams has been elected Chairman of the board S. Pyeatt.
J.
and L. W.Baldwin as President, succeeding G.H. Walker and positions in
occupy similar
respectively. Mr. Williams and Mr. Baldwin been elected Im.. 1clent of
,
the Missouri Pacific system. Mr. Pyeatt has
which the Missouri
the reorganized Denver & Rio Grande Western RR., in
one-half of the
Pacific RR. and the Western Pacific RR. Corp. each owns
-V. 119, p. 2258.
controlling interest.
-Dividend' Rate Increased.
All America Cables, Inc.
The directors have declared a quarterly dividend'of 1%%
on the outstanding Common stock, par $100, payable Jan. 14
to holders of record Dec. 31. This compares with 13i%
paid quarterly from Jan. 1923 to Oct. 1924, inclusive.
30.
Estimated Earnings for Quarter and Twelve Months Ended Sept.
-Pere Marquette Special
N. Y. Chicago et St. Louis RR.
Committee Announces Terms Protecting Minority Stockholders.
p. 2758.
Net after exp. and taxes
Other Income. _
Net income......
Dividends
$302.034 $1,824.575 $1,340.335
$506,603
Surplus
-V.119. p. 2283, 1397.
*Estimated.
-V.119.
See Per Marquette Ry. below.
-Bonds.
New York New Haven & Hartford RR.
The following is taken from the New York "Times" of Dec. 13:
"In advance of an actual offering of the proposed new issue of 815,000.000
-Year Secured 6% bonds, it was stated Dec. 12 that substantial subscrip15
tions had been made.
"In Boston, advance subscriptions from banks and bankers were said to
total $3,000,000 and the directors of the company have subscribed an addiwho were invited to
tional $1,000,000. There were 23 Boston bankers minimum subscription
mrticlpate, and all but one banker subscribed, the
having been $50,000.
of
"The $4,000,000 total raised through preliminary inquiry was exclusive
York
any subscriptions made outside of Boston and near-by territory. New
New England investors were expected to take most of the $15.000,City and
out
000 issue to be offered, and officers of the company are now working details of a plan for offering the bonds to its employes and stockholders."
V. 119, p.2643.
Oakdale & Gulf Ry.-Abandonment of Operation of Lines.
-S. 0. Commission, on Dec. 4, issued a certificate authorizing the
The I.
company to abandon operation, as to inter-State and foreign commerce of
main
a line of railroad, extending from a connection with the company's Allen
line at Godwin in a southerly direction to Caney, 2.31 miles, all in
-V.117. lia• 1885.
Parish, La.
Pere Marquette Ry.-Special Committee Approves New
Terms Which Protects Minority Stockholders.
The question of protecting the minority stockholders of the company,who
Dec. 17.
do not join in the Van Sweringen consolidation, was decided new offer
The Executive Committee of the Pero Marquette approved the
by which the Van Sweringens propose to care for stockholders who do not
accept the plan.
Under the terms agreed upon the new Van Sweringen property is to pay
into the treasury of the Pere Marquette quarterly:
"As and when dividends at the rate of6% per annum are paid on Preferred
equal to dividends
stock of tho now Nickel Plate company, an amountand Preferred stock at
of
the rate of 5% per annum on Prior 1 reference stock
not owned by the new company-the amount so paythe Pere Marquette
able to be proportionately decreased in the case of the payment of dividends
at the rate of less than 6% per annum on the Preferred stock of the new
-To Organize
American Telephone & Telegraph Co.
Research Company-Listing.
the Bell Telephone Laboratories.
The company announced on Dec.17 that
Inc., was being organized to take over the laboratory and research work
Co.
heretofore carried on by its affiliated company. the Western Electric
The formation of the new company was said to mean a greater concentratelephone industry. In action upon the experimental phases pi the
has been
cordance with the plans for the new concern, F. B. Jewett, who
Vice-President of
Vice-President of the Western Electric Co., was electedent John J. Carty
the American Telephone & Telegraph Co. Vice-Presid and development
was made Chairman of an advisory board on research
Bell Telephone
policies and also Chairman of the board of directors of the will be jointly
Laboratories, Inc., the new company. The new company Western Electhe American Telephone St Telegraph Co. and the
owned by
and developtric Co. Mr. Jewett will be in direct charge of the researchand President
ment department of the American Telephone & Telegraph
of the new Laboratories company.
of
The Philadelphia Stock Exchange has authorized the listing 51.907.900
Cony.
additional capital stock, issued $19,000 in exchange for $19,000 Cony,
-Year 6%
$71,100 7
434% bonds due 1933; $71,100 in exchange for list; $74.300 being part of
bonds due 1925, canceled and stricken from the $1,743,500 being part of
200,000 shares to be issued to employees, and
May 20 1924.
1,511,575 shares to be issued under circular letter dated
$887,914.800, and reducmaking the total amount of stock listed at Dec. 13 and the amount of Cony.
ing the amount of Cony.434s listed to $3,608,500.
6s listed to $5,455.000.-V. 119, p. 2758, 2284.
rsn
I
e ' ai;i1 when dividends at the rate of6% per annum arepaid on Common
to dividends at
stock of the new Nickel Plate company, an amount equalPere -darquette
of the
the rate of 4%% per annum on tho Common stock payable to be proporby the new company-the amount so
not owned
of dividends at the
in
tionately increased or decreasedper case of the payment stock of the new
annum on Common
rate of more or loss than 6%
company."
other provisions of the lease which
These conditions are to be in addition to
out in detail and presented to the directors and
still remain to be worked
Marquette.
stockholders of the Pere and purchase of stock, the now lease provides:
Regarding the exchange
may desire not to exchange their stock and
"That in case of holders who
Plato company in writing within a reasonable
. who will notify the new Nickel
becomes effective of their desire to receive the fair value of
time after lease
company will pay in cash to such stockholders
their stock in cash, the new
by arbitration conducted in a
the fair value of their stock as determined
in the lease."
manner to be specified
executive committee of the Pere MarAcceptance of these terms by the the most difficult phases of the lease
quette means the removal of one of the two railroad compaines had been
for
negotiation. For weeks the counsel
the stockholders who did not
trying to arrive at a method for protecting about when the special comcondition was brought
join in the plan. This
Thomas W. Woodlock, Chairman,
mittee of the Pere Marquette including
Insisted on a revision of the
Matthew C. Brush and Walter W. Colpitts,
p. 2526. 1173,
original lease submitted by the Van Sweringens.-V. 119.
-Quarter Ended- -Twelve Mos. Ended
*Dec.31 '24 Dec.31 '23 *Dec.31 '24 Dec.31 23
5574.234 $2.900,4471 52.952,032
$826,125
601.1501
130.800
148,500
$705.034 $3.501.597 $2,952.032
$974,625
1.611.697
1.677.022
403.000
468.022
-Preferred Stock Offered.
Associated Gas & Electric Co.
-John Nickerson & Co. and Eastman, Dillon & Co. are
offering at $50 per share and dividend, an additional issue of
20,000 shares Preferred stock (no par value).
Additional nonThe cumulative dividend is $3 50 per share per annum. are being paid,
cumulative dividends of 50 cents per share per annum preference value
on the
making a total of $4 per share per annum, or 8% on as amended provides
of $50 per share. The certificates of incorporati the exclusive right to
that while the holders of Common stock shall have may, but shall not be
elect directors, the board of directors in its discretin the corporation nonrequired to, declare and pay from the surplus of
in
cumulative additional dividends upon the Preferred stock, not exceeding
year.
the aggregate 50 cents per share in any one calendar declared for the year
An extra dividend of Si) cents per share has been
It is the policy
1925 and surplus reserved for a similar dividend in 1926.
for
of the directors, evidenced by a resolution, to continue such dividends
an indefinite period in the future.
as to assets on liquidation to the ex-J. Preferred
Dividends payable Q.
Redeemable, all
tent of $50 per share and unpaid cumulative dividends.$60 per share and
or part, on any dividend date upon 30 days' notice at
Seaboard National Bank,
unpaid cumulative dividends. Transfer agent,
New York City;registrar, Irving Bank-Columbia Trust Co., New York City.
Free of present normal Federal income tax.
New York, Dec. 15 1924.
Data from Letter of President J. I. Mange, terests, owns, controls or
-Directly or through affiliatedin
Company.
which have been in continuous successful
operates public utility properties
operation for long periods, the largest over 72 years. They supply eleca total population
tricity and (or) gas to over 104,000 consumers, servingNew York,
Massaestimated at more than 450,000 in 337 communities in
Connecticut, Vermont, Ohio, Kentucky and Tennessee. Comchusetts,
dividends
pany under existing arrangements is entitled toexcept the declared on the
minority portion
Capital stock of the Staten Island Edison Corp.,
thereof owned by interests not parties to such arrangement.
The properties consist ofelectric power stations with a generating capacity
of approximately 50.000 k. w., and construction now under way will increase the capacity to 65.000 k. w.: nearly 705 miles of high tension trans-
2876
THE CHRONICLE
[VOL. 119.
mission lines with additional lines under construc
The security of the bondholders will be
daily capacity of 4,195,000 Cu. ft. and 192 miles tion; gas plants with a
of gas mains.
zation through the addition of new propertimproved under the new capitalia Consolidated Earnings from Properties Now
y.
all of which will be placed under the lien of to cost not less than $296,940.
Operated.
the new 1st Mortgage bonds.
-Calendar Years-- 12 Mos.End
Accrued Interest to Be Paid in Cash.
1921.
Aug. 1 1924 on the matured railway -The accrued and unpaid interest to
1922.
1923.
company 434% bonds will be paid In
Gross revenues_b
$5,480,594 $5,971,839 $6,647,133 Sept.30'24. cash at the rate of 4Si%
$7,144,118
•
Exp., maint. and taxes
4,119,963
The accrued and unpaid interest on
4,051.616
4,465.523
4,697,322
will be paid at the coupon rate of 7%the F. S. & M. St. By. Co. bonds
Net earnings
to Aug. 1 1923, and thereafter to
$1.360,631 $1,920,223 $2,181,610 $2,446,796 Aug 1 1924 at the rate of 4% %.
Int. charges, other prior deductions, and
Electric Companies to Subscribe for Stock.
income reserved for
-Subject to the approval of the
minority interests
Dept. of Public Utilities, the railway compan
1,079,062
companies will subscribe at par to. $296,94 y will issue, and the electric
Balance for dividends on Preferred stock
0 new Common stock of the
railway company. The railway compan
$1,367,734 new
Cumul.div. requirements on 90,000 shares
y
stock for improvements to the road, will expend the proceeds of the
of Preferred stock.._
315.000 busses,
power plant and on new cars,
or both.
Balance for reserves, extra Pref. and Corn. diva.
Pref. Stock Held by Electric
and surplus $1,052,734
The $60,000 old Prof. stock of Companies to Be Exchanged for Common.
the railway company, now
a As reported by the company and includin
g earnings of the Staten Island tric companies, is to be exchanged for an equal amount held by the elecEdison Co. b The records of recently acquire
of Common stock
of the railway company.
Incomplete,it was necessary to make calculations d municipal plants being
Notes Held by Electric Companies
in some cases, the revenues
to Be
of such plants approximating 1.5% of
-Subject to the approval of
the Dept. of Public Utilities, $47,000 Paid.
the total revenue.
notes of the railway company held
Of the net earnings (before taxes and retirem
by the electric compani
year 1923,83% was derived from electric light ent reserves) for the calendar shares of the railway es will be paid from the proceeds of 470 Common
and power,7% from gas and
company.
10% from miscellaneous sources.
Accrued Pref. Dividends to Be
Waived.
-Accrued and unpaid dividends
Purpose.
-Proceeds from the sale of
on the old and new
the treasury of the company for expendithis stock will be used to reimburse Prof. stock shall Pref. stock of the railway company to the date the new
tures against new properties heretobecome
fore acquired.
Debentures are paid, willcumulative, viz., when the 10-Year 6% Income
be waived by the
Pref. Stock of Railway Co. to Be Exchang Pref. stockholders.
Capitalization (Upon Completion of Present Financin
ed for Common.
g).
-The
old 6% Pref.
Authorized. Outstanding. Pref. stock stock of the railway company will be exchanged for$397,200
Preferred stock
new 6%
on
200.000 shs. 90,000 slw. of the income which dividends will become cumulative upon the payment
Common stock
debentures.
150,000 shs. 110.000 shs.
Car Trust Notes.
Bonds. 64%, 30
-To provide new cars it may be necessar
-Year, due 1954
•
$4.000.000 trust notes in part payment
y to issue car
, but
upon the extent of abandonment the amount of these notes will depend
* The Issuance of additional bonds is limited in accordance
of branch line mileage.
Pledged Notes and
and restrictions of the indenture, under which an addition with the terms
-Railway company bonds to the amount of
al $1,000.000 of $222,000 and notes Bonds.
bonds have been authenticated but not sold by the compan
of $200.000 pledged as
bonds may presently be authenticated and Issued, upon y, and further the treasury of the railway company upon collateral will be returned to
the payment of 5165,750 with
the pledge with Interest thereon.
the trustee of properties heretofore and hereafter acquire
d.
Unsecured Bank Loans to
Capital Securities of Operating Properties Outstanding in
Hands of Public.
-The
bank loans, amounting to Be Exchanged for Debentures.
Funded debt
5115.000, are to be exchanged for unsecured
-513,952,612 amount of 10-Year 6%
an equal
Preferred and Common Capital stocks
Income
1,683,684 paid no dividends shallbe paid Debentures. Until these debentures are
Management.
-The properties are under the supervision of the
or shall
J. G.
Pref. Stockholders of Electric Cornpanaccumulate upon any class of stock.
White Management Corporation.
ies.-The Pref. shareholders of the
electric companies. upon the paymen
See New Hampshire Electric Rys. below.
t of $7 for each share of the Prof. stock
-V. 119, p. 2644, 2527.
held, will receive one-half
or such portion thereof as share of Common stock of the railway company
Beaver Valley Traction Co.
the total issue
-Abandons 23/i Miles.
- way company, authorized by the Dept. of the Common stock of the railThe company has abandoned, with the common consent of
of Public Utilities, shall boar to the
the towns of $2,429,000 Common stock
New Brighton and Beaver Falls (Pa.), about 2% miles
contemplated under this plan.
of track connecting
Unsubscribed Stock
two towns. Motor coaches will replace the railway service
on this part of of the Common stock to Be Offered to Common Stockholders.
-Such amount
the line.
of the
-V. 118, p. 2571.
the Pref. shareholders of therailway company as is not thus purchased by
electric companies will be offered pro
the Common shareholders of the
rata to
Boston Elevated Ry.-Financing.electric
Arrangements have been made with companies at the same price.
The company has applied to the Massachusetts Departm
ressonsible
Utilities for authority to issue $2,141,000 notes or bonds ent of Public shareholders of the electric companies who subscribe bankers whereby the
to
to run 30 years of the street railway compan
and to carry interest not in excess of 6%.
y may borrow up to 75%the Common stock
construction and equipment and to fundThe proceeds are to be used for their subscription at 6% interest for a year or any partof the amount of
the present floating debt.
thereof.
Committee to Represent Bondholders in Foreclos
V. 119. p. 2758. 2644.
ure
-The committee is authorized to represent the bondholders Proceedings.
in foreclosure proceedings,
Boston & Worcester Electric Cos.
are
-Reorganization Plan. if such take considered necessary to accomplish the purposes of this plan
and to
such action on their behalf in the foreclosure
See Boston & Worcester Street By. below.
-V. 118, p. 2436.
and the reorgani
zation proceedings and otherwise as the
committee may deem proper. The committee sees no alternative,
Boston & Worcester Street Ry.-New Reorg. Plan.
is not
- to have a foreclosure which will require If this plan ders toconsummated, but
the bondhol
A new reorganization plan, dated July 16 1924, has been
take the property.
approved by Capitalization of the Street Ry, Co.
the directors, subject to the approval of the stockholders
Before and After Contemplated Plan.
Worcester Street Ry. and the trustees of the Boston & of the Boston &
]If road is maintained in present form. If
Worcester Electric decreased there
mileage
Companies. The new plan supersedes the plan
will be a decrease in capital liabilities.] of branch lines Is
been abandoned. The new plan can only be dated June 1923 which has
Present Capitalization.
declared operative if substantially all of the bonds and Pref. stock are deposite
1st Mtge. 430, St. Ry-32.460,000 1stCapitalization Under This Plan.
d (on or before
M.20-yr.5-6% bonds-52.520.000
Jan. 1 1925) to enable the company to carry out its
1st Mortgage F. S. & M.
undertaking.
Car trust 6% saga] notes.. *200,000
What Plan Intends to Accomplish.
-Briefly the plan is intended to acbonds
60,000 Secured notes
complish the following results:
165,750
Notes payable to public-115,000 10
-Year 6% Inc. Debens_
(1) The exchange of 52.460,000 1st Mtge. 43V
115,000
bonds of Boston & Notes payable to Electric
Prof.6% stk. for old Pf.stk. 397,200
Worcester St. By. and $60,000 1st Mtge. Extende
Companies
d 7% bonds of Framing247,000 Common stock (subject to
ham Southborough St Marlborough St.
Preferred stock,
457.200 -approval of the Dept.
for an equal amount of new 1st Mtge.Ry., which matured Aug. 1 1923, Common stock 6%
•
20
-Year 5% or 6% bonds, dated
2,025,000
of Public Utilities)
Aug. 1 1924, callable at par.
2,429,000
(2) The provision of $296,940 for improve
*These may not be issued.
ments to the street railway
and for new cars, busses, or both.
Depositary.
-The American Trust Co.. Boston will act
(3) The waiving of the accrued
as depositary for
the
of the street railway company toand unpaid dividends on the Pref. stock St. Boston & Worcester St. By. 1st Mtge. 434
By. 1st Mtge. 7% bonds, and for the Pref. bonds and the F.S.&M.
the date the new Pref. stock becomes
cumulative.
stock of the Boston &
Worcester Street By.
(4) The exchange of 600 shares of the Pref.
The bondholders who have deposited
stock of the street railway company, now held by the electric companies, for
ize the American Trust Co. to transfertheir bonds are requested to author600 shares
their bonds from the
(5) The exchange of $115,000 unsecured notes of the of Common stock. agreement dated June 21 1923 to
the bondholders' agreement bondholders'
street railway company, now held by the banks, for $115,000 10
datedJuly16
1924. The bondholders who have not deposite
-year
d their bonds are requested
(6) The payment of $47,000 notes of the street 6% income debentures. Immediately to send them
to the America
railway company, held
by the electric companies from the proceeds
The Pref. stockholders of the Boston & n Trust Co. for deposit.
of 470 shares of Common
stock of the street railway company.
to waive their claim to the accrued and Worcester St. Ry, are requested
new Pref. stock becomes cumulative, unpaid dividends to the date the
Digest of Reorganization Plan Dated JUIY
16 1924.
authorize the American Trust Co. to and for this purpose they should
Outstanding Liabilities of B. it W. St. Ry., Excl. Current
Accounts Payable. certificates to the Prof. stockholders' transfer the deposited Prof. stock
1st Mortgage 4% 7,, bonds, due Aug. 1 1923
agreement dated July 16 1924.
The Pref. stockholders who have not
1st Mtge. F.S.&M. St. By. 58, ext. as 7s, due Aug. 1923_ 52.460.000
1
60,000 requested immediately to send them to the deposited their cortificztes are
Notes payable
American Trust Co. for deposit
under agreement dated July 16 1924.
a362,000
Preferred stock, 6%
Committee.
457,200
-The committee in charge of
Common stock (par $100)
2,025,000 of Charles Hayden, Roger W. Babson and carrying out the plan consists
George A. Butman.
a Of which $115,000 are in the hands of the public
-V. 119. D. 2063, 1394.
held by the Boston & Worcester Electric Companies. and $247,000 are
Street Railway Company Owned by Boston et Worcester Electric
BrooklynUnion Gas Co.
Co's.
-Conversion of Debentures.
1st Mortgage 4%% bonds, due Aug. 1 1923
Since the conversion
5200.000 ative on Nov. 1 last, privilege of the two debenture Issues became operlet Mtge. F.S.&M. St. By. Co. bonds, due Aug. 1 1923
approximately 85% of the 1929 maturit
23,000 of the 1932 maturit had
Notes of the street railway company
y and 79%
y
been converted into capital stock
247,000 The conversion provide
up to Dec. 17.
Preferred stock of the street railway company
s that any time after Nov. 1 1924
60.000 both debenture issues are
Common stock of the street railway company
convertible into stock at the on 10 days' notice
2,025,000
Principal and Interest Unpaid.
-There matured Aug. 1 1923 the $2,460.- stock for each $100 of debentures. There were original rate of 2 shares of
ly issued $2.000,000
of the 7% debentures
000 let Mtge. 4)4% bonds and 560.000 1st Mtge. lat. 7% bonds.
The been converted. The of 1929 and already about 51,600,000 of these have
Aug.1 1923, Feb.land Aug.1 1924 int. on all of these bonds
7% debentures of
remains
Road and Improvements.
-The road is in need of improvementsunpaid. and about $44.000.000 have been converted.1923 amounted to $5.579,000,
to the
These conversions have increased the
roadbed, tracks and power plant, and there are required,
capital stock issue by approximately
nomical operation, modern lightweight cars and possibly for more eco- 110,000 shares. On complete conversion
busses.
possible that one or more of its branches may be abandoned or serviceIt is 41,000 shares additional would be Issued. of both debenture Issues about
-V. 119, p. 2284.
provided by motor busses without impairing the net earning
power of the
Buffalo & Erie Ry.-Control Acquired
property, and if the branch line mileage is decreased there will
be a correby International
sponding decrease in amount of capital necessary to revamp the
Utilities Corp.
A study is now being made of operating conditions with a viewproperty.
See that corporation below.
mining what course should be pursued in respect to the branch of deter-V. 119, p. 1394.
lines.
Earnings Years Ended Dec. 311922.
1923.
Cambridge (Mass.) Gas Light Co.
Gross revenue
-To Issue Stock.
$1,105,497 $1,164.556
The Massachusetts Department of
Operating expenses and taxes
Public Utilities has authorized the
907,628
1,018.724 company to issue 2,200 addition
al
new stock will be sold to custome shares of Capital stock, par $25. The
Net earnings
rs and employees at not less than $55 a
$197,869
$145,831 share, and will increase the
Interest on all debt
145,562
139,335 The proceeds will be applied outstanding capital stock to 75,000 shares.
to the payment of indebtedness incurre for
The decrease in net earnings in 1923 as compared with 1922 was
by the fact that the company spent $55,730 more for maintenance caused capital expenditures. Each person may subscribe up to five sharesdand
in 1923 may not resell to other than the company.
than in the preceding year.
-V. 119, p. 2409.
The results from operation for the current year reflect the industri
Canada Northern Power Corp., Ltd.
al
depression in the territory served, and the very serious handica
-Stock Offered.
p under An issue of $.3,50
Which the road is DOW being operated. It is expected that
0,000 7% Cumul. Preferred stock is being
ments and new equipment will produce an Increase in thethe improve- offered by a
net earning
syndicate of Canadian financial houses.
power of the company.
The syndicat
Bonds to Be Exchanged for New 1st Mtge. Bonds Under Two
Options.- composed of e, which is headed by Nesbitt, Thomson & Co., Ltd., is
The 52,460.000 1st Mtge. 434% bonds of the railway company and
the
$60,000 Cocane, Hay following local and outside houses: Mathews & Co., Ltd.,
1st Mtge. 5% bonds. extended at 7%, of the F. S. & M. St.
& Co. and J. L. Goad & Co., all of Toronto;
By., all of Bros. &
McCuaig
which matured Aug. 1 1923, are to be exchanged, par for
par, for new & Sons, Co. and the Equitable Securities Corp.. Montreal; J. M. Robinson
1st Mtge. 20-Yeer bonds, dated Aug. 1 1924, as fellows:
Ltd., St. John, N. B., and J. C. Mackintosh
& Co. and W. F.
Mahon & Co., Halifax, N. S.
(a) Subject to the purchase of the Common stock of the railway compan
y
by the shareholders of the electric companies, the
The offering is being made at 99, to
opportunity to subscribe $140 a bond and receive bondholders are given an of 3 shares of Common stock of no par yield over 7%,and carrying a bonus
therefor
value with every 10 shares of Pref.
Common stock of the railway company and in exchange for10 shares of the
The corporation L9 a new incorporation, capitalized
their old bonds shares, of
at 57.500,000 Preferred
an equal par amount of new 6% bonds.
which $3,500.000
i zedn0w issuCommon sharesis being presently issued. There is also authorina 75
(b) Bondholders who do not subscribe to the Common
.000 ed.
of no par value, of which 35,000 shares are bestock will receive
In exchange for their old bonds an equal par amount
of new 5% bonds.
Both the 5% and the 6% bonds will be
This company controls through ownership of over
by
90% of the Common
which will be an absolute first lien on the secured y. the same mortgage stock of Northern Canada Power
propert
Co., Ltd. operating 4 hydro-electric
power plants with a present capacity of 50,000
l.p.and an ultimate capacity
DEC. 20 1924.]
2877
THE CHRONICLE
with no pretense of inquiry
Mattagami River reductions dictated by demagogic reason,
of 90,000 h. p. Throe of these plants are located on thein the Province of whatever as to whether the reduced rate would be fair and adequate.
is constituin northern Ontario, and the fourth on the Quinze River developing 20,000
The special master has ruled squarely that the company of its useful
Quebec. The latter is the largest of the group, at present develops 16,000 tionally entitled to rates yielding 8% on the full present value
economic ground on which the
Falls plant on the Mattagami
h. p., while the Wawaitin
developing property. He demolishes decisively the such present value would be a
h. p. The other two are at Sandy Falls and Sturgeon Falls,
claim is made that less than 8% return on
in fixing utility
5,000 and 9,000 h. p., respectively.
sufficient yield. He shows the reasons why the "rate base"
be reproduction cost of its property at the time of the
rates must
Co.-Ronds.Charlestown (Mass.) Gas & Electric the company to issue inquiry. fairly
because of
utility
The Mass. Dept. of Public Utilities has authorized par, the proceeds to
The decision is particularly important to theto have industry
a substantial allow-Year 5% Mtge. bonds at not less than
$200,000 25
119, p. 2178. its recognition of the right of a utility company
used to pay off.floating debt incurred for capital impts.-V.
119. p. 2759. 2285.
be
-V.
ance for going value.
-Bonds OfChicago North Shore & Milwaukee RR.
-Halsey, Stuart & Co. Inc., and National City Co.
fered.
are offering at 98 and int., yielding 6.15%, $7,000,000 1st &
Ref. Mtge. 6% Gold bonds, Series A.
-To Build AdditionalUnit.& Light Co.
Dallas Power
application of
The City Commission of Dallas, Tex., has granted the power plant at
the company to construct an additional unit to its electric
including the purchase and installation of a
Dallas to cost $2,582,739,
Work will
20.000 k.w. turbo-generator, auxiliaries and other machinery.
-V. 119, P. 2 .
760
begin on the new unit at once.
J. in Chicago and
Dated Jan. 2 1925: due Jan. 1 1955. Int. payable J. & not in excess of
New York without deduction for the Federal income taxes on any int, date
-Fare Injunction Permanent.
Red. all or part
Denver Tramway Co.
2%. Denom. $1,000. $500 and 16100 cs. accrued int.: Prior to Jan. 1 1935.
Appeals at DenJudge Robert E. Lewis of the Federal Circuit Court of
upon 60 days' notice at following prices and
104: on and from Jan. 1 ver. Colo., has upheld the petition of the receiver of company asking that
at 105; on and from Jan. 1 1935 to Jan. 11940. at to Jan. 11950. at 10235:
Court in 1920 be made permanent
1940 to Jan. 11945. at 103: on and from Jan. 1 1945 to Jan. 1 1954: and on the injunction granted by the District The valuation of the property also
thereafter less Y6 of 1% during each succeeding yearwill agree to reimburse against the city's 6c. fare ordinance.
-making purposes. The fare remains
was raised to $22,864,769 for rate
and subsequent to Jan. 1 1954 at 101. Company 4
Maryland
-V. 119, p. 2645.
the holders of Series A bonds for the Penn. and Conn. -mills and
taxes at 7%c.
4%-mills taxes, and for the Dist. of Columbia personal property
income tax
-To Retire Preferred
Dixie Terminal Co., Cincinnati.
not exceeding 5 mills per dollar per annum, and for the Mass,
.
on int, not exceeding 6% of such int. per annum.
and the Stock and Issue Land Trust Certificates-Approved by the Illinois Commerce Commission
Issuance.
all of
The company announces that it intends to redeem on April 1 1925
Wisconsin Railroad Commission.
105 and dive.
-Owns and operates the electric railroad running from Evans- the outstanding $1,500,000 Preferred stock atcertificates by the Fourth &
Company.
a
Trust
The company proposes to issue Land
ton, Ill., along the shore of Lake Michigan to Milwaukee, Wis., with
the fee simple title, free and untrack construcbranch to Area. Ill. The lines owned, nearly all of doublelease and traffic Central Trust Co.,in which will be vested
Dixie Terminal Co.
encumbered, to the land and buildings occupied by the
tion, are equivalent to 190 miles of single track. Through
the opportunity to exchange
agreements the company operates into the Loop district of Chicago and south Holders of the Preferred stock will be given
certificates will
a complete interurban service to the "North Shore" the stock for these Land Trust certificates. The Land Trust
to 63d St., and renders
of the Fourth & Central Trust Co.
merchandise disresidential district and manufacturing centres, including observation train be issued through a syndicate consistingalso will handle the exchange of seand the Well, Roth & Irving Co., who
service and through all-steel dining, parlor and
patch
-V. 109, p. 1272.
service, carrying passengers to and from the heart of the business district curities.
of Chicago to its centrally-located terminal in Milwaukee. Wis. Company
-Common Stock Inthe
Elmira Water Light & RR. Co.
is constructing a 5-mile extension (nearing completion) from the lines of'
Center, over
--Rights.
Chicago Rapid Transit Co. at Howard St., Chicago, to Niles agreements. creased-To Extend Operations
Common stock
which the latter company will operate under lease and traffic
conThe stockholders, on Nov. 20 (a) increased the authorized extend the terThis line will be extended as soon as possible through Skokie Valley to
par $100. and (b) voted to
running
to
nect with the main line near Lake Bluff, Ill., and will reduce theminutes.time from $1 000000the $2,000,000,of the corporation are to be carried on by
operations
ritory in which
and counties,
of express trains between Chicago and Milwaukee about 15
including in the list of the names of the towns, villages, cities
the names
Data from Letter of Chairman Samuel Insull, Chicago, Dec. 17.
In which the operations of the corporation are to be carried on,
Authorized. eOutstandino. of all the towns, villages and cities in the counties of Chemung, Tioga,
Capitalization$2.500.000 Tompkins, Schuyler, Seneca, Steuben and Yates, N. Y.
$10,000,000
Prior Lien 7% Cumulative stock
privilege of sub5.000,000
5.000.000
The stockholders of record Nov. 5 1924 were given the
Preferred 6% Non-cumulative stock
5.000,000 scribing at par to $350,000 additional 1st Pref, stock pro rata as follows:
5,000,000
Common stock_
7.000.000 Holders of let Pref. stock were entitled to subscribe to 3500-18329 of a
let & Ref. Mtge. 6s, Series A (this issue)
c4.000,000 share of 1st Prof. stock for each share of 1st Pref, held; holders of Common
Underlying divisional 5% bonds. due July 1 1936- (closed)
40239
d2.684.208 stock and holders of 2nd Prof. stock were entitled to subscribe to 3500Rights
0-yr. non-int.-bear. unsecured notes due July 1 '28
them.
of a share of let Prof. stock for each share of stock held by
now being sold on deferred payment plan. b Issuance expired Nov. 22.-V. 117. p. 1774.
a Includes amount
the mortgage.
of additional bonds will be limited by the restrictions of the 1st & Ref.
--Tenders.
Empire Gas & Fuel Co.
a Dees not include $5.500,000 pledged as part security for company for
29 receive
at option of
Halsey, Stuart & Co., 14 Wall St., N. Y. City, will until Dec.
Mtge. bonds. d Exchangeable at maturity
-Year 7% gold bonds, Series "B,"
3
-Year 5% notes or 6% non-cumul. Pref, stock. e Not including $1,257,100 bids for the sale to it of 1st & Ref. Cony.
5
$100,000, at prices
certificates, interest on which is included in operating dated May 11923, to an amount sufficient to exhaust
6% Equip. Trust
not to exceed par and int. to Feb. 1.-V. 119. p. 1740.
expenses.
-Proceeds will be used to refund $3,500,000 1-Year notes due
Purpose.
-To Issue Stock.
with the construction of the first section
Fall River Gas Works Co.
June 15 1925, issued in connection
of Public
of the road to Waukegan, for the retirement of $2,721,700 additional
The company has applied to the Massachusetts Department stock, par
additional shares of capital
and for other corporate purposes.
funded obligations,
Utilities for authority to issue 2,400
on the important ex- $25. at $51) a share to its customers or employees. The proceeds will be
-Secured (a) by a direct first mortgage
Security.
ension under construction:(b) by the pledge of$5,500,000 underlying bonds, used to pay for additions and improvements to plant and system.
a
6 to
being approximately 58% of such bonds to be outstanding; and (C) by
The new issue may be paid for either in full or in installments from
direct mortgage lien on all of the physical property now or hereafter owned. 10 months.
-V. 119, v. 1848.
The
to prior lien bonds from time to time outstanding.by insubject only
-Bonds Sold.-Bodel
replacement value of the company's physical property as reported
Federal Light & Traction Co.
dependent engineer, is largely in excess of funded debt to be presently
& Co., New Xork and Boston, have sold at 91 and int.,
outstanding.
-In order to extend its service yielding 6.70%, $2,500,000 30
-Year Debenture Gold bonds,
Agreement with Chicago Rapid Transit Co.
valuable
o Niles Center and intermediate points, and to obtain access to its where it
Centre.
property adjoining the company'til right-of-way in Niles RapidTransitCo. Series "B," 6%.
will erect new car houses and repair shops, the Chicago
Dated Dec. 1 1924; due Dec. 11954. Int. payable J. & D. at New York
conWhich owns and operates all the elevated railway lines in Chicago, has over Trust Co., New York, trustee. Denom. $1.000 and S500c5&r*. Red..
operate
,
all or part,on any int, date upon 60 days' notice at 105 on or before Dec.1
tracted with the e`s ^DanY by lease and traffic agreements to
Company
the line to Niles Center. when completed, paying a rental sufficient to cover 1941, thereafter at 100 to maturity, in every case plus interest. will refund
2%
Its proportionate share of fixed charges.
c3venants to pay the normal Federal income tax up tomills and the Maas.
and
the Penn. and Conn. State tax not exceeding fourexceeding 6% thereof
Consolidated Statement of Earnings (Including subsidiary).
Income tax on income derived from said bonds not
[Reflecting in 1924 one year's lease rental from the Chic. R. T. Co.]
per annum.
on the New
1924.
1923.
-Application will be made to list these debentures
Listing.
12 Months Ended Oct. 31S5.859.274 $6.386.234 York Stock Exchange.
Gross revenue. including other income
Outstanding.
Authorized.
4.903,811
4,504,983
Capitalization Oct. 31 1924Oper. exps., incl. maint., rentals and taxes
153.569.000
1E450,000.000
1st Lien 6s, 1942
I 3,482.000
$1.354.291 $1,482,423 1st Lien 5s, stamped 6%
Net earnings before depreciation
2,500,000
Annual int. requirements on bonded debt to be presently in
30-Yr. Deb. bonds,Ser."13"6% (this issue) 5,500,000
3,825.282
$620,000 6% Cumulative Preferred stoc.k
5.500.000
to
the hands of the public amount
b61.210 shs.
85,000 shs.
-V. 119, p. 2285, 1952.
Common stock (no par value)
-Bonds Auth.Columbus (Ga.) Electric & Power Co.
The Georgia P. S. Commission has granted permission to the company
-Year Gold
to issue $2,000,000 let & Ref. Mtge. bonds and $2,000,000 3
notes. The proceeds are to be used for improvements, extensions, Ste.
See offering of bonds and notes in V. 119, p. 2644.
Consolidated Gas Co. of N. Y.-$1 Gas Law Invalid.
James Cl. Graham, the special master appointed to take testimony in
the litigation instituted by the gas companies to make ineffective the
dollar gas law, has completed a tentative report, in which he sustains the
contention of the companies that the law is confipcatory and unconstitntional. A similar report was made some months ago by Mr. Graham in
relation to two subsidiaries of the Consolidated, the New York & Queens
Gas Co. and the Bronx Gas & Electric Co.
Mr. Graham finds not only that a dollar rate would be confiscatory, but
that it would also be confiscatory to compel the company to furnish a quality
of gas of 650 British thermal units, and that the $1 15 rate fixed by the
p. S. Commission fails to yield a reasonable return on the investment.
The dollar rate, he states, would not have yielded more than 3.4% on the
Investment at any time since the law was enacted, and only 2.5% on the
present value of the property.
were
He also finds that the bare operating expenses of the company least
in 1923
85.89 cents per 1,000 cu. ft. of gas in 1922. 82.63basis the and at finds
master
these costs as a
80.76 at the present time. Taking
price of gas
that in order to obtain an 8% return on the investment the
cu.
should be substantially more than Si 25 per thousand the ft. The total
master states,
reproduction cost of the property used in the service,
57.
,
Is $162,658,217 63,and the total actual investment is at least $99,15 1,763The
The present value of the property he finds to be S134,099.182 91.
company is allowed $9,000,000 for growing value, $7,781,000 for franchises,
and $6,500,000 for working capital.
when the counsel engaged in
Mr. Graham has set Dec. 22 as the timemake their
James
the proceeding may appear before him andAttorney-Genobjections. that it
eral, said
to the
A. Donnelly, a special assistant
report, which covers
would be impossible to make a satisfactory digest of the surprise that more
180 printed pages, in so short a period, and expressed
time had not been' accorded. He said:
is impossible to go through
Ph"I shall ask for an extension of time because it a month. The report is
in less than
this report and prepare a synopsiscomputations of numerous tabulations
necessarily involved and contains manufacture and distribution of gas, the
-the cost of
of complicated figures
the plant of the company and similar
original and reproduction costa of going on for five months, during which
The hearings have been
matters.
been taken, and approximately 1,000 ex12,000 pages of testimony have
hibits have been submitted."
Reviewing the special master's report, William L. Ransom,
counselffor the company, said:
attention are those
The portions of the present opinion which mer t special
which tend to fortify the security of public utility Investments against rate
b Increased since
a $1,155,000 have been retired by the sinking fund. Debentures to be
Oct. 31 1924 to over 71,000 shares by conversion of 7%
1 next.
called for payment on March
Dec. 9.
Data from Letter of Pres. E. N. Sanderson, New York,
-Owns or controls representative public utility companies
Company.
power and gas to 16 communities in
supplying principally electric light,
New Mexico,
the eight States of Arizona, Arkansas, Colorado, Missouri,
one minor exception, the
Oklahoma, Washington and Wyoming. With respective fields and serve
companies operate without competition in their
94% of their
a population estimated at approximately 200.000. Over
and gas.
net earnings is derived from the sale of electricity
Consolidated Earnings Statement-Year Ended Oct. 311924.
$3,380,757
Gross earnings of companies entirely owned
1.378,288
Net income of companies entirely owned
374.156
to F. L. & T. Co
Surplus earnings of sub. cos. accruing
$1,752,444
Total
387.370
Annual interest on 1st Lien 5s and 6s
150.000
-Year Debentures, Series "B." 6%
Annual interest on 30
$1,215,074
Balance
of deb. bonds.
*Over 3.25 times bond interest, including this new issue
-Proceeds will be used to retire any outstanding unconverted
Purpose.
which will be called for payment on March 1
Series "A" 7% Debentures
made to the
1925, and for extensions and improvements made or to be
properties of the operated companies.
Condensed Consolidated Balance Sheet Oct. 31 1924. and after
[Eliminating securities and accounts between companies,of$888,500
the
giving effect to the sale of $2,500,000 Debentures,callconversion $594.000
price of the
of Series "A" Debs.. and the retirement at the
of Cony. 7% Debs. unconverted on Dec. 10 1924.1
Liabilities.
Assets,
$3,825,282
Plant,prop.,french.,&c428,655.64 6% Preferred stock
a5,415.400
311.055 Common stock
Inv. in secs. of other cos..
25,194 Sub. co.s' 7% pref. stock 2,205,100
Sinking fund cash
86,050
1.898.471 Min.Com.Stk.T.R.T.Co.
Cash
13,844,100
Bonds outstanding
Notes & accts. rec. (less
190,000
560.731 Notes payable
reserves)
625.994
433,288 Accts. pay. & cust.'s daps
Mat'ls & suppl.(less res.)
Accr.int. & taxes(not due) 488,686
Unamort. discount on
1,236,565 Retire., repl. & sundry
bonds, &c
operating reserves,.., 3.811,422
115,155
Other unadjusted items_
Surplus
2.744,067
Total
$33,236,101
Total
-V. 119, p. 2760, 2645.
a 71.466 shares of no par value.
$33.226.101
2878
Fresno City
THE CHRONICLE
Water Corporation.
-New, Control.
-
See Western Power Corp. below.
-V.118,
P.2578.
Hartford Electric Light Co.
-New Financing.
-
The stockholders will vote Jan. 6 on authorizing an issue
of $4,000.000
3
-Year 7% Cony. notes. The proceeds will be used to retire the present
outstanding $3,000.000 10
-Year 7% gold notes and also to provide funds
to meet capital requirements.
The stockholders will be given the
the new notes
In the ratio of $100 principal amountright to subscribe toshares
of notes
of
3
(Common or Preferred) owned. There is at for each outstanding stock
present
$10.000.000 Common and $2,000,000 Pref. stock.
-V. 118, P. 913.
Illinois Traction Co.
-Strike Settled.
-
The strike of trainmen of the Illinois Traction System, which began
Dec. 1, was compromised and settled Dec. 13, when a new agreement
was
signed. Service was immediately resumed.
A statement issued by the company follows: "Conditions under which
the strike settlement are based are in accordance with the agreement
arrived at by the committee representing
striking trainmen and officials
of the company. This agreement was thecompromise. The trainmen
a
dropped their demands for an increased wage and the company
the principle of the closed sxp. The company agrees to pay recognizes
10 cents
an hour in addition to the regular scale for all overtime work, 9 hours to
constitute a day for passenger service and 10 hours in freight service.
-V.119, p. 2761.
[vol.. 119.
to import; we will become more and more independent of foreign
countries.
In order to promote this idea, the laws permitting the constructio
n of
hydro-electric works were promulgated. The economic necessities, such
which
originally led to the making of these laws are to-day still of as great
importance as they were before. I therefore propose to suggest
to
ment to renew the laws for the furhering of new water power the Parliaworks."
V. 119. p. 2529.
Manitoba Power Co. Ltd.
-New President.-
See Winnipeg Electric Co. below.
-V.118. p. 210.
Massachusetts Lighting Cos.-Com. Div.- Increased
.
The trustees have declared a dividend
mon stock, payable Dec. 30 to holders ofof 75 cents per share on the Comrecord Dec. 19. A distribution of
50 cents per share was made Oct. 7 last.
The trustees declared the regular quarterly dividend of $1 50 on
the 6%
Preferred stock and $2 on the 8% Preferred
to holders ofrecord Dec.26.-V.119, v.2179. stock, both payable Jan. 15
Midland Counties Public Service Corp,
-New Control.
See Western Power Corp. below.
-V.118, v.2710.
Minnesota Electric Distribu
Compan
ting
-Lease.
y.
The citizens of Ellsworth, Minn., have
voted to
electric distributing system to the above company lease the municipal
which now supplies
electricity for local service.
-V.118. p. 2447.
Indiana General Service Co.
-Bonds Sold.
-Dillon,
Missouri Gas &
-Bonds Offered. --Read & Co. have sold at 943 and int., to yield over 5.40%, Hill, Joiner & Co., Electric Service Co.
Inc., New York, are offering at 96 M and
$884,000 1st Mtge. 5% Gold bonds dated Jan. 2 1918; int., to yield about
6.30%, $500,000 1st Mtge. & Ref. 6%
due Jan. 1 1948 (see description in V. 115, p. 652).
Gold bonds, Series "A."
Data from Letter of Pres. R. E. Breed, New York, Dec. 15.
Company.
-Owns and operates electric generating plants and
connected high-tension transmission system supplying, without an intertion, electric power and light in and around Muncie. Marion and competiElwood,
Ind. Total population served, estimated, 136,000. All franchises
are
unlimited as to time.
The properties of the company are operated in 4
as the Muncie district, the Hartford City district,general divisions, known
the Marion
the Elwood district. The generating stations are at Muncie, district and
stalled electrical capacity of 19,950 kilowatts: at Marion, with an inwith
kilowatts, and at Elwood. with 1,250 kilowatts. The high-tendo 17,250
n transmission lines total 146 miles in length and tho distribution
system covers
533 miles. There are 2.3 miles of heating mains. Company
has a connected load in excess of 68,000 kilowatts. The electric
generating output
for the 12 months ended Oct. 31 1924 was 88.759,556 kilowatt
hours.
Security.
-Secured by direct first mortgage lien on a substantial part
of
the company's properties and on the
two closed underlying divisional liensrest of the property are subject only to
of
lic and $1,003,5001 are pledged under which $923,000 are held by the pubthis mortgage.
Valuation.
-The properties covered
the company's engineers as of Sept. 30by the mortgage lien are valued by
1924 at $8,431,000.
Earnings Years Ended Nov. 30.
Gross Revs.
:Net Revs.
Bond Int.
Balance.
1920 _
51.761,580
$468,110
$156,145
$311,965
1921
1,872,451
426,185
161.347
264.838
1922
2,263,881
619,139
180,038
439.101
1923
2.475,175
675,102
214,925
460,177
1924
2,433,184
677,029
213,409
463,620
z After operating expenses, maintenance, depreciation and taxes.
Capitalization Outstanding at Nov. 30 1924 (After This Issue).
Indiana General Service Co. 1st 55
$4
4206,000
Muncie Electric Light Co. 1st 55 of 1932
Marion Light ex Heating Co. 1st & Ref. 5s of 1932
*210,500
Preferred stock
614,200
Common stock
3.000.000
• Not including bomb pledged under Indiana Gen. Ser. Co. 1st
Control.
-Entire Common stock owned by the American Gas & Mtge.
Electric
Co.
-V. 117, p. 94.
Indiana & Michigan Electric Co.
-Stock Called.
All of the outstanding Prof. stock has been called for
at 105 and divs. at the Citizens Trust & Savings Bank payment Feb. 20
-V.115, p. 1328.
'South Bend, Ind.
•
International Utilities Corp.
-Acquires Control of
Buffalo & Erie Ry.It is announced that this corporation has acquired control of the Buffalo
Dated Sept. 1 1924; due Sept. 1 1944. Issuance
authorized by the
P.8. Commission of Missouri.
Data from Letter of Martin J. Insull,
President of the Company.
Company.
-Owns and operates a group of public utility properties
supplying without competition electric
light
communities, gas service to two communities and power service to 25
and ice service to one community, in one of the richest agricultural
sections
In addition company also wholesales electrical of the State of Missouri.
energy for retail to 39
tributary communities. Among the
are Lexington, Richmond, Liberty, more important cities served direct
Marshall and Weston. Population
of territory served, 55,000.
Security.
-Secured by a mortgage covering
permanent property, rights and frfanchises of as a direct lien all of the
the company now or here-. •
after owned subject now to only $266,500 of divisional
bonds, the mortgages of which have been closed.
Earnings.
-During the 12 months ended
gross earnings
amounted to $489,224 and net earnings to Sept. 30 1924compared
$100,812,
with
annual interest requirements on funded debt, includingas
the present h3S110,
of $43,325.
Management.
-Outstanding Common stock is owned or controlled
by
the Middle West Utilities Co.
-V.118, v. 2581.
Mohawk Valley Co.
-4% Extra Dividend.
-
The directors have declared an extra dividend of 4% in addition
to the
regular quarterly dividend of 2%, both payable Jan. 2 to holders
of record
Dec. 22.
This company is controlled through stock ownership by the New York
Central RR.
-V. 118, p. 915.
Montpelier & Barre Light & Power Co.
-To Create
New Prior Preference Stock and Pay Accumulated Dividends.
-
The stockholders will vote Dec. 23 on approving the issuance at par
($100) of $275.000 7% Cumul. Prior Preference stock. The Preferred
stockholders will be given the right to subscribe for this stock to an
amount
equal to dividends accumulated upon the Preferred stock. The Preferred
stockholders will, however, have the right to receive their accumulate
d
dividends in cash if they elect not to subscribe for new Prior Preference
stock. The directors would then declare a cash dividend of $19 5
share on the outstanding 6% Preferred stock 41.337,800), thus paying
in full all accumulated dividends thereon
Oct. 15 1924.-V. 119. v. 2 62
New Britain (Conn.) Gas Light Co.
-Stock Increase.
-
The directors on Nov. 24 voted to recommend to the stockholde
the capital stock be increased from 3600.000 to $1,000,000, par rs that
special meeting of the stockholders will bo held Dec. 22.-V.97, $25. A
p. 1429.
New England Telephone & Telegraph Co.
-Rates.
Following a meeting of the Commissioners of the Massachuse
tts Dept.
of Public Utilities, it was voted to make an investigation Into
the propriety
of the proposed general increase in the
of the company.
Iowa Electric Co. Cedar Falls, Ia.-Acquisition.-- investigation anti the public hearing,rates Department votedPending this
the
to Issue rl
order suspending the increases until April 1 1925.
The company has acquired the local electric light and
The increases were
power plant at to have taken effect on Jan. 1. The
Hopkinton, Ia.-V. 119, p. 1070.
first public hearing will boon Jan. 6.
-V. 119, v. 2073.
& Erie By., operating between Buffalo. N. Y.„ and Six Mile
Creek, in Erie
County, Pa.
-V. 119. p. 2529.
Iowa Falls Electric Company.
-Acquisitions.
New Hampshire Electrid Rys.-Offer to Stockholders.
The company Is reported to be negotiating for the purchase of the muThe committee (below) at the request of the
nicipal electric plant at Burt. Ia.
the Common and Prof. shares has entered into owners of a majority of both
At an election held recently the citizens of Lone Rock ,Ia., voted
an agreement, dated Dec. 2
to sell 1924. with the Associated Gas &
the municipal electric plant to the company.
Electric Co. whereby the Associated
-V. 117, p. 2000.
company has offered to the committee $32 per share
$3 per share for the Common shares of the New for the Prof. shares, and
Jamaica Water Supply Co.
-Bonds Called.
Hampshire Electric Rye.,
All of the outstanding 1st Consol. Mtge. 5% S. F. gold bonds, dated the owners of which shall have accepted the said offer on or before Jan. 5
July 1 1916, have been called for payment Jan. 1 at 105 and int. at the
1925. owners of more than 50% of each class of shares have
The
Equitable Trust Co., trustee, 37 Wall St., N. Y. City.
signified their
-V.119, p. 2761.
willingness to accept said offer and have deposited
shares owned by them with the committee for the the Common and Pref.
Kaministiquia Power Co., Ltd.
-Earnings.
purpose of carrying out
said sale. In conducting negotiation
Years Ended Oct. 31- 1923-24.
1922-23.
1921-22.
1920-21.
the committee representing holders s for the sale of the shares, members of
Gross earnings
of over
$613.471
$662,930
$493,418
$455,627 ranged that the offer to purchase the shares a majority of the shares arOperation & maintenance
be extended to all holders as a
173.898
152,785
111,783
117.162 condition to their disposing of the shares
Deprec. & renewal res've
represented by them. The comx44,000
44,000
44,000
34,000 mittee recommends the acceptance of the offer by
Relief power
90,500
All shareholders desirous of availing themselvesall the owners.
Fixed charges & interest_
of the offer must deposit
94.426
99,169
103.987
95,258 their shares with New York Trust Co., 100
Contingent fund
Broadway. Now York City, as
125,000
depositary, on or before Jan. 5 1925.
Dividends (8%)
199,760
199,760
199,760
199,760
Committee.
-Otto T. Bannard, Samuel H. Fisher, Mortimer N.
Buckner,
David A. Belden.
-V. 119. p. 2762.
Balance, surplu •
$10.885
$42,215
$33,887
$9,447
x In addition to $6,000 appropriated on monthly basis during the year.
-V. 117, p. 2896.
Lone Star Gas Co.
-Earnings.
-
The company reports for the 10 months ended Oct. 31 1924 net income
of $1,419.818 after all charges, including taxes, against $1,101,135 in the
same period of 1923.-V. 119, v. 1402.
Los Angeles Railway.
-Tenders.
-
The Pacific-Southwest Trust & Savings Bank, Los Angeles, Calif., will
until Dec.30 receive bids for the sale to it of 1st & Ref. Mtge.5% bonds,due
Dec. 1 1940. to an amount sufficient to exhaust 551,741.-V. 119. p. 579.
Lower
-Austrian Hydro-Electric Power Co.(Newag).Continues Development-Hydro-Electric Exploitation Favored
by Austrian Finance Minister.-
Speolaladvices to F. J. Littman & Co. from Vienna report that on
22 the community of Semmering instituted a celebration in connection Nov.
with
the completion of a new transmission line through the Newag, at which
celebration the Federal and Provincial officials took part. Semmering is the
most well-known and largest health resort of Austria. and it is also much
patronized by foreigners. The season runs through the whole year: during
the winter sport competitions take place there The requirements amount
to 350 K. W
A contracthas been signed with the small electricity works of Wopfing for
the supply of electricity, amounting to a continual supply of 50 K. W.and a
maximum supply of 160 K. W.
The Finance Minister of the new Government, Dr. Ahrer, is
hydro-electric developments. In his speech taking office on Nov.a friend of
25, he said
the following:
"In the interest of the revenues of the country. I will see to it that the
further construction of water power works will receive the greatest facilities.
The more of these water power works constructe
d, the less coal will we need
New York & Pennsylvania Tel. & Tel. Co.
-Tenders.
The Metropolitan Trust Co. trustee, 120 Broadway, N.
Y. City, will
until Feb. 2 receive bids for the sale to it of 57 bonds
0
cient to exhaust $3,000,at a price not exceeding 105 and to an amount suffiint.-V.117. v.1135.
North American Utility Securities Corp.
-Listing
.
The Boston Stock Exchange. on Dec. 4 1924.
full-paid and its 257 paid allotment certificates authorized for the list
. when issued. These
certificates represent °
100,000 shares of the 1st Pref. stock and 100.000
shares of Common stock, both classes of stock being without nominal
or
par value. See also V. 119. p. 2648.
Northeastern Iowa Power Co.
-Acquisi
tions.
The company purchased the properties and
franchises of
(Ia.) Light & l'ower Co. and the Greene (Ia.) Electric Light & Dunkerton
Power Co.
as of Dec. 15.-V. 119. p. 2530.
Northern Indiana Gas & Electric Co.
-Bonds Called.
-
Twenty-two ($22.000) of the 30
-Year 5% 1st Consol. Mtge. gold bonds
of the Michigan City Gas & Electric Co., dated
May 1 1907. have
called for payment Jan. 1 at par and int. at the Central Trust Co. been
of Illinois, Chicago, Ill.
In addition 18 bonds of the above issue, totaling *16.500, have
also
called for payment Jan. 1 at 103 and int, at the Central Trust been
Co. of
Illlnols.-V. 119. p. 1179.
Northwestern Public Service Co.
-Acquisition, &c.
-
The voters of Webster. S. D., have approved tile proposal
municipal electric plant to the above company. A high-tentio to sell the
sion line will be erected from Bristol to Webeter. which will be n trate:misextended to
Roslyn and Grenville, S. D., where the company has
chise,. Alternating-current equipment will be Installed been granted franIn the local' power
plant, which will be used for emergency.
The company has also been granted a 20-year franchise to supply
electricity in Tenon, S. D.
-V.119,p. 1744.
DEC. 20 1924.]
THE CHRONICLE
2879
except for pledge under
the Delaware County Electric Co. shall be issued
bonds. The mortgage sethe indenture securing the let Lien & Ref. Mtge. Gold 5% and 4% bonds
curing the Phila. El. Co. 1st Mtge. Sinking Fund
is now closed.„..-Nosze....0 ,..
Earnings of System, Years Ended Od. 31.
1924.
1923.
The Pittsburgh Stock Exchange,on Dec. 9. approved for listing
227,024.641 $29,639.099
are to be placed on the list upon notice Operating revenue
shares (par $25) Capital stock, which
16,136,733 17.180.061
a when. if and
of their issuance. These shares were admitted to trading on
Operating expenses, taxes and maintenance
•
as issued basis on Sept. 12 1924.
$10,887.908 212,459,038
1924 in Delaware.
Operating income
Organizalion.-The corporation was incorp. Sept. 3 properties at the
348,144
414,438
Company is a holding company, which has no plant or of Manufacturers Net non-operating income
organized to acquire the stocks
present time, having been
$11,302,346 312,807,182
Natural Gas Corp.
and
Supply
light & Heat Co., Ohio Fuel through Co. offer Union
Net earnings
4,203.024
of exchange by the Ohio Annual int. on funded debt,incl. this issue
an
This acquisition was effected
named corporations
Fuel Corp. on Sept. 15 to stockholders of the above
$8,604,158
Balance
upon the following terms:
Authorized. Outstanding.
for 2.08694
Capitalization
(a) One share of the stock of Manufacturers Light & Heat Co.
$5,741.800 35,741,800
8% cumulative (par $25)
shares of the stock of Ohio Fuel Corp.
of Preferred stock(par $25) paying 8%
85.000.000 59.307,450
stock
share of the stock of Ohio Fuel Supply Co. for 1.28703 shares
Common
(b) One
1(closed) jab36.663.300
Fund 5s, 1966
the stock of Ohio Fuel Corp.
1 a1,671.700
shares 1st Mtge. Sinking 4%
1.2195
do
do
(c) One share of the stock of Union Natural Gas Corp. for
I 12,146,600
lien & Ref. Mtge.6s, Series 1941
of the stock of Ohio Fuel Corp.
7,353,100
e
the stocks of the three cora- 1st do
534% Series 1947
do
Under these terms of exchange, over 06% of
9,905,000
Trust Co. of
5%% Series 1953
do
do
panies has been deposited at the present time with Union
12,500.000
Series 1960 (tbisissue)-1
depository.
do jfe 5%
do
Pittsburgh, which acted as the
B. Gregory,
Officers.--Geo. W. Crawford, Pres.; F. W.Crawford and T.
1st Mtge. 48 held in the
Treas,
a Includes $921,700 1st Mtge. 5s and $338,400 $30,000.000 1st Mtge.
V.-Pres.; L. B. Denning, V.-Pres. & Sec.; Geo. W. Ratcliffe,
Denning, L. A.
Directors.-Geo. W. Crawford, F. W. Crawford. L. B. J. B. Crawford, sinking fund. It is estimated that approximately the sinking fund before
be retired by the operation of
Meyran, C. F. Niemann and T. B. Gregory, Pittsburgh;
Treat, bonds due 1966 will
maturity.
P.0. BOOM, W. W. Splane and S. Y. Ramage, Oil City, Pa.; M.C.
pledged under the indenture
Pasadena, Calif.; L. E. Mallory. Bradford, Pa.; J. M. Garard, Columbus,
b $21,665,000 additional 1st Mtge. 5s are these bonds, together with
- securing the 1st Lien & Ref. Mtge. bonds and
J.
O.;'I'. W.Phillips, Jr., Butler, l's.: H. McSweeney, Atlantic City, N.
bonds and $1,671,700 1st Mtge.4s, constitute
V. 119, p. 2411,2073.
the $36,663,300 1st Mtge.5%
Mtge. Sinking Fund Gold bonds
- the entire authorized$60,000,000 of 1st
-Earnings Increase.
Pacific Gas & Electric Co.
additional bonds are issuable only
of $2 on the due 1966.
In connection with declaration of regular quarterly dividend
c Authorized amount unlimited, but
restrictions of the mortgage referred to below and
Common stock, Vice-Pros. A. F. Hockenbeamer, says:
rexe......efeeeeeeeew-e--...--. .,gg
December, under the conservative
"Actual results for the 11 months, plus estimated results for238,000,000 when duly authorized.
erection of the first sec-Proceeds are to be used in part for the
Purpose.
indicate for the entire year approximately 10%, an average of
River
after setting aside about $3,200,000 for de- tion of "Richmond" generating station, located on the Delaware PennCommon stock outstanding,
Delaware River Bridge of the
predation and after meeting extraordinary expenses exceeding 32.500,000 at the foot of Erie Ave. (south of the
for an ultimate capacity
to
Incurred chiefly in operation of steam plants and directly attributablethe sylvania RR.). This section is being constructed
In
k. w. is now being installed. Proceeds
the State-wide drought which has had no parallel in 74 years. October of 200,000 k. w. of which 100,000 construction of additional sub-stations,
of
'
territory served by the company, heavy rains in the latter part conditions, are also to be used in part for the
additions and extensub-stations, and for substantialcompany's system.
since then have restored normal water
extensions to existing
and other seasonal rains
total sions to the transmission and distribution lines of the
and the company's hydro-electric production is now about 75% of
fund payment
-Mortgage provides for an annual sinking then outstandSinking Fund.
against 38% laefore rains.
this series
"Owing to self-regulating character of Pit River and its tributaries, equivalent to 1% of the face value of all bonds of to the purchase of bonds
a ing. Moneys in the sinking fund are to be applied
drought affected the company's plants on this stream system in only
existing at the next ensuing
of
• minor degree. With expected completion in June next yearthe Pit power- of this series at or below the redemption price their call by lot at such recompany's redemption date, or, if not so purchasable, to
house No. 3, 107,000 h. p. will be added from this source to
by the sinking fund are
demption price. Bonds purchased or redeemed
supply of hydro-electric energy.
-V.119, O. 1965, 1517.
"The company's gas business, which will run close to 316,000,000 gross to be canceled.
temthis year, was also a stabilizing factor. The major item in offsetting
-Equipment Trusts
Philadelphia Rapid Transit Co.
porarily increased costs was, however, the large amount of new business
connected as reflected in the increased gross.
-Dillon, Read & Co. have sold $2,700,000 532% Equip.
Sold.
"The operating gross of all departments for the 11 months to Nov. 30
at the following prices:
was $40,454,000, an increase of $4,666,563 over the 1923 period. Esti- Trust. Certificates, Series "H"
than
mating December, the year's gross should exceed $44,500,000, or more
1925 maturity, 100.75, to yield 4.75%; 1926 maturity,
$5.000,000 ahead of 1923.-V. 119, p. 2287, 2074.
5.25%; 1927 to 1934 maturities, 100 to
-Initial Dividend-Listing, &c.
Ohio Fuel Corp.
An initial dividend of 2% has been declared on the capital
stock (par $25), payable Jan. 15 to holders of record Dec. 31.
4,000,000
to yield
-Taylor, 100.50,
-Bonds Offered.
Peoples Gas Co.(New Jersey).
yield 5.50%. Issued under the Philadelphia plan.
in
Ewart & Co., Inc.,. and Halsey, Stuart & Co., Inc., are -Dead Dec. 18 19247 MaturingCo.equal annual installments Dec. 15
for Ins.on Lives & Granting Annuito Dec.15 1934,incl. Penna.
offering at 100 and int. $1,300,000 1st Mtge. Gold Bonds, 1925Philadelphia, trustee. Denom.21,000 c*. Dividends payable J. & D.
ties,
.
IP• without deduction for Federal normal income tax up to 2% per annum at
6% Series, due 1954.
Dated Dec. 1 1924. Due Dec. 1 1954. Principal and int. jJ. & D.)
Red. all or
payable in New York and Phila. Denom. 31.000 and $500 c*. 105 and int.
part on any int, date after 30 days notice until Dec. 1 1944 at
thereof,
each
and thereafter at 105 and int. less 34 of 1% for 1944. year or partagrees to
Company
that the bonds shall be outstanding after Dec. 1
income tax not in excess
Pay int. without deduction for the normal Federal
of 2%. Penna. 4 mills tax refundable.
Data From Letter of Pres. C. H. Geist, Dated Dec. 1924.
Company.-Supplles gas to 50 communities in the counties of Camden,
Gloucester, Salem and Cumberland, N.J, Main plant at Glassboro, N.J.
and gas holding stations located at Vineland, Swedesboro and Penns
Grove. N. .J. The territory served has a population of approximately
100,000.
-The present reproduction value of the physical properties,
Valuation.
according to independent engineers, is in excess of $2.800,000 and the
present sound depreciated value is in excess of $2,400,000.
Authorized. Outstanding.
Capitalization$1,300,000
1st Mtge.6% Gold bonds (this issue)
480,700
$1.500,000
Cumulative 7% Preferred stock
400,000
500,000
Common stock
*Additional bonds may be issued under the restrictions defined in the
trust indenture.
Earnings Year Ended Nov. 30 1924.
2489,932
Gross earnings
326,061
Operating expenses and taxes
office of trustee.
Company.
Data From Letter of W. C. Dunbar, President of the
the entire street railway
-Leases and operates substantiallyoperating about 695 miles
Company.
system of the city of Philadelphia and vicinity,
subway track.
of track, including approximately 39 miles of elevated andof Philadelphia
In addition the company owns the entire capital stock city of PhilaRural Transit Co.. which operates motor coaches in the by the city.
delphia over routes for which franchises have been granted Sept. 1923,
The initial motor coach installation in Philadelphia was made in the North
when the Roosevelt Boulevard line, connecting Frankfort and
Philadelphia section, was placed in operation. During 1925 the system
will be greatly enlarged.
Security -These $2,700,000 certificates are to be issued by the trustee
in part payment for new equipment, consisting of: 100 standard doubletruck vestibule street railway passenger cars, 125 double-deck motor
to
coaches, 77 single-deck motor coaches and 11 motorized service units, of
the
be constructed at a total cost of not less than $3,772,000,cash par value
cost of the
approximately 75% of the
the certificates representing
.railway cars and less than 707 of the cash cost of the motor vehicles.
Earnitels°Years Ended Dec. 31.
1919.
1921.
1923.
1924.•
Year$45,618,000 $44,930,491 242,420.605 835,358.471
Operating revenue
2.643.803
2,836,538
4,161,637
4.189,000
itIncome
927.926
1,029,245
1.161.637
Int. & equip. rentals...-. 1,374,500
taxes and rentals of leased lines avail*One month estimated. x After
able for interest and equipment trust rentals.
-Property valuation has been found by the Public Service
Valuation.
of $200,000.000,
Commission of Pennsylvania to be substantially upwards
company is entitled
and upon this amount the Commission has ruled theat least $14,000,000.
per annum or
to earn a return of not less than 7%
As against the fair
This finding has been affirmed by court decision. including rentals, of
return of $14.000,000, the total annual fixed charges, 2763. 1953.
119. p.
company amount to less than 39,800,000.-V.
$163,871
Net earnings applicable to interest and depreciation
78,000
Annual interest requirements of 1st Mtge. bonds outstanding
Gas sales of the company for the year ended Nov. 30 1924 amounted to
237,970,700 Cu. ft., as compared with sales of 219.484,300 cu ft. for the
year ended Nov.30 1923 and of 186.085,700 Cu. ft. for the 11 months ended
Nov. 30 1922. On Nov. 30 1924 company had 11,650 meters in service.
This compared with 10,763 meters in service on Nov. 30 1923 and 9.868
meters in service on Nov. 30 1922.
-Proceeds will. be used to retire the present outstanding issue
Purpose.
-Listing.
Pittsburgh Utilities Corp.
of $1,005,000 1st Mtge.7% bonds. due 1942, and to reimburse the treasury
The New York Stock Exchange has authorized the listing of $1,650.000
in part for capital expenditures already made.
stock on official notice of issuance and payment
Preferred
-Mortgage will provide for an annual sinking fund, begin- 7% Cumulative the total amount applied for $5.500,000 7% Cumulative
Sinking Fund.
in full, making
ning with the 12 months' period ending Dec. 1 1935, at the rate of Yi of Preferred (v. t. c.).
1% per annum of the aggregate amount of 1st Mtge. bonds issued and
Earnings 11 Months Ended Nov. 30 1924.
outstanding, to be used for permanent additions and improvements, which
81.815,734
could otherwise be made the basis for the issuance of additional bonds under Total income
562.681
Expenses and interest charges
this mortgage, or for the retirement of bonds.
482.000
-V. 116, p.1541.
-The 0. 11. Geist Co. of Philadelphia.
Preferred dividends
Management.
672.500
Common dividends
-Drexel & Co.,
-Bonds Sold.
Philadelphia Electric Co.
3118.553
Surplus
Brown Brothers & Co. and Harris, Forbes & Co. have Previous surplus
457.817
and int., to yield about 5.03%, $12,500,000 1 St
sold at 9932
3576.370
Surplus Nov. 30 1924
Gold bonds,5% Series due 1960.
Lien & Ref. Mtge.
-Year Sinking
Dated Jan. 1 1925; due Jan. 1 1960. Int. payable J. & J. at Girard
To Purchase $2,000,000 Collateral Trust 20
Trust Co., Philadelphia, trustee, without deduction for Federal income
Pittsburgh Issue, of United Railway
taxes not exceeding 2%. Penn, tax of 4 mills refunded. Red. all or part Fund 5% Gold Bonds,
on not less than 30 days' notice on any int. date and for the sinking fund on Investment Co.Jan. 1 of any year, in both C..e4 at a premium of 5% on or before Jan. 1 • The corporation is prepared to purchase $2,000,000 Collateral Trust
1947: said premium to be reduced by yi of 1% commencing July 1 1947, 20
-Year Sinking Fund 5% Gold bonds. Pittsburgh Issue, of United Railways
with a like additional reduction commencing July 1 of each year to and incl. Investment Co., unstamped, at par and int. Holders of such bonds who .
July 11956,on which date and subsequent int, dates to maturity, the bonds may desire to dispose of them at that price may present them at the office
shall be callable at par in each case with accrued int. Denom. $1,000 and of Ladenburg, Thalmann & Co.. 25 Broad St.. New York, on or before Dec.
and
$500 c*.
24, but the l'ittsburgh Utilities Corp. reserves the right to reject anymenData from Letter of Jos. B. McCall, Chairman of the Board.
all offers of such bonds after it has acquired the $2,000.000 above
-Operating under a franchise which in the opinion of counsel ioned.-V. 119, p. 1745, 1517.
Company.
central station electric light
is unlimited in time. Does the entireits principal subsidiary. theand power
-Bus Application.
Delaware
Portland Electric Power Co.
business in Philadelphia. Through
it does the entire commercial electric light and power
The company has applied to the City Council of Portland, Ore., for a
County Electric Cosouthwest of Philadelphia franchise to operate a bus line in the St. Johns district, to supplement the
business in the important manufacturing district
a 10-cent initial fare, with
along the Delaware River, including the City of Chester. T3rritory served present car service. The application provides for determined from time to
of operation
2,000,000.
embraces a total population of over and its subsidiaries form a single inter- such changes as are required by costthat the company shall pay to the city
time. The application also provides
The properties of the company
plants have an aggregate rated capacity of $100 as an annual fee.
-V. 119. p. 2288.
connected system. Its Power
476.480 loss., 95% of which is installed in three of the largest and most
-Another Link in Super-Power'
Potomac Edison Co.
stations in the United States.
modern generating
,
Security -Secured by a general mortgage on the entire property and by Chain Completed.
Fund
pledge of.
$21,665,000 Philadelphia Electric Co. 1st Mtge. Sinking Mtge.
a subsidiary of the American Water Works & Electri
This company.
1st
c
5% Gold bonds due 1966, and all of the outstanding $15,000,000 shares) of Co., Inc.. has just completed another step in the formation of the "Coai
Demand bonds and all of the capital stock (excepting director's bonds of Field Super Power Group" forecast last spring by H. Hobart Porter, Prete..
he Delaware County Electric Co. No additional First Mtge.
2880
THE CHRONICLE
dent of the parent company. The
Potomac Edison Co., which serves
western and central Maryland as well as
parts of Virginia, Pennsylvania
and West Virginia, has built a, high
generating plant at Williamsport, onpower transmission line from its new
the
Md. a distance of over 50 miles. This Potomac River. to Cumberland.
improvement will cost in excess of
$1.060,000.
This and the contemplated inter-connections to the west
with the hydroelectric developments of West Virginia and
mine mouth generating stations of Pennsylva to the northwest with the
nia will, it was said, make
the Potomac Edison system an important
stretching from Cleveland to tidewater. link in the new electrical highway
-V. 119. p. 2074.
Power Corp.. of New York.
-Stock Increased, &c.
The stockholders recently increased the authorize Common stock from
400,000 shares of no par value to 600,000 shares d
company also has an authorized issue of 610,000.0 of no par value. The
00 Pref.
The stockholders also voted to increase the number stock, par $100.
of directors from
14 to 21 and reclassify the shares of the company
so as to provide that
man reul in pa
ntof 4 u
the
stock shall be entitledto elect
irdj
i
7Vgteols
,
c
and the Common stockholders shall be 11 members of the board o
entitled to elect 10
board. instead of 8 members and 6 members, respective members of the
ly, as heretofore.
-V. 118. p. 3207.
Public Service Co. of Northern Illinois.
-Bonds
Ready.
Halsey, Stuart & Co., as syndicate managers, announce that
permanent
First Lien & Ref. Mtge. 53i %. Gold
are now ready and exchangeable for Bonds, Series "B." due July 11964,
the temporary certificates originally
issued. See offering in V. 119,
fo• 1634.
PublicService Electric & Gas Co.
-Stock Increase
.
The company has filed with the Secretary of State
an amended certificate of incorporation increasing Its at Trenton, N. J.,
430,000,000 (820,000,0007% Prof. and $10,000,000 Preferred stock from
000.000,consisting of $20,000,000 of7% Cumul. Pref., % Prof.) to $100,$10.000,0
Cumul.Prof. and $70.000,000 of6% Cunpll. Prof. stock. The 00 of 635%
approved the increase on Dec. 16. The increase was made stockholders
to allow for
future expansion of the company.
-V. 119. p. 2531.
Railways Company General.
-Victory Park
Bal. Sheet.
See Victory Park Land & Improvement Co., Inc., under
"Industrials"
below.
-V. 119, p. 2763.
San Antonio Water Co. (of Calif.).
-Bonds Offered.Blyth, Witter & Co. recently offered at 100 and int. $230,000
General & Refunding 6% bonds.
I Dated Nov. 11924; due Nov. 11954. Callable, all or part, on any int.
date on 60 days' notice at 102 and int. Int. payable M.
& N.
Southwest Trust & Savings Bank, trustee. Denom. 81.000at Pacific
O. Int.
payable without deduction for normal Federal income tax
of 2%. Exempt from California personal property tax. not in excess
Data from Letter of Glenn D. Smith, General Manager
of Company.
Company.
-A mutual water company, organized in 1882 in California
Company, being of the mutual type, serves water to its 664 stockhold *
ers
only, who are the owners of 5.000 acres of fully developed
citrus orchards
which lie within the territory extending southwar
Sierra Madre Mountains and including the towns ofd from the base of the
Upland and Ontario.
CapitalizationAuthorized. Outstand'g.
Capital stock (par $100)
$1,500,000
8606,400
Refunding Mortgage 5s. 1931
600,000
a380.000
General & Refunding 6s, 1954
650.000.
b270,000
lk a $220,000 additional have been issued and retired. b
$380,000 reserved to be issued for retirement of like amount of Ref. Mtge.
5s, 1931.
Security.
-Secured by a direct mortgage upon all lands, water,
water
rights and operating properties of the company valued at
only to $380.000 of outstanding 5% bonds due 1931. In$3.839,402,subject
addition the citrus
orchards served by the company's water system and owned
by the company's stockholders are conservatively estimated to be
worth $2,000 per
acre, or a total of 310.000,000.
Rerenue.-The primary source of the company's revenue,
company, is from assessments on its stock. However, the being a mutual
company Is the
owner of all the Capital stock, except directors' qualifying
shares, of the
Ontario Power Co. During the past 9 years it has
received an average
annual dividend from this source of $41,618 and for
miscellar eons sources an annual average of 629.842. the same time from
Income during the past9 yearsfrom sources other than or an annual average
Stnking Fund.
-Mortgage provides for an annual assessments of$71,400.
lag Nov. 1 1932 in an amount equal to 2% of the sinking fund commene.
bonds then outstanding
[VOL. 119.
The plant will be built on the unit plan.
consist of two 20,000 kilowatt units, together The initial installation will
with 4
superheat boilers each having 20,000 sq. ft. of heating high pressure, high
surface. The boilers
will be equipped to burn lignite, while provision
design of the building so that oil or gas burning will also be made in the
equipmen
installed later should a change of fuel be found economica t may be readily
l.
Power from the station will be fed into
transmission system of the electric operating the extensive inter-connected
ern Power & Light Co., including the Texas subsidiaries of the SouthwestWorth Power & Light Co., the Wichita Falls Power & Light Co. the Fort
Electric Co. and the Oil Belt
Power Co. This inter-connected transmission
system
extending from Taylor on the south to Wichita Falls, covers the district
Denison andParis on
the north, an air line distance of approxima
wood and Eastland on the west to Tyler tely 225 miles, and from Brownon the east, an air line distance of
approximately 210 miles. The area thus covered
is in excess of 47,300
square miles.
United Railways Co. of
St. Louis.
-Payments.
The reorganization committee, constitute
1924. has arranged that all holders of Cassd under the plan dated Oct. 1
Avenue & Fair Grounds By.
1st Mtge. 5% (69') Gold bonds. Lindell
By. 1st Mtge. 59' (8%) Gold
bonds, Compton Heights, Union Depot & Merchant
s Terminal RR. 1st
Mtge. 6% bonds (or certificates of
agreement dated May 19 1924) will,deposit therefor issued under deposit
upon
National Bank in St. Louis. Mo.. receive surrendering the same at First
for each $1,000 principal amount
31.000 principal and interest accrued to
date of surrender at the rate
borne by the bonds as extended.
Likewise, holders of St. Louis
(8%) Gold bonds (or certificates & Suburban By. Consol. 1st Mtge. 5%
of
Valley Trust Co. as depositary) will, deposit therefor issued by Mississippi
upon
sippi Valley Trust Co.. St. Louis, Mo., surrendering the same at Missisreceive for each $1,000 principal
amount 81,000 principal and interest accrued
to date of surrender at 8%
per annum (the rate borne by the bonds
as
Holders must present and surrender their extended).
bonds
on or before the close of business Dec. 31 1924. or certificates of deposit
of deposit must be in negotiable form and must All bonds or certificates
tax ownership certificates as are required bylaw. be accompanied by such
Compare plan in V. 119.
p. 2531.
United Rys. & Electric Co.of Balt.-Wages Increase
d.
-
The company has granted the
in wages, effective Jan. 1 1925. shopmen and trainmen an increase of 2%
Minimum wages of chopmen are now 46
cents an hour. and of trainmen 51 cents.
-V. 119, p. 581.
United Rys. Investment Co.
-New
According to current reports the Standard Power Control Reported.
organized by H. M. Byllesby & Co. to acquire & Light Corp. recently
stocks in public utility
companies, has taken over control of the United
which in turn controls the Pittsburgh Utilities Railways Investment Co..
Corp. The latter controls
the Philadelphia Co.
According to the report, the Ladenburg, Thalmann
& Co. stock holdings
in the United Railways Investment Co. and those
interests in New York are included in the present of certain other banking
sale to the new interests.
-V.119, p. 2649.
Utilities Power & Light Corp.
-Stock Sold.Pynchon & Co., West & Co., W. S. Hammons & Co.
and
John Nickerson & Co. have sold at $25 per share 150,000
shares Class A stock. Has priority over Class B stock
as
to both assets and divs. Fully participating & non-callable.
Shares are
fully paid and non-assessable. Divs, not subject to normal
Federal income tax. Transfer agent, American Exchange
New York. Registrar, Chase National Bank, New York.National Bank,
of $2 per annum on the Class A stock, when and as declared, Priority dive.
payable Q.
-J.
Divs. on the Class A stock are non-cumulative. After
the full priority
div. on Class A stock shall have been declared and
provided for in any
year and diva, for the Class B stock shall have been declared
and provided
for in that year to the extent of the total amount required
div. on the Class A stock, one-half of the amount of any for such priority
such year shall be paid to Class A stock and one-half tofurther divs. in
Class B stock.
Class A stock has priority in liquidation or dissolution over
stock up to $35 per share. After this preferential payment the Class 13
stock is provided for and provision has been made for the to the Class A
the Class B stock of an amount equal in the aggregate to distribution to
the total of such
preferential payment to the Class A stock, one-half of
the remaining assets
shall be distributed ratably among the holders of the
Class A stock and
one-half among the holders of the Class B stock.
Data from Letter of President H. L. Clarke, Chicago,
•
San Joaquin Light & Power Corp.
Dec.
-New Control.
- Company.-Incorp. In Virginia in 1915 as Utilities Developm 12,
See Western Power Corp. below.
-V. 119, p. 2763, 2648.
ent Corp.
Name changed in 1922. Controls directly or
through subsidiaries public
utility systems operating
Southeastern Power & Light Co.
-Initial Dividend.
- Illinois and New Jersey. in the States of Iowa, Minnesota, Wisconsin,
Among the companies controlled are Interstate
The directors have declared an initial quarterly dividend
share on the outstanding 14,375 shares of Pref. stock ($7 of $1 75 per Power Co. (Wis.), operating in southern Minnesota, northeastern Iowa
annum cum.), no par value, payable Jan. 15 to holders of per share per and southwestern Wisconsin. and owning the entire Common stock of
record Dec. 31. Dubuque (Ia.) Electric Co.; Eastern New Jersey
See also V. 119, p. 2075.
Power Co., operating in
the rapidly growing communities along the
Atlantic Coast of eastern
New Jersey; Atlantic Coast
Southern California Edison Co.
-810,000,000 Series Co., Hlghtstown, N. J., and Transportation Co.' Electric Light & Power
Jamesburg (N.
"A" 7% Preferred Stock Offered-Rights.
The systems furnish over 275 communitiesJ.) Electric Co.
with one or more of the folThe company is offering to its stockholders 100.000 shares
of 7% Cum. lowing public utility services: Electric light and power, gas, steam heat,
Non-Partic. Pref. stock, Series "A," at $102 per share payable
water, and electric railway. The
or at 3103 per share in installments as follows: $35 per share with in cash, All the principal franchises of the population served is about 560,000.
companies are
subscription: $34 per share on or before 3 months, and $34 per share
burdensome restrictions. Over 90% of the net favorable and contain no
on or before is
income of the propertiee
6 months.
derived from the sale of electric
Each Preferred or Common stockholder of record Dec. 31 1924
The Interstate Power system is light and power.
now being interconnected physically,
may
subscribe on or before Jan. 15 for any number of shares of such stock, thereby enabling the management to
effect large economies in operation
the corporation reserving the right, however, to finally issue
as well as expansion of the business.
rata portion of the 100.000 shares offered. Subscriptions to him his pro electrical energy of this system alone During the past year the output of
will
was in excess of 45.000,000 k.w.h.
and payments may be made at any one of the following places: be taken Business obtainable in the Eastern New
Bankers
Jersey Power Co.'s territory will
Trust Co.. 16 Wall St., N. Y. City; E. H. Rollins & Sons, 200 Devonshir
require the
e future, and installation of an additional unit to its present plant in the near
St.. Boston, Mass.; Harris Trust & Savings Bank, Chicago, Ill., or the inthe connection with the
vestment department of the company, 3d St. &Broadway,Los Angeles,Cal. Electric Co. property will necessitateInterstate system of the Dubuque
doubling immediately the present
The California RR. Commission has approved the issuance of the stock. capacity of its generating facilities.
In addition to the properties in the system
-V. 119, p. 2649.
operating as public utilities.
the stockholders of Utilities Corp. have a valuable
equity
Southwestern Trac. Co.
-Franchise Rights Extended.
- Building Corp., owning a modern 12-story office building in the Utilities
in the "Loop"
The Chy Commission of Dallas. Tex.. recently decided that the company district. Chicago. III.
has retained its franchise rights to operate on the streets of Dallas if it
Valuations.
-The properties of the public utility
builds an interurban line to frying, Tex.. by Aug. 31 1925. The ordinance have been valued recently at $25,515,741, after subsidiary companies
making allowances for
renews many of the rights granted in 1906 to J Mercer Carter and asso- depreciation which averaged about 8%. Included in
this
ciates when a system not only to Irving, but to Cleburne and other points in applying to Interstate Power Co. properties (as establishetotal, the portion
central Texas was contemplated. The franchises have passed to E. P. made by the company's engineers) is $1,190.900 in excessd by an appraisal
of the valuation
reported to the bankers by Day & Zimmerm
Turner and associates, now known as the Southwestern Traction Co.
ann, Inc. After including
Under the franchise (to run for 20 years) the company was granted the additional property, investments, cash, &c., of
right to lay its own tracks west of Houston Rt. and to go over the Union allowing for funded debt and Pref. and Commona total of 82,533.507, and
stocks of the subsidiaries,
Terminal tracks and the Trinity River with a viaduct of its own. The &c., presently outstanding and for the corporatio
n's Pref. stock, there
remained for the Class A and Class 13 stocks
company cannot lay tracks on the Commerce St. bridge.
more than $7.938.434. Together with the equity in the Utilities Building, the total of equities
The company is to pay the City $100 a year.
-V. 117. p. 2771.
is at
the rate of over $60 per share for the Class A
stock.
Texas Public Utilities Co.-Elec. Generating Plant.
Consolidated Statement of Earnings 12 Months Ended
July 31 1924.
Construction work will be begun soon on a new electric generating station
(Of
to have an ultimate installed capacity of 150,000 kilowatts and an initial Gross corporation and companies owned or controlled on Dec. 1 1924.1
income
capacity of 40,000 kilowatts by the company, an operating subsidiary of the Operating expenses,
maintenance, renewals and replacements
Southwestern Power & Light Co., the latter company being controlled by
3"47.367
and taxes, incl. reserve for Federal tax
the American Power & Light Co. The new station is to be located in the
2,890,424
Texas lignite fields on the Trinity River near Trinidad, about 65 miles
Net
southeast of Dallas. It is expected to be in operation during the summer of Int. on income
funded debt and dim on Pref. stocks of sub. cos. as well $2.156,94
1926.
3
as proportion of sub. co. earnings applicabl
In connection with the plant there will be utilized a natural reservior
e to their Common
stocks held by public
approximately 13i miles in length and j/, mile in width, having an area of
a1,129.364
about 800 acres, which will be used as storage for condensing water. On
Earnings accruing to U.P.& L. Corp. after reserves for Federal
two sides of this reservoir there Is now a natural embankment, and a dike
tax,
approximately 2 miles in length will be built to enclose the other two sides. Annual but before amortization of debt discount & expense-$1.027.578
div. on $1,000,000 7% Prof. stock U. P. & L. Corp-The reservoir will be filled from the Trinity River and the water supply will
70.000
be maintained throughout the year by pumping from the river when necBalance
essary.
6957,579
The company has bought, or has under option, approxima
a Deductions are on the basis of annual interest charges and div.
acres of lignite beds located in the immediate vicinity of the tely 3.000 ments
requireplant site.
on
These lignite beds are believed sufficient to operate the station for 20 years. after sale sub. co. securities to be outstanding with public Immediately
of this Class A stock.
While other large beds of lignite not now under option
are available in the
Dividends.
-As the earnings of the corporation and its subsidiaries are
vicinity. Lignite will be carried from the beds to the generatin station
g
by at a rate to warrant a distribution to the Class A shares, and
an electric railway.
to show a marked increase In the next few months, it is the are expected
intention of
DEC. 20 1924.]
THE CHRONICLE
2881
Outstanding_
Authorized.
Capitalization after Present Financinginauguration during the
Indeterminate $6,000,000
the management to recommend to the directors A stock at the annual 30
-Year 634% Sinking Fund debentures
9,592,500
$15,000.000
stock 7% cumulative
ending April 1 1925 of diva, on the Class
quarter
Preferred
219,200 shs.
300,000 shs.
par value)
rate of $2 per share.
as of June 30 1924
make application imme- Common stock (no
-It is the intention of the corporation toYork and Chicago Stock
Listing.
The companies controlled by Western Power Corp.
debt and 821.666,084
diately to list the Class A stock on both the New
had outstanding with the public $86,654,100 funded
Light & Power
stocks, exclusive of the amount of San Joaquin
Exchanges.
Authorized. Outstanding. PreferredPref,stock which the Western Power Corp. is proposing to acquire.
tion2d
Capitaliza
$1,000.000 Corp.
stock
810.000,000
of these debentures. $2,512,500 PreferredCorp.,
-The proceeds
Purpose.
7% Cumulative Preferred stock
Western Power
150,000 shs. 150,000 shs.
value
the proceeds of 72,500 shares of Common stock of
Class A stock (no par value)
300.000 shs. 300.000 shs. and offering of which to the stockholders has been responsibly underwritten.
par value
the
Class B stock (no
2d Pref.
used for additional investment in subsidiary are to be used in acquiring $4,475,000 of the total of 86,500.000 Common
Purpose -Proceeds will
the total of 311.000.000
stock outstanding, and $9,593,600 of Light & Power Corp., and control
companies and for other corporate purposes.
Balance Sheet July 31 1924.
the San Joaquin
stock outstanding of
Pro Forma Combined Condensed General
the acquisitions, as above
Power Co., Consumers Power of two affiliated companies. After giving effect to
approximately $1,000,000 of
[After giving effect to the sale of Indiana
s Power Co. of Ind.. and Knox & stated, there will remain from the proceeds
Co. of Del. and its subsidiary. Consumer giving effect to the acquisition additional working capital.
outstanding ComSullivan County Light & Power Co. Also and are included in the Inter-Secured by deposit with the trustee of all the
Security.
with
of properties which have been mergedIncluding the purchase of the entire mon stock ($27,500,000) of Great Western Power Co. of California and by
Power Co. as now constituted.
Light & Power Corp. to be presently
state
Co. and East Dubuque the Common stock of the San Joaquin
majority thereof.
outstanding Common stock of Dubuque Electric "A" stock.]
acquired, which in no event shall be less than a
semi-annual
Electric Co. Also sale of 150,000 shares of Class Liabilities.
-The trust indenture will provide for equal
Sinking Fund.
11925. This sum is to
Assets.
$2,603,878 payments of $230,000 to the trustee beginning June outstanding Series "A"
sub. cos
stock of
Property, plant alc equipm1-327,877,123 Pref. stock of U.P AL.Corp_ 1,000,000 be applied first to the payment of interest on all
debentures by
565,150 Pref.
Investments
the balance to the retirement of Series "A"
1,559,290 Class"A"and Class"B"stk_ 9,531,874 debentures andopen market or by call, which is estimated to retire the entire
Cash
19,754 purchase in the
in sub. cos_
& accounts receivable_ 1,003,934 Minority interest cos
Notes
15,018,500 issue at or before maturity.
35,796 Funded debt of sub.
Advances for construction_
. &c
142,680
39,028 Funded debt assumed
Proposal to Increase Common and Pref. Stocks-Earns 7%
Life ins.(cash surrender val.)
1,052,737
the authorized
486,180 Notes payable
Inventories
The stockholders will vote Jan. 6 on (a) increasing $15,000,000 (par
217,604
0 to not exceeding
Vouchers & accts. payable
Payments on investments and
225.062 Cumul. Prof. stock from 57,080,00
515,659 Consumers' deposits
properties being acquired__
shares, to not
1,468,682 $100).
142,680 Deferred liabilities
(b) Increasing the authorized Common stock from 146,700
Sinking funds
2,886,975
1,940,908 Reserves
exceeding 300,000 shares, without par value. with the proposed purchase
Deferred items
g such business in connection
(c) Transactin
Light & Power Corp..
$34,167,748
Total
$34,167,748
a majority of the outstanding stock of San Joaquin
Total
Water Corp.
W. of
Midland Counties Public Service Corp. and Fresno City
-Murray W. Dodge (V.-Pres. Chase Securities Corp.), C.
Directors.
Y. City; Walter S. Hammons
ley (Pres. Hanover Fire Ins. Co.), N. W. Watson Jr. (West & Co.).
H. P. Wilson, in a letter to the stockholders, Dec.
Pres.
S. Hammons & Co.), Portland. Me.; W. Canavan (V -Pros.). A. G.
N.
Pkiladelphia; Harley L. Clarke (Pres.), J. Francis E. Matthews,Chicago. 10, says:
controlling interest in San
Cooper (Sec.). W.C. Van Allen (V.-Pres.),
Extended negotiations for the acquisition of a been successfully consum-V. 119, p. 2764, 2077.
Joaquin Light & Power Corp. (of Calif.) have
stockholders.
only to due corporate action on the part of theto acquire not
-Earnings.
Corp. is
Utah Securities Corp. (& Subs.). 3 Mos.End. 12 Mos. End mated,subject
Under the terms of the agreement, Western PowerJoaquin Light ez Power
stock of San
all outstanding
Sept.30 '24. Sept.30 24. less than a majority of
Counties Public Service
PeriodCorp. and of its affiliated companies. Midland to be made partly in cash
Corp. Payment is
Subsidiary Companies
$2,701.917 $10,785.148 Corp. and Fresno City Water of 7% Cumul. Pref. stock.
Operating revenue
and partly in additional shares
1,365.516
through the issue and sale
Net revenue from operation
The cash requirements of the plan are to be metthe offering in due course '
s and by
Net addition to sur. after all deductions. ind. 4394,848
5823,786 of $6,000,000 30-Year 6Yi% Debenture
of 72,500 additional
interest and Preferred dividends
to the stockholders, both Preferred and Common. basis of one share of
n, on the
Utah Securities Corporation
$233,567 shares of Common stock of the corporatioof Preferred or Common stock
$52,655
shares
Gross earnings from int. & divs. received
44.777 new Common stock for each three
39.303
Satisfactory arrangements
Other income
held, the rights to subscribe being transferable.
bankers agree to purchase the Deben$278.344 have been made whereby responsible on to the additional Common stock.
$91,958
Total income
46.419 tures and to underwrite the subscripti
10,675
electric light and
Expenses, incl. taxes da int. on floating debt
The San Joaquin Light & Power Corp. system suppliesValley in central
in the great San Joaquin
$231,925 power without competitiongreater than the combined area of Massachu$81,283
Not income
, serving an area
$476,131 01,055.711 California
Island, New Jersey and DelaCombined surplus of Utah Securities Corp.& subs_
setts, Connecticut, New Hampshire. Rhode rapidly growing in population
territory,
the
for this period. ware. This great and prosperous
no deduction for renewals and replacements
Industrial activity, viewed from the standpoint of Co.
x There was
and agricultural and
Western Power
-V. 119, p. 707. 85.
vast undeveloped hydro-electric resources of the Great
as the appropriation is made only annually.
your interests.
- of Calif., constitutes a market of the utmost value to and earning power of
-Listing.
Company.
Virginia Railway & Power the listing of $100,000 addiThis acquisition will practically double the assets
The Phila. Stock Exchange has authorizedJuly 11934. making the total your subsidiaries, and it is confidently believed that common control of
due
tional 1st & Ref. Mtge. 5% Gold bonds,at Ppm. 10 $12,718,000. Reported these properties by your corporation not only will prove of great advantage
development and
amount of 1st & Ref. Mtge. bonds listed
to you as stockholders, but by reason of more rapid
119, p. 2288.
of more efficient and comprepurchased through the sinking fund, 81,667,000.-V.
- greater economy in operation, will permit
-Bonds Authorized.
Washington Ry. & Electric Co.has authorized the company hensive service to the public.
31 1923.
Consolidated Statement of Earnings 12 Months Ended Dec.
The District of Columbia P. U. Commission
-year Gold bonds. The
815,804.430
to issue $1,850,000 Gen. & Ref. Mtge. 6% 10 of $1,850,000 of Metro- Gross earnings
6,235,902
ce and taxes
of this issue is to finance the payment 1 1925.
purpose
Operating expenses, maintenan
4.418,673
which mature Feb.
politan Ry. Co. 1st Mtge. 5s,
of subsidiaries
no effort to dispose of the Interest charges ofsubs. az allowance for minority interest
1.582.282
It is understood that the company will make
stock dive.
their loaning Pref.
1,444.425
but the bonds will be hypothecated andp. 581.
issue at this time,
Depreciation (subsidiaries)
-V. 119.
ss.
390,000
-year debentures
value used in meeting the maturing indebtedne
Annual int. on (new)$6,000,000 634% 30
FD
-E. H. Rollins &
-Bonds Offered.
Western Power Corp.
98IA and int.,
Sons and Bonbright & Co., Inc., are offering atSinking Fund
-Year 63i%
to yield 6.60%, $6,000,000 30
Secured Gold debentures, Series "A."
on the first day of any
$1.733,148
Balance for Federal taxes and dividends
the cal-Federal income taxes of the total group charged during
Note.
endar year 1923 amounted to $369,224.
ed Balance Sheet as of June 30 1924.
Consolidat
San Joaquin Lt. West. Pwr.
& Pwr. Corp. Corp. & Present Total
Group.
Affil. Cos. Subsidiaries.
Assets$66.399.212 $72,918,857 $139,318,069
Fixed assets
13,076,571
4,375,270
Current assets (incl. cash with trust's) 8,701,301
9.460.534
9,352.684
101,850
Treasury securities
7.081,920
3,220.489
3.861,431
Deferred items
879,063,794 $89,873.300 3168.937.094
Totals
Liabilities
$39,311,100 $47.343.000 $86,654,100
Funded debt of subsidiaries
9,204,500
Prior Pref.stocks ofsubs, with public 9,204.500 10.436.584
12,461.584
_- 2,025.000
Pref. stocks of subs, with
public_Prof. stks. of subs, owned by W.P.
4.475.000
4,475.000
Corp
1.409.400
Common stocks of subs, with public_ 1.409,400
of subs. onwed by
Common stocks
10.941,100
10.941,100
W.P. Corp
10,006.488
3.590,380
6,416,108
Deprec. and res. of subs
4.094.580
1.366,872
2,727.708
Current liabilities
6.000.000
6.000,000
W.P. Corp. 6Si% Deben
9.592.500
9.592.500
stock
W.P. Corp. Pref.
W. P. Corp. Corn, stock (219,200
11.643.964
11.543.964
shs.) and surplus
Surplus of San Joaquin Lt. & Power
2,553.878
Corp. and affiliated companies_- 2.553.878
Dated Dec. 1 1924. Due Dec. 1 1954. Red.
and thereDec.
month on 60 days' notice at 105 and int, to and incl. year 11935.
or portion thereof
each
after at par and int, plus a premium of % forNew York. Chicago and San
of unexpired term. Int. (J. & D.) payable in
tax not exFrancisco, without deduction for any normal Federal income New York,
Bank of America,
ceeding 2%. Denom, $500 and $1.000 c*. the holders of these debentures
Corporation will agree to reimburse
trustee.
-mill tax and for
4
for
if requested within 60 days after payment,6% the Venn. per annum.
of such hit.
the Mass. income tax on Int. not exceeding
York, Dec. 12 1924.
Data From Letter of H. P. Wilson, New
Com-Organized in New York. Owns all of the outstanding , and.
Company.
California
Power
mon stock ($27,500,000) of Great Westernincrease Co. of
its capital. is acquiring
Subject to the action of its stockholders to
compan'el,
its
control of the San Joaquin Light & Power Corp. andthe affiliatedCity Water
Fresno
the Midland Counties Public Service Corp. and properties and earning
Corp. This acquisition practically doubles the
power it controls.
indeThe high-tension lines of the controlled companies, in the opinion of
er
pendent engineers, are susceptible •f interconnection into a super-pow
southern California, which, with the
system extending from northern to
and the vast facilities
hydro-electric plants developed and to be developedof more rapid developin use and in prospect for storing water, will permit
more comment, more efficient and economical operation and consequently
prehensive service to the people of California. will serve a population of
subsidiaries
-The operating
Business Field.
an area
about 1.700,000 in 24 counties in California, this territory having directly
of 49,858 square miles. In this field 115,468 consumers are supplied
power service.
and 11,000 indirectly with electric light and serves a large part of central
The Great Western Power Co. of California
distributCalifornia, with a population of over 1.400.000. Company ownsMartinez,
ing systems in San Francisco, Oakland, Berkeley, Sacramento, communi, Napa, Petaluma and Santa Rosa, and serves 22 other
Richmond
on
ties. The San Joaquin Light & Power Corp. serves without competiti
d, Sanger, Dinuba,
Merced, Madera, Fresno. Selma, Hanford, BakersfielSan Joaquin Valley.
es in the heart of the rich
and about 50 other communiti
-electric generating
-The electric properties include hydro
Properties.
stations with an installed capacity of 298.500 h. p. and steam generating
h. p., or a total installed
stations with an installed capacity of 122,000
hydro-electric
cspacity of 420,500 h. p. It is estimated that the combined1.250.000 h. p.
about
properties are susceptible of development to a total ofof high-tension trans1,798 miles
From those plants power is sent over which carry current directly to the
mission lines to the distributing systems
ng lines.
of
consumer through 108 sub-stations and 5,945 miles p., distributi 183,300
of which
760,000 h.
The present combined connected load is p. for industrial purposes, 99,900
Purposes. 295,000 h.
h. p. Is for lighting
25.500
h. p. for agricultural purposes, 11,750 h. p. for municipal purposes,
for cooking and heating
h. p. for transmission purposes, and 51,900 h. p. k.w.h.
was 1,040.742,206
purposes. The output for 1923
the Big Bend plant, 87,000
The principal hydro-electric plants includethe Great Western Power Co.
h. p., and the Caribou plant, 913,000 h. p., of
plant, 56,800 h. p., of the
of California, and, among others, the Kerckhoff
principal steam plants include
San Joaquin Light & Power Corp. The
Power Co. of Calif. in San Francisco and Oakthose of the Great Western
Light & Power Corp. in Bakersland, 50,000 h. p., and of the San Joaquin the latter plants power is generfield and Button Willon, 69,000 h. p. In
ated by the use of natural gas. has at Lake Almoner a present storage of
The Great Western Power Co.
height of the present dam
300,000 acre feet of water. By increasing the The San Joaquin Light &
It Is proposed to impound 1,250.000 acre feet.
has important storage in the Crane Valley Reservoir.
Power Corp. also
by far the greatUpon completion of the Lake Almanor project its storage,
of the
est in California. will be available to augment the power resources
entire State.
879,063,794 589.873,300 8168,937.094
Totals
acquisition by Western
These statements are after giving effect to the 0 Common stock of San
stock and 89.593.60
Power Corp. of $4.475,000 Pref
of Midland Counties
Joaquin Light & Power Corp.. all of the Capital stockstock of Fresno City
Public Service Corp. and over 99% of the Capital
purchase contract, which, however,
Water Corp., in accordance with the
-V.119.P. 2764.
provides for unimportant variations from these amounts.
-Resumes Dividends on Common
Winnipeg Electric Co.
Stock-New President.
of 1% on the outstanding $11.
The directors have declared a dividend
to holders of record
Feb.
000.000 Common stoeiK. par $100, payableon the1Common stock of this
Jan. 15. A distribution of 2% was made
Electric Ry.) in Jan. 1916; none since.
company (formerly the Winnipeg
the
George W. Allan, K.C., has been elected President of g Sir Winnipeg
Augustus
Electric Co. and the Manitoba Power Co., Ltd., succeedin
Wanton -V. 119, p. 2181.
-Acquisition.
Wisconsin Valley Electric Co.
The company has acquired the plant and holdings of the Rhinelander
(Wis.) Light & Power Co., which operates in Rhinelander, Crandon,
Monico. Pelican Lake and Elcho, Wis. The Wisconsin Valley company
plans to erect a high-tension transmission line to connect its systems in
-V. 118, p. 909.
Tomahawk and Rhinelander.
INDUSTRIAL AND MISCELLANEOUS.
-On Dec. 16 Arbuckle Bros. cut the price 20 points
Refined Sugar Prices.
to 7.30c. per lb. Revere Sugar Refinery reduced price 10 points to 7.60c,
On Dec. 19 the American, McCahan. National. Pennsylvania and Warner
companies reduced price 20 points to 7.30c. per lb.; Revere 10 points to
7.40c.
Price of Lead Advanced -American Smelting & Refining Co. made fur-"Wall street
ther advances in price of lead-to 9c.. 9.25c. and 9.35c.
News," Dec. 16, and "Wall Street Journal" Dec. 18. .A4
WW1
2882
THE CHRONICLE
Brass Prices Advanced.
-American
copper and sheet brass Mc.;seamless Brass Co. advanced price of sheet
brass tubes Mc., and bare copper wire
Mc. on Dec. 15 and 16.
-"Boston News Bureau" Dec. 16 and 17.
Flour Prices Advanced.-Minn
bbl. when sold in carload lots. eapolls prices advance 30c. to $8 85 per
-"Sun" Dec. 12. P. 39.
Two Hundred Employees of
Strike by Hatters' Omen BecauseOrange, N. J., at Manufactory Ordered to
Company Decided to Buy Semi
-Finished ats
and Confine Itself to Finishing Work
Only.
-"New York Times" Dec. 17, P.
35.
Miners in Connellsville Region Win Wage
Increase.
-Independent coal and
coke companies of the Connells
ville region after conference with miners
restored the wage rate of Sept. 11920, the
highest ever paid in the coke region. Increase is effective at once for
ConnelLsville Coke, Brierhill-Connells Bede Coal & Coke, ThompsonCoal & Coke. Oliver, Snyder, Steel, ville Coke, Eastern Coke, Orient
Steel companies. W.J. Rainey, Inc.,Buckeye Coal and Republic Iron &
will not place the new scale in effect
until Jan. 1.
-"Wall Street Journal
New England Mill Wage Reductio " Dec. 16, p. 10.
ns -Majority of mills in Lowell, Mass.,
announced cut of about 10%, effective
Dec. 29. The rate to be then
,
ffective will still be 110% above
the pre-war scale of wages effective from
March 1912 to Jan. 1916.
-"Boston News
Quidnick Windham Mfg. Co. cuts wages Bureau" Dec. 19, p. 2.
1214% in Willimantic, Conn.,
tnd Quidnick, R. I., mills.
-"New York News Bureau Assn," Dec. 15.
Matters Covered in "Chronicle" Dec. 13.-(a) Minneapo
lis office of War
P'inance Corp. ceases to function,' winding
Credit Corporation, p. 2713. (b) Minneso up of activities of Agricultural
ta Wheat Growers' Association
withdraws from American Wheat Growers Associat
'
ion, p. 2714. (c) Large
return from agricultural products
to reach 12 billion dollars; report during 1924-1925: gross income expected
of late Secretary Wallace, p. 2718.
Adams Building Trust, Washington, D. C.
-Bond
Offered.-Richardson, Hill & Co., Boston are offerin s
100 and int., $500,000 1st Mtge. 6% Sinking Fund g at
100 and int., $500,000 1st (Closed) Mtge. 6% Sinkin Gold
g Fund
Gold bonds. ,
Interest, payable M.& N.,
tax not to exceed 4%. Mass.without deduction for normal Federal income
income
able. Dated, Nov. 1 1924. 6% Nov. tax and Conn. 4 mill tax refundDue
1 1939. National Union Bank,
Boston, trustee. Red.by lot on
int. on or before Nov. 1 1934,any int. date on 60 days' notice at 105 and
and 103 and int. if thereafter. Denom.
$100. $500 and $1
Security.
-DirecMO. first mortgage
t closed
1335 F St., Northwest Washington, D.on plot of land situated at 1333 to
story and baiement office and mercantile C., 6,000 sq. ft., together with 7
building with stores to be erected
thereon.
• Appraisals.
-Land by Weaver Bros., Washing
George A. Puller Co. $425,000; total valuatio ton. $443.925; building by
n, $868.925.
Earnings.
-Net annual earnings by
or 2.4 times maximum bond interest. City Central Corporation, $74.000.
53% of
from long term leases to responsible tenants. the income is already assured
Sinking Fund.
-Mortgage will provide
a sinking fund aggregating
$162.500 to be deposited with the trustee, forsemi-annual
in
installments, for
the retirement of bonds at not to exceed
105 and int. if on or before Nov. 1
1934, and 103 and int. if thereafter.
[VOL. 119.
"Since the entry of the decree,
a co-operative concern owned the California Co-operative Canneries Co..
by
fornia, has intervened in the suit, growers and producers of fruit in Caliinvalid invasion of their contract asking that the decree be set aside as an
rights by preventing them selling their
products to the meat packers
as inconsistent and contrary under an established contract and, further.
meat packers as competitorsto the purposes of the law by eliminating such
the only purchasers for their for the purchase of their products, leaving as
products
itself, therefore, eliminated competit , the wholesale grocers. The decree
ors and thereby competition, contrary
to the policy of the law.
"In resisting this action, the wholesal
e grocers with whom the packers,
prior to the entry of the decree.w
is valid and its validity is to be ere in competition, assert that the decree
inferred and assumed by the court by reason
of the entry of the decree, and the
"This,if true, would mean that consent of the parties.
the decree is based on a violation of law by
the meat packers, for, to
law, proved or admitted. be valid, a decree must be based on a violation of
There was no such proof and, in the case of the
so-called "unrelated lines" there
was even no allegation by the Government
at any time that there was
any time admitted by theany violation of law. No such violation was at
meat packers, but, on the contrary, expressly
denied. The decree Itself stated that
the consent of the packers was given
upon the express condition that
admission nor should the decree their consent should not be considered an
or
adiudication of any violation of law the entry of the decree be considered an
on their part.
'Such a contention thus
denial of the very conditioninjected into the case, if upheld, would be a
under which the consent of the packers was
given and the decree was entered
and would give countenance to the loose
assertions that the decree
trary to the fact and thewas based upon a violation of law, which is conexpress condition under which the decree was
entered.
"This, we resist, and, in order
refuted, we have taken this action that such contention 'night be definitely
in the
In connection with the present action present proceeding.
it is pointed out that the Court of
Appeals has expressed the view
that
sustained if its effect is "to safeguar no decree of the lower court will be
d one public interest by the destruction
of another."
-V. 119, p. 2534, 2182.
Atlantic
Ice
er.,. Coal
Corp.
-Capital Increase.
A new issue of $1,000,000
the public. The proceeds willstock, it Is stated, is shortly to be offered to
be used to finance approximately half of the
$2.000,000 plant construction program
now in progress.
-V. 119, p. 2765.
Bendix Corp. (of Ill.).-Stock Sold.
-Paul H.
Co., Stein, Alstrin & Co., Chicago, and McClur Davis &
Reed, New York, have sold at $26 per share e, Jones St
40,000 shares
Class "A" stock (par $10).
Transfer
agent, Central Trust Co.
Union Trust Co., Chicago. Dividends of Illinois, Chicago. Registrar,
exemptfrom normal Federal income
tax under present laws and exempt from
perimnal property taxes when held
by residents of Illinois. In case of liquidat
entitled to distribution up to $25 per share,ion, Class "A" stock shall be
plus unpaid diva. at the rate
of $2 per share before any distribution
After Class "B"stockholders shall haveis made to Class "B" stockholders.
received $25 per share, any further
assets shall be divided ratably among
both classes of stock. Class "A'
stock shall be entitled to a cumulative dividend
of
Jan. 1 1925. After this payment in any year, $2 per share commencing
Aeolian-Weber Piano & Pianola Co.-Int. Div.
Class "B"
- entitled to a non-cumulative dividend of 50 cents per share.stock shall be
The directors have declared
Any
Prof. stock. payable Dec. 20an interim dividend of 2% on the 7% Cumul. distribution of divs, shall be divided ratably among both classes further
to holders of record Dec. 15. The regular share for share (i.e.,
of stock,
additional divs. of$1 per share
quarterly dividend will be acted upon at the
January meeting.
-V. 118. entitle the Class "A"stock to an additional $1 peron Class"B"stock would
• p.3200.
stock is convertible into Class "B" stock at any share, &c.). Class "A"
time at the option of the
stockholder, share for share.
Allied Chemical & Dye Corporation.
-Class"A"stock is red. at
The company is cited by the Federal Trade Commiss -Complaint.
ion for alleged vio- 60 days' notice, opportunity$40 per share plus dive. on any div. date, upon
lation of certain provisions of the Clayton Act.
being given Class "A" stockholders to
The
is based on the allegation that the respondent commission's complaint their Class "A" stock into (Mass "B" stock during such interval convert
. Both
stock or share capital of the following named corporation acquired the classes of stock are entitled to vote.
corporations: The Barrett
Co.; General Chemical Co.; The Solvay Process
Capitaliz
Co.; Semet-Solvay Co. Class "A" ation (No Bonds)Authorized. Outstanding.
and National Aniline & Chemical Co., Inc.
stock (par $10)
65,000 shs.
65,000 shs
The complaint states that the effect of
Class "B" stock (par $10)
a225,000 shs. 150,000 shs
stock of these companies is to sustantially respondent's acquisition of the
a 65.000 of the remaining 75,000 shares
lessen competition between such
reserved for conversion of the
corporations; to restrain commerce in various
articles, products and chemi- Class "A" stock.
cals produced by these corporations; and
Listing.
-Application will be made to list stock on the
to
Chicago Stock
a monopoly in various lines of commerc tend to create in the respondent Exchange.
respectively engaged, especially in the e in which the corporations were
chemicals and coal tar products
Data From Letter of Pres. Vincent Bendix Dec.
required in the production of dyes and dyestuff
15.
s.
-V.119. to• 1735.
Company.
-Is being organized in Illinois to take
and continue the business of Bendix Engineer over the principal assets
American Car & Foundry Co.
ing Works, Inc., also an
Illinois corporation, organized in 1920. Corporat
-Equipment Orders.
ion will own the entire
The company has received an
outstand
which were recently ordered by order for 2.000 of the 3,000 freight ears and will ing capital stock of Bandit Brake Co. (now Perrot Brake Corp.)
the Missouri Pacific RR. The order conown 75% of the outstanding capitalstock
*b4t of 1.000 box cars. 800 automobile box cars
Motors, Ltd., which operates through its subsidiaof International Gernandt.
and 200 automobile
ry,
furniture cars.
Corporation will own (subject to an outstand Gernandt Motor Corp.
The company has also received an order
ing onefor 300 mine cars from the royalties or other proceeds) more than 45 U. S. patentsfifth interest in
Pocahontas Fuel Co.
relating to the
-V. 119, P• 1955.
Bendix drive and the licensor interest
in the license agreement with the
Eclipse Machine Co. of Elmira, N. Y.,
which has the sole and exclusive
American Chain Co., Inc.
-Balance Sheet.
manufacturing right under these patents.
Corporation will also possess
rights
Sept. 30'24. June 30'24.
Sept. 30'24. June 30'24 drive. of substantial value in respect of foreign patents covering the Bendix
Assets$
Liabilities$
$
Plant aects., less
The corporation, through its subsidiary,
Class"A"8% cum.
has acquired (subject to the
depreciation_ _ _ _12,462,689 12,560,047
license to the General Motors Corp.)
particIpat. stock 8,750,000
exclusive manufacturing rights for
.Patents, licenses,
Common stock. x1,000,000 8,750,000 the United States covering the Perrot 4-wheel mechanical braking system.
•
, drc
This system is standard equipment on
1,789,759 1,827,816 Minority stock_ __
a large proportion of cars built
140,380
170,800 Europe, where it has been
Cash
1,640,122 1,858,806 Deb.
thoroughly tested and has proven its worth.in
Recelv. less res've 5,227,426 4,707,454 Pur. 65, due 1933. 7,178,000 7,178,000
The
,
mon. obllg's_ 1,070,000 1,064,000 ment General Motors Corp. is using Perrot braking parts as regular equipInventories
on Cadillac, Buick and
5,884,588 6,209,658 Notes payable..
250,000 the licensor interest wherein Oakland cars under a non-exclusive license,
Outside investmls
8,913
9,183 Accounts payable. 640,375
will be assigned to the Bendix Corp.
387,332
Bonds and stocks
In addition to the Perrot patents, the
Accrued items_ ___ 534,927
corporation or its subsidia
643,719 own or control more than
at cost
75,885
40,075 Reserve for Class
40 patents and patent applications on ry will
4 wheel
brakes, including mechanical, hydrauli
Deferred charges_
. 633,499
601,741
"A"dividends._ 525,000
c, electrical, vacuum, air system
350,000 and various improvements
connected therewith.
Surplus
7,884,199 *9,020,929
The Bendix Brake division of the corporation,
with the proceeds of this
financing, plan immediate production of 4
Total
27,722,881 27,814,780
Total
wheel brakes on a
27,722,881 27,814,78 and it is believed
this branch of the business will prove extremel large scale.
x Represented by 250,000 shares of no par value.
y profitable.
* Common stock and
The Gernandt Motor division of the Bendix
surplus represented by 250,000 shares of Common
Corp. has developed a
no par value.
-V. 119, small Diesel engine, which operates without carburet
P. 2765. 1955.
or or electrical ignition
devices, using distillates and other cheap
grant licenses have been made with the grades of fuel. Agreements to
American Real Estate Co.
-Payment.
other interests to build these engines on International Harvester Co. and
Walter C. Noyes and Alfred E. Marling, receivers, are
making another many u.ses for such an engine in tractorsa royalty basis. In view of the
5% distribution to the company's stockholders, making
, marine equipment and general
15% since the receivers were appointed. A letter sent total distribution automotive fields, and due to the low cost of operation, it is believed
that
to
says: "The order authorizing such payment directs that the bondholders with proper development this division should also prove exceptionally
the fact of such profitable.
payment be stamped at the time of payment upon the
bonds.'
Purpose.
In view of this bondholders have been requested to send
-The securities to be presently issued will
be used In connection
their bonds to with the acquisition
the receivers in order that the same can be stamped
of the above mentioned assets and to provide
and checks for the capital.
working
dividend mailed.
-V. 114, p. 1655.
Earnings.
-For the 2 years ended June 30 1924, after
deductions for
depreciation and Federal taxes, but before amortiza
American Screw Co. Providence, R. I.
-Extra Div.tion of patents, average
net earnings adjusted to show the elimination
The directors have declared the regular quarterly dividend
of all items not applicable to
of 1M % and the new company, were
an extra dividend of 1%, both payable
in excess of $263,00
Jan. 2 to
An extra of like amount was paid Jan. 2 1924.-Vhqjders of record Dec. 22. dividend requirements on the Class "A" stock.0, or more than twice the
. 117, p. 2774.
derived principally from royalties on the BendixThese earnings have been
drive, and
uniform
American Smelting & Refining Co.
The Bendix brake is now entering producti are of a very
-To Receive Div.- increase nature.consider
on and should
The Premier Gold Mini
profits
ably.
Ltd., of British Columbia, in which the
Dividends.
Am. S. & R. Co. owns 52 Co.,he outstanding
-The Class"A"stock bears cumulative dividend
of
s from Jan. 1
(par $1), has declared a dividend of 8 cents per $5,000,000 capital stock 1925 at the annual rate of $2 per share, and the
directors have signified their
share, payable Jan. 3 to Intention
holders of record Dec. 25.-V. 119, p. 1839.
of placing the stock on that dividend basis, the
initial quarterly
dividend of 50 cents per share to be payable
at an early date.
American Sugar Refining Co.
-Directors of National the Class "A" stock enjoys certain participating privileges. In addition,
Sugar Refining Co. Approve Sale of Company to American.
See
National Sugar Refining Co. below-V.119, p. 2765.
Armour & Co. (MO.
-Consent Decree Is Challenged in
Court Action Brought by Packers.
-
Bessemer Limestone & Cemen
-Resumes Corn. Div.
The directors have declared a quarterl t Co.
stock. This is the first dividend on the y dividend of 134% on the Common
issue in 4 years.
-V.113, o. 2822.
Bernheimer-Leader Stores, Inc.
-Notes Offered.
-Alex.
Brown & Sons, Frank B. Cahn & Co. and Fidelity Trust
In a statement to the public,
the company tell of the present action to set
Co.,
aside what is known as the Packers'
Consent Decree. Under the decree, Baltimore, are offering at 100 and int., $800,000 5
recorded on Feb. 27 1920, the packers agreed
-Year 6%
to cease handling certain com- Secured Gold notes.
modities in competition with wholesal
e grocers and to retire from certain
Dated Jan. 1 1925; due Jan. 1
other lines of business.
1930. Int. payable J. & J. without deduction for any normal Federal income
While the decree itself is being carried
tax up to 2% per annum. Principal
out actually and effectually by the and int, payable
packing concerns, the court is asked
at Alex. Brown & Sons, Baltimor
to
and if so, whether or not any modifica decide whether the decree is valid, $500. Callable at any time on 30 days' notice at e. Denoms. $1,000 and
102 and
tion of It should to made. The com- Jan. 1
pany's statement reads in part:
1927: premium thereafter decreasing 14% per Int. up to and incl.
annum or fraction
thereof. Fidelity Trust Co..
.Baltimore, trustee.
2883
THE CHRONICLE
Doc. 20 1924.]
Outstanding.
Authorized.
Capitalization*$1,200,000
$2,400,000
Mortgage bonds
800,000
800.000
6% secured notes (this issue)
7% Cumul. Pref. stock (par $100)
45,000 'sills.
50',000'abs.
value)Comn
stock (no par
7% Series A. outstanding $1,000,* In addition to the $1,200,000 bonds,issued and pledged as collateral to
000 bonds, 7% Series B, will have been
secure these notes.
Bernheimer's and the
-Formed in 1923 by consolidation of most important retail
Company.
Leader, two of the
Cahn. Coblens Co. trading as The the former having been in business 35
department stores in Baltimore,
years and the latter 18.
southwest corner of
-Company Is erecting a new building at the
Purpose.
most important retail section of BalHoward and Lexington Sts., in the be one of the leading department stores
timore. This building is designed to including equipment, approximately
in Maryland, and is expected to cost,
$1.900,000.
of the largest holders of the ComTo supply funds for this purpose, some d at par an issue of $550.000 7%
purchase
mon stock of the company nave this stock, together with cash on hand,
Cumul. Pref. stock. Proceeds of
should be more than sufficient to
and the proceeds of this issue of notes,
complete and equip the building. $1,000,000 Mtge. bonds. 7% Series B,
d by pledge of
-Secure
Security.
due Aug. 15 1943.
the company, or its prede-Average annual net earnings of before depreciation and. FedEarnings.
cessors, for the five years ended Jan. 31 1924.
present ifxed interest charges, including
eral taxes, were over 2;4 times total 672.
-V. 117. p.
interest on these notes.
-201h
Corporation.
-Earnings.
Bridgeport Machine Company.
Income Account for'6 Months Ended Oct. 31 1924.
Irirsales,$494,996; rentals, $144,624; total income
Cost of sales
Expenses and other deductions
Preferred dividends
Adjustments
Surplus
-V.118. p. 2441.
$639,620
394.024
179.205
18.654
4,495
$43,242
-To Offer 400,000 Shares of
Briggs Manufacturing Co.
Stock.
of the company will be made on
It is expected that the offering of stock
Lynch & Co.. Hornblower &
Birthday.
Bethlehem Steel
of Dec. 10. a bulletin
President E. G. Grace in the "Bethlehem Review"
cos. of the corporation. says:
of news for the employees of the sub.success is founded on a big idea.
which attains great
Every business
Idea of supplying commercial
Bethlehem Steel Corp. was founded on the
section of the United
steel to the rapidly growing market in the eastern
States.
on our 20th birthday, BethThat idea has been carried out until to-day,
as in 1904. when the corehem has a steel capacity over 60 times as great plants and modernized
new
poration was formed. Bethlehem has acquired
ation lines and
purchased raw material deposits and transport products in the
old ones;
lines of steel
integrated its properties so as to produce various
districts ready to consume such production. want to congratulate the men
On this 20th birthday of our company, I
Some of us have been with
whose efforts have brought about this progress. was formed, while others of
on
Bethlehem since before the present corporatiBethlehem's activities. Both
development of
us have come in with the
of that spirit which has
have played important parts in the development
industry.
given "Bethlehem" its present place in in our history, yet I am sure we
We have reached one turning point
will rival that made since
stand on the threshold of a new progress whichgive to Bethlehem the best
us. If we
1904. That new progress depends oncollectively, of which we are capable,
effort and thought, individually and
given In the past 20 years,
the same kind of thought and effort we haveprosperity of our business.
there is no doubt about the future growth and
2650.
V. 119. p. 2765.
Merrill.
Monday by a syndicate headed by W. Seligman & Co. The stock to be
Weeks, Hallgarten & Co. and J. &
of a total of 2.000,000 shares
offered consists of a block of 400.000 shares out
will be made at $39 per share,
outstanding. It is reported that the offering This is the first public offerat which price the yield on the stock is 8.90%.block having been purchased
the
ing of the company's stock ever made, financing for the company.
from individuals and involving no newurer of closed automobile bodies in
The company is the largest manufact
Mich. It has shown a substanthe world with extensive plants in Detroit.business, 15 years ago. To-day
in
tial profit in every year since it startedyear and net tangible assets in excess
earnings are over $11,000,000 a volume of business in 1925 should
the net
of $23,000,000. It is expected that the
will be Inaugurated at the
approximate $125.000.000 and that dividends
11111114divkak
rate of $350 annually.
yn, N. Y.Bond & Mortgage Guarantee Co., Brookl
66 2-3% Stock Dividend.directors that a special
to the
Tho executive committee has recommended
increasing the capital stock from
stockholders meeting be called to vote on
new stock as a stock
$10,000,000 and the issuance of the record Jan. 21.-V.
$6,000.000 to
holders of
dividend of 66 2-3%. payable Feb. 5 to
• 118. p. 554.
p.
Philadelpliia.---Eguipment Order.
G.) Brill Co.,
Philadelphia Rapid Transit
The company has received an order fromethe April next. These cars will
in
Co. for 100 new cars, delivery to commenc cost wifi be about $1.200.000.be of the single-end, centre-exit type. The
V. 118, p. 1669.
-Final and InBritish-American Tobacco Co., Ltd. 30 1924.
Divs.-Earnings for Year Ending Sept.
terim
to the shareholders at
nd
The directors on Dec. 18 decided to recomme 19 of a final dividend of
the annual meeting on Jan. 12 the payment on Jan.issued Ordinary shares.
the
2s. per share free of British income tax upon an interim dividend of 10d.
Jan. 19
The directors also decided to pay onissued Ordinary shares, free of British
per share for the current year on the
tax.
Income
after deducting all charges
Net profits for the year ending Sept. 30 1924
and providing for income tax and
and expenses for management, &c. officially reported as £4.866.266, as
profits tax are'
British corporation
After paying the final dividend
against £4,494,972 for the previous year. £3,914.115. as against £3.531.845
of 2s. per share the carry forward will bep. 945.
119,
-V.
14s. 7c1. for the previous year.
-New President.(The) Brooklyn (N. Y.) Daily Eagle. to succeed the late
elected President
Herbett F. Gunnison has been
M. Gunnison has been elected
William Van Anden Hester. Raymond
Jr. has been elected SecreVice-President. William Van Anden Hester by the death of his father.
to fill the vacancy caused
tary and also trustee
p. 459.
-V. 119,
Harris M. Crist is Treasurer.
-Earnings
Caddo Central Oil & Refining Corp.
-Accompanying the
Progress by Reorganization Committee.
Sept. 30 is
earnings statement for the nine months ended
-President Byfield .a letter to stockholders and bondholders by Vice-President
Mills Inc.
(Daniel) Boone Woolen
-Proposal to Change Par J. D. Williams, which says:
• Presents Proxies Giving Him Control
the final net income was
For the three months ending March 31 1924 and September quarters
Value of Stock Rejected.
Byfield received
but the deficit for the June
slightly over $61.000.
$306,052 for the
was approximately $366,000, leaving the final deficit of
and reserves.
nine months, after deducting accrued bond interestting, but a condition
ly disappoin
These results have been exceeding
of the meagre prodeveloped during the second quarter which, in viewe to conduct business
duction which this corporation owns, made it impossibl in spite of the fact
during the spring and summer on a profitable basis,
shows an increase of
that the net revenue per barrel of crude produced
in 1923. while
.045 cents for the ten months of 1924 over the same period
general expenses have been cut over $20.000.
of crude
quarter there was heavy over-production in April.
-Sale.
During the June
Boston-Montana Corporation.
the cold weather
entire property at fore- and refined products, largely as a result of of gasoline consumption to
William D. Kyle, special master, will sell the
Jan. 19 next. The May and June and the subsequent failure
closure sale at the company's office, Coolidge. Mont.,
been anticipated earlier in the year.
develop during these months, as had zed by the sharp decrease in industrial
upset price is fixed at $100.000.-V. 118, p. 2953.
and this situation was further empahsi
Dividends on activity and railroad traffic, which brought about a similar reduction in
-To Pay
Bowman-Biltmore Hotels Corp.
the use of fuel oil.
companies maintained
• Second Preferred Stock.
In spite of these obvious conditions, the larger was necessarily forced
corporation
of the dividend earned
The directors have ordered the payment in fullvalue, and also the pay- prices of crude until July, and thiscrude in order to maintain its trade
for
to Dec. 31 on the $5 Cum. 2d Prof stock, no par on the 1st Prof. stock. to pay the prevailing high prices its customers.
both with producers and
ment of the regular quarterly dividend of 1;£% 16
took place during July and
The payment position
to $4
The readjustment in crude prices whichline with the prevailing prices
' Accumulations on the 2d Pref. stock amountmade on 2-3. 2d Pref. Issue.
the
which brought the price of crude more into and prices of refined products
of this amount will be the first distribution 119. p. 2413.
its effect
for refined products, is now having
the March
Both dividends will be payable Dec. 31.-V.
ent, though still much lower than during
-Bonds Offered.-Hayden, show shome improvem
Bridgeport(Conn.) Brass Co.
quarter.
our present operating problems
company in
dividend action of some of
'Stone & Co., Boston, and IIincks Bros. & Co., Bridgeport, is That we are not without good
evidenced by the financial statements and
Conn., are offering at 99 and int., yielding 6.60%,$1,500,000 the larger companies.
1 1924 has not been paid
The bond interest due Jan. 1 1924 and on July
Sinking Fund Cola Debentures. A circular
Cony. 6
March 1 and Sept. 1 and. the
but the interest due on Car Trust certificates
have been paid, thus preon those dates
shows:
& D. in New Car Trust certificates maturing
the tank cars for the benefit
• Dated Dec. 1 1924; due Dec. 1 1939. Int. payable J.
serving intact the corporation's large equity in
of the company's
York. Boston and Bridgeport. Denom. $500 and $1,000c5. Red., all of all concerned and permitting the uninterrupted shipment
notice, at 105 and int.,
on 90 days'
or part, on or before Dec. 31 1930 year or fraction thereof expired since products.
readjustment
thereafter at ;4% less for each
s emphasize the necessity of a drastic e was formed
and
All these condition
income tax
committe
Mass.
1930. Conn. four mill personal property taxn and normal 6%
of the capital structure. In May a reorganization of reorganization was
Federal income
plan
refunded. Interest payable without deductio fort, trustee.
and at a recent meeting of that committee a
of old securities for
tax up to 2%. First National Dank of Bridgepor with a paid in capital tentatively agreed upon which calls for the exchange constituting a first
bond issue,
Company.-Incorpomted in Connecticut in 1865 l issue of
securities in a new corporation, and a new the purpose of raising $500,000
$250.0M of
of the corporation, for
$150,000. With the exception of one additiona
of
cracking plant, partly
financing, the company's lien on the property
stock sold at par in 1903 and of the proceeds of thisresult of earnings turned new cash, to be expended partly for erection of a balance for additional
the
present asset position of over $6,000,000 is the
for the development of retail business, and
busbies].
back Into the
working capital.
contain
reached a tentative valuation
Its two principal plants located in Bridgeport. Conn., 22 acres,over
The reorganization committee has likewise concern, of about $3,000.000
and
a land area of over
70.000 sq. ft. offloor space and occupy mill construction.
of the assets of the corporation as a going by the present management.
concrete modern
are mostly of brick or
which coincides with the valuation as estimated
sheets,
d by the reorganization
Company manufactures brass, copper and bronze le and strips, and
It is hoped that a definite plan will be submitte the near future, and
le
and stockholders in
coils, brass and bronze rods, trolley wire, automobi tubularmotorcyc
be lint
plumbing committee to the bondholders
le accessories,
with such unanimous approval that it can
pumps, oil and grease guns, automobi
on
numerous specialties. It numbers that this plan will meet
supplies. screw machine products, andknown consumers of these products promptly into effect, as it is believed that the income of the corporati
expenditure of new cash and
s many nationally
the proposed
among its customer
50 years as one of the country's can be largely increased byfoundation for future growth and development.
and in fact has been recognized for over
placing the lousiness on a solid
important factors in the brass trade.
Car Corp.).
Earnings of Corporation (Including Caddo Tank
-For the nine-year period 1915-1923 inclusive, the company's
Earnings.
,
Qua?, end. 9 mos.end.
have averaged $493,065 annually
Qua?. end. 9 mos.end.
net earnings available for interest chargesof $97,500 on these bonds. For
• Sept. 30'24 Sept. 30'24
30'24 Sept. 30'24
the interest requirement
Sept.
or 5.05 times
tank car
3.68 times the require..
was
the year 1923 the available figure Doc.$359,148 or two months estimated) Gross o per. rev_ _ _S1,386,011 $4,628,362 Adjust. of
(last
rental accr. prior
Oper. expenses... 1,357,084 4,357,336
spent. For the three years ending . or 31 1924
$8,760
2.45 times such interest charges.
to June 30 1924_
$239,226
average net earnings were
-An annual sinking fund of $50,000, or of 15% of the
Oper. revenue__ $28,927 $271,026
Sinking Fund.
22,982 Total Inc. before
7,774
not earnings, whichever is greater, will be applied to Sundry charges...
preceding year's
- - s1s.s88 $287,032
s.
taxes&
the retirement of these debenture the holder, these debentures may be
90,694
34,819
-At the option of
Inc. from oper. _ $21,153 $248,044 Res. for taxes__ __
Convertible.
35,320
into Common stock of the company at $120 per Invent. adjusts._ _ Dr.15,817
converted at any time
of $100 par value stock
tr. oper.det$19,131 $196,438
shares
Net Inc.
share, or. in other words at the rate of 8 1-3
Has,for depr.dept.
for each $1,000 par value of bonds.
as necessary to the retire60,000
240,000
85,337 8283,364 & adjustments..
Sub-total
-The proceeds will be applied so far entirely free from current
Purpose.
Acer,int. on bonds
meet of notes at maturity, leaving tho company ordinary accruals. In Caddo Tank Car
87,497
not paid
262,469
3,668
3,591
inc.__
than accounts payable and
Corp. net
indebtedness other
for plant extensions and the
addition approximately $400,000 will be used
Deficit after ded.
of important manufacturing improvements and for addition
introduction
charges
6166,628 3306,062
$8,928 $287,032
to working capital.
paying capital stock of a
Equitg.-The Issue is followed by divided sold very much above par,
-The earnings as shown above are prior to deduction for depreNote.
0, which has always
par value of $2,000.00
ciation, depletion or provision for abandoned leases or other adjustments.
and by a surplus of $1,905,000. There are net tangible assets, therefore, except for the amounts as shown above. set up during the periods. as
of Debentures.
to the amount of $3,505 as protection for each $1,000 118. p. 2183.
-V. 119, p. 1067.
reserves for these items.
-V.
$2.000 per $1.000 bend.
Not quick assets alone equal
President Joseph
At a stock holders' meeting on Dec. 16 Byfield, Eugene Byfield, Frank
Joseph
enough proxies to give him control. elected directors. Frank Schoenfeld
and Frank E. Wolf were
Solomon
elected directors, Eugene Byfield and
• resigned from the board. After being
unable to serve. Russell Bonynegy and
Frank E. Wolf said they would beplaces.
were elected in their
D. 0. Appel
value of stock from $25 to $5 per share,
The proposals to reduce the par increase the board of directors from 7 to
to sell stock to employees, and top.2765.
V. 119,
9 were rejected. See also
2884
THE CHRONICLE
[Vol.. 119.
(W. M.) Cady Lumber Co., McNary, Ariz.
-Bonds
Offered.-Sutherlin, Barry & Co., New Orleans, are offering
at prices ranging from 100 and int. to 101 and int. according
to maturity, $1,000,000 1st Mtge. Guaranteed 7% Serial
Gold bonds. A circular shows:
These expenditures, together with heavy losses
during the years 1920-1921
and 1921-1922, due to the collapse of the
sugar
company with a total indebtedness as of Oct. 1 market, have left the
1924 of $4,450.000, and
an operating deficit of $399.774. Of
been carried by the President and his this indebtedness $2.450,000 has
associates and
pledge of $2,000.000 1st Mtge. bonds of the company. is secured by the
Smith & Ames, consulting engineers. Havana, valued
the property as
Other bankers making the offering are Canal
-Commercial Trust & of Jan. 1 1924, exclusive of value of cane plantings, atr $6,178,575. In
Savings Bank. Gulf Finance & Securities Co.Lewis H. Stanton
& Co., spite of the equity shown by this appraisal, it is necessary to eliminate the
S. A. Trufant, Moore, Hyams & Co., Inc. 'Watson,
deficit, and to pay off through the sale of stock
Williams & Co., of
a substantial proportion
Gladney & Watson, Eustis & Jones, St. Denis J. ViIlere and Wheeler
the
& credit indebtedness in order that the company may command reasonable
Woolfolk, all of New Orleans.
for its normal operating requirements.
Dated Dec. 1 1924; due serially $100,000 each Dec. 1 1925 to
The officers have given careful consideration to the
1934 both
means by which
incl. Denom.$1,000,$500and $1000. Principal and hit.(J.
& D.) payable the necessary financing can be accomplished. The first and most essential
at the office of the Canal-Commercial Trust
step to accomplish is the sale of
La., trustee, or the National Park Bank, N.& Savings Bank, New Orleans, an issue of Pref. stock which stock. It is proposed, therefore, to create
Y.City. without
will carry 8% cumulative dividends. will
any Federal. State or other income tax which may be requireddeduction for be redeemable at $110 and
entitled to the benefit of a sinking fund based
or permitted
to be paid at the source. Red. all or part on any hat, date upon
upon annual net
notice as follows: during 1925 to 1927 incl. at 104 and int.; during 60 days interest and Pref. earnings of the company remaining after payment of
stock dividends, such sinking
1928 to
to be applied to the
1930 incl. at 103 and int., and thereafter at 102 and int.
redemption of Pref. stock or to its purchase infund market
the
at nor more
Compang.-Is one of the most successful manufacturers of yellow pine than redemption price.
lumber. Organized in Louisiana in 1911 with a capital of $200.000. Capital
The Common stock now has
Increased in 1915 to $800,000 and during the period, 1911 to 1923 inclusive. a very much lower price in the a par value of $50 a share but commands
market. In order to make Common stock
company manufactured and marketed approximately one
of avallable for sale at
lumber. Having exhausted the stumpage on its Louisianabillion feet in that the par value ofa price in line with market conditions, it is proposed
the Common stock
properties
1923. Messrs. Cady, McNary and Smith and associates, the principal the total par value of Common stock be reduced to $10 a share so that
owners, acquired the entire paid-in Capital stock amounting to $3,200,000 Instead or $2,500,000 as at present. outstanding will become $500,000
From the surplus so created the
of the Apache Lumber Co. of Cooley (now McNary) Ariz. Shortly after deficit will be written off.
the name was changed to W.M.Cady Lumber Co..and the capital increased
Company will also authorize the
to $4,000,000; the additional capital being used for necessary additions and at not less than the new par value issue from to time of Common stock
of $10 a share. At the same time there
Improvements to the plant and for additional working capital.
will be authorized an issue of 20.000 shares
of 8%
Purpose.
-Funding company's first mortgage notes maturing in 1925 and (par $100). The sale of this $2,000.000 new Pref. Cumul. Prof. stock
stock for cash at par,
1926, issued in part payment for the purchase of the property.
together with $500,000 of new Common stock at
par, will be underwritten
Securily.-Direet first mortgage upon all assets (except bills and ac- without expense to the company by E. F.
counts receivable and manufactured products), the entire plant and equip- proceeds of the sale of this stock will reduceAtkins and his associates. The
the indebtednes
ment consisting of a 3 band sawmill, power house and machinery, planing
The $2,000,000 of new Pref. stock and $500,000 Commons by 82,500.000.
stock (par $10)
mill, box factory, machine shops, narrow gauge railroad. 30 miles main will be offered proportionately
to the stockholders at par in units of one
line, standard gauge log railroad, locomotives, water and sewer system, share of Pref. stock and 216 shares of
over 100 dwellings and residences, bank, hotel and hospital buildings and per unit. By availing themselves of Common stock for the price of $125
stock in Apache Ry.(book value $586.500). showing a total book value of offered, stockholders will be able to the right to purchase the stock so
maintain unimpaired their respective
equities in the business. Stockholders
$3,606,469.
The mortgage includes certain contracts with the U.S. Government which of the new Prof. stock will receive thewho do not take their proportion
cover the sale to the company of over 640,000.000 ft. of virgin
as they now hold, but such stock will same number of shares of stock
timber immediately adjacent to the plant, at the average price standing lieved, however, that the beneficial be of reduced par value. It is beeffect of this financing will increase
per thousand feet B. M., payable monthly as the timber is cut. of $3 40 the value of their holdings.
Guaranty.
-Principal and interest unconditionally guaranteed
The taking of these measures will
Cady and B. E. Smith. individually and separately, who haveby W. M. and from the largest item of current relieve the business from all deficit
liabilities
statements showing a financial worth of over $500,000 each in furnished in the near future the funding of the remaining and should make possible
excess of
indebtedness.
their interests in the company.
The financial report covering the
Earnings.
-The ownership and management of the company is identical given under "Financial Reports" on a 14 months ending June 30 1924 is
preceding page.
-V. 117. p. 1989.
with that of the W. M.Cady Lumber Co., which operated in Louisiana and
Which earned and paid during the period 1915 to 1923 inclusive, an average
Carolina Public Service Co.
-New Control.
annual dividend a $600,000 or 75% annually upon its capitalization, and
See United Ice Service Co. below.
-V. 114, p. 2120.
paid during its 13 years operation in Louisiana 825% dividends on its c,apital
Investment. Past earnings, therefore, have been at the rate of approxiCentral Leather Company.
-Bonds Sold.
-Kuhn,
mately 83 times interest requirements for these bonds.
Loeb & Co., Bankers Trust Co., Kidder, Peabody & Co.,
Sinking Fund.
-Mortgage provides that company shall pay into
shaking fund concurrently with its monthly payment to the Governmentthe Heidelbach, Ickelheimer & Co. and Dominick & Dominick
for
,
timber used the sum of $2 per 1.000 feet of lumber B. M. cut,
than one-twelfth of the amount of each annual maturity of thisbut not less have sold at 95 and int. to yield about 6.45%,$15,000,000
bond issue. 20
-Year 6% 1st Lien Sinking Fund Gold bonds. Due Jan.
The funds so paid to be used only to
can price upon sixty days published retire these bonds at maturity or at the 1 1945. Central Leather Co. 1st Lien 20
notice.
-Year 5% Gold
Canada Dry Ginger Ale, Inc.
-Dividend on "A" Stock.
- bonds, due April 1 1925, will be accepted on a 33.% int.
basis in payment for bonds allotted, provided that notice of
the amount of such bonds to be tendered in payment is given
not less than 5 days prior to the date fixed for delivery of
Canada Iron Foundries, Ltd.-Bal. Sheet Sept. 30.and payment for the new bonds. Preference in allotment
1924.
1923.
1924.
1923.
will be given (to the extent determined in each case to be
Assets$
Liabilities
Real estate,
Common stock__ 1,598,900 1,598,900 feasible by the bankers) to subscribers who agree at the time
lugs, machinery
Pref. non-cum.stk. 3,877,800 3,877,800 of subscription to make payment in 1st Lien 5%
&
bonds on the
4,612,998 6% 1st M. deb.
Cash
119,029
37,987 stock
6689,702
715,702 afore-mentioned basis.
Bills& accts. rec.
The directors have declared the regular quarterly dividend
share on the Class "A" stock, payable Jan. 15 to holders ofof 75 cents a
record Dec.
20. Like amounts were paid Aug. 15 and Oct. 15 last.
-V. 119. p. 328.
444,307
809,996 Accounts payable,
Mac's & supplies_ 684,854
761,118
wages.
91,982
272,505
Govt.& oth.invest 1,464,638 1,110,605 Dividend&c
payable_ 116,334
77,556
Call loans
75.000
Reserve for taxes &
Unexpired insur.,
unadJ.clalma.
39,715
35,837
taxes, dic
55,302
45,557 Deb.sink.fund... 121,395
97,116
Reserve fund
700,000
700,000
Tot.(eachside)_ 7,254,981 7,378,261 Surplus
19,154
a Plus additions,less depreciation and realizations to date. b Authorized
$1.000,000; issued and fully paid, $809.298; less $119,597 redeemed through
sinking fund.
The usual comparative income account.as published in V. 119. p. 2766.
interest payatle J. & J. 1. Denom. $1,000 c*r*. Entire issue. but not
any part thereof, may be redeemed at 105% and int. on any int. date upon
42 (Ilya' notice. Bankers Trust Co., Now York, trustee. Both principal
and interest of the bonds will be payable in gold coin of the United States of
America of tr• equal to the standard of weight and fineness existing on Jan. 1
1925, and without deduction for any tax, assessment or other governmental
charge (other than Federal income taxes) which company or the trustee
may be required to pay thereon or to retain therefrom under any present
future law of the United States of America, or of any State, county, or
municipality or other taxing authority therein.
Listing.
-Application will be made in due course to list these bonds on the
New York Stock Exchange.
Canadian ExplosivesLimited.-New President.Data from Letter of Pres. Hiram S. Brown, New York, Dec. 12.
J. W. Purvis has been elected President and General Manager, effective
Purpose.
-To provide fund.s, which together with available cash In treasJan. 1 1925. Mr. Purvis will succeed William McMaster as President and ury, will be used to
retire 818.835,050 1st Lien 20-Year 5%
bonds,
F. S. Lankford as General Manager.
-V. 119. D. 815.
which mature on April 1 1925. The maturing bonds are part (toldoriginal
of an
Psue of $36,703,150 of which 817,928,100 of bonds have heretofore been
Caracas Sugar Co.
-Capital Reorganization.
-The stock- acquired by the .company by the use of funds received partly from the
holders will vote Jan. 19 on approving a capital reorganiza- stumpage account of its timber properties and partly from earnings and other
no part of
tion plan which provides for the elimination of the existing sources andits inceptionwhich has been provided by new financing. Company, since
In 1905, has never issued any bonds other than this
deficit and providing the company with reasonable credit maturing issue.
Company.
-Is the largest and leading factor in the heavy leather industry
for its normal operating requirements. The stockholders of the United States, owning
approximately one-third of the tanning cawill vote on:
pacity, and marketing about the same proportion of the total
volume of
(a) Reducing the par value of the capital stock from $50 per share to sales of the country. Company also owns and operates extensive and very
10 _per share, thus decreasing the authorized capital stock from $5,000,000 profitable hemlock and hardwood lumber properties in Pennsylvania
to
$ $1,000.000 and decreasing the issued and outstanding capital stock Wisconsin, a glue manufacturing company, and two railroad properties.and
It
owns, also, a controlling interest in one of the large upper
from $2.500,000 to $500,000.
leather manufacturing companies and has other investments.
(b) Authorizing an issue of $2.000.000 8% Cumul. Prof. stock (par
to be redeemable at 110 and entitled to the benefit of a sinking $100)
Sanderson & Porter, engineers, who have made an extensive investigation
fund of the
based upon the annual net earnings of the company remaining
business and properties of company and its subsidiary and
of interest and Pr f. stock dividends. such sinking fund to after payment companies, have reported that,in their opinion, based upon pricescontrolled
,
be applied to
and costs
the redemption of Pref. stock or to its purchase at the market at not more prevailing Dec. 31 1923. the company should receive from its Pennsylvani
a
than the redemption price, to entitle the holder thereof to ten vote for and Wisconsin timber properties alone, operated as commercial lumbering
and pulpwood properties, more than $25,000,000 (before Federal
each share of such stock held by such holder.
Income taxes) before their exhaustion and prior to the maturity and State
(c) Increasing the authorized capital stock from $1,000.000 to $3,000,000,
of the new
SO that the authorized Common capital stock as increased shall consist issue of bonds.
Sinking Fund.
of 300,000 shares (par $10)•
-The new issue will have the benefit of a sinking fund of
(d) Authorizing the directors to cause to be offered pro rata to holders not less than $750,000 per annum, payable to the
of the outstanding Common stock 20,000 shares of Pref. stock and 50,000 installments beginning July 1 1925, being sufficienttrustee in semi-annual
to retire
shares of Common stock in blocks of one share of Pref. and 2;6 shares of bonds by maturity. This sinking fund is to be used for the this issue of
purchase of
bonds at or below par or for their redemption by lot at par. In
Common stock for not less than $125 for each block.
addition.
Authorizing the directors to enter Into an agreement with Edwin the accrued interest at the time of purchase or redemption is to be paid by
(e)
F. Atkins and associates to underwrite the 20,000 shares of Pref. stock the company. The indenture will provide that, for the purposes of
this
and 50,000 shares of Common stock.
sinking fund, there will be paid to the trustee the entire net receipts (after
provision for
capital expenditures
Pres. Edwin F. Atkins, in a letter to stockholders, Dec. 15, companies to necessaryoperate the same, all of the properties of the timber
Properly
as provided in
ture), of the subsidiary companies owning the Pennsylvani the trust indensays:
a and Wisconsin
timber lands,including the proceeds from the sale oflands ofsuch companies
It has become necessary to provide further for the financing of the and
an amount for depletion at rates to be stated in the trust indenture. If,
company. Under conditions which developed within a year after the in
any case, the amounts so realized are not sufficient for the interest and
acquisition by the company of its property located near Cruces,
Clara Province, Cuba, it became apparent to the directors that Santa minimum sinking fund of $750.000 per annum on the new issue of bonds, the
large
additional expenditures would be nec ssary for the purpose of insuring necessary amounts are to be provided from other company sources, such
an adequate cane supply and decreasing the cost of operation. These payments from other sources to be reimbursed to the company in later
years in case of an excess of payments from the timber properties over the
expenditures have included putting in administration cane on lands pre- minimum
sinking fund obligations in such years. For any surplus paid
viously leased to farmers, and also the addition of the Lequeitio Estate Into
which increased the company lands by 16,000 acres owned and 29.000 any the sinking fund in earlier years the company is to receive a credit in
future year in which there may be a deficiency in the sinking fund.
acres controlled.
Bonds acquired for the sinking fund are to he canceled.
The company now owns or leases sufficient cane lands, so that It
Vaiustion.-Sanderson & Porter have estimated the value of the cornsecure its cane supply without going into competitive districts. can
stantial additions had to be made to the milling plant, consisting in Sub- nany's properties, including its wholly-owned subsidiary companies and its
part interests in affiliated companies, and net current assets of the
of the installation of a new nine-roller mill and crusher, new
company and
and other improvements operating tO d.Cre;ISO the cost boilers, pumps is wholly-owned subsidiary companies (after deducting reserves and curof production rint liabilities), based utson their study as of Dec. 31
and increasing the capacity from 180,000
1923, and the combags in 1921 to
bags during the past crop. Expenditures were also required over 300,000 pany's renorts for the first six months of 1924 (adjusted to evidence the
for increased effect of the present financing), at $76,056,992. while
and better railroad facilities which now include
the comPany's only
170 kilometres of track f indoci debt will be the new issue of $15,000,000
and for batey improvements.
of bonds. These
consist of fixed properties of the value of $38.957,795; investments assets
of the
DEC. 20 1924.]
THE CHRONICLE
2885.
Chicago, III.—
The new issue
Chicago-Varnish Company,"The Chicago Varnish Works",
value of $.692,066; and net current assets of $30,407,131. will, therefore,
this company, known as
closed issue,
The plant
of $15,000,000 of bonds, which will constitute aof the company and its sub- Chicago,Ill.,of operated by the E. I. du Pont de Nemours Co.. will in the
and
the assets
be covered more than five times by
de Nemours & Co.
under the name of
three times by the physical
sidiary companies, being covered more than its subsidiary companies and future be operated
"E. I. du Pont Chicago Works."—V. 109, p. 1181.
assets and investments of the company and
company and its subsidiary
more than twice by the net current assets of the
Childs Co.—Guaranty, &C.—
companies.
all of the bonds
See Childs Building & Improvement Corp.above.—V. 119, p. 1629. 1285
Security.—Secured by the pledge of all of the shares and subsidiary com(in the cases where there are bonds), of the wholly-owned properties, the
nds
panies of company which own and operate all the timber & New York
Clifton Office Building, San Antonio, Tex.—Boand
na
par
sole, belting; and harness leather tanneries, the Susquehan
of the com- Offered.—S. W. Straus & Co., Inc., are offering at
RR. and the Tionesta Valley Ry. The value of the net assets
excess of6431000,000, int, to net 6% for all maturities except 1927, 1928 and 1929
panies,the securities of which will be thus pledged,is in
the estimates
or more than three times the new issue of bonds, based upon
offered at prices to yield 5.75%,5.85% and 5.95%
Porter of the value of fixed assets and inventories. any of which are
by Sanderson &
6% Serial Coupon bonds,
Trust Indenture not to pledge
The company will covenant in the loans or permit any of its subsidiary respectively, $950,000 1st Mtge.
Its other assets to secure any subsequent unless, after such pledge, the value safeguarded under the Straus plan.
of their assets,
companies to pledge any
triangular shape, with
and its subsidiary comThe land on which the building will be erected Is ofSt. and approximately
of the unpledged net current assets of the company amount to at least 135
frontages of approximately 137 ft. on East Houston
will be a modern
panies, all as defined in the Trust Indenture, shall bonds.
this issue of
on Avenue E, San Antonio. Tex. The building
138 ft.
times the total indebtedness, including
height, of reinforced concrete construction.
all charges in almost
Earnings.—Company has earned a large surplus over years ending Dec.31 office structure, 13 stories in entirely of terra cotta. It is designed and
10
Gothic front
every year since its organization in 1905, and for the the payment of interest with an elaborate to acconunodate the offices of physicians and dentists.
1923, the average annual net income. applicable to average earnings were will be equ,ipped such a nature, however, that it can, if desired, be conFederal taxes, amounted to $5.867,801. These in the value of inven- The building Is of
and
verted to general office purposes.
made in spite of the fact that, due to the large drop
the claw of
tories and the demoralization of the leather industry following four-year
Colgate & Company.—Wins Suit.— not guilty of violating
War, the company suffered very large losses for the
the World
scale during
period from 1920 to 1923. Such losses continued on a smaller
The company, soap manufacturers, were found States District Court at
has improved
the first half of the current year, but since then the situation available for the Sherman Anti-Trust law Dec. 10 in the United instructed the Jury to
to such an extent that it is now estimated that the earnings . as against Newark, N. J. Federal Judge William N. Runyonwhich began two weeks
interest payments for the year 1924 will approximate $1,350.000 of bonds, bring in a verdict of not guilty at the close of a trial years ago.
new issue
$900,000 per annum required for the interest on the the sinking fund by ago. The suit against the company was filed three
a combination
The complaint alleged that the company had entered into perfumes and
which interest will be reduced through the operation of
with wholesalers and Jobbers to fix the resale price of soap,
at least $45,000 each year.
t feels confident that this does not reflect the other merchandise manufactured by the company. In instructing the jury
The present managemen
that the Government
conditions,
true earning capacity of the company and that under normal the large to return a verdict of not guilty, iledge Runyon Said
p. 1182.
nding
substantially better earnings can be realized. Notwithstaoperations have had failed to show the existence of a combination.—V. 109.
years, company's timber
losses during the above mentioned
able
always, year after year. proven profitable and the company has been
Colonial-Taylor Improvement Co., Cleveland.—Bonds
propto retire, since the beginning of 1920, from the operation of its timber
d, are offering at par
-Year 5% Gold bonds, maturing on Offered.—Stanley & Bissell, Clevelan
erties, $10.142,600 of its 1st Lien 20
6%s.
April 1 1925.
$800,000 1st Mtge. Leasehold Serial Gold and int.
and int.,
Authorization.—The sale of this issue of bonds Is subject to the authoriza1936. Principal
Dated Dec. 11924: due annually Dec. 1 1927 totrustee. Denoms. $1.000
tion by the stockholders Jan. 12 1925.—V. 119. p. 2766.
Co., Cleveland,
(J. & D.) payable at Union Trust
on any int.
Callable all or part in inverse order Of maturities,
Chase Bag Co. (Del.).—Organised.—
au- and $500.4 weeks' published notice at 102 and int. Company agrees to pay
with
date upon
This company was organized in Delaware Dec. 12 1924 in thean
at the source up to 2% and to
Wool- the normal Federal income tax, deductible
thorized stated capital of $12.000,000. Company has offices
refund Penn. 4-mill tax.
worth Building, New York City.
and buildings located
Property.—Consists of leasehold interest in land the entire frontage beThe company, it is stated, is to take over the buying and selling of the
occupying
materials and products of the following companies: (a) Chase Bag Co., on the north side of Prospect Ave., and
raw
a frontage
_•
Bag Co., Memphis, Tenn., (a) tween the Colonial and Taylor Arcade properties. The land has
St.'Louis and Kansas City; (b) American
of 198 ft.
Co.. MilNorthern Bag Co., Minneapolis, Minn.; (d) Milwaukee Bag(f) Buffalo on Prpspect Ave. of 164 ft. soda depth. the former B. F. Keith's Prospect
There is now situated on the property
Akron Bag Co., Cleveland, Ohio;
waukee, Wis.; (e) Cleveland-story building forming the southwest
the Hofbrau Building and a 2
Bag Co., Buffalo, N. Y.;(g) J. S. Allen Co.
y erected upon this
J. W. Theatre,
unit of the Taylor Arcade. There will be immediatel
OffiCers elected are: E. IC. Luddington (Chase Bag Co.). Pres.:
-story
down, a 3
D. Adams (Cleveland Akron & site, as soon as the Hofbrau and theatre buildings are torn contain 8 storeFalconer (Northern Bag Co.), Chairman; G.
The building will
-Pram.; C. R. Decker (Milwaukee Bag Co.), V.-Pres.: fire-proof concrete and steel building.
Buffalo Bag Co.), V.
floors will be used for small
Co.), Sec.; F. H. Luddington, Asst. Sec.; Lawson rooms on the first floor. The second and thirdadditional rentable space.
Duane Hall (Chase Bag
directors, ail shops and offices. A fourth floor will provide
Falls (Memphis Bag Co.), Treas.; E. J. Hum!, Asst. Treas.; S. Alien.
the property has been made
Earnings.—A surrey of estimated earnings of
of the foregoing with the exception of the assistants, with .1. say concernagainst estimated operating exhad the following to
showing annual gross income of $181,000 insurance, of $73.300. leaving a
The "Journal of Commerce" Dec. 13
penses, including ground rent, taxes and
ing the company:
of the deand amortization of $107,700.
"This organization was brought about to avoid a repetition meet the net annual income available for interest
to
plorable conditions in the bag industry arising from trying cottons and
Commercial Solvents Corp.—Rights—Increase.— given
speculative conditions in raw materials of all kinds, includingthe products
of
24 will be
burlaps, and the unnecessary losses sustained in the sale retain its indiThe Class "A"and Class "B"stockholders of record Dec. 5
to
-Year 6340/
hero and abroad. Each of the constituent companies is
to subscribe at par, on or before Jan. 910 S3,210,000$40 principal
market
up to
and integrity, but many economies in production and of the the right
viduality
notes (convertible into Class "B" shares at $110)
ing
operations are to be brought about through a closer understand
of notes for each share of stock held.
amount
the above menconditions and needs of the trade.
The stockholders on Dec. 19 approved the issuance of
be under
stock from
"The buying operations in cotton cloth and burlap markets will
tioned notes and also approved an increase in the Class "B"
company.
the supervision of Duane Hall, of the Chasestronger financial backing it 80,000 to 110,000 shares, to provide for the conversion of the notes.
of the large capitalization and
"Because
avoid
will now be passible to undertake direct operations of magnitude and have
President P. C. Mumford in a letter to the stockholders
materials that
the killing effects of small speculative operations in raw plans for bringing
on Dec. 6 said in part:
ing plans in the past. The
wrecked merchandis
company, has
about the organization have been under way for some time."
The demand for Butanol, the principal product of the
production
current year as
Childs Building & Improvement Corp.—Bonds Sold.— become so insistent during therender imperativeto strain the n program
a constructio
have facilities of the plants and to
Laird, Bissell & Meads, and Tucker, Anthony & Co.
of considerable scope.
funds totaling
4
4
At their November meeting the directors appropriated at the Terre
sold at prices ranging from 1013 and int. to 1033 and int.,
the extension of operating facilities
to yield from 4.19% to 5.56%, according to maturity, $575.000 to provide for a plant for the manufacture of derivatives (for
Haute plant, including
of a large addition to
$1,500,000 1st Mtge. 6% Convertible bonds.
which there is a .wide demand) and the construction under way and should
at Peoria is now
Guaranty.—Unconditionally guaranteed by Childs Co.both as to principal the Peoria plant. The construction increasing the production capacity of
be completed during March 1925.
and interest.
careful survey of the prosJan. 1 1926
Dated Jan. 1 1925: due annually as follows: $50,000 each $750,000 on the combined plants by approximately 30%. A
directors that these additional
incl.. and
to 1928 incl.; $100,000 each Jan. 1 1929 to 1934& J. at office of Empire pects of the company has convinced the to meet the immediate demand
facilities will not prove more than sufficient
Jan. 11935. Denom. $1,0000'. Int. payable J.
equal to the Peoria plant,
Trust Co., N. Y. City, trustee. Red. as a whole only on any int, date and that the facilities of a third unit, of a capacity
in operation. It is
will be required as soon as such a plant can be placed e $2,000,000 and it
on 60 days' notice at 105 and int.
of Childs Co.
estimated that the cost of such new unit will approximat
Data from Letter of S. S. Childs, President
it can be put in operation by Oct. 1925.
Is believed that with funds available
the extensions and
• Organization.—Childs Building & Improvement Corp.. whose entire
To reimburse the company's treasury for the cost of
be
outstanding capital stock is to be owned by Childs Co. will presentlythe additions at Terre Haute and Peoria and to procure the funds necessary
organized in New York for the purpose of acquiring desirable sites for and for the construction of such third unit, as well as funds for its other corland
location of "Childs" restaurants. Corporation will acquire the northeast porate purposes, including additional working capital, the directors authorbuilding known as 423 Seventh Ave.. N. Y. City, situated at the
-Year dyi% Convertible gold notes.
issue and sale of $3,200,000 5
will double the
of 33d St., opposite the Pennsylvania RR. station and upon such ized the
corner
The completion of all the construction outlined above
acquisition will give the six months' notice and make the payment required productive capacity of the properties and a proportionate Increase in earnto terminate the existing lease affecting said premises, in accordance with ings is anticipated.
-Year 634% Convertible
the terms thereof. On this site the corporation will erect a building of
The subscription by the stockholders for the 5
modern construction, on the ground floor of which a "Childs" restaurant gold notes has been underwritten by Tucker, Anthony & Co. and Huntingwill be located.
2651.
Security—Bonds will be the direct obligation of the corporation and. ton Jackson & Co. See also V. 119, p.
upon acquisition of title and termination of the existing lease, will be
Commodore Improvement Co. Cleveland, Ohio.—
on the land to be owned in foe at
secured by a first (closed) mortgage
423 Seventh Ave. and on the building presently to be erected thereon.
Guaranteed Bonds Offered.—The Milliken & York Co. and
Purpose—Proceeds will be used to purchase the real estate at 423 Seventh T. H. Saunders Co., Cleveland, are offering at prices
Ave. and to erect a new building thereon.
int. to yield from
Conversion Privilege.—These bonds may be converted at the option of ranging from 100 and int. to 101 and
the holder into the no par value Common stock of Childs CO. at any time 6.10% to 7%, according to maturity, $1,000,000 7% 1st
at the following rates:
prior to maturity, unless previously redeemed,
On or before Jan. 1 1928 at the rate of $42 50 of bonds for one share of Mtge. Leasehold Gold bonds.
the
guaranteed by endorse.stock; after Jan. 1 1928 and on or before Jan. 1 1931 ator rate of $45
Ouaranty.—Principal and interest unconditionally
Jan. 1
of bonds for one share of stock; after Jan. 1 1931 and on If before for re- ment by the Union Mortgage Co.
called
of $50 of bonds for one share of stock.
Feb. 1 1926 to 1935. Denom. $1,000
1935 at the rate
Dated Feb. 1 1923, due serially
dernption, these bonds may be converted up to and including the date and $500 '. Int. payable F.& A. without deduction of the normal Federal
ass whole. or
set for redemption.
Income tax not in excess of 2%. Callable on any int. date,
the treasury of Childs Building & Improvement In part in inverse order of maturity at 101 and int. Cleveland Trust Co.,
There will be held in
to
Corp. shares of the Common stock of Childs Co., sufficient in number
trustee.
bonds. Fractional shares Cleveland, Bonds are secured by a closed first mortgage on an original
provide for the conversion of this entire issue ofexchangeable in amounts
Security.—
forever, in the
will be represented by trustee's certificates
-year leasehold estate commencing in 1920, renewable
99
Ford Drive,
aggregating one full share or more for the Common stock of Childs Co.
land situated at the northwest corner of Euclid Ave. and
which have just been comCo.
Capitalization of Childs
Cleveland, and the Commodore Apartments,
Ave. and
Outstanding,
Authorized.
pleted thereon. The land has a frontage of 170 ft. on Euclid from 2 to
suites
$1,980,000
$2,000,000
145 ft. on Ford Drive. The building contains 222 Euclidhaving Company
-year 6% Cony. notes due 1929
Ave.
5
5,000,000
5,000,000
5 rooms each and 9 stores, the latter all fronting on 120 suites and 8 stores,
stock (par $100)
70/ Preferred
237,863 shs. caters to a preferred class of tenants and has leased
*750,000 shs.
Common stock (no par value)
although the building has only been available for occupancy since Oct.
49,500 shares are reserved for the conversion of $1,- 25 1924.
*Of this amount,
are reserved for the conValuation.—The leasehold estate,exclusive of the building, was appraised
980,000 Childs Co. 6% notes and 35.295 shares
under
by Heaton Pennington Jr., at $100,000. The building was builtOn the
version of these bonds.
supervision, at a total cost of $1,918,849.
Operating
Consolidated Statement of Earnings. Childs Co. & Its Cal. Yr. Subsidiaries. economical ownership this mortgage constitutes a loan of less than 50%
10 mos. end. basis of these figures
—Years Ended Nov.30—
.
an additional investment of more than
Oct. 31 '24. The equipment furnished represents
1923.
1922.
1921.
6 $21,846.046 $23,784,618 $20,453.226 $100,000.
$21,941,00
Sales
2,152,998
1,852,629
2,056,338
2,139,523
x Total income
Computing-Tabulating-Recording Co.—Tenders.—
590,329
397,292
533,200
525,992
Depreciation
The Guaranty Trust Co., 140 Broadway, N. Y. City, will until Dec. 24
-Year Sinking Fund Gold bonds due
bids for the sale to it of 6% 30
Net profit before int $1,613,531 $1,523,138 $1,562.669 $1,455.337 receive 1941. to an amount sufficient to exhaust $100.543, at a price not
July 1
exceeding 105 and int.—V. 118, 13. 798.
taxes.
x After all deductions, including Federal
2886
THE CHRONICLE
[vol.. 119.
Congoleum-Nairn Co., Inc.
-Balance Sheet Oct. 31 1924.
Dated Dec. 15 1924; due quarterly Mar. 15 1925
to Dec. 1927. Principal and dividends payable Q.
-M. Denom.
notice all or not less than an entire quarterly $1.000. Red. on 2 weeks'
maturity at 101 and div. to
and incl. Dec. 15 1925; at 100% and div. to and
incr. Dec. 15 1926, and
thereafter at 1003 and div. Dividend warrants payable
without deduction for the normal Federal income tax up to 2%
Free of
4
-mill tax. People's Savings & Trust Co. of Pittsburgh, the Pennsylvania
Pa., trustee.
Data from Letter of R. M. Dravo, Vice-Pres. of Dravo
Contracting Co.
Security.
-Secured by title to 16 steel sand and gravel barges
to be constructed, and one sand and gravel dredge boat,
practically completed.
This equipment will have a sound value in excess of
cates will be issued at less than 72% of this value. or 5560.000 and certifito the equipment is to be vested in the trustee and $400,000. The title
the equipment is to be
leased to the Keystone Sand & Supply Co.at a rental
sufficient to pay these
certificates and the dividend warrants and other payments as
they
Assets.
-The balance sheets of Dravo Contracting Co. and thecome due.
Keystone
Sand & Supply Co. as of Oct. 31 1924 show combined
net tangible assets of
x 1.641.026 shares of no par value. y Consists of $1,000,000 capital 53449,968 applicable to this issue of $400,000 of certificates.
Dravo Contracting Co.
surplus, $73,300 appropriated surplus and $11,967,918 earned surplus.
-Company or predecessor companies, organized in
- 1891, has for the past 33 years
V. 119. p. 2651. 1959.
been engaged in
including dredging and the construction ofdams,river improvement work.
locks, river walls, bridge
substructures and wharves, as well as concrete buildings
Constantin Refining Company.
-Sale.
and mill foundaA Tulsa, Okla., despatch states that the property of the company has tions, mine shafts and tunnels, and is one of the leading and most successful
companies in this industry. As a hecessary
been sold at auction for $858,000 to II. C. Rorick, Toledo. representing the
adjunct to its business the
Spitzer-Rorick Trust & Savings Co., Lippincott & Co.. Philadelphia. and company early began the manufacture of a large part of its own equipment.
Prudden & Co.. Toledo. See reorganization plan in V. 119. P. 2291. 2766. This department of its business has been steadily expanded and the company is now one of the leading builders of
inland waterway, harbor, floatCorticelli Silk Co.
equipment. Among its products are lock gates, Dravo
-Par Value of Common Stock Changed ing and terminal boats,
whirlers, derrick
concrete mixer boats, lighters and floating cranes,
-Preferred Stock Increased.
dredgers and sand diggers, steel
The stockholders have (a) voted to change the authorized Common stock as well as tanks, pontoons and barges and steam and oil engine tow-boats,
from 50,000 shares, par $100 (all outstanding) to 50,000 shares of no par company has developed a largecoal tipples. During the past ten years the
and profitable business in the manufacture
value, and (b) increased the authorized Pref. stock from $750,000 to of steel barges.
$2,50ff.000.-V. 118. p. 2829.
Company owns a tract of land of about 60 acres
on Neville Island, on the
Ohio River,about five miles from the City of
Dakota Elevator Properties, Buffalo, N. Y.
-Bonds ing and fabricating plant of the company Pittsburgh. The manufacturincludes'completely equipped
machine, forge, boiler, structural and plate shops,
Offered.
-A. B. Leach & Co., Inc., are offering at 100 and fitting and
with two boat yards for
launching
The annual capacity of the company's
int. $1,000,000 1st Mtge. 20
-Year 63% Sinking Fund Gold plant is approximately hulls. deadweight tons in barges and floating boat
60,000
equipment. During the past 10 years about 350
loan.
barges and boats have been
built.
Ernino.
Dated Dec. 11924; due Dec. 11944. Prin. and int. (J. & D.) payable
-Earnings of the Dravo Contracting Co., after
at office of Marine Trust Co., of Buffalo, trustee, and in N. Y. City. De- amortization and
depreciation.
before Federal income taxes, have averaged
nom. $1,000 and $500 es. Red. all or part on any int. date on 30 days' years
for the 4
notice at 107% during first 5 years, and thereafter at 4% less each succeed- ended and 10 months ended Oct. 31 1924 $246,720. For the 10 months
ing year to maturity, plus int. in each case. Penn. 4-mills tax, Conn. Dravo Oct. 31 1924 such earnings were $618,089. Consolidated earnings of
Contracting Co. and Keystone Sand & Supply Co.for
-mills tax, Maryland 4%-mills tax and Mass. 6% income tax refundable. ended Oct. 31 1924
4
the 10 months
Int. payable without deduction of normal Federal income tax up to 2%. turing principal of were $730,083, or more than 53 times the annual mathese certificates and 1.8 times the entire
Legal for the investment of trust funds under the laws of the State of New amount of these certificates.
principal
York.
Keystone Sand & Supply Co.
-Has
successfully engaged in the sand
Data from Letter of Levi S. Chapman,Pres. of Dakota Elevator Corp. and gravel business since 1902 and isbeen of the
one
largest producers and disProperty and Business.
-The Dakota Elevator is situated in the City of tributors of these products in the Pittsburgh district. Company, through
Buffalo on a tract of land opposite the foot of Main St. and about one-half ownership of 9 islands advantageously located to its principal markets, is
mile from the financial centre of the city, covering approximately 4.8 acres assured of an abundant supply of sand and gravel for many years to come.
of land fronting about 1,065 ft. on the City Ship Canal and 142 ft. on the Upon delivery of the equipment now being constructed, the company will
,
point of the inner Buffalo Harbor, a total of 1,297 ft. of water frontage have in operation 3sand and gravel dredges, 48 steel sand and
having a uniform depth of 23 ft. It is an electrically operated steel and and 2 steel tow boats, representing a sound replacement valuegravel barges,
of
concrete grain elevator having a storage capacity of 1.200,000 bushels and 51.100,000. With the exception of this issue of $400,000 more than
capable of handling 25000.000 bushels of grain annually. The property Trust certificates, the company is free of funded indebtedness.Equipment
Earnings
of the company for the 10 months ended Oct. 31 1924,
is located near the terminal of the Barge Canal and is served by the Buffalo
after depreciation
but before Federal income taxes. were in excess of $110,000.
Creek RR.
The land and docking space adjoining the Dakota elevator is large enough
Dubilier Condenser & Radio Corp.
to permit of the erection of an additional elevator, which would more than
-Rights.
-double the storage capacity ond facilities of the corporation.
The stockholders of record Jan. 2 1925 will be given the right
Dakota Elevator Corp. was recently incorp. in Now York and will acquire ht $50 per share to one additional share of Common stock for to subscribe
each 10 shares
these elevator properties, which have been in operation since 1901. Cor- now held. Rights will expire Jan. 15 1925. This will Involve
only 13,750
poration will engage in the business of elevating, storing and transferring shares, the proceeds of which will be used to retire the outstanding
Preferred
grain from Lake steamers to canal boats and railroads,and the mortgage will stock at 105 and dividends.
provide that the corporation shall not engage in trading or in marketing wr thenentire stock offered to stockholders for subscription
Tt e .
has been underof grain. All charges for the elevating and handling of these commodities
are regulated by the New York P. S. Commission and by the I. 0. ComThe stockholderS will vote Jan. 12 on
-S.
mission, which, in effect, gives to concerns operating grain elevators the value Common stock from 160,000 sharesincreasing the authorized no per
to 500,000 shares, and upon the
character of public utility enterprises.
consummation of the subscription and retirement of the Preferred stock
Security.
-This loan will be secured by a direct first (closed) mortgage holders will be given the privilege to exchange their Common
stock on a
on the land and building, which will be owned in fee by the corporation. basis of two shares of the increased Common for one share
now held. This
The properties have been valued by competent appraisers and engineers, will bring the total outstanding Common stock
to 300,000 shares, leaving
according to recent appraisals, at more than $2,000.000. The land alone 200,000 unissued in the treasury.
is appraised at an amount in excess of the principal amount of this loan.
Following the exchange of shares on
On the basis of these appraisals the principal amount of this loan is only will be made to list the Common stock onthe two-for-ono basis, application
the New York Stock Exchange.
about 50% of the value of this property.
V. 119, p. 1630.
The elevator will be protected by insurance against fire, lightning and
tornado to the amount of $1,000,000, and the corporation will also carry
Duplex Condenser & Radio Corp.-Expansion.-liability insurance.
Pres. Leo Potter has announced that the company will shortly double
Earnings.
-Operators of grain elevators in Buffalo and elsewhere who have Its output from approximatel
y 1,500 variable condenser sets daily to
successfully managed such enterprises for many years and are familiar with approatel 3.000
y
sets daily. The Thermiodyne
the Dakota elevator, estimate its annual earnings as follows:
the leading manufacturers of complete radio sets in Radio Corp., one of
the industry to-day,
Gross earnings
$255,000 has already arranged to take the entire present output
of the Duplex
Operating expenses, maintenance and taxes
60,000 Condenser Lc Radio Corp. This, Mr. Potter points
out, assures the
Duplex with a steady outlet for its product and at
Net earnings, available for int.. Fed. taxes and reserves
$195,000 the Thermiodyne corporation an adequate supply of the same time assures
high-grade condensers.
Maximum annual interest charges on this loan
$65,000 -V. 119, p. 2767. 2651.
[Giving effect to the merger on a basis of obtaining all of the
stock of
the Nairn Linoleum Co.]
Assets
Liabilities
Plant and equipment.--415,555.648 First Preferred stock -$1,738,800
Cash
1,260,440 Common stock
Notes & accounts recelv_ 7,869,501 Funded debt (no par).-x13,754,655
2.672,855
Marketable securities__ 249,171 Notes payable
1.050.000
Inventories
7.837,055 Accounts payable and acAdvances to salesmen..
80,680 crued charges
1,394,350
Due from affiliated cos_ 16.205 Dividends payable
30.429
Invested in affiliated cos.. 1,122,234 Secured notes payable--431,015
Good will & trade marks.. 1,000,863 Federal, &c.,taxes
1,093,013
Deferred debits
591.828 Miscellaneous reserves.377,290
Surplus
y13,041,218
Total
$35,583,625 Total
$35,583,625
De Beers Consolidated Mines, Ltd.
-20% Def. Div.
-
(E. I.) du Pont de Nemours & Co.
-Outlet for Films.
President Irenee du Pont, in a letter to the stockholders,
giving more complete information with respect to the du
Pont-Pathe Film Manufacturing Corp., the formation of
Dictograph Products Corp.
-Initial Common Div.
- which was announced recently (V. 119, p. 2414), says in
part:
An initial quarterly dividend of 5 cents per share has been declared on the
A dispatch from London states that the company has declared a dividend
of 20%, free of Union of South Africa income tax, on the deferred shares.
In July last, a distribution of like amount was made on the deferred shares,
the first since Jan. 1921. V. 119 p. 2641.
outstanding $1,000.000 Common stock, par $10, payable Jan. 20 to holders
of record, .Dec. 31.
The directors have also declared the regular quarterly dividend of 2%
on the Preferred stock, payable Jan. 15 to holders of record Dec.
118, p. 1525.
-Earnings.
Dominion Glass Co., Ltd.
1923-24.
1922-23.
Sept. 30 Years1921-22.
1920-21.
Profits
5753,369
$724.664
$718,540
$699,599
Bond interest
120,000
120,000
120,000
120,000
Sinking fund
50,000
50,000
50,000
50,000
Preferred diva. (7%)....
182,000
182,000
182,000
182,000
Common dividends.- -.(7%)297.500 (7)297,500 (6)255,000 (6)255,000
Balance, surplus
1924.
Assets$
5,097,097
Properties
Patents. &c
3,690,920
1,899,535
Inventories
Accts.receivable_ _ 1 980,429
Bills receivable._ _ i
Cash
246.542
Govt. bonds
103.810
Advances
29,305
Trust account_ _ _ _
247
Investments
141,113
Deferred charges..
42,743
$75.164
$103,869
$111,540
Balance Sheet Sept. 30.
1924.
1923.
$
4,913.871 Preferred stock._ 2,600,000
4,240,920 Common stock...4,250,000
1,511,039 Bonds
1,255,000
24,756
1,240,964 Accrued interest
20,047 Accts. payable_ _ _ 310,983
354,202 Accrued dividends 119,875
Accrued charges
272,753
Depreciation res.- 1,509,737
222 General reserve_
119,148 Sinking fund reeve 779,920
40,999 Surplus
1,108,718
Total
12,231,745 12,441,415
-V. 119. p. 2767.
Total
592,599
1923.
$
2,600,000
4,250,000
1,342,000
26,472
331,270
119,875
295.577
1,282,645
500,000
688,724
1,004,848
12,231,745 12,441,415
Dravo Contracting Co.
-Equip. Trusts Sold.
-Redmond & Co. and Freeman & Co. have sold at prices ranging from 984 and div. to 1003' and div., to yield from 4%
to 5.55%, according to maturity, 8400,000 3
-Year Serial
5% Trust Certificates, Series "A." Issued under the Philadelphia plan.
Guaranty.
-Guaranteed unconditionally, jointly and severally as to payment of principal and dividends, by endorsement of the Dravo Contracting
Co. and the Keystone Sand & Supply Co.
The company's policy of constantly seeking new
basic lines of manufacture brought it several years agooutlets for its present
to consider
facture of motion picture film. The film industry in altar phases the manunow
among the largest in this country and has become well established stands
throughout the world. Motion picture film is one of the highest
quality products
made in the world to-day, and to produce material to meet
this requirement, necessitates exceptional manufacturing and
laboratory facilities,
together with a carefully trained research and operative force.
In the manufacture of film, large quantities of
used in producing the transparent base or ribbonnitrocellulose plastic are
on
photographic emulsion is coated. It, therefore, was which the sensitive
dustry offered an additional outlet for considerableobvious that this inquantities
cellulose, as well as opportunities for a broader utilization of the of nitrocompany's
technical knowledge and experience. The company, during the
past few
years, has developed a research and operating organization of experts
particular line, and recently completed a film manufacturing plantin this
at its
Parlin, N. J. works.
The du Pont-Pathe Film Manufacturing Corp. was organized in
October
1924 by the company in conjunction with Pathe Exchange, Inc.,
and l'athe Cinema Societe Anonyme of Paris, France, for the New York.
purpose of
manufacturing and distributing motion picture film on a commercial scale.
The company owns all of the $1,200,000 of 8% Cumul. Prof. stock
by the film company,together with 51% of the no par voting Common issued
The association with this company of Pathe Cinema of France and stock.
Exchange, Inc., of New York, in the manufacture of motion picturePathe
film.
obtains for the du Pont-Pathe Film Manufacturing Corp. valuable distributive and manufacturing rights, insuring this company a permanent outlet
for its present capacity.
-V.119, p. 2651.
Earl Motors, Inc., Jackson, Mich.
-
A receiver for the company has been asked by the Jackson (Mich)
Bank, which holds promissory notes against the company for $40,641 CIIY
with
interest. Other liabilities are stated at $5.685,975, with fixed assets $991.679
and current assets $143.722.-V. 116, p. 1183.
Firestone Tire & Rubber Co.
-Div.Increased.
The directors have declared (1) a quarterly dividend of $1 50 per share
on the outstanding $3.537.710 Common stock, par $10. payable Jan. 20 to
holders of record Jan. 15; (2) the regular quarterly dividend of 1%% on
the 6% Preferred, payable Jan. 15 to holders of record Jan. 1, and (3) the
regular quarterly dividend of l% on the 7% Preferred stock, payable
Feb. 15 to holders of record Feb. 1.
Dividends were resumed on the Common stock on Jan. 21 1924 by a
payment of a dividend of $1 per share. This rate has been paid quarterly
to and including Oct. 20.-V 119. p. 2293.
THE CHRONICLE
DEC. 20 1924.]
-To Change Par.
Fisher Body Corp.
The stockholders will vote Dec. 29 on authorizing a change in the capital
stock from 600,000 no par value Common shares to 2,400,000 shares of
$25 par. Stockholders will be given the right to exchange one share of
their present no par value Common stock for four shares of new Common
stock par value $25.-V. 119. p. 2767. 2651.
-Complaint-Report.
Fisk Rubber Co.
2887
-Sales of Cars to Users.
General Motors Corp.
The deliveries of General Motors cars by dealers to ultimate consumers in
November totaled 34,388* cars and trucks, compared with 47.009 in the
same month a year ago, and further with 46,003 in October this year. From
Jan. 1 to Nov. 30 there were delivered 623,695 General Motors cars and
trucks by dealers to ultimate users, compared with 693.319 in the same
period last year, a decrease of 10%.
The following tabulation shows sales of General Motors cars by dealers to
ultimate consumers as well as sales by manufacturing divisions of General
Motors to their dealers:
-Sales to Users by Dealers- -Sales by G. M.to Dealers
1924.
1923.
1923.
1924.
49,162
61.398
30,464
33,295
January
55.427
78,668
41,448
50,008
February
75,484
71,669
74,137
55.845
March
'89.610
April
45,965
75.393
89,317
32.984
69,708
75,952
June..
40.563
51,634
63,209
60,275
Jtlly
48,614
65,999
55,832
54,871
August
51,955
69,081
60.111
48,568
September
49,552
86,936
58.173
46.003
October
66.256
*24,750
47,009
*34,388
November
The company is charged in a complaint issued by the Federal Trade
Commission with violating the Clayton Act. The respondent is a manufacturer of tires for automobiles, automobile trucks, motorcycles and bicycles,
Inner-tubes for certain kinds and classes of such tires and other rubber
products.
The complaint alleges that the respondent Fisk Rubber Co. acquired
approximately 51% of the stock or share capital of the Federal Rubber Co.
of Cudahy, Wis., which had previously taken over the physical assets,
including the manufacturing plant of the Federal Rubber Manufacturing
Co. also located at Cudahy. The effect of respondent's acquisition in the
mariner set forth, the complaint recites, is to substantially lessen competition between respondent and the Federal Rubber Co. and the Federal
Rubber Manufacturing Co. in the sale and distribution of automobile,
motorcycle and bicycle tires, mechanical rubber goods and sundries. Such
acquisition, the complaint states, is contrary to law and in violation of
Section 7 of the Clayton Act.
568.533
737,087
693,319
623.695
Total
The complaint results from the Commission's reason to believe that the
* These preliminarY figures include Buick, Cadillac, Chevrolet. Oaklaw has been violated. However, the question of law violation is not land. Oldsmobile passenger and commercial cars and GMO trucks sold in
the Commission finally until after respondents have had
passed upon by
-V. 119. p. 2415. 2293.
United States, Canada and overseas.
30 days in which to answer and the issue has been tried. Chairman Vernon the
W. Van Fleet dissented.
-Bonds Called.
Goodrich Transit Co.
Year Ended 10 Mos.end. Year Ended
Certain of the outstanding 1st Mtge.8% S. F. bonds dated Dec. 15 1920.
Oct. 31 '24. Oct. 31 '23. Dec. 31 '22.
Periodcalled for payment Jan. 15 at 107 and int.
$52.946,531 $44,862,744 $45,462,441 aggregating $40.500, have been Co., Chicago. III. V.119. p. 2185.
Gross sales
Trust
Selling & admin. exp., incl. deprec_ 48,686,987 41,051,863 42,304,979 at the Illinois Merchants
$4.259,544 $3,810,881 $3,157,463
Operating profit
1.502,387
1.727,268
Int. charges St Federal tax reserve, &c 1,522,880
Net profit
Previous surplus
$2,736,664 $2,083,613 $1,655,076
1.873,418
3,528,494
5,612,107
Total surplus
-V. 119, p. 2293. 1400.
-Back Div.
Goodyear Tire & Rubber Co. of Calif.
The directors have declared the current quarterly dividend of 1 %
and one deferred quarterly dividend of 1 % on the 7% Oumul. Preferred
stock, payable Jan.2 to holders ofrecord Dec.20. Dividends were resumed
-V.118. p. 1526.
on this Issue on April 1 last.
$8.348,770 $5,612.107 $3,528,04
Foundation Co.
-New Vice-President.
Walter C. Hebard has been elected a Vice-President in charge of Peruvian
-V. 119, p. 2537.
activities.
-Stock Application.
H. C. S. Cab Manufacturing Co.
This company, recently formed to take over the assets and property of
the H. C. S. Motor Car Co., has applied to the Indiana P. S. Commission
-V. 119. p. 2071.
for authority to issue $100,000 Common stock.
-Extra Dividends.
Hamilton-Brown Shoe Co.
The directors have declared a special cash dividend of 1% payable Dec.
23, and a monthly cash dividend of 1% payable Jan. 1, both to holders of
record Dec. 16. This makes a total of 13% for the year 1924, the same rate
that was paid in 1923.-V. 118, p.437.
-Palmer,
• Garod Corp., Newark, N. J.
-Stock Offered.
Hayes & Co., New York, are offering at $13 50 per share
-Bonds Sold.
49,000 shares Capital stock, no par value. This stock is
-Dean,
Hobbs, Wall 8c Co. (of Calif.).
offered as a speculation.
Witter & Co. have sold at prices ranging from 98.50 and
Transfer agent, Corporation Trust Co., New York. Registrar. New int. to 100 and int., to net from 6% to 6.15%, according to
York Trust Co. Capitalization authorized and outstanding, 100.000
shares. No bonds of Preferred stock authorized. Application will be maturity, $700,000 1st Mtge. 6% Serial gold bonds.
made to list these shares on the New York Curb Market.
Data From Letter of President A. H. Corwin, Dee. 1.
-Business was first established in 1921 in N. Y. City
History & Business.
under the name of the Clardner-Rodman Co., and at a time when broadcasting began to show its first indications of becoming a revolutionary
development in our national life. The business at that time was devoted
exclusively to the manufacture of small crystal typo radio receiving sets
common to that period. The first year in business resulted in about
$50,000 gross, with a net of about $10.000.
During and subsequent to the above period. I. P. Rodman, formerly of
the Edison Laboratories, was active in the "neutrodyno" development of
radio reception invented by Professor L. A. Hazeltine. Mr. Rodman was
one of the prime movers in organizing the Independent Radio Manufacturers, Inc., which concern exclusively controls the licensing under the
Hazeltine patents, the Hazeltine Corp. owning the patents in fee. There
are 14 licensees under these patents, bf which the Garod Corp. is one, and
was third to start manufacturing under these patents. A recent survey of
the radio industry has shown that about 52% of all radio receiving sots sold
to-day in the United States are "neutrodynes." All royalties under these
patents are paid by the licensees to the Independent Radio Manufacturers,
Inc., who retain one-sixth of same for legal attack on patent infringement.
The balance is then paid over to the Hazeltine Corp.
The Garod Corp. was incorp. in New Jersey Feb. 1923. It started the
manufacture of "neutrodyne' radio receiving sets in Sept. 1923, with a
working capital of $6,500 and factory floor space of 1.200 sq. ft. Seven
months later (April 1 HUM) its business had increased so rapidly that it
occupied 15,000 sq. ft., and during the period had received bona fide
orders for approximately 23,000 sets, equal to a gross business of about
$1,600,000. Of this the company was able to manufacture and deliver
about 7.800 sets, which represented the pre-arranged manufacturing and
sales program for that season. The gross business was $517.963 and netted
the company $117.288. At the present time the factory contains 21,000
sq. ft. of effectually laid out factory space and is equipped to produce
8,000 sets per month.
The Oared Corp. owns 100% of the capital stock of Neutrodyne Radio
Sets. Ltd., of Canada, and 51% of the Common stock of the HazeltineNeutrodyne Radio sots, Ltd., of London, England. Both of these companies are licensed and are the first to start manufacture in foreign countries
under the Hazeltine patents.
-Production and sales program for the present season (Oct. 1
Earnings.
1924 to April 1 1925-6 months) has been carefully plotted, and is as
follows: October, 1,000 sets; November, 2.000 sets; December, 6,000 sets;
January, 8,000 sots; February. 6,000 sets; March. 2,000 sets; total, 25,000
sets.
Production and sales for October just past resulted in a net profit of
approximately $24 76 per set. This was in the face of a factory and administrative overhead designed for a peak of 8,000 seta per month, which
we will reach in January, February being the height of the retail radio
season. It is, therefore,reasonable to presume this same ratio of profit
per set will prevail on the entire production of 25,000 sets, which we confidently predict will result in gross sales of $2,375,000, with a net profit
of at least $619,000, or equivalent to $6 19 per share on our entire capitalization.
-.in addition to its line of Garod receiving sets, company also
Product.
manufactures the Gazed straight line variable condenser (patented) and the
Garod-pyrex vacuum tube socket. for both of which it has orders on its
books far in excess of its ability to deliver. Last season it manufactured
but one type of radio receiving set. This season its production covers
three distinct types of "neutrodynos"; one built to meet the demand for
a low priced set, another to please those who desire the last word in radio
reception and another of the large self-contained cabinet type, to fill the
increasing demand for an extremely efficient set installed in a high type of
-V. 119. p. 2537.
decorative console cabinet.
Dated Oct. 1 1924: due serially April 1 1929-39 incl. Int. (A. & 0.)
payable at Wells Fargo Bank & Union Trust Co. San Francisco. trustee.
Call price 101% until April 1 1936, decreasing thereafter 3 of 1% Per year.
Authorized. $850,000. Exempt from personal property tax in California.
Income tax up to 2% paid by the company.
Organization.-Company was incorp. In California hi 1896 and was acquired by W. J. Hotchkiss and associates in 1903.
-Bonds will be a first mtge. on over 950,000.600 feet of timber,
Security.
of which over 530,000,000 feet is redwood, and upon complete sawmill with
-hour shift. The company also owns railroad,
a capacity of 90,000 feet per 8
wharves on deep Water, shingle mill, logging equipment, mercantile estab-over timber land, ranches, residence and
lishment, electric light plant, cut
business property in Crescent City.
Valuation of timber upon which those bonds will be a first mortgage,
as indicated by independent appraisal, is over $2.917,500, of which redwood
alone is valued at over $2,372,000. Balance sheet as of Dec. 31 1923,
before giving effect to this financing, shows net quick assets of over $1,500.000, which will be substantially increased by the proceeds of this financing.
Earnings.-EarnIngs mailable for the payment of interest for the 5 years
ended Dec. 31 1923 averaged over $237,000 per year. Net earnings, after
deducting all charges, including depreciation, depletion. Federal taxes and
other reserves, except interest paid on bonded indebtednees. averaged over
$182,000 per year,or more than four times interest requirement on this issue.
Sinking Fund.
-Mortgage provides for semi-annual payment to the trustee for the retirement of bonds of an amount equal to $2 per 1,000 feet log
measure of time her cut by the company. after 100,000,000 feet of timber
has been removed.
-Proceeds of thL: financing will be used to retire outstanding
Purpose.
bonds and to reimburse the company for capital expenditures incident to
the enlargement of its mill, to increase working capital and for general
corporate purposes.
-V. 110. p. 81.
Hotel Cosmopolitan & Broadway Theatre Building,
Denver Colo.
-Bonds Offered.-Fidelity Bond & Mortgage
Co. is Offering at par and mt. $1,750,000 1st Mtge. 63'%
Real Estate Gold bonds.
The bonds are secured by first mortgage on land. 200x266 ft., fronting
-story fireproof hotel build3 streets, Broadway Theatre, stores. present 9
ing, new 12-story fireproof hotel, totaling 460 renting rooms, together with
entire furnishings and equipment, as well as first lien on the income from
Same.
-May Reorganize.
Hydraulic Steel Company.
A plan calling for the reorganization of the company, in receivership
since October. 1923, is expected to be promulgated shortly. The plan, according to reports, is understood to be as follows: A new company will issue
$1.000,000 1st Mtge. 7% and $4.000,000 Income 7% bonds, proceocLs from
the latter issue to be used to take care of creditors and noteholders. There
will be about 100,000 shares of no par value Common in the reorganized
company. Everything above promoters' and managers' portion of this
issue will be divided, 75% among present preferred stockholders and 25%
-V. 119. p. 2768.
to creditors and noteholders.
-Declares Two Dividends.
Interlake steamship Co.
The directors have declared two regular quarterly dividends of $1 25
a share, one payable Jan. 1 to holders of record Dec. 18, and the other on
April 1 to holders of record March 18.-V. 117 p. 2777
Con-$15,000,000 6
International Match Corp.
vertible Debentures Called for Redemption-Holders May
Exchange Bonds for Participating Preferred Stock Now Offered
-The company announces that the entire
for Subscription.
-Changes in Personnel-Warehouse. issue of $15,000,000 6% Convertible Debentures, dated
General Electric Co.
Francis C. Pratt, Vice-President in charge of engineering, has been ap- Nov. 11923, has been called for redemption Jan. 19 1925
pointed to fill the vacancy caused by the resignation of O. E. Emmons at 105 and int. at offices of Lee, Higginson & Co. at New
as Vice-President in charge of manufacturing and Chairman of the manufac- York, Boston and Chicago.
turing committee. Mr. Pratt's new title will be \ ice-President in charge
In order to provide funds for the above redemption, the
of engineering and manufacturing. IL F. T. Erben has boon appointed
Assistant Vice-President on the staff of Mr. Pratt. He will continue as corporation has arranged to sell through its bankers, 450,000
-Chairman of the manufacturing committee.
Vice
Work is progressing rapidly on a now building in Detroit to be used by shares of Participating Pref. stock described below. As a
the company as a combination warehouse, service shop and local office condition of this purchase the bankers have agreed to offer
-story structure at Third Ave. and Antoinette
building. This building Is a 5
St., having a single-story wing to be occupied by the service shop. It will to holders of Debentures the privilege of exchanging the same
neighborhood of 3500.000. Warehousing in the new building will for Participating Preference stock at the rate of 30 shares of
cost in the
probably start in March, while the service shop and local office are not Participating Preference stock for each $1,000 of
Debenexpected to be occupied and used until May.
The warehouse will be for the purpose of supplying the city of Detroit and tures (interest and dividends to be adjusted). This offer
vicinity. It is the first warehouse and service shop of the company in that will expire on Jan. 14 1925, which is the same date on
which
district, this section previously having been served by its warehouse and
expires the right of the holder to convert into Common
service shop in Chicago.
a contract for the lighting of Alhambra„ shares (compare offering and description of Debentures in
The company has just closed
Calif.. totaling approximately $100,000. The order calls for 300 ornamental V. 117, p. 1894.) Holders of the
Debentures who desire to
Novalux units. The company will also supply the cable and other materials
-V. 119. p. 2653. 2537.
necessary for the installation.
exchange the same for Participating Preference stock on the
2888
THE CHRONICLE
[Vol.. 119.
terms stated, should present their Debentures accompanied record Dec. 15. This action Is taken in the belief that it will lead to a
broader
by all necessary ownership certificates required by Federal price. and more active market for the shares by reducing the market
income tax law, to any of the syndicate managers, viz.:
International Securities Trust of America for the 6 months ended Nov.30
Lee, Higginson Sz Co., Guaranty Co. of New York, National last, earned after taxes and other deductions,including Preferred dividends,
at an annual rate of more than 15 a share on the new Common stock. In
City Co., Brown Brothers & Co., Dillon, Read & Co. and view of the large earnings the trustees have voted to place the increased
Clark, Dodge & Co., on or before Jan. 14 1925, after which outstanding Common share capital on a $2 40 annual dividend basis. This
the right to make such exchange will cease. It is expected would be equivalent to 17 20 a share annually on the old stock.
Stock Offered.
-Bull & Rockwell Co. have announced the
that temporary stock certificates or interim receipts will be
offering for public subscription of an issue of Common
ready for delivery on or about Jan. 19 1925.
Based on the redemption price of 105 and int. this exchange shares (no par value) at a price of $37 50 a share, to yield
is equivalent to a price for the Participating Preference stock 6.40%.
The business of International
Trust, the
at $35 a share and accrued dividend. The yield at the ment trust formed In America, isSecuritiessolely to thefirst general investconfined
investment and reCumulative Preferred dividend rate of $2 60 a share per investment of its resources in seasoned, marketable securities. The
volume of these resources enables the trust to apply to an unusual extent
annum,is over 7.40% on the investment.
the principle of diversification of investment. For example, International
The Participating Preference stock (par $35 per share) is non-callable. Securities Trust of America owns over 400 different investments in GovernPreferred over Common stock as to assets up to $40 a share and accrued ment, railroad, public utility, industrial and miscellaneous securities with
dividends, thereafter participating equally with Common in any distribution International diversification.
of assets after Common has received $40 a share; Preferred as to cumulative
The restrictions under which these investments are made require that all
dividends at rate of 12 60 a share per annum, and participating at least bonds purchased shall have a book-value of at least 200% of the purchase
equally with Common stock in any dividends after Common has received price and all Preferred and Common stock a book-value of at least 150%
12 60 a share in any year; non-votlag. Cumulative Preferred dividends of the purchase price. All bonds or stocks purchased must show average
payable Q.
-J. First quarterly dividend payable April 15 1925. Transfer earnings for the preceding 4 years of at least 50% in exm..4 of their interest
agents: National City Bank. New York; Old Colony Trust Co.. Boston. or dividend requirements.
At present the investments owned by the Trust have an average bookRegistrars: Guaranty Trust Co., New York; Atlantic National Bank,
value of over 400% of cost prices and are further protected by average
Boston.
earnings of more than 33 times their respective Interest and dividend
Capitalization (Upon Completion of Present Financing.)
-V. 119, p. 1849, 1070.
Autlwrizea.
Outstanding. payments.
Participat. Pref.stk.(par $35) non-voting_ 900,000 shs.
450,0011 shs.
International Shoe Co.
-Shipments-Acquisition.
-Common stock (no par value) voting
1,450,000 shy.
1,000,000 shs.
Shipments for fiscal year ended Nov. 30 exceeded 1110,000,000. comNeither International Match Corp. nor any subsidiary will have any
outstanding mortgage or funded debt upon completion of the present pared with $109,922,738 in the previous year.
It was announced on Dec. 12 that the company had purchased the plant
financing (other than 145,024 real estate mortgage of one subsidiary).
Holders of Debentures have the right to convert their Debentures into of the Hannibal (Mn.) Rubber Co. which recently went into receivership
Common stock at the rate of 30 shares for eztoh $1.000 of Debentures. If and will manufacture there rubber heels for all its products.
'
-V. 119, p.
any Debentures should be converted, the number of outstanding shares of 2768.
Common stock would be correspondingly increased and of Participating
Johansen Brothers Shoe Co.
-Stock Sold.
-Lorenzo E.
Preference stock decreased.
Anderson & Co., St. Louis, have sold at $28 per share 10,1000
Data from Letter of Pres. Ivar Kreuger, New York, Dec. 17.
Company.-Incorp. in Delaware in 1923. Acquired, shortly after its shares Common stock (without par value).
organization,from Swedish Match Co. and others the greater part of or the
CapitalizationAuthorized.
Outstanding.
entire Capital stocks of companies owning 42 match manufacturing plants 7% Cumulative Preferred stock
$600,000
$600,000
In various European and other countries outside of Sweden. It also owns Common stock (no par value)
30.000 shs.
30,000 shs.
the entire Capital stock of Vulcan Match Co.. Inc., the sales company in the
Company.
United States for products of the Swedish Match Co. and its subsidiaries. Johansen. -Founded in 1876 as a partnership, by J. Johansen and M.
It is the
It also owns the entire Capital stock of a company owning a large match footwear for women, oldest firm in St. Louis manufacturing exclusively
which is sold throughout the United States. Commanufacturing plant in Canada. Corporation is controlled by the Swedish pany also manufactures the nationally
advertised Johansen "Feeture"
Match Co. through the ownership of a majority of its Common stock.
arch shoes for
In addition to the properties control of which was originally acquired by to their plant, women. Company has recently completed large additions
which was financed out of earnings and has no mortgages
the International Match Corp., the proceeds of 115,000.000 of its Deben- or bonded indebtedness, which gives
them adequate facilities for increased
tures issued in November 1923 now called for redemption, have been and production.
are being used for the acquisition of investments in the Far East and in
Earnings.
-For the last 5 years
North and South America. In the Far East the International Match Corp. the 1922 rate), and depreciation, earnings have averaged, after taxes (at
approximately $3 15 per share per annum.
has already secured control of a number of important match manufacturing on its
companies, and extension of its influence in the match business in that part endingnow outstanding 30,000 shares of Common stock. And for the year
Aug. 31 1925 the management conservatively estimates Its earnings
of the world is showing still further progress.
at the rate of $4 43 Per share.
Purpose.
-The Participating Preference stock is being issued to provide
Balance Sheet Aug. 31 1924 (After Recapitalization).
for retirement of the $15.000.000 636% Convertible Sinking Fund Gold
Asset
Debentures called for redemption at 105 and int. on Jan. 19 1925.
Liabilities
$600.000
Statement of Assets and Liabilities Based on Oct. 31 1924 Consol. Balance Sheet. Real estate, plant & equip. $324,913 7% Preferred stock
Cash
41,729 Corn, stock (30,000 shs.)- 489.637
[Showing issue of 450.000 shares of Participating Preference stock against Liberty bonds
35,578 Notes payable
90,000
retirement of 115,000,000 636% Cony. Sinking Fund Gold Deben.]
Accts.& notes rec.,less res 399,861 Accounts payable
73,580
Assets
Miscellaneous accounts_ 4.549 Officers' & empl.says. dep
34,977
Accounts payable, etc.__ 12,209.975 Inventories
Land, bldgs., mach. Sr
325.204 Accrued int., taxes. &c.. 7,857
$34.378,539 Real est. mtge
45.024 Miscell. notes & accts. roc
30,401 Res. for loss on investmis
6,000
1,547,572
Cl
i9
Prepaid Ins., adv., &c_
40,161
receivable
8.231,181
Accounts
32,254,999 Investments, bonds & stk.
74.654
Inventories
6,366,271
Development expenses..
Total (each side)
25,000
11.302,050
Bal. avail. for Capital
Dividends.
-Company intends to pay quarterly dividends immediately
Total
150.523,563
stock
$48,268,564 at the rate of $1 50 per share per annum on its Common capital stock.
Consolidated net assets exclusive of goodwill, patents, trademarks and
deferred charges, after deducting all liabilities other than Capital stock.
Kendall Mills, Incorporated.
-Listing, &c.
amount to $48,268.564. or $107 26 per share of Participating Preference
The Boston Stock Exchange has authorized the listing of $2,000,000 1st
stock. Net current assets alone of $13,935,049 equal $30 95 per share of Mtge. 20
-Year
% Sinking Fund Gold bonds, dated Dec. 1 1924, and
Participating Preference stock. Total current assets of 116,145,024 are due Dec. 1 1944.
more than 7 times total current liabilities of $2.209.975.
This company,incorporated in Mass. in Nov. 1924, has acquired certain
Consolidated Sales and Consolidated Net Profits (Corp'n & Constituent Cos.). properties, outlined in V. 119. p. 2654. Capitalization is as follows'
CapitalizationAuthorized. Outstanding.
[Available for dividends, after depreciation and income taxes.]
8 1st Pref. stock
3600,000
3600.000
Cal. YearsSales. Net Avail.for Divs. 6 2d Pref. stock
150,000
1921
$14,207,200
13,662.486 Common stock (no par value)
30.000 shs. 23,800 she
1st Mtge. fiM % bonds
1922
15,702,400
3,651,869
$4,000.000 12,000.000
1923
16.605.136
3,935,415 Consolidated Balance Sheet Sept. 6 1924 (After Giving Effect to Consol., etc.)
1924 (2 Mos.Est.)
20,680,000
4.800,000
Assets.
Liabilities.
-As the Swedish Match Co. owns a majority Land, bidgs.,
Swedish Match Company.
machinery, &c-54,136,000 7% Preferred stook
1600,000
of the Common (voting) stock of International Match Corp., the following Cash
165,199 Common stock
1,190,000
information regarding that company is of interest.
Trade accounts and notes re1st mortgage 6340
2.000,000
The Swedish Match Co. has $48.240,000 Capital stock outstanding, now
celvable (less reserve)
650,000
quoted at about 160% of par. For the last 21 years the company since its Sundry accounts receivable..- 1,014,367 Bank loans
22,325 Notes payable (trade)
145,098
incorporation in Sweden in 1917, and prior to that date the predecessor Inventories
1,141,688 Accounts payable
292,713
companies, Jonkopings and Vulcan Match Manufacturing Co., have earned Investments
619 Accrued wages,taxes,Its. &c.
54,382
a net profit in every year and have paid dividends in every year of that Prepaid insurance, taxes, &e._
67,750 Prov. for 1923 Federal taxes..
29,608
period on Common Capital stock from time to time outstanding.
Prov.for Fed. tax.& Govt. cl. 185,597
Share capital, profits, dividends and sales for Swedish Match Co. and its
Deferred payments
21,679
1918. and for Jonkopings and Vulcan Match
two main subsidiaries since
Total (each side)
56,547.953 Surplus
Manufacturing Co. prior to that year. were:
Compare offering of $2,000,000 1st Mtge. 6%% bonds, due 1,378,876
1944,in
% Profit
Ordinary
Divs. in %
*Sales of
V. 119. p. 2654.
Earned on
Share Capital, Net Profit,
Paid on
Matches.
Ord. Shares. Ord. Shares.
Kroner.
Kraft Cheese Co., Chicago.
Kroner.
Kroner.
-Sub. Co. Initial Div.
38.98
1,169,478
1910_
3,000.000
13,402,018
6
The Kraft-McLaren Cheese Co.. Ltd., the Canadian subsidiary,
29.61
888,313
17,426,536 declared an initial dividend of $1.50 a share on its Common stock -V. has
1912_ _ _ 3,000,000
8
119,
1,282,430
42.75
10 ,
21.201,304 p. 1632.
1914-- - 3,000.000
181.39
12
5.441.586
55.902.927
1916__ 3,000,000
3,000,0
Krupp Iron Works of Essen.
17.28
12
66,509.291
1918...45,000,000
7,776.026
-New Financing.
-Gold26.29
14
11,831,170
89,296.155 man, Sachs & Co., announce
1919...45.000.000
on behalf of themselves, Klein19.29
12
8.680,342
111,375,683
1921_ _ _45.000,000
20.53
125,368,663 wort, Sons & Co. London; Lehman Bro
12
1922__ _45.000.0009,240.317
,thers White, Weld &
17.477,83419.42
12
132.618.720 Co., Hallgarten
1923_ _ _90,000,000
Co., Halsey, Stuart & Co., Inc., and J. &
* This represents sales of matches by the Swedish Match Co. and sub- W.
Seligman & Co. that they have concluded arrangements
sidiaries and Its proportion of match sales by controlled foreign factories.
During none of the last 7 years has the dividend on then outstanding Com- with the Fried. Krupp Aktien Gesellschaft for the purchase
mon stock of the Swedish Match Co. been at a rate of less than 12% per of $10,000,000
5
-year notes secured by pledge of merchandise,
annum, the rate now being paid on its $48.240.000 present outstanding
and that a public offering of these notes will be made in the
Common Capital stock.
The Swedish Match Co., through its subsidiary companies, owns 20 near future.
match manufacturing plants in Sweden (the business of the oldest founded
This is the first important piece of German industrial financing arranged
in 1845), a sulphite pulp and paper mill with an annual production of 13.000
tons of paper chiefly used in the match industry, and three important plants in the American market since the adoption of the Dawes plan.
The Krupps are the owners of the Krupp Iron Works of Essen, most faengaged in the production of match manufacturing machinery. They also
own 3 plants manufacturing chemicals for the match industry. 3 lithogra- mous of the German munitions plants during the war. Since the war the
phic printing establishments and a number of enterprises auxiliary to the Krupp works have been converted from the manufacture of long-range Big
match industry, including sawmills and transportation companies. The Berthas into the making of peace-time machinery. Important expansion
companies own valuable timber lands in Sweden covering a total of 120,000 of plant Is understood to be underway at the present time to keep pace with
acres, and also own valuable long term timber rights. In addition to these Germany's rapid industrial recovery.
The standing of the Krupp organization in Germany compares to the
Interests in Sweden the company has important investments in match
- standing of the United States Steel Corp. in America.
manufacturing companies in different countries throughout the world.
The purpose of the financing has not been announced by the bankers,
V. 118, p. 2049.
although it is believed to be for the purpose of providing additional working
-Declares capital for the big German iron and sterol works.
International Securities Trust of America.
Negotiations in
arrangement
200% Stock Dividend-To Place New Stock on a $2 40 Annual been underway forconnection with thewas stated. of this financing have
a fortnight past, it
iL
Dividend Basis.
-
The trustees have announced the readjustment of its capital structure
under which the authorized Common share capital is increased.from 800,000
to 1,500,000 shares of no par value stock. The trustees have voted to distribute two shares of new stock for each share now held, the disbursement
to be made in the form of a 200% stock dividend, payable to holders of
Lehigh Valley Coal Co.
-Initial Dividend.
-The directors have declared an initial dividend of $1 25 per share,
payable Jan. 31 to holders of record Jan. 15. The resolution,
adopted by the directors, reads as follows:
DEC. 20
1924.]
THE CHRONICLE
2889
It has been announced that the dividend on the 1st Preference shares,
The directors have declared the first dividend since the appointment of
will not be paid on that date. Consideration of the paythe trustees. This dividend amounts to El 25 per share on certificates of due April 30 1925.
in June.
be postponed
will be distributed by the ment of this dividend, It is stated, willmonths ago on until early
Interest of the capital of that company and
the semi-annual diviThis is similar to the action taken 6
trustees on Jan. 31 1925 to certificate holders of record Jan. 15 1925 who dend of 3 % on the 1st Preference stock which was due to be Dec.aid on
the trustees an affidavit of non-ownership Oct. 31 last. A few days ago this dividend was declared payable D
have filed with the company or
31.
of Lehigh Valley RR.stock, provided for in the final decree of the Southern The reason for deferring action last October was the strike of employees
District Court of the State of New York on Nov. 7 1923.
-V. 119, p. 2770.
withheld by the trustees on any at the Tampico refinery.
Distribution of the dividends will be
certificates in respect of which such affidavits have not been filed. Divi-Committee Seeking Control.
Middle States Oil Corp.
dends so withheld will be accumulated without interest and paid to the
William Shivers, Chairman of the stockholders' protective committee,
holders or transferee when such affidavit is filed in accordance with said
has sent a letter to the stockholders requesting them to deposit their stocks
-V. 119, p. 586.
decree.
with the committee, in order that the latter may vote a majority of the
-Report.
stock at the annual stockholders' meeting to be held Mar. 17 1925. At
Laconia Car Company.
1920-21.
1921-22.
the same time Mr. Shivers is calling for 3.000 volunteers each of whom will
1922-23.
1921-24.
Years End. Sept. 30-$194,584 be requested to get five additional stockholders to deposit their stock with
$168.804
$303.749
loss$8.777
Operating profit
9.300 the committee. In all there are 30.000 stockholders, scattered throughout
9,375
9.866
14.487
Other income
the United States and Canada. Mr. Shivers points out In his letter that
$203.884 unless the Haskell group of directors now serving on the board are replaced
$178.179
$313.615
$5,710
Total income
17,935 by nominees of the stockholders' committee. "the control of the company
Inventory adjustments..
52.004 will again pass into their hands at the termination of the receivership."
28.992
26.361
512
Interest
13.395
17.460
Mr. Shivers states that the main objectives of the committee are:
x50.000
445
Reserve for Federal taxes
"The elimination of the liability created by the $5,500,000 Middle States
$120.550 notes.
$131,726
$237,253
$4.753
Surplus
"The elimination of the liability created by the guaranteeing of the
principal and interest of the $3,000,000 Gulf Coast Refining Co. bonds by
a including additional reserve for 1917.
Dividend on the Pref. stock for six months ending June 30 1924 was the Middle States Oil Corp.
"The recapture of assets.
declared and $35000 to cover same was deposited with the First National
"An accounting by the directors and officers for any gross negligence and
Bank, Boston. The payment of this amount has been held up, pending
the outcome of litigation brought by certain minority Pref. stockholders mismanagement.
"A comprehensive plan of reorganization under which the stockholders
view of this no action was taken on dividend for quarter ending
and in
would receive adequate and liberal consideration."
Sept. 30 1924.-V. 119. p. 333.
The elimination of the 85.500.000 notes would mean an increase in the
80 a share, and the cancellation of the
-Balance Sheet, Oct. 31.Lancaster Mills.
asset value of the stock of over
guarantee of the Gulf Coast Refining Co. bond issue a similar increase of
1923.
1024.
Liabittites1924.
1923
Assesover $1 a share.
$4,191,000 84,232.500
Real estate& mach$5.148.068 $5.112.808 Capital stock
The committee's headquarters is at the office of the Empire Trust Co.,
935.371
1,435.355 1,955.382 Accts. & notes pay 341,319
Inventories
N. Y. City. The committe
652.811 1,133.355 Res. for deprec_- 1,323.410 1,156,752 the depository for the stock. 120 Broadway,
Cash
consists of the following: William Shivers, Robert S. Johnstone, formerly '
62,854
60.658
420,448
771.142 Res. for taxes_ ___
Accts receivable
49.009 Judge of the Court of General Sessions. N. Y. City: Robert Carey. formerly
143.441
166,516 Rm.for bad debts
Prepaid items
Jersey: Horace A. Davis,
1,899,028 2.709.037 Judge of the Court of Common Pleas of New T easurer, A. T. Skerry &
8,289 Surplus
8.289
Investments
Vice-Pres., Empire Trust Co.: W. S. Fanning, ,
Dunkirk Trust Co.. unTotal
87,815,412 89,145,523 Co.. N. Y. City; H. F. Hequembourg. director. committee.
$7,815,412 $9,145,523
Total
-V. 119. P.
kirk. N. Y. H. F. Whitney is Secretary of the
-V. 118, p. 210.
1850. 1633.
-Merger.
Libbey Glass Co.. Toledo, 0.
The Nonlk Glassware Co. of N. Y. has been merged with the Libbey
-V. 111, p. 1284.
Glass (Jo.
-Extra Dividend of 2%.
Library Bureau, Boston.
The directors have declared an extra dividend of 2% on the outstanding
$1.500.000 Common stock. par COO. In addition to the usual quarterly
dividends of I % on the Common and 2% on the Preferred, all payable
Jan. 2 to holders of record Dec. 22. Extras of 2% were paid on the Common stock on Jan. 1 and Oct. 1 1924.-V. 119. p. 1402.
-Extra Dividend.
MacAndrews & Forbes Co.
-Sale of Dayton Plant.
National Motors Corp.
The Dayton plant of the company was sold at a receiver's sale at Dayton,
0., Dec. 12 for $250.000. Will I. Ohmer, former officer and director of
the company, was the purchaser. The plant and five others owned by
the company are to be disposed of to pay off two mortgages aggregating
$3.000.000 each and a mechanics' lien totaling $40.000. The Union Trust
Co.. Chicago, was complainant in the suit.
The other plants of the company to be sold are in Louisville. Ky. St.
'
-V. 118.
Louis. Mo., Saginaw, Mich., Boston, Mass., and Buffalo, N. Y.
p. 802, 440.
-Bonds
National Sugar Mfg. Co., Sugar City, Colo.
Offered.
-The International Trust Co., United States
Denver
National Co. and Western Securities Investment
Co.,
-Freeman & are offering at par and int. $750,000 6% 1st (Closed)
-Equip. Trusts Offered.
Magor Car Corp.
Co. are offering three issues of equip. trust certificates Mtgo. Serial Gold bonds. Feb. 1 1926 to Feb 1 1940 incl. Principal
Dated Dec.11924;due serially.
Colo.,
aggregating $589,000, as follows: (a) $285,000 534% Equip. and int. (F. & A.) payable at International Trust Co.. Denver.normal
thout
Y. City, without deduction for
.
Trusts, Series "A," at prices to yield from 4.75% to 5.50%, trustee, or at Bankers Trust Co., N.2%. Exempt from Colorado personal
Federal income tax not in excess of
according to maturity; (b) $229,000 5%% Equip. Trusts, property tax. Denom. $1.000 and $500c*. Red. on any int, date upon
.
Series "B," at prices to yield from VA% to 534%, according 60 days' notice at 102 ti and int.; bonds of longest maturity outstanding
shall first be subject to call.
to maturity, and (c) $80,000 5% Equip. Trusts, Series "C,"
Data from Letter of Pres. F. K. Cary, Sugar City, Colo., Nov. 25.
yield from 434% to 5%%,according to maturity.
at prices to
Company.
-Has been in successful operation for over 20 years. Owns
An extra dividend of 4% has been declared on the Common stock in
addition to the regular quarterly payment of 2 Si %. both payable Jan. 15
1925 to holders of record Dec. 31. An extra dividend of like amount was
paid on the Common stock on Jan. 15 1924.-V. 118, p. 2446.
and operates an efficiently equipped beet sugar factory at Sugar City,
Colo., with a demonstrated capacity in excess of 700 tons of beets per
day. This factory is augmented by beet sheds, beet dumps, feed yards.
warehouses, machine shops and other necessary equipment. Company
also owns 6,658 acres of irrigated land tributary to the sugar factory, a
large percentage of which is in a high state of cultivation. The water
rights pertaining to these lands rank among the most valuable In the State.
Incident to this financing, the company has acquired all of the assets
of its subsidiary. the National Land Co.. consisting of water rights, farm
lands and improvements.
Purpose.
-Proceeds will be used exclusively to pay off all outstanding
mortgage debt on the sugar factory and on the farm lands. This $750.000
will constitute the sole funded debt of the company.
Capitalization Upon Completion of this Financing.
1st Mtge.6% Serial Gold bonds
6% Cumulative Preferred stock
8 5 .0
0
250..r
6%
Common stock
Earnings.-For the ten-year period ended Dec. 31 1923 the average
annual net earnings, before depreciation and Federal taxes, applicable
to the payment of interest, amounted to $151,800. This is equal to
3.3 times the maximum annual interest charges and over twice the combined annual interest and serial payment charges for the first 14 maturities.
For the year ended Dec. 31 1923. the net earnings, before depreciation
and Federal taxes, applicable to.payment of interest, were $184,000.
It is our purpose, as the market for farm lands improves, to dispose of
our farm lands and the mortgage will provide that from the proceeds
of each acre of land sold the sum of $100 shall be deposited with the trustee
for the sole purpose of the retirement of these bonds.
Balance Sheet Sept. 30 1924 (After New Financing).
Liabilities.
Assets.
$750.854
$1,702,138 Funded debt
Fixed assets
500.000
Preferred stock
.
Cash
250.000
97,671 Common stock
receivable
Notes
326.500
102.158 Notes payable
Accounts receivable
7
25 485
130: 90
Accounts payable
,
Inventories
Adv.exp.of 1924 campaign 140,763 Accruals
315.647
2.374 Surplus
Prepaid int. & Insurance_
1,003
Life insurance policy
Mathews Steamship Co., Ltd.
-Bonds Called.
5.475
Investments
$2,299,277
Total (each side)
-Year Serial Gold bonds dated Deferred items
43,641
All of the outstanding 1st Mtge. 7% 10
Sept. 15 1922 have been called for payment Mar. 15 at 102% and int, at -V. 114. p. 1070.
the Standard Bank of Canada, in Toronto or Montreal, Canada, or at the
-Sale of Company to
Equitable Trust Co., 37 Wall St., N. Y. City.
National Sugar Refining Co.
Bonds will be taken up at the office of National Trust Co.. Ltd., 20 King
by Directors Subject
St., East, Toronto Canada, prior to March 10 1925,at the rate of 102% and American Sugar Refining Co. Approved
-The directors have approved
int. to date of taking up. For offering of bonds, see V. 115. p. 2165.
to Ratification by Stockholders.
(a) Series "A" Equipments are dated Dec. 15 1924: due $95,000 Aug. 15
1925 and June 15 1926 and 1927. Denom. $1.000. Principal and int.
payable without deduction of the normal Federal income tax not in excess
of 2%. Red.as a whole on any int, date upon 30 days'notice at par and int.
These bonds are secured by a direct first lien on 200 all steel standard
gauge sugar cane cars, against the cost of which these bonds are to be issued
at not to exceed 75%.
(b) Series "B" Equipments are dated Dec. 15 1924: due semi-annually
April 15 1925 to Oct. 1927. Denom.$1,000. Principal and int.(A.& 0.)
payable without deduction of the normal Federal income tax not in excess
of 2% per annum. Red. as a whole on any int. date on 30 days' notice
at par and interest.
These bonds are secured by a direct first lien on over 130 standard gauge
logging cars of 100.000 lbs. capacity each, against the cost of which these
bonds are to be issued at not to exceed 75%.
(c) Series "C" Equipments are dated Dec. 15 1924: due $20,000 semiannually from April 15 1925 to Oct. 15 1926 incl. Denom. $31,000. Both
principal and int. (A. & 0.) payable without deduction of the normal
Federal income tax not in excess of 2%. Red, as a whole on any int. date
on 30 days' notice at par and int.
These bonds are secured by a direct first lien on over 100 all-steel standard
gauge sugar cane and fiat cars, against the cost of which these bonds are
lobe issued at not to exceed 75%.
-Plant is situated at Passaic, N. J. and specializes in the
Company.
building of heavy standard gauge types of rolling'stock, including heavy
all-steel sugar cane cars and the most modern types of heavy logging cars.
Dividends have been paid continuously on the $150,000 79 Preferred and
32.530 shares of Common stock (no par value) since 1915, the present
rate on the Common being $1 per share per annum.
. Company has shown continuous and steady progress, as is reflected in
the net surplus account as of Oct. 31 1924 of $1,398,128. The total current
assets amounted as of that date to 52.266,747, against total current liabilities of $1,110,574. The land, buildings and equipment account as of
that same date stands at $1.165.974, against which a depreciation reserve
has been set up amounting to $442.980, or substantially 40%. For the
1924, earnings
first 4 months of the present fiscal year, namely Oct.
have been more than sufficient to provide for the Preferred and Common
-V. 119. p. 2296.
dividends for the next three years.
al
-To Vote on Bond Issue.
Maxwell Motors Corp.
The stockholders will vote Dec. 30 on authorizing $5,000,000 1st Mtge.
% Serial gold bonds, of which $3,500,000 will be Issued to refund in
part the $4,750,000 10-Year 7% Cony. S. F. gold debentures, dated
March 1 1924, which have been called for redemption on Jan. 28 at 105
and int. See V. 119, D. 2769.
the sale of the company, subject to the approval of the stockholders Jan. 121 to the American Sugar Refining Co. Pres.
James H. Post in a letter to the stockholders Dec. 12 says:
The directors have received an otter of $16.500,000 cash from American
and its
Sugar Refining Co. for the assets and goodwill of the companyat Long
several subsidiary companies, operating 2 sugar refineries, one
and the Mollenhauer Warehouse
-Balance Sheet Sept. 30.- Island City and one at Yonkers,outstanding capital stock of this in BrookMerrimac Chemical Co.
company
lyn. The total authorized and
1924.
1924. 1923.
1923.
Is $15,000,000.
Liabilities8
$
Assets
From the year 1912 to 1924, both inclusive, the company has had earn3 528,000 3,528,000
Capital stock
Lands, bldgs., dtc.,
ings for dividends which, if placed on an annual basis, would average about
3,587,346 3,645,335 Accounts payable___ 257,158 367,463 $1,200,000 a year, equivalent to about 8% on the present capital stock.
less reserve
Cash and accts. roe.... 687,647 742,313 x Items accrued, net
requires $1,050,000 annual earnings to maintain the present 7% annual
due
170,841 217,079 It
Securities owned.....1,028,132 1,332,132
dividend rate. For the year 1923 and for the first 10 months of 1924, the
650,963 652,658 earnings have not been sufficient to meet the current dividends, and surplus
1,146,520 1,090,679 Reserves
Inventories
2 049,931 2,161,260 has been drawn upon for that purpose.
Surplus
Pura' sales contr.__ 73,750
133,498 115,999
Deferred assets
The offer, if accepted by all the stockholders, will be equivalent to $110
per share, or $165 per share on the former $10,000,000 capital stock of the
6 858,893 8,926,458 company, a figure which the stock reached on the open market only once in
Total
8,658,893 6,926,458 Total
-V.117. p. 2778.
Includes reserve for taxes.
Its history and that in 1920. when the capital stock was $10.000.000.
After full consideration of the entire subject,
-To Defer 1st Preference directors that the offer, as above stated, is an it is the judgment of the
Mexican Eagle Oil Co., Ltd.
advantageous one, which,
should be accepted by this company, and the directors, as stockholders,
Dividend Which Will Become Due April 30 1925.
2890
THE CHRONICLE
will support the proposed resolutions to be presented at the stockholders'
meeting.
This offer from the American Sugar Refining Co. has been obtained by
reason of the desire of that company to restore its refining position in Now
York Harbor without the loss of two years time incident either to remodeling its old Brooklyn refinery or to building an entirely new refinery. So
it is the judgment of the directors of both companies that the steps herein
outlined are in the interest of the stockholders of both companies.
By reason of certain decrees in the Federal Courts against both
It will become necessary to lay the results of this negotiation companies,
proper legal authorities and the transaction must be, therefore, before the
subject to
the approval of said legal authorities.
The stockholders will vote Jan. 12 on approving the sale of all of the property and assets of the company, and on dissolving the company. If favorably acted upon, the directors will become trustees in dissolution for the
purpose of the sale of the company's assets and the distribution of the prothereof to the stockholders.
Approximate Consolidated Balance Sheet as of Nov. 1 1924.
AssetsLiabilities
Fixed assets
411,262.692 Capital stock
$15,000,000
Cash
2.675,278 Notes payable
2,000.000
Accotmts receivable
4,568,870 Accounts payable
2.784,731
Raw and refined sugar__ 2,821,699 Insurance, contingencies,
Materials and supplies__
520,837
taxes, &c., reserves
214,446
Investments
195.898 Surplus
2,114,378
Deferred items
68,283
[Vou 119.
all other lines it naturally felt the effect of the deflation
the nature of the business is such that the force of this wasof 1921, although
felt chiefly
following year. The stability of the enterprise, however, is attested in the
fact that, whereas many of the largest corporations lost a great by the
deal of
money during this deflation period, this company showed a substantial
balance for its shareholders. In no year since its organization has the
company lost any money.
For the last five years the net earnings after all charges and
Preferred
stock dividends, available for the Common stock, averaged
over $2
share on the Common stock. In no year during this period were they per
less
than $1 per share: in 1923 they were over $3 per share. Up to
Nov. 1 of
this year company showed a gain in net earnings over the corresponding
period of the previous year of $151.000. It is estimated that for the
year the balance after all charges will be equivalent to $3 50 per sharefull
on
the Common stock.
Dividends.
-Dividends have been paid on the Common
five years. For the last three years the rate has been $1stock for the last
per share.
annual rate of dividends has now been increased to $2 per share by The
declaration of a quarterly dividend of 50 cents, payable on Jan. 15 the
1925
to stockholders of record Jan. 2 1925.
Listing.
-Stock listed on the Boston Stock Exchange.
103 East 57th Street Building, N. Y. City.
-Bonds Offered.
-S. W. Straus & Co., Inc., are offering at par and accrued interest, to net 6% for all maturities except 1927, 1928
and 1929, which are offered at prices to yield 5.75, 5.85 and
Total
$22,113,555
Total
$22,113,555
5.95%, respectively, $4,000,000 1st Mtge.6% Serial Coupon
a Land, buildings and equipment, less reserve for depreciation.
The following statement was issued by Earl D. Babst, Gold bonds (safeguarded under the Straus plan).
Dated Nov. 10 1924; due 3 to 17 years. Inter-at
President of American Sugar Refining Co.:
offices of S. W. Straus & Co.. Inc. Callable at 102 payable M. & N. at
Inasmuch as the Amrican Sugar Refining Co. has a quarter interest in
the National Sugar Refining Co., it will require about $12.000,000 cash to
carry through the plan of purchasing the assets of that company when approved by the proper legal authorities and by its stockholders. No financing by the American Sugar Refining Co. will be necessary, as it has cash on
,
hand of over $25.000,000 and no borrowings.
-V.119, p. 2770. 2297.
National Tea Co., Chicago.
-November Sales.
-
1924
-Nos.
-1923.
$3.630,090 $3,049,064
-V. 119, p. 2656. 2418.
Increase.
1924-11 Mos.-1923.
Increase.
$581,0261$35,140,654 $27,877,665 $7,262,989
New England Fuel Oil Co.
-$10 Dividend.
-
The directors have decided to pay a dividend of $10. the formal action
to be taken early in the new year.
-V. 115, it• 995.
New Niquero Sugar Co.
-Report.
Years Ended July 31- 1923-24.
1922-23.
1921-22.
1920-21.
Sugar produced (bags)__
208,491
212,736
270.719
175,261
Sugar sales
$3,063,926 $3,553,225 $2,662,534 $1,693,774
Molasses sales
89.688
28,077
23,881
3,524
Int. & disc.t rec
53,684
58.518
Miscellaneous
64,247
34,921
66,686
112,964
Total receipts
$3,242,219 $3,704,067 $2,753,521 $1,810,262
Deduct-Produc., mfg.& sell.exp. $2,309,775 $2,520,807 $1,809,794 $2,304,829
Interest
74.168
89,668
83,723
18,791
Loss on Liberty bonds..
608
10,715
U. S. & Cuban taxes
76,204
110,019
53,586
Depreciation
204,978
220,859
180,037
171,993
-Capital expenditures_
14,582
46,696
Hisct. & prem. on bonds
12,285
12,500
Balance, surplus
$533,428
$780,988
$611,398 def$742,762
Previous surplus
$352,305 $3,039,040 $2,415,462 $3,263,224
Adjustments
Dr.235,222 Cr.117,180
Preferred dividends
35,000
70,000
70,000
Common dividends (old)
17,500
35.000
35,000
do
do (new)_ -_-(8%)360,000 (4)180.000
Stock dividend (200%)3,000,000
'Res, for contingencies_100,000
Profit & loss surplus__
-V.118, p. 83.
$425,733
$352,305 $3,039,040 $2,415,462
Nipissing Mines Co., Ltd.
-November Production.
-
The company produced $183.103 in November, bringing the total for the
year to date to $1,888,748.-V. 119, p. 1516.
Northern Securities Co.
-Usual Semi-Annual Div.
-
The directors have declared the regular dividend of 4% on the Capital
stock, payable Jan. 10 to holders of record Dec. 24. A year ago the company paid an extra of 2% in addition to the usual semi-annual dividend of
4%.-V. 118, p. 2959.
Ohio Leather Co., Youngstown, 0.
-Accumulated Divs.
The directors have declared a dividend of 2% on account o( accumulations on the Cum. 7% 2d Prof. stock, in addition to the regular quarterly
dividend of 2% on the 1st Prof. stock, both payable Jan. 1 to holders of
record Dec. 20. This is the first payment on the 2d Prof. stock since reorganization of the company about 20 months ago.
The company is reported to be operating at 80% capacity.-V.119,p.2188.
Oliver American Trading Co.
-Loses Suit.
-
The order of the U. S. District Court vacating the attachment and dismissing the suit of the company against the Mexican Government and the
National Rys. of Mexico was affirmed Dec. 15 in a decision of the U. S.
Circuit Court of Appeals. The company sued the Mexican Government
and the National Rys. for $1,164,348 for damages resulting from an alleged
breach of contract.
Funds of the .t.lexican Government and the National Rya supposedly
placed with J. P. Morgan & Co. and other banking institutions were attached by the company,as was the Mexican Consulate in New York City,
Which for a time was closed in protest against the attachment.
The opinion, written by Judge Rogers, states that the Court is aware
of the importance of the question the case raises, and calls attention to the
main contention of the defense, that the Government of Mexico, "as an
• independent and sovereign nation," was immune from process in the courtst
except upon its consent.
Regarding the contention by the plaintiff that the Mexican Government
Was engaged in trade and in a "non-governmental enterprise in operating
the National Rye. of Mexico," the decision pointed out that "in the leading
countries of Europe, as well as in Canada, it is the practice of Governments
to own and operate railways. This is not regarded by them as engaging in
trade but the performance of a fundamental Governmental function."
V. 115, p. 2055.
Olympia Theatres, Inc., Boston.
-Stock Offered-Earn-Hayden, Stone & Co. have offered at $21 50 per
ings, &c.
share a limited amount of Common stock.
Exempt from Massachusetts and normal Federal income tax;the Atlantic
National Bank of Boston, registrar.
Capitalization.
-Funded debt, $1,765,984; Preferred stock, 7% cumulative(par $100), $2,323,200; Common stock (no par value), 177.513 shares.
History.
-The history of the Olympia Theatres project goes back to 1907,
When Nathan It. Gordon, Pres. of present company, acquired a small
motion picture theatre in Worcester. In 1915 present company was incorp.
in Mass. At that time it owned 7 moving picture theatres in New England
and had a fixed asset investment of about $1,750.000. To-day company
exhibits motion pictures through a New England chain of 66 theatres,
which it either owns or in which it has a substantial investment. These
include the 2 Olympia theatres in Boston. Its fixed assets have to-day
an actual value of over $7,500,000, carried on its books at a depreciated
valuation of over $5.500,000.
The business is essentially one of merchandising moving pictures through
the company's chain of theatres. This does not involve the risks of the
producing end. The business is done entirely for cash. There are no
credits and no inventories. Company holds a franchise with the First
National Picture Corp. for the first runs of its pictures.
Earnings.
-From a very small beginning the company has built its business up to an estimated gross income of over $4.000,000 for 1924. Like
and
income tax paid by borrower, Parkab Corp.. at source. int. 2% Federal
This issue is a direct closed first mortgage on the 30-story
apartment
hotel building, containing a bankiag room and
construction by Arthur Brisbane on East 57th shops, now under course of
St. adjoining the northeast
corner of Park Ave., New York, and the land in fee thereunder.
The land
and completed building are appraised
stories in height, represents the highest at $5,425,000. The building, 30
type of steel-frame fireproof ocnstruction, equipped with every convenience demanded by
the high type of
tenants this building will attract.
Net rental earnings are estimated on an extremely conservative
basis at
a sum more than $100,000 in excess of the greatest combined
annual interest
and serial principal requirements.
Otis Elevator Co.
-Listing, &c.
-
The New York Stock Exchange recently authorized the
additional Common stock (par $501 on official notice listing of $580,400
change for outstanding stock of Waygood-Otis, Ltd.,of issuance, in exmaking the total
amount applied for $16,231,200.
Otis Elevator Co. owns 168.730 shares of the outstanding
290,000
share of Waygood-Otis. Ltd., leaving 121,270 Ordinary shares
to be
acquired by the exchange of one share of the Otis Elevator Co.
Common
stock for nine Ordinary shares of Waygood-Otis, Ltd., which
will require
a total of 11.608 shares for the acquisition of 104.475 Ordinary
shares,
16,795 having been purchased for cash.
Sales.
-Sales for the first ten months of 1924 amounted to $35,812,872.4
Comparative Balance Sheet.
Sept. 30'24 Mar.31'24
Sept. 3024 Mar.31'2
'
AsselsxReal est.. bides.,
Preferred stock_ 6,500,000
machinery.&e__12,508,022 11,903,942 Common stock......15,650,800 6,500,000
14,227.800
Inv. in foreign and
Sundry credits aPdomestic corp'ns 4,291,390 4,050,854
plicabie on open
Cash
2,542,672 2,088,133
contracts
3,551,240 3,259,053
Notes receivable__ 265,689
319,449 Accounts payable_ 798.517
955,612
Accts.receivable“ 5,529.831 4,807,121 Dividends accrued 410.480
382.044
Raw material, finAccrued taxes, dm_ 283.913
621,322
ished parts, gm. 4,410,656 4,348,842 Res, for conting's_
858.656
U.S. ctf. of Isclebtk4.369,610 2,203,056 Reserve for Federal 1,239,955
Liberty bonds_ _ f
2,149,109
taxes
585.000
165,000
Deferred charges__ 758,200
714,403 Reeve for pension,
Ac., account..... 604,600
550.934
Tot.(each side).34,674,070 32.564,911 Undivided profits_ 5.051,564 5,044,491
Includes investments In real estate, buildings, machinery and equipment; equities in New York and Chicago properties, loss depreciation
of
86.618.119.-V. 119, p. 2657, 2539.
(J. C.) Penney Co.(of Utah).
-Reincorporated in Del.
-
This company, a Utah corporation, was reincorporated in Delaware on
Dec. 15. The Dolaware corporation will take over all the assets
Utah company,subject to approval of the stockholders on Dec. 23. of the
Preferred stockholders in the Utah company will receive in exchange
for
their present shares of stock a similar number of shares of 1st Pref.
stock In
the Delaware corporation, with the same rights and privileges.
-V. 119. 1)•
2657.
Pepperell (Mass.) Card & Paper Co.-Receiver.-
Poderal Judge Anderson at Boston has appointed John H.
Cashman.
New York. receiver.
It is alleged that liabilities total about $200.000, while the assets approximate $450,000.
Pierce Oil Corp.
-Bond Interest and Sinking Fund.
Funds have been deposited with the Chase National Bank,
meet coupons due Dec. 15 on the outstanding $1,500,000 as trustee, to
10-Year 8%
Sinking Fund Gold Debenture bonds. The provisions of
have been met by the deposit with the trustee of 8100.000the sinking fund
par value of the
bonds.
-V. 118, p. 3088.
Prairie Oil & Gas Co.
-Declares Regular Dividend.
The directors have declared the usual quarterly dividend
of 2% on the
outstanding 860,000.000 Capital stock, par $100, payable
Jan. 31 to holders
of record Dec.31.
The company in a statement issued last October
stated at the time that it might become necessary to (see V. 119, p. 2074)
temporarily
discontinue dividends until the oil industry should have made reduce or
progress in
recovery from existing depression.
-V. 119, p. 2771.
Prairie Pipe Line Co.
-Shipments.
---
Period Ended Nov. 301924
-Month-1923.
shipments of crude oil, bbls-- 3,502.938 2,650.566 1924-11 los.-1923,
38,797,392 45,496,298
Compare V. 119, p. 2539.
Pure Oil Co.
-New President.
-
Henry M. Dawes, who recently resigned as Comptroller of
the
has been elected President of the Pure Oil Co., succeeding B. Currency,
G. Dawes,
who has been made Chairman of the board of directors.
-V.119, p. 2771.
Purity Bakeries Corporation.
-Transfer Agent.
-
The Irving Dank-Columbia Trust Co. has been appointed transfer agent
of 150,000 shares of 7% Prof. stock, 400.000 shares Class
"A" and 500,000
shares Class "B" stock. See V. 119, p.2557.
Reid Ice Cream Corp.
-Incorporated.
-
Incorporated in Delaware Dec. 16 1924 with an authorized capital of
$5,000,000 Pref. stock and 150,000 shares of Common stock (no par value).
Balance Sheet Sept. 30 1924.
issttdjcsted to give effect to formation of company and to present stock
(ues i.
Assets.
Land, bidgs.. mach., &c_43,743,271
Constr. work in progress __
102,933
Ice rights (as appraised) - 175,366
Good-will
1
Cash
497.625
Spec. dep. & market. secs_
6,000
Notes & accts.rec.less res. 276,959
Inventories
413,726
Investments
109,163
Dairymen's League Co-Op.
Association
50,000
Deferred charges
30,648
Compare also V. 119. p. 2771.
Liabilities.
7% Cumul. Prof. stock --$2,300,000
Common (150,000 shares,
no par)
2,301,802
Real estate mtges.& purch.
money obligations
185,250
Reserve for contingencies_
72,789
Accounts payable
250,357
Accrued payroll
58,406
Interest, local taxes, &c..43,240
Milk drivers' deposits-10,430
Federal taxes
183,418
Total (each side)
85.405.694
Diac. 20 1924.]
-Interim Dividend of 60%.
t Rand Mines, Ltd.
The Bankers Trust Co. has been advised of the declaration by the above
company of an interim dividend of 60%, equivalent to 3s. per ordinarx
share. The dividend will amount to 7Ms. sterling per "American share,
and will be paid in London on or about"Feb. 11.-V. 119, p. 2771.
-Dividends Declared for 1925.
St. Joseph Lead Co.
The trustees have declared a dividend of $2 per share on the outstanding
capital stock, par $10, for the year 1925, payable in four quarterly instalments of 50c. each on March 20, June 20, Sept. 21 and Dec. 21 to
holders of record March 9. June 9, Sept. 9 and Dec. 9, respectively.
It is understood that the Mississippi River & Bonne Terre Ry., a subsidiary of the St. Joseph Lead Co., intends to call for redemption on April 1
-Year 5% Gold bonds.
1925, at 105, all of Its outstanding 1st Mtge. 20
maturing Oct. 1 1931. The original issue was $2.500,000. The amount
outstanding in the hands of the public is approximately $750.000.
now
--V. 119, p. 1745.
-Stock.
Scranton & Lehigh Coal Co., Brooklyn, N. Y.
The company has filed an amendment to its charter increasing its capital
stock from $850,000 to $1,750,000.-V. 111, p. 2332.
-Plans to Launch a
Sears, Roebuck & Co., Chicago.
Retail Store Chain.
President Charles M. Kittle announced on Dec. 17 plans for the launchof a chain of retail stores by the company. The first store of the chain
will be opened in Chicago about Feb. 2. It will be operated as a department store and will include a separate department for men. Other stores
will be opened later by the company in Philadelphia, Dallas and Seattle.
It is estimated by Mr. Kittle that through operation of the stores the
number of customers now served by catalogue sales will be increased from
9.000,000 to 12,000,000.-V 119, p. 2658.
&c., were $200,392, or 2.2 times the annual bond interest charges. For
the year ended Aug. 31 1924 the combined earnings of the company and
the guarantor company were $470,694, cit. over 3.3 times the interest on the
-V.119, p. 2189.
combined mortgage debt.
-Increase in
(Frederick) Stearns & Co., Detroit, Mich.
Preferred Stock-Par Value of Common Shares Changed.
The stockholders have voted (a) to increase the authorized Preferred
stock from $1.000,000 to $2,500,000, par $100: and (6) to change the Common stock from 30.000 shares, par $100, to 200.000 shares of no par value.
This company was incorporated in 1882 in Michigan and in addition to
the home offices and laboratory in Detroit, it has laboratories in Windsor,
Ont., and Sydney. Australia, with branches in New York City. Kansas City
and San Francisco.
The directors of the company include the officers; Frederick Sweet
Willard Ohliger, Pres. & Gen. Mgr.;
Stearns, Chairman of the
Board..
David M. Gray, Vice-President St Secretary.; Earl Warner, 2d V.-Pres. &
Treasurer, with Standish Backus. William P. Winch, J. R. Wodden, J.0.
White, C. N. McClure and H. M. Avery.
-Sale of Assets Approved.
Superior Copper Co.
The stockholders on Dec. 15 voted to accept the bid of $80,000 of the
Calumet & Hecla Consolidated Copper Co. for all the property, equipment,
&c., to be offered at public auction at Houghton. Mich.. at a date to be
set later, provided no better bid is made. The company will then be dissolved. Including the assets at present in the treasury, the stockholders
on the dissolution of the company are expected to realize about $2 50 per
share. See also V. 119, p. 2300.
-McLeod,
-Bonds Offered.
Seaman Kent Co., Ltd.
Young, Weir & Co., Ltd., and Johnston & Ward, Montreal,
are offering at 100 and int. $400,000 1st Mtge. 20-Year Sinking Fund 7% Gold bonds.
-Notes Called.
Shane Bros. & Wilson Co.
All of the outstanding $500,000 13'g) Serial Gold notes dated Jan. 1 1920
have been called for payment Jan. 1 at 101 and int, at the National City
Bank of Chicago, Ill.
Holders may present their notes at the National City Bank prior to
Jan. 1 and upon such surrender will receive 101 and int, to date of presentation.
-V. 117. p. 2781.
-Italian Contract.
Sinclair Consolidated Oil Corp.
The company's proposed contract for prospecting in Italy has been rejected by the Parliamentary Commission, according to cable advices.
-V. 119.
The Commission suggested it be turned over to an Italian group.
p. 2419, 2074.
-Building New Plant.
Spicer Manufacturing Corp.
The corporation announced on Dec. 15 that it was building a new plant
at Reading, Pa.for the production of automobile frames. It is said that
-V. 119. p. 2076.
no new financing will be necessary.
State Theatre Bldg. (State Theatre Co.), Boston.
-Hayden Stone & Co., E. H. Rollins & Sons
Bonds Offered.
Spencer Trask & Co. and Putnam & Storer, Inc., are offering at 99 and int., to yield about 6.10%,$1,500,000 1st Mtge.
15-Year Convertible 6% Gold bonds.
-Listing.
Superior Fire Insurance Co.
The Pittsburgh Stock Exchange on Dec. 11 approved for listing 5,000
additional shares (par $50) capital stock. There has been previously listed
20,000 shares. Capital stock authorized, $3.000.000. Outstanding.
$1.250,000.
The statement of income and disbursements at Sept. 30 1924 shows:
Income, $2,205.172; disbursements, $2,008.280; profit, $196.892.
Dated Dec. 1 1924; due Dec. 1 1944. Principal and int. payable at Molsons Bank, Montreal and Toronto, in Canadian gold coin, or at the holder's
option at the Mechanics & Metals National Bank, N. Y. City, in U. S.
gold coin. Denom. $100. $500 and $1,000 c*. Callable all or part up to
Dec. 1 1929 on any int, date on 60 days' notice at 108 and int.; thereafter
up to Dec. 1 1934 at 106 and int.; up to Dec. 1 1939 at 104 and int.; up to
Dec. 1 1944 at 102 and int. Montreal Trust Co.. trustee.
Authorized, Outstanding.
Capitalization$400,000
$1.000.000
First Mortgage Sinking Fund bonds
500,000
500,000
7% Preferred stock
20,000 MIS. 20,000 abs.
Common stock (no par value)
Data from Letter of J. A. O'Brien, President of the Company.
-Business was established 25 years ago. Company is now the
Company.
largest manufacturer of hardwood flooring in the British Empire. Company operates 3 modern mills in Ontario. situated at Meaford, West Lorne
and Renfrew, equipped to manufacture 30,000.000 feet per annum. Warehouses are owned at Montreal and Toronto.
Earnings.-Earnings available for bond interest and depreciation for the
past five years have averaged $125,934. This is over four times annual
interest requirements on this issue. Earnings available for the year ended
June 30 1924 were $142,230. or at the rate of 5 times interest requirements.
After depreciation, earnings available for bond interest for the past 5 years
averaged $104,157 per annum.
Purpose.-Proceecis will be used to pay off current bank indebtedness
incurred through expenditures on the new mill at Renfrew and to provide
additional working capital.
-There is provided an annual sinking fund beginning Dec. 1
Sinking Fund.
1925 whereby an amount equal to at least 2 % of the greatest amount of
bonds at any time outstanding, plus the interest on bonds redeemed, shall
be invested in the bonds of the company either by purchase in the open
market or by call at the redemption price. These payments are sufficient
to retire the entire issue by maturity.
Dated Nov. 1 1924; due Nov. 1 1939. Interest payable M.& N. without
deduction of the normal Federal income tax up to 2%. Company agrees
-mills taxes. Free of Mass, income tax.
to refund the Penn. and Conn. 4
Denom. $500 and $1,000 O. Red. all or part on any int, date upon 90
days' notice at 105 and int. American Trust Co., Boston, trustee.
Authorized. Outstanding.
Capitalization$1,500,000
-Year Cony. 6s
First (closed) Mtge. 15
$1,500,000
1,250.000
8% Cumul. Pref. stock (par $100)
230,600
x236.358 shs. 86,358 shs.
Common stock (without par value)
x Held for conversion, 150.000 shares.
-This issue of bonds is guaranteed principal, interest and sinkGuaranty.
ing fund by endorsement by Loew's Boston Theatres Co., which owns the
Boston Orpheum Theatre and approximately 84% of the Common stock of
the State Theatre Co.
-Was organized in Mass. in 1921. It has constructed
State Theatre Co.
a combined commercial and theatre building and operates a large motion
picture theatre. The building, which was completed in March 1922, is a
modern, fireproof combined commercial and theatre building. It contains
the State Theatre, which is one of the largest motion picture houses in Boston, having a capacity of 4,000. The arrangements of the theatre are such
as to permit its use for any form of theatrical productions.
The building contains the Fine Arts Theatre, which is a small, attractive
theatre used for amateur and professional productions, and also the State
Ball Room, which is used for receptions and dancing parties.
-Proceeds are to be used to refund an issue of $1,000.000 8%
Purpose.
bonds and to pay a part of the floating debt incurred in the construction of
the building.
-This issue of bonds will be secured by a first mortgage on apSecurity.
proximately 55,091 sq. ft. of land and a modern commercial and theatre
Imilding owned in fee, and situated on Massachusetts Ave., Boston. The
land has been appraised at $1,101.820 and the building at $1,107,000, making the total appraised value $2,208,820. the payments to the
-Indenture provides for
trustee in
Sinking Fund.
each year aggregating $115,0W,plus 10% of the net earnings as defined in
the mortgage for the preceding fiscal year available for dividends on the
Common stock, which fund shall be used for the payment of interest on the
bonds and for a sinking fund which it is estimated will retire over 50% of
bonds by maturity.
Conversion priviiege.-The First Mortgage bonds are convertible at the
Option of the owner, upon five days' notice, into Common stock Class "X"
In the ratio of 100 shares of no par value for each $1,000 bond. Bonds called
for redemption may be converted up to the date of redemption. Classtock is non-voting while any of the bonds are outstanding, but thereafter it will be entitled to voting power. In other respects it is identical
with the outstanding Common stock.
Earnings.
-Average annual net earnings of the State Theatre Co. during
the.2 years ended Aug. 31 1924, after deducting operating expenses, taxes
2891
THE CHRONICLE
-Status,
Swedish Match Co.
-V.118. p. 2713.
See International Match Corp. above.
Swift & Co.,
hicago.-Had Satisfactory Year.-
President L. F. gwift says in part: "We have been having a satiafactory
year during 1924, and prospects for the packing industry during 192Z
appear good."
-V. 119, D. 2300.
-Extra Div.
Syracuse (N. Y.) Washing Machine Corp.
An extra dividend of $2 a share and an extra stock dividend of 1-50 of
a share on the Common stock have been declared by the directors, in
addition to the regular quarterly cash dividend of $2 and 1-50 of a share
in stock, all payable to stockholders of record Dec. 20. After payment of
these dividends the Common stockholders will have received 5 cash dividends of $2 per share since, and incl. April 1 1924, plus 5 stock dividends
of 1-50 of a share.
The company states that "it is in an excellent financial position and has
no mortgages, bank loans, bonds or similar obligations. Cash position is
the strongest in its history. The only capital liability aside from the
Common stock is 4,000 shares of Preferred stock, which according to the
charter, is not redeemable until 1926 and 1927. However, the directors
are in favor of an earlier retirement of this stock.
"Business has been very good in 1924 and considerably ahead of 1923
in spite of the fact that general business conditions were not as good as the
year previous."
-V. 118, p. 1786.
-F.
Taggart Brothers Co., Inc.- Bonds Sold.
Carlisle & Co., Inc., New York, and Northern New York
Securities Corp., Watertown, N. Y., have sold at 100 and
int., $1,250,000 1st Mtge.6% Gold bonds.
Dated Dec. 1 1924; due Dec. 11944. Callable all or part any time upon
30 days' notice at 103 and hit. Denoms.$500 and $1,000c*. Interest payable
J. & D. in N. Y. City or Watertown, N. Y., without deduction for any
Federal income tax up to 27, which company may be required or permitted
to pay at the source. Northern New York Trust Co.. Watertown, N. Y.,
Authorized. Outstanding.
Capits
trustee. !traitors$1,250.000
$2,500,000
1st Mtge.6% Gold bonds (this issue)
1.000,000
1,000,000
Prof. stock, 7% Cumulative (par $100)
100,000 abs. 100.000 abs.
par value)
Common stock (no
Data from Letter of Pres. B. B.Taggart, Dec. 12.
-Organized in 1924 in New York. Has acquired the business
Company.
of Taggart Bros. Co., which has been successfully carried on since 1866.
Company is one of the leading manufacturers of high-grade rope and Jute
papers in the United States. The entire output of paper is converted by the
company in its own mills into flour, cement, lime, plaster and specialty
bags. Properties include a mill located at Watertown. N. Y. and a mill
at Herrings. N. Y., recently purchased. Upon completion of Certain additions, extensions and improvements to the latter, now under way, the
company will have a total daily capacity of 50 tons of paper. Company
owns at its mill in the city of Watertown a water power with an installed
capacity of 1,800 h. p., a part of which is hydro-electric. All of the power
generated is used by the company.
Earnings.
-According to the report of Haskins & Sells, Certified Public
Accountants, the average net earnings of the predecessor company, after all
charges, (including depreciation, taxes, inventory adjustments. etc.
prior
lint without deducting Federal taxes) for the 4 years and 10 months ended
Oct. 31 1924, were $214,143, or 2.85 times the maximum annual interest
requirements of $75,000 on this issue of bonds. For the 10 months ended
Oct. 31 1924. such net earnings were $434.676. or more than 5.75 times the
maximum annual interest charges on this issue. The above figures do not
reflect the added earnings which are expected to result from the operation
of the Herrings mill.
-Bonds are issued to defray in part the cost of acquiring the
Purpose.
assets of the predecessor company (Taggart Bros. Co.) and to provide for
certain improvements and additions to the Herrings mill, which are estimated to cost approximately $500,000.
-Company covenants to deposit with the trustee annually,
Sinking Fund.
beginning June 11926. cash for the redemption of bonds, or bonds (at cost)
of this issue equal to 5% of the net earnings, after deductions for taxes.
Interest, reserves, depreciation, for the preceding calendar year.
-Liquidating Div.
Tecumseh (Cotton) Mills Fall River.
The directors have declared a liquidating dividend of 20% in cash, pays..
ble Jan. 20 to holders of record Dec. 17. This will make 95% paid in liqui
dation. See also V. 119, p. 1519.
-Div.Thomson Electric Welding Co. Lynn, Mass.
The directors have declared a special ce-4,h dividend of $5 per share on
the capital stock, par $20, payable Dec. 18 to holders of record Dec. 16.
The company has paid regular dividends this year totalling 10%.-V. 96.
p. 558.
-New Officers.
Timken Roller Bearing Co.
-V. 119. p. 2189.
m. T. Lothrop has been elected Vice-President.
-Extra Dividend.
Title Guarantee & Trust Co.
The trustees have declared the regular quarterly dividend of 3% and out
of the earnings of the year an extra dividend of 8%, payable 7% on Jan. 2
to holders of record Dec. 22 and 4% on Mar. 31 1925 to holders of record
Mar. 211925. Extras of 4% have been paid quarterly since Jan. 2 1924.
-V. 119, p. 1407.
-To Call Remaining Liggett's
United Drug Co., Boston.
International Class "A" Stock at $150 per Share.
The "Boston News Bureau" of Dec. 17 says: During the past few weeks
the company has been quietly picking up the Class "A" stock of Liggett's
International, Ltd., and has succeeded in getting all but a few hundred
shares of the $5,000,000 issue. The United Drug Co. has now decided to
call for redemption at $150 a share of the small number of shares remaining
outstanding,such call to be made some time this month or early in January.
On acquisition of this stock the United Drug Co. will then own all a the
22.000,000 Class "B" and $5,000,000 Class "A" 6% issues. The only
stock held by the public will be the $12,963,950 8% Preferred. This is
another step in the direction of the final absorption of Liggett's In
Ltd., by the United Drug Co.
-V. 119. p. 2658.
2892
THE CHRONICLE
United Ice Service Co.-Pref. Stock Offered.-Stone &
Webster, Inc., are offering at $95 per share 81,500,000
7% Cumul. Prof. (a. & d.) stock, Series "A." Each share
of Preferred stock now offered will carry one share of Common
stock.
Redeemable at 110. Dividends cumulative from Jan. 1 1925: payable
$3 50 per share July 1 1925 and El 75 per share quarterly thereafter.
Listmg.-Application will be made to list allotment certificates on the
Boston Stock Exchange.
Company.
-Has been incorporated in Delaware for the purpose of
acquiring control of and operating through subsidiaries ice manufacturing
and refrigerating plants in various parts of the country. It will acquire
substantially all of the Preferred and Common stocks of Carolina Public
Service Co., all the capital stock of the Southern Ice Co., and all the
capital stock of Peninsula Ice Co., Inc., except 390 shares of Employees
stock. The first two companies manufacture and supply ice in Charleston.
Columbia. Greenville, and Spartanburg, So. Caro., do an important
car-icing business at Charleston, and also do a retail coal business in
Columbia. Greenville and Spartanburg. Peninsula Ice Co.. Inc.. manufactures and delivers Ice on the Rockaway Peninsula in the suburbs of
New York.
The controlled companies will, after giving effect to this financing.
own and operate seven artificial ice plants in five cities. These plants
have an aggregate manufacturing capacity of nearly 1,000 tons of ice
per day and storage capacity for over 18.000 tons. The controlled companies or their predecessor companies have operated ice plants in these
communities for over 15 years. but the main plant in each city has been
built since 1919 except at Greenville, where a new electrically driven plant
is to be built with part of the proceeds of this financing to replace two
obsolete units.
Capitalization Upon Completion of the Present Financing.
Carolina Public Service Co. 1st Mtge. 8s, 1942
$764,800
Peninsula Ice Co., Inc. Real Estate Mtge. 6s. due 1929_
27,000
Peninsula Ice Co., Inc., Callable Employees' stock (no
par value)
390 sbs.
United Ice Service Co.,7% Cumul. Prof. stock, Series "A"
($100 par)
Common stock (no par value)
*37.500 ails.
n1.500.000
* Includes $29.700 Preferred stock and 752 shares Common stock
reserved for exchange for a like amount of outstanding Preferred and
Common stocks of Carolina Public Service Co.
Earnings.
-It is estimated that for the first year of operation with the
improvements and additions provided for by the present financing, the
controlled properties will show the following earnings:
Net earnings, after operating expenses, maintenance and all taxes__$402.000
Interest and prior charges of subsidiaries
67.000
Preferred dividend requirements
105,000
. Balance
$230,000
Management.
-The company and its subsidiaries will be under the
executive management of Stone & Webster. Inc.
United States Realty & Improvement Co.
-About
One-Half of Preferred Stock Converted into Common Stock.
In relation to the conversion of the Preferred stock into Common stock,
we learn that at the close of business Dec. 16 39.610 shares of Preferred'
stock had been converted into Common stock. This leaves a little over
one-half of the issue of Preferred stock outstanding.
The Preferred stock is not redeemable until after April 30 1926 at $115.
The conversion privilege expires Nov. 1 1925.-V. 119, p. 2541.
Victory Park Land & Improvement Co., Inc.
-Pro
Forma Balance Sheet Nov. 17 1924.
Assets
Real estate
Gas & water contracts
Cash
Accounts receivable
Mortgages receivable
Securities owned
$746,798
16,921
9,404
37,314
39,771
56,000
Liabilities
Capital stock
$650,000
Bills payable
53,075
Mtges. on real estate owned 136,845
Deferred liabilities (taxes
accrued not due)
2,700
Special reserve
50,000
Surplus
13.586
Total
Total
$906.206
See also Railways Company General in V. 119, p. 2763.
$906,206
Virginia Iron, Coal & Coke Co.
-Offers to Purchase 50%
of Outstanding Preferred Stock.
The directors on Dec. 18 offered to purchase from the Preferred stockholders of record Dec. 31 1924 50% of their holdings at 80 and have designated the Bank of the Manhattan Co.. 40 Wall St., N. Y. City, as depositary of the stock. The offer will terminate Feb.21925.-v. 119, p. 1967.
Wamsutta Mills, New Bedford.-Bal. Sheet Sept. 30.1923.
1924.
1924.
1923.
$
Assets$
I Liabilities
Capital stock
Land, buildings &
6,000,000 6,000,000
7,259,812 7,338,747 Notes & sects pay. 2,369,284 2,592,684
machinery
Depreciation
Mdse., materials &
1,897,709 1,571,892
stock in process_ 3,211,432 3.251,728 Rex. for tax.& imp 153.954
989,983 Profit and loss_ _ _ _
Cash & acc'ts reele 915,655
965,864 1,415,882
11,386.901 11.580,458
Total
-V. 117, p. 2553.
f"
Total
11,386,901 11,580.458
-Reincorporated.
Wanner Malleable Castings Co.
A company of the above name was incorporated in Delaware on Dec. 15
with a stated capital of $1.850,000. This is probably a reincorporation
of the Illinois company, which, it is understood, has a plan for recapitalization under say.
-V. 119, p. 1293.
-New Directors.
Warner Sugar Corp.
The following have been added to the directorate: Raymond E. Jones,
V.-Pres. of the Bank of the Manhattan Co.; F. Abbot Goodhue. Pres, of the
International Acceptance Corp.: Arthur W.Loasby, Pres. of the Equitable
Trust Co., and Dunham B. Sheer, V.-Pres. of the Corn Exchange Bank.
-V. 119, p. 2190.
Weber & Heilbroner.-Earnings.-The company's earnings for the three months period Sept. I 1924 to
Nov. 30 1924 are estimated to be $154,000. subject to variation on taking
physical inventory at the close of the fiscal year, which is Feb. 28 1925.
-V.119, p. 2773, 2659.
-Balance Sheet.Wells Fargo & Co.
Oct.31'24. Dee.31'23.
$
$
AMU-30,680
30.680
Real prop.& equip
Sas., bds. & notes 1.566.681 15,323,984
54,221
1,773,800
Cash
90,510
9,388
Accts.receivable
294
Unadjusted debits
Total
3,380,549 15,499,689
Oct.31'24. Dec.3124.
Liabilities-Capital stock- --_ 2239,674611,983,700
286,105
Accounts payable.. 222,544
c1,654,432
Deprec. reserveUnadjusted credit_
7,593
Profit & loss sur__ 2,918,331 1.567.8.59
Total
3,380,549 15,499,689
a Represented by 239,674 shares valued at $1 a share. b Par value $50.
c Represents the difference book vs ue and market value of company's
securities other than American Railway Express stock, which is carried
-V.119, v. 1519, 707.
on books and shown on balance sheet at par.
-New Issue of$25,000,West Virginia Pulp & Paper Co.
000 Preferred Stock Created-Common Stock Increased.
The stockholders on Dec. 11 authorized an issue of $25,000.000 of
6% Cum A. Pref. stock and increased the authorized Common stock from
8W.000 to 1,000.000 shares of no par value.
A portion of the Prof. stock is to be taken by the present stockholders of
the corporation; the remainder of the Pref. stock is to be held for future
disposition as well as the additional authorized Common shares, none
of which are going to be issued at the present time.
-V. 119, p. 1182.
(VOL. 119.
Western Electric Co.
-Research Company to Be Organized.
See American Telephone & Telegraph Co. under 'Public Utilities" above.
-V. 119, p. 1520.
Western Fruit Express Co.
-Increases Stock.
-
In regard to the recent increase in the authorized Capital stock from $2,500.000 to $5,000,000, we have been advised that the company sold $2,585,000 additional Capital stock on Dec. 12 1924 for the purpose offinancing the
purchase of additional refrigerator car equipment. The stock has not been
placed on sale to the public, as same is all owned by the Great Northern
Ry.-V. 119, p. 2773.
Westmoreland Coal Co.
-Dividend of 1%.
The directors have declared a quarterly dividend of 1% (50c. a share)
payable Jan. 2 to holders of record Dec. 26. On Oct 1 last the dividend
was reduced from the previous rate of 2% quarterly. See V. 119, p. 1408.
Weston Electrical Instrument Corp.
-Stocks Sold.Hornblower & Weeks and Hambleton & Co. have sold at
$25 per share to yield 8%(each share carrying with it Y share
A
of Common stock) 100,000 shares Class "A" stock of no
par value. This stock is being bought from individuals and
involves no new financing for the company.
Class "A" shares are entitled to $2 cumulative dividends accruing from
date of issue, payable Q-J. Callable at $37 50 a share on 30 days' notice.
Preferred as to assets and dividends, in liquidation, up to $31 per share.
Class "A" shares participate equally in all cash dividends after payment
of dividends of $1 in any one yaar on the Common sh .res. Class 'A"
shares have no voting power unless four quarterly dividends are in arrears,
and during such default have exclusive voting powor.
Data from Letter of Pres. Ed, F. Weston, Newark, Dec. 11.
Company.
-Recently formed to acquire the business of Weston Electrical
Instrument Co., which was founded in 1888. In addition, new company
will acquire all of the patents issued to Dr. Weston and on which the
predecessor company has been paying substantial annual royalties. Company's product includes: (1) Switchboard instruments used by public
utility companies and other electric plants. (2) Portable instruments
used by railroads, telephone companies, electric light and 'Dower companies,
laboratories and others. (3) Miniature instruments used for automobiles,
radio and various other types of apparatus.
Plant located at Newark, N. J., normally employs 850. Plant is
equipped with the highest grade and most modern machine tools, in
addition to a large amount of patented machinery, including apparatus
for drawing special alloy wire for electrical Instruments. The company
owns about ten acres of land adjacent to present plant and suitable for
further expansion.
capitalization Authorized and to be Presently Outstanding.
15
-Year 6% Sinking Fund Debentures, due 1940
$1,000.000
Class "A" stock without par value
100.000 shs
Common stock without par value
100.000 abs.
Earnings.
-With exception of 1914 and 1921. predecessor company
has shown a profit in every one of the past 34 years. Net earnings for
recent years on the basis of the new organization, after including royalties
paid in previous years on patents acquired by the new company, but after
deducting interest on bonds to be now outstanding and after Federal
taxes at present rate, as determined by Ernst & Ernst, were as follows:
1924 (2 months estimated), $369,392; 1923. 8240.317; three years'average.
$246.152: ten years average. $242.117.
Sales and earnings in 1925 are expected to exceed 1924 reflecting the
sale of the company's new radio accessories.
Balance Sheet Oct. 31 1924 (After Present Financing).
Land, bldgs., mach., &c__ 3923.536 15-Yr.6% S. F. Dohs---31.000.00o
Patients & Good-will
I y Capital & surplus
1,929 9 1
55 082
:2
Cash_ .
253,980 Accounts payable
Marketable securities_ --- 267.204 Accrued accounts
Notes & trade accepts. rec.
5.131 Res. for Federal taxes46.0
6'725
1
Accounts rec, less reserve.. 292,600
Inventory
1,116.2401 .
Miscellaneous assets
158.9041
Deferred charges
20,4351 Total (each side)
$3,038,032
x After giving effect to the following transactions yet to be consummated:
(a) Incorporation of the Weston Electrical Instrument Corp., the issuance
of $1.000,000 15
-Year 6% Sinking Fund Debenture bonds, 100.000 shares
Class"A"stock and 100,000 shares Common stock, both without par value;
(b) the acquisition of the assets and assumption of liabilities of the Weston
Electrical Instrument Co. 3 Represented by 100.000 shares Class "A"
,
and 100,000 Common stock.
White Motor Securities Corp.
-Stock Oversubscribed.-‘Over-subscriptions of $1,000,000 to the offering of 7% Preferred stock
has been announced by Pres. Waiter C. White.
Applications were received totaling $3,600,000 for the $2,500,000 issue
offered to stockholders a few weeks ago. This represents half of the authorized Preferred stock, the remaining portion of which will be held pending the growth and needs of the business. The entire Common stock has
been purchased by White Motor Co.
-V. 119, p. 2301, 2190.
CURRENT
NOTICES.
-William W.Craig, former financial editor of "The New York Herald,"
has been appointed editor of "The Wall Street News," the daily financia
newspaper published by the New York News Bureau. Before engaging inj
editorial work, Mr.Craig passed through the full apprenticeship of flnancka
and general news reporting on "The Evening Sun" and "The New York
Times," entering the metropolitan newspaper field in 1909.
-Deloitte, Plender, Griffiths & Co.,49 Wall St., Now York,accountants
and auditors,announce the opening of an office in Berlin, Germany, This is
the fourth office recently opened in Central Europe and the twenty-eighth
branch directly operated by the company, whose facilities now cover four
continents.
-"The Outlook in the Radio Industry and Its Bearing on Radio Securities" is the title of a circular issued by Morton Lachenbroch & Co., 42
Broadway, New York, giving a complete survey of this interesting subject.
Copies of this circular will be sent free on request.
-Salomon Bros. & Hutzler announce the opening of offices in the First
National-Soo Line Building in charge of E. 0. Kibbee, which will be connected by direct private wires with the New York, Boston, Philadelphia
and Chicago offices of the firm.
-The Central Union Trust Co., New York, has been appointed transfer
agent for the Bangor & Aroostook RR. Common stock. Tho trust company
has also been appointed transfer agent for the Long Bell Lumber Corp.,
Class A Common stock.
-Guaranty Trust Co. of New York has been appointed registrar for
stock of the Independent Warehouses Incorporated of Cuba. consisting of
10,000 shares Common Capital stock of the par value of $50.
-Palmer, Hayes & Co., 150 Broadway, New York, have issued a descriptive circular on the Oared Corporation, manufacturers of various
types of neutrodyne radio sets under Hazeltine patents.
-Haswell, Veltch & Co.. London financial and issuing house, carried on
by Haswell Veltch and Gordon Hogarth, has been incorporated under the
name of G. Haswell Veitch & Co., Ltd.
-Harold Blake Smith. formerly of Charles Head & Co., has become
associated with Frazier, Jelke & Co., 40 Wall St., New York, in charge
of their trading department.
-Irving Bank-Columbia Trust Co. has been appointed transfer agent in
New York of 500,000 shares of Common stock of the Brunswick-BalkeCollender Co.
DEC. 20
2893
THE CHRONICLE
19241
•
j
eports antin
tun
THE CUBAN-AMERICAN SUGAR COMPANY
ANNUAL REPORT—FOR THE FISCAL YEAR ENDED SEPTEMBER 30 1924.
The Board wishes to express to the Officers and Employees
December 5 1924.
its sincere appreciation of their loyal and efficient services
To the Stockholders of
rendered to the Company during the year.
The Cuban-American Sugar Company:
Respectfully submitted,
By Order of the Board of Directors,
Your Board of Directors submits the following report for
GEORGE E. KEISER, President.
the fiscal year ending September 30 1924:
The production of raw sugar during the year was 296,512
ED PROFIT AND LOSS ACCOUNT FOR THE YEAR
tons (of 2,000 lbs.) as compared with 295,639 tons for the CONSOLIDAT ENDED SEPTEMBER 30 1924.
ap- Raw and Refined Sugars Produced—Net Proprevious year. While the tonnage of cane ground was
ceeds,after deducting Commissions,&c -- -234.393.545 05
1.096330 32
proximately 4% greater than that of the previous year, the Molasses Produced
the same for the reason Interest Received from Public Service Rail- 612.911 89
production of sugar remained about
Miscellaneous Profit
544.954 41
road, Electric Plants. Stores. Cattle. &c--that the average yield of sucrose was lower this year; the com$36,647.841 67
for 96 degree sugars being 12.33% this year Less—Expenses of Producing, Manufacturing, Selling, &c., 26,760.581 46
parative figures
Raw and Refined Sugars
against 12.78% last year.
$9,887,260 21
A comparison of the output of raw and refined sugar for Deduct—Provision for Depreciation may be 21.332.126 89
Income Taxes as
Provision for such
1.040.000 00
the last two years appears in the following table:
finally determined
Cane Ground
Raw Sugar Produced:
Chaparra
Delicias
Tinguaro
Unidad
Mercedita
Constancia
1922-1923.
1923-1924.
2,415,760 Tons 2,324.666 Tons
(Bags 320 lbs.) (Bags 320 lbs.)
485.002 Bags
508,240 Bags
789,222 "
775.786 "209.328 "
228,066 "
79,101 "
' 87.654 "
147,238
124,440 "
142.855 "
129,016 "
Discount on Collateral Sinking Fund Gold
Bonds
Interest on Collateral Sinking Fund Gold
Bonds
Interest on Bills Payable, Current Accounts, &c
45.175 07
722.657 57
171,516 90
3.311.476 43
16.575.783 78
Net Profit for the year
CONSOLIDATED SURPLUS ACCOUNT FOR THE YEAR ENDED
1,853.202 Bags 1,847,746 Bags
SEPTEMBER 30 1924.
Total
$26.403.931 86
or
or
Balance, October 1 1923
295,639 Tons Add—Profit for the year ended September 30 1924, per an296,512 Tons
6.575.783 78
nexed account
232.979,715 63
Refined Sugar Production:
10,228.609 lbs. 18.381.404 lbs.
Cardenas Refinery, Cuba
Preferred Stock:
242,696.579 lbs. 214.297.615 lbs. Deduct—Dividends on 7% three months to
Gramercy Refinery. La
Paid Jan. 2 1924 for
2138.141 50
Jan. 1 I924-1(°7
for the fiscal year amounted
The net profit of the Company
Paid April 1 1924 for three months to
138.141 50
on hand at September 30 being
April 1 i924-13i%
to $6,575,783 78; raw sugars
Paid July 1 1924 for three months to
taken at prices subsequently realized. The usual provisions
138.141 50
1 1924-154(7,,
July
have been made for depreciation on buildings, machinery and
Paid Sept. 30 1924 for three months to
138,141 50
Oct. 1 1924-13i%
of cost of cane plantproportion
equipment, and for the year's
ings. Adequate reserves have been set up for United States
and Cuban Income Taxes.
The capital outlay during the year amounted to $2,096,836 86, the greater portion of which was expended for new
buildings, machinery, &c., and for the necessary extensions
to the Railroad system to connect with the development of
new lands planted in cane. Additional lands adjacent to
our properties, aggregating in area about 22,600 acres, have
been purchased for future development.
Regular quarterly dividends of $1 75 per share on the Preferred Stock and five dividends of 75c. per share on the Common Stock were paid during the year; the payments of the
dividends of November 15 1923 and January 2 1924 on the
Common Stock declared at the September 1923 Meeting
of the Board of Directors, as stated in the last Annual Report of the Company, being charged to the Surplus Account
of that fiscal year.
The Company has no bank indebtedness and its current
liabilities have been reduced to an amount necessary for the
regular conduct of the business.
The 1924-25 campaign upon which we are now entering
has been fully prepared for, all the Company's factories being
equipped to efficiently and economically handle the large
tonnage of cane in the fields.
The Consolidated Balance Sheet as of September 30 1924,
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 & Company, and are appended hereto.
$552.566 00
Dividends on Common Stock:
Paid April 1 1924—$.75 per share
Paid July 1 1924—$.75 per share
Paid Sept.30 1924-2.75 per share
$750.000 00
750.000 90
750.000 00
12.250.000 00
2.802.566 00
130.177,14963
Surplus at Sept. 30 1924
CERTIFICATE OF ACCOUNTANTS.
December 5 1924.
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 1924 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 are at cost prices at September
30 1924, which were below market, while the stock of Raw
Sugar on hand has been valued 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 1924, and that
the relative Profit and Loss and Surplus Accounts correctly
show the results of the operations for- the period.
STAGG, MAT1ITER & CO.
THE CUBAN-AMERICAN SUGAR COMPANY
And Its Subsidiary Companies.
CONSOLIDATED BALANCE SHEET SEPTEMBER 30 1924.
LIABILITIES.
ASSETS.
Capital Stock:
Capital Assets:
Common (Authorized 110.000.000 00)
$11,078,011 29
Lands
$10,000,000 00
1.000.000 shares of$10 00 each
Buildings, Machinery, Railroad Tracks,
Seven Per Cent Cumulative Preferred Stock
29.723,930 64
Roiling Stock, &c
(Authorized $10,000,000 00) 78,938
$40.801,941 93
7.893.800 00
shares of $100 00 each
3,929.340 28
Goodwill
—117,893.80000
380,159 75
Investments in Other Companies
Stock and Miscellaneous Equipment
11 First Mortgage Collateral 8% Sinking Fund
1.315.176
Work Animals, Live
610,000,000 00
Gold Bonds, due March 15 1931
Current Assets and Growing Cane:
Less:
$817,434 61
Planted and Growing Cane
1965.000 00
Redeemed
•
Advances to Colones and Contractors, less
5,00000
Purchased and In Treasury-7,052.045 85
Reserve
970,000 00
Materials, Supplies and Merchandise in
9,030,000 00
3,699.365 59
Stores
654.542 33
Real Estate Mortgages and Censos
8,827.941 87
Refined Sugars
Raw and
Current Liabilities:
29
1,585.514
Accounts and Bills Receivable, less Reserve 3.011.25000
$588.516 12
Bills and Loans Payable
States Treasury Gold Notes
United
1,761,956 32
Accounts Payable
Cash in Banks, with Fiscal Agents and on 1,043.417 61
89.170 28
Salaries and Wages Accrued
Hand
44,767 76
Interest Accrued
26,036.969 82
2.484,410 48
Other Assets and Deferred Charges to Operations:
10.656.155 40
Reserve for Depreciation
Redemption
Cash in Hands of Trustee forBonds
Reserve for United States and Cuban Income and Excess
$250,702 20
Gold
of First Mortgage 8%
2.279.920 11
Profits Taxes
291755 20
Discount on First Mortgage Bonds
30.177.149 53
Surplus, per annexed statement
169,932 66
Prepaid Insurance, Taxes,&c
712,390 06
$73.175,977 95
$73.175.977 96
2894
THE CHRONICLE
[VOL. 119.
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES-METALS
-DRY GOODS
-WOOL
-ETC.
COMMERCIAL EPITOME
reported grinding operations under way. Sugar mill workers throughout the Province of Havana, notably those of the
Gomez Mena mills, have begun, it is stated, an agitation
for improved working conditions.
Friday Night, Dec. 19 1924.
Receipts at Cuban ports for the week ending Dec. 15 were
COFFEE on the spot was in pretty good demand at higher 3,789 tons as against none in the previous week and theprices. There was no real activity early in the week. Santos same week last year and 18,202 two years ago; stock, 3,789,
No.4 was 26 to 263/3e., Rio. No. 7,213 to 22c.; fair to good as against none in the previous week and the same week last
4
Cucuta, 253' to 26c.; Mandheling, 32 to 36e.; Robusta year and 13,631 two years ago. Centrals grinding numbered
washed,23U to 24e. Early in the week firm offers, cost and 31, against 12 in the previous week, 20 in the same week
freight, included prompt shipment Bourbon 3s-4s at 263c.; year and 31 two years ago. Havana cabled: "Weatherlast
3s-5s at 25.85 to 263c.; 48-5s at 263.e.; 4s-6s at 253e.; vorable for harvesting." It is said that the yield of the fa6s at 24.400.. 7s-8s at 412.90 to 22.90e. Part Bourbon or is unsatisfactory. Much of it is declared to be unripe cane
and
flat bean 2s-3s at 26'90c.; 3s-4s at 26.15 to 2634c.; 3s-5s at the sucrose content low. Refiners show little interest in raw
253/i to 26Mc.• 4s-5s at 253c. to 25.90c.• 58-6s at 24% to sugar except at declines. They are beginning to reduce their
24Mc.• 6s at 24c.; 7s-Fs at 223/3 .. Santos peaberry 3s-4s prices to conform to new crop quotations for raws and the
'
0
at 25A to 26c.; 4s at 23.45 to 260.• 4s
-5s at 25Mc.• 4s-6s at lower prices are expect to lead to a good trade, as invisible
.
250. Rio 7s at 20.70 to 213/30.c.Victoria 78-8s at 21'21.30c. supplies at present cannot be very large. Two New Orleans
'
to
Spot coffee on Wednesday was firmer but quiet,.with Rio 7s refiners have cut to 7c., which compares with prices here
23 to 223/2c. and Santos 4s 263/3 to 27c. Cost and freight ranging from 7.15 to 7.60c. With the cheaper raws now
2
firm offers ranged unchanged to 50 points higher. Prompt ing purchased, it looks to some as though refined sugarbein
shipment Bourbon 3s were here at 26Me.;3s and 4s at 263/3e.; this market is nearly due for a sharp break. The California
30 and 5s at 25.85e. to 263c.; 4s and 5s at 26c.• 5s at 2530. & Hawaiian now name a price of 6.30c., a decline of 20 points.
to 25.3504 6s and 7s at 23.90c.• 7s and 8s at 22M to 22.90e.
Receipts at U. S. Atlantic ports for the week ending Dee.
'
Part Bourbon 2s and 3s at 26.90 to 273/2c.; 3s at 27c.; 3s and 17 were 35,523 tons against 38,367 in the previous week,
'
48 at 265/3e.; 3s and 5s at 25.70 to 26c.; 4s and 5s at 25.40 29,936 in the same week last year and 30,161 two years
ago;
to 253/3e.; 5s at 25e.; 5s and 6s at 243(o. Santos peaberry meltings for the week were 34,000 against 30,000 the week
3s and 5s at 25.850.; 4s and 5s at 253/3e.; 4s and 6s at 25.40c.; before, 32,000 last year and 23,000 two years ago; total stock
7s and 8s at 23e. Rio 7s at 210. to 21.300. To-day there 30,854 tons against 32,331 in the previous week, 43,642 in
was little business but the tone was firm and somewhat the same week last year and 34,897 two years ago. A small
better interior demand was reported for Santos and mild business was done in refined at 7.30e. The Federal does not
coffee. No. 4 Santos was 263% to 27M0.. No. 7 Rio, 22% promise delivery until next week. Manufacturers and disto 23e. The Santos firm offers were 4s, 26 to 27c.• 4s-5s, tributers are buying only to supply wants until after the
'
25.65 to 26.55c.; 58, 26.30c.; 6s, 25e. Victoria 7;--8s, 21 holidays. London closed at 3 to 43/3 points advanceron
to 21.50c.
Wednesday. Granulated was unchanged. Paris advanced 1
Futures have risen very sharply on unfavorable crop talk, to 33/3 francs. One buyer is understood to have cleared the
and a pressure to buy from shorts, the trade, Europe and market, 50,000 bags of all Cubans offering first half January
Brazil. Rising markets at Rio and Santos have emphasized shipment at 3e. c. & f. This position is now being held at
these features. On the 16th inst. Rio rose 400 to 500 reis 33/3o. On Wednesday Himely cabled the Federal reporter
with exchange unchanged and the dollar rate 20 reis net that the weather was favorable and that 43 centrals were
higher. Santos advanced 300 to 500 reis. Consumers stocks grinding against 32 a year ago. Havana cabled that the
In the U. S. and Europe it is contended are small. Several weather early in the week remained unseasonablywarm,
cable despatches reported poor prospects for the 1925-26 preventing the sugar cane from ripening. Havana cabled
Santos crop; one that it will be a repetition of the extremely Dec. 17th: "The steamship Corco will load in the Port of
small 1922-23 crop and that it will be forced to depend upon Cienfuegos 10,000 bags of new crop sugar from the Hormthe outturn of the November flowering. Another reports the iguero central. The Soledad central began cutting cane
November flowering a failure. Another that the tight money to-day."
conditions recently prevailing had become much less acute.
To-day prompt raws were rather weak here,
The real basis for the rise is that buyers stocks are much prices elsewhere. Late on Thursday 10,000 bagswith lower
Cuba sold
depleted. The Santos situation is regarded by some as for December clearance at 3e., and Cuba for the first week
strong and that it can play a waiting game. Many had ex- in February was offered at 23c.; first half of January was
4
pected that November flowering would increase the coming somewhere around 23 to 3e. A Gulf refiner bought 3,000 tons
%
crop. On Tuesday there were rumors that it was turning out later for January clearance at 2Mc. English cables reported
poor which was disappointing. Some predict an advance to 7,000 tons of Peru sold at 14s. 9d. e. 1. f. United Kingdom,
the high levels of a month or six weeks ago but if it comes and 1,500 tons March shipment at 13s. 9d. Refined was
about they argue that the advance will be due not to specula- quiet at 7.30e., a price which two Philadelphia refineries
tion but to the strong supply and demand situation. Ware- have just met. Futures on the other hand were rather
house deliveries of Brazil coffee so far this month have irregular, December dropping 5 points and March and May
reached the big total of 487,130 bags compared with 466,478 rising 3 points. For the week, however, there is a decline
last year.
of 5 to 7 points on March and May and 25 on December.
To-day prices advanced in the teeth of rather unfavorable Spot (unoffldal)_ 3-Mc.1March
2.86c. July
3.06c.
Santos cables of late, though business early in the day was December
3.58 May
2.98 September
3.19
very dull owing to the delay in receiving Brazilian news.
LARD on the spot was lower early in the week with a
Latterly there has been a decline of 200 to 350 reis in Rio and
1275 to 675 reis in Santos. Firm offers as a rule were un- moderate business and hog receipts reaching the high record
changed, though here and there they were eased Mc. Shorts total on Monday of 122,000 at Chicago and nearly 300,000
were disposed in some cases to cover. Rumors of stronger for the West in general. Yet there was good buying of
tone in Brazil were not without their effect. Indeed, later May lard. Hog receipts will fall off perpendicularly later
in the day prices here advanced on a better demand. This in the season. The relative firmness in grain and the smallleft prices 120 to 142 points higher than a week ago, the ness of warehouse stocks of lard were later a deterrent on
aggressive selling. Yet on Monday, what, with a glut of
latter on December.
Spot (unofficia0_223c.1March_ _ c_ 19.90 ©
1July
18.50c. hogs and a certain amount of liquidation, lard fell. Spot
19.00@19.101September
December
21.00 May
17.85 lard could not remain wholly unaffected. Prime
Western
SUGAR, with 49 centrals grinding as against 15 a week was 16.95 to 17.05c.; compound carlots in tierces, 133/3c.
ago and 20 at this time last year, and with grinding increasing To-day spot lard was in fair demand and firmer;
Prime
also in Porto Rico, fell Mc. early on prompt raws. In Western, 173/3c.; refined Continent, 18.250.;South American,
futures the greatest decline was in December. Spot business 19c.; Brazil, 20c. On Dec. 1 the stock, as stated by the
included a cargo of 25,000 bags for Dec. 24 loading at 33/3c. Bureau of Agricultural Economics, was 35,042,000 lbs.,
C. & f. basis, equal to 4.90c. delivered, 1,000 tons Cuba for against 35,327,000 on Dec. 1, and a 5-year average of
Jan. 3 clearance at 3 3-16c., or 4.96c., duty paid, 30,000 39,135,000. Lard produced in Nov. 192 was 130,470,000
bags Porto Rican for second half January clearance with lbs. Later prices rose on persistent buying with hogs higher
outport options at 4.65c. c. i. f. basis 96 degrees equal to on smaller receipts. Liverpool advancing and shorts cover2
.Mc. c. & f. basis for Cuba. European and Wall Street ing. Other products advanced. Warehouse .
stocks have
liquidation was a feature in futures. The transactions in- been reduced by recent consignments to foreign markets.
.
cluded such switches as March-September at 31 points, On Thursday there was a rally after early depression due to
March-May at 10 points, January-March at 15 points, liquidation and selling by some of the smaller packers. . But
December-March at 74 to 73 points, and December-January commission houses stuck to
aide. There
at 59 points. The last notice day for December contracts is impression that lard is goingthe buying interests wereis an
up. Cash
said
Dec. 24 and the first notice day for January is Dec. 26. to be buying freely. Receipts of hogs fell below those
of
The Violets San Isidro, Isabel and Rosario sugar centrals last year. Cash trade, it must be added, was good in
some
IThe introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY,"1
THE CHRONICLE
DEC. 20 1924.]
parts and not so good in others. To-day futures showed
no particular change. They were a bit irregular, partly
owing to the decline in corn. That caused selling. But
on reactions commission houses were buyers. Hogs, with
moderate Western receipts, were firm. Final prices for the
week show an advance of 40 to 67 points, the latter on
January.
DAILY CLOSING PRICES
Sat.
December delivery_cts_16.40
16.42
January delivery
16.75
May delivery
OF LARD FUTURES
Wed.
Tues.
Mon.
16.72
16.75
16.17
16.75
16.80
16.20
17.10
17.07
16.87
IN CHICAGO.
Fri.
Thurs.
16.75
16.75
17.07
17.05
17.22
17.22
PORK steady; mess, $34 to $35; family, $35 to $36;
short clear, $38 to $42. Beef steady; mess, $17 to $18;
packet, $17 to $18; family, $20 to $22; extra India mess,
$34 to $36; No. 1 canned corned beef, $2 25; 6 lbs., $15;
pickled tongues, $56 to $65 nominal. Cut meats quiet;
pickled hams, 10 to 24 lbs., 143/2 to 19Xc.; pickled bellies,
6 to 12 lbs., 17M to 18c. The monthly report of the Bureau
of Agricultural Economics showed the following stocks of
frozen and cured meats in cold storage warehouses and meat
packing establishments on Dec. 1 as follows: Total meats,
598,936,000 lbs., against 739,493,000 on Dec. 1 last year
and a 5-year average of 666,712,000 lbs.; frozen beef, 76,765,000 lbs., compared with 71,024,000 lbs. on Dec. 1 1923
and a 5-year average of 104,054,000 lbs.; frozen pork, 48,656,000 lbs., compared with 82,068,000 lbs. Dec. 1 1923 and
a 5-year average of 51,645,000 lbs. Cured beef, 9,034,000
lbs. fully cured and 14,537,000 lbs. in process of cure,
compared with 9,405,000 lbs. fully cured and 12,737,000
-year average of
lbs. in process of cure Dec. 1 1923 and a 5
23,977,000 lbs. for both items; dry salt pork, 28,334,000 lbs.
fully cured and 50,238,000 in process of cure, compared with
39,116,000 fully cured and 71,708,000 lbs. in process of cure
-year average of 129,439,000 for both
Dec. 1 1923 and a 5
items; pickled pork, 100,418,000 lbs., fully cured and
199,846,000 in process of cure, compared with 119,796,000
lbs. fully cured and 264,808,000 in process of cure Dec. 1
-year average of 277,564,000 for both items;
1923 and a 5
miscellaneous meats, 67,176,000 lbs., compared with 66,817,000 on Dec. 1 1923 and a 5-year average of 64,277,000
lbs. Butter, creamery, lower grades to high scoring, 343i
to 46e. Cheese, flats, 22 to 243.4c. Eggs, fresh gathered,
mediums to extras, 39 to 68e.
-Linseed advanced to $1 15 for spot, $1 16 for
OILS.
March-April and $1 19 for May-June, all carlot cooperage
basis on a fair demand and the strength of flaxseed. Stocks
are in firm hands. Later on prices receded with those for
flaxseed. Spot oil was quoted at $1 13 in carlots cooperage
basis March-April at $1 14 and May-June $1 17. Cocoanut
oil, Ceylon barrels, 115%e.; corn, crude, tanks, mills, 105/c.;
edible, 100 barrels, 133.c.; olive, $1 20; lard, prime, 1934c
strained, New York, 173c.; cod, domestic, 60 to 62c.;
Newfoundland, 62 to 65c. Spirits of turpentine, 84 to 87c.
Rosin, $7 65 to $9 50. Cotton seed oil sales including
switches, to-day 28,400, P. crude 8.E., 10c. asked. Prices
closed as follows:
here on that day were firm or slightly higher at 373/8c. for
spot and 37Xc. for April-June. Later on ribbed smoked
sheets reached 381%c. for spot to March delivery and 38Mc.
for April-June. London on the 18th inst. advanced to a
new high of 187%d. buyers.
HIDES have been rather steadier with a moderate business of frigorifico steers sold, it is said, at $43, or 183(o.
c. & f. sight credit. Common dry hides were quiet. Recently a sale was made of Savanilas at 21c. For Santa
Marias 22c. was asked. Native steers are nominally 17c.,
butt brands 153c. Colorados 143/2c. Country hides are
very quiet. At Chicago there was activity in big packer
hides, one holder selling about 50,000 hides, other smaller
quantities, at a marked fall in prices. Heavy Texas steers
sold at 153/2c. and Colorado steers at 143c. Heavy native
steers fell to 16Mc. Branded cows were unchanged at 123rc.
Late native cows sold at 143jc. for December. Some November light native cows firm at 15c. Independent 'packer
hides were slower on account of the easier market for big
packers, though local small concerns asked 15c. for December. Calf and kipskins were quiet and unchanged at the
prevailing asking levels. Country hides were irregular.
Choice extreme weights sold at 143/2c. The top is generally
14c. with anything showing grubs slightly less. Free of grub
2
buff weights were generally 123/c. maximum. Leather was
steady.
OCEAN FREIGHTS have been in moderate demand
and steady. On Monday 40 loads of grain were engaged
from Atlantic range and 20 or more from St. John's. One
cargo of 30 additional loads was arranged. Cables indicate
continued activity of the Wales coal trade to South America.
London reported more interest in North America and New
York was rather more cheerful.
Spot_ __ _c_11.50011.751 February_c11.57011.65IMay_ --c_12.15012.16
12.15012.30
December _11.45011.75 March _ ---11.72011.74 June
12.31(012.33
11.754011.98 July
January__ t11.53011.57 April
-Gasoline was rather quiet and easier
PETROLEUM.
both for export and domestic account. Though 11 cents
was quoted for Navy at refineries, business, it is said, could
be done on a firm bid at 103/20. Not much business is
looked for until after the holidays. The demand for cased
gasoline also fell off. Most of the business being done is
confined to small quantities, for January-February shipment
to South America and the west coast of Africa. Kerosene
demand improved a little, but prices show little change.
Water white was quoted at 7 cents at the refinery. Bunker
oil was in good demand and firm at $1 80 f. o. b. New York
harbor refinery. Gas oil was quiet. Stocks are moderate.
New York prices: Gasoline, cases cargo lots U. S. Navy
specifications, 26.650.; bulk per gallon, 12.50c.; export naphtha, cargo lots, 14.750.; 64-65 degrees, 16c.; 66 to 68 degrees,
17.50c.; kerosene, cargo lots, cases, 16.90c.; petroleum, tank
wagon to store, 1343 ; motor gasoline (garages, steel barrels),
15c.
$2 75 Bradford
Pennsylvania
$2 85 Illinois
$1 37
1 25 Crichton
1 50 Corsicana, lgt
1 00
Corning
1 58 Plymouth
1 45 Lima
Cabell
75
1 38 Mexia
1 25
Somerset, light- 1 70 Indiana
1 37 Calif.. 35 & above- 1 40
1 20 Princeton
Wyoming
2 23 Gulf Coastal
1 60
Smackover.25 deg. 9 95 Canadian
Mid-Continent
Oklahoma, Kansas and Texas
Below 30 deg
$0 75
$ 75
Under 30 Magnolia
90
30-32.9
90
30-32.9
33-35.9
11
1 25
33 and above
36 and above
90
1 25
Below 30 Humble
1 25 Caddo
33-35.9
Below 32 deg
35
1 00
36 and above
32-34.9
1 15
38 and above
1 35
%
RUBBER has been quiet but firm at 375 o. for smoked
ribbed sheets spot and 3734c. for January to March shipment. London again reached the peak price when sales
were made at 18%d. on the 16th inst. Here manufacturers
are showing little business in nearby deliveries. They are
more concerned about next year's supplies. On the 17th
inst. July-December deliveries were offered at 36X and 36%c.
This is 1Mo. below the spot price and is in sharp contrast
with the premium of 134c. usually prevalent for rubber
6 to 12 months ahead. Large offerings by Dutch growers
through local houses is responsible for this situation. These
growers are said to be well sold ahead. Other deliveries
2895
,
'
CHARTERS included lubricating oil from New York to Hamburg
29s. December-January; two sugar cargoes from Cuba to United Kingdomfrom Atlantic range
Continent at 20s. January and early February; grain
Gulf
to west coast of Italy, one port 16%c., two ports 17c.; oil cake fromItaly,
coal from Hampton Roads to west
to Denmark, $650
Montevideo. 13s. 64.
$3. or Alexandria. $3 25 January; from Wales toRiver to Japan, 59 50
January: lumber from Coos Bay and Columbia
January; steamer. 1,120 ton.s, one round trip in West Indies trade, $1 50
prompt; grain from San Lorenzo to Antwerp-Rotterdam, 21s. Dec. 8-20:
from Santa Fe to United Kindgom or Continent, 24s. 9d., option San
Lorenzo at 23s. 6d. Dec. 8-20: from San Lorenzo to United KindgomBordeaux-Hamburg range, 23s. Dec. 8-20; from Bahia Blanca to Barcelona
or Genoa. 25s. Dec. 5-15:from San Lorenzo to United Kingdom-Continent.
25a. 9d. Jan. 5
-Feb. 5: from San Lorenzo to United Kingdom-Continent,
United
25s., with Mediterranean options; grain from San Lorenzo to Atlantic
Kingdom-Continent, 24s. 3d. last half December; grain from London,
10; sugar from Cuba to
-Jan.
range to west Italy, 17c. Dec. 27
24s. 64.: lumber from Gulf to River Plate, 614 January-February: from
Gulf to South Africa, 142s. 64. January; coal from Philadelphia to Santon.
$3 40 January; from Norfolk to St. Johns, N. F., $1 50 December; sulphur
from Gulf to Mediterranean, $5 75 December-January: ore from Talanta
Channel to Baltimore or Philadelphia, 9s. 8d. December: 130.000 cases
oil from Gulf to River Plate. 22c. one port December-January: clean oil
-United Kingdom,32s. 64. January; 32,000 quarters
from Gulf to Continent
grain from Atlantic range to Mediterranean, 3s. 64. January: 32,000 quarters from Gulf to Greece, 22s. Dec. 15-27; grain from St. Johns to Mediterrange
ranean, 16%c. one port with options Dec. 15-27; grain from Atlanticoption
to Genoa and-or Naples, one port, 16%c. two ports, 17c. with Gulf
to west Italy, 20c. December; light crude from
January: from Gulf
to North Hatteras. 26c. January; sugar from San Domingo-Cuba to United
Kingdom-Continent, 24s. 6d. January; lumber from Gulf to Vuenos Aires
141s. 3d. February.
-With small crops of tobacco this year prices
TOBACCO.
have been firm and the available supply of shade-grown
Connecticut is said to be small. Recent sales are reported
of shade-grown Connecticut top leaf on the basis of $4 75.
Meanwhile, the cigar trade is good, and the leaf tobacco
market naturally feels the favorable effects although there
is no remarkable activity. The output of domestic cigarettes
in Novembr was 5,357,486,983, against 5,363,016,037 in
November last year, according to the Bureau of Internal
Revenue statement to-day. Cigar output fell off to 601,412,538 in November, against 650,687,413 in November
I
last year.
e
- -COAL has been less active onThe eve of'hys
This is, of course, inventory time when trade usually falls
off. The very fact, however, that mines will close shortly
until after the holidays will cause a reduction in the stocks
on hand and tend to steady prices. That the general outlook grows more cheerful is believed to be plain enoughfrom
the news from Pittsburgh that the H. C. Frick Co. has fired
160 ovens at its Whitney plant, now operating aboutf60%
which is expected to operate at capacity within a few weeks.
Steam coal later was in better demand. Dealers areirencouraged by larger operations at the steel mills. Anthracite
was in moderate demand.
COPPER was in good demand and higher at 145. to
145 c. for electrolytic spot. A large tonnage was reported
%
sold for February shipment to a Pittsburgh consumer. Late
last week a large tonnage was bought by large consumers.
The American Steel & Wire Co. is said to have taken 4,000,000 pounds and the Western Electric Co. 3,000,000 to
4,000,000. A similar quantity was taken by a large brass
mill and also by a wire drawer. The American Brass Co.
advanced copper and brass products Xc. on the 15th inst.
Seamless tubing with the exception of copper tubing was
to Xc.
marked up Mc. Copper and brass scrap was
higher. The same company advanced copper, brass and
bronze products Xc. on the following day. Seamless tubing
and bare copper wire were included in this advance. Later
on the market was firm at 14%c., but the demand fell off.
Consumers were not inclined to buy at that level. Some
producers are said to have already sold their month's quota.
For shipment to the Middle West 143 0. is reported to have
/
been obtained. The higher prices now obtained are stimu.
2896
THE CHRONICLE
[Vol. 119.
lating production, but no large increase in this direction is pending in Cleveland for 100,000 tons. At Chicago 20,000
expected in view of the small labor supply. Output of cop- tons of . basic iron were taken. The outlook for 1925 is
per by North and South American smelters and by mines considered good.
producing cathode copper by bleaching methods direct from
the ore was 108,724 short tons in November, according to at WOOL has been quiet but firm here with fine Australian
the highest of the season. There have been no striking
the American Bureau of Metal Statistics, against 113,767 in features.
The bstter sorts are said to be scarce. Wool
October and 100,001 in September, the last preceding 30-day dealers
criticize a statement attributed to wool manumonth. New supplies coming to refineries, including scrap
in November, were 97,859 tons, against 103,247 in October facturers that 23/2 years' supply is hidden away. The rail
and
and 90,835 in September. Copper coming to American to water shipments of wool from Boston from Jan. 1 1924
De3. 11 1924, inclusive, were 162,347,000 lbs., against
refineries in the first eleven months of 1924 was 1,068.935
143,021,300 lbs. for the same period last year. The receipts
tons. Production by Eastern smelters in the United States from
Jan. 1 1924 to Dec. 111924, inclusive, were 301,049,700
was 10,703 tons; by Southwest smelters 32,561, and by
Northwest smelters 31,623, making smelter output in the lbs., against 407,266,000 for the same period last year.
United States in November 74,887 tons as compared with Recent Boston quotations are as follows:
Ohio and
70 to 72c.: 4
81,003 in October. Canadian smelters in November pro- combing,69 Pennsylvania fleeces: Delaine, unwashed,unwashed, 58 toblood
to 70c.: 4 blood combing.60 to 79c.: fine
59c.;
duced 1,928 tons of blister, and Mexican 79,515 tons, making Michigan and New York fleeces: Delaine unwashed 67 to (14c.; 4 blood
unwashed, 67 to 68c.; 4 blood, 68 to 69 4 blood unwashed. 68 to 69c.:
c.:
a total North American output of 79,515, against 85,885 fine unwashed. 57 to 58e. Wisconsin, Missouri and average New
blood. 65 to 664.; 4 blood, 66 to 67c.: 4 blood, 66 to 67e. England:
tons in October. In September the production in the
Scoured
basis: Texas. fine 12 months (selected). 51 70; fine S months. $1 50 to 51
United States was 74,390 tons and in North America 78,633 California: Northern, SI 60 to
52:
$1 62; middle
RI 43: Southtons.
ern, 51 30. Oregon: Eastern No. I staple.county. $1 40 to fine and fine
51 tin to Si 65:
medium combing,
Valley
TIN advanced to 553 c. for spot on stronger London No. 1. Si 40 to $1$1 50 to 51 55; Eastern clothing. 11 45 to 51 50:choice.
4
45: Territory Montana and
prices of late. Early in the week higher sterling had its 51 65 to $1 70; 4 blood combing,$1 50 to 51 55:similar: Pine staple51 30 to
4 blood combing.
combing. $115
influence. And while the market is described as quiet, 51 35: 4 blood 65; A supers. to $1 25; Pulled. Delaine, $1 65 to Si 70:
AA, 51 60 to SI
large quantities were reported taken by consumers. Tin 90e.: best carding, 75 to 60c. $1 40 to Si 45: mohain. best combing. 85 to
plate was in good demand both for export and domestic
Boston wired: "While the wool market is somewhat quiet,
account. On the 16th inst. 100,000 boxes of tin plate were sales are being consummated at recent
taken by the Texas Co. Later the price fell in sympathy fleece wools are firm at the high quotations. Domestic
with a break in London prices, lower sterling and adverse established. Michigan delaines range of values recently
have
statistics. For the first half of the month shipments were at 65e. in the grease delivered East. sold from the country
About
very heavy. The deliveries for the month are expected to this quality moved at this price. Territory 50,000 lbs. of
staple wools are
exceed 8,000 and an increase of nearly 3,000 tons is looked also firm. Three-eighths and quarter-blood
stock in parfor in the visible supply for December. Spot here 553/20.
ticular seem to be quite low and held at a high range of prices.
LEAD was advanced $7 per ton to 9.350. by the American Reports from New Zealand to-day indicate that in some inSmelting & Refining Co. This was met by a similar advance stances prices on about all qualities are about ld. lower comby the St. Joseph Lead Co. which is now quoting 9.10c. pared to the Napier sales." At Melbourne on Dec. 11 8,500
Federal, Ill. In the outside market business was reported bales were offered at the Australian sale, of which 6,000 were
done at 100. New York. East St. Louis was quoted at 9.10 sohj, with America and Japan competing sharply for best
to 9.75c. There was a good demand from paint and cable wools. They were at the highest prices of the season. Topmanufacturers. Storage battery business has fallen off of making sorts were irregular with virtually all withdrawals
confined to these. In London on Dec. 12 the wool auctions
late.
ZINC, early in the week, advanced $4 per ton. East St. closed with keen bidding and an excellent demand up to the
Louis was quoted at 7.50 to 7.55c. and New York 7.85 to last. Compared with the last series in October practically
7.90c. Higher London cables a good demand and the fav- all prices closed higher. Merinos and Capes were par to
orable statistical position were influential factors. Zinc ore 5% above last October, fine crossbreds were up 5%, medium
rose $3 per ton to $50 in the Joplin district. Later on the and coarse grades 15 to 25%, and Puntas and Falkland
market became easier when the demand fell off. East St. Islands 73/2 to 10%. The home trade bought 57,000 bales,
Louis was 7.423/2 to 7.45c. and New York 7.775/2 to 7.80c. the Continent 56,000 and American buyers 2,000. The
But late in the week there was an advance to 7.45 to 7.50c. holdover was 24,000. On Dec. 12 prices were firm. DeEast St. Louis on indications of an impending shortage tails:
New South Wales, 2.551 bales: scoured merinos, 36 to 53d.: crossbreds.
abroad. Business was quiet.
26 to 394.: greasy merinos, 20 to 364d. Queensland, 3,599 bales: scoured
merinos. 60 to 754.; crossbreds, 52 to 66d.; greasy merinos, 20 to 45d.;
STEEL has been in fair demand and firm, with operations crossbreds, 22 to 3644.
Victoria, 1,641 bales: scoured merinos. 50
at 80% of capacity. Consumers show a disposition to take crossbreds. 34 to 51d.: greasy merinos, 21 to 42d.: crossbreds. 21 to 84d.;
to 354.
South Australia.
hold on a larger scale for the first quarter of 1925. The on bales: greasy331 bales: greasy crossbreds. 20 to 254d River Plate,
merinos.
0
rise of wages in the Connellsville coke district of 20/ must merinos, 20 to 294. Punta 20 to 36d. West Australia. 142 bales: greasy
Arenas, 2.413 bales: greasy merinos, 22 to 344.;
necessarily affect steel. Automobile concerns are buying crossbreds. 20 to 28d. New Zealand. 3.182 bales: scoured crossbreds,
greasy crossbreds, 19 to 284d. Canes, 665
more freely. It seems that a manufacturer of car frames 21 to 42d.•' to 35c.: crossbreds. 19 to 28d. Peru, 194 bales; bales: greasy
merinos, 20
greasy crossand automobile stampings has just ordered 50,000 tons breds. 18 to 26d.
strips for the first half of 1925
London cabled Dec. 15: "The present wool auction series
of light plates, sheets and
delivery. Also there were considerable calls for rails and at Sydney will close on Thursday, according to Australian
cars. December trade has been better than usual. Latterly advices. Super and good fleeces and best skirtings were
here and there buying has fallen off somewhat, as usual strong to-day. Prices in merino crossbreds are at par with
towards the close of the year. But stocks have become highest levels of the year. Heavy wools are irretzular and
depleted. In the last two weeks contracts for tin plates seconds, topmakers' and faulty 5 to 10% below November
have been large. Some look for a big year in 1925 in this prices. Merinos held up to 513.d., merino lambs 42d. and
branch. Contracts from can companies completed or about scoured 65d. At Liverpool on Dec. 12 East India wool
to be completed for the first half of 1925 are said to total auctions closed firm and unchanged, but compared with
about 560,000 t ns. Western tin plate mills are largely sold November white Jonas ended at 10% advance.
Wellington cabled on Dec. 16 that New Zealand growers
ahead for the first half. A somewhat larger demand has
prevailed from oil pipe lines. Chicago is doing a ggod were hurrying wool to the market because the season is likely
business in finished steel and Pittsburgh specifications are to be brief if the weather is good for early shearing and in
larger than recently. The number of active blast furnaces anticipation of a good yield of new wools. Seeds are likely
is increasing. In a word, the outlook for 1925 is promising. to be prevalent in wools offered at later sales. Monday,
Orders were received to blow in blast furnace No. 1 of the Dee. 15, sales at Wellington closed firm with 28.000 bales
Carnegie Steel Co. at Farrell, increasing production to sold of the 35,000 offered. British and Continental competi100%. The stack will be lighted Saturday: the skelp mill, tion was irregular and American demand confine to crossIdle since March, will be ordered on soon. Employment will breds. Selections had little merino. Prices on average to
be afforded several hundred more men. With the starting super-crossbreds were: 56-58s. 29 to 35%d.; 48-50s. 24%
'
of the Carnegie furnace there will be 7 out of 12 in blast in to 29d.; 44-46s., 21 to 25%d.; 36-40s., 18 to 21d.; 50-56s.,
this district. Pittsburgh wired: "McKeesport Tin Plate 26 to 31d.; 46-48s., 223/2 to 273cl.; 40-44s., 19 to 233/2cl. At
Co. participates in orders for 140,000 boxes tin plate by the close of the sales on Dec. 16 prices on all fleece wools
the Standard Oil of New Jersey for the manufacture of tin were shown to be 3d. lower on 46-50s. as compared with
cans for export. The American Sheet & Tin Plate Co. has the Nov..17 series, 40-44s. about 2d. ' 23/2d. lower, and
to
an order from Continental Can Co. for 50,000 tons, or 36-40s. id. to 134d. lower.
At Timaru on Dec. 18, 12,000 bales were offered and
1,000,000 boxes, of tin plate for delivery first half of 1925.
The price approximates $5 25 a box, contract being valued 11,300 sold. Demand not very urgent. Prices fell 5% as
compared with Wellington levels on Dec. 15. At Sydney on
at $5,250,000."
PIG IRON has been firm with a fair demand at prices Dec. 18 the final series of the year closed with topmaking
$2 50 higher than they were a month and a half ago. And descriptions firm but superfine merinos 5 to 7%% lower.
costs of production are beginning to rise. Independent coke The next series will commence on Jan. 12.
operators in the Connellsville district have advanced wages
COTTON.
20%. It is supposed that coke will be raised 75 to $1 25
per ton on the strength of this. The advance in pig iron itself
Friday Night, Dec. 19 1924.
since the election is considered moderate. In the Middle
THE MOVEMENT OF THE CROP, as indicated by
West quotations have latterly risen 50 cents per ton. There our telegrams from the South to-night, is given below. For
is an inquiry from radio companies for 100,000 tons. In the week ending this evening the total receipts have reached
some parts of the country the demand is only moderate. 330,647 bales, against 333,821 hales last week and 370,752
But the undertone is firm. Chicago is having a brisk trade. bales the previous week, making the total receipts since the
Pittsburgh shows more life. There are said to be inquiries 1st of August 1924, 5,616,904 bales, against 4,479,315 bales
for the same period of 1923, showing an increase since Aug. 1
1924 of 1,137,589 bales.
Receipts at-
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Tow.
Galveston
Texas City
Houston
New Orleans
Mobile
Pensacola
Savannah
Charleston
Wilmington
Norfolk
Boston
Baltimore
16,169 19,528 37,649 18.878 15.814 18.399126.437
7.220 7,220
108 56.333
50.224
3.326 2.675
11,742 10,785 15.386 14,392 11,651 12,587 76.543
442 5,028
191 1,290 1.045 1,405
655
570
570
2.620 4,943 2,232 1,373 2,584 2,908 16.660
884 1,406 1,717 10,421
2.564 2,126 1.724
718 6.319
780 1,505
468
841
2,007
3,401 4,915 5,346 2,109 4,173 4.789 24,733
160
89
77
223
223
n•
-...1.. d.1..............1.•
Aq AAA
AS AAA
AA 1101
AO (Mk
OR 597
AO 111 0511 557
The following table shows the week's total receipts, the
total since Aug. 1 1924 and stocks to-night, compared with
last year.
1924.
Receipts to
Dec. 19.
2897
THE CHRONICLE
DEC. 20 1924.]
1923.
This Since Aug This Since Aug
Week. 1 1924. Week. 1 1923.
Stock.
1924.
1923.
Galveston
126,437 2,521,016 77,449 2,149.793 628.145 325,216
17,354
1.092
Texas City
28,368
445
18,063
7.220
Houston
56,333 955,134 51.034 744,116
Port Arthur, dtc_ _
New Orleans
76.543 1.130.093 50,789 716,121 416,675 271.440
Gulfport
3,460
18,719
Mobile
5.028
90,548 2.578
32.965
7,410
Pensacola
570
7,265
207
1,644
2,898
Jacksonville
1,958
965
Savannah
78,894
80,912
16,660 411,740 7,609 249,666
181
242
130
Brunswick
189
608
Charleston
42,601
10,421 133,219 5,362 136.254
37,861
Georgetown
34.217
Wilmington
6,319
72,100 2,067
97,971
13,768
89,073
24,733 221.450 13,732 296,527 110,851
Norfolk
N'port News, &c_
18.509 1,018
4,622 208,947 138.858
New York
5,445
728
Boston
160
9,967
895
8,249
2,812
1,340
Baltimore
223
14,547
15,094
926
3,959
Philadelphia
3,646
254
861
mmo.
'VIA AA7 g R1R onA 91A •Ing A A70 21K 1 g2R n9R 1 nI9 1R4
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 nunterous 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 30.853 bales. In the corresponding month of the preceding season the export.
were 24,463 bales. For the four months ending Nov. 30 1924 there were 69,400
bales exported, as against 52,079 bales for the corresponding four months of 1923.
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 CoastGerDec. 19 at
- Britain. France. many. Cont'nt. toise.
Great
Galveston
New Orleans
Savannah
Charleston
Mobile
Norfolk
Other ports*
13,231
17,365
2,612
8,000 63.431
1.922 56.321
200 2,500
944
944
8,212
2,000
8:866
8.700 10,000 23,500
1.719 4,188 31.127
1.000 1,300
5,656
5,000
Total.
1.500
Leaving
Stock.
564.734
360.354
76,394
36,917
10.507
110.851
238,358
Total 1924.. 41.196 10,419 16,688 60,539 11,066 139.908 1,398,115
Total 1923.. 41.254 11.279 18,432 38,498 14.301 123.764 888.400
30,007 22.720 21.122 61,550 15.400 150,799 898.852
Total1922
•Estimated.
Speculation in cotton for future delivery has been somewhat more active at times owing to buying for a rise by Wall
Street, uptown and Chicago operators. Some big interests
have on different days bought anywhere from 20,000 to
30,000 bales of March of May. Japanese interests have also
bought freely, mostly of March. And prices advanced. Trade
'
interests have bought. Spot houses as they sold the actual
cotton bought in their hedges here. Also, mills have been
calling steadily. This has been a sustaining power under
the market for weeks past. Shorts became nervous and
covered, as they found contracts rather scarce. American
cotton is considered to be relatively cheap. It has been some
11c, below a year ago on the January delivery, whereas some
India, China and Egyptian cotton has been higher by anyIn order that comparison may be made with other years, where from 1 to 141hc. than at the corresponding time last
year. Within a very short time Egyptian advanced 10c. in
we give below the totals at leading ports for six seasons:
Boston. A virtual Egyptian corner has been reported there.
It is said that in some cases as high as $500,000 has been paid
1920.
1919.
1921.
Receipts at1922.
1924.
1923.
as a penalty to substitute American for Egyptian cotton, in
62,738
62,881
69.148
41.557
Galveston____ 126,437
77.449
213
13.411
32,397 contracts entered into some time ago with certain interests.
37,214
Houston, dm51.034
56,333
53,754
32,721 Alexandria stocks have been smaller than a year ago, al29,163
25.847
New Orleans_
50,789
76.543
5,233
4,995
1,681
2.159
Mobile
5.028
2.578
12,977
28.102 though the crop of Egyptian is larger than that of 1923. But
5,867
15,846
7,609
Savannah
16,660
250
. 200
2,000 it looks as though there had been a good deal of overselling
242
Brunswick
3.697
2,817
7.728
5.362
3,761
Charleston___
10.421
sellers sought to
3.354
5.060 of Egyptian, followed by a bad pinch as
6.319
2,067
1.430
3.268
Wilmington _ _
11,265
11,520 cover. Furthermore, New York prices have been out of line
13,732
9,257
13.224
24.733
Norfolk
29
58 with New Orleans prices by something like 90 to 100 points.
N'prort N.
,&c.
1.513
14,203
2.401
3,491
6,996
8.173
All others
That is to say New Orleans has been unduly high or else
Total this wk_ 330,647 214.353 136,866 141,588 178,079 195,242 New York has been unnaturally low. Beyond all that American cotton as a relatively cheap article is beginning to atRI.,,. A.,., 1
A R1R onA A 570 21K 2 ROA 0.04.0 017 811 0_28RSPIR 0 MIRA ritt
tract more attention, especially abroad. Exports are steadThe exports for the week ending this even'ng reach a total ily mounting and before long, judging from present appearof 318,976 bales, of which 133,672 were to Great Britain, ances, will be 1,000,000 larger than at the corresponding time
49,221 to France, 65,892 to Germany, 25,103 to Italy, last year. On
total reached some 137,000
11,234 to Japan and China and 33,854 to other destinations. bales. Latterly Wednesday the
some 42 steamers have been awaiting carIn the corresponding week last year total exports were 257,572 goes, partly
cotton at Galveston alone. The quantity on
bales. For the season to date aggregate exports have been
the "Chronicle" has at3,960,371 bales, against 2,624,562 bales in the same period shipboard recently published by presaging continued good
of the previous season. Below are the exports for the week tracted not a little attention as
: exports, especially
from the Southwest. As for the basis, all
sorts of stories are in circulation. One striking instance may
Exported to
be cited among many too numerous to mention here. That
Week Ended
Great
Japan
GerDec. 19 1924.
was the case of a lot of 13-16 to 1% middling to strict low
- Britain. France. many. Italy. Russia. &China Other. Total.
Exports from
middling sold at New Orleans, it is said, at 1,100 points over
39,931 30,934 23,421 19,012
26,539 139,837 May, claimed to be the largest on record with the exception
Galveston
19,221 11,221 17,430 1,550
2,675 2,352 54,449
Houston
1,901 4,473 65,688 of a few instances during the war. Reports are numerous
New Orleans-- 35,150 6,386 17,778
Mobile
600
500 from Arkansas, Texas, the Memphis district, Georgia and
490
80
Pensacola
570
7,041
Savannah
6,184
13,225 elsewhere of the best basis current for the season. It is said,
Charleston
7,240
7,240 too, that unsold stocks in many of the interior towns were
Wilmington _ _ 11,086
3,060
14,116
Norfolk
4,600
4,600 small. In Georgia, according to some reports, the demand
4,243
New York
100 1,070 1,491
390 7,303 was confined to good staples and better grades, which were
3,065
Los Angeles_ _ _
100 3,165
and shorter staples
1,025
San Diego
1,625 scarce and high, while medium grades
San FrancisCo
6.658
6,658 were not so much wanted. Some of the farmers were said
Street was more active
Total
133,672 49,221 65,892 25.103
11,234 33,854 318,976 to be holding back for 25c. Worth
at one time and it was announced on Wednesday that within
Total 1923
140.720 35,504 27,219 20,838
11,947 21,344 257,572 a few days the sales of print cloths in that district had
Total 1922
30,182 32,969 32,916 1,749
18,783 16.287 132,886
reached at least 150,000 to 200,000 pieces. Manchester was
From.
Exported to
also reported more animated, both for yarns and cloths, espe4ug.11924 to
cially cloths. And although Fall River was quiet, prices
GerDec. 10 1924. Great
Japan
there were sal& to be firm. Apart from all this, the influence
ExportsDom- Britain. France. many. Italy. Russia. &China Other.
Total.
Galveston_ _ 451,242234,497 287,251 127,951 21,000 149,622 222,002 1,493,565 of the sharp advances in stocks and grain was at times very
Houston. _ _ 307,394 195.973 220,949 75,226 27,500 36,370 78,579 941,991 apparent. A big jump in coffee prices did not pass alto8,034
8,760
Texas City_ _
10,794 gether unnoticed. Bullish interviews by well-known finanNew Orleans 212,958 43,938 108,548 68,050 4,795 50,272 50,688 539,249
12.314
500 11,698
15
Mobile
700
25,227 ciers and merchants had a certain effect. People think that
549
Jacksonville_
60
609 after the turn of the year things are going to improve. West5,401
so
600
200
Pensacola _
6,341
Savannah _ _ 99,418 6,351 113,381 1,880
9.200 5,243 235,473 ern trade reports are very favorable, with the farmer getting
45,818
25,364
8,000 5,726
Charleston _
84,908 far higher prices for his crop than he ever dreamed of at the
21,066
25,500 6,250
Wilmington
52,816
37,971
44,426
300
400
Norfolk
83.097 opening of the year. The value of farm crops this year is
10 40.837 289,083 put at $9,479,902,000, or $753,013,000 more than in 1923 and
New York__ 116.754 27,301 76,519 27,662
3,028
2,390
Boston
5,418 $1,663,882,000 above the total of 1922.
Naturally, this
38
Baltimore_ _
38
50
52
4
124
329
559 means a large increase in buying power. There are many
Philadelphia
10,325
400
104
22,061
Los Angeles_
32,890 who believe that it is bound to tell in the trade of 1925,
600
8,942
San Diego.9,542
84,961
San Francisco
84,961 especially as American cotton is cheap. Egyptian is 25c.
57,695
115
Seattle
57,810 higher than American, as against only 10c. highe a year ago.
On the other hand, however, speculation has latterly fallen
Total
1,380,520 509,092 915,857 307,084 53,295 407,355 407,168 3,960,371
off. The technical position has been weakened by an elim50 332,058 311,847 2,987,044
553,906 258,282
Total 1923_ 1,093,009 437,892
290261.716 357,784 2.624.562 ination of a good deal of the short interest and a considerTotal 1922.. 855,163 421,574 491,038 236,997
long account has been built up. Large operators have
NOTE.-Expoets to Canada.
-It has never been our practice to Include in the able
above table exports of cotton to Canada, the reason being that virtually all Ike been buying. Everybody has been talking in a bullish strain.
2898
THE CHRONICLE
[Vox,. 119.
And just ahead is the ginning report, to-morrow. Some have
an idea that the total will be larger than has been generally
estimated. Tentative estimates on the subject have been
around 12,600,000 bales. That would show a smaller total
for the first half of December than In a like period last year.
But the favorable weather for the first half of December
suggests to some that the total in the Census Bureau report
of to-morrow may be unexpectedly large. On Thursday the
market fell back into something like its old lassitude. Liverpool's prices were disappointing. London, the Continent
and even Bombay were selling in Liverpool. Bullish feeling
was less aggressive. It was even said that not a few of the
Liverpool trade look for lower prices. Also, it is suggested
that after the heavy exports and buying of late it may very
well turn out that the December engagements for foreign
markets have been largely filled. Worth Street became less
active late in the week. Fall River was quiet. These things
seemed to offset an increase of business at Manchester.
Liverpool's spot sales continued small. Hedge selling here
was persistent even if it was not very large. Pre-holiday
liquidation, even a week ahead, was something of a feature.
Liverpool sold, and at times Wall Street also. Big operators
seemed to have withdrawn from the market. To all appearances they had taken on their lines and were awaiting developments. Egyptian cotton fell in Liverpool equal to 100
to 110 points. It is true, on the other hand, that the trade
continued to buy. Mills were calling and spot houses were
covering hedges as they sold out spot cotton. The scarcity
of long staple cotton was still complained of. That is one
reason for the recent strength of Egyptian cotton. But speculation, which had been more active for a few days, died
down. It took very little selling to depress prices about 25
points on Thursday. Spot markets on that day fell 20 to 30
points, with less business.
The domestic consumption for November, as announced
on the 13th inst., seemed to some disappointing. It was only
492,233 bales, against 532,629 in October and 531,631 in November last year. The total to Nov. 30 was 1,817,533 bales,
against 2,048,913 for the same period last year. Stocks in
warehouses and compresses on Nov. 30 were 4,914,219 bales,
against 2,224,854 on Oct. 31 and 3,770,542 on Nov. 30 last
year. These figures were in a measure neutralized by the
fact that manufacturing establishments on Nov. 30 held only
1,046,612 bales, against 1,438,813 on the same date last year,
though the total, to be sure, on Oct. 31 this year was only
730,656 bales. So that in a month mill stocks had increased
some 315,000 bales. The number of active spindles on Nov.
30 was only 31,789,876, against 34,101,452 on the same date
last year, though as partial compensation it showed a noteworthy increase compared with 31,078,804 on Oct. 31 this
year.
To-day fluctuations were irregular, but in the end showed
a slight advance for the day. This despite an unexpectedly
large increase in the world's visible supply, some decrease
in the world's spinners' takings and perhaps a rather more
hesitant note in the spot markets, although they were in the
main strong and the basis was still reported inflexible,
especially on staples. But Fall River's sales for the week
were estimated at only 20,000 to 22,000 pieces of print cloths.
Liverpool cables were rather disappointing. The South was
a steady seller of hedges. And there was enough local, Wall
Street and Western selling to keep an advance in check.
Yet at one time prices were some 20 to 22 points higher. For
Manchester was more encouraging. It is doing a larger
trade with the Far East and Near East. In its American
department mills are working close to full time. Liverpool's
forwardings to spinners were the largest for this week for
several years past, i .e. 84.424 bales. Points in Georgia reported a good demand for spots. Similar reports came from
the Memphis district and other parts of the belt. Prices, to
be sure, were either unchanged or only about 5 points
higher for the day. World's crops this year were estimated
at 19% larger than those of last year, including an increase
In the United States of 23%. But mills continue to buy here.
Worth Street was said to be doing more business than is
generally known. Stocks and wheat were higher. Exports
make a good showing. They cross the 4,000,000-bale line.
On the whole the market acted not so badly, considering the
relapse of the speculation into something like its old dulness.
For the week there is a net advance of 34 to 38 points on this
crop and 64 points on October. October, by 'the way, is being bought on the idea that the next crop is not likely to be
as large as this one; that the South is not likely to plant a
big acreage with food so dear and the inducement to diversify crops so much greater than they were a year ago. Besides, many doubt whether the South will have the amazing
good fortune that it has had this season in avoiding the
weevil. Middling closed at 24c. on the spot, showing a rise
for the week of 30 points.
The official quotagon for middling upland cotton in the
New York market each day for the past week has been:
141
MT' RES.-The highest, lowest and closing prices at
New York for the past week have been as follows:
Sat. Mon. Tues. Wed. Thurs. Fri.
23.60 23.90 24.00 24.25 2,4.00 24.00
Continental imports for past week have been 73,000 bales.
The above figures for 1924 show an increase over 7ast week
of 243,788 bales, a gain of 1,300,321 from 1923, an increase
of 579,621 bales from 1921, and a falling off of 410,066
bales from 1921.
-that is,
AT THE INTERIOR TOWNS the movement
the receipts for the week and since Aug. 1, the shipments for
the week and the stock to-night, and the same items for the
•
Dee. 13 to Dec. 19Middling upland
NEW YORK QUOTATIONS FOR 32 YEARS.
1924
1923
1922
1921
1920
1919
1918
1917
24.00c.
35.70c.
26.20c.
19.00c.
15.50c.
39.25c.
30.50c.
38.80e.
1916
1915
1914
1913
1912
1911
1910
1909
17.80c.
12.050.
7.50c.
12.80c.
13.20c.
9.50c.
15.25c.
15.10c.
908
1907
1906
1905
1904
1903
1902
1901
9.25c.1900
11.70c. 1899
10.45c. 1898
12.30c. 1897
7.90c. 1896
13.20c. 1895
8.70c. 1894
8.50c. 1893
10.000.
7.500.
5.81c.
5.88c.
7.190.
8.38c.
5.750.
7.81c.
Saturday,
Dec. 13.
Tuesday, Wednesday, Thursday,
Dec. 17.
Dee 18.
Dec. 16.
Monday,
Dec. lb.
Friday,
Dec. 19.
Dec.Ranee-- 23.08-23.19 23.00-23.43 23.42-23.75 23.5823.80 23.50-23.70 23.40-23.67
Closing_ 23.09-23.10 23.43-23.43 23.46-23.49 23.74- 23.45
23.54January.
Range. 23.04-23.31 23.07-23.52 23.55-23.87 23.65-23.92 23.58-23.82 23.45-23.78
Closing_ 23.15-23.19 23.49-23.52 23.55-23.58 23.82-23.85 23.55-23.60 23.62-23.63
February
Range._ - - - - 23.95-23.95- - - --- Closing. 23.35 -23.70 -23.75 -24.04 -23.77 -23.81MarchRange- 23.48-23.70 23.47-23.93 23.95-24.27 24.08-24.33 23.98-24.2723.84-24.19
Closing_ 23.55-23.58 23.91-23.92 23.96-23.99 24.25-24.29 23.98-24.00 24.01-24.04
April
.
___
. . .
___
Range.. ___ _ __ ___
Closing_ 23.72 -24.09 -24.14 -24.43 -24.15 -24.19May
Range._ 23.83-24.07 23.83-24.29 24.32-24.63 24.47-24.70 24.33-24.65 24.22-24.54
Closing_ 23.90-23.91 24.27-24.29 24.32-24.35 24.61-24.65 24.33-24.36 24.37-24.42
June
.
_ __ ____
. . .
___
___ .
Range
..
Closing_ 23.98 -24.33 -24.39 -24.69 -24.42 -24.44July
Range__ 23.98-24.22 23.99-24.42 24.47-24.78 24.61-24.79 24.52-24.72 24.40-24.72
Closing. 24.0624.39-24.40 24.47-24.50 24.7724.55-24.5524.52-24.56
August
Range..------------24.30-24.30- - Closing. 23 74 -24.07 -24.15 -24.45 -24.10 -24.07 --Sept.'
Range__ - - - - -24.25-25.25 24.25-24.25 24.15-24.15- Closing_ 23.60 -24.05 -24.10 -24.40 -24.15 -24.20October
Range __ 3.28-23.40 23.24-23.85 23.85-24.10 24.04-24.28 23.95-24.20 23.85-24.18
24.00-24.01
23.87-23.89 24.18-24.22 23.95Closing_ 23.33 -23.79Nov.--------Range- ------24.07-24.07
95
nn
95 tic ____
95 07 _ 95 95
Range of future prices at New York for week ending
Dec. 19 1924 and since trading began on each option.
Option /or
Dec. 1924__ 23.00
Jan. 1925._ 23.04
Feb. 1925._ 23.95
Mar. 1925__ 23.46
April 1925.
May 1925._ 23.83
June 1925_
July 1925_ 23.98
Aug. 1925__ 24.30
Sept.1925.. 24.15
Oct. 1925_ 23.24
Nov. 1925.. 24.07
Range for Week.
Dee. 15 23.80
Dec. 13 23.92
Dec. 16 23.95
Dec. 13 24.33
Dec. 13 24.70
Dec. 13 24.79
Dec. 18 24.30
Dec. 18 24.25
Dec. 15 24.28
Dec. 16 24.07
Range Since Beginning of Option.
Dec. 17 21.17
Dec. 17 21.20
Dec. 16 22.69
Dec. 17 21.50
24.18
Dec. 17 21.72
22.55
Dec. 17 21.40
Dec. 18 22.45
Dec. 16 21.80
Dee. 17 21.50
Dec. 16 24.07
Sept. 16 1924 29.10
Sept.16 1924 28.98
Oct. 25 1924 25.60
Sept.16 1924 29.06
Sept. 4 1924 24.18
Sept.16 1924 29.15
Sept.11 1924 25.55
Sept. 16 1924.27.50
Oct. 24 1924 24.78
Oct. 15 1924 24.25
Nov. 1 1924 24.82
Dee. 16 1924 24.07
July 28 1924
July 28 1924
Aug. 20.1924
July 28 1924
Sept. 4 1924
July 28 1924
Oct. 2 1924
Aug. 6 1924
Nov. 14 1924
Dec. 18 1924
Nov. 18 1924
Dec. 16 1924
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Dec. 19Stock at Liverpool
Stock at London
Stock at Manchester
bales
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
Total Continental stocks
1924.
582.000
1,000
43.000
1923.
522,000
4,000
72,000
1922.
835,000
5,000
63,000
1921.
936,000
626,000
1,000
139,000
148,000
4.000
47,000
23,000
5,000
2,000
598,000
11,000
54,000
123,000
10,000
101,000
27,000
2,000
1,000
903.000 1,006,000
2.000
29.000
111,000 323,000
200,000 202,000'
6.000
11.000
89.000 137.000
49,000
40,000
3,000
7.000
2,000
374,000
329,000
462,000
70,000
749.000
1 000,000 927,000 1,365,000 1,755,000
Total European stocks
54,000
India cotton afloat for Europe.- - 79,000 143,000 118,000
American cotton afloat for Europe 926,000 611,000 439,000 376,000
85,000
Egypt,Brazil,&c..afloatforEurope 148.000 129,000 109,000
271,000 291,000 345,000 316,000
Stock in Alexandria, Egypt
326,000 300,000 457,000 717,000
Stock in Bombay. India
1,538,023 1,012.164 1.049,651 1.343,367
Stock in U. S. ports
Stock in U. S. interior towns - -1.558,379 1,132,917 1,384,130 1,608,383
1,718
U. S. exports to-day
Total visible supply
5.846.402 4,546,081 5.266.781 6.256,468
Of the above, totals of American and othere descriptions are as follows:
American
-
bales_ 446,000 309,000 497,000 542.000
Liverpool stock
34,000
47,000
37,000
55,000
Manchester stock
Continental stock
337,000 259,000 434,000 659,000
926,000 611,000 439,000 376.000
American afloat for Europe
1.538.023 1,012.164 1.049.651 1,343.367
U. S. ports stocks
1,558.379 1.132,917 1,384,130 1,608,383
U. S. Interior stocks...,
1,718
U. S. exports to-day
Total American
East Indian, Brazil,
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, drc., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
4,839,402 3,371,081 3,840.781 4,585,468
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
394.000
15,000
90.000
54,000
85,000
316,000
717.000
1 007,000 1.175,000 1.426,000 1,671.000
4,839,402 3,371,081 3,840,731 4,585.468
Total visible supply
5,846.402 4,546,081 5,266,781 6,256,468
Middling uplands. -Liverpool_
I3.28d. 19.68d. 14.964. 10.87d.
18.800.
Middling uplands, New York _ _ _ 24.00c. 36.40c. 26.200.
Egypt, good Sakel, Liverpool.... 30.10d. 23.95d. 19.20d. 23.75d.
Peruvian. rough good, Liverpool. 20.754. 23.50d. 17.25c1. 13.75d.
Broach, fine, Liverpool
12.55d. 17.50d. 12.751. 13.30d.
Tinnevelly, good. Liverpool
13.10d. 18.40d. 14.15d. 13.30d.
corresponding periods of the previous year-is set out in
detail below:
Movement to Dec. 19 1924.
Towns.
Movement to Dec. 21 1923.
Ship- Stocks
ments. Dec.
Week. Season. Week. 19.
Ship- Stocks
',tents. Dec.
Week. Season. Week. 21.
Receipts.
Receipts.
Ala.,Birming'm 2,064 46,858 3,117 8,913 1,625 23,707 1,450 10,286
200
5,449
100 2,100
512 6,012
15,165
Eufaula
461
576 44,760 1,444 16,255
Montgomery. 1,649 09,829 2,997 24,090
226 30,350
368 7,900
Selma
1,138 59,479 2,296 23,944
547
7,514
904 10,466
2.215 54,888 2,449 23,430
Ark., Helena_
7,938 168,561 5,727 47,851 3,703 91,891 4,774 45,143
Little Rock_
52,112 5,174 39,105
3,149 114,617 3,577 47,702 7,131
Pine Bluff__
28
2,032
9 2,270
26 2,566
26
3,784
Ga., Albany__
2,643 30,214 1,275 16,378 2,775 30,079 3,381 23,933
Athens
7,815 155,282 11,614 65,997 4,034 100,954 5,190 41,005
Atlanta
6,096 162,260 6,719 64,462 3,920 146,816 3,387 52,234
Augusta
58,610 2,074 20,173
Columbus__
4,040 41,014 4,283 8,003 3,391
683 19,727
584 9,082
1,249 31,637
472 10,040
Macon
1,630 37,505 1,208 15,941 1,260 27,154 1,175 7,231
Rome
La., Shreveport 2,000 89,000 4,000 32,000 2,000 100,000 3,000 36,000
934
17,933 1,872 8,625
33,552
____ 10,885
MIss.,Columbus
Clarksdale_
2,620 103.371 4,790 45,678 1,772 72,349 1,625 40,919
Greenwood..
2.633 129,075 6,922 55,634 2,097 91,001 5,387 46,774
288 10,175 1,081 8,195
Meridian ...
519 33,670
741 16,934
327 28,625 1,764 9,831
Natchez
1,195 36,485 2,149 9,055
14,796
383 9,311
Vicksburg_
314 29,735
795 13,527
677
18,709 1,258 12,268
138 32,648 2,699 12,374
124
Yazoo CityMo., St. Louis_ 26.395 322,443 26,100 4,285 28,212 305,741 28,083 5,553
N.C.,Gensboro 3,036 28,167 1,106 12,389 2,436 43,538 2,302 23,352
Raleigh
9,419
4
248
648
5,009
500
837
327
Okla., Altus_ 12,432 123,833 11,353 28,976 7,593 68,053 6,679 30,379
Chickasha
6,783 92,146 7,697 13,073 6,267 50.873 6,414 13,683
Oklahoma _ _ _ 8,165 107,419 7,831 30,017 6,921 29,962 2,367 21,652
B.C.,Greenville 8,152 103,153 4,127 34,792 3,875 71,084 2,947 32,140
171 10,291
Greenwood_
. 1,306
291
10,102
11,696
302 5,962
Tenn.,Memphis 63,243 710,674 65,016135,505 34,328 495,312 38.968124.611
Nashville__
____
409
703
11
Texas, Abilene_ 3,380 49,592 4,236 2,154 2,047 56,434 2,248 2,975
Brenham_ _ _ _
172 5,986
270 16,592
280 5,272
65 24,860
Austin
1,934 26,479
___._
37,763 1,006 2.001
969 2,767
11,114 148,915 14,304 26,147 5,819 99,495 6,345 19,649
Dallas
Houston ...... 174,6303,422,543 153,187665,553 73,4402,846,160108,860369,263
Paris
3,827 75,855 4,704 9,561
395 73,475 1.201 4,502
San Antonio. 1,000 64,204 8,854 2,182
500 49,966
500 1,000
Fort Worth
9,213 122,041 8,551 17,082 1,160 74,310 2,403 6,526
Total. 40 towns387.0608.910.093387.496 558379 211.9945.341.290257.4501132917
The above total shows that the interior stocks have decreased during the week 7,385 bales and are to-night
425,462 bales mo”e than at the same time last year. The
receipts at all towns have been 175,066 bales more than the
same week last year.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot
Market
Closed.
SALES.
Futures
Market
Cksed.
Spot.
Saturday-- Quiet, 10 pts. dee_ Steady
Monday ___ Steady, 30 pts. adv.. Very. steady
Tuesday. _ Quiet, 10 pts. adv_ _ Steady
Wednesday_ Steady. 25 pts. adv_ Very
Thursday _ _ Quiet, 25 pt,s. decsteady.Barely steady_ _
Quiet, unchanged _ Steady
Friday
Total
Contr't. Total.
3,700
3:165
1.000 1:6515
4.700
Total to be deducted
Saturday.
Dec. 13.
23.80
23.90
23.35
23.87
23.63
24.25
23.63
23.75
23.75
23.50
22.85
22.85
Monday,
Dec. 15.
Tuesday, Wednesday, Thursday,
Dec. 18.
Dec. 17.
Dec. 16.
Friday,
Dec. 19.
December. 23.57 ---- 23.92-23.94 23.96-23.98 24.32-24.35 24.05 ---- 24.00-24.03
January _ _ 23.46-23.48 23.82-23.84 23.83-23.85 24.15-24.16 23.88-23.90 23.87-23.89
March _ 23.50-23.53 23.88-23.90 23.92-23.94 24.22-24.25 23.95-23.97 23.96-23.98
24.48-24.51 24.22-24.23 24.24-24.27
May
23.75-23.76 24.15-24.19 24.2224.32-24.34 24.59-24.61 24.32-24.34 24.39-24.42
July
23.88 ---- 24.27October
22.97 ---- 23.40-23.46 23.51-23.52 23.85-23.87 23.61-23.65 23.61-23.62
Tone
Steady
Steady
Firm
Steady
Steady
Spot -- Quiet
Steady
Steady
Steady
Options_ Steady Very st'dy Steady
OKLAHOMA COTTON REPORT DECEMBER 1.
The State State Department of Agriculture, at Oklahoma,
made public on Dec. 9 its cotton crop report for that State
as of Dec. 1 as follows:
On the basis offacts available as of the date of Dec. 1,the Crop Reporting;
Board of the United States Department of Agriculture estimates a total
production of lint cotton for Oklahoma for the year of 19 4, of about
1,450.000 bales of 500 pounds gross. Last year the production was 656.000
bales; two years ago 627,000 bales; three years ago 481,000 bales and fou0
years ago 1,336,000 bales. The average production for the five years 191
to 1914 was 1,014,000 bales; for 1915 to 1919, 803.000 bales; for 1919 t)
1923. 823,000 bales and the ten-year average 1914 to 1924 was 838,000
bales.
The United States Census Bureau shows 1.285,246 runningibales (cou
ing round as half bales) ginned in Oklahoma from the crop of 1921 p •
Dec. 1, compared with 508.054 bales for 1923. 618,055 ba:1 s
470,778 bales for 1921, and 770,955 bales for 1920 to the same date.
The weather during the period from Nov. 14 to Dec. 1 was,very favorable
for picking and ginning. There have been few rains to delay picking.
Picking is later in the western and southwestern sections of the State. In
some sections gins are ginning out and closing down. It is estimated, for
the State as a whole,that about 88.6% of the crop was ginned prior to Deca.
CENSUS REPORT ON COTTON CONSUMED AND
-This report, issued on
ON HAND IN NOVEMBER, &c.
Dec. 13 by the Census Bureau, will be found in full in an
earlier part of our ,
paper Under the heading "Indications of
Business Activity.'
COTTON ACREAGE ABANDONED AND YIELD
-The
AND PRODUCTION, 1922, 1923 AND 1924.
United States Department of Agriculture at Washington
also made public on Dec. 8 the following report:
COTTON ACREAGE, YIELD AND PRODUCTION-1922, 1923 AND 1924,
Acreage Picked.
Acreage in Cultivation June 25.
States.
4.700
Virginia
56,684
699.853
44,774
11,023
221,551
2,839
720
19.056
28.279
11,588
300.366
277,348
22,615
1923.
1924.
1922.
1923.
1924.
Acres.
Acre,.
Acres.
Acres.
Acres.
Acres.
74.000
89,000
55,000
95,000
57,000
74,000
1,654,000 1,687,000 1,991,000 1,625,000 1,679,000 1,901,000
1,951,000 2,005,000 2,329,000 1,912,000 1,965,000 2,236,000
3,636,000 3,844,000 3,248,000 3,418,000 3,421,000 3,183,000
147,000
81,000
118,000
84,000
122,000
171,000
2,807,000 3,190,000 3,142,000 2,771,000 3.079,000 3,073,000
3,076,000 3,392,000 3,074,000 3.014,000 3,170,000 2,997,000
1,175,000 1,464,000 1,642,000 1,140,000 1,405,000 1,560,000
12,241,000 14,440,000 16,699,000 11,874,000 14,150.000 16,198,000
2,827,000 3,120,000 3,214,00 2,799,000 3,026.000 3,150,000
986,000
985,000 1,172,000
994,000 1,221,000 1,006,00
355,000
410,000
198,000
201,000
394,000
456,00
3,052,000 3,400.000 4,012,00 2,915.000 3,197,000 3,791,000
83.000
130,000
67,000
70,000
130,00
85,000
127,000
184,000
101,000
105,000
188,00
130,000
44.000
60,000
109,000
48,000
70,000
136,00
13.000
37,000
14,000
44,000
340.233
34,069
23.75
23.90
23.35
23.83
23.56
24.25
23.56
23.75
23.70
23.50
22.80
22.80
24.00
24.15
23.60
24.10
23.88
24.00
23.81
23.75
23.90
23.75
23.05
23.05
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
804,086
Leaving total net overland Y
47,096 526,738
* Including movement by rail to Canada.
23.70
23.85
23.35
23.80
23.56
23.75
23.56
23.75'
23.65
23.50
,22.80
122.75
23.65
23.85
23.35
23.75
23.75
23.50
23.50
23.50
23.60
23.50
22.70
22.65
23.30
Galveston
New Orleans
23.50
23.00
Mobile
23.41
Savannah
Norfolk
23.38
Baltimore
23.19
Augusta
23.25
Memphis
Houston
23.25
Little Rock---- 23.25
Dallas
22.40
Fort Worth _ _ _ _
Week.
28,083
8,760
756
904
6,231
11,950
Since
20,977
Saturday. Monday. Tuesday. liTed'day. Thursd'y. Friday.
North Carolina
South Carolina
Georgia
Florida
Alabama
_
Mississippi
Louisiana
Texas
Since Arkansas
Aug. 1. Tennessee
309,974 Missouri
102,440 Oklahoma
6,411 California_b
14.381 Arizona
95,744 New Mexico_c_
170,893. All other
Week. Aug. 1.
26.100 310,640
11.070 125,410
1,826
12.377
2,016
28.382
95,066
6,613
20,448 232,211
Total gross overland
68,073
Deduct Shipments-.
Overland. to N. Y., Boston, dm._ _ 383
Between interior towns
708
. Inland, &c.,from South
19,886
Closing Quotations for Middling Cotton on
Week ending
Dec. 19.
1922.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
-----1924------ ---1923
Dec. 19ShippedVia St. Louis
Via Mounds
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
2899
T-FrE CHRONICLE
DEC. 20 1924.]
United States 34,016,000 38,70 ,000 41,390.000 33,036.000 37,123,000 40,115,000
The foregoing shows the week's net overland movement
this year has been 47,096 bales, against 34,069 bales for the
week last year, and that for the season to date the aggregate
net overland exhibits an increase over a year ago of 107,128
bales.
1924
1923
Since
Since
Takings.
Week. Aug. 1.
Week. Aug. 1.
Receipts at ports to Dec. 19
330,647 5.616,904 214,353 4,479,315
Net overland to Dec. 19
47,096
526,738 34,069
359.610
Southern consumption to Dec. 19.115,000 1,627,000 85,000 1,690,000
Total marketed
492,743 7,770,642 333.422 6.528,925
Interior stocks in excess
*7,385 1,376,133 45.828
862,026
Excess of Southern mill takings
353,760
over consumption to Dec. 1
385,711
In Sight and Spinners'
Came into sight during week.._ -485,358
287,594
Total in sight Dec. 19
9,500.535
7,776,662
Production in Bales of 500
Pounds Gross 'freight.
1922.1923.1924.19224923.1924.
359.610
Acreage Aband'd Yield per Acre in
After June 25. minds of Lint
*1922.
States.
Virglida
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi _ _
Louisiana
Texas
Arkansas
Tennessee
Missouri
Oklahoma
Calitornia_b _
Arizona
New Mexico _c_
All other
United States
% 1%
4.0 0.5
1.8 0.5
2.0 2.0
6.0 11.0
3.0 14.0
1.3 3.5
2.0 6.5
3.0 4.0
2.0
1.0, 3.0
0.9 4.0
1.5 10.
4.5' 6.0
4.01 1.0
3.8 2.0
8.2 14.0
10.0
2.9
*1923.
1924.
Bales.d
Bales.
Bales.
Lbs.1Lbs. Lbs.
26,51
50,581
30,000
6.0 2301 325 161
851,93 1,020.139 765,000
290 192
4.5
770,165 750,000
492, II
4.0 123 187 160
714,99
588,236 1,000,000
2.0 100 82 150
12,345
25,021
22,000
4.0 102 40 130
586,724 990,000
823,49
2.2 142 91 154
603.808 1,080.000
989,27
2.5 157 91 172
367,882 480,000
343,27
5.0 144 125 147
4.342,298 4,770.000
3.0 130 147 141 3,221,
627,535 1,100.000
2.0 173 98 167 1,018,02
227,941 330,000
390.99
2.0 190 92 160
120,894 146,000
142,52
10.0 360 171 170
655,558 1,450,000
627,41
5.5 103 98 185
54,373
28,24
71,000
188 285 261
77,520 100,000
46,74
2.0 222 292 260
19,31
33.672
56,000
20.0 208 230 245
226 168
13,000
15.0
4.11 3.1 141.3130.6 156.8 9,762,069 10,139,671 13,153,000
a U. S. Census reports of ginnings. b Not including cotton grown in Lower
California (Old Mexico). c Includes New Mexico and -all other." d Dec. I
estimate.
-Figures for 1924 are subject to revision when final ginning, are known.
Note.
WEATHER REPORTS BY TELEGRAPH.
-Reports
to us by telegraph from the South this evening indicate
•Decrease.
been unusually favorable for picking
that the weather has
QUOTATIONS FOR MIDDLING COTTON AT cotton in the northern section of the cotton belt. The
-Below are the closing quotations for cotton harvest has been nearly completed in North Carolina
OTHER MARKETS.
middling cotton at Southern and other principal cotton except in the northeastern portion and only a small amount
markets for each day of the week:
remains to be picked in Oklahoma and northwestern Texas.
North.spinners' takings to Dec.19 60,594
807,249
86,383
985,640
2900
Tab., CHRONICLE
Rain. Rainfall.
Thermometer
Galveston, Texas
1 day 0.01 in. high 73 low 46 mean 60
Abilene
2 days 0.27 in. high 80 low 6 mean 43
Brownsville
1 day 0.01 in. high 80 low 56 mean 68
Corpus Christi
1 day 0.56 in. high 80 low 38 mean 59
Dallas
2 days 1.08 in. high 80 low 12 mean 46
Del Riolow 30
Palestine
1 day d7.01 in. high 80 low 20 mean 50
San Antonio
2 days 0.14 in high 80 low 30 mean 55
Taylor
dry
low 22
New Orleans
mean 67
dry
Shreveport
dry
high 81 low 38 mean 60
Mobile,Ala
dry
high 75 low 38 mean 62
Selma
dry
high 75 low 29 mean 56
Savannah,Ga
dry
high 80 low 39 mean 60
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
Dec. 19 1924. Dec. 21 1923.
Feet.
Feet.
Above zero of gauge_
6.0
1.6
26.8
Above zero of gauge20.4
13.3
Above zero of gauge.
10.0
28.3
Above zero of gauge..
6.0
31.5
Above zero of gauge
16.0
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
December 17.
1923.
1924.
Receipts (cantars)Thle week
Since Ana 1
1922.
370,000
290.000
220.000
A 07r Mr
4 47R 47A
41C2 ARA
Since
Week. Aug. 1.
Exports (bales)-
Since
Week. Aug. 1.
Since
Week. Aug. 1.
To Liverpool
8,000 104.406 7.750 116.890 6,250 110,369
To Manchester, &c
16,000 118.200 13,750 100.853
---- 71.560
To Continent and India- 15,000 168.213 7,900 171.883 8,75 126,536
To America
15.000 54,244 1.500 52.358 5,750 106.940
EA
nesn •AE ne., OA nAnAA1 AOA
•
•
.
OA OCAA10 Ant
•
•
Note.
-A canter is 99 lbs. Egyptian ba es weigh about 750 lbs.
This statement shows that the receipts for the week ending Dec. 17
were 370.000 canters and the foreign shipments 54.000 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night
-The fol- both cloths andfrom Manchester states that the market in
RECEIPTS FROM THE PLANTATIONS.
yarns is steady. Demand for
is good.
lowing table indicates the actual movement each week from We give prices to-day below and leave thoseIndiaprevious
the plantations. The figures do not include overland re- weeks of this and last year for comparison: for
ceipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
1924.
1923.
part of the crop which finally reaches the market through
834 lbs. Skirt- Cot's
Eqi lbs. Shirt Cot*
the outports.
32s Cop
ings. Common Mid.
32s Cop
fags, Common Mid.
1922.
1923.
1922.
1924. I 1923.
1922.
to Finest.
(lyre
is Finest.
d. s. d.
s. d. d. d.
2534 17 4 018 4 14.09 24
2534 17 13
213 18 0
2534 17 5
2534 17 5
2834 17 5
018 13
018 4
018 1
018 1
018 1
15.23 2234
14.09 2231
13.53 23
13.46 24
13.58 2434
17 4
17 3
17 4
17 4
@180
017 7
018 0
018 0
13.25 28
13.87 27
13.83 2794
1359 2934
2434 16 5 017 1
24% 18 5 0,17 0
2434 18 4 @le 7
12.98 27%
13.11 28
13.28 27%
26
28
2534
2534
UN's
d. s. d.
s. d d.
25% 16 5 (417 2 18.91
0000 00000
1924. 1923.
81
Sept.
420,280 347,146 305.164
o_291.22 288,758253,298 544,0921 577,954 743,1130
3..368,406 329.949275,188 803,53 870,922 897,811 425,849 422,917 380.501
10-- 320.698 273.052 250.881 798,03 811.1.. 1,087.54 513.193 418,218420.816
17.. 441,485 287.213328.020 898.351 946,192 1,188.81 543.806 422.317 445.288
24...133L292 277.177 297.539 1,057.209 1,060,002 1.280,881 498,150390,967 391.607
3L1388,466,849.038 385.050 1,196,181 1,088.495 1,355,653 527.437j375.529 439,852
Nov.lI
7.. 83.2581235.838 294.227 1,307,378 1.165,3138 1.408.301 494.453 14.509348,875
631251.578 1,411.260 1,179.333 1.461.019 477.486 321.432 304.296
14_.1373,602 307.4 /
21..432,208 224,522i7,98 1,488.392 1,244.773 1,484.882 487.588 289.968 241.6213
28..370,024,298.211 215.438 1.545,801 1,251,785 1,457,156 429,233305,223,242.942
Dec.
- 170.752 2135,509 158.801 1.583,955 .225,801 1.445.005409,108239,525 146,650
.630217,127 120.288
,
12._ 333.821 284.183 138.941 1.585.784 1,178.745 1,428,330 31"
19_ _ 330,847214,353 138,886 1,558,379 1,132,917 1,384,130323,282 168,525 94,6813
Sept d.
26 23
Oct.
3 23
10 24
17 2334
24 2334
31 24%
Nov
7 23%
14 23%
21 23%
28 23%
Dec.
5 23
12 23
19 23
000 0000 00000 0
Twist.
ptsfrom Plantations
Stocks at Interior Towne.
Receipts at Ports.
Week
5
5
5
7
5
0)17 2
017 0
017 2
017 8
O17 3
16'48
16.50
17.04
17.63
17.44
27 17'.
2734 17 4
28% 17 4
30% 20 2
017 7
018 0
018 0
021 0
19.02
19.89
20.14
21.37
Gas
•
[VOL. 119.
2934 19 4 020 2 19.42
30 19 8 020 4 ,19.48
29 19 8 020 2 119.68
24% 16
24 16
2434 16
2434 18
2434 18
-As shown on a previous page, the
SHIPPING NEWS.
United States the past week have
The above statement shows: (1) That the total receipts exports of cotton from the
shipments in detail,
from the plantations since Aug. 1 1924 are 6,996,113 bales; reached 318,976 bales. Thereturns, are as follows: as made
in 1923 were 5,340,418 bales, and in 1922 were 4,783,184 up from mail knd telegraphic
Bales.
-Celtic, 712; Carmania,
bales. (2) That although the receipts at the outports the NEW YORK-To Liverpool-Dec. 12
4,037
3,325
past week were 330,647 bales, the actual movement from
Dec. 13-Colleda,
To Manchester-Dec. 12-Klota,50
plantations was 323,262 bales, stocks at interior towns
206
156
To Bremen-Dec. 12-Luossa, 44; President Roosevelt, 1,035- 1,079
having decreased 7,385 bales during the week. Last year
To Genoa-Dec.12-Pollenzo, 100; City of St. Joseph, 841....
receipts from the plantations for the week were 168,525
1,191
Dec.18
-Edda,250
300
To Rotterdam-Dec. 12-Veendam, 300
bales and for 1922 they were 94,6661bales.
100
-Dec. 13-Braziller, 100
To Havre
300
WORLD SUPPLY AND TAKINGS OF COTTON.
--Dec. 15
-Alberta, 300
To Trieste
50
To Antwerp-Dec. 16--Coaxet, 50
comprehensive statement indicates
The following brief but
40
-River Delaware,40
To Barcelona-Dec.17
at a glance the world's supply of cotton for the week and NEW ORLEANS-To Bremen-Dec. 13-Zinal, 4,491---Dec. 15
16,772
-Roland. 6,766___Dec. 17-Effna, 5.515
since Aug. 1 for the last two seasons, from all sources from
.Dec. 16-Huro-West Selene, 9.934...
-Dec.15
To Liverpool
which statistics are obtainable; also the takings, or amounts
35,150
nian, 18,687; Antillian, 6,529
-Roland,271_ -_Dec. 17-Effna,735
1,006
To Hamburg-Dec.15
gone out of sight, for the like period.
-Roland, 50
Stockholm-Dec. 15
50
1924.
Cotton Takings.
Week and Season.
Week.
1923.
Season.
Week.
Season.
4.479,142
5,602.614
Visible supply Dec. 12
2.190.493
2.024.671
Visible supply Aug. 1
485.358 9,500,535 287.594 7,776,662
American in sight to Dec. 19
100,000
418.000 129.000
542.000
Bombay receipts to Dec. 18...
89,000
119,000
17.000
Other India shIptn'ts to Dec. 18
896.400
983.800
74.000
58.000
Alexandria receipts to Dec. 17...
103,000
9,000
134,000
6.000
Othersupply to Dec. 17-t-b
6.287,972 13.315.828 4.959,736 11.461.733
Total supply
Deduct
Visible supply Dec. 19
5,846,402 5,846,402 4.546,081 4.546.081
441.570 7,469.426 413,655 6.915.652
Total takings to Dec. 19-a
329,570 5,594.626 275.655 5,259.252
Of which American
112,000 1,874,800 138,000 1.656.400
Of which other
West Indies,
t Embraces receipts in Europe from Brazil, Smyrna,by Southern &c.
mills,
total estimated consumption
a This embraces the
-takings not being
1.627.000 bales in 1924 and 1.690,000 bales in 1923
available-and the aggregate amounts taken by Northern and foreign
spinners 5,842,426 bales in 1924 and 5,225.652 bales in 1923, of which
3,967,626 bales and 3,569,652 bales American.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1923.
1924.
Decem5er 18.
Receipts at
Since
Week. Aug. 1.
Week.
Total all
1924
1923
1922
Week.
Great
Great Conti-'Japan&
Britain. neat. China. Total. Britain.
I
7.009 32,000 39,000
44.000
6.000 38.009
5.000 5,009 48,000 58,000
15,009
17,000
5,000 16.009
21,000
2,0
Since
Aug. 1.
584,000
Since August 1.
For the Week.
Bombay
1924
1923
1922
Other India:
1924
1923
1922
1922.
109.000 418,000 129,000k 542,000 123,000
Bombay
Exports.
Since
Aug. 1.
2,000 22,0001 32,000 58,000
44,000
6.000 38,000
10.000 21,000 48,000 79,000
Continent.
Japan &
China.
Total.
18,000 73,000 306,000 395,000
56,000 253.000 207,000 518,000
41,000 189,000 937,000 687,000
8,000
23,000
14,000
81,000
98,000
92,550
89,000
119,000
106,550
24.000 154,000 308.000 484,000
79,000 349,000 207,000 635.000
55.000 281,550 437,000 773,550
To
-West
To Antwerp-Dec. 16-Caledonier, 1,312_Dec. 17
Ural, 75
1,387
-Dec. 16-Caledonier, 1,000---Dec. 17
-West
To Ghent
Errol, 796
1,796
-West Errol, 6.386
-Dec. 17
To Havre
6,386
To Rotterdam-Dec. 14-Spaarnd ,m, 1,240
1,240
1,240
To Rotterdam-Dec. 14-Spaarndam, 1 240
-Panama Meru, 1.1101
To Japan-Dec. 17
1,901
GALVESTON-To Barcelona-Dec.11-Cadiz,6,434--Dec.16
Mar Negro,8,237
14,671
-SchlesTo Bremen-Dec. 12-Lekhaven, 10,243-Dec. 15
23,021
wig Holstein, 2,066; City of Alton, 10,712
400
To Hamburg Dec. 12 Lekhaven, 400
-West Harshaw, 5,912; Pilar de LarTo Liverpool-Dec. 15
rinaza. 4.502; Traveler, 8,854; fr whit, 9,765
29.030
-West Harshaw, 815; Filar de LarTo Manchester-Dec. 15
-Traveler, 2,353
rinaga, 7,733---Dec. 16
10,901
-Dec. 13
-Michigan, 9,783_ _ _Dec. 15-Prusa,
To Havre
1,150; Liberty Land, 14,876; Lancaster Castle, 5,125
30,934
-Liberty Land, 425; Lancaster Castle,
To Antwerp-Dec. 15
1.000
1,425
-Liberty Land, 783; Lancaster Castle,
-Dec. 15
To Ghent
5,229
6,012
To Rotterdam-Dec. 15-Waban, 2.010; City of Alton, 2,421 4.431
To Savona-Dec. 16-Ehnsport, 300
300
-Dec. 16-Elmsport, 110
To Naples
110
To Genoa-Dec.16-Elmsport, 12,771; Marina Odero,5.831.- 18,602
-Marina Odero. 1,550
HOUSTON-To Genoa-Dec. 12
1,560
-Aden Meru, 2,675
To Japan-Dec. 13
2,675
-New Toronto, 19,221
19,221
To Liverpool-Dec. 18
-Dec. 16-Prusa, 11,221
To Havre
11,221
100
To Antwerp-Dec. 16-Prusa, 100
-Dec. 16-Prusa. 500
To Ghent
500
-Schleswig
To Bremen-Dec. 15-Waban, 9.440---Dec. 16
-Rio Bravo, 2,620
Holstein, 4.410-Dec. 17
16,470
-Schleswig Holstein, 610
-Dec. 17
To Hamburg-Dec. 16
960
Rio Bravo, 350
1,752
To Rotterdam-Dec. 15-Waban, 1,752
7.216
-Dec. 15-Sacandaga, 7,216
CHARLESTON-To Liverpool
24
To Manchester-Sacandaga, 24
500
MOBILE
-To Havre
-Dec. 13-Coahoma County, 500
3,900
-To Liverpool-Dec.15
NORFOLK
-Westlake.3,900
700
-West Cobalt, 700
To Manchester-Dec. 16
490
PENSACOLA-To Liverpool-Dec. 10-Antinous, 490
80
-Dec.
oahoma County. 80
To Havre
-President Wilson, 2,293
SAN FRANCISCO-To Japan-Dec. 13
6,358
_ __Dec. 17-Chinyo Marti,4,065
300
To China-Dec. 13
-President Wilson, 300
1,625
SAN DIEGO
-Electrician, 1.625
-To Liverpool-Dec. 15
3.065
SAN PEDRO-To Liverpool-Dec. 13-Lochgoll, 3,065
100
To Rotterdam-Dec. 13-Lochgoll, 100
3,355
SAVANNAH-To Liverpool
-Dec. 13-Delillan, 3,355
3,686
To Manchester-Dec. 13-Delillan, 3,686
5,840
To Bremen-Dec. 17-R.0. Rickmers, 5,840
344
To Hamburg-Dec. 17-R. C. Rickmers, 344
3,050
WILMINGTON-To Genoa-Dec. 18-Savola, 3,050
11,066
To Liverpool-Dec. 18-Copengahen, 11,066
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
318,978
Total
29,000 bales. Exports from all India ports record an increase
show a
LIVERPOOL.
-By cable from Liverpool we have the folof 12,000 bales during the week, and since Aug. 1
lowing statement of the week's sales, stocks, &c., at that port:
decrease of 151,000 bales.
DEC. 20 1924.]
THE CHRONICLE
2901
report played no part in moving prices either way. December reduced its discount to 3%c. under May. The December
situation at Winnipeg was acute. Cash markets were firm.
Russian crops are evidently inadequate. Preparations are
perhaps under way to relieve distress there. But on the
other hand the weakness in corn hurt wheat. Besides, the
technical position of wheat had become weaker; everybody
had been bullish. The winter wheat in the United States got
The tone of the Liverpool market for spots and futures needed moisture and snow covering. Many who bought May
each day of the past week and the daily closing prices of sold July. That weakened July. On Thursday prices sudspot cotton have been as follows:
4c. higher at Chidenly changed front and closed 2% to 31
cago and 3 c. higher at Winnipeg. Trading was on a big
/
1
2
Friday.
Spot.
Saturday. Monday. Tuesday. Wednesday. Thursday.
scale. Liverpool was stronger than anybody had expected,
Market,
Foreign crop news was very bullish. Commission houses
Quiet.
Quiet.
Quiet.
12:15 { Quiet.
Quiet.
Quiet.
had large buying orders. It is true that for a time early in
P.M.
the day liquidation and other selling depressed the price.
13.27
13.28
Mid.UpEds
13.30
13.12
13.26
13.36
And corn for a time was weak. But later came a swift
Sales
3,000
5,000
5,000
5,000
4,000
5,000
change to the buying side, especially in the last half hour of
the trading. Then new high prices were reached for the
Futures.
Quiet,
Steady, Quiet, 1 pt. Quiet,
Quiet,
Market I
Quiet. 7 to 10 pts. 19 to 21pts. decline to 6 to 9 pts. 5 to 8 pts. season. Stop orders were caught on the way up. Europe
opened
5
decline.
advance. 1 pt. adv. decline.
decline.
cabled that rye was being sold in Russia for the Baltic. Bulgaria was buying in the European markets. Unfavorable
Market, 5 Irregular,3 Quiet,
Steady, Very st'dy, Barely st'y, Steady. 5
4
1 pts. dec. to 7 to 12 pts. 25 to 27pts. 14 to 18pts. 1 to 12 pts. pts. adv.to crop accounts came from Argentina. Western cash markets
P.M. 1 2 ins. adv. decline,
advance, advance.
decline. 1 pt. dec.
were strong. Millers were good buyers. These things told
Prices of futures at Liverpool for each day are given below: very plainly. What is more, there were reports from Argentina that the crop was turning out smaller than had heretoSat.
Mon.
Tues.
Wed.
Thurs.
Fri.
fore been estimated. Another thing that caught the attenDec. 13
to
121.1 1214 1214 4:00 123.1 4:00 1231 4:00 1231 4:00 1231 4:00 tion was that it was easier to sell than to buy. The United
Dec. 19.
p. m. p. m. p. m. p. m.p. m.p.m.D. m.P. m.P. LIL. P. m• P• mal• m•
States surplus is figured in some quarters as 320,000,000
d.
d.
d,
d,
d.
d.
d.
d.
d.
d.
d.
bushels; exports to date 175,000,000; normal carryover 75,December
__ __ 12.87 12.7 12.75 12.96 13.02
13.19 13.11 13.08 13.03,13.13
January ...... ____ 12.91 12.82 12. 1 13.01 13.07
:
13.2313.14 13.11 13.0413.13 000,000. That means that no more than 70,000,000 bushels
February..... ____ . 12.8 12.80 13.01 13.07
13.21 13.13 13.12 13.06 13.14 can now be spared for foreign markets. Last week it was
March
12.98 12.81 12.86 13.07 13.13
13.29 13.20 13.19 13.12 13.19 said that
Europe wanted 128,000,000 bushels from this counApril
12.9912.91 12.89 13.09 13.1.
13.31 13.22 13.2213.14 13.21
May
13.06 12.9 12.95 13.15 13.21
13.3813 29 13.29 13.21 13.28 try. Some claim that the situation is even tighter than
June
13.03 12.94 12.92 13.13 13.19
13.35 13.27 13.28 13.20 13.27 these figures indicate. Also, the talk grows that Russia
July
13.06 12.97 12.94 13.15 13.21
13.37 13.29 13.30 13.23 13.30
August....... ____ 12.9 12.87 12.8513.05 13.11
13.28 13.20 13.23 13.16 13.23 seems in danger of another famine. There were rumors of
September..., ...... 12.81 12.72 12.73 12.92 12.99
13.15 13.09 13.13 13.06 13.16 charters of grain vessels for the Black Sea. Also at the West
5
October
....... ____ 12.6 12.57 12.57 12.76 12.82
13.00 12.94112.99 12.91 13.01
November__ _ ____ 12.56 12.42 12.4: 12.67 12.73
.
12.91 12.8 12.90 12.82 12.92 receipts were moderate. The Seaboard clearances were
large. Export sales were estimated at 500,000 to 750,000
bushels. The buyers were England, Finland, Sweden and
BREADSTUFFS
Germany. The big Canadian flour business was not forgotten. Omaha reported that foreign markets wanted prompt
Friday Night, Dec. 19 1924.
Flour has been selling to the home trade on a moderate shipments there. The Government report put the winter
scale at rising prices in comparison with those for wheat. wheat acreage at 42,317,000 acres, an increase of 6.5%. That
Buyers still confine their purchases to daily requirements. was in line with previous estimates. The condition of the
They are not fighting the advance so much, however, and crop on Dec. 1 was 81%, against 88 at the same time last
seem to realize that the market is in a decidedly strong posi- year. With average abandonment from now to the end of
tion, with little likelihood of any very marked decline. They the season, this, it is stated, would mean a crop of only
are not buying ahead, though. They stick to their old hand- 544,000,000 bushels, against 590,000,000 this year. The into-mouth policy. It was considered significant that Russia creased acreage is counterbalanced by the decrease in conwas buying American flour 60 days after her harvest. Rus- dition of 7%. Still, it is considered very probable that the
sia, it is suggested, may have to buy grain here before long. condition has improved since Dec. 1. Rain and snows have
It is understood that flour taken was for shipment as occurred throughout the belt. The condition of 81% on Dec.
quickly as possible. Two full cargoes of Canadian flour 1 is lower than was expected. A rumor that Arthur W. Cutaggregating 120,000 barrels were sold here on the 17th inst. ten was long 40,000,000 bushels of wheat in Chicago and
for immediate shipment to Russia. One cargo, it was said, Winnipeg, 15,000,000 bushels rye and 50,000,000 bushels of
would go to the port of Batum on the Black Sea and the other oats is declared by the Grain Futures Administration, in an
to Petrograd. Shippers believe that this demand is a defi- official statement, to be entirely without foundation. Its
nite evidence of shortage in bread grains in that important records do not show such holdings at any time by Mr. Cutproducing country. The flour was sold by the Maple Leaf ten or any other individual. Nat. Murray said wheat supMilling Co. through the Hansen Produce Co. and the Am- plies, taking the Government figures of production and contorg Trading Corporation, the latter representing the Rus- sidering exports and carryovers, the apparent domestic consumption for all purposes for the year ending June 30 1924
sian purchasers.
Wheat advanced. Early in the week it was helped by a were 666,000,000 bushels and the preceding year 646,000,000.
rise in rye of 12 to 4%c., and also by a good trade. Prices Supplies for the year beginning July 1 1924 represent a pro/
1
were irregular, however, fluctuating rather nervously. But duction of 873,000,000 and a carry-over of 102,000,000, or a
there was a decrease in the American visible supply last total of 975,000,000. If consumption for all purposes be asweek of 1,382,000 bushels, in striking contrast with an in- sumed to be about 655,000,000 there would remain 330,000,crease in the same week last year of 1,261,000 bushels. The 000 for export and carryover. The smallest carryover in 25
total, however, is still 98,079,000 bushels, against 73,808,000 years was 30,000,000 on July 1 1918, while a normal carrya year ago. But with rye for an object lesson shorts became over is about 75,000,000. This is one view of the matter.
nervous and their covering left Monday's closing prices % to Exports thus far are about 175,000,000 bushels, as already
lc. higher at Chicago and lc. higher at Winnipeg, despite stated. In South Australia the wheat crop is officially estilower cables. There was aggressive support. Interior re- mated at 32,400,000 bushels, against 36,000,000 in the precedceipts were moderate. Cash markets were firm. The South- ing year and 29,000,000 in 1922. "Price Current Grain Rewest reported a larger milling demand and the Northwest a porter" said that, owing to high prices, it is probable that
better flour inquiry. Export business, it is true, was mod- more wheat will be brought into sight this season than is
erate, 1. e. 600,000 bushels of Manitoba, mostly low grades, suggested by the crop figures, a fact that must be taken into
with premiums on No. 4 fully lc. higher than on Saturday. consideration in making up statistics as to the quantities this
England, Antwerp and Germany bought a little. The world's country has to spare. Likewise, consumption probably will
shipments last week were comparatively small and on pas- be curtailed to some extent, although improvement in busisage stocks decreased 4,400,000 bushels for the week. And ness and general lack of unemployment will be factors in
stocks of wheat at Chicago fell off 316,000 bushels. Chicago checking any decrease in home requirements. LeCount caDecember was at 4%c. under May. Winnipeg was relatively bled from Buenos Aires Dec. 16: "In the north enough rain
firm throughout, though new crop winter wheat advices were has fallen to completely relieve the drought for some time.
on the whole promising. The Government put the 1924 crop New crop wheat is starting to move from the interior."
of winter wheat in this country at 590,037,000 bushels, Washington wired Dec. 18: "A decrease of 440,000,000 bush.against 571,959,000, and of spring wheat at 287,636,000, els in the estimated world wheat crop compared with last
against 225,422,000 in 1923. Total production of wheat was year is indicated in reports made public to-day by the De,300,000,raised some 17,000,000 bushels from the last preliminary es- partment of Agriculture, which place the crop at 3
timate, but such an increase had been quite generally ex- 000 bushels. The average five-year pre-war total was 3,573,-.
947,000 bushels. The most important reduction shown is in
Irregularity prevailed on the 17th inst., ending 2
/
1
2c.
pected.
1c.
2
lower to / higher at Chicago and %c.lower to 1%c. higher Canada, where the crop is placed 200,000,000 bushels below
Very heavy profit-taking told in spite of the and in Argentina with a reduction of 60,000,000. The Euroat Winnipeg.
'fact that two cargoes of 120,000 barrels of flour were taken pean crop, with the exception of Russia, is reported 180,000 by Russia, and the export demand for wheat increased. In- 000 bushels below last year and nearly 260,000,000 under the
cluding flour, the sales to foreign markets were estimated at average. Canadian winter wheat seeding area this year tofully 2,000,000 bushels. Argentina weather was bad for taled 832,000 acres, or 60,000 above the 1923 figure. Wheat
wheat in harvesting time. Receipts at the West were mod- on passage this week totaled 52,008,000 bushels, against56 erate. Millers bought at the Northwest. The Government 416,000 last week and 44,352,000 last year. Berlin cabled':
Sales of the week
Of which American
Actual export
Forwarded
Total stock
Of which American
Total imports
Of which American
Amount afloat
Of which American
Dec. 5.
22.000
15.000
1,000
72.000
477.000
342,000
97,000
71,000
454,000
337,000
1
.NI- .000,1
Nov. 28.
27.000
19.000
1,000
79.000
452.000
321,000
107,000
93.000
390.000
279,000
Dec. 12..
25.000
19.000
1.000
67,000
572,000
430.000
184.0(10
152,000
353.000
281,000
Dec. 19.
33.000
20.000
1.000
84,000
582.000
446.000
80.000
66.000
445,000
327,000
2902
THE CHRONICLE
"On Dec. 1 the Berlin produce market will be reopened to
dealings in grain futures. There is very lively interest in
this change, not only in Germany, but in the neighboring
countries—Poland, Czechoslovakia, Switzerland, Holland
and Denmark—as Berlin will be the only centre on the Continent at which business can be done in grain deliveries at
future dates, the markets in futures which existed before the
war at Budapest, Paris and Antwerp not having been reopened since. The business done in Berlin will not be normal
dealing in futures, this being forbidden under the German
law, but arrangements for actual delivery, at which papers
examined and approved by the Reichsrat will be exchanged.
Business will be in wheat, rye, oats, maize and rye flour and
for delivery in any month not later than May. There will be
official opening and closing quotations; the former will not
be fixed before 12.30 p. m. and the latter not before 2 p. m.
or 1.15 p. m. on Saturdays." To-day prices were strong,
with Winnipeg closing 41% to 5e. higher for the day and Chicago up 1% to 31
4c. on very heavy trading. The ending was
at the highest of the day and for the season. Wire trouble
hampered business, but for all that commission houses managed to do a good trade. Argentina cables were an outstanding feature and evidently pointed to bullish conditions of
trade and production in that country. That was the general
belief. Some bankers believed that the crop outlook in Argentina is worse than has yet been disclosed. This offset
rather disappointing cables from Liverpool and the fact that
export sales in this country were estimated at only 250,000
to 300,000 bushels. The higher prices checked business with
Europe. France, indeed, canceled 160,000 bushels. On the
other hand, the interior receipts in this country were the
smallest thus far this season. They fell considerably below
1,000,000 bushels. The weather at the West was very cold
and unsettled. That may cut into the crop movement further. Also, it was significant that even in Liverpool spot
wheat was 2 to 4c. higher, though futures there lagged.
/
1
2
/
1c.
Chicago December closed at 42 under May. Cash premiums were very firm throughout the West. There was
again a drop in the week's exports, Bradstreet's total being
only 7,072,808 bushels. But that means another decided decline in the total on passage to Europe. That may have its
repercussion in strengthened prices across the water. Argentina clearances this week were 68,000 bushels. Final prices
at Chicago show a rise for the week of 3%c. on July up to
9%c. on May, with a rise of 9c. on December. There seems
to be a ground swell under the wheat markets of the world.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
[VOL. 119.
indeed, the tone was rather weak. Offerings were on a fair
scale. Cash demand was poor. Receipts, on the other hand,
were small and the weather stormy or threatening. The closing prices showed a decline for the week of 1 to 12 on all
/
1c.
except July, which ended 1
/0. higher.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sal. Mon. Tues. Wed. Thurs. Fri.
No.2 mixed
14034 14234 143
cts_14434 14134 143
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_cts_121 1257% 125X 1233 1244 1254
May delivery in elevator
1284 129% 129%
130
13034 131
July delivery in elevator
13031
130
1307% 13134 1287% 130
as a rule, within very
narrow bounds. But cash houses were rather large sellers.
People emphasized the visible increase of over 1,100,000
bushels. It was not much relished by holders. It is a rather
cumbersome total that of 68,430,000 bushels, against 18,157,000 a year ago. Still, there is the cheapness of oats. That is
not forgotten. The market has its friends and they are biding their time. Receipts, it is true, were of fair size early in
the week and cash prices fell with futures. At the same
time there was a fair cash trade at the West. Fort Worth,
Texas, wired: "The Southwestern spot situation in all
grains is very strong; all premiums advancing, domestic and
export." Chicago deliveries on the 15th inst. were 135,000
bushels. On the 17th inst. active trading represented profittaking and other selling. The Washington crop report and
/
1
2
a break of 2 e. to 3c. in corn were a damper on oats. Yet
receipts were moderate and country offerings light. On
Thursday prices turned the other way. They ended at
roughly lh to lc. higher after an early reaction. Yet the
speculative support was not at all aggressive. But on the
decline new buying came in. Also, there was covering, and
the strength of other grain also told favorably on oats. True,
the Northwest has very large stocks in country elevators.
That fact for a time weighed on the price. But on the other
hand oats are considered cheap by many. Moreover, there
were rumors of some export business which had more or less
effect, although they were not confirmed. The Government
report put the crop at 1,541,000,000 bushels, against 1,305,,f3c. on Wednesday,
883,000 last year. Prices fell 1% to 17
partly in sympathy with a break in corn. To-day prices were
irregular, with fractional changes. Profit-taking and a lack
of bull speculation for the moment left their impress. Yet
there was no marked decline for wheat, and other grains
were too strong. The receipts were only fair. Country offerings were small. The weather was unsettled at the West.
Last prices show a decline for the week, however, of % to lc.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts 182% 1847% 1867% 1884 1914 1947%
No. 2 red
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
1
December delivery in elevator_cts_162
163% 1637 1663i 169
%
172
16714 1687% 1707% 170% 17331 1767%
May delivery in elevator
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator
147K 14834 1497% 1477% 149% 1514 No. 2 white
cts 684 6836 70
69
69
69
WHEAT PRICES IN WINNIPEG. DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Dairrl—
?" CLOSING PRICES OF
Sat. Mon. Tues. Wed. Thurs. Fri.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_cts_ 594 597% 607% 5834 5874 5934
December delivery in elevator_cts_165% 1664 169% 1707% 17434 179
6474 64% 65K 6434 643
4 64X
May delivery in elevator
17134 1727% 17431 17434 17734 18234 May delivery in elevator
July delivery in elevator
63
62
6434 624 63
625i
July delivery in elevator
169% 17034 1727 17234 1757% 180
%
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Indian corn declined early in the week. The receipts
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_ cts_ 617% 6134 62
627% 62
63
then were unexpectedly large. Liverpool declined. And the May delivery in elevator
66% 67
687% 674 68
687%
American visible supply increased last week no less than July delivery in elevator
6734 68
6934 68'% 6934 6934
2,208,000 bushels, against only 382,000 last year. This makes
the total 11,273,000 bushels, against 4,722,000 a year ago. It
caused profit-taking and other selling. Support was less
aggressive. Yet country pressure was light. Over Sunday
sales were 200,000 to 300,000 bushels. There was some evening up for Tuesday's Government report. Sentiment was
more divided. Record hog receipts attracted attention. The
final crop estimate of the Department of Agriculture places
corn production for 1924 at 2,436,513,000 bushels, against'
3,053,557,000 in 1923. A reduction of 40,000,000 bushels from
the November report was shown in the Government report,
but this had already been indicated in private forecasts.
James A. Patten and other leading Chicago longs were credited with being free sellers of corn recently. Mr. Patten
argues that receipts are too large and that there is no use to
which corn can be put at a profit at the present time. He is
inclined, however, to look for higher prices later. On the
/
1
2
/
1
2
17th inst. prices dropped 2 to 3 c., with good receipts,
unsettled weather in Argentina, cash corn rather weak, and
last but far from least, a Government estimate of the crop
larger than had been expected. The receipts also exceeded
expectations and seemed to lend a certain color to the Government report. On Thursday, after some irregularity,
prices moved up 1% to 1%c. and ended there. The weather
was unsettled in the belt. Early in the day, it is true, there
was considerable selling as well as hammering. The rise in
wheat finally turned the tide. Some are bearish, however,
and this makes for irregularity. There is a tendency to sell
on the upturns. For receipts were rather large and corn in
other parts of the West was weaker. On the other hand,
country offerings on the decline seemed to slacken. After all
Is said, however, it was wheat that had the lifting power for
corn, as the crop of corn is larger than was supposed. In
Argentina the Government report said that the new corn
crop showed considerable increase to the acreage sown in
Santa Fe and Pampa, but that the drought affected the seeding considerably. Corn on passage totaled 19,516,000 bushels, against 19,771,000 last week and 14,076,000 last year.
To-day prices ended a fraction higher. There was a certain
irregularity and no aggressive stretigth appeared. At times,
Rye advanced 11 to 4 c. on Monday and was the out/
2
/
1
2
standing feature of the grain markets after falling at one
time that day 11 to 1%c., The causes of the rise were partly
/
2
smallness of offerings and evidently more quiet inquiry for
export. At least that was considered an unavoidable inference. Also, however, the American visible supply decreased
for the week 1,691,000 bushels, against an increase in the
same week last year of 49,000 bushels, a difference of 1,740.000 bushels. The total is now 19,180,000 bushels, against
18,315,000 a year ago. Also, the trading was large. May
and July touched new highs for the season. Selling was not
eager. Seaboard houses were the largest buyers. Also, to.
all appearances, large bull interests were taking hold on a
liberal scale. Influential people evidently believe in rye.
There were rumors of export business, but only 100,000 bushels were taken, it seems, by Finland and Germany. Chicago.
rye stocks decreased over 2,000,000 bushels for the week and
the visible decrease of 1,691,000 bushels was stressed. It
was stated that Norway was asking for offers over night.
Chicago deliveries on the 15th inst. were 130,000 bushels.
Prices were irregular on the 17th inst., with prices lc. lower
to / higher at the close. The Government report was con1c.
2
sidered bullish and Russia, it was rumored, would have to
buy heavily. It was said to be buying later in Europe. No.
actual foreign buying took place, however, on the 17th here,
and cash prices at the seaboard gave way under profit-taking on a considerable scale. On Thursday the price pendulum swung the other way and ended % to / higher for the
1c.
2
day. True, there was some irregularity. July, inde.ed, was,
1%c. lower. December, on the other hand, was conspicuous
by its strength, although the export demand seemed small.
Still, there was considerable inquiry from foreign markets.
Covering caused a rally, after a sharp early reaction. The
Government report placed the acreage at 4,206,000 acres, an.
increase of .8 of 1%. The condition on Dec. 1 was 87.3,
against 89.9 last year. This, it is computed, would mean a•
crop of 59,300,000 bushels, against a little more than 63,000,000 bushels this year. It was estimated that 100,000 bushels, mostly afloat were taken by Finland. To-day rye.
wound up 2% to 3%c. higher with cables pointing to export:
Ditc. 20 1924.]
2903
THE CHRONICLE
fall of 1921 they were 49,787,000 acres. Winter damage during the past
ten years has caused an average abandonment of 10.6% of the acreage
sown to winter wheat. The abandonment has ranged from 1.1% to
28.9% in different years during that period. Condition on Dec. 1 was
81.0 against 88.0 and 79.5 on Dec. 1 1923 and 1922. respectively, and
a ten-year average of 85.6.
RYE.-Area sown this fall is 4.206,000 acres, which is 0.8% more than
the revised estimate of 4,173,000 acres sown in the fall of 1923. Condition
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
on Dec. 1 was 87.3 against 89.9 and 84.3 on Dec. 1 1923 and 1922. reSat. Mon. Tues. Wed. Thurs. Fri. spectively, and a ten-year average of 89.4.
144
144% 145% 148%
December delivery in elevator_cts_138% 140
Details, by States, follow:
149% 150% 154
142% 146
149
May delivery in elevator
WINTER WHEAT.
130% 135
135% 134% 132% 135%
July delivery in elevator
business before long. No actual sales were reported to-day,
but 150,000 bushels of barley were taken for Europe. There
was a moderate speculation, and prices ended at the highest
of the day. That meant a rise for the week of 414 to 12%c.,
the near month showing the most advance.
The following are closing quotations:
THE GRAIN OUTLOOK ABROAD.
-The United States
Department of Agriculture on Dec. 18 also issued the following regarding crop prospects in foreign countries:
The latest available information concerning cereal production in foreign
countries, as reported by the Foreign Service of the Bureau of Agricultural
Economics, is submitted herewith as being of interest to producers of grain
crops in the United States.
WHEAT.
-A decrease of about 440,000.000 bushels in the estimated
world wheat crop as compared with last year is indicated by reports received
by the Foreign Service of the United States Department of Agriculture up
to Dec. 17. The estimate for the year 1924 is 3,300,000,000 bushels compared with 3.740.000.000 bushels produced in 1923, 3,400,000,000 bushels
in 1922 3,320,000.000 in 1921 and 3,740,000,000 the estimated average
production during the five pre-war years 1909-13. The most important
reductions in the current year are the 200,000,000 bushel decrease in the
Canadian crop and a decrease of about 60.000,000 bushels in the Argentine
crop. The European crop outside of Russia is about 180.000,000 bushels
below last year and nearly 260,000,000 bushels below the averazg for the
same territory in 1909-13.
-A reduction of about 320,000,000 bushels is reported in the
RYE.
world rye crop as compared with last year. The estimated production for
the current season is 1.174.000,000 bushels compared with 1,495,000,000
bushels in 1923, 1,424,000,000 bushels in 1922, 1.249,000.000 in 1921 and
1,764,000,000 bushels the estimated average production for the years
1909-13. About 99% of the world rye crop is produced in Europe and the
reduction in this is due to the unfavorable condition in Europe during this
year.
Tho greatest decrease occurs in Poland where the 1924 crop is about
84,000,000 bushels below the crop of 1923, while a reduction 0f-27 million
bushels is reported in Germany.
WINTER SEEDINGS.-An increase over the harvested area of 1924 is
reported in the winter wheat seedings of Canada, while mz, seedings are
slightly below those of last year. The acreage of wheat seedings up to Oct.
31 1924 amounted to 832,000 acres compared with 774,000 acres harvested
during 1924. The winter rye acreage as of Oct. 31 1924 is 758,000 acres
against 770,000 acres harvested during 1924.
The amount of fall plowing in percentage of the land intended for next
year's crop is 32% compared with 43% last year and 48'Z in 1922.
Conditions in Europe with few exceptions have been favorable for winter
seedings. Some delay in plantings due to excessive rainfalls in the early
part of the season in countries of Western and Northwestern Europe is
reported. Drought in some of the Balkan countries has retarded growth
and caused irregular germination. In Hungary some damage is reported
from Hessian fly and field mice and conditions are generally unfavorable.
Rain is needed in Yugoslavia. In Czechoslovakia and Rumania conditions
are favorable. Official reports of conditions of seedings in both Germany
and Poland, as of Dec. I, are considerably above average. The conditions
of rye and barley in both of these countries are slightly better than wheat.
Press advices indicate a 5% increase in the winter grain of Russia over the
area for last year. Recent heavy rains and snowfall have improved crop
conditions. A thin snow cover is reported over a large area.
The condition of the wheat crop in the Punjab and United Provinces of
India is good. These provinces include more than half of the total Indian
wheat area. No official report of the acreage is yet available but information indicates an acreage as large as last year which was somewhat more
than 31,000.000 acres. In North Africa the prolonged drought in the early
fall delayed preparation for seeding and may result in an acreage below that
of last year. Recent rains have been beneficial but more moisture is needed
to insure satisfactory growth.
AGRICULTURAL DEPARTMENT'S REPORT ON
-The Crop
WINTER GROWING WHEAT AND RYE.
Reporting Board of the United States Department of Agriculture made public on Dec. 18 its forecasts and estimates
of winter wheat and r3.. from reports and data furnished
by crop correspondents, field statisticians, and co-operating
State Boards (or Departments) of Agriculture and Extensions as follows:
WINTER WHEAT.
-Area slwn this fall is 42.317,000 acres, which is
6.5% more than the revised estimate of 39.749.000 acres sown in the fall
of 1923. The sowings in the fall of 1922 were 46,100.000 acres and in the
CondUion Dec. I. Farm Prig
per Bu.
Ten- Dec. 1.
Autumn
Year
Autumn. Autumn. 1924
CornAwe.
1924
1923
(Prelim- (Revised). pared 1924 1923. 1914
1923 1924 1923,
with
(nary).
1923.
Area Sown.
FLOUR.
$8 50 $9()Tye flour, patents
$7 25038 00
Spring patents
514
7 50
8 00 Seminole No.2.1b
first spring
(hearsl
State.
8 50 Oats goods
3 SO® 3 65
Soft winter straights-- 8 00
9 00 Corn flour
3 400 3 50
Hard winter straights__ 8 50
Hard winter patents-- 9 00 9 50 Barley goods
4 25
7 00 7751Nos 2.3 and 4
Hard winter clears
Fancy Minn. patents__ 9 90 10 55 Fancy pearl, Nos.2,3
7 00
9 95 10 45
and 4
City mills
New York
GRAIN.
New Jersey
Oats:
Wheat, New York:
Pennsylvania
194%
No. 2 white
69
No. 2 red. f.o.b
Delaware
No. 3 white
185%
68
No. 1 Northern
Maryland
No. 2 hard winter, f.o.b_ _184% Rye, New York:
Virginia
No. 2 f. o. b.
158
West Virginia
Barley, New York:
Corn:
North Carolina
143
109 to 113 South Carolina
Malting
No. 2 mixed
87 to
96 Georgia
14434
Chicago
No. 2 yellow
Ohio
For other tables usually given here. see page 2848.
Indiana
AGRICULTURAL DEPARTMENT'S COMMENTS Illinois
ON DEC. 1 REPORT.
-The Crop-Reporting Board of the Michigan
Wisconsin
United States Department of Agriculture in giving out its Minnesota
forecasts and estimates on Dec. 18 of the winter wheat and Iowa
Missouri
rye crops of the United States, as of Dec. 1, made the fol- South Dakota
Nebraska
lowing comments:
Kansas
Two conflicting tendencies appear to have influenced the acreage sown Kentucky
to winter wheat and rye this fall. Higher prices for these grains have stimu- Tennessee
lated an extension of the area sown where conditions for sowing have per- Alabama
mitted. In some sections the late fall has permitted heavier planting, but Mississippi
in other sections excessive rains, droughts, or the late maturity of other Texas
crops, has reduced sovrings. The net result of these two conflicting con- Oklahoma
ditions is an increase of the sown winter wheat acreage from a revised esti- Arkansas
mate of 39,749,000 acres in the fall of 1923. to a preliminary estimate of Montana
42.317,000 acres this year, and in an increase of rye from 4,173,000 acres in Wyoming
1923. to 4,206,090 acres this year.
Colorado
The movement toward a larger acreage is stronger in the great surplus New Mexico
region of the North Central States and in Texas, than in any other large Arizona
region. It is evident in less degree on the Atlantic Coast from New York to Utah
Virginia, and still less in some of the Southern States.
On account of the drought, a decreased acreage of winter wheat has been Nevada
planted in States west of the Rocky Mountains, except in Oregon. In Idaho
California, the acreage is still uncertain, for the reason that the sowing of Washington
winter wheat continues throughout the winter and into the spring, depend- Oregon
California
ing on the railfall.
The slight increase of 33,000 acres sown to rye results chiefly from an
U. S. total
Increase of 183,000 acres in North Dakota and Montana, and scattered
small increases in various other States, nearly offset by decreases in Michigan. Illinois, Wisconsin, Minnesota and South Dakota. The estimate for
North Dakota assumes a proportionate increase in spring-sown rye which is
Important in that State.
Stoic.
Massachusetts
Connecticut
New York
New Jersey
Pennsylvania
Delaware
Maryland
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
Kentucky
Tennessee
Alabama
Texas
Oklahoma
Arkansas
Montana
Wyoming
Colorado
New Mexico
Utah
Idaho
Washington
Oregon
Acres.
380.000
82,000
1,265,000
113,000
573,000
814,000
212.000
467,000
123,000
129,000
2,567,000
2,257.000
2.678,000
968,000
61,000
126,000
469.000
2,347,000
116,000
3,353,000
10,506,000
651,000
434,000
11,000
4,000
1,822,000
3,659.000
63,000
767,000
21,000
1,395,000
128,000
26,000
154,000
3,000
357,000
1,518,000
1,021,000
677,000
%
Acres.
380,000 100
77,000 106
1,240,000 102
106,000 107
562,000 102
775,000 105
212,000 100
486,000 96
129,000 95
140,000 92
2.468,000 104
1,963,000 115
2,678,000 100
922,000 105
66,000 93
105,000 120
408,000 115
2,134,000 110
89,000 130
2,941,000 114
9,819.000 107
620,000 105
395,000 110
11,000 100
4,000 100
1,469.000 124
3,458,000 105
62,000 102
685.000 112
16,000 130
1,268,000 110
122,000 105
32,000 80
157,000 98
3,000 105
397,000 90
1,687,000 90
945,000 108
691.000 98
42,317,000 39,749,000 106.5
RYE.
%
% %
83 92 93
82 90 89
82 92 91
85 89 89
83 88 88
88
86 86
84 88 90
88 91 90
84 87 89
85 86 91
80 90 89
81
88 88
87 88 89
83 91 90
90 90 93
90 89 92
89 90 92
85 85 88
98 92 86
78 91 86
76 84 80
82 87 89
79 85 86
70 90 89
70 88 88
75 93 80
84 85 80
81 86 86
85 90 82
93 93 88
88 93 87
75 100 85
89 95 94
86 93 87
95 98 89
82 94 89
77 94 85
87 97 91
82 90
88
CU.
144
157
144
144
145
148
147
160
170
169
145
142
136
138
128
130
127
133
125
122
128
143
147
162
150
129
124
133
124
111
118
125
141
130
150
131
130
129
154
Cis.
110
110
100.
100
100
110
116
128
154
147
98
98
94
96
98
95.
89
97
81
83
91
108
115
130
110
103
93
108
82
80
83
108
140
91
115
80
85
88
108
81.0 88.0 85.6 132.1 95.1
Condition Dec. 1. Farm Pries
Per Bu.
Ten- Dec. 1.
Autumn
Year
Autumn. Autumn. 1924
Avec
Corn-.
1923
1924
(Prelim- (Revised). pared 1924 1923 1914
1923. 1924 1923,
with
(nary).
1923.
Area Sown for Grain.
Acres.
3,000
4,000
55,000
65,000
208,000
7,000
21,000
46,000
10,000
70,000
7,000
20,000
82,000
284,000
155,000
342,000
273,000
527,000
43,000
22,000
1,129.000
197,000
143,000
42,000
16,000
18,000
1,000
16,000
33,000
1,000
169,000
28.000
92,000
2,000
10,000
11,000
21,000
33,000
Acres.
%
3,000 105
4,000 100
55,000 100
65,000 110
204,000 102
6,000 110
20,000 105
44,000 104
10,000 100
71,000 98
7,000 100
20,000 98
80,000 103
263,000 108
172,000 90
364,000 94
321,000 85
620,000 85
48,000 90
20,000 110
990,000 114
219.000 90
132,000 108
40,000 105
16,000 100
18,000 100
1,000 65
17,000 95
37.000 90
1,000 100
125,000 135
24,000 118
74,000 125
2,000 100
11,000 90
14,000 80
20,000 105
35,000 95
%
85
89
84
'
83
84
88
85
88
86
91
85
88
85
87
91
86
90
90
91
87
85
91
90
82
82
78
70
80
86
79
88
95
88
89
88
92
85
90
% %
Cts.
92 95 145
91 94 140
92 93 113
92 91 113
94 92 113
92 91 125
91 89 122
87 89 128
88 90 129
92 92 149
87 88 190
90 92 183
92 92 111
91 92 106
94 93 107
91 92 106
90 94 109
86 91 108
95 95 102
89 90 10.5
88 84 104
92 87 102
95 90 97
88 85 98
88 91 127
85 89 138
87 90 156
100 79 111
88 84 101
93 89 131
84 84 91
94 89 88
94 88 85
100 ____ 100
87 88 107
100 90 122
95 91 133
100 94 136
Cu.
135
125
91
94
91
96
97
107
103
135
173
190
78
73
75
62
65
53
66
88
48
49
56
75
103
116
160
98
90
120
51
66
56
90
90
68
72
93
U. S. total
4.206.000 4.173.000 100.8 87.3 89.9 89.4 107.3 65.0
CROP REPORTING BOARD,
W. F. Ca lender, Chairman,
S. A. Jones,
J A. Becker,
C. F. Sarle,
Approved: C. F. Marvin.
J. B. Shepard,
Acting Secretary.
G. K. Holmes.
C. E. Gage,
AGRICULTURAL DEPARTMENT'S REPORT ON
THE 1924PRODUCTION AND VALUE OF GRAIN AND
OTHER FARM PRODUCTS.
-The Department of Agriculture at Washington issued on Dec. 16 its report on the
production and farm value as of Dec. 1 of grain and other
important farm crops of the United States for the season of
1924. This report will be found in an, earlier part of our paper under the heading "Indications of Business Activity."
WEATHER BULLETIN FOR THE WEEK ENDING
DEC. 9. The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ending Dec. 9follows:
At the beginning of the week there was a marked rise in pressure over
the Eastern States and much colder weather prevailed in central and
districts, but at the same time there was a reaction to warmer in the eastern
North-
2904
THE CHRONICLE
west. During the following few days a gradual rise in temperature occurred
over the interior of the country, and by the 13th moderately warm weather
for the season prevailed generally from the Rocky Mountains eastward,
with unusually high temperatures for the time of year in the Northwest.
During the latter part of the week abnormally high pressure, attended by a
severe cold wave, prevailed over Alaska with a minimum temperature of
58 degrees below zero reported from Eagle. This high pressure and cold
wave extended during the closing days of the week southeastward•to the
northwestern border States where a marked drop in temperature occurred,
with readings from 20 to 28 degres below zero occurring in northern North
-central Montana. At the same time !twat;
Dakota and northern and west
unseasonably warm in the more southern States, especially in the west Gulf
area: the range in temperature between the wegt Gulf and northwestern
Great Plains on Tuesday morning was nearly 100 degrees.
Chart I shows that the weekly mean temperatures were below normal
from the upper Mississippi Valley eastward, locally In the Southwest, and
from the central Plateau districts westward to the Pacific Ocean. Elsewhere the week was warmer than normal, especially so from the lower
Great Plains northwestward where the temperature for the week averaged
from 6 to 13 degrees above normal. Freezing extended to the central portions
of the Gulf States, and the largest area of subzero temperatures for any
week so far of the season was charted in the Northwest. The lowest temperatures reported from a first order station was 28 degrees below zero at
Helena. Mont., on the 16th.
The first half of the week had local precipitation along the Gulf coast.
in the Southwest, and over the more northern States, but elsewhere fair
weather prevailed. The only storm of materizl influence during the week
passed eastward over the southern Canadian Provinces from the 11th to
the 13th, bringing to central-northern and northeastern districts wideform
precipitation er
oglyw
el
g ada though f e light,T ee wasan g and usually
southern
ally pleasant
latter
half
half of the country. Chart It shows that the total precipitation for the
week was rather heavy locally in central and east Gulf sections and in the far
Northwest with moderate amounts in the far Southwest. From 0.2 to
0.5 inch, or slightly more, fell from the upper Mississippi Valley eastward
and along the Atlantic seaboard. Elsewhere the amounts were very light
with most stations reporting none or only a trace.
*Agricultural conditions in the Southern States show considerable Improvement since the rains of last week, although more moisture Is still
needed in Texas where the growth of winter crops was only fair and plowing
made poor progress because of dry soil. Conditions have markedly improved, however. In central and east Gulf districts with further beneficial
showers in the immediate Gulf coast sections that were not reached by the
previous rainfall. The drought was broken in northwestern Florida, but
rain is needed in most portions of the Peninsula, though the hardier winter
crops are making satisfactory advance.
In the south Atlantic area winter truck crops and cereals made good
progress under the influence of the mild, sunny weather and ample soil
moisture. The week was favorable for all outdoor operations throughout
the interior of the country where moisture is generally sufficient for present
needs, though rain is needed In some portions of the southern Great Plains.
There was considerable interruption to outdoor work, however, from the
Lake region eastward because of frequent snows and cold, and the cold
wave near the close of the week caused a suspension of operations In the
northwestern Great Plains, though conditions had been very favorable
previously. The sudden and remarkably large drop In temperature in
that area was hard on stock, but conditions were mostly favorable throughout other portions of the western grazing areas with beneficial rains in the
far Southwest near the close of the week.
SMALL GRAINS.—Mild weather was the rule in the principal wheat
producing sections. and there was very little precipitation during the week.
generally, as rainfall during the
Wheat made satisfactory progress quite
preceding week supplied sufficient moisture and the moderate temperature
permitted some growth, though rain is needed in the southwestern portion
of the belt. Wheat showed improvement in the Ohio Valley States, and
is mostly in good condition in that area, especially the early-sown. Both
progress and condition were reported as satisfactory in Missouri, while the
unfrozen soil absorbed the water resulting from melting snows in Nebraska.
The crop is showing improvement In Kansas with the plants still green,
while fair advance was reported from Oklahoma, though rain is needed in
most places in the last-named State. Conditions continued favorable for
wheat in the Northwestern States until the cold wave near the close of the
week, which caught most of the fields in Montana without sufficient snow
cover. Winter cereals did well in the Atlantic Coast area and show improvement in the Southern States.
CORN AND COTTON—Conditions were generally favorable for husk
Ing corn, except from the Lake region eastward, and in parts of the upper
Ohio Valley; this work is generally well along. Husking has been about
85% completed in Indiana, and is nearly done in Illinois. The crop is
largely housed in the middle Atlantic area.
The weather was unusually favorable for picking the remnants of the
cotton crop in the northern pbrtion of the belt. Harvest has been nearly
completed in North Carolina, except in the northeastern portion, and
only a small amount remains in the fields in Oklahoma and northwestern
Texas.
[VOL. 119.
THE DRY GOODS TRADE.
Friday Night, Dec. 19 1924.
Accompanied by reports from retail channels claiming
record-breaking demand for holiday merchandise, a marked
revival in both inquiries and sales was noticeable in most
distributing sections of the textile markets during the past
week. Confidence was said to have increased measurably.
and buyers were more inclined to consider commitments for
future delivery. This was particularly noticeable in the
numerous openings of the week, where buyers operated on a
more satisfactory scale. Price levels, however, were mixed.
For instance, in the woolen division, the opening of blankets
for 1925 were approximately 8% above last year's prices,
although the advance in raw wool during the same period
has been over 50%. In the rug and carpet division, new and
higher prices went into effect, advances amounting to 10%
over the opening quotations of Nov. 15 being announced. On
the other hand, in the domestic cotton goods division the
pricing of napped goods showed a decline of one cent a yard,
while prices of knit goods were practically unchanged. However, the openings were well received and factors look for a
satisfactory season. In regard to silks, a continued heavy
call for finished silks has been reflected in the raw product.
Producers are said to be well booked for spring merchandise, and although crepes, georgettes and printed novelties
have been largely in demand, there has also been a btter
call for other lines. Leading manufacturers expressed confidence in the future, and despite the growing competition of
rayon, a steady and satisfactory business is expected. Reports from retailers continued highly satisfactory and it is
generally believed that they are doing a better business than
usual. Furthermore, it is expected that the release of large
amounts of capital will encourage retailers to increase their
purchases, particularly of spring goods.
DOMESTIC COTTON GOODS: Although markets for 4
domestic cottons started the week quietly, a perceptible
quickening in both inquiries and sales developed during the
latter part. Activity centred particularly in print cloths,
with converters and bleachers the principal buyers. Contracts placed were said to have been the largest in weeks
and called for deliveries as far ahead as late February.
Drills, convertibles and colored cotton goods were also purchased on a broader scale. Distribution of wide sheetings,
sheets, bedspreads, towels and pillow cases have likewise
been steadily increasing. Producers of the heavier yarn
materials, such as duck and tire fabrics, were reported to
have received enough orders to comfortably carry them
through the winter. The outlook for the future is said to
be particularly bright. This is based upon the developments
In the building and transportation trades and the fact that
but little remains of the war surplus. In regard to napped
goods, the action of the Amoskeag mills in reducing their
lines one cent a yard imparted a considerable measure of
confidence to the trade. On the other hand, the advance in
the raw cotton markets was not welcomed by merchants, as
it made it more difficult to secure a profitable working
The Weather Bureau also furnishes the following resume margin. However, inasmuch as cotton goods have shown
more value in relation to other textiles, consumption is exof the conditions in the different States:
North Carolina.—Raleigh: Moderate temperature; weather favorable pected to increase. Print cloths in the 28-inch, 64 x 64's conof
for outdoor work. Picking cotton nearly completed, except in parts
quoted at 71
4c. and 27-inch, 64 x 60's, at 6%c.
northeast. Wheat and other small grain looking fairly good. Cabbage struction are
Gray goods in the 39-inch, 68 x 72's construction, are quoted
and lettuce good to excellent.
South Carolina.—Columbia: Ample soil moisture; nearly seasonable at 10%c. and 39-inch, 80 x 80's, at 131 c.
4
temperatures. Spinach, lettuce and cabbage making good growth. Winter
cereals generally in good condition. Considerable cotton and cornstalks
WOOLEN GOODS: Markets for woolens and worsteds
being burned against weevil. Some hog killing. Good apples still plentiful.
Georata.—Atlanta: Week mostly dry with abundant sunshine and mod- maintained a firm undertone despite -the fact that buyers
erate temperature; very favorable. Plowing for spring crops and seeding
inclined to defer purchases until after the holidays.
last of winter grains making good progress. Wheat, oats and rye in good were
condition and well rooted. Seed cane mostly planted. Apples abundant This was generally in line with the idea of mill agents, who
and of good quality. Rivers and small streams somewhat higher.
not expectant of any material increase in business unFlorida.—Jacksonville: Beneficial rains in extreme north and drought were
broken in west, but rain needed elsewhere: local irrigation used. Drought til after the turn of the year. Retailers were more condelayed growth of some truck, but cabbage, celery and lettuce good. Oats cerned about selling their winter goods and preparing for
fair progress; seeding and general farm work resumed in west where soil
In good condition. Strawberries improved; shipments increased. Citrus the special January sales than they were in buying spring
fruits maturing; shipments heavy.
merchandise. The result was a slower movement in disAlabama.—Montgomery: Temperature somewhat below first half, considerably above thereafter: needed rains occurred in southwest portion at tributing channels, although sentiment continued optimistic.
fair. Favorable for farm work However, considering the less active consumption and buybeginning of week, otherwise generally
and some plowing accomplished. Seeding oats and wheat progressed
slowly; planting cabbage progressed rapidly in coast region. Truck, veg- ing, interest has been of fairly satisfactory proportions. On
etables and pastures which survived drought and frosts improved since Tuesday the American Woolen Co. opened their blanket lines
recent rains, though continue mostly poor to fair.
Misstssippi.—Vicksburg: Moderate temperature to Thursday; unsea- for 1925. Prices averaged 8% above last year's prices and
sonably warm thereafter. Generally ample sunshine; practically no pre- were about even with levels instituted by independent procipitation, except on coast. Pastures reviving. Good progress of truck
ducers during the past fortnight.
and seasonable farm activities.
Louisiana.—New Orleans: Further beneficial rains in southeast portion
FOREIGN DRY GOODS: Reports of increasing activity
beginning of week, but practically no other precipitation. Temperaat
tures somewhat above normal. Cane grinding continued slowly; number in both importnig and retailing channels featured the marof mills finished season. Moisture very beneficial to fall-planted cane. kets for linens. With retailers planning for record January
Little farm work outside cane area, except some preparations for plowing.
Texas.—Houston: Warm with considerable cloudiness, but mostly dry, and February sales, importers have been busy anticipating
except light rains in Rio Grande Valley and Panhandle. Progress of citrus, their wants. In the meantime, printed linens have been entruck, pastures, winter wheat and oats fair; condition poor to fair, except
citrus and truck in irrigated sections very good. Plowing made slow progress joying a large volume of sales, and it is claimed that within
account dry soil and this work backward. Cotton picking continues, but
month or two importers will not be able to book
slowing down in west and northwest. Amarillo: Range fair, but Improved another
orders owing to the scarcity of available merchandise.
In places; livestock fair to good.
Oklahoma.—Oklahoma City: Moderate temperature, with no rain, fav- Handkerchiefs have also maintained their activity in recent
orable to all farm activities. Some little cotton, corn and kafir still in fields.
Wheat made fair progress and is generally in good condition, but needs rain weeks, and the trade has been making preparations to send
in most sections. Native pastures poor; wheat pastures good.
salesmen out with new 1925 lines. The latter will
Arkansas.—Little Rock: Practically all crops gathered. Splendid road
Damasks, on the
weather for marketing and for all kinds of outdoor work, except too warm include many new and novel r' Agns.
latter portion for butchering. Favorable for wheat, oats, rye, meadows, other hand, have remained inactive. It is claimed in several
truck, and all doing well.
pastures and
Tennessee.—Nashville: With ample moisture in ground and moderate quarters that this division has been slow of development
temperature most of week, wheat, oats, clover and pastures made some owing to the severe competition prevailing. Burlaps contingrowth and are generally fair to good. Favorable for stripping tobacco. ued dull and uninteresting. Buyers withheld commitments
Considerable plowing done.
Kentucky.—Zoulsville: Dry and rather cold; minima mostly below awaiting lower prices. Light weights are quoted at 8.00c.
freezing. Wheat not growing much; condition early good, late generally and heavies at 9.80-9.90c.
fair. Favorable for tobacco stripping. Corn gathering about completed.
Due. 20 1924.]
THE CHRONICLE
2905
Name.
Page.
Rate. Maturity. .Automat. Price. Barb:
.
2556.-Glenn Colusa Irrig. Dist.,
Calif
6
56,000 98.75 -2556-Goshen,Ind
5
1927-1932
6.000 102.76 4.40
2556--Goshen, N. Y
5
1925-1931
7.000 101.50 4.08
2316__Grand Island, Neb
298.000 ylOOr
2316 Grand Rapids, Mich. (4
Issues)
4% 1925-1944 715,000 100.59 4.17
MUNICIPAL BOND SALES IN NOVEMBER.
2789--Gray Co.Cons. S.D.No.
1, Kan
5
25.192
98
We present herewith our detailed list of the municipal 2437--Greensboro, No. Caro.(2
Issues)
4% 1925-1985 800.000 101.18 4.64
month of November, which the 2673-Griffith, Isid
bond issues put out during the
5
1925-1930
12,600 100.24 4.90
160,000 100
5.75
crowded condition of our columns prevented our publishing 2316--Grosse Point Park, Mich_5x
2437-Greenvrich, Conn
4
1931-1940 325,000 100.09 4.00
at the usual time.
2206-Halifax Co.. No. Caro---5
1925-1959
35.000 102.30 4.79
The review of the month's sales was given on page 2670 of 2316--Hall Co. S. D. No. 70,
Neb
5%
1936
3,500 100
5.50
40,000 100.30 5.22
5% 1926-1845
the "Chronicle" of Dec. 6. Since then several belated 2438-Hamlet.No.Caro
2673-Harrisonville, Mo
67,500
received, changing the total for 2206-Hempstead tin. Free S.D.
November returns have been
No.20. N.Y
4.30
225 000 100.419
the month to $69,244,865. The number of municipalities 2789-Hendersonville,No.Caro.5X 1934-1956 20 000 100.14 4.28
Park,
20
-years
85 0001100.016 4.36
bonds in November was 323 and the number of sep- 2557-Highland Park, Mich----4 20-years
issuing
2557-Highland
M1ch.---4
1,5 0001
2316-Highland Park S. D. I11-4
1925-1944 200 000 102.10 4.24
arate issues 437.
2557-Highland Park S.D.,Mich4
1954
226 0001100.01
4.36
Rate. Maturity. Amount, Price. Basis. 2557-Highland Park S.D.,Mich4
1954
24 0001
Name.
Pao.
10,000
2673-Hillsboro, Ohio
5
d1929-1940
1925-1934
8G00 103.73 4.72
5
2787--Agullar, Colo
4.60 2673 .Hillsboro, Ohio
6
1926-1934
49.500 107.31
21 000 103.73 4.72
534 1925-1934
2787-Allen County, Ohio
5
1926-1950 300,000 105.52 4.47 2557-Hitchcock Co. 15. D. No.
2435__AlHance, Ohio
4.11
75,000. 101.37
75, Neb
45i 1933-1940
1929
000
2204-Ambridge, Pa
2438...H
County,Ohlo---5
1925-1934
48 700 102.41
4.50
2554-_Arcadia up. Free S. D.
4X 1925-1949 225,000 101.918 4.30 2316-Hollan ,Mich
No.8, N.Y
5
1925-1934
25 000 102.34 4.50
1928-1944
16.000 101.75 4.825 2207-Holley, N. Y
-Ashland Twp.8.1).,Pa_ _5
4% 1925-1942
65 000 101.26 4.34
2787.
4.49 2316--Holyoke, Mass
27,500 102.31
1925-1934
4
1925-1844 200 000 101.21 3.85'
2554__Ashtabula, Ohio (2 issues)5
200.000 104.80 4.40 2673-Houman, La
100000
6
2787_ -Ashtabula County, Ohio-5
-5X16,700 107.86 4.595 2207--Houston, Texas
5
81 0001 100.17
2787_ _Ashtabula County. Ohio
2207--Houston, Texas
4%
690001
2435- _Assumption Par.led. Dist.
1925-1948
20,000 101
6
2318-Houston, Texas
No. 2, La
5
1.000 000 100.043
5.74 2316-Houston, Texas
- -6
1926-1944
70,000 102
2671__Astoria, Ore---500000 100.032
2554Atasco5a Co. Rd. Dist.
-2557--Houston, Texas
:M 25 years
425 000 101.41
-25
5.50 2673-Hudson S. D. Calif
5% 410 -years 100,000 100
No. 4, Tex
5
1925-1936
12 000 100.30 4.96
2436__Atlantic Co., N.J
4X 1926-1954
62,000 101.97 4.33 2316-Humboldt, Kan
4% 1930-1934
24 500 102.20 4.42
300,000
2557--Humboldt, Kan
2671 -Auburndale, Fla
5
16 000 100.40
95,000 100.31
2909-Aulander, No. yam
2673--Huntington Ind. S. D.,
55(
147,000 100.48
W V
4
1925-1934
5
2787-Barnstable, Mass
1947-1949
76 000 106.82 4.43
100,000 102.02
2557-Indianapolis, Ind
2436-Barry County, Mo
4%
250 000
2554--Bear Lake Co.,Idaho_ ___5g 1-20-years 100,000 100.75 ---- 2673-Indianola, Neb
13 500
5% 1925-1934
r
2671-Beatr1ce, Neb
62,500
2673Indianola, Neb
5
1935-1944
14 800
11.330 102.07 4.62 2557_ _Issaquena Co.. Miss
1926-1935
6
25000
2554-Belmont County,Ohio-5
20,000 101.50 5.81 2673-Jacksonville. Tex
1926-1945
2671--Belzoni, Miss
6
25 000
27,500 100.28
2436__Berkley, Mich
2673-Jackson Township, Pa..--24 1930-1939
6
40 000 102.88 4.48
1,671-Beckley, W.Va54 100,000 106.02 6.02 2789 JimWells County, Tex -5X
9
96 000 103.16 -.95,000
1 2438.. Johnson City, Tenn
2436_ _Beverly Hills S. ,Calif-r
i 3 9g 1944
5
1954
136 000 100.82 4.97
1926-1954 841.0001100.42
2316_ _Johnson Co., Iowa
2554-Boston, Mass D•
4
4
20 000
1969
25,0001
2316_ _Johnstown Pa
4
2554--Boston, Mass
4% 1925-1944 250 000 101.405 4.08
40,000 100
25
-years
6.00 2673_ _Kansas City, Kan
2436-Braman, °alit.(2 issues).6
4% 1925-1934 320 893 191.12 4.27
100.000 95
5
---- 2557_ Kearny Neb
2314-Breckenridge, Tex
100 000 100.23
47,000
1927-1942
2554_ _Broken Bow S. D., Neb_ _5
2316__Klamath Falls, Ore
12 911 102.11 ---2789-Klickitat Co. Un.H S. D.
2554-Brookfield Twp. Rural
13,000 108.02 4.36
5X 1926-1949
No. 2, Wash
5
S. D. Ohio
1926-1944
34 000
-15-years 48,000 y100
6.00 2673--La Cygne S. D.42, Kan-4% 1929-1948
10
2554_ _Brookville, Fla.(2 issues).6
55 000 101.75
20,455 100
1925-1934
4.00 2438--Lafourche-Terrebonne Dr.
4
2671--Buffalo, N. Y
4.40
4X 1926-1933 302,736 100.51
2554_ _Butler County, Oldo
District, La
5% 1925-1954 175 000 101
5.41
1925-1934
80,000 100.661 3.85 2557--Lake City, Fla.(4 iss.)-5
2436- _Cambridge, Mass.(3180-4
1954
201 000 97.36 5.18
4.21 2674- Lakeville, Minn
4% 1926-1912 425.000 100.31
2314-Camden Co., N. J
4% 1925-1935
22 000 100.41 4.67
1940-1942 100,000 106.36 4.46 2317- Lamar County, Texas_
5
243& CampbellCo., Ky
125 000 100.20
11,972 101.92 4.85 2674.-Laporte Co.,Ind.(3 iss.)-5
2314- _Canton, Ohio (2 issues)._5X 1926-1929
1926-1935 100 600 103.76 4.23
17.429 103.81
4.80 2317--Laramie. Wyo
2554-Canton, Ohio (3 issues) 5X 1926-1934
12 000 101.10 ---32,900
4X 1935-1944
2671--Canyon County, Ida_
---- 2317- Lebanon Sch. Dist., Mo_
10 000 100
---12,500
1928-1939
5
2436__Cascade, Iowa
---- 2317_ _Lee Co. R.D.No.4,Ark-5X
118 000 100.30 ---20,000
1925-1934
2671--Casey Ind. S. D., Iowa 5
---- 2317--Leominster, Mass
4
-.1925-1939
30 000 100.82
1925-1934 545,936
6
---- 2674__Lexington, N. C.(2 iss.).5X 1925-1962 125 000 101.36 1.12
2555.._Casper, Wyo
40,000
2555„Cel na, Texas
53
2674„Lincoln County Highway
1926-1945 100.000 100
5.00
5
2672-Central City, Ky
District No. 5, Ida_ ---5X 1937-1944
40 000 100.00r 5.75
42,000 104.90
20 years
5
2672--Centralla, Mo
2438„Lincoln Co. Ind. S. D.
35.012 100
5.00
5 41929-1944
2910_ _Chadron. Neb
No. 65, Minn
1927-1939
5
18 000 101.38 4.82
25,000 103.10 4.28 2674.-Lincoln Co. S.D.33,Neb. -- 1928-1933
2205__Champaign Co., Ohio...-5X 1925-1929
6000
2314_ _Charlotte, N.0.(3 Maj.-4) 1926-1965 1,100,000 100.069 4.49 2674__Lincoln Co. S. D.60,Neb-5X
1944
12000
60,000
1930-1944
2788-Chester Sch, Dist., Ill. 5
2438.-Little Ferry S. D., N.J-4% 1931-1944
83 000 100.84 4.63
2436Cheyenne Curb & Gutter
2438_ _Little Ferry S. D., N.J-4% 1925-1934
6000 100.26 4.68
442.883 100
District No,7, Wyo
5.50 2438- Long Beach. Calif
53
4
1925-1927 300 000 100.05 3.97
10,000 101.20 4.76 2317_ Lorain, Ohio
2555__Churubusco,Ind
1925-1934
5
5X 1925-1933 131 612 104.15 4.415
2314__Cleveland Heights, Ohio-4X 1925-1934 418,000 100.54 4.39 2317_ _Lorain, Ohio
5% 1926-1935 110000 105.33 4.55
70,100
2672-Clinton, Iowa
4% 1926-1941
2317--Lowell, Mass
4
1925-1929
60 000 100.59 3.80
1925-1934
30,000 102.97 4.48 2438.. Lower Meridian Twp.,
2205-_Coast U. II. S. D., Callf_5
2436__Columbus I. S. D. Tem.
75,000 100.41
-Pa
1954
434
75 000 101.47 4.42
2436._Compton City S. 13.,
2557Lynbrook, N.Y.(2 is.) 4% 1925-1944
70 000 101.32 4.33
Calif
•
5
1925-1964 140,000 104.05
2557-Lynchburg, Va
434
450 000 100.537 ---100,000 100
5
1:65 2674...Lynn, Mass
2315_ _Converse Co., Wyo
4
1925-1939 365 000 100.61 ---2672- _Cook Co. Twp.High S.D.
2674Madison, Wis
54 1938-1942
50 000
5
1928-1944 170,000
No. 215, 111
2913_ _Madison, Wis.(2 issues)A 1925-1944 250 000 101.69 ---534 1925-1946
55,000 101.77
2315--Covington, La
2317„Madison Co. Road Dist.
It. I
4
1925-1934 150,000 100.05 Yoo
2555-Cranston,
No. 1, Tex
5% 29 years
157 000 100.09 -2315-Crawfordville, Ga
6,500y 101
2557_ _Mamaroneck, N.Y
4% 1925-1949
25 000 101.939 4.28
6
1925-1934
98,000 101.109 5 77 2317__Mantua Twp. S. D.,N.J-5
2788-Crescent City, Fla
.
1925-1930
12 000 100.20 4.94
2315-Crooksvllle Vil. 8. D.,0_534 1925-1948
30,000 108.21
4.68 2438-Mar1on. Ala
6
17 000 1198
--„
2872-Crooked Creek Drainage
2674__Martins Ferry, N. Y
5
1926-1944 400 000 100.12 4.97
District, So. Caro
6
1930-1950
21,000 97.50
2317-Marshalltown Paving Dis,N
2672- _ Cumberland Co. o.Car.4 X 1929-1953 300,000 100.68 4.70
trict No. 1,Iowa
63
1927-1942
47,000
2672- _Custer County, Kan.__ _5
2558 ..Medford. Mass.(2 issues)4
1925-1934 337 000 100.95 3.86
2436__Cuyahoga Co.,0.(5 is.)-5
1925-1944 531,000 104.76 4.41 2439_ _Merrick Co. S. D.No.49,
2205-Deerfield-Shields Twp. S.
Neb
5
1926-1934
9000
D., Ill
434 1925-1944 200,000 102.10 4.24 2439--Metuchen. N J
4% 1925-1936 121 000 100.55 4.30
6
1925-1929
3,344 100.11
2437-Delaware Co., ind
5..85 2317__Miami Beach, Fla
5% 1926-1944
000 102.28 5.24
1925-1929
6,923 100.18 5.91 2439„Middlesex County, N. J.4% 1925-1930 177 000 101
6
2437-Delaware Co., Ind
12
4.18
2437„Denton County, Texas-5
35,000
2439__Middlesex County, N. J4% 1925-1943
19 000 102.01 4.22
2437__Denver (City & County
2317_ _Minnesota (State of)- _ _ _4 X
1939
5.000 000 100.52 4.20
of), Colo
458,800 102.41
534
2439_ _Missouri (State of)
4
1935-1937 6,000 000 98.15 4.20
2555__Denver (City & County
2318_ _Monroe, N.Y.(2 issues)_4N
33 000 101.83 -.1943-1962 500,000
of), Colo
2558__Monroe County, Pa
4% 41939-1954 125 000 102.27 4.11
1929-1954
50,000
So. Caro
2872-Dillon,
ttl
2558-Monson:Mass
4
1925-1939 160 000 100.61
3.90
1927-1944 305,500 104.84 4.34 2439_ _Montrose S. D.,Colo_
5
2672- _Dodge County, Wis
20 000
1934
2672...Edina, Minn. (3 issues)
44,817
-5%
2318__Morgan Co. S. D. No. 3,
16,500 100.70 4.35
2556__East Aurora, N. Y1925-1934
Colo
4% 1940-1959 290 000 99.07
1925-1934
38,500 100.68 4.35 2439_ _Morgantown, W. Va. (2
2556__East Aurora, N. Y
`11
2315__East Carroll Parish Sch.
issues)
5
1925-1937 175 000 101.58 4.68
6
1925-1933
8,000 101.61
Dist. No. 9, La
5.67 2558-Morehead City, No.Caro.°
20 years
200 000
2811-Edgewater San. Sewer
2439-Nashua, N. H
4% 1925-1939
70 000 100.20 4.20
1944
6
2,500 100
Dist. No. 1, Colo
6.00 2558..
1925-1934
15 000 100.28
6
1925-1933
12,150 103.35 5.21 2439_.National City, Calif
2437__Ellda, Ohio
_Nelphi, Utah
5
20 years
16 500
5
1-20 years
40,000
-Ellinwood, Kan
2672_
2790_ _Newbern, Tenn
36 000
2672-Ellensboro, No. Caro.- 6
15 years
10.000
2439 ..New Bremen. Ohio
6
1926-1937
6 360 106.25 5.015
2911_ _Elmgreen S. D. No. 27,
2318_ New Concord, Ohio
6
1925-1934
3000 102.56 5.43
*1944
4,000 100
5
5.00 2558_..New Lexington, Ohio_ - _6
No. Dak
1926-1935
6000 106.16 4.88
65,000
6
2672-Ellouee, So. Caro
2439__Newport, R.I
.
4% 1925-1939
75 000 100.43 4.18
75,000 100
5 41936,1964
5.00 2558...Niles, Ohio
2556__Ennis, Texas
534 1925-1934
3 400 103.14 4.84
1932-1948 200,000 101.64 4.125 2558_ _Niles, Ohio
43
2315__Etna Sch. Dist., Pa
534
5680 101.76 -1925-1934 109,250 103.03 4.86 2439_ _North Adams. Mass
c ,
2437_ Euclid,
4
1925-1934
60 000 100.65 3.86
D., N. J 434 1925-1952
28.000 100.09 4.49 2913__North Bend, Neb
2788-Fair Haven S.
1944
50 535 100r
5.00
53.000 100.21 4.18 2675_ _North Carolina (State) 5
2437_ _Faribault, Minn.(4 iss.)_4 X 1925-1930
-4X 1935-196415.000 000
11,750
2315-Fayetteville, Ark
2675__North Hempstead Union
1925-1934
10.000 100.05r
2437--Florence, Han
Free S. D.No. 11, N.Y.4X 1942-1947
6 000 100.83 4.47
15,000 101.33
5
2315-Flushing, Mich
2439__North Wilkesboro, N. C-6
15 000 104.07
75,000
2315-Fort Myers. Fla
2675-Norwalk Consol. Indep.
10,000 103.42r 4.55
534 1926-1930
2315-Franklin, Ohio
School District,
1930-1943
14 000
1926-1934
25,000 103.008 4.44 2318_ _Oak Harbor Ohio Iowa..5
2206-Franklin County, Ohio 5
5
1925-1934
13 500 11100
-5
.86
7,900 103.39 4.55 2675...0gden, U
2556-Franklin County, Ohio- _5 X 1926-1933
43.‘ 1932-1941
80 000
1929-1934 225,000 100.01
4.99 2318__Oneco S. D., Fla
2673-Freeman Ark. Dist.,W.Va5
20 000 105.63
65.871 101.08r
2315-Fremont City S D. Ohi0.5
2558--Oregon (State of)
4X 1944-1955 121 0001 100.11
2673-Freeport S. D.No.145,111.4 X 1930-1944 450.000
255& Oregon(State of)
4% 1944-1955 .25 3101
60,000 98.55
2556-French S. D. No. 2, Tex-534
2675_ _Oskaloosa, Kan
5%
50 000
1927-1941
25,000 100.75 -5.98 2.,14__Otoe, Neb
2673- _Garibaldi, Oro
6
5 41934-1944
3 800 100
5.00
60,000 105.69 4.10 2440-Oxford, Calif
2437-01enns Falls, N.Y
434 1946-1947
6
1925-1940
16 000
litate anti Tit gepartutent
2906
proL.
THE CHRONICLE
Page.
Name.
Rate. Maturity. Amount. Price. Basis. Page.
Name,
Rate. Maturity. Amount. Price. Basis.
2675-Paineerville, Ohio
5
1929-1932
16,000 102.27 4.60 2442__Youngstovrn, Ohio
5
1930-1939 100,000 105.477 4.33
2675-Palm Beach County, Fla50.000 112.14
..2318-ParLs Tex
125,000
Total bonds for November (323 municipali2440_-Pachuta Sep. Rd. Dist.,
ties, covering 437 separate issues)
L869,244,885
Miss
53i
40,000 100.56
2318_ _Pelham First Fire Dist.,
d Subject to call in and during the earlier year and to mature in the later
N. Y
17.000 101.66 4.60 year. It Not including 836,428,426 temporary loans. r Refunding bonds.
1925-1933
5
2675-Pelican Rapids. Minn__ _4h 1925-1944
20,000 101.72 4.54 V And other considerations.
2318_ _Pennington, N. J
49,000 103.05 4.54
4,1 1926-1964
The following items included in our totals for previous
2558-Perry Co.,Ohio
1926-1934 270,000 104.10 4.47
2209_ _Perth Amboy.N.J
561.000 101.55 4.1e months should be eliminated from the same. We give the
1927
84,500 107.83
2675-Piedmont, Calif
5
page number of the issue of our paper in which reasons for
2675-Pine Bluff, Ark
53,000
5X 1932-1941
2440--Pioneer Drainage Dist.,
these eliminations may be found.
50,000 96
Colo
Name.
Amount.
4
27.223 100.11 -":45 Page.
2675-Pittsburg, Kan
43i 1925-1938
County, Wash.
65,000
2440_ -Plainfield. N.J.(2 iss.)_ AX 1925-1959 398,000 102.17 4.28 2787__Adams , Ore.(April list) (June llst)
2554 _ _Astoria
$25,000
---- 2787__Audubon, Iowa (see item
2559_ _Plainview Ind. S. D..Tex.5
1-40 yrs. 120.000 101
under Audubon County)
38,000
1-40 years 120,000 101
2675__Plainview 1.8. D., Tex 5
4:905 2671--Beverly Hills Fresh Water Supply District No. 2, Tex.
96,000 100.91 2440_ _Pleasants Co., W.Va----5
1925-1948
(January LW)
,
35;000
6.00 2671_ _Big Horn
1925-1929 100,000 100
2319_ _Polk County, Fla
6
Co. S. D.No.28, Wyo.(August list)
39.000
2319--Polk Co. Spec. Road and
2555_ _Centralia, Wash.(May list)
60,000
Bridge Dist. No. 10,
2556__Fayette Co., Tenn. (September list)
150,009
500,000 101.09
Fla
6
2315--Gardner Local
18,000
1925-1944
30,000 100.82 4.39 2316-Indianola Ind.Tax S. D., No.Caro.(Jtme list)
2319__Portsmouth. N. H
434
S. D.,Iowa (April list)
175,000
121,000 103.33 5.77
6
1954
2559 ..PuntaGorda. Fla
100,000
75.000 101.006 .- 2557__Mackey's High S. D.. No.Caro.(Oct.list)
2440_ _Quitman Rd.Dist., Miss_5X
2439.. _Minneapolis Minn.(July list)
500,000
2,000
1928
2791-Randall Cons. S. D.,la--5
2792 Sheboygan, ash. (June list)
57,000 100.48 --- 2441_South
5X
2559„Randolph, Neb
South Pasadena City High S. D., Calif.(Aug. list)
50.1:'
185. 0
150,000 103.31r 4.76 2794_ _Wyandotte
1943
2319_ _Rapides Parish S. D.,La_5
County, Kan.(April sale)(see V. 118,p.2984)_ 472.45e
2,500 100
6.00
6
2675_ -Raymond. Wash
17.000
250,000 102.81 ---- 2321--York. Neb.(Mar list)
2675_ _Rediand S. D., Calif-- _5
BONDS OF UNITED STATES POdSESSIONS.
2319--Red Bank S. D.,N.J___ _4 X 1926-1953 381,000 100.66 4.46
5.00 Page.
10,000 100
2914-..Red Cloud 8. D., Neb__-5 41929-1944
Name.
Rate. Maturity. Amount. Price. Basis.
250,000
2319_ _Riverside Irr. Dist.,Wash.
Islands (Gov4.650 102.38 4.95 2318-Philippine of)
534 1925-1934
2675__Rocky River, Ohio
ernment
4.34
1952 $1,500,000 97.57 4.65
534 1925-1934
6,650 102.51 4.995
2440-Rocky River, Ohio
13,000 103.12 4.85
534 1925-1934
2440_-Rocky River, Ohio
We have also learned of the following additional sales for
53.4 1925-1934
11.000 103.60 4.825
2440__Rocky River, Ohio
35,000 100.62 4.42 previous months:
434 1933-1939
2440_ _Borneo. Mich
Name.
Page.
Rate. Maturity. Amount. Price. Basis.
2676__Royal Oak Tvrp. S. D.,
100.000
2908_ _Alameda Co., Calif
431 30 years
No. 6. Mich
5
1929-1933 500,000 104.42 4
2435--Arlington S. D. No. 7,
2676--Royal Oak Twp. S. D.,
100.000
434 30 years
No. Dak
No. 6. Mich
5
*1934
81.800 100
5.00
47.000 102.40
(2
,
2671_-Assumption Parish Drain.
2791_St.Clair Co..Mich. iss.)531 1926-1933
434 1934-1943 167,842 103.03
District No.2,La.(Sept.)6
2319_ _St. Louis Co., Minn
1926-1965 100,000 103:25
30,796 103.09 4.21 2787-Audubon County. Iowa--4X 1929-1932
434 1934-1943
2319_ -St. Louis Co., Mizm
38.000 100.57 4.33
5 410-20 Yrs.
414 1927-1957 225,000 94.43 4.95 2919-Baker Co., Ore
2319-Salem, Va
50,000 102.20
30,000 100.14 --- 2671-Big Horn Co. S. D. No.
431 1925-1939
2319_ _Salem, N. H
60.000 100.31 ---28, Wyo.(Sept,)
534 41939-1949
H
414 1925-1944
2319-Salem N.
32,000
8.500
2671__Big Horn Co. S. D. No.
6 41934-1944
2441-Salem. Nab
8,000
1944
534 41934-1939
28. Wyo.(Sept.)
7,000
2319--Salters S. D.,So. Caro_ --6
35.000 y100
5:50 2909.. Brewster, Ohio (march)
534 1926-1955
-6
1926-1935
2559_ _San Augustine, Tex
5,000 100
Did
1935-1944
8,000
5
2555.. Cheyenne Paving Dist.
2676-Sanborn.Iowa
f
1925-1961 475,000 104.76 4.60
No.6. Wyo.(July)----6
1934
17.803
2676-San Diego, Calif.(2 iss.)-5
1925-1933
32,000 102.42 4.49
431 1929-1938 100.000 101.06
910-ChLsholm Minn
2319_ _Sandusky County,Ohio- _5
62,000
514 1926-1940 100,000 100.03 5.24
788--Clayton, Mo. (Aug.)-- -434 1929-1044
2441-Sanford, No. Caro
1-10 yrs.
2314_ _Coffeyville. Kan.(Sept.)-434
,
78.623 100
2559_ _San Juan Co. S.D.No. 1,
4.50
IT
20,000
434' 1925-1934
2911-East Pike Run Twp. Sch.
Colo
Dist., Pa. (Sept.
434 1927-1951 125,000
2559_ _San Juan Co.S. D.No.1.
32,000
431 41934-1944
2315- _Elsinore Un. if. S. D.,
Colo
19304948
78,500
r
80.000
Cal. (April)
534 1925-1936
2441_ _San Miguel Co. N. Mex_5
2556-Escambia Co.,Fla.(3 Ls.) 6 1951 (opt.) 750,000 110.71
5.16
2676-Sarasota Fruitville Drain514 1929-1938 600,000
age District. Fla
2556-Fayette Co., Tenn
5
1944-1954 150,000
1925-1944 1,274.000 100
4.00 2437-Fertile S. D. No. 15, No.
2319_ _Schenectady, N.Y.(5Iss)4
-5
1945
75,000
r Dak
9,000 100
5
*1939
o.00
.2792-Scottsbluff S. D.. Neb1936
288,097 100
6.00 2437- _Grand Haven, Mich.
2792_ _Seattle, Wash.(28 iss.)_ _6
6
1925-1934 243,332
434 1940-1944
50,000
(August)
676_ _Seattle. Wash
414 41930-1944 1,000,000 96.30 4.88 2316--Grandview Heights, Ohio
2441- _Seattle, Wash
1925-1934 643.000 102.67 4.44
94.200 102.62
(10 issues)
534 1025-1934
2319-Shaker Heights. Ohio......-5
4)4 1929-1938
50.000 102.66 4.16 2556_ _Grosse Point Twp. Rural
2441-Sharon.Pa
2209-8haron Twp. Rur. S. D..
336.000 101.01
Agr.S.D.No.1, Mich_4X
1954
4.19
5
1925-1937
6,600 100.15 4.97 2438-Highland S. D. No. 18,
Ohio
5
1940-1952
42,000
r
3,000 100
No. Dak
5
*1934
5.00
2319- _Sheridan, Wyo
2441--Shorewood S. D. No. 4,
2438-Hopsons Bayou Drainage
5
1925-1935 143,000
Wis
20.000 102.50
District. Miss
6 1-20 years
2210-8mithtown Union Free S.
2207_ _Houston, Texas (6 is.) 5
1,075.000 103.75
1926-1955 260,000 103.05 4.25 2316-Iron Co. Jt. S. D. No. 1,
D. No. 1, N. Y
1945
135.000
tli
2915__Soerset, Ky
m
52,000
5
19254939
Wls
33,000 108.24
2676-Sonoma County, Calif_
2316-Jackson Twp. Rur. S. D.,
100,000 90
-Sumner Lake Irr. D.,Ore-6
1,535 100
Ohio
6
1925-1931
6.00
2676.
2912-Kingsville, Tex.(May) 5
40.000
2560-South Bend School City,
414 1934-1943 230,000 103.40 4.17 2674-Laramie S. D.No.1,Wyo.431 310-20 Yrs.
Ind
75.000 100.14
-years
4,000 100
6.00 2673-Klester, Minn. ,i1111311130-6
5
2441_ -South Coffeyville. Okla..-6
1934
6,000 100.08t 5.99
1925-1934 192,500 102.63 4.90 2438-Long Creek S. D. No. 2,
42676--South Euclid, Ohio
434 1926-1934
63.000 100.57 4.39
No. Dak
4.00
4
2,000 100
2320.. _Stark County, Ohio
*1934
5
1926-1935
12.800 103.73 4.33 4438-McK1nley S. D. No. 2,
2560.. _Stark County, Ind
6
1930-1934
15,000
No. Dak
5.00
5
*1944
4,000 100
-6
1926-1930
27,634 104.52 4.75 2557--Mackey's Highs. D., No.
2560- _StrutherEi, Ohio
.
Caro
6
1927-1946
10,000
2320.. _ Suffolk County. N.Y----431 1925-1944 200,000 101.64 4.06
37.800
'
2317.-Manhattan, Kan
24,237 102.12 4)4 19254934
,2676-Summit Co., Ohio (3 iss.).5
1926-1934
52.000 105.08 4.49 2438--Manning S. D. No. 35,
2320_ -Summit County, Ohio_ _ _5
17.900 103.35 4.58
No. Dak
4.00
*1934
2,500 100
4
2560.. _Summit County, Ohio......534 1926-1930
2790.-Montgomery Ind. S. D.,
2560_ _Summit-Graymont S. I).,
6
1929-1953
25,000 106
5.45
Tex. (April)
5.00
5
18,000 100
Ga
r
139.446
2318-Mountrail Co.. No. Dak_5
1926-1929
50,000 100.60r 4.81
2320_ _Superior, Neb
10,062
1931-1936
2913_ _North Fork S. D. No.20,
2792..
..Tacoma Wash.(4 1830-6
No. Dak
5.00
D. No. 46, No.
5
*1944
3,000 100
2916_ _Telfar S.
5.00 2439--Otoe, Neb
5
1929-1944
2,000 100
5.00
5 41929-1944
15,200 100
Dak. (4 issues)
12,000
2791-Oxford. No. Caro
295,000
54
2560_ -Tenino High S. D.. Wash.5X
is:oo 2914_ _Penfield, N.Y
34,500 100
4.60
4 3-5 1925-1933
4,500 100
2320_ _Texas (State of)(10 iss.)_6
5.00 2791_ _Plymouth, Ind. (Aug.)_ -5
37,700 100
1924-1943
50.000
2320_ _Texas (State of)(16 Lss.)_5
5.50 2791-Portsmouth, Ohio
1.800 100
534
6
1926-1934
9,227
2320- _Texas (State of)
2440--Powers Lake S. D. No.6,
2441_ -Thurston Co.S.D.No.1.
50,000 100
4.75
1945
4I
No. Dak
*1944
2,500 100
5.00
5
Wash
1929-1954
30,000
2319-Redford Twp. Un. S. D.
2916-Totaro S. D., Va
7,500 100.34 4.37
No. 1, Mich
4)4 1925-1929
431 1945-1950 180,000 101.009 4.43
2560_ _Trenton, N.Y
1925-1940
15,500 100.50 4.96 2441--Seattle. Wash. (11 Ns.)--6
1936
214,436
2677- _Tujunga S. D., Calif---5
1936-1949 700,000
2676.._Sloan. Iowa (May)
5
1926-1944
6,000
5
2320_ _Tulsa. Okla
4
.
11,900 101.27 --2
434 1926-1935
2792-Sperry Twp., No. Dak.
2441__Union County,Ind
(August)
11,000
7
2320__Union Co. S. D. No. 11,
1926-1955 150,000 101.56 4.86 2441-Tacoma, Wash.(4 las.)- -8
5
1931-1936
2,779
So. Caro
534 1942-1950 100,000 106.26 5.02 2677._ Vandalla Irrig. Dist.,Cal.
2677-Union District, W. Va
(March)
1928-1947 210,000
6
2320__University Park, Tex. (3
150,000 100
2677-Webster Co. B. D. No. 2,
Issues)
5.00
Neb
5 41929-1944
50,000 100
2441__Vanderburgh Co., Ind_ _ _434 1925-1934 150,000 103.38 1H
2677_ _Vista brig. Dist., Calif-6 20-40 yrs. 1,500.000 102.04
20,068
d Subject to call in and during the earlier year and to mature in the later
2441_ _Wadena County, Minn__
2560__Wadesborough, No.Caro.534 1925-1947 120,000 100.85 5.36 Year. * But may be redeemed 2 years from date of Issue. r Refunding
65,000 101.21
bonds.
2320_ _Wake Forest, No. Caro._ -- 1926-1944
14,000 y100.29 --1925-1934
4
2677-Waltham, Mass
All of the above sales (except as indicated) are for October.
1925-1933 144,500 102.05 4.49
2211_Warren, Ohio (2 issues)_ _5
55,000 103.55 4.30 These additional
1925-1935
2320_ _Warren Sch. Twp., Ind- _5
October issues will make the total sales (not
2320_ _Wayne County, No.Caro.431 1925-1949 130,000 101.04 4.65
including temporary loans) for that month $89,185,073.
50,000
534 410-15 yrs.
2442_ _Wellington,Colo
90,000 100.10 15/
1954
2560_ _West Chester S. D.. Pa_ _4
5.00 BONDS SOLD BY CANADIAN MUNICIPALITIES IN NOVEMBER.
7,500 100r
5
21378„westmoreland. Kan
Name.
Rate. Maturity. Amount. Price. Basis.
7,500 102.82 4.91 Page.
1925-1934
5
2442...Westerville, Ohio
-year
69,500 100.57 5.42
4.34 2442 Alymer, Que
10
5
2560__Westfield, N. J
434 1926-1953 151,000 101.63 4.40 2678._Bartle Township,
27,378 101.50 5.19
Ont_ _ _5
10 install.
87,000 100.49
434 1926-1935
2560__Westfield, N..1
68,000 162.03
2321_ _Blanchard Twp., Ont_ _ _ _5
15-inst.
135,000 101.07
534 5-25 years
2442_ _Wetumka, Okla
50,000 104.55 1.90 2561__Carleton Place, Ont. (2
1932-1956
2561__White Plains, N.Y
5.28
52,458
Issues)
30-inst.
5
10,000 100.45 4.39
434 1927-1931
2561_ _White Plains, N.Y
38,000 103.57 5.18
30-inst.
10-20 years 404,9781 100.73 ---- 2561_ _Cornwall, Ont
2321_ _Wichita, Kan. (2 issues)_4
9,200 98
2321__Decarie, Que
74,5001
1-10 years
4
_Wichita, Kan
2321_
11,000 101.77 -5
.58
30,600 100.50 ---- 2321_ _East York Twp., Ont__ _ _5X 20-Ins
5
2321__Wilkes-Barre. Pa
25,000 98.62 5.15
2321_ _Etobicoke Twp., Ont_ _ _ _5
62,000 105.85
1954
534
2321_ Willard, Ohio
.
9,200 100
6.00
15 years
37,800 103.39 1.6"3 2678_ _Parma Neuve, Qua-- _-8
iss.).534 1925-1933
2561__Wllmington, Ohio (3
2442__Ford City Roman Catholic
2678- _Winfield Twp.School Su
1925-1954 110.000
Separate S. D., Ont 6
9,000
_District No.34,Iowa
212,0001 96
- 5X 30 Years
years153,000 100.03 :::: 2678. Fort Erie, Ont
2211__Winnebago, Iowa
431 15
30 years
8,0001
2678 -Fort Erie, Ont 100,000
2442__Winston County, Miss_
34,000 97.33 -30 install.
1.81 2678 ..Forest. Ont
5
1925-1934 500.000 100.86 .
_Worcester, Mass
4
2561_
-Years
60,000 100.33
---- 2211_ _Gifford, Que
534 10
4% 1925-1954 155,000
2675-Wymore S. D., Nob
14
z
THE CHRONICLE
Due. 20 10244
2907
Price. Basis. provided therefor and the year or years in which the proposed rate is to
apply to be shown in the blank space provided therefor: and in the event
99.8
KM different excess rates are proposed for different years the words mentioned
101.50 shall be repeated as often as may be necessary to show separately the
97.50
5.71
99.176 5.09 different rates proposed to be applied to the respective years. And the
voter shall record his choice, whether for or against the excess rate or rates
102.05
the
a cross mark before
99.94 1785 shown by placingherein contained shallor after wise words expressing his
in any
change or affect the
95.02r 4.80 choice. Nothing
rights of any holder of bonds of municipal corporations heretofore issued.
101.03
5.33
be held as often as
100.75
5.40 Elections to authorize the levy of such special tax may when a proposition
102.91
5.24 ordered by the governing body of the municipality but
is submitted to the electors to levy a special tax for a specific purpose, and
5.20
104.61
second
5.18 such proposition is defeated no 55.321:election for the same shall be held
against, 28,891.
in one year thereafter." For,
98
-Proposed Amendment No. 290. "Mobile
Proposed Amendment No. 5.
102.45
for the construction or
100.60 1757 County may become indebted and may issue bonds surfaced public roads.
98.27
5.16 improvement of concrete or better than concrete
95.27
5.34 and concrete or better than concrete public bridges in said county, and for
the construction of bridges and roadway necessary to provide a public
101.51
5.35 road for vehicular travel between the highlands of Mobile and Baldwin
102.27
100
5.00 Counties, in an amount not to exceed six and one-half per centum of the
5.19 assessed value of the property situated in Mobile County. To pay said
indebtedness and the interest thereon, Mobile County may levy and collect
5.36 an annual tax on said property not to exceed one-half of one per centum of
99
5.57 said value. The indebtedness, the bonds and the tax authorized hereby
shall be in addition to those authorized by the Constitution of Alabama
96.187
4.95 prior to the adoption of this amendment. But no such additional indebtedness shall be created, and no such additional bonds shall be issued, and no
102.84
100.32 ....__ such additional tax shall be levied, until each improvement or constructio
proposed to be built thereby, its approximate location, estimated cost and
time of completion, and the amount of the proposed increase, shall have
, Total amount sold during November
318.056,375
been determined upon and made public by the Board of Revenue and Road
rRefunding bonds.
Commissioners of Mobile County. and the proposed increase of indebtedness or issue of bonds or tax therefor shall have been first authorized by a
majority vote by ballot of the qualified voters of Mebile County voting
upon such proposition." For, 57,410; against, 28,041.
of Walker.
Proposed Amendment No. 6.
-Section
Aberdeen, Wash.
-City Must Vote Anew On Proposed State of Alabama, shall have power to levy1. "The County road tax
and collect a special
taxable property
Municipal Power Project.
-The Portland "Oregonian" in not exceeding fifty cents on each hundred dollars worth ofmay hereafter be
that now authorized or that
its issue of Dec. 5 says that Aberdeen will have to have in said county in addition toconstruction or maintenance of the necessary
authorized for the erection,
.another favorable vote of the people before it can proceed public roads, bridges or ferries and in addition to that now authorized under
Section 215 of Article XI
special county
with the establishment of a hydro-electric power plant on levied and collected shall of the Constitution, whichthe purpose for tax so
which
be applied exclusively to
the Wynooche River, or with its proposed water system the same was so levied and collected; provided, that the rate of such tax.
the time it is to continue and the purpose thereof shall have first been
improvements. Explaining this statement it says:
submitted to the vote of the qualified electors of the county, and voted for
Such is the effect of the State Supreme Court decision on Wednesday' by a majority of those voting at such election.' Section 2. "Twenty-five
affirming judgment of the Thurston County Court. Judge J. M. Wilson, per centum of all moneys derived from property lying within the municipaliin enjoining the city officials and Council from proceeding with the issuance ties and arising from the tax proposed herein shall be paid to such munici•of 112,000,000 bonus (see V. 119, p. 1088) voted by the people last spring. pality and shall, by it, be expended for upkeep of its streets." Section 3.
.or the construction of the improvements.
"The Court of County Commissioners, Boards of Revenue, or other governDecision of both courts was based on action of the city in combining ing body of said county may, or upon written petition of ten per centum
both projects in one bonding question. The Supreme Court holds there of the qualified voters of Walker County,shall call and submit said election
Is nothing in the statutes authorizing or suggesting, even, that unrelated provided for and authorized by Section 1 hereof to the qualified electors of
public utility projects shall be submitted to the electors for approval or Walker County either at the time of the general election or at a special
'rejection other than as separate propositions.
election called for that purpose; provided, that said election shall be called
The $2,000,000 bond question included the two propositions of the and held in accordance with the law now or that may be elected governing
Wynooche Power plant and the conveying of a portion of the impoundied county bond elections, and in conformity with the general election laws of
water from the Wynooche by tunnel and pipeline across to the headqwaters the State." For, 56,535; against. 24,217.
of the Wishkah River to increase the city's present source of supply.
Proposed Amendment No. 7.
-"Town Creek School District No. 59.
The decision was written by Judge Parker and concurred in by Judges Landersville School District No. 23 and Moulton School District No. 28.
Main, Holcomb, Mackintosh and Tolman.
In Lawrence County, Alabama, shall each have the right and power by
vote
of
majority of
qualified
Alabama (State of).
-Voters Adopt Seven Constitutional held of athat purposethe levy and electors forsuch district at an election
for
the purpose of acquiring,
collect
to
Amendments.
-On Nov. 4 the voters carried the following constructing or repairing of school buildings in such districts or paying for
school buildings already built, a tax of not over five mills in any one year,
seven proposed constitutional amendments:
in addition to all other taxes now authorized by lew. The election in such
-"No person who honorably served in district to determine whether or not such tax shall be levied shall be called,
Proposed Amendment No. 1.
the military or naval service of the United States, between Jan. 1 1917 held and conducted as now provided by law for calling, holding and conduct-and Nov. 11 1918. shall be required to pay the poll tax mentioned in the ing of elections to determine whether or not a three-mill district school tax
'Constitution of Alabama; such persons shall be exempt from the payment shall be levied and collected." For, 54,926; against, 25.566.
•of all poll taxes which have accrued or may hereafter accrue. This section
shall 130 self-executing and retroactive. The Judges of Probate shall issue
Arkansas (State of).
-State Road Tax Upheld by U. S.
certificates of exemption from the payment of such poll taxes to the persons
-In advices from Washington under date
entitled thereto under such rules and regulations as may be prescribed by Supreme Court.
the Governor." For, 75.924: against. 32,982.
of Dec. 15 to the New York "Times"on Dec. 16 reported this
-"The Legislature may form or provide
Proposed Amendment No, 2.
for the formation of districts for establishing and maintaining a drainage week's decision of the U. S. Supreme Court on the constitusystem: for the building and maintaining of public roads, and for building tionality of the Arkansas State road tax as follows:
and maintaining a seawall or other protection against waves, storm or flood
The constitutionality of the Arkansas road laws, under which taxes are
therein; and provide for the assessment of the whole or part of the cost of
such improvements against the land in such districts to the extent of the levied for highway improvements in accordance with rulings of commissions created by the Arkansas Legislature, again was affirmed to-day in
increased value of such land by reason of the special benefits derived from
such improvements, and may provide for the issuance of bonds by such a decision by the Supreme Court.
The case decided to-day, in an opinion read by Justice Van Deventer.
district with or without an election. Provided the provisions as to road
and seawall shall apply only to Mobile and Baldwin Counties." For, was that of the Kansas City Southern Railway, plaintiff in error, against
Road Improvement District No. 3 of Sevier County. Ark. The railroad
60,095; against, 29,825.
Proposed Amendment No. 3.
-"The County of Mobile, through its was taxed $14,899. to be paid in installments of $744 45 a year, on the
constituted governing authorities, may levy and collect for public school theory that the highway improvement contemplated benefitted its property.
The assessment was reviewed by the County Court and affirmed, the
purposes, a rate of taxation, on the property situated therein, not exceeding
.in the total of any one year. one-fifth (1-5) of one (1) per centum of the Court finding that the lands and other real property in the district would
value of such property as assessed as provided by the Constitution of be greatly benefitted by the improvement and that the assessment was
Alabama and the statutes now or hereafter enacted pursuant to the said fair to all land owners.
The railway fought the assessment on the ground that it was purely
Constitution of Alabama, which said one-fifth (1-5) of one (1) per centum
-shall be in addition to taxes levied and collected under and pursuant to arbitrary, and therefore in contravention of the due-process--of-law clause
of Section 215 of the Constitution of Alabama of 1901, and of the Fourteenth Amendment to the Federal Constitution because, it
the authority
taxes levied and collected under and pursuant to Article XIX of the Constitu- was contended, the railway property would not and could not receive any
tion of Alabama of 1901, which Article XIX was added to the said Constitu- benefit from the improvement of the highway. It was further contended
tion by amendment: and existing laws attempting or purporting to author- that the assessment was obnoxious to the equal-protection clause of the
pixie, empower and direct the said constituted authorities of the County of Constitution for the reason that the railway property, on the one hand,
Mobile to levy and assess such a special tax in addition to the taxes levied and farm lands and town lots, on the other, were assessed for benefits
and collected under and pursuant to Section 215 of the Constitution as that were grossly unequal and out of proportion.
The Court held that the evidence failed to show that the assessment
aforesaid and taxes levied and collected under and poursuant to Article XIX
.of the Constitution as aforesaid are hereby validated and confirmed." against the railway property was either palpably arbitrary or unreasonably
discriminatory.
For, 58,559; against, 28.873.
Justice Van Deventer held that it had been settled by a long line of
Proposed Amendment No. 4.
-"The municipalities of Thorsby, Piedmont and Greenville, and Roanoke, and Greensboro and Calera, Florala decisions that where a State Constitution, as construed by the State Court
-and Opp, Evergreen and Fayette. and Clayton and Clio in the State of of last resort, does not provide otherwise, the Legislature of a State may
Alabama, shall have the power and right to levy and collect a tax of one- require that cast of a local improvement, such as the construction or rehalf of one per centum in any one year on property situated therein, based construction of a public highway, may be distributed over the lands par•on the valuation of such property as assessed for State taxation for the ticularly benefitted, and that it was within the authority of a State official
tax year ending on the thirtieth day of September next succeeding
decide what lands would be benefitted.
the to Only where a
levy; provided that for the purpose of paying bonds or indebtedness issued
legislative determination is palpably arbitrary and there-law
• and outstanding at the time of the adoption of this amendment and the fore, a plain abuse of power, can it be said to offend the due-process-of
interest thereon, for the purpose of paying bonds or indebtedness which clause of the Fourteenth Amendment." Justice Van Deventer said. "We
may be issued or incurred after the adoption of this amendment and the conclude that the objections to the assessment on constitutional grounds
.interest thereon, and an additional tax of one-half of one per centum may are not well founded."
The judgment of the Arkansas Supreme Court upholding the law was
be levied and collected by said corporations; provided further, that a
majority of the qualified electors of any of saki municipal corporations sustained.
voting at an election called for that purpose may vote a special tax not to
exceed one-half of one per centum in any one year for any special purpose
California (State of).
-3500,000,000 Water Power
•or purposes, which tax shall be used only for the purpose or purposes for Measure Again Defeated-Vote Cast on Nov. 4.
-The complete
which same is levied and collected; provided, however, that the total tax
by any of said municipal corporations shall not exceed one and vote, as certified by Frank C. Jordan, Secretary of State,
to be levied
.one-half (134) per centum in any One year. Alabama City shall have the on the 18 propositions submitted to the voters on Nov. 4
and right to levy and collect a tax of three-quarters of one per centum
P any one year on property situated therein, based on the valuation of (see V. 119, p. 1979) shows that the $500,000,000 water
in
such property as assessed for State taxation. Provided, further, that power measure was again defeated. The vote was 320,383
the adoption of this amendment shall in no wise affect, limit, modify,
abridge or impair the power,or authority or right of either of said municipal for to 751,985 against. This measure was submitted to
corporations to levy and collect the special school taxes, now or hereafter the voters in 1922 and at that time was voted down by a
vested in or conferred upon them or any of them, under the Constitution
• or any amendment thereto; including the power of the city of Selma to levy count of 243,604 for to 597,453 against. The voters also
and collect the taxes for schools and school purposes vested in and conferred defeated the proposed amendment to Section 13 of Article
4
upon said city of Selma by the amendment to the Constitution of Alabama XIII of the Constitution to exempt bands
of public utility
adopted thereto at the general election held in Nov. 1916, and which was
submitted under law No. 315, General Laws 1915. page 337, each election districts from taxation. The vote on the measures that were
held under the provisions hereof shall be ordered, held, canvassed and may approved by the electors follows:
be contested in the same manner as is or may be provided by the law
No. 2-Lenislative salaries: Yes, 486,198; No, 391.933.
applicable to the municipal corporations for elections to authorize the
No. 3
-Deposit of public money: Yes, 515,412: No, 279330.
Issuance of municipal bonds. The ballots used at such election shall contain
No.4
-Inferior courts: Yes, 518,292; No, 266.241.
the words: 'For
excess rate of taxation for the year (or
No. 6-Personal property taxes: Yes. 490.782; No, 333311.
years)
and 'Against
excess rate of taxation
No. 7
-Boxing commission: Yes, 518.631; No. 498217.
for the year (or years)
' The rate of taxation proposed
No. 8
-County officers: Yes, 423.921; No. 391.325.
.in excess of the rate of one (1) per centum to be shown in the blank space
No. 9
-Taxation: Yes. 529,031: No, 368,014.
Rate. Maturity. Amount.
Name:
Pape.
159,700
-years
20
5
2211-Halton County, Ont
12,327
2678__Hanover. Ont
534 20 install.
17,000
-years
2321_ _Kelowna. B. 0
534 20
5
20-inst.
106.500
2321_ _Kitchener, Ont
-years
60,000
2211_ _Lachute. Que
534 30
-years
20,000
2442La Maibais, Quo
534 10
-years 3,720,000
434 1-20
2561_ _Manitoba (Prov.of)
15,000
2321_ _Markham, Ont
534 15-inst.
10
-years
75.000
2561_ _Megantic, Quo
15,720
1925-1953
2678--Midland, Ont
50,000
-years
5tl 30
2442_ _Newcastle. N. B
18,500
2561_ _Pickering Twp., Ont_ _ _ _5;4 20-inst.
137,000
534 20-inst.
2321_ _Port Collborne, Ont
101,817
534 20-inst.
2211_ _Preston, Ont
25,000
-years
534 10
2561_ _Quebec West. Quo
-30
15 -years 181,000
2442__Regina, Sask.(5 issues)_ _5
25,000
30-inst.
5
2561_ _Richmond. Ont
20,000
2321_ _St. Augustine, Quo
30
-years
125,000
__.
33,900
30 years
2678_ Saskatchewan (Prov. of)_5
87,000
2321_ _Scarborough Twp., Ont_ _5% 20-inst.
10-inst.
5,500
2321__Shellbrook, Bask
8
5,000
2561_ _Stamford Tvrp., Ont
5)4 10-inst.
2442__Sydney, N.S
5
30
-years
262,000
-years
20.000
2561__Sydney, N.S
534 30
43430,20&10yrs 9,971,000
2211_ _Toronto, Ont
53,675
2561_ _Weston, Ont
534 30-inst.
2,000,000
2442_ _Wilmipeg, Man
1944
434
NEWS ITEMS.
2908
THE CHRONICLE
No. 11-Klamath River: Yes, 560.785; No. 363,658.
No. 12
-Municipal courts: Yes, 475.217; No, 267,987.
No. 13
-Poll taxes: Yes, 501,551; No, 486,134.
No. 17
-Eminent domain: Yes. 472.713; No. 283,201.
No. 18
-Suffrage: Yes, 699,687; No, 197,657.
The following propositions were defeated by the electors:
No. 1-Highway transportation: Yes, 457,372; No, 541,241.
No. 5
-Transfer of funds: Yes, 264.464; No, 564,252.
No. 10
-State taxation: Yes, 287,194; No, 487,126.
No. 14-Bonds: Yes, 314,750; No. 511,364.
No. 15
-Tax exemption: Yes, 297.813; No, 533,775.
No. 16
-Water and power: Yes. 320,383; No. 751.985.
[vol.. 119.
for the support of public schools (Act 174 of 1924): For.
31,195; against.
21.917.
The proposed amendment requiring the School Board of Sabine Parish,
Louisiana, to levy annually a tax for school maintenance purposes (Act
175 of 1924): For. 32,217; against, 21,789.
The proposed amendment to Sections 2 and 3 of Article XVIII. of the
Constitution of 1921 of the State of Louisiana, relative to pensions for Confederate veterans and their widows (Act 176 of 1924): For. 45,825; against,
18,086.
The proposed amendment to sub-section (c) of Section 14 of
of the Constitution of the State of Louisiana, relative to road Article XIV.
districts and
sub-road districts and sewerage districts (Act 177 of 1924): For.
29,543;
against, 20,745.
The proposed amendment of Section 24 of Article XIV. of the Constitution, relative to the power of the City of New Orleans to issue paving certificates (Act 178 of 1924): For, 31,306; against, 20,370.
The proposed amendment providing additional funds for the completion
of the Chef Menteur and Hammond-New Orleans State highways (Act
179 of 1924): For. 36.426; against, 22,426.
The proposed amendment to the Constitution of the State of Louisiana,
creating a special paving fund for the City of New Orleans(Act 180 of 1924):
For, 30.763: against, 21,388.
The proposed amendment to
tion of the Sttae of Louisiana,Section 35 of Article VII. of the Constiturelative to the salaries of District Judges
(Act 181 of 1924): For. 24.670; against, 27,352 (defeated).
The proposed amendment to Section 24 of Article XIV. ef the Constitution, relating to the powers of the Board of Liquidation, City Debt, City of
New Orleans: For, 24,619; against, 22.772.
Colorado (State of).
-Soldiers' Bonus Amendment Defeated.
-The voters on Nov. 4 defeated a proposed amendment to the State Constitution, which would allow the
issuance of $8,000,000 bonds for the payment of a bonus to
the veterans of the World War, Spanish War, Philippine
Insurrection and Civil War.
Greek Government.
-$11,000,000 Refugee Loan Bonds
Placed in United States.
-On Wednesday December 17 the
Greek Government successfully marketed here through
Speyer & Co. of New York $11,000,000 7% 40
-year Secured
Sinking Fund Gold bonds (part of Refugee Loan of 1924).
Massachusetts (State of).
-Complete Final Vote on
The bonds, offered at 88% and accrued interest, to yield Measures Submitted Nov. 4.
-The complete official vote on
8%, were oversubscribed shortly after subscription books the seven measures submitted to the voters on Nov. 4 shows
had been opened. Bonds are in coupon form in denomina- the following results: The Act relative to intoxicating liquors
tions of $1,000 and $500. Dated Nov.11924. Int. M.&N. and certain non-intoxicating beverages was carried by a vote
Principal and interest payable in United States gold coin of of 454,656 to 446,473. The proposal to retain daylight savthe present standard of weight and fineness, without deduc- ing in this State also carried, receiving 492,239 favorable
tion for any Greek taxes, present or future, at the office of and 426,759 negative votes. The Act (Chapter 473, Laws
Speyer & Co., New York. Due Nov. 1 1964. They are of 1923) relating to deposits with others than banks, was
part of an international loan (total authorized amount voted by 435,141 to 187,228. An Act proposing to provide
£12,300,000, equal at par of exchange to about $59,858,000), funds toward the cost of construction and maintenance of
the balance of which, namely, £7,500,000 sterling bonds, highways and bridges by means of an excise tax on gasoline
have been sold through public subscription in London by and other fuel used for propelling motor vehicles upon or
Hambros Bank, Limited, and £2,500,000 sterling bonds over the highways of Massachusetts and a proposal to ratify
offered in Athens by the National Bank of Greece. This the Child Labor Amendment to the Federal Constitution
loan is issued pursuant to the Geneva Protocols dated were both voted down. The vote was 281,631 for to 547,460
Sept. 29 1923 and Sept. 19 1924, ratified by Acts of the against the proposed gasoline tax law, and the final count on
Greek Parliament dated June 7 and Oct. 24 1924 and the the Child Labor Amendment was 241,461 for to 697,563
resolutions of the Council of the League of Nations dated against. The other two measures voted on were proposed
Sept. 29 1923 and Sept. 19 1924. The loan is not subject to amendments to the State Constitution, and both received
redemption before May 1 1936, except by sinking fund oper- favorable majorities. One relative to the qualification of
ating by semi-annual drawings at par. The Greek Govern- voters for certain State officers was adopted by a vote of
ment reserves the right on that date, or on any interest date 456,919 to 246,499; the other, to enable women to hold any
thereafter, to increase the sinking fund or to pay off at par State, county or municipal office, by a vote of 473,744 to
the whole loan on giving three months' notice.
266,377.
Additional data regarding the loan may be found in our
Montana (State of).
-Measures Carried by Voters on
"Department of Current Events and Discussions" on a Nov. 4 Now Effective by Proclamation of
Governor.
-The four
preceding page.
measures carried by the voters on Nov. 4 (see V. 119, p.
(State of).
-$75,000,000 Bond Measure De- 2786) became effective on Dec. 9 upon proclamation by
Kentucky
-On Nov. 4 the $75,000,000 Bond Governor Dixon made on that day.
feated by 98,446 Majority.
Act passed by the 1924 Legislature was voted upon by the
Wisconsin
of).
-Voters Adopt
electors (see V. 119, p. 2089) and was defeated. The official Amendments. (Statethree constitutional Three Constitutional
-The
amendments subvote cast on the measure was 275,873 for to 374,319 against. mitted to
the voters on Nov. 4
The proceeds of the bonds were to be used, among other ried. The amendment relating(see V. 119, p. 1423) all carto Home Rule of Cities and
things, for roads and charitable institutions.
Villages was adopted by a vote of 299,792 to 190,165; the
of Belgium.
-External Loan Offered Here.
Kingdom
- second amendment, relating to forestry, carried by a count
A syndicate of American bankers headed by J. P. Morgan of 336,360 to 173,563, and the third, relating to Circuit
& Co. of New York brought out here on Thursday, Dec. 18, Judges, received 240,207 affirmative and 226,562 negative
$50,000,000 Kingdom of Belgium bonds priced at 873/2% votes.
and accrued interest, yielding 7% to maturity. The bonds
are denominated "External Loan 30-Year Sinking Fund 6%
BOND PROPOSALS AND NEGOTIATIONS
Gold Bonds," and are coupon in form, not interchangeable. this week have been as follows:
Denoms. $1,000, $500 and $100. Dated Jan. 1 1925. Prin.
ABERDEEN, Moore County, No. Caro.
-BOND SALE.
-The
and semi-annual int. (J. & J.) payable in United States gold
$60,000
on Dec.
-were
coin of the present standard of weight and fineness, in New awarded street impt. bonds offered Toledo as 10-V. 119, p. 2435 $186.
to W. L. Slayton & Co. of
5%s at a premium of
York City at the offices either of J. P. Morgan & Co. or of equal to 100.31, a basis of 5.69%. Date Oct. 1 1924. Denom. $1,000.
Guaranty Trust Co., without deduction for any Belgian Duo Oct. 1 as follows: $6,000, 1925 to 1934 inclusive.
ABILENE, Taylor County, Tex.
-PRICE PAID.
-The $200,000
taxes, present or future. Due Jan. 1 1955, and are not reof Dallas
-V. 119, p.
deemable prior to maturity except for the sinking fund. improvement bonds purchased by Garrett & Co.as 5s:
1981-were purchased at the following premiums
The offering circular contains the following with regard to $150,000 school bonds at a premium of $152, equal to 100.10, a basis of
about 4.97%. Due $30,000 1934,$40,000 1944, 1954 and 1963.
the sinking fund provisions:
50,000 street improvement bonds at a discount of $300. equal to
99.40%.
In the loan contract pursuant to which these bonds are to be issued, the
a basis of 5.04%. Duo $10,000 1934, 1944, $15,000 1954 and
Kingdom of Belgium covenants to pay as a sinking fund $1,667,000 per
1964.
monthly installments beginning Feb. 11925, such
annum, payable in equal
Denom. $1,000. Date Juno 1 1924. Interest payable J. & D.
amount being sufficient to retire annually one-thirtieth of the entire issue
ADAMS SCHOOL TOWNSHIP (P. 0. Twelve Mile), Cass County,
at 100%. Such sinking fund payments are to be applied to the purchase of
-BOND SALE.
-The $45,000
% school bonds offered on Dec. 12
bonds if obtainable at or below 100% and accrued interest, or if not so ob- Ind.
tainable, to the redemption of bonds called by lot at 100% and accrued in- (V. 119, p. 2313) have been sold to J. F. Wild & Co. of Indianapolis at par
terest, such interest in either case to be paid otherwise than out of the sink- and accrued int. plus a premium of $787 50. equal to 101.75, a basis of about
ing fund. The bonds are to be redeemable at said price for the sinking 4.22%. Date Dec. 15 1924. Due $3,000 Dec. 15 1925 to 1939 incl.
fund on Jan. 1 1926 or on Jan. 1 of any year thereafter.
ALABAMA CITY, Etowah County, Ala.
-BOND OFFERING.Further information bearing upon this loan, which has Until 7:30 p. m. Dec. 19 sealed bids will be received by the Town Clerk
for $50,000 5% improvement bonds. Duo in 1954.
all been subscribed for, may be found in our "Department
ALAMEDA COUNTY (P. 0. Oakland), Calif.
-BOND SALE.
-The
of Current Events and Discussions," on a preceding page.
$500,000 Highland Hospital bonds offered on Oct. 30 (V. 119, p. 1981)
-Voters Adopt Ten Constitutional were awarded jointly to R. H. Moulton & Co. and the Anglo-California
Louisiana (State of).
of San Francisco,
a premium of
-Defeat Three.
-On Nov. 4 of the Trust Co., bothof about 4.24%. as 5s for $1,000. Due $20.139, equal to
Amendments on Nov. 4
104.42, a basis
Denora.
$110,000 Nov. 1
13 constitutional amendments submitted to the voters (see 1929 to 1932 incl. and $60,000 1933.
V. 119, p. 2089), ten were adopted. The following is the
ALBUQUERQUE, Bernalillo County, N. Mex.-CERTIFICATE
SALE.
-The New Mexico Construction Co. purchased an issue of $118,000
complete vote cast on each of the 13 amendments:
6% paving certificates. Date May 11024. Legality approved by Pershing
The proposed amendment to Section 16, Article XII. (Act 42 of 1924): Nye, Frye & Talimadge of Denver.
(defeated).
For, 18,315; against. 56.037
The proposed amendment to the Constitution empowering the LegislaALLEGANY COUNTY(P.O.Cumberland), Md.-BOND OFFERING.
ture to create port, harbor and terminal districts as political subdivisions -Sealed bids will be received by Edward F. Webb, Supt. of Schools. until
of the State, and providing for their organization, jurisdiction, government, 11 a. m. Jan. 13 for $500,000 4%% coupon school bonds. Denom. $1,000.
regulation, development, operation and maintenance, and to authorize Date July 1 1923. Prin. and semi-ann. int.(J. & J. payable in Cumberland.
the governing authorities of such districts to levy taxes, issue bonds and Due 1947 to 1956 incl. Certified check for 6% of the bonds bid for required.
otherwise to raise revenues for all such purposes, and ratifying an Act of
ALLENTOWN SCHOOL DISTRICT (P. 0. Lehigh County), Pa.
the Legislature of 1924 creating the Lake Charles Harbor and Terminal
BOND OFFERING.
-Until 8 p. m. Jan. 13 sealed bids will be received
District (Act 55 of 1924): For, 29,018; against, 22,705.
The proposed amendment to Article VII., Section 80, of the Constitu- by T. B. Wenner, Sec. School Board, for $350,000 4%% coupon school
tion of this State, increasing the salaries of the Judges of the Civil District bonds. Denom. $1,000. Date Feb. 2 1925. Int. F. & A. Due yearly
Court for the Parish of Orleans (Act 172 of 1924): For, 21,951; against, on Feb. 2 as follows: $32,000, 1930; 340,000, 1935; $50,000, 1940;$61,000,
the
1945; $75,000, 1950. and $92,000, 1955. Certified check for 2%
32.531 (defeated).
The proposed amendment to Section 14 of Article XIV. of the Constitu- amount of bonds bid for required.
tion of 1921, authorizing gravity sub-drainage districts to incur debt and
-BOND DESCRIPTION.
ANACORTES, Skagit County, Wash.
issue negotiable bonds: For, 25,032; against, 24,356.
The proposed amendment authorizing Caddo Parish to levy an annual The $30,000 5%% road bonds purchased by Ferris & Hardgrove of Spokane
tax of 5% mills on the assessed valuation of lal property within said parish -V. 118, p. 1439-are described as follows: Date Jan. 1 1924. Denona.
or
Dm.20 1924.]
THE CHRONICLE
$500. Coupon bonds. Due Jan. 1 1926 to 1933. Int. J. & .1. The
price paid was 100.38. Date of award. Feb. 19 1924.
2909
Financial Statement.
$
Assessed valuation
3 88.55
' 7
172
.42
Actual debt (including proposed issue)
BRAZOS COUNTY COMMON SCHOOL DISTRICT NO. 18 (P. 0.
-The State Board of Education of Texas
-BOND SALE.
Bryan), Tex.
on Dec. 10 purchased $10,000 5% school bonds at par.
BRECKENBR1DGE INDEPENDENT SCHOOL DISTRICT, Ste-The State Board of Education of
-BOND SALE.
phens County, Tex.
Texas on Dec. 10 purchased $15,000 5% school bonds at par.
ANDERSON SCHOOL DISTRICT (P. 0. Lillington), Harnett
-We are
County, No. Caro.
-BOND SALE REPORT ERRONEOUS.
informed by B. P. Gentry. County Superintendent of Schools, that the
$50,000 6% school building bonds we reported as having been sold to
-were never
-V. 119, p. 1197
Stranahan, Ferris & Oatis, Inc.. of Toledo
sold.
-BOND SALE.
-The $100.000
ANNISTON, Calhoun County, Ala.
5;4% street improvement bonds offered on Dec. 11-V. 119, p. 2671
-An
-BOND SALE.
BRENHAM, Washington County, Texas.
were purchased by Ward Sterne & Co. of Birmingham at a premium of issue of $25,000 water works bonds was purchased by H. B. Wood at par.
$300,equal to 100.30-a basis of about 5.48%. Date Oct.1 1924. Denom.
-The Brewster
$1,000. Interest payable A. & 0. Due Oct. 1 1934.
-BOND SALE.
BREWSTER, Stark County, Ohio.
Banking Co. of Brewster was awarded the $5,000 6% water-works system
ARCATA SCHOOL DISTRICT (P.O. Eureka), Humboldt County, inipt. bonds offered on March 14-V. 118, p. 1049
-at par. Date March I
-The $70,000 5% school bonds offered on Dec. 15
-BOND SALE.
Calif.
to 1935 incl.
-were awarded to Peirce, Fair & Co. of San Francisco 1924. Due 5500, March 1 1926
-V. 119. p. 2787
-BOND OFFERING.
at a premium of $2,080, equal to 102.97-a basis of 4.60%. Date Nov. 20
BRIDGEPORT, Fairfield County, Conn.
1924. Denom.$1,000. Due Nov. 20 as follows: 54,000. 1925 to 1934, and Until 3 p. in. Jan. 5 sealed bids will be received by Bernard Keating. City
53,000, 1935 to 1944 incl.
Auditor, for $926,000 4 Yi% coupon or registered Series D school bonds.
1925. Prin. and semi-ann. int. (J. & J.),
Denom.
ARTESIA, Eddy County, New Max -BOND SALE.--Sidlo, Simons, payable $1,000. Date Jan. 2 office. Due yearly on Jan. 2 as follows:
City Treasurer's
Day & Co. of Denver purchased an issue of $15,000 6% water works exten- $31,000 at theto 1954, incl., and 527,000 1955. Legality approved by
1926
8 at par. Date Dec. 1 1924. Denom. $500. Interest
sion bonds on Dec.
Ropes. Gray & Perkins of New York. Certified check for 52% of the par
payable J. & D. Due Dec. 1 1954, optional Dec. 1 1944.
value of bonds bid for, required.
ASTORIA, Clatsop County, Ore.
-BOND DESCRIPTION.
-The
-The
-BONDS REGISTERED.
BROWNFIELD, Terry County, Tex.
$20,000 554% lighting system bonds purchased by the Columbia Trust & State Comptroller of Texas registered $50,000 6% water works bonds on
-V. 118, p. 2217
Savings Bank of Astoria
-are described as follows: Date Dec. 8. Due serially.
May 1 1924. Denom. $500. Coupon bonds. Due May 1 1934. Interest payable M. & N.
-The following 6%
-BOND SALE.
BRUSH, Morgan County, Colo.
local banks at 102,
AULANDER, Bertie County, No. Caro.
-BOND SALE.-Prudden impt. bonds aggregating $7,500 were purchased by
a basis of 5.84%:
& Co. of Toledo purchased an issue of $95,000
% water and sewer
1$2.500 curb & gutter district bonds.
bonds, offered on Nov.25,at a premium of $300, equal to 100.31. Interest $5,000 sewer bonds.
Date June 1 1924. Due June 1 1946. The legality of the curb and
payable M.& N.
gutter district bonds have been approved by Pershing, Nye, Fry & TallAUSTIN, Mower County, Minn.
-BOND OFFERING.
-Sealed bids madge of Denver.
will be received until 8 p. in. Dec. 30 by Fay it. Smith, City Recorder,
-Until
-BOND OFFERING.
BRYAN, Williams County, Ohio.
for $10,000 refunding bonds to bear interest not to exceed 4;4 %. Date
J. A. Neill, Village Clerk, for
Jan. 1 1925. Denom. $1,000. Due Jan. 1 as follows: $1,000, 1926 to 5 p. m. Jan. 5 sealed bids will be received by and one for $100. Date Dec.
51.7004% water main bonds. Denom. $200
1935 incl. Prin. and int. (J. & J.) payable at any bank or fiscal instituS.) payable at the office of the
tion in the United States designated by the purchaser, or at the First 15 1924. Prin. and semi-ann. int. (M. &15 as follows: $100. 1926, and
Village Treasurer. Due yearly on Sept.
National Bank of St. Paul. A certified check for 2% of bid is required.
$200, 1927 to 1934 incl. Certified check for 23.4% of bonds bid for, payable
AVON-BY-THE-SEA, Monmouth County, N. J.
-BOND SALE.
- to the Village Treasurer, required.
The three issues of 5% bonds offered on Dec. 16-V. 119, p. 2671-have
,
-The following issues of 41f,% coupon
-BOND SALE.
BUFFALO, N. Y.
been sold to B. J. Van Ingen & Co. of New York as follows:
-have been sold
on Dec. 17-V. 119, p. 2787
560.000 beach front impt. bonds at 100.59, a basis of about 4.92%. Due or registered bonds offeredof First National Bank of New York, Kean.
to a syndicate composed
$3,000, 1927 to 1938 incl., and $4.000. 1939 to 1944 incl.
Kissel, Kinnlcutt & Co. and the Detroit
Eldredge
45,000 water system impt. bonds at 100.59, a basis of about 4.95%• Taylor & Co., a basis of & Co.4.01%;
about
'
Co. at 101.86.
Due $1,000, 1927 to 1947 incl., and $1,500, 1948 to 1963 incl.
51.500,000 School bonds (non-taxable), as authorized by Chap. 217 of the
16,000 bathing pavilion bonds at 100.02, a basis of about 4.99%. Due
Laws of 1914 (the charter of the City of Buffalo), and the Edu52.000, 1927 to 1934 incl.
cation Law and acts amendatory thereof, and pursuant to a
Date Jan. 11925.
resolution adopted by the Council Nov.5 1924 and duly certified
by the City Clerk. Due 575,000 yearly on Jan. 2 1926 to 1945.
BAKER COUNTY (P. 0. Baker), Ore.
-BOND SALE.
-The $50,000
Inclusive.
5% road bonds offered on Oct. 1 (V. 119, p. 1424) were awarded to the First
400,000 J. N. Adam Memorial Hospital bonds (non-taxable), as authorNational Bank of Baker at a premium of $1,100, equal to 102.20. Due in
ized by Chap. 217 of the Laws of 1914 (the charter of the City
20 years, optional in 10 years.
of Buffalo), and the General City Law and acts amendatory
-BIDS REJECTED.
thereof, and pursuant to a resolution adopted by the Council
BAKER COUNTY (P. 0. Baker), Ore.
-All bids
Nov.5 1924 and duly certified by the City Clerk. Due $20,000
received for the $350,000 5% road bonds offered on Dec. 13-V. 119. p.
yearly on Jan. 2 1926 to 1945, inclusive.
2671-were rejected owing to default in the proceedings. The highest bid
140,000 Park bonds (non-taxable), as authorized by Chap. 217 of the
received was 102.59.
Laws of 1914 (the charter of the City of Buffalo), and the
-BOND SALE.
BATON ROUGE, East Baton Rouge Parish, La.
General City Law and acts amendatory thereof, and pursuant to
The following 5% impt. bonds, aggregating $940,000, offered on Dec. 18
a resolution adopted by the Council Nov. 5 1924 and duly certi-V. 119, p. 2554-were purchased by the First National Co. of St. Louis
fied by the City Clerk. Due 57.000 yearly on Jan. 2 1926 to
and Eldredge & Co. of New York, jointly, at a premium of $27.824, equal
1945, inclusive.
to 102.96. Date Dec. 11924.
100,000 Scajaquada Creek improvement bonds (non-taxable), as author$300,000 paving bonds.
ized by Chap. 217 of the Laws of 1914 (the charter of the City
150,000 drainage bonds.
of Buffalo), and Chap.54 of the Laws of 1919, and pursuant to a
350,000 wharf and river terminal bonds.
resolution adopted by the Council Nov. 5 1924, and duly certi75,000 park bonds.
fied by the City Clerk. Due 85.000 yearly on Jan. 2 1926 to
45,000 abbatoir bonds.
1945. inclusive. All of the bonds w.11 be dated Jan. 2, 1925.
20,000 public library bonds.
The following is a list of bids received for the following bonds:
First Nat. Bank N. Y.; Kissel, Kinnicutt & Co., N. Y.; Eldredge
-BONDS VOTED.
BAUDETTE,Lake of the Woods County, Minn.
& Co.. N. Y.; the Detroit Co.. Inc., N. Y.; Kean, Taylor & Co.,
'
-the voters authorized
At the election held on Nov. 29-V. 119, p. 2314
101.861
N. Y.; Victor. Common & Co., Buffalo, N. Y
the issuance of $16,000 bonds to take up and pay outstanding warrants.
Redmond & Co.. N. Y.; R. W. Pressprich & Co., N. Y.; Geo. B.
101.711
Co., N. 1
Gibbons k Co., Inc., N.
BEATRICE, Gage County, Neb.-PRICE-BOND DESCRIPTION.
- Guaranty Co. of New YorkY.; Rutter &
3
101..01
101679
The $62,500 refunding bonds purchased by James T. Wachob & Co. of Manufacturers & Traders National Bank, Buffalo, N. Y
Omaha-V. 119, p. 2671-were taken as 5s at par. Date Oct. 1 1924. Sherwood & Merrifield, Inc., N. Y.; H. L. Allen & Co.. N. Y_ _101.57
Denom. $1,000 and one for $500. Interest payable Oct. 1. Due Oct. 1 O'Brian, Potter & Co., Buffalo, N. Y.; Dillon, Read & Co.. N.Y.;
1944. optional Oct. 1 1929.
Halsey, Stuart & Co., N. Y.• Blodget & Co.. N. Y.; Peoples
101.379
Bank of Buffalo, N. Y.; White, Weld & Co., N. 1
BEAUREGARD PARISH ROAD DISTRICT NO.5(P.O. De Ridder),
La.
-BOND SALE.
-The $110,000 6'; road bonds offered on Dec. 9- William R. Compton Co., N. Y.: Hayden, Stone & Co., N. Y. 101.375
Phelps. Fenn & Co., N. Y
V. 119. p. 2436
-were awarded to Prudden & Co. of Toledo at a premium
101.17
of $2,430, equal to 102.20-a basis of about 5.84%. Date Dec. 1 1924. The Fidelity Trust Co. of Buffalo, N. Y
Harris, Forbes & Co., N. Y.; Bankers Trust Co., N. Y.; National
Due Dec. 1 1954.
101.043
City Co.. N.Y
BELLEVILLE SCHOOL DISTRICT (P. 0. Belleville), Jefferson The Marine Trust Co. of Buffalo, N. Y.; the Buffalo Trust Co.,
100.871
County, N. J.
Buffalo, N. Y
-BOND OFFERING.
-Sealed bids will be received until
All of the above bids were for "all or none."
8:39 p. in. Jan. 5 by J. J. Turner, District Clerk, for the following issues of
bonds:
5% coupon school
-Until Jan. 6
-BOND OFFERING.
BUNKIE, Avoyelles Parish, La.
$210,000 Series "A" bonds. Due yearly on Jan. 15 as follows: 55,000.
sealed bids will be received by the Mayor for $40,000 water works system
1926 to 1943 incl., and $6,000, 1944 to 1963 incl.
bonds.
35,000 Series "B" bonds. Due yearly on Jan. 15 as follows: $2,000.
1926 to 1931 incl., and 51,000, 1932 to 1954 incl.
BURBANK SCHOOL DISTRICT, Los Angeles County, Calif.
Donom. $1,000. Date Jan. 15 1925. Prin. and semi-ann. int. (J- &
-Sealed bids will be received until 2 p. m. Dec. 22 by
payable at the First National Bank of /3elleville. No more bonds to be BOND OFFERING.
Date
awarded than will produce a premium of $1,000 over each of the above issues. L. E. Lampton, County Clerk, for $100,000 5% school bonds 1925 to
The bonds will be prepared under the supervision of the U. S. Mtge, & Dec. 1 1924. Denom. $1,000. Due Dec. 1 as follows: 51,000,
Trust Co. of New York, which will certify as to the genuineness of the signa- 1932. incl.; 52,000. 1933 to 1944, incl.; 54,000, 1945 to 1947, incl., and
D.) payable at the
tures of officials and the seal impressed thereon, and the validity of the bonds 58.000, 1948 to 1954, incl. Principal and interest (J. &3% of bid, payable
will be approved by Hawkins, Delafield & Longfellow of New York. Certi- Treasury of Los Angeles County. A certified check for
The
fied check for 2% of the amount of bonds bid for, payable to the Custodian to the order of the Chairman of the Board of Supervisors, required. year
assessed valuation of the taxable property in said school district for the
of School Moneys, required.
bonds previously issued and now
1924 is $11.506.875 and the amount of
BENTON COUNTY (P. 0. Fowler), Ind.
-BOND OFFERING.- outstanding is $315.000.
Robert A. Swan, County Treasurer, until 2 p. m. Dec. 22 will receive
BURBANK HIGH SCHOOL DISTRICT, Los Angeles County,
sealed bids for $5,400 5% West B. Homrighouse et al. road coupon bonds.
-BOND OFFERING.
-Until 2 p. in. Dec. 22 sealed bids will be
Denom. $270. Date Dec. 22 1924. Int. M. & N. 15. Due $270 every Calif.
received by L. E. Lampton, County Clerk (P.0. Los Angeles). for $100,000
six months from May 15 1926 to Nov. 15 1935 incl.
Denom. $1.000. Due Dec. 1 as
Dec.
BENTON AND LINN COUNTIES SCHOOL DISTRICT NO.9 (P. 0. 5% school bonds. Date 1933, 1 1924.
incl.; $2,000, 1934 to 1937. inc $1.000,
follows: $1,000,
Corvallis), Ore.
-BOND DESCRIPTION.
-The $27,500 5% school bonds 1938 to 1951, inc 1925 to 1952 to 1960, incl.; $6.000, 1961 to 1964, incl.
.; $5.000,
purchased by Ralph Schneoloch Co. of Portland-V. 119, p. 1760
-are Principal and interest (J. & D.) payab e at the Treasury of Los Angeles
described as follows: Date Oct. 1 1924. Denoni. $1,000 except 1 for $500. County. A certified check for 3% of bid, payable to the order of the
Duo Oct. 1 as follows: 57,500, 1932; $10,000, 1933 and 1934. Principal Chairman of the Board of Supervi(ors, required. The assecsed valuation
and interest (A. & 0.) payable at the fiscal agency of the State of Oregon of the taxable property in said high school district for the year 1924 is
in Now York City. Legality approved by Teal, Winfreo, Johnson & Mc- $11,506,875, and the amount of bonds previously Issued and now outCulloch of l'ortland.
standing is 5273.000.
nancial ntaiement.
Assessed valuation
$3,988,958 37
BUTTE COUNTY RECLAMATION DISTRICT NO. 833 (P. 0.
estimated
6,675,000 00 Oroville), Calif.
Actual value,
-BOND OFFERING.
-Sealed bids will be received until
182,500 00 11 a. m. Dec. 20 by Mettle R. Lund, County Treasurer, for 5331.000 6%
Total bonded debt, including this issue
Population, estimated. 7.000.
reclamation bonds. Data Jan. 11 1923. Deoom. $1,000. Due Jan. 1 as
1940;and $86.000.
BERGEN AND RIGA UNION FREE SCHOOL DISTRICT NO. 7 follows: $32.000. 1937;$87,000. 1938 and 1939; $39,000,
-BOND OFFERING.
-Until 1941. Interest payable J. & J.
(P. 0. Bergen), Genesee County, N. Y.
CAMBRIDGE CITY SCHOOL DISTRICT (P. 0. Cambridge),
Dec. 19 scaled bids will be received by H. W. White, Clerk Board
4 D. rn.
% coupon school bonds. Denom. $1,000. Guernsey County, Ohio.
-BOND OFFERING.
-Bert Rigby, Clerk Bd.
of-Education, for $180,000
Date Nov. 1 1924. Int. M. & N. Due yearly on Nov. I as follows: of Education, will receive sealed bids until 12 m.(Eastern standard time)
$2,000. 1925 to 1935 incl.; 53,000. 1936 to 1941 incl.; $4.000. 1942 to 1947 Jan. 5 for $18,000 4;4% school bonds. Denom. $1.000. Date Jan. 1
incl.; 55,000, 1948 to 1952 incl.; $6,000, 1953 to 1955 incl.; $7,000, 1956 to 1925. Int. semi-ann. Due $2,000 yearly on Sept. 5 1926 to 1934 incl.
1958 incl.; $8,000, 1959 and 1960. and $9,000, 1961 to 1964 incl. Legality Certified check for 5% of the amount bid upon, payable to the Board of
f
rerew Y c
approved. . ila usoiDtlon IN regori a. Certified check for $1,000, pay- Education, required.
i bir Cioy &
sl
CAROLINE COUNTY (P. 0. Denton), Md.-BOND OFFERING.
-BOND OFFERING.
-Sealed Sealed proposals will be received by Walter S. Rutter. Clerk of Boardf
BLAIRSVILLE, Indiana County, Pa.
bids will be received by T. 0. North, Borough Manager, until 7:30 p. m. County Commissioners, until 1 p. m. Jan. 6 for $100.000 04% publ?c
Jan. 6 for $125.000 4% water bonds. Denom. $1,000. Date Jan. 1 school bonds. Denom. $1,000. Date Feb. 1 1925. Int. semi-ann.
1925. Int. semi-ann. Due in 1937, 1949 and 1954. Certified check for Due 55,000 Feb. 1 1926 to 1945, inch Certified check or cash for an
amount equal to 5% of par value of bonds bid for required.
52.500. payable to the Borough Clerk, required.
2910
THE CHRONICLE
CARRICK, Allegheny County, Pa.
-PRICE PAID.
-The price paid
by the Union Trust Co. of Pittsburgh for the 3200.000 431% borough
bonds awarded to that company on Dec. 8, as was stated in V. 119. la•
2778. was $206,000, equal to 103.00, a basis of about 4.08%. The bonds
bear date of Dec. 1 1924 and mature $20,000 yearly on Dec. I 1944 to
1953, incl. Following is a list of the bids received.
Premium.
Premium.
Redmond & Co., Pitts---44.360 00 Carrick Bank. Carrick_ -$5,637 50
Union Trust Co., Pitts__ 6.00000 M.M.Preeman & Co.,Phlla. 4,55800
The Nat. City Co., N. Y_- 2.418 00 Harris,Forbes & Co.,N.Y. 3.422 00
Lewis & Snyder, Philo---- 2,526 50 Peoples Savings & Trust
Halsey,Stuart& Co., N.Y. 3.24000
4.69500
Co., Pittsburgh
Mellon Nat. Bank, Pittab_ 5.275 50 West & Co., Philadelphia
3.604 00
All bids included accrued interest.
CENTFtALIA, Boone County, Mo.-BOND DESCRIPTION.
-The
42
S .000 5% Paving bonds purchased by the Harris Trust & Savings Bank
of Chicago on Dec. 1-V. 119, p. 2672
-are described as follows: Date
Dec. 1 1924. Denom.81.000. Int. payable J. & D. Due Dec. 1 1944.
CENTRALIA, Lewis County, Wash.
-BOND DESCRIPTION.
-The
$60,000 431% sewer bonds purchased by the First National Bank of Seattle
(V. 119. p. 1090) are described as follows: Date. Aug. 1 1924. Denom.
$500. Coupon bonds. Due serially Aug. 1 1926 to 1944. Interest payable M.& S. The National Bank of Commerce of Seattle were joint purchasers. Date of award. Aug. 12 1924. The price paid was 100.79. not
101.62 as originally reported in above reference.
CENTREPORT FIRE DISTRICT OF THE TOWN OF HUNTING.
TON (P.0. Centreport), Suffolk County, N. Y.
-BOND OFFERING.Sealed bids until 2 p. m. Dec. 27 will be received by Geo. F. Miller, Chairman Board of Fire Commissioners, for $13,000 coupon or registered fire
district bonds not to exceed 6% interest. Date Jan. 1 1925. Prin. and
semi-ann-int. (J. & J.) payable at the First Nat. Bank of Northport.
Due yearly on Jan. 1 as follows: $2,000, 1927 to 1932 incl.. and $1.000.
1933. Legality approved by Caldwell & Raymond of New York. Cert.
check for $500, payable to the District Treasurer, required.
CHADRON, Dawes County, Neb.-BOND SALE.
-S35,012 5%
paving bonds were purchased by the State of Nebraska during November
at par. Date Nov. 1 1924. Due Nov. 1 1944, optional Nov. 1 1929.
CHALFANT, Allegheny County, Pa.
-BOND OFFERING.
-Sealed
bids will be received
William Skelton, Borough Secretary, until 8 p. m.
Jan. 13 for $30.000 43% borough bonds. Denom. $1,000. Date Dec. 15
1924. Int. J. & D. 15. Due yearly on Dec. 15 as follows: $5,000 in 1929,
1934, 1939, 1944, 1949 and 1953. Certified check for $600, payable to
the borough. required. Purchaser to pay for printing of bonds.
CHARLESTON INDEPENDENT DISTRICT, Kanawha County,
W. Va.-BOND OFFERING.
-Sealed bids will be received until 10 a. m.
Dec. 20 by Houston G. Young, Secretary of State Sinking Fund Commission, for $200.000 5% coupon school bonds. Date July 11923. Denom.
$1,000. Due July 1 as follows: $35.000, 1926: *45.000. 1927 to 1929,
Incl. and 330.000, 1930. Principal and interest (J. & J.) payable in gold
at the office of the Treasurer of the State of West Virginia or at the National
City Bank, New York City, at option of holder. A certified check for 2%
of bid, payable to the order of the State of West Virginia, is required.
The opinion of John C. Thomson, 1619 Equitable Bldg.. 120 Broadway,
New York, has been secured on the validity of this bond issue. The
original transcript of proceedings is in the possession of Mr. Thomson,
and a certified copy of same may be had by the successful bidder at his
own expense. These bonds are part of an issue of $1,350,000, of which
$500,000 has been sold. The remainder of the issue is under the control
of this Commission.
Financial Statement.
Assessed valuation
3100,590,419
Total debt including this issue
2,394,000
Population (1920 Census), 39.846.
[VOL. 119.
$4,44011927.11111Legality approved by Peck. Shatter & Williams of Cincinnati. Certified check for 2% of the amount of bonds bid for, payable
to the County Treasurer, required.
CLEVELAND, Cuyahoga County, Ohio.
-BOND SALE.
-A
cate composed of Eldredge & Co., E. H. Rollins & Sons, KountzesyndiBros.
and Redmond & Co., all of New York, has purchased the following issues
of coupon bonds otTered on Dec. 12-V. 119, p. 2436
-for $3,000,357 12.
equal to 102.19-a basis of about 4.32%•
$336.000 property's portion street widening bonds dated Aug. 1 1924,
laearing interest at 5%, interest being payable M. & N. The
bonds mature as follows: $24,000 semi-annually, May 1 1928
to Nov. 1 1934 incl.
150,000 city's portion street opening bonds dated Sept. 1 1924, bearing
Interest at 431%. interest being payable M. & S. The bonds
mature as follows: $6.000 on Sept. 1 in each of the years from
1926 to 1950 inclusive.
350,000 street department bonds dated Sept. 1 1924, bearing interest at
%, interest being payable M. & S. The bonds mature as
follows: $35,000 on Sept. 1 in each of the years from 1926 to 1935
Inclusive.
100,000 city's portion street opening bonds dated Sept. 1 1924, bearing
interest at 431%, interest being payable M. & S. The bonds
mature as follows: $4.000 on Sept. 1 in each of the years from
1926 to 1950, inclusive.
2,000,000 water works bonds dated Nov. 1 1924, bearing Interest at 434%,
Interest being payable M. & N. The bonds mature as follows:
380,000 on Nov. 1 in each of the years from 1926 to 1950,1nel.
Bids were as follows:
Bid.
Eldredge & Co., E. H. Rollins & Sons, Kountze Bros. and
Redmond & Co
$3,000,357 12
Herrick & Co., Equitable Trust Co., Ames, Emerich & Co.,.
Co ,
W.A. Harriman & Co., Lehman Bros., Phelps, Fenn &
Old Colony Trust Co. and B. J. Van Ingen & Co
2,999,979 20
Geo. B. Gibbons & Co., Inc., and A. T. Bell & Co
Chase Securities Corp., Seasongood & Mayer, H. L. Allen & 2,998,000 00
Co., Geo. II. Burr & Co., Hemphill, Noyes & Co., Austin
Grant & Co. and J. G. White & Co
Estabrook & Co.. Win, R. Compton Co., Roosevelt & Son, 2.997,193 75
Hayden, Stone & Co. and Hallgarten & Co
First National Bank, N. Y., Kissel, Kinnicutt & Co., Halsey, 2,995.868 00
Stuart & Co., Brown Bros., A. G. Becker & Co., Barr
Bros. and R. W. Pressprich Co
2,995,312 00
Bankers Trust Co., Guaranty Co., Dillon, Read & Co..
and the Tillotson Wolcott Co
2.983,240 24
Hayden. Miller & Co., Harris, Forbes & Co., the National
City Co.. Curtis & Sanger and Remick, Hodges & Co- -- 2,975,020 00
CODY SEWER DISTRICT,Park County, Wyo.-BOND OFFERING.
-Sealed bids will be received until 8 p. in. Dec. 22 by F. F. McGee, City
Treasurer, for $13,748 27 6% sewer bonds. Date Jan. 1 1925.
COFFEYVILLE, Montgomery County, Kan.
-BOND SALE.
-The
3120.000 5% internal improvement bonds offered on Dec. 10-V. 119. ri•
2672
-were purchased by Chas. Stanton and the Prudential Trust Co. of
Kansas City at a premium of$451 50,equal to 100.37. Date Oct. 1 1924.
COLUMBUS,Platte County, Neb.-BONDS VOTED.
-At the eledion
held on Dec. 9-V. 119, p. 2555
-the voters authorized the issuance of
$60,000 sanitary sower bonds.
COMANCHE COUNTY COMMON SCHOOL DISTRICT, Rural
District No. 5 (P. 0. Comanche), Tex.
-BONDS REGISTERED.
-On
Dec. 10 the State Comptroller of Texas registered $50,000 534% school
bonds. Due serially.
COMPTON CITY SCHOOL DISTRICT, Los Angeles County
Calif.
-BOND SALE.
-The Security Co. of Los Angeles purchased an
issue of 3140.000 5% school bonds. Date Nov. 1 1924. Denom. $1,000.
CHEHALIS,Lewis County, Wash.
-BOND OFFERING.
-Sealed bids Due Nov. 1 as follows: $3,000 1925 to 1944, incl., and $4,000 1945 to
will be received until 4 p. m. Dec. 22 by Edward Deggeller, City Treasurer, 1964, incl. Principal and
for $35.000 general obligation bonds at a rate of interest not to exceed 5%. Treasurer of Los Angeles Interest(M.& N.), payable at the office of the
County.
Bidders are notified that the successful bidder shall submit and O.K.
the form of bond required to be furnished which shall be subject to the
Financial Statement (As Officially Reported).
approval of the City Attorney of Chehalis prior to the execution of bonds. Assessed valuation 1924
$8,287,755
A certified check for 5% of bid Is required.
Bonded debt (including this issue)
406.000
Population
7,960
CHICAGO SOUTH PARK DISTRICT (P. 0. Chicago), III
-BOND
SALE.
-A syndicate composed of William R. Compton CO.. the Northern
COMPTON, Los Angeles County, Calif.
-BIDS.
-The following
Trust Co. and the Detroit Company has been awarded the following issues bids were received for the $85,000 bonds purchased by the California
of 4% bonds offered on Dec. 17-V. 119. p. 2672
-at 97.69, a basis of Securities Co.. as stated in V. 119, p. 1761:
about 4.29%.
Premium.
Premium.
$4,763 Wm. R. Stoats Co
$1,000,000 South Park Avenue completion bonds, first issue, dated Aug. 1 Dean, Witter & Co
$4,816
5,012 Security Co
1924,issued under an Act approved May 11 1905.1n force July 1 Anglo-London-Paris Co
5,670
First Securities Co
4.913 Bank of Italy
1905: $50,000 maturing annually on Aug. 1 1925 to 1944, incl.
3,788
4.125 Harris Trust & Savings Bank.. 5.026
1,500,000 park improvement bonds, second issue, dated July 1 1924. California Securities Co
Issued under vote of April 3 1923. for the purpose of acquiring
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
and improving public parks: $75,000 maturing annually on
-BOND SALE.
The Provident Savings Bank & Trust Co., Cincinnati, and Geo. H. Burr &
July 1 1925 to 1944. incl.
Co., New York, jointly, were the successful bidders for the following issues
of 5% coupon school bonds offered on Dec. 3-V. 119, p. 2437.
CHISHOLM,St. Louis County, Minn.
-BOND SALE.
-The
sewer bonds offered on Oct. 17-V.119, p. 1761-were awarded to $100,000 $118,300 Cleveland-West Richfield Road I. C. H. No. 499 improvement
the Minspecial assessment bonds. Denom. $1,000 and one for $300.
neapolis Trust Co. of Minneapolis as 45,4s at a premium of 31.062 50, equal
Due yearly on Oct. 1 as follows: $10,300, 1926: $12,000, 1927 to
to 101.06. Denom.81.000. Due $10,000 yearly from 1929 to 1938 incl.
1935. inclusive.
197.604 17 Cleveland-West Richfield Road I. C. H. No.499 improvement
CINCINNATI CITY SCHOOL DISTRICT (P. 0. Cincinnati),
county's portion bonds. Denom. 31,000 and ono for $604 17.
Hamilton County, Ohio.
-BOND OFFERING.
-R. W. Shafer, Clerk of
Due yearly on Oct. 1 as follows: $18,604 17. 1926. and $20,000,
Board of Education, will receive sealed bids until 3 p. m. Dec. 12 at the
1926; 319,000, 1927, and $20,000, 1928 to 1935, inclusive.
Denton Bldg. for 31,100.000 4}i% coupon school bonds (voted at the
Date Dec. 1 1924.
general election Nov. 4 1919). Denom. $1,000. Date Dec. 1 1924. Prin.
and semi-ann. int. payable at the American Exchange Nat. Bank in New
DETROIT, Becker County, Minn.
-BOND SALE.
York. Due $50,000 yearly on Sept. 1 1926 to 1950 incl. Certified check
-The following 5%
for 5% of the amount of bonds bid for, payable to the Board of Education, bonds, aggregating $6,000, offered on Dec. 8-V. 119, p. 2672
-were
required.. These bonds were offered unsuccessfully as 43.1s on Dec. 8 awarded to the Security State Bank of Detroit at par:
$4,000 paving bonds. Denom. $1,000. Due July 1 as follows:
(see V. 119, p. 2555).
$1,000,
1927. 1929, 1931 and 1933.
2,000 storm sewer bonds. Denom. $500. Duo July 1 as
CIRCLEVILLE, Pickaway County, Ohio.
follows: $500.
-BOND SALE.
-The
1927, 1929, 1931 and 1933.
$611,047 50 534% Franklin St. assessment 'mot. bonds offered on Dec. 15
-V". 119, p. 2672
-have been awarded to the Herrick Co. of Cleveland
DEWITT UNION FREE SCHOOL DISTRICT NO. 5 (P. 0. East
at 194.03, a basis of about 4.67%. Date Dec. 15 1924. Duo yearly on
Syracuse), Onondaga County, N. Y.
-BOND OFFERING.-J. C.
Sept. 7 as follows: 37,500, 1926 to 1933. incl., and $8,047 50, 1934.
BOND SALE.
-The above named company was awarded the 333,232 50 Donahue. Clerk of Board of Education, will receive sealed bids until 7:30
Franklin St. impt. bonds offered at the same time (see V. 119. p. p. m. Dec. 23 for wow coupon school bonds not to exceed 5% interest.
Denom.
at 104.03, a basis of about 4.72%. Date Dec. 15 1924. Due payable 1,1,000. Date Nov. 11924. Prin, and semi-ann. Int.(M. & N.)
at the Bank of East Syracuse or at the Equitable Trust Co. of
y on Sept. 1 as follows: $3,500, 1926 to 1931, incl.; $4,000, 1932 and New
York. Due $5.000 1925 to 1944, incl., and $10,000 1245 to
1933, and $4,232 50, 1934.
Legality approved by Clay & Dillon of New York. Certified 1964. Incl.
check for
$32.000 required.
CLACKAMAS COUNTY (P. 0. Oregon City), Ore.
-BOND DESCRIPTION.
-The $200,000 501, road bonds purchased by Blyth, Witter
DOLGEVILLE, Herkimer County, N. Y.
-BOND SALE.
-The Union
& Co. of Portland (V. 118. p. 2859) are described as follows: Date June 1
Nat. Corp. of
1924. Denom. $1,000. Coupon bonds. Due June 1 1930 to 1934. 431s at 100.79.New York nas been awarded $15,107 76 paving bonds as
Interest payable J. & D.
DOVER, Tuscarawas County, Ohio.
-BOND SALE.
-The $20,090
CLARKE COUNTY SCHOOL DISTRICT NO.37(P. 0. Vancouver), 5% street impt. bonds offered on Aug. 1-V. 119,
-were awarded to
p. 356
Wash.
-BOND DESCRIPTION.
-The 350.0005% school bonds purchased a local bank. Date July 11024. Due each six months as follows: $1,500,
by the State of Wadlington (V. 118. p. 1818) are described as follows: April 1 1926 to Oct. 11933,Ind., and
*2,090, April 11934.
Date April 1 1924. Coupon bonds. Duo serially. The price paid was par
plus the cost of furnishing bonds.
DURANT, Bryan County, Okla.
-BOND SALE.
-The $40.000 water
works extension and $13,500 street lighting 5% bonds offered on Dec. 16CLARKSTOWN (P. 0. New City), Rockland County, N. Y.
-BOND V. 119, p. 2788
-were awarded to the Commercial National Bank of Durant
OFFERING.
-Sealed bids will be received by Kate Buchenan, Town Clerk. at par plus $396, equal to 100.74, a basis of about 4.94%. Denom. $1,000
until 8 p. m. Dec. 22 for $19,800 4ji% Town bonds. Denom. 31,000 and and $700. Date Jan. 2 1925. Int. J. J. Due Jan. 2 1945.
&
one for $800. Date Jan. 2 1925. Int. semi-ann. Due yearly on Jan. 2
as follows: 32,000, 1926 to 1934 incl., and $1,800, 1935. Certified
EAST JEFFERSON RURAL SCHOOL DISTRICT (P. 0. East
check for 2% of the amount of bid required.
Jefferson), Adams County, Ohio.
-BOND OFFERING.
-Sealed proposals will be received by 0. E. McHenry, Clerk Board of Education, until
CLERMONT COUNTY (P.O. Batavia), Ohio.
-BOND OFFERING.
- 12 m. Jan.5 for 325,000 5%% coupon school bonds. Denom. $500. Date
Until 12 m. Dec. 27 sealed bids will be received by R. E. Eveland, County Jan. 2 1925. Prin, and int. (April and November) payable at the
District
Auditor, for $8,440 534% I. C. H. No. 494 bonds. Denom. $1,000 and Treasurer's office.
on Nov.
one for $400. Prin. and semi-ann. Int. (M. & S.) payable at the County check for 5% of theDue $1,000 yearlybonds bid 1 1926 to 1950 incl. Cert.
for, payable to the above
par value of the
Treasurer's office. Due yearly on Sept. 1 as follows: $1,000, 1026 and Clerk, required.
yearl
DEC. 20 1924.]
THE CHRONICLE
EASTLAND COUNTY COMMON SCHOOL DISTRICT NO. 23
-On Dec. 12 the State
(P. 0. Eastland), Tex.
-BONDS REGISTERED.
Comptroller of Texas registered $10.000 6% school bonds. Due serially.
2911
-The $50,000
-BOND SALE.
FORD CITY, Armstrong County, Pa.
% coupon borough bonds offered on Sept. 10(V. 119. p. 972) have been
sold to the Union Trust Co. of Pittsburgh. Date Aug. 1 1924. Due
$10,000 on Aug. 1 1930. 1935, 1940, 1945 and 1950.
EAST PALESTINE SCHOOL DISTRICH (P. 0. East Palestine),
-The City Sinking Fund
-BOND SALE.
Columbiana County, Ohio.
Commission has purchased $10,000 school bonds at par.
-BOND SALE.
FORREST COUNTY (P. 0. Hattiesburg), Miss.
The $250,000 paving bonds offered on Dec. 16 (V. 119, P. 2556) were
awarded to the Commercial National Bank of Hattiesburg at par plus acEAST PIKE TOWNSHIP SCHOOL DISTRICT (P.O. Washington), crued interest and expenses. Date Jan. 15 1925. Due $10.000 annually
% school for 25 years.
-The $125.000
-BOND SALE.
Washington County, Pa.
-were sold to J. H. Holmes &
bonds offered on Sept. 5-V. 119. p. 1090
Co. of Pittsburgh. Date July 1 1924. Due $5,000 yearly on July 1 1927
-A. P.
-BOND SALE.
FULTON COUNTY (P. 0. Rochester), Ind.
to 1951, inclusive.
Flynn of Logansport was the successful bidder on Mar. 17 for 516.0004)4%
road bonds at par.
-BOND SALE.
EAST STROUDSBURG, Monroe County, Pa.
Local banks and investors during the month of February purchased $12,000
-BOND ELECTION.
GAVIN COUNTY (P. 0. Paula Valley), Okla.
fire alarm system bonds as 5s at par. Due 1954, optional after 1925.
An election will be held on Jan. 9 for the purpose of voting on the question
of issuing $750,000 road bonds.
-Sealed proposals
-BOND OFFERING.
EATON,Preble County, Ohio.
will be received until 12 m. Jan. 2 by D. Ray Hartman, Village Clerk, for
GERMAN FLATS UNION SCHOOL DISTRICT NO.1(P.O. Ilion),
$4,950 5% street roller purchase bonds. Int. A. & 0. Payable annually Herkimer County, N. Y.
-Anna D. Cox, Treas-BOND OFFERING.
until Oct. 1 1930. Cert. check for 10% of the amount of bonds bid for, urer, Board of Education, will receive bids at public auction on Jas. 3 at
payable to the Village Treasurer, required.
pur3 p. m. for $160,000 44% coupon school bonds. Denoms. to suit.
chaser. Date Oct. 1 1924. PrW. and semi-ann. int. (A. & 0.) payable
EAU CLAIRE SCHOOL DISTRICT (P. 0. Eau Claire), Butler at the Ilion Nat. Bank of Ilion. Due yearly on Oct. 1 as follows: $5,800,
-BOND SALE.
-On Sept. 20 the $4,500 5% school bonds of- 1926 to 1952, incl.,
County, Pa.
$3.400, 1953. Certified check for 10% a the
fered on that day (V. 119, p. 1425) were sold to the Butler Savings & Trust amount of bonds bidand required.
for
Co. of Butler at par. Date Sept. 1 1924. Due $300 Sept. 1 1926 to 1940
incl.; optional Sept. 1 1932,
-The $45,000
-BOND SALE.
GIBSON, Scotland County, No. Caro.
offered on Dec. 9-V. 119..p. 2556
-BOND OF- 6% water and sewer coupon bonds Toledo at a premium of $58. equal to
EDGEFIELD COUNTY (P. 0. Edgefield), So. Caro.
Co.
-Sealed bids will be received until 12 m. Dec. 23 by G.H.Ballen- were purchased by Prudden &Dateof
FERING.
Oct. 1 1924. Denom. 51.000. Due
100.12. a basis of 5.98%.
tine, Secretary Edgefield Highway Commission,for $100,000 highway bonds Oct. 1 as follows:
$1.000, 1927 to 1951, and $2,000, 1952 to 1961 incl.
to bear interest at a rate not to exceed 54%. Date Jan. 1 1925. Due
July 1 as follows: $4.000. 1929 to 1953 incl. Principal and interest (J. & J.)
-The $25,000
-BOND SALE.
GILES COUNTY(P.O.Pulaski),Tenn.
payable at the Hanover National Bank, New York City. Legality approved
-were pur2556
by Storey, Thorndike, Palmer & Dodge of Boston. A. certified check for 5% coupon road bonds offered on Dec. 12-V. 119. P.Citizens Bank of
chased by Joe B. Palmer & Co. of Nashville and the
$2,000, payable to the order of G. H. Ballentine. Secretary, is required.
basis of about 4.78%•
Pulaski at a premium of $642 50. equal to 102.57-a
Date July 11924. Denom.$1,000. Due $1,000 July 1 1925 to 1949, incl.
EDGEWATER SANITARY SEWER DISTRICT NO. 1, Jefferson Following is a list of other bidders:
County, Colo.
-BOND SALE.
-The $2,500 6% sewer bonds offered on
Bid.
Name.
Bid.
Name.
-were purchased by Bosworth, Chanute & Co.
Nov. 28-V. 119, p. 2556
Robinson Humphrey 0o-325.261 00
Emery, Peck & Rockof Denver at par. Date July 1 1924. Denom. $500. Due July 1 1944.
25.500 00
$25,252 00 I. B. Tigrett & Co
wood
25.017 50
25,152 00 N. S. Hill & Co
Well, Roth & Irving
25,000 00
ELIZABETH, Pasquotank County, No. Caro.
-BOND SALE.
-The J. W.Jakes & Co
25,303 00 The Union Bank
25,400 00
$800,000 public improvement bonds, said bonds being a consolidated issue The Hanchett Bond Co-- 25,101 50 Caldwell & Co
of $550,000 water, electric light and sewer bonds and $250,000 sewerage
bonds, offered on Dec. 15-V. 119. p. 2762-were awarded to C. W.
Lawrence County, N. Y.-130ND OFFERING.
GOUVERNEUR, St.
McNear & Co. and Stifel, Nicolau & Co.. Inc.. both of New York City, as
VillECIerk, will receive sealed bids until 7:30 p. m.
M.
5s at a premium of $2,241 91, equal to 100.28, a basis of about 4.97%. -A.6 forJepson, 4 % coupon lighting plant bonds. Denom. $1,000.
Date Jan. 1 1925. Coupon bonds registerable as to principal. Due Jan. Jan.5100,000
. and semi-ann. int. (J. & J.) payable at the
1 1925.
Jan. 1 as follows: $12,000, 1928 to 1934 incl.; $17,000. 1935 to 1942 incl.: Date National Bank of Gouverneur or the Chase National Bank of New
First
$22,000. 1943 to 1945 incl., and $30.000, 1953 to 1964 incl. Legality York. Due $5,000 Jan. 1 1926 to 1945 incl. Certified check for 52,000
)approved by C. B. Manila', New York City. Following is a list of other required.
bids received:
NameBid.
Rate.
-A syndi-BOND SALE.
GRAND RAPIDS, Wayne County, Mich.
Southern Trust Co
$800,075 cate composed of the Michigan Trust Co. of Grand Rapids, Harris Trust
5%
Austin, Grant & Co.. Redmond & Co., Wells, Dickey & Co.,
Sr Savings Bank of Chicago and William R. Compton & Co. of St. Louis
Mississippi Valley Trust Co. and R. W.Pressprich & Co_5317 816,152 has purchased the 51.125,000
% coupon school bonds offered on Dec.
Well. Roth& Irving and Prov. Say. Bk. Sr Trust Co
54
814.144 15-V. 119, p. 2673
-for $1,179,127, equal to 104.81. a basis of about
A. B. Leach & Co
53f 812,879 4.33%. Due yearly on Sept. 1 as follows: $179,009 1939. $300.000
W. L. Slayton & Co
5347 811.239 1940 to 1942, incl.. and $46.000 1943.
First National Co
810.856
5
Harris, Forbes & Co. and Wachovia Bank & Trust Co5)4% 809,040
-The
GRAPEVINE, Tarrant County, Tex.-130NDS REGISTERED.bonds
Ryan, Bowman & Co
807,213
534
water works
Vandersall & Co
807,200 State Comptroller of Texas registered $60.000 5)4%
534
on Dec. 12. Due serially.
ELLINWOOD, Barton County, Kan.
-CORRECTION IN AMOUNT
GRAVITY DRAINAGE DISTRICT NO. 1, Bossier Parish, La.
0
-DESCRIPTION.-The amount of 5% refunding bonds purchased by the BOND OFFERING.
-Sealed bids will be received until 1 p. m. Jan. 15 by
Fidelity National Bank & Trust Co. of Kansas City on Nov. 1 was $18,000 A. Curtis. President Board of Drainage Conunissioners, for 5400,00
0
and not $40,000 as stated in V. 119, p. 2672. Date Nov. 1 1924. Denom. drainage bonds to bear interest at a rate not to exceed 6%. Date Nov. 1
$1,000. Interest 'Sayable F. & A. Due Feb. 1 1944.
1924. Denom. $1,000. Due Nov. 1 1925 to 1949. A certified check
for $20,000 required.
ELMGREN SCHOOL DISTRICT NO.27, Divide County, No. Dak.BOND SALE.
-The State of North Dakota purchased during November
-BOND SALB.-The
GREENE COUNTY (P. 0. Bloomfield), Ind.
5% school building bonds at par. Date Oct. 1 1924. Due Oct. 1 56.200 5% coupon Ira Page et al. road bonds offered on Dec. 13-V. 119,
4.000
1944. Bonds are not subject to call but may be redeemed 2 years from p. 2556
-have been sold to the First National Bank of Linton for 56,458 38.
date of issue.
equal to 104.16, a basis of about 4.12%. Due $310 every six months
from May 15 1926 to Nov. 15 1935 inclusive.
ENFIELD, Hartford County, Conn.
-BOND OFFERING.
-Sealed
bids will be received until 12 m. Dec. 22 by the Town Selectmen at the office
GREENVILLE FIRE DISTRICT OF THE TOWN OF GREENof the Hartford-Connecticut Trust Co. of Hartford for $277,500 4% coupon
-BOND
0. Scarsdale), Westchester County, N. Y.
town bonds. Denom. $1,000 and one for $500. Date Dec. 11924. Prin. BURGH (P.H. Pforzheimer & Co. of New York have been awarded the
-Carl
SALE.
and semi-ann. int. (J. & D.) payable at the office of the Hartford Connecti- $13,000
fire district bonds offered on Dec. 15-V. 119. p. 2556
434%
cut Trust Co. of Hartford. bus on Dec. 1 as follows: $11,500, 1929;
Date Oct. 7 1924. Due yearly on
$12,000, 1930 and 1931, and $11,000, 1932 to 1953 incl. Bids may be for at 100.9054, a basis of about 4.35%. incl., and 52.000. 1932 to 1934 Cl.in
Oct. 7 as follows: $1,000, 1925 to 1931
all or any portion of the bonds. Bonds will be certified by the above trust
company and the legal opinion of Rabineon, Robinson & Cole of Hartford
GURDON WATER AND SEWER DISTRICT NO. 1, Clark County,
will be furnished with the bends. Certified check for 2% of the bonds bid
-An issue of 5120.000 6% semi-annual water and
-BOND SALE.
Ark.
for, payable to the Town Treasurer, required.
sewer bonds was purchased by M. W. Elkins & Co. of Little Rock at 102
ERVING, Franklin County, Mass.
-BOND SALE.
-On Dec. 17 the on Oct. 24.
$27.000 4% coupon "school house" bonds offered on that day
-V. 119.
-BOND SALE.
HAMILTON COUNTY (P. 0. Noblesville), Ind.
-were sold to the Old Colony Trust Co. of Boston at 100.17, a
p. 2672
% Newton Lunsford et al. highway improvement bonds
basis of about 3.95%. Date Dec. 15 1924. Due ).early on Dec. 15 as The $6,400
-have been sold to the American
offered on Dec. 15-V. 119, p. 2673
follows: $4,000 1925 to 1930, incl , and $3,000 1931.
National Bank of Noblesville for 56.496, equal to 101.50. a basis of about
924. Due one series every six months beginning
Date
FAIRFAX COUNTY (P. 0. Fairfax), Va.-BOND OFFERING.
- 4.19%. 1926. Dec. 151
Sealed bids will be received for the following 434% road bonds until Jan. 5 May 15
by F% W. Richardson, Clerk Board of Supervisors. The amounts given
HAMILTON COUNTY (P. 0. Cincinnati), Ohlo.-BOND SALE.
below are only approximate:
The Provident Savings Bank & Trust Co. of Cincinnati was the successful
$93,135 94 Dranesville Magisterial District.
-bidder for the two issues of 5% bonds offered on Dec. 16-V.119, p. 2789
262,000 00 Falls Church Magisterial District.
as follows:
Date March 15 1925. Denom. $500. Coupon bonds. Principal and
102.94. a basis of about 4.367o•
bonds at
semi-annual In payable at the office of the County Treasurer, Fairfax, Va. $60,281 43 Water Supply No. 31 as follows: $6,281 43. 1925, and $6,000,
Due yearly on Sept.
Due in 20 years. A certified check for $2,500 is required. The cost of
1926 to 1934 inclusive.
the examination of the legality of the elections and issuance of the said
102.94. a basis of about
bonds
bonds and certification of the validity thereof to be at the expense of and 190,676 13 Water Supply Line No. 0 Sept. at as follows: 519.676 13.
1
4.33%. Due yearly on
paid for by any purchaser or purchasers of bonds. The county and dis1934 inclusive.
1925, and $19.000. 1926 to
tricts to be at no expense for such examination and certification.
Date Dec. 11924.
FAIRFIELD, Jefferson County, Ala.
-BOND OFFERING.
-0. C.
HAMLET SCHOOL DISTRICT NO. 10, Renville County, No.
Culpepper, City Clerk,Lwill receive sealed bids until Jan.6 for $144,000 5%
-Sealed bids will be received until
school bonds.
Dak.-CERTIFICATE OFFERING.
2 p. m. Dec. 27 by S. 0. Wilcox, President of Board of Education, of
certificates of indebtedness to
FAIRMOUNT, Richland County, No. Dak.-BOND OFFERING.
- Hamlet School District No. 10, for $5.000
Sealed bids will be received until 11 a. m. Dec. 26 by R. W.Stegner, Village bear interest at a rate not to exceed 7%. Due 18 months from date of
Issue. A certified chock for 5% of bid is required.
Clerk, for $15,000 6% water works bonds. Date Dec. 1 1924. Denom.
$1,000. Interest payable J. & D. A certified check for 5% of bid is
HARBOR SPECIAL SCHOOL DISTRICT (P. 0. Harbor Station),
required.
le will
-Sealed pro
-BOND OFFERING.
Ashtabula County, Ohio.
of Educabe received until 12 m.Dec.26 by C.0. Gudmunson,Clerk Bo
PI FARMINGTON, Hartford County, Conn.
-BOND OFFERING.
% school impt. bonds. Denom. $500. Date Oct. 1
Sealed bids will be received by the Town Selectmen at the office of the tion, for 510,000
Hartford-Connecticut Trust Co. at Hartford until 12 tn. Dec. 31 for the 1924. Int. A. & 0. Due $1,000 yearly on Oct. 1 1925 to 1934 incl.
payable jo the
Purchase of $120.000 refunding coupon bonds to bear interest at the rate Certified check for 2% of the amount of bonds bid for,
of
%, payable semi-ann. on July 1 and Jan. 1. The bonds are dated above official, required.
Jan. 1 1925, are all in the denom. of $1,000 and mature serially $4,000
HARRELSVILLE SCHOOL DISTRICT (P. 0. Winton), Hartford
Jan. 1 1926 to 1955 incl. Prin. and int. are payable at the liartford-BOND SALE.
-The $40.000 6% school bonds ofConnecticut Trust Co., Hartford, and the Issue is certified to by that County, No. Caro.
-were awarded to the Hanchett Bond Co.
%
company. A certified check of 21 of the face value of the bonds bid for, fered on Dec. 15-V.119, p.2789
payable to the town, required. No interest will be paid on said check, nor of Chicago at a premium of $3,334 50, equal to 108.33-a basis of 5.24%•
will the town be responsible for loss of check in transit to or from the office Date Dec. 1 1924. Due 51.000, 1927 to 1942, and 52.000, 1943 to 1954 incl.
of the Hartford-Connecticut Trust Co. The balance of purchase bid is
payable in cash upon delivery of bonds. Tile bonds are the only ones
HARRIETTSTOWN (TOWN) SCHOOL DISTRICT NO. 1 (P. 0.
-W. S.
ever issued by the town and are for the purpose of taking up its debt at Saranac Lake), Franklin County, N. Y.
-BOND OFFERING.
present in the form of notes. The grand list as of Oct. 1 1923 is $6,307,438. Davenport, Clerk Board of Education, will receive sealed bids until 9 a. m.
The outstanding indebtedness of the town, other than its temporary in- Dec.21)for $50,000 coupon school bonds not to exceed 5% interest. Denom.
debtedness, consists of notes, $120,000 (to be refunded by this issue), $1,000. Date Jan. 1 1925. Prin. and semi-ann. int. (J. & J.) payable
and notes, $5,„„„nne (Provisions for the payment of which have been made at the Chase National Bank of New York. Due $2,000 Jan. 1 1926 to
In the current budget). Day, Berry & Reynolds of Hartford are prepared 1950 incl. Legality approved by Clay & Dillon of New York. Certified
to/give allegal opinion asito the validity of these bonds.
check,for $1,000 required.
2912
THE CHRONICLE
[Vol,. 119.
HARRISBURG, Linn County, Ore.
ITHACA, Tompkins County, N. Y.
-BOND SALE.-Westeott,
-BOND OFFERING.
-Until
8 p. m. Jan. 5 sealed bids will be received by the City Recorder for $5.000 & Parrott 01I New York have purchased the $90,000 434% coupon or Kearr
regis5% street bonds. Date Dec. 1 1924. Denom. $500. Due Dec. 1 1944; tered public grounds and building bonds offered on Dec. 17 (V. 119, p.
optional Dec. 1 1934. Legality approved by Teal, Wlnfree, Johnson & 2789) at 104.338. a basis of about 4.04%. Date Jan. 1 1925. Due $5,000
McCulloch of Portland. A certified check for 5% of bid is required.
July 1 1930 to 1943 incl. Other bidders were:
Rate Bid.I
Rate Bid.
HARRIS COUNTY-HOUSTON SHIP CHANNEL NAVIGATION Batchelder. Wack & Co
103.367 Geo. B. Gibbons & Co
103.796
DISTRICT (P. 0. Houston), Tex.
-BONDS REGISTERED.
103.25 E.H. Rollins& Sons
-The State Barr & St. John
103.90
Comptroller of Texas on Dec. 11 registered 6,5,000,000 43 % bonds. Rutter & Co
103.072 C. W. Whitis & Co
103.30
Due serially.
Sherwood & Merrifield
103.54 Harris, Forbes & Co
102.692
Garfield Nations Bank
104.045 Roosevelt & Son
103.912
HARRIS-ELMORE SCHOOL DISTRICT (P. 0. Elmore), Ottawa Fidelity_Trust Co.. Buffalo_ _102.286 Union National Bank
102.229
Clark. Williams & Co
County, Ohio.
102.76 Farson, Son & Co
-BOND SALE.
102.417
-The Detroit Trust Co. of Detroit has
been awarded the 5135.000 5% coupon school bonds offered on Dec. 15V. 119, p. 2556
JACKSON COUNTY COMMON SCHOOL DISTRICT NO. 54 (P. 0.
-for 5138.260. equal to 102.41, a basis of about 4.77%.
Date Dec. 11924. Due yearly on Sept. 1 as follows: $5,000 1926 to 1940, Edna), Tex.
-BOND SALE.
-On Dec. 10 the State Board of Education of
incl.. and 56,000 1941 to 1950. incl.
Texas purchased 512,000 5% school bonds at par.
HARRISON COUNTY (P.O. Gulfport), Miss.
-BOND OFFERING.
Sealed bids will be received until Jan. 7 by Eustis McManus, Clerk, Board
of County Commissioners, for 62,000,000 531% sea wall bonds.
JANSEN, Jefferson County, Neb.-NO BOND ELECTION.
-In our
issue of Oct. 18-V. 119, p. 1870
-we reported that an election was to be
held on Nov.4 for the purpose of voting on the question of issuing $298,000
refunding bonds. We arc now informed by the Village Clerk that the report
was erroneous.
HARTFORD, Hartford County, Conn.
-BOND SALE.
-The $1,500.000 4% school bonds offered on Dec. 15-V. 119. p. 2556
-have
been awarded to R. L. Day & Co. of Boston at 99.19. a basis of about
JAY (P. 0. Au Sable Forks), Essex County, N. Y.
-BOND SALE.
4.02%. Date Jan. 1 1925. Due $50,000 Jan. 1 1926 to 1955 incl. Bids -J. S. Bache & Co. of New York have purchased the issues of bonds
were as follows:
offered on Dec. 15 as follows:
Price Bid.
Price Bid. $40,000 Upper Jay Water Dist. bonds as 4,4s at 101.19, a basis of about
R. L. Day & Co., Boston- _99.19 Harris. Forbes & Co.; National
4.34%. Date Dec. 1 1924. Duo $2,000 yearly March 1 1926
Estabrook & Co. and Putnam
City Co.; Eldredge & Co..
to 1943 incl., and $4,000, 1944.
& Co., Hartford
99.15 N. Y.. and Roy T. H. Barnes
9,000 bridge bonds as 54 at 102.91, a basis of about 4.50%. Date
& Co., Hartford
98.457
Dec. 15 1924. Due $1,000 March 1 1927 to 1935 incl.
HENDERSON, Chester County Tenn.
-BOND SALE.
-The FarmKELSO SCHOOL DISTRICT, Cowlitz County, Wash.
-BOND
ers & Merchants Bank and Chester County Bank. both of Henderson. SALE.
% school bonds has been purchased by
purchased on Doc. 4 the following 5%% bonds aggregating $48,150 at a Bond,-An issue of 650,000
Goodwin & Tucker of Seattle.
premium of $116. equal to 100.24:
$21,150 general improvement bonds. Due 1944.
KINGSVILLE, Kleberg County, Tex.
-BOND SALE.
-The $40,000
27.000 street improvement bonds. Due 1934.
Date Oct. 1 1924. Interest payable 0. & M. Denoms. 3500, 5200 and 5% serial school house bonds registered on May 15-V. 118. p. 2605
-wore
purchased by the School Sinking Fund Commission.
$150.
HENRY COUNTY (P. 0. Napoleon), Ohio.
-BOND SALE.
-The
Provident Savings Bank & Trust Co. of Cincinnati has purchased the
two issues of 5% property owners' share road impt. bonds offered on
Dec. 12-V. 119. p. 2557
-as follows:
$90.000 Jennings Road No. 217 bonds for 592.151. equal to 102.39, a
basis of about 4.57%. Duo $10,000 yearly on Sept. 1 1926 to
1935 inclusive.
110.000 Texas Road No. 222 bonds for 5112.681, equal to 102.43. a basis
of about 4.53%. Duo yearly on Sept. 1 as follows: $12,000.
1926 to 1932 incl.. and 513.000. 1933 and 1934.
Denom. $1.000. Date Dec. 15 1924. Following is a list of the bids
received:
$90,000 $110,000
Issue.
Issue.
Provident Savings Bank & Trust Co., Cincinnati
$2,665
$2,151
Prudden & Co., Toledo
2.381
1,942
Spitzer, Rorick & Co., Toledo
1,363
2,002
A. T. Bell & Co.. Toledo
2.034
2,508
Braun. Bosworth & Co.. Toledo
1.686
2,095
Stranahan, Harris & Oatis, Toledo
2,039
2,525
Second Ward Securities Co.. Milwaukee
1,850
Stevenson, Perry. Stacey & Co., Chicago
*3.100
Otis & Co., Cleveland
1,746
2,154
A. E. Aub & Co., Cincinnati
1,832
Seasongood & Mayer. Cincinnati
1,406
1.716
N. S. Hill & Co., Cincinnati
1,729
2.112
Breed, Elliott Sc Harrison, Cincinnati
1,746
William R. Compton Co.. Chicago
1.553
1,877
The Herrick Co., Cleveland
2.030
2.536
*Bid for IBSUBS combined.
BOND OFFERING.
-Sealed bids will be received until 10 a. m.
by Earl H.Crawford, County Auditor, for the following issues of 5% Jan. 2
bonds:
$7.500 Hanna Road No. 226 bonds. Denom. $1,000 and one for 6500.
Due yearly on Sept. 1 as follows: $500 1926 and $1.000 1927 to
1933. incl.
28,000 Romes Road No. 214 bonds. Denom. $1,000. Due yearly on
Sept. 1 as follows: $3,000 1926 to 1933, incl., and $4,000 1934.
Date Jan. 2 1925. Principal and semi-annual interest(M.& S.), payable
at the office of the County Treasurer. Certified check for 5% on one of
the banks doing a regular business in Henry County, payable to the County
Treasurer required.
HOLBROOK DRAINAGE DISTRICT (P. 0. La Junta), Otero
County, Colo.
-BOND OFFERING-CORRECTION IN AMODNT.Sealed bids will be received until 10 a. m. Dec. 24 by Fannie Bosley, Secretary. for 5139.0006% coupon drainage bonds. Date Dec. 11924. Denom.
$500 and 51.000. Due Dec. 1 1930 to Dec. 11944. Principal and interest
(J. & D.) payable at the office of the County Treasurer of Otero County.
A certified check for 51030, payable to the order of Fannie Bosley. Secretary, required. We stated in V. 119. p. 2789, that the amount a bonds
offered was $142.000.
KOOCHICHING COUNTY (P. 0. International Falls), Minn.BOND OFFERING.
-Sealed bids will be received until 2 p. m. Dec. 19 by
Otis H. Gordon,County Auditor,for 540,0006% ditch bonds. Date Dec. 1
1924. Principal and interest (J. dc D.) payable at the Central Trust Co.
of Chicago. Duo Dec. 1 as follows: $2,000, 1929 to 1932; 53,000, 1933 to
1936; 54,000, 1937 to 1941 incl.
LAKE COUNTY (P. 0. Painesville), Ohio.
-BOND SALE.
-Breed,,
Elliott & Harrison of Cincinnati have purchased the 5182.1154)4% Madi
son Sewer Dist. No. 1 coupon bonds offered on Dec. 18(V. 119. p. 2673) at
101.99, a basis of about 4.50%. Date Dec. 11924, Due every six months
as follows: 84.000 each April 1 and $5,000 each Oct. 1. April 1 1925 to Oct. 1
1933, inci.•, $5,000 April 1 and Oct. 1 1934; $4,000 each April 1 and $5,000
each Oct. 1, April 1 1935 to Oct. 1 1943 incl.; $5,000, April 1 1944, and
$5.115 Oct. 1 1944.
LANSING, Ingham County, Mich.
-BOND OFFERING.
-Up until
7:30 p, m. (Eastern standard time) Dec. 29, sealed bids for the purchase
of the following City of Lansing
% bonds will be received by Bertha
Ray, City Clerk:
5150.000 bridge bonds. Due $15,000 Jan. 2 1932 to 1941. incl.
30,000 sewer bonds. Due $30,000 Jan. 2 1926 to 1935, incl.
600,000 paving bonds. Duo $120,000 Jan. 2 1926 to 1930. incl.
Denom. 51.000. Date Jan. 2 1925. Prin. and semi-ann. int.(J.& .1.2)
payable at the Guaranty Trust Co. of New York. Bonds and approving
opinion of John C. Thomson of Now York to be furnished by city; said
bonds to constitute a direct general obligation of the City of Lansing.
All bids must be made on blank forms furnished by the city and accompanied by a certified check for 1% of the par value of bonds bid for.
Financial Statement.
True value of real and personal property, 1924
-$144,999,085 00
Moneys & credits year 1923-total receiptsfrom all sources_
7,973,648 16
Total bonded debt, including this present issue
9,285,100 00
Water debt
51,375,000 00
Dec. 1 1924 sinking funds available, not incl.
any applicable to water debt
234,866 50
Other indebtedness asshown under schedule of
indebtedness
-First Mtge. bonds on electric light plant
943,100 00
Total deductions
2.552,966 50
Net bonded indebtedness
$6,732.133 50
Total amount delinquent taxes,incl,school taxes, Dec. 1 '24
$256,007 85
It is stated that the general city and ward highway taxes assessed in
July 1924 to cover budget requirements of the city for the fiscal year ending
April 30 1925 amounted to 51.206.299 88 and was assessed on a valuation
of 8144.999.085. The State, county and school taxes assessed in December 1924 amounted to $2,182,894 91 and was assessed upon a valuation
of $144,999,085. The average rate of taxation per 51.000 valuation was:
July 1924, 58 54; Dec. 1924, $15 11. Present popluation, est., 85,000.
HOUSTON INDEPENDENT SCHOOL DISTRICT (P. 0. Houston),
LAUDERDALE COUNTY (P. 0. Meridian), Miss.
-BONDS DEHarris County, Texas.
-BOND SALE.
-The $1,500,000 5% school FEATED.
-A proposition to issue $300,000 highway bonds submitted to
bonds offered on Nov. 20-V. 119. p. 2094
-were purchased by the Union a vote of the people at a recent election failed to carry.
National Bank of Houston at a premium of $40,000. equal to 102.66.
Date Dec. 1 1924.5 Denom. $1,0004 Interest payable J. & D.
LAURENS,Laurens County,So. Caro.
-The $100,000
-BOND SALE.
5% coupon street improvement bonds offered on Dec. 16 (V. 119, p. 2674)
HUMBOLDT, Allen County, Kan.
-BOND OFFERING.
-Sealed bids were awarded to the Detroit Co. of
equal to
will be received until 8 p. m. Dec. 22 by Chas. H. Schaffner, City Clerk. 100.31. a basis of about 4.98%. Detroit at a premium of $310, $1,000.
Date Jan. 1 1925. Denom.
for the following bonds aggregating $17,079 44:
Due Jan. 1 as follows: 53.000, 1930 to 1934; $4,000, 1935 to 1055 incl.
$15,179 154j% paving bonds. Due Aug. 1 as follows: $1.179 55, 1925.
and 5500. 1926 to 1934 incl. Denom.$500 and 1 for $679 15.
LAWNDALE SCHOOL DISTRICT, Los Angeles County, Calif.
1 900 29 5% sewer bonds. Due Aug. 1 as follows: $200 29, 1925: BOND OFFERING.
-Until 2 p. m. Dec. 22 sealed bids will be received by
L. E. Lampton, County Clerk. for $44,000 5% school bonds. Data Dec. 1
gt $200. 1926 to 1933 incl., and $100, 1934. Denom.$100, except
lib
1 for $100 29.4c
V
1924. Denom. $1,000. Due Dec. 1 as follows: $2,000, 1925 to 1940 incl.;
Date Aug. 11924. Interest payable F. & A. A certified check for 2% 53,000. 1941 to 1944 incl. Principal and interest (J. & D.) payable at the
of bonds required. The city will print the bonds and furnish transcript Treasury of the County of Los Angeles. A cert, check for 3% of bid. Payable to the order of the Chairman of the Board of Supervisors, required.
of all proceedings leading up to their issuance.
The assessed valuation of the taxable property in said school district for
IBERIA AND ST. MARY DRAINAGE DISTRICT(P.O.Jeanerette), the year 1924 is $1,914,795, and the amount of bonds previously issued and
La.
-BOND SALE.
-The 650.000 6% drainage bonds offered on Dec. 15 now outstanding is $419,500.
(V. 119, p. 2438) were awarded to the First National Bank of Jeanerette at
LEE COUNTY (P. 0. Tupelo), Miss.
a premium of 51.197 50, equal to 102.39, a basis of 4.24%. Date Nov. 1
-BOND SALE.
-The Peoples
1924. Denom. 51.000. Due Nov. 1 as follows: 67.000, 1925; $8,000, 1926 Bank & Trust Co.of Tupelo on Dec. 1 purchased 93,000 6% school bonds.
and 1927: 59,000, 1928 to 1930 Incl. The First National Bank agreed to
LINCOLN, Lancaster County, Neb.-BOND OFFERING.
-Sealed
pay 3,5% on daily average balances on funds left on deposit in said bank.
bids will be received until 8.30 a. m. Dec. 23 by J. G. Ludlam, SecrotarY,
for the following proposals:
ILLINOIS (State of).
-BOND OFFERING -Until 9 a. m. Dec. 30
bids will be received by Cornelius R. Miller, Director Dept. Public Works
Amt. of Issue. Term of Bond.
Kind of Bond.
and Buildings, for $4,000,000 4% coupon highway bonds. Coupon bonds
Il
3600 000
Serial maturing in even amounts
30 years
in denom. of 81.000, registerable as to principal. Date Jan. 11925. Prin.
600.000
Serial, maturing in oven amounts
40 years
and semi-ann. Int. (..1 & N.) payable at the State Treasurer's office. !III)
750.000
Serial, maturing in oven amounts
30 years
Due $500,000 May 1 1932 to 1939 incl. Certified check for 2% of the (IV)
750.000
Serial maturing in even amounts
40 years
par value of bonds bid for, required. Bonds are to be sold on open comBonds to bear interest at a rate not to exceed 5%. Date Jan. 1 1925.
petitive bidding as required by law subject to the approval of the Dept. of Coupon bonds.
Interest payable J. & J. A certified chock of 61,000
Finance, but written bids may be filed with the Department.
Is required.
INGLEWOOD CITY SCHOOL DISTRICT, Los Angeles County,
LIVINGSTON,
-The
-BONDS DEFEATED.
-Following is a list of bids received for the 5175.000 5% proposition to issue Polk County, Tex.
Calif.
-BIDS.
$50,000 5)4% sewer bonds submitted to a vote of the
school bonds awarded to the Bank of Italy, San Francisco, on Dec. 8- people at the election
held on Dec. 12-V. 119. p. 2557-failed to carry.
V. 119, p. 2789:
Premium.
LIVINGSTON PARISH SUB-ROAD DISTRICT NO. 2 (P. 0.
First Securities Co. and California Securities Co
$5.110
-0. C. Chandler, President
-BOND OFFERING.
Citizens National Co
3,255 Springville), La.
Wm.R. Staats Co. and Blythe, Witter & Co
3.777 Police Jury, will receive sealed bids until Jan.6 for 540.0006% road bonds.
National City Bank
4,203
R. H. Moulton & Co. and Security Co
4,011
LOCUST VALLEY WATER DISTRICT OF THE TOWN OF
Anglo-London-Paris Co. and Hunter. Dulin & 1.43
3,612 OYSTER BAY (P. O. Oyster Bay), Nassau County, N. Y.
-BOND
DEC. 20 1924.1
THE CHRONICLE
2913
SALE.
-Roosevelt & Son of New York have been awarded the $65.000
MINNEAPOLIS, Hennepin County, Minn.
-CERTIFICATE SALE.
coupon or registered water bonds offered on Dec. 16-V. 119, P. 2674
- -The 915,306 24 special certificates of indebtedness offered on Dec. 15as 434s at 100.341, a basis of about 4.20%. Date Dec. 1 1929 to 1941 incl. V. 119, p. 2674
-have been purchased by the Minnesota Loan & Trust Co.
of Minneapolis, as 434s at a premium of 970, equal to 100.45. Date Oct
LONG COUNTY (P. 0. Ludowici), Ga.-BOND SALE.
-The fol- 1 1924.
lowing two issues of 5% bonds offered on Dec. 15-V. 119. p. 2438
MISSISSIPPI LEVEE DISTRICT, Harrison County, Miss.
-BOND
were awarded to the Hibernia Securities Co. of New Orleans at a discount
OFFERING.
-Sealed bids will be received by Geo. F. Archer. Secretary.
of 91,165, equal to 97.67, a basis of 5.27%:
Board of Mississippi Levee Commissioners, until Dec. 29 for 930,000 levee
$40,000 court house bonds. Due yearly on Dec. 31 as follows: 92,000,
onds.
1925 to 1940 incl., and 91,000, 1941 to 1950 incl. (Issue given
as $40,000, but maturities aggregate 942,0000
MONCLOVA TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
10.000 jail bonds. Due 21,000 yearly on Dec. 31 from 1941 to 1950 incl.
Monciova), Lucas County, Ohio.
-BOND OFFERING.
-Until 1 p. m.
Date Jan. 1 1925.
Jan. 3 Wm. C. Abel, Clerk Board of Education, will receive sealed &Ids
Coupon bonds with privilege of registration as to prin. only or as to for $55,000 5% school bonds. Denom. 91.000. Date Jan. 1 1925. Int.
prin. and int. A list of bidders follows:
A. & 0. Due yearly on Oct. 1 as follows: $3,000 1926 to 1930. Incl.,
Hibernia Securities Co
$48,835 Braun-Bosworth & Co
947,882 and $4,000 1931 to 1940, incl. Certified check for 2% of the amount bid
Hanchett Bond Co
49,032 Trust Co. of Georgia
47,375 upon, payable to the order of the Board of Education required.
Citizens & Southern Co
47,275 Robinson-Humphreys Co48.750
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.
-BOND SALE.
Although the bid of the Hanchett Bond Co. appears higher than that
of the Hibernia Securities Co. the bonds were awarded to the latter com- A.C.Allyn & Co.of Chicago have been awarded the 97,500 534% Detention
-for 97,809, equal to
pany because it agreed to do Certain things that the other bidders did not. Home bonds offered on Dec. 17-V. 119, p. 2674
104.12, a basis of about 4.65'%. Date Dec. 11924. Due yearly on Dec. 1
and its bid was therefore accepted.
as follows: 9500, 1926. and 91.000, 1927 to 1933 incl.
LONGVIEW, Cowlitz County, Wash.
-BOND ELECTION.
-On
MORGANZA, Pointe Coupee Parish, La.
-BOND OFFERING.Dec. 17 an election will be held for the purpose of voting on the question of
Sealed bids will be received until 4 p. in. Jan. 7 by Robert C. Dawson,
issuing 1120,060 school building bonds.
Mayor, for 118.000 6% bonds. Date Jan. 1 1925. Denom, 9500. Due
LOS ANGELES SCHOOL DISTRICTS, Los Angeles County, Calif. serially Jan. 1 1926 to 1945. Interest payable (J. & J.) A certified check
village of Mor-BOND SALE.
-A syndicate composed of Eldredge -& Co., First National on a solvent Louisiana bank, payable to the Mayor of
Bank, Detroit Co., Inc., Stevenson, Perry, Stacy & Co., Phelps, Fenn & gauze for 9600 is required.
Co., all of New York; Bank of Italy, Anglo-London-Paris Co., Schwabacher
MURRAY COUNTY (P. 0. Slayton), Minn.
-BOND OFFERING.
& Co., Huntley, Dulin & Co., Dean, Witte & Co. and Wm.Cavalier & Co.,
all of San Francisco, purchased the $5,320,000 5% school bonds offered on Until 2 p. m. Jan. 6 sealed bids will be received by R. V. O'Brien, County
Clerk, for $10,819 8.5 bonds to bear interest at a rate not to exceed 5%.•
Dec. 15 (V. 119, p. 2674) as follows:
Denom. 91,000. A certified check for 5% of bid payable to the order of
$3,000,000 city school bonds at a premium of 991,488, equal to 103.04.
Treasurer of the county required.
2,320,000 high school bonds at a premium of $66,588, equal to 102.87.
Date Aug. 1 1924. Coupon bonds. Denom. 91,000. Due 9133,000
NEW BRUNSWICK, Middlesex County, N. J.
-BOND SALE NOT
Aug. 1 1925 to 1964 Incl. Prin. and int.(F.& A.) payable at the Treasury
-SOLD.
-The sale of the 1274.000 4)4% school
-BONDS RE
of Los Angeles County or at the banking house of Kountze Bros., New COMPLETED
bonds to Barr Bros. & Co. of New York on their bid of 102.45, a basis of
York City.
about 4.30% (see V. 119, p. 2790) was not completed, due to an error in
given in the official notice of sale.
LOVELAND, Lorimer County, Colo.
-BOND SALE.
-Two issues of the assessed valuation figure awarded to a syndicate composed of Bonbright
The bonds have since been
Improvement bonds aggregating 94'72,500 have been disposed of as follows:
& Co. 0. W. Whitis & Co. and Bachelder, Wack &Co. of New York at
$425,000 6% electric light and power bonds by the Hendrie & Bolthoff
102.02% a basis of about 4.34%. Denom. $1,000. Date Dec. 1 1924.
Mfg. Co. at par. Date Jan. 1 1924. Due in 1939.
47,500 534% paving bonds by the Spats & Malcolm Contracting Co. Prin. and semi-ann.(at. (J. & D.) payable in gold at the City Treasurer's
office. Due yearly on Dec. 1 as follows: $6,000 1926 to 1948, incl.:
at par. Date May 1 1923. Due May 1 1945.
97.000 1949 and $9,000 1950 to 1964, incl.
LOWELLVILLE VILLAGE SCHOOL DISTRICT (P. 0. Lowell.
Financial Statement.
villa), Mahoning County, Ohio.
-BOND SALE.
-W.K.Terry & Co. of Assessed valuation 1924
933,391,850
Toledo have been awarded the $64,000 5% school bonds offered on Dec.17 Gross debt (including this issue)
3.718,882
119, p. 2557) for 165.257
equal to 101.96, a basis of about 4.803'• Less
9384.000
-Water bonds
'Date Oct. 1 1924. Due yearly on Oct. 1 as follows: $2,000, 1926 to 1929
80.
493.392
'
Sinking fund other than water purposes
incl.; C3,000, 1930 to 1945 incl., and $4,000, 1946 and 1947. Bids were as
Additional sink. fd. with Treas, for assessment funds 125.000
follows:
Premium.
Premium. Total deduction
1,002,392
Seasongood & Mayer
$66200 Ryan,Bowman & Co
9320,00 Netdebt
2,716,490
Guardian Say. & Trust Co-- 339 20 W.L. Slayton & Co
820 00 Population (1920 Census)
32,779
Oitizens Tr. & Say. Bank___ 226 60 The Herrick Company
769 00
Vandersell & Co
800 00 Otis & Company
691 20
NEWCOMERSTOWN, Tuscarawas County, Ohio.
-BOND SALE.Well, Roth & Irving
121 60 Prudden & Co
*1,636 00 Seasongood & Mayer of Cincinnati have purchased the 116.5726% street
• Not considered account same dated for Jan. 2 1925,
Improvement bonds offered on Dec. 13(V. 119, p.2439) at par and accrued
Interest plus a premium of $681, equal to 104.10, a basis of about 5.12%.
LYNN COUNTY COMMON SCHOOL DISTRICT NO. 11 (P. 0. Date Dec. 15 1924. Due yearly on Oct. 1 as follows: 12,000. 1926 to 1932
Tahoka), Tex.
-BOND SALE.
-$6.500 6% school bonds were purchased incl.. and $2.572. 1933.
by the Texas State Board of Education on Dec. 10 at par.
NEW CONCORD SCHOOL DISTRICT (P. 0. New Concord),
MADISON, Wayne County, Wis.-BOND SALE.
-The following Muskingum County, Ohio.
-BOND SALE.-Durfee. Niles & Co. of
434% bonds, aggregating $250,000, offered on Nov. 14-V. 119, is. 2317
- Toledo have purchased the 82,650 6% school bonds offered on Dec. 15were awarded to the First Wisconsin Co. at a premium of $4,235, equal V. 119, p. 2674
-for 92,683 80, equal to 101.27, a basis of about 5.59%.
to 101.69:
Date Jan. 1 1925. Due $530 Sept. 1 1926 to 1930, inclusive.
9100,000 school building bonds. Date Oct. 11924. Coupon bonds. Due
Oct. 1 as follows: $5,000, 1925 to 1944, incl.
NORTH BEND, Dodge County, Neb.-BOND SALE.
-The State of
150,000 high school bonds. Date Oct. 1 1924. Due Oct. 1 as follows: Nebraska purchased during the month of November 550,534 755% refund910.000, 1926, 1928. 1930. 1932. 1934, 1936, 1938, 1940. 1942 ing bonds at par. Date Oct. 1 1924. Due Oct. 1 1944, optional any time.
and 1944, and 15.000, 1925, 1927. 1929, 1931, 1933. 1935, 1937,
1939. 1941 and 1943.
NORTH FORK SCHOOL DISTRICT NO. 20, Benson County,
The following is a list of bids submitted for the above issues:
No, Dak.-BOND SALE.
-During the month of October the State of
Stevenson,Perry, Stacy & Co_ 9550 R M Grant & Co
91,200 North Dakotaipurchased 33,000 5% school building bonds at par. Date
Illinois Merchants Trust Co__ 4,025 Halsey, Stuart & Co
4,160 Oct. 1 1924. Due Oct. 1 1944. Bonds are not subject to call but may be
National City Co
3.025 Second Ward Savings Bank
4,230 redeemed 2 years from date of issue.
Hill, Joiner & Co_
4.050 Wells, Dickey & Co., MissisHarris Trust & Savings Bank- 900
-The following issues of
-BOND SALE.
NEW JERSEY (State of).
sippi Valley Trust CO. and
Bank of Wisconsin
3,150
e o
us o____ ----- 4, 0 434% coupon bonds. with privilege of registration as to principal and inBlyth, Witter & Co
-were sold:
1,100 Central Wisconsin Trust Co__ 3,925 terest, offered on Dec. 16-V. 119, p.2874
55,000.000 highway extension Series F, issue of 1920 bonds. Prin. and
MAHONING COUNTY (P. 0. Youngstown), Ohlo.-BOND OFFERsemi-ann. hat. (J. & J.), payable at the Mechanics National
-Sealed proposals will be received by Griff Jones, Clerk, Board of
ING.
Bank of Trenton. Due Jan, 1 1955, optional Jan. 1 1940.
County Commissioners, until 10 a. m. Dec. 22 for the following issues of
1.000,000 highway extension, Series A, Issue of 1924 bonds. Prin. and
semi-ann. int. (J. & J.), payable at the Mechanics National
5% bonds:
961,000 Forest Glen Plat sidewalk bonds. Denom. 11,000. Due Oct. 1
Bank of Trenton. Due Jan. 1 1955, optional Jan. 1 1940.
1926 to 1935 incl.
2,000,000 road, Series D, bonds. Prin. and semi-ann. int. (J. & .1.).
28,500 Fairlawn Plat sidewalk bonds. Denom. 91,000 and one for $500.
payable at the Mercer Trust Co. of Trenton. Due Jan. 1 1940.
Due Oct. 1 1926 to 1935 incl.
1.000.000 bridge, Series 0, bonds. Prin. and semi-ann. int. (J. & J.).
Date Oct. 11924. Int. A.& 0. Certified checks for 93.000 and 91,500
payable at the Broad St. National Bank of Trenton. Due
required.
Jan. 11940.
Date Jan. 11925.
MANCHESTER EIGHTH SCHOOL AND UTILITIES DISTRICT
The bonds were awarded to various purchasers as follows:
(P. 0. Manchester), Hartford County, Conn.
-BOND OFFERING.
Highway Extension Series "F" Bonds.
Sealed bids will be received until 2 p. m. Dec. 22 for $150,000 4)1% coupon
"refunding" bonds. Issued in denom. of 11,000 each, dated Nov. 1 1924, New Brunswick Trust Co.,
$40,000 101. 55
Newton Trust Co
payable 98,000 Nov. 1 1925 to 1942, incl., and 16,000 Nov. 1 1943.
and
$100,000 101.665 Hamilton Trust Co., Paterson,
Both principal and semi-ann. int. (M. & N.) payable at the Manchester Peoples Bank & Tr. Co.. Passaic.
$250,000 101.75
Trust Co., South Manchester, or at the First National Bank of Boston.
(340.000 101.75
$50,000 101.40
Boston. These bonds,it is stated, are exempt from taxation in Connecticut
$25,000 102.30 First National Bank, 4 40,000 101.625
and are engraved under the supervision of and certified as to genuineness Farmers Nat. Bank,
1 40,000 101.50
Ocean City,
25,000 102.222
the First National Bank of Boston: their legality will be approved by
by
40,000 101.375
Allentown,
25.000 101.668
Ropes, Gray, Boyden & Perkins, whose opinion will be furnished the
25,000 101.388 Boardwalk Nat.Bank,Atlantic City,
purchaser. All legal papers incident to this issue will be filed with said Atlantic Safe Dep.& Trust Co.,
$150,000 101.726
bank, where they may be inspected at any time. Bids are to be sealed
Atlantic City
525,000 102.60 Millville Nat. Bank, /510,000 101.75
and addressed to Herbert 0. Bowers, attorney for the "Eighth School and Burlington Co. Trust Co.,
1 10,000 101.50
Utilities District, Manchester, Conn.," care of the Manchester Trust
Moorestown
$20,000 102.25 Trust Co. of N. J., 18500,000 101.75
Co., South Manchester, Conn. Bonds will be delivered to the purchaser Trust Co.of New Jersey,
Jersey City,
1 500,000 101.50
on or about Dec. 29 1924 at the First National Bank of Boston, Boston.
Jersey City
$500.000 102.00 First Nat.Bank,South River,
Debt Statement Dec. 15 1924.
$10,000 101.85
Lambertville Nat. Bank,
Last grand list of the district
$4,112,621
$10,000 102.60 Merchantville Tr. Co $10,000 101.50
Total debt of the district (floating)
Colonial Trust Co., Trenton,
167,250 Amwell Nat. Bank,Lambertville,
Proceeds of bonds now offered to be applied against payment of this debt.
$10,000 102.00
$87,000 101.44
Population, estimated. 5.500.
Passaic Nat. Bank &J$100,000 101.51
Second Nat. Bank,Atlantic City,
1 100,000 101.40
Trust Co.,
$25,000 102.60
MARICOPA COUNTY (P. 0. Phoenix), Ariz.
-BOND OFFERING.- Princeton Bank & Trust Co.,
Trenton Trust Co
5350,000 101.44
Until Jan. 5 sealed bids will be received by J. B. White, County Clerk, for
$80,000 101.51 Mercer Trust Co.,Trenton,
1650,000 5% school bonds. Date Jan. 5 1925. Due in 20 years.
Perth Amboy Trust Co.,
$175,000 101.44
3200,000 101.55 Newton Trust Co
$40,000 101.42
-BOND SALE.--Mll. Joiner Asbury Park & Ocean Grove Bank,
MARION COUNTY (P. 0. Salem), III.
Ocean City Title & Trust Co.,
& Co. of Chicago have been awarded the 9110,000 431% funding bonds
$160,000 101.50
$25,000 101.39
on Dec. 15-V. 119, p. 2674-for 9111,850, equal to 101.68, a basis Clifton Trust Co
offered
375,000 101.75 Bridgeton Nat. Bank 530,000 101.39
0
of about 4.64%• Date Nov. 15 1924. Due $11,W yearly on Nov. 15 First National Bank, 15100,000 101.76 Atlantic County Trustf$S0,000 101.50
1942 to 1951, inclusive.
Princeton,
Co., Atlantic City 1 80,000 101.67
1 100,000 101.68
101.75
(240,000 101.75
-BONDS NOT SOLD. Chelsea Nat'l Bank. {3240,000 101.67 Trenton Banking Co_ _3100,000 102.00
MARION COUNTY (P.0. Indianapolis), Ind.
Atlantic City,
80,000
-The 9750.000 434% coupon "Marion Flood Prevention" bonds offered
80,000 101.50
-were not sold.
on Dec. 15-V. 119, p. 2558
Highway Extension Series"A" Bonds.
MILNOR, Sargent County, No. Dak.-BONDS NOT SOLD.
-The Lambertville Nat, Bk.-810,000 102.60 Trenton Trust Co
5180,000 101.68
92.000 bonds offered on Dec. 10-V. 119. p. 2674
-were not disposed of. Second Nat. Bans, Atlantic City,
Mercer Trust Co.,Trenton,
Date Jan, 11925.
525,000 102.60
$90,000 101.88
Perth Amboy Tr. Co_ 3300,000 101.80
Atlantic Safe Dep.& Trust Co.,
-BOND SALE.-.Aerrill. Oldham &
MILTON, Norfolk County, Mass.
$25,000 102.60 New Brunswick Tr.00_3100,000 101.685
Atlantic City
Co. of Boston have been awarded the 150.000 4% coupon "Water Loan Burlington Co. Safe Dep. & Tr.
First National Bank, 3100,000 101.77
Act of 1902" bonds offered on Dec. 16-V. 119, p.2790
-at 100.95-a ba-is
Co., Moorestown_ _ 310,000 102.125
Princeton,
1 100,000 101.69
ofabout 391%. Date Dec.11924. Due yearly on Dec. 1 as follows: $2,000. Amwell Nat. Bank, Lambertville,
Colonial Trust Co.,Trentoa,
1925 to 1944 incl., and $1,000. 1945 to 1954 incl.
$10,000 102 00
550,000 101 88
2914
THE CHRONICLE
Road Series"D" Bonds.
Trenton Banking Co., Trenton,
Second Nat. Bank, Atlantic City,
$25,000 101.70
8100,000 102.00
Perth Amboy Trust Co _ 3200,000 101.80 Lambertville Nat.Bank.$10,000 102.60
Clifton Tr. Co., Clifton 875,000 101.75 Boardwalk Tr.Co.,Atlantic City,
Mercer Trust Co.,Trenton,
$50,000 101.676
13100,000 101.67
$100,000 101.68 Montclair-Essex
Colonial Trust Co., Trenton.
Trust Co.,
1 100,000 101.54
for
1325,000 101.67
850.000 101.68 Verona Trust Co.,
First National Bank, 1820,000 101.75
Verona,
1 25,000 101.54
Ocean City,
1 20,000 101.625 Peoples Bank & Tr. Co.,Passaic,
First National Bank, 18100,000 101.70
850,000 101.70
Princeton,
1 100,000 101.60 Trenton Trust Co
8100,000 101 68
Bank of Nutley
$20,000 101.668 Princeton Bank & Trust Co.,
First Nat. Bank,South River,
830,000 101.51
$10,000 101.85 First Nat.State Bank, Camden,
Burlington Co.Tr.Co.,Moorestown,
$545,000 101.601
$20,000 102.375 New Brunswick Tr. Co.$100,000 101.626
Atlantic Safe Deposit & Tust
Co.. Atlantic City_ _.$25.O00 101.70
Bridge Series"C"Bonds.
Burlington Co.Tr.Co.,Moorestown,
Lambertville Nat. Bank_310,000 102.60
810,000 102.25 First Nat. Bank,South River,
Perth Amboy Trust Co _ 3300,000 101.77
$10,000 101.85
First Nat.Bank,Princeton,
Colonial Trust Co.. Trenton,
$50,000 101.68
$100,000 101.70
Peoples Bank & Tr. Co., Passaic,
Trenton Trust Co
$200,000 101.68
$50,000 101.70 Mercer Trust Co.,Trenton,
Atlantic Safe Deposit dr Trust
$100,000 101.68
Co., Atlantic City_ _ _ $25,000 101.70 New Brunswick Tr.C0_3100,000 101.683
Second Nat.Bank,Atlantic city,
Boardwalk Nat.Bank,Atlantic City,
$20,000 101.676
825,000 101.70
NEW ROCHELLE, Westchester County, N. Y.
-BOND SALE.Geo. B. Gibbons & Co. of New, York have purchased the following isues of
bonds offered on Dec. 15-V. 119, p. 2790
-for $451,055 50, equal to
100.012, a basis of about 4.02%:
$126,000 School bonds, Series of 1924 as 4s. Due $4,000 on May 1 1927
to 1957, inclusive, and $2,000 May 1 1958.
'
239.000 Municipal improvement bonds, Series of 1924, as 434s. Due
$35,000 May 1 1927 to 1932,inclusive, and $29,000 May 11933.
86,000 Sewer bonds, Series of 1924. as 4s. Due $3,000 May 1 1927 to
1954, inclusive, and $2,000 1955.
All of the bonds in coupon form, with the privilege of registration either
as to principal only or as to both principal and interest, and are dated
Nov. 1 1924. Bids were as follows:
School
Sewer
Mun.Imp.
Amount
Bid.
Bonds.
Bonds.
Bonds.
Batchelder, Wack & Co.,
Bonbright & Co. and C. W
Whitis & Co
434%
4%
434%
Fidelity Trust Co.and Kissel"51 921 99
'
I KinnICUt dr Co
'
452.876 16
4347
43ii%
43i
First National Bank, N.Y
434
434
452.53300 4
Clark, Williams & Co
4
434 0
454,274 26
434
A. M.Larnport & Co
434%
454,957 00 4g o
Geo. B Gibbons & Co
451,055 50 4%
4)4%
National City Co., Harris,
Forbes & Co. and Bankers
Trust Co
451,44649 4)4%
LIR
Sherwood & Merrifield
452,217 70 431%
Roosevelt & Son and A.
Iselin & Co
451.007 00 4%
4%
434%
Phelps, Fenn & Co. and
Remick, Hodges & Co
452,353 00 4
Parson, Son & Co
213.705 00 4
ig 0
11.
PALMETTO, Manatee County, Fla.
-BOND SALE.
-The $12,000
6% municipal park impt, bonds offered on Dec. 9-V. 119, p. 2440
have been awarded to W. L. Slayton & Co. of Chicago at a premium of
$794 40, equal to 106.62. Denom. $500. Due in 30 years; optional in
20 years. Int, payable semi-ann. A list of other bidders follows:
NameNameBid.
Bid.
Prudden & Co
$12,305
$12,552 Well Roth & Irving
Wright. Warlow & Co
12,272
12,426 Caldwell & Co
N. S. Hill & Co
12,400 Walter, Wood & Helmer.I. C. Mayer & Co
dinger
12,272
12,394
•
PARK FALLS, Price County, Wis.-BOND OFFERING.
-Sealed
bids were received by the City Clerk until 8 p. m. Dec. 16 for $45,000
5% coupon water works bonds. Date Nov. 1 1924. Denom. $500.
Due Nov. 1 as follows: 32.500, 1925 to 1934 incl., and $2,000, 1935 to
1944 incl. Prin, and int.(M.& N.) payable in Park Falls.
PASS CHRISTIAN, Harrison County, Miss.
-BOND SALE.
An issue of $15,000 534% water works bonds was purchased by the Hibernia
Securities Co. of New Orleans. Due In 1939.
PEEKSKILL UNION FREE SCHOOL DISTRICT OF THE TOWN
OF CORTLANDT (P. 0. Peekskill), Westchester County, N. Y.
BIDS RETURNED UNOPENED
-OFFERED.
-AU bids re-BONDS RE
ceived for the $120.000 school bonds offered on Dec. 16 (V. 119, p. 2675)
were returned unopened. Sealed bids will be received by Fred J. Bohlman,
District Clerk, until 8 p. us. Jan. 6 for these bonds. Denom. $1,000.
Date Jan. 1 1925. Prin. and semi-ann. int. (J. & J.) payable at the office
of the District Treasurer. Due $3,000 Jan. 1 1939 to 1978 incl. Certified
check for $1,000 required. The bonds will be sold at the lowest obtainable
rate.
PENFIELD (P. 0. Penfield), Monroe County, N. Y.
-BOND SALE.
-The $4,500 coupon bonds offered on Oct. 4 (V. 119, p. 1535) have been
sold to the Security Trust Co. of Rochester as 4.608 at par. Due $500
yearly on Apr. 1 1925 to 1933 incl.
PENNSAUKEN TOWNSHIP SCHOOL DISTRICT (P. 0. Delair),
Camden County, N. J.
-BOND SALE.
-The Merchantville Trust Co. of
Merchantville has been awarded two issues of 5% school bonds as follows:
$86,000 ($90.000 offered) bonds for $90,000 72, equal to 104.65.
59,000 (360,000 offered) bonds for $60,210 09, equal to 102.05.
PITTSBURGH, Camp County, Tex.
-An
-BOND ELECTION.
election will be held on Jan. 7 for the purpose of voting on the question of
issuing $55,000 534% school bonds.
PONY CREEK DRAINAGE DISTRICT NO. 23 (P. 0. Council
-NO BIDS.
Bluffs), Pottawattomie County, la.
-No bids were received
for an issue of 833.6005% drainage bonds offered on Dec. 15.
PORT WASHINGTON-SALEM VILLAGE SCHOOL DISTRICT
(P. 0. Port Washington), Tuscarawas County, Ohio.
-BOND OFFER-Sealed bids will be received by Chas. Scherer. Clerk Board of EduING.
cation, until 12 m. Jan. 6 for $75,000 5% school bldg. erection bonds.
Denom. 31.000. Date Dec. 11924. Int. M. & S. Due 33,000 yearly on
Sept. 1 1926 to 1950 incl. Cert. check for $3,750, payable to the above
official, required.
-BOND OFFERING.
RALEIGH, Wake County, No. Caro.
-Sealed
bids will be received until 3 p. m. Dec. 29 by W.L. Dowell, City Clerk, for
the following bonds:
$1,000,000 street improvement bonds. Due Jan. 1 as follows: $50,000,
1926 to 1945 incl.
350,000 water bonds. Due Jan. 1 as follows: $5,000, 1926 to 1935 incl.:
38,000, 1936 to 1945, and $11,000, 1946 to 1965 incl.
Date Jan. 1 1925. Denom. $1,000. Coupon bonds registerable as to
NORWICH, Chenango County, N. Y.
-BOND SALE.
-Sherwood & principal alone or both principal and interest. Bidders are to name rate of
Merrifield of New York have purchased the $7.000 5%, Series GG, paving Interest not to exceed 6%. Bonds certified as to genuineness of signatures
bonds offered on Dec. 17-V. 119, p. 2790
-at 103.50, a basis of about and seal by United States Mortgage & Trust Co. of New York. Purchasers
will be furnished with approving opinion of Messrs. Reed, Dougherty &
4.41%. Date Jan. 1 1925. Due $5,000 Jan. 1 1926 to 1948, inclusive.
Hoyt of New York. A certified check, payable to the order of the City for
OKATON SCHOOL DISTRICT, Jones County, So. Dak.-PUR- 2% of bid, is required.
CHASER.-The $13,000 school bonds disposed of as stated in V. 119, p.
RED CLOUD SCHOOL DISTRICT, Webster County, Neb.-BOND
2096, were purchased by the Dakota Life Insurance Co. as 6s at par on
-The State of Nebraska purchased during November 310,000 5%
Aug. 28 1924. Date Sept. 1 1924. Denom. $500. Int. payable M.& S. SALE.
school bonds at par. Date June 1 1924. Due June 1 1944, optional
June 1 1929.
r OLYMPIA, Thurston County. Wii hBOND OFFEifirVO=Sealed
i
bids will be received until 5 p. in. Dec. 31 by Ray R. Tucker, City Clerk,
REDLAND SCHOOL DISTRICT (P. 0. San Bernardino), San
for the following funding bonds, aggregating $40.000:
Bernardino County, Calif.
-BOND DESCRIPTION.
-The $250,000
$25,000 6% bonds. Due Jan. 1 as follows: $2,500 1927 to 1936, incl.
15,000 bonds to bear interest at a rate not to exceed 534%. Due Jan. 1 5% school bonds purchased by the Harris Trust & Savings Bank of Chicago
-are described as follows: Date Dec. 11924. Denom.
-V. 119, p. 2675
as follows: $4,500 1927, 85,000 1928 and $5,500 1929.
Date Jan. 1 1925. Denom. $500. Principal and interest (J. & J.), $1,000. Coupon bonds. Due Dec. 1 as follows: 115.000, 1925 to 1932
payable at the office of the City Treasurer of the city of Olympia. A incl.; 320.000, 1933 to 1938 Incl., and $10,000, 1939. Prin. and int.
(J. & D.) payable at the County Treasurer's office, San Bernardino, Calif.
certified check for 5% of bid is required.
Financial Statement (as Officially Reported).
OMAHA SCHOOL DISTRICT, Douglas County, Neb.-NOTE Assessed valuation for taxation
$8,474,670
SALE.
-The $1,500,000 43.5% promissory notes offered on Dec. 15- Total debt (this issue included)
290,000
V. 119, p. 2675
-were awarded to the First National Co. of Si,. Louis at
Population, estimated, 16,500.
a premium of 33,953, equal to 100.26, a basis of 4.02%. Date Jan. 1
1925. Denom. $1,000. Due Aug. 1 1925.
REEDER, Adams County, No. Dak.-CERTIFICATE OFFERING.
Sealed bids will be received until 2 p. in. Jan. 2 by H. J. Herr, Village
- Clerk, for 34,000 7% certificates of Indebtedness. Two certificates dated
ORLEANS PARISH SCHOOL BOARD (P. 0. New Orleans), La.
-An issue of $400,000 434% school notes was purchased Jan. 1 1925 and six certificates dated on or about Feb. 25 1925. Due 18
NOTE SALE.
-Commercial Trust & Sav- months from date. Denom. $500. A certified check for 5% of bid is
recently by a syndicate composed of the Canal
ings Bank, Hibernia Securities Co., Inc., Marine Bank & Trust Co., Whit- required.
ney-Central Trust & Savings Co., all of New Orleans. Date Dec. 16 1924.
REYNOLDSBURG RURAL SCHOOL DISTRICT (P. 0. ReynoldsDenom. 31,000. Due Dec. 16 1925. Principal and interest (J. & D. 16)
-BOND OFFERING.
-Sealed proposals
payable at the Chemical National Bank, New York City, or at the Hibernia burg), Franklin County, Ohio.
Bank & Trust Co., New Orleans, at option of holder. Legality approved will be received by'C. G. Smith, Clerk-Treasurer Board of Education,
until 10 a. m. Jan. 15 for $100.000 5% coupon school bonds. Denom.
York City.
by John C. Thomson, New
$2,500. Date Jan. 15 1925. Prin. and semi-ann. int.(A. & 0. 15) payable
Financial Statement.
at the office of the above official. Due $2,500 every six months April 15
5537,795,742 1926 to Oct. 15 1945 incl. Cert. check for 5% of the amount of bonds bid
Assessed valuation, 1924
400,000 for, on a solvent bank in Franklin County, required.
Total funded debt (this issue)
I Population, 1920 census, 389,000: population, present estimate, 420,000.
••••••••
RICHMOND Henrico County, Va.-BOND OFFERING.
....mM•••••11111•11.11.•••• ••••••=m-Sealed
-On Dec. 23 an bids will be received until 5p. m. Dec. 22 by Barton H. Grundy, Chairman,
P ORONGO, Jasper County, Mo.-BOND ELECTION.
election will be held for the purpose of voting on the question of issuing Committee on Finance of the Council of the City of Richmond, in Room
312, in the City Hall, for $250,000 434% general impt. bonds. Date
$5,000 improvement bonds.
Jan. 11925. Denom.81,000. Coupon bonds with privilege of registration
as to principal only or as to both prin. and int. Prin. and hit. (J. &
Neb.-BOND SALE.
-During the month of payable at the office of the City Comptroller or (unless the bonds J.)
OTOE, Otoe County,
be
November the State of Nebraska purchased $3,800 5% water extension registered) at the office of the fiscal agent of the City of Richmond in
bonds at par. Date Oct. 1 1924. Due Oct. 1 1944, optional Oct. 1 1934.
-=rir•••.ipmmmmr N. Y. City. Due Jan. 1 1959. A certified check upon an incorporated
bank or trust company, for 134% of bid, required.
-The $2.400 6%
-BOND SALE.
r OTTAWA, Putnam County, Ohio.
Statement of Debt as of Jan. 1 1925.
village's share Sugar St. improvement special assessment bonds offered
-have been sold to the First National Bank Total bonds outstanding
$29,395.780 00
on Dec. 13-V. 119. p. 2675
1,070,000 00
of Pandora for $2,425, equal to 101.04, a basis of about 5.75%. Date Floating and temporary indebtedness
Sept. 1 1924. Due every six months as follows: $300 Sept. 1 1925 and
$30.465,780 00
March 1 1926 and $100 Sept. 1 1926 to March 1 1935. incl.
Water bonds included in total debt
$3,338,500 00
-BOND OFFERING. Sinking fund
6,921,858 04
OTTAWA COUNTY(P.O.Port Clinton), Ohio.
-Sealed bids will be received by E. A. Guth, County Auditor, until 12 m.
310,260,358 04
Dec. 22 for $24,500 534% road bonds. Denom. $500. Date Dec. 22,
853,693 95
1924. Prin,and semi-ann.in (M.& S.) payable at the County Treasurer's Less sinking fund applicable to water bonds_
9,406,654 09
office. Due every six months as follows: 31.500 March 22 1926 to
March 22 1932 incl., and $1,000, Sept. 22 1932 to Sept. 22 1934 incl.
321,059.115 91
Net debt
Certified check for $1,000, payable to the County Treasurer, required.
$475,000,000 00
Estimated value of taxable property
-The Minnesota Assessed value of taxable property, personal and real estate 305,715,590 00
-BOND SALE.
OWATONNA,Steele County, Minn.
192.115,37000
Minneapolis and Northwestern Trust Co. of St. Assessed value of real estate
Loan & Trust Co. of
34,580.766 00
Paul, jointly were awarded an issue of $200,000 434% public utility bonds Debt limit Is 18% of assessed value of real estate only
at a premium of $1.028, equal to 100.51.
Property Owned by the City.
$11,060,708 00
-Sealed Gas, water and electric plants
-BOND OFFERING.
PAINESVILLE, Lake County, Ohio.
4,711,186 00
bids will be received by Albin H. Lord, City Auditor, until 12 m. Jan. 12 Public school buildings
7.556,491 00
or 51500005% water works bonds. Denom. $1,000. Date Oct. 11924. Other publlc improvements
Int. A.& O. Due $3,000 every six months from Apr. 1 1926 to Oct. 1 1950
Total
523,328,385 00
incl.
ig%
:1R
4%
DE°. 20 1924.]
THE CHRONICLE
2915
SHAKER HEIGHTS VILLAGE SCHOOL DISTRICT (P. 0. Shaker
-The Herrick Co.
-BOND SALE.
Heights), Cuyahoga County, Ohio.
of Cleveland has purchased the $650,000 4;4% coupon school bonds offered
119. p. 2676) at par. Date Jan. 1 1924. Due yearly on
on Dec. 15 (V.
Oct. 1 as follows: 133,000 in each of the even years and 132,000 in each of
the odd years, 1926 to 1945 incl.
SHOSHONI, Fremont County, Wyo.-BOND SALE.-Benwell
Co. of Denver recently purchased an issue of 340,000 6% refunding water
bonds. Date Jan. 1 1925. Denom. 11.000 and $500. Due Jan. 1 as
follows: 1500, 1926 to 1935; 11,000, 1936 to 1940: $1,500. 1941 to 1945:
12.000. 1946 to 1950. and $2,500, 1951 to 1955 incl. Prin. and int.(I. & I.)
payable at the banking house of Kountze Bros., New York City. Legality
approved by Pershing, Nye, Fry & Tallmadge of Denver.
Financial Statement.
$800,000
Actual valuation, estimated
441,192
Assessed valuation, 1924
71,000
Total bonded debt, all for water
Population, estimated,600.
-The 1135,000
SOMERSET, Pulaski County, Ky.-BOND SALE.
street and sewer bonds favorably voted upon Nov. 4-V. 119, p. 2676were purchased by Caldwell & Co. of Nashville as 5s. Date Jan. 1 1925
Due in 1945.
-BOND
-BONDS VOTED -The propoSPARTANBURG COUNTY (P. 0. Spartanburg), So. Caro.
ROSEBURG, Douglas County, Ore.
building bonds submitted to a vote of the OFFERING.
-Sealed bids will be received until 11 a. m. Jan. 9 by J. J.
sition to issue $165,000 school
people at the election held on Dec. 10-V. 119, p. 244I-carried by a vote Vernon, County Supervisor, for $216.000 434% highway bonds. Date
April 1 1923. Coupon bonds. Due as follows: 18,000. 1925: $9,000, 1926
of 416 for and 210 against.
and 1027; 310,000, 1928: 19,500. 1929: $10,000, 1930: $11,000, 1931:
-On 810,500, 1932; $11,000, 1933 and 1934; $12,000, 1935: 111,500, 1936:
-BOND SALE.
ROSS COUNTY (P. 0. Chillicothe), Ohio.
-V. 119, 812.001, 1937; $13,000. 1938 to 1939; 814,000, 1940: $13,500, 1941, and
Dec. 17 the $42,000 5 X% bridge bonds offered on that day
-were awarded to Prudden & Co. of Toledo at 105.57, a basis of 114,003. 1042 and 1943. Principal and interest (J. & J.) payable at the
p. 2676
about 4.53%. Date Dec. 1 1924. Due yearly on Dec. 1 as follows: Hanove• National Bank, New York City. Legality approved by Storey,
$4,000, 1926 to 1933 incl., and 15,000, 1934 and 1935.
Thorndike, Palmer & Dodge of Boston. A certified check for 2% of bid.
the County of Spartanburg, is
payable to
-BOND SALE.
- requirel. the order of the Supervisor of
ROWAN COUNTY (P. 0. Salisbury), No. Caro.
The following 5% bonds, aggregating 190,000 offered on Dec. 15-V. 119,
BOND OFFERING.
-T. J. Boyd, City Clerk, will receive sealed bids
-were awarded to Kalman, Gates, White & Co. of Minneapolis
p. 2559
until 12 m.Dec.30 for 11.350,000 water bonds to bear interest not exceeding
at a premium of $3,430, equal to 103.81, a basis of 4.71%:
1 as follows:
$70,000 county home bonds. Due Dec. 10 as follows: 12,000, 1930 to 531%. Date Jan. 1 1925. Denom. 11,000. Due Jan. 1938 to 1945:
$25,000, 1930 to 1933; 130,000. 1934 and 1937; $35,000,
• 1944 inclusive, and 14.000, 1945 to 1954 inclusive.
1965 incl. Prin. and int.
20,000 court house bonds. Due Dec. 10 as follows: 11,000. 1929 to 840,000. 1946 to 1955, and $45.000, 1956 to Co., N. Y. City. Legality
& J.) payable at the U. S. Mtge. & Trust
1048 inclusive.
certified
Date Dec. 10 1924. Coupon bonds registerable as to principal only. approved by Storey, Thorndike, Palmer & Dodge of Boston. A
check for 2% of bid, payable to the City Treasurer. is required
Hoyt of New York.
Legality approved by Reed, Dougherty &
STAFFORD SCHOOL DISTRICT NO, 4, Renville County, No,
ROYAL OAK TOWNSHIP SCHOOL DISTRICT NO. 8 (P. 0.
-Until 3 p. m. Jan. 5 sealed bids will
-the Detroit Dak.-CERTIFICATE OFFERING.
-BOND SALE.
Royal Oak), Oakland County, Mich.
of Detroit has been awarded the 1280,000 school bonds offered be raceived by Mrs. Byron Mott, Clerk, Board of Education. for 81.500
Trust Co.
certificates of indebtedness to bear interest at a rate not to exceed 7%.
-as 4 Xs at par.
on Sept. 9-V. 119, p. 1202
check for 5% of bid is re-On Dec. Denom. $500. Due Jan. 1 1926. A certified
RUSKIN, Nuckolls County, Neb.-BOND ELECTION.
quired.
30 an election will be held for the purpose of voting on the question of
-F.
STAMFORD, Fairfield County, Conn.
-TEMPORARY LOAN.
Issuing $20.000 water bonds.
S. Moseley & Co. of Boston have purchased the $200,000 notes offered on
-BOND OFFER
- Dec. 10-V. 119, p. 2676
ST. BERNARD PARISH (P. 0. St. Bernard), La.
3.11% discount basis. Due June 11 1925.
-on a
-Sealed bids will be received by the Secretary Police Jury until Dec.
/NO.
-An
STAMFORD, Jones County, Texas.
-BOND ELECTION.
21 for $50,000 road bonds.
tion will be held on Jan. 6 for the purpose of voting on the question o'
-BOND OFFER- issuing the following bonds:
ST. JOSEPH COUNTY (P. O. Centerville), Mich.
ING.
-William H. Horton, Clerk, Board of County Road Commissioners, $70,000 paving bonds.
$35,000 auditorium bonds.
until 10 a. m. Dec. 23 will receive bids for $26,000 Road Assessment Dist.
-BOND SALE.STANTONSBURY, Wilson County, No. Caro.
No. 11 bonds. Denom.$1,000. Date Dec. 11924. Due yearly on May 1
1928 to 1935 incl. Bidder to name The 112,000 6% water works extension bonds offered on Dec. 1-V.
as follows: 12,000, 1927. and 13.000.
rate of interest. Legality approved by Miller, Canfield, Paddock & Stone 119, p. 2441-were awarded to Prudden & Co. of Toledo at a premium of
of Detroit. Certified check for $500. payable to the Commissioners, re- $17. equal to 100.14, a basis of 5.97%. Date Aug. 1 1924. Due Feb. 1
as follows: 1500, 1926 to 1949 incl. Legality approved by C.B. Masslich,
quired.
-George C. N. Y. City. Other bidders were:
-BOND OFFERING.
SAGINAW,Saginaw County, Mich.
112,020
Durfee, Niles Co., Toledo
Warren. City Comptroller, will receive sealed bids until 10 a. m. Dec. 30 Stranahan. Harris & Oaths. Toledo
12.000
for $120.000 4(% general water bonds. Denom. $1.000. Date Jan. 2
SWEETWATER COUNTY SCHOOL DISTRICT NO, 6 (P. 0.
1925. Prin. and semi-ann. int. (J. & J.) payable at the City Treasurer's
-The 88,000 6% school bond; offered
office or in New York City. Due 13,000 Jan. 2 1925 to 1965 incl. Legal- Granger), Wyo.-BOND SALE.
ity approved by John 0. Thomson of New York. Certified check for 2% on Nov. 29-V. 119, p. 2320
-were purchased by Geo. W. Valley & Co.
of Denver. Date Dec. 1 1924. Due 1944; optional 1934.
of the par value of bonds bid for, payable to the City Treasurer, required.
-Sherwood &
SYRACUSE, Onondaga County, N. Y.
-BOND SALE.
SALEM TOWNSHIP SPECIAL SCHOOL DISTRICT (P. 0. Clar-BOND OFFERING.
-B. E. Kelch, Merrifield of New York and the First Trust & Deposit Co. of Syracuse have
ington), Monroe County, Ohio.
Clerk Board of Education, until 12 m. (eastern standard time) Jan. 3, been awarded the following issues of bonds offered on Dec. 12-V. 119.
-as 4s for 11.400,141 40, equal to 100.01, a basis of about 3.99%:
will receive sealed bids for 160.000 5% school house construction bonds. p. 2792
Denom. $500. Date Dec. 15 1924. Prin. and semi-ann. int. (M. & S. 15) 1590,000 school, 1924, payable 1 to 20 years.
385,000 general, 1924, payable 1 to 20 years.
payable at the State Treasurer's office in Columbus. Due every six months
400,000 intercepting sewer, 1924, payable 1 to 20 years.
as follows: 11,000 each March 15, and $1,500 each Sept. 15 from March 15
25.000 water, 1924. payable 1 to 40 years.
1926 to Sept. 15 1949 incl. Cert. check for $1,000, payable to the Board of
All of the above bonds are dated Jan. 15 1925, and payable in equal
Education, required.
successive annual installments, commencing one year from the date.
Minn.
-CERTIFICATE OFFER- Bids were as follows:
SAUK CENTER, Stearns County,
ING -Sealed bids were received by J. F'. Cooper, City Clerk, on Dec. 19,
$
Amt. Bid.
for the following certificates of indebtedness:
Sherwood &Merrifield.N.Y..
$
590,000 400.000 385,000 40.000
$19,200 certificates. Due Dec. 1 as follows: 11.300. 1925 to 1938 incl.
and First Trust & Deposit
7,900 certificates;. Due Dec. 1 as follows: $500, 1925 to 1938 incl., and
4
4
Co., Syracuse
4
4
1,400.141 40
1900. 1939.
4
4
Rutter & Co., New York _ _1,403,040 00
411
4
Date Dec. 191924. Prin. and int. (J. & D.) payable at the office of the Guaranty Co.. New York-1,402.478 65
4
4
411
4
City Treasurer.
Equitable Trust Co., Geo. B.
•
Gibbons & Co.and Blodget
SEBRING, Highlands County, Fla.
-BOND SALE.
-The 1106,000
4
4
& Co., New York
4
1,405,460 00
411
street improvement bonds, Series "A," issue of 1924, offered on Dec. 15
4s.4; 43(
411
411
-were purchased by the Atlantic National Bank of Jack- Bankers Trust Co., N. Y-1,404,606 00
-V. 119, p. 2676
a discount of $2,862, equal to 97.30-a basis of 5.55%. Estabrook & Co., W. A.
sonville. as 5s at
Harriman & Co.. Eldredge
Date Dee. 1 1924. Due Dec. 1 as follows: 110,000, 1925 to 1933 incl..
& Co., Kean, Taylor &
and 116.000 1934. Legality approved by Caldwell & Raymond of New
Co. and Robert Winthrop
York City.
4g
4
& Co., New York
4
1,401,537 40
411
SELMA, Dallas County, Ala.
-BOND SALE.
-An issue of $9,000 Barr Bros., Hayden, Stone
street paving bonds was purchased by H.C. Armstrong at par.
& Co. and Wm. R. Comp431
411
ton Co., New York
411
1,401.283 80
4
SENECA COUNTY (P. 0. Tiffin), Ohlo.-BOND SALE.
-A. T. Bell
& Co., Kis& Co. of Toledo have purchased the two Issues of 5% coupon bonds offered Stone, Seymour & Co., First
sel, Kinnicutt
on Dec. 11 (V. 119. p.2500) as follows:
Nat, Bank. Redmond &
• $19,500 I. 0 H. No. 22 bonds for $19,794 45, equal to 101.51, a basis of
Co., Salomon Bros. &
abotit 5.585', Due yearly on Oct. 1 as follows: $3,500, 1926. and
Hutzler. New York, and
14,000. 1927 to 1930 incl.
411
4
411
Detroit Co
4
1,400.140 00
51,000 I. C. H. No. 449 bonds for 151,993 30, equal to 101.94, a basis of
Informal Bid
about 4.56%. Due yearly on Oct. 1 as follows: 18,000. 1926 and A. M.Lamport & Co
411
411
431
411
1.409,12500
1927, and 17,000, 1928 to 1932 incl.
Date Dec. 16 1924. Bids were as follows:
TARPON SPRINGS SPECIAL TAX SCHOOL DISTRICT NO. 1,
Pinellas County, Fla.
-The 115.000 514% coupon
151,000 119,500
Total
-BOND SALE.
school bonds offered on Dec. 11-V.119, p. 2676-were awarded to Prudden
Issue.
Issue.
Pre& Co. of Toledo at a premium of 1622 50. equal to 104.15-a basis of about
Premium.Premium. mium.
Stevenson.Perry,Stacy & Co., Chicago
$940 47 5.20%. Date Dec. 1 1924. Denom. $1,000. Due Dec. 1 1949.
The Ilerrick'Company, Cleveland
1858 00 1279 00
1,137 00
TEXAS (State of).
-BONDS PLRCHASED BY TAB STATE BOARD
Second Ward Securities Co., Milwaukee
878 00 296 00 c1,174 00 OF
EDLCATION.-On Dec. 10 the State Board of Education purchased
Braun, Bosworth & Co., Toledo
743 00
206 00
949 00
W.L. Slayton & Co., Toledo
847 00 237 90
1,08490 the following bonds, aggregatin $33 900. at par:
Int.
Name.
Int. And.
Name.
A. E. Aub & Co., Cincinnati
c1.234 00 Driscoll I. S. D _
55' $3,000 Jones Co.C.S. D.40-- _ -5% $1,206
Commercial National Bank, Tiffin
448 50
140 40
588 90 Tarpley I. 8. D
800
C
6
3,500 Jones Co. . S. D.59_ _ --5%
W. K. Terry & Co., Toledo
b1,277 77 Andrews Co.O. S. D.5 5
2,000 Parker Co.C.S. D.44_--5% 2,000
804 00 216 00
Entery. Peck & Rockwood, Chicago
1.02000
5% 3.000
2.000 Polk Co.C.S. D.31
Stranahan, Harris 8c Cads. Inc., Toledo
826 20 226 69
1,04880 Bandera Co. O. S. D. 7..5
800
Red River Co.
705 00
180 00
Well, Roth & Irving. Cincinnati
885 00 DeWitt 00.0.S. D.32- _6. 2,500 Red River Co. C.S.D.42_5% 3.500
5% 2,500
C.S.D.66-5%
990 00 242 00 c1,232 00 Fisher Co. C. S. D.2
N.S. Hill & Co.. Cincinnati
Fisher Co. C. S. D. 37....55
5% 3,500
2,500 Titus Co.O.S. D.12
918 68
28520
1,183 80 Gray Co. C. S. D.
Breed Elliott & Harrison. Cincinnati
22
6% 1,100
716 00
182 00
Seasongood & Mayer, Cincinnati
898 00
BONDS REGISTERED.
-The State Comptroller of Texas registered
556 10
Title Trust & Savings Co., Cincinnati
the following bonds during the week ending Dec. 13:
1,106 25
Guardian Trust & Savings Bank, Cleveland-- 897 60 208 65
Amt.
800 70
220 35
1,021 05
Reg. Place.
Due.
Provident Savings Bank & Trust Co.,
795 60 202 80
99840 $3,600 Nolan Co. C. S. D. No. 19
Otis & Co., Cleveland
6%
20 years
Dec. 9
956 00 306 00 121,262 00
2,500 Fisher Co. C. S. D. No. 2
serially
Detroit Trust Co., Detroit
5%
Dec. 9
450 00
2,500 Fisher Co. C. S. D. No. 37
140 00
590 00
serially
Tiffin National Bank, Tiffin
55'
Dec. 9
87500
3.000 Hall Co. C. S. D. No. 24
241 00
6%
1,11600
Spitzer, Rorick & Co., Toledo
serially
Dec. 9
837 00 253 89
3,000 Hall & Donley Cos. C.S. D.No.28_6%
1.090 no
serially
Prudden & Co., Toledo
Dec. 9
933 30 294 45 al
1,300 Nacogdoches Co. C. S. D. No. 63 6%
A.T. Boll & Co.. Toledo
-227 75
serially
Dec. 12
Note.
3,000 Smith Co. C. S. D. No. 63
6 _,
-(a) Highest and best unconditional bid. (b) Indicates bids re1Dec.12
4,000 Reeves Co. C. S. D. No. 3
iected, certified checks not conforming to legal advertisement. (c) Indi6%
20 years
Dec. 12
cates bids rejected, conditional bids requiring approval by special attorneys.
1,000 Callahan Co. C. S. D. No. 27
10 to 20 years Dec. 12
53
2,700 Nolan Co. C. S. D. No. 2
6%
20 years
Dec. 12
SHADYSIDE, Belmont County, Ohlo.-BONDS NOT SOLD.
--The
1.000 Dawson Co. C. S. D. No. 18
10 to 20 years Dec. 12
five issues of 6% street inapt. bonds aggregating 152,500 offered on Dec. 15
-V. 119, P. 2441-were not sold. C. J. Saffel. Village Clerk says: "On
THEIRMOPOLIS, Hot Springs County, Wyo.-BOND SALE.
account of an error in our Bonding Ordinances, will not be able to sell bonds Riper, Day & Co. of Denver purchased an issue of$39,500 5% paving-Van
bonds
for from 30 to 60 days."
at 93.
RIPON SANITARY DISTRICT, San Joaquin County, Calif.
-The People's State Bank of Turlock has purchased an issue
BOND SALE.
of $30,000 5X% sanitary bonds at a premium of 1101. equal to 100.33.
-An election will
-BOND ELECTION.
ROBY, Fisher County, Tex.
be held on Dec. 31 for the purpose of voting on the question of issuing
140,000 5X % water bonds.
-Sealed bids will be re-NOTE OFFERING.
ROCHESTER, N. Y.
ceived at the office of J. 0. Wilson, City Comptroller, until 2:30 p. m.
Dec. 24 for city of Rochester notes as follows:
$200,000 local irept., as per ordinance of the Common Council Nov.11 1924.
425,000 School revenue, as per ordinance of the Common Council Dec.
23 1924.
500,000 General revenue, as per ordinance of the Common Council
Dec. 23 1924.
Local impt. notes will be made payable 8 months from Dec. 29 1924;
school and general revenue notes will be made payable 6 months from
Dec. 29 1924, at the Central Union Trust Co., N. Y. City, will be drawn
with interest and will be deliverable at the said trust company, 80 Broadway, N. Y. City, Dec. 29 1924. Bidders to state rate of interest, and
denominations desired, and to whom (not bearer) notes shall be made
payable. No bids will be accepted at less than par.
2916
THE CHRONICLE
TELFAR SCHOOL DISTRICT NO.46, Burleigh County, No. Dak.BOND SALE.
-The State of North Dakota purchased during November
the following 5% school building bonds aggregating $2,000 at par. Date
Oct. 1 1924.
$300 due Oct. 1 1929
1$500 due Oct. 1 1939
500 due Oct. 1 1934
500 due Oct. 1 1944
Bonds are not subject to call, but may be redeemed 2 years from date
of issue.
TOMBSTONE, Cochise County, Ariz.
-BOND ELECTION.
-An
election will be held on Jan. 12 for the purpose of voting on the question
of issuing $25,000 light plant bonds.
TOTARO SCHOOL DISTRICT (P. 0. Lawrenceville), Brunswick
County, Va.-BOND DESCRIPTION.
-The $30,000 school bonds purchased by Stranahan, Harris & Oatis of Toledo
-V. 119. p. 2677
-are
described as follows: Interest rate 534%. Date Nov. 15 1924. Denom.
$1.000. Due Nov. 15 as follows: $1.000. 1929 to 1953 incl.: and $5,000,
1954. Principal and interest (M. Sc N. 15) payable at the First National
Bank at Lawrenceville, Va. or at the Chase National Bank, New York
City, at option of holder.
Financial Statement.
Estimated real value_
$6,500,000 00
Assessed valuation
3,214,583 58
Bonded debt (Including this issue)
94,500 00
Population (official estimate), 5,000.
UNION COINTY (P. 0. Elizabeth), N. J.
-BOND SALE.
-Clark,
Williams & Co. of New York and the Hillside National Bank of Hillside
have been awarded the coupon or registered park bond issue offered on
Dec. 17-V. 119, p. 2792
-as 434s on a bid of $250,275. equal to 100.11.
a basis of about 4.23% for the entire $250,000 bonds. Date Dec. 1 1924.
Due yearly on Dec. 1 as follows: $5,000, 1926 to 1969 incl., and $6,000,
1970 to 1974 incl.
VALDOSTA, Lowndes County, Ga.-BOND SALE.
-The following
5% bonds aggregating $270,000 offered on Dec. 15-V. 119, p. 2793
-were
purchased by the Merchants Bank of Valdosta at a premium of $14,037 50,
equal to 105.19-a basis of about 4.56%:
$15,000 fire bonds. Due Dec. 20 as follows: $500, 1929 to 1950 incl.:
$2,000, 1951 and 1952.
10,000 school equipment bonds. Due Dec. 20 as follows: $500, 1933 to
1952 incl.
30,000 sewer bonds. Due Dec. 20 as follows: MOW, 1929 to 1946; and
$2,000. 1947 to 1952 incl.
65.000 water works bonds. Due Dec. 20 as follows: $2,000, 1929 to 1938
incl.; $3,000. 1939 to 1949 incl.; and $4,000. 1950 to 1952 incl.
160.000 paving bonds. Due Dec. 20 as follows: $5,000, 1929 to 1938 incl.;
$6,000, 1939 to 1948 incl.; and $10,000. 1949 to 1952 incl.
Date Dec. 20 1924.
VALLEJO, Solari° County, Calif.
-BOND DESCRIPTION.
-The
0
$400,000 534 '7, water bonds purchased by R. H. Moulton & Co. of San
Francisco on Oct. 10-V. 119. p. 1873
-are described as follows: Date
May 1 1924. Denom. $1,000 and $500. Interest payable M.& N. Due
837.500. 1927 to 1934; $12,500, 1935 to 1940. and 825,000, 1941.
VERONA, La Moure County, No. Dak.-BOND OFFERING.
Sealed bids will be received until 2 n. m. Dec. 27 by 0. C. Freiss, Village
Clerk,for $6,590 7% seml-annual electric bonds. Date Dec. 11924. Due
Dec. 1 1944. Denom. not given. A certified check for 5% of bid is required.
-BOND OFFERING -William
WALDWICK, Bergen County, N. J.
R. Evans Jr., Borough Clerk, until 8.30 p. m. Dec. 29 will receive sealed
bids for the purchase of an issue of 4%4% coupon or registered water bonds
not to exceed $185.000, no more bonds to be awarded than will produce a
premium of $1,000 over $185,000. Denom. 81.000. Date Sept. 1 1924.
Prin. and semi-ann. Int. ((M. & S.. payable in gold at the Citizens Trust
Co. of Paterson. Due yearly on Sept. 1 as follows: 84.000 1926 to 1949,
incl.: 85.000 1950 and 56.000 1951 to 1964. incl. Bonds will be prepared
under the supervision of the U. S. Mtge. & Trust Co., N. Y. City, which
will certify as to the genuineness of the signatures of the officials and the
seal impressed thereon. The successful bidder will be furnished with the
opinion of Hawkins, Delafield & Longfellow, N. Y. City. Certified chock
for 2% of the bonds bid for, payable to the borough, required.
WALNUT, Bureau County, 111.
-BOND SALE.
-The Citizens State
Bank of Walnut has purhcased $2,750 534% water tank bonds at par.
Due $550 1925 to 1929, incl. These bonds were voted on Aug. 5.
WALTERS SCHOOL DISTRICT NO. 1, Cotton County, Okla.
BOND SALE.
-The Geo. W. and J. E. Piersol Co. of Oklahoma City has
purchased an issue of $40,000 5% school bonds at a premium of $40, equal
to 100.10. Due $8,000 in 1929. 1934, 1939, 1944 and 1949.
WASHINGTON CIVIL SCHOOL TOWNSHIP (P. 0. Delphi R. F.
D. No. 2), Carroll County, Ind.
-BOND OFFERING.
-Sealed bids will
be received by Chester Joyce, Township Trustee, until 10 a. m. Jan. 5 for
$45.000 434% coupon school bonds. Denom. 81.500. Date Jan, 5 1925.
Prin. and semi-ann. int. (J. & J.) payable at the Bank of A. T. Bowen &
Ce. of Delphi. Due every six months as follows: $1,500, July 1 me to
Jan. 1 1939 incl., and $3,000, July 1 1939 and Jan. 11940. Certified check
for $565 required.
WEST BEND SCHOOL DISTRICT NO. 1, Washington County,
Wis.-BOND OFFERING.
-Sealed bids will be received by P. W. Bucklin,
District Clerk. until 2 p. m. Dec. 30 for $220,000 5% high school bonds.
Date Feb. 11925. Denom. $1.000. Due Feb. 1 as follows: $2,000, 1926;
$4,000. 1927 and 1928; 86.000. 1929; $8,000, 1930: 510,000, 1931 and 1932;
NEW LOANS
We Specialize in
City of Philadelphia
3s
3%8
4s
/
41 45
41 2s
/
58
/
51 48
51 2s
/
Biddle & Henry
104 South Fifth Street
Philadelphia
meats Wire to New Yon
Call Canal 11437
BALLARD & COMPANY
Members New York Stock Exchange
HARTFORD
Connecticut Securities
[VOL. 119.
$13,000, 1933; 815,000, 1934; $22,000, 1935 and 1936: $23,000, 1937 and
1938; $28,000, 1939, and $30.000, 1940. Principal and interest (F. & A.)
payable at the office of the District Treasurer of school District No. 1.
A certified check for $5,000. payable to F. W. Bucklin, District Clerk, is
required.
WEST YORK (P.0. York), York County, Pa.
-BOND OFFERING.
Sealed bids will be received by Harry E. Miller, Borough Secretary, until
_
,
7.30 p. m. Jan. 6 for $25,0m 434% coupon, Series B,' improvement
bonds. Denom. $1,000. Date Dec. 1 1923. Interest J. & D. Due
Dec. 1 1933. Legality approved by Townsend, Elliott & Munson of Philadelphia. Certified check for 2% of the bonds bid for, required.
-BOND OFFERING.
WHITNEY POINT, Broome County, N. Y.
Until 12 m. Dec. 30 sealed bids for the purchase of $5,000 5% coupon or
registered village bonds will be recelywi by David L. Maxfield, village
Clerk. Denom. $500. Date Jan. 1 1925. Prin. and annual interest,
payable at the First National Bank of Whitney Point. Due $500 Aug. I
1926 to 1935, inclusive.
WILLARD, Huron County, Ohio.
-BOND OPPERINO.-Sealed bids
will be received by Ed A. Evans, Village Clerk, until 12 m.(eastern standard
time) Jan. 21 for the following issues of 534% bonds:
$12,971 50 Emerald St. impt. assessment bonds. Denom. $1,300. and one
for $1,271 50. Int. J. & D. Due yearly on Oct. 1 as follows:
$1,300, 1925 to 1933 incl., and $1,271 50, 1934.
5,060 00 Emerald St. impt. village portion bonds. Denom. $280, and
one for $300. Int. A. & 0. Due yearly on April 1 as follows:
$560, 1926 to 1933 incl., and $580, 1934.
Date Doc, 1 1924. Prin. and rood-ann. int. payable at the office of the
above Clerk. Cert, check for $500. payable to the Village Clerk, required.
Purchaser to take up and pay for bonds within 10 days from time of award.
WILLIAMSON ROAD DISTRICT NO. 91 (P. 0. Georgetown),
Tex.
-BOND DESCRIPTION.
-The $193.000 5% road bonds purchased
by Garrett & Co. of Dallas at par
-are described as fol-V. 119, p. 2794
lows: Denom. $1.000. Prin. and semi-annual int, payable at the State
Treasury at Austin or at the Mechanics & Metals National Bank, New
York City, at option of holder. Duo serially 1 to 30 years.
WINCHESTER, Clark County, Ky.-BOND SALE.
-An issue of
$40,000 5% semi-annual municipal bonds was purchased by the Harris
Trust & Savings Bank of Chicago on Dec. 12. Date Dec. 1 1924. Due in
1944, optional after 1934.
WINTHROP, Suffolk County, Mass.
-TEMPORARY LOAN.
-A
temporary loan of $40,000, maturing Nov. 6 1925, has been sold to F. S.
Moseley & Co. of Boston on a 3.31% discount basis.
WOOSTER, Wayne County, Ohio.
-Grace B•
-BOND OFFERING.
Wile. City Auditor, will receive sealed bids until 12 m. Jan. 2 for $7,500
5% University St. assamment bonds. Denom. $750. Date Jan. 1 1925.
Interest A. & 0. Due $750 Oct. 1 1926 to 1935, inclusive. Certified check
for $350, payable to the City Treasurer required.
YAKIMA COUNTY (P. 0. Yakima), Wash.
-BOND SALE.
-The
Yakima Trust Co. of Yakima purchased an issue of $275,000 434% bonds
recently at 101.03.
CANADA, its Provinces and Municipalities.
SASKATCHEWAN.
-BOND SALE.
-The "Monetary Times" of Toronto, in its issue of Nov. 12, gives the following as a list of bonds reported
sold by the Local Government Board from Nov. 21 to 28: Town of Eastend.
$4,000 7%,5 years. to Regina Brokerage & Investment Co.: City of Moose
Jaw, $3,525 5.4%, 10 years to Moose jaw Sinldng Fund; and $3,800 534%
15 years to Moose Jaw Sinking Fund.
SYDNel'Y MINES, N. S.
-W.L. McKinnon & Co., it Is
-BOND SALE.
stated, have purchased $40.000 534% 20
-year bonds privately.
TERREBONNE, Que.-BOND OFFERING.-Blds are invited up to
8 p. m. Dec. 22 for the purchase of 8190.000 5% 36
-year serial bonds. Of
the total, $100,000 is guaranteed by the Province of Quebec. The bonds
are in donoms. of $100. $500 and $1,000 each. A. L. Beaupre, Sec.-Treas.
THAMESVILLE, Ont.-BOND SALE.
-It is stated that an issue of
$25,000 534% 20
-Installment school bonds was awarded to Bird, Barris &
Co. The price paid for the bonds was withheld. Other bids were as follows:
McCoo, Padmore & Co
101.05 IA. E. Amos & Co
101.38
..,lacKay-MacKay
101.80 Dymont, Anderson & Co
100.18
Municipal Bankers Corp.__ _101.357 Macneill, Graham & Co
100.17
THESSALON, Ont.-BOND SALE.
-Reports say that Macneill'
Graham & Co. were awarded $10,000 534% 30
-installment bonds, guaranteed by the Province of Ontario, at 103.08, the money costing 5.18%C. II. Burgess & Co. submitted the same bid. Bids were as follows:
Macneill, Graham & Co
103.081%V. C. Brent & Co
102.68
C. H. Burgess & Co
103.08[Goss, Forgio & Co
102.62
UXBRIDGE TOWNSHIP, Ont.-BOND SALE.
say that an
-Reports
issue of $13,000 534% 10 installment bonds was awarded to the Sterling
Bank at 101.24. the money costing 5.25%. Two higher bids were submitted,although the bohds wore awarded to the bank. Bids wore as follows:
Toronto Bond Exchange, Ltd_101.34 Goss, Forgie & Co
102.23
Bird Harris & Co
101.26 Municipal Bankers Corp
101.11
Sterling Bank
101%09
101.24 Dyment, Anderson & Co
REDEMPTION NOTICE
FINANCIAL
Notice of Redemption
Schuylkill County, Pa.
AMERICAN MFG.CO.
Insane Hospital Bonds
ROPE & TWINE
TO WHOM IT MAY CONCERN:
The Sinking Fund Commission of Schuylkill
County hereby notifies the holders of the followMANILLA, SISAL, JUTE
ing numbered INSANE HOSPITAL BONDS
of the issue of 1911 that the same will be redeemed
on and after JANUARY 2nd, 1925, on presentation to the County Treasurer, and INTEREST Noble and West Streets, Etrooklyn,N.Y.CIty
on same will cease DECEMBER 31st. 1924.
The folders of the following Bonds must present
TRANSFERS showing that the Bonds have
boon properly transferred from the Original Owner
to the present holder before they can be redeemed:
Persons collecting Bonds through Banks must
attach TRANSFERS authorizing the Bank presenting them to collect same.
$100 Denomination.
Nos. 9, 12. 21, 23, 37, 41, 46, 59, 60, 62. 70, 71,
84, 86 and 94.
$500 Denomination.
Nos. 106, 112. 114, 131, 132, 141, 144, 148. 153,
157, 159, 160, 161. 162, 164, 178, 180, 181,
184, 187 and 192.
$1,000 Denomination.
Nos. 356, 360, 362. 365, 367, 368. 370. 374, 378.
379, 380, 391, 403, 411, 412, 414, 417, 419,
603. 609, 619, 620, 622, 627, 633, 635. 636.
and 639.
JOSEPH DAVENPORT.
WM. C. JAMES,
ROY E. BROWNMILLER,
GEORGE S. HENSYL,
JOHN E. SCHLOTTMAN,
Sinking Fund Commission of
Schuylkill County.
Attest: T. J. EVANS,
Secretary.
Pottsville, Penna., December 8th. 1924.
TO LOCATE
the firm that has for
disposal what you require, insert an ad in the
Classified Departmend
of The Financial Chronicle, inside back cover.
@FedFRASER