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The
if
jirantrial
tiroturie
INCLUDING
Public Utility Compendium
Railway& industrial Compendium
Railway Earnings Section
State & Municipal Compendium
Bank and Quotation Sectior,
Bankers' Convention Section
SATURDAY, DECEMBER 26 1925
VOL. 121.
NO. 3157.
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EVAT• AND
Our State and Municipal
Compendium.
A new number of our "State and City
Compendium," revised to date, appears
to-day, and all readers of the paper who
are subscribers should receive a copy of
it. As previously announced, this Supplement is now printed in two parts,
Part One, containing the New England,
the Middle and the Middle Western
States, having been issued last June,
while Part Two, embracing the rest of
the country, appears to-day. The
change is due to the fact that with the
growth and multiplication of the municipalities of the United States the demand for additional space has become
too heavy to satisfy within the limits of
a single number.
The Financial Situation.
Security holders have had occasion for a joyous
Christmas. The stock market has further advanced
the present week, and quite a number of new high
records have been established for the year, not only
in the railroad list, but in the rest of the market.
This has occurred notwithstanding that call money
on the Stock Exchange has on several occasions advanced to 6%, showing plainly that high money
rates are no deterrent to the speculation for higher
prices, though they may be used to bring about downward reactions whenever the market gets in topheavy condition.
Cotton ginning returns continue to create surprises. Two months ago they induced the Department at Washington to make its first and most substantial raise in cotton estimates for the current
year and evidently they are still an influence in the
Ginnings to December 13
same direction.
of 1925, according to
crop
from the cotton
issued this week.
report
Bureau
the Census
are 14,826,452 bales, which is 952,768 bales in addition to the quantity ginned to Dec. 1. The average
ginnings for each day, including Sundays, is 79,400
bales. During the same period in December 1924,
when picking was late, especially in Texas, the average daily ginnings were only 47,200 bales. The increase this year is over 70%. The size of the crop
this year would hardly account for this large difference. But picking was early this year as well as
late.
In the leading States the ginnings have been very
heavy, and in some of them the ginnings to Dec. 13
are in excess of the final estimate of yield, issued by
the Department two weeks ago. This is true of
South Carolina, Georgia and Alabama. In some
other States the latest ginnings are so close up to
the final estimate of yield for this year that it is
probable the product for those States will also exceed this year's estimate of yield. The final estimate
of yield in Georgia for this year was 1,150,000 bales
and to Dec. 13 this year ginnings have been 1,180,926 bales, which is 30,000 bales ginned in excess of
the estimated production. For South Carolina,
where production was placed at 875,000 bales, ginnings to Dec. 13 are 34,860 bales in excess of that
figure. These two States will add 65,000 bales to
the final estimate of yield this year, the latter being
3038
THE CHRONICLE
[VOL 12L
15,603,000 bales, and will put the 1925 cotton crop vested in 1924. The production of white potatoes in
that much nearer the second largest crop on record, the final estimate of yield for this year is given as
which was 15,693,000 bales. For Alabama the yield 323,243,000 bushels, which is considerably below
this year was estimated at 1,335,000 bales, and gin- last year.
nings to Dec. 13 have been 1,336,891 bales. For
Fall planting of winter wheat and rye does not
North Carolina the estimate of yield for this year promise as well for the crop put in during the curis 1,090,000 bales and ginnings to Dec. 13 1,085,534 rent season as could be wished,in view of the reduced
bales. Oklahoma is also close to the estimate of yield from the planting of 1924. The Government
yield, the latter being 1,550,000 bales, while ginnings report on winter wheat issued on Thursday of this
so far amount to 1,516,925 bales. As to the last two week estimates the area planted during the fall this
or three States mentioned, ginnings will undoubt- year at 39,540,000 acres, against 42,317,000 acres,
edly exceed the final estimate of production.
the estimate made in December 1924, for the winter
In the Southwest ginnings continue somewhat un- wheat crop of that year. The revised figures for
der the indicated production. For Texas, where the 1924, however, were for only 39,956,000 acres. In
yield has been reduced to 4,100,000 bales this year, the early fall of this year dry weather interfered
against a production of 4,951,060 bales in 1924, gin- with plowing,and later there was too much moisture.
nings to Dec. 13 this year have been 3,870,656 bales, As to rye, the area planted this year also shows a rewhich is 94.4% of the estimate of yield. Up to Dec. duction, being now placed at 3,426,000 acres, in con13 1924 ginnings in Texas had been 4,570,368 bales, trast with 4,088,000 acres estimated for the crop
or 92% of the final production. To reach this year's planted in 1924. The condition of the winter wheat
estimate of production in Texas 230,000 bales of cot- crop for this fall is now placed by the Government
ton are yet to be ginned. If picking in Texas this at 82.7% of normal, and contrasts with 81.0%, the
year is to be as late and as heavy as it was a year estimate of December 1924. For rye the condition
ago, and 8% of the crop in Texas was still to be in December this year is estimated at 83.8% or norginned after Dec. 13 1925, as was the case in Decem- mal; a year ago in December the condition was
ber 1924, then nearly 310,000 bales await ginning in placed at 87.3%. Only two of the important winter
that State and the yield there is to be 4,180,000 bales. wheat States show an increase in area this year as
Arkansas reports ginnings of 1,347,969 bales, against compared with a year ago, Kansas with 11,492,000
an estimate of yield for this year of 1,530,000bales acres, against 10,740,000 acres planted in 1924, and
for Mississippi ginnings to Dec. 13 are 1,708,298 Oklahoma, with 4,748,000 acres this year, against
bales, while the estimate of yield is 1,930,000 bales; 4,479,000 acres last year. For Illinois and Indiana
for Louisiana this year's figures as to ginnings and the loss in area this year is 11%; Ohio 6%; Missouri
yield are, respectively, 867,558 bales and 900,000 28%; Oregon 8%, and Washington 23%. The area
bales; Tennessee 451,611 bales and 490,000 bales, planted in Nebraska is 3,047,000 acres, about 1%
and Missouri 226,247 bales and 260,000 bales. Some less than in 1924. The winter damage to winter
of the States last mentioned show quite a marked wheat has ranged from 1.9% to 28.9% during the
difference between ginnings and yield. As to every past ten years, an average of 10.9% each year
of
State, however, excepting Texas, ginnings this year the acreage seeded.
to Dec. 13 are larger than they were at the corresponding date of 1924. Some question is raised as to
Reports received from Paris at the close of last
what the situation will be in the cotton belt in 1926, week relative to the loans that the French Governwith an area to harvest as large or larger than that ment was said to be seeking were conflicting. It
of this year, with conditions as good, or at least developed that the real proposal was for a loan that
average, and with Texas up to the mark in yield.
would be secured by the products of French industry. It was stated in a special Paris dispatch to
The final estimate of the Department of Agricul- the New York "Times" on Dec. 18 that "national
ture on the grain crops raised in the United States officials of the General Confederation of Manufacduring the year just closing was issued at Washing- turers in France took steps to-day to convoke in
ton on Tuesday of this week. The feature of the Paris a conference of representatives of French inreport was the reduction in the yield of corn, which dustries from all parts of the country to act on the
in the final estimate is put at 2,900,581,000 bushels. proposal from business leaders of the North that
This is 112,810,000 bushels less than was indicated in French industry as a whole should pawn its total
the estimate issued in November, a large difference assets for a loan of 10,000,000,000 francs (about
to follow at the close of the season. It is explained $400,000,000), which would be placed at
the disthat the difference is due to an over-estimate earlier posal of the French Treasury and thus render
unin the year of the area planted to corn. There was necessary further heavy increases in
taxation just
a partial failure of the corn crop in 1924, but in 1923 now." It was added that "leaders in the movement
the yield was in excess of 3,000,000,000 bushels, as it estimate the value of the properties to be pledged
at
was in 1921 and 1920. The final estimate for winter 100,000,000,000 francs. Naturally
enough, it is
wheat this year is placed by the Department at 398,- planned to obtain most of this money
from the
486,000 bushels, against 590,037,000 bushels in 1924. United States. French industrialists
believe this
Spring wheat this year yielded 270,879,000 bushels, plan will prevent inflation and
consequent further
against 282,636,00 bushels last year. The yield of disturbances in French industry.
Those at the head
oats this year is placed at 1,501,909,000 bushels in of the movement express
confidence that the whole
contrast with 1,541,900,000 bushels in 1924. Quite of French industry will join in. To
give immediate
a falling off appears as to these four leading crops in evidence of their good faith, the
industrialists of the
1925. The estimate for barley this year is finally North have offered to begin
immediately their conreduced from the November report to 218,002,000 tribution to the extent of negotiating
mortgages in
bushels, while the rye crop from this year's harvest France to take from the Treasury the
burden of payis 48,696,000 bushels, against 51,968,000 bushels har- ing some 3,000,000,000 francs' worth of Government
DEC.26 1925.]
THE CHRONICLE
3039
securities which mature in the near future." By
way of comment, the "Times" representative said:
"The proposal is interesting because it brings to
light the fact that while the French Government is
'broke' the country is fairly wealthy. In their talks
with President Doumergue, Premier Briand and
Finance Minister Doumer, the industrial leaders of
Lille said the industries which should take part in
the nation's financial recovery do an annual business of more than one hundred billion francs, and
they would be willing to allocate 10% of their profits to an interest sinking fund for the proposed
loan."
of Commerce guardedly approve the big industrial
and commercial federations, they point out that the
scheme would require the most careful examination
in its big political and economic aspects." He added
that "Gaston Jeze, Professor of Finance, who is the
financial high priest of the radicals, declares that
the offer can be useful only if the personal credit
of France has fallen so low that Americans would be
willing to lend only if the loan is guaranteed by the
industrialists. Even supposing that such a loan is
possible, he says, it cannot solve the whole financial
problem. The French themselves must first make
the necessary sacrifices toward balancing the budget.
If the loans are simply used by the politicians as a
.
The reported proposals were outlined quite dif- means of postponing the inevitable call upon the
ferently in some respects by the Paris repre.senta- taxpayer it will only aggravate the situation. A
tive of the New York "Herald Tribune." He said in floating external debt will simply have taken the
part: "A campaign for saving and stabilizing the place of a floating internal debt."
national currency was begun to-day by industrial
On the other hand, it was claimed in a special
enterprises in northern France, combining the tex- Paris cablegram to the New York "Times" at about
tile trust, spread out between Lille, Roubaix and the same time, that "the Socialist groups in the
Turcoing, and mining, metallurgy and chemical Chamber have been quick to seize upon the offer of
works flanking the Belgian border, with combined the industrialists of the North of France to place
property values of perhaps $2,000,000,000. Repre- their combined holdings at the disposition of the
sentatives of these great industrial units laid two Government for a huge loan as a practical admisplans before Paul Doumer, Finance Minister. One sion that a capital levy is the only way out of the
offered 10% of their annual turnover as a guaran- nation's present financial difficulties. In a long
tee for a new American loan. The other was an im- statement issued to-day incidental to a resolution
mediate pledge to meet maturing Government bond asking the Government immediately to accept the
obligations up to the sum of 3,000,000,000 francs. offer, the Socialists say that the Northern manufacThe 'Herald Tribune' is informed to-night that the turers' proposals in effect amount to the same thing
Finance and Commerce Ministries are studying these as a levy on capital, since they call on the whole of
plans, and the industrialists on the other hand are productive France to join with them to save French
sounding out large industrial interests in other credit. The Socialists read much that pleases them
parts of France on their joining in the endeavor to into the offer and furthermore take occasion to
prevent the franc emulating the German mark of point out the very favorable effect which the simple.
several years ago."
announcement of the offer had upon foreign ex-In a cable dispatch dated Dec. 19, the Paris rep- change."
resentative of th Associated Press further outlined
In a cable message on Dec. 22 the Paris correthe latest developments in the situation in part as spondent of
the New York "Herald Tribune" said:
follows: "The proposal of the industrial leaders "The proposal by the
industrial leaders of Northern
of Northern France to pledge their properties
as France either to guarantee a foreign loan of 10,000,.
security for a loan from the United States or else- 000,000 francs
with a percentage of their turnover,
where for the purpose of stabilizing the franc and or to make
a direct contribution of 3,000,000,000
providing a sinking fund for the country's debts, has francs
to the Government in the form of a sinking
given a new trend to the discussion of how to refund for the internal bonds, has been reduced to the
establish French finances. Manufacturers and busi- first
proposition. The Socialist maneuver yesterness men in all parts of France approve of
the day, calling on the Government to accept this offer
scheme and declare that everybody must join hands
conditioned upon its application to every industry in
to put into effect this first practical suggestion
to France, brings it into politics and kills it at once
restore confidence and the currency. The Cabinet
because one of the greatest industrial areas in the
took the plan under consideration this evening,
re- country—Alsace-Lorraine andits metallurgical interceiving it favorably, an outline of it was made
known ests—is against such a proposition. Regarding the
to the General Federation of French Producer.,
proposal of the industrialists to guarantee a loan,
which decided to appoint a commission to study
it the technical loan division of the Foreign Office has
on behalf of all business and industrial interests
in advised Premier Briand that there is no possibility
France. It thus becomes the project of French bust.
of such a loan from the United States before France's
ness in general, which removes the objection that
it war debt to America is settled. Victor Henry Berwas a regional proposal. Only a few Socialists
and enger, the New French Ambassador, will not arrive
extreme radicals throw cold water on the plan; they
in the United States before the middle of January,
contend that it shows a tendency on the part of
the and the effect of the industrial proposal has, thereeconomic interests to interfere in politics."
fore, lost its significance for some time to come."
Two days later the Paris representative of
"The
Sun" cabled that "the first fine flush of enthusias
m
aroused by the proposal of the Northern industrialists is giving nay to suspicious criticism. Three
burghers of Roubaix now are variously accused of
playing into the hands of the Socialists, the Fascists
and the Bourse speculators, and while the Chambers
It was made clear in Paris cable adVices early in
the week that Finance Minister Doumer of
France
was having a difficult time in working out a plan
to meet even the immediate financial requireme
nts
of his Government. In a special Paris cable dispatch to the New York "Times" on Dec. 20 it was
stated that "Finance Minister Doumer's proposals
1
3040
TUB CIIRONICLE
for meeting the financial necessities of the country
during the next year seem not unlikely to prove too
modest for just the same people who found M. Loucheur's proposals too excessive." The correspondent also said that "the whole of M. Doumer's scheme
is not yet known, but in outline he proposes to meet
the budgetary deficit, which is estimated at 4,500,
000,000 francs, by using the 3,000,000,000 taxation
which M. Loucheur obtained as a counterpart to his
Inflation measure during his brief Ministry by increasing the turnover tax and applying it to exports;
by increasing the price of tobacco and by enlarging
the scale of operation of the income tax. This is the
View of the Socialists and of part of the Radical
Party. These elements are, however, exactly the
same as opposed M. Loucheur's proposals to meet
the budgetary deficit by imposing 6,000,000,000 of
new taxation in addition to the 3,000,000,000 which
had already been voted. The criticism which is being directed against this proposal is that the Lou.
measure was "clearly voted by Parliament as
an offset to the increase in circulation and Bank of
France loans to the State and should not therefore
be applied to ordinary budgetary purposes."
It became known here through an Associated
Press cablegram that the next day (Dec. 21) "the
Finance Minister introduced a bill in the Chamber
of Deputies calling for provisional credits to carry
on the country's business for January." The correspondent asserted that "this is tantamount to an
admission that the 1926 budget cannot possibly be
voted before the end of the year." Continuing, lie
"Minister Doumer's first care is to balance
the budget. He intends to do this, it is asserted, by
the yield from the special taxation voted Dec. 4 by
increasing the price of tobacco, by applying the
business turnover tax to goods sold for export, which
hitherto have been exempt, and by increasing the
rate of the same tax on sales at home, except in the
.case of necessities of life, such as bread, meat and
other foodstuffs. These measures will be embodied
in a bill which M. Doumer will submit to the Cabinet. If it is approved by the Ministers it will be
introduced in the Chamber of Deputies and the Government will stake its existence on a favorable vote
upon it."
Obviously the position of the Finance Minister in
the presentation of any plan was made the more
"difficult by the budgetary situation. In an Associated Press cable message from Paris on Dec. 19 it
was stated that the Minister had told the Chamber of
Deputies earlier in the day that "France's budget
shows a deficit of 1,500,000,000 francs ($60,000,000),
despite the 4,000,000,000 francs in new taxes voted
on Dec. 4." It was explained that "these figures, the
Finance Minister added, do not take into account
several chapters in the Pensions and Postal Departments' budgets."
Commenting upon the probability of important financial legislation being enacted by the
French Parliament before the end of the year
the Paris representative of the New York
"Times" said in a dispatch on Dec. 22 that "no new
fiscal measures will be voted before the end of the
year. With only one more week to go before Parliament adjourns for the traditional New Year's
holidays, the plans of Finance Minister Doumer
remain entangled in the meshes of Chamber politics,
which come down to a contest between Socialist and
iyoz. 121.
anti-Socialist economic theories. It is this same
contest which has given France six Finance Ministers in almost as many months." He also declared
that "M. Caillaux fell because he would not yield to
the Socialists; M. Painleve fell because he did.
There you have the picture of the situation caused by
the split-up of the French Chamber into parties
which are torn between the desire to hold their political tenets and the fears of bringing disaster on
their country. In the meanwhile Paris has a Finance
Minister who would like to proceed on a basis that
will save the fiscal situation, but who is forced to
work on the basis of what will pass the Chamber."
As to the plans of the Finance Minister he said: "M.
Doumer's finance plans were supposed to be ready
for approval by the Cabinet to-day, but that approval
was not forthcoming. The reason was that Premier
Briand is not yet sure of • a favorable vote in the
Chamber and he honestly fears the result of a Governmental failure this time. Giving up his ornate
plans for a general reorganization of the fiscal system M. Doumer has been proceeding on the idea that
the best way is to disturb the country as little as
possible, to seek to balance the budget and leave the
situation to better itself."
Premier Briand has had a difficult time in trying
to keep his Cabinet together and to secure support
for its policies in the Chamber of Deputies. The
Opposition failed, however, in its efforts on the
Syrian question. In a special Paris cable dispatch
to the New York "Times" on Dec. 20 it was claimed
that "Premier Briand's personality was alone responsible for the victory won by the Government today in the long Chamber debate on the Syrian question." Continuing his account of the session, the
correspondent said in part: "After sitting throughout the morning, afternoon and late into the night,
the session ended with a series of votes favoring the
Government's new Syrian policy, taken mostly by
the lifting of hands. Confidence in the Cabinet was
adopted by 300 votes to 29, the Socialists and part
of the Right abstaining from voting. The Syrian
trouble was one of the worst inherited by M. Briand
when he took the Premiership and both extremes of
the Chamber attempted to keep the discussion centred on the conduct of General Sarrail as High Commissioner of the mandated territory. While attention was focused on scores of distressing facts and
conflicting evidence as to the cause of the Syrian
revolt, the discussion was dramatic to the extreme,
and Minister of War Painleve, who had been Premier during the greater part of the insurrection,
gathered up his documents in anger and prepared to
leave the Chamber when the debate was hottest. His
friends prevented him from doing so. In his successful effort to bring the Chamber out of the past and
into the present and future, M. Briand made three
of the finest speeches of his career, and the votes
taken can be interpreted only as confidence in his
peaceful intentions and trust in his methods of attaining such ends. The Premier had stern criticism
to offer against the appointment of Generals to
Gubernatorial posts, but told the Deputies that the
Clamber was not intended to be the place where the
praise or blame of Generals was automatically distributed, thus ending that part of the debate which
referred to the past administration of Syria."
It was stated in an Associated Press dispatch
from Paris Thursday evening that "Finance Minis-
DEc.26 1925.]
TUE CHRONICLE
3041
conifortably upon the Administration."' According
to a special London cablegram to "The Sun" the same
afternoon, the decision of Prime Minister Baldwin
to immediately open negotiations with Turkey in an
attempt to find an amicable solution of Anglo-Turk:
ish difficulties over the Mosul issue relieves Parliaz
ment of some of its anxieties over the question on the
day it is prorogued until February." Continuing7
the correspondent said: "Distasteful as an extended
mandate for Irak may be for many of the members
on the Government benches as well as many more in
the Opposition, there is common approval of this action of the Prime Minister and very considerable
Colonial Secretary
The British House of Commons, on Monday eve- relief that he himself, and not
Anglo-Turkish
inaugurate
to
undertaken
has
Amery,
ning, Dec. 21, approved "the award of the League of
in LonAmbassador
Turkish
Nations regarding the Irak boundary dispute." The discussions through the
initiathe
take
to
vote was 239 to 4. The dramatic feature of the after- don. The Government's decision
s
consequence
possible
the
noon session preceding was the walking out of the tive shows its concern over
of
question
the
that
members of the Labor Party. In his account, the of delay. It also indicates
matter of secondary
London representative of the New York "Times" amour propre must be now a
in the air for
question
the
leave
To
n.
said: "Not only did Mr. Baldwin make an eloquent consideratio
in Turkey opextremists
afford
might
come
to
plea for the Government's policy, but Colonial Sec- weeks
the Angora
upon
influence
an
exert
to
portunity
retary Amery, who was most active in Geneva in
affect the
seriously
very
might
which
Government
pushing through British acceptance of the League's
of unbasis
broad
a
of
prospects
the
and
situation
award, also spoke in defense of his actions. He deanxious
clared amdi cheers by the Government partisans that derstanding, which the British are now so
If such
the Government would 'find its way out of its pres- to establish with the Turkish Government.
it
be
established
can
Turkey
ent difficulties and create a permanent and lasting a new peace basis with
new
era
a
to
opened
be
may
way
the
peace in the Near East.'" He added: "The solemn is felt here that
march of the Laborites from the august hall of Par- in middle Eastern affairs which at the present time
to
liament, headed by two of their leaders, J. R. Clynes are a source of as much trouble, particularly
to
were
Balkans
the
as
France,
and
Britain
and J. H. Thomas, lent to the afternoon's proceed- Great
ings a touch of the dramatic and likewise of the Europe as a whole before the war."
humorous. It was marked by jeers and laughs from
Washington dispatches, early in the week, indithe Ministerial bench and from the ranks of prothat President Coolidge would act with charcated
with
cheers from
Government members, interspersed
those supporting the sudden move of the Labor ir- acteristic deliberateness in preparing to send reprethat is
reconcilables. The immediate result of their action sentatives to the sessions of the commission
austhe
under
conference
Is that the adjournment of the House for the holi- to arrange a disarmament
reported,
It
was
Nations.
days, instead of coming early to-morrow, will be de- pices of the League of
layed at least several hours." The correspondent however, on Dec. 21, that the President had no intenalso said: "Incidentally, Premier Baldwin made the tion of sending "unofficial observers," but that he
important announcement, in defending his motion was "inclined" to have the United States repreasking approval for the Government's action regard- sented. In a special Washington dispatch to the
ing Irak, that he had invited the Turkish Ambassa- New York "Times" on the evening of Dec. 22 it was
dor here to meet him to-morrow and discuss the Irak stated that "informally and orally, but authoriand Mosul question. The protest of the Labor mem- tatively, the White House made known to-day that
bers was made despite a declaration by Mr. Baldwin the intention of the President was to accept the
that the House would have an opportunity when it invitation of the League of Nations to participate in
meets again in February to discuss for an entire day the preliminary meeting at Geneva of the representhe new treaty which the Government proposes to tatives of eighteen Governments, called for Feb. 15
make with Irak as a result of the League's decision, 1925, to make preparations for holding an internaand to accept or reject the treaty accordingly as it tional disarmament conference under the auspices
of the League." It was added that "decision as to
sees fit."
the character of the reiponse to be made to the invihas not been reached and there are other detation
Tribune"
"Herald
The New York
representative
said that "to-day was the second time within a year tails to be determined, such as to whether it is necesthat the Laborites have walked out of the House. On sary to request Congress to appropriate funds for
March 5 former Premier Ramsay MacDonald led oat the expenses of the American delegation at the pre
his party in protest against the suspension of David liminary meeting, but all the indications are that a
Kirkwood. The demonstration may be considered favorable answer will be made to the invitation
as a beginning of the 'gingering up' tactics which the shortly after the reassembling of Congress, which
Left wing got the party to agree to last week, and took a Christmas recess to-day until Jan. 4." Conprobably forecasts what is to come when Parliament tinuing to outline the situation and particularly the
reassemb'es in February." The London representa- Preident's attitude, the "Times" correspondent
tive of the New York "Evening Post" declared in a said: "What the Government was trying to do, it
dispatch on Dec. 22 that "the Government's accept- was explained at the White House, was to see what
ance of a mandate over Irak and the League's award method could best be pursued to work out a way to
of the Mosul boundary have received the approval accept the League's invitation that would be of in
of the House of Commons, but the victory rests un- affirmative and constructive nature. Although three
ter Doumer still hopes to reach an agreement with
his colleagues regarding the measures for financial
restoration at the Cabinet meeting to-morrow morning." According to the dispatch also, "in any case,
he has decided to introduce the bills in Parliament
Saturday [to-day] to mark the date. If the Ministers agree on the measures to-morrow the texts will
be filed, otherwise the bills will be filed in blank and
the Government will continue its efforts to find a
satisfactory formula between the close of the 1923
extraordinary session and the opening of the 1926
ordinary session."
3042
THE CHRONICLE
resolutions to give Congressional sanctions to American participation in the League's preparatory meeting were offered in Congress to-day—one in the Senate and two in the House—circumstances may cause
the President and his advisers to conclude that legislative approval is not essential to the acceptance of
the League's invitation. Informal inquiries made
by Secretary Kellogg and other Administration of
dais have produced the impression that even bitter
enemies of the League among Senators and Representatives are not disposed to stand in the way of
full and free participation in the Geneva meeting,
and in view of this the Administration is inclined to
believe that no Congressional action will be required
unless it finds that current contingent funds are not
sufficient for the expenses of the American delegation. The situation has developed so auspiciously
that a considerable number of those Senators and
Representatives who want the United States to avoid
any relationship whatever with the League are impressed with the President's view that the opportunity presented of furthering world peace through
disarmament should not be discarded, no matter
what prejudice may exist in this country with respect to the League itself. That state of the irreconcilable mind suggests that formal authorization from
Congress need not be asked."
•
likL
reached concerning the scope and character of the
American participation. It was obvious that Mr.
Gibson, the resident Minister at Berne, would be one
of those to represent the United States, being not
only on the scene but long acquainted with European
politics and skilled in State Department procedure.
Speculation as to who else would act with him was
rife in Washington to-day, some suggestions being
that Elihu Root, Colonel Edward M. House and
Charles E. Hughes, all of whom have lately talked
with Mr. Coolidge, would be other representatives
at the Geneva meeting."
Even more specific statements were made in a special dispatch to the New York "Herald Tribune." It
was claimed that "complete accord exists to-night
between President Coolidge and Congress as to
American participation in the preliminary conference on disarmament to which this country has been
invited by the League of Nations. Even such irreconcilable Senators as Borah and Moses, after talks today at the White House, let it be known they would
support an appropriation for this purpose. The
President won the irreconcilables by his pledges as
to restrictions which this Government would impose
on the disarmament conference in the event it is decided, after the preliminary meeting, that the United
States desires to enter the conference." It was explained that "these restrictions, as outlined by the
The Associated Press representative at the na- President
in conversations with Senators and also
tional capital suggested in a dispatch, also on Dec. with former Secreta
ry of State Elihu Root and Sec21, that "as the first meeting of the preliminary con- retary Kellogg
, who were at the White House for
ference will not be held until Feb. 15, there will be luncheon, include
: 1. That it is understood in adplenty of time for Congress to make the necessary vance that land disarm
ament is primarily a Euroappropriations after Congress reassembles in Janu- pean question. 2. That
this country must not be
ary. It is probable this first meeting will be merely involved in any securit
y agreements arising from
for purposes of organization and it may not be im- the confere
nce following reductions of land armaportant for the American delegates to be present. ments and must
not be obligated, therefore, to use
The American delegates probably will be diplomatic force in the
event of the violation of any such agreerepresentatives of this country in Europe, who will ments. 3. That
this country must not be involved in
not have to go far to the meeting. Not so much time any agreem
ent the enforcement of which rests upon
will be needed as if representatives were sent from the League
of Nations." Continuing, the correspondhere to Geneva. The presumption is that Ambassa- ent said:
"These three restrictions carry with them,
dor Houghton at London, Ambassador Herrick at it was pointed
out to-night, not only the assurance
Paris and Hugh Gibson, the American Minister to that the
United States will assume no obligation
Switzerland, will be the delegates. These men, or under any conting
ency contemplated by the conferwhoever else may be selected, will go to Geneva as ence to use
force, but also satisfies the objections of
official representatives of the United States. The the irreconcilable
Senators by making it clear that
day of the unofficial observer, invented by Secretary although the United
States is willing to enter a conHughes,is over. The idea of an unofficial represen- ference, on certain conditions,whi
ch is called by and
tative at a disarmament conference has not been con- held under the auspices
of the League of Nations,
sidered for a moment."
this must not be assumed to include approval of the
More definite news regarding this situation ap- League or any pledge of co-operation
with it by the
peared in Washington dispatches'Wednesday evening. United States." According to the
dispatch also, "no
The New York "Times" representative said that "ob- formal announcement will be made,
it was said at the
stacles to formal acceptance of the League of Na- State Department, until after the
holidays, as Section's invitation to the United States Government to retary Kellogg departe
d for St. Paul late to-day and
participate officially in the preliminary meeting at it is not expected that any such
move would be made
Geneva in February to arrange for the League's in his absence."
disarmament conference have apparently been swept
In a dispatch Thursday evening the Washington
away, for it became known to-day, after conferences representative of "The Sun"
made the following posibetween President Coolidge and Senators Borah, tive assertion: "No formal delegat
ion will be sent
Moses and Lenroot, that Hugh S. Gibson, the Ameri- by the United States to Geneva
to take part in the
can Minister at Berne, would represent this country conferences, but the work will
be left to Hugh S.
in the preliminaries. At the invitation of the Presi- Gibson, Minister
to Switzerland, and such other
dent, Senator Borah, Chairman of the Foreign Re- assistants as the State
Department may assign to
lations Committee and a conspicuous enemy of the him. It is probable that
military and naval atLeague; Senator Moses, another bitter antagonist taches in the European capital
s and probably offiof the League, and Senator Lenroot, a mild reserve- cers of the General Staff
of the army and of the
tionist, went to the White House at different times General Board of the navy
will be sent from Washand later, it was stated, a complete agreement was ington and Newport. It is
the understanding, de-
Dm 26 1925.]
THE CHRONICLE
3043
balanced. These were the essential conditions of
German economic recovery, as well as of reparations
payments. The budget,in fact, has thus far shown a
considerable surplus, even in the face of mounting
expenditure. For the time being it has given the
German Government, to an exceptional degree, the
problem of wise administration of its public funds,
and in the long run the more fundamental problem
of better adaptation of the public revenues to essenAssurance apparently exists that there will be no tial expenditures. In the field of reparations payserious trouble between Soviet Russia and Turkey ments the plan has also had notable results. The
during the next three years. At any rate, it became first annuity of 1,000 million gold marks was all paid
known on Dec. 22 that the two countries had en- within the year, four-fifths out of the proceeds of
tered into an agreement for that length of time. In the German external loan and the balance by the
an Associated Press dispatch from Moscow on that German Railway Co. in the form of interest on its
date it was stated that "Russia has concluded a reparations bonds. In the second annuity year, over
three-year guarantee compact with Turkey. It stip- three months of which have now elapsed, the amount
ulates: First, neither country shall attack the to be paid rises to 1,220,000,000 gold marks, and inother; second, in the event of military or naval ac- volved for the first time a charge on the German
tion against either party by one or several countries, budget. These payments Germany is making each
the other party agrees to remain neutral; third, month with the utmost promptitude, at the same
neither party shall participate in any union or time she has co-operated helpfully in making aragreement of a political, economic or financial na- rangements for future payments that will facilitate
ture by one or several other Powers directed against the even flow of deliveries and payments to the credeither contracting party. The agreement, which was itor countries. The various creditor Powers, on
signed at Paris, Dec. 17, by M. Tchitcherin, the So- their part, have been receiving reparations deliveries
viet Foreign Minister, and Tewfik Rushdi Bey, the and payments regularly and in accordance with exTurkish Foreign Minister, becomes effective imme- pectations ever since the plan went into effect.
diately upon its ratification by the legislative bodies From the point of view of German reconstruction,
of the two countries. 'The interests of both parties the plan has certainly marked the turning point in
require a definite expression of terms tending to the recovery from the disorder and disorganization
strengthen the exceptional friendship uniting them,' of the inflation. The first year was regarded by the
says the agreement. Attached to the agreement are experts themselves as giving an opportunity for ecothree protocols, the first of which gives each country nomic rehabilitation, and it accordingly placed no
freedom of action in its relations of all kinds with burden for reparations on the German budget and
other Powers, 'outside the limits of the obligations but little on the German economy. It has been more
stipulated by the present treaty.' The second proto- than anything a period of gradual readjustment and
col stipulates that the expression 'political, economic rebuilding. Much progress has been made, but the
or financial nature,' mentioned in the third clause of readjustment is still actively in process and many
the treaty, shall comprise all financial and economic difficulties remain to be overcome. German busiagreements between any countries directed against ness and industry are still greatly in need of workeither of the contracting parties. Under the third ing capital, and in many fields face serious problems
protocol Russia and Turkey agree to undertake par- of reorganization. In some directions this has proleys to determine a method of regulating differences duced conditions approaching crisis, but generally
likely to arise between them which are not suscep- speaking the present difficulties must be regarded as
tible of adjustment in the usuat diplomatic manner." the inevitable accompaniments of deflation and of
the return to stable conditions, and in that sense as
Supplementing the report on the results of the necessary phases of the recovery itself."
Dawes plan with respect to Germany for the first
No legislation, disturbing or otherwise, will be enyear that it was in effect, that he issued just before
leaving Berlin, and which was outlined at some acted by the British Parliament until well after the
length in the "Chronicle," S. Parker Gilbert, Agent. Christmas holidays at the earliest. With the develGeneral for Reparations, issued a formal statement opment in recent years of so many radical political
on his arrival in New York on Monday on the steam- elements in legislative bodies the people of every
ship "Leviathan" for "two or three weeks to spend important country have come to feel at much greater
the holidays." He declared that "the plan has al- ease when they are not in session. London cable disready succeeded in placing the whole problem of patches on Dec. 22 stated that "Parliament adreparations on a new basis. It has put aside bick- journed this afternoon. It will not reassemble until
erings and speculations and provided for the test of Feb. 2. The adjournment of the House of Commons
actual experience. The world has been able, for the came shortly before 4 o'clock, having been scarcely
first time in many years, to stop talking about rep- delayed at all by yesterday's obstructionist tactics
arations." Continuing, he said in part: "The ex- of the Opposition. The House of Lords adjourned
perts' plan has now been in operation for over fif- after listening, according to custom, to the reading
teen months, and I have tried to summarize its re- of the King's speech from the throne. The speech
sults up to this time in the report that was made was then communicated to the House of Commons
public about a week ago. The plan itself is function- by the Speaker. After that Prime Minister Baldwin
ing smoothly and in an orderly way. The two pre- and the members of his Cabinet filed out of the
liminary objects for which the experts were origin- Chamber, past the Speaker, who shook hands with
-night the scattering of the members
ally appointed have been attained. Germany now each in turn. To
has a stable currency and the German budget is of Parliament to the four points of the compass has
spite reports to the contrary, that the President will
not ask Congress for an appropriation to cover the
expense of American participation in the preliminary conference, but that the necessary expenses
will be paid from the contingent funds of the State
Department and the executive department, though a
deficit may be covered by a later appropriation by
Congress."
3044
THE CHRONICLE
already begun. In fact, some of the most eminent
did not wait until adjournment to turn their backs
on the English fog, rain and cold. Mr. Lloyd George
has been basking for several days in Italian sunshine, and Ramsay MacDonald has covered the first
lap of his long journey to Ceylon. The King's speech
summarized the leading events of the past few weeks,
expressing special satisfaction at the signing of the
Locarno treaty in London on Dec.1." The New York
"Herald Tribune" representative added that "the
King's speech made a laudatory reference to the
Locarno treaties, expressed gratification at the settlement of the Irish boundary, touched on the housing legislation thus far enacted and mentioned the
work of the coal commission. Political observers,
reviewing the work of the winter session, find that
little was accomplished on the legislative side. For
• the most part, the Government seemed content to
bask in the reflected light of Sir Austen Chamber
lain's success at Locarno."
Official bank rates at leading European centres
continue to be quoted at 9% in Berlin; 7% in Italy
and Belgium; 6% in Paris; 5/
1
2% in Denmark;
in London, Madrid and Norway; 4/
1
2% in Sweden
and 3/
1
2% in Holland and Switzerland. Open market discounts in London continue to advance and the
present week touched new high records on the present upswing; short bills finished the week at 4wee
5/
1
4%, against 4/
1
2@5%, while three months' bills
closed at 4@415-16%, against 47
/
8% a week ago.
Money on call at the British centre, however, eased
off, declining to 35
/
8%, the close of the previous
week. In Paris the open market discount rate has
note been changed from cy8%, nor in Switzerland
from 2/
1
2%.
The Bank of England continues to lose gold, but
the decline the present week is relatively small, being only £180,112, which brought the Bank's stock of
the precious metal down to £144,621,643, as compared with £128,524,369 in 1924 (before the transfer
to the Bank of England of the £27,000,000 gold formerly held by the Redemption Account of the Currency Note issue), and £128,019,382 a year earlier.
Note circulation was again heavily, expanded-£1,578,000, Eo that reserve of gold and notes in the
banking department was reduced £1,756,000. Public deposits registered another expansion Of £6,933,.
000, while "other" deposits sustained an additional
decrease of £9,995,000. The Bank's temporary loans
to the Government declined £2,945,000. Loans on
other securities, however, increased £1,670,000. There
was again a sharp falling off in the proportion of reserve to liabilities, this time to 14.80%, which compares with 15.81% last week and 16.62% for the
week of Dec. 19. At this time a year ago the ratio
stood at 145/870 and in 1923 at 147
/8%. Reserve aggregates £18,663,000, against £16,689,085 a year ago
and £19,686,602 the year before that. Note circulation stands at £145,728,000, in comparison with
£129,751,995 and £128,142,780 one and two years ago,
respectively. Loans amount to £79,796,000. A year
ago the total was £83,590,163 and in 1923 £81,072,961. Clearings through the London banks for the
week were £839,849,000, as compared. with £820,536,000 last week. No change has been made in the
official discount rate, which remains at 5%. We
append comparisons of the different items of the
Bank of England return for a series of years:
[VOL 12.
BANK OF ENGLAND'S COMPARATIVE
‘
STATEMENT.
1024.
1925.
1923.
1921.
1922.
Dec. 23.
Dec.24.
Dec. 28.
Dec. 26.
Dec. 27.
Circulation
13145,728,000 129,751,995 128.142,780 124,877,670 120,520,245
Public deposits
17,589,000 14,852,431 15,682.105 13,323,799 10,057.335
Other deposits
108,301,000 111,280,953 116,779,958 119,903,432 106,532,000
Governm't securities 45,423,000 41,919,363 49,604.532 51,967.900 30,961,987
Other securities._ _ _ 79,796.000 83,590.163 81.072,961 78,158,131 83,164,909
Reserve notes & coin 18,663,000 16,689,085 19,686.602 21,015,337 20,364,114
Coin and bullion. s144,621,643 128,524,369 128,019,382 127,443,007 128,434,359
Proportion of reserve
to liabilities
14%%
1471%
14.80%
i57%
1654%
Bank rate
4%
5%
5%
4%
3%
a Includes, beginning with April 29 1925. 127,000,000 gold coin and bullion
previously held as security for currency note issues and which was transferred to the
Bank oflEngland on the British Government's decision to return to gold standard.
b Beginning with the statement for April 29 1925, includes 127,000,000 of Bank
of England notes issued in return for the same amount of gold coin and bullion
held up to that time in redemption account of currency note Issue.
The Bank of France this week reports a further
small gain in its gold item, namely 242,000 francs.
Gold holdings are thus brought up to 5,548,086,000
francs, as against 5,545,118,920 francs for the corresponding date last year and 5,540,380,612 francs
the year before. Of these amounts 1,864,320,907
francs were held abroad in each of the years. A
further expansion of 305,303,000 francs occurred in
note circulation the present week, bringing the total
amount outstanding up to 49,932,826,000 francs,
another new high record. Last year notes in circulation stood at 40,603,965,140 francs and the year
previous at 37,905,433,895. The Government borrowed 650,000,000 francs more from the Bank,
making the total of advances to the State 34,600,000,000 francs, also a new high record. Decreases
were registered as follows during the week: Bills
discounted, 265,166,000 francs; advances, 40,002,000
francs; Treasury deposits, 19,771,000 francs, and
general deposits, 6,147,000 francs. On the other
hand, silver gained 1,183,000 francs. Comparisons
of the different items in this week's return with the
figures of last week and with corresponding dates
in both 1924 and 1923 are as follows:
BANK OF FRANCE'S
Changes
for Week.
Francs.
Cold Holdings—
In France
242.000
Inc.
Unchanged
Abroad
COMPARATIVE STATEMENT.
'
Status as of
Dec. 24 1925. Dec. 25 1924. Dec. 27 1929.
Francs.
Francs.
Francs.
3,683,765,093 3,680,798,013 3,676,059.704
1,864.320,907
1,864,320,907
1,864,320,907
242,000
Inc.
Total
S11%.er
Inc. 1,183,000
Bilis discounted_ Dec. 265,166,000
Advances
Dec. 40,002,000
Note eireulation..Inc. 305,303,000
Treasury deposits-Dee. 19.771,000
General deposits...Dec. 6,147,000
5,548,086,000
320,075,802
3,693,445.669
2,538,938,653
49,932,826,310
10.989,483
3,243,966,097
5,545,118,920
305.740,659
5.240.692.511
2.930.215,012
40,003,965,140
13,505,984
1,959,371,418
5,540,380,612
296,522.291
3,657,394,056
2,402,525,706
37,905,433,895
20,178,091
2,362,724,446
The Imperial Bank of Germany in its statement,
as of Dec. 15, which arrived too late for inclusion in
last week's issue of the "Chronicle," recorded selfral large changes. Chief among these was a decrease in note circulation of 167,982,000 marks, although accompanied by expansion in both other maturing obligations and in other liabilities, namely
133,900,000 marks and 29,721,000 marks, respectively. On the assets side, the Bank's report indicated a reduction in holdings of bills of exchange
and checks totaling 28,585,000 marks, but an increase
in advances of 3,909,000 marks; 2,263,000 marks in
silver and other coins and 2,000 marks in deposits
held abroad. Reserve in foreign currencies fell
7,548,000 marks. There were increases of 9,021,000
marks in notes on other banks; in investments of
2,315,000 marks and in other assets of 13,876,000
marks. Gold and bullion holdings increased moderately, 397,000 marks, bringing the total up to
1,027,666,000 marks, as compared with 696,185,000
marks a year ago and 467,033,000 marks in 1923.
Note circulation aggregates 2,566,327,000 marks.
DEC.26 1925.]
THE CHRONICLE
3045
to which they advanced on Wednesday and ThursLast Saturday's statement of New York Clearing
the part
reflected fresh day were taken as reflecting confidence on
13 ouse banks and trust companies
n.
situatio
general
the
in
s
business interest
hifting of funds to meet seasonal requirements. of large
local
the
of
features
ant
signific
two really
nother important addition to surplus reserve was The
market were the ease with which call loans
money
Net
000.
$55,127,
up
ran
Loans
ecorded, however.
arranged at the prevailing rates and the dulemand deposits increased $24,826,000, while time were
time money at practically unchanged quotadeposits gained $3,685,000, to $567,027,000. The ness of
loadings were once again above the 1,000,Car
tions.
grand total of demand deposits is $4,499,252,000,
orders in the steel and automotive
vhich is exclusive of $55,592,000 in Government &- 000 level. New
appear to be holding up well. Earnings
posits, an increase in the latter item for the week of industries
sounded with respect to the building trade,
no less than $47,085,000. Cash in own vaults of have been
y speaking, there are no distinct indicamembers of the Federal Reserve Bank expanded but generall
ensive slackening in business ac$7,263,000, to $60,397,000, although this is not tions of a compreh
the year. This being so, it is
counted as reserve. State bank and trust company tivity at the close of
ial demand for money
commerc
the
reserves in own vaults increased $381,000, but re- logical to expect
High rates for call
been.
has
it
as
about
serves kept by the -e institutions in other depositories to continue
and then some refor,
looked
are
week
next
were reduced $95,000. A further increase in the re- money
for securities has
demand
nt
investme
inThe
Reserve
cessions.
serves of member banks with the Federal
of a definite character has
stitution amounting to $27,338,000 occurred. As a been active. Not so much
European loans in the imresult, and notwithstanding the expansion in de- been heard with respect to
posits, surplus reserves gained $24,256,380, thus mediate future.
bringing exce-s reserves up to $38,728,810, as against
Dealirg with specific rates for money, call loans
$14,472,430 a week ago. These figures are on the
as agairst 4,
3 @532%
basis of 13% legal reserves against demand deposits rarged between 53r and 6%,
the low
high,
the
was
6%
Monday
for member banks of the Federal Reserve System, last week.
.
renewals
for
rate
the
also
and
low
the
532%
but do not include $60,397,000 held by these member with
6%
of
rate
flat
a
ay
Wednesd
and
Tuesday
On
banks on Saturday last.
was named this being the high, the low and the
Call funds again reStriking changes were shown by the Federal Re- renewal figure on both days.
which was also the
serve Bank statements, issued late Thursday after- newed at 6%- on Thursday,
the close there was
noon, and these are ascribed to the heavy demands maximum quotation, but before
(Christmas).
holiday
a
made upon the System by its members to meet holi- a decline to 53/2%. Friday was
of
business was
volume
e
day requirements. For the banks as a group there In time money a moderat
rate for all
trading
the
still
5%
was a falling off in gold holdings of $36,200,000, transacted, with
the same
months,
six
to
days
sixty
while rediscounting operations in all classes of bills maturities from
expanded no less than $145,100,000, bringing the as last week.
1%
Commercial paper continues to pass at 4%
total of bills discounted up to $764,123,000, as comcharof
choice
names
months'
six
to
four
for
ago.
a
year
4%
pared with only $396,429,000 at this time
Open market trading was also materially increased, acter, unchanged. Names not so well known require
holdings of bills expanding $17,300,000. The in- 41A%, the same as heretofore. For New England
crease in total bills and securities (earning assets) mill paper and the shorter choice names the rate
was 123,800,000, while deposits fell off $25,000,000. is 43%. Offerings of prime names, which continue
The amount of Federal Reserve notes in actual cir- light, were readily absorbed, principally by country
culation increased $107,000,400. At New York go:d banks. Trading, however, was not active.
Banks' and bankers' acceptances remain at the
holdings expanded in amount of $24,800,000. Here
d
increase
levels previously current. The undertone was
rediscounts of Government secured paper
$500,declined
bills
steady on quiet, narrow trading. According to
$82,000,000, although "other"
to
000,
ed
rose
$81,500,
discount
some brokers, the market is not expected to broaden
000; hence total bills
,000
with
last
son
$134,157
compari
very materially for some little time. Pre-holiday
$228,186,000, in
having
s
were
larger,
purchase
was evident in practically all branches of
dulness
market
year. Open
increased $25,000,000. The gain in total bills and the money market in the latter part of the week.
securities was $35,200,000, in deposits $20,500,000 For call loans against bankers' acceptances the
and in Federal Reserve notes in actual circulation posted rate of the American Acceptance Council is
$21,700,000. Member bank reserve accounts ex- now 432%, against 43.% a week earlier. The
panded locally $13,800,000, but for the banks as a Acceptance Council makes the discount rate on
group fell $55,400,000. As to reserve ratios, the gain prime bankers' acceptances eligible for purchase by
4%
in gold at New York was offset by enlarged deposits the Federal Reserve Banks 3%% bid and 31
and a small loss occurred, 0.9%, to 75.0%. For the asked for bills running 30 days, 332% bid and 3%%
5s bid and 332% asked for 90
combined System, shrinkage in gold caused a lower- asked for 60 days, 3/
4%
days, 34% bid and 3%% asked for 120 days, 37
ing to 66.1%, off 2.6%.
4% asked for 150 days, and 4% bid and
bid and 33
Call money in the New York market was rather 3%% asked for 180 days. Open market quotations
firmer than had been expected. Although it was are as follows:
SPOT DELIVERY
near the end of the month and the year, a renewal
60 Dom
BO Daps
90 Days.
Pi 01134
$34)3%
Mlle
41003)4
y
and loaning rate of 6 %had not been generall looked !rims etIgIble
DAYS.
WITHIN
THIRTY
DELIVERY
FOR
in
stocks atfor. While professional operators
396 We
9/161ble member banks
3,9blo
tempted to take advantage of the money quotations 6IbrIble non-member banks
to depress prices for them, failure rather than sucThere have been no changes this week in Federal
cess attended their efforts, except at the beginning
and
extent
the
in
stocks
Bank rates. The following is the schedule
activity
The
Reserve
week.
of the
3046
THE CHRONICLE
[Vox.. 121.
of rates now inieffect for,the:various classes of paper quotations were not changed from
4 84%
5 for deat the different Reserve banks:
mand, 4 85 for cable transfers and 4 813
4 for sixty
days. Pre-holiday dulness prevailed on Thursday
DISCOUNT RATESOF FEDERAL RESERVE BANKS IN EFFECT
DECEMBER 24 1925.
and the market was at a practical standstill with
rates little better than nominal and still at 4 84% for
papas Afaterint—
demand, 4 85@4 851
After 90 Alta I
%
% for cable transfers and 4 813
WilMn
Days, but
but
90 Days.
Within 6 Within I for sixty days. Friday was a holiday (Christmas
IIIDERAL RFSERVE
Months. Months
RANK.
Day). Closing quotations on Thursday were 4 813
%
Com'rcicd Secured
Agilet dk by El. S. Bankers Trade Apical.* Agricei
for
sixty days, 4 855
for
demand
and
4
85
for
%
Livestock Governm' dicey- Awayand
end
Payer. Obliaa- sauces. Mums Livestock Livestoel cable transfer
s. Commercial sight bills finished
n.1.8.
MM.
Paper. P per
at
4
843/2,
sixty
days at 4 80%,ninety days at 4 801
Boeton
4
%,
4
4
4
4
New York
3%
11%
834
811
834
Yi
documen
ts
for
Philadelphia_
payment (sixty days) at 4 811%,
4
4
a
4
a
Cleveland
4
a
a
6
a
and seven-day grain bills at 4 833
Richmond.
4
a
4
a
%. Cotton and
4
Atlanta
a
4
4
a
a
grain for payment closed at 4 843/2.
Chicago
4
4
a
a
a
St. Louis
a
4
a
4
a
Minneapolis
No gold was engaged either for export or import.
a
a
a
4
4
Kansas City
a
a
4
4
a
Dallas
There
a
4
4
4
has been no abatement in the drain upon
4
Ban Francisco
4
4
4
4
a
•Including bankers' acceptances drawn for an agricultural purpose and secure° the Bank of England's gold supply, this week's
DY warehouse receipts. do.
exports approximating £1,039,000 in gold bars and
sovereigns; part of which went to the Commonwealth
Sterling exchange again moved within narrow Bank of Australia and the
remainder to Singapore
limits, with the volume of business passing excep- and Holland. As already
noted, however, further
tionally light. Quoted rates were firmly held and above the Bank in its weekly
return showed a loss
demand bills ranged between 4 84% and 4 84% in gold of only £180,112.
throughout the entire week. Commercialrofferings
continue light and the buying movement that
Holiday inactivity also predominated in Continendeveloped at the close on last Friday was not carried tal exchange and there was little
doing in any of the
over into the current week. In a word, the market major European currencies. With
the exception of
was plainly in a holiday mood, with brokers more French francs, which are still the weakest
of the whole
intent upon preparations for the Christmas celebra- list, there was a tendency towards
improvement,
tions than the transaction of routine business. On sentimentally at least, and in a few
instances moderthe London market sterling movements attracted ate advances occurred. The franc,
however, sagged
more attention and trading at intervals was fairly badly and lost nearly all of the gains
made at the close
active. The chief topic under discussion appeared of last week. Following a comparatively
firm opento be whether or not a further rise in the Bank of ing, (at 3.84), selling commenced afresh and
drove
England's discount rate would become necessary. the quotation downward until 3.613/2
had been
In the opinion of some leading bankers the recent reached, or only slightly above the low
level of the
advance to 5% has failed of the desired effect of previous week, although before the
close there was a
drawing outside funds in larger volume to the British rally to 3.723. While price fluctuat
ions were less
centre, while inability to check the continuous drain spectacular than has been the case of
late, the market
upon the Bank of England's gold reserves caused a was irregular and weak, with an
undercurrent of
certain amount of uneasiness and therefore brought nervousness. Selling at the principa
l foreign centres,
about a depressing effect on sterling values, and re- though of a somewhat desultory
character, was,
newed talk of the possibility that the 5% rate will nevertheless, fairly extensive at
times. Governhave to again be raised. There seems to be very mental support was put forth, but was
inadequate to
little likelihood that sterling, as recently predicted, stern the decline. Keen discouragement
over the
will go up to 4 86 by Jan. 1, since although good future of the franc is beginning to be felt in
banking
buying usually develops if the rate drops under the circles, where it is recognized that in the
absence of
4 85 level, no disposition is shown to trade above that political and financial readjustment of
aTpermanent
figure. As against all this, a good deal of satisfaction nature, no expectation need be entertained
of genuine
is derived from the fact that gold now being with'- stability in France's currency. Plans of
French indrawn from the Bank of England is usually for the dustrialists recently announced as designe
d to make
purpose of readjusting exchange levels at far distant possible the placing of a large
Governmentlloan
points and represents temporarily abnormal condi- abroad have not been favorably
received, having
tions. With the expected easing in monetary condi- been severely criticized by the French
press.
tions after year-end demands have been met, the
Trading in the other Continental currencies was in
necessity for a higher bank rate may automatically some respects hampered by the continu
ed depreciadisappear. By Thursday the market had come to a tion in the franc, which is reported as
having a detristandstill, trading being virtually suspended.
mental influence on the foreign trade of other naReferring to the more detailed quotations, sterling tions. At present French business
interests are
exchange on Saturday last was steady and prac- underselling their competitors in
foreign markets, but
tically unchanged; demand ruled at 4 84% (one this course of action is likely to
react adversely to
rate), cable transfers at 4 85% and sixty days at France in the end. A parallel is
drawn between the
4 813/
2. On Monday there was a tendency toward situation of French francs and Polish
zlotys, which
lower levels and the range of prices was 4 84%@ are at present the only two
European currencies show4 84% for demand, 4 85@4 853/
8 for cable transfers ing severe depreciation. All other of the foreign exand 4 81%@4 813/2 for sixty days. Inactivity pre- changes are either more or less
successfully stabilized
dominated on Tuesday and demand bills did not or ekse gradually returning to
normal levels. Antget above 4 845A—the only rate quoted; cable werp francs continue quiet but
firm, at a fraction over
transfers ruled at 4 85 and sixty days at 4 81%. 4.52. Italian lire were well
maintained, ruling all
On Wednesday there was very little doing and . week at or near 4.02. Berlin and Austria exchang
es
n
DEC.26 1925.1
were motionless and without change. Greek drachmae opened weak but gained 2 points on better buying. In the minor Central European group movements were narrow and meaningless, except for Polish
currency which opened at 10.90, a gain of 40 points,
then lost its gain and declined to 10.50, then moved
back to 11.25. In the late dealings business in
foreign exchange came to a practical standstill,
owing to holiday activities on both sides of the
Atlantic.
The London check rate on Paris finished at 131.85,
against 129.20 last week. In New York sight bills
on the French centre closed at 3.66, against 3.79;
cable transfers at 3.67, against 4.80; commercial sight
bills at 3.65, against 3.78, and commercial sixty days
against 3.733/2 a week ago. Final quotaAt 3.60
tions for Antwerp francs were 4.52 for checks and
4,533/b for cable transfers, in comparison with 4.523
and 4.533 a week earlier. Reichsmarks finished at
23.81 (one rate) for both checks and cable transfers,
which compares with 23.813.j. Austrian kronen have
%. Lire closed the week
not been changed from 0.00141
at 4.02% for bankers' sight bills and at 4.03% for
5
cable remittances. A week ago the close was 4.02%
and 4.03%. Exchange on Czechoslovakia finished
3 (unchanged); Bucharest at 0.46%, against
at 2.96%
0.46% and Finland at 2.52%, against 2.52. Polish
zloties closed at 11.25, against 10.50 a week ago.
Greek exchange moved up to 1.283/2c. for checks and
1.29c. for cable transfers, which compares with
1.263/ and 1.27 the preceding week.
As to the neutral exchanges formerly so-called,
trading was restricted and rate fluctuations usually
meaningless. Guilders opened lower, then steadied
and advanced to 40.19. Swiss francs on quiet dealings, made a further small gain. Danish and Norwegian currency were in somewhat better demand and
advanced a few points. Swedish krona continued to
gain ground, touching 25.823'. Improved internal
finances and broadening of Sweden's trade activities are held responsible for the improvement.
Spanish pesetas again turned weak and established
another new low figure on the current movement,
receding to 14.103/2 on persistent selling on an unresponsive market.
Bankers' sight on Amsterdam finished at 40.17,
against 40.15; cable transfers at 40.19, against 40.17;
commercial sight bills at 40.09, against 40.07, and
commercial sixty days at 39.73, against 39.71 last
week. Closing rates on Swiss francs were 19.31 for
2 for cable transfers. A
bankers' sight bills and 19.323/
2. Copenweek ago the close was 19.293/ and 19.313/
hagen checks closed at 24.77 and cable transfers at
24.81, against 24.75 and 24.79. Checks on Sweden
finished at 26.80 and cable transfers at 26.84, against
26.75 and 26.79, while checks on Norway closed at
20.28 and cable transfers at 20.32, against 20.10 and
20.14 on Friday of the previous week. Spanish
pesetas finished at 14.13 for checks and at 14.15 for
2 and
cable transfers. This compares with 14.163/
last
week.
14.183/2
With regard to South American quotations, trading
was generally inactive, but values appreciated for a
time, and Argentine checks advanced to 41.47 and
cable transfers at 41.52, then reacted and closed at
41.39 and 41.46 (unchanged). Brazilian milreis,
however, closed higher at 14.37 for checks and at
14.40 for cable transfers, as compared with 14.16
and 14.21 the previous week. Chilean exchange
3047
TUE CHRONICLE
ruled easier and finished at 12.11, against 12.17,
while exchange on Peru closed at 3.90, against 3.92,
the previous quotation.
Far Eastern exchange was inactive, but well
maintained, with moderate increases in the Chinese
currencies in response to an advance in the price of
silver. Hong Kong finished at 58%@593', against
58%@58%; Shanghai at 764@78, against 773'@
/@43, against 43.25@,
77; Yokohama at 431
(unchanged); Singapore
50@503,
at
Manila
43.75;
at 57@57% (unchanged); Bombay at 36%@37,
(unchanged), and Calcutta 363@37, (unchanged).
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
RESERVE
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
DEC. 10 1925 TO DEC. 25 1925. INCLUSIVE.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
Country and Monetarljl
Unit.
DM 15.
1/CC. 51.
ucc. 41.
JJCC. 5. .1-mc. ca.
$
$
$
$
EUROPE.14058
.14061
.14054
tustria,schillingo---- .14051
.0453
.0453
.0453
.0453
Belgium. franc
.007284 .007296 .007281 .007294
Bulgaria, ley
Czechoslovakia. krone .029615 .029613 .029614 .029617
.2483
.2483
.2482
2480
Denmark. krone
England, pound ster4.8497
4.8497
4.8506
4.8507
ling
.025218 .025218 .025223 .025213
Finland, markka
.0369
.0367
.0373
.0382
France,franc
.2380
.2381
.2381
Germany. reichsmark. .2381
.012672 .012710 .012797 .012814
Greece. drachma
.4018
.4018
.4018
.4017
Holland, guilder
.000014 .000014 .000014 .000014
Hungary. krone
.0403
.0404
.0403
.0403
Italy. lire
.2032
.2031
.2025
.2019
Norway, krone
.1038
.1038
.1014
.1043
Poland. zloty
.0512
.0512
.0511
.0512
Portugal, escudo
.004626
.004629
.004630
.004634
eu
I
Rumania,
.1413
.1413
.1415
.1417
ipaln, peseta
.2683
.2685
.2682
.2679
icyeden,krona
.1931
.1930
.1931
iwitzerland, franc_ .1931
.017712 .017696 .017710 .017719
Yugoslavia. dinar
ASIAChina.7883
.7904
.7888
.7863
Chefoo, tael
.7784
.7784
.7794
.7800
Hankow.tael
.7570
.7581
.7589
.7586
Shanghai, tael
.7988
.8013
.7992
.7992
Tientsin, tael
.5825
.5821
.5791
Hong Kong, dollar_ .5787
.5519
.5523
.5523
.5525
Mexican dollar
Tientsin or Peiyang
.5533
.5550
.5538
.5558
dollar
.5667
.5683
.5679
.5692
Yuan. dollar
.3665
.3664
.3667
.3664
India, rupee
.4306
.4308
.4306
.4322
&pan. yen
.5663
.5663 . .5663
itngapore(S.S.), dollar .5663
NORTH AMER..999596 .999483 .999231 .999063
Canada. dollar
.998875 .998875 .998844 .998969
Cuba, peso
487667 .487667 .488167 .488500
Mexico, peso
.997375 .996969 .996844 .996781
dollar
Newfoundland.
SOUTH AMER..9424
.9423
_9413
Argentina, peso (gold) .9391
.1427
.1424
.1421
.1419
uraz11. mitres
.1210
.1211
.1214
Chile, peso (paper)._ .1214
1.0178
1.0173
1.0128
1.0125
Peso
Uruguar.
$
.14063
.0453
.007288
.029615
.2481
1..MG.
U.
$
4.8498
.025220
.0367
.2380
.012832
.4018
.000014
.0403
.2031
.1069
.0512
.004626
.1415
.2683
.1932
.017708
HOLIDAY
.7875
.7769
.7560
.7971
.5796
.5500
.5533
.5667
.3661
.4311
.5663
.998954
.998906
.488167
.996641
.9417
.1425
.1209
1.0186
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $3,531,325 net in cash as a result of the currency movements for the week ended Dec. 24.
Their receipts from the interior have aggregated
$4,940,125, while the shipments have reached $1,408,800, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week Ended December 24.
Banks Interior movement
Into
Banks.
84.940.125
Out of
Banks.
Gain or Loss
to Banks.
81,408,800 Gain S3.531.3215•
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday, Monday,
Dec. 19. Dec. 21.
Tuesday. Wednead'y. Thursday. Friday,
Dec. 22. Dec. 23. Dec. 24. Dec. 25.
Aggregate
for Week.
93.000.000 94.000.00 67.000.000 100,000,00 84,000.00 Holiday. Cr 438 000.009
Note.-The foregoing heavy credits reflect the loge mass of cheeks which comae
to the New York Reserve Bank from all parts of the country in the operation of
THE rTTRONTGLE
the Federal Reserve System's par collection scheme. These large credit b.dauces,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the Item, payable in New York City are represented In
the daily balances. The largo volt.Me of checks on Institutions located outside of
New York are not accounted for In arriving at these balances as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Cleating House b inks.
The following table indicates the amount of bullion in the principal European banks:
December 24 1925.
December 25 1924.
•
Deists of—
Gold.
Silver.
Total.
Gold.
Slicer.
Total.
Z
£
Z
Z
Z
Z
England _ 144,821.642
128.511.617
144,621,643 128.511,6E
France a _. 147.340,611 12,803.01 160.143.614 147,231.921 12,200,00 159.431,921
Germany. 50,019,351
991,60 24.272,250
d991,61 51,013 950 23,277,651
b
b2.000.000
Ans.-Hun b2,000.00(
b
b2.000.000 b2,000.001
Spain__ _ _ 01.478.001 26,085.01 127.563.000101.398,001 23.128.00 127.526,000
Italy_ ___ 35,648.00( 3,411,00 39,059,0001 35,052,00 3,374.00 38.956,000
1.051,000 43,114.000
Netherrds 37,555,001
1,088.0
35.553.0001 42,053.001
Nat Belg 10,054.001 3,644,00 14.598,0001 10.819,001 2,760.000 13,579,000
Switzeri'd 18,233.001 3,633,01 21.836,0001 20,222,001 3,728,000 23,950.000
Sweden _. 12,795,001
13,181,000
12.795.0001 13,181,001
1,280,000 12,1)19.000
Denmark. 11,628,001
874,00 12,502,0001 11,639,001
8,1811.000
Norway _. 8.180.00(
8.180.004
8.l80.00
Total week 380.462.607 53,432,60 333895.207544,098.185 51,525,60 '9i,623.788
is, •,7,,' -q1 ^In nr
, -.I 114, -,1 o^k 907 5,1.n1C R^' I, ,,, ^" -^- '^" .^7
a Gold holdings of ha Bank id France this year are exelusive of 1.71.512.8M
held abroad. b No recent figures. e Gold holdings of the Dank of Germany
this year are exclusive of £10363950 held abroad. d As of Oct. 7 1924.
The Anthracite Strike—Governor Pinchot's
Opportunity.
The Commonwealth of Pennsylvania is very
largely, perhaps almost wholly, re: ponsible for the
troubles which arise periodically in the anthracite
region of that State. Serious conflicts at the mines
date back to the time when the entire region was
terrorized by a secret organization of miners known
as the Mollie Maguires. Murder and bloodshed were
rampant in those days and innocent children whose
fathers refused to become parties to lawlessness
were held up to scorn and persecuted.
Only through the brave efforts of Franklin B.
Gowen, of the Philadelphia & Reading Railroad, and
District Attorney George Keracher, of Schuylkill
County, were the outlaws brought to justice and
the secret organization compelled to disband.
Then in time came the more civilized union, which
developed as shrewder and more able leaders took
It in hand, but always the purpose has been to gaiu
a greater compensation for the miner without giving
any consideration to the consumer, who ultimately
has been compelled to foot the bill through an increase in the price of coal.
Always it has been the policy of the labor leaders
to try to put the onus for higher prices of anthracite
upon the operators and even now one of the propositions of settlement, approved by the union leaders,
stipulates that any increase in wages shall be at the
expense of the operators.
The anthracite operators are business men who
conduct mining on the same principles that other
operations are handled. They are in business for
profit and any business which does not show a reasonable profit is destined to fail. Profits are generally measured by a percentage of the cost of pro[ruction and hence, when by increasing the wages of
miners the cost of production rises, the cost of coal
to the consumer is advanced proportionately. That
is the ordinary and accepted rule of business.
It occurs that by a succession of advances brought
about through repeated increases in wages that the
price of anthracite has reached a height where any
further advance is likely to destroy the market for
anthracite, which as a fuel has as competitors bituminous coal, coke and oil. The industry has apparently reached a point where the price of its product
will not permit of any increase and if this is true,
then any further cost in production would be ruin•
ous not only to the owners of the collieries, but to
the 158,000 workers who gain a livelihood by toiling
[VoL. 121.
in the mines. If the mines must remain idle, not
merely dividends to stockholders will cease, as they
have already in at least one company, but no wages
will be paid.
Interests of the workers and the owners are
mutual. Non-operation means a lack of revenue for
both. Operation upon a profitable basis will bring
a full pay envelope with regularity and dividends
periodically. It is up to the miners and their leaders to say which policy shall prevail.
Failing a settlement there is a great duty facing
the members of the Pennsylvania Legislature, a special session having been called by Governor Pinchot.
The Commonwealth is responsible for the existing
situation because of the State laws which have been
enacted. These laws, framed for the protection of
anthracite miners, create an absolute monopoly of
anthracite mining, as they prevent the miners engaged in bituminous coal milling from taking the
places of the anthracite miners now on strike. There
is an opportunity for Governor Pinchot to do wonderful work not only for the 9,000,000 residents of
his State but for the peop'e of New England and of
all parts of the United States where anthracite has
been used. When the Legislature convenes in special
session the Governor might well urge the repeal of
every Pennsylvania statute which tends to create a
monopoly of anthracite mining. The monopoly has
been so ruthlessly abused that its longer continuance
is intolerable.
Governor Pinchot so favored the miners three
years ago by causing an increase of their wages that
they will have no cause for complaint if he now takes
this important step in behalf of all consumers, who
in his own State far outnumber the 158,000 nonworkers.
It occurs that the anthracite miners refuse to follow their usual occupations. They are playing the
role of the dog in the manger, as they will neither
mine anthracite themselves nor permit others to do
so, thereby putting themselves in a most unenviable
position which destroys sympathy and creates denunciation.
It is boastfully asserted that many of the striking miners have found temporary employment in
other occupations. Here, then, is a body of 158,000
men who not only refuse to mine coal while preventing others from mining, but are willing by accepting
other work to displace a large body of wage-earners
from their customary employment.
Thus their voluntary idleness, their debarring
others to take their places and their selfish crowding
of industrious men out of employment fully justify
Governor Pinchot in applying the only practical
remedy.
Then the issue will be placed squarely before the
members of the Legislature. It is asserted that not
a dollar of the millions which constitute the "defense
fund" of the miners' union has been paid out for
relief to the idle men. This great fund would therefore be available to defeat any legislation in behalf
of consumers which might be proposed at Harrisburg. In view of all these circumstances, could any
member of the Pennsylvania Legislature go home to
his constituents and offer any plausible explanation
as to why he did not vote to afford relief by destroying the miners' monopoly?
Let Governor Pinchot advocate a just cause, and
if he has political ambitions the people of Pennsylvania should show their appreciation at the polls.
Dice. 26 1925.]
THE CHRONTCLE
3049
-_--- He would at the same time gain a point on the oper- influence upon public opinion extended far and widP.
ators. He would oblige them to undertake to mine When, as in the cases of the "Tribune" and the
coal which they have made no attempt to do- It is "Sun," the paper was also an authoritative spokesour contention that the operators ought to have tried man for a political party or its policies, its influence
from the start to work selected collieries, thereby af- in campaigns and elections and the general conduct
fording an opportunity to those not in sympathy with of party business was a thing to be reckoned with by
the strike movement to continue at work or return both enemies and friends.
All that, however, has changed, and to the change
to work. We criticised them for their do-nothing
policy in our issue of Oct. 17. The miners are given Mr. Munsey and his various papers made a sub. tanno chances to break away from the strike so long as tial contribution. No American editor to-day wields
the mines are kept in idleness. With the law any determining influence, as editor, in the councils
changed so as to permit the free ingress of miners of either the Republican or Democratic party, nor
the operators would be deprived of all pretext for does his personality cause his name to stand out
continuing the present complete shut down any prominently in the public view. Save on the occalonger.
sions on which Mr. Hearst issues a pronunciamento
signed with his name, most readers of metropolitan
Mr. Munsey and the American Press.
dailies do not know, nor does it probably occur to
Mr. Frank A. Munsey, owner and editor of the them to care, who writes the editorials that appear
New York "Sun" and "Telegram," who died in this in their favorite journals. Mr. Munsey himself occacity on Tuesday, had been for many years, next to sionally published a signed article, and whatever he
Mr. Hearst, the most widely known and conspicuous said was listened to with attention, but it is not .
figure in American journalism. Unlike Mr. Hearst, primarily as an editorial writer that he will be re
however, he did not acquire newspapers as a means membered. The quality of editoral writing in the
of furthering his political ambitions or spreading more important journals is as high to-day as it ever
broadcast his political views; on the contrary, his was, but the spirit of journalism has changed, and
connection with journalism was mainly that of a the personality that once stood out in what the
business man engaged in developing newspaper editor said has been submerged by the growth of
properties. He bought and sold newspapers in much gigantic organization.
the same way that other capitalists or investors buy
The modern American newspaper is now a busior sell mills, railways or department stores, and ness, and the spirit of business permeates it from top
sometimes, it is regretfully to be said, with scanty to bottom. Only by a very large investment of caplregard for the editors and other employees whose tal can a metropolitan daily be launched or mainoccupations were transferred to his control. In.the tamed. The collection of news from all parts of the
course of his career his holdings comprised no less world is a costly undertaking, and the expensive set.than seventeen dailies, included in the list being vice of the press agencies must be supplemented by
such well-known metropolitan journals as the Bos- elaborate arrangements for local or special report,
ton "Journal," the New York "Herald," "Sun" and ing and correspondence. The high cost of paper, and
"Globe," the Philadelphia "Times," the Baltimore the mounting costs of printing and distribution, are
"Sun" and "American," and the Washington charges which cannot be recouped by
raising the
"Times." Some of the papers which he bought he price of the journal, and the needed revenue
must be
reorganized and improved,some lost their identity as sought in advertising. It is not an accident
that a
a result of mergers, and some were suppressed. It great daily often carries more pages of
advertising
was his belief that there were too many newspapers than it does of news, editorials or
"features." The
in the United States, and his successful attempt to discovery that the public wants news
and entertainreduce the number of evening papers in New York ment rather than education, and
that the more it
City cost him, he asserted, $6,000,000, a sum which gets of what it wants the
more papers it will buy, has
he seems to have regarded as well spent. Most of his produced an endless chain
in which more news,
ventures appear to have been profitable, for he died larger sales, increased volume of advertising,
higher
many times a millionaire, but of all the daily publi- and higher advertising rates; and
enhanced profits
cations which he owned and directed at one time or for owners and stockholders follow
one another in
another, only two remained in his hands at the time logical and remunerative
succession. All of this
of his death.
transformation Mr. Mutsey lived to see, and a considThe widespread interest which will be shown in erable
part of it he himself was.
the immediate future of the "Sun" and "Telegram,"
One of the problems of an American newspaper,
now that their direction must pass to other hands,
accordingly, is how to harmonize its elaborate busiwill be due in part to the peculiar position which ness
activity with the independence of judgment,
Mr. Munsey occupied in the newspaper world. Mr.
the entire fairness in the treatment of news, and
Munsey's rise to prominence coincided in time with
freedom from coercion by advertisers, without which
a great and even revolutionary change in the orno newspaper is worth reading. However successganization and practice of journalism in this coun- fully
a newspaper publisher may devote himself, as
try. A generation or more ago, the success of a daily
Mr. Munsey appears to have devoted himself, to givnewspaper was thought by most people to depend
ing the public what it wants, the business side of the
rather more upon its editorial utterances or its
party undertaking has its limitations. In an enterprise
attitude than upon its news. Editors of the type of
which deals, as a newspaper does, with almost every
Whitelaw Reid of the "Tribune," Dana of the "Sun,"
aspect of human life or interest, corporations or synGodkin of the "Evening Post," Bowles of the Springdicates are a poor substitute for personality. The
. field "Republican," or wattersun of the Louisville late
Victor Lawson, owner and editor of the Chicago
"Courier-Journal," did more than anyone else in
"Daily News," seems to have thought that his own
the organization to determine the character and reppersonal influence could be perpetuated by a finanutation of the journals which they edited, and their
cial corporation when he left hie paper by will to the
3050
THE CHRONICLE
_Vol, 121.
management of a trust company, but the trust com- in favor of joining the League of Nations have shown
pany, after some hesitation, appears to have con- a new arousal by advocating entrance into the Court.
cluded that the obligation lay outside its proper And it is said that a large majority of Senators have
sphere, and the paper is now reported to have been been polled in the affirmative.
sold to persons familiar with the newspaper field.
It may seem, therefore, unimportant to further
We have no hesitation in saying that the decision rehearse the Court problem. But for this very reawas a wise one. No financial or business corpora- son it may be an appropriate time to consider 14 a
tion, however able or high-minded, is fit to conduct general way the spirit and method of propaganda
a large and influential daily newspaper,for business, on public questions. And our first thought is that
in spite of Government interference, is still mainly just as advisory opinions by a World Court or any
a private matter, while a great newspaper is in real- court are valuable to prevent controversy, so the
ity a quasi-public institution as far as the presenta- voice of the people properly expressed is desirable
tion of news is concerned, and has a moral responsi- to prevent wrangling in Congress and litigation in
bility to the community at large far exceeding that our courts. Notwithstanding, free as we believe our
democracy to be, it is not easy to give distinctive
which any private business is expected to feel.
That the changes to which Mr. Munsey's extraor- and adequate expression to public opinion.
• dinary success contributed have been, in more than
It would not be true to say that the people gave
one respect, detrimental to journalism of the higher definite approval to the World Court at the last
kind, is hardly to be questioned. No reputable pub- election. Entrance into this tribunal was not a
lisher would think of dictating to an editor what the paramount question. We must enter into the thought
editor should say, and no worth-while editor would and feeling of the great body of the voters before
accept such dictation if it were ventured, but the we are warranted in interpreting the seven million
subtle influence of a huge money-making enterprise, plurality. The resolute stand taken against the
dependent upon advertising for its maintenance and obnoxious doctrines of the La Follette party, econprofits, and unable to go against the current without omy, reduction in taxes, the budget, together with
risk of financial loss, is likely to be felt in every edi- the partisan tactics of the minority party and retorial office. Our great dailies are bulky, the news sentment over a policy of attempting to fasten on
which they display is often trivial or sensational, the ruling party the so-called scandals of an oil inand their point of view is often local and restricted vestigation that was instituted as much for political
rather than general and large. No American news- as for protective purposes, created a feeling in favor
paper has yet attained a national circulation or in- of a continuance of the "administration" that really
fluence comparable to that which certain English or dominated the electorate. In the previous Harding
Continental newspapers enjoy, and while the great campaign there had been emphatic disapproval of
area of the 'United States is obviously a factor to be joining the League of Nations. And while there was
considered, the character of our journalism also in the Coolidge campaign mention of the World
plays a part. Mr. Munsey was perhaps right in Court it was not really an issue. So that at this date
thinking that a system might be devised that would no declaration of the people upon this question can
give us a truly national press, and a better press than be urged. It is fair to say that there exists a quasimost sections of the country now have, but some- endorsement of Mr. Coolidge's position, but this
thing more than business capacity and aggressive- might possibly be changed by a more intensive popness would be required to achieve it. The primary ular study and a more open-minded and singular disreason for the existence of a newspaper press is that cussion. It follows that what we know as propathe public may be informed and educated. As far as ganda must be analyzed before it can be trusted or
the collection and dissemination of news goes, it is accepted. And as the debate proceeds in the Senate,
hard to see how that function could be performed if carried on conscientiously and free from filibusterbetter, as it certainly could not be performed more ing, new views may be presented worthy of considelaborately, than it is at present, but the presenta- eration.
We question, then, the advisability of schools, coltion of the news, and the appraisal of its value, in
such a way as to raise the millions of newspaper leges and universities holding referendums on the
readers to higher planes of intelligent citizenship, is question of entering the World Court and the covert
a problem which the metropolitan daily press has as attempt thus to utter speech for the people. Youth
is idealistic. It holds more to the abstract than the
yet only begun to work out..
concrete. In this sense it is impractical. Given a
Propaganda on the World Court—The
glittering proposal for furthering world peace and
Province of the School.
its enthusiasm takes fire. Led by the theories of
If the seven million plurality for President Cool- academic origin it comes to believe itself to be a facidge at the last election is to be construed as a man- tor in world progress. On the threshold of active
date of the people to adopt the Harding-Hughes- life it dwells in the quiet halls of knowledge. It is
Coolidge plan for entering the World Court the duty prone to mistake this for wisdom. An urge to do
of the Senate is very plain. But the irreconcilables something for human betterment seems an imperahave given notice that they intend to contest the mat- tive duty. While outside the shadowy cloisters of
ter in much the old style. Whether for this reason, study there beats upon the real control in a democor through an excess of zeal in what they believe a racy the fierce light of struggle and controversy. To
good cause, warm adherents of the "plan" outside youth, adventuring far in the world, a world of the
Congress seem to feel that it is necessary to student's dream, may seem wiser than so-called nastrengthen, or arouse, public opinion by methods of tional isolation. To the voter, who thinks and toils,
propaganda. In consequence, we find colleges and seasoned in the strife of politics, and encompassed
universities holding referendums on the subject. Al- by the domestic problems of economics and industry,
most uniformly, majorities, usually large, are shown caution even to the point of hesitation and delay,
favoring entrance. Newspapers that were strongly may seem to be the road to safety and security.
DEc.26 1925.]
THE CHRONICLE
3051
We do not charge secret design in these college gress supposed to represent the schools or the
efforts. We contemplate only the fact. There is people?
Propaganda is the art of "putting things over."
danger that they be given undue weight by the casual
thinker. While school and church are separate It is the Pied Piper of Hamelin whom all forms of
under Government, they are neither of them in Gov- life are supposed to follow. It is the instrumentalernment. As to the manifest duty of those in charge ity of the interests, the machinery of the politician,
of our public educational institutions it is very plain. the radio of the reformer, and the siren of the comThe school (we use the term in the broad sense) is mon people. By its skillful use empires may be
not primarily a leader in political or economic moulded, States made subservient, and classes put
thought. The teacher and professor should not bury in power. It is welcomed by minorities and never
themselves in the abstract. They are part of a living scorned by majorities. It stoops to conquer by using
world. The duty is to present these popular ques- the school, cloaks itself in religion for mastery of the
tions without bias and in the light of historical per- material, and voices itself in the liberty and freedom
spective. As to taking a vote in the class room, or of the press for the sake of an idea or ideal. Not
permitting the independent societies to do so, for always, to be sure, but certainly sometimes. All
the purpose of publishing the result,for its influence things to all men, its motives are hidden and its
on public affairs, the practice is outside the pale of paths devious. It is the friend of selfishness and the
a modest and exclusive purpose. It does harm to foe of tolerance. Trying to mould the world to its
the student body and offends the sense of responsi- will it is cosmopolitan, ubiquitous, tireless. It biffs
bility in the electorate. And this is just what is and barns,like the pupets in a Punch and Judy show,
being done with the World Court proposal. If the for him who pulls the strings. Nothing is too sacred
people are capable of self-government they are capa- for its manipulation. And its perennial home is the
ble of using their own minds.
heart of man, not the heart that weeps and trembles
We pass from this phase to the insidiousness of for others, but the one that is filled with bigotry and
propaganda itself. Straw votes do not show which armored with self-righteousness. In its own opinion
way the wind.blows. They only show the temporary it is the maker of war, and peace, and progress. It
currents that are as variable as the seasons. To at- is the weapon of contention, the hero of success, and
tempt to further or fix a national policy by propa- the god of things as they ought to be.
ganda is to forestall serious thought and to induce
But safe from attack is the citadel of individual
precipitate action. In the midst of a whirling storm duty. In the complexes of social, economic and comit is best, if possible, to get out of it by the shortest mercial and civic affairs, in the drives and dreams
route. Without discussing the problem of the World of classes, blocs, and systems, and parties, it encounCourt one way or the other, it is not imperative that ters the will of the one who thinks and works in the
we go in now; it is not best that we be hurried into realm of personal endeavor. If all men could be
it before we have deliberated. In saying this there driven like sheep to the shambles democracy would
is no criticism intended of the President or Senate. fail, representative government cease to exist, and
They have a duty to perform. And so have the peo- liberty become a forgotten idyl of a dead past. And
ple. Propaganda, whether it be by the school or the such is the spread of information in modern times
press, that is partisan, is injudicious and dangerous. that when the clarion calls to rally to a cause are
It is part and parcel of that predilection for reform heard it is time to think, to pause and consider, to
at any cost which has so large a part in our civic and search for concealed motives, and to watch and wait.
social life. If reservations are necessary, is the time In the ever-flowing stream of life there are shoals
ripe? It may be the proper thing to go in at the and eddies and rocks and rapids, but the broad curproper time, but since we have no immediate causes rent sweeps on to the widening future. It is well
to try before an international tribunal why hurry? not to mistake the sounds of the whirl and dash of
There is a court already existent, though its func- the waters for the song of the river. Efforts to pertioniig is defective. Why shell the woods for influ- fect the world in a day are futile. No one achieveence, pressure, to accept or adopt another?
ment will usher in the millenium. No one method
We have read of no independent "town meetings" or plan will transform man or his institutions. Govfor the purpose of formulating and expressing public ernment is not life. Ideals cannot supplant ideas.
opinion on this issue. These would be timely. Listen- Knowledge is not wisdom, fervor is not faith, revoing to noted debaters on the subject is not expressing lution is not rest. The big thing and the biggest
such opinion. School contests and church resolu- thing is the natural combination of all the little
tions are far from being representative of the people. things. The slow cementing of individual opinion is
To mistake these expressions, and they have full the spiritual force against which all crusades must
right to their freedom, for the will of the people is beat in vain. You can break the bundle of fagots by
to strengthen and lengthen the life of propaganda. breaking each one separately, but you cannot gather
Manufacturing sentiment is not feeling it. Force is and tie them together by trumpetings from the walls
not a means of sustaining liberty. Driving men by of self-created authority.
the much-vaunted mass-psychology, is not leading
them by moral suasion and careful reasoning. In
The Parting Note of the Closing Year.
many of these "popular" efforts to mould public
The "Farewell" of the year, though it has been
opinion we observe that bane of modern life, the prosperous, is not always a "sweet sorrow." The
forcing of the will of the few upon the many. It is "unreluctant years" bear an impress of finality
as reasonable for the school and the church to un- which even the festivities of Christmas do not altodertake to instruct the people upon giving recogni- gether remove. Men have always felt it and been
tion to the Soviet, as it is to instruct as to adherence sobered. The early Church took advantage of festo this World Court. We do not countenance the tivals which men had established when the chill of
teaching of Socialism in the college, why follow its winter was settling upon the world and life was bejudgment as to international questions? Is Con- coming oppressively sombre. Christmas was given
3052
'ME CHRONICLE
[Vol, 12
its date to call forth and confirm the underlying and teacher of all arose. The Apostle Paul appeared in
inborn note of hope and gladsome life which men Europe. After sufferings heroically borne, though
have found both in Nature and unawakened in their we:I-nigh incredible, when he had established in permanent form a religion which was to give new life to
own hearts.
and to create a human fellowship that
civilization
Olympus
the
making
that
not
feel
Greeks
did
The
abode of the great and austere gods, Zeus, Athene should embrace humanity, lie was brought a prisoner
and the others, would relieve it of the gloom of the to Rome. From his imprisonment he sent forth to
realm of Chronos and the Fates that lay behind it, the churches he had founded in the East the letters
and they put Hebe and Ganymede and even Aphro- which constitute so large a part of the New Testadite and Dionysius within its reach for greater cheer. ment. The religion he preached was the Gospel of
Rome soon 'came with .her cheerier note, the com- a God whom he knew through Jesus Christ as a deep
panionable Lazes and Penates at the rural fireside, personal experience, a Gospel of love, of salvation
the bountiful Ceres in the fields, and in the great and of eternal life for all men. The summons of his
Augustan days her poets to awaken song for all. letters was: "Rejoice in the Lord always, and again
They bravely said "I t is pleasant to be frivolous at I say, Rejoice." This was the ever-repeated mestimes." "Dulee est desipere in loco!" and Horace, sage, and it became the characteristic of the followthe poet of the people, deliberately devotes himself ers of Jesus Christ. Pliny, Governor of Bithynia,
to the enlivening of life in every relation, and, re- answering the Emperor's inquiry, said the Christaining his little home in the country, wrote the tians were a group of humble people who went to
immortal poems which helped to keep the luxurious their work always singing praises to their God. It
society life of Rome from being hopelessly sordid, gave life to the ancient exhortation: "The joy of
and to show us how entertainment can be the Lord is your strength." The early Church flung
made an enlightening and charming art by it abroad to the world when it took over the futile
all to-day.* Up early in the morning on his pagan festival of the winter solstice and made it
peasant farm, refreshed by deep sleep, alert for the Christmas, the anniversary of the birth of Him for
day's task, he warns his friends of the danger of over- whom Christians, joining with the angels, have ever
eating and rich food. When pleased with a late sung,"Joy to the world, the Lord is come."
Invitation to dinner at Maecenas's palace, he rushes
Here, then, is the note with which the Old Year
off, his servant reminds him that he praises a care- should close. It is none too easy to maintain. Memfree vegetable diet only when he is not invited out! ory gathers up too many failures. Life carries disHe laughs at his inconsistency, and says that "Pleas- figuring scars. There are many empty chairs, and
ant dinners promote good fellowship; without fear hearts have besides sorrows the wounds of many
of backbiters and gossips gentlemen may work out transgressions. Good seed has fallen among thorns,
their philosophies of life, the foundations of happi- and evil has grown apace. The bells of the New
ness, the basis of friendship, the greatest good of the Year sound the vanishing of the irretrievable past.
world." When he was summoned to a permanent
Yet in these closing days the mounting sun, the
post in the Emperor's palace and a home with Mae- impatient earth, the irrepressible laughter of chilcenas, he rejected the offer; despite his inconsisten- dren, the inextinguishable hope of the aged, the uncies in his enjoyment of fine togas and elegant ban- dying voice in the human heart, all respond to the
quets he was not to be enticed into the habits of his glad thought of the Beyond. Mr. Gladstone, when
time against his judgment, his whim or his mood. a very old man, asked what was the happiest time
He had keen interest in the drama and its value for of life, answered: "You must ask an older man
reasonable enjoyment. He recounts the history of than I am; interests increase with gathering years."
the stage, tells of the pleasure it gives even to chil- He was pronounced "the greatest man of his generadren, and finds the audience in its absorption often tion or the last," yet there always shone for him the
as interesting as the play. He seeks to raise the cul- light of better days to come.
tivation of enjoyment to the level of an art. He has
George F. Watts, the great painter, when offered
high ideals; lie deplores the self-indulgence and a university position of dignified and honored ease, in
luxury which destroy the ambition and undermine declining it said: "I want to have the light of day
the vigor of men and pervert the judgment and the all 'round; so I cannot accept a connection which
interest in life of women. Ovid, his compatriot, says is like an edifice with only one window; a kind of
to the ladies of his day, who to increase their charms architecture I can have no part in."
resorted to magic: "Away with all forbidden rites;
It is then a matter of the open eye and the unhardthat you may be loved, be lovable!" The Greeks had ened heart. The year has been one of exceptional
taught that the "Beautiful is the splendor of the prosperity. There have been no widespread epidemTrue." They found it in art, the prerogative of the ics and no appalling disasters; employment has been
elect. Horace strove to bring the beauty and the general and constant; labor has gained in efficiency
brightness which Nature so freely and so abundantly and acquired a new attitude of good will toward
presents to all, and for which all men have innate labor-saving machinery which is now recognized as a
desire, into fellowship with Beauty and by joining source of greater wealth for the employee as well
both to Truth to set them within the reach of all.
as for the employer. There is less breath wasted in
Then when the culture of Athens was dead, and denunciation of capital. The experiment of offering
the culture of the Orient, Far and Near, with all its stock of the company for purchase by the employees,
brilliant show, was disclosing its emptiness and lack unique in this country, is proving a success; and at
of life as it faded into a private cult of the privileged the same time the savings banks are showing large
few, and the culture of cosmopolitan Rome began to and steady increases in deposits. Limitation of happicrystallize into a static civilization because one and ness does not lie in scarcity of money, for money was
all ended in a religion without God, the greatest never in history so abundant and so widely distributed as it is now in the United States, nor is it in
*Horace's "Art of Enjoyment." Professor Elizabeth IL Haight. E. P.
Datton & Co.
any dearth of supplies or lack of articles of luxury.
Dm.261925.]
TILE CHRONICLE
Rather is it in the inevitable increased absorption in
acquisition with intenser interest in business, as its
prizes increase, and in the demoralization of character and enfeebling of strength wrought by luxury.
It breeds idleness and self-indulgence. Materialism
is a blight. Men awake to discover that while they
have supplied every want, perhaps have grown rich
beyond their dream, they are not content; they have
not increased their happiness and they have added
to their cares.
Here lies the challenge. This is not a true
or necessary aspect of life. It is a perversion of blessing. There is an "Art of Enjoyment," and we have neglected it. It is
not the "enjoyment" of society with its whirl
of excitement, its plays, its dinners, its prolific
luxuries; it is opportunity given to the heart and
the mind, provision for the pleasures of the home,
of friends, of books, of out-of-doors, of sports, of
abundant health and exuberant spirits, all leading to
restful nights and days with cheerful greetings,
steady nerves and the unconscious courage which
accepts with alacrity life as it comes and thanks
God for 9yery new day and its tasks. This is the
Fine A to which we are summoned by the Old Year,
wha ver its experiences and its regrets.
Does Not Agree With President Simmons
Regarding Stock Exchange Loans.
Philadelphia, Dec. 21 1925.
Editor, Financial Chronicle, New York City.
Sir: The address of a H. H. Simmons on the relationship existing between the Stock Exchange and the investment banking business as reported in your issue of the 19th
Inst. contains the interesting statement that modern banking
should not be hampered by out-of-date formulas. Mr. Simmons says: "It was Adam Smith who evolved the classic
formula for the function of commercial banks—that they
should finance goods in transit from producer to consumer."
While I have a nodding acquaintance with Adam Smith's
classic work, I can find such a formula only indirectly and
by inference. I had no idea Adam Smith was so modern,
that formula being, barring the exception in regard to.
United States Government loans, the practical working
formula of the Federal Reserve System. The System operates for "the accommodation of agriculture, industry and
commerce," the products of which are consumable commodities.
f
3053
Mr. Simmons suggests that that formula is out of date and
would have the output of the security market given a more
generous share of commercial bank credit.
May one suggest that consumable commodities are the
proper medium for commercial bank loans, not because of
the fiat of Adam Smith, nor of the Federal Reserve System,
but because they are consumed, used, destroyed—and the
loan based on them paid and canceled.
Mr. Simmons states that the call loan market was liquidated from a peak of $1,500,000,000 in November 1919 to less
than $750,000,000 by July 1921. A comparison of quotations
from the inception of that bear market will indicate the
means of that liquidation; by a ruthless slashing of prices,
which is the only way expanded stock loans can be liquidated. Stocks are not consumed. They merely shift ownership.
Bank reserves are at present ample to accommodate business—and the current buoyant security market, as well as
feverish real estate speculation—and even the financing of
the consumer by time payments. Our unprecedented gold
holdings have created such a huge credit structure that
bankers are compelled to devise new ways to get their funds
out.
Presumably some day we will reach the limit of expansion
of our credit. In the past, as we have needed credit for expanding industry, we have pulled the financial props from
under the security call loan market, and liquidated that by
selling prices down. The same credit dollar cannot at the
same time be in more than one place. When industry needs
it, credit is "called" from the stock market, and the familiar
phenomenon of a "bear market" is on. The shock is transmitted to industry and the destruction of confidence breeds
a business depression.
The Stock Exchange call loan market is, I presume, a
by-product of our hodge-podge banking history. No commercial nation in history had such a cul-de-sac appendage
to its banking system. England with her system of term set
tlements obviates the necessity of tying up commercial bank
credit in stock loans. She uses her commercial bank credit
to finance a world-wide trade. She conserves her credit
resources and applies the clearing house principle to her
stock market speculation.
Instead of the formula to which Mr. Simmons refers being
out of date, I venture to say it will be the controlling principle in commercial banking as long as commercial banking
endures, whereas the archaic custom of using security loans
as a reservoir for secondary reserves is as out of place in a
modern and scientific banking system as the wampum and
beads that served New Amsterdam.
I trust I have not tried your patience, Mr. Editor, as I
have tried to make my point clear. I have no quarrel with
the stock market; it, happily, is here to stay; but such a
banking and economic suggestion as that discussed is a fair
mark for comment.
•
Yours truly,
C. E. H.
The New Capital Flotations in November and for the
Eleven Months to November 30
The new capital flotations in recent months have been
steadily increasing, and in November totaled not far from
six hundred million dollars, or at the rate of about $7,000,000,000 a year. Our tabulations, as always, include the
stock, bond and note issues by corporations and by States
and municipalities, foreign and domestic, and also Farm
Loan emissions. The grand total of the offerings of new
securities under these various heads during November
reached in exact figures $586,614,956. This compares
with
$503,337,557 in October, with $490,336,366 in September and
with only $399,708,415 in August, when the total was
the
smallest of any month since March 1924, but with $693,164,577 in July, when the total was the largest of any month
since the previous October, and it compares with $673,881,983 in June, with $530,841,330 in May, with $607,128,553
in
April, when the financing of the purchase of the Dodge
Brothers automobile properties added $160,000,000 to
the
total; with $505,369,807 in March, with $664,632,971 in the
short month of February, with $685,403,871 in January and
With $557,168,130 in December 1924.
In November last year the aggregate of the new issues
brought out was only $431,192,772, even though the $100,000,000 French loan was then included in the month's offerings. The present year's total at $586,614,956, therefore,
shows an increase as compared with the month in 1924 of
over $155,000,000. The amounts are larger under each of the
leading heads excepting alone the awards by municipalities.
These latter reached only $03,250,071 in November 1925,
against $74,765,203 in November 1924 and $98,521,514 in
November 1923. The corporate issues, however, aggregated
$376,239,885, against only $243,367,569 in November last
year, and the foreign Government issues $138,100,000,
against $102,000,000.
The foreign Government financing was the distinctive
feature of the month. The $138,100,000 includes the Italian
loan for $100,000,000. But in addition to the foreign Government issues, no less than $44,100,000 of foreign corporate
issues were floatedOin the United States during the month.
This makes altogether $182,200,000 of foreign financing in
this country, or nearly one-third the entire capital issues
of the month.
3054
In the corporate issues offerings of industrial securities in
November for the third successive month led in amount,
with a total of $248,474,000. This is an increase over the
previous month's output of $232,762,167. Public utility
issues likewise showed a larger volume, the November total
being $121,445,795, as against $109,590,162 for October.
Railroad offerings aggregated only $6,320,000, whereas in
October they amounted to $28,952.230.
Total corporate offerings, as already stated, were $370,239,885, and of this amount $206,387,000 constituted longterm issues, $19,915,000 were short-term, and $149,937,885
represented stock issues. The portion used for refunding
purposes was $10,675,000, or less than 3% of the total; in
October $70,310,089, or almost 19%, was for refunding; in
September the amount was $16,378,900, or only 5%; in August $29,237,000, or 12%; in July $74,681,500, or almost 19%;
in June $67,737,495, or over 17%; in May $34,947,015, or not
quite 12%; in April, $71,134,000, or over 14%; in March
$70,251,000, or almost 20%; in February $53,382,000, or only
10%, while in January $95,193,425, or over 18%, was for this
purpose. In November last year $8,112,000, or less than 4%
of the total was for refunding purposes.
Of the $10,675,000 raised for refunding purposes in November of this year, $4,900,000 was new long-term issues to
refund existing long-term, $475,000 was new short-term to
refund existing long-term, $300,000 was new stock to refund
existing long-term and $5,000,000 was new stock to replace
existing stock.
Foreign corporate issues sold here during November
amounted to $44,100,000 and comprised the following: $10,000,000 Rhine-Westphalian Electric Power Corp. (Germany)
direct 1st mtge. 7s, 1950, offered at 94, yielding about 7.53%;
$7,500,000 Cunard Steamship Co., Ltd., 2-year 5s, due Dec. 1
1927, placed at par; $7,500,000 Good Hope Steel & Iron
Works (Germany) mtge. 7s, 1945, offered at 91, to yield
about 7.90%; $7,500,000 Westphalia United Electric Power
Corp. 1st mtge. 6%s, 1950, sold at 87%, yielding about
7.62%; $4,000,000 Hamburg Electric Co. (Germany) deb. 7s,
1935, offered at 95%, to yield about 7.65%; $4,000,000 Brunner Turbine & Equipment Co. (Brunn, Czechoslovakia) 1st
mtge. 7%s, 1955, brought out at 95%, yielding about 7.90%,
and $3,600,000 Municipal Bank of the State of Hessen serial
75, 1926-45, offered at prices ranging from 100 to 93%,
yielding from 7.00% to 7.65%.
Among domestic corporate offerings the largest individual
issue comprised 481,416 shttres of no par value capital stock
of Phillips Petroleum Co., sold at $40 per share, and involving the sum of $19,256,640. Other important financing by
industrial companies included the following: $13,000,000
The Trumbull Steel Co. 15-year 1st mtge. 6s, 1940, offered
at 96, yielding about 6.40%, and $5,000,000 of this same dompany's deb. 7s, 1935, offering of which was made at par;
$15,000,000 National Dairy Products Corp. (Del.) 15-year
coll. trust 6s, 1940, offered at 98%, to yield about 0.15%;
500,000 shares of no par value Class "A" com. stock of Fox
Theatres Corp. (N. Y.), sold at $25 per share, and involving $12,500,000; 250,000 shares of no par value com, stock
of International Paper Co., offered at $50 per share and
involving $12,500,000; $10,500,000 Savoy-Plaza Corp. 1st
mtge. Fee & Leasehold 6s, 1945, brought out at par; $10,000,000 Firestone Tire & Rubber Co. 7% cum. pref. stock, placed
at 99, yielding about 7.07%; $10,000,000 (I. E.) du Pont de
Nemours & Co. 6% non-voting deb. stock at par ($100).
The principal public utility issues were as follows: $15,000,000 Brooklyn Edison Co., Inc., capital stock offered at
par ($1OO); $14;634,000 Philadelphia Electric Co. com, stock
offered at par ($25); $12,500,000 The United Light & Power
Co. (Md.) deb. 6s, 1975, brought out at 92, yielding about
6.55%; $8,000,000 American Water Works & Electric Co.,
Inc., deb. 6s, "A," 1975, sold at 94%, to yield about 6.35%,
and $5,500,000 Feather River Power Co. (Cal.) 1st mtge. gs,
1929-63, placed at par.
[VOL 121.
THE CHRONICLE
Four issues of farm loan bonds, aggregating $6,000,000,
were offered during the month at prices ranging in yield
from 4.55% to 4.62%.
The total of foreign Government loans floated here in
November was of unusual proportions, reaching $138,100,000. The largest issue consisted of $100,000,000 Kingdom
of Italy external 7s, 1951, offered at 94%, yielding about
7.48%. The other foreign Government loans were: $7,500,000 Republic of Peru 15-year secured 7%s, 1940, floated at
97%, yielding about 7.75%; $7,000,000 Danish Consolidated
Municipal loan 30-year external 5/
2s, 1955, offered at 98%,
to yield about 5.60%; $5,000,000 City of Dresden (Germany)
external 7s, 1945, offered at 94, yielding about 7.60%;
$5,000,000 State of Bremen (Germany) external 7s, 14935,
sold at 95%, to yield about 7%%; $4,000,000 City of Frankfort-on-Main (Germany) serial 7s, 1926-45, offered at prices
ranging from 100% to 94, yielding from 6.50 to 7.60%;
$3,600,000 Province of Buenos Aires (Argentina) 6 months'
Treasury 5%s, due May 1 1926, placed at par; $3,000,000
City of Duisburg (Germany) serial 7s, 1926-45, offered at
prices ranging from 100 to 93%, yielding from 7.00% to
7.65%, and $3,000,000 Free State of Oldenburg (Germany)
external 7s, 1926-45, offered at prices ranging from 100 to
93%, yielding from 6% to 7.00%.
Offerings made during November, which did not represent
new financing by the company whose securities were offered
and which therefore are not included in our totals, consisted of $2,000,000 American Cotton 011 Co. 20-year 5s, 1931,
offered at 97, yielding about 5.65%; $1,800,000 Ohio Power
Co. 6% cum. pref. stock offered at 95, yielding about 0.32%;
100,000 shares of no par value com, stock of Williams Oil-OMatic Heating Corp., offered at $15 per share, and $1,000,000
Peoples Drug Stores, Inc., 8% cum. pref. stock, offered at
107%, to yield about 7.44%.
The following is a complete summary of the new financing
-corporate, state and city, foreign Government, as well as
Farm Loan issues-for November and the eleven months
ending with November, of the current calendar year. It will
be observed that in the case of the corporate offerings we
subdivide the figures so as to show the long-term and the
short-term issues separately and we also separate common
stock from preferred stock, besides reporting the Canadian
corporate issues and other foreign corporate issues as wholly
distinct items.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
1925.
New Capital.
Total,
$
169,787,000
12,415,000
43,075,000
106.862,885
365,564.885
136,500.000
6,000,000
10,675.000
1,600,000
376,239,885
138,100,000
6,000,000
62,655,971
594,100
2,275,000
63,250,071
2,275.000
750.000
15,144,100
586,614,956
8
164.887.000
11,940.000
38,075.000
106,562,885
Total
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
United States Possessions
Grand total
Refunding.
$
4,900,000
475,000
5,000.000
300,000
MONTH OF NOVEMBERCorporate-Long term bonds and notes.
Short term
Preferred stocks
Common stocks
Canadian
Other foreign
44,100.000
44,100,000
750,000
571,470,856
ELEVEN MONTHS END. NOV. 30.
Corporate-Long term bonds and notes_ 2,005,723,875
183,358,750
Short term
546,088.322
Preferred stocks
482,421,939
Common stocks
82,595,000
Canadian
325,635,000
Other foreign
401,780,925 2,407,504,800
84,055,000 267,413,750
38,733,200 584,821,522
51,608,299 534,030,238
17,750,000 100,345,000
325,635,000
3.625,822,886
540.781.000
125.097,100
593,927,424 4,219,750,310
104,600,000 645,381,000
19,527.900 144,625,000
1185.492.281
38,658.000
7,715,000
42,801,732 1.228,294,013
06.797,000 135,455,000
7.715,000
5.523,566.267
857.654.056 8 251 220 222
Total
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
United States Possession
Grand total
In the elaborate and comprehensive tables, which cover
the whole of the two succeeding pages, we compare the foregoing figures for 1925 with the corresponding figures for the
four years preceding, thus affording a five-year comparison.
We also furnish a detailed analysis for the five years of the
corporate offerings, showing separately the amounts for all
the different classes of corporations.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF NOVEMBER FOR FIVE YEARS..
,
1922.
1923.
1925.
1924.
MONTH OF NOVEMBER.
New Capital.
Corporate—
Long term bonds and notes__
Short term
Preferred stocks
Common stocks
Canadian
Other foreign
$
164,887,000
11.940,000
38.075.000
106,562,885
Total
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
United States Possessions
365,564,885
136.500.000
6,000.000
62.655,971
Grand total_
Refunding.
New Capital.
Refunding.
Total.
New Capital.
Refunding.
Refunding.
$
150.253.300
33.920.900
7,995.600
10.034.280
5,600.000
34,651.000
132.720.940
18.000.000
12,125.000
161.595,800
20.500.000
8,940,000
46.208.280
207,804.080
20.500.000
8,940.000
2.405.605
44,379,484
119.348.617
8.250.000
340.000
119.688.617
8.250.000
37.056,6051 207.225,424
318,634,417
46.548.280
365,182.697
98.069.940
18,000,000
12,125.000
96.753,014
1.768.500
9.000,000
98.521.514
9,000,000
41.973,879
454.917.916
75,894,500
530.812.416
170.168.819
44.100,000
10,675.000
1,600,000
376.239,885
138.100.000
6.000.000
235,255,569
102,000,000
7,450,000
8,112,000
243.367.569
102.000.000
7.450.000
309.914.902
25,000.000
23.250.000
594.100
2,275,000
63.250,071
2,275.000
750,000
73,253.551
2.110,000
1,500,000
1,511,652
74.765,203
2,110,000
1,500,000
15.144.100
586.614.956
421.569.120
9.623.652
431.192.772
3.000.000
Total.
$
19.062.000
20.789.000
300.000
6,057.280
375.040.902
25.000,000
23,250,000
$
62,126.000
1921.
Refunding.
$
131.191.300
13.131,900
7.695,600
3.977.000
5.600,000
65,126,000
$
215.147.000
1.265,000
47.822.450
44.580.452
1.100,000
New Capital.
Total.
3
110,993.000
2.000,000
16,699.400
2,778.540
250.000
$
34,413,000
$
148.246.000
27.766.800
9,457.672
47.022.097
9.475.000
1.400.000
750,000
New Capital.
$
76,580,000
2.000.000
16,699.400
2,540,540
250.000
$
3,188,000
60.000
364,000
1,250.000
3,250.000
$
169,787,000
12,415,000
43,075.000
106,862,885
Total.
$
277.273,000
1.265.000
50.822.450
44.580.452
1,100.000
$
145.058,000
27,706.800
9,093.672
45,772.097
6.225.000
1.400,000
$
.
4.900,000
475,000
5,000,000
300,000
44,100.000
571.470.856
Total.
-2-31,600
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF NOVEMBER FOR FIVE YEARS.
New Capital.
Long Term Bonds and Notes—
Railroads
Public Utilities
Iron, steel, coal. copper. &c
Equipment manufacturers
M7 tors and accessories
Other industrial and manufacturing
011
Land, buildings, &c
Rubber
Shipping
Miscellaneous
$
6.320,000
62.485.000
27,300,000
1.560,000
1,900,000
23,600.000
1,500.000
63,547,000
Refunding.
$
400,000
1,500,000
900,000
2,100.000
400.000
12,875,000
Total.
New Capital.
$
33.786,000
56,990,000
6,450,000
2,900,000
500.000
10.775,000
$
6.320,000
62,885,000
28.800,000
1,560,000
1.900,000
21,500,000
1,500,000
65,647,000
38,257,000
400,000
12.875,000
1,625,000
Refunding.
$
788.000
5,600,000
50.000
Total.
New Capital.
Refunding.
Total.
New Capital.
Refunding.
$
4.000.000
27,822.000
$
7,505.000
48.063.000
5,300,000
4.100,000
15,984.000
2,591,000
4,100,000
18,575,000
16
4.440,000
56.572,000
3
76,070.000
148.507.000
1,550.000
3,650.000
714,000
38,257.000
16.311.000
2.500.000
26,521.000
17,025,000
2,500.000
26.521.000
1.625,000
2.150.000
400.000
2.550.000
17.750.000
62,126,000
278,373,000
76.830,000
9.950,000
9.950.000
34,413,000
500.000 '
19,062,000
3.360.000
155.853,300
60,000
1.500.000
1.500.000
2.500.000
29,106,800
60,000
29,166.800
1,265,000
1,265,000
2,000,000
2,000.000
13.131,900
20,789,000
33,920.900
18,139.532
14,177,835
1,250.000
18,139,532
15.427.835
12,022.450
43,113,552
119,400
12.022.450
43,113.552
119.400
3.399,800
3,637.800
7,137,600
6,057,280
13.194,880
17.300,000
20,000.000
7,852.400
7.852,400
987,740
987.740
4,000,000
1,200,000
4,000,000
4,000.000
600,000
600.000
7.500,000
2,440.000
175,000
7,500.000
2,615,000
1,081.800
Total
Stocks—
Railroads
Public utilities
Iron. steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Dtber industrial and manufacturing
Oil
Land, buildings, &c
Rubber
ihipping
Miscellaneous
19,440,000
475,000
19,915.000
49.260.795
937.500
1.040.000
300.000
18,521,700
19.256,640
1,050,000
10,235,000
1.200,000
42,836,250
5,300.000
54,560.795
937,500
1,040.000
300,000
18.521.700
19.256,640
1.050,000
10,235,000
1,200,000
42,836.250
18,858,402
2,640.000
2,847,500
2,847.500
6.000.000
144,637,885
5,300,000
149,937.885
54,865,769
1,614,000
56.479,769
92,402,902
3,000,000
95.402,902
19.239.940
238,000
51,925,532
75,167,835
8.950,000
3,000,000
500,000
31,383,402
19.625.000
39,357,000
788,000
6,850,000
83,652,450
135,198,552
1,669,400
4,765,000
4,440.000
56.572,000
88.092.450
191,770.552
1.669,400
4.765.000
30.611.000
22.500,000
26,521.000
3,714,000
34,325,000
22.500,000
26,521,000
3,505,000
23.640.800
5.300.000
1.000.000
4,100.000
23.836.400
500.000
9,950.000
987.740
4.000.000
28,060,000
60,000
52,713.532
82,017,835
8.950,000
3,000,000
500,000
31,797.402
19,625.000
39,417,000
175,000
6,320,000
121,445,795
30,937,500
2,600.000
2,200.000
47,021,700
20,756,640
67.297,000
10.235,000
9.100.000
58,326,250
5,346.800
4.997.500
400.000
5,397.500
25.250.000
10.675,000
376.239,885
235,255,569
8.112,000
243.367.569
309,914.902
65.126.000
375,040.902
98,069.940
2.860.000
136,791,300
1.750,000
19,625,000
210,000
300,000
6,438.000
150,000
19,222,402
3,000,000
950,000
950,000
2.640,000
414,000
5.346.800
238,000
1.000.000
'
14.300.000
20.000.000
250,000
250,000
1,000,000
100,000
364,000
10.381,90010.381.900
26,-0166:656 20,000,060
789,000
789.000
500,000
500,000
1,081.800
100,000
7-
1.115.000
1,115,000
365.564,885
17.750.000
111,243.000
1.750,000
19,625,000
150.000
3.700.000
1,200,000
Total corporate securities
7.875.000
272.000
13,200,000
150.000
151,283,000
2,100,000
1,400.000
6.475,000
272,00012,925.000
-277-5-.6615
4,000.000
2,500.000
206,387.000
900,000
$
14.109.300
109.072.000
6.085.000
1,880.000
4,000.000
2.500,000
4,900,000
6,000,000
1,500,000
Total.
$
5,655,000
10.432,000
800,000
$
8,454.300
98.640.000
5,285,000
1.880.000
216.247,000
201,487,000
6.320,000
115.445,795
29.437,500
2,600,000
2,200,000
46,121.700
20.756,640
65.197.000
10.235.000
9.100.000
58.151.250
Refunding.
157,721,000
Total
Short Term Bonds and Notes—
Railroads
Public utilities
Iron, steel, coal, copper. &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
Oil
Land. buildings, &c
Rubber
Shipping
Miscellaneous
Total
Total—
Railroads
?ublic utWties
Lt.-on, steel, coal, copper, &c
Iiquipment manufacturers
dotors and accessories
Rher industrial and manufacturing
M1
..7and, buildings, &c
tubber
;hipping
disceRaneous
New Capital.
Total.
$
3,505.000
20,241,000
5,300.000
$
71.630,000
91,935.000
1,550,000
3,650,000
$
34,574,000
62.590.000
6,450.000
2,900,000
500.000
10,825.000
1921.
1922.
1923.
1924.
1925.
MONTH OF NOVEMBER.
2.500.000
2,000,000
2,000.000
1.500,000
1,335,000
1,500.000
1.035,000
300.000
19,477.940
11.672.600
6.357,280
18,029,880
7.505,000
51.700,800
5,300.000
1.000,000
4.100,000
26.427.400
500.000
9,950.000
987,740
18.836,200
105.777.600
5.285.000
1,880,000
2.000.000
6.475,000
1,772,000
14.210,000
5,655.000
36.489.280
1,589.000
24.491,200
142.266.880
6.874.000
1.880.000
2.000.000
7.875,000
1,772.000
14,785,000
6,000,000
2,591,000
34.651.000
_______
1,400.000
575,000
25,250.000
5.360.000
500.000
5.860.000
132.720,940
161.595.800
46.208.280
207.804.080
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT.
FARM LOAN AND MUNICIPAL FINANCING FOR THE ELEVEN
MONTHS ENDED NOVEMBER 30 FOR FIVE YEARS.
1925.
1924.
MONTHS ENDED NOV. 30.
1923.
1922.
1921.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Corporate—
Total.
$
$
$
$
$
Long term bonds and notes_. 2,005,723,875
$
$
$
$
401,780.925 2,407.504.800 1,772,771.723 361,878,377 2.134,650,100
$
$$
Short term
$
$
1,685,515.957
402.925.543
183,358.750
2,08.8,441,500 1,438,616.635 645.082,215 2,083298.850 1,077.614,020
84,055,000 267,413,750 264,913,800
469,429.980 1.547.044.000
39,956,000 304,869,800
Preferred stocks
134,970,700
36.966.800 171.937,500
546,088.322
101.926,000
38,733.200 584,821,522 262.973.999
23,011.000 124,937,000
157,009,666
41,547,000 198.556,666
27,264.223 290,238.222 287.221,297
Common stocks
71,609,839
358.831.136
482,421,939
261,271,950
51,608.299 534,030,238 480,112.516
30,300.000 291,571,950
47,352,500
Canadian
3,575.600
6,750,000 486,862.516 279,253.126
50.928,100
3,966.76
283,219.886 237.673.872
82.595.000
17.750.000 100,345.000
10,529,625 248,203,497 190.971,215
95,250,000
11,250,000 106,500.000
Other foreign
6.057,280 197.028.495
29,831.600
29.831,600
325.635.000
35.831.500
325,635,000
35.831,500
80,365,000
132.280,000
10.000.000 142,280,000
80,365,000
24.100,000
24.100.000
80.445,000
1,250.000
81,695,000
15,150,000
Total
15,150.000
3.625.822.886 593,927,424 4,219,750.310 3,008,302,038 457,098,600
Foreign Government
540.781.000 104.600.000 645,381,000 559.945,555 177,059,445 3,465,400,638 2,440.892.680 515,468,942 2.956.361.622 2.155,764.957 710,172,840 2,865,937.797 1,568.462,401 520.609,860
Farm Loan issues
737,005,000
2,089.072.261
186,845.000
56,000,000
242.845.000 416,305,000
125,097,100
19,527,900 144.625.000
15,000.000 431.305,000 298.270.000
176,850.000
War Finance Corporation
50,000,000 348,270,000
176,850,000 335.368.000
55.032.000 390.400.000 326,665.000
42.000,000 368,665.000
118,190,000
Municipal
118.190,000
1.185.492,281
42,801,732 1.228,294,013 1,289,363.402
15,906.7701,
Canadian
305,270,172
931,244,934
18.228,980 949,473,914 1,006,641,539
38.658.000
96,797,000 135,455,000
27,926,3741,034,567,913 981,360.792
132.364,765
United States Possessions
6,720,821 988,081.613
16,650.000 149,014,765
26,308.000
23,941.679
50.249.679
7,715.000
93.984,534
107,135,000
7,715,000
201,119.534
73,282,000
7.730,000
73.282.000
7.730.000
7,211.000
7,211.000
37.087,000
37.087,000
25,022.000
Grand total
25,022,000
5.523,566.267 857,654.056 6.381.220.323 5.174.555.760 6.666.714.815 5 841.270.575
3.927.869.614 668.671.601 4.596.541.215 4.036.448m0 902.234.214 4.938.682.244
3.064.567.193 577.330.681 3.641.917.874
CHARACTER AND GROUPING OF NEW CORPORATE
ISSUES IN THE UNITED STATES FOR THE ELEVEN MONTHS ENDED
NOVEMBER 30 FOR FIVE YEARS.
1925.
1924.
ll MONTHS ENDED NOV. SO
1923.
1922.
1921.
,
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Long Term Bonds and Notes—
Total.
$
$
$
$
Railroads
$
$
$
$
314,137,500 124,453,000 438,590,500 652,513,800
$
$
$
$
3
Public Utilities
141.679.900
$
$
794,193.700
415,949.500
34,383,000
450,332,500 442.616,380 116.723,570 559,339,950 258,919.720
756,359A00 151,347,100 907,706,500 657,590,423
297,673.580 556,593.300
144,616,077 802.206,500 512.655,471 222,191,629 734,847.100 414.476,539
Iron, steel, coal, copper, &c
92,450,000
198,894,661 613,371,200 333,739.000
18,346.000 110.796,000
105,962,000
93,986,000
30,148,000 136,110,000 238,818.139
Equipment manufacturers
427.725.000
46,806,861
285,625,000
10.856,000
115.885,000
1,750.000 117,635,000
10.856,000
31,125,000
15.160,000
11.337,000
Motors and accessories
42,462,000
15.160,000
11,860,0110
11,860,000
78.050,000
350,000
78,400,000
8,075.000
4,960,000
_
8,315,000
8.075.000
13,275,000
Other industrial and manufacturing
22,562,000
4,288,000
26,850,000
195,396,800
16.450,000
42,963,700 238,360.500
2.500.000
18,950.000
127,489,000
15,400,000
19,549.900 147,038,900
Oil
600:6615
16.000.000
156,932.447
26,521.053
183,453.500
160.337.581
71,924,100
71.352,419 231,690,000
21,475,900
93,400,000
16,516,500
160,702,300
23.969.400 184.671.700
15,393,500
Land, buildings. Szc
31.910.000
69,716,000
30,084,000
09,800,000
600.694.300
73.384.300
143.220.700
37,053.000
216,605,000
637,747,300
147,922,000
271,656,000
28,000,000 175.922,000
1,040.000 272,696.000 200,495.000
Rubber
1,250.000 201,745,000
34,500,000
130.094.000
8.530,000 138,624.000
34,500,000
42.825,000
400,000
Shipping
925.000
43,750,000
400,000
1.335,000
665,000
2,000,000
3,600,000
3.659.775
26,200,000
4,315.225
29,800,000
7,975,000
77.500,000
3,800,000
________
77,500,000
Miscellaneous
3,800.000
2.568,000
107,000
2,675,000
19,810.000
154.826,000
11,527.000 166.353.000
1
,500
.000
21,310,000
2,335.000
97,504,000
3.950,000
14,386.000 111.890.000
6.285,000
106.556,000
36,629,000 143,185.000 163,539,335
75.660,865 239,200,200
89,021,600
8,989,000
98,010,000
Total
2,312,853,875
411,830,925
2,724,684,800
1,953,551,723
375,128,377 2,328.680.100 1,739,447,557 402,925,543 2,142.373.100 1,540.193.135
Short Term Bonds and Notes—
646,332,215
2,186,525,350 1.167,564,020 469,429,980 1.636.994,000
Railroads
24.500,000
400,000
24,900.000
56.250.000
19,000,000
Public utilities
75,250,000
9,237.500
9,850,000
19.087.500
115,020,000
32.351,800
31.280,000 346,300,000
3,000,000
35,351,800
102,232.000
14,000.500
500,000
20,041,000 122.273,000
Iron, steel, coal, copper, Ste
14,500.500
42,262,200
15,712,800
57.975.000
18,245,000
21.465,000
20,011,000
2,500,000
38,256.000
23,965,000
23,372,000
36,623,000
4.175,000
650.000
Equipment manufacturers
59.995.000
4,825.000
9,850,000
9,850,000
1.150.000
404,200
1,150,000
404.200
44.000.000
1.000,000
789.000
Motors and accessories
44,789,000
1.000.000
1,945.000
1,945.000
225,000
9,000.000
Other industrial and manufacturing
225,000
9.000.000
15,496,000
9,604,000
25.100,000
16.700,000
21,693,750
16,700.000
21,693.750
4,700,000
6,910.000
3,200.000
4.700.000
Oil
10,110,000
5,500,000
1,800.000
7.300.000
19,000,000
800.000
52,200,000
800,000
71.200,000
7.515,000
94,970,000
735,000
5.005.000
Land, buildings, dm
8.250,000
99.975.000
44.814.000
44,814.000
35.900.000
23,540,000
.
35,900,000
23.540.000
46.875,000
4,660.000
2,500,000
Rubber
60,000
49.375.00,1
4.720.000
1,330.500
1.330,500
3.510,000
3,510,000
5.595.000
Shipping
5,595.000
12,500,000
12,500,000
Miscellaneous
1.000,000
1,000.000
215.000
20,590,000
175.000
215.000
20,765.000
275,000
32.466.800
275.000
32.466,800
3,535.500
3.535.500
5,000,000
5.000.000
12.642.166
400,000
13.042,166
Total
259.458,750
86,555,000 346,013.750 311.663.800
47.956,000 359,619,800
Stocks—
134,970,700
36,966,800 171,937.500
113,126.000
23,011.000 136.137,000
159.199,666
41.547,000 200,746,666
Railroads
16.218,230
—_____
16,218.230
55,963.269
________
Public utilities
55.963.269
27,322,450
27.322.450
26,968,100
460,500.204
26,968,100
28,362,500 488,862,704 448.147,704
24,105,223
Iron, steel, coal, copper, &c
472.252.927
173.670,058
11.076.000
184.746.058
237.590.220
15,077,500
26,556,625 264,146,845
15,077.500
111.204.590
21,734.160
8,557.280 119.761,870
Equipment manufacturers
21.734,160
28.131,646
4,896,760
33.028,406
38.186.250
1,040,000
—
38,186,250
1.040.000
8,678.225
2.062,100
Motors and accessories
8.678.225
2,062,100
10,006.000
105,921,721
3,393,000
11.399.000
3.391,389 109,313,110
8.381.760
Other industrial and manufacturing
200,000
8,581.760
24.455,325
1,335,000
25.790,325
12.660.000
4,900.000
198,235,808
17,560.000
/8.917.700 217.153,508
4,582.000
8,3,916.502
9,709.000
Oil
4.582,060
98,625.502
142.639.183
20.659,149 163,298.332
57.609.102
56.933,428
7,980,000
40.504,910
65,589.102
97.438,338
23,661,400
55,01(1.968
525.600
24,187.000
Land. buildings, &c
55,640,968
80.249,013
984.690
81,233.703
41,820,410
29,164,750
120,000
41,820,410
29,284.750
82.940.000
10,428.357
82.940,000
Rubber
10,428,357
11,148.000
11,148.000
5,480,000
14,985.000
5,480,000
800,000
15.785,000
2,745,000
1,600,000
-300,000
Shipping
3,045,000
1,600.000
350,000
350.000
5.162,740
7.445,120
5,162,740
7.445.120
Miscellaneous
1,000,000
1.000,000
147.988,500
3,445,000 151,433.500
50.211,695
50.211.695
78,508,748
35.625,000 114.133.748
66,963,000
66.963,000
7,887.500
250,000
8,137.500
Total
1.053.510.261
95,541,499 1.149.051.760 743.086,515
- Total—
34.014.223 777,100.738 566,474,423
75,576.599 642,051,022 502.445,822
40,829.625 543.275,447 241,698,715
9,632,880 251,331,595
Railroads
354,855,730
124,853,000
479,708,730
764,727,069 160,679.900 925.406.969 452,509,450
Public utilities
44.233,000 496,742,450 501.936,280 119.723,570
1,331.879,604 210,989.600 1,542,869.204 1.207,970,127 188.762,300 1.396,732,427
272.920,220 298,173,580 571,093,800
Iron, steel, coal, copper, drc
728,587.729 248,980.429 977.568.158 670.311.759 245,462,286 621,659.850
128,992,500
915.774,045 468.315.590 139,166.280 607.481.870
20,846.000 149,838,500
131,871,160
30,798.000 162,669.160 276.799,785
Equipment manufacturers
51,703,621 328,503.406
154,475.450
13,046.000
1.750,000 156,225.450
83,803,225
13.046.000
18,222,100
12,126,000
95,929,225
Motors and accessories
18,222,100
13.805,000
13,805.000
10.006,000
183,971,721
1,393.000
11.399,000
3,741,389 187,713.110
8.300,000
22,341.760
________
8,300,000
8.515,000
Other Industrial and manufacturing
30,856.760
62.513,325
15,227.000
77,740,325
45.810.000
2,500.000
415,326,358
61.881.400 477,207,758 223,315.502
53.210,000
24,682.000
600.000
32,458,900 255,774.402 305.071.630
25,282,000
Oil
48,980,202
354.051,832
218.746,683
76,252,419
147,857,528
114,180,810
298,079,102
262,038,338
191,878,700
25,230,000 217.108.700
167,127,468
20,398,500 187,525,968
Land. buildings, ,ke
194.779,013
31.068,690
225,847,703
151.104.710 151.200.700 294,325,410 277.737.000
653,399.050
37.173.000 690.572,050 286,744,357
30.500,000 308,237,000
1.100,000 287,844,357 212,973.500
Rubber
1,250,000 214.223.500
139,084.000
8.530,000 147,614,000
49,485,000
800.000
51,165,000
50,285.000
1,225,000
2,000,000
52.390,000
Shipping
2.000,000
1,685.000
665.000
2.350.000
8.762.740
26.200.000
23.604,895
34,962,740
4,315.225
77,500,000
27,920.120
________
3.800,000
77.500.000
Miscellaneous
3.800.000
3.568.000
1,107,000
4.675.000
20.025,000
1,500,000
323,404,500
21,525.000
15,147,000 338.551.500
2,610,000
3.950,000
180.182.495
6,560,000
14,386.000 194,568,495
188,606.248
72.254,000 260.854.248 235.502,335
75.660.865
311.163,200
109.550,666
9.639,000 119.189.666
Total corporate securities
3.625.822.886 593.927.424 4,219,750.310 3.008.302,038 457,098.600 3.465,400,638 2.440,892,680
515,468,942 2,956.361.622 2,155,764,957 710.172,840 2,865,937.797 1,568.462.401 520,609,860
2.089.072.261
0
b3
67'
THE CHRONICLE
DEC.26 1925.]
3057
DETAILS OF NEW CA.PITAL FLOTATIONS DURING NOVEMBER 1925.
LONG TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Purpose of Issue.
To Yield
About.
Price.
S
Railroads1,100,000 New equipment
2,820,000 New equipment
2,400,000 Capital expenditures
100
Company and Issue: and by Whom Offered.
5.40-6.00 North Western Refrigerator Line Equip. Tr. 65, A, 1927-38. Offered by Freeman & Co.
4-504.90 Seaboard Air Line Ry. Co. Equip. Tr. 430, Y, 1926-40. Offered by Freeman & Co.
6.00 Tampa & St. Petersburg Ry.-Gandy Bridge lot M.68, A. 1945. Offered by Coffin & Burr. Inc.:
and Stroud & Co., Inc.
6,320,000
Public Utilities8,000,000 Acquisitions; wkg. capitol.
5,500,000 New power plant
1,500,000 Acquisitions
4,000,000 Addns., Impts., extensions, &c._
9735
9536
2,825,000 Acquisitions, other corp. purposes
9734
850,000 Acquire Ashtabula Gas Co
2,200,000 Refunding; capital expenditures
96
98.60
1,250,000 Additions and extensions
60,000 Additions and improvements
200,000 Acquisition of predecessor company
9836
96
97
10,000,000 Additions, extensions, &c
94
1,500,000 Acquisitions
98
2,000,000 Acquisitions
100
12,500,000 Acquisitions, improvements, &c_
3,000,000 Consolidation of properties
7,500,000 Development and enlargements_ _ _
6.35 American Water Works & Electric Co., Inc., Debenture 68, A, 1975. Offered by W C.
Langley & Co. and Bonbright & Co., Inc.
6.00 Feather River Pr. Co. (Cal.) 1st M. 6s, 1929-63. Offered by First Securities Co., Los Angeles;
E. H. Rollins & Sons, Peirce, Fair & Co.; Wm. R Stoats Co. California Securities Co. Dean.
Witter & Co. Security Co. Stevens, Page & Sterling Hunter, Dulin & Co. Citizens National
Co. Bond & Goodwin & Tucker, Inc.. California Co., Drake, Riley & Thomas,and Schwabachee
& Co.
6.22 Gulf Public Service Co. 1st M.6s, A, 1945. Offered by Camp, Thorne & Co., Inc., Chicago.
7.65 Hamburg Electric Co.(Germany) 7s, 1935. Offered by Marshall Field, Glore, Ward & Co.. and
Blyth, Witter Sr CO.
5.70 Interstate Public Service Co. 1st M. & Ref. 5368, C, 1950. Offered by Halsey, Stuart & Co..
Inc. A. B. Leach & Co., Inc., and E. H. Rollins & Sons.
5.80 Lake Shore Gas Co.(Ashtabula, Ohio) lot M. 536s, 1950. Offered by Harris, Forbes & Co.
5.10 Madison (Wis.) Gas & Electric Co. Gen. & Ref. M. 5s, 1950. Offered by First Wisconsin Co.;
Milwaukee, and Marshall Field, Glore, Ward & Co.
6.20 Mountain States Power Co. Cony. 6s, 1935. Offered by Blyth, Witter & Co.
6.50 Mt. Spokane Power Co. 1st M. 6s, 1937. Offered by Clark, Kendall & Co., Portland, Ore.
6.25 Northern Michigan Public Service Co. 1st M.65, A, 1945. Offered by True, Webber & Co. and
Hayden, Van Atter & Co. Chicago.
7.53 Rhine-Westphalia Electric Power Corp.(Germany) Direct let . s, 1950. Offered by National
City Co.
6.70 Southern Cities Utilities Co.Sec.6365, A,1940. Offered by Anderson & Co.,Providence,LIndemann
& Gully. New York, Walter .J. Connolly & Co., Inc ,Boston. and A. P. Barrett & Co., Balta.
6.00 Southern Ohio Electric Co. 1st M. 65, 1955. Offered by the Huntington National Bank of Columbus and Bodell & Co. Providence.
6.55 The United Light & Power'
Co.(Md.) Deb.65, 1975. Offered by Bonb''Ight & Co., Inc.
5.50 Virginia Electric & Power Co. 1st & Ref. M. 5s, A. 1955 Offered by Stone & Webster. Inc.
Blair Sr Co. Inc. Brown Brothers & Co., and Blodget & Col
7.62 Westphalia United Electric Power Corp. 1st M. 636s, 1950. Offered by Speyer & Co. and
Harris, Forbes & Co.
9436
100
92
9236
8754
62,885,000
Iron, Steel, Coal, Copper, &c.
1,500,000 Refunding
100
7,500,000 Repay bank loans; wkg. capital_ _
91
1,800,000 Acquisitions, development, &c.._
90
13,000,000 Improvements to property
96
5.000,000 Improvements to property
100
7.00 Elk Horn Coal Corp.6-Year Deb. 7s, 1931. Offered by Mercantile Tr & Dep. Co. Robert Garrett
& Sons Fidelity Trust Co., and Hambleton ,tc Co., Baltimore, and F. B. Keech & Co., N. Y.
7.90 Good Hope Steel & Iron Works (Germany) 20-Year M. 78, 1945. Offered by Lee, Higginson
& Co., and W. A. Harriman & Co., Inc.
7.63 Standard Coal & Coke Corp. 1st & Ref. M. 6368, 1940. Offered by Carlton, Koeppe & CO.:
Inc., Chicago.
6.40 The Trumbull Steel Co. 1st M. Os, 1940. Offered by Bankers Trust Co., Cleveland Trust CO:
and Otis & Co.
7.00 The Trumbull Steel Co. Deb. 75, 1935. Offered by Otis & Co.; Peoples Savings & Trust Co. Of
Pittsburgh; Folds, Buck & Co.; Mysell, Moller & Co., Inc., and R. F. De Voe & Co.. Inc.
28,800,000
Equipment Manufacturers1,560,000 Acquire predecessor company
100
6.00 St. Louis Car Co. let (c.) M.6s, 1945. Offered by Stifel, Nicolaus & Co , Inc.; Lorenzo E. Anderson
& Co.: Smith, Moore & Co.; Mississippi Valley Trust Co., and First National Co., St. Louis.
Motors and Accessories400,000 Expansion; acquis. of properties
100
7.50 Covert Gear & Mfg. Corp. (Lockport, N. Y.) Corm 1st M. 7368, 1935 Offered by Plimpton &
Plimpton, and De Ridder, Mason & Minton, New York
5-534 Federal Motor Truck Co. Deb. 5s, 1926-31. Offered by Union Trust Co.; First National Co.:
Harris, Small & Co.; Nicol, Ford & Co., and Livingstone, Higbie & Co., Detroit.
1,500,000 Additions and extensions
100-9834
1,900,000
Other Industrial & Mfg.400,000 Additional capital
4,000,000 Capital expends.; other corp. purp _
100
9534
150,000 Additions; working capital
2,250,000 Refunding; impts.; wkg. capital_
100
99
1,450,000 Consolidation of properties, &c
100
1,250,000 Additions, extensions, &c
15,000,000 Acquisition of additional properties
9836
7.0 Beaver Portland Cement Co. 1st (c.) M. 75, 1927-40. Offered by Ralph Schneeloch Co. and
Bond & Goodwin & Tucker. Inc.. Portland, Ore.
7.90 Brunner Turbine & Equipment Co. (Brunn. Czechoslovakia) 1st M.734s, 1955. Offered by
F. J. Lisman & Co.
6.5C Insley Mfg. Co.(Indianapolis) 1st M.6365, 1926-31. Offered by Fletcher American Co.,Indlanap.
6.1 Jessup & Moore Paper Co. (of Mass.) 1st M. 6s, 1945. Offered by Elkins, Morrie dr Co.; Bank
of North America al Trust Co.. and Land Title & Trust Co., Philadelphia.
6.50 Luce Furniture Shops (Grand Rapids, Mich.) 1st M. 634s, 1940. Offered by Howe, Snow &
Bertles, Inc.; Fenton, Davis SE Boyle, and Grand Rapids Trust Co.
534-6.00 Mead Pulp & Paper Co. Serial 58, 1927-36. Offered by Baker, Young & Co. and Shavrmut Corps
Boston.
6.15 National Dairy Products Corp. (Del.) Coll. Trust 6s, 1940. Offered by Goldman, Sachs & Co.
Lehman Bros.; Prince dr Whitely and J. & W. Seligman dr Co.
24,500,000
0111,500,000 Retire bank loans; wkg. cap., &o
101-9836
516-6.70 Wilshire Oil Co., Inc. (Los Angeles), 1st M. & Coll. Tr. 836o; 1926-35
Witter & Co.
Land, Buildings,
210,000 Finance construction of building_ _
60,000 Finance construction of dormitory_
10036-100
100
285,000 Real estate mortgage
640,000 Impts.; other corporate purposes.._
100
100
100,000 Finance construction of building.. 100
100.56
300,000 Improvements to property
99.58
1,700,000 Real estate mortgage
100
100.39
1,250,000 Finance construction of apt
100
75,000 Real estate mortgage
100
1,000,000
260,000
450,000
125,000
99
Refunding
Finance construction of apartment
Acquisition additional property... ino
Finance construction of building.. 100
260,000 Finance construction of apartment
3,000,000 Finance construction of building_ _
185,000 Finance construction of building_
9934
100.18
98.33
1,250,000 Real estate mortgage
300,000 Finance construction of apartment 100
1,050,000 Improvements to property, &e-280,000 Finance construction of building.. 100
675,000 Finance construction of building._ 100
2,000,000 Finance construction of building
100
175,000 Real estate mortgage
1,000,000 Finance construction of hotel.__{ 100.46
100
220,000 Finance construction of apartment
385,000 Finance construction of apartment
2,500,000 Real estate mortgage
650,000 Finance construction of apartment 100
300.000 Improvements to property
100
450,000 Real estate mortgage
100
600,000 Acquisitions; Improvements
150,000 Real estate mortgage
100
100
Offered by Blytht
536-6 A. & P. New Haven Bldg. 1st M.65, 1926-32. Offered by Greenbaum Sons Investment CO.
6.25 Albion State Normal-Dormitory Bldg. Assn. (Albion, Idaho) 1st M. Leasehold de C011. Tr
8548, 1926-40. Offered by Murphey, Fevre & Co.
7.00 The Algonquin (Cumberland, Md.) let M. 75, 1927-35. Offered by the F. H.Smith Co.. Phila..
6.50 Ancaster Co. (Cleveland) 1st M. Leasehold 630, 1926-37. Offered by the Tillotson & Wolcott
Co.. Cleveland.
6.00 The Ashtabula Masonic Temple Co. let M.68, 1926-35. Offered by R. B. Reeler & Co., Cleve.
4.50 (Athletic Council of the State University of Iowa Field House Serial 5s, 1927-36. Offered by
5.05
Metcalf, Cogivill & Clark, Des Moines National Bank and First National Bank,Iowa City.Iowa
6.00 Balfour Bldg. (San Francisco) 1st (C.) M. Os, 1945. Offered by E H. Rollins & Sons.
6.10 ‘Beicrest Apts. (Detroit) let M.8348, 1928-40. Offered by S. NV. Straus & Co., Inc.
6.25
8.50 Billings Deaconess Hospital (Billings, Mont.) let M. 1334s, 1928-35. Offered by John E Prise
& Co., Seattle.
5.60 Brewer Realty Co. 1st (C.) M. 536s, 1945. Offered by Bond & Goodwin, Inc., Boston.
6-6.25 Caverswall Court Apts. (Chicago) 1st M. Ofii, 1927-36. Offered by S. W. Straus & Co • Inc.
6.00 Charles Street Garage Co. (Boston) 1st M.68, 1942. Offered by Coffin & Burr, Inc., Boston.
6.00 ChlcIangdo
iam
Lap
won
lispostal Bldg. Corp. 1st (c.) Si. 68, 1926-36. Offered by the Peoples State Bank;
6-6.50 Commodore Apts. (Chicago) 1st M.634s, 1927-33. Offered by Lackner, Butz & Co., Chicago.
6.02 Court Square Bldg. (N. Y. City) 1st (e.) M. 68, 1958. Offered by P. W. Chapman & Co. and
E. H. Rollins & Sons.
5.90 }The Cranbrooke (Detroit) 1st M.68, 1927-37. Offered by S. W. Straus & Co., Inc.
6.20 f
Delancey-Clinton Realty Co., Inc., let M.6345, 1927-40. Offered by American Bond & Mortgage
Co.,Inc., New York,
3.50 Drexel Court Apts. (Chicago) 1st M. 6345, 1927-35. Offered by Camrd & Co., Chicago.
6. -6.35 Edwards & Wildey Bldg., Inc.(Los Angeles), 1st M.Leasehold 6345, 1927-41. Offered by S. W.
Straus & Co., Inc.
6.50 The Eimco (Chicago) let M.636s. 1927-35. Offered by Greenebaum Sons Investment Co.
6.50 The Fairfax (Chicago) 1st M. Leasehold 636s, 1928-35. Offered by Wolienberger dr Co.. Chicago.
6.50 Fifth Avenue and 28th St. Realty Co., Inc., 1st (c.) M.634s, 1945. Offered by Hayden, Stone
& Co. Wm. R. Compton Co. and Brooke. Stokes & Co.
5.25-6.00 First
stpresb
Lois '
uyt.erian Church (Columbia, S. C.) 1st M. 68, 1927-45. Offered by Bitting & Co.;
6.25 Floridan Hotel (Tampa, Fla.) 1st M.6348, 1927-37. Offered by Adair Realty & Mtge. Co.,Inc.,
6.50
New York.
6.10-634 Frontenac Apt. Bldg.(Rochester, N.Y.)1st M.8 Xs,1928-37. Offered by S. W.Straus &
6.00-6.50 Garfield Manor Bldg. Corp. (Chicago) 1st M. 636s, 1928-37. Offered by the Straus Brothers
Co., Chicago.
4.75-5.75 Garrett Bldgs. (Garrett Biblical Institute), Chicago, 1st M. 5345 A, 1926-40. Offered by the
Union Trust Co., Chicago.
6.25 Gothic Towers Apt. Bldg. (Jersey City. N. J.) 1st M. 8548, 1935. Offered by S. W. Straurg&
Co., Inc.
6.50 (C. H.) Harrison Co. (Detroit) Tat M. 6348, 1927-37. Offered by Backus, Fordon dr Co. and
J. G. Holland & Co., Detroit.
6.00 Hayes Hotel (Jackson, Mich.) 1st M.6s, 1935. Offered by Benjamin Deward & Co. and Union
Trust Co., Detroit.
6.5 Hollywood Improvement Co.(Los Angeles) 1st 51.6 34s. 1927-45. Offered by E.H.Rollins& Sons.
5.0 House of the Good Shepherd (Chicago) 1st M.58, 1927-32. Offered by Mississippi Valley Trust
Co.. St. Louts.
THE CHRONICLE
Amount.
Purpose of Issue.
Price.
To Yield
About.
[Vol. 121.
Companii and Issue; and Si' Whom Offered.
Land,Buildings, &c. Concluded
300,000 Finance sale of property
1.500,000 Finance construction of building
100
410.000 Real estate mortgage
100
110,000 Finance construction of apartment
650,000 Finance construction of hotel
1
105,000 Finance construction of building_ _
480,000 Finance construction of apartment
600,000 Refunding
225,000 Finance construction of building
1,200,000 Finance construction of building
100,000 Improvements to property
85,000 Finance construction of building
600,000 Finance construction of building_ _
135,00C Real estate mortgage
275,000 Finance construction of hotel
400,000 Finance construction of apartment
560,000 Real estate mortgage
650,000 Finance construction of apartment
285,000 Finance construction of apartment
1,000.000 Finance construction of building_ _
280.000 Real estate mortgage
875,000 Improvements to property
1
110,000 Finance construction of apartment
50.000 Real estate mortgage
1.200,000 Finance construction of building
4.250,000 Finance constr. of theatre bldg.__
600,000 Finance constr. of hospital bldg.._
570,000 Finance construction of hotel
10,500,00C Finance construction of hotel
485,000 Finance construction of building
500,000 Finance construction of building
1,150.000 Refunding; improvements
1,500,000 Finance construction of building
150,000 Finance construction of building
450.000 Finance construction of building_ _
425.000 Finance construction of apartment
440.000 Finance construttion of building_
3,000,000 Acquisition of property
1,850,000 Finance construction of building_ _
1,300,000 Finance construction of apartment
112.000 Finance sale of property
275,000 Finance construction of apartment
3,000,000 Acquisition of realty interests
60,000 Improvements to property
500,000 Addition to building
460,000 Finance construction of apartment
531-534 Hudson Land Co.(Detroit) 1st M.534s, 1926-34. Offered by Livingstone, Higble & Co., Detroit.
7.00 Jewelers Bldg. of Chicago Secured 75, 1940. Offered by Federal Securities Corp., Chicago.
6.50 Kedzie Boulevard-Palmer Apts. (Chicago) 1st M. 630, 1928-34. Offered by FL 0. Stone dc
Co., Chicago.
6.50 The KendeIton Court Apts. (Chicago) 1st M. 6345, 1927-33. Offered by Cochran & McCluer
100
Co., Chicago.
99.54
6.25 King Cotton Hotel Co. (Greensboro, N. C.) lot M. 68, 1927-35. Offered by Adair Realty &
Mtge. Co., Inc., New York.
6.50
96.37
6-6.50 (A. V.) Love Dry Goods Co. Bldg. (Seattle, Wash.) 1st M. Leasehold 6345, 1927-35. Offered by
Wm.P. Harper & Son, Seattle.
6.50 Madison Apts.(Boston) 1st M.6345, 1927-35. Offered by American Bond & Mortgage Co., Inc.,
100
New York.
5.50 (Alex. Y.)Malcomson Co.(Detroit) lot M.534s, 1928-43. Offered by J. G. Holland & Co.,Security
100
Trust Co., Watling, Lerchen & Co. and Nicol,Ford & Co., Inc.. Detroit.
6.50 Mayfair State Bank Bldg.(Chicago) 1st M.(334s. 1927-35. Offered by H.0.Stone &Co., Chicago.
100
6.50 Midwest Athletic Club (Chicago) 1st M.634s, 1927-35. Offered by Geo. M.Forman & Co., Chic.
100
6.00 Montview Boulevard Presbyterian Church (Denver, Colo.) 1st (C.) M.68, 1928-37. Offered by
100
United States National Co., Denver, Colo.
7.00 Musicians' Club of Los Angeles 1st (c.) M. 75, 1928-38. Offered by Southwest Bond Co., Los
100
Angeles.
6.50 New Quinby Bldg. (7th & Grand Ave. Bldg. Co.), Los Angeles, lot M. Leasehold 634s, 1940.
100
Offered by E. H. Rollins & Sons and Blyth, Witter & Co.
5.25-6.00 Nottingham Apts.(Omaha, Neb.) 1st 50.65. 1926-35. Offered by Real Estate Mortgage & Trust
Co., St. Louis.
7.00 Olive Hotel (Tampa, Fla.) 1st M. 7s. 1927-38. Offered by Mortgage & Securities Co., Whitney
100
Central Bank and Interstate Trust & Banking Co., New Orleans.
6.50 No. 1 Park Lane West Apt. Bldg. (Bailey Park, Mount Vernon, N. Y.) 1st M.6,34s, 1927-35.
100
Commonwealth Bond Corp.. N. Y.
6.00 120 West 70th St. Apt. Bldg. (N. Y. City) 1st M.6s, 1926-35. Offered by Commonwealth Bond
100
Corp., New York.
7.00 Parkway Apts. (Brooklyn, N. Y.) 1st (e.) M. 75, 1927-37. Offered by Commonwealth Bond
100
Corp., N. Y.
6.50 PeImore Apt. Bldg.(Chicago) 1st M.6348. 1927-35. Offered by Geo. M.Forman & Co., Chicago.
100
6.81' Petroleum Bldg. Co.(Houston,Tex.) 1st M.78, 1940. Offered by Fidelity Tres' Co., Houston,Tel
102
6.50 Platt Bldg.(South Bend,Ind.) lot ht.634s. 1927-38. Offered by Fletcher American Co.. Indian'ts's
100
4.80 (Elizabeth C.) Quinlan Realty Co.(Minneapolis) 1st M. 55, A, 1927-45. Offered by Minnesota
10034
Loan & Trust Co., Minneapolis, and Lane, Piper ,t• 'affray, Inc.
5.00
100
6.50 The Ravenview Apts.(Chicago) 1st M.634s. 1928-32. Offered by Cochran & McCluer Co., Chicago.
100
6.50 Reliable Furniture Bldg. (Akron, 0.). 1st M. Leasehold 6345, 1927-35. Offered by S. Ulmer
100
& Sons, Cleveland.
6-6.50 Roebling Bldg. (117-121 Liberty St., N. Y. City) 1st M. 634s. 1927-35. Offered by American
Bond & Mortgage Co., Inc., New York.
6-6.40 Rosy Theatre (Roxy Theatre Corp.), N. Y. City, 1st M 0303, 1928-40. Offered by S. W.Straus
& Co., Inc.
5.00 St. Mary's Hospital and School for Nurses of East St. Louis, III.„ 1st M. 58, 1028-40. Offered
100
by Rix & Co., Relnholdt & Co. and Friedman-D'Oench & Dulme.
6.00 Sanger Apt. Hotel (Dallas, Tex.) 1st M.(3s, 1927-35. Offered by Stifel, Nicolaus & Co., St. Louis.
100
6.00 Savoy-Plaza Corp. 1st (t.) M. Fee & Leasehold 6s, 1945. Offered by Blair ac Co., Inc., Halsey,
100
Stuart & Co., Inc., Equitable Tr. Co., N.Y., and Graham, Parsons & Co., Philadelphia.
100
6.50 644 Cass Street Bldg.(Chicago) 1st M.6348, 1927-35. Offered by LeIght. Holzer & Co., Chicago.
101.15-100 535-C Skinner Bldg. (Seattle, Wash.) 1st M. Leasehold 65, 1928-37. Offered by Dean, Witter & Co.,
Seattle.
6.50 Slattery Co. Bldg& (Shreveport, La.) 1st M. Leasehold 6345, 1930-40. Offered by Mortgage &
100
Securities Co., New Orleans.
100
6.00 (John D.) Spreckels Bldg. Co. (San Diego, Calif.) 1st M. Fee & Leasehold 6s, 1945 offered
by Stephens & Co., San Francisco, and First National Bank, San Diego, Calif.
100
8.00 State Bank & Trust Co. Bldg. and Hotel La Concha (Key West, Fla.) Second Mtge. 88, 1927-35.
Offered by the Florida Keys Realty Co.. Key West, Fla.
6.25 341 Madison Ave. Bldg. (N. Y. City) 1st M.'Leasehold figs, 1931-40. Offered by S. W. Straus
100
& Co., Inc.
5.95-6.25 2100 Pacific Avenue Apts.(San Francisco) let M.65, 1928-41. Offered by S. W.Straus& Co., Inc.
100
6.50 240 East Delaware Place (Chicago) 1st M.634s, 1928-35. Offered by Geo. M.Forman & Co., Chic.
100.97
4.501 Union Trust Bldg. (Chicago) 1st (c.) M. Leasehold 5345, 1926-45. Offered by Union Trust Co.,
100
5.501
Chicago.
100
6.50 Wabash Monroe Bldg. Corp. (Chicago) lot (c.) M. Ohs, 1945. Offered by P. W. Chapman
& Co., Inc.
6.40 (The) Warwick (Inc.)(Houston, Tex.) 1st M.8345, 1940. Offered by S. W.Straus & Co., Inc.
9834
6.50 (Glover) Watson (Detroit) 1st (c.) M.6348, 1935. Offered by Benjamin Dansard & Co. and Union
100
Trust Co., Detroit.
Westwill Apt. Bldg. (Detroit) 1st M.830, 1928-35. Offered by U. S. Mortgage Bond Co., Ltd..
Detroit.
100.96
5.001 (The) White Motor Realty Co. Secured Debenture 65, 1920-40. Offered by Chas. D. Barney &
10f)
6.00'
Co., Union Trust Co., Cleveland, and Hayden. Miller & Co.
6.50 Wood-Thomas Corp.(Pasadena, Calif.) 1st M.6345, 1935. Offered by the John M. C. Marble
100
Co., Los Angeles.
101
5.501 Yeates Bldg. (Minneapolis) let M. Leasehold Os, 1927-40. Offered by Lane, piper & JaffraY.
98
Inc., and Thorpe Bros., Minneapolis.
6.201
100
6.50 York Lynne Manor Apts.(Overbrook, Pa.) 1st M.6345, 1927-37. Offered by G.M. Miller & CO.,
Inc.
65,647,000
Shipping400,000 Acquire new boats
100
6.00 (Geo.) Hall Coal & Shipping Corp. 1st M. 6s, 1931-39. Offered by St. Lawrence County Nat.
Bank, Canton, N. Y.
Miscellaneous750,000 General corporate purposes
650,000 Development of property
100
750,000 New construction
102
250,000 General corporate purposes
875,000 New plant
100
100
8.51' Berkeley Terminal Properties,Inc., 1st M.6)4e. 1940. Offered by Hunter, Dulin & Co.,San Fran.
534-634 Big Creek Logging Co. (Portland, Ore.) 1st M. 65, 1927-33. Offered by First National Co.,
St. Louis, and Baker, Fentress & Co., Chicago.
5.8C Harrisburg Bridge Co. lot M. 65, 1945. Offered by Commonwealth Trust Co.. Harrisburg, Pa.,
and Martin dr Co., Philadelphia.
6.50 Illinois Packing Co. 1st (c.) M.6145, 1928-35 Offered by Chicago Trust Co.
6.5( (George) Kern, Inc.(N.Y. City) 1st M.Ohs. 1937. Offered by Otis & Co. and Peabody, Houghteling & Co., Inc.
6.50 Muller Bakeries,Inc.(Detroit) 1st M.6345, 1935. Offered by Livingstone, Higble & Co., Detroit.
7.001 Municipal Bank of the State of Hessen (Germany) 7s. 1926-45. Offered by Dillon, Read & Co.
7.651
6.00 Pasadena (Calif.) Ice Co. 1st (c.) 51.05, 1945. Offered by Wm.R. Stoats Co.. First Securities Co.
and E. H. Rollins & Sons, Los Angeles.
6.00-7.0( Rhodes-Jamieson Co.(Oakland, Calif.) 1st (c.) M.7s, 1926-37. Offered by Bradford, Kimball &
Co. and Wm. Cavalier & Co., San Francisco.
5.50 (W. A.) Wieboldt & Co.(Chicago) 1st (e.) M. 5345, "13," 1939 Offered by A. G. Becker & Co.
and Illinois Merchants Trust Co., Chicago.
5.62 Wiggin Terminals, Inc.(Boston) 1st M.5348, 1945. Offered by Paine, Webber & Co. and Arthur
Perry & Co.
400,000 Acquisitions; other corp. purposes_
3,600,006 New construction; extensions
600,000 Additions, extensions, &c
100
100
93%
100
500,000 Development; working capital._ _
2,500.000 Capital expenditures
2,200,00( Acquisitions, extensions, &c
100
9834
12.trc.one
SHORT TERM BONDS AND NOTES (ISSUES MATITRUN(: SIP TO AND tiNcl itmovrz FIVF vF APQ).
Amount.
Purpose of Issue.
Public Utilities3,000,000 Development of property,&c
1,000,000 Refunding; acquisitions. &c
Price.
To Yield
About.
100
43t-5.10 Midland Utilities Co. 4348 and 55, Nov. 1 1926-28. Offered by Halsey. Stuart & Co., Int.
6.01 Southern Gas & Power Corp.5-Year Convertible 6s, Nov. 15 1936. Offered by Hambleton & Co
4,000,000
Iron, Steel, Coal, Copper, &c
1,200,000 Finance deferred paym't contracts
Other Industrial & Mfg.
4,000,000 Pay bank loans; working capital
Land, Buildings,
300,000 Additions to Property
Company and Issue, and by Whom Offered.
5.50-6.0
Fulton Finance Co.(Guar. by Fulton Iron Works Co., St. Louis) Coll. Trust 6s, 1927-30. Offered
by Mercantile Trust Co., St. Louis.
100-9914 5.00-5.05
Hershey Chocolate Co. Serial 55, Dec. 15 1926-28. Offered by J. F Lisman & Co.; A. M.Lamport & Co. and Mann, Pell & Peake.
5.00-6.00
Baylor University of Texas Direct Obligation 58, 1926-28. Offered by Bitting & Co. and Hawes
& Co., Inc., St. Louis.
100,000 Provide funds for loan purposes__ _ 1100.98-5.00-1 Hibernia Mortgage Co., Inc., 18t Coll. Tr. 68, K, 1926-30. Offered by Hibernia Securities CO..
Inc., New Orleans.
)101.07
5.751
100,000 Provide funds for loan purposes__ _ 1100.36-5.50-) United States Bond & Mortgage Corp. (Richmond, Va.) Col. Tr. 75, B, 1926-30. Offered by
Wisest. Winning & Co., Inc., Richmond, Va.
7.001
1100
Virginia Bond & Mortgage Corp.(Richmond, Va.) Coll. Tr. 7s, D, 1926-29. Offered by Wheat.
100,000 Provide funds for loan purposes...
Williams & Co.. Inc., Richmond, Va.
600,000
Shipping
7,500,000 General corporate purposes
5.00 Cunard Steamship Co., Ltd., 2-Year 58, Dec. 1 1927. Offered by Itrown Bros. & Co.: J.& W.
100
Seligman & Co. and White, Weld & Co.
Miscellaneous-.
450.000 Refunding; acq. addl equip
(100.335.25) Pittsburg Transportation Co. (Green Cab) Equip. Tr. 13s, 13, 1926-29. Offered by Peoples
Savings & Trust Co. and Moore, Leonard & Lynch, Pittsburgh
(100
6.001
2.000.000 General corporate purposes
5-5.07 Red River umber Co. Secured 55. A, 1927-29. Offered by Minnesota I.oan & Trust Co., MinneaD.
100-9991
165.000 Acquis.; extens.; working capital5.50-6.00 Sunset Timber Co., Williams Lumber Co. and Slier Mill Co.(Raymond,Wash.) Secured (is. 192629. Offered by Freeman, Smith & Camp Co., San Francisco.
2,615.00(1
3059
THE CHRONICLE
DEC.26 1925.]
STOCKS.
Par or No.
of Shares.
Purpose of Issue.
Public Utilities—
15.000,000 Acquisitions, additions, &c
•140,257sh. Capital expenditures
To Yield
a Amount Price
Involved. per Share. About.
SS
15,000,000 100 (par)
4,909,995 35
3,900,000
.40,000 abs. Acquisitions
3,916,800 Capital expenditures
14,634,000 General corporate purposes
•60,000shs. Refunding; other corp. purposes
5,000,000 Refunding
7.15
9734
8.00
7.00
200,000 100
4,000,000 100
200,000 Additions, extensions, &o
4,000,000 Additions and improvements
3,916,800 50 (par)
14,634,000 25 (par)
1,500,000 25
5,000,000 10234
13-1-35
6.86
1,500,000 102
1,500,000 General corporate purposes
Company and Issue: and by Whom Offered.
Brooklyn Edison Co., Inc., capital stock. Offered by company to stockholders.
Consolidated Gas, Electric Light & Power Co. of Bait. Common stock. Offered
by company to stockholders.
Eastern States Power Corp. (Md.) Pref.. Series A, cum. $7 per share. Offered by
F. L. Carlisle & Co., Inc., and Schoelikopt. Hutton, dc Pomeroy, Inc., Buffalo.
Florida Telephone Corp.8% Cum.Pref. Offered by R.F. De Voe & Co., New York.
Georgia Ry. & Pr. Co. 7% Cum. 1st Pref., Series of 1926. Offered by Estabrook
de Co. and Putnam & Co.
Narragansett Electric Lighting Co. capital stock. Offered by co. to stockholders.
Philadelphia Electric Co. Common. Offered by company to stockholders.
Southern Gas & Pr. Corp. Class A stock. Offered by Hambieton & Co.
Virginia Elec. & Pr. Co. 7% Cum. Prof. Offered by Stone az Webster. Inc.; Blair
dz Co., Inc.; Brown Brothers az Co., and Biodget az Co.
Virginia Elec. & Pr. Co.7% Cum. Pref. Offered by company to customers.
54,560,795
Iron, Steel, Coal, Copper. &c.
*25,000shs Acq. Kansas City Nut & Bolt Co_ _
250.000 Working capital; retire debt
687,500
2744
250,000
25 (Par)
Sheffield Steel Co.(Kansas City, Mo.) Common. Offered by Lorenzo E. Anderson
& Co.; Knight, Dysart & Gamble, and Geo. H. Burr & Co.
Offered by R. E.
7.00 Wildberg Bros. Smelting & Refining Co. 7% Cum. Panic. Prof.
Cook az Co., San Francisco.
937,500
Equipment Manufacturers—
1,040,000 Acquire predecessor company
Motors & Accessories—
300,000 Expansion; acquisitions
97
7.21 St. Louis Car Co. 7% Curn. Prof. Offered by Stifel, Nicolaus & Co., Inc.; Lorene°
E. Anderson az Co. and Smith, Moore & Co., St. Louis.
300,000 100
Cony. Class A stock.
8.00 Covert Gear 8c mfg. Corp.(Lockport, N. Y.) 8% Cum. Partio.
Offered by Plimpton & Plimpton, Boston, and De Ftidder. Mason dc Minttn, N. Y.
1,040,000
Other Industrial & mtg.—
900,000 General corporate purposes
55,000 abs General corporate purposes
250,000 Additions to plant
112.500
.90,000abs
•250,000sh
.25,000shs
500,000
022.540shs
. Offered by co.to stkholders.
11,020,0001 9 abs. Prof.) For Amer. Cellulose & Chem. Mfg. Co.7% Cum.lst Par.Pf.
to stockholders.
5 shs. Com.31.020 American Cellulose & Chem. Mfg. Co. Com. stock. Offered by co.
7% Cum. Partio. Prof.
Caro.)
No.
Holly,
(Mt.
Co.
250.000 100
7.00 American Yarn & Processing
Offered by R. S. Dickson dc Co., New York.
Chicago Nipple mra. Co. class A stock. Offered by company to stockholders.
168,750 3734
Acq.add'i plant; expansion
(Chas. E.) Hires Co.(Philadelphia) Class A Common. Offered by Cassatt & Co.and
Wkg. capital; other corp. purposes 2,250,000 25
Edward B. Smith dc Co., Philadelphia.
International Paper Co.Common. Offered by company to stockholders;underwritten.
12.500,000
Expansion of business
Reid Ice Cream Corp. common. Offered by company to stockholders.
875,000 35
Working capital
Co.. Phila.
7.10 Scott Paper Co. 7% Cum. Pref. Offered by Schibener, Boenning &&
500,000 9834
Capital expenditures
White, N. T.
Splitdorf-Bethlehem Electrical Co. Common. Offered by Watson
957,950 423.4
Retire bank loans; working capital.
50
18,521,700
Oil—
•481,416shs Capital expenditures
Land, Buildings, &c.
.42,000 abs. Acquisition of constituent cos
Rubber—
10,000,000 Working capital
.2,500fibs. Wkg.capital;other corp. purposes.
19,256,640
40
1,050.000
25
10,000,000
99
235,000
94
Phillips Petroleum Co. Capital stock. Offered by company to stockholders; underwritten.
Dinkier Hotels Co., Inc., Clam A stock. Offered by Hambleton & Co. and Caldwell
& Co.
Co. and
7.07 Firestone Tire & Rubber Co. 7% Cum. Prof. Offered by National City
Otis & Co.
Williams
7.45 Overman Cushion Tire Co.,Inc.,Prof.Cum.$7 per share. Offered by 11.1).
az Co., New York.
10,235,000
Shipping48,000 sits. Additional steamships
Miscellaneous200,000 Consolidation of properties
.10,000sh
•500,000sh
490,000
425,000
1,250,000
425,001 Working capital
•50,000sin tcquire new property
625.00
10,000,00
1,200,000
Merchants & Miners Transportation Co. Capital stock. Offered by
to stockholders.
25
24HD
25(par)
25
Viditional capital
Sant expansion; working capital._
775,000 31
10,000,000 100
Corking capital
\cquisition theater interests
1,250,001 125
12,500,000 25
840.1300
28
leneral corporate purposes
4,000,000
40
•100,000sh
Delkopment of
2,650,000
26)4
5,000,000
40c
dditional capital
business
•125,000sk Capital expenditures
___• Arnold Bros. Food Products Co. (Del.) Partic. Cum., Class A, stock. Offered by
Carson, Goldsmith & Co., Chicago.
(E. P.) Beaumont, Inc.. Capital stock. Offered by Berwin & Co., New York,
Bornot. Inc. (Phila.) Class A stock. Offered by Frazier & Co., Inc., and West &
Co., Philadelphia.
Davis Industries.Inc., Class A Panic.stock. Offered by M.J.Traub & Co.,Inc.. Chie
(E. I.) du Pont de Nemours & Co. 6% Non-Voting Debenture stock. Offered by
company to stockholders; underwritten.
Foundation Co. Common. Offered by company to stockholders; underwritten.
Fox Theatres Corp.(N. Y.) Class A Common. Eiselle & King, Newark,and Taylor,
Thorne & Co., New York.
Merrill,
(A.) Hollander & Son, Inc.(Newark, N. J.) Common. Offered privately by
Lynch & Co.
& Co.,
Anderson
E.
Lorenzo
by
Polar Wave Ice & Fuel Co. Class A stock. Offered
Knight, Dysart & Gamble, G. H. Walker & Co. and Geo. H. Burr & Co.
&
Anderson
E.
Lorenzo
by
Offered
Common.
Louis)
(St.
Rice-Stlx Dry Goods Co.
Co.,Mark C.Steinberg & Co., Paul Brown & Co.and Smith. Moore & Co.,St.Louis.
Rosy Theatres Corp. Panic. Class A Prof. Cum,$344 per share. Offered by Mulliken
& Roberts, Inc.; Pope & Co.; Henry D.Lindsley & Co.. N. Y.; Whitney. Cox az Co.,
Inc. Boston, and Howell, MacArthur & Wiggin, Inc., Albany, N. Y.
Southern Acid az Sulphur Co., Inc., Common. Offered by Smith. Moore & Co.
and A. G. Edwards az Sons, St. Louis.
dractiStandard Drug Products, Inc.(Del.) Class A Common. Offered by Gibson & '
son, Bruner & Reiter Co., R. E. Field & Co. and W. E. Fox & Co.
United Biscuit Co. Class A Panic.stock. Offered by Frazier & Co., Philadelphia.
Koo
•100,000sh
.30.000 sits
company
.7,500shs Acquisition predecessor company_.
393,750
•35,000shs Acquisition constituent companies.
787,500
22)4
.50,000shs Acquisition constituent companies.
2,475,000
49)4
52)4
42.12sa.251
OAN
Amount.
Issue.
Price.
$
500,000 First Trust Joint Stock Land Bank of N ew
10334
Orleans 55, 1935-45
1.500,000 Pacific Coast Joint Stock Land Bank of Los
Angeles and Pacific Coast Joint Stool
Land Bank of Salt Lake City 5s,
10334
Bank 58,
2,000,000 San Antonio Joint Stock Land 1935-55_.
103
1935-55
2,000,000 Virginian Joint Stock Land Bank of
10334
Charleston, W. Va., 55, 1935-55
To Yleio
About.
Offered by
%
4.60 Harris Trust & Savings Bank,
Harris Trust & Savings13ank.
4.114
4.62 Hayden, Stone az Co. and Stevenson, Perry, Stacy & Co.
4.56 Brooke, Stokes az Co., Phila.; First Nat. Corp. of Boston 5th-3d Nat. Bk. of Cincinnati,
and Guardian Trust Co., Cleveland.
6,000,00n
FOREgG's C sVFANMENT LOANS.
Amount.
Issue.
Price.
To Yield
About.
Offered by
SS
7.62 Guaranty Co. of New York, and Dillon, Read & Co.
5,000,000 State of Bremen (Germany) External 75, 1935 9541
3,600,000 Province of Buenos Aires (Argentine)6 mos.
100
Treas. 544s, May 1 1926
5.25 Blair & Co.. Inc. Chase Securities Corp. Illinois Merchants Trust Co. of Chicago,
7,000,000 Danish Consolidated Municipal Loan External
and Halsey, Stuart & Co.. Inc.
9844
544s, 1955
5.60 Brown Bros. & Co.. the New York Trust Co. and Halsey, Stuart & Co.. Inc.
5,000.000 City of Dresden (Germany) External 7s, 1941 94
7.60 Speyer az Co. and Biyth, Witter az Co.
3.000,000 City of Duisburg (Germany) External 7s,
1926-45
100-9341
7-7.65 Harris, Forbes & Co.
4.000,000 City of Frankfort-on-Biain (Germany) ExSpeyer az Co. and Blyth, Witter & Co.
ternal 75, 1926-45
10044-94 6.50-760
100.000,000 Kingdom of Italy External 7s, 1951
9434
7.48 J. P. Morgan & Co. First Nat. Bk., N. Y. The Nat. City Co., N. Y. Guaranty Co. of
N. Y. Bankers Trust Co., N. Y. Harris, Forbes & Co. Lee, Higginson & Co.
Kidder, Peabody az Co. Brown Brothers & Co. E. H. Rollins & Sons Spencer
Trask & Co.; Halsey. Stuart & Co., Inc.; Nat. Bk.of Commerce in N. Y.; Mechanics
& Metals Nat. Bk.; The Equitable Trust Co. of N. Y.; New York Trust Co.; American-Exchange-Pacific Nat. Bk.; Corn Exchange Bank; Bank of the Manhattan Co.:
Chemical Nat. Bk.; Seaboard Nat. Bk.; Empire Trust Co.; Nat. Park Bank; J. & W.
nc.; Clark, Dodge &CO.;
Seligman & Co.; Marshall Field. Clore, Ward az
Co..do., Inc.. White. Weld dr Co..
Hayden, Stone & Co.; Redmond & Co.; Bonbright &
Ladenburg, Thalmann & Co.; .1. G. White & Co., Inc.; Kissel, Kinnicutt at Co.
3.000,000 Free State of Oldenburg(Germany)External
75, 1925-45
100-2334 6.50-7.60 Ames, Emerich & Co.; Federal Securities Corp. and Strums dr Co.
9744
7.500,000 Republic of Peru 15-Year Secured 730, 1940_
7.75 Blyth, Witter & Co.; White, Weld az Co.; Marshall Field, Glore. Weld & Co.and Tucker.
Anthony & Co.
138.100.nnn
•Shares of no par value.
a Preferred stocks of a stated par value aro taken at par, while preferred and common stocks of no par value are taken at their offering price
b With a bonus of 20% in Class "B" stock. c Bonus of one share of common given with every three shares of Class "A" stock.
3060
THE CHRONICLE
BOOK NOTICES.
An Introduction to
Foreign Trade by Arnold W. Lahee, Consultant on
Foreign Markets. New York: Henry Holt & Co.
This book should have had earlier notice. It has been
on the Editor's desk a long time. It is a meritorious work.
The purpose of the book, as explained by the author, is to
give the business man—merchant, manufacturer, banker—
a starting point from which to judge the relative significance
of current events abroad as bearing upon our own economic
prosperity. It is intended to give an acquaintance with the
major foreign countries with which the United States has
commercial relations from the viewpoint of American trade
and investment interest. Each country is a problem in
itself. England, France and Germany, industrial competitors, are presented with especial attention to the basic factors
of their future strength—of interest as underlying the political complications in Europe to-day. Other countries are of
importance to us as sources of raw materials, as fieldsfor
American capital investment, as markets for our manufactures. These are considered with due regard, not only for
the economic aspects, but their racial characteristics and the
political situation, as in Central America and Mexico, and
the Far East.
With its very complete index the book may serve as a modest encyclopedia of commercial facts, "a commercial geography with a perspective." And the "Sources of Information," unlike the usual bibliography, which confines the
reader to the books already digested by the author, assists
him to supplementary material by references to periodic lists
of books published, magazine and newspaper articles, directories of the Government departments, chambers of commerce and trade associations, &c. It should prove useful to
the busy business man, who has no time for extensive reading
of the voluminous literature in this field, but who realizes
the value of intelligent market analysis and forecast, and
appreciates the close though sometimes obscure bearing of
foreign affairs.
Our
COMPETITORS AND MARKETS.
FREIGHT TERMINALS AND TRAINS,
by J. A. Droege
(McGraw-Hill).
The third edition (revised) of this book has several new
features of large present-day interest, particularly the chapters on electrical operation and on motor truck freighting.
The book covers the subject of freight terminal operation
very comprehensively and is based on actual railroad operating experience covering a period of forty-five years and
running the gamut of almost every job from telegrapher to
geperal manager, the latter being Mr. Droege's present position on the Now Haven Railroad. While Mr. Droege has
been with the New Haven since 1912, his experience includes
work for about a dozen other roads. And prior to his
appointment as general manager of the New Haven he had
been in charge of operation, at one time or another, of practically every foot of its rails.
fvot, 121.
Dealing with the subject of electrification, the author
points out that "the extent of electrical operation to-day is
fairly well indicated by the fact that there are now some 2,200
electric locomotives in use by railroads in this and foreign
countries." He then states that he believes the adoption
of a unified and standard system of electrification by the
railroads of this country "is of nearly the same importance
as was the universal adoption of a standard gauge." It is
Mr. Droege's opinion that the standard which will some day
be adopted will be some phase of the overhead trolley system. "The inherent limitations of the low voltage third
rail contact distribution are now generally recognized," he
says, "and although some of the most important electrifications in this country have been installed on this basis, growth
of this system will undoubtedly in the future be confined to
necessary extensions of existing installations." Mr. Droege
cites figures from actual experience with electric locomotives
on the New Haven, tending to show their greater dependability and durability as compared with steam. Speaking of
the New Haven's original gearless type.of electric passenger
locomotives, he states that "for some seventeen years these
engines have averaged 170 miles a day, with no allowance
for the time they were out of service for repairs and for
changes found necessary in the original design. . . .
These electric engines have each made well over a million
miles in service. Now,after such mileage in steam, assuming
30,000 miles as an average of the steam locomotive equipment per year, the age of a steam locomotive would be forty
years. The steam locomotive when thirty, thirty-five or
forty years old would at least be retired to branch or secondary service, whereas these electric locomotives are still
operating effectively on heavy express trains." He further
cites that the New Haven's latest type of passenger electric
have made an average of 201 miles day in and day out over
a period of five years.
Chapter XXXII on "Integration of Freight Transportation" deals with the subject of motor trucking in a splendidly
comprehensive manner, summarizing the various phases of
the subject and containing much valuable statistical information on motor fruck operation. The writer sees a place for
the motor truck in the carrying of freight, but believes it
should stick to the field where it is more economical than rail
haul. "It is the transgression of the method—often stupidly;
frequently blindly—into realms which carry it and its competitors to the wall which should be condemned," he says,
and suggests that the relative costs of service point the way.
Also dealing with the subject of motor truck operation is a
chapter on "British Freight Service," which includes a wealth
of up-to-date information collected by F. C. Horner of the
General Motors Co., during an extended stay in England.
Extensive changes have been made in those chapters which
are taken over from the old edition, bringing them up to
date with present railroad practice. Altogether, Mr. Droege
has handled a very technical subject in a most intreesting
manner. And from various quotations used throughout
the book we judge that here is at least one railroad operating
officer who has found time to do some reading in general
literature.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Dec. 25 1925.
Naturally at this time of the year the outstanding factor
In business is the holiday trade. The universal testimony
Is that it has been larger than that of last year, despite
rains and snows in some parts of the country. The buying
power of the people was enough to put a spur to business.
It is true that wholesale trade, as usual at this season, has
as a rule subsided. The satisfactory thing, however, is that
even so it is larger than that of a year ago. Indeed, many
of the industries are unusually active for this time of the
year. Ordinarily one looks for the slowing down of trade
as merchants and manufacturers busy themselves with inventories, and other end-of-the-year work. This year it has
not interfered as much as usual, however, with the tendency
of trade to increase. It is well enough to keep in mind,
however, that collections are not altogether satisfactory in
all parts of the country; that is, they do not everywhere
keep pace with the forward movement of trade. Steel business is much better than that of a year ago and compares
favorably with that of November, although not quite as
large as then. Pig iron trade suffers somewhat from the
competition of Germany, Belgium and East India. But
with the turn of the year an improved demand for the
American product, which as a rule is preferred, may be expected. Taking into account the season of the year, the
amount of building going on makes a very good exhibit.
Car loadings keep up remarkably well. The wheat crop
turns out to be about 200,000,000 bushels smaller than that
of last year and this, together with unfavorable crop reports
from Argentina has caused an advance in prices this week
of some 5 to 8 cents; in fact, the advance on the 23d inst.
was between 9 and 10 cents. Not that the export demand
for wheat has been brisk; quite the contrary. But it is
beginning to be contended that this country has probably
over-exported itself. Corn prices have advanced at times
rather sharply as the latest corn crop report was not quite
so favorable as the previous one. Rye has advanced sharply
with indications of the smallest crop for some years past,
judging from the latest Government report. Coffee has
advanced somewhat, and it is said that a new project is
under way to secure a loan of some £10,000,000 in London
with a view to promoting valorization. Brazil, it seems, has
found it useless to apply to the United States for a loan for
Duc.26 1925.]
any such purpose. Sugar, while quiet, has been somewhat
firmer and futures have advanced about half a dozen
points. Prices of lard have risen sharply at times, owing
to the rather bullish corn report.
Cotton prices have advanced. January on Thursday
showed conspicuous strength when notices of delivery for
some 70,000 bales were promptly stopped and spot houses
manifested a pronounced disposition to buy January. January, in fact, almost wiped out the discount at which it has
been selling under March. Continental countries have been
buying October cotton here very freely and there have also
been some English orders. Some of the trade are inclined
to think that present prices have discounted the large crop.
In Liverpool prices for American, Egyptian and East Indian
cotton, but especially Egyptian, advanced sharply to-day.
Manchester has been dull and will take a longer vacation
in the American division of the yarn trade than usual. But
on this side of the water the general tendency in the cotton
textile business is toward improvement. Wool has not
shown much change during the week, but its price seems to
be tending downward if anything. The business in woolens
and worsteds has been very quiet. Raw silk has been dull
and broad silks have had only a small sale. The silk industry in general is busy. There is an active business in
furniture. Petroleum output shows a tendency to decrease.
Lumber has sold more freely on the Pacific Coast. Flour
mills there are having a better business than those further
eastward. In Minneapolis it has suddenly revived with
wheat so much higher. Bituminous coal trade is brisk, with
the production tending upward as hope of an early ending
of the anthracite strike seems to fade. Moreover, colder
weather, with snows in various parts of the country, help
It. Coke has latterly been advancing in spite of a very
large production. The output of automobiles is noticeably
larger than that of last year. At Detroit 60,000 more men
are still employed than in 1924. There is little complaint
of unemployment in this country. In fact, aside from a
few points in the Central West, labor is busy. The winter
wheat has a fair amount of snow covering. The husking
of the corn crop is about finished. During the past year,
it is pointed out, capital accumulation in the United States
has been on an unparalleled scale. There is some tendency
in parts of the same direction in Europe, though, of course,
not so pronounced. The call money rate here has latterly
risen to 6% after remaining at a low point for a prolonged
period. That was due largely to the habit of buying only
from hand-to-mouth. That policy was favored by a degree
of efficiency in transportation in this country beyond anything ever before known in its Distory. The call loan renewal rate Is now the highest for two years past, partly on
the usual increased demand at the, holidays. Money rates,
however, have not prevented an active and sharply rising
stock market. For that matter the call rate dropped to
as the holiday demand slackened and the supply increased. Bonds have been in excellent demand at rising
prices. This is one of the really constructive factors in the
situation. The commodity markets in the main have been
higher. Mail order business is very heavy and one concern
which had a capitalization of $50,000,000, will raise it to
$100,000,000; its $100 par value shares were recently quoted
at $800. In London the stock market has been active and
stronger, notably on rubber shares, on which higher dividends are expected. The price of crude rubber has recently
shown a downward tendency, with a lessened demand.
There is sharp criticism in this country of the measures
taken during the past year to bolster up prices of rubber,
although It is only fair to remember that at one time this
Industry was unduly depressed. But artificial measures in
the long run defeat themselves. They tend to raise prices
to an abnormal level and that induces greatly increased
production which in the end again brings down prices. At
Washington the House voted to inquire into various foreign
commodity prices which have been materially advanced,
including rubber, potash, coffee, pulp and sisal.
Manchester, N. H., wired that as things look to-day, the
Amoskeag Manufacturing Co. will in 1926 be able to operate
at 75% of capacity in the worsted division and at 70% on
cotton. The number of looms running on rayon fabrics is
being increased daily. The Great Falls, N. H., Manufacturing Co., cotton fabric manufacturers, with mills at Sommersworth are now operating at 70% of capacity. One year
ago this plant was in serious difficulties, but its recovery is
complete. The new mill now is operating at capacity and
working nights on wide sateens. The bleachery is running
3061
THE CHRONICLE
in full. Most cotton duck mills are sold well ahead. Tire
mills are busy on contracts received some time ago. They
have been shipping more heavily to distributers than they
have for several years at this time. At Charlotte, N. C., the
mills are said to be working at nearly 100% and are sold
ahead until well into next spring. Many Pennsylvania mills
will close for a week or ten days over Christmas and New
Year.
The short time organization committee of the Federation
of Master Cotton Spinners' Association recommends spinners of the American cotton yarn section to close for a full
week before Jan. 9 and it will be done. It affects 120,000
operatives.
The greatest building year in history is drawing to a close
without evidence of a let-up in the boom. "Engineering
News-Record" reports: "Total construction for the year
will approximate $7,490,000,000, breaking all records in the
annals of the construction industry, and 1926 also has all
the promise of a $7,000,000,000 year." There are three
possible deterrents to be watched: (1) Tightening in the
money rate; (2) decline in volume of bond sales for public
work; (3) smaller volume of contemplated engineering construction (not buildings) than a year ago.
The latest thing in strikes is a so-called "dignity strike"
by masons in London because an Alderman said that they
took one minute and twelve seconds to lay a single brick.
Which goes to show that loafing on the job is not confined
to this country.
It was rainy and mild here in the fore part of the week,
but grew cold and clear on the 23d inst., with a high wind
late on the 22d, after a day of temperatures of 41 to 46 degrees. Chicago on the 22d inst. was 16 to 22, Cincinnati 22
to 30, Kansas City 12 to 14, Abilene, Texas, 20 to 36, St.
Paul 12 to 16, and Winnipeg 6 to 8. Heavy gales in France
of a velocity as high as 100 miles an hour did much damage
and big storms did serious damage in Portugal and Sweden.
To-day it was clear here and cool, I. e., 26 at 8 a. m. and 34
in the afternoon.
Clay Herrick's Report on General Business Conditions.
"We are about to enter the year 1926 with a high degree of
general activity and with large buying power," said Clay
Herrick, Vice-President of The Guardian Trust Company,
Cleveland, in discussing business conditions. "Many
industries are exceedingly active, while very few are in a state
approaching depression. Conditions seem to assure a
continuance of a big volume of business with good profits
during at least the first part of the new year." Mr. Herrick
added:
From the longer term viewpoint, conclusions are not so easily drawn.
Much will depend upon whether or not business is expanded too rapidly
during the next few months. We appear to be at a stage in the cycle when
temptation to overproduction or excessive competition will be great, and
results may bring reaction. In some industries producing capacity is still
capable of being utilized in excess of current demand.
Business reaches its greatest aggregate when all industries are booming
at the same time. If some are increasing in volume while others are declining,the result may be a fairly constant total volume,or the total may increase
or decrease quite rapidly In accordance with the relative importance of the
lines of industry which are incresing or declining. At present there are
lines which show promise of considerable increase of activity, but there
are others whose trend is apt to be the other way. Some of the large
contributors to general activity during the present year seem to us apt to
show a decrease in volume during 1926. Prominent among these is building
construction. This is still very active, but its continuance throughout the
new year upon the volume of 1925 seems improbable. If it drops off, a
decline will follow in business of the various lines of building supplies and
in total of wages paid in building trades. One hesitates to forecast the
future of the automobile business, but the evidence seems to be against
its repeating the sales volume of the present year. The support to be given
to next year's volume of business by railroad equipment purchases, by
farmer buying and by some other large sources of demand remains to be
determined. If the abundant and easy supply of credit which has been
available for two years begins to tighten further,as is probable,an impotrant
cause of some of the present activity will have been removed.
The Immediate future may be faced with confidence. Longer time plans
may well be tempered with caution. It is a time when the confirmed
pessimist will lose business by failing to grasp opportunities, the overoptimistic will take chances which later will bring losses, while the man of
good judgment will choose a middle course which will bring reasonable
profits without leaving him unprepared for possible adverse developments.
Survey of Current
Business—Gains in
Industrial
Output.
The Department of Commerce at Washington, in its survey of current business, made public Dec. 21, says:
When allowance is made for the difference in the length of month, the
gains in industrial output, as recorded in October, were extended In November in such commodities as pig iron, steel ingots, cotton consumption, railroad locomotives and zinc. Tin deliveries, the consumption of silk, the
production of copper and cement, Dougls fir, oak flooring and the receipts
of wool at Boston, on the other hand, were smaller than in October, but.
except for wool receipts and tin deliveries, were larger than in November
1924. Unfilled orders for steel and locomotives on Nov. 30 were higher
than at the end of October.
3062
[VOL 121.
THE CHRONICLE
Sales by mail order houses and ten-cent chain stores declined seasonally tenths of 1%. The following 11 articles showed no change in the month:
from the previous month but were 13 and 11%,respectively, higher than in Plate beef, leg of lamb, fresh milk, bread, cornmeal, rolled oats, corn
November 1924. Correspondingly, check payments and postal receipts in flakes, macaroni, cabbage, baked beans, and prunes.
the 100 largest cities were smaller than in October but larger than a year
Changes in Retail Prices of Food, by Cities.
ago. The demand for goods, as evidenced by carloadings, was greater
During the month from Oct. 15 1925 to Nov. 15 1925 the average cost
than a year ago, the changes from October being almost completely of a of food increased in all cities as follows: Butte, Cincinnati, Louisville.
seasonal character. Traffic through the Sault Ste. Marie canals, though and Springfield, 5%; Bridgeport, Chicago, Columbus, Denver, Detroit,
seasonally smaller than in October, was considerably larger than in Novem- Fall River, Indianapolis, Jacksonville, Kansas City. Manchester. Milber 1924. Sales of life insurance, though smaller than in October, were waukee, Mobile, New Haven, Omaha. Peoria, Philadelphia, Pittsburgh,
larger than a year ago.
Portland, Me., Richmond, Rochester, and Scranton, 4%; Atlanta, BaltiBills discounted by Federal Reserve banks increased in November and more, Buffalo, Cleveland, Memphis, Minneapolis, Newark, New Orleans,
at the end of that month were almost three times as large as a year ago, New York, Norfolk, Portland, Ore., Providence, St. Louis, St. Paul,
while total reserves and the reserve ration continued to decline. Loans and San Francisco, Savannah, and Seattle, 3%; Birmingham, Boston, Charlesdiscounts of member banks continued to mount while investments were ton, So. Caro., Houston, Little Rock, and Washington, 2%, and Dallas,
declining. Interest rates on all call loans averaged higher than in October Los Angeles, and Salt Lake City, 1%.
and were twice as high as a year ago, while rates on commercial paper.
For the year period November 1924 to November 1925, all of the 51
though higher than a year ago, showed relatively little change from the cities showed increases: Cincinnati. Jacksonville, and Savannah. 15%;
preceding month. Dividend and interest disbursements during December Louisville and Minneapolis, 14%; Atlanta, Detroit, Kansas City, Omaha,
were considerably higher than in either the previous month or a year ago, Peoria, and Philadelphia, 13%; Buffalo, Denver, Indianapolis, New
while average prices for industrial stocks were lower than in October,though Haven, St. Louis, St. Paul, Scranton, and Seattle, 12%; Boston, Bridgeprices for railroad stocks averaged higher. Business failures were larger port, Chicago, Columbus, Norfolk, Pittsburgh, Richmond, San Francisco,
both in number and in defaulted liabilities than in either the preceding and Springfield, Ill., 11%; Baltimore. Butte, Cleveland, Fall Fiver, Little
month or November 1924.
Rock, Manchester, Memphis, Newark, New York, Portland, Me., Providence, and Rochester, 10%; Birmingham, Houston, Los Angeles, MilBUSINESS INDICATORS.
waukee,
Mobile, New Orleans, and Washington, 9%; Charleston, So.
(Relative Numbers-1919 Monthly Average Equals 100.)
Caro., and Portland, Ore., 8%; Salt Lake City, 7%; and Dallas, 6%.
As compared with the average cost in the year 1913, food in November
1924.
% Inc.(+)or Dec.(-).
1925.
1925 was 76% higher in Chicago and Richmond, 74% in Washington.
Nov. 1925 Nov. 1925 73% in Baltimore, Buffalo and Detroit;72% in New York,71% in BirmingOct.
Nov.
Oct.
from
Nov.
from
ham, Boston, .Philadelphia and Scranton; 70% in Providence, 69% in
Oct. 1925. Nov. 1924. New Haven and St. Louis; 68% in Atlanta and
Pittsburgh; 67% in Fall
River, 66% in Charleston, S. C.: Cincinnati and San Francisco; 65%
Cotton consumption..... _ 108
100
110
+10.0
110
0.0
Cotton stocks
100
119
116
+13.4
+10.4
135
in Jacksonville, Louisville and Manchester; 64% in Cleveland, Kansas
Cement shipments
239
144
214
142
-1.4
-33.6
City, Milwaukee, Minneapolis and Omaha; 62% in New Orleans, 61%
Nee/sprint paper produc. 113
114
103
118
+10.7
-3.4
In Indianapolis, 60% in Newark, 59% in Dallas, 67% in Los Angeles
Wholesale prices
74
' 74
77
+4.1
77
0.0
Retail food prices
and Seattle; 56% in Little Rock and Memphis, 52% in Denver. 50%
80
81
87
+11.1
90
+3.4
Farm prices
66
66
68
+4.5
69
+1.5
in Portland, Ore., and 43% in Salt Lake City. Prices were not obtained
Cheek payments.
109
110
132
127
-3.8
+15.5
from
Bridgeport, Butte, Columbus, Houston, Mobile, Norfolk, Peoria,
Stock prices:
Portland, Me., Rochester, St. Paul, Savannah and Springfield, Ill., in
25 Industrials
111
117
165
165
+41.0
0.0
25 railroads
112
122
138
142
1913. hence no comparison for the 12-year period can be given for those
+16.4
+2.9
Imports, merchandise...
96
91
115
116
+0.9
+27.5
cities.
Imports, gold
309
311
796
164
-79.4
-47.3
Exports, merchandise_ _.
80
75
74
68
-9.4
-8.1
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
Exnorts. cold
13
22
91
79
-13.2
+259.1
OF FOOD IN THE UNITED STATES.
•With seasonal adjustment.
Practically No Change in Wholesale Prices in November
1925 as Compared with October.
Practically no change in the general level of wholesale
prices from October to November is shown by information
gathered in leading markets by the Bureau of Labor Statistics
of the U. S. Department of Labor. The Bureau's weighted
index number, which includes 404 commodities or price
• series, registered 157.7 for November, compared with
157.6 for the month before. Compared with November
1924, NI ith an index of 152.7, an increase of 3h% is shown,
says the Bureau's statement of Dec. 17, which adds:
Farm products declined 1% from the October level, due to falling prices
of cattle, hogs, cotton and cottonseed, hay, and hides. Lower prices
were reported also for clothing materials and housefurnishing goods, including furniture. In all other groups prices averaged higher than in
October, ranging from less than I% in the case of building materials and
chemicals and drugs to 3% in the case of articles classed as miscellaneous.
Of the 404 commodities or price series for which comparable information
for October and November was collected, increases were shown In 138
Instances, and decreases in 113 instances. In 153 instances no change in
price was reported.
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS ON
COMMODITIES (1913 eza 100.0).
1924 -1925- Groups and
1924, -1925-
Groups and
SubgroupsFarm products
Grains
SubgroupsNov. Oct. Nov.
Oct. Sept. Oct.
149.5 155.3 153.9 Building materials.--.171.6 173.9 175.6
166.8 153.2 158.2 Lumber
179.2 182.4 185.8
Livestock & poultry.113.7
Other farm products 174.9
Foods
153.8
Meats
132.2
Butter, cheese and
milk
146.1
Other foods
167.8
Cloths and clothing-190.4
Boots and shoes____182.9
Cotton goods
187.7
Woolen and worsted
goods
216.2
Silk. &c
167.4
Fuel and lighting
162.8
Anthracite coal
2"5.0
Bituminous coal._ 200.5
Other fuel & lighting 123.7
Metals & metal prod...128.7
Iron and steel
138.9
Nonferrous metals_ _106.1
•Insufficient data.
Brick
145.3 135.0
210.6
164.5 168.9
Structural steel
125.8
157.6 160.2
Other bldg. material 167.0
159.7 152.7 Chemicals and drugs..134.0
Chemicals
127.2
167.8 157.6
Fertilizer matertals.101.6
Drugs and pharma157.6 165.7
189.5 187.0
ceuticals
181.1
186.7 186.7 Houseturnishing goods 172.0
Furniture
182.9.178.7
152.5
FurnIshings
236.1
200.4 207.7 Miscellaneous
122.9
181.0 177.3
Cattle feed
138.1
171.7 174.8
Leather
141.9
•
•
Paper and pulp
170.7
200.9'205.8
Other miscellaneous.100.6
139.9 142.8 All commodities
162.7
127.9 129.8
134.2 136.2
114.3 116.0
204.2 204.3
129.1 129.1
168.2 167.9
134.9 135.4
126.8 126.6
109.8 110.0
178.7 181.6
167.9 165.9
147.4 145.3
234.7 232.9
138.0 142.0
122.3 130.2
140.3 140.9
174.0 175.3
129.4 134.6
157.6 167.7
Increase in Retail Prices of Food in November 1925.
The retail food index issued by the Bureau of Labor
Statistics of the U. S. Department of Labor shows for
Nov. 15 1925 an increase of almost 3
since Oct. 15 1925;
an increase of about 113/2% since Nov. 15 1924, and an
increase of 59 1-3% since Nov. 15 1913. The index number
(1913=100.0) was 161.6 in October and 167.1 in November
1925. Under date of Dec. 17 the Bureau further says:
During the month from Oct. 15 1925 to Nov. 15 1925 13 articles on
which monthly prices are secured Increased as follows: Potatoes, 41%;
strictly fresh eggs. 15%; canned red salmon and storage eggs. 3%; flour,
2%; evaporated milk, butter, oleomargarine, cheese, rice and oranges,
1%, and wheat, cereal and coffee, less than five-tenths of 1%. Nineteen
articles decreased: Pork chops, 4%; round steak, lard and granulated
sugar, 3; sirloin steak, rib roast, chuck roast, 123ns, onions, canned corn
and canned tomatoes, 2%: bacon, ham, n.vy beans, Canned peas, raisins
and bananas, 1%; and vegetable lard vu
d 1131 6ss aan
SITYr Rom. Rib Chuck'Plate Pork!
Butand Month. Steak Steal Roar Roast Bee! hopsBacon Ham Lord liens Eggs ter
Year
1924
Januar/
154 149 144 129 110 130 138 166 118 162 158 160
152 148 143 128 110 127 136 166 114 165 144 157
63 148 144 129 110 128 134 164 111 1119 101 151
156 151 146 131 110 137 134 165 109 169 93 131
60 156 148 133 112 142 134 tOO 108 172 96 120
160.2 156.1 148.6 32 5109.1 43.8 134.1 68.8 11)7 0168.5 104.6 128.9
1602 155.2 147.0 31.3 108.3 44.3 134.8 166'.2 108.2 165.7 14.2129.2
. 1602156 1147.0 i31.3 1118.3 65.7 141 9 173.2 122.2 163.4 29.3126.1
3eptember___. 168.3 153 8 140.5 30.8109.1 70.5 145.5 174.3 126.6 165.7 50.4 126.6
October
156.0151.1 144.4129.4 108.3 178.6148.5 175.1 135 4 164.8 73.0125.1
November
152.4 147.5 142 4 127.5 109.1 50.5 148.5 174.7 141 8 162.0 97.4 127.7
December
i 504 145.3 141.4 1211.3 108.3 130.5147.8 173.2 139.9 161.5202.3137.1
1
Average for yr. 155.41151.6 145.6 130.0,109.1 146.7,139.6 168.4 120.3 105.7 138.8 135.0
1925,
January
152.4 147.1 143.9 128.11109.9 146.21149.3 177. 144.3 108.1 04.4136.6
February
151.6 46.6 143.4 127.5 109.1 144.3 150.7 178.8 144.3 l69.5154.8182.1
%larch
155.9150.7 147.0131.3111.178.1164.4 190. 140. 173:2113.3144.9,
5 pril
159 1 55.2 150.0 135.0114.1 175.2 172.11 198.9 146. 177.9 10.41139.3
Nay
160.6 157.0 180.5 138.1 116.7 171.4 171. 197 143. 177.9118.9135.6
tune
.161 4167.? 150.5 1313.3 114.0 172.4 173.7 197.0 4.1.9 173 2 22.6,137.6
luly
. 166.1 163.7 153.5'140.0115.7 186.7 11.0. :02. 148.7 171.8 33.9138.9
August
1115.4 62.3 153.0 138.1 114.9 190.5 182.6 204.1 153.8 170.0 141.7,141.3
September
163.11 1591 151.51137 51114.9 192.4183.0 104.1 WM 171.8 50.e145.7
-6•rober
162.: 158.7 151.0!" 4 116.g 186.2183.7 '01.1 152.9 171.4 l74.8155.1
go tembsr _. _ . 1CR 7 1 Cf
'
1f° "1350'111.S lR.a 152.9 108.f 147.5 015.1 201.2156,9
February_.
March.
April
May
June
July
August
Year
Ali Articles
PeteComs-I
Col1
I I
sad Mona. Chem 51t1tBread Flour moo Rice tom Sugar fee Tea Combined
1924
January
February
March
169 160 155
168 157 155
166 156 155
130
139
139
147 113
147 113
147 Ill
165
165
165
185
187
189
128
130
137
131
130
130
April
161 155 155 139 147 113 186 181 140 130
May
157 163 165 139 147 114 171 167 142 131
June
155.7 151.7 165.4 139.4 148.7 113.8 194.1 150.9 141.9 130.3
July
155.7 151.7 156.4 145.6 150.0 114.9 194.1 152.7 142.3 130.1
August
155 7 53.9 157.1 154.6 156.7 117.2 152.9 149.1 45.6 130.3
September
156.6 56.2 157.1 154.5 160.0118.4 152.9 156.4 145.7130.6
October
157.5 56.2 157 1 160.6 1116.7119.5 141.2 160.0154.7 132.0
November ____ 157 65.1 158.9 183.6170.0 120.7 129.4 160.0 64.4 135.1
December
.
. 115.3 160.0 169.5 135.7
157.9 156.1 188.9.
1
Average lor yr_ 169.7 56.1 167.1 148.,136.71116.1 158.8 167.3 145.3 181.4
1925.
January
162.4 156. 164.3 181. 180.01123.0 147.1 147.3173.2 136.4
February
March,
Spill
Way
Julie
July
kusust
164. 158.2169.8193.9183.3 124.1 152 9 140.0 174.8 137.
165.2 155.1 167.9 193.9 183.3 125.3 147.1 140.0 175.5 138.1
165.2 165.1 167.9 184.8 183.3 126.4 141.2 136.4 174.8 .
164.8153.9 167.9 184.8 180.0 126.4 158. 130.9 175.2 129.0
165.2153.9 167.9184.8,180.0 120.4 205.9 130.9 170 1139.3
165.6 155 1167.9184 151180.0 128.7 258.3 129.1 170.5 139 5
156.5 ITO 2187.9 184.8 180.0 129.9 58. 127.3 170.8 139.3
September _..-. 167.4159 6 167 9,184.81180.0,129.9 211.k 127.3 171.1 139.3
)ctober
168.3 160 167 9117R 8 176.71129.9 217.1 123.6 171.5 139.2
110V111331x*r
ISO 9100 7 107 0101 9 170.7 131.6.115.0 120. 171. 150 9
149
147
144
141
141
142.4
143.3
144.2
148.8
148.7
160.1
151.8 .
145.9
154.8
151.4
151.1
180.8
151.8
155.0
159.9
160.4
159.0
161.6
107_1
November Life Insurance Sales Show Substantial
Increase Over Year Ago.
Sales of ordinary life insurance in the United States for
the month of November are 17% more than sales in November 1924, according to figures just issued by the Life
Insurance Sales Research Bur9au of Hartford, Conn. Sales
in the month by 81 companies having 88% of the business
in force totaled $637,023,000 of insurance. This is an
increase of $92,000,000 over the sales of November 1924,
says the Bureau, which adds:
Section Gains.
Every section of the country shows an increase in sales in November
this year over November last, as well as a gain for the year to date. The
greatest gains in November are in the South Atlantic section, with a 29%
Increase, This section comprises the following States: Delaware, Maryland, District of Columbia, Virginia, West Virginia. North Carotins'.
DEC.261925.]
THE CHRONICLE
South Carolina, Georgia andiFlorida. Every!State in this section shows
again.
Ito
111
State Increases. II
Improved business conditions over last year are reflected by the increases
in the various States. Practically every State in the country shows a
gain. The real estate boom in Florida has greatly increased sales of life
insurance. This month sales in Florida are $8.892,000 as compared
to $3,247,000 in November 1924, which is a gain of 174%.
The following nine States show gains of30% or more in sales for November
Gain over
Gain over
Nov. 24.
Nov. '24.
Florida
33%
174% Arizona
North Dakota
33%
70% Minnesota
New Hampshire
33%
41% West Virginia
32%
South Carolina
40% Virginia
Mississippi
34%
Every State except New Mexico shows an increase for the year to date.
For the third successive month cumulative sales are 14% more than
In the corresponding period of last year. Sales in the first 11 months
of this year amounted to $7,262,750,000, an increase of 8913,000,000
over the same months of 1921.
Canadian Life Insurance Sales in November Show
7% Increase.
Canadian purchases of ordinary life insurance are 7%
ahead of the corresponding period of last yerr, according
to a report just published by the Life Insurance Sales
Research Bureau of Hartford, Conn. The Bureau's advices state:
During this month $36,760,000 of new business, which is an Increase
of $4,000,000 over the sales of November 1924, was delivered and paid
for by companies having in force 83% of the total business in Canada.
Practically every Province shows improved conditions. The increases
in the various Provinces range from 4% in Quebec to 42% in Prince Edward
Island.
Improved business conditions over last year are reflected in the West
by the records of Alberta with a gain of 20%. Saskatchewan with a gain
of 12%, and Manitoba with a gain of 33%. In the East, Ontario, Quebec
and Nova Scotia shows gains of 6%,4%,and 7%,respectively.
There is a wide variation in the records of the different cities. Hamilton
leads with a gain of 25%. Toronto and Winnipeg follow, each viith gains
of 12%.
For the third successive month the cumulative sales are 8% greater
than in the corresponding period of last year. Most of the Provinces share
in the gain for the 11 months. The gain in the 12 months ended Nov. 30
1925 over the preceding 12 months is 7%.
Preliminary Summary of Agricultural and Business
Conditions in Federal Reserve District of Minneapolis
In its preliminary summary of agricultural and financial
conditions made public Dec. 14, the Federal Reserve Bank of
Minneapolis says:
Evidence continues to accumulate indicating that the new purchasing power created by the 1925 crops in this district is not
equal to that created by the crops of 1924. For the second consecutive month, grain marketings have been about half of the
volume moved a year ago, and the price average for all the cash
grain crops is not equal to that of last year.
Livestock marketings have been remarkably large and some
recores have been broken this fall. Also, the prices received for
livestock and produce have been much better than last year.
These gains for animal products have not been sufficient to
counterbalance the losses on the grains. Detailed estimates made
by us of the market values of the four cash grains (bread wheat,
durum, rye and flax) marketed in August, September, October and
November combined show a decrease of 30% as compared with the
same period a year ago. Similar estimates for the market values
of livestock marketings show a gain of 48%. But the money value
of the two (grains and livestock) combined Is 21% below the same
four months in 1924. AiAlitional evidence of this decline as compared with last year is given by the volume of check payments at
banks in this district, which declined for the second consecutive
month (14% in October end 11% in November).
However, it must be borne in mind that .the crops of 1924 were
unusually large, and sold at attractive prices owing to a world
shortage. It Is altogether probable that we are nearer a normal
condition today than for several years past.
Carloadings in October and during the first three weeks in
November were slightly larger than a year ago In the aggregate.
But if allowance is made for the increase In less-than-car-load lots,
which represent a variable tonnage, and for the later season this
year for the movement of iron ore, the resulting figure for carloadings is slightly below last year for October and November
combined. Other indices of physical volume show mixed trends.
Distribution of merchandise at retail fell considerably below
November last year. Nineteen reporting retailers combined had
7% smaller sales this year, and only four of the nineteen stores
registered individual increases.
Decline in Wages and Employment in Pennsylvania
During November-Increase in New Jersey and
Delaware.
In its monthly compilation the Federal Reserve Bank of
Philadelphia reports that employment and wages declined
in Pennsylvania during November and increased in New
Jersey and Delaware; but the changes in all three States
were very slight. In New Jersey all the groups had increases
with the exception of the food and tobacco and building
materials, whereas in Pennsylvania the metal, food and
tobacco and miscellaneous groups all reported slight declines
in both employment and wages. A great many of the plants
were closed down on Armistice Day, which fact accounts
partly for the decreases in operations. The Bank, in its
statement made public Dec. 15, continues.
3063
In Pennsylvania the automobile, electrical machinery and pottery industries suffered the greatest losses. In each of these instances the change
was brought about chiefly by a large decline of one plant in the group.
The other industries reporting decreases only declined from 0 to 3% in
employment. The declines in wage payments varied according to the
number of plants which observed Armistice Day. Iron and steel forging.
shipbuilding, carpet and rug, paint and varnish, and novelty and jewelry
industries reported notable gains in both employment and wages.
Fewer New Jersey than Pennsylvania industries reported decreases in
employment. Employment and wages in canneries continued to fall off
seasonally. The decrease in heating appliance .sis the result of a large
decline at one factory. The most notable gains were experienced by
engine, machine and machine tool factories, shipyards, furniture and
musical instrument factories, leather tanneries and printing and publishing
houses.
In Delaware the increase in employment was very slight, being only
0.2%. The food, chemical and leather groups reported decreases, but these
declines only affected about 2,500 of the 9,900 employees. Metal manufacturers, the largest group, showed practically no change. Ten of the
fifteen cities included in our survey showed increases in employment, and
eight increases in operations. Lancaster reported the largest decline in
both employment and wage payments, whereas Wilkes-Barre reported the
largest advance. Philadelphia, Trenton, Allentown and Sunbury reported
declines in employment up to 2%. The remaining cities made advances of
from 0.2 to 2.9%. Harrisburg and Johnstown showed declines in operations but advances in employment, whereas Sunbury reported increased
operations and smaller employment,
The compilations follow:
EMPLOYMENT AND WAGES IN NEW JERSEY.
(Compiled by Federal Reserve Bank of Philadelphia.)
-Increase OT Decrease-No.of
Nov. 1925 over Oct. 1925.
Plants EmployTotal
Average
Reporting. mono.
Wages. Wages.
Group and Industry328
+1.5
+1.4
-0.1
Ali industries(36)
93
+0.6
+1.5
+0.9
%fetal manufactures
Automobiles, bodies and parts
6
-1.4
-0.2
+1.2
21
-0.2
+4.4
+4.7
Electrical machinery and apparatus
+5.2
+6.4
15
Engines, machines and machine tools
+1.2
14
+1.6
Foundries and machine shops
+1.0
-0.6
3
-19.8
-29.2
-11.7
Heating appliances and apparatus
5
-2.9
Steel works and rolling mills
-0.5
+2.4
3
+0.1
Structural Iron works
-2.0
-2.1
16
-2.7
+1.5
+4.4
Miscellaneous Iron and steel products
4
+12.9
+10.0
Shipbuilding
-2.5
6
+3.4
+0.2
Non-ferrous metals
-3.1
75
+1.7
+1.4
-0.4
Textile products
3
+0.4
+0.7
Carpets and rugs
+0.3
8
-1.7
+0.3
Clothing
+2.1
4-2.1
-2.2
Hats, felt and other
13
4:3.7
+4.0
+0.2
Cotton goods
-3.2
20
+1.8
-4.8
Silk goods
10
+4.6
+2.0
-2.5
Woolens and worsteds
10
+0.3
+0.8
+0.4
Dyeing and finishing textiles
7
+1.3
+18.2
+14.7
Miscellaneous textile products
13
-6.1
-6.4
-0.4
Foods and tobacco
9
-8.8
-8.5
+0.1
Canneries
4
+3.1
+3.
+0.6
Cigars and tobacco
23
-2.2
-7.0
-4.9
Building materials
9
-3.3
-7.2
-4.1
Brick, tile and terra cotta products
3
+3.1
+4.0
+1.0
Glass
11
-3.5
-9.2
-5.9
Pottery
43
+1.9
-0.5
-2.3
Chemicals and allied products
24
+3.5
+6.6
+3.0
Chemicals and drugs
+3.2
9
+5.8
+2.5
Explosives
r
7
+2.5
+5.0
+2.5
Paints and varnishes
3
-4.6
+0.7
-5.3
Petroleum refining
+5.1
81
+7.4
+2.1
Miscellaneous industries
3
+2.0
+1.3
Lumber and planing mill products
+0.6
+5.1
6
+5.7
4-0.6
Furniture
5
+8.8
+7.6
+0.8
Musical Instruments
11
+7.2
+3.4
-3.6
Leather tanning
+2.5
5
+1.4
-1.1
Boots and shoes
+0.7
+2.4
8
+1.6
Paper and pulp products
+30.1
+85.9
8
+42.9
Printing and publishing
+1.3
13
-0.2
Rubber tires and goods
-1.5
9
-1.0
-5.8
-4.9
Novelties and Jewelry
+10.2
13
+4.9
4-5.1
All other industries
EMPLOYMENT AND WAGES IN PENNSYLVANIA.
(Compiled by the Federal Reserve Bank of Philadelphia and the Department
of Labor and Industry. Commonwealth of Pennsylvania.)
-Increase or DecreaseNov. 1925 over Oct. 1925.
Noel
Total
Average
Plants EmployReporting. ment.
Wages.
Group and IndustryWages.
-0.2
-2.1
-1.9
All industries(43)
891
-0.8
-2.6
-1.9
Metal manufactures
304
-6.2
21
-10.0
-15.6
Automobiles, bodies and parts
+0.7
+5.3
+4.5
Car construction and repair
20
-2.5
+14.4
Electrical tnachluery and apparatus
-14.7
19
-1.3
-2.4
Enginee, machines and machine tools
+1.2
38
Foundries and machine shops
+0.1
-2.9
-3.0
60
-4.0
17
liances and apparatus
Heating
Iron
andapp
steel blast furnaces
-1.8
-4.5
12
Iron and steel forgings
+6.4
+3.7
13
-2.6
Steel works and rolling mills
+2.6
41
-0.7
-3.2
Structural Iron works
-2.0
-2.3
17
-0.3
Miscellaneous Iron and steel products
27
-1.2
-8.1
-7.0
Shipbuilding
3
+6.2
+8.3
+1.9
Hardware
8
+3.4
+7.0
+3.5
Non-ferrous metals
-0.1
8
+0.2
-0.3
Textile products
190
+0.8
+0.3
-0.5
and
rugs
Carpets
12
+14.8
+11.7
-2.7
Clothing
+1.4
35
+2.8
+1.3
Hats, felt and other
-0.4
6
+2.3
-2.6
Cotton goods
18
+3.6
+1.8
+1.7
Silk goods
51
+0.8
+1.0
+0.1
Woolens and worsteds
18
-2.1
-0.1
-4.1
Knit goods and hosiery
41
-1.5
+0.4
Dyeing and finishing textiles
11
+0.4
-6.8
-7.3
Foods and tobacco
117
-0.9
-0.1
Bakeries
39
+0.8
-1.9
Confectionery and Ice cream
25
-2.8
-6.0
-3.3
Slaughtering and meat packing
15
+2.9
+1.0
Cigars and tobacco
38
-1.4
+1.7
+3.1
Building materials
75
+0.1
-4.2
Brick. tile and terra eotta products
32
+1.6
-0.0
-1.6
Cement
14
-2.1
-,5.8
Glass
+2.1
25
--4.8
Pottery
4
-8.0
-19.1
--12.0
Chemicals and allied products
38
+2.3
-3.9
Chemicals and drugs
21
+2.5
+3.1
+0.6
Explosives
3
+1.2
-3.4
Paints and varnlshee
9
+4.4
+2.8
-1.6
Petroleum refining
5
+2.0
-3.1
Miscellaneous industries
167
-0.1
Lumber and planing mill products
29
+0.9
-2.8
Furniture
21
+2.5
+1.3
-1.3
Leather tanning
19
-1.7
+0.1
+1.8
Leather products
9
+0.0
+13.7
+13.7
Boots and shoes
25
-1.3
-9.9
-8.7
Paper and Pulp Products
19
-0.6
-3.5
-4.0
Printing and publishing
39
+0.4
+1.4
+1.0
Rubber tires and goods
3
-3.1
-13.5
-16.2
Jewelry
Noveltlesand
a
+4.4
+9.1
-2.3
•
3064
THE CHRONICLE
EMPLOYMENT AND WAGES IN DELAWARE. COMPILED BY THE
DEPARTMENT OF STATISTICS AND RESEARCH OF THE
RESERVE BANK OF PHILADELPHIA.
No. of -Inc. or Dec. Nov. 1925 over Oct. 1925.
Plants
Average
EmployTotal
InduStrgmen:.
Reporting.
Wages.
Wages.
Allindustries
34
+2.1
+1.9
+0.2
Foundries and machinery products 5
-2.0
+0.0
+2.9
Other metal manufactures
5
+0.0
+5.3
+5.0
Food industries
5
-21.1
-16.1
+6.4
Chemicals,drugs and paints
3
-0.0
-0.8
-0.4
Leather tanned and products
5
+3.1
+1.6
Printing and publishing
4
+1.9
+1.9 '
+0.8
Miscellaneous industries
7
-0.8
+1.2
+2.0
EMPLOYMENT AND WAGES IN THE CITIES OF THE PHILADELPHIA
FEDERAL RESERVE DISTRICT.
(Compiled by the Department of Statistics and Research of the Federal Reserve
Bank of Philadelphia.)
No. of -Inc. or Dec. Nov. 1925 over Oct. 1925.Plants
Average
EmployTotal
AreasWages.
Wages.
merit.
Reporting.
Philadelphia
-1.1
-0.8
296
-0.3
Trenton
-6.1
1.2
31
-5.0
Wilmington
+1.7
35
+2.2
+0.5
Reading
+1.6
+1.7
69
.
Lancaster
-5.7
32
-1.9
-3.9
York
46
+2.1
+1.6
+0.5
Harrisburg
-5.4
+0.5
37
-5.9
Schuylkill
23
-0.7
+0.2
+0.9
Allentown
-4.8
-2.1
82
-2.8
Sunbury
21
+7.6
+7.5
-0.0
Wilke -Barre
25
+12.5
+4.1
+8.0
Scranton
-1.2
35
+0.4
+1.6
Altoona
14
+3.9+2.9
+0.9
Johnstown
-1.9
13
-3.9
+2.0
Williamsport
26
-1.0
-0.8
+0.2
Railroad Revenue Freight Continues Heavy.
Loading of revenue freight continues to be the highest for
this season of the year in the history of the railroads, the
total for the week of Dec. 12 having been 1,008,824 cars,
according to reports filed by the carriers with the Car Service
Division of the American Railway Association. This was
the 20ths this year that loadings have exceeded the million
car mark and the second time on record to exceed one million
cars a week in December. The report goes on to say:
The total for the week of Dec. 12 was an increase of 51.400 cars over the
corresponding period last year and an increase of 109,067 cars over the
same week in 1923. It was, however, a decrease of 12,049 cars under the
preceding week, decreases being reported in the loading of grain and grain
products, ore, merchandise and less than carload lot freight and miscellaneous freight but slight increases were reported in the loading of all other
commodities.
Coal loading for the week of Dec. 12 totaled 191,884 cars, an increase
of 63 cars over the week before but 510 cars below the same week last year.
Compared with the same week in 1923, it was an increase of 15,756 cars.
Loading of grain and grain products amounted to 58,552 cars, a decrease
of 977 cars under the week before but 5,910 cars over the same week last
year. It also was an increase of 7,882 cars over the same week in 1923.
In the western districts alone, grain and grain products loading totaled
35.433 cars, an increase of 2,938 cars over the corresponding period last
year.
Miscellaneous freight loading totaled 360,442 cars, a decrease of 10,683
cars under the week before but 34.577 cars above the same week last year.
It also was an increase of 57,969 cars over the same week two years ago.
Loading of merchandise and less than carload lot freight amounted to
259,389 cars, a decrease of 3.083 cars under the week before but 11.093
cars over the same week last year. Compared with the corresponding week
two years ago, it also was an increase of 19,486 cars.
Forest products loading totaled 72,211 cars, 2,137 cars over the week
before and 358 cars over the same week last year. It also was an increase
of 4.830 cars over the same week two years ago.
Coke loading totaled 16.391 cars,an increase of 394 cars over the preceding
week and 5,078 cars above the corresponding week last year. Compared
with the same week in 1923, it also was an increase of 5,079 cars.
Live stock loading for the week amounted to 37,415 cars, an increase
of 732 cars above the week before but 5.825 cars below the corresponding
week last year. Compared with the same week in 1923, it also was a
decrease of 3,385 cars. In the western districts alone, 28,516 cars were
loaded with live stock during the week, 4,810 cars below the same week
last year.
Ore loading totaled 12,540 cars, a decrease of 632 cars under the preceding week due to the usual seasonal decline in ore shipments. It was,
however 719 cars above the corresponding week last year and 1,450 cars
above the same week two years ago.
Compared with the preceding week this year, all eistricts showed slight
decreases in the total loading of all commodities except the Southern District, while all districts showed increases over the corresponding week in
1924 and all showed increases over the corresponding week in 1923 except
the Northwestern District.
Loading of revenue freight this year compared with the two previous
Years folows:
1923.
1925.
1924.
Five weeks in January
4,239,379
4.450.993
4.294,270
your weeks in February_ _
_ - 3.619.326
3.631.819
3,414.809
Four weeks in March
3,662.552
3.694.916
3,661.922
Four weeks in April
3,764,266
3,721.662
3,498.230
Five weeks in May
4.876.893
4,854,720
4.473,729
Four weeks in June
4,047.603
3,956,011
3,625,182
Four weeks in July
3,940,735
3,887.834
3,524.909
Five weeks in August
5,209,219
5,364,010
4.843,997
Four weeks in September
4,147,783
4,297,453
4.147.885
Five weeks in October
5,537.408
5.455,431
5,348.499
Four weeks in November
3.853,651
4.094.967
3.902,172
Week of December 5th
913,921
1,020.873
969,485
Week of December 12th
899.757
1.008,824
957,424
Total
49,508,997
46,986,455
48,319.067
Renewed Activity in New York Building
Building and engineering contracts awarded in the five
boroughs of New York City during the month of November
amounted to $116,907,800, according to F. W. Dodge Corporation. This was not only a 53% increase over the previous
November's total, but it was also 17% over the figure for
October of this year, a November increase over October being
rather unusual. Last month's record included: $80,099,000,
[VOL 121
or 69% of all construction, for residential buildings; $21,453,800, or 18%, for commercial buildings; $5,712,000, or
7%, for public works and utilities; $4,475,000, or 4%, for
social and recreational buildings; and $2,220,000, or 2%, for
hospitals and institutions.
New construction started in the five boroughs during the
past eleven months of this year has already exceeded by a
slight margin the entire 1924 construction volume. It has
reached a total of $884,543,500, being an increase of 9% over
the first eleven months of 1924. It has been within the past
few months that this substantial increase has piled up, the
first half of this year having run behind the first half of 1924
in total construction volume.
West Coast Lumbermen's Association.
One hundred and two mills reporting to West Coast
Lumbermen's Association for the week ending Dec. 12,
manufactured 97,093,267 feet of lumber; sold 122,821,017
feet; and shipped 105,876,538 feet. New business was26%
above production. Shipments were 9% above production.
Forty-eight per cent of all new business taken during the Week was for
future water delivery. This amounted to 58.901,638 feet, of which 37,847,638 feet was for domestic cargo delivery; and 21,054.000 feet export. New
business by rail amounted to 1.979 cars.
Fifty-one per cent of the lumber shipments moved by water. This
amounted to 53,807,159 feet, of which 38,537.352 feet moved coastwise and
intercoastal; and 15,269.807 feet export. Rail shipments totaled 1,584 ears.
Local auto and team deliveries totaled 4,549,379 feet.
Unfilled domestic cargo orders totaled 103.125,828 feet. Unfilled export
orders 104,431,499 feet. Unfilled rail trade orders 4.410 cars.
In the first fifty weeks of the year, production reported to West Coast
Lumbermen's Association has been 4,996,566,678 feet, new business
5.139,215,016 feet, and shipments 5.151,063.411 feet.
New Automobile Models and Prices.
The new Model "90" Locomobile, ranging in price from
$5,500 to $10,000, has been placed on exhibition. A smart
and useful lighter car known as the Locomobile Junior-Eight
is also being shown in models priced at from $2,000 to $3,500*
According to press reports, the new Stutz vertical eightcylinder models which will be presented at the Automobile
Show are expected to list around $3,000. The company's
entry into the eight-cylinder field marks a radical change
in policy and considerable interest has been aroused in the
trade by the novel engineering features embodied in the new
models.
A new type of taxi-cab has been introduced by the Indian
Motocycle Co. It is a three-wheel motor cycle model which,
it is expected, will have a considerable demand, particularly
in suburban towns, because of its low initial cost and low
operating expense.
Portland Cement Output in November 1925.
Production and shipments of Portland cement in November show the expected seasonal decreases, according to statistics compiled by the Bureau of Mines, Department of
Commerce. As compared with the corresponding period of
1924 production shows an increase, shipments a slight decrease, while stocks are nearly 62% greater. The following
tables prepared by the Division of Mineral Resources and
Statistics of the Bureau of Mines are compiled from reports
for November 1925, received direct from all the manufacturing plants except one, for which estimates were necessary on account of lack of a return.
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT, BY MONTHS, IN 1924 AND 1925. IN BARRELS.
Production,
Shipments.
Month.
1924.
1925.
1924.
Stocks at End of Month.
1925.
1924.
1925.
8,785,011 8,856.000 5.210.000 5,162,000 14,155,000 17,656,000
8,588.111 8,255,000 5,933.000 6,015,000 16,815,000 19,689,000
8,995,000 10,279,000 18,189,000 20.469,000
10,370,000 11,034,00
1st quarter_ 27,746,000 2s,145,000 20,138,000 21,456,000
January
February
March
April
May
June
11.726,000 13.807,000 12,771,000 14.394,000 17,159,000 19,877,000
13,777,000 15,503,000 14.551,00016,735.000 16.403,000 18,440,000
13,538,00015.387,000 15,036,000 17,501,000 14,903,000 16,409,000
2d quarter_ 39,041.00044,697,000 42,358.000 18,630.001)
July
August
September
14,029,000 15,641,000 16,614,000 18,131,000 12,319,04 13,896,000
15,128,00016.419.000 16,855,000 18,383,000 10,666,0
11,952,000
_ 14,519,00015,939,000 16,827,000 17,711,000 8,404,000 10,247,000
3d quarter_ 43,676,00047,999,000 50.295,00054,225.000
October
14,820.00015,992.000 17,160,000 15,309,000 6,073.000al0,979,000
November _ _ 13,141.00013,839,000 10.289,000 10,169,000 8,928.000 14.450.000
Dezember_
1),435,000
5,506,000
13,913,000
4th quarter 38,396,000
32,955,000
118.859.000
Revised.
145,747.000.
DEC.26 1925.]
THE CHRONICLE
Activity in the Cotton Spinning Industry for
November 1925.
The Department of Commerce announced on Dec. 19 that
according to preliminary figures compiled by the Bureau of
the Census, 37,919,358 cotton spinning spindles were in
place in the United Sttes on Nov. 30 1925, of which 32,892,324 were operated at some time during the month,
compared with 32,425,206 for October, 31,551,630 for September, 31,267,774 for August, 31,760,596 for July, 32,309,896 for June, and 31,858,088 for November 1924. The
aggregate number of active spindle hours reported for the
month was 7,833,792,613. During November the normal
time of operation was 243/i days (allowance being made for
the observance of Thanksgiving Day in some localities)
compared with 26% for October, 253/i for September, 26 for
August, 26 for July and 26 for June. Based on an activity
of 8.78 hours per day the average.number of spindles operated
during November was 36,417,612, or at 96% capacity on a
single shift basis: This percentage compares with 89.4 for
October, 83.8 for September, 80.5 for August, 84.3 for July,
89.0 for June and 87.8 for November 1924. The average
number of active spindle hours per spindle in place for the
month was 207. The total number of cotton spinning
spindles in place, the number active, the number of active
spindle hours and the average spindle hours per spindle in
place, by States, are shown in the following statement:
Spinning Spindles.
•
State.
Aaioe
Its Place
during
Nov. 30. November.
Active Spindle HoursforNoo.
Total. '
Average per
Spindle
in Place.
Cotton-growing States
New England States
All Other States
17,723,356 17.107,692 4,883.505.651
18,246,988 14,146,410 2,623.126,067
1,949,014 1,638,222 327,160.895
276
144
168
Alabama
Connecticut
Georgia
Maine
Massachusetts
New Hampshire
New Jersey
New York
North Carolina
Pennsylvania
Rhode Island
South Carolina
Tennessee
Texas
Virginia
AU Other States
1,427,880
1,206,688
2.872.946
1,128,608
11,614,824
1,445.734
512,724
990,046
6,037,396
153.396
2,706,326
5.328,924
550.212
239,260
711.314
983,080
1,410,246 412,189.850
1,054.060 205,962.596
2.785.448 811.591,287
1,103.350 199.072,777
8,602,510 1,566.991,884
1,086,418 214.292.823
478.860
89.629,885
776,552 157,214.241
5,758,862 1,624,171,089
127,674
23939,816
2,205,310 419,146,423
5,267,498 1,567,314,136
502.912 128,726,971
225.112
65.673.472
691,694 154,076,298
815,918 193,799.065
287
171
282
176
135
148
175
159
269
156
155
294
234
274
217
197
27 1:119 368 32.892 324 7 833 792 813
207
TTnItpd Strad.
Few Changes Noted in Crude Oil and Gasoline Prices.
Although few wide-spread changes in price were recorded
during the week in either crude oil or gasoline, those which
did occur were generally in the nature of advances. Premiums were being paid in certain sections, according to press
reports which under date of Dec. 18 stated that certain
crude oil purchasing agencies were paying from 10 to 25 cents
a barrel above posted prices. It was also reported on that
date that the Champlain Refining Co. had posted a new
scale of prices, 15 cents per barrel above other quotations.
The new prices range from $2.42 on crude of 42-42.9 gravity
to $2.50 on crude of 44 or more gravity. The Standard Oil
Co. of Kentucky on Dec. 18 advanced the price of kerosene
2 cents a gallon, making the tank wagon price 15 cents.
Kerosene was also advanced 1 cent at Mobile, Ala., making
the new price 12 cents a gallon and reduced 1 cent at Jackson.
Miss., making the new price 10 cents a gallon.
Several advances in price were also reported in the gasoline
market during the week just closed. On Dec. 18 the Standard Oil Co. of Kentucky advanced the service station price
of gasoline 1 cents a gallon in Atlanta, Ga., making the new
price 25 cents, including 3% cents State road tax, effective
Dec. 10. The Standard Oil Co. of Indiana on D60. 21
advanced the price of gasoline 3 cents a gallon at Des Moines,
restorinvg a normal market. The new prices are 183/3 cents
tank wagon and 203/2 cents at service station. Several
points in Sioux City district also have been advanced 2 cents
a gallon. The wholesale price of motor gasolines in the
Chicago market was quoted at 93
% cents to 93/3 cents a gallon,
a decline of % cent in the asking price. On Dec. 22 the
Standard Oil Co. of California announced an advance of
2cents a gallon in the wholesale price of gasoline in the Southern part of the State, The advance brings the quotation
back to its level prior to the reduction announced by Pan
American Petroleum Company in September. It is expected
that other companies operating in the same territory will
announce a similar advance. The price in the Los Angeles
district is now 183/3 cents a gallon, including a 2 cent State
tax, against 20 cents quoted in San Francisco.
3065
Crude Oil Output Again Decreases.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States
for the week ended Dec. 19 was 2,016,150 barrels as compared with 2,028,050 barrels for the preceding week, a
decrease of 11,900 barrels. The daily average production
east of California was 1,383,150 barrels, as compared with
1,395,050 barrels, a decrease of 11,900 barrels. The following are estimates of daily average gross production by districts for the weeks ended as indicated:
(In Barrels)-
DAILY AVERAGE PRODUCTION.
Dec. 19 '25. Dec. 12 '25.
Dec. 5 '25. Dec. 20 '24.
463,500
465,400
472,000
520,100
102.850
103,750
103,400
85.650"
87.350
87.150
84,800
92.350
70,600
70,450
70,550
147.800
79,300
76,950
79,050
52.850
39.450
39,400
40.600
52.550
44,900
44.950
45.300
51.250
196.050
200,950
207.850
110.800
•90.250
90,500
91.300
80.050
103.500
105.000
104.000
108,500
79,400
81,100
80,600
64.400
16.050
18,750
16.300
7.900
5.350
5.300
5.150
1,250
4.550
5,300
5.000
450
633,000
633,000
635.000
610,500
Oklahoma
Kansas
North Texas
East Central Texas
West Central Texas
Southwest Texas
North Louisiana
Arkansas
Gulf Coast
Eastern
Wyoming
Montana
Colorado
New Mexico
California
Total
2,016,150
2,028,050
2,040.750
1.986.400
The estimated daily average gross production of the
Mid-Continent field including Oklahoma, Kansas, North,
East Central, West Central and Southwest Texas, North
Louisiana and Arkansas, for the week ended Dec. 19, was
1,084,050 barrels, as compared with 1,092,250 barrels for
the preceding week, a decrease of 8,200 barrels. The MidContinent production, excluding Smackover, Arkansas,
heavy oil, was 919,500 barrels, as compared with 923,250
barrels, a decrease of 3,750 barrels.
In Oklahoma production of South Braman is reported at
4,200 barrels against 4,650 barrels; Thomas, 15,850 barrels
against 16,050 barrels; Tonkawa, 41,400 barrels against
42,050 barrels; Garber, 41,400 barrels against 41,950 barrels;
Burbank, 46,850 barrels against 46,900 barrels; Davenport,
21,600 barrels against 20,750 barrels; Bristow-Slick, 31,300
barrels against 31,250 barrels; Cromwell, 20,900 barrels, no
change; and Papoose, 13,700 barrels against 13,750 barrels.
The Mexia pool, East Central Texas, is reported at 15,700
barrels .against 15,900 barrels; Corsicana-Powell, 36,950
barrels againet 36,850 barrels; Wortham, 14,450 barrels
against 14,200 barrels; Reagan County, West Central Texas,
33,100 barrels against 33,850 barrels; Haynesville, North
Louisiana, 11,450 barrels against 11,600 barrels; Cotton
Valley, 8,700 barrels against 8,850 barrels; and Smackover
Arkansas, light, 20,500 barrels against 20,900 barrels;
heavy, 164,550 barrels against 169,000 barrels. In the Gulf
Coast field Hull is reported at 15,600 barrels against 16,850
barrels; West Columbia, 10,050 barrels against 9,850 barrels;
Orange County, 16,500 barrels against 15,850 barrels; South
Liberty, 9,650 barrels against 10,300 barrels; and in the
Southwest Texas field, Luling is reported at 21,500 barrels
against 22,300 barrels; Lytton Springs, 8,600 barrels against
8,750 barrels.
In Wyoming, Salt Creek is reported at 58,750 barrels
against 60,000 barrels.
In California, Santa Fe Springs is reported at 51,500
barrels, no change; Long Beach, 110,000 barrels, no change;
Huntington Beach, 45,000 barrels, no change; Torrance,
32,000 barrels, no change; Dominguez, 25,000 barrels against
26,000 barrels; Rosecrans, 25,000 barrels against 22,500
barrels; Inglewood, 66,500 barrels against 68,000 barrels
and Midway-Sunset, 95,000 barrels, no change.
Largo Steel Consumption Continues-Pig Iron Market
Tends to Favor Seller
Further evidence of the large scale of consumption of steel
is noted this week in the usual summary of market conditions
issued by the "Iron Age." While new orders are at less than
last month's rate, reports from several large companies show
that the difference is not more than 10 per cent. This fact and
the favorable comparison of order books today with those of a
year ago make producers complacent in the face of an expected
quiet period running into mid-January, continues the "Age,"
adding:
The past week has been one of heavy production, several large
companies running close to 90% of capacity, in view of the
Christmas shutdowns which will bring this week's average down
to 75% or less.
Chicago mills have hid a volume of sales and specifications for
the third week of December that has been exceeded in only four
weeks this year. Western consumers are taking more bars than
in November. In the East, on the other hani2, deliveries of some
3066
THE CHRONICLE
bars bought for the fourth quarter will not be needed until January or later.
Plans for the automobile industry point to an increased shipment of steel in the first quarter of the new year. With the
strong drift toward all-steel bodies, 1926 promises to make a new
record in steel consumption for motor cars.
Railroad equipment orders give a substantial tonnage of steel
for specification early in the year. New cars ordered total 5525,
of which 2000 are for the Baltimore & Ohio, 1000 for the Pittsburgh & West Virginia, 925 for the Atlantic Coast Line. and
small lots for a number of roads. Oars pending total 8191. Of
75 locomotives ordered, 50 are for the B. & 0.
The Southern Pacific is expected to place 100,000 tons of rails,
the bulk going to Alabama and Colorado mills.
For the most part the pig iron market is tending more in the
seller's favor. Stocks on furnace yards have been reduced further.
More blast furnaces are going in, however.
The "Iron Age" composite prices have not changed this week.
Pig iron remains at $21.54 per gross ton for the fourth week
and finished steel at 2.453c. per lb. for the third week.
Though immediate buying is modified by influences of the
season, the underlying demand for iron and steel is remarkably
heavy for this period of the year, declares the "Iron Trade
Review" on Dec. 24. To meet specifications on hand, production continues at record breaking pace. For the Chicago district, new business and specifications in December have been
the largest in history. Pig iron shipments, which measure in
a broad way the proportions of consumption, are exceptionally
large and well sustained, continues the "Review" in its weekly
summary of conditions affecting the market, from which we
quote further as follows:
After having approached the loftiest point of the year, steel
production will be curtailed sharply this week because of holidays, many plants remaining closed from Thursday night until
Monday. Sheet and tin plate output will be reduced about 40%.
Pittsburgh operations have been at 90% of ingot capacity. Chicago keeps at 87%, Youngstown district at 86%. The Steel Corp.
is running 88%.
At the present mite of operations, the Carnegie Steel Co. will
produce in December 700,000 tons of ingots, which represents
more than full working capacity. Another good work in railroad
buying is shown. Car orders pMced run about 4,000, locomotives
placed totaled 75. The largest rail business in sight is 100,000
tons for the Southern Pacific. Recent orders for tie plates,
awarded by New York Central, Pennsylvania, Baltimore & Ohio,
and St. Paul Roads, call for a total of 50,000 tons.
Recent car orders have benefited Pittsburgh rather than Chicago mills, to which in the past most of this tonnage has been
going. Pittsburgh mills have taken 60,000 tons of this business.
The Pullman Co. for its program placed 9,000 tone at Chicago.
Coke prices have taken a second upward spurt due to influences
arising in the anthracite situation. After selling down to $4.75
ovens, crushed coke rebounded last week to $6 and $8, with selected grades quoted $10.
German cast iron pipe has invaded the Pacific coast market
for the first time and captured 1,300 tons for Glendale, California.
On 7,500 tons for Fort Worth, Texas, French makers have submitted the lowest bid.
November exports of iron and steel rose 171,134 tons or second largest monthly total in 1925. Shipments of semifinished
material increased sharply, due chiefly to large exports of akelp
to Canath. Imports in November were 79,771 tons.
The "Iron Trade Review's" composite price on fourteen leading
iron and steel products this week is $39.10. This figure has been
the average for the two previous weeks.
Colder
Weather
Increases
Demand
for
Coal-Prices
Remain Fairly Stable
The cold weather put new life in the New York coal market
and all branches of the trade were busy, particularly around
the end of the week, observes the "Coal Trade Journal" this
week. Coke was in the greatest demand and prices rose, in
some cases a dollar a ton. By-product run-of-oven and sized
and beehive sized coke were sold up for the time being and
none could be had for prompt shipment. There was still a
little anthracite buckwheat and river barley to be had at high
prices. High volatile prepared was up, as was the low volatile,
but activity was not great. Low volatile slack was scarce and
firmly held, continues this review of market conditions, from
[VOL 121.
active as there have been no foreign shipments for over a month.
Pool quotations were unchanged.
Prices were slightly better in the central Pennsylvania bituminous field with demand better and loadings improved during the
past week.
The coal demand in the Pittsburgh market showed little change
over the previous week. Industrial demand slackened on account
of the annual inventory period coming on. By-product coal was
firmer due to the increased activity at the coke ovens. The slack
market in both grades was stationary and there was a large
quantity available. The Connellsville coke field experienced another rise in production and a jump In quotations, though foundry
coke was not affected as much as was the furnace grade.
Stocks of both high and low volatile coals in southern West
Virginia were large and the market was not absorbing them as
much last week as was true for some time past. Lack of demand
from the East was responsible in a great measure for the accumulation of tonnage. Quotations on the lump were off though those
on the egg were stronger. High volatile prepared was weak in
demand though prices were well maintained.
The market in northern West Virginia lagged last week with
the exception of slack, which was in good demand and firmly held.
Prepared sizes were waiting for a cold spell to continue their
former activity. The railroads were buying in limited quantities.
Production in the region last week was slightly below that of
the week before. This applied to both union and non-union mines.
Activity in the Upper Potomac and western Maryland fields
slacked oft particularly in the domestic grades, and prices were
much lower. Coke was in the same position. Industrial demand,
while fair, was far from satisfactory. Conditions in the Virginia
field were unchanged and some of the coke produced in this field
was being stored.
Year-end readjustment in the bituminous coal market is responsible to a great extent for conditions that have caused the
trade to be in a frame of mind that is not exactly exultant,
declares the "Coal Age" in its Dec. 24 review of market conditions. That is an old story, of course, in a business that
has its full share of hard-boiled factors. This is not to say
that it lacks optimists, for as a matter of fact it is the latter
class who allow their cheerful expectations to blind their judgment, and when their hopes and predictions fail of realization
-as many have since the hard coal controversy first appeared
on the horizon-due in large measure to overplaying hunches
and the reappearance of the evils that no business can escape,
they are grieved to hear aspersions cast at the industry, says
the "Age," adding further remarks which we quote herewith:
It is gratifying to note that during the present difficulty the
coal business has been freer than usual from practices of a
questionable character. Like the cut-up who rocks the boat, the
producer who is willing to "take a chance" and ship on consignment always is with us, and he eventually meets the usual
fate, but there always is another to take his place. The better
element in the trade-those with its best interests at heart-are
sticking to ethical methods, realizing that such fundamentals as
the survival of the fittest are still doing business at the old stand.
All things considered, the trade may be said to be pursuing a
normal course. If business is not up to expectations-and It
never is, in the estimation of some-that, perhaps is because too
much was expected. There is good reason to believe, however,
that the outlook is better, for with the completion of inventories
and the passing of the engrossing interests of holiday time there
is bound to be a let-up in the marketing-time policy now more
or less prevalent, consumption continues apace and the end of the
anthracite strike is not yet in sight. Curtailment of production
by observance of the holidays at the mines also will tend toward a
healthier condition in the market.
Governor Pinchot's efforts at peace in the hard-coal field having
led nowhere in articular-save. possibly, deeper into hot water
-resumption of mining seems to be as far off as ever. The special
session of the Legislature called for Jan. 13 is likely to be productive of prolonged and acrimonious debate before accomplishment
much in the way of results. Perhaps for that reason the demand
for anthracite substitutes has improved, especially for coke, the
price of which has taken a turn for the better.
The "Coal Age" index of spot prices of bituminous coal stood
on Dec. 21 at 179, the corresponding price being $2.17, compared
with 182 and $2.20 respectively on Dec. 14.
Dumpings of coal at Hampton Roads during the week ended
Dec. 17 totaled 457,157 net tons, as against 337,558 tons in the
preceding week.
Cottonseed Production During November.
On Dec. 18 the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on hand
which we quote further, as follows:
cottonseed products manufactured, shipped out, on hand
Due to continued lack of interest on the part of consumers,. the and
tidewater bituminous market at Boston was dull and prices declined and exports during the month of November 1925 and 1924:
COTTONSEED RECEIVED. CRUSHED AND ON HAND (TONS).
about 15 cents. Many of the larger consumers have enough coal
to last them into 1926 and were unwilling to purchase more. Ar
Crushed.
On Hand at Milt
Received at Mills.•
rivals declined during the week. Supplies at Providence were
Nov 30.
Aug. 1 to Nov. 30. Aug. 1 to Nos. 30.
&ate.
scarce temporarily and prices, in consequence, were firmly held.
As the demand was small, prices were nominal. The all-rail bi1925.
1924.
1924.
1924.
1925.
1925.
tuminous market was dull with sales few and prices soft. The
158,283
154,782
106,177
bituminous
232,401
49,894
76,405
prepared
Alabama
domestic market improved and most of the
3.242
6,837
30,005 26,009 24,338 22,776
standing at junctions was cleaned up. All the foreign fuel at Arizona
213,724 186,706 130,140 97,066 83,634
283.501
Arkansas
Boston was cleaned up last week and the importers were taking California
38,531 40,872 23,811 28,475 15,094 15,052
335,406 222,445 202,774 169.311 132,616 57,050
orders on coal not yet arrived.
Georgia
, 175,561 114,700 116,402 79,313 59,211 35,387
Winter weather strengthened the Philadelphia coke market and Louisiana
454,676 310.887 262,863 178,400 194,792 133,239
Mississippi
several
of
slump
bad
a
prices and demand were up again after
225,907 139.433 132,570 88,644 93,683 51,141
North Carolina
weeks. Bituminous substitutes were in greater demand but deal- Oklahoma
324,915 314,324 177.672 136,242 150,537 178,321
166.470 125,968 117.118 89.779 50.716 36.820
ers were not stocking to any extent. They feel that the anthra- South Carolina
211,778 156,964 147,607 92,556 64.618 65,059
cite strike is liable to end at any time and do not wish to be Tennessee
983.248 1.138,565 619.936 687,440 384,905 458,349
Texas
coke
but
caught. Pool prices were a little soft in most eases
90,581 58,256 52,700 34.567 38,167 23.732
All other
went up and was expected to go higher.
3.552.980 3,016,924 2,220,780 1,843,820 1,364.147 1.190.020
United States
The Baltimore bituminous market was dull and showed little
change with competition keen. &rem prepared bituminous was in
•Includes seed destroyed at mills but not 32,276 tons and 21,711 tons on hand
little demand. The export situation continued to be very in- Aug. 1. nor 69,819 tons and 44,789 tons re-shipped for 1925 and 1924, respectively.
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT AND
ON HAND.
Item.
•
Season
On Hand
Aug. 1.
Produced
Aug. 1 to
Nov. 30.
Shipped Cha
Aug. 1 to
Nov. 30.
On Rand
Nov. 30.
Crude oil
1925-26 *4,847.333 642.988,336 591,706.125 *111.333.050
(Pounds)
1924-25
4.052.703 548,615.824 485,352.294 106,425.673
al11.259.544
Relined oil
1925-26 a173,549,345 5475.456.241
140,112.934
(Pounds)
1924-25 106,799,632 403,373,717
221,437
Cake and meal
1.033.094
830.633
18,976
1925-26
142,125
842.099
741.594
(Tons)
41.620
1924-25
Hulls
468.133
187.010
39,503
615,640
1925-26
194,392
366,383
527.260
(Tons)
33,515
1924-25
129.817
440.171
329,266
18,912
Linters (500-1b._
1925-26
136.207
53.410
344,957
262.160
bales)
1924-25
126,699
307,614
18,547
415,768
(Running bales)_ _ 1925-26
17,963
4,008
28.965
15.010
Hull fiber
1925-26
3,854
20,075
16,221
1924-25
(500-lb. bales)_
8,404
6,604
1.758
13,250
Grabbots, motes,-ea 1925-26
(5110-1h halml
1024-25
4.644
11.495
8.438
7.701
•Includes 635,825 and 11,316,211 pounds held by refining and manufacturing
establishments and .550,690 and 46,073.810 pounds In transit to refiners and
consumers Aug. 1 1925 and Nov. 30 1925, respectively. a Includes 12.798,456 and
3,326,882 pounds held by refiners, brokers, agents and warehousemen at places
other than refineries and manufacturing establishments and 6,989,033 and 9,350.189
pounds in transit to manufacturers of lard substitute, oleomargarine, soap, 5sc.,
Aug. 1 1925 and Nov. 30 1925, respectively. 5 Produced from 515,253,278 pounds
crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR FOUR MONTHS ENDING
NOVEMBER 30.
Item.
01I-Crude
Refined
Cake and meal
Linters
3067
THE CHRONICLE
DEC.26 1925.]
Pounds
Pounds
tons
running bales
1925.
1924.
11,737.724
11,459,921
137.146
23.122
3,035,365
10,734,304
166,119
31.253
compared with the preceding month. November being a
30-day month, the daily output increased to 118,576 tons,
a gain of 8,828 tons, or 8%,compared with the October rate.
According to the monthly report of the industry compiled
by the U. S. Bureau of Mines, from which we quote: "The
coke plants operated at about 88% of capacity. With the
inclusion of the new plant at Troy, N. Y., and the rebuilt
plant at Chester, Pa., the total number of by-product plants
now in existence is 80, of which 74 were active during the
month. The current output is the highest on record for
any month."
According to the "Iron Age," the production of coke
pig iron for the 30 days in November was 3,015,482 gross
tons, or 100,516 tons per day, as compared with 3,023,370
tons or 97,528 tons'per day for the 31 days in October. This
is the first time the daily rate has exceeded 100,000 tons
per day since last April. A year ago the November production was 2,509,673 tons.
Beehive coke production continued to increase duriiig
November, the total being estimated at 1,213,000 net tons,
an increase of 207,000 tons, or 20.6%, compared with the
month of October.
Production of all coke amounted to 4,770,000 tons, the
by-product plants contributing 75%, the beehive plants
the remainder.
MONTHLY OUTPUT OF BY-PRODUCT AND BEEHIVE COKE IN THE
UNITED STATES (NET TONSai).
By-Product
Beehive
Bituminous Coal Production Makes Further GainCoke.
Coke.
Total.
Anthracite Situation Unchanged-Coke Output
3,133,000
1,615,000
4,748.000
1923 monthly average
3.639.000
2,833,000
808,000
1924 monthly average
Decreases.
3,162.000
602.000
3.764,000
During the week ended Dec. 12 a gain of 31,000 net tons Aug. 1925
746,000
3,185,000
3.931_000
1925
was made in the production of bitunlinous coal and of Sept.
3,402,0005
1,006.000
4.408.0005
Oct. 1925
3.557.000
1.213.000
Nov. 1925
4.770.000
2,000 tons in the production of anthracite. Coke, on the
a Excludes screenings and breeze. b Revised since last report.
other hand, lost by about 7,000 tons when compared with
The total amount of coal consumed in both beehive and
the preceding week, according to statistics furnished by the by-product
coke plants amounted to 7,024,000 tons, 5,111,U. S. Bureau of Mines,from which we reprint the following: 000 tons being consumed at by-produnt plants and 1,913,000
Production of bituminous coal during the week ended Dec. 12, including
tons at beehive plants. This November total is within
lignite and coal coked at the mines, is estimated at 12.898,000 net tons,
6,000 tons of the monthly average for 1923.
a gain of 31.000 tons over the revised figure for the preceding
week. The
average daily rate of output maintained during the first two weeks in
December has been approximately 2,148.000. Compared with the November rate, this represents a gain of 5,000 tons a day.
Estimated United States Production of Bituminous Coal (Net Tons) Including
Coal Coked.a
1925-1924
Cat. Year
Cal. Year
Week.
to Date.
Week.
to Date.b
November 28
11.599.000 467,910,000
9.885.000 433,150,000
Daily average2.180,000
1.669,000
1.912,000
1.551,000
December 5-c
12,867,000 480,777.000
10,831.000 443.981.000
Daily average
2,145,000
1,679,000
1.805,000
1,556.000
December 12_d
12,898,000 .493,676,000
10,873,000 454.854,000
Daily average.... 2,150,000
1,689,000
1,812,000
1,561,000
a Original estimates corrected for usual error, which in past has averaged
2%. b Minus 2 days' production first week in January to equalize number
of days in the two years. c Revised. d Subject to revision.
Total output during the calendar year 1925 to Dec. 12 is 493,676,000
net tons. This is approximately 38,822,000 net tons, or 8.5% more than
that during the same period of 1924. Corresponding figures for recent
yeare are given below:
Years of Depression.
Years of Activity.
1918
556,343,000 net tons 1919
439,396,000 net tons
536.752.000 net tons 1921
1920
394.882.000 net tons
1923
537,919,000 net tons 1924
454,854,000 net tons
ANTHRACITE.
Production of anthracite for the week of Dec. 12, based on reports
received from the principal carriers, is estimated at 64,000 tons, an increase
of 2,000 tons over the preceding week. Total output during the calendar
year to date is now 62,009.000 tons, 27.8% less than during the corresponding period of 1924.
Estimated United States Production of Anthracite (Net Tons).
19251924
Cal. Year
Cal. Year
to Date.
Week.
Week.
Week Endedto Date.a
36,000 61,883,000
Nov. 28
1.611.000 82.358,000
62,000 61.945.000
Dec. 5
1,814,000 84,172,000
Dec. 12
64.000 62.009,000
1,772,000 85,944,000
a Less 2 days in January to equalize the number of days in th 2 years.
BEEHIVE COKE.
Production of beehive coke during the week ended Dec 12 5 estimated
at 291,000 net tons, a decrease of 7,000 tons, or 2.3%, compared with the
preceding week. The decrease was confined to Pennsylvania and West
Virginia. Compared with the corresponding week of 1924, the week of
Dec. 12 shows an increase of 99,000 tons, or 51.6%. Total putput during
the calendar year to date is now 9.946,000 tons, 9.8% more than during
the corresponding period of 1924.
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1925
1924
to
to
Dec. 12 Dec. 5 Dec. 13
1924.
Date.
1925.b 1925.c
Date.a
Pennsylvania & Ohio_ - _230,000 239.000 145,000 7,672,000 6,850,000
West Virginia
10,000
18,000
15,000
611,000
475,000
Ala. Ky.,'Tenn. & Ga..26,000
19,000
21.000
889,000
888,000
Virginia
10,000
9,000
10,000
359.000
397,000
Colorado & New Mexico 6,000
6,000
5,000
230,000
248.000
Washington & Utah
4.000
4,000
4,000
185,000
199.000
United States total_-291,000 298,000 192,000 9,946.000 9,057.000
Daily average
32,000
49,000
50,000
34.000
31,000
a Adjusted to make comparable the number of days covered in the
two years. b Subject to revision. c Revised since last report.
Coke Statistics for November.
Production of by-product coke during the month of
November, as reported by the operators, amounted to
3,567,000 net tons, an increase of 155,000 tons, or 4.6%,
ESTIMATED MONTHLY CONSUMPTION OF COAL IN THE MANUFACTURE OF COKE (NET TONS).
Consumed in
By-Product
Ovens.
Consumed in
Beehive
Ovens.
Total
Coal
Consumed,
1923 monthly average
1924 monthly average
4,523,000
4,060,000
2,507,000
1,272,000
7.030,000
5,332,000
Aug. 1925
Sept. 1925
Oct. 1925
Nov. 1925
4.544,000
4,576.000
4,888,0006
5.111.000
950.000
1,177.000
1,587,000
1.913.000
5,494.000
5,753.000
6,475.000a
7,024,000
a Revised since last report.
Of the total output of by-product coke during November,
2,953,000 tons, or 83%, were made in plants associated with
ron furnaces, and 604,000 tons, or 17%, were made at
merchant or other plants.
PER CENT OF TOTAL MONTHLY OUTPUT OF BY-PRODUCT COKE THAT
WAS PRODUCED BY PLANTS ASSOCIATED WITH IRON FURNACES
AND BY OTHER PLANTS 1920-1925.
1920.
Month.
Furwee.0
January
February
MarchAP61
May
June
July
August
September
October
November
December
79.8
80.7
:1.1
81.1
82.0
82.3
82.5
82.0
81.1
81.3
81.1
82.5
20.2
19.3
18.9
18.9
18.0
17.7
17.5
18.0
18.9
18.7
18.9
17.5
1921.
1922.
1923.
1924.
1925.
FurFurFurFurFurnage Other noes Other noes 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
16.7
16.9
17.1
82.8
82.3
82.6
82.6
82.7
83.1
83.3
82.7
82.2
82.2
82.2
82.6
17.2
17.7
17.4
17.4
17.3
16.9
16.7
17.3
17.8
17.8
17.8
17.4
82.8
83.6
84.0
83.6
80.0
80.8
80.8
79.5
82.0
82.9
83.4
84.6
17.2
16.4
16.0
16.4
20.0
19.2
19.2
20.5
18.0
17.1
18.6
15.4
84.8 15.2
83.7 16.3
83.7 16.3
83.7 16.3
83.2 16.8
83.1 16.9
82.6 17.4
82.1 17.9
82.2 17.8
82. 17.7a
83.0 17.0
____ ____
81.4 18.6 82.7 17.3 83.6 '16.4 82.6 17.4 82.3 17.7
a Revised since last report.
Production of Bituminous Coal in November.
The total production of bituminous coal during November amounted to 50,780,000 net tons, a figure within two
million of that recorded for November 1920, a year of great
activity, according to the report just issued by the United
States Bureau of Mines.
During the month of November 1925 there were three
holidays which were partially observed at the soft coal mines,
the number of normal working days totaling approximately
23.7 as against 27 in October. The average ,output per
working day amounted to 2,143,000 tons. Conbared with
the daily rate in October and September, this shows increases
of 8.8 and 16.3%, respectively.
It is estimated that during the month of November
151,000 net tons of anthracite were produced.
PRODUCTION OF COAL IN NOVEMBER AND AVERAGE OUTPUT PER
WORKING DAY(NET TONS) ESTIMATED.
Bituminous
Atithractle-Month.
Daily Avge.
Month,
Daag AWL
46,817,000
1,843,000
2.000
September
52,000
53,203,000
1.970.000
2,500
October
68,000
50.780,000
2,143,000
6,600
November
151,000
3068
THE CHRONICLE
(Vol. 121
Current Events and Discussions
bonds, stocks and securities declined $33,000,000, of which $14.000.000
The Week with the Federal Reserve Banks.
was reported for the New York District and $8,000.000 and $7,000,000 for
The consolidated statement of condition of the Federal the Cleveland
and San Francisco districts, respectively.
Reserve banks on Dec. 23, made public by the Federal
The increase of 8197,000,000 in net demand deposits was participated
all
districts
by
except Cleveland. Richmond and Dallas. The principal
Reserve Board, and which deals with the results for the in
increases in this item were $34,000,000 in the New York District, $30,000,twelve Federal Reserve banks combined, reflects the usual 090 in the San
Francisco District. $18.000,000 in the Chicago District and
holiday demand for currency, Federal Reserve note circula- $15,000,000 and $14,000,000 in the Boston and Philadelphia districts.
respectively.
tion increasing $107,400,000 during the week and cash reTime deposits were $58,000,000 less than last week, the largest declines
serves declining $52,700,000. Holdings ,of discounted bills of $44,000.000 and $10.000.000
were reported for the San Francisco and
went up $145,100,000 and of acceptances purchased in the Boston districts, respectively.
Government deposits went up $219,000,000, increases being reported
open market $17,300,000, while Government securities went by banks in all Federal
Reserve districts.
dgwn $39,000,000, the redemption of $91,000,000 of temporThe principal changes in borrowings from the Federal Reserve banks
ary certificates issued by the Treasury to the Federal Reserve consisted of a reduction of 864,000.000 by banks in the New York District
and of $16,000,000 and 811.000.000 by banks in the San Francisco and
banks on the previous report date, Dec. 16, having been Boston
districts, respectively, and an increase of $14,000.000 by banks in
partly offset by additional purchases in the open market. the Cleveland District.
After noting these facts, the Federal Reserve Board proceeds
On a subsequent page-that is, on page 3108-we give the
as follows:
figures in full contained in this latest weekly return of the
An Federal Reserve banks report increased discount holdings, with the member banks of the Reserve System. In the following is
exception of Cleveland. Minneapolis and Kansas City, which report a
furnished a summary of the changes in the principal items
total decrease of $10,200,000. The principal increases in discount holdings
during the week were as follows: New York, 182,000,000: Boston. $27.000,- as compared with a week ago and with last year:
000; and Philadelphia. Chicago and Richmond, $10,000,000 each.
Open market acceptance holdings went up $25,100,000 at the New York
Bank and $7.700.000 at Atlanta, while the St. Louis Bank shows a decrease
of $10.100.000, and Dallas a decrease of $4,400,000. Treasury notes on
hand increased $36.300.000, while holdings of United States bonds declined
$7.600.000, and of Treasury certificates $67,600.000, the reduction in the
latter item being more than accounted for by the retirement of $91,000,000
of temporary Treasury certificates held by the Federal Reserve banks on
the preceding Wednesday.
Federal Reserve note circulation went up at all Federal Reserve banks.
the principal increases being: New York,$21.700.000: Chicago, 818,100.000;
Cleveland. 816.400,000; Atlanta, $11,600.000; and Philadelphia. $10.100,000.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be found
on subsequent pages-namely, pages 3107 and 3108. A
summary of changes in the principal assets and liabilities of
the Reserve banks during the week and the year ending
Dec. 16 1925 follows:
Loans and discounts,total
Secured by U. S. Govt. obligations
Secured by stocks and.bonds
All other
Investments, total
U. S. bonds
U. S. Treasury notes
U.S. Treasury certificates
Other bonds, stocks and securities
Reserve balances with F. R. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Total accommodation at F. R. banks
Increase (+) or Decrease (-)
During
Week.
Year.
+817.000.000 +81.080.000.000
-8.000.000
-23.000.000
+72,000.000
+905.000.000
--47.000.000
+198,000.000
+95.000.000
-81.000.000
-9,000.000
+11.000.000
+26.000.000
-196.000,000
+111,000.000
+43.000.000
-33.000.000
+11,000,000
+7.000.000
-4.000.000
+13.000.000
-12,000.000
+107.000.090
+92.000.000
-58.000.000
+469.000.000
+219.000.000
+77,000,000
-64.000,000
+287 000.000
Increases(+)or Decreases(-) Gold and Silver Imported into and Exported from the
During
United States, by Countries, in November.
Week.
Year.
The Bureau of Foreign and Domestic Commerce of the
Total reserves
-$52.700,000 -$240.200,000
Gold reserves
-36.300.000 -247.500.000 Department of Commerce at Washington has made public
Total bills and securities
+122,900.000 +173.200,000
its monthly report, showing the imports and exports of gold
Bills discounted, total
+145.100.000 +367.700.000
Secured by U.S. Government obligations +98,400,000 +202,200.000 and silver into and from the United States during the month
Other bills discounted
+46,700.000 +165.500,000 of November 1925. It will be noted that the gold exports
Bills bought in open market
+17,300.000 -19.600.000
United States Government securities, total -39.000,000 -178,400.000 reached $24,360,071. The imports were $10,456,115,
Bonds
-7.600.000
-8,900,000 $3,000,000 of which came from Japan, $2,857,524 from'
Treasury notes
+36,200.000 -152.500.000 Canada and $2,579,490 from the United Kingdom.
Of the
Certificates of indebtedness
--67,600,000 --17.000,000
Federal Reserve notes in circulation
+107.400,000 -46,100,000 exports of metal$20,184,998 went to Canada, while Colombia
Total deposits
-24,900.000 -35.600.000 took $1,004,035.
Members' reserve deposits
-45,400.000
-3,500,000
Government deposits
+23,200,090 -29,000,000 GOLD AND SILVER IMPORTED INTO AND EXPORTED FROM THE
UNITED STATES, BY COUNTRIES.
GOLD.
The Week with the Member Banks of the Federal
Countries.
Reserve System.
.
The Federal Reserve Board's statement of condition of
721 reporting member banks in leading cities as of Dec. 16 Denmark
France
shows increases during the week of $1.7,000,000 in loans and Germany
Free State_
Irish
discounts, $95,000,000 in investments, $107,000,000 in net Norway
demand deposits and $219,000,000 in Government deposits. United Kingdom_
Canada
These increases were accompanied by reductions of U8,000,- Costa
Rica
Guatemala
000 in time deposits and $64,000,000 in borrowings from the Honduras
Federal Reserve banks. It should be noted that the figures Nicaragua
Panama
for these member banks are always a week behind those for Salvador
Mexico
the Reserve banks themselves. Member banks in New Newfoundland
&
Labrador
York City reported declines of $1,000,000 in loans and Jamaica
discounts and $67,000,000 in borrowings from the Federal Trinidad&Tobago
Other Br. W.Ind.
Reserve Bank, together with increases of $23,000,000 each Cuba
W.Indies_
in investments and net demand deposits, and of $54,000,000 Dutch
Argentina
Brazil
in Government deposits. Further comments regarding the Chile
changes shown by these member banks are as follows:
Colombia
SILVER.
Total.
Relined Bullion.
Imports.
Exports.
Imports.
Dollars.
Dollars.
Ounces.
5,077
290.590
Total (Include* Coin)•
Exports. Imports.
Exports.
Ounces. Dollars. Dollars
816
625
26,091
497,478
265 343,098
3,000
84
633
1,288.451
20,434 895,556
530.973 136,052 702,656 184,907
2,583
1,827
2.900
205,358
144,602
7.347
. 27
18
2,479.490
2,857,52420,184,998
717,48
23,79
7,968
27,330
3,192
700,000
369.812 389,063 2,450,461
2,726.549
89,180
445
20
316
17
575
347
282
365
80.682
7,084
638
1.216
426
1,500
24.950
32,637
154.415 1,004,035
3.944
157,997
906
20,315
30,235
71,273 400,000
117
200
2,165
281,065
2.034
5.247
Ecuador
8,862
Loans on U.Government securities declined $8,000,000 in the New Dutch Guiana_ _
4
3
York District. Loans an corporate stocks and bonds went up $72,000,000. Peru
24.472
21,249
increases being shown for all districts except Richmond and Atlanta. Venezuela
259
17
British
India_
6,569,896
The principal increases in this item were $41.000,000 in the New York
4,546.384
957,276
Settlem'ts.
District and 315,000.000 in the Philadelphia District. All other loans Straits
China
2,854,318
1,982.495
and discounts fell off $47.000.000, of which $33.000,000 was in the New Dutch East Indies 162,896 115.000
96,402
Hongkong
York District.
268,400
100,375
69.258
Japan
3,000,000
Investments in U. S. Government securities were $128.000,000 more
Philippine Islands 164.037
2,260
than a week earlier, increases being shown for banks in all districts. The
largest increases were as follows: New York District $44,000.000, Boston
Total
10.456.11524,360.071 3,216,93811,448.226 4.049.035 8.118.093
District $17,000,000, Cleveland District $15,000,000 and the Philadelphia,
•
These figures represent the value of silver coin as well as bullion.
Chicago and San Francisco districts $9,000,000 each. Holdings of other of refined bullion is not shown on this statement, but only the ounces. The value
DEC.26 1925.]
Stock of Money in the Country.
The Treasury Department at Washington issued its customary monthly statement showing the stock oZ 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 of
the member banks of the Federal Reserve System) was
$4,971,764,948, as against $4,900,838,845 Nov. 1 1925 and
$4,993,570,452 Dec. 1 1924 and comparing with $5,628,427,732 on Nov. 11920. Just before the outbreak of the European war, that is, on July 11914, the total was only $3,402,015,427. The following is the statement:
,2.
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Investment by Dillon, Read & Co. in Stock of DiscontoGesellschaft.
Announcement that Dillon, Read & Co. of this city and
a number of banking associates have purchased for investment a block of shares of the Disconto-Gesellschaft, one of
the largest and most important banks in Germany, was
made on Dec. 12. The following in the matter is taken
from the Now York "Times":
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may issue its own securities to acquire such investments. Further information regarding this issue may be found in our
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& Co. and Clark, Dodge & Co. on December 23 offered for
public subscription an issue of $15,000,C00 participating preferred stock at $99 per share. The stock is preferred as to
cumulative dividends at the rate of 61A per cent (the present
rate) per annum and participates equally with the common
stock, share for share, in dividends in excess of $6.50 per share
paid on common stock in any year.
Swedish American Investment Corporation, incorporated in
Delaware in December, 1926, has been formed by prominent
‘Ivedish interests, together with American interests, and owns,
or will own, upon application of proceeds of present financing,
stocks and other securities, including holdings in banks, real
estate companies and industrial companies in Sweden and other
countries. Under its charter it may, among other things, ac-
field for
Federal
Reserve
Banks
and
Agents.
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Offering of $15,000,000 Swedish American Participating
Preferred Stock
A syndicate headed by Lee, Higginson & Co., Brown Brothers
'CC
Amt. Held in Reeve agalrat
Trust again& United States
Notes
gold & Silver
Certificate.) (A (and Treasury
Nola
Treas'y Notes
of 1890).
of 1890).
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Viscose" (Societa Nazionale Industrie, A pplicazioni Viscosa),
of Turin, Italy, reported to be the third largest manufacturer of
Rayon in the world. This stock, offered at $16 per share, does
not represent new financing in behalf of the company, but is
ceipts are registerable, negotiable and transferable in this country. Dividends will be payable in New York City to the registered holders of depositary receipts by check in U. S. dollars.
Further information regarding this issue may be found in our
0
-a
Offering of "Snia Viscosa" Shares in New York Market
E. F. Hutton & Co. and Harvey Fisk & Sons announced this
week the offering in the New York market of depositary receipts, representing fully paid shares of capital stock, of "Sala
Total.
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rain 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. Lawful money has been deposited with the Treasurer of the United
States for retirement of all outstanding Federal Reserve bank notes. National bank
notes are secured by United States bonds except where Ltwful money has been
deposited with the Treasurer of the United States for their retirement. A 5% fund
is also maintained in lawful money with the Treasurer of the United States for the
redemption of national bank notes secured by Government bonds.
arranged to facilitate the development of an international market for the company's shares. 'rhe offering consists of depositary receipts of the Chase National Bank of New York, representing 600,000 fully paid shares of capital stock of Snia
Viscosa deposited with the Chase bank. The depositary re-
"
0 ''aRPIcot
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3069
THE CHRONICLE
0 1,3 (4
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0 Ia. Co Ia
1 R i kk s'• E
f.,..
.
. ..
4
a Includes United Sates paper currency in circulation In foreign countries and the
amount held by the Cuban agencies of the Federal Reserve banks.
b Does not Include gold bullion or foreign coin outside of vaults of the Treasury,
Federal Reserve banks and Federal Reserve agents.
C These amounts are not Included in the total since the money held In trust against
gold and silver certificates and Treasury notes of 1890 is included under gold coin
and bullion and standard silver dollars, respectively.
d The amount of money held in trust against gold and silver certificates and Treasury notes of 1890 should be deducted from this total before combining It with total
money outside of the Treasury to arrive at the stock of money in the united States.
e This total includes 315.100,213 of notes in process of redemption. $154,305.713
of gold deposited for redemption of Federal Reserve notes. $15.246,079 deposited
for redemption of national bank notes. 84.565 deposited for retirement of additional circulation (Act of May 30 1908), and 88,576,290 deposited as a reserve
against Postal Savings deposits.
fIncludes money held by the Cuban agencies of the Federal Reserve banks of
Boston and Atlanta.
Note.-Gold certificates are secured dollar for dollar by gold held in the Treasury
for their redemption; silver certificates are secured dollar for dollar by standard silver
dollars held In the Treasury for their redemption; United States notes are secured by a
gold reserve of $153.820.986 held In Treasury. This reserve fund may also be used for
redemption of Treasury notes of 1890, which are also secured dollar for dollar by
standard silver dollars held in 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 Aot. Federal Reserve banks must main-
The American bankers will not be represented On the board, but will
have a close relationship with the management of the bank. While large
sums of American capital have been flowing to Germany,it has been mostly
for investment in bonds, and this is one of the few cases in which New York
financial interests have obtained an interest in the capital shares of a
German institution.
The Disconto-Gesellschaft is one of the "D" banks, comprising the
largest In Germany. the others being the Deutsche Bank. the DarmstadterNational and the Dresdner Bank. The Disconto-Gesellschaft has always
occupied an Important position in German financing and industry. It is
estimated that the bank is directly or indirectly connected with the management of more than 600 German corporations.
Before the war this bank was instrumental in placing the securities of
a number of foreign corporations in Germany, among which were the
securities of the Pennsylvania RR. and other leading American companies.
The issued capital stock of the bank is 100.000.000 reichsmarks. on which
dividends of 10% were paid last year. The bank has paid dividends on
its stock in every year since its organization, in 1851, with the exception
of 1870 and 1923. Since 1894 dividends have never been less than 8%
a year. The shares of the bank are currently quoted above par on the
Berlin Stock Exchange,
The Disconto-Geselischaft has branches all over Germany and owns all
or part of the capital stock of banking institutions in Amsterdam, Vienna,
Rio de Janeiro, Valparaiso, Chile and elsewhere. It has banking offices
in 125 cities in Germany.
Until about a year ago it was virtually impossible for outside investors
to obtain capital shares in German banks and other institutions, the practice having been frowned on by the Berlin Government. At one time a
law provided that none but residents of Germany might own securities
that gave them voting rights in German concerns. This has been changed.
and it is expected that next year will see increasing amounts of American
capital so invested in Germany.
•
3070
THE CHRONICLE
[VOL 121
German Land Bank Fails—Not Considered Sign
of
Banking Weakness Elsewhere.
Copyright advices are reported as follows from Berlin,
Dec. 13 by the New York "Times":
Snow & Bertles. Inc. Interest rates and
the offering price of the bond,
have not yet been decided.
The loan is being obtained jointly by all the
Catholic dioceses in Bavaria,
and is mainly for construction purposes. Little
new church building was
done in Bavaria during or since the war.
While the Church is in a prosperous
condition, it was decided that building needs were
Among the unsettling influences of the past week
so large that temporary
was the suspension financial
accommodation from the outside world was needed,
of payments by the Berlin Land Bank. This institutio
According
n had financed under- to word received
yesterday from Mainz, one of the principal Bavarian
takings of rural settlements.
cities, the proceeds of the loan will be used to
No apprehension is felt, however, regarding the
erect
new churches, schools
position of the com- and other
structures, to catch up with the work neglected during
Merdal banks.
and since
the war.
Germany's Foreign
Loans—Berlin Bank Puts
Marks in a Year.
1,895,000,000
Them at
Under the above head the New York "Times" reported
the following from Berlin (copyright), Dec. 13:
A summary of the Handelsgesellschaft Bank puts the total of long-term
German foreign loans issued between October 1924 and October
1925, at
1,895.000,000 marks. Of these it ascribes 1,310,000 marks to public borrowers, in addition to which there were short-term credits
aggregating
2,000.000,000 to 2.500,000,000.
These figures are taken to mean that since the Dawes settlement something like 4,000,000,000 marks of foreign credits have been acquired,
a
1111m which approximately equals the surplus of imports in Germany'
s
arraign trade.
German Reparation Receipts and Payments for
November.
Reparation receipts of 96,032,307 gold marks during the
month of November are reported by the office of the AgentGeneral for Reparation Payments. The figures were made
public under date of Dec. 10—the statement showing receipts
for the second annuity year—cumulative to Nov. 30 1925
of 250,662,638 gold marks. Out of the total cash of 357,675,909 gold marks available in the second annuity year to
Nov. 30 1925, the payments aggregated 258,335,484 gold
marks. The statement follows:
OFFICE OF THE AGENT-GENERAL FOR REPARATION PAYMEN
TS
STATEMENT OF RECEIPTS AND PAYMENTS FOR THE SECOND
ANNUITY YEAR TO NOV. 30 1925.
(On cash basis, reduced to gold mark equivalents.)
Second Annuity
Month
Year—Ctnnuof
tattoo Total to
November 1925 Nov. 30 1925.
A. Receipts in second annuity year:
1. Budgetary contribution
2. Transport tax
3. Interest on Railway Reparation bonds
4. Interest received
5. Exchange differences
Total receipts
Gold Marks.
20,000,000.0C
26,062,187.81
50.000,000.0f
104.443.74
Cr.134,324.38
96,032,307.27 250,662,638.75
B. Balance of cash at Aug. 31 1925
107,013,270.89
Total cash available
C. Payments in second annuity year:
1. Payments to or for the account of:
France
British Empire
Italy
Belgium
Serb-Croat-Slovene State
Rumania
Japan
Portugal
Greece
Poland
Gold Marks.
70,000,000.00
79,936,204.33
100,000,000.00
592,429.39
134,005.03
357,675,909.64
43,224.829.9f
18.278,773.31
3.389.965.61
7,233.658.51
2,670.008.8!
00,499.67
120.434,467.68
52,217.030.74
15,299,092.43
22,662.143.39
9,518.979.03
2,036,968.71
Dr.179.26
311.207.91 1,365,175.86
245,861.0f
726,593 55
1.157.31
6,021.01
Bavaria, one of the richest of the German States,
is predominantly
Catholic, it being estimated that 90% of the populatio
n belongs to that
faith. It is understood that large church revenues
will be pledged as security
for the interest and principal of the new
loan, in addition to which first
mortgages will be given on church buildings and
other properties. Structures of this character in Bavaria are among the
most famous of their kind
in Europe. The Catholic Church in Bavaria
receives large allotments of
funds for educational and other purposes
from the German Government.
and it is understood these will also form
a part of the pledge liehind the new
bonds.
Strong Position of German Reichsbank—"Discou
nt
Rationing" Policy Now Strongly Approved in
Berlin Financial Circlei.
From the New York "Times" we quote the followin from
g
Berlin, Dec. 13 (copyright):
The Reichsbank's position is increasingly favorable
. In particular, its
reserve of legal-cover foreign exchange has
greatly increased, standing in
last week's statement as of Dec. 7 at
402,000,000 marks against only
332.000.000 in the middle of September. President
Schacht's promise to
relax the bank's discount-rationing policy,
while refusing to reduce the
present 9% discount rate of the Reichsbank,
is generally approved.
The rationing policy is felt to have fully justified
itself, total discounts at
the end of November having been only
1.650.000,000
2,064,000,000 at the end of last December. Financial marks as against
circles also strongly
approve Schacht's statement of his reasons against
excessive foreign borrowing; which are, that such borrowing will
compel the Reichsbank to issue
constantly more notes against the foreign
exchange proceeds of such loans,
with the result of undue increase in German
paper circulation and a dangerous rise in prices.
Reichsbank to Pay Dividend of 10%.
A radio message to the New York "Journal of Commer
ce"
from Frankfort on the Main, Dec. 16, says:
it is stated here on good authority that the Reichsbank, although having
very considerable profits this year, will probably
pay only
As in 1924, the greater part of its profits goes to reserves 10% dividend.
and to the Government.
Berlin Bourse to Curb Irresponsible Gossip.
Advices as follows (Associated Press) were reported from
Berlin, Nov. 26 by the New York "Journal of Commerce":
Irresponsible Bouse gossipers hereafter will be subject to legal
action
by reason of a resolution adopted today by the Board of
Governors of the
Bourse in its determination to put an end to the circulation
of false rumors.
The Borsig Locomotive Works, one of the leading German
industrial
plants, has made public announcement of its determina
tion to run down
the source of gossip which, It is claimed, Is directed against
the company's
shares. Other reputable firms, likewise victims of irresponsi
ble talk, have
decided to appeal to the Bourse authorities for redress.
Germany's Foreign Borrowings — Berlin Bank Puts
Them at 1,895,000,000 Marks in a Year.
A special cablegram from Berlin to the New York "Times,
"
Dec. 13 (copyright) stated:
Total payments to powers •
76,045.962.2C 224,266,293 14
2. For Service of German External Loan 1924
6,730.098.41 25,965,885.40
A summary of the Handelsgesellschaft Bank puts the total
3. For expenses of:
of long-term
German foreign loans issued between Oct.. 1924. and Oct..
Reparation Commission
240,012.8.!
968,694.20
1925, at 1.895,Office for Reparation Payments
000,000 marks. Of these it ascribes 1,310.000.000 marks to
308,320.22
925,013.68
public borRhineland High Commission
762,05.77 2,331,340.12 rowere, in addition to which there were short-ter
m credits aggregating
Military Commission of Control
600,000 00 1,700,000.00 2,000.000,000 to 2,500.000
.000.
4. Discount on payment made by Deutsche RelchsThese figures are taken to mean that since the Dawes settlemen
bahn Gesellschaft in advance of due date
967,221.92 2,178,257.58
t something like 4.000.000.000 marks of foreign credits have
been acquired, a
Total Payments
85,654,581.37 258,335,484.12 sum which approximately equals the
surplus of imports in Germany's
foreign trade.
D. Balance of cash at Nov. 30 1925
09.340,425.52
157.675.009.64
•See Tablet I and II for analysis of payments by category of expenditure and
by Powers.
New Hungarian Currency—"Pengo" Equivalent
to
12,500 Paper Crowns—Will Be Issued in Two
Denominations.
Proposed Bond Offering in Behalf of Catholic Church
The "Wall Street Journal" of Dec. 9 reports the
following
of Bavaria.
from its Paris office:
The pengo, the latest European currency, has become
It was made known last week that negotiations are in
the standard
Hungarian coin. The word means resounding or ringing and
progress for a loan to the Roman Catholic Church of Bavaria. time
dates from the
when there were paper and silver florins current in the
country
and the
One of the accounts of the proposed financing—that appearing peasants hoarded the latter, calling them "penge forint."
A pengo corresponds by law to 12.500 paper crowns and,
in the New York "Times" of Dec. 15—had the following to
since the latter
have been stabilized against sterling at 348,000 to
the pound sterling, 27.7
say in the matter:
pengo are required
For the first time in the history of the Roman Catholic Church an integral
branch of it has arranged a loan in Wall Street on which bonds will be offered
for public subscription. The Catholic Church of the State of Bavaria
Is the borrower, and the loan may be as large as 830.000.000, of which an
initial offering of $10,000,000 Is expected to be made within the next few
weeks.
This represents the second breaking of precedents in Catholic financing
this year. A few months age the Holy See, In conferences in Rome with
representatives of American bankers, concluded arrangements for a credit
which Was advanced by the Chase National Bank and Blair & Co., Inc.,
for special Vatican purposes. That was a private banking credit, the terms
of which were never fully revealed, while in the present case American
Investors will be invited to participate in the loan.
It is understood that a group of five or more American banking houses
will underwrite the Bavarian Church loan. While the syndicate has not
been completed, it was reported in Wall Street that A. Iselin & Co. would
head the banking group, which is expected to include, among others. Howe.
to buys pound. The pengo, being thus also 25%
superior
in value to the new Austrian schilling and 18%
Inferior to the old gold
crown, Is not destined to be an easy currency for
conversion calculations.
But its adoption has a reason, which is the
government's
simple comparisons between the cost of living and rates desire to prevent
of wages now and
before the war, as also in other countries, particular
ly Austria. Revalodzation of state bonds, rents, &c. has not yet been
undertaken and the time is
notthought ripe for it. The standard of living in
Hungary is below per-war
level and prices are some 15% below world levels.
It had been proposed to
adopt the Austrian schilling or the English shilling,
thing, or the old gold crown, but these had to yield which is quite anothre
to the pengo.
Coins of 10 and 20 pengo are to be issued, nine
-tenths gold, the gross and
fine weights of the former being 2.923975 and
2.631578 grams respectively,
On one side these bear the legend Magyar Kiralysag
or Kingdom of Hungary.
thus perpetuating the Republic's claim to be
in reality a monarchy in
suspense. The pengo itself will be a silver coin
of 5 grams and will be
divided into 100 gara, coins in denominations
of 50,
being issued in bronze-aluminum and copper-nickel. 20, 10. 2 and 1 garo
Dm.26 1925.]
Great Britain to Float Hungarian Mortgage Loan.
We quote from the New York "Journal .of Commeree"
the following Associated Press advices, dated London,
Dec. 9:
The rush for the German potash loan yesterday, which was covered
twelve or fourteen times and which was the first big foreign issue since the
removal of the embargo, has turned the attention of investors toward other
possible Continental industrial loans, two of which are expected to be
offered for subscription soon. The underwriting arrangements are virtually
completed on one of these, a Hungarian land mortgage loan of £1,000,000
at 7M%. The amount advanced will be limited to the value of one average
year's crops.
Governor of Bank of Portugal Resigns.
A cablegram dated London, Dec. 16 is announced as
having been received by the New York News Bureau from
the Central News as follows:
Reports that were current that forged bank notes to the amount of £1,000.000, printed in London had been issued in Portugal, are denied, and it
is declared that the notes and the signatures were genuine. The governor
of the Bank of Portugal, who has resigned, denies that there was a secret
&alum,
understanding with the Angola Bank to inflate the currency.
Russia Willing to Discuss Old Debts, Declares
Tchitcherin.
Paris Associated Press cablegrams Dec. 16 are announced
as follows by the New York "Journal of Commerce:"
George Tehltchorin, Foreign Commissar of Soviet Russia, who recently
arrived In Paris after visiting Warsaw, Berlin, Geneva and other centers,
took occasion today to express his sentiments on certain world affairs. These
sentiments may be outlined about as follows:
Continued distrust of the League of Nations, lack of confidence In the
Locarno pact, readiness to discuss the resumption of political relations with
the United States, opposition to security negotiations in advance of general
disarmament, and confidence that the existing hostility to the Soviet
republics will lose its force little by iii tie.
Recent events, M. TchItcherin declared, have shown the Immense importance of the Union of Soviets In international politico and commerce.
"The general settlement of international affairs is impossible without us,"
he said, "and because we ardently desire friendly political and economic
relations with the whole world we are for peace, contrary to the allegations
of those who represent us as a disturbing element."
The way to arrive at the friendly relations the Soviets desire, he explained,
was not that which had been poInvo out to them They remained hostile
to the League or Nations and they put no faith In the Locarno pact, which
the Russian Foreign Commissar deemed merely preparation for a crusade
against the Soviets.
A distinction must be made between old Russia and new Russia in considerating debts, and he Illustrated the attitude of the Soviets on that
question by citing the words of a French public man: "Franca recognizes
her debts, but does not pay them." while Russia refuses to recognize the
debts of the old regime, though ready to discuss a settlement on certain
conditions.
Economic relations with the United States had already been resumed,and
he thought that this might be one of the obstacles to progress toward
diplomatic relations, adding: "Some people may be inclined to say that
since they are already able to do business with Russia, resumption of diplomatic relations Is not necessary."
Romolo
On the contrary, the economic. condition of a country depends
enormously upon the moral qualities of its people and upon the
character of its Government. The courage and the Cetermination
of new Italy is a factor of great importance; it is responsible
for the continuous progress in the economic and financial situatiob
of the country during the past three years.
In considering in some detail the trade relations between the
United States and Italy, it is evident that the World War has so•
centuated the dependence of the Italian economy on that of We
United States. The balance of trade between the two countries
is decidedly unfavorable for Italy; during the first 10 months of
this year about 75% of Italy's unfavorable balance of trade wag
caused by the excess of imports from the United States into the
Kingdom. If one stops to consider, however, the nature and the
characteristics of the imports from this country, one realizes that
in effect the situation is not as serious as it looks.
The bulk of exports from the United States to Italy is made
up of raw materials and foodstuffs as grains, cotton, coal, copper:
they represent the needs of an economy which is gradually developing an efficient industrial organization. The industrial Ceivelopment of Italy constitutes a sound basis for an increase in
the commercial relations of the two countries, for it widens and
varies Italy's needs, and tends to improve the standard of living
of her population. The recent flow of American capital into Italy
offers another guarantee for better and remunerative relation!.
Several Italian industries, especially those which depend mainly
on labor and in a lesser measure on raw materials, offer a good
opportunity to American capital for sound investment. A further
development of Italian industry could in no way endanger the
industrial organization of this nation. The production of the
two countries is altogether different in character and in kind.
Italy possesses plenty of labor which has few rivals for intelligence and precision; she is bound to develop a quality productios
altogether (afferent from the type of mass production characteristic of the United States. Quality production demands most
labor and least raw materials and usually entails vast and costly
installations and a long apprenticeship on the part of the workers.
The development of industries of this kind requires therefore con.
siderable capital; but their output does not signify competition
with a uniform and standarnIzed type of production.
There is, therefore, a real and practical possibility for a profitsoon*
able co-operation between Italy and the United States. A
and gradual development of this movement must result In real
benefit not only for both countries, but also for the world's economic system as a whole, for It helps to bring about a wore
New
balanced relationship between the nations of the Old and
World.
Angelone on "Future of Trade Relations Between
Italy and U. S.
Romolo Angelone, Commercial Attache Of the Royal Italian
Embassy at Washington, in the following article interestingly
discusses "The Future of the Trade Relations Between Italy
and the United States":
The settlement of Italy's war debt toward the United States
represents, no doubt, the outstancing event in the Italian economic
situation during 1925. The fair and business-like adjustment
of said war obligation has removed from the Italian situation one
of the major stumbling blocks which were retarding and hampering the complete financial recovery of the nation from the war
and post-war difficulties. But more than that, the settlement is
another proof of Italy's loyal and sincere determination in fulfilling all her obligations and it offers a clear and practical confirmation of the substantial and effective economic progress made
by the country during the past few years.
Italy is poor of natural resources but she has plenty of workers,
a lot of active and loyal citizens, who are determined to carry
on the work of reconstruction of its final successful outcome.
The economic results obtained by the Fascist Government are
satisfactory and highly encouraging. The balancing of the State
budget Is today an accomplished fact; the results of the first 5
months of the current fiscal year show a surplus of 202 millions
of lire, as against a deficit of more than 196 millions during
the corresponding period of last year. The national debt is
being gradually reduced, paper circulation is kept well within safe
bounds, the stabilization of the currency has been practically
attained; foreign trade is active as a result of the increased
activity in agriculture and industry, unemployment is practically
nil. The gradual improvement in the economic situation has not
failed to react upon the moral of the people. Today there are
few nations in Europe which could show a spirit of discipline,
order and determination such as that now possessed by the Italian
people. The spontaneous movement, originating with the coal
syndicate of Genoa, to raise by voluntary subscription one million
dollars towards the first year instalment of the foreign war
debt,—a movement which has spread like wildfire, from North
to South, amongst all classes,—is the best proof of the spirit
with which the Italian people intends to meet the obligation of
its government and to overcome all cifficulties.
The economic conditions of a country is not merely a question of exports and imports, not the result of gossip and chatter
of men more or less in good faith, of persons more or less well
informed, not merely a questien of few facts and arid figures.
3071
THE CHRONICLE
Capital Levy in Spain Planned.
Regarding a proposed capital levy in Spain, Associated
Press advices from Madrid, Dec. 14, state:
Revealing for the first time his plan for a capital levy of leas than lcdo
Premier Primo de Rivera gave the details of the scheme with which he
hopes to balance the budget. This to-day constitutes the most serious
obstacle confronting Spain. The plan, in the words of the Premier, would
wipe out the deficit and balance the budget without great sacrifice to the.
taxpayer.
"My plan," said Primo de Rivera, "consists of the following: Every
owner of real estate, country or city, as well as every industrialist, merchant, banking institution, mine owner or owner of transports, in foci
everybody who owns something, will be asked to declare voluntarily the
value he places on his property, the good will, or the capital he has invested
In the enterprise. The Government will then fix a rate of taxation, which
will certainly be less than 1%. No tax will be imposed on earnings and
profits. regardless of their size.
"In addition to this single tax there will be continued several indirect
taxes, such as on lotteries, tobacco, customs tariff and stamps. Thq
realization of this plan must be preceded by an official inventory of the
national wealth."
The Premier declared that the plan was designed primarily to make
productive dead capital and uncultivated lands and feudal property, which
would thus become subject to rational and modern exploitation by the
State.
Gen. Frank M. McIntyre of Bureau of Insular Affairs
on Situation in Porto Rico—Industrial and Business Enterprises Never on More Sound Basis.
The National City Co. makes public the following statement by General Frank McIntyre, Chief of the Bureau of
Insular Affairs at Washington, relative to the situation in
Porto Rico:
The annual petition submitted reciting political and economic grievances
of certain parties and classes in Porto Rico might create the impression
that the economic position of Porto Rico and of the people thereof was lees
favorable than in years past. Such an inference is quite contrary to the
fact. The year just passed has been, on the whole, the most prosperous one
in the history of Porto Rico. The production of the principal crops was
large and the prosperity of the industrial and business enterprises in Porto
Rico was never on a more sound basis.
The three largest sugar properties in Porto Rico, owned largely in
America, evidence this by their reports to their stockholders and by the
prices of their securities as quoted on the market.
There is in litigation in Porto Rico a number of tax cases, some involving
very large amounts, and these amounts, pending decisions of the court,
have not been paid to the Treasury of Porto Rico. Largely as a result of
this, there have been current expenditures in excess of current receipts.
This has not meant that there were not funds of the Government, but
simpler that current receipts were below current expenditures. The Governor of Porto Rico reports that this situation was met at the last session
of the Legislature and that in the current fiscal year current receipts win
not only meet current expenditures but will exceed such expenditures by aconsiderable amount.
The value of real property in Porto Rico is continuing to increase. There
has been a year of public and private building in Porto Rico such as has
never been experienced in the past. The Government of Porto Rico meets
all of its obligations as they fall due. Bonds of the Government have been
called, in general, as soon as it was possible to call them. There has been
no delay in the payment of interest and no default in any ease.
3072
THE CHRONICLE
New Ruling Governing Federal Land Bank and Joint
Stock Land Bank Dividend Declarations—
Increases in Capital, &c.
It has become known that the Farm Loan Board in Washington has adopted a ruling that "hereafter no Federal Land
Bank or Joint Stock Land Bank shall pay any dividend to
shareholders without the approval of the Farm Loan Board.
This ruling will be strictly enforced after Jan. 1 1926, but
no bank will pay any dividend on Jan. 1 or thereafter without
first obtaining the written approval of the Farm Loan Board
In accordance with the notice sent to all banks on June 24."
The "Wall Street Journal" of Dec. 15 from which this
information is taken, goes on to say:
The ruling of June 24 reads:"After July 1, 1925 no Federal or Joint Stock
Land Bank shall be permitzed to pay a dividend without first procuring the
approval of the Federal Farm Loan Board."
Conditions Prescribed.
Repetition on Nov. 27 of the Board's stand apparently indicates that the
mid-year ruling had not been thoroughly observed by all banks. The
following announcement has been sent to all Federal and Joint Stock Land
Banks by the Board:
"At a regular meeting of the Farm Loan Board, held on the 27th day of
Nov. 1925 the following rules and regulations were duly adopted:
"First: That hereafter no Federal Land Bank or Joint stock Land Bank
shall pay any dividend to shareholders without the approval of the Farm
Loan Board.
"The Board will not approve the payment of any dividend by any bank
unless
"(a) The undivided profit account, exclusive of premiums on sales of
bonds and stocks, and legal reserve requirements, shall show a balance
sufficient to pay the dividend:
"(b) The payment of dividends shall not reduce the account available
for dividends below the amount at which real estate acquired through foreclosure or by deeds from borrowers is carried on the books of the bank as
an asset, provided, however, that In case the bank has reserves sufficiently
in excess of legal requirements to absorb this real estate, this provision
may be waived.
"In the sale of stock by a Joint Stock Land Bank, the portion of the
premium collected for the purchasers of stock for the purpose of acquiring
new business shall be set aside in an account styled 'reserve for new business'
and charges against said account shall not exceed l % of the total amount
of new business actuaiy acquired and made possible by the sale of said stock.
"A Joint Stock Land Bank or Federal Land Bank may deduct from
premiums received on sale of bonds any discounts on other sales.
"Second: Any Joint Stock Land Bank desiring to increase its capital
stock will be required to submit to the Farm Loan Board an application
setting gorth the amount of such increase and the reasonable needs of an
increase In capital within the succeeding six months, and alsa the price at
which any additional capital stock is to be sold, as well as the method by
Which such sale is to be effected.
Land Depreciation.
"Third: Real estate acquired by any bank through foreclosure or by conveyance from borrowers in satisfaction of a mortgage debt will not be carried
as an asset for an amount in excess of the principal of the original loan on such
real estate. If the land so acquired is not disposed of by the bank within
one year. a depreciation of 20% shall be charged to undivided profits or
reserve and a like charge-off annually thereafter.
"In case any bank shall dispose of acquired real estate and accept a mortgage on such real estate to secure the whole or any part of the purchase price.
such mortgage, unless eligible for assignment to the registrar as securifty
for bonds, must be carried separate from the bank's mortgage loan account
and under an item which will clearly Indicate the character of the obligation
represented."
Effect of this ruling should be to strengthen the banks by restraining any
tendency to excessive dividends; this would also strengthen the security
behind the bonds of the institutions.
[Vol, 121.
judgments, etc. Under State laws mortgagors have a year In which to
redeem their property after foreclosure proceedings have been instituted.
The Land Bank was thus unable to obtain immediate possession of the farms
of delinquent borrowers.
Farm Loan Board's Ruling.
At this Juncture the Farm Loan Board issued a ruling that it would not
approve the payment of any dividend by any bank unless "payment of
dividends shall not reduce the account available for dividends below the
amount at which real estate acquired through foreclosure or by deed from
borrowers is carried on the books of the bank as an asset." This ruling
means in effect that a bank may not give any value, for the purpose of
calculating surplus available for dividends, to real estate required by
foreclosure. It is believed not to apply, however, to loans In process of
foreclosure.
A contributing factor was the unbalanced ratio between the capital stock
of the bank and the amount of its bonds outstanding. A joint stock land
bank Is permitted by law to Issue bonds aggregating 15 times its capital
and surplus above the legal reserve. Capital of the Southern Minnesota
bank was expanded rather more rapidly six months ago than subsequent
experience proved desirable. Loans to farmers were not made so rapidly
as the increased capital warranted. On Oct. 31 the bank had outstanding
only $27.550.000 bonds against $3,000,000 capital instead of the $45.000.000
bonds which would have assured maximum earning power. While earnings
have thus been in excess of the 10% dividend requirement the rent margin
has been slight. Temporary suspension of dividenis will greatly strengthen
surplus.
Effect on Other Banks.
No great importance would attach to the present dividend action were it
not the first instance of dividend suspension by a land bank. Further
significance Ls attributed because the Southern Minnesota bank Is a member
of the Houston group, which includes six banks with total resources of
$1U8.000.000 or more than a third of the resources of the entire system.
It should be clearly understood, however, that each bank stands on its own
feet. Unfavorable dividend action in one case does not imply similar action
in the case of any other bank.
Investment bankers who have been interested in Joint Stock Bank stocks
nevertheless hope that the recent rulings of the Farm Loan Board may be
modified. Assumption by the Board of the power to dictate dividend
policies of the Joint Stock Land Banks surprised most of those interested
in the system. Even conceding that power the further dictum that real
estate acquired shall be regarded prima fade as worthless was regarded by
bankers as extraordinary. Since it is impossible to loan millions on real
estate without occasional delinquencies by borrowers, enforcement of such
a ruling would surround the dividend policies of the Joint Stock Land Banks
with uncertainties.
Condition of Leading Banks.
Following table gives eite salient features in the statements of the fourteen
principal Joint Stock Land Banks as of Oct. 31 last:
Book
Real
Bank—
Capital. Surplus. Value.• Bonds. Ratio. Estate.
California
$800,000 $240,000 130 $11,953,000 15 $219.000
Chicago
4 000,000 906,000 123 53,250,00013 484.000
Bankirs
1.200,000 318,000 126
15.714.000 13
260,000
Dallas
2.500.000
567,000 122 22.168.000 9
Des Moines
1.150.000
101,000 109
14,990.000 13 302,000
First Caro
750.000
95,000 112
10,705.000 14
1.000
First Trust
2.000.000 341.000 117
32.300.000 16
Fletcher
750,000 438.000 158
13.794,000 18
11,000
Fremont
800.000 259,000 132
11,539.000 14 434,000
Kansas City
3.800.000
949.000 125 43.021,000 11
72.000
Lincoln
2,647.000
560.000 120 32.727.000 12 401.000
St. Louis
800,000 207.000 125
11,059.000 14
So. Minn
764.000 125
3,000.000
27.550.000 9 722,000
Virginian
1.000.000 262,683 a6.30 14,327,000 14
118,000
a Par $5.
Ratio column indicates the ratio of bonds outstanding to capital stock.
The higher this ratio the more profitable, theoretically, the operations of a
Joint Stock Land Bank. Under real estate are included sheriff's certificates and judgments representing real estate in process of foreclosure as
well as real estate actually acquired.
Issuance by Comptroller of the Currency of Charters to
National Agricultural Credit Corporations of
In further referring to the matter Dec. 15 the same paper
Fort Dodge and Des Moines
said:
The Comptroller of the Currency announces the issuance on
Following conferences recently held between representatives of joint
stock land banks and members of the Farm Loan Board over the question Dee. 10 of the following charters to national agricultural credit
of dividends payable by the Joint Stock Land banks, it was officially
stated by the Farm Loan Board, through Commissioner Landis, that "It corporations:
Is a mistaken idea to look to the board for further announcement in regard
to Joint Stock Land banks' dividends. As each bank's proposed dividend
Is submitted the board will act upon it and notify the bank of its action.
Any,announcement of dividends will come from the banks themselves."
Under the Federal Loan law, dividends of Federal Land Banks and Joint
Stock Land Banks must first be approved by the Farm Loan Board.
Although there had been some reports to the effect that the Board intended
to disapprove the payment of some of the dividends about to be due, none
had so tar been suspended according to advices received here, except that
of Southern Minnesota. It is understood the Board has not approved the
regular 2 % quarterly dividend of this bank due for this quarter.
Locally it is learned that the Southern Minnesota institution has no losses,
and is in a position to pay the dividend, but the Farm Loan Board, it is
stted, does not think Itssurplus reserves are sufficient, and that the bank
should accumulate and build up this account. Legal reserves of joint
Stock Land Banks, before they are permitted to pay dividends, call for
25% of net earnings.
SOH another item on the subject appeared as follows in
the "Wall Street Journal" of Dec. 18:
To an investing public which has become familiar with the merits of
Joint Stock Land Bank stocks only within the past year, the action of the
directors of the Southern Minnesota bank,fifth largest bank in the system,
in passing the January dividend was a surprise. The stock was distributed
to the public only a few months ago, when the dividend rate was increased
from 9% to 10%. Only one dividend was paid at the higher rate.
Two factors are responsible for the action taken in the face of earnings
slightly in excess of dividend requirements at the 10% rate. The tight
situation in the country banks of Iowa and Minnesota deprived many
borrowers from the Land Bank of their normal facilities for borrowing to
make their spring interest payments. Interest on mortgages held by the
land bank is payable semi-annually whereas the farmer-borrower gets his
annual income in a lump in the fall. A certain volume of loans became
delinquent in payments last spring and early this fall the management of
the bank Instituted foreclosure proceedings in many cases. On Oct. 31
the bank carried in its assets the sum of $722.448 in ••hcriff's sertifisates.
No. 2 The
Dodge, Iowa.
No. 3 The
Moines, Iowa.
National Agricultural Credit Corporation of Fort
Capital: $250,000.
National Agricultural emelt Corporation of Des
Capital: $250,000.
Reference to these new corporations appeared in the Des
Moines "Register" of Dec. 15, from which we quote the following:
With the two new farm credit corporation banks in the state on
the eve of opening to the farmers of Iowa $5,.000,000 of credit for
the marketing of the 1925 corn crop, plans to extend the credit
facilities to every section of the state where they are needed were
Ciscussed yesterday at a conference in the offices of the state department of agriculture.
C. W. Gadd, manager of the new bank at Port Dodge, informed
Carl N. Kennedy, assistant secretary of agriculture, that the Fort
Dege institution will be opened for business within a few days.
The bank here, with offices at 211 Valley National bank building,
is expected to open tomorrow.
Mr. Gadd urged that warehousing boards be established where
the need is indicated in every one of the thirty-four counties in
which they have not yet been formed. He was assured that the
agriculture department is prepared to appoint boards elle: sealers
wherever they are requested by an authorized county group.
Ready to Extend Loans.
He declared that the corporation stands ready to loan to the
maximum of its ability at the rate of 75 per cent of corn value
on the local markets, and with interest to the farmer at 6 per
cent. Indorsement of loan applications on warehouse certificates
by local banks will not be required, though in many cases these
banks will act as the direct loan agencies.
Mr. Kennedy declare that the credit plan, on this basis, should
work "very effectively," since it would enable the farmer obtaining credit at the 6% interest rate to meet the expenses of sealing
DEC.26 1925.]
THE CHRONICLE
3073
The need for the immediate enactment of this proposed legislation is greates
his corn and still save money as compared With the regular bank
now than ever. Not only has there been a continuance of serious with.
interest rates he could obtain.
drawals,
but many national banks have become restive on account of being
said,
"It should stimulate conditions generally," Mr. Kennedy
"and permit the more orderly marketing which is essential to compelled to operate under certain archaic provisions of the National Banking Act They prefer to remain national banks, but, in the first analysis,.
good prices."
the attractiveness of a modern State charter may prove controlling. The
Plan State Campaign.
number of losses of national banks to the various State systems within the
H. A. Laird, manager of the Des Moines crei.it bank, declared
past two years is formidable enough to arouse the serious attention of
that affairs are practically in readiness for the opening of this the Government of the United States. Many of these banks have been in
Office, and that it will be prepared to issue loans tomorrow.
the national system for more than fifty years.
Meanwhile, the National Corn Growers association was proceedThe Comptroller, whose report was submitted to Congress
ing with plans for a campaign for a membership of 100,000, with
preparations being made to dispatch 200 speakers into all sections on Dec. II, urged as follows action on the McFadden bill,
of the corn belt.
the same time indicated the position as to with-
and at
Organization of Joint Stock Bond & Share Company. drawals from the national system, and the situation in
C. G. Taylor & Co., Inc. announce the organization of Texas, where whloesale conversions to the national system
laws: u
the Joint Stock Bond & Share Company with capital stock had been occasioned by the deposit guaranty
In the last two annual reports of the Comptroller of the Currency, my
company
will
new
be
subscribed.
The
of $565,000 fully
predecessor strongly recommended certain amendments to the national
under the management of C. G. Taylor & Co., Inc. and banking laws, the purpose of which was to improve the operating powers
end that the national banking
will serve as a holding company for capital stocks of Joint of national banks in several particulars to therequirements
for banking sermight be able to meet the modern
Stock Land Banks. The policy of ths management will be system
vices. These recommendations formed the substance of the bill H. R.
to use the capital and credit of the Company to further ex- 8887, Sixty-eighth Congress, second session, which passed the House by a
large majority but failed to be reached in the Senate.
tend services to Joint Stock Land Banks.
bill and the reasons in detail why each
Changes in Official Staff of Buffalo Branch of Federal
Reserve Bank of New York.
The Federal Reserve Bank of New York issued the following announcement on Dec.23:
The Federal Reserve Board has reappointed Mr. John A. Floepfer,
President of the Liberty National Bank of Buffalo, as a director of the
Buffalo Branch of the Federal Reserve Bank of New York. The Federal
Reserve Bank has appointed as directors of the branch Mr. Frank W.
Crandall, President of the National Bank of Westfield. to fill a vacancy.
and has reappointed Mr. Harry T. Ramsdell. President of the Manufacturers and Traders Bank. Mr. J. A. McNulty will serve as chairman of
the board of the Buffalo Branch for 1926.
Death of H. K. Pomroy, Member of Board of Governors
of New York Stock Exchange.
Henry Keney Pomroy, for many years an active member
of the Board of Governors of the New York Stock Exchange
and for three terms its President, died at his home, 137
East 40th St., this city, on Dec. 22, in his 72d year. Death
was due to heart disease, with which he had been ill for
five weeks, and came suddenly. Mr. Pomroy at the time
of his death was a special partner in the brokerage firm of
J. W. Davis & Co. For many years he had given up most
of his time to the administrative affairs of the Stock Exchange. In announcing his death from the rostrum of the
Exchange on Dec. 23, E. H. H. Simmons, the President,
said:
Gentlemen, again it is my sorrowful duty to announce from this rostrum
the passing of one of the great figures of the Exchange, a man beloved
by us all. Henry K.Pomroy is dead. This is not the time for any eulogy
except that which spontaneously springs from all hearts and which is
deeper and more eloquent than can be voiced in words or phrases.
The principal features of this
proposed amendment is necessary are set forth in the reports of the Comp:
troller of the Currency for 1923 and 1924. 1 most urgently recommend thi
prompt reintroduction and enactment of this legislation.
The bill as it passed the House contained certain provisions (embodied
in Sec. 9) which in effect would prohibit the further spread of State-wide
branch banking within the Federal Reserve System. Under them it would
be unlawful for State member banks to establish branches outside of the
city in which the parent bank is located, and non-member banks having
suet, outside branches could become members only upon the condition that
they relinquish such branches. These provisions follow the recotnmendsitions made by the Comptroller of the Currency for the past two years.
These recommendations were based upon the assumption, in the first place,
that State-wide branch banking is wrong in principle and that as a national
policy the national banks should not be permitted to engage therein, and
in the second place upon the absolute necessity of protecting the national
bank members of the Federal Reserve System from the encroachment of
this form of branch banking within the Federal Reserve System itself.
With this position I am in complete accord. The national banks in those
communities where State member banks of the Federal Reserve System are
now engaged in State-wide branch banking have found themselves in an
Intolerable situation. This form of branch banking In the United Statas
is a recent development and has made headway in only a few localities:
The enactment of the provision above referred to would have a strong tendency toward restoring the equilibrium between the State and national
banks within the Federal Reserve System in branch banking territory and
would undoubtedly have the further effect of preserving the stability and
permanence of the Federal Reserve System itself.
It is a misnomer to call this bill a branch banking bill. The measure
proposes to amend the national banking laws in some 18 particulars, only
four of which relate in any way to branch banking. The other provisions
of the bill, such as the authority to lend one-half of the savings deposit*
upon the security of first mortgages upon improved real estate, the authority to hold their charter powers for an indeterminate period subject to the
will of Congress, the regulation of the investment security business, and
other provisions of this measure, will enable the national Woks to carry
on a modern banking business along the lines already approved by many
State laws. The amendments proposed in the bill have bad a most thorough and expert investigation and analysis, and have been reduced to the
minimum. They are based upon sound principles of banking. Their
enactment into law would enable all national banks to meet more readily
the competition from 'State banks and trust companies which have for a
number of years had the authority to do what it is now proposed to confer
upon the national banks. This proposed legislation has the approval gas.
erally of the banking fraternity.
Apart from the question of the restrictions upon branch banking proposed by Sec. 9 of the House bill, which section was stricken out by the
Senate Committee on Banking and Currency, that committee in reporting
the bill to the Senate proposed a number of valuable amendments to the
House measure. While practically no new substantive legislation WU
proposed in these amendments, they nevertheless had the effect of giving
greater clarity and precision to the provisions of the bill. The Senate
committee also restored to the bill a number of proposed provisions which
would penalize the commission of crimes against member banks of the
Federal Reserve System and against national banks in particular. These
provisions were included in the bill as reported to the House, hut were
stricken out on the floor. It is recommended that mime consideration be
given to the question of including these criminal provisions in the bilL
Mr. Pomroy was born in New York City Aug. 14 1854,
and was educated at the Ossining Military School, N. Y.,
and the Columbia School of Mines. In 1875 he became
associated in business with his uncle, A. Hamilton Pomroy,
a dealer in commercial paper. On Jan. 3 1878 he was
elected a member of the New York Stock Exchange, and
from then on his whole business life was associated with that
institution. His services on the Board of Governors was
continuous from 1888 until the time of his death, except
during the year 1894. He was Vice-President three terms,
from May 1901 to May 1904, and President from 1904 to
1907. He was trustee of the Gratuity Fund from 1901
to 1904 and Secretary and Treasurer of it from 1908 until
his deth. He had served on nearly all of the Exchange's
National Bank Withdrawals.
regular committees, on many special committees, and was
From Oct. 21 1923 to Oct. 17 1925, 166 national banks left the national
one of the special committee of five appointed at the out- system to engage in the banking business under State charter. These carwith them total resources of $566,600,000. They include 25 national
break of the war to decide all questions relating to the Ex- ried
banks in California, with total resources of $136,000,000; 9 national banks
change and its members while it was closed. A tablet in Illinois, with total resources of $128,000,000; 6 national banks in New
commemorating the services of this committee is on a wall York, with total resources of $121,000,000; eight national banks in Ohio,
resources •A $54,000,000 ; 25 national banks in Oklahoma, with
of the Exchange. At the time of his death Mr. Pomroy with total
total resources of $10,000,000; 13 national banks in Pennsylvania, with
important
most
was a member of some of the
committees total resources of $22,000,000, and a scattered number of banks in all of
of the Stock Exchange and Chairman of two of them. He the other States.
Conversion of State Banks.
was head of the Law Committee, to which he was first elented
In comparison with these figures consideration may properly be given
in 1901 and of which he had been Chairman since 1914.
He also was Chairman of the Committee on Admissions, a to the question of the conversion of State banks into national banks during
last two years. The total number of such conversions was 113, with
position which he held continuously from 1912 to the time the
total resources of $245,000,000. The number of national banks entering
of his death.
the State systems being 166, with total resources of $566,600,000, there
Annual Report of Comptroller of Currency—Need of
Enactment of McFadden Banking Bills—Withdrawals from National System—Situation
in Texas.
In urging, in his annual report, recommending the prompt
reintroduction and enactment of the McFadden banking bill,
Comptroller of the Currency J. W. McIntosh says:
was a net loss to the national system in numbers of 63 banks and a net
loss in resources of $321,600,000. However, of these State banks converting into national banks attention must be called to the fact that 64 of
them, with total resources of $38,000,000, were located in Texas. They
converted into national banks en masse in order to escape the operations
of the State guaranty of deposit laws. This is an abnormal development
and should the State law he favorably amended, undoubtedly many of these
banks will return to the State system. Outside of Texas, only 49 State
banks during the past two years converted into national banks. These had
total resources of $207,000,000; four of these were banks in New York
City, with total resources of $131,800,000. Deducting the resources of the
•
3074
THE CHRONICLE
fVoL 121
four New York banks and the Texas banks, the aggregate resources of passed through these two crisis successfully and the great Banks of
converting State banks in all other parts of the Union were $74,800,000.
Vienna have weathered the storm. Under the new conditions
The above figures, however, do not tell the whole story. It is a well- tariff barriers have been raised by the Succession States and
known fact that many other national banks are anxiously awaiting the the natural Nationalistic feeling of New Republics encouraged
enactment of such a bill as that which failed at the last session of Con- these States to think that they could live without Vienna.
They
gress. If they cannot at this time obtain some such amendments to their are more and more discovering that the control of credits and
charter powers BB are therein proposed, there will be a still greater exodus the commercial experience and financial ability of the Viennese
from the national system.
merchants and bankers is still necessary to them and I believe that
, Although the total resources of national banks have steadily increased Austria will find the means to live and prosper. Vienna,
centre
year by year, and the condition of individual national banks is strong, of the Old Dual Empire, is, in my opinion, gradually the
regaining
nevertheless the relative increase in total resources of national banks has Its financial and commercial ascendance over the Succession States.
been slowly falling off year by year as compared with the resources of the
The little country of Switzerland surrounded as it was, during
State banks and trust companies. In the last annual report of this office the War, on all sides by Warring Nations, has had many trials
aty predecessor called your attention to the fact that during the 40-year and has had to adjust itself to many new conditions. These
period, ending with the fiscal year 1924, the total resources of national adjustments are being rapidly completed and while business
in
banks had fallen from 75% of the total banking resources to about 47%. Switzerland is, at present,
dull, the country Is rapidly emerging
The total banking resources of State and national banks, exclusive of sav- from its troubles.
ings banks, at the present time are about $52,057,000,000, of which about
When I arrived in Belgium the Commission which has been
$24,331,000,000 are in the national banks and $27,708,000,000 are in the settling the
States had just returned and
State banks and trust companies which are engaged in the commercial negotiations Debt with the United
were active for the stabilization and valorization of
banking business In competition with national banks. In addition the the
Belgian Franc and while I was there, for the first time, the
savings banks have total resources of about $10,000,000,000, but these Belgian
Franc and the French Franc were divorced.
figures are not included in this comparison. The percentage, therefore, of
With
the stabilization of her Franc, which is practically assured
the resources of the national banks to the total resources of all banks
at present and its ultimate valorization in gold, Belgium will enter
engaged in carrying on the business of commercial banking has during the
the first stage of the troubles which Germany and Austria have
past year dropped a fraction below 47%.
already experienced. There are bound to be successive demands
These facts present a serious situation for the consideration of the Con- for
increased wages; the cost of manufacture will increase, the
gress and 1 am directing your attention thereto at this time chiefly for
the purpose of allowing that the adverse conditions of national bank opera- first effect of which will be .that Belgium will find its Foreign
Markets
more difficult to retain. If one Included the wealth of
tions, as to which my predecessor so urgently recommended remedial legislation, are becoming daily accentuated. The national banking system is a the Congo, however, Belgium's resources are great and I am contime-honored Federal instrumentality. The charter powers of the indi. fident that she will weather the storm successfully within the next
widual national banks are derived solely from the Congress. Twice in the two years.
With regard to France, very little can be said. Her political
history of the United States, namely, immediately after the Civil War
and immediately preceding the World War, the Federal Government was situation is chaotic and has been the cause of the demoralization
able to enforce a banking policy at a time of great financial stress through of the Government finances. When and how these two difficulties
its authority to use the national banking system as an instrument for the will be corrected, no one can predict. You have heard that industrially France has been prosperous, and that is true. The republic benefit.
The individual national bank is always ultimately able to take care of construction of the "Devastated Regions" accounted for the prosperity of many industries and the continued decline in the InterItself in meeting the competitive conditions due to more favorable
State
laws by giving up its national charter and going into the State system. national value of the Franc for the success of others, I am reliably informed that France today has 2,300.000 imported laborers
But the gradual loss of national banks and the consequent decrease
in and yet there is no unemployment. Demoralized Government
relative resources of the national banking system is of primary concern
to
finances, however, will have their effect and the present industrial
the national Government, not only because the national banks
logical and permanent basis of the Federal Reserve System, but form the prosperity I feel, cannot list. When the moment of depression
also
bearrives and the people realize that prosperity and financial chaos
muse only through the national banking system can there be
maintained cannot go hand in hand. I have confidence that the Nation, on
throughout the United States a standardized system of banking subject
to
proper measures being taken, no matter how severe, after much
the visitorial powers of the Federal Government and
subservient at all times suffering, will emerge and regain her commercial and financial
to the will of the Congress.
position among the Nations of the World.
It will be noted that, with the exception of France, I hare
AMOS Brown of Brown Brothers & Co., on European mentioned all the other Continental Countries encouragingly. I
would not have you, however, misunderstand me. All these counConditions
tries have made great progress during the last two and a half
years, but all have still many serious problems to overcome.
In an address at the Bankers' Club, this city,
on Dec. 15, Therefore we of this Chamber in doing business with them must
before the British Empire Chamber of Commerce,
of which he still be careful to deal with good names and keep the percentage
of such credits as we give within safe bounds, so that if reimis President, James Brown, of Brown Brothers
& Co., pre- bursement is delayed, we will not be embarrassed.
sented his impressions of economic conditions in
I have purposely left England to the last as this Chamber IS
various EuroNationality and commerce.
pean countries visited by him,—Germany,
Austria, Switzerland, more closely drawn to it by ties of
There
I, of course, had the benefit of the opinion of the partners
Belgium, France and England. Of the Continental countries,
of Brown, Shipley St Company, but I also talked with men in Inwith the exception of France, Mr. Brown, while speaking
en- dustry, Commerce and Finance, whose names, if I mentioned them,
couragingly, noted however, that "all have still many serious you would all recognize. The Greet Insurance Companies report
a slight improvement in trade; several industries have within
problems to overcome." And he observed as to Great Britain the last six months, met with some encouragement, and seemed
that "before industrial condition and international trade can to have experienced their worst days; the Bankers felt considerably encouraged.
approach normality, there will be an out and out contest with
Altogether, the somewhat gloomy impressions which I had ac•
Labor, which can only be won if the country is organized in quired before I landed on English soil, were modified.
I will not presume to comment on the methods adopted by the
such a way as to continue the operation of its utilities and
British Government to aid certain key industries but, lu my hummaintain its food supply during the contest." Mr. Brown's ble opinion, before industrial condition and international trade
can approach normality, there will have to be an out and out
observations were given as follows:
contest with Labor, which can only be won if the country is orTime will not permit of my doing more than voicing the general ganized in such a way as to continue the operation of its utilities
conclusions at which I have arrived from my study of the eco- and maintain Its fond supply during the contest.
nomic conditions in the various countries which I have mentioned.
England's financial strength is, in any ease, a bulwark which
I have talked with a large number of very prominent men in will support her through many emergencies and enable her to
Finance, Industry and Commerce in all those countries; with maintain her position among nations and we of the British
Politicians, Finance Ministers and Presidents or Governors of Empire Chamber of Commerce in the United States must never
most of the great State Banks. There were, of course. many lose faith in the ability of the old country to come through.
conflicting opinions expressed to me and many that had to be
taken with a "grain of salt." but what I now propose to say to
you Is my personal conclusions gleaned from all those sources.
Halsey, Stuart & Co. on the Outlook
Taking the countries in the order in which I visited them,
brings Germany to the fore. Fortunately my early education
"Money rates remain low, and despite a firming tendency no
enabled me to converse in their own language in all the countries
that I visited and I was very careful to talk with the man in the marked increase for the near future appears probable. In face
Street, the workman, the chauffeur, the "butcher, baker and candle- of the conditions which have prevailed during most of the year,
stick maker," so as to gather his point of view. The Nation, as it is natural that the output of new securities has been in
a whole, is working seriously and each one is going about his business. The burden of taxation is heavy but is being borne without unprecedented volume, though readily absorbed, due to the
an unusual amount of grumbling. The industries and all business large accumulations of surplus funds which have been available
In Germany is suffering from the readjustment of conditions and for investment. Indications point toward a continuation
of
prices to the gold standard and I believe that within the next 18
months these difficulties will be overcome and adjustments will the existing favorable conditions in the investment market, inbe completed. Prices are high and wage increases are being cluding the maintenance of present price levels." Such is the
demanded. As I said before, I believe that Germany is working cheerful note struck in the current quarterly business and bond
seriously and within the next two years will have adjusted itself
to the new conditions and become an active and important com- review of Halsey, 'Stuart & Co., which haa just been issued.
petitor in the Foreign Trade of the World. Germany's great The tone of optimism extends to business as a whole; likewise
need, at present, is Working Capital.
it is pointed out that 1925 was the banner year in the public
Austria, before the War, had a population of 52,000,000, and
through the loss of the Succession States Austria's population has Utility field—and the review tells of the conditions which indibeen reduced to about 6,500,000. Vienna, before the War, was cate improvement in the finances of foreign countries as well
the business centre of this great population and Austria's sepa- as in their industrial situation.
Commenting on the ;business
ration brought entirely new problems to Vienna. Notwithstanding
these problems, under the auspices of the League of Nations, situation in the United States, the review says:
Austria put itself on a gold basis, and encountered at once the
"Business generally continues sound, and, for the most part,
usual difficulties. The commercial crisis was first passed through active, with every indication of continuing so, at least for several
successfully and on top of that a stock exchange crisis which in- months to come. For most industries, 1925 has been a profitable
cluded heavy losses from speculation in exchange. The nation has year—for :tome unusually so. With all its activity, however, in-
Dec.26 1925.]
THE CHRONICLE
dustry has, for the most part, proceeded sanely watching production costs carefully and guarding against inflation in credit or
Inventories. The end of the year finds the average industry ba
perhaps as healthy a condition as at any time since the war.
The business outlook continues encouraging, though there appears
no reason to anticipate any increase in the volume of industrial
financing. Thus, prices of sound industrial issues should remain
at existing levels."
Considering public utility and foreign bonds, the review goes
on to say:
"One of the most notable features of the investment market In
1925 has been the large increase in the financing of foreign corporations in the United States. Records of the first ten months
of the present year show that there was a total of over $280,000,000 of such bonds offered here, as against $15,000.000 in the same
period of 1921 and $140,000,000 in 1924. Foreign government
financing, on the other hand, showed a moderate decline in the
same period, thus reflecting improvement in their finances, just
as the increase of foreign corporate financing is convincing evieence of the improvement abroad in the industrial situation.
"These conditions, together with a far more appreciative attitude on the part of American investors toward foreign issues, gives
reason to anticipate steady improvement in their market position—
certainly, some of the outstanding values in today's investment
market are to be found among bonds of this type.
"1925 has been a banner year for the utilities. Gross earnings
it appears will reach a new high level. Public relations have been
excellent and utilities securities have been a market favorite. An
outstanding feature of the year among the utilities has been a
trend toward consolidations of properties which lent themselves
naturally to centralized management and control—a movement
which has advantages to the consumer In Improved service and
to the investor and the company in stabilizing earnings.
"Despite the very propitious position of the utilities during the
entire year, figures for the first ten months indicate that there
will be only a moderate increase in the output of utility securities
over the preceding year, a situation which reflects the sane and
conservative attitude of the Industry in the face of its marked
prosperity. There is no present reason to anticipate any change
in the situation of the utilities either in respect to their favorable status with the investing public, or in the output of new
securities, all of which, in conjunction with the generally sound
business situation indicates that the price level of good utility
bonds should be well maintained."
Arrival in U. S. of Governor Norman of Bank of England
and S. P. Gilbert Jr., Reparations Agent—No Agreement Between Reserve Bank and Bank of England
on Reserve Rate
Montagu Norman, Governor of the Bank of England, and
S. Parker Gilbert Jr., Agent General for Reparation Payments
under the Dawes Plan, were passengers on the steamer LeviaMan, which docked in New York on Dec. 21. Mr. Gilbert is
quoted as saying that there is no special significance in his
visit to the United States at this time. A statement given out
by him adds:
"Mrs. Gilbert and I have been abroad fourteen months and are
coming home for a short visit to spend the holidays with our
relatives and friends. While I am here I am looking forward,
of course, to seeing Vice President Dawes and Owen D. Young,
the American members of the First Committee of Experts.
"I am not coming to discuss any revision of the plan or any
new German loan. As a matter of fact, it was only during the
first year of the plan that Germany's payments were to be finance?.
through an external loan. This was actually floated in the Fall
of 1924. Germany's payments in the seoond and succeeding years
of the plan are to come from her own resources in the form of
direct contributions from the German budget and the charges on
the German railways.
"The experts' plan has now been In operation for over fifteen
months and I have tried to summarize its results up to this time
in the report that was made public about a week ago. The plan
itself is functioning smoothly and in an orderly way. The two
preliminary objects for which the experts were originally appointed have been attained. Germany now has a stable currency
and the German budget is balanced.
"These were the essential conditions of German economic recovery, as well as of reparation payments. The budget, in fact,
has thus far shown a considerable surplus, even in the face of
mounting expenditure. For the time being it has given the German
Government to an exceptional degree the problem of wise administration of its public funds and in the long run the more
fundamental problem of better adaptation of the public revenues
to essential expenditures.
"In the field of reparations the plan also has had notable
results. The first annuity of one thousand million gold marks was
all paid within the year, four-fifths out of the proceeds of the
German External Loan and the balance by the German Railway
Company In the form of interest on its reparation bonds. In
the second annuity year, over three months of which have passed,
the amount to be paid rises to 1,220 millions of gold marks and
involves for the first time a charge on the German budget. These
payments Germany is making each month with the utmost
promptitude. The various creditor powers, on their part, have
been receiving reparation deliveries and payments regularly ever
since the plan went into effect."
"It would be futile to attempt •to draw conclusions now as to
the ultimate possibilities of reparations under the plan. The fact
remains, however, that the plan has already succeeded in placing
the whole problem on a new basis. It has put aside bickerings
and speculations and provided for the test of actual experience.
The world has been able, for the first time in many years, to
stop talking about reparations. The plan has made it possible,
instead, to find out in a practical way what the payments mean
and how far it is feasible in actual practice for reparations to
be paid by Germany and transferred to the creditor powers.
3075
"From the point of view of German reconstruction, the plan
has certainly marked the turning point in the recovery from the
disorder and disorganization of the inflation. The first year was
regarded by the experts themselves as giving an opportunity for
economic rehabilitation, and it accordingly placed no burden for
reparations on the German budget and but little on German
economy. It has been more than anything a period of gradual
readjustment and rebuilding. Much progress has been made, but
the readjustment is still actively in process and many difficulties
remain to be overcome. German business and industry are still
greatly in need of working capital, and in many fields face
serious problems of reorganization. In some directions this has
produced conditions approaching crisis, but generally speaking the
present difficulties must be regarded as the inevitable accompaniments of deflation and of the return to stable conditions, and in
that sense as necessary phases of the recovery itself."
According to the New York "Journal of Commerce," Mr.
Norman in discussing rediscount rates said the course of the
Bank of England rate is very uncertain, and there is going to
be considerable fluctuation. The account in that paper also
says:
He also said that there was no agreement between the Federal
Reserve Bank of New York and the Bank of England regarding
the movement of the rediscount rates of the two institutions.
England's greatest problem, Mr. Norman added, is that of un-
employment.
The New York "Times" of Dec. 22, while stating that the
visit of Messrs. Norman and Gilbert is largely social, it is
expected to prove important from an international financial
standpoint. Continuing it said:
Opinion in Wall Street is that one of the subjects that may
be taken up is a projected loan to be secured by the German
railway system and authorized under the Dawes plan.
When it comes the American portion of this loan is expected to
amount to $100,000,000, and additional amounts will be floated
in various parts of Europe. A major portion of the proceeds will
go to France as reparations payments.
The following Lckndon advices are from the "Wall Street
Journal" of Dec. 24:
Visit of Governor Norman to the New York Federdl Reserve Bank is
said to be in connection with the Bank of England's credit, part of which
has already been used through the Federal Reserve Bank's buying of sterling
bills in the open market.
George De Camp Named as Chairman of Board of Federal
Reserve Bank of Cleveland Succeeding Late
D. C. Wills
George De Camp, Managing Director of the Pittsburgh
Branch of the Federal Reserve Bank of Cleveland, has been
appointed Chairman of the Board of the Federal Reserve Bank
of Cleveland, and Federal Reserve Agent, succeeding the late
David C. Wills, whose death was noted in our issue of Oct.
24. page 1990. The Federal Reserve Board at Washington
announced the appointment as follows on Dec. 19:
"The board today appointed George De Camp of Pittsburgh as
a class 'C' director of the Federal Reserve Bank at Cleveland
for the unexpired term of D. C. Wills, deceased, and designated
Mr. De Camp Federal Reserve Agent and chairman of the board
of directors of the Cleveland bank for the year 1926. Since 1918
Mr. Be Camp has been manager of the Pittsburgh Reserve Bank
of Cleveland."
The Pittsburgh "Gazette" outlines as follows Mr. De Camp's
banking career:
In 1902 he took his first banking position as clerk in the
Athens National Bank. Eight years later he was appointed national bank examiner, with headquarters at Athens. One year
later he was transferred to the Cincinnati district, and in 1913
he was sent in a similar capacity to Chicago. After this, for a
time, he served as examiner in the Cincinnati, Cleveland and
Pittsburgh districts.
Mr. De Camp resigned as examiner on December 31, 1917, to
accept the managership of the Pittsburgh branch, Federal Reserve Bank of Cleveland.
Here he was vice chairman of the banking and finance committee of the Pittsburgh Chamber of Commerce, was affiliated
with the Pittsburgh Association of Credit Men as a director, and
was a member of the Duquesne Club, Union Club and the Oakmont Country Club.
William R. Jones, Former Head of Defunct Brokerage Firm
of Jones & Baker, Convicted of Trading Against
a Customer's Order
Dec. 14 a verdict of guilty of trading against the order of
a customer was returned by a jury in the Court of General
Sessions before Judge Rosalsky against William R. Jones,
former head of the New York Curb brokerage house of Jones
& Baker, which failed on May 31, 1923, for approximately
$5,000,000. The jury deliberated about an hour and fifteen
minutes. The defendant's counsel, Robert J. Johnstone and
George Z. Medalie, offered no defense. In summing up Mr.
Medalie admitted the facts as presented by Assistant District
Attorney Hugo Wintner, but contended that no crime had been
committed. The New York "Times" of Dec. 15 in reporting
the verdict in its issue of Dec. 15 said, in part:
The refusal of the defense to submit evidence, it was stated,
cut short the trial at least three weeks. Jones's lawyers pre-
3076
THE CHRONICLE
yiously had consented to the acceptance of the testimony of two
employes of the firm, who were witnesses for the prosecution,
for that of ten others, thus further shortening the trial.
This stand by the defense presaged an appeal to the higher
courts in the event of a verdict of guilty.
In his charge to the jury Judge Rosaisky referred to a decision made some time ago by the then Justice Clarence J. Shearn
in the Supreme Court in which it was held that it was not necessary for a broker to keep on band stock bought for a customer if
it could be shown that the broker disposed of the stock "in good
faith." The higher courts have not passed on this decision.
Judge Rosalsky dwelt on the defense counsel's attempt to convince the jury that Jones did not commit an offense against the
criminal statute even if, as the prosecution had shown, Jones
had disposed of stock ordered by the complainant in the case at
about the time the order was received.
Jones was tried for trading against the order of Philip Rubin,
a customer, to buy 100 shares of Consolidated Cortez Silver Mines
of Nevada on March 9, 1923. The prosecution showed through testimony of witnesses, including Emmons B. Stone, a former employe
of Jones & Baker, that on receipt of this order Jones & Baker
turned over to Stone 100 shares of the same stock. Stone testified
that Jones & Baker had financed him with $200,000 in return
for a promissory note for that amount, and that his name was
used on a "Gummy" account.
Stone said that he sold this stock to the New Finance Corporation, admitted by dtfense lawyers during the trial to be an adjunct of Jones & Baker. The New Finance Corporation, examination of its books by accountants showed, returned the stock
to Stone for a like amount, and Stone testified he turned it back
to Jones & Baker on a payment which balanced all around the triangular transaction.
The jury retired at 4:15 P. M., but in a short time returned to
court with the request that the part of Judge RosaIsky's charge
which referred to the question whether Jones bad disposed of the
100 shares of stock "In good faith" be repeated. One of the
jurors added: "I want special stress laid on three words in that
part of the charge—the words 'in good faith.'" The Court complied, nta: fifteen minutes later Jones was found guilty.
Our last reference to the affairs of Jones & Baker appeared
in the "Chronicle" of April 4, page 1692.
Tax Revision Bill in Hands of Senate Committee Passed by
House by Vote of 390 to 25
The tax revision bill, which was passed by the House on
Dec. 18 by a vote of 800 to 25, was brought before the Senate
on Dec. 21 and referred to the latter's Committee on Finance.
The committee will begin hearings on the bill on Jan. 4. The
bill, as we indicated in these columns Dec. 12 (page 2825)
and Dec. 19 (page 2965) had been reported to the House on
Dee. 7; the House action on the measure •was referred to at
length in our item of a week ago. Before the adoption of the
bill by the House on the 18th, Representative Rainey, Democratic member of the Ways and Means Committee, presented
a motion to recommit the bill to the committee with instructions
to provide a maximum surtax rate of 25% applicable to incomes
in excess of $150,000, a 25% maximum estate tax applicable
to net estates in excess of $50,000,000 and to repeal the
automobile tax. The motion was defeated by a vote of 267 to
147. According to the New York "Journal of Commerce" the
Progressives voted with the 1)emocrats in support of this proposal, but many of the latter joined with the Republicans in
opposition thereto. Many of the Texas, Louisiana and North
Carolina delegations voted against returning the bill to the
committee. Of the 207 votes against recommittal, 43 were
those of Democrats, while the 147 in favor of recommitting the
bill included eleven Republicans and one Independent. The
25 votes in opposition to the passage of the bill were cast by
11 Republicans, 10 Democrats and 4 Independents. The bill
provides for a tax reduction program of $327,000,000. Regarding the action of the House on the bill the New York
"Journal of Commerce" had the following to say in advices
from its Washington bureau, Dec. 18:
In its present text the bill differs but slightly from the form
in which it was introduced in the House at the opening of the
session, for aside from some few technical &lenges and the acceptance of amendments limiting the terms of members of the
Board of Tax Appeals to fourteen years and providing for the
rebating of a part of the taxes collected upon cigars offered by the
Ways and Means Committee, it has resisted all efforts at alteration.
The Holum today voted to grant a rebste to the cigar dealers
having stocks on hand thirty days after the passage of the bill in
the amount of the difference between the amount paid under the
present rates and that which will be due under the proposed reduced rates. The Ways and Means Committee had previously
written Into the bill a similar saving clause in favor of the
automobile industry.
Realizing their inability to put through the bill with any
clause providing life term of office for the members of the Board
of Tax Appeals, the committee agreed upon an amendment making
the ordinary term of office 14 years. the first appointees being
named for terms of 8. 10. 12, and 14 years so that all vacancies
would not occur in the same year. There was some complaint
that no provision was made that not more than one-half of the
members should be from any one political party, but the section
was finally adopted 200 to 10.
The real light of the day came at the opening of the session
when the House became involved in a prohibition debate, with
efforts made both to restore in the bill the existing $2.20 per
gallon tax on alcohol, as well as, on the other hand, to reject
the proposed new tax on cereal beverages.
F3L 121.
To Tam Seized Liquors
A one cent per gallon tax on denatured alcohol also was proposed. This question was before the House for nearly two hours,
but all attacks were defeated and the provisions remained untouched. However, a committee amendment extending the tax
to seized liquors disposed of by the Government was adopted. This
provides that hereafter the tax shall be applied to all imports
into the United States, in addition to the customs duty imposed
under the Tariff Act and upon seizures when sold.
An unsuccessful effort was made to write into the bill a provision that would permit the Commissioner of Internal Revenue
to effect a compromise with insolvent taxpayers when in his opinion and that of the Secretary of the Treasury such action would
be in the best Interests of the public. Such a suggestion had received favorable consideration when the bill was before the committee, but was not accepted because of the fact that it would
be open to attack in the Senate in connection with the reports of
the Couzens Committee, which investigated the Internal Revenue
Bureau. It was agreed that should the Senate adopt such a provision no objection would be raised in the House when the bW
goes to conference.
While we have before made known the provisions ef the bill
we quote the following summary of its principal features as
indicated in the New York "Times":
Surtaxes with a maximum of 20% on incomes above $100,000.
Estate taxes with a maximum of 20% on incomes above f10,.
000.000.
New normal taxes of 1% on the first $4,000 of net Income:
3% on the next $4,000, and 5% on the rest.
Earned income provision allowing $5.000 as automatically
earned and $15,000 more to be proved earned.
Elimination of the income tax publicity.
Exemption of tickets to the legitimate spoken Cram&
Personal exemptions of $1,500 for a single man and $3,500 for
a family head.
Repeal of the gift tax.
All that is left in the bill of the so-called nuisance taxes is
3% imposed on the manufacturers of automobiles and 10% on
manufacturers of pistols. Two per cent has been cut off the
passenger automobile tax, while levies on automobile trucks, tires
and parts have been wiped out, as have those on cameras, films,
slot machines, mah Jong sets, deeds and conveyances, shooting
galleries. use of yachts, art works, jewelry and smokers' articles.
The House having agreed yesterday to the reduction in cigar
taxes, it consented today to allow a rebate of the same reduction
on cigars held by dealers or in transit from the insular possessions of the United States.
In Washington advices under date of Dec. 19 the "Times"
stated that there is evidence that the Democrats of the Senate
will make a determined effort to change some provision of the
measure with a view to benefitting more classes and raising the
total tax cut by a considerable amount. It was further stated
in that account:
There was even talk that Senator Simmons, ranking Democratic
member of the Finance Committee, who will lead the minority in
the coming fight, will press for reductions that may total $450,000,000. He has several times mentioned that amount as a desirable one at which to aim.
In the absence of Senator Simmons, who has gone to his home
in North Carolina, the Democrats had little to say on their plans
today, but it is expecte that they will try to jump the surtax
maxintum and the estate maximum beyond their present 20%.
Mr. Simmons and his fellows disagree with Representative
Garner of Texas that this should be a non-partisan bill, and they
are not willing to compromise, as Mr. Garner did. Their talk
of n 25% surtax maximum and an effort to boost the estate
maximum to 40%. Republican radicals, such as Senator Norris
of Nebraska. want to make the top figure of both taxes 40%.
Senator Simmons is said to be working on a readjustment of
the surtaxes whereby men with incomes of $11.000 to $44,000
would receive more benefit than under the bill. During the House
debates Representatives Rainey of Illinois contended that no one
with an income below $45,000 received any surtax cut and that
this was a gross injustice. In this argument he received the
support of many Democrats.
Anthracite Coal Strike Situation—Unsuccessful Efforts
to Terminate Strike—Extra Session Called by
Gov. Pinchot—Latter's Plan for Settlement.
The present month has witnessed special efforts on the
part of Gov. Pinchot of Pennsylvania to reconcile the differences between the striking anthracite coal miners and the
operatbrs. In taking steps to bring about the termination
of the strike, which had its inception at midnight Aug. 31 a
call upon the wage negotiating committees of anthracite
miners and operators to meet with him at Harrisburg on
Nov. 28 had been made by Governor Pinchot on Nov. 27
in telegrams sent to John L. Lewis, President of the United
Mine Workers and Major W. W. Inglis, Chairman of the
Operators' Scale Committee, in which he indicated his
desire "to lay a proposition before you." While the operators were not represented at this meeting, Major Inglis
having advised the Governor that it was impossible to get
the committee together for the conference, the operators
made known to the Governor their objections to the plan,
and details of this, as well as of the plan itself are given
further below.
On the 3d inst. the Governor telegraphed business
men and leaders of the civic organizations in the
anthracite territory requesting that they meet him at
DEC.26 1925.]
THE CHRONICLE
Harrisburg on Dec. 8 to discuss the situation. According to
Associated Press reports from Philadelphia, the developments of the 3d inst. also included an announcement by
Rev. J. J. Curran (Catholic priest of Wilkes-Barre, who,
It is said, is acting at the instance of Governor Pinchot as
mediator) that he had forwarded communications to hard
coal operators asking them to reconsider the peace proposal
of Governor Pinchot which they rejected the previous Monday. From Harrisburg dispatches (Associated Press) it is
learned that nearly three hours of discussion on the 8th inst.
behind closed doors brought only the statement by the Governor, acting as spokesman for the conference, that "action
to advance the settlement of the coal strike has been determined upon." These advices went on to say:
The delegation which met Mr. Pinchot included a committee consisting
of Ralph E. Weeks, Ralph Amerman and E. J. Lynett, representing the
Scranton Chamber of Commerce; Hayden Williams and Eugene T. °tering,
representing the Wilkes-Barre Chamber; W. H. Dyatt, of the civic body of
Hazleton; Charles B. Bittenbender, of Hazleton, and B. H. Arthur and
C. B. Rutter, of Lansford, representing the Panther Creek Valley Business Men's Association.
None of the conferees would disclose what took place at the meetings,
but it was understood that the committee made known the Governor's
latest plans for ending the strike.
3077
most powerful influence the public can apply toward the settlement of the
strike. What is equally important, it will be the most effective step that
can be taken toward securing uninterrupted prosperity for the inhabitants
of the anthracite region and an uninterrupted supply of anthracite for those
who need it.
Continuing his efforts to settle the strike, the Governor
on Dec. 14 called upon the Mayors and Burgesses of the
cities and towns in the anthracite region to meet him at
Harrisburg on Dec. 16. In his invitation, sent to more than
70 heads of committees, the Governor said:
Will you meet me in the capitol at Harrisburg on Wed., Dec. 16, at 2
o'clock. I desire to consult with you and with the other Mayors and
Burgesses of the anthracite region as the official representatives of the
people concerning the situation created by the strike.
At the meeting on Dec. 16 attended, it is stated, by nearly
50 Mayors and Burgesses, a resolution was adopted proposing
a meeting the following week of representatives of the miners
and operators for the renewal of the negotiations which were
broken off in August. The resolution as adopted read:
That it is the sense of this meeting of the executives of the anthracite
region that the operators and miners be invited to meet together in conference at the City Hall of Scranton one week from to-day or at such other time
and place as may be more convenient, there to take up the negotiations at
the point where they were broken off last August and with the understanding
that either side shlil be a t liberty to being up for discussion its own plan or
plans, the Governor's plan or any other plan that may be offered.
On the following day (the 9th) a committee of business
The Associated Press advices of that date from Harrisburg
men from the anthracite region conferred in Philadelphia said:
with representatives of the miners and coal operators, but
The resolution was sponsored by Mayor John Durkan of Scranton, but
from that in which it was first
were unsuccessful, it was said, in their efforts to bring the the form in which it was adopted differedsharp
opposition to the original
presented. The change, was the result of
The
in
fact
parleys.
further
again
together
factions
two
resolution which proposed that the miners and operators be invited to resume
that the latest move of the Governor had been without re- negotiations with Governor Pinchot's plan of settlement as the basis. The
rejected by the opersults was indicated in the following dispatch Dec. 10 from Governor's plan has been accepted by the miners, but
ators as a basis of settlement.
Philadelphia to the New York "Times":
With the adoption of the resolution Governor Pinchot was authorized to
With the departure to-day of the coal region's citizens' committee, the name s committee of seven to convey the invitation to the miners and operanthracite strike entered upon another period of deadlock and uncertainty. ators. The committee was not named at the meeting, but probably wid
Before leaving for their homes the operators declared emphatically that be announced tomorrow.
the efforts of Governor Pinchot to be mediator were unacceptable to them
On Dec. 18 the Mayor's Committee fixed Dec. 21 as the
because of his record since the controversy of 1923, when he gave the
date for the meeting of the operators and miners, Scranton
miners a 10% wage increase.
Some of the operators were of the opinion that had the Governor not being named as the meeting place.
Intervened the present strike would have been well on the way toward
On the 19th inst. the United Mine Workers notified the
settlement. It was hinted that there had been an excellent prospect of
negotiations
arrival of an understanding when Governor Pinchot presented his plan. Mayors and Burgesses that they would resume
The miners' leaders to-day were still hoping that the operators might be with the operators of Scranton Dec. 21 on condition that
induced to accept the Pinchot plan as a basis for negotiating an agreement.
of Governor Pinchot would be the basis of
The last of the citizens' committee left to-day with no special plan to the proposal
discussion. The reply of the miners was in the form of a
end the strike.
"It is hard to tell whether any progress has been made," said Ralph E. telegram from John L. Lewis, head of the miners, to Mayor
Weeks of the Scranton Chamber of Commerce. "We are hopeful that some
John F. Durkan, of Scranton, Chairman of the committee
good was accomplished."
On Dec. 14 Governor Pinchot called an extra session of
the Pennsylvania General Assembly for 2 p. m. Jan. 13,
the regulation of the mining industry being one of the subjects which he enumerated for consideration by the Legislature. In his proclamation summoning the Legislature the
Governor said:
of chief executives. It follows:
the
Acknowledging your letter the -tine workers' representatives are of
in the
opinion that a conference such as you suggest will be utterly futile
public
face of the authorized position of the operators as announced in the
mine
press this morning. Your committee is advised of the position of the
Governor
the
by
workers, who have accepted the neutral peace plan proposed
upon
be
will
it
conference
a
enter
of Pennsylvania. If the mine workers
the basis of the Governor's compromise. If this is satisfactory, advise.
on Dec.
Mayor Inglis in behalf of the operators, responding
I have called the General Assembly of Pennsylvania in extra session
because the safety of our institutions and the prosperity of our people 21 to the invitation of Mayor Durkan, indicated the unwillimperatively demand it. Abuses have arisen in this Commonwealth so ingness of the operators to attend the conference if it was to
dangerous to our form of government and so threatening to the welfare of
to the consideration
the people that they must be taken in hand with vigor and without delay. be confined, as proposed by the miners,
The present suspension in the anthracite region is a matter of the largest of the Pinchot plan. Mayor Inglis answer follows:
and most pressing importance not only to Pennsylvania but to all of the Hon. John Durkan, Mayor,
40.000.000 anthracite-using people of America. It amounts to a dangerous
Scranton, Pa.
a
crisis which must be met with promptness and courage.
Answering our letter of this date in which you request us to attend
In an effort to settle the strike, as Governor of Pennsylvania I invited meeting with the mine workers:
and
miners
to
operators
anthracite
the
meet
of
committees
that
negotiating
you
the
It is necessary to make our position perfectly plain, to remind
me In Harrisburg on Nov. 18. The miners courteously honored my request
authorized
the resolution under which your invitation to a meeting was
by the attendance not only of their negotiating committee but of the entire
issued specified that the conference was to be on the understanding
and
three
all
anthracite
of
The
districts.
committees
membership of the scale
its own plan
that either side shall be at liberty to bring up for discussion
operators refused to attend and were not represented.
the Governor's plan or any other plan that may be offered.
At that meeting I submitted, as I said, the rough outline of an agreement or plans.
workers
mine
the
if
that
Mr. Lewis' response to your invitation stated
upon which, in substance, I believe the present suspension of work in the
conference it will be upon the basis of the Governor's compromise.
a
enter
once
with
at
ended
be,
to
justice
ought
and
anthracite mines could be.
Our response to your invitation stated that we would attend the conferto the miners, the operators and the anthracite-using people of America.
without any conditions whatever, provided that the miners accepted
This rough outline was a middle ground and was far from giving the miners ence
in the same sense and without reservation. The miners
all of their demands. Nevertheless, with a degree of moderation and regard your invitation
this.
do
to
failed
have
they
agreed
to
honor,
high
accept
them
does
for the public Interest which
Until you can give us written assurance from the miners that they are
the outline agreement I proposed as a basis for settlement. If the operaon the basis of your invitation and 'without any
conference
enter
to
willing
tors had done the same the mines would have neon open within a week.
to say that we cannot attend the meeting suggested.
The operators, however, flatly refused to consider my rough outline as a reservation, we regret
could lead to nothing except misunderstanding and further
basis for settlement. They refused to consider it even as a basis for con- Such a meeting
we are most anxious that our attitude should be
ference and negotiation. From first to last they have refused to yield one delay. It is because
that we have given in detail the reasons on which
Jot or tittle of their original position. The anthracite coal strike, which was thoroughly understood
based.
at first a strike of the miners against the operators, has therefore now be- this reply to you is
W. W. INGLIS, Chairman, Operators Negotiating Committee.
come a strike of the operators against the public.
The situation thus created amounts to an attack upon millions of anthraAt the same time Major Inglis issued a statement saying:
cite users in Pennsylvania and other States, who are thus deprived of their
don't want to be technical, but we are obliged to be practical. A
We
customary fuel. The whole future of the anthracite industry is threatened meeting to discuss the Pinchot plan would be a waste of time, and yet that
The
of
prosperity
the
substitutes.
of
by popular resentment and the use
is all that Lewis had said he was willing to do. It could only lead to more
anthracite region, now and hereafter, hangs in the balance. The public delay and disappointment. The Pinchot plan is not a live issue. It IS
Interests are gravely injured already and threatened with still more serious
as dead as Julius Caesar. It has lost favor with business men, officials and
damage. Negotiations are at a standstill. The public must either suffer citizens ever since it was put forth. We accepted the Mayor's invitation
itself.
protect
in silence or It must take measures to
without any reservations. If Lewis had done the same we might have made
'The anthracite industry is a monopoly which has created such a relation- 80010 progress.
ship to the public that the stoppage of anthracite produczion is materially
Previously (Dec. 20) in a telegram to Mayor Durkan,
dangerous to the life and health of the people. The Attorney General had
advised me that under the clear intent of a recent decision of the Supreme regarding the resolution adopted at the Mayors' meeting on
Court of the United States the anthracite industry, being a monopoly,
Major Inglis had said:
may be declared to be affected with a public interest and therefore subject to Dec. 16,
Acknowledging your communication of Dec. 18, wherein you give the
regulation as a public utility.
adopted at a meeting at Harrisburg on Dec. 16. Inviting
Action by the Legislature declaring the anthracite monopoly to be a text of a resolution
and miners to consider plans for the settlement of the existing
public utility will supply some degree of public control where none exists the operators
to-day; will furnish information never before revealed, and will exert the strike.
3078
THE CHRONICLE
The text of that resolution indicates that no one plan is to be the subject
of conferences, but that any plan may be presented for consideration.
With this understanding, we accept your Invitation.
If the miners likewise accept your invitation under the conditions stated
in your resolution, then we are ready to meet the call of Chairman Alvan
Markle. as provided in the resolution of the negotiating committees adopted
at the time of adjournment at Atlantic City. This is the regular course of
procedure in such GUM.
If the published report of Mr. Lewis's reply to your communication is
correct, that the Pinchot plan alone will be considered by the miners, it
would, of course, preclude a conference.
•
WILLIAM W. INGLIS.
[voL. 121.
We hope that the legislators' proposals will upon consideration also be
satisfactory to the mine workers.
Put into effect, they would result in a quick ending of the distress and
loss caused by the strike.
The new year can and should see the mines at work, distress relieved
and coal flowing to the consumers' cellars.
Philadelphia advices to the New York "Times," Dec. 16,
stated:
The plan, which was submitted to the operators by Franklin S. Edmonds,
Philadelphia member of the State Legislature,calls for an immediate resumption of mining at the wage scale which expired Sept. 1; the negotiating of
a new contract
a committee composed of three operators and three repFollowing the receipt of Major Inglis's reply of Dec. 21, resentatives of by
the United Mine Workers, the negotiations not to begin
Major Durkan sent the following telegram to Mr. Lewis:
until two months after the renewal of mining operations, and the appointYour wire agreeing to attend a conference to-morrow Is received. The ment of a board of settlement to settle all questions not agreed on by the
operators have declined to meet under the provisions outlined in to-day's negotiation committee within thirty days.
The board of settlement, according to the plan, would consist of the
call for a conference. It would be useless, therefore, to make the trip.
members of the negotiating committee, who would sit with the board but
Still further efforts on the part of Mayor' Durkan to bring have no vote, and five voting members, to he appointed by the President
the two factions together, was indicated as follows in a of the United States, or an alternate: or by the Chief Justice of the Supreme
Court of the United States, the Chief Justice of the Supreme Court of
Scranton dispatch, Dec. 21, to the New York "Times":
Pennsylvania and the presiding Judge of the United States Circuit Court
• Mayor Durkan early this afternoon sent the following telegram to Presiof Appeals of the Third Circuit. Decision would be rendered by the
dent Lewis:
board within three months.
Mr. John L. Lewis, International President, United Mine Workers of
Any new contract would be for at least five years and when signed would
America, Bellevue Stratford Hotel. Philadelphia, Pa.
be effective from Sept. 1 1925. Both parties would have the right once
With the understanding that both parties to the anthracite controversy every
twelve months to seek adjustments.
will confer within the scope of the resolution adopted at Harrisburg. our
Those attending the meeting, which was hurriedly called, were Samuel
committee has issued a rail for a meeting of the orerators' and miners'
representatives at the City Hall at Scranton on Teesday Dec. 22, at D. Warriner, Major Inglis. Thomas Thomas, W. J. Richards, George D.
3 p. m
We might add that it IS our understanding that the presentation
and advoeney et the Plochot Plan by the miners comes within the scope of Hardesty, A. M. Fine and E. H. Suender,
of the resolution.
President Lewis gave out the following statement regardJOHN F. DURKAN, Chairman of Committee of Exccuiires.
ing his view of the Luzerne plan:
Mayor Durkan also sent a similar message to Major W. W.Inglis,spokesThe alleged plan of settlement presented by the Luzerne legislators will
man for the operators, with the exception that the final sentence of the
message to the operators read: "The Pinchot Plan by the miners comes not, of course, be given any consideration by the mine workers and will he
within the scope of the resolution, but does not preclude discussion of any condemned by the miners of Luzerne County. It is simply the operators'
plan wrapped in a new package. The legislators have foolishly permitted
other plan."
Just before A o'clock this afternoon Mayor Durkan received the following themselves to be used as catspaws by the anthracite operators. The mine
workers are standing upon their acceptance of the plan of settlement protelegram from President Lewis in Philadelphia.
"Answering your wire, the miners' representative will be at your office to- posed by Governor Pinchot and endorsed by the public.
morrow ,afternoon at 3 o'clock to enter conference with the anthracite
According to Scranton adviees to the PhiladelphiarRecord"
Operators."
Dec. 22 the Glen Alden Coal Company, of which Major
W. W. Inglis, Chairman of the anthracite operators' subscale committee, is President, in a letter to its 17,000
employees to-day offers them resumption of work at the
On Dec. 22 Associated Press dispatches from Scranton present
rate of wage with a guarantee that there will be•no
stated:
reduction prior to Sept. 1. The item continues:
The anthracite mine strike was without development within
Soon after the reply of the miners' chief the operators sent an answer to
Mayor Durkan through Major Inglis. in which they expressed regret that
they could not accept the invitation bemuse "the miners," as Mr. Inglis
said. "are set on the Pinchot plan and only that."
the region
to-day. Mayor Durkan, who endeavored during the past two days to
bring The operators' and miners' representatives together In a conference
here, announced that he had not given up hope of ultimately working out
a plan upon which both parties could agree.
Major W. W. Inglis, chairman of the anthracite operators' negotiating
committee, reported the situation inchanged tonight.
From Scranton on Dec. 24 the following Associated Press
adrees were reported:
This offer, made over the signature of S. D. Dimmick, Vice-President
and General Manager, Is the first tangible move on the part of any of the
big coal companies to bring the strike to an end. Every one of the company's employees received a copy of the letter.
"For the life of me," wrote Vice-President DimmIck,"I do not see why
you men will not and do not go back to work at the old wages while we are
making a new contract. We have offered to pay the old wages until next
September. Meanwhile we could write a new contract with the union.
What is wrong with that? How could you lose by it? After Sept.1926,
wages might be more and they might be less, depending upon conditions at
that time. But you would have made good wages for eight months, anyhow."
John L Lewis, President of the United Mine Workers, has notified
Mayor John Durkan, Chairman of the Anthracite Committee of Mayors
and Burgesses, that the miners are willing to meet the operators in conference to discuss any plan for peace, It was learned to-day.
A New York "Times" dispatch from Scranton Dee. 22
Mayor Durkan made public the following telegram from Mr. Lewis, stating
that the offer was characterized by union officials as
who is at his home in Springfield, Ill :
"Governor Pinchot has urged that I clarify the wrong Impression of "a direct blow aimed to destroy the Miners' Union and break
the mine workers' attitude which has been brought about by
up the strike." added:
Interpretations. Accordingly you are advised that while the mineimproper
workers
D. W.Davis, international organizer for the union said:
will enter the conference in the light of your invitation and in conformity
The miners are not being fooled so easily these days and they look upon
with our telegrams to your committee, the presentation and advocacy of
the Governor's plan does not prevent the consideration of any other plan the offer of aid by the Glen Alden Company as an insult. If the company
or plans by parties to the conference."
is so sympathetic as its letter states, why has its President, Mr. Inglis,
In addition to the efforts indicated above, it was made refused to meet the miners at the peace table?
The
to the idle miners expressed surprise that the miners would
known on Dec. 15 that a proposal for ending the anthracite not andletter
did not go back to work at the old wages.
While the Glen Alden Company was offering relief to its striking employees
strike had been presented to operators and miners by eight
Mayors and Burgesses continued their peace efforts. Mayor John
members of the Luzerne County delegation to the Pennsyl- the
Durkan stated that he believed the end of the strike Is not far away.
vania House of Representatives. The proposal included a
form of arbitration under the name of Board of Settlement,
embraces five points and provides for immediate resumption
of work while negotiations are under way. On Dec. 16 the
operators indicated their acceptance of the plan, but Mr.
Lewis rejected the proposals.
The resolution adopted by the operators accepting the
Luzerne County plan was as follows:
The anthracite operators have received and considered with care the letter
of the legislators of Luzerne County, and hereby accept the suggestion of a
conference with the mine workers on the basis of the Luzerne legislators'
plan or any plan which Includes an immediate return to work and a long term
contract with provision for periodical adjustments and a board of settlement to decide all disputed questions which cannot be disposed of by
negotiation.
In making public the resolution the operators gave out
the appended statement:
A statement by Mr. Lewis in which he indicated that the
miners are organizing the defence of the workers "in expectation of a continuance of the present struggle to the Fall of
1926 or the Spring "of 1927" is referred to elsewhere in this
issue. The present week 16 Catholic priests, representing
85% of the miners, have taken occasion to indicate in letters
to Major Inglis and Mr. Lewis that the miners are "tired
of the present suspension and want to return to work."
They say:
A large majority of the mine workers want the authorized representatives
of both mine workers and operators to resume negotiations at once, without
ceremony of influence, as they have on other occasions, to equalize wages
in the anthracite industry and to settle all other queteions at issue.
That in the event of the representatives of both mine workers and operators falling to agree upon questions in dispute, that both sides refer all
disputed questions to impartial arbitration, the board of which shall be
selected in a manner agreeable to mine workers and operators.
Our willingness to accept the legislators' plan Is based on the fact that the
The letter submits unfavorable results of the strike as
plan is sound In the two most essential particulars.
First, it provides for immediate resumption of work, the operators follows:
An economic loss of millions of dollars to mine workers, operators
agreeing that they will pay the 1925 scale of wages until next September.
and
Although the conditions demand an adjustment of the more than war public, from which recovery will be absolutely impossible.
peak wages, we are willing to assume their burden as part of the price of
A national prejudice against the anthracite region.
a lasting peace.
A loss of faith in the future prosperity of our region.
Second, the legislators' plan provides a means of avoiding deadlocks.
Danger in loss of life among our men, women and little children among
those
These are the mcst important factors in any settlement. Sure of quick
least able to stand the conflict much longer.
A state of idleness that is producing demoralized citizenry.
resumption of mining and that suspensions would be avoided for at least
five years, the industry and its employees could join in settling all minor
Public discouragement over the failure of mine workers and operators
differences, putting their house in order, regaining lost markets and estab- to promote a program of peace and prosperity in industry when nations
lishing a better understanding all around.
of the world are working together for the prevention of international war.
If the plan is open to any serious criticism, it is on the ground that so
Proposals of Nov. 28 (referred to further below), were
much time would be consumed between conferences. But since production
would meanwhile be going on, we are not disposed to raise any objections Indicated as follows in Philadelphia Associated Press accounts of Dec. 3:
to this feature.
DEC.26 1925.]
THE CHRONICLE
ComW. W. Inglis, Chairman of the Anthracite Operators' Negotiating
Governor
mittee, in a statement at Scranton to-night in which he compared
and
operators
by
Pinchot's recent peace proposals with the plan submitted
offer was
rejected by President Lewis two weeks ago, said the mine owners'
it is constill open and that he believed "it will gain approval the more
sidered." The statement follows:
of the
developments
"Following the three months of idleness, and after the
the propast few days it has seemed worth while to analyze and compare
this results in
posals made by both sides to end the strike. Summed up
the following:
Pinchot-Lewis Plan.
"1. Five-year contract.
signed.
"2. Men to go to go to work after contract is
"3. Wages fixed for five years-negotiation on all other demands.
"4. Cheek-off.
"5. Arbitration limited to raising wages.
'G. No means for avoiding deadlock.
The Operators' Plan.
"1. Five-year contract.
"2. Mining to begin at once.
by negotiation
"3. Present wages and other conditions until changed
or arbitration.
"4. No check-off.
"5. Arbitration of all disputed points without reservation.
"6. Means provided to avoid deadlock.
it will gain
"Our offer as. outlined above is still open. We believe
is
approval the more it is considered. There are issues on which there
but if difbe
resumed,
can
decided differences of opinion. Negotiations
ferences cannot be reconciled the deadlock continues. In that event arbitration offers the best uay out."
In setting forth his inability to get the committee together
for the conference proposed by Governor Pinchot on Nov. 27,
Major Inglis had the following to say in reply to the Governor:
Scranton, Nov. 28 1925.
lion. Gifford Pinchot, Governor Commonwealth of Pennsylvania, Harrisburg, /'a.:
In reply to your telegram, received late yesterday, as I intimated to you
over the telephone. I find it impossible to get the committee together for a
conference at Harrisburg to-day. If you so desire, I will endeavor to
arrange a meeting between you and our committee after Monday next to consider any proposition you may have to make. In my opinion, such a meeting is essential in order that we may know what you have in mind before
entering into any joint conference with you and the miners' representatives. I think it advisable that ally plan you have in mind be held confidential until both sides have had an opportunity separately to consider it.
(Signed) WILLIAM INGLIS,
Chairman Anthracite Operators' Negotiating Committee.
A reply to this was made as follows by Governor Pinchot:
The public is as much concerned with this settlement as either miners
or operators. My suggestion for a settlement must therefore be made in
public. I shall proceed to make it this afternoon in accordance with my
telegram of yesterday. I still hope you will come.
3079
by the
The prosperity of all northeastern Pennsylvania is threatened
portions
stagnation of its basic industry, and with it the prosperity of all
The
two.
with
of the State. We are face to face not with one strike but
uncertainty of
second is the formidable strike of consumers against the
anthracite
supply and the constantly rising price of anthracite. Neither the
northindustry nor the Commonwealth of Pennsylvania, and especially
account.
of
out
eastern Pennsylvania, can afford to leave this second strike
conto
allowed
be
should
There is no good reason why this situation
stop. But
tinue. It is to everybody's interest that the strike should
step toward a
miners and operators alike find it difficult to take the first
serious suffersettlement. If there is to be a settlement before still more
some public
by
taken
ing has fallen upon the public, that step must be
Every day
authority. Many appeals have been made to me to intervene.
of delay adds to the load of trouble.
plan upon
Accordingly, I have called you together to propose a specific
justice to the
which I believe the strike can be and should be settled with
public.
ng
anthracite-usi
the
to
all,
miners, to the operators, and most of
to see this
Neither miners nor operators can expect, nor ought to expect,
concessions. If either
strike settled on their own terms. Both must make
for mere pride of
side attempts to hold out against a reasonable settlement
to insist on some
determination
opinion, anxiety to save its face, or the
losses of the public,
point too small to be weighed against the enormous
condemnation will
it will justly be held responsible for those losses, and its
be as great as its offense.
nor the operators.
miners
The essential party in this dispute is neither the
with anthracite.
It is the 40,000,000 whose habit is to warm themselves
public, and for the
My intervention is made as a representative of the
rights.
purpose of protecting the public interest and the public
be every pracThe first condition of any settlement of this strike should
will not be
anthracite
of
price
ticable assurance to the public that the
should pledge their
raised by the operators. Miners and operators alike
order thist increased
best efforts to mine and market coal economically in
cost of coal may be avoided.
of supply like
interruption
The second condition should be that another
the present will not soon take place.
prevent another
The third should be that an honest effort be made to
interruption of supply from ever taking place.
operators to
and
miners
I have called you together as representatives of
to which you both
lay before you again your obligations to the industry
users of anthrabelong, to the region where that industry lies, and to all
cite.
of an agreeoutline
In particular, I desire to submit the following rough
suspension of work hi
ment upon which, in substance, I believe the present
at once with justice
the anthracite mines could be, and ought to be, ended
people of America.
to the miners, the operators and the anthracite-using
of the present
I. The prices of anthracite coal shall not, by reason
increased by the
suspension, or of this agreement or any part of it, be
operators beyond those scheduled for the year 1925.
2. This agreement shall be for not less than five years.
under this
3. A board of investigation and award shall be established
shall consist of two
agreement, and shall continue during the life thereof. It
operators, and three
men chosen by the miners, two men chosen by the
expenses of the board
others selected by the four thus chosen: All necessary
shall be borne equally by the miners and operators.
and deter4. The Board of Investigation and Award shall investigate
the operators
mine whether or not, all factors of cost being duly considered,
increasing the price of
can reasonably pay an increase of wages 'without
without an increase of
coal. If the Board shall find an increase of wages
amounts and to such
price is justified, such increase shall be paid in such
If it shall
classes of employees as the Board in its award shall determine.
not so find, no increase of wages shall be awarded.
organize within
5. The Board of Investigation and Award shall meet and
calendar months
thirty days and make and publish its award within six
awarded shall
so
wages
after it shall organize for business. Any increase in
ends.
be in effect and date back to the day when the present suspension
open to
6. The original records of both miners and operators shall be
it to reach
the Board of Investigation and Award for the purpose of enabling
such manner as to
its decision, but the records shall not be made public in
local union to beenable the facts concerning any individual company or any
Mr. Lewis, who with other union officials attended the
meeting, addressed a letter to Governor Pinchot making
known his acceptance of the latter's plan "as a basis of settlement." At a meeting in Philadelphia on Nov. 29, the
anthracite operators found the plan "impossible" as the
basis "of a sound and lasting settlement," and in advices
to this effect to Governor Pinchot stated that "for the same
reasons they cannot be considered as a basis for conference
and negotiation." Eleven points were embodied in the proposal of Governor Pinchot, these being thus summarized in separately known.
of Investiga7. When its award as to waged has been made, the Board
the Philadelphia "Ledger" of Nov. 30:
forthwith proceed to investigate, determine and pub1. That the price of coal shall not increase because of the suspension or tion and Award shall most
practicable and available method for avoiding
the new agreement.
2. That the agreement shall extent at least five years.
3. The creation of a Board of Investigation and Award comprised of two
men chosen by the miners, two by the operators and three by these four.
4. The board to investigate whether the operators can pay increased
wages without increasing the price of coal.
5. The board to organize within 30 days and make its report within six
months.
6. Records of millers and operators to be open to the board but not to
the public.
7. After making its award the board shall study methods of avoiding
strikes and of increasing mine efficiency and operation.
8. Full recognition of the union not granted but operators shall honor.
voluntary written request of a miner to assign his present union dues, not
exceeding $14 a year.
9. Working conditions not specifically mentioned to be referred back
to representatives of miners and operators for settlement.
10. Board of Conciliation established under Roosevelt settlement of
1903, which lever functioned, to proceed at once to equalize wages. Wages
not to be reduced during the five-year agreement unless as the result of
such equalization.
11. Suspension end at once and anthracite mining operations to begin
Immediately.
The following is the plan presented by Governor Pinchot:
The present suspension of work in the anthracite mines of Pennsylvania
ought to be ended. I believe the time has conic when it can be ended.
The strike has brought enormous loss of wages to the miners and of
profit to the operators. What is of greater consequence is, the general
public is suffering and will suffer yet more severely if the strike goes on.
The strike is the direct cause of financial embarrassment, physical suffering and the most exasperating inconvenience to millions of anthracite users.
Not only in Pennsylvania but far more widely outside the State, this strike
has imposed heavy burdens on those who burn anthracite. Our obligation to
them is no small part of the reason why we should settle the strike.
Unnumbered domestic consumers of anthracite are unable to secure their
oustomary supplies of their customary fuel. They must go without, or depend on substitutes with whose handling they are unfamiliar, and for which
they must pay prices utterly unknown before. The growing use of suhstitutes in thousands of homes and business enterprises, both within and without the State, seriously endangers the future of the anthracite industry and
the Y ell -being of the whole anthracite region.
licly recommend the
to the public
suspensions of work in the anthracite mines and for assuring
investigate, asceran uninterrupted supply of anthracite coal. It shall also
and reducing.
tain and recommend methods for increasing the efficiency
the cost of operation of the mines.
granted
8. Full recognition of the union (the check-off) shall not be
individual
by the operators, but any operator shall honor the voluntary
union
present
his
of
amount
written request of any miner to assign the
fines nor assessdues, not exceeding $14 per year, and including neither
supments, as assignment for house rent, coal, powder and other mining
so
plies, and delinquent taxes, as now practiced. (Such dues are already
assigned in certain anthracite mines.)
9. The adjustment of working conditions, as specified in the demands
of the miners, and any other matters not here specifically mentioned, shall
be referred back to the representatives of the miners and operators for
settlement.
10. The Board of Conciliation, established under the Roosevelt settlement of 1903, shall proceed at once to equalize wages as agreed upon in
the strike settlement of 1923. Wages shall not be reduced during the life
of this agreement below those provided in the last agreement unless as the
result of such equalization.
The foregoing suggestion for an agreement has been submitted to the
Committee of Three on Coal Suspension of the Scranton Chamber of Commerce, which committee was directed to confer with the Governor for the
settlement of the suspension, has been modified in accordanoe with their
suggestions, and I am authorized to say has received their unanimous
approval.
In conclusion, I venture the hope that this suggestion for the settlement
of the anthracite suspension will receive the careful consideration of miners
and operators, and will commend itself both to them and to the users of
anthracite who are the makers of public opinion in the anthracite using
portions of the United States.
The letter of President Lewis of the United Mine Workers, accepting the plan, follows:
Hon. Gifford Pinchot, Governor of Pennsylvania, 17arrisburg, Pa.
Sir: Conscious of the imperative public need which prompted your
proposals to the anthracite operators and miners for an adjustment of the
present controversy, the mine workers' representatives have given to the
subject the most profound consideration.
3080
THE CHRONTCLE
It is obvious that the interests of peace in the anthracite industry require consideration by both sides in a spirit of compromise and mutual
concession. The mine workers regard your proposals for a settlement as
being "representative of the public viewpoint and have every sincere desire
now, as before, to terminate a distressing situation which menaces public
health and well being.
I am, therefore, authorized by the Tr -District Scale Committee of Districts 1, 7 and 9, United Mine Workers of America, to advise you that on
behalf of our membership we accept the proposals made by you as a basis
of settlement We stand ready at any time to meet in joint conference with
the representatives of the anthracite operators to negotiate an agreement
which shall encompass the points set forth by you.
We further advise that promptly following such agreement upon the part
of the anthracite operators we will arrange for resumption of mining at
the anthracite collieries at the earliest possible date.
Respectfully yours,
JOHN L. LEWIS, President.
[VoL 121.
"4. The board to be composed of two operators, two mine workers and
three persons in every sense impartial to be appointed by the Chief Justice
of the United States Supreme Court, the Chief Justice of the Pennsylvania
Supreme Court and the presiding Judge of the United States Circuit Court
of Appeals for the Third Circuit.
"5. Either party to have the right, once in twelve months but not oftener
—to ask for a conference to reconsider any of the terms of the contract
Matters still in controversy, thirty days after the convening of any conference, to be referred to the board for settlement"
Here was a proposition for immediate resumption of work under the terms
of the expired contract while the parties made one more attempt to reconcile their differences, and with provision for settling any disputes that could
not be settled by negotiation. It made no restrictions, but left open to
determination, based on the facts, all matters in controversy. Mr. Lewis
summarily rejected it
It is only on some basis that recognizes facts as the controlling influence
that this controversy can be satisfactorily settled. The substitution of
expediency is a policy to which we cannot subscribe. It is impossible for
With the receipt of the above advices a telegram of con- us to find in your proposals
the basis of a sound and lasting settlement,
and
for the same reason they cannot be considered as a basis for conference
gratulation was sent to Mr. Lewis by Governor Pinchot as
and
negotiation.
follows:
Very respectfully,
Your letter announcing the unanimous acceptance by the miners of the
WILLIAM W. INGLIS,
plan for the settlement of the strike submitted to you yesterday has been
Chairman Anthracite Operators' Negotiation Committee.
wired to me here. I am aware that in accepting it the Tri-District Scale
On the 1st inst. the operators offered to resume negotiaCommittee has made real concessions from its announced position and that
it has considered and respected the public interest in a way that reflects tions with representatives
of the striking coal miners on
honor on the committee and on every anthracite miner whom the committhe basis of the plan recently submitted to Mr. Lewis. The
tee represents.
I believe that the willingness of the miners to go without an increase Associated Press advices from Philadelphia in stating this
of pay unless it can be granted without raising the price of coal to the also said in part:
anthracite using people of America sets a new high mark in wage disputes
In renewing the offer to-day, Major W. W. Inglis, Chairman of the Anin the United States.
thracite Operators' Wage Negotiating Committee, said it was an "open
Please accept for yourself and convey to all members of the Tri-District door" to
peace, and should furnish the basis for "taking up anew the difScale Committee my warm congratulations and heartiest appreciation.
ferences which have kept the mines idle for three months."
"There is nothing unique in the plan," Major Inglis said. "It is the only
Major Inglis, in presenting to Governor Pinchot the operafair
of settling industrial disputes. Mr. Lewis has declined it, but
tors' views regarding the proposals, called attention to a still method
has to assign some good reason for this attitude."
proposal offered by them two weeks before to Mr. Lewis,
Governor Pinchot, who is on a tour of inspection in the western part of
and rejected by him. We give Major Inglis's letter here- the State, characterized the operators' rejection of his plan as "a rejection
of industrial peace and a declaration of war." lie gave no intimation as
with:
to whether he contemplated taking any further steps in an effort to bring
about a renewal of negotiations between the operators and miners.
Philadelphia, Pa., Nov. 30 1925.
Hon. Gifford Pinchot, Governor of Pennsylvania, Harrisburg, Pa.
According to Scranton Associated Press dispatches Dec. 1,
Dear Governor Pinched: Acknowledging your letter of Nov. 28, inclosing
copy of the proposition which you laid before the meeting last Saturday Major W. W. Inglis made the following comment on Goverafternoon and which you refer to the anthracite operators' committee for nor Pinchot's statement:
consideration.
Governor Pinchot is quoted as saying that the anthracite operators in
As a first step, we have asked ourselves: Are the proposals you have rejecting
his plan have turned down industrial peace and declared for war.
submitted practicable? Will they end the present industrial strife in a
We feel that by turning down this proposition, after lengthy consideration,
way that will enable us for a long period of time to operate our mines, we
have not turned down industrial peace, but industrial calamity.
give employment to labor, hold prices at a reasonable level, and give some
We submit that a comparison of the Governor's propcmition and our own
assurance of a reasonable retuvn on the investment? These questions are offer for a
settlement of the anthracite strike will speak for themselves.
vital to the life of the industry, and the answer to them necessarily deter- Any
basis of a settlement must be practicable and workable. It must insure
mines our answer to you.
industrial peace over an extended period, with protective provisions to opYou propose that prices shall not be increased and wages shall not be erators and miners
alike to cover changing conditions. It was with this in
decreased for a period of five years, regardless of changing conditions. You mind
that we made our offer to Mr. Lewis two weeks ago.
suggest a board of investigation and award, which, however, has power to
No plan that does not take care of conditions as they arise can help but
do but one thing—increase wages. This Is not for arbitration and cannot be be harmful.
accepted as a substitute for real arbitration, in which proven facts would
J. B. Warriner, General Manager of the Lehigh Coal &
control.
You ask us to repeat the Jacksonville mistake of endeavoring to main- Navigation Co. and a member of the anthracite operators'
tain high prices to pay high wages through the simple formula of writing wage negotiating committee, was
reported as saying on
these terms into a contract An arrangement involving agreement on prices
is clearly illegal. Furthermore, no producer of any commodity could in Dec. 3 that is was perhaps a good tiling that Governor
good faith bind himself to such a proposal. Prices are controlled by the Pinchot's peace proposal had been "definitely disposed of,
law of supply and demand and cannot be maintained at artificial levels by as the way
is cleared for some real solution." This is
arbitrary agreement.
You further propose that the board is to pass on the profits of the in- learned from the New York "Evening Post," which prints an
dustry, and that Irrespective of whether wages are just and fair, if profits Associated Press dispatch from Lansford, Pa., saying:
permit, wages shall be Increased. Without comment on the unsound theory
Mr. Warriner is a brother of Samuel D. Warriner, President of the Lehigh
that profits should fix wages (a theory that would operate against the Coal & Navigation Co. and Chairman of the anthractie operators'
conference
employee u often as against the employer) it seems to us that it would committee.
have been more logical to suggest that if profits are excessive and labor
"The proposal made by Governor Pinchot," said Mr. Warriner, "appealed
well paid prices should be reduced.
to me as an adroit move on the part of Mr. Lewis to maneuver the anthraThe check-off was condemned in principle by the Roosevelt Commission cite operators into an embarrassing position. Naturally, a pronouncement
In 1903 and refused by the Wilson Commission in 1920. You now sug- by the Governor of a great State carries considerable weight. People
do
gest that we accept it by another name. By any name, it is repugnant to not ordinarily look behind such statements to discover the political
wires
reason and justice, and a barrier rather than an aid to sound industrial in the background. The tendency is to take anything of the kind at its
relations. In theory only would assignments be "voluntary." In practice, face value.
the system would not eliminate strikes, for the real effect would be to
"Some weight was added to the proposal also by an alleged endorsement
substitute the strike to force voluntary assignments for the "button strike" of the plan by a committee from some of the coal region Chambers of Comheretofore employed to force union membership. The confirmation of this merce. This endorsement, however, turns out to have been somewhat
Iles in the finding of a Federal Court within the past few weeks that "the exaggerated.
check-off system and its provisions are to prevent all non-union men from
Calls Plan Impl'actical.
working in union mines and compel all workmen to become members of said
"In any case, the proposal was so impractical and one-sided that it had
organization, so that said organization will have an absolute monopoly of to be rejected in its entirety. The closest analysis
failed to find in it any
all labor engaged In such industry."
basis for negotiations."
Only on the ground of misunderstanding our seriousness of purpose and
Mr. Warriner said renewed negotiations under the plan offered by the
our desire to reach conclusions of lasting benefit can we account for pro- operators and
rejected by Mr. Lewis "might easily tesult in an agreement
posals that so-completely fail to meet the necessities of the situation. We fair to all interests."
note that your plan is satisfactory to Mr. Lewis and his associates. This
"Mr. Lewis," Mr. Warriner added, "has now agreed in principle to arbiis not surprising. Naturally he agrees to the check-off and
to continua- tration, so this should constitute no further obstacle.
tion of high wages which can be further increased but not decreased by
"This whole situation, in my opinion, must be viewed in the light of the
"arbitration."
present rapid displacement of anthracite by substitute fuels. We must all
Your telegram emphasizes the fact that you found it necessary to go ahead work together to fight this very evident
menace to the prosperity of our
with public meeting because of the extent to which the matters in con- region."
troversy were charged with public interest. It is for that very reason and
because of the unwarranted increase imposed on the industry through your
mediation two years ago that the operators are now proceeding with the Mayor Hylan of New York Criticises Coal Operators.
caution that the seriousness of the situation demands. We are not unmindMayor Hylan of New York City, in a telegram to Governor
ful of the public interest, for that interest and the future welfare
of the
industry are so closely allied that dissociation is impossible. In striving Pinchot of Pennsylvania, made public at the Governor's
for a settlement that shall provide for extended peace
and for effective office, at Harrisburg, expressed thanks, "in the name of the
machinery to adjust wages, should economic conditions require, we are fightpeople of the City of New York," for the Executive's efforts
ing for the rights of the public as well as those of the industry.
Two weeks ago, through an intermediary who came to us, we offered to end the coal strike, say Associated Press advices from
Mr. Lewis, the following proposal:
Harrisburg, Dec. 3, which gives the telegram as follows:
"I. An immediate return to work at wages paid prior to the suspension.
I thank you heartily for your endeavors to bring about settlement of the
"2. A resumption of negotiations again to consider any modifications
of coal strike. Your terms of arbitration were fair to both sides and received
the expired contract that might be urged by either party.
approval of the miners, but unfortunately were rejected by the operators.
"3. A new contract for not less than five years to be formulated and
It is to be regretted that public officials all over the country do not cosigned. Any matters in dispute and not disposed of within thirty days operate with you whole-heartedly in
your humane endeavor for arbitration,
after the resumption of negotiations, to be referred to a board for settlement. as you suggest, so that they may have
coal without further delay.
DEC.26 1923.]
THE CHRONICLE
Such official interest would represent the wishes of the masses and
undoubtedly force a change of atUtude among coal operators; otherwise
the people of New York, the New England States and other localities most
suffer the rigors of winter months while coal barons hold out to influence
their own form of settlement upon the miners.
Appeal to Labor for Contributions in Behalf of Anthracite
I Miners by President Green of American
Federation of Labor
An appeal to members of labor bodies affiliated with the
American Federation of Labor to contribute "such amounts as
you may be able to give for the purpose of supplying food
and clothing to the striking anthracite miners and their families," was made on Dec. 20 by William Green, President of
the American Federation of Labor. The following is the text
of the appeal as given in the New York "Herald-Tribune" of
3081
by duly accredited representatives of the Unites' Mine Workers
of America in the distribution of relief.
your
"'Send your donations at once. Do not delay. Make
Fedcontributions to Frank Morrison, secretary of the American
ge
eration of Labor, Washington. He will promptly acknowled
and receipt for the same. Fraternally, yours.
WILLIAM GREEN,
"'President American Federation of Labor.'"
President Lewis of United Mine Workers Predicts
Continuance of Coal Strike Until I927—Charges
Operators with Seeking to Crush Union—Reply
by Major Inglis.
In an address before the Philadelphia Real Estate Board
on Dec. 17, John L. Lewis, President of the United Mine
Workers of America, declared that the anthracite operators
and the financial interests behind them are prepared to
suffer the loss of a billion dollars "to crush the mine workers'
union and to break the spirit and resistance of their employees." "Knowing the operators' plans," said Mr.
Lewis, "the United Mine Workers are now organizing the
defense of the anthracite mine workers in expectation
of a continuance of the present struggle to the fall of 1926
or the spring of 1927."
Major William W. Inglis, Chairman of the Operators'
Negotiating Committee, replying on Dec. 18 to Mr. Lewis's
assertions that the operators are deliberately attempting to
destroy the United Mine Workers, said:
Dec. 21:
"By authority of the executive council of the American Federation of Labor I have issued the following appeal to all organized units and members of organized labor affiliated with the
American Federation of Labor:
"'To the officers and members of organized labor, sisters and
brothers:
"'In the anthracite coal regions of Pennsylvania 168.000 members of the United Mine Workers of America have been on strike
since September 1. 1925. They have been forced into this state
of Idleness because the anthracite coal operators refuse to enter
into a new agreement to take the place of the agreenmt which
expired on August 31. For almost four months the anthracite
favor of a strong
mine workers have been courageously and heroically fighting a
The operators are not fighting the union. They are In
great battle for union labor, for the recognition of the principle union—one which will settle its troubles in the light of the facts and which
a
scale
ent
of
wage
the bituminous
establishm
and
for
of
the
interest
bargaining
of collective
will not sacrifice the anthracite workers in the
force
in keeping with American standards of life and living.
They are really fighting the Lewis policy of substituting
workers.
"'This experience has brought suffering and sicrifice to the for reason.
wives and children and Into the homes of the anthracite miners.
follows:
Major Inglis's statement
screen
No Santa Claus for Menu
Mr. Lewis in his characteristic style attempts to throw up a smoke
"'This situation touches us deeply, particularly at this season to hide the real issue in this controversy. That issue plainly stated, Is a
strike,
the
for
There
our
land.
operators,
throughout
the
prevails
when the Christmas spirit
substitution of arbitration, advocated by
are thousands of children in the anthracite coal region who will advocated by Mr. Lewis.
cost of
look for Santa Clause in vain this year, and whose little hearts
He indulges in his time-worn formula of comparing the labor
ant: lives will be tilled with disappointment.
a ton of anthracite coal with the price paid by the consume tin
producing
is
on
doing its best,
"'The United Mine Workers' organizati
price paid
far distant city for domestic sizes. He admits that the
exhausting every resource of its command, to meet the urgent some consumer includes the cost of transportation and the cost of doing
by the
famiand
their
on
strike
are
who
miners
anthracite
which
the
over
needs of
tters
business on the part of the wholesaler and retailer—ma
lies dependent upon them. For many months—yes, for more than the operators have no control, lie forgets to say that to the labor cost of
a year—the United Mine Workers of America has been spending producing anthracite must be added the cost of m-terial, administrative
many thouttands of dollars each month in supplying relief in the expenses, taxes, insurance, depletion, depreciation. &c.
attempt to destroy
way of food, clothing and shelter to members of the organization
Mr. Lewis charges the operators with a deliberate
who have been on strike or who have been forced into idleness the United Mine Workers. He tries to justify a continuance of the strike
in West Virginia, Kentucky, Pennsylvania and other mining sec- on the fact that the mine workers accepted the l'inchot plan of settlement—
was approved by
tions.
s plan which the operators have every reason to suspect
"'This situation has been bravely face by the United Mine Mr. Lewis before it was publicly offered. It gave him present high wages
to
full
the
its
resources
of
giving
is
It
gave him what was
Workers of America.
with arbitration upward for another five years, and it
members of its organization in both the anthracite and bituminous most important to his national organization—the check-off. Naturally.
fields who are in need of assistance.
it appeals to him as a basis to end the controversy.
Lewis became
Following the strike of 1902 and up to the time that Mr.
Burden Tea Great •
of the mine workers* organization in 1920,the anthracite operators
"'Btrt the burden is too great for one organization and the cry the head
employees settled their differences by collective bargaining.
for help reaches beyond the United Mine Workers of America. and their Lewis has been In charge of its affairs nothing has been accomMr.
it,
Since
hearing
and,
cry,
that
hear
Organized labor in America must
than four
by that process and we have had three strikes in less
must respond to the needs of the men, women and children in plished
labor leadership.
years. This Is a record of militant, and not constructive,
need
and
who
hunger
from
suffering
are
who
region
anthracite
the
the industry Is
is a condition which cannot be permitted to continue if
our help. The attituc:e of the anthracite operators constitutes a It survive. Mr. Lewis' appeal to public sympathy and support is based
to
challenge to the membership of the American Federation of Lato the PInchot
cliings
He
on false premises, and clothed with insincerity.
of that plan
bor. Their unrelenting attitude toward their employees, the anof settlement and yet two weeks prior to the offering
plan
and
public
welfare
the
to
e
indifferenc
their
and
thracite miners,
concerned. Within
he rejected a plan much fairer to the interests of all
the
of
spirit
generous
to
the
rouse
fail
cannot
necessity
of
legislators
the public
the past few days he has rejected the plan offered by the
membership of organized labor.
fair plan and provided for continuing present
a
was
which
County,
Luzerne
to
coal
operators
anthracite
the
"'It seems to be the purpose of
on among the anthracite wages to Sept. 1 1926.
to the fall
crush and destroy the spirit of organizati
Mr. Lewis glibly talks about continuing the present struggle
mine workers, to ruthlessly starve them into submission and to of 1926 or the spring of 1927. Once more he furnishes evidence of the
the conditions
and
t
employmen
of
terms
the
dictate
strike
y
anthracite
The
tyrannicall
interest of his organization In the bituminous field.
under which their employees shall live.
Lewis' effort to regain lost ground in the bituMr.
in
beginning
its
had
are
region
uncomplain
anthracite
Jacksonville
"'The mine workers of the
minous. When he talks of continuing it to the expiration of the
ingly suffering. Business throughout the territory is stagnated, agreement, it is apparent that the dominating influence In the present
to
is
which
forcee:
purcnase
public
American
the
of
part
and that
controversy is still bituminous and not anthracite.
strike.
its coal in small allotments from day to day is the victim of
The anthracite operators tried by every means to avoid the
the arrogant and indefensible policy being pursued by the anthra- They have repeatedly urged a return to work and a settlement of all matters
are known
cite operators.
In dispute, either by negotiation or arbitration. These facts
"'Organized labor is alive to this situation. Its sympathies to everybody. When Mr.Lewis,by such statements as he made yesterday,
The convention
miners.
anthracite
the
with
are
operators.
the
its
to
interests
and
endeavors to transfer the burden of continuing the strike
of the American Federation of Labor, held at Atlantic City in he insults the intelligence of both the worker In the mines and the conthe
strike
anthracite
of
t
October, extended its full indorsemen
sumer of anthracite coal.
and directed the executive council of the American Feeeration of
The operators are not fighting the union. They are In favor of a strong
the
end
to
the
that
way
possible
every
in
Labor to co-operate
the light of the facts and which
in their efforts. union—one which will settle its troubles In
anthracite mine workers achieve complete success
the anthracite workers in the interest of the bituminous
sacrifice
not
will
unand
passive
remain
force
"'Organized labor cannot and will not
workers. They are really fighting the Lewis policy of substituting
responsive when the wives and children of our striking brothers for reason.
of
life.
necessities
the
for
are hungry and suffering
"'Therefore, as the president of the American Federation of
I appeal to the Resignation of Charles C. McChord as Member of Interstate
Labor and in behalf of the executive council,
membership of organized labor throughout the jurisdiction of the
Commerce Commission—Richard V. Taylor Named
as you may ne
FeCeration to contribute such amounts of money
to
the
and
clothing
food
supplying
as Successor—Thomas F. Woodlock
of
purpose
able to give for the
your finanstriking anthracite miners and their families. Make
Again Nominated
permit.
will
cial donations as large as circumstances
as
the
necesliberally
as
on Dec. 21 that Charles U. McChord
known
It was made
"'We urge that all unions contribute
and as liberally as
the Interstate Commerce Commission. As
from
sities of the anthracite mine workers require
resigned
had
permit. We recommend
the condition of their treasuries will local unions and federal successor to Commissioner McChord President Coolidge on the
that all state and central bodies and Labor donate from their
21st inst. named Richard V. Taylor of Alabama. The term
unions of the American Federation of
give, ant: give
treasuries. Let every member of organized labor
for which he is named expires Dec. 31, 1929,
generously.
central bodies appoint comOn Dec. 21 President Coolidge also submitted to the Senate
"'In addition, we request that all
may be secured. the nomination of Thomas F. Woodlock, of New York, to be
funds
which
by
means
and
ways
devise
to
mittees
are pressing. They must have
The needs of the anthracite miners will be spent economically and a member of the Interstate Commerce Commission for the
money now. All funds contributed
A
3082
THE CHRONICLE
term expiring Dec. 31, 1930. Mr. Woodlock, who was named
to succeed Mark W. Potter, was given a recess appointment
on March 25, after the Senate had failed to act in either of
the two instances in which the President had sent the nomination to the Senate. As we indicated in these columns March
28 (page 1550) Mr. Woodlock's nomination was opposed by
Southern Senators who contended that the post should be
tendered to a representative of the south. Associated Press
advices from Washington on Dec. 21 state:
The Taylor nomination, giving the South the representation it
has demanded on the commission, was said by several of the
Southern leaders to have removed objection from that quarter to
the confirmation of Woodlock.
It generally was predicted that both nominations would be approved. although Woodlock still will be opposed by a small group
of Western insurgents who regard him as too closely allied with
Wall Street.
Senator Wheeler, Democrat, Montana, disputed the suggestion
that opposition to Mr. Woodlock was based wholly on the fact
that he is not from the South.
"My opposition to him is because be has written a number of
articles for the Wall Street Journal which show me that he is
not qualified to sit on the commission," Senator Wheeler said.
Senator Watson retorted that he had read those articles and
was convinced by them that Mr. Woodlock had "very sound
views."
Regarding a debate in the Senate on Dec. 21 occasioned by
the naming of Mr. Taylor, upon, it is stated, the recommendation of Senator Underwood, we quote the following from a
Washington dispatch to the New York "Herald-Tribune":
Senator Blease, of South Carolina, said there were "whisperings" a "deal" had been made for Democratic support for confirmation of Thomas F. Woodlock. of New York, in exchange for
the appointment of Taylor. Mr. Blease said his colleague, Senator
Smith, who has gone home, was not a party to any "deal."
Senator Underwood, in defense of the appointment, said the
South in about fifty years had had but two men on the commission and told of the long efforts to obtain Southern representation. While be had opposed the confirmation of Woodlock last
spring, he said, it was not due to personal objection, but to efforts
to get a Southern appointee.
Asked to Suggest Name
Senator Underwood said President Coolidge had invited him to
the White House a month ago, told him he expected a vacancy, on
the commission, and asked him to suggest a name. Mr. Underwood recommended Taylor, Democratic Mayor of Mobile, and for
thirty years general manager of the Mobile & Ohio Railroad. Ile
is not connected with any railroad now. He is a brother of
flannis Taylor, of Washington. Senator Underwood said the
President made no promise, there was no "deal" and that last
Saturday the President advised him Mr. MeChord would resign
and asked further about Mr. Taylor. Senator Underwood said he
and Senator Heflin agreed to indorse Taylor.
A long discussion over the Interstate Commerce Commission
followed.
McChord's Resignation Surprises
The unexpected resignation of Mr. McChord was learned in
official Washington with general surprise, although be several
times had told friends he wished to resign to re-enter the practice
of law. He has been a member of the commission for fifteen
years and several times its chairman. Ile was first appointed by
President Taft in December. 1910. Mr. McChord is a Democrat
and a native of Springfield, Ky. When appointed to the commission he was practicing law at Louisville. He expects to practice
law in Washington.
[vol., 121.
Cost to Government of Federal Control of Railroads
$1,696,000,000
According to the report of James C. Davis, Director General
of Railroads, submitted to President Coolidge on Dec. 14, the
total cost to the Government of Federal control of the railroads (during 32 months), including operating, losses during
the period of Federal operation and the six months' guarantee
period after relinquishment of control and the payment of the
deficit of the short lines, amounted to $1,1396,000,000. In his
report, the Director General, after detailing the taking over
of the railroads on Dec. 31, 1917, said:
"When the property was returned to its owners claims were
presented by the carriers, represented largely by the items of unpaid compensation. undermaintenance of way and equipment, material and supplies and depreciation, in the sum of $1,014,402,.
446.72. The Railroad, Administration set up claims against th
railroads, largely for excess expenditures for maintenance, in the
sum of $440.353.715.08.
"Congress directed the President, through his agent, as soon as
practicable to settle and adjust these and all other claims incident to Federal control. Every one of the claims of the carriers
whose property was taken over has been adjusted. The creditor
roads were paid $243,652,196.91. There was collected from the
debtor roads $195.272,295.17. The balance paid by the Government was $48,370,901.74, or less than 5% of the claims as originally presented.
"There are perhaps two outstanding features in the adjustment:
It was made without litigation, and well within the appropriation
originally made by Congress for this purpose.
"The liquidation has involved the handling of large sums. As an
outgrowth of Federal control the Government took definitive obligations of the railroads for advances, funding of additions and
betterments, balance due on settlement, and the like, aggregating
$629,241,250. Of this amount there has been collected, or disposed of at par, $495,705,450. This amount has been returned to
the United States Treasury.
"The Railroad Administration for a number of years has been
returning large sums to the Treasury. For the eleven months
ended Nov. 30, 1025, the receipts in excess of expenditures were
$50,690,499.
"Aside from the claims of the railroads for the use of their
properties there were innumerable claims of third persons for
freight overcharge, reparation, loss and damage, personal injuries,
fires, and the like, while the Railroad Administration, on its part,
had many claims for demurrage and undercharges. In the neighborhood of 50,000 lawsuits were instituted against -the Railroad
Administration growing out of these transactions.
"The greater portion of these outside claims have been adjusted,
and the entire liquidation is being rapidly concluded. The Income
of the Railroad Administration from interest on railroad obligations is largely in excess of any amount sufficient to finally conclude this adjustment."
According to the New York "Evening Post" the value of
the property taken over was some $20,000,000,000 and the
annual compensation, represented by the average earnings for
the three years prior, to Federal control, was $2,087,323,593.97,
a monthly rental in excess of $80,000,000. The Director General's report, says the New York "Times," characterizes the
work of the Railroad Administration as "the largest liquidation
of a single commercial interest ever undertaken." At the
present time the Railroad Administration has unexpended cash
assets of $101,504,972.84 and holds carrier obligations amounting to $133,535,800.
The following Associated Press dispatches were reported from
Washington Dec. 22:
Washington. Dec. 22 (AP).—While the White House was explaining today President Coolidge's course in making new appoint.
meats to the Interstate Commerce Commission, opposition to his
appointees continued to grow in the Senate.
The White House described as a mistake the supposition that
the appointment of Richard V. Taylor of Alabama was in exchange for Southern Democratic support for Thomas F. Woodlock
of New York, now serving under a recess appointment after his
nomination had been opposed successfully at the last session by the
Senators from the South.
The nomination of Mr. Taylor was said at the White House to
have been made with the endorsement of Senators Underwood and
Heflin of Alabama. Senator Smith of South Carolina, former
Democratic Chairman of the Senate Interstate Commerce Committee, was not consulted, It was added, because he was absent
from the city,
The Taylor and Woodlock nominations have been referred to a
Senate Committee which will defer action until after the Christmas holidays. They will be opposed both in the committee and
on the Senate floor. Administration leac.'ers are hopeful but not
over sanguine that confirmation will be obtained.
Protests against the nominations of both Taylor and Woodlock
were made today by the State Railroad Commissions of Louisiana
and South Carolina. They were based largely on the contention
that the appointees had been too closely identified in the past with
the railroad interests. Several protests from private persons were
received by Senators from other Southern States.
E. I. Lewis Reappointed Interstate Commerce Commissioner
On Dec. 15 President Coolidge forwarded to the Senate the
reappointment of E. I. Lewis of Indiana to be a member
of the Interstate Commerce Commission for the term of
seven years from Jan. 1, 1926. The Senate confirmed the
nomination on Dec. 21.
Resignation of James C. Davis as Director General of
Railroads—Secretary Mellon Named as Director
With the submission of his annual report to President Coolidge on Dec. 14, James C. Davis tendered his resignation as
Director General of Railroads. The President, it is stated,
has designated Secretary of the Treasury Mellon to succeed
Mr. Davis.
Attitude of the Railroads Towards Amendments to the Railroad Transportation Act—Senator
Cummins' Bill
On Monday of the present week the Association of Railway
Executives approved proposed legislation which would abolish
the United States Railway Labor Board and set up substitutes.
With reference to the action on that day Associated Press
accounts from Chicago to the New York daily papers said:
President Coolidge's recommendation in his last message that
"a serious effort be made to reach an agreement" with labor•on
legislation has borne fruit, according to an official statement of
the association.
The proposed substitutes for the board, so far as can be
learned, are boards of adjustment and conciliation. The boards of
adjustment would be regional and would comprise representatives
of both sides who would endeavor to iron out grievances. The
board of conciliation would seek to get both sides to arbitrate
voluntarily.
Would Abolish Semi-Judicial Board
Where the two arbitrators chosen by each side could not agree
on a third, the conciliation board would select him. There would
be no semi-judicial board, as at present, which would attempt
DEC.26 1925.]
THE CHRONICLE
308
to public
to fix rules and wages by hearings, decisions and appealsfrequently The Federal Valuation of Railroads, Its Origin, Scope
opinion. The present processes whereby public members
calling on
and Utility—Notable Address by T. P. Artaud
have the deciding vote would be supplanted by methods
of the Valuation Bureau of the Interthe disputants to get together.
is the
Marked progress toward the adoption of a joint plan
State Commerce Commission.
engine
four
result of conferences with representatives of the
Inter-State
T. P. Artaud of the Valuation Bureau of the
and train service brotherhoods.
vania RailCommission on Dee. 18 delivered an address
ce
Commer
General W. W. Atterbury, president of the Pennsyl
ng with
the Engineers Club of Hampton Roads on the subject
road and chairman of the executives' committee, conferri
been reached before
the brotherhood lenders, reported an agreement had
Federal Valuation of Railroads, which is so thorough
the
of
conwill
on most, but not all, phases of the plan. Ills committee
hensive that we reproduce it in full below. We
compre
and
d
propose
the
ng
tinue to work with the brotherhoods in perfecti
n to make some comments on it at a later
occasio
take
bill
may
the
that
ion
expectat
measure. The association expressed its
Con'
and
t
date.
Presiden
the
to
tion
would soon be ready for presenta
Mr. Chairman and gentlemen of the Society.
gress.
of valuation. If you assume the
I am here to talk with you on the subject
Labor Favors Abolition of Board
any subject. it Is altogether
propriety of the invitation for me to speak on
the
of
n
abolitio
In fact, I seriously doubt if one
proposed
one.
tions
should be that
valuation
When twenty labor organiza
that
fitting
A tterbury,
re of this work could
board, the executives at first opposed them. General
spent any considerable time in the atmosphe
disputed the who has
g baldly and brazenly
however, represents a board which has repeatedly
for five consecutive minutes without launchin , a virus in the blood.
talk
s.
decision
its
obsession
jurisdiction of the board and refused to go along with
that theme. Valuation is a habit, an
the board. upon which should be accorded respect because of its age. is that a resident
The engine brotherhoods also have been at odds with
A story
in an Eastern town in honor
service
memorial
issue of of Los Angeles attended a
number of friends of the
On the other hand the "Wall Street News" in its
local celebrity. There were eulogies by a
a
of
in
were
ves
of the Angels sat with some
Dec. 24 indicated that not all the railroad executi
deceased, through which the resident or the City
the master of cereorations,
Railway impatience. At the end of the scheduled
harmony with the action taken by the Association of
one present wished to add to what had gone before.
any
if
asked
monies
News"
Street
"Wall
the
the announcement that "I
Executives on Monday. Here is what
Our friend immediately was on his feet with
remarks regarding Los Angeles."
had to say:
will be glad to favor the audience with a few
Florida, is a state
n, along with Los Angeles, and more recently,
It has been known for months that Senator Cummins would Valuatio
had
mind.
Ile
.
of
of
Congress
session
this
Introduce a railroad bill at
What causes led to its incepWhat is this Federal valuation all about?
made no secret of what he intended to stipulate as its chief prois it a logical growth from
de- tion? Is it a fad in regulatory proceedings, or
visions. This being so, the executives, after due consideration,
tions? A brief bit of history is
considera
legal
and
economic
tal
fundamen
cided to have a bill introduced representing their ideas relative
ing on them points.
to cimsolida Hon, recapture of surplus earnings, the handling of enlighten
ble period. As early as
The concept has developed through a considera Commission to Congress
labor and other vital problems with which they knew they would
e
1903 the annual report of the Inter-State Commerc
deal.
to
upon
called
and means to proceed
be
contained a definite recommendation for authority were, first, that judiAfter giving still more consideration to the matter, they de. The reasons advanced
appraisal
ide
nation-w
a
with
with
to
work
but
to public service.
cided not to have a separate bill introduced,
cial reviews stress the "fair value" of the property devoted
Senator Cummins on his bill. Some conferences were held in An Illustration of this attitude of the courts Is In the decision of the Supreme
Senator
the
have
to
made
was
effort
an
which
one sentence of which
Washington at
Court of the United States in Smyth v. Ames in 1898,
modify certain phases of his bill, which the executives regarded I quote:
as most objectionable. In these efforts they were not successful
all calculations as to the reasonable"We hold, however, that the basis ofcorporati
on maintaining a highway
to any great extent, chiefly because of the brevity of the time.
a
ness of the rates to be charged by
being used
under legislative sanction must be the fair value of the property
To Seek Bill's Modification
by it for the convenience of the public."
the
In
before
in
position.
court's
Senator Cummins was eager to put his bill
Looking still further into fundathental reasons, the
to
Christmas recess of Congress. It is understood that when that turn, was based squarely upon the Fifth and Fourteenth Amendments
body resumes after the holidays, the executives will make further the Constitution, which prohibit the taking of private proper-y for public
nt
If the rates
efforts to convince the Senator that some of the most promine
Just compensation and without due process of law.
of use without any regulatory body do not yield sufficient revenue to meet
features of his bill wonid not work out for the best interests
imposed by
to the
profit
of
public.
either owners of railroad securities or the
operating expenses together with a reasonable margin
will diminish
Special efforts will be made, it is understood, to modify the owners, it is evident that continued operation under such rates
. Property
and recapture of
assets of the utility and. in effect, confiscate its property
provisions of his bill relative to consolidation
applica- the no more be taken piece-meal by such a process than it can be seized
can
surplus earnings. The measure provides for the filing of
the Constito
t
repugnan
years and if they
tions by the railroads within a period of three
in lolo. and rates which produce that result are
ity during that
do not avail themselves fully of this opportun
tution.
within the several States
The
Second. that the taxation of railway property
S
period, compulsory consolidation would then go into effect.
is to
show the uniformity which
and numerous smaller taxing districts failed to
executives are strongly of the opinion that if a time limit
of the many might be expected from the similarity of the laws under which taxes were
be made, it should be at least seven years, because
mile of line in the Indian
arise.
assemed. At that time levies varied from $9.00 per
problems difficult of solution that are certain to
by no means all of which
The executives are strongly opposed to the recapture provision. Territory to $1.401 per mile In Massachusetts, e in the values of physical
differenc
They think anything of that kind is unjust to the railroads and discrepancy could be attributed to actual
ably higher plants within the two jurisdictions. The significance of this disparity is
their owners, unless maximum rate is put consider
by
carriers then amounted to between
on a evident from the fact that taxes paid
than 6% and the government gives an absolute guaranty
g expenses. An item of sucn magnitude
ns
minimum rate, say 4%. It is pointed out that under the provisioin four and five per cent of all operatin on the part of the Federal regulatory
gain,
was certainly a fit subject for inquiry
of the Cummins bill, the government has everything to
body.
the matter of a capture and nothing to lose.
for a Federal valuation,
It is
Following these statements as to the necessity
The railroads, on the Other band, lose in either event
three possible methods for the proposed Investigas
the
maintained that if all or even part of the surplus earning of of the Commission outlined
representing costs of road and
during years
tion: (I) An acceptance of book items
railroads are to be taken by the government
should equipment. (2) A determination of the market value of security issues,
large earnings, certainly the railroads and their owners
Inventory of both physical and non-physical values.
Whathave some protection during years when earnings are bad. much and (3) A complete was for the adoption of the third plan, namely, a
dation
fixed
be
should
recommen
it
unless
be,
Its
might
rate
m
maximu
ever the
eliminated on
It would be complete inventory and appraisal. The first method was
higher than could be expected, it is asserted that
of railway accounting
the surplus above that the grounds that no one familiar with the practice present values of the
unjust for the government to take all of
of
ns
could maintain that book costs were indicatio entered as costs did not,
rate.
properties themselves, both because amounts
"Enlargement of Potter Plan".
put into the enterperhaps In rare instances, represent the capital
except
e
said:
nt
executiv
promine
one
n,
In discussing this situatio
varyingly remote periods couid not be conexpect to prise and even if so, costs at
can
never
that
lines
weak
in prices of labor
and
ons
small
value in view of fluctuati
"Probably the
even their share of sidered as measures of present
make a large return on their investment or
statements might be added that investment
these
To
materials
and
mind
my
To
s bill.
include non-physical values, and further. that
capital, will like this feature of the Cummin
to the accounts do not purport to
was utter lack of uniformity
it is only the enlargement of the Potter plan with respect
under then existing accounting methods there
is
and
it
fair
that
see
cannot
I
st
and retirements in capital accounts. Certain
railroads of the Northwe
additions
for
g
providin
in
industrial enterprise
considerable portions of their earnings into plant
equitable from any point of view. What
I know railroads carriers regularly put back
while others, through
could thrive if limited to 6% on Its investment.
additions and replacements without capital entries also without modiIn
that cannot borrow at 6% now."
ent maintenance, suffered accrued depreciation,
insuffici
stand
strong
against
very
a
Some of the executives have taken
accounts.
way for substitutes fication of book
value of securities,
the action at Chicago on Monday, paving the
The second method, that of ascertaining the market
nt
some
are
promine
There
board.
labor
up to that time it seemed to have received the
for the present railroad
although
rejected,
was
also
would be much better
d. The
executives who have felt all along that it
approval of certain courts to whom it had been presente
as it is than to bring qualified
permanent investment
to leave that body practically or actually
Commission pointed out that sales of securities for
syndient.
to
those
its
abolishm
of
and
purposes
speak
about any radical change, not to
as compared with those for speculative
regional were few consolidation and control. Also from a practical standpoint,
They have known for some time about the proposed
for
cates
board
majority of the securmediation boards that are intended to supersede the labor
such a valuation could not be made because the great
such ideas being adopted by
ons to establish a market
and have done their utmost to prevent
ities did not offer a sufficient number of transacti
the Commisin
the
leader
such
One
Two years prior to the date of this recommendation,
the Association of Railway Executives.
Wall Street News, in value. attempted to comply with a Senate resolution calling for such an
railroad world told a representative of The
sion had
have talked myself
thousand corporations, less
discussing this question at great length: "I
appraisal and had found that of upward of two
it did no good. Sev- than two hundred twenty-five were quoted on the stock market in such
blue in the face against these proposals, but
of value to be made.
our
ion
stand, but even
a manner as to enable a satisfactory computat
eral other executives took an equally strong I
ion to Congress renewed
knew before the
Each subsequent annual report of the Commiss
combined efforts did not avail anything.
to go through. If I
in accordance with the third plan
the recommendation for an appraisal
meeting was held that the plan was likely
placed myself on record above and advanced additional arguments of its utility. These were sumhad gone to the meeting I would have only
done any good."
marized by the Commission as follows:
as an objector and that would not have
estimate of the relationship exiting between
(a) To obtain a trustworthyproperty
Position of Railroad Labor
and its cost to its proprietors.
worth of railroad
present
the
the government are conflscais actually adopted or(b) In determining whether rates as fixed by
This official feels that If this plan
now
is
it
position than
.
tors,
.
taxation
ganized labor will be in a much stronger
railway
c) In connection with a proper depreciation reserve.
executives. He is confident
d) In the application of of the balance sheets of carriers.
if)
in the matter of disputes with the
further spreading of unionized
e) In testing the accuracy
also that it Would result in a still
y.
in
decrease
efficienc
nding
In the organization of railways statistics in general.
correspo
a
s
and
railroad
labor on the
g) In determining whether the railroads are under or overcapitalized.
as well.
payrolls
increase
would
it
added,
he
Naturally,
3084
THE CHRONICLE
[VOL 121.
Meanwhile many state Commissions had realized
the necessity for valua- perculiar value which may
attach by reason of the peculiar adaptability of
tion data and as early as 1907. fifteen of them
had provided for more or the land to railroad use."
less complete appraisals of railway properties.
The majority of these were
The above Is substantially the definition
primarily for the purtose of taxation although one
promulgated by the Supreme
(Texas) contemplated Court in the
the regulation of securities, a provision later written
Minnesota Rate Cases, Chief Justice Hughes deliverin
into the Federal Trans- opinion, the
g the
pertinent part of which Is as follows:
portation Act of 1920. However, the concept
of valuation as affecting
rates was becoming firmly ingrained In the public
"Assuming that the company is entitled to a
mind through the regula- general
reasonabl
e
share
in
the
prosperit of the communities which it serves, and thus
tion and acquisition of Intrastate utilities such
to attribute
as electric, gas and water to its property anyincrease
in value, still the increase so allowed, apart from
plants. The monopolistic or semi-monopolistic nature
any
improvements it may make, can not properly extend
of such facilities,
beyond the fair
removed from the control of natural laws of competiti
on, and supply and average of the normal market value of land In the vicinity having a similar
character.
demand, had Invoked the use of artificial and political
e we enter the realm of mere conjecture. We therefore
standards, of which hold that itOtherwis
was error to base the estimates of value of the right-ofan adequate valuation was an essential part.
way,
yards, and terminals upon
the so-called 'railway value' of the
As applies to interstate railroads, however, the powers
of individual states The company would certainly have no ground of complaint ifproperty.
it were
were limited and the National Association of Railway
allowed a value for these lands equal
fair
the
average
to
Commissioners similar land in
market value of
heartily Joined in the Federal Commissiou's recommen
the
without additions by the use of multiplier or
dation for an ap- otherwise, to covervicinity,
hypothetical outlays. The allowances made belows,for
praisal of all railway properties.
a conjectural cost of acquisiti
consequen
on and
tial damages must be
Aided by the unmistakable tendency of court decisions
and the logic of disapproved."
the arguments advanced by the Commissions having to
The Land Section, in addition, separatel
do with regulatory
y reports the present value of
matters, the movement for a federal valuation gathered
impetus. Bills lands which were donated to the carrier. For approximately two years.
were presented in the Lower House of Congress every year
from 1907 to the Land Section also reported the estimated cost of re-acquiring railroad
the passage of the Act in 1913. Senate bills were introduce
d In 1906 and lands as of the present, the Commission having been so ordered by the
frequently thereafter. Roosevelt and Taft both advocated the
undertaking Supreme Court in the Kansas City Southern Railway mandamus proceedin messages to Congress and it was written Into the Democrat
ings on the basis that the Act so
ic and Prorequired. In 1922. however, that portion
gressive platforms of 1912.
of the Act was repealed by Congress and
findings of that character were
Thus, it is evident that the Valuation Act Is the logical result
discontin
ued.
This one amendment constitutes the only change which has
of very
definite and very real economic conditions In both Federal and
been
written
into
the original Act. The land report further includes
State affairs
and has its roots in the Constitution itself. That its utility
is not alone allowances for special rights of all descriptions such as those to occupy
based on legal necessities, however, is exemplified by the growth
of private streets and other portions of the public domain, water rights in arid or
appraisals in the industrial world. Properly performed, they constitut
semi-arid districts, mineral rights and
rights of support in mining communie an
analytical study of all conditions relating to the propertie under
s
considera- ties, tunnel and pipe line easements, air rights, &c. Also, it includes
tion and as such commend themselves both to owners
generally
all
property
owned
by
the carrier but not used in common carrier
and operators.
"Know a hyself" may be paraphrased into "Know Thy Plant."
service, such as resort hotels and the
like. A touch of the whimsical is
The Vr luation Act, which became Section 19a of the Inter-Sta
sometimes given to the land report by the
te Compresence of such items as kitchen
utensils inventoried in connection
merce Act, was passed in 1913. after extensive committee hearings
with one of the Boston & Maine nonand
carrier hotels or the Chinese palanquin
debates in which economists, railway executives, representatives
of various
and the East Indian oxcart conregulatory commissions and others at interest participated.
tained In the Baltimore & Ohio museum
The Bill was
at Martinsburg, West Virginia.
Non-carrier Items are by no means
drafted from the standpoint of obtaining all possible data
insignificant, however, as for example
on the present
the structures around the Grand Central
and historical status of the railways, without confining its
scope to any
station
New York City. A
single instance of the magnitude of this non-carri In
particular class of information. It advocated no particula theory
r
er classification is on the
and
New York Central system, showing more
Imposed no limitations on Commission or Court relating to
the use of the
than thirty-two million dollars,
statistics gathered. Apparently the intent was to make its
provisions all- although compara.Avely little of the terminal lands are included therein.
The reports of the Engineering and Land
embracing, to collect all possible facts ready for whatever
Sections, together witn stateuse might later
ments of materials and supplies and working
be found necessary or expedient.
capital, constitute an appraisal
of all physical property, classified by the
When the Bureau of Valuation was formed, this purpose
accounts prescribed by the Comwas carried
mission for the keeping of records of expenditu
out, It is solely an investigating and fact-finding
body, reporcing to the
res for road and equipment.
The Accounting Section deals with the records of carriers,
Commission itself, and the latter alone draws ultimate conclusio
their prens from
decessors, construction companies or others which
these findings. The scope of its inquiry can perhaps, best
throw light upon the
be described in
history of railroads. It shows, where such informati
connection with its organization.
obtainabl
on is
e, the
original cost of property to the present owners
In 1913. Mr. C. A. Prouty resigned from the Commissi
and to its predecessor
on to assume the
corporations. It sets forth the complete financial history
Directorship of the Bureau of Valuation. The country was
of the carrier
then divided and
its predecessors; their corporate history; the developm
Into five districts with offices located at Washington,Chicago,
ent of fixed
Chattanooga.
physical property; data concerning Capital stock and long
Kansas City and San Francisco. respectively. Each
term debt;
district embraced
gross and net earnings: general balance sheets: book
approximately 50,000 miles of railroad, so selected that
accounts of investment
field work might In
be prosecuted both in summer and in winter. At the
road and equipment: investments in other companies; aids,
headquarters PI
grants
gifts,
of right-of-way and donations received; materials
Washington were located the Director of Valuation,
and supplies on hand.
the Solicitor. the
Advisory Board, the Supervisors of Accounts and Land
working
capital.
&c.
calls
attention
It
irregulari
to
in
ties
the
statement of
Appraisals and the
administrative offices. There was no single
head of the Engineering accounts and re-states au items requiring modification. Throughout the
work of all sections, the conditions of ownership and
Section. control being vested in an Engineering Board of
use are carefully
five members, one
observed, that is, property both owned and used Is separatel
from each district office. This Board met periodically
y shown from
with the Director
to promulgate instructions and to harmonize the work
among the several that owned but not used, used but not owned and jointly owned and used.
districts. In each of the five field offices, there was
a District Engineer in All items susceptible of such division are shown by states.
charge of the local engineering work. a Valuation
Obviously, the Bureau marshals before the Commission substantially
Attorney as the local
head of the Land Section and a District Accounta
nt who directed the every fact pertinent to the valuation of the railroads under any conceivable
accounting work within that territory.
theory, eliminating all speculative elements. It presents,
so far as is
These three branches, namely, engineering, land and
accounting, con- possible, every item required by the Act or which has ever been suggested
An judicial review of the subject. It shows the
stituted the major divisions of the work during the early
cost of reproducing the
years of its prosecution. Lately, the legal and examining forces have grown
to the proportions property, an item important as representing the approximate measure of
of major sections. Actual field work did not begin until
the cost any theoretical competitor would have
to incur in developing a
early in 1914,
owing to the necessity of building up the personnel through
similar plant or one capable of performing similar service.
Civil Service
It shows reprochannels. Examinations had to be announced,applicant
duction
less depreciation, which figure may be considered as representing the
s rated and appointments made, all of which proved a tedious process. From
present value of the physical units; the original
cost, when obtainable,
1914, the organization gradually expanded to its peak of nearly sixteen hundred
employees representing the expenditures on the part of those dedicating the property
to public service; the adjusted or corrected
in 1917. During the war, the personnel was considerably
balance sheets showing the fireduced and
nancial status ofthe carrier as of the present and over the term
thereafter until 1921, when field work was substantially complete
of its operad and
tion; the corporate and financial history of the company,
field parties disbanded, the force gradually diminished In size.
and all other facts
in 1921.
all of the district offices were abandoned and the work consolida
obtainabl
e
through
the
most
searching
inquiry
which explain, modify or
ted in
throw light upon any of these factors. Every record
Washington. The organization thereafter remained substanti
which could possibly
ally the same
assist in fixing or interpreting any of the
with three exceptions
above matters is examined and
First: That the Commission itself through one of Its members inaugurat
correlate
d.
ed
direct supervision of the work of the Bureau.
Approaching from another angle, a list of the returns to orders of
the
Bureau required to be filed by the carriers subject to the Act,
Second: The Engineer Board was supplanted by a Supervising Engineer
,
will
further appreciation of the scope of the inquiry. These orders are supply
and
twentyThird: The Valuation Attcmeys ceased to have any administrative three in number:
connection with the Land Section.
No. 1 Maps and profiles. Under this order the carrier
is required to
After 1921, the task before the Bureau was principally computations file complete right of way and track
and profiles prepared according
to prescribed standards for all owned maps,
resulting from field date, the collation of that data, the preparati
or leased lines. The maps show lands
on of owned
or used, by acquisitional parcels, all tracks, bridges,
reports and the technical assistance necessary in reviewing protests
culverts, and
by structures of every kind. Where the situation
is at all complicated, several
Interested parties and conducting hearings brought about by such
objections. series of maps covering the same territory are required
adequately to deShortly after the centralization of the Bureau in Washington,
lineate
the
several
features
covered by the order. These maps form
that is, in of
one
the bases
January, 1922. the force consisted of 514 people but this personnel
was ing Section.of the land and engineering work,and are useful to the Accountgradually reduced until, at the beginning of the current calendar
year, 325
No. 2. Schedule of all fixed physical property
employees were on the rolls. About July of this year,
abandoned prior to June
under the impetus 30 1914.
of the three-year program, later to be discussed, the organizat
No, 3. Schedule of all property changes; additions
ion was tensions
, betterments, exrapidly expanded.
and retirements made subseque to the valuation
date fixed for
the reporting carrier. Returns to this nt
A brief description of the work of the three major sections
order are required annually
and
may be of form the basis for keeping the valuations current.
This
interest. The Engineering Section deals with the estimated
subject
will further
be
discussed later in my remarks.
cost of reproduction new and cost of reproduction less depreciation of physical
No. 4. Inventory of materials and supplies.
properties
No. 5. Modifying the Map Order.
other than land. This includes all items of the roadway
itself, such as
No, 6. Also a modification of the Map Order.
grading, track, bridges, station, office and roadway buildings
No. 7. Schedules of land. This order calls for
, shops,
very comprehensive repower plants, tools, machinery, elevators, docks, telephone
and telegraph turns and forms another of the essential bases of the Land
Section's
lines, &c.; of equipment, such as locomotives, cars, motors,
It requires for each parcel of land the and Accounting
work trains (a) Parcelwork.
number,
identifying the parcel with the maps following data:
and other rolling stock and ; general expenditures, including organizat
above described:
ion (b) custodian's number for Identifica
tion in the carrier's deed
and legal expenses, taxes and interest during theoretic
files; (c) kind
al construction. Its and date of instrument; (d) grantor and grantee;
(e)
function is to present the estimated cost of reproduction
place
and date of
record;
(e)
area; (g) deed consideration:(h) date of
new of the several
dedication to public use:
(i) cost of parcel when acquired; (I)
elements of road and also to apply to these figures
if
any
portion of the parcel has been
condition percentages sold, the date
which will reflect the value of the service
life remaining in the units of now owned. and consideration thereof; (k) cost to date of the parcel as
physical property in place.
No. 8. Schedules of machinery and
equipment classified among the
The Land Section deals with the "present value"
of lands, both those twelve appropriate investment accounts.
No. 9. Administrative order dealing with
to carrier purposes and those held for purposes other than
those of a common of the Commissi
the movement by carriers
on's
outfit
cars, etc.
carrier. Present value, as that term is here used,
was defined by the
No. 10. Modification of Order 2, Abandoned
Commission as follows:
Property,
No. 11. Inventory of records, document
No. 12. Schedule of industrial tracks. s and papers.
"Present value . . — is arrived at by ascertaining
the
number of
No. 13. An inventory of all physical
acres of land owned or used by the carrier . . . .
property except
and multiplying by Order 7 Land and Order,
called for
this acreage by a market value determined from the present
8—Equipment. This includesthat
market value of quantities, units and classes
the inventory
of similar adjacent and adjoining lands. Due allowance is made
of
property
in roadway and track, bridges
for any buildings and other structures, signals
and interlockers, telephone and
tote-
DEC.26 1925.]
THE CHRONTCLE
3085
graph lines. electrical apparatus and any and all fixed property except
to proceed immediately to the ascertainment ofsuch value for the properties
those reported as above described.
involved in a proposed consolidation upon the filing of the application for
No. 14. Schedule of purchases made and prices paid therefor and the such
consolidation. . . .
rates of compensation of railway employees.
"(2) In the exercise of its power to prescribe just and reasonable rates
No. 15. bchedules of leases made and privileges given by carriers.
the Commission shall initiate, modify, establish, or adjust such rates so
No. 16. Aids, gifts, grants and donations.
that carriers as a whole (or as a whole in each of such rate groups or terriNo. 17. Purchases of materials, prices paid, and rates of compensation tories
as the Commission may from time to time designate) will, under
for labor of telegraph companies.
honest, efficient and economical management and reasonable expenditures
No. 18. The same for telephone companies.
for
maintenance
of way,structures and equipment,earn an aggregate annual
No. 19. The same for steam carriers concerning telephone and telegraph net railway
operating income equal, as nearly as may be, to a fair return
lines owned or operated by them.
upon
the
aggregate
value of the railway property of such carriers held
No. 20. Details of corporate history.
for and used in the service of transportation: Provided. That the CommisNo. 21. Specifications for maps, charts and schedules for telephone and sion
shall have reasonable latitude to rnwlify or adjust any particular rate
telegraph property owned by railroads, telegraph and cable companies.
which it may find to be unjust or unreasonable,and to prescribe different
This is in effect a map order covering telephone and telegraph lines as dis- rates
for oifferent sections of the country.
tinguished from the lines of the steam railways.
"(3) The Commission shall from time to time determine and make public
No. 22. Modification of Order No. 4. Materials and Supplies.
what percentage of such aggregate property value constitutes a fair return
No.23. Modification of the Map Order and its supplements.
thereon, and such p rcentage shall be unform for all rate groups or territories
Your time and patience will not permit me to describe and illustrate which may be nesnated by the Commission. In making such determinait shall give due consideration, among other things, to the transportation
the detail in which the field surveys and investigations were made. I shall tion
needsofthe country and the necessity (under honest,efficientand economical
content myself with the general statement that they were performed with management of existing transportation facilities) of enlarging such
facilities
painstaking accuracy, in anticipation of the careful study and check later in order to provide the people of the United States with adequate tranaaccorded the reports by all parties at interest. Long before the field work, portation: Provided. That during the two years beginning March 1 1920,
the Commission shall take as such fair return a sum equal to 5% per centum
the first step in the Bureau's task, had passed the experimental stage, it of such aggregate value, but may, in its discretion, add
thereto a sum
became obvious that nothing could be taken for granted, nothing slurred not exceeoing one-half of one per centum of such aggregate value to make
over and nothing gitessed at, even estimated, where actual facts were provision in whole or in part for improvements, betterments or equipment,
according to the accounting system described by the Commission,
humanly obtainable. The interests affected are too diverse, scrutiny too which
are chargeable to capital account.
methodical and the safeguards of due process of law too exacang to permit
"(4) For the purposes of this section,such aggregate value of the property
any statements to go unchallenged unless fully supported by authentic data. of the carriers shall be determined by the Commission from time to time
I venture the assertion that never has any governmental finding met with and as often as may be necessary. The Commission may utilize the
of its investigation under Section 19a of this Act, in so far as deemed
more careful examination of fact or theory from as many different interests results
by it available, and shall give due consideration to all the elements of value
and never has any conclusion required the marshaling of a more formidable recognized by the law of the land for rate-making
purposes. and shall give
to the property investment account of the carriers only that consideration
array of underlying data. The task has been and is monumental. In
the
progress of the work there has been developed a technique entirely indi- which unaer such law it is entitled to in establishing values for rate-making
purposes. Whenever pursuant to Section 19a of this Act the value of the
vidual to valuation forces, whether they be with the carrier's organization, railway property
of any carrier held for and used in the service of tramon the one hand, or the government's, on the other.
portation has been finally ascertained, the value so ascertained shall be
General experience in engineering, real estate appraisals or accounting deeme I by the Commission to be the value thereof for the purpose of
determining such aggregate value.
does not in itself qualify individuals for responsible positions within
the
"(5) Inasmuch as it is impossible (without regulation and control in the
Bureau. Extensive preparation and apprenticeship along specific
lines is interest of the commerce of the Unite I States considered as a whole) to
required before employees can become versed in its intricacies.
establish uniform rates upon competitive traffic which will adequately
sustain all the carriers which are
I have spoken at length of the work of the Bureau of Valuation
in such traffic and which are
because in .1spensable to the communities engaged
to which they render the service of
I can here speak with some assurance and authority but I do
not wish to tran.sportation. without enabling some of such carriers to receive a net
obscure the fact that the Bureau is wholly an arm of the Commission
railway operating income substantially and unreasonably in excess of a
fair return upon the value of their railway property held for and used In
It is the agency which gathers and collates data, but the Commission
itself the service of transportatio
n, it is hereby declared that any carrier which
makes the finding of value therefrom and applies its conclusions
to the receives such an income so in excess of a fair return, shall hold such part
problems at hand. As previously stated, Congress did not
attempt to of the excess, as hereinafter prescribed, as trustee for, and shall pay it to,
direct the use of the several cost figures required by thr
Valuation Act or the United States.
"(6) If, un ler the provisions of this section, any carrier receives for any
to set up any method for the determination of final values from
them. year a net railway operating income in excess of
6 per centum of the value
The courts have uniformly stated that. value must be a
judgment figure of the railway property held for and used by it in the service of transportafixed In thu light of full knowledge of the properties and not controlled
one-half of such excess shall be placed in a reserve fund established and
by tion.
maintained
artificial rules or formulae. Let me repeat and extend the above
such carrier, and the remaining one-half thereof shall, within
quotation the first fourby
monthsfollowing the close of the period for which such computafrom Smyth v. Aram:
tion is mace, be recoverable by awl pail to the Commission for the purpose
"We hold, however, that the basis of all calculations as to the reasonable- of establishing and maintaining a general railroad contingent fund as hereinness of rates to be charged by a corporation maintaining
a highway under after escribed. For the purposes of this paragraph the value of the railway
legislative sanctions must be the fair value of the property
property and the net railway operating income of a group of carriers. which
being used by the
It for the convenience of the public and in order to ascertain that
Commission finds are under common control and management and are
original cost of construction, the amount expended in permanentvalue, the operated as a single system, shall be computed for the system as a
whole
ments, the amount and market value of its bonds and stock, theimprove- irrespective of the separate ownership and accounting returns of the various
present
as compared with the original cost of construction, the
parts of such system. In the case of any carrier which has accepted the
earning provisions
capacity of the property under particular rates prescribedprobable
of
Section 209 of this amendatory Act the provisions of this
by statute, and
the sum required to meet operating expenses, are all matters
shall not be applicable to the income for any period prior to
considera- paragraph
tion, and are to be given such weight as may be just and rightfor
1 1920. The value of such railway property shall be determined
in each case. Sept.
We do not say that there may not be other matters to be regarded
in the manner provided in paragraph (4).
esti- by the Commission
mating the value of the property. What the company is entitled in
For the porpoise of paying dividends or interest on its stocks, bonds
to ask or"(7)
Is a fair return upon the value of that which it employs
other securities, or rent for leased roads, a carrier may draw from the
for
the
public
convenience. On the other hand, what the public is entitled to demand
established and maintained by it under the provisions of this
is reserve fund
that no more be exacted from it for the use of a public
to the extent that its net railway operating income for any year is
highway than the section
services rendered by it are reasonably worth."
less than a sum equal to 6 per centum of the value of
the railway property
held for and used by it in the service of transportation, determined as
It was, of course, logical. wholly (feting and wise that a
task requiring provided in paragraph (6); but such fund shall not be drawn upon for any
such intimate knowledge of the transportation systems of the
other purpose.
country,
"(8) Such reserve fund need not be
their past growth and future tendencies, the use of such varied and
and maintained by any
technical carrier beyond a sum equal to 5 per accumulated
centum of the value of its railway
statistics, such wide experience in railway aff, irs and such
breadth of vision property determined as herein provided, and when such fund is so acshould be entrusted to the Interstate Commerce Commission.
In the cumulated and maintained the proportion of its excess income which the
carrier is permitted to retain under paragraph (6) may be used by it for any
Commission already reposed the regulation of railways and
the assignment lawful purpose.
of the valuation program to that body provided means for the
unification
"(9) The Commission shall prescribe rules and regulations for the
of methods and results essential to the solution of an economic
problem determination and recovery of the excess income payable to it under this
of such magnitude.
section. and may require such security and prescribe such reasonable terms
and conditions in connection therewith as it may find necessary. The
A condensed statement of its status towards completion may
be here Commission shall make proper adjustment
to provide for the computation
added. Steam carriers subject to the Act comprise 1.772 active
corporations of excess income for a portion of a year, and for a year in which a change
embracing 244,377 miles of road; this latter figure being miles
of right of In the percentage constituting a fair return or in the value of a carrier's
au way property becomes effective."
way without duplication for second tracks or sidings. These two
figures
should be kept in mind during subsequent statements as to progress
These quotations from Sections 5 and 15a, respectively, of the Intermade.
As of Dec. 1 1925, field work in the Engineering and Accounting
Sections state Commerce Act set forth the uses for which the findings under the
is complete; that of the Land Section is practically so although
formal Valuation Act, Section 19a, are obligatory. They are three in number.
field reports are outstanding on 5 corporations embracing 163
miles. First, as fixing the limits beyond which a consolidated system cannot issue
Underlying reports, that is, those of the Engineering, Land and
Accounting capital securities. Second, as providing a test for the sufficiency of the
Sections, have been completed as follows:
rates within the several rate groups; and third, as constituting the base
Engineering Section 1,756 corporations 243,820 miles.
figure in the compilation of "recapturable" income. Other forms of usefulLand Section 1,764 corporations 244,045 miles.
ness naturally and logically follow, but these three are those which are
Accounting Section 1,750 corporations 244,247 miles.
written into the Act in definite and specific terms.
Tentative valuation reports,1. e.•the combined reports ofthe three sections
Except for the general question of "What practical purpose, adequate to
prepared after all interested parties have been given opportunity
to criticise justify the expense incurred, will this inventory and appraisal of railway
and object to the statements in the underlying reports, have
properties
serve?" the question most generally asked of those of us who
been
00 999 properties, cavering 125,595 miles of road. Reports of the served have to do with the valuation work, is this:
"Admitting its utility, with its
Commission which have passed through the stages necessary for "due
process of law" findings current and to date, how can data, the compilation of which was
have become final on 341 corporations covering 13,774 miles.
begun eleven years ago, be utilized as of the present,
particularly in view
To the beginning of the current fiscal year,the expenditures
by the Bureau of the radical changes in price levels, both for labor and materials?" The
of Valuation total $26,893,108.18; expenditures on the part
of carriers as answer is that an inventory and appraisal as of a definite date and on a
reported through their central organization are $83,380,350.0
0; and the definite price level will have been completed. This constitutes a base
Bureau's appropriation for the current fiscal year is in the sum
of $1,946,- figure which can quickly and accurately be equated to present conditions.
552.00.
Valuation Order No. 3, above described, provides for a return
by the
A definite program has been adopted by the Bureau of the
Budget and carriers, which when properly checked and policed as to form and substance
Congress for the completion of all final Valuation reports as
by
the
Commission's
forces,
is
a
record
of all changes int property. The
of the primary
dates of valuation in a three-year period beginning July 1
1925 and the algebraic sum of such property changes and the original valuation will, of
current appropriation is on the basis of estimates made with
that end in course, yield a current inventory, as of any desired date, showing all units
view. The estimated appropriation for the two later years shows
of property in service. Actual costs are obtained from Order
3 in the same
diminishing personnel and expenditures. As before stated, the
remaining task way. Engineering prices for labor and material can then readily be brought
before the Commission consists of revising underlying reports
as a result to any given date by the use of indices representing costs as of the date of
of informal objections found to be justified and the duties incident
valuation as compared with the date as of which the determination
to the
is dedue brocess of law provided by the Act.
sired. This may be done in any desired degree of particularity
or refineReference has previously been made to the adoption of the
ment
and
servos
to
keep
engineering
the
report
current both as to the units
results of the
Valuation Act as one of the funadmentals of the Transportatio
n Act of of property and estimated cost of reproduction. Depreciation may be applied also in any desired degree of refinement from authentic
1920. I quote from the latter:
data as to the
service life of the several elements.
".(4) The Commission shall as soon as practicable prepare
The problem in the case of the Land Section is somewhat
plan for the consolidation of the railway properties of the and adopt a
Continental
more complex
Ignited States into a limited number of systems . . .",
and requires a certain amount of additional field work.
Trends of prices
"(6) (b) The bonds at par of the corporation which is to become the are not applicable as in the
case of engineering items. Methods by which
owner of the consolidated properties, together with the outstanding
capital the amount of field work may be limited,
stock at par of such corporation, shall not exceed the value of the consolisuch as restricting the territory
dated properties as determined by the Commiion. The
of the investigated to that representing significant changes in values and in
properties sought to be consolidated shall be ascertained by thevalue
means of co-operation and through returns to orders
Commission
analogous to Order
under Section 19a of this Act, and it shall be the duty of the Commission No. 3
are in prospect.
3086
T1-1 ti; CHRONICLE
bringing valuations to
So far, no very extensive work has been done on
completion of the
date. The Commission's object has been to push the make them curnecessary.
primary valuations, and later, as may be found
of roads subject under
rent. Exceptions to this policy have been the cases
provisions, that is. those
paragraph I5a. above mentioned, to the recapture
current Values. Enough
having incomes in excess of 6% of their probable
demonstrate, if any
work on such carriers has been performed to fully
above outlined.
demonstration were needed, the applicability of the methods
is very dear to my
In conclusion, allow me to speak of a matter that
more than a decade.
heart and over which I have pondered for a period of
parties towards the
that is. the attitude of the public and of the interested fact that such an
valuarl-n work. I have attempted to point out the
scope of the probunderi..king was inevitable. I have tried to indicate the the Commission.
on by
lem and the character of the investigation carried
s task, fraught with
I believe you will agree with me that it Ma tremendou and practical diffialmost superhuman obstacles and beset with theoretical pioneer work and
extent
culties of the most serious nature. It is to a great
and without guld
the Commission embarked on the task without precedent
studies. Their work has
aside from the past experience of others in similar
its findings and looking
been cautious and painstaking: disinterested in
interests they represent.
toward the ultimate welfare of the varied
of this magnitude and
It is perhaps inevitable that an undertaking
amount of criticism of
minuteness should have been subjected to a certain
word of mouth. Much
an adverse or destructive nature in print and by
thorough understandof
of that criticism has been. I believe, based on lack
appreciate the difficulties
ing of the problems presented and failure to
examination cannot.
attendant upon the Commission's work. A cursory
anyone to pass Judgment
because of the complexity of the subject, qualify
upon it:
"A little learning Is a dangerous thing,
Drink deep or taste not that Pierian spring.”
a spirit of fairness and for
May I drive home to you this one point: in
this matter from the standpoint
the ultimate good of all concerned, approach
co-operate with and aid
of constructive rather than destructive criticism:
attempt to destroy it by bethe Commission and its forces rather than to
advantage.
fogging Issues or striving for ephemeral
[Vol. 121.
builder must pay interearth is turned." In that case, they declared, the
the building is erected
est from the minute he signed the contract arid until
money.
the holder of the pond has Ho security for his
some Wall Street
Inquiry also brought out that for the last two years
realty mortgage business have
bond houses with no previous experience in
issues with the
the
brought out real estate securities and have advertised
public, while not guaranteed,
statement that the information given to the
"has been taken from sources believed to be reliable."
it was said, means loos
Failure of the building to rent at present values,
no legal and hardly ISOM
to the bondholder, the issuing company having
good.
than an intangible moral obligation to make
Fake Appraisals Alleged.
country to a scandalous
This situation has given rise in some parts of the
many localities have
condition, it was said, and real estate boards in
over-appraisals of propattacked "fake real estate appraisals," meaning
Owners and Managers in conerty. The National Association of Building
construction industry and
vention recently attacked this phase of the
"opened a broad field for
declared that the large supply of idle money
the unscrupulous and
exploitation in the real estate investment field by
appraisals, ill-advised or
the ill-advised" and resulted in "excessive land
t for the purpose of
managemen
out-of-place improvements and speculative
re-sale,"
the fact that the
The inquiry developed an anomalous situation. Despite
building owners far in
many lenders of mortgage money offered loans to
preferred to do
cases
excess of the usual 60 or 66%, builders ill many
they did not make
business with conservative old line organizations because
to the granting
excessive bonuses and other charges as conditions precedent
of loans.
Typical Cases Cited.
property was
Two typical cases were cited as of daily occurrence. A
line company Was
conservatively appraised at $5,000,000 arid the old
business,
willing to lend the owner $3,000,000. A bond house, new in the
offered $4,500,000, but the owner accepted the lower loan.
the property to be
ln a second case, a conservative appraisal showed
e loan of
worth $3,350,000. The old line lender offered a conservativ
$2,800,000.
$2,000,000 and the bond house, anxious for the loan, offered
In this case aline the loan was accepted from the old house.
ns issuing
Inquiry also showed that there are two classes of organizatio
Department
mortgage heeds, one which is supervised by the State Banking
the other
and
issues,
its
all
and which backs up with its own resources
which canwhich is not supervised by the State Banking Department and
of all banknot be exam:ned by the Department as the books and accounts
Crisis in
Warning by Lenders of Building Money of
Building Industry—Legislative Inquiry Favored
by Samuel Untermyer and Senator Lockwood—
ing institutions are examined.
Committee Named to Investigate Conditions.
by the
It is the latter organization which it is suggested to be supervised
of
industry
and
over loans
trades
building
the
of
meeting
At a mass
State Banking Department with power to examine books, look
on excessive or fictitious valuations.
New York City and vicinity held at the Engineering Society's and question those loans made
of bonding
Regulation is especially needed, it was said, in the case
building, West 39th Street; on Tuesday, Dec. 15, a warning organizations which gather from the public the entire amount of the bond
other
of the dangers confronting the industry was given. Allen issue before any work is done, the small investor having no security
word of the bond seller.
E. Beals, Vice-President and Secretary of the Allen E. Beals than the
that
situation
In this connection it was said by those familiar with the
Corporation, publishers of the Dow Service Daily Building In many instances properties worth millions of dollars are erected on land
issued against the buildings at
Reports (under whose auspices the meeting was held), which is not sold but leased. Bonds are
a period of lowpresent rentals. If these rentals do riot "stand up" when
called attention to the burden of increasing cost of con- ered
his investment,
rentals sets in the bondholder may lose all or part of
recognidawning
to the
a
is
obligations
"there
his
that
meet
d
to
struction, and remarke
for the bedding owner will then be unable
tion" that "the existence of abuses, corruption and un- land owners.
businesslike trade practices are already, with their combined
In explaining at Tuesday's meeting the purpose in calling
influence beginning to 'kill tile goose that lays the golden the various interests together, Mr. Beals said:
an awakened coneggs.'" Walter Stabler, Controller of the Metropolitan Life
Gentlemen: The call for this meeting is the call of
decidedly wrong in the building business. The
Insurance Co., and Clarence H. Kelsey, Chairman of the sciousness that something is how
recognized.
is
fact
that
generally
response to that cull shows
an unasked quesTitle Guarantee & Trust Co., whose companies are large
Perhaps it would be wise, right at this time, to answer
somehad
also
tion,
construc
be in the minds of some of those who
building
must
for
money
sure
of
feel
lenders
tion, but one that I
inspired the call and what is behind it?"
thing to say of the threatened dangers incident to overbuild- are present; that is: "Whomeeting
is some two years old. On April 7 1923,
this
for
The
inspiration
ing and "sagging" rents. According to the New York to be exact, I sounded a note of warning in the Dow Service, which was
"Times" of Dec. 17, legislative investigation of certain of widely reprinted in most of the great newspapers of the East, in which
the practices of the concerns issuing bonds on real estate the following is part. I quote:
at the inception of
"Alarmed at the presence of an economic quagmire
New York building
mortgage without supervision by the State Banking Depart- what
will be a notable year of building activity. the
trade trend into
the
of
turn
a
ts
acclaim
to
statemen
of
result
ready
the
stands
as
on
16th
constructi industry
ment, was suggested on the
building material
safe business channels. Conditions affecting credits,
and appliance production and
made at Tuesday's meeting of builders and architects. manufacture and distribution, equipment
to mention the
sale, financial safety of many building operations; not under the pracPointing out that Mr. Stabler and Mr. Kelsey had told the physical characteristics of thousands of structures erected
, if, indeed, they are
deplorable
becoming
are
nts
current
apartme
tices
ss
now
becoming
on industry must
builders that excessive building of high-cla
not already dangerous. . . . The building constructi
purely quantity (price)
be speedily led back to a quality rather than to a must
and skyscrapers, an extraordinary increase of vacant space basis.
when there
come
day
the
course,
its
run
to
.
Left
. .
in industrial buildings and loans on "crazy propositions" will be foreclosures on a tidal wave basis."
9
1923.
April
"N.
Y.
Times"
indusmade by some bond houses had brought the building
Dow Service April 7 1923.
because in the long
try of New York City to the edge of disaster, the "Times"
These words apply with intensified force to-day
n
ride upon the crest of an unprecedented building constructio movement
account of the 17th also stated:
that
Samuel Untermyer, former counsel to the Lockwood Committee, said
"
the final report of that committee set forth that so-called "loan companies
Issuing mortgages sometimes in excess of the value of the property, did not
Senator
guarantee their bonds by substantial assets. Both he and former
on
Charles Cl, Lockwood, who was Chairman of the Housing Investigati
that
declared
Untermyer
Mr.
Committee, favored a legislative inquiry.
the situation was perilous to the stability of real estate values and to
millions of small investors throughout the country. He predicted that
when property resumed its normal value the fictitious valuations would
"topple like a house of cards."
Condemn Untrained Promoters.
Others conversant with the practices of some bond houses in connection
they called
with the issuance of realty mortgage bonds, condemned what
realty
the untrained building promoter who was in the business of selling
bonds for financial houses not properly trained to judge values.
made
Richard M. Hurd, President of the Lawyers Mortgage Co., who has
an extensive investigation, said that economic conditions in recent years
and
have given rise to mortgage companies which "guaranteed nothing"
.
which would be forced out of business when their real estate issues began
to be foreclosed.
to
up
bonds
Many firms, Mr. Hurd said, were issuing realty mortgage
100% of the cost of the properties, instead of the usual 66 2-3%. Others
of
asserted that in some cases bond houses had issued bonds up to 115%
other
the value of the property, although old-line insurance companies and
twoor
lenders with years of experience, seldom if ever go above 60%,
thirds of the value.
Conservative lenders declared that "an orgy of inflation" was being
his money
indulged in by some irresponsible concerns. The investor puts
before a spade of
into the hands of bonding companies, they said, "even
es. Any
there has been little time or inclination to worry about eventualiti
attempt that might then have been made to broach the subject or even to
of united action to coroutline a proposition designed to take some form
rect such abuses, corruption and trade practices would have been foreripe.
then
doomed to failure. The time was not
But now certain economic changes are taking place. They have been
. The United States Governrecognized by various competent authorities
that housing conment has issued an official pronunciamento to the effect
against overproduction
warning
struction is up to the nation's needs and
words:
actual
and depression. I quote the
requirements, and that a
"Construction now need meet only normal
in the last three years must result
continuation of the high rate of building
."
depression
in over-production with a sequel of
of America
Only a few days ago the Investment Bankers Association
heard its Real Estate Committee reiterate this fact. Large lenders of
a
as much of
demand for
building money are not now so sure that there is
peak construcbuilding construction of certain types. If in two years of
ons pitched
and
shops
organizati
your
with
end
tion work you come to the
to highest activity you have ever known and yet you write your year's
balance in red ink, what is to happen when,the tide of demand turns? If
trade abuses, corruption and current practices are responsible for losses in
record-breaking prosperity, what will they be capable of doing to your
hopes for profit in days of lessened activity.
Building costa are going up, and in almost corresponding ratio efficiency
is going down. Under the growing habit of "counter" bidding and "bunglel
bidding, substitution and subterfuge are creeping in, and when they come
in quality and every-day honesty go out. The same combination aida,
encourages and abets traffic in stolen building materials, equipment and
appliances that is already almost beyond belief in scope.
DEC.26 1925.]
THE CHRONICLE
Under such circumstances the public health, safety and general welfare
are jeopardized. Such conditions cannot exist without corruption and all
the righteous indignation of an outraged building inve,ting public as well
as a united building industry must prepare itself to crush with unrelenting
heel the hissing head of graft before it again attains the disrupting and
contamination power it reached out for in 1903.
It is the sort of an emergency that inspired the call for this meeting. If
you recognize in the foregoing any familiar traits of the current building
construction market, then the call is justified and the right of the Dow
Service to call it will be conceded.
Having answered the first half of the question, there now remains the last
half to be answered, namely: "What is behind it?"
Whenever the question of stopping the burden of increasing cost of construction is discussed the answer is always made by the contractor that it
should be stopped, but that he cannot do so without the aid of the financial interests. Many even go so far as to say that it is not up to them (the
contractors) to assume the responsibility and the heartbreaks, so long as
they can pass the increase on to the consumer. Little heed has been given
as to how long the building investing public can stand this strain, however.
No thought, apparently, has been given, so long as money flowed freely
Into building construction projects, as to how the financier will eventually
feel about carrying on to a point where the foreclosure epidemic of 1912
will be duplicated. There is a dawning recognition, however, that such
Indifference, the existence of abuses, corruption and unbusinesslike trade
practices are already, with their combined influence, beginning to "kill the
goose that lays the golden eggs."
In at least calling together the men who might, if aroused, solve the
question. of what is best to do to correct conditions, which I think you all
recognized as being a menace to the integrity of the whole industry, we felt
that it was our duty to give the subject publicity, to bring it out to the
men in the industry and the public as well, and, having done that, we could
afford to leave it in your hands.
That is all there is behind this call for a mass meeting. You must diagnose your own ailment and prescribe for it out of your own medicine chest.
There are enough powerful medicines in such a cabinet to completely stamp
out the disease. That quality production, efficiency, etc., have been sliding
down hill rapidly I am sure you gentlemen will vouch for. That deception, substitution and bungling are replacing the high ideals formerly upheld in the building construction industry is, I think, generally recognized.
That incenthe for doing better and better work is almost disappearing;
but the fact that building construction as an industry craves a place as
high in the code of business respectability as other business men have
aspired to ana attained in other lines, is unquestioned.
The purpose behind the call for this meeting is to give opportunity to the
representatives of as many branches of the building industry as could be
brought together to discuss, one with the other, the question as to whether
or not something can be done to better the situation and to bring those
Interested to a better understanding of their responsibility to the public
and, at the same time, to hear how general the problems of one branch of
the industry apply to the other—all with the purpose of accomplishing a
return to better practice.
I have for sonic months been in consultation with men in various branches
of the business. A straw vote of the bulk of the industry in New York
City and vicinity gave ample evidence that it was prepared to attend a
meeting to ascertain whether united action should or could be taken. I
have talked with those interested in the financial end of the construction
of buildings, and the result of these conferences, straw votes, etc., encouraged the suggestion that sonic central body, in which all would have an
equal voice and which body was authorized to speak for the entire industry
would go a long way toward solving many of the difficulties.
I have no thought that I shall solve this problem. It is, however, my
earnest wish and hope that out of this meeting may come a committee or
group of experienced men who will look things right straight through to
the core, fearlessly and vigorously retaining that which is good and as
fearlessly and as vigorously expunging that which is bad, by the simple
expedient of harnessing a number of different association activities, organizations, Boards of Trade, societies, congresses and councils in such a manner that their power and influence in special spheres may be spread over
the entire industry as a whole—that the voice of one may be the voice of all.
If an example is sought as to how such power could be applied, let me
quote from a letter from a builder and general contractor:
"There are too many so called building contractors, assuming building
construction work, who know absclutely nothing about the business, who
are not mechanics and are not trained in the work. You will note in the
daily papers about once a week, where some alteration or construction work
Is going on, the building adjoining will collapse, perhaps killing four or
five people. Only yesterday a building in West 47th Street cellapsed.
killing a man and injuring others. Those conditions should be rectified
and the work entrusted to contractors who know how to handle it. Or
they should be licensed to do this work."
3087
Mr. Stabler said, "I have had forty years of experience with the building industry. I have gone through many crises, but the present seems to
me the worst."
He said that builders were not satisfied to erect apartment houses of
ten stories but built fifteen-story houses. They were not content with
ten-story lofts but put up twenty-story buildings. He told of proposals
that his company finance the construction of buildings from forty to sixtysix stories.
"I think it is time to let you know," said Mr. Stabler, "that rents are
sagging. They are sagging fast. I have learned this from authoritative
sources. My company has conducted an investigation. I make no guesses,
Spear & Co. in March 1924 made a canvass of vacant space in buildings
from Canal Street to 42d Street and found 5,000.0no square feet of vacant
space. It canvassed the same territory in March 1925 and found that figure
increased to 11,250,000. These facts became known, but they had no
effect."
Mr. Stabler said that loans in Manhattan in the last three months for
34 apartment houses amounted to $19,000,000.
"These loans were made on a market that doesn't need the buildings,"
he said.
Attacking the building of very high skyscrapers, Mr. Stabler said:
Those 34 buildings which
"They are a great mistake, I strongly believe.
I mentioned took up 467,502 square feet of ground. That means 187 city
lots and that means 23 block fronts. Such buildings are of unusual and
uneconomic height.
Vacancies at "Danger Point."
In nine new skyscrapers of this city, he said, "a dangerous amount of
vacancy exists."
"Here are the figures for some new buildings," he said. "A 20-story
building, 90% vacant; a building of 150,000 square feet, 75% of the
square footage vacant; of 200,000 square feet, 85% vacant; of 150,000
square feet, 60% vacant; of 175,000 square feet, 75% vacant; of 50,000
square feet, 40% vacant; of 250,000 square feet, 53% vacant.
"Things of that kind spell disaster. There should be a radical slowing
down. The situation exists in all lines of construction work. The price
of a square foot to-day is about $1. We could get $5 to $7 a foot in 1923.
"Crazy builders come with crazier propositions. We refuse them loans.
The.Metropolitan Life Insurance Co. has refused all loans for quite some
time, but there are bonding houses which are disreputable. I don't want
to talk of them. Sonic bonding houses own the buildings to which they
loaned money. How does that help the situation?
' "It's to your interest to curb building. You're going to get stuck some
day. Not until conditions are healthy again will our company loan any
•
more money to the building industry."
Mr. Kelsey said that the real estate market and construction work "are
going too fast." He saw great difficulty in restraining the excessive
building "due to the venturesome spirit over the land and the plenitude of
money." If legitimate banks refused loans there are "shady houses" which
gave freely, he said.
"Very likely we shall see serious disaster all along the line. The great
mercantile buildings erected in the last five years are finding it hard to pay
to-day. As far as we are concerned the Title Guarantee & Trust Co. has
refused to make further loans to the building industry."
Correcting certain remarks attributed to Mr. Stabler on
the 15th, the "Times" of the 17th lust. said:
Mr. Stabler was busy nearly all day yesterday answering the telephone
and talking to builders and bankers who congratulated him on his courage
in speaking frankly at this time of a situation which, they agreed, was
very grave.
"Not one of them said I was wrong," he declared.
Mr. Stabler said he was incorrectly quoted in the "Times" yesterday
when he was reported as having used the words "disreputable bond houses"
at the meeting.
"I know many men connected with bond houses and it would be furthest
from my thought to make such a statement," he added.
"The reference to the conditions in Fall River, Mass., was not correctly
reported. My statement, in effect, was that when manufacturers of any
kind of merchandise find the markets overstocked, they have stopped producing, and that in Fall River, in the fall of 1923, 90% of the mills had
shut down because of the bad conditions affecting products made by these
mills. I intended to convey the impression that the building industry of
this city should use the same methods and not produce what was not wanted.
"The quotation as to the figures of apartment house plans tiled Sept. 1
was not correct. These facts are, that from Sept. 1 to about Dec. 1 1925,
plans were filed for about $19,000,000 worth of loft and office buildings
and $34.000,000 of the higher grade apartment houses, the building. being
34 in number of all three classes of properties.
"My talk on Tuesday applied only to loft, office and high-grade apartIt seemed wise in calling this meeting—this conference, if you please— ment house construction. These types are overbuilt and we will not lend
that the plan and the place should be under neutral auspices and in neutral or finance any more buildings
of this character. Most certainly what I
territory. For that reason an equal opportunity will be given to all to said did not apply to the small apartment or flat
houses or to one and
speak who desire to, within the time allotted for this meeting and in order two-family houses. We are
lending money for such projects now and will
that such a plan may be carried out in the freest possible form and the continue
to do so. With respect to these classes of houses I feel now as
least possible restraint, the only parliamentary rule that will prevail will be when
I testified before the State Commission on Housing and Regional
the "Rule of Order." For the purpose of securing such orderly progress, Planning:
that for those forced to live in apartments at less than $15 a
the debate will be divided into two sections:
room the situation is still acute."
"1. Do conditions, as they are found to-day in the various branches of
In addition to extracts already given from the "Times" of
the building construction industry, indicate that some action
should be
taken or can be taken.
the 17th, we also quote the following from the same paper:
"2. Are you desirous of making the attempt now?
In discussing conditions in this [mortgage) field Mr. Hurd said:
It the answers to these two questions are in the affirmative there
will
then arise the still more difficult question:
"An unusually active market for securities has recently brought to New
"flow will you do it?"
York a large number of companies exploiting the mortgage field upon a
new basis. The rapidity with which these companies are selling their real
I do not expect that you can answer this last question right at this
time estate mortgage
bonds, tempting the public by high rates of interest, rewithout getting more food for your thought, and, in order that you
might minds observers of
conditions 30 years ago, when a similar group of morthear from the financial side and from authoritative source, Mr.
Walter gage companies
came into existence, issuing real estate mortgage bonds by
Stabler, Controller of the Metropolitan Life Insurance Co., one
of the
the million to a hungry public.
world's largest lenders of building money, will state the viewpoint
of the
"To be on safe and permanent ground a mortgage company should be
lender. Ile is known to many of you. His intimate touch with this
sub- organized by
lenders of care, skill and experience and managed with full
ject is widely recognized. To those who know him, I say, "Our friend
is Information as to the
with us again." To those who have not that pleasure, may I
fluctuating real estate values and with a willingness
introduce year after year to
refuse the large fees which accompany excessive loans.
Mr. Walter Stabler.
In such case the mortgage company should last hundreds of years, as
have
The following account of what Mr. Kelsey and Mr. Stabler the mortgage companies in Europe.
"On the other hand, if a mortgage company is organized by expert selling
had to say is taken from the New York "Times" of Dec. 16:
The story of overproduction in high-class apartments, loft and mercantile men with excessive expenses for advertising, salesmen, office and overhead charges, a pressure to get large commissions ensuea,
buildings was begun by Mr. Stabler. He presented a voluminous
under which
array of mortgages even up to 100% of the cost of the
figures to support his assertion that the building crises was "the
property are accepted.
worst in
"Experience shows that such companies last only during the intervals—
forty years."
long or short—between real estate depressions. If it is argued that
Kelsey Predicts Drop in Rents.
these
modern companies cannot fail as the earlier companies did, because they
Mr. Kelsey predicted a "good, long, tedious downward trend of
rents in guarantee nothing, the answer is that when their issues of real estate mortfuture
in
lofts and mercantile buildings." "It won't be
the very near
like gage bonds begin to be foreclosed, with losses to investors, they can sell
the panic of 1907," he said, "but it will be a severe and slow panic."
no more bonds and will cease business.
3088
THE CHRONTCLE
How Investor Can Be Careful.
company is organized
"How can an investor know whether a mortgage
by noting whether the
from the lending end or the selling end? First,
a guarantee back
mortgage company will put all of its own resources as
by the rate of interest
of the mortgage Investments it sells, and, second,
which these mortgage inyestments bear.
office building is
"The fact that an issue of bonds, for example, on an
in New
2% for ten years or more—whereas office buildings
/
written at 61
4% net per
than
less
York over a period of years earn on an average
2% during the life
/
annum—does not mean that the investor will receive 61
high rents fall his
of these bonds, but does mean that when the present
interest rate will also fall.
as these bonds are
"The stream cannot rise higher than its source, and
return can be paid
not guaranteed there is no source from which a higher
rentals. In plain words,
to the investor than the building yields in'net
in amount or in rate to
this means that the bond issue will be scaled down
the normal interest yield.
have purchased a bond
"If by change the investor is so unfortunate as to
worse position, in that
on a building erected on leased land he is in even a
investor does not realize
he may suff,T a total loss. The inexperienced
rate of interest, constitutes
that the ground rent, capitalized at the current
so that his first morta heavy first mortgage, ahead of his leasehold bonds,
are in effect second
ground
gage real estate bonds on a building on leased
second mortgage
mortgage bonds, but are in reality inferior to them, since
the first mortgage,
bond holders may protect themselves by buying up
the land but must
whereas leasehold bondholders have no right to purchase
years, whether earned
continue to pay the ground rent for a long term of
or not.
Issues Not Guaranteed.
called first mortgage real
"These new securities are often issued and
which put them out.
estate bonds, but are not guaranteed by the companies
well-established
The locations selected are usually prominent corners in
fireproof structures—hotels,
districts and the buildings are large, new,
office buildings or apartment houses.
pauses to inquire what these
"The bonds look attractive until the investor
present value and what
properties cost for land and building, what is their
these bonds is usually
is their probable future value. The prospectus of
is entirely unable
discreetly silent on these points and the average investor
securing these bonds.
to appraise the value of the land and building
to the usual
restricted
were
"It is safe to say that if these bond issues
in New York
two-thirds of the valuations of the well-known appraisers
is that these issues are
City, none of them would be made. The plain truth
of the cost of the
excessive in amount, running up to 80%, 60% or 100%
on the bonds, 6%,
promised
properties, excessive in the rate of interest
companies,
2% or 7%, and excessive in the fees paid to the issuing
/
61
which run from 10% to 15%.
investor that
"If the prospectus of these bonds should clearly state to the
the enterprise,
his money constitutes practically all of the money going into
could take
investor
the
and
the transaction would be thoroughly understood
his own chances.
offered prior to
"One added danger is that these bonds are commonly
investor parts
the beginning of the erection of the building, so that the
of unimproved
only
with his money when his real estate security consists
•
land.
practically
"The moral for the investor is clear. He should not furnish
put it up before there is any building,
and
buildings
new
for
money
the
all
trustees—and
for
limit
but stick to the usual two-thirds loan—the legal
mortgages which
deal only with responsible companies which guarantee the
the test of time."
stood
has
guarantee
they offer and whose unqualified
Says Building Is Overdone.
Co. at
A. M. Woodruff, Vice-President of the Prudential Life Insurance comthe
Newark, who is in charge of real estate and mortgage loans for
and highpany, said it was his belief that the erection of loft buildings
class apartment houses in Manhattan had been "overdone."
houses in the
"Perhaps there are some of the cheaper grade apartment
not now,
Bronx that will pay," he said. "We have not been, and are
entirely
making erection loans on questionable enterprises. We have not
restricted ourdiscontinued mortgage loans in New York City, but have
selves to buildings that are completed and to high-grade securities."
The head of a large money lending institution said:
conditions
"As long as rents are strong and there are few vacancies these
and space is not
can go on for four or five years. But if rents weaken
charges
fully rented it will be up to the owner of the property to pay the
not be able to
out of his won pocket. If the property is all he has he will
loss."
great
to
pay interest on the bond and the bond holders will be put
a limited
Alexander U. Bing, President of the City Housing Corporation,
refer to small
dividend company, said Mr. Stabler's statement did not
walk-up apartment flats and one and two-family houses.
and
Mr. Unterntyer said he agreed with the statements of Mr. Stabler
Mr. Kelsey.
and
"These people are satisfied with a 5 or a 6% return on their money
are above, all things, entitled to be protected," Mr. Untermyer said.
to see
"The situation is constantly growing more perilous, and I am glad
that public attention has at last been concentrated upon this abuse.
Says Many Are Gross Frauds.
that
"Many of these recent issues constitute in effect a gross fraud in
When
equities that are supposed to be behind these bonds are fictitious.
real property resumes its normal values many of these loans will topple
lies
like a house of cards. The only redeeming grace of the ugly business
investin the tact that the investors are likely to lose only a part of their
ment.
of in"I trust that the Legislature will take immediate steps by way
vestigation with a view to future protection.
"My observations do not refer to the old line mortgage investment and
danger
lending organizations. They have from the beginning realized the
in this inflation and have been ultra-conservative in their loans."
Those who attacked the alleged abuses in the mortgage bond field were
careful to exempt from their discussion those old established houses which
stood behind their loans with the integrity of their organizations and
which have continued for scores of years without loss to any of their investors.
An official of S. W. Straus dc Co., in the absence of Mr. Straus, G. L.
Miller of G. L. Miller k Co., and William M. Greave, President of the Prudence Co., said they did not believe that the real estate situation was
critical, but that a word of caution was not amiss from time to time.
C. G. Norman, Chairman of the Board of Governors of the Building
Trades Employers' Association, agreed with Mr. Stabler and Mr. Kelsey
that the demand for buildings for commercial purposes has been met.
Mr.
"To-day you can borrow as much money as a building costs," said
surNorman. "That is an unhealthy condition. The easy availability of
is too muca
plus money makes all venturesome and the result is that there
[VOL 121.
building. We must remember that overproduction leads to idleness and at
such time the employer suffers as well as the laborer and his family."
Views of S. IV. Straus & Co.
"There is nothing new in the fact that a word of caution with regard to
building activities is in order from time to time," said an official of S. W.
Straus & Co.
"Last year S. IV. Straus & Co. called attention to the fact that prospective
building projects should be carefully scrutinized. 'A cautious and conservative attitude at this time is within the bounds of good business judr
ment,' epitomized what we said then.
"The same thing can be said now or at any other time, for caution and
conservatism are always in order. But we would not want to have this
construed as indicating our lack of faith in the steady growth and development of New York City.
"As we have frequently pointed out, obsolescence in buildings is a very'
important factor in the present situation. There are many structures in
New York that have become obsolete, and are therefore a drug on the
market. Sooner or later these buildings will have to be replaced with newer
and finer types of construction. To let these buildings remain in their
obsolete condition would represent a tremendous waste of capital and
would impede the progress of the city.
"We can only view with optimism the building outlook in New York
City, based on our own investigations. It is a fact, of course, that there
are many unworthy projects offered in the lending market. For every
loan we make in New York we reject at least twenty applications for loans.
But all of the buildings on which we have made loans in any of the boroughs are satisfactorily rented at the present time. And we shall continue
to use our own judgment with regard to financing future construction in
this city.
"There is, it is true, a great amount of building in New York City. The
year 1925 will show the issuance of building permits in the metropolitan
district of about $1,250,000,000. This is an increase over 1924 of 22%,
but it is to be borne in mind that relatively the same growth and upbuilding is taking place throughout the United States. We receive official reports of building activities from more than 400 cities, and everywhere in
the country building activities are going forward in about the same proportion as exists in New York.
Conditions Held Not Abnormal.
"Conditions, therefore, cannot be raid to be abnormal here. We are a
national organization and are making loans on building construction In
all the cities of consequence in the United States. In order to maintain
our volume and meet the demands of our clients it is not necessary for 1111
to make loans in any one community or city. Whatever loans we make in
New York are based on definite knowledge of the renting situation.
"Rents in the better class apartments and office buildings are well
stabilized. They are declining in obsolete structures and in those that are
poorly constructed, or are not wisely located. In a general way rents in
high-class structures are neither advancing nor declining, Building costs
are also quite well stabilized and labor conditions are tranquil throughout
the country, excepting in New York City, where the unions are making
demands for higher wages."
IVhat. G. L. Miller & Co. Think.
G. L. Miller, President of G. L. Miller & Co., said:
"The present talk of overproduction of office, loft and apartment space
In New York City overlooks entirely the fact that the general housing
situation In the city Is in what might be termed a selective period. By this
we mean that while there may be an uncomfortably high percentage of
vacancies in poorly located or otherwise undesirable structures, there still is
sufficient demand for all three types of modern buildings in locations of
prime excellence. The account is entirely upon location, especially 28 to
accessibility in view of traffic and transportation problems.
"As an instance of what we mean, we point to an office building in the
Times Square district, recently financed by us, twenty stories In height,
which is now nearing completion. According to present leases already
signed, the rents from the basement, first and second floors are sufficient
to take care of the combined payments for principal and interest on the
entire bond issue. Surely no critic, no matter how severe, could find cause
for complaint for the financing of a building such as this under the present conditions.
Prudence Company Sees No Occasion for Alarm.
Mr. Greave of the Prudence Co. said he saw nothing alarming in the
building situation from the standpoint of real estate mortgage houses which
have been conservative in the amount loaned and cautious in the selection
of localities. He said there had been overproduction in high-class apartments and apartment hotels, and some overproduction in office buildings,
but no cheap flats have been built.
"As in the past, there is no doubt in my mind that real estate will
suffer a slump owing to oversupply," he said. "But the Prudence Co.,
like all the companies that guarantee their own securities, have made conservative loans, not figuring values at present-day costs, nor the rental
return on present-day rentals, but have tried to discount the future; feeling
that eventually the market will be overproduced."
Harry S. Black, Chairman of the Board of the United
States Realty & Improvement Co., takes an optimistic view
of the building situation, the New York "Journal of Commerce" of Dec. 17 reporting him as saying:
How U. S. Realty & Improvement Co. Regards Situation.
"Construction financing has been taken up by some of the larger banking institutions, including the National City Bank and Blair k Co., and
while there may be some real estate securities of doubtful value, these
banks handle nothing but the highest order of securities and where, in all
cases, there has been a large margin of security back of the mortgagee.
"The policy we have pursued and which we rarely deviate from is that
we take no financial interest and do not identify our company with any
development unless the community demands it.
"We are in accord with Mr. Stabler's views in regard to 'vacancies in
New York, but it is confined almost entirely to the 42d Street district
where there is an abundance of vacant space, with more coming on the
market.
"As far as the financial district is concerned, this condition does not
apply. I would venture to say vacancies in the financial district are small
at present. Fortunately for the United States Realty & Improvement Co.,
it does not own any properties in the 42d Street district. I do not quite
agree with Mr. Stabler that there is such an enormous amount of vacant
space, but whatever there is is confined to the district between Canal and
42d Street."
According to the New York "Times" of Dec. 18, suggestions for constructive relief were made on the 17th by WI!-
DEC.26 1925.]
THE CHTIONTCLE
liam E. Knox, President of the Bowery Savings Bank and
former President of the Savings Bank Association of New
York State. The "Times" account goes on to say:
Mr. Knox suggested that buyers of mortgage bonds refrain from purchasing unless property appraisals were made conservatively. Any one contemplating purchasing mortgage bond issues, he said, would find savings
banks, life insurance companies and other financial organizations ready to
give their opinion of mortgage bonds which investors were considering
purchasing. Ile also suggested that a body of appraisers designated by the
Real Estate Board might stand before the public as impartial authorities
whose advice could be obtained by buyers of mortgage bonds.
3089
"We in the building industry have always listened attentively to whatever Mr. Stabler or Mr. Kelsey have had to say, and whether the building
public and the contractors like it or do not like it, there is no doubt in
my mind that these gentlemen know what they are talking about. Of
course, there are bound to be men who would rather have the dance go
on and let the public and the investor take care of their own future."
It is proper to say that the subject was fully considered
at the recent convention of the Investment Bankers Association. The elaborate report of the association's Real
Estate Securities Committee, presented by H. N. Gottlieb,
of S. W. Straus & Co., will be found in our issue of last week
By unanimous vote at the meeting on Dec. 15, according to on pages 2932 to 2935.
the "Times," it was decided to have the Chairman appoint a
committee representative of the building trades to deterOne Hundredth Anniversary Dinner of Brown
mine what course of action to take in dealing with the
Brothers & Co.
situation.
To celebrate the 100th anniversary of the opening of the
In accordance with this action, Mr. Beals on Dec. 17 appointed the following committee to Inquire into the situation New York office of Brown Brothers & Co., a dinner was
given at the University Club on the evening of December 18th
with a view to developing remedial measures:
Franklin D. Roosevelt, Vice-President of the Fidelity & Deposit Co. of to those who had been in the service of the firm for five
America, surety bonds, President of the American Construction Council.
years and over. There were present the partners and powers
George A Harwood, Vice-President of the New York Central Railroad,
of attorney of the New York, Philadelphia, and Boston
Vice-President of the American Construction Council.
Walter S. Faddis, President Cauldwell-Wingate Co., general contractors, houses, and Messrs. Alexander Brown, B. Howell Griswold,
President of the Building Trades Employers' Association.
Jr., and Thomas Hildt, of Alex. Brown & Sons, Baltimore.
Christian G. Norman, Chairman of the Board of Governors, Building
James Brown, senior partner of the firm, presided.
Trades Employers' Association.
Robert C. l'ost, of l'ost & IfeChord, structural steel, President of the
Credit Association of the Building Trades of New York.
R. II. Shreve, architect, of Shreve 6: Lamb, Chairman of the Administration Committee of the Credit Association of the Building Trades of New
York.
Arthur Williams, Vice-President in charge of Commercial Relations, New
York Edison Co., President of the Electrical Board of Trade of New York.
Charles L. Eidlitz. Chairman of the Board of Governors of the Electrical
Board of Trade of New York.
B. A. Tompkins, Vice-President Bankers' Trust Co., Chairman of the
Investment Bankers Association, New York Group.
Marshall Field, President and New York representative of Marshall Field
& Co., of Chicago, Vice-Chairman of the Investment Bankers Association,
New York Group.
Leo Bishop, President Knickerbocker Masons' Material Supply Co., President of the Mason Material Dealers' Association of New York.
Graham Murtha of Murtha & Schmohl Co., masons' material dealers,
Chairman Executive Committee of the Masons' Material Dealers' Association of New York.
Stephen F. Voorhees, of McKenzie, Voorhees & Gmelin, architects, President of the New York Building Congress.
Andrew J. Post, of Post & McChord, structural steel, Vice-President New
York Building Congress.
Lansing C. Holden, architect, President of the New York Chapter, American Institute of Architects.
Kenneth M. Murchison, architect, Vice-President New York Chapter
American Institute of Architects.
J. Irving Walsh, real estate, President and Chairman of the Board of
Directors of the Real Estate Board of the City of New York.
Everett L. Barnard, Vice-President Church E. Gates Co., retail lumber;
President of the New York Lumber Trade Association.
Frank A. Niles, Vice-President Robert R. Sizer Co., wholesale lumber;
Vice-President New York Lumber Trade Association.
Whitney Palache, insurance, President of the New York Board of Fire
Underwriters.
Bennett Ellison, insurance, Vice-President New York Board of Fire Underwriters.
Lucius R. Eastman, President Hill Brothers; President Merchants Association of ths City of New York.
Lincoln Cromwell, of William Iselin & Co., Chairman of the Board of the
Merchants Association of the City of New York.
William A. Garrigues, President of Levering & Garrigues, structural steel ;
President of the Structural Steel Board of Trade of New York.
J. Lewis Hay, President flay Foundry & Iron NVorks; Vice-President
Structural Steel Board of Trade of New York.
William B. Joyce, President of the National Surety Co.
F. W. La Frentz, President American Surety Co.
Mr. Beals, in a notice to the appointees, said:
In appointing this committee I am mindful of the fact that those who
have been elevated by their particular business or trade associations to he
presidents, chairmen of boards of directors, boards of governors or to the
chairmanship of executive committees of financial, architectural, constructional, commodity, service, credits and ethical apsociations, board of trade,
chapters, councils, congresses, etc., were best qualified as recognized leaders to find a practical way to accomplish what must promptly be done.
This crisis commands the best that the leaders of thought and action in
finance and construction can give to it. The public interest cannot help but
react favorably if such a committee functions.
Comments by Charles E. Eidlitz—Sees Frenzy
in Speculation.
The following is also from the "Times" of Dec. 18:
Charles L. Eidlitz, a pioneer builder in New York, who is now Chairman of
the Board of Governors of the Electrical Board of Trade, said he was glad
to see the public beginning to take a real interest in the building situation. He said:
"Any one who has watched building conditions in this city must have
been impressed by the orgy of frenzied speculation in buildings conducted
and erected by inexperienced people whose one and only aim and whose
motto has been 'cheap construction, payment of graft and bonuses, quick
sales and 100% caveat emptor.' There are so many 'emptors' with money
to-day who never heard of the caveat portion that these builders have been
able to borrow the full value and more than the full, and most certainly
more than the real value of their properties, and unload on the unsophisticated. This public has been so impressed by the stories of fortunes made
In real estate in New York City, and have been so thoroughly sold on the
idea that you can't lose in real estate, that they have blindly bought bonds
Which do not represent true values. Buildings, even well built buildings,
do not improve with age. They are unlike the pre-Volstead material.
United
Hospital Fund Receipts Through Bankers and
Brokers Committee
The "Bankers and Brokers Committee" of the United Hospital Fund report that subscriptions are coming in very well,
so that last year's total collection will be exceeded. T. P.
Morgan & Co., Kuhn, Loeb & Co. and Speyer & Co., who headed
the list, have each increased their contribution 20 per cent over
1924. Many others have also increased their subscriptions and
a number have contributed who have not heretofore done so.
James Speyer, Chairman, and Walter E. Frew, Associate
Chairman, of the "Bankers' and Brokers' Committee" of
the United Hospital Fund of New York, have issued a
statement reporting the subscriptions of $100 and over,
received to date, and we give the list of those contributing
$250 and over:
312.000.
J. P. Morgan & Co.
$0.000.
Kuhn, Loeb & Co.
Speyer & Co.
$2.500
George F. Baker.
George F. Baker Jr.
Mr. & Mrs. George Blumenthal.
Marshall Field.
31.500.
Hallgarton & Co.
$1,250.
Aldred & Co.
31.000.
American Exchange-Pacific
National Bank.
Bank of the Manhattan Co.
Otto T. Bonnard.
Blair & Co., Inc.
Clarence Dillon.
Dominick St Dominick.
Halle & Steiglitz.
Harris, Forbes & Co.
Jesse ilirschmann.
Lazard Freres.
J. B. Mahon.
Henry K. McHarg.
Mr. & Mrs. Jeremiah Milbank.
& W. Seligman & Co.
Title Guarantee & Trust Co.
Albert H. Wiggin.
Mrs. Anna Woerishoffer.
$500.
Anonymous.
H. K. Evans.
J. Horace Harding.
Francis L. Hine.
Homans & Co.
Mr. & Mrs. Acosta Nichols.
William H. Nichols.
P. A. Reinhardt.
John .1. Rikor.
Ernst Rosenfeld.
William Woodward.
6261.30.
"F. S."
$250.
Asiel & Co.
Stephen Baker.
Bank of Montreal Agency.
S. B. Chapin & Co.
Arthur C. Choate.
Commercial investment Trust, Inc.
The Continental Bank.
H Content & Co.
Empire Trust Co.
Harvey Fisk & Sons.
Freeman & Co.
Walter E. Frew.
Donald G. Geddes.
Albert E. Goodhart.
P. J. Goodhart
Hambleton & Co.
Ickelheimer & Co.
Hornblow(r & Weeks.
Iselin.
Adrian
Mrs. Mary Lewis Kirman.
Ladenburg. Thalmann & GO.
Maitland, Coppell & Co.
Manufacturers Trust Co.
Mrs. Wm. H. Moore.
Newhorg & Co.
Lewis E. l'ierson.
Mr. & Mrs. B. S. Prentice.
W. Emlen Roosevelt.
Salomon Bros. & Hutzler.
Jack W. Schiffer.
Edward W. Shelton.
Moses Taylor.
Increase by Interstate Commerce Commission in Rates
for Transportation of Newspapers
Associated Press advices from Washington, Dec. 14, state:
Increased charges for the transportation of newspapers in baggage cars through Eastern territory were alloweLl today by the
Interstate Commerce Commission, to become effective tomorrow.
Railroads proposed last April to put the increases into effect
but were prevented from doing so while an investigation was
being made by the commission.
The Pennsylvania lines east of Pittsburgh will be permitted to
charge 50 cents per hundred pounds for newspaper transportation
In baggage cars, as compared with a present rate of 30 cents.
Where the shipment on the Pennsylvania system moves west of
Pittsburgh from points east of Pittsburgh, the new rate may be $1
per hundred pounds as compared with 60 cents.
3090
1HE CHRONICLE
[vol. in
office, opened Oct. 1 1902, was the first of the company's
branches. It was in that year that John A. Hopper, now in
charge of the 73d Street office, became associated with the
company. The main office of the company is located at 55
Cedar Street. Other branches are located at Madison Ave-Street and Eighth Avenue and
A W. Loasby of Equitable Trust Company While Viewing nue and 74th Street, 125th
Street.
47th
and
Avenue
Lexington
Year as One of Unbounded Prosperity, Urges
Descretion in View of Possibility of Change
The Manufacturers Trust Co. of New York announces the
of Joseph L. Morris as a Vice-President. Mr.
appointment
of
Company
Trust
Equitable
the
of
president
A. W. Loasby,
Morris
as Credit Manager of the Federal Reserve
resigned
unNew York, in referring to the year just closing as "one of
Bank of New York, which place be had held for the past
bounded prosperity," says:
five years, to accept his new post with the Manufacturers
The Federal Reserve System has continued Its most efficient
toward
Trust Co. Prior to his employment with the Federal Reattitude
generous
functioning: there has been a more
public utilities: our enormous home demand has resulted In very serve Bank of New York, Mr. Morris was Manager of the
is
satisfactory profits to our manufacturers, and our country
Credit Department of the Farmers Loan & Trust Co., having
about to be benefited by relief from taxation. Progress in the
been associated with that company from 1909 to 1921. He
encouragis
that
rehabilitation of European nations contains much
This was an assistant to J. Herbert Case there and when the
ing for the future. We have enjoyed a plethora of money.
easy money condition, however, has Induced various forms of latter left the Farmers Loan & Trust Co. to become Senior
speculation and has in some lines resulted in what might be
Deputy-Governor of the Federal Reserve Bank of New York,
considered a too liberal extension of credit, which has in turn
Mr. Morris assumed the former's duties. Mr. Morris was
resulted in a lavish purchase of luxuries.
continue InOf course, this situation cannot he expected to
In New York City in 1882.
born
of a change
On the Baltimore & Ohio the rates of 30 cents for distances of
500 miles will be increased to 50 cents anc.' the charge of 60 cents
for distances over 500 miles will become $1.
The Reading, Western Maryland and Baltimore, Chesapeake &
Atlantic lines proposed similar increases, which also were allowed.
definitely and It behooves us to consider the possibility
and act with discretion.
—
-ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
The Board of Governors of the New York Stock Exchange
on Dec. 23 granted the request of a majority of the membership for the suspension of business on the Exchange to-day
(Dec. 26).
Henry C. Von Elm, Vice-President of the Manufacturers
Trust Co. of New York, has been elected a director of the
company to fill the vacancy caused by the death of William
P. Sturgis. Mr. Von Elm has been associated with the
company since the merger of the Manufacturers National
Bank with the Manufacturers Trust Co. in 1914, having held
a clerical position In the bank at the time of the merger
The New York Curb Mar- ket, the Consolidated Stock and has risen from the ranks to the important position of
Exchange and the local commodities exchanges, will likewise Chairman of the Credit Conference Committee in the Manuremain closed to-day, following yesterday's Christmas facturers Trust Co.
holiday, and the out of town exchanges will similarly remain
F. Pintard and V. L. Banker have been elected Assistant
closed until Monday next.
Managers of the Trust Department of the Mechanics.&
The New York Stock Exch- ange membership of Reginald Metals National Bank of New York.
S. Willis was reported posted for transfer this week to
The stockholders of the East River National Bank and
Paul J. Nugent, the consideration being stated as $140,000.
Bowery
Bank have 'approved the proposed merger of these
Last previous transaction was at $147,000.
two banks under the name of the Bowery & East River NaThe New York Cotton Exchange membership of Edgar tional Bank of New York. The new institution will have a
H. Perry was reported sold this week to S. T. Hubbard Jr., capital and surplus of $5,500,000 and undivided profits of
for another for $35,000. This is the same price as the over $500,000. Mention of this proposed consolidation,
which will become effective Dec. 31, was made in our Oct.
last preceding sale.
31 issue on page 2117. The officers of both institutions will
28, Lee, Higginson & Co. will be retained in the consolidation.
On Monday next, Dec.
open their handsome new offices at 70 Federal St., Boston,
The Guaranty Trust Co. of New York has authorized the
corner of Federal, Franklin and Congress Sts., and extend
distribution of additional compensation to the employees
a cordial invitation to the public to visit their new home.
of the company, not including officers, in the United States
The Irving Bank-Columbia T- rust Co. of New York on Dec. and foreign countries, of from 3 to 5% of the salaries re
Assistant
Atkins,
22 announced the election of Henry M.
ceived for the last half year. This is in addition to a similar
Trust Officer, as Assistant Vice-President, and of Herman distribution made for the first half year on July 1. The
W. Willis, Assistant Trust Officer, as Assistant Secretary. percentages to be paid vary in amount In accordance with
Mr. Atkins is attached to the Fifth Avenue office of the com- the years of service.
pany at Fifth Avenue and 34th Street, and Mr. Willis to the
Louis A. Keldel, Treasurer of the Mid-Continent PetroWoolworth office, in the Woolworth Building.
leum Corporation, has been elected a Vice-President of the
The new bank and office building erected by the United Bankers Trust Co. of New York.
States Mortgage & Trust Co. of New York at 73d Street and
The Standard Bank of New York announces the continuaBroadway as a permanent home for its 73d Street office,
was formally opened to the public on Dec. 21. Many visitors, tion of its bonus arrangement adopted In 1923 providing for
including residents of the upper west side, executives of a distribution this month to employees of from 2 to 8% of
neighboring institutions, directors and officers from other their annual salaries. The plan calls for a bonus of 2% at
offices of the company, visited the new office to extend best the end of the year to all employees plus 1% additional for
wishes. The United States Mortgage & Trust Co. obtained each full year of service.
the site for its new office through a unique real estate deal.
G. Maurice Heckscher has been elected a director of the
The ground is owned and has been occupied since 1890 by
Liberty
National Bank in New York.
found
recently
which
Church,
Presbyterian
Rutgers
the
itself in need of a new building and a community home to ' Advices to us from the Park Trust Co. of
Weehawken,
meet its growing requirements. The trust company agreed N. J., under date of Dec. 15 state that
"although General
itself
for
building
a
erect
to raze the old church building,
William C. Heppenhelmer was elected a director of this
on the Broadway corner of the property and construct for institution and appointed to our Executive
Committee, we
adthe
on
house
community
and
the church a new edifice
the Trust Co. of New Jersey for the
will
with
not
merge
joining portion of the plot. The bank building, which is the
present." The Jersey papers have contained items to the
most commodious and complete of its kind on the upper west
effect
that a merger of the two companies Is planned.
firelimestone
side, is five stories high, of brick, steel and
proof construction, and was designed to meet the company's
The following advices from Amagansett, L. I., Dec. 11,
needs in this growing district. Modern safe deposit vaults appeared in the Brooklyn "Eagle":
Application of promoters of the Montauk National Bank of Amagansett
have been installed and an attractively equipped departdenied by the Comptroller of the Currency and
ment is ready for the service of women customers. The for a charter has been
checks returned from Washington, D. C. Stock for this bank sold readily
year,
this
cornerstone of the building was laid Feb. 10 of
at $150 a share and the full issue of $25,000 was subscribed. Interested
plans and negotiations being in charge of H. L. Servoss, in the banking project were Everett W. Babcock and Dr. Frederick Finch
of Amagansett. An effort may now be made to get a charter for a Stat•
Vice-President of the company in charge of branches. John bank.
W. Platten is President of the company. The 73d Street
DEC.26 1925.]
THE CHRONICLE
3091
The National Bank of Norwich, Norwich, N. Y., has ful ship model, as a tribute to his 43 years of service to
changed its title to the National Bank & Trust Co. of Nor- Cleveland travelers.
wich, effective Dec. 3 1925.
Stockholders of the Merchants Savings Bank & Trust
The City Trust Co. of Newark, N. J., has declared the Co. of Toledo, Ohio, and of the Security Savings Bank &
Trust Co. of that city on Dec. 21 ratified the proposed
usual quarterly dividend of 3% and an extra of 2%.
consolidation of the institutions (referred to in these columns
Judge Carroll of the Supreme Court of Massachusetts on in the "Chronicle" of Nov. 28) under the title of the latter
Dec. 11 authorized the State Commissioner of Banks to pay institutions. According to the Toledo "Blade" of Dec. 22,
a dividend of 6% to the depositors in the savings department the enlarged bank will have resources of $16,000,000 with
of the defunct Cosmopolitan Trust Co. of Boston. This eight branches in different parts of the city. The present
dividend calls for the sum of $337,636, it is said, and will be home of the Merchants Savings Bank & Trust Co. on •
distributed among approximately 12,000 depositors. With Summit*St., it is understood, will be continued as the M.& C.
the payment of this dividend the savings depositors will have branch with the same personnel as at present, and the same is
received 83% of their deposits, it is understood. The true of the Dorr St. branch of that bank. The "Blade"
Cosmopolitan Trust Co. was closed in the latter part of 1920. further stated that announcenemt of the new home of the
Security. Savings Bank & Trust Co. to be erected on Madison
Our last reference to its affairs was in the "Chronicle"
Ave. would be made shortly after the merger went into
Oct. 17 1925, p. 1872.
effect.
The stockholders of the Lawndale Bank & Trust Co. of
According to an Associated I'ress dispatch from Mason
Philadelphia at a special meeting on Dec. 9 voted to increase
City,
Iowa, on Dec. 19, the Security National Bank of that
the capital stock from $125,000 to $250,000. We are advised that payments on the stock to be Issued are to be made place failed to open on that date. The closing was ordered
In installments of $15 each, Jan. 20, Feb. 20, March 20 and by the board of directors after a run early in the week,
April 20. The stock Is issued at $60 per share—$50 of this which depleted the cash on deposit to such an extent that
amount being par value and $10 being a payment to surplus further operation was deemed unwise.
account. It is announced that the surplus of the company
of Jefferson, Ia. and the Greene
The First National Bank
at this time stands at $50,000—$12,500 being paid in.
County Savings Bank of that place (affiliated institutions)
have been closed by their directors because of frozen assets
A public offering of stock of the Empire Trust Co. of New
and depleted reserves, according to a press dispatch from
York is being made by Lawson & Co., of this city, at $350
Jefferson on Dec. 10, printed in the "Wall Street News" of
per share, yielding 4.58%. In calling attention to the atthe same date.
tractive features offered in the purchase of Empire Trust
Co. stock, Lawson & Co. state:
Failure of the First Natio- nal Bank of Grove, Okla., Is
It is our opinion that this stock is selling far below its intrinsic value,
following Associated Press dispatch from
and we believe it has been sadly neglected, marketwise, considering the reported in the
that place on Dec. 21:
recent advance in other bank and trust company stocks.
Considering that this company is earning at present $31 per share, you
can readily see that it should be selling at very much higher prices.
We are herewith submitting the following figures giving you a general
idea of what the average bank and trust company stocks yield;
Name—
Price.
Earnnigs.
Div. Rage.
Yield.
Bankers Trust Co. stock _--- $605
$34
20%
8.30%
Chase National Bank stock__ 660
83
20%
8.57%
Equitable Trust Co. stock__- 818
19
12%
8.79%
Farmers' Ln. A: Tr. Co. stock 605
22
16%
2.83%
Guaranty Trust Co. Stock_-_ 380
18
12%
8.11%
National City Bank stock___ 610
28
20%
8.27%
New York Trust Co. stock__ 565
28
20%
8.52%
Empire Trust Co. stock
350
81
16%*
4.58%
The following figures are taken from their. statement of condition as of
Nov. 14 1925:
Capital
$4,000,000 00
Surplus and undivided profits
3,8(16,928 88
Deposits
70,312,948 67
After a careful analysis of the above figures, you must agree that Empire
Trust Co. stock is an excellent investment at prevailing prices, and we
unhesitatingly recommend its purchase. Their next quarterly dividend
will be $3 regular and $3 extra per share, payable Dec. 31 to stockholders
of record Dec. 19 1925.
*Includes extra dividends.
In accordance with its profit-sharing plan inaugurated in
1914, the Empire Trust Co. has declared a bonus to employees under which employees will receive from 8 to 16%
of their salaries, depending upon the length of service and
attaining standards of excellence set by the management.
Last year, under a similar plan, the bonus ranged from
7.36% to 13.7%.
The President and directors of the Western National
Bank of Baltimore announce the election, effective Jan. 1
1926, of Eugene G. Grady, now Cashier of the
Baltimore
branch of the Federal Reserve Bank of Richmond, as VicePresident, to succeed John L. Swope, who has resigned to
become a Vice-President of the United Railways & Electric
Co. of Baltimore.
The removal of the Akers-Folkman Co., the Travel
Department of the Union Trust Co., Cleveland, from its old
quarters in the Schofield Building to its new quarters
in
the Union Trust Building, at the corner of Chester and
East
Ninth streets, on Dec. 21, completed the gathering together
of all the downtown departments of the Union Trust
Co.
under the same roof. Joseph Folkman Is head of the Travel
Department. He came from Galicia, penniless, at the age
of 14, and started his career in this country selling papers
and shining shoes. He later became a partner in the AkersFolkman-Lawrence Co., now the Akers-Folkman Co., the
Travel Department of the Union Trust Co. Upon the day
of the occupation of the new quarters, the employees of the
Akers-Folkman Co. presented Mr. Folkman with a beauti
The First National Bank of drove, the last banking institution in this
city, closed to-day (Dec. 21). Frozen assets, due to inability to collect
on cattle paper, was given as the cause of the failure. The institution had
deposits of approximately $150,000.
The formal opening Os the new banking rooms and safe
deposit department of the Boatmen's Bank of St. Louis
took place on Dec. 8, from 9 a. m. to 4 p. m. at which time
the public was given a cordial invitation to inspect the
improvements. The of`icers of the institution are: Edwards
Whitaker, President; Aaron Waldheim, Julius W.Remboldt,
(and Cashier), Edgar L. Taylor and Leroy C. Bryan, VicePresidents and Chester C. Hammerstein, Albert Wagenfuehr, H. Alfred Bridges and Rudolph Felseh, Asst. Cashiers
The Planters National Ban- k of Richmond is celebrating
this month the 60th anniversary of its founding, the institution having received its charter on Dec. 8 1865. According
to the Richmond "Dispatch" of Dec. 8, there has been
nothing spectacular about the growth of the institution
during its 60 years of existence. Neither have its resources
been increased by the absorption of other banks, nor by
consolidating with other institutions. Just a steady increasing of its resources through the years, indicative of
sound, conservative, yet progressive banking. Beginning
with a capital of $200,000, it has to-day combined capital,
surplus and undivided profits of $3,200,000 and total resources of more than $20,000,000. The increase in capitalization has been largely due, it is said, to stock dividends
paid out of earnings. Continuing, the "Dispatch" said:
Since the early 80's the Planters has been closely identified with the
tobacco industry, hence its trade-mark—a tobacco leaf. This is due to the
fact that hte late James B. Pace, then President, one of the leading tobacco
manufacturers at that time, encouraged planters, dealers and manufacturers
of tobacco to use the facilities of the bank, and his forward-looking policy
met with marked success. This does not mean, however, that the bank
confines its transactions solely to the tobacco industry, for such is far from
being the case. On its ledgers are the names of many and varied industries;
more and more finding that "Planters service" measures up to expectations.
The bank's steadily growing business has necessitated three enlargements,
the last five years ago, when the entire building was remodeled. It is now
modern in every respect, and fully equipped to handle business entrusted to
Its care expeditiously and efficiently. In line with its endeavors always to
the needs of its patrons, late in 1922 an office in the city's shopping district was opened and is proving a great convenience as evidenced by
the growing patronage afforded it.
The bank's policy in regard to its employees is very liberal. It was
among the first to furnish a luncheon at the bank (being now equipped on
the third floor with a modern kitchen and dining room), it grants an
annual bonus, and affords protection under the group life insurance plan.
The present officials of the Planters National Bank are
as follows: Richard H. Smith, Chairman of the board of
directors; W. Meade Addison, President; J. J. Montague,
Henry S. Hotchkiss, Warren M. Goddard (and Cashier)
and Wilson M. Brown (and Trust Officer), Vice-Presidents;
3092
THE CHRONICLE
[Vol, 121.
D. V. Morton, W. W. Neale, R. G. Andrews, W. Edwin Miller among the oldest remaining banking institutions in San
and Paul Mayo, Assistant Cashiers, and John H. Harton, Francisco. The Crocker National Bank had its beginning
43 years ago in the banking firm of Crocker, Woolworth
Auditor.
& Co., founded by the late Charles Crocker, father of WilConsolidation of the First National Bank of Richmond liam H. Crocker, the present President of the institution.
and the Merchants' National Bank—two of Richmond's It became a national bank in 1906. The First National Bank
largest and oldest financial institutions—was approved by the is still older, having been organized 55 years ago as the
respective directors of the banks at meetings held simul- First National Gold Bank by James Phelan and associates.
taneously on Dec. 22. Meetings of the stockholders to take John A. Hooper heads the Institution at present, while
action on the proposed merger will be held on Jan. 26 and, Rudolph Spreckels is a former President. Reference was
if ratified, the union will become effective Feb. 1. The new made to the proposed consolidation of these banks in our
institution will be known as the First & Merchants' National issues of Oct. 24 and Oct. 31, pages 2003 and 2119, respecBank of Richmond and will be capitalized at $3,000,000 with tively.
surplus and undivided profits of $3,300,000. It will have
deposits approximating $50,000,000 and total resources of
about $60,000,000. John M. Miller Jr., the present head
of the First National Bank of Richmond, will be President
of the consolidated bank, while the Vice-Presidents will be,
in order, as follows: Charles R.Burnett(now Vice-President
of the First National Bank); W. F. Augustine (at present a
Vice-President of the Merchants' National Bank), and
John C. White (also a Vice-President of the Merchants'
National Bank). Additional Vice-Presidents, a Cashier and
Assistant Cashiers for the consolidated institution will be
elected, it is said, from the present official staffs of both
banks. The First National Bank of Richmond was organized
in 1865, a few months after the close•of the Civil War, while
the Merchants' National Bank was founded six years later
(1871). The Richmond "Dispatch," in reporting the proposed consolidation in its issue of Dec. 23, said:
Official announcement of the intended merger created a sensation In
the business district yesterday. It was learned that the idea was conceived within the last month. A short series of conferences culminated
In the directors' meetings yesterday, when the plan is said to have met
unanimous approval. In a statement signed jointly by John M.Miller Jr.,
President of the First National Bank. and Melville C. Branch, President
of the Merchants' National Bank.It was noted that "this will give Richmond
one of the largest banks in the South Atlantic States, and place Richmond
In the front rank llnancially to take care of the expanding business of
the South, which section Is rapidly becoming the industrial centre of the
United States.
•
George E. Peters,formerly Assistant Cashier of the Orange
County Trust & Savings Bank of Santa Ana, Cal., was
promoted to Cashier of the institution at a meeting of the
directors on Dec. 2, according to a dispatch from that place
on Dec. 3 to the Los Angeles "Times." Mr. Peters, the
dispatch stated, succeeds E. R. Sprague, who resigned some
months ago to accept a position with the First National
Bank of Santa Ana. The new Cashiec has been connected
with the Orange County Trust & Savings Bank since 1914
when he was elected Assistant Trust Officer. The following
year he was made Assistant Cashier, the position he has now
relinquished to become Cashier. At the same meeting of
the directors T. H. Warne and C. E. Sauers were elected
Assistant Cashiers. The dispatch further stated that the
directors declared the regular semi-annual dividend on each
share of the $300,000 Capital stock of the bank and increased
the surplus account from $125,000 to $150,000, effective the
first of the new year. Deposits of the institution are said
to approximate $2,330,000.
The following Associated Press dispatch from Modesto,
Cal., on Dec. 21 reports the closing of First National Bank
of Riverbank, Cal., on that date:
Faced by an overdraft of $140,000 in the account of C. L. Flack, and
by his disappearance, T. E. Harris, Chief Bank Examiner from San Francisco, closed the First National Bank of Riverbank to-day. Flack is
Chairman of the board of directors of the bank and owns a controlling
interest.
In a letter sent from Alahambra and addressed "to the banks." Flack
charged that he had been "closed out" by other banks. His friends beHave that he either killed himself or became insane.
The proposed union of the Crocker National Bank of San
Francisco, the First National Bank of that city and the latter's affiliated institution, the First Federal Trust Co., to
form the Crocker-First National Bank of San Francisco and
a trust company, was ratified by the stockholders of the
First National Bank and the First Federal Trust Co. on
Dec. 10 and the consolidation of the institutions will be
consummated on Jan. 2. The new trust company will be
known as the Crocker First Federal Trust Co. Both the
new institutions will occupy the present quarters of the
First National Bank and First Federal Trust Co. at the
northwest corner of Post and Montgomery streets and will
have, it is understood, combined capital assets of $14,000,000; aggregate deposits of more than $100,000,000 and resources in excess of $120,000,000. The consolidating banks,
according to the San Francisco "Chronicle" of Dec. 11, are
Arrangements were completed on Dec. 12 for a consolidation of the Liberty Bank of San Francisco (a subsidiary of
the Bancitaly Corporation) and the Bank of America of Los
Angeles (controlled by the Americommercial Corporation of
Los Angeles, a holding company practically owned and controlled by the Bancitaly Corporation) to form "a gigantic
State-wide banking institution" having deposits of $52,000,000 and resources of $58,000,000. The resulting institution,
It is said, will have more than 40 banking offices, stretching from the Oregon boundary on the north nearly to the
international line on the South, and will be controlled by the
Americommercial Corporation of Los Angeles. This corporation, which as before stated, controls the Bank of America, also controls the Commercial National Bank of Los
Angeles, a bank operating 20 branches in different parts of
Los Angeles and having deposits totaling $21,000,000 and resources of $22,500,000. As it is a national institution it is
not included in the proposed consolidation, but will operate
closely with the merged banks. When the consolidation of
the Bank of America and the Liberty Bank becomes effective, therefore, the Americommercial Corporation will have
under its control banks having an aggregate in total resources of more than $80,000,000; deposits of $75,000,000 and
capital, surplus and undivided prof;ts of $11,500,000. It
will have over 60 banking offices In California, It is said,
and depositors numbering more than 120,000. The following In regard to the proposed merger is taken from the San
Francisco "Chronicle" of Dec. 14:
Provided the consolidation is approved by Superintendent of Banks John
Franklin Johnson, before whom an application is now pending and which
will probab'y be acted upon during the week, the merger will become effective on the first of the year.
As a means of further welding together the interests of both the Liberty
Bank and the Bank of America into the Americommercial Corporation, the
board of directors of the latter institution has been substantially increased,
to include substantial business men of both Los Angeles and San Francisco
interested in the affiliated banks.
The new directors from Liberty Bank joining the Americommercial
Corporation, include Marshal Hale, R. E. Miller, George A. Webster, Eustace
Cullinnan and Daniel C. Murphy.
The new directors from the Bank of America include Leroy H. Edwards,
Will S. Fawcett, Walter J. Braunschweiger and H. R. Erkes.
The official announcement also stated that the dividend rate of the
Americommercial Corporation had been raised from $7 to $8 annually at
the meeting on Saturday.
No decision relative to the new name of the merged bank has been
reached, although it will be formed so as to retain the identity of both
institutions. New executives of the Americommercial Corporation will likewise be chosen at a subsequent meeting of the board of directors.
The Liberty Bank entered branch banking this year and has acquired
control of about thirty banks, some of which were merged into others or
abandoned, leaving a net of twenty-five banks operated at present.
These branches are located in the cities of Anderson, Arcata, Benicia,
Burlingame, Crescent City, Daly City, Eureka, Fairfax, Healdsburg, Eelseyville, Lakeport, Lodi, Mayfield, Palo Alto, Redding, Roseville, San
Bruno, Sonoma, St. Helena, Tipton, Tulare, Vallejo and two here.
The Bank of America operates branches in Glendale, Culver City, Huntington Park, Torrence, Pomona, Anaheim, Fullerton, two in Santa Barbara, two in Placentia, and six in Los Angeles, making sixteen in all.
The Liberty Bank has resources of $35,000,000 and deposits of $35,000,000 with capital, surplus and undivided profits of $2,750,000. The Bank
of America has resources of $20,000,000, deposits of $17,000,000, and capital, surplus and undivided profits of $1,750,000.
Directors of Liberty Bank, other than those named to the Americommercial board, include Oliver J. Olson, IV. D. Fennimore, IL Carter', S. L.
Goldstein, Carl Reiss, Dr. Howard Morrow, Dr. T. E. Shumate, A. P.
Jacobs, John A. Grennan, James B. Duffy, Leonard E. Wood and Dr. James
H. O'Connor.
Other directors of Americommercial Corporation include: Orra E. Monnette, M. J. Monnette, E. Palmer Tucker, Myer Siegel, J. L. Vannorman,
G. D. Robertson, Dwight Whiting, L. M. MacDonald, Boyd Hamilton,
IV. A. Bonynge, P. R. Williams, T. C. Deane, E. J. Launer, 0. C. Chapman and Jay Lawyer.
A special dispatch from Stockton, Cal., on Dec. 11, to the
San Francisco "Chronicle" stated that the respective directors of the Citizens' National Bank of Lodi, Cal., and the
Lodi National Bank had made application to the Comptroller
of the Currency for permission to consolidate the two institutions, according to announcements made on that day by
Wilson H. Thompson, Vice-President of the Citizens' National Bank and Hillard E. Welch, President of the Lodi
National Bank. The dispatch added:
DEC.26 1925.]
3093
THE CHRONTCLE
The consolidation will combine some of the strongest capital in Northern San Joaquin County, enabling the two banks to render better service.
Each bank is capitalized at $200,000.
Combined assets of the two banks is over $4,000,000. It is the supposition that the new banking organization will be housed in the Citizens'
National Bank Building, erected in 1923 and considered one of the finest in
central California.
At least $500,000,000 of new money will be drawn into
Canada as a result of this year's harvest, according to Sir
Vincent Meredith, President of the Bank of Montreal, in
his report at the •bank's annual meeting held on Dec. 9 in
Montreal. A telegraphic report received by the New York
branch of the large Canadian bank quoted Sir Vincent as
saying: "There is no question that the trend of bwiness is
slowly but surely upward." He said that the dominating
factor was Canada's big harvest, one of the largest ever
gathered, marketed at a profitable price, and the movement
of which "is running up Canadian railway earnings."
The private bank of Hitchcock & McCulloch, at Moose
Jaw, Sask., has been absorbed by the Royal Bank of Canada
(head office Montreal), according to the Toronto "Financial
Post." In commenting on the passing of this private institution, the "Financial Post" of Toronto, in its issue of Dec.
11, said:
There remain in Canada now less than a dozen institutions, the actual
number being 10, of which one is in Nova Scotia, two in Quebec, two in
Ontario and five in Saskatchewan.
With the passing of these banks there also passes out of existence a
little more of the sentiment connected with the settling of the West. In
the earlier days banking facilities in the West were few and far between.
The banks already established in Eastern Canada had not reached the stage
where they could consider expansion and perhaps, too, their leaders lacked
faith in what the future held for the West.
The absorption leads the Manitoba "Free Press" to remark:
"The chartered banks, however ably they are governed, can never fill the
place of the smaller institutions. The private banker knew his clientele
personally, knew all about them, their hopes, aspirations and failings. He
was in a position to make loans safely that no large institution, governed
by rule, could postibly accept.
"In the case of the banking firm 'of Hitchcock & McCulloch, for eight
years it was the only bank between Regina and Calgary. It was established
85 years ago and has safely weathered the ups and downs of the intervening years. It served merchants and farmers alike and old-timers of the
Moose Jaw d strict still say Arthur Hitchcock, President of the bank, never
turned a deaf ear to the farmer in need of financial aid. The Union Bank
of Canada opened an office in Moose Jaw about 1898 and the firm of
Hitchcock & McColloch became closely associated with this institution, this
no doubt leading up to their being taken over by the Royal Bank, the latter
having absorbed the Union Bank a few months ago.
"Arthur Hitchcock, President of the bank from its inception, was born in
Leicestershire, England, coming to Canada with his parents at the age oi
four. He received a training in banking in New York City and reached
Moose Jaw as a very young man. He now intends to devote himself to the
management of his own extensive business affairs, although for some month.
he will be associated with the Royal Bank until the consolidation of the
two businesses has become complete."
per annum and the Bank of Japan agreed to reduce its interest on the exchange funds advanced to this bank from 5 to 2% per annum within the
limit of yen 20,000,000, and further to render the utmost possible assistance
in case of need.
By means of this new arrangement, I am glad to say, the Bank of
Taiwan will be enabled to enter upon its path of complete recovery and
to execute its own mission adequately and properly.
The branch of this bank in Bangkok, Slam, has been
closed, it is understood.
THE CURB MARKET.
Trading in the Curb Market this week for the most part
was quiet and price movements irregular. As the week closed business improved somewhat and prices moved to higher
levels. Oil stocks received most attention. Buckeye Pipe
3 to 59 and sold to-day at 58. Eureka
Line advanced from 55%
Pipe Line rose from 61 to 633
% and ends the week at 62%.
Humble Oil & Ref. was conspicuous for an aivance from
87% to 95, with a final reaction to 92%. Northern Pipe
Line rose from 70% to 74%. South Penn Oil advanced from
170% to 180. Gulf Oil of Pa.sold from 86 to 94%. Among
industrials American Can new stock was a strong feature
3 to 47%. Stutz motor
and on active trading rose from 43%
was also conspicuous for strength, advancing from 27
to 363. Canada Dry Ginger Ale gained almost three points
to 433sf. Chrysler Corp.moved up from 483
% to 50%,reacting finally to 49. International Rubber improved from 14 to
18% and closed to-day at 18. Kelvinator Corp. advanced
from 78 to 87%, and Nizer Corp., Class B from 79% to 88,
the latter closing to-day at 87%. In bonds Stutz Motor
7%s was advanced from 98 to 119.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS (No. Shares).
Week Ended Dec. 25.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Ind.c4Mle
OE.
BONDS (Par valve).
Mining. Demesne For'n Goat.
164,615
239,825
290,910
371,675
223,400
88,335
179,850
159,500
184,285
192,500
55,250 $634,00r $135,000
169,000
67,700 1.191,00C
410,000
56.110 934.000
175,000
56,370 982.000
102,000
70,500 100,000
HOLI DAY
9011495
/404.4711
305 rign 85.841.000 8991.000
COURSE OF BANK CLEARINGS.
Bank clearings for the present week will again show a
moderate increase as compared with a year ago. Preliminary
figures compiled by us, based upon telegraphic advices from
the chief cities of the country, indicate that for the week
ending to-day (Saturday, Dec. 26) bank exchanges for all
the cities of the United States from which it is possible to
obtain weekly returns will aggregate 5.5% more than in the
corresponding week last year. The total stands at $8,174,against $7,748,824,233 for the same week in 1924.
867,156,
The 52d half-yearly statement of the Bank of Taiwan, Ltd.
(head office Talpelt, Japan), as of June 30 1925, just re At this centre there is an increase for the five days of 2.5%.
cently received, shows total assets of yen 909,379,457, of Our comparative summary for the week is as follows:
which cash In hand, at bankers, and bullion and foreign
Per
Ckartngs-Returns by Telegraph.
Cent.
1924.
1925.
Week Ended December 26.
money amount to yen 34,485,461. On the liabilities side of
+2.8
83.658,000,000 $3,568,287,002
the statement, current accounts, fixed deposits, etc., are New York
-2.0
454,825,363
445,880,576
given as yen 265,571,898, bills payable .yen 203,213,000 and Chicago
+3.0
366,000.000
377,000,000
1 hiladelphia
+9 3
258,000,000
282.000,000
Boston
bills rediscounted at yen 160,510,831. The bank's subscribed Kansas
+7.5
94,519,624
101,601,648
City
-3.3
110,838,587
107,200,000
capital is yen 60,000,000 and its reserve funds amount to St. Louis
112,100,000 +19.2
133,638.000
Qan Francisco
+8.6
105,000,000
113,977,000
yen 14,180,000. Hirozo Mori, the bank's President (who In Los Angeles
+9.7
120,215,599
131,765,323
Pittsburgh
August last succeeded Kojuro Nakagawa In that office), in Detroit
104,087,797 +14.5
119.124,239
74,282,163 -2.9
72,115,933
Cleveland
his address to the shareholders at their 52d general meeting, Baltimore
+4.0
65,986,244
68,634,358
54,658.002 -3.2
52,928,708
at Tokio on Sept. 1, submitted a readjustment scheme for New Orleans
the institution. In this regard he said, In part:
+3.2
$5,663,865,785 85,488,800,381
Thirteen cities, 5 days
+8.8
1,055,216,460
1,148,523,512
I now submit to you for your careful examination and approval the re- Other cities, 5 days
adjustment scheme of our bank, of which I have said a word at the begin+4.1
36,812,389,297 36,544 016,841
Total all cities, 5 days
ning of my address. As this bank expanded its business greatly during the All citMs, 1 day
1.204,807.392 +13.1
1.362,477,859
war time the acute financial reaction of 1920 left it carrying a considerable
+5.5
38.174 857.155 57.745 89.4.233
TOttli 'iii Mlles for wnok
amount of fixed loans. The bank therefore embarked at an early opportunity
on its work of readjustment, all the efforts being made in collection of
week
covered
by
the
Complete and exact details for the
loans, realization of securities, retrenchment of expenses and improvement
of its business methods, and succeeded in writing off a fairly large amount foregoing will appear in our issue of next week. We cannot
of its bad debts at the end of every subsequent term. The great earth- furnish them to-day, inasmuch as the week ends to-day
quake and fire of September 1923, however, aggravated the prevailing
not be available
Industrial depression, and the fact that a considerable number of the bank's (Saturday), and the Saturday figures will
clients were heavy sufferers from the disaster made a stumbling block in until noon to-day. Accordingly, in the above the last day
the way of its bu.iness while giving an irrecoverable blow in the progress of the week has in all cases had to be estimated.
of its work of readjustment. In these circumstances the suprem eefforts of
In the elaborate detailed statement, however, which we
the bank's directorate and staffs to stem the tide of adversity proved of no
avail, and we were obliged, though regretful, to take immediate action in present further below, we are able to give final and complete
an effort to improve the bank's status. For this reason, gentlemen, with results for the previous week-the week ended Dec. 19. For
the permission of the Government, I now have to ail for your approval that week there is an increase of 7.2%, the 1925aggregate of
of the most drastic method of rearrangement. The proposal is to write
off the bank's fixed loans as bad debts, at the end of the term just elapsed the clearings being $11,549,982,285 and the 1924 aggregate
to the amount of yen 28,600,000, by canceling a quarter of the bank's $10,776,545,518. Outside of New York City the increase
paid-up capital account, or yen 13,125,000, and appropriating for the same is 7.2%, the bank exchanges at this centre recording r gain
purpose the reserve for deficits yen 10,570,000, and the special reserve,
yen. 1,770,000. There are besides above certain loans, of which the in- of only 3.3%. We group the cities now according to the
terest due is found difficult to collect. The principals of such loans may Federal Reserve districts in which they are located, and from
at any moment be rendered difficult of collection; such a contingency must this it appears that in the Boston Reserve District the totals
be duly provided for. It was for these considerations that the Government
permitted to lower, in the course of our readjustment, the interest on are larger by 6.9%, in the New York Reserve District (inloan of yen 50,000,000 advanced to this bank by the Treasury from 5 to 2% cluding this city) by 3.4%, and in the Philadelphia Reserve
3094
District by 5.2%.
the Cleveland Reserve District there
Is an improvement of 10.3%, in the Richmond Reserve District of 10.1%, and in the Atlanta Reserve District (chiefly
by reason of the increase at Miami) of 26.6%. The Chicago
Reserve District has a gain of 11.5%, the St. Louis Reserve
District of 11.8% and the Minneapolix Reserve District of
3.7%. In the Kansas City Reserve District the totals are
better by 14.0%, in the Dallas Reserve District by 2.4%,
and in the San Francisco Reserve District by 32.9%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Dec. 19 1925.
1925.
1924.
Federal Reserve Districts.
let Boston
12 cities 591,138,083 553,244,236
2nd New York
11 " 6,687,228,644 6,466,106,831
3rd Philadelphia
709,512,850 674,326,025
10 "
4th Cleveland
456,699,665 414,142,590
8 "
5th Richmond
6 "
241,601,690 219,526,977
6th Atlanta
314,097,143 248,042,593
13 "
7th Chicago
20 " 1,057,046,637 948,181,462
8th St. Louie
277,140,586 247,905,466
8 "
8th Minneapolis
159,216,935 153,514,068
7 "
10th Kansas City
293,735,638 257,694,963
12 "
88,715,775 86,639,801
11th Dallas
5 "
673,850,639 507,220,506
12th San Francisco_
17 "
Inc.or
Dec.
1923.
1022.
•%
+6.9 510,793,816 405,252,481
+3.4 4,955,784,522 4,554,140,222
+5.2 570,546,855 569,846,478
+10.3 387,543,193 370,640,502
+10.1 205,898,729 189,424,977
+266 225,508,260 188,238,367
+11.5 889,685,966 828,451,725
+11.8 236,080,325 81,741,601
+3.7 130,191,271 136,995,270
+14.0 248,979,979 247,299,124
+2.4 72,263,978 61,625,265
+32.9 494,609,995 412,473,930
Grand total
129 cities 11549982,285 10776545,518 +7.2 8,927,886,889 8,046,130,442
5,005,565,4074,443,406,960 +12.74,108,376,264 3,631,090,047
OldsIde New York City
06firals..... _ . ..
419,449,598 392,295.'72 +5.2 377,716,525 354,269,480
We now add our detailbd statement, showing last week's
figures for each city separately, for the four years:
Week Ended December 19.
Clearings al1925.
1924.
Inc. Or
Dec.
$
$
%
First Federal Reserve Dist rict-EtostonMe.-Bangor__ 762.262
663,070 +15.0
4.006,634
lb Portland
3,214.606 +24.6
Mass.-Boston.. 633.000.000 500,000.000 +6.6
Fall River-._
2,479,739
2.530.969 -2.0
a
Holyoke
a
a
•
1.349,297
Lowell
1,251,407 +7.8
•
Lynn
a a
1.762.028
New Bedford_.
2,095.678 -15.9
5,959,854
Springfield... _
5.470,030 +9.0
Worcester_ _ _ _ _
4.276.375
3.808.000 +12.4
15.312,994
Conn.-Hartfo 1
13.314.826 +15.0
New Haven_ _.
6,930.132
7,038.150 -1.5
R.I.-Providence
14,571,700
13.074,800 +11.5
N.H.-Wchester
725,068
784,700 -7.6
Total(12 cities) 591.136.083
553,244,236
+6.9
1923.
1922.
$
8
775.106
2,999.468
460.000,000
2,417,541
a
1.385,794
a
1.518.200
4,580.995
3,817.000
12.269.954
6.742,821
13,547,400
711,537
813.667
3,042,282
356.000,000
2,644,398
a
1,421,080
a
1.641.871
5.085.110
4,328.000
11,388,117
5,873,517
12,267.400
747,039
510,793,816
405,252,481
Second Fede r al Reserve D strict-New
N. Y.-Albany _.
6,569.035
6,158.560
Binghamton_ .
1.122,900
948,100
Buffalo
e59,543,390
54,836,817
Elmira
891,980
791.780
Jamestown_ .
1,517.658
1,471,917
New York__ _ . 6,543,116.878 6,333.138,568
Rochester_ _ .
13.089,793
11.625.150
Syracuse
5,798,362
4,943,416
Conn.-Stamfo I
•3.452.858
3,087,248
N. J.-Montclalr
1,210,920
813,014
Northern N. J..
50,914,870
48,292,281
York+6.7
4,416,899
4,197,743
+18.3
1.004.600
1,074.446
+8.6
52.069,923
45,912.070
+12.7
734,020
715.528
+3.1
1,137,863
1,139.132
+3.3 4,819.510,625 4,435,040.395
+12.5
9,180,763
11,291,516
+17.3
4,169,934
3,619,102
+11.8
3,277,159
3,231.258
+48.9
476,903
503,819
+5.4
57,914,438
49.306,810
Total(11 cities 1 6,687,228,644 6,488,106.831
+3.4 4,955,784,522 4,554,140,222
Third Federal Reserve Dist rict-Philad elphia Pa.-Altoona.._ •
1,580.330
1.452,341
+8.8
1,425,403
Bethlehem _ _ •
4,566,536
4,216.048 +8.3
4,492,598
Chester
1,682.615
1,410.733 +19.3
1,660,584
Lancaster
2,798,057
2,570.458 +8.9
3.111.568
Philadelphia..
674.000,000 641.000,000 +5.2 539,000.000
Reading
3,822,241
3.307,644 +17.4
3,694,846
Scranton
8,952,930 -16.3
5,653,807
6.100,807
Wilkes-Barre _
•1,353,332
4,337.559 +0.4
3,455,260
York
2,025,219
1,806,525 +12.1
1.426,806
N.J.-Trenton
8.975,713
7,471,789 +20.1
6,178,985
Del.-Wilming'n
a
a •
a
a
Total(10 cities
709.517.850
674.326,025
+5.2
570,546,855
1.364,509
4,676.864
1,186.313
2.737.698
541,000,000
2,973,214
5.318.227
3,550,488
1.483.309
5,555.878
a
569.846,478
Fourth Fede I Reserve D istrict-Cler eland
413hlo-Akron_ _
5.603,000
e5.941.000
9,146.000 -55.0
7.662.000
Canton
4.713,789
4,783.587
4.158,561
4.824.869 -13.8
Cincinnati_ _ _
77,169,809 +6.7
88,688,267
70.575.018
82.359,533
Cleveland_ _
137,604,084 119.894.867 +14.9 111,919,035 100,682,608
Columbus....
15,933,800
14,872,500
17,474,000
14.417,800 +21.2
Dayton
a
a
a
a
a
Lima
a
a
a
a
a
Mansfield_ _
1,880,599
d2,214,094
*1,500,000
1,913,535 +15.7
Springfield
a
a
a
a
a
Toledo
a
a
a
a
a
Youngstown
5,573,294
4,538.609 +22.8
3,890,639
3,588,534
Pa. Erie
a
a
a
a
a
Pittsburgh_ _ _ 201.375,099 182,237.101 +10.5 172,855.064 169,034.375
assf-0110
Total(8011108). 456,699.665 414,142.590 +10.3 387,543,193 370.640,502
oravsysa
Fifth Federal Reserve Dist rict-Richm ond2,238.763
2,425,030
W.Va.-Hunt'g'n
1,800.426
1,740,134 +3.5
8,568,599
Va.-Norfolk__ _. d10.221.010
11.044,895 -7.4
9,598.043
Richmond _ _.
68.041.000 -1.2
61,005.000
53,312.135
67.188,000
2,091,822
2,810,629
S.C.-Charleston
e2,316.728
3.393.552 -31.7
Md.-Baltimore
130.019,177 108.988.548 +19.3 106.893,294 101,291.942
21.735,449
23,344,000
D.C.-Washing'n
30,056.349
26,318,848 +13.8
Total(6 cities) _
241.601,690
219,526.977 +10.1
Sixth Federal Reserve Dist rict-Atlant a'Tenn.-Chatt'ga
d3.642.987
7.649,024 +13.0
Knoxville
3.154.000 +13.3
e3.573.477
Nashville
25.274,250
23,085,987 +9.4
Ga.-Atlanta_ 76,386,530 +19.9
91,556.931
Augusta
2,521.933
2.688,353 -6.2
Macon
2.197,390
2,054,477 +7.0
Savannah
a
a
a
Fla.-Jack'nville.
41.180.215
19,779.783 +108.2
Miami
27,455.733
7.246.800 +278.8
Ala.-Birming'm.
31,990.789
32,412,820 -1.3
14 Mobile
2.630,145
2.173.057 +21.0
Miss.-Jackson_ _
1.932,261
1,461,000 +32.3
IP Vicksburg
470.383
598,343 -21.4
La.-NewOrleans
74,670.649
69.352,419 +7.7
Total(13 cities)
[voL 121.
THE CHRONICLE
214.097 14R
248.049 FOR 4.945 II
205,898,729
189,424,977
7,764,946
3.390,815
21,053.195
64,620.697
2.110,724
1,959,329
a
16,572.610
6,802,704
2,991.357
18.639.000
55.567.519
1,971.537
11559364
a
11,713.279
31,504.685
2,004.152
1,163.146
441.656
72,922.305
30.047.248
2.083.778
821,211
394.437
55,647.635
994 AAR 280
1148 2R8 887
Week Ended December 19.
Clearings at
1925.
1924.
Inc. or
Dee.
$
Seventh Feder al Reserve D strict-Chi cagoMich.-Adrian _
258,838 -2.5
252.378
Ann Arbor_ _
902,305 +39.7
1,260,939
Detroit
195,237.766 161,434,007 +20.9
Grand Rapids.
7,645.931 +13.5
8.680,255
Lansing
2.817,104
2.271.980 +24.0
Int.-Fort Wayne
2,704,864 +10.7
2,992,881
Indianapolis..._
17,798,000 +41.6
25,208,000
South Bend_ _ _
4,598,900
3,591.000 +28.1
Terre Haute_ _
4.904.867 +30.6
6.407.439
Wis.-Milwaukee
39,245,275 +10.0
43,169,769
Iowa-Cedar Ran
2,563,685
2,575.030 +0.4
Des Moines...
10,321,411
11,238.000
Sioux City....
7,008.607
7,244.304 --3.2
Waterloo
1,239,293
1.561.035
Ill.-Bloomington
1,836,655
1,637,186 i-12.2
Chicago
730.696.794 871,097,691
+.89
Danville
a
a
a
Decatur
1,445,250
1,714.340 -15.7
Peoria
5,396,994
5.224,168 +3.3
Rockford
3,011,546
2,402,036 +25.4
Springfield _ _
2,900.993
2.730,605 +6.2
Wit•
Total(26 cities) 1,057,046.637 918,181,462 +11.5
Eighth Federa I Reserve Din trict-St. Lo uisInd.-Evansville
d5.202.881
5,272,267 + 17.7
Mo.-St. Louts
176,500,000 154,959,794 +13.9
Ky.-Louisville
41,887.037
36.534,265 +14.7
Owensboro .._ _
542.076
727,963 -25.7
Tenn.- Memphis
31,876,842
31.296.911 +1.9
Ark.-Little Rock
18,042.550
17,190,623 +5.0
III.-Jacksonville
521,073
521,176 -0.1
Quincy
1,568,127
1,402,467 +11.8
1923.
1922.
226,796
831,808
166,325,982
7,018,280
2,538,879
2,422,265
20,102,000
2,540,000
5,877,330
S4.974,526
2,445,125
10,602.432
7,021,496
1,537,935
1,622,418
612,289,479
a
1,341,572
4,762.675
2,580,679
2,624,290
32,168,370
2,308,943
9,157,263
5,678,375
1,200000
1,389,910
593,077,952
a
1,321,739
4.586,022
2,156,134
2,450,263
889,685,966
828,451,725
5,268,291
154,051,835
32,905,334
690,031
27,942,787
13,519,351
336.235
1,366,461
32,829,689
861.657
28,059,135
13,450,771
331,347
1.496.993
236,080,325
81,741,601
8,356,532
75,115,516
39.186.773
1,956,921
1,431.069
538,897
3,605.563
8,264,755
80,484.881
39,836.455
1,902,387
1,335,339
596,014
4,575,439
Total(7 cities). 159.216,935 153.514.068 +3.7 130,191,271
Tenth Federal Reserve Dis Clint Kansas CityNeb.-Fremont
d413.758
404,483 +2.3
413.463
Hastings
675.339
457,637 +47.6
538.678
Lincoln
4,953,185
4340.896 +19.6
3,900.659
Omaha
40.097,922 +13.5
45,509.789
39.654.854
Kan.-Topeka .._
2,835.216 +27.3
d3,608.499
2,525,641
Wichita
8.124,000 +10.1
8,943.139
7,395,868
Mo.-Kan. City
160,920.570 137.453,881 +17.1 138,045,648
St. Joseph..
7,921.570 +1.7
7,581,853
di.056,838
Okla.-Muskogee
a
a
a
•
Oklahoma City d37.158.662
33.340,273 +11.5
26,376,279
Tulsa
a
a
a
a
1.038.445 +20.9
Col.-co. sins1,095,122
1.255,025
Denver
20,599,469
20.809.337 +1.4
21,109.703
852,445
Pueblo
1.071.323 +5.6
•1.131.131
136,995.270
Total(8 cities). 277.140.586 247.905,466 +11.8
Ninth Federal Reserve Dist rict-MInne Spoils
Minn.-Duluth
d13,200,876
12.707.568 +3.9
Minneapolis_ _ 100,407.530
96.854.633 +3.7
St. Paul
37,661.950
36,746.167 +2.5
N. D.-Fargo....
1,945,081
2.067.833 -5.9
S.D.-Aberdeen.
1,669.242
1,575.368 +6.0
Mont.-Billings _
697,818
524,583 +33.0
Helena
3,037.916 +19.6
3,634.638
Total (12 cities) 293.735,638 257.694.963 +14.0
Eleventh Fede ral Reserve District-Da IlasTexas-Austin
1.801.964 -3.9
1,731.324
Dallas
48.103.645 +22.9
59,117,043
Fort Worth._
16,534,131 -5.3
15,658.408
Galveston
14,427,099 -15.4
12,209.000
a
Houston
a
a
5,772,962 +5.8
La.-Shreveport
6.108,096
Total(5 cities)_
86,839 801
88,715.775
Twelfth Feder al Reserve D 'strict-San
Wash -Seattle
41,979,090
56.065,650
Spokane
11.562.000
13.867,000
Tacoma
a
a
Yakima
1.311,406
1.583,502
Ore -Portland..
36.558.408
42,164.569
Utah-S. L. City
18,512,668
65,578,053
Nev.-Reno
a
a
Arts -Phoenix.
a
a
4,070,785
Cal.-Fresno.._ _ _
d5.677,548
Long Beach_ _ _
7.816.704
8,199,427
Los Angeles.... 183,385.000 154,448,000
Oakland
20,115,315
25,550.096
5,936.870
7,233.484
Pasadena
Sacramento.. _ c110.355,181
8,770,453
San Diego_
4.181.989
6,363,717
San Francisco. 236.671,000 183.900.000
SanJose
2,321.351
3,290,951
Santa Barbara.
1.202,016
1.937.274
Santa Monica_
2,027.551
2.240,187
Stockton
2.505.900
3.688.000
195,176
745,495
136,995,727
6,429,117
2,107,576
2,716,163
21,084,000
2,683,500
4,712,009
492.455.
'485,734
3,683.968
40,434.305
3,272,241
10,426,120
141,163,540
a
24,673.912
a
1,170.822
20.600.139
894.884
248,979.979
247,299,124
1,877,516
41,513,682
12.920,461
10.784.559
a
5,167,760
1,559.217
33,416.250
11,724,434
9,910,364
a
5.015,000
72.263,978
+2.4
Franci SCer-39.790,147
+33.6
+19.9
13,204,000
a
a
+20.7
1.340.564
39,423,867
+ 15.3
20,530,790
+254.3
a
a
a
a
5,669,992
+39.5
9,126,046
+4.9
+18.7 153,098,000
16,821.574
+27.0
6,328,098
+21.8
8.160,173
+18.1
4,266,410
+52.2
+28.5 168.600,000
2,107,003
+41.8
1,273.114
+61.2
2,197.517
+10.5
2.672.700
+5.2
61,625,265
33,321,085
11,500,000
a
1.321,327
32,098,086
17,781.838
a
a
4,801,969
6,786,286
119.290.000
14,238,868
4.399.182
6,964,055
*3,500,000
150.400,000
2,318,083
1,109,641
2,643,500
Total(17 cities) 673.850.639 507,220,506 +32.9 494.609,995 412,473,930
Grand total (129
cities)
11549982,285 10776545.518 +7.2 8,927,886.889 8,046,130.442
Outside N. Y.._
5.000.805 407 4.443.406.950 +12.7 4.108,376,264 3,611,090,047
Week Ended December 17.
Clearings al1925.
1924.
Inc. or
Dec.
1923.
1922.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William ..
New Westminster
Medicine Hat....
Peterborough_ _ _
Sherbrooke
Kitchener
Windsor
Prince Albert..
Moncton
Kingston
$
107,326.087
128,174,724
92,657,77::
16,240.78(
6.981,969
6,173.751
3,521,524
4.725,246
0,998,451
2.469,520
2,147,202
2,873,948
5,238,612
6,145,741
722,493
849,774
2,622,747
1,528.967
1,398.350
1,006.201
708,007
342,684
823,70P
793,208
1,139,481
3,582,480
470,580
1.007.752
776.763
$
124,346,111
114.623,294
77,380,471
15,221,344
6,766,837
6,123,677
2,784,170
4,977,141
8,529.032
2,280.229
1,694.29(
2,872,837
4,586.877
4,490,471
805.347
668.880
1,677.934
1,320,291
1,039.610
1,242,700
607.230
422,230
746,20£
766.441
1,222,654
2.994.892
362,800
930.903
810.714
%
-13.7
+11.6
+19.7
+6.7
+3.2
+0.0
+30.1
-5.1
+17.2
+8.3
+28.7
+0.1
+14.2
+36.6
-10.3
+27.0
+56.3
+15.8
+34.5
-19.0
+16.0
-18.8
+10.4
+3.7
-6.8
+19 6
+32.2
+8.2
-4.2
8
109,070,521
120.921,88'4
65,768,809
15,151.78?
7,773,301
5.947,849
2,845.726
6,209.230
8,741,721
2,698,677
2,021,88'
3,088,728
4,900,124
4,847,714
789,062
855,051
*2,300,000
1,557,098
1,264.985
1,422,071
588,780
426.635
888,304
829,060
1,202,912
3,395,585
406,157
1,052,167
750,700
8
109.573,058
114,758,980
55,933.378
14,123.489
8,203.090
5,585,046
3,070.217
5,773,527,
5,884,461
2,546,451
2,112,936
3,156,735
4,634,126
4,579,784
846,770
705,689
1,793,825
1,493,485
1.092,302
1,000,576
464,403
375,872
831,182
797.483
1,140,842
3,324,102
396,919
1,290.157
690,697
NTOtal (25)eltlral
419 R57 598 '957004 472
-4.6 9
177 7161 K945
9455 550 A stn
a No longer report clearings. b Do not respond to requests for figures. c Week
ended Dec. 16. d Week ended Dec. 17. e Week ended Dec. 18. •Estimated.
DEC.26 1925.]
THE CHRONICLE
3095
stood that the bulk of the bar gold withdrawals was destined for Holland
on account of that country's colonies. During the week under review
balance has been withdrawn from the bank, increasing the
We reprint the following from the weekly circular of £680,000 on
net efflux to £10,991,000 since the resumption of an effective gold standard.
Samuel Montagu & Co. of London, written under date of
The United Kingdom imports and exports of gold during the week ending
the 2d inst. were:
Dec. 2 1925:
Exports.
GOLD.
Imports.
£186,268
£21,400 Netherlands
The Bank of England gold reserve against notetion the 25th inst. amounted Belgian Congo
Prance
British
South
Africa
29.321
70,650
to £144,886,125 as compared with /145,869,990 on the previous Wednesday. Other countries
22.311
600 Switzerland
in
the
open
market
this
week,
There was again very little gold available
Java
41.465
British India
153,480
and withdrawals were made from the Bank of England to meet requireStraits Settlements
43,200
ments.
Canada
200.000
The following movements of gold to and from the Bank of England have
Other countries
15,555
been announced since our last letter:
Total
Total
£92,650
£691,600
Nov. 26. Nov. 27. Nov. 28. Nov. 30. Dec. 1. Dec. 2.
Received
The Imperial Bank of India raised its official rate of discount from
£39,000 £179,000 £709,000 5 to 6% on the 3d inst.
£106,000 £27,000
Withdrawn
The destinations of the £89,000 sovereigns withdrawn were announced
SILVER.
as follows: £22,000 to Singapore. E23,000 to Straits Settlements, £19,000
Business in silver has remained rather restricted and very little movement
Argentine.
During
the
India
and
to
the
to
£10,000
£15,000
to Holland.
has been recorded in the daily quotations. China and America are still
week under review £1,060,000 has been withdrawn from the Bank, *in- the most active factors in the market. Both purchases and sales have
creasing the net efflux since the,resumption of an effective gold standard been- effected on behalf of the former, while any advance in prices has
to £10,311,000.
been met by offeringc on account of the latter. The Indian Bazaars have
The Southern Rhodesian gold output for October last amounted to shown but little interest and the tone of the market has been generally quiet.
48.896 ounces, as compared with 48,319 ounces for September 1925 and
United Kingdom imports and exports of silver during the week ending
52,364 ounces for October 1924.
the 2d inst. were as follows:
The United Kingdom imports and exports of gold during the week ending
Exports.
Imports.
25th ult. were:
£24,962
United States of America_ _ £44,261 Sweden
30.000
ExportsOther countries
7,108 Nyasaland Protectorate__
ImportsBritish India
138,783
£1,034,435
Poland (incl. Dantzig).-- £130,000 Netherlands
21,839
Other countries
35,323 Belgium
37,066
British West Africa
41,744 United States of America_
300,767
British South Africa
Total
Total
£51.369
£215,584
Straits Settlements
164,321
Other countries
78,212
INDIAN CURRENCY RETURNS.
Total
Total
£207,067
£1,614,801
Nov. 15. Nov. 22. Nov. 30.
(In Lacs of Rupees)18968
circulation
19145
19067
Notes
in
With regard to the Indian gold standard reserve the Indian Currency Silver coin and bullion in India
8824
8902
8725
Report for 1924-25 states as follows: "There was no addition to the reserve Silver coin and bullion out of India
2232
2232
2232
during the year from profits on silver coinage. The interest that accrued Gold coin and bullion in India
during the year on £40 millions held in the reserve, which amounted to Gold coin and bullion out of India
5711
(Indian
Government)
5711
5711
Securities
£1,347,072. was appropriated to revenue. The increase over the preceding Securities (British Government)
2300
2300
2300
year of about £150,000 in the interest realized is due to the fact that about
The silver coinage during the week ending the 30th ult. amounted to
£133 millions out of the holding of £23% millions of British Treasury bills one lac of rupees.
were replaced by British Government bonds and stock yielding a higher
The stock in Shanghai on the 5th inst. consisted of about 52,800.000
rate of interest. . . . Of the amount now standing at the credit of the ounces in sycee. 65,000.000 dollars, and 2.350 silver bars, as compared
reserve, £27,449,951 represents prdfits on coinage and the remainder with about 53.800,000 ounces in sycee. 65.000,000 dollars, and 2.770 silver
represents accumulated interest on securities held in the reserve.bars on the 28th ult. Quotations during the week:
.
Bar Gold per
-Bar Silver per Oz. Std.-.
SILVER.
Oz. Fine.
Cash.
2 Mos.
QuotationsThe market has remained rather inactive during the week and this con- December 3
321-168.
31 15-16(1. 84s. 11)4d.
dition has been reflected by the narrow movements in the quotations. December 4
32 I-168.
84s. 11%d.
323-168.
32)4d.
32d.
84s .11 Sid.
Silver has been offered on China account and in the absence of support December 5
321-164.
31 15-168. 84s. 11%cl.
7
prices sagged gradually until the 28th ult. Buyers were more in evidence December
31 15-168. 84s .11)4d.
32 1-164.
December 8
on the next working day, Nov. 30, and quotations were fixed 3id. higher December 9
321-168..
32.093d.
31.4i
79d.
.
845. 11.58.
at 32;id. and 32 for cash and forward deliveries, respectively. The demand Average
The silver quotations to-day for cash and two months' delivery are
• did not continue, however, and prices again lapsed, being quoted to-day
week
ago.
been
made
those
fixed
a
demand
has
by
the
and
;id.
above
Very
little
Indian
bazaars
respectively
1-168.
at 32 and 317.d.
but America has contributed some sales to this market.
United Kingdom imports and exports of silver during the week ending
the 25th ult, were as follows:
Exports.ImportsThe daily closing quotations for securities, &c., at London,
Poland (including Dantzig)_ £50,500 Germany
£13.295
United States of America-- 187,218 France
15,874 as reported by cable, have been as follows the past week:
Mexico
133,154 Austria
10.470
Wed. Thurs. Fri.
Sal.
Mon.
T nee.
Peru
20.500 Egypt
19.380
Week Ending Dec. 25-Dec. 19. Dec. 21. Dee. 22. Dec.23. Dec.24. Dec.25.
British West Africa
29,502 Tanganyika Territory
18,000
31 11-16
d 3134
31 13-1631 13-163134
Other countries
10.198 Other countries
8,370 Silver, per oz
84.1134 84.1134 84.11
MAI
Gold, per tine ounce
84.113-i
5434
54%
55
per
cents
......
_
5434
Consols,
234
Total
Total
£431,072
£85.389
HOLI10034 10034
10034
10034
British, 5 per cents
DAY
9434
9414
INDIAN CURRENCY RETURNS.
95
9454
British. 434 per cents
47.40 46.90
47.25
47.40
Rentes an Paris), fr. __.
Nov. 7. Nov. 15. Nov. 22. French
(In lees of rupees.)
52.62
51.50
52.30
Paris),fr
52.20
French
War
Loan
(in
Notes in circulation
19188
19145
19067
Silver coin and bullion in India
8945
8902
8824
The price of silver in New York on the same day has been:
Silver coin and bullion out of India
Silver in N.Y., Perez.(cts.):
2232
Gold coin and bullion in India
2232
2232
69
683-4
6834
69
69
Foreign
•
Gold coin and bullion out of India
&ill
Securities (Indian Government)
5711
5711
2300
Securities (British Government)
2300
2300
No silver coinage was reported during the week ending 22d ult.
.
The stock in Shanghai on the 28th ult. consisted of about 53.800,000
Under the leadership of the railroad issues, the stock
ounces in sycee, 65,000,000 dollars and 2.770 silver bars, as compared with market has continued to move forward during the present
ounces
in
sycee,
65
.
,000.000
dollars
54,500,000
and
4.510
about
silver bars
week and further sharp advances have been registered by
On the 21st ult,
ounces in sycee. 65.000,000 dollars and 2,770 silver bars, as compared with many of the more active stocks of that group. Gains have
about 54.500.000 ounces in sycee, 65,000,000 dollars and 4,510 silver bars
also been recorded in the industrial group, including oil
on the 21st ult.
Statistics for the month of November and for the week Nov. 26 to Dec. shares, copper stocks and specialties. The outstanding
2 are appended:
feature of the two-hour session on Saturday was the brisk
-Bar Silver, Per Oz. Std.Bar Gold,
Cash.
2 Mos.
Month of NovemberPer Oz. Fine. forward movement in some of the specialties, particularly
325id.
32;id.
Highest price
84s. 11%d.
Postum Cereal, which surged forward nearly six points to
Lowcst price
31 15-16d.
31)4d.
84s. I ld.
Average price
32.155d.
3I.965d.
84s. 11.4d. a new peak at 108. Sharp advances were also reported
Week32%cl.
32d.
Nov. 26
845. 1134d. by American Can, Woolworth, General Electric, Hudson
31 15-16d.
27
32 1-16d.
84s. 115d.
28
32d.
315d.
84s. 11)id. Motors and Allis Chalmers Mfg. Co. Postum Cereal was
30
32d
32 Ad.
84s. 115id.
Dec. 1
31 15-16d.
32 1-16d.
84s. 11%cl. again the feature of the market on Monday and continued
2
32,1.
31jid.
84s. 11d. its upward swing to a new top at 115, though it receded to
Average
32.062d.
31.937d.
84s. 11.5d.
4 in the final hour. New highs were established by
The silver quotations to-day for cash and two months' delivery are 31 d 1113
below those fixed a week ago.
Fleischmann, old and new, Standard Milling, and Pacific
THE ENGLISH GOLD AND 'SILVER MARKETS.
ENGLISH FINANCIAL MARKETS-PER CABLE.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Land Trust, and substantial advances were recorded by
We have also received this week the circular written under International Business Machine and Kelsey Wheel. In the
date of Dec. 9 1925:
final hour prices declined and losses of f.om one to nine
GOLD.
The Bank of England gold reserve against notes on the 2d inst. amounted points were recorded at the close. The weak stocks included
to £143,868,640 as compared with £144.886.125 on the previous Wednesday. Chrysler Motors, U.S. Rubber and General Electric. Under
The official discount rate of the Bank of England was raised on the 3d inst
to 5%,after having ruled at 4% since Oct. 1 last. This week the amount the leadership of the motor stocks the market rallied sharply
of gold offering in the open market was again small, and requirements on Tuesday and gains of from one to three points were
had to be met by withdrawals from the Bank of England.
numerous, particularly in the specialties group. Chrysler
The following movements of gold to and from the bank have been
Motor was conspicuous in the motor group and recorded
announced since our last Issue:
Dec. 3. Dec. 4. Dec. 5. Dec. 7. Dec. 8. Dec. 9.
a net gain of 103/2 points, followed by Hudson Motors, with
Received
£500,000
Withdrawn
£10.666 £182:666 .c426:666
£562-,665 an advance of 8% points. American Can scored a gain of
The receipt of £500.000 on the 4th inst. was announced as sovereigns 53. points and Pressed Steel 'Car was in active demand at
released on account of the South African Reserve Bank. The destinaimproving prices. The conspicuously strong stocks intions of the E87,000 sovereigns withdrawn were given as follows: £40,000
to Singapore. £25,000 to Holland, and £22,000 to Argentina. It is under- cluded Woolworth, Ward Baking A, United States Rubber,
[Vol,. 121.
THE CHRONICLE
3096
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
American Steel Foundry, du Pont, Mack Truck, InterSept. 30 1925. Sept. 30 1924.
national Harvester, and General Motors. The market Balance end month by daily statement, Scc
5331.588,908 $412,583,885
Add or Deduct-Excess or deficiency of receipts over
Can
continued to move upward on Wednesday, American
-411,562
+5,265,531
or under disbursements on belated items
shooting forward 16 points or more to a new high at 2823..
$331,177,346 $417,849,422
The spectacular rise in this issue stimulated trading in many Deduct outstanding obligations:
$4,938,161
$2,991.738
Treasury warrants
52,677,258
other prominent stocks, notably Atlantic Coast Line, which
55,339.391
Matured interest obligations
67.289,886
84,574.873
Disbursing
officers'
checks
climbed 114 points to a new high at 2663/2, followed by
14,518.630
22,822,807
Discount accrued on War Savings Certificates
brisk advances in Louisville & Nashville, Rock Island,
2139.423.935 1145,728,809
Total
Atchison, Ches. & Ohio, and Erie 1st pref., New York
+5191,753,411 +5272,120,613
Balance,deficit(-)or surplus(+)
Central, and Illinois Central. Oil shares displayed condaily Treasury statements was
basis
of
a
The
total
on
the
gross
debt
1925
Sept.
30
t.'derable strength,particularly Pan American B,and Barnsdall 220,417,753,482 50, and the net amount of public debt redemption and receipts
Ste., was $15,202 99.
A and B stocks. Motor stocks improved in the early trading, in Stransit,
No reduction Is made on account of obligations of foreign Governments or
Chrysler moving forward to 201% at its high for the day other investments.
3 , c Includes $1,162,900 4% Loan of 1925.
and Mack Truck advancing more than a point to 222%
though it receded to 219% in the late trading. United States
Treasury Cash and Current Liabilities.
Steel common made a net gain of 1M points. The trend
The cash holdings of the GoArernment as the items stood
of the market was again upward on Thursday and manyn w
Nov. 30 1925 are set out in the following. The figures are
tops were established in the high priced industrial, rail and taken
entirely from the daily statement of the United States
steel shares. American Can was the outstanding feature Treasury of Nov. 30 1925.
of the day and moved briskly forward 73A points to 2893/8.
CURRENT ASSETS AND LIABILITIES.
GOLD.
New high records were made by American Smelting, Pacific
LiabilitiesAssetsStates
Steel
United
Sears-Roebuck.
Oil, Ingersoll-Rand and
Gold coin
600,884,968 63 Gold ctfs. outstanding__1,691,163,249 00
common was in strong demand and closed fractionally higher. Gold
bullion
3,094,607,672 79 Gold fund, F. R. Board
(Act of Dec 23 1913,
Atlantic Coast Line and Atchison were the leaders in the
as amended June 21
railroad stocks, the latter reaching its highest price of the
1,672.696,83512
1917)
Gold reserve
153.620.985 51
year. The strong stocks of the day included International
Gold in general fund
178.021,57179
Pont,
Can,,
du
Continental
General
Electric
Tel. & Tel.,
Total
3,695,492,641 42
Marland Oil, Postum Cereal, and Standard Oil of California. Total
3,695,492,641 42
TRANSACTIONS AT THE NEW YORK STUCK EXCHANGE,
DAILY. WEEKLY AND YEARLY.
Week Ended Dec. 25.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Stocks,
Numner of
Shares.
Railroad":
759,067
1.397,617
1,428,273
1.628,515
1,769,900
54,620,000
81,572,000
6,582,000
2,123,000
6,753.500
1,988,500
6,343,000
1,760,000
4,231,000
1,581,000
HOLI DAY
&C
6.983,402
Total
Stocks-No, of shares_
Bonds.
Government bonds_ _
State dr foreign bonds_
Railroad .4 misc. bonds
Total bonds
Foreign Bonds
$28,529,500
$553,250
1,132,250
1,440.000
994,000
415,000
$9,024,500
$4,534,500
Jan. Ito Dec. . 25.
Week Ended Dec. 25.
Sales at
New York Stock
Exchange.
United
States
Bonds.
State.
Municipal &
Bonds.
1925.
1924.
1925.
6,983,402
5,914,230
439,165,973
275,321,942
$4,534,500 $10,459,250
9,024,500 11.607.000
28,529,500 31,704,500
2346,735,360
687,696,000
2,857,794,875
$887,995,915
571,273,500
2,293,202,300
1924.
542.088.500 553.770.750 55.892,226,235 53.751.471,715
DAILY TRANSAC-IoNS Al' THE lioSToN. PHILADELPHIA AND
BA LTIMORE EXCHANGES.
Boston.
Week Ended
Dec. 25 1925.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Philadelphia.
Baltimore.
Shares. Bond Sates. Shares. Bond Sales. Shwes. rond
21,335
31,092
33,934
26,062
14,270
$12,000
14,000
21.850
23,800
18,000
10,204
$21,200
37,800
13,646
9,849
52,100
58,500
14,273
14,863
6,300
HOLT DAY
a2,627
a3,559
a2,894
a2,252
a1,348
$37.000
16,500
18.000
20,000
40,000
126,693
$89,650
62.83.
12,680
$131,500
2175,900
23.822 $171,400
192 440 $379,450 117.982 $815.100
* In addition, sales of rights were: Saturday, 5,122; Monday, 3,313; Tuesday.
1,596; Wednesday, 20,473.
a In addition, sales of rights were: Saturday, 4,697; Monday, 16,252; Tuesday,
8,819; Wednesday, 5,527; Thursday, 2,597.
Prey, week revised
Note.-Reserved against $346.681,016 of U. S. notes and $1,375,504 of Treasury
notes of 1800 outstanding. Treasury notes of 1890 are also secured by silver dollars
In the Treasury.
SILVER DOLLARS,
LiabilitiesAsset,
$
Sliver dollars
454,683,558 00 Sliver ctfs. outstanding-'444,410,029 00
Treasury notes of 1890
outstanding
1,375,504 00
iliver dots. In gen.fund_
8.808,02500
Total
AssetsGold (see above)
Silver dollars (see above)
Uti,ted States notes__
Federal Reserve notes__
F. R. bank notes.
National bank notes.___
Sub,hilary silvet coin.__
Minor coin
Silver bullion
Unclassified-Collections. .1,c
Deposits In F. R. banks_
Deposits in special depositarle8 account of
sales of ctfs. of indebt_
Deposits In foreign de
posit:tries:
To credit of Treasurer
United States
To credit of other
Govt. officers
Deposits in nut. banks:
To credit of Treasurer
United States
To credit of other
Govt. officers
Deposits in Philippine
treasury:
To credit of Treasurer
United States
Total
454,683.558 00
454,883.558 00
GENERAL FUND.
Liabilities$
178.021,571 79 Treasurer's checks outstanding
8.898.025 00
972,898 20
2.854,12900 Deposits of Government
officers:
1,000,754 50
P. 0. Department.
10,830,704 48
195,979 00
Bd. of Trustees Postal
14,451,292 00
Savings System6,376 832 93
5% reserve, lawful
1 241 904 25
8,576,290 49
money
15 918.733 85
Other deposits
368,535 65
PoArnasters, clerks of
4,035,569 36
courts, disbursing of60,428,241 57
ficers. Ace
32,881,848 77
Deposits for:
Redemption of F. It.
61,525,000 00
notes(5% fd., gold)- 155,005,085 23
Redemp'n of nat. bk.
notes (.5% fund. lawful money)
29,852,919 76
119,371 90
Retirement of arld'I
circulating notes, Act
109,958 56
4,56500
Stay 30, 1938
Uncollected items, ex4.028,27394
changes, rlre
7,547.809 37
20,607,196 16
Net balance
241,219,121 51
142,902,509 22
788,261 49
381,121,630 73
Total
Total
381.121.630 73
Note -The amount to the credit of disbursing officers and agencies to-day was
5395.315.407 93. Book credits for which obligations of foreign Governments are
held by the United States amount to $33,235,629 05.
Under the Acts of July 14 1890 and Dec. 23 1913, deposits of lawful money for the
retirement of outstanding national bank and Federal Reserve bank notes are paid
um. the Treasury as miscellaneous receipts, and these obligations are made under
the Acts mentioned a part of the public debt. The amount of such obligations today was 554.497.349 50.
8199.372 in Federal Reserve notes and 514,406.841 in national hank notes are In
the Treasury in proems of redemption and are charges against the deposits for the
respective 5% redemption funds
Public Debt of United States-Completed Returns
Showing Net Debt as of Sept. 30 1925.
The statement of the public debt and Treasury cash holdings of the United States as officially issued Sept. 30 1925,
Preliminary Debt Statement of U. S. Nov. 30 1925.
delayed in publication, has now been received, and as interThe preliminary statement of the public debt of the
est attaches to the details of available cash and the gross and
net debt on that date, we append a summary thereof, mak- United States Nov. 30 1925, as !mule upon the basis of the
daily Treasury statements, is as follows:
ing comparisons with the same date in 1924.
INTEREST-BEARING DEBT OUTSTANDING.
InterestSept. 30 1925.
Payable.
Q.-J. 599,724,050
Q.-F.
Q -F.
48,954.180
Q.-F.
25,947,400
49.800,000
Q.-M.
28,894,500
Q.-J.
597,345,000
J -J
J.-J. 1,409,994,850
5,157,600
.1.-D.
J -D. 532,873,950
3,492,150
J -D
M.-N.
20.858,200
3,083,692,250
M.-S. 2,802,477,150
A.-0. 6,324.479,300
763.948,300
1,047,088,500
Matured 382,145,789
J -J
12,234,220
J.-D. 2.404.241,400
Title of Loafs28, Consols of 1930
4s, Loan of 1925
28 of 1916-1936
2s of 1918-1938
38 of 1961
38 Conversion bonds of 1946-1947
Certificates of Indebtedness
334s First Liberty Loan, 1932-1947
is First Liberty Loan, converted
434s First Liberty Loan, converted
&Hs First Liberty Loan,second converted
4s Second Liberty Loan, 1927-1942
434s Second TAberty Loan, converted
434s Third Liberty Loan of 1928
4345 Fourth Liberty Loan of 1933-1938
1045 Treasury bonds of 1947-1952
48 Treasury bonds of 1944-1954
48 War Savings and Thrift Stamps
234s Postal Savings bonds
534s to 5318 Treasury notes
Aggregate of interest-bearing debt
Bearing no interest
Matured, interest ceased
Sept. 30 1924.
599,724,050
118,489.900
48,954,180
25,947,400
49,800.000
28,894,500
1.198,883,000
1,409.998,950
6,908,750
531,123,800
3,491,150
27,466,500
3,071,110.950
2.978,777,250
6,324,489,850
763,948,300
419,275,731
11,903,080
3,357.628,300
20,143,348,789 20,982,816,641
258,358,941
244,327,462
c16,030,550
27,217,160
a20,417,738,280 21,254.361.263
Total debt
Deduct-Treasury Surplus or add Treasury deficit---- +191,753,411 +272,120,613
Net debt
920,225,984,869 20,982,240,650
Bona.Oonsols of 1930
Panama's of 1916-1936
Panama s of 1918-1938
Panama's of 1961
Conversion bonds
Postal Savings bonde
First Liberty Loan of 1932-1947
Second Liberty Loan of 1927-1942
third Liberty Loan 01 1928
Fourth Liberty Loan of 1933-1938
Treasury bonds of 1947-1952
Treasury Bonds of 1944-1954
5509.724,05600
48,954.180 00
2.5,017.40000
40,800,00000
28.894,500 00
12,234,22000
8765,554,350 00
$1,951,516,550 00
'1.104,548,45900
2,802,473,150 00
6,321,478.300 00
8763,918,30000
1.047,088,50000
14,183.016,45000
.4 .1
11111
1,811,036,800 00
Total bonds
816,759,607,60000
treasury notesI
Series B-1925, maturing Dec. 15 1925
5299,6,59,900 00
Series A-I926, maturing Mar. 15 1926
615,677,900 00
Series 8-I926, maturing Sept. 15 1926
414,922.30000
Series A-1927, maturing Dec. 15 1927
355,779 900 00
Series 15-1927. maturing Mar. 15 1927__ -- 668,201,400 00
MR
-nog
Adjusted Service Series, maturing Jan. 1 1930
50,000,000 00
2,404,241,400 00
Treasury Certificates:
Series T-D-1925, maturing Dec. 15 1925$179,462,000 00
;I
Series T J-1926, maturing June 15 1991.
124,247.00 I 00
4 •
.;Ps
Series T-J2-I926, maturing June IS 1926
251.936.000 00
-s
Adjusted Service series, maturing Jan. 1 1926
39.300.000 00
j11 694.945,00000
DEC.26 1925.1
3097
THE CHRONTCLE
Treasury(War) Sayings SecuritiesWar Savings Certificates:
Series 1921 a
Treasury Savings Certificates:
Series 1921 issue of Dec 15 1921 5
Series 1922, fame of Dec. 15 19215
Series 1922. Issue of Sept.30 1922 b
Series 11123 TR911P of Sent 30 10225
Series 1923, issue of Dec. 1 1923 b
Series 1924, Issue of Dec. 1 19235
Thrift and Treasury Savings Stamps, unclassified sales. &c
Holdlnos In
U. S Treaters.
*11,043.73731
1,802,160 25
99,176.597 30
14,843.549 50
132.050.039 15
23.983,390 75
96.604,12755
3.810.061 74
380.313.663 55
Total interest-bearing debt
Matured Debt on which iew.ht Flits CoaxedOld debt matured issued prior to April 1
1917 _ _
Certificate of indebtedness
Treasury notes
liti% Victory Notes of 1922-1923
aM % Victory Notes of 1922-1923.
320.139.107.663 55
*2.509.11026
487.500 00
3.916.600 00
39.19000
5,685.850 00
12,635,16026
Debt Sewing NohiteressUnited States notes
Leas gold reserve
$346.681,016 00
153.620,985 51
Deposits for retirement of national bank Dotal
and Federal Reserve bank notes
Old domand notes and fractional currency
3193.060.030 49
54.497,34950
2.047.732 98
249,605.11297
Total gross debt
*20.401.347.93678
a Net 09.11h receipts. !, Net relierrierion value er eerunmates outstanding.
Sept. 1 1925. Oa. 1 1925 Nov. 1 1925. Dec.1 1925.
$
$
$
$
Set gold coin and bullion_
Net silver coin and bullion
Set Unite. States notes__
Vet natiou . banknotes..
Vet Ft.d 'eserve notes__
Set Fed' lies, bank notes
Set subsidiary silver
t4'nor coin,&c
334.343,404
15.870,152
3,100,455
16,083.848
1,109,339
60.478
7,375,459
3,536,005
344.470.093
21.945.285
4,359.401
17,444.490
849.806
216,343
6.882.872
3.766.896
335.273.877
25.646,266
3,662,285
14,842,459
947,021
142,564
7,203,229
4.345.547
331,642,558
24.816.759
2.854.129
14,451,293
1.000.754
195.979
6,376.833
5.278,474
Total cash In Treasury_
Less gold reserve fund....
381.479.170 .399.935.1.86
153,620.986 153.620.986
392.063.247
153.620.986
389.616.778
153.620.986
Cash balance In Treasury.
It In spec'l depositories
Acct. ctfs. of indebt
Dep. In Fall Res. banks_
Dep. In national banks:
To credit Treas. U. S.._
To credit dish. officers_
.:ash In Philippine Islands
Deposits in foreign depts.
Dep.In Fed9 Land banks_
227,858,184
246,314.200
238,442.261
232,995,792
68.824.000
43,817.204
6.771,635
267.475.000
42,329.902
7,252,322
116.982.000
51.667,803
7,684.985
61,525,000
60.428.242
7.547,809
19,290.325
1,286.322
348.044
18,915.034
1,190.824
337,157
20,820.625
1,031.195
351.497
20,607.196
788.261
229,331
Net cash In Treasury
and In hanks
Deduct current liabilities_
369.195.714
235.826.359
583.814.439
252.225,531
436.980.366
238.232.170
384.121,631
241.219.122
Available cash balance_
132.369.355
331.588.908
198.748,196
142,902,509
• Includes Dec. 1, 815 918,733 85 sliver bullion and 81,241.904 25 minor coin,
&c., not included In statement "qtock of 'Money."
gommercitti nuaAIiscella=ou9BeIVO3
Government Revenue and Expenditures.
Through the courtesy of the Secretary of the Treasury we
National Banks.-The following information regarding
are enabled to place before our readers to-day the details of
Government receipts and disbursements for November 192:5 national banks is from the office of the Comptroller of the
and 1924 and the five months of the fiscal years 1925-1926 Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
and 1924-1925.
Capital.
ReceiptsNov. 1925.
OrdinaryCustoms
48,276.012
Internal revenue:
Income and profits tax_
32.004,102
Misc. Internal revenue_ __ _ 80,040,194
Miscellaneous receipts:
Proceeds Government-owned
securitiesForeign obligationsPrincipal
Interest
164.169
Railroad securities
2,692.031
All others
2,042.467
Trust fund receipts (re-appropriated for investml) 2,246,744
Proceeds sale of surplus
Property
983.603
Panama Canal tolls. &c_
3,001,723
Receipts from misci sources
credited direct to appro2,324.099
priations
Ii .155.5131
Other miscellaneous
Total ordinary
164.931,025
Nov. 1924. 5 Mos. 1925. •5 Mos. 1924.
3
40,010.735 246,398.397 229,225.266
23.950.433
68,791,704
499.776.448
416,990,487
455.264 M28
377,909,959
3.597
171.441
13.899,044
2,506.938
178,743
10.424,975
14.430.853
13.372.801
150.791
10,883.203
102.121,454
3,451,871
2,721,000
15.406.116
13,578.193
679,320
1,783,151
6,749.158
9,995,420
10,214.014
9,868,416
2.419,849
9,710,155
11,239.799
61..75 344
17.801.130
79 011 096
174.738.342 1.307.108,697 1.296.918,060
Excess of ordinary receipts
over total expenditures
chargeable against ordinary
receipts
Excess of total expenditures
Chargeable against ordinary
receipts over ordinary receipts
51,103,328 59,020.074
43.008,971
68.831,034
Expenditures.
P' °mown,-
(Checks and warrants paid. OM)
General expenditures
147,359,316 154,447,147 790.873.790 795.432.590
Interest on public debt.a._
72,710,515 73,833,510 327,280,015 382.824,264
Refunds of receipts:
Customs
2.944.140
2.805.856
13.694.057
9,506,549
Internal revenue
4,009.528
71,271.522
10.305.830
52,987,956
Postal deficiency
27.000,000
Panama Canal
1,219.274
1,153.042
4,524.787
4.681,038
Operations In special accounts:
5544.273
5294,666
1,762.010
Railroads
3,765,325
War Finance Corporation_ 53,317.771 56,516,189 511,089.265 526,601.932
2,562,737
2.045,156
Shipping Board
9.855.423
16,883.538
350,129
5624,215
3,385.058
Allen property funds
3.611,843
245,385
151.900
Adjusted service certif. fund.c
Investment of trust funds:
2,539,925
15.102.575
Government life insurance_ 2,171,525
13,072.883
93,139
37,241
12,948,743
Civil Service Retirement-12,209,021
District of Columbia Teach49,039
27,961
84.055
ers' Retirement
51.480
52.527
1728
132,013
Foreign Service Retirement
60.255
211.179
153.114
210.485
General Railroad contingent
453.831
236,034,353 233.754,966 1.267.196.168 1.248,938.641
Total ordinary
r
Public debt retirements chargeable against ordinary ret ceipts:
Sinking fund
Purchases from foreign
repayments
Received from foreign
govern'ts under debt
settlements
Received for estate taxes
Purchases and retirements
from franchise tax recelpts(Federal Reserve
and Federal Intermediate Credit banks). __
Forfeitures, gifts, &c--Total
82,900,000
118,374.000
208,600
47.550
3.450
3,450
21.700
82,921.700
152,200
28.103
118.810.453
Total expenditures chargeable
against ordinary receipts..236,034,353 233,758,416 1,350.117,868 1,367,749.095
Receipts and expenditures for June reaching the Treasury in July are included.
a The figures for the month include $392,385 15 and for the fiscal year 1926 to
date $2,036,689 70 accrued discount on war savings certificates of the series of
1918. 1919 and 1920: and for the corresponding periods last year the figures include
$549.213 16 and 33,979,793 60, respectively, for the series of 1918 and 1919.
S Excess of credits (deduct).
c The figures shown represent variations in the working balance. The appropriation available Jan. 1 1925 was invested in $100,000.000 face amount of Government
obligations, of which $4,600,000 face amount were redeemed to June 30 1925 to
provide payments from the fund by the Veterans' Bureau.
Treasury Money Holdings.
The following compilation made up from the daily Government statements shows the money holdings of the Treasury
at the beginning of business on the first of September, October, November and December 1925:
525.000
Dec. 15-The First National Bank of Orange Grove, Tex
Correspondent. I.. W. Mumme. Orange Grove. Texas.
Dec. 16-The Elmira Heights National Bank, Elmira Heights.N.Y 50,000
Correspondent, Frederick G. Davis, Elmira Heights,
N.Y.
APPLICATIONS TO ORGANIZE APPROVED.
$25.000
Dec. 18-The First National Bank of Meadow. Tex,
Correspontlent, Earl T. Cadenhead, Meadow. Tex.
Succeeds the Banl‘of Meadow, Tex.
50.000
Dec. 19-The MadLs m National Bank of Tallulah. La
CorrespoAent. L. M. Spencer, Tallulah. La.
200,000
Dec. 19-National Bank of Ridgmood, in New York, N. Y
Correspondent, Samuel Redfern, 1014 Hancock St.,
Brooklyn, N. Y.
APPLICATION TO CONVERT RECEIVED.
525.000
Dec. 18-The First National Bank of Roscoe. Texas
Conversion of The Farmers State Bank of Roscoe, Texas.
CHARTERS ISSUED.
Dec. 16-12860-The Queen Lane National Bank In Germantown
Philadelphia.
Pa
5200,000
at
President, John W.Snowden;Cashier. Wm.F. Mitchell.
Dec. 17-1286I-The Prospect Park National Bank, Prospect
50,000
Park. N. J
President, R. P. Meyers; Cashier, H. J. Van Hook.
Dec. 19-12862-Massachusetts National Bank of Boston. Mass $1,000.000
Conversion of Massachusetts Trust Co. of Boston. Mass.
having main office and two branches located in the City
of Boston. President, Edgar R. Champlin; Cashier.
A. Whittaker.
VOLUNTARY LIQUIDATIONS.
$50.000
Dec. 14-6199-The First National Bank of Hills. Minn
Effective Dec. 7 1925. Liquidating Committee: .1. N.
Jacobson, Carl J. Woodrow and E. B. Johnson. Hills,
Minn. Succeeded by Security State Bank of Hills.Minn.
300.000
Dec. 15-4577-The First National Bank of Brownsville, Texas
Effective Oct. 20 1925. Liquidating Agent. G. C. Wag'
ner, Brownsville. Tex. Succeeded by the First National
Bank in Brownsville, Tex., No. 12192.
40.000
Dec. 16-11970-The First National Bank of Quinlan. Texas
Effective Dec. 10 1925. Liquidating Agent,J. M.Allen.
Quinlan, Tex. Succeeded by The Quinlan National
Bank. Quinlan, Tex., No. 12761.
35.000
Dec. 17-7986-The Atkins National Bank of Maysville.
Ga_- la
Effective Dec. 2 1925. Liquidating Agent, Georg
State Bank of Maysville, Ga. Absorbed by Georgia
State Bank of Maysville. Ga.
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By Adrian H. Muller & Sons, New York:
Shares. Hocks.
$ Per share
$ Per M. Shares. Stocks,
4 Premium Point Co
$5 lot 50 Nor, Am. Fish. & Cold. Ron,
Ltd., corn
165.000 Atlantic Fruit & Sugar CO..
$1 lot
common. par $5
50c. 461 Eastern Steel Co.,corn
$120 lot
140 Eastern Steel Co..
100 Section 30 Mining Co.. Duluth.
_3225 lot
Minn., par SIO
51. lot 200 Libby & Libby Cold
Storage
pref_100 Lafayette Motors Corp. of
no par
$2 lot
Maryland, 2d pref
$1 lot 200 Penna. Collieries. par M5...321ot
25 Lafayette Motor Corp. of Del.,
1,000 Devel. Co. of Alaska, Inc.I
common, no par
$1 lot $72,696.54 demand note of Devel-}MO lot
710 Mitchell Motors Co., Inc., of
opment Co. of Alaska, Inc....
N. Y.. no par
$1 106 200 Dunbar Molasses & Syrup Co.,
150 Pacific Devel't Co., Dar $50- 82 lot
common
$65 lot
70,340 Hardshell Min.Co.,par 31_ 3100lot 265 Midland 011 Co.. Inc.. par $1_1
1.500 Consolidated-Mayflower Min.
5 Tyson Co.. Inc., corn., no par I
Co., assess% 1-13 paid, par $1..310 lot 5 Tyson Co.. Inc.. pref
500 British Guiana Gold & Trans‘
20 Internat. Cultivator Corp.. 118103
port Co., par 35
corn., par $10
32 lot
32,000 Hardshell Min.Co.mar $E370 lot 50 Dayton Coal. Iron & Ry.,corn.,
50 Hardite Metals. Inc.. pref __MO lot
par $5
42 Acker. Merrill & Condit Co ..85O lot 10 Dayton Coal, Iron & RI.. prof.,
5 Copiay Cement Mfg. Co., pref_3350 lot
par $5
3 Spokane Val. Land & Wat. Co_ .811 lot 187 Honolulu SS. Co., Ltd
8.500 lot
100 Natural Dry Milk Co
150 Columbia-Knickerbocker Trust
$1.1 lot
Co., beneficial certificates
$80 lot 10 Natural Dry Milk Co
50 Brunswick Site Co.. par 310-- 831 60 U. B. Gasoline Mfg. Corp-3515 lot
temp. certif.. par $25
435 Banco Nacional de Cuba
$50 lot
10 Natural Dry Milk Co
90 Georgia Coast & Piedmont RR.,I
2d pref.. v t c
60 U. B. Gasoline Mfg. Corn..415lot
temp. certif.. par $25
30 Improved Property Holding Co_
j
201 Alabama Marble Co., corn_
/815 500 Checker Cab Mfg, Corp., Class
"A," issued subsequent to Aug. 1
227 Alabama Marble Co., pref.
lot
300 Chicago Utilities Co., corn..._
1924, temp. certif., no par
4
96 Porter Engine Devel., com.,I
50 Kenyon Paper Corporation_
v. t. c., no par
6,825 Powell Oil Co., com., par 31_1510
/$1131
137 Powell Oil Co., pref., par $10.j lot 26 Porter Engine Devel., pref
340 East Steel Co., let pref....8400 lot 1,384 Internat. Planters Corp. of
6115 lot
Del., corn., no par
461 Eastern Steel Co., corn
$150 lot
20 Bedford Estates, Inc., Dar $5.314 lot
100 Nor. Amer. Fish. & Cold Stor.
Co., Ltd.. pref
$8105
I
1
I
.1I
_ I
THE CHRONICLE
3098
$ per ea.
Shares. Stocks.
35 Pyrocolor Corp., pref
14,113 Pyrocolor Corp.. com..15180 lot
par 55
2,000 !juin Safety Hair Cutter Corp
$1 lot
Par $10
$1 lot
5 Dongan Hall. Inc
60
100 Buffalo & Susq. RR., com
109.06 Empire Silk Co., corn_ _ _ _$215 lot
327.18 Empire Silk Co., pf., CI.-A"
18.500 lot
$3 lot
10 The Forestry Corporation
160 Arkansas Anthracite Coal &
$5 lot
Land Co. pref., par $25
100 Columbia Graphophone, pref..$1 lot
$15 lot
110 Howe Rubber Co., pref
80 Victoria 011 Co. of W.Va.,par$10$1 lot
190 Hodgman Rubber Co., pref. _SI 1 lot
$t lot
5 Federal Press Co
1,000 Hamilton 011 Corp.. Par 51_510 lot
7.000 Damascus Ref. & Mfg. Co.,
$20101
pref., par $10
4,134 Damascus Ref. & Mfg. Co..
$10 lot
corn., par $10
$10 lot
500 Ajax Oil Co.. par $1
37 Cleve. Disc. Co., corn.. no par_520 lot
250 So-Luminum Mfg. & Eng. Co..I
par $10
150 Cameron Plc. Mach.Co.. corn.1
25 Int. Automobile League Tire &I
)511
Rubber Co
250 Prizma, Inc.,8% cony., 1st p1.1 lot
I
pref.
2d
cony.
7%
Inc.,
57 Prizma,
262 PrImma, Inc.. com. no par_ _ _
1,500 El Salvador Silver Minos,
$2 lot
Inc., par $1
100 Gaston, Williams & Wigmore,
$1 lot
par
Inc., no
20 Strab Oil Co., Dallas, Tex..
$I lot
Par $25
35 units Heard Britton Syndicate,
$1 lot
etf. of int
339 Economy Real Property Co_5100 lot
200 Southeastern Shipping Co.. Inc. 5
$1 lot
100 Mayfair Oil Co., par $5
38 beneficial interests Northfleld 01151 lot
$100 lot
107 Blackwell Lumber Co
$75101
200 Bear Tractors, Inc
300 Yerington Mtn. Copper Co..)
Par 51
200 Alaska Standard Copper Min.) $5
I lot
Co. par $1
300 Montezuma Mines of Costal
51
par
Rica,
125 Universal Cork Extractor Co..
$145 lot
75 Eastern Steel. let pref
$4 lot
200 E. L. Barnett. Inc
20 Amer. Motion Picture Corp..pfd) $1
lot
Corp.,1
Picture
Motion
Amer.
20
corn., no par
38 beneficial interests Northfield
$1 lot011 Co
3.800 El Paso Consol. Mining Co..)
)$125
Interim ctf., par $5
400 El Paso Consol. Min., par $5_4 lot
3.750 Equitable Radio Corp.,temp.
MOO lot
Par Si
elf.'Brazos Oil Corp., no par_53.200 lot
4.000
500 F.1 Salvador Silver Mines Co.,
Inc., par 51
400 Knickerbocker-Wyoming 011 $10
lot
Co., corn., par $10
011
400 Knickerbocker-Wyoming
Co.. pref., par $10
2 C. R..1. Oil Co
500 Caledonia Mln. dm Mill., par $I $25
$240 profit sharing ctIs. Grub
Stake 011 Assn
10 Interboro. Consol. Corp., com.$1 lot
2
60 Redlich & Co.. Inc., corn
200 Ajax 011 Co., corn., par $10_ $1 lot
100 Standard Supply & Equip. Co.,
$50
class A
50 Standard Supply & Equip. Co.,)lot
par
no
B.
class
1
128 Biograph Co
50 Hacker Zinc & Lead Min. Co_ _51 lot
2 Aztec Land & Cattle, par $10_571 lot
20 Moline Plow Co. Trust, trustee
$1 lot
ctfs. of 2d pref.. no par
21
25 Celluloid Co., corn
51
20 Crocker-Wheeler Co.. pref
3000. Boissonnault Co., cora.,
20s.
no par
2,500 Inter Flash Signal Corp. ofi
N. Y., pref
1,000 Inter Flash Signal Corp. of 13100
)lot
N. Y., claw A
800 Inter Flash Signal Corp. ofj
N. Y., class B
$6.800 demand promissory notes of
the Inter Flash Signal Corp. of
$50 lot
N Y
1,000 An.sco Photoproducts, Inc. •
$19.000
let pref
lot
4.000 Ansco Photo products, Inc
common
1.000 Castle Kid Co., Inc.. partici.
pref
250 China Hide & Produce Co. of
4
N.Y., Inc
300 A. G. de Sherblnin Theatres,
$20101
Inc., pref
55 Manchurian Develop. Co.. pre1.55 lot
1,000 Knox Divide Mining Co.,
$16 lot
par 10c
1.000 Silver Queens Mines Corp.,
$55101
par $1
50c.
150 The Wilcolator Co., pref
50c.
100 The Wilcolator Co.. pref
.50 Anse° Photoproducts. Inc., tat
25 •
Preferred
805 Titan Metal Mfg. Co., pref._ I $1.000
2,012 Titan Metal Mfg., com.1 lot
no Dar
4,923 Rio Plata Mining, par 55_520 lot
1$80
50 Vegetable Oil Corp., pref
1101
25 Vegetable Oil Corp., corn
300 Standard supply & Equip.,)
15100
claw A
150 Standard Supply & Equip., lot
class B. par $10
810.000 Seaboard Portland Cement
Co., mtge. bonds, ctf, of dep.__ $21
100 Seaboard Portland Cement Coj lot
2,000 Silver King of Arizona Min.
Co.. Dar $I
$5 lot
400 Degnon Contracting Co
$55 lot
7,000 Midwest Butte Development,
$50 lot
Par $1
$3,500 Midwest Butte Develop..
0% notes past due convertible
$50 lot
Into stock at par
3.000 Midwest Butte Development
825 lot
Co., Par $1
21,000 Jlb Consol. Mhz., 1111/ $1..$55 lot
5
8 per share.
Shares. Stocks.
$1.500 Midwest Butte Develop.
Co.6% notes past due convertible
$50 lot
Into stock at par
10 Gallaudet Air Craft Corp., pref_55 lot
15 Gallaudet Air Craft Corp., corn..
$5 lot
no par
25 Roadless Patent Holding Co__ _$10 lot
$5 lot
25 Westport Standard Co
4,000 Alaska Copper Corp.. par $5.54 lot
$1.000 Alaska Copper Development
$4 lot
Syndicate, partle. ctf
25.000 Alaska Gold Belt Co. and)
$2
50.000 shares bonus. par $1
2,500 Alaska Gold Belt Co. and] lot
2.500 shares bonus, par $I
100 Canada Copper Corp., par $5_ _51 lot
$9 lot
2.050 Casa Oil, par $10
900 Central Sugar Corp., no par_ _815 lot
170 Island Oil & Transport Corp..
$1 lot
y. t. c., par 510
1,000 Lance Creek Royalties, corn.,
$8 lot
par $I
100 Century 011, temp. ctf., par
$5 lot
$10
50 Bergner & Engel Brewing. pref. 4
120 Denver & Southwest. Ky.,com.52 lot
50 Albany Journal Bldg. Corp..
$10 lot
1st pref
2.200 Alcan 011 Corp.. par 55
1 6
$
pref
Inc.,
Co..
5 Tyson
I lot
5 Tyson Co.. Inc.. com
100 Internat. Pneumatic Tube.]
pref.. par $50
400 Checker Cab Mfg. Corp., temp.
cif. Issued subsequent to Aug. I
4
1924. no par
$15 lot
150 Central Foundry, corn
25 Nat. Metal Seal Corp., pref..)
125 Nat. Metal Seal Corp.. corn., I
} $2
par $10
3-10 mt. in 51.000 N. Y. Livery &I lot
'
bond
Auto Co.,6% cony. cumul. deb.
31 lot
40 Choralcelo Co., par $10
594 Brighton Mills, Hass A pref_5200 lot
(IM
200 Helena Light & By., pref
131 St. Louis Coke & Iron, cont..
$260 lot
clam A. par $5
50 Bario Metal Corp.. pref., par
$10 lot
$10
500 Colorado Smelter & Mines
25c.
Corp.. corn., par $1
5
15 Otte, Olmstead & Co
3 Stability Mtge.• Corp.. pref.._ _ 25
9 Stability Mtge. Corp.. corn., no
25
par
704 Coonamessett Ranch, corn..._55 lot
Sundry accts. rec, due from the
Fisheries Products Co., Henry
Sillcocks and Wm. R. Bayes. receivers, aggregating $1,087.032.
dated from Jan. 2 1920 to Dec 31
$100 lot
1922, without interest
100 Asbestos Co. of Amer., corn..)
1510
no par
100 Asbestos Co. of Amer., pref..) lot
$5.000 Vermont dm Quebec Power]
Corp. 1st 20-yr. 843. 1942, ctf.
of deP
50 Allerton Co. of Chicago, corn.. I
no par
100 Allerton Co. of Chicago. prof. 15605
141 3-5 Baltimore Gas Engineeringl lot
Corp., pref
141 3-5 BaltImore.Gas Englneeringi
Corp.. corn
35-2500 Mexlz Bonded 011 Synd..1
250 Harris Fisher 011 Co., shares)541
of beneficial interest, par $l_ _ _ _ I lot
17,136 Acme Produc'n Co., par $I.)
10 Ilerschell-SpIllman Motor. pre() $2
10 Herschetl-Spiliman Motor, corn.) lot
62 32-100 British Internat. Corp.,1
I SI
class A, no par
25 British Internat. Corp., class B,)lot
DO par
$100 lot
100 Eastern Steel. 1st pref
130 Gibson Develop. Co.. corn_ __550 lot
V lot
90 Technique Bldg. Co., Inc
700 Interstate Gasolene. par 51..$30 lot
100 Foreign Trade Banking Corp.
595 lot
represented by trustee ctf
$5 lot
600 Tidewater Chemical Co
250 Carabao Coconut Co., pref..)
48414 Carabao CoconutCo.,com. 1515 lot
no par
375 Alaska Tel. & Tel., Dar $10_ _ _550 lot
$50 lot
100 Philipsborn's. Inc.. pref
25 Anchor Petr.& Trans.. Co., Ltd$70 lot
lot
81.525
par
Min.,
Copper
1.950 Union
2,400 Mohegan 011 Co. par $1...$10 lot
pref.
Corp.
Petrol.
Meridian
72
$1 lot
subscription ctfs., par $10
3,600 Meridian Petrol. Corp. corn.
lot
$20
$10
par
ctf. of dep..
40,000 Hardshell Mining. par $I _ _550 lot
85.313 Mammon Copper, par El _.525 lot
M share scrip ctfs for V. t. c. stock
$10 lot
of Interborough R. T. Co
WOO Interboro. Metrop. Co., frac.
scrip for 434% coll. tr. g. bonds.$25 lot
$1 101
593 1-3 The Lido Corp
$18,000 Lido Corp.6% pref.ctfs.of
Indebted., due Aug. 11925, reg SO lot
510.000 New Theatre 4% inc. bond
$I lot
al., due Feb. 1 1919, reg
El lot
100 New Theatre trust ctfs
Si lot
200 I.eyden Coal Co
75 Tidewater Pay. Brick Co. corn_ _S1 lot
150 Tidewater Pay. Brick Co. pref _52 lot
lot
30 O'Rourke Eng. Constr. Co_ _5150
$0 lot
130 Non-Recoil Gun Corp
40 Theatre Francais des Etats Unis.
Si lot
Ltd., pref., par $25
10.000 Interboro. Metrop. Co.corn.
33 lot
v.1 C
349 Sherman Oil Co., corn., no par..52 lot
$30 lot
465 Sherman 011 Co.. pref
750 Equitable int. In 750 shares of
British Timber Corp., Ltd. The
British Timber Corp. Committee,
53 lot
Ltd., V. t. c
85 Hodgman Rubber Co., pref _ _$9 lot
$1.100 Fifth Ave. Bond & Mtge. Co.)
1
1st con.68. Jan.01922,ref
50 Shepard-Thomas Corp., corn., I
4515
par 55
50 Shepard-Thomas Corp., pref., lot
Par $IO
1,000 U.S. Oil& Ref. Co., par S1
3 Fifth Ave. Bond & Mtge. Co._..
40 Amer. Zinc & Slate Co. Prof. 1510 lot
40 Amer. Zinc & Slate Co. corn..)
1,500 Wise Bros., Inc., 7% cum.
Pref., 43% paid in liquidation.- 30
[voL 121.
NT share.
per share. Shares. Stocks.
Shares. Stocks.
$2,500 Harker Syndicate, Lot No.$15 lot
250 HI-Po Waterproof Battery)
I $1 $40,250 Harker Synd., Lot No. 2_ _55 lot
Corp. pref., par 810
960 HI-Po Waterproof Battery) lot $7,750 Mines Synd., Lot No. 1 _ ...55 lot
$15.625.90 Mines Synd., Lot No.2.55 lot
Corp. corn., par $10
105 Fairfield Battery corn., no par SI lot 51.500 Mines Synd., Lot No. 3_ _ _55 lot
10 Keewatin Min., Synd., Ltd__..l0 lot
200 Wise Bros., Inc., 7% cum
100 Astoria Mahogany Co.. pref__$1 lot
30
pref , 43% paid In liquidation
$1 lot
30 Deep Sea Fisheries, Inc., V. t. c_S1 lot 5 Biarritz Co.. pref
62 70-100 Towne Sec. Corp. corn.)5255
100 House of A. Slim 7% pref
50
lot
300 Island Oil & Transport v. t. c. _58 lot 92 Towne Sec. Corp. pref
5
84 Can. Nor. Quebec Ky. com.5175 lot 10(1 Frisble & Stansfield Knitting pf. 1
756 Howe Rubber Co. corn., no pant]lot 282 Advance Boller Corp. 1st pt.)
564 ButterworthVirdson Co.. no parS5 lot 426 Advance Boller Corp. 2d pf _ )215
10 Bear Tractors Co., Inc
$15 lot 530 2-10 Advance Boiler Corp.,' lot
common, no par
1,500 Mercantile Bank of the Americas, Inc., 7% pref
$15 lot 273 Advance Boller Corp. 1st pt.)
$2 lot 591 Advance Boiler Corp. 2d pf..)815
3.500 Vulcan 011 Co., Inc
700 Vulcan 011 Co.. Inc
$1 lot 48634 Adv. Boiler corn., no par_j lot
1.000 Cuban Sugar Mills corn.... 55101
Per cent.
Bonds.
Drilling
&
MackInnle
011
10,000
Co. of Colorado. par SI _ _S1.175 lot $30,000 Shawnee Tecumseh Trac
let 55, June 1 1926, June 1922,
1.121 N.Y. City & Northern RR...
10
and sub, coupons attached
25 Electric KY. Co. of U. S
$5,000 Chamber of Commerce of
7.050 Silver Mtn. Min. Co., par $25
15
N. Y. Income bond
50 Electro Metal Refg. Co., par 825
£8,288 Russian Govt. 5s, issue of
6.000 Pacific Comm'l Co., par $10.
52,500 101
1622
10 Metropol. Concert Co., Ltd.,
555.500 PIttsb. Shawmut & Nor.
par $50
550 lot
1%
57
RR. 1st 4s, 1952
625 Montezuma Silver Mining Co.
51.100 Island Refg, Corp.
40 American Aeronautic Society of
panic. bonds, due April 1929,
N. Y.. par 550
5%55 lot
certificate of deposit
500 United Bklyn. Mining, no par
56,398.50 Mentopine Corp
300 Union Consol. Min. Co. of
lot
note dated March 4 1925
Tenn., par 510
$11 $5.000 Forestry Corp. 1st 20-yr. 5s,
1.000 Winters Impt. Co
with all coupons to Sept. 19205°
20,000 Brunswick Cons. Gold Min. lot
.30 lot
attached
Co., par Si
szicono Idaho Irrigation Co. ad)
250 American Motor Co
101
6% gold notes
200 Automobile Co. of Amer., pref.
8262.814.68 Idaho Irrigation Co1.50
300 Manitou Mansions. par 50c_ _
6% Income bonds
15734 Amer. Publishers Corp. pref.
545.036.31 promissory notes of
264 The Clifton Co
Upper Columbia Co. at 7%,5-yr_50 lot
10.500 No. 7 Mining Co., Ltd..
4
532.500 Trenton Bristol & Phila.
par $5
100 lot
1st 59. 1943
150 Victor Land & Impt., par $10
$109.000 General Mines Corp. of
900 Automobile Co. of Amer. corn.
Bolivla coll. tr. 75, due Jan. 1
10 Social Halls Assn.($20 per share
1934, with all coupons attached_ 2500
Paid In liquidation), no par
515.000 General Mines Corp. of
51.023.28 Mexican Nat. Construe
Bolivia coll. tr. 7s, Jan. 1 1934
Co. dividend scrip
with coup. No.6 & foil attached
$2,583.27 Texas & St. Louis Ky.
58.000 Illinois Coal Corp. Gen. 78.
Co. 6% scrip
2d series, July 1 1930
100 Washington Slate Products
Si lot $24.000 Illinois Coal Corp. Gen, 7s.
Co., Inc.. pref
1st series. July 1 1930
117 Myers Pulp & Paper Co. of
$2,000 Illinois Coal Corp.Gen.4-yr. 100
Colorado. pref., par $10
lot
88, July 1 1928
1.034 Denny-Memia Oil Co. of
$44.000 Illinois Coal Corp. Gen.4-yr.
$6
Del., par 510
July
6s.
1927
1
Colo.,
lot
of
S.
Chain Co.
10.000 U.
56.000 Illinois Coal Corp.Gen,4-yr.
trustees ctfs. of benef. Int.. par 81
65. July 1 1928
1
4,200 F. R. Publishing Corp
51 lot $35.000 Nat. Pavements Corp. 5526 Acme Produc. Corp., par SI
yr. deb. 88, Dec. 11029. with all
225 Deep Sea ELsheries, Inc., corn..
coupons on. beg. Dec. 1 1925_150 lot
$3 lot
no par
510.000 Cleve. S. W.Ky.& Lt. Con.
750 Osage National 011
20 1
& Cons. M.Ser. A. Mar. 11954
71 GlImers Stores
$23.600 Leyden Coal Co. let 85.
$125
25 Gilmers Stores, pref
April 1 1931, reg. ctf. of dep. .28 lot
lot
522 Goldelline 011 •
Coal
$10.000 Sullivan Pocohontas d
800 Boundary Red Mountain._
Co. 1st 634s, 1934, ctf, of dep. ,60
137 National Drug Co., corn
•
By R. L. Day & Co., Boston:
$ per sh. Shares. Stocks.
Shares. Stocks.
i
sh
Per
$
Sprinkler
36434 10 Combined Heat &
11 Merchants National Bank
$
Co., Prof
Assignment of rights In liquidation
Combined Heat & Sprinkler Co. 20 lot
to 300 shares of the capital stock
common
of the Park Trust Co., Worcester.
$9,000 Canadian Consol. Coal let
Mass.. In liquidation, $60 already
58, April 1956 coupon Oct. 1
Paid
$10 per sh.
$
1010 and subsequent on
Assignment of rights In liquidation
Crowell & Thurlow SS. Co... W lot
25
stock
to 550 shares of the capital
10 B Salado Brew. Co.. com._ _
of the Park Trust Co.. Worcester,
14.100 Black Tall Min.Co..par51
Mass.. In liquidation, $80 already
$10 per sh. 100 Quincy Market Cold Storage &
Paid
120
Warehouse Co., corn
Assignment of rights in liquidation
150 Natick Tag & Label Co., pref.$10 lot
to 450 shares of the capital stock
323 La Zacualpa Hidalgo Rubber
of the Park Trust Co., Worcester,
Co., par $5
Mass., In liquidation, $60 already
$10 per sb. 100 Canada Copper Corp., Ltd..
paid
par 55
2 Nashua Manufacturing Co., pref- 974
51.77 U. S. Worsted Corp.. Ist Pref. 3334 9 La Zacualpa Plantation Co.... $25 lot
2.000 Engineers Petroleum Co..
53
250 Pacific Mills
58 Pepperell Manufacturing Co__ _ _134
9734 2 npoatresSiLa Zacualpa Plantation
2 Cornell Mills
Co. for $168.75, due Jan. 15'16
250 Old Colony Woolen Mills, pref..
$15 lot 50 Gorton Pew Fish. Co., old stock(
par 810
-1
580 Raven Copper Co., par SI
50 Old Colony Woolen Mills. corn.,
e Consol. Gold & Copper(5134
51 lot 200
par $10
I lot
$
par
AcmeCo..
198
2 Bates Manufacturing Co
40 Naumkeag Steam Cot. Co_186, ex-dly 100 Royal 011 & Ref. Co., par
.9
10034 700 Chatham Associates Trust
10 Merrimack Mfg. Co., corn
'
35 Pepperell Manufacturing Co_ _ _134 M 150 Island Oil & Transport Co
M
lot
$1
corn., par SIO
7
30 Saco Lowell Shops, corn
60x
Co____
Fountain
Soda
American
1
16
20 Saco Lowell Shops, 2d prof
600 Arcade Smelt. & Ref. Co..
25
20 Hill Manufacturing Co
255 U. S. Worsted Corp.,common- 834
illeable Iron Co.,
Ma
Celam
cad
mr..
coA
500
50 Worcester Consol. St. Ky. Co
A
oc.em
prlass
oenn. C
yg
mxm
coo
38, ex-dly. 100
1st pref.. par 580
Co.. pref..- --1152"
lot
213 Kansas City Railways, pref_1510 lot
58 Worcester Mfg. Co., corn _ _1
127 Kansas City Railways, corn.!
250 Chatham Associates Trust__ 9
5 Worcester Cons. St. Ky. Co., let
3734, ex-dly. 500 Philipshorne, Inc.. corn., par$1.51 lot
pref., par 580
4
6081. Albans & Swanton Trac. Co.,
5 Boston & Chelsea RR., par $50._ 41
510511)4ot
pref
8 Springfield Railway Co.. prof.... 60
2 Hood Rubber Co.. pref
200 Bean Safety Hair Cutter Corp..
100
$10 lot 800 Eberle Tanning Co., pref
Par $10
300 Peavey Rubber Co. of New
100 United Metal Prod. Co., pref.(
England, prof
0i
50
17
200 Western Pacific RR. Co.,1515 lot
27M
450 McClaren Rubber Co
common,old stock
3 U.S. Envelope Co., pref
50 Malden Housing Corp., pref., •
100 Sprague Safety Control &
3
Par 810
Corp., pref
05
35 Quincy Market Cold Storage &
lot25
Martin & Johnson, Inc
120
Warehouse,corn
100 Batopilas Mining Co.. par $20.56 lot 25,000 Plymouth Lead Mines Co 5$.1225
par Si
,50 lot
.2
Corp$
1 Home Bleach & Dye Wks.. pref )515 lot
73i
50 The Fairbanks Co.. prof
10 Home Bleach & Dey Wks..coml
370 Jones & Murray Co., Inc., com.$1 lot 35 Vermont Milling Prod.
common
...521ot
$
70 Allied Oil Corp par $IO
rn pref.900 Universal Texas 011 & Gar1510 lot 65 B. B. & R. Knight Co..
545 Radio Motion Picture & Phono- •
Co., par Si
graph Corp
97%
4-100 State Theater Co., pref
t
o5
- 17
25 Turners Falls Pow.& Elec. Co .17334 98 Shaffer 011 & Refining Co.. pr lf0
53 Standard Radio Corp., pref___ I
120 Stanley Steel Welded Wheel
312 Groton & Knight Mfg.Co..com. 1
Corp., pref.. par $10
150 Liberty Screw Prod. Co., Prof.. 1
120 Stanley Steel Welded Wheel
1
50 Palo Alto Fruit Co., Prof
Corp., corn., par 510
150 United Metal Prod.. 7% pref_51 lot
1st
Co.,
$175 Beacon Chocolate
(is, Nov. 11942, certif. of dep. $28 lot 25 Montana Sou. Ky. Co., pro!....I(1
800 Allied 011 Corp.. par Si
20 Beacon Chocolate Co., corn
25 J. I. Case Plow Works, Ine-Com.1 5584
5 Beacon Chocolate Co., prior pt.
I Jot
100 National Oil Co., par $10
85 Fruit Nut Cereals, Inc., capi50 Stollwerck Choe. Co., 2d Prof..
tal stock, par $5
Class A
65 Fruit Nut Cereals, Inc., pref.
2 British Internat. Corp.. Capital A
A, par $IO
7 State Theatre Co., corn.. par NO_ II
5 North Boston Ltg. Prop., prof...105
Mac.26 1925.]
THE CHRONTCLE
Shares. Stocks.
Bonds.
$ per share.
Per Cent.
20 Owen Tire Co., pref., par 850..l$5 lot $12,000 Batopllas Mining Co. 1st 68
50 Owen Tire Co., corn.. par SIO - -1
certif. deposit
$30 lot
5 Merrimac Chemical Co.. par $50. 80
3,500 rubles Russian Govt. 514s,(
3 Plymouth Cordage Co
Internal bonds, 1916;assignment 1
146
3.765 Batopeas Min Co., par 820.811 lot
of all right, title and interest of($3 lot
5 American Glue Co., corn
16.500 rubles: bonds supposed to
4114
20 Union Twist Drill Co., pref _87 Siezdiv.
be in Petrograd
50 Edison Elec. III. Co., Brockton,
35.000 Amalgamated Petroleum 75,
Par $25
July 1922
5614
$5 lot
By Wise, Hobbs & Arnold, B cston:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per M.
6 Federal National Bank
10294 75 Smuggler Union Mining Co..
7 Cornell Mills
96
600 French Flag Mining dr Mill95 Saco Lowell Shops, corn_ _ _ _4 to 514
log Co., par $10
1
5 Nashua Mfg. Co., pref _ _97%, ex-dly. 1.417 Boston & Corbin Min. Co..t$50 lot
11394 Parker Mills, corn
par $5
$10 lot
95 U.S. NVorsted Corp., corn
6614 10 Corbin Copper Co., par 325..1
10 Fidelity Trust Co., Boston._ _.1
1.500 Santa Rosa Min.. par SI 25 A.L.Sayles & Sons. pf., par $50137 lot 125 Utah Consol. Min. Co., ar $5_31 lot
25 A.L.Sayles & Sons.com.,par$251
20 Amer. Mfg. Co., corn.:114%. ex-dly.
5 The Fairbanks Co., pref
24 U. S. Envelope Co., corn
1
137
16 Pepperell Mfg. Co
134
5 Commonwealth Hotel Construe.
10 Berkshire Cotton Mfg. Co
Corp., corn. certif. of deposit.... 234
15094
35 Brookside Mills
95
50 Dellon Tire dr Rub. Co.. corn__
60 Ipswich Mills, common
71
6 Young flan Co., non-cum. pref.
41 Salmon Falls Mfg. Co
18
Par $8
50 Lancaster /Mills, common
3694 4 Young Gun Co., cum., pref.,1
250 Hamilton Mfg. Co
5
par 58
1E1 lot
2 Quincy Market Cold Storage dc
100 Young Gun Co.. corn., par $121
Warehouse Co., corn
11894 3.000 Universal Silvers Co..par25c.1
29 Border City Mfg. Co
56-5814 5 Commonwealth Hotel Construe.
5 Mass. Bonding Sr Insurance Co-275%
Corp., corn. certif. of deposit....
500 Sonora Phonograph Co.. corn__ 2
10 Commonwealth Hotel Construe.
15 Amer. Mfg. Co., corn__ _114. ex-div.
Corp., corn. certif. of deposit.... 214
677 Graton & Knight Mfg. Co.,com
15 Brophy Mfg. Co
$200 lot 1,250 Pneumatic Cushion Inner200 Utah Consol. Min. Co., par 35_51 lot
tube Co., par $10
131 lot
I United Cinema Co.. pref
}$1 lot 100 Cherokee 011 & Gas Co., par$11
I United Cimena Co., corn
25 Arkin Fastener Co. of Mass.. p1_31 lot
700 Staked Plains Trust, Ltd__ _ _320 lot 105 Int. Abrasive Corp.. 5-1 pref
154 Staked Plains Trust, Ltd., lig.
40 Int. Abrasive Corp., corn., par 1
rights certif., Class B
$15 lot
$25
1$1 lot
30 Amer. Mfg. Co., corn_ __ _114, ex-di v. 800 Int. Abrasive Corp.. com.dep.I
100 Alaska Gold Mines Co..Par $10.31 lot
receipts, par 325
27 units First Peoples Trust
75.4 2,825 Island Oil & Transport Co.,I
36 special units First Peoples Trust 594
par $10
22 Puget Sound Power eit Light,
90 Butterfield Co., Inc., corn
prior preference
108S1-%.ex-div. 350 Calif. Orchards Sr Vineyards_ 1325 lot
60 Edison Elec. III. Co., Brockto.n
$3,000 Calif. Orchards dr Vine-1
par $25
5634. ex-div.
yards crop certificate
130 Bay State Film, pref., par 310.380 lot $3,000 Calif. Orchards & Vine100 Music Master Corporation. _ _ _ 334
yards gold notes Dec.21 1923_ _
5 U.S. Envelope Co.. corn
137
$20,000 Joplin & PIttaburgRy.Co
60 New Eng. Equitable Ins. Co_ -$1 lot
Sen. mtge. 6s, April 1920
79 Springfield Gas Light, par $25.. 5834 $501.35 National Motors Corp.)
31 units Commercial Finance Corp_ 28
Ser. A 7% deb. notes July 1025/
10 units Mutual Finance Corp
45
2.8 Wills-Sainte Claire, Inc., 1st pflEl lot
28 Mass. Ltg. Cos., 6% pref___ .05-0634 4.7 Midwest Engine Corp., pref. I
10 Heywood-Wakefield Co.. 2d pl. 89
Two demand notes of the Boston
50 Central Mass. L. dr P.00., pref. 95
& Wore. Elec. Cos., aggregat500 Osage Oil & Refin. Co.. par $1_37 lot
ing $40,000, dated March 1
25 Gamewell Co.,common
1910, with interest at 6%. Int.
5934
1,000 Arizona-Southwestern Copper
paid to Feb. 1 1925 with the $8,000
Co., par $1
following collateral:
$1 lot
lot
100 The Torbell Co.. pref.. par $101
$80.000 demand note of the 13os.
1 The Torbell Co., common
& Wore. St. By. Co., dated
f$8 lot
100 Oko Zinc & Lead Co., par $10 31 lot
March 1 1919
7,150 Texas Cities Oil Corp. profit526,000 Bos. dr Wore. St. Sty. Co.
sharing contract
let 434s. due 1923
$7 lot
1,800 Int. Abrasive Corp., corn.
$6,000 Framingham & Southboro
deposit receipts, par $25
& Marlboro 5s of 1919 ext. to
El lot
2,450 Yarg Producing dr Refining)
1923 as 7s
Co., par $5
I $25 lot No. Rights.
Per right.
2,550 Yarg Producing & Refining /
25 Eastern Texas Electric Co
814
Co., certificates, par $5
J
16 Eastern Texas Electric Co
834
265 Mass. Securities Corp., pref.
Bonds.
Per Cent.
par $10
434 for 35,000 Sizer Steel Corp. 1st 78, 1937
53 Mass. Securities Corp., corn.,
certificate of deposit
pref.
4
as bonus
Mortgage note for $2.500 secured
25 A. L. Bayles & Sons, com..1
by a third mortgage on the apartpar $25
ment house No. 40-42-4214 South
1
12 Hartford Automotive Parts./25c. lot
Marshall St., Hartford. Conn .... _32 lot
common, par $50
31.000 Lackawanna Coal & Lumber
1
Ill Beacon Chocolate Co.. C0121_ J
eons. sinking fund 6s
$1 lot
5 Columbus Elec.& Pow. Co., 150.ex-dly. 512.500 Si ms Magneto 6% notes,
5 Cent. Mass. Lt. dr Pow. Co.. pref. 9534
Julg 1924
10
50 North Boston Lag, Prop., corn.95-9594
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$t per sh. Shares. Stocks.
Specs)).
1,500 Equitable Loan Society, pref.,
24 John B. Stetson, common
96
with 1,500 shares common bonus_82 Mc 25 A. B Kirschbaum Co., pref
go
200 Tonopah Belmont Dev. Co_ _6375
2 Curtis Publishing Co., common_ _306%
45 Curtis Publishing Co., common_30694
48 Amer Eng & Mfg Co
12
65 Penn Mutual Life Ins. Co
100 New Era Ore Prod. Co
300
8
10 E. Falls Bank & Trust Co
33 Wayne Steel & Iron Co
100
50 Marquette 011 Corp. v. t. 0- 4
1,050 Banker hiin dr Tun.Co.v.t.c. 1
64 Philadelphia Electric Co
48
10 Beth. & Nazareth Pass. RR._ 20
5 Girard Family St.. Inc., pref.__ 60
0 Clarion River Pow. Co., part. pt. 15
5 Girard Family St., Inc., common_ 4
24 Municipal Service Co., pref.__ 85
55 United Gas 'tont. Co
25 Phila. Sub. Water Co., pref-__. 94
115
25 American Stores Co., common
84
50 Geneva Cutlery Corp.,8% pref, 594
25 Balto. & Phila. Steamboat Co
4014 8 Berg. dr Eng. Brew. Co., pref._ 494
10 Eighth Nat. Bank of Phila
8 Berg. & Eng. Brew., Co.. corn.. 134
960
25 Fourth St. Nat. Bank
46534 5 Louisiana Oil Ref. Co
76
10 Philadelphia National Bank_ _ _ _500
214 Roane Co.011 Co., corn.. v. t. c. 27e
75 Cheiten Trust Co. old stock... _187
6 Roane County Oil Co., pref
28
10 American Dredging Co
25 Chelten Tr.Co. new stk., full pd _181
10794
5 Aldine Trust Co
11 Independence Indem. Co
290
350
25 Aldine Trust Co
16 Second & 3d Sts. Pass Sty
287
167
10 Aldine Trust Co
3 13th & 15th Sta. Pass. Sty
287
16534
50 Colonial Trust Co
12 13th & 15th Sta. Pass. Hy
160
165
10 Tioga Trust Co
25 Ridge Ave. Pass. Sty
135
165
Fidelity
Trust Co
10
30 Ridge Ave. Peas. By
612
165
18 Mutual Trust Co
100 Reading Traction Co
125
2114
35 Mutual Trust Co
124% 200 Nat. Mines & Prod. Co
25
1 Franklin Trust Co
5 Ochs Snowplow Co.(N.J.)
451
7
50 Market St. Title & Trust Co_ _ _560
150 Texas Elec. Hy. Co., common. 20
9 West Phila. Title & Trust Co_ _ _280 M 1294 Baer Bros. Co., Inc., pref
30
5 Central Trust & Say. Co
17334 97 Radford Iron Co
20
5 Central Trust & Say. Co
567 1320-10,000 Cherokee Co
170
5
20 Continental Equit. T. & Tr. Co.22094 20 °clay% 11111 Association
434
20 Continental Equit.
& Tr. 00.220
47 Hare dr Chase. Inc., pref
9234
20 Merchants' Tr. Co., Chester, Pa. 4734 49 Hare & Chase. Inc., common- 2734
4 U. S. Fid. & Guar. Tr. Co.. BalRights.
$ per right.
timore, Md
3 Cheiten Trust Co
216
58
170 Cumberland dr West. P.E. RR_ 58
27 Chelten Trust Co
57%
3 10-20 Unit Drug Co.. common.._147
Bonds.
Per cent.
3850-40.000 Unit Drug Co. see. pt, 5
Co.
Bell.
of
Tel.
$3.000
Pa. let &
81 Autocar Co., common
ref. 5s, 1048
40
10034
60 Autocar Co., common
31
31.000 Intl Sec. Tr. Co. of Amer.
47 Autocar Co., common
65, Ser. B. due 1033
31
96
10 Horn & Hardart Co., N.Y
62% $1,000 Ben. Pro. 0. of Elks, Phila.
40 Horn & Hardart Co.. N. Y
Lodge No. 2, gen. thi, 1942
62
80
$15,000 Boise & Interur. Hy. let 5s-200
25 Boone County Cl. Co.. Pref.62
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
3099
we show the dividends previously announced, but which have
not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable
Railroads (Steam).
Atlanta dr West Point
4
Carolina ClInchf. & Ohio stpd. ars.(qu.) 134
Georgia RR.& Banking (guar.)
2%
Houston & Texas Central
2%
Maine Central, Pref. (acct. accum .)_ _ •h73$
Missouri-Kansas-Texas, pref. A (guar.). 194
New London Northern (guar.)
234
Norwich & Worcester, pref. (guar.). _
2
Rich. Fred.& Potomac, guar. stk.(extra) 5
Texas & Pacific, preferred (annual).... 5
Western Hy. of Alabama
4
Books noted
Days Inclusive.
Deo, 31 Holders of rec. Dec. le
Jan. 10 Holders of rec. Dec. 31
Jan. 15 Jan. 1 to Jan. 14
Jan. 10 Holders of rec. Jan. la
Jan. 15 *Holders of rec. Jan. 2
Feb. 1 Holders of res. Jan. 15
Jan. 1 Dec. 16 to Jan. 1
Jan, 2 Holders of rec. Dec. 12.
Dec. 31 Dec. 22 to Jan. 1
Dec. 31 Holders of rec. Dec. 31a
Dee. 31 Holders of rec. Dec. 19
Public Utilities,
Amer. Electric Power. preferred (quar.)Feb. 15 *Holders of ITC. Feb. 6
Amherst Gas (guar.)
$1.50 Dec. 31 Holders of rec. Dee. It
Bemidji Elec. dr Mfg.. Pref. (Ottan)- - - 2% Jan. 1 Holders of rec. Dec. 31
Brooklyn-Manhattan Tran., corn. (qu.). $1
Jan. 20 Holders of rec. Jan.
Corn.(forperiodJune'23 to Sept.311'25) $2
Jan. 20 Holders of rec. Jan. 5
Preferred (guar.)
31.50 Jan. 15 Holders of rec. Jan. 2
Preferred (guar.)
$1.50 Apr. 15 Holders of rec. Apr. 1
Central Power. preferred (quar.)
1% Jan. 1111 Holders of rec. Dec. 31
Ctn. Newp.& Coy. Lt.& Tr., corn.(qu.) 1 si Jan. 15 Jan. 1 to Jan. 15
Preferred (guar.)
134 Jan. 15 Jan. 1 to Jan. 15
Cleveland Elec. Ilium. (guar.)
Jan. 15 Holders of rec. Dec. 31
Common'th Pow. Corp., new, corn.(qu.) 40c. Feb. 1 Holders of rec. Jan. 14
Preferred (guar.)
1% Feb. 1 Holders of rec. Jan. 14
F.asthampton Gas (guar.)
Dec. 31 Holders of rec. Dec. 18
$2
Electric Bond & Share Co.,Ind:(quar.)134 Feb. 1 llolders of rec. Jan. 15
Elmira Water, Lt. & RR., corn. (qu.)- 1% Dec. 31 Ilolders of rec. Dec. 166
Foshay(NV.B.)Co.,corn.dr spec.(m'thlY) 1 1-3 Jan. 10 Holders of rec. Dec. 31
Founders stock (monthly)
1 1-3 Jan. 10 Holders of rec. Dec. 31
Preferred (monthly)
2-3 Jan. 10 Holders of rec. Dec. 31
Georgia Light, Pow.& Rye., pref.(qu.).
194 lan. 2 llolders of rec. Dec. 21
Greenfield El. Lt. dr Pow., corn. (an.).. $2.50 Dec. 31 Holders of rec. Dec. 18
Employees'stock (guar.)
25e. Dec. 31 Holders of rec. Dec. 18
Preferred (guar.)
38c. Dec. 31 Holders of rec. Dec. 18
Harrisburg Light & Power, pref.(guar.) _
134 Dec. 31 Holders of rec. Dec. 21
Internat. Public Sem,corn.(monthly)_ _
5-6 Jan. 10 Holders of rec. Dec. 31
Preferred (monthly)
7-12 Jan. 10 Holders of rac. Dec. 31
Long Island Ltg.. common (extra)
50c. Jan, 2 Holders of rec. Dec. 23
Minnesota Elec. Distrib., corn.(mithly). 1
Jan. 10 Holders of rec. Dec. 31
Preferred A (monthly)
2-3 Jan. 10 Holders of rec. Dee. 31
Preferred B (monthly)
1
Jan. 10 Holders of rec. Dec. 31
Preferred C (monthly)
7-12 Jan. 10 Holders of rec. Dec. 31
Montreal Telegraph (guar.)
2
Jan, 15 Holders of rec. Dee. 31
Nevada-Calif. Elec. Corp., pref. (guar.). 134 Feb. 1 Holders of rec. Dec. 30
New Orleans Public Service, pref. (guar.) 1% Jan, 2 Holders of rec. Dee. 21
Peoples Light & Power, corn,(monthly). 11-3 Jan. 10 Holders of rec. Dec. 31
Preferred (monthly)
7-12 Jan. 10 Holders of rec. Dec. 31
Philadelphia City Passenger RY
.$3.50 Jan. 10 *Holders of rec. Doe. 23
Philadelphia Rapid Transit (quar.)El
Feb. 1 Holders of rec. Jan. 15
Phila. 6.r Western Sty.. pref. (guar.).
6234c. Jan. 15 Holders of rec. Dec. 31
Public Service Electric Pow., pref. WO_ •114 Feb. 1 *Holders of rec. Jan. 15
Quebec Power, common (guar.)
114 Jan. 15 Holders of rec. Dee. 31
Preferred (guar.)
154 Jan. 15 Holders of rec. Dec. 31
Shawinigan Water 6z Power (quar.)
Jan. 11 Holders of rec. Dec. 24
Southern Indiana Gas & El.6% PI. (111.) 114 Jan. 2 Holders of rec. Dec. 24
6% preferred (semi-annual)
3
Jan. 2 Holders of rec. Dec. 24
7% preferred (guar.)
134 Jan. 2 Holders of rec. Doe. 24
Tri-State Utilities, common (monthly)..
94 Jan, 10 Holders of rec. Dec. 31
Preferred (monthly)
7-12 Jan, 10 Holders of rec. Dec. 31
Turners Falls Pow.& Elec., corn.
_ $1.75 Dec. 31 Holders of rec. Dec. 16
Employees'stock (guar.)
17%0 Dec. 31 Holders of rec. Dec. 16
United Gas & Elec. Co.. 5% prof
234 Jan. 15 Holders of rec. Dec. 31
Western Power Corp., preferred (quar.)_
1% Jan. 15 Holders of res. Dec. 31
Banks.
Capitol National (guar.)
134 Jan. 2 Holders of rec. Deo. 22
Fifth Avenue (guar.)
6 Jan. 2 Holders of rec. Del. 31
First National, Brooklyn (quar.)
3
Jan. 2 Holders of rec. Dec. 18
Extra
2
Jan. 2 Holders of rec. Dec. 18
Garfield National (guar.)
3
Dec. 31 Ilolders of rec. Dec. 28
Extra
3
Dec. 31 Holders of rec. Dec. 28
Hanover National (guar.)
Jan, 2 Dec. 23 to Jan. 1
6
Extra
Jan, 2 Dec. 23 to Jan. 1
3
Nassau National, Brooklyn (quar.).... 3
Jan. 2 Holders of rec. Dec. 29
Extra
3
Jan. 2 Holders of rec. Des. 29
Peoples National (guar.)
.2% Jan. 2 *Holders of rec. Dec. 22
•5
Extra
Jan. 2 *Holders of rec. Dec. 22
Miscellaneous.
Amer. Bond & Mtge.. pref. (guar.)._
134 Jan. 1 Holders of rec. Dec. 20
American Ice, common (guar.)
2
Jan. 25 Holders of rec. Jan. 8
Common (extra)
2
Jan. 25 Holders of rec. Jan. 8
Preferred (guar.)
114 Jan. 25 Holders of rec. Jan. 8
American Screw (guar.)
14 Jan. 2 Holders of rec. Dec. 21a
Extra
1
Jan. 2 Holders of rec. Dec. 21a
Anaconda Copper Mining (guar.)
751. Feb. 23 Holders of rec. Jan. 16
Arlington Mills (guar.)
*2
Jan. 2 *Holders of rec. Dec. 28
Asbestos Corporation, com. & pf. (qu.)_
194 Jan. 15 Holders of rec. Dec. 31
Atlas Powder. preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 20a
Baer, Sternberg & Cohen, common__ 50e. Jan. 2 Holders of rec. 1)e.21
First preferred
194 Jan. 2 Holders of rec. Dec. 21
Second preferred
Jan. 2 Holders of rec. Dec. 21
Barnet Leather, preferred (guar.)
194 Jan. 1 Holders of rec. Dec. 31
Big Store Realty Corp
25c. Jan. 15 Holders of rec. Dec. 31
Extra
25c. Jan. 15 Holders of rec. Dec. 31
Bliss (E. NV.) Company,common (guar.) •25c. Jan. 2 Holders of rec. Dec. 22
First preferred (quar.)
•15c. Jan. 2 Holders of rec. Dec. 22
Second preferred (guar.)
.$1
Jan. 2 Holders of rec. Dec. 22
.$1
Borden (Richard) Mfg. (guar.)
Jan. 2 'Holders of rec. Dec. 22
Bowman Biltmore Hotels, Sat pre!. (qu.) 194
Holders of rec. Dee. 12
.5
Second preferred
Holders of rec. Dec. 12
Bruce(E. L.) Co., common (guar.)
62Me. Jan. 2 lloiders of rec. Dec. 22
Preferred (guar.)
1% Jan. 2 Holders of rec. Dec. 22
Buckeye Incubator (guar.)
60e. Jan. 2 Holders of rec. Dec. 19
Byers(A. M.) Co., pref. (guar.)
•15$ Feb. 1 *Holders of roc.
Jan 15
California Guaranty Corp., Class A (qu.) 2
Jan. 8 Holders of
Canada Dry Ginger Ale, corn. (guar.)._ "25c. Jan. 15 *Holders of rec. Dec. 15
rec.
Jan.
2
Common (extra)
.25c. Jan. 15 *Holders of rec. Jan. 2
Canada Salt (guar.)
2
Jan. 1 Holders of rec. Dec. 22
Canadian Cottons, Ltd., corn. (quar.).. 2
Jan. 4 Holders of rec. Dec. 24
Preferred (guar.)
194 Jan. 4 Holders of rec. Dec. 24
Case (J. I.) Thresh. Mach., pref. (qu.).. •14
. Apr. 1 *Holders of rec.
Mar. 15
Preferred (acct, accumulated diva.),.. 0/i7
Jan. 12 *Holders of rec. Dec. 28
Central American Plantation Corp
10
Dec. 28 Holders of rec. Dec. 18
Ch. Jct. Rys.& Un.Stk. Yds.,com.(gu.) 294 Jan. 1 Holders of rec. Dec.
15
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 15
Chicago Pneumatic Tool (guar.)
'134 Jan. 25 *Holders of rec. Jan. 15
Churngold Co.(extra)
'St
Dec. 30 *Holders of
Commercial Credit Corp., corn. (quar.)_ •37Sic Dec. 31 *Holders of rec. Dec. 28
rec. Dec. 21
Seven per cent preferred (guar.)
"43Mc Dec. 31 *Holders of rec. Dec. 21
Eight per cent preferred (guar.)
•50e. Dec. 31 *Holders of
Corn Products Refining, corn. (guar.)._ *50c. Jan. 20 *Holders of rec. Dec. 21
rec. Jan. 4
Preferred (guar.)
•1% Jan. 15 *Holders of rec. Jan. 4
Cudahy Packing. common (guar.)
1% Jan. 15 Holders of rec. Jan. 5
Dixon (Joseph) Crucible (guar.)
2
Dec. 31 Holders of rec. Dec. 21
Dominion Stores, Ltd., pref. A
4
Jan. 1 Holders of rec. Dec. 16
Eaton Axle & Spring (guar.)
*50c. Feb. 1 *Holders of rec. Jan. 15
Edwards(Wm.) Co., preferred (guar.). _
134 Jan. 2 Holders of rec. Dec. 19
Elgin National Watch (guar.)
62%e Feb. 1 Holders of rec. Jan. I5a
Euclid 011 (monthly)
114 Jan. 25 Holders of rec. Jan.
10
Monthly
194 Feb. 25 Holders of rec. Feb. 10
Monthly
1.% Mar. 25 Holders of rec. Mar. 10
Federal Terra Cotta, common
2
Jan. 15 Holders of rec. Jan. 5
Common (special)
2
Jan. 15 Holders of rec. Jan. 5
Name of Corn pant.
[vol. 121.
THE CITTRONTCLE
3100
When
Per
Cent. "a-.
Books Closed
Data imths.St4.
Miscellaneous (Concluded).
Jan. L Holders of rec. Dec. 15
Feys(John(%)& Aasoc.. Inc., com.(qu.) 1
Ian. 1. Holders of rec. Dec. 15
2
Preferred (guar.)
344 Jan. 1 Holders of rec. Dec. 28
Firestone-Apsley Rubber, preferred_ _
Jan. 10,
Firestone Tire & Rubber, corn. (guar.)._ $1.50 Jan. 21. Holders of rec.
Jan. 2 Holders of tee. Dec. 21
$I
Common(special)
1
Jan.
rec.
of
Holders
It
Jan,
144
(quart
pref.
cent
per
Six
1M Feb. It Holders of rec. Feb. 1
Seven per cent preferred (guar.)
154 Ian. k Holders of rec. Dec. 24
Fraser Companies. Ltd.. pref. (quar.)
'50c. Ian. It *Holders of rec. Jan. 7
General Refractories(quart
750. Ian, 31 Holders of rec. Jan. 15
Gilchrist Company (guar.)
Jan. 1 Holders of rec. Dec. 19
2
Grant(W. T.) Co..8% pref. (guar.)
35e. Ian, 21 Holders of rec. Jan. 22
Hibbard. Spencer, Bartlett Co
Dec. If Holders of rec. Dec. 10a
Hibernia Securities. common (quar.)... 5
Jan. 1 Holders of rec. Dec. 31
$1
Hill. Joiner at Co., common
33.4 Ian. 1 Holders of rec. Dec. 31
Preferred
Dec .31
Hooven. Owens, Rentschler, pref.(qu.). 154 oec. 31 Dec. 21 to
50e. Jan. It Holders of rec. Jan. 5a
Howe Sound Co.(guar.)
Jan. 9 Holders of rec. Dec. 31
SI
Hurley Machine (guar.)
Dec. 19
Husamann (Hurry L.) Refr.. corn.(qU.). 6234e. • an. 2 Holders Of rec.
1, Holders of rec. Dec. 19
112 34c. Lin
Common (extra)
*2.4 ian. if 'Holders of rec. Jan. 5
Illinois Brick (guar.)
*2.4 kpr. If 'Holders of rec. Apr. 5
Quarterly
*2.4 July If *Holders of rec. July 5
Quarterly
*2.4 Jet. If *Holders of rec. Oct. 5
Quarterly
Jan. 2 Holders of rec. Dec. 19
61.25
Interlake Steamship (quart
Jan. 2 Holders of rec. Dec. 19
Si
Extra
28 'Holders of rec. Jan. 16
fan.
.12
(quar.)
corn.
Stores.
Dept.
Kaufmann
1 'Holders of rec. Jan. 20
Feb.
.75c.
Kayser (Julius) & Co.. corn.(guar.).- Jan. 2 Holders of rec. Dec. 23
2
Laclede Steel (quart
Holders of rec. Dec. 24
31
Om.
254
Lawton Mills (quart
Dec. 31 Holders of rec. Dec. 24
5
Extra
500. Jan. 27 Holders of'rec. Dec. 31
Lion Oil Refining (quart
Feb. 1 Holders of rec. Jan. 18 i
Lord & Taylor, zd preferred (guar.).- 2
750. Jan, 11 Holders of rec. Jan. 3
Maple Leaf Milling. pref. (guar-)
len. 2 Holders of rec. Dec. 20
20e.
(quar.)..
common
Stores.
Missouri-Ills.
of rec. Dec. 23
Nashua Manufacturing, pref. (guar.).- 154 Ian. 2 Holders of rec. Dec. 31
National Fireproofing, pref. (quar.)... _ •144 Ian. It *Holders of rec. Dec. 24
Holders
2
Jan.
3
Nautlikeag Steam Cotton (guar.)
30c. Jan. 1 Holders of rec. Dee. 21
Nelson (Herman) Corporation
Jan. 1 Holders of rec. Dee. 15
New England Equity Corp.. pref.(quart 2
234 fan. If Holders of rec. Jan. 5
New York Dock, preferred
Ian. 2 'Holders of rec. Dec. 19
*2
Ohio Leather. 1st preferred (guar.)
Jan. 1 Holders of rec. Dec. 15
2
Pedigo-Weber bhoe (guar.)
Jan. 2 Holders of rec. Dec. 24
El
Extra
Feb. 15 Holders of rec. Feb. 5
2
Penman.% Limited. common (guar.)._
13.4 Feb. 1 Holders of rec. Jan. 21
Preferred (qoar.).
$1.25 Jan. 15 Holders of rec. Dec. 31
Pennsylvania Salt Mfg.(guar.)
4134
Feb. 1 'Holders of rec. Jan. 20
Phillips-Jones Corp.. pref. (guar.)
Dec. 31 'Holders of rec. Dec. 22
*2
Pilgrim Mills (gear.)
Dec. 2, 'Holders of rec. Dec. 22
*2
Extra
*154 Jan. 21. *Holders of rec. Jan. 2
Plymouth Cordage (guar.)
154 Ian. 1 Holders of rec. Dec. 26
Providence Ice Co.. first pref.(altar.)
Rice-Stix Dry Goods, common fguar.)._ 3744c Feb. 1 Holders of res. Jan. 15
144
Jan. 2 Holders of rec. Dec. 25
(quart....
First and secord preferred
"11.51. Jan. 2 *Holders of rec. Dec. 28
Richman Broth/ rs (guar.)
Jan. 1 'Holders of rec. Dec. 18
"al
(quar.)_
Cement
Portland
Cruz
Banta
Dec. 24 *Holders of rec. Dec. 18
'Si
Extra
Jan. 1 Holders of rec. Dec. 20
2
Seaboard OR preturred (guar.)
Jan. 20 Holders of rec. Dec. 31
(d5)
Seagrove Corp. (guar.)
Securities 1nm:talent, common (guar.). 6234e. Jan. 2 Holders of rec. Dec. 21
Jan. 2 Holders of rec. Dec. 21
2
Preferred (guar.)
Securities Mani gement Corp., Cl. A(au./ *134 Jan. If 'Holders of rec. Jun. 2
Jan. 2 'Holders of rec. Dec. 24
Sharon Steel Mop. preferred (guar.)... *2
•33 1-3c Jan. 2 *Holders of rec. Dec. 21
Sheffield Steel
Silver King Coalition Mines (quar,)._._ .25c. Jan. 2
.10e. lee. 24
Extra
Jan. 2 Holders of rec. Dee. 29a
$2
Southern Baking, Preferred (guar.)
Ian. 31 *Holders of rec. Jan. 15
Southern Dairies, Inc.. Cl. A(qu.)(No.1) *SI
154 Jan. 15 Holders of rec. Dec. 31
Spanish Ri v.Pulp &PAP..min.& pt.(gut
Ian. 2 Dec. 23 to Jan. 1
$2.50
Stahl(H. A.) Properties Co.. corn.(qu.).
154 Jan. 2 Dec. 23 to Jan. I
Preferred (guar.)
1 Holders of rec. Dec. 15
Jan.
242
common
Screw,
(quart
Standard
Jan. 1 Holders of rec. Dec. 15
3
Preferred
Feb. 1 *Holders of me. Jan. 15
*$1
Sterling Products. Inc.. (quar.)
$1.5C fan. It Holders of rec. Jan. 5
Superheater Co. (guar.)
Jan, 5 Holders of rec. Dec. 26
$3
Extra
60c.
Feb. 1 Holders of rec. Jan. 15
Internacional
Swift
Syracuse Wash.Mach..com.,A & B(qu.) 075c. Jan. 2 *Holders of rec. Dec. 18
Jan. 2 *Holders of rec. Dec. 18
'Si
Common A & B (extra)
Jan. 2 *Holders of rec. Dec. 18
*2
Common A & LI (In stock)
144 Jan. 2 Holders of roe. Dee. 19
Trumbull-Cliffs Furnace, pref. (quart
Dec. 2: *Holders of rec. Dec. 16
.20
(guar.)
Mining
Standard
Matte
Jan. 1 *Holders of rec. Dec. 16
*30c
Extra
50c. Jan. 2 Holders of rec. Dec. 19
Union Metal(quar.)
2 Holders of roe. Dec. 19
fan.
25c.
Extra
SI.75 Jan. 2 Holders of rec. Dec. 24a
United Ice Service, pref. A (guar.)
Jan. 5a
United Verde Extension Mining (guar.). 75e. Feb. 1 Holders of roe.
_ $1.75 Dec. 31 Holders of rec. Dec. 21
U.S. Paper Goods, preferred (quart
154 Ian. 2 Holders of roe. Dee. 30
U.S. Rayon Corp.. Prof. (quart
Jan, 2 Dec. 27 to Jan. 3
Universal Pictures. 1st pref. (quar.).... $2
rm. Jan. 15a
Universal Pipe & Radiator. pref. (guar.) 154 Feb. 1 Holders of
154 Jan. 2 Holders of rm. Dec. 22
Van Dorn Iron Works, pref. (gimr.)
rec. Dec. 31
of
Holders
7
Jan.
5
Westchester Title & Trust
Jan, 7 Holders of res. Dec. 31
5
Extra
Dec. 18a
rec.
of
Holders
2
Jan.
254
(quar.)....
common
Young (J. S.) Co.,
144 Jan. 2 Holders of rec. Dec. 18a
Preferred ((mar.)
Name of Company.
Per
Cent
When
'avable
Railroads (Steam) (Concluded).
Deo. 31
Column,& Southern, twat Preferred--• 2
lies. 31
4
Second preferred
Jan,
2
134
(qu.)..
Cuba.
pref.
of
Ruts.
Consolidated
$1.44 Dec. 31
Cuba Rut., common (guar.)
1-e1t1''4.
3
Preferred
Jan. 15
3
Detroit River Tunnel
$1.61 Jan. 1
Elmira & n illiantsport. pref
245 Feb. 1
Great Northern preferred
./aii. I
Gulf Mobile & Northern, pref. lined),).
Preferred (acct. ace um. dividend).- _ rah Jan. 1
Des, 31
2
ticking Valley
inn. 2
2
i Mauls Central, leased lines
IN Jan. 4
Joliet & Chicago (guar.)
11.
Jun.
I
Kansas City Southern, pref. (guar.)--.
Ian, 2
I
Lockawatina RR. of N. J. Wino.)
8754i Jan, 2
Lehigh Valley. common (quart
$1.25 Jan. 2
Preferred (quart
Jan. 15
al
Little schuylkill Nay., RR. de Coal
u• eh. II
& Nash vale
SIZ.5tu Feb. I
Malmning Coal ItIt.. common
$1.25 Jan. 2
Preferred
27e. Jan. 2
Manhattan Hy.(modified guar.)
154 Jan, 2
Nomassenting (guar.)
Jan. 29
10
Michigan Central
714 Jail, 29
Extra
tam x
2
Montle & Birminghatn. Preferred
342 Dec. 31,
Mobile & Ohio
Dec. 31,
3
Extra
2.1254 Ian. 2
Morris & Fassex
IN Feb. 1
New York Central RR.(guar.)
.
I SN
Y Uloc.nr e,f I., coin et Prof (g 1.)
$1.25 Jan. 2
New York & Harlem.cum.& pref
N. V. Laekawatiota & West. (guar.).- I SI hill. 2
Jan. 15
52
Northern Cem ral
lid Feb. I
Northern Pacific (guar.)
Jan. 11
4
Northern Securities
Jan, ii
2
Extra
145 Jun. I
Old Colony ((pier.)
I
Jim. 2
Pere Marquette, common ((uar.)
I N Feb. 1
Prior preference (guar.)
154 Fri,. I
Preferred ('ular.)
Dee. 31
*3
Phila., Baltimore & Washington
134 Jan. '1
Puts. it. Wayne & Chic., coui. (Uttar.)
134 Jan. 5
Preferred (WW1
2.50 Feb. 1
Pittsburgh & Lake Erie
$1.541 .1/III. 2
'alum. NICK vesport & Yong hlognetty
Feb. 11
Reading Company,common (guar.)--- SI
fine. Jan. 14
second preferred (quart
Jan. 2
at
Rensselaer & Saratoga
Richmond Fredericksburg & Potomacd354 Dec. 31
Common and dividend obligations
Dec. 31
Common and div. obligations (extra)_ 5
154 Jan. 4
Ity..
emu.(4111
St. Lotila-sun F rout:taco
144 Feb. I
Preferred (guar.)
152 May I
Prefermi (tioor.)
13.1 Aug. 2
Preferred (quar.)
154 Nov I
Preferred (guar.)
IN Deo, 31
)St. Louis Southwestern. pref. (guar
122 Jan. z
Soot bern Pacific Company (guar.)
1,4 Feb. I
Southern Railway, common (goal'.)...•
Jan. If
114
Preferred (quart
Jan. '2
1
Sumacs RR
Deo, 31
6
Buffalo
&
Toronto Hamilton
Dec. 31
e20
Stock dividend
Jan, 15
6
Troy Union RR.(annual)
2)4 Jan, 2
union Pacific. coin. (quart
224 .18n. 2
valley RR.(New York)
Dec. 31
6
virginlan Hy.. common (annual)
Western Pacific RR.Corp., pref.(goat ) 154 Jan. 7
Books Closed
Days Inclusive.
Dec. 13 to Jan. 1
Dec. 13 to Jan. 1
Holders of rec. Dec. 150
Holders of rm. Dec. 310
Homer.. of me Jan. 150
Holders of reo. Jan. 8a
Holders of rec. Dec. 200
Holder, of rem Dec. 240
Holders of rec. Dee. 154
Holders of rem Dec. 150
Holders of rec. Dec. 40
Dec 12 to Jan. 4
Holders of rec. Dee. 24a
Holders of rec. Dec. 310
Holders of rec. Dec. 75
Holders of roe. Dec. 19a
Holders of res. Doe. 19a
Dec. 19 to Jan. 17
Holders if rec. Jan. I5a
Holders of rec. Jan. 254
Holders 01 roe. Dee. 231
Holders of rec. Des. 184
Holders of rec. Doe. 280
!folders of rec. Dec. 311
Holders of rec. Dec. 31a
to Jan. 1
Dee 2
Builders of rec. Deo 161
Holders of tee. Dee. 160
Holders of rec. Dec. 90
Jan. 1 to Jan. 27
- of rec N ov.16a
foam,
Holders of rm. Dec. 154
liohlent of rec. Dec. 120
Holden of rec. Dec. 311
Holders of rm. Dec. 310
Dec. 25 to Jan. 11
Dec. 25 to Jan. 11
Holders of me. Dec. 120
Holders of rec. Dec. 15a
Holders of rec. Jan. I56
Ill/Menu of rec. Jan. 15a
Holders of ree. Dec. 15
1 loldere of rec. Dec. 100
Holders id roe. Dec. lila
Madera of ree. Jan. ill
111,111t.rh of to,,. Dec. ISO
Holders of rec. Jan. 140
Holders of rec. Dec. 280
Dec. 16 to Jan. 1
Dec. 22 to Jan. 1
Dec. 22 to Jan. 1
!folders of roc. Dec. Ills
Holden? of tee. Jan. 15a
Holders of rec. Apr. 106
Holders of rec. July 15a
Holden) of roe. Oct. 16.
Holders of rec. Dec. 15a
Holders of roe. Nov.270
Hoiden, if rec. Jan. 9
Holders of rec. Jan. 2
Holders of rec. Dee. 260
Maulers of rec. Dee. 280
Holders of roe. Dec. 286
Holders of rec. Dec. 316
Holders of rec. Dee. la
Holders of rec. Dee. 154)
Holders of tee. Dee. 216
Holders of rec. Dee. 280
Public Utilities.
134 Jan. 1 Holders of rec. Dec. 19
Alabama Power. preferred (quar.)
134 Jan. 14 Holders of rec. Dec. ala
All- America Cabiee (guar.)
Amer.BrownBoveriElec.CorP.,pf.(No.1) 81.75 Jan. 1 Holders of rec. Dec. 224
Power
Foreign
&
American
Allot, ctfs. for corn. & pref. stock-. 4344c Jan, 2 Holders of rec. Dec. 150
$1.75 Jan, 2 Holders of rec. Dec. 15a
Preferred (quart
Jan. 13 Holders of rec. Dec. 31a
2
American Gad (quart
Dec. 10
American Gas & Elec., common (quar.). 25o. Jun. 2 Holders of rec.
common (payable in new non par cum) (W) Jan. 2 Holders of rec. Dec. 10
11
Jan.
rec.
Of
Holders
1
Feb.
$1.50
Preferred (guar.)
Dec. 17
American Power & Light. pref.(quar.).. 134 Jan. 2 Holders Of rec. Dec.
150
rec.
of
Holders
2
Jan,
154
preferred
(guse.).
Amer. Public Service,
15a
Amer. Public Utilities. prior pref. (go.). 144 Jan, 2 Holden; of rec. Dec. 15a
11.4 Jan, 2 Holders of rm. Dec.
Participating preferred (gust.)
15
Dec.
rec.
of
Holders
1
Jan.
$1.50
(go).
pref
Amer.Superpower Corp., 1st
19a
5auer. Teiepnone & Telegrapb (quart _. 214 tall, 15 Holders of rec. Dec. 21
Dec.
rm.
of
Holders
2
Jan.
$1.75
pref.
(gu.)
Co.,
Power
Arkansas Central
100
rec.
Dec.
of
Holders
31
Dec.
8e.
Arkane4is Natural Gas (guar.)
144 Jan. 2 Holders of rec. Dec. 14
Asheville Power & Light, pref. (guar.)
Associated Gas & Electricrec. Jan. 11
Class A stock (payable In Class A stk.) (k) Feb. 1 Holders ofof rm. Dec. 10
Jan. 2 Holders
k87
Original series preferred (guar.)
rec. Deus. 10
of
Holders
2
Jan.
ki1.75
17 dividend series (guar.)
1224e Ian. 2 Holders of rec. Dee. 100
Preterrel (extra)
rec. Dec. 31
of
Holders
2
Jan.
1)
(No.
6245c.
A
Cl.
Corp..
Assoc. Inter, Elec,
154 Jan. 2 Holders of rec. Dee, 10
Bangor Hydro-Electric, pref. (guar.)
Jan. 16 Holders of rec. Dec. 23
2
Below we give the dividends announced in previous weeks Bell Telephone of Canada (quart
154 Jan. 15 Holders of reo. Dee. 190
Bell Telem of Penn., pref. (guar.)
of
15
and not yet paid. This list doeo not include dividends an- Binghamton
L., H.& P.,7% pref.(qu) 154 Jan. 2 Holders of rec. Dec.
table.
preceding
reo. Dec. 15
the
in
given
being
154 Jan. 2 Holders
these
week,
(quart
this
preferred
nounced
Six per cent
of
Holders
15
rec.
Dec.
2
Jan,
Birmingham Elec. Co., pref.(quar.).... 144
154 Jan. 2 Holders of roe. Dec. 18
Boston Elevated,common (quart
Books Closed.
When
Per
Jan. 2 Holders of rec. Dec. 18
4
te preefeed
First
Inclusive.
Day.
Payable.
Cent.
pony.
Cowl
of
Name
33.4 Jan. 2 Holders of rec. Dee, 18
Preferred (quar.)
1 Holders of rec. Dec. 110
Jan.
145
(gu.).
pref.
Pow..
&
Lt
Brazilian Tree.,
Railroads (Steam).
Jan. 2 Holders of rec. Dm. 120
$1
Jan. 1 Holders of rec. Dec. 15a Brooklyn Union Gas (guar.)
4
Jan 11 Holders of rem Dm. 210
Akron Canton & Youngstown
7
Extra
27
Nov.
rec.
of
354 Dec. 28 Holders
1 Holders of reo. Dec. 15
Alabama Great Southern, ordinary
Canadian General Elec., prof. (gear.).. 134 Jan.
354 Feb. It Holders of rec. Jan. 15
Preferred
D. C.(qu.) 1,4 Jan. I Holders of rec. Dec. 14
434 Jan. 1 Holders of rec. Dec. 15a Capital Tract., Washington,
2
Holders of roe. Dec. 14
Jan.
Albany & Susquehanna
134
prof.
&
(gfilar.)22o
Light.
Power
Carolina
Jan. 9 Holders of rec. Dec.
2
Special
134 Jan, 1 Holders of rec. Dec. 15
Jan. 2 Holders of roe. Dec. 21a Central III. Light,6% preferred (quart_
3
Allegheny & Western
Jan. 1 Holders of roe. Deo. 15
141
(guar.)
preferred
3Ia
cent
Seven
per
Dec.
rec.
of
1
Holders
254 Feb.
Atchison Topeka & Santa Fe, pre
pref.(qu.)_ 81.50 Jan. 15 Holders of rec. Dee. 31
344 Jan. 11 Holders of rec. Dec. 16a Central Illinois Public Berl.,pref.
Atlantic Coast Line RR., corn
(qu.). 134 Doe. 31 Holders of rec. Dec. 10
Ian. 11 Holders of rec. Dec. 16. Central States Elec. Corp..
1
Common (extra)
134 Deo. 30 Dec. 15 to Dm. 20
Ry.
(guar.)
City
144 Mar. 1 Holders of ree. Jan. 16. Chicago
Baltimore & Ohio. common (quar.)
145 Jan. I Holders of rec. Dee, 15a
(guar.)
Mar. 1 Holders of rec. Jan. 16a ChM. North Shore & Milw., pref.
1
Preferred (quart
154" fan. 1 Holders of ree. Dec. 150
(guar.)
lien
stock
Prior
15a
Dec.
rec.
of
Holders
Bangor & Aroostook. common (quar.).. 750. Jan. 1
Jan. 1 Holders of rec. Dec. 150
650,
pf.
prior
(m1.121Y)
154 Jan. 1 Holders of rec. Dec. 15. Chicago Rapld Transit.
Preferred (guar.)
65e. Feb. 1 Holders of rec. Jan. 190
preferred
Prior
(monthly)
15a
Dec.
reo.
of
Holders
2
Jan.
50c.
Mar, 1 Holders of rec. Feb. 161)
Beech Creek (quart
650.
Prior
(monthly)
preferred
254 Dec. 31 Holders of rec. Nov. 30
Boston dt Albany (quart
5 Dec. 31 Holders of reo. Deo. 31
Elec., common
ikr3
gua
Chickasha Gri
242 Jan. I Holders of rec. Dec. 19
Boston & Providence (guar.)
134 Deo, 31 Holders of rec. Dec. 31
Preferred
I50
Dec.
rm.
of
Dec.
30
Holders
Buffalo & Susquehanna,common (guar.)
g Jan. d2 Dec.d21 to dJan. 1
Dec. 30 Holders of rec. Dec. 15n Cincinnati Gas & Electric (guar.)
2
•662-3e Jan, 2 Holders of rec. Dee. 16
Preferred
154 Feb. 1 Holders of roe. Dec. 31a Cincinnati Street Ry.(quart
Canada Southern
Jan, 2 Dec. 21 to Dec. 31
Si
(quart
Telco.
Bell
Sub.
Is
&
Cincinnati
Dec.
254 Deo, 3) Holders of rec.
Canadian Pacific, common (quar.)
$3.50 Jan, 1 Dec. 20 to Jan. 1
3I0 Citizens Pass. Ry., Phila. (guar.)
Carolina Clinch. & Ohio, corn. (guar.)._ 750. Jan. 10 Holders of rec. Dec.
1M Jan. 2 Holders of rec. Doe. 12
(guar.)
Rys.
40
Cleveland
Dm.
rea.
of
1
Holders
Jan.
2
•1yi Dec. 31 Holders of rec. Dec. 15
Chesapeake & Ohio, common
354 Jan. I Holders of rec. Dec. 4, Coast Valley Gas & Elec.. pref. A (gu.)Preferred
'144 Dec. 31 *Holders of roe. Doe. 15
Preferred B (guar.)
Dec. 26 'folders of rec. Dec. 17,
5
Chicago Burlington & Quincy
245 Jan. 2 Holders of roe. Dec. 1411
(go.)
common
Power,
&
Elec.
Columbus
26
Dec
254 Jan. 11 Holders of rm.
Chicago Indianan & Loulsv.,common_ _
154 Jan, 2 Holders of rec. Dee. 140
Second preferred (guar.)
Jan. 11 Holders of rec. Dec. 26
2
Preferred
pref.(gust.) .1,1A Jan. 2 *Holders of rec. Doe. 15
Elec.,
&
Gas
la
Ity.,
Columbia
Dec.
rec.
of
31
Holders
Dee.
2
Chicago & North Western, common...,.
corn.
83
Jan. 2 Holders of rec. Dec. 15
new.
Light,
&
Pow.
In
Columbus Sty.,
342 Dec. 31 Holders.of roe. Dee,
Preferred
51.62 Feb. 1 Holders of rec. Jan. 15
Series13 preferred (guar.)
Dec. 31 Holders of roc. Dec. 110
3
Chic. R. I. & Pacific. 6% preferred_
e Jan.216 Holders of reo. Dec. 150
6254
Balt.,
corn.
(gni
Pr,
L.&
El.
Gas.
Consul
la
1
Dec.
rec.
of
31
Holders
33.4 Dee,
Seven per cent preferred
2
Jan 2'20 Holders of reo. Dee. 150
Preferred. Series A (quart
Dec. 31 Holden of rec. Dec. Is
5
Chicago St. Paul Minn.& Omaha, pref.
144 Jan 2'26 Holders of rec. Dec. 150
Preferred, Series 13 (quar)
Jan. 20 Holders of rec. Jan. 13a
5
Cincinnati Northern
Jan 2'26 Holders of rem Deo. 150
(guar.)
C
Series
Preferred,
154 Jan. 20 Holders of ree. Dec. 310
Ckeve. Clnc. Clue.& St. L.,corn.(gut
Feb. 1 Holders of reo. Dec. 1541
rat et Ca. Nev. Yoriu . prof (guar.)
114 Jan. 20 Holders of rec. Dec. 31a
Preferred (guar.)
DEC.26 1925.]
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclutist.
Public Utilities (Concluded).
Consumers Power,6% pref.(quar.)__-_ 1% Jan2'26 Holders of rec. Deo. 15
6.6% preferred (guar.)
1.65 Jan2'26 Holders of rec. Dec. 15
7% preferred (guar.)
14 Jan2'26 Holders of rec. Dec. 15
6% preferred (monthly)
50e. Jan2'26 Holders of rec. Dec. 15
6.6% preferred (monthly)
55e. Jan2'26 Holders of rec. Dec. 15
'Continental Gas & Eleo., corn. (quar.) $1.10 Jan.1'26 Holders of rec. Dec. 120
Prior preference 7% Mali
14 lan.1'26 Holders of rec. Dec. 120
Prior preference 6% (guar.
134 Jan.1'26 Holders of rec. Dec. 120
Jan.1'26 Holders of rec. Dec. 120
Participating preferred (guar.)
Participating preferred (extra)
34 Jan.1'26 Holders of rec. Dec. 120
Dee. 30 Holders of rec. Nov.300
J$3
Continental Passenger Ry., Phila
Detroit Edison (quar.)
jan. 15 Holders of rec. Dec. 21a
2
Denver Tramway. preferred (No. 2)_
$1.25 Jan. 1 Holders of rec. Dec. 150
Jan. 2 Holders of rec. Dec. 150
Duluth-Superior Traction, pref.(guar.). $1
1% Jan. 15 Dec. 24 to Dec. 31
Dominion Power dr Transmission, pref
134 Jan. 15 Holders Of rec. Dec. 31
East Bay Water, Class A, pref.(guar.)_ 1% Jan. 15 Holders of rec. Dec. 31
Class B preferred (guar.)
Eastern Kansas Power Co., pref. (guar.) 1% Jan. 2 Holders of rec. Dec. 21
Jan. 1 Holders of rec. Dec. 20
Eastern N. J. Power Co.. pref.(guar.)_ _ 12
Eastern New York Utilities, pref.(guar.) 1% Jan. 2 Holders of rec. Dec. 150
Eastern Texas Elec. Co., corn. (quar.)_ _ /1.25 Jan. 2 Holders of rec. Dec. 16a
14 Jan. 2 Holders of rec. Dec. 160
Preferred (guar.)
Dec. 31 Holders of rec. Dee. 216
Edison Elec. Ilium. of Brockton (extra) El
Electric Bond & Share, pref. (quar.)_ _ _ _ 1% Feb. 1 Holders of rec. Jan. 15
Electric Bond & Share Securities(quar.)_ 250. Jan. lb Holders of rec. Dec. 21
(y) Jan. 2 Holders of rec. Dec. 15
Electric Investors. Inc.. common
Elec. Light & Power Co. of Abington
50c. Jan. 2 Holders of rec. Dec. lla
dr Rockland (guar.)
50e. Jan. 2 Holders of rec. Dec. lla
Extra
Electric Power & Light, pref.(quar.)_ _ $1.75 Jan. 2 Holders of rec. Dee. 15a
Elmira Water. Lt.& RR., 1st pref.(qu.) 134 Dec. 31 Holders of rec. Dec. 160
134 Dec. 31 Holders of rec. Dec. 16a
Second preferred (guar.)
El Paso Electric Co. of Del., pf. A (qu.) $1.75 Jan. 15 Holders of rec. Jan. 40
$1S0 Jan. 15 Holders of rec. Jan. 40
Preference B (guar.)
El Paso Elec. Co. of Texas12
Jan. 2 Holders of roe. Dec. 15
Preferred Class A (guar.)
$1.75 Jan. 2 Holders of rec. Dec. 15
Preferred. Class B (guar.)
Engineers Public Service, pref. (quar.)_. 11.75 Jan. 2 Holders of rec. Dec. 1
Federal Light & Traction. corn. (guar.). 035e. Jan. 2 Holders of rec. Deo. 15a
Florida Public Service, pref. (guar.) _ _ *14 Jan. 2 *Holders of rec. Dec. 15
Frankford dr Southwark Pass. Ry.(qu.)_ 14.50 Jan. 1 Doe. 2 to Jan. 1
General Gas & Elec., corn., Cl. A (guar.) 374c. Jan. 2 Holders of rec. Dec. 31
52
Jan. 2 Holders of rec. Dec. 31
18 Preferred, Class A (guar.)
$7 Preferred, Class A (quar.)
11.75 Jan. 2 Holders of rec. Dec. 31
Preferred, Class B (guar.)
$1.75 Jan. 2 Holders of rec. Dec. 31
Jan, 1 Holders of rec. Dec. 100
Georgia Ry.& Power 8% Pref.(quar.).. 2
114 Ian, 1 Holders of roe. Dec. 100
Seven per cent preferred (guar.)
Germantown Passenger Ry.(guar.)._ 11.31 Jan. 5 Dec. 17 to Jan. 4
Gold & Stock Telegraph (guar.)
14 Jan. 2 Molders of rec. Dec. 31a
Hackensack Water, pref.. Cl. A (No. 1). d434c. Dec. 31 Holders of roe. Dee. I8a
Haverhill Gas Light (guar.)
570. Jan. 2 Holders of rec. Dec. 14a
Houston Gas & Fuel. preferred (quar.)
14 Dec. 31 Holders of rec. Dec. 14
$2
Dec 30
Dec. 31
Illinois Bell Telephone (guar.)
1% Jan, 2 Holders of rec. Dee. 15
Illinois Power,6% preferred (guar.)... _
Seven per cent preferred (guar.)
14 Jan. 2 Holders of rec. Dec. 15
Illinois Power & Light 7% pref. (guar.). 14 Jan. 2 Holders of rec. Dec. 10
Six per cent preferred (guar.)
1% Jan. 2 Holders of rec. Dee. 10
Illinois Public Service. pref.(guar.)
*51.50 Jan. 15 *Holders of rec. Dec. 31
Illinois Traction, preferred (quar.)
14 Jan. 2 Holders of rec. Dec. 19
Internat. Telephone & Telegraph (qu.)_
1% Jan. 15 Holders of rec. Dec. 260
14 Jan. 1 Holders of rec. Dec. 5
Interstate Power, preferred (guar.)
Iowa Power & Light, 7% pref. (guar.)._ '134 Jan. 2 *Holders of rec. Dec. 19
Jamaica Public Service. pref. (guar.). _ 11.75 Jan. 2 Holders of rec. Dec. 12
Jersey Central Pow. & Lt., pref. (qu.)._
14 Jan. 1 Holders of rec. Dec. 17
Kansas City Power & Lt.. 1st pfd A (qui $1.7b tan. 1 Holders of rec. Dec. 150
Kansas Electric Power, pref. (guar.)... 14 Jan. 2 Holders of rec. Dec. 21
Kansas Gas & Elec.. pref. (guar.)
1% Jan. 2 Holders of rec. Dec. 16
Kentucky Securittee Corp.. corn.(qu.)_. 14 Jan. 2 Holders of rec. Dee. 180
1% Jan, 15 Holders of rec. Dec. 180
Preferred (guar.)
14 Jan. 15 Holders of rec. Dec. 31
Laurentide Power (guar.)
Lone Star Gas (guar.)
50c. Dec. 31 Holders of rec. Dec. 186
Long Island Lighting, preferred (guar.). 14 Jan. 2 Holders of rec. Dec. 21
Loulav.
. Gas & El_ Del. el. A&B (qu.)_. 434f Dec. 26 Holders of tee Nov.30
Lowell Electric Light Corp.(extra)
75c, Dec. 31 Holders of roe, Doe. 21a
Mackay Companies, corn.(guar.)
14 Jan. 2 Holders of rec. Dec. 56
Preferred (guar.)
1
Jan. 2 Holders of rec. Dec. 5a
Manila Electric Corp., common (guar.). 50c. Dec. 31 Holders of rec. Dec. 22a
Marconi Wireless Td. of London, pref._ *34 Jan. 1 *Holders of rec. Dec. 24
Massachusetts Ltg. Co,.. common (qu.) 75e. Dec. 31 Holders fo rec. Dec. 14
Six per cent preferred (quar)
14 Jan. 15 Holders of rec. Dec. 26
Eight per cent preferred 611=0
2
Jan. 15 Holders of rec. Dec. 26
Memphis Power & Light, Pref.(guar.)_
14 Jan, 2 Holders of rec. Dec. 19
Metropolitan Edison, Ser. 13, pref.(qu ) $1.78 Jan. 2 Holders of rec. Dec. 21
Series C preferred (guar.)
• 51.50 Jan. 2 Holders of rec. Dee. 21
Mexican Utillt.es
$3.50 Jan. 15 Holders of rec. Dec. 31
Middle West Utilities. Pref. (guar.)._ _
14 Jan. 15 Holders of rec. Dec. 310
Midland Utilities. pref.. Cl. A (quar.)_
14 Jan. 6 Holders of rec. Dec. 22
Prior lien stock (guar.)
14 Jan. 6 Holders of rec. Dec. 22
Minnesota Power & Lt., pref. (quar,)
14 Jan. 2 Holders of rec. Dec. 15
Mississippi River Power, pref. (guar.)._
14 Jan. 2 Holders of rec. Dec. 15
Missouri Power & Light. 7% pref.(qu.). '134 Jan. 2 *Holders of rec. Dec 19
30e. Jan, 2 Holders of rec. Doe. 18a
linawk Valley Co.(guar.)
20c. Jan. 2 Holders of rec. Dee. 18a
tOstra
Monon. W.Penn. P. S.. 7% pf (qu.).- 434c Jan. 1 Holders of rec Dec. 15
r
an. 2 Holders of rec. Dec. lla
Montana Power, common (guar.)
14 Jan. 2 Holders of rec. Dec. 1th
Preferred (guar.)
14 Jan. 20 Holders of rec. Dec. 31
Mountain States Power, pref.(guar.)
Municipal Gas Co. of Texas, pref. (qu.)_ $1.75 Ian. 1 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 123
Narragansett Elec. Ltg.(guar.)
51
National Electric Power, pref. (quar.)
14 Jan. 2 Holders of rec. Dec. 21
Nat. Power dr Light. pref. (alar.)
$1.75 Ian. 2 Holders of rec. Dee. 15
National Public Service Corp.Pref., Series A,and partla. pref.(qu.). 11.75 Jan. 1 Holders of rec. Dec. 17
New England Investment & Secur., pret 52
ian, 2 Holders of rec. Dec 2Ia
New England Teiep. & Teieg. (guar.)._
2
Dec. 30 Holders of rec. Dee. 10
New Jersey Power & Light, pref. (guar.) *14 Jan, 2 *Holders of rec. Dec. 15
Newport News & Hampton Ry., Gas &
Electric Co., common (quari)
14 Jan
1 Holders of rec. Dec. 15a
Preferred (guar.)
14 Jan, 1 Holders of rec. Dec. lba
N.Y. Central Elec. Corp., pref.(guar.). 14 Jan. 2 Holders of rec. Dee. 21
New York Steam, pref. (guar.)
1% Jan. 1 Holders of rec. Dec. 15a
New York Telephone, pref.(guar.)
1% Jan. 15 Holders of rec. Dee. 19
Niagara Falls Power, corn. (guar.)
50c. Dec. 31 Holders of rec. Dec. 15a
Preferred (guar.)
434c. Jan. 15 Holders of rec. Dec. 31a
Niagara Lockport & Ont.Pr., corn.(qu.) 50c. Jan. 1 Holders of rec. Dec. 15
Preferred (guar.)
14 Jan. 1 Holders of roe. Dec. 15
North American Co.. corn, (guar.)
124 Jan. 2 Holders of rec. Dec. 5
Preferred (guar.)
75c. Jan. 2 Holders of rec. Dec. 5a
North Amer Light & Pow..7% pt.(qu.)
1% Jan. 2 Holders of rec. Dec. 19
*3
North Pennsylvania Power. preferred_ _
Jan. 2 *Holders of rec. Dec. 15
North West Utilities, prior lien pf.(au). 51.75 Jan. 2 Holders of rec. Dec. lba
Northern N.Y. Utilities, cora.(guar.)
75c. Dec. 30 Holders of roe. Dec. 15a
Northern Ohio Tr.& Lt., 7% pref.(qu.) 1% Jan. 2 Holders of rec. Dec. 15
Six per cent preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 15
Northern States Power,corn., Cl. A (au.) 2
Feb. 1 Holders of roe. Dec. 31
Common. Class B (guar.)
200. Feb. 1 Holders of rec. Dec. 31
Preferred (guar.)
14 Jan. 20 Holders of rec. Dec. 31
Northwestern Telegraph
$1.80 Jan. 2 Dee. 16 to Jan. 1
Ohio Bell Telephone, preferred (quar.)
131 Jan. 2 Holders of rec. Dec. 21
Ohio Edison Co.,6% pref. (guar.)
14 Mar. 1 Holders Of roe. Feb. 15
6.6% preferred (quar.)
1.65 Mar. 1 Holders of rec. Feb. 15
7% preferred (guar.)
1% Mar. 1 Holders of rec. Feb. 15
8.6% preferred (monthly)
55e Jan. 2 Holders of rec. Dec. 15
6.6% preferred (monthly)
55c Feb. 1 Holders of rec. Jan. 15
6.6% preferred (monthly)
55c Mar. 1 Holders of rec. Jan. 15
Ohio River Edison Co. .preferred (guar.) 14 Jan. 1 Holders of rec. Dec. 15
14 Dec. 31 Holders of rec. Dec. 15a
Ottawa Light, Heat & Pow., corn.(qu.)_
Preferred (guar.)
1% Jan. 1 Holders of rec. Dec. 150
Ottawa Traction (guar.)
1
Jan. 2 Holders of rec. Dec. 17
Jan. 2 Holders of rec. Dec. 17
Bonus
1
Jan. 15 Holders of rec. Dee. 316
Pacific Gas dr Electric, common (guar.)_ 2
3101
THE CHRONICLE
When
Per
Cent. Payable
Name of Company.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Pacific Telephone & Teieg., cow.(guar.) 14 Dec. 31 Holders of rec. Dec. 215
Preferred (guar.)
134 Jan, 15 Holders of rec. Dec. 31a
Panama Power & Light Corp., pref.(qu.) 131 Jan. 2 Holders of roe. Dec. 11
Parr Shoals Power, pref. (guar.)
*14 Jan, 2 *Holders of roe Dec. 15
Penn-Central Light & Pow., pref.(gu.). $1.25 Jan. 2 Holders of roe Dee. 150
lob 1'26 Holders of rec. Jan. 25
vermaylvairla-Ohlo P.& L.,8% pf.(qu.) 2
7% preferred (guar.)
154 F'b 1'26 Holders of res. Jan. 25
Pennsylvania Power & Light, pref. (qu.) 14 Jan. 2 Holders of rec. Dec. 15
Jan, 2 Holders of rec. Dec. 184
2
Pennsylvania Water & Power (guar.)._
Jan. 18 Holders of rec. Jan. 4a
Peoples Gas Light & Coke (guar.)
2
14 Jan. 2 Holders of roe. Doe 14
Portland Elec. Power, 1st pref.(guar.)
Porto Rico Rya., Ltd., pref. (guar.)_-134 Jan, 2 Holders of rec. Dec. 15
25c, Jan, 2 Holders of rec. Dec. 154
Power Corp.of N.Y.,common (guar.)
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 150
Jan. 1 Holders of rec. Dec. 15a
Providence Gas (guar.)
El
Dec. 31 Dec. 24 to Jan. I
Public Service Co.of Okla.. corn.(guar.) 2
Prior lien stock (guar.)
134 Doe. 31 Dec. 24 to Jan. 1
Preferred (guar.)
1)4 Dec. 31 Dec. 24 to Jan. 1
Public Service Elec.& Gas,6% pref.(qu.) •114 Dec. 31 *Holders of rec. Dec. 4
Public Serv. Corp. of N.J., coin.(guar.) $1.25 Dec. 31 Holders of rec. Dec. 40
Dec. 31 Holders of rec. Dec. 46
8% preferred (guar.)
2
7% preferred (guar.)
1% Dec. 31 Holders of rec. Dec. 4a
14 Dec. 31 Holders of roe. Dec. 4a
6% preferred (No. 1)
Puget Sound Pow.& Lt., corn.(guar.) _ _
Jan. 15 Holders of ree. Dec. 17a
1
Prior preference (guar.)
14 Jan, 15 Holders of rec. Dec. 17a
Preferred (guar.)
13.4 Jan. 15 Holders of rec. Dec. 170
Reading Traction
75c. Ian, 1 Dec. 16 to Jan. 1
Ridge Ave. Pass. Ry., Phila. (guar.)... 83
Jan. 2 Dec. 16 to Jan. 3
St. Cloud Public Service. 1st pref. (qu.)_
1% Jan, 2 Holders of rec. Dec. 31
Savannah Elec.& Pow.,deb.Ser. A (qu.) 2
Jan. 2 Holders of rec. Dee. 14a
Sayre Electric Co.. 7% pref.(guar.)_ _ .1% Jan, 2 *Holders of ree. Dec. 15
Second & 3d Sts Pass. Ry.,Phila, (qu.) $3
Jan. 1 Dec. 2 to Jan. 1
South Pittsburgh Water, corn
1% Dec. 31 Holders of rec. Dec. 15
7% preferred (guar.)
1% Jan, 15 Holders of rec. Jan. 2
Southern Canada Power, pref. (guar.)- 134 Jan. 15 Holders of rec Dec. 24a
South'n Gas & Pow.Corp..7% Pr.(qu.)- 1% Jan. 1 Holders of rec. Doe, 27
Southwestern Bell Tel., pref. (guar.)... 1% Jan. 1 Holders of roe. Doe. 19
Southwestern Lt. dr Pow., pref.(quar.)._ 11.50 Jan, 2 Holders of rec. Dec. 26
Southwest Gas & Elec., pref. (quar.).__ •14 Jan. 2 *Holders of rec. Dec. 15
Southwest Securities Co..common(qu.)_ *31.50 Jan, 2 *Holders of rec. Dec. 15
Springfield(Mo.)Ry.dr Light, pf.(all.)- 1% Jan. 2 Holders of rec. Dec. 15
Springfield (Mass.) Street Rye., pref.
Jan. 2 Holders of rec. Doe. 19
2
Standard Gas & Elec., common (quar.)_ 75e. Jan, 25 Holders of rec. Dec. 310
Seven per cent prior pref.(guar.)
134 Jan. 25 Holders of rec. Dee. 31
Six per cent non-cum.stock (quar.)
1% Jan. 15 Holders of rec. Doe. 31
Tacoma-Palmyra Ferry Co
Pn15'26 Holders of roe Jan 1 '26
3
Tennessee Eleo. Pow.,6% let pref.(an.) 1% Jan.1'26 Holders of roe. Dee. 15
7% first preferred (guar.)
1% Jan.1'26 Holders of roe. Doe. 15
7.2% first preferred (anar.)
11.80 Jan.1'26 Holders of reo. Doe. 15
6% first preferred (monthly)
50c. 1E0).1'26 Holders of rec. Doe. 15
7.2% first nreferred (monthly)
.60c
ian.1'28 Holders of ree. Oct. 15
6% 1st preferre1(guar.)
$1.59 Apr. 1 Holders of rec. Mar. 15
7% 1st preferred (guar.)
older, of rec. Mar. 15
$1.75 Apr. 1
7.2% 1st preferred (guar.)
olders of rec. Mar. 15
$1.80 Apr. 1
6% 1st preferred (monthly)
50c. Feb. 1 Holders of rec. Jan. 15
6% 1st preferred (monthly)
50c. Mar. 1 Holders of rec. Feb. 15
6% 1st preferred (monthly)
50e. Apr. 1 Holders of rec. Mar. 15
7.2% 1st preferred (monthly)
60e. Feb. 1 Holders of rec. Jan. 15
60c. Mar. 1 Holders of rec. Feb. 15
7.234 1st preferred (monthly)
7.2% 1st preferred (monthly)
60e. Apr. 1 Holders of rec. Mar. 15
Texas Electric Ry., first pref.(guar.)._
13.1 Jan. 1 Holders of rec. Dec. 17
Second preferred (guar.)
14 Feb. 1 Holders of rec. Jan. 15
Toledo Edison Co., prior pref.(guar.)__
Jan. 2 Holders of rec. Dec. 15
2
'Fri-City Ry. & Light, corn.(quar.)__
214 lan.1'26 Holders of rec. Dec. 20
Trinidad Electrie Co., Ltd. (guar.)._- 14 Jan. 10 Jan. 1 to Jan. 10
Twin City Rapid Trail., Minneap.,cam_
Dec. 31 Holders of rec. Dec. 156
2
Preferred (guar.)
1"1 Dec. 31 Holders of rec. Dee. 150
Union Passenger Ry., Philadelphia
Jan. 1 Holders of rec. Dec. 16a
.(14
Union Traction (Philadelphia)
11.50 Jan. 1 Holders of rec. Dec. 9
United Gas & Elec. Corp., pref.(guar.)_
1% Jan, 1 Holders of rec. Dec. 16
United Gas Improvement (guar.)
Jan. 15 Holders of roe. Dec. 310
51
Un.Lt.&Pow.Corp.,CI.A &B,com.(qu.) 60e. Feb. 1 Holders of rec. Jan. 15a
Preferred, Class A (guar.)
11.62 Jan. 2 Holders of rec. Dec. 150
Preferred, Class B (guar.)
Jan. 2 Holders of rec. Dec. 15a
Si
Utah Gas dc Coke. pf.& partic. pf.(an.). 11.75 Jan. 2 Holders of rec. Dec. 15
Utah Power & Light, pref. (guar.)
134 Jan. 2 Holders of rec. Dec. 10
Utilities Pow.& Lt. Corp., cl. A (qu.)
u50c. Jan. 1 Holders of rec. Dec. 5a
Class B
(fp Jan. 1 Holders of rec. Dec. 5
Preferred (guar.)
11.75 Jan, 1 Holders of rec. Dec. 5
Virginia R.& Power. pref. (quar.).....
134 Jan. 20 Holders of reo. Dee. 31a
Washington Water Pow., Spokane (qu.)
Jan. 15 Holders of rec. Dec. 24a
Western States Gas & Elec., pref. (qu.)_
1% Jan. 15 Holders of rec. Dec. 31
Western Union Telegraph (guar.)
Jan, 15 Holders of rec. Dec. 230
2
West Kootenay Pow.& Light, pref.(qu ) 134 Jan. 2 Holders of rec. Dec. 23
West Penn Company,common (guar.)
Dee. 31 Holders of rec. Doe. 154
$1
West Penn Power Co.,7% pref.(guar.). 1% Feb. I Holders of roe. Jan. 150
Six per cent preferred (cjuar.)(No 1). 134 Feb. 1 Holdall of roe. Jan. 15
155
West Philadelphia Passenger Ry
Jan. 1 Holders of roe. Dec. 15
Williamson Elec. Co.. pref. (quar.).... 2
Jan. 2 Holders of rec. Dec. 21
Winnipeg Electric Co., pref. (guar.)._
134 Jan. 1 Holders of roe. Doe. 15
Winston-Salem Gas Co., pref (guar.).- *14 Jan. 2 *Holders of rec. Dec. 15
Worcester Consol. Street Ry., prof
234 Dec. 31 Holders of rec. Dec. 19
Preferred (account accum. dividends)_ 8234 Dee. 31 Molders of rec. Dec. 19
Yadkin River Power, Prof. (guar.)
14 Jan. 2 Molders of rec. Dee 14
Banks.
America, Bank of (guar.)
Amer. Exch.-Pac. Nat. (guar.)
Amer. Exchange Securities, Cl. A (qu.).
Class It(No. 1)
Broadway Central (guar.)
Chase National (guar.)
Chase Securities (guar.)
Chath & Phenix Nat.Bk.dr Tr.CO.(qu.)
Chelsea Exchange (guar.)
Chemical National (bi-monthly)
Coal & Iron National (guar.)
Colonial (anar.)
Extra
Commerce (National Bank of) (guar.
Commonwealth
Coney Island, Bank of
East River National (guar.)
Europe, Bank of (guar.)
Extra
First National (guar.)
First Security Co.(guar.)
Greenwich (guar.)
Extra
Lebanon National
Manhattan Co.. Bank of the (guar.)Mechanics (Brooklyn) (guar.)
Extra
Mechanics Sr Metals Nat.(guar.)
Municipal (Brooklyn) (guar.)
Extra
Mutual (guar.)
Extra
National City (guar.)
National City Co.(guar.)
Park,National(guar.)
Public National (guar.)
Seaboard National (guar.)
Standard (guar.)
Extra
Standard National Corp..corn.(guar.)
rt
Coem
tem
rred
on (e
(ci
xuar
tra).)
)._
State (guar.)
Stock dividend
United States. Bank of(guar.)
3
4
2
50c.
2
4
Si
4
1)4
3
3
3
4
5
5
3%
3
4
20
5
3
2
3
4
3
2
5
2
2
3
5
4
4
6
4
4
2
2
50o.
12
14
4
125
294
Jan, 2
Jan. 2
Jan. 1
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan, 2
Jan. 2
Jan. 15
Dec. 24
Jan. 2
Jan. 15
Jan. 2
Dec. 31
Jan. 2
Jan
2
Jan. 2
Jan, 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan, 2
Jan. 2
Jan. I
Jan. 1
Jan, 2
Jan. 2
Jan, 2
Jan, 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan, 2
Jan. 2
Jan, 2
Jan. 2
Dec. 22 to Jan. 12
Holders of rec. Dec. 240
Holders of rec. Dec. 15
Holders of roe. Dec. 24
Dec. 16 to Jan. 1
Holders of rec. Dec. 140
Holders of ree. Dec. 140
Dec. 16 to Jan. 1
Holders of rec. Dec. 18a
Holders of rec. Dec. 24d
Holders of rec. Dec. 90
Holder, of rec. Jan. la
Holders of roe. Dec 15a
Holders of rec. Dec. 18a
Holders of rec. Dec. 31a
Holden; of rec. Dec. 310
Doe. 25 to Jan. 1
Holders of rec. Doe. 10
Holders of rec. Dee. 10
Holders of rec. Doe. 314
Holders of rec. Dec. 31a
Holders of rec. Dec. 21
Holders of rec. Dee. 21
Holders of rec. Dec. 21
Holders of rec. Dee. I80
Holders of rec. Dec, It
Holders of rec. Dee. 1
Holders of roe. Dec. 19a
Holders of rec. Dec. 200
Holders of ree. Dee. 20a
Holders of rec. Dec. 24
Holders of rec. Dec 24
Holders of rec. Dec. 18a
Holders of rec. Dec. 18
Holders of roe. Dec. 18
,
Holders of rec. Dec. 21
Holders of rec. Dec. 24
Holders of rec. Dec. 26
Holders of rec. Doe. 26
Holders of rec. Dec. 26
Holders of rec. Doe, 26
Holders of roe. Dec. 26
Dec. 19 to Jan. 3
Dec. 19 to Jan. 3
Holders of rec. Dee. 210
3102
Name of Company.
When
Per
Cent. Payable
Trust Companies.
Bankers (guar.)
5
Bank of New York & Tr. Co.(guar.).- 5
Extra
2
6
Brooklyn (guar.)
3
Extra
7
Central Union (guar.)
Extra
5
Empire (guar.)
3
Extra
3
Equitable (guar.)
3
233
Fidelity-International (guar.)
Fulton (guar.)
23.4
3
Guaranty (guar.)
Irving Bank-Columbia Trust (guar.)... 3%
4
Manufacturers (guar.)
1
Extra
Mutual Trust Co., Westchester Co.(qu.) 3
1
Extra
5
New York (guar.)
5
Peoples(Brooklyn)(guar.)
231
Extra
4
Title Guarantee & Trust (guar.)
4
Extra
4
Extra
United States Mortgage & Trust (guar.) 4
1233
United States (quar.)
Fire Insurance.
Continental Fire
Fidelity
ROW& of America (guar.)
Jan. 2
Jan. 2
Jan. 2
Jan. 1
Jan. 1
Jan, 2
Jan. 2
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Jan. •2
Dec. 31
Jan. 2
Jan. 2
Jan, 2
Jan. 2
Jan. 2
Jan, 2
Dec. 31
Dec. 31
Jan. 2
Jan. 2
Mar.31
Jan. 2
Jan. 2
Books Closed.
Days Inclusive.
Holders of rec. Dec. 14
Holders of roe. Dec. 18a
Holders of roe. Dec. 18z
Holders of rec Dec. 26
Holders of rec. Dec. 26
Holders of rec. Dec. 22a
Holders of rec. Dec. 226
Holders of rec. Deo. 196
Holders of rec. Dec. 196
Holders of roe. Dec. 21a
Dec. 19 to Jan. 20
Holders of rec. Dec. 21
Holders of rec. Dec. 18
Holders of rec. Dec. 186
Holders of rec. Dec. 15
Holders of rec. Dec. 15
Holders of rec. Dec. 31
Holders of rec. Dec. 31
Holders of rec. Dec. 19
Holders of rec. Dec. 30
Holders of rec. Dec. 30
Holders of rec. Dec. 22
Holders of rec. Dec. 22
Holders of rec. Mar.20
Holders of rec. Dec. 26
Holders of rec. Dec. 2I0
Jan. 11 Holders of rec. Dec. 306
33
Jan. 11 Holders of rec. Dec. 30a
$3
$1.50 Jan. 2 Holders of tee. Dec 156
Miscellaneous.
1% Jan. 2 Holders of rec. Dec. 20
Abitibi Power & Paper, pref. (guar.). _ _
50c. Jan, 1 Holders of reo. Dec. 190
Acme Steel Goods (guar.)
51.54' Deo. 31 Holders of rec. Dec. 156
Adams Express (guar.)
75c fan. 2 Holders of rec. Dec. 156
Advance Humely Co.. pref.(guar.).-1% Dec. 31 Holders of rec. Dec. 21
Aeolian Company, Pref.(quar.)
Aeolian, Weber Piano& Pianola, p.(qu.) 1% Jan. 15 Holders of rec. Jan. 5
71-4c. -Jan. 2 Holders of rec. Dec. 15a
Ahuniada Lead Co.(guar.)
1733( fan. 2 Holders of rec. Dec. 15a
Extra
Jan. 15 Holders of rec. Dec. 3I6
$1
Air Reduction. Inc. (guar.)
2
Jan. 27 Holders of rec. Jan. 15
Alliance Realty (guar.)
520 Jan. 15 Holders of rec. Dec. 216
Stock dividend
1% Jan. 2 Holders of rec. Dec. 156
Allied Chemical & Dye Corp., pf.(qu.)
1% Jan. 15 Holders of rec. Dec. 240
Allis-Chalmers Mfg., pref. (attar.)
aluminum Manufactures, Ine..com.(qu) 37330. Dec. 31 Holders of rec. Dec 15a
134 1an-1'26 Holders of rec. Dec. 20a
Preferred (qual.)
American Art Works, corn. & oref.(qu.) 133 Jan. 15 Holders of rec. Dec. 31
American Bank Note, new.oom.(qu.)- - 40c. fan. 2 Holders of rec. Dec. 15a
75e. Jan. 2 Holders of rec. Dec. 156
Preferred (quar) _
1
Jan3026 Holders of roe. Jan. 9266
American Beet Sugar.colt.-(quar.) -- Preferred (guar.)
1% Jan. 2 Holders of reo. Deo. 126
Amer. Brake Shoe & Fdy., corn. (qu.). $1.50 Dec. 31 Holders of rec. Dec. 186
1% Dec. 31 Holders of rec. Dec. 186
Preferred (quar.)
134 Jan. 2 Holders of rec. Dec. 166
American Can, pref.(guar.)
Amer.Car & Foundry,common (guar.). *1.50 Jan. 1 Holders of rec. Dec. 156
134 Jan. 1 Holders of rec. Dec. 156
Preferred (quar.)
1% Feb. 15 Holders of rec. Jan. 30a
American Can. common (guar.)
Common (extra)
3
Feb. 15 Holders of rec. Jan. 30a
To be r titled at meeting Feb 9
Common (payable in common stock). •50
50a. Deo. 31 Dec. 22 to Jan. 1
American Chain. Class A (guar.)
American Chicle. pref.(guar.)
13.4 fan. 1 Holders of rec. Dec 150
1% Jan. 1 Holders of rec. Bee 156
Pr or preferred (guar.)
133 Jan. 2 Holders of rec. Dec. 15a
American Cigar. preferred (guar.)
Amer. Cyanamid, common (guar.)
1
Jan. 2 Holders of rec. Dec. 15
34 Jan. 2 Holders of ree. Dec. 15
Common (extra)
134 Jan. 2 Holders of rec. Dec. 156
Preferred (guar.)
$1.50 Jan. 2 Holders of rec. Dec. 10
American Express (guar.)
Amer.-La France Fire Eng., corn.(qu). 250. Feb. 15 Holders of rec. Feb. la
134 Jan. 2 Holders of rec. Dec. 16a
Preferred (guar.)
Jan. 20 *Holders of rec. Jan. 9
Amer. Laundry Machinery, common_ _ 125
1 34 Jan.2•26 Holders of rec. Dec 2uo
Anterfcan Linseed, pref.(guar.)
1% Apr1•26 Holders ree Mar.19'2134
Preferred (quar.)
Dec. 31 Holders of rec. Dec. 146
American Locomotive, com.(guar.).- $2
32.50 Dec. 31 Holders of rec. Dee 14a
Common (extra)
134 Dec. 31 Holders of rec. Dec. 14a
Preferred (guar.)
114. Deo. 31 Dec. 16 to Deo. 30
American Manufacturing. corn.(guar.).
1)4 Deo. 31 Dec. 16 to Dec. 30
Preferred (guar.)
2
Jan, 2 Holders of rec. Dec 15
American Plano, common (guar.)
134 Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
Dec. 31 Holders of rec. Dec. 21
Amer. Pneumatic Serv., 25 prof (guar.) 51
31 Dec. 31 Holders of rec. Dec. 15a
Amer. Radiator, common (guar.)
$1.50 Dec. 31 Holders of rec. Dec. 156
American Railway Express (guar.)
•134 Jan. 1 *Holders of rec. Dec. 15
Amer. Rolling Mill. preferred (guar.)
750. Jan. 2 Hoidens of rec. Dec. 106
American Safety Razor (guar.)
Jan 2 Holders of rec. Dec. 15a
$1
Amer.Sales Book,common (guar.)
133 Jan, 15 Holders of rec. Dec. 316
Amer. Seeding Machine, pref. (guar.)_ _
Feb. 1 Jan. 16 to Feb. 1
Amer. Shipbuilding, common (quar.)--- 2
134 Feb. 1 Jan. 16 to Feb. 1
Preferred (quar.)
3
Jan. 2 Holders of rec. Dec. Ito
American Snuff, common (guar.)
133 Jan. 2 Holders of rec. Dec. lla
Preferred (guar.)
Amer. Steel Foundries, com. (guar.)... The. Jan. 15 Holders of rec. Jan. 26
1% Dec. 31 Holders of rec. Dec. 156
Preferred (quar.)
50o. Apr 1'26 Mar. 17 to Apr. 1
American Stores Corp.(attar.)
50c. Jul 1'26 June 16 to July I
Quarterly
we. 04%1'26 Sept. 16 to Oct. 1
Quarterly
11( Jan, 2 Holders of rec. Dec. la
American Sugar Refining, common
134 Jan. 2 Holden; of rec. Dec. la
Preferred (guar.)
81.50 Dec. 31 Holders of rec. Dec. 196
•Amer. Surety Co. (guar.)
50c. Dec. 31 Holders of rec. Dec. 196
Extra
133 Jan. 2 Holders of rec. Dec. 106
American Tobacco. pref.(guar.)
Jan, 15 Holders of rec. Jan. 56
Amer. Type Founders, common (guar.)- 2
134 Jan, 15 Holders of rec. Jan. 5a
Preferred (guar.)
Jan. 15 Holders of rec. Jan. 5a
Amer. Vitrified Products,com.(guar.).- 51
134 Jan, 1 Holders of rec. Dec. 21a
American Wholesale Corp.. pref.(qu.)
Amer. Window Glass Mach., com.(qu.) 133 Jan 2 Hotders of rec. Dec. 16
1% Jan. 2 Holders of rec. Dec. 16
Preferred (guar )
1% Jan, 15 Dec. 16 to Dec. 22
Amer. Woolen, preferred (guar.)
361ic Jan. 4 Holders of coup. No. 31
Anglo-Amer.011(Interim)
Archer-Daniels-Midland Co., pref. (qu.) 1% Feb. 1 Jan.521 to Jan. 31
Armour & Co.(Del.), cl. A com.(guar.) 50c. Jan. 2 Holders of rec. Dec. 106
1% Jan. 2 Holders of rec. Dec. 106
Preferred (guar.)
1% Jan. 2 Holders of rec. Dec. 100
Armour & Co.(Ill.), pref.(guar.)
133 Jan. 2 Dec. 18 to Jan. 2
Armstrong Cork, common (guar.)
Jan. 15 Dec. 18 to Jan. 2
5
Common (extra)
134 Jan. 2 Dec. 18 to Jan. 2
Preferred (guar.)
75c. Jan, 2 Holders of rec. Dec. 216
Artloom Corporation, corn.(guar.)
40c. Jan. 2 Holders of rec. Deo. 22
Art Metal Construction (guar.)
30e. Jan, 2 Holders of rec. Dec. 24
Arundel Corporation (guar.)
60c. Jan. 2 Holders of rec. Dec. 24
Extra
an. 25 Holders of rec Dec. 316
50e
Associated 011 (guar.)
13.3 Deo. 31 Dec. 21 to Jan. 1
Atlantic Steel, common (guar.)
Auburn Automobile, common (guar.)._ 75e. Jan. 2 Holders of rec. Dec. 21
134 Jan. 2 Holders of roe. Dec. 15
Ault & Wiborg Co., preferred (quar.)_
1% Feb. 1 Holders of rec. Jan. 156
Austin, Nichols & Co., pref. (guar.)_ _ _ _
5
Dec. 29 Holders of rec. Dec. 21
Autosales Corporation, preferred
134 . an.1'26 Holders of reo. Dec 20
Babcock & Wilcox Co.(guar.)
134 Apr 1'26 Holders rec. Mar.20'266
Quarterly
250 Jan.1'26 Holders of rec. Dec. 206
Balaban & Katz, com.(monthly)
Feb. I Holders of rec. Jan. 206
25c
Monthly._
25e. Mar. 1 Holders of reo. Feb. 200
Monthly
Monthly
25e. Apr, 1 Holders of rec. Mar. 206
3
Jan 1'26 Holders of rec. Dec. 20
Preferred (gear.)
Baldwin Locomotive Wks., com. & pref. 313 Jan. 1 Holders of reo. Dec. 150
22% Dec. 31 Holders of rec. Dec. 15
Bancitaly Corp. (guar.)
Dec. 24 Holders of rec. Dec. 15
Christmas dividend
3
Barnhart Bros. dt Spindler134 Feb. 1 Holders of rec. Jan. 256
First and second preferred (guar.).-
[Von 121.
THE CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
50o. Jan 2'26 Holders of rec. Dec. 156
Barnsdall Corp., class A & B
.134 Jan. 15 *Holders of reo. Dec. 31
Bayuk Cigars, first preferred (quar.)
5134 Jan. 15 *Holders of rec. Dec. 31
Convertible second preferred (guar.)
.2
Jan. 15 *Holders of rec. Dec. 31
8% second preferred (guar.)
Beatrice Creamery, common (guar.)..._ 81.25 Jan. 2 Dec. 20 to Jan. 1
134 Jan. 2 Dec. 20 to Jan. 1
Preferred (guar.)
60e. Jan.'11 Holders of rec. Dec. 260
Beech-Nut Packing. com. (guar.)
1% Jan. 15 Holders of rec. Dec. 316
Preferred class B (guar.)
Belding Brothers (guar.)
75c. Jan, 2 Holders of rec. Dec. 21a
Beigo-Canadlan Paper, com. (guar.)... 134 Jan. 11 Holders of tee. Dec. 31
134 Jan. 2 Holders of rec. Dec. 12
Preferred 4quar.)
50c. Jan. 2 Holders of rec. Dec. 155
Bendix Corp.', class A (quar.)
Berry Motor(quar)
50e. Jan 2 Holders of rec. Dec. 21
Bessemer Limestone dc Gem., com.(qu.) 133 fan. I Holders of rec. Dec. 205
4
Jan. 1 Holders of rec. Dec. 2.00
Common (extra)
1% Jan. 1 Holders of rec. Dec. 200
Preferred (guar.)
134 Jan2'28 Holders of tee. Dec. la
Bethlehem Steel, 7% pref. (guar.)
Jan2'26 Holders of reo. Dec. la
2
Eight per cent preferred (guar.)
Dec. 30 Holders of rec. Dec. 19a
El
Bingham Mines Co.(guar.)
B01311 Aluminum At Brass, com
250. Jan. 2 Holders of rec. Dee. 15a
Jan, 2 Holders of rec. Dee. 15a
2
Preferred
50c Jan. 1 Holders of rec. Dee. 19a
Borg & Beck Co.(guar.)
250. Jan. 1 Holders of roe. Dec. 19
Extra
3
Deo. 31 Holders of roe. Dec. la
Boston Wharf
Boyd-Welsh Shoe (guar.)
Me. Jan. 2 Dec. 20 to Jan. 3
Bridgeport Machine, preferred (guar.).- 51.75 Jan. 1 Holders of tee. Jan. 1
51
Jan. 2 Dec. 20 to Dec. 31
British-American Oil (guar.)
See note (66)
British-Amer. Tobacco, ordinary (final)_ (68) Jan. IP
See note (SO
(bb) Jan. 19
Ordinary (Interim)
1% Dec. 31 Holders of rec. Dec. 19
Browning Crane Co pref.(guar.)
Brown & Williamson Tob.,com.(guar.). 1% Jan. 1 Holders of rec. Dec. 19
1% Jan. 1 Holders of rec. Dec. 19
Preferred (guar.)
.(qu.) 134 Jan. 2 Holders of roe. Dec. 20
Brunswick.Balke-Collender Co., pf.
134 Jan. 2 Holders of rec. Dec. 19
Bucyrus Company, com.(guar.)
2
Jan. 2 Holders of rec. Dec. 19
Common (extra)
134 Jan. 2 Holders of rec. Dec. 19
Preferred (guar.)
500. Dec. 31 Holders of tee. Dec. 106
Budd Wheel, common (guar.)
134 Dec. 31 Holders of rec. Dec. 106
First preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 210
Burns Bros., preferred (guar.)
Burroughs Adding Mach., corn. (qu.)... The, Dec. 31 Holders of roe. Deo. 15
134 Dec. 31 Holders of rec. Deo. 15
Preferred (guar.)
Jan. 15 Holders of reo. Dec. 21a
Bush Terminal, 7% pref.(guar.)
3
Jan. 15 Holders of rec. Dec. 316
6% preferred
Bush Terminal Bldg's. Co., prof. (guar.) 134 Jan, 2 Holders of rec. Dec. 17a
50c. Dec. 31 Holders of rec. Dec. 1.5a
Butte & Superior Mining (guar.)
•134 Feb. 1 *Holders of reo. Jan. 15
Byers (A. M.)& Co., ref. (quar.)
Canada Bread, Ltd.,ist pref.(quar.)... •133 Jan. 2 *Holders of rec. Dec. 15
4.1%
Jan. 2 *Holders of rec. Dec. 15
Preferred B (guar.)
114 Jan. 16 Holders of rec. Dec. 31
Canada Cement, Ltd. (guar.)
4
Jan. 15 Holders of roe. Dec. 31
Canada Iron Foundries, prof
Canadian Car & Foundry. pref.(guar.). 1% Jan. 11 Holders of roe. Dec. 21il
Jan. 2 Holders of rec. Dec. 15
Canadian Connecticut Cottons. pf.
.(qu.) 1
Canadian Consol. Rubber, pref.(guar.). 1% Dec. 31 Holders of roe Dec. 18
Canadian Locomotive. prof. (guar.).- 154 Jan. 1 Holders of rec. Dec. 20
154 Dec. 31 Dec. 20 to Jan. 4
Canfield 011, common (guar.)
134 Deo. 31 Dec. 20 to Jan. 4
Preferred (guar.)
Central Aguirre Sugar, com.(guar.)
- $1.50 Jan. 2 Holders of rec. Dec. 22
41
Jan. lb Holders of rec. Dec. 24
Central Steel Co., common (guar.)
2
Jan. 2 Holders of rec. Deo. 15
Preferred (guar.)
Jan. 1 Holders of rec. Dec. 155
Certain-teed Products
corn.(qu.) 31
Corp..
(quar.)--- 134 Jan, 1 Holders of rec. Dec. I50
First and second preferred
750. Jan. 2 Holders of roe. Dec. 2Ia
Chandler Motor Car (guar.)
6233? Dec. 25 Holders of rec. Dec. 96
Cuesettrough Mfg., corn. (guar.)
6233c Dec. 25 Holders of rec. Dec. 90
Common (extra)
6233e Jan. 1 Holders of rec. Dec. 16a
Chicago Fuse Mfg.(guar.)
134 Jan. 1 Holders of rec. Dec. 256
Chicago Mill dr Lumber. pref.(guar.).-Chicago Railway Equipment. com.(qu.) 575e, Dec. 31 Dec. 20 to Jan. 3
Dec. 31 Dec. 20 to Jan. 3
Preferred (guar.)
33 1-3c Jan. 2 Holders of rec. Dec. I96
Chicago Yellow Cab (monthly)
33 1-3c Feb. 1 Holders of rec. Jan. 200
Monthly
33 1-3e Mar. I Holders of rec. Feb. 206
Monthly
6234c Dec. 28 Holders of rec. Dee. 2a
Chile Copper Co. (guar.)
2 Holders of rec. Dec. 156
82 Jan
Chrysler Corp., near. (guar.)
Dec. 31 Dec. 20 to Dec. 31
2
Cincinnati Union Stock Yards (quar.)
Cities Service33 Jan. 1 Holders of rec. Dec. 15
Common (monthly)
Common (monthly)
*34 Feb. 1 Holders of rec. Jan. 15
133 Jan. 1 Holders of rec. Deo. 15
Common(payable In common stock)...
Holders of rec. Jan. 15
3.4
,6fi F
Jaen
b
Common (payable in common stock).
Holders of rec. Dec. 15
Preferred and preferred B (monthly)- Feb. 1 Holders of rec. Jan. 15
Preferred and preferred B (monthly)..
10
Jan. 4 Holders of reo. Deo. 21
City Investing Co., com.(guar.)
1 Holders of rec. Jan. 11
150
F
Ja
en
b. 4
Common (in common stock)
Holders of rec. Dec. 21
144
Preferred (quar.)
Cleveland Builders Supply & Brick__ _ 6233c. Jan. 2 Holders of tee. Dec. 15
Cluett, Peabody & Co., Inc., Prof. (qu.) 134 Jan. 2 Holders of rec Dec. 21
. 31
1 Holders of roe. Deo. 150
$3134
.75 Doe.3
Coca-Cola Co., common (guar.)
Holders of roe. Dec. 156
Preferred
Cohn-Hall-Marx Co., com.(guar.) _ _ 706. Jn15'26 Holders of roe. Jan.5'26
Ma. Ap15'26 Holders of roe. Apt.526
Common (guar.)
70e July5'26 Holders of rec. July 5'26
Common (guar.)
Commercial Inv. Trust, corn. (Interim). 045e Jan. 1 Holders of rec. Dec. 15a
1% Jan. 1 Holders of roe. Dec. 15a
First preferred (guar.)
Jan. 1 Holders of rec. Dec. 186
Commercial Solvents Corp., Cl. A (qu.) 21
Jan. 1 Holders of rec. Dec. 18a
2
First preferred (guar.)
$1.50 Deo 31 Holders of rec. Dec. 20a
Conley Tank Car, common (guar.)
Deo. 31 Holders of rec. Dec. 20a
2
Preferred (guar.)
Connor (John T.), common 4quar.)__ _ 5233c Dec. 31 Holders of rec. Dec. 19
333 Dec. 31 Holders of rec. Dec. 19
Preferred
1% Dec. 31 Holders of rec. Deo. 196
Consolidated Ice, preferred (guar.)
Consol. Mining & Smelting of Canada_ _ 75e. Jan. 15 Holders of rec. Dec. 31a
Jan. 15 Holders of rec. Dec 316
85
Bonus
25e. Jan. 25 Holders of rec. Jan. 15
Consolidated Royalty 011 (guar.)
Jan. 2 Holders of roe. Dec. 16a
22
Continental Baking Corp., Cl. A,corn.,. 32
Holders of rec. Dec. 160
Preferred(guar.)
134 Jan. 1 Holders of rec. Dec. 194
Continental Can, preferred (guar)
30
2 Holders of reo. Jan. 160
20e.
Continental Motors Corp.(guar.)
Jan,
*1
*Holders of rec. Deo. 16
Cornell Mills (guar.)
Corona Typewriter, common (guar.)._ 50c. Jan. 2 Holders of rec. Dec. 12a
50o. Jan, 2 Holders of rec. Deo. I26
Common (extra)
2 4 Jan. 2 Holders of rec. Dec. 12a
First preferred (guar.)
Holders of rec. Dec. 126
13
Second preferred (guar.)
950. Dec. 31 Dec 22 to
Jan.. 1
Coty. Inc.(guar.)
3
Dec. 31 Dec. 16 to Jan. I
Craddock-Terry Co., corn. (guar.)
3
Dec. 31 Dec. 16 to Jan. 1
First preferred
Dec. 16 to Jan. 1
Second preferred
3
3%
Dec. 31 Dec. 16 to Jan. 1
Class C preferred
Cramp(Wm.)& Sons Ship & E. B.(qu.) 50c. Deo. 31 Dec. 18 to Jan. 1
Creamery Package Mfg., common (qu.)_ 50o. Jan, 10 Jan. 1 to Jan. 20
133 Jan. 10 Jan. 1 to Jan. 20
Preferred (guar.)
$1
Jan. 15 Holders of rec. Dec. 316
Crex Carpet (guar.)
*Holders of roe. Dec. 15
Crown Finance Corp., common
•
*$
2.3
1 :725 j
Jan.. 4 *Holders of rec. Dec. 15
Preferred
11
4 Jpaee
n.. 31 Holders of rec. Jan 150
Crucible Steel, common (guar.)
Holders of rec. Dec. 156
Preferred (guar )
83.50 Feb. 1 Holders of rec, Jan. 150
Cuba Company, preferred
Cuban-American Sugar,common (guar.) 500. Jan. 2 Holders of rec. Nov. 246
Holders of rec. Nov.24a
Preferred (guar.)
1114434
14
n
2
1 Dec. 22 to Deo. 31
Dalton Adding Machine. com (guar.).Jan.
Dec. 22 to Dec. 31
Preferred (guar.) 20o, Jan, 2 H,olders of tee. Deo. 15
Detroit & Cleveland Navigation
40e. Jan, 1 Dec. 21 to Dee. 31
Detroit Forging, common (guar.)
Devoe& Reynolds,Inc.,com.A &B(qu.) 60e. Jan. 2 Holders of rec. Dec. 216
134 Jan. 2 Dec. 22 to Jan. I
First and second pref.(guar.)
133 Jan. 15 Holders of rec. Jan. 1
Dodge Bros., pref. (guar.)
50e. Jan. 20 Holders of rec. Dec. 316
Dome Mines, Ltd. (guar.)
81.25 Jan. 2 Holders of rec. Dec. 15
Dominion Textile, Ltd., COM.(quar.)
1% Jan. 15 Holders of rec. Deo. 31
Preferred (guar.)
250. Dec. 31 Holders of roe. Dec. la
Douglas-Pectin Co.(guar.)
The, Dec. 31 Holders of rec. Dec. 141
Extra
Name of Company.
Per
Whets
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Dominion Glass. corn.& pref.(guar.)... 1ft Jan. 2 Holders of rec. Dec. 15
Jan. 1 Holders of rec. Dec. 5
2
Draper Corporation (guar.)
Jan. 1 Holders of rec. Dec. 6 2
Extra
134 Jan. 2 Holders of rec. Dec. 190
Dunham(James H.)& Co.,coin.(qu.)
114 Jan. 2 Holders of rec. Dec. 190
First preferred (quar.)
Second preferred ((mac.)
134 Jan. 2 Holders of rec. Dec. 190
Jan. 8 Holders of rec. Dec. 10
duPont(E.I.) de N.& Co., corn.(extra) 5
115 Jan. 25 Holders of rec. Jan 90
Debenture stock (qua?.)
duPont de Nem. Powder, corn.(guar.). •134 Feb. 1 *Holders of rec. Jan. 20
*1 tl Feb. I *Holders of rec. Jan. 20
Preferred (guar.)
3734c Jan. 1 Dec. Hi to Dec. 30
Eastern Rolling MM,new (No. 1)
500. Jan. 1 Dec. IS to Dec. 30
New stock (extra)
Jan. I Dec. 18 to Dec. 30
2
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 260
Eastern Steamship Lines, let pref.(MO 8734 (Man.15 Holders of rec. Jan. ga
Preferred (no par) (guar.)
41.2. Jan 2 Holders of rec. Nov.30
Eastman Kodak, common (guar.)
750. tin. 2 Holders of rec. Nov.300
Common (extra)
114 Jan. 2 Holders of rec. Nov.30a
Preferred (guar.)
Edmunds & Jones Corp., corn.(guar.)._ 750. Jan. 1 Dec. 21 to Dec. 31
134 Jan. 1 Dec. 21 to Dec. 31
Preferred (guar.)
Elsenlobr (Otto) & Bros., Inc., pt.(go.) 134 J. 1 Holders of rec. Dec. 2I0
134 Jan. 2 Holders of rec. Dec. 23
Eisenstadt Mfg., pref. (guar.)
$1.50 Jan. 2 Holders of rec. Dec. 150
Electric Auto-Lite Co.(guar.)
500. Jan. 2 Holders of rec. Dec. I50
Extra
Electric Controller & Mfg., corn.(du.). _ $1.25 Jan. 2 Holders of rec. Dec. 19
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 19
Elec. Storage Battery, corn. & Pt.(qu.). $1.25 Jan. 2 Holders of rec. Dec. 18a
Jan. 2 Holders of rec. Dec. 18a
$1
Common and preferred (extra)
.
.(gusz.)_
134 Jan. 2 Dec. 25 to Jan. 1
Electric Vacuum Cleaner. pref
•$6.25 Jan. 20 *Holders of rec. Jan. 4
Elgin National Watch (extra)
Jan. 2 Holders of rec. Dec. 15
Elliott-Fisher Co.. corn. & corn. B (qu.) $1
$3
Jan. 2 Holders of rec. Dec. 15
Common and common B (extra)
IM Jan. 2 Holders of rec. Dee. 15
Preferred (guar.)
134 Jan. I Holders of rec. Dec. 20
Emerson Elec. & Mfg.. pref.(guar.)
134 Dec. 30 Holders of ree. Dee. 230
Empire Safe Deposit Co.(guar.)
Endicott-Johnson Corp., corn. (guar.)._ $1.25 Jan. 1 Holders of rec. Dec. 180
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 18a
Equitable Office Bldg. Corp.. corn (qu.) $1.25 Jan. 1 Holders of rec. Dec. 17
Preferred (guar.)
$1 75 Jan. 1 Holders of rec Dec. 17
Evans(F. S.) & Co., A & B (qUar.).-- *50e. Jan. 2 *Holders to rec. Dec. 22
•250. Jan. 2 *Holders of rec. Dec. 22
Class A & B (extra)
Feb. 1 Holders of rec. Jan. 150
Famous Players-Lasky, pref. (guar.).- 2
Dec. 31 *Holders of rec. Dec. 19
*$2
Farr Alpaca (guar.)
•3
Dec. 31 *Holders of rec. Dec. 19
Extra
50c. Jan. 2 Holders of rec. Dec. 15
Faultless Rubber Ca.(guar.)
Federal Finance Corp.. Class A (No. 1). 75c. Feb. 1 Holders of rec. Jan. 15
25e. Feb. 1 Holders of rec. Jan. 15
Class B (No. 1)
200. Jan. 1 Holders of rec. Dec. 20o
Fair. The,common (monthly)
Common (monthly)
200. Feb.'26 Holdersof reo.Jan 20'20
Fairbanks. Morse & Co.. corn.(gnarl.. 85c. Dec. 31 Holders of rec. Dec. 150
Jan. 2 Holders of rec. Dec. 150
Famous Players-Lasky Corp.,corn.(qu.) $2
*300. Jan. 2 *Holders of rec. Dec. 19
Federal Motor Truck (guar.)
16c, Jan. 18 Holders of rec. Jan. 40
Fifth Avenue Bus Securities (guar.)._
Finance Co.of Amer.(Bait.). com.(qu.). 62340. Jan. 15 -Holders of rec. Jan. 5
$1 Jan. 15 Holders of rec. Jan. 5
Common (extra)
4334c. Jan. 15 Holders of rec. Jan. 5
7% preferred (guar.)
Finance it Trading Corp., corn
$1.75 Jan.2
.26 Holders of rec. dDeo 28
Jan. 1 Holders of rec. Dec. 155
First National Pictures, Pref. (guar.).- 2
011
Flak Tire & Rubber, common (extra)
Jan. 2 Holders of rec. Dec. 150
Fleischmann Co.,corn.(guar.)
$1
•114 Jan. 1 Holders of rec. Dec. 15
Preferred (guar.)
114 Jan. 1 Holders of rec. Dee.d15a
Flint Mills (guar.)
Foot Bros.Gear & Machine. COM.(quar.) 250 Jan. 2 Dec. 21 to Jan. 1
IM Jan. 2 Dec. 21 to Jan. 1
Preferred (guar.)
250. Jan. 2 Holders of rec. Nov.30a
Forhan Company.common
40e. Jan. 2 Holders of tee. Nov. 300
Class A stock (No. I)
•25e. Jan. I *Holders of rec. Dec. 15
Formica Insulation (guar.)
Foster (W. C.) Co., common (guar.) _ 75e. Jan. 1 Holders of rec. Dec. 20
$1.75 Jan. 1 Holders of rec. Dec. 20
Preferred (guar.)
3734c.Jan. 1 Holders of rec. Dec. 20
Preferred (extra)
Jan. 15 Holders of ree. Dec. 3I0
Fox Film Class A & B (guar.)
$1
•$1.50 Jan. 2 *Holders of rec. Dec. 2
Francisco Sugar (guar.)
Gabriel Snubber Mfg.(guar.)
6234e Jan. 1 Holders of rec. Dec. 150
Extra
6234c Jan. I Holders of rec. Dec. 150
Dec. 31 *Holders of rec. Dec. 10
Galena-Signal 011, pref.4,new prof.(qu.) "2
4
Dec. 28 Dec. 10 to Den. 27
Garfield Sate Deposit Co
2
Dec. 28 Dec. 10 to Dec. 27
Extra
1 Holders of rec. Dec. 150
Grn'l Amer. Tank Car Corp., corn.(qu.1 $1.50 Jan
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 150
General Baking, Class A (guar.)
$1.25 Jrn. 2 Holders of rec. Dec. 21
2
Dec. 31 Holders of rec. Dec. 26a
Preferred (guar.)
General Cigar Co. Inc.. deb. Pref.(qu.). 134 Jan2'26 Holders of rec. Dec. 230
2
General Electric(guar.)
Jan. 15 Holders of rec. Dec. 30
150 Jan. 15 Holders of reo. Dec. 3a
Special stock (guar.)
•30c. Jan. 1 *Holders of rec. Dec. 19
General Fireproofing, corn. (guar.)
Common (extra)
•700. Jan. 1 *Holders of rec. Dec. 19
•1% Dec. 31 *Holders of rec. Dec. 20
Preferred (guar.)
$5
Jan. 7 Holders of ree. Nov.23a
General Motors, common (extra)
114 Feb. 1 Holders of ree. Jan. 40
Six per cent preferred (guar.)
Seven per cent preferred (qua?.)
134 Feb. 1 Holders of ree Jan. 40
114 Feb. 1 Holders of rec. Jan. 40
Debenture stock (guar.)
Jan. 2 Holders of rec. Dec. 100
$1
General Ry. Signal, corn. (qu.)
250. Jan. 2 Holders of rec. Dee. 10a
Common (extra)
114 Jan. 2 Holders of ree. Dec. 104
Preferred (guar.)
General Tire & Rubber, pref. (guar.)... 134 Jan. 2 Holders of rec. Dec. 19
550 Jan. 1 Dec. 20 to Jan. I
Gibson Art, common (quay.)
100. Jan. 1 Dec. 20 to Jan. I
Common (extra)
154 Jan. 1 Dec. 20 to Jan. I
Preferred (guar.)
2934c Dec. 31 Holders of roe. Dec. 17a
(linter Company, common
Common (payable in common stock)- 1331 Dee. 31 Holders of ree. Dec.f170
50e. Jan. 2 Holders of rec. Dec. 22a
Glidden Company, common (guar.)._
134 Jan. 2 Holders of rec. Dec. 22a
Preferred (guar.)
134 Jan.2113 Holders of reo. Dec 150
Goodrich OS F.) CO.. Pref.(
(Mar)
Goodyear Tire it Rubber, Pref.(qua?.)... IM Jan. 1 Holders of rec. Dec 10
Jan. 1 Holders of roe. Deo. 15a
2
Priorpreference (quay.)
Goodyear Tire it Rub.of Can., pt.(qu.). 114 Jan. 2 Holders of rec. Dec. 14
Gossard (11. W.) Co., corn. (monthlY)-- 33 I-3c Jan. 2 Holders of rec. Dec. 21a
33 1-3c Feb. 1 Holders of rec. Jan. 21a
Common (monthly)
•
33 1-3c Mar. 1 Holders of reo. Feb. 18a
Common (monthly)
Gotham Silk Hosiery, corn.(NO 1).- 41 2-3c Jan. 2 Holders of rec. Dec. 15a
134 Feb. 1 Holders of rec. Jan. 15a
First and second pref.(qua?.)
154 Jan. 2 Holders of rec. Dec. 19
0oulds M fa. Co.. common(guar.)
2
Jan. 2 Holders of ree. Dee. 19
Common (extra)
114 Jan. 2 Holders of rec. Dec. 19
Preferred (guar.)
Dec. 31 Holders of tee. Dec. 15
Grasselll Chemical, common (quar.)_- 2
134 Dec. 31 Holders of rec. Dec. 15
Preferred (guar.)
Great Lakes Steamship (guar.)
'$1.50 Jan. 2 *Holders of rec. Dec. 15
Great Lakes Towing, corn. (quay.)
114 Dec. 31 Holders of rec. Dec. lb
114 Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
dreat Lakes Transit (guar.)
134 Jan. 1 Holders of rec. Dec. 26
Great Northern Iron Ore Propertied].
750 Dec. 28 Holders of ree. Dec. 45
Great Western Sugar. com.(guar.)
Jan. 2 Holders of rec. Dec. 16a
$2
114 Jan. 2 Holders of reo. Dec. 16a
Preferred (guar.)
Greenfield Tap & Die,8% pref.(guar.). 114 Jan. 2 Holders of rec. Dec. lSo
, Eight per cent preferred (guar.)
2
Jan. 2 Holders of rec. Dec. 15a
Grennan Bakeries,common (guar.)
250. Jan. I Holders of rec. Dec. 15a
114 Jan. 1 Holders of roe. Dec. I50
Preferred (guar.)
Guantanamo Sugar.Pref.(guar.)
2
Jan. 2 Holders of ree. Dec. 15a
Gulf 011 Corp.(guar.)
3734c Jan. I Dec. 20 to Dee. 23
Gulf States Steel, cons. (guar.)
134 Jan. 2 Holders of rev. Dec. 15a
lot pref (guar.)
114 Jan3'28 Holders of roe. Dec. 180
Hamilton-Brown Shoe (monthly)
250. Jan. 2 Holders of rec. Dec. 23
Extra
50o. Jan. 2 Holders of rec. Dec. 23
Hammermill Paper, pref.(guar.)
134 Jan. 1 Holders of rec. Dec. 200
Hanes(P. II.) Knitting, pref.(guar.).
114 Jan. 1 Holders of rec. Dec. 19
Happiness Candy Stores. Inc
25c. Jan. 15 Holders of rec. Dec. 30
Harbauer Company (guar.)
450. Jan. 2 Holders of rec. Dec. 19
Extra
45o. Jan. 2 Holders of rec. Dec. 19
Harbison-Walker Refrac., pref. (quar.)_
114 Jan. 21 Holders of rec. Jan. 115
Hatfield-Rellance Coal,corn
40o. Feb. 1 Holders of rec. Jan. 200
Jan. 1 Holders of rec. Dec. 200
Preferred (guar.)
$2
3103
THE CHRONICLE
DEC.26 1925.]
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Contirnia).
75e. Jan. 2 Holders of rec. Dec. 19
Harris Automatic Press (quay.)
134 Dec. 31 Holders of rec. Dec. 26
Heath (D. C.)& Co.. pref.(guar.)
Helms(George W.)Co..cool.(guar.).- 750. Jan. 2 Holders of rec. Dec. 140
13.75 Jan. 2 Holders of rec. Dec. 145
Common (extra)
114 Jan. 2 Holders of rec. Dec. 140
Zreferred (quay.)
114 Jan. 2 Holders of rec. Dec.026a
Hibernia Securities. Pref.(guar.)
/Merest Collieries, common (guar.).-- 134 Jan. 15 Holders of rec. Dec.31
134 Jan. 15 Holders of rec. Dec. 31
Preferred (guar.)
Sc. Dec. 31 Holders of rec. Dee. 14
Hollinger Consol. Gold Mines
Llullingshead (R. M.)Co., corn.(No.1)- 25c. Jan. 2 Holders of rec. Dec. 150
134 Jan. 2 Holders of rec. Dec. 15a
Preferred (quay.)
250 Dec. 31 Holders of rec. Doe. lb
Holly 011
Holt. Renfrew Co.. pref. (guar.)
154 Jan. 2 Holders of rec. Doe. 29.
50e. Doe. 213 Holders of rec. Dec. 19a
Homestake Mining (monthly)
Dec. 31 Dec. 23 to Jan. 12
Home Title Insurance(Brooklyn)(guar.) 3
Dec. 31 Dec. 20 to Jan. 1
$1
Hood Rubber. common (guar.)
50c. Jan. 2 Holders of ree. Dec. 150
Household Products (extra)
154 Jan. 2 Dee. 23 to Dec. 30
Hovey (F. C.) Co.. prof.(guar.)
750. Jan. 2 Holders of rec. Dec. 15a
Hudson Motor Car (quer.)
300. Jan. I Dec. 18 to Doe. 31
Humble 011 it Refg. (guar.)
fluting Sash & Door,common(guar.).- 3734e. Jan. 2 Holders of rec. Dec. 19
114 Jan. 2 Holders of rec. Dec. 19
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 26
Hydraulic Preen Brick, Pref.(luar.).--Dec. 26 Holders of rec. Dec. 15a
Preferred (extra)
$1
Jan. 2 Holders of rec. Dec. 15
Ideal Cement, common (guar.)
114 Jan. 2 Holders of rec. Dee. 15a
Preferred (guar.)
Dec. 31 Dec. 1 to Dec. 29
Illinois Pipe Line
250. Jan. 11 Holders of rec. Dec. 380
Independent 011 & Gas(guar.)
Independent Pneumatic ool (guar.)... $1 Jan. 2 Holders of rec. Dec. 210
Dec. 31 Heiden of reo. Dec. 210
India Tire it Rubber,common (guar.).- 2
11
/
4 Dec. 31 Holders of rec. Dec 210
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 21
Indian Motocycle, Pref.(guar.)
Jan. 2 Holders of roe. Dec. 21
Industrial Acceptance Corp.. corn. (qu ) $1
$1.75 Jan. 2 Holders of ree. Doe. 21
First preferred (guar.)
Jan. 2 Holders of rec. Dec. 21
$2
Second preferred (guar.)
Jan. 2 Holders of rec. Dec. 211
$1
Second preferred (extra)
Dec. 30•
Imperial Tobacco of Canada, ordinary3
Jan. 2 Holders Of rec. Dec. 140
Ingersoll-Rand Co.. preferred
134 Jan. 1 Holders of rec. Dee. 15a
Inland Steel, preferred (guar.)
Jan. 4 Holders of rec. Dec. 17a
Inspiration Consol. Copper (quay.)
Jan. 2 *Holders of rec. Dec. 16
Internat. Acceptance Bank,corn.(guar.) *81
Jan. 10 liulders of rec. Dec. 22a
International Business Machine (guar.). $2
Internat. Buttonhole Sew. Mach.(qu.). 15c. Jan. 2 Holders of rec. Dec. 15
Dm. 31 Holders of rec. Dec. 154
Internat. Cement Corp.. corn. (guar.)-- *1
154 Dec. 31 Holders of rec. Dec. 150
Preferred (guar.)
Internat. Harvester, common (qua?.)... $1.25 Jan. 15 Holders of rec. Dec. 280
International Match, panic. pref. (qu.). 80e. Jan. 15 Holders of rec. Dec. 24a
International Nickel. common (guar.)._ 50c. Dec. 31 Holders of rec. Dec. 170
114 Jan. 15 Holders of rec. Jan. 25
Internat. Paper,5% pref.(guar.)
154 Jan. 15 Holders of rec. Jan. 2a
7% preferred (guar.)
Internat. Projector Corp., corn.(guar.). 250. Jan. 1 Holders of rec. Dec. 21
$1.76Jan. 1 Holders of rec. Dec. 21
Preferred (guar.)
114 Jan. 2 Holders of rec. Dec. 150
International Salt (guar.)
international Shoe, common (guar.).- $1.51. Jan. 1 Holders of rec. Dec. lba
$1.54. Apr. 1 Holders of reo. Mar. 150
Common (guar.)
Common (guar.)
$1.51, July 1 Holders of rec. June Ida
$1.51 Oct. 1 Holders of rec. June 15a
Common (guar.)
34 Jan. 2 Holders of rec. Dec. 15
Preferred (monthly)
IM Jun. I Holders of rec. Dec. ha
Intenuitiotuti Silver. oref. (guar.)
87
Dec. 31 Holders of rec. Dec. 15
Accumulated dividends
Jan. 2 Holders of rec. Dee. 18
Intertype Corporation, lot pref (guar.). 2
3
Jan. 1 Holders of rec. Dec. 15
Second preferred
111 Feb. I Holders of rec. Jan. 21
Ipswich Mills. 7% prof
Island Creek Coal, corn. (guar.)
$5 Jan. 1 Holders of roe. Doe. 154
$1.56 Jan. 1 Holders of rec. Dec. 15a
Preferred (guar.)
154 Jan. 2 Holders of reo. Dee. 19:
Jewel Tea. pref. (guar.)
Preferred (acct. accumulated dive.).. 8234 Jan. 2 Holders of roe. Dec. 19a
The. Jan, 2 Holders of ree. Dec 210
Johns-Manville, Inc. (guar.)
Jan. 1 Holders of rec. Dec. 150
Johnston (R. F.)Paint Co., pref.(quay.) 2
Jones it Laughlin Steel, pref. (qua?.)... 154 Jan. I Holders of rec. Dee. 150
Jordan Motor Car, corn. (guar.)
75c. Dec. 31, Holders of rec Dec. 15a
114 Dec. 30 Holders of rec. Dec. lta
Preferred (guar.)
Kaufmann Department Store, pref.(qil.) 154 Jan. 2 Holders of rec. Dec. 21
Kaynee Company, preferred (quay.).... 114 Dec. 31 Holder, of rec. Dec. 19
Jan. 2 Holders of rec. Dec. 180
Kayser (Julius) & Co., pref.(guar.)._ $2
Kelsey Wheel, Inc., common (guar.)._ $1.50 Jan. 2 Holders of rec. Dec. 210
Kelvinator Corporation (extra)
50c. Jan. Ii Holders of ree. Dec. 110
Jan. 3 Holders of rec. Dec. 40
Kennecott Copper Corp.(guar.)
$1
114 Jan. 2 Holders of rec. Dec. 210
King Phillip Mills(guar.)
Dec. 23 Holders of rec. Dec. 3a
20
Extra
Ian. I Holders of rec. Dec. 21a
Kinney (G. R.) Co.. Inc.. corn.(guar.) $1
Kirschbaum (A. B.) Co., pref. (guar.)... 134 Jan. 2 Holders of rec. Dec. 21
nit, Jan. 3 Holders.f rec. Dec 01134
Kraft Cheese,corn.(guar.)
fi14 Jan. 2 Holders of rec. Dec dilia
Common (payable in common stock)
Kresge Dept Stores, pref.(guar.)
2
Jan. 2 Holders of rec. Dec. 160
Dec. 31 Holders of rec. Dec. 160
2
Kresge (S. S.) Co., common (qua?.)
Preferred (guar.)
114 Dec. 31 Holders of reel. Deo. 154
lit Jan. 2 Holders of rec. Dec. 19
Kress(S. H.) Co., pref.(quay)
Kroger Grocery.it Baking,new pref.(qu.) •114 Jan. 1 *Holders of rec. Dec. 15a
First preferred (guar.)
'134 Jan. 1 *Holders of rec. Dec. 15a
Kuppenheinier (B.) it Co.. common
Jan. 2 Holders of rec. Dee. 240
II
La Salle Extension Univ., corn. (guar.). 111 Jan. 2 Holders of rec. Dec. 21
Preferred (guar.)
1.14 Jan. 2 Holders of rec. Dec. 21
Laurentide Co. (guar.)
114 Jan. 2 Holders of rec. Dec. 170
Lawyers Mortgage Co. (quay.)
214 Dee. 31 Holders of rec. Dec. 21
Lawyers' Title it Guaranty
214 Jan. 2 Holders of rec Dec. 19
Lehigh Valley Coal Sales (quay.)
$2 Jan. 2 Holders of rec. Dec. 10a
Ubby, McNeil it Libby. of.(No. 1)._
•314 Jan. 2 'Holders of rec. Dec. 15
Ubbey-Owens Sheet Glass, corn. (qu.)
50e Jan. 16 Holders of rec. Jan. 50
Common (extra)
$1 Jan. 15 Holders of rec. Jan. 5a
Common (payable in common stock)_. 120 Jan. 15 Holders of rec. Jan. 5a
Preferred (guar.)
•114 Jan. 1 'Holders of rec. Jan. 50
Liggett it Myers Tobacco, pref.(guar.). 154 Jan. 1 Holders of rec. Dee. 150
Loew's, Inc (guar.)
50o. Dee. Si Holders of rec. Dec. 120
Loew's(Marcus) Theatres(Toronto).pref 314 Jan. 15 Holders of rec. Dec. 31
Loew's London Theatres(Canada). pref. 314 Jan. 15 Holders of rec. Dec. Si
Long-Bell Lumber, Class A, corn.(qu). $1
Dee 31 Holders of rec. Dec. 110
Long Island Safe Deposit
4
Jan, I Holders of rec. Dec. 24
Loose-Wiles Biscuit, let pref.(guar.)... 134 Jan, 1 Holders of rec. Dec. 18a
Second preferred (guar.)
134 Feb. I Holders of rec. Jan. 18a
Lord it Taylor. corn. (guar.)
214 Jan. 2 Holders of rec. Dee. 17
Lorillard (P.) Co.. common (guar.)
750. Jan. 2 Holders of rec. Dec. I5a
Preferred (quez.)
$1.75 Jan. 2 Holders of rec Dec. 15a
Ludlum Steel (guar.)
50o. Jan. 2 Holders of rec. Dec. 210
Macfadden Publications, Inc
3
Feb. 1 Holders of rec Dec. 31
pref.
(guar.)
Manati Sugar,
114 Jan. 2 Holders of rec. Dec. 150
MacAndrews & Forbes, oom.(qua?.)... 214 Jan, 15 Holders of rec. Dec. 3Ia
Common (extra)
5
Jan. 15 Holders of roe. Dec. 31a
Preferred (guar.)
114 Jan. 15 Holders of rec. Dec. 31a
Mack Trucks. Inc.. cora. (guar.)
$1.50 Dec. 31 Holders of roe. Doe. 150
Common (payable In common stock).. 150
Doe. Si Holder, of roe. Dee.ilba
First preferred (guar.)
134 Doe. 31 Holders of rec. Dec. 180
Second preferred (guar.)
154 Dec. 31 Holders of rec. Dec. 160
Macy (R. H.) it Co., pref.(guar.)
154 Feb. 1 Holders of rec. Jan.' Lea
Magma Copper Co. (guar.)
75o. Jan, 15 Holders of rec. Dec. 310
Mager Car Corp., common (guar.)
25c. Dec 31 Holders of rec. Dec. 23
Preferred (guar.)
134 Dec. 31 Holders of rec. Dec.
Mallinson(H. R.)& Co., Inc., pref (qu) 134 Jan. 2 Holders of rec. Dec. 23
2Ia
Manhattan Electrical Supply (quay.)... 81.1214 Jan. 2 Holders of rec. Dec.
21a
Manhattan Shirt, pref.(guar.)
114 Jan. 2 Holders of rec. Dee.
Manning, Maxwell & Moore,Inc.(guar) 114 Jan. 4 Holders of lea. Dec. 170
31
Marland 011
$1
Dec. 31 Holders of rec. Dec. 190
Marlin-Rockwell Corp.,corn.(2 mos.div) 33o. Jan. 4 Holders of rec. Dec. 28a
Preferred (guar.)
134 Jan. 4 Holders of rec. Dec.
Maryland Casualty (guar.)
1.1214 Deo, 22 Holders of rec. Dec. 280
94
Mathieson Alkali Works, corn
$1 Jan. 2 Holders of rec. Dec. 18a
Preferred (guar.)
114 Jan.2 Holders of rec.
I£35
May Department Stores, pref.(guar.)._
114 Jan2'26 Holders of rec. Dee.
Dec. 154
cCord Radiator & Mfg.. Class A (qu.). '75e. Jan. 2 *Holders of rec. Dec
Merchants it Mfrs. Securities (guar.)... "214 Jan. I 'Holders of rec. Dec. 21
15
Stock dividend
'Cl
Jan. 1 *Holders of rec. Dec. 15
3104
Name of Company.
[Vol, 121.
THE CHRONICLE
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Name of Company.
Per
When
Fent. Payable
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
McCrory Stores, preferred (guar.)
134 Feb. I Holders of rec. Jan. 20a Provincial Paper Mills. corn.(quarj___. 151 Ian. 2 Holders of rec. Dec. 15
Preferred (guar.)
134 May
Holders of rec. Apr. 20a
Common (special)
1
Ian. 2 Holders of rec. Dec. 15
Preferred (guar.)
114 Aug. 1 Holders of rec. July 20a
Preferred (quar.)
1% Ian, 2 Holders of rec. Dec. lb
Preferred (guar.)
154 Nov. 1 Holders of rec. Oct. 20a Pure Oil, 534% prof. (quar.)
134 Jan. 1 Holders of rec. Dec. 10
Medan (Fred) Mfg., pref. (guar.)
2
Jan, 2 Holders of rec. Dec. 22
1)4 Ian. 1 Holders of rec. Dec. 10
Six per cent preferred (guar.)
Merchants & Miners Transp.(qu.)
6234e Dec. 31 Holders of rec. Dec. 15a
Eight per cent preferred (guar.)
Jan, I Holders of rec. Dec. 100
2
Merck & Co., pref.(quar.)
1
Jan, 2 Holders of rec. Dec. 17
Quaker Oats, common (guar.)
75c. Ian, 15 Holders of rec. Dec. 310
Mergenthaler Linotype (guar.)
2)4 Dec. 31 Holders of rec. Dec. 2a
Preferred (guar)
134 Feb. 27 Holders of rec. Feb. la
Merrimac Chemical (guar.)
$1.25 Dec. 31 Holders of rec. Dec. 12
Radio Corporation, pref.(guar.)
134 Ian. 1 Holders of rec. Dec. la
Metropolitan Paving Brick, pref. (qu.)_
134 Jan. I Dec. 16 to Dec. 31
Railway Steel-Spring, corn.(guar.)
Dec. 31 Holders of rec. Dec. 5a
2
Mexican Petroleum. common (guar.)--- 83
Jan. 20 Holders of rec. Dec. 31a
Common (extra)
Dec. 31 Holders of rec. Dec. 5a
2
Preferred (quar.)
$2
Jan. 20 Holders of rec. Dec. 313 Rand-Kardex Bureau, corn.(No. 1)____ •1.6 Jan. 11 Holders of rec. Dec. 21
Midland Steel Products, corn
31
Jan. 1 Holders of rec. Dec. 18a
Preferred (guar.)
'31.75 Jan. 2 Holders of rec. Dec. 31
Common (extra)
47c. Jan
I Holders of rec. Dee. 18a Rea! Silk Hosiery, common (aunt.)
51
Jan. 2 Dec. 20 to Jan. 1
Preferred (guar.)
Jan. 1 Holders of rec. Dec. 18a
$2
134 Jan. 2 Dec. 20 to Jan. 1
Preferred (quar.)
Preferred (extra)
$1
Jan. 1 Holders of rec. Dec. 18a Realty Associates, first preferred
Jan. 15 Holders of rec. Jan. 5
3
Mill Factors Corp.(guar.)
134 Jan. 2 Holders of rec. Dec. 19
Reece Button Hole Mach.(guar.)
350. Jan. 2 Holders of rec. Dec. 16
Extra
54 Ian. 2 Holders of rec Dec. 19
Reece Folding Machine (quar.)
50. fan
2 'folders of rec. Dec. 15
Mining Corp. of Canada((Interim)____ 1214c. Jan. 30 Jan. 16 to Jan. 29
Reid Ice Cream Corp., corn. (quar.)
750. lan. 2 holders of rec. Dec 210
Mohawk Rubber, preferred (quar.)...._.
134 Jan. 2 Dec. 22 to Jan. 1
Reliance Manufacturing, pref. (guar.)._
134 Jan, 2 Holders of rec. Dec. 180
Montgomery Ward & Co., Class A (qu.) 81.75 Jan. 1 Holders of rec. Dec. 21a Remington Arms Co.. pref., Set. A (q0.1
134 Jan. 2 Holders of rec. Dec. 210
Preferred (quar.)
81.75 Jan. 1 Holders of rec. Dec. 21a Remington-Noiseless Typew., pref.(qu.) 134 Jan. 15 Holders of rec. Jan. 4
Morgan Lithograph, corn. (guar.)
$1.25 Jan. 2 Holders of rec. Dec. 18a Remington Typewriter, 1st pref. (guar.) 154 Ian. 1 Dec. 16 to Jan. 1
Seven per cent pref. (guar.)
134 Jun. 2 Holders of rec. Dec. 18a
First preferred, Series A (quar.)
144
an. 1 Dec. 16 to Jan. 1
Morristown Securities, corn. (quar.)____ 15c. Jan. 2 Holders of rec. Dec. 7a
Second preferred (guar.)
Ian. 1 Dec. 16 to Jan. 1
2
Preferred (guar.)
114 Jan. 2 Holders of rec. Dec. 15a Reo Motor Car (guar.)
20c. Jan. 2 Holders of rec. Dec 150
Mortgage-Bond Co. (guar.)
Dec. 31 Holders of rec. Dec. 21
2
Extra
30c. Jan, 2 Holders of rec. Dec. 150
Mother Lode Coalition Mining
3734r Dec. 31 Holders of rec. Dec. Ila Republic Iron & Steel. pref. (quar.)___
154 lan. 2 Holders of rec. Dec. 150
Motion Picture Capital Corp., pf.(au.). 2
Jan. 15 Holders of rec. Jan. 2
Reynolds Spring. pref. A & B (guar.).
1)4 Jane 2 Holders of rec. Dec. 150
Moto Meter Co.. Inc., class A (guar.)... 90c. Jan. 1 Holders of rec. Dec. 150 Reynolds(R.J.)Tob com.&com.B(au.) $1
Ian. 1 Holders of rec. Dec. 18a
Mountain & Gulf 011 (guar.)
2c. Jan. 15 Holders of rec. Jan. 2a
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 180
lc. Jan. 15 Holders of rec. Jan. 2a Richardson kr Boynton Co.. part. pf.(1u) 75e. Jan. 2 Holders of rec. Dec. 15
Extra
Mountain Producers Corp.(guar.)
20c. Jan. 1 Holders of rec. Dec. 15a Richardson Co., preferred (guar.)
Jan. 1 'Holders of rec. Dec. 15
Extr •
400. Jan. 1 Holders of rec. Dec. 150 Richmond Radiator. pref. (guar.)
134 Jani5 26 Holders of roe. Dec. 3111
Mount Vernon-Woodberry Mills. pref._
214 Dec. 31 Dec. 16 to Jan. I
New Prof. (extra)
75e fan. Is Holders of rec. Dec. 310
Murray Body CorporationRiver Raisin Paper Co. (quar.)
1% Jan. 16 Holders of rec. Jan. 50
Common (payable In common stock)_. 1134 an.126 Holders of rec. Dec. 160 Royal Baking Powder, corn. (quar.)
2
Dec. 31 Holders of rec. Dec. 100
Murray-Ohio Mfg.. preferred (quar.)___
2
Jan. 2 Holders of rec. Dec. 19
Common (extra)
2
Dec. 31 Holders of rec. Dec. 15s
National Biscuit. common (guar.)
75, lan. 15 Holders of rec. Dec. 31a
154 Dec. 31 Holders of rec Dee. 150
Preferred (guar.)
National Breweries, corn. (guar.)
$1 Jan. 1 Holders of rec. Nov. 30
Royal Typewriter, common
$1
Jan. 17 Holders of rec. Jan. 10
l,4 Jan. 1 Holders of rec. Nov. 30
Preferred (guar
Preferred
354 Jan. 17 Holders of rec. Jan. 10
Jan. 15 Holders of rec. Jan. 80 Safety Cable Co.(No. 1)
National Cloak & Suit, corn.(quar.)_ _ _ _ $1
$1
fan. 15 Holders of rec Dec 31a
National Dairy Products, corn.(quar.)_. 75c. Jan. 2 Holders of rec. Dec. 210 St. Joseph Lead Co. (quar.)
50e. Mar. 211 Mar. 10 to Mar.21
cc Jan. 2 Holders of rec. Dec. 21
Preferred (No. 1)
Extra
25
Mar. 20 Mar 10 to Mar. 21
Nat. Enameling & Stamping, pref.(qu.) 134 Dec. 31 Holders of rec. Dec. lla
Quarterly
50c. June 21 June 10 to June 21
National Fuel Gas(quar.)
81.50 Jan. 15 Holders of rec. Dec. 31
Extra
25c. lone 21 June 10 to June 21
Jan. 15 Holders of rec. Dec. 31
$2
Extra
Quarterly
50c. Sept.20 Sept. 10 to Sept.20
Nat. Grocers Co., Ltd.. 1st pref.(No. 1) (aa) Jan. 2 Dec. 15 to Jan. 1
Extra
25c. Sept.20 Sept. 10 to Sept. 20
National Lead. corn. (quar.)
2
Deo. 31 Holders of rec. Dec. lb
50c. Dec. 20 Dec. 10 to Dec. 20
Quarterly
National Licorice,corn
2;i Jan. 8 Holders of rec. Dec. 24
Extra
25c. Dec. 21 Dec. 10 to Dec. 20
Common (extra)
5
Jan. 8 Holders of rec. Dec. 24
St. Louis Amusement Co., cl. A (qu.)--1 1.1254 Ian. 2 Dec. 20 to Jan. 1
Preferred (guar.)
114 Dec. 31 Holders of rec. Dec. 24
St. Louis Nat. Stock Yards(quar.).... .2
Jan. 1 'Holders of rec. Dee. 28
National Paper & Type. Pref.(quar.) - 2
Jan. 15 Holders of rec. Dec. 310 St. L. Rocky Mt.& Pac. Co., corn.(qu) I
Dec. 31 Holders of rec. Dec. 180
National Refining, pref.(quar.)
2
Jan. 2 Holders of rec. Dec. 15
Preferred (quar.)
134 Den. 31 Holders of rec. Dee. I80
National Supply of Del.. pref. (quar.).....
154 Dec. 31 Holders of rec. Dec. 2I0 St. Regis Paper Co., common (guar.)... 50c. Jan. 2 Holders of rec. Dec. 154
National Surety (guar.)
2)4 lan. 2 Holders of rec. Dec. 180
Preferred (quar.)
$1.75 lain. 2 Holders of rec. Dee. 150
National Sugar Refining (quar.)
134 Jan. 2 Holders of rec. Dec. 7
Salt Creek Consol.011,(quar.)
150. Jan. 2 Holders of rec. Dec. 150
National Tea, old common
83
Jan. 1 Holders of rec. Dec. 14a Savage Arms Corp., first Prof. (quar.)..
141 Ian. 2 Holders of rec. Dec. 150
Nevada COMO!. Copper (quar.)
250. Dec. 31 Holders of rec. Dec. 180
1
Second preferred (quar.)
Feb. 15 Holders of rec. Feb. la
•I23ic Jan. 15 'Holders of rec. Jan. 2
New Bradford 011 (quar)
Sayers & Scoville, common (quar.)
1% Ian. 1 Holders of rec. Dec. 210
New England Fuel Oil (quar.)
25c. Jan. 2 Holders of rec. Dec. 24
Common (extra)
3% Ian, 1 Holders of rec. Dec. 210
Newznont Mining Corp
600. Jan. 15 Holders of tee Dec. 31
1;i Jan. 1 Holders of rec. Dec. 21a
Preferred (quer.)
Newton Steel,common (quar.)
50c. Dec. 31 *Molders of rec. Dec. 20
Schulte Retail Stores Corp.. pref.(qmar.) 2
Jan. 1 Holders of rec. Dec. 15
Common (extra)
•50c. Dec. 31 *Holders of rec. Dec. 20
Beruggs-Vandi rvoort-Barney Dry Goode
(quar.)
Preferred
MO°. Dec. 31 'Holders of rec. Dec. 20
3
Ian. 2 Holders of rec. Dec. 21
First preferred
New York Air Brake, Class A (quar.).
$1
Ian 4'2r Holders of rec. Dee. 20
334 Jan. 2 Holders of rec. Dee. 21
Second preferred
Class A Mar.)
$1
Apr. 1 Holders of rec. Mar. 10a Sefton Manufacturing, corn
•50c. Dec. 21 'Holders of rec. Dec. 22
Common (qmar.)
50c. Feb. 1 Holders of rec. Jan. 60
•154 Jan. 2 'Holders of rec. Dec. 22
Preferred (guar.)
New York Canners500. fan. 11 Holders of rec. Dec. 216
Shattuck (Frank G.) Co.(quar.)
Common (payable in common stock)...
fb
Dec. 31 Holders of rec. Dee. la Shell Union 011 Corp., corn. (quar.)
380. )ec. 31 Holders of rec. Dec. 10
834 Feb 1'26 Holders of rec. Jan.22'28
First.* preferred
Sherwin-Willams Co.. Can.. corn. (qu) 154 Dee. 31 Holders of rec. Dec. 15
4
Feb 1'26 Holders of rec. Jan.2220
Second preferred
1)4 Dec. 31 Golders of rec. Doe. 15
Preferred (quar.)
Jan. 2 Holders of rec. Dec. 260 Shredded Wheat,corn.(guar.)
New York State Realty & Tern/MM.__
6
234 Dec. 31 Holders of roe. Dec. 210
4
Jan, 2 Holders of rec. Dec. 19
New York Title & Mtge.(guar.)
Holders of rec. Dec. 5
Sleberling Robb., pf. (acct. accum. inv.) "54
Jan, 2 Holders of rec. Dec. 19
I
Extra
Sieloff Packing (quar.)
30c. Jan. 2 Holders of rec. Dec. 21
New York Transit (oar.)
750. Jan. 15 Holders of rec. Dec. 18
Extra
15c. Jan. 2 Holders of roe. Dee. 21
New York Transportation (quar.)
50c. Jan. 15 Holders of rec. Jan. 211 Silver King Coalition Mining (quar.)__
25c. Jan, 2 Holders of rec. Dec. 15
Nichols Copper Co.. preferred (quar.)
1)4 Jan. 2 Holders of rec. Dec. 21
Slmbroro Stone Co.. preferred
.lan. 1 Holders of rec. Dec. 15
2
Nipisaing Mines Corp.(quar.)
•15c. Jan. 20 'Holders of rec. Dec. 31
Simmons Co., corn.(quar.)
500. Ian. 2 Holders of rec. Dee, 150
Nizer Corporation, Class B (quar.)
50c. Jan, 1 Holders of rec. Dec. 12
Common (extra)
25c. fan. 15 Holders of rec. Dec. 210
(r) Jan. 15 Holders of rec. Jan. 5
Class B (payable In class B stook)__
Simms Petroleum
50c. Ian. 2 Holders of rec. Dee. 150
75c. lan. 1 Holders of rec. Dec. 12
Class A (quar.)
Singer Mfg. (guar.)
2% Dec. 31 Dec. 11 to Jan. 1
North American Car class A (quar.)._ _ 0254c Jan. 1 Holders of rec. Dec. 230 Sloss-Sheffield Steel & Iron, pref. (OIL). 154 Jan. 2 Holders of rec. Dec. 210
Northern Pipe Line
3
Jan. 1 Holders of rec. Dec. 8
Solar Refining
5
Dec. Ill Dec. 1 to Dec. 10
North American Provision. pref. (qu.)
•114 Jan. 1 'Holders of rec. Dec. 10
South Penn 011
$1.50 Dec. 31 Holders of rec. Dec. 10
Norwalk Tire & Rubber, corn. (quar.)__ 400, Jan. 1 Holders of rec. Dec. 100 South Porto Rico Sugar, corn. (quar.)_. 1% Ian, 2 Holders of rec. Dec. 10a
144 Jan. 1 Holders of rec. Dec. 10a
Preferred (guar.)
2
Preferred (guar.)
Jan. 2 Holders of rec. Dec. 100
75e. Dee, 31 Holders of rec. Dec. 10a South West Pa.Pipe Lines(quar.)
Nunnally Co__
$1
Dec. 31 Holders of rec. Dec. 15
$1.2„/ Jan. 2 Holders of rec. Dec. 21
Ogilvie Flour Mills (guar.)
Southern Acid & Sulphur, common
75e. Mar. 15 Holders of rec. Mar. 10
5067 Jan. 15 Holders of rec. Dec. 310 Sparks-WithingtonCo.. common (qu.)
Ohio Fuel Corp.(guar.)
50e. Dec. 31 Holders of rec. Doe. lfla
50c. Dec. 31 Nov. 29 to Dec. 27
Ohio Oil (quar.)
1M Dec. 31 Holders of rec. Dec. 19a
Preferred (guar.)
50e. Dec. 31 Nov. 29 to Dec. 27
Extra
Spicer Manufacturing. pref. (aunt.).... 2
Jan. 2 Holders of rec. Dec. 240
50c. Jan. 2 Holders of tee Dec. 150 Standard Comrnercl Tobacco, com.fgu.) 25c. Jan. 2 Holders of rec. Dec. 23
Oil Weil Supply, common (No. 1)
50c. Jan. 20 Holders of rec. Dec. 28a
Oklahoma National Gas(quar.)
Preferred
334 Jan. 2 Holders of rec. Dec. 23
$2
Jan. 2 Holders of rec. Dec. 190 Standard Cormier. pref.(annual)
Omnibus Corp., pref.(quar.)
Jan. 2 Dee. 25 to Jan. 12
8
Jan. 2 Holders of rec. Dec. 150 Standard Drug Products (guar.)
2
Orpheum Circuit. pref. (quar.)
•250. Ian. 1 Holders of rec. Dee. 20
$1.50 Jan. 16 Holders of rec. Dec. 31a Standard Milling, common
Otis Elevator, common (quar.)
t 420.
ec. 31 Holders of rec. Doe. 216
154 Jan, 15 Holders of rec. Dec. 310
Preferred (guar.)
50c.
ec. 31 Holders of rec. Dec. 21a
Preferred
Overman Cushion Tire.corn. A & B (qu.) 134 Jan. 1 Dec. 19 to Jan. I
Standard 011 (Kentucky)(quar.)
Dec. 31 Dec. 18 to Jan. 1
al
$1.75 Jan. 1 Dec. 19 to Jan. 1
Preferred (quar.)
$2.50 Jan. 1 Holders of rec. Nov.27
Standard 011 (Ohio). corn,(guar.)
75e. Jan, 1 Holders of rec. Dec. 160 Standard Plate Glass, prior pref. (quar.) 154 Jan. 1 Holders of rec. Dec. 21a
Owens Bottle, common (quar.)
$1
Jan. 1 Holders of rec. Dec. 1611 Stanley Co. of America (guar.)
Common (extra)
$1.50 Jan. I Holders of ree. Dee. 17
Jan. 1 Holders of rec. Dec. 165 State Theatre Co.. Boston, pref.(quer.) $2
Common(payable In common stock)_. f5
Jan, 2 Holders of rec. Dec. 19a
75c. Apr, 1 Holders of rec. Mar. 16a Steel Co. of Canada,common (quar.)--Common (extra)
141 Feb. 1 Holders of rec. Jan. 8
154 Jan. 1 Holders of rec. Dec. 160
Preferred (guar.)
1M Feb. 1 Holders of rec. Jan. 8
Preferred 'guar.)
134 Apr. 1 Holders of rec. Mar. 16a Stern Bros.. corn., Class A (guar.)
Preferred (guar.)
Jan. 2'Holders Of tee. Dec. 210
"El
81.50 Jan. 20 Holders of rec. Dec. 15a Stetson (John B.) Co., common
Pacific 011
533.75 Jan, 15 "Holders of rec. Jan. 1
Packard Motor Car, common (quar.)
50c. Jan. 30 Holders of rec. Jan 150
Jan. 15 *Holders of rec. Jan. 1
"4
Preferred
Paige-Detroit Motor, common (guar.)- 45e, Jan. 2 Holders of rec. Dec. 15a Stevenson, Brien dic Co..Inc.. corn
Jan. 1
5
lIf Jan. 2 Holders of rec. Dec. 150
Preferred (guar.)
144 Jan, 1
Preferred (quar.)(No.3)
Pan American Petroleum of California.
234 an.1'26 Holders of roe. Dec. 200 Stone(P1.0.) & Co:.common (guar.).- 75c. Jan. 2 Holders of rec Dec. 15
Pan American Petroleum of California_ _
23.4 Apr 1'26 Holders of rec. Dec. 205
Jan. 2 Holden, of rec. Dec. 15
Common(payable in common stock) _ /10
Pan American Petroleum & TransportPreferred (quar.)
131 Jan. 2 Holders of rec. Dec. 15
Common and Class B common (quar.) $1.50 Jan. 20 Holders of rec. Dec. 313 Stromberg Carburetor (guar.)
$1.50 Jan. 2 Holders of rec. Dec. lla
"I5c. Jan. 2 'Holders of rec. Dec 15
Park Utah Cons. Mining
Jan, 15 Jan. 1 to Jan. 13
$1
Sullivan Machinery (quar.)
Peabody Coal. preferred (monthly)
58c. Jan. 2 Holders of rec. Dec. 190 Swan dr Finch MCorp.. preferred
Jan, 2 Holders of rec. Dec. 29
56
$3.50 Jan. 1 Holders of rec. Dec. 29
Pelz-Greensteln Co., Inc., pref
Swift dr Co.(quar.)
Jan. 1 Dec. 11 to Jan. 7
2
Penick dr Ford. Ltd., pref.(quar.)
134 Jan. 1 Holders of rec. Dec. 190 Symington Co.. class A (qan)
50c, Jan. 2 Holders Of rec. Dec. 115a
Preferred facet accum. dividends)... f134 Jan. 1 Holders of rec. Dec. 190 Teck-Hughes Mining
5
Feb. 1 Holders of rec. Jan 15a
114 Dec. 31 Holders of rec. Dec. 21a Telautograph Co.. Pref.(quar.)
Penney (J. C )Co., 1st pref.(quar.)---144 Jan 11 Holders of reo. Dec. 31a
7$c. Jan. 1 Holders of rec. Dec. 11
Pet Milk, corn. (quar.)
Telling-Belle Vernon Co.,corn,(qua,.).. 75e. Dec. 31 Holders of rec. Dec. 21
Preferred (quar.)
114 Dec. 31 Holders of rec. Dee. 21
134 Jan. 1 Holders of rec. Dec. 11
Preferred A and B (quar.)
Pettibone, Mulliken, 1st & 2d Id. (qu.) 134 Jan. 2 Holders of roe. Dec. 220 Texas Company (quar.)
75c. Dec 31 Holders of rec. Dee. 46
.6
1
Jan, 2 Holders of rec. Dee. 210 Texon Oil & Land
Phelps Dodge Corp.(guar.)
Dec. 29 'Holders of rec. Dee. 24
$2
Feb. 1 Holders of rec. Jan. 15a
Philadelphia Insulated Wire
•e10 Dec. 29 'Holders of rec. Dec. 24
Stock dividend
75c. Jan. 4 Holders of rec. Dec. 2I0 Textile Banking Corp. (quar.)
Phillips Petroleum (quar.)
Jan. 2 Holders of rec. Dec. 240
2
Pick (Albert) & Co., pref. (quar.)
1M Jan. 2 Dec. 23 to Jan. 1
Thompson (J R.) Co., corn. (monthly). 30e. Jan, 2 Holders of rec. Dec. 230
Pie Bakeries of Amer., Inc.. CI. d (qu.). $1
Jan. 2 Holders of rec. Dec. 16
30e. Feb. 1 Holders of roe. Jan. 230
Common (monthly)
154 Jan. 2 Holders of rec. Dec. 16
7% preferred (quar.)
300. Mar. 1 Holders of rec. Feb. 230
Common (monthly)
Pittsburgh Coal, preferred (quar.)
114 Jan. 25 Holders of rec. Jan. 83 Thompson (R. E.) Mfg., 1st pref.(qu.). $2 Jan. 15 Holders of rec. Dec. 31
Dec. 31 *Holders of rec. Dec. 19
Pittsburgh Plate Glass, corn. (quar.)__ *2
First pref.(for quar. ended Sept. 30).. $2 Jan. 15 Holders of rec. Doe. 31
Pittsburgh Steel, common (quar.)
Jan. 2 Holders of rec. Dec. 28a TideWater Oil (quar.)
$I
25c. Dec. 31 Holders of rec. Dec. 160
Jan. 2 Holders of rec. Dec. 31
Pittsburgh Transformer, common (qu.)_ .2
Tobacco Products Corp.. corn (guar.)
(z) Jan. 15 Holders of rec. Dee. 31
Common (extra)
("0 Dec. 31 Holders of rec. Dec. 30
Torrington Company,common (qua,.).. 3
Jan. 2 Holders of rec. Dec. 18
Jan. 2 Holders of rec. Dec. 31
Preferred (quar.)
*2
5
Common (extra)
fan. 2 Holders of rec. Dec. 18
Jan.d30 Holders of rec. Dee. 310 Tower Manufacturing, common (quar.)- 25c. Jan. 1 Holders of rec. Dec. 15
Prairie Pipe Line (quar.)
2
Pratt & Lambert, Inc.,common (quar.) *75o. Jan. 2'Holders of rec. Dec. 150 Transue & Williams Steel Forg. (qu.).. 50c. Jan. 10 Holders of reo. Dee, 310
Price Brothers & Co.„ Ltd., corn.(qu.)..
54 Jan. 2 Holders of rec. Dec. 15
1
Tuckett Tobacco, common (qar.)
Jan. 15 Holders of reo. Dec. 31
2 Holders of rec. Dec. 15
Preferred (quar.)
134 Jan
134 Jan. 15 Holders of res. see. 31
Preferred (quar.)
Jan, 15 Holders of rec. Dec. 240 'tulip Cup Corp.. common (qua:.)
Procter At Gamble,8% pref.(quar.)_
2
3754c Jan. 2 Holders of rec. Dec. 21
Pro-phy-lac-tic Brush (quar.)
'50c. Jan. 15 'Holders otter. Dec. 31
144 Jan. 2 Holders of rec. Dec. 21
Preferred (guar.)
DEC.26 1925.]
Name of Company
THE'CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
3105
Weekly Returns of New York City Clearing House'
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Dee. 19. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
Miscellaneous (Concluded).
Ulen & Co., preferred
Jan. 1 Holders of rec. Dec. 21
4
Underwood Computing Mach.. pt.(qu.) 1( Jan. 1 Holders of rec. Dec. 19
Underwood Typewriter, corn.(quar.). 750. Jan. 1 Holders of rec. Dee. la
Preferred (guar.)
1M Jan. 1 Holders of rec. Dec. la
Union Carbide & Carbon (guar.)
$1.25 Jan. 1 Holders of rec. Dee. 40
United Alloy Steel Corp
500. Jan. 9 Holders of rec. Dec. 266
United Cigar Stores of Amer.,corn.(qu.) 500. Dec. 30 Holders of reo. Dec. 100
Common (payable in corn. stock)
I1M Dee. 30 Holders of tee. Dec. be
United Drug, corn. (guar.)
144 Mar. 1 Holders of rec. Feb. 15a
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
First preferred (guar.)
14( Feb. 1 Holders of rec. Jan. 15a
154 Jan.1'26 Holders of tee. Dec. 15a
United Dyewood. pref. (guar.)
(Stated in thotuands of dollars)-that it. three (000) ciphers omitted
Jan. 15 Holders of rec. Jan. 2
United Equities Corp. (special)
51
United Fruit (guar.)
241 Jan. 2 Holders of rec. Dec. 5
United Profit Sharing Corp.
New
300. Jan. 2 Holders of tee. Dec. 100
No par common (gnar.)
Reserve
Capital Profits. Loans,
15c. Jan. 2 Holders of rec. Dec. 10a Week Endin
Common. $1 par (guar.)
Discount, Cash
with
Net
Time Bank
6244c Jan. 5 Holders of rec. Dec. 15
United Shoe Machinery, corn. (guar.)
Legal Demand
De- Circein
Dec. 19 1925. Nat'l, Sept.28 InvestPreferred (guar.)
3744c Jan. 5 Holders of rec. Dec. 15
State, Nov.14 Menlo, Vault. Deposi- DeporUs. posits. laU.S. Bobbin & Shuttle,pref.(guar.)... 154 Dec. 31 Holders of rec. Dec. fla
Non.
tortes.
(000 omitted.) r.Cosr Nov.14
344 Jan. 1 Holders of rec. Dec. 156
U. S. Distributing, preferred
400. Dec. 31 Dec. 7 to Dee. 20
U.S. Gypsum,common (guar.)
Average As's*
Average.
Average
Members
of
Fed,
Res.
Bank.
Average
Average.
Dee. 31 Dec. 7 to Dec. 20
Common (extra)
$2
$
Bank of N.Y.ds
$
Common (payable in common stock)_ _ e15
Dec. 31 Dec. 7 to Dec. 20
59,096 8,16
Trust Co____ 4,000 12.807
76,02
642 7,579
1M Dec. 31 Dec. 7 to Dec. 20
Preferred (guar.)
130,511 24,825
3,533 17,755
141 Jan. 15 Holders of rec. Dec.d30a Bk of Manhat'n 10,000 14,732 159,386
U. S. Industrial Alcohol, pref. (quar.)
Mech&MetNa 10,000 15,749 181,471 4,093 22.768 172,388 11.002 547
144 Dec. 30 Nov 28 to Nov. 30
U. S. Steel Corporation, corn. (quar.)_ _
87,775 5,030
Bank of Ameri
6,500 5,223
82,714 2,105 11,952
Common (extra)
44 Dec. 30 Nov.28 to Nov.30
847
644,487 69,394
U.S. Tobacco, common (guar.)
750. Jan. 2 Holders of rec. Dec 140 National City- 50,000 62,403 602,294 4,945 67,266 .
347
117,325 4,396
Preferred (guar.)
1M Jan. 2 Holders of rec. Dec. 14a Chemical Nat_ 4.500 17.597 132,935 1,530 15,696
4,933
11,138
140,595
18.824
Am
Ex-Pac
Nat
7,500
12,625
151,70
2,695
Universal Leaf Tobacco, pref.(guar.)
2
Jan. 2 Holders of rec Dec. 21
311,434 13.027
Nat Bk of Com_ 25.000 40,021 367,41
1,316 40,742
Upson Company, preferred (guar.)
154 Jan. 1 Holders of rec. Dec. 15
177,434 43.97 6,891
25,422
NB&T 13,500
Utah Copper Co. (guar.)
$1.25 Dec. 31 Holders of rec. Dec. 180 Chat Ph Nat__ 5,000 13,236 232,207 3.095
110,155
25.443 124,604
739 14,443
Virginia iron, Coal & Coke, pref
244 Jan. 2 Holders of rec. Dee. 15a Hanover
176,149 30.749
Vulcan Detinning, pref.(guar.)
1M Jan. 20 Holders of rec. Jan. 9a Corn Exchange_ 10,000 14,558 199,631 8,714 24.888
9,967 3.469
1,136
131,340
17,334
National
Park_
10.000
24,375
176,973
Pref. (acct. accumulated dividends). h2
Jan. 20 Holders of rec. Jan. 9a
993
31,459 11,936
42,121 1,414 4,576
Preferred A (guar.)
154 Jan. 20 Holders of rec. Jan. 9a East River Nat_ 2,500 2,375
23,552
4,951
208,249
First
National_
27,793
10,000
71,199
301,833
688
Wabasso Cotton, Ltd. (guar.)
Jan. 2 Holders of rec. Dec. 15
$1
17,500 13,732 293,412 3,743 36,800 276,528 27,064
Waldorf System, corn. (guar.)
3l)4C Jan.
Holders of rec. Dec. 20a IrvingBk-Col
3,339 2,071
250
498
Bowery Nati Bk
928
5,959
162
First and second pref.(gnar.)
200. Jan.
Holders of rec. Dec. 20
424
6.733
902
8,336
167
Walworth Co.. preferred (quar.)
750. Dec. 3 Holders of rec. Dec. 210 Continental _ _ 1,000 1,161
991
Chase National_ 20,000 26,894 394,355 4,759 49,252 *385,913 17,511
Ward Baking Corp.. pref. (guar.)
M Jan.
Holders of rec. Dec. 15
Avenue__
25,043
Fifth
500
3,284
2,905
28,02
951
Warren Bros., common (guar.)
Jan.
Holders
Dec.
196
$1
of rec.
600 1,089
8,061 4,586
14,30
557 1,211
First preferred (guar.)
The. Jan.
Holders or rec. Dec. 190 Commonwealth.
501
19,058
18,622
519 3,237
Second preferred (guar.)
8744c Jan.
Holders of rec. Dec. 19a Garfield Nat'l__ 1,000 1,766
• 46
116,958 3,646
Seaboard Nat'l_ 5,000 8,758 116,865 1,458 15,299
Washington 011
Dec. 31 Dec. 16 to Dec. 30
$2
Coal & Iron Na
1.500 1,531
410
16,488 1,901
563 2,330
19,496
Weber & Hellbroner, corn.(guar.)
Si
Dec. 30 Holders of rec. Dee. 15
Bankers Trust_ 20.000 30,391 336,476 1,228 36,342 .
298,917 44,474
Weisbach Company, preferred
$3.50 Dec. 31 Holders of rec. Dec. 19
55,715 4,851
60,550
996 7,481
West Coast Oil (guar.)
$1.50 Jan. 5 Holders of rec. Dec. 296 U S Mtge & Tr.. 3,000 4.750
Guaranty True 25.000 21,538 418,113 1,779 47,427 *413,010 47,947
West Point Manufacturing (guar.)
2
Jan. 2 Holders of rec. Dec. 17
2,000
Fidelity-Inter
2,209
18,638 1,791
2,539
21,540
597
Western Grocer. met
Janina
Dec. 20 to Jan. 1 1926
8M
145,656 19,937
670 19,707
Westinghouse Air Brake (quer.)
$1.50 Jan. 30 Holders of reo. Dec. 3Ia New York True 10.000 20,018 174,044
864 14,549 .111,851 23,108
Extra
$1
Jan. 30 Holders of rec. Dec. 31a Farmers L & Tr 10.000 18,520 144,757
296,211 26,72
Westinghouse Elec.& Mfg ,corn.(guar.) $1
Jan. 30 Holders of rec. Dec. 310 Equitable True 23,000 12,852 267,279 1,717 30,524 .
Preferred (guar.)
Jan. 15 Holders of tee. Dec. 316
$1
Total of averages 308.850 501,399 5,153,45 57,375 588,420c4,366,13 93.68923.425
Westmoreland Coal
$1.50 Jan. 2 Dec. 25 to Jan. 3
Weston Electrical Instrument(guar ) . 50c Jan. 2 Holders of rec. Dec. 16a
Totals, actual condition Dec.19 5,191,80: 60,397622,156 c4,377,644 496,816 23,434
Wheeler Condenser & Eng., pref.(guar.) $2
Jan. 2 Holders of rec. Dec. 13
Totals, actual co ndition Dec. 125,139.13€ .53.134594,818 c4,353,671494,224 23,514
White Eagle 011 & Refining (guar.)
*50c. Jan. 20 *Holders of rec. Dec. 31
White Motor (guar.)
Dec. 30 Holders of tee. Dec. 154 Totals, actual condition Dec. 55,139,311 49,328S82,306 c4.347,873-494.931 23,609
$1
State Banks Not Members of Fed'I Reeve Bank.
White Motor Securities, pref.
151 Dec. 31 Holders of rec. Dec 15
_
23,741 2,014 2,309
23,160 1,799
White Rock Mineral Springs, corn.(qu.) 30c. Dec. 31 Holders of rec. Dec. 22a Greenwich Bank 1.000 2,594
40,384 64,533
Common (extra)
20c. Dec. 31 Holders of rec. Dec. 226 State Bank _ . 3,500 5.867 108,340 4,940 2,511
Common (additional extra)
40c. Dee. 31 Holders of rec. Dec. 220
Total of averages 4,500 8,642 132;081 6,954 4,820
63,544 66,332
First preferred (civar.)
1M Dec. 31 Holders of rec. Dec. 22
Second preferred (guar.)
144 Dec. 31 Holders of rec. Dec. 22
Totals, actual condition Dec. 19 132,591 7,2801 4,673
63,993 66,391
Second preferred (extra)
1
Dee. 31 Holders of rec. Dec. 22
Totals, actual condition Dec. 12 130,851 6,881 4,588
62,469 66.246
Second preferred (additional extra)... 2
Dec. 31 Holders of rem Dec. 22
Totals, actual condition Dec. 5 129,807 6,833 4,433
61,692 65.772
Whitman(Wm.) Co.. pref.(guar.)._ _ _
134 Jan. 1 Holders of rec. Dee. 17
Trust Compan les Not Membe rs of Fed eral Re serve B ank
Will & Baumer Candle. Inc.. pref. (gU.) 2
Jan. 1 Holders of me. Dee. 15
40,288 2,678
Willys-Overland Co., preferred Cgs:m.4.. 14k Jan. 2 Holders of rec. Dee, 206 Title Guar &Tr. 10.000 17,233 64,336 1,453 4,598
17,102
850
956 1,778
21,630
Preferred (acct,accumulated dive.)
129% Jan. 2 Holders of rec.Dec ee19a Lawyers Trust_ 3.000 3,204
Winnsboro Mills, common (guar.)
2
Jan. 2 Holders of rec. Dec. 23
Total of averages 13,000 20,437
57,390 3,528 __-85,966 2,409 6,376
Preferred (guar.)
144 Jan. 2 Holders of rec. Dec. 23
Woodley Petroleum (quar.)
15c. Dec. 31 Holders of rec. Dec. 19
Totals. actual condition Deo. 19 86,560 2,359 6,442
57,615 3,820 _Woods Manufacturing, pref. (quar.)_
•144 Jan. 2 *Holders of rec. Dee. 26
Totals, actual condition Dec. 12 85.842 2,355 6,622
58,276 2,872
Wright-Hargreaves Mines. Ltd
244 Jan. 1 Holders of rec. Dec. 15
Totals,actual condition Dec. 5 86:996 2,386 6,652
59,591 2,892
Extra
744 Jan. 1 Holders of rec. Dee. 15
Wrigley (Wm.) Jr. & Co.(monthly)._ 250. Jan. 2 Holders of tee. Dec.-196
Extra
50c. Jan. 2 Holders of rec. Dec. 196 Ged agar.,aver- 326.350 530,299 5,371,504 66,738599,616 4.487.069563,54923.425
Monthly
250. Feb. 1 Holders of rec. Jan. 200 Comparison with prey. week _ _ +21,938+6,241+2.765 +23.451-2,795 --79
Monthly
25c. Mar. 1 Holders of rec. Feb. 200
4,499,252 567,02723.434
Monthly
25c. Apr. 1 Holders of rec. Mar.206 Gr'd agar.. mg!cond'n Dec.
Worthington Pump & Mach., pf. A (qu.) 1M Jan. 2 Holders of rec. Dec. 21a Comparison with prey. week 1- +55,127 +7,6441+27243 +24.827.+3.685 -80
Preferred B (guar.)
144 Jan. 2 Holders of rec. Dec. 21a
Gr'd aggr., aM'Icond'n Dec. 125,355,829 62,370606,028 4,474,426 563,34223,514
Wurlitzer (Rudolph) Co., 7% pf. (cm.). 144 Jan. I Holders of rec. Dec. 19
Yale & Towne Manufacturing(guar.)- Si
Jan. 2 Holders of rec. Dee. 100 Gr'd gag., act'l cond'n Dec. 5 5,356,110 58.547593.391 4,469,156 583,59523.609
Gr'd aggr., act'l cond'n Nov.28 5,362,959 60,781 597,385 4.439,947575,652 23,413
Yates Amer. Machine Co., prior rd.(qu.) 6244c Jan. 1 Dee. 20 to Jan. 1
Gr'd agrr., aa'lcond'n Nov.21 5,361,933 57.867617,271 4,497,684 564,52723,507
Yellow Cab Co.of Newark, corn.(qu.)_. 25c. Jan
1 Holders of rec. Dee. 15
Yellow Truck & Coach, class B (qu.)
18c Jan. 2 Holders of rec. Dee. 15a Or'd aggr., act'lcond'n Nov.14 5,357,100 55,944650,065 4,501,102 559,75823,602
Preferred (quar.)
144 Jan. 2 Holders of rec. Dec. 15a Gr'd aggr.. nalcond'n Nov. 75,381,737 59,165588,551 4,516,092550,078 23,398
Youngstown Sheet & Tube, corn. (qu.): $1
Dec. 81 Holders of rec. Dee. 15
Preferred (guar.)
Note.-U. S. deposits deducted from net demand deposits in the general totals
144 Dec. 81 Holders of tee. Dec. 15
Zenith Radio (annual)
6
Jan. 2 Holders of rec. Dec. la above were as follows: Average total Dec. 19, $38,029,000. Actual totals Dec. 19,
Extra
4
Jan. 2 Holders of rec. Dec. la 555,592,000; Dec. 12, $8,507,000; Dec.5,$8,508,000: Nov.28,$10.004,000; Nov.21,
$10,092,000. Bills payable, rediscounts, acceptances and other liabilities, average
•From unofficial sources.
The New York Stock Exchange has ruled that stock for week Dec. 19, $693,748,000; Dec. 12, $705,207,000; Dec. 5, $680,798,000:
will not be quoted ex-dividend on this date and not until further notice. t The Nov.28,$677,750.000; Nov.21, 5635,337.000. Actual totals Dec. 19.$741.048,000
New York Curb Market Association has ruled that stock will not be quoted ex
Dec. 12, $731,247,000; Dec. 5, 5695,372,000; Nov. 28, $706,367,000; Nov. 21,
dividend on this date and not until further notice.
5666.687,000.
g Annual dividend for 1925 all payable In equal quarterly Installments on April 1
•Includes deposits in foreign branches not included in total footings as follows:
July 1, Oct. 1 1925 and Jan. 11926. have been declared as follows: On the common National City Bank, $152,111,000: Chase National Bank, $11,159,000; Bankers
Mock $4 40. quarterly installments 5110. prior preference,7%,quarterly installments Trust Co.,
$31,045.000; Guaranty Trust Co., $64,638,000; Farmers' Loan & Trust
154%. participating preferred,7% regular, quarterly installment 1)4%. participating Co., $6,047,000; Equitable Trust Co., $65,381,000. Balances carried in banks' n
Preferred, 2% extra, quarterly Installment 54%, preferred, 6%, quarterly Install- foreign countries as reserve for such deposits were: National City Bank,520,218,000;
ment, 44%.
Chase National Bank, 51.439,000; Bankers Trust Co.. $4,803,000: Guaranty Trust
a Transfer books not closed for this dividend. d Correction. e Payable in stock. Co., $4,481,000; Farmers' Loan & Trust Co., $6,047,000; Equitable Trust Co..
fTayable in common stock. g Payable In scrip. h On account of accumulated $8,573,000.
dividends. m Payable in preferred stock. n Payable in Canadian funds.
c Deposits in foreign branches not included.
One month (December) dividend due to change of dividend payments.
The reserve position of the different groups of institutions
J Less the following amounts to cover second and third guar. Installments of 1924
income tax: Continental Pass. Ry.,37 eta.; Union PUB. RY., 60 CUL: West Phila. on the basis of both the averages for the week and the actual
Pass. BY., 63 CUI.
condition at the end of the week is shown in the following
It On Class A stock dividend is 244% of one share of Class A stock. In lieu of
cash dividends holders may take on the preferred stock 3.75% of a share of Class A two tables:
Kock for each share of original series pref. and .06 of a share of Class A stock for STATEMENT OF RESERVE
POSITION OF CLEARING HOUSE BANKS
each share of $7 dividend series stock.
AND TRUST COMPANIES.
I Subject to authorization at stockholders' meetings on Dec. 28.
For period from Nov. 15 to Dee. 15 1925, due to change in dividends from
Average*.
G.-F. 15 to Q.-J. 1.
p Payable in voting trust certificates for class B stock at the rate of one-tenth of
Cash
Reserve
•share for each share of class B stock held.
Reserve
in
Total
Reserve
Burping
g Subject to deduction to provide forTederal taxes assessed against the railroad.
in Vault. Deposita:let Reserve.
Required.
Reserve.
r Dividend is 1 Si share of 13 stock for each 100 shares held.
Members Federal
S
$
sTo be quoted ex-dlv. 33 1-3% stock dividend on Dee. 11.
Reserve banks_
588,420,000 588,420,000 582,408,220 6,011,780
(Payable In participating preferred stock.
State banks.
6,954,000 4,820,000 11,774,000 11,437,920
336,080
is Payable either In cash or Class A stock at the rate of one-fortieth of a share.
Trust companies'._ 2,409,000 6,376,000 8,785,000 8,608,500
176,500
s Payable 200. In cash and 15o. net share (1-100 of a share) in common stock.
Total Dec. 19_ _
9,363,000 599,616,000 608,979,000 1102,454,640 6,524.360
tv One-fiftieth of a share of new non-par common.
Total Dec. 12....,,,9,276,000596,851,000 606,127,000 599,465,030 6,661,970
z Payable also to holders of coupon No. 37.
Total Dec. 5.._ __
9,240,000 598,684,000 507,924,000 501,301,720 6,622,280
Total Nov.28_ _
w Dividend Is one-tenth of a share of common stock for each share held.
9,212,000 595,016,000 604,228,000 599,232.600 4,995,400
s Dividend is one-fifth of a share of founders shares of the Happiness Candy Stores.
• Not members of Federal Reserve Bank.
aa Four months dividend to Dec. 31 1925.
bb Final dividend is 2s. 3d. and interim Is 10d., free of tax. Transfers received in
a This is the reserve required on the net demand deposits;In the ease of State banks
London in order up to Jan.4 will be in time for payment of dividends to transferees.
and trust companies, but in the case of members of the Federal Reserve Bank
ee Initial dividend on pref. at rate of 7% per annum for month of December 1924. Includes also amount In reserve required on net time deposits, which was as follows:
dd 80c. in cash or 254% in stock at option of stockholder.
Dec. 19, $14,810,670; Dec. 12, $14,924,250; Dec. 5,$15,003,810; Nov. 28, 515,052 ee N. Y. StocklExchange rules that stock will sell ex-dividend on Dec. 24.
110; Nov. 21. $14,701,440.
3106
Actual Figures.
Cash
Reserve
in Vault.
Members Federal
Reserve banks__
State banks.
Trust companies.___
Total
Total
Total
Total
Reserve
in
Depositaries
Total
Reserve.
Surplus
Reserve.
Reserve
Required.
9,617,000 333,271,000 642,888,000 604,159,190 38,728,810
9,236,000 306,028,000 615,264,000 600,791.570 14,472,430
9.219,000 393,391,000 602,610,000 600,114.630 2,495,370
9.561,000 597,385,000 606,946.000 596,884,560 10,061,440
•Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies, but In the case of members of the Federal Reserve Bank includes also amoun lot reserve required on net time deposits, which was as follows:
Dec. 19. $14,904.480; Dec. 12, 414,826,720; Dec.5,$14,847,930; Nov. 28, $15,199,770; Nov. 21, 814,866,890.
State Banks and Trust Companies Not in Clearing
House.—The State Banking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK; NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.)
Differencesfrom
Dec. 19.
Previous Week.
$1,167,941,800 Inc. $18,826,200
Loans and investments
88.300
4,907,000 Inc
Gold
27.239,300 Inc. 1,429,800
Currency notes
98,695.200 Inc. 5.753,400
Deposits with Federal Reserve Bank of New York
1,232,237,500 Inc. 22,394,800
Total deposits
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N. Y. City,exchange & U.S.deposits_ _1,151,824,200 Inc. 13,328,500
179.203,700 Inc. 12.717,300
Reserve on deposits
Percentage of reserve, 21.3%.
RESERVE.
State Banks
—Trust Companies—
Cash in vault*
$38,615,200 17.44%
892,226,300 13.39%
Deposits in banks and trust cos__
13.250,100 5.98%
35.112,100 5.11%
Total
$127,338,400 18.50%
$51,865,300 23.42%
•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Dec. 19 was $98,695,200.
Banks and Trust Companies in New York City.—The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Demand
Deposits.
*Total Cash
its Vaults.
Reserve in
Depositaries.
$
6,345,708.100
6,341.502.700
6,354.728,100
6.345.880,300
6.361,302,700
6,403,318,900
6.480.941.200
6,465,023,700
6,463,163,200
6.481,864,200
6,502,188.400
6.556,239.300
6.531.007.500
6.520.077.500
6.522,283,800
6.504,882,200
6,498,683.600
6.539.445.800
$
5,442,136,800
5.443.132,500
5,466.107,300
5.419.137.800
5.465.413,400
5.404.398.300
5,496.730,100
5,491,705,400
5,550,463,800
5.576,689,600
5,629,110.200
5,696,831.900
5,682.852,100
5,665,239,800
5,625,087,400
5.615,024,900
5,602.113,700
5.638.893.200
i
79,454,700
80,540.400
81.151 400
84,211,400
83.247,000
82.965.500
82.079,500
84,916,400
84,365,300
83,765,400
83,583,400
86.517.800
88.814,300
84,741.300
88,401.000
88,462,600
91,125.200
98,884,300
$
712.983,700
715,040,400
711.813,900
718,328,800
731,651.200
703,335,900
717,035.400
716,263,500
727.858,400
733,612,200
735.006,800
745,155,200
743,772.000
746,115,600
734,901,500
738.833.300
732,709,200
746.673.400
New York City Non-Member Banks and Trust Cornpanies.—The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
112TURN OF NON-M€MBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
owed Os amnia& of dollars—that is, three ciphers (I)001
Onvitted.)
CLEARING
NON-MEMBERS
Week Ending
Dec 19 1925.
Members of
Fed'i Res've Book
Grace Nat Bank._
Net
Capital. Profits
Loans.
Discounts.
Investmeats,
((be.
$
1,798
1,000
1,79$
12,59:
200
1,200
804
2.787
8,540
31,400
1,400
3.392
30,940
500
546
500
546
2,960
Grand aggregate_ _
Comparison with pr ev.
. week
5.736
2,900
Gr'd agar.. Dec. 12
2,900
Gr'd aggr.,Dec. 5
Gr'd agar., Nov. 28
2,900
or.d agar.. Nov. 21 . 2.900
Total
Trust Company
Not Member of the
Federal Reserve Bank
Mech Tr, Bayonne_
Total
Cash
be
Vault.
Reserve
with
Net
Net
Legal Dristana Time
Dowd- Deposits. Deposits.
tOliti.
Average Average Average Average Average.
$
$
$
$
$
6
12,598
1,055
6,403
4,092
$
1,000
Total
State Banks.
Not Members of the
Federal Reserve Bank
Bank of Wash.Eta_
Colonial Bank
Boston Clearing House Weekly Returns.—In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
$
622,156.000 622,156,000 583,998,200 38,157,800
414,260
7,260,000 4,673,000 11,933,000 11.518,740
156.750
2,357,000 6,442,000 8,799,000 8,642,250
Dec. 19____
Dec. 12.__
Dec. 5_ _
Nov.28_ _
Week Ended-Aug. 22
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept.26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
Nov. 7
Nov.14
Nov.21
Nov.28
Dec. 5
Dec. 12
Dee. 19
[Var. 121.
THE CHRONICLE
6
1,055
6,403
4,092
79
3,296
382
1,550
6.373
27.300
2,555
4,330
4,095
1,932
33,673
6,885
9,385
325
152
3,033
5.877
9,385
3251
152
3,033
5.877
61,923
—1.730
4.480
—182
3,139 a43.109 16,854
—123 —1,080,
—31
5 738 63,653
5.736 62,652
5,614 62.358
5.6181 62.674
4,662
4,805
4.662
4.743
3,262
3,187
3,117
3.112
.44,189
1142,728
a44,543
a44.934
•United States deposits deducted, $14,000.
Bills payable, rediscounts. acceptanees and other liabilities. $2,805,000.
Excess reserve. $158.510 decrease
16.885
17,018
17,065
17.077
Dec. 23
1925.
Changes from
Duteous week.
Dec. 16
1925.
Dec. 9
1925.
$
$
$
I
66.800,000 66,800,000
Capital
86.800,000 Unchanged
91.304,000 91,304,000
Unchanged
Surplus and profits
91.304,000
Loans, dIsc'ts & investments_ 1021800000 Inc. 4.938.000 1016862000 1007242000
Individual deposits,incl. U.S. 686,083,000 Dec. 14,050.000 700.133.000 687,676,000
Due to banks
130.243,000 Dec. 4,694.000 134,937,000 140,216.000
Time deposits
337,000 219,703.000 227,079,000
219.366.000 Dec.
United States deposits
23.407,000 Inc. 14,777,000 8,630.000 2,726.000
Exchanges for Clearing House 27,682,000 Dec. 5,431,000 33.113.000 31.032,000
Due from other banks
86,210.00/1 Dec. 2,612,000 88,822,000 86,302,000
Reserve in Fed. lies. Bank_. 79,756,000 Dec. 1,506.000 81,262,000 81,255,000
Cash in bank and F. R. Bank 13,875,000 Inc. 1,665,000 12,210,000 10,173,000
Reserve excess in bank and
139.000
437.000 1,057.000
Federal Reserve Bank
298.000 Dec.
Philadelphia Banks.—The Philadelphia Clearing House
return for the week ending Dec. 19, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not members of the Federal Reserve System the reserve required is
10% on demand deposits and includes "Reserve with legal
depositaries" and "Cash in vaults."
Week Ended December 19 1925.
Two Ciphers (00)
omitted.
Capital
Surplus and profits
Loans, disc'ts & lavestmla
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S. deposits (not incl.)_
Res've with legal deposles
Reserve with F. It. Bank
Cash in vault
Total reserve & cash held..
Reserve required
Excess res. dt cash in vault
Membersof
Trust
F.R.System Companies
$42,025.0
128,684.0
844.119,0
38,756.0
125.782.0
143,546,0
615,021.0
113,049,0
871,616,0
85.000,0
17,182.0
50.519,0
978.0
15,0
928,0
35.710,0
1.968,0
38.606,0
64.012,0
13.979,0
78.000.0
65,875.0
12,125,0
1,709.0
8.877,0
5.444,0
3,433.0
7,168,0
1925
Total.
Dee. 12
1925.
•
Dec.
1923.
447.025,0
145,866.0
894,638,0
39.734,0
125,797.0
144,474.0
650,731.0
115.017,0
910,222.0
16,897,0
7,168,0
64,021,0
15,688,0
86.877,0
71,319,0
15.558.0
847.025,0
145,866,0
882.996,0
43,718,0
113.577,0
142,848.0
646,415.0
114,580.0
903,843,0
3,509,0
4,524.0
68,311,0
14,621.0
87.456,0
70.965.0
16.491,0
$47,025.0
145,866,0
878,772,0
35,906,0
116,244.0
145,401,0
627,946,0
114,345,0
887.692,0
3,668.0
3,565,0
64,775,0
13,153,0
81,493.0
69,181,0
12,309,0
*Cash in vault not counted as reserve for Federal Reserve members.
Condition of the Federal Reserve Bank of New York.
—The following shows the condition of the Federal Reserve
Bank of New York at the close of business Dec. 23 1925 in
comparison with the previous week and the corresponding
date last year:
Dec. 23 1925. Dee. 16 1925. Dec. 24 1924.
Resources—
$
$
Gold with Federal Reserve Agent
329,998.000 380.109.000 384,374,000
7,744,000
Gold redemp. fund with U. S. Treasury_
9,528,000
10.876.000
Gold held exclusively awn. F.R. notes_ 339.524.000
Gold settlement fund with F. R. Board_ 276,419,000
Gold and gold certificates held by bank
329.976.000
300.985,000
186,168,000
337,044.000
392,118,000
273.031,000
265,781,000
Total gold reserves
Reserves other than gold
938,919.000
22.223,000
914,197,000
25,642,000
930,930,000
18,600,000
Total reserves
Non-reserve cash
Bills discounted-Secured by U. S. Govt. obligations
Other bills discounted
961,142,000
15,586,000
939,839,000
16,594,000
949.530,000
11,545,000
185,265,000
42,921,000
103,177,000
43,490,000
103,105,000
31.052.000
Total bills discounted
Bills bought in open market
U. S. Government securities—
Bonds
Treasury notes
Certificates of indebtedness
228.186.000
42,958,000
146.667.000
17,908,000
134.157,000
104,743,000
8,739.000
44,363,000
15,515,000
16.419,000
32.286,000
91.182,000
12.385,000
117,793,000
39,166,000
68,617.000
2,241.000
139.887.000
2,376.000
169,344,000
1,746,000
Total bills and securities (See Note).— 342.002,000
305,838.000
409,990,000
Due from foreign banks (See Note).—
Uncollected items
Bank premises
All other resources
710,000
228.153,000
17.261.000
3.235,000
654.000
146,322,000
17,452,000
7,808,000
Total U. S. Government securities—
Foreign loans on gold _
Total resources
642.000
171.039.000
17,285.000
3,445.000
1,511,191.000 1,512,630,000 1,543,301,000
Liabilkies—
Fed'i Reserve notes In actual circulation. 391.203,000
Deposits—Member bank, reserve &col-- 866,607.000
Government
12,185.000
2,737,000
Foreign bank (See Note)
Other deposits
8,142.000
369,551,000
852,827.000
.533,000
6,813.000
8,965,000
394,825,000
903,165,000
16,609,000
13,314,000
7,328,000
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
869,138,000
178,490,000
32,190.000
58,749,000
4.512.000
940.486,000
115,109.000
30,149,000
59,929,000
2,803,000
Total liabilities
889,671,000
134,636.000
32.192.000
58.749,000
4,740,000
1,511,191,000 1,512,630,000 1,543,301,000
Ratio of total reserves to deposit and
Fed'l Reeve note liabilities combined_
75.0%
75.9%
171.1%
Contingent liability on bills purchased
for foreign correspondents
16,005,000
12,426,000
19,340.000
NOTE.-13egInning with the statement of Oct. 7 two new items were added In
order to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the caption, "All other earning assets," now
made up of Federal Intermediate credit bank debentures, has been changed to
"Other securities." and the caption, "Total earning assets" to "Total bills and securitlee." The latter term has been adopted as a more accurate description of the
total of the discounts, acceptances and securities acquired under the provisions of
Sections 13 and 14 of the Federal Reserve Act, which are the only Items included
therein
Dnc. 261925.]
T NH
3107
CHRONICLE
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,Dec. 24, and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 3068, being the first item in our department of "Current Events and DiSCUSSiOilli."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS DEC. 23 1925.
Dec. 23 1925. Dec. 16 1925. Dec. 9 1925. Dec. 2 1925. Nov. 25 1925 Nov. 13 1925. Nov. 10 1925. Nov. 4 1925 Dec. 241924.
3
$
$
$
$
8
$
$
$
RESOURCES.
1.327,438,000 1,394,759,000 1.307,572,000 1.343.424,000 1,355,463.000 1,355,579.000 1,356,016,000 1.332,277.000 1,747,218,000
Bold with Federal Reserve agents
45,756.000
50.732,000
49.994.000
62,443.000
50,004,000
54,162.000
49,343.000
54,570.000
57,705.000
Bold redemption fund with U. B. Treas.
1,792,974,000
Gold held exclusively agst. F.R.notes. 1,376,781,000 1,449,329.000 1,365,277,000 1,397.586,000 1,405,467,000 1,418,022,000 1,406,748.000 1.382,271,000 637,240,000
Bold settlement fund with F. R. Board_ 729,256,000 664,899,000 753,172.000 729,002,000 724,029,000 724,982,000 737,838.000 753,252,000 482,605,000
Bold and gold certificates held by banks_ 559,259,000 587,358.000 603.836,000 616.023.000 616,397.000 639,245.000 634.530,000 637,040,000
2,665,296,000 2,701,586,000 2,722,285,000 2,742,611,000 2,745,893,000 2,782,249.000 2,779,116,000 2,772,563.000 2.912,819,000
84,694,000
91,983,000 108,358,000 107,616.000 114,938.000 114,642,000 122,836,000 111,386,000 107,718.000
Total gold reserves
Reserves other than gold
2,757,279,000 2,809,944,000 2,829,901,000 2.857,549,000 2,860,535.000 2,905,085,000 2,890,502,000 2.880.281.000 2,997,513,000
Total reserves
37,668,000
46,901.000
47,167,000
49,546,000
43,948,000
42,783,000
45.663,000
45,268.000
44,389,000
Non-reserve cash
II
Bills discounted:
239,230,000
Secured by U.S. Govt. obligations,.... 441.479.000 343,121,000 378,272,000 314.582,000 346.326,000 280,534,000 276.229,000 330,229,000
322,644,000 275,946.000 301.102,000 329.293,000 278.388.000 285.832.000 288,431.000 306,109.000 157.199,000
Other bills discounted
Total bills discounted
Bills bought in open market
rl. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
764,123.000
369,951,000
619,067.000
352.692.000
679.374,000
369.550,000
643,875,000
357,723,000
624,714.000
359,458,000
566,366,000
354,980,000
564,660,000 636,338,000
352,687,000 '342,453,000
396.429,000
389.574,000
65,839,000
190,037,000
103,631,000
73,451,000
153,740.000
171,280.000
56,276.000
266.080,000
29,517,000
56,269,000
254.858,000
28,302,000
56,285,000
244,439,000
31,575,000
56,352.000
244,272,000
32,655,000
57,632.000
243.122.000
33,254,000
57,632,000
243,740,000
28,853.000
74,756.000
342,552,000
120.571,000
Total U.8. Government securities
Other securities (See 001e)
Foreign leans on gold
359.507,000
3,205,000
8.300.000
398,471,000
3.195,000
8.798.000
351.873,000
3.195.000
8.300,000
339,429.000
3,150,000
8,300,000
332,299.000
3,150.000
6.500.000
333,279,000
3,150.000
5.701,000
334,008.000
3.720.000
4,799,000
330,225.000
3,220,000
3,800,000
537,879,000
2,050,000
6,000,000
Total bills and securities (See Note)
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
1,505,086.000 1,382,223.000 1,412,292,000 1.352,477,000 1,326,121,000 1,263,476,000 1,259,874.000 1,316,036.000 1,331,932,000
654.000
640.000
840.000
671,000
771,000
658,000
642,000
710.000
861,000
766.088.000 952,147.000 692,811,000 742,551.000 686,348,000 816,673.000 702.177,000 687.010.000 674,514,000
61,819,000
61.593.000
61,809.000
61.632,000
61.817,000
61,629,000
61,607.000
62.021,000
61,552,000
23.173,000
18.282.000
18,108.000
18,085,000
18.454,000
18,006,000
18,166,000
17.632,000
19,362.000
Total resources
LIABILITIES.
F. R. notes In actual circulation
DepositsMember banks-reserve account
Government
Foreign bank (See Note)
Other deposits
5,151.513,000 5,269,926,000 5,061,168,000 5.078,803,000 4,997.881.000 5.115,368,000 4,980,081,000 5,010,743,000 5,127.273,000
NI
1,895,663,000 1,788,230,000 1,765,627,000 1,742,706,000 1,731,510,000 1,708.050,000 1,711.275,000 1.713.422,000 1,941,747,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2,275.615,000 2,300,505.000 2.314,530.000 2.312,999,000 2,290,784.000 2.321.899.000 2,288,743,000 2,315,000.000 2,311,184.000
625,263.000 827.072.000 626.937.000 670,132.000 622,853,000 733.512,000 628,462.000 631,239.000 526.992.000
116,978.000 116,964.000 116,863,000 116.871,000 116.844,000 116.813.000 116.659,000 116,653.000 112,026.000
217,837.000 217.837.000 217,837.000 217,837,000 217,837,000 217.837.000 217,837,000 217,837.000 220.915.000
16,592.000
14,409,000
17,105,000
17.257.000
18,053,000
20,157,00
18,258,000
19.318.000
19,374.000
2,219,373.0002,264.797,000 2,246,386.000 2,235,787,000 2,219,813,000 2,260,822,000 2,232.173.000 2,245,629,000 2,222,870.000
30,383.000
58,071,000
22,294,000
24,975,000
36,853,000
44,136,000
29,120,000
5,954.000
35.840,000
11,473.000
14,612.000
11,988.000
12,937,000
12,999,000
13.002,000
7,956,000
8.398,000
11,884,000
27,515,000
15,631,000
22,288,000
23,103.000
21,181,000
20,074.000
19.166.000
21,356,000
20.420,000
Total liabilities
5,151,513,000 5,269,926.000 5,061,168,000 5.078.803,000 4.997,881,000 5,115,368,000 4,980.081,000 5.010,743,000 5,127,273,000
Ratio of gold reserves to deposit and
68.4%
69.4%
68.7%
69.0%
68.2%
F. R. note liabilities combined
66.3%
67.6%
63.9%
66.7%
Ratio of total reserves to depoelt and
70.5%
72.3%
71.6%
72.1%
71.1%
F. R. note liabilities combined
70.5%
66.1%
68.7%
69.4%
Contingent liability on bills purchased
36.811,00(141,754,000
37.063,000
36,848,000
39.959,000
for foreign correspondents
58,739,000
50.967,000
40.101,000
45,402,000
Distribution by Maturities1-15 day bills bought in open market_
1-15 days bills discounted
1-15 days U. B. certif. of indebtedness_
1-16 days municipal warrants.
16-30 days bills bought In open market.
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
81-60 days bills bought In open market_
81-60 days bills discounted
81-60 days U. S. certif. of indebtedness
81-60 days municipal warrants
61-90 days bills bought In open market.
61-90 days bills discounted
61-90 days U.8. certif. of indebtedness.
61-90 days municipal warrants
Over 90 days bills bought In open market
Over 90 days bills discounted
Over 90 days certif. of Indebtedness_ _ _ _
Over 90 days municipal warrants
S
111,320,000
613,605,000
904,000
$
100.223,000
483,252,000
92.730,000
$
113,683,000
549,433,000
6.526,000
$
107,875,000
510,719,000
4,691,000
8
104,633,000
494,404,000
3.723,000
$
101.396.000
438,585.000
4,878,000
$
105.640,000
439,780.000
6,453,000
$
97,943,000
497,635,000
2,563,000
1111
1
101,937.000
313,715,000
341,000
86,234,000
40,829,000
70.3738,000
40,275,000
64.550,000
38,278.000
61,183,000
39,643.000
65,345.000
35,177,000
2,424,000
64,868.000
36.883,000
2,346,000
60.529.000
35,232.000
517,000
64.062.000
38,974.000
70,548.000
22,988,000
55.000
93,019,000
61,162,000
99.096,000
49,247.000
108,277,000
49.636,000
111,115,000
52,726,000
107.422.000
56,761,000
105.985.000
55,854,000
98,609.000
56,540,000
1,380,000
86,818,000
62,158,000
1.870,000
114.184,000
30,116,000
67.643,000
37,755,000
45.000
67.039,000
35.871,000
45,000
68.480.000
31,818,000
60,854,000
31,162.000
63,917.000
28,518,000
66.519,000
25,107,000
71.671.000
23,663,000
79,029.000
28.832,000
90,046,000
18,989.000
18,012,000
11,735,000
10,772,000
102,727,000
15.996,000
10.422,000
78.550,000
14,560.000
10.209.000
22,991,000
16.636,000
9,619,000
23,611,000
18,141,000
9.854,000
25,428.000
16,212.000
9,937.000
25,431.000
16,238.000
9.445,000
24.04,000
14,801.000
8,739,000
24,410.000
12.859.000
10,621.000
102,218,000
F. R. notes received from Comptroller_. 2,972,910,000 2,945.883.000 2,930,395,000 2,922,368.000 2,912,652,000 2.923,655,000 2.932.570.000 2,924,912,000 3,195.722,000
F. It. notes held by F. R. Agent
773,143,000 831,719,000 843,748,000 869,531,000 874,732,000 896,802,000 905,682,000 912,601,000 942.488,000
2,199.767,000 2,114,164,000 2,086.647.000 2,052,837,000 2.037.920,000 2,026,853.000 2,026,888,000 2,012,311,000 2.253,234,000
Issued to Federal Reserve Banks
How SecuredBy gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
'By eligible paper
302.046,000
101,359,000
924,033,000
1.072,785,000
303.851,000
108,101,000
982.807,000
919,180,000
304.501.000
108.645.000
894,426.000
999,029,000
304,901,000
102,328.000
935,695,000
949,410,000
305,300,000
106,481,000
943,682,000
930.553.000
305.301.000
111,014.000
939,264,000
878.126,000
303.330.000
101,276.000
951.410,000
863,613,000
303,331.000 278,494.000
106,401,000 116.771.000
922,545,000 1,351,953,000
929,598,000 742,865,000
Total
2,400,223.000 2,313,939,000 2,306,601,000 2,292.834 000 2.286.016.000 2,233,705,000 2,219.629.000 2.261.875.000 2,490,083,000
NOTE.-Beginning with the statement of Oct. 7 two new Items were added In order to show separately the amount of balances he d abroad and amounts due
to foreign correspondents. In addition, he caption,"All other earning assets," now made up of Federal Intermediate Cred t Bank debentures, has been changed to
"Other securities," and the caption, -Total earning assets" to "Total bills and securities." The latter term has been adopted as a more accurate description of the
total of the discounts, acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which are the only items Included
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DEC. 23 1925.
Twg ciphers (00) omitted.
Federal Reserve Bank of-
Boston.
New York.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Ran. City Dallas. San Fran.
Total.
RESOURCES.
5
Gold with Federal Reserve Agents 81,329,0
Gold red'n fund with U.S.Treas. 4,009,0
$
$
$
$
$
$
$
$
S
$
$
$
329,996,0 132,692.0 180,517,0 64,020,0 87,193.0 114.683,0 15.829,0 56,178.0 55,423,0 18.931.0 190.647.0 1.327,438.0
9,528,0 6,164,0 4,092,0 2.550.0 5,433.0 6,554,0 1,044,0 1,560.0 2.909,0 2,228,0 3,272,0
49.343,0
Gold held excl. eget. R.F.notes 85,338,0
GOld settle'tfund with F.R.Board 46,153,0
43,856,0
Gold and gold certificates
339,524,0 138.850,0184,609,0 66.570,0 92,626,0 121.237,0 16.873,0 57,738,0 58,332.0 21,159.0 193,919.0 1,376,781,0
276,419,0 57,797,0 66,772,0 29.504,0 24,180.0 124,309.0 21,066,0 20,406.0 26,478.0 10.837,0 25,335,0 729,256,0
322.976,0 14,971,0 45.703,0 6.313,0 3,157.0 58,885,0 9,759,0 6.168,0 3,739,0 11,153,0 32.579,0 559,259.0
Total gold reserves
Reserves other than gold
175,347,0
14.796,0
938,919,0 211,624.0 297,084,0 102.387,0 119.963,0 304,431,0 47,698,0 84,312.0 88,549,0 43,149.0 251.833,0 2,665.296.0
22,223,0 3.544,0 5,200,0 4,306,0 5,236,0 12.790,0 8,005,0 1,849,0 3,443,0 5,260.0 5.331,0
91.983,0
Total reserves
190,143,0
3,560,0
Non-reserve cash
Bills discounted:
Sec. by U.S. Govt. obligations 27,314,0
34.386,0
Other bills discounted
961,142,0 215,168,0 302,284,0 106,693,0 125,199,0 317,221,0 55,703,0 86,161,0 91,992,0 48,409,0 257,164.0 2,757,279,0
15,586,0 1,021,0 1,797,0 3,050,0 2,224,0 6,124,0 2,220,0
756.0 2,067,0 1,666,0 2,712,0
42,783.0
3,442,0 30.618,0
6,718,0 26.06.1,0
441,479.0
322.644.0
61,700,0
Total bills discounted
79,378,0
1311Is bought in open market
securities:
Government
8.
EL
553,0
Bonds
1,762,0
Treasury notes
6,899,0
Certificates of Indebtedness_
228,186,0 66,542,0 95,457,0 54,296,0 33,300.0 107,616,0 26,836,0 5,524,0 17,830,0 10,160,0 56,676.0
42,958,0 15,034,0 5,640,0 3,445,0 73,776,0 27.469,0 22,357,0 19,808,0 16,712,0 28,907,0 34,467,0
764,123,0
369,951,0
Total U.S. Govt. securities
9,214,0
185,265,0 40,718,0 49,158,0 20,688,0 8,100,0 57,647,0 10,578,0
42,921,0 25,824,0 46,299,0 33,608,0 25,200,0 49.969,0 16,258,0
1,648,0 6,308,0
3,876,0 11,522,0
8,739,0
604,0 8.104,0
44,363,0 3,731,0 19,393,0
15,515,0 14,728,0 7,662,0
1,240,0
3,311,0
892,0
7,665.0 8.387,0 7,089,0
468.0
7,001.0 18.267.0 17,630,0 28.539.0
2,849,0 8,293,0 6.545,0 17,181,0
65,839.0
190,037,0
103,631,0
68,617,0 19,063,0 35,159.0
5,443,0 15,893,0 53,732,0 22.472,0 17,515,0 34.947.0 31,264,0 48,188,0
359,507,0
992.0 20.252.0 1,746.0
9,660.0 21,775,0 14,605,0
5,241,0 11,705,0 6,121,0
3108
[Deb 121.
THE CHRONICLE
RESOURCES (Concluded)Two Ciphers (00) omitted.
Other securities
Foreign loans on gold
Boston.
New York.
3
$
2,241,0
614,0
Phila.
$
3,050,0
772,0
Cleveland, Richmond Atlanta. Chicago. St. Louis lawman. Kan. My Dallas.
1
0
$
888,0
440,0
340,0
$
$
1,145,0
382,0
$
55,0
274,0
0
100.0
332,0
ran Fran.
0
0
291,0
581,0
Total.
$
3,205,0
8,300,0
Total bills and securities
Due from foreign banks
Uncollected Items
Dank promisee
All other reeources
150,906,0
Total resource*:
LIABILITIES.
W. R.=Wein actual circulation
Deposits:
Member bank-reserve scot
Government
Foreign:bank
Other deposIta
416.923,0 1,511,191,0 388,429,0 521.766,0 241,155,0 293,803,0 623,362.0 176,691,0 151,978,0 220,398,0 154,941.0 450,876,0 5,151,513,0
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
342,002,0 104,461,0 137,144,0 63,624,0 123,309,0 189.962,0 72,047.0 43,176,0 69,921,0 70,622,0 137,912,0 1,505,086,0
642,0
642,0
171,089,0 66,203,0 71,813,0 64,852,0 38,101,0 99,858.0 41.752,0 16.130.0 50,989,0 31.200,0 46,152,0 766,088,0
17.285,0 1,385.0 7,681,0 2,446.0 2,791,0 8,099.0 4,627,0 3.069,0 4,883,0 1,835,0 3,338,0
61,629,0
3,445,0
490,0 2,179,0 2,098,0
191,0 1,047,0
636,0 1,209.0 3,598.0
342,0 2,686,0
18,006,0
68,039,0
4,190,0
85.0
182,883,0
391,203,0 168.708,0 248,869,0 97,009,0 174,641,0 179,163,0 40,992,0 71,108,0 77.329,0 49,957.0 213,801,0 1,895,663,0
142,261,0
2,441,0
522,0
101,0
866,607,0 127,426,0 175,146,0 66,514,0 73,501,0 317,863,0 81,873,0 53,544,0 88,708,0 61,888,0 164,042.0 2,219,373,0
12,185.0 1,320,0 1,900,0 2,382.0 2,385.0 1,263,0 1,400,0
908,0
800,0 1,873,0
283,0
29,120,0
374,0
2,737,0
289,0
755,0
974,0
656,0
282,0
325,0
247.0
301,0
494,0
7,956,0
114.0
387,0 1,448,0
8.142,0
163,0
816,0
811.0
326.0
41,0 5,889,0
028,0
19,166.0
145,325,0
62,325,0
8.611,0
16,382,0
1,397,0
889,671,0
134.636,0
32.192,0
58,749,9
4,740,0
129.789,0 179,249,0 69.384,0 76,338,0 320,916,0 84,409,0 54,971,0 91,791,0 63,084,0 170,688,0 2,275.615,0
57,327,0 56,029,0 55,959,0 27,645,0 74.678,0 35,273,0 14,089,0 37,218,0 28,824,0 41,260,0 625,263,0
11,623,0 13,141,0 5.979,0 4,646,0 15,731.0 5,127,0 3.183,0 4,237,0 4.270,0 8.238,0 116,978,0
20,059,0 22,462,0 11,701,0 8,950,0 30,426,0 9,971,0 7,497,0 8,977,0 7,592,0 15,071,0 217,837,0
923,0 2,016,0 1,123,0 1,583,0 2,448,0
919,0 1,130,0
846,0 1,214,0 1,818,0
20,157.0
Total liabilities
416,923,0 1,511.191.0 388,429.0 521,766,0 241,155,0 293,803,0 623,362,0 176,691,0 151,978,0 220,398,0 154,941,0 450,876,0 5,151,513,0
Memoranda
Reserve ratio (per cent)
64.1
70.6
57.9
44.4
49.9
75.0
68.3
63.4
72.1
54.4
66.9
42.8
66.1
Contingent liability on bills pure:based for foreign correspond'ts 4,369,0
16,005,0 5,490,0 6,317,0 3,129,0 2.420,0 8,147,0 2,716.0 1,587,0 2.361,0 2,066.0 4,132,0
58,739,0
I. R. notes on hand (notes rec'd
from F. R. Agent lees notes in
circulation)
27.133.0 115.476.0 26,912,0 17,081,0 13,460,0 19,181,0 22,331,0 5,722.0 3,116.0 8,701,0 5,461,0 39,530,0 304,104,0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS DEC. 23 1925.
Federal Reserve Agent al-
Phila.
New York
Boston
Cleveland RIchgnond
Atlanta
Chicago
St. Louis
Minn. Nan. City
Dallas
San F.
TOM
0
(Two Ciphers (00) Omitted.)
Ilf.R. notes rec'd from Comptrorr 259,016,0
11.12. notes held by F.R. Agent__ 49,000,0
I
0
0
$
s
s
s
s
s
$
$
$
747,879,0 225,820,0 292,270,0 133,758,0 231.862.0 435,611.0 69,454,0 89,699,0 117,180,0 66,930.0 303,431.0 2,972,910,0
241.200,0 30,200.0 26,320,0 23.289.0 38,040,0 234,117,0 22,740.0 15,475.0 31.150,0 11,512,0 50,100,0 773,143.0
P.R. notes issued to F.R.bank 210,016,0
Collateral held as security for
F.R. notes issued to F.R. Bk.:
Gold and gold certificates___ 35.300.0
Gold redemption fund
11.029,0
35,000,0
Gold fund-F.R.Board
Eligible paper
141,078,0
506,679,0 105,620,0 265.950,0 110,469,0 103,822,0 201,494,0 46,714,0 74,224,0 86,030,0 55,418,0 253,331,0 2,199,767,0
Total collateral
222.407.0
186,698.0 2.000,0 8,780.0 21,160,0 10,170,0
9,960,0
27,298,0 13,803,0 11.737,0 3,360.0 6.523,0 4,038,0 1,669.0
116,000,0 116,889.0 160.000,0 39.500,0 70,500.0 110,645.0 4.200,0
231,987,0, 64,270,0 101.046,0 53.989,0 107,018,0 134,899.0 49,185,0
,
561.983.0 106.962.0 281.563.0 118.009.0 194.2110 249 582 0 65.014.0'
13.052,0
302,046,0
14,926,0
1,126,0 3,063,0 3,005,0 14,708.0 101,359,0
42,000.0 52.360,0 1,000,0 175,939,0 924,033,0
24,929,0 34,485,0 39.061,0 90,838,0 1,072,785,0
81.107.0 89.908.0 57.992.0 281.485.0 2.400.223.0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources;
the liabilities of the 721 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 3068.
1. Data for all reporting member banks in each Federal Reserve District at close of business Dec 16 192$.
Federal Reserve District.
Boston. New York
number of reporting banks
Loana and discounts, gross:
Secured by U.S. Gov't obligations
Secured by stocka and bonds
All other loans and discounts_.
41
POW. Cleveland. Richmond Atlanta. Chicago. St. Louis.
101
54
75
72
$
0
10,860
56,809
344,505 2,429,119
659,175 2.595,868
0
12,078
403,342
360,370
0
20,684
503,641
756.613
775,790 1,280,938
minneap. Ran. My
Dallas. San Fran.
Total.
33
24
69
0
6,142
146,760
378,316
$
$
0
25,93w 19,620
7,568
93,348 846,394 207,431
430,517 1,232,711 303,953
0
2.409
70.652
181,007
I
4,034
115.307
330.041
79,929
237,435
531,218
531,433 2,105,043
522.004
254,068
449,382
320,593 1,202.161 14,068.966
12,957
23,238
10.651
6.894
6,136
109,981
7,371
24,490
12,277
18,519
8.926
42,792
9,183
49.413
15,352
14,932
4,345
77,297
Total loans and discounts
1,014,540 5.081,796
investments:
9,634
U.S. pre-war bonds
40,470
85.727 597.376
U. S Liberty bonds
18,590 207,649
U.S. Treasury bonds
4.445 194,172
U.S. Treasury notes
23,275
40,721
U.S. Treasury certificates
Other bonds,stocks and securities 210,933 1,092,421
9.488
48,765
18.094
8,805
10,354
249.397
33,131
166,837
34,867
26,893
31,473
348,415
352,604 2,172,809
344,903
641,616
132,171
Total loans and investments__ 1.367,144 7,254,605 1,120,693 1,922,554
83,657 132,415
Swarve balances with F.It. Rank-94,133 762,189
37,977
20,784
Dash in vault
96,905
24,073
Rat demand deposits
912.807 5,760.894 781,956 1,001,396
Me depoalts
394,207 1,167,069 203,606 742,120
Dovernment deposits
26,759
23,742
23,603
72,790
Bills Pay'le & redisc. with F R. Bk.:
42,636
11,926
Secured by U.S.Gov't obligations
79,117
5,251
All other
35,105
32,779
9,879
8,671
Sulkers' balances of reporting member banks In F.R.Bank cities:
46,168
129.196 1.084.415 174,554
Due to banks
69,352
Due from banks
25,567
37,991 110.260
663,389
41,387
16,019
378,999
201,103
7,796
Total Investments
Three tintless (000) omitted.
25,564
29,430
8.058
1.787
5.052
62,280
16
100
14,881
15,807
5,867
2,098
9,414
51,031
18,541
178,972
52,852
63,407
18,237
421,299
99,096
753,308
169,857
116,375
170,522
630,529 2.858.351
46,428 255,686
11.386
56,941
370.547 1.781,369
218,645 1,027,610
12,911
31,375
691.861
49.621
8,965
431,663
203.877
7.301
370.443
26,439
5,864
239,048
109,132
6,078
619,904
54,360
12,515
488.484
143,188
2,417
49
s3,229
67
721
$
8,044
168,415
271,390 5,511.818
922.727 8,388,733
s
17,955
18.092
6,029
5,944
7,548
24,028
24.274
223,449
147.008 1.387,155
51,108
441.394
23,964
371,858
31,968
197,447
201,216 2,891.090
79,596
479,536 5,512,393
400,189 1,681.897 19,581,359
29,468 114.432 1,690.215
10,707
24,558
326,694
284,429 828,945 13,261,037
95.882 778,498 5,284,937
9.819
32,990
257,581
7.760
17,344
5,038
14,470
45,917
24,464
4,168
7,593
2,150
387
8,463
3,777
1,605
6,628
39.116
22.578
24,416
15.151
352,394
164,405
87,478
35,656
57.796
21.008
101,141
52,724
40,583
33,080
32,907
11,469
246,938
172,586
111,331 2,248,538
58,290
646.062
2. Data of reporting member banks in New York City. Chicago. and for whole country.
All Reporting Member Banks.
Dec. 16 1925
Reporting Meagher Banks to N. Y. City.
Reporting Member Banks Ibt ChIcalgr.
Dec. 9 1925. Dec. 17 1924. Dec. 16 1925. Dec. 9 1925. Dec. 17 1924. Dec. 16 1925. Dec. 9 1925. Dec. 17 1924.
739
inimber of reporting banks
721
722
67
61
61
Wane and discounts, gross:
i
$
$
0
0
$
168,415,000
175,892.000
191,449,000
Secured by U.8.00,1. obligations
69,347,000
51.699,000
59,630,000
5,511,818,000 5,440,124.000 4,606,869.000 2.168.111.000 2.130,033,000 1,933.953,000
Secured by stocks and bonds
8,388.733.000 8,435.708,000 8,190,603,000 2,277.538.0002.309.009,000 2,293,265,000
All other loans and discounts
46
0
18,598,000
639.590,000
686,393,000
46
0
17.571.000
637,810,000
685,118.000
47
g
24,229,000
514.664,000
713,847,000
14,068,966,000 14,051,724.000 12,988,921,000 4,497,346,000 4.498,672,000 4,296,565,000 1,344,581.000 1,340.299,000 1,252,740,000
Total loans and discounts
Investments:
222,425,000
223,449,000
U.S. pre-war bonds
262,571,000
41,348,000
29,784,000
29,771,000
2,850.000
1,968,000
4,104,000
1,387.155,000 1,404,272,000 1,413,935,000 506.310,000 521,104.000 547.503.000 105.544,000 103,494,000
U. S. Liberty bonds
83,991,000
441.394.000
384.475.000 192,159,000 188,822.000 164,753,000
434.502.000
U.S.Treasury bonds
16,256.000
16,211,000
26,061.000
345.448,000
371,858,000
U.S. Treasury notes
517,454,000 185.424,000 156,770,000 199,723,000
49.309.000
50,659,000
82,343.000
85,951,000
197,447,000
U. S Treasury certificates
154,058,000
63,678,000
38,119,000
13.465,000
4,671.000
945,000
12,265,000
Other bonds,stocks and securitfee_ 2,891,090,000 2,924,473,000 2,880,312,000 790,707,000 809,688,000 874,741,000 192,012,000 193,903,000 206,108,000
Total Investments '
Total Walla and investments_
leserve balances with F. R. banks
3ash in vault
Pet demand deposits
Lime deposits
3overnment deposits
Sills payable and rediscounts with
Federal Reserve Banks:
Secured by U.S. Govt. obligations
All other
Total borrowingsfrom F.R bks.
5,512,393,000 5,417.073,000 5,593,005,000 1,742,503.000 1.719,620,000 1,891,746,000
19.581,359,000 19,468,797,000
1,690,215,000 1,683,188,000
326,694,000
313,407,000
13,261,037,000 13,154,207,000
5,284,937,000 5,342,727,000
257,581,000
38,566,000
370,642,000
367,180.000
414,872.000
18,581,926,000 6,239,849,000 6.218.292,0008.188,311,000 1,715,223,000 1,707,479,000 1,667,612,000
1,694,009.000 703,507,000 724,911,000 754.025.000 179,184,000 168,604,000 166,991,000
338,421.000
82,503,000
71,119,000
78,697,000
26,366,000
32,264,000
25,223,000
13,169,492.000 5,189,044,000 5,166,027,000 5,355,109,000 1,174,229,000 1.188,504.000 1,166,455,000
4,816,408,000 781,093.000 785.260.000 812,534,000 503,519,000 502.302,000 451,207,000
180,305,000
28,596,000
9,649,000
63,401.000
17,585.000
15,427,000
1,497.000
246,938,000
172,568,000
284,566,000
198,636,000
90.739,000
42,125,000
41.965,000
27,869,000
83,795,000
53,123,000
9.635,000
2,581,000
24,485,000
17.864,000
17,125,000
3,883,000
4,430,000
486,000
419,304,000
483,202,000
132.864.000
69.834.000
136.918,000
12.216,000
42,349.000
21,008.000
4,916,000
et:
DEC.26 1925.]
THE CHRONICLE
STOCKS.
Week Ended Dec. 24.
1-Bankers' ii antic
Wall Street, Thursday Night, Dec. 24 1925.
Railroad and Miscellaneous Stocks.-The review ofthe
Stock Market is given this week on page 3095.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended Dec. 24.
Par.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
per share. $ per share.
Range Sinta Jan.l.
Lowest. I Highest.
per share.8 per share.
Railroads.
Brunsw Term&RySec10
12 Dec 22 134 Dec 24 3
Buff Hoch & Fitts pf_100
954 Dec 24 954 Dec 24 86
Buff & Susq pf v t c_100
52 Dec 23 52 Dec 23 50
Chic MU & St P cits_100
94 Dec 23 10% Dec 21 7
Prof ctfs
100
1834 Dec 23 19% Dec 21 1234
ChM P Minn&O etre 10
53 Dec 23 53 Dec 23 45
Duluth S S & AU_ _100
5 Dec 22 511 Dec 24 234
Preferred
8 Dec 24 8 Dec 24
100
334
IliCentRRE3eoSerA 1000
120 7334 Dec 1 744 Dec 19 684
Iowa Central
100
300 23i Dec 2
2% Dec 24 14
M St P & S 8 M leased
line ctfs
100 300 62 Dec 19 624 Dec 23 574
Nat RysMex 1st pf _ _100
100 64 Dec 21 634 Dec 21 3
New On Tex & Mex_100
100 131 Dec 21 131 Dec 21 1134
N Y& Harlem
50 200 200 Dec 1 200 Dec 19 160
139 290 Dec 1 301 Dec 24 262
N Y Railway Part ctfa..•
Pref ctfs
• 200 614 Dec 23 64 Dec 23 614
N Y State Railways_100
100 23 Dec 22 23 Dec 22 23
Pere Marq prior pfctfs 100
100 86 Dec 21 86 Dec 21 804
Pref ctfs
100 774 Dec 23 774 Dec 23 7434
10
Pitts Ft W & Chi_ --100
122 135 Dec 21 135 Dec 21 133.
Preferred
10
3614234 Dec 1914234 Dec 19 139
Reading rights
1,800 1834 Dec 19 1934 Dec 24 1634
Vicksb Shrev & Pac_100
100 91 Dec 21 91 Dec 21 85
Febl 174
Apr 100
Nov 5234
Sept15
Oct 22
Aug 55
Apr 54
Ap
84
Aug 744
Jan 34
Nov
July
Feb
Sept
Nov
Dec
Dec
Dec
Dec
Mar
June 63
Aprj 84
Feb 134%
Jan 200
Aug 310
No 12
Deel 36
Octi 87
No 7734
A 135
Ja 144
AugI 244
No 91%
Feb
Nov
Dec
Dec
Aug
June
July
Dec
Dec
Dec
Nov
Jan
Dec
Industrial & Misc.Am Bank Note new_.Al 2,600 40 Dec 23 424 Dee 21 40
DecI 4434
Am Brown Bov El w I. _• 6,100 49 Dec 22 49% Dec 19 49
Dec3 5334
Preferred
100
100 98 Dec 22 98 Dec 22 904 NovI 98
Am Can Cowl
83,900 4734 Dec 24 4934 Dec 24 474 De 4934
Am-La Fr Fire En 7% p
100 9834 Dec 22 98% Dec 22 904 Sent100
Am Metal pref
101
10011634 Dec 22 11634 Dec 22 Ill
Mar119
Am Piano pref
111
100 9634 Dec 22 9634 Dee 22 90 • Oct100%
Am Republics
*
500 71 Dec 22 73 Dec 21 48
Ja 794
American Snuff
1
100 141
Dec 22141
Dec 22 1384 AP 154
Am Writ Pap pf ctfs_100 1,700
4 Dee 24
44 Dec 21
14 Dec 4
Armour of Illinola cl 13.2 38,200 1854 Dec 23 17% Dec 19 1634 Dec 204
Preferred
III
300 904 Dec 23 91 Dec 23 9014 Dec 9334
Arnold Constable ctfs_ _
700 12 Dec 24 13 Dec 19 10
Sept 1634
Atlas Powder
*
300 564 Dec 23 57 Dec 24 45 Jun 65
British Empire Steel_lsi
200 24 Dec 24 3 Dee 21
154 May 5
1st preferred
10
300 2234 Dec 23 30 Dec 24 22 Jun 36
d preferred
lii
300 8 Dec 23 94 Dec 24 634 July 14
Bklyn Union Gas rights_ 14,200 6 Dec 22 7 Dec 19 6
D
934
Burns Bros pref
100
100 9734 Dec 23 974 Dec 23 9114 Jul 99
Bush Term Bldg preLl ii
300 984 Dec 22100 Dee 21 984 Dec103
Byers & Co(AM)
* 1,800 3634 Dee 21 374 Dec 19 23
c 44%
Preferred
lii
100 9834 Dec 23 984 Dec 23 9534 Oc 100
Cert-Teed Pro let pt.100
20010234 Dec 21 103 Dec 21 893.4 Ja 110
Cluett Peabody preLl ii
100 104 Dec 22104 Dec 22 1034 Ja 109
Commercial Credit__.• 6,000 454 Dec 22 49 Dec 19 384 Sep 554
Preferred
25 300 26 Dec 23 26 Dec 23 254 Sep 274
Coro Investment Trust_• 600 7434 Dec 23 75 Dec 21 50
Ja 8434
Rights
300 234 Dec 22 3 Dec 21 234 Dec 3
Crex Carpet
100
100 63 Dec 23 63 Dec 231 36
M
644
Cuba Co
• 1,200 474 Dec 23 48 Dec 19 4634 No 5454
Cushman's Sons
• 400 99 Dec 19 100 Dec 23 62
M 104
Deere& Co pref
100
30 107 Dee 21 107 Dec 21 824 Ja 110
Devoe& Raynolds A _ _ _• 8,900 814 Dec 21 874 Dec 24 53
0 8714
1st preferred
100
300 107 Dec 21 10714 Dec 23 973.4 Ja 107%
Durham Hosiery
51
300 164 Dec 24 18 Dec 24 8
Ja 23
Emerson-Brant prof. 100 ‘200 2234 Dec 23 22% Dec 23 8 Ma 2634
Eureka Vacuum Clean•r• 12,000 52 Dec 24 56 Dec 21 484 No
574
Fairbanks Morse pref 100
300 108 Dec 23 10834 Doc 21 1064 Jun 1104
Federal Lt & Tr pref_100
100 89 Dec 22 89 Dec 22 823.4 Sept 89
Fleischmann Co new....
_ _ 53,400 5334 Dec 1 57% Dec 21 5234 Dee 5734
Foundation Foreign rts_ 25,
3034 Dec 22 34 Dec 19 15
Nov 433.4
Fox Film class A
• 6,600 814 Dec 22 85 Dec 24 6834 Sept 85
Franklin-Simon prof.101
10010534 Dec 2110534 Dec 21 1014 Mar 106
General Cigar pref(7)10
200 109 Dec 22 109 Dec 22 105
Jan 1114
General Gas Del A
19.700 60 Dec 24 6134 Dec 24 60
D
6134
Preferred
50 100 Dec 24 100 Dec 24 100
Dec 100
Gotham Silk Hosiery• 8.30 3934 Dec 1 41 Dec 24 394 Dec 42
Preferred
100 2,700 100% Dec 2210234 Dec 24 9934 Dec 10234
Gould Coupler A
• 900 1934 Dec 23 204 Dec 22 1934 Dec 23
Great West Bug pref_100
20 1134 Dec 2311334 Dec 23 107
Apr 11534
Guantanamo Sugar_ _*
10
54 Dec 21 514 Dec 21
374 Sept 64
Preferred
100 8014 Dec 24 8034 Dec 24 8034 Dec 8034
10C
Helme(OW)
290 7034 Dec if 71 Dec 23
25
Ingersoll Rand new
_. 4,900 96 Dec 1910734 Dec 24 66M
Na
ov
y 17
0711
7
Jones& L Steel prof_ _100
300 113 Dec 2111334 Dec 19 111% Fe 116
K C Pr & Lt 1st met _ _• 400 109 Dec 22 109 Dec 22 99
Jan 1095-4
Kresge (S 8) Co pref_100
100 113 Dec 24 113 Dec 24 110% Mar 116
Kress(S H)Co pref__100
10 124 Dec 23 124 Dec 23 124
Dec 124
Kuppenheimer
5
1001 2934 Dec 19 294 Dec 19 2354 Sept 30
Lehn dr Fink
• 4,2001 374 Dec 22 3834 Dec 19 3734 Dec 4434
Loose-Wiles Bis lstpf 100
2 112 Dec 24 112 Dec 24 104)4 Feb 112
2d preferred
100 1,200 130 Dec 19 148 Dec 23 104
Feb 148
Mallinson & Co pref_100
100 7934 Dec 24 7934 Dec 24 794 Dec 92
May Dept Stores pt .100
300 123 Dec 19 123 Dec 10 116)4 Mar 124
Maytag Co
• 4,100 2134 Dec 19 2234 Dec 21 21% Nov 2654
Mullins Body pref.-100
500 884 Dec 21 894 Dec 21 8034 Sept 893.4
Murray Body
•35,60 1034 Dec 23 1914 Dec 22 53.4 Dec 4234
National Tea Co
200 201 Dec 23 204 Dec 24 201
Dec 204
North Amer Edison pt.* 600 944 Dec 22 954 Dec 24 943.4 Dec 964
Norwalk T & Rub_ _._10 1,70 134 Dec 22 1334 Dec 21 124 Sept 184
Oil Well Supply
25 60 3434 Dec 21 3434 Dec 21 34% Dec 38
Onyx Hosiery pref__ _1 s 1
600 9524 Dec 21 97 Dec 23 784 Mar 97
Otis Elevator pref._ ..100
100105 Dec 22 105 Dec 23 101
Feb 112
Outlet Co
• 500 493.4 Dec1 50 Dec 24 49)4 Nov 57
Preferred
100
Nov 10034
20010034 Dec 2119034 Dee 27 98
Pacific Tel& Tel pref.1 I i
2001034 Dec 2310334 Dec 23 92)4 Jan 103%
Pan-Am West Petr B•34,9011 4434 Dec 22 4734 Dec 19 374 Oct 494
Panhandle P dr R pf_100
100 524 Dec 22 524 Dec 22 37
Oct 60)4
Pathe Exchange A
• 2,400 744 Dec 24 7834 Dee 24 70
Nov 90%
Philadelphia Co pref__ . I
200 48 Dec 22 484 Dec 22 45)4 Jan 49
Phoenix Hosiery pref_lii
500 97 Dec 21 98 Dec 21 84
Apr 98
Pitts Term Coal pref_100
100 87 Dee 23 87 Dec 23 79
July 884
Pitts Ut Pr ctfs new..
_ __
300 15 Dec 21 15 Dec 21 124 Nov 15)4
Porto Rican Am Tob-100
400 594 Dec 21 624 Dec 21 404 Mar 624
Prod & Ref Corp pref_ .1
200 324 Dee 19 33 Dec 24 27
Sept 47%
P S Elec & Gas pref_ _100
400 974 Dec 23 9834 Dec 19 92% May 100%
Pub Serv El Pr pref_ _100
10010634 Dec 2310634 Dec 23 1004 NovJan 108
Reid Ice Cream pref..1 ii
100, 983.4 Dec 24 9834 Dee 24 92%
100
Safety Cable
5.200, 4934 Dec 24 5014 Dec 24 49% Dec 504
Seneca Copper
• 2,200 934 Dec 21 10 Dec 23 9
Nov 11
Sher-Williams let pf.100
100106 Dec 24 106 Dec 24 1024 Sep 10854
Shubert Theatre Corp..... 2,150 52 Dec 22 534 Dec 24 52
Dec 554
Sloss-Sheff St & I pf_100
100 103 Dec 24 103 Dec 24 92 Jun 10534
So Porto Rico Bug pf_l I I
10011334 Dec 1911334 Dec 19 99% Jan 1134
Stand Gas & El pref_50
900 534 Dec 21 544 Dec 24 5054 Ma 56%
• 3,500 394 Dec 22 4134 Dec 21 38% Nov 434
Sun 011
Tex Pao Land Trust_l I I
145625 Dec 22657 Dec 21 255
Apr657
I
Dec
Oct
Dec
Dec
June
Nov
Nov
Dec
Nov
Jan
Oct
Nov
Nov
Dee
Oct
Oct
Oct
Sept
Oct
Dec
Oct
Oct
Sept
Sept
Dec
Oct
Nov
Dec
Dec
Oct
Oct
Nov
Dec
Dec
Nov
Aug
Dec
Nov
Dec
Dec
Nov
Dec
Aug
Mar
Dec
Dec
Dec
Dee
Sept
Dec
June
Dec
D
jaec
n
Aug
Sept
Oct
Dec
Dec
Oct
Dec
Dec
Apr
June
Oct
Dec
Mar
Dec
Dec
Aug
Nov
Nov
July
Nov
Dec
Dec
Dec
Feb
Oct
July
Nov
Nov
July
Dec
Feb
Dec
N
Ooev
t
Dec
Nov
Apr
Dec
July
Dec
Nov
Nov
Dec
3109
Salts
for
Week.
Range for Week.
Lowest.
Highest.
Range flints Jan.1.
Lowest.
Highest.
1
Indua.ft mis.(Cen.)Par.Shares $ per share. $ par share. !d per share $ ver share.
The Fair
• 7 .33 Dec 23 34
ii 99 Dec 2 994
Tidewater 011 pref.--100
Tobacco Products rights_ 41,100 13.4 Dec 21 24
United Cigar St pref-100
lii 133 Dec 21 133
Rights
.
154 Dec 21 174
Tin Dyewood Corp_l
100 12 Dee 2 12
On Paperboard Coii I 1,900 32 Dec 23 3334
Universal Pipe & Rad rts 41,450
5.4 Dec 22 14
U.S. Express
100 4 Dec 21 4
US Realty & Impt new. 2,700 69 Dec 24 704
II S Tobacco
*
100 5534 Dee 23 5534
Virginia-Carolina new• 1,500 1934 Dec 24 194
Preferred new 7%-1
944 Dec 19 953.4
Certificates
• 600 114 Dec 19 134
Pref ctfs
100
100 84 Dec 21 84
6% preferred
iii 1,900 5834 Dec 19 5934
Walworth Co
* 1,400 23 Dee 2 234
Washburn Crosby pfd100 2,500 110 Dec 19 110
West Penn Co ctfs
• 600118 Dec 22121
Wilson & Co cgs
25 500 414 Dec 2
sy,
Preferred tits
lii
100 1834 Dec if 1834
Yellow'I'ruck&Coachjs 26,700 2634 Dec 22 3034
• No par value.
Dec 21 3234 Sep 3954
Dec 21 99
No 101
Dec 23 134 D
244
Dec 21 116 June 13334
Dec 24 154 D
184
Dec 24 9
Dec 20
Dec 23 1814 Ap 3334
Dec 24
4 Dec 114
Dec 21 34 July 436
Dec 24 69
D
704
Dec 23 5134 M
5924
Dec 1 1734 Dec 2134
Dec 19 9214 No 953-4
% D
Dec 21
5
Dec 21 4
Ma 20
Dec 19 485-4 Dec 5914
Dec 21 2214 D
244
Dee 19 110
Nov 11054
Dec 23 107
0 12594
Dec 23 434 Sep
13
Dec 191 17
Sep 42
Dec 24 2234 Oct 4014
Aug
Oct
Dec
Dec
Dec
Mar
Dee
Dec
Mar
Dee
Nov
Dec
Dec
July
Nov
Dec
Dec
Dec
Dec
Sept
Mar
Oct
Foreign Exchange.-Sterling exchange was inactive but
steady with prices at close to last week's levels. The
Continental exchanges were likewise dull, with trading of a
pre-holiday character. Price changes, except for francs
which remain weak, were not especially important.
To-day's (Thursday's) actual rates for sterling exchange were 4 81340
4 8134 for sixty days,4 843404 8454 for cheques and 4 85(g34 85 for cables.
Commercial on banks sight. 4 84 Si04 8434 sixty days, 4 803404 80i
ninety days,4 803404 8034 and documents for payment (60 days) 4 8134
4 8136:cotton for payment,4 843404 8434, and grain for payment4 8434
4 8436.
To-day's (Thursday's) actual rates for Paris bankers francs were 3.60340
3.62% for long and 3.6454 03.67 for short. German bankers' marks are not
yet quoted for long and short bills. Amsterdam bankers' guilders were
39.73 for long and 40.09 for short.
Exchange at Paris on London, 131.85 francs; week's range. 129.72 francs
high, and 132.30 low.
The range for foreign exchange for the week follows:
Sterling. ActualSixty Days. Checks.
Cables.
High for the week
4 81 54
4 8534
4 8454
Low for the week
4 8134
4 8434
485
Paris Bankers' FrancsHigh for the week
3.7834
3.84
3.85
Low for the week
3.56
3.6134
3.6234
Germany Bankers' MarksHigh for the week
23.81
23.81
Low for the week
23.81
23.81
Amsterdam Bankers' Guilders"ill
High for the week
39.74
40.18.
Low for the week
39.7014
40.14%
40.1854
1114
Domestic Exchange.-Chicago, par:
S-Crouis:15025c.Aoer 81,000
discount. Boston, par. San Francisco, par. Montreal. 40.9375 Per
$1.000 discount. Cincinnati, par.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.-Below
we furnish a daily record of the transactions in Liberty Loan
bonds and Treasury certificates on the New York Stock
Exchange. The transactions in registered bonds are given
in a footnote at the end of the tabulation.
4
Daily Record of U. S. Bond Prices. Dec. 19 Dec. 21 Dec. 22 Dec. 23 Dec. 24 Dec. sa
First Liberty Loan
(High
35-4% bonds of 1932-47__4Low.
(First 3545)
(Close
Total sales in 81,000 units__
Converted 4% bonds of (High
1932-47 (First 410 ---1 Dm-
99ns
99•142
99nss
155
____
----
9931ss
9911st
9921n
64
____
----
99nn
99 1n
99":1
202
____
----
Total sales in 81,000 units_
.. .
_ _
- Converted 4%% bonds aftgb
1011
- is
101
1iss 10lass
of 1932-47 (First 44s)(Low_ 101ils 10114.2 101nrs
[Close 101", 101"n 101"as
Total salts in 81,000 units__ _
30
66
54
Second Converted 454%;High
--- 10111n
bonds of 1932-47 (First{ Low---- 101"n
---Second 44s
(Close
__-- 101"at
---Total sales in 81.000 units...
____
• 1
Converted 454% bonds (High
4% bonds of 1927-42-- 1Low---------(Second es)
Total sales in 81,000 units__ _
____
____
____
Second Liberty Loan
rEfIgh 100nss 10021ss 10021ss
of 1927-42 (Second (Low_ 100nn 1002121 100"ii
434s)
1Close 100"at 100"sr 100".1
Total sales in 81,000 units.67
345
317
Third Liberty Loan
(High 100nn 100nn 1002in
434% bonds of 1928
(Low. 100nn 100"n 100"81
(Third 4)4s)
(Close 100"st 100"st 100ust
Total sates in 81,000 units_ _ ..
125
141
145
Fourth Liberty Loan -(High 102.00 1021ss 102.00
4%% bonds of 1933-38-1Low. 101nn 101"21 101"32
• (Fourth 434s)
(Close 101nss 10111n 101nss
Total sales in $1.000 units__
130
472
373
Treasury
(High 10810,1 108nss 108118
4Low. 1089,1 106",,105•81
434e. 1967-52
(Close 108"as 10810,2 1089n
Mal sales in 81,000 units.16
19
92
(High
....... 102",, 102",,
45. 1944-1954
Low.
____ 102nn 10211,
Close
__-- 102nn 102ns
Total sales in $1.000 emu_ _ __ _
2
119
9924ss 99nn
991!n 99"31
99"ar 99"n
80
34
---- 100%
---- 100'n
1
--10inss 101nss
10114as 101"as
10114.1 101"n
17
26
----------------____
100nn
100"st
100"st
269
100•Iss
100"si
100"n
172
102.00
.4
•
--___ _
100"ss
100ns,
100":1
130
1013nn BOLL
10014n DAY
100"ss
88
..j
102.00
8
101"32
101"33 '
I
101nn
110
10811n
108•ss
1061!ss
12
1021•8:
102",,
10210ss
5
102.00
119
--102ns;
102uss
102nn
7
'
4
e
.4
1
'
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
30 let 348
14 2d 4345
9910n to 99,
4033 3d 434g
100"si to 100",2121 4th Ois
100"rs to 100no
100nn to 100nn
Quotations for U. S. Treas. Ctfs. of Indebtedness, 8tc.
Maturity.
Int.
Rate.
Bid.
Asked.
ar. 15 1928.__ 454% 1001s4 10014
pt.15 1926___ 44% 1001ln 100/Is
3% 991In 9984
.ne 15 1926._
ea. 15 1928-- 33i% goiss 100
Maturity,
Int.
Rate.
Bid.
June 15 19213- 354% 9934
Dec. 151927... 434% 10034
Mar.15 1927- 454% 101142
Asked.
oasts
loons
lolls
New York Stock Exchange Stock Record, Daily, Weekly and Yearly
3110
OCCUPYING FIVE PAGES.
Pos sales during the week of stocks usually inactive. see preceding page.
HIER AND WW BALE PRICER-PIM SHARE, NOT PER CENT.
ainurtiap,
Dec. 19
ainntlay.
Dec. 21
Tuesday.
Dec. 22
Wednesday
Dec. 23
Thursday.
Dec. 24
Fridatl.
Dec. 25
Sales
for
the
Week.
8 per share $ per share $ per share $ per share $ per share i Per share Shares.
*45
48 .45
48
*45
48
*45
48
*45
48
*66
667 *66
66% *6458 6673 *65
6678 6612 67
12912 13018 129 13078 12812 129/
1
4 13014 132
13212 137
96
9614 968 96% 96% 968 9634 971s *964 974
8% 914
858 9
9
11
11
1134
814 812
*25312 255
25312 254
248 2548 25434 26612 264 268
925 9314 92
933
92
9234 9214 9314 0238 2338
5718 6733 6738 674 67% 674 675 6734 8753 678
*4818 49
4712 47
477 477g *46
4712 .454 4834
9812 984 *9512 98
99
99
984 9818 *9738 99
61% 638 61
594 605s 584 5934
6238 5814 61
*8312 84
8314 8312 8312 8313 8314 8334 *8312 84
83
*80
83
*80
83
80
80 .79
83
•80
147 14714
145% 14534 14533 14612 146 147 *146 147
*295 305 *295 303 *295 305 *295 305 *295 305
12718 02814 12534 128
1
4 127 1284
12412 12618 1254 128/
127 127
*128 12914 12614 12614 125 12614 125 128
8
8
714 8
734 734
75
77s
8
818
1
4 1414
134 1414 13
1313 13
13
1318 1312 13/
•180 200 *180 200 *180 200 *180 195 *180 195
*36
37
*35
37
3712 *35
3712 *3412 36
*35
*4913 51
49
513* 5138 4914 513
488 4853 49
1218 124 12
1238 1112 12
11% 1178 1112 117s
294 2934 28
2934 2718 2818 2712 2814 2814 284
95
1014 1012 10
10%
94 97
934
912 97
, 1914 20% 194 194 1834 1914 184 1914
193* 197
784 797s 7934 807s
78
7913 784 7934 7812 79
1184 11712 11712 118 *11612 118 *117 118 *117 118
55
5434 56% 56
53
5714
553* 5312 5534 53
99
9814 9834 *98
99
9884 9834 .98
99
984
, 86
86
8518 8513
*8553 862
855* 855* 8512 86
54
54
54
54
*53
55
*53
54
*53
*54
115 115
115 115
114 118 *113 118 *113 118
65
664 6614 *6312 654 *6334 654 6312 643s
65
88 .85
88
88
*85
87 .85
88 .65
*65
•594 6312 .58
64
*58
64
60
60
*58
64
14634 148
14812 149
147 14734 14712 14812 146 148
14234 14512 14314 14312 143 14412 144 144
14214 144
*45
47
*44
46
45
45
4514 4514 44
45
,
38
383* 3713 3838 3714 3712 3712 3812 38
382
443* 4314 4438 4314 4312 434 4413 4334 44
44
4178 417
*414 423* 4112 4134 *4014 4134 4134 42
8038 81
8014 8153 80
8012 8038 8134 x7858 797s
2614 2612 2634 27
2612 267* 2612 2734 2618 26%
344 35
344 35
3412 344 344 3434
35
35
1021;10218 10218 10218 *101 102 *101 102 *101 102
*230 250 *230 250 *235 252 *235 255 *235 255
3518 355
354 3612 36
3612 358 36
3518 355*
7112 *7078 71
*70
72
71
71
*70
72
Stock
*70
121 123
12033 12212 12012 12334 121 12314 1224 1231
/
4
122 122 .120 122 *120 124 *121 123
121 12212 Exchange
27
27
27
27
267
, 2712 *2712 29/
1
4 2834 3012
.63
6512 *63
6514
___ *63
*63
_ Closed;
29% 2934 2918 -2134 2914 -2114
*63294 304 294 30
4912 4814 4934 4718 4812 4814 494 4812 4918 Christmas
49
•8112 6212 62
62
624 62
62
623* *62
6214
84/
1
4 8534 85
Day
*8612 86/
1
4 85
874 8412 85
8512
142 14212 142 144
14013 142
142 145
14312 14434
*88
98
*88
98
*80
8
*8578 874 8734 90
4114 4214 4212 •42
4034 4034 41
4314 4213 424
8
71, .712 .7
3312
812 .7
8
*7
.7
*28
3014 .28
30
028
30
*25
30 .25
30
434 4312 434 434 43
4413 4312 4312
*4312 44
•1212 18
*1513 18
*1312 18
*15
19
*1212 18
•234 3
27s 278 *234 3
3
3 34 333
4912 4812 4834 48/
49
1
4 4812 48
50
50
484
*72
76
*73
78
75
75 .73
80
*7112 75
4112 404 4078 4012 4134 4034 413s
4114 415* 41
854 8614 8618 87
88
88
86
8734 863s 87
393
3913 4014 3913 40
3811 39
3814 3912 39
894 8812 8912
884 8878 874 89
8712 87/
1
4 88
*25s 3
234 24
2% 24 *212 2
.23* 3
,
4
12912 13014 129 13012 12812 12912 12912 13012 13012 1321s
177 17712 17712 18012 17914 180
5178 180
178 179
9734 9738 9712 *9634 98
*974 9812 9734 9734 97
4413 4412 453
45
4434 4538 444 4512 44
453
29
2812 2934 28
281s
285* 2858 284 295* *28
.36
40
36
36
36
36
*3612 38
.38
39
148 14814 1475* 14838 14634 14713 147 14812 14812 1504
85
83 .83
85 .80
85
83
.83
85 .83
783, 76
764
75
77
7514 78
7618 76% 78
1
4 5334 54
5334 5414
54
5412 534 5412 5312 53/
1934
21
1914
*1912 21
*19
•1913 21
.19
21
8234 83
83
83
83
84
83
85
83
.84
90
*874 89
•8712 894 *87
90 .88
89
.87
80
*79
80
*78
*77
79
79
79
*7724 79
118 118
11512 118% 118 118
114 11712 •115 117
8718 874 8712 88%
88
88% 864 8814 8614 87
*3934 39/
1
4 394 3934 3934 397 *3978 4012
1
4 *3934 39/
4212
*41
4012 4012 4012 4033 41
.40
4012 40
5812 584
*54
59
*56
59
59
'56
59 .56
9812 9914
9878 9912 98
9914 9734 9812 9814 99
8712 87%
*874 88
*874 89
8712 8818 *8712 88
1
4 654 6512
6454 6512 6334 6534 6312 6414 644 65/
*75
77
76
*75
77
*75
76
*75
77
77
5214 5012 5118 5114 5212 514 52
5112 52
51
4814 48
4834 484 4712 4734 48
484
•4812 49
1
4 10034 102
101 10112 100 10178 100 10034 1004 100/
11814 118711 119 1193* 11914 120
11833 1183* 1184 120
*9214 9258 *923* 92% 92
92
.9258 92.4 9212 93
/
4
5412 5512 547 5512 544 5533 554 561s 5512 561
14
.13
14
1318 14
.13
•13
14
*13
14
7578 75
78
7314 7318 75
7212 7212 7212 73
14714 148
148 1494 149 150
148% 14913 14812 149
7434 7434 744 7414 744 7434 *7413 7512
.7412 75
2214 2211 *23
26
*23
26
.2314 26
26
*20
79
*73
80
*74
7934 *78
79
7912
79
*78
125 200 *125 200 .125 200 *125 200 *125 200
4234 4238 4418 4338 4414
4312 42
42
42.4 433
7214 724 7212 7314 7234 7314
722 7314 7214 733
63
58
58 .5712 63
63 '57
•57
63 '57
1612 1612 1612
1612 1634 1534 1638 16
167* 17
23
2314 2314 2334 *2314 24
24
.24
245* 24
; 3814 38
384 3812 3918
3812 38% 3814 3812 377
80
80
*804 80,
4
8012 7912 80
3038 803* 80
2912 29/
1
4 294
29
30
28/
1
4 29
2978 29
29
49
4934
49
50
487s 49
49
49
485* 49
73
73
72
13014 135 *13014
107107 *106
1712 174 .1714
.5514 59
*57
878 8712
834
110 11014 11014
7278 72
135 *1304
10712 106
18
18
5812 5812
878
834
11014 10912
-a
••-•,,
•,/
7212 7278
72
*7212 73
135 *13014 135 *13014 135
107 108
106
10612 107
18
1838 1938 *1712 19
591z 8012
5812 5812 80% .
8/
1
4 9
87a
878 912
11014 110 110
110 112%
1112. TI
102. 11
••
Bld and &eked prices. s Ex-dividend. a Ex-rights.
STOOKS
NEW YORK STOOK
EXCHANGE
COX DZIAXII
PBX ISM ARE
Range for Year 1925.
On basis of 100-share lots.
Range for Pretties
Year 1924.
Lowest
Highest
8 per share
R per skate
Railroads.
Par
Ann Arbor
100 22 Feb 17
200 Do pref
100 40 Mar 24
42,400 Atoll Topeka & Santa Fe 100 1184 Jan 16
700 Do pref
100 924 Feb 17
59,300 Atlanta Birm & Atlantio
100
3 Jan 14
11,500 Atlantic Coast Line RR
100 1474 Jan 16
21,700 Baltimore & Ohio
100 71 Mar 30
2,200 Do pref
100 8273 Apr 21
300 Bangor & Aroostook
50 3514 Mar 23
400 Do pre
100 89 June 22
42,900 Bklyn Manh Tr vi 4.--No par 3518 Jan 5
700 Do pref v t o
No par 724 Jan 2
25 Buffalo Rocheater & Pitto_1001 48 Apr 2
3,200 Canadian Pacific
100 13812 Mar 30
Central RR of New Jereey_100 285 Mar 30
32,300 Chesapeake & Ohlo
100 8914 Mar 30
Do pref
1,500
100 1054 Apr 14
4,000 Chicago & Alton
100
33* Apr 24
5,000
Do prat
100
54 Apr 23
0 C C dr St Louis
100 140 May 20
Chia & East.111 RR
100 2914 Mar 30
1,400
Do pref
100 40 Mar 30
8,600 Chicago Great Western
9 Jan 2
100
17,900
Do pref
100 1914 Mar 30
43,500 Chicago Mllw & St Paul_ 100
314 Apr 20
26,200
Do pref
100
7 Apr 20
26,300 Chicago & North Western-100 47 Apr 14
400
Do pref
100 10154 Apr 14
83,200 Chicago Rock Isl & Paciflc_100 4018 Mar 30
800
Do 7% preferred
100 92 Jan 2
700
Do 6% preferred
100 82 Mar 30
100 Chlo St Paul Minn & Om_..100 33% Apr 22
400
Do prof
100 7314 Apr 21
500 Colorado & Southern
100 4418 Jan 6
Do 1st pref
100 80 Mar 28
200
Do 20 pre!
100 54 Jan 21
No 13313 Mar 30
2,500 Delaware & Hudson
11.200 Delaware Lack & Western_ 50 125 Mar 30
700 Denver Rio(Jr & West pref 100 3458 Oct 9
16,600 Erie
,,
100 2135*May 15
10,900
Do let met
100 35 June 23
2,200
Do 2d Prof
100 34 June 29
24,300 Great Northern pref
100 80 Apr 24
7,000
Iron Ore Propertied-No par 25 Dcc 5
1,100 Gulf Mob & Nor
100 23 Mar 30
200
Do pref
100 8912 Mar 30
Havana Elec Ry, Lt ee P__100 112 May 18
Hudson & Manhattan
6,
100 2114 Mar 18
100
Do prof
100 8412 Feb 18
7,600 IllinoisCentral
100 111 Mar 31
500
Do pref
100 11213 Apr 23
2,200 lot Rya of Cent America...100 18 Jan 8
Do pref
100 5913 Jan 2
3,700 Interboro Rap Tran v t 0-100 1313Mar 23
12,300 Kansas City Southern
100 281* Mar 30
1,000
Do prof
100 67 Jan 15
4,500 Lehigh Valley
50 69 Mar 30
3,600 Louleville& Nashville
100 1013 Jan 18
200 Manhattan Elevated guar_100 134 Mai
,20
600
Do modified guar
100 3218 Mar 23
8 Nov 18
100 Market Street RI
100
Do pref
100 20 Jan 13
1,300
Do prior pref
100 4214 Nov 24
Do 25 pref
100 15 Dec 8
2,800 MInneap & St L
214 Oct 28
100
1,300 Minn St Paul & B B Marie_100 30.8 Apr 4
100
Do prat
100 40 Mar 30
10,300 Mo-Kan-Texaa RII____No par 2814 Jan 2
4,500
Do Prof
100 741g Jan 2
13,500 Mins:tut'Pacille
100 80.8 Jan 5
11,400
Do prof
100 71 Mar 30
300 Nat Rye of Max 25 pref....100
113June 24
61,200 Now York Central
100 11314June 10
1,900 NY C & St L Co
100 118 June 24
700
Do prof
100 8812 Jan 8
25,000 NYNEidi Hartford
100 28 Mar 24
3,500 NY Ontario & Western_ .100 2058 Apr' 4
600 Norfolk Southern
100 21% Apr22
11,400 Norfolk & Western
100 1234 Mar 30
100
Do pref
100 7512 Jan 8
27,000 Northern Pacific
100 5814 Apr 25
26,600 Pennsylvania
60 424 Apr 9
300 Peoria & Eastern
100 1324 Apr 30
1.900 Pere Marquette
100 6124June 24
Do prior prat
100 78 July 29
100
Do prof
100 6818 Apr 113
2,200 Pittsburgh & West Va
100 63 Mar 19
8,100 Reading
50 89.4 Mar 30
400
Do let pref
50 3578 Mar 18
3,200
50 3814 Mar 18
Do 25 pref
100 Rutland RR pre
100 42 Apr 24
9,000 St Louis-San Francisco_
100 5713 Jan 18
800
Do prat A
100 78 Jan 20
7,100 St LOu119 Southwestern__ 100 4384June 11
100
100 7018June 25
Do pref
10,100 Seaboard Air Line
100 20.8 Jan 18
1,800
Do pre!
100 35 Mar 30
22,300 Southern Pacific Co
100 98 Oct 7
11,500 Southern Railway
100 775* Jan 2
500
100 83 Jan 2
Do pre/
14,800 Texas & Pacific
100 434 Jan 27
100
. 800 Third Avenue
712 Apr 17
4,800 Twin City Rapid Transit...100 58 Jan 22
100 133/
1
4 Apr24
14,300 Union Pacific
800
100 72 Jan 30
Do prat
300 United Railways Invizat
100 18 Aug 31
100
Do pref
100 484 Mar 23
Virginia Railway & Power_100 8418 Jan 14
100 1913 Mar 30
40,200 Wabash
9,900
Do pref A
100 5584 Jan 20
100
Do pref B
100 3812 Jan 21
4,100 Western Maryland
100 11 Mar 24
1,400
Do 2d prof
100 18 Mar 27
100 19.4July 31
7,000 Western Pacific new
100 72 July 27
800
Do pref new
12,700 Wheeling & Lake Erie Ry_ _100 10.4 Mar 31
2,300
100 22 Apr 2
Do prof
Industrial & Miscellaneous
1,600 Abitibi Power & Paper_Ne par 82
All American Cabled
100 119
100 90
1.200 Adams Express
400 13
4,500 Advance Rumell
Do pref
2.000
100 47
1
713
3.900 Ahurnada Lead
3.600 Alr Reduction, Intr....No par 88.4
A con Mar Rnhhar Inn
Ain nar
Aile
ZOIDOn
WNW
8 per glare $ per Oar.
12 Apr 2278 De,
48 Dec 4
87 Dee 24
25 Mar 4814 Ds.
137 Dec 24
071s Jan 12024 Dv
97.8June 25
8812 Jan 964 Del
11.4 Dec 24
1% Feb
5 De
Jan 15214 Del
268 Dec 24 112
521s Apr 844 Del
9412 Dec 16
5614 Apr 6614 Del
6734 Nov 14
89% Dec 4414 Do
564 Nov 2
88
Jan 95 Not
100 Oct 28
1312 Jan 414 Do
64 Nov 30
4824 Jan 755* DO
8334 De 22
40 May 684 DO
9288May 2
15234 Jan 8 1423 Mar 1564 Not
321 Jan 3 199 Mar 295 Dv
13012 Dec 16
87% Feb 9814 De.
9912 Jan 109% Jral
130 Dec 16
314 Apr 1012 DO
105* Fc13 9
818 May 194 Do
1918 Feb 21
19414 Dec 16 100 Apr 15014 Not
21 May 38 De.
3814 Aug 25
37 May 13278 Del
5714 Jan 2
4 Apr 1174 Not
15 Feb 7
1012 June 815* Nei
325* Feb 8
We Jan 7
107* Oct 18.4 No1
2818 J in 7
1814 Oct 8218 Nol
4914 Jan 7624 DM
80/
1
4 Dec 24
11812 Nov 7 100 Jan 1145* De.
2113 Feb 50 Nol
573 Dec 16
76% Feb 975* Del
100 Dec 7
8912Mar 3
6554 Jan 874 No
5918 Jan 13
29
Jan 574 Dv
117 Dec 16
684 Apr 94 De
70128ept 1
20
Jan 69 Nos
85 Nov 9
50
Jan 654 Dot
8212 Aug 27
65 Jan 39 NOS
155 Apr 8 10418 Mar 18024 Dill
147s4June 8 1105* Feb 14918 Del
80 Jan 12
42 Deo 1134 Der
393 Dec 16
205* Jan 85% A111
463* Jan 2
285* Feb 4914 Del
2518 Jan 11814 Del
435* Jan 5
8238 Dec 16
5334 Mar 75 Det
28 May 895* Nov
40118 Jan 19
3131.8epi 8
115* Apr 2913 Del
50
Jan 99 Dee
10914Sept 5
248 Sep.10---_-,
38% Aug 26
-311154 Nov 294 -Del
72 July 10
5714 Oct 8478 Del
12512 Dee 16 10014 Mar 11778 Da
12514 Dec 16 104 Mar 11714 Det
1114 July 1813 Nov
3318Sept 11
6612July 14
4414 May 88 Nov
3412 Feb 9
125* Jan 8914 July
51 Dec 16
175* Mar 414 Dot
5114 Mar 594 Det
6212 Nov 30
8812 Dec 17 53913 Apr 85 Del
148 Dee 11
879; Jan 109 Del
62 Jan 85 Dv
11918Sept 14
8013 Jan 6173 J1111
5114 Feb 9
12 Sept 21
65* Mar 184 Jas
20
lot 42 Del
4814Sept 21
7118 Jaz
6514Sept 21
41 Nov
Jai
14 Mar 80
35148ept 21
6
Jan
1% Jan
4 Mar 6
57 Nov 19
2814 Mar 534 Dei
50 June 75 De.
8814 Nov 19
1013 May 34% Del
45158ePt 8
295* Feb 7534 Del
91% Aug 18
9% Jan 3414 Nov
41% Dec 8
9112 Dee 5
29
Jan 74 Del
8 DOI
118 July
314 Dec 16
9918 Feb 1191* Dei
13213 Dec 24
7213 Feb 128 Del
183 Dee 16
98% Nov 20
83 May 9372 BIM
1414 Jan 3814 Der
47 Dec 16
18 May 2814 Nov
3434 Aug 13
124 Apr 29 Nov
45 Sept 29
151 Dee 16 10213 Jan 18314 Ds*
725* Feb &BOUM
83 Dee 8
47% Mar 73 Dec
77/
1
4 Dec 18
4214 Jan 50 Dec
553* Dec 17
934 Mar 2212 Nov
215* Deo 15
4013 Mar 73 Dee
8513 Dec 16
714 Apr 8512 Aus
8912 Dec 14
80
Jan 77 AUI
79 Dee 21
38
Jan 754 Des
123 Dec 12
5178 May 794 Del
9.1 14June 1
34
Oct 5618 Jam
41 June 1
4433June 1 5331s Jan 68
Jan
32
1
4 Jan 9
Jan 66 Not
82/
10214 Aug 28
194 Apr 65 Des
421; Jan 8213 DM
92.4July 28
8914 Dec 14
33
Jan 5578 Dee
784 Dec 5
57/
1
4 Jan 74 Nov
5414 Nov 14
1314 Jan 244 Dee
5112 Aug 27
1414 Jan 4518 Des
854 Mar 1054 Nov
10132, Jan 9
120 Dec 21
3813 Jan 791* Dee
951/Sept 19
ea% Jan 85 DU
585* Mar 13
19
Jan 4814 Des
1553Sept • g
8,
4 Mar 184 Jun
78 Dec 24
8912 Oct 00
J011
1634 Jan 10 1264 Mar 1514 Dee
7714JulY 31
70 Mar 784 AN
3312May 18
79; lor 41 Doe
254 4pr 8478 Des
837s Dee 14
150 Nov 4
38 Feb 722* July
474 Aug 28
.Dee
104 Jan 242
73/
1
4 Dec 17
34
Jan 6024 Dec
6012 Aug 22
224 Jan 421* Dee
185* Aug 25
81% June 1814 Doc
2814 Jan 9
1514 May
Me Del
393* Dec 16 ___--- ---- ---81 Dec 7 --- ---- --- -r-32 Doc 15
712 Jan 174 Des
1414 Jan 324 Do.
538 Dec 1
Jan 6 7618 Dee 14
Us..
61 Dec 64
Jan 5 1335* 00128
964 May 12213 De
Apr 18 11714 Oct 9
734 Jan 934 Dra
Ayr 11 20 Oct 23
8 June
185* 1.140
14
,
,
Feb IA 6214 Oct 23
2814 Juno
Oct 13 1.25/Mav 27 --- ---- - -,
Jan 30 1173, Dec 1
6714 Jan 03 Do
nOr. 9
Ii?.I,.,,10
AI. Ma.
It,. nee
New York Stock Record-Continued-Page 2
3111
roe salsa during the week of stocks usually Inactive, see second page preceding.
HMI AND LOW SAL) PRICES-PER SHARE, NOT PRE CENT.
Saturday
Dec. 19.
Monday,
Dec. 21.
Tuesday,
Dec. 22.
Wednesday
Dec. 23.
Thursday,
Dec. 24.
Friday,
Dec. 25.
Sales
for
the
Week.
per share $ per share $ per share $ per share $ per share $ per share Shares
178
*158
500
17
•158
158
1%
134
158 .138
178
8,200
1137 11412
113 11314 112 11314 11134 113
11312 114
400
•120 12014 120 120 *120 12014 120 120 *11934 120
10,000
9334 9418 93
9312 938 951 *9312 94
93
94
300
•108 109
10834 109 *105 109
108 108 .108 109
2,900
2618 27
2612 273s 2658 2634 2612 2638 2638 27
2,000
8014 8014 8014 8138 8018 805, 80% 80% 7912 80113
500
*3212 33
•3314 34
*3212 3312 3234 3234 3258 33
82
200
*73
82
*72
78
78
82
7934 7934 *78
4,200
31
3112 3138 32
3134
3218 3112 32
32
31
2,000
1521
15212
15212
*15112
152 152
151
15412
15112
152
200
114 114
114 114 *112 11412 .110 11412 .110 11412
169,700
282 296
26612 283
25414 26114 260 2633* 26014 266
600
12112 12112
121 121
121 121 *120 121 *120 121
3,800
109 11014 1094 11014
110 11012 10914 1093 10812 109
100
•121 12434 124 124. •121 126 .121 126 "122 126
1,000
2418 241* 2418 2418 243* 2412
24
2412 248 224
4,000
4912 50,2 48% 491s
50
5114 5114 4912 5012 49
800
*47
49
*47
4934
*49
4812 *478* 49
4912 .47
412 458
412 412
412 412
2,200
44 412
412 412
400
13812 1381
137 137
136 13614 .138 138 *136 139
9,100
4114 4318 4078 42
4112 4214 4112 417
4318 44
2,000
92
92
*9112 92
92
92
92
92
92
92
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
Os basis of 100-share lots
LOW681
Indus. & Miscell. (Con.) Par
Alaska Juneau Gold Min__ 10
Allied Chemical & Dye_No par
100
Do pref
Allis-Chalmers Mfg
100
Do pref
100
Amer Agricultural Chem.100
100
Do pref
American Beet Sugar
100
100
Do pref
Amer Bosch Magneto_.No par
Am Brake Shook F_ _ _ _No par
100
Do pref
100
American Can
100
Do prof
American Car& FoundryNopar
100
Do pref
American Chain,class A. 25
No par
American Chicle
No pa
Do certificates
Highest
Lowest
$ per share $ per share $ per shoe
14 Me
rs Jan
Vs Oct 26
65 Mar 8712 De
1163* Dec 14
12114 Nov 21 110
Apr 1184 Des
4158 May 7358 Der
9714*Dee 14
90 Apr 10478 De,
109 Dec 15
1718 July
74 AM
294 Oct 13
4958 Jar
82i2 Dec 1
1834 Apr
4912 Yet
36 Mar
43 Jan 7
6818 Oct 83 De,
8778June 19
3878 Jac
2214 AM
5418 Jan 3
Apr 102 Dee
76
156 Dee 15
1143* Dee 17 10414 July 110 Ma,
9578 Apr 16318 Dec
290 Dee 24
Oct
Jan 119
12178Sept 14 109
11534Sept 17
128 July 28 118'4 -Ain' 123 July
2138 Mar 25 Sent
27 Feb 14
144 Apr 4078 Dee
62 Apr 18
5812 Apr 18
23 Sept 39 Dee
Oct
at4 Jan 22
7
34 June
412 Oct 7
Apr 164% Dec
88
125 Apr 27 166 Jan 2
2714 Apr 7 5138Sept 3
---87 Jan 6 94 Feb 19 ---- -9218 Mar
1144 Apr 7 142 Sept 23
714 Apr 1414 Del
14 Jan 14
812 Mar 31
72% Dee
5012 Ian
5812Sept 2 7578 Jan 14
Fe)
72 AU9 95
83 Mar 18 139 Doc 10
Pet
83
Nov
7312
9
July
86
744 Mar 17
174 Mar 354 NOS
3218 Mar 30 4678 Nov 13
1214 Jan
10 May
1114 Jan 2 20 Nov 14
134 May 284 Dec
20 Mar 25 5914 Nov 5
Apr 5338 Dee
30
53 Jan 2 89 Oct 2
704 Apr 1094 Des
1044 Jan 5 14478May 6
115 Aug 14 124 Feb 16 11614 Apr 12012 Sept
384 June 54 Dee
454 Mar 30 5758 Oct 26
9414 Apr 136 Dee
8978 Jan 3 12212 Nov 4
Ool
83
7712 Nov
x76 Sept 15 84 Jan 13
578 Apr 104 Nos
3678 Jan 2 7634 Nov 14
1538 Feb
101s Oct
538 Oct 20 144 Veh 29
574 Jan 1003s Des
9038Mar 30 138 Dec 24
Jan 107151 Dee
96
1054 Jan 5 11514 OM 9
4738 Dec 23
3758June 11
108 Jan 7 1134 Oct 14 10114 Apr 10914 Not
Oct 614 Fe!
36
4758 Jan 16 7758 Dec 7
Oct 9978 Pal
77
914 Jan 16 10414 NON 17
618 July
284 Jai
6 May 6 2412 Feb 14
Jam
2212 Sept 69
28 Apr27 120% Oct 15
3814 Dec 434 .1111
37114June 1 47 Feb 25
13058 Jan 2 145 Dec 7 12118 June 13414 Dee
85 Feb 17 12112 Oct 22 13658 Mar 1694 Nos
Apr 10612 .11117
10412 Jan 5 110 Nov 12 101
8418 Feb 17 11912 Oct 29 1354 Mar 18838 Nos
103 Apr 22 13538 Nov 4 106 Sept 115 Set/
40 Feb 144 Dec
3438 Jan 13 7614 Dee 14
Der
8918 Mar 101
9714 Aug 6 103 Feb 18
5114 Sept 7878 Jet
3434M ay 6 6434 Jan 6
Oct 10258 Jan
90
69%May 6 961s Jan 20
7 July
14 Apr
74 Jan 3
112 Dec 18
1214 Dee
7 Mar
134 Jan 9
7 May 1.
24 June 8678 Des
4478 Dec 4
2478May
2818 May 4814 Du
5314 Nov 6
3514 Apr 21
2818 Dee 29 Des
45780ct 1
26 Jan
90 Dec 91% Des
16
Oct
105
Jan
9012
944 Des
8314 Jun
9018 Mar 31 100 Oct 8
_
.
20 Mar 19 274 Oct 5
$ per share
1 Jan 6
80 Mar 30
117 Jan 9
7118 Jan 5
10314 Jan 3
1312 Mar 19
364 Mar 23
29% 02427
78 Dec 22
264 Mar 24
9014 Mar 30
1074 Jan 12
15818 Jan 16
115 Jan 29
9712 Apr 27
12034 Apr 2
224 Oct 3
37 Jan 27
37 Jan 7
Amer Druggists SYndleate- 10
100
American Express
Amer dr For'n Pow new _No pa
No pa
Do pref
Do 25% paid
100 American Hide & Leather. 100
1234 1238 •1214 1314 *1214 1314 •1212 133* *124 1312
100
Do pref
300
•6012 6112 *6014 6112 6018 604 6014 6014 •6014 6012
100
6,600 American Ice
135 13612
132 13314 13312 136
134 13512 13312 135
100
Do pref
900
8212 8334
83
83
84
84
84
*83
84
•83
42
2,400 Amer International Corp_ _100
4212 4212 42
4234 4134 4212 4212 4212 41
2,500 American La France F E. 10
1538 15
1512 1518 1514
1512 15,2 1538 1512 15
100
3,100 American Linseed
51% 52% "5114 5278
504 52
*5212 5312 5014 52
100
Do pref
400
84
85
87 .8412 87
*85
85
8614 86,4 85
5,000 American Locom new_ No par
1184 11934
11818 119
11814 11912 11634 118% 11712 118
100
Do pref
•119 120 *119 120 •11814 119 •11814 11934 •11834 11934
No par
1,900 American Metals
53,4
5358 53
*53,4 53% 5212 52% 5214 5234 53
.5
4,000 American Radiator
114 11414 11412 11518 11514 115%
11414 11412 114 115
Amer Railway Expreea_ _ _ _100
*7612 80
*7612 80
*7612 80
*7612 80
07612 80
_100
_
Razor_
Safety
American
13,200
58% 58%
58% 59
59,2 5512 5912 56,4 59
59
5% 534
3,400 Amer Ship dr Comm.__No par
5% 6
6
6
618 618
534 5%
136 138
99,600 Amer Smelting & Refining _100
13234 13478 13114 13312 13012 13214 13212 136
100
Do pref
1,000
114 114
11312 11334 114 11418
113% 114 .11312 114
30,300 Amer Steel Foundries. _No par
44
441
44
4612 47% 4634 4718
46
43% 44
100
Do pref
301]
113 113
113 113
•11212 ____ .11212 115 611212 114
3.7011 American Sugar Refining_ _100
75%
7538 75
7434 75
75
*7434 7514
75% 753
100
Do pre
1,100
100 10018 10014 10014
100 100
1003* 10058 *100 101
800 Amer Sumatra Tobacco__ _100
11
II
10% 10%
11
1138
•1014 1112 *10% 1112
100
Do pref
•818 110
*88 110 '88 110
*88 110
.88 120
200 Amer Telegraph & Cable 100
41
.40
41
*40
3914 3934 •3978 414
41
•39
Teleg
100
dr
Telep
Amer
14214
7,500
, 141 14178 14178 14214 142
142 1423* 142 1423
50
4,200 American Tobacco
1 115
11418 1141 11418 1151, 115 1153
114% 11414 114,
100
Do prof
500
10614 106,4 *10614 10612 10614 10614 10612 10612 10612 1061
Do common Class B_ _ _ 50
3,000
11312 1144 1134 114
1134 11438 113% 114
114 114
800 American Type Founders_ _100
120 120
119 1191 120 120
11934 120
120 120
20
25,400 Am Wat Wks dr El
6912 7134 7012 72%
6718 691
6814 7012 6714 693
100
Do let pref (7%)
400
102 102 •10134 1021 10278 10278 •101 104
90112 102
100
Stock
414
5.700 American Woolen
40% 411
414 41
41
4112 421
*4114 42
100
Do pref
300
89% 893 •8814 90 •8814 8834 874 8814 *8612 88
300 Amer Wilting Paper pref._100
13 Exchange
1%
158 •158
13
*112
1%
134
•112 2
26
Smelt
&
Lead
Zinc,
Amer
800
8
85
8%
91
4
83
9
9
8% 8% *8% 9
25
Do pref
Closed;
37% 40
3814 397
2,700
38
38
3712 38
38
38
56,500 Anaconda Copper Mining_ _50
493* 47% 4912 4914 50% 4912 503
49
4914 493
par
MidI'd_No
Dan'la
Archer,
Christmas
413
4112
1,000
4034 4112 *4112 41%
.41
41'2 40% 407
100
Do pref
•103 105 .103 105 *103 105 *103 105 •103 105
Day
97
1,200 Armour Co (Del) pref-100
9714 97
97
97
97
97
097
97'2 97
12,000 Armour of Illinois Class A ._ 25
244 2488 2414 243* 23% 24% 23% 24,4 23% 24,4
8 Jan 5
14
400 Arnold Constle&Covto No par
*13
14
*13
14
13 .13
1318 13
13
No par 39 June 19
3,200 Artloom
5938 5978 5812 60%
25814 60
5912 60
62
.59
Aug 20
10112
100
Preferred
-1,590
110 110 *108
10912 10912 10914 110
•10712 110
541 56 9,800 Associated Dry Goods__ 100 4612 Aug 17
55% 55% 5112 5512 53'14 54
56
55
Jan 7
94
100
pref
1st
Do
102
•101
102
*101
102
•101
102
102
•101 102
100 101 Jan 2
Do 24 pref
600
105 106%
•10312 105 •103 105 .103% 105 •103 105
.25 32 NIar 30
45%
25,900 Associated Oil
4518 4618 4412 45% 4412 4514 44% 45% 95
11,500 Atl Gulf dr W 185 Line__ _ _100 20 Jan 5
64
6614 6312 6412 64% 65% 6412 6578
6512 64
100 31 JI111 5
Do pref
5418 55
700
55
55
55
55% 55% 5514 55,4 *54
100 9512 Jan
5,000 Atlantic Refining
109% 10938 108 10914 106% 10734 10712 10712 107% 110
100 113 Sept 18
Do pref
200
116 116 •116 118 •11612 11812 •116 11812
116 116
par
918 Feb If
4,100 Atlas Tack
1612 1512 1612 1614 1612 1612 1714
16
164 16%
22 July 6
N
OAro
&Covt
Nichols
Austin,
28
3,300
28
28
28
27% 27% 27% 2734 281•
25
100 874 Jan 27
Do pref.
100
92 .9134 941 *9134 9412 *9134 94,2
92
*91% 93
1
*3,
% Dec 22
1
78
•73
78
200 Auto B nit ter Hosiery..No par
•% 1
1
*78
36,900 Baldwin Locomotive Wks_100 107 Mar 30
129% 131 14 130,4 132,8
128 13012 12818 130
12912 131
100 107 Aug 7
Do pref
100
11012 11012 •11012 113 •11012 113 •11012 113
•11012 113
80,900 Barnedall Corp, Class A.__ 25 1834 Aug 12
30% 32,4 31% 32%
301
2934 30
2812 2834 29
25 16 Aug 18
Do Class B
2514 2512 25% 2778 27% 28%
10,800
2412 2414 2412 25
Barnet Leather
No par 35 Jan 5
*4614 50 .4614 50
*4614 50
*4514 5178 *4614 50
38'* Sept 29
Inc
par
No
Cigars.
Bayuk
40
*3814
39
400
*3814 3812 *3814 38%. 3858 3538 3812
60 Mar 23
6914 36812 69,4
68% 68% 69
5,300 Beech Nut Packing
69% 69% 6712 69
Sepf 4
3
Bros
37
par
No
0
Belding
408
40
4018
39
39
23,200
40%
40%
23912
4012 4112
100 37 June 5
17,800 Bethlehem Steel Corp
47% 46% 4712 4718 47% 4712 484
4738 4734 47
Co cum oonv 8% pref 106 109 Mar 18
400
11518 11518 11534 116
•115 116 *11512 116 *11518 116
100 9314June 1
Do pref 7%
1,100
10012 10112 101 14 101% 101% 101% 101 18 10138 10138 10158
418h1ay 4
pa?
.512 612
100 Booth Fisheries
6
6
7
*6
7
612 *6
.6
A.50 40% Aug 26
No
4112 4112 *4114 43
200 Botany Cone M1118 Class
•4112 43 .41% 43
41
41
pa
_No
Oct 24
27
Manufacturing_
Briggs
33
32
31%
3314
8
333
31%
8.000
31%
3112
3134 32
100 12058 Jan 2
134 1344
13312 134
1,200 Brooklyn Edison, Inc
•134 13434 13412 13412 134 134
No par
7518 Feb 17
4,900 Bklyn ITLIon Gas
7734 78% 77% 78% 7618 78
80
8614 86% 279
100 644 Mar 31
133 133 •133 135
700 Brown Shoe Inc
130 131 •130 13212 13212 133
Do pre
100 96 Mar 25
•102 10912 •102 10912 *102 109% •102 10912 *102 10912
24 June 25
4,200 BrunswIck-Balke-Coll'r No pa
29% 27% 28% 274 28
2912 2958 29% 2912 29
9212 Feb 11
No pa
12612 129
1.800 Burns Brothers
12612 12612 •12612 1273 12614 12612 126 127
17 Mar 31
Do new Class Boom No pa
3612 384
37
3,000
3634 36% 364 364 36
•364 37
Burroughs
pa
Maoh..No
A
65 Jan 3
12
91
12
91
200
2
91,
9112
•9012 93
92% •91
*91
93
1458June 4
2312 2312 2318 23,4
1,100 Bush Terminal new._ _.No pa
24
24
23
2134 213
*23
Debenture
100 80 May 14
8934
100
8034 *89
891
8934 *89
8912 89,2 *89
•89
414 Mar 31
514 512
2,400 Butte Copper & Zino
512 512
54 5%
5% 5%
5,4 5,4
23
100 17 May 13
23
23
900 Butterick Co
2312 23
22% 2314 *2212 24
23
64Mav
5
Mining
Superior
.8
Butte
_10
15%
14%
8
147
15%
6.600
1414
1412 1412 14
15
14
14
14
•14
14 Dec 21
__No par
2,100 Caddo Cent 011.8 Ref.
38
%
14
14
14
38
No par 10012 Jan 27
12812 130%
4.500 California Packing
12878 12914 128 128% 129 130
129 130
25 237s Jan 2
38,400 C'alifornia Petroleum
3112 3214 31
31
32
3134 3112 32,4 31% 32,4
114 Oct 10
2
10
2
2
2
4.500 Callahan Zino-Lead
1%
178
1%
134
1%
134
10 45 Apr 22
3,500 Calumet Arixotu8 Mining
56% 56% 5612 5612 56% 56% 5614 57% 5734 57%
26
Hecht
dr
1214May
14
25
Calumet
13%
13%
1338
1312
4
133
3,600
13% 13% 1378
1312
6634
66
6,300 Case Thrash Machine__ _100 24 Mar 18
68
6712 6812 •66% 67
6514 67
66
100 60 Mar 11
Do pref
1.800
105 106% •102 106
10612 10712 10682 10712 107 107
1918
100 1434 Mar 28
19
1812 1878 1838 1812 1812 19
3.100 Central Leather
18% 19
Do pref
100 4914 Mar 24
5,100
6318 631: 6338 64% 63% 65%
6418 6412 6314 64
Ribbon
par 3034Sept 2
_No
Mills_
34
Century
33
33
*3312
1,000
343
32%
33
4
4
343
33
34
Do pref
100 94 Dec 2
*9334 9512 *9334 9512 *93% 95% *9312 9512 *9312 9512
3,600 Cerro de Pasco Copper _No Par 43% Mar 24
6134 63% 6212 63,4
60% 60% 6014 60% 5912 61
21,500 Certain-Teed Products_No par 404 Mat 24
4838 4812 49,4
48,8 4512 4712 45% 4812 48
48
2712 Aug 20
10,700 Chandler Motor Car.._.No par
4612 47% 4718 484
4534 4614 34514 45,4 4512 47
117
4
1163
118
115
6,100 Chicago Pneumatic Tool_ _100 8014 Mar 10
117
11618
110
116
117
118
Chic Yellow Cab tern ett No par, 4412July 7
50 •_ _ __ 50
*4712 50 •- -__ 50 *
50
*48
No par 494 Mar 31
11,400 Childs Co
6212 6238 64
6138 61
594 5812 6034 60
58
604 Mar 30
3334 34
6,900 Chile Copper
331% 33% 33% 34
33% 34
34
34
5 19 Apr 23
1912 l9% 1918 19% 1918 1912 191z •1914 20
1,100 Chino Copper
•19
14
par
10814July
No
Chrysler
198
Corn
193
134,300
183
192
195
4
201%
1833
19514
191% 197
ar 10018July 24
No 1poo
Do preferred
106 106
1,100
10614 106'4 106 106 •105 10612 •10512 106
584 Mar 17
200 Cluett.Peabody & Co
68
69 •6712 69
69
•68
68
•68
69
69
No par 80 Jan 6
149 15012
6,400 Coos Cols Co
14512 14512 14512 147
14812 150
14512 146
100 324 Apr 21
3,700 Colorado Fuel & Iron
3714 36
3618 3612 37,4 36% 37,4
3712 37
*37
5912
6,500 Columbian Carbon•t o No par 45 Mar 24
59
6114 5812 5912 5914 60
60
6912 61
par 4534 Jan 21
No
Flee
&
Gas
83%
Col
817
8312
24,400
8 8412 83% 84%
8212 82% 81 12 8278
•Bid and asked prices. no sales on this day. a Ex-rights. z Ex-dividend.
Highest
PER SHARR
Ratio for Prestos.
Year 1924.
1758 Oct 30
6034 Der 24
110 Dec 22
61%Nor 2
102 Oct 28
10814 Feb 7
4612 Dec 18
77 Sept 29
60 Sept 23
11712 Feb 5
11734June 8
21 Dec 4
3212 Jan 12
95 Aug 15
414May 14
146 Feb 28
1164 Jan 31
3258 Dec 24
2838 Dec 24
734 Oct 8
5314 Feb 14
774 Aug 26
4158 Dec 17
634 Jan 13
11612 Feb 8
102 Jae 31
Ws Oct 6
46 July 21
4412May 25
15612 Nov 6
10014 Nov 5
157 Nov 2
109 Oct 9
4938 .1an 21
129 Dee 24
3878 Dec 24
103 Sept 4
26 Dec 14
8978June 20
834 Jan 2
2834 Jan 3
2414 Jan 9
218 Jan 12
13612 Nov 13
8278 Mar 7
414 Feb19
5978 Nov 20
184 Jna
6812 Dec 21
10712 Dee 19
2358 Oct 13
71 Oct 13
4718 Mar 11
9834 Jan 14
6438 Nov 14
5834SeDt 8
62 Oct 23
128 Dec 2
55 Jan 3
744 Oct 26
374 Jan 2
2838 Feb 5
253 Nov 2
11178 Nov 7
71te Jan 12
17734 Nov 9
4814 Jan 13
6234 Dec 17
86 Oct 21
0
oet
831, May
Jan
89
274 July
1034 Mar
1212 Jan
7818 July
Oct
108
5 June
1818 Mar
Apr
79
112 Nov
10438 May
11018 June
14 Feb
Jan
10
234 Nov
3912 May
44% Mx
15
Jima
94 NO,
102$,4 Del
1344 Pal
23 Del
314 Des
14018 Jai
118 Fe!
114 Jan
334 Des
91 Nov
818 Jan
13438 Dec
1174 Not
234 Dec
17% Des
39 Dee
Jar
59
7214 Dec
3734 Oct. 624 Pel
1014 APT 1104 Fe)
894 June 97 Fe)
71• Jan
34 June
1-0-701-1;
565. Apr
39 May
84 June
1241* Des
8242 DER
7612 Del
99Is Dec
17-5- Dec -1-1212 :7;1;;
1958 Feb 29 Nov
6214 Nov 6718 Oct
9l Dee
318 June
Apr 254 Dee
17
14 May 264 Des
1 Nov
414 Jan
80 Apr 10614 Dee
194 July
2914 Feb
578 Jar
24 May
41% Mar 584 Dee
1918 Des
131s May
14 Mar 35 Des
Jam
4114 May 77
978 Mar 214 Dee
2914 Mar 5874 Dee
254 Apr 354 Nov
Jan 9518 July .
91
4014 Mar 5634 Dee
2478 June 6412 Dee
2678 Nov 6618 Jar
7978 May 10078 Dec
39 May 6111 lof
2558 Mar
1.. Mar
Oct
65
61
Apr
2478 Feb
3914 Sept
3. Moir
-384 11e;
29 Dr,
-ii;
8318 Dee
5414 AU,
553" ?ex
Dee
3112
New York Stock Record-Continued-Page 3
Poo sales during the week of stocks usually Inactive. see third page preceding.
HIVE AND LOW BALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
Monday,
Tuesday. Weetsesday Thursday,
Friday,
Dec. 19.
Dec. 21.
Dec. 22.
Dec. 23.
Dec. 24.
Dec. 25.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
r1111 all Anil
Range for Year 1925.
Os basis of 100-slare lots.
PER allAKE
Raego for Previous
Year 1924.
Lowest
Highest
Lowest
Highest
Shares. Indus. & Miscell.(Con.) Par $ per share 3 per (12021
$ per share $ Per
200 Col Gas & Elec pref
100 10414 Jan 5 11318 Oct 29 10314 Dec 105 share
DIM
3,000 Commercial Solvents A No Par 80 May 25 190 Jan 29
11318 Jan 13114 Dec
2,400
Do "B"
No par 76 May 25 189 Jan 29
33 Jan 12918 Dee
10,400 Congoleum Co
7
_ _No par 15 Nov 27 4318 Jan 2
3238 May 6834 Feb
300 Cottle) T1¢ Follstamped
new-- No par
12May 19 17 Feb 10
7% May 1414 Del
19,000 Consolidated Cigar
Ne par 2618 Jan 2 6312 Dec 24
11% Mar 30 Not
600
Do prof
100 795* Jan 2 96 Dec 10
Apr 84 Jan
5912
5,700 Consolidated Distrlb'rs No par
31 Jan 7
944 Feb 19
Is Jan
35* Del
14,400 Consolidated Gas(NY)No par 7418 Mar 30 97 Dec 9
6078 Jan 7978 Des
7,100 Consolidated Textile__No par
214June 9
614 Jan 7
218 Apr
8 Jan
24,000 Continental Can, Ino__No par 6018 Mar 29 9012 Dec 24
4318 Apr 695* Des
1,200 Continental Insurance
25 103 Jan 5 140 Dec 18
8918 Apr 10918 Dee
6,900 Cont'l Motors tern otts_No par
814 Jan 2 1512 Oct 17
6 Apr
878 Del
18,700 Corn Products Rahn w 1-25 3218May 29 4178 Dec 4
3118 Jan 4314 NOT
500
Do pre(
100 1181. Jan 7 127 July 3 1151
Apr 12334 Atli
.
2.500 Coty, Inc
No par 48 Aug 21 60/
1
4 Oct 15
--- -- --- -5,500 Crucible Steel of Amerloa-100 6412 Mar 30 8434 Nov 7 -48 May
-76 -Des
100
Do pref
100 92 May 8 102 Dec 14
SO May 98 Des
4.800 Cuba Cane Sugar
734 Oct 23 143e Feb 9
No Par
1018 'Oct 18 Feb
10.700
Do prer
100 3718 Oct 23 625* Feb 26
53/
1
4 Apr 7178 Feb
6,600 Cuban-American Sugar____10 20 00.28 3318/Aar 3
2814 Nov 3874 Feb
Do pref
100 9378 Nov 11 101 Mar 13 96 Jan 10014 Nov
3,100 Cuban Dominican Sug_No par
218 Oct 1,
6% Feb 27
414 June
84 Feb
600
Do pref
100 16 Dec 22 4418 Jan 6
38 Dee 52 Feb
900 Cudahy Packing
100 95 Aug 20 107 Oct 3--1,500 Cuyamel Fruit
No par 44 Nov 16 59 May 25 -4518 Nov 74/
1
4 Jan
300 Daniel Boone Woolen Mllls_25
34 Dec 15
774 Jan 9
6 Nov 8214 Ma
,
2,200 Davison Chemical v t o_No situ 2778 Apr 30 4934 Jan 23
3818 Noy 13918 Jag
900 De Beers Cons Mines_No par 2014 Mar 18 28 Dec 23
1814 Jan 2214 De4
1,300 Detroit Edison
100 110 Jan 5 159128ep1 29 10114 Jan 11524 Del
79,600 Dodge Bros Class A___No par 2134June 9 4834 Nov 4 ----- ---- ---8,400
Preferred certifs---No par 7318May 7 9118 Oct 17
1,100 Dome Minee, Ltd
No par 125* Apr 14 18% Nov 20 -11/
1
4 Nov -NU al
1,000 Douglas Pectin
No par 14 Feb 16 2318 Aug 4
95* June 18 Des
700 Duquesne Light lst Prat-100 105 Jan 7 11314 Dec 24 10013 Mar 10814 Sept
2,600 Eastman Kodak Co
No par 1041gJu1Y 18 118 Jan 19 10418 Apr 11474 Nov
3,700 Eaton Axle & Stain
No Dar 1018 Feb13 3012 Dec 4
834 Sept 2418 Jai
15,500 El du Pont de Ne----00_100 13414 Jan 6 27114 Nov 12 112
May 162 DM
900
Do pref 6%
100 94 Jan 23 10412 Nov 13
Apr 96 Des
85
22,300 Elec Pow OC Lt oth...--No par 175* Apr 26 40%July 16
---- ---- ---- ---1,000
40% Pr Pd
100 Mar 18 110 June 16 ---- ----- ---100
Fret full paid
10012Mar 28 11034June 24 ------- ---- -2,300
Do prer etre._ .
897s Aug 28 945* Dec 9
- --flee
6,100
Storage
Batts/T.-No
par
6034 Mar 30 80 Dec 5 "Fs
312
314
.332
334
-la Dee
312
312
900 Emerson-Brantingh4 as Co-100
11
/
44May 1
618July 81
78
June
314
685* 684 6812 69
July
6812 6812 6838 6858 6878 687s
1,100 Endicott-Johnson Corp-- 50 6314 Apr 2 74788ept 17
72 May 7318 Dee
.112 11334 *11114 113/
1
4 *11114 11312 *11114 11312 *11114
12
Do pref
100 111 May 28 11834 Oct 9 10512 June 115 Jag
•1612 173* *161 173* *1612 171 *1612 173s 1612 113
17
600 Exchange Buffet Corp_No par 1312July 23 1978 Jan 3
10 Dec 2418 ling
*3
312 *234 312 *234 3/
1
4 *234 312 *214 3/
1
4
Fairbanks Co
25
214 Mar 27
4/
1
4 Aug 5
2 Dec
4/
1
4 Jag
5114 5213 *51
5111 51
51
5034 51
5078 51
3,000 Fairbanks Morse
NO par 3214 Jan 2 545* Oct 28
2518 May 34 Des
107 107
106 107
105/
1
4 1063, 107 10734 10618 1073*
9,300 Famous Players-Lasky_No par 9014 Feb 17 11434July 27
61 Jan 9812 Deg
.116 118 .11512 11712 *11512 11712 *11612 11712 .1,116 11712
Do prof (8%)
100 10378 Feb 17 120 July 27
87/
1
4 Jan
Des
Full paid receipts___ _No par 102 Aug 31 11118Sept 17 ---- _--- 10102
-5274 ii5-8 -321.4 -3i--- ----His ii1-2 -3a- ii1-2 -34-14 157,400 Federal Light & Trao
15 28 Oct 2 3714 Dec 14
74
74
76/
7913 83/
1
4 77
7712 78
1
4 8434 93
4,100
Federal
Mining
& SmelVg_100 1514 Mar 13 93 Dec 24
54 -Air 2414 -be;
95 95
9512 98
9714 9734 9712 993* 9834 993s
6,800
Do peel
100 4918 Mar 11 9938 Dec 23
61/
1
4 Jan 8418 Des
•174 178 *170 178
17734 17734 *175 178 177 178
Stock
300 Fidel Phan Fire Ins of N Y__25 14718 Jan 6 179 Dee 18 118 Mar 140 Des
•1458 1614 *143* 161
/
4 *1458 15/
1
4 .1458 1512 1514 1514
100
Fifth Ave Bus tern otfs-No par 12 Jan 8 1734July 13
91*
964 9684 96
9814 9518 98
Jan 13% Jag
9614 99/
1
4 99
9912 Exchange
7,700 Fisher Body Corp
26 604 Feb 17 125 Nov 7 -- - _-_- -2112 22
2114 2134 211 2112 2112 2212 2214 24143
49,300 Fisk Rubber
No par 1012 Mar 24 2834 Oct 2
-512 June 1378 Ile;
112 112
112 11212 112 112 11214 11214 11214 11312
Closed;
4,100
DO let prat
100 7618 Jan 16 11612 Nov 18
3818 July 88 Dee
15814 16078 181 17112 16734 16934 16614 170
16714 17012
22,700 Fleischman Co
No par 75 Mar 19 17112 Dec 21
4414 Jan 9014 No•
15612 157118 15212 15514 153 158
156 159
157 159 Christmas 24,500 Foundation Oo
No par 90 Jan 8 18334Nov 17
8618 Jan 9414 Dee
195* 20
1978 2012 1934 20
1978 20/
1
4 197 20
4,400 FreeportTexas Oo
No par
8 Mar 18 24% Oct 13
74 Sept 1374 Jan
35 3514 351 3558 35 3512 3434 3514 3434 3434
Day
2.900 Gabriel Snubber A_---No par 287g Aug 25 397g Nov 20 ---- ---- ---- -7
7/
1
4
7/
1
4 84
812
812
8
734 8/
1
4 418
4,500
Gardner
Motor
No
par
64 Jan 2 1614 Mar 2
314 Oct
7 Jan
5312 5312 53 54
5234 53
52/
1
4 53
53 5378
2,800 Gen Amer Tank Oar
100 444 Aug 4 60 Oct 27
854 May 53 Des
.101 10214 *101 102 *101 10212 *101 10212 *101 10212
Do pref
100 9334 Feb 16 104 Nov 23 92 Feb 9918 Des
6512 6612 8334 66
6314 65
6412 657s. 512 66%
13,600 General Asphalt
100 42/
1
4 Mar 30 70 Dec 11
8138 Apr 635* Del
10412 105 10312 10312 10212 1021 *10312 106
*10512 10512
800
Do pref
100 8812 Mar 17 109 Dec 11
7118 Apr 100 DM
---- ---- ---- ---- -___ ____ ____ ___-__ -General Baking
No par 121 Mar 7 264 Dec 2
93 Jan 160 Saps
109 1101
/
4 110 11034 109 110
109 110
10912 11034
2,300 General Cigar.Inc
100 8412May 4 111 Dec 18
824 Apr 98% Des
322 32414 317h 324 318 32434 323 329 32814 333
47,300 General Electric
100 22714 Feb 17 3371 Aug 24 193/
1
4 Jan 322 Des
111s 111s 1115 1114 Ills 1114 1118 1114 .1118 1114
Do epecial
6,900
10 107g Oct 15 117sJalY 10
19/
1
4 Apr Ills July
11111 1131.4 1115* 114/
1
4 11134 11514 11414 11614 1147s 11778
115,700 General Motors Corp__No par 0458 Jan 5 14934 Nov 7
Oct 6678 Del
5514
115 115 *11411 115 *11412 115
115 115
115 115
400
Do 7% Prof
100 102 Jan 5 115 Dec 16
95% July 10318 Dee
5314 544 5314 545s 53/
1
4 5312 5212 52h 5234 537s
6,400 Gen Outdoor Adv A___No par 4518 Aug 13 5434Sept 21 ---- ---- ----3112 333s 33
3438 3214 3312 3214 333s 3214 3278
38,200 Trust certificates_ __No par 2618 Aug 13 3438 Dec 21
538 541
5234 537
52
5318 53
537
534 5378
29,800 General Petroleum
25 42 Jan 10 59 June 12
14 JIM -45 lug
71
72
72
71
7112 72
727 73/
1
4 717 7214
2,000 Gen Railway Signal new-- No 68 Nov 24 804 Oct 29 13
44103 10514 *10312 1051s *103
---- ---- ---- --10612 *103 10514 *103 10612
Do preferred
100 90/
1
4July 10 1057s Nov 19
--- ,-- -- -,.-*46
48
45 47/
1
4 *45
48 *45 48
4712 543
1,100
General Retraotories--No par 42 Oct 7 5812 Jan 14 -111 June -if JIM
718 72% 71
724 7014 71
73
735* 7312 741
5,500 Gimbel Brae
No par 47 Mar 16 83 Dec 2
474 June 50 Da
11014 11014 *108 111 *108 112 *107 112 *108 112
100
Do pref
100 10214Mar 14 11412Nov 30
99 Jan 107 BIM
49% 497g 49 49
464 48 *471 49 *48
49
1,200 Ginter Co temp otis-__No par 2234 Feb 13 52/
1
4
Dec
Deo 2711 No•
15
21
2474 251s 24118 25
x2312 24
23% 244 242 25
9,100 Glidden Co
No par 1218 Mar 19 2612 Dec 11
8 June 15 Nov
4514 4514 457 47
46
467
45% 451144 46143 461s
4,200 Gold Dust Corp v t e__No par 37 Mar 3 51 Oct 9
284 Apr 4378 Nov
6112 6314 6014 62
601s 6214 61
6214 6114 6218
15,500 Goodrich Co (B 1)----No par 8634 Jan 6 7434 Nov 6
17 June 88 Des
.97 9814 *96114 99 *9634 99 *9634
98
9612 968
39
Do pre
100 92 Jan 3 102 Nov 14
7014 MILY 92 Dee
104 10434 104 104
10312 104 *104 105
104/
1
4 10412
2,300 Goodyear T & Rub PT•t o_100 8618 Jan 6 11458 Oct 30
89 Jan 903* Del
107 107 *107 108 *106 107
107 107 *108 107
Do prior prof
'
100 103 Apr 27 109 Dec 7 8814 Jan 10818 DM
2012 207s 2012 207s 2018 2012 2012 2034 20% 2078
3,000 Granby Cons Min Sm & Pr-100 13 Mar 80 21% Deo 7
1218 Apr 2178 Dec
*95
95 95
9518: 95 95
95 954 95
95
800 Great Western Sugar tern al 25 91 Jan 18 11318J une 19
8314 Oct 98% Dee
013
1334 *13
138
1212 1234 1215 123* 123s 1212
800 Greene Cananea CoPper
100 1134 Mar 19 194 Jan 2
10 May 2178 DOI
9012 9012 8918 9114 8834 8914 8912 923* 92
94
8,200 Gulf States Steel
100 8718 Mar 24 9534 Nov 5 82 May 8914 Feb
3414 3414 3334 3418 3312 3334 3334 34
33/
1
4 3414
2,800 Hartman Corporation_No par 2534 Apr 24 3718 Jan 7
31 Sept 4434 Feb
*44
45
44
4414 4378 44
4414 4412 44
1,600 Hayes Wheel
4412
No
par 30 Mar 14 49/
1
4 Nov 2
324 May 527g Feb
30
30
2934 2934 2812 2834 28
2812 2812 284
1,400 Hoe(R)& Co tern etfs_No par 27 Dec 5 4878 Jan 9
4814
Dec 6178 Des
48
4812 *4712 48
4712
48
4712
48
4712 4714
800 Homestake Mining
100 43 Jan 2 50 Jan 12
85 July 6618 Jsa
.46
4614 46
461s 457s 46
*457g 46
46
46
900 HousehProd,,Ino.temct1Nopar 3418 Jan 5 4718Nov 23
315* Apr 38 Nov
71
71
6934 6934 6912 6934 70
71
7034 7034
1,100 Houston Oil of Tex tem 0'08_100 59 Apr 22 85 Jan 29
61 Apr 8214 Feb
2718 2718 27
2712 2678 27
26s 26% 27
2718
2,000 Howe Sound
No par 1612June 11 3118 Nov 4
9934 10178 10034 10538 103 1111
/
4 10812 11414 10914 11212
330,100 Hudson Motor CarNo par 335* Jan 6 13912 Nov 2 -201; May
-Del
2618 27
2618 26% 2614 285* 2612 27/
1
4 2634 271s
20,000 Hupp Motor Car Corp- - 10 1414 Mar 18 31 Nov 5
1118 May 18 Jan
33h 343* 33
34111 3314 3334 33h 337
333* 337S
32,100 Independent Oil& Gas-lo par 1318 Jan 5 4434June 17
534 Sept 1614 Des
*2012 22 *19/
1
4 20
1914 1914 1914 1918 *19
20
200 Indian Motoeyele
No par 13 Mar 24 24 Aug 28
1518 June 2514 Feb
1234 1252 1212 1232 12
1212 121s 124 121* 1234
6,400 Indian Relining
10
612 Jan 2 1414 Dec 4
334 Apr
74 Jung
. 12
12
1178 12
111
/
4
1112 115* 11
111
/
4 11
5,200
Certificates
10
6 Sept 4 1258 Dec 4
*4312 4334 431s 4379 43 43
43 4315 43 434
2,200 Inland Steel
-No
Par
Feb
60
4MaY
381
2
1
-3112
May -4884 Nov
'112 113
112 112 *112 113 *112 113 *112 113
100
Do pref
104
Apr
112
/
1
4
13
100
Sept
28
10114 Jan 141744 Del
25% 2558 25
2512 23% 247
24
25
9,000 Inspiration Cons Copper
2412 25
20 2214 Apr 22 3234 Jan 12
2218 Feb 3378 Del
204 2078 2014 207
1974 2012 195 20
1958 2014
No par
3,200 Internat Agrioul
7% Jan 7 2418Nov 5
91g Jai
3 June
0142 144
144 148 z144 149 146/
1
4 14812 14618 14612
4,500 Int Business Machineh_No par 110 Mar 80 17614 Nov 13
83 Apr 11872 Del
67 68
65
6612 6518 677 *66 68
6718 6713
5.200 International Cement_No pox 62 Jan 5 8112Sept 30
4034
Apr
5918
Not
6112 03s 617e 6334 6214 6532 65113 6612 8478 6618
144,600 Inter Combue Engine_No par 315* Jan 21 6912 Dec 4
22 Mar 39 Des
127 12874 12772 130
1281s 1317 13114 133s 13113 133
54,300 International Harvelter...100 964 Mar 25 1381
/
4Sept 18
78 Jan 11018 Del
*118 11912 *11712 11912 *11714 11912 8117 11912 *11714 11912
Do pref
100 114 Mar 3 121 Nov 10 106 Feb 115/
1
4 NOV
11
114 104 10% 103s 1012 1012 1012 *1012 1034
4,000 Int Mercantile Marine-100
718June 25 147 Feb 6
834 Jan 158* Del
4112 43e 401s 4214 39
415* 4034 417g 4034 4158
22,600
Do prof
100 27 Aug 15 525g Feb 5
2618
Mar
Des
475*
44
4414 431s 44
431
7
437g 43
423* 4312
4518
49,300 International Nickel (Tbe)-25 2414 Mar 18 4812 Nov 20
111
/
4 May 2718 Del
101/
1
4 10112 *98 102
*98 102 *101/
1
4 102 *10112 102
100
Do post
100 94 Jan 6 02 Nov 19
7512 May 95 Nov
62 63
62 6334 63 65
644 6512 6312 85
100 484 Mar 19 76 Oct 3 844
28,200 International Paper
Apr 80 Del
•86 89 *88
89 *86
89
*86
38 .86
88
Do stamped prat
100 71 Mar 9 88 Des 11
8218 Mar 747s OM
398 9812 *9734 9812 98 98
97 97'
19714 98
700
Do pref (7)
100 88 July 31 992 Oct21-1.179 180 •175 179 *175 180 *17434 175/
1
4 17714 178
300 International Shoe
NO rat 108 Feb 2 19934July 27 -73 Apr 119 Nov
____
Do met
100 11412Sept 19 121 June 3 11514 May 11914 Del
jig: 114
11312 114
11312 11414 11334 11732 11434 11978
12,000 Internet Telep & Teleg
100 8712 Apr 3 144 Aug 14
66 Feb 94 Del
2714 2714 2778 2778 277s 28% 28
2838 28
28%
2,600 Intertype Corp
par 18 July 8 2934 Oct 21
No
2418 Dec 3218 MN
2413 2434 2412 2468 *24
243 *24
2412 *24
2434
1,400 Xewel Tea, Inc
100 1612July 21 263* Dec 14
1858 Apr 234 Jai
115 115 115 11512 *116 120 *116 120 •117 120
400
Do met
100 1021s Jan 19 115/
1
4 Dec 21
78 Mar 106 Del
1534 15$4 1512 15h 1512 1512 143* 15 *15
153
2,200
Jones
8
Bros
1334June
Tea,
_.100
Inc,
23
And
217s Feb 3
4413 4488 4414 45
1434 Sept 2718 Jan
44
48
4512 461
/
4 46
4,400 Jordan Motor Car
4612
No par 358 Aug 10 85 Nov 2
21% May 52•4 De3
41
4112 4034 41
404 4062 40
401s *40
1,900 Kayser (J) Co vi a_ __ _No par 18/
4078
1
4 Mar 17 4218 Dee 14
164 Aug 38% Jan
•10112 10312 *10112 10312 10214 10214 *102/
/
4 .10212 10312
1
4 1031
100
Do 1st pref
83
par
No
Mar 30 103 Dec 17
77 Aug 1024 Feb
•Bid and asked prices, no sake on this day. s Ex-dividend. 1 Par value changed from 2100 to 650 and prices on
that basis beginning June 3. $ Ex-rights
ex-Foreign rights
6 Per share
•11234 113
•123 125
12074 12074
1714 1714
$ per share
11278 1127
119 12434
11774 11774
1634 17h
$ per share 8 per share $ Per share i per share
11212 11212 *11212 113 *11211 113
11812 12334 124 124
12418 12812
11614 120
120 120
122 124
1634 17
16% 1714 17% 1778
*43
78
34
34
*34
78
34
3t
*34
h
5812 60
5912 62
5912 62
62ls 63
6112 6312
*9112 9571 92
92
9174 9174 9318 9314 *93
9534
37g 4
378 378
378 378
312 374
334 378
9412 95
94
9512 94% 9434 941
/
4 9434 9414 9514
27
28
27
3
278 3
27s 2%
2% 3
855 86
86
8638 85
8678 8812 8718 8718 9012
13812 13812 13614 137
136 136 13612 13612 13612 13612
115* 117
1134 12
1112 117
1134 12
1134 12
3912 39
39
3918 3834 3918 38% 3912 39/
1
4 4018
•121 123 •12214 124 *121 123 12212 123 12311 12312
5612 57
x5738 57/
1
4 5712 5712 5712 5712 5712 58
80/
1
4 8012 7912 80% 7912 79/
1
4 7934 80
8012 8112
9984 9934 *99 100 *99 100 *99 100 *99 100
914 914
9
6
8/
1
44 9
8% 83*
858 858
4212 4234 42 4213 4114 42
4138 42141 4134 42
22/
1
4 2258 2212 23
2278 2278 2238 227,1 2212 2284
*9812 98
*9612 98
*9612 98 *9612 98 I *9812 98
3
314
3
314
318 314 *318 3141
318 318
.•16
17 .16
17
16
16
*16
i6'sI 1678 17
9814 9814 96
97/
1
4 97
97
97
97
I
98
98
4738 478g 47
47
4634 4712 4658 47 I 4618 4712
*78 1 I
34
34
34
34
*8.1 1
54
3
4
3914 40/
1
4 39
4014 3914 391s 3934 40 I 40
40
*2818 2712 *26% 278 •26
2714 27
28 I 28
28
138 138 21354 13518 13412 135/
1
4 1351g 13518 1351s 13514
40% 4118 4034 4178 41
4212 42 4318 4212 4314
8718 8712 87% 8712 87
8712 87
871
8714 878
1634 1634 17
17
1634 17
17
17 I 1634 17
•1912 20
1978 2018 *1934 20 *1934 20 I 1934 1934
*11012 111
111 11112 112 '112
1123* 113 11314 11314
110 11014 109% 1094 109/
1
4 109/
1
4 10984110181 110 11013
28
28
273* 274 2712 2734 28
28131 28 2812
21814 221
21912 22212 220 229 225% 229 226 232
10012 10012 10138 1013, 10012 10012 101 101
101 101
30
303* 291 30's 29
297s 2914 29841 29
2978
10614 10614 106181065* 10614 10612 10614 10638 10612 10612
0106 IOS
10712 10712 *106 109 *106 109 *106 109
9214 9214 9214 9214 9214 9212 9212 92% 9212 9278
7414 75
74
7414 7234 7334 7234 733
7214 73
.314 312
31s 314
May
New York Stock Record-Continued-Page 4
3113
For sales during the week of stocks usuafly Inactive. see fourth page preceding.
DISH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
Dee, 19.
Monday.
Dec. 21.
Tuesday,
Dec. 22.
Wednesday
Dec. 23.
Thursday,
Dec 24.
Friday.
Dec. 25.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
ran ZrZ.116
Range for Year 1925.
On basis of 100-share lots.
Lowest
Highest
Range for Pretioss
Year 1924.
Lowest
Highest
Ind./. & Miscall.(Con.) Par $ per share $ per Share $ Per saare $ Per share
Kelly-Springfield Tire
Jai
25 1214 Mar 24 2158July 3
984 June 35
Jar
Do 8% pref
100 41 Mar 25 74 July 3
33 June 88
Do 6% pref
100 43 Mar 25 72 July 3
40 June 784 Jut
Kelsey Wheel, Inc
100 87 Aug 4 124 Dec 1 1
76 May 104 De4
Kennecott Copper
344 Jan 6734 Dell
No par 4612 Mar 30 594 Nov 6
134Sept 9
Keystone Tire & Rubb_No par
34July 16
Ms Jat
112 Oct
Kinney Co
No par 74 Mar 25 100 Oct 15
5214 May 884 Dee
Kresge(3 8) Co
100 355 Apr 28 800 Oct 13 2874 Jan 67514 Del
Kresge Dept Eltorea____No par 2812 Dec 22 4534 Jan 7
4212 Nov 624 June
Laclede Gas L (St Louis)_100 11014 Jan 5 178 Mar 31
Jan 113 140i
79
3,000 Lee Rubber & Tire_ __No par 1158 Feb 20 19 Oct 1
8 May 171 Jae
50 Mar 6814 Del
25 57 Mar 25 92 Dec 4
600 Liggett & Myers Tobnew_
Do pref
300
100 1164 Jan 16 123 Nov 19 11478 July 121 JUDI
Do "W' new
6,700
4871 Mar 684 Da
25 5513 Mar 27 8978 Dec 4
3,500 Lima Loo Wks
56 June 71 Da
No Par 60 June 23 7438 Jan 14
18,100 Loew's Incorporated
No par 22 Feb 17 4434 Nov 7
1518 June 25 Dm
1,400 Loft Incorporated
54 Apr
No par
914 Apr 6
6 Jan 28
834 Jut
900 Long Bell Lumber A__ No par 4514 Mar 20 53 Sept 19
__,...
3,300 Looee-WIlesBlecult
-50 Mar -84 iVegt
100 77 Feb 17 14234 Dec 24
3,600 Lorillard
25 304 Jan 24 39345ept 25
8333 Dee 604 Jul)
Do °ref
100
100 10813 Feb 27 116 Aug 26 112 Nov 117 Fel
92,000 Louisiana 011 temp etts _No par 1353 Aug 26 2334 Feb 3
1,700 Louisville G & El A___ _No par 23 Dec 17 264July 23
6,900 Ludlum Steel
No par 3134 Feb 17 60 Dec 15 -1-7
Oct
UN -Del
Mackay Companies
Jan 119 /LW
100 114 Mar 20 141 Sept 23 107
25,700 Mack Trucks, Ina
7534 Apr 1184 Del
No par 117 Jan 16 242 Nov 2
Do let prat
100 104 Jan 27 113 Aug 17
500
9513 Jan 10714 Da
Do 2d pref
87 Apr 1014 Da
100 99 Jan 2 10653 Aug 7
2,300 Macy(R H)& Co, Inc.No par 6913 Jan 3 112 Oct 15
59 May 7112 Del
3,500 Magma Copper
No par 34 Mar 31 46 Nov 6
2618 June 454 Del
1,600 Mallinson (H R) & Co_No par 2114 Dec 1
3713 Jan 23
18 Mar 6111 Del
9,000 Mauh Elec Sono tem etfs No pa
32 Mar 21 59 Mar 10
334 Mar 4.934 Rib
2,200 Manhattan Shirt
25 2014 Mar 16 347/ Nov 12
Jai
2612 Dec 64
300 Manila Electric Corp__No par 284 Mar 5 494 Apr 24
2834 Dec 814 Da
2,500 Maracaibo 011 Expl___No par 2033Sept 29 354 Jan 31
244 Oct 874 Jul
50,900 Marland 011
No par 3258 Mar 30 6018 Dec 5
29 May 42 Fel
3,900 Marlin-Rockwell
No par 10,
174 Ma
8 Mar 13 327s Oct 30
8
Jan
No par 1912 Aug 31 3718 Jan 7
800 Martin-Parry Corp
314 Nov 874 Jul
33.000 Mathleson Alkali Wkstem ett50 51 Jan 0 10434 Dec 23
2953 May
5818 Ds
4,700 May Department Stores___50 101 Mar 23 13912 Dec 16
8213 Apr 118 De
2,900 McCrory Stores Class 11 No pa
79 Mar 17 1394 Oct 16
88
Oct 1064 Ju::
16 Jan 2 224 Oct 28
2,300 McIntyre Porcupine Mines_b
1458 Dec 184 Jim
300 Metro-Goldwyn Ploturee p!27 18 Jan 3 2412 Nov 16
15 Sept 19 Dr
9 lice 8 2212 Jan 6
4,900 Mexican Seaboard OIL Nopar
1418 Jan 25/
1
4 BeD
26.500 Miami Copper
5
8 May 12 2434 Jan 13
20 May 35
Ap
29,300 Mid-Continent PetroNo par 2514 Aug 19 38 Nov 14
314June 8
9,600 Middle States 011 Corp
10
4 Apr 16
1 Aug
Vs Ja:
Midland
Steel
Prod
prat
100
96 Jan 2 147 Aug 10
200
9113 June 98 No'
100 64 Apr 17 9914 Aug 6
6.900 Montana Power
6114 June 744 De
41,400 Monte Ward & Co Ill corp_10 41 Mar 30 8114 Dec 16
214 May 4813 De
No par 2234 Mar 19 42 Nov 2
4,300 Moon Motors
1713 Oct 2712 Fel
8 May 4
7,100 Mother Lode Coalition_No par
94 Jan 2
6 May
914 Fel
1,500 Motor-Meter A
No par 40 Nov 10 444 Oct 8
No par
18 Apr 9 35 June 29
1,700 Motor Wheel
(100 Mullins Body Corri
No par 13 Aug 26 214 Feb 20
i Mar 184 -De
601) Munsingwear Co
No par 304 Apr 23 3712 Dec 23
294 July 8914 Ja
1,600 Nash Motors CO
No par 1934 Jan 5 488 Oct 5
913111 Apr 204 De
Do pre!
100 1034 Jan 21 107 July 15
984 July 10418 No
414 Mar 24 11 Dec 12
3,600 National Acme *tarnped__10
334 Oct 101a Ja
25 65 Apr 29 77 Oct 15
18,600 National Biscuit
5014 Mar 7714 Sag
Do pref
100 12312Mar 11 12812May 9 12013 Jan 1264 De
100 5712 Dec 23 847s Oct 16
25,600 National Cloak & Sult
44 June 704 De
Do pref
1,600
100 9112 Dec 22 104 Jan 29
914 Mar 1004 De
11,400 Nat Dairy Prod tern ctisNo par 42 Jan 2 8178 Nov 5
804 Apr 4414 De
2,000 NatDepartmtntStoreeNopar 3812 Jan 2 45 May 12
3614 Oct 43
Ja
100,1 Do pref
100 96 Apr 15 102 Jan 2
9238 June 101 De
6,4501 Nat Distill Products_ __No par 2958 Dec 23 434 Oct 26
8001 Nat Distil Prod pf tem etf No par 6212 Jan 8 81 Oct 2
3012 Aug 54 De
4,700 Nat Enam & Staniping_100 25 Apr 30 3913 Dec 24
1813 Sept4478 Ja
Do prof
100 75 June 22 8914 Jan 12
300
67 Sept89
Ja
800 National Lead
100 13813 Apr 27 17434 Nov 7 12312 Apr 16914 Au
Do pref
100
100 11412Sept 2 119 Sept 18 11112 May 118 Beg
4,600 National Supply
50 5438 Dec 24 71 Jan 29
5413 Oct721s ,Fe
8,500 Nevada Consol
. 6 1134 Apr 27 164 Jan 7
1178 Jan
1634 De
2,600 NY Air Brake tem
coPPer-ctfs_No Par 3112 Oct 17 664 Jan 3
364 Apr 57 De
700
Do Class A
No par 50 Sept 18 87 Jan 7
674 Jan 57 De
49,700 N Y Canners temp ctfs_No par 3134 Mar 30 8112 Dec 16
32
one 87 De
500 New York Dock
100 18 Mar 24 454 Nov 13
19
Jan 3718 ma
Do prat
100
100 524 Jan 14 78 Dec 11
414 Feb 5514 Ma
600 Niagara Falls Power pf new_25 2758 Oct 8 29 Jan 12
27 June 29 Beg
37,900 North American Co
22
Jan 45 De
10 41111 Jan 5 75 Oct 27
Do pref
1,100
437s Jan 5014 Jul
50 .465, Jan 2 5012Sept 12
200 Nunnally Co (The)----No par
7 Apr
913 De
8 Jan 16 1812 Nov 18
Ontario Silver Min new No par
434 Mar
54 Jan 22 11 Oct 30
814 Oi
100 Onyx Hosiery
18 May 80
NO par 1838 Jan 6 39 Dec 7
Ja
1,400 Oppenhelm,CollinsitCoNo par 4118Sept 24 53 Dec 1
1,5001 Orpheum Circuit. Inc
I 2534 Jan 16 327eJuly 30 18 Feb -29 Di
1,200'Otis Elevator (k)
60 8753 Feb 27 14013 Aug 21
6851) June 92 DI
5,600 Otis Steel
614 Nov
8 Mar 18 1514 Aug 28
No par
1173 Ja
Do pref
300
44
Oct 7414 Mi
100 5014 Mar 18 9713 Aug 28
3,800 Owens Bottle
25 424 Mar 17 6933 Nov 13
3914 May 4714 Js
1,700 Pacific Gas & Electric
904 Jan 105 Di
100 10212 Jan 5 1374 Nov 4
267,800 Pacific 011
65 Apr 6814 Fe
No par 514 Aug 18 7012 Dec 24
13,200 Packard Motor Car
10 15 Jan 16 4812 Nov 12
97s May 161j DI
4,000 Paige Dot Motor Car__No par 1738May 6 32 OM 24
5,300 Pan-Amer Petr & Trans
50 5912Sept 3 837e Mar 3
4414 -Feb 05 DI
66,300
Do Class B
4114 Feb
60 604 Aug 27 8412Mar 3
1541
/
4 Di
2,000 Panhandle Prod dt Ret_No par
214 Aug 28
614 Dec 4
14 Sept
418 .18
900 Park & Tilford tern otfs_ No par 25 Sept 26 354 Jan 10
24 Sept 8534 Di
1,000 Penick & Ford
No par 1714 Nov 6 28 Apr 14
Penn Coal & Coke
60 1234 Apr 29 261$ Jan 2
1814 Nov 3018 Jo
43,800 Penn-Seaboard St'l vtc No par
3 Jan 9
1 Aug 12
118 Oct
414 As
400 People's0 L & 0(Chic)
100 112 Jan 16 123 Oct 16
9214 Apr 11913 Di
5,200 Philadelphia Co (Pittab) 60 5112Mar 18 674 Dec 8
4278 May 574 DI
11,700 Phila & Read 0 & 1 ___NO par 3734MaY 6 6212 Jan 9
344 Mar 5414 Di
Certificates of Int___No par 38 July 11 504 Jan 23
35 Mar 5233 Jul
300 Phillips-Jones Corp____No par 51 Nov 16 9013 Jan 12
44 May 88 Ju!
1.3001 Phillip 'Morris & Co, Ltd___10 1234 Mar 19 2514Sept 1
11 July 234 Jo
37,400 Phillips Petroleum
No par 3614 Mar 30 4718June 12
2813 Oat 4213 Al
18,2001 Pierce-Arrow Mot Car_No pax 104 Mar 30 474 Oct 29
613 May 16 Di
Do pref
2,900
100 43 Mar 24 100 Nov 4
1818 Mai 54 DI
Do prior pre!
No par 85 Mar 18 102 Sept 14
5912 June 95 De
1,
8
138
114 Is
114
138
138
•
138
114
114
5,900 Pierce 011 Corporation
25
114 Nov 12
313 Feb 5
113 Apr
44 Ja
2414 2414 2412 2412 23
24
2314 24
25
23
Do pref
1,800
100 2014 Dec 14 40 Feb 26
20 Mar 36
Ja
458 434
434 434
412 458
44 458
413 434
12,200 Pie ce Petram tem otts_Na par
412 Dec 11
814 Feb 5
433 Oct
54 De
40
40 .394 40
3912 40
39
.3912 40
39
400 Pittsburgh Coal of Pa
100 3714May 2 644 Jan 13
4778 Dec 634 Me
86
*83
86 .83
.83
86 .83
86 .83
86
Do pref
100 80 May 4 99 Jan 5
9478 Aug 100 Al
9713 0712 974 9712 9712 9712 9712 9712
•96 100
700 Pittsburgh Steel pref
100 94 Mar 26 10212 Jan 8
95
Jan 103 Au
604 61
61
•60
.59
5812 59
61
*58
60
700 Pitts Term Cos :'.
100 30 . Apr 27 6344 Jan 17
5878 Dec 6334 De
1578 1578 1514 1514 1614 1514 .15
•1534 16
154
700 Pittsburgh Uttilties prat ___10 124 Mar 24 174June 25
94 Jan 1678 De
.14
16
16
.15
•14
16
1512 1512 1512 1512
Do pref centfIcates____10 1234 Mar 20 16 June 26
200
1118 Feb
1612 Di
107 115
110 11312 10978 11214 11034 11912
30234 108
132,700 Post'm Cer Co Inc new_Nopar 644 Nov 18 11912 Dec 24
4813 Apr 10313 De
6434 6712 6714 7014 68
6412 66
6912 6834 697s
25,600 Pressed Steel Car
100 45 June 25 704 Dec 22
39 Aug 62
J8
9012 9112 91
9018 91
9134 9012 9112 90
100 7612.july 9 9212 Jan 3
Do pref
2,200
9078
67 Aug 90
Fe
1412 1412 1334 14
1338 1338 134 1312 1358 1412
2,100 Producers & Refiners Corp_ 50 1212 Aug 21) 3253 Feb 3
2214 Apr 434 jo
1
1
79
79
,
8
79,
7912
8
79 4
7914 7918 7918 79 8 80
6,900 PubServCorp of NJ newNo par 6258 Mar 30 874 Aug 5
39 Mar 70 D
•10314 105 .10314 105 "10314 105
10314 10314 .10318 105
Do 7% pref
100
100 99 Jan 7 106 Nov 18
964 Mar 1014 D
•115 11612 11612 11612 *115 118 *115 118 .115 118
Do 8% pref
200
100 10858 Apr 1 119 Oct 14
9914 Apr 115 0
165 16812 165 16734 167 16834 16678 16912
167 169
15,000 Pullman Company
100 129 Mar 30 17312Sept 17 11312 Apr 15133 D
3834 384 384 387a .
39
3812 39
394 3858 39
1,900 Punta Alegre Sugar
50 33 July 23 474 Jan 7
3738 Dec 674 M
294 2834 293s 2918 2934 2914 2912
2918 2978 29
20,900 Pure 011 (The)
25 2512 Aug 13 3334 Feb 6
20 June 3014 D
.106 107 .108 107
106 107
10612 10612
Do 8% pref
100
100 10212 Jan 5 1084Sept 9
*106
92
Jan 10514 D
4212 4478 43,8 4414 4314 44
4314 4312, 4278 44
12,200 Radio Corp of Amer__ _No par 3914 Nov 21 774 Jan 2
2578 Oct 6878 D
.4634 46 ' 46
46
*9553 46
*4554 46
46
46
200
Do nref
. 50 451, Oct 28 m ysh 4
407. flee
an
rt
• Bld and asked prices, no sales on this day. s Ex-dividend. a EX 11I5 rights. a No par. s Es-rights. k Trading on New York
Stock exchange eugnenaecl
Dwaine of small amount of stock ou standing.
11 Per share $ Per share $ Per share $ Per share $ per share $ per share
18
1812 1758 1814 1778 1814 1753 18
1734 1812
7114 7134 .694 74 .69
74
*7012 74
72 .69
72
*69
71
*69
6914 6914 .6834 72
*6834 72
116 11733 z116 11914 *114 117
11934 123
117 122
54
5414 534 5414 5312 534 5334 55
554 5633
2
213 218
2
2
24 24
2
2
2
.82
88
8218 8218 81
•8118 86 .8118 85
84
•700 725 .700 725 .700 725 *705 725
725 763
31
2912 294 2914
31
30
31
2212 2934 29
•157 160 *159 180 .159 160 *158 160 *159 160
1334 14
1312 1334
9312 1358 1334 1334 .1313 14
•88
86
854 8712 .8'6
88
86
89
88
8712
•122 125
12234 12234 *1224 12312 .1224 12312
122 122
8815 864 85
864 8314 854 8534 8612 864 867s
69
6812 6918 6834 6938 6834 69
6912 694 6912
3778 384 37
37
364 374 36
38
36,2 37,2
74 718
7
.714 734
715
714 74
74 714
*48
49
49
49 .48
48 .48
48
4853 48
12153 123
123 12412 12412 133
138 14214 142 14234
3558 36
354 354 3533 3534 3512 3534 3512 3512
•112 11512 *112 115 .112 11412 113 113 *112 117
1712 1841 1738 1734 1714 1812 1812 1912
1778 18
2318
2318 2318 2318 234 2333 23
234 23
23
5518 5538 55314 554 5212 5512 55
5512 5414 564
•130 138 *134 136 *133 136 *135 136 .135 138
21118 213
21112 218
218 22234 219'4223
211 212
110 110 .10934 11014 110 110
11014 11012 110 110
•105 1054 *10412 10512 *104 105 *104 105 .104 105
10153 10134 10312 105
10258 10312 102 103
10414 10434
4314 434 4278 43
4234 4234 43
4338 4234 4338
23
.2278 23
2334 23
2312 2312 23
224 23,2
5314 5414 55358 544 54
5534 5512
55
6514 56
3312 3278 3333 3258 3358 3258 334 324 321s
33
*3312 34 .3312 35
z34
37
364 363s 533
3612
2538 2512 2418 2512 2414 25,4 .25
254 2512 2534
5658 5733 56
067s 56
5612 564 57
5678 58
2833 2812 2712 28
27
27
27
2758 27
28
2114 .2034 21 14 .2034 211s 2012 20,2
2114 2114 21
9913 10212 101 104
103 10414 10258 10434 1024 10412
83512 137
13712 13814 13634 13634 13634 138 .13634 13712
117 117
118 120
118 118
117 118
118 121
•2218 224 2218 2212 2212 2212 .2233 225s 2238 22,2
•2238 23 .2238 23
224 2238 2253 2253 .2213 23
94 94
914 9,2
914 94
914 912
914 94
117g 12
12
1212 1213 1253 124 1278 1214 1234
3553 3414 3533 3412 3512 3458 3518
3558 3618 35
1
118
1
1
1
1
1
113
1
118
127 12714 .127 13012 .127 131
•127 131 .127 130
791
7714 80
80
7713 7933 7834 7918 78
80
8034 8158 80$4 821
80
8114 8012 813
80,
4 82
343, 3418 343
34
33
34
3512 36
3438 353
713 74
7
718
7
7
71
74 74
71s
40
4014 401
4038 *4014 41
4038 41
4038 403s
304 3053 3018 301s 3018 301
30,8 3012
3018 301
1812 15
18
18
171 .16
.15
171
1712 18
3513 3514 36
.3512 36 .35
40
3612 371 *37
Stock
*455 459
462 465,2
45514 45514 *455 453 460 464
•106 10614 .106 10853 •106 1061 *106 10614 .10613 10614 Exchange
934 10
.10
1014
1014 1012
7034 704 704 704 6958 7012 7012 7134 7134 7434 Closed;
•123 12534 *123 12534 .124 126 *124 126 *124 126
6813 70
6312 6812 59
6434 674 5978 5814 584 Christmas
9814 9814 9514 9712 9112 9434 92
93 .92
93
76
Day
7614 75
76,4 7512 764 764 7712 764 7714
4118 4112 414 4114 41
41
41
41
4112 4112
*9712 98
*9712 98
*974 98
98
98
98 .97
31
3114 3058 31
30
3012 2958 3034 2958 30
•70
71
70
7018 694 6918 65
68
6614 6614
.36
3634 38
3612 3612 3612 3634 37
37,8 3918
8710 8712 .87
88
87
87 .88
90
8814 8814
16514 16512 164 16514 165 165 *165 166
166 166
•1164 11612 *11614 11612 11614 11614 *116 11612 .116 11612
56
56
4 56
*55
5534 5434 5514
5534 .55
•1314 1333 134 1314
1212 1318 124 1358 134 1334
37
37
3612 37
3618 3612 .36
37
37
38
58
.55
56
5534 *55
5614 .55
56 .55
5614
7853 7934 774 79
7718 79
7712 793, 7812 8114
40
39
3912 *38
3812 3914 .3812 3912 .3812 39
75
.73
*73
75
*73
75
73
*7314 75
73
2814 2814 2814 .28
•2778 2814 28
2812 284 284
6473 6512 634 6473 6312 6412 6334 6434 6312 64,4
4978 4978 4978 4978 4912 4912 4912 4912 549
49,2
16
•16
"16
1612 16
1612 *16
1614 .16
1614
*912 1018 .91. 1018 *934 1018 *934 1018 *934 101s
.3634 3714 3634 364 .344 3634 .3412 37
*3412 37
4934 4912 494 .4834 4912 4834 4878
4858 49
49
2914 *29
•2834 29
29
z2812 29
2914 2914 2914
•127 128
129 12934
127 12734 127 128
128 128
12
12
117g 1214
1154 12
12
12
1178 1238
•8812 90
91
90
.8812 90
91
90
90
90
6253 6278 6234 634 63
6314 633s 6334 .6312 64
12934 130
129 129
129 129
130 130
129 130
64
65
6314 6433 634 6412 6414 6558 66
704
384 39
3814 39
,
8 3978 39
3838 3834 38
3912
2512 2512 2512 20
26
2618
2514 2578 2512 26
7512 76
75
75
7534 7.534 76
7512 7453 75
7758 7512
7714 784 7613 7734 7534 764 7634 78
.514 512
5
514
4,
3 5
518 54
5,8 514
28
•27
2714 2714 27
27
27
27
27
2712
•1814 19
1814 1814 1814 1814 18
1818 18
18
•1412 1634 .15
1634 .1412 1634 *1412 1634 *1412 16
2
214
14 214
2
214
2
24
2
214
•119 11912 11834 11834 11812 11812 *11812 119
119 119
6518 6578 65
60
6418
6415
6412
6518
6334 651,
4114 4112 4112 4214 4118 4112 4118 4234 4112 4234
•41
42
*41
4212 *41
4212 *41
*41
47
42,2
.53
5912
54
56
54
5912 55
5912 *55
*55
2014 2033 1912 20 .193s 20
1934 1934 1934 1934
4514 454 4414 4553 4378 4478 44
4478 4378 443,
334 3533 3334 35
3414 35
3514 3618 3512 36,s
91
•887s 90
91
91
91
91
9334 9255 934
Shares.
3,800
300
100
4,500
42,100
1,600
800
700
2,000
3114
New York Stock Record-Continued-Page 5
For sales during the week of stock, Usually Inactive, see fifth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Dec 19.
Monday,
Dec. 21.
Tuesday,
Dec. 22.
Wednesday, Thursday,
Dec. 23.
Dec. 24.
Friday.
Dec. 25.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
On basis of 100-share lots
Lowest
Htohest
PER SHARE
Ranee for Previous
Year 1924.
Lowest
Highest
$ per share $ per share 3 Per share $ per share $ per share $ per share Shares. Indus. & Miscell. (Con.) Par $ per share
$ per share $ per share $ per Man
*169 172 "169 171
2,900 Railway Steel Spring
16914 16914 *170 171
172 180
100 12212 Feb 17 182 Nov 12 106 Jan 1374 Dee
*3334 3412 3412 3412 *3314 35 '3334 35
100 Rand Mines. Ltd
*3334 35
No par 3334 Nov 23 394 Aug 5
30 Jan 334 Nov
1218 1238 12
16,100 Ray Consolidated Copper_ 10 111
1134 12
1212 1158 12
1218 1214
/
4 Apr 22 173* Feb 9
9 Mar 174 Dec
*5618 584 *5535 58 •56
Reld Ice Cream
59 •57
58 •5538 58
No par 43 Oct I 6014 Dec 14
1818 1812 1838 1838 183s 1838 174 18% 1712 18
3,800 Reis (Robt) & Co
No par 10 May 16 2814July 9
-9 fiat -1-613 Jan
111 112
111 111
109 11112 110 11034 111 1174
6,100 Remington TypewrIter____100 463 Jan 27 11734 Dec 10
324 Jan 544 Dec
*10712 110 *10712 110 *108 110 *10712 10812 *108 110
Do 1st pref
100 100 • Jan 2 10912 On 23
904 July 9934 Dec
•106 11014 "107 10814 *107 10814 108 108 *10612 109
Do 2d pref
100
100 103 Sept 29 1134 Apr 29
90'8 May 110 Dee
1438 143s 14
1414 135 14
1418 15
7,300 Replogle Steel
137 14
No par
1258June 12 2314 Jan 13
714 June 2314 Nov
537 5918 58
8,600 Republic Iron & Steel
5914 5734 59 '59
603* 5912 6034
100 424 Apr 30 6438 Jan 3
42 June 633* Dee
*93
Do prig
9412 943* 943* •94
500
944 94
95
100 ' 8414July 7 95 Jan 13
*94
9434
82 June 95 Mar
912 912
914 912
94 914
932 938
94 94
2,200 Reynolds Spring
No par
8 July 2
978 May 2234 Jan
113 Jan 5
9378 94
3,000 Reynolds(R J) Tob Class B 25 7214 Mar 24 95% Nov 23
9312 9334 9318 933* 9338 933* 933* 94
6158 Mar 7938 Dee
Do 7% pref
100 1197 Jan 8 122 Apr 29 1154 Mar 121 June
93% •92
1,500 Roans Insurance Co
9318 9112 92
93
9112 *90
91
931s
25 85 June 25 9712 Feb 20
86 Mar 96 Sent
6378 644 6312 5334 5334 54
4,600 Royal Dutch Co(NY shares). 4814 Mar 24 573 Jan 31
54
544 .544 5412
403* Sept 5912 Feb
43
4312 4418 443
453* 464
6,000 St Joseph Lead
4434 4434 4434 453
10 3534July 1
Jan 4578 Dee
5212May 25
22
8912 9138
89% 8934 8858 9014 88
90
4,300 Savage Arms Corporation.100 4813 July 15 1083* Mar 3
8912 90
3258 Jan 8878 Dec
12912 13012 129 1294 129 13138 13112 1333s 13012 13112
11,600 Schulte Retail Stores...No par 10134Sept 3 1347 Dec 7
9634 Apr 12914 Aug
Do pref
*112 114 *11212 11378 *11212 1137 *113 1137s *113 1137s
100 110 Jan 6 118 Aug 21 105 May 11234 Dee
900 Seagrave Corp
14
14
14
14
137 14
*1378 14
1358 1378
No par 1314Nor 27 1634June 22
22812 229
229 22912 2274 22912 22812 234% 233 23612
18,100 Sears, Roebuck & Co
100 14712 Mar 30 23612 Dec 24
1/
834 May 1-51 136
Shattuck Arizona Copper-. 10
77 Jan 3
54 Apr 22
4 Apr
8 JulY
-ii- 1612 ;6712 16-2 ;iii2 -iiiii -WIT, ii- -64 "ii- •
2,300 Shattuck (F 0)
No par 4018 M ar 3n 92 Aug 6
•46
463* '46
200 Shell Transport & Trading_ £2 3912SePt 23 47 Dec 16 -II Jan -42 Dec
4612 4614 4614 "463 4712 4612 4612
253 2618 2514 26
37,700 Shell Union 011
, 2534 2618 2534 264
No par 213* Aug 12 2838 Feb 4
253* 257
1534 July 2212 Dee
•1134 105
Do pref
200
10434 1043 "104 105
105 105 "104 107
100 9912 Jan 2 10614 Nov 5
9112 Jan 9912 Dee
24
12,700 Slmma Petroleum
23
2212 2278 23
2314 2212 223
2314 23%
10 1734SePt 3 2834 Jan 12
1038 Jan 24 Dec
517 5212 5218 5212 5212 54
6,900 Simmons Co
5134 517 x5112 5l7
No par 314 Mar 17 5458 Nov 2
22 Apr 37 Dec
2112 223* 2158 2212 2134 225s 2134 223* 22
77,900 Sinclair Cons 011 Corp_No par
17 Jan 6 247
2214
,Feb 2
15 July 2718 Jan
100
Do pref
9114 9114 '590
*90
*9014 91
914 *90
100 7834 Jan 2 941s Feb 3
91
9112
Jan
76' Oct 90
Skelly
17,100
31
314 3012 3114 3038 31
Oil Co
3012 30% 31
25 2134 M ar 30 3212 Nov 14
3118
1718 July 29 Feb
3,800 Shavr-Sheffield Steel & Iron 100 8014 Mar 30 14312 Dec 8
*133 136
13212 135
13112 1321, 13312 13612 136 13734
52 May 84% Dec
*97
993* *97
9912 9913
1,200 South Porto Rico Sugar__ _100 62 Jan 6 103 Dec 14
9912 100
9958 97
93
58 Oct 957s Mar
134 1318 *1312 15
800 Spear & Co
134 1312 51312 1514 1334 13%
1318 Dec 16 24 May 23
No par
*7912 80 "79
Do prof
1,100
791
100 7814 Dec 16 92 May 19
793 SO4 791z 804 7958 30
Spicer
26% 27
2612 267
3,700
2638 27
Mfg
2614
Co
No par 1512 Feb 17 367s5ept 23
2612
257 261
-712 June -20 -Dee
'102 10318 *102 104 *102 104 *103 1034 *101 1034
Do prof
100 92 Apr 1 108 July 10
78 July 9814 Dee
5,400 Standard Gas & El Co-No par 4014 Jan 2 61 Oet 16
*5634 56% 5612 5634 564 5612 5614 56% 5614 565
,
311± May 41% Dee
8038 81
'80
9,500 Standard Milling
83
86% 8.5
82
827g 82
100 62 May 19 86% Dec 23
864
3913 May 735 Dee
*84
Do pref
8612 *8312 8612 "8312 8612 *8412 864 •8312 8612
100 81 Jan 20 863eJune 12
70 July 85 Ma
573 583* 5712 584 56% 5834 5712 583
56,100 Standard 011 of California- 25 514 Aug 13 6714 Feb 2
, 5814 61
6512 Apr 6812 Jan
44,100 Standard Oil of New Jersey 25 3838 Mar 30 4712 Feb 3
433* 4418 4278 437
427 4312 434 433
4314 4414
33 May 4214 Jan
Do pref non-voting____100 11614July 7 119 Feb 24 1153 Mar 11918 Aug
11714 11734 11712 11712 117 11734 11714 1173a 11714 11714
1,700
*63
7
558 Aug 31
2,000 Stand Plate Glass Co. No par
63
634
16 Jan 16
634 678
63* 634
6% 612
134 Oct 354 June
8014 8014 8018 8014 80
1,000 Sterling Producta
80
No par 62'4Mar2S 8012 Dec 14
80
80
801s 8018
5512 Apr 6512 Nov
938 964 9114 95
92
68,900 Stewart-Warn Sp Corp_No par 65 Mar 18 9612 Dec 18
9412
93
945
903 93
4812 July 10078 Jan
794 7914 7812 7812 '76
300 Stromberg Carburetor_No par 61 Mar 18 8950 Oct 27
78 '7618 7812 .76
78
544 May 847 Jan
5512 552
24,000 Studeb'rCorp(The)newNo par 4114 Jan 28 6858 Nov 2
5512 561
56
5678 563g 567
3011 May 464 Dee
/
4 553 56
Do pref
•120 124 '
5120 124 *120 124 *120 124 •120 124
100 112 Mar 13 125 Sept 29 10978 Nov 115 Jan
Submarine
3
3
3
3/
3 Oct 15 12 Mar 6
6,200
1
4
No par
3
Boat
3/
1
4
3
34
3
314
8 Nov 1238 Dee
214 212
23* 2%
2
212
16,100 Superior 011
2 Dec 22
24 2'2
2/
1
4 Jan
No par
61
/
4 Feb 9
212 2%
84 Aug
•23
28 .23
28
Superior Steel
*23
28
28
*23
28
4138 Jan 10
•23
100 20 May 1
23 July 35 Dec
57
12
12
12
12 •12
13
300 Sweets Co of America
Mar 19 1512 Oct 26
*1214 134 1212 121
184 Sept
50
3 Jail
133* 1334 133 133
1318 1312 1214 13
3,000 Symington temp ctfs_ _No par
1214 1211
1012 Jan 15 2078Sept 18
20
2014 204 20
Class A temp ctfs__ _ _No par 197 Dec 18 264Sept 18
19% 20
20
Stock
20
20
20
600
•1312 14
*134 14
1312 1351 •134 131 '1318 131z
300 Telautograph Corp__ _ _No par 11 Aug 14 1614 Nov 7
-614 June -1-434 Dee
71 Apr 1
1418 1412 144 1434 14
1414 1358 1414 13% 1414 Exchange 12,700 Tenn Copp & C
16 Dec 7
No par
93* Jae
634 Mar
39.800 Texas Company (The)____ 25 424 Jan 5 5438June 12
5212 52% 5214 5314 524 5258 523s 5234 5238 5312
37% June 4538 Jan
116% 11714 1168 11978 115% 11712 11634 11714 117 11758 Closed;
4,300 Texas Gulf Sulphur
10 974 Feb 17 12112 Nov 7
5714 Apr 110 Dee
1518 15% 14% 1512 144 1538 154 15% 1512 158
11,700 Texas Pacific Coal &011- 10 1078 Aug 27 2338 Feb 6
8
Oct 1514 Feb
343* 354 3412 347
344 344 34
7,100 Tidewater 011
3414 34
343* Christmas
100 8014Sept 28 367 Dec 1 11614 Oct 151 Feb
*Ws 55
54'z 54
533* 544 5338 5412 54
7,200 Timken Roller Bearing_No par 3734 Mar 18 5938 Oct 30
543
Jan
3113 May 41
964 9612 9414 96
944 9658 96% 974 97
Day
29.500 Tobacco Product, Corp
9738
100 70 Jan 2 10134 Nov 20
52 Apr 735 Dec
106 10638 10534 107
Do Class A
4,900
1074 10812 1084 10914
106 106
1
4 Nov 27
8314 Mar 9312 001
100 934 Jan 2 110/
31 Apr
12,800 TranscT1011 tem ctf new No par
345ept 26
414 43,
44 44
418 414
44 44
44 414
578MaY 9
614 Jan
Transue & Williams St'l No par 2412Sept 25 35 Jan 10
.2518 27 *254 27 "254 261 "254 27
•2518 26
285 Oct 3518 Jan
554 5554 5534 564
55
55
54
1,300 Underwood Typewriter_ 25 3818Mar 26 6514 Nov 2
55
56
055
364 Sept 43 Jan
7114 7212 7012 7138 6814 7038 6834 7013 6712 6912
11,100 Union Bag & Paper Corp_ _100 36 Apr 1
86 Oct 23
334 Sept 6458 Fob
3834 384 37
3638 36
13,000 Union Oil, California
36
3614 37
363* 38
25 33 Oct 19 4338 Feb 5
35 Nov 39 Nov
*954 96
*94
200 Union Tank Car
97
97
9614 9614 97
98
*95
100 964 Dec 15 134 June 19
94
Jan 13278 Sept
Do pref
200
11434 115 '116___. •115 1157 *11518 11578
100 11314June 17 11718May 6 10614 Feb 1163* July
*11434 115
32734 28
2,300 United Alloy Steel
2812 29
284 29
29
29
283* 29
20
No par 24 May 15 36% Mar 4
Oct 37 Feb
92
9112 94
32,900 United Cigar Stores
10038 10312 a8538 8812 89
10218 104
25 8014 Jan 6 1154 Nov 9
4212 June 6414 Nov
152 15334 15212 15312
2,000 United Drug
151 152
100 1107s Feb 4 16212 04631
/
4 nee
•153 1534 152 153
71 May 1211
Do 1st pref
200
50 52 Jan 18 5818 Nov 5
*5512 557 •5512 5578 5534 557 *5512 56
*5512 56
461± May 53 Dee
1,700 United Fruit
100 20478 Mar 31 246 Sept 30 182
Jan 22412 AU
238 238 "235 237 •230 238 23778 24112 240 240
2812 27
16,700 Universal Pipe & Rad_ _No par 2812 Apr 27 5078 Feb 11
2838
2714 27% 274 274 27
13 July 48 Dee
273* 271
1,500
Do pref
7814 7712 7814
7414 77
4712 Oct 79 Dee
74
100 65 July 10 94 Feb 11
7412 7413 7414 741
, 20634 210
12,200 US Cast Iron Pipe & Fdy_100 13114 Apr 22 250 Feb 11
197 199 200 2078
64 Feb 16958 Dee
193 193
•195 200
Do prof
700
10012 10034
8178 Jan 10414 041
100 91 July 1 1 113 Aug 21
100 100 •10014 10112 •1003* 10113 101 101
46,500 U S Distill> Corp tem ctf No par 3018 Feb 17 6314 Dec 11
2112 MaY 42 Dec
504 534 527 547k 5534 564
55
5614 53
54
Do. pref
98 July 168 Dec
100 130 Mar 9 250 Dee 11
*200 235 *200 240 *200 230 *200 250 *200 250
44414 4514 444 444 4412 453* 45
4518 454
2,400 USHoff Mach Corp v t c No par 23 Jan 3 4918 Oct 17
45
1658 Mar 24% 001
12,300 U S Industrial Alcohol.- 100 7014 Dec 7 98 Oct 24
614 May 87,
4 DOA
7312 744 731, 744 734 7412 7353 7412 7338 737
Do prof
,Do.
200
100 102 Dec 8 115 June 22
98 Jan 1062
*104 105
10412 10412 104 104 *1031s 105 •1034 105
15,200 U S Realty & Improv't--100 11412Mar 30 18412 Nov 2
16912 1705, 170 1754
90 June 14312 Dec
168 16834 16958 17218 170% 172
159,500 United States Rubber_. 100 3312Mar 30 9714 Nov 13
8314
2212 May 427
,3 in
, 7634 80% 7612 807s 8012 821s 81
8034 817
1,400
Do let pref
10612 10612 1061s 10714
6612 May 9571 Dec
100 9234 Mar 30 1087s Nov 14
106 10634 106 106
10634 107
5.000 US Smelting, Ref & Min- 50 30 Feb 17 483* Dec 18
4734 4814
184 Mar 414 Dee
474 4814 4634 4712 4712 477
4714 48
Do prof
600
494 4914 *4834 4912
50 44 Apr Hi 494 Dec 23
3713 Mar UN Dec
49
49 "4834 498 '4878 495
235,800 United States Steel Corp 100 11238 Mar 30 13914 Nov 7
9414 June 121
Dec
133 13334 13212 1344 13134 13312 133$s 135% 13514 137
Do Prof
3,300
126 1264
12534 126
100 12218May 7 138 Nov 6 11838 Feb 123 July
12512 12512 12538 12618 12578 126
Utah Copper
*97 103
64
Jan 88% Dee
10 82 Mar 19 111 Nov 18
*97 103 '97 103
'97 103 .97 103
5,300 Utilities Pow & Lt A__No par 30 Aug 27 38 Aug 6
351, 351, 347 354 343* 35
3434 3538 3412 35
2,400 Vanadium Corp
No par 2558May 4 3434July 9 -11-918 Jane 1312 1'06
32
313 3158 3118 3118 3178 32
3158 31% 32
400 Van Raalte
No par 1514 Aug 20 26% Nov 7
213* 2138
/
4 2158 *2134 23
15% Oct 334 Jan
2212 2212 211
*224 23
50
Do let pref
76
100 60 Apr 1 80 Nov 16
5.2 Sept 80
72 '72
72
76
78 '72
78 '72
•72
Jan
200 VIrginia-Caro Chem- _No par
834 July 9
112Sept 23
*112 2
*June 1038 Jan
14 14
112 112 '112 2
*112 2
11
Do prof
*8
11
*8
212 June 34% .1,11)
'8
100
11
812 Jan 5 234July 8
11
*812 94 '8
Do "B"
No par
47s July 9
78 Aug 28
2
*I
*1
2
2
2
38 June
*1
•1
•112 2
7
Jan
23,800 Vivadou (V) new
714 Jan 13 289* Dee 21
2738
434 July 1518 Jan
27
283s 2714 28
No Par
2834 27
2.13 2638 26
2,200 WaldortSystem
14 Apr 20 Nov
1712 1778 .1758 18
No par 1412 Aug 10 197 Jan 3
1814 1712 18
1814 1838 18
Ward
200
Apr
30
198
Dec
116
192
10
Baking
par
*19014
194
*190
_No
195
192
Class
19612
A195 195 *194
Class B
22.500
---8112 823s 80% 824
No par 3714 Mar 30 964 Oct 3
, 803* 5238 80% 813
80% 815
600 'Preferred (100)
No par 9412 Feb 11 112 Dec 9
10814 10812
•10814 110 *10814 110 *10814 110 *10814 110
700 Warner Bros Pictures A.
.
. 10 1712 Dec 22 227k Oct16_ -_-- _-_174 17%
1778 177s 17% 173* 1712 1758 •1712 178
Warren Bros
No par 43 June 24 5012July 6
*4558 4712 *4614 4714 *4613 4713 *4612 471: *4613 4713
. __
20.4(10 Weber & Hellbr. new_c No par 61 Apr 17 10012 Dec 18
_ ___
9814 9978 9934 10012 994 1004
99
9712 994 98
Western Elec 7% pref._ _100 110 AUg 15 11712June 25 fills -Apr 1-1-7-- iii-li
____
4,300 Western Union Telegraph_100 11614 Jan 2 14478Sept 18 105 May 1189* Dee
136 137 x13434 13534 13,512 1367s
1,600 Westinghouse Alr Brake__ 50 97 Apr 9 144 Aug 17
1
4 12412
84
Jan 111 Dec
1223* 12314 12214 1234 124 1243 124/
•123 124
13,500
Westinghouse Elec & Mfg_ 50 6814 Mar 28 84 Jan 3
5518 May 76 May
743* 7434 7413 7478 7414 7478 7438 761: 744 7538
900 West Elec Instrument
2012 Aug 17
94 Apr 1
18
178 179*
18
*1712 18 '1712 18
17% 18
1952 Mar 31 2878 Dec 10--- -- - 800
Class A
28
•2814 284
28
273* 28 "2734 28
*2734 28
1,100 West Penn Co
123 123
No par 9714Sept 8 145 May 21
-4712 Jan 127 Dee
120 12012 120 12012 122 122
120 120
Do 7% pf tem et! new_100 94 Apr 3 100 July 22
100
97
•95
96
96
*95
96
96
874 Arp 97 Dee
*94
*95
96
2,300 White Eagle 011
No par 2512 Aug 28 3134 Feb 2
2318 May 295* Feb
274 2712 2712 2712 2712 274
2814 2714 28
28
60 571s Mar 30 10412 Aug 18
30,000 White Motor
5012 Apr 724 Dec
7952 8134 8174 8312 8212 834
8112 794 815
80
1,400 White RR, M & 13 otte-No Par 3312 Dec 1 498 Aug 7
3514 365 *3612 36%
364 374 '3612 374 '354 361
33
6,500 Wickwire Spencer Steel MI.__
2 Dec 3
538May 16
3/
1
4 314
-- _ _ _--27s 2711
2% 34
3
314
3
__ ---___ _ -_
46,600 WIllys-Overland (The)
918 Jan 26 34% Nov 4
5
26%
2512 26% 26
25% 26
-67; May 144 Jan
25% 261s 2512 26
14.500
Do prof
100 7214 Jan 28 12378 Dec 7
6112 May 88
•11934 120% 1193, 120% 1194 12012 12038122', 19014 9414
Jan
47
475 Dec 21
800 Wilson & Co.Inc
131 Mar 7
No par
*47s 51
/
4
47s 47
433 *478 518
5
5
44 May 28
Jan
22
Do pref
"18
22
100 17 Sent 2 60 Mar 7
23
*18
20 '18
•1934 22 '18
11
Aug 7218 Jan
52,600 Woolworth Co(F W)
25 11214 Jan 28 220 0
210 2137s
19958 20612 205 21034 204 208
,
129
208 214
724 Apr 12634 Dee
4412 45
3,600 Worthington P & M
448
100 3514 Aug 12 7938 Jan 2
4212 435
41 14 4238 42
44
44
234 June 81 Dec
300
Do Prof A
7714 7712
100 76 Nov 6 88 Jau 9
*7712 79 .7614 79
794 '7614 79
.78
68 July 894 Dee
100
64
Do prof B
*62
63
83
100 68 Aug 19 7634 Feb 11
64
•62
63
66 '62
sols Jan 759* Dee
*63
2,000 Wright Aeronautical-No par 16 Mar 30 32% July 1
27: 2778 28
2752 28% 2712 *27
9/
1
4 May 233s Dec
273* 27% 27
100 Wrigley(Wm Jr)
No par 4512 M ar 30 574 Oct 27
547 5478 •5478 .55
*5434 5538 •54% 5514 *547 55
35 Apr Ws Dee
100 Yale & Towne
25 62 Sept 23 70',July29
: 6513 6513 6513 *611: 6613 *6112 85% *614 8512
*611
____
Yellow Cab Mfg tern etfs_ 10 3312 Feb 18 4854 Oct 1
-8___
-32 Nov
we Mar
- ifii. "iii" iii- "iii* -ti.i.; -iiiii 64 8614 87%
20,700 Youngs/4pm Sheet h T No par 63 Mar 27 924 Nov 7
5934 Oct 72 Dee
New stock on Use be
of I new share for 3 old shares.
•Bld and asked prim. no atlas en this gay I Zz-dt•Idend •Ex-rights
'
iiiis iiiis 15114 iii-
New York Stock Exchange-Bond Record, Friday Weekly and Yearly
3115 •
/as. 1 1909 the Exchange method of gaoling bonds was caanged and prim are wee '.and interest"-except for incense and defaulted eosde.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 24.
383
t
k
Price
Thursday
Dec. 24
Week's
Range or
Last Said
ccg=
c%
Range
Since
Jan. 1.
BONDS.
N.Y.STOCK EXCHANGE
Week Ended Dec. 24,
0
Pr4C11
Thursday
Dec. 24.
Wears
Range or
Late Sale
Range
Since
Jan. 1.
Hog N.. Low
801
Act Low
Mee
U. S. G
NW NO. Low
Ash Low
MO
Bed
wont.
10712 47 1024 11.414
First Liberty LoanNetherlanda (is (flat pfices)__1972 MS 1074 Sale 1074
30-year external 6s (flan __1954 AO 104 Sale 10358 10418 19 100Is 10814
8)% of 1932-1947
in 0914: Sale 9954, 99141 435 %Wee 011141
9
9814 104
100
02"a Panama (Rep) 5145 tr recta 1953 3D 10154 Sale 984 10134
Cony 4% of 1932-47
in 100.., Sale 1004: 10044:
97% Was
10318 228
1944 AO 10214 Sale 10218
Cony 434% of 1932-47
J D 1011.1, Sale 10141101"s: 193 1011321 (13142 Peru (Rep of) ext1 ffe
8834
6
664 79
1 10013a 103
Poland (Rep of) g tie
1940 AO 6818 634 6734
Id cony 434% of 1932-47
10114.10115s
J D 101 103
Eng s f g 8e Interim rects_1950
Second Liberty Loan'
3 8812 Sale 87
8
98%
4 4
10
2
9
84
8 14
9
1961 J O 984 9312 9818
9911n 01"n Porto Alegre (City of) 88
48 of 1927-1942
MN 100 1004: 1004: Dec'25
III Sale 11118 1114 19 109 11244
Cony 434% of 1927-1942
MN 10017.2 Sale 100".:100".: 1148 100"12 0111n Queensland (State) ext s 1 78 1941 A
74
100
t
19
04
14 1
9514
2 i
1447 FA 107 Sale 13612 107
Third Liberty Loan25-year 6s
1946 AO 9718 994 977
44'% of 1928
MS 10025.. Sale 100".,10024. 871 100548 02'n Rio Grande do Sul 86
978
38
93 99
Rio de Janeiro 25-yr a f 88..1946 A0 9514 Sale I 964
Fourth Liberty Loan9718
6
92 994
Sale 1011h:1021.: 1204 1011122 031sa
1947 * 0 97 Sale I 97
25-yr extl 138
434% of 1933-1938
AO 102
129 10411n 08"n Rotterdam (City) external 681964 MN 10314 101 10358 1014 10 100 107%
Treasury 434s
1947-1952 AO 1064.1061.s 1065.:
106 1064 10634 10614 33 103 108
1948 J
Treasury 4e
1944-1054 J o 102"., Sale 102:4:102"s 127 noun 04o. El Salvador (Rep) 88
10112
3
97 102
State and City Securities.
1952 MN 101 1014'101
Sao Paulo (City) s f 88
18 100 10472
99% 10112 San Paulo (State) extS f 8a-1936 33 103 Sale 10212 103
NY City-434,Corp stock_1960 M S -------- 10014 1004
311
9912 103
103
103
Sale
3 10018 10378
1024
434s Corporate stock
External 18e Int recta_ I950
1984 M S ---- ---: 10012 10012
'
3
8214 924
86% 48
10114 10238 Seine (Prance) ext 75
10
e08
255
8648638
10238 Ap
1942
434s Corporate stock
1966 A 0
'
3 86
92
83
84
92
3 10014 10314 Serbs. Croata & Slovenes 84-19132 MN 917 Sale . 9112
4348 Corporate stock
1972 A 0 ---- ---.1005
83
2
82
88
5 16478 10812 Sob:sons(My)es
844 83
10478 10478
4348 Corporate stock
1936 MN 82
1971 .1 D
65 103 106
105
41g s Corporate stock-1'W)1967 y y 10438 Sale 10438 104% 15 104% 107% Sweden 20-year 8e
1939 J o 10412 Sale 10414
1 10412 108
.10478 10178
4(4: Corporate stock
198 .1 D
External loan 5 tas
1954 MN 10154 Sale 10112 10154 371 9812 10314
104% 10834 Swiss Conteder'n 20-yr.f 88 1940 ii 11714 Sale 11614
11714 25 118 1174
1963 m g ____ ___ 105 Nov'25
43-4: Corporate stock
10312 54' 984 1044
9718 10014 Switzerland Govt ext 5148_1946 A0 10314 Sale 10318
4% Corporate stook
1959 M N ---- ---- 974
974
9714 10014 Tokyo City 58 loan of 1912_1952 MS 6612 67
6612
4% Corporate stock
1958 M N ---- ---- 9714 Dec'25
9912
9714 1004 Trondblem (City) extl 6748_1944
98
4% Corporate stock
1957 M N --------98
J 99 Sale I 9834
961g 100
110
674 315
771 .19
641106
714 1068
12
11461
4% Corporate stock
Uruguay (Republic) ext 83_ _1946 ✓ A 1095, Ill '110
1958 M N ---- ---- 9612 Nov'25
Sale
108
108
Oct'25
4% Corporate stock
10738
9688 98% Zurich (City of) a f fts
I 12 10712 1111,
1955 M N
96
1945 AO
414% Corporate stock_-__1957 M N ---- --_- 1043s 1044
8 10438 10758
Railroad.
Oct'25.___ 1004 102
10414 107% Ala Gt Sou 1st cons A 55
4Ig % Corporate stock
_1957 MN --__ __ 105 Dec'25 _
1943 J o 10138 102 102
87% 90% Ala Mid let guar gold 58_1928 MN 100:4 _-__ 1094 Dec'25 -- 10012 10158
33-4% Corporate stk_May1954 M N ---- ---- 8754 Dec'25
83%
2, 814 85
8714 91
Oct'25
Alb ds Stmq cony 334,
3(4% Corporate elk _Nov 1954 M N ---- ---- 88
1946 * 0 8378 Sale 8378
84
84
Oct'25 _ _ I 8112 84
100% LOA Aileg & West ist g 48 gu_1998 A0 83
New Y ork State Canal Im-481981 J J --------10038 Nov'25
•
90
941s
101', 10118 Alleg Val gen guar g 48
9238 934 927 Dec'25 --4s Canal
10118 Mar 25
1942 M
19423 J
6314 77
7814 76% Dec'25 -10972 11414 Ann Arbor 1st g 4e___July 1995 Q 1 76
474: Canal Inapt
109% Aug'25
1964 J _.1
88
924
894 107
102% 103
Atoll Too & S Fe-Gen g 48_1995 AO 8958 Sale 1 894
4s Highway Mut register'd 1958 _ _
1027s July'25
84
8384
Highway Imprort 4348_1983 M S
10812 Oct'25
Registered
1084 114
AO
8112 88
Virginia 2-35
86 I
764 7812
7612 Feb'25
AdJustment geld 48_Juiy 1995 Nov 8514 86 1 85%
1991 3 J
824 88
2
Foreign Government.
86
Stamped
July 1995 MN 8514 853* 854
79% 82
Argentine (Nat Govt of, 78_1927 F A 10178 102 10134 102
89 10184 10314
Registered
MN 8118 _.- 82 Nov'25
8158 851:
144
9514 9712
Ell 18. of June1925 temp.-1959 J D 98 Sale 9534
96
8512'
3
Cony gold 48 1909
1955 3D 844 854 841g
954 974
8112 8,8
Extl a f 6a of Oct'25 temp.1959 A 0 9578 Sale 9554
83
88 1 25
96
Cony 48 1905
1955 3D 854 ----1 8512
95
9784
81
8418
_
Sinking fund 118 Sor A. .l967 M 3 9638 Sale 96
98% 75
Cony g 4s Issue of 1910_ _1960 J o 83',-- -1 8312 Nov'25
98
100
9918
12
9434 97
External 6:series IL _Dec 1958 J D 957 Sale 9512
98%
9912
99
96
35
East Okla Div let g 48_1928 MS
814 89
8824 39
834 87%
Argentine Treasury WC_ .1945 M 8 8654 Sale 868
Rocky Mtn Div let 4_.1965 ii 8613 8678 8512 Nov'25
984 99%
Australia 30-yr 5s... _July 15 1955 3 1 9612 Sale 9612
86
89
88
8812 88 Dec'25 _9634 134
Trans-Con Short L 1s1 43_1958
92
9524
934 10112
Austrian (Govt) s f 78
76
Cal-Aria let & ref 434."A"1962 MS 9512 ____1 9412 Dec'25
1943 J D 10054 Sale 10012 1011
8714 92%
19 107 11014 All Knox,& Cm Div 4a__1955 M N
- 8912 Dec'25 _Belgium 25-yr ext.f 734s g_1945 3 D 10934 Bale 10912 110
6 1024103
20-rear: 1 88
15 woo 10934 Atl Knoxv & Nor let g 58-1946 J D 10213-- '103
103 1
1077
1941 F A 1074 Sale 10714
9634 981
4 96:4 Dec'25
25-year ext 61-4:
34
93
95
9814
Atl & Char! AL lat A 4%6_1944
9034 96
1949 M S 9214 Bale 9214
103 ____ 103
Esti sr Be inter rots
68
103 I
4 1011,14)35,
834 8814
861
1st 30-year 5a Series B.1944
1955.3 3 8512 Sale 8518
8512 11512
9412 9812 Atlantic City 1st cons 48._ _1951 J
Esti 6 f 78 Int otts
202
8412 ---- 8512 July'25 _ _ _ _
96
1955 J D 944 Sale 9412
9214 Sale 92
9214. 14
Bergen (Norway)e f 8s
2 10818 11514 Atl Coast Line lat con 48_31952 M
89
9412
1
4 113
113
1945 MN 112 113/
9812 99%
9824 984
25-year sinking fund 621..1949 A 0 96
6
10-year secured 7:
1930 M N 10554 Sale 1054 1064' 21 10534 108
98'2
907a 96
87
96
26
91/14
Berlin (Germeny) 61-4:
8714 87
General unified 4141
19511 A 0 87
871z 30
1964 71 D 9538 Sale 95
8514 94
94
22
Berne (City oil s f 88
13 107 11112
L & N coil gold 48Oct 1952 MN 96 Sale 934
1945 M N 108 Sale 10778 108
76% 80
771s 78
78
2
94 98
9712 12
19483 3 77
Bogota (City) ext'l a f 84-1945 A 0 9712 Sale 96%
AU & Dans' lstg4a
6118 7018
68
1
92% 944
674 6854 68
Bolivia (Republic of) 88
113
244.
97
1948 3
1947 M N 97 Sale 9612
75
80
76 Dec'25
80 8934 AU & Yad let g guar 48
86
Bordeaux (City of) 15-yr 68.11134 M N 8214 Sale 824
84
1949 A 0 754 77
98% 10014
9958 101
95 103
997 Dec'25
_
56
Brazil U S. external 88
102
A & N W lst gu g 36
19413
1941 J D 102 Sale 1014
8534 924 •
9012 19
96 .804 91
Balt& Ohio 1st g 4s_ _ _ _July 1948 * 0 89% Sale 89%
7: (Central Ry)
90
1952 J D 90 Bale 8014
854 904
87 Dec'25
2 1034 10812
874 89
106
Registered
734e (coffee seem) L (tlat).1952 A 0 10514 Sale 10514
July1948
9812 10034
9914 19
891s 98
Sale
Buenos Aires (City) mu 6%gym y y 9812 sale 984
10-year eons 414e
1933 Q
M S
j
le 9
2 100 1024
8534 94
933%
58
93
3%
94
9414- 15
73
1
1001
Refund & gen ra Series A.1995 J 1:1 9
Canada(Dominion or) g 51-1926 A 0 100 10014 100
19 10158 10312
let g 5s Int ette
1948 A 0 10258 103 10212 10334 42 100 104
1931 A 0 1014 Sale 10134 102
103181 81 10214 1044
10-year 634e
10214 76 10112 1034
10-year 84
1929.2 J 103 Sale 10254
1929 F A 1024 Bale 1017a
10412 102 1004 10134
Ref & gen 68 aer C temp-1995 J D 10412 Sale 10354
5:
1952 M N 10314 Sale 10234 10314 81 1015s 105
96 104
Carlsbad (City) ii 811
83% 9014
3912 13
10318
PLE&WVaSysref 48_1941 MN 8912 Sale 894
1954 J J 103 10312 103
1
9534 99%
21 1064 110
Chile (Republic) exti a 1 88_ _1941 F A 108 Sale 10712 109
97%1, 136
Southw Div 151 5,
1950 J J 9734,Bale 9712
6812 go
9 •10178 10318
External 5-year s 113e
Tol & Cin Div let ref 48 Al959J J 7114 7478 7412
102
7412' 5
1928 A 0 102 Sale 102
60% 62%
9834 103
20-year ext176
603* 62 6258 May'25
Battle
Cr
ds
Eltur
lat
gu
1942 M N 10034 Sale 10012 100% 39
322-1989
J
D
3 1064 11014
10814
9218 9412
944,
1
25-year,f 8e
Beech Creek let Hu g 46.- 1936 J J 92% 944' 9412
1946 M N 108 10814 108
9012 9114
Chile Mtge Bk 64s June 30'1957 .1 D 9158 Sale 9412
93% 984
89
95 9034 Nov'25
Registered
J D 93
95
404 5112 Beech Cr Ext 1st g 334s_-__1951 A 0 7714 _-_- 774 Dec 25
Chinese(Hukuang Ry)5a__ _1951 J D 45 Ellle 45
_
46
38
77
814
Christiania (Oslo) 8 f 13a
1945A 0 11012 11072 11012 IV12 16 10934 112
85
894
891
15
BIg Sandy let 46
19443 D 3914 Sale 8938
67
75
9518 1014 B & N Y Air LIne 1st 48.._ _1955 F A 74
30-year a 165
7412 74
74
1
1954 M 11 10012 Sale 9938 10012
7
02
30-year a I 65
94
9218
96% 1004 Bruns & W let gu gold 4t.._1938 J J 924 94
1955 M N 9914 Sale 984
9218
3
994 15
9914 1014 Buffalo R & P gen gold 8.--1937 M S 10138 -- -- 102 Dec'25
9918 1021
Colombia (Republic)634s__ _1927 A 0 100 10012 10018 10014
1
:
944
100
8038 881
Copenhagen 25-year et 548_1944 J J 9834 Sale 0812
9914 20
:
8714 87
88
44
Comm'474s
1957 MN 87
9512 9812
Cordoba (Prov) Argen 711_1942 J J 9534 Sale 9538
29
82
564
97
MN
3
954
10212
Kos 101
Cuba 5: of 1004
1944 M 8 99 10014 9938 Dec'25
04
2
8
m
Na
c
v
Y
:2
25
5
BurIRCIsiNered
or let 58
1934 A 0 iEthis 1611-g I1813
934 100
9712
1
External 58 of 1914 Se: A_ 1949 F A 975 9814 9712
103
7 10012 10378
Canada Sou cons gu A 5s
1962 A 0 1024 ____ 10278
9212 Ws
84. 981a Canadian Nat 434e_Sept 15 1954 M S 9312 94/
Fxcernal loan 4(4.
89
2
1949 F A 8912 897 89
1
4 9414 Dec'25
904 1034
5-year gold 414a_Feb 15 1930 F A
9814 99
33
1953 3 J 10034 Sale 10038 101
9812 9854 9884
9834
7
5(45
9814 102
Czechoslovak (Repub of) 24_1951 A 0 1014 Hale 10034 10114 26
11514 25 1144 11734
Canadian North deb 5 f 781._1940 3 D 115 Sale 115
974 10158
12
Sint fund 811 Ser B lot otfs_1952 A 0 101 Sale 100:4
101
11738
2 115 118%
20-year e f deb 6 Hs
11738 Sale 11738
1946 3
96
97
964 96%
56
Foil s f 714s ser A
1945 A 0 9618 Sale 96
10-yr gold 4 Sig.__ _Feb 15 1935 F A 964 9638 9618
97
9614 14
79
81
Danish Con Muntelp 88"A".1946 F A 11014 11188 10914
1104 19 1084 11212 Canadian Pac Ry 4% deb stock- J J 8038 Sale 8014
8034 68
93
9374
1946 F A 11012 Sale 10
Series 13 s f 88
09
97 18
2 11012 28 10814 112
9254
_ -1 9314 Oct'25
Carb & Shaw lat gold 48.-1932 M
109 111
78
8314
1945 A 0
Oct'25 Denmark externals f 88
/
4 Dec'25
Caro Cent 1st con g 4,
1938 J D 8112 8154 821
994 105
1942 J J 10338 Sale 10278 1033* 18
20-year 68
102
11 100 1024
Caro Clinch &0 let 3-yr 58_1938 J D 102 10212 132
Dominican Rep Con Adm at 58'58 F A 10112 102 1024 Nov'25 __- 101 103%
let & con g (78 ser A
3 1057s logt2
1952•J D 10738 10754 107% 108 1
84
32
96
Custom AdminIstr 574s_ A942 M 8 94 Sale 933
854
94
19
Cart & Ad lat gu g 4a
1
4 864 8518 Dec'25
1981 .1 D 85/
984 104
744 go
Dutch East Indies ext fie_ _.1947 J 3 104 Sale 10353 104
7
_ 80
Cent Branch IT P let g 43-1948,3 D 79
80i
36
98% 104
40-year 68
55
664 704
1962 M 8 1934 Sale 10338 104
3
Cent New Rag let gu 46......196113 J 6734 6814 68
6838
934 10314 Central Otto
9714 99
30-year ext 534.
1953 M 8 10138 Bale 1014 10158 23
977s Oct'25
9758
Rams 410
1930 M
9234 103
30-year ext 53-4,
10112 22
1014 104
1953 MN 10112 102 101%
Central of Ga 1st gold 58_91945 F A 10273 104 10234 Dec'25
984 108
French Repub 25-yr ext 85_1945 M 9 100% Sale 1004 101
9914 10314
280
Consol gold 15e
10212 1034 10212 10314
7
1945 7d
M
93 10112
20-yr external loan 7%1_1941 J D 9724 883:: 9712
9814 260
9712 ---- 10014 Oct'25
98 10012
External hot 1924
86
93%
87
8812 461
Registered10-yearsee 6.
103:8 26 10112 1044
June 1929 J D 103 Sale 103
Mun L'n 6%a A__T
854 9212
8912
0 rFtnish a
9032
A Sg714
99 108
9
I 1
Ref & gen 5%a ser B
10212 10
1959 A 0 10214 1024 102
854
9212
External 6741: Series B....1954 A 0 90 Sale 90
84- 884
904
Chatt Div our money g 48_1951 .1 D 854 87
6
8538 Dec'25 _
Finland (Rep) ext 6,
834 894
88
30
1945 M S 8738 Hale 8612
9812 100
Mac dc Nor DI, let g 58_1946 J J 9953 ---- 100 Dec'25 _ _
External e t 7:
934 9814
96
86
1950 111 B 9554 Sale 954
Mobile Division ta
---- 101 Nov'25
_ 10012 101
1946 J J 101
91% 10212 Cent RR & B of Ga coil g56_1937 MN 9838 100
German externalloan 7s._._ _ 1949 A 0 10118 Sale 10118
10112 485
98
pg
9838
9858
8
934 9714 Central of NJ gen gold 5a_ _1
German Cent Agric Ilk 78.. _1950 M 5 9314 Sale 9334
9434 59
10854
8 107 110
_1198
987
73
Q .1
3 10854 Sale 10834
at Belt & feel(UK of) 5)45.1937 F A 10412 Sale 10412 105
63 104 1077,
Registered
10814
109
4 106 109
10814
10-year cony 634s
1929 F A 1174 118 11754 117% 13 11512 119
Cent Pao let ref go g 4a_ _ _1949 F A 8954 Sale 89:8
8134 90
894 34
89
9514
Greater Prague 711.
1982 MN 937 94
934
94
4
Mtge guar gold 3348_ _ _11929 J D 964 97
9512 9714
964 Dec'25
83
8812
Greek Govt 1.
85
Through St List gu 4s
1964 M N 854 86
8514
1
854 894
1952 A 0 874 89
8718
874
7
9114 97
Haiti (Republic) (le
9658 23
Guaranteed g 58
1952 A 0 9534 Bale 9534
9612 9818
1960 F A
977 Sale 9738
9778 324
87
984 Charleston & Savannah 7s 1936 J J 117
Hungary (Kingd of) 5 f 7)46.1944 F A 9638 Bale 9612
96% 24
11212 117%
____ 11212 Feb'25
9812 100
100
97
Ind Bank of Japan 6% notes 1927 F A 100 Sale 9954
9858 102
Oho & Ohio fund &'mut 58_1929 J J 10058 Sale 10058 1003
30
9412 94%
Italy (Kingd of) ext'l 7s_
945 1083
1951 J D 94t2 sale 9412
1st consol gold 58
1939 M N 1024 10212 10238
10238
4 101 10312
81
Japanese Govt E loan 4e._ 1931 J 3 8312 834 8312
844
834 13
Registered
1939 M N 10114 ____ 10118 Nov'25 -- 100% 10214
90
95
1954 F A 9238 Sale 921
30-year 816)15
General gold 4748
87% 93
9238 231
1992 M
9238 Sale 9212
9278 24
Oriental Development as_ 1953 M 5 85
834 874
31
86
85% 904
Registered
8512 85
1992 M
8634 _ _
9018 July'25
__
8054 8954
Lyons (City of) 15-year 6s_.1934 M N 8212 Sale 8212
83% 33
9434 984
20-year convertible 43'0_1930 F A
98 Sale 98
9812 75
Marseilles (City of) 15-yr 64_1934 MN 8212 Sale 8212
80
894
30-year cony secured 5e....1948 A 0 142 Sale 138
83% 49
14214 198 10174 14514
Mexican Irrigation 4 Ha_ _1943 31 N 2934 3038 29 Nov'25 _ _
16
3012
1034 12918
Registered
A 0
129 Dec'25
16% 31%
Assenting s t 434.
1943
2954
3178 26
Craig Valley let g 55
____ _.
1940 J J
9834 ____ 984 Dec'25
_
871
/
4 9954
38
4512
Mexico(US) WI 581 of'99 i 1945 Q
8218 go
394 Oct'25
44 .70
Potta Creek Branch 181 4.s.1948 J J 80
83 83
Oct'25
__
41Ifferlt112g 68 of 1899
31
44
1946
43
64
42 Sale 42
R & A Div let eon g 46_1989 J 3 8512 -- -_ 8558
8554
3
8112 8554
3514 44%
assenting 5slarge. - - - ....... --4012
79
ga
24 consol gold 4.
4038 12
1989 3 3 8218 ____ 8012 Nov'25
(melding Is small_
35
_
2171
37% May'25
9612 ____ 9834 Oct'25
: Warm Springs V let g 56._1941 M
95% 98°4
1964 3 0 25
1912 26
Gold deb 48 of 1904
Oct'25
2514 26
Odle & Alton RR ref g 3a__.1949 A 0 6418 644 6418
594 674
65
7
assenting 4s of 1904
184 28
Calif dep strand Apr 1925 Int --2638 69
2538 Sale 2514
62% Nov'25
584 62%
fomenting 4s of 1904 1121511---------------- 2314 Aug'25 _ _
20
2418
_ 64s 65
50
CU den stpd Oct 1925 int_ _
6158 Dec'25
62
48 of 1910
4414 5:04
204 2614
j--i -ini
2 -25% Oct'25
3634
Railway first Hen 311e_.._1950 J J 52 Sale 5154
3O1
5278 113
_.
assenting 48 of 1910 large
22
8312
3234 45
3054 Bale 303s
CUB dep Jan '23dreub coup__ -- 504 52
5012
5018
as us;
1
&emoting 48 of 1910 email
19% 21) Olde Burl & Q-III Div 3)48_1949 3 J 83% Sale 8334
274
28
33
834
814 gots
7
Treaa fia of '31 assent(largel '88.i.
33 4614
Illinois Division 4.
4614 11
1949 .1
..1 -iciiz 16.- 4614
9138 92% 9212
9212
2
8812 94%
8=01 .
3414 46
45 Dec'25 _
Nebraska Extension 4s
1927 M N 994 9954 100
100
3
9812 100
Montevideo Th.__ . .. -_ 1952 1 D imis ifiii 96
88
9714
9612
9
Registered
M N
6204 994
Norway 20 year extl 6s.._ 1943 F A 10114 Sale 10038
88% 924
9714 102
10114 87
General 48
1958 SI 8 -1511i4 11- 8
99
8314
2 8e1)1'
90255
4 17
974 10134
20-year external ft_ . ........1944 F A 10012 Sale 1004 10034 42
to & ref 5s
1971 F A 1034 Sale 103
10358 21 10012 1034
1952 A 0 10112 Sale 10078 1014
974 102
7
Chlo City & Conn By.5s....1927 A 0 51 Sale 51
/20-year extlfle
5114 30
6612 63
(0,15 / 1) 954 Min 95
94
9712
9558 411
80-yortr 8 f 1014. mint,
0441.81. •DuoJas, tDuuJuli, It Das Aug. •Dos Nev. •ow=saw
3116
BONDS.
I. Y. STOCK EXCHANGE
Week Ended Dec. 24.
New York Bond Record-continued -Page 2
ft
Prim
Thursday
Dec. 24.
Week's
Range or
Last Bale
11
Rang@
Mace
Jas. 1.
BONDS.
N Y STOCK EXCHANGE
Week Ended Dec. 24.
Pries
Thursday
Dec. 24.
wears
Range or
Last SW.
iz
Range
84flU
Jan, 1.
eta
High No. Low
Ask Low
Iffeb
Bus
Ask Low
High No, Egn0 High
Chicago & East 111 let 66_1934 AO 106 10634 10238 Oct'25
10238 10114 Erie & Pitts gu g 3348 B--1940
8532 8812 8438 Oct'25
84
844
C & E Ill RR (sew co) gen 5a-1951
7612 36
7234 7918
Serial C
N 754 Sale 75
8538 8812 8418 Aug'25
845s 844
Chic & Erie let gold Si
10112
Sale
1013
8
10218
9
9912 10335 Fla Cent & Pen let eat a 511_1930
1982 MN
10038 Nov'25
100',-9938 10012
Chicago Great West let 48_1959 MS 64 Bale 834
5934 6812
6514 335
Consol gold 156
9934 1004 99h Dec'25
9614 1004
1943
3 10914 11212 Florida East Coast let 4345_1959
11114
Ohio Ind & Lou10-Ref 88.-1947 33 11114 ____ 11114
95 Dec'25
9518 96
92
987s
- 9918 Oct'25
Refunding gold 58
9912 10012
1947 ▪ J 100
1st & ref 58 Series A
971s 77
93 974
1974 M S 97 Sale 9634
Refunding 48 Series C----1947• .1
8734 Dec'25
8534 874 Fla West & Nor 78 Series A..1934 M N
178 Nov'25 -- 1024 197
____
2
General Si A
9274
9112
87
928
1988
924 Fonda John,& Gloy 430-1952 m N 5912 5934 60
N
73
60
12
80
4 101 104
General 68 B
May 1986 33 10318 1033g 10318 10318
904
9014
2
FortStUDCotetg434e.j94133 904
8214 904
Ind & Louisville let gn 46-1956
_
7912 Dec'25
774 804 Ft W de Den 0 1st g 5346-1961 .1 D 105
'
1041
3
1 1044 105
10434
Chle Ind & Sou 50-year 48-1958
9112 87 Dec'25
8538 881s Ft Worth & Rio Gr 1st g 0-1928
'
3 87
924 98
3 96 -9712 9534 Dec'25
Chle L & Eget let 4348-1989 3D 9218 ____ 9414 Nov'25 -9312 9414 Frem Elk & Mo Val 1st 68_1933 A 0
1064 10914
10714 Nov'25
4313 5813 GH&SAM&P 1st 15s
514
5112 5138
4
M & Puget fild let aru 48-1949
'
3 51
9978 101
1931 M N 1004 gt;le 10012 10012 41
4915 5412
54
Certificates of deposit
5134
51
5134 15
2d eaten. 58 guar
9938 101
10018 10
1931.3 J 100 10012 100'e
704 8114 Galv How & fiend let 58_1933 A
8138 22
CD M & St P gen g 48 Bar A..51989 J 3 8114 Sale 81
1
9414
_ 9414
9015 95
0
6934
6
6934
6214 7012 Genesee River let s f E8
General gold 330 Sec B-51989 .1 3 694 70
3 10014 10513
104
934104
-- 1038
1957 3 3 103
90
13
Gen 410 Series C__ -May 198183 J 90 Sale 894
7718 9238 Oa & Ala Ry lst cons 56___o1945
7
93 102/
1
4
9534
98
j 954 96
113
53
Gen & ref Series A 4 Hs_a2014 A 0 5114 Sale 5114
434 5538 Ga Caro & Nor 1st gu g 58 I929 .3 3 1001
99 10014
2
100,4
___ 10014
132
47 554 Georgia Midland let gs
5112 Sale 52
Certificates of deposit
53
2
67
4-69 67
6414 68
1945 A 0 6618
441s 584 GIR&Iextletgug44s.._,l941j
5114 Sale 5112
524 48
Gen ref cony Ser B 56---a2014
9212 964
J 948 ____ 931s Oct'25
51
5212 15
52 5112
464 54% Grand Trunk of Can deb 7s-1940 A 0
Certificates of deposit
8 1148,117
11538 Sale 11518 11538
43
Ist sec 65
9612 10514
19343 3 10412-Sale 10412 105
9 19638 10838
10678 10712 107
15-year f 68
10712
193688$
524 230
44 6012 Great Nor gen 78 Series A-1936 3 .1 110/8 Sale 11014 1104 113 108% 111
19323 D 5114 Sale 5114
4346
51 Sale 51
04 544
524 31
Certificates of deposit
Registered
109 110
110 Dec'25
J J
5118 Sale 5155
53
130
48
Debenture 0
1925
7812
let & ref 00 Series A__1981 J J 931 ___ 94
15
89 94
94
51 Sale 5112
4734 5478
5234 31
Certificates of deposit
General 514s Series B__,19523 3 10278 Sale 1021g
0914 103
10278 22
5214 43
44
5614
25-year debenture 46
1934 .11-i 5114 Sale 5112
General 58 Series C
9738 Sale 9678
92 97%
97/
1
4 58
19733
J
4834 5438 Green Bay & West deb ctis"A"- Feb 7912 85
51
524 140
52
5114
Certificates of deposit
81 Dec'25
72 81
9912
3
944 100
Chic & Mo RP, Dly 56-1926 1-.1 9912 9934 9912
Debentures ctfs "B"
1214 19
1834 82
Feb 18 Sale 18
994 11
9831 10118 Greenbrier Ry let go 44---1940 MN 87'e.__- 87 Aug'25
Ohio & N'weet Ext0_1888-1926 F A 9912 ____ 9912
88
884
9912 Dec'25
9812 9934 Gulf Mob & Nor let 5146 -1950 A 0 10238 10314 10314
Registered
9984 10314
1888-1928 F A 9938 100
2
10314
7414
7412
7534 7413
3
General gold 834e
734 77
1987 M N
Gulf & 13 I let ref & t g 56_51952 J J 1034 105 1044 Dec'25 --984 10414
____ 7212 July'25 -72
Registered
724 Harlem R & Pt Cheri 1st 46-1954
Q F
8434 Deo'25 -80 8434
N
8512 85
General 0
814 8812 Hocking Val let cons a 434e_19993 J 9113 924 911
8514 15
1987 M N 85
88t2 924
9214 15
854 13
Stamped 0
82 8512
1987 M N 854 8514 85
Registered
9(118 May'25 -- 88 9012
19993 J
10034 105
General 56 stamped
0103 10134
1987 M N 10312 10434 10318 Dec'25
H&TC latgint guar
143.- 10114 Dec'25
19373 J
104
,
4
1043
4
10414
Nov'25
Oinking fund 6s
10312 106% Houston Belt & Term 1st 58_1937 J .1 964
1879-1929 A 0
95
99
9612 Nov'25 -Registered
A 0 10334 10412 10334 Dec'25 -- 103 104
Houston E & W Tex lit g 50_1933 MN
9938 10014
10018 Oct'25
3
Sinking fund 58
1879-1929 A 0 10014 1014 10112 10112
9834 101h
10 guar 58 red
9978 100
1933 M N iooki 101 100 Sept'25 -1
1879-1929 A 0 10014 ____ 10014 10014
9912 10012 Housatonic Ry cons g 58-.1937 MN
Registered
9612
924 9812
9612
4
illakbag fund deb 58
9914 103
1933 M N 10014 1004 10012 10034
7
861, 94
Bud & Manhat 5a Series A 1957 F A 9258 Sale 924
92% 55
994 101
1
Registered
M N 10014 ___ 10014
10014
914 9114
Registered
914 June'25 --„
F A
10-year secured 71 g
10712 20 105 1124
1930 J D 10712 Sale 10714
Adjustment Income 58---1957 A 0 7518 Sale 75
6714 77%
7512 137
15-year eecured 6He 6-.1938 M S 11114 11118 11112 1114
8 107 11213 Illinois Central let gold 48_1951 J J 9114 93 924
9012 94
921s
2
22
lit & ref g 58
May 20373 D 987 Sale 98%
911
:102
99
9012 93%
8714 91
Registered
9335 July'25 ---1951 J
Ode RI & P-Railway gen 4a19883 3 8434 85
85
8214 88
let gold 3348
81
84%
81 Nov'25
1951 3 3 8314 84
8318
Registered
83 Nov'
814 8314
85
215
4 13
793e 8314 8234 Jan'25
Registered
8012 8334
3 J
Refunding gold 0
8314 894
1934 A 0 874 Sale 8714
8734 169
Extended let gold 310-1951 A 0 8234 8372 8214 Dec'25
81
8438
Registered
83 88113
A0
8614 Nov'25
71
1st gold 38 sterling
82
82
62
Fel).25
1951 M S 66
Oble Eit L & N 0 gold 5s____1951 J D
0312 Nov'25 -- 1014 10338
8618 89
8814 88
Collateral trust gold 0_1952 A 0 88
10
8812
Registered
0214 June'25 - 10114 10214
3 D
8712 8634 Nov'25
Registered
85% 8634
A 0 83
Gold 334.
78 79/
1
4
78 Sept'25 -19613 D
9034 Sale 9014
1st refunding 48
8
874 92%
9034
1955 M N
Memphis Div let g 41___ _1961 3
854 87 834 Dec'25
83% 87
8112 Sale 8112
Purchased lines 3448
8112
7838 8411
1952.3
0 St L & P Islcons g 58___ _1932 A 0 10114 ____ 10114 Nov'25 _101 10338
79
8212 8414 July'25
8414
Registered
79
J
Oble St P M & 0 cons 6e1930J D 1034 10414 10314
1024 1084
10413
Collateral trust gold 0-1953 M N 85 Sale 85
83 8514
85
8
Cons 6s reduced to 3341.19303 13 9312 94
9214 9334
9334 Oct'25
81
8412
8334 Dec'25
Registered
_
M N 82
Debenture as
9212 10514
9834 99
9814
9838
1930 M
9
Refunding 5e1
105,4 17 10235 10612
• 1955 MN 10578 1-06 10514
9512 9989
Stamped
9838 9812 9838
9838
2
15-year secured 5141
10338 16 10172 10332
19343 J 1024 Sale 10218
O8IOTH&SoEagtlst5e,l960J D 87
88
8734
75
88
9018
3
11112 112 11112
I5-year secured 810 IL-1936 3
11134
5 10912 113
55 844
Inc gu 130
Deo 1 1960 M B 81 Salo 81
8112 54
881e 004
Cairo Bridge gold 0
19603 D 9012 __ 911 Oct'25 -Ohio Un fRa'n 1s1 an 430 A.1963 J J 9414 9434 9414
9114 95
9414 42
74
_
70
Litchfield Di, let gold 38.1951 J 3 733
74 Dec'25
lirt 56 Series B
19633 J 10234 Sale 10212 103
6 100 10312
-- 8112 Dec'25
774 8214
2 8134
Loulay Div & Term g 3145 1953 J J 8038Guaranteed g 58
10018 Sale 100
974 101
10014 19
1944 J
7012 74
Oct'25 -Omaha Div let gold 35-1951 F A 7338 7312 73
I1t13148 Serial0
19633 J 11713 11814 il7Se
118
13 11614 11812
7134 77
St Louis Div & Term g 38_1951 J J 74
74 Dec'25 _Ohio & West Ind gen g 88-91932 Q M 10514 10714 10514 Dec'25
10514 106
79
834
Gold 3148
1951 J J 8118 82 8114 Dec'25
Consol 50-year 48
1952 3 J 81
8112 81
8112
4
764 8312
7978 824
7918 82 80 Nov'25
Springfield Div 1st g 310_1951 J J
1st ref 510 sear A
1962 M S 10012 Sale 10014
97 1004
10034 23
86
88
Western Lines lets
8614 Oct'25
F A 8614 90
Choc Okla & Gulf cons Bs__ _1952 M N 10218 ____ 02
9934 102
102
7
84
87
8912 84 Aug'25
Registered
1951 F A
Nig celg III Central & Chic St L & N 0
Oln H & D 2d gold 430
1937 J J 9512 98
96 Dec'25
01 EltL&OlstgasAug1936 Q F 93,8 9314 94 Dec'25
9118 94
Joint 1st ref Si Series A
O 10014 Sale 9972 10014 90
9614 10014
1983
Registered
Aug1936 Q F 9213 ____ 9214 Dec'25
9012 9312 Ind Bloom & West let ext 451940 AO 89
8814 8814
95
8814 Aug'25
01n Lob & Nor gn digs
1942 MN 8734 91
874 894 Ind III & Iowa 1st g 48
8734 Nov'25
8912 __-- 8918 Dec'25
874 92
1950
ClnS&Clconslatg5e_..,1928J J 10014 10814 10014 Dec'25
9934 10112 Ind Union RV gen 58 34rA 1965 33 1003a
99 101
- 10014 Dec'25
Cleve Cita Ch & St L gen 0_1993 J
8438 Sale 8414
8134 8511
84%
3
Gen & ref 58 Series B
9914 10034
1965 3.3 1003s --- 9912 Nov'25
110-year deb 430
1931 3 3 9712 ____ 9834 Dec'25 -96
987s Int & Oct Nor let 58 Ser A__1952
103% Sale 10314 104
20 100 10512
General 55 Series B
1993 3 D 102
98 10538
____ 10114 Nov'25
_
Adjustment 65, Series A__1952 Avri 73 Sale 728
88
744 101
79
Ref & !rapt 66 Series A
1929 J J 103 Sale 103
10312 45 10218 10418
_ 7434
Stamped
67 78
APrl 7414
7434
5
68 Searles0
19413 J 1044 10812 1034 Dec'25
1034 10734 lot Rye Cent Amer let U....1972 MN 7812 Sale 784
7618 8012
79
4
Bs Series D
19613 J 9914 9934 9912
9412 10018 Iowa Central 1st gold 55_1938 3D 63 Bale 52
9978 66
57 66
6312 11
Cairo Div let gold 4s
1939 J J 9018 ____ 9034 Dee'25
881
, 91
6012 Sale 6012
Certificates of deposit
6013
3 67 6214
8212
Cin W & M Div lst g 0-1991 J J 814 8212 8134
80
8134
1914 2814
2014 28
Refunding gold 48
1951 MS 1913 2012 1912
MN
ER L Div let colt tr g g 413-1990
8118 85
8235 ___ 8318 Dec'25 _
James Frank & Clear 1st 0_1959 3D 8734 8912 8818 Dec'25
8512 90
M N
801s 83
Registered
8018 July'25 _
Ka A & G R 1st gu g 56
00 Nov'24
1938• J 10038
M $ 874 ____ 89 Nov'25
Spr & Col Div lert g
8834 8912 Kan & M 1st gu g
2. 8084
83
83
1990 AO 8212
8738 8812
W W Val Div 1st g 46_1940 J J 87
8812 July'25
_
2d 20-year 58
9914 10011
1
1927 3 3 10014
0014 10014
10812 108
108 __- 108 Dec'25
OCC&Igenconsg 6a----1934 1
K C Ft S&M cons g 68_1928 MN 102% 10318 024 10318
16 1023s 10334
0
10212
10018
A
10134
10-1933
W
102
con
1st
g
Clay Lor &
10112 10112
K C Ft 8 & M Ry ref g 4s 1936 A0 89 Sale 8838
804 8918
8918 43
9534 9815 ICC&MR&Blstgu
9712 9534 Dec'25
CI Mar lot gu II 4 Ns
1935 hi N 96
A0 9938
9934 Dec'25 --1 98 10014
9814 10014 Kansas City Sou let gold58-1929
1938 J J
Cleve & Mahon Vail g 5s
9838 Dec'25 _
701e 75
AO 74
47
74
7434 7318
311-1950
99 994
99 May'25
al& P gen gu 430 Ser A__ _1942 J J
Ref & inapt 56
9334 69
5514 0384
Apr 1950 3.3 9338 Sale 93
8334 8618 Kansas City Term let 0-1980
Series C 3146
1948 M N 8312 ____ 8511 Sept'25 _
8354 5771
'
3 8518 Sale 85
85% ,28
1950 F A 8312 85
8334 85/4 Kentucky Central gold 0_19873' 8512 _
Series D 3148
8334 Nov'25
84
874
8514 Dec'25
95% 100
Cleve Shor Ltne lit go 410-1961 A 0 9712 98
9734
9812 31
Kentucky & Ind Term 4103_1981 3J 7714
874 Nov'25
8712 89
1 10438 1074 Knoxville & Ohio let g 813-1925.3.1
aim Union Term 530-1972 A 0 106 10612 10612 10612
100 10034
00 June'25
9919
102
BA
0 101 Sale 101
10118 19
lit I f 58 Ser
Lake Erie & West let a 5s-1937 J J
9934 1014
Sale 00/4
10034
5
8314 8812
Coal River Ry ht go 4&l945D 8812 8734 8734 Nov'25
973 Dec'25
954 984
1941 3'
964 99
Colorado & South 1st g 481929
6
9818
9818 99
9818
Lake Shore gold 3148
78
783
81
22
1097 3D 7814 Sale 78
9038 9612
Refunding & eaten 430-1935 M N 954 957 9538
17
96
79
Registered
7712 Dec'25
7814 794
1997 3D 76
8812 87
1948A 0 8612 8734 87 Dec'25 Coi & H V lat eat g 0
Debenture gold 0
985* 38
974 9914
1928 MS 9812 Sale 9838
8414
A
Col & Tol 1st eat 4s
8414
1955 13
8414 Apr'25
25-year gold 4,
8534
978
1931 MN 9712 Sale 9738
12
94% 9734
8138 813s
Conn & Pawum Riv 1st 48-1948 A 0 7734 8212 8158 Jan'25
96 Dec'25
Registered
1931 MN
9578 96
8311 8914 Leh Val Harbor Term 58_1954 P A 10234 fa" 0234 Dec'25
Cuba RR 1st 50-year 58 g
36
89
1952 3, 89 Sale 8712
10014 10314
106
D 10518 Sale 10518
let ref 7348
2 10218
10518
1938
Leh Val NY let gu g 4Hs_ _1940 3' 9658 Sale 9618
9538 98
9838
1
89
9312
Cuba Northern lay let 88_1986• J 9214 93 9212
927
16
934 Dec'25 _
Registered
93 9512
1940 3'
96
984 Lehigh Val (Pa) cons g 4s2003 MN 824 Sale 8218
Day & Mich 1st cone 4He-1931• 3 9778 9838 9814 Nov'25
8218
79
8434
8812 9212
Del& Hudson 1st & ref 4l_... 1943 MN 91 Sale 9012
41
91
MN
78 Nov'25
Registered
78
81
80-year cony 58
1935 A0 110 Sale 10814 110
140 10114 11012
General cons 4103
9212
2003 MN 9213 Sale 92
88
93
101
104
15-year 510
1937 MN 10334 Sale 103
Lehigh Val RR gen S.Series,2003 MN 1014 Bale 0118
10334 13
9838 102
10118 28
10-year secured le
1930 3D 10814 10834 1084 109
41 107 110
Leh V Term Ry 1st go g 56_1941 AO 10214 -- 0212 10212 10 1014 10234
934 9514 Leh & NY 1st guar gold 46._1945 M
D RR & Bdge let gu 41 11_1938 FA 9311 95
9338 Dec'25
8712 89 88 • Dec'25
844 89
'
3 8538 Sale 8538
8534 Lox & East 1st 50-yr 58 gu 1985 A0 10512 10814 0514 10518
82
Den & R 0-let cons g 4s__1936
8534 182
2 1034 107
'
3 8918 90
8578 9014 Little Miami 48
Consol gold 430
1938
3
894
8938
N 8411 87
1952
8612 Dec'25
8314 8711
95 99
1928 3D 98
Improvement gold 56
9814 9812
Long Dock consol a 135
9812 42
1935 A0 10913 -- 0914 Nov'25
107% 10914
55
70
Den& R GI West gen 5s.Aug 1955 MN 6512 Sale 6514
Long raid let con gold 56_51931 Q J 10014 --- 008
6612 78
99% 10314
10038
5
391s 517s
Des M & Ft D let go 46
19315'.3 45
4712 46
47
Q
2
let consol gold 45
J 9418 95
95 Dec'25
51931
94
9514
45
50
Temporary ctfs of deposit
4118 47
45 Dec'25
General gold 45
90 Dec'25 -193 3D
8812 9112
9314 9312
Des PI/tined Val lit 410-_1947 MN 93
95
9312 Feb'25
Gold 0
1932• D 9314 _
9312 Aug'25 -89% 934
3D
7014
75
Del & Mack-lat lien g 48-1995
70
72
704
7012
2
Unified gold 0
85
1949 MS 84
8412 Nov'25
8214 83
66
1374
1995 3D 65
Gold 0
7111 85 Dec'25 _
Debenture gold 56
1934 3D 9713 9713 9712
954 984
9712
2
91
1961 MN 94
Pet Air Tun 4148
9478
9438 94
20-year p m deb 58
944 10
1937 MN 98 Sale 9512
874 98
96
8
33
102 104
Dul Missabe & Nor gen 513-1941
102
____ 103
Oct'25
Guar refunding gold 48_1949 M
84
85 8414
82 8512
8414
2
10012 103
1937 AO 10134 1027 10214 Dec'25
Dui & Iron Range let 5s
Nor Sh B let con a go 56.01932 Q J 9914 Sale 994
9858 10014
9912 10
81
DM Sou Shore & Atl g 581937 33 85
90
8638 8518 Dec'25
Louisiana & Ark let g 56_1927 MI 10018 10034 00% Dec'25
994 102
88 9078 Lou &Jeff Bdge Co gu g 46._1945 MS 8814 874 8614
East By Minn Nor Div let 48_'48 AO 9018 92
904
904
1
83 8734
8714
2
East Tenn reerg lien S 511-1935 MS
9812 10212 Louisville & Nashville 5s
MN
9914
9938
1
10212
1937
104
03 Dec'25 -- 102% 105%
East T Va & Oa Div g 58_1930• J looig flan- 10038 10012
994 10118
3
Unified gold 48
1940 33 9314 9334 9314
91%
93
9514
13
12
Cons let gold 56
10214
1958 MN 10214 ____ 10214
1 10035 103
Collateral trust gold 58-1931 MN 10034 101
003
10034 14 100% 103
Elgin Joliet & East let a 58_1941 MN 105 Sale 10134
10178 16 101 1023s
10-year secured 7,1
1930 MN 10514 Sale 0514
105 10814
1053
4
48
El Paso & W 1st 56
9938 103
1985 AO 10214 103 103 Dec'25
1st refund 510 Series A,2003 AO 10634 10734 063
10734 14 104% 10374
Erie let consol gold 75 ext_1930 MS 103 10814 108
10838 17 107 10934
1st & ref 68 Series B
2003 A0 10414 Sale 0414
1047
2 101% 107
'
3 7434 75
6934 7538
let cons g 4s prior
19913
7434
7513 54
1st & ref 430 Series(3_2003 A0 9512 964 96
92 97
9678 31
'
3 718
Registered
6734 73
1998
7112 Dec'25 _
'
3 10478 ____ 04 Dec'25
N 0& M 1st gold es
1930
104 107
1st 000801 gen lien a 46
1996 J
613
4
Sale
68
•
6714
J
68
62
2d gold 68
6712
1930
10312 105
105
10312
Oct'25
0312
Registered
58
1996 J
671s
6412 Nov'25
Paducah & Mem Div 46..1946 P A 91
914 91 Nov'25
91%
80
'
A 9672 ____ 9634
Penn coil trust gold 0
1951
9512 99
B 6352 6612 65% Dec'25
9672 20
St Louis Div 2d gold 36._1980
61
65Is
AO
-year
cony
48
A_
6213
_1953
Sec
50
693,
22
6834 Sale 6834
69
L&N&M&M 1064148.1945 MS 100
96 loos
97
Oct'25
do Series B
60 6912
1953 AO 6852 6978 688i
L & N South joint M 46._1952.33 8434 ____ 84
69
64
8114 Mli
84
1
Gen..cony. 46 Series D_1953
69% 84
8332 Sale 8212
83321 51
Louts." Cita & Lox gold 430_1932 MN 99
99h 99 Dec'25
984 9914
1955 J
Erie & Jersey let If 138
10478 Sale 10414
.• 1 10138 103
1047s 19 10112 1064 Mahon Coal RR let 58
1934
02 July'25 ---99 103
a Due Jan, 2 Due Feb. I Due June, •Due Mal.
Due July •Due Sept. 0 Due Oct. 21 Due Dee. a 01221011 sale.
--
3117
New York Bond Record—cnntinued---- Page 3
••er
1 ,
(+4491gr. I
14We%
&Mgt
dune.
80,404
Thursky
ell
illiage Of
1!
Sines
Range or
11Thursd7y
N Y STOCK EXCHANGE
1)m, 2-l.
Lao Salo
Jas. 1.
JIM 1
to
Week Ended Dec. 24,
1.481 Sale
re I
.,n, Def. 21.
—
All Iro.
13gg
Nies NO Una
High! No' Low
.445 bow
111011
H106
Bid
Manila RR (South Lines) 48 1939 M N 63
6234
2
6912 6118 MOO h West gen gold 8e,...1931 M N 1064 ____ 10612 1)ec'25 ___- it/13 Mt,
6412 62;
Apr'25
19035
1074
___- 108411)8
____
Nov'25
67'.
Imoruvement
6312
64
&
ext
6i....1934
667
8
F A
1,I 64
1959 444 N
------------"u..
"I
-- - 1094 Se1,t'25 ---- 106 108
Manitoba oonization
10438
New River let gold
9
9734 11E4
i
1932 A 0 10614
68_. 1934 J D 991s 10038 10038
88
14
9014
80% 84
9235
Man GB & NW let 3)48_1941 1
N & W Ity let cone g 48,_.,.19%16A 0; 904 Sale 90
81% ....— Si Nov'25
000, 1 1'2
88
89
Michigan Central be
Regletered _ .
1996 A 0 86,2 ____ 8711 03125 ___104,
4 Duc'25
1931 Pei 8 1043s
91 1
1
8814 92
Div'l 1st lien &gen 9 48_1944 .1 1 91
100'4 100.2
Reglerterod
9114 51
121 8 99,4 ____ 10414 Dec'25
1929,s4
g
144
154
14712
14)
I
21
12512
1514
as
11)
9214
D3c'25
9414
35
-year
0034
eouv
66
J
92
19441 J
IL & 8 let gold 3348
Pocah C & C Mint ia
904 9314
9112
3
19411.1 D 9112 9144 9Et
1961 M 8 78% ____ 7/11 Apr'25
Nor Cent igen & ref 58 A
it gold 334e_ _
8112 81 Dec'25
1974M s 101 12 ._._ 10235 Noy'25 ...--- 1 10035 103
7934 86
1952 PA N 81
975g 006
8712 ----' 86
94
North (Mhz let guar g 54
96.2 98
20-year debenture 44
19461A 0 8712 Ws 87,2
1929 A 0 974 98
'
25 -931, Nor Pacific. prior lien 4e
87
Mid of NJ let e.xt be_ ._ _ _ 1940 A 0 9) 9112 9211 N Ar'25 __ __
47
83
87
88
1997 Q jj 86 2 Sall, 83
1997 Q 4 85'z --._ lio,s
824 854:
85,8 11
Milw L S .1 West Imp g 58...1929 F A 10018 10414 9912 Oct'25 __ _ _
Registered
991:1004
62'2
32
66,
4 624
5411 & Nor let ext 4 46(blue)1934 J D 93
General lien gold 38
52047 Q p 6l- Sale Cl a
8512 94
0411 94 N iv'25 ____
Cons ext 414s (brown)._ .1934 J D 9314 94
9112 Dec'25
83
9312
Registered
52047 Q r 6J. -- -- 67 2 SePt.2J ----1 6712 60
tets.
291
Ref & laud 4344 tier A____2047 J J 86'4 874 68 4 11.18.25 ---3
8812
Mil Spar & N W let gu 48.. 1947 FA 0 88s 8918 8812
83
834
j 21 82 ._._ 854 104025 ___8544 854
Regieterecl
9,111w & State I. let gu 330_1941 J 3 824 ___ 8154 Dec'25
8042 814
19835 101 10435 10812
Ref & Itnpt 66 ser B
983
,103
Minn & St Louie let 78
1927 J D 9934 10412 103 NJY'25 ____
2047 I I 10814 Salo 107 s
____
____
100
s
10635
y
May'25
---1
105
lit consol gold 5e
514
4
63
63
I
8
Regleicred
63
N
J
1934 51
944 99
11917
1
Temp etre of deposit
5614 80
Ref & Impt bs ger C____ _2047 .1 .1 9278 ---- 91i
65
5614 Nov'25 __ -M N 64
99 I 23
9441 99
22 1
Lit & refunding gold 48_ _1949 PA S 2135 Solo 2135
Ref & 10)1)1 55 sat I)
4
1914 26
2047J ,p 99 Sale 9811
Doc'25'_
Ref & ext 60-yr 5a Sir A_196'2 Q F
__I
1
1612 1512
1312 21.
1.5
St Paul & Duluth let 68_1931 Q F --------9914 Mar.24 ---let guar g is
14
844 -6-i____ 102 Sept'25 ____I 10018 102
192: J D 109
1st connol gold 4s
1968
M ER P & 8 S M eon g 48 Int gu '38 3 3 8735 Sale 8735
pac'25 ---- 10914 110
8734 25
Nor Par Term Co Ist g 651933 J J 10334 ---- 11J
8412 DO
lit eons 54 ____ _.
9472 1007e Noel Cal guar g ba
1938 1 1 98 Sale 9712
1938 A 0 10212 ____ 1434 Nov'25 ____ 102 10314
98 I
3
10-year coil trust 830_ _1931 M S 10314 Silo 102% 103141 21 10214 10414 North Wiaeonsin let 6s
1930 J J 10235 ____ 10314 Apr'25 __-- 10314 1044
9834 103
let & ref 68 Series A
1946 J I 9904 LH 101
Dec'25 _ _ _ _
Og & I. Chain let gu 45 g_.,1948 .1 J 19)-, ---- 7235
72'4
1
71'4 7844
984 101%
15-year 5141
891s'
2
8314 911s Ohio River RR let 9 be
1940 M S 8914 Salo 8912
1938 I D 1014 ____ 10114 0o0'25 ---1937 a 424 __
93%___
_
_ 10J 51,v 25 ____
4 100
let Chicago Term 8 f 48..,.1941 M N 9212
98,
__ 9212 Doc'24 ____
General gold 58
661;
jaws
Ore
a,
10J
Cal
10012
IV
guar
11301
g
4
9
1001e
1011?
M SS M & A let g 44 Int gu_1926 .1 1 994 1(10
54
1927 .1 J
9978 1300.25 ---991
Misehotrippt Central let Se _1949 J 1 93
94's
94
2
9314 Dec'25
94
Ore RR & Nay con g 4a
91
85% 9034
1946 3 D 10414 141
10434
2 10034 107
Mo Kan & Tex—let gold 48_1990 1 D 8478 Sole 8434
80488', Ore Short Line—let cone g 621.'46 J 1 10414 Sale 10414
8478 16
9
'
72,5
6 _6
-9
04
Mo-K-T RR—Pr 1 be Ser A_1962 J J 97 Salo 9634
1
0
94
14 19
Guar cons be
86
97'4
1948 J 2 10434 10512 1,943 Doc
9714 72
10-year 4e Scrim B
80
Guar refund 48
81
71 4 8034
80
5
1962 J J 80
1
9.3
734 8
Sal
ale
e 8
10-year 6e Series C_ _
93
712
84 8 72
81
:104,4 Oregon-Wash 151 & ref 48_1
85
25 1011
J, 8
9293
3 D
1932 .1 3 1025s 103 10215 103
1961
Dec'25 ____
Clue adjust be Ser A Jan 1967 A 0, 8984 Sale 8914
82
97
933
: 265
7634 92% Patine Coast Co let g 55....1946 1 0, 9212 11412 07
Missouri Pacific (reorg Go)
90
Par RR of Mo lot ext g 48_1938 F A 92 ---- 92 /1,50'25 ___.
9835
Let & refunding 66 Ser A 1985 F A l 894 Sale 8914
10..Pp
9814 1004
1
83
9014
9014 29
2r1 extended gold bs
1938.5 1 10)15 -___ 10Jip
9535 Nov'25 ____
let & refunding Os Ser 0 _1949 F A 1(1134 Salo 101%
9413 96
99 1034 Paducah & Ills let a f 4348 19554 J, 952 97
102
68
let & refuno tia tier E101_195fi PA N 111114 Salo 10148
78% 37
91135 102
7014 l'i III
19581F A 762 Sale 7611
102
Parts-Lyorut-Med RR 64
77
8418 44
General le. __
804 89
6212 67
6614 173
-__. 1975 M 8 66 Salo 65%
S t external 7s
1968 M S 831 Sale 824
Mo Pao 3d 7e ext at 4%
834
81,6 22
84% 895
80
90
8714 Dec'25
. Paris-Orleans RR 4 f 78
1938 M N 87% 88
1954 M II 83% 85
Mob & Bit prior lien 4 54
99 1031
97 1014
19453 1 9812 ____ 99 Sept'25
. Palilleta Ry 7e
1942 MI S 10434 101 10414 Dee'25 ____
Mortgage gold 4e
76
91
Pennsylvania RIO—cons 9 45 1943 al N 94 3 -- -- 94%
82 Nov'25
1945J J 7914 82
Ws
9
9174 9511
Mobile & Ohio new gold 138 1927 J 0 10212 Salo 10212 10212,
92 1
9
86% 90
Conaol gold 4e
1948 M N 91 8 93 914
1 10135 19414
14t extended gold 6.1___ _41927 Q J 10135 102 103 Dec'251 ____ 101It 104
1414 Dec'25 ____
9012 93
4. st soloed
1 1948 M N 9134 92
General gold 14
1938 M 15 894
9834
9712 100
4
90
81
901
.
Conaol 4 9.45
94 I
4
1960
1961) F A 9812 98% 1.1811
Montgomery Dly let e 55_1947 F A 10014 ____ 9834 Nov'25
94 4 25
91 1e 96
General 410
961e 101
19653 D 9412 Sale 11418
St Louis Diy Si
103'8 '23
9934 10344
95 10012
Geueral to
11)273 D 100 10012 10012 Dec'25
191189 D 10212 104 1024
Mob & Mar let go 940
10812 43 10714 110
1991 M S 8534 8834 8512 Nov'25
84,
4 8512
A 10812 Sale 1,18
0F
A O
10-year secured 76
193
936
Mont C let gu.150
1 l 14 Sale 11114
112
'24 lull% 112
1937 2 1 109 112 10912 Oct'25
15-year secured 6 As
I 109 113
let guar gold Se
10.1,2 June 25 ____ 1994 19914
101 10312
1, A 10334
Registered
1937 J 1 10112 103 102 Nov'25
M 4 X let gu 314e
98
114
76% 82
97
9844
40-year gold to
8014 777
7958 32
2000 .1 D 79
1984 M N 984 Sale 9814
Nasbv Chatt & St L let 6/-1928 A 0 101 14 Salo 10114
86,2 09t'25
8435 87
Pa Co—Go 314* coll LT A tee 1937 M II 86,2
101341
9 10114 1112
N Fla & 8 let gu g 68
824 8412
821 8412 8414 Dec'25
997k 102
Guar 394a con trust Sex 11.1941 F A
1937 F A 101% 103 101%
2
Nat By of Mex pr Oen 414,,_1957 i 1 --------30 Sopt'24 _ _ _ _
so
8334
Guar 34s trust MA C
1942 1 D 8134 ____ 82 Dox'25 ____
July 1914 coupon on
._ _
10 - -iti814 8215
____ ____ 19 Apr'21
Guar 3 541,1 trust ate D
1944 J D 8134 --__ 82 Dec'25 ___
Assent 8 f red June coup on - - 9614
9414 9614
96,4
2
1314 '2184
16% Salo 16%
Guar 15-25-year gold 44_1931 A 0 9614 —
1812 18
Guar 70-year it 45
1977 A 0
86 Dec'25 ____I 8435 864
Guar 48 Set h.
8712 July'24
1952 PA N 8612 87
Gen St 4s assenting red.._.
11 774 8235
8913
13
22
Peoria & East lit con 646_ _1940 A 0 7012 89% 8,935
- --.
1912 21 12 201 4
2134
16
Nat RR Met prior lien 4344_1926 1 ---------3812 July'24
304 37
3112
3412
11 31% 3734
income 4a
July 1914 coupon on
24 -241. -'
1/9 102
8
J J _._ _ ._ _ _ 24 Sept'25 ____
97)
41 Aptt) 10)12 Sale 10012 1034
UnIst634e._..1199
Assent with July '24 coup on -.l014 23
9714 11)1
'24
3-.% l'ere Marquette lit Ser A 54.1956 2 3 101 14 Salo 10034
3435 21
3214 33% 33
lit corm' 4e
1951 A 0
854
8514 ---- 8514 Dec'25 ____I 80
1st 40 Set B
28 Apr'24
9235 92% 9.!
Assent with Apr 1924()moon - - 11,
924
Pallet Halt A W lit g 44
1
9234 9435
4 20
1514 16
15%
15,
4,
6
New England cone 55
104 108
94 10 las
Gen 5.Scrim. B
94
19
19
.11'
F
'1 P4
A
j 1061e 106 a 106 Dec'25
94 I
5
1945 1 1 9418 96
000501 45
42 ,
5
79,
40
4 81.4 Philippine by 1st 30-77 a P4. 1937 1 / 42 Sale 42
4435
7934 Oct'25 ___ _
1945 3 .1 8 Pg 83
NJ Juno RR guar let 41... _ .1986 F A
8318 844 81 Nov'25 ____
Mize Creek regstd de
8312 86
10512 1054
1932 J 0 106 108 1(1535 Mar'25
9)4%
NO&NElet ref & imp 414* A '55 3 J 9212 924 9238
96
3
11
914
86
40
2 1 0 9612 9614 9G'2
9212 P C C & St I. gu 4 46 A
9212 21
9335
9912
New Orleans Term let 4e.. 19(3 3 J 8212 844 83
961 ____ 9611
Da
3
8014 84,5
96%
Series 13 4 10 guar
83 I
2
NO Tema & Mui let 64 Oct 192a / I I 9012 964 100 Sopt'25'... _ _ 100 10144
9514 ____ 9212 Dec'25
Serbs. C 454s guar
4
,
21
1 N
1 1.144
9235 9544
Non-cum income 68 Oct _ .193b A 0 116
95141 37
9214 ____ 9214 13JC*25
Serb* D 48 guar
924 981,
89% 95
9614 964
let Si Series B
92
__ 91 18 1.1,V25 ____
9014 11734
94
9014 1 31
90
Series E 334s guar gold
___ 96
19.54 A (1 98
lit49 F A
let 5344 Serif* A
9.4
924
98 1112
Serb's F 4s guar gold
1
9114 9311
1054 A 1) 10156 S de 101,
s
1953J 0
1021o1 16
N & C Bdge gen gu 414e
934 9404
9214 ____ 93 Aug'25
Series 0 4s guar
101.1,4 9144
11145 J 4 934 9612 94% Dec'25 _ _ _ _
1957 51 N
N Y B & M Islet con g be_ nab A 0 100
94
9214 ____ 9335 Sept'25 ____I 91
Series ft 4e.
994 11110
____ 99; Oct'25
N Y Cent RR cony deb 86_1935 FA N 107 108 10714
9514 99
9514
Serlee 1 eons guar 4346_196
954
1
944 Ws
91 F A
1074 15 108 1174
Registered
10 N 105 116 107 Sept'25 _
9.5 100
Lod 11812
95
95 ' 2
104
96
Serum J 4125
Coneol 48 Series A
824 871,
964 1141
100
General Ni te Series A _1998 711
1
1998 F A
8424 8635 85
8514 35
IN 100 Sale 100
Bet & Impt 49.46 "A"
1975 A 0 997 Sale 9912
9974 34
884 934
974 9974
Geu setae 5s Series B
2013 A 0 9312 Silo 93%
934' 27
Sat at impt Is FlerIce 0_2013 A 0 1014 Sale 10112 10134: 171
101 1005 Nov'25
99 1021. Pitts & I. Erie 2d g fis
9971 101
Registered
994 101 14 Pit ts Mr K & Y lot gu BB
4 10612 106 Aug'25 __! 106 108
A 0 894 ____ 10034 Aug'251 _ __
011
1/
912 ';' 1 105,
N 1. Central & Hudson River-PitteSh & L E let g 58
100 1024
1940 A 0 101114 ____ 10014 Oit'25
Mortgage 3346
76
7935
let comma gold Se
1001e 03225 _....-1 1004 1.01
1997 1 3 7814 Salo 7735
78141 26
1943.1 3 98%
74
Regtotered1997 J J 77
:114
1 hiay'25 ____
7814 Pitts Va At Char let 4e
8
988
04
84
763 Nov'25 _
9114 9114
Debenture gold ‘e
N Is92
N 036
1934 FA
924 98
212 Solo 944
Pitts 5' & Ash let cons 55_119
10414 1 Lou 101
92
43
7 M N 9918 __._ 10014
9434 24
Registered
9214 934
91
91 1
let gen 4s aerie/ A
2
9312 Nov'25 _
87
10-year debenture 44
102 103 102 Dec'25
tel gen 58 seriee B
1942 1 1 9135 93
9212
904 92%
100 1024
9212
1
Reglaternd
113
113
5312 6014
Providence Secur deb 48__ _ 7
____ ____93 Irob'25
5
1I
FA
lF N
U
A 644 -__ 551s Nov'25
Lake Shore coil gold 33,16.1998 F A
7403 7812 Providence Term Mt 48
76 Silo 76
8318 Dac'25 __-76 I 14
81% 834
1958 51 8 8314
Registered
74
79
7414 70
Reading Co gee gold 48
1998 F A
1
75 Dec'25 _
96
96
921s 904
1997 J 3 954 96
Mich Cent coil gold 3346_ _1998 F A
76
80
J .1
79
81
Iteghaered
787
944 May'25
_
9412 954
787
20
Regletered
7515 7612
90 Dec'25
88
1145
Jersey Central colt g 4.___1051 A 0 893 -90
7614 July'25 _ _ _ _
N Y Chic & St L let 9 45___ _127 r
A tb 7
1):TI48 -9-3-1-2 9312 9312 7 91 945. Gen & ref 144s Ser A
9214 08
9412 57
1997 1 1 94'4 9435 944
1937 A 0 9138 ____ 9214 Dec'25
89
Regletered
11291 RIehin & Danv deb 6s stpd_ 1927 A 0 9935 10038 10118
10018
.
3
9
79
644 10
29
1a,
16-year debenture 48
1931 Al N
9'1% tie% Filch & Meek late le
95
9512 15
9514 9514
58 M N
75 Dec'25
7314 79
194
241 66 Berke A BC
1931 rA N 1024 Silo 1024
9914 102
10234 31 10218 104t? Rlebin Terni Ry 1st gu 5s
4
10014
192 1 J 10014 Sale 1034
Ref 614. Berke A
9,
1137.
1974 A 0 98% Sole 9812
93
9
942 Rio Grande June 1st gu 5e-1939 J D 9535 98
9974 492
95%
3
05
9235 963e
N Y Connect let gu 49.4* A_1953 I; A 9214 9234 924
9213
7
51? 14
44 7 I 5
Rio Grande Sou let gold 4,s_19411 1 1
5
7
NAY & Erie let ext g 411-- - 1947 FA N 8824 ____ 8912 Oct'25
89
891:
41
6
Guaranteed
_-I 6 May'25 ____
30 eat gold 414e
90% 9512 Rio Grande West let gold 415_119"
1933 AI 8 9514 ____ 94 Nov'25
87
8214 894
87
58712
40
39
8714
8
4th ext gold 55
99 10112
1930 A 0 100
___ 10014 Oct'25
Mtge h roll trust 4e A
__
71
761,
743
17
1949 A 0 74 Sale 74
5th ext gold 418
9712 0712 It 1 Ark & Louie Mt 4346_1934 Al 6 88
19211 J )
I
9734 ____ 9712 Sept'25 ____
,
4 8918 8835
8935 59
88
90
N Y & Green L gu g 68
914
1946 All N 924
94
94
Oct'25 _
Rut-Canada let gu g 46
75; Bale 75%
734 77
75% 10
1949'
J
N Y & Harlem g 3314
767 80
2000 M N
7824
79 Nov'25'.
8514 89
Rutland lit cling 434e
87 I 10
1941 1 1 87 Sale 87
N Y Lack & W let & ref 5(1_1973 NI N_ _ __
St Jos & Grand lei lot g 48_ _1947 .1
. 80 July'24
7512 83
79141 12
7712 Sale 77
lit & ref 4(48
99l
9011 10054 St Lawr & Adtr let g 64
3
1973 FA N 9918 100
6
9518_._ 95 Sept'25
914 95.
09'u
N '2 L E & W lit 74 ext_ _1930 M S 108 107 107 Dec'25
ma A 0 101 10312 101
10514 107%
2d gold 614
Oct'25
101 1024
Dock & 'mot be
9944 100,
1943 1 1
4 St L & Cairo guar g 45
. 100,
4 Dec'25
9514 9614 95,4
9514.
2
94
981s
N Y & Jersey let be
1932 F A 100,
s Salo 10035
A j
101
a 99% 101 St L It 51 & 8 gen con g 158_ _ 1119993
3961 jj
10014
10014!
7, 994 101
Y & Long Branch gee g 46 1941 M S 904 92
9112 914
39793
9112 Juno 25
Unified & ref gold 4s
_951% 881e. 95
312 sep9
t523
,
4' _5
-2
.1 914
4:
8
3',
N Y NH & Hart n-e deb 481947M " 65
60
6012 6
70
7112 Dec'25 ___ _
112
72
Registered
M S 61
Regtstered
60 June'25 _
Rly & CI 141v Ist g 46
834 90
8812
12
1933 M
I r'' 8812 -89
89
Non-cony deben 348____1947 Al 6 62
5535 6312 St L 51 Bridge Ter gu g be__ _1030 A 0 9934 10034 9934 Dec'25 _ __I 9944 1004
65
8312 Dec'25
Non-cony deben 3Sig....Ail/A A 0 5012 017g 5714 Dec'25
544 60
St L & San Fran treorg co) 48 1950 /
71
78
7734 Sale I 7714
7734 281
Non-cony deben 44
6912
9
60
6912
Prior !feu Ser B be
1965 J 3 6812 Sale 6812
934 Sale I 9314
1950 /
8514 9335
9312 53
Non-cony deben 46
86
70
Prior lien Her C ba
1956 FA N 69 Sale 68%
8914 19
1023
:10234 10258
1928 „I
101% 103%
22
1027
Cony debenture 3346_1966 1 1 6114 6135 6114
63
6144
Prior lien 5346 Ser 0
61 3
9984 Sale 994
3
1942 1
99441 50' 93% 10035
Con. debenture 136
864 9814
CUM adjust Ser A 68____51955 A 0 9312 Sale 92,
9814 71
1948 1 1 98 Salo 9711
4
9312 991 8454 9414
Registered
.1 J
81960 Oct. 86% Sale 86%
Income Belled A 136
92 Nov'25 _
7014 9774
867e , 199
Collateral trust 58
119
,
8
4? N
90
A IQ 984 Salo 984
831'
:
100
94
&Louts
&
San
Fran By gee 6.'31 1 1 105 Sale 10478
97
53
105 I
3 10335 10574
Debenture 46
534 62
General gold ba
62
6112 62
14
6135
1931 1 / 10035 10114 1001* Dec'25 ____ 100 101
Cons By non-cony 45_ _ _ _1954 1 J
55
66
St L Pee & N W let go be
68 Dec'25 _ _ _ _
1948 1 1 102 1024 1017s
102 I 13 1004 10411
Non-cony deben 45.....19515 JJ
---- ---- 66
St Louis Sou 1st gu g 46
68
/___
68
66
5
1931 MS 9312 _ _I 944 Dec'25; __
9235 9414
Non-cont deben 46__ 1966 1
674 64
Oct'25 _
St L El W 1st gds bond ctfs 1989 MN 84 -84131 8414
_
61
841:!38
-- _ _
7884
31. 81
:
N Y & Northern let g be_._ _19'27 A 0 115659 ioi 100,
00
212 16
4 Aug'25 _ _ _ _ 16
00'
10
,42
2d g 46 income bond ctts-P1989 / 1 7414 75 I 74 D'25.
78
ec
_
N Y 0& W ref lit g 46...lune 1992 M 8 6858 68% 8834
Congo! gold 45
68;
2
08
7012
6652
11932
9 i 0 '3035 904 90
9078 65
91
8535
General 4.
J .1
1965 1 D 64
let terminal & unifying _
69'
64% 6474
6478
5
8135 9014
894 Sale I 8935
90 1
b
Regtatered
J 1)
65
65
Apr'25
St Paul & K C Sh L let 450_1941 F A
_ _ __ 85
8614 8635' 8614
8812
8
80
8744
NY Pro.& Boston le
864 864 St Paul E Or Trunk 4346_1947 1 1
1042 A 0 854 ____ 8612 Feb'25
90
Oct'25 ____
90
9115
N Y & Putnam let con gu 46.93 A 0 8434 985 8334 Nov'25 ____
St Paul Minn & Man con 46_1933 1 D 90951 -9534' 9512
9535'
4
8735 9612
N Y & R B 1st gold be
99
1927 M S 9935100 100 Dec'25
825
'.
8 108071/2%
Registered
_
9214 July'25
9214 9412
N y sueo A W let ref 6e
1937 1 J
7134 80
,It c000801l g 48
77 Dec'25 ____
1933 ../
..1 D 107i4 1-0352 1084 Dec'25 ____ 1064 1091s
za 9011 414e1937 F A
J J 5'8 68
63 Dec'25--_
6787
- - - 106
Oct'25 _
105%106
7 go
General gold 58
59,
64
6414
513 reduced to gold 4948_1933 1 1 9954 gale 995
5
1940 I" A 6314 64
99341 10
954 1004
Terminal let gold 55
1943 FA N 97
93
97
Registered
93 Sept'25
97
_
9712 Apr'25
971s 98
NY W'chee & 13 let Ser I 048_'46 1 J 6814 Sale 6814
D
j
6
770
9
5.2
7
%4
j
8,
t
g
iex
t
e
t
70
454
MR
on
,
33
7
red
let gold 46.....„1
6914
13
193
:
934 -95
927e Dec'25
8735 951
Nord Ry esti e IS lis
J D
1950 A 0 7814 7835 7814
7912 35
9014 Sept'25
Do
921:
7814 &do 7814
Norfolk Sou let & ref A 54..1961 F A
78% 18
Pacific ext guar 48___ _1940 1 1 8874 8934 88,
894
88
____
Norfolk & Sou let gold M._ 1941 Nt N
0613 Nov'25 __ _ _ 9484 98 St 5461 Onion Depot fle___1972 3 2 10112 Sale 10112s Dec'25
9014 oe
102 1 10 100 1021.
Due Jul,, p Due Nov. 4 Opt on sale
a Due Jan.
1110513,1
N. Y.STOCK EXCHANGE
Week Ended Dec 24.
1
iiii'sI
7
3118
New York Bond Record—Continued—Page 4
BONDS
N.Y.STOCK EXCHANGE
Week Ended Dec. 24.
Price
Thursday
Dec. 24.
Wars
Range or
Last Sale
Ask Low
Bid
Iligh No
6•& A Pam lat gu g 481943 J 3 8314 Sale 8314
83%
8
Santa Fe Pres & Phen 58_1942 M S 99 10012 10012 10012
1
Say Fla & West let g 6s____1934 A 0 10912
111 Dec'25 -let g 5s
10184 Dec'25 _
1934 A 0 10114
Scioto V & N E 1st gu g 4a 1989 M N 8734 -8834
- 8918 Dec'25
Seaboard Air Line g 0
4
7934 7914
80
1950 A 0 79
Gold 48 stamped
79/
1
4 11
1950 A 0 79 Sale 79
Adjustment tra
8714 72
Oet 1949 F A 8614 Sale 8614
Refunding 4s
7214 64
1959 A 0 72 Sale 72
1st & cons 8e Series A1945 M S 95 Sale 9414
95
186
AU & Birm 30-yr let g 48_31933 M El 8834 Sale 88,
88%
5
4
Seaboard & Roan Ist 5a
-- 100 Dec'25
1926 J .1 100
eihN Ma cone gu g tn
1936F A 10234 11418 10418 July'25
Gen cons guar 50-yr 58-1963 A 0 105 107 10412 Oct'25
So Poll DOI 48(Cent Pee 001)11949 .3 D 864 8634 8638
8634 17
Registered_
85 Sept'25
J D
30-year cony0
9738 71
June 1929 M S 9718 Sale 9718
-year cony 58
1
100
1034.3 D 99521 10014 100
30-year g 56
10012 Dec'25
1944 M N 100
San Fran Terml let 0_1950 A 0 8612 Sale 8618
8612
2
Registered
84 July'25
A 0
So Pm of Cal--Gu g 5a
104 Aug'25
1927 M N
Bo Pac Coast let gu g 48
9412 Jan'25
1937 J J 9418
So Pao RR let ref 4e
8978 54
1966.3 .7 8958 Sale 894
Southern—let cons g 5e
10438 37
1994.3 J 104 1044 104
Registered
10212 Dec'25
J D
8158 149
Develop & Ken 0 Ser A__1956 A 0 8112 Sale 8114
Develop & Ken 613
21
1958 A 0 10814 109 10738 108
Develop & Ken 634e
21
1956 A 0 112 Sale 11134 112
Mem Div let g 4%e-58_1996 J J 10134 ---- 10112 10112
2
St Louis Div 1st g 48
19513 J 8734 ---- 8734 Dec'25
87
Mob & Ohio coll tr g 48 1938 M S
87
10
So Car & Ga let ext 5348_1929 M N 1013s 161-7-8 10138 10138
1
Spokane Internet let g be.. _1955 J J 8018 84 80 Nov'25
Term Ann of St L lat g 4;0_1939 A 0 9678 9712 9634 Dec'25
let cons gold 58
101
5
1944 F A 10118 102 101
Gen refund s f g 4a
8514
6
1953.3 J. 85 Bale 8434
Tex & N 0 con gold 5a
98 Dec'25
19433 J 97
Texas & Pac let gold 5a
7
2000 1 13 10212 10234 10212 10238
La Div B L let g 58
9914
1
19313 J 100 10014 9914
Tex Pee-Mo Pee Ter 554$_1964 M S 9918 9912 9918
9914
7
Tol & Ohio Cent let gu 5e 1935 J J 9934 101 10058 10058
3
Western Div lat g 58
9978 Nov'25
1935 A 0 10018 101
General gold 58
9812
4
9812
1935 2 D 9812 99
Toledo Peoria & West 41917 J J 33
35
33 Nov'25
Tol St L & W pr Oen g 3%1_1925 J J 8718 90
9978 May'25
50-year gold 4s
8634
8612
3
1950 A 0
T01WV&Ogu410A,
__ 9738
19313 J
9738
1
Series B 4lis
9678 98
9638 Dec'25
1933 3 J 9738_
Series C 49
-_ 90 Nov'25
1942 M S
_
Ter Ham dr Burr let g 4s
8612 875e 861/ Dec'25
1946 J D 9014_
Ulster & Del 1st cons g fre
1928 J D 7534 7714 7714 Dec'25
_
let refunding g 48
43 4034 Dec'25
1952 A 0 41
Union Pacific let g 48
19473 J 9238 Sale 92
9212 44
Registered
J .1
90
90
1
20-year cony 48
19273 J -1564 Sale 994
9938 10
let & refunding 49
e2008 af S 868614 86
8638
9
let lien & ref 58
106 107 106
22008 M
1064
7
10-year perm secured 68_19283 J 103 Sale 10234 1034 35
O NJ RR & Can Ken 0__1944 M
9134 9234 93 Aug'25
Utah & Nor gold 0
1928 3 J 100 10012 100 Dec'25
lot extended 48
19333 1
___ 9358 Sept'25
Fandalla cons g 4s Ser A
88
1955 F A 9489 8814 Nov'25
Consol 48 Series B
1957 M N 8738 ---- 8712 Dec'25
Vera Cruz & P let gu 4%8_1934 .1 1
70 Sept'25
_
Assenting let 410
1934
2558 25
25
5
Verdi V I & W let g 5e
1926 M 8 100
9934 Nov'25 _
Virginia Mid Series E 5e_1926 M S 6934 1001
100
/
4 100
1
5s Series F
1931 J J 100 -- 100 Dec'25
General 58
1936 M N 100% -- 1004 10058
2
Va & Southw'n let gu 0_2003 J .1 9812 -- 9834 Dec'25
let cons 50-year 15a
1958 A 0 9014 -9114 9014
9014
4
Virginian let be Series A_1961 M N 10012 Sale 10038 10034 169
Wabash let gold tre
1939 M N 10214 Sale 1024 10234
9
24 gold 5e
1939 F A 99 Sale 99
9918 15
Ref s f 5%eser A
1975 M B 98/
1
4 Sale 9718
9858 56
Debenture B Be registered_1939 M S
9334 Feb'25
lit lien 50-yr g term 48_1954 J J +We 83 8134 Nov'25
Det & Ch ext lirt g 5s
1941 J J 101
__-- 10012 Nov'25
Des Moines Div let g 4a-1939 1 J
8238
8238
2
Om Div 1st g 3lis
1941 A 0 7718
77 Dec'25
Tol & Ch Div g 4s
1941 51 5 8514 -- 8612 Nov'25
Warren la ref gu g 3lie
2000 F A
Oct'25
- Wash Cent 1st gold 48
7512-83-/
1
4 8312 Dec'25
1948 Q M 8112
Wash Term let gu 330
1945 F A 83
8358
8
8414 8358
let 40-year guar 0
1945 F A 90%
8232
8253
2
W Min W & N W 1st gu 58-1930 F A 9812 97% 9638 Dec'25
West Maryland lst g 413
1952 A 0 6712 Sale 6712
88
47
West N Y & Pa 1st g 58
1937.3 J 1001
— - 101 Dec'25 _ _
Gen gold 48
1943 A 0 8312
2-85 8318
8334 10
Income g 5s
Apr 1 1943 Nov 40_- 45 Feb'25
Western Pao let Ser A 56_1946 M El 9614 Sale 96
9638 45
let gold 6s Series B
1946 M El 10212 Sale 10212 10234 26
West Shore let 48 guar
2
8438
2381 .1 J 83% 8414 8334
Registered
2361 J J 83
- 83
1
83
Wheeling & L E let g 5a
1926 A 0 100 fol 10018 Dec'25
Wheeling Div let gold 58_1928 J J 8834 100's 10018 Dec'25
Ext'n & impt gold 5a
1930 F A
- - 9812 Dec'25
Refunding 434e Series A-1966 M S 8813"
- 81 Dec'25
8034 8138
RR let consol 4s
8153 30
1949 55 S 8112 Sale 8111
Wilk & Eaat let gu g 58
6418 654 644 Dec'25
Will & El F let gold be
1938.3 11 10158
-- 103 Nov'25
Winiiton-Salem El B let 48-1960 .1 .1 86 -8.
4
8834
7 8612
Wis Cent 50-yr let gen 48__ _1949 J .1 80% Sale 8034
8034 12
Sup & Dul div & term let 40'36 141 N 88% 871a 8714
1
8714
Wor & Con East let 4 Hs_ _1943 J
7714 ---- 8218 Dec'25
INDUSTRIALS
Adams Exuma,coil tr g 0_1948 M
1
85
-- 85
85
Ajax Rubber let l5-ye f 88_1938 3
4
_- 10212 103
102,
4 103
Alaska Gold M deb 68 A
1925 M
4
2
4
412 4
Cony deb 68 Series B
1926M
4
4
418 4
1
Alpine-Montan Steel 78___ A955 M
914 21
914 Sale 9118
Am Agri° Chem let 501
1928 A
10234 103 10234 Dec'25
lit ref a 1 7lis g
10334 Sale 10358 104
77
Amer Beet Sag cony deb 68_1
193
45
1 F
9814 Sale 9838
8
9812
American Chain deb a 1 68__1933 A 0 98 Sale 98
98% 10
Am Cot 011 debenture 512_1931 M N 9712 Bale 97
1
9712
Am Dock & Impt gu fle
19363 J 10534 106 10534 Dec'25
Amer Ice deb 78_ _July 15 1939 --- 13412 Sale 13214 13412 12
Am Mach & Fdy 8 f 13s
1939 A 0 10012 sale 10012 10012
6
Am Republic Corp deb 88_ A937 A 0 98
9812
99
5
9812
Am flm & R lot 30-yr 68 serA 1947 A 0 9912 Sale 9912
99,
4 75
1847 A 0 107% 10734 10712 108
let M 66 series B
5
Amer Sugar Ref 15-yr 6s
1937 J J 103 Bale 103
10312 61
Am Teiep & Teleg cull tr 0_1929 J J 97 Bale 9719
9734 141
1936 M 8 9112 9212 904 Dec'25
Convertible 0
8
1933 M
20-year cony 4 lie
9734 9834 98 Dec'25
80-year coil tr 58
1946 J 0 101 Sale 10034 10114 65
J 9734 Sale 9712
85-yr a f deb 5a
mN
43 3
1980
97,
4 297
110-year e f 6;48
10358 Sale 10338 10334 135
Am Wat Wks & Elan 58-1934 A 0 9614 9634 96
9614 17
1939.3 .1 48
Am Writ Paper e f 7-68
4858 49
4
49
Temp Interchangeable Ws dep.
48
4858 48%
7
48%
Anaconda Cop Min let 68_1953 FW 10114 Sale 10114 1011
/
4 113
15-year cony deb 78
1938 F A 10518 Sale 104
1054 213
Andes Cop Min deb 7350% pd'43 J J 9678 Sale 9638
63
97
Anglo-Chilean Nitrate 78_1945 M N 98 Sale 9712
981s 114
Ant=(Comp Axle) 734e -.1939 J J 86
8632 86
86% 51
Ark dr Mem Bridge & Ter.0_1984 M B 9378 94 934
934 35
a Due May
e Due June
/tango
Since
Jan, 1.
Low
MO
81 8514
98,
8 102
107% 111
10114 102
8784 9054
74 8112
8212
74
73 88
5911 7312
84% 96%
83% 89%
4 10118
99
,
10215 10418
10272 109
84 8812
85
81
96% 98
9912 10312
9812 101
84 88%
1
4
83 85/
10218 104
94,
8 9412
8714 92
100/
1
4 10412
99 10212
,
4
73% 81
103 108
106
,
4 113
gg% 10212
8614 8734
825s 8834
10012 103
80 8712
9614 984
gg 1014
8034 86
9614 99
99% 103
98 1004
97 10014
9934 10112
9912 10014
96/
1
4 99,
4
28 35
go% 99%
82/
1
4 87%
9684 97%
9658 971s
89% 90
84 8712
8714 9218
40 62
9054 9412
89% 93
astt 99%
8312 90
10378 10712
10212 1043s
92/
1
4 93
9914 10118
935s 9358
8638 8814
864 8751
20 20
23
,
4 26
99% 100/
1
4
084 10012
9912 101
100 10212
93% 102
84% 9334
96 10112
10014 102/
1
4
944 99%
94/
1
4 99
93,
4 93%
7712 83%
mos 10112
81,
4 88
74 7734
8412 89
77 77
8112 86%
gils 8512
8332 Ws
9534 9713
831 69
9844 101%
7912 8334
45 45
9014 9612
10018 10612
8114 8614
7914 84
100 10134
9834 101
we, 99,
4
68
81
72 81%
61,
4 67/
1
4
101% 10314
8 8712
82,
77/
1
4 8112
80% 87/
1
4
75,
4 8218
85 8712
9413 lo3,4
34 6%
4
6%
608 91%
mos 103
904 1004
97% 102
4
96% 99,
9114 9712
105% 1081,
113 138
98 10112
911
/
4 100
95/
1
4 99%
103
,
8 10812
99% 10414
96% 97%
89% 9714
94% 115
100 10214
94/
1
4 981s
101 105
9212 98
44 6312
43 63,
4
99/
1
4 102
99/
1
4 105%
94 10012
9712 101
86 9412
91
9514
6 Due May. 2 Duo August. a OptIon sale.
Price
Thursday
Dec. 24.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 24.
Week's
Range or
Last Sale
Fag3
Bid
Ask Low High No,
Armour & Co let real est 4%81939 J D 9018 9012 904
904 21
Armour & Co of Del 510_ _1943 .1 .1 9438 Sale 9414
9458 54
Associated 0118% gold notes 1935 MS 10258 103 10278 1024
2
Atlanta Gas L let 58
1947 D 994 ____ 9838 May'25
Atlantic, Fruit I's offs dep-1934 j
1738 20 2112 Dec'25
1412 3978 1712 Nov'25
Stamped Ws of deposit
Atlantic Refg deb 58
9978 21
1937 2- j 9958 Sale 9938
10618
Baldw Loco Works let 58-1940 M N 105 10512 105
7
Baragua(Coup Az)7%8.-1937 3 J 10418 Sale 104% 10418 10
Barnadall Corp at cony 8% A1
Sale
105
105
3
10518
196
930
1J
A0
3
Bell Telephone of Pa 58
1948.3 3 10018 Sale 10038 100% 18
1st & ref 5s Ser C
10012 Sale 10012 10014 236
Beth Steel let ext f 54
997 Sale 997k
2
9978
ln
g
ref 58 guar A
9514 Sale 9514
4
96
30-yr p m & imp f 58
25
925e 9312 93
93
1936 j
Cone 30-year Be Series A1948 F A 9518 Sale 95
9533 51
874 13
Cons30-years34s5erleeB 1953 F A 87% Sale 8838
4
941
/
4 Sale 94
94/
1
4
Blng&Blngdeboj4s
1950 m
Booth Fisheries deb s f 68_1926 A 0 89
2
90 89
89
Botany Cons Mills 34e
9414
16
95
1934 A 0 9434 95
Brier Hill Steel let 510-1942 A 0 10114 Sale 10114 10112 16
B*way & 7th Av letog5e.. 1943j D 73/
1
4 7578 74¼
7712 37
Ctfe of dep atmpd June'25 lot
____ 7534 75
7834 20
Brooklyn City RR be
6
1941 1-.1 9314 9384 9314
9338
Bklyn Edison Inc gen be A 19
930
49 j j
s 10212 ____ 10214 10238 53
General (18 Series B
1
104%
Bklyn-Man R Tr Sec 6s
1968 j j 9258 Sale I 9138
9234 415
Bklyn Qu Co & Sub con gtd 58'41 MN 63
6334 6114
1
6112
lit 58
1
1941
j 7712 79 I 79
79
Brooklyn R Tr 1st cony g 48-2002 .1 .1
_ _ I 92 June'25
3-yr 7% secured notes_ _ _1921
13612 Nov'25
.1
CUB of deposit stamped
12314 May'25
Bklyn Un El let g 4-5e
1950 VA -661.2 -89 8812
4
8834
Stamped guar 4-5e
1950 FA 8812 8834 8812
2
8812
Bklyn Un Gas let cone g 58_1945 MN 10214 ____ 102 Dec'25
10-yr cony deb 7e
18512 Nov'25
1932 MN
let lien & ref (3s Series A....1947 MN 110% ____ 10912 Dec'25
Buff & SW( Iron s f 5s
1932 J D
924 Nov'25
Bush Terminal let 48
*0 8734 -8912 8718 Nov'25
Consol be
.33 9112 9212 92 Dec'25
Building 58 guar tax ex_1119
996
555
0
2*0 96 Sale 9678
97
19
Cal0& E Corp unif &ref 58_1937 MN 10034 Salo 10058 Dec'25
Cal Petroleum s f g 6328 _1933 A0 10312 10358 10312 10334
7
Camaguey Sus let a f g 7s 1942 A0 9114 Sale 9012
9114 32
Canada SS Linea 1st coll s f 713'42 MN 101 Sale 10012 101
12
Cent Dist Tel 1st 30-yr 58_1943 J O 10134 102 101% 102
4
Cent Foundry let 51 13s
1931 P A 9712 9934 9984 Dec'25
Cent Leather lst liens f 68.._1945 j
10018 Sale 10018 10012 51
Central Steel let gel 88--..1941 MN 11434 116 ,118
4
118
Ch 0 LA Coke let &Mil 515_1937• .1 10134 ____'10134 10134
1
Chicago Rye let 5e
1927 FA 78 Sale I 7818
7978 72
Chile Copper 68 Ser A
1932 * 0 10734 Sale 10678 10734 84
Mein Gas & Elea let & ref 56'5
38
2 AO 102 Sale 10214 Dec'25
/3)413Ser B due Jan 1
1967 AO 10378 Salo 10373 10418 13
Clearfield Bit Coal 1st 4s
1940 J J 7634 ____ 82 Nov'25
Colo F & I Co Ken e f 5s
1943 FA Of) Sale 8838
28
90
Col Indus let & cell 58 921_1934 FA 8312 84 83
8
8312
Columbia(I & E let be
10032 10058 10012 10012
1927 J
1
Stamped
1927 J J 10033 Sale 10038 10058
6
Col & 9th Av let gu g 5s
_
1993 MS
10 Oct'25
Columbus Gas 1st gold 5s
99
1932 j
9914 9914 Dec'25
Commercial Cable let g 4s_ _2397 Q J 7312 74
74 Dec'25
Commercial Credit at 6e...1934 M N 100 Sale loo
100
59
Commonwealth Power 6s
1947 MN 103 Sale 10234 103
23
10458 ___- 10412 106
Computing-Tab-Reo s f 6s 1941 J
4
Conn Ry & L let & ref g4lie 1951.33 91
92
91
5
9114
Stamped guar 4 948
1951 • J 9114 Sale 9114
7
9112
Cons Coal of Md let & ref 58_1950 J o 804 Sale 8034
817s 34
Congo'Gas(NY)deb 534s 1945 FA 10418 Salo 104
10414 113
Coned Pr dr Ltg let 6lia„ _1943 M
10334 10412 10334 10418 10
Cont Pap & Bag Mills834a1944 FA 7912 Salo 794
12
791
Consumers Gas of Chic gu 591938 3.3 10023 10034 10035 Nov'25
Consumers Power 18t 5s__1952
974 Sale 9712
98
29
Corn Prod Refg e f g 5a
1931 MN 9912 ___- 904 July'24
let 26-year sf55
MN 10012 10138 101
1
101
Crown Cork & Seal 1st s f 68_1
1943
34 FA 83 Sale 83
834 20
Cuba Co cony s f 63
96
1935
9614 96
9612 38
Cuba Cane Sugar cony 75_ -A930.33 9338 933 9312
931
1
Cony deben stamped 8i2.1930.3.3 9712 Sale 9712
98
7
Cuban Am Sugar let coll 88_1931 M
108 Sale 10734 108
71
Cuban Dom Bug let 730-1944 MN 93
9314 9234
9314 33
Cumb T & T let & gen 6a1937.33 9934 100
9934
9973 25
Cuyamel Fruit let 6e lot ctla '40 * 0 94
941 9412
941
5
Deny City Tramw let con 5e 1933 AO
8218 Aug'25
Den Gas & EL latarref el g 55'51 MN -1715iz Iiti 9378
1
934
Stamped
MN 9312 9384 9312
6
9338
Dery Corp(D 0)1st a f 7s__1942 MS 8612 Sale 8412
8
861
Detroit Edison 1st colt tr 58_1933 J J 10034 10118 10034 10078
let & ref 56 Series A_July 1940 M S 10234 Sale 102
1023
9
Gen & ref 58 Series A
1949 A 0 10114 Sale 1001: 10114
9
Ist & ref de Seriee B.-July 1940 M
10712 10758 10738 1077
13
Gen & ref 5s eer B
1955.3 D 9978 Sale 994 10014
7
Del United let cons g 4348_1932 J J 8934 90 90
1
90
Dodge Bros deb 6s
958 205
1941 M N 9534 Sale 95%
Dold (Jacob) Pack let 0_1942 M N 75 Sale 75
15
78
Dominion Iron de Steel 5e-1939 J J 62 Sale 62
5
62
Donner Steel let ref is
1
19423 J 94
941 9414
941
du Pont(EL) Powder 410-1936 J D 9878 ____ 95 Nov'25
Duquesne Lt let & coil 68 1949 J J 1051
32
/
4 Sale 10514 108
lstcolltrugj594e5erleeB,1949J J 1048 10512 105
3
105
East Cuba Bug 15-yr e Is 7348'37 M S 10414 Sale 10414 105
26
Ed El III Bkn lat con g 4a
931
1939 J J 92 Sale 9118
4
Ed Else Ill let cone g 5a
J 10214 ____ 102 Nov'25
1995
Elea Pow Corp(Germany)610'50 M
88, 10
8618 Sale 86
Elkhorn Coal6% notes
19253 D
100 Nov'25
Empire Gas & Fuel 710
1937 M N 10255 Sale 102
1023
53
Equit Gas Light 1st con 58..1932 M
100
9912 100 100
1
Federal Light & Tr 1st 58_1942 M
93
9214 9234 9212
14
let lien 63 stamped
1942M S 19
134 13
02
142 19
03
1 19
03
03
17
4 19
30-year deb 85 Ser B
1964.3
7
Federated Metals et 78
19393 D 9718 Sale 98
9812 23
Fisk Rubber 1st a f Se
1941 MS 11312 114 11312 1137s
4
Ft Smith Lt & Tr 1st g 5s-1938 M S 78
7812 7812 Dec'25
Frameric Ind & Dev 20-yr 7348'42 J J 88 Sale 88
8814 15
Francisco Sugar let sf 734s 1942 M N ,
104
97
18 Sale 11000418
l042132
Gaa & El of Berg Co cons g 581949 1 D
Nov
Gen Asphalt cony (le
1939 A 0 10418- ____ 104 Nov'25
General Baking let 25-yr (18-1938 J D
10478 Nov'25
Gen Electric deb g 3lie
1942 F A 8818 Sale 88
88
7
Gen Rafe 1st a g Ser A-1952 P A 103 1041
/
4 10212 10212
7
German Gen Elea 78-Jan 15 1945.3
95
95'S 95
9512 38
Goodrich Co 6 yfe
1947 J
104 Sale 104
10438 17
Goodyear Tire & Rub let e f 1941 M N 121,
4 Sale 121 . 12134 21
10-year e f deb g 8s
01931 F A 109% Sale 10984 110
41
Gould Coupler 1st s f 6s____1940 F A 9112 Sale 9012
9111 13
Granby Cons M S & P con 68 A'28 M N 100 10114 100
100
3
Stamped
1928 M N 100 10014 100
100
1
Gray & Davis 1st cony s f 70_1932 F A 97 Sale 97
5
9712
Gt Cons El Power(Japan)78_1944 F A 9134 Sale 91
92 802
Great Falls Power let if 58_1940 M N 101,
4 10214 10134 10334
3
Hackensack Water 1st 4s
1952 J
861s 87 874 Nov'25
Hartford St Sty 1st 411
1930 M S 854 ____ 8512 Aug'25 Havana El Ry L & P gen 1511.12'54 M S 9212 93 9212
9258
8
limns Elm consol g 58-1952 F A 9434 96 9434
9434
2
Hershey Choc let of g 8s_1942 MN
10418 Oct'25
lit M dr coil 53.4e int ott 1940 J J 9934 Sale 9938
9934 75
Hoe(R)& Co let 634e temp-1944 A 0 98 Sale 9713
98
5
Holland-Amer Line 134 (22a0.1947 MN 854 86 854
8814 10
Hudson Co Gee let 5 58-100 M N 1004 ____ 10038 10038
a
is &
4,4
t
Range
Since
Jan, 1.
Low
Mel
85 91
91
95
1011
/
4 10312
9734 9834
17
26
1512 22
1
4 10012
97/
9934 10518
103 107
102 106
100/
1
4 103
1
4
100 101/
1
4
99% 101/
9314 om4
90 94
9312 9711
85 8912
92/
1
4 96
7018 93
94
9612
97 103
68 79
67% 78
90%
991s 103
103,
8 106
8214 92,
4
6114 71
73/
1
4 81
92 92
13612 136/
1
4
121 12314
8112 90
81% 89
,
4
6022 102
155 190
10714 110%
9115 94
84, 91
86/
1
4 9212
9318 98
,
4
98 10112
10e18 10412
87 9518
904 101
10014 10212
9234 100
9734 10112
110 118
9814 10184
7312 88
105 11112
0812 10214
100/
1
4 105
80 82
87% 93
80 8612
100 10214
100 101%
914 14
93% 99%
7112 7712
98 101%
9753 10312
10114 106
0034 921.
8812 93
7812 90
101/
1
4 105
100/
1
4 105
78 9212
9278 10078
9034 100
ama
kW'raj
74 90
9534 9634
92 98
96 10231
10732 110
92 98%
97 10112
93 99%
821a 8314
9212 97
9254 96
75 8612
99% 102%
9912 10234
97% 101,
4
106% 10813
99,
4 10014
88
9314
94 100
75 88/
1
4
50 6858
88
,
4 97
901s 95
104% 107%
104 108
100 108%
89 9514
9912 103
864 8810
97 10014
9714 105
9913 10010
.88
9612
9614 103
9112 94%
97 107
108 115
7614 8284
86 9538
103% 106%
98% 100
101 104%
1012 105%
83 9912
100 10212
92 96%
100% 106,
4
119 1211
/
4
108% Ill
go% go
9318 101
93/
1
4 100%
92 9712
87/
1
4 92
99% 103
,
4
83% 87%
8235 85%
85/
1
4 9535
92% 9714
103 105
98 100
94 104/
1
4
79 9014
98/
1
4 100%
New York Bond Record—Continued—Page 5
BONDS.
N.Y.STOCK EXCHANGE
Week Ended Dec. 24.
Price
Thursday
Dec. 24.
Week's
Range or
Last Sale
41
I
%.
5
Ask Low
Bid
High No
Humble 011 & Refining 530_1932
101% 36
10158 Sale 10114
Illinois Bell Telephone 56___1956 J D 101 Sale ;10034
10078 23
Illinois Steel deb 4),a
7
9512
1940 A 0 947 9512 95
Ind Nat Gas & 011 be
901
5
1936 M N 9012 9114 0012
Indiana Steel 1st be
103
3
1952 M N 10214 Sale 102'4
Ingersoll-Rand let ba
9934 ____ 9934 Oct'25
1935 3 J
Interboro Metrop coil 440_1956 A 0
11
3
20
11
Guaranty Tr Co etre dep
412 Aug'25
13
Ctfdepstpdaestd 16% sub_
1012 Mar'25
Interboro Rap 'Fran let 6e__1966
67 Sale 6612
6712 59
6512 Sale 6514
Stamped
6658 176
6818
10-year 6s
6914 36
1032 A 0
10-year cony 7% notes__ _1932 M S 89 Sale 89
14
89
lot A gric Corp lot 20-yr bs_ _1932 M N 8814 Sale 8858
8914 16
Stamped extended to 1942_ _
8212 40
M N 8218 8234 8212
Inter Mercan Marine f 58_1941 A 0 8818 Sale 8334
861
/
4 27
International Paper bs
9734 Sale 9734
1947 J
9812 65
Ref a f 6s Ser A
9578 57
1955M S 9712 Sale 9514
Int Telep & Teleg cony 530 1945 M
10812 Sale 10612 10878 920
Jurgens Works 6s(nal price) A947 J J 10212 103 10118
10212 11
Kansas City Pow & Lt 541_1952 M 5 10038 Sale 10038 100/
1
4 10
10212 15
Kansas Gm & Electric 6e1952 M S 10112 Sale 10112
Kayser & Co 7e
1942 F A 107.2 108 10712 10712
Kelly-Springfield Tire 88._A932 58 N 10312 Sale 10318
10378 16
Keystone Telep Co let 5s
1936 J .1 9114 Sale 9114
5
9114
Kings County El & P g 5s_ _ _1937 A 0 102
____ 10234 Dec'25
Purchase money 65
12034
1997 A 0 12034 ____ 12034
Kings County El let g 4a1949 F A 77 Sale 77
77
Stamped guar 48
1949 F A
77
77
7814 77
2
(Singe County Lighting 513_1954 J J 9878 Sale 9858 Dec'25
%F.
19543 J 10718 ____ 10778 Dec'25
Kinney Co 734e
1936 J D 107 10712 108 Dec'25
Lackawanna Steel be A
/
4 Sale 9412
1950 M S 941
95
Lae Gas L of St 1. rel&ext Se 1934 A 0 101
____ 101
101
Coll & ref 510 Series C1953 F A 10238 Sale 10214
10234 70
Lehigh C & Novel 4345 A1954 J J
__ 99
98 Dec'25
Lehigh Valley Coal 1st g 55_1933 i .1 16018 101 mo
mo
Lex Ave P F let gu g bs 1993 M S
4114 Dec'25
Liggett ege Myers Tobacco 76_1044 A 0 11818 119 118
1181
Registered
A 0 11614
11612 Oct'25
Is
1951F
10112 102 1011
/
4 10138
5
Registered
F A 9814 ____ 98
Oct'25
lbottllard Co (P) 75
1944 A 0 11614 11612 11612 11612
Registered
A 0 114
____ 11534 Oct'25
5e
1951 5' A 9758 0814 9814
9812
Registered
F A 9414
9614 Oct'25
Louisville Gas & Electric 58_1952 M N
9734 Sale 97/
118
1
4
98
Loulev Ry 1st con bs
19303 J 89
9434 8912 Dec'25
Lower Austrian Hydro-Elec Co181 f 610
1944 FA 8614 Sale 86
87
15
}Janet! Sugar 734s
1942 AO 10034 101 101
10114
7
Manhat Ry(NY)cones 40.1990 AO 5978 60
60
5972
6
2645
2013 3D 5118 53
53 Dec'25
Manila Electric 78
1942 MN 102 Sale 102
10214
8
Manila Elec Ry & Lt s f 5s1953 MS 8912 9012 89 Nov'25
_
Market St Ry 7a Series A_I940 Q J
983g Sale 9814
9858 24
Metr Ed let & ref g 69 Ser B_1952 FA 10458 Sale 10458
10434
4
let & ref 58 Series C
1953'3 9718
9712
7
9712
Metropolitan Power 613
1953 ID 10212 103 10212
10212
6
Met West Side El (Chic)4s_1938 l' A
7112 7214 724 Dec'25
_
Mid-Cont Petr let 6 A s__ _ _1940 MS 10114 Sale 10034
10111 54
Midvale Steel &0cony s(Se 1936 MS 9238 Sale 9218
927
70
Milw Elec Ry & Lt cons g 6e_1920 FA 997 10012 100
100
4
Refunding & eaten 4 As 1031'3 97
971 9714 Dec'25 _ _ _ _
General 15s A
1951 JO 9812 9914 9814
9834
8
let 55 B
D 90 Sale 89/
1961
1
4
9012 18
let & ref g 6s Series C
10058 10114 10034 101
1953 M
11
Milwaukee Gas Lt let 4s _1927 MN 9878 99
987s
99
5
Montana Power let be A
1943 3 .1 100 Sale 9978
100
31
Montreal Tram 1st & ref 58_1941 J J
9634 Sale 0634
99
15
Morris & Co let ef 4 As___ _1939 J J 85 Sale 8458
8514 18
Mortgage-Bond Co 48 Ser 2A966 AO 80- ____ 7718 Nov'25 _ _ _ _
10-25-year ba Series 3
1932'3 9638 9714 9638
9638
2
Murray Body let 6 34e
1934 3D 8812 Sale 8512
8912 137
Mu Fuel Gas let gu g 58......_1947 MN
11834 ____ 99 Dec'25 _ _ _ _
Mut tin gtd bonds eat 4% 1941 MN 100/
1
4 10134 102 Nov'25
_
Nassau Elec guar gold 48_1951
J 587 Sale 587g
5914 20
Nat Enam & Stamm 1st 5s_1929 in 101
____ 9934 Oct'25
National Acme 710
D 9814 Sale 9738
1931
9812 26
Nat Starch 20-year deb 5a 1930 J J 9834 9978 100
100
3
National Tube let 5s
1952 MN 102 Sale 102
102
20
Newark Coneol Gas 58
1948 30 10038 10112 1003s Dec'25
_
New England Tel & Tel 5s_ A952 3D 1007g 10138 10078
101
29
N Y Air Brake let cony Se,.J928 MN 10214 Sale 102
10214 10
New On Pub Serv 1st 55 A _ _1952 AO 9012 Sale 9012
91
14
let & ref Is ser B
1955 .1 1
91 Sale 9012
9012 19
NY Dock 50-year lets 0_1951 PA
82
8212 28
Y Edison let & ref 630 A_1941 AO 11518 Sale 115
11512
8
1st lien & ref 5s13
1944 AO 1011
/
4 Sale II0138
102
44
N Y Gas El Lt & Pow g 5a1948 JO 103/
1
4 Sale ,103/
1
4 1033s
1
Purchase money g 45
1949 FA
8918 Sale I 89
8918 20
N Y L E&West C &RR 830 1942 MN
9712 10212 10012 Apr'25
__
N Y Q El L & P 1st g Ea1930 FA
9978 10014 9934 Dec'25
N Y Rys lat R E & ref 4s
1942 JJ 4358 5212 47
Oct'25
Certificates of deposit
4438 46
48 Dec'25'_ _
30-year ad) Inc be__Jan 1942 AO
2/
1
4 414 358 Nov'25
__
Certificates of deposit
3,8 5
/
4
3/
1
4
5
31
N Y Rya Corp Inc 6s_ _ _ _Jan 1965 2112 Sale 21
23
185
N Y & Rich Gas 1st (3a
10058 101 10034
10034
5
NY State Rye 1st Cons 4;0_1
19
962
51
5634 Sale 56
N
N
5634 55
let con 63-6e series 11
7814 Sale 7814
7834
2
N Y Steam let 25-yr Os Ber A 196
N 10234 Sale 103 Dec'25
947
2M N
_
NY Telen let & gen of 4 As_1939 MN
97t4 Sale 97t4
9712
6
30-year deben s f 6s___Feb 1949 F A 110 Sale 10978
110
27
20-year refunding gem 62_1941 A 0 10738 Sale 10738
10734 31
Niagara Falls Power let 5s 1932 J
10114 10178 101
10114
5
I. Ref & gen 6a
10514 105% 10518
Jan
10578
2
Nine Lock & 0 pr 1st 5sA 193
A 0 9914 Sale 99 A 991
955
2 A0
/
4
32
No Amer Cement deb 6SO A 1940 M S 9918 Sale 99 '7 100
24
Nor Amer Edison 641
10158 Sale 10134' 10214 27
1952
Secured Of g 634e Ser 13 1948 M
9
S 10334 104 10312 ' 10412
Nor Ohio Tree & Light 6
1947 M S 93 Sale 93 4 9312 14
Nor Starke Pow 25-yr 5s A 1941 A 0
9812 Sale 97581'9814 53
Registered
A 0
9314 Jan'25 _
letA ref 25-Yr fis Ser B.._ _1941 A 0 10534 Sale 10512 10534
3
North W'Fist Id g 43'6e gt6_1934 J J 96/
1
4 9714 963g Dec'25
_
Ohio Public Service 71.4s A 1946 A 0 1121
/
4 Sale 11238
11234
2
let & ref 7s series 13
11038 11112 11038
111
24
Ohio River Edison 1st 6s_
10112 102 102
u
6
lO2ts
Old Ben Coal 1st 6s
1944 F A 9658 97
96s'
,
" 9678 18
Ontario Power N F let 5s
9938 997 99/
1943
1
4 - 10014 11
Ontario Transmission 58__1945 M N 9938 ____ 99/
1
4 Dec'25 _ _ _ _
Otis Steel 88
1941} A 10478 Sale 10478
10478 14
lat 25-yr s f g 730 Ser 13 1947 F A 10012 101 10012 ' 10058 18
Pacific CI & El gen & ref 58 .1942 .1 3 9714 Sale 974
9778 21
Pao Pow & Lt lst&ref 20-yr 5s'30 F A
9934 100
9912 33 9934
1
Pacific Tel & Tel 1st 58
1937 3 J 1011
/
4 10112 1011
/
4 Z 1011
/
4 16
Ref }I 58 series A
1952 M N 987 Sale 987s Yif 9914
6
Pan-Amer P &'Fist 10-yr 7e 1930 F A 105 Sale 105 17 10512 205
Conv f(
/
1
4
1934 M N 11134 Sale 110 '3•4,
1 11214 42
Park-Len St leasehold 6 Ai_ _1953 3
92 Sale 8978
92
2
Pat& Passalc & EI cons be 1949 M S 100
____ 100 Dec'25
peop Gas Ate Ist cons g 68_1943 A 0
1
_ _ 1101. 11012
2
Refunding gold 56
1947 M S 9914 Sale 99
99/
1
4 35
Philadelphia Co coil tr 68 A_1944 F A 103/
1
4 Sale 10314 W10378 31
15-year cony deb 5 A s__ 1938,M S 99 Sale 9812 W. 99
18
Phil& & ReadIng C & I ref 58_1973' J 3 100 10018 100 al 100/
1
4
4
Pleroe-Arrow Mot Car deb 881943 M S 108 Sale 108 OF 10818 30,
Pierce 011 s f 8a_ _ _ _Dec 15 1931 J 0 10414 106 10812
10812
5'
L a Due Jan. 6 Due April. p Due Deo. s Option sale.
__RA .7.
Range
Since
Jos. 1.
Low
High
9911 10212
97 10178
9254 961
/
4
8712 94
101 10418
9914 9934
11
10
412 712
1012 1012
5938 7434
59
7312
6134 8112
85
95
67
91
61
8212
8234 9112
87/
1
4 0834
91/
1
4 99
10112 10978
88 10712
95/
1
4 102
9814 10312
10112 10812
90 109
82
9212
99 103
11412 12034
75
79%
74
80
89 10114
103/
1
4 10812
10438 109
8958 95
9814 10178
95/
1
4 10234
9534 10014
8 10112
99,
3912 4418
116 120,
8
115 11734
9711
/
4 102,2
97/
1
4 98
11414 1173s
11312 11534
941
/
4 981x
9614 9614
903a 9914
8912 9313
851
/
4 87
97 102
57/
1
4 64
51
5614
9714 103
85
92
9712 10214
10112 10614
911
/
4 9712
100 104
68/
1
4 80
9514 102
8718 9314
9978 10112
9478 9712
94 100
84/
1
4 92/
1
4
9834 104
9614 99/
1
4
9712 10034
94
99
7812 87
77
7718
955s 9712
7778 10012
9512 99
99 102
57/
1
4 64
97% 9934
80
9914
98 100
10012 103
9812 101
9912 102
1011
/
4 104/
1
4
8958 92
88% 92/
1
4
7734 8234
112 11512
99/
1
4 102
10012 10412
88
9954
10013 loolz
9915 101
Ab
64,
2
62/
1
4 54
33a 6
3
534
21
3238
13912 10212
56
681
/
4
7834 90/
1
4
971
/
4 104
95
99
107/
1
4 11034
1081s 10812
9914 103
103 106/
1
4
9712 100
9712 10212
981
/
4 103
100/
1
4 106
91
97
93 9918
9314 9314
103 10714
94% 98
108 11234
10738 11112
9812 104
96
99
98 10034
97
99/
1
4
955g 106
891
/
4 10112
9312 99
98 100
99,8 102
921s 10012
10412 107
103 1181
/
4
89% 99
96 10014
107 110/
1
4
94/
1
4 100
1011
/
4 105
93/
1
4 100
99 10218
90 1081
/
4
10238 10812
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 24.
3119
Nita
Thursday
Dec. 24,
Wears
Range or
Last Sall
Range
Since
Jan. 1.
Ask Loto
High
BM
High No. Low
1
Pillsbury Fl Mills 20-yr 6a__1943 A 0 10134 10212 10212 10212
9932102/
1
4
Pleasant Vol Coal let get 66_1928 J J 9734 9812 9734 Nov'25
_
9814
97
Pocah Con Collieries lets f 581957 J .11 90
9114 9012 Dec'25
88 9438
ggh 10234
Port Arthur Can At Dk 85 A..1953 F A 10214 10212 10134 Dec'25
1st M 6s Series B
/
4 Dec'25
10014 102
1953 F A 10138 ____ 1011
9914 99
961
/
4 100,8
6
993
Portland Elec Pow 1st 68 B_1947 M N 99
Portland Gen Elec 1st 58_1935 J J 994 100
0914 Dec'25
98/
1
4 1007a
Portland Ry let & ref 55_. 1930 MN 9238 95
92/
9212 9612
1
4 Dec'25 _8834
11
Portland Ry Lt & P let ref 5131942 F A 8814 Sale 8834
84/
1
4 92
991
/
94 10034
4 13
lat I & ref 6s ser B
1947 M N 9.04 Sale 99
3 10438 108
let At refund 730 Set A 1946 M N 106 10714 106
10612
4 101 106
106
Porto Rican Am Tob 88
1931 58 N 106 Sale 10534
/
4
9412 95
Pressed Steel Car 58
941
92/
1
4 97
1933
9534 15
11012
Prod At Ref s f 8s(wit b wsents)'31 J D 11034 Sale 11012
1 104 11514
Without warrants attached_ _ _ J D 11014 11012 11014
1
4 11312
11014
3 109/
Pub Serv Corp of NJ gen 58_1959 A 0 104/
1
4 10514
105
1
4 105 105
17 103/
/
4 100
46
95 101
1
4 Sale 991
Secured g 68
F A 99/
Pub Serv Elec & Gas let 5 As1
1
4 17
98/
1
4 Sale 103/
1
4 105,4
1
4 103/
194
954
9 A 0 103/
9938 105
78
1st A. ref 5348
104
1969 A 0 104 10412 10312
1
4 1071
10634 17 102/
/
4
Pub Serv El Pow & Ltg 6s 1948 A 0 10634 Sale 10612
1
4 10712
Punta Alegre Sugar 7s
1
4 Sale 100/
1
4 10638 11 102/
1937• .; 106/
92
85
85
Remington Arms 68
85
86
2
1937 MN 85
9312 98/
/
4
1
4
981
Repub I & 5 10-30-yr 5a f 1940 A 0 0812 Sale 081
/
4
9
891
/
4 95
3
9312
901g
1
4 93
Ref & gen 534s set' A
1953 .1 J 92/
6
Rima Steel let 78
881s 901
/
90%
4
1
4 9018
F A 9018 90/
5712 7312
Robbins & Myers a f 70
6034 Dec'25 _ _ _ _
/
4 62
19
95
52
5 J D 611
2 110 11234
11218
Rochester Gas & El 78 ser B..1946 M 5 11218 11214 11218
1 10234 10512
10512
10512
Gen Mtge 5 A s series C
1948 M 5 10512
8312
7312 27
Rogers-Brown Iron Co 7s
60
1942 MN 72 Sale 7234
St Jos Ry Lt Ht & Pr 544_1937 MN 85/
8518 93
1
4 0114 91 Dec'25 _ -9512 96
St Joseph Stk Yds 1st 410_1930 J
96 Nov'25 -77/
1
4 87
7834
St L Rock Mt & P58 stmpd_1955 J J
7814
79
4
78
St Louis Transit 55
71/
1
4 8612
7112 Oct'25
1924 AO
97
St Paul City Cable 68
95
Oct'25
_
95
1937 .13 9514 100
90/
1
4 9414
Saxon Pub Wks(Germany) 7s'45 FA 02 Sale 92
0212 42
104 1091/4
Saks Co 7s
1942 MS 107 10812 109 Dec'25
99/
1
4 104
San Antonio Pub Ser 68
7
10112 10134 10112
10112
1952 J
/
4
Sharon Steel Hoop let 8s eer A '41 M
2 10572 1071
107 10712 107
107
Eibettleld Farms
1
4 107/
1
4
5 104/
F
A 0 106 10634 106
10612
Sierra & San Fran
9114 9112 9114
90
6109
9534
Power 5s_1194492
9114 11
Sinclair Cons 011 15-year 76_1937 M S 9318 Sale 9318
9512
88
93% 33
let In coil tr 6s C with warr 1927 J D 10812 Sale 10738
1
4 120
10812 1608 103/
let lien 6 As Ser B
37
87
87 Sale 8612
823a 9034
991
/
4 101
Sinclair Crude 011 3-yr 6s A 193
10012 31
28 3
F D
A 10014 Sale 10014
9912 101/
3-yr 6% notes B Feb 15_1926 F A 1001
1
4
/
4 Sale 10014
10012 16
88
Sinclair Pipe Line Es
82
1942 A 0 87 Sale I 8688
8714 29
Skelly 0111134% notes
12418 Sale 123
12514 37 iggh 12734
Smith (A 0) Corp 1st 0 1.58_119
N 101 1011
4 101 10212
/
4 101
101
A 0
i123:71 M
South Porto Rico Sugar 7s_ _1941 J 0 106 1061
3 102 10612
/
4 10534
106
South Bell Tel & Tel let a 1581941 J
10118 10158 10114
99 10214
1
10114
9431, 10112
Wwesat Bell Tel let & ref 5s 1954 F A 10012 Sale 100/
1
4 100/
1
4 120
93/
1
4 99/
1
4
Southern Colo Power 68__._1947 J .5 0712 981
1
/
4 9634
9634
Spring Vol water g 54 _1948 M N 9812 9914, 99% Dec'25 _
9412 99%
Standard Milling let 5s
908
101
10018 100/
1
4 0814
10012 24
Steel & Tube gen s f 7s Ser C 19
____ 10712
J 108
6 105 10814
1 J
M N
108
95
3°
Sugar Estates (Oriente) 70_1942 M S 89
8712 9712
9014 8912
8958 10
Superior Oil let s f 7a g 38 10
90
J D 93
94
99
93
1 FA93
93
29
Syracuse Lighting let
9712 10132
10012 Sale 10012 1001
1
/
4
Tenn Coal Iron & RR gen 58_1951 J J 10238 10312 1021
10012 103
/
4 Dec'25
4s3
Tennessee Elec Power
7.5
1
4 Sale 102/
J D 102/
9914 10414
1st 641_136
1
4 1027s 29
40
61
5812
Third Ave let ref
55/
1
4 56
5512
561
/
4 28
/
4
Ad)Inc bs tax-ex N Y
3414 501
441960 A 0 4034 Sale 4014
4112 39
Third Ave Ry 1st g 5s
9312 96
93/
1
4 9434 9334 Dec'25
Toledo Edison let 7s
Ito
10812 Sale 10812 .1081
19818
16
/
4
Toledo'Pr L & P 512% notes 1
..11 9818 9834 98
J S
34) jM
119
993
9854 42
9758 1001
/
4
Trenton G & El let g 5s
991
/
4 10312 9912 Nov'25
98 100
1949 NI
Trumbull Steel deb
97
F
J A
9734
97 Sept'25
Twenty-third St Ry
60
70
6s94
____ 6078 6012
ref 5s_11M20
1
6012
Undergr'd of London 434s....1933 J
95
92/
1
4 96
92/
1
4 Oct'25
89
Income Cs
911
/
4 ____ 92
WI 92
Oct'25
_
1048 J
Union Bag & Paper let M6s_1942 MN 1047e Sale 10478
105
48
9412 105
Union Elec Lt & Pr 1st g Ea_ 10
9034 102
6
101
933
2 MS 10078 Sale 10078
Ref & ext be
N 10018 10014 10018
/
4 101
981
8
10014
lst g 5 As serien A
'
3 101 Sale 101
1954
101
8 100 104
Union Elev Ry (Chic) 58_1
75
80
7912 78
78
194
55
4 -40 78
Union 011 let lien a f bs
'
3 100 100/
/
4
94% 1011
3
1
4 100
1931
10014
30-yr 6s Set A
14 10288 1051s
May 1942 FA 10418 _ _ _ _1104
104
1st lien s f 5s Sec C
FA 95 Sale 9514
/
4 96
941
96
6
Union Tank Car equip 7e
/
4
101 1051
101 Aug'25
1930
1935 FA
United Drug 20-yr 6s_Oct 15 1944 AO 10312 10412 104
13 10014 104ss
1041
'
United Fuel Gas let of 6a_ _.1036
3 109%
02 Sale341 10113
102
09% 11
0112
98 103
United Rya Inv 5a Pitts issue 1926 MN
99 10012
5
Stamped
9958 9978 99/
8
99,4 1001
1
4
9958
/
4
671
/
4 7414
United Rye St L let g 48_19
1
721
/
4 Sale 72/
1
4
037
4 Ji 721
United SS Co 15-yr 6s
MN 94
9538
91
9412 94
6
94
United Stores Realty 20-yr Os '42 A0 10234 Sale 10212 103
15 10212 105
US Rubber let & ref 5s ser A 1947 J J 9112 Sale 91
911 116
85
92/
1
4
10-yr 734% sec notes
1
4 108
10614 Sale 10614
1061
/
4 19 104/
FA
A 100 Sale 100
11S Smelt Ref & M cony &LIZ F
9 100 102
100
1
4 10634
U S Steel Corp coupon_ _ AU 963 MN 10512 Sale 10512
86 104/
106
s f 10-60-yr belregistered_61963 MN
1
4 10614
_ 103/
10434 Nov'25
Utah Lt & Trim let & ref 58_1944 A0 8712 Sale 8712
8318 9112
20
873
Utah Power & Lt 1st 58__1944 FA 954 Sale 9514
91
9
9812
951
Utica Elec I, & P 1st 59_ _ _ _1950 J J
10034 10214
2 ____ 1024 Dec'25
Utica Gas & Elec ref & ext 58 1957 .1
9814 103
100 10034 100 Dec'25
Victor Fuel let s I bs
58
53
_
Oct'25
1953 3, 5314 6212 58
Va-Caro Chem let 714
73 10.5
5
105
1947 3D 10538 ____ 10434
Certificates of deposit
7112 10518
Dec'25
Certificates of deposit strand
68 10234
Oct'25
_
Stpd as to payt 40% of prin
1st 75
8
10514
10538 10512 105
1947 --9812 10512
Ctf of deposit
98 10512
10512 65
105/
1
4 Sale 10412
Ctf of deposit stpd
94/
1
4 10312
Oct'25
_
730 with & without war__1937
97
43 100
1
Certifs of dep without wart
9812 01
0818 ____ 9734
4211 10018
Certifs of dep with warrants - --9512
41
Oct'25
Va Iron Coal & Coke let g fla 1949 M
90
98
914 07
98 Dec'25
__
Va Ry Pow let At ref 5s
9818 Sale 98
9314 99
13
98
1943 3
Vertientes Sugar let ref 78_1942 J D 9012 Sale 9012
86
52
9412
92
Warner Sugar Rein 1st 78_1941 J O 93/
8971 9912
1
4 9433 9312 Dec'25
_
Warner Sugar Corp let 7s
1939 ▪ J 7618 Sale 76
7510 8712
761
/
4
7
Wash Wat Power s f 5s
egg, 10134
1939 J J 10112
10134 Dec'25
Weetches Ltg g be stmpd gitcl 1950 3D 10234 103 1011
/
4 Dec'25
98 102
West Ky Coal let 75
1944 M N 100/
1
4 Sale 10034
11 10018 10234
10034
West Penn Power Ser A 518_1946 M
9978 Sale 99/
9334 10014
99% 34
1
4
1st 7s Series D
106 10614 10614
1946 M
10614
5 10414 1073g
let 58 Series E
1963
9318 100
100 1001
/
4 100
6
/
4 991
ggh ggh
Temporary bs Series E 1963 58
_
98/
1
4 Sept'25
1st As Series F
3 10012 10534
1953 A
16434 Sale 10434
1041
/
4
West Va C & C 1st 68
___ 8412 8234
8234 96
1950
8458 14
Weatern Electric deb 58.,....,1944 A• t) 10038 Sale 1001
98 1017a
/
4 1001
/
4 32
Western Union coil tr cur 59_1938• J
991a 10212
___ 102
10218 29
Fund & real estate g 4 As_1950 M N 1029612 9714 9612
92% 9734
5
9612
15-year 6 As g
1936 F A 111 11112 11038
12 1091a 11214
111
Westinghouse E & M 7a
1931 MN 106 Sale 10534
1061
/
4 01 1055a 10814
Wickwire Spen Steel let 7s 1935
'
737g 75 Dec'25
3 71
70
91
Certificates of deposit
70
7518 Oct'25
7518 88
90
Certificates of deposit stamped MN
75
Oct'25
70
81
Wickwire Sp Steel Co 7s Jan 1935 MN 65 Sale 6418
12
65
6212 78
Willys-Overland a f 634e_...,1933 MS 10214 Sale 10214
9912 1027s
1021 2 34
Wilson & Co let 25-yr e f 6e_1941 AO 9912 Sale 99
9912 64
91/
1
4 1043
Registered
93 Feb'25
93
93
10-year cony a f Co
73
1928 JO 53
7432 Dec'25
55
7612
Certificates of deposit,,,,,,
70
71
72
71
4
53
75
FA
10-ac cony a f 730
6912
91931
6912 Sale 6912
1
53/
1
4 77
Certificates of deposit______
6912 Sale 69,2
71
20
59/
1
4 74,
4
Winchester Arms 730
1941 AO 10134 Sale 10134
10134
10 10014 1021
/
4
Young'n Sheet AT 20-yr 61_1943 J J 101 Sale 101
1011
/
4 129
9514 102
8120
BOSTON STOCK EXCHANGE-Stock Record ,3,..BZinage
H1671 AND LOW SALE PRICES-PER SHARE. NUT PER CENT.
•
Tesu4.,2, W eaneeaap, Thursday.
Friday
ed ona,2,
SIDer&P.
Dec. 19.
Dec. 24.
Dec. 21.
Dec. 22. 1 Dec 23.
Dec 25.
16912 15912 15912
8114
83
83
104 104
•z117 12312 •/117
11/12
•111 112
.48
49
4758
15912 159 15912 159
8234 8134 8134 81
159
8112
102
120
108
4812
46
01
86
78
11312
120
108
*47
46
63
64
64
6312 6312 6312 64
85
85
85
8712 .85 ____ I 85
78
78
78
78
78
78
78
•112 115 I 110 110 •110 11313 .110
•z1.72
•:175
53
59
60 1 5912 60
5912 5912 57
71
7113 7113 70
7112 7212 *7112 72
65
67
66
63
69
*66
69
65
4914 4378 49
49
4912 48
49
49
•53
64
53
54
51
53
51
53
4412 •4434 4514
114514 4534 *444 454 •44
90 .183
89
*288
90 •./238
90 "egg
*1:122 .......*:123
,...r10918110
'*110____*110912110.1•110.0e1l0
12312 o1117 123
11112 10912 110
48
•47
15712 158
8113 82
10112 10112
121 121
109 109
46
4611
84
8412
57
70
5712
71
49
53
494
53
------1-6614 100- 1-00
334
378 34
1
34 341
324 334
384 334
314
23
23 1 23
"2313 24 j 2212 2212 23
14158 14214 142 14258 14114 14218 14178 14214 14134 142
63
69
684 70
7O' 7011 70 7014 69 70
77
•7513 80 I 77
*7513 80
*7512 80
.11712
'18_
•18
.11712
____65
61
6565
- -- 1
2
6434 -66 - 6512 85?e 6112 65
*1614 17
1614 1678
•1658 17 .1614 1614 •1513 16
09
99
99 100
99
99
99
•99 100
99
10712 10712
•107 103 .107 104 *107 108
4134
424 4112 4218 41 14 41 12 4114 --4112 4213 42
68
*66
67
66
6612
6534 654 654 6514 65
*19712
*19713
_ ./9712
./9712
4
____
4 I .3
4
*3
-4 1 .3
*3
313 312
312 312
312 312 *312 _-412
*312 413
89 I 88
8813 8612 8812
8914 83
8812 894 88
45
45
;11I:VI
20812 20812 209 20912 209 20978 209 2094 20812 21-1-34 •
_
312
4 18_
24
2312 .22
.
2312 2312 *2312 24
126 126
.11
13 1 I%.
41
41)34
10712 10634
"1212
13
664 65
6812 •:66
.25
.50
112 •.50
41
108
10514
13
13
65
5
67 0'6512
.50
.25
1
107
107
13 I "1212
6518 68
6
6612 *367
.75
.25
103
13
693*- -------69
.25
.-10 .10
954 9514 1 9514 9514
8
812
818 818
812
____ 70
70
•12
1213 '1212 1212 1218 1218 1218 124
83
8134 83
82
82
84
84
8234 85
63
63
63
07
68
68
68
68
68
193 193 *193
193 193 •z193 195
*2192 193
94 918
10
1034
94 978 10
6558 555* 394 3978
0
* 6
- - -6.594
94
94
94
94 -94-418
4
4
4
33
34
418 418
.25 .25
.25 .30
.25
10
12 I 10
.10
12
9
10
•10
•_
zo 224 2234 23 23 1 2314
30 1 20
•25
11414 11412 11414 11434 11438 11412 114 11412 114
29 ./29
30
.29
30
s29
29 I 29
53
52
53 I 52
51 12 52
62
53 I 50
"64
____
64
•68
_ _ •68
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1634 *11512 1634 - 163
- - 2 ./15
1533 1534 •:15
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ill
6712
*412
4834
28
114
314
674 *16712
512 .412
49
49
28
28
1834 1812
18
*23
25
55
65 1 .53
9512 96
95
2312 2358 23
4612 47
4634
•/4212 44 •14214
424
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•.1.5
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1334 1358
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53
64
1-1-3-3-4' 1.131.211311
68
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4912 49
4914
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284
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26 1 26
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96 1 96
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4
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4212 4714
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53
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47
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138
133
132
1 12
3212 3212 3212 324 33
19
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19
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___ 25 •____ 25
25
58
58 *251
68 .258
6
6
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614
24 234
233 25s
24
.60
60
60
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19
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1734 1813 •18
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154 15
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90
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612 6%
614 658
658
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50
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'
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1..75
1
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14
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•.50 .75
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•.17
614
24
.65
18
1512
2112
3534
.75
.70
624
.70
.40
.23
.so
Ex-right
Do
Do
2' Ex-div and rights
s Ex-div
&rage for Year 1925.
PER SHARE
Range for Preelcae
Year 1924.
Laical
Lowarl
Higkeag
11128ers
156 Feb18
754 Mar 17
92 Jan 16
109 Mar 31
94 Mar 20
10 AM 17
11 12 Apr 24
17 Apr 27
29 Apr 27
25 Apr 25
3512 Apr 25
167 Feb 26
26 Sept 4
60 July 31
51 Aug 25
85 0+1,t 3
23 34 ty 27
28 Mir3O
70 Pb 16
110 Jan 13
irri Jan 2
4514May 1
87 Feb 24
16434 Jan 7 14514 Mar 164 Dee
36 Jan 2
7114 Aug 85 Der
10114 Dee 17
874 Dec 9616 Mar
130 Dee PI 107 Dee 1164 JAL
113 Dee 17
92 Sept 10114 Des
4913 Dec 17
84 Jan 254 Nov
46 Dee 23
12
Jan 264 Nov
61 DOC 17
13 June 374 Nor
87 1 2 Dec 17
174 Jan 48 Nov
7912 Dim. 15
16 Feb 41 Non
116 Dec 4
23
Jan 63 Nos
Jell May 28
43
Jan 172 Nov
6212 Nov 12
18 Slay 384 Dee
73 Dee 14' 5812 Jan 71 Dee
70 Dee 18
48 May 614 Nov
4912 Dee 19
28 May 4614 Dee
51 Diu 15
25 June 374 Apr
4834 19,,e 1111
14
Jan 3314 Des
90 Dye 41 62
Jan 81 Nov
125 Oct 22
Jan 108 Nov
80
113 Oct 30I 724 Jan 98 Nov
6312 Jan 2
34 Mar 64 Nov
Jan 9314 No
101 Dec 10! 70
24 Mar 25
1612 Mar 25
13012 Jan 2
6112May 6
704May 11
14 Jan 16
464 Aug 25
95* Allit 21
9712 Nov 27
103 Jan 17
20 Jan 26
284 Jan 30
99 June 12
113 Apr 3(
3 July 29
42 Mar 9
85 Jan 15
89 Jan 3
200 Jan 5
318July 1
17 Oct 6
11534 Feb 27
784 Apr IS
3234 Aug 29
6712 Jan 2
11 May 12
52 May 6
524 Jan 5
10 Dec 21
.40 Dec 17
414 Jan 7
2412 Dec 3
145 Dee 9
87 Aug 8
8634 Aug 20
16 Aug 20
6712 Dec 6
21 Dec 4
10912 0o1 8
10814 AU:31
4312 Dec 17
8)28
74
100 Dec 5
6388ent 23
612 Jan 24
8978 Dee 111
46i4 oei 31
100 July 20
213 May 21
54 Oct 11!
38 Jan 7
123 Doc 19
814 Sept 8
43 July
109348ept 24
1512June 1
72 Oct 2
80 Oct 1
2 Jan 3
1012 Jan 9
8213 Jan 6
et. Apr 16
6314 Nov 4
114 Aug 11
68 Feb 3
634 Jan 9
167 Jan 7
74Sept 21
88 Jan 2
871, Ian 10
3711 Dec 24
.20 Feb 9
6114 Apr 7
5 Aug 2(
20 Dee 21
99 Api 21
2118 (1-1 22
50 Dee 21
32 Aug 3
1614 Aug 12
114 Nov 12
10914 Apr 22
4512 Apr 13
3 00 23
4034JulY 29
264 Jan 13
194 Jan 3
1934 Nov 5
1412 Aog 4
5 Jan 15
1714 Jan 3
65 Jan 6
1634June 2
37 Jan 2
50 374 Jan 10
50 404 Jan 17
9512 Nov 25
94 Jan 7
7014 Mar 2
134 Jan 5
85 Dec 21
70 Oci 5
197 Oct 14
1614 Jan 15
121 Oct 27
9314 Nov 4
eh Jan 13
2 June 22
12 Sept 8
11 Fen 9
55 Jai. 14
12212 Nov 20
3234July 30
814, Jan 13
75 Oct 16
18 AM 3
24 Jan 8
120 Feb 6
731z Dee 5
7,2 Jan 23
50 Nov 4
29 Oct 22
26 NOV 18
2612 Nov 16
194 Jan 3
32 Dee 24
57 Dec 24
102 Dee 24
2714.luly 29
504,luly 7
43122 oly 1
48 Dec 17
80
Jan 8812 Des
4 June
818 Dot
70
Jan 71 Nun
9 Mar 13 Des
Feb
66 Nov 81
Jan
62 June 70
Apr 172 Dec
150
all Jan 1718 Feb
19 Feb 8614 Dec
Jan 90 Beal
80
2 Apr
51s Nor
513 Ave
.50 Dec
6 Dec 314 Mar
1514 Mar
3 May
40 July 7112 Mar
98 Dee 11512 Jan
14
Jan 2812 Des
6918 Oct 87 Feb
65 Sept 7414 Mar
1114 Jan 17 July
24 May
3
Jan
100 June 118 Dee
3512 June 52 Dee
5 Dec 10 Feb
Jas 4314 Del
34
2432 Feb 284 Nov
194 Oct 27
Jar
187
, Apr 20 Nov
64 Jan 1011 Feb
14 June 23,2 Feb
6212 Dec 73 Feb
154 June 22 Feb
2958 Jan 3914 Nov
844 Apr 41
Jan
85 Mar 42
Jan
.15 Feb 16
.10 Mar 3
.50 Dec 18
94 Mar 28
2814July 1
1218June 8
.20 May 5
18 Dec 22
.02 July 6
3 June 5
40 Jan 7
.50 June 13
1513July 6
1 Dec 9
121 Mar 28
9414May 27
94 Apr 22
.90 Aug 19
.50 June 29
1 Apr 11
1 Dec 23
.95 Sept 12
.40 May 14
.50 Nov 30
2512June 9
18 Mar 30
.10 July 2
25 Apr 2
40 June 30
432July 3
.89 June 5
.15 Nov 24
17 Dec 8
1012June 18
19 Apr 22
2812 Apr 21
.50 May 1
.70 May 13
34 Jan 2
.40 July 7
.22 Nov 24
.15 Aug 17
.05 Apr 14
.25 Jan 26
.26 Jan 2
3 Jan 10
1538 Feb 6
6014 0,1 24
184 Jan 2
.90 Aug 4
83 Jan 10
.78 Feb 6
64 Jan 2
118 Jan 24
114 Feb 6
23 Jan 24
84 Feb 5
165 Dec 7
100 Nov 2
2012 Jan 7
luti Feb 4
112June 19
8 Jan 2
234 Jan 10
214 Jau 13
114 Jan 2
3 Jan 2
41 Jan 13
26 Jan 2
.85 Feb 18
31 Aug 28
65 Aug 31
614 Jan 10
378 Nov 16
14 Jan 10
27 Jan 10
1878 Sept 21
394 Jan 10
48 Jan 12
Ili Jan 9
2 Jan 5
811i Jan 23
.98 Jan 29
114 Jan 31
.48 Jan 7
.21 Feb 11
.15 Dec
.10 June
June
8
Jan
14 June
134 May
.37 Nov
1812 June
.80 Dec
34 July
.40 May
.30
Oct
194 Des
.30 May
944 Apr
90 June
12 June
14 Mar
.50
Jan
.90 Apr
.70 June
114 Oct
.60
Jan
80 Apr
3312 June
1613 Jan
.40 Dec
85 June
574 Dee
514 Jan
114 Oct
.40 June
Jan
15
104 July
14 June
26 June
AO
Apr
.25 Aug
178 June
.14 June
.15
Apr
.13 Feb
.I() July
1st pref
20 pref
Mining
Adventure Co/inundated- 25
25
Algornab Mining
28
2251 Arcadian Coneolidated
5
515 Arizona Commercial
10
1,275 Bingham Mines
25
2,191 Calumet & Hecla
1
1,9951 Carson 11111 Gold
25
1,195 Contier Range Co
1
Davis-Daly Copper
3,260 East Butte Copper Mining_ 1
25
200 Franklin
26
10 Hancock Consolidated
280 Hardy Coal Co
05
Helvetia
1
210 Island Creek Coal
1
Do pref
25
235 lele Royal Copper
Kerr Lake
S
25
15 Keweenaw Copper
25
253 Lake Copper Co
1051 La Salle Copper
25
Mason Valley Mine
230klase Consolidated
25
615 Mayflower-Old Colony
25
402 Mohawk
25
5
560 New Cornell, Conner
200 New Dominion Copper
100
New River Company
Do pref
100
a
224 Nipiselne Mina,
4,220 North Butte
15
3.50 011bway Mining
25
255 Old Dominion Co
25
1,700 Pd Crk Pocahontae Co_No
425 Quincy
25
2,055 St Mary's Mineral Land.- 25
1.935 Shannon
10
285 Superior & Boston Copper_ 10
3,240 Utah-Apex Mining
1
5,967 Utah Metal & Tunnel
25
Victoria
70 Winona
25
Wvandot
25
175
.30 •.15 .35 •.15 .25
.25 •.05 .20 +.10 .20
1
•.60 .76
.75 •.60
124 1234 1234 1234 1214
5534 54,2 5578
5513 55
1378 1312 1378 1358 134
50
.41 .50 •.40
.
1812 1838 1834 1818 184
.03
.05 •
.06 •
358 34
34 312
34
.90, .90 .90 •.70 .90
114 •.80
113
.80, •.80
2112 2158
2134' .214 22
•112 2
8112 2
2
153 153 .152 155
154
*98 100
100 ":98 100
12
114 1158 1153 12
1
Stock
Christmas
1-1-41 11.312
67
6712
512 *112
4912 49
28
28
•Bid and aeked pricey, no sales 02 this day
83
67
195
11334
67
"412
49
28
114-'1
70 1
512
4938
28 I
314
33X4 3
- -35*.4 3°X.
1
.90
.70
.70
1
.80
1..80
14
".80
14 '
22
22
2134 2134' 214
113
*112 2
*112 2
154
154 154
1534 155
•298
9934 •s98 100 •x98
1112
.1134 12
1158 12
.
1.75
.65 .6.5 1
1
1
112 •14
.118
*13
*134 2
.60
• 55 .75
14
14 14
3218 3218 32
1878 1878 19
•.10 .30 0.10
25
58 •/51
618 61s .6
234 214
213
75 .75 •.65
1734 18 .18
154 151 .1518
.21
22
2412
3512 351
35
50 .50
.60
80 .80 •.75
64
612 64
60 .60
.60
• 30 .50 •.30
17 .17 *.15
•a__ _
-12-
Railroads
100
294 Boston & Albany
100
392 Baton Elevated
100
101, Du prig
100
251 Do tat pref
100
183 Do 23 pre(
129180ston & Maine
100
30 Do pref
100
3771 Do Series A 1s1 pref
100
341
Do Sertee B lot pret
100
Pk)
450 Do Series C let pref
10, Do Series D let pref
100
100
1190n100 & Providence
1,336 Eat Mass Street RI Co.)))))
100
6151 Do 185 prat
I,035 Do pref B
100
4.293 Do ad1ustment
100
90 Maine Central
100
N
N Fl & Hartford
100
, Northern New Flampsbire 100
1Norwich & Worcester pref 100
Old Colony
100
Rutland pref
100
22 Vermont & Masenonue4itts_100
Miscellaneous
859 Amer Pneumatic dervloe___25
170 Do arid
50
1,253 Amer Telephone & Teleg_100
2,115 Amoekeng Mfg
No par
16 Do pret
No par
•
Art Metal Construe, 1170-'10
680 Atlas Plywood t
No Par
200 Atlas Tack Corp
206 Bigelow-Hart f Carpet_ _No Oar
5 Boston Con* Gaa Co pref__100
2.313 Contior (John T)
10
278 Dominion Stores. Ltd _No par
Do Ore) A
100
East Boston Land
10
3110 Eastern Manufacturing
6
25
2.651 Eastern SS Lines, Inc
No par
210 Do Ore?
10 let preferred.
100
675 Edison Electric Ilium
100
1 Elder Mfg Co Di 0) _ __. 10
25 oidveston Houston Elea _100
100
10 Georgia RI k Elea
I Do 5% non-cum pref _100
1.190 Gilchrist Co.
No Par
1,52,510illette Safety Razor-No Par
25
15 Oreentleld Tap & Die
No par
1.535 Hood Rubber
!Internet Cement Corp _No Par
1.870 International Producta_No par
100
50 De met
Kid(1 r, Peabody Acceptance
106 Corp Ciaa8 A prof
100
137 Libby, McNeill & Libby- 10
Lincoln Fire Insurance.... 20
40 Loewe, Theatre,.
25
1,246 Masaachusetta Gas Coe___100
100
353 Do pref
65 Mergenthaler Linotype. _.l0()
1,506 Mexican InveMinent, Inc_ 10
35 Mlealssippl River Power._.100
133, Do *tamped pret
100
2.199'National Leather
10
6,050 New Eng. Oil Ref Co. Sr am_
100
160 Do ore ttr otle)
INew Eng South 3110S_ _No par
100
3411 Preferred
1,939 New England Telepbone_100
3.400 Orpheum Circuit,Inc.... 1
_100
998 Paine Mills
10 Plant (19,os 0). 1st prof.. 1131
45 Reeee Button Hole
10
IReeme Folding Machine__ 10
222 Swift & Co
100
28
200 Torrington
II101i0 TsvIst Drill
3,245 United Shoe Mach Corp
25
26
5751 Do pret
Ventura Consol Oil Fields.. 6
Certificates of deposit
1,496 WaldortSys.Inc,new sb No par
1,350,Walth Watch Cl 13 corn_ No par
100
5801 Do pref Erma ctfe
143 Do prior pref
100
605 Walworth Manufacturing_ 20
541
1,348 Warren Bros
I
.9612 1-663
.
-1 ;624
-,1654
10612
•1212
6614
•z6712
.40
•.75
STOCKS
BOSTON STOCK
EXCHANGE
San
Jo?
the
Week.
o Ex-.took dB%
a Assessment paid
414 Des
1 Nov
Jan 2014 Dee
12
121 June 13413 Dee
Jan
674 Oct 83
Oct 79 nut
69
10 Feb
13 Aug
June
1014 Jan
100 Dog 108 July
201, Dec 284 Mar
2413 May 35 eptu
Jan oh Dee
84
3 Feb
2 Sept
4
Oct
813 Feb
88
Jan 554 Moo
344 Jan 40 13'eb
854 Jar, 93 Mar
16312 Jan ugh Deo
5 Dee
24 Jan
13
Jan 41 Dee
11314 Mar 11614 Hew
79 Aug 80
Jan
561-2
1218
43
41
.10
.26
Oct
Nov
Mar
Apr
Feb
Feb
5813
1572
60
59
3
14
OtI
Jan
Dee
Nov
Des
Dee
.61 Des
.28 Des
84 Dee
16 Dee
3114 Dee
194 Jan
8 Feb
834 Dee
.70 Mar
874 Dec
1
Jan
2
Jar.
284 Jaw.
214 Dec
142 Nov
100 Sept.
2214 Des
24 Feb
14 Nov
314 Des.
3 Dee
2/4 Dec
114 Ault
8 July
41 Del
9512 Des
24 A pr
40 Mar
75 Mar
614 Dee
64 July
1 Nor
2818 Dee
154 July
3414 Deo
49 Des
114 Bev%
24 Dec
84 Doe
.70 July
1
Aug
.71 Jul,
:
.25
Price on new heeds
DEC.26 19251
Quotations of Sundry Securities
Outside Stock Exchanges
Al) hnnd pri,-(,sr. -.Ind Inter.,.." e2rept where marked
Standeed 011 Ii
at Be I
H•114•40 equipments tell1 bust,
•4•
Anglo-Amer (Al VOL stk_
•1812 1814 Atlantic Coast 1.1ne Se
5 20 5410
Bonus sleek
•174,‘ 18 1
5.00 4.85
Equipment 6 tie
attantle Refining_
5.30 5
100 10912 110 I Baltimore & Ohio Se
Preferred
Equipment 414* & U.-- 5.05 4.50
100 11612 118,2
Borne Serymser Co_ ._. _100 222 225 Buff Roch & Pitts equip 6s_ 6 25 5.011
Buckeye Pipe Line Co.._ 50 •57
58 Canadian Pacific 4 tie & Se. 00)) 4.75
Chesebrough Mfg now. 25 *67
5.20 5.00
68 Central RR of N J es
Preferred
5.20 5.10
Chesapeake & Ohio ea
100
Continental 011 new.
5.114 4.85
10 .2444 2478
Equipment 6 ha
*85e. 85c.
Right.
00 4.81)
Equipment 58
Crescent Pipe Line Co
1512 Chicago Burl Sr Quincy 6e.. 5.25 5.00
50 •15
Cumberland Pipe LIne 100 138 139 Chicago & Eastern III 534*. A A0 5.15
Eureka Pipe Line Co
5.35 5.10
100 *9214 63 Ch!cago &North West (is
Galena Signal OH com
2812
100 •28
Equipment fl ha
5.10 4.85
Preferred old
6)0 4.75
100 97 100 Chic R I & Pac 4 ha & 6e_
91
Preferred new__ __ . .__100 90
5.45 5.15
Equipment 88
Rumble 0114 Ref new
25 •9244 93 Colorado & Southern 6e
5.511' 5.20
100 13512 136
Ininols Pipe Line
Delaware & Hudson 8.,
5.21
0 5.00
Imperial 011
26 *13412 135
5.25 5.04)
444e & 6m
New when issued
3714 3712
Equipment 41,
5.55 5.25
Lndlana Pipe Line Co___ Ni •5912 6012 Great Northern 6e
5.35' 5.10
International Petroleum (I) *3312 3358
4 91 4,00
Equipment 5e
Magnolia Petroleum_ .....100
Hocking Valley be
4.95 4 81
National Transit Co_ _12.50 •1712 18
Equipment tie
5 35 5.10
New York Transit Co._.100
52 Illinole Central 414. & 5e.. 4 F15 4.70
Northern Pipe Line Co_ _100 74
75
.21), 5.00
Equipment 8.
Ohio 011new
26 6544 66
5 011 4 80
Equipment 7s & 6 ha_
Penn Max Fuel Co
23 Kanawha & :Michigan 6s
540 5.15
00
514 5512
) *2
Prairie Oh
Gas new... Fs
Equipment 4 tie
5 20 5.00
Prairie Pipe Line new_ 100 12712 12812 Kansas Clty Southern 514e. 6.35 5.00
Solar Refining
100 210 215 Louisville & Nashville 6e
5 20 5 (10
Southern Pipe Line Co..104) 6412 65
5 00 4 80
Equipment 648
South Penn 011
100 178 180
Michigan Central 5s & 6s_ _
5 15 4.75
SOsthweet Pa Pipe LInee 100 •5,1
52 Minn St P &
M 434.& be 5.30 500
Standard 011 (California) 26 .6048 6.)78
Equipment 6 1-4 & 7.... 5.35 5(45
Standard 011 (Indiana) _ _ 25 *684 6814 Missouri Kamm ,
65 5.35
& Team 6s
Standard 011 (Katutas)
3412
25 *3414
Misrouri Pacific 6e it tia
5.00 5.25
Standard 011 (Kentinky) 25 •13312 134,2 Mobile A Ohlo 4 %a lc 5,... 5)41. 4.80
Standard 011 (Nebraska) 100 242 245
New York Central 4 ha & be 4 85 4 70
Standard 01101 New Jer_ 25 .4414 4414
Equipment es
5.20 501)
Preferred
100 11644 117
5 05 4 80
E,quipment 7s
Standard 01I01 New York 25 •46
4614 Norfolk & Weatern 4 ha_
4.4,10' 4 60
Standard 011 (Ohlo)._100 357 360
Northern Pacific 7s
5 10 4.90
Preferred
101) 118 119
Pacific Fruit Express 7e_ _
5 10 4.90
Swan & Finch
22 Pennsylvania RR eq 5s &
100 21
5.20 475
Union Tank Car Co__ 100 9514 96
Pitts & Lake Erle hs
5 10 4 90
Preferred
100 11518 11572 Equipment 13s
5 45 5 20
47a0uum 011 new
. 26 •l0734 108,4 Reading Co 4 he h 5s
4 65 4 60
'Washington 011
10 *50
St Louis & San Francisco be
5.00 4 85
Other 011 Stocks
Seaboard Air Line 5 he & es _ 5 50 5.25
Atlantic Lobos 011
4 45 4 70
(I) •I34 2 Southern Pacific Co 411s_
Preferred
50 *3is 4
Equipment 7s
5 00 4 88)
Gulf 011 new
25 *9412 95 Southern Ry 411e & 5a
5.05 4 SO ,
Sdountaln Producers_ __. 10 .2578 26
Equipment 61,
5 35 5 10
Mexican Eagle Oil
5 *412 512 Toledo & Ohio Central (le_
5 50 5.10
National Fuel Gaa
100 127 129
Union Pacific 7e
5.00 4.80
/kit Creek Conti Oil
914
10
Malt Creek Producers___ 10 3478 35
Tobacco Stocks
American Cigar common 100 110 111
Public Utilltles
Preferred
99
100 96
Amer Gaa & Elec new __-(3) .78
80
Amer Machine & Fdry.
_ _100 185 195
5% pref new
(I) .9112 92,2 Bet/eh-Amer Tobac ord. gl *27
28
Deb es 2014
M&F. .97
98
Bearer
28
Cl •27
Amer Light & Tree corn. i00 254 257 Imperial Tob off) B & 1rel'd
25
26
Preferred
4(2
101 114 116
Int Clear Machinery
MO
Amer Power & Lt common,
65
69 Johnson Tin Fell & Met_100 60
71
Preferred
95
10(
97
MacAndrews & Forbes_ _100 1-3 1s7
Deb ea 2016
MAR 9514 9614
Preferred
100 100 103
asney Public Util cona.__10() 80
83 Mengel Co
45
100 42
7% prior preferred_ _118
8912 Porto Rican-Amer Tob_ _100 60
88
60
11% panic pref
104
79
Universal Leaf Tob corn 100 fin
81
(r3
Alisociated Gas & El pf _ _
.
50
51
Preferred
99
100 s97
Secured g 6548 1954 J.*
100 102 Young (J 5) Co
100 123 126
Blackstone VaIG&E 0004 bk .95
97
Prefer'xl
100 104 110
Carolina Pow & Lt enm_ _
Cities Serviee common_ _ .2)
38i2 Rubber Stocks (Cleselosid)
Preferred
104, 84
8412 Firestone Tire & Rub com 10 •121 124
Preferred B
Ii
6% preferred
*Ps 778
100 10312
Preferred B-I4
75
101 •75
7% preferred
100, 1)912 9214
(Sties Service Bankers Share/ •111
General Tire & Rub oom. 50 *375 490
Clom'w'Ith Pow Corp new(I) •39
3912
Preferred
1001 10314
Preferred
101
86,2 87)4 Goodyear 'lire & R corn. 100 37
38
Cleo Bond & Share pref _100 101 104 1 Goody'r T & R of Can pf tan r.
_ __
Elsa Bond & Fib Seem.
.6534 0814 India Ire & Rub
100 158 164
•,,
,
s
i,
Ittee Ay Securities
812
(I)
Preferred
89
Lehigh Power Securities.(2) •183 186 1 Mason Tire & Rub corn.(7) •144 90
214
lelselinippl Ely Pow corn 100 50 100 I Preferred
10
15
100
Pre/erred
100 •95
97
Miller Rubber corn. new 100
.1
3512
Pint mtge fis 1951
J&J 9914 9934 I Preferred.
loo' 140 101
F g deb 7e 1935...M&N 102 103 Mohawk Rubber
100 78
Nat Power & Lt com....(2)
1 Preferred
78,s
Common w I
-2914 lite Selberling Tire & Rubber (7) 2612 28
Preferred
Preferred
(I) •10212 10412
100 9412 98
Income 78 1972
J&J 10312 10412 Swinehart Tire & R com_100
North States Pow corn..104) 132 134 I Preferred
100
Preferred
100 100 10114
Nor Texas Else Co oem.100 40
I
45
Sugar 'lock,
Preferred
60 Caracas Sugar
100 65
50 •1
3
Fadfle Gas & El lin pre1.100 98
99 Cent Aguirre Sugar corn. 20 2.7612 7812
?ewer Securities corn...(I) *8
13 Falardo Sugar
100 136 119
Semnd preferred
23 Federal Sugar Ref oom _100 50
(1) •z0
55
Cell truat es 1949___J&D •88
91 1 Preferred
100 _ ... 85
Incomes June 1949...V&A •78
82 Godchaux Sugar, Intl.--(I) •-6
9
Puget Sound Pow & Li..100 50
53 . Preferred
100 32
42
5% Preferred
100 84
86 Holly Sugar Corp com ())'
38
56
r% Preferred
100 4107 109 . Preferred
100 82
86
let & ref 551s 1949_ _J&I) 99 100 Juncos Central Sugar_ .100
Republic Ry A Light......100 6612 6812 National Sugar Refining.
110
11111
Preferred
100 02 I 95 New Niquero Sugar _ .100 __ _ 81
EMU) Calif Edison Corn.100 125 127 Santa Ce ilia sue
Coroc
igloo
-12 3
8% preferred
100 130 145 Savannah Sugar com____(:).139 141
Standard G&EI 7% p• pf 100 100 101
I Preferred
100 115
Tenn Elm' Power IV pr 7% 99 100 Sugar Estatom Oriente pf_100i 38 116
44
Western Pow Corp pi..100 97
98 1
I
Wan Missouri Pr 7% pfr
94
97 IndustrIal&misc•11
*9(2
American (hardware
25
4)5
Short Term Securities
I3aboock & Wilcox
100 144 146
AnacondaCop Min 130'29.1&J 10242 103 111164(E W)Co new
(:) *241 2612
Oble_11 1 & Par S, 1929 J&J 9914 pm,
Preferred
50 *55
57
Federal Sug Ref 6833 MAN
94
96 Borden Company aim (f)•102 104
Hocking Valley 68 1920 MA)) 100 1100,, Celluloid Company
100 20
2i
Lehigh Pow Sec 64 '27.1,
04
Preferred
l01 101)2
100 67
72
Mourt Pacific 58 '27 JA J 10011 10012 Childs Company pref.
129 122
Illose-Sheff S&J 118 '29.F&A 10134 10214 Hercules Powder
100 141)
WI. Cent 512s Apr 15 '27 .. 10012 1007s
Preferred
100 112 iff"
Joint Stli Land NA lends
International Silver pref.100 101
Stk
LI
It
Chic
13k 614..196l 10014 10212 Lehigh Valley Coal Sales 50 82
84
be 1952 opt 1932
10034 19314 Phelps Dodge Corp.__ ._100 123 127
fla 1963 opt 1933
10012 10214 Royal Baking Pow tom. 1(40 195 210
5146 1951 opt 1931
10214 10434
Preferred
100 101 101
dhe 1952 opt 1932
10014 102 Singer Manufacturing
100 377 382
434s 1952 opt 1932.
100 10112
ths 1964 opt 1934
100 1011.
eke 1983 opt 1933.
100 10112
4les 1965 opt 1935
100 102
-Po Coast of Portland. Orel% 1966 opt 1935.. M&'J 102 10142
MAN 10132 1027s
601904 or, 1034
• PI r mhare. I No par ',dile 8 Basle It Purchaser 1,180 pays aperned (11v9 ends
New stock. f Flat price I Last vale. n Nominal. z En-dividend
g En-rights.
eFa-etock dividend s dale price
remedial) quotation. r Ex-Interest,
3121
THE CHRONICLE
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange Dec. 19 to Dec. 24, both inclusive (Friday,
the 25th, being Christmas Day and a holiday on the Exchange):
ars.
Last IVeek's Range Sales
for
of Prices.
Sale
Price. Low. High Week.
Bonds-
10351 10331
Amer Agr Chem 7443.1941
7251 7334
AtiGa W ISSL 5s__1959 73
Chic Jet Ry US Y 48_1940
86
86
58
98
9894
1940
East Mass Street RR1948 6134 613,4 63
Series A 4 tis
Series B 5s
1918 6694 61151 68
77
1948
77
Series C 6s
1936
1043i nth
Hood Rubber 78
1934
C MA 11 Inc 5s_
073.4 9734
1929
Mass Gas 434s
98)i 984
1931
964 994
4444
54s w 1
1946
994 994
Miss River Power 55. _1951 0951 924 99 1
1
10031 10031
New England Tel 5s.1032
PC Pocah Co deb 7,..19.i5 1144 11134 115
1944
Swat & Co 54
9931 9931
150.i 15034
Warren Bros 7 Sis. _ _1937
Western Tel & Tel 54_ _1932 1004 1003-5 10094
62
Wickwire Spencer 7s. _1935
62
•
Range Since Jan. 1.
Lore.
55.010 102
6,1.00 63
1.100 84
3.1.11.81 96
High.
Juni 10331 Dee
Jan 7851 Sept
Nov
Pelt 87
Feb 100
Sent
Feb
4 000 6134 Dec 72
Mar
De(
78
10.600 66
De(
8754 Feb
2.0041 77
July
20,001- 10134 Jan 106
1,0)))
9534 Mar 9931 Sept
1.000 97% Feb 99% Den
1,000 94% Jan 97% June
Dec
16,000 9914 D,x• 100
June
5.006 9634 Jan 100
3.00(1 9911 Jan 101% Aug
Sept
9,001, 101
Aug 120
2,001. 9734 Jan 10034 June
Oct
Jan 160
1,00)' 123
9214 Jan 10034 June
14.00k
Dec 7031 Ma
2.000 60
par vol ac.
Philadelphia Stock Exchange.-R000rd of
transactions
at Philadelphia Stock Exchange Dec. 19 to Dec. 24, both
inclusive (Friday, the 25th, being Christmas day and a holiday on the Exchange), compiled from official sales lists:
..saleS
i'li<as
Stocks-
Par
Last Week's Range for
Week,
of Prices.
Sale
Price. Low. High Share,
Abbotts Al Dairy pref...10,
13.
Alliance Insurance
Amer Elec Pow Co pf.
_100
1(
American Milling
American Stores
8(2
Bell Tel of Pa pref
10(
Brill(J G)Co
Baff&Susq Corp pf v t C 101
Cambria Iron
385,
51
Congoieum Colon
Cramp(Wm)& Sons__ .101
41
101
Eisenlohr (Otto)
10
Preferred
10(
96
Electric Storage Batt'y..101
5(
Fire AssOtdatIon
General Asphalt pref...101
Insurance Co of N A... _14 825:
Keystone Watch Case
Lake Superior Corp_ ...l01 .
51 106
Lehigh Navigation
II
3331
Lit. drothers
North Pennsylvania_ _ _ 51
Penn Cent Light & Pow_
73
Pennsylvania RR
Pennsylvania Salt Mfg _51
2:
Mita Electric of Pa
53
PhIla Insulated Wire
51
Phila Rapid Transit....51
Philadelphia Traction.. 51
5754
Phila & Western
12%
Preferred
61
Scott Paper Co pref _ _10(
Tono-Belmont Devel__ _ _1
1
Tonopah Mining
5
3831
Union Traction
100
United Cos of NJ
50 11794
United Gas 1mpt
Victor Talking Mach
Warwick Iron & Stee1 ..11
West Jersey & Sea Shore_5(
Westmore and Coal
51
5(
York Railways pref
blondeA T Baker & Co 6 tis
Alb, Bag & Paper 73
Amer Gas & Elec Ss,. _200
68
Elec & Peoples tr ctfs 48'4
Inter-State Rya coil 48 194
Keystone Tele', 1st 51.193t
Lake Superior Corp 5s 192LehVal Tr ref&Impt 54 '611
Ng
Phila Co cons & coil tr 5151
Phila Elec 1st sf4s_ ._198,
Si
196( 10151
1964
lot 5v
5)is
194
195
5 ti I
191
6s
s. _ _19!)' t
Reading gen'l
United Rvs gold tr ctf 41e4 I
'Yo-5 rtnitws,v, tv sv 101'
• No par value.
Range Since Jas. 1.
High.
LOW.
Ja,
3
92
10144 1014,
Jut,
5531 57
29; 37
Os(
4.
91
10131 102
Jul3
1,
10
1111 1154
454 Jar
8331 851,, 4,011
19( 10751 AR
11051 111
Mal
41
95
135 136
No,
43
5,
51
51
Ma,
38
4
3831 381,
17
Nov
10%
17
17
Ill
3834 Des41
39
1.30
193.
934 Jul)
19
21 8034 Jun.
93
94
101
75
5
6134 API
IL 227
Jai
290 290
5 98
Jar
100 100
64
48)4 Fe)
57
6234
1.
5(2
Jun(
65
65
3
1.22
Aug
351,
3
1,63
8034 Mm
105h 100%
2,155 2131 Ma!
3211 333,
Del
2: 80
80
80
42
60
Jan
7214 73
7,512
4251 Aim
5334 511.,
6,
70
Ma)
7294
72
1(1,70
3734 Are
4631 53
46
Ma)
7(
494 50
40
Jaz
501
51
5194
NON
58
46(
,
„
574 57)
601
12S,
,
12
103.4 Or'
35
Oct
81
3514 3594
Jan
11
96
99
99
31 Jar
23, 8,88
23-4
414 43,
13-1 Ma
15,1
33
1)e,
491
381.,.
38
17' 19934 In
n
20211 20111
115 11731
8,70.
7955 Mai
19' 67 Juni
,
8534 &Vs.
311 No)
II
334
33)
3151 Jan
7
45
45
4151 Aug
31
60
57
Oct
2(
35
3634 3614
9954
101
8954
58
58
9134
10
7351
964
853-4
10154
10134
10651
109
10734
9431
60
0511
9944
101
921-t
583.4
58
9134
10
74
9614
85 4.
1013.
103
1041%
101554
108
95
60
(Is,
5,00(
1,00.
3,704
6.80.
10,001
2.00(
15,00)
7.001
7,00)
1,00
12,004
19,(0);
113,000
7,004
8.501
1,50i
1.301
I nor
9834
100
87
57
44
8234
10
7334
9334
83
IGO
100
10351
10154
1011
9334
54
09
Jr.,
Oct
Apr
Jar
Yet,
Jun(
Del
Dec
Jan
Jar
Atte
Aye
Jan
Feb
Jan
Mat
Mar
Inn
10134 Oct
60 June
1044 Apr
Feb
12
8854 July
Dec
112
Nov
145
Jan
53
Jan
40
Mar
43
55
Jar
1994 Dec
Dec
99
8031 Do<
300
De
100
Oel
70
Jar
68
Fe)
714 Fet
110
Jun.
Nor
37
82
Jar
De
73
553,1 De
8.534 Jal
574 No,
54h No,
5134 De
6331 Ma
1814 Jai
3514 On
10011 On
254 De
534 No'
44
Ma
205
Oc
12014 No
103
No
734 Ja
Au
48
De
60
38
Au
9931
10114
94
65
60
9234
19
8054
9839
8551
104
10434
107
10734
10854
95
73
()nu
De
Co
Jun
Ms
AT
Jun
Ja
MI
Set
1.)(
Set
S.er
Jut
01
Jul
DI
Jul
Ti
Baltimore Stock Exchange.-Rocord of transactions at
Pa'i im 4. 1 Stock Exchange D,)0. 19 to Doc. 21, both inclusive (Friday, the 25th, being Christmas Day and a holiday
on the Exchange), compiled from official sales lists:
Sales
jOI
Last IVeek's Range
Sale
of Prices•
ireet
Par. Price. .
,
,,ow. High Shares
Illurs
Stocks-
A rundel Corp. new stock.• 343-4
Allan Coast L (Conn)_ __SC
50
13aPimore Trust Co
Baltimore Tube
100
Preferred
100 51
•
Benesch (1), corn
Boston Sand & Grave1.100
Ches&Po Tel of lialt p1101- 112
Commercial Credit
•
Preferred
25
Preferred B
25 27
Consol Gas EL & Pow...' 44
Con G E 1.& P 6% pf _ _100
100
614% preferred
100
7% preferred
100 12394
8% preferred
Consolidation Coal _ _ _ .100 52
Consolidated Coal pref_100 9694
Eastern Roll Mill corn new
Equitable
25
_
. . _.Trust Co
_
carrelnanc
3494 3594
260 267
148 148
21
21
56
51
40
40
6234 62%
112 113
45% 4934
2534 2514
2751
27
433-4 44
10314 1034
1084 1084
11011 11014
12394 12434
52
5215
9634 9634
4234 4334
60
60
•
1.254,
15.5
60
2
260
100
51'
17
12
125
371)
147
8
43
22
84
112
50
96S
70
Range Since Jan. 1.
Low.
203-4
160
11144
18
45
3844
54
1101-4
2231
24
2331
32
102
105
109
122
36
80
37
52
Ma,
Jan
Feb
Oet
071
Jan
Jan
Jan
Mar
Apr
Scot
Jan
July
Apr
Mar
Mar
May
July
Nov
Jan
High.
3934
272
150
32
70
40
75
11434
55
27
2744
4734
105
1104
114
12731
72
103
4334
65)4
J1117
Dec
Sept
Jan
Jan
May
Feb
Jun*
Do.
Neet
Do.
Aug
00
Sepl
sew
Ma)
Jaz
Jul)
De*
010
3122
saw
MUM
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High Shares.
50
Fidelity & Deposit
Finance Co of Amer pf_ _25
Manufacturers Finance_25
Manic Finance tr pref_ _ _25
Rights
25
let preferred
2d preferred
25
Maryland Causalty Co_ _25
Merchants & Miners new..•
Mtge & Acceptance, corn_•
50
Preferred
Mt V-Woodb Mills v t r 100
Praferred v t r
100
New Amsterd'm Gas Co_10
Park Mtge & Gr rent _ ___50
*
Silica Gel Corp
50
Union Trust
United Ry & Electric-50
U S Fidelity & Guar_ __ _50
Wash Bait & Annap
_50
50
Preferred
West Md Dairy, Inc, come
Bonds—
Balt Electric stpd 55_ _1947
Bernbeimer-Leaders 751943
Consolidated Gas 5s_ _1939
Consol G E L & P 6% notes
1949
£3er A
Davison Sul & rhos 6s 1927
Ga Sou & Florida 58_ A945
Md Electric Ry 6348-A957
United E L & P 434s_ _1929
United Ry & E 48_ _ _1949
Income 4s
1949
Funding 58
1936
68, when issued____1949
Weal. R.It .L. A
[Veg. Lilt
THE CHRONICLE
Range Since Jon. 1.
Low.
100 89
11934 120
300 26
2834 2834 2814
65
65
6534 2,844 5034
302 21
2234 23
23
1
1
134 37,064
13.4
622 21
22
2134 2234
2234 2434 1,544 22
24
91 8234
101
10034 101
98 44
4434
44
44
190 1334
2334 24
10 43
4334 4334
70
934
17
17
178 55
7734 80
622 4234
5534 56
10 75
75
75
75
405 12
18
17
1 151
225 225
325 1534
1714 18
48 179
216 217
216
534
170
1534 153.4
21 11
2531 2534
10 44
92
92
10134 Wm
100 101
10134 10134
106
101
9934
92
9834
67
6634
4834
88
9134 9114
101
Ca lot'
7.11.4
?9t,
Jan
Apr
July
June
Dec
June
June
Apr
Dec
Jan
Oct
Apr
Mar
Jan
Dee
May
Mar
Apr
Jan
Apr
May
Apr
High.
124
2934
73
2434
2
25
28
10234
47
2434
46
20
8334
56
75
22
225
21
217
1734
2534
98
Nov
Dec
Nov
June
Dec
June
Nov
Oct
Dec
June
Oct
Nov
Nov
July
Dec
Jan
Dec
Sept
Dec
Sept
Dec
Nov
Mar 10134 Dec
1,000 100
8,500 9911 Jan 10434 Sept
2,000 99 June 10134 June
10611 2,000 10434 Jan 10634 Sept
Dec
6.000 9834 Dec 101
101
9934 4.000 9734 Mar 10034 Nov
Mar
Dec 100
1.000 92
92
9834 1,000 9834 Jan 99 May
June
16.000 6634 Nov 71
67
Nov 6234 Jan
6,000 48
49
Nov
1,000 6734 Nov 74
68
9134 14,000 9134 Dec 9634 Jan
7a 44 51 non
Dee
58
Arc 77
•No Par value.
Thurs.
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price, Low. High. Shares
Hydr Press Brick, com_100
Preferred
100
International Shoe, corn_ • 178
Preferred
leo
Ind Pkg, corn
Preferred
100 107
Johansen Shoe
•
Johnson-S dr S Shoe
•
Laclede Steel Co
100
Mo Portland Cement_ _ _25
National Candy, Com_100
Pedigo-Weber Shoe
•
Polar Wave Ice & Fuel_ _ _ -- __
Rice-Stix D G,corn_ _ _ _100 26
Second preferred_ _ _100
Seruggs-V-B D G,com_100 12034
Securities Inv, corn
•
Skouras Bros, "A"
•
Sou Acid & Sulph, com_100
Southwest Bell Tel, pf _100
Sheffield Steel
2634
Sieloff Pkg
Stlx Baer & F
34
Fit Louis Car Co
Wagner Electric, corn.....t
Wagner Elec Corp, preI.100 82
Waltke dr Co
4435
Preferred
100
Mining Stocks—
Granite BI-Metallic
Consolidated Lead
10
20
Street Railway Bonds
St Louis & Sub Ry—
Gen mtge 5s ctf dep_1923
United Railways 45_ _ _1939
'-, - - — — - •"—
•No par value.
614
9834 99
175 180
no 110
26
10634 107
4134 4134
82
82
148 150
63
62
90
91
39
4034
3734 3834
2534 28
103 10431
119 1203.4
4734 48
53
54
Si
51
113 115
26
2634
2234
3334 3434
1634 163.4
3334 3634
83
4434 4631
106 107
100
100
224
99
100
18
10
10
21
175
11
232
715
739
40
360
420
25
45
142
220
10
850
661
245
170
940
90
5434
35c
53
____
58
73
84
73
...
1,000
7335 22,000
2,000
340
1,05.5/
Range Since Jan. 1.
Low.
5
81
115
106
28
10234
39
70
130
4134
88
35
3734
2534
100
104
41
38
51
10734
26
21
333.4
1634
2634
79
4431
105
June
Jan
Feb
Nov
Dec
Aug
Nov
Nov
Aug
Feb
Nov
Nov
Dec
Dec
June
Feb
May
Apr
Dec
Apr
Dec
Nov
Dec
Dec
Jan
Aug
Dec
Dec
20c
42
Oct
Nov
Oct
77
6814 Oct
VOL
13 I yl
High.
834
102
191
110
3314
10734
5434
105
180
7234
107
55
4114
3134
105
12014
5134
68
65
11534
3114
25
35
17
50
92
4634
107
July
Oct
Nov
Dec
Aug
Aug
Sept
Sept
Nov
July
Jan
Sept
Nov
Nov
Oct
Dec
Oct
Oct
Oct
Dec
Nov
Oct
Nov
Nov
Feb
Sept
Dec
Dec
40c May
Dec
.56
85
74
Nov
Dee
le 7, .L.,N
Cincinnati Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange.—Record of transactions at
Cincinnati Stock Exchange Dec. 19 to Dec.24, both inclusive
(Friday, the 25th, being Christmas Day and a holiday on Pittsburgh Stock Exchange Dec. 19 to Dec.24, both inclusive
(Friday, the 25th, being Christmas Day and a holiday on
the Exchange), compiled from official sales lists:
the Exchange), compiled from official sales lists:
9235 93
Sept
Jan
94
90
June
May
Jan
Apr
Aug
Jan
84
66
3954
85
June
Dec
Sept
Sept
St. Louis Stock Exchange.—Record of transactions at
St. Louis Stock Exchange Dec. 19 to Dec. 24, both inclusive (Friday, the 25th, being Christmas Day and a holiday
on the Exchange), compiled from official sales lists:
Stocks—
Sales
Thurs.
Last Week's Range for
Week.
of Prices.
Sale
Par, Price. Low. High. Shares.
Bank Stocks—
Boatmen's Bank
100
Nat Bank of Commerce.100 156
Trust Company Stocks —
Title Guaranty Trust.:100
Street Railway Stocks.
United Railways, coin 100
Preferred
100
Preferred, elf of dep 100
8
834
150
156
150
15834
50
50
20c
8
8
25c
8
834
Miscellaneous Stocks.
Amer Credit Indemnity 25
54
54
14
Inv B
14
42
Boyd-Welsh Shoe
40
•
Brown Shoe,corn
100 13334 13234 13334
Preferred
10834 10854
100
E L Bruce. pref
10034 10034
100
Ely & Walker D G,com_25
3234 33
33
Fred Medart Mfg,com_ _•
34
Fulton Iron Works,com_ •
34
Globe-Democrat, pref _ _100
112
8134
Hamilton-Brown Shoe__25
• 3414
Huttig El et D,cowl
Inn
••••
--•
—
Range Since Jan. 1.
Lou'.
High.
Nov 150
15 140
49 14314 Jan 159
1'132
300
5
719
45
Apr
8c Feb
4 June
434 Apr
4 3634
90 14
105 38
200 69
10 98
85 100
58 2234
75 30
10 34
10 104
500 4434
545 3134
in inn
Jan
Dec
June
Mar
Apr
Nov
Jan
Apr
Dec
June
Jan
Mar
•ee
52
Dec
Dee
Nov
30c Dec
Dec
8
834 Dec
80
1434
5034
i5634
109
10114
3731
37
45
112
65
3634
toe tz
Feb
Nov
Jan
Nov
Oct
June
Oct
Nov
Sept
Dec
Nov
Jan
Sin,,
High.
35
98
110
115
834
9934
20
270
18
41
334
8
4814
1931
3931
3714
34
6
15
90
834
302
30
955
136
1334
2034
95
Oct
Sept
Mar
Jan
Feb
Oct
Nov
Dec
Oct
Jan
Mar
Sept
Dec
Dec
Nov
Nov
Dec
Oct
Sept
Fe)
Feb
Dee
Dec
Nov
Jan
Feb
Jan
Feb
5
Dec
334 Dec
5
5
•No par value.
Jones
230:
40
Co.
at
Colonial
Trust
reported:
100
Note.—Sold last week and not
& Laughlin Steel pref. at 114; 16 Pittsburgh Steel Foundry pref .at 7734;75 Standard
Plate Glass pref. at 33; 30 Standard Plate Glass prior pref. at 78; 980 Lone Star
Gas rights at 5@534
Chicago Stock Exchange.—Record of transactions at
Chicago Stock Exchange Dec. 19 to Dec 24, both inclusive
(Friday, the 25th, being Christmas Day and a holiday on the
Exchange), compiled from official sales lists:
Stocks—
50 ____ ------ ---- ------
Jan
May
Nov
Dec
Apr
July
Aug
Jan
Oct
Dec
Mar
Feb
Jan
Jan
Jan
Apr
Jan
May
May
Oct
Aug
Aug
Sept
Oct
June
Jan
Apr
Apr
Sales
Thurs
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares
All America Radio Cl A..5
American Pub Serv pref 100
Amer Pub Util Co pt_ _100
American Shipbullding_100
Armour & Co(Del) prof 100
Armour dr Co pref__ - _100
Common ci A v t c...25
Common Cl B v t 0-25
Armour Leather
15
Auburn Auto Co, com__25
Balaban & Katz v t c...25
Preferred
100
Beaver I3oard v t c B
•
Preferred certificates_100
Bendix Corp CIA
10
Borg & Beck
•
Central III Pub Serv pref.•
Central Ind Power pref _100
Central S W 7% prof
*
Prior lien preferred- •
Warrants
•
Chicago Fuse Mfg Co_
Chic N El & Milw, com_100
100
Preferred
Prior lien preferred_ _100
Chic Rys part ctfs series 2Chicago.Titie az Trust_ _100
Commonwealth Edison 100
Consumers Co,new
5
Preferred
100
Continental Motors
•
Cudahy Packing Co___100
Cuneo Press "A"
50
Daniel Boone Wool MUM 25
Decker (Ain & Cohn,Inc_•
Deere & Co pre
100
Diamond Match
100
•
Elec Research Lab
Evans & Co, Inc, el A....5
•
Fair Co(The)
Pratarrad
inn
203,4
9634
78
9054
17
50
70
35
32
2931
90
11
49
82
13934
98
47
34
27
129
3234
2831
Range Since Jan. 1.
Low.
250 18
2034 2014
235 89
9434 9614
20 75
78
78
80 49
75
75
9631 9734
280 90
530 84
9034 91
2434 1,090 1934
24
1634 1734 13,350 1134
135
4
4
334
50
4,350 3134
45
1,500 5134
70
68
131 95
100 101
50
414 434
334
35
700 2134
35
3235
32
360 24
2931 1,250 2434
29
32 83
8814 8834
8934 8934
80 88
344 88
89
99
9834 9834
10 9614
875 10
1034 11
3134 33
120 2734
M
49
1,020 3634
83
81
880 74
9934 100
85 9934
13-4 134
100
34
510 515
30 400
13834 13934
425 13034
534 8
1,795
4
8334 8334
100 30
1154 12
834
170
98
98
50 79
47
4714
230 47
35
200
M
31
27
28
1,000 20
10714 10711
145 83
345 11514
129 130
32
3434 1,825 15
175 2314
2811 2934
670 3114
3334 34
105W 1041
100 183M
June
May
Apr
Apr
Mar
Apr
Mar
Apr
May
Aug
Feb
Jan
July
June
Mar
Mar
Sept
Nov
Nov
Sept
Dec
Aug
Sept
Oct
Sent
July
Feb
Apr
Nov
Mar
Jan
Jan
Dec
July
Jan
Jan
Feb
Mar
Mar
Aug
July
High.
AAA X AAA
AA
AX
AAA
.4
gRallaRCHRIIIIVVIIIIMMIganat
59
93
18 7634
379 82
5
170 75
103 60
53 3134
46 .40
Low.
1934
85
75
108
534
93
14
201
1414
23
134
4
32
1134
3134
31
26
134
6
2c
5
255
1834
63.4
100
811
13
89
A
Railroads—
Little Miami Enure
•No par value.
84
8934
114
84
66
35
8031
Mar 225 May
15 205
17 ---- ______ ---- ______
36 ---- ------ ---- — — --
33
3334
9334 9334
79
79
108 108
834 634
99
99
1854 1834
270 270
1634 17
23
23
234 219
634 634
4434 4534
1834 1934
3934
39
3531 36
3234 33
431 431
13
13
3c
3c
534 534
290 302
30
29
834 9
119 120
1034 103.4
19
19
91
91
A AX
Public Utilities—
Cincinnati & Sub Tel 50 84
84
Chia Gas ez Electric_ ..- _100 8934 8934
114
On Gas Transport'''._ 100 114
83
C N.& CLt & Tr, corn 100 84
Preferred
66
100 66
3434
Cincinnati Street Ry
_50 35
Ohio Traction, pref._ _ _100 8031 7934
216
325
280
Jan
Feb 220
10 198
----- ---31 —
Jan if) Sept
.
210 ili
60 -------------------Jan
--- 140
163 23
Sept
13 9534 Apr 117
Mar 4034 Jan
3,854 31
Jan
Aug 95
10 80
Dec
Mar 16
600 10
Feb
Apr 40
309 35
7_
Nov 10234 May
56 96
11 ____ ------ ____ ------100 __
--- i o-cti
325 .
7a3i Klar iii3,
Dec 2031 Dec
50 19
Apr
Jan 131
1,545 112
Oct
75 10534 Sept 112
36 _
---- -ilar ioi 0-ci
7 ioi
21 ____ ______ ____ ______
30 _
60 _
10 51
Jan 7334 Oct
Apr 105
July
5 100
Nov
45 10734 Mar 155
30
534 Apr 1034 Feb
13 ___ __ _ _ _ _ --__ __ __ _
July
July 38
200 30
3 105
Feb 10834 Dec
Am Vitrified Prod corn..50
Preferred
100
Am Wind Glasa Mach--100 79
Am Wind Glass Co 91-100 108
Arkansas Nat Gas com_ _10
634
Byers (A M) Co pref. _100 99
Carnegie Metals
10 1834
Com'wealth Trust Co..100
Devonian 011
10
Federated Metals
23
Indep Brewing corn
BO
5()
Preferred
Lone Star Gas
25 45
Nat Fireproofing, com 50 1814
Preferred
50 3934
Ohio Fuel Corp
25 38
Oklahoma Natural Gas_ _25 33
Pittsburgh Brew com- _50
Preferred
50
Pittsb & Mt Shasta Cop_ _1
3c
Pittsburgh Oil& Gas
5
Pittsburgh Plate Glass _100 302
Pitts Steel Fdry corn
•
Salt Creek Con OH
10
Stand San Mfg com
25 11934
Tidal Osage Oil
10
U S Glass
25
West Penn Rys pref._ _100
Rights—
Lone Stnr ruts
Range Since Jan. 1.
..
. .01 .1
. ..
OWWWW°N
WW ,5,00009c0
CA Q.00
4.. .0000w W.§8 00WW.O. 00,Cp_5
70WW.O.C.P.COtOtwom
3NC00..00,
W.WW0,
000.0
,
WWWW
WC.,
215
322
280
ss
Nov
Feb 161
Jan 5734 Jan
72
47
Stock.—
Sales
Thurs.
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
.w
w.b. "w-wrio.ww$44 ^
Banks—
Citizens National .._100 216
Fifth-Third-Union units100 322
Lincoln National
100 280
1,993
321
High.
w.01
13934 141
5234 53
10834 10834
214 215
103 103
70
73
90
90
2434 2434
108 108
3434 3534
6834 70
1534 16
3631 3631
10334 10334
9534 9534
10334 1035(
18
18
124% 128
20
20
13534 13734
11134 11131
8534 86
10654 106%
2234
22
158 158
2331
23
62
82
10234 10234
140 141
734 714
10034 10034
3114 3234
108 108
Low.
MWQ..l
0,4.0CAN00N
00.5
,
..400000
,
01.400.00000040C1,0000
Amer Laund Mach,corn 25 141
Amer Roll Mill, com____25 5234
Preferred
100 10831
Baldwin. coin
100 215
Champ Fibre, pref_ _ 100 103
Churngold Corporation_ _• 73
Cm n Postal Term, met_ _100 90
City Ice & Fuel_ ___ _ _ __• 24%
Cooper Corp, new, pref.100 108
Eagle-Picher Lead, corn 20 3531
Fay & Egan, pref
100 6834
French Brcs-Bauer, pf 100 1534
Gibson Art, corn
• 3634
Gibson Art, pref
100 10334
Globe Wernicke, pref_ _100 9534
Gruen Watch, pref
100 1033.
Hatfield-Rellance, corn__ • 18
Kroger, corn
10 124%
McLaren Cane ---------20
Procter & Gamble, coin 20 13731
6% preferred
100 11134
Pure Oil,8% pref__ 100 8534
8% preferred
100 10634
Putman Candy, corn__ __• 22
Richardson, corn
100 158
Standard Drug
100 23
U S Can,common__ ____• 82
Preferred
100 10234
U S Playing Card
20 140
US Shoe, common
•
711
Whitaker Paper, pref_100 10034
• 3131
Western Paper
Wurlitzer, 7% pref.._ _-100 108
Range Si7WO Jan. 1.
tO
Stocks—
Sales
Thurs.
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High Shares.
DEC.26 1925.]
THE CHRONICLE
Thurs.
Sales
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Continued) Par. Price. Low. High. Shares.
Fitz Simons & ConnellDock & Dredge Co _20
Foote Bros(G & M)Co..'
r
Gill Mfg Co
Godchaux Sugar
Goesard Co(II NV)
•
Rights
Great Lakes D di D
_100
Hammermill Paper Co_ _10
Hart, Schff & Marx pf_100
Hibb, Spen, Bart & Co_ _25
Hupp Motor
10
Hurley Machine Co
*
Illinois Brick
100
Illinois Nor Utilities pf _100
Indep Pneumatic Tool_ •
Kellogg Switchboard_ _ _ _25
Kent'ky Hydro-Elec pf_100
Kraft Cheese Co
25
Kup'heimer & Co(B)Inc_5
La Salle Ext Univ In
_10
Libby,McNdiLibby.new 10
10
Lindsay Light
McCord Radiator Mfg A.*
Maytag Co
•
Middle West Utilities_ _ _ _*
Preferred
100
Prior lien preferred_ _100
Midland Steel Products. *
Midland URI prior lien.100
Preferred "A"
100
Morgan Lithograph Co_.•
Nat Carbon pref, new_100
Nat Elm Pr "A" w
National Leather
10
Omnibus vot tr ctfa w 1 a •
Penn Gas & El w
*
Pick (Albert) & Co
10
Pines Winter:rent A
5
Pub Serv of Nor Iii... _100
Preferred
100
7% preferred
100
Quaker Oats Co pref _ _100
Real Silk Hosiery Mills_10
Reo Motor
10
Ryan Car Co(The)
25
So Colo Pow el "A",corn 25
Standard Gas& Electric. _*
Preferred
50
Stewart-Warner Speedom •
Swift & Company
100
Swift International
15
Thompson (J. R)
25
Union Carbide & Carbon.'
United Biscuit cl "A".
United Iron Works v t c_50
Un Lt & Pr corn el A wia•
Preferred cl A w a_ _ _*
Preferred Cl B w I a....*
Rights
United Paper Board_ _100
U S Gypsum
20
Preferred
100
Unlv Theatres Cone el A_5
Vesta Battery Corp
•
Wahl Co
Ward(Moragomery)&Co 10
Class A
*
W'ms 011-0-Mat Corp cm*
Wolff Mfg Corp
Wolverine Portland Cem 10
Wrigley Jr
Yates Mach part pref_.*
Yell Tr & Co Mfg Cl B._10
Preferred
100
Yellow Cab Co,Inc (Chic)'
BondsAm&Co of D 20-y6;5355'43
Chicago City Ry 6.9_._1927
Chic City & Con Rys 55'27
Chicago Railways 55..1927
4s, Series B
1927
•No par value.
15
3
39
25.1
115
5335
3734
91
3535
93
834
1154
9835
5855
2534
1434
23
22
60
5831
9234
11334
2134
4635
78
5251
13855
93
55
451
33
156
4434
10931
17
734
30
3035
94
4855
7734
5151
2654 28
1355 15
3
3
734 7%
38% 41
24 3
164 164
32
32
114% 115
7651 76%
2651 26%
53
54%
4055
37
91
91
62
62
35% 36
93
93
89
88
29% 30
14% 15
84 8%
1% 1%
42% 4235
22
22
11434 115%
9831 98%
106 107
4835 4855
99 10034
96
96
57% 5834
126 126
244 25%
4
434
14
1535
22% 24
214 22
59
60
130 130
101 101
109% 10955
105 105
5955
58
23
23
16
164
25
25
5754 5735
53% 535(
9051 964
11331 113%
20% 23%
46
47
7735 79
4831 5231
155 1%
137 146
89
93%
51
5455
451 555
3251 3355
156 16051
115 115
651 651
16
20
955 10
8054 8154
10831 109%
16% 17
9
9
631 751
54% 55
2831 30
27
30%
94
94
48
4835
9435
7755
5151
77%
3731
1,170
1,650
125
900
1,750
875
25
30
75
50
426
4,500
8,385
15
10
320
20
890
75
380
2,700
10
50
50
1,600
20
345
17
819
1
1,70
2
740
2,660
5,545
10,700
150
1,650
20
10
12
165
4,790
200
150
200
10
105
54,620
1,225
28,300
2,860
2,120
20,300
50
1,275
1,46
82
25
1,500
1,23
3
200
1,100
825
275
760
2,375
500
150
700
6,965
1,825
35
677
9435 3,000
78
12,000
38,000
52
77% 5,000
37% 6,000
Range Since Jan. 1.
Low.
High.
4655
2731
2655
90
45
Dec 28
Apr 1631
Dec
7
Jan
1054
Jan 4434
Dec
3
Jan 195
Apr 32
Dec 115
Jan 7634
Mar 3031
Mar 56
May 4134
Jan 9251
Apr 70
Dec 48
May 94
Jan 9934
May 31
Nov 22
Apr
954
Oct
2%
Apr 43
Aug 2631
Feb 125
Jan 9851
Jan 108
Jan 57
Apr 101
Nov
97
Mar 59
Feb 130
Aug 27
Apr
6%
Sept17%
Dec 24
July 237
%
June 74
Jan 13055
Jan 101
July 111
Jan 106
Mar 75%
Mar 4254
Dec 2551
Dec 28
Jan 60
Jan 56
Mar 964
Apr 120%
Dec 36
July 5035
Mar so%
Dec 5251
Feb
5
Mar 16635
Apr 99
Jan 5634
June 1055
Apr 3334
Feb 206
Jan 118
Aug 53
Oct24
Oct 2334
Mar 844
Dec 123
Dec 1734
Jan
1051
Nov
1435
Jan 57
Dec 3111
Nov 4851
Oct 9835
July 5555
Dec
Mar
May
Oct
Dec
Dec
Sept
Aug
Dec
Oct
Nov
Jan
Dec
Apr
Jan
Jan
Dec
Sept
Dec
Aug
Oct
Feb
Nov
Oct
July
Mar
Nov
Aug
June
Nov
Aug
July
Oct
Jan
Mar
Dec
Oct
Jan
Dec
Dec
Nov
July
Feb
July
June
Nov
Aug
Nov
Dec
Feb
Jan
Oct
Nov
Dec
Jan
Oct
June
Dec
July
Dec
Sept
Sept
Jan
Jan
Feb
Dec
Jan
Dec
Mar
Jan
Oct
Aug
June
Oct
Jan
91.3.4
74
46
754
35
Jan
Apr
Apr
Aug
Mar
June
Mar
Mar
Feb
Mar
26
12
234
3
2635
254
9435
29
11434
68
1434
41%
28
85
50
3554
85%
2555
13
634
34
3734
2054
9234
9155
98
3234
9834
92
42
120
234
4
9
2255
1734
33
118
92
102
10234
48
1455
16
25
4034
50
5555
10935
2034
4254
65
474
51
44
81
42
4%
184
112
112
234
12
6
41
10834
164
54
6%
9434
84%
63
8535
5655
New York Curb Market.-Official transactions in the
New York Curb Market from Dec. 19 to Dec.24(Friday, the
25th, being Christmas Day and a holiday on the Exchange).
Thurs.
Sates
Last Week's Range for
Sale
of Prices.
Par. Price. Low. High. Shares.
Week Ended Dec. 25.
Stocks-
Range Since Jan. 1.
Low,
High.
Indus. & Miscellaneous.
Abraham & Strauss
Preferred
IOU
Aero Mfg Supply, Class 11 •
Ala Gt Southern,corn...S0
Preferred
Allied Packers common_
Alpha Portland Cement 100
Aluminum Co corn new...'
Preferred new
Amalgam Leather cora _..•
American Arch Co
Amer Can new w I
25
American Gas & Mac corn •
Preferred
•
American Hawaiian SS_ _ 10
Amer Lt & True com _ -100
Preferred
10U
Amer Pow di Lt corn new.•
Preferred
10f.
Amer Rayon Products._ .•
Amer Rolling Mill pref _10(
American Seating
100
Am Superpow Corp CIA.'
Class B
•
Prior preferred
25
Amer Thread preferred...5
Amer Writ Paper corn. 100
Arizona Power common 104
Assoc Gas & Elec ClassA.•
Atlantic Fruit & Sugar - -•
Atlas Port! Cement new. _•
Beaver Board Co pref. _100
Bigelow-Ilartf Carpet corn"
Bliss (E W) & Co corn_
Blyn Shoes. Inc. corn__ _10
Boissonnault (G) Co
•
Borden Co corn exch stk.50
Bradley Fireproof Prod__
Bridgeport Mach corn . _•
Brooklyn City RR
10
Drown Shoe Co w
Bucyrus Co common_ _ _100
Buff Niag & E Pow corn..'
14
10034
7834
254
115
65%
95%
33
295
3135
33
33
84c
51%
20c
103%
Mc
13
4535
190
33%
5355 534
500
106 10655
500
14
1435
900
99 100
200
10055 10434
410
5
5
100
108 111
70
63
63
300
99
99
100
12
15
2,200
1244 12451
75
424 47% 210,500
800
7834 7931
92
92
100
12
12
100
254 261
1,045
115 11534
500
6435 6634 12,500
96%
95
370
34
33
2,900
107 10735
200
295 295
40
31% 32
600
3255 3334
4.500
25
25
210
4
4
300
50c 50c
100
3051
30
200
3,200
3235 3434
3,700
81c 85c
51
5551
800
35
36
200
97
97
25
25
25
100
651 635
300
20c 20c
1.000
10135 104
2.700
42c 56c 12,200
11,400
1134 14
751
734 3,600
1,300
4454 4555
190 190
25
3234 3355
900
5355
105%
11
81%
80
451
108
53
98%
855
124
4135
68%
83%
831
137
94
4854
8251
2651
106
201
2654
2751
2455
351
50c
1754
25%
57e
44
33
97
2255
3%
20c
6735
20c
455
634
4334
189
324
Dec
Dec
Nov
Oct
Nov
Sept
Dec
Nov
Nov
Aug
Dec
Dec
AP
Apr
May
Jan
Jan
Feb
Oct
May
Oct
Oct
Mar
Mar
Feb
Jan
Nov
Jan
Mar
Nov
June
Oct
Dec
Aug
Sept
Dec
Mar
Dec
Feb
Dec
Dec
Nov
Dec
58% 'Dec
108
Dec
16% Sept
107
Dec
107
Dec
10
Feb
150
Oct
71
Nov
9915 Dec
1735 Oct
124% Dec
4755 Dec
8451 may
93% Nov
18% Oct
288
Nov
119% Nov
6735 Dec
98
Dec
51% June
108
May
329
Dec
4135 Oct
45
Oct
2755 Sept
454 Feb
1
July
3754 Oct
4555 Aug
1% Mar
68
Oct
39
July
110
Oct
35
Oct
8% Nov
335 Feb
104
Dec
56c Dec
14
Dec
935 Feb
4534 Dec
210
'Oct
3335 Dec
3123
Thurs.
Sales
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Continued) Par. Price. Low. High. Shares,
Burdines Inc common w l_•
Can Dry Ginger Ale new_
4334
Car Ltg & Power com_ _ _25
2
Celluloid Co corn
100
Preferred
100
Central Aguirre Sugar...20
Central Steel corn
• 7135
Centrifugal Pipe Corp...' 27%
Checker Cab Mfg, CI A_ •
Chic Nipple Mfg Cl A_ _ _50 43%
Class B
50
Childs Co pref new_ _100
Christie,Brown & Co corn • 62%
Chrysler Corp, new,cow .• 49
Cmn Ind & West v t c..100 1354
Preferred
100
Clues Service corn
20 3835
Preferred
100
Cleveland Automobile corn' 30
Conn Hall Marx
32%
Colombian Syndicate
2114
Com'wealth Power CorpCommon, new
• 3931
Preferred
100 87
Warrants
Connor (John Ti Co _ _ _10 41
Consol Dairy Produ eta_ _ _*
64
Cons Gas,E L&P Bait new. 4355
Consumers Co comrnon_20
54
Continental Baking,comA*
Common B
• 2935
8% preferred
100 99%
Continental Tobacco. •
Courtlauds, Ltd
3451
Cuban Tobacco v t
Curtiss Aeropi & M,
2251
De Forest Radio Corp _ .• 1235
Devoe & Rayn CI B new.. 87
Doehler Die Casting
• 1331
Dubiller Condenser & Rad*
8%
Dunhill International_
•
Duplex Coed & Radio v t c*
Durant Motors, Inc
• 13%
Das Co. Class A
• 1634
Class A v t c
•
Eastern Rolling Mill new •
Eastern Steamship Lines__
874
Elsenlohr (Otto) & Bro_100 1951
•
Eitingon-Schild Co
Electric Auto Lite Co_
•
Elec Bond & Share,prel 100 10434
Elec Bond & Share Sec_ _.• 66
Elec Invest without war'ts' 6735
Electric Ry Securs, new_ •
• 3935
Emporium Corp w i
Engineers Public Serv corn* 24
Preferred (50% paid)_ _• 9935
Fageol Motors Co. com_10 1051
Fajardo Sugar
100
Federal Finance Corp el A* 3351
Class B
•
Federal Motor Truck_ __10 3755
Federated Metals
22
Film Inspection Mach
•
Firestone T & R,7% Pt.100
Fisk Rubber 1st pref w _ _ _
Ford Motor Co of Can_100
Forhan Co, class A w 1_ _ _• 18%
Foundation Co (for'n) Cl A 61%
Fox Theatres, CI A, corn.. 31%
Franklin(H H) Mfg,corn.' 34
Preferred
100
Freed-Elsemann Radio_ __*
Freshman (Chas) Co
• 1754
Garland SS
3
Garod Corporation
551
•
General Baking class A_ _ . 78
Class B
1735
General Fireproofing corn.' 463,5
Gen. G dr E of Del CI A w I
Class B common
Gen'l Ice Cream Corp_ _ _• 5634
Georgia LPow & Ry com 100 6034
Georgia Ry & Pow com_100 151
Gilchrist Co
• 39
Gillette Safety Razor_ _ _• 10954
Glen Alden Coal
• 148
Goodyear Tire & R.com100 3635
Grand (F W)5-10-25c St _•
Great Atl & Pac Tea, pt 100
Grennan Bakeries Inc_ _ _• 19
Grimes Ra & Cam licc___•
255
Habirshaw Elm Cable, new
Happiness Candy St cl A.'
834
Founders shares
755
Havana Elec URI v t c_ _ _ _ -----Preferred Hazeltine Corp 69
Hazeltine Corporation. _ _• 16
Hellman (Richard) Inc
Pref with warrants....' 3254
Heyden Chemical
*
Hires(Chas E)CoClass A common
• 25
Hollander(A)& Son,corn.* 3535
Hood Rubber Co corn_ _ _ _•
Horn & Harder' Co
• 5855
Hunt Bros Pack, Class A.•
Industrial Rayon Corp CIA
20%
Insur Coot Nor Amer__ _10 6255
Intercontinental Rubb_100 18
Int Concrete Ind Frs shs_ _
8%
int Match non-vot pref _3.5 z5955
Internat Projector Corp..' 14%
internat Utilities. Class A
Class B
731
Johns-Manville. Inc
• 151
Jones(Jos W)Radio M fg _•
Keivinator Corporation..' 87%
Kroger Grocery di Baking. 126
Land Co of Florida
394
Landay Bros, Inc, Cl A _ _*
Landover Hold'gCorp CIA 1
Lehigh Power Securities..' 184%
Lehigh Valley Coal Sales.50
Lehigh Van Coal oho new.. 40
Libby McNeill & Libby _10
Libby Owens SheetGlass.25 212
Liberty Radio Ch Stores..'
431
Lit Brothers
10
Marconi Wire'Tel Lend_ £1
54
Marconi Wirel Tel of Can-1
Mass Gas Cos. coin_ _ _100 82
McCord Rad dr Mfg v c.•
51cCrory Stores
•
Mengel Co
100 4935
Mercantile Stores Co_ _100
M erc'rb'k(Vienna)Am sh 25
Mesabi Iron Co
135
Metro 5 & 50 c, Class B.
Preferred
45
Range Since Jan. 1.
Low.
High.
22
Nov 26%
22%
200 20
4005 43% 4,400 3334 Sept 5155
2
255
5%
1,000
134 Jan
20
20
130 1834 June 2734
65
7135
150 65 June 97
78
83
Oct 97
120 68
7255
71
July 7554
500 51
2535 28
Mar 30%
12,300 10
Sept 2451
10
1
10
100
4351 4351
Apr 4454
500 29
2655 26%
300 1135 June 2755
119 119
20 11355 Jan 125
Sept 6451
6135 64
2,400 48
454 5031 87,200 44
Nov 5774
951 Nov
1334 17%
700
1734
21% 23
200 214 Dec 23
3735 38% 4,900 35
Mar 43
8455
84
1,200 814 Jan 8535
29
30
3,200 19)4 Feb 32
32
32%
700 3034 Sept 3434
Jan
2
251
251 21,600 60c
Dec
July
May
Sept
Jan
Sept
Nov
Nov
Jan
Dec
Nov
Oct
Nov
Dee
Dec
Dec
Feb
Dec
Dec
Sept
Nov
Sept 434
Jan 884
Feb 86
Sept 4334
Dec
834
J80 4735
Dec
534
Jan 144
Jan 4255
Jan 10634
Oct2631
Dec41
Apr 75
Feb2654
Dec 34
Oct 87
Apr 2034
Dec 3534
Sept 31
Dec 17
Aug 21
Dec 33
Dec 2231
Nov 44
Oct 89
Aug 1951
Dec 3734
July 79
Sept 107
Apr 9135
Jan 73
Dec
655
Dec 41
Sept 29
Sept 10035
Aug 1535
Feb 1294£
Nov 364
Dec
1934
Sept 47%
Dec 30
June 1154
June 100
Dcc 108
Mar 690
Sep
2034
Dec 62%
Nov
314
Apr 423,4
Apr 94
Dec 3354
Mar 28
Feb
2
Apr 174
Oct
8334
Nov 204
Sept 52
Aug 6431
Aug 6235
July 57
Jan 7735
July 151
Oct 4154
Jan 11035
Feb 148
Jan 4974
June 90
Jan 119
Mar 2131
Dec 27
Dec 21
Jan
955
Feb954
Nov 45
Oct7034
June 514
May
Nov
May
Dec
Nov
Aug
Dec
July
Oct
Aug
Jan
Nov
Nov
Dec
Feb
Dec
Jan
Jan
Jan
Jan
Jan
Feb
July
Dec
Dec
Dec
Dec
Dee
July
Feb
Nov
Dee
Dec
Aug
Sent
Sept
Dec
Oct
Nov
Oct
Set)'
Jan
Oct
Dec
Oct
Nov
Dec
Dec
July
Oct
Jan
Jan
Oct
37
864
62
41
5%
4334
5%
12035
2851
9955
15%
34
61
2251
12
8555
133,5
8%
2655
135
1155
1655
39!,
4
8731
64%
43
631
43%
5%
122
3051
100
16
35%
61
2351
1255
87
1334
9%
26%
151
1334
1755
is% 16%
4255 4355
8734 8835
1855 1934
35
374
72
71
10434 10431
6555 6735
66% 68
551 635
39
3935
23% 24%
9951 9935
934 10%
139% 139%
3351 34
16
1651
3655 3754
22
2355
5
5
99
994
107 107
621 625
18
18%
6134 6231
29
31%
31% 34
85
85
6% 8%
17
135
5
78
17
4635
5835
4855
50
5555
138
39
106
14131
3631
75
119
19
2
15%
8%
734
44%
69
15
1735
134
6
78%
1734
4735
5935
4954
57
60%
151
40
11055
148
3835
77
119
19
355
15%
851
45
69
1655
32% 32%
24 2%
25
2534
3534
6934
61
2534
2034
63
1855
8%
5934
14%
39
731
151
15634
1
135
78
877-4
126 136
38
50
3.534 3655
2335 2355
182% 185
814 82
3855 40
835 835
204 21551
355 435
3251 34
5% 555
155
155
8251 85
22% 23
1003-1 1004
4454 4935
145 145
431 4%
155
155
2% 2%
4451 45
3534
6651
583-4
25
20
62%
14
7
563-4
144
384
3035
16,00
800 7951
50 2555
900 28
551
7,400
1,800 3155
53,4
300
1,100 108
28,600 214
1.500 9134
2,300 1455
700 3355
100 3555
400 13
2,200 12
1,100 54
500 10
84
27,600
200 203.4
800
1
26,400
934
300 143.4
1,000 15
1,100 37
20 76
6,300 12%
1.000 35
1,100 6755
33 101
9,600 5555
3,900 40
700
54
10,100 38
1,400 1934
1,100 99
1,900
634
1 120
500 3234
700 16
2,000 30
400 22
1,500
434
so 96
125 1034
30 462
3,000 1734
22,800 6155
28,100 26
1,300 1635
25 78
6,300
651
954
5,000
200 60c
2
3,400
2,700 6055
11,400 153.4
1,300 3434
1,800 5431
600 45
5,900 34
31%
00
1,000 95
300 3855
8.200 5734
1,600 117
8,700 24%
400 55
2 111
1555
10
2
10,200
100 14
64
2,000
551
1,700
300 42
100 66
2,300 1455
300
400
4,300
700
600
1,500
300
10.600
300
10,000
1,900
5.500
400
500
2,600
250
2,500
12,800
2
5,500
1,000
200
2,52
2,72
9,20
300
43
18,500
200
100
100
40
400
100
1.100
100
100
3,400
100
59
Jan
Dec
Oct
Oct
July
July
Dec
July
Dee
Dec
Dec
Dec
Oet
Oct
Dee
May
AU
June
July
Aug
Sept
Sept
Jan
32
Sell
134 Apr
344 Sept
354 Nov
Nov
Nov
Aug
May
Dec
Oct
Oct
Jan
Mar
Jan
Dec
Oct
May
Nov
May
Feb
Nov
Dec
Dec
Jan
Feb
May
Ma
Apr
Jun
Dec
Sep
Dec
Au
Nov
Sep
Ma
Jan
So
Nov
Dec
Dec
Dec
2654 Nov
3834 Nov
72% Oct
6935 Nov
30
Aug
2635 Oct
6435 Dec
Dec
20
135
% July
6251 Dee
14% Dec
Nov
40
17
Jan
185
Aug
9
Jan
8778 Dec
140
Sept
94
Sept
3714 Nov
32
Nov
197
Nov
87
Jan
504 Jan
934 Dec
240
Nov
104 Oct
36
Oct
10
Jan
294 Oct
85
Dec
25
Sept
127
Oct
69% July
Oct
160
Jan
8
43,4 Jan
Nov
3
5234 Nov
25
344
61
46
25
20
56%
5%
7
3755
13
32%
655
14355
1
1835
122
38
35%
855
82
78
33
635
182
255
24
535
1
75
2134
87
30
136
4%
134
2%
44%
Stocks (Continued) Par
Sa es
Last Week's Range for
Week.
of Prices.
81114
Price. bow. High. Shares.
SIttropolltan Chain Stores 46%
Middle West Ottlitles,com• 114%
10(1
Prior lien stock
lull
Preferred
Midland Steel Products_ •
100
Midvale Co
Miller Rubber. corn, new
3754
100 150
Common old
jut
Preferred
Mirror (The)7% prof 1101
Mi•sssippl My Pow pf_100
Mohawk Valley Co new.
Moore Drop Forge Cl A •
Motion PM Capital Corp.• 19%
Mu-
@FedFRASER