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The
ammIt*c ttl
financial
ertintrie
INCLUDING
Railway& Industrial Compendium
Public Utility Compendium
State & Municipal Compendium
Railway Earnings Section
VOL. 121.
SATURDAY,DECEMBER 5 1925
Bank and Quotation Section
Bankers' Convention Section
NO. 3154.
Germany, which met four-fifths of its first year's
payment under the Dawes plan by mean's of an exPUBLISHED WEEKLY
ternal loan, is expected to meet the whole of the
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6.75
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13.50
7.76 conditions, however, is
a common problem of how
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remittances for European subscriptions and advertisements must be made best to cope with extreme financial necessity.
The
In New York funds.
Subscription includes following SupplementsLocarno treaties have been praised for implanting a
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On request for the relief of France, which is financially in disOzioAao Omon—In charge of Peed. H. Gray, Western Representative,
tress, and for the benefit of all the other nations
208 South La Salle Street. Telephone Harrison 5818.
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whose financial situation is a matter of concern?
WILLIAM B. DANA COMPANY, Publishers,
Thanks to the Dawes plan, the acute political
Front, Pine and Depeyster Streets, New York
and financial situation regarding reparations, which
Published every Saturday morning by WILLIAM B. DANA COMPANY. was vexing Europe when the plan was inaugurated,
President and Editor. Jacob Seibert; Business Manager, William D. Riggs:
Treas. William Dana Seibert; See. Herbert D.Seibert. Addresses of all, Office of Co.
has been tided over, and the problem that then had
to be faced does not seem likely to recur. The
ThelLocarno Settlement and Financial
Dawes plan, however, has two important limitations
Readjustment in Europe.
which bear closely upon the present financial situaNow that the Locarno treaties have been signed, tion. The first is in the fact
that it does not offer
and the dread of renewed war which has haunted to any of Germany's creditors,
either now or at any
western Europe for more than six years has been time during the first five years
of its operation,
displaced by international agreements providing for sufficient revenue in the form
of reparations payarbitration and security, the States that were in- ments to meet their imperative need of
ready money.
volved in the World War find themselves for the The amount available from Germany
fox treaty payfirst time in a position to give united and undis- ments during the
first year of the plan was 1,000,tracted attention to their financial problems. How 000,000 gold marks, of which 800,000,000
came from
serious those problems are the front pages of the a foreign loan. The amounts available
for subsenewspapers tell us almost every morning, and the quent years, assuming that the plan works
without
story is continued almost every evening. The finan- interruption, are
for the sec, nd, or present, year
cial condition of France is admittedly the most 1,220,000,000
gold marks, for the third year the same
desperate of all, and omission to meet the crisis amount, for the fourth year
1,750,000,000 gold
which has developed there cannot fail to have disas- marks, and
for the fifth, or normal year, 2,500,000,trous repercussions elsewhere, but the recent rapid 000 gold marks.
Of these several amounts, as of any
decline in Polish exchange is a disturbing event, and further
payments that may be made after the fifth
neither in Germany, nor in Italy, nor in Great Brit- year,
France is entitled, under the agreement made
ain is the financial outlook free from apprehension. at the Spa Conference
in 1920, to 52%, Great BritWhat is needed in France is immediate relief from ain to 22%,
Italy to 10% and Belgium to 8%, the
the pressure of ill-adjusted domestic and foreign remaining 8% being allotted in varying
proportions
debt, and ready money with which to meet large to Greece, Rumania,
Jugoslavia, Portugal and
immediate obligations which will not wait for the Japan.
It is obvious that these payments, although
slow processes of increased taxation and the stabili- constituting, when the maximum
is reached, apprezation of currency. Italy, which has just concluded ciable additions
to the revenues of those countries
a debt settlement with the United States and hopes which are entitled to the larger
shares, are of relasoon to negotiate a similar settlement with Great tively small consequence at the
moment, particularlyBritain, is mortgaging the future for a surplus of in the case
of France, where the need of immediate
revenue which its budget does not yet show, while cash revenue is
imperative.
IJ1xThronicle
2670
THE CHRONICLE
Ordx. 121.
its creditors, in the European
The second limitation of the Dawes plan is that them, with the aid of
and turning over the proit does not undertake to determine the aggregate and American markets,
s account. The 52% of the
amount of reparations which Germany shall eventu- ceeds to the reparation
would receive, if the Spa
ally pay. The facts at this point may appropriately proceeds which France
would go a long way tobe recalled. In April 1921 the Reparations Com- agreement were followed,
from its present financial
mission, acting in conformity with the duty imposed ward extricating France
y neither Great Britain
upon it by the Treaty of Versailles, announced what difficulties, and presumabl
receiving so considerto
averse
is known as the London schedule of reparations pay- nor Italy would be
resources. The sugcash
their
ments. The plan provided for the issuance by Ger- able an addition to
however, be given a much wider
many of three series of bonds, designated, respec- gestion might well,
should not the creditor Governtively, as "A,""B" and "C." The "A" bonds, to the application. Why
Germany upon the maximum
amount of 12,000,000,000 gold marks, were to be de- ments agree with
be paid, capitalize the
livered by July 1 1921 and the "B" bonds, to the amount of reparations to
and unite in aiding the
amount of 38,000,000,000 gold marks, by Nov. 1 of amount at its present value,
issue to the aggregate
the same year. The bonds were to bear 5% interest, flotation of a German bond
The elaborate and
upon?
with 1% for sinking fund. The third series of "C" of the amount agreed
could then be disbonds, the maximum amount of which was fixed at costly machinery of the Dawes plan
of money would be made
82,000,000,000 gold marks, were to be issued only pensed with, very large sums
are now depleted
as and when the Commission was satisfied of the available for the Treasuries that
be relieved
would
Germany
ability of Germany to provide for interest and sink- or badly strained, and
it regardover
ing fund. Nominally, then, the total of reparations of the uncertainty which still hangs
continue the
expected was 132,000,000,000 gold marks, but all ing the length of time in which it must
contemexcept 50,000,000,000 gold marks, the combined maximum payments which the Dawes plan
the
once
that
further,
,
improbable
amount of the "A" and "B" bonds, was contingent plates. It is not
figure
some
,
upon the later decision of the Commission regarding matter were taken up in conference
materially less than 50,000,000,000 gold marks might
the capacity of Germany to pay.
paid is in
It was over this latter question that Great Britain be accepted, but the precise amount to be
an end
putting
than
e
importanc
and France, in the winter of 1922-23, found them- Practice of far less
air.
the
selves at variance, and the breach was widened by to uncertainty and clearing
None of the objections which may be urged to
the French occupation of the Ruhr. There was tacit
indicated appear
agreement that it would be impossible ever to ex- such a procedure as has just been
German State,
of
volume
The
e.
insuperabl
tract from Germany such a sum as 132,000,000,000 to be
lately been
have
which
loans
gold marks, but none of the compromises that were municipal and private
favor with
the
to
suggested proved acceptable, and a German pro- floated in this country testifies
regarded by
posal of 30,000,000,000 gold marks, made in 1923, which German credit is in general
the flotathat
unlikely
is
it
and
fell to the ground. The only tangible sum, accord- American investors,
German
a
national
of
ingly, to which the Spa agreement, made before the tion here of a proper share
London schedule was announced, appeared to apply loan of the kind contemplated would meet with oppowas the 50,000,000,000 gold marks of "A" and "B" sition either from bankers or from Washington.
bonds, and it is doubtless for that reason that that The displacing of the Dawes plan need not cause
sum has often been mentioned as the maximum which hesitation, for that plan is obviously only a device
of its
Germany was to pay. As a matter of fact, France, for enforcing upon Germany the demands
no
longer
are
there
"Allies"
that
now
and
while later agreeing to accept its 52% of the "A"and creditors,
"B" bonds, insisted also upon so much of any addi- and "former enemies" to be considered or mentioned
tional sums as would be required to discharge its (it is a French statesman, M. Briand, who has relewar debt to the Allies. The Dawes Committee, in gated that distinction to oblivion), any plan that
turn, properly regarding the question as political offers greater mutual benefit may properly be
and hence beyond its province, confined itself to substituted. Most practical of all arguments, howworking out a plan of graduated payments, the maxi- ever, is the fact that such a funding of the entire
mum of which, representing the then capacity of reparations obligation would mean cash, and it is
Germany to pay, was to be reached in the fifth year. cash, in very large amounts, that France, Italy and
With friendly relations between Germany and the other claimants need. One gold mark applied toformer Allies cemented by the Locarno treaties, the day to the relief of the French Treasury is worth a
time seems ripe for a joint treatment of the repara- dozen gold marks which may possibly be received
tions problem which shall make the German pay- five, ten or fifteen years hence. It would be an imments available for the immediate financial necessi- pressive illustration of the Locarno spirit, and a
ties of Europe, and particularly for those of France. convincing proof of its genuineness, if the creditor
M. Loucheur, the new French Minister of Finance, Governments, at odds for years over reparations
is reported to have proposed that Germany, which and agreed only in accepting a temporary arrangehas the right under the Dawes plan to anticipate ment, should now set that vexing question at rest by
its reparations payments, shall at once issue some agreeing with Germany about the aggregate amount
11,000,000,000 gold marks of railway bonds, selling to be paid, and at the same time so frame the settle-
DEC.5 1925.]
THE CHRONICLE
2671
ment as to make the amount immediately available the prosperity now enjoyed in this country is plain.
pointed out that we have
for their own financial necessities and the general Furthermore, Mr. Hoover
remarkable price stability, which
of
three
years
had
financial and economic needs of Europe.
has reduced speculation in commodities to a minimum. This gives us a more than ordinarily sound
The Financial Situation.
business situation, which has been evidenced very
On Thursday morning of this week announcement clearly during the past month, when a sudden and
was made that the Bank of England had raised its heavy decline in the stock market brought about by
rediscount rate from 4 to 5%, bringing the differen- an unsound speculative position failed to disturb
1
2%. business confidence.
tial between New York and London rates up to 1/
The directors of the Federal Reserve Bank of New
York meeting on Thursday took no action in respect
It is expected that when Congress convenes on
1
2%. Great Monday the Ways and Means Committee of the
to the rate here, which remains at 3/
Britain has recently lost $110,000,000 in gold through House will immediately introduce the new tax bill,
exports, which has reduced reserves to a point re- which is understood to have the approval of the Adquiring care. Notwithstanding this, the prohibition ministration. Early action by the House and Senon export of capital was recently lifted, throwing ate on this bill would be of the greatest benefit to
the British money market open to the borrowers of the country. It is also understood that a bill in rethe world. It was expected that this would draw off spect to railroad consolidation is ready for early
from New York to London a considerable portion of presentation and that the matter of changing the
the large volume of borrowing now being done by labor provisions of the present railroad law will be
Europe. This situation has been accentuated by left for action later on in order to expedite action in
failure to receive approval at Washington of the the matter of consolidations. In the meantime there
proposed $45,000,000 loan to a German potash syn- are evidences of preparation for several consolidadicate, so that the bulk of this financing will be tions. It is not improbable that many plans will be
done in London. The higher rediscount rate in Lon- brought to rapid maturity in case Congress makes
don may act as a deterrent to certain foreign bor- it possible legally to proceed in this matter. on a
rowing,and may attract liquid funds from New York sound economic basis.
and elsewhere.
The New York stock market opened quietly ThursCommercial failures during November, according
day morning after announcement of the advance in to the records of R. G. Dun & Co., make a rather satthe British rate but later displayed considerable isfactory showing as compared with earlier months
strength and yesterday the bull movement was again this year and with the corresponding months of prein full swing, notwithstanding the experience of the ceding years, particularly as to the number of depast month. Secretary Mellon expressed himself faults. There were 1,672 insolvencies in commercial
to the effect that the increase in the British rate in lines in the United States last month with $35,922,itself probably would not be enough to influence the 421 of liabilities, as against 1,581 defaults in OctoNew York Bank, where there appeared to be no ber for $29,543,870 of indebtedness, and 1,653 failpressure for increase in discounts. He was of the ures in November last year, involving $31,123,910.
opinion that if the New York rate should be raised There are only two months this year, August and
from 3/
1
2% to 4% the effect on speculation would October, in which there were fewer failures than
be negligible, in which he is certainly right.
are reported for last month, and with the exception
During the week prices of investment bonds have of March, July, September and October, each month
hardened slightly, indicating increasing confidence this year shows liabilities in excess of November.
in the continuation of normal money rates. Indices Omitting November 1924, the indebtedness shown
of the general business situation continue to show for that month this year is considerably less than
improvement, notably in the steel industry. Car appears in November of previous years back to 1920.
loadings remain at record figures. The annual re- Of last month's defaults, 442 were manufacturing
port of Secretary Hoover, of the Department of concerns with liabilities of $13,993,701; 1,146 were
Commerce, has received much editorial comment trading concerns owing $18,907,091, and 84 were
during the week, because it points out some of the agents and brokers, with an indebtedness of $3,021,fundamental causes underlying the prosperity which 629. In November 1924 there were 361 manufacturthe country is now enjoying. Secretary Hoover said: ing failures for $10,252,127; 1,193 trading defaults
"Thanks to the elimination of waste and other con- for $15,781,521 and 99 of agents and brokers, owing
tributing factors (among which he mentioned pro- $5,090,262. The trading class report fewer failures
hibition) we can as a nation show one of the most in November this year than a year ago; also the
astonishing transformations in economic history." class embracing agents; on the other hand, there
As evidence of this he pointed out that
whereas was an increase in the number of defaults this year
money wages are higher than in 1920, wholesale over a year ago among manufacturing concerns. Up
prices are considerably lower, so that real wages as to October, trading failures this year had been in
respects purchasing power are higher, and not only excess of 1924 in each month, and liabilities for that
so, but the highest in our history. Study of the fig- class were heavier than last year, but for October
ures shows that the actual purchasing power of and November this year the reverse is the case. In
wages is 52% greater than in 1914 and very mate- contradistinction, both the number and the indebtrially higher than in 1920, when, owing to the fact edness of the manufacturing defaults for the first
that prices had advanced more rapidly than wages, seven months of 1925 were less than for the correthe real purchasing power was only 88% of the 1914 sponding period of 1924. The November manufaclevel. During the past three years there has been a turing insolvencies are again considerably above
steady advance. When this fact is taken in connec- those of a year ago, both in number and liabilities.
tion with the full employment of labor, the cause of The increase in number last month over November
2672
THE CHRONICLE
[VoL 121.
1924 is largely among manufacturers of clothing, who now heads the Government of his country for
lumber and bakers, and while the number of makers the eighth time, would have much preferred to reof machinery and tools was practically the same in main simply Minister of Foreign Affairs under anboth years, there were some large defaults in these other Premier than to become Chief of the Cabinet
lines in November this year, which swelled very ma- he finally formed and presented to the President of
terially the indebtedness reported. Large clothing the Republic this afternoon after vexatious difficulfailures last month, also some in the lumber divi- ties that beset him up to the last moment." Signifision, increased the indebtedness over November 1924. cantly, the correspondent asked, "What are the reaIn the trading class there were fewer failures sons for this attitude, which seems so strange on the
last month among general stores, clothing dealers, part of a politician? The chief reason is that the
dry goods, leather goods, including shoes, furniture veteran statesman would like to give his whole time
and drug stores. For groceries,. another gain in to the task of bringing peace to Europe, which task,
number appears for November this year over a year so far as France is concerned, is the job of the Quai
ago, but the liabilities last month were somewhat d'Orsay. Then again he feels that the financial
less than in November 1924. A small increase this problem, which is the central problem of any French
year also is shown in the number of defaults among Government now, had better be handled by others.
hotels and restaurants and dealers in hardware. Furthermore, M. Briand's health is poor, he is sufThe liabilities for the jewelry class last month were fering from arterio-sclerosis----and he dreads the
very much larger than a year ago; also for dry goods strain of conducting the fierce Chamber debates sure
failures. On the other hand, some decrease is to come in connection with fiscal reform." As to
shown in the indebtedness reported last month for why M. Briand finally consented to accept the Prehotels and restaurants, and for dealers in clothing. miership, the "Times" representative said: "When
The large failures last month, that is, those defaults called to the Elysee yesterday for the second time in
where the liabilities in each instance exceed $100,- one week, M.Briand repeated these reasons to Presi000, number 48, against 43 in November 1924, and dent Doumergue and insisted that the task be given
the total amount involved this year was $17,229,212, to another. The President of the Republic explained
against $12,357,862 last year, an increase this year that M. Briand seemed to be the only man able to
of $4,871,350, which, as noted above, accounts for all form a Government which had a chance of a maof the increase in indebtedness for November this jority and that if he refused conditions might force
year over a year ago. There were 20 large manufac- a Socialist Government. M. Doumergue is said to
turing failures last month, against 18 a year ago, and have added that if M. Briand refused he would rethe liabilities were, respectively, $7,025,156 and sign the next day. In face of this appeal M. Briand
$4,726,272. As to the large trading failures, 20 this agreed to form a Government and thus sacrifice his
year compares with 17 a year ago, with the indebt- two days' weekly fishing trip prescribed by his
edness $8,268,212, against only $3,549,290 in No- doctor and his wish to give his whole time to the
vember 1924. There were several quite large failures Foreign Office task of bringing a new international
last month in both the manufacturing and trading regime to Europe." Relative to the motives and
divisions. There have been 19,436 failures for the ideas which are shaping the policies of the new Preeleven months this year, with liabilities of $407,- mier, it was asserted that "with M. Briand the spirit
216,112, against 18,575 for the corresponding period of Locarno has become a religion. He believes
of 1924 owing $497,946,168. The 1925 insolvencies firmly that the time is ripe to wipe out the afterwill exceed in number every year excepting 1922 and maths of the war and, further, he believes that with
1915.
the co-operation of Austen Chamberlain, Britain and
France can bring about that result. Everyone wants
Aristide Briand was able last Saturday to an- him at the Qua! d'Orsay. Among all the Premiernounce to President Doumergue the complete per- ship possibilities mentioned in the last week each
sonnel of the Cabinet that he finally succeeded in accepted M. Briand as Foreign Minister. He was
forming. It will be recalled that this was his second sure of his job. Now he faces the danger of being
attempt within a week, the first having resulted in thrown out of office on some angle of the financial
failure. According to the Paris representative of situation, about which he knows and cares little
the New York "Times," he worked from 8 o'clock beyond his academic interest as a patriotic Frenchin the morning of Friday, Nov. 27, until nearly mid- man."
night before he was able to select men even for the
Continuing, the correspondent suggested that
most important Ministries. They were noted briefly "his Finance Minister may any day make a misin the "Chronicle" of Nov. 28. In addition to head- take which will cost the whole Government its tening the Cabinet as Premier, M. Briand is serving as ure of office, and while his successor might keep
Minister of Foreign Affairs. Louis Loucheur is M. Briand as Foreign Minister, he might not. And
Minister of Finance and Paul Painleve holds the certainly any interruption or change at the Quai
portfolio of War Minister. The Premier presented d'Orsay might dampen the Locarno spirit. That is
his new Ministry to Parliament on Dec. 2.
what M. Briand fears. That is why it is possible
that if once he gets his new Government established
In a dispatch to his paper on the evening of Nov. with a solid majority he may turn over the Premier28 the Paris representative of the New York "Times" ship to some one else, so that he can congave a particularly interesting and striking pen pic- centrate on the Qua! d'Orsay. Not only does M.
ture of M. Briand, the way he came to accept the Briand wish to concentrate on his work as a disciple
Premiership finally and something about his poli- and preacher of the religion of Locarno, but he has
cies and purposes. In part he said: 'Paris now other Foreign Office plans he would like to work
has a picture, rare in the annals of the history of upon tranquilly without having to pass most of his
this or any other country, of a man becoming Pre- working hours in the Chamber or Senate quarreling
mier who does not wish to do so. Aristide Briand, with the Opposition. One of these plans is a settle-
DEC.51925.]
THE CHRONICLE
ment of the French debts to America and Britain.
He has always believed that to be a job for the Foreign Minister rather than the Finance Minister, and
when M. Caillaux undertook the task it was against
his wishes. Before the Government crisis he was
actively planning to reopen the negotiations with
Washington, and if his Government gets well into
the saddle it may be expected that it will be the Foreign Office, and not the Finance Ministry, which
will resume the conversations with Washington.
This does not mean that M. Briand thinks he is a
financial expert. Not at all. To him the fiduciary
inflation or any other kind of inflation means about
the same thing. As he says, he does not know the
difference between a stock and a bond,for the simple
reason that he never owned any of either. But
he
regards France's foreign debts as an issue of international politics rather than as a strictly financ
ial
issue. He feels France does not have a politi
cally
free hand internationally so long as she is under
the
shadow of unadjusted debts. And from that
standpoint comes his interest in the matter. Surro
undinohimself with experts to handle technical
points, he
would like to deal with the debts himself.
Of course,
for the moment he realizes that a final
settlement
must await adjustment of France's domes
tic fiscal
troubles, but in the meanwhile he will
seek to keep
the conversations warm."
2673
cal Socialists would participate upon a promise of
the presence of M. Painleve in the new Ministry."
The new Ministry lost no time in getting at its
many and troublesome tasks. In a special Paris
cable dispatch to the New York "Times" on Nov. 29
it was stated that "the new French Government held
its first Council of Ministers to-day at the Elysee
with the President of the Republic, M. Doumergue,
presiding, and discussed the policies which it will
announce to Parliament on Wednesday. The final
touches to the Ministerial declaration will be made
in a further sitting of the Council to-morrow morning before Premier Briand leaves for London to sign
the Locarno agreements. The Minister of Finance,
Louis Loucheur, brought up the financial question in
the course of to-day's meeting and to-morrow will
organize a committee of experts to prepare a new
finance bill which,it was announced to-night, would
not necessitate consolidation of any part of the public debt." As to the new financial program, the
Paris representative of the Associated Press added
that "M. Loucheur, the Finance Minister, will require about ten days to prepare his financial restoration plan, but the Under Secretary of Finance, Paul
Morel, is already at work studying what proposition
can be made to the United States for a settlement.
M. Loucheur is said to have realized right along,
owing
to his intimate knowledge of American finan•
Commenting upon some of the other
important cial affairs gained through his•association with such
Ministers in the new Briand Cabinet, the
Paris rep- men as the late Henry P. Davison, Dwight W. Morresentative of the Associated Press assert
ed that row, Bernard Baruch and Thomas W. Lamont dur"
- the most important of the new Ministers
is Louis ing and after the Peace Conference, that if the
Loucheur, Minister of Finance, inasmuch
as he is in French franc is to improve in international exchange
accord with the Socialists on the
consolidation of the first requisite is an agreement on debts." Conshort-term bonds. But his views go no
further in tinuing, the correspondent asserted that "M. Loutheir direction and certainly he holds no brief
for a cheur has long since repudiated or retracted an
capital levy." He added that"M.Louch
eur had been alleged speech in which he was quoted as saying:
reluctant to accept the finance portfo
lio, but M. 'The American debt need not be paid,' and the AmeriBriand convinced him after a long
conference that can debt settlement is one of the earliest moves on
it was his duty to use his marked talent
s in straight- his program. M. Briand is in full accord with his
ening out the growingly serious financ
ial tangle." Finance Minister on that point,. and it is said that
Continuing, he said: "Paul Painleve had
been asked at his meeting with Winston Churchill while in Lonpreviously to take the Finance Ministry,
but he re- don Tuesday he will deal with the debt settlement
fused, and becomes War Minister,
which post he and the effect which the proposed American agreeheld jointly with the Premiership in his
Government ment will have on the British." With respect to the
of last April. Joseph Caillaux also
had conferred policies of the Cabinet, speaking broadly, the Assowith M. Briand, but there is no reliab
le infor
ciated Press representative said that "immediate
that he was offered his old place. With M. mation
Louch
ratification of the Locarno compact, reform of the
eur
in the Finance Ministry there will
be no Minister of electoral law, one-year military service and a plan
Budget, all duties of the department
falling under for the restoration of French finances, of which
one head." As to some of the probl
ems with which prompt funding of the American debt
is one of the
Premier Briand was confronted,
the Associated most important features, are the four main
points
Press correspondent said: "The
Socialists, who in the Ministerial declaration of the new Brian
have resumed freedom of action,
d
are M. Briand's Cabinet discussed at the first Counc
il of Ministers
chief source of worry. Instead of a
single roaming held under the presidency of M. Doume
rgue this
group of twenty-six Communists, the
Chamber of evening."
Deputies has now this new unattached
body of 104
Socialist seceders from the Left bloc.
The CommuThere appears to be considerable doubt as to the
nists and Socialists will either vote en
bloc or ab- ability of M. Briand to hold his Cabinet toget
her
stain. M. Briand's difficulty is to frame
a
longer than a few months. In a special Paris disrial program that will attract the votes Ministeof enough patch to "The Sun" on Nov. 30 it was claim
ed that
Deputies to withstand the attacks of the
solid oppo- political prophets see but a short life for
the new
sition. To get a Cabinet that would
insure this Briand Government and dissolution before
spring.
safety—some 300 votes are necessary—was
his prob- Doumergue is reported to have said that
if Briand
lem, for there were not enough portfolios
by half failed to form a Ministry he would resign
the Presito distribute to all the political groups. His
can- dency of the Republic, in view of the impossibilit
y
vass revealed that the Right Deputies were less
ada- of getting a stable Government with the Chamb
er as
mant than M. Herriot found the Socialists. A
count at present constituted." The situation was
disof noses assured a small majority, in which the Radi- cussed furth
er as follows: It is generally felt that
2674
THE CHRONICLE
President Doumergue looks upon Briand as the man
most likely to be able to conduct the delicate operation of dissolution without causing trouble. The
importance given by Briand to a reform of the
franchise indicates he also has that necessity in
view. Under the present system proportional representation and voting by lists led to the electoral
alliance of the Socialists with the Liberals, which
placed the former in a position of political power to
which their numbers did not entitle them. By a return to the old method of voting by constituency
Briand hopes to free the Liberals from bondage to
the Socialists and recreate the old steady-going Liberal majority, which in the past has been the most
reliable governing factor in the Republic."
Fyn. 121.
m
trol and without limiting it strictly to the minimu
figure
final
The
needs.
required for the State's
probably will be less than the highest one mentioned'
was
(meaning less than eight billion francs.)" It
ment
require
the
d
criticize
r
Loucheu
"M.
added that
r
that the Government consult Parliament wheneve
needed
was
ion
circulat
an increase in the bank note
the
for commerce and industry, saying he thought
coverstatute
special
a
have
Bank of France should
talk of
ing such eventualities. Concerning the
infla'all
d
remarke
r
Loucheu
M.
,'
'gauged inflation
c
economi
s
country'
the
upon
gauged
gauged—
tion is
future.'"
It was reported in the same dispatch that "quick
capsettlement of France's debt and a 10% levy on
the
among
are
s,
annuitie
thirty
The new Briand Ministry continued to act ital, payable in
MinisFinance
r,
Loucheu
Louis
promptly. On Nov. 30 the Paris correspondent of ideas considered by
Cabinet, essential to the resthe New York "Times" cabled that "M. Loucheur ter in the new Briand
economic situation." The cormade a good start this morning at the Cabinet meet- toration of France's
that "he emphasized that
ing which before the departure of Premier Briand respondent further stated
be the first act in
for London decided upon the text of the Ministerial balancing of the budget must
. He said he hoped to
declaration which is to be read to Parliament on cleaning up France's finances
Senate and Chamber
the
Wednesday. He insisted on the insertion of a de- bring his measures before
night and lay the
-morrow
mand that next year's budget be voted by the end of finance committees to
next Monday or
ent
Parliam
before
this year as the beginning of all financial wisdom definite bills
be dispelled; if
must
crisis
present
'The
.
and good order." The correspondent declared that Tuesday
he concluded.
crisis,'
new
a
to
lead
will
it
it
is
not,
"half the troubles of the Herriot and Painleve Govs. I am
solution
not many
ernments came from the fact that the June budget 'In this case there are
for good
sources,
all
from
was not passed until the middle of July this year, open to all suggestions
ng
Accordi
on.''
complexi
ar
with the result that over a sixth of the year's revenue ideas have no particul
to
used
be
will
capital
on
levy
is not yet collected. M. Loucheur wants the new to the dispatch, "the
term
short
sh
extingui
to
and
fund
sinking
scale of taxation for 1926 to come into operation on finance a
have none of a moratorium
Jan. 1 to avoid voting provisional credits and all the debts. M.Loucheur will
of bonds which mature Dec. 8.
consequent disarray of national finance. Before or forced conversion
forced to borrow some eight or
even discussion of his bill for the creation of a sink- He will, however, be
ing fund, M. Loucheur places in importance the nine billion francs."
The Associated Press representative maintained
voting of the budget as an integral part of his camte needs of the Treasury bepaign to re-establish public confidence." It was also that "the immedia
of December leave M. Louend
the
and
claimed also that "with the same object the Govern- tween now
resort to inflation for from
to
except
option
no
cheur
ment purposes to recommence at once discussion
measure Parliament will
The
billions.
to
six
eight
with Britain and the United States of the debt quesfor him will not call it plain inflavote
to
be
asked
tion."
inflation,' the plan being, it is
As to the reported plan of the new Government to tion, but 'secured
od, to guarantee the temporary nature of
meet the nearby and most pressing financial require- understo
the operation by securing the amount of the yield
ments, it was stated in the same dispatch that "it
from
increases in certain existing taxes, such as the
was reliably reported in Parliamentary circles totax and other direct taxation, and also on
income
night that the Government intended to have voted
taxes. This will give the Government
indirect
some
immediately inflation of 6,500,000,000 francs, guarand take steps to balance the
around
turn
to
time
anteed by additional taxes to be collected not later
on the redemption of the
work
begin
and
budget
already
than Feb. 1 next year. With 1,500,000,000
hment of a stable curestablis
floating debt and the
voted, this would bring the total to 8,000,000,000
rency."
francs, or enough to take care of the obligations due
g
includin
ent,
Governm
Dec. 8, the expenses of the
Premier Briand made his declaration of policy on
the colonies, until Jan. 1, and 1,500,000,000 francs
2. According to the Associated Press repreDec.
which the Bank of France requires for the needs of
e in Paris,"Premier Briand, although coolly
sentativ
commerce the first of the year." The "Times" correwhen he read the declaration of policy of his
received
spondent added that "the increased taxes would be
before the Chamber of Deputies toMinistry
new
s
placed on incomes, other direct taxes and numerou
a partial victory by inducing the
won
2)
(Dec.
day
eed
indirect taxes. Through this so-called 'guarant
its methods of procedure and
change
to
Chamber
it
that
believe
inflation' the Government is said to
proposed
increase of 7,500,000,000
could prevent widespread speculation on the franc." consider the
y
ion before discussing
monetar
circulat
the
in
Regarding his stand on inflation, Finance Minister francs
added
He
that
"the bill framed by
ations."
interpell
Loucheur was quoted in an Associated Press message
r,
Loucheu
the limit of the
raising
Minister
Finance
on Dec. 1 as saying," remain an anti-inflationist,
from
money
to 58,500,00,000
paper
of
issue
51,000,0
vigorously, emphatically,' the Finance Minister conreferred
ed
was
at
introduc
and
once
francs,
000,000
tinued, referring to reports he would recommend an
ee,
a susd
which
Committ
demande
to
Finance
the
to
six
from
increase in currency in circulation of
rethe
9
until
p.
Upon
m.
session
the
of
pension
prowe
can
cannot see how
eight billion francs.
to
ement
hour
this
postpon
and
between
ceed to any kind of inflation without vigorous con- quired vote
Duc.5 1925.]
THE CHRONICLE
2675
to-morrow, the Finance Committee's demand was send the cost of living soaring upward and might
carried by 415 to 154. The Ministerial declaration result in even graver consequences."
admitted the situation is particularly grave, but
In an Associated Press cable message on Dec. 3 it
says it cannot have irreparable consequences, pro- was stated that "Premier Briand's new Cabinet has.
vided the Government has the confidence of the en- won its first victory. After an all-night and all
tire country and the collaboration of both Houses forenoon fight in the Chamber of Deputies for his
of Parliament." Continuing his synopsis of the financial measures, the Premier succeeded in forcing
declaration, the correspondent said: "The declara- the adoption of new advances from the Bank of
tion asserts the Government is ready to assume its France to the Government of 6,000,000,000 francs
immediate responsibilities and to enforce the neces- and a new paper money issue of 7,500,000,000." It
sary measures to meet the Treasury bonds which fall was added that "the final vote on the bill as a whole
due Dec. 8. It promises inflation will be limited to was made a question of confidence and was carried
the immediate needs of the Treasury, but does not by 257 to 229, a majority of 28. It was the fifth vote
mention the exact amount of new issue which will of confidence during the lengthy session. M. Briand
be embodied in a special bill. The declaration says made it plain during the debate that the Government
that, realizing the restoration of French finances was staking its existence on the measure in its encannot be accomplished without loyal agreement tirety and that if the financial program as outlined
with the great nations which are France's creditors, by Finance Minister Loucheur was rejected the Min'the Government will continue earnestly and istry would step down immediately." It was furpromptly the negotiations with the Allies concern- ther explained that "the bill now goes to the Senate,
ing debts.' The Government expresses the hope that the Finance Committee of which, under Senator
France's Allies and friends will take into considera- Doumer, is meeting this afternoon to examine it.
tion in the forthcoming settlement of France's pre- The inflation voted to-day is the fourth measure of
carious financial situation the necessity for them to the kind in a year to be passed by the Chamber. Becollaborate in the revaluation of the French franc, fore the final vote this morning the Premier in a
thus rendering possible the fulfillment of the under- speech in which he rose to heights of eloquence he
takings entered into by France." According to the has never surpassed, excoriated those Deputies who
dispatch, "the Ministry's declaration was received were unwilling in a national crisis to forget petty
by the Chamber in impressive silence. The Pre- political considerations and think only of their counmier's delivery of it was extremely grave and the try."
Deputies seemed to realize the seriousness of the
The proceedings at the protracted and critical
situation. M. Briand's reference to the Locarno session were dramatically described in part as folSecurity Treaty was applauded, but his mention of lows by the Paris representative of the New York
the necessity of inflation threw a chill over the as- "Times" in a dispatch on Dec. 3: "Magnificently,
sembly. The same effect was noticed when he men- though on one ballot his majority numbered only
tioned the proposal to return to the system of dis- six, Premier Briand this morning won a victory on
trict polling."
the issue whether France should put up the shutters
It was related also that "Joseph Caillaux, former and declare bankruptcy, or whether she would draw
Minister of Finance, a candidate for membership in another draft on the future, on her own courage to
the Finance Committee of the Senate, was defeated meet taxation, on her own power to work and
on the
to-day by A. Schrameck, former Minister of the In- wisdom and rectitude of her leaders. No one living
terior, by 34 votes to 33. M. Caillaux's defeat, how- has experienced such a moving session of the Chamever, is considered to be only temporary,'as it is ex- ber. It began yesterday afternoon at 4
o'clock.
pcted he will be nominated for the committee with- Twice during the night it seemed inevitabl
e that the
out opposition to succeed Senator Henry Berenger, Government would fall. But it ended
near noon towhen the latter is appointed Ambassador to Wash- day with a final vote on M. Loucheur's measure
of
,ington. The official'announcement of this appoint- inflation and taxation which gave the Governm
ent
ment is expected soon."
a majority of 28. In all five votes of confidence
were cast. This evening the bill was taken up by the
It became known through subsequent dispatches Finance Committee of the Senate,
which, after listenthat the Chamber was in session the greater part
of ing to an urgent appeal from Premier Briand to
the time from 4 p. m. Wednesday until 5
o'clock adopt it without modification, did so by a vote of 18
Thursday morning. It was explained that the
vote to 3. The higher Chamber will discuss it to-morrow
to which reference has been made was not
on the afternoon, when it is expected that it will be apdeclaration of the Ministry. After a stormy
all- proved." The New York "Herald Tribune" correnight session such a vote finally was taken. It
stood spondent added that "it was common talk in Paris
298 in favor of the Government to 113 opposed.
Ac- political circles to-night that Premier Briand is the
cording to all the dispatches, Premier Briand
ad- only man in France who could hope to pilot such an
dressed the Chamber, not only in earnest but
even audacious proposal into a safe legislative harbor, in
impassioned language. He was quoted as
saying view of the present effervescent state of party polithat "if the Government falls under your
vote it tics. Only the magnetism of Premier Briand during
will be received as the utmoSt tragedy by the
coun- the continuous debate in the Chamber of almost fourtry," and also, "if you want to overthrow me do
it teen hours ended at noon to-day saved France from
now." The New York "Herald Tribune" represent
a- another spasm of dangerous political bedlam, with
tive said that "the debate was interspersed
with the bankruptcy of the Treasury in its wake." Disbitter wrangling, which included an attack on
the cussion of the financial bill in the Senate began yesFinance Minister. It was evident that the
Chamber terday afternoon. It was predicted in Paris diswas reluctant to adopt such a heavy 'padding
' of patches last evening that it certainly would
be
the national currency. Several opposition Deputies
adopted.
insisted that the additional issue of francs
would
2676
THE CHRONICLE
(VOL 121.
Both Premier Briand and Finance Minister Lou- ported that the American officials had received adcheur have indicated that the French Government ditional information through their diplomatic
was desirous of taking up negotiations for a settle- agents in France, but they refused to discuss such
ment of its external viar debts. Partly as an aid to details. The understanding here is that the Briand
making this desire effective in the case of the Government will adopt quite different tactics than
United States a change has been made in the French those followed by M. Caillaux and his commission
Ambassador at Washington. On Dec. 1 the Paris of experts which came to this country and that much
the ordirepresentative of the New York "Herald Tribune" of the discussion probably will be through
cabled that "Senator Victor Henri Berenger is pre- nary diplomatic channels."
paring to sail for Washington to succeed Emile
Military rule in Spain, which had been in effect
Daeschner as French Ambassador to the United
Ministry
States. Although Senator Berenger has told his since September 1923, when the Alhucenas
an end
to
came
coup,
military
a
by
was
overthrown
friends of his impending appointment, it was stated
Preswas
"who
Rivera,
de
Primo
General
2.
Dec.
on
official
at the Foreign Office this afternoon that the
head
the
at
remains
directorate,
military
the
of
ident
of
announcement would be deferred until the return
Associated
The
Premier Briand from London to-morrow." He ex- of the Government as Premier."
cabled on Dec.2 that
plained that "M. Berenger's chief mission will be to Press representative in Madrid
expected, came
while
rule,
reopen the negotiations for funding France's war "the return to civilian
upon the
Immediately
suddenness.
debt to the United States. With Louis Loucheur, with dramatic
Cabinet
the
Government
new
the
of
Finance Minister, he has made a thorough study of announcement
Foreign
is
Yanguas
Professor
out."
given
was
the problem and is equipped with first-hand knowl- list
Calvo
edge gained as a member of the recent Caillaux mis- Minister and the Minister of Finance is Senor
oath
the
took
actually
Government
new
The
Sotelo.
sion to Washington. He is expected to have his
it
that
course of procedure well defined when he sails in the of office at 11 a. m. on Dec. 3. It was stated
In
civilians."
near future for his new post." As to the chief rea- is "one-half military men and one-half
son for the change, the correspondent further stated explanation of the return to a civilian Government
asserting that
that,"according to members of the new Briand Cabi- the new Premier was quoted as
cleared
sufficiently
been
had
situation
the
net, M. Berengei's present task will be to occupy
dictamilitary
the
of
installation
the
since
himself almost solely with the debt question, and it
Govnew
a
of
the
permit
formation
to
torship
was said that he had been selected for the appointand
with
us
with
the
country
have
'We
ernment.
in
man
best
ment because he was considered the
better
nothing
do
can
we
France to carry out such a mission. His qualifica- the sovereign's approval
tions are many and it was undoubtedly because he for Spain,' he declared."
It was stated in an Associated Press dispatch
wished to become Ambassador that he declined M.
from
Madrid on Dec.3 that "the new Cabinet to-day
Briand's offer a few days ago to be Finance Minisa
sent
circular to all the civil Governors, saying that
ter. He has held many important Government posiDirectorate has been discontinued at
the
military
and
matters
tions relating to financial and economic
its power' and that the new Governthe
of
'height
of
the
Chairman
as
he will resign his present post
Senate Finance Commission as soon as his diplo- ment would continue its work. The circular added
that Spain during the twenty-six months of the
matic appointment is officially announced."
The following bits of information regarding the Directorate regime had enjoyed more peace and
new Ambassador will be of interest: "M. Berenger prosperity than it had known in the twentieth cenfirst meeting of the
is 58 years old and speaks and writes English flu- tury." It was added that "the
to-night."
o'clock
6
at
held
new
was
Ministry
the
from
ently. Though his Senatorial mandate is
word
came
from Madrid
2,
Dec.
day,
The
same
which
he
Guadeloupe,
of
French West Indian colony
to the New York.
dispatch
cable
special
a
through
Frenchman.
native
a
is
he
1912,
since
has represented
President Manuel Teixeira
He is a graduate of the University of Paris and out- "Herald Tribune" that
Republic has presented his
Portuguese
side of politics his chief avocation is writing. His Gomes of the
to take effect next MonParliament
to
hobbies are fencing and swimming and his recrea- resignation
say that Duart Leite or
Lisbon
from
day.
Reports
tions are traveling, reading and walking. His litwill be candidates to
probably
Machado
Bernardino
erary works include 'The Intellectual Aristocracy,'
political
in Portugal
situation
The
him.
succeed
and
'The
National
'The Intellectual Proletariat,'
and
it
is
difficulties
a Minisbelieved
great
presents
reviews
and
several
edited
Conscience.' He also has
imminent."
is
crisis
terial
his
including
renewspapers,
contributed to many
cent series for 'Le Matin.'"
The Treaty of Locarno and the accompanying
On Dec. 3 M. Daeschner, French Ambassador to arbitration pacts have been legalized and "the nathe United States, notified Secretary of the Treasury tions involved have sworn faithfully to observe the
This was accomplished in LonMellon that he was in receipt of a cablegram from historic compacts."
affixing
the
of the signatures of the
by
1
don
on
Dec.
Minister of Finance Loucheur stating that "when
s of the participating
accredited
representative
duly
he
has
the
assuming the post of Ministre des Finances
ceremony
took
The
Powers.
place in the famous
settled
question
as
strongest desire to have the debt
room
of
reception
the
Office. The
golden
Foreign
nato
both
acceptable
soon as possible on a basis
11.25
a.
m.
at
and
began
six mintook
signing
only
of
the
New
representative
tions." The Washington
York "Times" said in a dispatch on the evening of utes. It was stated in an Associated Press dispatch,
Dec. 3 that "so important was M. Daeschner's com- however, that afternoon that "in a brief ten minutes
munication considered that the subject of the French the efforts of months of negotiations had been legaldebt was discussed at some length at a meeting of ized, and the nations involved had sworn faithfully
the American Commission which was called unex- to observe the historic compacts." The foreign
pectedly for 3 o'clock this afternoon. It was re- statesmen were welcomed by Foreign Secretary
DBC.5 1925.]
THE CHRONICLE
2677
Chamberlain, while Chancellor Luther of Germany departure of Chanc
ellor Luther and Foreign Miniswas the most prominent of those who spoke in reply. ter Stresemant for Londo
n to sign the treaties in
Premier Briand was quoted as saying: "I can see behalf of the Germ
an Government, the Berlin correacross the table the German Chancellor and I am spondent of the New
York "Times" said that "Wilsure I can tell him that I have remained a good helmstrasse is hopef
ul that this ceremony will be
Frenchman, just as he in coming here has remained coincident with negotiations
leading to further
a good German—but both of us are Europeans." It Allied concessions
in the Rhineland and removal of
was stated that "the treaty was first handed to Chan- present limitations on Germ
an air activity."
cellor Luther and then to Foreign Minister StreseThe point was stressed in Berlin cable advicee
mann, Foreign Minister Va,ndervelde of Belgium, that, having signe the
d
treaty the German GovernPremier Briand of France and Premier Baldwin of ment would make renew
ed efforts to lessen the numGreat Britain. All these used ordinary pens, but ber of foreign troops
in the Rhineland. The Berlin
Foreign Secretary Chamberlain took up a gold quill representative of
the New York "Herald Tribune"
to add his name. Signor Scialoia for Italy, Count cable
d on Nov. 27, "that Locarno is the beginning
Skrzynski for Poland and Dr. Benes for Czechoslo- and not the end,
and that the Government intends
vakia, completed the signatures. Then the arbitra- energeticall
y to obey the Reichstag's order to contion pacts negotiated at Locarno were rapidly tinue
efforts. to lighten the Rhineland occupation,.
passed to the delegates." It was added that "the were sugge
sted by a dispatch from Mainz and by sig.final act of the delegates was to send a telegram of nifica comm
ent in Stresemann's newspaper tont
thanks to the municipality of Locarno for its hosnight. The dispatch from Mainz says that while the
pitality during the negotiation of the documents."
Allied withdrawal from Cologne reduces the total.
In further describing the ceremony the Associated numbe
r of troops to 30,000, a regrouping in the
Press correspondent in Paris gave the follo
wing Mainz region leaves the total number of French
human interest touches: "The room was crowd
ed at troops there practically the same. The German
the ceremony, the assemblage including Great
Brit- request that troops in the occupation area be no
ain's leading statesmen, her Ambassadors
at the more than the German troops formerly there when it
capitals of the signatory Powers, the diplo
matic was a fortified area was not granted. The French
corps and the privileged representatives of the
press. will keep three army corps there, or more than twice
On a raised platform sat the wives of plenipotenas many men as Germany formerly maintained in
tiaries. On another side of the room was a famil
y the same region."
group of the Chamberlains, Lady Chamberlain,
her
son and her brother-in-la*, Neville Chamberlai
n,
The Reichstag, on Nov. 27 also approved a prowatching the conclusion of the diplomatic trium
ph posal for the entry of Germany into the League of
of the head of their family. In the background
hov- Nations. The vote in this instance was 278 to 183.
ered the Earl of Balfour and Lord Cecil, who
almost According to a special Geneva dispatch to the New
for the first time since the beginning of their
polit- York "Times" on Nov. 27, "League of Nations offiical careers, were witnessing a signing ceremony
in cials said to-day that Germany would not apply for
which they were not the principal actors."
admission to the League before February, despite
As to subsequent events during the day, the correthe fact that the Locarno accords were ratified by
spondent said: "After the signing the Germ
an the Reichstag. As regulations require the elapse of
plenipotentiaries proceeded to Buckingham Palace
a month between the convocation of a special Assemto sign the register. Afterward they joine
d the bly and the holding of the Assembly, this
would
other plenipotentiaries as guests at a luncheon
given mean that the extraordinary meeting of the Leagu
e
by Lady Chamberlain. As a manifestation
of wo- members to admit Germany will not be held
befor
e
men's part in the cause of peace several women
were March. Then, presumably, both the Council and
invited, including Lady Astor and Mrs. Baldw
in, Assembly will concurrently elect Germany to a perwife of the Prime Minister. King George later
re- manent seat in the League of. Nations' Council".
ceived all the pact signatories at Buckingham
PalAnnouncement was made in a special cable disace." The Associated Press correspondent
added patch from the Geneva correspondent of the
New'
that,"in a brief statement Mr. Chamberlain
said the York "Times" on Dec. 1 that "Germany
on the day
conclusion of the Locarno pact had settled the
prob- of the signing of the Treaty of Locarno has
lem of security, while the peace of Europ
filed with
e had been the League of Nations eleve
n conventions and comconsolidated by the adhesion of Great Brita
in and mercial accords with eight
countries. The agreeItaly. The treaties, he said, were the
outcome of a ments are with Austria,
Spain, Portugal, Belgium,
sincere desire on the part of the nations
concerned Esthonia, Sweden, Poland and
for peace and reconciliation. They
Czechoslovakia."
banished war, he
declared, and provided for the autom
atic ostracism
After several weeks of renewed controversy the
of any eventual aggressor. To those
thinking the Irish boundary question
"has been settled between
pact did not go far enough, he remar
ked, he
answer that it led straight to disarmamen would the British Government and the representatives of
t by cre- the Free State and Ulster
." The London represenating a new sense of security, and
said proof of this tative of the New York
"Herald Tribune" cabled on
was that the Council of the League of Natio
ns would the evening of Dec. 3 that "Prem
ier Baldwin interprepare a disarmament plan for presen
tation to the rupted a tariff debate in the
House of Commons tonext Assembly."
night to announce the terms, which follow
the linesantici
pated by political observers. The
Following the adoption of the Locarno
present
treaties boundary between north and south
by the German Reichstag on the evening of
Irela
nd
will
Nov. 27, stand and the powers of the
Boundary Commission
by a vote of 300 to 174, President von Hinde
nburg, will be revoked." He outlined
the terms as follows:
the very next evening, Nov. 28, signed the Act
mak- "The Free State will be releas
ed from its liabilitiesing them German law. In commenting
upon the under Article 5 of the Anglo
-Irish treaty, Mr. Bald
2678
THE CHRONICLE
[VoL. 121.
against £128,494,720 a year ago (before the transfer
win said, under which it had agreed to assume its
to the Bank of England of the £27,000,000 gold forshare of the public debt of the United Kingdom and
merly held by the Redemption Account of the Curthe payment of war pensions. On the other hand, a
rency Note issue), and £127,873,230 a year earlier.
new agreement provides that the Fred State will
Reserve amounts to £22,129,000, which compares
assume the British Government's liability for miswith £24,448,655 in 1924 and £21,511,440 the year
chievous damage in Free State territory since JanuNote circulation is £143,284,000, in compari•
before.
ary 1919. The Free State also agrees to promote
son with £123,796,065 and £126,111,790 one and two
legislation to increase by 10% the compensation for
years ago, respectively, while loans aggregate £71,malicious damage to property within its territory.
695,000, as against £72,851,663 last year and £74,The Governments of both north and south Ireland
361,605 in 1923. As shown elsewhere in this section,
agree to meet to consider matters of common interthe Bank of England governors on Thursday anest. Any agreement they may reach will be subject
nounced an advance of 1% to 5% in the official disto confirmation of the British Government. A bill
count rate, for the purpose of stemming the drain
will have to be introduced in the House of Commons
upon its gold reserves and preventing further dein order to abrogate the powers of the Boundary
pletion of foreign balances. We append herewith
Commission and make necessary amendments in the
comparisons of the different items of the Bank of
Anglo-Irish treaty. The new Irish agreement was
England return for a series of years:
signed to-night just as Big Ben, the famous clock on
STATEMENT.
BANK OF ENGLAND'S COMPARATIVE
1921.
1922.
1923.
1924.
1925.
the House of Parliament, was striking eight. It
Dec. 7.
Dec. 6.
Dec. 5.
Dec. 3.
2.
Dec.
of
House
was initialed in the Premier's room in the
5
13143,284,000 123,796,085 126.111.790 123,063,855 124,961,88
Commons by Stanley Baldwin, Winston Churchill, Circulation
8,526,000 10.399,575 11,209,522 11,142,202 11,995.996
Public deposits
and
0
head
142.742,66
Birken
4
Lord
126,553.82
Sir William Joynson-Hicks,
129,925.000 133,269,701 136,601,297
Other deposits
62.438,000 64,152,363 69,724,056 66.892,091 70,064.254
securities
GovGovernmit
British
the
for
Amery,
S.
Lieutenant-Colonel L.
71.695.000 72.851.663 74.361,605 65,830,847 80,636,460
Other securities
& coin 22,129.000 24,448,655 21,511.440 22.839,912 21,921,711
ernment; by Sir James Craig and Secretary Black. Reserve notes
8 128,433,570
Coin and bullion_a145,659,957 128,494,720 127,873,230 127,446,76
more of the Northern Ireland Parliament, for Ul- Proportion of reserve
14%
17%
16,1%
14%
15.98%
to liabilities
ster, and by President Cosgrave and Ministers O'Hig- Bank
5%
3%
*5%
rate
3.
Dec.
* Raised from 4% to 5% on Thursday
gins, Blythe and O'Byrne for the Free State."
bullion
a Includes, beginning with April 29 1925, £27.000.000 gold coin and
to the
previously held as security for currency note Issues and which was transferred
standard.
gold
Bank of England on the British Government's decision to return to the
Bank
of
0
£27,000.00
Includes
29
1925,
b Beginning with the statement for April
coin and bullion held
of England notes issued in return for the same amount of gold
note issue.
up to that time in redemption account of currency
According to cable advices received this week
several changes have taken place in official bank
rates at leading European centres. The Bank of
England on Thursday announced an advance to 5%,
The Bank of France in its return the present
as against 4%, the rate established on Oct. 1, when week showed an expansion of 1,098,214,000 francs
it was reduced from 4y2%,the level prevailing since in note circulation, bringing the total outstanding
the previous Aug. 6. Another advance was that of up to a new high level at 49,183,657,555 francs.
the Bank of Belgium, which has raised its discount Last year at this time note circulation stood at
2of 1% to 7%;the previous 61/2% rate having 40,447,011,195 francs and the year before at 37,1
rate/
been in effect only since Nov. 5, while the Bank of 939,332,650 francs. The French Government borIndia on Thursday reported an advance from 5% to rowed 1,550,000,000 francs from the Bank during
6%. The Bank of Czechoslovakia reduced its rate the week, raising the total of advances to the State
2%, this being the first change since
1
from 7 to 6/
to 33,450,000,000 francs. The maximum of adMarch 25. Aside from these alterations, bank rates
vances was on Nov. 23 fixed by the French Parcontinue to be quoted at 9% in Berlin; 7 %in Italy;
liament at 33,500,000,000 francs. The gold item
2% in Denmark; 5 %in Madrid and
1
6% in Paris; 5/
record small gains. This week's gain,
2% in Holland and continues to
1
2% in Sweden,and 3/
1
Norway;4/
namely 21,550 francs, brings the total of the gold
Switzerland. In London open market discount rates holdings up to 5,547,806,000 francs in comparison
were higher for both long and short bills, the closing with 5,544,777,794 francs for the corresponding
quotation in each instance being 49-16%, against date last year and 5,539,875,630 francs the year
78@4% last week. Call money also was firmer and before. Of these amounts, 1,864,320,907 francs
3/
closed at 3%, as compared with 2%% a week ago. were held abroad in each of the years. Increases
At Paris and Switzerland open market discounts were registered in the various other items as follows:
1 8%, rehave not been changed from 4%% and 2/
Silver, 1,628,000 francs; bills discounted, 1,113,292,spectively.
000 francs; advances, 60,558,000 francs; treasury
deposits, 31,633,000 francs, and general deposits,
Another substantial contraction in gold holdings
233,390,000 francs. Comparisons of the different
(£1,074,305) was shown by this week's Bank of Engitems in this week's return with the statement of
land statement, and this was accompanied, morelast week and corresponding dates in both 1924
over, by further expansion in note circulation of
and 1923 are as follows:
£1,330,000, so that reserve of gold and notes in the
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Statue as of
Changes
banking department declined £2,404,000, while the
Dec. 3 1925. Dec. 4 1924. Dec. 6 1923.
for Week.
,
15.98%
to
fell
ies
Francs.
liabilit
Francs.
Francs.
to
Francs.
proportion of reserve
Gold Holdings—
21.550 3,683,485.093 3,680,456,886 3,675,654,722
Inc.
21.54%
In France
and
week
last
19.51%
es
with
which compar
1,864,320,907 1,864,320,907 1,864,320,907
Unchanged
Abroad
the week before that. At this time a year ago the Total
21,550 5,547,806,000 5,544.777,794 5,539,875,630
Inc.
296,194,474
318.767,016
304,650,037
2%. There Silver
Inc. 1,628,000
ratio stood at 17% and in 1923 at 141/
3,173,588,403
discounted— Inc1,113,292,000 4,701,703.524 5,595,056,009
Bilis
and
loan
deposit
2,426,579,507
were again striking changes in the
Inc 60.558,000 2,822,259,821 2,715,056,897
Advances
214,000 49,183,657,555 40.447,011,195 37,939,332,660
..Inc1,098.
cIrculatIon
000,
d
£5,748,
reduce
Note
items. Public deposits were
15,417,449
17,659,218
40,758,708
Treasury deposits.Ine. 31,633,000
while "other" deposits expanded £18,483,000. Loans General deposits_ _Inc. 233,390.000 7.996.043,730 1,976,471,061 2,097.671.527
on Government securities increased £20,840,000, alThe weekly statement of the German Reichsbank,
though loans on "other" securities fell £5,653,000.
date of Nov. 30, revealed some impor
The Bank's stock of gold is down to £145,659,957, as issued under
DEC.5 1925.]
UTE CHRONICLE
tant changes, reflecting the strain of meeting Dec. 1
settlements. Note circulation expanded 347,032,000
marks, which contrasts with a decline last week.
However, other maturing obligations were brought
down 380,976,000 marks and other liabilities 11,956,000 marks. On the assets' side, the Bank reported
an increase in holdings of bills of exchange and
checks of 270,231,000 marks, while advances moved
up 12,241,000 marks and reserve in foreign currencies 9,924,000 marks. Silver and other coins decreased 2,095,000 marks, and holdings of notes of
other banks 23,527,000 marks. Other assets fell
heavily, declining 312,907,000 marks. Investments
were increased nominally 271,000 marks. Gold and
bullion holdings remained almost stationary, there
having been a gain of only 62,000 marks, to 1,207,262,000 marks. This total compares with 695,487,000 marks a year ago and 467,025,000 in 1923. Note
circulation outstanding amounts to 2,770,882,000
marks.
2679
their reserves at the Federal Reserve Bank by $19,897,000, with the result that although deposits decreased, surplus reserve fell $12,317,540, to $10,061,440. The above figures for surplus are based on
legal reserve requirements of 13% against demand
deposits for member banks of the Federal Reserve
System, but not including $51,220,000 cash in vault
held by these member banks on Saturday last.
The fact that call money ruled at 5% was regarded
in most circles as indicative of the evenness more
than the firmness of the local money market. The
most significant fact was that there were sufficient
funds to meet all requirements. Yesterday, for instance, although it was Friday and the sales of stock
on the Stock Exchange were substantially in excess
of 2,000,000 shares, the demand was not excessive.
Call money in the outside market was said to have
been obtainable at 4/
1
2%. It had been predicted
that, with the return of the Dec. 1 disbursements to
the usual channels, call money would drop below
5% before the end of this week. That it did not
easily may have been due to the large collateral loans
already outstanding, the renewed speculative activity in the stock market and to the expansion in general business. It is rather freely predicted that the
volume of trade will increase throughout this month
and probably in the early part of next year. Car
loadings for the 18th consecutive week were in excess of 1,000,000 cars. Another substantial increase
in the unfilled orders of the United States Steel Corporation as of Nov.30 is looked for. The investment
market, in anticipation of the large Jan. 1 disbursements, has been more active. New offerings have
been on a larger scale. Apparently several goodsized foreign loans are soon to be brought out in this
market.
The Federal Reserve banks' statements that were
issued at the close of business on Thursday, continued to reflect increased demands for funds. Expansion was shown in rediscounting operations,
although there was a moderate contraction in open
market dealings. The report of the System showed
a loss in gold of $3,200,000. Rediscounts of bills
secured by Government paper fell $31,800,000.
"Other" bills, however, gained $50,900,000, so that
total bills discounted for the week expanded $19,100,000. Holdings of bills bought in the open market decreased $1,700,000. Total bills and securities
(earning assets) were larger by $26,300,000, while
deposits gained $22,200,000. An increase was also
reported in Federal Reserve notes in actual circulation by $11,200,000 and in member bank reserve accounts by $15,900,000. The New York Bank reported an addition to gold of $4,800,000. RedisReferring to money rates in detail, the call loan
counting operations followed a paralld course with
varied little the entire week. Although there was a
those of the banks as a group, namely a drop ($32,range of 5@5%,with the exception of a brief period
700,000) in Government secured paper, and a gain of
on Monday when a high point of 53/2% was touched,
$27,900,000 in "other" bills. Open 'market purthe only quotation named was 5%, so that on the
chases remained almost stationary, declining $600,four remaining business days of the week, from Tues000. Total bills and securities increased $4,700,000
day to Friday, 5% was the high, the low and the
and deposits $14,300,000. Federal Reserve notes
in renewal basis at which call funds were
negotiated.
actual circulation decreased $900,000, but member
This compares with last week's range of 4 @,5c/c.
bank reserve accounts expanded $18,500,000. The
For fixed date maturities the situation was not
immediate effect of the additions to deposits, in the
greatl
y changed. The undertone of the market was
absence of heavier gold reserves, was to lower reserv
e firm with offerings less plentiful; hence at the end
of
ratios slightly. The ratio of the combined Syste
m the week, the longer periods from ninety days
to six
declined 0.6%, to 70.5%; locally there was also
a months were quoted at 5%,the trading rate,
drop of 0.6%, to 79.0%.
against
4%@5% a week ago; the sixty day rate was not
changed from 47
4%. The volume of business passing
Last Saturday's statement of New York
Clearing was small.
House banks and trust companies indica
ted a furMercantile paper rates have not been changed from
ther reduction in surplus, notwithstanding
the fact 43@43/2% for four to six month
s' names of choice
that deposits decreased. In detail the figure
s
that loans expanded moderately, $1,037,000, reveal character, with 43-% required for names not so well
but that known. New England mill paper
and the shorter
net demand deposits were reduced
$57,737,000, to choice names are still being dealt
in at 431%. Trad$4,439,947,000, which is exclusive of $10,00
4,000 in ing was moderately active with most
of the business
Government deposits. As against this, time
deposi
ts furnished by out of town institutions.
were added to in amount of $11,125,000,
to $575,652,Banks' and bankers' acceptances ruled quiet
000. Cash in own vaults of members of
with
the Federal nothing new to report
. A firm tone prevailed.
Reserve Bank were again increased,
$2,482,000, to Country banks were the
•`4:11 .220,000. This total,
principal buyers, but the
however, is not counted as
aggregate turnover was limited, since
reserve. State bank and trust compa
the inquiry
ny reserves in was light
in keeping with the stiffening in
own vaults were augmented $432,000 and
the call
reserves division. For call loans against
held by these institutions in other deposi
bankers' acceptances
tories were the posted rate of the
American Acceptance Council
augmented by $11,000. Member banks
drew down was advanced and
is now 432%, against 43(% last
TIIE CHRONICLE
2680
week. The Acceptance Council makes the discount
rate on prime bankers' acceptances eligible for purchase by the Federal Reserve banks 3%% bid and
33% asked for bills running 30 days, 3% bid and
3%% asked for 60 days, 3% bid and 332% asked for
90 days, 3%% bid and 3%% asked for 120 days,
3%% bid and 39.% asked for 150 days, and 4% bid
and 3%% asked for 180 days. Open market quotations are as follows:
SPOT DELIVERY.
60 Days
90 Days.
3%@34
bills
3,4@3S4
FOR DELIVERY WITHIN THIRTY DAYS.
SEMIe member banks
Salable non-member banks
.rints
30 Dar
314 4We
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
-1
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFEC
DECEMBER 4 1925.
Paper Maturing—
Within
90 Days.
PEDERAL RESERVE
BANK.
After 90 After 6
but
Days. but
Within 6 Within $
Months. Months
CorWrcial Secured
by U. S. Bankers' Trade Arista.* A priest
Apric't
and
and
Livestock Governm't Accep- AccepPayer. °Nitta- tances. tances Livestock Live:loci
Payer. Paper
lions.
n.e.s.
4
4
4
4
4
4
Boeton
3%
334
3%
334
3%
New York
4
4
4
4
4
Philadelphia_
4
4
4
4
4
4
Cleveland
4
a
4
4
Richmond
4
a
4
4
Atlanta
a
a
4
4
Chicago
a
a
A
St. Louie
4
a
4
Minneapolis
4
Kansas City
a
a
4
Dallas
4
4
4
4
4
4
San Francisca
•Including bankers' acceptances drawn for an agricultural purpose and secured
oy warehouse receipts. Ac.
The outstanding event of the week as regards the
sterling exchange market was the marking up of the
English Bank rate on Thursday, after a week or more
of contradictory and conflicting rumors on the
subject. For the second time in the space of less than
two months the Bank of England took action suddenly
and without warning. The advance to 5% caused a
small ripple in sterling exchange circles and resulted
in an. advance of about Vic. to 4 84% for demand,
accompanied by a moderate increase in trading
activity. Prior to this development, the sterling
market was all but stagnant and prices displayed
a sagging tendency, with demand selling between
4 84 1-16 and 4 84 3-16. In a general way, however, a growing feeling of optimism prevailed
and some predictions were heard that sterling was due for a rise to 4.85, or over, independent
of what the British banking authorities might do;
hence,few attempts were made to ship gold, even
when sterling had dipped sufficiently to make such
transactions profitable. The advance in the Bank of
England rate naturally turned attention to the
question as to whether the New York Federal Reserve
Bank would follow suit. Opinion was divided on this
point, but it was almost unanimously conceded that
if an advance were to be announced, it would only be
%%,thus preserving the "differential" between the
rates of the two institutions. As it turned out,
no change was made. The least favorable aspect
of the increase in the English Bank rate will of
course be its adverse affect on British trade and
industry. But this is not expected to make itself
felt for sometime. Good buying developed on Thursday on the part of banks who were adding to their
London balances, also buying for short term investments and this sent prices up to the highest level of
(Vol. 121
the week. Improvement, on the surface at least, in
France's political status, and the ratification of the
momentous Locarno pacts lent buoyancy to the
undertone of the market.
Referring to the more detailed quotations, sterling
exchange on Saturday last was easier and demand sold
down to 4 84 3-16 (one rate), cabled transfers to
4 84 9-16 and sixty days to 4 80 15-16; trading was
dull. On Monday there was a recession to around the
gold shipment point and the range was 4 84 1-16@
4 84 3-16 for demand, 4 84 7-16@4 84 9-16 for cable
transfers and 4 80 13-16@4 80 15-16 for sixty days.
Sterling moved within narrow limits on Tuesday,
with demand at 4 84 1-16@4 84%, cable transfers
2,and sixty days at 483 15-16®
at 4 84 7-16@4 843/
4 84; the market continued inactive. Wednesday's
market was dull and prices not changed from 4 84 1-16
@b4 843..g for demand, 4 84 7-16@4 843/ for cable
transfers, and 4 80 13-16@4 803/i for sixty days.
On Thursday sterling responded to the rise in the
Bank of England rate to 5%,by an advance of 3-16c.
to 4 84%@4 84 9-16 for demand, while cable
transfers ranged between 4 84%@4 84 15-16 and
sixty days at 4 81®4 8115-16; trading was quite
active for a time. Increased activity developed on
Friday, so that demand bills rose fractionally to
4 843/@4 84 8, cable transfers to 4 84%@4 853j
and sixty days to 4 8134 ®4 81%; the market was
% for sixty
quieter. Closing quotations were 4 815
days, 4 84% for demand and 4 853 for cable transfers. Commercial sight bills finished at 4 84%,sixty
days at 4 813/g, ninety days at 4 803', documents
% and seven-day
for payment (sixty days) at 4 813
grain bills at 4 83%. Cotton and grain for payment
closed at 4 84%.
No gold engagements for this country have been
reported the present week, although the Bank of
England exported the precious metal heavily, mainly
to the Straits Settlements, Holland and India. The
Holland shipments were said to be in part payment
of Great Britain's purchase from Holland of the Allied Sumatra Rubber Estates. The Japanese Government is shipping $2,000,000 in gold to San Francisco via the S. S. Shinyo Maru, making the fifth
shipment of gold from Japan to this country inside
of three months.
Movements in the Continental exchanges continued
to show irregularity, and while the general trend was
toward higher levels, net gains were moderate, and
restricted to a few currencies only. French affairs
were again a dominating influence in the European
exchange markets and francs moved alternately up
or down in response to the kaleidoscopic political
happenings in that distracted Republic. Franc
exchange opened firm at a few points above the high
of last Friday,'namely 3.883, then advanced to
4.01, but later in the week dropped back to 3.7534j,
though closing at 3.90. In the early dealings the rally
was predicated on M. Briand's success in forming a
new Cabinet headed by popular leaders, also announcement by this Cabinet that one of its first
actions would be to press settlement of France's war
debts. Confidence in the ability of M.Loucheur as a
financier aided in the advance. This was largely
sentimental, however, and in part due to shortcovering operations, and it soon developed that
important banking institutions were not buying.
Sober second thought brought a realization of
the fact that little short of a miracle will be re-
DEC. 5 1925.]
THE CHRONICLE
2681
quired to tide the Treasury over the approach- was 4.03 and 4.04. Exchange on Czechoslovakia
ing year-end crisis, at least without resort to closed at 2.964, against 2.963 on Bucharest at
4
further material inflation, also that M. Briand is 0.46K;, against 0.4534, and on Finland at 2.521
still faced with the task of passing his new measures against 2.523. Polish zlotys finished at 13, against
through the French Senate. By Wednesday, there- 14.60 a week earlier. Greek drachmae closed at
2 for cable transfers,
fore, a heavy break occurred, carrying the franc 1.33 for checks and at 1.333/
more than 25 points down, mainly on reports that which compares with 1.32 and 1.33 on Friday of
the Briand Ministry contemplated the advocacy of last week.
sundry inflationary measures and the hated capital
Trading was quiet-and rate variations comparalevy. M. Loucheur's proposals to increase the legal
limit of note circulation 7,500,000,000 francs and at tively narrow in the former neutral exchanges this
the same time raise direct taxation 50% at first, week. Guilders held their own and gained a couple
met with an unfavorable reception and exercised a of points, though losing it at the close. Swiss francs
sharply depressing effect, with the usual ineffectual hovered around 19.26%@19.27 and closed at 19.28.
rush to sell francs and renewed exportation of capital. The Scandinavians were neglected. Danish exchange
Toward the latter part of the week some of the losses receded about 6 points, to 20.84, and Norwegian
were regained, partly in sympathy with the advance krone eased off to 20.26, a loss of 5 points, on small
in sterling and partly because the Bank of France dealings. In the late trading, however, a partial
statement proved more favorable than had been recovery took place. Swedish exchange remained
expected, and also acceptance by the French Chamber practically unchanged. Spanish pesetas moved in
of the Loucheur proposals.
the same direction and after ruling within a point
Most of the activity in French exchange emanated or two of 14.17, declined to 14.13, but rallied sharply
from abroad, and local dealers continued to maintain on Friday to 14.29 before the close on short covering.
an attitude of aloofness. Other branches of the The sharp up and down movements in some of the
market were also inactive. Italian lire were com- major Continentals apparently had no influence on
paratively steady, ruling at around 4.03 the greater values of neutral exchange.
part of the week, on a small volume of trading.
Bankers' sight on Amsterdam closed at 40.18,
Antwerp francs were likewise unaffected by the against 40.173'; cable transfers at 40.20, against
commercial sight bills at 40.10, against
variations in Paris exchange and were held at close 40.19
to 4.52. German and Austrian exchanges are still 40.091
/,and commercial sixty days at 39.74, against
nominal, in the absence of trading activity. Greek 39.733 last week. Closing rates on Swiss francs
currency was dull but stable at around 1.33. In were 19.28 for bankers' sight bills and 19.29 for cable
the minor exchanges of the Central European group, transfers, which compares with 19.26 and 19.27 a
no important changes occurred save in Polish zlotys, week ago. Copenhagen checks finished at 24.98 and
which again crashed violently, establishing another cable transfers at 25.02, against 24.82 and 24.86.
sensationally low point at 10, or an additional loss Checks on Sweden closed at 26.71 and cable transfers
in value of 4.60 from the low of last week. This was at 26.75, against 26.72 and 26.76, while checks on
the direct result of a renewal of heavy speculative Norway finished at 20.35 and cable transfers at
selling, also the flight of capital out of Poland due 20.31, against 20.39 and 20.343/b the preceding
to nervousness over the political crisis that has arisen week. Spanish pesetas closed the week at 14.29
from the overthrow of the Grabski cabinet, together for checks and at 14.31 for cable transfers. A week
with lack of confidence in Poland's currency, and ago the close was 14.163, and 14.18.
banking difficulties generally. It is stated that
As to South American exchange, irregularity again
Poland has completely exhausted its banking credits prevailed, though trading was not especially active.
in the United States and will have to seek aid else- Argentine pesos continue to appreciate and finished
where. Loss of the German market for Polish coal, at 41.51 for checks and at 41.56 for cable transfers,
as well as a prolonged tariff war with Germany are against 41.43 and 41.48. Brazilian milreis on the
believed to have been at bottom of Poland's troubles, other hand, were heavy, reaching a new low level of
which have been aggravated by the restrictions in 13.87, mainly as a result of preparations to meet
both foreign and domestic credits that followed the forthcoming interest payments abroad. The close
first collapse in the price of the zloty and attended was at 13.95 for checks and at 14.00 for cable transby serious disorganization of the banking of the fers, as against 14.16 and 14.21 last week. Chilean
country. It is claimed that an attempt will be made exchange was strong and advanced to 12.32, though
to secure American aid for support of Polish currency closing at 12.24, against 12.25, while Peru remained
and at the close there was a recovery to 13.
at 3 98, unchanged.
The London check rate on Paris closed at 126.92,
Far Eastern exchange was favorably affected by
which compares with 125.56 a week ago. In New buoyancy in the silver market; that is, so far as the
York, sight bills on the French centre finished at Chinese division was concerned, while Japanese yen
3.87, against 3.863; cable transfers at 3.88, against advanced to as high as 4434 for a time. Hong Kong
3.873; commercial sight bills at 3.86, against finished at 58/(4)58%, against 58Y8@585A;Shanghai
3.853, and commercial sixty days at 3.81, against at 773
/s@78, against 78@7834; Yokohama at 4334@
3.809 last week. Antwerp francs closed at 4.52 43 9-16, against 4334@43%; Manila ta 50@5034(unfor checks and at 4.53 for cable transfers, in com- changed); Singapore at 57@57 (unchanged); Bomparison with 4.513/ and 4.523/ the previous week. bay at 3634@37 (unchanged), and Calcutta at
Final quotations on Berlin marks were 23.81 (one 36%@37 (unchanged).
rate) for both checks and cable transfers, against
Pursuant to the requirements of Section 522 of the
23.813 a week ago. Austrian kronen continue to
be quoted at 0.00143/s, without change. Lire finished Tariff Act of 1922, the Federal Reserve Bank is now
the week at 4.02% for bankers' sight bills and a certifying daily to the Secretary of the Treasury the
4.03% for cable remittances. Last week the close buying rate for cable transfers in the different coun-
2682
THE CHRONICLE
tries of the world. We give below a record for the
week just past:
:Vol, 121.
A Proposed Joint Trade Relations
Committee.
On Dec. 15, in Washington, at a National Distribution Conference, to be held under the auspices of
Rate for Cable Transfers On New Pork
1 Noon Buying
sentry and Monetary
Value in United States Money
the Chamber of Commerce of the United States, an
Unit.
Nov. 28. Nov. 30. Dec. 1. Dec. 2. Dec. 3. Dec. 4.
effort will be made to establish a Joint Trade RelaEUROPE-$
I
II
$
$
$
tions Committee that is expected to aid in banishing
Austria,schilling*---- .14057
.14060
.14062
.14054
.14059
.14053
Belgium. franc
.0452
.0453
.0453
.0453
.0452
.0453
Bulgaria. ley
unethical trade practices in business, together with
.007272 .007300 .007288 .007300 .007284 .007294
Czechoslovakia, kron .029614 .029617 .029613 .029615 .029611 .029615
Denmark. krone
those regarded as economically unsound and those
.2488
.2490
2491
.2488
.2486
.2500
England, pound s
Hog
that produce waste. The committee, according to
4.8502
.48454 4.8452
4.8474
4,8446
4.8441
Finland. markk a
.025216 .025223 .025215 .025213 .025225 025223
France,franc
the
.0383
.0380
.0384
.0391
.0397
.0388
plan, is to consist of an equal number of proGermany, reichsraark .2380
.2381
.2381
.2381
.2381
.2380
Greece, drachma
.013313 .013320 .013292 .013277 .013291 .013279
ducers
and distributers, with representation of the
Holland, guilder
.4019
.4021
.4020
.4020
.4020
..4020
Hungary, krone
.000014 .000014 .000014 .000014 .000014 .000014
consumer.
A forecast of the functions of the comItaly, lira
.0403
.0403
.0402
.0403
.0404
0404
Norway, krone
.2038
.2031
.2034
.2030
.2031
.2035
mittee
states
the following: "1. To act as a clearing
Poland. zloty
.1144
.0981
.1371
.0969
.1008
.1347
Portugal, escudo
.0511
.0510
.0510
.0512
.0512
.0511
house for charges of trade abuses and to assist in
Rumania,leu
.004530 .004551 .004526 .004517 .004528 .004556
Spain, peseta
.1430
.1416
.1415
.1417
.1418
.1419
the elimination of unethical practices. 2. To conSweden,krona
.2675
2675
.2675
.2675
.2676
.2676
Switzerland, franc_ _. .1927
.1927
.1927
.1927
.1927
.1927
duct research into existing trade abuses and existYugoslavia, dinar
.017701 .017713 017699 .017698 .017697 .017702
ASIAing
codes set up among trades to cure these abuses,
China-Chefoo, tael
.7883
.7854
.7846
7854
.7846
7829
and so serve as a gradually expanding repository
.7744
Hankow.tael
.7734
.7731
.7741
.7741
7719
Shanghai, tadl
.7608
.7580
.7571
.7575
.7575
7567
for what might be expressed as the common law of
.7967
Tientsin, tad
.7950
.7942
.7950
.7950
7933
.5779
.5767
Hong Kong, dollar. .5754
.5736
.5758
.5768
business. 3. To stimulate the development of codes
Mexican dollar-. .5540
.5565
.5550
.5546
.5543
.5552
Tientsin or Peiyang,
.5567
and methods of settling disputes within trades
.5542
dollar
.5538
.5542
.5538
.5600
.5700
.5675
Yuan, dollar
.5671
.5675
.5671
.5733
.3662
.3663
India,rupee
.3663
.3663
where they do not really exist. 4. To bring about
.3662
.3661
.4288
Japan. yen
.4308
4319
.4308
.4306
.4315
.5654
Bingapore(S.13.),dollar 5658
.5658
.5658
joint
.5658
.5658
action by producers and distributers to accomNORTH AMER.Canada. dollar
plish
1.001049 1.001031 1.000404 1.000357 1.000323 1.00070
the elimination of business wastes for the exCuba, peso
.999688 .999563 .999563 .999188 .999750 .999500
Mexico, peso
.488500 .488667 .487500 .487167 .486333 .486162
istence
of which each has a responsibility."
Newfoundland, dollar .998406 .995206 .998125 .997844 .998250 .997594
SOUTH AMER.As
this
Joint Trade Relations Committee does
.9441
.9443
.9441
.9418
Argentina, peso (gold) .9418
.9419
13.95
.1399
.1398
Brazil, mflrels
.1393
.1403
.1405
not
appear
to be a tribunal for the trial of specific
.1212
.1211
.1221
Chile, peso (paper).- .1215
.1226
.1225
1.0167
Ilnunmo
1.0212
1.0217
1.0204
cases, acting only in a general advisory capacity, it
may well be welcomed as a serious effort to assist
The New York Clearing House banks, in their in
formulating and proclaiming the best business
operations with interior banking institutions, have
practices.
If it adheres to the lines of clearing house
gained $1,912,477 net in cash as a result of the curregistration
of charged evils, research into abuses,
Dec.
ended
3.
rency movements for the week
Their receipts from the interior have aggregated stimulation to the amicable settlement of disputes,
$6,536,477, while the shipments have reached $1,624,- and the furthering of joint action in the elimination
000, as per the following table:
of waste, it will have a wide and useful field of
vURB.ENCY RECk-IPTS AND SHIPMENTS BY NEW YORK BANKING
work. Any attempt, however, to fasten its findings
INSTITUTIONS.
in
an arbitrary way upon producers and distributers,
or
Loss
Gain
Out of
Into
to Banks.
Banks.
Week Ended November 27.
Banks.
as we see it, will tend to destroy its usefulness, for
$1,624,000 Gain 84.912.477 the way to profit through initiative and
Banks interior movement
$6,536,477
enterprise
As the Sub-Treasury was taken over by the Fed- must in any event be left free. The danger is that
eral Reserve Bank on Dec. 6 1920, it is no longer in its efforts to cure supposed bad practices and
possible to show the effect of Government opera- wastes it will lean too much toward standardization
tions on the Clearing House institutions. The Fed- that will stifle individual efforts at
improvements.
eral Reserve Bank of New York was creditor at the
Nevertheless,
be
is
acclaimed
to
it
as an earnest
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK effort to help business from the inside and thus to
AT CLEARING HOUSE.
diminish the untimely call upon Government for
Saturday, Monday, Tuesday, Wednesd'y. Thursday, Friday,
Aggregate
regulation and control. What actually may be acfor Week.
Nov. 28. Nov. 30.
Dec. 4.
Dec. 3.
Dec. 2.
Dec. 1.
complished remains to be demonstrated. An enu$
$
$
$
$
$
$
94,000.000 103.000.000 74,000,000 96.000.000 101000000 86,000,000 Cr 554,000.000 meration of factors in "unethical trade
practices,"
Note.-The foregoing heavy credits reflect the huge mass of checks which come to
come within the purview of the committee has
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve Systems' par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing been given as follows: "Fluctuations in price; lack
House institutions, as only the Items payable in New York City are represented In
the daily balances. The large volume of checks on institutions located outside of of sound business methods, adherence to trade cusNew York are not accounted for in arriving at these balances, as such checks do
not pass through the Cleating House but are deposited with the Federal Reserve toms that have outgrown their original
justificaBank for collection for the account of the local Clearing House banks.
tion, the disrupting influence of the "fly-by-night"
The following table indicates the amount of but business organizations, fluctuations in style, discrimination among customers, lack of standard
lion in 'the principal European banks:
practices in trade transactions, lack of standardDec. 4 1924.
Dec. 3 192.5.
Banks of
ization
in products, lack of machinery for adjusting
Gold. I Silver.
Total.
Silver.
Gold.
Total.
disputes."
This is an ambitious program, though
g
England _ _ 145.659,957
128,494.700 if carried out with
145,659,957 128,494,720
zeal and system for continuing
France a_ _ 147,339,404 12,640.000 159,979,404 147,217,135 12,160,000 159.377,135
Germany c 50,492,500 d994,601 51,487,100 22,740,050
994.600 23,734,650 years may
prove a great boon. The principles of
Am -Rung b2,000,000
62,000,000
b2,000,000 b2,000.000
_ 101.467,000 26.001,000 127,468,000 101,397,000 26,071,000 127,468,000
Italy
35,646.000 3,358,000 39,004,000 35,583,000 )3,425,000 39,008,000 good business conduct are not hard to discover.
NetherYds. 38,153.000 1,953,000 40,106,000 40,019,000 1,020,000 41,039,000
Nat. Belg _ 10,954,000 3.653,00 14,607,000 10,819,000 2,750,000 13,569,000 They consist in upright dealing, the
progressive deSwitzerl'd_ 18,233,000 3,634.000 21,867,000 20.217.000 3,757,000 23,974,000
Sweden,_ _ 12.812,000
13,280,000 velopment of trade, the careful and wise use
12,812,000 13,280.000
of capDenmark _ 11.630.000 1,050,00 12.680,000 11,640,100 1,244,000 12,884,000
Norway
8,180,000
8,180,000 ital, and in the faithful and helpful
8,180,000 8,180.000
service that
Total week 582,566,861 53,283,600 635,850.461 541,586,905 51,421,800593,008.505 brings success. Behind
these elements, shaping and
Prey. week 684.919.104 53.068.600 737.687.704 541.696.167 51,212,600592.908,767
.moulding,
always
a Gold holdings of the Bank of France
lies
the
natural law. There are
this year are exclusive of .£74,572.836
held abroad. b No recent figures. c Gold
holdings of the Bank of Germany old sayings
this year are exclusive of £9,867,500 held abroad. d As of Oct. 7 192
that never lose their power. "You canFOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
NOV. 28 1925 TO DEC. 4 1925, INCLUSIVE.
mann
1 0912
1.0214
DEC.5 1925.]
THE CHRONICLE
2683
not make a silk purse out of a sow's ear," is one of it is standardized; and may be cheap—often it is
them. Much of failure, much of fraud, in business not, for here is where the temptation to use the
is due to trying to force profit out of a business that power of monopoly begins. And se we develop the
is contrary to the conditions and the resources of large truth that to standardize anywhere along the
the time and in opposition to the legitimate wants line is to make stationary, to thwart development
and needs of men and communities. The growth and and progress, to lower the taste, and to destroy the
success of industries as a whole is the foundation of benefits of a service which fills a want or a need.
We do not know what is meant by "fluctuations in
all study. Secondary to this is a study of the elements of success over long periods by those firms price." The reprehensible custom of marking goods
up simply to mark them down at a so-called "reducand companies that have adhered to one line.
sale," or some such device, is already discounted
tion
This matter of waste goes beyond the mere contrade. It destroys confidence in the merthe
by
duct of business. It originates in the people themit discloses to the customer the range of
chant,
and
will
always
be
a
supply to meet
selves, and there
such a demand. A writer has been at pains to profit-making. The custom is curing itself. Price
show that half the things we use we do not need. And will, on the contrary, always fluctuate. And it will
he calls it wasted energy to produce them. The esti- be a long time before a committee can show that a
mate is large; and it must be shown that the things merchant has not a right, within reasonable bounds,
that we can do without we ought to do without. No to take advantage of scarcity when he is himself
doubt we waste our substance in foolish living. No stocked up, or any other adventitious circumstance
doubt we are tempting fate in such experiments as connected with his business, if perchance that is
conquering the air. We do not need the radio; yet it what is meant. Matters of fraud in sizes, weights
spreads joy and thought over the world to our bet- and measures offer a different problem. Conveniterment from a social and an intellectual stand- ences in the administration of business are always
point. We could do with half the sugar we produce; subjects of concerted action.. Here, again, the old
and possibly have better health. We do not need law, however, obtains. Before any finding of allied
"canned" music; possibly our artistic standards merchants is this older and more fundamental law
would be improved by the larger education of indi- of honest service. There is a phrase, "all wool and
vidual performances. We eat too* much starchy a yard wide," that covers the ground. An inch board
bread; and most of the doctors tell us we eat too is an inch in thickness—and when it is not the seller
much meat. And so, when it comes to "fluctuations who so represents it suffers. It is idle to talk about
in style," we may at once conclude that no Business establishing a fraud or an evil by custom. DependCommittee will ever accomplish anything as long able merchants are the only ones who succeed in
as people are the slaves of fashion. In the matter of the long run. And the buyers are the dictators;
dress, as in most things, if the law of use is to be and are themselves to blame when they carelessly
the law of beauty the creators of change are to be condone an imposition. All of these things go to
condemned only when they force upon the people show that the committee itself must follow the law
something that violates the laws of good taste. of the merchant, which is the law of the land.
It has been remarked by a commentator that "It is
Carried a little further afield, we may conclude that
new fashions, new implements and utensils, new easier to bring the statutes into conformity with the
articles of use and beauty, and new uses for old common law than to revolutionize the common law
things, will never be regulated and controlled by the by statutes." It is here that the proposed committee
edicts of the makers and distributers, and perhaps can perform its greatest service. In all that it does
ought not to be, since they elevate the minds and it is looking from the inside out, while the Government must always look from the outside in. If it
hearts of the people.
There is a difference between department stores does no more than point out the lack of "sound busiand those that sell a single line. The former suc- ness methods" in the broad, comprehensive sense, it
ceeds by variety and cheapness and the latter by a Will have performed an inestimable service. Of
form of standardization. It is not difficult to be- course, there are many men and firms attempting to
lieve that in the social economy the department store do business who do not know how. Well-conducted
fills the greater need and serves better the public. business and the public pay the cost of this ignorThe chain stores that handle'a single article or ance. But it will never be wholly eradicated. A
"line" may well serve by the economies of large pur- large proportion of business failures is due to mischases and systematized sales. But the chain of management. But management is and always will
small-price stores may do this also with the added be an individual problem. On the other hand, the
benefit of gathering articles of all kinds, that can proportion of customer-buyers who do not know
be sold within the price, from all the world. Neither what they are buying is very large. This ignorance,
of these innovations in the modern mercantile world which also can never be wholly eradicated, is no less
can in these particulars interfere with the freedom to the all-wool-and-a-yard-wide merchant. If he is
of initiative or the right to individual enterprise. capable he knows quality and he is entitled to a just
But when they reach the point where they absorb the profit for knowing. Every man to his trade. The
available locations (they have not yet reached that professional man desires no more than to be honpoint) then they attain a form of "standardization" estly advised. The good housewife seeks only a
fair
that must be questioned as to its ultimate effect. price. The jobber and retailer will not long
patronThis is illustrated more specifically in chain restau- ize a wholesaler who does not come up to
specificarants. When these absorb all the available loca- tions. Business is always in process of
expunging
tions, and then standardize the bill of fare they evil practices. Unfortunately, the greed
for barserve, they will begin to disintegrate. They will gains among individual and ignorant
buyers hamhave violated the fundamental law that the "appe- pers the process.
tite grows by what it feeds on." People cannot be
We come back, therefore, to standardization of
forced to eat what they do not want simply because practices, processes and products.
Speaking gen-
2684
THE CHRONICLE
[VOL 121.
erally, we should beware of standardized products. ficult to guide or even forecast. The statesmen
The machine and mass production does enough of carried over with it were naturally governed by
this without any outside aid. Standardization of their established conceptions and attached to their
products plays into the hands of monopoly. All individual aims. It was inevitable that they should
national resources should be developed by the free- conflict with one another and pursue radically difdom of individuals to engage in lawful trade. As ferent policies. The nations would be powerfully
for old customs in mining and manufacturing, they affected, and some chief figures would be lost in
are sloughing off all the time. You cannot say, as the melee. A few had vision and a faith in all that
union labor is now trying to say, to New England makes for righteousness. These men will be the
textiles, that they are losing because the South is guides of the new generation.
using newer and better machinery. They can easily
We have at hand the story of one of these statesget this, and will get it, when other things are equal. men whom none will be likely to surpass, as it is
And if they never get it and prefer to go down with given the accuracy and the clarity of the transparold customs they are but filling the law of the maker ently simple, truthful and deeply sympathetic narand merchant. What we perceive in this whole ques- rative of Sir Edward Grey, the British Secretary of
tion is that the mind of man impinging upon the State for Foreign Affairs.*
resources of earth is so vast in its ramifications that
In the various European courts there were indineither a committee from the inside nor a Govern- viduals upon whom the full weight of the greatest
ment from the outside can formulate in maxims or crisis of modern history rested, but among them all
methods the fundamental law that governs. And in there was no one who was more deeply conscious of
so far as it does, it will merely promulgate the "best his responsibility, whose testimony will carry more
methods" because they have already established weight, or whose example is more to our purpose.
themselves by common precept and experience.
In the spring of 1914 peace existed in Europe,
There is room for even this—but it is by education but in international relations two facts prevailed.
rather than rule.
Fear and suspicion were ever present; great armies,
Trade is a kaleidoscope; the patterns are infinite; with all that pertains to them, stood prepared; and
the causes are simple, original, steadfast, controlling. no outside relations could influence either situation.
While there is much that seems irresponsible in our France did not desire war with Germany, but
search for wealth, fame, enjoyment, we do very little thought it inevitable. Germany, with no limitation
by deliberate chance save in our gambling on the of cost or effort, had created the most perfectly preturn of prices. And in all that we do silent and pared army the world had ever seen and was under
unseen forces move us. We adventure far in indus- control of her military staff. Russia, with vast
trial production, we try to supply to the full needs resources and confirmed consciousness of power,
and wants, even try to create them, but the demand looked on; and Belgium felt safe only in the guaris hidden in the social and individual nature. For anty of Germany, England and France.
this reason there will always be a modicum of waste
Sir Edward Grey entered the Foreign Office a
and unethical practice. What is important is not young man in 1892. He realized at once the dangers
so much rules as a result of studied regulation, as of the existing situation. The great nations were
an understanding that in all the large and whole- contending for special advantages, and to defeat
some movements conformity to the codes, laws and one another's similar attempts. Crises constantly
practices that are common because they have evolved occurred, with several wars in the Balkans, and
through long experience is wise and profitable. The three or four close approaches to war and constant
pan who tries to borrow from many banks, the man ill-will among the greater States. Suspicion was in
who undersells in one line and overcharges in an- the air. • No event was too small or remote to create
other, the man who tries to make marketable cloth extreme danger. Siam, the Nile, the Congo, South
on out-of-date machines, the fly-by-night who does Africa, the Far East, were in turn the scene of such
not think three removes are equal to a fire, the occurrences. However little known to the public,
maker of shoddy and one who skimps in measure- these events made the chief business of the Foreign
ments, must all meet the inexorable law of failure. Office. The new century' opened with the Kruger
And a committee that can make clear the cause and telegram, Algeciras, and eventually, Agadir. Whateffect in business will serve a good cause. Beyond ever the good intentions of individuals or the States,
this there must be an accounting by all efforts at the conditions did not change; the tension tightened.
regulation and standardization to the tastes and Counter-alliances, ripening at last in the Entente,
desires of the people. Trade is a river that some- were made to hold back the universal pressure. In
times runs dry and often overflows. Out of the connection with the call for the Algeciras Conferefforts of the multitude come the multitude and ence, Lord Ripon, Grey's superior, said, "that a
variety of products and processes by which we sus- European war should come out of it seemed almost
tain and advance the common life. Herein is the impossible," but with his knowledge of influences
at work, he "could feel no security." Under
common, controlling law, though unwritten.
pressure,
Britain sacrificed various interests in the
Near
East; Germany gave way about Casablan
The Memoirs of Sir Edward Grey.
ca, and
It is bard to realize that the men whose names again at Agadir, and France accepted humiliation
will be associated with the history of the first quar- after Algeciras, and paid a price for peace at Agadir.
ter of the 20th century are rapidly passing off the But there was no substantial improvement. Gerstage. The new knowledge and the new methods many years irritated, and up to the months immediin science, in industry, in business and in govern- ately preceding the war,was exacting and inimical.
As one issue after another was settled,
ment which characterized the 19th century, increasa third
would
quickly be created. The British Foreign
ing toward its close, precipitated upon the new century the volume of conflicting interests and confus- Office, under Sir Edward Grey, with the aid of inTwenty-five Years, 1892-1916," by Viscount
ing problems which made the immediate future
Grey of Falloden. Y. A.
dif- Stokes Co.
1
DEC.51925.]
THE CHRONICLV
dividual diplomats in other courts, was able to obtain peace in the Balkan War of 1912-13; and the
Ambassadors' Conference in London was characterized by good faith, good .will and freedom from personal rivalries and self-interest, which have found
a counterpart to-day at Locarno. But the record is
that "it made none but a passing impression upon
the Governments of Europe." The situation was
persistently evil. When 1914 came, the same Ambassadors were at their posts in London, but"no one
in Berlin or Vienna seems to have remembered the
past or found in the recollection of 1912-13 any hope
of the future." When the suggestion was again
made to settle the great issue by the same agency as
before it was peremptorily dismissed by Germany
and Austria. The German Ambassador in London
at one with the British Foreign Minister, had no
support at lidme and could accomplish nothing. The
current of European affairs had set toward war.
Austria was fascinated by the strength of the German army. France and Russia were held by fear
of it.
The assassination of the Archduke of Sarajevo
came suddenly. At first Austria was not alarmed;
but acrimonious accusations soon followed. Then
came in quick succession the anxious days, the efforts of the Ambassadors to secure peace and their
failure, the Austrian ultimatum sharpened in its
terms at Berlin, the Kaiser's marginal note, "Stamp
upon this rabble," Serbia's abject surrender, and
the Kaiser's second note, "There is now no cause of
war," with his silence when his officials vetoed the
proposal for a Conference and made no response to
the Tsar's appeal for a reference to the Hague Tribunal. The control was not with the Kaiser or his
Ministers. Neither he nor they desired war, despite
his earlier proclamation of a "vice-regency from
God," and "shining armor and a glittering sword,"
and his brave personal display in Constantinople.
The immovable organized authority was the military. The last preparation had been made, save
that the naval authorities would prefer to wait another year. They were now to be held back, till the
"insignificant little British army" should be permitted to cross the Channel, where they could be
quickly annihilated, and the way opened directly to
Paris and the French army held while the whole
German army could be turned against Russia.
The full detail of this history, with quotations
from the original documents, is given at length in
the same quiet, convincing tone of a strong man who
saw his immediate efforts fail, and, to-day, after ten
years since his surrendering his place to others, can
2685
behold the approach of his heart's desire in the growing assurance of the international peace and goodwill to which his life has been devoted. He has
treated those who were opposed to him with careful
consideration. He holds the German Emperor not
as typical, but as a man sui-generis, possessed of his
own peculiar characteristics, one who believed the
German a chosen people, a belief which leads to
much inevitable assumption. Obviously, their Kultur ought to dominate the world.
Europe had become an armed camp. Force seemed
the one thing that would count; it was not reasonable that the strongest and best equipped nation
should wait until others would be equally, or still
more weightily equipped. Her conduct raises the
question whether it is wise or right to precipitate
a crime because one thinks that someone else will
sooner or later commit it. This brings the issue
clearly before all the European States and is the
question to-day. How far did each share this feeling and join in the common purpose? In the last
analysis the war occurred because of the universal
lack of the will to peace. The inveterate and ineradicable distrust which poisoned European diplomacy had made normal life and healthy growth impossible.
It is true, as others have said, that war and modern civilization cannot co-exist; and if competitive
armaments are not destroyed civilization itself is
doomed. Nothing can save us but a new worldrelationship; that is, a new allegiance of the people
to the Golden Rule. The gathering last week of a
great people in a national Thanksgiving, expressing
the attitude of the nation no less than that of the
individual citizens, is witness to the progress, slow
but real, that the world is making toward that goal.
Amid the murk and darkness of the four terrible
years the figure of Sir Edward Grey stands out
pre-eminent among the men in high position as the
man who from first to last, with his feet on the
ground of the actual situation, sought in entire forgetfulness of himself and under the burden of the
sorrow that crushed his heart, to be true to the highest ideals of right and truth and to do to others as
he would have them do to him. In full confidence
that this was the only way to an enduring peace he
gave himself with undivided purpose to winning
Europe to the same conviction. His story should
have a wide reading, as no one can turn from it
without an uplift of heart from the thought that
amid the confusion and anxieties of these crowded
days there are still men in all lands who can respond to his spirit and be inspired by his example.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Dec. 4 1925.
There has been some seasonal decrease in wholesale trade,
but jobbing business is active, and the spur of Christmas
buying is felt in retail lines. It is true that there has been
some temporary interruption to retail business on the Atlantic seaboard for several days past from severe storms of
wind and rain. But in the nature of things this is only for
the moment. It is a sign of the times, perhaps, that the big
retail establishments are doing better than the smaller ones.
But taken as a whole the gratifying fact is that throughout
the big avenues of American trade there is greater activity
than there was a year ago. Mail order and wholesale business, it is true, showed some increase in November as compared with October. But there is a very noticeable increase
in November as compared with the same month last year.
No progress has been made in settling the anthracite strike.
Governor Pinchot and the miners have made certain proposals to the operators which have been rejected. Meanwhile the trade in bituminous is naturally fostered by the
big hard coal strike, and the soft coal output has risen to
very large proportions, not only in Pennsylvania, but also
In the West and South. The tendency of coal prices is naturally upward, but it is noticeable that Scotch and Dutch
coke is arriving at Boston as well as Welsh anthracite coal
and the tendency is to increase the importations of both.
Coke has declined. The big industries taken as a whole are
in better shape than they were a year ago. They are doing
more buSiness on a better margin of profit. The iron trade
shows no marked improvement; in fact, it has latterly, as a
2686
THE CHRONICLE
[VOL 121.
rule, slowed down, something which is not unusual at this portations of gold. The French financial situation is still
time of the year. The general situation in steel is better, deplorable, but the new Premier, M. Briand, shows a comwith good buying by the railroads and construction inter- mendable disposition to take up the question of the French
ests. The sheet and tin plate mills are working, it is under- debt with the United States at once and it is to be hoped
stood, close to 100%. Most of the minor metals are lower. that no further inflationary measures such as are now
Copper is down to 14 cents. They have all been declining under way in France will be necessary. The Government
of India has suspended the 3/
1
2% excise duty on Indian
very noticeably in London.
The grain markets are higher, especially wheat, which woven cotton cloth Dec. 1 and promises its complete abolihas advanced some 10 to 12 cents per bushel, mainly under tion in the budget next March. The import duty of 11%
the stimulus of bad crop news from Argentina and the fact continues, however. The Manchester "Commercial-Guarthat the Soviet Russian Government appears to have greatly dian" says the adverse effect upon the Lancashire trade
over-estimated the grain crops in that country. At this cannot fail to be important. A meeting of spinners, manutime Canada is getting the benefit of the marked increase in facturers and merchants was held in Manchester on Dec. 1
European demand for wheat, because it can undersell the to discuss the effects. The trade was disturbed over the
United States. Corn has advanced some 5 cents a bushel. action of the Government of India, which deprives British
partly in response to the rise in wheat, but more because of manufacturers of a tariff preferential. The abolition of the
the fact that a credit of $5,000,000 has been subscribed to tax was promptly followed by the ending of the strike for
help the Iowa farmers who found themselves burdened with two months past of 135,000 cotton mill workers in Bombay.
an extraordinary crop and now wish to market it gradually It may mean increased consumption of Indian cotton in
through the help of Government machinery. This may do Bombay and therefore a better market for American cotton
very well for the present year, but in the end the corn in Europe and Japan.
At Fall River there has been a fair business. Edward F.
farmers of Iowa and other States will simply have to regulate their acreage to the market. A great deal of the corn Greene of Boston thinks the textile industry has weathered
crop can be fed to live stock. But of course there is a limit a crisis and is now justified in looking forward to satisfacto that outlet. Diversification of crops is the only thing tory conditions. Manchester, N. H., wired that the Amosthat will help the West in the end, not paternalism in any keag Manufacturing Co. will start night work immediately
form, even if Government aid may be a not altogether un- In its rayon department, beginning with 200 looms and injustifiable expedient at very rare intervals. Cotton has creasing the number until 1,200 are in operation. The
declined as the trend of crop estimates is upward, and specu- Amoskeag Manufacturing Co. paid its Manchester, N. H.,
lation in that commodity is largely neglected for stocks and municipal tax to-day for 1925, amounting to $932,870, which
grain. The consumption is evidently large. Crop estimates is approximately one-quarter of the entire tax of the city
are now crystallizing around 15,500,000 bales. But in the of Manchester. It is declared to be too heavy a tax. At
meantime everybody is awaiting the Government report Biddeford, Me., on Dec. 1 the weavers of the Pepperell
next Tuesday, which will be the last for the season except Manufacturing Co. decided not to accept the multiple loom
the final ginning report on March 21 1920. It is not too arrangement which has recently been worked out in conmuch to say that the trade will breathe a sigh of relief when junction with State and national conciliation bodies and
the report of Dec. 8 has come and gone and it can go ahead representatives of the weavers themselves. The weavers
for the rest of the season without vexatious reports on the thereupon went out on strike, throwing some 3,500 operatives
crop from Washington twice a month. They have kept the out of employment. The move to introduce the multiple
trade on tenterhooks for many months past and it is hoped loom system was made at the plant a month ago. The
that at the approaching session of Congress an Act will be weavers complained that the company called upon each man
passed providing for reports not oftener than once a month. to operate 22 looms, although the agreement reached beIn former years no crop estimates were given until the first tween the workers and plant management a few days ago
called for each weaver to operate 18 looms, with the assistweek in December.
Bad weather hereabouts has interfered with building, but ance of a helper. An effort is being made to settle the disthe tendency is towards as active a season in that line as pute. At Natick, R. I., the Natick mill of B. B. & R. Knight,
the weather will perr.tit this winter. Automobile output Inc., after being idle practically a year and a half, will open
tends to decrease somewhat, but the November production and may run at full capacity in a short time. As with workwas a high record for that month. It is said that 70,000 ers in the Royal mill, weavers are to run 16 looms at a 10%
more workers are employed in that industry at Detroit than reduction in wages, but weavers have a choice of running
at this time last.year. In the Bast the shoe factories are either 16 or 32 at their option and without disadvantages of
finding trade a little slow. The manufacture of furniture is any sort.
At Charlotte, N. C., the Carl Stohm Co., Inc., which has
brisk. The holiday trade helps the jewelry industry. Coffee has declined here and in Brazil, partly because of the for some time operated a weaving plant making jacquard
inability of the Brazilian Government to secure a loan for specialties will double its capacity. At Ranlo, N. C., the
the purpose of aiding valorization of coffee prices. Raw Ranlo Manufacturing Co. will increase its capacity. It will
sugar advanced early in the week, but has latterly reacted, weave the output of the Harden Manufacturing Co. of
with British markets lower. Refined sugar business is none Worth, N. C., in addition to the yarns from the Modena
too active. Car loadings show a steady increase over last mills, of Gastonia, and the spindles in its own plant. The
year In spite of the falling off in grain, coal, live stock and company manufactures tire cords, and with the Installation
lumber shipments, as compared with a year ago. Wool has of the new equipment will have a capacity of 120,000 pounds
been dull and depressed. The English and Australian auc- per week. In Eastern North Carolina mills are running at
tion sales are not turning out so well as was expected. The full time. The Southern Power Co. allows power to South
trade in woolen and worsteds in this country is rather slow. Atlantic mills for five days a week with the streams higher
The silk industry is still active. Some of the North Caro- after recent rains.
lina cotton mills are running at 100%, and the tendency of
Rayon, it is stated, is being used not as a subsidiary texthe cotton manufacturing industry in New England is to- tile fibre, but, as a distinct addition. The result is that
wards better times.
cotton and woolens are coming off the looms excelling anylln the stock market to-day several railroad shares thing heretofore known. Some take the ground that the
reached new high levels for the year, although industrial Increasing use of rayon in cotton mills does not mean a reshares were for the moment in the van in the matter of duction of the cotton yarn consumption. The very attracaotivity. The remarkable activity in the stock market is tive appearance of the new fabric has, it is declared, noticestill one of the most striking features of the business times. ably increased cloth sales. Also, the cost of rayon is
double
The New York Federal Reserve Bank has not raised its that of cotton yarn.
rediscount rate from 3/
1
2%, although one of the events of
Sears, Roebuck & Co.'s sales for November amounted to
the week was the advance in the Bank of England rate from $25,823,970, an increase of 14.8% over
November 1924.
4 to 5%. But London regards this move for once with Sales for the first 11 months of this year
amounted to $227,great satisfaction as being a conservative measure, and the 820,578, an increase of 16.2% over the
corresponding period
market there to-day was strong. The boom in rubber stocks of 1924. Montgomery Ward & Co.'s sales
for November
there continues, despite the announcement that there will amounted to $18,794,362, an increase of 10.2%
over Novembe an increase of 15% in the exports from the region con- ber 1924. Sales for the first 11 months of this year amounted
trolled by the British beginning Feb. 1. London was braced to $161,306,980, an increase of 13.1% over the corresponding
by the favorable response of the dollar and other exchanges period of 1924. The production of cars and trucks in Noto the rise in the Bank rate and also by some moderate Im- vember was 21% larger than in November last year. For 11
2687
THE CHRONICLE
DEC.5 1925.]
months it is 16/
1
2% over the same period last year. "Hardware Age" said: "Hardware jobbers are very busy shipping
winter goods, staple lines and special merchandise, designed
for holiday selling campaigns. Prices are stronger in all
cities and there are persistent rumors that tools and possibly wrought goods will be advanced soon."
While plasterers and masons want $14 to $16 a day in this
city, which is suffering from a scarcity of labor through
the sharply restricted immigration, it is of interest to notice
that Prime Minister Bruce of Victoria has removed the ban
against immigration from Germany, Austria, Bulgaria and
Turkey.
The weather here was cold on Nov. 29 with the temperature down to 24 in the morning. In Chicago and Cincinnati
It was 32, in Cleveland 28, in Duluth 20, in Milwaukee 30, in
Minneapolis 24 and Portland, Me., 16, and Montreal 6. It
was cold at the South, especially east of the Mississippi;
the weather was milder west of the river in the cotton belt.
Miami, Fla., on Nov. 30 had nearly 15 inches of rain, with
floods that stopped business, interfering with the city utilities and the publication of newspapers. A tropical storm
was centred Tuesday night about 150 miles east of South
Carolina coast and moving rapidly northward. Rains occurred in South Atlantic Coast sections. The tropical storm
was central on Wednesday night off Cape Hatteras and
moving slowly northward. Winds of hurricane force prevailed on the Carolina coast. There have been rains in
Atlantic States from Florida'to New York. There were
reports of a "norther" in northwest Texas on Dec. 3. It
rained here all day Wednesday and Thursday and this morning and also to the southward along the Atlantic seaboard.
A northeast gale of 70 miles an hour struck New York on
the 3d inst. and did a great deal of damage in and around
the city, including Coney Island. The high winds were accompanied by a driving rain. It was not cold here; the lowest
temperature was 39 at 2 a. m. on the 3d inst. and the highest 48 at 3.40 p. m. Boston had rain and 42 to 46 degrees;
Chicago 34 to 42; Cincinnati 30 to 54; Cleveland 36 to 46;
Kansas City 48 to 64 and St. Paul 32 to 46. In New York
It has rained most of to-day, but the temperature was 52 at
4 p. m. The forecast is for rain to-night and to-morrow,
with warmer temperatures.
the largest on record. Payrolls at factories, including industries not covered by the production index, increased in October to the highest level since
early in 1924. The value of building contracts awarded declined further in
October, but the total was considerably larger than in the corresponding
month of any other year.
Estimates by the Department of Agriculture In November indicate a corn
crop of 3,013,000,000 bushels and a cotton crop of 15,298,000 bales, compared with 2,437,000,000 bushels and 13,628,000 bales in 1924. Marketing
of crops was seasonally larger in October than in September, but averaged
nearly 10% less than a year ago.
Trade.
Wholesale trade, according to the Federal Reserve Board's combined index
leading
lines,
reached
a seasonal peak in October and was in
of sales in six
larger volume than for any month of the past five years. Sales at department stores and mail order houses, owing partly to favorable weather conditions, showed considerably more than the usual increase in October and
were the largest on record for that month. Stocks of dry goods, shoes and
hardware at wholesale firms were smaller at the end of October than on
Sept. 30, but stocks of groceries were larger. Merchandise stocks at department stores showed slightly more than the usual increase in October,
and were somewhat larger than at the end of October a year ago.
Freight car loadings reached a seasonal peak in October and totaled more
than in any previous month, notwithstanding reduced shipments of anthracite and of grains and grain products.
Domestic Business Conditions, According to the
Government.
Further reports on business conditions to the Department
of Commerce for the month of October made public today
(Dec. 5) show increases over September in production of
malleable castings, shipments of hydraulic- pumps, common
brick, steel furniture and pyroxylin-coated textiles, consumption of wool in textile mills, sales of loose-leaf tobacco
from warehouses, bookings of foundry equipment, foreign
assemblies of American automobiles and real estate conveyances, while the production of explosives, North Carolina
pine and walnut lumber declined.
In comparison with October, 1924, increases occurred in
production of malleable castings and North Carolina pine
lumber, shipments of steel furniture, common brick, pyroxylin-coated textiles and hydraulic pumps, sales of looseleaf tobacco and foundry equipment and real estate conveyances, while production of explosives and walnut lumber,
consumption of wool and assemblies of American-made
automobiles abroad declined.
Financial indicators recently received all showed increases
both over September and a year ago, these items including
life insurance premium collections, savings deposits, sales of
real estate securities and outstanding loans of the Federal
and Joint Stock land banks.
Prices.
The Bureau of Labor Statistics index of wholesale prices, after remaining relatively constant for three months, declined from 160 in September to
158 in October, reflecting declines in the prices of agricultural products,
particularly grains, live stock, meats, cotton and sugar. Since Nov. 1
prices of grains, wool, sugar, pig iron and rubber have increased.
Bank Credit.
Between the middle of October and the middle of November, loans for
commercial and industrial purposes at member banks in leading cities continued in a volume about $450,000,000 larger than at midsummer. Loans
on securities increased further and total loans on Nov. 11 were about $1,000,000,000 larger than at the opening of the year. Demand deposits increased
further during October and early November to a level near the high point of
last January.
At the Reserve banks total bills and securities in November were in the
largest volume for the year and about $200,000,000 larger than a year ago.
Member bank borrowings declined somewhat from the high point reached
early in October, while acceptance holdings continued to increase and on
Nov. 18 were larger than at any previous time for the year. The growth
in Reserve bank credit since midsummer was chiefly in response to the
seasonal increase of money in circulation, which on Nov. 1 was about $180,000,000 larger than on Aug. 1.
During the latter part of October and early part of November open market rates for commercial paper and bankers' acceptances remained substantially unchanged at the levels reached during the early autumn. Discount
rates at the Federal Reserve banks of Boston, Cleveland, Philadelphia and
San Francisco were advanced from 3% to 4% during November.
National Industrial Conference Board, Inc., on
Changes in the Cost of Living Between
July 1914 and October 1925.
The monthly cost of living index number of the National
Industrial Conference Board was 0.9% higher on Oct. 15
1925 than on Sept. 15 1925. Clothing, shelter, light and
sundries showed no change while the average prices of the
other items showed increases. Food increased 1.9% and
the average price of coal advanced only 1.1% during this
period, bituminous coal prices for domestic use advancing
more than anthracite. The report by the Board, made public
Nov. 21, says:
Between July 1920, when the peak of the rise in the cost of living since
1914 was reached, and October 1925, the cost of living decreased 17%.
The increase in the cost of living since 1914 was 69.7%•
The following table shows the index numbers of the cost of living as
compared with average prices in July 1914,and also the percentage changes
on Oct. 15 1925 as compared with previous months:
Item.
Relative Index Numbers of the Cost P. C. of Increase
in the Cost of
Importof Living.
Living on Oct. 15
(Average Prices
ance in
1925from Avg.
Family.
July 19143(100.)
Prices inBudget.
July
1920.
Sept.
1925.
Oct.
1925.
July
1920.
Sept.
1925.
159
1.9
162
26.0
43.1
219
Food_a
178
12.7
(c)
178
17.7
158
Shelter
176
176
33.8
Clothing
13.2
266
(r)
170
5.6
166
168
2.4
1.2
Fuel and light
183
192
181
1.1
4.7
Fuel
3.7
144
1.9
115
144
25.2
Light
20.4
185
(c)
174
174
6.0
Sundries
17.0
0.9
Weighted average of all items 100.0
204.5 168.2 189.7
a Food price changes are obtained from the United States Bureau of Labor
Statistics. b Decrease. c No change.
The purchasing value of the dollar, based on the cost of living in
October 1925. was 58.9 cents as contrasted with one dollar in July 1914.
Federal Reserve Board's Summary of Business Conditions in the United States-Increase in Production in Basic Industries.
Reporting that "industrial activity and the volume of
Survey of Current Business by United States Departwholesale and retail trade increased in October," the Fedment of Commerce-Increases in October in
eral Reserve Board in its monthly summary of general busiPrincipal Industrial Indicators.
ness conditions in the United States, made public Nov. 27,
from the Department of Commerce was
following
The
says:
public Nov. 16:
made
Wholesale prices declined
level prevailing
year.
somewhat to the
at mid-
Production.
The Federal Reserve Board's index of production in basic industries, which
makes allowance for seasonal changes, rose by about 4% in October, reflecting increases in the output of most of the 22 commodities included in
the index. Particularly large increases in activity were shown for the iron
and steel and textile industries, and the output of bituminous coal and of
lumber was in large volume. Production of automobiles in October was
Further reports on business conditions to the Department of Commerce
covering the month of October show increases over September in the
production of steel ingots, bituminous coal, cement, zinc, oak flooring
and redwood lumber and receipts of corn, corn grindings, magazine advertising and unfilled orders of the U. S. Steel Corp., while contracts awarded
for concrete pavements, receipts of flaxseed, wheat, oats, turpentine,
rosin and iron ore declined. Fire losses were less than in the previous
month. Postal receipts at both the industrial and selected cities, debits
to individual accounts, savings deposits in New York State, the amount
2688
THE CHRONICLE
[Vol, 121.
of money in circulation and stock prices increased over September, while
Chain stores shared with other lines of retail trade in unusually large
bond prices declined.
sales in October. Variety stores reported a gain of more than
In comparison with October 1924, increases occurred In the production October last year and grocery stores showed the largest increase 40% over
in sales in
of steel ingots, bituminous coal, cement, zinc, oak flooring, magazine recent years. Sales of shoe and ten cent stores
also were unusually large
advertising, receipts of iron ore, corn grindings, unfilled steel orders, car- and the increases In other types of chain stores compared favorably with
loadings, and receipts of flasxeed, turpentine and rosin, while receipts of those in most earlier months this year.
corn, wheat and oats, the production of redwood lumber and contracts
New stores opened showed an increase over last year ranging from 6%
awarded for concrete pavements declined. Fire losses declined from a In drug chains to 24% in groceries. While this accounts for a considerable
year ago. Postal receipts, debits to individual accounts, bank savings in part of the gain in total sales, sales per store for several lines showed
large
New York State, the amount of money in circulation, the prices of stocks gains over a year ago and for all chains combined averaged 4% higher.
and bonds, all showed increases over October 1924.
Percentage Change
October 1925 from October 1924.
BUSINESS INDICATORS.
Total
Number of
Sales
(Relative Numbers-1919 Monthly AverageX100.)
Type of Store
Stores.
Sales.
Per Store.
Variety
+40.6
+18.4
+18.8
Per Cent Increase (+) Grocery
+•
I •
_ ,.,.
',
Shoe
18.5
1924.
-..
+18.6
1925.
or Decrease (-).
Ten Cent
16.8
$9.6
+6.5
Drug
14.3
+5.7
Oct. 1925 Oct. 1925
8.1
Candy
0.2
+8.7
+8.6
from
from
+5.3
Sept. Oct. Sept Oct. Sept. 1925. Oct. 1924. Tobacco
+12.4
Total
+25.4
+4.1
+20.5
Pig-Iron production
97 107 119
81
+22.7
+11.2
Steel Ingots, production
101 111 124 139
+25.2
+12.1
Unfilled steel orders
58
+18.9
59
62
+11.3
69
Continued Increase in Wholesale Trade in Federal
Locomotives:
Shipments
47
42
43
35
-18.6
-18.7
Reserve District of New York.
Unfilled orders*
29
35
27
+40.7
38
+8.6
Postal receipts:
The Dec. 1 Monthly Review of the Federal Reserve Bank
50 largest cities
141 158 155 177
+12.0
+14.2
of New York reports that "a further increase in wholesale
50 industrial cities a
117 135 129 144
+11.6
+6.7
Mall-order sales(2 houses)
106 138 117 176
+27.5
+50.4
trade,
partly seasonal, occurred in October, and sales in a
Ten-cent-stores sales (4 chains)... 170 204 192 238
+16.7
+24.0
Car loadings
119 158 123 159
+29.3
+1.9
majority of lines were larger also than a year ago. The
Commercial-paper interest rates
58
77
+5.2
58
81
+39.7
Stock prices:
largest increase, as in other recent months, was in machine
25 industrials
110 111 154 170
+10.4
+53.2
tool sales, which reached the highest level for any October
25 railroads
113 112 137 138
+0.7
+23.2
Federal Reerve banks:
since 1920. Silk goods sales showed a large increase, and
Bills discounted
13
12
33
30
-9.1
+150.0
Total reserves
144 143 131 132
-7.7
+0.8
cotton goods sales were somewhat larger than a year ago,
Ratio
160 157 144 144
0.0
-8.3
Business failures:
notwithstanding sharp fluctuations in raw cotton. HardNumber of firms
343 315 272 294
-6.7
+8.1
ware sales were larger than in,any other month in the last
383 382 325 313
Liabilities
-3.7
-18.1
five years, and sales of stationery, shoes, paper and drugs
* 1920 monthly average equals 100. 5 1922 monthly average equals 100.
also showed considerable increases." The Review conDepartment Store Sales in New York Federal Reserve tinues:
Due, however, to the failure of wholesale groceries to show an increase,
District Active.
and to decrease in sales of women's clothing and of jewelry and diamonds,
The Dec. 1 Monthly Review of Credit and Business Con- this bank's
weighted index of trade increased only 3% over October 1924.
ditions by the Federal Reserve Agent at New York will
Stocks of merchandise on hand continued to show about the same changes
from a year ago as at the end of September. Stocks of cotton goods, hardcontain the following item on retail trade:
ware and
jewelry and diamonds remained smaller, grocery stocks were little
Department store sales in this district were 15% larger in October than
changed, while stocks of shoes and silk goods were substantially larger than
a year previous, the largest gain in any month in the last three years. After in
October
1924.
allowance for seasonal variations and price changes, the October volume of
Stock at End of Month
Net Sales
business appears to be substantially above the estimated normal or trend
Percentage Change.
Percentage Change.
of growth. Apparel store sales showed an increase of 19% over the previous
Oct. 1925
Oct. 1925
Comtnodtty.
Oct. 1925
Oct. 1925
year-after the comparatively dull business of September.
from
from
from
from
Sept. 1925. Oct. 1924.
Sept. 125. Oct. 1924.
Following the heavy sales of October, stocks of merchandise in depart0
+11.8
+18.1
+0.9
ment stores at the end of the month were less than 1% larger than a year Groceries
Men's clothin
+0.9
-i2.7
ago, and the rate of stock turnover was therefore higher than in October of Women's dresses
-11.5
-15.6
last year. Apparently as a result of the high level of sales and relatively Women's coats and suits
-2.1
+47.3
+8.5
-Iiiii
--1-3:2
+2.6
small stocks, outstanding orders for additional merchandise at the end of Cotton Jobbers
Cotton commission houses_- -5.3
+5.8
the month showed a smaller seasonal decline than usual, and were sub- Silk
goods
+20.1
•1"-I2
-2.4
*4:2-1.5
stantially larger than at the end of October in the last two years.
Shoes
+6.3
-8.8
+19.9
+2.6
Drugs
+3.9
+34.1
Net Sales
Stock on Hand
Hardware
. ..5.6
+13.2
+7.0
Percentage Change Percentage Change
----iii
Machine tools
+2.4
+51.0
October 1925
October 31 1925
Stationery
+7.5
_+17.7
from
from
- --Paper
+6.3
+15.1
October 1924.
October 311924.
New York
-4.21
Diamonds
----a
L4.6
+20.1
+15.3
+0.9
Buffalo
Jewelry
-4.01
+30.2
+8.5
$0.1
Rochester
+2.6
Weighted average
+16.8
+7.2
1.1
culsce
titiveraar
+11.1
0.4
• Stock at first of month; quantity, not value.
+21.3
0
Bridgeport
+20.1
+3.8
Elsewhere
+13.9
+1.0
Northern New York State
+2.0
Federal Reserve Bank of Boston Reports Business
Central New York State
111.3
Southern New York State
11.9
Activity in New England Above That of Year Ago.
Hudson River Valley District
11.5
Capital District
+27.3
According
to the Dec. 1 issue of the Monthly Review of
Westchester District
+4.3
All department stores
+15.1
+61
Industrial and Financial Conditions in the New England
Apparel stores
+19.5
-0.7
Mail order houses
+29.3
District by Frederic H. Curtiss, Chairman and Federal ReThe largest percentage increase in sales over last year was In radio sets, serve Agent, the rate of business activity now prevailing in
but a more important element In the high level of total sales was a large
New England is not only high, but it compares favorably
increase in all of the main apparel departments, following quiet business in
several of these lines in September. Substantial gains were reported in with the average reported for the entire country. The sumtoilet articles and drugs, toys and sporting goods, furniture and home mary of the business situation continues:
furnishings, luggage and other leather goods, cotton and silk goods, and
The New England Business Activity Index compiled by the Federal Rebooks and statIonerx. In consequence of large sales stocks in some of these serve
Bank of Boston was slightly lower in October than in September, but
lines were much reduced at the end of the month.
remains higher than in any month since the early part of this year. The
The average amount of the individual sales transaction in October was amount
of business transactions settled through check payments is excep$3.48 compared with $3.21 a year ago.
tionally large, which tends to confirm the rate of activity shown by the
Net Sales
Stock on Hand
index.
New
England textile Industries report a far better condition, when
Percentage Change Percentage Change
a comparison is made with activity a year ago, than do the same industries
October 1925
October 31 1925
in other sections of the country. This district consumed a considerably
from
from
October 1924.
October 31 1924.
larger volume of cotton in October than a year ago, but mills in the cottonMusical instruments and radio
+33.7
-13.8
growing
States consumed less. New England woolen mills did not use as
Men's and Boys' wear
+29.7
+3.6
much wool as in October 1924, but the loss was not as great as that sufWomen's and Misses' ready-to-wear
+24.4
-8.0
Men's furnishings
+22.7
fered by mills in the Middle Atlantic States. The New England shoe
+0.8
Hosiery
+21.4
+8.6
industry, on the other hand, did not do as well in October as in either of
Toilet articles and drugs
+20.6
+4.1
the two previous months. The metal trades are not only active, but are
Toys and sporting goods
+19.8
-5.1
Furniture
expanding their output. Contracts awarded for new building construction
+4.6
+16.4
Shoes
+3.0
+16.1
during October and November have been much in excess of those awarded
Home furnishings
+15.3
+0.7
a year ago, but they have not maintained their favorable position, as comLuggage and other leather goods
+5.6
+14.8
pared
Cotton goods
with last summer, if allowance is made for the usual changes in the
+8.4
114.6
Books
oo and stationery
volume of contracts awarded from month to month. This decline, in fact,
+1.2
13.3
Silks and velvets
-10.1
12.6
accounts in large measure for the recession in the New England Business
Women's ready-to-wear accessories+12.4
-6.5
Activity Index during October. For example, in October there is cusSilverware and Jew
-3.5
+9.7
Linens and handkerchiefs
tomarily a larger volume of contracts awarded than in September, but We
+3.4
+6.1
Woolen goods
-6.3
-10.7
year there was a decline. An identical condition was reported for the
Miscellaneous
-7.5
+8.6
building industry of the country as a whole. Retail trade of New England
department stores during October was the most favorable of any month in
Large Sales in New York Federal Reserve District by over a year and a half. The temperature was somewhat cooler than normal, which probably caused some of the usual November purchases of seaChain Stores.
sonable merchandise to be made a few weeks earlier. This seems to be
The Dec. 1 Monthly Review of Credit and Business borne out by the fact that trade during the second and third weeks in
November did not maintain the gains reported in October. The Federal
Conditions by the Federal Reserve Agent at New York will Reserve
Bank of Boston changed its rediscount rate from 3% to 4%, effeccontain the following item on chain store sales:
tive Nov. 10.
DEC.5 1925.]
THE CHRONTGLE
Real Estate Market Activity Reaches Highest October
Point in Ten Years.
National real estate market activity for October reached
the highest point made for that month during the past ten
years, according to the index of activity complied by the
National Association of Real Estate Boards. The index,
which is the only quantitative measure of real estate activity
that has been made, is based on the official figures of the
total number of transfers and conveyances in 41 typical
cities of the United States. Under date of Nov. 21 the Board
states:
The Index for October did not deviate from that for the month previous,
remaining on the same level with September's market at 167 points. This
number, based on the average real estate market activity of these 41 cities
tor the month of October. between 1916 and 1924, means that the real estate
market reached a point of activity 67% above that average during the
month of October.
The present calculations, the Association points out in making an interpretation of the index figures, are adjusted to eliminate seasonal fluctuations,
but are not adjusted to eliminate the influence of the longtime trend.
Since the normal Increase in population should bring a measureable,constant,
month by month increase in the volume of real estate transfers, the fact
that the index number for October is identical with that for September
Indicates a slight decrease from the normal upward trend of activity.
Building construction during the month underwent a reaction, according
to an index compiled by the F. W. Dodge Corporation from building statistics. The index indicates approximately the same decrease in construction
of Industrial buildings as in other non-residential types with a smaller drop
in residential construction.
A record volume of contemplated work was reported in October,according
to the report of the corporation, influenced probably by the speculative
tendencies in evidence during the past few months.
Actual building activity is not expected to fall off to any serious extent
while general business continues its upward trend or remains at about Its
present level of prosperity.
Increase in October of Earnings of Factory Workers in
New York State, as Well as Employment.
In his review covering factory employment, made public
Nov. 30, James A. Hamilton, Industrial Commissioner of the
New York State Department of Labor, reports that factory
workers in New York State averaged $28 57 in October;
slightly more than in September, when Labor Day was included in some of the reports. Metals and apparel industries led in the increase, says Commissioner Hamilton, who
goes on to say:
The marked improvement in the metals, which was evident in larger
forces employed this month, also meant longer working time in many of
the factories, particularly those making steel and heating apparatus and
In the shops engaged in railroad repair work. Increased hours were reported by modistes and furriers and holiday business caused manufacturers
of men's furnishings, leather goods, jewelry and novelties to institute overtime. Earnings are a dollar higher than they were at this time in 1924.
Workers in practically all the industries of the State are receiving more
than a year ago. The exceptions are operatives in, the cotton mills,
shoe
factories and heating apparatus shops. In shoes this was the result of a
reduction of $1 35 in October, as both up-State and New York City plants
were less active. The difference of one dollar in the earnings of the cotton
operatives was partly explained by the high earnings last year, when production shot upward for a brief period in the winter. This statement was
issued to-day by Industrial Commissioner James A. Hamilton.
Metal workers, taken together, averaged about $31, 55 cents more than
in September. Automobile factories and structural iron workers
showed
higher earnings as well as the metal industries previously mentioned.
In the textiles the only workers who received more in October
were in
the cotton and knitting mills. Silk goods workers felt a small
reduction,
partly because Columbus Day was observed in some of the
plants, but
operatives in the woolen and worsted mills averaged about the same as
in
the preceding month, although many more employees were taken on.
Seasonal activity was responsible for the gain of almost three dollars
in
the weekly pay of those engaged in the manufacture of women's
clothing.
This was the largest advance for the sewing trades, but in the
men's furnishing shops the increase reached $1 70. This was shared by
the up-State
shirt factories as well as by the neckwear and hat factories in
New York
City. In the food industries the seasonal element tended to
send earnings
downward, particularly in the sugar refineries, canneries and
beverage
plants, but in all of these the average
is above last year. The observance
of Columbus Day in New York City caused the pay of
workers making
paints and varnishes to drop, but in
the up-State industrial chemical plants
average earnings went up after the holiday in September.
There was a seasonal loss of over a dollar in the petroleum refineries.
Earnings of Both Men and Women Show Slight Increase.
The weekly pay of the men engaged
in factory work averaged $32 50 in
October, 40 cents more than in
the preceding month. Women's earnings
of $18 made an equal gain over September.
The large number of men who
benefited by increased working
time in the metal industries, as well as a
smaller group who shared in the activity
in women's clothing shops and
other sewing trades affected by Christmas demands
were responsible for
sending the average up. Metal
workers in all but hardware and stamped
• ware factories and instrument and appliance
plants were able to' earn
more than in September.
In the women's clothing shops men averaged about
$53, as the modiste
shops continued to be busier and cloak and dress factories
increased operations. There was a loss of $1 30 for
the men employed in the shoe factories due to seasonal reductions.
The most important gains for the women were in
the sewing trades. The
seasonal reduction in men's clothing meant lower
earnings, but this' was
the only division in which the women failed to average
more than in September.
Columbus Day caused earnings of the women
employed in the manufacture of brass and copper goods to drop to $15 35,
almost two dollars
less than is the preceding month, but the larger group of
women in the
electrical equipment and apparatus plants earned
slightly more in October.
Earnings rose in four of the six up-State cities. Only
in Binghamton and
Rochester did seasonal reductions serve to pull down
the average below
2689
September. There was a slight gain in New York City, where holiday
trade is so important.
Dun's Report of Mercantile Failures for November.
Insolvencies in the United States for the month just closed,
as compiled from the records of R. G. Dun & Co., numbered
1,672 with liabilities of $35,922,421, these figures contrasting
with 1,581 similar defaults in Oct., with an indebtedness of
$29,543,870 and 1,653 for Nov. 1924, owing $31,123,910.
With the exception of Nov. 1924 insolvencies last month
were fewer in number than for any corresponding month
since Nov. 1920 and the increase this year over Nov. 1924 is
trifling-only about 1%. The increase last month over the
preceding month was 5.8% but such increase in Nov. is
usual as the end of the year approaches. The indebtedness
involved continues heavy, due mainly to some large defaults.
The liabilities for Nov. this year are larger than they were a
year ago, but with that exception are less than for Nov. in
any preceding year back to 1920.
For the eleven months of this year there have been 19,436
commercial failures with liabilities of $407,216,112, against
18,575 for eleven months of 1924 owing $497,946,168. An
increase this year over last year appears in each month
excepting May, August and October, while the increase for
November as noted above was very small. For the year
1925, however, the indications point to the largest number
of commercial failures for any year excepting only 1922 and
1915.
Monthly and quarterly reports of business failures,showing
number and liabilities, are contrasted below for the periods
mentioned:
Number
1924.
1923.
1,653
1,704
1,696
1,673
LlsMUfles
1925.
1924.
$35,922,421
$31,123,910
29,543,870
36,098,804
November
October
1925
1 672
1 581
September
August
July
1,465
1,513
1 685
1,306
1.520
1,615
1,226
1,319
1,231
430.687.319
37,158.861
34,506,191
$34.296,276
55,153.981
36,813,238
Third quarter
June
4,663
1.745
1.767
1.939
4,441
1,607
1,816
1,707
3,776
1,358
1,350
1,520
$102,351,371
$36,701,496
37.026,552
37,188.622
4126,263,495
434.099.031
36.590.905
48,904,452
May
April
5,130
4,408 4110,916,670 4119,594,388
5 451
$34.004.731
1,859
1,817
1,682
497,651,026
40,123,017_ 35,942.037
1,508
1,793
1,730
54,354,032
2,317 -2,108- 2,126
51,272,508
- 5,655
5,316 4128.481.780 $184,865,571
5,969
First quarter
FAILURES-BY-BRANCTIES-OF BUSINESS-NOVEMBER 1925"'
NumberLiabilities
-Manufacturers1923.
1925.
1924.
1925.
1924.
Iron foundries and nails__
11
5
452.258
4
$1,120,608
Machinery and tools
55
2,891.933
28
26
1.162.762
Woolens, carpets and knit
4
oods
Cottons.l ace & hosiery...1
1
8
24,000
650,000
Lumber, carpenters and
3,070.170
coopers
41
56
438.296
27
1,244,072
Clothing and millinery
45
56
65
911.521
115,700
Hats, gloves and furs_ _
28
7
12
165,000
148,424
Chemicals and drugs
9
6
2
27,800
1
Paints and oils
3,000
1
2
51,300
316,999
Printing and engraving_ _ 16
12
17
130,389
247,628
Milling and bakers
41
51
48
271,448
518.077
'Leather, shoes & harness_ 14
14
19
156,698
Liquors and tobacco
196,858
11
11
6
68,300
Glass,earthenware & brick
12,000
5
648,588
2
All other
5.152,582
154
180
188
4,449.423
Second quarter
March
February
January
442
361
495
$13,993,701
$10,252,127
97
297
104
20
137
62
41
41
26
42
6
28
9
9
230
120
259
67
36
164
95
56
48
30
48
7
26
8
8
221
140
248
89
38
123
72
66
35
32
43
7
16
9
10
203
$1,515,300
2.035.632
1,127,904
123,386
1,926.569
4,397.794
428,870
548,826
476,177
490,263
55.111
2,275.002
65,700
177,100
3,263,457
$1,370,005
2.353.287
1,671,873
144,445
2,024.656
1.072.949
839,952
699,380
394,026
485,577
73,438
684.651
55,373
161,504
3,750,505
1,193
1,131
1,146
84
99
78
1,653
1,704
1,672
$18,907,091
3,021,629
$15,781,521
5,090,262
435,922,421
431,123,910
Total manufacturing_ _ _
TradersGeneral stores
Groceries, meat and fish
Hotets and restaurants.Liquors and tobacco
Clothing and furnishings_
Dry goods and carpets....
Shoes, rubbers at trunks
Furniture and crockery_
Hardware,stove,& tools_
Cheinicals and drugs
Paints and olis
Jewelry and clocks
Books and papers
Hats. furs and gloves
All other
Trading
Other commercial
Total
Advance Report for October on Electric Power in
Philadelphia Federal Reserve District.
In its advices on electric power, the Department of Statistics and Research of the Federal Reserve Bank of Philadelphia says:
Output of electric power by central stations in the
Philadelphia district
and sales to all classes of consumers were seasonally larger
in October and
also showed substantial advances over the totals for the
same month of
1924. Total sales were nearly 21% ahead of last year,
while sales to industries increased 15%. Nearly all sections reported
advances except the
anthracite, where there has been some slackening.
[voL. 11.
THE CHRONICLE
2690
ELECTRIC POWER.
Change from Change from
Oct.'251'
Sept. '25.a
Oaober.
're.oYo
Rated generator capacity
0.0%
886,600 k. w.
+18.3%
+9.4%
Generated output
301,752,000k. w. h.
-25.9%
Hydro-electric
956,000 k. w. h.
+77.7%
Steam
+15.9%
258,411,000k. w. h.
+7.2%
Purchased
+37.8%
42,385,000k. w. h.
+23.2%
+20.7%
Sales of electricity
251,854,000k. w. h.
+6.6%
+16.2%
Lighting
+20.3%
49,037,000k. w. h.
+12.2%
Municipal
7,686,000 k. w. h.
+15.5%
Residential and commercial____ 41.351,000k. w. h.
+17.0%
+21.2%
Power
+15.1%
172,916,000 k. w. h.
+2.6%
+37.6%
Municipal
+12.0%
1,718,000k. w. h.
+13.6%
Street cars and railroads
41,669,000 k. w. h.
+6.8%
+15.4%
Industries
+1.2%
129,529,000k. w. h.
All other sales
+93.6%
29,900,000 k. w. h. ' +11.2%
a Eleven systems. b Ten systems.
Preliminary Report on the Hosiery Industry in Federal
Reserve District of Philadelphia.
The following table, compiled by the Bureau of the Census, showing the activities of the hosiery mills in the Third
Federal Reserve District in October and presenting a comparison with those of September, is made public by the
Department of Statistics and Research of the Federal Reserve Bank of Philadelphia:
Women's.
Men's.
Full-fashioned
Seamless.
Full-fashioned.
Seamless.
(In Dozen Pairs.)
P. C.
Ch'nge
Oct. from
Sept.
Oct.
Production
30,422 -5.2 308,817
Shipments
32,325 -8.2 279,802
Finished stock end
of month
28,229 +0.2 309,690
Orders booked_
28,903 -47.2 309.391
Cancellations rec_ 1,079 -78.8 13,105
Unfilled orders end
83180 -16.6 085 504
of month
Pops' and
Misses'.
(In Dozen Pairs.)
Oct.
P. C.
Change
from
Sept.
P. C.
Ch'nge
from
Sept.
+12.4
-0.3
Oct.
P. C.
Change
from
Sept.
Oct.
466,150 +15.1 226,617
472,296 +13.9 230,358
P. C.
Change
from
Sept.
+1.2
+7.8
in morocco leather throughout, has one-piece windshield,
new visor, cowl ventilator, disc wheels, bumpers and balloon
tires.
Weekly Lumber Movement Indicates Increase in
Production
For the week ended Nov.28, the National Lumber Manufacturers Association received telegraphic reports of the
status of the lumber industry from 379 of the larger softwood
mills of the country. The 347 comparably reporting mills
indicated considerable decreases in production and shipments,and a slight increase in new business,as compared with
reports from 351 mills the week earlier. Increase in production and decreases in shipments and new business were noted
in comparison with the same period of last year. The
hardwood operations reports were not received in time for
compilation in this summary.
The unfilled orders of 231 Southern Pine and West Coast
mills at the end of last week amounted to 631,479,022 feet,
as against 616,598,456 feet for 231 mills the previous week.
The 127 identical Southern Pine mills in the group showed
unfilled orders of 281,344,896 feet last week, as against
286,573,728 feet for the week before. For the 104 West
Coast mills the unfilled orders were 350,134,126 feet, as
against 330,024,728 feet for 104 mills a week earlier.
Altogether the 347 comparably reporting mills had shipments 99%, and
orders 114%, of actual production. For the Southern Pine mills these
percentages were respectively 120 and 112; and for the West Coast mills
94 and 123.
Of the reporting mills, the 339 with an established normal production for
the week of 212,919,372 feet, gave actual production 99%, shipments 96%
9-5.0 1 004 686 +36.1 167.653 -18., and orders 113% thereof.
The following table compares the national lumber movement as reflected
Child en's and
Athlet c and
by the reporting mills of seven regional associations for the three weeks
Total.
Infante.
Sport.
indicated:
Oct.
+2.4 344,147 -3.5 235,747 -0.7
+5.9 ,977,923 +298.6 199,473 -12.0
+26.1
16,092 +212.9 3,543 -28.3
P. C.
Change
from
Sept.
Oct.
P. C.
Ch'nge
from
Sept.
Oct.
P. C.
Ch'nge
from
Sept.
Week Ended
Nov. 28
Corresponding
Week 1924
Preceding
Week 1925
(Revised)
+15.7
351
Mills
347
358
222,551,846
Production
210,264,968
196,757,916
231,291,483
Shipments
209,030,282
215,342,051
237,833,954
Orders (new business) 239,010,839
264,829,994
The following revised figures compare the lumber movement of the seven
associations for the first forty-eight weeks of 1925 with the same period of
1924:
Advance Report for October on Automobile Trade fn
Philadelphia Federal Reserve District.
Sales of new cars by 17 reporting distributers in the Philadelphia Federal Reserve District were smaller in October
than in the preceding month, according to the Department
of Statistics and Research of the Federal Reserve Bank of
Philadelphia. This decline is of a seasonal nature and was
not surprising in view of the heavy sales in September, following announcements of new models and price reductions,
says the Bank, which also states:
11,266,973,947
11,413,572,756
1925
11,573.906,233
10,827,927,585
1924
10.992,030,292
11,052,663,187
The mills of the California White and Sugar Pine Manufacturers Associathey
period
were not
tion make weekly reports, but for a considerable
comparable to orders with those of other mills. Consequently, the former
are not represented in the foregoing tables. Eighteen of these mills reported
a cut of 12,473,000 feet, shipments 15,810,000 and orders 11,317.000. The
reported cut represents 46% of the total of the California Pine region.
The Southern Cypress Manufacturers Association of New Orleans, (also
omitted from above tables because only recently reporting) for the week
ended Nov .25, reported from 14 mills a production of 5,087,825 feet, shipments 5,040,000 and orders 9,300,000. In comparison with reports for the
Previous week when two more mills reported, this Association showed some
decreases in production and shipment, and a marked increase in new
business.
Production
32,330 +2.0 142,669 +9.2 53,149 +34.2 1,260,159
Shipments
26,046 -2.2 111,845 +86.6 90,799 -5.8 1,193,466
Finished stock end
of month
61,091
+1.1 389,231
+4.0 82,584 +19.6 1.450,719
Orders booked_ _ _ 30,839 -05 121,683 -29.4 48,038 -36.0 1,716,250
41,175
Cancellations rec.
120 +100.6 4,656 +1421 2,580 +72.6
Unfilled orders end
4.0 A 170 108 4.5.1 3.618.429
of month _ _
49.0104-6.5 949 07p
+10.8
+11.1
+1.8
+56.4
+41.6
Production
The decline in both wholesale and retail business in October was accompanied by an accumulation of stocks of new cars in the hands of local distributers. Business in used cars was better in October than in September,
although stocks of these cars were also larger.
AUTOMOBILE TRADE-PHILADELPHIA FEDERAL RESERVE DISTRICT
October 1925.
Change from Sept '25.
Number.
Value.
17 Distributors-11.7%
-8.2%
Sales of new cars at wholesale
-8.9%
+0.2%
Cars selling under $1,000
-18.6%
-19.7%
Cars selling from $1,000 to $2.000
-20.2%
-14.2%
Cars selling over $2,000
-7.3%
-61%
Sales of new cars at retail
-8.0%
-8.7%
Cars selling under $1,000
-8.4%
-7.7%
Cars selling from $1,000 to $2.000
0.0%
-1.3%
Cars selling over $2,000
+10.8%
Stocks of new cars
+7.4%
Cars selling under 51.000
+3.7%
+ 5.0%
Cars selling from $1,000 to $2,000
+22.8%
+16.5%
+15.3%
Cars selling over 82,000
+13.0%
Sales of used cars
+2.8%
+2.6%
+10.8%
Stocks of used cars
+4.7%
-8.7%
Retail sales on deferred payment
-10.3%
Automobile Models and Price Changes.
An outstanding feature of the motor industry during the
past week was the reduction announced by the Reo Motor
Car Co. which on Nov. 27 cut the price of its sport touring
model $200 to $1,395. It was reported from Detroit on
Dec. 3 that the Chrysler Corp. intends starting production
on a new four-cylinder roadster, built along the lines of their
six-cylinder model. Another new model just announced is
the new 2-passenger coupe which the Olds Motor Works is
adding to its line. The production of the new model will
start about Dec. 15, and it is expected that 1,000 or more
cars of the new type will be run off the assembly line by the
end of the month. Previously only the coach, sedan and
touring car in the present line have been produced. Dodge
Bros., Inc., are also offering a new model-a sedan in their
B line listing at $1,200. The car is blue gray, is upholstered
Shipments
Orders
Weekly Lumber Review of West Coast Lumbermen's
Association.
One hundred and four mills reporting to West Coast
Lumbermen's Association for the week ending November
21, manufactured 104,847,909 feet of lumber; sold 108,594,417 feet; and shipped 98,248,042 feet. New business was
4% above production. Shipments were 10% below new
business.
Forty-seven per cent of all new business taken during the week was for
future water delivery. This amounted to 50,991.411 feet, of which 36,537,182 feet was for domestic cargo delivery; and 14,454,229 feet export. New
business by rail amounted to 1,769 cars.
Forty-seven per cent of the lumber shipments moved by water. This
amounted to 46,015,036 feet, of which 33,824,231 feet moved coastwise
and intercoastal; and 12,190.805 feet export. Rail shipments totaled
1,590 cars.
Local auto and team deliveries totaled 4,533.006 feet,
Unfilled domestic cargo orders totaled 110.671,535 feet. Unfilled export
orders 120,713,193 feet. Unfilled rail trade orders, 3,288 cars.
In the first forty-seven weeks of the year, production reported to West
Coast Lumbermen's Association has been 4,709,275,122 feet, new business
4,807,488,579 feet; and shipments 4,852,657.718 feet.
Crude Oil and Gasoline Prices Continue to Rise in
Certain Sections.
Changes in price continued during the week in the crude
oil and gasoline markets, although the changes were not so
widespread as those of the preceding week. On Nov. 30 it
was announced at Pittsburgh that the price of Ragland crude
oil had been advanced 5 cents a barrel to $1.15. Effective
Dec. 1 the Simms Petroleum Co. is paying a premium of
10c. a barrel for North Texas crude oil of 40 gravity and
below and a premium of Sc. a barrel for crude of more than
40 gravity.
DEC.5 1925.]
THE CHRONICLE
2691
The price of fuel oil has also been rising during the week, against 12,800 barrels; Reagan County, west central Texas,
according to reports from Pittsburgh and Chicago. Fuel oil 31,200 barrels, against 30,800 barrels; Haynesville, north
dealers in the former city have marked prices up to 7.28c. Louisiana, 11,900 barrels, against 12,000 barrels; Cotton
per gallon, which compares with 6.75c. per gallon a few Valley, 9,050 barrels, against 8,450 barrels; and Smackover,
weeks ago. In Chicago fuel oil prices were advancing Ark., light, 21,600 barrels, against 21,450 barrels; heavy,
steadily, with 24-26 gravity quoted around $1.30 a barrel 172,650 barrels, against 165,750 barrels. In the Gulf Coast
on Dec. 2. Some dealers asked higher prices for delivery field Hull is reported at 14,300 barrels, against 13,950 barover December. Figure of $1.25 is considered bottom price rels; West Columbia, 9,600 barrels, against 9,650 barrels;
for 18-22 gravity. The tank wagon price of fuel oil was Orange County, 15,650 barrels, against 13,050 barrels; South
increased Mc. to 7c. for 24-26 in lots of 400 gals. or more in Liberty, 10,200 barrels, against 9,950 barrels, and in the
the market.
southwest Texas field, Luling is reported at 21,900 barrels,
The price of gasoline also rose in certain sections of the against 22,100 barrels; Lytton Springs, 8,200 barrels, against
country, the chief advance being announced Nov. 30 by the 8,600 barrels.
Standard Oil Co. of New York to take effect Dec. 1. The
In Wyoming, Salt Creek is reported at 58,900 barrels,
company advanced the wholesale and retail price of gasoline against 64,250 barrels.
le. a gallon throughout New England and New York State,
In California, Santa Fe Springs is reported at 53,000 barexcepting Greater New York, Long Island and Westchester. rels, no change; Long Beach, 108,000 barrels, against 106,This advance made the wholesale .price 17c. and the retail 000 barrels; Huntington Beach, 45,500 barrels,
against
price 20c., prices which have prevailed in the metropolitan 47,000 barrels; Torrance, 32,000 barrels, no change; Domindistrict for some time. The advance was the first general guez, 26,000 barrels, against 26,500 barrels; Rosecrans,
rise in gasoline in the East since June, and the first change 25,000 barrels, against 25,500 barrels; Inglewood,
69,000
Aug. 27, when there was a reduction of lc. a gallon. The barrels, against 69,500 barrels, and Midway-Sunset,
99,500
Gulf Refining Co. on Dec. 1 advanced the price of gasoline barrels, no change.
lc. a gallon to 17c., meeting the increase in prices announced
by the Standard Oil Co. of New York in New England and
Petroleum Exports in October-Exports of Coal.
New York State. Among other companies which met the
advance were the Jenney Mfg. Co., Atlantic Refining and
The Department of Commerce at Washington on Nov. 24
Texaco.
issued its monthly report showing the exports of petroleum
The Standard Oil Co. of Louisiana on Dec. 4 advanced its for October and the ten months ended with October for the
quotation of gasoline Mc. a gallon in its entire territory with years 1925 and 1924. The exports of crude petroleum are
the exception of Memphis, Tenn., where the price was behind those of last year for both the month of October and
raised 13c. The new price is 183.4c. a gallon retail and the ten months' period ended with October, 53,672,732
153'c. tank wagon. The Gulf Refining Co. followed the gallons having been exported in October 1925, as compared
advance in gasoline announced by the Standard Oil Co. of with 57,787,463 gallons in October 1924, and for the ten
Louisiana.
months ended with October this year only 483,449,706
The Standard Oil Co. of N. J. on Dec. 4 advanced export gallons were exported, as against 638,652,228 gallons in the
kerosene in cases Ytc. Standard white is now 17.90 c. and corresponding period last year. The exports of refined
water white 18.90c. a gallon.
petroleum also show a decrease from last year both for the
month of October and for the ten months ending with
October, 332,508,376 gallons having been shipped in October
Decline Reported in Crude Oil Production.
this year, against 342,084,764 gallons in October last year,
A decrease of 6,600 barrels per day was reported this week while for the ten months ending with October 3,203,534,729
in the output of crude oil. According to the American Petro- gallons were sent out in 1925, as against 3,286,739,226 gallons
leum Institute, the estimated daily average gross crude oil the preceding year. The detailed report as furnished by the
production in the United States for the week ended Nov. 28 Department is as follows:
was 2,045,250 barrels, as compared with 2,051,850 barrels
DOMESTIC EXPORTS OF COAL AND PETROLEUM.
for the preceding week. The daily average production east
Month of October.
Ten Months Ended October.
of California was 1,408,250 barrels, as compared with 1,412,1924.
1925.
850 barrels, a decrease of 4,600 barrels. The following are
1924.
1925.
estimates of daily average gross production by districts for CoalAnthracite, tons
362,118
45,911
2,984,246
2,802,110
the weeks Indicated:
Value
$4,109.348
$397,334 $33.217,170 831,414,823
Bituminous, tons '
1,534,459
1,243,460
13,197,853
12,716,831
DAILY AVERAGE PRODUCTION.
Value
$6,801,630 $5,281,244 $61,233,990 855,919.027
tons
55,759
70,603
475,171
633,716
(In Barrels.)
Nov. 28'25. Nov. 21 '25. Nov. 14 '25. Nov. 29'24. Coke,
Value
$420.927
8550.223
$4.009.974
$4.884.691
Oklahoma
499,350
489.650
486.200
531.950
Kansas
105,650
106,050
107,250
87,250
DOMESTIC EXPORTS OF PETROLEUM AND REFINED PRODUCTS.
North Texas
81,450
83,300
89,150
East Central Texas
68,350
67.650
124,300 PetroleumWest Central Toxa.s
73,550
73,850
72,700
51,150
57,787,463 53.672,732 638.652.228 483,449,706
Crude. gals '
Southwest Texas
40,250
39,500
40,900
48,700
Vaiue
$1,831,444 $2,241,880 $22,882,521 $21,218,381
North Louisiana
45,200
44,850
46,300
55.600 Tots,refined petroleum, gals_ 342,084,764 332,508,376 3.286,739,226 3,203.534,726
Arkansas
198,350
192,450
205,400
114,450
Value
$32,623,433 $33,874,441 $331,645,866 $347,590,956
Gulf Coast
84,650
85.750
85,550
82,400 Gasoline, naphtha k other
Eastern
106,000
105.000
105,000
108,000
light products, gals
91,153,320 102,465,644 989,219.576 1,039,399,555
Wyoming
82,900
82,000
78.850
78,800
Value
$11.752,949 514,690,837 $142,110,476 $161.941,603
Montana
15.950
15,650
18,750
6,600 OilsColorado
5,200
5,850
4,850
1,350
Illuminating,gals
89,676,041 87,373,006 763,154,301 722,598,212
New Mexico
5,600
6,050
5,200
600
Value
$8,779,031 $48,202,531 $74,348,760 $69,275,474
California
639,000
637.000
644,500
595.500 Gas and fuel, gals
130,225,111 111,026,860 1,213,669,322 1,106,625,076
Value
$3.768,455 $41,237,334 841 077,632
$4,569,575
Total
2,045.250 2,051,850 2,039,100
1,975,800 Lubricating, gals
31.030,292 31.642,866 320,696,026 334,511,883
,1820)
Value
$7,521,971 $7,212,614 873,949.29( 175,296.247
The estimated daily average gross production of the Mid. Paraffine
wilt, be
30 814,322 32,960,946 322,562.612 270,628,660
Value
81.621.185 31.869.437 $15.270.977 8150.53379
Continent field including Oklahoma, Itansas, north, east con
tral, west central and southwest Texas, north Louisiana
and Arkansas,for the week ended Nov. 28 was 1,109,850 barProposed International Fur Conference.
rels, as compared with 1,112,550 barrels for the preceding
week, a decrease of 2,700 barrels. The Mid-Continent proPlans are being made for an International Fur Conferduction, excluding Smackover, Arkansas, heavy oil, was ence, in which the leading fur men of twenty-three nations
937,200 barrels, as compared with 946,800 barrels, a decrease will participate, according to an announcement by David C.
of 9,600 barrels.
Mills, Director of the National Association of the Fur InIn Oklahoma production of South Braman Is reported
at dustry. The idea for the conference is the outgrowth of a
5,750 barrels, against 6,200 barrels; Thomas, 16,700 barrels, number of discussions between the leading fur men of
against 16,600 barrels; Tonkawa, 39,300 barrels, against America, England, France, Germany and other countries.
44,900 barrels; Garber, 60,050 barrels, against 72,150 bar- In explaining the purpose of the conference, Mr. Mills said:
rels; Burbank,48,300 barrels, against 48,400 barrels; DavenSo great and widespread has the fur industry become that it is
essential
port, 20,550 barrels, against 19,050 barrels; Bristow-Slick, that there be a common understanding among the many nations which
are
concerned
in it, and I believe the conference will produce this result.
31,000 barrels, against 31,100 barrels; Cromwell,
22,250
Outstanding among the matters to be discussed will be that of
conservabarrels, against 23,100 barrels, and Papoose, 14,000 barrels, tion. Wild life is so abundant now that the end of the
supply seems nowhere in sigh, but the fur business is taking a lesson from other
against 13,450 barrels.
industries
had confidence in everlasting supply and were disappointed.
The Mexia pool, east central Texas, is reported at 15,300 which
For the present, and a good many years to come, the supply is
abundant,
barrels, against 15,150 barrels; Corsicana-Powell, 36,600 for the trappers touch all corners of the earth, but it is the purpose
of this
barrels, against 36,800 barrels; Wortham, 12,300 barrels, conference to assure that the supply for the future generations will also be
ample.
THE CHRONICLE
2692
Weavers' Strike at Royal Mill (R. I.) Ends—Permitted
to Operate 16 Looms at Reduction of 10%
in Pay-32-Loom System Optional.
According to the "Providence Journal" an agreement,
under which operation of the weaving department of the
B. B. St R. Knight, Inc., Royal Mill, West Warwick, would
be resumed Nov. 24, was ratified on Nov. 23 by a vote of
30 to 18 at a mass meeting of weavers who went out on strike
Nov. 12 in protest against the inauguration of the 32-loom
system.
The "Journal" said:
The agreement was formulated yesterday afternoon by a committee
representing the strikers and representatives of the mill management at an
adjourned session of the conference called by Miss Anna Weinstock, Commissioner of Conciliation of the Department of Labor.
Under the agreement weavers are permitted to operate 16 looms at a
reduction of 10% in pay: the company agrees not to force any weaver to
Operate more than 16 looms: the workers agree not to molest, interfere with
or intimidate anyone desiring to operate 32 looms, and the management
agrees to give preference, when additional workers are needed, to those
who are employed at the plant on Aug. 15, the date preceding the curtailanent in production which necessitated a reduction in the operating force.
Text of Agreement
The text of the agreement follows:
"It is mutually agreed to by the undersigned representatives of the striking weavers employed by the Royal Mill, and by the undersigned representatives of the mill management that all of the 90 weavers who left their
employment on Nov.12 may return to work on the basis of a 10 % reduction,
operating 16 looms. It Is understood that this reduction, offered by the
weavers, does not apply to any other group of operatives in the mill.
"The company management agrees that no weaver shall be forced to
operate more than 16 looms.
0 "The workers' committee agrees that, if any weaver desires to operate
more than 16 looms. he or she shall not be molested, intimidated or interfered with by the other workers.
1, "The company management further agrees that any additional weavers
to be employed shall be given their choice of 16 or 32 looms.
"It is understood that, as additional weavers are needed, preference will
be given to weavers who were regularly employed in Royal Mills on Aug.
15. 1925."
[VOL 121.
shipments. Producers initherhicageNistrictifoundiit the
most active week of the year with the exception,of early
January, according to the "Iron Age's" weekly summary of
market conditions. December opened with daily pig iron
production 6% greater than on Nov. 1, though the daily
average for November was but 3% more than that of October. The steel companies started up a good many blast
furnaces in the past week as they became more convinced
of the substantial character of the recent demand and of the
good prospect for steel consumption in the early weeks of
1916, continues the "Age," adding:
December is not expected to equal November in amount-of business
booked, seeing that many manufacturing consumers are covered well into
the first quarter, but the indications are that most of the metal-working
industries will operate through the winter on substantially their present
scale.
While but 53,000 freight cars were ordered in the first 11 months of the
year, against 133.000 in all of 1926, a fair amount of winter buying is looked
for. The Santo Fe has ordered 2850 freight cars and other roads are inquiring for a total of 2340. including 1.000 gondolas for the Pittsburgh & West
Virginia. The Pacific Fruit Express has authorized the purchase of 3,000
refrigerator cars.
Railroad buying in other directions is still considerable, including scattered
rail orders and a good volume of track supplles. The International-Great
Northern has placed 17.000 tons of rails at Sparrow's Point for water shipment to Galveston and 7.000 tons with the Colorado mill.
The wire trade has shown some improvement in the buying of both
manufacturers and jobbers, but there is little prospect of such a January
advance in prices as was attempted this year.
Sheet and tin plate mills are running at a high rate. The leading interest
has 95% of its sheet mills going this week, with the Gary plant at 100%•
The curtailment thu.s far made in automobile production has caused no
suspension of steel shipments and there are some plans at Detroit for an
increased output in January.
Three of the five Eastern makers of plates have advanced prices $4 a
ton, from 1.60c. to 1.80c.. Pittsburgh, for prompt delivery or first quarter
contracts. The other two makers have made no definite decision. At
1.80c. plates in the East are still $1 to $2 a ton below prices quoted by
Pittsburgh mills.
The pig iron market has grown quieter, but consumption and prices are
well maintained. Two sales of basic iron in the East totaling close to
10.000 tons have established a slightly higher price. Foundry iron from
eastern Pennsylvania furnaces is strong at $23 base. Sales of about 15,000
tons of pipe iron have been made to two companies.
The anthracite operators' rejection of the Pinchot proposal is not taken
as necessarily pointing to a long extension of the deadlock. The coke
market does not point that way. Blast furnace operators now expect to
get first quarter coke at $4.25 to $4.50 and spot business has been done at
$3.85. as against $8.50 a month ago.
Lake Superior ore shipments this year by water amounted to 54,074,079
tons. or 27% more than in 1924 and about 1,000,000 tons more than predicted.
Newfoundland and North Africa will supply iron ore for the new blast
furnace in Massachusetts. A total of 200.000 tons, including 50,000 tons
on option, has been divided equally between the two sellers.
German pig iron producers have adopted the German steel makers'
system of granting rebates on iron to be converted Into products for expert.
Large Exports of Cotton, Cotton Cloths, Yarns,
Thread and Hosiery.
The Department of Commerce at Washington on Nov. 24
Issued its monthly report on the domestic exports of cotton,
cotton cloths, yarns, thread and hosiery for the month of
October and the ten months ending with October 1925,
with comparisons for the corresponding periods in 1924.
• The exports of raw cotton were larger this year in quantity
and value, both for the month and the ten months period
than last year, 1,421,482 bales having been shipped out in
October 1925, as compared with 946,506 bales in October
1924, and 6,341,396 bales in the ten months of 1925, against
The price of steel remained unchanged but that of pig iron
4,412,448 bales in the ten months of 1924. In value, the showed an advance as the following tables indicate:
Finished Steel Dec. 1 1925-2.439c. Per Lb.
exports of raw cotton for the month of October this year were
2.4390.
on prices of steel bars, beams, tank One week ago
also larger, being $176,184,602, as compared with $123,303,- Based
2.424c.
plates, plain wire, open-hearth rails. One month ago
2.531c.
black pipe and black sheets. constitut- One year ago
475 in October last year. For the ten months ending with
10-year pre-war average-1.689c.
Mg 88% of the U.S. output
October this year the value was $808,958,014, as against
Pig Iron Dec. 1 1925—$21.54 Per Gross Ton.
$21.29
$649,874,892 last year. Cotton cloths and manufactures Based on average of basic and foundry One week ago
20.79
irons, the basic being Valley quotation, One month ago
have increased both in quantity and value in the ten months
20.71
the foundry an average of Chicago, One year ago
pre-war
-year
average__
10
15.72
Birmingham
and
Philadelphia
year.
of this year as compared with the ten months of last
—1923— —1924— —1923
Below is the report in detail:
15
Jan.
2.824c. Apr. 24
Finished steel___High 2.560c. Jan. 6 2.789c.
DOMESTIC EXPORTS OF COTTON, COTTON CLOTHS, YARN, THREAD
HOSIERY.
Month of October.
1924.
1925.
10 Months ended October.
1924.
1925.
6.341,396
4,412.448
1,421.482
946,506
Raw cotton,thc1.11nters,bales
$123,303.475 8176,184,602 $649,874.892 $808,958,014
Value
Cotton manufactures, total_. 513.532,046 511,776.824 5109,735.452 8124,884,348
Cotton cloths, total sq. yds..
Value
Cotton duck, sq. yds
Value
Other cotton cloths—
Unbleached, sq. yds
Value
Bleached, sq. yds
Value
Printed,sq. yds
Value
Piece dyed, sq. yds
Value
Yarn dyes, sq. yds
Value
Cotton yarn, thread, dec.:
Carded yarn, lbs
Value
Combed yarn, lbs
Value
Sewing thread, crochet,
darning & embey, ms_.
Value
Cotton hosiery, doz. prs_ _ _ _
Value
53.113.451
88.429,410
44.886.557 387.941.060 453,359.205
87.013.048 864,543.627 $71.551,119
899.723
$455.197
1,016,311
$453,003
7,667.907
53.508,388
9,627.421
$4,211,826
12,564.657
$1,553,741
8.277,558
$1,216,567
10,706.138
$1.430,898
10.322.360
81.872,619
10.343,014
111,900.394
13,639,931
$1,648.278
6,867.173
$1,012,074
7,478.723
$994,602
8,392.217
$1,573,564
7,492.202
51,331,527
85.383.177
811,012.078
66,777.270
$9,895,928
81.864.914
$11.884,170
78.778.22/'
815.265.830
67.469,572
312,977.233
104.186,095
$12.426,424
77,558,998
$11,176,939
95,142.601
$12.801,279
90,750.882
817,152.927
76.093.208
313,781,724
1,010,268
3424.769
733.145
8456.960
738,659
8322,329
560,619
8454,308
5,630.281
82,564,517
4.547.707
$3,092,553
11,032.813
84.697.246
7.020,842
$5,176.394
138.40c
$173,840
80.941
$96.902
1.296.591
$1.507,441
885.100
5988.277
457,852
8887 294
430.070
$832.114
4,034,378
$7.586.244
4,582.634
$8,657,826
Steel Companies Report Favorable Business Conditions—Pig Iron Market Slackens Somewhat.
From steel company sales departments reports are favorable, new orders ancLspecificationsibeingistillAin excess of
Pig iron
Low 2.396c. Aug. 18 2.460e. Oct. 14 2.446c. Jan. 2
High $22.50 Jan. 13 $22.88 Feb. 26 $30.86 Mar.20
Low $18.96 July 7 $19.21 Nov. 8 $20.77 Nov.20
November proved to be another month of heavy bookings
in steel and has added both in tonnage and strength to the
position. of the mills, observes the "Iron Trade Review"
this week. In some finished lines the incoming tonnage
totaled the largest of the year, exceeding both October and
January, the previous rankinkmonths. In other products
It was slightly less, reflecting seasonable- changes and previous heavy purchases. Generally, unfilled tonnage with
producers has been increased as the result of the month's
market, despite the material expansion of shipments, declares the "Review" in summarizing conditions in the market. Further details from the report are as follows:
On the basis of orders on hand and the rate at which consumers are specifying, present activity in the industry is considered assured through January and probably well through the first quarter. With the mills falling
back in deliveries, specifications to-day usually mean shipment after Jan. 1.
which is acceptable to most consumers for inventory reasons. Moreover,
contracting by buyers for first quarter requirements has been active and
is continuing so.
Steel production is moving ahead at high speed, with some companies
running close to the highest rate of tonnage in their history. While the
industry as a whole is operating at 80% to 85%, based on the numerical
rating of furnace capacity, a number of companies, including some of the
largest, actually are producing tonnage in excess of their theoretical maxiMUMS. This Illustrates the unusual pitch of efficiency that characterizes
present operations.
A gain of 11 blast furnaces in the active list is the outstanding fact in
pig iron production figures for November. This brings the number of furnaces in commission to 220. or 57.2% of the total number, against 54.1%
in October. Because most of the stacks resumed the second half of the
month, the increases in tonnage was not marked. The average daily production went from 97.351 tons to 100,620 tons, a rise of 3.3%•
DEC. 51925.]
THE CHRONICLE
November orders for railway cars were the heaviest of the year. New
inquiries have appeared this week more freely. totaling 8,000, principal
among which is 5.000 for the Pacific Fruit Express. „
Trade surveys from Detroit fall to show any decided sliding off of automobile production beyond the usual holiday modification. In fact, there
is talk of operations to be pushed ahead after the first of the year. There
is less pressure for steel from the industry.
Structural steel business in November was unusually good and for some
large producers much in excess of mill capacities.
Active buying in the Philadelphia district, where 40,000 to 50,000 tons
were closed, and the purchase of 35,000 tons of basic by a Newport, Ky.,
steel maker, are the high points of an otherwise quiet week in pig iron.
2693
Coal
Situation in Massachusetts—No Early Strike
Settlement Looked for—Use of Low Volatile
Bituminous Coal Urged.
E. C. Hultman of Boston Chairman of the Emergency
Fuel Administration, presents a review of the coal situation
in Massachusetts in a memorandum to the local emergeoy
fuel administrators of Massachusetts, in which he urges
"householders to use for heating purposes a lumpy run-ofmine, low-volatile bituminous coal, which can be mined
in sufficient quantities to meet all requirements and purProduction of Pig Iron During November Gained chased at a much lower price than the prepared sizes."
Slightly.
"Plenty of this kind of coal," he says, "can be bought
From data collected largely by wire and with most of at the mines to-day for less than $3 a ton." The memothe reporting companies estimating their production for randum follows:
Nov. 30, the pig iron output of the country for November Memorandum; To Local Emergency Fuel Administrators of Massachusetts;'
The retail coal dealers of Massachusetts reported that on Nov. 1 they.
showed a moderate gain over that of October. The daily
had about 336.008 tons of domestic-sized anthracite in their yards and
rate last month was 2,988 tons higher than in October, or that
deliveries to consumers in the seven months' period, April 1 to Oct. 30.
an increase of 3%. In October the increase over September totaled 3,341,420 tons. Based on total deliveries of 5.115,717 tons
last
season,
it appears that it will be necessary for our citizens to use about
was 7.3%, according to the monthly statistics prepared by
1,500.000
other
to
ef
carry
fuels
tons
them
through
the
winter, if no morethe "Iron Age," from which we quote:
anthracite is produced. A copy of the statistical survey
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.
There was a net gain of 14 furnaces in November, 19 having been blown
in and 5 shut down. The number Active on Dec. 1 was 220, having an
estimated daily capacity of 103.800 tons. This compares with an estimated
capacity of 97.950 tons per day for the 206 furnaces active on Nov. 1. Of
the 19 furnaces blown in, 8 were Steel Corp. stacks, 5 were independent
steel company furnaces and 6 were merchant units. There were 2 furnaces
of the Steel Corp. blown out,one independent steel company and 2 merchant
stacks.
Ferromanganese production in November was 25,392 tons, compared
with 21.421 tons in October. The November spiegeleisen output was
6,375 tons, with that in October at 5.071 tons.
The Robesonia furnace of the Robesonia Iron Co. in the Lebanon Valley
blew out Nov. 19 for relining after operating successfully for 25 months.
Among the furnaces blown in during November were the following:
One Palmerton furnace of the New Jersey Zinc Co. in the Lehigh Valley;
E furnace at the Steelton plant of the Bethlehem Steel Corp. in the lower
Susquehanna Valley; one Donora furnace of the American Steel & Wire
Co., one Clairton and one Duquesne furnace of the Carnegie Steel Co., two
Eliza furnaces of the Jones & Laughlin Steel Corp. and one Monesson
furnace of the Pittsburgh Steel Co. In the Pittsburgh district; one Perry
furnace in western Pennsylvania, one Mingo furnace of the Carnegie Steel
Co. in the Wheeling district; two South Chicago furnaces of the Illinois
Steel Co. and one Gary furnace in the Chicago district; one furnace of the
Colorado Fuel & Iron Co. In Colorado; one Pioneer furnace of the Republic
Iron & Steel Co.. one Ensley furnace of the Tennessee Coal, Iron & RR.
Co.. one Woodward furnace of the Woodward Iron Co. and one Gadesden
furnace of the Sloss-Sheffield Steel ,S: Iron Co.in Alabama,and the Rockdale
furnace in Tennessee.
Among the furnaces blown out or banked during November were the
following: The Robesonia furnace in the Lebanon Valley; the Pulaski
furnace in Virginia; the two Riverside furnaces of the National Tube Co.
in the Wheeling district and No. 2 Otis furnace in northern Ohio.
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS--GROSS TONS.
Steel Works. Merchant..
Total.
1924—November
20,426
63,230
83,658
December
78,682
18,857
95.539
1925—January
21,864
86.856
108,720
24.084
90.707
February
114,791
March
90,741
24,234
114.975
y1
83,827
24,805
108,632
May
74.415
20.127
94,542
June
70.452
18.663
89,115
July65,715
20,221
85,938
August
18,711
68,530
87.241
September
70,300
2.0
201.5674
3
90,873
76,464
October
97,528
November
77,867
22,649
100,516
•Includes pig iron made for the market by steel companies.
PRODUCTION OF STEEL COMPANIES FOR OWN USE—GROSS TONS.
Spleeelefsen and Ferromanganese..
—Total Pig Iron
1924— —1925—
1924.
1925.
Fe.-Mn. Spiegel. Fe.-Mn. Spiegel.
January
7,948 23,578
2.274,005 2,692,537 20,735
5,418
February
9.870 18,184
2,410,658 2,539,785 22.405
4,910
March
2,674,585 2.812,995 22,351
13,796 20.062
5.449
April
4,240 21,448 V. 5.341
2,463.027 2,514,828 23,580
May
1,927.461 2,306,887 14,993
9.336 22,679
5,284
June
1,507,110 2,113,566 20,049
9,405 19,836ar 4.972
Half year
13,256,826 14,980,598 124.113 54.595 125,787 31.384
-July
1,343,952 2,037,160 14,367 15,328 16,614
5.074
August
1,413,314 2.124,439 10,718
8,010 18,887
4,939
September
1,509.360 2.109,205 13,263
5.033 18,381
5.162
October
1,858.502 2,370,382
7.780 10,047 21,421
5,071
November
1,898,886 2,336,030 13,448
8,835 25,392
6.375
December
2.377.141
5,284
21,220
Year
23,668.981
204,909 107.132
•Includes output of merchant furnaces.
TOTAL PIG IRON PRODUCTION BY mox-rns—Gnoss
TONS.
1924.
1923
1925.
January
3,018,890
3,229,604
3,370,336
February
2,994,187
3,074.757
3,214,143
March
3.466,086
3,523,868
3,564,247
April
3.233.428
3,549,736
3,258.958
May
2.615,110
3,867.694
2.930,807
June
3,676,445
2,026,221
2,673,457
Half year
17,434.492
20.841.534
19,011,948
July
1.784.899
3,678,334
2,864,024
August
3,449,493
1,887.145
2,704,476
September
3.125.512
2,053,284
2.728,198
October
3,149,158
2,477,127
3,023.370
November
2,894,295
2,509,673
3,015,482
December
2.920,982
2.981.702
Year•
40,059,308
31,108,302
•These totals do not include charcoal pig ironalThe 1924 production of
this
iron was 212,710 tons.
aimekleildnall NS% WM al
Is enclosed'
herewith.
attention
should
be paid to rumors of an early settlement of the
No
anthracite strike. If the consumers of anthracite desire to win this strike
which is directed against them, they should immediately put in sufficient
stocks of fuel which, together with that already in their bins, will carry
them through the winter.
The transportation agencies and retail dealers possess ample facilities
to distribute to the citizens of Massachusetts sufficient fuel at reasonable
prices. However, neither the mines nor the distribution system can
furnish an adequate supply of fuel if the demands of a large number of
householders are put off until severe winter weather. Therefore, the
Importance of consumers putting'in their full winter's supply of fuel early
cannot be over-emphasized.
Many householders are burning low-volatile oltuminous coal and during
the present mild weather many more householders are funding out how
to use it successfully. The prices of prepared sizes of low-volatile bituminous coal, the supply of which is limited similar to coke, have risen
rapidly since the stoppage of anthracite production. It is not necessary
and many householders find it is not desirable to use the prepared sizes.
This office is urging householders to use for heating purposes a lumpy
run-of-mine low-volatile bituminous coal, which can be mined in sufficient quantities to meet all requirements and purchased at a much lower
price than the prepared sizes. Plenty of this kind of coal can be bought
at the mines to-day for lees than $3 a ton.
After careful study and consideration, the New England Governors'
Fuel Committee recommended the use of low-volatile bituminous coal
containing not more than 23% volatile matter and net less than 14.000
B. T. U. per pound. because this coal can be burned satisfactorily in our
present heating apparatus without excessive smoke or gas. Many retail
dealers and consumers are being offered splint and other coals of a much
higher volatile content than that advised by the Governors' committee,
Some of these coals can be burned successfully in some of our existing
apparatus. Those offering coal with a higher volatile content than that
advised by the Governors' committee should be required by the consumer
to demonstrate the practicability of its use in the particular equipment
In which the coal is to be burned.
Complaints have been made to this office in regard to the kinds anc7
quality of coal being sold in small lots and bags. Bag coal is sold almost
entirely to the poorer people, who must be protected as they are the least
able to protect themselves. Many of the larger retail dealers do not
normally give much attention to the bag coal trade, which is generally
handedlby peddlers. In view of the fact that at the present time the
needs of the poorer people are the principal source of concern, it is suggested that you consult with your dealers to devise a plan whereby a
large part of the remaining supply of anthracite will be conserved and
distributed to the poorer people at reasonable prices
Mr. S. B. Crowell, President of the National Retail Coal Merchants'
Association, recently stated:
"We look upon this emergency as an opportunity to demonstrate our
ability to render an important service to the coal-consuming public and
we pledge our best-efforts to secure an adequate supply and an equitable
distribution of fuel at prices that will be fair not only to ourselves but to
the communities we serve."
Therefore, public authorities should give the retail dealers an opportunity
to make good the words of their President.
Will you kindly give us your opinion, as soon as possible, in regard to
your local fuel situation, whether or not your dealers are taking adequate
measures to provide suitable fuel at reasonable prices for their customers
and what action you have taken to protect the coal consumers of
your
municipality?
If you desire additional copies of the instructions in regard to
the UM
of fuels for home heating or if this Commission can give you any
information.
or be of help to you in any way, we shall be glad to assist you.
EMERGENCY FUEL ADMINISTRATOR,
E. O. Hultman, Chairman.,
Bituminous Coal Market Practically Unchanged..
The mild weather of the past week prolonged the lack
Of
activity that prevailed the week before and prices were
still
down. The cold weather which was predicted should
bring
out a great many buyers, as stocks in hand in dealers'
yards
are not large, observes the "Coal Trade Journal" this
week,
adding:
Mild weather caused a further lull in demand
throughout New England
and some prices dropped a shade in Boston. At
Providence, however, there
was an actual scarcity and prices rose accordingly.
The transportation
situation tightened and rates on barges and steamers
went up. The demand
for domestic fuel was very small and prices, in
were nominal..
Coke was in the same boat and even the demandconsequence,
for the coal product slackened. Some of the retailers still had a little
domestic anthracite to offer,
but, as a rule, their yards were cleaned out.
At New York wholesalers spent a very inactive
week and the demand fee'
low volatile slack was the brightest spot in
the market. The demand foe
2694
anthracite substitutes was practically nil and no resumption was expected
until real cold weather arrives.
Rumors of the anthracite strike being settled shortly, coupled with warm
'weather, depressed the Philadelphia market for anthracite substitutes and
anthracite last week and dealers were buying only on a hand-to-mouth basis.
'The best call during the week was for run-of-mine, which is rapidly finding favor with the Philadelphia householders. The trade reported a lack
of "gouging" on the part of retailers. Pool coals were active in demand
and prices were, as a rule, somewhat higher.
The demand for prepared bituminous at Baltimore was fair, but outside
of that the market as a whole was rather flat. No export shipments were
reported. In spite of the lack of business, pool prices were higher than they
were a few weeks ago. Prices last week at the southern piers were slightly
lower, some good coal being offered under the five-dollar mark, but this
coal was for the most part some that had to be disposed of in a hurry to
avoid demurrage.
Last week the demand for coal and coke from the central Pennsylvania
territory fell off and prices dropped in consequence. It was reported that
there were many cars held without sale in New England. However, November loadings will show an increase over those of October.
Prices in Pittsburgh territory softened last week, due to the let-up in
demand from New England and other anthracite consuming districts, on
account of mild weather. Call for industrial coal fell off somewhat, most
consumers being fairly well stocked. The domestic trade held up well,
resulting in the price of slack dropping. Competition was still keen, but
more and more mines were opening up under independent wage scales. The
Connellsville coke field increased its production, most of the output going
to industrials rather than to domestic consumers. Coke prices were lower.
There have been some inquiries received in the Fairmont district of
northern West Virginia during the past week for December railroad fuel,
but no prices were given out. Slack for the cement mills will probably
be a nickel above the prices for last month. Prices of mine-run held up
fairly well and, although the demand was not so brisk as it was for a time,
prices on prepared were not depressed to any great extent. Slack was firm.
Southern West Virginia mines were still keeping up their record of over
two million tons a week; stabilized lower temperatures at the end of the
week stabilized prices. Egg was in better demand than lump, particularly
in the East, where consumers are more used to this size. Winding Gulf
and New River production was unchanged and the output of the Kanawha,
Logan and Thacker fields continued at their former high level. The prePared from these districts was being marketed principally on a spot basis.
Pocahontas and Tug River mines had about all the orders they could handle
for prepared grades while other grades were stimulated by the activity in
the steel mills. Many of the mines were making improvements whereby
they could increase the output of prepared sizes.
In the Upper Potomac and western Maryland fields the demand for all
grades was better balanced than formerly, resulting in firmer prices. The
movement through the Cumberland gateway has assumed such proportions
that it has been necessary for the railroads to put on extra crews. Even
with the greater supply of coal available, prices have advanced. This was
also true of coals from the Virginia field from which a good tonnage was
moving to southern markets. The production of coke in this field was still
high, although the demand had fallen off considerably.
The acceptance by John L. Lewis, United Mine Workers'
President, of Governor Pinchot's proposal to end the hard
coal strike and the operators' flat rejection of the plan were
easily the outstanding events of the last week, observes the
"Coal Age" on Dec. 3. President Coolidge has not as yet
replied to the Lewis letter of Nov. 22 asking Federal intervention in the soft coal situation and reiterating his more or
less thinly veiled threat of a general strike, but as Congress
will convene next week Mr. Coolidge's message may embody
the answer, to say nothing of the probable action of the
legislative body itself, declares the "Age" in Its weekly summary of market conditions, from which we quote the following:
/
(VOL 121.
THE CHRONICLE
Soft coal production continues at almost record-breaking levels, and the
market is absorbing the tonnage remarkably well, though prices, it is true,
show a softening tendency under the influence of unseasonably mild weather
and the virtual end of lake shipping, which always is an unsettling influence. Consumers in general are buying only for current needs, and as a
result some inducement sometimes is necessary to avoid demurrage charges,
but even so, "no bills" are in evidence.
Scarcely a field or division of the trade escaped the continued reaction,
West Virginia smokeless, Kentucky, Indiana, Illinois, southern and eastern
Ohio and central Pennsylvania coals of all sizes and qualities partaking in
the decline. Business is fairly steady in the New York and Philadelphia
markets, but in New England weak spots have appeared in the steam trade,
due to an absence of spot industrial demand. Liberal shipments off the
Northwestern docks at Duluth and Superior are reported. The activity of
Birmingham is keeping producers on the jump to keep up with requirements.
Transportation difficulties have been pretty well cleared up on the Louisville & Nashville RR. Movement of coal through the Cincinnati gateway
last week totaled 14,318 car loads, which was 119 less than the previous
week but 419 more than in the corresponding week of last year.
The inactive but expectant attitude of anthracite consumers has served
to put a further crimp in the demand for coke, so that prices continued to
show a declining tendency and output also has fallen off.
The "Coal Age" index of spot prices of bituminous coal on Nov. 30 stood
at 187, the correspending price being $2 26, compared with 192 and $2 32
on Nov. 23.
Dumpings of coal at Lake Erie ports during the week ended Nov. 29,
according to the Ore & Coal Exchange, were: Cargo, 769,446 net tons;
steamship fuel, 35,978 tons-a total of 805,424 net tons, compared with
862,130 tons in the preceding week. Hampton Roads dumpings in the
week ended Nov. 26 totaled 483,234 net tons, against 332,720 tons in the
previous week.
Bituminous Production Reaches Peak-Anthracite
Strike Continues-Coke Output Declines.
tlement is in sight. Output of coke declined, continued the
Bureau, giving the following details:
During the week ended Nov. 21 the production of bituminous coal, including lignite and coal coked at the mines, is estimated at 12,624,000 net
tons. This output represents the peak figure for 1925 and has not been
exceeded since the week ended Dec. 11 1920.
Estimated United States Production of Bituminous Coal, Including Coal Coked
(Net Tons)-a
19241925
• Week. Cal.Yr.toDate.b
Week. Cal.Yr.toDate.
Week Ended9,695.000 401,889,000
12,171.000 431.549,000
November 7
1,531,000
1,795,000
1,639,000
2,135,000
Daily average
10,466,000 412,355,000
12.167.000 443,715,000
November 14
1.538,000
1,869,000
1,649.000
2.135,000
Daily average
10.910,000 423.265.000
12,624,000 456.339.000
November 21_c
1,544.000
1.818.000
1.659,000
2,104,000
Daily average
a Original estimates corrected for usual error, which in past has averaged
2%. b Minus two days' production first week in January to equalize number of days in the two years. c Subject to revision.
Total output during the calendar year 1925 to Nov. 21 is 456,339,000
net tons. This is approximately 33,074,000 net tons, or 7.8%, more than
that during the same period of 1924. Corresponding figures for recent
years are given below:
Years of Depression.
Years of Activity.
422.763,000 net tons
525,450,000 net tons 1919
1918
372,930,000 net tons
498.735,000 net tons 1921
1920
net tons
423,264,000
1923
508,224,000 net tons 1924
ANTHRACITE.
Production of anthracite for the week of Nov. 21, based on reports received from the principal carriers, is estimated at 46,000 net tons, an
increase of 14,000 tons compared with the preceding week. Total output
during the calendar year to date is now 61,847,000 tons, 23.4% less than
during the corresponding period of 1924.
,Estimated United States Production of Anthracite (Net Tons).
1924
1925Week. Cal.Yr.toDate.a
Week EndedWeek. Cal.Yr.toDate.
1.592,000 77,246,000
28,000 61,769,000
November 7
1.674.000 78.920.000
32,000 61.801.000
November 14
1,827,000 80.747.000
46,000 61,847,000
November 21
a Less two days in January to equalize the number of days in the two
years.
BEEHIVE COKE.
Production of beehive coke during the week ending Nov. 21 is estimated
at 283,000 net tons, a decrease of 12,000 tons, or 4%, compared with the
preceding week. Compared with the corresponding week of 1924, however, there is a gain of 125,000 tons, or 79%. Total production during the
calendar year 1925 to date is now 9,064,000 tons, about 6% more than
during the same period of 1924.
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1924
1925
Nor. 21 Nov. 14 Nov. 22
1925.b 1925.c 1924. to Date. to Date.a
6,463,000
6,968,000
116,000
236.000
228,000
&
Pennsylvania Ohio
16.000 16.000 8,000 562,000 445.000
West Virginia
20,000 24,000 18,000 819,000 830,000
Ala., Ky., Tenn. & Oa
10,000 10,000 8.000 327,000 370.000
Virginia
Colorado & New Mexico....5,000 5,000 4.000 214,000 235,000
4,000 4,000 4,000 174,000 188,000
&
Utah
Washington
283,000 295,000 158,000 9,064.000 8,531,000
United States total
31,000
33,000
47.000 49,000 26,000
Daily average
a Adjusted to make comparable the number of days covered in the two
Years. b Subject to revision. c Revised since last report.
Domestic Exports of Canned and Dried Foods.
The report of the exports of canned and dried foods, released by the Department of Commerce, at Washington, on
Nov. 24, covers the month of October and the ten months'
period ending with October for the years 1925 and 1924.
The report in detail follows:
Monts of October.
1924.
1925.
10 Mos. Ended October.
1924.
1926.
913,228
5266,258
26.887,448
$3,500,560
4,353,075
$454,068
1,149,789 13,546,936 14,768,690
5370,655 23,803,938 $4,605,649
11,282,530 194,203,636 145,979,079
$1,710,525 $23,835,714 $19,832,792
6,203,472 41,247,751 43,374,088
1607,572 24,660,125 24,792,894
64.030,624
$5,063,586
30,987,433
$3,397,349
63,933,591
85.340,448
50,539,599
$5,194,423
297,786,553
222,510,711
169,304,113
$17,122,701
225,350,289
219,177,406
195,263,598
119,869.224
160,048
97,942
Beef,canned,lbs
$40,149
$25,336
Value
196,909
263.889
Sausage,canned,lbs
256,227
270,090
Value
sweetened.
Milk, condensed,
4.551,661
6,264.751
lbs
8751,046
$847,921
Value
Milk, evaporated, unsweet5.771,144
16,335,157
ened.lbs
2598,544
21,420,5W
Value
9,297,062
8,318,483
Salmon, canned, lbs
21,467,377 21,712,484
Value
5,593,691
3.201,980
Sardines, canned, lbs
2508.739
8277,439
Value
19,439,445 25,321.520
Raisins, lbs
21,408,820 21,864,753
Value
2,216,764
2,811,471
Apples, dried, lbs
2293.938
1253,699
Value
1.827.805
2,559,628
Aprimts, dried,lbs
8354,275
1283,886
Value
875.573
1,170,777
Peaches, dried, lbs
$111,946
1105,339
Value
34,965,493 31.426,639
Prunes, dried, lbs
$2,512,503 82,425,632
Value
2,953,147
3.539.886
Apricots, canned, lbs
$292,326
8339,526
Value
8.091.434 17.009,694
Peaches,canned.lbs
5816.276 81,538,905
Value
13,222,376 15,948,535
'ears, canned,lbs
51,519.599 $1,958,187
Value
6,094,515
4.386,917
IneaPPles, canned, lbs
8470 917
$403879
Value '
1,342,366
8298.693
3.014,071
$814,006
1,774.550
2569,419
3,182,235
$869,234
56,568,927
$8,145,864
35,187,596
55,419,303
123,459,095
211,181,929
55,080,585
87.946,229
39,356,693
83,329,743
74,699.927
$5,745,166
18,998,241
82,343,651
28,191,981
23,490,904
11,828,190
2919,238
153,903,750
28,945,632
30,988,483
32,526,145
50,717,968
14.684,150
42,751,668
84,864,454
23,236,053
R1.729.998
94,830,074
29.538,269
42,088,699
17344,096
48,142.635
$4,049,827
92,483,248
26,702,874
8,739,902
1,082,548
17,309,037
22,978,378
3.440,279
5372372
97,191,009
17,275,402
28,043,346
52,518,229
61,804,666
$5,783,422
49,224,768
25,877,266
29.959.024
82.918.813
Total canned meats,lbs
Value
Total dairy products. lbs_ __ _
Value
Total canned vegetables, lbs_
Value
Total dried and evaporated
fruits, lbs
Value
Total canned fruits, lbs
Value
With a gain of 457,000 net tons over the preceding week,
the output of bituminous coal during the week ended Nov. 21
Production of Soft Coal in October.
reached the peak of production per week since 1920, according to the U. S. Bureau of Mines report on Nov. 28. AnthraThe table below presents estimates of bituminous coal
cite output continued to gain slowly, although no strike set- production during the month of October, the distribution
DEC.5 1925.]
being based on figures of railroad loadings courteously
furnished by the American Railway Association. Total
production during the month amounted to 53,203,000 net
tons, the highest monthly production recorded since Dec.
1920. The average daily output was greater than that in
September by 127,000 tons, or 6.9%, according to estimates
issued by the U. S. Bureau of Mines.
The figures in the table below show that with the exception
of Alabama, Kentucky, Tennessee, Texas and Virginia,
every coal-producing State in the country maintained a
higher rate of daily output in October than in September.
For the great Appalachian field as a whole, this increase
was approximately 5.4%; for the Eastern interior region,
consisting of Illinois, Indiana and Western Kentucky, about
14%, and in the States west of the Mississippi, increases
ranged from one to about 34%, continues the Bureau, from
which we quote the following:
Domestic Exports of Meats and Fats.
The Department of Commerce at Washington gave out on
Nov. 23 its monthly report on the domestic exports of meats
and fats for October. This shows that in October the
total quantity and value of meats and meat products exported
was less than in the corresponding month last year, 42,643,630 lbs. being exported in October 1925, against 59,440,912
lbs. in October 1924. The value of these exports in October
this year amounted to $8,883,537, against $9,370,273 in
October last year. The total of animal oils and fats for
October was also smaller than last year. For the ten months
ended with October the exports of meats and fats have been
generally less than in the corresponding period last year,
both in quantity and value. The report is as follows:
DOMESTIC EXPORTS OF MEATS AND FATS.
Month of October.
ESTIMATED MONTHLY PRODUCTION OF SOFT COAL BY STATES
(NET TONS)a.
August 1925.
September 1925.
October 1925.
Production Daily Avg Production Daily Avg Production Daily Avg
$88888888888p8888§8888888
1,931,000
129,000
931,000
5,834,000
1,859,000
379,000
350.000
3,808,000
1,200,000
195,000
63,000
260,000
239,000
200,000
92.000
2,869,000
217,000
10,817,000
556,000
81,000
489,000
1,129,000
209,000
12,295,000
676,000
9,000
v.C.C.N=W0N1•.LON
00000 NMVIN.COV
0uici0rci0;r:r:a00Wrimc.6.i.
-4440
7
NN
.V CON
V
.
088§0000888888088800000000
00000000
0
0
0080
•00N00.M.VM
.0M.5N.0.111
C.C.00
.
N0
0.6
:NVO6CitiM
:.044.06t
.
..4061
.
.V 0N
0 WN
Cl Cl C - •
Co
1,863,000
Alabama
121,000
Arkansas
761,000
Colorado
5.731,000
Illinois
1,748,000
Indiana
380,000
Iowa
339.000
Kansas
Ky.-Eastern _- 3,773,000
1,199,000
Western
191,000
Maryland
53,000
Michigan
248,000
Missouri
213,000
Montana
185,000
New Mexico
North Dakota_ _ _.
88,000
Ohio
2,715,000
Oklahoma
225,000
Pennsylvania
10,121,000
Tennessee
• 535,000
Texas
83,000
Utah
403,000
1,080,000
Virginia
Washington
189,000
West Virginia... _ _ 12,119,000
Wyoming
531,000
9.000
Other States b.__
2695
THE CHRONICLE
2,051,000
149,000
1,145.000
7,272,000
2,182.000
490,000
422,000
3,925,000
1,335,000
205,000
78,000
325,000
339,000
242,000
152,000
3.297,000
257,000
12,638,000
571.000
82.000
524.000
1,160,000
261.000
13,227,000
865,000
9,000
76,000
5,500
42,400
269,300
80,800
18,1110
15,600
145,400
49,400
7,600
2,900
12,000
12,600
9,000
5,600
122.100
9,500
468.100
21,200
3,000
19,400
43.000
9,700
489,900
32.000
300
14.883.000 1.726.000 16.817,000 1.843.000 53.203,000 1,970 000
a Subject to revision. b Includes Geo gin, California, Oregon and South Dakota.
Total
1924.
1925.
Ten Months Ended October.
1924.
1925.
Total meats & meat prod_lbs. 59,440,912 42,643,630 705,608,320 517,511.374
$9,370,273 $8,883,537 $97,658,687 $99,307,848
Value
Total animal oils and fats_lbs. 86,708,007 62,449,677 1,056.306,850 798.585,052
$12,995.018 $10,555,697 $132.615,905 $128,288.611
Value
lbs_
Beef and veal,fresh
Value
lbs
Beef, pickled, &c
Value
lbs
Pork, fresh
Value
lbs.
Wiltshire sides
Value
lbs.
Cumberland sides
Value
lbs
HEMS and shoulders
Value
lbs.
Bacon
Value
lbs.
Pickled pork
Value
lbs.
Oleo oil
Value
lbs.
Lard
Value
lbs.
Neutral lard
Value
Lard coral:kis, animal fats.lbs.
Value
Margarine, animal fats__ _lbs.
Value
lbs.
Cottonseed oil
Value
Lard comp., vegetable fats lbs
Value
237,306
$34,199
2,543,081
$265,325
1,539,734
$229,538
429,486
$79,624
1,682,738
$301,963
22,091,701
$3,871,377
21,161.061
$3,319,960
2.736,674
$343,746
10,410,955
$31,781,977
60,812.992
$9,415,401
1,299,421
$240,180
782.847
$113,455
52,820
$9,450
2,169,661
$234,186
470,510
569,030
2,133,400
2,962,080
264,149
$369,965
$468,619
$37,093
18,535,023
18,048,552
1,848,517
$1,885,587
$201,292
51,891.554
16,861,803
854.751
24.644,846
$3,319,380
$2.935,281
$162,048
15.945.828
10,978.034
801,264
$2,120,292
$2,161,939
$193,561
21,865,036
23,547,216
2,244,795
$4,497,266
$546,520
$3,267,183
14,493,616 270,325,871 215,782,652
53,476,394 $40,536,108 $43,938,734
13,166,019 258.942.535 146,862,921
$2,836,281 $32,498,2:0 $28,130,632
25.149,213
23,067.005
2.693.477
$2,929,758
$3,695,658
$451.150
78.579,741
5.085.327
84.141,433
5736,769 $11,472.641 $10,092,968
44.745,190 818,172,437 580.009,603
$8,003.503 $105.442.402 $100,357,264
22,297.186
16,085,943
1,824,203
6370,316
$3,055,261
$3,069,448
10,824,777
5,515,629
1,494,012
$1,583,830
$213,533
$765,062
667,377
531,129
40,039
392.119
5106.120
$7,695
44,051,498
24.543,971
7.660,155
$4,766,832
52.554,431
5762,i83
8.577.001
5,679,164
1,154,716
1793.025
$167,31
8993,991
Current Events and Discussions
The Week With the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Dec.2, made public by the Federal Reserve
Board, and which deals with the results for the twelve
Federal Reserve banks combined, shows an increase of
$26,400,000 in bills and securities and of $11,200,000 in
Federal Reserve note circulation and a decrease of $3,000,000
in cash reserves. Holdings of discounted bills went up
$19,200,000 and of Government securities $7,100,000, while
holdings of acceptances purchased in open market went
down $1,700,000.
The Federal Reserve Bank of Chicago shows an increase
of $9,200,000 in discount holdings, San Fransicso an increase
of $8,500,000, Boston $6,900,000, Atlanta $4,100,000, and
Philadelphia $4,000,000. Discount holdings of the St. Louis
bank declined $6,200,000 and those of New York $4,900,000.
After noting these facts, the Federal Reserve Board proceeds
as follows:
An increase of $9,700,000 in open-market acceptance holdings is reported
by the Federal Reserve Bank of Minneapolis and an increase of $2.900,000
by Dallas. while Boston reports a decline of $6,300,000, and Chicago and
1nsas City report declines of 82.700.000 and $2.500,000, respectively.
Treasury notes on hand increased $10.400,000, while Treasury certificates
of indebtedness were reduced $3,300,000, and holdings of U. S. bonds
remained unchanged.
Federal Reserve note circulation increased at all Federal Reserve banks
except Boston, New York and St. Louis, which show a total reduction of
$1.200,000. The principal increases during the week were $2.800.000 each
reported by the Atlanta and Chicago reserve banks.
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 2724 and 2725. A
summary of changes in the principal assets and liabilities of
the Reserve banks during the week and the year ending
Dec. 2 1925 follows:
Increases(+)or Decreases(-)
During
Week.
Year.
Total reserves
-$3,000,000 -5260,300.000
Gold reserves
-3,300,000 -285,300.000
Total bills and securities
+28,400,000 +168,000,000
Bills discounted, total
+19.200.000 +394,900.000
Secured by U. S. Govt. obligations
-31,700.000 +189,900,000
Other bills discounted
0
+50.900.000 +205,00000
Bills bought in open market
U. S. Government securities, total
+7,100.000
.1
-23g,g8..000
Bonds+11,500
,000
Treasury notes
+10,400.000 -138,000,000
Certificates of indebtedness
-3,300,000 -111,000,000
Federal Reserve notes in circulation
4.11,200.000 -106,300,000
Total deposits
+22,200,000
+7,600,000
Members' reserve deposits
+16.0,000
-16,700,000
00
Government deposits
+7,300.000
+21,200,000
The Week With the Member Banks of the Federal
Reserve System.
The Federal Reserve Board's weekly statement of condition
of 722 reporting member banks in leading cities as of Nov. 25
shows reductions of $56,000,000 in loans and discounts,
$5,000,000 in investments and $202,000,000 in net demand
deposits. These reductions were accompanied by increases
of $39,000,000 in time deposits and $40,000,000 in borrowings from the Federal Reserve banks. Member banks in
New York City reported reductions of $11,000,000 in loans
and discounts and $78,000,000 in net demand deposits,
together with increases of $1,000,000 in investments, $20,000,000 in time deposits and $37,000,000 in borrowings from
the Federal Reserve banks. It should be noted that the
figures for these member banks are always a week behind
those for the Reserve banks themselves.
Loans on U. S. Government obligations fell off $3,000,000,
a decline of $5,000,000 in the New York district being partly
offset by an increase of $2,000,000 in the St. Louis district.
Loans on corporate stocks and bonds show a net decline of
$2,000,000. The principal changes in this item include
increases of $22,000,000 in the New York district and of
$7,000,000 in the San Francisco district, and reductions of
$16,000,000 and $15,000,000 in the Boston and Chicago
districts, respectively. All other loans and discounts declined
by $51,000,000, decreases of $31,000,000 in the New York
district and $20,000,000 each in the Boston and Chicago
districts being offset in part by increases in other districts,
particularly Philadelphia, Dallas and San Francisco. Further
comments regarding the changes shown by these member
banks are as follows:
Investments in U. S. Government securities changed but little outside
the Chicago district which reported an increase of *8,000.000. Holdings
of other bonds, stocks and securities declined $6,000,000 in the New York
district and $5,000,000 in the Chicago district, and increased $4,000,000
in the San Francisco district.
Net demand deposits fell oft $202,000,000. the largest declines being as
follows: New York district $94,000,000. Chicago district 547,000,00(i,
Boston district $18,000,000, San Francisco district 512,000,000, and the
Philadelphia. Atlanta and Kansas City districts $7,000,000 each.
Time deposits increased $39,000,000, of which 521,000,000 was reported
by banks in the New York district and $7,000,000 by those in the Chicago
district.
The principal changes in borrowings from the Federal Reserve banks
nclude increases of 511,000.000 in the New York district, and of 513,000,000
2696
THE CHRONICLE
and $10.000.000 in the Chicago and San Francisco districts, respectively.
and a reduction of $11.000,000 In the Becton district.
On a subsequent page—that is, on page 2725 we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
as compared with a week ago and with last year:
Increase (+) or Decrease (—)
During
Year.
Week.
Loans and discounts, total
—$56.000.000 +$1.089.000.000
Secured by U. S. Govt. obligations
—22.000.000
—3.000.000
Secured by stocks and bonds
+935.000,000
—2.000.000
All other
+176.000.000
—51.000,000
Investments. total
—212.000,000
—5.000,000
U. S. bonds
+223.000.000
+1.000.000
U. S. Treasury notes
—283.000.000
+5.000.000
U. S. Treasury certificates
—197,000.000
—1.000.000
Other bonds, stocks, and securities_
+45.000.000
—10.000.000
Reserve balances with F. R. banks
+31.000.000
—39.000.000
Cash in vault
+11,000.000
—6.000.000
Net demand deposits
—40.000.000
—202.000.000
Time deposits
+503.000.000
+39,000,000
Government deposits
—94.000,000
—5.000,000
Total accommodation at F. R. banks
+361,000,000
+40.000.000
[VoL. 121.
increase in sales with the advent of the tourist trade_in
December.
SALVADOR,
The rains have ceased and there is no longer any danger
to the coffee crop. An unusually large crop is expected
according to local authorities, which has caused a drop in
local prices, and a stimulation of immediate trading.
Business conditions have been quiet.
COLOMBIA.
Exchange rates are steady. Commercial conditions are
—
—
good, and much improved as compared with last year.
There have been few recent business failures. Coffee shipments are around 30,000 sacks a week. The department of
Caldas is discussing a loan for $10,000,000, and the Municipality of Medellin is seeking one of $2,000,000. There is
much Congressional opposition to the President's plan for a
foreign loan. Amendment to the petroleum law has been
passed by Congress and now awaits the President's signature.
GUIANA (BRITISH).
Weekly Digest of Cables Receives from Foreign Offices
No improvement in the general situation has occurred
of the Bureau of Foreign and Domestic Commerce. during November,
and the depression in all lines of business
ARGENTINA.
has been ,marked. The outlook for the 1926 sugar crop is
The trade is estimating the total wheat production for this very poor, but the production of rice and diamonds has
year at 210,000,000 bushels. A large linseed yeild is expected. shown improvement. It is estimated that 1925 diamond
The seaSonal export movement of cereals is just starting, production will amount to 10,000
carats over 1924.
wheat trading being mostly speculative as yet. American
•
MEXICO.
interest in linseed for December and January delivery is
The general situation throughout Mexico remains dull to
evident. The new wool clip is being taken readily by Italian,
the same depressing causes evidenced for several months
French, and Belgian buyers, but to a lesser extent by the
past. There has been a small increase in oil production due
United States. The import trade is sluggish, stocks are
to activity of the National Railways and offset wells sunk by
normal, and the internal business situation remains
private concerns. Trade in staples, is poor • while certain
unchanged. Increasing commercial failures are not alarming,
specialties, such as automobiles and typewriters, are holding
but credits are being closely scrutinized. Collections are
their own. Collections are reported as bad.
difficult where weaker houses bought too heavily. October
PARAGUAY.
bank statements show a decrease in deposits and cash in
While the commercial movement is still slow, the trade
banks. Loans have increased by 24,000,000 persos and rates
are higher. The national revenues continue greater than depression is lifting. Agricultural conditions are favorable.
The loan market is inactive and bank deposits are falling.
last year by approximately 63,6%.
Collections are difficult. Interior orders for textiles are
BOLIVIA.
General business conditions show no change from October. improving, with a good movement of American goods as
Exchange averaged 2.89 bolivianos to the dollar for the month. Argentine gold exchange remains favorable. An official of
Tin quotations have averaged approximately £ 282 1-3 the Government has sailed for Rome to confer regarding
sterling. November imports consisted chiefly of flour from Italian colonization in Paraguay.
PERU.
the United States and Chile; sugar from the United States
General business conditions show some improvement, due
and Peru; iron goods and lubricants from the United States
and Germany; lumber and water mains, hardware and tex- to rising exchange, better cotton and sugar prices, and the
tiles from Great Britain, the United States and Germany; replenishing of stocks by importers. The Government has
construction materials from Great Britain; steel rails and floated a bond issue of $7,500,000 in the New York market,
mining machinery from the Netherlands, and rice and dyes secured by the petroleum revenues. This had some effect
on exchange although the movement of funds to Peru will
from Germany.
BRAZIL.
not take place until December. Much of the proceeds of
Present prospects are for a gradual weakening of exchange, this issue will be devoted to irrigation works in the north.
but tightness of money continues unabated. There were A special stamp tax of 5 cantavos on all domestic mail and a
increasing failures in Sao Paulo during the month. The sugar consumption to have been Imposed for the purpose
coffee market is dull with lack of orders. A new agreement of raising funds to meet the plebiscite expenses. A slight
has been signed between Sao Paulo and Minas coffee defense increase in cotton and sugar prices is having some beneficial
interests. U.S. conference rates for coffee are to be increased effect on exports but due to the reduced exportable quantities
January 1 to 70 cents per bag from cargo and 80 cents for at the present season of the year, there is little activity in
mail steamers. The import market is characterized by export trading. Copper and silver shipments are increasing.
hand to mouth buying. Importers are either afraid or unable Many foreign commercial travelers visited Peru during the
to take advantage of present exchange conditions. Inprove- month. Lumber sales were heavy and the Government
ment is probable before the end of December. The domestic placed several orders for California redwood ties. The textile
textile business is dead and dealers still hesitate to place trade is fair with a slightly increasing retail demand due to
large import orders. All dealers are trying to liquidate the summer season now commencing. Foodstuff imports
stocks to the best advantage. The Santos shipping situation are good but there have been numerous complaints arising
from the bad condition of recent arrivals of perishable goods.
is improved, with 35 ships along side and none in stream.
The manufacture of some industiral chemicals and insecticides
COSTA RICA.
Coffee crop estimated locally at 35,000,000 pounds. has been undertaken in Lima. Automotive sales wer slightly
Early dry season has set in and picking started. Large better, although the market is disturbed by the large number
crops are expected to cause drop in prices of most agricul- of cars returned to dealers for failure to maintain installment
tural commodities. Importations are slightly diminishing payments. The sales of accessories is fair. The trade in
the Lima district has been disturbed by price-cutting on the
due to overstocking in retail establishments.
part of several dealers.
GUATEMALA.
URUGUAY.
The coffee crop is estimated locally at from 750,000 to
Business is generally quiet with little improvement likely
800,000 hundred weight as compared with 890,000 last year.
Prime grades are bringing 253 cents a pound. Banana before the end of the year, due to the elections and annual
shipments have been resumed on the Pacific Coast at .the stock taking. Sale of the new wool clip is developing slowly
rate of 15,000 bunches monthly. Money has tightened and buyers are displaying caution. Frigorifico operations
due to demands in financing coffee transactions. Retail have been restricted due to cattlemen withholding their stock
on account of low prices.
trade is improving.
PANAMA.
VENEZUELA.
October imports showed an increase of 25% over SeptemGeneral conditions are good, notwithsatnding some fear
ber. The condition of the coffee and sugar crops is said to that importations have been excessive. Foreign trade is
be satisfactory. Building and construction activities are breaking records. The coffee market is dull and while the
above normal and retailers are looking for considerable December crop will be small it is of good quality. Cacao
DEC.5 1925.]
2697
THE CHRONICLE
stocks are small. Crop prospects are fair, but balata and
cotton crops will be small. Heavy automobiles, oil-well
materials and flour are making up a considerable part of
American shipments to this country. Much of the flour is
from Canadian wheat milled in the United States. Additional docks at Maracaibo and a slaughtering and freezing
plant at Maracay will be constructed by the Department of
Public Works, and the Public Health Service will construct
two garbage incinerators at once at Caracas. American
firms interested should send representatives to study the
projects.
Petroleum production is good. An American company
has developed a well in a new field in eastern Venezuela,
pumping several hundred barrels daily. It is reported that
representatives of a Venezuelan company holding gold and
diamond concessions in Venezuela and Guiana are going to
England to interest British capital.
DOMINICAN REPUBLIC
Retail business has continued at a satisfactory level
although local consumption has declined. Merchants have
been meeting their accounts but there are less active funds
now available. Unemployed labor is expected to be absorbed
shortly with the beginning of the sugar crop. The proposed
amendment to the Dominican law 190, imposing additional
taxes on 102 imported articles which affects practically only
American trade, was enacted on November 24, effective
immediately. The Dominican Chamber of Commerce and
merchants have begun an extensive protest against the new
law.
HAITI.
The Presidential campaign continues to be a disturbing
element to general conditions while the decline of the franc in
connection with coffee contracts has had a particular unsettling effect on export houses, causing several failures. Over
importation of cotton goods and flour is generally recognized.
Credit inflation is evident with a tendency to curtail bank
credits. The coffee, cotton and sugar crops all promise
greater yeilds than last ye^r but with unfavorable prices for
the latter two. The financial position of the Government
is strong.
PORTO RICO.
Business is quiet in most lines, with the outlook somewhat
improved as a result of the slight strengthening of sugar
prices, good coffee and fruit crops, and the anticipation of
the holiday trade. Permanence of the improvement is
largely dependent upon the trend of the sugar market.
The banks report considerable exchange business as a
result of heavy imports, chiefly of Spanish olive oil, garlic and
nuts for the Christmas trade, and codfish and jute bags.
There has been considerable transshipment trade to the
Dominican Republic, chiefly shoes and cotton piecegoods.
Collections are fair in San Juan but generally tight in
agricultural districts.
GREAT BRITAIN.
The trend of British business in November is encouraging.
October and November experienced the usual seasonal
demand, plus orders accumulated during the August coal
difficulty. Forward buying is more general but caution is
intensified by the uncertainties of the coal situation next
spring. Unemployment is decreasing steadily and for the
first time in months the figures are lower than corrseponding
figures for last year. The upward movement in ordinary
shares continued but wholesale prices have not advance.
Easier money and cheaper coal, iron, steel and raw ME terials
for many industries are helpful factors but severe competition
continues to narrow profit margins materially. The Edinburgh Motor Show was well attended with both English and
foreign passenger and commercial vehicles represented.
British light car manufacturers are reported working day and
night shifts, with some factors extensions necessary in the
Coventry District. The budget now shows an abnormal
deficit but the Chancellor predicts a balance except for the
coal subvention. The British Dyestuffs Corporation shareholders have approved the reorganization proposals for a
general writing down of share values, the Government to sell
its interest and relinquish control, with the proviso that not
more than 25 per cent of the voting power shall be foreign.
SOUTH AFRICA.
South African business showed an improvement in November over October. The gold mines are still experiencing a
shortage of native labor. The production of refined gold in
November was 15,585 ounces above the October figure.
There was a high output of coal during November while
diamond turn-out increased slightly. Progress is reported
in platinum developments. Imports were well sustained and
exports heavy. Local industries were active during the
month and clearing house returns show large gains over last
year. Building continues at a high level. The revenue of
the Union for the first half of the year is well ahead of the
corresponding period of last year. Prospects are bright for
wholesale and retail Christmas trade. October indexes
remain unchanged. Port Elizabeth wool prices are easier
with large receipts and slackening demand for low grades.
Mohair is quiet and stocks are small. Feathers are dull and
weaker.
DENMARK.
The Danish industrial crisis is growing and direct Government relief is being sought, especially for the textile,' iron,
and metal industries. The grave situation is being reflected
in the high unemployment figure, which now totals 47,600 as
against 24,000 a year ago. The labor situation is quiet, but
the outlook is somewhat clouded owing to the downward
wage reductions, which will be necessary in the early spring.
The freight market shows a slight improvement which is
reflected in the decreased idle steam and motor tonnage.
Danish exports of butter, bacon, and eggs continue at a
satisfactory volume with firm prices, but the financial returns
are lower. Indications point to increased bacon production
and sustained butter production. Agricultural wages have
been reduced 10%.
NORWAY.
There have been no noteworthy changes in the Norwegian
situation during the past month. Conditions remain somewhat depressed from the effects of the exchange appreciation
with the attendant dullness in industry and trade. With the
constant fall in price levels deflation is progressing rapidly.
Industrial operations are decreasing with further curtailment
of working hours in some cases and closing down in others.
Foreign trade diminished somewhat during October, but the
unfavorable balance was greatly reduced. Exports to the
United States are maintained at a high level.
Gold and Silver Imported Into and Exported From the
United States, by Countries, in October.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has made public
Its monthly report, showing the imports and exports of gold
and silver into and from the United States during the month
of October 1925. It will be noted that the gold exports
reached $28,039,190. The imports were $50,740,649, the
bulk of which, namely, $41,890,643, came from the United
Kingdom. Of the exports of metal $22,474,683 went to
Canada, and Hongkong took $3,458,950.
GOLD AND SILVER IMPORTED INTO AND EXPORTED FROM THE
UNITED STATES. BY COUNTRIES.
GOLD.
Total Value.
Exports.
Imports.
SILVER.
Relined BuUlon
Exports.
Imports.
Total Value.
Exports.
Imports
$
Ounces.
Ounces.
9
Countries$
$
2,542
Belgium
4,032
France
2.325
760,91:
238,149
543,183
Germany
2,563
Italy
5,274
9,340
Spain
17,376
Sweden
4,377
41,890,643
300,631
213,666
United Kingdom_
1,709
117,752
444,254
22,474,883 3,451,477
189,48
Canada
649,084
45,425
2,256
Costa Rica
9,001
23,502
Guatemala
79,700
5,789
154,15 P
Honduras
113.703
36,498
Nicaragua
6,978
4
4,896
Panama
2.358
50,000
Salvador
534,527
3,709.074
326,479
Mexico
91,596 4,195,598
Newfoundland &
2,853
Labrador
391
Trinidad & To5,914
1,125
bago
7775
414
1
Other Brit. W.I_
1
1,246
'
Cuba
1.000
8,945
Dutch West Id's
1,050
Haiti
441
11,391
51,000
Argentina
8,155
864
35,170
Brazil
5,682
Chile
103.965
117,859
2,221
2,15
Colombia
1,604
1,555
501
British Guiana_
374
1,571
4
Dutch Guiana_
3
82,734
Peru
54,421
28,700
367,029
92,834
321
Venezuela
227
6,217,39
13,910
British India... _
4,432.576
663,278
Straits Settlement
501,236
4,514,261
China
3,193,3
154.565
220,010
Dutch East Indies
90,314
3,458,950
Hongkong
4,000,000
Japan
171,184
5.000
Islands
Philippine
1,531
Australia
1.140
New Zealand....26,975
35
Portuguese East
69,616
Africa
11,770
8Z.039.19050.740.64911.925 07 t 'arta "."I ......... ......... ......
Total
2698
THE CHRONICLE
J. P. Morgan Returns From Abroad.
J. P. Morgan, who had boon abroad since the latter part
of September, following the death of Mrs. Morgan in August,
returned on tl.e White Star Lino steamer Majestic, which
docked in Now York on Doc. 1. Mr. Morgan refrained
from commenting on his trip.
J. P. Morgan & Company and Guaranty Trust Company
Participating in Advancement of Credits
to Belgium.
Last night's edition of the Now York "Evening Post"
(Dec. 4) carried the following news item:
J. P. Morgan & Co. and the Guaranty Trust Co. of New York are
participating in an advancement of credits to Belgium to stabilize Belgian
was announced to-day.
Although the amount of the credit was not given out, It was generally
believed that the first sum would be $25.000.000 and that additional
advances would be made available whenever needed. These credits are to
be refunded upon completion of arrangements for a long term loan next
spring, it is believed.
British. Dutch and SWISS banks are joining in the international group that
will lend aid to the Bank of Belgium. and this arrangement is expected to
enable Balgium to return to a gold basis with a devaluation of the franc to
around current levels of 5 cents.
It is hoped that credit conditions in Europe will improve in the winter
sufficiently to enable Belgium to float an international loan before next
summer. Negotiations for a long-term loan had been in progress in London
for several weeks, but these fell through when the Bank of England advanced
Its discount rate from 4 to 5%.
exchange rates. it
According to the "Sun" of last night, the American
bankers' share in the arrangement was arranged, it is understood, by Baron Hautain, Governor of the Bank of Belgium,
and the Belgian Minister of Agriculture when they were hero
as guests of Governor Benjamin Strong of the New York
Federal Reserve Bank. These visitors, says this account,
sailed for home on Tuesday of this week.
The following Associated Press cablegram was reported
from Brussels Dec. 3:
•
The Belgian Telegraphic Agency's London correspondent announces
that all arrangements for foreign credits to Belgium in different financial
markets have been comrleted and that the contract was signed at the Bank
of England Tuesday night in the presence of the Belgian Finance Minister.
Albert E. Janssen, and M. Lopreux. Vice-Governor of the Bank of
Belgium.
Representatives of the various foreign banks took part In the operation
to stabilize Belgian currency.
Banco Espanol de Chili Closes Temporarily Incident
to Study of New Banking Law.
The Associated Press announces the following advices
from Santiago, Chili, under date of Doc. 1:
The Banco Espanol de Chili, one of the most important financial institutions of the country, closed its doors to-day.
The bank issued a statement saying the suspension was only temporary,
as the condition of the bank was being studied in accordance with the new
banking law drawn up by Professor E. W. Kemmerer of Princeton University, who returned to America recently after directing a reorganization
of Chill's financial system. The bank has branches throughout Chill.
Agreement Reached for Funding of Rumania's Debt
to United States.
An agreement for the funding of Rumania's war debt to
the United States was reached this week. The Rumanian
Debt Mission arrived in this country on Nov. 6, but the
conversations with the American Debt Commission were
not brought under way until Nov. 13, having been deferred
pending the settlement of the Italian indebtedness. On
Nov. 21 the American Debt Commission declined to accept
the first formal offer for a funding of Rumania's debt, and
submitted to the Rumanian Commission a counter-proposal,
embodying substantially the terms of the British-American
settlement, with modifications to meet Rumania's particular situation. The acceptance of the American proposals by
the Rumanian Commission was announced on Dec. 1. The
agreement reached is indicated in the following Washington
advices to the New York "Herald Tribune":
[Vol, 121.
The official statement on the debt settlement Issued to-night by the
World War Foreign Debt Commission follows:
"An agreement has been reached in settlement of the Rumanian debt to
the United States, subject to the approval of Congress and the Rumanian
Parliament. The settlement has been approved by the President. The
orLdnal indebtedness of Rumania amounted to $36,128,491 94. Interest
on this amount has been calculated as in recent settlement-3, making the principal of the debt to be funded as of June 15 1925 $44,590,000.
Interest 3% and 33i%•
"The Rumanian Government agrees to repay the principal of the funded
debt over a period of slaty-two years, with interest at 3% a year for the first
ten years and 31,6% a year thereafter. During the first fourteen years the
following total annual payments are to be paid, the balance of each annuity
at the above interest rates to be funded over the remaining forty-eight years:
June151926$200000
$1.000.000
I June 15 1933
.
June 15 1927
1,200.000
300,000 Pune 15 1931
June 15 1928
1,400,000
400,000'June 15 1935
June 15 1929
1,600.000
500.000 I June 15 1936
1.600.000
June 15 1930
600.000IJune 15 1936
2.000,000
June 15 1931
700,000 I June 15 1938
June 15 1932
800.000IJune 15 1939
2.2
srb.mis
0C10"A debt-funding agreement will be prepared for signaturesand
sion to the President."
The arrival of the Rumanian Debt Commission was noted
in these columns Nov. 7, page 2220.
Italian Chamber of Deputies Approves $100,000,000
Loan Recently Floated in New York—Italy's Gratification Voiced by Finance Minister Volpi.
The Italian Chamber of Deputies approved on Nov. 28 the
Italian Government loan of $100,000,000 recently floated in
the United States by the syndicate headed by J. P. Morgan
& Co., the First National Bank of New York and the National City Co. The loan was referred to in these columns
Nov. 21, page 2460. Following the immediate placing of the
issue, Count Volpi, Finance Minister of Italy, sent the following letter to J. P. Morgan & Co., expressing to the offering group of bankers the Italian Government's satisfaction
upon the success of the loan and pointing out Its constructive character:
Messrs. J. P. Morgan & Co.
Dear Sirs: In behalf of Prime Minister Mussolini, I beg to express to
you and to those associated with you in the issuance of the Italian Government loan, the Government's gratification upon its success and its appreciation of the co-operative spirit manifested towards Italy by the American
investment community. Italy has balanced her budget. Her current income
shows a material surplus. Inflation is at an end. Our budget for the
military establishment is below even the moderate pre-war figures. Industry is on the up-grade. Those same measures of economy and efficiency
in Government administration, as were dwelt upon by President Coolidge in
his notable address last evening, have been put into effect in Italy, bringing
contentment to its people and stable economic and political conditions. The
loan which you and your associates have arranged is a logical step following
the debt settlement at Washington, for the proceeds of this loan will be
devoted to the stabilization of our currency, an end hardly less in the
interest of American trade with Italy and of the American Government as a
creditor than it is of Italy itself. We return to Italy with every appreciation of the great friendliness expressed to us, both officially and unofficially, by the American people.
Very truly yours,
(Signed) VOLPI.
November 20 1925.
Count Volpl, who headed the Italian debt mission, which
last month concluded negotiations for the funding of Italy's
debt to the United States, left a week ago, with other members, for Italy.
Progress in Economic Readjustment in Japan.
In a speech delivered at Osaka, Nov. 25, before the Western Japan Bankers' convention, Japanese Finance Minister
Hamaguchl touched upon the important economic problems
confronting Japan. The Japanese Financial Commission,
in this city, has received a cablegram outlining the speech,
a translation of which follows:
Our economic readjustment has made a steady progress. And yet, until
it. rompletion. there ir more to be done both by the Government and
by the
public. Principal measures now under contemplation by the
Government
for this purpose are tax reform, tariff reform, improvement of our
trade
balance, etc. Both the tax refoim bill and the tariff reform bill will
be
laid before tne Diet at its coming session. Recent remarkable
improvement
of our dollar exchange is chiefly due to the favorable turn of
our foreign
trade. Compared with the corresponding period of last year,
our total
Similar to British Terms.
(including colonies) export in the first ten mo•ths of this
year increased
Under the agreement reached with the Rumanian commission headed by about 444 million yen and import, 139 million yen; while the
excess of
Nicholas Titulesco, Rumania is held rather strictly to the terms of the Brit- import decreased, indeed, about 305 million yen.
ish debt settlement, agreeing to pay interest at the rate of 3% for the first
The exchange rate, though being on an upward trend, is
still about 16%
below par. The Government, realizing the urgent necessity
ten years after a moratorium and 31i% thereafter.
of its recovery,
A partial moratorium of ten years is granted to Rumania, during which is strenuously endeavoring for the decrease of import;
resorting to, for
period the nation will be required to make comparatively small payments instance, such methods as encouragement of thrift,
hard work and the use
ranging from $200,000 on June 15 1926 to $1,400,000 in 1935. After that of home products. On the other hand, it is sparing
no effort for the prothe payments increase materially. During the moratorium period the pay- motion of export. Despite the general economy
exercised in framing the
ments are fixed arbitrarily without regard to interest, the amounts being coming fiscal year's budget, any expenditure which
might lead to the inmade up in the subsequent payments.
crewed export has been treated as an exception to
the budget policy.
The ten-year period of leniency, it was explained by Secretary of the Wider application of the rebate system on the
re-exported goods is another
Treasury Mellon, head of the American Debt Commission, was agreed to example. The gold shipment, which has already
amounted
to 14 million
by the American commission because of the tangled state of Rumania's yen since the first shipment in September, will be
continued in the future.
Treasury. Rumania's capacity to pay in resources is good, but the GovernOwing to the higher money rates in the home market
and
the low price
ment fiscal system is not getting the revenue that should be derived from of yen, there has been an apparent tendency of
foreign capital importation.
those resources. This is being adjusted, but it will take some time for the The total amount of loans floated abroad in these
twelve
months amounted
Government to get its revenues in shape to meet the larger payments re- to nearly 70 million dollars, and it is said there
are more under contemquked on the American debt.
plation. Such importation may, as advocated by some,
contribute to the
DEC.5 19251
THE CHRONTCLE
2699
improvement of our trade balance, but, unless the loan terms are favorable
and the proceeds are adequately used, it may, I am afraid, result in increase
of our foreign payment and ultimately induce an adverse trade balance.
Moreover, the effect which any sudden inflow of a large foreign canital
might bring to our present financial world, cannot be minimized. I shou'd
like, therefore, tc ask our citizens to exercise, especially at present, selfcontrol in the utilization of foreign capital and co-operate with the Government for the sake of our economic rehabilitation and ultimate improvement of our trade balance.
An "urgency" meeting of spinners, manufacturers and merchants was
held here to-day to discuss the effects of the suspension of the excise duty
on cotton goods by India.
The trade here is considerably disturbed over the action of the Government of India, which deprives British manufacturers of a tariff preferential
heretofore accorded them.
In an earl:er speech (Nov. 10) at the annual meeting of
the Associated Clearing Houses Throughout the Empire,
Finance Minister Hamaguehl outlined the Government's
financial policy for the coming year, and a translation of
his remarks at that time is furnished as follows:
The decision of the Government to suspend the cotton etcise duty,
announced yesterday, has had the effect of terminating the strike of cotton
mill operatives which began in mid-September.
By the abandonment of the duty the mill owners were enabled to restore
wages to their old level and the owners' association issued an invitation,
which was quickly accepted, for the strikers to resume work.
About 135,000 operatives were involved in the strike.
From Bombay, India, Dec. 1, it announced the following
Associated Press cablegram:
Commenting on the above, the paper quoted said:
Economy in Government Finance.
Japanese Competition Keen.
In framing the budget for the coming fiscal year 1926 (ending March 31
British cotton manufacturers have been encountering some difficulties
1927) it has been decided to pursue the same retrenchment policy as was
budget.
year's
connection
present
recently in
fiscal
with their trade with India because of the growing
adopted for the
The expenditures ;n the general account are estimated to total about competition of Japan and other countries that offer low quality and low
1,598 million yen, consisting of 1,079 million yen in the ordinary and 519 price goods, some of which are made from Indian-grown cotton.
million yen in the extraordinary. Out of this total about 220 million
The new move has a political side in India that is little understood at the
yen are incurred by various expenditures necessitated by the earthquake moment, and the Manchester trade proposes to take the matter up with the
of 1923.
Imperial Government to see that justice is done to them. The suspension
There will be an increase of about 48 million yen over the total of the came unexpectedly, and if it is persisted in it will be followed by other
present fiscal year's budget, one of the principal causes of which is the matters sure to have a very adverse effect upon the British cloth trade.
20 million yen subsidy to local Governments for salaries of grammar school
India is Lancashire's greatest market. At present the English industry
teachers.
is quiet, and only recently cables stated that unsuccessful attempts were
Tax Reform.
made to curtail production by vote of mills spinning American cotton.
To reorganize the present taxation system with a view to insure a more
equitable distribution of the tax burden among various social classes, but
with due consideration on the present economic and financial conditions, Redemption of Argentine Government Bonds of 1925
the Government has decided to propose a tax reform bill in the coming
J. P. Morgan & Co. and the National City Bank, as fiscal
session of the Diet. Generally speaking, the present direct taxation system
will be allowed to remain on the who:e, but with some minor alterations. agents, issued the following notice December! regarding the
The business tax is to be revised so as to strengthen general busine a foun- redemption of the Government of the Argentine nation.
dations and to promote industries. In the case of the income, land, in- External sinking fund 6% gold bonds issue of June
1, 1925.
heritance and business taxes, the minimum amount liable to taxation will be
The undersigned, acting as Fiscal Agents in respect of the above Bonds,
raised in order to relieve the tax burden on the middle and lower classes.
hereby give notice that $225.000 in cash is available for the purchase for the
Various indirect taxes, such is consumption tax on cotton textiles, the
Sinking Fund of so many of said Bonds as shall be tendered and accepted for
traveling tax, taxes on soy and stamp duties on patent medicines will be
purchase at prices below par, and tenders of Bonds at such prices are hereby
abolished. On the other hand, to cover, to a certain extent, the deficit in
invited.
the revenue to be caused by the foregoing abolitions or reductions, proTenders of such Bonds with coupons due on and after June 1. 1926 shnuld
posals will be made for higher progre.sive rates in the inheritance tax and
be made at a flat price. below par, to be stated in the tender, and must be
higher tax on liquors and soft drinks. At any rate over 30 million yen
delivered in the Borough of Manhattan, City of New York. either at the
reduction on the nation's tax burden is under contemplation.
office of J. P. Morgan & Co., 23 Wall Street, or the principal office of the
National City Bank, 55 Wall Street. on a form obtainable on application
No Loan in Open Market.
The contemplated loans to be issued in the coming fiscal year for the at either of said offices, enclosed in an envelope and marked "Tender of
purpose of earthquake reconstruction works, public works in the colonies Government of the Argentine Nation External Sinking Fund 6% Gold
and construction and improvement of the national railroads amount to 150 Bonds, Issue of June 1. 1925, for the Sinking Fund." The tenders received
million yen. None of them will be floated in the open market, but will before 3 p. m.. January 5. 1926. will be opened, and as soon as possible
either be offered for subscription at post offices or be subscribed by the thereafter announcement will be made of the amount of the tenders then
funds belonging to certain special accounts of the Government. The policy accepted. If the tenders so accepted are not suffielent to exhaust the
of no loan in the open market, which has been adopted since the last available moneys aforesaid, additional purchases upon tender, below par,
fiscal year (1924), has gradually brought out an easier tone in our money may be made up to March 1,1926.
The right is reserved to reject any or all tenders.
market, resulting in lower money rates. The terms of new bond issues have,
J. P. MORGAN & CO.,
consequently, much improved, enabling longer terms and lower yield. It
NATIONAL CITY BANK,
also prompted the time of our economic readjustment and is constructing
Fiscal Agents.
step by step the foundation for better business.
United States Bankers Reject Coffee Value Loans—
Action Taken at Instance of Secretary Hoover
to Keep Price Down.
The following Associated Press dispatch from Washington,
Nov.12,appeared in the New York "Journal of Commerce.":
American loans sought by Brazilian authority to support coffee price
valorization have been refused by New York bankers at the instance of the
Administration, it appeared today in the publication of a statement by
Secretary Hoover.
Amounts of loans sought and the Identity of the banking houses and
borrowers concerned were not mentioned by Mr. Hoover, but the Government's interest was revealed as that of preventing any use of American
money to increase the price of coffee to American consumers above a point
which the Government considers fair.
"The Administration," said Mr. Hoover's statement, "does not believe
the New York banking houses will wish to provide loans which might be
diverted to support the coffee speculation which has been in progress for the
past year at the hands of the coffee combination in Sao Paulo, Brazil. Such
support would simply bolster up the extravagant prices to the American
consumer.
"I understand that the speculation which has been in progress at Sao
Paulo is disapproved by important elements in the Brazilian coffee industry,
and among the Brazilian people, as likely in the end to injure a very
Important industry.
"Some of the New York banking houses have been approached for these
loans and, I understand, have refused to entertain them. The Administration is solicitous that no harm should be done to the Brazalian coffee planting industry and our information is that whereas the price of coffee is held
at about 22c. by the combination, many of the planters themselves are not
receiving more than 14c. a pound. The average price before this recent
speculation, which carried raw coffee as high as 32c. was about 12c. to 14c.
a pound.
"Total coffee imports into the United States are about 1,400,000,000
pounds per annum."
Redemption of Poland External Gold Bonds of 1925
Dillon, Read & Co. as Sinking Fund Trustees for the
Republic of Poland 25 Year Sinking Fund External 8%
Gold Bonds dated January 1, 1925, announce that they
have designated by lot for redemption on January 1, 1926 out
of monies paid to them by the Republic of Poland as and for
a sinking fund, $700,000 principal amount of the Bonds.
The Bonds designated for redemption are payable on January
1, 1926 at the office of Dillon, Read & Co., Nassau and Cedar
Streets, New York City, upon presentation and surrender of
the Bonds at 105% of the principal amount of the Bonds,
and the interest accrued to January 1, 1926. The numbers
of the $1,000 pieces drawn range from M-160 to 33379. The
numbers of the $500 pieces drawn range from D-14 to 2743
and the $100 pieces from C-4 to 2030.
Great Britain Concludes Peace in the Hedjaz—Agrees
to Pay Sultan Ibn Saud $1,000,000 for Army
Beside $300,000 Yearly.
The New York "Times" printed on Dec. 1 the following
cablegram (copyright) from Paris:
Prince Lotfallah. Ambassador in France of the Hedjaz, confirmed in
Paris today reports from Cario that Great Britain had just concluded a
peace agreement with Sultan Ibn Saud, the conqueror of Mecca. One of
the conditions reported imposed by the Sultan was the payment by Britain
of $1.000.000 for development of his army—a condition which the British
Government is said to be willing to meet when peace is finally restored in
the Hedjaz.
Prince Lotfallah asserted emphatically that the money settlement was
outside the political settlement.
"If England pays $1.000.000 for a peace which would mean the evacuation
Mecca, among other things, it is the private affair of Sultan Saud." said
Excise Cotton Duty Suspended by India—Strike of of
the Prince. "The same can be said for $300.000 annually which has been
136,CO3 Workers Ends—British Fear Loss of Trade. paid to the Sultan for the upkeep of his army. Great Britain is very well
about the Arabian question and there is no doubt that the time has
Under date of Dec. 1 a special cablegram from London informed
come to establish peace throughout that region."
to the Now York "Journal of Commerce" said:
According to the terms of the agreement Britain has the solo right to
The Government of India has suspended the3Ji% excise duty on Indian 'represent the Hedlaz abroad and Britain will have a permanent official at
woven cotton cloth from to-day, and promises its complete abolition in the Sultan Saud's court.
budget next March. The import duty of 11% continues, however.
The rise of Sultan Saud to fame and power has been rapid. The chief of
The Manchester "Commercial-Guardian" says the effect upon the Lan- the Wahabis—the Ana ustere,a religious tribe of Bedouin—recently attacked
cashire trade cannot fail to be important adversely.
the Hedjaz, seized the Mohammedan holy cities of Mecca and Medina and
The same paper reported the following advices from Man- Drove King Huessein into exile. Three hundred thousand dollars was
really paid annually by the British on condition that he refrain from war Ike
chester, Eng., Dec. 1:
activities.
2700
THE CHRONICLE
Income Tax Ruling Bearing on City of Vienna 432%
Bonds of 1917
Holders of the City of Vienna 60 year 432% Bonds issued
February 23, 1917 cannot make any deduction for income
tax purposes for a loos in them until the bonds are sold or are
otherwise disposed of. That is the ruling just released by
the Income Tax Department, according to M. L. Seidman,
tax export of Seidman & Seidman, Certified Public Accountants. "It seems that many taxpayers," Mr. Seidman
explained,"deducted in their income tax returns the amounts
they paid for these bonds because of the fact that the Austrian
crown depreciated and became practically worthless. The
Department held, however, that such a deduction cannot be taken since it reflects merely fluctuation in the
market value of the securities and that until a sale takes
place and the loss can be accurately determined, no deduction may be claimed."
Pending South American Loans.
In making public, Nov. 27, a list of pending South American issues, as compiled by Max Winkler, Vice-President of
Moody's Investors' Service, a statement thereon says:
The apparent popularity of European loans has led to the concentration
on the part of our underwriting fraternity upon the financing of European
enterprises. Although one may confidently expect the continuance of the
efflux of American capital to the Old World on practically the same large
scale as witnessed within recent months, it appears that American banking
Institutions are neglecting the opportunities afforded through the reasonably
safe investment of funds in the countries on the southern half of our hemisphere. With the resumption by the Brazilian State of Santa Catharina of
payments at an early date of interest and sinking fund on its 8% Dollar
bonds which went into default on Feb. 1 this year, not one single loan
issued in this matket on behalf of South American Governments, States or
municipalities, will be in default with respect to either interest or amortization payments. It is therefore reasonable to expect that prospective South
American loans will receive a cordial reception in this market.
The list compiled by Dr. Winkler follows:
Amount.
Argentine (Consolidation) _ _5140,000.000
Argentine (Sanitary Works) 80,000.000
Buenos Aires, Province of ._ 14,000,000
Buenos Aires, City of
4,500,000
Tucuman, Province of
10,000,000
Mendoza, Province of
3,000,000
Conoordia, City of
500,000
Colombia
50,000,000
Caldas, Department of ____
6,000,000
Antioquia, Department of__ 17,000,000
Bogota. City of
4,000,000
Baranquilla, City of
Chile (Railway Loan)
Chile (Treasury Notes)_
Valparaiso, City of
Uruguay
Montevideo, City of
Porto Alegre, City of
Pernambuco, State of
Pernambuco, City of
Maranhao, State of
_
Amount.
3,500,000
45,000,100
3,000,100
4,000.100
45,000,000
7.500,000
5.000,100
2,000,100
1,000.000
3,000,C00
Total
8448,000,000
In the event that the above loans should materialize, our investments in
South America will aggregate $1,912,500,000, as compared with only $100,000,000 in 1913.
Over One Billion Rubles in Circulation in Soviet Union
Oct. 1.
The volume of currency in circulation in the Soviet Union
Oct. 1, at the beginning of the present Soviet fiscal year, was
1,142,884,700 rubles (about $588,580,000), according to a bulletin received by the Russian Information Bureau at Washington. The Bureau says:
Currency in circulation nearly doubled during the year. On Oct. 1 1924
the amount was 622,700,000 'levies, and on Oct. 1 1923 it was 271,000,000
rubles. The par value of the ruble is $0.5146, and during the past year it
has held consistently at slightly above parity on the European exchanges.
The Oct.'1 circulation was made up of the following classes of currency:
Amount in Gold Rubles.
Class of Currenoy—
651,969,500
Bank notes of State Bank
340,550,200
Treasury bills
136,114,000
-,..
Silver coin
6,806,000
Oopper coin
7,444,100
Small change paper tokens
Total
1,142,884,700
German Government, Conversion of Mark Loans.
From the London Stock Exchange "Weekly Official
Intelligence" of Nov. 2 we take the following notice issued
by the Reichsbank-Direktorium, Berlin, under date of
Oct. 26 1925:
The Reichsbank has been designated as the place for the lodgment of
claims upon the German Government for the conversion of mark loans of
the German Government into "Loan Liquidation Debt" under the terms
of the law of July 16 1925, on the Liquidation of Public Loans. With a
view, however, to the convenience of holders in the United Kingdom and
In the Irish Free State, arrangements have been made whereby such holders
may, at their own risk and expense, lodge their claims, accompanied by the
relative securities, at the Bank of England in London, for dispatch to the
Reichabank after examination by a "Special Commissioner for Loans of the
German Reich." Claims, together with the relative securities, must be
lodged at the Bank of England Loans Office, 5 & 6, Lombard Street,
E.0.3. claims will not be received at the branches of the Bank of England.
A "Special Commissioner for Loans of the German Reich" will be present
at the Bank of England Loans Office for the purpose of answering inquiries
and for the purpose of examining claims on behalf of the German Reich.
The Bank of England will only act as a medium for the receipt of claims
from holders and for the delivery of new securities.
The terms for the conversion of the loans are laid down in Part I. Sections
I and 2, Subsections 1-17, inclusive, of the Law on the Liquidation of
Public Loans. The main provisions may be summarized as follows:
[Vor, 121.
1. The Loan Liquidation Debt is in reichsmarks; the debt is in the form
of bonds to bearer which may, however, be exchanged into stock registered
in Germany.
2. Twenty-five reichsmarks nominal of the Loan Liquidation Debt will be
allotted in exchange for—
(a) 1.500 marks nominal of the Savings Perrnium Loan (Sparpramienanleihe);
(b) 16,700.000 marks nominal of the 8 to 15% "K"Treasury Bonds, 1923,
(c) 50 milliard marks nominal of the 8(0 15% "K" Treasury bonds, 1924;
(d) 1,000 gold marks of the non-interest-bearing bonds issued in compensation for war damages (special rate fixed for conversion to gold marks in
Annex to Revalorization Law of July 16 1925);
(e) 1,000 marks nominal of all other mark loans of the Reich (with the
exception of certain categories of debt excluded under Section 1, Subsection
3, of the Law).
3. Allotments of the Loan Liquidation Debt will only be made in nominal
amounts of 12.50 reichsmarks or multiples thereof.
4. Except on account of drawn "Redemption Rights" issued in respect of
"Old Holdings" (as hereafter defined):
(a) Holders of Loan Liquidation Debt cannot demand repayment thereof;
(b) The Loan Liquidation Debt will not bear interest until the Reparation
liabilities have been redeemed (such date to be determined by legislative
enactment).
"Old Holdings" are given the following special terms:
The right to participate in drawings ("Redemption Rights") spread over
30 years up to the nominal amount of Loan Liquidation Debt allotted; but
if a holder (other than a company incorporated under the Companies Acts
or other corporation actually owning the securities) Is entitled to receive in
exchange for his "Old Holdings" more tha 12,500 R. M. loan Liquidation
Debt, then
In the case of the first 25,000 R. M., or part thereof, over and above
12,500 R. M. Loan Liquidation Debt, he will receive redemption rights to
the nominal amount of one-half of the Loan Liquidation Debt;
For the next 25,000 R. M. Loan Liquidation Debt, or part thereof, he
will receive redempt'on rights to the nominal amount of one-third of the
Loan Liquidation Debt; and
In respect of any further amount of Loan Liquidation Debt he will receive
redemption rights to the nominal of one-quarter of the Loan Liquidation
Debt.
Companies incorporated under the Companies Act and other corporations
actually owning the securities will be entitled to redemption rights up to the
full nominal amount of Loan Liquidation Debt allotted even though such
allotment of Loan Liquidation Debt exceeds 12,500 R. M.
Redemption rights will only be allotted in nomin I amounts of 12.50 R. M.
or multiples thereof.
5. Drawings of redemption rights will take place annually over thirty
years, commencing in the year 1926.
6. On surrender of drawn redemption rights, together with a nominal
amount of *Loan Liquidation Debt equivalent to the nominal amount of
such redemption rights, the Loan Liquidation Debt will be redeemed, at'
the end of the year in which the drawing has taken place, by payment of
five times the nominal value of the redemption rights, plus interest on the
redemption payment of 44% from Jan. 1 1926 until the date fixed for
redemption.
7. Redemption rights will be negotiable by delivery.
An abridged list of mark loans of the German Government is appended.
A list Of all mark loans of the German Government covered by the terms of
the law may be obtained on application; included In this list are State.
railway and other loans taken over by the German Government. At
present, conversion claims will only be received on account of "Old Holdings," viz., securities of which the holders can prove that they have had
uninterrupted possession from a date prior to July 11920. The exceptions
allowed to this definition of an "Old Holding" are set out in Part I, Section
2, Subsections 10 and 11 of the Law of July 16 1925, on the Liquidation
of Public Loans, and in a decree of the Finance Minister, dated Sept. 8
1925, issued as a supplement to the law. Claims for the conversion of
"New Holdings," viz.: securities acquired on and after July 11920, will not
be received until a date some months hence,of which notice will be given in
due course. Claims for the conversion of "Old Holdings," together with
the relative securities, should be lodged forthwith; the latest date for the
receipt of such claims at the Bank of England has been fixed as March 1
1926. Claims must be made upon the printed forms. A holder may only
put forward one claim; if he possesses securities of more than one loan, the
securities must all be listed on the same form.
Securities will be accepted for conversion whether accompanied by coupon
sheets or talons exchangeable therefor. Bonds of the Loan Liquidation
Debt and also redemption rights will not bear any revenue stamp when
delivered by the Bank of England; if subsequently negotiated or transferred,
any liability for revenue stamp will rest with the holder. A commission of
2s. 6d. per 500 reichsmarks redemption rights allotted will be allowed to
bankers and stock brokers in respect of accepted claims fcr a conversion of
"Old Holdings" made on forms bearing their stamp; and also a commNsion
of Is. in respect of each accepted claim.
Copies of this notice, lists of German Government loans covered by the
law and copies of a translation of Part I, Sections 1 and 2. Subsections 1-17.
inclusive, of the law, together with the following forms:
Form for the conversion of "Old Holdings" and allowance of redemption
rights.
Form for information and documentary evidence in support of "Old Holding" claim may be obtained at the Bank of England Loans Office, 5 and
6, Lombard Street, E.C.3, or at any of the branches of the bank; at the
Bank of Ireland, Dublin, or at the Bank of Ireland, Belfast; of Messrs.
Mullens, Marshall, Steer, Lawford & Co., 13, George Street. Mansion
House, E.C.4: at any stock exchange in the United Kingdom and at the
stock exchanges, Dublin and Cork.
Abridged list of mark loans of the German Government:
German 3% loans
Interest Jan. and July or April and Oct.
German 335% loans
do
do
German 4% loans
do
do
Prussian 3% Cons. State loans_ _ _
do
do
loans.,
do
Prussian 3 % Cons. State
do
Prussian 4% Cons. State loans_
do
do
Deposit of German Securities Under Revaluation Law—
Dr. Friedrichs, Awaiting Arrival of High
Commissioner.
Announcement is made by Zimmermann & Forshay, under
date of Oct. 20, that they have been informed that the German Commissioner, Dr. Friedrichs, who arrived in New
York on Sept. 25, is not ready to take deposits of German
securities under the Revaluation Law, but is awaiting the
Mac.5 1925.]
2701
THE CHRONICLE
says, is that of United German
arrival of a High Commissioner, who is expected within a An instance, the statement
mortgage bonds of 1923. It is being made to appear that In
few weeks. Zimmermann & Forshay state:
of 10 milThese gentlemen will probably be ready for business after the middle of the case of a bond of this issue, with a face value
November, and will only take care of the loans of the German Government, lion marks, the 15% revaluation can be computed on this
and certain State loans of Prussia (Consols), Saxony, Baden, Hessen,
whereas under the German Revaluation Law the
Wuertemberg and Bavaria, which the German Government has assumed to amount,
computation is to be based on the gold mark valuation of
partially revalue.
We understand that "old" holders, i. e. those who held their securities the bonds, which would be only 237 for each 10 million of
uninterruptedly since June 3 1920, will first be required to list their holdpaper marks. The bankers' commission 'anings, while "new" holders, I. e. those who purchased their bonds there- face value in
after, will be attended to later on. The exchange will be made in strict nounced that at its request the German Consulate General
accordance with the law, as enacted in Germany.
York has prepared the following statement:
Reichsmarks for each 1,000 marks par in New
Rate of exchange is 2%%, or 25
value of the old bonds. The new bonds bear no interest until reparations
payments are fully provided for. Old holders receive in addition the same
amount in drawing certificates, limited, however, to 12,500 Reichsmarks
to each holder. After that a sliding scale is provided for on these drawing
certificates which will be repaid by annual drawings within thirty years,
beginning Jan. 1 1926. Drawn certificates will be payable at five times
their face value, plus 4%% interest from Jan. 1 1926.
The 4-5% German Forced Loan of 1922 (Zwangsanleihe) is excluded from
the Revaluation Law.
The 8-15% Treasury Notes "K" II issue of 1923 (Schatzanweisungen)
will be revalued at the rate of M 25 and XI 12.50 for each 14 16,700,000
and half this amount, respectively; hence„ more than 8 million marks are
required to receive the minimum revaluation of /if 12.60 in new bonds.
The 8-15% Treasury Notes of 1924 will be revalued at M 25 and 31 12.50
for each 50 billion marks and 25 billion marks, respectively.
Regarding pre-war municipal bonds, a minimum rate of 2%% has been
fixed. The ability and the extent of paying in excess of this minimum
rate (Mark 25—in new bonds for each Mark 1,000—of present holdings),
will be determined by an official trustee.
With reference to post-war bonds, their gold revaluation will be based
upon the value of the mark currency at time of issue or otherwise.
The City of Hamburg informs us that their revaluation plan is expected
to be published before the end of the year.
Industrial obligations and similar bonds are revalued at the rate of 15%
of their gold mark value at the time of issue, whether secured by mortgage
or otherwise, or whether only a debenture bond. The debtor corporation
may request a reduction of the revaluation rate, if this seems imperative
with regard to its financial position.
Mortgage bonds and similar obligations, are revalued in proportion to
realization on outstanding mortgages, plus a contribution by the issuing
company from other assets, but less deduction of administrative charges,
which are not to exceed 10% of the distribution.
Holders of industrial and similar obligations who have held their bonds
uninterruptedly since June 30 1920, are entitled to a share of the profits
and will receive beneficiary certificates (approximately 10% of the company's assets) in addition to the general ratio.
Some of the companies have already set time limits for filing of claims
as holders since June 30 1920. Owners of bonds should immediately notify
the respective companies of their holdings and protest against discrimination between old and new owners. Some time limits expire on Dec. 28 1925.
No immediate cash payment has been offered and provided for in this
Revaluation law, but only an exchange from old into new securities will
be made.
In case it will be necessary to forward the bonds to Europe, we shall be
glad to place our services at your disposal.
Bank notes and savings deposits in other banks than authorized savings
banks are not subject to revaluation under this law.
The present revaluation law with its discrimination between old and new
holders is very objectionable to American citizens, since the Treaty of
Friendship, Commerce and Consular Rights with Germany, concluded Dec.
11 1928, approved by the United States Senate on Feb. 10 1925, and signed
by the Secretary of State, Mr. Kellogg, and the German Ambassador, von
Maltzan, on Oct. 14 1926, provides in Article 1, Paragraph 4, that:
"The nationals of each high contracting party shall receive within the
territories of the other, upon submitting to conditions imposed upon its
nationals, the most constant protection and security for their persons and
property, and shall enjoy in this respect that degree of protection that is
required by international aw. Their property shal not be taken without
due process of law and without payment of just compensation."
According to advices received from abroad, the Stock Brokers' Association of Amsterdam, Holland, heeding numerous protests received, have
decided that the•Gerxnan revaluation is an absolutely insufficient settlement
of debts. Therefore, the Stock Exchange authorities of Amsterdam resolved
to bar German public or private securities from official trading on the
Exchange. These resolutions will also affect the recent loan of the Rentenbank-Kreditanstalt which was sold in this country.
Our firm is making strong efforts to protect the interests of our customers and friends in the matter of securing higher revaluation eliminating
'the absolute
the distinction between "old" and "new" holders and prevent
Forced Loan of 1922. To
exclusion from the Revaluation Law of the 4-5%'
this effect our protest has been forwarded to the German Government, and
communicated to the various Stock Exchanges in Germany.
Details regarding provisions of the Revaluation Law
were given in our issue of Sept. 26 (page 1525) and earlier
references to the law appeared in these columns July 25,
page 402 and Sept. 12, page 1299.
American Bankers Association Warns Against New
German Mark Fraud.
A warning against a new form of fraud in German mark
transactions based on a misrepresentation of the application
of the German Revaluation Law to holdings of paper mark
bonds, especially post-war bonds, in the United States was
Issued on Dec. 3 by the Commerce and Marine Commission
of the American Bankers Association. The warning says
that certain firms in all parts of the country are promoting
sales of German securities by representing that both prewar and post-war paper mark bonds can be revalued on the
basis of 15% or more of their face value, whereas as a matter of fact the computation must be based on an infinitesimal fraction of this amount. The activities of these firms
is detrimental not only to the investing public, but also to
the honest and legitimate dealers in German securities.
Certain firms throughout the country are offering German post-war
paper mark bonds, as for instance, United German mortgage bonds of 1923,
stating that these bonds, according to the German Revaluation Law would
be converted into Reichsmark bonds at the rate of at least 15%, or even.
considerably more, of their face value. As the value of the paper mark
shortly after the war became very low and went down incessantly until a
new German currency in November 1923 was created, such offers would
involve a considerable gain.
The calculation, however, on which these offers are based is entirely mistaken. The German Revaluation Law clearly prescribes that the rate of
revaluation is to be computed on the gold mark value of the respective
securities. This gold mark value, according to the law, is considered the
same as the face value only as far as the bonds were issued before Jan. 1
1918. As to bonds issued after this date the gold mark value is to be computed individually according to the value the paper mark had at the date
•
of issue.
In order to facilitate the determination of the rate of revaluation, a
mark
gold
the
showing
law
revaluation
the
with
schedule has been published
value of the paper mark during the period from January 1918 to November
1923. Consequently, if, for instance, a revaluation of 15% is taking 'place
and certain bonds with a face value of 10 million marks have been issued
on July 2 1923, when 100,000 paper marks, according to the above-named
schedule, were worth 2.73 gold marks, the 15% revaluation is not to be
computed on 10 millions, but on 273 gold marks.
Persons inclined to consider such offers as mentioned above should be
advised to ask their own bank for particulars about the German Revaluation
Law,
The Commerce and Marine Commission further points out
that since the revaluation law assigns definite values to all
German securities, the speculative element is entirely lackIng, because the exact value of all German bonds can be
determined. Also, in view of preferences given to certain
classes of holders of securities it would be to the disadvantage of many of them to dispose of them at this time. The
German Consulate General in New York has available at his
office the most important provisions of the law and a special
commissioner is at work here relative to the matter of adjustments of the bonds issued by the Reich, the German
States and the German municipalities, the Commission says.
Booklet on Work of Trust Company Issued by Trust
Company Division of A. B. A.
A booklet presenting in the form of dramatic dialogue the
work of the trust company in handling the estate of an
average well-to-do citizen has been issued by the Trust Company Division of the American Bankers Association under
the title "Squaring Promise With Performance: An Act
From Life." The book contains the text of a playlet presented before the Division's meeting at the American Bank-era Association convention held in Atlantic City in September. The text shows how many perplexing business and
financial matters are handled in behalf of the widow unused
to such transactions. • Copies can be obtained from Leroy A.
Mershon, Secretary, Trust Company Division, American
Bankers Association, 110 East 42d Street, New York City.
Achinek-Minusinak RR. in SOuth
Central Siberia.
A bulletin received by the Russian Information Bureau.
at Washington from the Soviet Commissariat for Transport
announces the completion of the Achinsk-Minusinsk RR.
in south-central Siberia, and the opening of regular service
on Nov. 7. The road, 200 miles long, connecting with the
Trans-Siberian RR. at Achinsk, opens up the Minusinsk
area, hithert oalmost undeveloped, though it is one of
the richest regions in Siberia and possesses extensive deposits
of high-grade coal, iron ore, copper, gold, and other mineral
wealth. It is stated that during the current fiscal year
the new line will be called on to transport 60,000 metric
tons of grain. The road will also act as a feeder for the
projected South Siberian RR., 1,250 miles long, now under
construction.
Completion
of
Soviet Russia's Large Agricultural Production.
The proportion of the Soviet Union's agricultural production available for the market this year is estimated to
amount to $1,600,000,000, accorffing to a bulletin of the Commissariat for Agriculture, received by the Russian Information Bureau at Washington. The agricultural exports will
amount to $283,000,000, it is stated, according to the Commissariat, of which grain exports will represent $230,000,000.
Grain exports are calculated at 7,380,000 short tons, or up-
2702
TTTE CTTRONTC,LE
ivot 121.
wards of 300,000.000 bushels. Russian grain exports from
the crops of various years are given as follows:
W. W. Nichols. President, American Manufacturers' Export
Association.
L. J. Taber, Master of the National Grange.
Robert S. Binkerd, Vice-Chairman. Committee on Public Relations of
Yearthe Eastern Railroads.
Short tow.
1907-12 (average)
I. Public Debt.
11,763,000
1. From January 1 1920. to January 1 1925. the National debt was
1914
6,696,000
1916
reduced by about 5;,4" billion dollars.
738.000
1923
2. During the same time the debts of state and local governments
8,294,000
Increased by about 6 4. billion dollars.
1924
1,296,000
1925 (estimate)
3. During this period our state governments contracted new debts
7,380,000
20
times as fast as they paid off old debts.
4. During this same period state and local governments combined were
Formation of Missouri-Kansas Farms Company- going into debt more thaii 4 j., times as fast as they were before the war.
5. The total public debt of all forms of government in this country is
Offering of Class A Common Stock
higher now than when our war debt was at Its peak in 1919.
Following the announcement on Dec. 1 of the formation
6. The National debt Is being reduced at the rate of about
billion
of the Missouri-Kansas Farms Company,-a new character dollars a year.
State
7.
and
local
debt
the
is
increased
being
at
billion
of
11i
nearly
rate
of form loan organization,-9,000 shares of Class A Common dollars
a year.
stock of the company, of no par value, was offered Dec. 2
IT. Public Expenditure.
1.
From
January 1 1920, to January 1 1925. National governments
at $100 per share by a syndicate headed by Guy Huston &
expenditures were reduced about 3 billion dollars.
Co., Inc. and including Geo. W. York & Co., Inc. and
2. During the same period current expenditures by state and local govern"
Pearson, Erhard & Co. It is announced that Class "A" ments increased nearly 2 billion dollars.
3.
stock will be entitled to cumulative dividends at the rate of three At the present rate of increase-over 300 million dollars a year-in
more years the growth of state and local expenditures will eat up the
$6 per share per annum. Class "B" stock will be entitled to entire saving so far effected
in the expenditures of the National government.
4.
Almost
cumulative dividends at the rate of $6 per share per annum.
409 of National expenditures, 20% or more of local expenditures
and
about
10.7'
of
state expenditures are now required to pay interest
after payment of dividends at the same rate upon Class "A" and
amortization on existing public debt.
stock. Additional earnings declared for dividends in any
5. The general property tax (the main support of state and local governyear shall be distributable in the ratio of 2-3 of such dividends ment) is now about as high as the total cost of all government-National,
state, city, county and local-before the war (about 4 billion dollars).
to Class "A" stock and 1-3 to Class "B" stock. The comR. The per capita cost of government now exceeds the per capita cost of
pany's capitalization consists of 9,000 shares authorized no food, at least for the inhabitants
of our cities.
in addition to the above facts which were brought out by the sub.
par class A stock and 3,000 shares authorized no par class B
committee's
stock. The class B stock has been purchased for cash, at the tax reductionreport the following facts are published to show how necessary
is to the railroads.
same price the company receives for its class A shares, by
ITI. Taxation and Railroads.
1. 1924 was the fourth year since 1919 in which railroad taxes exceed
the organizers of the company. The company is sponsored
railroad dividends by a substantial margin.
by interests closely identified with the Kansas City Joint
Taxes. $340.000.000.
Dividends, $320.000.000.
Stock Land Bank and other farm credit organizations of the
2. 1925 will apparently be the fifth year since 1919 in which railroad
middle west. The Missouri-Kansas Farms Company, it is taxes exceed dividends by a substantial margin.
Taxes. $365.000.000.
Dividends. $330.000.000 (estimated)
stated, is designed to supplement the efforts of country
3. Railroad taxes now are running at the rate of a million dollars a daybankers and certain Joint Stock Land Banks in the secondary $42.000 every hour of the twenty-four. Sundays and holidays included.
4. More than 75% of railroad taxes are levied by state and local governfinancing of farmers. It will operate particularly in the terriments.
tory served by the Kansas City Joint Stock Land Bank.
5. Applied to freight receipts alone, present taxes would take more than
The principal operations of the company will consist in the 89. of every freight rate paid.
6. Applied to passenger receipts alone, present taxes would take more
making of short-term loans to farmers for carrying crops
than one-third of every passenger fare paid.
and live stock to maturity, the purchase of mortgages on
7. Every element of cost under the control of railroad management has
farms already carrying first mortgages with Joint Stock Land been materially decreased since 1920. as a result of which rates have been
decreased
to the extent of about 700 million dollars a year.
Banks and the purchase of equities in farms on which Land
8. The one big element of expense which shows no sign of decreasing in
Banks have loans.
taxes, which are subject only to the control of an enlightened public opinion.
It is further announced:
This corporation will take over the sales organizations and the farms
departments of the Cravens Mortgage Co. of Salina, Kansas. and the
Kansas City Finance Co. of Kansas City. Missouri. The Cravens Mortgage
Co. was organized by R. P. Cravens in 1878. The Kansas City Finance
Co. was organized early in 1922. These two companies combined have
loaned over $40.000,000 to farmers in short time loans, secondary
financing
and crop loans.
The corporation will take over none of the assets or liabilities of either
company-only the organizations and clientele, without cost.
The permanent officers and directors will be as follows: President.Walter
Cravens; Vice-Presidents' R. P. Cravens and R. W. Street: General
Manager, Charles R. Cravens; Assistant General Manager. Harry Hale;
Secretary-Treasurer, A. B. Todd; Attorneys, C. H. Ewald and W. E.
Suddath: Directors, Walter Cravens. President, Kansas City Joint Stock
Land Bank: R. P. Cravens, Vice-President and Chairman of the Board,
Kansas City Joint Stock Land Bank; R. W. Street, Vice-President, Kansas
City Joint Stock Land Bank; Charles R. Cravens, Farm Loan Expert:
C. E. Maxwell, Loan Supervisor. Kansas City Joint Stock Land Bank;
J. I. Callahan, Geo. W. York & Co., Inc.; B. Earle Appleion. Pearson.
Erhard & Co. Executive committee, Walter Cravens, R. P. Cravens.
and R. W. Street.
The company is incorporated under the laws of Massachusetts; the stock will be tax free in Ohio, the company
electing and agreeing to pay the applicable Ohio franchise
tax; it is also free of present normal Federal income tax and
free of Massachusetts income tax.
Debts and Taxes of State and Local Governments
-An Inadequately Appreciated Cause of High
Cost of Living for the Public and for the
Railroads.
Refering to the joint conference on state and local taxation
between industry, agriculture and transportation was held
in New York City, November 18-19, during the occasion of
the annual convention of the National Founders Association
"Railroad Data" dated Nov.20,published by the Committee
on Public Relations of the Eastern Railroads, says:
The purpose of the conference was to focus public attention on the need
for economy in state and local governmental expenditures. The following
facts are based on the report drafted by a sub-committee representing the
various organizations co-operating in the movement. This report was used
as a basis for round-table discussion. The sub-committee was composed of
the following:
0. E. Bradfute, President, American Farm Bureau Federation.
Charles Clifton. President, National Automobile Chamber of Commerce.
Walter Drew, Counsel, National Erectors' Association.
John E. Edgerton, President, National Association of Manufacturers.
Alba B. Johnson, President, Railway Business Association.
A. M. Loomis, Secretary, National Dairy Union.
-- Arrangements for Providing $5,000,000 Corn Credit in
Behalf of Iowa Farmers Made at Conference of
Government Officials Held in Chicago.
At a conference held in Chicago, Dec. 1. called to conBider ways and means of assisting Iowa farmers in financing
the orderly marketing of this year's corn crop, a $5,000,000
agricultural credit to aid in the marketing of the crop was
subscribed. At the conference Iowa and Illinois bankers,
business men and farm leaders met with Secretary of Agriculture Jardine. Two Intermediate Credit banks to be located
at Des Moines and Fort Dodge with a capital stock of
$250,000 each, were organized and the stock subscribed for,
says Chicago Associated Press advices, Dec. 1, which also
give the following information in the matter:
The agricultural and financial representatives of the heart of the corn
belt met here to-day with Secretary William M. Jardine of tho Departmeat of Agriculture and other Government officials to discuss ways and
means of enabling the farmers to cash in on their record-breaking corn crop
of this year by a process of orderly marketing.
Government machinery to expand credit facilities so that the farmer
might hold or feed his corn instead of sacrificing it at 50 cents a bushel was
set in motion.
President Coolidge sent his greetings to the Conference and expressed
through Secretary Jardine "the hope and expectation that out of the Conference will come constructive help."
The Iowa bankers, business men and farmer leaders adopted resolutions
"re-affirming their faith in the richest agricultural State in the Union
again normal In business and its banks stronger than ever before in cash
resources and liquid assets."
Two national agricultural credit corporations, to be located at Fort
Dodge and Des Moines, Iowa, with capital stock of $250,000 each, were
organized and granted charters, and the stock all subscribed at the meeting.
These two banks, under the Federal Intermediate Credit Bank, will be able
to take farm paper up to $5,000,000 with corn in the crib or live stock
in
the feeding pen as collateral.
The resolutions adopted by the Iowa bankers at the Conference said:
"Resolved, That this group of Iowa bankers, business men and farmers
take advantage of this opportunity to re-affirm their faith
in Iowa; that
richest agricultural State in the Union is again normal in business
banks stronger than ever before in cash resources and liquid assets.and its
"Resolved, That this gathering has been glad to start to-day the organization of properly financed national agricultural credit corporations
to operate
In Iowa under the Federal Intermediate Credit System,
which will be able
to take care of all necessary credit for the orderly marketing
of this year's
corn crop in sections that may need additional credit
facilities.
"Resolved, That we commend President Coolidge, Secretary Jardine and
the agencies of the Federal Government for their outstanding
interest in
the State of Iowa and their desire to co-operate in the
stabilization of conditions in this great agricultural State."
Under date of Nov. 23 Nils A. Olsen, Assistant Chief,
Bureau of Agricultural Economics, and Albert C. Williams
Member of the Federal Farm Loan Board,in a report to Secre-
DEC.5 1925.]
THE CHRONTOLE
tary of A griculture Jardine on the credit and farm storage
conditions in Iowa, indicated that more credit would be
needed for quite a number of farmers, and the belief was
expressed that "the time is opportune for a wider use of the
facilities afforded by the Federal Intermediate Credit System." The report follows:
2703
William M. Jardine, Secretary of Agriculture, in an address
before the National Co-operative Milk Producers' Federation
at Philadelphia, Pa., on Nov. 24. "Co-operation aims to go
beyond the mere selling of the farmers' product and the
distribution of the proceeds. It aims to eliminate wastes in
marketing and distribution, to set up standards by which
farm products will be graded and sold, and to adjust production to demand. This means not only the adjustment of the
quantity of products to market demands, in so far as that
is possible, but, what is perhaps more important, the production of products of such kinds and qualities as meet the
requirements of the consumers, and as can be marketed with
a minimum of waste. The very fact that farmers are able
to organ:ze in a business-like way to mhrket farm products
points to other accomplishments through co-operation. Insurance and the purchase of farm supplies are established
co-operative activities. Farmers are learning also that they
can meet their credit problems more effectively. through
co-operation." At the same time, said the Secretary, the
social significance of the co-operative movement should not
be overlooked. "One of the great needs in country life is a
community consciousness. An organized community will
seek to improve not only economic conditions, but the educational opportunities and social life of the people. Cooperation means working together not for one object, but for
many objects. It should add dignity to country life and the
business of farming. In other words, co-operation contemplates a stabilized agriculture that will give every opportunitiy for the development of a high type of rural civilization, and at the same time will produce and distribute economically the products necessary to supply our cities with
food." Mr. Jardine then proceeded as follows:
the
In keeping with your request, the undersigned visited Iowa for
State as
purpose of surveying credit and farm storage conditions in that
respectfully
they relate to the orderly marketing of the 1925 corn crop, and
submit the following report:
corn has
Iowa
of
marketing
orderly
the
aid
The question of credit to
prices. The
been brought into prominence by the recent severe drop in
in Iowa was
estimated average price of old corn received by producers
1925. By October of this
$1 Olin October 1924 and 98 cents in August
In the first half of Noyear the average price had dropped to 70 cents.
with an
vember sales of new corn were reported at from 50 to 60 cents,
of course,
average price of around 55 cents. It should be remembered,
content.
moisture
its
of
high
because
that the new corn sells at a discount
by the people of the
The decline in corn prices is viewed with concern
part of their
State, and especially by farmers who sell for cash a large
of the
crop. That such farmers represent no inconsiderable number
that
of corn out
shipments
fact
the
producers in Iowa is indicated by
years
in
and
the
of
crop,
20%
about
average
grown
of the counties where
While the movement
of large production sometimes reached 30 to 35%.
it amounts
of corn out ofsome counties is relatively small,in other counties,
to as much as 40 to 50% of the crop.
corn crop
the
of
large
primarily,
result,
a
Is
prices
in
The recent break
produced this year. Recent estimates place the crop for the United
States at 3,013,000,000 bushels, and for Iowa at 477,386,000 bushels,
which is the largest yield in the history of that State. An analysia of the
situation, however, indicates that several factors will tend to offset the
increased crop. The low carry-over of old corn from last year, short feed
crops in some sections of the country, relatively higher prices for hogs
and cattle as compared with corn prices and a probable increased feeding
demand,a prospective increase in the number of hogs to be fed next summer,
generally good business conditions—all are strengthening factors in the
price situation. On the other hand, there are influences which may have
a weakening effect on prices, such as the size of the corn crop, some reduction in the number of live-sto( k. ant he low prices of other feed grains.
Ordinarily the lowest prices for corn are reached during the winter
months. The price trend is usually upward from March to July. After
July rrices are influenced by the prospects for the new crop. The proThe co-operative associations in the United States are engaged In a farducer who has corn to sell has the problem of decidit g whether the seasonal
reaching undertaking which we believe to be vital to the welfare of agririse in Trice is likely to yield him a r refit over the cost of holding.
no question of the
There is much to supptrt the view held more or less generally by farmers culture. From this point of view, there should be
co-operation. The movement
and other conversant with conditions that at present prices farmers who have attitude of the Federal Government toward
and this encouragement and support
live stock to feed or are equipped to obtain and efficiently handle live stock deserves encouragement and support,
demand, and from their
should realize good returzs by feedirg corn, and that corn sold for cash must be dynamic and positive. The co-operatives
and
marketing have a right to expect,
production
should go to market in an orderly manner. Many bankers and business position in the scheme of
particularly from the
Government,
Federal
the
from
active assistance
men of the State are encouraging this policy.
In order to carry out a program of increasing live stock holdings, feeding, Department of Agriculture.
The responsibility for the development of a satisfactory and helpful
and orderly marketing, it appears that quite a number of farmers will need
rest entirely with the department. In other
more credit. In the main,farmers will probably receive adequate assistance service, however, does not
it as a healthy situation, from the point of view
in
from their local barks. Reports indicate improvement the Iowa banking words, I should not regard
or the department,fir the associations to accept
situation, but bank failures have been numerous in the State and there of either the co-operatives
as are offered them. They should be partners in
appear to be spots where existing credit agencies are not able to meet passively such services
make their wants known.
present legitimate demands for credit. We believe, therefore, that the time the enterprise, and should
The policy of the Department of Agriculture in this as in other enterprises
is opportune for a wider use of the facilities afforded by the Federal Interto be ene nst of direction but of service in the
continue
the
will
for
express
and
of
purpose
has been
mediate Credit System, which was established
themselves have become cmvinced that service is
aiding local backs and other credit institutions in financing the production lines in which farmers
was established for promotion of American
and orderly marketing of live stock and other agricultural products. The needed. The department
to give farmers constantly the service which they
Federal Intermediate Credit Bank at Omaha stands ready to co-operate a.,riculture and it seeks
to progress. Marketing problems have
essential
found
have
with farmers, bankers and business men in providing sound credit for the themselves
department for some time. The Office of Markets was
orderly marketirg of the corn crop. It can not, under the law, make loans been studied in the
one of its first projects dealt with problems of
direct to fern- era, but it can rediscount properly secured farmers' notes, established in 1913 and
and purchasing organizations. This project has
having a maturity of not less than six months and endorsed by an eligible co-operative marketing
has been carried on in the fundamental problems
Research
bank or sound and well-managed credit corporation. The present redis- expanded slowly,.
Historical and statistical data regarding agricultural
count rate of the Federal Intermediate Credit Bank is 5% per annum. of co-operation.
from all parts of the United States. The
The bank or credit corporation is permitted to charge in addition thereto co-operation have been collected
marketing and operating problems of assonot more than 134%. making the present maximum interest rate to the material available deals with
and the economic and legal factors
business,
doing
farmer 6 % per annum. IS is expected that some banks in position to ciations, the cost of
as well as the broad questions involved in the
do so will utilize the facilities of the Federal Intermediate Credit Bank in under which they operate,
to the as.sociations.
meeting the needs of the farmers. In regions where adequate credit accom- relationship of the members
modations are not available through local banks, conditions can be imof the Department.
Services
proved through the organization of properly capitalized agricultural credit
The department has also made various surveys of conditions surrounding
corporations which may rediscount paper with the Federal Intermediate
with
the production and marketing of particular products in specific areas
Credit Bank.
of a system of marketing the
The Iowa State Warehouse Act was passed In 1923 for the purpose of a view to determining the possible advantages
in
organizations
co-operative
making grain stored on the farm more acceptable collateral for loans. The products co-operatively, thus assisting
are involved in both proAct has been in operation for tco short a ceriod to permit a fair appraisal obtaining knowledge of the basic factors which
of its merits. Experience will Indicate Improvements needed in the system. duction and marketing.
coVarious other services of the department, not directly based on the
The measure should be given a fair test. Many of the barks in the State
co-operative
have expressed their willingness to make loans on farm storage certificates operative marketing studies, are nevertheless of value to
Issued under this Act, and the Federal Intermediate Credit Bank serving organizations. Estimates, forecasts, and statistics of crop and livestock
the State of Iowa likewise is prepared to accept them as collateral to notes production are provided. A comprehensive market news service is given,
of solvent farmers when submitted for rediscount by an eligible bank or reporting shipments, receipts, prices, and condition of commodities. Well
defined and generally accepted standards for farm products have been
sound and properly-managed agricultural credit corporation.
While our mission was to survey credit and farm storage conditions in established, and shipping point inspection is being extended rapidly. This
was
expressed in the typo of service is vital to the fullest development of co-operative marketing.
Iowa, we feel it should be added that deep interest
problem of stabilizing the prices of farm products and in bringing about a The licensing of public warehousemen under the United States Warehouse
better relationship between the prices of the things farmers buy and the Act administered by the department has assisted co-operative marketing
things they sell. The agricultural situation has improved since 1921, but organizations in enabling them to secure improved credit facilities and to
It is apparent that many Iowa farmers still labor under the handicaps of develop mere orderly marketing. Studies of cost of production and cost of
large debts, high operating expenses, high taxes, high interest rates on short- marketing are likewise of value, while closely akin to these are studies in
term loans, and also widely fluctuating and often unsatisfactory prices for accounting systems adapted to agricultural needs.
Recently intensive surveys and analyses of che operating, financial, and
their products.
marketing problems of particular co-operative associations have been carried
Respectfully submitted,
on. These studies have been of value not only in themselves, but because
NILS A. OLSEN,
they have proved a valuable guide to co-operative organizations in setting
Assistant Chief, Bureau of Agricultural
up operating standards and methods. In short, it is a method of developing
Economics.
in the agricultural field the scientific business study which has proved so
ALBERT C. WILLIAMS,
valuable in corporations and other industrial organizations.
Member, Federal Farm Loan Board.
Washington. D. C., Nov. 23 1925.
Growth of Co-operative Movement.
Although the department has made these and various other studies
TI- e United States Government and Agricultural which have proved distinctly useful to the co-operative movement,the work
has not grown as fast as have co-operative organizations. From 1919, when
Co-operation--Address of Secretary of Agriculture
a wave of organization activity began to sweep agricultural America, until
William M. Jardine.
the present time, co-operation has grown among farmers until this year it
The relationship of the Government to a movement like is conservatively estimated that $2.500.000,000 worth of farm products
will be marketed co-operatively. This is a phenomenon of which no one
agricultural co-operation must depend upon the purposes interested
in American agriculture or in the American nation can fail to
Of the movement and its importance in the national life, said take cognizance. Investigations, services, and theories suffi lent for past
2704
THE CHRONICLE
conditions must be modified and expanded In the light of contemporary
circumstances.
[VOL 121.
The Department can not undertake to do this work for the co-operatives.
but It can, very properly, outline the field and develop methods in this
Important and difficult undertaking.
The co-operative movement demands the increasingly thoughtful
attention of those governmental agencies which are directed toward the
Our scientific investigations must not be confined exclusively to problems
end
of agricultural service. For a long time a great group expression of our directly under the control of farmers or farmers' organizations. The coagricultural population has been needed, and this, I believe, we have operative organizations are interested likewise in every problem which confound in the co-operative movement. Here is a common meeting ground cerns, on the one hand, the building up of their own membership, and on
the other hand the marketing of farm products.
on which farmers of various training, various viewpoints,
and various
economic and social interests may meet together. It is obvious that the
Better Financing of Small Farmers the Need.
Department of Agriculture, which has already been deeply interested in
To strengthen the potentialities of co-operative organizations, better
the co-operative movement, should greatly expand its work in
this field.
financing of small farmers is of great importance. Although credit agencies
are being developed to take care of the commodities handled by co-operGroup Action the Desideratum.
atives, still greater attention must be given to this phase of agricultural
As I have pointed out before, however', the Government
should not,
and cannot effectively, impose its services and assistance upon any group. finance. There is a great need, moreover, to give the right sort of assistParticularly absurd would it be for the Government to attempt to do ance to the small one-crop.farmer like the cotton grower. This is a weak
this in the case of the co-operative movement, which itself is dependent place in our financial system. In considering this problem, unbiased studies
on group Intelllgence, Interest, and action. What the co-operative move- must be made and definite facts secured which may be presented to the
ment needs is a pooling of the resources and intelligence of the farmers proper agencies for providing remedies. In this particular field much must
themselves, of the leaders of their organizations, of the State colleges be done through the States if the problem is to be solved, but this does not
and experiment stations, of public and semi-public institutions, and all relieve us, who are interested in co-operation and in agriculture generally.
individuals that have anything to contribute to the movement. Only from our obligation to obtain the necessary data.
in this way will we manifest the fundamental basis of all co-operation.
Better Terminal Facilities Required.
namely the will to work together. United action is the basis of co-operaIn connection with the marketing offarm products, the other point which
tion, and we who are Interested in the movement must set to all men the I mentioned,
congestion in the terminal markets and inadequate and antiexample of united action. I am greatly encouraged by the development quated terminal
facilities, have greatly increased the cost of handling the
of institutions like the American Institute of Co-operation, which met products.
There is loss of time; there is waste of perishable commodities.
in this city last July and August.
This cannot continue. The neck of the bottle must be made larger. AgriIt is because of my firm conviction that we shall accomplish nothing in cultural
products must have adequate access to the public that wants them.
promoting co-operation unless we co-operate among ourselves in every The
Department of Agriculture has begun the study of these problems,
respect from the very beginning that I should be unwilling to suggest carrying on
research, for instance, In co-operation with the Port of New
any program for this important field unless It were based on conference York
Authority. I feel that this work should be expanded in order that
with co-operative leaders and others who have a background of study and valuable
recommendations may be made. The co-operative associations
experience. Such a program has been worked out in this way during of themselves
cannot solve this problem. but once the facts are ascertained
the past few weeks. It proposes nothing revolutionary. It is not sen- they can
get behind proposals to remedy the situation. This is one of the
sational. What it contemplates doing is simply to ascertain facts useful ways in
which the co-operatives may greatly help in reducing the spread of
to co-operative organizations, to supply these facts, and, when necessary. price between
farmer and consumer.
al
Interpretation of them, to the organizations, and to afford a means whereby
To make our scientific studies of direct use to the organizations, we need
representatives of co-operative organizations can come together efficiently a much closer
link
than
we
research
workers
now
between
the
have
and
the
for conference with each other and with specialists in the Department leaders and
members of the co-operative associations. The plan which
of Agriculture and in other institutions.
has been worked in conference with representatives of co-operative organ!rations contemplates the employment of commodity specialists, who would
Government Does Not Contemplate Direct Financial Aid.
The plan does not contemplate direct financial aid to co-operative be familiar with the needs of the co-operative organizations on the one hand
associations by the Government. The experience of foreign agricultural and with the research and service work of the Department on the other.
co-operatives has shown that direct financial aid from the Government, These men would form a link between the associations and the Department
and the control that goes with it, are not desirable. Financial aid has a and would disseminate correct crop and market information and data retendency to bolster up weak concerns and conceal their defects. Money garding price trends, conditions of supply and demand, and other limosoffered for organization purposes may bring associations into existence taut matters. At the same time they would be instrumental in guiding the
where they are not needed, and may attract persons into the movement research work of the Department toward a closer study of the special probwhose chief desire is to tap the treasury rather than to effect improvement lems of co-operative associations.
It is important not merely to disseminate crop, market and similar inIn marketing. On the other hand, strong, efficient co-operative associations would be inclined to reject financial aid, from a wish to avoid the formation, but also to supply facts regarding the principles and aims of cooperation.
This is necessary in order to forward the development of sound
supervision and control that would necessarily go with it. Thus the
movement would tend to divide Into an efficient part capable of standing co-operation, and to prevent the spread of spurious and doubtful schemes
on its own feet, and an inefficient part nursed by subsidies and in constant masquerading under the name of co-operation. The Department can make
an important contribution in this field. The employment of specialists in
danger of collapse.
Furthermore, it is my firm conviction, and in this I believe that members co-operative education, to work with the State agricultural colleges and the
associations
in developing special courses for members, officials and emof co-operatives generally agree with me, that an essential to success in
co-operation is a fundamental belief in its advantages. People who do ployees of co-operative organizations, as well as non-member farmers, is
not believe in co-operation sufficiently to testify to their belief by financial Included in the proposed plan, and should be helpful in promoting a sound
and other support will not be able to form vigorous and effectual organiza- point of view toward the movement.
I have made no effort to outline in detail the problems that should be
tions. Government aid would tend to develop co-operation among people
dealt with. There are many important problems other than those which
without convictions as to its desirability.
Nor do regulations and restrictions by the Government help in fostering I have mentioned and still others will arise as co-operation advances. What
co-operative organizations. Co-operation in the United States has de- we now need and what we now contemplate is a definite plan which inveloped from the needs and experiences of the farm people. It rightly volves the securing of all the facts possible that may be of value and interest
begins as an economic movement of the rural communities, and should be to co-operatives and the interpretation of these facts and the placing of them
free to develop in accordance with their needs and the opportunities for before the co-operative associations. A further essential factor of the plan
service. The experience in European countries also points to this fact. provides for close correlation, for close contact between the co--operative
It is improbable that the Danish Government, for example, at any time associations and the Department of Agriculture. It provides that the
during the history of the co-operative movement in that country, could Secretary of Agriculture may call advisors to counsel with him regarding
have developed a plan of co-operation as admirably adapted to the needs the needs of any agricultural product marketed by co-operative associations
of the Danish farmers as is the present system. Neither is it likely that the or regarding the legal, financial, or any other phases of co-operation.
Thus the Department is not made a superior institution, handing down
Danish Government, by decrees or regulations, could have made cooperation the important part of the national life that it has come to be Jacte and opinions and regulations, but an organization coordinate with the
other institutions which are working for the betterment of agriculture. The
through spontaneous, untrammelled growth.
relation of the Department to the co-operatives will be in itself a co-operative relationship. Moreover, as I have suggested, it is my intention that
Government Aims to Be Helpful.
On the other hand, It is clear to co-operative leaders that the movement the Department shall work in co-operation not only with the co-operative
Is of so much present and potential significance to agriculture that the organizations, but with the State colleges and experiment stations and
Government would be failing to fulfill its duty to the farming population with other agencies.
The State institutions have been given, through the Purnell Act, addiwere it to adopt a mere "let alone" policy, or even were it to refrain from
tional funds which they may use in investigations of incalculable value to
expanding its present efforts to serve the co-operative movement.
The request has come from the co-operative organizations themselves that co-operative associations. They also have facilities, through their extenthe research, educational and service work of the Department in co-opera- sion work, for carrying valuable information to the farmers of their rawertion should be strengthened. In conference with co-operative leaders, it tive States. Certain of the work that is contemplated can be best done by
has been decided that this can be done by the establishment of a Division these institutions, certain of It by the co-operatives themselves, and certain
of Co-operative Marketing. The establishment of such a division will of it by the United States Department of Agriculture. By correlating our
give to the co-operative study of the Department stability and permanence efforts we shall all be brought together, which will lead both to sounder and
that it has not possessed heretofore. The plan provides for a personnel more economical results in our studies, investigations and dissemination of
In the Division of Co-operative Marketing to carry on research in co- Information,and to a better knowledge of each other,an end perhaps equally
operation, and render service to co-operative organizations.
important. We shall go slowly, carefully, but we shall go surely and we
I have already outlined the work of the present co-operative project, shall go together.
and the services that the Department offers to co-operatives. On the work
By these means co-operative effort will be built on the basis of ascertained
and services of the new and enlarged division we shall to a large extent facts rather than preconceived theory. It Will be worked out in the last
be guided by the counsel of the co-operative associations.
analysis by the people who are most deeply interested in it and most
thoroughly concerned with it, namely, the farmers themselves. Not only
Scientific Studies and Dissemination of Information the Aim.
should their experience in applying facts to definite situations build up a
The needs are twofold. On the one hand is the necessity of greatly significant marketing system, but it should also lead
to the application of
strengthening our scientific studies not only in co-operative problems them- the co-operative spirit to every avenue of rural life.
Co-operation, it must
selves but in production, distribution and other problems that are of special be constantly
kept in mind, is not merely a method. a technique, a mechaninterest to co-operatives. This information, however, can not be of value ism; it is a way
of living. It is a group expression of our agricultural popuunless it is made clear and actually applied by the agricultural population, lation which
can find an increasing place for itself in every phase of agriFor this reason we need to carry on a second line of work—that of dissemi- cultural and
country life.
nating fundamental information so that it is actually effective.
Among the scientific problems to which we need to give further attention is the problem of marketing and distributing the products that the co- Co-Operative Leaders Approve Plan to Extend Work of
operative associations handle. Studies in this field must be specific,
United States Department of Agriculture—
thoroughgoing, and based on completely authenticated facts.
Proposed Farm Relief Measure,
The business organization and management of co-operative associations
will always be of great importance. The business analysis studies that have
On Oct. 29 and 30 Secretary of Agriculture Jardine was
been begun may be profitably extended. If the co-operative associations
in conference with a representative group of national leadare to reach the same plane of efficiency as private organizations, they must
have the advantage of studies similar to those made by great corporations. ers of co-operative marketing associations to determine
DEC.5 1925].
THE CHRONICLE
their wishes as to how the United States Department of
Agrieulture might more effectively serve the co-operative
movement in its many aspects. For several weeks Secretary
Jardine has conferred with co-operative leaders from different sections of the country with the desire to determine
how the work of the Department might be directed to be
more helpful to this important farm movement. The conference of some twenty leaders at the end of October heartily
approved the idea of extending the work of the Department
and worked out a definite plan to bring this about. Among
other things, it is proposed that the work of the Department
should be strengthened by the establishment of a Division
of Co-operative Marketing. According to a statement made
at the Department of Agriculture on Nov. 1, this plan meets
the unqualified approval of Secretary Jardine. It is pointed
out, however, that this plan is in its formative stage and
will be discussed with other co-operative leaders during the
next few weeks with the idea in mind that a definite proposal, with the support of all co-operative organizations,
will be presented at the coming session of Congress.
While only the above meagre information was made available by the Department of Agriculture, the New York
"Times" in advices from Washington, Oct. 31, indicated that
the terms of a new co-operative marketing bill, which will
be presented to Congress the present month, was agreed upon by the representatives of farm organizations at the
October conference. We quote the following from the
paper:
The measure will be the major item on President Coolidge's program of
relief for Agriculture. Its approval by Secretary Jardine means that no
further consideration will be given by the Administration to the marketing
proposals of the Coolidge Farm Commission that failed of action in the last
Congress.
The new bill is the product of a conference here this week, in which
about twenty of the larger farm co-operative organizations of the United
States, as well as the Department of Agriculture, were represented. It
reconciles, in large measure, conflicting views as to just what steps the
Federal Government should take in encouraging co-operation by farmers
in the marketing of their goods.
Government officials said to-day that the organizations represented in
the Conference speak for 2,000,000 farmers who raise annually products
valued at $2,500,000,000. Among those who were in attendance were the
following:
John Brandt, President of the Minnesota Co-operative Creameries; J. S.
Montgomery, General Manager of the Central Co-operative Commission
Association; J. W. Shorthill, Secretary of the Farmers' National Grain
Dealers' Association; C. 0. Moser, General Manager of the American Cotton Growers' Exchange; Carl Williams, editor of the "Oklahoma FarmerStockman and Vice-Chairman of the National Council Farmers' Co-operative
Associations; A. U. Chaney, General Manager -of the American Cranberry
Exchange; Richard Pattee, Manager-Director of the New England Milk
Producers and Chairman of the American Institute of Co-operation; William
• H. Settle, President of the Indiana Farm Bureau; Herman Steen, Secretary.
Treasurer of the Indiana Wheat Growers; C. A. Stewart, General Manager
of the National Live Stock Producers' Association; Seward H. Miller, Assistant Counsel of the Dairymen's League; Charles W. Holman, Secretary
of the National Co-operative Milk Producers' Federation; Walton Peteet,
Secretary of the National Council Farmers' Co-operative Marketing Ass°.
ciations; Dan Wallace, Director of the Minnesota Potato Growers' Exchange; Lee Palmer, President of the Ohio Farm Bureau, and C. B. Denman,
President of the National Live Stock Producers' Association.
•
Would Merely Give Advice.
•
The proposed Division of Co-operative Marketing would act in a purely
of
powers
regulation
or
any
advisory capacity and not have
supervision over
the co-operatives, such as was proposed in previous Administration measures
and to which violent objection was made by the co-operatives themselves.
In addition to the authority to advise with co-operatives in times of
emergency the new division would disseminate the mass of information now
eollected by the Department of Agriculture and other Government bureaus
as to crops, markets, methods of organization and the financing of cooperatives. Congress will be asked for an appropriation sufficient to enable
the Secretary of Agriculture to employ experts to work out problems- that
may arise from time to time in the extension of the co.operative principle
as applied to farming.
The fundamental idea underlying the new plan, it was suggested to-day,
is to set up an agency within the Department of Agriculture that will snake
itself generally useful to co-operatives now in existence and those that it
is expected that such a law would bring into being.
For example, if a dairy co-operative association in New York gets into
difficulties, it can call upon the Division of 0o-operative Marketing for
aid. An expert or several of them will be sent into the territory to study
the situation and make recommendations. That will only be done upon
the express request of the co-operative organization involved. The plan is
to have the Government keep on band, or be prepared to call in, the most
expert co-operative advisers in the country. It is emphasized that aid will
be extended only when asked for.
Want Bill Passed This Winter.
Farm legislation will have a prominent place in President Coolidge's;
annual message to Congress. It is the general expectation that as a result
of that message the appropriate committees of the two Houses will give
immediate consideration to the question. In view of the fact that a new
Congress will be elected in the fall of 1926, Republican leaders regard it as
imperative that a farm bill shall be passed this winter.
The program outlined here to-day by the Secretary of Agriculture is
expected to be the outstanding feature of the President's recommendations
for the farmer, although other phases of the problem may be touched upon
later, dependent upon the advice given the Administration by authorities
in close touch with the subject. It is known that the President looks with
disfavor upon plans for an export commission or any legislation designed
to confer price-fixing authority upon a Government agency.
A good deal of significance is attached to the fact that in calling the
Conference the Administration dealt directly with representatives of cooperative organizations. Many of the conferees, representing large bodies
2705
of farmers, have never appeared here before when proposed farm relief
lgislation was under consideration.
The prominence taken by Secretary Jardine in the Conference, and his
announcement of the purposes contemplated by the bill adopted is interpreted as a notice on the part of the Administration that it will take up
this plan of co-operative marketing with a view to legislative action, and
not give countenance to such measures as the McNary-Haugen bill and
others providing for the establishment of commissions clothed with broad
powers of supervision.
Agricultural Conference Board Not to Be Called
Back Into Session by President Coolidge.
President Coolidge has approved the recommendation of
Hon. Robert D. Carey of Wyoming, Chairman of the President's Agricultural Conference, to the effect that the Conference shguld not be called back into session, according to
a statement issued at the United States Department of
Agriculture on Nov. 6. This decision was definitely reached
upon announcement that co-operative leaders in conference
with Secretary of Agriculture Jardine had unanimously
agreed upon a definite plan to give assistance and encouragement to the co-operative movement in its many aspects.
In a letter to the President, dated Oct. 17, Chairman Carey
said:
The records show that most of the recommendations made by the Conference have been favorably acted upon. The principal legislative recommendation of the Conference upon which favorable action was not taken
by Congress had to do with co-operative marketing. After a thorough survey of the situation, however, I am confident that farm leaders, both in
and out of Congress, will agree upon steps which should be taken to foster
and promote the co-operative movement.
I feel that in the Secretary of Agriculture, Hon. William M. Jardine,
agriculture is represented by one who thoroughly understands agricultural
problems and conditions. He served as a member of the Conference, and
knows the views of the different members regarding agricultural questions.
It would seem that the Department of Agriculture as now functioning is in
a position to both assist agriculture and help in the solution of its problems. Furthermore, there is a growing disposition on the part of leading
farm organizations to get together on agricultural recommendations.
Under these rather favorable circumstances, and after careful consideration of the whole situation, it is my opinion that Congress, the Department
of Agriculture and agricultural leaders are making progress to work out a
satisfactory solution of farm problems. In view of this situation I do not
feel that the Conference should be called back into session.
The first report of the Conference, according to the statement issued by the Department of Agriculture Nov. 6, had
to do with the serious emergency in the cattle industry.
The Conference found that the condition of the cattlemen
was caused largely by a serious shortage of credit facilities.
It recommended that the Farm Loan Board should make
every effort to bring about the organization of the necessary
rediscount agencies. Immediate action in this direction was
taken following the recommendation of the Conference. The
• Department's statement also says:
It was also recommended that the Agricultural Credit Act should be
amended by eliminating the provision that prohibited the rediscounting
by the Federal Intermediate Credit banks of loans negotiated by Federally
chartered agricultural credit agencies. Favorable action on this recommendation was taken by the Sixty-eighth Congress.
The Conference went on record to the effect that the unappropriated public domain should be placed under lease and that there should be a uniform
policy agreed upon for the administration of grazing on the public lands
and the national forests. Upon adoption of this recommendation the Secretary of Agriculture gave immediate consideration to the matter of
grazing on national forests, and representatives of the leading live stock
associations recently met at Salt Lake City and submitted their recommendations to the Senate Committee on Public Lands.
Believing that an early and thorough revision of the freight structure as
pertaining to agricultural products was necessary, the Conference recommended the passage of House Joint Resolution No. 94, which directed the
Inter-State Commerce Commission to take action whereby the lowest possible
rates could be granted to agricultural products. This resolution was enacted and hearings are now being conducted by the Inter-State Commerce
Commission.
Among other things, the Conference approved the Purnell bill providing
additional funds for the study and investigation of agricultural problems
the various land grant colleges. This measure was endorsed by the Conference for the reason that it believed funds should be available for the investigation of the business aspects of agriculture, particularly its marketing
problems.
Wool Men Attack Installment Sales—Say We Deny
Ourselves Clothes to Buy Radio Sets and
Autos by Deferred Payments.
The following is from the New York "Times" of Dec. 3:
The American people are denying themselves clothes to buy radio sets,
motor cars and other things offered for sale on the installment plan, according to speakers who undertook to diagnose the trouble with the
woolen and clothing industry yesterday at the nineteenth annual meeting
of the American Association of Woolen and Worsted Manufacturers at
the Waldorf. More than 600 members were present. Plans to meet
Installment-plan competition were outlined.
William Goldman. President of Cohen, Goldman & Co., and President
of the Clothing Manufacturers' Research Board, said that both the installment plan and the chain store had cut into the business formerly realized
by the dealer in better grades of clothes. He told how clothing merchants
in the West were adopting the installment plan to sell to customers who
were buying many articles of luxury and necessity by that method.
Sir James Elder Speaks
Sir James Elder, Commissioner for Australia in the United States, in an
address on "The Position and Prospects of Wool and the American Situation," also referred to the cut into the wool business made by the demand
2706
THE CHRONICLE
for motor cars and radios. He mentioned still another cause of the slump
in the formerly enormous American demand for wool. He said the central
heating plant in American homes and busines.s buildings enabled persons to
enjoy indoors a Summer temperature the year round.
Sir James said that "Australia does not need and from recent appearances
will not have any Government assistance or control of her great 'national
Industry of wool production."
After speaking of the widespread use of central heating plants and the
radical changes in women's clothing the speakers said the increased use of
heavy topcoats for outdoors was not sufficient to compensate for the slump.
He cited the widespread use of automobiles which, he said,outnumbered by
several millions the total of telephones In use.
Among the factors that should contribute to increased business, Sir James
mentioned restriction of immigration to America and the increased earning
power of the workingmen, normal increase in population in America, stimulation of national savings in European countries by the Locarno agreements.
Robert T. Francis. who was elected President of the association, said that
the outstanding evil in the industry was the insecurity of contracts. He
brought up again the matter of organizing a law committee for the industry
to which members of the association could assign their claims for collection
when contracts were broken.
N. Y. Federal Reserve Bank's Inquiry Into Installment
Sales By Department Stores.
VoT 121
No Decision by Supreme Court in Proceedings Involving
Federal Reserve Board's Regulations on Par
Collection of Checks—Case Transferred to
Circuit Court of Appeals.
Notwithstanding the positive statement contained in
last week's Associated Press advices that the United States
Supreme Court had upheld on Nov. 25 the regulations
of the Federal Reserve Board requiring member banks to
pay at par checks drawn upon them, we learn that no ruling
at all was handed down by the Supreme Court on that
day, and that this week (Nov. 30) the Court transferred
the case to the Circuit Court of Appeals for trial on its
merits. Telegraphic advices to this effect have come to
us as follows under date of Nov. 30 from the National &
State Bankers' Protective Association at Atlanta:
Associated Press story on par clearance suit, published in your Issue 28th,
was in error; no decision handed down then, but Supreme Court to-day
transferred case to Circuit Court of Appeals for trial on its merits. Therefore nothing upheld or overthrown until Circuit Court hears and
acts.
Meantime, Associated Press story has created tremendous amount of misinformation and done injustice to large number of banks supporting Pascagoula bank's views. We hope you will publish facts in this week's Issues.
In view of the increase in the past few years in the use of
installment credit in merchandising, the Federal Reserve
Bank of New York recently sought information as to the
The item in which we printed the Associated Press account
amount of installment credit in use in the department store appeared on page
2595 in
trade in this city. The Bank makes this known in its reference to the Supreme our issue of last week. With
Court's action this week, we
Monthly Review dated Dec. 1 in which it says:
quote the following from Washington Nov. 30, published
While the practise of granting installment.credit has spread during the in
the New York "Journal of Commerce" and credited to the
past year to a number of stores heretofore on a cash basis, in general the
results of the inquiry' did not indicate any recent considerable growth in the Associated Press:
use of this form of credit in department store trade. A wide variance in
the practise was revealed; some stores are trying it experimentally, while
others have fully adopted the plan and are pushing it.
A few of the stores have carried on an installment business for several
years in such articles as furniture,rugs, pianos, and other household articles.
Information secured from some of these stores indicated that while installment sales have phovrn a somewhat greater increase over a year ago than
cash sales in particular lines, the total amount of installment sales and
accounts outstanding has not expanded more rapidly than total cash sales.
In general installment sales in this city are still only a small part of the total
volume of department store business.
Secretary Mellon Sees Little Sign of Inflation in New
York Stock Market—Thinks Prices of Shares and
Commodities
Preserve Unchanged Ratio—
Uncertainty Over Bank Rate Policies.
The following from Washington is taken from yesterday's
issue (Dec. 4) of the New York "Journal of Commerce":
The action of the Bank of England in increasing its discount rate to 5%
need not be considered as presaging an increase in the rediscount rate
of the Federal Reserve Bank of New York, according to Secretary of the
Treasury Mellon.
Mr. Mellon believes that local conditions must be largely responsible
for rate levels in different banking centres and that on this basis there
is no particular reason why the Federal Reserve Bank of New York should
increase its rate. On the other hand, according to the Secretary's belief,
no particular harm would be done if the New York bank did increase
its rate.
Effect of Uncertainty.
Mr. Mellon finds that uncertainty over the New York rate has had
more effect on prices and the money market than an actual increase of the
suggested one-half of 1% could possibly have had. The existing rate,
he Indicated, does not tend to encourage speculation and the effects of a
change of one-half of 1% would be virtually negligible.
As far as the stock market is concerned Mr. Mellon seems to be of the
opinion that the extent to which it is characterized by inflation has been
considerably overestimated. Speculation always accompanies increases
in stock prices, the Secretary pointed out, but it is his opinion that average
prices on the stock market to-day and average commodity prices preserve
about the same ratio that prevailed several years ago when the buying
power of the dollar was considerably lower. Generally speaking he has
found no outstanding inflation. There has been an orderly advance
which has not been at a greater rate than the advance in commodity
prices, he believes.
Bank Rate Discussion.
Even before it became known that no announcement of an increase in
the New York Federal Reserve Bank rediscount rate had been made Mr.
Mellon indicated that such action was doubtful.
Jackson E. Reynolds and Owen D. Young Elected
Directors of Federal Reserve Bank of New York.
Jackson E. Reynolds of New York, N. Y., has been
elected a Class A director, and Owen D. Young of New
York, N. Y., as a Class B director of the Federal Reserve
Bank of New York, representing Group 1. Each will
serve for a term of three years from Jan. 1 1926. The
total number of votes cast for each candidate is as follows:
Class A Director,
Jackson E. Reynolds
Class B Diredor.
60 Owen D. Young
59
Total number of votes cast
60 Total number of votes cast
59
Mr. Reynolds succeeds Gates W. McGarragh, Chairman
of the Mechanics & Metals National Bank, whose term of
office expires Dec. 31. Mr. Young has been re-elected.
Refererce to the nominations was made in these columns
Oct. 10, page 1748.
The Pascagoula case, involving the validity of regulations requiring
ppar
clearance of checks, was sent back to-day by the Supreme
Court to the
Court of Appeals.
The order was based upon the technical ground that the appeal
had been
improperly brought by the bank from the Federal District Court to
the
Supreme Court, instead of having gone to the Court of Appeals.
The Supreme Court did not go into the merits of the controversy which
had been a hard-fought issue in the banking world. The
Pascagoula,
Miss., National Bank asserted that it had the right to make a
charge
for cashing check; drawn upon it by its depositors, even though
the checks
were sent through the Federal Reserve Bank at Atlanta for collection.
It
asked the Federal Court for Northern Georgia to enjoin the Reserve Bank
ht Atlanta from continuing the practices complained of, but its application
was refused.
Commenting editorially on the issue on Dec. 2, the "Journal of Commerce" says:
Delaying an important Issue.
The Supreme Court of the United States, in sending back to the lower
Courts the latest par clearance case that has come before it, has doubtless
acted in accordance with the requirements of precedent and practice. It
is regrettable, however, that this action appears to have been merely the
outgrowth of technicalities, the decision dealing in no way with the malts
of the issue.
Par clearance litigation has now been dragging slowly along through the
Courts for over eight years,and it is the opinion oflearned counsel that there
may be a great many more years still to live through in connection with it.
since every State may, and many probably will, enact restrictive legislation which will require decision on the part of the Supreme Court to determine its status from the standpoint of the Federal constitutional law. Of
course, the various rehearings and reopenings of such cases necessarily
draw out the process of adjustment still longer.
It ought to be possible for the Bankers Associations of the several States
and of the United States to reach a basis of common understanding on this
subject, "get together" as to practical policies and arrive at an understanding with the Federal authorities.
New York Federal Reserve Bank on Italian Debt
Agreement—Total Obligations Thus Far Funded.
The New York Federal Reserve Bank of New York refers
as follows in its Dec. 1 monthly review to the Italian debt
agreement:
As a result of the conclusion on Nov. 14 of an agreement for the funding
of the Italian debt to the United States, subject still to the approval
of
Congress, ten countries have now funded their debts to the United States.
By this agreement Italy agrees to pay a principal amount of
$2,042.000,000
in annual ins.•Alments over a period of sixty-two years, together
with
interest beginning after 1930 and ranging upward from M of 1%
annually
from 1930 to 1940 to 2% annually in the last seven years from 1981
to
1987. Payments of $5,000,000 are to be made in each year up to
June 15
1930. and thereafter amounts gradually rising from $12.100,000 in 1931
to
$79,400,000 in 1987. This method of payment is different from
that of
the British and Belgian debt settlements which call for payments
of practically constant amounts after the first ten years.
Obligations now funded total about $7,400,000.000,
including the debts
of Great Britain. Belgium, 0 echoslovakia. Esthonia, Finland,
Hungary,
Italy, Latvia, Lithuania and Poland. Under these agreements
payments
due in 1926 are as follows:
Great Britain
$160,900.000
Italy
*5,000,000
Belgium
3.840,000
Czechoslovakia
3,000,000
Poland
1'1,500,000
Finland
314,890
Lithuania
3209.550
Esthonia
1'100,000
Hungary
367,588
Latvia
1'60,000
Total
* Paid in advance in November 1925.
bonds,
$174,992,028
t Optional. a Partly payable in
Mac.5 1925.]
H 114
CHRONICLE
2707
The reaching of an agreement for the funding of Italy's her or her people: and which will also recognize the sacrifices made by the
American taxpayer in the advances of our Treasury. We two nations
debt to the United States was noted in these columns Nov. desire
a just settlement which will insure economic peace.
14, page 2351, and Nov. 21, page 2472. The conversations
Count
Volpi, in replying, laid stress upon the help given
between the Italian and American debt commissions had
been opened in Washington Nov. 2, following the arrival Italy by America in the war and the burden of the war upon
people, and said:
on Nov. 1 on the steamer Duilio, of 'the Italian delegation Italy and herwith
America, with such great authority, helps protect all
When peace,
headed by Count Volpi, the Italian Minister of Finance. over the world, was assured. Italy notwithstanding her extremely difficult
Prior to these conversations, which led to the reaching of an financial situation, offered to settle her war debt with the United States
the limits of her capacity to pay.
agreement on Nov. 13, preliminary conversations had been within
This acknowledgment of her debt constituted an obligation of honor
held earlier the present year, and these were referred to in which Italy intended and intends to absolve: and to this end she resolved
our issue of July 4, page 31—The five members of the Italian that the head of the delegation senCto the United States should, aside from
my modest self, be her own Minister of Finance, in order to add to the
commission accompanying Count Volpi are Dino Grandi, solemnity
of her pledge.
Under Secretary of State for Foreign Affairs; Count Lelio
Upon starting the present negotiations Italy accepts the principle laid
American Debt Commission and each debtor nation shall be
by
the
down
former
Bonin Longare, Senator and
Ambassador to France;
independently and shall repay its debt within its particular
Dr. Alberto Pirelli, Honorary Minister Plenipotentiary; Dr. considered
capacity to pay.
Mario Alberti, Honorary Minister Plenipotentiary, and
In determining capacity of a nation the report of the Dawes Commissioa
shown that there are two principal elements—first, the capacity to
has
Commendatore Gino Buti, First Legation Secretary. In
collect in a country from its people the necessary money, and, second, the
addition the following acted as advisers to the commission: transfer of the money so collected in the national -currency to the creditor
Professors Corrado Gini, Francesco Paolo Cantelli, Gino country in the currency of the latter.
In order to show the American commission Italy's capacity to pay in
Ravenna, Ricciotti Armanni; Comm. R. Angelone; Ugo these
two regards there has been prepared and submitted to the American
Camera; Mario Lavatelli; Cav. Andrea Scalvini; Cav. commission a documentation of twenty-four monographs composed of
material gathered along scientific lines by the most prominent Italian staParide Formentini.
and economists. These monographs show:
Count Volpi gm° out a prepared statement with his tisticians
1. Italy's burden in the war was equal to 30% of her total national wealth_
arrival in New York Nov. 1 in which he said that "Italy She lost 652,000 men and 458,000 of her youths were disabled.
2. Italy received no valuable colonies out of the war.
undertakes this important discussion in a spirit of full
3. Italy's share of reparations Is 10% as against 52% allotted to France
loyalty and sincere determination; the fact that capacity to and
22% to Great Britain.
pay is the acknowledged basis of the negotiations represents
4. Italy, by immense sacrifices, has balanced her budget, reduced her
undoubtedly a good promise for a successful conclusion." governmental expenditures and is the only great power whose military
are today less than they were before the war.
Count Volpi's statement (which we have not heretofore expenditures
5. Italy has been the only nation to tax war profits at 100 %and to levy
found room for) was as follows:
a capital tax.
"As I said on leaving Italy. I am proud of the task entrusted to me by
the Hon. Benito Mussolini, head of the Italian Government, and am glad
to reconfirm this statement on my arrival in the United States on my first
visit to a country I have long desired and planned to see.
"As a business man. I have always followed with the greatest interest
the development of the economic and political life of the United States,
and my friendship for your country is of long standing. For many years
I have known and admired your people and I hope to draw from my present
visit personal impressions which will be of great value to me in the future.
"After the outbreak of the European war, Italy and the United States,
the most significant expressions of the old and the new civilizations, joined
together, although at different dates, in a voluntary act of idealism, entering
the war when the struggle was fiercest and the result most doubtful. A bond
such as this cannot but establish an everlasting tie in the relations of the
two countries.
"I must excuse myself from making any more precise statement because
I must reserve all the details of tile negotiations to the time when I will have
the pleasure, together with my colleagues, of meeting the members of the
American War Debt Funding Commission whom!know to be men of wide,
practicaLlrnowledge and highly gifted.
Vtaly.0 tdertakes this important discussion in a spirit of full loyalty and
sincere termination: the fact that capacity to pay is the acknowledged
basis ot Ale negotiations, represents undoubtedly a good promise for a
suc O4ul conclusion.
"Ft in with the most cordial warmth that I greet the people of'the United
States, in the person of President Coolidge, and I trust that the friendly
willingness of our two peoples will now join in bringing about a satisfactory
agreement."
6. The burden of taxation in Italy. taking into account the national
wealth and the national income, is higher than that of any other country38% of her net income after deducting a minimum of subsistence.
7. Italy has none of the principal raw materials. She must import food
and all her requirements in oil, coal, cotton, iron and copper.
8. With her constantly increasing population it is doubtful if Italy's
industrial development keeps pace with the increased demands of her
.4•4
44
population.
9. Italy's balance of trade has always been adverse. During the past
imported
and
20.000.000.000
lire
nine months she exported 13.000.000.000 of
a balance against her of 7,000.000.000. During this period Italy imported
from the United States 5.000,000.000 of lire and exported to the United
States 1,331,000,000 of lire; that is to say, her imports from America were
nearly four times her exports to this country.
In fact, I believe that, once relations as of debtor and creditor existing
between Italy and the United States are definitely settled, a new and
larger basis will be created for the development of fruitful economic relations
between Italy, a young nation, poor in natural resources but rich in capacity
to work and to produce, and the wealthy American republic, which has
already contributed so much to the economic development of all the world,
under the enlightenment and wise guidance of its President. Calvin Coolidge,
and of the Government which assists him in his worthy endeavors.
During the negotiations President Coolidge 'on Nov. 3
discussed the debt issue at the White House with Secretaries
Mellon, Kellogg and Hoover, all members of the American
commission, and Under-Secretary Winston of the Treasury,
Secretary of the commission. That night, it was learned
from the New York Times, the President entertained the
Italian Commissioners at a state dinner attended by seven
members of the Cabinet, the American representatives in
the debt exchanges and members of the House and Senate.
Senator William E. Borah, Chairman of the Senate Committee on Foreign Relations, was one of those in attendance.
Two joint sub-committees were named cn. N,itr. 4, as to
which the Associated Press accounts said:
Distinct phases of the problem of dealing with the de'rz, w:itch is approsi•
,to facilitate
mately $2,138.543,000. were assigned to each of the tw, g • tr."
On Nov. 2, when greetings were exchanged between Secretary Mellon and Count Volpi, the latter presented monographs relative to Italy's capacity to pay, and expressed the
belief "that once relations as of debtor and creditor existing
between Italy and the United States are definitely settled,
a new and larger basis will be created, for the development
of fruitful economic relations between Italy, a young nation,
poor in natural resources, but rich in capacity to work and
to produce, and the wealthy American republic, which has
already contributed so much to the economic development
of all the world."
the negotiations.
Secretary Mellon,in receiving Count Volpi, stated that "in
The full text of the agreement reached was given in our
negotiating with you a settlement of the debt this Commis- Nov. 21 issue, page 2472.
sion will apply the principle of Italy's capacity to pay and
will give due weight to the special conditions, existing in your
Signing at London of Locarno Treaties Guaranteeing
situation." Secretary Mellon spoke as follows:
Security of Rhineland—Ratification By
The American commission wishes to express to you our pleasure in meeting
you here in Washington around the table for a frank discussion of the matters
Germany and Great Britain
involved in the debt settlement.
The treaties growing out of the security conference held
We thank you for the complete economic, fiscal and social studies of the
condition of Italy which were prepared for us as the result of our preliminary in October at Locarno, Switzerland, were brought a step
conferences with your Ambassador and Mr. Alberti last Summer. We are
December 1, when the representatives
studying your documentation in connection with similar investigations by nearer fulfilment on
ourselves. I wish to express our appreciation of the exhaustive nature of the of Germany and the other European Nations, parties to the
documents you have furnished us and of the prompt arrival in America of pacts, signed the accords. The signing of the treaties, which
your commission with authority to settle the war debt of our two nations.
Locarno on Oct. 16 by the delegates
We recognize fully Italy's efforts during and since the war. It is especially had been initiated at
in the after-war period that Italy's constructive ability has drawn to her the of the seven Nations participating in the Conference, took
attention of the world. Sound policies under the forceful direction of place at London. In all seven or eight pacts have developed
Premier Mussolini have radically reduced Government expenditures,
increased revenue and balanced Italy's budget. This is a Government from the Locarno Conference—the Rhineland security treaty
achievement worthy of the highest praise. We know, too, something of between Germany and the other powers, and several Arbitrathe difficulties Italy must face, owing to natural conditions and the heavy
tion Conventions. All of these were referred to at length in
fiscal burden imposed by the war. We believe, however, that, with a
continuance of your present political and economic stability, Italy is assured our issue of Oct. 24, pages 1984 to 1988. To quote from the
its position as a great nation.
Associated accounts from London Dec. 1, "Germany really
In negotiating with you a settlement of the debt this commission will apply
got
back into the European family today when Chancellor
the principle of Italy's capacity to pay,and will give due weight to the special
conditions existing in your situation. We will, I am sure, come to terms Luther and the German Foreign Minister, Gustav Stresemann
which will be within Italy's power to fulfill without undue pressure upon signed the Locarno pact." The same advices went on to say:
•
2708
THE CHRONICLE
The absence of the Soviet Government from today's gathering was mentioned informally by many of the delegates, and M. Briand expressed the
hope that Russia might soon decide to enter the League of Nations and
speed Europe in the restoration of normal economic and political conditions.
The nations affixing their signatures to the treaty and their representatives were: Great Britain, Austen Chamberlain and Stanley Baldwin;
Germany, Chancellor Luther and Gustav Stresemann; Belgium, Emile
Vanderveide; France, Aristide Briand; Italy, Vittorio Scialoia; Poland,
Count Skrzynski; Czecho-Slovakia, Eduard Benes.
The German Chancellor and Dr. Stresemann had an informal conference
with M. Brian& in which they discussed at length the changed problems
which will arise in the Rhineland control and the relations generally between
the two nations since the Locarno past has become a fact. Disarmament
possible reduotion of the limitations on German aviation, the admission of
Germany to membership in the Rhineland Control Commission and the
evacuation of German territory by Allied troops were discussed.
The conference was all-friendly, and M.Briand said at its conclusion that
no decisions were reached, but that the Locarno spirit prevailed throughout.
After the ceremony in the Foreign Office, Chancellor Luther of Germany
gave out the following sttement:
"This day of the signing of the Locarno pact is a milestone in the history
of European nations. It shows the will et all the partners to the treaty to
restore peace. Readjustment to normal economic and political relations
will be the ultimate outcome of our endeavors.
"I consider that this pact is the first step, but a decisive one, in that
direction. The pacification of the world and In its wake the prosperity of
nations, is the final aim. There are still obstacles to overcome, but we are
at last so far advanced that I can say with assurance the goal is attainable."
[VOL 121.
Ratification of the treaties must follow their signature, and with the
ratifications they will then be deposited at Geneva with the League of
Nations.
The process of ratification by Great Britain demanded that a special copy
of the treaty affecting Great Britain be printed, and that there be inserted
an instrument by which the King makes solemn declaration approving,
accepting and confirming all its articles. This is printed on vellum and
signed by the King. To it the great seal is attached and the whole is bound
in a special cover of blue morocco. This bears the royal arms, and attached
to it are four ribbons with the colors of the principal British orders of chivalry,
namely, the Garter. blue; Thistle, green; St. Patrick, pale blue, and the
Bath, red.
It is this volume which will be deposited with the League of Nations by
Great Britain.
Italy's attitude toward the Conventions was referred to as
follows in Associated Press cablegrams from Rome Dec. 1.
Without minimizing the vast pacific potentialities symbolized in the signing of the Locarno pact at London to-day, Italy, as reiterated in responsible
government circles and leading Facist newspapers, does not intend to be
swept off her feet by too idealistic sentimentality. She intends faithfully
to live up to the letter and spirit of her signature, but intends above all to
keep a clear-headed realistic attitude in future international relations.
In this connection influential Italians recall passages in Mussolini's Armistice Day address, when he declared:"We look with one eye upon the dove
of peace if it rises on the distant horizon, but with the other eye we look to
the concrete necessities of life."
During the ceremony at the Foreign Office Dr. Stresemann said nothing
At the same time Geneva Associated Press advices stated:
would serve greater purpose in these days of difficulty than the spirit of
good will which the treaty evoked. He looked to the future and the fruition
Simultaneously with the singing at London of the Locarno treaties,
of the work they had done with great hope.
Germany to-day showed her desire to fall in line with the obligations of a
Premier Briand of France in a solemn voice declared there was not a member of the League of Nations. She registered eleven international
person in the world who was not interested in the proceedings of the day.
engagements entered into with eight different Powers.
As Germany is not yet a member of the league, she is not bound by the
"I can see across the table the German Chancellor," he said, "and I am
sure I can tell him that I have remained a good Frenchman just as he in Covenant's call to file copies of treaties with the object of making their
coming here remained a good German—but both of us are Europeans."
contents known to the world.
The German Reichstag ratified the security pact and
Comments on the significance of the day's events was also
made as follows by other participants, according to the Arbitration Conventions on Nov. 27, and on Nov. 28
President von Hindenburg signed the bill ratifying the
Associated Press advices.
"The Locarno Treaty," declared Dr. Eduard Benes, the Czechoslovak treaties. The Reichsrath's approval, 34 to 4, was recorded
Foreign Minister, "has solved the international problems of Europe. It is Nov. 21. With regard to the action of the Reichstag we
up to the nations to put their internal affairs on a solid basis, and when this quote the
following from the New York "Herald-Tribune"
is accomplished the prosperity of western Europe is assured."
Emile Vanderveide, Belgian Foreign Minister, thought that the house- advices from Berlin Nov. 27 (copyright).
Sanction of the Locarno security treaties was voted by the Reichstag
cleaning of Europe through the Locarno Treaty probably would allow a
resumption of closer relations between Europe and the United States, with- to-night. The proposal of Germany's entry into the League of Nations
out the United States running the danger of being committed to take a hand was likewise approved, as was the Center party's motion that the Government use every means to obtain further improvements in the Rhineland
in any European affairs.
"The Locarno pact." declared Count Alexander Skrzynald, the Polish before entering the league.
Each of the proposals was voted on separately, the security pact vote
Premier and Foreign Minister, "offers the European states an opportunity
for peace and disarmament, which they have never had before. I have no standing 300 to 174 and the league vote 278 to 183. The Nationalists and
doubt that in conformity with the treaties a new international feeling of Communists strenuously opposed these two measures. The whole propeace and security will be brought about which will make for disarmament cedure took nearly two hours, but the result was assured before the warning
h
and prosperity."
sseats.tsbegan
. to ring through the Reichstag corridors, calling members to
their
The New York "Times" copyright account from London
Members and Speech Makers
Dec. 1 said:
The "big" day dragged along rather slowly. A mountain of words had
The last of the speakers was the British Premier, Stanley Baldwin, who been written and spoken during the last two months, leaders saying everysaid, speaking in English, that he desired to sign the treaty along with Sir thing possible it was to say about the security pact and the effects hoped 'or
Austen Chamberlain in order to show the importance the British Govern- feared from it. For the larger part of the afternoon the Chamber was only
ment attached to it.
half filled during speeches on various viewpoints.
"I am confident," said Mr. Baldwin, "that it Is the firm intention of all
Frau Clara Zetkin was listened to with more interest than most of those
the nations represented here—just as it is the firm intention of his Majesty's who ascended the tribune, not because of the arguments she presented, but
Government— to carry out scrupulously and loyally the solemn obligations because she is the indomitable firebrand of the Communist movement who
which they have here undertaken."
takes a whack at every head in sight. It was a picturesque relief after a
After this speech Sir Austen Chamberlain formally declared the ceremony procession of more or less dreary orators to see this white-haired woman
over.
expostulate for more than an hour, now shaking her clenched fists and again
leaning
and in low insinuating tones talking to the crowd of men of
The same paper in a copyright cablegram from London all sortsforward
of political opinions as if they were only small boys.
Nov. 30 observed:
Herr Breitscheid, Socialist, one of the best speakers in the Reichstag,
On the boat crossing from France this afternoon, M. Briand said he had his turn, as did Herr von Graefe, from the Fascist wing, just up from
the members' restaurant and a friendly glass of beer with General Ludencounted tomorrow the happiest day of his life.
' "I am going to sign for France the Locarno treaties, which mean the begin- dorff and his cronies. Count Westarp followed Von Graefe and read a
f
o
ob
r
formal
ections
declaration
artahte
iop
nac
otf. the Nationalists, restating for the last time their
ning of a new era of peace in Europe," he said. "The spirit of Locarno
which is consecrated in these treaties means coming co-operation among the
Luther Silent During Debate
European nations; it means a common effort by those who confronted each
Neither Chancellor Luther, who sat all afternoon as the Government's
other in the World War now to restore the old Continent to solidity and
solitary spectator to the debate, nor Foreign Minister Stresemann thought
tranquility.
- "I am proud of ray part in the task and certainly her role in this great it necessary to add further arguments. The Nationalists thus were given
work shows that France is pacifist and conciliatory. Every nation which the last word to the long argument over the Locarno pact.
has had anything to do with this accomplishment can but be proud of what
By a vote of 291 to 174 the Reichstag approved on Nov. 27
has been done."
The New York "Herald-Tribune" London cablegram of
Nov. 30 (copyright) reported M. Briand as saying to newspaper men: •
"The treaties are only a beginning. They must be the
starting point of close collaboration between France and
Germany."
German Chancellor Luther pronounced the Locarno pacts
to be the "foundation of peace" while his colleague, Foreign
Minister Stresemann, hailed them as the scrapping of the
war after the war, says United Press advices from London in
the "Wall Street Journal" of Dec. 1 which reported the
Chancellor as saying:
"In my opinion, the significance of the Locarno agreement above all rests
in the fact that the idea of arbitration, for the first time applied to the
reparations question in the Dawes plan upon American suggestion,now finds
the widest possible application to all ramifications of European politics
through the new treaty. The principal of arbitration simultaneously
embodies justice and equal rights, and therefore this is the foundation of
peace."
The "Times" advices from London No. 30 in referring to
the ceremonies attendant to the signing of the treaties the
following day, also stated in its copyright advices:
the measure providing for Germany's entrance into the League
of Nations. From Associated Press advices it is learned
that by a rising vote the Reichstag also adopted a motion
submitted by the three middle parties, whereby the Government is requested to use every effort in the time intervening between now and Germany's formal admission to the
League to obtain from the Allies a greater measure of alleviation in the Rhineland and other concessions than already
granted.
With regard to the signing by President von Hindenburg
of the bill ratifying the Locarno pact, we quote the following
•Associated Press cablegram from Berlin Nov. 28:
President von Hindenburg put the seal of his approval to-night upon the
Locarno treaties by affixing his signature to the bill which legalizes the
security pact,and arbitration trestles and Germany's entry into the League
of Nations. Previously the Federal Council. or Reichsrat, passed the
entire Locarno ratification oill by a vote of 49 to 15. The law, whoch goes
into effect immediately, will be proclaimed in the official Gazette Monday.
By giving executive approval to the law less than twenty-fOur hours after
it was ratified by the Reichstag the President administered a rebuke to the
pact's reactionary opponents, who hoped he would refrain from approving
It on constitutional grounds.
His action smothers the last embers of the fiery opposition kindled by the
German Nationalists, and it is also received in Parliamentary circles as a
complireent to Chancellor Luther and Foreign Minister Stresemann, with
DEc.5 1925.]
THE CHRONICLE
2'709
The study covers 248 formal pension plans, conducted by 245 companies
and embracing 2,815,512 employees; in addition, 148 informal plans,
operated on an individual merit basis, were studied and their results compared with those of the formal type. Of the 245 companies operating formal plans, 164 report now having pensioners on their rolls. These, numbering 36,953 as of December 1924, were paid a total of $18,192,250, or
an average of about $506, during the year. The proportion of male to
female
employees covered, as far as reported, is about three to one, and
The British House of Commons ratified the security pact
census figures indicate that a similar proportion holds for the rest.
on Nov. 18. In voting its action the New York "Herald
Pension plans are broadly divided into formal and informal plans. The
present tendency among the larger employers seems to favor the formal,
Tribune" London copyright cablegram stated:
Inasmuch
as the awarding of pensions on the individual merit
The House of Commons to-night, by a 375-to-13 vote, ratified the
which
Locarno security treaty for Great Britain. Reservations offered by the is the principle of the informal programs, becomes impractical plan,
whet* there
are hundreds or thousands of employees, making impossible close personal
Labor party were defeated 332 to 130.
That Parliament's sanction would be obtained for the work at Locarno contact between employer and employee. The formal plans, on the other
was a foregone conclusion, and interest centered largely on the criticisms hand, again fall into two main groups, the "contributory," under which
from the opposition. These, as set forth by Ramsay MacDonald and the employee contributes a percentage or fixed amount out of his pay, and
David Lloyd George,leaders of the Labor and Liberal parties, respectively, the "non-contributory" plan, under which the entire cost of the pensions
is borne by the company. Out of the total of the 248 formal pension plans
were:
found in operation, only 28 were of the contributing type. Participation
I. That the security pact made no provisions for disarmament.
b
py
ulsth
ory
e.employees in contributory plans may be optional Or may be cam2. That it was aimed at isolating Russia.
3. That the British dominions had not participated in it.
As concerns the obligations undertaken by the employer, pension plans
Chamberlain Answers Critics
are divided into "contractual" and "discretionary" types, the obligation
By his frank admission that the government regarded Locarno not as the
under the contractual plan being fixed, and requiring most rigidly sound
end but the beginning ot the work of appeasement and conciliation, Austen financing,
while the discretionary type by its nature is more flexible both
Chamberlain, the Foreign Secretary, took much of the sting out of the
as to its financial requirements as well as in its individual application.
reproaches of his critics. There was a little confusion at the beginning of There
are, furthermore, "limited-contractual" plane, under which the emthe debate because the Foreign Secretary was not present. A few minutes ployer reserves
the right to reduce or even abrogate his obligations toward
later Mr. Chamberlain hurried in and before the crowded House and
future pensioners should business conditions or other considerations make
galleries moved the ratification of the pact.
it advisable. While all informal plans of necessity are discretionary, forDealing first with the question of disarmament. Mr. Chamberlain said: mal plans may
be either of contractual, limited-contractual or discretionary
"Locarno was neither the time nor the place to produce a scheme for character.
general disarmament, nor were the representatives there competent to proThe Conference Board found the 248 formal pension programs now in
duce such a scheme. What we did was to bring new assurance of peace and
effect divided under the various classifications as follows:
security to many nations which felt themselves more insecure."
Contributory, optional to employees
10
Passing to the Russian question, Mr. Chamberlain elicited cheers from
Of these, limited-contractual
5
the Conservative benches by declaring:
Contractual
5
"The admission of Russia into the league depends upon Russia herself. Contributory,
but compulsory
18
It is not for the league to go begging. The will to join the league must
be
Of these, discretionary
spontaneous in the government concerned and Russia is not
4
prepared
to
join on any terms whatever."
Limited-contractual
12
Contractual
2
MacDonald Welcomes Pact
Non-contributory
211
MacDonald, leading off for the Labor party, welcomed the pact because
Of these, discretionary ------_ ___
168
It is not a military alliance, because it brings Germany into the league and
Limited-contractual
48
because it advances the principle of arbitration. The former Premier
Not specified types
9
-9declared that throughout his recent Continental tour he had found the pact
accepted as the first step toward the Geneva protocol.
Total plans studied
248
This protocol was framed during the meeting of the league Assembly last
While the Conference Board repeatedly warns that sound financing on a
year, at which MacDonald,then Premier and Foreign Secretary.represented
scientific
basis
and
adequate
funding is necessary lest pension programs
Great Britain.
"Is it the government view that Locarno was engineered for the purpose result in grief, the Board in its report evidently does not share the grave
apprehension
uttered
in
other
quarters of late that nothing but financial
of uniting western civilization against Russia?"
disaster confronts all efforts of the industries to operate their own pension
"No, I have persistently repudiated any idea of isolating Russia," Mr.
programs
privately
without
State or other outside help. Emphasis is given,
Chamberlain retorted.
however, to the fact that pension plans to a large extent are still in an
MacDonald closed with a reproach that the dominions were not reproexperimental stage, and that particularly formal, discretionary as well as
sented at Locarno.
contractual or limited-contractual types have not been in effect over a long
Lloyd George in Good Humor
enough period of time in sufficient number of cases as to afford sufficient
Lloyd George began his address in a good-humored vein:
evidence accurately to measure the cumulative character and rising costs of
"The Foreign Secretary has received flowers from many nations, to which pension payments. How long the formal pension
programs now in existI should like to add a humble leek. I noticed that the leader of the Opposi- ence have been in effect, can be seen from
the following table given the
tion, however, put a good many thistles into his bouquet."
adoption
year of
of the plans by five-year periods:
"The one thing which mars the triumph of the treaty and introduces a
Before 1885
1
1911 to 1920
68
new peril into the empire when we are undertaking liabilities and responsi1885 to 1890
1
1921 to 1925
40
bilities full of perils themselves," Lloyd George concluded. "ifi the failure
1891 to 1895
2
Not
reported..
20
to consult the dominions."
1896 to 1900
2
1901 to 1905
16
1906 to 1910
26
Total
League Entry in March—Geneva Officials Do Not
248
whose peace policies Germany's soldier-President was known to be in full
accord.
lak
Although the Locarno treaties were initialed by the various delegates to
the conference on Oct. 16, only the British Parliament and the German
Reichstag thus far have ratified them. The nations yet to ratify them prior
to their signature in London next Tuesday are France. Belgium, Czechoslovakia, Italy and Poland.
Expect German Application Until February
In its study the Conference Board has had the co-operaThe New York "Times" reports the following copyright tion of an advisory committee composed of the following:
cablegram from Geneva Nov. 27:
C. S. Ching, United States Rubber Co.; William B. Foster,
League of Nations officials said to-day that Germany would not applyfor E. I. DuPont de Nemours
& Co.; E. K. Hall, American Teleadmission to the League before February,despite the fact that the Locarno
accords were ratified by the Reichstag. As regulations require the elapse phone & Telegraph Co.; M. Harrison, Hammermill Paper
of a month between the convocation of a special Assembly and the holding Co.; C. J. Hicks, Standard Oil Co. of New
Jersey; J. M.
of the Assembly, this would mean that the extraordinary meeting
of the Larkin, Bethlehem Steel Co.; Louise Moore, Dutchess
ManuLeague members to admit Germany will not be held before March.
Then, presumably, both the Council and Assembly will concurrently facturing Co.; Thomas G. Spates, Richard Hellman, Inc.;
elect Germany to a permanent seat in the League of Nations'
A. H. Young, Curtis, Fosdick & Belknap; Jarrett Morford,
Council.
Officials incidentally believe that Argentina will participate
in this special National Industrial Conference Board,
session, the first time since she withdrew from the League
Committee Secreseveral years ago,
advices having been received indicating that
the Argentine Parliament will tary.
soon vote again to join the League.
Annual Convention of American Mining Congress to Be
$2,000,000 Subscribed in Italy Toward Paying
Held at Washington Dec. 9-11.
War
Debt to United States.
Members of the President's Cabinet, prominent Govern-'
The following message from Rome (Dec. 1
coypright) is ment officials, members of Congress, a former Labor Minfrom the New York "Times":
ister of Canada and leading mining men from all parts of
Though the final results of the voluntary subscriptions
toward paying the United States
Italy's war debt to the United States, which closed
are scheduled to discuss important queslast night, are not yet
known, it Is surmised from preliminary returns
tions affecting the production and distribution of mine prodthat the total
82,000.000. This is thought highly satisfactory and is greatlywill exceed
in excess ucts at the 28th annual convention of the American Mining
of expectations.
The northern industrial and commercial cities
Congress at the New Willard Hotel at Washington
contributed
most heavily.
next
Milan heads the list with 11,000,000 lire, followed
by Turin with almost week—Dec. 9, 10 and 11. Secretary of Labor James
7.
9.000,000. Then come Genoa with 5,000,000 and Rome
with
Davis,
Secretary
4,000,000,
of Commerce Herbert Hoover, Federal
followed by Trieste, Naples, Venice and
other cities with lesser amounts.is
Trade Commissioner William D. Humphreys,
Representative
Joe J. Manlove of Missouri, and James Murdock,
Over $30,000,000 Paid Out During Year by
former
American Minister of Labor of Canada,
will address the convention,
Industry for Employees' Pensions.
which will consider a national labor policy, mine
More than $30,000,000 was spent during the past
taxation,
year by joint selling agencies in the distribution
of mine products,
American industry, including railroad and public
utility and other important mining problems.
companies, for employees' pensions, according to
an estiThe convention will be opened on the morning
mate based on a study of industrial pension plans
of Dec. 9 by
now in Louis S. Cates, of Salt Lake, Vice
effect, made by the National Industrial Conference
-President of the Utah
Board, Copper Co., who will deliver his
annual address as Presi247 Park Avenue, New York. In making this known
Nov. dent of the Congress. A number of
metal and coal mining
30 the Board says:
operators will present a survey of the
requirements of the
2710
THE CHRONICLE
mining industry in the various mining districts of the country. These will include Stanley Easton, of the Bunker Hill
and Sullivan Mining Co., of Kellogg, Idaho; C. B. Lakenan,
of the Nevada Consolidated Copper Co., of McGill, Nev.;
former Governor Jesse F. McDonald, of Leadville, Col.,
Chairman of the Colorado Metal Mining Fund, and Chairman of the Western Division of the American Mining Congress, and M. L. Gold, of Indianapolis, Ind., President of the
National Coal Association.
An afternoon session on Dec. 9 will be devoted to a discussion of Federal and State taxation of mines. This will
be the annual national mine tax conference, in charge of
McKinley W. Kriegh, of Washington, D. C., Chairman of
the Tax Division, and Paul Armitage, of New York, Chairman of the General Tax Committee of the American Mining Congress. At this conference the effect of taxation on
development of Western mineral industries will be discussed by Charles R. Howe, State Tax Commissioner of
Arizona. Representative Manlove, of Missouri, will speak
on the relation of Federal tax laws to the welfare of the
mining industry. These addresses will be followed by a
consideration of mining provisions in the new tax bill to be
considered by Congress at the coming session. Secretary
of Commerce Hoover is expected to address the convention
on the new policies of the Bureau of Mines since its transfer from the Interior Department to the Commerce Department.
In view of the present anthracite strike and the threat
of the miners' union to call a bituminous strike, the proceedings of the convention on Dec. 10 promise to be of public
interest, as they will be devoted to a consideration of plans
for the peaceful settlement of labor disputes under a broad
national labor policy. "The Mining Industry and Labor,"
will be the topic upon which this subject will be discussed.
Secretary of Labor Davis will give his views on proposals
to adjust mine strikes, based on his activities in attempting
to settle mine disputes during the past four years as head
of the Department of Labor. Former Minister of Labor
Murdock, of Canada, will speak on the protection of public
rights in industrial disputes, giving a summary of the operation of the Canadian Industrial Investigation Act, which
provides for compulsory arbitration of labor disturbances.
The views of mine operators will be presented by S. D.
Warriner, of the Lehigh Coal & Navigation Co. of Philadelphia and one of the outstanding anthracite operators; Sidney J. Jennings, of New York, of the United States Smelting, Refining & Mining Co., and former President of the
American Mining Congress, who will speak on the question,
"What Is a Fair Wage?" and Harry N. Taylor, President
of the United States Fuel Distributing Co. of New York,
representing the views of bituminous operators in the central competitive field. The afternoon session will be devoted
to group conferences. The annual banquet of the American Mining Congress will be held on the evening of Dec. 10,
to which President Coolidge has been invited.
The value of joint selling agencies in all branches of
mining, looking to stabilization of industry through voluntary co-operation of industrial groups designed to economize in the distribution of mine products for the benefit of
producer and consumer, will be considered at the session
on Dec. 11. The attitude of the Government toward such
joint selling agencies will be outlined by Federal Trade Commissioner William E. Humphreys. The Mining Congress
will then define its policies in resolutions reported by a
committee representing mining men from each State. The
convention will be the first to be held by the American Mining Congress in Washington.
1VoL. 121
Havana, Cuba, via a steamship chartered specially for the
occasion.
In many respects the convention is expected to be one of
the most important in the history of the Investment Bankers
Association. Many matters of great importance to the
investment public will be considered by the bankers in the
course of the sessions. Special transportation arrangements
have been worked out to carry the bankers to Florida.
Special trains are being operated from both Chicago and
New York. Delegates in New Jersey, Pennsylvania, Delaware, Maryland and the District of Columbia will join the
New York specials, which left last night. The Chicago
specials also left for Florida yesterday and will pick up
cars bearing the St. Louis delegates. Arrangements have
been made whereby the Pacific-Northwest delegates may go
direct to Chicago while the California delegates may join
the Chicago specials either via St. Louis or Chicago, or if
they prefer the southern route, may join with New Orleans
and operate a car or cars direct to Jacksonville, Fla. The
special trains will be made up of solid compartment and
drawing room cars, with observation cars, club cars, dining
and baggage cars.
The itinerary of the New York specials include stops at
Charlotte, Columbia, Jacksonville, and Winter Park. At
the latter city the New York bankers will detrain for a 140
mile cross State motor trip through the Florida citrus fruit
belt and the Lake region. Pullman buses will leave Winter
Park stopping at Orlando, Kissimmee, Davenport, Haines
City, Mountain Lake Club, Lake Hamilton, Winter Haven,
Lake Alfred, Lakeland and Tampa, thence across Gandy
Bridge and Causeway. This will bring the bankers into
St. Petersburgh at 5.30 p. m. to-morrow (Sunday).
Returning from Havana the vessel will stop at Key West
where the delegates may take special trains for the return
home. These specials will proceed over the Florida Keys to
Miami. The New York special will arrive in New York at
6:15 p. m. Dec. 18, and the Chicago train will arrive in
Chicago at 8:45 p. m. on the same date.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
The board of directors of the Lawyers Title & Guaranty
Co. of New York has recommended to the stockholders an
increase of the capital stock of the company from $8,000,000
to $10,000,000, the additional stock to be offered for cash at
$200 per share to stockholders of record on Dec. 22 1925 pro
rata of'their holdings on that date. A special meeting of
the stockholders to be held Dec. 14 has been called for the
purpose.
•
The World Exchange Bank of this city celebrated on Nov.
28 its first anniversary at the Commodore Hotel by a dinner
and entertainment. At the present time the bank has 10,000
depositors and over $2,000,000 in deposits.
The American Trust Co., of this city, opened this week
the completed portion of its remodeled quarters, with entrance at Broadway and Cedar Street. The new banking
space provides a concourse 150 feet in depth from Broadway
to Temple Street, with a banking screen of Juane Nile
Italian marble with architectural bronze grille. Additional
space, 115 feet long, from Cedar Street to Liberty Street, is
now being reconstructed to match the completed portion.
When this is finished the American Trust Co. will have a
banking floor with a total area of 7,434 square feet, with
entrances on Broadway at Cedar Street and on Liberty
Street. Harry A. Kahler, President of the company, received many visitors, who commented on the architectural
excellence and practicability of the new banking arrangements. Mr. Kahler explained that the recent acquisition by
an associate company of the Washington Life Building, 141
Broadway, which gives possession of the entire block from
Liberty Street to Cedar Street, has enabled the company to
develop its banking quarters, to meet the requirements of
its growing business, by extending on the street floor without the necessity of moving or interrupting banking operation. The American Trust Co. was founded in 1919. Besides its Broadway and Cedar Street offices, it has offices
at Madison Avenue and 41st Street, New York; 209 Montague Street, Brooklyn; 161-19 Jamaica Avenue, Jamaica;
Bridge Plaza North, Long Island City. Resources are approximately $50,000,000.
Meeting of Investment Bankers Association of America
at St. Petersburg, Florida, Next Week.
Investment bankers representing upwards of 600 of the
country's principal banking houses will be present when the
fourteenth annual convention of the Investment Bankers
Association of America opens its sessions on Dec. 7 next in
St. Petersburg, Fla. The Eastern bankers, including New
England and New York members, left for Florida last night
(Dec. 4) by special trains. The gathering will bring together
in Florida the leaders among the men who handle the bulk
of the corporate and public financing in the United States.
While the actual convention sessions will be held In St.
Petersburg, the bankers will be given an opportunity of
At a meeting of the board of directors of the United States
visiting most of the important points of interest in Florida,
Mortgage & Trust Co. of New York held Nov. 27, Harry W.
including Jacksonville, St. Augustine, Miami, Tampa and
Hadley was elected Vice-President and Assistant Treasurer.
Key West. As a side' trip part of the delegates will visit,
DEC.5 1925.]
THE CHRONICLE
2711
The capital stock of the Lebanon National Bank, of this
city, will be increased from $250,000 to $500,000. The stockholders will pass upon the question Dec. 10 1925. The new
stock will be issued at $140, par $100.
for Dec. 22 to vote on a proposal to increase the capital
stock of the institution from $50,000 to $100,000 by the
issuance of 500 new shares of the par value of $100 per
share, according to a special dispatch from that place on
Nov. 20 to the Hartford "Courant." The new stock, it was
Jacob Adler and Sam Lewis
- have been elected directors of said, would be offered to present stockholders at par. W. B.
the American Union Bank, of this city.
Church is President and Charles F. Linsley, Vice-President
The directors of the Broad
-Street National Bank of Tren- of the institution.
ton, Trenton, N. J., announce the death of William G. Howell
An Associated Press dispatch from Boston on Nov. 28,
on Monday, Nov. 16, Mr. Howell served as Vice-President
which appeared in the New York "Times" of Nov. 29, states
of the institution twenty-eight years.
that sums aggregating $210,000 were on that day allowed
the Guaranty Trust Co., a new liquidating agents of four Boston trust companies by Judge
On Monday, Nov. 30,financial institution, began business in Newark, at Belmont Wait of the Supreme Court of Massachusetts for services
Avenue and Court Street. The main banking room was covering nearly five years. The amounts were recommended
filled with flowers, the gifts of friends, including several by Joseph C. Allen, former Bank Commissioner. W. Rodbanks, sent for the occasion, and former Judge Edward man Peabody, liquidating agent of the Tremont Trust Co.,
Schoen, who heads the trust company, was reported in the is to. receive $70,000; Henry P. Cushman of the CosmopoliNewark "News" of Nov. 30 as saying that the first hours of tan Trust Co., $65,000; John E. Hann!gan of the Prudential
business exceeded even his sanguine expectations. Jacob Trust Co., $35,000, and Fitz Henry Smith of the Hanover
Bamberger is Secretary and Treasurer of the new bank. Trust Co., $40,000. Part compensation has already been
The previous Tuesday evening (Nov. 24) the opening of the paid these agents at different times, it is said.
institution was celebrated by a banquet given at Krueger
We are informed by the Gir- ard Trust Co. of Philadelphia
Auditorium, Newark, at which State Senator J. Henry Harspecial cash distriburison, Edward D. Duffield, President of the Prudential that the amount of their contemplated
1
next)
is
to
be
20% and not 2%, as
(payable
March
tion
Insurance Co. and E. W. Wollmuth, Secretary of the Newark
Chamber of Commerce, were among the speakers of the erroneously reported in our issue of Nov. 28, page 2601.
evening.
A special dispatch from Fa- rrell, Pa., to the "Wall Street
What is said to be ilhe larg- est consolidation of financial Journal," printed in its Dec. 1 issue, stated that a syndicate
interests in the history of Buffalo banking was consum- of local business and professional men had purchased the
mated this week when the Marine Trust Co. of Buffalo and People's Bank of Farrell from the McDowell National Bank
the Buffalo Trust Co. were united to form a new organiza- interests of Sharon, Pa. Borough Burgess Frederick Fish
tion under the title of the Marine Trust Co. The new trust has been named President under the new regime, with John
company, with its combined invested capital of $30,000,000, Fitzpatrick, Vice-President, and H. G. Moore, Cashier. The
deposits of almost $200,000,000 and combined resources, of bank was organized about ten years ago and has resources,
approximately $250,000,000, is said to be one of the twenty- it is understood, of more than $900,000.
five largest banks in the United States and the fifth largest
A press dispatch from Eas-t Liverpool, Ohio, on Nov. 30,
in the country outside of the city of New York. "By the
Dealer" of Dec. 1 stated
merger" (we quote from the Buffalo "Courier" of Nov. 29) appearing in the Cleveland "Plain
been
completed
for
the consolidation, effecthat
plans
had
"the new institution's capital stock will be $10,000,000, conFirst National Bank, the city's oldest and
sisting of 200,000 shares with a par value of $50 each. The tive Jan. 5, of the
institution, and the Citizens' National Bank
combined capitalization of the two institutions before the largest financial
the former. The merger, which is subject
under
the
name
of
merger was $14,000,000. By reduction of the capital stock,
stockholders Dec. 28, will give the conthe value of the new shares of stock will be increased in to approval of the
resources
of $4,500,000, it is said. J. J.
solidated
bank
proportion. The amount by which the capital stock is to be
Purington is President of the First National and John W.
reduced will be added to surplus. The merger will give the
Citizens' National Bank.
new institution surplus And undivided profits of between Vodrey, President of the
$15,000,000 and $20,000,000, with nearly $200,000,000 in deAnnouncement was made on Nov. 25 that the Licking
posits. According to plans announced yesterday (Nov. 28); Bank & Trust Co. of Newark, Ohio, and the Citizens' Buildeach share of the existing stock of the former Marine Trust ing & Loan Association of that city, with combined resources
Co. will be worth one and four-tenths shares of the new in excess of $3,750,000, had consolidated under the title of
stock, while each share of the existing stock of the Buffalo the former, according to an Associated Press dispatch from
Trust Co. will be worth one and seven-tenths shares of the Newark on that date, printed in the Columbus "Ohio State
new company's stock." George F. Rand, the former Presi- Journal" of Nov. 26. The dispatch further stated that
dent of the Buffalo Trust Co., is President of the new bank, Frank W. Elliott and A. A. Haines would continue as Presiwhile Elliott C. McDougal, heretofore President of the dent and Cashier, respectively, of the enlarged Licking Bank
Marine Trust Co. of Buffalo and Walter P. Cooke, formerly & Trust Co., and that the directorate of the bank would be
Chairman of the Board of that institution, are Chairman increased to eighteen members by the addition of the direcand Vice-Chairman, respectively. The board of directors of
tors of the absorbed institution.
the new bank, it is understood, will consist of forty members, made up of the directors of the two institutions. In
The absorption of the Guarantee Trust Co. of Cincinnati
explaining the reasons for the consolidation of the instituthe Bank of Commerce & Trust Co., of that city, is reby
tions, Mr. McDougal was quoted in the "Courier" as saying:
in the following special dispatch from Cincinnati to
ported
The merger of these two large financial institutions is a natural and
logical development in their growth. George F. Rand, President of the the New York "Times" under date of Dec. 3:
Buffalo Trust Co., and a number of his officers and directors have
heretofore been associated with and are some of the largest stockholders
of the
Marine Trust Co., so for some years there has been a close affiliation
between
the two institutions.
The need of obtaining new officers to fill existing vacancies in the
staff
of the Marine Trust and the need of increased room at the head
office of
the Buffalo Trust Co., coupled with its need for frequent
increases in its
capital stock, because of the constant rapid growth of its
business, while
at the same time the unusually large capital stock of the
Marine
is more than sufficient for both, seemed, in the opinion of the Trust Co.
officers of
both institutions, to make the present the opportune time for the
merger.
The combined company will be one of the strongest financial
institutions
in the country, capable of transacting any banking business
which it may
be offered and of rendering every possible financial service
required by the
people of this locality.
The bringing into the Marine organization of Mr. Rand and
the group
of younger men who, as officers and directors, under his
leadership, have
made such a splendid success of the Buffalo Trust Co., is
desirable and
advantageous. I am very glad to be able to announce this merger
and believe it to be for the best interests of the stockholders and
well as for the community at large, and that it will enabledepositors as
the Marine
Trust Co. to render to the people of this locality even a finer
service than
it has rendered for the 75 years of its existence.
The bank of Commerce & Trust Co., 118 East Fourth Street, has pmchased the entire assets of the Guarantee Trust Co., 16 East Seventh Street,
according to an announcement to-day by E. II. Matthews, President of the
Bank of Commerce. The absorption also includes the acquisition of the two
branches of the Guarantee Co. All of the Guarantee banks will be operated
as branches of the Bank of Commerce.
Melville Ritchie, President of the Guarantee Co., will become a member
of the board of directors of the Bank of Commerce. The total rdsources will
be doubled, officials said. The bank's capital stock will be doubled soon,
it was added.
According to the "Wall Street Journal" of Nov. 30, the
directors of the Bank of Detroit, Detroit, have approved
and will recommend to the stockholders at their forthcoming annual meeting, a proposal to increase the institution's
capital stock from $2,000,000 to $4,000,000 and its surplus
from $500,000 to $1,000,000, through the issuance of 20,000
shares of new stock, to be offered to present shareholders
in the proportion of one share of new for each share of old
stock held. If the proposition is approved, it will be the
third time the Bank of Detroit has doubled its capital, it is
A special meeting of the stockholders of the
Meriden
said.
Trust & Safe Deposit Co., Meriden, Conn., has been
called
2712
THE CHRONICLE
We understand a proposed consolidation of the Highland
Park Savings & Loan Association, Highland Park, Mich.,
and the Society for Savings, of Detroit, was recently approved by the shareholders of the institutions. The consolidated organization will be known as the Society for
Savings and will have an authorized capital of $5,500,000,
it is said.
(Tot. 121.
side Atlantic banks of Jacksonville (controlled by the stockholders of the Atlantic National Bank) the capital resources
of the financial group, thus constituted, will be more than
$3,000,000. The Atlantic National Bank is adding a 10-story
building on Adams Street and is completing arrangements
to operate, it is understood, as two indirect branches, the
Springfield Atlantic Bank and the Riverside Atlantic Bank,
in addition to the Fairfield Atlantic Bank, which is now in
Edwin J. Phelps, Chairman of the board of directors operation
.
of the Kalamazoo National Bank of Kalamazoo, Mich., died
on Nov. 20. Mr. Phelps was the founder of the bank and
The "Wall Street Journal" of Dec. 3 published a press
served as its President until 1923, when he assumed the dispatch from
Houston which stated that negotiations are
Chairmanship, the position he held at the time of his death. pending for
the merger of the Public National Bank of that
city with the Houston National Bank. As reported in the
William F. Grimes, the oldest employee of the Chicago
"Chronicle" of Nov. 14 last, page 2368, controlling interest
Title & Trust Co., of Chicago, died Nov. 19. He would have
In the latter institution was recently acquired by R. S. Sterbeen 92 years old next February. He was born in Alexanling and associates.
dria, Va. During the Civil War he was Deputy County Clerk
there, and in 1868 located in Chicago and entered the employ
In order to foster co-operation and increase efficiency in
of Shortall & Hoard, one of the three early abstract com- service within
the organization, the Citizens National Bank
panies. At the time of the fire of 1871 he was one of that and the Citizens
Trust & Savings Bank, of Los Angeles, last
little band of young men who loaded the tract indices and year voted
to distribute as additional compensation 10%
maps and other valuable title records belonging to his firm of the net
profits after making reasonable provision for
upon trucks furnished by General Joseph Stockton and dividends
and reserves, among the employees and junior
removed them out of danger. In 1888 he became part of the officers.
At a recent dinner, attended by over 600 members
organization of the Title Guarantee & Trust Co., which of the
staff of the banks, President J. Dabney Day made the
initiated in Chicago the insurance of titles to real estate. statement
that under this plan there will be a substantial
He remained in that branch of the business until he retired
sum to distribute when the holiday season arrives. A large
in 1923 after 55 years' continuous service. He was a rapid
number of Citizens bank's employees are now stockholders.
and accurate examiner of titles and for twenty years had When
the capital was increased about two years ago, archarge of all title guarantees issued on lands in other States. rangemen
ts were made under which stock might be purHe leaves a widow and one son, Charles F. Grimes, who is
chased by them on easy terms.
one of the legal representatives of the Chicago Title & Trust
Co.
That the Bank of Montreal has had a prosperous year is
evidenced by the annual report of the institution, the 108th,
Morris Berger, Assistant Secretary of the Illinois Mer- covering the
twelve months ended Oct. 81 1925. It reflects
chants Trust Co., of Chicago, died in Los Angeles, Cal., on trade
improvement in the Dominion. The statement shows
Nov. 29, after an illness of several months. Mr. Berger was net profits
for the period, after deducting charges of man64 years of age and for the Past 37 years had been associated agement and
making full provision for all bad and doubtful
with the Illinois Trust & Savings Bank, now the Illinois debts, of $4,604,963
. This amount when added to $761,586,
Merchants Trust Co., leaving a record of many years of representing the
balance to credit of profit and loss brought
useful and faithful service.
forward from the previous year, made a total of $5,366,549
available for distribution, and which was allocated in the
On account of its expanding business, the Chicago Morris
following way: $4,161,671 to pay four quarterly dividends
Plan Bank of Chicago has found it necessary to enlarge its
at the rate of 12% per annum ($3,563,337), together with a
banking quarters at 21 North La Salle Street. The remodelbonus of 2% ($598,334) ; $291,390 to provide for Dominion
ing program has included greatly increasing the facilities
Governme
nt taxes, and $316,700 transferred to rest account,
offered on the first floor occupied by the bank's tellers. An
leaving a balance of $596,788 to be carried forward to next
entire new floor in the Morris Plan Bank Building is also
year's profit and loss account. Total assets are given as
necessitated to handle clerical work. The month of October
$755,147,876 (as compared with $718,194,797 at the end of
was the largest month in the bank's history, it having loaned
the previous six months' period), of which $450,459,068
is
to 2,152 people $534,000, and there was an increase in savliquid assets, or equivalent to 66.37% of the bank's liabiliings deposits of $150,000. It is interesting for the bank offities to the public. For the half year the deposits show
concials to observe a slight falling off in requests for loans dursiderable growth, the total now standing at $631,454,4
29, as
ing the period of the disbursement of Christmas savings
compared with $604,851,116 on April 30 1925. Total
current
funds. The Christmas savings fund is built up on the
loans are shown in the report as $270,087,144. Owing to
the
Morris Plan idea, namely, periodic installment deposits for
absorption of Molsons Bank at the close of 1924, the
capital
a definite purpose or objective. By the accumulation of
stock of the Bank of Montreal was increased from
$27,250,some $20,000,000 through Chicago banks, many people in
000 to $29,916,700; the rest account (also formerly
$27,250,moderate circumstances have provided for themselves a fund 000)
likewise was increased to the same figure, this
by
for Christmas purchases and other things which very haptransferring $2,350,000, representing "estimated
surplus aspily relieves the necessity of their seeking credit accommosets of Molsons Bank in excess of the value at par
of the
dation.
capital stock of the Bank of Montreal issued and
cash paid
therefore
"
to
The following Associated P- ress dispatch from Prescott,
that account and the addition of the
$316,700
Ariz., on Nov. 26, which appeared in the New York "Journal transferred from the balance of profit and loss account,
as
of Commerce" of Nov. 27, reports the closing of the Prescott before indicated.
State Bank of Prescott (capitalized at $100,000) and its
The Irving Bank-Columbia
-Trust Co. announced on Nov.
affiliated institution, the Commercial Trust & Savings Bank
28 the receipt of a cablegram from Paris
(capitalized at $80,000):
reporting that the
The Prescott State Bank and an affiliated institution, the Commercial stockholders of the Societe Francaise de Gerance
de la
Trust & Savings Bank, failed to open yesterday (Nov. 25). The closing Banque Industrielle de Chine have approved
an increase in
was by the State Superintendent of Banks, who gave "frozen paper" as the the
capital
of
that
institutio
n
to 20,000,000 francs and
cause. Branches of the Prescott State Bank in Humboldt and Jerome also
a
change in its name to Banque Franco
failed to open.
Chinoise pour le
Comerce et l'Industrie.
The directors of the Atlant- ic National Bank of Jacksonville, Fla., at a recent meeting unanimously decided to recAnnouncement was made
last week by the New York
ommend a stock dividend of approximately 43% to be paid agency of the Standard Bank of South
Africa, Ltd., at 67
to shareholders, increasing the capital of the institution Wall Street, of the receipt of the following
cablegram from
from $1,400,000 to $2,000,000. When the increase is effec- Its head office in London regarding
the operations of the
surplus
the
tive
and undivided profits of the bank will bank for the six months ended Sept. 30
1925:
Subject to audit, the board of directors have resolved
amount to $700,000, making the capital resources of the into pay the sharestitution $2,700,000, and when to this is added the capital holders an interim dividend for the half year ended Sept. 30 last at the
rate of 14% per annum, subject to income tax.
Dividend
warrants will be
resources of the American Trust Co. of Jacksonville (owned mailed on Jan. 29 next. The bank's
investments stand in our books at
exclusively by the stockholders of the Atlantic National less than market value as at Sept. 30 and all other
usual and necessary
provisions have been made. Transfer books will be
closed from Dec. 30 to
Bank, pro rata) and of the Fairfield, Springfield and River- Jan.
19, both inclusive.
Disc. 51925.]
THE CHRONICLE
THE CURB MARKET.
Trading on the Curb Market this week was active and
strong, with the oil shares showing decided improvement.
8 . Humble Oil &
Continental Oil sold up from 24 to 25%
Refg. gained about seven points to 81 and eased off finally
to 79. Magnolia was conspicuous for an advance from
180 to 190, the close to-day being at 185. Standard Oil
(Indiana) rose from 64H to 66% and ends the week at 663.
Standard Oil (N. Y.) advanced from 45 to 47H, reaching
finally to 46%. Gulf Oil of Pa. ran up from 8334k to 87,
but reacted to 85H. Among industrials American Rayon
Products sold down from 3934 to 33H and at 33% finally.
Cleveland Automobile, corn., was heavily traded in up from
28 to 32, the close today being at 30%. Continental
Baking, class A corn., gained about eight points to 123, while
the class B stock advanced from 27H to 32. Electric Auto..
3
Lite improved from 76 to 79 and reacted finally to 774.
Glen Alden Coal dropped from 14434 to 140 and sold finally
at 141. Gotham Silk Hosiery, corn., rose from 33H to
38% and finished to-day at 383. Land Co. of Florida
dropped from 65 to 51 and recovered finally to 543. Singer
Manufacturing sold up from 367 to 405. Stutz Motor
improved from 19 to 25. Public utilities were quiet and
without material change.
pAILT TRANSACTIONS AT THE NEW YORK CURB MARKET.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
r TOtel
ind.&Mts.
Os.
120,390
263,980
245,950
287,555
247.370
305,600
74,540
106.105
164,820
213,370
160,005
277,100
1,470,845
995,940
CURRENT NOTICES.
-Adams & Peck, specialists in guaranteed stocks, 20 Exchange Place,
New York City,are distributing a circular offering blocks of the following
stocks: Lackawanna Railroad Co. of New Jersey, 4% stock; United New
Jersey Railroad & Canal Co., 10% stock; Gold & Stock Telegraph Co.,
6% stock; and Hartford & Connecticut Western Railroad Co.. 2% stock.
Brief descriptions containing pertinent and important facts are furnished
for each stock. In addition to the foregoing there is also a long list of other
guaranteed stocks.
-C. King Woodbridge, President of the Associated Advertising Clubs
of the World,returned this week from an official tour of Western and Southwestern cities which brings his total mileage in the interest of organized
advertising since May, when he was elected to his present office, well past
the 20,000 mark. Among the cities where Mr. Woodbridge spoke before
local advertising groups were San Francisco, Palo Alto, Petaluma. Long
Beach, Hollywood, Los Angeles. Fort Worth and Oklahoma City.
-Donald J. Smith. Russell McCormick and Leland E. Smith, trading
under the name of Donald J. Smith & Co., announce a change of name to
Smith Brothers & McCormick, who will continue business at their present
address, Packard Building, Philadelphia. They also announce the opening
of a Trading Department under the supervision of Charles H. B. Phillips,
who will have associated with him Thomas J. Love, both formerly with
Wheeler & Company.
•
-The F. H.Smith Co.,first mortgage bond heuse, of Washington,D.0..
has leased the second floor of the building at 562 Fifth Ave., in the uptown
financial district of New York. The premises are being remodeled for
immediate occupancy as the company's New York office. Branch offices
are maintained also in Philadelphia, Pittsburgh & Minneapolis.
-Minsch. Monell & Co., Inc., 115 Broadway. New York, announce that
the 1925 edition of their annual publication "Water Power Bonds" is now
This booklet covers 58 hydro-electrics-foreign as well as domesticready.
BONDS (Pat Value).
and is the only published collection of data on any considerable number of
Domestic. Por'n Oat. Water Power Companies.
STOCKS (No. Shares).
Week Ended Dec. 4.
2713
37,600
33,680
73,490
34.360
33,340
42,980
8502,000
581,000
902,000
1,049.000
1,117.000
1,081,000
3291,000
660,000
153,000
301,000
247.000
162,000
255,450 35,232,000 $1,814,000
-G. M.-P. Murphy & Co. have prepared a circular analyzing the earnings of the Missouri Pacific RE.. and giving a description of its properties,
&c.
--Fenner & Beane, members of the New York Stock Exchange. have
issued for free distribution their regular fortnightly oomment on the Security
and Commodity Markets.
Course of Bank Clearings
Bank clearings for the present week will again show an
increase as compared with a year ago but the ratio of gain is
moderate. Preliminary figures compiled by us, based upon
telegraphic advices from the chief cities of the country,
indicate that for the week ending to-day (Saturday, Dec. 5)
bank exchanges for all the cities of the United States from
which it is possible to obtain weekly returns will aggregate
5.8% more than in the corresponding week last year. The
total stands at $11,216,460,618, against $10,600,992,689 for
the same week in 1924. At this centre there is an increase
for the five days of 3.1%. Our comparative summary for the
week is as follows:
• tzsarutss-geturns 011 TeleraPb•
Week Ended December 5.
1925.
1924.
6e7d,
35,369,000,000
587,073,247
520,000,000
442,000,000
124,928,385
144,800,000
184,054,000
•145,000,000
169,960,706
150,521,489
125,413,143
103,822,370
75,143,475
55,205,804,529
,584.000,541
500,000,000
401,000,000
124,640,184
133,607,080
155,300,000
127,400,000
144,110,761
122,384,837
93,746,235
93,125,143
79,435,804
+3.1
+0.3
+4.0
+10.2
+0.2
+3.4
+18.5
+13.5
+17.9
+23.0
+33.8
+11.5
-5.4
Thirteen cities, five days
Other cities, five days
38,141.716,815
1,205,333,700
57,764,555,114
1,151,211,955
+4.9
+4.7
Total all cities, five days
All cities, one day
59,347,050,515
1,869,410,103
$8,915.767,069
1,685,225.620
+4.8
+10.9
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Baltimore
Cleveland
New Orleans
,
Total all cities for week
311.216.460.618 610.600.992.689
+5.8
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the previous week-the week ended Nov. 28. For
that week there is an increase of 4.7%, the 1925 aggregate
of the clearings being $8,457,665, 531 and the 1924 aggregate
$8,074,687,179. Outside of New York City the increase
is 9.1%, the bank exchanges at this centre recording a gain
of 1.3%. We group the cities now according to the Federal
Reserve districts in which they are located and from this it
appears that. in the Boston Reserve District the totals are
larger by 6.5%,in the New York Reserve District (including
this city) by 1.4% and in the Philadelphia Reserve District
by 8.6%. The Cleveland Reserve District has a gain of
11.1%, the Richmond Reserve District of 14.7% and the
Atlanta Reserve District (chiefly by reason of the increase
at Miami) of 32.1%. In the Chicago Reserve District the
improvement is 4.6% and in the St. Louis Reserve District
2.2% but the Minneapolis Reserve District shows a falling
off of 13.8%. In the Kansas City Reserve District the totals
are better by 3.7%, in the Dallas Reserve District
by 8.8% and in the San Francisco Reserve District by
24.3%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Nos. 28 1925.
1925.
1924.
Inc.or
Dec.
1923.
1922.
Federal Reserve Districts.
i
8
$
%
$
lot Boston
12 cities 434,862,677 408,204,692 +6.5 378,261,312 346,732,662
2nd New York
4,776,206,905 4,711,357,100 +1.4 4,191,213,829 1,204,083,456
11
510,524,038 470,268,812 +8.6 455,817,974 439,622,090
3rd Philadelphia
10 "
347,301,174 312,523,018 +11.1 302,430,101 333,928,680
4th Cleveland
8 "
5th Richmond
200,357,575 174,652,892 +14.7 164,014,933 156,716,480
6 "
6th Atlanta
13 " 247,105,422 187,117,005 +32.1 165,390,801 152,675,393
809,437,066 773,729,253 +4.6 708,706,153 698,251,814
7th Chicago
20 "
8th St. Louis
197,114,519 192,9136,456 4-2.2 190,861,146 65,015,358
8 "
8th Minneapolis
7 " 128,505,113 149,014,617 -13.8 106,339,251 106,086,183
10th Kansas City
12 " 231,265,186 223,025,895 +3.7 903,598,685 209,053,693
5 "
81,479,826
74,863,250 +8.8 66,711,823
11th Dallas
53,008,574
493,506,030 397,028,189 +24.3 416,097,647 366,828,828
12 "
12th San Francisco
120 cities 8,467,665,631 8,074,687,179
Grand total
3,774,239,461 3,459,757,612
Outside New York City
nseuis
29 cities
578.884.694
+4.7 7,349,442,665 7,130,002,191
+9.1 3,253,749,429 3,013,132,883
348.512.289 +8.1
356.296.771
2.51600 OAR
We also furnish to-day a summary by Federal Reserve
districts of the clearnings for the month of November. For
that month there is an increase for the whole country of 6.8%,
the 1925 aggregate of the clearings being $42,693,897,574,
and the 1924 aggregate $39,882,954,098. This total of
$42,693,897,574 for November 1925 establishes a new high
record for that month,even though it does not come up to the
totals of some other months. Outside of New York City the
increase for the month is 9.5%, the bank exchanges at this
centre showing a gain of 4.6%. The Boston Reserve District
shows an improvement of 4.9%, the New York Reserve
District (including this city) of 5.0% and the Philadelphia
Reserve District of 12.8%. In the Cleveland Reserve
District the totals are larger by 10.3%, in the
Richmond
Reserve District by 12.8% and in the Atlanta
Reserve
District by 12.7%. The Chicago Reserve District
has a
gain of 8.7% and the St. Louis Reserve District of
5.0%,
but the Minneapolis Reserve District falls 10.5%
behind.
The Kansas City Reserve District has an increase
of 5.8%,
the Dallas Reserve District of 2.5% and the San
Francisco
Reserve District of 19.2%.
2714
THE CHRONICLE •
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
November
1945.
November
1924,
Inc.or
Dec.
November
1923.
No ember
1942.
$
Federal Reserve DIsts.
$
$
$
%
let Boston_ ___13 cities 2,282,358,892 2,174,938,331 +4.9 1,899,457,072 1,768,974,988
2nd New York_14 "
24,106,005,23E 22,963,413,512 +5.5 18,440,535,376 17,639,373,309
3rd Phlladelphial4 "
3,587,379,725 2,294,050,612 +12.5 2,170,991,119 2,144,201,037
4th Cleveland _15 "
1,687,396,561 1,529,318,457 +10.3 1,530,157,605 1,445,013,886
6th Richmond AO "
796,360,565
957,622,306
848,789,045 +12.E
812,286,52E
1,134,555,665
929,262,605
805,365,277
8th Atlanta ___17 "
892,646,424 +12.5
7th Chicago_ - -29 "
4,071,520,642 3,746,033,695 +8.7 3,633,003,013. 3,326,344,396
8th St. Lotils__10 "
929,174,536
954,467,136 +5.0
943,588,251
1,002,381,211
570,255,745
909 Minneapolls13 "
729,796,601 -10.5
591,844,532
653,219,466
10th KansasCity15 "
1,232,512,225 1,165,092,635 +5.8 1,100,438,381 1,131,792,236
433,784,965
434,194,582
11th Dallas
603,711,056 +2.5
12 "
618,734,664
125h San Fran_ _27 "
2,360,180,68E 1,980,696,585 +19.2 2,043,957,092 1,760,974,103
Total
189 cities 42,693,897,574 39,882,954,095
Outside New York City_ 19,218,719,491 17,450,223,973
+6.8 34,629,306,55 32,752,024,660
+9.5 16,580,993,60E 15,419,746,364
Canada
+1.4
1.666.827.435
1.644.258.375
1.910.288.912
1.618.528.533
We append another table showing the clearings by Federal Reserve districts for the eleven months back to 1922:
Eleven Months.
1925.
1924.
3
Federal Reserve Dists.
$
let Boston_ ___13 cities 23,101,818,251 21,781,023,662
2nd New York_14 " 383,435,702,295 230,308,573,281
28,823,686,13, 25,357,770,455
3rd Philadelphial4 "
18,248,544,379 17,281,042,307
4th Cleveland _15 "
9,961,336,693 8,997,386,079
5th Richmond _10 "
11,197,802,917 9,301,385,851
6th Atlanta __Al "
46,745,038,832 41,888,007,806
7th Chicago_ _ _29 "
10,836,898,102 9,968,129,962
8th St. Louis. 10 "
6,586,396,206 6,106,516,170
9th MinneapoUs13 "
13,130,036,331 12,207,066,006
10th KansasClty15 "
5,923,222,055 5,286,241,42E
Ilth Dallas ___ _12 "
24,510,598,632 22,218,165,851
12th San Fran..27 "
1923.
1922.
%
+6.1
+14.2
+13.7
+9.6
+10.1
+20.4
+11.6
+8.7
+7.0
+7.6
+12.1
+10.3
$
19,998,766,434
198,839,231,596
24,643,080,191
17,861,030,915
8,657,612,112
8,859,625,521
41,018,346,334
10,011,121,825
5,978,032,695
12,365,717,215
4,766,015,762
21,517,273,575
8
17,030,966,901
202,050,995,994
22,105,140,622
14,862,877,660
7,461,032,279
7,316,561,525
35,412,201,229
8,978,184,692
5,380,455,086
11,894,716,291
4,037,660,541
17,780,464,592
14.72'2.595.085 15,272.277.44.
-3.6 16,760,173,68E 14,707.198.X1
The following compilation covers the clearings by months
since Jan. 1 in 1925 and 1924:
Clearings Outside New York.
Clearings, Total AU.
onth.
1924.
1925.
%
1924.
Jan. lto Nov.3O--1922. 1925.
1924.
1923.
1922.
3
3
$
$
5
17,332 256,660 224,242 194,501 199,002
2,365 32,251 28,773 28,506 25,476
1,558 20,376 19,336 17,607 14.89
1,964 26,382 23,107 22,469 20,317
582
6,929
6,509
6,583
8,086
612
8,035
7,289
7,530
6,091
635
8,570
7,813
7,354
8,814
406
5,294
4,570
4,404
3,743
263
3,382
3,043
3,164
2.717
577
6,385
5,980
6,327
6,201
402
5,474
4,958
5,099
4,210
246
2.864
2,644
2,502
2,160
319
4,142
3,713
3,363
3,031
1.416
1,281
115
1,581
1,480
6,122
4,874
467
7,680
6,719
1,717
1,428
137
1.884
1.743
4.638
464
7,192
6,542
8.384
524
652
563
577
53
1.943
1,803
1,999
1,834
165
2,150
1,822
2,534
2,095
185
1,477
1,480
1,465
1.489
151
796
911
986
82
804
1,323
1,482
1,418
141
1,512
2,074
2,547
2.356
223
2,573
1,016
891
1,102
968
137
1,776
1,511
2,001
1,865
143
517
443
691
595
40
594
700
68
800
718
38,638 36,239 31,874 29,832 421,229 373,264 340.116 325.920
4,056
3,644
2,755
41,971
2,920
37,437
28,391
34,400
Total all
42,694 39,883 34,629 32,752463,200 410.701 374,516 354.311
Outside New York_19,217 17,450 16,581 15.420206,540 186,459 180,015 155.310
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results for
November and the eleven months of 1925 and 1924 are given
below:
Month of November.
Eleven Months.
Description.
1925.
1924.
1925.
1924.
Stock, number of shares_
238,121,980
49,176,979 41,657,077
411,140,297
Railroad & miscall, bonds $165.589,100 $269,490.000 $2,157,552,175 32,111,998,900
U. S. Government bonds 22,993,200
51,783,725
802,888,515
353,361,660
State,foreign, ea., bonds 49,320,000 69,297,500
607,472,260
502,039.000
Total bonds
$237,882,300 $390,571,225 $3,118,386,095 33,416,9013.415
%
!L.__ 46.155.456.88 38.482.681.32
b.__ 37,441,979.16 33.689.089,69
arch.41,946,379,28. 38.856.140,24
+20.1 19,434,782,882 17.773.552.856
+11.2 16.384.919,907115,588.979.852
+14.9 18,597.368,539,17.005.913.083
tqu. 125543815,316 108807911,271
+15.454.417.051.32850.348.445.79i
1
November
1924. 1923.
$
$
22,433 18,048
2.589 2,504
1,952 1,669
2,098 1,982
583
590
643
669
674
868
417
382
271
269
548
564
437
433
252
292
326
455
129
119
556
587
156
154
613
565
56
52
158
160
196
197
161
142
72
88
147
142
251
243
133
132
167
162
53
48
72
75
The volume of transactions in share properties on the New
York Stock Exchange each month since Jan. 1 in 1922 to
1925 is indicated in the following:
MONTHLY CLEARINGS.
1925.
(000,0003
1925.
omitted.)
lb
New York
23,477
Chicago
2,743
Boston
2,023
Philidelphia
2,372
St. Louis
629
Pittsburgh
726
San Francisco
827
Baltimore
498
Cincinnati
304
Kansas City
587
Cleveland
481
New Orleans
284
Minneapolis
404
Louisville
135
Detroit
724
Milwaukee
187
Los Angeles
686
Providence
63
Omaha
180
Buffalo
245
St. Paul
143
Indianapolis
74
Denver
150
Richmond
259
Memphis
128
Seattle
192
Hartford
67
Salt Lake City_ - _
90
Other cities
Total
189 eiti 463,200,090,831 410,701,308,866 +12.7 374,515,854,15E .54,311,257,412
Outside New York City- 206,580,122.071 186,459,071,128 +10.8 180,014,974,23E 55,309,694,947
Canada
BANK CLEARINGS AT LEADING CITIES.
Total
/nc.or
Dec.
[VOL 121.
+9.3
+5.8
+9.4
+8.1
+11.3 18,557,429.188116.892,514,850 +9.9
n1l_ 41,406,313,79 37,218,375,76
sy__ 41,808717,184 37.470.299.217 +11.6 17,959,282,74416,748.694,473 +7.2
.43,150,283,754 36,059.911,87, +19.7 19,131,420.039 16.101,382.823 +18.8
no.
QU- 126363294,711 110748586.85
+14.1 55.648.131,97149.742,571.946 +11.9
mos. 251907110,027 219556498.1 1
+14.7 110065183,299 100091017.737 +10.0
1925.
1924.
1923.
1922.
No. Shares.
No. Shares.
No. Shares.
No. Shares.
41,570,543
32.794,459
38,294.393
28.857,381
20.721.562
18,315,911
19,914,827
22.979,487
25.964,661
18.472,377
16.175.095
22,820,173
112,659,392
85,894.859
88,858.982
55,467.648
24,844.207
36.847.760
30.750.763
18.118.82f.
13,513,967
17.003,141,
20,091.981
23,155.730
19,754.197
30,634.353
28.921,124
24.080,787
Month of January
February
March
Total first quarter
Month of April
May
June
92.242.735
48,633.935
63,001.913
83,838,284
Month of July
August
September
32,812,918
33,047.245
37,109.231
24,318,182
21.809.031
18,184,180
12,551,851
13.144.841
14,642.289
15,118.063
17.862.553
21,712,040
+13.1 168121224,675 149975582,563 +10.8
Total third quarter
307.871,529
178,131.911
172,200,676
190.824,771
1___ 47,154,324,904 40.617.911,826 +16.1 21,202,177,90. 19,033,284,592 +11.4
+6.819.216.719.491 17.450.223.973 +9.5
iv _ _ 42.693.897.574 39.882.954.098
Month of October
November
54,091.794
49,176,979
18,332.992
41.657,077
15.802.9011
22,588,598
25.762.647
19,407,087
ly-42,879,479,14. 38,234,182,694 +12.119,483,729,03917,125,529,858 +13.8
8--- 37,897,972,78236,390,133,737 +4.117.679.454,41716.048.017.512 +10.2
p5..40,687,296,39: 38,001,648,381 +12.9 18.892.857,919 16,710,997,645 +13.1
+9.:58,056.041,37649,884,544,826 +12.3
qu. 121444748,326 110643944,81
nos_ 373351858.3. 330200442,94
Total second quarter
We now add our detailed statement showing the figures
The course of bank clearings at leading cities of the country
for the month of November and since Jan. 1 in each of for each city separately for November and since Jan. 1 for
two years and for the week ending Nov. 28 for four years:
the last four years is shown in the subjoined statement:
CLEARINGS FOR NOVEMBER,SINCE JANUARY 1, AND FOR WEEK"ENDING NOV. 28.
Month of November.
Since January 1.
week Ended November 28.
Clearings at1945
1924.
Inc.or
Dee.
1925.
1924.
s
%
$
s
$
First Federal Res rve District- Boston2,995,058
Maine-Bangor....
3,113,287
14,454,305
Portland
15.141,261
Mass.-Boston
2.023,181,527 1,952,000,000
9,943,114
Fall River
11,534,147
4,037,839
Holyoke
4,191.766
5.268,727
6,507,110
Lowell
a
Lynn
a
8.053,565
7,620,515
New Bedford
21,592,677
24,848.524
Springfield
14,347,000
15,184,729
Worcester
53,407,454
68,862,314
Conn.-Hartford_ .. _ ..
27,982,192
New Haven
31,013,812
9,040,700
9,751,700
Waterbury
51,815.700
R. 1.
-Providence
63,408,200
62,849,511
63,270,585
Manchester
Inc. or
Dec.
--
+4.0
34,865,480
37,348,721
-6.6
158,358,076
+4.8
142,847,146 +10.9
+3.7 20,376,076,577 19,338,000.000
+5.9
110,098,106
+18.0
97,086,862 +13.4
45,248,155
+3.8
43,064,336
+5.1
55,432,089
+23.5
54,906,649
+1.0
a
a
a
a
-5.4
72,908,237
66,250,824 +10.1
278,179,696
+15.1
248,912,257 +11.8
178,130,575
+5.8
166,729,375
+5.0
690,584,688
+25.2
594,747,868 +16.1
339,575,672
+10.8
328,759,926
+3.3
112,349,400
+7.9
100,921,300 +11.3
652,013,500
+22.4
563,448,400 +15.7
+2.7
0,029,624
1936,758,658
+14.8
+4.9 23,101,818,251 21,781,023,662
Total(13 cities) _ .._ 2,282,358,892 2,174,938,331
iSecond Federal Re serve Distric 6-New York 304,804.664
+1.8
N. Y.-Albany
24,658,584
270,180,252
25,093,256
54,543,700
4,225,000 +16.2
48,220,275
Binghamton
4,910,600
2,534,079,042
Buffalo
195,853,946 +25.4
2,094,563,153
245,088,364
44,981,838
Elmira
3,334,125 +21.0
38,804,620
4,035,715
70,832,092
Jamestown
57,233,559
5,116,000 +25.7
6,431,010
New York
+4.6 258,659,958,760 224,242,237.738
23,477,178,083 22,432,730,125
50.122,227
Niagara FalLs
46,785,869
4,243,773 -0.1
4,239,662
608.989,289
Rochester
49,801,402 +11.3
542,427,589
55,405,582
276,599.855
Syracuse
239,474,167
24,876,741
20,757.8914 +18.9
166.140,220
Conn.-Stamford_ _ ...
12.080,539 +23.7
147,034,389
14,941,085
29,584,447
+6.5
2,884,369
27,449.383
N. J.-Montclair_ __ _
2,837,918
1,001,689,681
Newark
886,684,353
101,843,641
78,880,980 +29.1
1.571,173,768
+7.6
124,384,903
Northern N.J
138,855.877
1,613,809,636
62,202,934
53,668,324
4,681,903 +16.8
Oranges
5,467,702
Total(14 cities)
24.106,005,236 22.983,413,513
%
+6.1
1925.
1924.
Inc. or
Dec.
1923.
$
$
%
s
533,168
2,984,484
388,000,000
2,277,501
a
861,733
a
1,108,075
4,468,488
2,923,506
12,835,145
5,770,520
549,011
-3.0
2,884,821
+3.5
386,000,000
+6.0
2,031,006 +12.1
a
a
990,451 -13.0
a
a
1.109,051
-0.1
4,540,830 -1.6
3,033.000 -4.6
10,615,458 +20.9
5,354,064
+7.8
1922.
s
592,920
*3,000.000
338,000,000
2,279,829
a
961,661
a
1,353,925
4,241,501
2,951,000
9,234.512
5,269,080
826,179
2,833,117
303,000,000
2,075,723
a
971,265
a
1,834,513
4.288,873
3,023,000
9,480,583
5,195,001
12,482,400
817,659
10,470,600
626,400
+19.2
-1.4
11,242,600
1,134,304
*11,000,000
1,404,408
934,882,677
408,204,692
+6.5
378,261,312
345,732,662
4,879,269
4,619,150
+12.8
+5.6
5,466,489
4,236,693
797,600 +46.2
+13.1
1,151,000
728,200
752,000
40,322,340 +19.5
e98,165,758
+21.0
36,654,454
36,084,801
759,691
748,382
-1.5
+15.9
362,233
487,629
1,199,111
+23.8
c1,248,041
+4.1
1,301,983
1,104,302
+14.5 4,673,428,070 4,614,929,587
+1.3 4,095,694,227 4,116,869,228
+7.1
8,755,378 +17.0
+12.3
10,241.858
9,801,918
8,772.715
4,084,569 +14.2
+15.5
4,682,863
6,470,144
3,998,916
3,191,251 +19.4
+13.0
3.810,889
2,747,760
2,892,678
684,614 -4.6
+7.8
852,757
730,006
529,039
32,013.829 -15.0
+13.0
27,220,220
25,978,975
34,812,915
-2.6
+15.9
+5.0 263.435,702,297 230.308.573.282 +14.3 4.778.206.9054,711.357.100
+1.4 4,191.213.829 4.204,083,456
DEC.5 1925.]
THE CHRONICLE
2715
CLEARINGS-(Continued.)
Month of November.
Clearings at-
1925.
1924.
Since January 1.
Inc.or
%
1925.
1924.
Web% Ended November 28.
Inc. or
Dec.
$
$
%
I
$
%
Third Federal Res erve District -Philadelph laPa.-Altoona
6,644.413
5,775,908 +15.0
71.422,116
67.267,153 +6.2
Bethlehem
16,778,253
15,349,175 +9.3 • 200,266.118
176,447.279 +13.5
Chester
5,719,471
5,295,138 +8.1
71,071,339
61,046.991 +16.2
Harrisburg
18,969,914
18,601,826 +2.6
230,513,851
208,145,659 +10.5
Lancaster
10,744.312
10,842,405 -0.9
134,370,950
138,595,895 -3.0
Lebanon
2.369,957
2,342,393 +1.2
29,966.004
27,869,505 +7.5
Norristown
4,764,339
3,743,579 +27.3
49,310,487
41,280,059 +19.5
Philadelphia
2,372,000,006 2,098,000.000 +13.1 26.381,855,006 23,106,546,00C +14.2
Reading
16,502,194
14.390.627 +15.1
179,988.957
163,165,542 +10.3
Scranton
24,268,470
23,722.856 +2.3
293,094,822
275,330,95
+6.5
Wilkes-Barre
14,752,290
16,405,593 -10.1
189,352,172
181,043,82
+4.6
York
7,084,797
6.979,486 +1.1
91,480.669
81,342,25 +12.5
N.J.-Camden
60,802,063
50,230.53 +21.1
609.204.161
575,460,219 +5.0
Trenton
25,979,255
22,421,09 +16.9
290.789.994
254.229.625 +14.9
Del -Wilmington
a
a
a
a
a
a
Total(14 cities) _ _- 2,587,379,729 2,294,050,613 +12.9 28,822,686.134
25.357 770 455 +13.7
Fourth Federal Re serve District -Cleveland (thio-Akron
23,864,006
32,357,000
Canton
16,034,245
18,158.979
Cincinnati
303,709,343
270,929.257
Cleveland
480,820.198
437,664,050
Columbus
64,403,300
60,075,800
Dayton
a
a
Hamilton
3,208,069
2,963,388
Lima
a
a
Lorain
2,061,550
2.348,269
Mansfield
7,895,907
7.524,330
Springfield
a
a
Toledo
a
a
Youngstown
22,270,733
17,466,151
Pa.-Beaver County2,730,007
3,136.311
Erie
a
a
Franklin
1,497,199
1,901,464
Greensburg
5,820.716
6.679,758
Pittsburgh
642,917,123
726,989,289
Ky.-Lexington
6,534.974
6,576,847
W. Va.-Wheeling- 20,057,326
18,619,235
-26.2
-11.7
-18.1
+9.9
+7.2
a
+8.8
a
-12.2
+4.9
a
a
+27.5
-12.9
a
-21.3
-12.9
+13.0
-0.6
+7.7
287.369,000
212,203,669
3,382,421,123
5,474,119,522
728,496,500
a
41,886,719
a
24,325,833
94.759,434
a
a
299,040,177
35,058,456
a
16.212,594
73.841.735
8,036,071,253
88,237.988
205.500.375
Total(17 cities)._ 1,139,555,660
1923.
$
$
%
$
1922.
$
1.316,677
3.683,999
1,226,411
1,196,813 +10.0
3,816,633 -3.5
1,148.234 +6.8
1,245,178
3,900,395
787,503
1,111.966
3,346.029
1,006,205
2,255,202
2,305.199
-2.2
2,308.546
2,425,454
994,000.000 +9.0
2,892.972 +7.2
5.148.992 -8.7
3,991.307 +9.9
1,546.012 -11.7
431,000,000
2,838,176
5,615,793
2.530.811
1,424,393
417,000.000
2,857,644
4.046,471
3,884.066
1,151,055
484,000.000
3,100,690
4,698,682
4,377,591
1.364,585
4.500,201
a
4,220,650
a
+6.6
a
4,167,179
a
3,793,200
a
510,529.038
470,266,812
+8.6
455,817.974
439.622.090
6,074,000 -25.8
3.694.027 -15.3
56,812,953 +6.5
88,374,916 +11.1
11,875,400 +5.6
a
a
3,207.000
3,583,596
54,116,539
85.600,226
11,371,200
a
4,862,000
2,055,572
54,462,851
81,681,678
11,851,000
a
347,301,174
1,427,561
c8,218,900
53,592,600
a
a
1,974.657 +2.1
a
a
a
a
3,396,397 +19.7
a
a
a
2,016,678
a
•
3,366,911
•
a
1.217.731
a
•
2,797.848
a
140,820.668 +15.6
•
137,167.952 *175,000,000
312,523,018 +11.1
302,430.101
333,928,680
1,992,990
2,247.978
8,642,341
49,960,000
7,248,583
44,947,629
1.589,269 -10.2
8,005,775
54,770.000
+2.7
-2.1
2,137,178
2,488.374 -14.1
2,693,172
2,007,520
112,004,450
87,991,105 +27.4
89,133,430
81,981,452
22,977.486
19,858,369 +15.7
17,093.000
17,283,318
200,357,575
174,652,892 +14.7
164,014,933
155,716,480
7,393,996
2,519,065
18,457.641
71,319,201
2,020,365
5.676,659 +30.3
2,232,570 +12.6
17,861,000 +3.3
53,813,914 +32.5
1,895,757 +6.6
6,100,301
2,543,000
15,820.065
51,316,361
2,278,232
5.292,907
2,344,133
14,690.077
41,450,136
1,727,639
1,610.327
a
36,012,595
20,482,398
1.341,379 +20.1
a
a
14,771,000 +143.9
4,748,432 +331.3
1,204,889
a
11.493,178
1,205,640
a
9,515,913
24,215,059
1,785,942
24,294,524 -0.3
1,612,112 +10.8
23,486,788
1,841,078
24,569,519
1,617,911
297,068,315 +13.9
147,674,439 +0.9
918,981,685 +11.9
2,599,600,610 +25.3
89,957,554 +12.2
41,003,209 +24.1
70,400,875 +17.2
a
a
725,752,028 +77.1
9174,438,353 +392.1
172,862,680 +136.5
1,234,744,348 +0.6
87.720,325 +9.3
80,732,296 +5.1
70,783.324 +16.0
61,001,323 +11.6
40,679,668 +1.7
18,789,880 +12.8
2,644,133,289 +8.3
-7.0
901.603
746.060
391.469
59,834,419
489.500 -20.0
57,232,163 +4.6
509,548
47.895,758
380,964
49,184,499
892,646,424 +12.7 11,197,802,917
9,301,385,85 1 +20.
247,105,922
187,117,005 +32.1
165.390,801
152,675,393
204,444
880,146
158,635,309
208.632 -2.0
788,553 +11.6
118,572,373 +33.8
142,069
728,843
102,557,553
155,519
903,869
100,897,977
7.141,351
6,154.714 +16.0
5,409,291
5.576,960
2.249,038
2,309,926
2,020,294 +11.3
2,016,602 +14.5
1,767.596
2,073,791
1,733,259
1,610,783
+4.3
+7.9
+9.7
15,318,000
1,658.000
3,993,214
15.554,000
1,453,000
28,557,260
Eighth Federal Re serve District -St. LouisInd.-Evansville
22,260,997
22,521,893
New Albany
742,870
676,350
Mo.-St. Louis
628,576,559
683,208,779
Springfield
a
a
Ky.-Louisville
135,450,164
128,949,937
Ownesboro
1.358,022
1,524,833
Paducah
9,364,050
8,915,645
Tenn.-Memphis- 127,951,649
132,324,823
Ark.-Little Rock
68,819,192
60,337,084
Ill.-Jacksonville. _ _ _
1,750,027
1,403,557
Quincy
6.107.681
5.604,235
Inc.or
Dm
338,365,101
148,625,046
1,023,018,899
3,258,367,001
100,890,875
50,864,527
82,516,068
a
1,285,901,116
0858,441,873
409,342,087
1,242,449,500
95,917,222
89,820,186
82,120,024
68,087,267
41,351,508
21,189,397
2,863,677.103
Seventh Federal R eserve Distric -ChicagoMich.-Adrian
1,094,769
.• 1,049,782
Ann Arbor
3.901,908
4,452,992
Detroit
587,461,625
724,357,122
Flint
8,859,946
10,243,200
Grand Rapids
30,149,687
39.887.705
Jackson
7.339,934
7.152,142
Lansing
10,104,616
11.797.399
Ind.-Ft. Wayne._ _ _
10,795,221
11,633,162
Gary
20,372,000
22,057,949
Indianapolis
71.618,000
73,743,000
South Bend
13,578,760
10,493,653
Terre Haute
22,455,124
22,681,570
Wis.-Madison
11,404,499
12,947,598
• Milwaukee
167,020,844
156,130,885
Oshkosh
3,236,213
3,980,415
Iowa-Cedar Rapids_
10,879,663
10,551,959
Davenport
54,668,609
49,097,587
Des Moines
46,538,544
45,992.379
Iowa city
1,939,000
1,785,904
Mason City
2,316,000
1,338,000
Sioux City
28,036,630
24,905,908
Waterloo
5,352.844
6,104.686
111.-Aurora
5,114,799
7,987.611
Bloomington
6,568,008
5,969.059
Chicago
2,743,273,616 2,589,256,043
Danville
a
a
Decatur
5,461,272
5,290,119
Peoria
20,877,731
19,288,171
Rockford
12,306,916
9,944,022
Springfield
11,441,645
9,379,876
Total(29 cities) _ _ _, 4,071.620.642 3,746.033,696
Total(10 cities).-- 1,002,381,211
+21.2
+3.3
+6.3
+28.3
+1.0
+10.7
+13.8
a
+136.2
+420.9
+200.7
-2.2
+13.2
-8.3
+24.4
+8.9
+15.1
-17.6
+2.9
1924.
360,975,006 -20.9
c4,508,000
219,532.787 -3.3
3,129,306
3,042,938,173 +11.2
60.699,240
4,958,397.536 +10.9
98,200,871
663,884,200 +9.7
12,540,700
a
a
a
38,836,265 +7.9
a
a
a
19,928.773 +22.1
86,967,507 +9.6
1,504,976
a
a
a
a
a
a
210,385,055 +17.8
4.066,799
35,600,659 -1.5
aa
15,262.671 4!6.2
58,547,013 +26.1
7,289,112,457 +10.2 162,651.332
83,074,895 +6.2
197,599,320 +4.0
Total(15 cities)--- - 1,687,396,851 1,529,318,457 +10.3 18,948,544,377
17,281,042,307 +9.6
•
Fifth Federal Rese rve District- RichmondW,Va.-Huntington_
7,081,312
7,279,992 -2.7
75.440,751
85,639,964 -11.9
Va.-Newport News_
a
a
a
a
a
a
Norfolk
39,913.381
37,318,025 +7.0
389,513,843
361,158,147 +7.9
Richmond
259,300,066
250,913,428 +3.3 2,573.220,632
2,547,099,787 +1.0
N. C.-Asheville_ _
a
a
a
a
a
a
Raleigh
11,734,268 +9.4
12,297,976
131,020.933
114,623,266 +14.2
Wilmington
a
a
a
a
a
a
S. C.-Charleston11,911,797 -9.9
10.731375
122,280,107
114,795,839 +6.5
Columbia
7,258,739
9,648.154 -24.8
87,881,760
91,755.326 -4.2
Md.-Baltimore
497,750,312
416,945,683 +19.4 5,293,601.681 4,570,387,025
+15.5
Frederick
2,177,519
1,916.825 +13.6
22,060,829
20,126,436 +9.6
Hagerstown
3,132,490 +5.5
3,309,709
36.762,955
36,180,097 +1.6
D.0.-Washington97,988,385 +20.3 1,229,553,202
117,857,183
1.055.670,195 +16.5
Total(10 cities) _._ _
957,622,306
848,789,047 +12.8 9,961,336,693
8.997,386,079 +10.7
Sixth Federal Rose rye District- AtlantaTenn.-Chattanooga.
26,407,414
31,998,577
Knoxville
11,886,937
12,281,787
Nashville
86,267,975
91,705.113
Georgia-Atlanta- -266,607.161
391,942,663
Augusta
9.757.065
9,859.626
Columbus
4,784,989
4,322,210
Macon
8,172,841
7,185,223
Savannah
a
a
149,663,334
63,342,463
Fla.-Jacksonville
Miami
a102,271,016 g22,701.6791
Tampa
17,304,006
52,032,447
111,669,136
114,364,343
Ala.-Birmingham
Mobile
7,827,436
8,859,123
8,029,159
Montgomery
7,361,500
Miss.-Hattiesburg
6,061,668
7,781,973
Jackson
5,907,000
6,434,028
Meridian
3,323,810
3,825,641
Vicksburg
2,238,160
1,843,677
284,449,221
La.-New Orleans_ _ _
261,914,400
1925.
954,467,136
-4.1
11.886,334
11.253,327 +5.6
+14.1
47,668,546
41.131,950 +15.9
+23.2 7,680,495,632 6,718,778,542
+14.3
+15.6
115,300,428
110,223,260 +4.6
+15.7
375,414,208
330,724,958
+13.5
-2.6
81.814.467
81,176,778 +0.8
+16.8
128,899,496
118,458,982 +8.8
+7.8
133,262,313
114,292,564
+16.6
+8.3
241.910.094
191,446,281 +26.4
+3.0
804,496,956
911.971,000 -11.8
+29.4
137.908,067
111,951,022 +23.2
+1.0
277,175,985
267,217,926 +3.7
+13.5
148,087,743
128,260,099
+7.0 1,883,743,302 1,743,072,621 +15.5
+8.1
+23.0
40,300,323
35,068,125 +14.9
+3.1
127.895.171
115,944,953 +10.3
-10.2
560,385,654
503,797,102 +11.2
+1.3
525.399,003
515,571,051 +1.9
-7.9
20,119,020
22,635,511 -11.1
--42.2
19,396.736
29,254.015 -20.0
+12.6
337,704.567
303,412,893 +11.3
-12.3 , 64,685,753
70,627,715 -8.5
+38.9
71,734,891
58,265,234 +23.1
+10.1
79,179,909
68,804,382 +15.1
+5.9 32,251,012,837 28,772,724.607
+12.1
a
a
a
a
+4.2
71,569,156
64,752,192 +10.5
+8.2
239.032.703
214,934,578 +11.2
+31.2
135,312.792
118,063,096 +14.6
+26.9
133,246.745
119,192,994 +11.8
+8,7 46,745,038.832
41.888,007.808 +11.6
-1.2
+9.8
+7.8
a
+5.1
+10.9
+5.0
-3.3
-0.7
+24.6
+9.0
257.496,223
8,143,431
6,929,208.227
a
1,581,087,878
19,625,563
179,579.725
1,101,642,881
662,600.643
20,342,400
77,171,132
235,244,989
7,538,109
6,509,519,595
a
1,460,386,311
20,252,428
112,316.700
967,666,867
570,545,655
16,275,927
68,383.387
+8.7
+8.0
+6.5
a
+8.3
-3.1
+59.9
+13.8
+16.1
+25.0
+12.9
+5.0 10,836,898,103
9.968.129,963
+8.7
1,068,000
1,148,000
13.937.000
2,439.700
5,166,502
13.364,000
2,259,000
4,934,380
31,499,376
30,949,845
+1.8
29,821,587
2,084,369
2,124,744
-1.9
1,920,101
1,803,047
8,793,688
10,225,141 -14.0
8,336,585
7,961,532
5,819,519
969,779
5,271,010 +10.4
1,070,069 -9.4
4,716,430
1,082,394
4,586.381
1,013,062
1.260,155
555,893,231
a
1,144.404
4,123.073
2.583,158
2,304,903
809.437,066
1,257,955 +0.2
1,126,383
1,250,355
563,331,093 -1.3 519,581,487 517,470,995
a
a
a
a
1,180,377 -3.1
1,153,954
975,096
4,182,283 -1.4
3,675,071
4,083,685
1,985,041 +30.1
2,035.362
1,726,667
1,833,152 +25.7
1,608,442
938,867
773,729,253 +4.6 708,706,153
698,251.814
•
4,299,240
4,673,727
4,355,695
+7.3
4.585.238
122,600,000
120,877,190
+1.4
119.010,387
27.028,385
279,996
24,688,930
306,093
+9.5
-8.5
23,485,300
482,166
23,638,803
702,874
26,882,278
14,089.172
355,222
1,205,739
27,110.957 -0.8
14,088,939 +0.0
293,932 +20.9
1,185,220 +1.8
28,700.119
13.241,088
232.787
1,124,061
24 391 591
10..454..796
329,721
1,198,333
190,861,146
65,015.358
197.114,519
192,906.456
+2.2
[Vox. 121.
THE CHRONICLE
2716
OLEARINGS-(Concluded.)
1925.
1924.
Week Ended Nossmber 28.
Since January 1.
Month of November.
Clearings(fInc.or
Dec.
1924.
1925.
Inc. or
Dec.
II
$
440.975,198
4,141,799,776
20,750,418
1,480,370,976
85,601,747
88,397,000
12,233,762
70,611,031
56,071,357
30,038,387
35,602,331
137,748,610
6,195,615
453,891,268
3,713,065,351
18,307.712
1,464.648,758
85.140.193
61,285,694
11,054,012
62,469,410
50,168,885
25.496,483
30,585,699
130,404,705
729,796,601 -10.5
6,586,396,208
6,106,516,170
20,857,377
29,375,885
214,170,148
1,999,362,304
194,338,606
a
a
168,416,927
386,754,219
80,791,894
6,384,713.383
359,523,629
a
13,240,974
a
1,290,927,839
383,527,301
58,143,753
1,511,633,953
54,258,139
19,745,201
25,343,080
195,071,938
1.834,227,115
220,599.938
a
• a
139,549,430
353,922.985
70,266,000
5,980,306,966
331,073,668
a
13,779,329
a
1,141,842,983
321.301,007
51,768,326
1,462,373,530
45,894,510
+5.6
+15.9
+9.8
+9.0
-11.9
a
a
+20.7
+3.6
+15.0
+6.8
+8.6
a
-3.9
a
+13.1
+19.3
+12.3
+3.4
+13.2
e38,113,443
.s
1,001,491
17,947,189
924,193
+5.8 13,130,036,331 12,207,066,006
+7.6
231,265,186
+21.8
-1.4
+16.1
-1.0
+4.9
+8.4
+13.3
+0.1
+22.1
-19.9
+44.2
+12.5
Total(13 cities) _ _ _ _
653,219,488
Tenth Federal ROB erye District -Kansas Cit
1,595.73E
Neb.-Fremont
1,436,380
2,272,538
Hastings
2,461,854
17,220,509
Lincoln
19,846.770
160,421,705
Omaha
179,955,597
17,141,14E
Kan.-Kansas City_ _
16,125,970
a
a
Lawrence
a
a
Pittsburgh
11,963,474
13,964,070
Topeka
29,488,18)
30,713,436
Wichita
6.576,00(
8,231,499
Mo.-Joplin
563.990,831
586,963,990
Kansas City
29,082,58(
28,824,796
St. Joseph
a
a
Okla.-Lawton
1,515,261
1,535,155 •
McAlester
a
a
Muskogee
145.418,340
146,448,956
Oklahoma City_ _
27,517.954
35,813,854
Tulsa
4,687,87(
5,165,028
Colo.-Colorado Spgs
141,934,421
Denver
150,099,905
4,268,06(
4,955.460
Pueblo
Total(16 Cities)___.
1,232,542,220 1,165,092,631
-10.0
+8.3
+9.9
+12.2
-5.9
a
a
+16.7
+4.2
+25.2
+4.1
-0.9
a
+1.3
a
+0.7
+30.2
+10.2
+5.8
+16.2
18,436,413 -44.7
93,993.930 -12.0
8.123,475
62,781,497
8.480,420
65,385,596
29,012,784
1,387,358
29,146,512 -0.5
1.901,597 -27.0
29.179,939
1,627,724
23,479,891
2,055,937
1,265,846
-4.7
1.218.786
600,608
+1.1
454,956
633,190
3,077,884
3,456,201 -10.9
2,952,874
4,804,283
+7.911 128,505,113
149,014,617 -13.8
106,339,251
106,085,183
283,994
430,493
3,642,398
36,665,199
289,544 -1.9
502.591 -14.3
3,201,660 +13.8
33,416,727 +9.7
263,780
420,542
3,621,440
31,743,955
2,408,348
6,516,172
2,363,422 +1.9
6,006,478 • +8.5
2,123,390
6,285.751
2,018,935
8,508,531
+1.2
-4.1
105,080,770
5,123,083
120,082,074
•
a
+9.0
34,954,371
a
a
984.294
+1.8
18,319,448 -2.0
812,924 +13.7
a'
29,878,108
a
805,391
17,607,688
644,787
+3.7
203,598,685
79,783,283
66,840,770
1,983,999,919
228,055,694
557,326,721
417,533,378
1,419,607,982
24,093,210
31,479,366
148,069,702
105,794,508
223,656,896
603,711,056
+2.5
5.923,222,055
5,286,241,429 +12.1
39,901,000
2,000,835,908
549,872,033
36.771,000
1.865,144.198
522,787,864
a
83,521,803
49,744,068
20,525,148
1,740,389,333
67,052,000
717,591,850
29,071,420
98,690,149
44,638,850
190,193,914
181,984,033
338,337,397
6,541.707,000
35,469,620
762,138,288
267,925,185
36,512,093
392.004,793
195,745,712
7,612,800,000
115,955,140
56,632,958
91,212,812
23,251,716
120,277,507
,835,418
742
51,054.995
25,343,117
1,835,972,927
72,618,000
800,324,663
32,001,177
108,599,000
53,420,308
199,770,059
176,245.594
298,803.781
7,192,491,000
40,715,413
961,989.093
282,744,936
39,126,606
408,266,163
243,672,622
8,570,250,138
130,944,873
65,342,841
95,852.133
24,134,034
135,460,801
e10,186.890
82,751,957
1,479,356
97,211,236
85,870,709
2,303,966,308
225,682,658
584,329,354
452,773,804
1,607,944.524
24,124,886
38,438,370
118,610.482
152,568,821
251,700,923
618,734,1354
1922.
677,899
+30.2
+6.5
+8.0
+15.7
+0.9
-13.8
-0.7
+3.2
+14.3
-25.8
+21.8
+7.8
Twelfth Federal R metre Dibasic t-San Franc isco3,351,000 +10.4
3.700,000
Wash.-Bellingham._
161,927,306 +18.9
Seattle
192,463.127
+6.6
50.012,864
53,318,000
Spokane
a
a
a
Tacoma
8,128,715 +18.5
9,630,902
Yakima
4,485,357 +25.4
5,626.366
Idaho-Boise
1,808,628 +34.4
2,431,499
Oregon-Eugene
153,448,337 +14.1
175,025.020
Portland
7,419,000 +41.0
10,458,000
Utah-Ogden
72,438,307 +24.1
89,867,994
Salt Lake City
+9.9
2,725,164
2,994,859
Nevada-Reno
11,230.000 +9.4
12,283,000
Arizona-Phoenix_ _ _ _
+29.7
4,451,089
_
5,775,000
Calif -Bakersfield.
16,728,203 +7.0
17,898,511
Berkeley
+9.0
22.054,731
24,048,483
Fresno
+6.1
26,149,004
27,743,323
Long Beach
564,821,000 +17.8
665.518,000
Los Angeles
+19.4
3,602.782
4.303,009
Modesto
70,315,481 +33.0
93,501.347
Oakland
+3.8
24,148,391
25,055,292
Pasadena
2,994,965 +19.2
3,570,613
Riverside
+8.3
37,799,601
40.935,503
Sacramento
17,691,640 +27.8
22,617,019
San Diego
674,400,000 +22.6
827.015,000
San Francisco
12,612,938 +3.7
13,703,798
San Jose
5,034.048 +31.6
6,623,782
Santa Barbara
+6.1
7,705,162
8,176,493
Santa Monica
+9.8
2,126,754
2,334,685
• Santa Rosa
11,086,200 +22.3
13,582,000
Stockton
1923.
1,410,341
Eleventh Federal toserre Distr let-Dallas7,426,82)
Texas-Austin
8.069,745
5,774,45:
8,150,997
Beaumont
228,684,941
Dallas
248,879,294
p23,000,00i
26,616,748
El Paso
65,227,27:
65,824,677
Fort Worth
58,707.581
50,581,000
Galveston
161,481,797
160,391,023
Houston
2,214,310
2,285,798
Port Arthur
3,508,714
4,009,436
Texarkana
15,157,295
11,242,469
Waco
11,593.078
14.119,224
Wichita Falls
20,934,774
La.-Shreveport _---.
22,564,243
Total(12 cities).--
Inc. or
Dec.
S
Ninth Federal Res rve District -114initeapoli 8Minn.-Duluth
79,419,689 -31.0
54,788,378
455,284,846 -11.3
Minneapolis
404,003,836
1,794,182 +19.9
Rochester
2,151,418
141,719,671
St. Paul
+0.8
142,782.454
No. Dak.-Fargo_ _ _ _
9,572,642 -19.3
7,721,778
Grand Forks
6,933,000 -6.9
6,455,000
+2.1
1,343,580
Minot
1,371,678
S. fl -Aberdeen._
7,079,070 -1.4
6.978.459
4.109.423 +20.5
Sioux Falls
4,950,770
2,859,455 +5.5
Mont.-Billings
3,017,074
4,111,685 +0.5
4,131,022
Great Falls
15,569,378 -10.7
Helena
13,911,008
956.613
Lewistown
-2.8
+11.5
+13.3
+1.1
+0.5
+11.6
+10.8
+13.1
+11.8
+17.8
+16.4
+5.6
1924.
1925.
+8.5
+7.3
+5.2
a
+17.8
+2.6
+23.5
+5.5
+8.3
+11.5
+10.2
+10.1
+19.7
+5.1
-3.2
-11.7
+9.9
+14.8
+26.2
+5.5
+7.2
+4.1
+24.5
+12.6
+12.9
+15.4
+5.1
+3.8
+12.6
116.169,548
6,004,888
117,576,224
5,756,042
223.025,895
244,503
443,090
3,389,119 ,
35,155,389
a
20,130,724 .
a
• 423,571
17,994,669
663,088,
209,053.693
1,392,020
1.096,577
50,470,832
46,883,623
+7.4
38,648,793
29,582,337
13,004,073
11,841,000
a
12,769,534 +1.8
9,994,394 +18.5
a
a
11,958,015
10,278,060
a
10,726,750
7.875.429
a
1,342,352 +12.7
1,513,458
4,434,989
3,727,481
81,479,826
74,863,250
8.8
66.711,823
53,008,574
42,929,794
10,560,000
a
1,657,960
34.546.873 +24.3
9,662,000 +9.3
a
1,618.781
35,778,550
9,560,000
a
1,273,439
33,152,096
10,168,000
a
1,284,654
34,774,924
31,020,037 +12.1
33,304,581
27,254,563
22,237,891
a
a
16,615,651
a
a
+33.8
a
a
16,516,068
17,989,098
a
a
4,981,302
5,790,685
139,222,000
4,217,675 +18.1
5,570,859 +4.0
116,806,000 +19.2
4,810,753
7.881,503
130,862,000
20,794,471
5,231,586
14,968,213 +38.9
4,532,459 +15.4
13.405,678
4,576,058
14,230,785
3,910,024
+72.7
+35.3
+28.7
+17.4
+31.1
+5.8
6,435,254
3,333,289
140,900,000
2,103,029
979,985
1,842.180
5,571,620
*3,000,000
134,300,000
2,388,407
813,664
2,455,700 +35.6
2,535,300
2,281,500
3.873,347 +20.1
4,650,463
11,304.546
4,862,490
180,288,000
2,554,536
1,293,789
1,700,056
6,547,689
3,593,325
140,100,000
2,176,936
986,609
1,607,383
3,322,000
a
8,486,939
5,379,478
98,638,000 •
493,506,030 397,026,189 +24.3 416,097,647 366,828,828
Total(28 cities)_ _ _ 2,360,180,686 1,980,696,587 +19.2 24,510,598.633 22,218,165,851 +10.3
8,457,665,531 8,074,687,179 +4.7 7,349,443,655 7,130,002,191
831
+12.7
410,701.308.866
463.200.080
+6.8
39,882,954.098
897.574
42.693
Grand total(189 cities)
Outside New York_ _ _ 19.216,719.401 17,400,223 973
+9.5 208,540,122,071 186.459,071,128 +10.8 3,774.239,461 3,459,757,612
+9.1 1,253.749.428 1,013,132,863
ENDING NOVEMBER 26.
CANADIAN CLEARINGS FOR NOVEMBER, SINCE JA. NUARY 1, AND FOR WEEK
1925.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster_.....
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
$
510,356,034
469,796,651
327,294,118
73,421,978
29,955,037
26,814,554
13,009,654
21,925,018
38.707,902
11,014,311
8,238,808
11,854,010
19,852,574
31,625,071
3,060,550
2,488,792
11,636,043
6,546,574
4,101,126
4,240,737
2,921,639
1,877,231
3,270.835
3,473.137
4,213.593
16.278,628
1,912,263
3.669,642
3,273,125
1924.
$
485,760,441
471,527,578
337,622,799
73,619,860
32,814,910
27,803,730
14,442,502
21,537,673
39,490,513
11,169,397
8,863,140
11,226,430
19,855,727
22,692,673
3 785,502
2,906,208
8,546,580
8,501,409
3,737,275
4,986,765
2,533,985
1,610,135
3,704.893
3,085,410
4,138,856
12.286,035
1.520,711
3,364,285
3,322,953
'
Inc.or
Dec.
-LttL++tlit+-1- 1111- 11i1111-0
-ti-t
1+1
.00,to.m..c000lmoca&.00.0,..4.na.mwoolow4.0,
Mona of November.
Clearings at-
Week Ended November 26.
Since January 1.
1925.
$
4,579,763,181
4,361,970,254
2,398,631,577
732.325.076
296,236,175
271,949,724
138,362,324
225,906,688
291,229,790
120,219,221
91,812,117
123,618,908
213,736,465
197,022,081
28,702,245
24.538,826
79,929,956
54,014,127
45,071.982
39,055,062
29,824,901
14,761 621
37,669,658
38,667,672
44,730,597
157,809,907
15,234,253
36,868.899
32,931,798
1924.
Inc. or
Dec.
$
%
4,804,747,431 -4.7
4,769,375,935 -8.5
2,358,197,367 +1.7
734,238.169 -0.3
300,253,105 -1.3
+2.9
264,360,816
135.144,430 +2.4
233,295,932 -3.2
303,913,008 -4.2
122.929,618 -2.2
100,250,769 -8.4
127,343,577 -2.9
+7.9
198,114.151
158,885,920 +24.0
26,378,108 +8.8
24,864,699 -1.3
75,039,411
+6.5
52.141,581
+3.6
41,853,194 +7.7
43,601,742 -10.4
28,246,576
+5.6
14,997,989 -1.6
38,736.207 +2.5
38,025.843 +1.7
44,230.233 +1.1
150.225,662 +5.0
14.978,376
+1.7
37,471,993 -1.6
+1.5
32,433,602
1925.
S
106,944,591
98,366,234
87,843,616
17,977,910
5,858,929
3,748,758
3,118,519
5,288,113
9,963,700
2,363,125
1,721,384
2,644,958
4,579,078
7,840,841
640,290
653.855
2,774,315
1,396,667
878,748
972.231
698,431
377,847
712,406
770,796
1,003.288
3,800,957
472,789
789,584
683,454
•
1924.
S
101.845,375
93,049,530
75.950,164
16,752,788
6,104,949
6,022,640
2,777,229
4,812,228
9,991.818
2,187,492
1,816,388
2,450,845
4,700.531
5,276,860
850,454
577,503
1,793.969
1,477,132
834.114
1.127,243
526,677
384,965
818,188
729,189
978,909
2,918,891
318.797
761,882
677,539
Inc. or
Dec.
%
+5.0
+5.7
+15.7
+7.3
-4.0
-4.5
+12.3
+9.9
-0.3
+8.0
-5.2
+7.9
-2.6
+48.6
-24.7
+13.2
+54.7
-5.4
+5.4
-13.8
+32.6
-1.8
-12.9
+5.7
+2.7
+30.2
+48.3
+3.6
+0.9
1923.
$
107.432.755
90,499,853
82,051,265
14,587,409
6,261,811
5,451,282
2,947,964
5,632,232
7,690,071
2,697.406
2,068,328
2,301,746
4,249.175
4,968,549
617,209
723,935
2,447,718
1,587,899
988,111
1,481,471
579,197
454,366
789,790
727,766
843,927
3,447,073
396.509
856,485
537,673
1922.
$
89,737,982
89,862,200
82,895.162
14,091,954
5,719,920
5,516.443
2,719,054
5,154,943
5,614,778
2,301,926
1,785,445
2,515,008
3,827,484
4,519.070
897,451
651,164
1,846,111
1,559,549
923,158
710,327
518,260
375,988
854,147
587,153
938,495
2,635.026
382,558
957,173
524,358
376,884,894 348.512;289 +8.1 355,298,771 330,220.285
15,272,273.444 -3.6
Total(29 cities) _ _. 1.666.827.435 1,644.258.375 +1.4 14,722.595.085
Nov. 27. •Estimated.
.ni.... loom,rennet clearinrs. b Do not reRnond to reauests for figures. c Week ended Nov. 25. d Week ended Nov. 26. e Week ended
: all banks closed. 8 Not Included In total.
f o
Disc. 51925.]
THE CHRONICLE
2717
'DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
BALTIMORE EXCHANGES.
The stock market was unsettled during the forepart of the
Boston.
Philadelphia.
Baltimore.
Week Ended
week but moved rapidly forward again the latter part.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
Dec. 4 1925.
Interest has centred largely in railroad shares,industrialissues
Saturday
x19,313 $76,000
16,085
$6,500
*912
$6,300
x23,927
27,000
and oil stocks, though several of the active specialties have Monday
19,217
*1,045
31,300
27,000
Tuesday
x26,800
28.500
19,910
39.200
2,533
11,400
x30,997
42,000
again been sharply boosted upward. The short session on Wednesday
11,094
53,600
3,251
21,700
Thursday
x31,648
24,600
9,060
69,900
5,347
66,600
35,339
11.000
Saturday was noteworthy for the sharp break in Coca Cola, Friday
14,556
12,000
10,438
57,000
Total
168,034 $209,100
which slipped back in the first hour nearly 11 points from its
90,922 5212.500
23,526 5190.000
previous close, though it recovered a part of its loss in the r,,..... .......t.,.....1,,A tau ats 559000 00 470 519k ten a MO 5200 500
* In addition, sales of rights were: Saturday, 194; Monday, 6.
brief rally near the end of the day. The marketgenerally was
In addition, sales of rights were: Saturday, 2,315; Monday, 2,035: Tuesday.
lower, many issues receding from two to ten points. Motor 1.918; Wednesday, 1,824; Thursday, 3,200.
stocks were weak, Hudson Motor dropping below par and
THE ENGLISH GOLD AND SILVER MARKETS.
General Motors receding nearly 3 points to 115%. Chrysler
We reprint the following from the weekly circular of
moved independently of the general trend and closed with a
Samuel Montagu & Co. of London, written under date of
moderate gain, and Mack Trucks yielded 5 points to 215. Nov. 18 1925:
GOLD.
Railroad shares were the dominating feature of the market
The Bank of England go d reserve against notes on the 11th inst.
on Monday, Atlantic Coast Line moving briskly upward amounted to £146,255,365, as compared with £147.230,350 on the previous
4 points, followed by Louisville & Nashville with a gain of Wednesday.
The moderate amount of gold (about £500,000) offered In the open
two points. Kansas City Southern and Chesapeake & Ohio market this week was readily absorbed at 848. 11d., the Netherlands
the principal buyer.
were also in strong demand at improving prices, and St. being
The following movements of gold to and from the Bank of Engl and have
Louis-San Francisco moved forward more than 2 points to been announced since our last letter:
Nov. 12. Nov. 13. Nov. 14. Nov. 16. Nov. 17. Nov. 18.
98%. The trend of the market was confused on Tuesday, Received
£62,000 £54,000
£101,000 £81.000 £80.000
W thdrawn
though stocks were generally higher at the close. Steel
The destinations of the 88.000 sovereigns withdrawn were announced
Industrials moved vigorously forward, Sloss-Sheffield making as follows: E41,000 to Singapore, £19,000 to Straits Settlements, £12,000
India,£11.000 to West Indies and £5,000 to Holland. During the week
a new high with a net gain of 2% points and United States to
under review £378,000 has been withdrawn from the Bank, increasing the
Steel common crossed 130. Railroad stocks were again in net efflux since the resumption of an effective gold standard to £8.294.000.
United Kingdom Imports and exports of gold during the week ending
demand, New Haven advancing 2 points to 423,followed by theThe
11th inst. were:
Lehigh Valley, Union Pacific and Pittsburgh & West VirExportsImports£35,703 Germany
Belgian Congo
£37,573
ginia. Oil shares improved, Pan-American "B" making British West .Africa
27,272 Netherlands
1,191.258
3.150 Switzerland
British Guiana
302.030
3 followed by Marland Oil,
a vigorous advance to 75%,
895 United States
205,500
Stand- Other countries
Straits Settlements
59.670
ard Oil of New Jersey, and International Petroleum, the
Other countries
73,390
latter making a netgain of three points. Stocks were generally
.
£67,020
£1.869,421
The following figures show the gold imports and exports of the United
strong on Wednesday and attained their best prices in the
during the month of October last:
Kingdom
late trading. A new high record was made by Southern
Imports.
Exports.
Railway. Motor stocks were in strong demand at improv- Netherlands
£3.800 £1,404,376
France
162,821
33%
prices,
ing
Chandler Motors surging forward
1.247,905
points and Switzerland
68,698
Mack Trucks scoring a gain of 3 points. Industrial Alcohol Egypt
West Africa
93.858
Java and other Dutch Possessions in the Indian Seas
26.500
was the weak feature of the day and sold as low as 723/
2. United States of America
6,444.429
Prices continued to improve on Thursday. Baldwin Loco- Argentina, Uruguay and Paraguay
14,000
Rhodesia
289.473
,
motive crossed its high of the preceding day and American Transvaal
2.880,089
India
•
291,678
Can moved forward to 2623. at its high for the day, though British
Straits Settlements
121.258
a2.145,181
It slipped back to 2583/i at the close. New high levels were Other countries
b393.589
registered by Porto Rico Sugar, American Zinc preferred and
£5,412.401 £10,175.254
a Incl.about £1,640,000from Poland. b Incl.abqut £320.000 to Germany.
Indian Refining common and preferred, the latter moving
It is officially announced that the value of output of the Ontario gold
forward about 5 points. Motor stocks improved, particu- mines
for September 1925 amounted to $2.546.852, as compared with
larly in the final hour, as Hudson Motors swung upward 23 $2,686,559 for the previous month. The value of the total output for the
ending September 1925 was $22,395,163.
months
nine
points to 100% and Jordan Motors followed with a gain of
The following is taken from a press bulletin of the Ontario Department
3
1% points to 47%.
Chrysler Motors also recorded a sub- of Mines dated the 5th inst.: "Crude gold bullion recovered by Ontario
stantial advance. Under the leadership of United States mines is marketed both in Canada and the United States. Export of gold
permitted under license by the Federal Government, and heretofore the
Steel common, the market again moved upward on Friday Is
bulk of the bullion has been consigned to branches of the United States
and new high records for the year were registered by several Mint. In October an arragnement was made between the Royal Mint
of the more important stocks, including Atlantic Coast Line, at Ottawa and the Ontario Mining Association, whereby gold bullion will
future be received at the Royal Mint,coined and transferred to Canadian
Louisville & Nashville, American Ice, and American Sugar. in
banks to the credit of the producers. The desirability of this method of
The upswing in United States Steel common carried that marketing bullion has been emphasized by the return of Canadian currency
stock forward 23 points to 135, and Sloss-Sheffield advanced to par and further by the fact that American exchange has recently been
at a slight discount. Advantage has been taken of Clause 5 (1) of
5 points to 141. Railroad issues made further gains and the selling
the Royal proclamation of 1907 establishing the Mint by which any peroil shares, under Pan-American "B," moved to higher levels. son may bring bullion to the Mint and have it struck into gold coin. Under
Substantial advances were also scored by du Pont, Continen- th: scheme a saving of approximately $46,800 per year will be made by the
Ontario gold mines on express rates; the calculated saving being based on an
tal Can, General Electric, United States Cast Iron Pipe & estimated
output of $30,000,000. The Finance Department has agreed
Foundry, Mack Truck, Hudson Motor, Electric Storage to allow the Mint to sell the silver contents of the bullion and to account
Battery and Ameriean Locomotive. The final tone was to the owners for the sales receipts."
SILVER.
good.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE,
DAILY. WEEKLY AND YEARLY.
Went Ended Dee, 4.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.
Stecks--Ne. shares._
Bonds.
Government bonds__ _
State & foreign bonds_
Railroad & misc. bonds
Total bonds
Stocks,
Number of
Shares.
Railroad,
&c.
Bonds.
906,012
53.585 000
1,517,950
6,679,000
1,778,335 . 7,552 000
1,721,315
9,260,000
2,011,147
6.819 000
2,288,700
7,610,000
10.222.459
541.805.000
Week Ended Dec. 4.
1925.
10,223,459
1924.
State.
Municipal &
Foreign Bonds.
United
&alga
Bonds.
51,595,000
3.017,500
2,191,000
2.131,500
1,953.000
1,373,000
5408,500
1.044.400
1,144,350
674.250
698.000
1.066,000
312.261.000
5502c tan
Jon. 1 0 Dec..4.
1926.
1924.
11,807.918
411,933,794
249,207,419
35,035,500 512.901,650
12,261.000 23,397,500
41,505,000 71,974,000
5321,623,368
651,211.500
2,747,842,875
3836,465.965
524.713.500
2,155,359,000
358,801.500 $108.273.150 $3.720.677,735 53.516.538,465
Business in silver has been on a small scale and, the market remaining
narrow, prices have been easily influenced. The quotations gained 3-16d.
on the 12th inst. following some inquiry from the Indian bazaars and the
quotations thus reached-32 3-16d. and 32d.-were maintained the following day. Sales on account of America and China contributed to a fall of
3-16d. on the 16th inst.. when prices were fixed at 31 15-168. and 31 13-16d•
for cash and forward deliveries, respectively. Yesterday forward fell
1-16 to 31.6id. The figures of 31 15-16d. and 3151d. are the lowest fixed
for cash since Aug.7 last and for forward since July 6 last. To-day,following firmer advices from the East. sellers were not in evidence and the market
recovered 1-16d. in the price for cash and yid. in that for forward delivery,
quotations being fixed at 32d. and 31%cl.. respectively. The tone of the
market is quiet.
United Kingdom imports and exports of silver during the week ending
the 11th inst. were as follows:
ImportsExportsUnited States of America__ £76.983 Bengal
£65 000
Other countries
725 Other countries
4,.614
£77,708
£69.614
No fresh Indian currency returns have come to hand.
The stock in shanghai on the 14th inst. consisted of about
54.500.000
ounces in sycee, 65.000,000 dollars and 5.980 silver bars, as compared with
about 56.100,000 ounces in sycee, 66,500,000 dollars and 5.400 silver
bars on the 7th inst.
2718
THE CHRONICLE
-Bar Silver, Per Or. Md.Bar Gold,
Quotations
Per Oz. Fine.
-2
Mos.
Nov. 12
32 3-166.
32d.
84s. 111d.
13
323-16d.
32d.
84s. 11 d.
14
3234d.
32d.
84s. 11 d.
16
31 1516d.
31 13-16d
848. 1134d.
17
31 15-16d.
3134d.
84s. lid.
18
32d.
3134d.
898. 1134d.
Average
32.062d.
31.906d.
845. 11.4d.
The silver quotations to-day for cash and two months' delivery are,
respectively, the same as and 1-166. above those fixed a week ago.
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London
as reported by cable, have been as follows the past week:
London,
Week Endiny Dec. 4.
Silver, per oz
d
Gold, per fine ounce
Consols. 234 per cents
British 5 per cents
British 434 per cents
French Rentes (in Paris)_ Jr_
FrenchWarLoan(InParls)_fr_
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
Nev. 28 Nov. 30 Dec. 1 Dec. 2 Dec. 3 Dec.4
32
32 1-16 323-16
32 1-16 32
3234
84.1134 84.1134 84.1134 84.1134 84.1134 84.1134
55%
5534
5534
5534
z5534
10034
10024
10034
10034
10034
95
95
95
95
95
46.30
_
45.85
46.30
45.40
46.75
____
51.40
50.70
50.75
51.40
50.75
The price of silver in New York on the same day has been:
Silver in N. Y., per oz.(es.):
Foreign
69
x Ex-interest.
6934
6934
6934
6934
6934
actircutercial andMiscellarteonsBerns
Breadstuffs figures brought from page 2778.-The
statements below are prepared by us from figures collected[by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at-
Flour.
Wheat,
Corn.
Oats.
Barley.
Rye. W
6814.19811m bush.60 lbs.bush.55 lbs.,ush.32 us.,ush.481bs.bush.561bs.
Chicago
574,000
76,000
301,000
238.000
172,006 3,202,000
M1nneapolis
539,000
158.000
2,613.000
255,000
580,000
Duluth
210,001.
167,000
1,000
639,000
2,962.000
148,000
9,000
Milwaukee _ ....
57.001.
178,000
546,000
50,000
Toledo
90,000
36,000
256.000
2,000
Detroit
14,000
16.000
4,000
Indianapolis_
45,000
60,000
718,000
St. Louis
100,000
463,001.
771,000
398,000
78,000
Peoria
573,000
133,000
23,001
29,000
40,000
Kansas City
1,107,000
283,000
101,000
Omaha
327,000
356,000
194,000
St. Joseph__
231,000
218,000
56,000
Wichita
•
369,000
75.000
6,000
Sioux City__
39,006
154,000
86,000
6,000
Total wk.1925
Same wk. '24
Same wk. '23
417,000 8,697,001.
433,000 13,340.000
487,000 6,879,000
6,878,000
5,658,000
8,058,000
637,000
3,423,000 1,080,000
4,207,000 2,605,000 1,353,000
904,001. 1,001,000
3.499,000
Since Aug.11925
8,137,000 179,251,000 63,095,000 116,815,000 37,810,000 13,906,000
1924
8,562,000.334,622,000 79,170,000 142,370,000 36,412.00C 12,012,000
7.st? nos 14'3 077 nor 81 non ono 104.556.000 19.954 00( 14.sni 000
1923
Total receipts ot Hour and grain at the seaboard ports for
the week ended Saturday. Nov. 28, follow:
111,...r...... .
Flour,
Receipts at-
Wheat.
Corn,
Oats,
Barley.
Rye.
Barrels.
Bushels.
Bushels.
Bushels.
Bushels. Bushels.
New York_ _ _
267,000 2,428,111
123,000
241,001. 548,000
11,000
Philadelphia__
44,000
720,000
8,000
47,000
25,000
Baltimore__
29,000
517,000
23.000
9,000
126,000
1,000
Newport News
1,000
36.000
296.000
New Orleans *
41,000
40.001
23,000
20,1,1
Galveston
10,000
Montreal.. _ __
65,000 2,445,111
919,000
276,000
223,0''
31,000
Boston
18,000
473,000 6,649,000
Total wk.192
Since Jan.1'2522,914,000 213,901,000
461,000
Same wk. '24
RInee.iau 1.24
205,000 1,274,000
950,000
60,000
7,869,000 72,548,000 40,235,000 29,208,000
86.000
5,300.000
2,345.001. 1,168,000 1,799,000
noi, '7 5Ia5 onn 15 015 000
. 91 A sae ,
80; 25Q ono 17.770 (111(1 444 451
* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Nov. 28 1925, are shown in the annexed
statement:
V
Exports from-
Wheat.
Corn.
Oats.
Flour.
Rye.
Barley.
Barrels. Bushels. Bushels. Bushels.
97,044 109,762
910,180
1,000
1,000
35,000
6,000
85,000
1,000
9.000
12,000
95,000
231,000 745,000 211,000 1,647,000
Bushels. Bushels.
1,562,167
280,000
736,000
424,000
New York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Montreal
40,000
4,068,000
Total week 1025_. 7.110.167
95,000
349,044
7 720 4.71'
111(1(11'
472,707
Same wPek 1024
898,762 211,000 2,642,180
75, 71 San 040 ens
150
The destination of these exports for the week and since
July 1 195 is as 1)010w:
Flour.
Exportsfor Week
and Since
July 1 to-
United Kingdom.
Continent
So.& Cent. Amer_
West Indies
Other countries_
Total 1925
Total 1024
Week
Yoe. 23
1925.
Since
July 1
1925.
Wheat.
Week
Nov. 28
1925.
Since
July 1
1925.
Corn.
Week
Nov. 28
1925.
Since
July 1
1925.
Bushels. Bushels.
Bushels.
barrels Barrels.
Bushels.
276,000
182.311 1,663,365 3,515,305 42,551,257
471,000
110,031 2,851,395 3,155.800 67,778,012
75,000 1.038,000
909,071
2,000
40,001
194,46/
824,900
20,000
133,925
11,001
427,52!
2,355
951,234
43.693
399,062
445,921
149.1344 5,582,677 7,110,167 112,323.49'
170 2n7 7 clan an'
7 '711147' MR 5900ra
95.000 2,612,255
11
111 (111' ricil 5,
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:
[VOL 121.
Shares. Stocks.
$ per sh.I Shares. Stocks.
$ Per sh.
250 Audition Corp., pref
$20 lot 250 Ansco Photoproducts, Inc.,
1,750 Audition Corp., corn,, no
1st preferred
$2100
par
$10 lot 1,000 Ansco Photoproducts, Inc., lot
400 Aquatone Corp.,corn
common, no par
$30 lot
20 C & C Producing Corp., pref___$1 lot 20 Electric Outlet Co. Inc., pref.
Judgment in favor of Metals Exand 10 shares corn, bonus
1501ot
ploration Co. against Colorado
500 Navajo Co., no par
Superior Mining Co. for $5,250 Navajo Co., no par
257 77 entered on March 5 1924,
250 Navajo Co., no par
$25
In the District Court of Denver,
500 Navajo Co., no par
lot
Colo
$10 lot 500 Navajo Co. no par
100 Washington Exploration Corp.(
500 Navajo Co., no par
7% pref
1 $3 5 Maryland Orchards Corp., pref__
100 Washington Exploration Corp.,I lot 10 Maryland Orchards Corp.,corn.,
corn., no par
no par
$100
333 Shasha Zinc & Copper Co., no
Five acre orchard known as Grove lot
par
79 in the Lake Shore Land Co.,
1 510
1 Commonwealth Hotel Constr.' lot
subdivision 9th Ward, New
Corp., corn. ctf. of dep
Orleans, La
I
10 Amer. Motion Plc. Corp., corn. I
Villa lot 18, City of New Orleans,
no par
La., sub). to option agreement_
I
10 Amer. Motion Pic. Corp., pref_ I
30 Trinity Exploration, par $50.,,41 lot
22 Church Motion Pic. Corp., pref-1 $5 1,485 Calumett & Massey Copper
22 Church Motion Pic. Corp., comf lot
$1 lot
Co., Inc., Par $5
5 Commonwealth Hotel Constr.
200 Calumett & Massey Copper
Corp., corn
$25101
Co., Inc., par $5
$1 lot
210 Keystone United Corp., pref.,1
11,650 Trinity Gold Mining & Red.
par $10
$3100
Co., par $1
$30
32 Keystone United Corp., corn., lot 29 Almar Mfg. Co., Inc., par $50_,$l lot
Par $10
$315 lot
2,250 Savoy Oil, par $5
D.& 0. G. Heyen, Inc , corn__$5 lot 702 Matanzas Amer. Sugar, pref.._ 1
10 Allied Rubber Cos.. Inc.,c1."B"I $5 600 Radiant Heat Corp., pref., no
5 Allied Rubber Cos.,Inc.,el."A"( lot
1
par
80 Union Nat. Corp., pref., par $5018400 50 Browning Co. of Ohio. corn,_ _ 26
60 Union Nat. Corp., corn., par $50J lot 3 Commonwealth Hotel Construe.
$150 note of A. Russell Thompson
$14 lot
Corp., common
dated Oct. 1 1925, due in 6 yrs- -$1 lot 65 Richmond Hotel Corp.,pref_53,600 lot
$10,000 "Ctf. of dep. of securities
$11 lot
18 Kracker Kup Co., pref
guar. by Compania Metalurgica
467 Beacon Soap Co.,corn., no par.$5 lot
Mexicana" issued by Spencer
$32 lot
18 New York Rubber Co
Trask & Co
$250 lot
$175 lot 750 Everett, Heaney & Co
500 Trident Oil Co
$1 lot $3,118 83 Demand note of the
225 Trident Oil Co
1 $2
Colorado Securities Co., Inc.
500 Armstrong Oil Co
f lot
E10 lot
dated March 28 1921
1,000 Armstrong 011 Co., v. t. c_12 Colorado Securities Co., Ino $10 lot
800 Trident 011Co
$3 Judgment against William H.
2,000 Armstrong Oil Co., v. t. a__ _
lot
Pritchard entered Aug. 21 1923
1,667 Trident 011 Co
$130 lot
$2 lot
unpaid balance $398 85
375 Trident 011 Co
Promissory note of Sidney Reilly for
2,500 Armstrong Oil Co
$6
$1,000, dated Jan. 14 1925,
12 Deep Sea Fisheries
lot
$12 lot
repayable on demand
6,000 Trident 011 Co
Claim against Edward LangwOrthY
4.000 Armstrong 011 Co
$11
$47101
Estate for £250
30,000 Armstrong 011 Co., V. t. c__ lot
Per cent.
Bonds.
375 Trident 011 Co
$11,000 Wabash Pittsburgh Term.
500 Armstrong Oil Co
$2
1st Mtge. 45, ctf. of dep
$12 lot
2.000 Armstrong 011 Co., v. t. c-- - lot $6.000 New England Minerals Co.
187 Trident 011 Co
$1
1st s. 1. he, Oct. 1 1938-5360 lot
250 Armstrong 011 Co
Si $300 Alaska Gold Mines, cony. 65.
1,000 Armstrong 011 Co., v. t. o
lot
"A." 1925 Mar. 1918 coupon on$10 lot
10 Standard Sultrily & Equip,
$10000 Radiant Heat Corp. 10-yr.
class"A"
$15
deb. he, April 1 1934
$500 lot
5 Standard Supply & Equip., class lot $22.000 Second Ave. RR. Co. 5%
"B," par $10
$111 lot
bonds. 1948, at. of dep
600 Barbo Metal Corp., par $10--56 lot $2,000 Titan Terminal Co. 2d M.
30 Marine & Mill Supply, corn..
65, 1934, Nov. 1924, coupon on_580 lot
no par
$1
50 Marine & Mill Supply,8% pref_ lot
1I
1
10
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per sh.
2 First National Bank
33434
7 Atlantic National Bank
247
50 National Shawmut Bank
243
1 Old Colony Trust Co
212
32 Great Falls Mfg, Co
20
45 Lancaster Mills, common
45
2 Massachusetts Cotton Mills
7534
114 West Boylston Mfg. Co.,corn_ _ 27
40 Brookside Mills
95
28 Old Colony Woolen Mills Co.,
common, par $10
850
121 Old Colony Woolen Mills Co.,I lot
preferred, par $10
1 Naumkeag Steam Cotton Co__..1803(
5 Ludlow Mfg. Associates
170
7 Lyman Mills
116
30 Great Falls Mfg. Co
1934
50 Hill Mfg. Co
26
126 Lowell Elec. Lt. Corp., par $25_ 5834
1 Fitchburg Gas dc Elec. Light Co.,
par $50
10634
1 Boston Athenaeum, par $300---815
3 Easthampton Gas Co
12034
1013'
2 Amherst Gas Co
1 Northern Texas Elec. Co., pref._ 56
91
1 State Theatre Co., pref
8 State Theatre Co., corn., par $10_ 8
4,014 F. M.Lupton Pub., Cl. A_ _ _15200
1,000F. M.Lupton Pub., Cl. B__f lot
$135
10Silver Burdett & Co., 1st pfd
10 Silver Burdett & Co.,2d prefJper unit
20 Dooley Smith & Co., pref
$5
5 Do ley Smith & Co., common_ _.1 lot
6,300 Reuter Mfg. Co., par $10..$10 lot
I
1
1
-1
1
Shares. Stocks.
$ per sh.
60 Kenney Mfg. Corp.. Class A.
par $50
$1 lot
10 Plymouth Cordage Co
142
25 Turners Falls Power & Elec. Co_171
250 Chatham Associates Trust_ _ _ 22
120 Chatham Associates Trust__ __ 22
100 Ucan Safety Hair Cutter Corp.,
par $10
$5101
10 Thomson Electric Welding Co.,
par $20
39%
28 El Paso El. Co.. common
78
50 Quincy Mkt. Cold Storage &
Warehouse Co., common
13534
100 B. B.& R. Knight, Inc., pref._ 334
5 Draper Corp
16034
10 Quincy Mkt. Cold Storage &
Warehouse Co.. common
12534
5 Regal Shoe Co., pre(
74
8 units First Peoples Trust
7534
Bonds$1,000 Troy Foundry & Machine
Co. 85, Aug. 1946 ctf. of dep.,
coupon Feb. 1 1925 & sub. On_$1651ot
.
82.000 note of the Cascade Silver
Mines & Mills, dated at Boston,
Aug. 3 1920. due 1 yr. from date,
interest at 8%
$12101
$1,000 Chatham Country Club 20-f ,
yr. inc. May 1945
I
$3,421.45 Chatham Country Club1 $26
20-yr. deb. 68, April 1945
lot
$1.000 Detroit Edison CO. cony.
deb. 7s, March 1930
133
I
By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ per sh.
$ per oh.
Shares Stocks.
35 North Boston Ltg. Prop., pref..10234
110
17 Boston National Bank
14 Fall River Elec. Lt. Co., par $25. 4534
243
15 National Shawmut Bank
4 units First Peoples Trust
355
33 Merchants National Bank
7534
31234 75 U. S. Envelope CO., corn
5 Old Colony Trust Co
139-141
20 New England Co., corn
243
16 National Shawmut Bank
18934
35 Heywood-Wakefield Co., 1st pfd
100
1 Federal National Bank
Si
40834 41 Lowell Elec. Lt. Co., par $25_ _ 57%-58
7 American Trust Co
21
25 United Elec. Lt. Co. of Spring24 Salmon Falls Mfg. Co
118
field
6 Lyman Mills
384
213 Saco-Lowell Shops, 2d pref.__ 1934 15 Merrimac Chemical Co.. par $50 7734
43
5 U.S. Envelope Co., pref
30 Lancaster Mills, corn
10734
25 Naumkeag Steam Cotton Co_ 181
10 Blackstone Valley Gas & Elec.
Co., corn., par $50
25 Berkshire Cotton Mfg:Co.148%-148%
assi
205
35 North Boston Ltg. Prop., corn_ 9334
5 Bates Mfg,Co
5 Philipaborn's, Inc
620 Old Colony Woolen Mills, pref.,
$1 lot
$42 lot 20 American Mfg. Co., corn
par $10
114
12 Manchester(Mass.) Electric Co_111
779 Old Colony Woolen Mills, corn.,
$29101. 84 No.Boston Ltg. Prop., com.9334-9414
par $10
1934 10 Widen Lord Tanning CO..!ref- 6834
38 Saco-Lowell Shops, 2d pref
30 special units First Peoples Trust- 534
60 Nashawena Mills, 26 install. pd 106
1934 10 Eastern Mfg. Co., pref
40 Great Falls Mfg. Co
3634
48 Lawrence Mfg. Co., par 580.- 3934 10 Turners Falls Pow. & Elec. Co_17234
20 Saco-Lowell Shops, 2d pref.__ 1834 10 Mass. Lighting Cos., corn
70
22
7 Winchester Co., 1st pref
15 Salmon Falls Mfg. Co
28
1934 24 New Bedford Gas & Edison Lt..
50 Saco-Lowell Shops, 2d pref
13
20 Nashua St. Ky., corn
par $25
74
54 Bay State Fishing Co., corn..,. 234
16 Mutual Finance Corp., pref.,
18
30 Blackstone Valley Gas & Elec.,
par $50
2
2 The Dyer Co., pref., par $50_
corn., par SSO
9534
1 Merrimac Chemical Co., par $50_ 77
26 Turners Falls Power & Elec. Co_173
268
71 Draper Corp.(dividend on)._ 159Si 20 Algonquin Printing Co
7534 50 Fall River Elec,Lt. Co..Par $25. 4534
(Mufti First Peoples Trust
26 Mass. Lighting Coe.. 6% prof_ 95
4 Commercial Finance Corp., pref.,
832
par $50
2 Commercial Finance Corp., corn., tot
par $50
5 1925.]
THE CHRONICLE
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$persh.
40 Mfrs. Casualty Ins. Co., par 210. 30
35 Mfrs. Fire Insurance Co
24l
5 Independence Fire Ins. Security
Co., par 825
36
4 Phila. Bourse, cons., par 350_ _ - 1934
22 Phila. Bourse, pref., par 525._ _ 24
1 Bank of No. Amer. de 'Fr. Co_
345
4 Commonwealth Title Ins. di Tr_447%
5 Fidelity Trust Co
604%
29 Fidelity Trust Co
604
6 2-3 Eastern Fire Ins. Co. of
Atlantic City
150
1,250 New England Southern
Mills Co., prior preference_ _ _ 26.000
1,250 New England Southern I
Mills Co., corn., no par
I lot
10 Stanley Co. of America, no par.109
40 Reliance Insurance Co., par $50-10634
3 Victory Insurance Co., par 850._107
10 Planet S. S. Co., no par
7
100 Indlahoma Ref. Co., par 825...581ot
12 Pa. Academy of Fine Arts
30
15 A. B. Kirschbaum Co., pref.__ _ 90
2 Mfrs. Casualty Ins. Co., par 810_ 30
4 1-3 Eastern Fire Insurance Co.
of Atlantic City
150
8 Corn Exchange National Bank...575
3 Drovers & Merchants Nat. Bank_179
2 Tradesmens National Bank
385
1 Tradesmerus National Bank
382
Shares. Storks.
$ per sh.
10 West Phila. Title dr. 'Fr. Co., par
$50
240
5 Aldine Trust Co
320
4 Penn. Co. for Ins. on Lives, ic_ _875
3 Girard Trust Co
1450
13 Amer. Bk.& Tr. Co., par $50....145
5 Manheirn Trust Co., par &W..-- 67%
12 Manheim Trust Co., par 850.- 6734
10 Industrial Tr. Title & Says.
Co., par $50
377
15 Ninth Bk.& Tr. Co., par $100...446
5 North Bank & Trust Co
444
25 Hare & Chase, Inc., pref
94
25 Hare & Chase,Inc., com., no par 28
Bonds.
Per cent.
$6,000 Girardville Gas Co. 1st 6s.(
1943, ctf. of dep
810,000 Westmont Ind. Corp. 1st!
78. 1931 (Quebec)
$5,500
1.400 Nova Scotia Steel & Coal I lot
Co. let 55 (sterling), 1959
87,000 Ward County imp. Bs__ _1
$5,000 Huntingdon & Broad Top
Mt. RR.& Coal 3d cons. ext. 58,
1940
35
Rights.
$ per Right.
40 Manayunk Nat. Bk.(at $259)._15134
142 Manayunk Nat. Bk.(at 8250) 1504_
173 Manayunk Nat. Bk.(at 8250)150
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
$ per sh.
5 Niagara Share Corp
10
7 Buff. Niag. & East. Pow. Cl."A" 24
1,500 Consolidated West Dome
Lake
_1434e.
125 Buffalo Steel Car. preferred_ _ _ 10
Shares, Stocks.
S per oh.
7 Buff. Mag.& East.Pow.cl."B"_ 3014
1,500 Preston East Dome
8c.
5 Pratt & Lambert
53
1,000 Silver Bar Mining
$634 lot
. National Banks.-Tlio following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capita/.
Nov.27-The Eastside National Bank of Paterson. N. J
8200.000
Correspondent: Henry A. Williams, 125 Ellison
St.,
Paterson, N. J.
Nov.27-The National Bank of Olney in Philadelphia.
Pa
Correspondent: Joseph W. Henderson, Packard Bldg., 200,000
Philadelphia, Pa.
Nov.28-The Mosholn National Bank of the Bronx
in New
York, N. Y
Correspondent: Henry F. A. Wolf, 3332 Hull Ave.. 200.000
Bronx, New York. N. Y.
Nov. 28-First National Bank in Tuckerman. Ark
Correspondent: Stephen J. Graham. Tuckerman, Ark. 30.000
Succeeds the Citizens Bank of Tuckerman. Ark.
APPLICATIONS TO ORGANIZE APPROVED.
Nov.27-The American National Bank of Bradenton, Fla
Correspondent: Harold P. Munck. Bradenton. Fla.
Nov. 27-The Allenhurst National Bank, Allenhurst. N. J
Correspondent: John C. Conover, Allenhurst, N. J.
150.000
50,000
CHARTERS ISSUED.
Nov. 27-12853-The First National Bank of Gackle, No. Dak_ _
Succeeds the Logan County Hank of Gackle, No. Dak. 25.000
President, A. F. Lehr; Cashier, J. M. Hummel.
Nov.28-12854-Haledon National Bank, Haledon, N.J
President, Marinus C. Tamboer: Cashier, B. J. Appel. 50.000
CHANGE OF TITLE.
Nov. 24-12220---The Grand Ave. National Bank of St. Louis.
Mo.. to
"The Grand National Bank of St. Louis."
VOLUNTARY LIQUIDATION.
Nov.27-6188-The Manufacturers & Traders National Bank Capital.
of Buffalo. N. Y
Effective at close of business Nov. 25 1925. Liquidat-82,000.000
ing agent, Edward W. Kuhn, Buffalo, N. Y.
Succeeded by Manufacturers & Traders Bank of
Buffalo. N. Y.
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which have
not yet been paid.
The dividends announced this week are:
Name of Company.
When
Per
Cent. Payable
Books Closed
Days Inclusive.
Railroads (Steam).
Atchison Topeka & Santa Fe,
"234 Feb. 1 *Holders of rec. Dec. 31a
Bangor & Aroostook, commonPre:
(guar.)- • The, Ian. 1 Holders of rec. Dec. 15
Preferred (quar.)
134 fan. 1 Holders of rec. Dec. 15
Beech Creek (guar.)
.30c, fan. I *Holders of rec. Dec. 15a
Buffalo & Susquehanna,common (quar.,
54 Dec. 31 Holders of rec. Dec. 15
Preferred
2
Dec. 31 Holders of rec. Dec. 15
Chic. R. I. de Pacific,6% preferred.. . 1
Dec. 31 'Holders of rec. Dec. 11
Seven per cent preferred
.334 Dec. 31 *Holders of rec. Dec. 11
Consolidated RRa.of Cuba, pre.
(qu.)-- "134 Jan. 1 *Holders of rec. Deo. 15
Cuba RR., common (guar.)
11.4G Dec. 31 'Holders of rec. Dec. 31
Great Northern. preferred
234 Feb. 1 Holders of
Gulf Mobile & Northern, pref. (In adj.). •3i Jan. 1 *Holders of rec. Dec. 240
rec. Dec. 15
Preferred (acct. accum. dividend) . 1336 Jan. 1 'Holders
of rec. Dec. 15
Little Schuylkill Nay., RR.& Coal_ fan. 11 'Dec. 19 to Jan. 17
'Si
Pere Marquette, common (guar.)
fan. I Holders of rec. Dec. 15a
1
Prior preference (quar.)
114 '••eb. 1 Holders of rec. Jan. 15a
Preferred (guar.)
134 !eb. 1 Holders of rec. Jan. 15a
Pitts. Ft. Wayne & Chic., corn.(guar.)_
134 fan. I Holders of rec. Dec. 10a
Preferred (guar.)
1 Si Jan. 1, Holders of rec. Dec. 10a
PRIM,. McKeesport & Youghiogheny_ _ 11.51 fan. I
*Holders of rec. Dec. 15
St. Louis-San Francisco Ry.. corn.
(qu.) •Ifi Ian. 2 *Holders of rec. Dec. 15
Preferred (guar.)
8134 web. 1 *Holders of me. Jan.
15
Preferred (guar.)
"134 Way 1 'Holders of rec. Apr. 10
Preferred (guar.)
"134 tug. 1 'Holders of rec. July 15
Preferred (guar.)
•134 'goy. 1 *Holders of rec. Oct.
St. Louis Southwestern, prof.(guar.)
._ _ •114 Dec. 31 *Holders of rec. Dec. 15
15
Public Utilities.
American Gas & Elec., common
(guar.). 258.
common (payable in new non par
coin.) (w)
Preferred (guar.)
81.50
Bangor Hydro-Electric, pref. (quar.)
134
Roston Elevated,common (quar,)
*134
First preferred
*4
Preferred (guar.)
*334
Brazilian Trac., Lt & Pow., pref.(qu.).
"134
Calumet Gas & Elee., pref.(quar.)
154
Central Illinois Public Serv., pref.(qu.). 11.5C
Central States Elm. Corp.. Prof. (ont.).
134
Jan. 2 Holders of rec. Dec. 10
fan. 2 Holders of rec. Dec. 10
Feb. 1 Holders of rec. Jan. 11
fan. 2 Holders of rec. Dec. 10
fan. 2 *Holders of rec. Dec. 18
fan. 2 *Holders of rec. Dec. 18
fan. 2 *Holders of rec. Dec. 18
Ian. 1 *Holders of rec. Dec. 15
Dec. 17 Holders of rec. Nov.30
fan. 11 *Holders of rec. Dec. 31
Dec. 31 Holders of rec. Dec. 10
Name of Cm:msg.
2719
Per
When
Cent. Payable.
Books Closed.
Days Inclurtre.
Public Utilities (Concluded).
Chicago City By.(guar.)
*134 Dec. 30 "Holders of rec. Dec. 15
Electric Power & Light, pref.(quar.)
$1.75 Jan. 2 Holders of roe. Dee. 15
Detroit Edison (guar.)
2
Jan. 15 Holders of rec. Dee. 21a
Germantown Passenger By.(quar.)---- 81.31 Jan. 5 Dec. 17 to
Jan. 4
Gold di Stock Telegraph (guar.)
"134 Jan. 2
Illinois Power & Light 7% pref.(guar.). .154 Jan. 2 *Holders of rec.
Dec. 10
Six per cent preferred (guar.)
•13.4 Jan. 2 *Holders of rec. Dec. 10
Illinois Public Service, prof.(guar.)
*V .50 Jan. 15 Holders of rec. Dec. 31
Illinois Traction, preferred (guar.)
1% Jan. 2 Holders of rec. Dec. 19
Indiana Service, preferred (quar.)
1$i Dec. 1 Holders of rec. Nov.14
Iowa Power & Light, 7% pref. (quar.)-- *1% Jan. 2 *Holders of rec. Dec.
19
Kansas Gas & Elec., pref. (quar.)
154 Jan. 2 Holders of rec. Dec. 16
Lone Star Gas (guar.)
10c. Dec. 31 "Holders of rec. Dec. 18
Mexican Utilities
83.50 Jan. 15 Holders of rec. Dec. 31
Minnesota Power & Lt., prof. (quar.)
1% Jan. 2 Holders of rec. Dec. 15
Missourl Power & Light,7% pref.(qu.). •1% Jan. 2 *Holders of rec. Dec. 19
Monon. W.Penn. P. S.. 7% Pt.
43540 Jan. 1 Holders of rec. Dec. 15
National Electric Power. pref. (guar.)._
1% Jan. 2 Holders of rec. Dec. 21
North American Co.. pref. (guar.)
75e. Jan. 2 Holders of rec. Dec. 5a
North Amer Light & Pow.,7% Pt.(qu.). •1% Jan. 2 *Holders of rec. Dec. 19
Northern Ohio Tr.& Lt., 7% pref.(qu.) 1% Jan. 2 Holders of rec. Dec. 15
Six per cent preferred (guar.)
1% Jan. 2 Holdesr of rec. Dec. 15
Northwestern Tele"Traph
•$1.50 Jan. 2 *Holders of rec. Dec. 15
Penn-Central Lig:,t Sr Pow., prof. (qu.)_ 11.25 Jan. 2 *Holders of rec. Dec. 16
Peoples Gas Light & Coke (quar.)
Jan. 18 *Holders of rec. Jan. 4
*2
Reading Traction
•75e. Jan. 1 *Holders of rec. Dec. 15
Southern Canada Power, pref. (quar.)_. "134 Jan. 15 *Holders of rec. Dec. 24
Soul hwestern Lt.Sr Pow.,corn. A (eu.). 81.50 Dec. 20 Holders of rec. Dee. 11
Proferred (quar.)
81.50 Jan. 2 Holders of rec. Dec. 26
Union Passenger By., Philadelphia
14.75 Jan. 1 *Holders of rec. Dec. 15
West Ohio Gas, preferred (guar.)
1% Dee. 1 Holders of rec. Nov.14
West Philadelphia Passenger By
Jan. 1 "Holders of rec. Dec. 15
15
Winnipeg Electric Co.. pref.(guar.)
154 Jan. 1 Holders of rec. Dec. 15
Banks.
Amer.Exchange Securities, Cl. A (qu.). 2
Chase National (guar.)
4
Chase Securities (guar.)
El
Chatham Sr Phenix National (quar.)..-4
Chelsea Exchange (quar.)
Montauk, Brooklyn (quar.)
Public National Mar.)
4
4
Seaboard National (guar.)
United States, Bank of (quar.)
234
Jan.
Jan.
Jan.
Jan.
Jan.
Dec.
Jan.
Jan.
Jan.
1 Holders of rec. Dec. 15
2 Holders of rec. Dec. 14s
2 Holders of rec. Dec. 14a
2 Dec. 16 to Jan. 1
2 *Holders of rec. Dec. 18
1 Holders of rec. Nov.300
2 Holders of rec. Dec. 21
2 Holders of rec. Dec. 24
2 Holders of rec. Dec. 210
Fire Insurance.
Rossia of America (guar.)
511.50 Jan. 2 *Holders of rec. Dec. 15
Trust Companies.
Bankers (guar.)
Guaranty (quar.)
Manufacturere (quar.)
Extra
United States (quar.)
Jan. 2 Holders of rec. Dec. 14
Dec. 31 Holders of rec. Dec. 18
4
Jan.. 2 Holders of rec. Dec. 15
1
Jan. 2 Holders of rec. Dec. 15
1234 Jan. 2 Holders of rec. Dec. 21
Miscellaneous.
Allis-Chalmers Mfg., pref. (guar.)
'154 Jan. 15 *Holders of rec. Dec. 24
American Bank Note, new,corn.(an.).- •40c. Jan. 2 *Holders of rec. Dec. 15
Amer. Car Sr Foundry, common (guar.)- 21.50 Jan. 1 Holders of rec. Dec. 15
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 15
*134 Jan. 2 *Holders of rec. Dec. 15
American Cigar, preferred (guar.)
Amer. Cyanamid, common (guar.)
1
Jan. 2 Holders of rec. Dec. 15
Common (extra)
34 Jan. 2 Holders of rec. Dec. 15
134 Jan. 2 Holders of rec. Dec. 15
Preferred (guar.;
'$1.50 Jan. 2 "Holders of rec. Dec. 10
American Express (guar.)
Amer.-La France Fire Eng.. tom.(au.). 25e. Feb. lt Holders of rec. Feb. 1
Preferred (guar.)
1$1 Jan. 2 Holders of rec. Dec. 15
American Piano, common (guar.)
2
Jan. 2 Holders of rec. Dec 16
Preferred (guar.)
1)4 Jan. 2 Holders of rec. Dec. 15
American Snuff, common (quar.)
3
Jan. 2 Holders of rec. Dec. llo
1% Jan. 2 Holder, of rec. Dec. 110
Preferred (guar.)
Amer. Steel Foundries, cone. (guar.)._ •758. Jan. 5 'Holders of rec. Jan. 2
Preferred (quar)
•1$4 Dec. 31 'Holders of me. Dec. 16
American Wholesale Corp., pref.(qu.)_ '134 Jan. 1 *Holders of roe. Dec. 21
Anglo-Amer. Oil(Interim)
2.6'.11 Jan. 4 Holders of coup. No.31
Associated 011 (guar.)
'50c. Jan. 25 *Holders of rec Dec. 31
Auto Car Co., preferred (guar.)
2
Dec. it Holders of rec. Dec. 5
Beigo-Canadian Paper, corn. (quar.)-.- 1% Jan. 11 Holders of roe. Dec. 31
Preferred (guar.)
154 Jan. 2 Holders of rm. Dec. 12
Belding-Cortieelli, Ltd., pref. (guar.)._ •151 Dec. 15 'Holders of rec. Nov.30
Bendix Corp., class A (guar.)
•50c. Jan. 2 'Holders of rec. Dec. 15
•20
Big Lake 011
Dec. 17 *Holders of rec. Dec. 25
Bohn Aluminum Sr Brass, corn
"25e. Jan. 2 'Holders of rec. Dec. 15
'2
Preferred
Jan. 2 'Holders of rec. Dec. 15
Budd Wheel, common (guar.)
50e. Dec. 31 Holders of rec. Dee. 100
1% Dec. 31 Holders of rec. Dec. 100
First preferred (guar.)
Canadian Car & Foundry, pref.(guar.). 1% Jan. 11 Holders of rec. Dec. V8
Canadian Consol. Rubber, pref.(quar.). 1% Dec. 31 Holders of rm. Dec. 18
11
Cerro de Pasco Copper (extra)
Dec. 22 'Holders of rm. Dec. 10
Certain-teed Products Corp., corn. (qu.) 81
Jan. I Holders of rec. Dec. 15
1% Jan. 1 Holders of rm. Dec. 15
First and second preferred'iquar.)--13.50 Feb. 1 *Holders of rec. Jan. 15
Cuba Company, preferred
Derk Manufacturing, pref. (quar.)-- - 2
Dec. 18 Holders of rec. Dee. 1
$1
Detroit Sr Cleve. Navigation (guar.) Jan. 1 Holders of rec. Dee. 15
2
Draper Corporation (guar.)
Jan. 1 Holders of rec. Dec. 5
2
Extra
Jan. 1 Holders of rm. Dec. 5
Dunham (James II.) & Co.,corn.(qu.).. .1,1 3 Jan. 2 'Holders of rec. Dec. 19
'134 Jan. 2 *Holders of roe. Dec. 19
First preferred (guar.)
4,1 h
Second preferred (guar.)
Jan. 2 *Holders of rec. Dec. 19
Eastern Steamship Lines, 1st pref.(q.). •1 I Jan. 1 'Holders of rec. Dee. 26
1736 aims. 15 'Holders of rec. Jan. 8
Preferred (guar.)
11.50 Jan. 2 *Holders of rec. Dec. 15
Electric Auto-Lite Co.(guar.)
*50c. Jan. 2 *Holders of rec. Dec. 15
Extra
Emerson Elec. Sr Mfg., pref. (quar.)- - -. 1% Jan. 1 Holders of rec. Dec. 20
Foote Bros. Gear Sr Machine, corn.(qu.) "25c. Jan. 1 'Holders of rec. Dec. 20
•1% Jan. 1 'Holders of rec. Dec. 20
Preferred (quar.)
Fox Film Class A Sr B (guar.)
.51
Jan. 15 *Holders of rec. Dec. 31
11.50 Jan. 2 *Holders of rec. Dec. 2
Francisco Sugar (quar.)
Galena-Signal Oil. pref. Sr new pref.(qu.) 1
Dec. 31 *Holders of rec. Dec. 10
Giant Portland Cement preferred
334 Dec. 15 Holders of rec. Dec. 3
Pref. (acct. accumulated dividends).- h10
Dec. 15 Holders of rec. Dec. 3
Gotham Silk Hosiery. corn.(No. 1)__ _ _ 4i2-3e Jan. 2 Holders of rec. Dec. 15
Gulf Oil Corp. (guar.)
•3734c Jan. 1 *Holders of ree. Dec. 19
Helme(George W.)Co.,corn.(guar.)... 83.75 Jan. 2 Holders of rec. Dec. 14
Common (extra)
75e, Jan. 2 Holders of rec. Dec. 14
Preferred (guar.)
154 Jan. 2 Holders of rec. Dec. 14
Hercules Powder, common (guar.)
I% Dec. 24 Dec. 16 to Dec. 24
4
Common (extra)
Dee. 24 Dee. 16 to Dec. 24
Hillerest Collieries, common (guar.)... _
1% Jan. 15 Holders of rec. Dec. 31
Preferred (quar.)
1% Jan. 15 Holders of rec. Dec. 31
Homestake Mining (monthly)
50e. Dec. If Holders of rec. Dec. 19
Household Products (extra)
50c. Jan. 2 Holders of rec. Dec. 15a
Independent 011 & Gas(guar.)
•25o. Jan. 11 *Holders of rec. Dm. 28
.3
Ingersoll-Rand Co.. preferred
Jan. 2 *Holders of rec. Dec. 14
Inspiration Consol. Copper (quar.)
50c. Jan. 4 Holders of rec. Dec. 17
International Shoe, common (guar.).
'81.50Jan. 1 *Holders of rec. Dec. 15
Common (quar.)
11.50 Apr. 1 *Holders of roe. Mar.15
Common (guar.)
81.5O July 1 *Holders of rec. June 15
11.50 Oct. 1 *Holders of rm. June 15
Common (guar.)
Intertype Corporation, 1st pref.(guar.). 2
Jan. 2 Holders of rec. Dec. 15
3
Second preferred
Jan. 2 Holders of rec. Dec. 15
Island Creek Coal,common (guar.)
$5
Jan. 1 Holders of roe. Dee. 15
Preferred (guar.)
81.50 Jan. 1 Holders of rec. Dec. 15
Jordan Motor Car, corn. (guar.)
•75e. Dec. 30 "Holders of rec. Dec. 15
Preferred (guar.)
"134 Dec. 30 *Holders of rm. Dm. 15
Kaufmann Department Store, pref.(qu.) •1$4 Jan. 2 *Holders of rm.
Dec. 21
Kayser (Julius) & Co., pref.(quar.)- - 12
Jan. 2"Holders of rec. Dec. 18
Kelsey Wheel, Inc., common (guar.)._ $1.50 Jan. 2 Folders
of rec. Dec. 21
Kelvinator Corporation (extra)
*50c. Jan. 6 *Holders of roe. Dec. 11
King Phillip Mills (quar.)
'134 Jan. 3 Holders of reo. Dec. 22
Extra
'20
Dec. 22 *Hoidens of rm. Dec. 3
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Kresge Dept Stores, pref.(guar.)
Jan. 2 *Holders of rec. Dec. 15
"2
Kresge (S. S.) Co., common (guar.)._
Dec. 31 *Holders of rec. Dec. 15
"2
Preferred (guar.)
Dec. 31 *Holders of rec. Dec. 15
'18
•1 M Jan. 2 Holders of rec. Dec. 19
Kress(S. H.) Co., pref.(qua:.)
Lake Shore Mines (quar.)
Sc. Dec. 15 Holders of rec. Dec. 1
Extra
5c. Dec. 15 Holders of rec. Dec. 1
Libby, McNeil & Libby, Pf.(No. 1)-- *334 Jan. 2 *Holders of rec. Dec. 15
Long-Bell Lumber, Class A,corn.(qu.)- 411
Dec. 31 *Holders of rec. Dec. 11
Lorillard (P.) Co.,common(guar.)
'750. Jan. 2 *Holders of rec. Dec. 15
Preferred (guar.)
*$1.75 Jan. 2 'Holders of rec Dec. 15
Macfadden Publications, Inc
Feb. 1 Holders of rec. Dec. 31
3
Manati Sugar, pref. (guar.)
134 Jan. 2 Holders of rec. Dec. 15
Manhattan Electrical Supply (guar.).- $1.1234 Jan. 2 Holders of rec. Dec. 21
Mathieson Alkali Works, coin
Jan. 2 Holders of rec. Dec. I8a
$1
Preferred (guar.)
14 Jan. 2 Holders of rec. Dec. 18a
McCord Radiator & Mfg.,Class A (qu.)- *75c. Jan. 2 *Holders of rec. Dec 21
Merchants & Miners Tramp.(gm.)
"6234c Dec. 31 *Holders of rec. Dec. 15
Mill Factors Corp.(quar.)
134 Jan. 2 Holders of rec. Dec. 19
Extra
34 Jan. 2 Holders of rec Dec. 19
Motion Picture Capital Corp.,com.(qu.) 4174c Dec. 15 *Holders of rec. Dec. 10
Jan. 15 *Holders of rec. Jan. 2
'2
Preferred (guar.)
410c. Jan. 1 'Holders of rec. Dec. 15
Mountain Producers Corp. (guar.)
Extra
'40c. Jan. 1 Holders of rec. Dec. 15
New York Canners, Inc.,common (qu.). 50c. Dec. 15 Holders of rec. Dec. I
Dec. 31 Holders of rec. Dec. 1
Common (Payable In common stock)-- fb
14 Jan. 2 Holders of rec. Deo. 21
Nichols Copper Co., preferred (guar.)-_
'75c. Dec. 31 *Holders of rec. Dec. 10
Nunnally Co
Oil Well Supply, common (No. 1)
4450c. Jan. 2 'Holders of rec. Dec. 15
Dec. 31 *Holders of rec. Dec. 19
"2
Pittsburgh Plate Glass, com. (guar.).
Jan. 2 'Holders of rec. Dec. 28
411
Pittsburgh Steel, common (guar.)
*500. Dec. 19 *Holders of rec. Dec. 15
Plymouth 011
Holders of rec. Dec. 10
Port Alfred Pulp dr Paper. pref.(guar.).15(
Pratt & Lambert, Inc., common (guar.)- *750. Jan. 2 'Holders of rec. Dec. 15
Jan. 2 *Holders of rec. Dec. 20
.$1
Real Silk Hodery,common (guar.)
•151 Jan. 2 *Holders of rec. Dec. 20
Preferred (quar.)
3
Jan. 15 Holders of rec. Jan. 5
Realty Associates, first preferred
Reynolds(R. J.) Tobacco, com.(attar.). $1 Jan. I Holders of rec. Dec. 18
181 Jan. I Holders of rec. Dec. 18
Preferred (guar.)
Richmond Radiator, new pref. (extra).* 16 2-3c Jan. 15
Dec. 31 *Holders of rec. Dec. 15
Royal Baking Powder, corn. (quar.)... *2
Dec. 31 *Holders of rec. Dec. 15
*2
Common (extra)
•1% Dec. 31 *Holders of reo Dec. 15
Preferred (guar.)
Jan. 15 Holders of rec. Dee. 31a
SI
Safety Cable Co
'15c. Jan. 2 *Holders of rec. Dec. 15
Salt Creek Consol. 011,(guar.)
*50c. Jan. 11 *Holders of rec. Dec. 21
Shattuck (Frank G.) Co.(guar.)
*50c. Jan. 2 *Holders of rec. Dec. 15
Simmons Co.,com.(qua:.)
$1.50 Dec. 31 Holders of rec. Dec. 10
South Penn 011
Dec. 31 Holders of rec. Dec. 15
$1
South West Pa.Pipe Lines (guar.)
Standard Oil(Kentucky)(guar.)
Dec. 31 *Holders of rec. Dec. 15
411
$1.50 Jan 2 Holden of rec. Dec. 11
Stromberg Carburetor (guar.)
Jan. 2 Holders of rec. Dec. 29
it6
Swan dr Finch 011 Corp., preferred
Jan, 1 Dec. 11. to Jan. 7
2
Swift & Co.(guar.)
Thompson (R. E.) Mfg., 1st pref.(raj_ 412 Jan. 15 "Holders of rec. Dec. 31
Jan. 15 'Holders of rec. Dec. 31
First pref.(for guar. ended Sept. 30)"25c. Dec. 31 'Holders of rec. Dee. 16
Tide Water 011 (quar.)
Tower Manufacturing, common (guar.). *250. Jan. 1 'Holders of rec. Dec. 15
Jan. 1 Holders of rec. Dec. 21
4
Ulen & Co. preferred
334 Jan. 1 Holders of rec. Dec. 15
U. S. Distributing, preferred
760. Jan. 2 Holders of rec. Dec 14
U.S.Tobacco, common (guar.)
Jan. 2 Holders of rec. Dec. 14
Preferred (guar.)
Jan. 2 Holders of rec. Dec. 15
$1
Wabasso Cotton. Ltd. (guar.)
141 Jan. 2 Holders of rec. Dec. 15
Ward Baking Corp, Pref. (quar.)
.82 D3c. 31 *Holders of rec. Dec. 15
Washington Oil
Dec. 31 *Holders of rec. Dec. 15
412
Washington 011
Jan. 30 'Holders of rec. Dec. 31
Westinghouse Elec.& Mfg., own.(gear.) *$1
Jan. 15 'Holders of rec. Dec. 31
*El
Preferred (quar.)
Weston Electrical Instrument (guar.).- *50c Jan. 2 *Holders of rec. Dec. 16
Jan. 2 Holders of rec. Dec. 17
2
West Point Manufacturing (guar.)
Jan. 2 *Holders of rec. Dec. 20
Wlllys-Overland Co., preferred (guar.).*129% Jan. 2 *Holders of rec. Dec. 20
Preferred (acct. accumulated diva.)
294 Jan. 1 Holders of rec. Dec. 15
Wright-Hargreaves Mines, Ltd
714 Jan. I Holders of rec. Dec. 15
Extra
Wurlitzer (Rudolph) Co., 7% Pf. (qu.). 134 Jan. 1 Holders of rec. Dec. 19
Jan. 2 Holders of rec. Dec. 10
El
Yale & Towne Manufacturing (guar.)Dec. 22 Holders of rec. Dec. 10
$1
Special
Yates American Machine Co.(guar.)._ _ '624e Jan. 1 *Holders of rec. Dec. 19
Yellow Cab Co.of Newark,corn.(qu.). 25c. Jan. 1 Holders of rec. Dec. 15
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends nanounced this week, these being given in the preceding table.
Name of Company.
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
Railroads (Steam).
34 Dec. 28 Holders of rec. Nov.27
Alabama Great Southern, ordinary
314 Feb. 11 Holders of rec. Jan. 15
Preferred
Jan. 11 Holders of rec. Dec. 16a
34
Atlantic Coast Line RR., eom
Jan. 11 Holders of rec Dec. 160
1
Common (extra)
24 Dec. 31 Holders of rec. dNov.30
Boston dr Albany (guar.)
24 Jan. 1 Holders of rec. Dec. 19
Boston dc Providence (grim.)
Dec. 18 Holders of rec. Dec. 5a
2
Buffalo Rochester & Pittsburgh, cora
24 Dee. 31 Holders of rec. Dec. la
Canadian Pacific, common (guar.)
Jan. 1 Holders of rec. Dec. 4a
2
Chesapeake dr Ohio, common
34 Jan. 1 Holders of rec. Dec.1 40
Preferred
Dec. 26 *Holders of rec. Dec..17
*5
Chicago Burlington & Quincy
Dec. 31 Holders of roe. Dec.e la
Chicago it North Western, ooramon.... 2
Dec. 31 Holders of rec. Dec. la
34
Preferred
Dec. 31 Holders of rec. Dec. la
Chicago St. Paul Minn.& Omaha, pref.. 5
Dec. 21 *Holders of rec. Dec. 1
*3
Cin. N.0.& Texas Pacific. common._
Dec.
21 'Holders of rec. Dec. 1
*314
Common (extra)
Dec. 31 Dec. 13 to Jan. 1
2
Colorado & Southern, llrst Preferred-Dec. 31 Dec. 13 to Jan. 1
4
Second preferred
Feb 1'26 Holders of rec. Jan. 150
3
Cuba Railroad, pref
24 Dec. 21 Holders of rec. Nov. 280
Delaware dr Hudson Co. (guar.)
Dec. 10 Holders of rec. Nov.30a
8714c
Erie & Pittsburgh (guar.)
Dec. 19 Holders of rec. Dec. 15a
3
Greene Railroad
Dea. 31 Holders of rec. Dee. 4a
2
Hooking Valley
Jan. 2 Dee. 12 to Jan. 4
2
Illinois Central,leased lines
Jan. 2 Holders of rec. Dec. 76
1
Lackawanna RR.of N.J.(War.)
10 Holders of rec. Jan. 15a
Feb.
3
Louisville & Nashville
to Jan. 1
Jan. 2 Dee. 2
2
Mobile & Birmingham, preferred
2.124 Jan. 2 Holders of rec. Dec. 96
Morris & Essex
Nov.16a
reo
of
Holders
N.Y.Chic & St. L.,com & pref.(gti.)- 14 Ian. 2
120
N. Y. Lackawanna & Welt. (guar.).- 114 Jan. 2 Holders of rec. Dec.
14 Dee. 19 Holders of rec. Nov.300
Norfolk dr Western ,com. (quar.)
300
Nov.
roe.
of
Dec. 19 Holders
1
Common (extra)
Dec. 10 Holders of rec. Nov.240
Reading Company,first pref.(guar.).-- 1
114 Jan. 2 Holders of rec. Nov.270
Southern Pacific Company (guar.)
Union Pacific. com. (guar.)
214 Jan. 2 Holders of rec. Dec. la
Valley RR.(New York)
214 Jan. 2 Holders of rec. Dec. 150
Public Utilities.
Amer. Telephone & Telegraph (guar+)-Arkansas Natural Gas (guar.)
Associated Gas & Elec. Co.. pref.(extra)
Bell Telephone of Canada (guar.)
Bell Telep. of Penn., pref.(guar.)
Brooklyn Union Gas (guar.)
Extra
Chic. North Shore & Mllw., pref.(guar.)
Prior lien stock (guar.)
Conaol Gas. El. L.& Pr.Balt..oom.(01.)
Preferred. Series A (guar.)
Preferred. Series B (guar.)
Preferred. Series 0(guar.)
[VOL 121.
THE CHRONICLE
2720
24 Jan. 15 Holders of rec. Dec. 19a
Sc. Dec. 31 Holders of rec. Dec. 10a
12140. Jan.1'26 Holders of rec. Dec. 10a
Jan. 15 Holders of rec. Dec. 23
2
14 Jan. 18 Holders of rec. Dec. 19a
Jan. 2 Holders of reo. Dec. 126
$1
Jan. 11 Holders Of rec. Dee. 210
7
*114 Jan. 1 "Holders of rec. Dec. 15
*14 Jan. 1 *Holders of rec. Dec. 15
6214r Jan.2'28 Holders of rec. Dec. Ha
Jan 2'28 Holders of reo. Dec. 15a
2
14 Jan 2'26 Holders of rec. Dec. 15a
134 Jan 2'26 Holders of tee. Dee. lba
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Consolidated Gas, New York (qua:.)... 81.25 Dec. 15 Holders of rec. Nov. We
*14 Feb. 1 *Holders of rec. Dec. 15
Preferred (guar.)
Consumers Power.6% pref.(qua:.).. 114 Jan2'26 Holders of rec. Dec. 15
1.65 Jan2'26 Holden] of ree. Dec. 15
6.6% preferred (guar.)
14 Jan2'26 Holders of rec. Dec. 15
7% preferred (guar.)
500. Jan2'26 Holders of rec. Dec. lb
6% preferred (monthly)
550. Jan2'26 Holders of rec. Dec. 15
6.6% preferred (monthly)
Wontinental Gas & Elec., corn. (guar.) $1.10 Jan.1'26 Holders of rec. Dec. 126
134 Jan.1'26 Holders of rec. Dec. 120
Prior preference 7%(00ar.)
154 Jan.1'26 Holders of rec. Dec. 126
Prior preference 6% (guar.)
134 Jan.1'26 Holders of rec. Dec. 126
Participating preferred (guar.)
14 Jan.1'26 Holders of rec. Dec. 126
Participating preferred (mars)
Dec. 30 Holders of rec. Nov.306
$3
Continental Passenger By., Phila
Duquesne Light. first pref. A (guar.).-- 134 Dec. 15 Holders of rec. Nov. 14a
Eastern New York Utilities, pref.(guar.) '134 Jan. 2 'Holders of rec. Dec. 15
East Kootenay Power, pref.(quar.).... 14 Dec. 15 Holders of rec. Nov.30
Electric Investors, Inc., common
(y) Jan. 2 Holders of rec. Dec. 15
81.75 Jan. 2 Holders of rec. Dec. I
Engineers Public Service, pref.(guar.)
Federal Light & Traction. com. (guar.). v35c. Jan. 2 Holders of rec. Dee. 150
Forshay(W.B.) Co.,com.&spec.(mthlY) 1 1-3 Dec. 10 Holders of rec. Nov.30
1 1-3 Dec. 10 Holders of rec. Nov.30
Founders' stock (monthly)
2-3 Dec. 10 Holders of rec. Nov.30
Preferred (monthly)
$4.50 Jan. 1 Dec. 2 to Jan. 1
Frankford & Southwark Pass. By.
Jan. 1 Holders of rec. Dec. lea
Georgia By.dr Power 8% pref.(guar.)._ 2
14 Jan. 1 Holders of rec. Dec. 100
Seven per cent preferred (guar.)
Dec. 31 Holders of rec. Dec. 30
42
Illinois Bell Telephone (guar.)
5-6 Dec. 10 Holders of rec. Nov.30
Int. Public Secy. Corp., corn. (mthly)_ _
7-12 Dec. 10 Holders of ree. Nov.30
Preferred (monthly)
14 Jan. 1 Holders of rec. Dec. 5
Interstate Power, preferred (guar.)
Kansas City Power & Lt., 1st pfd. A (041) $1.75 Jan. I Holders of rec. Dec. lba
Kentucky Hydro-Elec., pref (quar,)... *14 Dea. 21 Holders of rec. Nov.30
Dec. 15 Holders of rec. Dec. la
Laclede Gas Light, com. (guar.)
2
Dec. 15 Holders of rec. Dec. la
Common (extra)
2
15 Holders of rec. Dec. la
Dec.
234
Preferred
Loulev. Gas & El., Del. el. A&B (qu.).. 4354c Dec. 26 Holders of rec. Nov.30
Mackay Companies, corn. (quar.)
14 Jan. 2 Holders of rec. Dec. ba
Jan. 2 Holders of rec. Dec. ba
1
Preferred (guar.)
Middle West Utilities, prior lien (quar.)_
14 Dec. 18 Holders of rec. Nov.30a
Minnesota Elec, Distributing Co.
Dec. 10 Holders of rec. Nov.30
Common (monthly)
1
2-3 Dec. 10 Holders of rec. Nov.30
Preferred A (monthly)
Dec. 10 Holders of rec. Nov.30
Preferred 13 (monthly)
1
7-12 Dec. 10 Holders of rec. Nov.30
Preferred C (monthly)
Jan. 2 Holders of rec. Dec. ha
1
Montana Power, common (guar.)
14 Jan. 2 Holders of rec. Dec. lba
Preferred (guar.)
$1.75 Jan. 2 Holders of rec. Dee. 15
Nat.Power & Light, pref.(guar.)
Nat.Public Serv. Corp.,Cl. A,com.(qu.) 400 Dec. 15 Holders of rec. Nov.27
Dec. 30 Holders of ree. Dec. 10
2
New England Telep. & Teleg. (guar.)_ _
'14 Jan. 1 *Holders of rec. Dec. 15
New York Steam, pref. (guar.)
New York Telephone, pref.(guar.)
154 Jan. 15 Holders of rec. Dec. 19
50c Dec. 31 Holders of rec. Dec. lba
Niagara Falls Power, com.(guar.)
434c Jan. 15 Holders of rec. Dec. 31a
Preferred (guar.)
Niagara Lockport & Ont.Pr., Corn.(qu.) 50c. Jan. 1 Holders of rec. Dec. 15
14 Jan. I Holders of rec. Dec. 15
Preferred (guar.)
1255 Jan. 2 Holders of rec. Dec. 5
North American Co., com.(guar.)
North Amer. Utility Securities Corp
$1.50 Dee. 15 Holders of rec. Nov.30
Firstprof.allotment ctfe.(guar.)
134 Mar. 1 Holders of rec. Feb. 15
Ohio Edison Co.,6% pref. (guar.)
1.65 Mar. 1 Holders of rec. Feb. 15
6.6% preferred (quar.)
Mar. 1 Holders of ref. Feb. 15
14
7% preferred (guar.)
550 Jan. 2 Holders of rec. Dec. 15
6.6% preferred (monthly)
556 Feb. 1 Holders of rec. Jan. 15
6.6% preferred (monthly)
550 Mar. 1 Holders of rec. Jan: 15
6.6% preferred (monthly)
154 Dec. 15 Holders of rec. Nov.30
Oklahoma Gas & Elec.. prof.
•154 Dec. 15 'Holders of rec. Nov.30
Ottawa & Hull Power, pref.(guar.)
F'b 1'26 Holders of rec. Jan. 25
Penneyivania-Ohlo P.& L..8% Id.(qu.) 2
134 F'b 1'26 Holders of roc. Jan. 25
7% Preferred (guar.)
Jan. 2 Holders of rec. Dec. 18a
2
Pennsylvania Water .4 Power (quan)
Peoples Light dr Power, corn.(monthly). 1 1-3 Dec. 10 Holders of rec. Nov. 30
7-12 Dec. 10 Holders of rec. Nov.30
Preferred (monthly)
500. Dec. 15 Holders of rec. Nov. 176
Philadelphia Electric (quar.)
Public Service Elec.& Gas,6% pref,(au.) "14 Dec. 31 *Holders of rev. Dec. 4
Public Serv. Corp. of N.J., COM.(quar.) $1.25 Dec. 31 Holders of rec. Dec. 4s
Dec. 31 Holders of rec. Dec. 4,
2
8% preferred (guar.)
181 Dec. 31 Holders of rec. Dec. 90
7% Preferred (guar.)
Dec.
14
31 Holders of rec. Dec. 46
6% preferred (No. 1)
Jan. 1 Dec. 2 to Jan. 1
Second & 3d Sta. Pans. By., Phila. (au.) $3
Holders of rec. Nov.30
Southern Colo. Power, pref. (guar.)- - 14 Dec.
114 Dec. 31 Holders of rec. Dec. 15
South Pittsburgh Water. com
14 Jan. 11 Holders of rec. Jan. 2
7% preferred (guar.)
Dec. 1: Holders of rec. Nov.300
Standard Gas & Elec.. 8% Prof.(1uar.). 2
J'n15'21 Holders of rec Jan 1 '26
3
Tacoma-Palmyra Ferry Co
Fenno:wee Elec. Pow.,6% 1st pref.(qu.) 134 Jan.1'21 Holders of rec. Dec. 15
Holders of rec. Dec. 16
Jan.1'24
134
7% first preferred (quar.)
$1 .80 Jan.1'24 Holders of rec. Dec. 15
7.2% first preferred (quar.)
50e. Jan.1'2# Heiden of roc. Dec. 15
6% first preferred (monthly)
60e. Jan.1'21 Holders of rec. Oct. 15
7.2% first preferred (monthly)
Yet-City By. dr Light. com. (quar.)--- - 234 Jan.1'21 Holders of rec. Dec. 20
yi Dec. li Holders of rec. Nov. 30
Tri-State Utilities, corn.(monthly)
7-12 Dec. If Holders of rec. Nov. 30
Preferred (monthly)
t4.50c Jan. 1 Holders of rec. Dec. So
Utilities Pow. dr Lt. Corp., cl. A (qu.)
y Jan. 1 Holders of rec. Dec. 5
Class B
$1.75 Jan. 1 Holders of rec. Dec. 5
Preferred (guar.)
3
Dec. I. Holders of rec. Oct. 31a
com
Power.
Virginia Railway &
Des. 3 Holders of rec. Dec. 154
West Penn Company,common (quar.)__ Si
14 Dec. L Holders of rec. Dec. 1
West Penn Rya_ preferred (guar.)
Dec. it. Holders of rec. Nov.300
$1.75
Wisconsin Power & Light, pref.(qua:.)..
Banks.
4
Jan. 2 Holders of rec. Dec. 18a
Commerce (National Bank of) (guar.)
2
Jan. 2 Holders of rec. Dec. 26
Standard (quar.)
2
Jan. 2 Holders of rec. Dec. 26
Extra
Standard National Corp.,corn.(quar.)-- 500. Jan. 2 Holders of rec. Dec. 26
82 Jan. 2 Holders of rec. Dec. 26
Common (extra)
14 Jan. 2 Holders of rec. Dec. 26
Preferred (guar.)
Truausrt.)Companies.
3
Dec. 31 Holders of rec. Dec. 216
Equitable (g
Miscellaneous.
$1.60 Dec. 31 Holders of rec. Dec. 150
Adams Express (guar.)
760. Jan, 2 Holders of rec. Dec. 156
Advance Rumely Co.. pref.(guar.)
74c. Jan, 2 Holders of ref. Dec. 154
Ahumada Lead Co.(guar.)
1714c Jan. 2 Holders of rec. Dec. 156
Extra
14 Jan. 2 Holders of rec. Dec. 15a
Allied Chemical & Dye Corp., pf.(qu.) _
Aluminum Manufactures.Ino.,com.(qu.) 374c. Dec. 31 Holders of rec. Dec. 15a
134 Jan.1'26 Holders of rec. Dec. 204
Preferred (guar.)
American Art Works, com. & rare.(qu) 14 Jan. 15 Holders of rec. Dec. 31
415e. Jan. 2 *Holders of rec. Dec. 15
American Bank Note, pref.(guar.)
1
american Beet Sugar,corn.(qsar.)
Jan3026 Holders of rec. Jan.9'26a
14 Jan. 2 Holders of rec. Dec. 12a
Preferred (guar.)
14 Jan. 2 Holders of rec. Dec. 164
American Can, pref.(guar.)
50o. Dec. 31 Dec. 22 to Jan. 1
American Chain, Class A (guar.)
134 Jan. 1 Holders of rec. Dec. 150
American Chicle, pref.(quar.)
14 Jan. 1 Holders of rec. Dec. 150
Prior preferred (guar.)
SI
Dec. 21 Dec. 1 to Dec. 21
American Coal
Jan. 20 *Holders of rec. Jan. 9
Amer. Laundry Machinery, common._ •125
14 Jan.216 Holders of rect. Dec. 200
American Linseed, pref.(guar.)
134 Aprl'26 Holders ree. Mar.19'26a
Preferred (quar.)
Dec. 31 Holders of rec. Dec. I4a
American Locomotive, com. (guar.)---- $2
.82.50 Dec. 31 Holders of rec. Dec 146
Common (extra)
14 Dec. 31 Holders of rec. Dec. 140
Preferred (guar.)
American Manufacturing, corn. (quar.). • 134 Dec. 31 Dec. 16 to Dec. 30
114 Dec. 31 Dec. 16 to Dec. 30
Preferred (guar.)
Si Dec. 31 Holders of rec. Dee. 156
Amer. Radiator, common (guar.)
$1.50 Dec. 31 Holders of rec. Dec. lba
American Railway Express (guar.)
40c. Dec. I Nov. 15 to 13e0. 1
American Stores Corp.(guar.)
500. Apr116 Mar. 17 to Apr. 1
QuarterlyQuarterly
50c. Jul 1'26 June 16 to July 1
Oct 1.26 Sept. 16 to Oct. 1
Quarterly
American Sugar Refining, common
14 Jan. 2 Holders of res. Doe. 10
14 Jan.
Holders of rec. Dec. 16
Preferred (guar.)
DiDC.
5 1925.}
THE CHRONICLE
Per
When
Payable.
Books Closed
Days Inclusive.
2721
Per
When
Cern. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
American Safety Razor (guar.)
75c. Jan. 2 Holders of rec. Dec. 100 Goodyear 71re & Rubber, pref.(qua?.).. 134 Jan.
1 Holders of rec. Dee. la
American Tobacco, pref.(guar)
134 Jan. 2 Holders of rec. Dec. 100
Prior preference (guar.)
2
Jan. 1 Holders of roe. Dec. 16a
Amer. Vitrified Products, corn.(guar.).- $1
Jan. 15 Holders of roe. Jan. Se Gotham Edit Hosiery, corn. (No. 1).... *5234c
.Jan. 2 *Holders of rec. Doe. 15
Armour & Co.(Del.). cl. A corn. (guar.)
50c. Jan. 2 Holders of roe, Dec. 10a
Firstand second pref.(guar.)
•1E Feb. 1 *Holders of rec. Jan. 15
Preferred (guar.)
154 Jan. 2 Holders of rec. Dee. 10a Gould Coupler, Class A (guar.)
50o. Dec.
Armour & Co.(111.), pref. (guar.)
lE Jan. 2 Holders of rec. Dec. 100 Great Atlantic & Pacific Tea, corn.(qu.) 41.25 Dec. 15 Holders of rec. Dec. la
15 Holders of rec. Dec. 10
Atlantic Steel, common (guar.)
1,4 Dee. 31 Dec. 21 to Jan. 1
Great Northern Iron Ore Properties__
The. Dec. 28 Holders of rec. Dec. 4a
Atlantic Terra Cotta Co., pref.(guar.)
2
Dec. 15 Holders of rec. Dec. 5
Great Western Sugar,corn.(guar.)
*22
Jan. 2 *Holders of rm. Dec. 15
Atlae Powder, common (guar.)
Dec. 10 Holders of rec. Nov.30a
$1
Preferred (guar.)
'134 Jan. 2 *Holders of rec. Dec. 15
Babcock & Wilma Co.(guar.)
134 Jan.r26 Holders of rec. Dec 20
Greenfield Tap & Die,6% prof.(guar.). 134 Jan. 2 Holders of rec. Dec. 15a
Quarterly
134 Aptr26 Holders rec. Mar.20'26a
Eight per cent preferred (guar.)
2
Jan. 2 Holders of rec. Dec. 15.
Balaban & Katz, corn.(monthly)
250. Jan.r26 Holders of rec. Dec. 200 Guantanamo Sugar.Prof.(guar.)
2
Jan. 2 Holders of rec. Dec. 15.
Preferred (quen)
Jan 1'26 Holders of rec. Dec. 20
3
Gulf States Steel, cons. (guar.)
'1)4 Jan. 2 *Holders of rec. Dec. 15
Baldwin Locomotive Wks., cons. & pref. 3)4 Jan. 1 Holders of
rec.
Dec.
50
let lard (guar.)
134 Jan3'26 Holders of reo. Dec. 15a
Barnsdall Corp., class A dr B
50c. Jan 2'26 Holders of roe. Dec. 16a Hall (C. M.) Lamp
25c. Dec. 15 Holders of rec. Dec. 10.
Beech-Nut Packing, corn. (guar.)
600. Jan. 11 Holders of rec. Dec. 260 Hanes(P. H.) Knitting, pref.
134 Jan. 1 Holders of ree. Doe. 19
(guar.)--Common (extra)
60c. Dec. 10 Holders of rec. Nov.25
Harbison-Walker Refrac., pref. (quar.). 134 Jan. 21 Holders of rec. Jan. lie
Preferred clogs B (guar.)
134 Jan. 15 Holders of rec. Dec. 31a Hayes Wheel Co., cons.(guar.)
The. Dm. lb Holders of rec. Nov.30a
Belding Brothers (quar.)
75c. Jan. 2 Holders of
Common (extra)
250. Dee. 15 Holders of rec. Nov.30a
Bessemer Limestone & Cera., corn.(qu.) *1 M Jan. 1 *Holders of rec. Dec. 21
rec. Dec. 20
Preferred
134 Dec. 15 Holders of rec. Nov.30a
(guar.)
Common (extra)
*4
Jan. 1 *Holders of rec. Dee. 20
Hecht Mining
200
Doe. 15 Holders of rec. Nov.15
Preferred (guar.)
•1,i Jan, 1 *Holders of rec. Dec.
20
Hibbard,Spencer. Bartlett di Co.(mthly) 350. flee. 24 Holders of rec. Doe. 18
Bethlehem Steel, 7% Pref. (guar.)
lE Jan2'26 Holders of rec. Doe. la
Extra
Dec.
20r.
24 Holders of rec. Dec. 18
Eight per cent preferred (guar.)
2
Jan2'26 Holders of rec. Dec. la Holly Oil
25c Dec. 31 Holders of rec. Dec. 15
Bingham Mines Co. (guar.)
Dec. 30 Holders of roe. Dec. 19a Hudson Motor Car (guar.)
$1
75e.
Jan.
2 Holders of rec. Dec. lie
Blaw-Knox Co. (extra)
Dec. 24 *Holders of
*4
134 Jan. 2 Holders of rec. Dec. 26
Borden Company. preferred (guar.).- 134 Dec. 16 Holders of rec. Dec. 214 11 ydraulic Press Brick, pref.(gotta)._
rec. Oct. 19
Preferred (extra)
1
Dec. 26 Holders of rec. Doe. 15
Borg & Beck Co.(guar.)
.600. Jan. 1 *Holders of rec. Dec. 19
Illinois Pipe Line
*6
Dec. 31 *Holders of rec. Nov.30
Extra
*250. Jan. 1 *Holders of rec. Dec. 19
India Tire & Rubber,common (quar.)__ 2
Dec. 31 Holders of rec. Dee. 210
Boston Wharf
e3
Doe. 31 *Holders of rec. Dec. 1
Preferred (quar.)
134 Dec. 31 Holders of rec. Dee 210
Boston Woven Hose & Rub.,corn.(au.). $1.50 Dec. lb Holders of
rec. Dec. 1
Inland Steel, preferred (qua?.)
134 Jan. 1 Holders of rec. Dm. 150
Preferred
Dee. 15 Holders of rec. Dec. 1
3
Inspiration Consol. Copper Co. (guar.). *50c Jan. 4 *Holders of roc. Dee. 17
Boyd-Welsh Shoe (guar-)
750. Jan. 2 Dec. 20 to Jan. 3
International Business Machine (quar.). $2
Jan. 10 Holders of rec. Dec. 220
Buckeye Pipe Line (guar.)
$1
Dec. IL Holders of rec. Nov.20
Stock dividend
e20 Dec. 15 Holders of rec. Dec. fig
Bucyrus Company, corn.(guar.)
134 Jan. 2 Holders of rec. Dec. 19
Internat. Cement Corp., corn. (guar.)._ $1
Dec. 31 Holders of rect. Dec. 15a
Common (extra)
2
Jan. 2 Holders of rec. Dec. 19
Preferred (guar.)
134 Dec. 31 Holders of rec. Dec. 150
Preferred (guar.)
151 Jan. 2 Holders of reo. Dec. 19
Internat. Paper,6% pref.(guar.)
134 Jan. 15 Holders of rec. Jan. 2.
Burroughs Adding Mach., corn.(ctn.)- The. Dee. 31 Holders of
rec. Dec. 15
7% preferred (guar.)
134 Jan. 15 5Holders of rec. Jan. 20
Preferred (guar.)
134 Dec. 31 Holders
International Salt (guar-)
134 Jan. 2 Holders of rec. Dec. Ma
e1,4 Jan. 15 *Holders of rec. Doe. 15
Blush Terminal, 7% pref.(guar.)
of rec. Dec. 21
International Silver, met. (guar.)
1E Jan. 1 Holders of rec. Dee. 154
e3
6% preferred
Jan. 15 *Holders of rec. Dec. 31
Island Creek Coal, corn. (guar.)
$5 Jan. I Holders of rec. Dec. 154
Bush Terminal Bldgs. Co., pref. (quar.) *134 Jan. 2 *Holders of
rec. Dec. 17
Preferred (guar.)
21.60 Jan. 1 Holders of rec. Dec. 15a
Butte Copper & Zinc
500. Dee. 24 Holders of rec. Dec. 90
$1
Dec. 15 Holders of rec. Nov.30
California Pack. Corp.(guar.)
$1.50 Dec. 15 Holders of rec. Nov.30a Isle Royale Copper Co
•134 Jan. 2 *Holders of rec. Dec. 19
Calumet & Arizona Mining (guar.)
Dec. 21 Holders of rec. Dec. 4a Jewel Tea, pref. (guar.)
$1
Preferred (acct. accumulated divs.)__ •71234 Jan. 2 *Holders of rec. Dec. 19
Extra
500. Dec. 21 Holders of rec. Dec. 4a
Jones & Laughlin Steel, pref. (quar.)._. 134 Jan. 1 Holders of rec. Dec. 150
Calumet & Hecia Cons. Copper Co.(qu.) 50o. Dec. 15 Holders of
rec. Nov.300 Kennecott Copper Corp.(guar.)
$1
Jan. 2 Holders of rec. Dec. 40
Canadian Connecticut Cottons, pi.(au.) 1
Jan. 2 Holders of rec. Dec. 15
Kinney (G.It.) Co.„ Inc., corn.(quar.)_
Jan. 1 Holders of rec. Dec. 21.
Carter(Wm.)Co.,Prof.(guar.)
134 Dec. 15 Holders of rec. Dec. 10
Kraft
•3734c
Cheese,
corn.
Jan. 2 *Holders .f rec. Doe. 16
Cheacbrough Mfg., corn. (guar.)
(quar.)
*62,41 Doe. 29 *Holders of rec. Dec. 90
Common (payable in common stock). _ *1134 Jan. 2 *Holders of rec. Dee. 16
Common (guar.)
.6234c Dec. 29 *Holders of rec. Dec. 9a
common....
ICuppertheimer
(B.)
&
Co.,
Jan.
$1
2 Holders of rec. Doe. 240
Chicago Fuse Mfg.(guar.)
.62SS c Jan. 1 *Holders of
Laclede Steel, common
4
Dec. 10 Holders of rec. Dec. 3
Chicago Mill & Lumber, pref.(guar.)... •134 Jan, 1 *Holders of rec. Dec. 16
rec. Dec. 19
$2 Jan. 2 Holders of roe. Dee. 10
Chicago Yellow Cab (monthly)
33 1-3c Jan, 2 Holders of rec. Doe. 190 Lehigh Valley Coal Sales (guar.)
Monthly
33 1-3c Feb. 1 Holders of rec. Jan. 20a Liggett & Myers Tobacco, pref.(quar.). 134 Jan. 1 Holders of rec. Dec. 150
Loew's, Inc.(guar.)
50c. Dec. 31 Holders of rec. Dec. 12.
Monthly
33 1-3c Mar. 1 Holders of roe. Feb. 206 Lord
Taylor, corn. (guar.)
*234 Jan. 2 Holders of rm. Dec. 17
Childs Company, corn. $100 par (guar.) 3
Dec. 10 Holders of rec. Nov.28a Lord & Taylor,
(Christmas
Deo, 10 Holders of rec. Nov.25.
Common, no par value (guar.)
600. Dec. 10 Holders of reo. Nov. 280 Mack&Trucks, corn.cons. (guar.)div.)-- 5
$1.50 Doe. 31 Holders of rec. Dec. 15a
Inc.,
Preferred (Soar.)
134 Dee. 10 Holders of rec. Nov.28a
common
Common
stock)..
(payable
AO
Doe.
In
31 Holders of rec. Dec. 15a
Chile Copper Co. (guar.)
62M c Dec. 26 Holders of rec. Dee. 2a
First preferred (guar.)
134 Dec. 31 Holders of rm. Dec. 154
Chrysler Corp.. oref. (guar.)
$2 Jan. 2 Holders of roe. Dec. 15a
134 Dec. 31 *Holders of rec. Dec. 154
Second preferred (guar.)
Mice Service Co., common (monthly)._
M Jan. 1 Holders of rec. Dec. 15
May Department Stores, Prof. (guar.)_ _
134 Jan2'26 Holders of rec. Dec. 15a
Common (Payable in common stock)._
134 Jan. 1 Holders of rec. Dec. 15
Mergenthaler Linotype (guar.)
234 Doe. 81 Holders of rec. Dec. 2.
Preferred and preferred B (monthly)._
M Jan, 1 Holders of roe. Dec. 15
Metro-Goldwy
Pictures
134
Corp.
Dec. 15 Holders of roe. Nov.28a
n
,P1.(qu.)
City Investing Co.,corn.(guar.)
Jan. 4 Holders of rec. Doe. 21
10
Metropolitan Paving Brick, corn.(extra) $2
Dec. 20 Dec. 15 to Dee. 80
Clinchfield Coal. corn. (guar.)
*500. Dec. 15 'Holders of rec. Dec. 10
154 Jan. I Dec. 16 to Dec. 31
Preferred (guar.)
Coca-Cola Co.. common Man)
$1.75 Dec. 81 Holders of rec Doe. 15a
Michigan
(guar.)
Sugar,
pref.
Dee.
15 *Holders of roe. Nov.30
*134
Preferred
3M Dec. 31 Holders of rec. floe. 150 Montgomery
Ward & Co., Class A (qu.) $1.75 Jan. 1 Holders of rec. Dee. 21a
Cohn-Hall-Marx Co.,corn.(guar.)
700. Jn15'2 Holders of roe. Jan.5'26
accum.
(acct.
Clam
Dee.
A
dIvidende)
7 Holders of rec. Nov.26
$7
Common (guar.)
700. Ap15'26 Holders of roe. Apr,6'26
81.75 Jan. 1 Holders of rec. Doe. 21.
Preferred (guar-)
Common (guar.)
700. July5'26 Holders of rec. July 5
Montreal Cottons, Ltd.. corn. (guar.)._
114 Dec. 15 Holders of roc. Nov.30
Commercial Inv. Trust, corn. (interim). o45c. Jan. 1 Holders of rec. Dec. '26
15a
154 Dm. 15 Holders of rec. Nov.30
Preferred
First preferred (quar.)
134 Jan. 1 Holders of rec. Dee. 15a Mother Lode(guar.)
Coalition Mining
3734c Dee. 31 Holders of rec. Dec. ha
Commercial Solvents Corp., Cl. A (qu.). Si
Jan. 1 Holders of rec. Dec. I80
First preferred (guar.)
Jan. 1 Holders of rec. Dec. 18a Moto Meter Co., Inc., class A (guar.)._ 90s. Jan. 1 Holders of rec. Dee. 150
2
Motor Wheel Corp.(guar.)
50e Dec. 20 Holders of rec. Dec. 10a
Continental Can, preferred (guar.)
•134 Jan. 1 *Holders of reo. Dec. 19
Extra
Dec. 20 Holders of rec. Dec. 10a
30
Continental 011 (qua?.)
260. Dec. 15 Holders of rec. Nov. 14a
Corporation
Murray
Body
Coty,Inc.(guar.)
950. Dec. 31 Dec 22 to
Jan.. 1
Common (payable In common stock).. f134 Jan.116 Holders of roe. Dec. lea
Craddock-Terry Co., corn. (guar.)
Dec. 31 Holders of rec. Dec. 15a
3
Mutual Oil (guar.)
294 Dec. 15 Holders of roe. Nov.14
First and second Preferred
Dec. 31 Holders of roc. Dec. 15
3
National Biscuit, common (guar.)
750. Jan. 15 Holders of rm. Dec. 310•
Class C preferred
3,4 Dec. 31 Holders of rec.
National Breweries. corn. (guar.)
Jan. 1 Holders of rec. Nov.30
$1
Cramp(Wm.)& Sons Ship & E.B.(qu.) 50c. Dec. 31 Dec. 18 to Dec. 15
Jan. 1
Preferred (guar.)
1E Jan. 1 Holders of rec. Nov.30
Crane Co., common (guar.)
37,4c Des. 15 Holders of rec. Dec. 1
Nat. Enameling & Stamping. prof.(WSJ 1E Dec. 31 Holders of rec. Dec. 11
Preferred (guar.)
1,4 Dec. 15 *Holders of rec. Dec 1
2
Des. 31 Holders of res. Dec. lla
Crucible Steel, preferred (guar.)
1,4 Dec. 31 Holders of rec. Dee. ltm National Lead, core. (guar.)
144 Dec 15 Holders of rec. Nov.204
Preferred (guar.)
Cubaa-American Sugar, common (guar.) 50c. Jan. 2 Holders of rec. Nov. 240
234 Jan. 2 Holders of rec. Dec. 180
Preferred (guar.)
1E Jan. 2 Holders of reo. Nov.240 National Surety (guar-)
National Sugar Refining (guar-)
1E Jan. 2 Holders of rec. Deo. 7
Cumberland Pipe Line
Dee. 15 Holders of rec. Nov.30
$3
National Transit
*25o. Dec. 15 *Holders of rec. Nov.30
Dalton Adding Machine, corn.(Qua?.).. 1,4 Jan. 1 Dec. 22 to Dec.
31
Neptune Meter,clans A & B(No.1)
50c. Dec. 15 Holders of rec. Dee. la
Preferred (guar.)
1,4 Jan. 1 Dec. 22 to Dec. 81
New Jersey Zino (extra)
Dec. 10 Holders of rec. Nov.20a
2
Davis Mills (qua?)
1,4 Dec. 24 Holders of rec. Dee.
6234e. Dec. 16 Holders of rec. Nov.30
Docker (Alfred)& Cohn,Inc.. corn.((I11.) 150e. Dec. 15 Holders of rec. Dec. 120 New Process Cork,Inc., class A
5a New York Air Brake, Class A (Quer.)-- $1 Jan.4'26 Holders of rec. Dec. 2a
Common (extra)
500. Dec. 15 Holders of rec. Dec. So New
York Canners, common (qua?.)... 50c. Dec. 15 Holder* of rec. Dee. la
Diamond Match (guar.)
Dec. 15 Holders of rec. Nov.30a
2
Common (payable in common stock).. /5 Dee. 31 Holders of rm. Dee. la
Dome Mines, Ltd.(qum-)
50c. Jan. 20 Holders of rec.
31a
First preferred
834 Feb 1'26 Holders of rec.Jan.22'36
Dominion Glass, corn.& prof.(guar.).- 134 Jan. 2 Holders of rec. Dec.
Second preferred
4
Feb 1'26 Holders of rec.Jan.2216
Dominion Textile, Ltd., corn.(guar.)._ $1.25 Jan. 2 Holders of rec. Dec. 15
Dec. 15
New York Transit (guar.)
750. Jan. 16 Holders of roe. Dee. 18
Preferred (quar)
134 Jan. 1
Holders of rec. Dec. 81
Corporation,
Nicer
Class
500.
B
Jan.
(guar-)
Holders of rec. Dec. 12
Douglas-Pectin Co.(guar.)
250. Dee. 31 Holders of rec. Dec. la
Holders of rec. Jan. 6
Extra
Class B (Payable in class B stock)._ _ _ (r) Jan. 1
25c. Dec. 31 Holders of rec. Dec la
Class
A
75c.
(guar.)
dnPont(E.I.) de Nem.& Co..eons.(qu) 2
Jan.
Holders
of rec. Dec. 12
Dec. 15 Holders of rec. Dec. la
3
Jan.
Common (extra)
Holders of rec. Dec. 8
Jan, 8 Holders of rec. Dec. la Northern Pipe Line
5
Debenture stock (guar.)
*Holders of rec. Dec. 10
134 Jan. 25 Holders of rec. Jan. 9a North American Provision, pref. (qu.)_ _ *114 Jan.
Norwalk Tire & Rubber, corn. (guar.)._ 400. Jan.
duFont de Nem. Powder, corn. (guar.).
Holders of rec. Dec. 100
•134 Feb. 1 *Holders of rec. Jan. 20
Preferred (guar.)
Preferred (guar.)
134 Jan.
Holders of rec. Dec.10a
*1 St Feb. 1 *Holders of roe. Jan. 20
Ohio 011 (guar.)
Eastman Kodak,common (guar.)
*50c.
Dec.
3
*Holders
of rec. Nov. 28
t
2
4 Jan. 2 Holders of rel. Nov.30
7
2501%..
*50c. Dec. 3 *fielders of rec. Nov. 28
Extra
Common (extra)
J
2 Holders of rec. Nov.300
Preferred (guar.)
Jan.
*82
*Holders of rec. Dee. 19
Jan, 2 Holders of rec. Nov.300 Omnibus Corp.. prof.(quiz.)
Eisenlohr (Otto) & Broe.. Inc.,
Orpheum Circuit, pref. (guar.)
Jan.
2
Holders of reo. Doe. 15a
134 Jan. 1 Holders of rec. Dec. 21a Owens Bottle, common (guar.)
Elgin National Watbh (extra) pf.(qu ).$6.25
750. Jan.
Holders of rec. flee. 164
Jan. 20 *Holders of rec. Jan. 4
Empire Brick & Supply (guar.)
Common
(extra)
Jan.
$1
Holders of rec. Dec. lea
Dec.
Holders
15
134
of rec. Dec. 10
Common (Payable In common stock)_. 15
Fair. The,common (monthly)
Jan.
Holders of roe. Dec. 16.
Jan. 1 Holders of roe. Dee. 20.
20c.
Common (monthly)
Preferred (guar.) _
154 Jan.
Holders
of rec. Dee. 16a
'26
Feb.
200.
Holders
roe.
of
Jan 20'26
Fairbanks, Morse & Co., corn.
Pacific On
81.60 Jan. 20 Holders of rec. Dec. 15a
(guar.).- 65o• Dec. 31 Holders of roe. Dec. 15a
Famous Players-Lasky Corp.,corn.
Motor, common (qua:.).. 45o. Jan. 2 Holders of rec. Dee. 15a
Jan. 2 Holders of roe. Dee. Ida Paige-Detroit
(qu.) $2
Preferred (guar.)
Federal Mining & Smelting. prof.(qu.). 134 Dec. 15 Holders
'134 Jan. 2'Holders of roe. Dec. 15
of res. Nov.254 PLO American
Federal Motor Truck (guar.)
Petroleum Of California
234 Jaa1'26 Holders of rec. Dec. 20a
*30c. Jan. 2 *Holders of rec. Dec. 19
Finance le Trading Corp., Lora
'Si.75 Jan.216 *Holders of rec. Bent.26a PenAmerican Petroleum of California.. 23-4 Apr 1'26 Holders of rec. Dec. 20.
Fleischmann Co.,corn.(guar.)
ParaffinCos.,
corn.
Inc.,
*21
(guar.)
Dec. 23 *Holders of rec. Dec. 17
Jan. 2 Holders of rec. Dec. 160
$1
Foot Brea. Gear & Machine,cons.(guar.) 250. Jan.r26
Common (extra)
*21
Dec. 23 *Holders of rm. Dec. 17
Dec. 21 to Dec. 81
Forhan Company,common
Peabody Coal, preferred (monthly)
580. Jan. 2 Holders of rec. Dec. 190
*250. Jan, 2 *Holders of rec. Nov.30
Poppet 011 (guar-)
Class A stock (No. 1)
50o. Dec 21 Holders of rec. Dec. 10a
400, Jan, 2 *Holders of rec. Nov.30
Foundation Co. (guar.)
Dee. 15 Holders of rec. Dec. la Pettibone, Mulliken, 1st & 25 pf. (2a) 1)4 Jan. 2 Holders of roe. Dee. 22a
$2
Gabriel Snubber Mfg.(guar.)
75o. Jan. 4 Holders of rec. Dec. 21a
62,4c Jan. 1 Holders of rec. Dec. 150 Phillips Petroleum (guar.)
Extra
Pressed Steel Cm, prof.(ima)
134 Dec. 8 Holders of rec. Nov.170
6234c Jan. 1 Holders of rec. Doe, 15a Procter
Gamewell Co.. ann.(guar.)
& Gamble Co.,6% prof.(qua:.)
134 DO. 15 Holders of roe. Nov.25a
...
Dec. lb Holders of rec. Dec. 5
General Cigar Co. Inc., deb. Prof.(qu.). $126
Pro.phy-lac-tic
(guar.).
Brush,
pref.
*134
-Dec. 15 *Holden of roe. Dec. 1
1E Jan2'26 Holders of rec. Dec. 23a
General Electric(guar.)
Paper Mills. corn.(qua:.)
134 Jan. 2 Holders of rec. Dec. 15
2
Jan. 15 Holders of rec. Dec. 3a Provincial
Common (special)
Special stock (guar.)
1
Jan. 2 Holders of rec. Dec. 15
150. Jan. 15 Holders of rec. Dec. 3a
Preferred (guar.)
General Motors, common (guar.)
154 Jan. 2 Holders of rec.
$1.50 Doe. 12 Holders of rec. Nov.23a
Pure 011, 5,4% pref. (guar.)
Common (extra)
1E Jan. 1 Holders of rm. Dm. 15
$5 Jan. 7 Holders of reo. Nov.230
Dec.
Six
per
preferred
cent
Six per cent preferred (guar.)
134
(guar.)
Jan. I Holders of rec. Dec. 10
134 Feb. 1 Holders of rec. Jan. 4a
10
Eight per cent preferred (guar.)
Seven per cent preferred (guar.)
2
Jan. 1 Holders of rec. Dec. 100
Feb. 1 Holders of roe. Jan. 40
131
Debenture stock (guar.)
75c. Jan. 15 Holders of rec. Dec.
134 Feb. 1 Holders of rec. Jan. 4a Quaker Oats, common (guar.)
3I0
Preferred
General Petroleum (guar.)
(guar.)
134
Feb.
27 Holders of rec. Feb.
75, Dec. 15 Holders of rec. Nov.304
la
Radio Corporation. pref.(guar.)
General RI. Signal, 03113. (qu.)
134 Jan. 1 Holders of rec.
$1
Jan. 2 Holders of rec. Dec. 10a Railway
Dec. la
Common (extra)
Steel-Spring. corn.(guar.)
2
Dec. 31 Holders of rec. Dec. 50
250. Jan. 2 Holders of rec. Dec. 10a
preferred (guar.)
Common
(extra)
2
Dec. 31 Holders of rm.
1,4 Jan. 2 Holders of rec.
Preferred (guar.)
Globe Soap. 1st, 25 & special pref.(qu.). 134 Dee. 15 Dec. 1 to Dec. lpp
1E Dec. 21 Holders of rec. Dec. 54
Dee. 15
Dec. 50
Golden Cycle Mining .4 Reduction (qua
100. Dec. 10 Holders of rec. Nov.30a Remington Typewriter, 1s1 pref.(guar.) 134 Jan. 1 Dm. 16 to Jan. 1
First
preferred, Series A (guar.)
Goodrich (B.F 1 Co Prof.(mum)
134 Jan. 1 Dec. 16 to Jan.
Jan.2'26 Holden' of roe. Dec 15a
1
Second preferred (guar.)
2
Jan. 1 Dee. 16 to Jan. 1
Name of Company.
Name of Company.
nib
2722
Name of C0=1,4'241.
When
Per
Cent. Payable.
[VOL .121
CHRONTCLE
Boots Closed
Days Inclustre.
Miscellaneous (Concluded),
Republic Iron & Steel. pref.(quar.)_. 14( Jan. 2 Holders of rec. Dec. 15a
Reynolds dining. pref. A & 11 (quar.).... 14( Jan. 2 Holders of rec. Dec. 15a
144 J an1526 Holders of rec. Dec. 310
Richmond Radiator, pref. (guar.)
500. Dec. 21 Dec. 10 to Dec. 21
St.Maseph Lead (qua,.)
Dec. 21 Dec. 10 to Dec. 21
Extra
Si
St. Louis Amusement Co., cl. A (qu.)-A 1.1234 Jan. 2 Dee. 20 to Jan. 1
Savage Arms Corp.. first pref. (guar.)._ •l34 Jun. 2 "Holders of rec. Dec. 15
Second preferred (guar-)
•134 Feb. le 'Holders of rec. Feb. I
Shell Union 011 Corp., corn.(guar.).- 35c. Dec. 31 Holders of rec. Dec. 10
Sherwln-W Mama Co., Cum,cum.(qu., 134 Dec. 31 Holders of rec. Dec. 15
Preferred (guar.)
1% Dec. 3. Goiders of res. Dec. 15
5234 Dec. 3i 'Holders of rec. Dec. 21
Shredded Wheat,corn.(guar.)
Silver King Coalition Mining (guar.)._ _ 525e. Jan. 1 *Holders of rec. Dec. 15
Special
510c. Dee. 2s 'Holders of rec. Dec. 15
Holders of rec. Dec. 155
50e. Ian.
Simms vetroleum
50c. Dec. 11 Holders of rec. Nov. 16a
Skelly 011 (guar.)
Sloss-Sheffield :Reel & Iron,corn.(qu.)-. 134 Dec. 21 Holders of rec. Dec. loa
Holders of rec. Dec. 2Ia
14 Jan.
Prelerred (guar.)
Dee. it *Holders of rec. Nov.30
*5
Solar Refining
South Porto Rico Sugar, coin. (quar.)_. 134 Ian. 1 Holders of rec. Dec. lea
Jan. 1 Holders of rec. Dec. 10a
2
Preferred (goer.)
50c. Dec. 11 Holders of roe. Nov.16a
Standard 011(California)(guar.)
a, Holders of rec. Nov. Ito
Dec.
6234(
Standard Oil (Indiana) (guar.)
Dec. 2i Nov.21 to Dec. 21
5
Standard Oil (Nebraska)
Dec. 21 Nov. 21 to Dec. 21
10
Extra
Standard Oil of N.J., corn.(no par)(qu.) 25c. Dec. I. Holders of rec. Nov.27a
Dec. 14 Holders of rec. Nov.27a
Common, $100 par value (guar.).-- 1
1% Dec. 1. Holders of rec. Nov.27a
Preferred (guar.)
35c Dec. 1: Holders of rec. Nov.20
Standard 01101 New York (quar.)
$2.50 Ian. 1 Holder.) of rec. Nov 27
Standard Oil (Ohio). corn (guar.)
Standard Plate Glass, prior pref.(guar.) •1% Jan. 1 *Holders of rec. Dec. 21
$3 Dec. 1( Holders of rec. Dec. 1
Stark-Tuscarawaa Co
Dec. 1. Holders of rem Dec. la
$1
Sterling Products. Inc., (extra)
25e. Dec. 11 Holders of rec. Nov.250
Bun Oil Co., corn.(guar.)
Common (Payable in common stock). (z) Dec. 11 Holders of rec. Nov.25a
50e. Jan. : Holders of rec. Dec. 15a
Symington Co., cktss A (quar.)
5134 Jan. 11 *Holders of rec. Dee. 31
Telautograph Co., pref.(quar.)
Tennessee Copper & Chemical (quar.)_. 250. Dec. If Holders of rec. Nov.3110
75c. Dec. 31 Holders of rec. Dec. 9a
Texas Company (quar.)
Dec. 1: Holders of rec. Dec. la
2
Texas Gulf Sulphur (guar.)
75e. Dec. 11 Holders of rec. Dec. la
Extra
Holders of rec. Nov.20.
The. Dec.
Timken Roller Bearing (guar.)
Holders of rec. Nov.20a
25e. Dee.
Extra
1 $1 Dee. 21 *Holders of rec. Dec. 1
.
Todd Shipyards(guar.)
30c. Dec. 11. Holders of rec. Dec. f a
Truscon Steel, corm (guar.)
Jan. It Holders of rec. Dec. 31
1
Tuckett Tobacco, common (guar.)
Preferred (quer.)
134 Jan. 15 Holders of rec. Dec. 31
•10c. Dec. 5
Tuolumne Copper
. Meta of rec. Dec. 19
144 Jan. 1
Underwood Computing Mach.. pf.(qu.
75c Jan. 1 Holders of rec. Dee. la
Underwood Typewriter, corn.(quar.)Dec. 23 Holders of rec. Dec. la
Common (extra)
$1
14( Jan. 1 Holders of rec. Dec. la
Preferred (guar.)
1$1.25 Jan. 1 •5fel4pre Of rep. JO.,..
.
Union Carbide & Carbon (quar.)
Union Tank Car,corn.(In corn.stock)._ 133 1-3 Dec. 10 Holders Of rec. Nova230
United Cigar Stores of Amer.,corn.(qu.) 50c. Des. 30 Holders ta tee. Dec. Lou
1134 Dec. 30 Holders of rec. Dec. 105
Common (payable In corn. stock)._
lei Dec. 15 Holders of rec. Nov.305
Preferred (guar.)
lei Mar. 1 Holders of rec. Feb. 15a
United Drug, COM.(quer.)
1% Feb. 1 Holders of rec. Jan. I5a
First preferred (guar.)
134 lan.1'21' Holders of rem Dec. 150
United Dyewood, pref. (quer-)
234 Jan. 2 Holders of rec. Dec. 5
United Fruit (guar.)
United erofit bharing Corp.
No par common (guar.)
30e. Jan. 2 Holders of rec. Dec. 10a
15c. Ian. 2 Holders of rec. Dec. 100
Common. $1 par (guar.)
U.S. Cast Iron Pipe& Fdy., pref.(guar.) 144 Dec. 15 Holders of rec. Dec. la
540e. Dec. 31 Holders of rec. Dec. 5
U.S. Gypsum,cont.(guar.)
Common (extra)
.82 Dec. 31',Holders of rec. Dec. 5
Common (Payable In common stock)- •e15 1)00. 31 Holders of ree. Dec. 5
Preferred (guar.)
lei Dec. 31 Holder:. of rec. Dec. 5
U. S. Realty & Imurovement (guar.).- 234 Dec. 15 Nov. 17 to Dec. 9
I
Dee. 31, Nov. 28 to Nov.30
U. S. Steel Corporation, corn. (guar.)
44 Dec. 3( Nov.28 to Nov.30
Common (extra)
234 Dec. lb Holders of rec. Nov.30
U. S Title Guaranty Co.(guar.)
Dec. 16 Holden of rem Nov.30
2
Extra
Dec. 15 Holders of rec. Dee. 1
1.
Upson Company,00111131011 (guar.)
144 Jan. 1 Holders of roe. Dec. 15
Preferred (guar.)
50o. Dec. 1! Holders of rec. Nov.30
Vacuum Oil (guar.)
Extra
50o. Dec. 11! Holders of rem Nov.30
Dec. 11 Holders of rec. Nov.30
$1
8009011
134 Dec. 1/ Holders of rec. Dec. 11
Valvoline Oil. ram.(guar.)
234 Ian. 1 Holders of rec. Dec. 15a
Virginia Iron. Coal & Coke. pref
1% Jan. 20 Holders of rec. Jan. 9a
Vulcan DetinnIng, pref.(guar.)
82
Ian. 20 Holders of rec. Jan. 9a
Prof. (acct, accumulated dividends)
1% fan. 20 Holders of rec. Jan. 95
Preferred A (guar.)
314e Ian. :1 Holders of rec. Dec. 250
Waldorf System. con.. (guar.)
20c. Ian. 2 Holders of rec. Dec. 20
Flee and second prof (guar.)
545c. Dec. 15 *Holders of rec. Dec. 5
Walworth Co., common (guar.)
575e. Dec. 31 *Holders of rec. Dec. 21
Preferred (guar.)
1% Dec. it Holders of rec. Nov. 10
Wamsutta Mills(guar.)
Dec. en Holders of rec. Dec. 15
SI
Weber & Hellbroner. corn.(guar.)
.lan.l'2r Dec. 20 to Jan. 1 1926
334
Weetern Grocer. pref
Dec. 31 Holders °tree. Dec. 15a
$1
White Motor (quar.)
White Rock Mineral SPgs.. corn.(guar.) 300. Dec. 31 Holders of rem Dec. 22
Dec. 31 Holders of rem Dec. 22
20c.
Common (extra)
144 Dee. 31 Holders of rec. Dec. 22
First preferred (quar.)
Dec. 31 Holders of rec. Dec. 220
1%
Second preferred (guar.)
I
Dee. 31 Holders of reo. Dec. 22a
Second preferred (extra)
Ian. 1 Holders of rec. Dec. 15
Will & Balmier Candle. Ins.. pref.(qua 2
2 Holders of rec. Dee. 20
Jan.
Wrigley (Wm.) Jr. & Co.(monthly).- 250.
50e. Ian. 2 Holders of rec. Dec. 19
Extra
1 Holders of rec. Jan. 20
Feb.
25c.
Monthly
25c. Mar. 1 Holders of rec. Feb. 20
Monthly
2150. %pr. 1 Holders of rec. Mar.20
Monthly
Worthington Pump & Mach.. pf. A (au.) 5134 Jan. 2 Holders of rec. Dec. 2Ia
*134 Ian. 2 Holders of roe. Dec. 21a
Preferred B (guar.)
18c Ian 2 Holders of rec. Dec. 150
Yellow Truck & Coach, class B (HL)
14( fan. 2 Holders of roe. Dec. 150
Preferred (qua,.)
Dec. 31 Holders of rec. Dee. 15
Youn5stovrn Sheet & Tube, corn. (gu.)- Si
1% Dec. 31 Holders of roe. Dec. 15
Preferred (guar.)
fan. 2 Holders of rec. Dec. la
6
Zenith Radio (annual)
Jan. 2 Holders of rec. Dec. la
4
EStra
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 Nov. 28. The
figures for the separate banks are the averages 'of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Baled in thousands of dollars)-that is. three (0(10) ciphers omitted
I New
Reserve
Capital Profits, Loans,
Time Bank
with
Net
Discount Cash
Week Ending
De- drew.
Legal Demand
In
Noy. 28 1925, Nat'l, Se:A.28 InvestLaPosits.
Deposits.
()epee
Fault.
meats,
tate, Sept.30
"Os.
tortes.
cte.
(000 omitted.) Tr.Coe.Sept.30
Members of Fed. Res. Bank. A serape. Average Average
$
Bank of N.Y.&
$
511 7,356
75,022
4,00C 12.807
Trust Co_ _ _
Bk of Manhat'n 10.00( 14.732 158.493 2,986 17,510
Mech&MetNatl 10.001, 13.7411 183,996 3,569 22,732
Bank of AmerIcal 6,500 5 223 82,461 1,797 11,800
National City. 50,000 62,403 619,002 4,828 67,581
Chemical Nat. 4.500 17.597 138,817 1.314 15,166
Am Ex-Pae Nat 7.500 12.625 146,188 2,296 17,619
979 41,102
Nat Bk of Corn. 25,000 40,021 356,584
Chat Pb NB&T 13,500 13.236 228,238 2,819 24.915
582 14,590
Hanover Nat__ 5.1)00 25.443 124.286
Corn Exchange. 10.00 14 658 199,414 7,194 23.748
National Park. 10,000 24,375 174,509 1,085 16,797
41,627 1,351 4,585
East River Nat. 2,500 2.375
534 26,850
First National _ 10.000 71.199 288,603
Irving Bk-ColTr 17,500 13,732 286,818 3,129 36,943
486
147
5,770
928
250
Bowery Nati Bk
132 1,004
8.417
Continental.... 1.000 1,161
Chase National_ 20,000 211.894 384.892 4,394 47.832
913 3.294
26,795
500 2 905
Fifth Avenue._
456 1,353
15,149
Commonwealth.
600 1 089
457 3,600
17,894
Garfield Nat 1 . 1,000 1.766
Seaboard Nat'l_ 5.000 8.758 122,179 1,049 15,959
4
2,269
19,286
Coal & Iron Nat 1,500 1.831
973 36,513
Bankers Trust_ 20.000 30.391 338,795
755 6,092
(J Mtge & Tr_ 3.000 4 750 59,481
Guaranty Trust 28.000 21 538 419,778 1,627 47,294
448 2,459
Fidellty-InterTr 2.000 2 209 22,572
650 20,697
New York Trust 10,000 20 018 172,754
595 14,868
147,803
520
18
10.000
'Pr
Farmers L &
Equitable Trust 23.0110 12 852 265.9:8 1,592 28,921
Average. A veto
$
8,023
55,32
127,439 27,049
171,697 11,971
89,880 3,743
p553,552 73,113
114,719 5,560
132,959 10,649
314,432 12,848
.22
172,705 43,1
110,082
174,364 30:060
127,884 9,943
32,108 11,884
200,370 22,362
278,592 23,306
3,196 2,033
dew
_548
84
347
4.942
5.916
3:467
1
93
95
4,9
991
76
5 18'537
28
58
809*3 :2
6.3
75
2
'344
8.712
19
121,732
16,286
5300.047
54,235
*413,650
18.4(6
149,0)6
5114.848
5/82.7i8
4:555
417
3,364
1,922
50,297
5.325
47.216
1,804
18,597
23,471
30,36
48
412
---
Total of averages
Totals, actual no minion Nov.285,140,556 51,220 584,986 c4,311.441 506,651 23,413
Totals. actual oo ndition Nov.215,140,00, 48.738 604,883 c4,370.205495,563 3,507
Totals. actual c edition INov.14 5,137,350 47,035 528.l80 c4,375,268459.981 3,602
State Banks Not Member. of Fed'll Ros'ye Bank.
22,904 1,78
23,842 1,927 2,195
Greenwich Bank 1,0001 2 594
40,733 64,343 _
State Bank.... 3,500 5 867 108,061 4,858 2,607
Total of averages
4.500i 8 462
131.703
6,783
63.637 66,12:
4,802
4,847
Totals,actual co ndition Nov.28 131,52: 7,14
Totals, actual co ndition Nov.211 131.469 6.758 4,813
Totals, actual c edition Nov 141 132,253 6.609 4,917
rs of Fed'I Res'ye Bank.
Trust. Comps& es Not Mem
Tltle Guar & Tr. 10.000 17 233 65,963 1,499 5,110
930 2,229
25,049
Lawyers Trust_ 3.000 3.204
64,052 66,153
63,521 66,073
64,372 65,874
43.481
20,949
1,90
977
_
13,000 20.437
91.012
2.429
7,339
64,430
2.884
_
Totals, actual co million Nov.28
Totals, actual co Dill t ion Nov.21
Totals, actual c nditIon Nov.14
90,875
90,448
87,497
2,416
2.373
2,300
7,552
7.526
6.968
64,454
'63,958
61,462
2,841:
2.891
2,903
_.
Total of averag
Gr'd aggr.,aver (26,350530 2995,354.125 58,764 595,016 4,459,308570,74 1 23,459
Comparison wit h prey week _. -6,271 +2,042-9,320 -51.385 +11819 -80
Gr'd aggr., act' .ond'n Nov.28 5,382,959 60.781 597,385 4,439,947575.65., 23,413
Comparison wit h prey week.. +1,037 +2,914-19.886 -57,737 +1112, -94
Gr'd
Ord
Gr'd
Ord
Ord
Ord
aggr.. acri cond'n
aggr.. oat eond'n
aggr.. act eond'n
agrr., °el corsen
after.. acel eonten
aster . err enywrn
Nov.21 5.301.933
Nov.14 5.357.100
Nov. 75.351.737
Oct. 31 5.406.399
Oct. 248.371.135
ru.t 175 144 o'er
57.867617.271
85.944640,1165
59,1(15.558.851
55.7121'36.991
64.947587.457
43 01 flee erg
'
4.4117,684564.827 23,507
4.601.102558.7. '23,602
4.516,092550.07323,398
1.575 877551.57
.319
4.474 n645432.411 23.239
f 1., 155 cql 34023 194
genera 14311118
Note.-11. S. deposits dedie.ted train 00 ukinauti U ,.u...,.,.t
above were as follows: Average total Nov. 28, $10,042,000. Actual totals Nov. 28,
510,004,000; Nov. 21.810.092.000: Nov. 14, $17,200,000; Nov. 7.818.999.060: Oct.
31. $19.000,000. Bills payable, rediscounts, acceptances and other liabilities,
average for week Nov. 28. $677,750,000; Nov. 21. 5635.337,000; Nov. 14. $626,817.000: Nov. 7, 8627.599,000; Oct. 31. $625,146,000. Actual totals, Nov. 28,
$706,367.000; Nov. 21, $666,687,000; Nov. 14, $668,782,000; Nov. 7, $623,671.000:
Oct. 31, 5640,926,000.
•Includes deposits In foreign branches not included in total footings as follows:
National City Bank, 5153,182,000; Chase National Bank. $10,770.000; Bankers
Trust Co., 532,197,000; Guaranty Trust Co., $65.673,000: Farmers' Loan & Trust
Co., $6,705,000; Equitable Trust Co., $64,292,000. Balances carried In banks in
foreign countries as reserve for such deposits were: National Cil y Dank, 520,923.000;
Chase National Bank, $1,563,000; Bankers Trust Co., 85,021.000; Guaranty Trust
Co., 84,914.000; Farmers' Loan & Trust Co., $6.705,000; Equitable Trust Co.,
$7,182,000.
c Deposita in foreign branches not Included.
The reserve position of the different groups o! institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following
two tables:
•From unofficial sources. t The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. I The
New York Curb Market Association hat. ruled that stock will not be quoted ex
dividend OD this date and not until further notice.
STATEMENT OF RESERVE POSITION OF CLEA RINO HOUSE BANES
Annual dividend for 1925 all payable in equal quarterly imaalltnents on April 1
AND TRUST COMPANIES.
July I. Oct. I 1925 and Jao. 11926. have been declared as follows: On the common
stook $4 40. q narterly Installments $1 10, prior preferenee.7%.quarterlY Installments
Averages.
%.parthipatitur preferred, 7% regular, quarterly installment 134%. participating
Preferred, 2% extra, quarterly installment 34%. Preferred. 6%, euarerly installReserve
Cash
ment. 44%.
In
Total
Reserve
Surplus
Reserve
a Transfer books not closed for this dividend. d Correction. e Payable In stork.
In Vault. Depositaries Reserve.
Retiree
Required.
f Paeable in common stock. o Payable In scrip. SOD account of accumulated
funds.
Canadian
in
Payable
n
dividends. m Payable In preferred stock.
Members Federal
$
o For period from Nov. 15 to Dec. 15 1925, due to change in dividends from
582,875,000 582,875.000 578,113,440 4,761,560
Reserve banks
Q.-F. 15 to Q.-J. 1.
130,340
6,783,000 4.802,000 11,585,000 11.464.660
State banks*
p Payable in voting trust certificates for class 13 stock at the rate of one-tenth of Turst companies*. _ _
103,500
2,429.000 7,339.000 9,768.000 9.864,500
a share for each share of class B stock belt),
9,212,000 595.016,000 604.228.000 599,232,600 4,995,400
r Dividend Is 1 4' share of B stock for each 100 shares held.
Total Nov.28.Total Nov. 21.... 9.023,000 604.336.000 613.359.000 605.e28,290 7.830,710
s To be quoted ex-div. 33 1-3% stock dividend on Dec. 11.
Total Nov. 14.... 9.178.000 606.158.000 616.336.000 607.228.330 8.107.670
!Payable in participating preferred atock.
0.203.000 at .:152 000 R20.635.000 612 369 400 8.185.510
Total Nov. 7
u Payable either In cash or Class A stock at the rate of one-fortieth of a share.
Reserve flank
Not
•
Federal
of
members
stock.
common
in
share)
•Payable 20c in cash and 15c, Der share (1-10n of a
S This Is the reserve required on the net demand deposits In the case of State banka
to One-fiftieth of a share of new non-par common.
and trust companies. but In the ease of members of the Federal Reserve Bank
z Payable also to holders of coupon No. 37.
includes also amount in reserve required on net time depoota. which was as follow.:
y Dividend Is one-tenth of a share of common stcrik for each share held.
7,
z Dividend Is one-flfth of a share of founders shares of the Happiness Candy Stores: Nov. 28. $15.052.110; Nov. 21, 814.701,440; Nov. 14. 514.587.560: Nov.
shares
held.
514,349,780; Oct. 31, 814.498.910.
each1100
for
s Dividend is three shares or common stock
DEC.5 19251
THE CHRONICLE
Actual Figures.
Cash
Reserve
Reserve
On
On Vault. Depositaries
Members Federal
Reserve banks
State banks*
Trust companies*__ _
Total
Total
Total
Total
Nov.2S___ _
Nov. 2L
Nov. 14 _ _
Nov. 7...
a
Reserve
Required.
Total
Reserve.
$
$
584,986,000 584,986,009 575.687,100
7,145.000 4,847.000 11.992,000 11.529.360
2,416,000 7.552,000 9.968,0001 9,668,100
Surplus
Reserve.
• s
BOSTON CLEARING HOUSE MEMBERS.
•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 ease of members of the Federal Reserve Bank (nebulas also amount of reserve required on net time deposits, which was as follows:
Nov. 28, $15,199,770; Nov. 21. 214,866,890; Nov. 14, 514,669,430; Nov. 7, 814,444,370; Oct. 31, $14,492.370.
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
Previous Week.
Nov. 28.
Loans and investments
$1,168.157,800 Inc. $8,477,300
Gold
4,867,200 Inc.
112.800
Currency notes
24,769,800 Inc.
605.900
Deposits with Federal Reserve Bank of New York
97,995,700 Inc. 1,146,000
Total deposits
1 234.561,500 Inc. 3,571.500
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N. Y.City. exchange & U.S.deposits...1,165.779,400 Inc. 11,232,600
Reserve on deposits
169,522,500 Dec. 1,174,800
Percentage of reserve, 19.8%.
RESERVE.
—State Hanks—
—Trust Companies—
Cash in vault*
836.686,300 15.85%
$90.946.400 14.64%
Deposits in banks and trust cos_ _ 11.906,200 5.14%
29.983,600 4.83%
548,592,500 20.99%
8120,930,000 19.47%
• Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Nov. 28 was 597.995.700.
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.
W atk Ended—
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Aug. 29
Sept 15
Sent.12
Sept. 19
Sept. 26
Oct
3
Oct.10
Oct.17
Oct. 24
Oct. 31
Nov. 7
Nov. 14
Nov. 21
Nov. 28
Demand
Deposits.
*Total Cash
in Vaults.
$
6,302,682.100
6,324,244.800
6,332.147,800
6,345,708,100
S
$
5,472.674,300
5,481,392,100
5.463,129.200
5,442,736.800
6.341,4502.700 5,443,132.500
6.354.728.100 5.466.107,300
. 6,345 880 300 5,419.137.800
6.361.302.700 5.465.413.400
6.403.318,900 5,404,398.300
6.480.941.200 5.496,730.100
6.465.023.700 5.491.705.400
6.463.163.200 5.550,463.800
6.481,864.200 5,576.689.600
6.502.188,400 5.629.110.200
8.558.239.300 5,696,831,900
6.531.007.500 5,682,852,100
6.520.077,500 5,665,239,800
ft 522.283.800 5.625.087.400
8
79,377,600
79.866.100
82.507.800
79,454.700
80.540.400
81.151.400
84.211,400
83.247.000
82.965.500
82,079.500
84.916.400
84.365,300
83,765.400
83.583,400
86.517.800
88,814,300
84,741,300
88,401,000
Reserve in
Depositaries
—
$
718.669,200
721.005.000
723,923,100
712.983.700
715,040.400
711,813.900
718.328.80C
731.651.201
703.335.900
717,035.400
716.263,501
727,858.401
733.612.201
735.006.801
745.155.201
743.772,001
746.115.60(
734.901.501
New York City Non-Member Banks and Trust Companies.—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:
RETURN OF NON-MSMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Staled in thousands of done's—that it. three ciphers moot milled.)
Loans,
DUcounts.
Investmeats,
&c.
CLEARING
NON-MEMBERS.
Cash
in
Vault.
Reserve
with
Net
Nei
Legal Demand Time
Deposi- D81;08418. Deposit,.
tortes.
Net
Wwek Ending
Capital. ProfUs
Nov. 28 1925.
--Members of
literacy+ Average Average. Average Average
Fed'i Res've Bank
$
$
$
$
$
Grace Nat Bank_ __
48
977
6.173
1.11
1.798 12,547
4,289
8
Total
State Banks.
Not Members of the
Federal Reserve Rank
Hank of Wash. lite_
Colonial Bank
1,000
1.799
12.547
48
977
6.173
4,289
200
1.2
601
2,787
8,607
32,100
787
3,430
362
1,643
6.493
28.500
2,574
4.270
Total
Trust Company
Not Member of the
Federal Reserve Bank
Mecla Tr. Bayonne.
1, i
3,392
40.707
4,24
2,005
34,993
6.844
5 ;
9,104
39
135
3.377
5.932
500
.11
546
9,104
397
3,377
5,932
Grand aggregate...
2,900
Comparison with pr ay. week
5.736
62,358
—316
4,662
81
3,117 a44,543
4-5
—391
17,065
—12
Gr'd aggr.. Nov. 21
Gr'd aggr., Nov. 14
Died aggr., Nov. 7
Gr'd aggr.. Oct. 31
5.61
5.81
5.81
5.818
62,674
61.754
60,535
60.204
4,743
4,846
4,45:
4.366
3,112
3,123
3,126
2.846
17,077
17,061
17,012
17 010
Total
2,900
2.01
2.900
2.900
135
244,934
a44,095
a42,315
241.166
a United States deposits deducted, none.
Rills payable. rediseounts. acceptances and other liabilities. $2,438,000.
Excess reserve, 514.020 Increase.
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:
9,298,900
462,640
299,900
9.561,000 597,385.000 606.946.000 596.884,560 10,061.440
9.129,000 617,271.000 626.400,000 604,021.020 22.378.980
8.909.000 640,065.000 616.974,000 604.290.530 44,683,470
9,384.000 588.551 000 597.935.000 605.878.220 7.943.220
Total
2723
Dec. 2
1925.
Changes from
precious week.
Nov. 18
1925.
Nov. 25
1925.
$
2
$
Capital
66,800,000 Unchanged
66,800,000 66.800,000
91,304,000 Unchanged
Surplus and profits
91,304.000 91,771,000
Loans, disets & investments_ 998,494,000 Dec. 6,310,000 1004804000 1027339000
Individual deposits,Incl. U.S. 699,667,000 Inc. 1,565,000 698,102,000 714,176,000
130,923.000 Inc. 2,455,000 134,468,000 144,488,000
Due to banks
221,511,000 Inc. 1,796,000 219.715.000 223,135,000
Time deposits
62,000 3.191,000 4,476.000
3,129,000 Dec.
United States deposits
Exchanges for Clearing House 36,487,000 Inc. 5,256,000 31,231,000 35,216.000
90,877,000 Inc. 1,871.000 89,006,000 93,830,000
Due from other banks
81,685,000 Inc.
606,000 81.079,000 83,861,000
Reserve in Fed. Res. Bank
244,000 9,073,000 8,893.000
Cash in bank and F. R. Bank 9,317,000 Inc.
Reserve excess in bank and
520,000 1,064.000
1,328,000 Inc.
808,000
Federal Reserve Bank
Philadelphia Banks.—The Philadelhia Clearing House
return for the week ending Nov. 28, 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 November 28 1925,
Two Ciphers (00)
omitted.
Trust
Membered
F.R.System Companies
Capital
Surplus and profits
Loans, disc'ts & investmls
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total dkposits
U.S. deposits(not Incl.)
Res've with legal deposles
Reserve with F.R.Bank.._
Cash In vault *
Total reserve AL cash held_ _
Reserve required
Excess res. & cash In vault
$42,025,0
128,684.0
832,035,0
35,806,0
114.487,0
142,713.0
601,059.0
110,442,0
854,214,0
$5,000,0
17,182.0
48,169,0
492,0
18,0
1.037,0
29,031.0
1,970,0
32.038,0
3,683,0
64,888,0
11,660,0
76,548,0
64,810.0
11.738,0
1,621,0
5.204,0
4,531,0
673.0
1925
Total.
$47,025,0
145,866,0
880.204.0
36,298,0
114,505,0
143,750.0
630,090,0
112,412.0
886,252,0
3,928,0
3,683,0
64,888,0
13,181.0
81,752.0
69.341,0
12.411,0
No,
.21
1925.
Nov- 14
1925
847,025.0
145,866,0
884,675,0
37,747,0
121,719.0
147,049,0
642.146,0
112,340,0
901,535,0
4,034,0
4.303,0
65,316,0
12,467,0
82.086,0
70.150,0
11,936,0
847.025.0
145,866,0
888,545.0
43.020,0
129.144,0
153,564,0
649.206.0
114,321,0
917.091.0
5,913,0
4,454,0
65,579,0
12,344,0
82,377,0
71,139,0
11,238,0
* 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. 2 1925 in
comparison with the previous week and the corresponding
date last year:
Dec. 2 1925. Nov. 25 1925. Dec. 3 1924.
RCSOISITes—
370,227,000 370,241.000 519,582.000
Gold with Federal Reserve Agent
7,152,000
8,257,000
9,133.000
Gold redemp. fund with U. S. Treasury..
Gold held exclusively agst.F.R.114:deg. 378,484.000
Gold settlement fund with F. R. Board_ 241,377.000
Gold and gold certificates held by bank.- 351,079.000
379,380.000
232,454.000
354,276,000
526,734,000
172,709.000
249,630.000
970.040,000
25,883.000
966,110.000
27.148.000
949,073,000
19,652,000
996,823,000
Total reserves
14,964,000
Non-reserve cash
Bills discounted—
Secured by U. B. Govt. obligations._. 96,727,000
91,032,000
Other bills discounted
993,258.000
14,496,000
968,725,000
12,941,000
129.493,000
63,190.000
49,544,008
9,661,000
187,759,000
34,838,000
192,633,000
35,408.000
59,205,000
123,732,000
1,257.000
68,114,000
1.710.000
1,257.000
57.127,000
3.000.000
4,902,000
134,123,000
43,508,000
71,081,000
2.241,000
61,384,000
1.755.000
182.533,000
1,746,000
Total bills and securities (See Note).-- 295,919,000
201.230.000
367.216,000
658.000
771,0u)
Due from foreign banks (See Note)---171.080.000 149,786,000
Uncollected Items
17.259,000
17.261,100
Bank premises
4,515,000
4.456,000
All other resources
478,000
156,807,000
17,434.000
10,323,000
Total gold reserves
Reserves other than gold
Total bills discounted
Bills bought in open market
U. B. Government securities—
Bonds
Treasury notes
Certificates of indebtedness
Total U.S. GOVellnliellt Recurities—
Foreign loans on gold -
Total resources
1 501,274.000 1,471.202.0(s) 1,533,924.000
Liabilities—
Fed'I Reserve notes In actual circulation- 361,533.000
Deposits—Member bank, reserve met— 868,834.000
10,479,000
Government
11.417.000
Foreign bank (See Note)
9,593.000
Other deposits
362,455.000
850,396,000
13,717,000
11.458,000
10.516,000
381,021,000
913.432,000
4.420.000
10,259,000
9,273.000
900,323,000
144,258,000
32,132,000
58,749,000
4,279,000
886,087,000
127,458,000
32,131,000
58,749,000
4,322,000
937,384.000
122,940,100
30,206,000
59,929,000
2,444,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
Total liabilities
1 501,274.000 1,471,202.000 1,533,924,000
Ratio of total reserves to deposit and
79.6%
79.0%
Fed'I Res've note liabilities combined.
735%
Contingent liability on bills purchased
10,987,000
10
940
am
-------for foreign correspondents
9,088,000
NOTE.—Beginning with the statement of Oct. 7 two new Items were added In
order to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the caption, "All other 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 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
[VOL 121.
THE CHRONICLE
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,Dec. 3, 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 2695, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS DEC. 2 1925.
Dec. 2 1925. Nov. 25 1925. NOD. 18 1925. Nov. 10 1925. Nov. 4 1925. Oct. 28 1925 Oct. 21 1925 Oct. 14 1925. Dec. 3 1924.
5
5
$
$
$
5
$
$
$
1,343,424.000 1,355,463,000 1,355,579,000 1,356,016,000 1,332,277,000 1,377,127,000 1.399,178,000 1,372,943,000 1,905,730,000
Gold with Federal Reserve agents
45,788,000
57,112,000
54.143.000
47.770,000
62,443,000
50,732.000
50,004,000
49,994,000
54.162,000
Gold redemption fund with U. S. Tress_
1,951,518,000
Gold held exclusively agst.F.R.notes. 1.397,586,000 1,405,467,000 1,418,022,000 1,406.758,000 1,382.271,000 1.424.897.000 1,453,321.000 1.430.055,000
588,036,000
Gold settlement fund with F. R. Board_ 729,002,000 724,029,000 724,982,000 737.838.000 753,252.000 716.589.000 701.960.000 733.661,000 488,376,000
Gold and gold certificates held by banks_ 616,023.000 616,397,000 639.245,000 634.530,000 637,040,000 641,063.000 623.103,000 602.348,000
RESOURCES.
2,742,611,000 2,745.893.0GO 2,782,249,000 2,779,116,000 2,772,563.000 2,782,549.000 2,778,384,000 2,766,064,000 3,027,930,000
89,963,000
114,938,000 114,642,000 122,838,000 111,386,000 107,718,000 110.511,000 110.912,000 103.723.000
Total gold reserves
Reserves other than gold
2,857,549,000 2,860,535,000 2.905,085,000 2,890,502.000 2,880,281.000 2,893,060.000 2,889,296,000 2,869,787.000 3,117,893,000
Total reserves
40,023,000
48,045.000
53,734.000
52,932,000
49,546,000
47,167,000
43,948,000
46,901,000
45,268,000
Non-reserve cash
Bills discounted:
124.656,000
Secured by U. S. Govt. obligations_ _ _ 314,582,000 346,326,000 280,534,000 276,229,000 330,229.000 293,285,000 293,172,000 308.213,000 124,272,000
309,789,000
335,335,000
329,293.000
278.388,000
285,832,000
288,431,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of Indebtedness
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
589,994,000 602,961,000 643,548.000
328,717,000 293,259.000 237,014,000
248,928,000
354,606,000
56,269,000
254.858.000
28,302,000
56,285.000
244,439,000
31,575,000
56,352,000
244,272,000
32,655,000
57,632,000
243,122,000
33,254.000
57,632,000
243,740,000
28.853,000
56,020,000
248,477,000
20,260,000
55.907.000
258.366.000
19,532.000
55,638,000
261,122,000
19,473.000
44,785,000
390,876,000
139,282,000
Total U. S. Government securities
Other securities (See note)
Foreign loans on gold
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
324,757,000
3,220.000
3,399,000
323,805,000
3.220,000
6,300,000
336,233,000
2,420,000
6,400,000
574,943.000
2,050,000
6,000,000
Other bills discounted
306.109,000
296.709,000
Total bills and securities (See Note)
Due from foreign banks(Ste Note)
Uncollected Items
Bank premises
All other resources
1,352,477,000 1,326,121,000 1,263,476,000 1,259,874,000 1,318,036,000 1,250,087,000 1,229.545,000 1,275,615.000 1,186,527.000
478,000
639,000
640,000
640.000
671,000
640.000
640.000
658.000
771,000
742,551,000 486,348,000 816,673.000 702,177.000 687.010.000 684,027.000 782.668,000 920,079,000 663,892,000
61,555,000
61.535,000
61,552,000
61,557,000
61.593.000
61,809.000
61.632.000
62,021,000
61,817.000
26,821,000
18.583.000
17,751,000
18,120.000
18,085,000
18,282,000
18,108,000
18,454.000
18,166,000
Total resources
LIABILITIES.
F. It. notes In actual circulation
DepositsMember banks-reserve account
Government
Foreign bank (See Note)
Other deposits
5,078,803,000 4,997,831,000 5,115,368,000 4,980,081,000 5,010,743,000 4,960,423,000 5.035.186,000 5,194,283,000 5,097,189,000
2.235,787,000 2;219,813,000 2,260,822,000 2,232,173,000 2,245,629.000 2,227,212,000 2,206,347,000 2,229,825,000 2,252,475,000
22,911,000
32,643,000
46,132.000
38,670,000
30,383,000
22,294,000
24,975,000
36,853.000
44,136,000
11,487,000
12,071,000
11,424,000
7,091.000
11,473,000
12,999.000
11,988.000
12,937,000
13,002,000
18,520,000
20.043,000
18,622,000
19,311.000
27.515,000
22,288,000
23,103.000
21,181,000
20,074,000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
2,312.999,000 2,290.784.000 2,321.899,000 2,288,743,000 2,315,000,000 2,297,264,000 2,283,948,000 2.288,181.000 2,305,393,000
670,132,000 622,853,000 733,512,000 028,462.000 631,239.000 617.350,000 705,954.000 840,828.000 595,581,000
112,159,000
116,871,000 116,844,000 116,813,000 116.659,000 116,653.000 116,602,000 116,629.000 116,487,000 220,915,000
217,837.000 217.837.000 217,837.000 217,837,000 217,837.000 217,837.000 217.837,000 217.837,000
14,135,000
15,872.000
15,418,000
16,599.000
16,592,000
17,257,000
17,105.000
18,053,000
18,258,000
1,742,706,000 1,731,510,000 1,708,050,000 1,711,275,000 1,713,422,000 1,694,771.000 1,694,948,000 1.715,532.0001,849,006.000
•
Total liabilities
5,078.803,000 4,997,881,000 5,115,368,000 4,980.081.000 5,010,743,000 4,960,423,000 5.035,186,000 5.194.283,000 5,097,189,000
Ratio of gold reserves to deposit and
72.8%
69.0%
69.8%
69.9%
69.4%
68.7%
69.0%
68.2%
F. It. note liabilities combined
67.6%
Ratio of total reserves to deposit and
75.1%
71.7%
72.6%
72.5%
72.1%
72.3%
71.5%
71.1%
70.5%
F. It. note liabilities combined
Contingent liability on bills purchased
31,229,000
36.876,000
36,796,000
36,849.000
36,848,000
37,063.000
36.811,000
39,959.000
40.101.000
for foreign correspondents
Distribution by Maturities1-15 day bills bought in open market
1-15 days bills discounted
1-15 days U. S. certif. of Indebtainess.
1-15 days municipal warrants
16-30 days bills bought In open market_
18-30 days bills discounted
18-30 days U. S. certif. of indebtedness
18-30 clays municipal warrants
31-60 days bills bought in open market_
31-60 days bills discounted
31-60 days U. S. certif. of indebtedness
31-60 days municipal warrants
61-90 days bills bought in open market_
61-90 days bills discounted
61-90 days U.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
$
107,875.000
510,719,000
4,691,000
61,183,000
39.643,000
$
101,396,000
438,585,000
4,878,000
$
105,640,000
439,780,000
6,453,000
$
97,943,000
497,635,000
2,563.000
$
95,272.000
451,142,000
3,149,000
64.868.000
65,345,000
35,177,000 . 36,883.000
2,348.000
2,424,000
60.529,000
35,232,000
517,000
64,062,000
38,974,000
58.526,000
37.471.000
$
104,633,000
494,404,000
3.723,000
$
$
93,426.000
80.794.000
459,734,000 607,220,000
4,438.000
2,146,000
8
107,856,000
170,178,000
53,346,000
47,263,000
37.573.000
4,3,851.000
36,789.000
58,458,000
23,750,000
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
86.618,000
62,158,000
1.870,000
301,000
-859,000
1,860,000
81,579,000
61.798,000
1,815.000
67,762,000
56,987:000
617,000
96,668,000
28,674,000
60,854,000
31,162,000
63,917,000
28,518,000
68,519,000
25,107.000
71,671.000
23,863,000
79,029.000
28,832,000
70,404,000
30,389.000
67,122,000
35.242.000
64,225,000
35,519,000
1,154.000
78,322,000
17,018,000
16.696.000
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
9,445,009
24,604,000
14,801,000
8.739.000
24,410.000
16.214,000
8,133.000
15,251.000
16.501,000
8,614.000
15,571,000
12,760.000
7.033,000
13.364,000
13,382,000
9,308,000
85.936,000
2,951.640,000 3,185,685,0041
F. R. notes received from Comptroller_ 2.922,388,000 2,912.652.000 2,923,655,000 2,932,570,000 2,924.912,000 2.928,964.000 2.943,706.000
869,531,000 874,732,000 896,802,000 905.682,000 912,601,000 921,892,000 931,202.000 940.892,000 922,789.000
V. R. notes held by F. R. Agent
2,052,837.000 2,037.920.000 2,026,853.000 2,026,888,000 2,012,311,000 2,007,072,000 2,012.504,000 2.010,748,000 2.262,896,000
Issued to Federal Reserve Banks
How SecuredBy gold and gold certificates
Gold redemption fund
Gold fund-Federal Fteserve Board
By eligible paper
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
106,401,000
922,545,000
929,598,000
305.731,000
110,614.000
960.782.000
870.683,000
307.731.000
100,639.000
990,808,000
847.507,000
307,731,000 379,104,000
102,930,000 113,627,000
962,282,000 1,512,999,000
885,602,009 571,620,000
2.292,834,000 2.286,016.000 2,233,705,000 2,219.629.000 2.261,875,000 2,247.810.000 2.246.685.000 2.258,545,000 2,477,350,000
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 Credit Bank debentures, has been changed to
"Other securities," and the caption, -Total earning assets" to "Total bills and securities." The latter term has been adopted as a more accurate deactiption 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.2 1925.
Total
Two ciphers (00) omitted.
Federal Reserve Bank of
Boston.
New York.
Phila.
Cleveland, Richmond Atlanta. Chicago. St. Louis Minn/sp. Kan. City Dallas. San Fran.
Ibiza.
$
$
5
$
$
$
15,227,0 62.124,0 36,954,0 19,601,0 179,431,0 1,343,424,0
1,002.0 1,494.0 3,524,0 2,577,0 4.069,0
54,102,0
Gold held excl. agst. R.F. notes 92,929.0
Uoldsettle'tfund with F.R.Board 44,242,0
49,380,0
Gold and gold certificates
$
$
$
$
$
$
370,227,0 123,709,0 182,755,0 69,892,0 85,872,0 114.787,0
8,257,0 7,974,0 3.642,0 1.896,0 4,806,0 4,837,0
90_...,
,678,0 119,624,0
378,484.0 131,683,0 186,397,0 71,788.0
35,097,0
67,293,0
32,140,0
133,465,0
55.371,0
241,377.0
351,079,0 18,009.0 49.423,0 5,791.0 3,639,0 74,715,0
Total gold reserves
Reserves other than gold
186,551,0
17,773,0
970,940.0 206.063,0 303,118,0 112,676,0 126,457,0 327,804,0 55,821,0 85,972,0 82,564,0 44,330,0 241,315,0 2,742,611,0
25,883,0 6,591,0 7,826,0 5,959,0 6,321,0 16,653,0 10,612,0 1.991.0 3,805,0 5,484,0 6,140,0 114,938,0
Total reserves
204,324,0
Non-reserve cash
3,965,0
Bills discounted:
Bee. by U.S.Govt. obligations 15,408,0
Other bills discounted
23,555,0
996.823,0 211,654.0 310.944,0 118,635,0 132,778.0 344,367,0 66,433,0 87,963,0 86,369.0 49,814,0 247,455,0 2,857,549.0
619.0 1.804,0 1,420,0 3,104,0
45,208,0
913,0 2,823,0 3,627,0 2,810,0 6.478,0 2,741,0
14,964,0
2,300.0 39,400.0
8,478,0 28,708,0
314,582,0
329.293,0
Total bills discounted
38,961,0
Bills bought in open market
79,718,0
Cf. 8. Government securities:
Bonds
529,0
Treasury notes
2,093,0
Certificates of Indebtedness- 6,154,0
187,759,0 59,108,0 75,923,0 37,586,0 31,154,0 82.190,0 24,665.0 6.065,0 21,51e.0 10,778,0 68,168,0
34,838,0 14,620.0 9,210,0 3,982,0 66,551.0 31.712,0 21,583.0 16,980,0 18,160,0 29.961,0 30,428,0
643,875,0
357,723,0
$
RESOURCES.
Gold vrith Federal Reserve Agents 82,845,0
()old reern fund with U.B.Treas. 10,084,0
TOtal Li. EL Govt.securities
8,776.0
16,229,0 83,618,0 40,478,0 22,178.0 183,500,0 1,397,586,0
28,330.0 15,279,0 38,079,0 11,418,0 26,908,0 729,002,0
11.262,0 7,075,0 4,007,0 10,736,0 30,907,0 610,023,0
96,727,0 35.399,0 37,842.0 12,058,0 6,682,0 51,156.0 8,852,0
91,032,0 23,709,0 38,081,0 25,528,0 24,472,0 31,034,0 15.813,0
2,451.0 6,309,0
3,614,0 15,209,0
585,0 7,965,0
1,257,0
68,114,0 11.428,0 21,989,0
476,0
1,710,0 7,050,0
1,191,0
836,0 19.928,0 1,522,0
4,253,0 12,406.0 24,445,0 18,873,0
93,0
1.995,0 1,114.0
7,558.0 8,139,0 6,701,0
58,0
9,020,0 23,282,0 22,674,0 38,281,0
1,998,0
115,0 7,597,0
58,269,0
254,858,0
28,302,0
71.081.0 19,063.0 30,430.0
5.444.0 15,237,0 45.487.0 20.489.0 16,578.0 33.419.0 29,490,0 43,936,0
339,429.0
DEC.5 1925.]
RESOURCES (Concluded)Two Ciphers (00) omitted.
Other securities
Foreign loans on gold
Total bills and securities
Due from foreign banks
Uneollected items
Bank premises
AU other resources
THE CHRONICLE
2725
Boston. New York.
Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. /Can Citv Dallas. ran Fran
Total.
$
$
$
$
$
$
$
$
$
$
$
3,050,0
100,0
3,150.0
2,241,0
614.0
772,0
888,0
440,0
340,0 1,145,0
382,0
274,0
332.0
291,0
581,0
8,200,0
128,069,0 295,919,0 98.613,0 116,451,0 47,432,0 113,282.0 160.534,0 67.118,0 39,897,0 73,529,0 70420.0 143.113,0 1,352,477.0
771,0
771,0
68,204.0 171,080.0 66,347,0 63,937.0 68,386,0 40,818,0 89,872,0 36,685.0 16,048,0 45,544,0 30.927,0 44,703,0 742,551,0
17,261,0 1,334.0 8,281,0 2,446,0 2,790,0 8,099,0 4.811,0 3,066,0 4,771,0 1,834,0 3,338.0
4,190,0
62,021,0
4,456.0
128,0
296,0
380,0
372,0 2,149,0 1,583,0
333,0 2,707,0
737.0 1,198,0 3.827,0
18,166.0
408.880,0 1,501,274,0 377,157,0 502,816,0 240,898,0 294,627.0 610,923,0 177,921,0 150,300,0 212,754,0 155,713,0 445,540,0 5,078,803,0
$
$
Total resourcet
LIABILITIES.
P. R.notes's actual circulation 171.143,0
Deposits:
Member bank-reserve sect.- 142,810,0
Government
4,295,0
Foreign bank
161,0
Other deposits
113,0
361,533,0 149,597,0 227,904,0 89,761,0 159,995,0 152,885,0 38,995,0 69,221,0 68,197,0 48,029,0205,446,0
1,742,706,0
868.834,0 131,254,0 175,358,0 69,823,0 81,429,0 318,186,0 82,394,0 52,480,0 87,276,0 82,164.0 163,779.0 2,235,787,0
10,479,0 1,574.0 3,253,0
731,0 3,455,0 12,205.0 2,397,0 1,676,0 1,394,0
937,0 1,740.0
44.136.0
11,417,0
202,0
232.0
115,0
89,0
299,0
100,0
72.0
87,0
76.0
152,0
13,002,0
9.593,0
370,0 1,211,0
53,0
47,0
934,0
798,0
230.0
890,0
79,0 5.758,0
20,074.0
Total deposits
147,379,0 900,323,0 133,400,0 180.054,0 70,722,0 85,020,0 331,824.0 85,687.0 54,458,0 89,647.0 63,256.0 171.429.0 2,312,999,0
Deferred availability Items
64,165,0 144,258.0 61,747,0 57,444,0 61.662.0 34,600,0 78,073,0 37,348,0 14,824,0 40,840,0 31,486,0 43,685.0 670,132,0
Capital paid in
32,132,0 11.568,0 13,141,0 5,978,0 4,645,0 15.718,0 5,127,0 3,179,0 4,259.0
8,611,0
8,235,0 116.871,0
Barbital
58,749.0 20,059,0 22,462,0 11,701,0 8,950.0 30,426,0 9,971,0 7,497,0 8,977,0 4,278.0
16.382,0
7.592,0 15.071,0 217.837.0
All other liabilities
4,279,0
1,200,0
788,0 1,811,0 1.074,0 1.417,0 2.197,0
793.0 1,121.0
834.0 1,072,0 1,674,0
18,258,0
Total liabilities
408,880,0 1,501,274,0 377,157,0 502,816,0 240,898,0 294,627,0 610,923,0 177,921,0 150,300,0 212,754,0 1M,713,0 445,540,0
5,078,803,0
Memoranda.
Reeerve ratio (per cent)
64.1
79.0
74.8
76.2
73.9
54.2
71.1
53.3
71.1
54.7
44.8
65.7
70.5
Contingent liability on bills purchased for foreign correspondle 2,951,0
10,987,0 3.709,0 4,267,0 2.114,0 1,835,0 5,504,0 1,835,0 1,316,0 1,595,0 1,396,0
2,792.0
40,101,0
F. R. notes on hand (notes ree'd
from F. R. Agent less notes In
eireuhatIon)
19.189.0 112,536.0 34,140,0 19.983.0 15.270.0 19.757.0 20.972.0 6.442.0 2.254.0 7,081,0 5,278,0
47,249,0 310,131.0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE
OF BUSINESS DEC. 2 1125.
federal Reserve Agent at-
Boston
New York
(Two Ciphers (00) Omitted.)
2
P.R. notes reo'd from Comptrobr 254,932,0
P.R.notes held by F.R. Agent-- 64.600,0
P.R.notes Issued to F.R. bank 190,332,0
Collateral held as security for
F.R. notes Issued to F.R. Bk.:
Gold and gold certificates- 35,300,0
Gold redemption fund
12,545,0
Gold fund-F.R.Board___. 35.000,0
Eligible paper
118,679,0
Totalcollateral
201,524,0
Phila. Cleveland Richmond Atlanta Chicago
$
$
$
$
741,189,0 214,737,0 288,607,0 132,510,0 225,592,0 431,144,0
267,120,0 31,000.0 40,720,0 27,479,0 45,840,0 257,287,0
474,069,0 183,737,0 247,887,0 105,031,0 179,752,0 173,857,0
11
2
St. Louts
Minn. Has.City
Dallas
San Fr.
Total
$
$
2
2
$
$
70,737,0 87,445,0 99,091,0 67,889.0 308.495,0 2,922,368,0
25,300.0 15,970,0 23.833,0 14,582,0 55,800,0 869,531.0
45,437,0 71.475,0 75,258,0 53,307,0 252,695,0 2,052,837,0
.
186,898,0 4,000,0 8.780,0 21,160,0 10.200,0
10.575,0
.
15,136.0
304.901,0
27,529,0 10,320,0 13,975,0 4,232,0 5,872,0 4,142,0 1,152,0 13,052,0
1,072,0 3,594,0 2.985,0 15,630,0 102,828,9
156,000,0 109,389,0 160.000,0 44.500,0 70,000,0 110,845.0 3,500,0 48,000,0
33,360,0
1,500,0
163,801,0
935,695,0
185,501.0 62,689,0 84.778,0 38,922,0 97,641,0 113,739,0 46,111.0 22,476,0 39,619,0
40,737.0 98,518,0 949,410.0
555,728,0 186,398.0 287,533.0 108.814.0 183.513.0 228.526.0 61.338.0 84,600,0 76,573.0 60,338,0
277,949,0 2.292.834,0
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;
She liabilities of the 722 member banks from which weekly returns are obtained. These figures are always
a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in
the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board
upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 2695.
1. Data for all reporting member banks in each Federal Reserve District at close of business Noy. 25 1925. Three
ciphers (101) omitted.
Federal Belem District,
Number of reporting banks
Loans and discounts, gross:
Secured by U.S.Gov't oblIgatione
Secured by stocks and bonds
All other loans and discounts
Boston. New York
41
102
3
s
11.750
55,119
335,896 2,394.728
652.797 2.588,108
Phila.
s
54
12,380
377,268
377,866
Cleveland. Richmond Atlanta. Chicago. St. Louis. 3f4tinsay Nan. City Dallas. Son Fran.
$
75
19,347
496,749
770,628
Total loans and discounts
1,000,443 5,037,955 767,514 1,286,722
Investments:
U.S. pre-war bonds
9,634
40.368
9,488
33.081
U. S. Liberty bonds
85,752 596,306 • 49,406 169.634
U.S. Treasury bonds
16,408
18,941 199,037
34,984
U.S. Treasury notes
4,399 168,031
7,654
26.734
U.S. Treasury certificates
6.594
15,497
4,070
15.731
Other bonds. stocks and securities 205.1731.132,456 249,151 343,706
Total Investments
330,493 2,152,295 336,175 623,870
Total loans and Investments
1,330,936 7,190.250 1.103,689 1,910,592
itsserve balances with F.It, Rank
95,241 760,422
81.200 123,835
Cash in vault
18,674
91,017
18,830
32,341
Net demand deposits
904,285 5,670,209 764,939 997.720
Time deposits
387,332 1,184.890 199,936 755,510
Government deposite
14,006
2,979
4,026
8.553
Bills pay'le & redisc. with F. It. Bk :
Secured by U.S.Gov't obligations
11.981
2,496 108,062
29,938
All other
53,260
11,967
9,492
25,460
Bankers' balances of reporting member banks in F.R.Bank cities:
Due to banks
120,230 1.018.778 170.527
42.294
Due from banks
40,076 101,840
59,655
27,108
$
72
s
36
$
100
$
33
$
24
$
69
$
49
67
8$
Total. .
$
722
7,107
146,705
373,088
23.895
7,637
94,858 843,296
430,074 1,208,898
9.051
196,972
308,067
2,413
66,410
181,720
3,909
112.683
328.206
3,212
77,452
239,530
528.900
532,569 2,076,089
514,098
250,543
444,798
320,194 1,201389 13,959,212
25.583
29.283
7,605
2,024
1.923
62,827
14,335
17,562
15,195 179,032
5,781
53,272
2,344
65,524
4,318 ' 7,118
50,858 417,142
12,707
22,985
10,653
6,803
2.267
111,058
7.036
26,992
12,282
16,057
3,643
43,248
9,183
48,629
13,778
16,114
3,825
77,838
92.831
166,473
109.258
169,385
129,225
656,125
41,629
15,411
382,728
205,353
981
739,650
625,400 2,815,739 880,569
45.731 241.695
48,285
10,501
52,363
8,139
366,868 1.755,518 401,284
217,504 1,020,866 213,808
2,505
4,131
1,173
359,801 614,163
25.348
53,092
5,997
12,513
233,124 476,054
109.848 144,200
809
513
7,815
163.635
274,901 5,417.924
918,673 8,377.653
17,208
17,754
6,186
8.338
3,882
24,723
24,392
220,557
145,923 1,386,891
50,379
429,304
30.340
354.962
16.662
85,030
209,807 2.927.985
77,591
477,503 5.404,729
397.785 1,678,892 19,363,941
28.572 110,597 1,655,647
11,179
22,451
299,216
282.264 790.055 13,025.048
96,408 824,018 5,359,673
1,983
5,585
45,244
7,721
9,002
5,230
12,106
32,653
12,107
4,114
15,057
1,600
328
7.816
5,580
2.059
5,731
37,172
21,695
28,395
13.379
337,316
151.168
81,157
37.635
55,704
25.407
95,849
49.581
40,111
29.264
39.396
144,40
253.066
174,528
107,276 2,132.80g
52.173
608.97e
2. Data of reporting member banks In New York
City. Chicago. and for whole country.
An Reporting Member Banks.
Reporting Member Banks is N. Y. City. Reporting Member Banks is
Mew.
Nor. 25 1925. Nov. 18 1925. Nov. 26 1924. Nov. 25
1925. Nov. 18 1925. Nov. 26 1924. Nov. 25 1925. Nor. 18 1925. Nov. 26 1924.
lumber of reporting banks
722
722
741
61
bans and discounts. groan:
61
67
$
46
$
46
47
$
$
Secured by U. S. Govt. obligations
$
$
$
163,635,000
2
166.202,000
2
185,453,000
50.288,000
54,656,000
Secured by stocks and bonds
85.186,000
18.405.000
18,065,000
5,417,924,000 5,419,724,000 4_482.723,000
24,380,000
2,146.548,000
2,122,987,000
AU other loans and discounts
1,854,699,000
638,251.000
656,140,000 503.977,000
8,377.653.000 8,429,190.000 8,201.850,000
2,268,624,000 2.298,897.000 2.314.695,000 670.138,000 680,122,000 714,893,000
Total loans and discounts
13,959,212,000 14,015,116,000 12,870.026,000 4,465,460,000
avestments:
4,476,540,000 4,234,580,000 1,324,794,000 1.354,327,000 1.243,250,000
U. S. pre-war bonds
220,557,000
221.163,000
264.094.000
29,682,000
29,682,000
U. B. Liberty bonds
41,032,000
1.871,000
1,870,000
1,386,891.000 1,386,786,000 1,481,601,000
4.109,000
504.921,000 503,870,000 608.312,000 102,464,000 100,304,000
U. S. Treasury bonds
429,304,000
428.598.000
80,656,000
67.188,000 183,556,000 183,507.000
12,656,000
U.S.Treasury notes
16,339.000
16,176.000
354,962,000
349,624,000
2.986.000
638,436,000 161,196,000 159,708,000 289.950.000
U.S. Treasury certificates
51.615,000
45,850.000
85,030,000
86,071.000
94,397.000
282,232,000
13,168.000 144,250.000
12,910,000
1,001,000
other bonds.stocks and securities_ 2,927,985,000
1.163.000
2,937,698,000 2,883,327,000 835.890,000
22,846.000
837.071.000 886,833,000 185,273,000 189,324,000
200,228,090
Total investments
5,404,729,000 5.409,940,000 5.816.878,000
1,728,155,000 1.727,006,000 1,983,033,000 358,563,000 354,687.000
405,222,000
Total loans and investments_ 19,363,941,000 19,425,056.000
18,486,904.000
leserve balances with F. R. banks
1,855,647,000 1,694,454,000 1,624.841,000 6,193,615,000 6.203.546,0006.217.613.000 1,683,357,000 1,709,014,000 1,648,472,000
703.411,000 714,170,000 706.714,000 167.701,000 168,439,000
7ash in vault
299,216,000
288,571,000
163,219,000
305,063,000
75,863,000
64,791,000
74.161,000
Set demand deposits
24,955,000
13,025,048,000 13,227,076,000 13,065,182.000 5.131,229,000
23,880,000
28,354,000
5,209,172.000 5,314,168.000 1,171,744,000
rime deposits
5,359,673,000
5,320,800,000
4,856,569.000 796.192,000 776,112.000 847.211.000 499,316.000 1.199,516,000 1,172,860,000
3overnment deposits
45,244,000
496,342,000 445,237.000
50,412.000
139,695.000
mis payable and rediscounts with
11,347,000
26,826.000
12,606,000
1,453.000
1.842.000
5.098,000
Federal Reserve Banks:
Roared by U.S. Govt. obligations
253,066,000
202.247.000
32.706,000
36,670,000
67.585,000
3,760.000
Another
13,115.000
174,528,000
185,273,000
5.105,900
555,000
33.513,000
48,796,000
42,996,000
1,296.000
4,975,000
4,112,000
388.000
Total borrowing'from F.R.bks.
427,594,000
387,520,000
66,219.000 116.361.000
79,666,000
5,056,000
18,090,000
9.217,000
943,000
THE CT[R()NTCLE
lianitersi Gazette.
STOCKS,
Week Ended Dee.4
Wall Street, Friday Night, Dec. 4 1925.
Railroad and Miscellaneous Stocks.—The review of the
Stock Market is given this week on page 2717.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages whieh
STOCKS.
Week Ended Dec. 4.
Sales
fur
!reek
Range for Week.
Lowest.
Highest.
I
Range Since Jan.l.
Lowest.
Highest.
[VOL 121.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan.1.
Lowest.
Highest.
todo..e, moi.(con )Pen Shores S per 'Mare. $
ap, shore.. Sec ih,
n's.
'fr. ,•
Reid Ice Cream pref._100
Nov
200 97 Dec 2 9774 Nov 28 9234 Nov 100
Rights
Nov
8400 234 Nov 30 344 Nov 281 24
Seneca Copper
Nov 11
Nov
• 3.500 9 Nov 28 934 Dec 3 9
Simmons Co pref _ _ _ _100
400 105)4 Nov 28 106 34 Dec 11001.4 Jan 10634 Del
Sloss-Shelf St]& 1 pf _ 100
June 10534 July
10010134 Nov 301)11% Nov 30 92
So Porto Rico Sug p1.100
200 106 34 Dec 3107 Dec 3 9934 JanIIOi.4 Aug
Spalding Bros lot p1_100
May 1)11
Nov
100 100% Dec 21)1034 Dec 2 95
Stand Gas & El pref_.50
8001 55 Dec 2 56 Nov 28 5034 Mar 56% Nov
Sun 011
*10 000, 39 Nov 28 4154 Dec 4 3834 Nov 4334 Nov
Texas Pao Land Tr...100
Apr590
Deo
3
590,175 ,Dee l 9(, I)
The Fair
*, 3.800 3331 Nov 28 344 Dec 31 3214 Sept 1934 Aug
Nov 101
Oct
Tidewater 011 pref. _ _ 100 2,400 9934 Nov 30 100% Dec 3 1)9
United Cigar St pref _ 100' 1.100 130 Dec 113234 Dec 4 116
June 13234 De0
Rights
22.700 103.4 Dec 4 1844 Dec 2 1634 Dec 184 Dee
Mar
United Dyewood _ _ _100 1.500 10 Nov 30 10 Nov 30 10
Nov 20
United Paperboard_ _100 1,40 284 Deo 2 2906 Dec 4 184 Apr 3034 Oct
porNe 103
1 Li D
Oe
co
t
Universal...1w., lot pf.luU
9ut 95 Dec 1 08 Nov 3( 95 I N
Univ Pipe & Rad' right 1,301
19
134 Dec 4 1 ii Dec 4
Virginia-Carolina, new.. 17.801 19% Nov 31 2174 Dec 3 19% Nov 2104 Des
July
1
Sep, 5
Certificates
*
401 133 Dec 4 234 Nov 3C
Nov
Ma 20
Preferred certifs...100 3,800 934 Dec 3 1836 Dec 3 4
6% preferred w 1_ _100 8,700 5634 Nov 2f 5974 Dec 3 56)4 Nos 593.4 Dee
Dee
7% Preferred w I
1.600 9234 Nov 3( 94 Dec 4 924 No, 94
Virginia Coal & Coke....
200 43 Dec 1 44% Dec 4 30 Jun, 4534 Nov
No' 110% Dec
Washburn-Crosby, pf100
100110)4 Dee 1110)4 Dec 1, 110
West Penn Co. pf cas100
Nov 974 Oct
300 9634 Dec 2 9634 Dec 2 96
July'
oct
Jan ,10
11,
n
West Penn Power, p1.100
200(10634 Dec i R1634 Dec 2 104
Sept
Wilson & Co certifs. _ _25
434 Sept 6
100 54 Dec 1 534 Dec 1
Yellow Truck & Coach 10 14,700 284 Dec 2 303.4 Nov 28 2234 Oct 40% Oct
Preferred
700 94 Dec 1 ric Dee 3 on
100
1
Railroads,
Par.Share $ per share. $ per share. $ per share. S per share.
Brunsw Ter & Ry Sec_ It
Feb 1734 Nov
10( 12 Dec 3 12 Dec 3 3
Chicago & Alton etts_1(11
Feb
20. 534 Nov 3( 7 Dec 1
594 Mar 9
Chic Mil & St P ctfs_101
7
Sept 15
Sept
10( 934 Dec 4 934 Dec 4
Preferred certifs. _ _101
8.11 184 Dec 4 20 Dec I 1234 Oct 22
Nov
C St P M &O ctfs
Aug 50
Dec
201 48 Dec 3 50 Dec 4 45
Det & Mackinac pf _ _ 10(
Jan
June 72
203 60 Dec 3 60 Dec 3 60
Duluth S S& Atl_ _ _ _101 3.50( 39.1 Dec 4 4941300 4
234 Apr 4% Dec
334 Apr, 7
Preferred
101 1.501 5H Deo 1 7 Dec 4
Dec
Erie certificates
let
101 3604 Dec 4 364 Dec 4 254 July 3734 Nov
lot pref certlfs_ _ _ _10(
10 42 Nov 3( 42 Nov 34 3634 July 4234 Nov
Nov 117 June
HavanaElRyL&P p1.100
10( 1 1234 Nov 1' 11234 Nov 2F 112
Hocking Valley
May 138
Sept
10(,.
10( 138 Dec 1 138 Dec 1 127
II inois Centre' right _ _ _ 31,37.
134 Oct. 194 Nov
% Nov 20 11112 Nov 28
RR Sec series A._ _101
Apr
5( 694 Dec 1 70 Dec 1 6934 Oct 74
Leased lines
10(
Sept
11 76% Nov 3( 764 Nov 3( 72% Apr 80
Feb 750
Nov
Michigan Central__ 101
11 /50 Nov 3( 750 Nov 31 310
M St P &SS M leased
Feb
line centfs
10(
201 6134 Dec : 6104 Dec
5734 Junel 63
Foreign Exchange.—Sterling ruled firm and advanced
Morris & Essex
51
793.4 Nov 2) 7994 Nov 28 77% Jan 80% July
Apr 175
Sept on the ra.sing of the Bank of England rate; trading however
Nash Chatt & St L_ _100
10( 170 Dec 1 170 Dec 2 143
3
334
Apr
8%
Nov
574
Dec
Nat Rys Mex lot pt. _10(3
54
Nov
28
201
Dec was only moderately active. The Continental exchanges
NO Tex & Mexico_ _10(
20, 131 Dec . 131 Dec 3 11334 Feb 131
Sept 9394 Dec were nervous and rather erratic, though here too improvement
NY Ch & St L pf ctf_101
10 93% Dec 1 934 Dec .3 91
Aug 310
Aug
NY Ry part certifs_ _ _'
171 95 Nov 3 298 Nov 30 262
_
Pref certifs
634 Nov 12 June was manifest. Francs declined sharply, but recovered most
• 604 634 Dec : 634 Dec 1
'Pacific Coast 2d pref..10(
10 474 Nov 2! 474 Nov 28 3434 Jan 5034 Mar of the losses before the close.
Nov
Pere Marquette ctfs_10( LOG( 82 Nov K 82 Nov 31 6034 July 82
To-day's (Friday's) actual rates for sterling exchange were 4.81340
Nov
Prior pref certifs. _10(
10( 83 Nov 31 83 Nov 31 8034 Oct 83
Reading rights
1,80( 1834 Dec : 1834 Nov 28 1694 Aug 24.14 Jan 48194 for sixty days. 4 81404 817-4 for cheques and 4 813404 8534 for
cables. Commercial on banus. sitht 48194(011 81'4, slay d.sys 4 8)'40
481%. ninety days 479349114 80%, and documents for payment (sirtY
Industrial & Miscell.
pa ys
i)
n0;48
.14
0
8
.n for payment, 4 84)104 84).1. and grain for
448
410
334
:8
co
l4
tto
Jan 206
Feb d
American Bank Note.50
200 188 Dec 2 188 Dec 2 161
Am Brown Boveri El w I* 7,800 4906 Nov 28 504 Dec 3 494 Nov 5374 Oct
To-day's
rates for Paris bankers' francs were 3.7534(01
(Friday's)
actual
0
Nov
Dec
1)ec
3
97'g
9734
100
200
974
034
Preferred
Dee
Mar 119
Nov 3.84)4 for long and 3.80993.89 for short. German bankers' marks are not
American Metal pref _100
200 118 Dec 1 11834 Dec 1 111
Jan 76
June yet quoted for long and short bills. Amsterdam bankers' guilders were
Amer Republics
• 300 65 Dec 3 66 Dec 3 48
Nov 39.74 for long and 40.10 for short.
American Snuff
100
100 147 Dec 3147 Dec 3 13844 Aor 154
Exchange at Paris on London, 126.92 francs: week's range, 127.50 francs
Sept
Am Type Founders pf100
100 107% Dec 3 10734 Dec 3 10534 May 111
Jan high and 122.70 francs low.
1
Aug 4
Am Writ Pap pr ctts_ 1110
100 1 Dec 2 1 Dec
s
The range
A for
exchange for the week follows:
Armour of Ill class B...25 53,100 17 Nov 30 184 Dec
1694 Nov 204 Oct
es.
C
4a8b5
lex
s.
Sixty Days. C
4 h8erti
100
300 92 Nov 30 9214 Dec
9134 Oct 9314 Nov
Preferred
Nov
4
10
Sept
1634
Dec
High
1334
for
4.81%
Nov
21
the week
Arnold Constable Ws_ _• 800 1234
15
Jan 2034 Nov Low for the week
4 81 7-16
4 83 13-16
4 84 1-16
Art Metal Construc'n_10
900 184 Dec 1 20 Dec
Dec
Atlas Powder
• 1,900 5836 Dec 1 60 Dec 4 45 June 60
Paris Bankers'
Jan High for the weekFrancs—
Preferred
100
100 9334 Dec 2 934 Dec 1 9034 Oct 94
34.x
4
3..7031x
3.9535
3
Nov 534 Nov Low for the week
Auto Sales
501,200 44 Nov 30 534 Nov 31
3.6931
Oct
Brit Emp Steel 1st p11001
30 Dec 4 30 Dec 4 22 June 36
Germany
Bankers'
Marks-Oct
2d preferred
1
6001 9% Dec 4 log Dec 1 634 July 14
23.81g
23.8134
Nov 1134 Nov High for the week
Bklyn Edison rights _ .44,392 S12 Nov 28 9 Dec 1 8
23.81
23.81
714 Nov 934 Nov Low for the week
Bklyn Union Gas rights_ 6,800 734 Dec 3 8 Dec 1
Amsterdam Bankers' Guilders—
Dec
Bush Term Bldg pref 100
1011103 Dec 3103 liec 3 9634 Jan 103
20
2
10
8
40
0.2
40..2
Oct 4434 Oct High for the week
Byers & Co(AM)
• 100 35 Nov 28 35 Nov 28 23
3399..7746
Commercial Credit_
77,800 4334 Dec 7 5534 Dec 4 3814 Sept 5534 Dec Low for the week
Preferred
25
300 26 Dec 1 '26 Deo 1 254 (34/pt 2754 Oct
Domestic Exchange.—Chicago, par. St. Louis, 15025c. per $1.000
Preferred B
100 2734 Dec 2 2734 Dec 2 26% Sept 2734 Dec
_25
Jan 8434 Nov discount. Boston, par. San Francisco, par. Montreal, $.15123.4 Per
Corn Invesment Trust. • 2,300 7634 Dec 4 7934 Dec 3 50
Feb118
Aug $1,000 premium. Cincinnati. Par•
Contnental Can pd 1
300116% Dec 1 11734 Dec 3 114
Mar 74
Oct
Crex Carpet
100
500 59 Nov 30, 60 Nov 30 36
Cuba Co
• 2,000 48 Nov 30! 4834 Nov 28 4634 Nov 5434 Oct
United States Liberty Loan Bonds and Treasury
62
Mar
104
Oct
Mar
30
Cushman's Sons
4
101
Dec
994
1,000
*
Nov Certificates on the New York Stock Exchange.—Below
Deere & CO, pref____Iu
300 1)6 * Dec 4 1,634 Dec 4 824 Jan 110
Oct 7434 Dec we furnish a daily record of the transactions in Liberty Loan
Dsvoe & itaynolds A
19.600 (-834 Nov 28 7434 Dec 4 53
Dec
First preferred. _ _ _ lth
e 106 Dec 2 107 Dec 2 9734 Jan 107
the New York Stock
Du
,
ont Deb rights_ _ _
34 Nov bonds and Treasury certificates on
13.700 1-64 Nov 30 1-16 Dec 2 1-64 Nov
Nov Exchange. The transactions in registered bonds are given
Jan 23
Durham Hosiery
5 2,1u0 20 Dec 1 2134 Dec 1 8
11534
Oct
Nov
1
112
Easta.an Kodak, preflth
200 11534 Dec 1 115% Dec
tabulation.
Sept in a footnote at the end of the
ElkHorn Coal Corp,pf.5.
100 134 Nov 31, 134 Nov 30 734 Feb 15
Emerson-Brant,pref _10. 0,9O0 2134 Nov 1 26% Dec 3 8 May 2631 Aug
Eureka Vac Cleaner
1,9001 5034 Nov 28 53 Nov 31 4894 Nov 554 Oct Daily Record of U. S. Bond Prices Nov. 21 Nor. 23 'Vol. 24 Not. 25 Nos, 26 Var. 27
Dec
Fed'I Lt & Trac, pf
90 854 Dec 1 88 Dec 3 8234 Sept 88
2
534 Nov 30 2% Oct 64 Nov First Liberty Loan
Foundation Co rights.. 5,3571 434 Dec
(High 992,32 992432 992,32 992112 99 t22 992,22
Nov 4334 Nov
Foundation Foreign Rts. 1,800 3734 Nov 3 43% Nov 28 15
.3, 992232 992222 992231 99242, 992612
334% bonds of 1932-47 _ - Low. 992
0834 Sept 84
Nov
24
99223,
992432
992
.n 992tat
Fox Film, Class A
992232
12,500 7934 Dec 2 8234 Dec
[Close 99 32
(First 334s)
Jan 1114 Mar
17..
12.3
175
110
20
General Cigar, pf (7)_10(
26
100 108 Nov 28 108 Nov 28 105
Total sales Hi 81,000 units..
July 11034 Oct
Debenture pref (7).104
100110 Dec 1 110 Dec 1 104
(High
Converted 4% bonds of
Nov 804 Oct
Gen'l Railway Signal..' 4,1001 7033 Dec 1 7334 Nov 28 68
_)Low.
_
1932-47
(First
430
Sept
Gould Copuler A
1,400 1994 Dec 4 2034 Nov 28 194 Dec 23
(Close
Apr 115% June
Great West Sag, pref.101
400 11333 Dec 1 1143-4 Nov 31 107
Total sales in 51,000 units....
- -233;
1,0001 5 Dec 1 5% Nov 28 374 Sept) 634 June
Guantanamo Sugar_ _ _ _
bonds (High 10-1-2i2-2 101 1732 101,1132 101,.22 101"3-2 10)
Converted
44%
Feb
Hanna, lot pf, c 1 a .A01
100 61 Nov 28 61 Nov 28 4234 July' 89
of 1932-47 (First 434s)4 Low. 101 2132 1012.32 101 2132 1012132 10121n 101"st
Nov
Jan 106
200105% Nov 28 106 Nov 28 100
Haves Wheel. pref _ _ _10(
(Close 1012132 1012132 1012.21 101213, 1012132 1011.3t
66
May 774 Jan
45
41
II
5
22
5
25 1.500 7634 Sec 3 77% Nov 30
Helms(G W)
Total sales in $1,000 units.
Oct 374 Oct
Ituwe rights
5.000 3 Nov 28 3% Dec 3 3
Second Converted 44%[ High 101'3,
Oct 7% Apr
Hydraulic Steel, pref _10(
100 434 Dec 2 4% Dec 2 4
bonds 01 1932-47 (First)tow • 10113,
Sept 110
Dec
— _.
---Indian Refining,',retie( 1.600 100 Dec 1 110 Dec 3 74
(Close 101 13,
Second 44s
Nov
Nov 100
10
Ingersoll Rand. new...' 1,200 8806 Dec 4 92 Dec 1 77
Total sales in $1,000 units__
Apr 85
Nov
---- 10-0-50
---Int Agricul Prior pref.101
200 85 Dec 4 85 Dec 4 40
bonds (High
Converted
44%
Aug
100.00
Internet Cement, pf_101
400 104 34 Dec 3 105 Dec 2 10234 Nov 107
4% bonds of 1927-42_
(Lew 43.4 Nov 834 Nov
100.00
Internet Paper, rights__ 23,300 5)4 Nov 28 6% Nov 3(
(Close
(Second 4s)
Mar 8734 Nov
it _____
International Salt _ _10(
100 85 Dec 3 85 Dec ? 67
units._
Total
sales
in
$1,000
36 Ma' 134 June Second Liberty Loan
Kansas & Gulf
7.413cc 3
11 2,600
35 Nov 30
(High 10-0-Bis; 100'',,1002,8, 101)=.3; 100ii3; 100;;;;
Jar
10034
Sept
99
4 Dec 1
K C Pow & Lt. lot prof..'
107)4 1300 1 107,
of 1927-42 (Second (Low_ 100212 1001.a. 1001222 190223 104) 2a, 10022,1
Jan 9734 June
Kresge Dept Stores 01100
100 9474 Dec 3 9434 Dec 3 88
(Close 100213 1002232 1002122 100132 1002232 10021st
43(s)
130
125
21
Lebn & Fink
• 5.000 39 Nov 30 4034 Dec 4 3734 Nov 4434 Oct
133
155
83
Total sales in 51.000 units...
Feb 145
Nov Third
Loose-Wiles 2d pref_ _100
100130 Dec 2130 Dec 2 104
:High 101,22 101,32 101,32 101,22 101.22 10113,
Liberty
Loan
Aug
Macy Co pref
3001164 Dec 1116% Dec 1114% Jan 118
100
434% bonds of 1928i Low- 101122 101232 101132 101 132 101 13, 101.3,
55
July
34
Oct
3
Menet'Sugar
100
200 38)4 De, 3 38H Dec
[Close 1012,2 101232 101 132 101132 101.32 1011a,
(Third 43(s)
94
315
387
Maytag Co
146
280• 6.900 2134 Nov 28 2234 Dec 3 2134 Nov 2634 Oct
61
Total sales In $1,000 units...
102',, 1022,32 102232 102222 102222 1021s,
Mid-Cont Petrol pfd..100
200 94 Dec 4 94 Dec 4 83% Apr 9436 Oct Fourth Liberty Loan
(High
Murray Body
•82,400 54 Dec 3 18% Nov 28 54 Dec 4234 Mar
44% bonds of 1933-38_ ..)Low _ 102132 102.00 102.00 102.00 152.00 102.00
Npt News & H RY Gas
(Close 10213, 102.00 102.00 102,32 102,32 1022st
(Fourth 4345)
July
Feb 110
127
287
Electri^
100 1,1001 95 Nov 28 105 Dec 4 52
332
185
82
176
Total sales in 81.000 units...
July
1061132 1061132 106,.32 1061232 1061131
Preferred
100 600 101 Dec 1 105 Dee 3 8234 Jan 111
(High
Treasury
Mar 1124 Dec
NY Canners 1st pref 100
106,13, 106 222 1061132 1061232 106.00
100 1124 Dec 31124 Dec 3 95
Low.
448,- 1947-52
102
Jan
June
NY Steam lot met ____•
____ 1061433 1061,32 1061132 1061,32 1061032
100 100 Dec 2 100 Dec 2 97
(Close
Aug
Feb 108
Nitta Lockp & 0 Pr 100
108 Nov 30 107
6
105
1
7
5
Total sales in $1,000 units...
Norwalk T & Rub_ _10 5,300 1334 Nov 28 1434 Dec 1 1234 Sent 1834 Aug
(High idioo 103.00 103.00 103.00 103.00 103.00'
Nov
Oil Well Supply
25 1,200 3534 Dec 4 3634 Dec 1 34% Nov 38
1022132 102.3, 1022.32 1022.32 1022232 102"n
48,
(Low.
19441954
Nov
Preferred
100
200 105 Nov 28 105 Nov 28 10334 Nov 105
103.00
1022122 103.00 1021132 103.04/
[Clone 1022132
Nov
Onyx Hosiery pref. _ _100
500 9394 Nov 28 9334 Nov 28 7834 Mar 97
7
52
69
27
3
Total sales in $1.000 units__ 32
Nov
Outlet Co
• 100 52 Dec 2 52 Dec 2 4994 Nov 57
Nov
100
Nov
98
4
Dec
994
Preferred
100
200 9934 Dec 2
table
includes
coupon
Apr
115
Nov
only sales of
Note.—The above
Owens Bottle pref _ _ _100
200113 Dec 2 11394 Dec 2 1104
Oct
Pan-Am West Petr B._* 9,000 42 Nov 30 43% Dec 3 374 Oct 47
Transactions in registered bonds wore:
Oct 6034 Feb bonds.
Panhandle P & R 01_100 1,300 38 Nov 28 55 Dec 4 37
24
32
6,
4th
27
99
43
-is
1st
99203,
335s
1012.3, 1021st
Parish & Bing stpd____•
134 Jan 134 Feb
500 174 Dec 1 174 Dec 1
16 lot 43(33
101,022 101,132 3 Treasury 431s
106,32 106.21
Nov 904 Oct
Pathe Exchange A
* 2,200 7534 Dec 1 7934 Dec 4 70
1 Treasury 4s
17 2d 434s
1000,
32 100,,32
101,132 101,1s2
July
Philadelphia Co pref _ _50
100 4774 Dec 4 4734 Dec 4 4534 Ja 49
101.32
101
PhIllips Jones pref...100 300 85 Dec 4 87 Dec 4 8134 June 95A Jan 453 3d 434s
Nov
136
Nov
2
Phillips Petroleum rights86.800
Dec
1
94 Nov 28
Apr 424 July
Phoenix Hosiery
5
200 35 Dec 2 35 DC 2 18
July 8834 Nov Quotations for U. S. Treas. Ctfs. of Indebtedness, &c..
Pitts Term Coal pref_100
100 8732 Dec 1 874 Dec 1 79
Nov
8734 Dec
6494
new...
4
Postum Cereal
.60.500 7506 Nov 30 873,4 Dec
New York City Banks and Trust Companies.
P Elec & Gas pref....100 1,300 98 Dec 4 994 Dec 3 8234 May 994 Dec
New York City Realty and Surety Companies.
Nov
10616
Sept
9616
Nov
28
Nov
28106%
Pub Serv Elec Pr pt. _100
10010634
Dec
Mar
122
100172 Dec 3 122 Dec 3 114)4
See page 2742.
Ry steel Spring pref _100
1
New York Stock Exchange-Stock Record, Daily, Neekly and Yeariy
2727
OCCUPYING FIVE PAGES.
Fos salsa during ths week of stocks usually inactive. see preceding page.
HIGH AND LOW BALI PRICES-PER SHARE, NOT PER CENT.
T.
28
Nov. 00.
r:Ila:I
Tuesday.
Dee.
gc. 11v
2.
Tn'av.
Dec.
Dec.
rida4.
1.
Bates
for
tae
Week.
STOOKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share $ per share $ per share 1$ per share 1$ per share Shares.
Railroads.
Par
4214 4214 *40
43
*39
*40
42
*40
42
4278 48
43
400 Ann Arbor
100
65
65
*6413 65
65
6512 *64
65
*64
6512 651 6513
400 Do pref
100
12358 1244 12114 12512 12412 12514 12312 124% 12334 12138 12412 125141 35,800 Atch Topeka & Santa Fe 100
9538 0538 9538 9558 95% 9512 9514 9512 9514 9512 9514 9514
1.700 Do pref
100
612 658
1
61
61s 638
64 7141
678 758 30,200 Atlanta Birm & Atlantic. 100
229 230
230 235
23178 23778 23312 237 I 233 23534 23334 210 1 11.900 Atlantic Coast Line RR100
90% 9158 9034 9158 9114 '3134 9058 9134 9058 9138 9012 0138 38,900 Baltimore & Ohio
100
•6614 6634 6612 6634 6612 67
*6634 6712 .67
6713 6634 67 1
800 Do pref
100
4912 8012 484 50
4812 4938 4734 50 1 4812 4912 4812 49 i 7.800 Bangor & Aroostook
50
*9914 106
9714 9714 *98 100
*9812 1001s' *99 100 1 9912 9912'
200 Do pref
100
57
5734 5718 5778 58
5434 5858 59 I 5734 5314 5838 59 I 8,209 Bklyn Mani]Tr•t 0___No par
81
81
.80
81
8112 81
81
81
8012 8012 *8012 81
No par
500 Do pref•to
83
*80
83
83
83
8134 8234 *81
83 I 82
*80
82 I
360 Buffalo Rochester & Pltte..100
14858 149
14834 1491g x14614 147
14614 147 i 1447g 14512 145 14512 6,800 Canadian Pacific
100
8290 300 *290 300 *287 300
288 30) 1•291 300
29812 29812
200 Central RR of New Jersey.100
11714 11814 118 120
11814 11058 118 1198 11814 11914 11171g 118 I 39.600 Chesapeake & Ohio
100
120 120
120 121
12112 12178 12112 12112 *12012 12212 *11714 119
Do pref
1.000
100
7
8
712 778
758 8
634 678
758 818
818 834 23.000 Chicago & Alton
100
1214 1234 1212 1334 1314 14
1312 137* 1312 1334 1312 1412 29.900
Do prat
100
•174 195 *174 200 •174 200 *174 200 •174 200 *174 200
100
C C C & St Louis
3378 34
36
*3412 35
*34
3334 13.1
*3312 35
*34
35
400 Chic & Eastall RR
100
*44
4512 46
46
45
4578 *45
46
45
45
*45
46
1,100
Do pref
100
1014 1058 10
1078 101g 1034 1012 1012 1014 1058 1038 11
11.400 Chicago Great Western_ .A00
2358 2414 24
2478 2418 251g 2414 245* 24
2438 24
2514 10.600
Do pref
10
95 10
1012
978 1014
1012 1078 1014 1038 10
934 10
13,600 Chicago MOw & St Paul...100
20
2078 1978 2038 1914 2638 1978 2014 1914 20
1914 1934 19,100
Do pref
10
7158 7212 x703s 7114 7014 7058 70% 7134 72
7112 72
7334 27,700 Chicago & North Weetern.100
118 118 *118 120
11812 11812 *11412 120 91412 11812 *115 119
Do pre
100
200
46
4638 455* 4634 4634 47% 4634 4714 46
4634 464 4758 29,200 Chicago Rook lal & Pacific. 100
99
*9713 99
098
99
9934 .98
99
9812 9812 9912 9912
Do 7% preferred
100
500
*8514 8612 8514 8514 8612 8612 .86
87
867g 8678 8658 8678
Do 6% preferred
100
700
*47
*45
50
50
*45
50
*45
50
49
50
50
51
1,100 Chic St Paul Minn & Om..100
•101 105 *102 105
*97 105
*97 101
101 101
103 103
Do pref
10
61
61
61
61
*60
61
60
60
60
60
62
63
1,600 Colorado & Southern
100
65
6514 *64
65 .64
66
*65
70 .65
69
*65
69
100
200' Do let Prof
•61
65
*61
65 .61
65
*61
65
*61
66
*61
65
Do 24 pref
100
144 145
14312 144
145 14512 14412 14478 •14412 14434 14412 145
2.200 Delaware & Hudson
100
13734 138
138 138% 137 13914 138 13912 13814 13814 139 14134 7.600 Delaware Lack & Western. 50
*4114 43
4312 44
437g 4678 46
46
46
4612 4614 4612 2.700 Denver Rio Or & West pref 100
37
3714 367g 3712 3714 3778 3714 3734 3714 3758 3738 3734 19,700 Erie
100
4213 4234 4212 4314 4234 4314 4212 43 • 4212 4258 427g 4314 13.000
100
Do let pref
*4012 41
41
41
*404 41
*4012 41
*4012 4034 •40
41
100
500
Do 2d pref
76
7612 76
7658 7638 7738 7634 7734 7718 7734 7713 7834 41,200 Great Northern pre
100
2718 2712 2714 273* 2678 274 2658 27
2614 262* 22518 26
Iron Ore Propertlee__No par
17,500
•3214 3314 3234 3338 33
34
3512 35
3334 3338 34
36
Gulf
Mob
16,300
100
&
Nor
10312 104 *10312 104 .10313 104
10312 10434 10458 10813 10614 107% 8,600
100
Do pre/
•230 250 *230 245 •230 245 *230 245 •230 245 *230 245
Havana Elec fly, Lt & P..100
3318 3358 3338 343g 3378 3412 3438 35
3458 34
34
3458 8,400 Hudson & Manhattan
100
*68
6812 6818 6818 6812 6812 *68
70
*6834 70 •69
70
Do prof
100
300
11738 11734 11712 11734 11714 11712 11718 1173s 11712 11712 11713 11778 4,200 Illinois Central
100
118 118 *117 11712 11712 11712 *11712 11814 11711 11712 11712 11814 1,200
100
Do prat
02712 2812 *2712 28
28
*2712 28
28 .26
27
•27
27
100 Int Rys of Cent America..100
•____ 6312 *6112 6312 *6112 6312 *6112 6312 .6134 6312 .63
6312
100
Do prof
2812 29% 2838 30
277
8
273
8
273
4
28
284
27%
2834
274 19,700 Interboro Rap 'Fran v t 0- -100
4312 4434 4412 4834 4612 4812 4638 4714 4534 464 4618 474 111,700 Kansas City Southern
100
060
62
62
62
6212 62
*61 12 6212 1,000
6214 6178 6178 62
Do pref
100
83
83
83
85
8234 83% 83
8412 8478 15.300 Lehigh Valley.
8412 8312 .8334
50
13218 13312 13212 135
1354 1363* 136 13734 16.860 Louisville & Nashville
135 13738 13412 136
100
*83
8712 *82
8713 *85
87
*83
8712 ..•85
8712 •8312 87
Manhattan Elevated guar-100
•41
43
4212 4234 4278 4278 *4238 4278 4238 4212 •42
4212
500
•6
812 •6
*6
8
*6
7
*6
*6
8
7
7
100
Market Street fly
*23
*24
26
26
26
*23
•24
2612 .24
26
26
*24
100
Do pref
4334 4334 4312 44
4334
43
34 4314 4314
4378 43%
*4312 45
100
Do prior Prof
800
*15
16
16
*15
16
1634 *15
•15
1612 1514 1514 *15
100
Do 26 pref
100
*278 3
278 338
27g 34 *234 3
3
338
12,700 Minneap & St L
100
.49
49
*41334 5178
49
51
495* 4934 49% 4912 *4912 52
500 Minn St Paul & 813 Marle.100
.73
80
80
7912 80
*73
*73
80
*72
80
73
80
200
100
Do pref
4012 4114 4034 424 4138 4234 4114 4134 4034 41
4034 4134 34.900 Mo-Kan-Texas RR_ ---No par
•8434 8514 8514 8512 847g 8574 8414 847s 84% 844 8434 8534 9.000
100
Do pref
37
3778 3718 38
4058 144,500 Missouri Pacific
3818 3912 3814 3912 3834 3914 39
100
843* 85
8418 84% 8434 86
86
8734 8718 8812 8878 91
56,500
100
Do pref
212 212 *2
238 238 •238 212 *238 21
258 *23* 212
200 Nat Rys of Mex 2d pref....100
1278 12834 12734 12858 128 12834 1275g 12838 127 12814 12734 1281 54,400 New York Central
100
•174 176
175 17578
175 175 *174 175
173 173 *170 174
100
800 NYC4,81tLCo
9734 9734 *97
08
9734 9734 9712 9814 9814 9813 98
9814
1,200
Do pref
100
3934 404 3958 40.
4114
417
8 4138 4258 95,700 NYNH& Hartford
4012 4212 4112 4214
100
281g 2818 2714 2244 2714 2812 27% 28
275* 2758 2712 2814 7,800 N Y Ontario & western
100
*3914 4112 3914 3014 33914 4112 40
42
40% •40
*40
4212
100
600 Norfolk Southern
147 148 214414 14517 145 14634 14438 14512 1441* 14538 144 1451g 21,300 Norfolk & Western
100
•80
82
85
85 .80
*80
*80
85
85
•80
85 •80
100
Do prat
7218 7338 7212 7338 7258 74
7314 7378 725* 7334 7312 7478 26,700 Northern Pacific
100
5112 52
5138 517g 5158 52 49,400 Pennsylvania
51% 52
51% 5178 5134 52
60
*17
19
1912 *1812 1912
18
18
*1814 1813 *1812 1914 *18
100 Peoria & Eastern
100
*81
83
8112 8212 83
83 .81
*79
8212
83
83
83
600 Pere Marquette
100
•844 86
*84
8412 8412 8514 8614
86
8414 8414 *8414 85
400
100
Do prior pre(
•76
7634 •76
•74
76
763
76
7
7634 7634 7634 76
300
Do pref
100
116 11778 11512 11712 11612 11612 1157g 1167s •115 117
116 11718 3,600 Pittsburgh & West Va......100
87 :7
8614 87
8638 873g 8612 8634 861s 874 8612 87% 14,800 Reading
ao
3934 397g *3934 40
3934 3934 3934 3934
*3934 40
*3934 40
400
Do let pref
60
4014 4014 .40
4038 *40
4078 *4014 40% *4014 4038 4014 4038
300
Do
24
pref
50
.52
55
*45
55
51
53
55
*50
5412 53
5278 54
1,100 Rutland RR pref
100
95% 9618 9614 9858 977g 9812 97
98
9612 9758 9712 9778 19,200 St Louis-Ban Francisoo
100
•86
8712 87
87
*8612 87
87
87
•86
87
8712 .86
300
Do prof A
100
544 5538 54
567s 565* 5814 56% 5778 5818 5814 57
5834 16,100 St Louis Southwestern
100
*7212 7412 7418 741g 7412 7412 •74% 75
75
*74% 75
7812
900
Do prof
100
5012 52
51
521g 6112 523g 5112 5238 50% 51
5034 51% 14.200 Seaboard Air Line
100
485s 49
49
4914 49
49
4913 49
4814 491. 11,300
41% 49
Do prof
100
9938 99
99
9934 10038 23,600 Southern Pacific Co
99% 9878 993
9934 100
9934 100
100
11418 11434 11334 11512 115 11578 11534 117
11638 11753 34,400 Southern Railway
116 117
100
91
9114 9118 9112 91
9138 91
9112 91% 9178 3,500
9114 91
Do
pref
100
521g 5212 52
5278 53
5478 35,200 Texas & Pacific
5414 5212 5378 5212 5314 53
100
14
14
14
14
14
1312 1312 1,300 Third Avenue
1334 14
14
1312 14
100
73
73
7334 74
*74
*744 75 I
*7414 75
75
75
•74
500
Twin
Transit
City
100
Rapid
14634 14712 1474 14878 114614 14738 1461s 147
14578 14612 14714 14812 36,000 Union Pacific
100
•7412 75
7434 75
7434 7434 75
7414 7434 7478 7478 1,100
75
Do pref
100
2012 2012 22
2212 *22
25
26
24
2312 2312 2312 24
Invest
1.300
100
United
Railways
71
71
71
71
77
75
72 72
73
7734 1,800
*73
75
Do prof
100
*125 300 *125 200 *125 200 *125 200 *125 200 •125 200
Virginia Railway & Power.100
39% 4014 3912 40
3978 41
3934 4034 3978 4012 39% 40
25.900
100
Wabash
7038 7038 7014 7034 7014 7071, 70% 71
7013 707s 7034 7134 13,300
100
Do pref A
*55
60 •56
65 •56
*5612 70
65
*5612 65 .8612 70
100
Do pref B
16
161/ 1534 17
17
1738 1634 174 53,200 Western Maryland
18
17
1734 17
100
22% 225s 2234 2334 24
2414 23% 2378 2313 2434 6,400
2434 24
100
Do
prof
33
33
3338 3434 3414 3538 3471, 353s 3438 3478 3412 3558 41,800 Western26Pacific new
100
7834 7834 787g 79
79
80
8018 8014 8312 8012 7.500
80
80
Do prof new
100
2612 2712 27
30% 2938 3114 2938 30% 2834 2978 291g 301g 129,400 Wheeling & Lake Erie RI..100
47
4814 4778 52
5114 537s 51
5214 515* 5212 30,200
5214 51
100
Do pref
PER SHARE
Easge for Year 1925.
Oa Pasts of 100-shore tots.
Lowest
Highest
$ Per Mare
$ per share
22 Feb 17
40 Mar 24
11614 Jan 16
9214 Feb 17
3 Jan 14
14714 Jan 16
71 mar 33
6278 Apr 21
351
/
4 Mar 23
89 June 22
3514 Jan 5
7274 Jan 2
48 Apr 2
1
4 Mar 30
136/
265 Mar 30
8914 Mar 30
10514 Apr 14
354 Apr 24
518 Apr 23
140 May 20
29/
1
4 Mar 30
40 Mar 30
9 Jan 2
1914 Mar 30
314 Apr 20
7 Apr 20
47 Apr 14
1011
/
4 Apr 14
4014 Mar 30
92 Jan 2
82 Mar 30
3314 Apr 22
7314 Apr 21
4414 Jan 6
80 Mar 26
54 Jan 21
133/
1
4 Mar 30
125 Mar 30
We Oct 9
26/
1
4May 15
35 June 23
34 June 29
80 Apr 24
7834 Dec 4
23 Mar 30
8912 mar 30
112 May 16
2114 Mar 18
641
/
4 Feb 18
111 Mar 31
11214 Apr 23
18 Jan 8
5918 Jan 2
1312 Mar 23
2854 Mar SO
57 Jan 15
69 Mar 30
108 Jan 16
48 13.0 4
6512 Dac 4
12774 Mar 2
9754J cite 25
7/
1
4 Dm 4
210 Dec 4
93/
1
4 Nov 13
6734 Nov 14
5614 Nov 2
RIO Oct 26
64 Nov 30
82 July 28
92/
1
4MaY 2
1
4 Jan 8
152/
321 Jan 3
1
4 Not 19
120/
12174 Dec 1
10/
1
4 Ikb 9
1914 Feb 21
190 Nov 13
3814 Aug 25
57/
1
4 Jan 2
15 Feb 7
3254 Feb 6
16/
1
4 Jan 7
2814 JO 7
75/
1
4 Jan 12
11818 Nov 7
5414 Mar 3
9934 Dec 1
8912Mar 3I
5914 Jan 13
108 Jell 13
70128ept 1
85 Nov 9
62/
1
4 Aug 27'
155 Apr 6
14754June 8
60 Jan 12
3812 Nov 20
48,4 Jan 2
4354 Jan 5
78/
1
4 Nov 14
25% Dec 4
36/
1
48evt 8
10914 Sept 5
246 Bet,.10
3778 Ort 5
72 July 10
11954 Jai
119 Jan 1
3.31443ept 11
6812July 14
3414 Feb 9
4874 Nov 30
6212 Now 30
8514 Nov 14
137/
1
4 Dec 4
119148ePt 14
5114 Feb 9
12 Sept 21
461
/
4Sept 21
65% Sepi 21
35 Sept 21
4 Mar 6
6214Sept 16
8614 No 19
4512Sept 8
9154 Aug 18
41 Feb 6
91 Doc 4
3 Oct 20
13034 Nov 14
177 Nov 25
98/
1
4 Nov 20
4253 Dec 4
3454 Aug 13
45 dent 29
14914 Nov 25
82 Nov 13
75 Nov 14
52 Nov 20
2074 Jan 12
8334 Nov 20
86 Nov 20
7, to Nov 20
12012 Nov 25
9114J une 1
41 June 1
4454June 1
6274 Jan 9
10214 Aug 28
9214July 28
63 Aug 24
88 Oct 2
5414 Nov 14
6114 Aug 27
1
4 Jan 9
108/
4
12
12
7:
5
1ep
s
Dect 12
64 May 20
3214 Mar 23
6 Nov 18
20 Jan 13
4214 Nov 24
1514 Dec 1
214 Oct 28
3058 Apr 4
40 Mar 30
2814 Jan 2
7454 Jan 2
3058 Jan 6
71 Mar 30
Velum,24
11314June 10
118 June 24
8811 Jan 6
28 Mar 24
2054 Apr 4
2174 Apr 22
12312Mar 30
75/
1
4 Jan 8
6814 Apr 25
42/
1
4 Apr 9
1314 Apr 30
6134J une 24
78 July 29
684 Apr 16
83 Mar 19
6934 Mar 30
3574 Mar 18
3614 Mar 18
42 Apr 24
5714 Jan 16
76 Jan 20
4354June 11
7018June 25
2054 Jan 16
35 Mar 30
96 Oct 7
77
2311 Jan 2
PER SHARE
Range for Previous
Year 1924.
Lowest
Molise,
$ per share it Per sbo.
12 Apr
25 Mar
9714 Jan
8614 Jan
158 Feb
112
Jan
5218 Apr
664 Apr
3954 Dee
86
Jan
1314 Jan
4854 Jan
40 May
14254 Mar
199 Mar
67/
1
4 Feb
99/
1
4 Jan
314 Apr
814 May
100 Apr
21 May
87 May
4 Apr
1012 June
10/
1
4 Oc
1814 Oct
49/
1
4 Jan
100
Jan
211
/
4 Feb
7654 Feb
655s Jan
29
Jan
6814 Apr
20
J
50
Jan
46
Jan
10418 Mar
110/
1
4 Feb
42 Deo
2054 Jan
38/
1
4 Feb
2514 Jan
53
/
1
4 Mar
20 May
111
/
4 Apr
50
Jan
-2054 Nov
574 Oct
10014 Mar
104 Mar
111
/
4 July
4414 May
12/
1
4 Jan
174 Mar
5114 Mar
03913 Apr
8718 Jan
42
Jan
3014 Jan
614 Mar
20 let
41 Nov
14 Mar
11
/
4 Jan
2814 Mar
50 June
1014 May
2954 Feb
9/
1
4 Jan
29
Jan
118 July
9914 Feb
72/
1
4 Fe
83 May
141e Jan
18 May
1
4 Apr
12/
102/
1
4 Jan
72/
1
4 Feb
47/
1
4 Mar
4214 Jan
9/
1
4 Mar
4014 Mar
7118 Apr
60
Jul
88
Jan
5174 May
84
Oct
03314 Jan
32
Jan
1914 Apr
42/
1
4 Jan
Jan
33
5774 Jan
814 Jan
1414 Jan
85/
1
4 Mar
636
8/
1
4
1, Jamn
431, Jan 27 58/
1
4 Mar 13
Jan
19
854 Mar
1
48eP1 9
re Aim 17 15/
58 Jan 22 74 Nov 33
39/
1
4 Oct
13314 Apr 24 15314 Jan 10 12658 Mar
69 Sept 16 7714 July 31
70 Mar
18 Aug 31 3312May 18
77s 14Pr
48/
1
4 Mar 23 831
2614 14pr
/
4June 25
6414 Jan 14 150 Nov 4
86
Feb
1034 Jan
1
4 Aug 26
1914 Mar 30 47/
55/
Jan
1
4 Jan 20 7312 Aug 17
34
3814 Jan 21 6012 Aug 22
2214 Jan
11 Mar 24 1854 Aug 25
854 June
16 Mar 27 2614 Jan 9
1514 May
19*4Jely 31 3558 Dec 4 --- -.72 July 27 8012 Dec 4
3114 Dec 1
1034 Mar 81
714 Jan
1414 Jan
22 Apr 2 5378 Dec 1
2274 De
4614 Det
12054 De,
Ma De,
5 Dee
15214 Dec
8478 De,
Me Des
4414 Dal
95 Not
4174 Dee
1
4 Der
75/
8854 Dec
15814 Nov
296 Des
9814 De4
109/
1
4 Jul.
10/
1
4 Da
1974 Dec
15014 Not
38 Dec
6278 Dec
111
/
4 Not
31% Nov
18/
1
4 Nov
3214 Not
7554 Dec
114/
1
4 Dec
50 Not
97/
1
4 Dee
8714 Nol
5774 Dec
94 Dee
49 Not
6514 Dec
39 Nov
13951 DM
149/
1
4 Des
413/
1
4 Der
355e Au
6914 Dee*
48/
1
4 Des
75 Del
3958 Nov
2914 Des
99 Dec
291* Dee
WA Dec
117/
1
4 Des
11714 Des
1814 Not
63 Not
39/
1
4 July
415s Dee
5914 Der
85 Dec
109 Dee
88 Dr(
6178 July
13/
1
4 Jai
412 Dee
7114 Jan
30
Jan
Jan
4
53/
1
4 Dee
75 Dec
34/
1
4 Des
7554 Dee
8414 No•
74 Dec
3 Dot
11954 Dee
128 Dee
9374 Beg
3314 Dee
2814 Nov
29 Nov
13314 Des
8014 June
73 Des
60 Dee
2218 Nov
73 Dee
8518 Au
77 Aus
7514 Dee
7918 Dee
5514 Jan
56
Jae
86 Not
65 Dee
8214 Dee
an Dee
74 Nov
2414 Dee
4514 Dee
105/
1
4 Not
87964
Dee
43/
1
4 Des
18: Any
68
Jas
UPI Dee
76/
1
4 Aug
41 Dec
6474 Dee
7254 July
243* Dec
6054 Dec
42/
1
4 Det
1614 Dot
2(
.
114 Dec
1713Dec
32/
1
4 Der
Industrial & Miscellaneous
7134 711. 7218 7118 72% 7134 72
4,300 Abitibi Power & Paper-No Far 02 Jan 6 7512MaY 29
61 Deo 64
135 *129 135 •130 135 •130 135
100 ng Jan 5 133/
1
4 Oct 28
All American Cables
9614 Mail 122/
1
4
106
105 105 *103 10478 •104 105
100 Adams Express
/
4 Oct 9
100 90 Apr 16 1171
78/
1
4 Jani 98/
1
4
19
188 1838 1,300 Advance Homely
1812 1814 1812 •17
100 13 Apr 11 20 Oct 23
6 June 111/
1
4
59 .51
5834 5812 5812
5814 *57
400
Do prof
100 47 Feb 18 6214 Oct 23
2814 June 64
038
918 914
914 914 5,100 Ahumada Lead
9% 9%
1
714 Oct 13 1238Mav
___
_
11738 41312 1154 1134 11414 11318 11434 22,200 Air Reduction, Inc_ -NO Par 86/
1
4 Jan 30 117/
1
4 Dec 271
6714 "I"
978 1012 16.000 Ajax Rubber. Inc___-No par
1034
912 10
9/
1
4 1034
938 Dec 2 1678June 19
418 May 14/
1
4
•Bld and asked pities. so Ex-dltrldend. a Ex-rights.
7034
•128
•105
1712
*55
914
11318
1012
7034 7034
135 *128
10712 .10514
1712 1738
574 5712
93
93
114
113
102* 1012
71
7034
135 *129
10712 *105
1814
1812
5712 *57
93
94
116
1144
1013 1014
DeDot
Des
Der
Der
New York Stock Record-Continued-Page 2
2728
Fos sales during the week of stocks usually inactive, see second page preceding.
I-1.11
SIGH ANL: LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
Nov. 28.
Monday.
Nos. 30.
Tuesday.
Dec. 1.
Wednesday. Thursday.
Dec. 2.
Dec. 3.
Friday.
Dec. 4.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
0.1A3 ran.
Range for Year 1926.
On Oasts of 100-share lots
Lowest
Highest
-1.11.
V Ldll UZI.
Range for Presionr
Year 1924.
-----Highest
Lowest
3 per share I per sharr 3 Per Oar
112 Mt
212 Oct 25
7g Jan
874 De
11534 Nov 9
65 Mar
Apr 11853 De
12114 Nov 21 110
95 Oct 17
7353 De
4158 May
10834 Oct 30
90
Apr 10478 De
1718 Jul
2978 Ocr 13
74 Apr
1834 Apr 4958 la
8212 Dec 1
36 Mar 494 Fe
43 Jan 7
684 Oct 83 De
8772.1une 19
3872 Ja
2214 Apr
5413 Jan 2
1534 Nov 19
76 Apr 102 De
114129ept 29 10414 July 110 Me
9572 Apr 1634 De
263 Nov 6
01
Jan 119
12178Sept 14 109
115348ePt 17
128 July 28 1184 Apr 123 Jul
2133 Mar 25 Set
27 Feb 14
4073 De
1434 Apr
62 Apr 18
23 Sept 39 Di
584 Ayr 18
7
01
312 June
614 Ja1322
88
Apr 1644 De 0
168 Jan 2
3138SeP1 3
94 Feb 19
9212 liar 13214 -De
142 Sept 23
1413 De
74 Apr
14 Jan 14
7233 De
504 Jan
7574 Jan 14
Fe
72 Aug 96
1364 Dec 4
Fe
83
7313 Nov
86 July 9
3533 No
1738 Mar
464 Nov 13
1214 Jo
10 May
20 Nov 14
1314 May 2834 De
5914 Nov 5
30 Apr 5333 De
89 Oct 2
7018 Apr 10934 De
14472 Mar 6
124 Feb 16 11614 AV 12012 Bet
3834 June 54 De
6752 Oct 26
9414 Apr 136 De
12212Nov 4
Or
83
7712 Nov
84 Jan 13
573 Apr 1014 No
7634 Nov 14
Fe
153
2
Oct
1012
Feb
28
1412
5712 Jan 10038 De
12553Nov 6
Jan 1074 De
96
11514 Oct 9
4458 Oct 27 ---- -___ ---- 11318 Oct 14 1014 Apr 1094 NO
Oct 8134 Fe
7678 Dec 4
36
Oct 994 Fe
10414 Nov 17
77
2413 Feb 14
ets July 2812 Jo
Jo
2213 Sept 69
1204 Oct 15
47 Feb 25
3814 Dec 434 Jo
14414June 18 12112 June 13434 De
12112 Oct 22 13653 Mar 1697s No
Apr 1064 Jul
110 Nov 12 101
11912 Oct 29 1364 Mar 16813 No
13533 Nov 4 106 Sept 115 Sep
40 Feb 144 De
6914 Deo 1
8912 Mar 101 De
103 Feb 18
514 Sept 784 la
8414 Jan 8
Oct 1025* Jo
90
9614 Jan 20
14 Apr
7 Jul
713 Jan 3
7 Mar 1214 De
1212 Jan 9
24 June an De
4178 Dec 4
284 May 4814 De
5314 Nov 6
2813 Dec 29 De
45780ot I
90 Dec 914 De
105 Oct 16
834 June 9418 De
100 Oct 8
2712 Oct 5
0
Oct 16
Joa
1753 Oct 30
51 Dec 1
107 Nov 30 ---- ---- ---- -6138 Nov 2
8313 May 94 1140
102 Oct 28
Jan 102% De
89
10814 Feb 7
2712 July 3458 Fe'
4433 Dec 4
1034 Mar 23 De
77 Sept 29
124 Jan 314 De
60 Sept 23
784 July 1404 Jo
11712 Feb 5
Oct 118 Fe'
11734June 8 108
5 June 1113 Ja.
21 Dec 4
1812 Mar 3312 De
324 Jan 12
79 Apr 91 No
96 Aug 15
lig Nov
811 Jo
414May 14
146 Feb 26 1044 May 13433 De
11652 Jan 31 1104 June 1174 No
14 Feb 2311 De
30 Mar 3
10
Jan
25 Nov 14
1713 De
234 Nov 89 De
7314 Oct 8
8913 May 50
6314 Feb 14
Jo
4434 Apr 724 De
7734 Aug 26
4053Sept 0
5312 Jan 13
3734 Oct 1321g Fe
11011 Feb 8 10114 Apr 11014 Fe
102 Jan 31
8912 June 97 Fe'
872 Oct 6
358 June
714 Jo
48 July 21
-4412May 25
15612Nov 6 10714 June 12-434 -13e
10014 Nov 5
5658 Apr 8214 De
157 Nov 2
39 May 7612 De
109 Oct 9
84 June 994 De
4938 Jan 21
1234 Oct 7
95- -Dec 11-2-1;ii
3653 Oct 7
1952 Feb 20 No
103 Sept 4
6224 Nov 6712 Oc
1912June 15
8973June 20
834 Jan 2 - 358 Ji.1iCe -914 -ffe
2854 Jan 3
17 Apr 2538 De
2414 Jan 9
14 May 254 De
252 Jan 12
1 Nov
.114 Ja:
13612 Nov 13
80 Apr 10614 De
32% Mar 7
194 July 294 Tel
434 Feb 19
24 May
55* Jo'
5978 Nov 20
414 Mar 58% De
184 JIM 5
1313 May
1912 De
6712 Dec 2
14 Mar 35 De
10012 Dec 1
4114 May 77
Jo:
2353 Oct 13
973 Mar 2153 De
71 Oct 13
294 Mar 5814 De
4713 Mar 11
2514 Apr 3614 No,
9834 Jan 19
91
Jan 9512 Jul:
6433 Nov 14
4034 Mar 5034 De
5834SePt 8
2472 June 4413 De
52 Oct 23
2678 Nov 6613 Jo:
1285
5
JanD
2
3
00
14
7 Di
3
7972 M
m ay 10
$ Per share 3 Per share 3 Per share $ per share $ per share $ per share Shares.
*15a
14
•158 178 •158 14 5153
17g
14 *153
178 *114
11014 11112 10934 11012 110 11214 11214 11312 112 1144 114 11512 34,300
1,300
121 121
.12072 121
12072 1204 1204 1204 121 121
12072 121
9112 8,100
8812 89
8712 88
89
89
8912 89
8912 8814 89
700
•107 108 *107 108 .107 108
108 108 .107 10812 .107 10812
26
264 26
2738 2634 29
2812 294 28 . 2833 2718 2818 22,000
18,700
81
7514 76
80
7613 784 7812 8212 8112 8238 804 82
1,800
.3414 344 33
3418 34
34
34
3434 344 3414 3412 3458
200
*75
86
*72
83 .72
86
83 .72 '83
83
83 .83
2934 32
31
3238 32
3212 32
32
3112 32
3138 314 16.900
1,500
1374 13712 13612 137
137 137
137 137
137 13734 13734 139
300
•112 11314 *112 11314 11314 11314 *112 11318 *112 1134 11318 11314
24713 252
255 26212 25612 26134 121,600
24613 24934 24834 259
256 261
1.600
121 121
121 121
120 12038 12012 12012 12012 121
121 121
10818 10812 10814 10918 10712 11012 10912 11038 9,200
108 10812 107 108
200
12512 12513
•124 126 *124 126 .124 126 .124 12512 125 125
2453 2458 .2412 2478 2412 2434 .2412 244 .2452 2434 2412 2478 1,400
7,400
52
5214 55
51
*50
52
5012 504 50
502 5034 52
200
53
.50
51
48
48 .45
•47
51
48
48
*5012 52
Indus. 9, Miscall. (Con.) Par
Alaska Juneau Gold Min__ 10
Allied Chemical & Dye_No par
101
Do prof
Allis-Chalmers Mfg
100
Do pref
100
Amer Agricultural Chem_100
Do prof .
100
American Beet Sugar
100
Do prof
100
Amer Bosch Magneto_No par
Am Brake Shoo & F____No par
Do prof
100
American Can
100
Do prof
100
American Car& FoundryNopar
Do prof
100
American Chain, class A_ _ 25
American Chicle
Pio par
Do certificates
No par
$ per share
1 Jan 6
80 Mar 30
117 Jan 9
7112 Jan 6
10314 Jan 3
1312 Mar 19
364 Mar 22
2953 Oct 27
8014 Jan 19
264 Mar 24
9014 Mar 30
10713 Jan 12
15818 Jan 16
115 Jan 29
9712 Apr 27
12034 Apr 2
2213 Oct 3
37 Jan 27
37 Jan 7
412 412 1,500
413 44
458 434 .458 434
458 458
453 458
700
138 138
•13712 1384 .137 13712 138 139 *138 13813 .13812 139
33,800
42
40
4132 40
4012 3912 40
3934 404 3913 4078 40
9134 9212 1,330
92
92
92
9213 9212 9273 9278 02
9212 92
_
_
_
_
_
_ _ __
_
*129 135
_
_
_
_,.__
'i(--iri
1314 -133-4 1314 1338 lifs 1.i-,") iii8 1314 1313 I312 1513 1112 -2
6314
500
6334 .63
6312 6313 6312 6312 634 634 6334 6334 *63
129 1314 12912 13134 12914 13012 12914 13012 129 1334 134 13638 19,500
600
85
844 .8412 8434 8434 8431 85
8434 8434 8434 8434 .84
4258 4334 414 4312 43
434 42
4312 414 4212 4218 4314 15,200
1512 14,500
1514 154 1513 16
1518 1558 1518 1512 1478 1512 15
4734 484 4712 4813 2,500
4773 48
•4814 50
4712 4858 4712 48
500
*8513 86 .8412 8534 8512 8512 8512 8512 8434 8512
86
86
15,700
120 12112 11913 12012 11913 121 18 120 12113 12018 1214 122 123
500
120 120
120 120
11912 11912 11912 120
•119 120 .11913 120
5318 5234 5314 5314 5314 5234 .534 5314 5314 2,800
5318 5318 53
1144 11412 114 11412 11413 11434 114 11512 114 11412 114 11414 5,000
.7813 7934 .7812 7934 *7812 794 .7812 794
.7834 81
*7812 81
6834 8,200
66
6714 *6612 67
664 6838 6612 68
664 6672 66
618 618 2,100
614 64
64 632
638 813
.614 612
614 614
12038 12114 11914 11934 11912 12032 120 12112 12012 1214 12112 12378 23,800
1,000
11233 11232 11213 11212 11214 11212 11212 11212 11214 11214 11212 113
43
4314 4,200
4258 4253 4234 424 4212 4234 4212 424 4253 43
'
11212 114 *11213 114 .112 11312 .112 11312 .112 11318 *11213 1134
7514 7414 7638 76
7678 47,300
273
7334 73
7212 7314 724 75
10212 1024 1,200
10278 103
10314 10314 10312 104 210214 10214 10212 103
1073 1338 6,400
1013 1013 1078 1138
1034 1034
1014 104 1034 11
.88 11834 .105 11834 .105 120 .105 120 *105 120 .105 120
43
43 .39
42 .39
*3812 42 .39
.40
43 .3812 42
14178 14218 14158 14218 1414 14214 14218 14212 1424 14312 10,300
1414 142
11418 1144 1154 11578 6,700
11458 11518 11538 1154 11438 11512 11438 115
900
108 108 .108 10812 10838 10812 .109 10934 10912 10912 1094 10934
5,700
11418 11434 11473 1144 1144 11454 114 11438 11412 11434 11438 115
500
12612 12612
126 126 .12513 128
127 12714 125 125
•12514 129
6634 6712 49,900
6814 6658 6914 664 6818 654 67
6534 64
64
10118 10134 101 10178 10112 10178 1,400
•101 10112 10112 10112 100 101
4,000
4718 4638 474 4614 47
474 47
4612 4612 4653 4712 47
9112 9112
600
*9012 92 .9012 92
9013 9012 9034 9134 *9012 92
134
134 *134 2
500
14
134
134 134 .13s
• 134
2
2
6,000
10
1078 1012 11
958
934 1038
94 914 *9
912
•9
5
42
4214
444
19,700
37
37
4034
37
3612
393
4
37
3712
.37
4938 4834 4918 484 4938 23,000
4878 4938 4834 4918 4834 4918 49
4178 4178 42
42
600
42 .404 4212 .4014 42
42
42
42
•101 104 .101 104 .100 104 *100 104 .100 104 .100 104
1,000
49713 9758 974 9758 9753 9753 9734 9734 974 9734 9734 9744
2512 23,700
255,25
2514 2512 2518 2538 2514 254 2514 2512 25
1,500
1312 1313 14
134 1378 1234 1358 *1312 1334 1312 1312 13
51
5,000
5058 5034 5034 *50
50
51
4812 4812 4858 494 50
620
107 107 .10634 108 *10634 10718
107 107
107 107
•10514 107
5634 5678 5612 574 5613 5714 5612 5712 11,800
5613 5718 5614 57
400
9912 9912
9934 9934 994 9934 *99 100
*99 100 .9812 100
•10612 108 .106 108 5108 108 *105 108 .105 108 .105 108
4214 4214 444 37,200
4034 404 4153 41
4012 40
4012 40
40
65
62
6478 61
62
61
6112 6312 20,300
5734 5838 5834 04
6,900
5518 56
5434 5578 5412 55
57
.54
55
54
5614 56
11012 11012 108 10814 10878 10912 10873 10912 10912 10912 10934 11032 4,000
100
11618 11618 *115 11714 .115 117
*11412 117 .114 11612 .114 117
50,200
21
2012 20
1614 1614 1934 19
164 164 164 1618 *16
3052 3012 3012 3014 3038 2,700
30
3014 3014 30
3012 30
*30
400
9318 593
94
9314 9314
95
93
592
93
93
.93 . 95
1,000
112
114
114
1
1
114 .114
114
112
112 *114
*114
12434 12812 126 12712 12678 1284 127 12934 212718 12834 58,800
12514 127
600
•11314 11513 11514 11514 *11314 11514 .114 11514 11514 11514 211053 11052
2518 2518 2538 2512 2712 2634 2712 35,700
25
254 2412 25
25
2413
8
24
233
4
25
247
8
6
900
.234
2312
237
2312
2312
234 2338
.45
50
*45
50
50
5112 .4518 50 .45
5112 *45
.44
*3814 41
*3812 41
200
.3814 41
39 .384 41
384 3812 39
6834 10,600
6712 6812 674 8814 6753 6812 6753 6814 68
70
68
3912 39
3933 394 3934 15,400
3914 39
38
3753 3778 3753 38
4738 484 48147 4933 36.500
4718 4814 4738 48
48
4738 484 47
11538 •11434 11514
•1154 116 *11512 116 .114 11512 *114 116 *11412
1,600
10014 101
100 100
1004 10114 10012 10153 299 10034 100 100
712 .613 712 1,200
412
7'8
7
612
612
64
614
618 618
500
43
.4212
43
.42
424
4212
43
43 .4212
43
•4213 43
11,600
324 3234 3134 3238 3134 32
3334 3212 33
33
3234 33
135
13513
6,800
1354
136
136
13512
13614
13414
13312 13514 134 13478
9412 944 9412 9433 9434 9473 9514 6,400
934 9412 94
9334 94
900
130 130 .128 130
130 13034 130 130
130 130 .128 130
.108 10912 *108 10912 .108 10912
10912
•108 10912 108 10912 •108
3218 3218 3214 324 324 2,700
3112 3214 32
32
3134 32
32
700
119 .11734 11834
•11611 11812 .117 11712 *11712 11734 117 117 .118
33
3314 1,300
33
33
33
33
33
33
33
3212 3212 33
93
300
9112 9112 9112 9112 .92
*9112 93
924 9212 *9112 93
400
17
1713
17
•1612 1712 *1853 1712 *1653 1712 .164 1712 17
800
8638
.864 8712 86
86
86
*8512 86
87
8512 86
87
1.500
67
8
64
63
4
63
4
64
67
3
64
63
4
.678 7
634 64
2714 2518 2512 2512 2612 12,400
2612 26
24
234 2412 2334 24
4,600
1414 1478 1412 1434 1412 15
13% 14
1414 1458 1378 14
53 1,000
.
12
14
12
53
*12
58
ki
53
'11
58
4
4,200
1274 12912 12834 12878 12712 128
12718 128
12912 131 2128 128
34,900
3118 3134 3134 32
3078 3112 304 3114 3012 3112 3118 3134
1,700
214
214
214
24
23
8
214
214 214
2
24 214
2
3,300
5812 25614 57
58
5714 5838 5714 5734 5734 5778 58
58
4,900
14
1418 14
1538 1533 21234 1458 1414 1438 1418 1438 1378
6,200
6612 6712 664 6634 6534 66
6612 67
67
664 6714 66
1,200
100 100
9913 100
10012 10012 9978 100
.99 101
•99 101
6,200
1912
19
1913
10
1914
19
197g
1834
19
1933 1912 1834
6,600
8
643
4
643
s
647
637g 663* 647g 6512 6414
6314 64
6378 64
300
3234
3234 *31
*31
33
*32
33
33
33
33
33 .31
*9312 9512 *9312 9512
100
94
94
96
96
*94
*94
9712 *94
6212 10,100
6214 62
61
6234 6134 63
6018 6013 6014 61
60
5238 9,100
5014 5014 5018 5073 5034 5312 5214 5272 5218 5238 52
4834 5058 4758 494 79,000
4714 50
44
454 43
4514 4434 48
14,700
12718 128
12714 128
12338 12512 124 125
12412 12678 126 128
50
.48
51
.48
.4812 51
.4612 51
.48
51
.47
51
6814 5,800
6712 67
67
671g 6712 6634 67
6712 6814 674 68
3414 13,300
344 3458 3414 3434 3412 3532 x3438 344 3418 3412 34
600
2112 2014 2014
*20
22
2112 .20
20
2014 2013 .20
20
187 1914 19214 19612 94.600
189 10338 1854 19012 184 18914 186 190
1083
8
7,900
108
1075
8
10812
10712
10812
10753
100
106
*10614
•108
10812
6812
700
684 6812 684 *68
68
6712 6712 8734 68
68
68
14978 155
26,300
14012 14814 14112 1454 14478 1474 14638 14634 145 1494
38
7,400
375
8
373
4
43612 37
3612
3434 3614 3512 36
3612 3613
584 5714 5814 20,600
57
554 554 5473 5533 .5512 5744 5634 59
'784 7934 15,400
79
7914 7934 7814 79,2 7753 7913 777g 78s 78
•Bid and asked prime, no sales on this day. a Ex-rIghte a Ex-GlYBiOUtI.
Amer Druggists Syndicate_ 10
American Express
100
Amer & Torn Pow new_No par
Do pref
No par
Do 25% paid
American Hide & Leather_100
Do pref
100
American Ice
100
Do pref
100
Amer International Corp 100
American La France F E
10
American Linseed
100
Do Prof
100
American Locom new __No par
Do Prof
100
American Metals
No par
American Radiator
25
Amer Railway Express___100
American Safety Razor__ _100
Amer Ship & Comm ___No
- par
Amer Smelting & Reflning_100
Do prof
100
Amer Steel Foundries. _No par
Do pref
100
American Sugar Refining _100
Do pref
100
Amer Sumatra Tobacco...100
Do Prof
100
Amer Telegraph & Cable-100
Amer Telep & Teleg
100
50
American Tobacco
Do prof
100
Do common Class B---60
American Type Founder/3_100
Am Wat Wks & El
20
100
Do lot prof (7%)
American Woolen
100
100
Do pref
Amer Writing Paper pref 100
Amer Zino. Lead & Smelt
25
Do pref
25
Anaconda Copper Mining__50
Archer, Dan'Is MIdI'd_No par
100
Do pref
Armour & Co (Del) pref_100
Armour of Illinois Class A__25
Arnold Constle&Covto No par
Artloom
No par
100
Preferred
Associated Dry Goods100
100
Do 1st pref
Do 2d pref
100
Associated 011
25
Atl Gulf & WI SS L1ne____100
100
Do pref
100
Atlantic Refining
100
Do prat
No par
Atlas Tack
Austin, Nichols &Covt cNopar
100
Do Prof
Auto Knitter Hosiery_ _No par
Baldwin Locomotive Wks_100
100
Do prof
25
Barnsdall Corp. Class A
25
Do Class B
No par
Barnet Leather
No par
Bayuk Cigars, Inc
Beech Nut Packing
20
Belding Bros
No par
100
Bethlehem Steel Corp
Co cum cony 8%1)1'01_100
100
Do pre 7%
Booth Fisheries
No par
Botany Cons Mills Class A50
Briggs Manufacturing_ ..No par
100
Brooklyn Edison. Inc
Bklyn Union Gas
No Par
100
Brown Shoe Inc
100
Do prof
Brunswick-Balke-Coll'r No par
No par
Burns BrotherS
Do new Class B corn No par
Burroughs Add's Mach_No par
No par
Bush Terminal new
100
Debenture
5
Butte Copper & Zino
100
Butterick Co
Butte de Superior Mining_10
Caddo Cent 011 Ss Ref No par
No par
California Packing
25
California Petroleum
10
Callahan Zino-Lead
412 Oct 7
125 Apr 27
2714 Apr 7
87 Jan 6
12912 Nov 19
812 Mar 31
5812Sept 2
83 Mar 18
7413 Mar 17
3212 Mar 30
114 Jan 2
20 Mar 25
53 Jan 2
10413 Jan 5
115 Aug 14
4534 Mar 30
8978 Jan 3
278 Sept 15
3674 Jan 2
54 Oct 20
9033 Mar 30
10513 Jan 5
3752June 11
108 Jan 7
4758 Jan 16
9114 Jan 10
6 May 6
28 Apr 27
•3734June 1
13052 Jan 2
85 Feb 17
10412 Jan 5
844 Feb 17
103 Apr 22
3438 Jan 13
9714 Aug 6
3434May 8
694May 6
134 Nov 16
7 May 12
2478May 1
3514 Apr 21
26 Jan 7
904 Jan 5
9012 Mar 31
20 Mar 19
8 Jan 5
39 June 19
10112 Aug 20
4612 Aug 17
94 Jan 7
101 Jan 2
32 Mar 30
20 Jan 5
31 Jan 5
9512 Jan 2
1134 Jan 6
918 Feb 16
22 July 6
8733 Jan 27
1 Dec 4
107 Mar 30
107 Aug 7
184 Aug 12
16 Aug 18
35 Jan 5
3814Sept 29
80 Mar 23
37 Sept 4
37 June 5
109 Mar 18
9314June 1
418May 4
404 Aug 26
27 Oct 24
12053 Jan 2
754 Feb 17
6412 Mar 31
96 Mar 25
24 June 25
9212 Feb 11
17 Mar 31
85 Jan 3
1458June 4
80 May 14
4lgr3j
17 May 13
612May 5
4 Nov 12
1004 Jan 27
237
; Jan 2
14 Oct 10
45 Apr 22
1214MaY 26
24 Mar 18
60 Mar 11
1434 Mar 28
494 Mar 24
3034Sept 2
94 Dec 2
434 Mar 24
4034 Mat 24
2712 Aug 20
8014 Mar 19
4412July 7
4978 Mar 31 7478 Oct28-3012 Mar 30 3758 Jan 2
2552 114-ar - 384 -De
19 Apr 23 2838 Feb 1
1, Mar 29 De
1084July 14 253 Nov 2
1004July 24 11172 Nov 7
6813 Mar 17 7134 Jan 12
bi- Oct -751-2 -iii
80 Jan 6 17734 Nov 9
61
Apr 8312 De
3214 Apr 21 484 Jan 13
244 Feb 5414 All
45 Mar 24 59 Doc 2
3934 Sept Ws Jai
452 Jan 21 86 Oct 21
33 Mar 68 De
10
Calumet Arizona Mining
25
Calumet dr Heels
Case Thresh Mach1ne____100
100
Do prof
100
Central Leather
100
Do pref
Century Ribbon Mills__No par
100
Do prof
Cerro de Pasco CopPer_No par
Certain-Teed Products_No par
Chandler Motor CarNo par
Chicago Pneumatic Tool_100
Chic Yellow Cab tem(AIN° par
No par
Childs Co
25
Chile Copper
6
Chino Copper
No par
Chrysler Corp
No par
Do preferred
100
Cluett.Peabody & Co
No par
Coca Cola Co
100
Colorado Fuel & Iron
Columbian Carbon•t o No pat
No par
Col Gas & Elea
New York Stock Record-Continued-Page 3
2729
For,alea during the week of stocks usually inactive, see third page preceding.
PER SHARE
PER SHARE
111011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Sales
STOCKS
Range for Year 1925.
!Canoe for Precious
,....
NEW YORK STOCK
for
On
basis
of 100-share lots.
Year 1924.
Saturday. I Eloutlay, 1 Tuesday, 'Wednesday. Thursday, 1 Friday.
the
EXCHANGE
Nov. 28.
Nov. 30.
Dec. 1.
Dec. 3.
Dec. 2.
Dec. 4.
Week.
•
Lowest
HOLM
Lowest
t$ per share 5 per share' 3 Per Share $ per share $ per share i $ per share Shares. Indus.
& Miscall!. (Con.) Par
Per oltaro
11214 11214 .11158 1124 *11112 11212 112 112 .11112 11212 *11214 11212
300 Col Gas & Elec pref
100 1044 Jan 5 113
35 pel or O
Chcar
t
128 129 1 125 125
104
Ifg
:tec
1"
re 5Pe
105r""
Dog
e
12912 12934 13014 133
129 13212 13312 136
3,500 Commercial Solvents A No par 80 May 25 190 Jan 29 $p3
4312 Jan 13114 Dee
122 127 ' 121 121
122 128
129 13112 12812 131
13014 134
"B"
7,000, Do
No par 76 May 25 189 Jan 20
33
Jan
16
12912 Dee
1684 1634 19
1818 194 1758 1812 17
1758 171s 1834 48,2001 Congoleum Co new _ _ _ _No par
27
Nov
157
8
43h
Jan
2
3232 May 66% Feb
4
4 .
12
5a
"2
58
58
38
53
53
•12
800 Conley Tin FollstampedNo par
53
12MaY 19 17 Feb 10
'4814 4914 48
734 May
1414 Dee
5012 5018 5112 4978 5078 4912 5078 5012 5212 20,200 Consolidated Cigar
No par
2612 Jan 2 5212 Dec 4
00
1138 Mar 30 Nov
0012 .102 10312 91
92
9258 9234 *9012 9234 9278 93
1,500
7944
100
Do
Jan
Prof
2
Dec
93
9.8
pb19
4
*412 478
5912 Apr 84
412 412
Jan
412 412 .414 412
414 44
4
432 3,300 Consolidated Distrib'm No par
318 Jan 7
18 Jan
9153 9218 9158 0212 0134 9234 9212 9234 9258 9338 9312 94
314 Dee
24,700 Consolidated Gas(NY) No par 7413 Mar 30 954 Oct 29
6078 Jan 7972 Dec
.353 334
312 312
358 353
312 312
312 312
Consolidated
2,800
33
312
4
Textile-No
Dar
23
0une
9
54 Jan 7
2% Apr
8134 8212 8114 82
8
Jan
82
8238 82
83
8112 8338 81
8514 20,300 Continental Can, Inc_ No par 6012 Mar 29 8512 Nov 6
4312 Apr 6938 Des
•125 127
125 125 *124 125 •12434 12478 125 12514 1262
400 Continental Insurance
25 103 Jan 5 13434 Oct 22
8912 Apr 1091e Dec
1112 1112 1138 1178 1138 114 1114 1112 1114 1112 1114 12612
1112 14,600 Conti Motors tern ctfs_No par
814 Jan
1512 Oct 17
6
3918 3978 39
Apr
878 Des
3938 39
3934 3918 3934 3918 4114 4038 4178 86,500 Corn Products Bellow I.,__.28 323sMaY 2 4178
29
Dec 4
*11913124 •121 124 .122 12412 .121 125 .121 125
8112 Jan 4334 Nov
.121 125Do pre
100 11812 Jan 7 127 July 3 1154 Apr 12332 Aug
56
56 .54
56
5512 5512 .54
55
55
55
54
Coty,
1
55
1,000
Inc
No par 48 Aug 21 6014 Oct 15
7912 82
7934 8114 80
81
80 '8138 80
8034 814 8178 9,300 Crucible Steel of America_ _100 6412 Mar 30 8452 Nov 7 46*99
May 76
9934 .9912 100 .9912 100
994 9978 •9858 100 .9312 100
100
Do prey
100 92 May 8
94 94
14
918 938
86 May 98 Des
912 934
058 10
1014 10
10
1014 10,800 Cuba Cane Sugar
No pa
734 Oct 23 14% Feb 9 I 1012 Oct 18 Feb
45
4532 4414 4512 45
4534 45
4534 4514 4572 4512 4578 0,300
Do prat
100 3718 Oct 23 6258 Feb 26
53% Apr 7172 Feb
2514 2534 25
2558 2514 2514 2518 2578 2514 2534 255a 2578
6,200 Cuban-American Sugar__ __10 20 Oct 26 3312 Mar 3
2814 Nov 3872 Feb
.96
9712
9713
2
9712
2
*9612 9712 9712 9712
100
Do prof
*318 314
100 9378 Nov 11 101 Mar 13
338 328
Jan 10014 No,
96
314 314
3
314
3
3
3
314 10,900 Cuban Dominican Bug_No par
212 Oct 1
61, Feb 27
4h June
.19
20
813 Feb
*19
20
*19
20
1714 1812 17
1734 1714 1712 1,200
prof
Do
100 17 Dec 3 444 Jan 6
38 Dec 52 Feb
'9812 9812 9834 9834 09812 99
9812 99
9812 9812 99
99
1,400 Cudahy Packing
10(
95 Aug 20 107 Oct 3
4614 4612 4618 4612 4512 4618 4538 4618 46
47 .46
4612
Cuyamel
3,100
Fruit
par
41
No
451
Nov
16
59
May
741j
25
i4(EIV
118
p8
1
Ja.
1
1
118
1
1
1
1
1
1
2,500 Daniel Boone Woolen Mills.25
1 June 25
74 Jan 9
6 Nov
37
3778 37
3258 Ma,
3734 37
3713 3758 3734 3712 3878 3734 38
4,100 Davison Chemical v t o_No par 2778 Apr 30 49% Jan 23
3811 Nov 6912 Jan
*2512 27
.2512 2634 *2618 2714! 2618 2618 .2612 2734 *2512
27
De
7
8
Mines__No
Cons
Beers
par
2014
Mar 18 2714 Nov 13
13712 139 . 137 139 .13714 13812 13634 13814
1814 Jan 2214 Dee
13612 13712 13838 13812 2,100 Detroit Edison
110 Jan 5 159123ePt 29 10114 Jan 113% DO4
394 4034 3958 404 3912 40 1 3958 41
4038 414 4134 4212 98,900 Dodge Bros Class A_ __No 100
par 2134June 9 4834 Nov 4
86
8618 8558 86 1 8512 8612 8618 861
8638 87
8612
8712
10,000
certifs____No
Preferred
par
7312May 7 9112 Oct 17
1738 1712 1714 1738 174 1738 1738 1738 1714 1714
1718 1714 2,000 Dome Mines, Ltd
No par
1234 Apr 14 1818 Nov 20 "f1-4 Nov
•20
2118 .20
21 1 .1912 20 1 20
.1912 20
20
100 Douglas Pectin .
No par 14 Feb 16 231
:Aug 4
•10912 11012 110 110 1.10912 11012 *110 11012 *110 11012 *1912 20
932 June 18 Des
*11010 11018
200 Duquesne Light Tht pref_100 105 Jan 7 113 SeP1 23 10012 Mar 10814 Bepl
11138 11134 x10934 11012 10918 110 I 10912 10934 110 110
10918 110
3,500 Eastman Kodak Co
No par 10434July 18 118 Jan 19 1041s Apr 114h Nov
2514 2514 2512 251s 2514 2512' 2518 2538 2512 287
29
3012
78,700
Eaton
Axle
&
Spring
No
par 1012 Feb 13 3012 Dec 4
814 Sept 2412 Jar
22412 230
219 225 2216 220 I 219 22234 220 225
22514 238
32,1(
0
1 E IDdou Poorno doe%
Nem & Co__100 13414 Jan 5 27114 Nov 12 112 May 142 Dee
*10212 103
102 10212' 102 102
102 102
10134 10134 102 102
I
100 94 Jan 23 10412 Nov 13
85
Apr 36 Dee
294 3018 294 2978 29
2934 294 294 2858 2912 284 29
23,800
Elec
Pow & Lt ctfs___ _No par 174 Apr 25 4015July 16
•10512 10612 10553 10558 10534 10634 10558 10558
106 106
10612 1061(1
900
40% Pr Pd
100 Mar 18 110 June 16
.105 108
107 107 1 10834 10834 *105 108 90512 10834 *106 1084
200
Pref full paid
10012 Mar 28 11034June 24
92
9212 9214 9214 9212 9258 9212 924 9234 9273
924 9278 2,3001 Do mei "Us
8978 Aug 28 94 June 10
7534 764 7512 767g 76
77
757s 7634 7534 7612 76
7912 21,600 Elea Storage Battery_ _No par 6034 Mar 30 7912 Dec 4
501, May 66 Do.
312 312
314 314
334 334
4
418
4
418 •334 4
Emerson-Bran
3,3001
tingbam
100
Co..
118MaY 1
54 JUiY 31
72 June
691: 69
69
3h July
69
6912 7114 71
7114 71
7114 7012 71
5,9001 Endicott-Johnson Corp.__ 50 6334 Apr 2 747k Sept 17
•114 116 .114 116 1•____.
May 7332 Dos
.114 115 .114 11412 114. 114
200
Do pref
100 111 May 28 11834 Oct 9 10512 June 115
.17
Jan
1738 .17
1733 .17
174 1718 174 .17
1-733 .17
1712
Exchange
300
Buffet
Corp_No
par
131:JIlly
23
1972 Jan 3
18 Dec 2412 Wm
.3
4
*3
4 1 *3
4
*3
*3
4
4
*3
4
Fairbanks Co
25
214 Mar 27
434 Aug 5
2 Dec
49
44 Jag
4938 4812 49381 484 484 4814 484 4812 4834 484 49
2,600 Fairbanks Morse
No par 324 Jan 2 5452 Oci 28
25h May 34 Des
10538 10714 105 106 1 105
1064 1064 10712 107 10878 10818 11038 29,500 Famous Players-LaSky_No par 9014 Feb 17 11434July 27
61
Jan 9812 Dee
11514 11514 *11412 115 .114 115
115 115 *115 11612 116 116
700
Do pref (8%)
100 10372 Feb 17 120 July 27
8772 Jan 1084 Dee
Full paid receipts_ _ __No par 102 Aug 31 11112Sept 17
-28- 2834 2812 30
3014 3314 32
3378 -31ia -314 -32
327g 40,500 Federal Light & Trac
15 26 Oct 2 36 June 19
70
71
7112 75
7834 7834 75
80 .70
77 .70
79
1,400 Federal Mining & Suielt'g_100 1514 IA ar 13 86 Nov 23
558 Apr 24I Dee
86
87
8512 8712 9012 9312 91
9112 91
9234 91
9114 5,000
Do pref
100 4912 Mar 11
9312 Dec 1
4112 Jan 6412
168 168 *168 171 *167 .170 .168 170
16934 170
170 170
700 Fidel Phen Fire Ins of N Y_ _25 14713 Jan 6 177 Oct 21 118 Mar 146 Dee
•1418 1612 41412 17 .14
Dee
17
•141g 17
•1418 17
*1418 17
Fifth Ave Bus tern ctfs_No par
12 Jan 8 171 July 13
912 Jan 1312 Jag
9612 9978 95
98
9332 9512 • 93
9534 93,4 964 96
9778 30,300 Fisher Body Corp
25 6014 Feb 17 125 Nov 7
22
23
2158 2233 2153 2178 2112 214 2134 2418 2312 2434 94,400 Fisk Rubber
No par
1012 Mar 24 2834 Oct 2
61, June
-ii-e;
11278 11314 ill 11212 100 11012 10812 10912 10914 111
10912 1 11 12 7,000
Do tat prat
100 7512 Jan 16 11612 Nov 18
8812 July 86 Dee
13912 13912 13534 13812 137 13812 .138 13812 138 13912 139 139'2
3,300 Fleischman Co
No par
75 Mar 19 146 Oct 9
4414
Jan
9014
Rev
174 175,
174
8
17612 z173 17334 170 17312 170 17314 17212 17312 16,400 Foundation Co
No par 90 Jan 6 1834 Nov 17
6812 Jan 94% Dee
1834 1934 1912 20
194 2012 2018 2012 204 204 2035 214 24,600 Freeport Texa8 Co
No par
8 Mar 18 2478 Oct 13
712 Sept 1372 Jan
3712 3778 3712 3758 3712 374 37
3738 374 3712 3718 3714 3,700 Gabriel Snubber A__ _No par
2878 AUK 25 3978 Nov 20
74 712 .718 712 *718 7.2 *718
712
678 712 1,900 Gardner Motor
Vs 718
No pas
418 Jan 2 1614 Mar 2
314 Oct
7
Jan
5112 5214 514 52
5212 3,400 Gen Amer Tank Car
5134 5134 5118 524 5212 5212 52
100 4412 Mal 4 60 Oct 27
3512 May 53 Dee
•103 10312 103 103
10238 10258
10314 1034 *10212 10312 *10212 104
Do pref
300
100 9334 Feb 16 104 Nov 23
92
Feb
9912
Des
5634 574 56
6012 584 594 5812 5934 5812 5918 59
6033 21.100 General Asphalt
100
424
Mar
6334
30
Jan
2
8132 Apr 6332 Dee
.06
99
99 10078 *100 101
10012 10012 2,900
100 10012 100 100
Do pref
100 8612 Mar 17 10118 Nov 13
714 Apr 100 Des
.220 264 .220 264 .220 264
264 264 .____ 272
272
100 General Baking
No par 121 Mar 7 264 Dec 2
93
Jan 160 Sept
102 102
10112 102
102 10234 102 10312 10312 10312 1031a 10318 2,200 General Cigar Inc
100 844May 4 169 Oct 22
8214 Apr 9832 Del
307 313
30114 310
316 31934 34,200 General Electric
30634 312 x30678 316
30234 308
100 22714 Feb 17 3374 Aug 24 19318 hin 222 Des
1078 11 18 11
1118 1118 1118
Illg 1118 x1078 11
1033 11
Do special
12,900
10 1078 Oct 15 1178July 10
1012 Apr 114 July
11414 11918 11234 11512 11214 114
11278 11458 11312 11612 11618 11836 243.900 General Motors Corp. No par 6438 Jan 5 14034 Nov 7
55% Oct 6672 Dee
•113 1133 11314 1137e 114 114
114 114
11373 113h 1137s 114
Do 7% pre:
1,800
102
100
5
Jan
Nov
11478
July 10312 Dee
954
5
52% 5278 5238 5238 *5212 5234 5214 5212 5238 524 524 5233 1,700 Gen Outdoor Adv A._.No par
4518 Aug 13 5434Sept 21
_
.28
20
2878 2878 2818 2878 .23
2812 2834 2834 2878 28%
Trust certificates_ __ _No par 2618 Aug 13 33 Sept 16
800
49
4914 x4812 4914 4918 5014 4914 50
4938 4934 4978 5138 37,400 General Petroleum
25 42 Jan 16 59 June 12
-Ii338 inn; 48 Aug
Gen Railway Signal
100 144 June 11 39514 Oct 29 ---- _
1661-1 'lO41s 10612 l041 1041s
•10412 10613
Do preferred
10612
100
100 9012July 10 10573 Nov 19
.44
444 44
*44
44
44
*44
444 *44
4478
4478 44
300 General Refractorleg___No par 42 Oct 7 58h Jan 14
June 55
-if
Jas
74
7538 7412 7778 7712 78
83
82
7918 8058 49,100 Gimbel Bros
75
78
No par 47 Mar 16 83 Dec 2
471s June 6472 Dee
109 11012 111 11412 .110 113
11218 11218 •109 112 .109 112
2,100
Do pref
. 100 10214 Mar 14 11412 Nov 30 1 99
Jan 107 Sept
49
4912 4858 4938 48
46
4812 4712 4712 4512 4838 46
6,200 Ginter Co temp ctfs___No par
22% Feb 13 4912 Aug 5 I 21 Dec 2732 Nov
2312 2378 23
234 23
2
24s
2312
233
318
4
25
2533
25,300 Glidden Co
2312
No par
1212 Mar 19 2638 Oct 261
8
June
15
4618 475a 47
4814 47
484 4734 4838 4712 48% 18,900 Gold Dust Corp v t C. No par 37 Mar 3 61 Oct 91 2812 Apr 637 Nov
474 47
2 Noy
6533 6658 6412 6512 6334 6134 64
65
64% 6712 66
674 19.000 Goodrich Co (13 F)
No par 36% Jan 5 7434 Nov 6
17 June 38 Dee
*9934 101 .100 10112 .994 10112 *9934 10112 *100 101
100 100
300
Do pref
100 92 Jan 3 102 Nov 14
May
7058
92
Dee
10712 108
10712 10812 210678 10678 10612 10612 10534 10612 107 10718 2,200 Goodyear T & Rub pf•1O_100 8618 Jan
6 11432 Oct 30
Jan 9032 Dee
39
10712 108
10712 10838 108 108
10853 10858 10878 108%
108 108
1,000
Do prior pref
100 103 Apr 27 108s Dec 4
8814 Jan 10812 Dee
1812 183 .18
1812 1812 1812 184 184 1818 1834 1812 1838
1,300 Granby Cons Mln Sm & Pr.100 13 Mar 30 2134 Nov 7
1213 Apr 3172 Dee
9784 9738 9718 9712 *9714 9734 97
974 9712 9778 2,500 Great Western Sugar tern ctt 25 91 Jan le 11318June 19
971
97
8314 Oct 9672 Dee
*13
1312 13
13
13
13
13
13
134 1318 13
1318 1,300 Greene Cauanea CoPPer
100 114 Mar 19 1914 Jan 2
May 21% Dell
10
88
90
8734 8878 8838 9032 90
9038 8912 9012 9038 9112 14,200 Gulf States Steel
100 6718 Mar 24 9534 Nov 5
62 May 8914 Feb
3614 3713 354 37
3538 36
3518 3534 3514 36
35,2 3618 17,400 Hartman Corporation__No par 2534 Apr 24 3712 Jan 7
31 Sent
45
4434 Feb
45
4334 44
434 4334 4334 433
4358 4414 44
4412 4,300 Hayes Wheel
No par 30 Mar 14 4912
.39
2
321.4 May 52% Feb
3912 3912 4012 3812 3938 37
381
37
3712 30,a 3714 4,300 Hoe(R)& Co tern otts_No par 3018 Dec 4 487 Nov
.48
4814 Dec 5172 Dee
8 Jan 9
4812 48
48
4718 4718 .46
49
47
47
4712
4712
Musing
Romestake
600
100 43 Jan 2 50
4538 4578 4518 4558 45
ups Jan
35 July
4518 45
4512 45.2 454 4,600 HousehProd,Inc,temettNopar 341 Jan 5 4718 Jan 12
45
45
*694 71
Nov 23
31% Apr 88 Nov
69
69
6978 71
7012 711
70
71
70
7212 4,300 Houston 011 of Tex tem MI(1_100 59 Apr 22 86 Jan 29
2478 247s 25
Apr
81
8212
Feb
25
2434 25
261
2612
2514
277
8 2714 28
11,500 Il OlVe Sound
No par
1612June 11 3118
9878 10314 9638 9912
9634
991
97
9712 10034 101 10334 131,500 Hudson Motor Car_..No par 33% Jan 5 13912 Nov 4
26
2638 2534 2614 2512 99
Nov 2
38 -15;s:
264
253
2512
264
4
263
3
2612
264
32,600
HUPP Motor Car Corp__ 10 14% Mar 18 31 Nov 5
314 32
114 May
304 3112 3012 32
Jan
18
3034 324 3112 3312 3314 3378 52,200 Independent Oil& Gas_No pa
2034 2034 21
1312 Jan 5 4134June 17
534 Sept 1614 Dog
21
21
21
*201, 21
.20
21
204 2073
914
500 Indian Motocycle
914
No pa
872 914
13 Mar 24 24 Aug 28
June
154
91, 1028 1053 121
Feb
251,4
1218
1338 1318 1414 66,800 Indian Refining
'
10
bh Jan 2 1414 Dec 4
334 Apr
712 Jtme
14 912
9
94
9
104 1058 I i7s
1134 1212 1158 1238 14,300
Certificates
434 4412' 434 444
1
6 Sept 4 1258 Dec 4
4414 44,4 4414 44's 434 434 43
44
6,200 Inland Steel
•107 III•---10. 11178 *109
NO pa
3834May 1 50 Feb 2
31h May 4,84 No
112 .110 111
110 110 .11034 112
100
Do pref
261s .2618 2618 2678 2638
100 10412 Apr 13 112 Sept 28 10114 Jan 10734 Dee
27 I .2612 271
2612 27
2634 264 2,100 Inspiration Cons Copper
2
2214 Apr 22 3234 Jan 12
2212 Feb 3372 Des
*2118 22
2118 22 1 2178 2278
2212
23
223
8
2212
22
Internal
223
4,600
4
Agricul
No pa
164 164
7h Jan 7 2418 Nov 5
162 1634 16338 16312 .163 164
3 June
932 Jag
163 164
163 163
1,700 lilt Business Machinee_No par 110 Mar 30 1764 Nov 13
69
694 6834 69
Apr 11872 Des
83
6878 69'8 6814 6878 *68
6834 69
70
2,000 International Cement_ _No par 52 Jan 5 8112Sept 30
6058 634 6012 6478 6258 6458
4r4 Apr L112 No,
6884
634
6618
643
448,650
6912
683
6714
Inter
3
4
4
Combus Engine_ _No pa
3134 Jan 21 6912 Dec 4
12414 12512 123 1244 123 12378
2
123 12712 12534 12734 1274 128,
4 30,000 International flarvester_100 964 Mar 25 1384Sept 18
•119 12012 .119 12012 .11914 12012.1
79
19 120
1191s 11918 11914 11914
Do pref
300
10 114 Mar 3 121 Nov 10 1
912 91s •914 912
*914 912 *914
912
ercantlle
9'4 10
9% 958 4,400 Int Is.1
Marine____100
718June 25 147.2 Feb 5
3634 3714 3614 371a 37
634 Jan
1532 Dal
3714 3634 3738 3614 3814 3718 3814 11,600
Do pref
100 27 Aug 15 5284 Feb 5
4518 4553 4478 4612 463.e 4818
2612 Mar 4732 Des
4638 4754 4634 4712 4713 4838 111,000 International Nickel (The)_2
210034 110 .10034 101 14 .10034
2414 Mar 18 4812 Nov 20
11:2
32 May 2712 liz3
Dee
oes,
10114 .10054 10114 .10034 10114 *10034 1011,
Do pref
100 94 Jan 6 102 Nov 19
56
5638 56
5734 5612 60
59
6012 5858 594 5912 6012 47.100 International Paper
100 4814 Mar 19
76 Oct 3
.86
88 .85
al Apr gil
88 I .86
88 .86
.86
88
.86
88
88
Do
stamped
Prof
100 71 Mar 9 87 Oct 20
98
93
98
6212 Mar 7472 Gel
98
98
99
08
99 .9712 98
9773 98
Do prey (7)
1,900
100 86 July 31
9932 Oct 21
177 177 1.174 177
177 177
174 174
168 168
16514 168
700 International Shoe
No par 108 Feb 2 199114J01y 27
C____ 11614 ____
73 Apr 119 - Nov
Do
ep
ptr 15 121 June 3 11514 May 1191s
ill s11512SA
11312 11312 112 114
Des
111 11234 in38 11278 ii2i4 1-1-4-i, iiis 11-61-2 i-o-A6 Internatpref
Telep & Teleg
Ioo 87
3 144 Aug 14
.27
66 Feb 94 Dee
*27
28
2712 .27
2712 2712 2712 .27
2712 2712 2712
Intertype
200
Corp
No cgo lgi2July 8 2932 Oct 21
1812 19
*18h 1014 .
2412
3213
May
Dec
19% 1914 19
2112 2014 21
1918
19
6,000 .ewel Tea, Inc
Joly 25 214 Feb 26
•114 116 *114 116 *114 117 *115 118 *115 118 *115 118
16% Apr 234 Jan
Do pref
10( 10A.
12
0.1
ua
nn
e 19 114 Nov 27
1632 .16
1612 16
16
78 Mar 106 Dee
16 1 1512 16
1578 16 .154 16
4,100 Jones Bros Tea, Inc,stpd_ _100
23 2172 Feb 3
45
4512 4512 47
4512 48
14%
Sept 2712 Jan
4734 4838 4938 8,300 Jordan Motor Car
4714 47
46
3532 Aug 10
37
3612 3634 3612 3712 3712 3712 37
*30
2134 May 5253 Dee
3712 3734 3734 2.400 Kayser (J) Co v t c_ __ No par 1834 Mar 17 65 Nov 2
3853 Oct 27
•100 10112.10014 102 *10014 10178 *101 10178 *101 1017 .101 1013
1614
Aug 381, Jar
,
Do let pref
No par 83 Mar 30 102 Oct 29
77 Aug 10212 Feb
•End and asked prices, no sales on this day. s En dividend. k Par
value changed from $100 to $50 and prices on that bass
beginning June 3. a Ex-rights.
100.,Sept
-15;;;,
Pet IlTi: 4
)
::
New York Stock Record-Continued-Page 4
2730
Per sales during the week of et eke usually inactive, see fourth page Preceding
BICH AND LOW SALE PRIORS-PER SHARE. NOT PER CENT.
lkdurday:
Nov. 28.
Monday. I Toads*,
Nov. 30.
Dec. 1.
Wednesday Thursday.
Dec. 2. 1 Dec. 3. I
Friday,
Dec. 4.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
On bans of 100-shars
Lowest
Mohan
PER Res Au
Range for Prestos.
Year 1924.
Lowest
Highest
Per share
Per share $ per Ow,
$ per share $ per share! 3 per share $ per share I 5 per share I $ per share Shares. Indus. & Miscell.(Con.) Par $ per share
934 June 86 Jai
26 1214 Mar 24 213*JulY 3
4,600 Kelly-Springfield Tire
161 I6's 1534 1612 16
1618 17
1618 1638 1612 1658 167
33 June 88 Jr;
Do 8% pref
100 41 Mar 25 74 July 5
900
*63 6512 65
6534 *64 66
*6312 6512 *6312 68 I 36
66
1
4 i.e
40 June 78/
Do 6% prat
100 43 Mar 25 72 July
600
66
66
*6312 66 *6312 6612 *6312 6612 66 66 I 66
66
76 May 104 Dee
100 87 Aug 4 11478 Oct30
500 Kelsey Wheel, Inc
108 10934 107 107 i*106 110
10514 10514' 10512 10512 *106 110
1
4 Nov 6
1
4 Dec
3418 Jan 57/
No par 46/
1
4 Mar 30 59/
5534 56
5638 35434 5514 21,600 Kennecott Copper
5534 5618 5534 56% 56
563s 56
Pe 1ft
11
/
4 Oct
312July 16
11
/
4 Jan 9
218 218 2,500 Keystone Tire & Rubb_No par
*214 238
214 238
214 214
214 214
2/
1
4 214
5214 May 8614 Der
No par 74 Mar 25 100 Oct 15
900 Kinney Co
88
*82 85
85 85 I 87
89 1 *85
89 *85 89186
100 355 Apr 28 800 Oct 53 28711 Jan 47514 Der
- 100 Kresge(88) Co
*700 725 *702 720 *706 72514 .706 749 *7111
/
4 72514 725 725
1
4 IOW
4218 Nov 62/
/
4 Jan 21 4514 Jan 7
1,700 Kresge Dept Stores... No par 311
33
*3234 33% 3234 3318 3238 323* 3212 3212 3212 33 i 33
79 Jan 113 Nor
200 Laclede Gas L (St Louts)_ _100 11014 Jan 5 178 Mar 31
16234 1624 163 163 1.158 163 *158 1631,
156 160 I*156 160
8 May 1718 Jac
.14
1412 14% 1438' 1438 1438 143 1438' 1418 1438 14
1412 1,200 Lee Rubber & Tire_ __No par 1158 Feb 20 19 Oct 1
1
4 Der
50 Mar 68/
4,000 Liggett & Myers Tob new.. 25 57 Mar 25 92 Dec 4
92
90 1 90
*68
8938 893* 89 893s 89 8912 8918 90
1
4 July 121 Jun,
Do prof
1
4 Jan 16 123 Nov 19 114/
100 116/
100
1221s 12218
*121 123 *121 123 11'121 123 *122 123 *122 123
Di;
6811
4878
Mar
Dec
4
Do
/
1
4
"B"
new
89
27
25
11,000
89%
5511
Mar
877
8734 88
87 88
87 8834 88
8838 877 88
56 June 71 De.
No Par 60 June 23 7438 Jan 14
67 6712 6758 673* 68 6814 67% 6812 6778 684 6712 6838 4,300 Lima Loa Wks
Dc
25
June
1518
Loew's
4434
Nov
7
Incorporated
No
par
375
Feb
17
17,100
22
3914
3918
40
3734
3812
3812
3914 40
3838 39
4
373
854 Ja,
5/
1
4 Apr
77
9/
1
4 Apr 6
77
77
6 Jan 28
No par
600 Loft Incorporated
77s
'738 8 I
738 738
75* 734 *73* 8
. No par 45t4 Mar 20 53 Sept 19
1,700 Long Bell Lumber A.
49
49
48
48'sJ 48
04778 49 *4818 49
48 4812 48
No
84
Mar
50
4
140
Nov
Loo8e-Wiles
Biscuit
1,100
122
77
Feb
17
100
*115
12314
122
14
*115
11912 11912 *112 11934 119 119
119
3338 Dec 11014 July
25 5614 Jan 24 3934Sept 25
3738 3738 373* 3714 3734 5,500 Lorillard
37 3714 37
3738 37
373* 37
Fe
117
Nov
Do nref _
600
/
4 Feb 27 116 Aug 26 112
100 1081
115 11514 *111 116 *111 116
*111 117 ,"111 115 ,*111 115
1
4 17% 12,500 Louisiana Oil temp etfs_No par 1358 Aug 26 2334 Feb 3
1712 178 1718 17/
165 1738 16% 17 ! 1634 1712 17
2638July
23
Louisville
0
&
El
A.
__No
Dec
2
par 2318
1
4 2338 2312 2,200
2334 237* :2338 23% 23/
1
4 23% 2318 2314 2318 23/
,
. 15W
17 Oct -lg
No par 3134 Feb 17 57 Dec 4
51% 53 I 5012 5238 5088 52
503* 5134 51% 5534 55% 57 42,700
Mackay Companies
114 Mar 20 141 Sept 23 107 Jan 119 Ma
13212 136 *130 136
*130 133 1.'13212 13312 *130 133 *130 134
1
4 Der
7554 Apr 118/
No par 117 Jan 16 242 Nov 2
21114 2154 21478 21714 47,700 Mack Trucks, Inc
215 22112 20912 21512 209 21314 21212 216
95/
1
4 Jan 10714 Dee
Do 1s1 prat
300
100 104 Jan 27 113 Aug 17
*11014 111 i 11012 11012 *11014 11012 11012 11012 11012 11012 *110 11012
660
Do 2d pref
100 99 Jan 2 1065s Aug 7 87 Apr 10114 Dee
10618 10618' 10618 106% 106 106 *10534 106141 10518 10534 *10538 10614
1
4 Dec
1
4 Ian 3 112 Oct 15
59 May 71/
3,00(, Macy (R H)& Co,Ine_No par 09/
10512 10712 10512 1067* *10414 107
106 106
105% 108 I 106 107
2618 June .455s Dos
No par 34 Mar 31 48 Nov 6
4312 4378 4,200 Magma Copper
4358 437
4314 4334 4338 4378 433* 4378. 4334 44
1
4 Der
1
4 Jan 23
18 Mar 411/
22
2218 3,900 Mallinson (H 10 & Co..No Dar 2114 Dec 1 57/
22
2212 23
2214 228*1 2114 22121 2114 2134 22
3314 Mar 49114 July
800 Manh Elea Supp tern otIs No par 32 Mar 21 59 Mar 10
53
51 I 5118 5212 5212 5234 *52
*5012 57 *5012 5078' *50
Jan
44
26
/
1
4
Dec
Nov
12
2,900
Manhattan
Shirt
34
7
8
25
20
/
1
4
Mar
16
3212 323* 3378 3312 3373 33% 3312
33 3334 *3212 34 I 32
2834 Dec 3112 Der
1,400 Manila Electric Otter -No par 2812 Mar 5 49/
1
4 Apr 24
38
37
3312 35
35
*--__ 3612 *34
3612, *3512 36121 *34
371e hill
35
Oct
/
1
4
2458
Jan
11,400
31
Maracalbo
011
Expl__
_No
par
203
8
Sept
29
2412
26
2434
25
25
25141
243
4
2414
253s'
24%
2412 2412
29 May 42 Pet
No par 3258 Mar 30 60 Dec 4
573 5812 571 5814: 5814 5912 59
593* 5812 5914 59 60 140,300 Harland 011
1
4 Mai
8 Jan 17/
1
4 Oct 30
900 Marlin-Rockwell
No par 101% Mar 13 32/
2912
29
29
29 *2812 29
29
30
30 *29
2912 29
1
4 Jet
7
811
/
4 Nov 37/
Martin-Parry
Corp__
_No
par
37
/
1
4
Jan
6,100
22
1912
Aug
31
22
22
2112
2112
2134
2014 2014 20% 218 2112 22%
1
4 Der
2958 May 58/
/
4 Dec 1
9,900 Mathleson Alkali Wkstern ctl50 51 Jan 6 911
88
8912 88
9138' 89
8812 87
88 89% 88 9078 90
524 Apr 115 Der
134 13614' 135 137 I 13512 13878 13512 13734 13514 13634 13,200 May Department Stores___50 101 Mar 23 138 Nov 23
13534 136
4 Jul)
Oct
10611
86
13934
Oct
16
2,000
McCrory Stores Class B No par 79 Mar 17
11912 11912 •119 120
0108 115 *115 118 I 11712 12212 121 121
1458 Dec 1814 Jar
2153 2158 *2115 2134 2134 2134 2134 2134 2134 21% 2,500 McIntyre Porcupine Mineo__13 16 Jan 2 2234 Oct 28
2134 22
15 Sept 19 Dee
700 Metro-Goldwyn Pictures 91_27 18 Jan 3 2418 Nov 16
23
2318 2318 23
2312 2312 2312 231 *2234 2312 23 23
1
4 Jan 6
1418 Jan 2514 Sept
7.000 Mexican Seaboard 011__No pat 1058 Nov 30 22/
1078 11
11
1078 11% 11
1034 11
We 1138 10% 11
20 May 95 Apr
8 May 12 2434 Jan 13
6 900 Miaml Copper
Ills 1114
1112 1134
1114 12
11
1138 1034 1118 10% 11
_
37
3614 36% 3614 37 45,800 Mid-Continent Petro _No Par 2534 Aug 19 38 Nov 14
3618 3634 3534 3612 3534 3634 36
1 Aug
314June 6
67* Jan
/
1
4 Apr 16
118 6,200 Mllidlefitateo Oil Con)
118
10
/
4
118 11
118 114
08 114
118 118
114 114
9118 June 98 NO/
100 96 Jan 2 147 Aug 10
13412 13512 136 13612 3,900 Midland Stee. Prod pref
133 135
129 129
128 1303* 130 132
6114
74
/
1
4 Dec
June
6
Montana
Aug
Apr
17
Power
100
9914
64
10,100
79
80
793 8034 7834 80
7834
80
7912 8112 7934 80%
2134 May 4811 Dee
7814 8058 79,500 Montg Ward & Co Ill ctorp._10 41 Mar 30 5212 Nov 13
7734 78% 77 7914 78
7934 7838 79% 7758 787
1
4 Feb
17/
1
4 Oct 27/
No par 2934 Mar 19 42 Nov 2
12,100 Moon Motors.
33% 3412 3434 3578 3534 36
34
34% 3334 34
3438 35
914 FOP
6 May
91s Jan 2
6 May 4
7/
1
4 7/
1
4
712 712
712 758 11,400 Mother Lode Coatlitton-NO Par
7% 712
712 73*
712 78*
_
1
4 Oct 8
No par 40 Nov 10 44/
43
4378 18,000 Motor-Meter A
4134 4134 418 4214 4112 4218 4112 41% 4134 44
par 18 Apr 9 85 June 29
3134 3134 3138 315* 31
3114 3034 3114 3078 3134 3118 3112 6,600 Motor Wheel
9 Mar -1814 -115ei
N Par 13 Aug 26 2111 Feb 20
1634 1.13 5714 1812 2,700 Mullins Body Corp__ _No
1634 17
"1412 16
16
16
16
16
1
4 July 3914 Jan
1
4 3313 33/
29/
1
4 33/
1
4
No
100 Munsingwear Co
N par Ms Apr 23 35 July 23
*3314 3414 *3314 3414 *3314 3414 *3314 3312 .33/
96/
1
4 Apr 204 Dee
par 193/
500 Nash Motors Co
1
4 Jan 5 488 Oct 5
1440 443 *445 450 4404 449 "445 450 450% 45058' 4564 458 I
/
4 NOi
9814
July 10411
107
July
15
Jan
21
Do pref
100
100 10354
1,10558 10618 1055s 1055* *10538 10618 *105% 106% *105% 10578.'1058 10618
1
4 Jan
334 Oct 10/
200 National acme stamped_ _ _10
414 Mar 24 .1058July 24
*97 10
*97 10
978 9%
978 978; *034 10 I
*978 10
5014
Mar
77
/
1
4
SW
Oct
15
77
National
Biscuit_
Apr
29
o
3,000
25
65
713
701
/
4
71
I
7034
71
70
6912 70
6934 701s 71
70
1
4 Jan 12634 Di.
Do pref
1
4Mar 11 1281sMaY 9 120/
100 123/
'126 130 *126 12812 *126 12812'
4126 130 *126 .130 *126
1
4 Oct 16
44 June 70/
1
4 Del
1
4Mar 5 54/
73
73% 7258 7334' 7214 72141 6,100 National Cloak & Sult___100 65/
74
7212 7212 7112 7178 71
9112 Mar 10078 Des
Do pref
500
100 99 Jan 13 104 Jan 29
1003* 1003* 10014 10014 *9934 100 I 993 9938
10012 10012 *10014 101
3618 Apr 441e Dee
/
4 Nov 5
7712 7812 764 7712 7718 7814 24,100 Nat Dairy Prod tern otfallo par 42 Jan 2 511
7934 8012 7812 8012 78% 797
Oct 63 Jail
8614
May
12
45
Jan
2
Nat
38
/
1
4
427s
4,700
Department
Storer
No
par
427
8
428
424
42%
42%
4212
4212
4212
4214
4212 428
1
4 June 101 Des
Do prof
100 96 Apr 15 102 Jan 2 92/
98
98 I "97
98 *97
98 "97
98 *97
*97 98 *97
43
/
1
4
Oct
28
9
313* 3214 3218 323* 3212 3312 8,200 Nat Distill Products_ __No par 30 Apr
30
31% 311s 32
307 32
81 Oct 2 -161, Aug "ii" Wei
1
4 Jan
7212 7212 1,900 NatDistn Prod pf Lemont No Par 52/
7318 72's 73
73 7312 7112 7214 725* 7238 73
181s Sept 4458 Jan
3612 37 *3512 3612 3612 3612 3634 364 2,400 Nat Enam & Stamping...100 25 Apr 30 89 Aug 29
37
3738 3612 37
1
4 Jan 12 67 Sept 89 Jar
Do prof
100
100 75 June 22 89/
89
*88
89 .88
89
89 .87
89
89
*87 89 *87
123
/
1
4 Apr 16914 Au!
1743
4
13812
Apr
27
2,600
National
Nov
Lead
100
165
163
164
16312
7
165
166
163
1625*
163
163
164 164
1
4 May 118 Sent
200
Do pref
100 11412Sept 2 119 Sept 18 111/
11614 11614 117 118 •11614 118 *11614 118
*11614 118 *11614 118
5412 Oet 7211 Feb
50 5518Sept 24 71 Jan 29
5612 5618 568* 565* 5618 56¼ 5612 3,300 National Supply
564 5634 *56
561s 57
1
4 Dec
/
1
4 Jan 16/
1638
Jan
7
11
1314
27
3,800
Nevada
1312
Apr
Consol
Copper_
.
_
_
5
1318
1134
131
/
4
1314
1338
1
4
13/
1
4
1314 1338 1312 1312' 13/
36/
1
4 Apr 57 Des
1
4 Oct 17 5611 Jan 8
2,700 NY Air Brake tern otfs_No par 31/
37
37% 3712 37
37
37
37 37
38
377 3814 38
11714 Jan 67 Dee
200
Do Class A
No par 51 Mar 19 67 Jan 7
5534 5514 5514
5534 *54
5612 5618 561s *54
5612 *54
*54
32 tine 37 DOI
72
/
4Mar 80 7412 Nov 12
7312 37,900 N Y Canners temp otfs..No par 311
7112 7014 70% :6614 6812 674 69% 6814 72
70
1
4 May
19 Jan 37/
4112
800 New York Dock
100 18 Mar 24 4514 Nov 13
4134 417 *40
42
42
41
42 4212 4238 4238 *40
7514 Nov 16
611
/
4 Feb 5514 May
14
Jan
Do
pref
•
100
*71
76
070
76
5218
76
*72
76
*72
*7212 76 "7212 76
Jun
29
12
27
Jan
Bete
29
8
Oct
300 Niagara Falls Power pf new _25 2758
28
28
28 •274 273 *2734 27% *274 278 *2734 28
28
22 Jan 4,5 Des
10 4118 Jan 5 75 Oct27
6714 685* :6612 6712 53,900 North American Co
6714 6812 6714 6812 6778 6812 674 6812
Jan
£3
/
1
4
5014
July
12
501aSept
2
7
Jan
1,000
Do
prof
5
8
46
4934
50
:4914
4914
50
49
4912 4912 4934 4934 4934 4934 *4934
7 Apr
9/
1
4 Dee
8 Jan 16 1812 Nov 18
17/
1
4 1714 1,100 Nunnally Co (The)_---No Dar
17
1712 1712 1712 1711 1712 17
17
•1712 18
4/
1
4 Mar
838 Oct
11 Oct 30
22
Jan
612
4
Ontario
Silver
•9523
103
Min
new
No
pa
103
4
*9
3
4
*93*
*10
1012
103
4
1034
*95* 103 "10
18 May 80 Jac
1
4 Nov 4
700 Onyx Hosiery
37
3734
No par 1838 Jan 6 37/
3412 3412 3414 3414 *3512 37 *3412 37
*341 37
6,800 OPpenhelm,Collins&CoNo par 4114 Aug 31 53 Dec 1
5078 51
5054 5112 *5034 51
53
517s 51
"48 4814 48
18 Feb 29 Dee
82
7
sJu1Y
16
30
Jan
4
4,600
2914
25
3
Orpheum
Circuit,
2914
2912
Inc
2918
298
*2912 29% 298 2912 *2912 29% 288
1
4 June 92 Der
1,600 Otis Elevator (8)
ao 8758 Feb 27 1.4014 AIM 21 68/
12658 126% 128 130
126 12612 "126 129 *12658 129
*128 131
151a
614 Nov 11/
1
4 Jan
AMC
28
18
8 Mar
No Par
13
1314 7,200 Otis Steel
1238 13
1212 13
1212 *1218 121
123* 1258 12
44 Oct 7404 Maj
Do prof
5,300
100 bola Mar 18 97'4 Aug 28
94
91
92
8912 89
88
8612 87% 88
86
86 86
13
39
/
1
4
May
Nov
47
/
1
4 Jail
/
1
4
69
Mar
17
4234
4,600
Owens
Bottle
25
6778
6612 6612 6612
66
6612 67
665* 6634 6612 6612 66
9018 Jan 108 Dee
100 10211 Jan 5 13718 Nov 4
13312 14,200 Pacific Gas & Electric)
12814 129% 130 13512 13112 1344 13214
128 129
12714 128
31
45
Apr
Jan
6514
5814
Feb
5158
7
Aug
18
Pacific
7g
64,900
Oil
par
No
6114
/
1
4
59
60
59
591 605* 587 5978 591 6038 597s 6038
9/
1
4 May 16/
1
4 Nov 12
1
4 Dee
10 15 Jan 16 48/
3818 385* 18,800 Packard Motor Car
3712 38
38 3812 37'2 38¼ 3712 38
3812 39
32 Oct 24
173
8MaY
6
Paige
Dot
Motor
15,600
Car-No
Par
254
2412
2514
247
25
253*
1
4
253 2534 251 2534 2518 25/
,e1
)
- 68 Des
441* 1
7534 18,000 Pan-Amer Petr & Trans-- 50 5912Sept 3 8358Mar 3
7214 7234 72 7212 721 7334 7334 7434 738 75% 7515
/
1
4 Mar 8
4114 Feb 843a Des
Do Class B
ao 6018 Aug 27 84614
4 7534 7734 773 7812 203,900
73/
1
4 7458 731g 7438 737 7534 7,514 763
Dec 4
11
/
4 Sept
214
Aug
28
4/
1
4 Jar
37
Panhandle
Ret_No
par
23,600
Prod
&
35
614
4
334
38
314 4
4
4
*312 4
1
4 Jan 10
24 Sept 35/
1
4 Dee
1
4Sept 8 55/
2814 2888 3.100 Park & Tilford tern etfo_No par 25/
2734 29
2612 2712 27
2738 "261 27' •261 27
_
Nov 6 28 Apr 14
1714
Penick
par
3.200
&
Ford
No
7
20
197
s
181
19
1814
1814
19
*1834 1918 *1834 19% *18
1814 Nov -ibis -la.
1
4 Apr 29 2638 Jan 2
300 Penn Coal & Coke
ao 12/
*1412 17
17
1712 *15
17% *15
*141 17
17 .1714 *17
3 Jan 9
118 Oct
44 Jar
1 Aug 12
212 24 291,800 Penn-Seaboard SO vto No Par
238 258
214 212
17
178 2%
218 238
2
92/
1
4 Apr 1191s Dee
Jan 16 123 Oct 16
112
People's
0
L
&
(Chic)._
_100
5,500
C
119
119
11912
11912
11934
11712
11638 11612 11612 11612'117 118
Nov
5
64
/
1
4
18
42
/
1
4 May 57/
Mar
511
/
4
1
4 Des
33,100
Philadelphia
Co
(Pittsb)
..
50
6412 6318 6434
60% 60
6012 8012 60 6034 5934 6014 60
/
4 Jan 9
1
4May 6 521
34/
1
4 Mar 5414 Des
4078 4112 9,700 Phila & Read C & I ...No par 37/
40% 4114 4114 4178 4034 4138 4118 4138 4012 41
5011
Jan
23
July
11
85
Mar
38
52
/
1
4 July
Certificates
of
Int___No
par
42
*41
4112
*40
*4014 42 *401 42 "4012 4112 *4012 42
44 May 88 July
1,000 Phillips-Jones Corti _ ---NO Par 51 Nov 18 9018 Jan 12
60
57
5734 58
58
*5134 55 *53
55
52/
1
4 5214 *54
11 July 23/
Mar 19 2514Sept 1
12
/
1
4
1
4 Jan
Phillip
Morris
&
1,600
Co.
Ltd---10
21
2078
21
20%
20
2112 20
*2012 2134 21% 2112 21
2812 Oct 421s •in
1
4 Mar 30 47183une 12
No par 36/
437 4418 45,100 Phillips Petroleum
4318 433
43
433s 4314 4334 435 4414 4334 44
61s May 16 Dee
3612 3534 3618 33,500 Plerce-Arrow Mot Oar-No par 1078 Mar 30 4734 Oct 29
3618 377k 347 3638 35 3614 3514 3638 35
181
/
4 May 54 Dee
100 43 Mar 24 100 Nov 4
Do pref
4,500
91
90
91
91% 90
891 9012 90
90 9214 89
89
Do prior pre!
No par 85 Mar 18 102 Sept 14
5918 June 95 Des
_
114
3
/
1
4
Nov
12
Feb
5
25
11
/
4 Apr
Os Jay
I -15-8 -14 158 7,400 Pierce 011 Corporation
yip
100 22 Nov 5 £0 Feb 26
20 Mar 36 Jan
DO pref
700
25
*2212 2418 *23
24
2314 2418 2412 241 *2212 25 *23
814 Feb 5
434 Oct 27
4/
1
4 Oct
8,000 Pie ceFetrorm tem ctirs_No Par
534 Dec
5
5
5
58*
5/
1
4
5/
1
4 51
47
5/
1
4 atr
5
518
57
/
1
4May
100
2 54/
1
4 Jan 13
477s Dec 63/
3,900 Pitteburgh Coal of Pa
1
4 Mal
4214 3918 41
*40% 42
401 4034 40 40 *4034 4212 *41
100 80 May 4 99 Jan 5
9478 Aug 100 Apt
Do prof
200
83
83
1
4 86
*83 86 *83
86 *8314 86 *83% 86 "83/
1
4 Jan 8
Pittsburgh Steel pref
95 Jan 103 Atli
100 94 Mar 26 102/
*9714 100/
1
4 *9714 10014 *96 100 *96 100 .96 100 "96 100
1
4 Jan 17
100 30 Apr 27 63/
58/
1
4 Dec 63/
400 Pitts Term Coa )
1
4 Dec
58
56 *55
56
58
56
56 •55
58
55
55 *55
1
4June 25
1
4Mar 24 17/
1,200 Pittsburgh Uttilties pref__ _ _10 12/
1
4 Dec
WS Jan 16/
1434 1512 *1434 15
15
15
145* 15 *1434 151 *1434 151
1
4 Mar 20 16 June 26
Do pref certificates_ _ _ _10 12/
11/
1
4 Feb 161j Dec
16/
1
4
1534 014
"14% 16 *141 16 *14
16 *14
*14
16
Post'm Car Co Inc tem(AIN° par 9314 Feb 16 143 Aug 25
4812 Apr 10314 Dec
Steel Car
100 45 June 25 69 Jan 23 89 Aug 62 Jan
;ii- 181-2 ---666 Pressed
5s14
-e6 -E5i25 1
7813 July 9 92/
1
4
Jan
100
3
Do
.pref
300
87
Aug 90 Feb
8212
*8114
8114
8114
8114
*82 8214 *8114 8214 8114 811
/
4 8114
1
4 Feb 3
1
4 Aug 26 32/
1
4 Jan
22/
1
4 Apr 43/
1538 3,300 Producers & Refiner8 Corp_ 50 12/
141 143* 1418 143* 14
/
4 1412 15
143* 141
14% 14
1
4 Aug 5
ef NI nowNo par 6258 Mar 30 87/
39 Mar 70 Dec
8034 15,78(4 Prerv.70rri:ro
80 8014 7934 8012 8034 8212 81
8158 8014 8034 x80
10612
Mar
99
Jan
7
106
Nov
18
100
Dec
10118
105
x105
*105 10512 "105 10512 *105 1051 *105 10512 *105 10512
100 10858 Apr 1 119 Oct 14
Do 8% prof
9914 Apr 115 Dec
200
*117 11818 *117 118
117 11818 •11512 11834 *11512 11814 *115 11734
100 120 Mar 30 173128ept 17 11311 Apr 151/
1
4 Dee
160 16112 10,900 Pullman Company
15712 161
15812 15812 15514 157
15514 157
1561
/
4 158
so 33 July 23 4714 Jan 7 3758 Dec 675, Mai
11 40* 8,200 Punta Alegre Sugar
384 39
*38% 39
39
3918 3918 3938 3938 4012
1
4 Feb 4
25 2518 Aug 13 33/
20 June 3014 Der
26% 27
26% 27
2634 27 I 2634 27/
1
4 26% 27% 26% 273 16,100 Pure 011 (The)
10211 Jan 5 10812Sept g
Do
8%
prof
200
100
92 Jan 10514 Del
108
*10712
108
10712 10712 *107
*107 108 *10714 106 *107 108
1
4 Jan 2 2558 Oct 667s Dec
/
4 Nov 21 77/
4213 4218 4312 55,200 Radio Corp of Amer--No Dot 391
1
4 42
4118 417
4058 4238I 41
3934 4358 40/
50 4512 Oct 28 54 Feb 4
Do prof
454 Oct 50 Dec
600
457 457s 46
46
47 1 4678 47 *453 4612 *4512 46
*46
•Bid and asked prices, no sales On this day. z Ex-dividend. 0 Ex new rights, a NO par. a Fa-rights. 8 Trading on New York Stock exchange suspended
Peewee of small amount of stock outstanding.
New York Stock Record-Continued-Page 5
2731
For sales during the week of stocks usually inactive, see fifth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday.
Nov. 28.
Monday.
Nov. 30.
Tuesday,
Dec. 1.
Wednesday
Dec. 2.
Thursday,
Dec. 3.
Frklay,
Dec. 4.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
On Oasis of 100-share lots
Lowest
Highest
per share $ per share $ per share $ per share
per share $ per share Shares. Indus. & MaceII.(Cou.) Par $ per share
$ per share
17112 17112 17112 172
170 17034 172 172
173 174 z17
1713
1,400 Railway Steel Spring
100 12212 Feb 17 182 Nov 12
.3334 35
*3334 35 •33h 35 *3334 35
*34
35
*31. 35
Rand Mines, Ltd
No par 3334 Nov 23 3912 Aug 5
1212 12/
3
4 124 127s 1252 1272 12/
3 1212 123
4
3
4 12/
/
4
1234 9,900 Ray Consolidated Copper, 10 1172 Apr 22 1738 Feb 9
541, 541, *534 54
54
56
53
56
583
57
/
4 56
56
6.000 Reid Ice Cream
No par 43 Oct 1 60 Oct 29
19
19
19
19
19
2112 203
/
4 21
/
4 2112 201
19/
3
4 20
15,500 ReIs (Robt) & Co
No par 10 May 16 2814 July 9
103 104
102 10312 10314 10314 104 10738 107 11212 10914 112
10534 1053 *105 10534 *10514 10534 *10514 10534 *10514 101334 10534 1053 18,800 Remington Typewriter---100 4634 Jan 27 11212 Dec 3
4
Do let pref
200
100 100 Jan 2 10912 Oct 23
-1106 107 *106 10612 106 106 10612 106,2 *10612 110
108 108
300
Do 2d pref
100 10434 Oct 10 11312 Apr 29
1512 1534 1514 153
/
4 15
1552 1538 1578 1532 1572 1512 1612 5,300 Replogle Steel
par 123sJune 12 23/
No
1
4 Jan 13
5634 58/
3
4 5632 571
/
4 5338 5712 5812 5734 58/
5612 583
/
4 573
3
4 21,700 Republic Iron & Steel
101) 424 Apr 30 6472 Jan 3
93/
1
4 937s 9234 9234 9372 93/
94
94
*9312 94
3 *93 94
4
400
Do prof
100 54l July 7 95 Jan 13
1012 1034 101s 1072 1018 1052 *1012 1012 103
/
4 1034 1014 1038 3,300 Reynolds Spring
No par
19 Jan 5
8 July 2
9412 9514 94/
3
4 9514 9412 95
93
9434 95
9412 9234 9414 15,800 Reynolds(R J) Tob Class B 25 7214 Mar 24 9534 Nov 23
••12012 12112 *121 1211 *121 12112 •121 1213
/
4 *121 12112 *121 1213
/
4
Do 7% pref
100 1197/ Jan 8 122 Apr 29
•88 88/
3
4 *88 881 •88 8812 *88
8812 *88
8812 88
88
100 Roasts Insurance Co
23 85 June 25 9712 Feb 20
5412 5414 5312 54
54
5312 538
5414 5448 5512 5412 55
13,900 Royal Dutch Co(N Y shares). 4814 Mar 24 57/
3
4 Jan 31
45 45 *4412 4514 443
/
4 4512 4514 4512 4512 457s 46
4634 5.300 St Joseph Lead
10 3534July 1 5212May 25
72 741s 741
/
4 761
7858 79
8012 8272 8114 824 803
/
4 82
13.000 Savage Arms CorporatIon_100 4812.Tuly 15 1083$ Mar 3
12434 12714 124 12514 12334 12534 12514 12678 12612 12814 128 13212 36,900
Schulte Retail Stores_ No par 10134SePt 3 13212 Dec 4
11514 11534 116 116 *11518 117 •1151, 116
11518 11512 *1153
/
4 11614
400
Do pre:
100 110 Jan 6 118 Aug 21
1324 137s 1312 1334 1312 131
*1334 14
*1378 14
*1378 14
1314 Nov 27 1634Ju11e 22
600
Seagrave Corp
No pa
221 224
22112 223's 222 225
224 226
22378 225
22434 22638 11,550 Sears, Roebuck & Co
100 14712 Mar 30 2331± Nov 10
*61, 614
612 61
6
6
612
61
*612 634
612 61
900
Shattuck
Arizona
Copper
10
778 Jan 3
1
4 Apr 22
5/
6914 6914 6812 703
693
/
4 723
3
4 73
7012 7212 6912 721
72/
5,600 Shattuck (F 0)
No pa
4018 Mar 30 92 Aug
*4478 4532 4512 4552 45/
3
4 4558 46 4612 *46/
3
4 473
463
/
4 4658 1,100 Shell Transport & Trading. £2 3934June 3 4652 Dec 4
2434 25
2458 25
2434 25
25
2514 25
2532 253
/
4 257 28,600 Shell Union 011
No pa
2158 Aug 12 2838 Feb 4
.
'
1 104 105 *104 105 *104 105
1043
/
4 10414 10414 10414 10434 1043
500
Do pref
100 99/
3
4 Jan 2 1063
/
4 Nov 5
23 2332 23
2314 237
231
3
4 2418 23/
23/
3
4 2414 23/
3
4 241 24,000 Simms Petroleum
10
1734Sept
3 2634 Jan 12
5312 5312 5314 531
53
52/
531
3
4 53
5172 527
5214 523
/
4 4,304 Simmons Co
3114Mar 17 5438 Nov 2
No pa
203
/
4 2012 20
201
2012 203
2058 2114 203
/
4 211
2078 213
/
4
53,900 Sinclair Cons Oil Corp-No pa
17 Jan 6 2478 Feb 2
89 89 *8812 90 *8812 001 *89 9014 •89
901 *89
901
200
Do pref
100 7834 Jan 2 9418 Feb 3
3014 3034 30/
1
4 3012 3038 303
303
/
4 3112 30/
3
4 311
3078 311 44,200 Skelly Oil Co
2
2134Mar 30 3212 Nov 14
13212 1361: 1311
/
4 1343
/
4 13212 1401 135 13712 13452 136
136 141
8014 Mar 30 141 Dec 4
21,500 Sloss-Sheffield Steel & Iron 10
88 88 *86
917
89
89
913
/
4 933
933 941
9234
7,200 South Porto Rico Sugar-10
62 Jan 6 94/
1
4 Dec 3
1514 1514 *143
/
4 1514 *1412 161 *1412 1514 *1412 943
1514 *143
/
4 151
100 Spear & Co
No pa
143
/
4 Aug 31 24 May 28
8112 8112 •80
80/
81
1
4 801 •80 81
•80
81
81
81
300
Do
7918
prof
Aug
100
31
May 19
92
26
3
4 26'4 261
2612 2614 26/
27
273
26
2738 27/
1
4 273
5,800 Spicer Mfg Co
No pa
1512 Feb 17 3678Sept 23
4'103 104 *103 10412 *103 104 *103 104
103 103 •103 1031
100
Do pre!
100 92 Apr 1 108 July 10
56/
3
4 57
5612 57
56
567
5614 5712 5612 5738 57
5758 14,800 Standard Gas & El Co_No pa
4014 Jan 2 61 Oct 16
7612 773
7612 77/
3
4 75
763
/
4 7512 751
75
751
7552 77
4,000 Standard Milling
100 82 May 19 8072June 18
*85 87 *84/
3
4 87 *8412 87 *84
86 *84
86 •84
86
Do pref
81
Jan 20 8638-lune 12
100
5512 5534 5512 5534 5512 561
5558 56
55/
3
4 56
554 561 18.200 Standard Oil of California. 2
511/ Aug 13 6714 Feb 2
43/
1
4 4332 42/
3
4 4312 431
/
4 44/
1
4 44 443
4334 443
/
4 43/
3
4 4438 80,200 Standard 011 of New Jersey 25 3838 Mar 30 47/
3
4 Feb 3
1163
/
4 117
11678 11678 11634 117
11634 11634 1163
/
4 11634 117 117
1,400
Do prof non-voting--100 1161* July 7 119 Feb 24
712 718
712 7/
3
4 *7
7/
3
4 *7
7/
3
4 •7
732 *7
738
500 Stand Plate Glass Co-No par
54 Aug 31 16 Jan 16
7614 763
/
4 7612 761/ :76
76
76
76
76
76
7612
1,200
763
2
Sterling
No par 6214 Mar 25 7812 Oct 13
Products
7534 76
744 7514 75
79
79
8234 82/
1
4 84
83/
3
4 85 63,600 Stewart-Warn Sp Corp_No par 55 Mar 18 85 Dec 4
7514 763
/
4 *74
77
73
7412 7334 7638 763
/
4 78
78
79
3,300 Stromberg Carburetor_No par 61 Mar 18 89/
3
4 Oct 27
56/
56
3 5512 5614 5532 55/
4
3
4 55/
3
4 55/
1
4 563s 5618 5634 34,800 Studeb'rCorp(The)newNO Par 4114 Jan 28 6852 Nov 2
3
4 55/
"1120 123
12212 12212 123 123 *120 12412 *121 12412 *120 12434
Do
200
100
13
Mar
pref
112
125
Sept 29
34 318
3/
1
4 318
3
33
/
4
3. 3
3
318
318 33
/
4 3,600 Submarine Boat
No par
3 Oct 15 12 Mar 6
3
3
*234 3
2/
3
4 234
234 2/
3
4
234 234
234 2/
3 3,900 Superior Oil
4
224 Oct 17
par
No
61s
Feb 9
*23
28 *23
28 *23
28 *23
28 *24
28 *22
28
Superior Steel
100 20 May 1 414 Jan 10
*1614 151
15
1514 1514 1514 *1412 1434 •1412 15
15
15
1.000 Sweets Co of America
1512 Oct 26
3
4 Mar 1
5/
50
1314 14
1312 1358 13/
3
4 14
13
13
13/
3
4
13/
3
4 12
131
5,300 Symington temp ctfs_No Par 1012 Jan 1
207sSept 18
2014 201
2012 207
2014 2012 2038 2032 2014 2014 2014 2012 2,100 Class A temp
Ws-_ _No Par 20 Aug 19 264Sept 18
*1334 141 *1312 111
1352 13/
3
4 *13/
3
4 15 •14
15
*14
15'
300 Telautogra ph Corp_ _ _ No par 11 Aug 14 1614 Nov 7
13/
3
4 14 z13
13
133
1478 1432 1514 14
15
1434 1512 146,000 Tenn Copp & C
752 Apr
No par
1512 Dec 4
513
/
4 521
5134 521
5134 52/
3
4 5214 5314 5234 53/
3
4 :5252 5314 55,500 Texas Company (The)._ 25 4234 Jan
544June 12
1143
/
4 116
11514 1163 z1133
3
4 1143
/
4 114/
/
4 11434 114/
/
4 11478 1143
3
4 11514 14,500 Texas Gulf Sulphur
Feb
12112
17
10
Nov 7
9712
1558 16
15/
3
4 157
153
/
4 161
/
4 1534 1632 15/
3
4 1614 16
163
/
4 22,600 Texas Pacific Coal & 011.-- 10 1078 Aug 27 2338 Feb 6
36
3652 3552 3652 3618 36/
3
4 353s 3632 3552 363
/
4 3558 3658 28.000 Tidewater 011
100 30/
3
4 Aug 17 363
/
4
Dec 1
541
54
541
5312
5358 54
53
5234 5372 53/
54
1
4 54
7,600 Timken Roller Bearing _No pa
3734Mar 18 5938 Oct 30
9814 1001
9612 993
9512 9812 98 9912 97
9814 943
/
4 9614 110,900 Tobacco Products Corp
l00 70 Jan 2 10134 Nov 20
108/
3
4 1083 107/
10612 10712 107 107
3
4 109
10614 107
10578 10712 5,90. Do Class A
100 934 Jan 2 1103$ Nov 27
412 43
4/
3
4 43
412 434
412 452
412 43, 46.600 TranseTI011temettnewNopar
412 4/
3
4
312SePt 26
57881a31 9
. *2614 27 *2638 261 *26
27 •26
27 *26
27 *26
27
Williams
St'lNo
Transue
par z25 Oct 3 85 Jan 10
&
53/
3
4 54
54
571
547 25218 523
55
55
53
56/
3
4 571
6,900 Underwood Typewriter-- 25 3812 Mar 25 651* Nov 2
7512 77
75
75
77
3
4 763
7514 7614 74/
761
76
773 15,800 Union Bag & Paper Corp 100 86 Apr 1 86 Oct 23
3558 3534 3532 35/
36 361
3612 361
3532 363a 7.000 Union Oil, California
3
4 353/ 357
33 Oct 19 4338 Feb 5
2
127 127
128 128
1293
/
4 1293
/
4 *127 1291 •126 129 •128 129
300 Union Tank Car
100 118 Sept 2 134 June 19
11472 11478 *114 115 •114 11478 *114 114/
3 11478 1147 11478 1147
4
400
Do pref
100 11314June 17 11718May 6
29
29/
3
4 29
2812 301
2834 29
29
2912 29
2812 30
8,500 United Alloy Steel
No par 24 May 15 3S7 Mar4
105 11014 10312 10512 10114 107
10714 11134 108 109
10612 109
25 603
United Cigar Storm
/
4 Jan 6 11512 Nov 9
14912 1511: 14858 14914 14934 15514 154 1543 15278 1551 153 155 87,000
10,400 United Drug
100 11078 Feb 4 16212 Oct 31
5534 55/
3
4 5534 56
56
56 *5512 56
3
4 56
56
56
55/
1,300
50 52 Jan 16 5812 Nov 5
Do 1st pref
225 228 226 228 •227 230 227 227 227 22734 z226 228
1,400 United Fruit
100 20472 Mar 31 246 Sept 30
293
/
4 3112 29
2912 31
29/
3
4 2934 307s 2912 31
2952 301 17,700 Universal Pipe & Rad_.No Dar 263
/
4 Apr 27 50/
3
4 Feb 11
*7512 79
79 79
79/
3
4 79.2 7712 78
783
/
4 7832 1,100
75 75
Do
pref
100 65 July 10 94 Feb 11
19534 196
196 2051 205 208
1913
/
4 19212 190 1981z 196 199
15,500 US Cast Iron Pipe & Fdy_100 1311
/
4 Apr 22 250 Feb 11
102 10212 1013
/
/
4 1011 10114 10112
4 10178 *101 104 •100 102 *1003
600 Do pref
100 91 July 11 113 Aug 21
511
/
4 5278 5112 52
52
3
4 547
/
4 53/
56
543
/
4 5312 551
5634
•190 200 *190 225 *200 230 *200 220 *200 230 •200 230 30.300 US DIstrib Corp tern ctf No Per 3018 Feb 17 5634 Dec I
Do pref
100 130 Mar 9 210 Nov 19
4434 45/
451
3
4 4518 4534 45
45
45
45
4514 4514 2,300 US Hoff Mach Corp v t c
45
Par 23 Jan 3 494 Oct 17
77 804 7714 7812 7818 7934 72/
7538 77 64,400 U S Industrial Alcohol__No
3
4 7812 7312 751
-100 7212 Dec 2 98 Oct24
•108 112 110 110
108/
111 111
105 105
3 10814 .105 108
4
600 Do prof
100 105 Jan 29 115 June 22
163 167
163 1663
16212 16212 7,900 U S Realty & Improv't-100 11412Mar 30 18412 Nov 2
3
4 16212 161 162
/
4 1614 16334 160/
89/
3
4 9212 8812 90/
88/
1
4 9034 197,500 United States Rubber_
3
4 8714 897s 87 894 877/ 903
100 3312 M ar 30 9714 Nov 13
10814 10814 *10734 10814 10734 10734 10734 10734 *10812 109
10834 10834
900 Do 1st pref
3
4Nov 14
100 9234 Mar 30 108/
46 46 *4514 4512 454 46
4512
46 463
/
4
45/
3 4578 464 2,900 US Smelting, Ref & Min_ 50 30 Feb 17 454 Oct30
4
4778 47/
3
4 47/
3
4 47/
3
4 4712 4712 48
48 *48
4812
4832 .48
900 Do pref
50 44 Apr 16 49 Oct 9
12932 13034 1283$ 12912 1283
/
4 13138 12912 13212 1334 13512 425,100 United States Steel Corp-100 11238Mar 30 13914Nov 7
/
4 13012 1293
12512 12514 125/
1
4 12512 12514 12512 1251
/
4 12514 12534 12534 12512 12558 3,000
Do prof
3May 7 138 Nov 6
4
100 122/
•10212 112 •10212 112 *9712 112 •102/
3
4 110 *10212 110 •10212 110
Utah Copper
10 82 Mar 19 111 Nov 18
3312 33/
3
4 33/
3
4 3512 3314 343
x35
/
4 36
3
4 343
3534 41,600 Utilities Pow & Lt A. No Par 30 Aug 27 88 Aug 6
/
4 3414 35/
30/
3
4 3112 303
/
4 3058 3012 305s 303
/
4 3012 3012 303
3212 4,500 Vanadium Corp
/
4 31
No par 255$May 4 3414July 9
23/
3
4 2334 *23
24 •23
25 •23
2414 •23 25 •23
25
100 Van Raalte
1
4 Aug 20 264 Nov 7
No per 15/
*6832 79 *6832 79 •703
/
4 70 *7014 79 •7012 79 *704 79
Do
let
80 Nov 16
pref
100 60 Apr
2
2
*2
214
2
2
2
2
214
2/
1
4 *2
2
1,100 Virginia-Caro Chem.__No par
854 July 9
•12
112SePt 2
123
/
4 •12
1212 *12
1014 1014
1212 12
12
1212 *12
300
812
Do
prof
Jan
2312July
100
8
*I
2
*I
2
114 114
*1
114
114 •114 2
2
400
47 July 9
Do "B"
7/ Aug 28
No pa
2252 2358 23
2312 2212 23
23/
23
1
4 2414 20,700 Vlvadou (V) new
2212 231$ 23
Jan 13 2414 Dec 4
No pa
7
14
1612 1612 •163
/
4 1612 1614 1614 1632 1632 1614 16313 163
/
4 163s 5,100 Waldorf System
1412 Aug 10 1978 Jan 3
No pa
•184 185 185 185 •184 186 186 191
194 194 •190 196
600 Ward Baking Class A_.No par 116 Apr 30 194 Dec 3
3
4 8612 86 884 87/
8312 8432 83/
3
4 90
/
4 8712 157,490
8612 8834 863
Class B
No par 3714 Mar 30 9512 Oct 3
*108 1081 •108 1081 108 108 •108 10812 10818 1083
3
4
/
4 10912 109/
600 Preferred (100)
9412 Feb 11 11034 Aug 13
NO Pa
1914 1914 193
/
4 1918 *19
1834 1914 3,200 Warner Bros Pictures A.1838 19
194 1834 19
10 184 Dec 3 2278 Oct 16
*45 46
*4514 46 *4514 46
4514 4514 4512 46
*4514 46
600
Warren
Bros
No
pa
June 24 5012JulY 6
43
94
951
94 95
9412 9632 9518 96
94/
3
4 96
9514 967 23,600 Weber & Hellbr, new_c No pa
51 Apr 17 91372 Dec 4
Western Elec 7% pref _ _100 110 Aug 15 11712Jtme 25
jaii2 1371 1371± 13838 137I 1378 138 146- 1387s 1407± 15813 11678
- -7 400 Western Union Telegraph-100 11814 Jan 2 144/
3
4Sept 18
12312 12614 120/
3
4 12414 122/
1
4 125
123 124
12312 125
123/
1
4 125
10,900 Westinghouse Air Brake__ 50 97 Apr 9 144 Aug 17
7334 7412 7318 733
73
73/
3
4 73 73/
3
4 74/
3 72/
4
1
4 73/
3
4
7412
11,800
Westinghouse Eleo & Mfg_ 50 6614 Mar 28 84 Jan 3
1712 1734 1734 174 1712 1718 1712 1712 173
•17
/
4 17
17
(414 Apr 1 2011 Aug 17
600 West Elm Instrument
•2712 28/
3
4 28
28 •27/
3
4 2818 2818 2818 28
28
600
1958Mar 31 283
/
4 Oct 6
11314 115
115 115
115 116 *113 117 *112 116 ',12 11:
1,200 West Pen
No par 100 Sept 4 145 May 21
An Co
*953
/
4 963
/
4 *93
961
9618 97 *9238 97
9612 961 .96
98
400 Do F.171ePonirm etf new-100 94 Apr 3 100 July 22
2712 2711 2714 271
2714 2738 2732 2734 27/
2714 28
3
4 271
2.500
White
No par 2512 Aug 28 3134 Feb 2
8312 8534 82/
1
4 84
823
/
4 8312 83 84
8332 843
84
8532 33,600 White Motor
50 5718 Mar 30 10412 Aug 18
35
35
34
35
3312 34
34
38/
377
3
4 3934 10,300 White RR, M & S etfs_No par 3312 Dec 1 49/
3552 36
3
4 Aug 7
212 212
212 252
2/
3
4 2/
3
4
2
24
2
/
3
4
21
2
24
9,600 Wlekvrire Spencer Steel etf.
2 Dec 3
__ _
2634 2734 2612 281s 26/
538MaY 15
1
4 2718 2618 27
26
2732
Ilms Willys-Overland (The)
5
94 Jan 26 3478 Nov 4
1194 11914 120
119
117 119/
3
4 11834 1207 118 1203 120
"
127278
1122
Do
28
Dec 4
Jan
*514 512
100
prof
7214
514 51
5/
3
4 5/
3
4 *5
•5
51
51
•5
5/
3
4
200 Wilson & Co,Inc
518SePt 24 1334 Mar 7
No par
24
2112 211 *20
•19
23
*21
23 *21
211 *21
23
100
17
Sept
2
60
Mar
7
3
4 1971 198 207 205 2081 203/
1963s 19734 196/
3
4 2057 205 206
21.1
50T Woolworth Co
25 11214 Jan 28 220 Oct 29
W)
413
/
4 4212 4012 413
/
4 41
42
41
45
4412 4638 13,000 Worthington P(F
41'2 41
100 3514 Aug 12 80 Sent 10
& 1.1
781/ 7812 *78 80 *79 80 *7914 80 *7914 80 *7914 80
100
Do pref A
100
•62 64 *6214 64 •6278 64
64
6272 6312
*6312 68
64
300
Do pref 13
100 12 rug
v lt N34 tab
;
e l li
99
2814 *26
271 *26
28
2614 263
/
4 27
27
2712 2878 3,402 Wright Aeronautical-No par 16 Mar 30 3232July 1
*5512 55/
1
4 56
56
5512 56
553
/
4 553 *5534 56 *5512 56
500 Wrigley(Wm Jr)
No par 451:Mar 30 57/
3
4 Oct 27
64
64
•63 64
64/
1
4 65
66
66
66
66
6514
66
1,100 Yale & Towne
25 62 Sept 23 701* July29
Yellow Cab Mfg tern Ws._ 10 33/
3
4 Feb 18 4834 Oct 1
ii -iiis 17-1-2 -8/ igi-4 -854 iiis -8783
-Os 881-4 -iirt868±
/
4 IA -1...i..
w7",i, Youngstown Sheet & T No par 63 Mar 27 9212 Nov 7
•Bid and asked prices. no sales on this &AY s Ex-dividend. a Exights. a New stock on the basis of 1 new share for 3 old shared.
PER SHARE
Range for Previous
Year 1924.
Lowest
Highest
$ per share $ per share
106 Jan 13712 Dec
30 Jan 3312 Nov
9 Mar 1712 Dee
-111;
9 Oct
8214 Jan
90/
1
4 July
9012 May
74 June
42 June
82 June
9/
3
4 May
/
4 Ma
613
11514 Mar
86 Mar
4032 Sent
22 Jan
3272 Jan
9674 AD
105 May
Jan
5412 Dee
9934 Dee
110 Dee
2314 Nov
834 Dee
95 Mar
2274 Jan
7972 Dee
121 Juno
98 Sent
594 Feb
4572 Dee
8872 Dec
12914 Aug
11284 Dag
/13.
41-41-4;
4 Apr
Ili' -nee
33 Jan
1534 July
/
4 Jan
913
1034 Jan
22 Apr
15 July
75 Oct
174 July
52 May
58 Oct
42 Dec
2212 Dee
991: Dec
24 Dec
37 Dec
2712 Jan
91) Jan
29 Feb
8472 Dee
957s Mar
73* June
78 July
311/ May
891/ May
70 July
5512 Apr
33 May
11534 Mar
134 Oct
551/ Apr
4811 July
54l May
30's May
1097/ Nov
6 Nov
24 Jan
23 July
1$4 Sept
61* June
634 Mar
37/
3
4 June
57/
3 Apr
4
8 Oct
11614 Oct
314 May
52 Apr
8314 Ma
334 Apr
2872 Oct
3618 Sept
33/
3
4 Sept
35 Nov
94 Jan
10614 Feb
20 Oct
421/June
71 May
4612 May
182 Jan
13 July
4712 Oct
64 Feb
817s Jan
214 May
98 July
164 Mar
611s May
98 Jan
90 June
224 May
6611 may
Isla Mar
8711 Mar
94/
1
4 June
1183/ Feb
64 Jan
Kii1;
1574 Oct
53 Sept
/
3
4 June
24 June
3* June
44 July
14 Apr
8
J1317
-276Dec
9814 Dee
414 Dee
7$34 Dee
85 May
684 Jan
4214 Jan
1194 Aug
3514 June
6512 Noy
10072 Jan
8472 Jan
4614 Dee
115 Jan
1282 Dee
81s Aug
35 Dee
3 Jan
.144 Dec
934 Jan
454 Jan
110 Dee
154 Feb
151 Feb
41 Jan
7331 Dee
931/ Oct
64 Jan
3512 Jae
43 Jan
644 Feb
39 Nov
1324 Sept
11634 July
37 Feb
644 Nov
1214 Dee
53 Dee
22413 Aug
48 Dee
79 Dec
1694 Dee
1044 Oot
42 Dee
168 Dee
244 Oct
8714 Dee
10634 Dee
1431/ Dee
427a Jan
954 Dee
4112 Dee
4672 Dee
121 Dee
123 July
8874 Dec
Feb
8312 Jan
80 Jan
1072 Jan
3474 Jan
7 Jan
1512 Jan
20 Nov
iffsi "Ai); iff
105 May 11874 Dee
84 Jan 111 Dee
55'e May 75 May
471, Jan 127 Wei
1174 Arp 97 Dee
23
601
1 May
Apr ,2y938_11 Feb
Dee
67 May
Tit; "jii;
84
11
1 May 8
28
Aug
7
12
14
12
724
834
2314 June 81
Y 894
6
5812 j
.tuain 7534
May
35
3254
42364
D
jan
ec
Dec
Dec
Dec
Dee
Dec
32
593* i4;
0ct
Dee
VI
t*t
j
Jan
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
2732
Jon. 1 1909 the Exchange method of 'noting bonds was changed and prices are nare
BONDS
N. T. STOCK EXCHANGE
Week Ended Dec. 4.
Prize
Friday
Dec. 4.
Weer.
Range or
Lag Said
o4t2
Range
Since
Jas. 1.
and inwert" ---,weal for laCOna, old
BONDS.
N,Y.STOCK EXCHANGE
Week Ended Dec. 4.
a.
Price
Friday
Dec. 4,
(a led bass.
Week's
Range or
Last Said
High No.
Ask Low
544
U. S. Government.
Jligh
SO
Alk Low
Nigh No. Low
10758 37
First Liberty LoanNetherlander).(flat prizes)..1972 at 8 10712 Salo 107,4
10378 Sale 10312 10378 85
33-4% of 1932-1947
J D 99=42 Sale 993022 99"32 632 9911,4 01,3.1
10134 13
Cony 4% of 1932-47
iam
-yeam
100
02"n Palr0
(frIec
A6te:99
(R
e8tr
I
l9
66
4443
el
e'er
4
)J
P) 5
AaMi6
A 0
J D 1003441011342 100343Nov'25
00
D 10112 10212 10114
101i2 61
10138 Sale 10114
Cony 434% Of 1932_47
J D 1013.32 Sale 101,3321013,32 127 10113n 03341 Peru (Rep of) extl 8a
674 87%
66
2d none 434% of 1932-47
103
6812 35
Poland (Rep of) g (is
10 101
J D 101,,32 Sale 101.32 101 3n
89 , 605
Second Liberty LoanEsti a t g 8s Interim reels.1951) j J 88 Sale 86
99141 21
45 of1927-10
993144 01.'n Porto Alegre (City of) 88_1981 J D 9914 Sale 9812
421
100
M N 95"31100h1 100
112 I 15
Cony 4M% of 1927-1942
M N 1002394 Sale 10011321013,32 637 19017,4 01.344 Queensland (State) ext s 1 7e 19461 A 0 11012 Sale 110
10578'
13
10514
105%
Third Liberty LoanSale
25-year 6a
1947 F A
99 I 29
99% Sale 9718
452% of 1928
M S 101,32 Sale 101.32 101,32 1283 1001044 02'n Rio Grande do Sul 8a
98141 22
Fourth Liberty LoanRIO de Janeiro 25-yr. 1 80..194
047
64
A 0 98 Sale 98
9734 40
9814 Salo 9612
4 34% of 1933-1938
26-yr extl 8e
102,32 1189 10113n 031%1
. A 0 102322 Sale 102
14
Treasury 4 Ms
1061%4 124 104134s 081'n Rotterdam (City) external 681964 M N 10312 104 10312 104
1947-1952 A 0 1081044 Sale 106
15
108
Treasury 4e
190 1001'1,04"o El Salvador (Reis) 8a
1944-1954 1 D 103
1948 j j 10534 Sale 10534
Sale 102'844103
28
10113
102
101
10134
Sao Paulo (City) a 1 13s
State and City Securities.
1952 m N
99% 10112 San Paulo (State) ext st 85 1936 1 .1 102 Salo 10212 10334 19
N Y City-4344 Con. stock. 19611 M 4 10018 10012 10012
1
10012
19
4 3:s Corporate stock
External e t 8s Int recta_ _1950 j J 10134 Sale 10112. 102
17 10018 10378
1964 M 4 10058 1011s 10058 101
8814 129
1014
102%
Seine (France) ext 75
434 s Corporate stock
1942 J 1 88 Sale 8714
1966 A 0 10058 ____ 10238 Apr'25
10014 10314 Serbs. Croats at Slovenes 86_1962 M N 9112 Salo 91%
9134 73
434s Corporate stock
1972 A 0 10034 10114 10014 Oct'25
30
85
10614 10812 Soissona (City) He
43is Corporate stock
1971 J D 10518 10534 10614 Oct'25
1936 M N 8412 Sale 837k
10412 51
4Sis Corporate stock _July 1987 J .1 105 10534 105
10 10412 10778 Sweden 20-year 6s
105
1939 1 D 10413 Sale 10414
83
djis Corporate stock
External loan 534.
1 10412 108
10412
1965 J D 105 10534 10412
1954 51 N 10134 Sale 10112 102
14
117
4,3i a Corporate stock
_ 10478 10834 Swiss Contedern 20-yr e t 80 19403 J 117 Sale 1184
1083 M 13 10434 10512 105 Nov'25
9718 10014 Switzerland Govt ext 5 Ms_ _1946 A 0 10312 Sale 1031s
10312 105
4% Corporate stock
1
9712
1959 PA N 9714 9778 9712
5
10014
67
9714
67
66%
9714
8612
4% Corporate stock
City
5e
Nov'25
loan
Tokyo
974
of
__
1968 M N
1912.1952
9734 10018 TrondhJem (City) esti 8348_1944 M S 98 100
100
10
99%
4% Corporate stock
_
1967 M N 9714
_
9734 Nov'25
J ,1
9612 100
11012 15
11012 Sale 110
4% Corporate stock
Uruguay (Republic) ext 88_19
1956 al N 9623 9714 96i2 Nov'25
948
5F
A 0
A
96
41834 Zurich (City of) a f 8a
1077 Salo 1077
3
108
4% Corporate stock
Oct'25
1955 M N
96
4JI% Corporate stock _ _1967 51 N 10412 10518 10412 Nov'25,---- 10412 107312
Railroad.
_
Oct'25
104%!
444% Corporate atock
2 1044 10758 Ala CR Sou let cons A 511_1943 J D 10112 10218 102
1057 MN 10413 10512 10458
_
8758 907s Ala Mid let guar gold 55_1,
434% Corporate etk _Mayl954 M N 8753 88'x 8812 Nov'25'_-._
925
48 M
A 0
N 10078 ---- 10038 Nov'25
13
8714 91
85
Alb & Stare cony 334a
85 Sale 8318
434% Corporate 8th _Nov 1954 M N 8738 8812 86
Oct'25
10058 10334 Alleg & West 151 g 4s gu
_
Oct'25
New York StateCanalIm-4,1961 J J
84
1003g Nov'25
1998 10
A O
s 8012 85
101,6 101 18 Alleg Val gen guar g 45
__
92 Nov'25
9218 93
4s Canal
1011* Mar 25
1942 J J
1942
10978 11414 Ann Arbor 1st g 4s__ _July 1995 Q J 76
70
77
4345 Canal impt
76,
s 76
109% Aug'25
1864 J J
10278 103
Atch Top & S Fe—Gong 4a_1995 A 0 8914 Bale 8914
4s Highway impt register'd1958
8911 96
1027 July'25
10812 114
88
88
Highway !mores% 43412_1983 isi -S
Registered
1
10812 Oct'25
A 0
7612
7612
Virginia 2-3s
85
8
847s
Adjustment
8412
Feb'25
8411
geld
____
7612
64%
48_July
1991 I .1
1995 Nov
8514 26
Foreign G eeeee ment.
Stamped
July 1995 Si N 8514 Sale 841
_
Argentine (Nat Govt of) is 21927 F A 102 Sale 10178
82 Nov'25
Registered
10214 84 10184 10314
M N 814
95% 9712
Cony gold 4, 1909
8168 of June1925 temp_ _1959 .1 D 9614 Sale 9534
9614 172
1955 J D 8418 -8414 8414 Nov'25
9512 9714
Exile f Os of Oct'25 temp.1951) A 0 9534 Sale 9534
Cony is 1905
4
96
8412
185
841 g
19553 D 8418 86
96
97,
4
Woking fund 6e Set A...1957 M S 9612 Sale 968
Cony g 4s Issue of 1910...1960 1 D 8314
- 8312 Nov'25
96% 171
9612 87
East Olda Div let g 4,a
9434 97
External 65 series B._Dec 1958 J 0 96 Sale 96
W12 9914
9914
1928 M B 99
8112 89
Rocky Mtn Div 1st 45_ _ _ _1965 J J 8514 86,
Argentine Treasury WE_ _ 1945 M 4 86
8 8512 Nov'25
8634 8618
86% 48
9612 9958
Australia 30-yr 5s_ __July 15 1955 3 J 9718 Sale 9678
Trans-Con Short L 1st 48_1958 J .1 8712 8812 8713
254
88
6
10112
93%
Cal-Ariz let de ref 434,"A"1962 M S
Austrian (Govt) a t 7a
04 Nov'25 _ _ _ _
10
60
71142 119
1943 J D 9934 Sale 9958
Belgium 25-yr ext. I 734. 2_1945 J D 109 Sale 109
89%
10938 40 107 11014 All Knoxv & CM DIv 4s___ _1955 M N 8941 _ _ _
89%
1
106% 109% All Knoxv & Nor
20-rear a I 8a
1941 F A 10714 Sale 10714
10712 33
1st g 6a__ _1946 J 0 10212
- 10214 Aug'25
go3, 96
9312 68
All & Char! A List A 430_1944 .1 J 9634 14
25-year ext 610
,
4 97% Oct'25
1949 M S 9312 Sale 92
8331 88,4
tel 30-year 6,9 Series B.._ _1044 3
1921
Kati. f fla Inter rote
2
102% ---- 10234
8614 192
1955 .1 3 85% Sale 8512
9514 9812 Atlantic City 1st cons 4a
Extl a f 7s Int etre
8512 July'25 ____
9614 160
1955 .1 D 96 Sale 9514
1951 3 J 8412
11312 10 10818 11514 Atl Corte Line 1st con 4a_51952 M S 917s Sale 91%
91%
Bergen (Norway)a t 8a____. 1945 121 14 11312 Sale 113
8
95
99%
10-year secured 7s
30
107
25-year sinking fund 85_1949 A 0 99 Salo 99
9914 11
1930 Si N 106 106% 106%
8734 9014
94%
General unified 434s
8
Berlin (Germany) 6(4s
8918 166
1950 A 0 8734 Sale 8734
1964 J D 93% Salo 93%
L & N colt gold 4a____Oct 1962 MN 8938 Salo 89
89% 32
Berne (City ot),f 88
108 I 37 107 III%
1045 M N 10758 Sale 10758
94
98
Atl & Danv 1st g 4a
7814 7818
1
7818
Bogota (City) ext'l a I 811_1945 A 0 97 Sale 97
75
97% 24
19483 J
92% 99%
2d 414
5
6512
Bolivia (Republic of) As
6512
9712 48
1647 M N
9634 Sale 96%
19483 J (3412 68
8944 Atl & Yad 1st g guar 4a
80
77
98
77
4
76
7512
Bordeaux (City of) I5-yr 68.1934 M N
85
85 Sale 84
1949
A 0
95 103
99% 101
A & N W lst gu g La
1
99%
99%
Brazil 1, S. external S.
100,2 141
1941 .1 D 1001a Sale 9912
8014 89% Balt & Ohio lot g is_ __ _July 194
8914
16
Te (Central RY)
149
87
1962 J D 8618 Sale 8512
946
13
A 0
1 89% Sale 8878
Nov'25
887
8
8714
744e (coffee Recur) t (flat) 1952 A 0 105 10514 105 Nov'25
87
_ _ 10312 10812
Registered
July1948 Q J
95% 100%
9414 263
Buenos Aires (City) exti 63481955.3 .1 9912 100
10-year cony 434s
94 Sale 9314
9912 100 I 28 log
10234
IRefund dr:en
93
131
Canada (Dominion of) g 6s. _1926 A 0 100% Sale 100
6
635
3J
M 0
E3 93 Sale 9213
5a Series A.1199
100,11 22
10312
1013
8
128
let g 58 irat We
10218 46
1931 A 0 1017 Sale 1017
19
92
48
9 JA 0
., 102 Sale 1016. 102
4
1033
10112
1034 142
103 Salo 103
10-year 544s
186
1929 F A 10158 Sale
104
133
/3s
Ref & gen 6. ger C temp..1995 J D 104 Salo 10334
1(3
)1114
4 175 101% 105
112
3
1962 M N 10312 Sale 10
1)1
96 104
P LEA W Va By,ref 48_.1941 M N 87% Salo 8734
881g 40
Carlsbad (City) a I S.
10212
8
1964 .1 J 10212 Sale 10212
9734 102
97% Salo 9612
Bouthw Div 1st 59
Chile (Republic) exti.1 8a 1941 F A 10812 Sale 10812
J
10873: 31 10614 110
5
0
9
3
195
3
17
74
Tol de Cln Div 1st ref 4s A_19 J J
74 Sale 7358
External 5-year,f 8s
8 10178 10312
1027s.
1928 A 0 10258 Sale 10258
9834 103
Battle Cr & Slur 1st gu 3s_ _198 J 13 80% 6214 6258 May'25
20-yearext17e10
1942 MN 10114 Sale 10118 2 I 58
9013 9412 933. Nov'25
25-year, I 84
10912 24 10614 11014 Beech Creek lat gu g 45.-199 3
1946 M N 10813 10912 (0834
9378 9634
91134 Nov'25
Chile Mtge Bk 634s June 30'1957 .1 1) 9538 Sale 9512
Registered
J D 9078 95
96 , 68
40% 5112 Beech Cr Ext let g 334s____1951 A 0
__
Chinese(Hukuang RI)58_1951 J D 4412 Sale 4304
7712
- 77 Sept'25
5034 280
109
4
4
112
2
88%
1319
8814
Sandy
Christiania (Oslo) a 1 94
14
lat
4.
1
103
88%
4
1
6
.
1105
8
1103
4
A
0
1106.
1045
95% 10112 B & N Y Air Line
0
75
30-year a 1 68
1954 Ni S 9978 Sale 9978
54
5j
IrA
D 75 Salo 70%
10012
let 4a_
111
64
9678 10014 Brune & W let gu gold 4a___1938 1 J
1
9212
9213
9138 94
30-year a 1Ba99
14 38
1955 M N 9858 Sale 99
guy 1014 BuD
101 Nov'25
10012 19
ffdaglg
odR
_
Colombia (Republic) 634s_ _1927 A 0 100 Sale 100
i 44%4
P gen gold 5)1_1937 M S
9414 100
87
48
8812
Copenhagen 25-year 411 5341.1944.3 J 99 Sale 9812
58
99
s
N
Si
m
1957
96'2 9812
May'25
82%
Cordoba (Prov) Argon 78_ _1942 J J
4
Registered
9634 Sale 96,2
97
9512 10212 Boric Ilk Nor let 5.
1
100%
100%
Cuba Sc of 1904
2
1944 PA 5 9914 Sale 9914
99,4
9314 100
2
10234
Canada Sou cons gu A 5a...193
8
02
1
:0
67- 8S11:a11-31111
External 56 of 1914 Pet A. 1949 F A 96
97
97
97
A
4 0:
:
962
4.
1-2 10211
9818 Canadian Nat 434e_Sept
84
9312
43
933
8
9058
Fxternal loan 434e
8978 90
8
1949 F A 89
15 1954 Si S
90% 103,4
5-year gold 414s_ _Feb 15 1930 F A
98%
98% 19
5348
10234 126
1953 2 J 10112 Sale 10112
98 102
115% 24
115
Canadian North deb e I 761._1940 1 0
Czechoslovak (Repub of) 88_1951 A 0 101 Sale 1007
10114 71
97
101%
20
11711 29
SS_9
.9
12_6
8
111.e
/
ee4,8_
e1 11714
S
-year
1
1;
9139
12(
,97
58138: 48:: :
67
1007
a
t
,
1
05
13
,4
8
ink fund 88 Ber B lot otfa_1952 A 0 10114 Sale
deb 634,
S
96
9612
96%
96%
10-yr gold 440_ __.Feb 15 119463
4
Ext'l s t 734s ser A
14647
3
1915 A 0 9618 Sale 96
35 17 A
94
80
81
110
18 10812 112's Canadlan Sac Ry 4% deb stock_ J 3
Danish Con MunIcip 8a "4"_1946 F A 10812 Sale 10812
9314 Oct'25
Carb & Shaw 1st gold 4s
10912 24 10814 112
Series B 4 f 8s
1946 F A 1081z Sale 10814
M 4
1932
109 111
82
Caro Cent lot con g 413
4
82 Salo 81
Denmark external a I 881945 A 0--------1091 Oct'25
99% 105
3
10218
Caro Clinch & 0 lst 3-yr 58_1
7s Sale
64
108 10118
104
07
24
20-year 68
1942 3 J 10313 Sale 10312
.11 D 10
16
93
38 3
3
10778
10778
1st & con g 8s ser A
1 101 103%
DominIcan Rep Con Adm 1155'58 F A 10118 10212 10214
102,4
42
96
93%
84's
Cart & Ad let fru g 4s
3
85
86% 41,
9312 9312
Custom Adminletr 634.. 15342 M 8 93
9844 104
Cent Branch U P let g 4e_1
7727341 80
786. Nov'25
Dutch East Indies ext 13s
1033s 71
1947 J J 10314 Sale 10278
1130
21 I D
119
994
858
9872 10378 Cent New Eng let gu 418__1961 .1 J 67
73
6712 6612
8712 22
1962 M B 10314 Sale 10318
40-year de
1033
7 Oct'25
9314 10314 Central Ohio Reorg 4 Ma__ _1930 M
97
10218 50
1953 M 8 10118 Sale 10118
973.
30-year ext 530
S
92% 103
.2235
Central oftgO
4
1100224
34
81
102
1953 M N 10118 Sale 10118
diad lat
30-year ext 5348
og gold 5,2_0945 F A 101%
98% 106
10
French Repub 25-yr ext 86_1946 M S 10112 Sale 10138
10214 379
1945 M N
10112
93
10014
320
Bale
__
_
_
Oct'25
IM
N
ItegIstered
20-yr external loan 730_1941 J D 9818 Sale 977
98,2
93%
86
10-year secur 8a
1949.3 D 9038 Sale 8918
7
External 7e at 1924
10318
9012 902
June 1929.3 0 103 103% 103
85% 9212
Ref & gen 5Ha !ter B
101% 10134 10114
5
Finnish MUD L'n 634. A__ 1954 A 0 905s Sale
2
9078 29
101,4
8512 9212
12
91
85
Chatt Div pun money g 4)3_19511J D 8alz 85, 8511
10
External 634s Series B
1954 A 0 9034 Sale 9012
8314 89,s
100 Nov'25
9938
Finland (Rep) ext 69
1945 M S 88% Sale 8818
8812 37
93% 9814
101 Nov'25
Mobile N
External a f 75
1950 M 8 9618 Sale 96
DIrviD
9612 91
alo ivn 151 g
:
j 0ij
9114 10212 Cent RR & B of Ga coil g68-111999446089
97% Nov'25
10178 572
German external loan 7s
97% 99
1949 A 0 10114 Sale 10118
54_1937 M N
93% 9714 Central of NJ gen gold 5610818
10814
German Cent Agile 1114 78._1950 M S 9444 Sale 0434
1087
8
956. 211
10814
6
1987 3 1
107% 108 107% Nov'25
153 104 • 1077s
Gt Brit & Irel (UK of) 531g-1937 F A 10458 Sale 10458 105
Registered
119
Cem
nttg
Peacgula
10-year cony 63441
42 11512
118
1929 F A 118 Sale 1177
A
3 89 Sale 8812
89
st rgedfidg113%4
F
CI D
50
7J
4
29
#
_1
19
96 8
414
...........8
89
95,4
9378 Sale 93
9378 38
Greater Prague 734e
9634 Sale 98%
1952 M N
5
96%
83 8812
Dug
Through
25
Greek ()pet 7e
86
1964 M N 8534 Sale 8512
L1s
g at gu 4s
1
1954 A 0 865a 8712 86%
86,
8
91% 97
AJJ 9712 Sale 9714
Haiti (Republic) 6s
1962 A 0 9812 Sale 96
97% 341
Ss
9634, 47
87
9812 Charleston & Savannah 76_1938 3.11'
9612 Sale 96
117
11212 Fob'25
96%, 26
Hungary (1{ingd of) If 730_1944 F A
100
9812
100% 10238 101
100 I 33
101,
Ind Bank of Japan 8% notes 1927 F A 100 Sale 9978
4 29
Im91 5s_11990209
9412 94,
8
A
coO
nsh redgfuolndd,51
9453, 783
Italy (KIngd of) ext'l 7s._ _1951 J 13 9412 Sale 9413
1939 Si N 102% Sale 10238
102%
18
8412
81
RegistAiel
Si
101 18
Japanese Govt C loan 442
1931 3 J 8358 Sale 8313
2
101,8
8334 33
90
95
1954 F A 9258 Sale 9212
9212 Sale 02
General gold 434e
9234 238
Si
30-year a 1(334e
93% 45
8313 87%
Registered
NAPI 8612 ---- 9013 July'25
Oriental Development 65_1953 M B ____ ____ 8458
119E292
85,2 18
80% 8934
20-year convertIble 4345._1 30
98 Sale 97%
8412 Sale 84
8434 82
Lyons (City of) 16-year 6e_ _1934 NI N
9812 173
80
89
,
4
301-tyearetcgorned
13114 291
8478) 126
y.
Marseilles (City of) 15-yr 8a_1934 1.1 N 8412 Sale 84
secured ts_ _,1946 A 0 1301g Sale 12812
16
3012
A 0 129 Sale 129
2812 2934 29 Nov'25 --_Mexican Irrigation 494s.... _1943 M N
12914
2
16% 30,2
Craig Valley 1st g 54
295s 13
9734 ---- 9834 Nov'25
Assenting a f 434,
1943 ------------2812
38
4512
Polls Creek Branch 1st 45.11941
3
83
Mexico(U 8) ext1 580(99 i 1945 Q J 44
70
3912 Oct'25,-- _9 3 .1
Oct'25
44
31
R2
&
dA
8412 Sale 8412
goIng
42781 21
)10
vi
Assenting 544 011899
4358
1945 ---- 42
2
8514
351s 443s
Assenting Sc large_ _ _ _ _______ - -- - ____ ____ 4058 Nov'25 --__
:
1 otbri
c°4na A 48-1989 j j 8034 - _ 8012 Nov'25
35
37,2
adt
tanASprings
_ 37% May'25 -9612 ____ 9834 Oct'25
Ito9 R RV
Assenting 5e small
,
elotg
1913 26
Chic
65
Oct'25 --__
64
Gold deb 4e 0( 1904
65
11
044
19
1954 3 D 2418 /4-12 26
.119
65
6°
_:3
A35
1812 2734
Certif dep strapd Apr 1925 int
Assenting 413011904244
6258 Nov'25
2512t 53
3 Sale 24
20
2412
CH dep stral Oct 1925 Int_ _
_ _
61% 65
Assenting 45 of 1904 small_ _ _
_ 2314 Aug'25 --__
6138
6138
2
2014 2614
Railway flret lien 3 30...A950 1-7.r 5114 Sale 49
Assenting 4s of 1910
.33
--3(
.
0
8 3114 2558 Oct'25,
5112 232
22
3312
50 Sale 4812
Assenting 46 of 1910 large
Ctta dep Jan '23&sub coup—
31181 --64
3034 Sale 2912
50
16
1938 29
Chic Burl & Q—III 131v 3349.1949J--i 8314 8414 8:11.1
Assenting 4. of 1910 small
63
27
8334 20
i"-i2
6
34 Sale 2534
46
33
Illi nois DIvielon 45
91
Trees 6e of '31 ament(large)'33
9218 013s
4413 4612 44
9138
1
341s 46
Nettber
Small
11
3 9913 Salo 9914
:2 1
M N
29 3
4418 Sale 414
19
647
on 4a
9912
8
88
9712
Si N
gmiskta
Montevideo 7s
ere
EdxterM
1952 J D 06 Sale 06
9834 Sept'25
9712 102
60
Norway 20 year extl 65
90 Bale 895s
General 4s
1943 F A 10118 Sale 10012 1014
98
18
9018 18
9712 10134
1st & ref 5a
1011a 83
10214 Sale 10218
20
1944 F A 10012 Sale 10014
10231
20-year external 6.
9714 102
Chic City & Conn Rya 58_1
F
A O
AS 51
758
7
1 M
10133 51
1952 A 0 10013 Sale 10014
692
5234 51,8
19
7
5211
30-year ext1153
94
9712
9534 74
40-years 1 5345 temp__ .1985 1 D 9512 Sale 9538
—
a Due Jan. 8 Due July. 8 Due Aug. p Due Nov. sOption tale.
-
Chat
Si.
'A 4
Range
Since
Jan. 1.
Low
Hies
102% 10914
10018 10412
9912 104
977a 103
683s 79
86
90
04 100
109 11234
10112 107
94
9912
93
99
92
9914
100 1071
.
103 108
97 102
100 1047g
9912 102
8214 921a
92
84
88
82
103 106
9812 10314
113 11714
9813 10482
6414 6311
97 1011
/
4
10614 112
10712 11112
10934 102
10013 101%
8114 85
8112 84
0418
90
63% 77
9212
88
84
90%
811z 85
821a 85,4
7978 82
81% 85
8118 85,2
81
811/
98 100
83,
1 87%
80
89
92
9534
8714 92%
10214 103
95
9814
10112 19334
8512 85,2
89
9412
10534 108
90% 85
8614 89%
76% 80
6112 7013
75
80
98% 10014
8634 9914
86,8 90%
8918 95
86% 93
100 104
10214 10414
10034 104%
8058 9014
95% 9974
0812 80
60% 92/
1
4
9218 9412
9012 9114
77
8112
85
8814
67
75
92
94
99% 102h
80% 8812
82
8514
9953 101
10012 1057,
93% 98%
9838 gg
11414 1174
116 118%
We 96%
79
81
93
9378
78
8314
100 10214
10678 10812
84
8434
74% 80
641s 7014
9714 99
10134 104
9914 103,4
98 10011
10112 104%
99 103
84
Ws
9812 100
10012 101
95
99
107 110
106 108%
88,
8 90
9612 9714
85% 8914
9612 9818
11212 117/
1
4
98% 102
101 103,2
10078 10214
87% 93
85% 901a
9434 9812
1017s 132,4
10334 12912
9712 911%
8218 65
8112 8534
79
83
9558 9844
5934 67,8
5634 62%
62
50
4414 5814
45
504
81,4 8612
881z 9414
9812 100
9834 99%
88% 9214
10012 10384
4512 63
2733
New York Bond Record -continued -Page 2
BONDS.
N. Y. STOCK EXCHANGE
Week Ended Dec. 4.
S
Price
Friday
Dcc. 4.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
BONDS.
N Y STOCK EXCHANGE
Week Ended Dec. 4.
Prim
Friday
Dec. 4.
Week's
Range or
Last Sale
g j3
Range
Since
Jan. 1.
High
High No, Low
505
4 sk bow
425 Low
High
High No• Low
/Ng
8434
84
84% Oct'25
8538 88
102/
1
4 10714 Erle & Pitts gu g 3)45 B___1940
/
4 102/
1
4 Oct'25
Chicago & East Ill 181 Ba_ _1934 A 0 106 1061
8458 84%
8458 Aug'25 -8538 88
Series C
72/
1
4 79/
1
4
1
4
7478 224
C & E MAR (new co) gen 58_1951 pa N 7412 Sale 73/
993
8
10014
1003
8
10014
let
1003
&
Pen
est
g
58_1930
8
3
Fla
Cent
3
991
/
4
1033
8
10118
--ChM & Erie let gold 58
1982 M N 10118 Sale 10078
964 10012
9912
6
9912
9938 100
1943
Congo] gold be
5934 6812
631 161
6318 Sale , 627
Chicago Great West let 49_1959 M
92
98%
941
/
4
2
9414
9438 95
109/
1
4 11212 Florida East Coast 1st 4348_1959
1107 ____ 111 Nov'25
Chic Ind & Loulsv-Ref 58_ _1947 J
7
9712
93
9614
965
8
Sale
1974
M
s
96
Series
A
let Sr ref be
369
9912 10012
..I 9058 Oct'25
Refunding gold 55
1947 J J 9958
102% 197
Fla West de Nor 75 Series A..1934 Si N
8534 87
87 Nov'25 _--_
Refunding 48 Series C__1947 3 J
73
6012
6012
62
I
6
6112
61
&
Gloy
448_1952
2
Johns
M
87
Fonda
N
911
9212
92
I
903
907
8
General Es A
1966 M N
9018 ____ 8214 Aug'25 ----I 8214 90
2 101 104
Fort St U D Co Ist g 448_1941
103
103 10314 103
General (is B
May 1966 3
D 10412 105 10412 Nov'25 -- 1041a 1047a
774 8013 Ft W & Den C lat g 5148_1961
7038 Oct'25
Ind & Louisville let gu 48_1956 J J
921s 98
9554
3
9512
0534 97
_
852* 8818 Ft Worth & Rio Gr 1st g 4s_ _1928 ,T
Chic Ind & Sou 50-year 45__1956 J J 8614 8734 8614 Nov'25
1064 10914
934 9414 From Elk & Mo Val let (4_1933 A 0 107 10812 10714 Nov'25
9414 Nov'25
Chic L S & East let 448_1969
D
997
8 101
10011
10
10078
10012
1003
8
5e1931
m
N
let
19
GH&SAM&P
4312
581s
52
4
Sale
523
532
Puget
Sd
Ist
gu
M&
43.__1949 J J
1931 3 J 10012 10078 10018 Nov'25 ----1 99% 101
4918 5112
2,1 extens 55 guar
5314 Nov'25
54
Certificates of deposit
004 95
9312
6
7014 813s Gals' Roue & Bend lot 5s...._1933 A 0 9312 Sale 9313
80/
1
4 Sale 80/
1
4
811
/
4 72
ChM & St P gen g 48 Set A_e1989
104141 10 10014 10513
10414 Sale 10312
1957 J
4
6214 7012 Genesee River 1st 5 1 55
691
/
4
General gold 3 sse See B._41989 J J 6914 Sale 69
93 10234
9638' 6
01945 .1 J 9614 Sale 96
774 9253 Ga & Ala Ry let eons 55
8988 16
Gen 44a Series C_ .. _May 19883 J 8914 Sale 8914
99 1004
15
100
4312 5558 Ga Caro & Nor 1st gu g 5s .._1929 J .1 9978 10018 997s
5412 95
Gen & ref Series A 44s_ _a2014 A 0 5312 Sale 5312
644
68
6818
6
69
6618
6714
1st
3s
41
Midland
47
1946 A 0
5512 Georgia
5358 Sale 53/
1
4
Certificates of deposit
5418
J
9212 964
9414 9534 93% Oct'25
4418 5888
R&13,
Text let gu g 4 48_ _1941
54
54
Gen ref cony See B 5a_ a2014 F A 5334 Sale 5318
11512 24 1144 117
8
4612 541
/
4 Grand Trunk of Can deb 75_1940 A 0 11518 11514 11518
5234 54
5312 5334
Certificates of deposit_ _
107 I 22 10638 1083*
1936 51 S 10678 10714 10678
15-years 16s
9612 10.118
105 10514 105
10518 20
let sec fie
1934 33
-11034 166 10812 111
11034 Sale 1103
44
6012 Great Nor gen 7s Serlee A 1936
53/
1
4 211
Debenture 44s
1932 J D 5312 Sale 53
109
Sept'25
----1 109 109
J
Registered
43
163
4
5412
53
Sale
53
Certificates of deposit .
5334
9314
89
46
7813
let & ref 4318 Series A_1961 .1 J -9215 934 9234 Nov'25
Debenture 48
1926 3- D 5314 Sale 5314
53/
1
4 150
99% 103
102 I 59
102 Sale 10118
1952 J
34
4734 5478
5312 5318
54
General 514e Series B
Certificates of deposit........ 53
92
974
97
9534
9718
967
8
Sale
1973
J J
44
5614
53 Sale 53
53/
1
4 25
General 58 Series C
15-year debenture 48
1934
72
80
46% 54% Green Bay & West deb ctfs "A"__ Feb 7812 80 4 77% Oct'25
5378 16
Certificates of deposit_ _
5312 Sale 5314
1212 1812
17% 97
1734 Sale 17
Feb
9413 100
Debentures ctfs "B"
Div ba_ _ _1926 13
- -. 9912 9934 9912 Nov'25
Chic & Mo
86
8812
Aug'25
87
9838 10118 Greenbrier Ry 1st sal 45____1940 M N 8714 -2
_ _ _ 100
100,
Chic & N'west Ext 48_18813-1926 F A 100
8
993, 10314
4
10238
9812 9934 Gulf Slob at Nor 1st 514e _1950 A 0 10238 Sale 102%
99/
1
4 9934 9934 Nov'25
Registered
1888-1926 F A
984
10414
104
J
104
Sale
10414
9
58_51952
7318
ref
&
t
g
77
--------74
Nov'25
General gold 3640
1987 M N
Gulf & S 1 1st
8434
2
80
8414
854 8414
72
721z Harlem R & Pt Ches 1st 45_ _1954 M N 84
7212 July'25 _ _ _
Q F
Registered
884 92
92
9
3
8112 8612 Flocking Val lot cons g 448_1999 3 3 92 Sale 9078
/
4
8438
1987 M N 8438 Sale 841
General 48
88
9012
---May'25
____
9012
1999 J J 8614
82
8512
1987 • N 8414 8412 8412 Nov'25
Regletered
Stamped 48
994 101%
1937 J 3 101% 10212 1018 Nov'25 ---General 58 @tamped
1987 M N 10338 Sale 103
103/
1
4 21 10034 105
H & T C 1st g int guar
95
99
10312 1067a Houston Belt & Term let 58_1937 J J 9514 9718 9612 Nov'25 ---1879-1929 A 0 10414 ---- 10414 Nov'25
Sinking fund Bs
99% 10014
Oct'25
---10018
3 103 104
A 0 10334
10334
10334
Registered
Houston E & W Tex lat g 53_1933 M N 100
9978 100
1933 M N 100 1003 100 Sept'25
9 100 101%
1879-1929 A 0 10014 101 100
10014
Sinking fund ba
1st guar ba red
9218 95
_ 95 Sept'25 -,,,
95
1937 NI N
9912 10012 Housatonic Ry cons g 5s
1879-1929 A 0 10014 10034 9912 Oct'25 ____
Registered
8612 94
93
151
2
9914 103
1933 NA N 10014 Sale 10014
Bud & Manhat be Settea A 1957 F A 9212 Sale 9218
10014
Sinking fund deb be
9114 911
/
4
9114June'25
F A
9912 101
SI N 10014
_ 10014 Oct'25
Registered
Registered
673
4 7734
74
Sale
743
4
611
744
0
6 105 11218
10758
1931.
D 10753 Sale 10714
10-year secured 711g
Adjustment Income 5s____1057 A
9012 94
9178 ____ 92 Nov'25 ---11134
9 107 11212 Illinois Central let gold 4s__1951
15-year secured 8148 R-- - -193( Si S 111 14 Sale 11034
9012 93321
9338 July'25 ---1951 J J 8714 91
9112 102
May 2037 10 9838 Sale 984
lot & ref g be
Registered
9812 28
8178
81
1951 .1 .1 824 8358 81 Nov'25
1
8412
8214 86
Chic R I & P-Railtray gen 01981.
J 842* 85% 8412
let gold 3148
8012 8334
7918 8314 8334 Jan'25 ---„
3 J
8114 834
83 Nov'25
Registered
Registered
1 3 83
813
8
81
8214
2
823
8
_
_
8214
A
0
8314 8978
8714 187
Refunding gold 48
Extended let gold 345-1951
1934 A 0 8718 Sale 8634
62
62
62 Feb'25 --„,
71
1951 M 9 66
1
83
8818
8614
864
Registered
•0
1st gold Is sterling
881s 89
88 I 24
10112 10358
10312 Nov'25
Oble Elt L & N 0 gold ba____1951
Collateral trust gold 45-1952 A 0 87% 88% 872*
D
85% 8634
8712 863*
A 0 83
863
6
10114 10214
13--------1022* June'25
Registered
Registered
8712 9288
8978 29
/
4
1955 M N 8914 89% 891
79%
78
78 Sept'25
Gold 334e
D
1951
1st refunding 45
78% 8411
1
8318
831
/
4
8314
J
j
82
1952
2
8372
87
86
8618
Memphis Div let g
lines
D
853
863
4
Purchased
348
I
8418
79
8212 8414 July'25 ---,1
J .1 82
101 103%
10114 Nov'25
0 Elt L & P lei cons g 58._ 1932 A 0 10114
Registered
83
8534
8
8512
Chic St P M & 0 cons 6e__ _1930 • D 104 10418 104
Collateral trust gold 48_1953 M N 8458 8512 8434
10414 16 10238 10812
82
81
82
May'25
84
8412
N
NI
924
9334
9334 Oct'25
Registered
Cone 613 reduced to 3145.1031 J D 9318 94
10238 10612
1955 M N 10418 105% 10412 Nov'25
9212 10514
973 Nov'25
Debenture 5e
193( Si 14 975 98
Refunding 55
103 I 20 10178 1034
1934 J 3 10214 Me 10218
9512 9938
9714 98
9714 Nov'25
Stamped
15-year secured 548
2 10511 113
112121
1936 J J 11212 Sale 11218
40
75
9018
88
Chit) T H & So East let be_ _1960 1 D 874 Sale 8734
15-year secured 6 yis g
884 911
/
4
1950 J D 9012 ____ 9134 Oct'25 - --8412
55
Cairo Bridge gold 45
8212 23
Inc gu be
Dec 1 1960 M S 8112 Sale 8112
7312
70
---74
7214
Nov'25
7318
J
J
95
39_1951
30
911
/
4
95
935
8
lot
gold
Sale
95
Litchfield Div
0hle Un Stan let gu 44s A.1963 1 .1
7712 824
7 100 10312
10258
Loulav Div & Term g 3%8 1953 J J 808 ____ 81 Nov'25 ---let bs Series B
1963 J J 102 1021? 100
701z 74
73
Oct'25
7314 74
9714 101
10014 13
Omaha Div let gold 38.._ _1951 F A
Guaranteed g 5s
1944 J0 10014 Sale 100
2
71% 77
7334
7373
1 11614 11812
11778
St Louis Div & Term g 38_1951 ,13 7378
let 84e Settee C
1963 .1 1 11778 Sale 11778
79
8.334
8138 Nov'25 --- 8138 83
1951 J J
1 10514 106
10514
Gold 311s
Chic & West Ind gen g 6ep1932 Q NI 10514 107 10514
---7978 82%
Nov'25
82
80
783
4
.1
3
348_1951
g
136
7612
Sale
Div
let
8312
Springfield
803
4
792*
8034
Comm]543-year 48
1952 1 3
88
86
8614 Oct'25 - -97 10034
10014 88
Western Lines 1st g 4.8---1951 F A 8614 90
lot ref blze see A
1962 M S 9934 Sale 9958
87
84
84 Aug'25 ---1951 F A ____ 8
10012
1
99% 101 18
Registered
Oboe Okla & Gulf cons be__ _1952 M • 1002* 101 10012
0612 9612 Noy'25
9312 9612 III Central & Chic St L & NO96
Cln H & D 2d gold 4 4s__ _1937 • J
99111 79
964 100%
1963 J D 9912 Sale 99
91% 9334
9314 9414 9334 Nov'25
Joint let ref 5e Series A
0 I St L& C let g 4a___Atig1936 Q
8814 8814
95
8814 Aug'25 ---904 9214 Ind 13Ioorn & West 1st ext 431940 A 0 89
9214 Sale 9'214
9214
Reglatered
Aug1936 Q F
8714 92
1
4 8934 89 Nov'25 ---7
1950 J 3 89/
8718 89,2 Ind III & Iowa let g 45
874 Nov'25
8734 91
Oln Leb & Nor gu 4a g
1942 M N
99 101
9978 Sale 997
997
5
9914 10112 Ind Union Ry can bs See A 1965
4
10014
OnS & Cl eons lot g 55_ __ _1928 J J 100 Sale 100
9914 10034
9934
___
9913
J
Nov'25
J
1965
813
Sale
8414
8518
28
Series
B
4
8512
Gen & ref 5s
Cleve Cita Ch & St L gen 40_1993 J0 85
104 I 150 100 10511
J 104 Sale 10278
96
9838 ____ 9813
9812
1
9878 Int & Get Nor let 13s Sec A 1952
.1
90-year deb 440
1931
74341 194
BB
79
Sale
7414
Aprl
744
1952
A
98
10114
Nov'25
Series
1053
1013
8
Adjustment
68,
8
D
General Ea Series 13
1993
67
78
Aprl--------74
7
74
3
/
4 10418
10334 22 1021
Stamped
10314 104 10318
Ref & impt 68 Series A
1929 J
837812
79
16
7612 8018
10334 10734 Int Rys Cent Amer let 5s___1972 Si N
____ 10612 Nov'25
Os Serfes C
1941 J J 106
65
57
584
7
9958 68
944 100
9958 Sale 9914
Iowa Central litt gold 5s___1938 3 D 573 Sale 5738
58 Series D
1961 J
624
57
583 5718 Nov'25 9014
16
Certificates of deposit
8812 91
90 Sale 90
Cairo Div let gold 48
1939 J J
1914 264
20
8
8212
1951 151 5 20 Sale 194
80
5
8212 8118
Refunding gold 45
81
8118
Cm n W & M Div lot g 4s 1991 J
8512
90
87
88
8712
▪
D
874
12
48_1959
1
8414
Clear
let
814
85
--__
8414
8414
James Frank &
St L Div 1st coil tr g g 4a 1990 M
8018 83
8018 July'25
1938 J J 10014 ____ 100 Nov'24
St N
R 1st itu g 5a
Ka A &
Registered
80 -8i_
89 Nov'25
1990 A 0 8153 ____ 81% Nov'25
8834 8912 Kan & M 1st gu g 4s
MS
13Dr & Col Div let g
2
9814 10811
10012
8812 July'25 ___
1927 J J 10014 ____ 1004
87% 8812
2d 20-year be
W W Val Div let g 4e___ _1940 J 3
18 Naas 1054
10318
10712 Nov'25
1064 108
K C Ft 13 & M cone g 6a_ _1928 M N 103 Sale 10278
00 C & I gen cons it Els____1934 J J 108
34
804 89
89
8812
Sale
8858
A
0
10018
Nov'25
10018
Ry
ref
g
4a
1936
10212
KC
M
10118
Ft S&
()ley Lor & W con let g 5a__1933 AO
-98 10014
9934
993
2
9534
1
9534 9818 KC&M R&D let gubs 1929 A 0 99% 100
9578 9712 9534
1935 MN
CI&Marletg,sg464e
735
13
7018 75
9958 Oct'25
9814 10014 Kansas City Sou lot gold 38_1950 A 0 7358 Sale 73
Cleve & Mahon Vail g 5s
1938 3 3
8814 92%
9214 57
9218 Sale 0134
99
Apr 1950 J J
9988
Ref & impt be
9758 --- 99 May'25
CI & P gen gu 4 4s Ser A
1942 J J
48
354 Sale 8518
86
83% 8778
8512 Sept'25
8334 8618 Kansas City Term let 4s___1960
Belles C 34e
1948 NI N • 8212 85
S53
4
84
8712
_
8334 Nov'25
8334 8534 Kentucky Central gold 45_1987 J J 8414 ___- 8534
85
82
Settee D 34e
1950 F A
8712 89
____ 8712 Nov'25
85
9712 19
9538 100
Kentucky & Ind Ter in 43.0_1961 J J
Cleve Shoe Line let gu 4446.1961 A 0 9714 977g 9718
100 10084
__ 100 June'25
1
4 107 1 17 10458 10715 Knoxville & Ohio let g 6e. l925 J J
Cleve Union Term 54s
1972 A 0 10634 Sale 105/
1
4 10114
moss 12 99/
994 102
10034 41
Lake Erie & West 1st g 513_1937 J J lOS's Sale 10034
let e 1 be Ser B
1973 A 0 10034 Sale 10014
9518 984
__ 9812 Nov'25 -8314 88,2
1941 J J 97
2d gold be
Coal River Ry let go 45_
1945 .1 D 8612 87% 8734 Nov'25
78
81
7814 -80 • 78 Nov'25 -9814
8
9818 Sale 9818
Lake Shore gold 34s
96% 99
Colorado & South let g 413_ _1929 F A
7614 7914
1997 J D 7658 777 7734 Nov'25 -7,,
90% 9612
9578 Sale 95
95's 20
Registered
Refunding & exten 43.4e,1935 M N
9712 9914
987 169
9812 Sale 9812
8634 Nov'25
92
97
8j 1
8611 8634
19
Debenture gold 4.s
Col & II V let ext g 48
O 8634
196
948A
6 FA
9418 9712
9618 14
9612 Sale 264
8414 8414
8538 -__ 8414 Ap '25
Col & Vol 1st ext 45
25-year gold 46
9572 9578
9578 Jan'25 - Si
_
8158 8158
Conn & Possum RN lat 48_1943 A 0 772* 822* 8158 Jan'25
Registered
A I0278 ____ 10214 Nov'25 ---7 10034 10314
834 89
F NN
89
36
(Juba RR 1st 50-year 55 g.--1002 3 3 89 Sale 8814
Leh Val Harbor Term 53__A11999533411 M
95% 98
9634
5
10412 26 10218 106
let ref 74s
Leh Val N Y lat 911 g 44s-19
940 3 3 9634 Sale 9612
19363 D 10412 Sale 104
93
Jan'25
93
93
89
9312
9318 41
922*
Ohba Northern Ry let 6e
Registered
1966 J J 9211 93
25
82
79
8434
92
Day & Mich 1st eons 44s
9834 Lehigh Val (Pa) cons g 45_2003 M N 8114 Sale 8114
1931.1 J 9818 9838 9814 Nov'25
78 Nov'25 -78
M N
9058 11
81
90s 9014
Del& Hudson let & ref 4s...._1943 M N
8811 9212
Registered
00
9238 23
88
911
/
4
109
50-year cony 51
93
187 10114 109
General cons 44s
1935 A 0 108 Sale 10512
10134 15 9838 102
9 101 104
M N 1.1511.4 Sale 101
15-year 514s
2003 M
10312
Lehigh Val RR gauss 8°0(25_2
1937 Si N 1012* 10388 103
1 10118 10234
10258
/
4 ___ 10258
1(
9
1 11)0
64 Lab V Term Ry let gu g 58_1941 A 0 1021
10-year secured 78
10814
10814 Sale 10814
1930
8438 89
87 Nov'25
D RR & I3dge let Cu 4s g__ _1936 F A
9312 9412 9414 Oct'25
Leh & NY 1st guar gold 4a._1948 M S 8312 -88
3 10312 107
105
85/
1
4 59
Den & R G-let cons g 48_11136 J J 85/
82
8534 Lx & East 1st 50-yr be gu1965 A 0 105 10512 105
1
4 Sale 85
8314 8712
N 8612 88 86 Nov'25
3
89
Conisol gold 411s
56
2A
M0
89
193
8574 9014 Little Miami 48
95/
1
4
1936
10778 10914
10812
10914 Nov'25
9812 12
95
Improvement gold 50... _1928 .1 D 9812 Sale 98
99
Long Dock consol e 65
10014 Oct'25,--- 10014
479
67
cl
55
Den& R G West gen 5s_Aug 1955 MN 66 Sale 6512
9934 1024
61931 Q
70
Long laid let con gold 58_5
4458
94
9418 -953
-4 953 Sept'25--.2
394 5178
/
4
Dee M & Ft D let gu 4s
95%
441
/
4 Sale 441
1st consol gold 45
_1935 J J
884 914
91 Nov'25
46 Nov'25
Temporary Ws of deposit
1938 J D 8938 91
48
458800
45
General gold 4s
Dee Plainee Val let 4148
89% 9313
1932 J D 9318 ____ 93(2 Aug'25
9314 9312
9312 Feb'25
95
Gold 48
1047 M N 93
__ 8412 Nov'25
Vet & Mack-let lien g 45._1995 J D 7014 72/
824 85
1949 NI 8 84
7014 75
1
4 711
/
4 Sept'25
Unified gold 4s
2
9814
N 96 18
984
J D
Oct'25
Gold 48
954 9812
37
4 si
65
193
7112 65
6712
65
Debenture gold 5a
19953
94
30
94 Sale 923*
931?
Del 14.11, Tun 44s
8
91
0412
93/
1
4 9412 9314
874 9472
20-year p m deb ,5s
1961 M N
Oct'25
Vol Mlssabe & Nor gen 5&194l J J
1949 M S 83% 84% 84
102 104
103
82
8512
Guar refunding gold 4s
9878 100 1003* Nov'25'-__5113
_
Dul & Iron Range let 5e
- - 1013 Nov'25 ____ 1004 103
10134 102
98% 10034
1937 A 0 102Nor St 13 1st con g go 58_51932 Q J
Ni S 101 10114 10012
101 I
6
85
Dul Sou Shore & All g 55.. _1937 J J 85
861
/
4 85
Louisiana & Ark 1st g 551927
_
991, 102
Oct'25
East Ry Minn Nor Div 1st 4s_'48 A 0 8518 91
90
83
9714
27,3 Lou & Jeff Bdge Co gu g 48-1945 M S 8518 8534 8512 Nov'25'---100
East Tenn reorg lien g 534_ _ _1938 Si 8
103 I
1 10218 10511
6
100
1937 Si N 10212 ____ 103
9812 10212 Louisville & Nashville bs
Bast T Va dr Oa Div g be_ 1930 J
9314 27
10014 ibi 10012 Nov'25 ---1940 J J 934 9312 9238
991z 101 18
Unified gold 45
9172 95%
MN
102
Cone let gold bs
10012 ____ 101
4 100% 103
1931
Oct'25
Collateral trust gold 5a
1966 M N 102 Sale 10134
10012 103
3 101 102%
Elgin Joliet & East let g 5s 1941 Si N 10138_ 102
102
1930 Si N 101 1057 10578
106141 11 105% 10812
10-year secured 75
El Patio & 8 W 1st be
9988 10234
let refund 611s Series A 2003 A 0 10612 107 10612 Nov'25 - --- 10414 108%
1965A 0 10218 fOir 10212 Nov'25
10812 51 107 1 934
Erle let consol gold 78 ext_1930 M
2003 A 0 103,8 10514 10312
10812 Sale 108
10312
1 10118 10534
1st & ref 5s Series 13
75
181 cone g 48 prior
14' 6914' 552
7412
10
90
30
3 A 0 9518 Sale 9458
1996 .1 J
7413 75
9518 48
1st & ref 44s Series 0_2
92
97
Registered
1030 J J 10418 105 104
7112 7018 Oct'25
67% 7018
1996 J J 71
10414,
NO & NI 1st gold Os
2 104 107
J J 10312 105 10313 Oct'25
let consol gen lien g 4s__ _1996 J J 67 Sale 66%
78
67
6134 67
2d gold 6s
10312 105
Registered
6412 Nov'25
58
1996 J J
Paducah & Mem Dtv 46_1948 F A 9078 __-- 91 Nov'25,---674
86
914
Penn cell trust gold 46___ _1951 F A
962* Nov'25 ____, 954 gg
St Louis Div 2d gold 38_1980 M S 6318 Sale 634
962* 97
61
6612
6641
8
6812 16
681
/
4 68
50-year cony 48 Ser A_ _1963 A 0 68
6212 6934
L & N & NI &
1st g 4411.1945 Ni S 97 ---- 97
Oct'25
98 100%
3
do Series B
21
877
8
6812
J
4s
1962
Sale
60
1953 A 0 68
8334 ---- 8414
L & N South joint M
6912
8441
4
8111 8612
Gen. cony. 4s Series D
8253 211
1953 A 0 8212 Sale 82
6958 8314 Loulsv C1n & Lax gold 4413_1932 NI N 98% __-- 9834 Nov'25
984 99%
10412
.11)34
Erte & Jersey Int 8 1 Re. _1956 I
J 101% 103 102 July'25
n(leafNihon C1 RR 19119.
5 10114 1064
10312 10412 104
99 103
0
a Due Jan.
Due Feb. c Due June. 4 Due May.
Due July. a Due Sep . 0 Due Oct. p Due Dec. 5 Option sale.
81
2!
2734
New York Bond Record-Continued-Page 3
BONDS
N. Y.STOCK EXCHANGE
Week Ended Dec. 4.
PrirA
Friday
Dec. 4.
Week's
Range or
Last Sate
Rams
Btu*
/as. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 4.
Prim
Friday
Dec. 4.
Wears
Rasps oe
Last Said
Range
Sines
Jan. 1,
Bid
Ask Low
HUM No. Low
High
But
Ask Low
Mak,
HUI No. Low
Manila RR (South Linea) 46 1939 MN 6214 64 64
6914 64
20
64
Norf & West gen gold 6a_1931 MN 101314 10634 10614 Nov'25
106 10814
1st 44
66% 64 Nov'25 _
62
6312 6714
1959 M
Improvement & ext 69_1934 FA 10734 ____ 10838 Apr'25
10854 108%
Manitoba Colonization 56_ ..19343 N 99 1003s 994
97/4 10012
9918 10
106 108
New River let gold
1932 * 0 10634 _
10834 Sept'25
ManGB&N W let 3)0_1941 J 13 8154
81 Nov'25
go% 84
N & W Ry Bacons 411-1996 A0 8
88 92%
86%
954
I
8914
89% 20
Michigan Central Si
2
9914 102
1931 M 0 10038 8-2;10- 100% 10034
Registered
86
____
89
Oct'25
1996
8714
*
0
1 10014 10012
Dive Innen &gen g 48-1944
NI S 10014 Sale 10014 10014
3 8814 92
904 9114 9034
9034
4aRealgt4ffed
9214
2
95
9234
92
14
9574 9214
1940 J .1
10-year cony 68
4
a7
18
1,318
8 14634 14714
45
212 13
8 12514 1484
18
1929
MS
.1 I. & B let gold 3Me
_
774 Apr'24
1951 MS 787
Pocah & Joint 0-1941
3 60% 1)314
1801
91111
91%
913
let gold 3144
9 .V11;
8314
- - 83
3 86 - Nor Cent gen & ref 56 A-_1974 MS
1952 M N 83 -8514
10214 10254
2 10074 100
90-year debenture 45
imps 98
7
gg
1929 A 0
North Ohio lit 4/6111 g Si94
1381:744
4
2 Nov9'
8753
98,87
8,86
72627:5
848
1945 A0
Mid of N jlift ext 54
oocv
9
4:
9
7,
7
235
11 N
73
3
4
1_4
9
7%
4 92
14 92
88 9312 Nor Peoria prior lien
83 87
1940 A 0 90
65
_1997 Q
MIlw L S & West Imp g 56 1929
8
Registered
824 85
F A
84% -- 84%
1997 Q
8
5
MU & Nor lit ext 41.0e(blue)1934 J
88
99
11
1°9
943.
5914 6214
General lien gold 36
47
13 9214 95 94 Nov'25
a2047 Q F 8214 Sale
Cons ext 44e (brown) 1934 .1 D
9214 93 9114 Nov'25
85 92
6712 Sept'25
6712 60
Registered
42047 Q F
Mil Spar & N W let gu 4a_ 1947
1
Rot & lmpt 410 aer A____2047 33 86% Bale
33 83 874
M El
MUw & State L let gu 3346..1941 J
86 8931
81%
5 804
104
81%
Registered
85% 85%
Fe1b8'782:
0 584
J 814 _
J J 8234
Minn & St Louis let 74
9
23
'4
8
4
2 18
18
08
09
3
'
8914
8 1-0798% 103
Ref & impt64 ear B
-Ma 104% 1084
19273 D 9
4
2047 33 10814 Sale 19037753%14
let Immo' gold 56
57 Nov'25
5154 6214
105 106%
1934 MN 60i8 61
Registered
a21
r
:2
,
5
Ma
m
19
0
y
9
6
7
14
s
J
,
Temp ctfe of deposit
544 65 5614 Nov'25
5614 60
944 9754
15
Bef&lrnpt5seero
M
2047
'
3 97% Sale
let & refunding gold 0_1949 M N
14
21
1914 28
Ref & impt 5a eer D
94% 98
20
S 2014 2078 2018
2047 33 9774 Sale
Ref & ext 50-yr 58 Sec A-1962 Q F
1314 2114
1438 154 15 Nov'25
St Paul & Duluth let 56_1931 Q F
let guar g 7s
10014 102
19273 D 100 ____ 102 Sept'25
let conaol gold 41
84's 8614
- 8514 Oct'25
1968 3D 8 844 90
miRP&SSMe00g4aIntgul8 J J 8734 Sale 8734
874
Nor Pao Term Co
1094 109%
10914 Oct'25
611_1933 33 10912
lirt cone 58
5 94% 100% No of Cal guar g 5alet g
102 10314
19383 J 99
Nov'25
10314
10334
_1938
A0
10-year coil trust 6)44-1931 M S 10314 8
4 10214 1044 North Wisconsin 1st 6s1930
834 10
11334 10
93
93
10
a3
10334 10412
_- 10334 Apr'25
'
3
let & ref fie Series A
98% 103 Og & L Cham 1st gu 4a g_ _ _1948 33 1003419463 J 10014 101 101 Nov'25
3 7114 7614
7214 74
7234
7234
25-year 536
90
3 8314 9114 Ohio River RR let g 56
1949 M S 8814 901_ 90
_ _ 10014 Oct'25
9814 101½
1007
3D
1936
lat Chicago Term 6 f 4a__ _1941 MN 9214
D'24
92%ec
9854 100
General gold M
00 Nov'25
00 4
10
-a0
le 100,4
90
97
1; 8
1937 AO 10
M SEIM& A letgftintiru_1926 .1 1 9978
9934 Nov'25
WI;10014 Ore & Cal 1st guar g 56
35 1004 10174
1927 33
9191
9314 Nov'25
MisalseP141 Central lit 58
94 Ore RR & Nay con g 46
1949 J J 93 __
85% 90%
1946 3D 90% 907 9014 Nov'25
Mo Kan & Tex-let gold 48_1990 J D
28
85
804 8514 Ore Short Line-let cone g 56_'46 3' 104% 105 104
85 tale 8414
3 1004 107
104
Mo-K-T RR-Pr I 5a Sec A.1962 J 3 9614 Sale 9614
86
9638 68
9654
Guar CODA be
_ 10214 107
104 10534 10511 Nov'25
4 -44
1946
33
40-year 46 Berke B
28
7114 8034
80
96% 9774
Guar refund 4e
1962 J J 80 Sale 7838
1929• D 9714 Sale 97
10-year 6a Series C
119 1014 10414 Oregon-Wash let & ref 42_1961
103
81 85
1932 J J 10274 Sale 102
834 114
'
3 834 Sale 8334
Cum adjust 56 Bar A Jan 1967 A 0 8938 Sale 8914
7634 9274 Pacific Coast Co lit g 5a
90 316
82
94
1900849
94
11:1442
Nov'25N
100899
o
1
9
v
9
st
00841
3
2
11
23115
:1344:
1251
4:
1946 3D
Missouri Pacific (retell Co)
Pao RR of Mo let ext g 4e_1938 ✓ A
90 91116
let & refunding 5a Ser A 1965 F A 8934 Sale 8854
83 90%
8974 73
9814 100
26 extended gold egi
3
9934
100
_
1938
100
let & refunding es Mr D 1949 F A 102 Sale 10114 102
99 10314 Paducah & Ills let if 430_1955
140
9416 96
95 -96-14 9534 Nov'25
let & refund es leer E int_1955 M N 10134 Bale 10114
99% 102 Paris-Lyons-Med RR 66
10138 274
7014 8114
99
1958 ✓ A 7754 Sale 77
General .14
624 67
654 252
El I external hi
1975 M S 6534 Sale 644
Ill
801
4 89
1958
MS
MO Pm 3d 78 ext at 4%___ _1938 MN 8714 8834 8714 Nov'25
844 8954 Parts-Orleans RR s f 7e
83% Sale 83
18 $090
1954
84
MS
Mob & Bir prior lien g 5a.„1945 J .1 9
99 10314 Paullata By 76
;
78
9,
1 99 _ 99 Sept'25
97 10114
3
MS
1942
76 91 Pennsylvania RR--cone g 451943 MN 9114 924 9514 Oct'25
2
82
Mortgage gold 4s
814
9174 9514
1945 J J
8014 96
M°15118 & Ohio new gold 68_ _1927 J D 10214 103 10234 10314 13 101% 10414
Consol gold 48
5
1948 MN
Sale
let extended gold 6a____21927 Q
10112 104
'25
c9
10154 10214 103 De8
48 stamaed
904 93
20
9134 Sale 9134
May
1948
1
MN
1
913
4
General gold 4e
81 904
1
en 100
Control 4)4s
1938 M S 89 Sale 89
17
1960 ✓ A 9814 99 9814
99
9614 101
Montgomery Dly lit te 56_1947 F A 9974 10014 9834
984
General
914 95
1965 3D 9434 Sale 9354
9434 125
St Louie Div 5e
1 95 10014 General 4146
go, 10334
M
10214
22
1968
1024
•
I2
10212
1025s
Mob & Mar let gu g 4a
84% 8514
9
514 Nov'25
99
98
93
14 18
936 18
95
10-year secured 74
1930 AO 10814 Sale 10814 10834 35 107% 110
1271
1'
1'11 7 18
Mont 0 let gu g es
109 112 10912 Oct'25 _ _1- 109 113
15-year secured Ois
111% Sale Ill
10934 111%
80
FA
1938
11134
let guar gold 5e
101 10312
101 103 102 Nov'25 _
Registered
10914 10914
FA 10934 ____ 10912 June'25
& E 1st gu 3)48
2
7634 82
784
40-year gold Se
2000 0 7814 Sale 7814
97 98%
1964 MN 9834 Sale 9818
9818 iia
Nashv Chatt & St L let 56_ _1928 3
A 0 10114 Sale 10114 10138 32 1004 102 Pa Co-Gu 3340 coll tr A reg 1937 MS 8618--- 8612 Oct'25
844 87
9974 102
1
NFIa&Slatgug 56
101 1024 1014 10114
Guar 3406 colt trust Sec B_1941 FA 8234 -8354 8234
82% 844
823
4
Ry of Mex pr lien 4146..--,.
--__ 30 Sept'24
Guar 314e trust ctfe C
82 8336
1942 Jo 8134 _-_- 8334 Nov'25
July 1914 coupon on....... -19 Apr'25
Guar 310s trust ctfe D
81% 82%
1944 J o 8134-- 82 Nov'25
Assent a I red June coup on
1834 38
1712 I814 1812
Guar 15-25-year gold 46_1931 * 0
Oils 06%
8712 july'24
Guar 70-year 8 f46TO
Guar 441 Ser E
1977
8434 0614
1952 MN 8412 87 8434
854 12
Gen a f 4.1 tenanting red
2
2,2
114
Peoria & East let con 44a...1940 A0 7
2
28
044 July
2154 3
19
774 9914
96
9 -80
61144 7
99
12
8
96
64
0
Nat RR Mex prior lien 4%8_1926 J J
Income 44,
315a 3674
1990 Apr. 36 Sale 3534
3614 97
24
July 1914 coupon on
241 Peo& Pekin tin 1st 5106 __ _1974 A0 10014 10134 10054 1003
J J
3 99 102
4
97% 10034
Assent with July '24 coup on
24 34
7
4.2215
4
SeP3
Pere Marquette let Mr A 56_1956 .11
-51 Sale 32s
100'z Sale 8
93
97; 18
03
03
744 41
let come! 4a
24
2
18
6 Apc6
let 4aSer B
80 86
1951 :co
10
19563'
Assent with Apr 1924 coupon ---- 16 Sale
5 Ifs; 20 Pieta Balt & W lat a 4e
92% 9441
9234
1
1943 MN 9234 -927-4 92%
New England cone 56
94 96
Gen Si Series B
94 Sept'25
FA 10634 Sale 10634 1064
1 104 108
1945 J 1 93% 96
1974
Consol 4e
7934 8134 Philippine By let 30-yr if 4a 1937 33 423s Sale 42
40
44%
19453 1 7934 82 7934 Oct'25
424
8
N J Jima RR guar let 4s
84 86 Pine Creek regstd 6a
1 1054 1)51k
1986 F A 8314 8514 84 Nov'25
1932 J o 106 108 1054 hiar'25
9214 POO&StLgu 4106A
86
96
99%
NO&NE1etref&Imp4106A'52 .1 1 9134 Sale 9112
9134 12
A0 9914 Sale 96% Nov'25
1940
New Orleans Term let 4a__
8014 847e
8434 31
Serie, B 43ft guar
a 96 9914
9614
1942 AO 9914 Sale 9614
3 1 84 Sale_ 83%
N 0Texas & Mel 1st 66 Oct_1953
100 101%
Series C 414e guar
100 Sept'25
94
9634
25
1925J D 96
1942 MN 95 ___- 94 Sept'25
Non-cum Income Si Oct 1935 A 0 9614 61Zie 9638
923
4 9814
114
Serlea D 4s guar
8934 95
92
1945 MN
97
let 56 Series B
904 97%
Belem E 314e guar gold...1949 FA 92
90 94
114
914
92 Nov'25
9678 13
9614 Sale 9614
let 5144 Series A
98 102%
In% 9314
10238 65
Series F 40 guar gold
1953 J o 92- 9134 Nov'25
19r51
: 102% Sale 101%
g
N & C Bdge gen au
9314 94%
go% 9412
Series 0 4s guar
9454 Oct'25
1957 MN 92 -9414 93 Aug'25
4%4----1945 Jr 3 9454
N YB&MB let cong
9914 100
91
Series H 46
94
99% Oct'25
1960 FA 92-- 9334 Sept'25
35 A .5 9954
N Y Cent RR cony deb5a19
4 10614 11712
9413 9816
Series I cons guar 410-1963 ✓ A 9414 -9612 9414 Nov'25
tis_ _1935 M N 10634 Sale 10634 10714
106 11614
Reglatered
Series J 440e
94/
1
4 96
94% 9434
MN 94
M N 107 116 107 Sept'25
9434
1964
Consol 46 Series A
8214 8714
General M 56 Series A _1970 3D 98% 994 99
1998 F A 86
9938 13 9618 101
8811 85%
85% 10
Ref & Inapt 4108"A"
Gen mtge 58 Serlee B
9334 33 884 93%
2013 A 0 931s Sale 924
1975 AO 9958 Sale 984
9912 93 9714 99%
Ref & !met Si Series 02013
99 10214 Pltte&LErle2dg5s
ors 101
_
101
10054
A 0 10134 Sale 10114 10114 113
AO
Nov'25
411928
994 10114 Pitte MoK & Y let gu 66____1932
Registered
10034 Aug'25
.▪ 1 10534 10612 106 Aug'25
A0
100 106
N Y Central & Hudson River
100 10214
Pitts Sh & L E 1st g 56
1940 A0
76 79%
Mortgage 3406
913142
100% 101
1
lot coneol gold 58
4 0
13g'
10114
.25
77% 16
1997 1 1 77% Sale 774
1943 J J 0
74 7814 Pitts Va & Char 1st 44
Registered
_
7634 Nov'25
9114 914
1997 3 1 7819. 84
1943 MN 88% ____ 91% May'25
9214 96
Debenture gold 4e
47
Pitts Y & Aft let cone 56_1927 MN 10034 ---. 10034 Nov'25
100 100%
1934 171 N 9434 Sale
9214 9314
Registered
931
944 Nov'25
let gen 4e series A
87 90%
IN N 9234
1948 3D
11254
10-year debenture 46
9014
5
lit gen 55 series B
92
10
99
138 NOcv4:2
9131
100 10212
2 5
1942 1 1 9134 9214 92
1962 FA 10
93 93 Providence Elmer deb 4e.....1957
Registered
534 eou
-- 5934 Nov'25
MN
93 Feb'25 _
Lake Shore coll gold 3)44-1998F A 7534 7614 75%
7454 7814 Providence Term let 4e
83% 8314
30
MS 598138 July'25
8116 BA
1958
76
74 79 Reading Co gen gold 4s
V8
234
I A 74% 7534 78%
5
5 0c7
9554
92/
1
4 96
1997 33 98% ____ 95
75 784
Mich
ix% 954
Cent coil goldred99
2
• .1
Registered
_-_-- 94% May'25
Registe
8 F A 7834 Sale
3148-1
1998
7514 7614
Registered
Jersey Central coil g 4e__ _1951 AO -iii134 -9014 9012 Nov'25
88 98
7614 July'25
1998
F
A
91 94%
N Y Chic & St L 1st g 40L
5
Gen & ref 4 406 leer A
9414 Sale 937
9334
924 99
95
1937 A 0 9334 Sale 9314
1997 J
28
Reieatered
0301.4 10013
9934 101
2 89 9218 Riehm & Dant,deb Si stpd _ _1927 * 0 17
807
104
014 Nov'25
924
1937 A 0 924 -- 924
99% 964 Rich & Meek let g 44
23-year debenture 44
74 79%
75
1931 M N 9514 Sale 94%
1948 MN
9535 37
3
1024
2d be Series A 13 C
10414
9904
27
Mehra
102
J
J
Term
101
100
Sept'25
19
0
100
7
2
3
4
let
gu
19
By
0
Sale
8
3
5s
%
1
4
1931 M N 103
1952
93% 9834 Rio Grande June let gu 56_ _1939 J o 93%--- 9414
Ref
188
9818 Sale
9414
2 9251 964
N Y Connect let gu 4104 A..........
90 9314 Rio Grande Sou let gold 4a_ _1940 J
5 June'25
7
814 7
9238 10
Sale
4
923
N Y & Erie let ext g 4a_.- 1947 M N 883
89 8914
5_
Oct'2525
6 May'25 _ _
Guaranteed
1940
4 -- 923s89
9374 9514 Rio Grande West let gold 48_1939 J
136 ext gold 43.6
2 8614
821. 8912
8614 -16,
1933 M S 9354 ___ 94 Nov'25
8814
3
4th ext gold Si
99 1014
Mtge & coil trust 4a A_
1030 A 0 100
1:6
25
2
0
0
1949 A 0 74 Sale 74
19
0701;8
74
71
39
753$
9712 9714 R I Ark & Louis let 440-1934 Al
6th ext gold 44
89 Sale 89
1928 J
89% 17
85 90
9734
N Y & Green L gu ft 56
90 94
.▪ 1 8
Rut-Canada let gu g 46
76
Oct'25
5,344 8
77 8
1946 M N 9112
76
5% 0c8
94
t6
'25 _1949
7214
77
& Harlem g 3140
754
79
2000 MN 79
J
Rutland
Nov'25
'aeon
79
g 434i
1941
861g 89
1
N Y Lack & W let & ref 50-1973 MN
80
- St.108 & Grand lel let g 4s_ _1947 J
7834 Sale 7834
80 July'25
764 83
7834
4
let & ref 4140
10014 11104 St Lawr & Adlr let g 56
10012 10012
1996 3' 95% __- 95 Sept'25
1973 N
9111 9614
N Y L E & W let 74
10714
10514
A0
101 105
26 gold M
107
101
1996
Oct'25
107 Sale: 107
1930 M
1024
101
Dock & impt 5a
9934 1004 St L & Cairo guar g 46
'
3 95
96
10014 Oct'25
1931
96 Nov'25
1943 33
94 9815
_
N Y & Jersey let 5ii
9954 10034 St L Ir M & B gen con g 58_1931 AO 10014 Sale 1004 1004
1
FA 10014 101 10014 10014
9914 101
33
NY & Long Branch gang 4a 1941
9114
914
Unified St ref gold 4a
1929 3' 96 Sale 9514
9114 June'25
9034 92
32 M
96
9154 964
N Y N H & Hart n-o deb 48_1947
6014 68
3' 9212 - -- 93 &MI5 39
Registered
MS 68
____ 68 Nov'25
1
91% 93
60 60
Negletered
B,ly&O Div 1st g 4a
▪ S
1933 MN 89 Sale 88%
4
5'2
715
5
67018 June
89
83%
90
68
6218
555
8
Non-cony deben 334a____1947 MS
St L M Bridge Ter gu g 5a....1930 A0 100 102 993
6214 22
4 Sale 6034
9938
9956 10014
3
5414 60 St L & San Fran (reorg co) 401950 J J 7714 Sale 7654
Non-cony deben 3408___1964 * 0 603
7
18
71
771e 231
60
Non-cony deben 46
664
.1
Prior lien Bar B 56
9236 Sale 915e
1350
gels 6614 Nov'25
1955 J J fte
924 118
8514 9311
56 66
Non-cony deben 46
PrlorllenSerCsa
1928 ii 103 Sale 1027
6574 24
1956 MN 6512 Sale 65
103
72 101% 1034
53 5914
Cony debenture 3304._1956 33 5814 60 5814 Nov'25
Prior lien 514e Sec 13
1942 J J 9914 Sale 99
9934 135
93% 1004
Cony debenture 6e
97
Cum &limit Sec A 64____51955 * 0 9134 Sale 914
9634 83 8814
1948 33 9614 Sale 9512
924 95
8454 9114
83% 94
Income Series A 68
Registered
51960 Oct. 8634 Sale 8534 10
J J
78% 9774
92 Nov'25
86
5%
58 366
5
9014
100
Collateral trust 66
J
StLoula
&
10334100,2
San Fran fly gen 65 '31
96
9614 ia
1100013412
1940 AO
10334 10554
53% 6114
Debenture 46
General gold 55
1931 J
Sale
48
11;
r Sale 5934
1967 MN -6
6114 72
101
100
100%
55 64 St L Pee & NW let gu 58_ _1948 3
Cons By non-conv 4a _ _ _ _1954 J
100 10234 10034 Nov'25 26 10014 1044
61 Nov'25
Non-cony deben 46
58 64 St Louie Sou let gu g 4e
1931 M S
4
-__ 9414
6314
6314
1955 J J
9234
9414
9414
10
Non-cony deben ft_ _ _.1956
5711 64 St L S W lat g 44 bond ctie_ _1989 MN 94'
83% 8378 8338 Nov'25
Oct'25
3
81
78 83%
N Y & Northern let g 6e1927
100 100%
2d g 44 income bond etre_ 91989 J J 74
AO 10074 - - - 1004 Aug'25
75 73
74
7211
78
19
N Y 0& W ref let g 4e_June
65 704
Consol gold 46
1932 3D 9012 Sale 90
14
1992 M
68
68 Sale 6754
9034 31
Ws 91
General 4a
6214 694
.• 1 904 Sale 00
let terminal & unifying 56_1952
1956 3D _6314 6434 64% Nov'25
9014 27
81/1 9014
Registered
65 65 St Paul & R C Sh L let 4%8_1941 FA 86 Sale 8514
J D
65 Apr'25
86
BO
874
21
N Y Prey & Batton 40
8014 864 St Paul E Or Trunk 444a_ _1947
.• 1
*0
Feb'25
1942
8612
_90
Oct'25 _ _
90 9114
N Y & Putnam let con in
8214 8736 St Paul Minn & Man con 48_1933 J
95
904e.'93 A0 83% - - 8334 Nov'25
955-4, 87%
8734
8734
984
1
NY&RBlatgoldm
993810038
3D
Registered
1927 MS 9954 10014 9958 Nov'25
_I 9214 July'25 _ _
9214 944
N Y Sung & W let ref 6a1937
6874 70
let causal g 44
▪ J 7458 75
14
1933.10
10854 10814 Nov'25 _ _ 10614 10911
7414
75
eg% 68
29 gold 4306
Registered
J 10534 10834 106
1937 FA 414 6112 63 Nov'25
Oct'25
1051
9 100
General gold M
7 6972 66
66 reduced to gold 4100-1933 J J' 9914 Sale 9938
1940 FA 62
63
64
63
994 16
9614 10014
Terminal let gold Si
93 97
Registered
1943 MN 97
1933 J
9712 99 1 974 Apr'25 ___99 97 Sept'25
97%
98
icy Wenn & IS let Bee 14)0.'46
5974 7014
33 68 Sale 68
Mont ext let gold 4e
1937 3D
6834 22
93
8716 9616
11
Nord Ry extl a f 6%6
90 8 941_2 90
7914 855*
D 0314
Registered
1950 AO
8214 53
Sale 81
9238
14 Sept'25
90 9216
Norfolk Sou let & ref A 54_1961 FA 81
4
Paelflo ext guar 46-- -1940 3
7714
70% 94
78
88% 8935 885s
7718 78
gg
891e
8914
Norfolk & Sou let gold 511_ _1941 MN 9614
944 98 St Paul Union Depot 5e____1972 J J 10154 102 10114 1015 32
0612 Nov'25 ____
98
4 100 1022.
a Due Jan 5 Due July. p Due Nov. a Option sale.
1937M
Nat
1I
gr,3' 1
;21! 1, `;',
New York Bond Record-Continued-Page 4
2735
Range
Week's
Price
PONDS
Wears
Range
Pries
BONDS
Since
Range or
Friday
Biwa
N. Y. STOCK EXCHANGE
N.Y.STOCK EXCHANGE
Range Or
Friday
Jan. 1.
Dec. 4.
Last Sate
Week Ended Dec. 4.
Jas. 1.
. Lou Said
Week Ended Dec. 4,
Dec. 4.
-50
ow
Erte
s
High
Nr7 Lots
Ma
Asa Low High No. Low
High
58 Ask Sow
91
85
97
91
84
81
8614 Armour & Co let real est 4)01939 J D 9012 Sale 9012
83
8A&APase let gu g le1943 1 I 83
91
95
140
9438
95
Sale
95
Armour & Co of Del 530-1943 J J
9852 102
Santa Fe Pros & Phen 58_1942 M S 9834 ---_ 9858 Nov'25 --__
10234 17 10134 10312
Associated 0116% gold notes 194
35
73
1074 111
Elev Fla & West 1st g ee____1934 A 0 10912 ____ 10912 Nov'25
MD
S 10213 Sale 10218
97%
9E3
4
May'25
-9815
Atlanta
Gee
L
1st
56
Nov'25
--_
10114 102
let g Se
mO
N 18
07
14
3 8934 10134
198
39
4&
go g 42_1
17
26
2
2112
2112
4 10
1934 3 D 1612 23
8734 9034 Atlantic Fruit 76 otIs dep
Scioto V & N E 1st
lEa
: 22
3978 1712 Nov'25 -- 8112
Nov'25
Stamped
Ms
of
74
deposit...........
7912
2.134
Seaboard Air Line g 411
78
1950 A 0
975. 10012
100 Sale 997
100
28
1937
7834 44
74
Gold 413 'Camped
8212 Atlantis Refg deb 56
1950 A 0 7834 Sale 7812
99% 105
2
104
Baldw Leen Works let 5e-....1940 1W N 104 Sale 10314
73 88
Adjustment be
Oct 1949 F A 87 Sale
107
103
10412
104
10412
Nov'25
Elaragua
(Coup
Az)
7340
1937
J
J
594
73
12
7212
2
8
3
4
2
N3
N
12
1
g2
Refunding 411
1959 A 0
3 102 106
845
: 9612 Barnsdall Corp f cony 8% A1931 J J 105 Sale
9514
1 18
1
:12 321
let & cone es Series A
1945 M S 961
10114 48 1004 108
1948 J J 101 Sale 10034
8372 89% Bell Telephone of Pa 5s
Atl
a.
Biros 30-yr let g 412_01933 M 8 884 Sale 88
1960 A 0 10084 Sale 10012 10034 306 100 10314
9972
9934 10115
lst & ref 5s Ser C
100 Nov'25
Sesboard & Roan let 56
1926 J J
994 10114
15
100
10212 10412 Beth Steel let ext s f be
104284N
19283 J 100 Sale 9972
El & N Ala eons gu g Se1938 F A 10234 1-0412 10412 July'25 __
934 9E34
20
96
96 Sale 9512
let
&
ref
Es
guar
A
109
10412
Oct'25
1027
s
105
Gen cons guar 50-Yr 5e
1053
4
0
1963 A
90
96
71
923
8
94
9312
Sale
30-yr p m & imp s f 5s
1936 J J
8872 36
84
8812
So Pao Col 4$(Cent Pao col)61949 J D 8612 Sale 8512
9314 9712
142
96
85
Cone 30-year 8s Series A 1948 F A 9538 Sale 9514
81
Registered _
85
8912
37
86
8712
Sale
8612
--85
V1
5
2
964
A
P
98
Cons
30
-year
5
Me
Series
B
1953
F
Se
Saleti
1
4
14
B12
50-year cony 48
June 1929 id
924 96
9412 9412 Nov'25
94
1950M
10014
4
9912 1034 Bing & Bing deb 6346
110-year cony be
1934 J 13 10014 Sale 10014
704 93
3
894
90
90
Booth Fisheries deb s f 66_1926 A 0 87
11
30-year g be
9813 101
1944 M N. 10012 Sale 10012 10012 12
94
9612
34
9412
9412
Sale
9412
0
881
6
Botany Cons Mills 6345
1934 A
84
868
San Fran Terml 1st As
1950 A 0 8632 3ale 8534
97 103
10114 23
1942 A 0 10112 Sale 101
83 8514 Brier Hill Steel let 530
Registered
A084 July'25
138
70
33
75
76
Sale
76
B'way
&
J
D
7th
Av
1st
o
g
be-1943
104
Aug'25
So Pao of Cal- 3 56
"foils
ifTi
10215
104
1927 M N
6734 78
2
744
7412 Sale 74
Ctfs of dep stmpd June'25 lot
So Pao Coast let gu g 4s
94% 9412
1937 J J 9412 ____ 9412 Jan'25 ---905s 1963s
934 9334 94 Nov'25
874 92
Brooklyn City RR be
1941
8914 174
So Pao RR let ref 48
1955 J 3 8914 Sale 884
994 103
102
10212 32
Southern-let cons g be
1994 J J 10334 Sale 10334 10414 54 1004 1044 Bklyn Edison Inc gen be A 1949 J J 102 Sale 10434 105
7 10338 106
19303 J 104 105
General 65 Series B
99 10212
J co 10111142
8
Sale10312 10212 Nov'25 __ __
Registered
824 92
9034 347
80
734 8134 Bklyn-Man R Tr Sec 66-- _1968 J J 9334 Sale 9014
34 409
Develop & gen 45 Ser A 1956 A081
6114 71
4
6518
644
66
BkIy
letnC
8 Co & Sub con gtd 56'41 M N 65
46 103 108
Develop & gene80 10752 Sale 10712 108
7312 81
78
78 .2
19413 .1 7733 79
Mg 2 0 11232 Sale 111
11232 93 1064 11235
Develop & gen 6145
92
92
994 10212 Brooklyn R Tr let cony g4&20023J 8812 ____ 92 June'25
__ 101
Mem Div let g 4146-544_1996 J J 10112
Oct'25
13812
13612
13612
Nov'25
3-yr 7% secured notes_ _ _1921
874
8752 --11
8514 87%
St LOMB Div let g 4s
1951 J 1 8752 19
12314
121
12314 May'25
8684
Ctfe of deposit stamped.........
8634
1
Mob & Ohio coil tr g 4e__ _1938 M S 8652 87
82% 8834
814 90
8914 15
8812
Bklyn Un El 1st 34-56
1950 F A -8812 89
10134
1 1004 103
So Oar & Ga let ext 5;0_1929 M N 101 102 10134
81Is 894
1
89
89
1950 F A 8813 89
Stamped guar 4-5e
80 8712
Spokane Internet let g 56_1955 3 3 80
8234 80 Nov'25 ---991
:102
1014 19
9684
9514 9814 Billyn Un Gas 1st cons g 58_1945 M N 1014 ____ 10075
Term Assn of St L 1st 34)0_1939 A 0 964 Sale 9634
7
194)
155
Nov'25
1854
1355
8
99
10114
1932 M N
10-yr cony deb 78
lit cone gold be
1944 F A 10014 10182 10034 Oct'25 1071
4 11053
5
1084
-_
10834 1094
80% 8514
let lien & ref 65 Series A-1947 1W N
Gen refund a f g 4e
b
19533 J 8412 8514 8413
84'2
914 94
924 Nov'25
93
904 99
19323 13 91
Buff & Susq Iron e f be
Tea & N 0 con gold be
98
12
1943 J J 98
98
go
91
99% 103
Bush Terminal let 46
1952 A 0 874 8912 874 Nov'25
Tease & Pao let gold 56....-2000 J D 10212 Sale 10212 103
23
86% 92
5
9134
92
9934
J 9114 92
La Div B L let g be
98 10014
1955
2
Consol 5a
1931 J .1 9934 1001 9934
93
5
2
99
55
4
974
98
9712
973
4
Tax Pao-Mo Pea Ter 530._1964 M S 9872 9913 99 Nov'25
tax
ex_1960
A
0
guar
97 10014
Building be
98 10112
10072 32
Tol & Ohio Cent let gu 55_1935 J J 9912 101 10018
9954 1014 Cal°& E Corp unit& ref 55_1937 MN 10034 Bale 10038
lOOle
2
10 1002. 10413
104
Western Div 1st g be
9913 10014 Cal Petroleum e f g 63-48 _ _ _1933 A 0 104 Sale 10333
1935 A 0 10014 10012 9972 Nov'25
87 9512
2
884
8814 88
General gold be
964 9934 Camaguey 808 la Of g 76._ _1942 A 0 88
1935 3 D 9732 9713 9753
9752
2
9634 101
1004 21
Toledo Peoria & West 4e
Canada SS Linea let coil s f 7e '42 M N 100 Sale 100
33 Nov'25
28
35
1917 1 3 33
35
17 1004 10212
1011
Tol St L& W pr lien g 3)46 1925 J J____ __ _ _ 9972 May'25 991: 9972 Cent Dist Tel let 30-yr 58-.1943 J D 10112 Sale 101
92
44 100
1
100
100
100
9712
50-year gold 46
1931 F A
824 8734 Cent Foundry let s f 66
1959 A 0 8614 90
8614
8734 11
978s 101%
10014 97
Tol W V &0gu 4348 A
9654 9754 Cent Leather let lien s I Os..1945 J J 1004 Sale 100
_
9634 Sept'2 -_ _
1931 J J
110
116
6
Sale
115
115
115
aeries B 43.18
97
_1941
MN
9712
Central
8e
.
Steel 1st g s f
- - 97 Nov'25
1933 3 J 9749612 973
984 1011:
4
1011
10133 Sale 10114
Series 04$
Ch L & Coke lst gu g 58 1937 J
__
1942 M 8
90 Nov'25
805 90
731s 38
183
80
for
Tor Ham & Buff let g 4e
1927 F A 7934 Sale 7814
8814
84
8712 Chicago Rye let 514
1946 J D 902
8612 871 8614
1087 143 105 11112
Ulster & Del let cone g 56_1928 J 13 701: 73'2 69
1932 A 0 10832 Sale 108
6714 9215 Chile Copper es Ser A
7012
2
984 10214
1024 13
let refunding g 48
43 62
Cincin Gas & Elea let & ref 55'56 A 0 102 10214 102
40
43 Nov'25
39
2 1004 106
104
1033
4
1033
10312
9014
Onion Pacific let g 45
9412
1967
A
0
9214
Ser
B
due
Jan
1
5145
Sale
913
4
-115 894 93
Mt;
'
Jk 3 9214
80
82
Nov'25
7612 -___ 82
3 3 --------90
Clearfield Bit Coal let 45_1940 J J
Registered
90
1
13774 93
11
90
110-year cony 45
9914 71
984 9972 Colo F & I Co gen f 56-1943 F A 90 Sale 90
fle 99
t19273 .1
80
8612
31
82
83
84's
8112
let & refunding 40
Col Indus let & coil be gu_1934 F A
:2008 M 8 8512 8534 8514
83112 90
8578 30
15 100 10214
10034 Sale 10012 101
let lien & ref be
19273
1061
13 10372 10713 Columbia G & E let bs
e2008 M 5 10028 Ze 105
9 109 10114
1007s
10-year perm secured es_ _1928 3 3 103
1927 J J 10034 101 1004
Stamped
103
10312 47 10212 104%
04 14
Oct'25
10
1993 MS
13 NJ RR & Can gen 48
9214 93
Col & 9th Av lst gu g be
A944 IN S 9112 ____ 93 Aug'25 ---_
9814 997a
6
9978
9978 Sale 9934
Utah & Nor gold be
100
100
1
9934 10112 Columbus Gas let gold 55...i932 J
771a
1
Sale
723
4
723
4
723
4
Q
J
Commercial
4e-2397
lit extended 46
Cable
let
g
9358 Sept'25 _ - __
9335 934
grl.
.i .
3
1 12
3
.
pg 1011412
100
1934 M N 100 10012 100
Vandalla cons g 46 Ber A
Sells 884 Commercial Credit.f e
1955 F A 8734 ____ 8814 Nov'25
9719 10312
75
10312
1023
4
Sale
1023
4
874
Commonwealth
Power
66_1947
M
N
Consol 4$ Series B
8652
MN
8752
Nov'25
1957
873
2 10114 10534
Vera Cruz ef P let gu 4%6_1934 .1
--- ------- 20 Sept'25
Computing-Tab-Reo e f 66_1941 J J 10412 106 10512 10534
20
20
901a 991a
9014 92 July'25
ra
ef g 4He 1951 J
2334 26
Conn Ry .4 g
Loloert4
/4
4
Assenting let 44e
254 2518 Nov'25
1934
881s 93
3
9014
9112
90
99e:
1004
90
Stamped
1951
J
J
• 9934 Nov'25
Verdi V I & W 1st g be
1926M 8 9934
7812 90
20
83
9934 10012 Cons Coal of Md let & ref 56_1950 J D 8212 Sale 824
Virginia Mid Beetle E M
3
1926 M 8 9972 Sale 9972 100
10418 93 1014 105
994 101
Consol Gas(N Y)deb 5%e 1945 F A 10412 sale 1031s
Se Series F
Oct'25
105
10014
33
10314
104
1037
Sale
100
1024
s
Consed Pr & Ltg 1st 6%5_1943 M 8
General 5e
1 Nov'25
10
90
9%
34 -_-_-_-_ 1015
111
1033
9212
9 7832 10033
934 102
79
__ 7852 7858
ea & soutnw'n let gu 84
Coot Pap & Bag Mills 6%e-1944 F A
200
9734
99 Seru.'25
92
7
a
2
Nov'25
i003
2
1003a
1003
J
1
Consumers
Gas
of
1936
844
93
3
4
Chic
gu
be
let cons 50year be
897
1938 A 0 8834 -9938
2 Nov'25
96
9013
100
9778 67
10112 Consumers Power let 6e_1952 M N 9738 Sale 971s
Virginian 181 53 Series A
122
1961 M N 100 Sale 9933 100
1931 M N 9912 ___ 9052 July'24 _
Wabash 1st gold be
1939 al N 10134 Sale 10134 10172 14 1004 10212 Corn Prod Refg 6 g be
944 994
1 100 1022.
101
101 Sale 101
let 25-year f be
241 gold be
1939 F A 9812 Sale 9838
9872 23
74
90
20
944 99
85
Crown Cork & Seal 1st6165_194
93 F
MN
A 8358 Sale 8312
Ref 81 5325 ser AS 9858 Sale 984
9834 88
9534 964
9614 Sale 96
84 Feb'25
9612 152
Debenture B 813 registered_ 1193N 11 8 --------93
0334 9373 Cuba Co cony s f 6s
t,
92
98
30
8
937
8
774 837e Cuba Cane Sugar cony 7s_ _.1
lit lien 50-yr g term 461954
193
3'.3
13
.1 9378 Sale 933
8134 Nov'25
8213
_
90 10255
9918 10118
Oat & Ch eat let g 58
9872 27
Cony deben stamped 8%,_193 J .1 9014 Sale 9812
11141 J J 10012 __ 10012 Nov'25
10744 110
8
108
1073
4
814
1074
Cuban
Am
IN
El
Des Moines Div 1st g 441_1939 1 J 824 8538 84
86
10812
Sugar
let
coil
88_l931
84
5
92
9934
9272 42
74
7734 Cuban Dom Sus let 74s_1944 MN 924 Sale 92
Om Div let g 3355
1941 A 0 7834 7732 7813 Nov'25
97 10112
844 89
6
100
Tol & Ch Div g 4e
1941 as 8 83
9934 10014 9934
Cumb T & T let & gen 6s
1937 J
___ 8612 Nov'25
94
9912
Nov'25
77
94
94
77
Cuyareel Fruit let es lot etre '40 A 0 93
Warren let ref gu g 34s___ _me F A 75
77
77
Oct'25
821a 8314
824 Aug'25 _
Wash Cent let gold 4e
814 88% Deny City Tramw lst con be 1933 A 0
1948 Q M 8112 8312 8234 Nov'25
92
1e
97
938
16
93%
Wash Term let gu 3156
9314
Alla
8512
93
MN
Den
Gas
&
E
L
let&ref
e
f
g
56
'51
8112
Nov'25
1945 F A 8212 ____
9244 go
MN
83 90
let 40-year guar 46
1946 F 1 In _in 90
9358 Sale 9312
9334 24
Stamped
Oct'25
75
36
6
8412
9534 9712 Dery Corp(D G) let a f7s_ _1942 M
W Min W & N W let gu 56_1930
8412 84
84
9612 Oct'25
9933
1022.
1
101
100%
634
89
West Maryland 1st g 413
10112
1007s
Detroit Edison let coll In 56_1933 J
69
143
1952 A 0 6712 Sale 6834
994 10234
9854 1014
29
102
West N Y & Pa 1st g be
102 Sale 9934
lit & ref be Series A_July 1940 M
1937 1 J 10052 Sale 10012 10013 11
9744 10134
791: 83
100% 20
Gen gold 411
s 10014 Sale 100
Gen & ref bs Series
A
mO
8213 11
83
8212
1943 A 0 82
45
45
1073g 20 108a4 10812
let & ref ea Series B-July
Income g be
10714 Sale 10714
190
A49
Apr 1 1943 Nov 40 ____ 45 Feb'25
9934 1004
13 27
9014 9614
Salo 993
Gen & ref 58 ser B
Western Pee let Ser A 58_A946 IN 5 904
997
2
100
33
75
9514
9
64
Bale
86
9334
9 94
89
let gold es Series B
8832 S9' 89
19
95
35
2 .1
3
1 1004 1044 Dot United 1st cons g 4%s-1
1034
1946 M 8 10272 10432 10314
100
8114 8614 Dodge Bros deb es
West Shore let 46 guar
964 372
9614 Sale 9514
85
10
2361 J J 9358 Sale 8318
79
8814
80
79
5
4
84
80
3
Registered
80
Dold
Pack
941MIN
79
(Jacob)
lit
6s-1
1942MN
825
2
8252
2
8312
2361 3 J 8318
50
88%
64
7
63
64
Wheeling & L E lst g 56_ -1926 A 0 1004 10012 100
100
2 100 101% Dominion Iron & Steel 58...1939J J 63
88% 97
7
9414
9834 101
Wheeling Div let gold 521_1928
Donner Steel 1st ref 7e
1942 J J 94 Sale 9334
9972 ____ 10012 10012
2
004 95
Nov'25
95
984
993
Eat'n & impt gold 62
13
4
du
Pont
(E
I)
993s-Powder 4348..1936J
99
Oct'25
193&F A 974 99
49 10411 10734
106
68
81
Refunding 43.01 Series A 1966 M 5 7912 80
Duquesne Lt let & coil Os...1949 3 J 106 Sale 10518
7934
80
6
13 104 108
RR let consol 46
106
72
81
10472 10532 105
let coil trust 5356 Series B.1949 J
23
81
1949 M S 8014 Sale 80
Wilk & East let gu g 53
76 100 108%
674
1044
1054
613
4
East Cuba Sug 15-yr if g 7356'37 M S 105 Sale
64
38
1942 3 D 64 Sale 64
89
96
1
Will & El F let gold 56
101% 1034 Ed El Ill Bkn let con g 461939 J J 9212 931 9312
9311
1938 J D 10152 10312 103 Nov'25
994 103
8235 8712 Ed Elm Ill let C008 a 58
Winston-Salem 8 B let 46_ 1960 J 1 8412 86
1995 J J 10214
2
- - 102 Nov'25
8472
86
8612
884
Win Cent 50-yr let gen
15
8752
7714 8112 RiesPow Corp(Germany)6%5'50 M
874 171 8714
81
23
4s._1949 3 3 8034 Sale 80
97 10014
Sup & Dul div & term let
8238 8714 Elkhorn Coal 13% notes
100 Nov'25
1925 J D
12
861
7 86
974
105
Wor & Con East 1st 43.68_ _ 48'36 M N8534 862
141
103
102
1W
N
Sale
753
4
10212
Empire
Gee
&
Fuel
710-1937
81%
_1943 J J
76% Oct'25
9912 10012
9912 Nov'25
Equit Gas Light 1st con 55..1932 M S 9912 100
INDUSTRIALS
88
96
Adams Exprees coil tr g 46_1948 IN S 85
871: Federal Light & Tr let 5e
85
1942 IN 13 91% 921 914
9172 21
8532 85
1
85
964
103
944
Max Rubber 1st 15-yr s t 88_1936 J
101 10132 1004 10118 10
let lien es stamped
1034
102
48
10114 Sale 10114
914 9452
Alaska Gold M deb ee A_
4 .1
91 D
S 9212 931 91%
93
6
19
95
42
34 672
30-year deb es Ser B
4
2
1925 IN
5
4
4
9712 107
Cony deb es Series B
13
99
1939 1 D 974 Sale 9712
4
874 Federated Metals of 7s
Nu
_
4 Nov'25
Alpine-Montan Steel 76._ _ _1955 al4
114/
1
4 32 108 115
9052 9172 Fisk Rubber 1st f 8s
1941 MS 114 Sale 11333
9112 Sale 9013
17
IN
7614 8234
Agrto Chem let 5a
984 103
7812
78
8
80
Ft Smith Lt & Tr let g 55_1936 M 8 78
Sale
103
15
8914 9538
let refit 7146 g
9134 25
9484 10434 Framed° Ind & Dev 20-yr 710'42 1 .1 883s 91
90
14
2 104
9i14
1)
88
1E134
i
tA
10878
1931
Artier Beet Bug cony deb 66_1E8
9712 102
7 10312
Francisco Sugar 1st ef 7345.19421WN 104% 106 10452 10434
.
991
16
98Is 100
American Chain deb s f 6s_ _
Nov'25
13
100
J
561949
993
2
Co
cons
g
965
5
&
El
of
Berg
993
4
Gas
3
41
98 2
e
8311
983
101
Am Cot Oil debenture 1311_ _1931
104%
Nov'25
104 1-6i 104
914 9712 Gen Asphalt cons es
971
IN
24
97 Sale 97
10412 105%
Am Dock & IMDt1111 6e_
10478 Nov'25
3
11
64'
'
.14 13
1936 3 J 10552 10572 10534
2 10534 10812 General Baking let 25-yr 136.193:
1053
Amer Ice deb 75. _July 15 1939 -_ ..,
83
9012
8738 19
87
1942 F A 8712 89
1353 107 113 13534 Gen Electric deb g 3316
135 Sale 128
Am Mach & Fdy 6165
101
3 100 1024
1952 F A 101 1011 101
98 10112 Gen Refr lst f g Ser A
1939 s--1) 1004 10134 10012 1001
1
Am Republic Corp deb es_ _1937 5 0
92
9612
83
957
2
.1
95
Sale
1945
J
953
4
76_Jan
16
Gen
Elec
914
German
100
95
9912 Sale 9932 100
111n 8m & R let 30-yr 5seerA 1947 A 0 9834 Sale
51 1004 10634
19473 3 10478 Sale 10433 105
9512 9912 Goodrich Co 6%6
984
9852 229
let M es series 13
54 119 12112
N 12034 Sale 12012 121
1947 A 0 10634 Sale 10634
1071
19 10352 1084 Goodyear Tire & Rub let el 1941
Amer Sugar Ref 15-yr(4_1937 3 J 10212 Sale 10212
1104 30 1084 111
F A 11078 Sale 110
934 0
1,
4_19
9912 10414
10-year 6 f deb g 86
1024 84
Am Tel%)& Teleg coll tr 48_1929.1 3
901a 95
914 18
9012
9012 91
9612 9772 Gould Coupler let s f 6s
974 sale 9733
9758 70
Convertible 48
931a 101
Nov'25
1W
N
101
101
9913
A'28
Peon
es
897
M
S
&
s
Granby
Cons
9714
1936 M 5 9134 Sale 9134
13
9233
30-year cons 430
93% 10012
9912 Nov'25
1928
N 100 101
9432 115
Stamped
1933 M a 9734 98
1
9734
973
80-year coil tr es
92
9812 15
983 96
9714
1948 3 D 101 Sale 10034
75 100 10214 Gray & Davie let cony 61 75.1932 F A 96
1011
35-yr e f deb bs
944 984 GC Cone El Power(Japan)7e.1944 F A 9034 Sale 901
/
4
8714 92
91
42
1960 3 J 9752 Sale 9713
977 152
81)-years 1 51.45
9972 111314
1943 M N 10378 Sale 10314
Great Fails Power 1.18 f 60_1940 M N 1035/3 -- 10314 Nov'25
442 101 105
104
Am WM Wks & Elec 58
83% 87/
1934 A 0 97 Sale 96
9212 98
Hackensack Water let 45_1952 3 1 8612 - - 874 Nov'25
1
4
125
97
Am Writ Paper s f 7-8e
8232 851s
8512
- 8512 Aug'25
44
6103 Hartford St Ry 1st 4s
1939 J J 4912 Sale 49
12
50
Temp interchangeable etfe dep.
9212
'30
54 M S 9213 93
43 53% Havana El Ry L & P gen 54 A1S
854 9532
9252
7
14
50
49 Sale 49
Anaconda Cop Mln let es_ _1953 l-A. 10152 Sale 101
1952 F A 9434 95
944
Bles 102
9282 9714
9434
1
layette Elec consol S 5e
10152 361
15-year cony deb 7s
10418 Oct'25 - -- 103 105
9914 10572 lershey Choc lst s f g 66--1942 MN
1938 F A 10472 Sale 10414
1047 230
Andes Cop Min deb 7s50% pd'43 3 J 9712 Sale 974
9952 Sale
94 10012
9812
98 100
9934 153
let M & colt 5%s int otf 1940
47
98
Anglo-Chilean Nitrate 73_.1945 M N 9934 Sale 99
99 101
99 10414
10112 114
toe(R)& Co 1st 6158 temp_1934 A 0 99 Sale 99
31
100
Mains(Comp Azuo) 734e 1939J J 8712 Sale 8712
8514 851 8514
86% 9412 iolland-Amer Line 85(fla8.1947 MN
79
9014
8512
1
4
8712
Ark & Mom Bridge & Ter 5e.1964 M 8 9334 94849333
051. 10072
91
1940 M N 10032 ___ 10032 Nov'25
9514 ludeon Co Gee let g 5e
7
944
a Due May e Due June g Due May k Due August a Option sale
-6.e,-,
tij 1
2736
BONDS.
N.Y.SToCK EXCHANGE
Week Ended Dec. 4.
New York Bond Record-Continued-Page 5
E'e
13
t
Pries
Friday
Dee..4.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 4.
t
S.
Pries
Friday
Dee. .1.
Week's
Range or
Lan Salo
4j3
Range
SInos
Jan. 1.
Rid
Aok Letc
Mak No Lots
High
Bid
Ask LOto
Fltah No. Low
sub
Rumble Oil & Refining 538_1932 J
101 Sale 101
9914 10412 Pillsbury Fl Mills 20-yr /38 1043 A 0 102 Sale 101,
10114 39
8
102
994 10244
8
Illinois Bell Telephone 5s___1958 J D 10014 Sale 10012
101
97 1017s Pleasant Val Coal let g s f 58_1928 J
9712 98,
84
No:
0'
9212:2
2
5
2
97
9814
Illinois Steel deb 4 4s
9412
95
95
92,
1940 A 0
4 96,
9512 14
4 Pocah Con Collieries lets( 581957 J J 9012 Sale
Is
88 9414
Ind Nat Gas & Oil ba
91
9114 9014 Oct'25
874 94
Port Arthur Can & Dl Se A.1953 F A 10214 10212 101 12 Nov'25 _
9912 10214
Indiana Steel let 58
1M ps
Al 1/•1 101 102 102
13 101 1041s
let 51 Os Series El
10214
'
99°7
1:
'4
1
1953 F A 10118 10112 10
1 10014 102
Ingersoll-Rand 1st be
1935
92
99,
9934 ---- 9934 Oct'25
4 Portland Flee Pow let Its 13_1947 M N 99
9934 98s
2
100
964 1004
Interboro Metrop coil 448_1956 A
11
Apr'25
11
10
Portland Gen Elec let 5s_1935 J J 9914 9912 9938
0
984 1007
2
998
Guaranty Tr Co etre dep
____ 125s 412 Aug'25
44 712 Portland Ry let & ref MI__ _ _1930 M N 925 9412 9418 Nov'25
9212 90i3
CU den stpd asstd 18% sub._ _
1012 Nlar'25
104 1012 Portland Ry Lt & P let ref 581942 F A 8314 Sale 8812
5
8414 92
88,
4
Interborn Rap Tran tat 58_1966
-a/
68
594 74,
72
6714
1st
4
6812
I&
ref
60 ser B
100
94 1004
10
1947 M N 09 Sale 99
Stamped
66 Sale 66
69
67
95
734
let & refund 7%s Ser A 11346 M N 10612 106,
5 1044 108
4 10612 1064
10-year Ss
69'9 69
1932 814 8112 Porto Rican Am Tob 8s
0 8818 Sale 8812
101 106
10514
1931 M N 10534 - - - - 1054
10-year cony 7% notes_ _ _1932 A
43
85
95
M S 8912 Sale 1 89,s
Pressed
90
Steel Car 5.9
95 Sale 9412
37
95
9214 97
lot AVM Corp let 20-yr 68 1932 M
884 8834 91
67
5
Prod & Ref 51 8s(with waents)
91
.91
N
1 104 11514
109
31 3
3 11012 Sale 109
J D
1933
Stamped extended to 1942_ -.M N
8112 803
81
81
814
61
35
Without warrants attached.._ .1 D 11012 Ill
10978 11012
6 10914 1134
Inter Mercan Marine
58 1941 A 0 854 Sale 85
82,
4 9112 PubServ Corp
85,
8 57
a eeof N J gen 58_1959 A 0 1044 105 10414 Nov'25
1034 10514
International Paper 56
943 Sale 933g
R712 95
1947
Secured
9434 113
95 100
87
9978 Sale 9912 100
ReIefSeScrA
95
1955
9812 164
s 9814 Sale 98
Pub Serv Eleo & Gas let 54811959
99
984 1054
8 104 10312 1034 23
A O
A 103,
944 F
Int Telep & Teleg cony 54s 1945 ra
1073
4 Sale 1061
N4
10712 279 101 12 1094
1st & ref 54s
105
994
84Sale
,
58
10312
103
1033
4
1904
A
0
Jurgens Works Sc (flat M4r-4-1947
9934 Sale 9914
88 10712 Pub Serv El Pow & Ltg 6s1948 A 0 10812 10614 106
997 113
6 10213 10714
10614
Kansas Clty Pow At Lt 6e..1952 J
95,
58
2 102
Punta Alegre Sugar 7s
M S 907 Sale 9912 100
106 Sale 199
19,77:82 20 10234 10711
057
8706
8
1937
J
J
1064
Kansas Gas At Electric 8a
102 Salo 10114 . 102
9814 10312 Remington Arms 68
22
1952 M
86
8
8612 8712
92
Kayser & Co le
10 10111 10812 Repub IA S 10-30-yr Sti L_19-10
10818
1942 F A 108 Sale 108
931s 98
9778
6
A O
17
N 96
93 M
Kelly-Springfleld Tire 8a
90 109
1932 M N 10312 Sale 10314
10334 28
Ref & gen 514s ser A_
8918 95
15
9214 93
3J
I953
92
,
4
93
Keystone Teb.p Co let 6a
90,
82
8 -- -- 9012 Nov'25
1938 J
9212 !lima Steel let 75
884 904
9
9018 Sale 904
9318
Kirirs County El & P g 6a1937 A 0 10214 ____ 10234
99 103
5
10234
Robbins & Myers f 78
62 69
574 734
59
6314 10
Purchase money gs
120 Nov'25
1144 1204 Rochester Gas & El 7s ser B_ 9
1997 A 0 11034
11212
110
1124
14
1121
8
N
8
112
DA
S
,
-9
95
5
4
6
26
1
Kings County El 1st g 481949 F A
7512 -78. 7512 Nov'25
75
794
Gen Mtge 5349 series C _ _1948 M S 10434 - - 17
10264 10514
0414 Nov
7
'
,
25
Stamped guar 45
76
7712 77 Nov'25
74
1949 F A
80
Rogers-Brown Iron Co 7s
834
60
16
1942 M N 7412 Sale
Klima County Lighting 6e 1954 J .1 9838 0914 9838 Nov'25
89 10114 St Jos Ry Lt Ht & Pr 55_ _ _1937 MN 91
8518 93
9212
92
2
9212
6 Hu
___ 107 Nov'25
1034 10812 St Joseph Stk Yds let 445_1930 J
1054.1 J 1071
9514 98
96 Nov'25
J
Kinney Co 740
107
8108
10818
1044
10818
1936 J D
109
Bt L Rock Mt & P59 stmpd _1955 J J 7812 79
774 87
2
774
7705
Lackawanna Steel be A
9319 9312
9
894 94,
1950 M 8 93
94
7113 8614
4 St Louis Transit 58
1924 A0 7112 ____ 7112 Oct'25
Lae Gas L of St Lref&ext 55_1934 A 0 1004 Sale 9978 10038 39
9814 10178 St Paul City Cable
97
95
Oct'25
95
92
91
58
Coll & ref 5 319 Series C
1017
8
Sale 10078
9514 102
10178 77
1953 F A
Saxon Pub Wks(Germany) 78'4
9012
9434
Sole
9214
19
3
5
7
67
3
F
921
A
3
4
9312
Lehigh C & Navel 434/3 A1954 J
__
96 Sept'25
954 10014 Saks Co 78
109 10912 10719
10919 19 104 109,8
Lehigh Valley Coal 1st g 50.1933 J JJ 100
991003-4 101 Nov'25
99,
2 10112 San Antonio Pula Ber 6s
9911 104
4
2
101h
1017
1013
8
AI
J
1
94
952
S
J
2
1013
4
Lea Ave & P F let gu g 5s...1993 M S
4534 4114
4114
11
3912 44,8 Sharon Steel Hoop let Sc eer A
4 10678 1074
'41 M S 107 10734 107
10714
Liggett & Myers Tobacco 73_1944 A 0 1.1878 1194 1187s
11914
7 116 12038 Sheffield Farms 6%e19
4 10P4
5 104,
A O
42 F
A 10512 1064 10814
10672
Registered
115 1174 Sierra & San Fran
A 0 11614 ____ 11612 Oct'25
90 95,
Power
Sale
9214
0212
30
4
91
58_1949
15e
10012 36
97,
4 10212 Sinclair Cons 011 15-year 7E1_1937
1951 F A 100 Sale 100
88
9512
M
975 98
944 76
Registered
Oct'25
F A 9844 ____ 98
let In coil tr 68 C with Warr 1927 J
120
10
97
1,d
:
103%
S
Sal
I
le
e
10
94
1150,
3
4
10712
Loilllarcl Co (P) 78
11618
sale
11512
11818
14 11414 1174
1944 A 0
let lien 648 Ser B
8738 Sale 8834
8 90'4
874 42' 82,
Registered
11312 11584 Sinclair Crude 011
A 0 11414 ____ 11534 Oct'25
3-yr 65 A 192
9914 101
A 1004 Sale 100,
8 10019 07
F D
938 3
5e
98e Salo 9738
9838 33
944 9812
1951F A
9913 1014
3-Yr 6% notes 11 Feb 15 1926 F A 100,
8
Sale
10018
21
109
,
8
Registered
0614 Oct'25
9614 9614 Sinclair Plpe Line
•A
88
55
82
87 Sale 8612
8712 76
Louisville Ga8 & Electric 58_1952 MN
971 Sale 9734
90% 901s Skelly 011 64% notea
9814 74
126 SAW 122
126
315 1064 12734
Louis, Ry let con ba
_--- 91 Nov'25
91
1930 ii
9312 Smith (A 0) Corp tot 610_1119
10112 1021a
99:2413
72 M
AA
102 10212 102 Nov'25
Lower Austrian Hydro-Elec CoSouth Porto Rico Sugar 7s_ _1941 J 0 106 10638 10534
4 102 10612
1081s
let 91 643
87
85114 9015 South Bell Tel
86
8612
3
1944 FA 86
& Tel 1st s f 5a1941 J J 101 1s Salo 101
99 10214
39
Maned Sugar 734e
1013
993
98
29
97 102
1942 AO 9819 99
S'west Bell Tel let & ref 6a_ -1954 F A 10038 Sale 10012 10034 37
mg 10111
11401011 Ry (NY)cons g 0_1990 AC 6018 Salo 594
5712 64
6018 23
Southern
014 997
Cob Power 85
1947 J J 984 Sale 9818
8
9818
2d 4e
5314 Nov'25 _
51
5614 Spring Val Water g 59
2013• D 5212 53
997
7
7
Sale
99
9112
997
8
1948
99
M
Manila Electric 78
N
1018
102 10134
10134
974 103
1942 MN
Standard Milling let 58
9638 101
100 10038 904
23
997
9012 8 I Nov'25
Manila Elec Ry & Lt of 5e_ _1953 MS 89
85
92
Steel & Tube gen f 78 Ser 193
105 10818
4
108
1073
1J
M
1073
4
N
2
9
10734
Market St Ry 7a Series A _..1940 Q
9812 Sale 98
9712
984 39
10214 Sugar Estates (Oriente) 78_1942 NI S 8812 894 8815
8712 97ig
1
8912
Metr Ed 1st & ref g 6s Her 13_1952 FA 103,
8 Sale 1034
104
4 1014 10614 Superior 011 1st
99
90
el 78
94
9411 9411
1
9418
let & ref bs Series C
9512 96h 9534
914 97
6
90,4
1953 J J
Syracuse LightIng let IgeantM
9712
1014
10018
too
AD
3
.1
J
1
Nov'25
19
9912
9
4
7
68
_
Metropolitan Power 138
Sale
10218
102
102,2 17 100 104
1953 ▪ D
Tenn
Coal
103
Iron
10012
&
103
Nov'25
10312
1021
RR
8
5e.1951
g
Met West Side El (Ch1c)45_1938 • A
7212 Sale 7214
7212
684 80
3
0914 10414
Tennessee Flee Power
05878 51
103
7 J D 10218 Sale 102
Mid-Cont Petr let 6 34s_ _ _ _1940 MS 101 12 10134 10114
95,4 102
10112 45
Third Ave let ref 4.6
581g
30 • 51
1980 1 .1 5512 Solo 55
Midvale Steel &0cony st58 1938 MS 9212 Sale 9134
87,8 934
9212 66
Ad)
Inc
55
tax-ex
3414
9
1.
4
1
93
1
504
4
S
401122
43
1,114
N
2
a1960 A 0 ,
4
923:42 133
11411w Elec Ry & Lt cons g 58_1926 P A 100 Sale '100
100
5
994 10112 Third Ave Ry lst g 58 Y
931z 98
9
10373
Refunding & eaten 414e..1931 • J
9644 Sale I 9634
9634
2
Ws 97
Toledo Edison let 7s
31 10108 110
1941 M S 10812 Salo 10818
General 58 A
94 100
9834
9
1951 J O 9812 6914 9812
Toledo Tr I. & P511%
97,
Nov'25
8 10018
let 69 B
8918 41
8478 924 Trenton Ok El let notes 1930 J J 9918
1961 in 89,8 Sale 8914
98 100
Nov'25
10
03
812
S
g
M
be__
1949
°9
9
let & ref g 68 Series C
Sale
101
0.884
10012
12
10114
1953
104
Trumbull Steel
07
97,
4
97 Sopt'2;
(is
Milwaukee Gas Lt let 48_1027 MN
98h Sale 9818
9918 69
9614 994 Twenty-third Stdeb
60
70
Hy ref 58_1962
614 60 Nov'25
F A 58
1949 J
Montana Power let 5s A
100.38 30
9712 100,
1943 J J 10038 Sale 100
I oted 5
4 Unrr
95
89
o8
f
.
Oct'25
London
8
9_6
92
9
92
1
,
_
4
3
44
Montreal Tram let & ref 60_1941 J J
8
-1933 .5
961 97
9634
9818
9
104
9812
86, 92
Oct'25
92
Morris & Co let s f 4 48
854 84,
784 87
4
1939 J J 85
8518 00
9412 105
Union Bag & Paper let NI 65_1194
2 M N 10418 Sale 10378
10414 78
948
Mortgage-Bond Co 49 Sec 2_1966 A0
7718 Nov'25
77
774 UnR
io
e
n
A
E
lec
884
L
58
t
9934 102
&
Nov'25
Pr
S
4
10114
1013
10118
56_1932
1st
M
80__
g
10-25-year be Series 3
'
3 9638 9/14 97 Nov'25
954 9712
I932
9814 101
10018 12
l033 MN 103 Sale 100
Murray Body let 630
777s 10013
1934 J o 8012 Sale 774
9314 117
100 104
let g 51.getieries A
17
0
12
,
4
10
1
17
,
0
03
0
9
1
4
3
1
17
0
8
11
1954.5
Mn Fuel Gas let cu g 58
J
984
100
0512 9812 Union Elev Ry
1947 MN
9819 Oct'25
80
75
58_1945
0
2
(Chic)
A
Met Un gtd bonds ext 4%._1941 MN 10018 10212 102 Nov'25
99 102
86 1014
Union 011 let lien sI 58__1931 J J 100 1004 10f14 Nov'25
o'525
Nassau Eike guar gold 48_1951 .1 .1 59 Sale 59
59
471t 64
8
30-yr 8a Ser A
1924 10514
1034
Nov'25
A
1031
104
1942
8
F
Nat Enam & Stampg 1st 58_1929 in 101
May
__ 9934 Oct'25
977s 995
1st lien s f 58 Ser C
9412 957
4935 F A 95
2
954 95
National Acme 731s
1931 in 98 Sale 9734
su
99
9812 58
Union Tank Car /saute 78.„1930 F
101 10514
101 Aug 25
Nat Starch 20-year deb 58_1930 J J 98,
A
4 100
987 Nov'25
98 1014 United Drug
1044
10014
04
104
0
23
1034
1
20-yr
A
i53i4
fie
1944
Oct 15
National Tube let 58
1952 MN 10214 10234 1025
1004 103
10234
United Fuel Gas 1st s f 6a_ _1936
98 103
10.3
16
Newark Conaol Gas be
J 10212 Sale 10218
1948 JD 1003s 10058 10019 Oct'25
98,2 101
United Rye Inv 55 Pitts issue 1926 M N
997
99 10011
1
100
997s
999
9,
4
7
New England Tel & Tel M 1952 Jo 10034 Sale 10034
9912 102
101 14 12
991, 10041
Stamped
15
101)
N Y Air Brake let cony 6s 1928 MN 10312 106h 10338 Nov'25
1314 10114
8712 7414
i
8
9cSt,
Rye
IL .1yert gs..___1934 J J 9
g Sole7212
73
9174
7334 28
New On Pub Serv 1st 5s A_ _1952 AO 9034 Sale 90
91
894 -II
46
tjn
Un
ted
d
91
85,34
9418
5
9418
944
9418
Sc
1937
1st & ref 55 ser B
M N
1955 J 1) 904 Sale 8913
88,8 92,
9014 24
8 United Stores Realty 20-yr Ss '42 A 0
10312
7 10212 105
10318 10312 103
N Y Dock 50-year let g 41951 FA
82
7714 82,
8212 23
4 US Rubber let & ref 58 sec A 1947 J
85 92,
9914 Sole 9014
8
155
91
N Y Edison let & ref 6345 A_1941 A0 11478 Sale 11412
J
115
91 112 11512
10-yr 734% see notes
10712 23 1044 108
107 1074 107
let lien di ref be B
8 Sale 10112 10134 27
1044 A0 101,
994 102
US
Ref & NI cony 88_1
0514
10
00
0
18
2 62 10018 102
3
926
9F
F .
a
jk 10918 10014 100
N Y Gas El Lt & Pow g 58_1948 J
10312 Sale 10312 10312 25 1001s 1044 U S Smelt
Steel Corp(coupon __ .41963 MN 1054 8310
284 10414 10834
Purchase money g 48
8834 891s 8834
86
8914
1949 FA
8
9034
10372 10614
s f 10-80-yr 5alreglatered.d1963 M
2
:
10
5
09
:
414 Nov'25
v
0'
040:
97t2 10212 10012 Apr'25
N Y L E&West C&R.R5He 1942 MN
10012 10012 Utah Lt & True
834 9112
Sale
let
8712
&
88
15
ref
87
5e_1944
A
0
N Y Q El L & P 1st g 5s____1930 FA 100
_ _ _ - 100
9912 101
Oct'25
__
Utah Power & Lt let 6s
984
91
95
9434
96
9514
41
1944
F
A
3612 52
NY Rye let RE & ref 4.2___1942• J
47
Oct'25
48
6412 Utica Elec 1, & P 1st
10014 102
_ _ _1950
1013s -- 1013$ Oct'25
Certificates of deposit
48
35
12
42,
8 N
2 64
481s 50
25
5.
O0
,
ct:2
Utica Gas & Elea ref & ext 5s 1957 J
9814 103
101
10
10014
30-year ad) Inc 55- _Jan 1942 A 0
34
Victor Fuel lets f 58
58
5314 6212 58
63
Oct'25
1953 J
Certificates of deposit
534 37
373,
34 5,
1
4 Va-Caro Chem let 7e
---4
73 101,
101
1044 10412 104
2
N YRys Corp inces_ _ __Jan 1965 •
-2358 Sale 2312
2312 32%
2412 242
Certificates
7112
10513
1014
of
10414
deposit
2
1044
4
_
7
_
____
j
9
_
0
N Y & Rich Gas 1st 8s
101 I
9914 10212
3
1051 M N 10018 ---- 101
Certificates of deposit strand -- 10414 10112 102,
68 1024
4 Oct'25
N Y State Rya let cons 448_1982 NI N
56
57
57
57
58,
41
6814
5
SUM as to payt 40% of prin
let con 84s series 14
7934 9078
3
81
1962 M N 80 Sale 80
1st 7e.
9812 1014
103h
10412 39
1947 ---- 10412 Sole 104
NY Steam 1st 25-yr Os Sec A 1947 M N 10212 10312 10212 10314
971f 104
4
Ott of deposit
4
98 101,
10414 Sale
105
NY Telep let & gen a f 430_1939 MN
95
9738 Sale 9714
9734
99
0
Ott
of
9412
10312
deposit
1
o
0
9
3
4
0
1
:
1
2
0
1
2
1
stial
5
t
30-year deben s f 58. _ _ Feb 1949 F A 1093 Sale 10938 110
51 1074 110,
4
73,44 with & without war_ _1937 i
43 100
oo
53
20-year refunding gold 68_1941 A 0 107h Sale 1061
10714 28 1064 10812
Certlfs of dep without warr
to 90
10018 99
424 1004
99
Niagara Falls Power 1st Is. _1932 J J 101 Sale 101
09,4 103
101h
9
Certifs of dee with warrants
9312 Oct'25
41
9513
Ref & gen as
4 1065s Va Iron Coal & Coke
106
Jan 1932 AG 1054 1054 10578
2 103,
97
914
90 95
01 14
let g 58 1949 MS
5
Nies Lock & 0 or 1st 5s A_I955 A 0 98,
4 Sale 984
99
97
,
2 100
42
Va Ry Pow let & ref 58
9812 Sole 9778
J
99
934
21
9S12
No Amer Cement deb 634s A 1940 M S 100 Sale 9978
9712 102'2 Vertientea Sugar
10012 181
897 9
031 9
let ref 7a-1
42 JO 88
86
83
943
5
9
88
7
19
044
2
Nor Amer Eclieon Se----- --1962 M
44674 1024 Warner Sugar
10214 Sale 10112
10214
18
Refln let 7/1_1941 Jo
894 0912
51
Scoured a f g 634s Ser B__1948 M
10412 10434 10412
4 106
1043
49 100,
Warner Sugar Corp let 75_ 1939 J J 10
757 8714
77
1
1
14
2
7_81
!10
77
14
38
10
79
138
9
Nor Ohlo Tree & Light (la __1947 M S 9418 Sale 9418
91
9412 30
97
Wash Wat Power a f ba_ _ _1939 J J
991
/
4 1014
2
Nor States Pow 26-yr 65 A__1941 A 0 97,
93 994 Weetchee Ltg g 58
98
42
4 Sale 97,1
etmed gtd 1950 JO 101114 1-01-12 10112 10112
98 102
2
Registered
9314 934 West Ky Coal 1st
A 0
9314 Jan'25
1944 MN 101 Sale 101
78
1
,
0
,
112
8 10012 1024
let & ref 25-yr 58 Ber B__ _1941 A () 10514 Sale 1043
9,2
103
14
1071
10.5,4
West
4
Penn Power Ser A 5s 1 94
13
9912
9912 100
48
4M
9'3114 10014
3
North W T let Id g 445 gtd_1934 JJ 95
944 98
Oct'25
96
hat 78 Series D
M
10618 10818 10614
1064
6 10414 1074
Ohio Public Service 74a A 1946 A 0 11218 Sale 11214
1 l2.313
3 108 112,
let 58 Series E
4
19
8941 M S
9318 100
41
let & ref 79 series B
1074
1104
111
A
11112
10
1104 111
1947 F
Temporary Sc Series E 1983 MS 99
99
8;
_:4 S..1_1(
..)_ 0
4 Sop9
C92.5
9811 994
1
Ohio River Edison let 621_1948 J J 10112 Sale
9812 104
10112
10212 14
181 54s Series F
106
,
15
118 ,
1953 AO i5
05
44 1044
4148 8
1 10012 10594
Old Ben Coal let 68
96
99
9718 Sale 97114
1944 F A
9712
West Va C & C lot 65
9
„I
81)
8512 06
2
Ontario Power N F let 58
98 1004 Western Electric
10012 23
1943 F A 10014 Sale 100
944
5(1 A 0 1004 Sale 100
deb ba_ _ 19
101,
98 10178
8 69
Ontario Tratuamisalon 581945 M
97
9914
9914 9934 9911
9934 Western Unlon coil Incur 1512.1918 J
1
N
10212 Solo 100,
4
10212 15
994 10212
OM! Steel 8a
95%
1941 F A 1044 105 104
10434
106
3
Fund & real estate g 4345_l900 MN 97 Sale 9714
924
97,
4
971.4
8
let 25-yr a t g 734s Sec B 1947 F A 10012 Sale 10014
893e 10112
10012 10
15-year 648 g
P A 11114 11112111
111 12 14 10911 11214
Pacific & El gen & ref 68_ 1942i_
9311 99
98
J
98 Sale 9612
93
Westinghouse E & M 7s
39
1 MN 106 Salo 105,
193
1054
4
108,8
108,
4
43
Pao Pow & Lt let&ref 20-yr 55'30 F A 100 Sale 9912
98
100
100
7
Wickwire Spas Steel let 78 1935 J J
75
0
80
212 74
5,s oest,225 4 70 91
Pacific Tel & Tel let be
99,4 102
10112 20
10114 10112 10114
1937
Certificates of deposit
754 88
Ref Ni 5s series A
9212 10012
9918 128
99h Sale 9818
1952 16 N
Certificates of deposit (damped MN
747 75
Oct'25
81
70
Pan-Amer PAT let 10-yr 7e 1930 F A 106 Sale 10538
10618 29 10412 107
Wickwire Sp Steel Co Is Jan 1935 MN
6819 70 Nov'25
5.5
78
70
Cony s f Se
11234 1760 103 us% Willys-Overland 5 f 8145---1934 MN 1123s Sale 10918
S
10212 10238 10212
10212 49
10214
1033
992
Park-Lea st leasehold 6 414._1953
9212
91
93
99
11
93 Sale
Wilson & Co let 25-yr e f 68_1941 AO 99 Salo 99
914
100
100
34
Pat & Paigulc B & El cons be 1949 M S 9914 -- 9914 Nov'25
98 1004
_
Registered
93 Feb'25
93
93
peop Gas & C leceonsg58l943 A
11018
11012
8 107 11034
0 11012
10-year cone e f (la
JO 53
73
744
744
65
764
2
Refunding gold be
94h 100
1947 M S 984 9914 9812
9914
7
714
Certificates
734
depoalt
of
744
53
7418
76
1
Philadelphia Co coil tr 814 A_ 1944 F A 10378 Sale 1034
104
12 101h 105
FA
10-yr
cony
f 748
53
75
28
1
73 Nov'25
93
01
19
534 77
lb-year cony deb 531s_ _1938 M
033
90
4
Sale
984
9834
36
100
Certificates of deposit
7115 72
7219
59,
8 714
744 55
Pt,ilaA Reading CA 1 ref 58_1973 J J 10012 101 10012
1011s
99 1024 Winchester Arms
17
1941 WO 101,
4 Salo 10184
73411
10178 20 10014 10214
Pierce-Arrow Mot Car deb 881943 M S 10614 10718 10614
10612
90 108
2
Young'n Sheet & T 20-yr 64_1943 J
1014 Sole 10114
102
102
111
9514
Pierce Oil !I f 88_ __Dee 15 1931
o 104 106 1041s Nov'25
102% 107
a Due Jan. 4 Due April. p Due Dec
Option sale.
°2
BOSTON STOCK EXCHANGE-Stock RecordBONDS
111011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday. 1 Monday.
Tuesday. Wedneaday, ,Thureday, 1
Nov. 28.
Nor. 30. 1 Dec. I. 1 Dcc. 2. I Dec. 3.
Friday.
Dec. 4.
Sates
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
1
I
160 16014 •x158 159 1 159 159121 158 158121 15812 158121
8112 8112 8184 8112 8112 81
81
8112 82
82 I
•10012 ____ 102 102 ,*102 10312 102 102 *102 ----*121
____ 12112 12112 12112 12112 12112 12112 12112 12112
*111
____ 110 110 I 11012 11012 109 110 •____ 109 I
4034 428 42
4312 4134 43
4134 42
4112 4112
38
3812 40
40 I 40
40
40
40
__
5312 5312 5212 5312' 5312 5412 54
54
*3053
55
74
75
75
75 I 7512 77
74
76
75
75
68
68
68
6814' 67
68
65
65
66
66
96
9812 9612 9612 9612 97
96
96
•175 177
177 177 *177 180 *177 180 *177 180
60
60
58
59
5912 6012 *5934 60
5913 5934
*63
67
*65
67
67
67% 67
6714 *65
67
58
58
*58
61
60
60
*58
60
60
60
42
43
4212 43
4212 4212 4312 4212 *42
43
45
46
45
4512 4512 4578 45
457g 4534 4712
*3934 4014 395 401s 401 427
4112 4238 41 14 418
88
89
8934 8934 90
90
*89
90
*89
90
•____ 121 *120 121 .•120 121 *120 ____ •120 _-__
•10912
11012 112 511012 11112 110 110 *110
51
51
53
53
*96
99
*97
99
.97
99
2737
Range for Year 1925.
PER SHARE
Range for Previous
Year 1924.
Lowest
Lowest
Highest
Ilisheit
Railroad.
15812 160
100 156 Feb 18 164% Jan 7 14572 Mar 164 Dee
649 Boston & Albany
813 82
1,010 Boston Elevated
100 7514 Mar 17 86 Jan 2
71% Aug 86 Dee
----- ---100 92 Jan 16 102 Nov 21
28 Do prof
8714 Deo 9614 May
12112 122
379 Do 1st pref
100 109 Mar 31 122 Dec 4 107 Dec 116% Jan
10912 10912
100 94 Mar 20 113 Nov 20
221 Do 2d pref
92 Sept 101% Dee
4112 4412 7,446 Boston& Maine
100 10 Apr 17 4412 Dec 4
812 Jan 254 NOV
40
42
100 11% Apr 24 42 Dec 4
370 Do Prof
12 . Jan 2672 Nov
55
59
3,925 Do Series A 1st prof _100 17 Apr 27 59 Dec 4
13 June 371* Nov
75
80
521 Do Series B 1st prof..__100 29 Apr 27 80 Dec 4
1712 Jan 48 Nov
6512 74
1,107 Do Sertee C 1st pref___100 25 Apr 25 74 Dec 4
16
Feb 41 Nov
97 116
600 Do Series D 1s1 pref_-100 3512 Apr 25 116 Dec 4
23
Jan 62 Nov
Boston & Providence
100 167 Feb 26 180 May 28
43
Jan 172 Nov
-5
-6- -iii - ______
673 East Mass Street Ry Co_100 26 Sept 4 6212 Nov 12
18 May
3504 Dee
--------951 Do let prof
100 60 July 31 71 Apr 3
58% Jan 71 Dec
100 51 Aug 26 628k Jan 12
75 Do pref B
48 May 6112 Nov
-42- 121-2
100 35 Sept 3 48 Mar 10
800 Do adjustment
28 May 464 Dee
47
4712 2,071 Maine Central
100 23 May 27 4712 Dec 4
25 June 371j Apr
42
4212 5,508 NV N 11 & Hartford
100 28 Mar 30 4212 Dec 4
14
Jan 331* Dee
___- ____
135,Northern New Hampshire_100 70 Feb 16 90 Dec 4
62
Jan 81 Nov
____ ____ ______ Norwich & Worcester pref_100 100 Jan 131 125 Oct 22
80
Jan 108 Nov
100 96 Jan 2 113 Oct 30
140 Old Colony
7211 Jan 98 NOV
100 454may 1 8313 Jan 2
200 Rutland pref
84 Mar 64 NOV
98
98
10 Vermont & Massachusett2_100 87 Feb 24 98 Nov 7
70
Jan 931* Nov
Miscellaneous
*3
314
3
3
318
314 378
3
37
37
3% 4
Service___2
Amer
212Mar
Pneumatic
25
1,805
44
Jan
7
1
Nov
414 Des
2012 2012 *2012 21
2034 2034 21
22
2214 2412 23
1618 Mar 25 2412 Dee 3
2334 1,745 Do pre!
6
12
Jan
2014 Dee
14178 142
14134 142
14112 142 I 14134 142
141% 14214 14214 143
1,366 Amer Telephone & Teleg_100 1307* Jan 2 143342une 18 121 June 13412 Dec
7212 7312 73
7312 7212 7212 7112 7314 7212 7434 7312 75
2,390 Ammaieag Mfg
611251ay 6 87 Aug 8
No pa
5712 Oct 83
Jan
*75 _
75
75
76
76
7014M5y 11 8644 Aug 20
No pa
20 Do pref
69
Oct 79 Ana
*1712
*1712 ---- *1712 --__ •1712
•1712
14
Jan
Aug
Art
Inc__
Construe,
16
Metal
20
16
1
13
16
Feb
Aug
6012 -6-2.1-4 6214 6212 63
64
634 6412 6312 644 -6312 66
4512 Aug 25 66 Dec 4
2,325 Atlas Plywood t c
1612 1612 16
16
1612 1614
1614 1934 1914 2012 2014 21
No par
912 Aug 21 21 Dec 4
6,615 Atlas Tack Corp
8 June 104 Jan
*9712
.
98 100
98
98
98
9814 9712 9814 98
illgelow-HartfCarpet..No par 9712 Nov 27 10912 Oct 8
98
215
106 1-66
107 107 1'107 108 •107 108
107 107,
,
52 Boston Cons Gas Co pref__100 1113 Jan 17 10814 Aug 81 foli" Dec 161 Iu-1:1
39% 39% 39
3912 39
39 I 3734 3734 3712 38
38
38
10 20 Jan 26 4014 Nov 25
2,027 Connor (John T)
20% Dec 2812 MAI
64
•61
61
61 I 61
61
61
*61
6112 ---- ---3814 Jan 30 74 Oct 29
159 Dominion Store*. Ltd..No par
241k May 35 Sept
•100 ____,•100
•100
*100
___ *100
---- ---- ______
Do pref A
99 June 12 99 June 12
100
84
Jan 881 Dee
*313 4
*37*
*312 4 I *37* 4 , *33
4 •
4
632Sept 23
112 Apr 30
10
-- -- ______ East Boston Land
2 Sept
3 Feb
5
*412 512 *412 512 .412 514 *112 5,4 ---5
*412 512
68 Jan 24
60 Eastern Manufacturing
6
3 July 29
4
Oct
812 Feb
go% 82
80
80 I 79% 8112 801 2 81
8012 81
8114 82
2,360.Eastern88 Linea, Inc
26 42 Mar 9 88 Nov 12
38
Jan
Mai
551*
.43
44
4312 44
•43
44
4312 44
*43
44
fNo Dar
35 Jan 15 464 Oct 31
341s Jan
40 Feb
99
•97
99
99
991 9914 9912 9912 9934 9934
100 89 Jan 3 100 July 20
1st
Do preferredr
8512 Jan 93 Mal
1I
V
*209 209% 20934 20972 200 20972 209 2097 209 2091z 209- 2-097e
100 200 Jan 5 213 May 21 1631, Jan 20412 Dec
557 Edison Electric Ilium
*4
5
*4
.5
*4
5
4
4
*4
5
..ii_ _2_i _
100 Elder Mfg Co (v IC) ____ 10
534 Oct 9
318.1111Y 1
21 Jan
8 Des
22
22
•22
24
*22
24
*22
21 *22
23
60 Galveston-Houston Eleo __100 17 Oct 6 38 Jan 7
13
Jan 41 Des
100 115% Feb 27 11534 Feb 27 11314 Mar 1163, Sepl
---- ---- ______ Georgia Ry & Elea
;k3.4
;034
;gait
;861-4
;8684 -_-_-_-_
GIDIchoris6t%
conon-cum prof _loll 78% Apr 15 8414Sept 8
79 Aug 80
jaw
37
38
3712 3812 3878 3934 3812 3932 -383 39
*3612 37
4
No par 32% Aug 29 43 July 1
4.007
_
102 103
10012 10112 100 101
10012 10114 10012 101
10134 102% 2,089,01llette Safety Razor_No par 5713 Jan 2 1053* Sept 24
58
5512
-Oct
12
Oci
•12
1212 *12
1212 1212 1212 .12
.,5 11 May 12 1512Juno 1
1212 1212 121 2 ---- -- - 200'Greenfield Tap & Die
121,Nov
157* Jan
68
68
68
69
*67
6912 69
69
69
694 69
6934
62 May 6 72 Oct 2
785 Hood Rubber
48 Mar 60 Dee
1
*6812 6912 *6812 69
*6812 69 4 .6812 6914' *6812 6912
parr 5213 Jan 5 80 Oct 1
41
No p
Apr 59 Nov
IInternal Cement Corp_No
•-----50
.30 .40
.60
114
.75
1 1 0.30
1
2 Jan 3 .10 Feb
2,881 International Producta_Na Dar .12 Aug 20
3 Dee
2
212 24
2% 3 1•_. 212 •_--213
100
1 July 13 1012 Jan 9 .25 Feb
300 Do prof
14 Dee
Kidd r. Peabody Acceptance
95
95
95
95
95
95
*95 ___
*95
Jan
6
9512 Nov 25
100 8212
36 Corp Class A pref
80
Jan 8812 Do,
.812 9
812 87g,
812 812
8% 872
832 852
812 812
614 Apr 16
4 June
229 Libby, McNeill dr Libby
10
938 Jan 7
812 Dec
•
_ 70 •____ 70 •____ 70
____ 70
20 6814 Nov 4 704 Mar 2
Fire Insurance
70
Jan 71 Nov
ILincoln
;i2
1212 *12
1212 1214 1214 .12
1
12
,
4
1214
-1212 2
12
9 Mar 13 Dee
25 1114 Aug 11 137 Jan 5
90 Loew s Theatres
7
8
77 4 773
77,2 7734 7734 77
77
77
77
7714 77
77
66 Nov
641 Massachusetts Gas Coe.-100 88 Fob 3 78 Sept 22
81
Feb
69
69
6812 6812 6638 6858' 6934 6934
69
69
100 631, Jan 9 70 Oct 5
62 June 70
136 Do pref.
Jan
192 192 *190 194
192 192 1191 191 I 191 191
19
69
1 19
691
110,Mergenthaler Linotype
100 167 Jan 7 197 Oct 14 150 Apr 172 Dee
•
_ 1012 -- 1012
914 914 *9
1018 *9
10%
71 sent 21
1638 Jan 15
6% Jan
25 Mexican Investment, Inc.. 10
174e Feb
;Ho 125 .50 125
100 38 Jan 2 124 Oct 27
19 Feb 3614 Deo
96 -66-imbislasippl River Power
9534 9534 *9534 98
96 IC ;613/4 9612 -96
96
100 871i Jan 10 9614 Nov 4
55 Do stamped met
80
Jan 90 Sept
*412 434
41
438 412
414 434
4,4 412
412 112
47* 1,292 National Leather
4 Apr 22
614 Jan 13
10
2 Apr
513 Nov
*.30 .40 *.25 .40
.35 .40 *.25 .40
.35 .35
.35 .35 5,600 New Eng. Oil Rel. Co. tr We_ .20 Feb 9
2 June 22 .50 Dec
512 Ain
•7
10
*7
10
•7
10
10
10
10
*7
100
6 Dec 3114 Mar
638 Apr 7 12 Sept 8
100, Do pref itr °Hsi
*8
10
9
8
5 Aug 20 11 Feb 9
8 May 1514 Mar
40 New Eng South Mills__No par
3312
__
_ 33 *..t__ 33
3312 *____ 33 •
100 2412May 7 55 Jan 14
... Preferred
40 July 7112 Mar
12013 1
11612
_214 11714 116 117
11414 116
11414 116
11412 116
1,778 New England Televhone 100 99 Apr 21 12212 Nov 20
98 Dec 11512 Jan
*42612 3012.129
*29
31
*29
*29
30
30
30
2612 2912
2118 Oct 22 323,July 3Q1
1
35010rpheum Circuit, Inc
14
Jan 2812 Dec
5914 5934 5912 5912 5914 5912 5914 5912 5914 59,4 5914 5912
100 5212June 12 81% Jan 13
7601Pacific Mills
691s Oct 87 Feb
*53
65
553
65
*54
65
*54
65
*54
65
M
54
100 32 Aug 3 75 Oct 16
10 Plant(Thus 0), lat pref
85 Sept 7414 Mar
*1534 1614 *1534 1614 1614 1614 •1534 1614
1614 16,4
10 1514 Aug 12 18 Apr 3
40;Fteece Button Hole
1114 Jan 17 July
*114
112
184 *114
134 *114
134 *1%
134 *114
2% Jan 8
114 Nov 12
_-!Reece Folding Machine.... 10
214 May
3
Jan
11412 115
115 11514 115 11514 116 115
115 11514 ill
100 10914 Apr 22 120 Feb 6 100 June 118 Dee
' I-1-612
449 Swift & Co
6934 6934 70
71
•71
72
70
71
70
70
72
72
351k June 62 Dee
146Torrington
26 4512 Apr 13 72 1)ee 4
*412 5
*412 434 *412 5
•412 5
•412 5 --7% Jan 23
-5
3 Oct 23
Drill
UnIUnion Twist
5 Dec 10 Feb
4834 49
4834 49
4834 49
4834 49
4878 49
49 -4V1-21 , _ -2-,5io
34
Shoe Mach Corp.__ 25 4034July 29 50 Nov 4
Jan 4338 Dee
257
*281 --- *281s
2812 2
2812 29
29
*2818
29
25
26 2612 Jan 13 29 Oct 22
2438 Feb 281* Nov
Do pref
25
25
25
25
25
---- 25
5 1912 Jan 3 26 Nov 18
62 Ventura Consol Oil Fields
1914 Oct 27
---Jan
iltNo par 19,
c)rndeew
4 Nov 5 2612 Nov 16
8, _ -2- . wzedrotrift:ya.t eisn,
-1632 -1-6-5-1612 -1-6-1-2 1614 -1-6; 16t 1e54 -1614 1614
Jan
,080
12 Augja154
"555k
20 Nov
*21
23
2112 24
21
24
21
.23
21
22
par
com_No
D
c
3
2
14
34'
6% Jan 10% Feb
71 Walth Watch Cl B
*421 44
48
48
4334 434 44
44
-ii- 11i48
46
245 Do prof trust atfs
14 June 2312 Feb
100 171 Jan 3 48 Dec 2
.90
94
*90
95
*93
94
92
9414 94% 95
92
92
349 Do prior pref
100 65 Jan 6 95 Dec 2
6214 Doc 73 Feb
2214 2238 2214 2214 2214 22,4 2214 2212 22
49; 4
2234 225
26
234 1,655 Walworth Manufacturing- 20 1614June 2 2714 July 29
151,June 22 Feb
4512 46
4512 45% 4512 45% 4512 45% 4534'
45
825 Warren Broe
297* Jan 3914 Noe
50 37 Jan 2 5012July 71
43 5____ 43
43
43
43
43
*42
43
31 Do 1st pre(
60 377* Jan 10 4312JulY 1
3414 Apr 41
Jan
*42
44
*42
•44
44
*43
*4312
44
88 Mar 42
Do 2d pre/
50 4012 Jan 17 46 Mar 2
Jen
%lining
•.15 .40 •.15 .40 *.15 .40 *AO .40 *.10 .40 ..10 .40
Adventure commudated___ 25 .15 Feb 16 .25 Jan 26 .16 Dec .51 Des
*.10 .20 •.10 .25 *.10 .25 •.10 .25 *.1.0 .20 •.10 .20
Algomatt Mining
26 .10 Mar 3 .25 Jan 2 .10 June .25 Dee
.90 .95
.90 .90
.90 .90
.75 .75 *.50 .90
.75 .75
31 Dee
905 Arcadian Consolidated
3 Jan 10
5 June
25 .90 Sept 21
13
13
1 27* 13 I 1234 13
13
13
13
13
13
13 I 2,305 Arizona Commercial
912 Mar 28 1538 Feb 6
8
Jan 16 Dee
6
55
55
*5412 5512 5314 5314 53
53
54
53
*5434 5512
590 Bingham Mines
14 June 3138 Dee
10 28'4 July 1 6014 Oct 24
1532 1512 11432 15 i 14
141. 14
1432 1372 14
1334
,Jan 2
4,309 Calumet & Hecht
197 Jan
25 1230une 8 181
137* May
.30 .30 *.30 .40, +.30 .40 *.30 .40 •.30 .40 •.30 1418
.40
50 Carson Hill Gold
1 .20 May 6 .90 Aug 4 .37 Nov
3 Feb
20
20
1934 20 • 20
1912 1978 19% 197
194 20
20
1,923 Copper Range Co
83 Jan 10
1812 June 338p Dee
18
25
uno
1834J
•-- -.06 •_-,,.08
.06
Davis-Daly Copper
1 .02 July 6 .78 Feb 6 .30 Dee .70 Mat
372 373
334 334 *334 4
3% 35
34 34 *34 4
360 East Butte Copper Mining_ 10
314 July
3 June 5
614 Jan 2
, Dec
67
*1
114
1
1 ,4
1
1
1
+.80
*.80
1
1
•.80 .99
130 Franklin
Iss Jan 24 .40 May
25 .40 Jan 7
1
Jan
•.80
114 `.80
112 •.80
112
.50 .50 '.1 .80
114
114 *.80
5,22
(
Mated
41 .?Ii:1433 Octt 2,23,1 Jo,
.Jule I: A% Feb'ao 2
2
10
20
21
2012 2012 2012 2034 2012 2134 21
218
2112 22
3,20
5114
14 *114
134 .114
134 *114
145 *114
12
13
134
*114
.30
Feb
26
6
Oct
312
25
14
May
244 Dee
15212 15312 15212 15314 15112 15212 15114 15312 153 153 .153,4 154
392 Island Creek Coal
1 121 Mar 28 15312 Nov 28
944 Apr 142 Nov
*99 100 .99
9934 9912 9934 9912 9912 9934 9934 993 100
137 Do prof
1 944May 27 100 Nov 2
90 June 100 Sept
1384 137
12
12 1.21212 13 *21212 13 I 12% 127* 1214 1214
545
Isle
Royal
978 Apr22 2012 Jan 7
25
12 June 22% Dee
Conner
*1
114
---5 .90 Aug 19 1.1. Feb 4
Kerr Lake
113 Mar
2% Feb
•.80
-;.-81
0 -1-I -77-6.75
.--5
.65 -;7
.65 --,
1..,:,
5gliez
ecnoaowooC
2
112June 19 .50
rop per
.50 June 29
Jan
114 Nov
*17*
134
13
, 11
/
4 •114
134 4
1141 *114
114
134 -114
25
Co
1 Am 11
8 Jan 2 .90
Apr
314 Dee
*112 2
1141 *114
114
1341 •118
I% •118
112
114 *118
75 La Salle Copper
:
2% Jan 10 .70 June
2
I
3
•138 2
Deo
*17* 2 I *15
, 2 I *134 2
*134
2
*134 2
Mason Valley Mine
J an 12
3
114 Oct
2% Da.
•.50 .75
.50 .50
.50 .50
.50 .50, .52 .52 •.60 .75
150 Mass Consolidated
May
2 .40
118
1sl
I%A
apYr :12141
.60
211344
Jan
114
Aug
.90
.50
1
.65 .75
.75 .95
.76 .80
.80 .95 6,314 Mayflower-Old Colony.... 2
8 Jan 2
.50 Nov 30
80
Apr
5 July
3312 3312 3212 33
3212
443 Mohawk
25 2512June 9 41 Jan 13
1 21 1914 33 I 3212 3212 32 14 3212' 3212 33
2312 June 41 Dee
1934 20
1912 191
1912 *1914 194 19% 1912 1912 1912 1,240 New Cornelia Copper
6 18 Mar 30 25 Jan Ii
1612 Jan
•.10 .30 *.10 .30 *.10 .30 •.10 .30 *.10
2538
Dee
____ ______ New Dominion Conner
.10 July 2 .85 Feb 18
AO Dec
21, Am
25
25 *_.__ 25 •____ 25 •_ _ _. 25 •- - -- 25
New River Company
100 25 Apr 2 31 Aug 28
85 June 40 Mar
.-55f2
.5912 *x55
584 *7513
5934 •256
59 •356
59 .56
59
10 Do pref
57% Dee 75 mu
100 40 June 30 65 Aug 31
*434 5
5
51s
51
/4 518
512 1,450 Nipissing Mines
514
514
WA 538
.5%
634 Jan 10
5
433July 3
514 Jan
3% 358
382 312
318 3i4
6% Dee
3
314
31
/
4 314
318 314 6.895 Nortb Butte
37 Nov 16
15 .89 June 5
17 Oct
.30 .40 *.30 .35 *.35
•.35 .45
618 July
1
*.50
•.75
I
1
374 Oilbway Mining
14 Jan 10 .40 June
25 .15 Nov 24
•181* 1912 *1812 1912 *1812 1912 •____ 19
1 Noi
18
18
1734 174
170
Old
Dominion
9
1712June
Co
27
26
Jan 10
15
159 16
Jan 281k De.
1534 16
*1512 16 I 154 1612 16
1614 16
16
3,645 Pd Crk Pocahontas Co_No par 1012June 18 1872Sept 21
1034 July :
22
22
2212 23
3
15
22
4:
1 8
23
JD.
23
111
2312 227* 227* 23
:0
1
1
23
315 Quincy
39%
22
Apr
25
Jan
19
10
14 June
3512 3534 3514 3514 3512 35,2 *3514 36
3512 3512 3514
pit M
ony
o's Mineral Land
25 2812 Apr 21 48 Jan 12
26 June 49 Deo
.75 .75 *.55 .70
.55 .65
.60 .170 *.60 .70 ..55 3.670
May
10
.50
1
113
Jan
1
9
118
1
.30
1 I
Apr
1
1 I
1
1
1% *I
1 14
615 Superior & Boston Copper_ 10 .70 May 13
2 Jan 6 .25 Aug
612 614
1
6
64
61
21s Dee
64 65
612 6%
612
/
4
67* 7
9,460 Utah-Apex Mining
5
37 Jan 2 8%4 Jan 23
173 June
.65 .70, .61 .65
.57 .62
.60 .65
.65 .75
.70 .74 3.920 Utah Metal & Tunnel
July
.40
1
7
.98
Jan
29
.41 .411 .40 .40, .3.5 .40
.14 June
•.40 .50
0
3
% July
.30 .30 •.30 .50
7501
Victoria
25 .22 Nov 24
114 Jan 31 .15
Apr
•.20 .30 *.20 .2.5' . •.20 .30
1 Atil
.20 .20 •.20 .
•.25 .30
1401Winona
25 .10 Aug 17 .48 Jan 7 .13 Feb .7
.45 a__. .45 *a__
45 •
71 July
.50 *a__ _ .50 _._ _ - -- - ______ Wyandot
25 .05 Apr 14 .21 Feb 11
10 July :25 Juy
•BM and asked prtoes, no sales on Ma day
a El-rights. I Ex-dlv. and rights s Ex-div o Ex-stock div a
Assessment Paid. y Price on new basis
-18T4 •-1-64
nHaftetigictlaol°Co
1,42
THE CHRONICLE
Quotations of Sundry Securities
Outside Stock Exchanges
All bond prices are "and Interest" except where marked'f."
St
011 Stock. Par Bid
Ask.
Railroad Equipments PerCI.Bas is
Anglo-Amer Oil vot stk_El *1784 18 1 Atlantic Coast Line 65
5.20, 5.00
Bonus stock
5.001 4.85
*1755 18
Equipment 634s
atlantic Refining
5.30 5.10
100 110 11012 Baltimore & Ohio 6s
Preferred
5.05 4.50
100 115 117
Equipment 4345 & 5a
Borne Scrymser Co
100 225 227 Buff Roch & Pitts equip 68_ 6.25 5.00
Buckeye Pipe Line Co___ 50 *54
55 Canadian Pacific 434s dc 6s_ 5.00 4.75
ribesebrough Mfg new
5.20 5.00
25 *6734 69 Central RR of N J 66
Preferred
5.30 5.10
100•
Chesapeake & Ohio 65
Continental 011 new:.
5.10 4.85
10 *2588 2534
Equipment 6355
Rights
5.00 4.80
•1350 85c.
Equipment 13s
Crescent Pipe Line Co__ 50 *1512 1614 Chicago Burl & Quincy Os
5.25 5.00
Cumberland Pipe Line_100 138 140 Chicago & Eastern III 534e_ 5.50 5.15
'Eureka Plpe Line Co_ __100 *64
5.40 5.15
65 Chicago & North West (Is
Galena Signal Oil coin_ __100 *35
5.15 4.85
Equipment 6358
37
Preferred old
5.00 4.75
100 104 105 Chic R I & Pao 435s & fai_
Preferred new
5.45 5.15
Equipment 68
-100 98 101
Humble 011 & Ref new__ 25 *7812 797s Colorado & Southern 65
5.50 5.20
Minds Pipe Line
5.20 5.00
100 132 134 Delaware & Hudson 6e
Unperial 011
5.25 5.00
25 *13412 135 Erie 4345 & 58
New when limed
5.55 5.25
Equipment(is
9 3634 37
5.35 5.10
Millen& Pipe Line Co___ 60 •60 61
Great Northern tle
International Petroleum (9) *3434 347s
5.00 4.80
Equipment 55
Magnolia Petroleum___100 185 188 Hocking Valley M
5.00 4.80
National Transit Co....12.50 •17
5.35 5.10
Equipment68
1712
New York Transit Co_ -100 52
4.95 4.70
5212 Illinois Central 4345 & Se
Northern Pipe Line Co_100 79
5.20 5.00
Equipment 6e
80
01110 011 new
Equipment 7s de 834e.._._5.00 4.80
25 *6334 64
Penn Mex Fuel Co
5.40 5.15
25 *2312 24 Kanawha & Michigan 6s
Prairie Oil& Gas new..... 25 '56la 5612
5.20 5.00
Equipment 4348
Prairie Pipe Line new...100 126 12612 Kansas City Southern OM_ 5.35 5.00
Solar Refining
5.20 5.00
Louisville & Nashville 65
100 210 220
Southern Pipe Line Co.. 100 68
5.00 4.80
Equipment 63in
6812
South Penn 011
5.15 4.75
Michigan Central 58 & 6s _
100 170 171
touthweet Pa Pipe Lines 100 *56
57 1VRnn St P & SS M 4348 de 59 5.30 6.00
Standard 011 (California) 25 *mos 3612
5.35 5.05
Equipment 634s & 7s
Standard 011(Indiana)_. 25 •6618 6614 Missouri Kansas & Texas 6e 5.65 5.35
ttandard 011 (Kaneas) 2 *3312 3334 Missouri Pacific Os & 635s_ 5.69 5.25
Standard 011 (Kentuoky) 2 *13312 13412 Mobile & Ohio 434e & Ss
5.05 4.80
Standard 011(Nebraska) 100 243 245
New York Central 4345 & M 5.20 5.00
Standard 011 of New Jet. 2 «44
4414
5.00 4.85
Equipment 611
Preferred_
5.05 4.80
Equipment 7s
100 11634 117
Iltandard 011o1New York 25 •4688 4634 Norfolk & Western 435s
4.80 4.60
Standard 011 (Ohio).--100 365 367 Northern Pacific 7e
5.10 4.90
Preferred
100 118 120 Pacific Fruit Express 7s-- 5.10 e-90
Swan & Finch
1912 Pennsylvania RR eq 5s & Os 5.20 4.75
100 19
Union Tank Car Co
5.10 4.90
100 128 129 Pitts & Lake Erie 634s
Preferred
5.45 5.20
Equipment Os
100 11312 115
Vacuum 011 new
4.85 4.60
. 25 *101 10134 Reading Co 434s & 55
Washington oil
10 *40 ---- Bt Louis & San Francisco 50- 5.00 4.85
Other Oil Stocks
Seaboard Air Line 534s & 6s_ 5.50 5.25
atlantic Lobos 011
214 Southern Pacifies Co 434s_ 4.85 4.70
(I) *2
P
Preferred
80 *3
312
5.05 4.80
Equipment 75
Gulf 011 new
5.05 4.80
28 *8534 86 Southern By 4340 & 55
Mountain Produtzers...... 10 *2518 2514
5.35 6.10
Equipment66
Mexican Eagle OS
5.50 5.10
434 Toledo & Ohio Central 6s
5 *4
National Fuel Gas
5.00 4.80
100 120 122 Union Pacific 75
Salt Creek Cons Oil
10 .834 9
Salt Creek Procittcers___ 10 3218 3214
Tobacco Stocks
Public Utilities
American Clgor common 100 III 113
amer Gas & Elea new
100 96 100
Preferred
(5) *80 82
6% pref new
(9) «91
9312 AmerAmet Machine & Fdry100 180 190
Deb Os 2014
28
M&N *9734 98 British-Amer Tobac ord_ El .26
Amer Light & Trao eom_100 267 268
2734
Bearer
El .26
Preferred
26
100 114 115 Imperial Tob of GB & Irel'd 25
Amer Power & Lt common_
90
63 Int Cigar Machinery_ _100 80
61
Preferred
75
95 Johnson Tin Foil & Met_100 60
100 93
Deb 6s 2016
M&
9412 9512 MacAndrews & Forbes. 100 170 173
Amer Public HUI com___10
100 100 103
Preferred
81
84
7% prior preferred_ _100 85 91
46
100 43
Mengel Co
4% panic pref
60
8112 Porto Rican-Amer Tob__100 50
100 80
associated Gas & El pf(t) *50
62
Universal Leaf Tob com_100 60
51
Secured g 634s 1954 J&J 100 102Preferred
99 103
Blackstone ValO&E corn 50 *93
95 Young (J 13) Co
100 124 126
Carolina Pow & Lt corn_ _ _ _ 433 440
100 105 110
Preferred
Cities Service common_ _ _20 *W 3938s
Preferred
100 85
8512 Rubber St
(Cleveland)
10 «752 578 Am Tire & Rub corn
Preferred B
Preferred B-B
Preferred
78_
100 •76
Cities Service Bankers Shares «1914
_ Firestone Tire & Rub corn 10 *127 /2912
Glom'w'ith Pow Corp new(9) *35 -36
6% preferred
100 9914 100
Preferred
100 •87
7% Preferred
88
5814
100 9915 49
Klee Bond & Share pref_100 103 105
General Tire & Rub corn, 50
Eleo Bond & Sh Scour ____ *67
Preferred
6712
100 105
40
Elm ny securities
25 Goodyear Tire & R com_100 39
(9) *24
Lehigh Power Securitlea_(2) •I84 188 Goody'r T & R of Can pf 100 r93
9512
Mississippi FUT Pow corn 100 70
Mason Tire & Rub com_(5)
90
2
212
Prefe
00 15
Preferred
1612
98
100 rred1
96
First mtge 55 1951- _J&J 9914 10012 Miller Rubber cm.new 100 4314 44
fil F g deb is 1935__M&N 102Preferred
100 100 10212
Nat Power & Lt oom-(5) 434 iii- Mohawk Rubber
100 80
0
Common18
w
Preferred
85
2914 2912
Preferred
(t) 810212 10312 %Merlins Tire & Rubber (5) '2412 26
Income 75 1972
Preferred
J&J102 103
100 -- 97
Korth States Pow oom-100 141 142 Swinehart Tire & R cam-100 ---- ... _ _
Preferred
Preferred
100 100 102
100 ---- -- -Nor Texan Eleo Co corn_100 38
40
Sugar Stocks
Preferred100 53
55
3
50 •1
Pacifio Gair & El 1st pref_100 97
98 Caracas Sugar
Power Securities com__.(5) •10
15 Cent Aguirre Sugar cow_ 20 7512 77
128
130
100
Second preferred
27 Falardo Sugar
(9) •23
Coll trust 65 1949___J&D .88
91 Federal Sugar Ref cere 100 - --- 55
Preferred
90
100
Incomes June 1949.-F&A •78
82
11
Puget Sound Pow & Lt--100 49
52 Godchaux Sugar, Inc (5) •8
45
Preferred
86
100 35
WA Preferred
100 84
38
7% preferred
*34
com
(:)
Corp
Holly
Sugar
107
100 dI07
let & ref 5345 1949_ _J&D 9914 10014
91
100 88
Preferred
Republic Ry & Light_ 100 66
68 Juncos Central Sugar-100 105 125
Preferred
100 8712 8912 National Sugar Retinina_100 108 110
south Calif Edison com_100 130 132 New Ntquero Sugar_ _100 -- _ 85
4
8% preferred
1
100 135 145 Santa Cecilia Sus Corp pf100
Standard G&EI 7% pr p5100 100 102 Savannah Sugar corn__ __(5) •135 140
Tennessee Elec Power_ __(t)
100 114 116
Preferred
-let pref 7%
44
-98 - 1-00 - Sugar Estates Oriente pf _100 38
Western Pow Corp pf_100 95 97
Went Missouri Pr 7% pfr - 94
97 Industrial&Miscoll
26 *103 106
American Hardware
Short Term Securities
100 144 146
Anaconda Cop Min 68'29.1&./ 10234 1031s Babcock & Wilcox
27
Chlo,R I & Pao 5s 1929 J&J 9938 9984 Buse (E W)Co new
(9) .26
57
50 d55
Federal Bug Ref 6s'33 _M&N 94
Preferred
96
Hocking Valley 58 1926 M&S 100 10014 Borden Company oom (t) 593 95
K 0 Term Ry 514e...„1926 101 10188
100 110 111
Preferred
25
Lehigh Pow Sec Ss '27..F&A 10118 10135 Celluloid Company
100 20
75
Mlasouri Pacific 56 '27 J&J 10014 10053
100 65
Preferred
Sloss-Sheff 8&/ Be '29.F&A 1021g 103 Childs Company prof... 100 122 124
WM Cent 512e Apr 15 '27 __ 10012 101
100 135 140
Hercules Powder
Joint Stk Land Bk Bends
10 110 113
Preferred
Chic Jt Stk Id Bk fre-1951 1011 10314 International Silver pref _100 110 114
as 1952 opt 1932
1011 1034 Lehigh Valley Coal Sales 50 8312 85
55 1963 opt 1933
100 125 128
102 10312 Phelps Dodge Corp
5345 1951 opt 1931
10312 10512 Royal Baking Pow oom-100 180 195
(Ns 1952 opt 1932
100 101 103
Preferred
10034 102
430 1952 opt 1932
100 10112 Singer Manufacturhig-100 403 405
1348 1964 opt 1934
10014 102
434s 1963 opt 1933
101 10234
412e 1965 opt 1935
10012 102
Pm Coast of Portland. Ore% 1955 opt 1935._ al&N 10134 10313
Si 1954 OD 1534 . M&N 10112 10314
•Per share. t No par value. is Basle. d Purchaser also pays accrued dividends.
t New stock. f Flat price. k Lan gale. n Nominal. z Ex-dlvidend. y Ex-rights
a Sale price
rCiuzadian quotation. •Ex-Interest.
sEx-stock dividend
[VoL 121.
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange Nov. 28 to Dec. 4, both inclusive:
Bonds-
Friday
Last Week's Range Sales
for
of Prices.
Sale
Price. Low. High Week.
Anaconda Cop M 7s._1938
Atl 0 & WI SS L 5s.1959 74
Chic Jet Ry & U S Y 5e'40
E Maas St RR ser A 4355'48
Ser B 5s
1948
Ettinger Schild es__ _1935
Hood Rubber 75
1936
K C Mem & Br 4s..._1934
Income 55
1934
Mass Gas 435s
1929
430
1931
Miss Riv Pow 55
1951 100
New Eng Tel 5s
1932
Penn Ohio Os
1950
P C Pocah Co deb 7s_ _1935
Rhine Westph E P78_1950
Silver Dyke 75
1928
Swift & Co 5s
1944 100
Warren Bros 734s.__ _1937
Western Tel & Tel 5s_ _1932
Wlealn Term A Un
loan 051.4
10435 10434
7235 74
9834 99
64
64
70
67
100 100
16434 105
9234 9234
9734 9774
98
9834
9834 9635
9934 100
100 10034
9634 9635
115 115
9414 9454
9834 9834
9934 100
145 145
9931 10034
OR 44 0354
51,000
14,500
7.000
9,000
8.600
5,000
12,000
1,000
6,000
5,000
10,000
9,000
6,000
5,000
3,000
3,000
1,000
11,000
1,000
12,000
9.000
Range Since Jan. 1.
Low.
10435
83
96
62
67
100
10134
91
9554
9754
9434
9634
9934
9634
101
9434
9834
9734
123
9234
9834
Oct
Jan
Feb
Sept
Sept
Dec
Jan
Apr
Mar
Feb
Jan
Jan
Jan
Nov
Aug
Dec
Dec
Jan
Jan
Jan
Nov
High.
10434
7834
100
72
78
100
106
9334
9935
9934
9734
100
10114
9635
120
9434
9834
10034
160
10014
9835
Nov
Sept
Sept
Feb
Mar
Dec
.July
Aug
Sept
Sept
June
June
Aug
Nov
Sept
Nov
Dec
June
Oct
June
Nov
•No par value.
Baltimore Stock Exchange.-Record
Baltimore Stock Exchange Nov. 28 to
clusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.
Amer Wholesale pref__ -100
Arundel Corp new stock__•
Atlan Coast L(Conn)-_50
Baltimore Trust Co
50
Baltimore Tube
100
Preferred
100
Beneach (I)com
•
Preferred
25
Ches & P Tel of Balt pf 100
Commerce Trust
Commercial Credit
•
Preferred
2.5
Preferred B
25
Consol Gas E L & Pow_ •
6% preferred
100
634% preferred
100
7% preferred
100
8% preferred
100
Consolidation Coal_ _ _100
Eastern Roll Mill com new*
Federal Finance com
•
Fidelity de Deposit
50
Finance & Guar pref_
25
Finanze Co of America_ _25
Preferred
25
Finance Service, Class A 10
Preferred
10
Ga So &Fla 2d pret __ _100
Houston Olipref tr ctfe_100
Manufacturers Finance-25
Mfrs Finance Trust pref-25
1st preferred
25
2d preferred
25
Maryland Casualty Co--25
Mercantile Trust Co-- __50
Merch de Min Tr Co__ -100
Merchants & Miners new..
Rights
Mtge & Acceptance co m_ _•
Mt V-Woodb Mills v t r 100
Preferred v t r
100
New Amsterd'm Cas Co.10
Norfolk Ry & Light
25
Northern Central
50
Penns Water & Power_100
Silica Gel Corp
•
Union Trust
50
United Ry & Electric_ _50
U S Fidelity & Guar__ _ _50
Wash Balt & Annan Pfd-50
West Md Diary Inc corn_ •
Preferred
50
.
37
245
40
27
113
51
2534
27
4354
10834
12535
40
121
5635
2234
101
370
45%
23
15
7834
8014
212
85
of transactions at
Dec. 4 both in-
Range Since Jan. 1.
Low.
High.
100 100
3535 37
239 245
14434 145
2514 2535
64
63
40
40
2734
27
11214113
5834 59
4335 5134
2535 26
2614 27
4234 4335
10335 10335
108 110
111 111
12554 12534
55
54
4034
37
5
5,184
142
140
35
75
50
510
23
83
4,415
749
671
83
185
70
52
180
237
2.510
8434
2034
160
11134
18
45
3834
25
11034
5735
2234
24
2314
32
102
105
109
122
36
37
Sept
Mar
Jan
Feb
Oct
Oct
Jan
July
Jan
Mar
Mar
Apr
Sept
Jan
July
Apr
Mar
Mar
May
Nov
100
3934
245
150
32
70
40
2734
11434
60
5114
27
2734
47%
105
11034
114
12734
72
4014
Sept
July
Dec
Sept
Jan
Jan
May
Atlit
June
Feb
Dec
Nov
Oct
Aug
Oct
Sept
Sept
May
Jan
Nov
31
31
121 122
1834 1834
5634
56
2734 28
2034 203.4
10
1035
175 175
87
87
6334 67
2234 2214
2235 23
25
25
99 101
370 370
172 173
4534
44
1734 1835
2334
23
16
15
7835 81
5235
52
27
27
8" 8"
165 165
15
15
215 225
1756 1714
212 214
2514
25
85
85
5214 5234
100
243
108
165
70
85
21
10
20
144
302
254
87
1,054
34
27
1,069
200
343
160
601
320
25
20
47
50
29
175
106
120
10
75
3035
89
18
50
26
1834
9
67
78
5034
21
21
22
8235
284
115
44
1535
1334
93.4
55
4234
26
7614
121354
12
151
1534
179
11
44
44
Nov
Jan
May
Apr
Apr
Jan
Jan
Jan
Apr
July
June
June
June
Apr
Feb
Jan
Dec
Nov
Jan
Apr
Mar
Jan
May
Jan
Jan
May
Mar
Apr
Jan
May
Apr
Apr
31
124
1935
5634
28
22
11
82
97
73
2434
25
26
10214
370
195
4534
22
2434
20
8334
56
2735
8134
185
22
225
21
215
2535
96
62
Nov
Nov
July
Sept
Sept
July
July
Nov
Jan
Nov
June
June
Nov
Oct
Dec
Nov
Dec
Nov
June
Nov
Nov
July
Jan
June
Aug
Jan
Dec
Sept
July
Nov
Nov
Oct
Bonds93% 9335
Augusta Ry & Elec 5(4_1940
Bernheimer Leader 713_1943 10134 10135 10114
Chic Burl & Qu 55._ _ _1971 10234 102% 10235
100 100
Cofnmercial Credit 65_1934 100
95
95
Consol Gam 434s
1954 95
9935 99%
Cons G E L & P lst ret55'65
Consol Coal 4545_ - --1934 9114 913.4 9134
10034 1003.4
Elkhorn Coal Corp 68_1925
9835 9835
Fairmont Coal 5s_ _1931
goi 9674
Fla Emit Coast 5s_ _1974
10034 10034
Ga Sou & Fla 55
194.5
93
93
Lexington (Ky) St 55_1949
95
95
Md Elec Ry 1st 5s___ _1931
9214 93
6348
1957
9834 9834
United El L & P 4355.1929
United Ry & El 4s.._._1949 6634 6634 6634
49
49
Income 4s
1949 49
syq 5835
Funding 53
1936
924 9235
Os when issued
1949
7136 7334
Waah Balt & Annap 581941 7335
*No par value.
15,000 9034 Oct 9334 Dec
7.000 9934 Jan 10434 Sept
10,000 10254 Dec 10234 Dec
June
1.000 9834 Apr 101
10,000 9235 Jan 95
Sept
1,000 99
Aug 10034 July
Feb
1.000 8934 Aug 98
2.000 9731 June 10014 Nov
1.000 96
July 9814 Oct
10.000 9874 Dec9676 Dec
1.000 9735 Mar 10035 Nov
9.000 92
Jan 9435 June
1,000 95
May 9734 Mar
mar
1,500 9234 Dec 100
2,000 9834 Jan 99
may
22.000 6635 Nov 71
June
14,000 48
Nov 6234 Jan
12,000 6734 Nov 74
Jan
6.000 92
Nov 9634 Jan
48.000 58
Apr 7434 Sept
.Cincinnati Stock Exchange.-Record of transactions at
Cincinnati Stock Exchange Nov. 28 to Dec. 4, both inclusive, compiled from official sales lists:
Stock,-
UUCP
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. &fly. High. Shares
IndustrialsAm Laundry Mach com_25
Preferred
100
Amer Rolling Mill com...25
Preferred
100
Amer Seeding Mach com 50
Baldwin new pref
100
100
Buckeye Inc
Champ Fibre pref
100
.
Churngold Corp
Chic Union Stk Yds...100
f".I•Is 'Ina b. VI•al
•
13234
12534
53
10935
31
107
31
103
8934
153
2414
12514
12554
5156
109
31
107
31
103
8934
153
24
13454
12554
5354
10956
31
107
3134
103
6935
153
2434
2,405
9
1,383
157
10
60
274
15
10
3
281
Range Since Jon. I.
Low.
72
118
4734
10034
29
10314
3135
9934
48
129
23
Feb
Jan
Jan
Feb
Mar
Jan
Oct
Jan
Jan
Jan
June
High.
Oct
150
Aug
126
5754 Jan
11134.....
Jan
37
10936 June
Oct
33
AM
105
SePt
79
AO
142
Jan
140
DEC.5 1925.]
THE CHRONICLE
'Tway
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
Stocks (Concluded)-
Cooper Corp new pref _ _100
Dow Drug common_ _100
Eagle-Pieher Lead com--20
Fay Sr Egan pref
100
Gibson Art common
•
Globe Wernicke com _ _ _100
Preferred
100
Gruen Watch common._•
Preferred
100
Hatfield-Reliance corn- --•
Kodel Radio "A"
•
Preferred
20
Kroger common
10
New preferred
100
Paragon Refining com-25
Procter & Gamble corn_ -20
8% preferred
100
6% preferred
100
Pure 0118% pref
100
8% preferred
100
Standard Drug "A"_ _ _100
U S Can common
•
Preferred
100
LT S Ptg & Lith corn_ _ _100
Whitaker Paper common_•
Preferred
100
Western Paper
100
100
Wurlitzer 7% pref
100
8% pref
10834
240
3334
62
3655
86%
96
38
10334
1815
1735
22
125
11134
734
13534
16514
110%
87
107
2334
65
10234
83%
56
100
3035
111
104%
108 10834
240 250
33% 34
62
62
3634 37
86
86%
96
98
37
38
10254 10334
1834
18
1734 1715
22
22
12134 125
11115 112
7
755
13434 136 35
16534 16534
110 111
8635 8734
107 108
2254 2335
6635
65
10234 10234
8114 84
55
56 '
99 100
3034 3034
111 111
104% 10434
Banks-Citizens National
10G 212
212 212
Fifth-Third-Union units100 31934 31934 31934
100 325
First National
325 325
Public Utilities50 84
am & Sub Tel
84
100 91
Cinc Gas & Elec
89%
CinoGasTraflSPorta'fllOO 121
121
CN&CLL&TmnccOmlOO 79
7834
100 10934 108%
Ohio Bell Tel pref
TractionsOno Street Ry
otan Traction met
•No par value.
50
100
36
8034
84%
91
121
7935
10935
•
3515 36
7932 8034
34
15
998
20
288
25
15
710
so
11
72
20
385
108
410
2,296
2
97
300
76
741
180
20
220
15
95
55
110
50
Range Since Jan. 1.
Low.
High.
9514 Apr 117
149
May 200
31
Mar 4034
60
July 75
35 ' Apr 40
823.4 Sept 8834
0834 Feb 10615
Feb 35
30
10034 Jan 103
1615 July 23
18
July 2334
2034 Apr 22
7334 Mar 14134
11034 Jan 11334
535 Jan 10
112
Jan 131
156
Feb 170
10534 Sept112
May
Sept
May
Sept
Mar
Oct
Oct
July
July
API
Sept
Oct
103
2215
51
100
59
1614
43
30
105
104
Oct
No
Oci
Jub
Os
Os
Os
Jul)
Aui
Ma!
5 20
21 275
43 270
Mar
Nov
Jan
Apr
Feb
May
Jan
July
Feb
Feb
108
23
7334
105
8015
5834
9334
38
10834
109%
Sept
Oct
Jan
Jan
Feb
may
mar 225
ma:
Jan 31134 Oc
Jan 31334 Au:
84 7831 Sept 94
Jun
533 82
Jan 90
Ma
Jan 12634 Sep
46 103
25 75
Jan 84 Jun
132 106
Mar 110
Ma
124
293
31% Aug
40
Jan
3934 Set
85
See
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, Nov. 28 to Dec 4, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sates
Last Week's Range for
Sate
of Prices.
Week.
Par. Price. Low. High. Shares.
100
Amer El Pow pref
American Stores
* 8434
Bell Tel of Pa pref
11034
100
Brill(J G)CO
Preferred
100
Buff at Snag pref v t e--100 4834
Cambria Iron
SO 3834
Catawissa 1st pref
50 4234
•
Congoleum Co Inc
Eisenlohr (Otto)
100 19%
Preferred
100 93
Eleo Stor Battery
100
Fire Association
50
Giant Portland Cem't pf 50
Insurance Co of N A_ _ _ _10 58
Keystone Telep pref._ _50
Lake Superior Corp_ -100
_100
334
Lehigh Navigation
50 10335
Lehigh valley
50
Lit Brothers
10 3234
Minehill & Schuyl Hav_ _ 50
North Pennsylvania_ _50
Pennsylvania RR
50
Pennsylvania Salt Mfg_ _50 7134
PennsYI Seaboard Steel_ •
Phlia Co (Pittsb)
50
Pre:(cumul 6%)
50
PM'Electric of Pa
25 46%
Phil& Gin & Norristown _ _ _ ......
Philo,Insulated Wire
• 51
Plana Rapid Transit.._50 49
Philadelphia Traction_ -50 5656
Phila & Western
50 13
Preferred
50
Reading Co 2d pref
50
Scott Paper Co pref. _.100
Tono-Belmont Devel__ -1
Tonopah Mining
1
Union Traction
50 40
50 11734
United Gas Impt
Victory Park Land Impt_ _ ______
Warwick Iron & Steel_ _ _10
West Jersey & Sea Shore_50
Westmoreland Coal
50 53%
York Railways
50
BondsAdv Bag & Paper 78_ _1943
Amer Gas & Elec 58_ _2007
Baker(A T)& Co 6%8_ _
Elec & People's tr ctfs 4s'45 5815
Inter-State Rys coil 4s 1943 5634
Keystone Telep 1st 53-1935
Leh Val Gen Cons 5a _ _2003 101
Gen consol 4s
2003
Fauna RR gen 415s_ _1965
Peoples Pass tr alb 48_1943
Mills Co stpd 8f Sr red-1949
Cons & coll trust 58.1951
Phila Electric Es
1960 101
180 58
1966 102%
5348
1947
5148
1953
68
1941
P & R Read Term 5s..1941
United Rys gold tr ctf 48'49
•No par value.
Range Since Jan. 1.
Low.
High.
10056 10134
82
8434
11034 11034
13534 142
105 10.5
4834 49
3834 3834
4234 43
17
1894
1834 1934
93
97
7634 76%
27334 27334
5534
50
5734 5834
3134 31%
314 334
103 104
85
85
3135 3234
52
52
8034 8034
5134 52
7134 73
214 256
6034 60%
47
4714
4636 47
123 123
51
51
4834 49
56
57
13
12
35
35
4034 4034
99
99
134 1%
534 535
3935 40
115 11834
615 634
3% 4
4315 4334
5234 54
50
50
416 91
Oct 10434
14,963 4535 Jan 8834
286 10734 Apr 110%
Mar 145
765 95
15 98 June 110
125 48
Nov 53
233 38
Mar 40
145 42
Aug 4334
350 17
Nov 43
4,230
915 July
1934
210 8034 Jun e 97
200 6134 Apr 7634
10 227
Jan 280
26 46
Jan 5934
595 4614 Feb 70
25 20
Apr 35
1,000
3
Aug
735
1,231 8034 Mar -110
75 7434 Jan 85
1,010 21% May 37
24 5015 July 53
10 8034 May 82
11,325 42% Apr 52
145 70
May 8534
400
115 May
3
10 5234 Mar 6034
84 3734 Apr 4914
20,105 3734 Apr 4915
99 10634 Nov 12454
25 46
May 5415
288 40
Jan 50
485 56
Nov 6334
2,322 1015 Oct1834
60 3.5
Oct75
50 4034 Nov 42
10 96
Jan 10015
5,860
Si Jan
134
7,690
554
134 Mar
1,389 3814 Oct 44
14,007 7955 Mar 12054
4
1,100
Ain
6%
315 Nov
628
754
50 3134 Jan 48
143 4134 Aug 57
25 46
Feb 65
101 101
9215
91
9035 9915
5834 5914
56
5034
91
9254
101 101
8134 8134
9314 9314
62
62
10334 103%
9656 9634
101 101
102 103
10554 10614
10654 10615
10854 107%
10434 10454
64
64
$2,000
9,200
2,000
44,800
10,000
26,000
5,000
1,000
1,000
5,000
1,000
8,000
11,000
58,000
3,500
4,000
16,000
1,000
1.000
100
87
9835
57
44
8234
99%
8134
9335
593.4
9315
9354
100
100
10334
10436
106
102
54
Oct
Apr
Jan
Jan
Feb
June
Jan
Nov
Nov
Nov
Jan
Jan
Aug
Ana
Jan
Feb
Jan
Oct
Mar
101
94
9914
65
60
9214
101
82
9335
70
104
9834
104
10435
107
10734
10854
10715
73
Apr
July
Nov
Nov
Mar
Jan
Jan
Jan
Mar
Nov
Nov
Nov
Mar
Sept
Jan
June
Feb
June
Nov
Nov
July
Jan
Nov
Jan
Jan
July
Aug
Aug
Nov
Nov
Oct
Mar
Jan
0ct
May
Oct
Nov
Nov
Mar
Nov
Oct
Jan
Aug
Jar
Oct
Nov
June
Nov
Mar
Apr
June
Nov
Nov
Nov
Jan
Sept
Sept
Sept
Sept
Jung
Oct
June
Mai
Jun
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange Nov. 28 to Dec. 4, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.
AlliAmer Radio class A._5
Amer Pub Serv pref. _ _ 10C
Amer Shipbuilding_ _ _100
Armour & Co(Del),pref 100
100
Armour & Co pref
Common cl A v t c _ _ _25
Common dB v t C _25
21%
96%
97%
92%
2534
17%
2115
93
74
97%
9134
25%
1734
2215
9834
75
98
93
2514
1834
1,015
78
200
339
1,962
2,370
9.925
2739
Range Since Jan. 1.
Low,
18
89
49
90
84
19%
1115
June
May
Apr
Mar
Apr
Mar
Apr
High.
3614
9635
85
99
94
29
21
Feb
Dec
Sept
Oct
Feb
Oct
Oct
Stacks (Concluded)-
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price, Low. High. Week.
Armour Leather
15
Auburn Auto Co com __ -25
Balaban & Katz v t c...25
Preferred
100
Beaver B'd pref Ws_ _ _100
Bend's Corp class A_ --10
Borg & Beck
•
Bunte Bros
10
Cent Ill Pub Serv pref _ •
Central Ind Pow pref-100
Cent 8 W 7% prof
•
Prior lien preferred__ --•
Warrants
Chic C & Con Ry pref_ __ _•
Chicago Fuse Mfg Co__ _*
Chic N S & Milw com_100
Prior lien preferred_ _100
Chicago Title & Tru8t_100
Commonwealth Edison 10(
Consumers Co new
5
Preferred
10(
Continental Motors
•
25
Crane Co
10G
Preferred
Cudahy Packing Co_ _ AOC
Cuneo Press"A"
50
Daniel Semite Wool Mills 25
Decker (Alf) dr Cohn Inc_'
100
Deere & Co pref
Diamond Match
100
Eddy Paper Corp (The)_ •
Elec Research Lab
*
Evans & Co, Inc, class A _5
Fair Co (The)
*
100
Preferred
Foote Bros (G & M) CO.'
Gill Mfg Co
•
Godschaux Sugar
•
Gossard Co (H W)
*
Great Lakes D Je D_ _ _ _100
Hart, Sehat & Marx_ _ _100
Hib, Spen, Bart & Co_ _25
10
Hupp Motor
Hurley Machine Co
•
Illinois Brick
100
Illinois Nor Mil pref-100
Indeu Pneumatic Tool_ •
Kellogg Switchboard_ _25
Kentucky Hydro-El pf-100
Kraft Cheese Co
25
La Salle Ext Univ Ill_ _10
Libby, MeN & Lib new.
Lindsay Light
10
McCord Radiator Mfg A-•
McQuay-Norris Mfg
•
Maytag Co
•
Middle West Utilities_ _ •
100
Preferred
Prior lien preferred_ _100
Midland Steel Products__•
Midland Util prior lien_100
Preferred "A"
100
Morgan Lithograph Co _.•
Nat'l Elee Pow "A" w l..•
100
Preferred
10
National Leather
North Amer Car class A_ •
Omnibus pref A w 1_ _100
Voting trust aft; w I a_ _•
16
Pick (Albert) & Co
5
Pines Winterfront A
Pub Serv of Nor Ill
•
Pub Ser of Nor III, pref.100
100
Quaker Oats Co
100
Preferred
Real Silk Hosiery Mills_ _10
10
Reo Motor
Ryan Car Co (The)----25
So Colo Pow el"A"tom.25
Stew-Warn Speedometer.'
100
Swift dr Co
15
Swift International
25
Thompson (J R)
United Biscuit Co "A"._.•
Union Carbide & Carbon_•
United Iron Works v t c-5C
United Light & PowerCommon el Awl a_ _ _ -•
Preferred cl Awl a..._•
Preferred Cl B w I a...*
United Paper Board _ _ _10C
21)
IJ S Gypsum
Utilities Pow & Lt el B_ •
Vesta Battery Corp
•
•
Wahl Co
Ward(Montgomery)&Co 10
100
Preferred
•
Class A
Williams 011-0-Matie Corp
*
Common
•
Wolff Mfg Corp
•
Voting tr ctfs
Wolverine Portland Cem 10
•
Wrigley Jr
Yates Mach part pref _ __ _•
Yellow Cab Mfg Cl B._ _ 10
100
Preferred
Yellow Cab Co,Inc(Chic)•
BondsChicago City Ry 58._ _1927
Chic City & Con Ry 581927
Chicago Rye 4s, Ser B _1927
Commonw Edison 58_1943
Pub Serv bst ref g 58-1956
Swift & Co 1st 8 f g 58_1944
5034
70
104
35
33
30
18
8835
9834
1254
5
3234
4134
____
138
434
83
1135
4815
35
29
2934
34%
105%
15
4356
153
11434
7634
5274
37%
9335
1454
9
2234
11534
9735
107
5115
100
5834
2434
94%
454'
1335
5815
12915
100
5754
2415
1635
83%
115
2535
46
4734
78%
214
414 434
4834 50%
6834 7054
101 104
35
3535
3215 3434
2934 30%
18
1834
8634 87
90
86
88
8835
9815 9814
1234 1254
455 5
32
3234
3735 42
9914 100
480 480
13715 138
455
4
83
84
1134 11%
60
59
115 117
98 100
4815 4915
h
1
25
25
10635 107
127 129%
22
22
27
2915
29
2954
34
3474
10534 105%
15
15
3
334
8
8
3854 4434
14934159%
11315 11454
76
7615
2534 2654
49
5415
3755
36
8934 91
57
57
3634 363.4
91
94
88
90
1335 1434
83.4 9
134 2
4156 42%
1756 1734
2134 2234
11234 117
9754 9734
10534 107
4715 52
100 10034
97
97
5734 58%
2434 25
9455 9434
434 434
283.4 2834
93
63
1215 1315
2154 22
56
59
128 12914
99 100
128 137
10415 105
5534 5735
24
2414
1614 17%
2534 26
7434 8434
11454 11515
26
24
4434 46
4734 49
7614 79%
214
234
148 15234
149
933( 9331 9335
5154 53
2911
2934 28
15434 15434 16535
1914 1935
1215 13
734 834
8
8035 7734 8015
11315 114 114
11034 111
17%
35
3,475
450
20
470
3,160
1,450
35
210
650
865
380
992
325
535
110
40
15
595
5,300
215
1,295
28(
362
3C
235
1,460
50
40
280
500
3,000
1,300
1,020
40
930
100
10
9,275
2,350
65
100
960
12,91C
5,475
65
12
100
240
1,585
2.705
2,850
130
160
10
1,225
3,600
486
695
1,640
166
480
4,900
725
25
5,900
35
50
2,000
325
2,638
145
95
1,04
170
11,360
850
660
274
63.800
3.785
6,650
3,675
9,400
18,650
625
Low.
334
3154
5114
95
2115
24
2434
1135
83
86
88
9634
1134
334
2754
3634
9915
400
1303.4
4
30
854
51
113
79
4734
%
20
83
11534
15
15
2315
3134
103%
12
3
3
2634
9434
111
68
1434
4194
28
85
50
3554
8554
3535
13
635
54
3734
13
20%
9234
9134
98
3234
9834
92
42
2334
94
4
2415
89
9
1734
33
10734
92
95
10234
48
14%
1614
2515
5534
10934
24
4234
4734
65
54
2,915 44
516 81
220 42
2,425 1834
6,025 112
70 1334
125 12
6
2,600
2,576 41
45 11234
111 110
1714
915
934
615
5515
2934
29
94
49
1735
935
935
654
58
2915
3056
95
50
5,700
100
55
210
2,565
2,420
3,525
258
1,955
7715
51
38
10215 10234
97
100
7715
52
39
10234
97
10014
$2,000
18,000
11,000
7,000
3,006
14,000
56
2934
2954
9434
50
Range Since Jan. 1:
1734
554
6
614
4615
28
2636
90
45
High.
July
May
6
Aug 5615 Nov
Feb 8315 July
Jan 106
July
June 40
July
Mar 3855 Sept
Mar 3254 Nov
Jan 20
Nov
Sent 9114 Mar
Nov 93
May
Nov 9015 Nov
Sept 100
Sept
Oct 1414 Nov
Ain
9% Jan
Aug 3934 Apr
Sept 44
Sept
Sent 100
Sept
Feb 480
Dec
Apr 14134 June
Nov
454 Nov
Mar 89
Oct
Jan
16
Oct
May 70
Feb
Apr 118
Feb
Jan 10614* Oct
Oct 51
Oct
July
134 Sept
Jan 26
Nov
Jan 10915 Mar
Feb -132
Oct
Apr 25
Jan
Mar 3734 Jan
Mar 3134 Oct
39
Aug
Oct
July 109% July
Apr 16% Mar
Nov
7
May
Jan 1015 Oct
Jan 4434 Dec
Jan 195
Sept
Jan 125
Jan
Jan 7615 Oct
Mar 3054 Nov
Mar 56
Jan
May 37% Dec
Jan 92% Apr
Apr 70
Jan
Oct48
Jan
Dec
May 94
Jan 9934 Sept
Nov 22
Aug
Apr
934 Oct
235 Feb
Oct
Apr 43
Nov
Mar 1954 Sept
Aug 2634 Oct
Feb 125
July
Jan 9854 Mar
Jan 108
Nov
Jan 57
Aug
Apr 101
June
Nov 97
Nov
Mar 59
Aug
Aug 27
Oct
Aug 9654 June
Apr
6% Jan
Aug 29
Jan
Sept 9554 Feb
Sept 17% Mar
July 2334 Oct
June 74
Jan
Jan 12954 Dec
Jan 100 June
Apr 137
Dec
Jan 106
July
Mar 75% Feb
Mar 4234 July
Dec 2535 June
Dec 28
Nev
Mar 8434 Dec
Apr 120% Feb
Nov 36
Jan
July 5015 Oct
Dec 49
Dec
Mar 8034 Nov
5
Feb
Jan
Mar 16634
Apr 99
Jan 55
Apr 30
Feb 206
May 2115
Oct 24
Oct2315
Mar 8231
Apr 120
May 123
Oct
June
Oct
Oct
Sent
Oct
Jan
Feb
Nov
July
Jan
Dec
Jan
Jan
Nov
Jan
July
Nov
Oct
July
Dee
Mar
Nov
Jan
Oct
Aug
June
Oct
Jan
1734
1054
1014
1434
57
3154
4834
9815
5554
74
Apr 8434 Mar
46
Apr 63
Mar
35
Mar 5634 Mar
99% July 10234 Dec
92
Jan 10234 June
98
Jan 10014 Nov
• No par value
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange Nov. 28 to Dec. 4, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High, Shares.
Am Vitrified Prod corn_ _50
Am Wind Glass Mach_ _100
100
Preferred
Am Wind Glass Co, PI-100
Arkansas Nat Gas com_ _10
Blaw-Knox Co
Byers(AM)Co pref _ _ _100
Carnegie Metals
10
Colonial Trust Co
100
Commonwealth Tr Co_100
Consolidated Ice pref _._50
Devonian 011
10
Prehanop Vat Thank
150
3115
3134 3134
7915 7935
9234 93
110 110
635 654
6%
5954 60
99
99
1894 19
220 220
260 260
25
2134 25
1615 16
1634
110
00
Range Since Jan. 1.
Low.
325 1935
245 75
55 9234
26 110
4,165
554
35 59
22 93
862 14
38 190
20 201
310 12
270 1434
10 5271G
Jan
Nov
Dec
Jan
Apr
Nov
July
Aug
Jan
Jan
June
Oct
IgnIs
High.
35
110
110
115
854
60
9915
20
225
260
25
18
On
Oct
Mar
Feb
Jan
Feb
Nov
Oct
Nov
May
Nov
Dec
Oct
An.
[Vox. 121.
THE CHRONICLE
V I.,
Lail Week's Range Sales
for
Sale
of Prices.
Price. Low, High. Week.
•
Stocks (Concluded)Harb-Walk Refrac com_100
Indep Brewing corn
51.
Preferred
54
Jones & Laughlin pret_.104.
Lone Star Gas
25
Nat Fireproofing corn_ 5(
Preferred
51
Ohio Fuel Corp
Ohio Fuel Oil
1
Oklahoma Natural Gas_ _25
Pittsburgh Brew com _ _ _5C
Preferred
51
Plttsb & Mt Shasta Cop_ _1
Pittsburgh Plate Glass_10(
Pitts Steel Fdry com
•
Preferred
101
Salt Creek Cons 011
San Toy Mining
1
Std Plate Glass pref___IIK
Prior preferred
10C
Stand San Mfg corn_..25
Tidal Osage Oil
11
U S Glass
25
West Penn Rys pref....10C
RightsLone Star Gas
'
BondsPitts MeK & Conn 59.11)31
*No par wslue.
41
39
3514
314
144
2715
9
104
4
130 130
234 2))
634 634
1154 11534
41
45
1534 16
3834 3934
3434 3534
15
15
31 3134
414 414
14
1434
3c
30
280 285
274
25
7534 7534
834 934
4c
4c
35
35
79
79
11334 114
tog 1034
18
17
92
92
10
161
15
55
881
525
711
3,800
29
1,115
440
510
3,001
75
1,14(
3£
2,021
1,001
21
11(
269
334
1,45Y
lir
Range Since Jan. 1.
Low.
115 May
14 Mat
Feb
4
1114 Jar
Jan
32
II% Jar
3134 Jan
Apr
31
12 May
Jan
.26
134 May
6 May
Oct
2c
Am'
255
1834 Sept
69 Jun(
6)) Oct
2c Sep
Am
30
Nov
79
100 J um
834 Jar
Apt
13
Apt
89
4
4
1,827
4
Nov
97
97
*1.001
96
Mar
High.
145
334
8
116
4534
1734
3935
374
1634
3234
6
15
9c
295
26
7534
934
8c
79
98
136
134
2034
95
Mar
Mar
Sept
Oct
Oct
Oct
Nov
Nov
Mar
Oct
Oct
Sept
Feb
Feb
Nov
Nov
Nov
Feb
Feb
Jan
Jan
Feb
Jan
Feb
4
Nov
9834 May
St. Louis Stock .Exchange.-Record of transactions at
St. Louis Stock Exchange .1\.ov. 28 to Dec. 4, both inclusive, compiled from official sales lists:
JUL.
ClUI.14,
Bank Stocks-
Last IVeek's Rang
of Prices.
Sale
Par Price. Low. High
First National Bank_.10C
Nat Bank of Commerce.10C
State National Bank __10C
230
146
160
230
146
160
Trust Company Stocks
Mississippi Valley Tr..1(8.
St Louis Union Trust_10C
265
315
266
315
Street Railway Stocks
United Rya corn
101
101
Preferred
Preferred C-D
101.
for
Week.
Shares.
9 242
57 256
3,722
51
110
Miscellaneous Stocks.
50
Amer Credit Indemnity_21
50
14
American Inv fl
14
2934
Baer Sternberg
28
30
Berry Motor
30
•
62
52
Best Clymer CO
* 62
44
Boyd-Welsh Shoe
• 434 43
129 129
Brown Shoe corn
101 129
108 108
Preferred
10( 108
Bruce(EL)corn
554 554
• 55
101 10134 10034 10134
Preferred
33
35
Ely & Walker DO com_21 35
111 111
First preferred
101
3434 3434
•
Fred Medart Mfg corn
63
62
Hamilton-Brown Shoe_ _21
41
44
• 44
Hussmann Refr corn
3334 3634
• 36
Huttig S & D com
10234 1024
10(
Preferred
634 64
Hydr Press Brick com_ _10(
161 34 178
International Shoe com__ .____
27
27
•
Independent Pig corn_
105 1054
104
Preferred
104
.15214 158
Laclede Steel Co
37
3734
Meletio Sea Food corn..,.'
15
153-.
Mo-Ills Stores corn
Mo Portland Cement_ _21 5634 6514 68
93
88
MC
Nat Candy corn
4134
40
Polar Wave Ice & Fuel_.' 40
• 4015 3514 4039
Pedigo-Weber Shoe
27
_10(
27
264
_
Dr
Gds
com
Rice-Stix
108 108
101
First preferred
. 102 102
Second preferred _ _...10(
56
55
St Louis Amusement....' 55
Scruggs-V-B D G com_10( 11434 11334 11434
93
93
93
-100
preferred_
_
Second
4534 4534
•
Securities Inv com
57
56
• 56
Skouras Bros A
54
5434
Sou Acid & Sul corn..-10(
. 11334 114
Souwest Bell Tel pref_ _10(
' 2734 2734 2734
Sheffield Steel
•
2234 23
Siefert Pkg
3334 34
• 34
Stix Barer & F
1634 17
11
17
St LOUIS Car com
98
97
98
101
Preferred
35
34
34
*
Wagner Electric com
85
83
Wagner Elec Corp pref _10(
3
25
781
60
60
175
25
60
105
75
78£
IL
11
331
70
650
10
125
230
150
31
46
It
71
.432
154
2,401
575
2,100
6:.
75
15(,
145
10
5
291
95
179
241
54
2,911
1,051
439
476
190
Mining StocksConhead & Birk
1,048
Street Railway Bond
E St L & Sub Co 5s_ -1931
St L& Sub RY gm 54 ecl'23
United Rys 45
193,
4.,,-d
1 CV1e
4834
7319
73V
Low.
High.
Nov
Feb 235
127 205
94, 1434 Jan 15034 Feb
Mar
Dec 179
3 160
15c 30c
734 74
74 714
24
Range Since Jan. 1.
44
484
8234
84
7234
71 4.4
$2,000
83
1,00(
84
733) 60,001
481
733.
Feb 280
Jan 320
8c Feb
4 June
44 AM'
Apr
Nov
30c Dec
74 Dec
Oct
8
Feb
Jan 60
Nov 1435 Nov
Oct
Dec 36
Oct
Ma) 35
Feb 72
Oct
Junc 5034 Jan
Mar 15634 Nov
Oct
API 109
Oct
Apt 65
Nov 1014 Dec
110
224 Jan 3714 Oct
Dec
Jan 111
102
Nov
API 37
30
70 Sept
4434 Jai
Oct
3735 Mat 51
Feb
3134 Mat 40
Nov
Apt 102
100
84 July
5
Jar
Feb 19735 July
115
De( 3334 Aug
27
10234 Aus 10734 Aug
Nov
Aus 160
130
Nov
Oct 38
31
1634 Apr
1334 Oct
4134 Feb 75 Sept
Jan
Nov 107
88
Dec 414 Dec
40
Nov
58 Sept
35
Oct
31
2635 Dec
Oct
Jar 111
107
Oct
100 Jun( 105
Oct
Oct 63
51)
Feb 1164 July
104
Oat
Mat 95
92
Mat 5134 Oct
41
Oct
Apt 68
36
Oct
Nov
65
54
Dec
10714 Apr 114
Dec 3135 Nov
27
Oct
Nov
25
21
Nov
334 Dec 35
Dec
1634 De( 17
Dec
Des 98
97
Feb
2634 Jar 50
92 Sept
Aug
79
3634
14
28
21
4234
38
19
9834
78
42
Nov
48
Dec
824
77
6834
674
Dec
Oct
Sept
Oct
86
85
74
7314
Feb
Nov
Jan
Dec
•No par value.
New York Curb Market.-Official transactions in the
New York Curb Market from Nov. 28 to Dec. 4, inclusive:
sates
terway
Last Week's Rang, for
Week.
of Prices.
Sale
Par Price low. High Shares.
Week Ended Dec. 4.
Stocks-
Indus. & Miscellaneous.
Aero M tg Supply,Class B..
Ala Gt Southern,com _5(
91
Preferred
Allied Pack prier pref. _101.
Alpha Portland Cement 10C
Aluminum Co com new_ _.•
Preferred new
Amalgam Leather cora_ •
Preferred
iix
Amer Bank Note w I
American Gas& Elee com •
Preferred
•
American Hawaiian 58-10
Amer Lt & Trae corn __JOU
Preferred
10(
Amer Pow dr Lt com new.•
Preferred
101
Amer Rayon Products- --•
Ame- Road Machinery _100
Amer Rolling Mill com_ _25
'
14
104
99
16
3834
80
9134
268
11334
6134
94
3334
474
Range Since Jan. 1.
Low.
2,600 11
114 16
843.4 974 1,200 8134
560 80
8934 104
104. 29
29
29
II 130
135 135
700 53
60
6934
100 9834
99
99
8))
300
1434 16
800 42
81
75
200 38
3831
38
1.300 6834
81
80
700 8314
91
923-1
84
300
1335 134
2,650 137
264 274
650 04
11334 115
6134 624 13,800 4834
340 824
9314 9434
3334 3934 5,100 2635
2
200
43-4 436
40 49
514 52
Lou
4,11
Nov
Om
No4
Dec
Sept
Nov
Nov
Auk
Jan
Dec
Apr
Apt
May
Jar
Jar
Feb
Oct
May
Feb
July
High.
1634
9734
104
67
150
71
9914
1734
81
384
844
9335
1874
288
11034
674
9634
5134
8
67
Sept
Dec
Dec
Jan
Oct
Nov
Nov
Oct
Dec
Dec
May
Nov
Oct
Nov
Nov
Jan
Oct
June
Mar
Jan
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sate
Stocks (Continued) Par. Price. Low: High. Shares
Am Superpow Corp Cl A_• 3411
•
Class 13
Prior preferred
25 25
4
Amer Thread preferred..5
Apco Mfg Class A...A..25 224
Arundel Corporation_ _• 36
ASSOC Ga8 & Elec Class A.." 33%
Atlantic Fruit & Sugar
*
Atlas Pont Cement new..,0 55
Bigelow-Hartf Carpet com•
Bliss(E W)& Co
•
Bohn Alum & Brass
Boissonnault (G) Co
*
Borden Co corn exch ak_50
Boston & Me RR stpd_100
First pref A stpd_...i00 56
First pref B stpd_ _100
First pref C stpd_ _100
Bridgeport Mach corn... "
Brit-Am 'Fob ord bear __£1 27%
Ordinary registered
_1
Brooklyn City RR
10
6%
Burdines Inc common w • 25
Burroughs Add M pret_100
Butler Bros
21.
394
Can Dry Ginger Ale new
Car Ltg & Power corn_.25
24
Carolina Power & Li.._1 u,
Celluloid Co. corn
104, 22%
Central Steel corn-------* 724
Centrifugal Pipe Corp_ __* 29
Chic Nipple Mfg CI A ._ _50 4435
Class B
50 27
Childs Co pref new. 101
Christie. Brown & Co corn • 624
Preferred
Chrysler Corp. new, con).* 50
Cincinnati Gas dr Elec_ _100
CM Ind & West vi c_111C
Preferred
100 22
.20 3834
Clues Service corn
100 85
Preferred
734
Preferred B...... ____10
Bankers shares.
ClevelandAutomobile corn* 304
100
Preferred
1%
Colombian Syndleste.
Com'wealth Power Corp35%
Common, new
100 88
Preferred
Warrants
Connor (John Ti Co __AO 38%
7
Consul Dairy Products...•
Cons Gas,E L&P Bait new" 44
Continental Baking,comA* 123
•
32
Common B
8% preferred . ___100 1014
Continental Tobao to._ • 15
35
Courtaulds, Ltd
Cuban Tobacco v t c
Curtiss Aeropl & M.corn-• 2334
Davies(Wrn) Co,CI es A.' 354
De Forest Radio Corp _.* 1735
Denver Tram, new. Pf. w
74
Devoe & Rayn Cl B new.
Doehler Die Casting
•
•
Dominion Stores. Ltd_
Dubiller Condenser & Had' 11
28
Dunhill International_ _
2
Duplex Coed & Radio v t c•
• 12%
Durant Motors, Inc
•
Duz Co. Class A
• 1614
Class A v to
Eastern Rolling Mill new * 4034
Eastern Texas Elec Co.... 92
Elsenlehr(Otto) & Bro_1(
1954
Elec r e Au ()Lite Co....' 774
Elec Bond & Share,pref 100 104
Flee Bond & Share See _ ...• 6534
Elec Invest without war'ts' 71
•
Elec Ry Securities
Engineers Public Serv com• 24%
Preferred (50% paid) •
Erey-Wcite Corp, ClassA•
Fageol Motors Co. com_10 1035
100 12934
Fajardo Sugar
.Federal Finance Corp el A•
• 17
Class B
Federal Motor Truck_ -10 3734
•
Federated Metals
Film inspection Mach ...•
Fisk Rubber 1st pref w I... -10334;
Fleischmann Co new w L..• 4731
Ford Motor Co of Can-100 643
Forhan Co,class A w 1...• 18%
Fox Theatres. CI A, corn.* 27
Franklin(H H)Mrs,corn.* 3334
Freed-Elaemann Radio_ •
• 20
Freshman (Chas) Co
Gamewell Co common.....
•
8
Oared Corporation
General Baking class A---- 7934
184
Class B
General Fireproofing corn.'
Gen, CS &E of Del CI Awl 59
50
Class B w
Gen'l Ice Cream Cori).---• 4435
• 38%
Gilchrist Co
• 103
Gillette Safety Razor
• 141
Glen Alden Coal
Goodyear Tire & R.com106 404
384
Gotham Silk Hosiery, w
9931
Preferred
Grand (F W)5-10-25c St •
Orennan Bakeries Inc._ _ • 20
4
Grimes Ra & Cam Rec...•
834
Happiness Candy St el A-•
734
Founders shares__.- Havana Electric Util v to. 42
Havana Else Util pref v t e
Hazeltine Corporation...* 1734
Hellman (Richard). IncPref with warrants _ _• 33
•
Heyden Chemical
Hires (Chas E)Ca• 25%
Class A common
Hollander(A)&Son,con)• 36
• 64%
Horn & Hardart Co
Hunt Bros Pack, Class A_•
6%
Imperial Tobacco or Can..5
Industrial Rayon Corp Cl A 22
Intercontinental Rubb_100 18
84
Jot Concrete Ind Frs shs..
Int Match non-vot pref.35 55%
39
Internet Utilities, Class A
714
Class B
131
Inter-Ocean Radio Corp_ -•
Johns-Manville, Inc
• 15134
134
Jones(Jos W)Radio Mfg.*
Kelvinator Corporation'79
10
Keystone Solether
3235 344
34% 35%
25 • 2534
214 22%
36
36
3315 34
75c 89e
53% 53%
97
97
25
25
164 18
20c 300
934
93
4134 4111
56
53
7334 73%
6631
66
8% 9
2734 2731
274
27
635 634
20% 2631
105 105%
3434 35
3934
38
235
2
431 441
22
22%
7414
69
28
29%
43% 45
2734
27
119 120
624
60
180 150
46% 50
90
90
12
12
22
22
38% 33%
84% 85
714 714
19% 1914
32
28
102 102
14 2
2,800
2,800
700
100
4(10
100
2,000
3,200
200
25
100
1,000
200
400
100
30
10
20
400
200
7,200
4,000
4,500
60
200
1,900
2.104
190
330
1,800
9,600
3,200
1,000
20
1,500
10
67,200
75
600
500
10,700
1,900
600
700
41,600
90
25,400
384
9934
80
2039
5
934
814
42
6914
174
8,400
1,600
100
1.900
11,200
4.800
10,000
99,500
3,300
1,100
600
700
1,800
201
2.100
200
1,100
800
75
4,900
4,400
2,200
12,30(2
200
406
4,200
150
5, 00
7.500
620
7 606
17 000
700
3,520
600
100
4,000
40
500
1,500
1,100
200
500
25
1,700
80
2,1'00
15.(to,,
1.500
700
5,00i
175
5,100
1(200
169.400
100
5,400
4.700
600
100
4.700
2.700
51.1'00
20.700
4 510
100
9 400
12900
9.800
6,000
100
300
700
33
3334
24 2%
800
1,800
3434 36
874 88
53
53
38
40
6% 711
4234 4431
115 123
27% 32
9934 101%
1534
15
3434 35
6734 684
23%
23
35)4 3534
1731
14
3915
39
7014 7434
13% 14
63
'61
9% 12V
27% 2935
235
2
1234 13%
17%
17
1634 1735
37% 41
92%
440
1834 194
79
76
10334 104%
6534 674
704 73
2)34 264
25
24
994 100
27% 27%
10% 11
128 120%
3334 3335
1631 18
3614 3734
244 25
515 535
1034 10334
4534 47%
640 645
184 1934
2631 2734
29% 34%
914
9
1934 2034
59
60
9%
8
79% 804
17% 19
44
44
5914
58
5034
50
4434
44
3'334 3813
100% 103
140 147
33%
98
80
1935
4
834
7%
42
6835
16%
25
36
254
3754
6254
6554
25%
64
2115
16
834
5334
38%
2o14
6%
24
20
8%
5534
394
1% 1%
14334 152%
14 14
754 79
50c 54c
Range Since Jan. 1.
Low.
High.
264 Mar
2734 Mar
2434 Feb
34 Jan
21
July
3315 Aug
2511 Mar
57c Nov
44 June
Dec
97
2214 Aug
Oct
14
20c Dec
67% Mar
3414 Nov
504 Nov
73% Dec
Nov
64
44 Feb
24% June
2134 Feb
634 Dec
Nov
20
10454 Nov
32 June
3334 Sent
135 Jan
Feb
300
1834 June
July
51
10 • Mar
Apr
29
1134 June
1134 Jan
48 Sept
Sept
150
Nov
44
Nov
88
gu Nov
Apr
22
Mar
35
8134 Jan
734 Mar
1714 Mar
1935 Feb
Feb
89
60e Jan
41% Oct
45
oa
2734 Sept
434 Feb
2634 Nov
July
39
45% Aug
134 Mar
Oct
68
110
Oct
35
Oct
Nov
19
31) Feb
98% Oct
414 Dec
Dec
56
Nov
75
70
Nov
11
may
2834 Ant
2854 Apr
94 Feb
264 Deo
Oct
107
3634 Sept
5134 July
54 May
456% Nov
2734 Sept
754 Nov
3035 Nov
43
NOV
2734 Nov
125
Oct
6435 Nov
Oct
180
Dee
50
Nov
90
Mar
13
2234 Apr
Feb
43
Dee
85
8
Aug
21% Feb
Dec
32
Oct
102
234 Nov
3034
794
2534
28
6%
31%
108
2131
9134
14%
3434
35%
13
2534
13%
39
54
10
61
9
2034
234
9%
1634
18
37
80
1235
6714
101
5534
40
164
194
99
25
6%
120
32%
16%
30
24
414
10334
4434
462
1734
26
164
7
934
57
2
6014
15%
3434
544
45
34
384
574
117
24%
3134
99
55
15%
4
634
54
42
66
1434
Sept
Jan
Feb
Sept
Nov
Jan
Jan
Jan
Jan
Oct
Dec
Apr
Feb
July
Nov
40ct
Oct
Apr
Dec
Nov
Sept
Dec
Aug
Nov
Oct
Nov
Oct
Aug
July
Sept
Apr
Jan
Oct
Sept
Sept
Nov
Aug
Feb
Nov
Nov
Sept
Nov
June
Dec
Nov
Mar
Sept
Nov
Apr
Apr
Mar
Sept
Apr
Oct
Nov
Sept
Aug
Aug
July
Oct
Jan
Feb
Jan
Nov
Nov
June
Mar
Nov
Jan
Feb
Nov
Oct
June
4334 May
8835 Nov
86 May
40% Nov
8% Nov
4734 Aug
144
July
42% Oct
106% Aug
26)4 Jan
Nov
41
Nov
75
Nov
26
364 Oct
Feb
34
47 1 Oct
743( Dec
204 Jan
73351 Oct
351( Jan
31 1Jan
17
Jan
21
Jan
33
Feb
2235 July
4314 Nov
92% Dec
1934 Dec
79
Dee
107
July
914 Feb
73
Nov
2715 Nov
29
Aug
10034 seta
28
Nov
1534 Sept
1294 Dec
364 Oct
1914 Nov
47% Oct
30 Sept
1134 Jan
1034 Dec
49
Oct
690
Oct
2034 Nov
29% Nov
42% July
3335 Jan
28
Jan
6135 Oct
174 Jan
8134 Nov '
2034 Oct
52
Oct
644 July
62)4 July
45 Sept
39% Oct
1119 34 Sept
197 Nov
4934 Oct
383( Dee
99% Nov
00
Oct
2114 May
27
Aug
0% July
94 Aug
45 Sept
70% Sept
61% Jan
32 Sept
1% Apr
3454 seta
M Nov
2,800 25
Nov
1,600 344 Nov
2,600 46 May
'00 25% Aug
2,200
6
July
14.000 20
Oct
13,000
54 Jan
800
Mar
7
4,600 3734 Jan
2,400 3214 Oct
2,000
6% May
100 80o May
1,200 14334 Nov
2,000
I
May
5,100 18% Feb
2,000 25e
Oct
26 • Nov
38% Nov
6934 Nov
Aug
30
7% July
264 Oct
Dec
20
1334 July
564 July
Nov
40
Jan
17
Jan
14
Aug
185
Jan
9
844 NOY
134 Feb
Ihac.5 1925.]
ocues
ero.ay
Lae, Week's Range for
of Prices.
Week.
Sate
Stocks (Continued) Par. Price. 1.0w. High Shares.
THE CHRONICLE
Range Since Jan. 1.
Low.
High.
25
750 64
91
Kraft Cheese
88
MaY
9955 Aug
Nov 140
Kroger Grocery & Bakery. 127
20 123
125 127
Sept
Lake Torpedo Boat 1st pi_
100
Oct
24
2
3 June
24 254
Land Coot Florida
7,500 5054 Sept
6454
65
94
51
Sept
Landay Bros, Inc, CI A.._• 36
36
700 36
Nov
3654
374 Nov
La Salle Exten linty_ _10
134 1334
400 1334 Nov
2151 Aug
Lehigh Power Securities.... 18455 18154 18634 4,900 82
Fels 197
Nov
Lehigh Valley Coal Sales.51, 8134 8134 83
675 78
May
87
Jan
Lehigh ValiCoal cliff new _ - 3934 39
4151
8,000 33
Mat 5051 Jan
Libby McNeill & Libby_1(
654 Apr
854 955
900
94 Dec
Libby Owens SheetGlaas.25 220
216 229
460 182 Juni 240
Nov
Liberty Radio Cli Stores_ _•
2,400
4
455 5
Nov
455
1055 Oct
32
Lit Brothers
10 32
32
100 24
Sept 36
Oct
Long Island Ltg, corn. •
175 130
1494 150
Sept 150
Nov
Marconi Wird Tel of Can_ 1
14
14
154
400
1
Aug
251 Oct
W
Marconi ire'Tel Lond...C1
500
6
54 6
574 Nov
10
Jan
Preferred
6
6
100
6
De,
6
Dec
McCall Corporation
140 14254
Nov 143
50 138
Nov
McCord Bad & Mfg v t c..• 23
224 23
40() 2155 Sept
25
Sept
Mengel Co
42
100
400 30
43
Jan 694 July
MercurBk(Vienna)Am sh.5
.
44 454
200
44 Nov
8
Jan
Mesabi Iron Co
•
134 2
700
134
155 Oct
455 Jan
Metro 50 & 50c class A
_
63-,
655 654
200
655 Dec
634 Dec
Class 13
200
234 234
234 Des
235 Nov
47
Preferred
493-o
100 504 Nov
5255 Nov
Metropolitan Chain Stores 52
4751 52
1,000 474 Des
5634 Nov
Middle West Utllities,coni• 1143 1124 1164
4,200 824 Feb 1244 Aug
100 1063
10654 10734
Prior Benstock
220 9855 Jan 10755 Ang
100 97
Preferred
97
290 91
9734
Jan 99 June
Midland Steel Producta_ _• 515
50
5234
900 4555 Nos
58
Aug
100 25
Midvale Co
2355 25
300 18
Oct 2834 Jan
corn,
435
new.,
4355 4434
Miller Rubber,
2,300 4155 Nov
50
Oct
3,9 10255
Preferred
10L
Nov lo.i
60 99
Nov
Mirror (The)7% Pref-100
102 10355
300 102
Dec 10335 Dec
Mississippi River Pow prei 96.
0654 965%
50 89
Mar 9655 Dec
_.• 34
34
34
Mohawk Valley Co new.
1,200 31
Or, 4551 July
68
68
Moore Drop Forge el A_..• 615
300 634 Mar
7034 Oct
Motion Pic Capital Corp.. lb
174 1855
1.100 17
Mat
194 June
Municipal Service Corp _.• ____.
1334 134
100 1234 Jul,
15
Aug
•
6,
555 654 19,400
Music Master Corp
54 Nov
214 Jar
154 1534
Nat Fireproofing corn_ __50 ____
200 1534 Det
1555 Dec
National Grocer
555 655
100
54 Sep
654 June
National Leather
10
4% 455
43
400
4
Apt
655 Jar
429 444
Nat Power & Light, etym.. 434
842 18455 Feb 467
Nov
29
New when issued
2934
2934 25,000 284 Nov
3055 Nov
• 10254 10251 1034
Preferred
190 95
Jan 10334 Nov
Nat Pub Sem) CIA corn_• 245%
234 24%
1,900 2255 Nov
30
Aug
•
15
Class B common
400 1355 Nov
1,13
20 Junc
Neptune Meter Class A. •
2455 254
1,600 2434 De& 264 Nov
Nev-Cal El Co corn new w 1
. 354 37
220 31
Sept 58
Oct
New England Co com__105 190
190 100
Si) 190
Dec 193
Oct
Common when issued,_. 57
57
57
200 57
Dec 57
Der
1 1554 11534
New England Tel & Tel. *
25 102
May 122
Nov
New Mex & Aria Land _ I
18
15
6,400
651 Jan 194 Sept
1634
.
NY Mdse. Inc
25
2034
400 25
Nov 304 Aug
NY Telep 655% Mei-106 1 1234 112 113
308, 1105 Jan 114
Fet
Nickel Plate corn new w L. 10934 10955 110
2,700 8254 Aug 111
No
Preferred new w 1
9055
904 91
2,400 8255 Mar 91
Nov
Niger Corp Class A
•
7,51 8031
1,400 37
Apr 84
No%
• 785, 7735 80% 6,1200 4355 June 854 Nov
Class B
Northern Ohio Power Co_• 1454
14
14%
5,900
634 May 19
Os
Nor OM Lt & Pr com.._100 52
50
2 00 4334 Jull
,ia,
L2 r.,
53
Nor States P Corp eom_100 1414 13,34 1433'. 25,900 11,24 Jan 146
Nov
1004 10034
Preferred
10,,
300 9451 Feb 10151 Jul)
.10t,
Ohio Traction corn
8
300
Dec 13
104
8
Aug
Preferred
100 81
8055 81
300 62
Aug 844 Sept
Omnibus Corp v t c
• 14
1235 14
7,300
934 Sept 1751 Jar
Series A preferred_ _100
92
88
944
Sept 98
500
Fet
Parke Davis & Co
114 114
25
10 110
Oct 114
Dec
Penn Power & Light pref.•
100 101
Nov 107
. 105 105
Sept
Penna Water & Power 100
164 167
360 127
Jan 187
Auf
Pet Milk 7% pref
100 10255 May 105
100 105
105 105
Nov
Pick (Albert) & Co com-1U
2155 2251
400 20
Nov
2251 Oct
Pillsbury Flour Mills
100 3155 Sept 40
31334 3634
Oct
Pitney Browes PostageB
Meter
7
•
100
84 834
Aug 104 Nov
Pitts & I, E RII. corn,—50 158
650 142
Aug 167
1534 158
Oct
Pitts Plate Glass
10 260
100 2634 28351 28351
July 290
Juni
Power Corp of NY co in _ _• 7334
Jan 914 July
7255 7534, 4,400 33
Pratt & Lambert. Inc_
300 40
Feb 56
5255 5234
•
Oct
Price Bros Co Ltd
100 5054 Nov 5051 Nov
5054
101.4 5074
Procter & Gamble com_ _20 13555 13555 13554
IC() 109
Mar 136
Oct
Puget Sound P & L.com 100 60
1.300 47
514
Oct 604 May
50
Purity Bakeries Class A.25 40
414 ,2.700 35
40
Apr 4655 Juno
Class B
•
Apr 47
394 4135
3,100 _34
Juni
Ry Steel-Spr, corn, new... ...... 5735 58
300 554 Nov
58
Nov
1,500 38
Rand-Karder Bu new wi ._
Dec
43
43
38
38
Det
2,70() 37
Rem Noiseless Typew, A.• 5155
Mar 5855 Oct
504 624
75
9655 Mar 120
Class A pref
Sept
100 1124 11251 1124
3.600 15% AM
Reo Motor Car
244
28
10 244 24
Nov
200 50c July
Repetti Inc
75c Mat
50c 60c
5 50c
455 Sept
4,100
975
Republic Motor Truck v t c
9
1455 Nov
9
100 50
Mar 64
Republic Ry & Lt com.100
64
64
Dec
1,500 134 'Sept 214 Oct
Richmond Radiator new.. 1855
1851
18
500 35
Nov 42
41
40
Preferred new
Oct
100
755 Oct 1055 Nov
Rickenbacker Motor
85i
855 10,500
8
Rova Radio Corp tr Mts..*
1)4
. Oct
1,800
144 Jar
155 235
155
Royal Bak Powd com _100 187
120 180
Nov 221
180 197
Nov
Preferred
50 9954'Sent 105
100 10355 102 10355
Mat
Safety Cable Co
1.100 48
Dec 5155 Not
4855
48
4854
Safety Car Htg dr Ltg__100
220 10755 Ma, 131
127 131
Nov
St Regis Paper Coin
1.100 3655 Apr 95
8071 814
• 81
July
Schulte Real Estate Co_ •
100 25
Dec 3834 Nov
25
25
Serve! Corporation A _ _ _ _• 304
955 Apr 354 Oct
3051 3251 14,400
Sierra Pac Elec Co co_
300 16
May 304 Oct
rn 100
2855 29
Silica Gel Corp con v t o_•
100 124 Mar 21
15
15
Jar
Singer M anufacturing_ _100 405
510 1994 Jan 405
367 405
Dec
Singer Mfg, Ltd
4
2,400
Mar
1
851 834
851
10
Juni
Sleeper Radio v t c
354 Nov
•
355 455 2,700
455
1955 Jar
Snia Viscosa ord
1651 17%
1.500 164 Dec 1754 Dec
1634
Sou Calif Edison cora...100 1314 13035 1344 6,950 1014 Jan 149
Seal
6% pref Series B._ _ _100
50 88
Jan
9955 9935
9934 Del
South Dairies Class A w L. 4655
2,800 30
47
45
Sept 58
Alli
Class B w 1
Sept 3455 Aut
28
284 6,000 19
27
S'esatern Pr & Lt new w 1 31
3055 3134 14.600 284 Aug 34 54 Ocl
Southern G de P Class A _.
• 254
2555 254 2.500 2255 Sept
2655 Not
Sparks-Withington Co_ •
600 2914 Nov
2955 30
32
Nov
Standard Pr & Lt el A._25 ...... 22
200 19
May
224
274 Fet
Stand Publishing Cl A_25
600 19
194 2054
May 274 Fet
Standard Screw
25 11454 Oct 123
118 118
118
Oc
Standard Tank Car, corn.•
851 June
200
1255
12
1655 Atli
Stutz Motor Car
• 25
25,000
6
25
19
AM
25
Des
Superheater Co
•
50 122
140 142
Apr 151
Am
Swift & Co
100 115
150 109
1144 116
May 120
Pet
Swift International
15 21
No' 3554 Jai
2634 34,000 24
24
TB Ind & E Tr. corn_ _100
3 June
200
5
355
4
Nov
Preferred
100
500 13
Mar 4051 Nov
30
30
Thatcher Manufacturing_•
50 62
6735 674
Sept
73
Oc
Thermiodyne Radio
255 Nov
•
4
34 455 8,900
25
'Jitt
Thompson (John R)
700 44
46
Nov
50
45
48
Nov
Thompson(RE) Radio vtc•
1,600
8
May 25
75-4
754
734
Jai
Timken Detroit Axle_ _10
500
375 Jan
955 Jun,
851 9
Tob Prod Export Corp,*
54
554 6
1,300
354 May
851 Oc
•
Todd Shipyards Corp_
274 274
300 274 Dee 42
Mat
Tower Manufacturing.--5 114
5
1151 1151
600
Mar 2454 Jal
Trans-Lux Day Pict Screen
• 124
Class A corn
54 Sept
1254 Dec
1034 1251 48,700
Trumbull Steel, com_ _ _ _25 ...... 104 mu
2,100
735 Sept
1975 Pet
10 2551
Truscon Steel
300 2434 Oct 274 No,
2554 254
n'..hltfl Artif Silk Clam B
gin 183
235
130 284
Atm 27n
N.,
2741
Sales
Friday
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares
Tulip Cup Corn
•
Tung Sol Lamp
10
Class A. w i
2054
Union Carbide & Carbon-. x7854
United Cigar Stores w I.., 91
4555
United Lice Coal Coe v t c_
United 0& E corn new_ _.• 5554
Trust certificates
55
United Gas Improvem't_50 118
United Lt & Pow coin A • 14851
United Profit Sharing_ _1
Preferred
United Shoe Mach com_25
U S Dairy Products cl A_. 2734
Class 11
26
U S Gypsum com
U S Light & Heat corn_ _It;
Preferred
111
US Realty & Impt new _ _ _ ..
U S Rubber Recialming_. 1655
U S Stores Corp CI A.—• 27
154
Class B
l•referred
• 45
Universal Pictures
Utilities Power & Lt B____ z1751
Utility Share Corp w I3
Option warrants
Valley Mould & Iron_
•
• 4155
Vick Chemical Co
Victor Talking Machlne10(
21
Walwori II Cu
54
•
Ware Radio Corp
14 arner Bros Pict corn ' 1531
Western Pr Corp pref.101 97
West Penn Elec cl A w 1(ne w-7
1051
4 lison .4 Co (new) W I—
* 30
Class A
Preferred,,,7154
Wolverine PortiCement.
Woodward Iron. corn_ _100
Yellow Taxi Corp, N Y__. 1154
27
Zellerbach Corp
Rights
....
Cons Gas El L & P Balt_ —
Pic
General Gas & Electric.,_ _
455
Phhadelphia Elec
2
Tobacco Products Corp.._
1
United Cigar Stores
Former Standard Oil
Sub‘idiarleg.
1751
Anfcio-American 011_ ...El
Certificates of deposit_ . 174
Borne Scrymser de Co._100 22534
50 54
Buckeye I Joe Line
Cinwen.,,,rh N•rf,
"• 68
Continental 011 v t 0—.10 2534
16
Urea, ml Pipe Line
cumberhnd Pt",' Line_ IN 13855
100 644
Eureka Pipe Line
37
Galena-Signal 4 .1. coot.I.
100
New preferred
101 107
0 d pre•err d
Humble Oil & Refit:1114..25 7955
100 132
Illinois Pipe Line
3655
Imperial Oil (Can) new. _
61 6055
Indiana Pipe Line
Magnolia Petroleum __ _100 18555
174
National Transit___12.5(
101
62
New York Transit
Northern Pipe Line_ _ _ 100 80
25 64
Ohio Oil
2*
Penn Mex Fuel
25 563.4
Prairie Oil & Gas
100 127
Prairie Pipe Line
106 215
Solar Refining
101 171
South Penn 011
Root hern Pipe Line _ .....10C 684
South Wegt Pa Tine T._ _100 57
Standard 011 (Tndlana)__25 6655
Standard 011 (Kansas)_ _25 3351
25 134%
Standard 011 (1(y)
Standard 011(Neb)_ _ _ _10C 244
Standard Oil of N Y._ _ _25 464
Stancitird 011 (0)com..10( 366
100 118
Pre'erred_
100 194
Swan & Finch
25 10155
Vacuum 011
1451 1451
955 104
204 2034
7655 7955
89
944
45
4534
5555 5634
55
55
1144 11955
1474 15274
144 1454
11
11
484 49
254 2755
15
154
163 164
1655 17
554 534
6555 6634
1255 1731
28
26
154 1555
57
67
43
4534
z174 194
94 10
3
4
15
154
42
40
99 1104
2255 2254
551 3%
1531 1 51
96
97
87
87
134 14%
3155
30
714 73
651 654
71
824
1134 1134
27
2755
Range Since Jan. 1.
Low.
May
Dec
Nov
Nov
Dec
Sept
Nov
Nov
Nov
Oct
July
Dec
Nov
Dec
Dec
Sept
Nov
Oct
Dec
Dec
Nov
Nov
Nov
Oct
Nov
Dec
Dec
Nov
Nov
Oct
Aug
Jan
Sept
Sent
Nov
Jul/
Apr
Apr
Sept
Feb
Jan
Nov
2
14
6
24
1651
Oct
Nov
Nov
Dec
Dec
2855
1774
240
72
74
314
1714
155
96
65
10755
114
81
1544
3755
84
190
254
79
88
754
444
654
1294
254
197
103
Nov
85
Mar 70
Oct46
Mar 13734
Aug270
Aug 4855
Jan 369
July 123
AltO 27
Jan 10554
Apr
Nov
July
Jan
Nov
Feb
oci
July
Jar
Felt
July
May
Dec
Jar
Dec
Jar
Dec
Jail
Jar
Feb
Fet
Mat
Jar
Nov
Jar
Jar
Jail
Nov
Fet
Fet
Oct
Jail
Feb
Jail
Mat
Jar
Nov
600
1
Sept
754
6,500
24 Jan
1154
3
100
Oct
104
1,900
5
Apr
855
2
300
July
44
300
3
Aug 124
Nov
1.30(1
1
54
355 Mar
74
0.400
1,800
955 Dee
1255
43.500
84 Jan
1455
2,00
Oct 1251
6
255 Nov
200
7
40(5 1434 Dec 27
4.500 87c
Jan
13-4
77,900
155 Jan
54
'00
351
13-4 Nov
15.900 634 Mar 87
7Ott
351 Dec
351
181,3500 2255 Mar 3555
2.000
534
23-4 Sept
71.3504
454 June
751
29.301
751 Nov 13
Oct
3,700 18
2534
290 76s
Jan
151
80e 50c
Jan
155
14 Jan
200
44
8.301 58c
Apr
554
7.000 10c Feb 37c
2.20(1
1
July
2
14,200 1855 Jan
2651
430 106
Jan 122
25,300
355 Jan
655
100
451 Dec
834
5.000
4c Nov
13c
5,000
2c Dee
6c
100 31
Mar 37
100 28
Feb 3015
8.800 90c May
255
1.600 1751 Jan
2855
700 16
Ma
444
14,400
Sept 334
9
300
35-4 Jan
954
6.000
134 Oct
934
14,200 24
Jan 324
3%
3% Dee
4 300
500
1
Nov
334
200
9
Feb 1555
100
8
July
12
3.100
151 Sep
435
2.000 224 Sep
3171
i son
site mer
I
Jull
Jar
Juni
Fet
May
Ma)
Oc
Au)
Nov
Ap
Mal
Pet
Fet
No'
De
Ma
De
De
Dec
Jai
No.
Oc
No,
Sep
Oc
Fe
No
Ma
Ma
De
Ma
Del
is
Fe
Jun
No
De
No
0(
Jug
Jut
Me
No
Dc
De
155 ih 33 100
Pia i'll 8.401
43".
435
100
134 24
4.40(4
1535 1651 8.900
14
I
434
174
1574
Nov
No%
De
Dec
Dec.
1,400
700
1(
3(0
301
73,704
400
20
2.00
5,
1(3
00
44,200
150
73,ro0
220
3,230
2,000
1.140
80
7,200
300
20,200
9)30
10
540
120
41
41,900
3,200
900
50
31.400
110
80
100
11.200
1755
17%
205
54
484
2135
10
132
6455
34
100
102
4251
127
274
60
13054
1751
50
78
804
20
4534
106
203
139
6755
53
594
304
11451
231
40
338
116
12
8055
Nov
Not
Ap
Oc
Jai
Ma,
Fet
Mar
Dec
Sept
1 eb
June
Jan
Jan
Mar
Nov
AM
Dec
Aug
June
Aug
Om
Oct
Jan
Jan
Jan
Nov
174 18
1755 18
22514 2354
54
66
60
68
2551
24
16
16
13854 140
6465 67
33
37
100 100
107 1084
7455 81
132 136
334 3754
6055 6255
1,
0 110
1751 1814
544
52
80
6055
634 65
2351 2335
55
5614
127 129
215 215
168 173
70
68
60
57
644 6654
334
32
13451 13434
242 244
47
45
364 366
118 120
1934
19
100 10255
Other Oil Stocks
254
3
Amer Contr 011 Fields_ _.5
65-4
655
Amer Maracaibo Co
34
10
Argo 011 Co
655
651
Arkansas Natural Gas-10
2
Atlantic Lobos 011 coal— •
355
355
Preferred
154
151
Cardinal Petroleum Corp
844
8
Carib Syndicate
94
94
Consol Royalties new—_1
1051
5 1155
Creole Syndicate
614
' 651
Crown Cent Petrol Corp
255
Derby 011 & Ref common_*
1435
Preferred
155
151
Eitelid 011
1
354
5
Gibson 011 Corn
155
154
Gilliland Oilcan, v t c_ _ _•
Golf Olt Corp of Pa
25 8554 8355
3h
34
Honolulu Cons 011
Interns(lonalPetroleum__• 3454 3155
•
34.4
34
Kirby Petroleum
755
755
Lago Petroleum Corp....•
73,4
Leonard 011 Developm't-25
84
Lion Oil& Refining
• 2534 2451
135
155
•
Livingston Petroteum_
•
155
Maritay Oil Coro
251
1
254
Martand 011 of Me%
34
4
Mexican Panne° 011_ _10
20c
Mexico 011 Corp
10 20c
14
Mountain & Golf 011
1
Mountain Producers_ _25 2554 244
120
• 122
National Fuel Gas
h
6%
New Bradford 011
69-4
451
44
New England Fuel 011_25
5c
Noble Oil& Gas com___ _25
2e
3c
Northwest Oil
1
35
Ohio Foe! Corporation. _25
3054
Oklahoma Natural Gas _ _25
•
2
2
Peer Oil Corp
• 2355 224
Pennock 011 Corp
1955
Red Bank 011
25 2155
1855
Reiter Foster Oil Corp_ _• 2255
5
.•
Ryan Conant Petroleum.
855
855
Salt Creek Consol 011_10
Salt Creek Producers_ _ _10 324 3055
354
351
Sante Fe Oil & Ref v to-i
I
1
Savoy 011
11
•
Tidal Osage Oil
1034
*
Non-vottng stock
3
354
Venemielan Petroleum _ _ _ _
27
Wileox(1 F) Oil& Gam new 274
W nnelltaly Matt,'alim rn •
414
44
3
714
34
634
255
355
2
854
974
114
73-4
24
15
154
54
155
87
351
354
34
73-4
8
251,
13.4
151
24
455
25c
134
254
122
634
451
6c
4c
35
3034
214
2355
214
234
554
9
3251
355
1
11
1034
34
2734
fits
High.
1655
104
2155
81
944
4754
57%
56
121
167
1655
11
5055
27%
154
202
2655
655
6654
174
28
164
62
47
214
10
4
1655
434
117
2551
4055
19
99
884
154
35
7551
1351
85
22
2754
100 144 Nov
1,900
8
Nov
5.200 204 Nov
15,100 65
Mar
13,100 89
Dec
900 39
Sept
2,900 25
Feb
300 37
Jan
24,700 9055 Feb
15.400 4455 Mar
500 14
Aug
100
6
Oct
300 40% July
400 254 Dec
200 15
Dec
Feb
60 115
3,600
351 June
155 Jan
300
1.400 6555 Dec
3.700
44 Aug
2.500 1735 Apr
700 14
Mar
100 51
Nov
1.700 24
Mar
7,400 51755 Dee
30(
931 Dec
Dec
3
10 900
200 14
Sept
40
3,'...
Lee
1,725 435
Apr
200 204 Oct
1,800
654 Dee
300 L.65 July
2,ri
864 Jan
100 845-4 Oct
2 300 11
Aug
1)00 2654 Aug
2)300 68 June
100
64 Nov
90 70
Oct
9
700
Sent
300 27
Dec
is
Fe
0.
At
Jur
WA.
2742
THE CFIRONICLE
Friday
Sales
Last 1Veek's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Mining Stoeks
[Vol. 121.
Range Since Jan. 1.
Low.
High.
Bonds (Concluded)-
Friday
Last Week's Range Sales
Sale.
o;Prices.
for
Price. Low, High. Week.
Range since Jan. 1.
Low.
High.
Semis Falls Co 5s_ _ _1950
98
98
3,000 98
Noy
9855 Nov
Schulte RE Co 6s.. _ _1940 101
9935 101% 203,000 9854 Noy, 106
Nov
600 50c May
255 Mar Shawsheen Mills 78_ _1931 102
102 103% 6,000 100
Jan
Apr
104
Jan
Nov Slemans & Halske 75_ _ 1928 9654 96
1
1,000 50c
9655 34,000 9234 Oct 9954 Feb
Jan 36c Feb
70
11,000
7s
9455 95
1935 95
Feb
13,000
96%
00%
Aug
Jan 45c Nov Sloss-Sheff Sti & I 68_ _1929
1,000 24c
102% 10255
2,000 101
Jan 103% Sept
155 Jan
4% Nov Solvay & Cie 60
900
1935 10351 10335 103% 30,000 100
Jan 105
July
4c
Oct
154 June Southeast P & LOS A_2025 98% 9731 99 137,000 95% Oct 9954 Nov
27,000
135 July
4
Feb
24,300
With warrants
107% 10535 107% 55,000 100% Oct 109
Nov
Nov 167
Oct South Calif Edison 58 1944
40 143
96% 9655 27.000 92
Jan 97% May
Sc Nov 25c Feb Stand 011 of NY 6348_1933
1,000
106% 106% 19,000 106
Feb
108
Aug
2% Oct
4
Feb Sun Oil 555s
500
1939 97% 9735 98
61,000 9555 Jan 9955 July
Jan
155 Nov Swift & Co 58_ _Oct 15 1932 96%
900 35c
July
9655 0034 92,000 94
Jan
97
Nov 109
July Thyssen (Aug) I&S 7s 1930 94
11,600 11
94
93
54,000 90
Aug 99% Feb
6c Nov 23c Feb Tidal-Osage Oil 7s_ _ _ _1931
9,000
103% 10354 2,000 103
Jan 10451 Jan
Oct 58c
3c
Jan Toll° El Pow (Japan) 75'55 90%
24,001
90
9135 May
9051
77,000
87
Aug
Jun 420 July Tokyo Elec Light 65_
Sc
1,001
A928 9854 97% 98% 158,000 9755 Dec 99% Sept
155 Nov
7% July Trans-Continental Oil 7830 96
9,41)0
96
Sept 10334 may
43,000
9455
96%
155 Mar
1% Mar Trumbull Steel 6s.. _ _ _1940
900
9631 46,000 96
Nov 97
Nov
96
8c Feb 25c Nov Tyrol Hyd-EI Pow 7550
7,000
Oct
74,000 94% June 97
'55 96% 9655 97
18
Nov
1,400 12% Apr
United Oil Prod 88_ _ _ _1931
34
June
34
2,000
28
Jan
50
1,700 12% Apr 17% Oct United RYB of Hay 7550'30 110
109 110
July
2,000 107% Mar 112
2
Apr US Rub Ser 6%s new1926 100% 100% 100% 31,000 100% Nov 10234 Mar
4,100 50c Sept
1% Jan
255 July
18,400
102% 102% 14,000 100% Apr 10254 Dec
Serial 635s notes_ _ _1927
155 Feb
600 88c May
Serial 634% notes_ _1928
Nov
102 10251 10,000 100% Apr 103
I% Mar
234 Jan
100
Serial 634% notes_ _1929
10255 102% 36,000 9931 Apr
Sc Aug 18c Mar
11,000
Serial 6%% notes_ _1930 102
101% 10234 19,000 99% Apr 102% Nov
800 18% Mar 24% Jan
Serial 634% notes_ _1931
Oct
10155 101% 18,000 97% Apr 102
May 21455 Nov
280 181
Serial 634% notes_ _1932
101% 10151 19,000 97
Oct
Mar 102
Oct 4655 July
900 43
Serial (355% notes_ 1933
101
10155 9,000 9034 Apr 10134 Nov
4% May
651 Jan
8,700
Serial 6)4% notes_ _1934
Oct
101
101
100%
96%
May
24,000
12,00C 39c Nov 45c Dec
Serial 634% notes_ _1935 10055 10031 101
Nov
Apr 101
28,000 96
1% June
354 Nov
100
Serial 634% notes_ _1936 100% 10034 Ica
Nov
26,000 95% Apr 101
155 Jan
300 73c Aug
Serial 655% notes_ _1937 10055 loosi 10034 35,000 05% May 101
Oct
Feb 52c
Jan
2,000 15c
Serial 6%% notes_ _1938 100% 100% 100% 17,000 95% Apr 101% Nov
4e Nov 85c Mar
2,0(10
Serial 034% notes_ _1939
Nov
101
10051
10051
20,000
May
9535
Oct
65c Dec
100 35c
Serial 655% notes_ _194C 10051 1003% 10051 24,000 955( May 101
Nov
Jan
2
255 Sept U S Smelt & Ref
1,700
Dec
9954 100
5345_1935
33,000 9935 Oct 100
4,000 20c Feb 51c Aug
Vacuum
011
78
Jan
1936
104%
104%
105%
48,000
104%
Nov
107%
Oct 14c
4c
Jan Walworth Co 6558_ _ _
5,000
_1935 9754 9734 98
60,000 9735 Nov 98% Oct
1
Oct
1,000 30c Nov
6s
(Oct
1945
9655
9655
97%
9654
Dec
98%
111,000
255
may
655 Nov
8,400
Webster Mills 6558_ _1937
10055 100% 8,000 97% Mar 103% Jan
4e Feb 12c May
2,000
154 Jan
2% Dec
25,000
Apr
1% Nov
1,700 52c
Foreign Covernment
135 Aug
35i. Feb
7.600
and Municipalities.
Aug
PH Mar
6
3,800
13c
Jan Cologne (City) 6558_ _1950 84.% 84% 86%
Sc Nov
8,000
22,000 8455 Dee 8854 Oct
Jan 63c Feb Columbia
1,000 390
(Rep of) Dept of
800 20% Apr 29% Jan
90
Antioqula 75
1941
90% 23,000 90
Oct 91
Nov
Oct 75c Dec Danish
5,000 20c
Cons Muffle 5550'55 98% 9855 9855 28,000 9855 Nov 98% Den
6c Aug
16c Mar Denmark(Kg)
2,000
9755
99
9834
567,000
Sept
1951
9855
Nov
100
Shawl
Oct 95c June
200 40e
0855 100% 79,000 08
6s
1970
July 10055 Nov
4% Jan
854 Jan Gratz (City) Austria 80 '54 10054 96
4,000
9751 36,000 96
Dec 0955 Sept
Jan French Nat Mall S878 1943 81%
1
600 70c Sept
82%
81
Apr 91
Jan
47,000
7755
Jan
Apr Hungarian Cons
2
5
1,300
Mun
•
Oct
10() 30c Sept 74c
89% 104,000 89
Loan 7555
89
1941 8951
July
oci)4 Olt
Indust Mtge Bk of Finland
9631 9654 25,000 9255 May
1st M coll s f 78_ _ _ _1949
98% Nov
9834 13,000 9754 July 0855 July
Medellin (Colom) 8s_.1043 9855 98
8.000 10254 Mar 119% Aug
107% 10755
Netherlands(Kingd)8s13
12,000 7855 Sept 84% Feb Peru (Republic of) 85_1932 100% 100 100% 7,000 99
80
77
Jan 102
Oct
Mar 94% Feb
8851 13,000 84
86
99
Nov
7355
1040 9855 97% 98% 39,000 97% Nov
10651 10635 13,000 160% Aug 107% June Russian Govt6350_1919 1356
1254 15
48,000 11% Aug 17% Feb
Jan
July
9935
95
201,000
9851
97%
1355 14
Feb
44,000 11
Aug 17
655 Ws
1919
12
12
5,000 11
July
1755 Feb
5%s
1921
04% 9535 216,000 93% Jan 9855 May SantaFe(Argentina)78 1942 9335
9355 94
37,000 9274 Sept 9655 July
Nov
May
98%
94%
94% 9555 54,000
101% 10234 36,000 101
Jan 104
July
Jan 11351 June Switzerland Govt 5355 1929 101%
5,000 100
101% 101%
Oct
Upper Austria (Prov) 78'45 92% 9234 9255 83,000 92% Nov 93
Feb
102% 102% 3,000 102% Jan 104
Nov
Nov
95
94% 9434 106,000 9451
May
24,000 10254 Jan 104
102% 103
• No par value. k Correction. 1 Listed on the Stock Exchange this week, where
Aug 96 June
93% 9455 263,000 92
additional transactions will be found. o New stock a Option sale. ta When
Nov issued. x Ex-dividend. y Ex-rIghts. z Ex-stock dividend.
Feb 96
95% 95% 46,000 81
Mar
20% 20% 5,000 17% Oct 27
Jan 7855 Sept
39,000 62
72% 74
9355 93% 5,000 87% Sent 9655 Oct
2,000 9754 Jan 10134 July Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
10055 100%
9935 99% 36,000 9755 Aug 100 June
Mar 10455 6/et
30,000 103
103% 104
int.
Int.
Oct
45,000 8255 Mar 96
9435 95
.
Rate.
Bid. Asked,
Bid. Asked.
Maturity.
Maturity.
Rate.
35,000 10834 Jan 11255 Apr
109% 110
9937k
an. 151026... 451% 100•34 1001145 June 15 1926... 334% 9931
56% 31.000 S231 Sept 5855 Nov
56
100ln Dec. 15 1927._ 455% 101731 101hs
cc. 151925... 454% 100
10055 100% 2,100 100% Oct 10131 Aug
Mar.
151927...
4)(%
10155
100,3n
1017n
100116
15
1926._
_
45.1%
P0.
Sept 9155 June
90% 91 122,000 90
3% 99:111 100
no 15 1926_
3% 99201 9924.2 Dec. 15 1925-Feb
Jan 128
126% 12655 8,000 111
10155 101% 64,000 9835 Jan 10635 Feb
Feb 95% Oct
9451 9455 229,000 92
Alvarado MM& Ml I_ _ _20 75c
75c 75c
1
American Exploration
1
76c
Arizona Globe Copper_ _1
185
15c 18c
Beaver Cons
1
45c 45c
Calaveras Copper
1
4
4
4
Chino Extension
Sc
Sc
60
Consol Copper Mines_ _ _1
155 2
2
Cons M & Smelt of Can_25 154
154 154
Cortez Silver Mines Co_ _ _1
6c
6c
Cresson Cons Gold M&M.1
2% 2%
Dolores Esperanza Corp_ _2
70c 81c
Engineer Gold Minea,Ltd.5 18% 13
20%
Eureka Croesus
1
60
7c
First Thought Gold M In_ _1
60 I0c
Forty-Nine Mining Co_ _I
80
8c
Golden Centre Mines
254 3%
231
Golden Cycle
I%
155
Hawthorne Mines, Inc_..1 17c
17c
17c
Heels Mining
25t
17% 18
Hollinger Consol G M__ _5 1755 17
1751
Jerome Verde Development 95c
700
1
Kay Copper Co
1
1% 11515
13.5
Kerr Lake
5
155 I%
Mason Valley Mines
5
1%
1%
National Tin Corp
50e
6c
7c
7c
New Cornelia Copper_ _ _ _5 19%
19
20%
New Jersey Zinc
100 205
20434 20634
Newmont Mining Corp_10 4554 4555 45%
Nipissing Mines
5
555 554
39c 45c
Nixon Nevada Copper_ _ _ _
45c
North Butte
3% 351
15
351
1
758 80c
Ohio Copper
Parmac Porcupine Mitt..A
26c 260
Plymouth Lead Mines_ _ _ _
6c
7c
65c 650
Portland Gold Mining_ _ _1 65c
Premier Gold MM, Ltd__1
Vie 231
231
1 258
25c 30c
Red Warrior Mining
Sc
Sc
Rochester Silver Corp
39c 39c
Shaw Mines Corporation..
South Amer Gold & Plat_ _1
535 6
4c
Spearhead Gold Mining._1
4c
Teck Hughes
1
2.15
235
Tonopah Belmont DeveLl
1% I%
Tonopah Extension
1% 1515
1
155
Tonopah Mining
555 5%
1
534
5c
7c
Tr -Bullion S dt D
10c
5c
458 45c
United Eastern Mining...!
26
27
United Verde Extens__50c 27
30c 75c
United Zinc Smelt
80
8c
U S Continental Mines.._5
8c
50c 50c
Unity Gold Mines
5
Utah Apex
5
651 655
6%
75c 80c
Utah Metal & Tunnel
790
255 3
Wenden Copper Mining_ A
3
50c 50c
5
Yukon Gold CO
BondsAllied Pack deb 68..._1939
1939
Cone deb 88
Aluminum Co of Am 781933
Amer G & E deb 6s_ _ _2014
American Power & Light6s old without warr_2014
Os new
Amer Rolling Mill 68_1938
American Thread 68_ _1928
Amer W Wks & El 68_1975
Anaconda Cop Min 65_1920
Assoc Gas 4c Elea 6s_ _1965
Assoc'd Simmons Hardware
1935
634s
Atlantic Fruit Ss
ALI G & W SS L 58..1959
Beaver Board Co 80_ _ _1935
Belgo Can Pap 60_..A943
Bell Telep of Can 5s_ _1955
Beth Steel equip 7s_..1035
Boston & Maine RR 681933
Canadian Nat Rys 75_1935
Ch Maw & St P (new co)2000
AdJ mtge 55 w 1_
Chic RI & Pac 5550_1926
1966
Cities Service 68
Cities Sell,78, Ser C..1966
Cities Set's,78, Ser 13. _1966
Cities Semi Pr & Lt 68_1949
Cons G, EL & P,Bait1049
68 Series A
1965
Is Series F
1941
Consol Textile 88
Cosg-Meeh Coal 6555-1954
Cuban Telep 7555_ _ _ _1941
Cudahy Pack deb 5340.1937
1940
58
Detroit City Gas 68..1947
Detroit Edison 65_...1932
1929
Debenture 78
1930
Debenture 7s
Est RR of France 70_ _1952
Europ'n Mtg & Inv 734850
Gab (Robert) Co 78_ _1937
General Ice Cream 6355 '30
General Petroleum 68_1928
1st 5s
Aug 15 1940
Grand Trunk Ry 63.48_1036
Great Cons Elec 6555_1954
1937
Gulf 011 of Pa 55
Serial 5345
1927
Hamburg Else Co 75..1931
1936
Hood Rubber 7s
Inland Steel deb 5545_1945
Kansas City Term 48.1960
Keystone Telep 5558_ _1955
Krupp (Fried), Ltd, 751929
Laclede Gas Lt 535s_ _1935
Lehigh Pow Scour 62.. _1927
Libby, McN & Lib 78_1931
Liggett Winchester 78_1942
Long Island Ltg Co 68_1945
Manitoba Power 75.. _1945
Missouri Pacific RR 581929
Morris & Co 7558____1932
Nor States Pow 634s..1933
6355 gold notes
1933
Ohio Power 58 Ser B._1954
Penn Power & Light 551952
50 Series D
1953
Phila Electric 65
1941
55
1960
Phila Rapid Transit(is 1960
Phillips Petrol 7550.... _1933
1933
Pure Oil Co 6558
Rhine-Main-Danube Corp
1950
78 Series "A"
Rhine-Westphal El P 75'50
79
88%
98
04%
95%
10134
9454
103
9455
9555
20%
74
10055
9955
104
95
110
91
101%
94%
10251
1,000
10555 10555
10,000
9955 100
2,000
85% 8535
96% 9735 41,000
5,000
109 109
92% 9454 19,000
94% 9434 13,000
104% 104% 9,000
9.000
132 135
1.000
136 136
5,000
136 136
91,000
8234 84
92% 9255 15,000
7.000
10355 104
7.000
112% 114
10154 101% 29,000
9451 94% 79,000
7,000
106% 10755
85% 86 199,000
3,000
99% 09%
100% 101% 6,000
4,000
96
96
10,000
104% 105
98% 148,000
98
84% 8551 32,000
1,000
87
87
9135 91% 21,000
1,000
9855 9855
101% 101% 14,000
104% 104% 21,000
3,000
108 106
6,000
9955 100
3.000
103 103
4,000
10031 loou
22,000
104% 105
133% 13854 386,000
103% 10351 10,000
72,000
93% 94
5,000
97% 9735
97% 9754 15,000
2,000
107% 107%
10035 10051 12,000
12,000
97% 98
4,000
104 10431
102 10234 33,000
9535
94
43,000
9555 96
9455 60,000
94
9955
109
92%
104%
134%
136
136
84
104
101%
94%
85%
98%
10155
9935
103
104%
13655
10334
94
97%
973410034
10455
98
80
95
log
8935
90
10255
11051
114
12154
78%
92
99
104
100%
9351
10555
85%
9555
10035
95%
102
98%
83
86%
86
98
100%
102
107%
09%
98%
99%
9835
105%
99%
89
05
95
104
98
96%
103%
97%
Jan
Aug
Apr
Sept
Jan
Jan
Apr
Jan
Jan
Mar
Jan
Apr
Nov
Apr
July
Jan
Sept
Jan
Nov
Jan
Oct
Nov
June
Oct
July
Nov
Aug
Oct
July
Jan
Sept
Aug
Jan
Apr
Jan
Jan
Jan
Jan
Apr
Apr
Aug
June
Aug
Apr
Jan
9535 Nov
Nov
94
108
10055
95
0855
11255
95
95
106%
155
15055
15854
8835
94
10434
117
112%
95
110
8655
10155
101%
96
105%
9855
8655
91
9951
100
101%
105
10835
102
10431
101
10555
141
104%
96%
9855
9855
108
10155
99
105
102%
June
June
Jan
June
Aug
Feb
June
Mar
Sept
Oct
Sept
Feb
Nov
July
Sept
July
Nov
July
July
May
Jan
Nov
July
Nov
July
Aug
Jan
Nov
Mar
Aug
Aug
July
Oct
May
Nov
Nov
Nov
May
May
May
June
June
Mar
Aug
Nov
9651 Nov
Nov
95
New York City Realty and Surety Companies.
All prices dollars per share.
I Bid.
Alliance R'Ity'170
Amer Surety_ 183
Bond & 58 G. 297
Lawyers Mtge 225
Lawyers Title
& Guarantee 370
Ask
180
189
302
232
375
Mtge Bond_
Nat Surety. _
N Y Title &
Mortgage-U S Casualty_
S Title Guar
Bid.
150
212
496
360
340
Ask.
218
502
34(-3
Bid. gAsk..
Realty Assoc
(I3klyn)corn 430 440
1st pref _ _ _
93
96
2d pref. _ 87
92'
Westchester
Title 4:'Fr. 410
New York City Banks and Trust Companies.
All prices dollars per share.
Banks-N.Y. Bid. Ask.
America _ _ _ 330 340
Amer Ex Pac 475 480
Amer Union._ 205 220
Broadway Cen 245
Bronx Bore)._ 750
Tho
Bronx Nat.._ 350 ,
Bryant Park* 210 230
Butch & Drov 170 180
Capitol Nat _ _ 215 225
Cent Mercan_ 340 355
Chase
500 565
Chath Phenix
Nat Bk & Tr 358 363
Chelsea Etch* 215 225
Chemical..,. 710 725
345 355
Coal & Iron
550
Colonial*_ _
Commerce. _ _ 363 368
Com'nwealth* 350 360
Continental.. 250
Corn Exch.__ 575 585
Cosmop'tan• _ 190
East River_ _ _ 355 aio
Fifth Avenue* 2350
2950 3656
First
Franklin..... 160 170
380
Garfield
270
Grace
Greenwich'.. 425 475
Bid.
Banks.
Hamilton... 218
1100
Hanover
480
Harriman_ _
Manhattan*
225
Mech & Met. 424
465
Mutual*
Nat American 175
National City 585
New Neill'.. 270
Park
508
Penn Exch._ _ 124
Port Morris
200
Public
630
Seaboard_
_ 700
Seventh
170
Standard.... 490
State*
800
Trade*
145
United
210
United States* 285
Nash'n Hts*. 725
Brooklyn
Coney Island* 210
450
First
Mechanics'*
245
Montauk*. _ _ 260
Nassau
310
475
People's
Queensboro* _ 175
225
1120
490
230
429
185
602
280
518
134
eio
710
180
515
825
155
225
295
275
320
Trust Cos. Bid.
New York.
American- _ Bank of N Y
& Trust Co 625
Bankers Trust 568
Bronx Co Tr_ 230
Central Union 883
Empire
47
Equitable Tr_ 307
Farm L di Tr_ 545
Fidelity Inter 315
Fulton
340
Guaranty Tr_ 374
Irving BankColumbia Tr 326
Lawyers Tn..
Manufacturer ioi
Mutual(West
235
chester)
N Y Trust_ _ _ 538
Title Gu & Tr 710
IT 5 Mtg & Tr 380
United States 1865
Westches Tr_ 400
Brooklyn.
Brooklyn Tr. 885
Kings County 2300
270
Midwood_
910
People's
•Banks marked (*) are State banks. (2) Ex-dividend, (y) Ex-rights.
Ask.
635
575.
250,
888.
353
311,
5155
325
377
329.
Loi
255
545
720
390
1880•
895
2400
925
Armament and Sailtoad intelligent&
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the fourth
week of November. The table covers five roads and shows
16.62% increase over the same week last year.
Fourth Week of November.
1925.
1924.
Increase Decrease.
$
$
$
Ann Arbor
151,002
147,048
3,954
Buffalo Rochester & Pittsburgh465,562
405,256
60,306
Canadian Pacific
5,845.000 4,839,000 1,006.000
Minneapolis & St Louis
279,546
274,303
5.243
St Loids-San Francisco
2,589,586 2.334,925 254,661
Total (5 roads)
Net increase (16.62%)
$
9,330,696 8,000,532 1.330.164
1.330.164
In the table which follows we also complete our summary
of the earnings for the third week of November:
Third Week of November.
1925.
1924.
Increase, Decrease.
$
$
$
Previously reported (8 roads)__- 17,441,743 15,976,174 1,637.475
Ann Arbor
128,443
113.715
14,728
Duluth So Shore & Atl
116,734
98,621
18.113
Georgia & Florida
60,600
36,500
24,100
Mineral Range
5.537
9,469
Mobile & Ohio
366.700
391,028
Nevada California & Oregon7,975
6,005
1,970
Southern Ry System
4,048.449 3,812,422 236,027
Western Maryland
393.500
393,184
316
Total (16 roads)
Net increase (8. 32%)
22,569.751 20.837,118 1.932.729
1.732.623
171,906
3.932
24,258
200,096
In the following we show the weekly earnings for a number
of weeks past:
Week.
Current
Year.
4th week Aug (16 roads)____
1st week Sept (16 roads)___
2d week Sept.(16 roads)____
3d week Sept.(16 roads)___4th week Sept.(16 roads)._...
1st week Oct. (16 roads)___
2d week Oct. (16 roads)____
3d week Oct. (16 roads)---4th week Oct. (16 roads)__
1st week Nov (16 roads)-- _
2d week Nov. 6 roads)____
3d week Nov. 16 roads)-.._
4th week Nov. 5 roads)____
$
27.448.599
18.849 977
21,682,538
22,365,276
30.851.276
23.008.039
23,141,397
22,817,485
32,128,402
21,623,284
22,230.760
22,569,751
9.330.696
Previous
Year.
Increase or
Decrease.
%
$
$
24,984,483+2.464.116 9.86
17,369.297 +1.480.680 19.93
18,301.073
3,381,465 18.48
19.393.235
2.972,041 15.32
27.590,882
3.260.474 11.73
20,888,632
2.119.407 10.14
21.538.033
1.603,314 7.42
21.999,088
+818,397 3.72
31,837.454
+290.948 0.91
21.792,143
-168,859 0.77
21.098,641 +1,132,119 5.41
20,837.118 +1,732,633 8.32
8.000.532 +1.330.164 IR RO
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), these being very comprehensive.
They include all the Class A roads in the country, with a total
mileage each month as stated in the footnote to the table.
Gross Earnings.
Net Earnings,
Month
1925.
1924.
Increase or
Decrease.
1925.
1924.
Increase or
Decrease,
8
$
$
$
$
8
Jan.. 483,195,642 467,329,225 +15.866,417 101,022,458 83,680,734 +17,341,704
Feb -- 454,009,669 478,451,607 -24,441,938 99,460.389 104,441,895 -4,981,606
Mar__ 485,498,143 504,362,976 -18,864.833 109,230,086 114.677.751 -5,447,665
Apr .._ 472,591.665 474.287.768 -1,696,103 102,881,475 97,471.685 +5,389.790
May. 487,664,385 476,549,801 +11,114.584 112,859.524 96.054,494 +16,805.030
June, 506,002,036 464,774,329 +41.227,707 130.837,324 101.487.318
July__ 521,538,604 480,943.003 +40.595,601 139.606,752 111,786,887 +29.35.J.01/6
Aug_ 554,559,318 507,537.554 +47,021,764 166,558,666 134,737,211 +27,819,865
+31,821,455
Sept.564,443,591 540.063.587 +24,381,004 177.242,895 159,216,004 +18,026,801
Nose.-Percentage of increase or decrease In net for above
months has been
January. 20.73% Inc.. February,4.77% dec., March.4.74% dec.. April. 5.53%
Inc..
May. 17.49% Inc.; June. 18.91% Inc.; July. 24.88% Inc.; Aug.. 23.26%
Inc.; Sept.,
11.32% Inc
In Jan. the length of road covered was 236,149 miles In 1925, against
235,498
miles in 1924.10 Feb.,236,642 miles, against 236,031 miles. In March,
236,559 miles.
against 236,048 miles,In April. 236.664 miles. against 236,045 miles, in May,
236,663
miles, against 236,098 miles, In June, 236.779 miles, against 236,357 miles. In
July.
236.762 miles, against 236.525 miles;In August.236.750 miles. against
236.546 miles;
a September, 236.752 miles, against 236,587 miles.
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings for STEAM
railroads reported this week:
-Grossfrom Railway- -Net from Railway- -Net after Taxes
1925.
1924.
1925.
1924.
1925.
1924.
Akron Canton & YoungstownOctober..307.838
274,360
117,172
130,197
100,195 114,036
From Jan 1_ 2,660,038 2.330,088 1,084,043
953,846
939,457
829,746
Alabama & VicksburgOctober.... 354,820
350,548
132,196
91,093
92.149
55.286
From Jan 1_ 2,986,899 2,985,393
880,858
636,187
578,325
380,798
American Railway ExpressAugust _ _ _ _23,119,309 22.207,594
295,772
274.988
111,210
95,615
From Jan 1-184067940 184693,961 2,164,006 2,052,384
733,117
640,210
Ann ArborOctober_ ___ 573,981
512,634
160,106
132,607
139,188
103,212
From Jan 1. 4.854,504 4,551,027 1,223,848
985,887 1,025,850
754.286
Atchison Topeka & Santa FeOctober.. _21.141,579 20,249,200 9,584,640 7.640,398 7.616.521
From Jan 1_161166963 160264,243 48,110,374 41,272,174 35,259,725 5.574,821
28.424,541
Gulf Colorado & Santa FeOctober_ _ _ _ 2,829,165 3,514,715 1.169,723 1.578,515 1,078,371
From Jan 1.23,638,686 23,383,464 5,561,505 5,321,669 4.670,725 1,483,411
4,454,591
Panhandle & Santa FeOctober. __ _ 1,317,309 1,242,113
525,374
596,425
517,593
467,747
From Jan 1_ 8,897.753 8,808,744 2,883,991 2,422,252 2,482,925 2,125,384
Atlanta Birmingham es Atlantic-October.- 484.973
75,452
413,313
41,304
63,648
28,007
From Jan I_ 4,421,009 3.973,102
330.646
482,627
351,688
201,849
Atlanta & West PointOctober.... 300,747
74,332
82,401
257,163
67,455
56,597
From Jan 1_ 2,623,386 2,398,362
504,922
634,740
477,458
380,070
Atlantic CityOctober.... 304,323
319,176 -28,021 -37,019 --60,271 -56,968
From Jan 1_ 4,522,911 4,181,323
566,615
946,737
710,202
366,776
Atlantic Coast Line-.
October__ 8,504.905 5,987,487 2,578,737
936,941 1,978,020
434,958
FromJan 1-76,370,332 66,980,553 23,674,687 16,965,392 18,361,834 12,524,528
2743
-Grossfront Railway- -Net from Railway- -Net after Tate4--1925.
1924.
19824.
1925.
1925.
1924.
$
$
Baltimore & OhioOctober_ _ _23,736.093 21.309,541 6.877.359 5,899.211 6,027,348 5,078.081
From Jan L196486614 187370,833 47,767,390 43,618,604 39,311,990 35,179,951
B &0 Chicago TerminalOctober_ - 337,733
335,760
92,740
14,540
49.912 -13,784
From Jan 1_ 3,025,135 2,993,675
522.440
75,765
106.370 -313,689.
Bangor & AroostookOctober.... 679,717
682,790
261,800
230.574
199.980
175,771
From Jan 1_ 5,800,377 5,673,005 1.701,836 1,425.608 1.221,698 1,000,437'
Belt Railway of ChicagoOctober.....638,778
667,559
210,944
250,572
163.557
201,564
From Jan 1_ 5,836,786 5,716,702 1,971,771 1,908,850 1.529.344 1,473,390,
Bessemer & Lake ErieOctober.... 1,537,898 1,414,778
685.717
503.255
370,700.
583.590
From Jan L13,585,027 12.926,763 5,158,230 3.107.607 4,449,559 2,282,206
Bingham & GarfieldOctober....
48,286
50,448
9,601
6,729
-1,666
-975.
From Jan 1_ 515,146
407,865
73.781
132,928
25,079 -25.240.
Boston & MaineOctober_ _ _ 7,116,332 6,988,069 1.822.226 1,562,139 1.556.640 1.301,896.
From Jan 1_66,327.554 65,359,710 14,506,444 11,966,585 11,911,405 9,438,024
Buffalo Rochester & PittsburghOctober_ _ _ _ 1,602,801 1.453,050
245,349
332,801
282,726
203,281
From Jan 1_13,500,259 13,429.405 2,190,691 1,941,395 1.810,327 1,613.563.
Buffalo & Susquehanna174,714 -15,123
October_ _ - 107,751
8,458 -18,523
-951.
From Jan 1_ 1.297.071 1,549.774 -30,353 -72,613 -64,376 -124.323
Canadian National RyeAtI St LawrenceOctober....117,188
157,913 -53,080 -43,205 -67,831 -60,856
From Jan I_ 1,992,294 1,925,015 -51,685 -366,026 -221,893 -531,409.
Chic Det & Can G T Jet181,458
255,111
115,317
October.... 342.051
101,352
173.434
From Jan 1_ 2,644.753 2,417,462 1.284,835 1,102,530 1,185,369
984.663
Det G H & Milwaukee289,193
606,136
190,525
October. _ _ - 745,489
183,453
285,321
From Jan 1_ 5,893,262 5,445,604 1,948,645 1,328,785 1,904,641 1,273,494
Canadian Pacific Lines in Maine167,030 -11,134
16,213 -22,134
October _ _ 126,734
5,213.
18,336 -248,671 -91.661
From Jan 1_ 1,838,910 2,085.613 -138,671
Canadian PacificOctober... _19,569,188 19.352,341 7.444,027 7,022,177
Fr'm Jan 1144,243.276 148711,039 29,079,949 27,468,059
Central of Georgia910,172
2,888,666 2,519,878
693,328
October _ _
782,552
558,014
From Jan 1_24,929,488 22,427,388 6,062.578 4,938,073 4,930,834 3,860,667
Central RR of N J4,359,779 5.077,541
881,018 2,032.983
531,217 1,617,805.
October _ _
From Jan 1_47,337,872 46,710,274 12,655,290 12,773.699 8,923,263 8,954,404
Central New England709,005
October....588,961
64,211
163,162
39,206
137,462
From Jan 1_ 6,267,936 6,743,572 1,664,541 1,860,340 1.415,898 1,603,066
Central VermontOctober....763,652
697.202
191.589
140,602
178.498
121,439
767,853 1,018.667
576.357
828.621
From Jan 1_ 7,121,676 7,187,371
Charleston & West Carolina105,014
339,214
106.629
October.... 347,924
84,913
89,115
941.206
668,201
740.347
From Jan 1_ 3,402,138 2,223,322
492,391
Ches& Ohio LinesOctober _ _ _11,781.795 10.508,822 3,456,049 2.318,069 2.708,774 1,913,798
Fr'm Jan 1101,368,320 90,623,800 27.567,779 21,353.854 22,640,124 17,449,890
Chicago & Alton856,897
718.478
721.189
October _ _ 2,900,994 2,949,666
610.067
From Jan 1_25,613,848 25,789,212 6,255,883 5,870.114 5,223,159 4,903,148
QuincyBurl
&
Chicago
October..._15.751,770 16.456,589 5,247,799 5,215.747 4,195,376 4,323,506
Jan131.685.382 135578,207 35,067,551 36,762,051 26,045,725 26,971,106
Chicago & East Illinois576,087
501,053
2,488,393 2,399,589
439.877
October _ _
364,040
From Jan 1_21,577,268 21,571,569 3,482.407 2,921,343 2,348,838 1,736,010
WesternChicago Great
October....2,456.654 2.413,881
648,547
600,122
565.147
522,028
From Jan 1_20,303,677 20,5.52,60.5 3,744,249 3,555,701 2,931,607 2.793,441
Chicago Ind & Louisville507,173
475,424
418,207
October _ _ _ 1,678,588 1,551,755
380,868
From Jan 1_14.691,900 14,241,387 4,105,384 3,891.971 3.350.584 3.104.792
Chicago Milw & St PaulOctober..._16,240,927 16,377,721 4,646,695 5,251,891 3.942,652 4,543,641
Fr'm Jan134,632,455 131731,316 25.273,743 25,938,958 17,776,407 18.222,973
Chicago & North Westorn-14.772.076 14,950,129 3,728,293 3,990,884 2.924,906 3.187,992
11'211Jan1124,072,234
126376.408 27.876,655 24,236.485 19,846.330 16,577.950
October_-Chic Peoria & St Louis133,522
-2,990
86,006
20,062
October _ _
-5,740
15,192
39,839
10,281
59.097
20,901
From Jan 1_ 885.848 1,080,360
Chicago River & Indiana239,040
224,252
842,010
630.962
173,775
October _ _
195.323
From Jan 1- 5,695.467 5,773.392 1,720,796 1.947.696 1.307,765 1.577,026
Chic R I es PacificOctober. _11.699,444 12,093,989 3,346,809 3,486,097 2,760.799 2,916,020
Fr'm Jan 1103,263,447 103309,118 22,681,167 22,174,721 17,163.738 16,762,244
Chic R I & Gulf656,188
166,255
October.... 545,558
132,834
270.633
258.143
From Jan 1_ 5,076,899 5.402.268 1,331,017 1,523,390 1.101,770 1,397,817
Chicago St Paul Minn &0
888,369
619,929
October.... 2.578,985 2,859.233
457.973
693,790
FromJan 1_22,488,632 23,423,881 4,558,421 4,687,102 3,223,246 3,316,822
Western
Ind
&
Chic
452,044
October_ _ __ 424,392
83,549
93,770
62,700
73,270
677,040
From Jan 1_ 3.995,687 3,728,611
580,149
396,691
491,158
Clinchfield301,494
794,947
October. _ 784,901
268,820
231,475
198,798
From Jan 1. 7,258,921 7,137,944 2,681,268 2,255,164 2.110,927 1,734,797
Colorado& SouthernOctober.... 1,258,506 1,265,403
411,849
433.562
346,624
359,867
From Jan 1_10,020,572 10,525,386 1,959,293 2.062,007 1,316,618 1,433.164
Ft Worth & Denver CityOctober....1.161.146 1,149,106
551,330
567,081
494,141
500,342
From Jan 1 _ 9,082,931 8,610.152 3,200,786 3,134,956 2,656.087 2,696,579
Trinity es Brazos Valley265,528
October.... 223,967
87.819
20,530
12,796
78.903
From Jan 1_ 2,045,732 1,749,934 -124,845 -138,804 -202.857 -212,679
Wichita ValleyOctober....202,898
121,347
200.030
120,395
114,655
105,673
703.989
612,139
From Jan 1_ 1.327,070 1,461.726
617,574
523,265
Columbus& Greens57,032
169,815
24.371
October.... 183,244
55,508
22$71
163,336
164,045
From Jan I_ 1.381,824 1,337,450
145,019
149,440
Delaware & Hudson37.577
October_ _ __ 2,634,934 3,832,444
844,305 -74.885
737,637
From Jan 1_37,052,813 37,553,284 7,850,323 7.104.860 6,724,576 6.067.208
Delaware Lack & WesternOctober_ _ __ 6.477.320 7,879,309 1,697,140 2,357,645 1,101,742 1,707,444
From Jan 1_71,642,690 72,092,513 18,889,678 18,262,206 12,938,851 12,674,144
Denver & Rio GrandeOctober.... 3.680,682 3,555,408 1,164,139
654,148
949,035
498.2.52
From Jan 1_27,425,620 27,239.294 6,892,389 3,848.314 5,132,398 2.257,299
Denver & Salt LakeOctober....448,507
391,036
113,324
88,001
104,323
79,001
From Jan 1_ 2,958,761 2,630,613
468,588
54,741
378,357 -35,268
—Gross from Railway— —Net from Railway— —Na after Taxes
1924.
1925.
1924.
1924.
1925.
1925.
3
3
Detroit dr Mackinac—
66.549
23.185
78,744
October.... 163,015
33,339
216,428
202.255
47.916
309,233
From Jan 1_ 1.453.167 1,668,894
149,067
Detroit Terminal—
38,191
59,955
56.478
October_ _
77.939
199.882
249,002
346,731
512,941
543,870
From Jan 1_ 2.116,670 1.957,012
707,082
Detroit Toledo dr Ironton—
383,997
629,912
417.211
October_ _
704,437
1,513,850 1,121,944
From Jan 1_11,369.390 10,036,913 4,428,7136 3.779,824 3.948,248 3.439,976
Det& To!Shore Line—
177.108
229,810
199.308
October__ - 433.962
280,465
350,216
From Jan 1_ 3,366,378 2,832.620 1.649.674 1,232,831 1,425.109 1,006,634
Duluth & Iron Range—
281.378
320,951
312.807
October.... 792,743
383.158
699.096
880.185
From Jan 1_ 6,404.403 5,717,027 2,387,385 1,479.285 1,920,617
Dul Missabe & Northern—
990.446
996.042
October.._ 1,983,500 1.686,753 1.160,131 1,096,022
From Jan 1_18,739.613 13,520.289 9,771,404 7,029.742 8.316,823 4,579,218
Dul So Shore & Atlantic—
93,487
112.392
125,487
140,392
October.... 532,898
539,237
706.009
768,948
From Jan 1_ 4,954.313 5,108.661 1,055,082 1,021,112
Dul Winnipeg dr Pacific—.
—9.3724
—1,840
—5,578
7.608
163,202
187,130
October. ___
129.984
191,017
221,555
283,278
From Jan 1_ 1,854,252 1,814,155
East St Louis Connecting—
96,181
81,637
101,879
87,181
October. ___
200.702
198.750
747.819
759,676
810,980
810.322
From Jan 1_ 1,874,751 1,843,193
Elgin Joliet & Eastern—
698,689
494,476
772,521
655.573
October....2,073,982 1.911,269
From Jan 1.20,930,751 17,844,337 8,483,584 5,126,411 5.431,782 4,248,611
Erie Railroad—
October.... 9,165,053 10,025,954 1,741,235 2,179,838 1.372,652 1.835,208
From Jan 1.88.504,397 88,608,632 17,104,945 15,025,958 13.449,007 11,554,802
Chicago dr Erie—
585.160
466.704
833,307
523,422
October....1,312.627 1,433,185
From Jan 1_11.780,415 11,826.994 4,650,788 4.389,449 4,092,783 3,868,862
NJ&NY RE—
18,294
134,620
October.... 135.409
200,482
From Jan 1_ 1.372,072 1,328,209
Evansville Ind & Terre Haute—
77,236
199,124
228.970
Octobr,r _ _
642,979
Fro Ja tt _ 2,006,632 1.533,036
Florida IASI. Coast—
911,473
October_ _ _ 2,738.037 1.517,354
From Jan 1_23.454,118 16,114,558 7,786.575
Fort Smith & Western—
87,159
224,653
215,147
October_ ___
399,142
From Jan 1_ 1.510.100 1.512,973
Georgia Railroad—
77,238
546,885
537.537
October...
951,894
From Jan 1_ 5,020,755 4,987.890
Georgia & Florida—
61.559
159,112
October....113,959
424,157
From Jan 1_ 1,502,935 1,485,163
Grand Trunk Western—
419,165
October....1,721,101 1,561,390
From Jan 1_16,333,355 15,381,641 3,250.472
Great Northern System—
October_ _ _13.821.116 14.377.480 6.948,880
From Jan 1_94.658.930 89,405,388 30,933,738
Green Day & Western—
68,319
140,238
October....172.787
348.259
From Jan 1_ 1.291,370 1,226,574
Gulf Mobile dr Northern—
221,694
October....612.577579,795
From Jan 1_ 5.215,657 4,991,421 1,828,029
Gulf & Ship Island—
122
326.252
October.... 340,653
794,927
From Jan 1_ 3.096.105 2.986,180
Hocking Valley—
531.125
October.... 1,947,204 1.699,287
From Jan 1_16.216,132 14,692.349 4.246,417
Illinois Central System—
October_ _ _ _17.235,996 16,215,425 4,469,768
From Jan 1_148209643 144064.769 34,758,587
Illinois Central Co—
October_ _14,757,357 13,913,788 3,728,222
From Jan 1_128240787 126275,231 29,093.133
Yazoo & Mississippi Valley—
741,544
October._ _ _ 2.478,839 2.301,637
From Jan 1_19.968,856 17,789,538 5,663,454
International Great Northern—
398.936
October.... 1.651,857 1.753.359
From Jan 1.14,034.045 13.622.738 2,856,468
Orient—
&
Mexico
Kansas City
13,062
257,814
October....172.587
233,413
From Jan 1_ 2.105.928 1.877.461
IC C Mexico & Orient of Texas—
40,142
248.839
254.007
October_ _ _
547,374
From Jan 1_ 2,687.957 1.983,404
Kansas City Southern—
575,380
October_ _ _ 1,681.154 1,703,629
From Jan 1_15315.113 15,155.254 4,359.492
Smith—
Texarkana dr Ft
108.018
253,211
October.... 231,187
From Jan 1_ 2,456,034 2,402,767 1,072.478
Kansas Okla & Gulf—
58,716
216.911
October....277,681
141.597
From Jan 1_ 1,997.328 1.771,244
Lake Superior dr Ishpeming—
175,105
223,565
October....305,733
817.094
From Jan 1_ 1.979,037 1,624,351
Lake Terminal—
8.893
97.895
108,147
October. _ __
83.272
903.143
From Jan 1_ 1,009.123
Lehigh & Hudson River—
47.450
277,007
October.... 223.642
748,350
From Jan I_ 2.605,318 2,656,213
Lehigh & New England—
91,259
562,465
October.... 414,981
From Jan 1_ 4.742.017.4.523.848 1.313,340
Lehigh Valley—
October.... 5,894,306 7387,202
From Jan 1.84.281.477 63,896,545
Los Angeles dr Salt Lake—
October....2,408.564 2,221.455
From Jan 1_20,234.489 20,588,903
Louisiana & Arkansas—
368,848
October.... 367,393
From Jan 1_ 3,419.945 3,348.801
-Louisiana Ry & Nay Cc
391,732
October.... 356,271
From Jan 1- 3,153,829 3.413,555
La Ry & Nay Co of T—
131.579
144.881
October_ _ _ _
From Jan 1_ 1.094,618 1,094.427
Louisville & Nashville—
October_ _ _ _13.142.831 12,521,582
From Jan 1 117310.273 111779,130
[VOL 121.
THE CHRONICLE
2744
14.704
231,711
13,454
164.520
11.328
195.128
54,198
390,870
70,834
580.573
49,289
342,165
484,286
752,291
589,958
5,539,502 6,549.349 4,528,900
96,064
335,485
81,657
343,093
90,785
275.903
131,336
852,749
69,761
874,234
123,290
782.112
45,121
377,266
55.057
358,590
38,646
312,083
354,922
267,118
2,543,507 2.587,382
187,655
1,783,927
7,076,040 6,017.568 6,015.629
26,483,994 22,832,261 18,121,400
38,410
275,319
58,319
267,465
30.910
200,284
155,069
168.929
188,682
1,435,371 1.234,590 1,147,349
77,166
856,348
—17.470
503.712
51,188
598,073
212,151
435.656
353,310
3.879.238 3,255.188 2,706,171
3,820,641 3,280.144 2,535,158
32,523,807 24,227,546 22,336,347
3,149.566 2.662.529 1,979.877
28.031.820 19.841.774 18.999,301
555,281
617.815
871,075
4,491.987 4,385,772 3.337,046
578,603
461.771
813.888
2,855,007 2,491.749 2,503.748
47.389
225,091
9,062
184.481
37.369
146,053
43,265
315,587
33.142
476.985
36.285
260,832
371.957
467.792
600,090
3,752.937 3,399.939 2.832,297
99,141
1,153.694
92.114
913,541
80.000
995,319
40.303
176,456
49.789
57,796
30.011
74,639
101.545
471.769
149.418
642,432
90,197
341.974
—2.800
—38,023
—9.009
2,721
22,946 —102,114
34,350
612,612
57,224
645.281
78,148
196,094
1,155.714 1,128,388
170.805
972,253
74,937
788.111
—Gross from Railway— —Net from Railway— —N after Taxes
1924.
1925.
1924.
1925.
1924.
1925.
Louisv Henderson & St L—
70.163
110.775
90.250
138,679
320,283
357,142
October_ _ __
492,003
789.772
627,056
990,082
From Jan 1_ 3,164.797 2,867,517
Maine Central—
237.858
324,633
425,435
337,506
October_ _ __ 1,794,247 L749,748
From Jan 1_16,890.827 16,998,166 3,660,949 3,074.912 3.654.810 2,053,310
Minneapolis & St Louis—
332.195
254,601
291.975
356,594
October.... 1,452,599 1,614,564
668,388 —408,696
206.374
From Jan 1_12.503,207 12,584,246 1,309,283
Mississippi Central—
44,912
32.619
50,935
43.538
167,079
October._ _ _
151,024
370,668
307,978
440,903
427,296
From Jan 1_ 1.370.897 1,549,750
Missouri-Kansas-Texas—
976,801
843,043
October.... 3,249,580 3,595,935 1,078.384 1,322.646
From Jan 1_29,115,644 28,155,223 10.806,682 8,938,433 8.793,816 6,819,183
Mc
-Kan-Tex of Texas—
995,285
716,859
769,249 1,043,846
October.... 2,165,171 2.869,646
From Jan 1_17.914.420 17,918.047 3,884,889 4,854.299 3,281,492 4,361,284
Missouri & North Arkansas—
41,741
10.730
42,646
13.113
October.... 150,068
158.371
125,383
114,355
150,168
135,897
From Jan 1_ 1.291,041 1.304.385
Missouri Pacific—
October_ - _12,190,647 12.276.378 3,048,593 2,882,380 2,537.770 2.487,588
From Jan 1_108314427 101201.985 23.264.151 20,084.635 18,990,450 16,273,365
Mobile & Ohio—
393.174
496.973
501,541
634,669
October.... 1,923.649 1,749.999
From Jan 1_15,960.565 16,322.260 4,507.795 4,463.358 3.549.459 3,579,719
Monongahela Connecting—
3,380
27,482
8.330
32,073
October.... 181,828
147,729
55,001
220,481
105,101
From Jan 1_ 1,789,682 1,819,770
271.310
Nash Chatt & St Louis—
403,328
511.313
453.488
586.457
October.... 2.322,624 2.113.763
From Jan 1.19.893.518 19.693.758 3.831.198 3.327,404 3.184,622 2.754,079
Nevada Northern—
51,468
39,884
68,840
118.900
98,336
October....100,612
397,666
278,830
461.649
387,094
From Jan 1_
906,084
875,201
Newburgh & South Shore—
7,623
43.731
20.771
October.... 198.809
57.450
156.827
64.714
234,998
199.526
367,069
From Jan 1_ 1.693,899 1,664,384
New Or! Tex & Mexico—
24,891
93.950
43.828
October.... 333.654
110.218
259.172
662,462
660,500
866.107
854,639
From Jan 1_ 2,878.055 2,780.823
Beaumont Bo Lake & W—
82.141
75.030
70.005
83.808
October_ ___ 247,587
208.832
840.063
722,296
908,579
804,589
From Jan 1_ 2.328.473 2.238.600
St L Browns & M ex—
257.791
71.168
293.978
106.033
October_ __
648.804
571,577
From Jan 1_ 7.052,348 6,702,547 2,753,926 3.034,498 2.428,812 2.727.682
New York Central—
October. _ _35.543,534 33,205.812 8.311.569 7,912,384 6.192.754 5,918,761
From Jan 1.319859417308825.061 82.012.072 78.255.729 60.272.348 56,389.533
Indiana Harbor Belt—
305.267
433,247
346.337
489,251
October.... 1.209.916 1,057,402
From Jan 1_ 9.349,949 9,091.702 3.098.895 2.230,727 2.670.113 L957,903
Michigan Central—
October.... 8.294.825 7,791.764 2.808.355 2.492.887 2.281,788 1,946.615
From Jan 1.76,435,291 13,800,410 25,055.190 21.968,849 20,183.730 17,298,935
C C C & St Louis—
October....8,348,701 8,238,497 2,183,505 2,175,961 1,719.193 1,728,864
From Jan 1.75.992.300 73,065.106 20.588,058 17.211.860 15.968,286 13,199.337
Cincinnati Northern—
14L784
137,992
169,686
168,228
427,884
October.... 441,380
From Jan 1_ 3.892Y74 3.998,743 1.416.560 1,332,925 1.160,064 1,115,737
Pittsburgh & Lake Erie—
286,648
373,893
458,950
556.466
October. _ __ 2,752,457 2,657,801
From Jan 1.26,589,147 28.210.858 5,205.301 4,911,044 3,423.080 3.321,194
New York Connecting—
153.444
41.781
195.944
78.181
274,595
174,303
October. _ _ _
Frorn Jan 1_ 2,248.673 2,498,681 1.418,426 1.738.571 1,026.828 1,348,221
N Y Susq & Western—
64,233
22,828
460.015
October.
348,583
337,536
948.008
From Jan 1. 4.283,473 3.987.147
Norfolk Southern—
206,376
270,622
782,800
October....869.486
From Jan 1_ 7,535,025 7,806,415 1,940.283 1,960,167
Norfolk & Western—
October _ _ _10.192,055 8.875.666 4.004.798 2,935,892
From Jan 1_86,389,979 77.274.249 29,945.051 19,577.535
Northern Pacific—
October.. _10.685.622 10,783,424 4,745,181 4.716.208
From Jan 1_80.268.359 77,499.409 21,189,453 18,243,232
Northwestern Pacific—
173.295
238.736
617.884
October!. __ 714,871
From Jan 1_ 6,038,138 6,189,478 1,680.875 1,763,938
Pennsylvania System—
Pennsylvania Co—
October. _ _ _62.600.963 59,508,805 16.013.881 13,444,535
Fr'm Jan 1557.069.209540453.055 122207.417 111155.557
Bait Ches & Atlantic—
18.079
27,275
140,104
143,076
October _ _
75.969
—6,385
From Jan 1_ 1.293.799 1,299.827
Long Island—
576.418
512.225
October. _ __ 2,959,267 2,922.661
7,889.438
From Jan 1.31.463.240 29.853.488 9,031,989
Monongahela—
267.185
334,602
521.932
October. _ _ _ 597.744
From Jan 1_ 4,751,150 4,286,530 2,225.332 1.570.122
Toledo Peoria & Western—
6.700
5.075
171.707
October.... 1.4,972
178,968
From Jan 1_ 1,355,798 1.628.531 —68.007
West Jersey & Seashore—
24.598
983.087 —48.889
October.... 984.290
From Jan 1_11,788,562 11,297,251 2.600,429 2.096,442
Peoria & Pekin Union—
28.943
16,197
179.204
October....180,197
354,179
297,875
From Jan 1_ 1,547.876 1,486.852
Pere M arquette—
October. __ 4,255,831 4.020.111 1.576.830 1.509.971
From Jan 1_34,946,724 34.951,081 9,573.137 9,121.482
Perklomen—
67.955
38.411
103.778
138,305
October _ _
516,784
404,734
999,471
From Jan 1_ 1.149,729
111,653
1,141,202
106,599
902,909
73.991
825,759
74.652
662.075
Pittsburgh & Shawmut—
117.129
137.809
October_ __
927.192
From Jan 1_ 1.056.059
Northern—
&
Shawmut
Pittsburgh
168.920
October.... 188.109
From Jan 1_ 1,555,445 1.209.973
Pittsburgh & West Virginia—
402.193
October.... 443.034
From Jan 1_ 4,012.639 3,426,872
52,739
528,898
9.958
380,038
32,730
325.158
8.042
199,300
Port Reading—
188.521
October_ .._
From Jan 1_ 2.111,845
51,597
175.743
32.994
157.953
47.591
135.788
28.994
117.931
735.774 1,280,968
982.090 1,593,493
15,742,702 13,159.213 12.262.551 10,457,214
302,822
309.611
430.905
443.974
4,277,122 3,860,221 2.923,288 2,565.862
3.640.323 3.224,093 2.916.105 2.543,131
27.461,988 22,655,418 21,818.088 17,609.603
207,556
1,744,444
Pullman Company —
October_ _ _ 6,818,000 6.005,000
From Jan 1_87.486,000 61.628.000
Quincy Omaha & Kansas City—
100,319
October.... 107,082
885,295
849,042
From Jan 1_
—7,965
656,987
43,057
47,882
183.542
228.312
1,488.883 1,527.231
3,156,467 2,360,652
23,368.144 13,316,413
3,774.588 3.823.288
13.674.755 11.210,388
197,857
127,153
1,239,401 1,306,136
12,558,556 10,365,342
94.568,091 84.900,671
27,275
—38.891
16.079
26,692
335.625
444,818
7324,503 6,258,204
301,196
2.002,391
248,424
1,437,309
--12,925
—152,065
—5.021
86.650
—67,161
9.098
1,497.887 1.188,390
1,943
172,179
197
167,875
1,382,168 1,292,981
7,870,291 7,449,633
82,851
465.089
34,051
358.882
33.099
195.362
35.129
29.002
32.913
174,379
16,467
5,084
45,512
283.527
42.837
71.228
42,792
256,512
40.117
44,345
206.497
1,5412.374
148,241
1,028.989
152,258
1,109,574
99,780
614,568
89.112
1,085.812
103,857
691.487
73.285
928,173
90,589
562,212
84L000
669.000
11,593.000 7,721,000
--9,254
--83,980
--2.747
1.360 --13.892
--80,137 --110,313 --100.955
DEC.5 1925.]
THE CHRONICLE
2745
-Gross from Railway- -Net from Railway- -Net after Taxes
after Taxes
-Gross from Railway- -Na from Railway1924.
1925.
1924.
1925.
1924.
1925.
1925.
1924.
1924.
1925.
1924.
1925.
$
$
$
WabashReading Company1,450,066
October....6,639,832 6,186,574 2,065,823 1,689,937 1,793,074 12,203,492
October.. _ 7,281,311 8,061,096 1,729,049 2.255,348 1,352,104 1,951,052
12,003,514
From Jan 1_57,544,364 54,585,487 14,494,500 12,563,046
From Jan 1-77,039,710 76,380,594 19,459,133 18,059,059 15,779,009 14,577.304
Western MarylandRichmond Fredericksburg & Potomac426,759
487,155
496,759
552.155
October_ _ _ _ 1,732,317 1,776,812
256,037
216,300
205.493
October.... 1,045,126
273,602
857,618
4,128,935 4,434,102 3,338,935
From Jan 1_16,373,846 15.953.642 5.074,102
From Jan 1_10,675,833 9,844,736 3,858,077 3,291,892 3.220,641 2,734,509
Western PacificRutland600,243
873,469
862,382
852,868
October.... 2,051,614 1,692,990 3,472,093_1.381587
88,928
54,996
61,734
81,081
552,605
574,724
October__ 2,780,726 1,630,959
. _
FromJan 1_13,009,155 12,085,716
681.594
583,520
961,011
1_
848,646
FromJan
5,406,392 5,504,838
Western Ry of AlabamaSt Louis-San Francisco70,915
120,125
93.041
144.697
272,704
331,954
__
_
October_
2,188,516
2.457,285
October_ _ _ _ 8,595,603 8.413,330 2,707,535 2,969,060
563,570
726,772
699,991
899,615
From Jan 1_ 2,813,120 2,563.164
From Jan 1_74,139,666 70,519,195 22,657,879 20,763.485 18,601,876 16,995,606
Wheeling & Lake ErieSt Louis-San Francisco327,884
541,645
442,651
690,024
October_ _ _ _ 2,040,386 1.750,537
St Louis-San Francisco of Texas3,375,990 3.719.719 2,297.359
59.332
From Jan 1 _17,054,973 15,446,174 5,058,106
87,757
85,643
62,272
202,305
229,134
October_ _
Fired
Total Net
460,396
385,236
263,400
485,364
From Jan. 1 1,789,577 1,574,486
Balance.
Charges.
Income.
Fort Worth & Rio Grande5,380
16,690
12,862
9,418
136,822
October_ _ __ 133,821
Texas)of
Southwestern
Louis
St
(lncl
148,078
109,051
-36,800
Southwestern
3,820
1_
1,116,000 1,266,466
From Jan
337,948
St Louis
232,519
Oct'25 .570,467
449.548
St Louis Southwestern231,157
'24 "680,703
687,464
447.045
569,877
534.614
October.... 1,746,168 1,821,617
31 '25 .3,864.528 2,340,563 1,523,965
Oct
to
1
Jan
From
From Jan 1_14,888,984 14.694,819 4,516,299 4,559,231 3,903,620 3.839,017
'24 *3.886,912 2,316.815 1,570,097
St Louis Southwestern of TexasCharges. Balance.
Income.
111,044
136.779
110,135
137,204
837,532
817,077
October- _
$
112,914
147,694 -157.492
110,400
From Jan 1_ 6,425,968 6,537,219
Fonda Johnstown & GloversvilleTotal system31,223 '-3,029
Oct'25 '28,194
557,179
-7,138
824,242
680,920
671.818
October_ _ _ _ 2,563,243 2,659.148
31,357
•24,219
'24
18.694
From Jan 1_21,314,952 21.232,038 4,629,213 4,706,925 3,746,128 3,728,617
318,368
.337,062
From Jan 1 to Oct 31 '25
29,643
314,824
St Louis Transfer'24 *344.467
20,366
12,816
19,635
66,825
13,350
64,260
October....
120,138
99,525
656,391
97,079
116,043
From Jan 1_ 645,832
•Includes other income.
Balance,
San Antonio Uvalde & GullFixed
Na after
Gross
16,795
21.439
12,533
114,107
17,134
Surplus.
October..105,880
Charges.
Taxes.
Earnings.
279,837
294,233
241,890
From Jan 1_ 1.229,379 1,306,389
259.413
$
$
$
$
128,200
128,989
Seaboard Air Line*257,189
1,180,366
'25
Oct
238,230
41,351
896,751 1,319,858
705,425 Gulf Coast Lines
October.. _ 6,008.211 4.277.288 1,557,551
*279.581
'24 1,140,729
From Jan 1_50,993,446 43,324,196 12,800,315 9,551,439 10,415.202 7,639.457
"3,763,580 1,221,389 2,542,191
From Jan 1 to Oct 31 '25 12,502,022 "3.599.402
983,977 2.615,425
Southern Pacific System'24 11,936,884
Southern Payne CoInterest & Balance,
Net
Gross
October. ,..,21,161,078 19,566,935 8,398,134 7,102.840 6,543,815 5,319,567
Surplus.
Tares.
Earnings. Earnings.
From Jan 1_175264572 173577,399 50,096,790 52.200.268 35,541,366 37,529,334
$
$
$
-204
Atlantic Steamship Lines200
-4
9,205
Oct'25
1,980
170
165,861
192.062
150,938
165,004 Bellefonte Central
October....1.151,985 1,294.636
2,150
11,568
'24
3.074
2,000
From Jan 1- 9,467,793 9,935 953 -59,183
358.764 -205.218
221,997
5,074
87,486
1 to Oct 31 '25
Jan
From
8.633
1,700
10,333
Galveston Harrisburg & San Antonio86,013
'24
October..._ 2,733.066 3,539,809
693,229 1.268,955
790,818 1,353.983
From Jan 1_24,419,367 28.176,061 4,376.261 6.576,886 3,502.245 5,720,437
and Other Public Utility Net
Railway
Electric
Houston & Texas Centraltable gives the returns of
775.452
257.770
October_ _ _ 1,307.361 1,701.222
352,730
669,129 Earnings.-The following
From Jan 1-12,083,387 12,342,401 2,575,069 2,675.185 1,923,538 2,125,419. ELECTRIC railway and other public utility gross and net
this week:
Houston E & W Texaswith charges and surplus reported-Net
141,220
138,231
October_ _ _ _ 365.219
128,174 earnings
Earnings
335,305
155,820
Earnings---Gross
625,012
From Jan 1_ 2,841,046 2,676,706
316.201
242,394
Previous
735,147
Current
Previous
Current
Year.
Year.
Louisiana WesternYear.
Year.
Companies.
114,833
169,951
120,806
October_ _ _ 420,815
403,398
152,498
$3
_ _ _ _
593,709
951.909
652,484
From Jan 1_ 3,518.324 3,458,960
839,214
- 4.281,738
6,517.789 4.574.109
Ltd_Oct 7.270,72rP.
&
L
,
Trac
eBarcel
64.532.801 46.391.977 40.919.415
Morgans La & Texas-70.931.194
-3110 mos ended Oct
85,441
185,018
131,860
1.568,072
806,442
135,335
October...783,153
1.685.743
3,100.963 2,485,495
37,990
12,637 Braz Trac, L & P. Ltd_ -_Oct
503,481
From Jan 1_ 6,830,484 6,816,956
543.950
22,147,423 14,220.950 13,824.113
10 mos ended Oct 31----25.220.814
Texas& New Orleans239,480 *104.238 - *92.783
308.585
Subs.Oct
&
P&L
289,357
180.601
149,872 Community
October.... 1,043,376
849,060
321.178
3,379.056 2.794,613 *1.385.586 *1,073,853
12 mos ended Oct 31_ 626,439
927,800 1,742.801
From Jan 1_ 9,268,369 7,676,373 2,065,037
47,501
73.967
90.203
111.041
ct
So Can Pow,Ltd,& Subs.0Southern Ry System1,091,717 *606,986 *518.30
Southern Ry CocSouthw Pow & Lt Co...Sept 1,221.296 12,618.488 *6,626.743 *5,873.482
October_ _ _13,901,740 12,757.515 4,753,544 4,050,524 3,755,563 3.305,983
12 mos ended Sept 30-13,491.363
*607.997 *534.247
Oct 1,235.500 1,144.563 *6,700.493
From Jan 1-123028510 117779.603 36,564.663 31,606,352 28,820,716 25,330,458
*5,927,927
12,690.297
12 mos ended Oct 31.-13.582,300
Ala Great Southern430.185 *161,516 *126,729
264,417
328,976
260,830 Winnipeg Electric Co_-__Oct 476.913October.... 946.812
333.871
939,218
*1,064.988
*1.190.705
4.320,868
4.355246
From Jan 1_ 8,614,409 8,352,282 2,607,331 2,137,777 2,061,768 1,702,573
10 mos ended Oct 31- *After
- companies only. e Given in pesetas.
c Earnings of subsidiary
CinNO&TP775,372
502,252 taxes.
601,710
902,640
October_ _ _ 2.102,647 1,875.116
Balance,
Fired
Net after
Gross
From Jan 1-19,292.731 18,281,956 7,056.210 5,445,756 6,006.096 4.664,508
Surplus.
Charges.
Taxes.
Earnings.
Georgia So dr Florida$
$
Companies.
128,259
134,185
152,402
_
158.795
453,103
October....673,384
070.224-478.535
.759-71
-'25-3.485.879-1-,458
961,893 Amer Water Works -Oct
From Jan 1_ 5,424,454 4,175.619 1,830,200 1,147,293 1,524,808
363,275'
1,324,359 1961.084
& Elec Co & Sub Cos '24 3,172,774
5,935,098
N Orleans & Northeast2.514,170
18,449.268„f
40.444.047
'25
12 mos ended Oct 31
161,070
186,632
203,172
5,092.847
October_ ___ 581.955
244.178
534,208
'24 37.939,782 16,459.050/11.366.203
From Jan!. 4,971,137 4,725,492 1,874,733 1.449.497 1,348.230 1,067,845
254.549- -230848
SS-Seic'25 3.384,563 *c485.398-196.550
AfGuif &
North Alabama-.
6.855
'24 2,098,118 *c203.405
Lines & Sub SS Cos
54,726
50.930
56,751
October.... _ 141,947
60.066
130,483
23.063,859*c3,473,213 1,790,436 1,682.777
9 mos ended Sept 30'25 19.855,946*c2,460.214
512,512
447,461
From Jan 1_ 1,309,233 1,229,457
661.531
502,363
578,440
1,798.683
'24
Spokane Internationalc52.384
148.091
.5,991 Binghamton Li ht, Oct'25
34,553
11,622
October_ _ __
40,768
121,527
86,259
c45,623
126,903
24
o
Power
&
Beat
287,986
161,642
303.996
From Jan 1_ 1,043,913
213.016
307,851
341,043
847.395
*611.847
1,631,721
'25
31
Oct
12 mos ended
254.588
205.832
Spokane Port& Seattle'24 1,351.982 *c460,420
323,588
345.715
425,476
117.704
October..
399,925
664.155
862.337
936,646
781.859
Oct '25 *3,035.965
-36.156
From Jan 1_ 6.751,813 7.060,828 2,317,090 2,607,172 1,560,345 1,900,346 Boston Elev Ry
644,468
609,312
'24 *2,900.364
7,828
Staten Island R T
32,409
40,237
583,538
Oct'25
2,296 --17,681 Eastern SS Lines
6,331
-1,731
October.... 244,996
17,606
32,896
236,534
39,227
574,452
'24
Inc
133,079 --101,125
58,247
870.698
From Jan 1_ 2,503,906 2,329.944
353.902
271,186
1,224.600
6.406,881
_
10 mos end Oct 31 '25
648.641
319.836
Tennessee Central968.477
'24 5.688.229
82,995
67,355
85,969
76,008
291,817
October...305,667
468.490 *192,493 *187.894
From Jan 1_ 2,669,143 2,402,591
578,790
533,519 Federal Light & Tract__Oct 493.954 4,605,557 *1,737.383 *1.734.502
600,161
653,013
10 mos ended Oct 31_ _ _ _ 4,775.128
13
Terminal Railway Assn of St Louis19.947
96.010
Oct'25
113,427 Florida Public
October_ _ _
168,392 -12.259
491,278
8.503
473,861
9_
71.
59
59,826
'24
Co
Service
From Jan 1_ 4,280,093 4,230.612 1.
721,401
613,618
93.918
221.602
*315,520
399,9vu 1,200,225
971,856
12 mos end Oct 31 '25
Term Ry Assn of St Louis-17,059--96.572
*113,631
244.342
'25
Oct
Power
Worth
Fort
St L Mer Br Term260.854'111.868
24
& Light Co
123,204
October. __ 476,472
139,898
.297
147,208
202:097 1,188.
178,439
*1,390.394
440,582
From Jan 1- 4.077,974 3,806,763 1,182,344
574,921 4. 12 mos end Oct 31 '25 2,854,281
886,931
804,228
211,91fr 1.213,847
'24 3,097,925 *1,425,762
Texas & Pacific79.779
97.187
*176.966
373.531
Oct'25
October.... 3.481.478 3.372.527 1,167,016 1,084.894
904,380 Kansas Gas &
988,458
81,009
96,552
*177.561
442.846
'24
' Electric Co
From Jan 1_28,305.842 27,214,534
6.803.045 6,269,821 5,288,607 4,653,545
5,476,742 *2,183,210 1,171,917 1.011,293
'25
31
Oct
end
mos
12
861.512
Ulster & Delaware'24 5.642.354 *1,970,360 1.108,848
16,279
-1,697
October- _ 6.266
21,813
80,838
34.735
121.820
41,001
266,805
Sept'25
From Jan 1 - 1,207,464 1,320,860
181,256 Lake Shore El
122,562
12,787
236,420
35.076
7.564
177.564
47,863
249.795
'24
Ry System
108,848
Union Pacific-325.384
434,232
2,395,588
'25
30
Sept
end
zoos
9
55,251
October.._ _14,222,318 12,611,121 6,791.782 5,758.562 6,277,619 5,062.382
316.976
372.227
'24 2,326.570
From Jan 1_90,434,629 93,201,962 31.318,036 31,343,768 25,409,186 24,484,805
788.829 a313.000
Oct'25
Metropol Edison
Oregon Short Linea225.878
669.847
'24
Co & sub cos
' October__ __ 4.298.584
1,743,114 1.992.568
1,911,997 1,280,262 1,689,110 1,030,490
12 mos end Oct 31 '25 8.499.048*a3,735,682 1.536,952 1,622.802
From Jan 1_28.674,720 29,220,596 7.752.630
7,645,200 5,426,628 4,918,202
'24 7,889,317*(13.159.754
119,180
68.787
Ore-Wash Ry & Nay Co*187.967
365.901
Oct'25
Nebraska Pow Co
104.219
59,665
634,101
553,141
October- _ _ 2,807,826 2,866,265
336,680 *163.884
806,545
'24
799.252
1,401,693
From Jan 1_23,148,418 24,205,441 4,3
3,416,255
*2,200.945
2.644,333
2 5,127,928
07
88
12 mos end Oct 31 '24 4.130,489
6,2
44
72
665,938 1,247,167
St Jos Gd Island'24 3,907,774 *1,913.105
54.493
107.168
October.... 399,092
95,763 Nevada Calif Elec Oct '25
*161,661
156.803
298,277
95,763
156,803
346,771
35,370
99,517
381.091
From Jan 1- 2,813,407 2.758,649
582,680
309.433 *134.887
'24
550.180
Corp & sub cos
704,162
1.092.883
1,263.217
*2,356,100
4,831,015
12 mos ended Oct 31 '25
Union RR (Penn)
*2,305.828 1.122,206 1.183,62
4,459,462
'24
177,027
October.. _ 1,026,577
289,829
215,676
951,858
356,060
82,542
952,343
343,110 *134.885
597,326 New Bedford Gas & Oct '25
From Jan 1- 9,702.950 9.135,905 2,262,292
780,990 1.939.827
56.157
950,732
314.595 *106,889
'24
Edison Lt Co
Utah920,045
9613,032
*1,533,077
3,932.533
'25
12 mos ended Oct 31
54,893
80,014
October_ _ _ 194,952
60,028
647,469
g598,762
'24 3,521,644 *1,246.231
86,426
165,621
260,119
I -From Jan 1_ 1,409,133 1.240,113
398.721
323.817
473,198
a34,242
127.065
Oct'25
New Jer Pr & Lt
97,21)8
a29,498
'24
Vicksburg Shreveport & PacificCo
0-.1.65
2b54,412
173,750
123,753
October_ _ .._ 478,860
78.786
12 mos ended Oct 31 '25 1.272,758 *078,943
389,580
158,943
543,141
-'24 1,093,765 4,a309.273
636,722
From Jan 1- 3,735,076 3,532.899
768,898
902.371
160'770
503
'
148
Nor Caro Pub serv Oct '25
159,759
Virginian53.659
*24
Co. Inc. & subs
October740.619
1,741,815 1,959,608
148.403
667,307
840,716
44,110
264,164
12 mos ended Oct 31 '25 1,842,937
From Jan J.,15,673,780 15,799,116 5,835,467 5,629,661 4,741,224 4,493.742
589.792
297.080
292,712
2746
THE CI I HONTCLE
Gross
Net after
Fixed
Earnings.
Taxes.
Charges.
Companies.
$
Northern Ontario
Oct '25
128.530
89.678
25,033
Lt & Pow Co
'24
110,408
68.442
24.044
10 muss ended Oct 31 '25 1,123,149
251.503
724.081
'24 1,022.903
708,202
264.505
Pacific Power &
Oct '25
65.642
314,123
*139,803
Light Co
'24
60.450
267.563
*118.031
12 mos ended Oct 31 '25 3.430.413 *1.489,232
785.852
'24 3.203,954 *1.535.584
720,310
Penna Edison Co
Oct '25
278.780
088,361
& sub cos
239,738
084,724
12 coos ended Oct 31 '25 2.961.230*01.039,575
550.825
'24 3.051,141+01.067.543
490.809
Portland Gas &
Oct '25
50.761
341,046
*115.918
Coke Co
38,606
*115.281
'24
313,377
12 coos ended Oct 31 '25 4.041,841 *1.459,732
529,921
467,415
•
'24 3.633.301 *1.340.854
Beading Transit
Oct '25
247,862
017,469
Co & Sub Cos
243.846
015,967
'24
12 coos ended Oct 31 '25 3,030.497 *0262,733
89 576
84 748
'24 3.017.566 *0275.612
:Sayre Elec Co
24,347
05.712
Oct '25
'24
17.444
05.317
12 coos ended Oct 31 '25
31.375
27r415
*081.342
27.319
'24
218.544
*075.286
'Texas Power &
83.254
Oct '25
643.822
*284,888
Light Co
73,494
'24
611,744
*287,915
12 coos ended Oct 31 '25 6.770,231 *3.016,942
960.895
802,962
'24 6,337,363 *2,805.242
'West Penn Co
Oct '25 2,188,091
5918.922
'24 2.085.759
5816,760
12 coos ended Oct 31 '2525,778,098b11,083.595 16172,578
'24 25.303,219510,373,230 15.855.772
Balance,
Surplus.
Gross.
64.645
43,398
472.578
443,697
74,161
57,581
703.380
785.174
488,750
576,734
56,157
76.675
929.811
873,439
173,156
190,863
49.967
47.967
201.634
214.421
2,056,047
2,002.280
4.911.017
4,517.458
•
• Includes other income. a After depreciation and rentals. b After
rentals. c After depreciation. f Includes preferred dividends of subsidiaries. g Includes depreciation.
12 Months Ended Oct. 31
Month of October
Surplus
Surplus
After Chgs.
Gross,
Net.
Net.
After Chges. Gross.
$
$
$
$
$
Blackstone Valley Gas di Electric Co1925
458,725
187,170
158,837 4,968,900 1,890,053 1,491,755
1924
419,190
156,877
118,843 4,583,024 1,497,180 1,076,886
Cape Breton Electric Co., Ltd.
1925
81,890
13,091
588.725
50,407
11.341
5,561
1924
137.822
69,424
680,702
53,341
7,411
1,684
,Centml Miss Valley Elec Prop1925
174,188
132,907
53,858
610,237
17,563
13.821
1924
121,237
50,993
593,982
159,896
12,157
8,968
,Columbus Elec & Power Co748,952
485,649
1925
257,679
23.041
1,219 2,648,538
1924
808,801
209,784
57,458 2,284,674 1,077,947
79.588
Bdison Elec Illum Co of Brockton612,728
1925
140.980
51,048
52,344 1,657,289
603,083
539,604
533,876
1924
143,093
59,484 1,558,218
58,921
'The El Lt dc Pr Coot Abington & Rockland•
93,552
1925
516,643
98,903
49,798
11,583
11,234
1924
69,470
67,293
39,039
443,445
4,788
4,477
gi Paso Elec Co (Dell-888.385
1925
689,437
217.684
83,222
69,385 2,520.338
1924
858,099
644,989
203.896
67,894
49,742 2,426,066
Fall River Gas Works Co1925
1,006,763
263,464
260,923
91,335
26,813
26,391
239,941
1924
238.921
92.422
28,710
28,696 1,008.718
Galveston-Houston Elec Co1925
408,248
338.471
91,684
36,464 3,934,576 1,019,965
1924
425,198
344,405
952,378
95,604
48,117 3,742,583
Haverhill Gas Light Co-/
1925
135,365
135,050
53,307
9,455
9.446
629.887
1924
143,009
59,808
21,434
21,428
610,090
141,207
Houghton County El Lt Co1925
144,353
505,165
43,762
14.525
10,904
97,511
1924
6,718
40,248
10.800
514,504
135,890
86,779
Keokuk Electric Co117,904
1925
37,183
11,659
7,917
426,708
74,965
1924
3,653
423,322
109,580
35,755
7,075
69,706
The Key West Elec. Co10,537
7,933
258,869
103.125
73,049
1925
24,736
92,667
1924
6,592
241,017
22,252
9,079
62,597
The Lowell El Lt Corp60.984 1,604,877
563.750
560,417
149.738
61,000
1925
518,851
494,409
1924
52,819
52,387 1,516,979
139,665
Mississippi River Power Co149,293 3,238,684 2,387,122 1,221,259
243,859
1925
300,422
212,244
113,887 3,171,353 2,331,781 1,142,900
1924
270,116
Northern Texas Elec Co40,540 2,503,294
69,832
800,505
455,689
1925
215,495
60,142 2,743,057
955,302
617,799
235,554
88,612
1924
Paducah Elea Co9.674
650,164
214,670
105,356
18,675
55,040
1925
2,919
629,304
191,399
81,962
12,380
50,767
1924
Puget Sound Pr di Lt Co12,778,657
4,785,497 2,657,637
117,506
294,982
1925
1,099,779
322,953
143,259 12,549,308 4,594,925 2,611,446
1,028,259
1924
Savannah El & Power (Jo696,261
60.717
30,103 1,930,869
324,518
1925
175,2M
719,123
346,184
26,999 1.908,462
157,882
58.549
1924
Sierra Pacific Elea Co468,802
409,207
34,036 1,147,502
37,487
91,777
1925
388,447
460,640
21,593 1,068,253
1924
27,503
90,806
Tampa Elec Ca136.390
130,393 3,081,292 1,330,926 1,274,011
1925
309,481
910.427
968,327
198,660
76,856
72,366 2,284,184
W1924
'
-Month of September
Surplus
Aft.Chges,
,
Net.
Gross.
Eaton Rouge Electric Co1925
20,424
14,388
65,421
14.608
20,107
1924
' 57.654
Blackstone Valley Electric Co132,526
418,093
168,547
1925
1924
84,677
368,669
121,718
Cape Breton Electric Co Ltd1925
4,675
45,433
10,394
1924
2,136
49,491
7,878
Central Miss Valley Elec Props1925
13,942
17,685
51.310
1924
9,102
47,273
12,299
Columbus Elec Power (Jo1925
235,973 -30,154 -51,978
1924
196,511
66,959
87,398
Edison Elec Ilium Co of Brockton1925
131.449
42,258
39,461
119.445
1924
41.068
40,167
-"The El Lt & Pr Co of Abington & Rockland1925
51,372
12,598
12,036
39,333
1924
5,485
5,752
-1 Paso Elec Co (Del)
212,435
73,911
60,079
1925
206,577
67.718
51.036
1924
12 Months Ended September 30Surplus
Net.
Aft. Choc,.
Gross.
762,468
685.122
4,927.364
4,561.530
266,263
228,811
[ Voi, 121
197,314
185,264
1,880,080 1,453,781
1,417,114 1,091,719
571,659
686,742
77,960
142,693
9,213
74,326
607,372
592,548
168,782
162,347
128,054
123,645
805,499
2,600,644
2,272,830 1,073,237
541,888
803,602
1,659,402
1.553,909
651,000
543,018
619,848
528,577
.505,885
445,414
92,108
71,519
85,79.5
69,646
2,506,551
2,420,172
873,058
862,661
669,794
650,641
Month of October
Surplus
After Chges.
Net.
Fall River Gas Works Co1925
86,488
23,961
1924
86,676
24,554
Galveston Houston Elea Co1925
331,520
89,323
1924
328,954
87.718
Haverhill Gas Light Co1925
55,216
12,581
1924
54,053
15,899
Houghton Co Elec Light Co1925
38,265
10,909
1924
38,367
9,312
Keokuk Elec Go1925
12,841
36,147
1924
8,589
34,378
The Key West Elec Co1925
22.496
9.500
1924
7,865
19,899
The Lowell Elec Lt Corp1925
125,462
39,311
1924
119,962
36,703
Mississippi River Power Co1925
267,522
152.591
1924
275,560
218,052
Northern Texas Elec Co1925
200,438
65,597
1924
212,841
74,296
Paducah Elec Co1925
19.112
52,507
1924
49.270
12.878
Puget Sound Power & Light Co1925
1,027.934
365,102
1924
985,009
310,225
Sierra Pacific Electric Co1925
92,657
34,787
1924
89.736
40.731
12 Months Ended Oct. 31Surplus
Net.
After Chgs.
$
Gross.
23,607 1.007,849
24,550 1,012,468
265,302
234,748
263,228
233,729
34.040 3.940,510
41,752 3,681,371
1,023,885
911,542
417,901
390,357
12,576
15,890
636,389
600.330
147,344
134,174
147.032
132,296
7.287
5,230
501.651
518.016
140,629
137,128
93,325
88,018
9,099
5.159
425,300
422,405
113,320
111,607
70,702
71,923
6,895
5,379
256,385
238.710
101,668
91.813
71.708
61,714
38,263
36.003
1,594,805
1.505,o93
555,569
507.919
551,820
482,366
3,208,379 2,355,506
3,159,279 2,320,638
1,185,853
1,130,721
36,157 2,523,353
45.828 2,765,615
819.285
981,415
475,291
624,355
645.890
629.126
208,376
194,433
98,601
83,828
56,794
120,621
10,139
3.406
137,731 12,707.137 5.414,222 2,683,390
94,015 12,583.764 5,304.941 2.696,001
31.373
34.766
1.146,531
1,064.541
458,818
471.733
396,765
399,673
FINANCIAL REPORTS.
Financial Reports.-An index to annual reports of steam
railroads, public utility and miscellaneous companies which
have been published during the precedig month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
•
published. The latest index will be found in the issue of
Nov. 28. The next will appear in that of Dec. 26.
Punta Alegre Sugar Co.
(10th Annual Report-16 Months Ended Sept. 30 1925.)
The remarks of President Edwin F. Atkins reviewing the
operations of the company for the 16 months ended Sept. 30
1925, together with the income account and comparative
balance sheet, will be found in our advertising columns,
page XXI. Our usual comparative tables follow:
INCOME ACCOUNT FOR YEAR ENDED MAY 31.
-Years Ended May 3116 Mos. End.
1922-23.
1921-22.
Sept. 30'25. 1923-24.
Estimated oper. revs_ _413,495,747 $15.897,794 $17,817,312 $5,780,497
4,512,600
11,060,079 12.374,578 11,922,376
Operating cost
$2,435,668 $3.523,216 $5,894,936 $1,267,897
Operating
Lees$8
285
38;7
$812,680 $1,096,214 $1.309,493
902
59
iaotiol
n noaons
n plant__
Interest
671.114 (net)505.100 (net)572,929
Interest on bonds
•
2,379
Miscellaneous
$951,874
Net profit
DeductEst. U. S. & Cuban inc.
139,754
& excess profits taxes..
Cr184,074
Adjustments
Organization expenses
Res. for loans on plantings & doubtful sects_
Balance
Previous surplus
Surp. pd. in on stk. iss_
3996,195
8,674,726
$7.518,786
Total surplus
1,930.785
Dividends paid
Adj. for period May 31
1925 to Sept. 30 1925_ Cr221,350
$1,921,902
$4,012
:
514
$141,729
260,000
Cr429,299
267,631
360.883
62,030
6,000
309,497
100,000
Cr199,899
$1,823,570 $3,489,601
8,113,178
4,615,392
8.185
1,089
$26.131
4,589.260
$9,937,837
1.263,111
$8.113,178
$4,615.391
Profit & loss surplus__ $7,518,786 $8,674.726 $8.113,178 $4,615,391
x Including 109,234 bags of sugar unsold at Oct. 31 1925 valued at
2 cents per pound, C. o. b.
CONSOLIDATED BALANCE SHEET.
Sept.30'25. Mao 31 '24.
Sept.30'25. May 31 '24.
s
s
Assets8
Liabitittes-Capital stock
Fixed assets
x27,619,496 24,094.096
19.076,850 16,576,850
Organien expenses 1,069.808 1,000.000 Cap. stock of subs.
(not owned by
52,759
50,187
Mtges. receivable.
P. A. B. Co.)
368.341
Stock In other cos_ 2,886,341
330,000
330,000
337,737 Land Our., payable
Live stock
329,805
yearly to 1927._
745,445
484,318
Supplies in warehouse(at cost). _ 1,540,307 1,303,055 15-yr.7% s. 1. deb. 4,966,300 5,536,300
6% gold notes
2.000,000
Sugar in process
756 Subsid. co. bonds_ 3,905,000 4,355.000
(at cost)
1,301
Loans to subs. _
981,977
Exp. on account of
89,155 Notes payable._
1,401,038
75,600
1925-26 crop_
168,417 Int. & rents accr'd 261,960
501,997
315,073
Deferred charges_ _
U. S. & Cuban tax
4,477
Supplies in stores
260,000
295,477 Accounts payable_
379,057
386.605
497,677
(at cost)
223,203 Surplus
130,498
7.518,786 8,674,726
Unliqu'd molasses_
722,085 5,428,882
Sugar Inventory_
Accts. reedy. from
planters & others '2,742,348 3,122,054
New York office.
141,444
108,212
cash, die
429,141
Tot.(each side).40,283,000 37.029 945
787.948
Cash
for $2,063.795 being notes given by planters
liability
-Contingent
Note.
to banks for advances made, repayment of which is guaranteed by the
company or its subsidiaries.
x Mill buildings and machinery, $13,444,523; railroad and shipping
equipment, $9,344,020; houses and buildings, Sta., $3,099,173; steam plows.
carts, tools, furniture, &c.. $759,180; total $26,646,896. Less reserve for
deprec.. $5,702,605: plant under construction, $325,968; lands, pasturee,
a is anl wells, $3.147,510: cane fields and other plantings, including
i tchcs, 53,201,726.
-V. 121, p. 470
Dm.51925.]
THE CHRONICLE
Fajardo Sugar Co. of Porto Rico.
31 1925.)
(7th Annual Report-Fiscal Year Ended July
the fiscal
ing
cover
sheet
ce
balan
The income account and
under "Reports and
year ended July 31 1925 will be found
Documents" on a subsequent page.
D JULY 31.
RESULTS FOR FISCAL YEARS ENDE
1921-22.
1922-23.
1923-24.
1924-25.
317,612
269,794
4
369,23
477.553
Cane,ground,tons
36,981
32,287
40,449
53.157
Huger output, tons
1,626.401
1,406.852
stated
Not
stated
Not
,422
Molasses, gallons
$3,148
,881
$4,324
,529
Sugar. &c.. produced--- $5,000,7877 $4,986
217.683
231.297
239,696
230,57
Miscellaneous receipts
.105
$5,231,364 $5,226,226 $4,556,179 $3,366
Total
61
Deduct-Producing and
2.869,8
354
3.214,
012
3,652,
3,696.145
mfg. costs. &c
$496.244
$1,341,824
,214
$1.574
.219
$1,535
Net income
25,234
18,044
28.809
20,319
Interest paid
198.521
203.631
200,893
211,501
Depreciation
$272,488
$1.303,398 $1,344.511 $1,120,150
Net profit
Income and profit taxes
1
328,12
48.511
49,057
of prior years
287.975
719.979
935,984
809,643
Dividends declared
.487
0
def.$15
$72,05
17
$360.0
$444,697
Balance. surplus
x Before providing for income taxes.
31.
JULY
BALANCE SHEET
1924.
1925.
1924.
1925.
2747
DEC. 31.
CONSOLIDATED BALANCE SHEET
1923.
1924.
1923.
1924.
$
$
tiesLiabili
II
$
Assets4 7% (Jeer. 151 Pref.
Cost of prop's....:135.266,918134,201.38
00 7,838,400
8,032,1
"B"
790,465
575
Inveit. & adv____ 808,075
173,059 7% Cum.fld Pref_49,958,575 49,958,
22,932
Casb with trustees
134,486 Common stock--21.305,400 21.305,400
Sinking fund bonds 221,670 15.107,
of
stock
nce
Prefere
160
11,421,377
Inventories •
constit. ens._ -y11,756,300 11,948,800
Trade accts, and
Acadia Coal Co.
113,300
bills receivable
113.300
stock
39
162,800
(less reserves)._ 4,778,771 4,886,6
0
541.042 Capital stk. ree've z161.60
37,800,265
Other accts. recle_ 645.101
42,295
dt_37,8
mtge.
&
Fund.
39,336
37,336
409.400
Inv.in war bonds_
383.400
ts
paymen
kiogans
Deferred
578,757 Es
Cash & call loans_ 966,333
2,259,791 1,365,882
Disc, on secure..
99 Curr. accts. Day..
devel. exp.. &c.. 1.145,969 1,252,1
1,879.483 2,401,988
wages,&c
580.333
Insur., 10., exp.
590,016
504,829 Accrued interest
475.064
prepaid
1,209.005 1,508,312
s
Reserve
Consol. surplus_ _ _20.458,282 22,815,901
155,789,546158,209,356
Total
155.789,546158,209,355
Total
buildings, machinery
and coal properties, plant,the
aggregate value of
x Representing the orethe
constituent companies,
s for depreciation
and equipment, &c. of
reserve
(less
als
apprais
ndent
indepe
hy
uent companies
which is supported mineral
constit
of
stock
nce
y Prefere
s).
of
ion
on Iron &
exhaust
Domini
and
7%
Coal Co.. Ltd., 32.799.400:
Ltd.,
includes: 7% Dominion 300:
$4.705,500:
Corp.,
Steel
on
Domini
0
67
Car Co..
n
Easter
Steel Co.. Ltd.. $3,336, Coal
6%
00:
Co. Ltd., $808,0
&
1st
8% Nova Scotia Steel
reserve: Par value of 7% Cum. nce
stock'
Prefere
ding
Ltd., $107,100. z Capital
outstan
of
ge
exchan
for
d
reserve
stock
of
Pref.
value
Pref. stock, Series "B.
par
ies, $11,917,900, less
stocks of constituent compan
$11,756,300.-V. 121, p. 1793.
of these companies outstanding.
(Cuba), New York City.
Guantanamo Sugar Co.
Assets-5 760,100 5,760,100
86 Capital stock
g Sept. 30 1925.)
Property & plant-a3,267,002 3,243,7
1.000
1,000
562,286 Fajardo Devel. stock
(20th Annual Report-Year Endin
Live stock & equip__ 6560,800 840,411
14,172
s__
17,935
Planters' account
together with income
638.096
Post,
H.
cane
g
James
Growin
Accounts payable_ __ 167,880 130,587
The remarks of Pres.
Materials& supplies_ 310,188 283,165
as of Sept. 30 1925 will be found
sheet
ce
balan
191,444 190.117 L. W. & P. Arm.
and
nt
accou
Mtges. and loans
251,190 345,006
on a subsequent page.
144,331 173,956 strong
Planters' accounts
144,002 215,996 under "Reports and Documents"
85,601 Dividends payable
Raw sugar on hand__ 544,398
ENDING SEPT. 30
YEARS
15,616 Replacem't reserve_ 430.498 1330,498
L
FISCA
FOR
Molasses on hand _ _ _ 12,020 452,400
UNT
1100,000
reeervei
INCOME ACCO
Insur.,
1921-22.
1922-23.
1923-24.
First Mtge.bonds_ __ 409,200 100,000 Surplus
.
95
1924-25
2
2.093.1
537,892
.895
Misc. investments__ 100.000 136,792
$2.625,915 $2,477.006 $1.620.482 $2,703
sales
sugar
35.694
*Gross
117.690
17,246
sree.
4
ts.&bill
115,03
Misc.acc
314,796
1.428,891
Molasses sales
IL B., &c.,securitles.1,428.890
,588
1,183.041 935,546
Cash
$2,940,711 $2,592.039 $1,637,727 $2,739
Total
Accts.(not current)_ 401,811 739.615
Total(each side)_ _9,310,498 8,990,554 aProducing & manufac22,370
2,377,198
11,586
1.839.673
345
2.321,
490
Deferred charges
2,676,
_
_
&c_
turing expenses,
reserve for depreciation. b After deducta After deducting $1,310.281
$362,391
p. 2409, 1795.
$270,695 loss$201,946
21
ing reserve for depreciation.-V.121
Profit on operations.. $264,2
75.388
203,984
167.641
178.748
Ltd.
,credit
n,
Income
ratio
Corpo
Other
Steel
e
Empir
sh
Briti
8437.779
$2.038
3438.336
69
)
$442.9
1924.
31
Dec.
Ended
246,715
Total profits
246,330
(Report for Fiscal Year
218.690
264.401
Depreciation of mills. &c
3.000
ks to stockholders says: Federal
19,000
taxes
85.000
President R. M. Wolvin in his remar
comary
and
subsidi
uent
of the constit
Prov,for bad debts
The net cost of the propertiesby
the sum of $1,065,534. The total ex$106,063
year
$216.646 def$244.291
68
$159,5
panies increased during the improv
t
and
•
the
amoun
195,
surplus
$2,190.
was
e,
Balanc
ements
3,204,174
2,609,306
2,264,559
2,310,270
penditure for additions and
25,673
on and renewals was $1,124,660. bringing- Previous surplus
4,697
12,426
reserved for depreciation, depleti
which is approxi
Prof. fr. pur. of co a stk_
reserves up to $29,266.918,
the total amount of three
colon
the
sheet.
balance
on
repl.
shown
for
of res.
properties as
Adj.
of
.544
cost
Cr.$19
632
net
the
Dr.61,
of
,000
%
21M
Dr.130
mately
accts. & invent
funded and mortgage debts against these
The aggregate amount of the the year by the sum of $117,900. New
$3,335.911
$2,352.265 $2.424.270 $2.384,559
properties was reduced during
equipment bonds were issued for
51,605
Total
serial
r
120.000
ten-yea
of
114,000
form
the
in
138,080
securities
the
stock
for
rolling
ds_
new
ry
dividen
necessa
ed
of
Preferr
b675.000
cost
the
of
b270.000
$450.000. to provide part and bonds of the par value of $567.900 were re- Miscellaneous charges
Ey.,
r
ur
Louisb
&
Sydney
The total
on of the several sinking funds.
185 $2,310,270 $2,264.559 $2,609.306
deemed through the operati
outstanding on Dec.31
P.& L.ear. Sept. 30._ $1,944,
ures and debenture stockthe
&c. a Also includes shipping
amount of bonds, debentslightl
net cost of properties
ng sea freight, commissions,
than 28% of
deducti
less
y
After
*
or
,295.
to no par value stock.
$37.682
1924 was
Although this is only a fractional reduction and general expenses. b Transferred
as shown by the balance sheet.
imthe
has
bonds
been
ing
underly
y
, the securit
BALANCE SHEET SEPT. 30.
from last year's figures
1924.
1925.
expenditures made during thelyear.
Liabilities-1924.
ctory
and
proved by the considerable
gradua
satisfa
1925.
a
by
783,
$3.685,
Assetsd
Pref. 8% stock_...S1,933.8C0 $1,390.000
Inventories have been reduce
00
rs are assured that the amount appearing Real estate, build3,642,5
directo
4,350
n
stock_
„y3,97
and
Commo
tion,
279
realiza
of
95,016,
process
x45,040,965
sheet. $11,421,377, is fully represented
lags, &c
107.500
x75,650
00 Old Common
under this heading on the balance
Guan. RR. notes_ 1,086,957 1,000,0
materials in stock.
Pay 1.591,537 2,090,940
&
accts.
Notes
133,793
the
for
year
after
ies
in the current value of the
26,596
the constituent compantration expenses was Adv. to Guan. RR
1 Taxes and contin1
The aggregate earnings ofg,
RR. stock_
selling and adminis
11,037
39,037
gencies
deducting all manufacturin
from last Guan.
crops carr'd
to the balance carried forward on
Grow,
75.000
added
75,000
t
amoun
Repairs & maint
This
296,416
75.
$923,7
200,750
$1.954,805. Provisi for deseason
of
follow.
sum
to
the
l
disposa
fecunsoil
Maint.
for
870,510
year left available
795.756
t and interest on bonds and debenture Inventories
72,447
92,514
dity
176,991
preciation and exhaustion, discoun
167.023
Preference stock of the corporation and the
1,944.185 2,310.270
stock, dividends paid on First uent companies, created a debit balance of Cash
1,751,867 1,537,8P5 Surplus
colones_
to
Adv.
constit
142.322
Preferred stocks of the
of
the
ion
the
since
114,509
format
ons
ohe
operati
ec.
upon
Miss.aects.r
26.988
$1,326,589, which is the deficit
43.150
Unexpired ins., &c
25,000
corporation.
25,000
the consolidated surplus at the date of Stk.for employees.
Deducting this amount from
d
in
carried
forwar
surplus
of
be
to
was left
Adv. for pur.
Total(each side)S9.726.074 59,699.695
473,500
organization, $21,784,870, there
473.500
lands
sugar
addi
.281.
$20,458
account a balance of
ery and apparatus purchased to be
unsatisfactory
year of depressed business and tion
adding $35,526 for machin
After
a
reserves for depreciation, replant-.
These are the results of arelief
iron
with
from
,662
competi
d
was obtaine
and after deducting $1.492
405,000 shares
operating conditions. No
an coun- Installed.
. y Common stock authorized
and especially from thosecyEurope
big and extraordinary repairs
397,435 shares of no par value.
of
and steel imported from abroad
counding
those
curren
the
outstan
in
and
paid
and are
value, issued
par
no
of
of
in
tries in which wages are lowfor
greatly
tions
excess
domestic transac
tries, where it has a value y whose transactions are done on a gold basis. a $50 par value.
OF THE GUANTANAMO RR. FOR YEARS
its value here or in any countr
ls which may be imported free or subject RESULTS OF OPERATIONS
materia
of
list
the
ENDING JUNE 30.
to
ns
additio
and
se unfavorable market conotherwi
the
fied
intensi
1921-22.
1922-23.
1923-24.
to rebate of duty have
1924-25.
IM46.136
ditions.
less than the previous year's output Gross income
was
ed
produc
317,951
le.
coal
of
availab
ty
not
The quanti
Figures
es & taxes_
of pig iron decreased 100.603 tons, and
50,570
by over 715,000 tons. The output serious reductions in output running Oper. expens
ation
Depreci
84.437
steel ingots 112,443 tons. These
low
the
d
with
prices, Interest charges
ly and, couple
from 35 to 40% affected costs adverse
ble.
loss$108,092 los46,822
.770
loss$89
made profitable results impossi
0
of
the
a
part
$16,39
and
surplus
ed
increas
Balance, surplus
The output of iron ore was somewhat
by export to Germany.
p. 1575.
disposed of, chieflylast
produced in previous years wasexpress
annual report, that -V. 121,
ed in their
The hope which directors
the
the
ment
and
n
manage
exist betwee
more sympathetic relations would
the operations of a works council,
working force, was not realized, although
at Sydney and at the Ponder works
which was adopted at the steel works
good, and relations at these
much
of
ive
product
been
have
at St. John,
year.
STEAM RAILROADS.
works were satisfactory throughout the
NT.
Meats.
CONSOLIDATED INCOME ACCOU
Commission Reduces Freight Rates ono Fresh
ce
Commer
late
Inter-S
.End.
31
8.3iMe
nts of fresh meats from Chicag to destmabons
Years Ended Dec.
.
Basic rate on carload shipme
1922.
pounds
100
31
per
Dec.
79
'21.
cents
to
87
from
1923.
d
reduce
is
group
1924.
.n the New York rate
$923,775 $4,444,346 $2,917,275 $4,416.451 New York "Times" Dec. :3. p. 40.
*Total earnings
Device on 871 Miles of Road.
Stop
tic
Automa
Has
RR.
ent
in
Central
roc.
settlem
Amts.
New York
years of experiments. New York 'Times"
of claims agst. Govt.
System adopted is result of
•
11.
for cancellation of con000
Nov. 29, Sec. 2, p. Cars.
4,000.
ht cars in need of repair on Nov:15 totaled
-Freig
tract for ship plates_
filed
Repair of Freight
by the
to
reports
ng
accordi
line,
on
r
numbe
166.704, or 7.2% of the
n of the American Railway Association.
$923,775 $4,444,346 $6,917,275 $4.416,451 carrier
Total
s with the Car Service Divisio
d
on
1, at
Nov.
reporte
number
the
over
cars
1,223
Deduct-Prov. for sink.
This was an increase of165.48
1, or 7.170. Freight cars in need of heavy refds., deprec. & depl. of
which time there were 125,752, or 5.4%,a decrease of 1,928 cars compared
to
.
(&
s
totaled
approp
mineral
pair on Nov. 15
cars in need of light repair totaled 40.952, or 1.8%,
write down value of
3,627.799
1.501,178 with Nov. 1. Freight
1.112.515
ed with Nov. 1.
plate mill in 1922)_ _ 1,112.515
increase of 3,151 compar
an
-Locomotives in need of repair on Nov. 15 totaled
on
bonds and
Int.& disc,
Repair of Locomotives.
filed by the
1,676.906
1,181,682
1,978.473
number on line, according to reports
2,023,846
the
of
Debenture neck
16.8%
or
10,709.
n of the American Railway Association.
First Preference dive, of
s with the Car Service Divisio
carrier
with
ed
Nov.
1. at which
compar
tives
locomo
corp. and Prof. stocks
This was an increase of 47616.1%. but a decrease of 928 locomotives comof constituent and sub98
7 time there were 10.233,inorneed of repair on Nov. 15 last year. Of the total
1.344.2
718,27
24
1.346,5
_
3
_
_
ies_
145,03
compan
sidiary
259.388 pared with the number
on Nov. 15. 5,681, or 8.9%, were in need of classiPref. dividends accrued_
number in need of repair
294 compared with Nov. 1, while 5.028, or 7.9%,
71
repairs, an increase of
27
$268.2
fied
$755,9
$6,834
, an increase of 182 locomotives within the
,619
_
repairs
_
_def
32.357
surplus
Balance,
were in need of running
ds had 4.282 serviceable locomotives in storrailroa
I
Balance brought forward
Class
7
period.
755.92
98
same
1,024,1
31
compared with the number of such loco168
1,031,0
of
e
1922
decreas
1
Jan.
age on Nov. 15, a
,198
$755,927 motives on Nov. 1. s I roads on Nov. 14 had 112,572 surplus freight cars
Profit& loss,surp__def.$1,326.589 $1,031,032 $1.024
-Clas
.
Car Surplus
immediately available for service, according to reports
Surplus at date of org'n,
4,870 $21,784,870 $21,784,870 in good repair ands with the Car Service Division of the American Railway
10, balance at Dec. 31_ _ 321.784,870 $21,78 ing all
g, selling filed by the carrier
cturin
manufa
deduct
an increase of 8,603 cars above the number reported
after
was
ies
of
s
This
propert
Association.
* Total earning
and administrative expenses.
GENERAL INVESTMENT NEWS
2748
THE CHRONICLE
!Nor, 121.
on Nov. 7. Surplus coal cars in good repair on
Nov. 14 totaled 37,041, a
decrease of 685 cars within approximately a week,
Little Schuylkill Navigation RR. & Coal
while surplus box cars
in good repair totaled 51.940, an increase
Co.
of
4,701
Reports also showed 13,792 surplus stock car's, an during the same period. Smaller Dividend.
increase
of 2,367 over the
number reported on Nov. 7,while surplus refrigerato
The
directors
have
declared
a semi-annual dividend of $1 :per share
r cars totaled 2,909, on the
an increase of 1,628 compared with the previous
capital stock, par $50,
Jan. 15 to holders of record
period.
Car Shortage.-Practically no car shortage is being
This compares with 31 25 paidpayable
on July 15 last.-V. 113. p. 2504. Dec. 18.
reported.
Atlanta & St. Andrews' Bay Ry.-Val
The I.-S. C. Commission has placed a tentative uation.valuation of 31.026,150
on the total owned and 31.059,650
on the total used properties of the
company, as of June 301917.-V. 115,
Midi RR. Co., France.-Bonds
Eleven hundred 6% bonds (foreign series)
1960 were called for redemption
at par (1,000 franca p
per bond on Dec. 1, payable at the
office of A. Iselin
lin
& Co., fiscal agents, 36 Wall
t.. N.Y. City.-V.119, p. 2526.
p.72.
Buffalo & Susquehanna RR.-Dividend Rate Smaller.New Orleans Texas & Mexico Ry.-Bonds Sold.-Kuhn,
The directors on Nov. 30 declared a dividend of %
3 of 1% Loeb & Co. have sold at 96 and int., to
yield 5.27%, $3,on the outstanding $3,000,000 Common stock, par
200,000 1st Mtge. 5% Gold bonds, Series B, dated
April 1
payable Dec. 30 to holders of record Dec. 15. This $100,
com- 1924; due April 1 1954.
pares with quarterly dividends of 13
4% paid previously.
Denom. 011,000, $500 and $100. and r5$1,000. Int.
payable
A. & 0.
Record of
Dividends (%) Paid on the Common Stock from 1916 to Date.
1916. 1917. 1918. 1919. 1920. 1921. 1922.
1923. 1924. 1025.
5
7
7
7
10
7
17
17
9.14
x6
x including dividend payable Dec. 30.-V.
120, p. 9806•
Red., all or part, on any int. date at par and int.
Issuance.-Approved by the I.-S. C. Commission.
Data from Letter of Chairman Wm. H. Williams,
New York, Dec. 2.
Security.-Upon completion of the present financing, will
be a first
lien, either directly or through pledge of all outstandin
Boston & Maine RR.-Listing.securities of subsidiary companies, on approximately 1.403 miles of grailroad,
There have been placed upon the Boston Stock Exchange list
its
negotiable appurtenances, including two ferry boats and the facilities usedwith
receipts, 100% paid and 25% paid, for Prior
in the
stock as issued operation of the ferry over the Mississipp River
in accordance with the reorganization plan andPreference
at Anchorage. La., on
agreement dated Sept. 1 real estate of an estimated value exceedingi$3,000,00
0 and on equipment
1925 (V. 121, p. 1223). These receipts bear the signature of the
general having a book value, after depredation, as of Oct. 31 1925, of
readjustment committee by First National Bank,
approxiBoston,
mately $7,245,000.
.
The B. & M. has agreed to pay int. at the rate of 7%depositary
per
year upon
Company and its subsidiaries operate over the lines of railroad subject
the amount paid in as represented by each receipt from the date
or dates to the first mortgage as aforesaid,
of such payment or payments until the plan of reorganization shall
together with several short lines over
been consummated or abandoned. This int. will be payable upon have which the company has trackage rights, a system which extends from
sur- the Mississippi River at Baton Rouge,
render of the receipt to the depositary at or after the
via Houston, to the Mexican
time
of
such
conat
Brownsvill
summation or abandonment.
e and San Antonio. From Baton Rouge to New Border
The reorganization plan and agreement dated Sept. 1 1925 provides the business of the company is handled over the linos of Yazoo &Orleans,
Mississippi Valley RR. and Illinois Central RR. under a contract
for the creation of a new 7% Prior Preference stock.
with those
This new stock, companies.
If created, will have a par value of 8100 per share and will
Company also owns all the capital stock of Internatio
have priority Great Northern
nalover the present 1st Preferred, Preferred and Common stocks
RR.,
which
owns 1,159 miles of railroad. Upon the
as to diva. aeauisition of the
which shall be cumulative, and also in liquidation at par and divs.
securities referred to. New Orleans Texas & Mexico RR.
and its subsidiaries will operate
Of the proposed new Prior Preference stock 130.000 shares are
over
approxima
tely
2,750 miles of railroad
sold to holders of present stocks of Ii. & M. as set forth in the plan.to be (including mileage operated under trackage and similar
from New Orleans and Baton Rouge to Austin, Ft.contracts) extending
It is the negotiable receipts for these 130,000 shares of proposed
Worth, Waco and
Prior San Antonio,
Preference stock to which this listing applies.-V. 121. p.
to
the
Gulf
ports
of
Freeport. Galveston, Orange, Beaumont,
2633, 2516.
Houston, Port O'Connor and Corpus Christi
and
to
connection
s with the
National Rys. of Mexico at Laredo and Brownsville.
Cape Girardeau & Northern Ry.-Sale.Control.-Company is controlled, through the ownership
Charles G. Juden of Cape Girardeau was the only bidder when the
of
more
than
was placed on sale by Common Pleas Court at Cape Girardeau road 86% of its stock, by Missouri Pacific RR.
. Mo.,
Nov. 18, and he bid in but one section. the PerryvillePurpose.-The bonds are being issued to provide for
West Chester parcel, Purchase
a portion of.the
16 miles in length, of its total of 110 miles. The sale
price
of
all
outstandin
securities
g
is to be passed on Gulf
of San
Uvalde &
by the Court.-V. 121, p. 2516, 2399.
RR. and four other railroad companies which Antonio
together own and
operate approximately 424 miles of railroad in, the
State of Texas. The
Chicago Milwaukee & St. Paul Ry.-Government In- securities so acquired will be pledged under the
first mortgage.
Capitalization.-Upon completion of present financing,
quiry to Determine Cause of Financial Collapse Starts.outstanding 315.770.000 let Mtge. 5I6% Gold bonds. there will be
Series
The Government inquiry to determine whether the financial collapse 135.100 1st Mtge.
$11.5% Gold bonds, Series B, and $5.564.900 5%A:bonds,
of the company was due to economic reasons or mismanagement began due in 1935. secured
under the first mortgage ratably with the 1st Mtge.
before the I.-S. C. Commission Nov. 30. Frederick I. Cox, Inter-State bonds issued thereunder
.
Commerce Commissioner, assisted by Chief Examiner Hickey, opened the
Company has no other funded debt, except $1,624.000 of Equipmen
inquiry.
t
Trust
s maturing serially up to 1939. secured on equipment
Mr. Cox explained that the Government intended to delve into every costingcertificate
tely $2.320.000. Company Proposes in the near future
phase of the St. Paul bankruptcy for the purpose of locating the causes to Issue approxima
an
additional
3750.000
Equipment
of
•Trust certificates, maturing
that contributed to it and, if possible, fixing the responsibility. He also serially up to
1940, to be secured on equinment costing approximately
explained that the banking irterests, board of directors, officials
of the $1,000.000. There is outstanding 815.000.000 of capital stock on which
St. Paul and representatives of bond and stockbroker organizations should
dividends are now being paid at the rate of 7% per annum.
have the fullest latitude to make clear the real reasons that resulted in the
Earnings.-The income of the company and its principal
receivership. It is expected that the inquiry will consume
several months. companies (other than International-Great Northern RR.) forsubsidiary
the year
-V. 121, p. 2634. 2516.
ended Dec. 31 1924. applicable to
of interest on let Mtge.
the payment
bonds amounted to 34.215,720. while
the total interest on funded and
Denver & Rio Grande Western RR.-1926 Budget.other debt amounted to only 31.062.904. Such income
for the ten months
The directors have approved a budget calling for the expenditure of ended Oct. 31 1925 increased 8164.182 over income for the correspond
ing
period of 1924. This income does not include any earnings of International$9,358,972 for improvements, new equipment and building of
branch lines Great
in 1926, according to President J. S. Pyeatt. The program
acquired
.RR. or of any of the companies whose securities are now
provides,
among other things, 32,556.957 for reconditioning equipment:
0
for the purchase of 10 passenger locomotives, 500 steel cars 32.450.00
LiWing.-Outstanding let Mtge. bonds of Series A and Series B are
and other list
is these the NewSt
equipment; 31.044.800 for rails: $450.000 for ballast and ties, and 51,299.00
nal
ock Exchange and application will be made to
0
for branch lines, one of which will be the Salina Canon line in
bonds.
Utah
to
open coal deposits and one a branch near Kenilworth, Utah, to eliminate
excessive grades. The Missouri Pacific and Western Pacific,
Bonds Authorized.which
jointly own the outstanding Common stock, have approved the program.
The L-S. C. Commission on Nov. 28 authorized the company to
--V. 121, p. 2269.
issue
31.700.000 1st Mtge. bonds. Series A or Series B. the Series A bonds
to
be sold at not less than 98 and int. and the Series B
to be sold at
Gideon & North Island RR. (Mo.).-Final Value.not leas than 93 and int.. and, pending their sale, tobonds
pledge
them
from
The I.-S. C. Commission has placed a final valuation of $108,600 on time to time until Dec.
31 1927. as collateral security for any note or
the owned and used property of the company as of June 30 1917.
notes which the company may issue.
The
proposes to purchase the securities of the following
Gulf Mobile & Northern RR.-3 % Back Dividend.- com
companies
panies:
:
The directors have declared a dividend of 4st.% on the Preferred stock,
Par Value,
payable Jan. 1 to h- Piers of record Dec. 15. Of the 4 % so declared,
ills Sugar Land Ry. Common stock
8250.000
the intention of the di-ectors that ,k; of 1% should be regarded as an adjust- Sugar Land Ry, let Mtge. 5% Gold bonds
384.000
ment of the 6% dividend rate to Jan. 1 1926,the last dividend payment hav- Asherton & Gulf Ry. Common stock
75.000
ing been made on Nov. 15. The balance, 314%, will be applied on account Asherton & Gulf Ry. 1st Mtge.6% Gold bonds
200.000
of accruals. The payment of this dividend will reduce the accumulations Rio Grande City Ry. Common stock
and to finance their acquisition by the proposed issue of bonds. 22,000
on the Preferred stock as of Jan. 1 1926 to 20%.-V. 121. p. 1566.
By an
agreement dated May 111925. between the company and W. T. Eldridge.
the company arranged to purchase all of the outstanding securities
Illinois Central RR.-Equip. Trusts Sold.-Kuhn, Loeb these
of
three companies for $1.700.000 cash. To reimburse the company
& Co. have sold at prices ranging from 97.90 and bit. to 100 for such expenditures It now proposes to issue $1,700,000 of 1st Mtge.
and bit. to yield from 4M% to 4.70%,according to maturity bonds. See also V. 121, p. 2635.
(an average price of equal amounts of all maturities of
98.75% being an average yield of 4.70%) $9,240,000 432%
Equip. Trust Certificates, Series "L."
Maturing $616,000 annually from Oct. 1 1926 to Oct. 1 1940, both incl.
Denom. 1,000 c*. Dividends payable A. & 0. Bank of North America
St Trust Co., Phila., trustee. Principal and dive. payable at the agency of
the trustee in Neve York in gold coin of the U. S. a America, of or equal to
the standard-Of weight and fineness existing Oct. 1 1925, and without
deduction for any tax. assessment or other governmental charge (other than
Federal Income taxes) which the company or the trustee may be required
no pay thereon or to retain therefrom under any present or future law of the
United States of America, or of any state, county, municipality or other
taxing authority therein.
Issuance.-Subject to the approval of the I.-S. C. Commission.
Data From Letter of Charles A.Peabody, Chairman Executive Corn.
Security.-There will be vested in the trustee title to new equipment
costing approximately $11,556,000. including the following: 1.000 40-ton
composite automobile box cars, 200 50-ton steel underframe flat cars. 200
40-ton steel underframe double deck stock cars, 130 steel suburban motor
cars and 85 steel suburban trailer cars.
Guaranty.-The principal of the trust certificate and dividends thereon
will be unconditionally guaranteed by endorsements thereon
by the Illinois
Central RR.
Capital Stock.-Company's outstanding paid-up capital stock, including
the 11.263.100 preferred stock recently offered to shareholders, will be
5154,445,400, consisting of $31,792.000 Pref. stock and $122.653,
400
Common stock. Dividends on the Preferred
are now being paid at
the rate of 6% per annum and on the Commonstock
stock at the rate of 7% per
annum. Company has not failed to pay dividends
on its outstanding stock
since 1859.
. Earnings.-Gross income for year ended Dec. 31 1924 applicable to the
payment of fixed charges. rentals, &c., amounted
$31,628.305, while
inch charges amounted to only U5,379,74 leaving to net
a
income of $16.7,
28,558.-v. 121. p. 2399.
Indiana Northern RR.-Final "Valuation.-
The L-S. C. Commission has placed a final valuation of $29,310
on the
owned and used and $25,940 on the used
but not owned properties of the
company, as of June 30 1916.
New York Central RR.-Riverside Drive Electrification.
The New York P. S. Commission has approved plans
the electrification and the Transit Commission has approved the plans forthe
elimination
of most of the important grade crossings on the upper for
west
York City as far south as 72d St. Work on this project, whichside of New
will cost $30,000,000. will be completed within three years. is expected
Because a definite plan has not yet been adopted by the
city and the
railroad to remove its tracks from the surface of streets
below 61st St.,
the P. S. Commission has allowed the railroad to use
tric locomotives for switching operations in the 60th St. yardDiesel-elec
and south to the
end of the line at St. John's Park.
Important grade crossing on the upper west side will be done
away with
by means of a viaduct to carry the tracks between
137th St. and St. Clair
Place at 129th St. Besides the viaduct, 3.000-ft.
approaches must be
constructed at each end which will make the improveme
nt extend from
116th St. north to 158th St. This viaduct and its
approximately $3,500,000. They will be constructedaccessories will cost
without interfering
with double-track operation of the freight line.
It is estimated the electrification itself, including new
equipment, will
cost about 527.000,000 and this figure, together
with the cost of the new
viaduct, will carry the total cost of the work well
over the $30.000.000
mark.-V. 121, p. 2400, 583.
St. Louis-San Francisco Ry.-Dividends.-
The directors have declared the regular quarterly
dividend of
% on
the Common stock, payable Jan. 2 to holders
of record Dec. 15, 1
also four
quarterly dividends of 146% each on the Pref.
payable on Feb. 1, May 1, Aug 2 and Nov. 1 to stock (6% non-cumtll4
holders
of
record Jan. 15.
April 10, July 15 and Oct. 15, respectively.-V.
121. p. 2518. 2154.
Terminal RR.
Association of St. Louis.-Guaranty
.-The I.-S. C. Commission on Nov. 24 authorized
the company to 11.99111110
obligation and liability as lessee in respect
of
(1)
$3.500,000
of
1st
Mtge.
bonds of the St. Louis Merchants Bridge Terminal
Ry., and (2) of $2,000.000 of 1st Mtge. bonds of the St. Louis
Merchants Bridge Co.-V.121. p. 1786.
Toledo Peoria & Western Ry.-Sale.-
The sale of the road, which was to have taken
place at Peoria.
on Oct. 28, has been postponed until Dec. 9.-V.
121, p. 1787. 1676.
111..
DEC.5 1925.1
TILE CHRONICLE
2749
trars, Bank of the Manhattan Co., New York: Union Trust Co., Chicago.
and Federal National Bank, Boston. Transfer agents. Henry L. Doherty
& Co. New York: Illinois Merchants Trust Co., Chicago, and First
National Bank, Boston. Divs, free from present Federal normal income
listing this
The directors have declared a regular quarterly cash dividend of 25 cents tax. Company agrees to make application in due course for
per share and an extra dividend of 1-50 of a share in Common stock on the issue on the New York and Boston Stock Exchanges.
to
and
10,
Dec.
1925.
record
of
Common stock, both payable Jan. 2 to holders
Data from Letter of President, New York, Nov. 30
stockholders who have not prior to Dec. 10 surrendered their certificates
Company.-Organized in Delaware in November 1924. Has acquired
for par value shares in exchange for non-par value shares upon the making from Cities Service Co. its entire holdings of Common stock of electric
also
was
share
of such exchange. An extra dividend at the rate of 1-50 of a
power and light companies and substantially all its holdings of Common
paid July 1 last on the Common stock, no par value.
stocks of gas distributing and street railway companies.
The regular quarterly dividend of 13i% on the issued and outstanding
The following comprise the company's six major operating groups:
Preferred stock has been declared for the quarter ending Jan. 31 1926, 4.? Ohio Public Service Co., (b) Toledo Traction, Light & Power Co.
payable Feb. 1 to holders of record Jan. 11.-V. 120. p. 2940.
subsidiary). (c)_ Public Service Co. of Colorado,
oledo Edison
Co...) Gas Co. and Wyandotte County Gas Co. (Kansas
d) Kansas City (Mo
Associated Gas & E'ectric Co.-Earnings.
City, Kan.). (e) Empire District Electric Co. (southwestern Missouri).
For the 12 months ended Sept. 30 1925 gross earnings (of the system),
By., Light, Heat & Power Co. [For other controlled
dates of their (f) St. Joseph (Mo.)
including revenues received by properties only since the an
see our "Public Utility Compendium," p. 43-46.1
companies,
increase of
acquisition during this period, amounted to $14,341.612.
subsidiaries of the company comprise a diversified group
operating
The
Net
months.
12
previous
the
with
$9,913,479. or 224%, as compared
of public utility operations in 16 States, serving directly or indirectly a
earnings after operating expenses, taxes and maintenance, were 55,817,247, population estimated to be in excess of 2.800,000 in over 350 communities.
Massilon,
an improvement of $4,157,558 or 250%.
Among the larger cities served are Toledo. Sandusky, Warren,
acquisition
the
from
part
in
Fixed charges and other deductions resulting
and Mansfield, Ohio: Denver, Boulder, Pueblo
and the Manila Elyria, Lorain, AllianceKansas
Mo.;
Joseph,
St.
and
Sedalia
of the Pennsylvania Electric Corp. (Penn Public System),
Joplin.
City,
charges and Ft. Collins, Colo.:
Electric Corp. this year, were $3.528.11 8 as compared with similar
Han. These localities represent a wide
After allowing and Kansas City and Topeka.
which tends to stabilize
activities
and deductions of $819.191 in the preceding 12 months.
agricultural
and
industrial
of
diversity
for dividends on the Preferred and Class "A" stocks of the Associated Gas the earning power of the group as a whole.
& Electric Co. there was a balance for property retirement reserves, Class
The income of the subsidiaries is derived principally from the electric
"B" stock dividends and surplus, of $1,288,813, compared with $620,920 and gas properties-income from these sources representing more than
or 108%•
operations
in the previous 12 months, an increase of 5667.893
and 29%,respectively of the combined gross earnings from
64%
at
annual
earnings
are
the
gross
Officials of the company point out that
1925. The subsidiary companies own
all properties prior for the 12 months endedJune 30 an
500,000
over
of
capacity
rate of about $24,500,000 when revenues received by are
installed
having
included. The electric generating plants
At the present
to and subsequent to acquisition by the company
w.-an increase of about 10% during the last year. 261,000
cusgas
Associated or parent company does not include in its monthly earnings k.
approximately
and
customers
electric
328,000
tie over
reports the revenues derived by its censtituent companies prior to their tomers
are being served.
om
rm
ervoelt
tste
ropy
. agp
imtely
add
acniy
flejaco
ge
acquisition.
Months
12
the
for
Subsidiaries
Its
and
Company
the
ess
Consolidated Earnings of
int
rerh'
al of newconstruction
Ended June 30 1925 rIncluding Earnings for the Full Period of
the 12 months statement is beginning to reflect the financial benefits accruing
All Subsidiaries now Owned.]
to the company from its purchase of the Pennsylvania Electric Corp.several
547,291,948
months ago, and from the purchase of other properties.
Gross earnings (and other income)
28,688,879
is
Co.
being
increased
Edison
Island
and taxes
Staten
the
of
maintenance
capacity
The generating
Operating expenses,
from about 20,000 to 50.000 k.w., of which 35,000 k.w. of the 50.000 have
$18.603.069
been installed and put into service.-V. 121. p. 2519, 2401.
Net income
charges* and Pref, diva, of subs., minority interests, depr.,
Bloomington (Ill.) Pontiac & Joliet El. Ry.-Suspends. Int.
(as assumed at rates provided in the bond indenture) and
13,950,468
Traffic on this road was suspended Nov. 28, following an order issued
Federal taxes
by the Illinois Commerce Commission. The equipment of the road will
$4.652,601
be held for junk. The road, which is 18 miles in length, runs between
Balance
Pontiac and Odell and Dwight, Ill.
* Including interest for the full period on the company's 6% Series A
The road was purchased some years ago by the Public Service Co. of bonds and 6% two-year note at the annual rate due on the principal
Northern Illinois, one of the Samuel Insull properties of Chicago, which amounts now outstanding.
30
company petitioned for its abandonment.-V. 96, p. 651.
Capitalization.-Outstanding funded debt of company as of June
consisted of $24,750,000 20-Year 6% Secured Sinking Fund Gold
1927.
due
note,
Unsecured
-Year
2
6%
a
Bridgeport (Conn.) Hydraulic Co.-Bonds Offered.- 1925
and
1944,
due
A.
Series
bonds,
7% Cum. Prof. stock is followed by a total authorized
Lee, Higginson & Co., Estabrook & Co., Hincks Bros. & Co., of 51,000,000. This
all of which
of 650,000 shares of Common stock of $100 par value,
T. L. Watson & Co., Putnam & Co., Chas. W. Scranton issue
90% of which is owned by Cities Service Co.
over
is outstanding and
& Co. and the Bridgeport Trust Co. are offering at 1003/2 V. 120, p. 2010.
PUBLIC UTILITIES.
American Gas & Electric Co.-Stock Dividend.-
r
and int., to yield over 4.45%, $800,000 1st Mtge. 432%
'Gold Bonds, Series "B".
Service Refining Co. (Mass.).-Bonds Called.-
Cities
of its 1st
The company has called for redemption on Oct. 1 523.000
1933, at 105 and
Mtge. 10-Year 7% Guaranteed Gold bonds, due July 1 Bank
Boston,
Dated Dec. 11925,due Dec. 1 1945. Int. payable & D.in New York int.
of
National
Payment will be made at the Atlantic
and Bridgeport without deduction for Federal income tax up to 2%.
Office Square, Boston. Mass.-V. 121, p. 2271.
Denom. c* $1,000 and r* $1,000. or authorized multiples thereof. Callable 10 Post
as a whole at any time, or in part on any int. date, on 30 days' notice at
Continental Gas & Electric Corp -Dividends, &c.
,6% annually
105 and in up to and incl. Dec. 11935, thereafter decreasing)
on the stocks of the corporation, as deThe fourth quarterly dividend
trustee.
to 101 after Dec. 1 1942. Bridgeport Trust
the directors on Feb. 28. 1925 (see V. 120.
Co..
Exempt from dared for the full year 1925 by all
Legal Investment for savings banks in Connecticut.
stockholders of record Dec. 12 as follows:
paid Jan. 2 to
be
will
1202),
p.
Connecticut State tax.
Partic. Pref, stock
On the Prior Pref. 7% stock a dividend of l %;on the%;
on the 6% Prof.
Si
Capitalization Outstanding Upon Completion of Present Financing.
a regular dividend of 131% and an extra dividend of
of $110 per
dividend
a
stock
Common
the
on
$5,000.000
of
%
1
dividend
%;
"A"
Series
a
bonds,
stock
let Mtge. 5% Gold
old par value
the
dividend
thereon,
of
issue)
800.000 share. For the purpose of payment
First Mortgage 434% Gold bonds, Series "B" (this
6.000,000 Common stock still outstanding will be considered as having been exchanged
Capital stock (now paying 8% per annum)
the basis heretofore determined.
Company.-SupplIes water to Bridgeport, Stratford, Fairfield and Into the new no par value Common stock onNebraska
Ry. Commission for
The corporation has applied to the
Southport and parts of Shelton and Trumbull in Connecticut under a
Co. (organized with an
a
serving
Service
of
population
Public
about
exclusive,
Lincoln
the
to
sell
and
to
perpetual
authority
both
is
franchise that
and 53,500,000
bonds
a
$3.000.000
with
storage
of
of
reservoirs
capacity
authorized capitalization consisting
175,000 people. Property includes
Electric Light Co.
nine billion gallons, 2 pumping stations. 13,000 acres of land and 318 miles stock) the gas and lighting plant of the Lincoln Gas &of
it recently
which
been
both
has
Co.,
This
valued
by
the
Traction
Lincoln
customers.
the
of
plant
and the lighting
of main serving about 23,000
the only lighting
P. S. Commission of Connecticut for rate making purposes at 512.500,000 purchased. This leaves the city plant, a small one,
as of Jan. 1 1920, since which time the company has spent over $2,000.000 competitor. The plan contempla.es the operation of the street railway
property of the traction company separately.
In betterments.
Earnings Years Ended Dec. 31.
Comparative Statement of Consolidated Earnings 12 Mos. Ended Oct. 31
1923.
1922.
1924.
a1923.
1920.
a1924.
1925.
1918.
$22,204.153 $21.453.675 $20,692,750
Gross Income_ _
$818,948 3866.048 $846,722 $1,069,449 $1,120,674 Gross revenue
511,298
673,848
682,162 Operating expC, maint. & taxes....
512,275
Net income
12,228,589 12.018.285 11.873.802
553.626
228.182
219,792
235,876
215.658
152,083
Interest charges_
hit. & div. charges on subs &
445,666
291,506
446.286 Total
296.617
3,411.960 3.736,020 3.396,059
401,543
Balance
other prior deduct
fund for Series "A"
405.351
521,818
526.577
Improvement Fund.-In addition to the improvement
Cont.lst Lien 58, 2d Ref.M.6s
Int.on
399,000
399.000
239.113
bonds, an amount of at least 1% of Series "B" bonds certified is to be Int. on coll. trust 7s
the
to
mortgaged
property
improvements
760.500
760.500
or
additions
760.500
expended annually for
Int. on secured 6)is
723,051
723,051
or to retire Series "B" bonds.
822.885
_
stock_
7%
pref.
prior
on
Dividend
134,386
134.386
336.104
_
Purpose.-Proceeds will be used for new construction.-V. 121, p. 72.
stock..
6-8%
Div. on panic. pref.
in
Co.-Chanoes
Personnel.
Bristol & Plainville Electric
.stk.div. 53,878.425 $3,160,614 53.000.600
corn
deprec.&
Bal.avall.for
Albert B.Tenney,President,and D.Edgar Manson,Vice-President, have
a For comparison.-V. 121. p. 2271, 1347.
and E. M. Bradley
resigned those positions and C. H. and A. B. TenneyH.
Putnam has been
resigned from the board of directors. Col. William
Deerfield Co.-New England Power Co. to Purchase
elected President. M. L. Tiffany continues as Secretary-Treasurer and
Manager. F. E. Bosson and Power Rights.
George E. Coekings continues as General
William D. Hohnan have been elected directors to fill two of the three
See New England Power Co. below.
recently
Co.,
acquired
control
Power
vacancies. The Connecticut Light &
of the Bristol company. See V. 121. p. 2636.
Eastern Massachusetts Street Ry.-New Director.
Haehnlen
Roger Amory has been elected a director, succeeding Walter
Par
Value.
Reduce
-To
Brockton Gas Light Co.
of Philadelphia.-V. 121, p. 2637.
The company has applied to the Massachusetts Department of Public
Utilities for authority to reduce the par value of its Capital stock from $100
Eastern New York Utilities Corp.-Rate Application.stock,
which
is
of
a share to $25, without increasing the total par
32,049.400.
The company has filed with the New York P. S. Commission a lower
II this change is approved the new shares will be issued as of Jan. 1 1926 schedule of light and power rates in its territory and asked special perIn exchange for the present outstandinF stock on the basis of 4 new for one mission to put the new tariff in effect Dec. 1. The proposed lighting
in each block over 5 k. w. h.
old.-V. 121, p. 704.
rate reduces by lc. the charge per k. w. h.
charge of$1 for the first 5k.w.h. remain,-V.120. p. 1325.
Brooklyn Union Gas Co.-Debenture Issue Approved.- a month. The
The stockholders on Nov. 30 approved the proposed issue of convertible
Eastern Texas Electric Co.-To Increase Common Stock
debenture bonds and voted to increase the authorized capital stock of the
and Create New Issue of5M% Notes.company. See details in V. 121, p. 2270, 2401, 2636.
The stockholders will vote Dec. 14 (a) on increasing the authorized
Central Hudson Gas & Electric Co.-Merger.-capital stock by 47,000 shares of Common stock without par value, so that
The Electric Light Co. of New Peitz, N. Y., has been merged with the the authorized capital stock as so increased shall consist of 25,000 shares of
125,000 shares
above company.-V. 121, p. 838.
Preferred stock (par $100), designated as Series "A," and
and sale
Common stock without par value; (h) on authorizing the issue
to be dated
Central Illinois Public Service Co.-Acquisition, &c.- of
of $3,500,000 of 5-Year 53.5% convertible Gold Coupon notes
The company has applied to the Illinois Commerce Commission for Dec. 1 1925 and due Dec. 1 1930.
10th day Prior to mapermission to buy properties of the Alvin Grain & Electric Co., serving four
Notes are convertible at any time on or before the
villages in Vermhlion and Champaign Counties, Ill., for $100,000, and also turity or payment date (if called for payment)into Common stock on a basis
for authority to issue 1,176 shares of no par Pref. stock.-V. 121, p. 2636 of $100 of notes for one share of Common stock (without par value) plus
interest on the notes and dividends
in cash, subject to adjustments ofthe
maturity of notes) the company
Chickasha (Okla.) Gas & Electric Co.-Acquisition.- $5
on the Common stock. If (prior to
than for property or the conver(other
stock
The company has purchased the plant of the Carnegie Water Power Co., shall issue any of its Common
supplying electric light and power at Carnegie and selling energy wholesale sion notes) in addition to the 88,302 shares now outstanding and proposed
to Fort Cobb, Okla. The Carnegie Water Power Co. has both a small to be issued, at less than $95 per share. the price at which such notes may
hydro-electric plant and a small steam plant.-V. 121. p. 1347.
be converted into Common stock and the corresponding cash payment shall
Co.-Prel. Stock Offered.- be changed.
Cities Service Power 8c Light
A. B. Leach & Co., Inc.; Federal Securities Corp.; H. M.
4
Byllesby & Co. and Pearsons, Taft Co. are offering at 983
(flat), to yield over 7%, $10,000,000 7% Cumul. Pref.
(a. & d.) stock.
Secretary Henry T. Graham, Nov. 27, says in substance:
,ear the company has broadened the scope of its activDuring the present)
ities and strengthened Its position by the acquisition of new public utility
properties operating not only in territory contiguous to that now served
laY its subsidiaries, but also in other sections of the country, thereby obtaining a larger field for growth locally as well as territorial and industrial
Pref. stock to be authorized $50,000.000, issuable in one or more series. diversification. The principal acquisitions include electric light and power,
conPresently issued and outstanding $10,000.000 of 7% Cumul. Pref. stock. water and ice properties in Orange, Texas and Jennings. La., and awhich
Service Co.(V. 121, p. 838).
Red, all or part, on any div. date upon 30 days' notice at 110 and divs. trolling stock interest in Western Public
doing
water.
an
utilities
power.
and
electric
light
public
operates
stock
and
on
Pref.
owns
the
the
15th
It will be the company's policy to pay dirs, on
fu r
of each month to stockholders of record on the 1st of the month. Regis- steam heating and ice business, one or more of these services being
2750
THE CHRONICLE
rvoL
121.
nished in some 75 cities and towns, about one-third of which are located in
Texas and the balance in Colorado, Missouri, Nebraska and Wyoming.
The purchase of these properties was financed partly by the sale of $4,000,000 of 3-Year 5% Gold Coupon notes due Aug. 1 1928 (V. 121, p. 585),
and the sale locally of 3357,900 of Preferred stock.
In order to connect several of the separate power plants of its subsidiaries
in Texas and Louisiana into a unified system, with resulting economies of
operation, and to extend its service into territory that is not now supplied
with electric power except by small isolated local plants, the company is
making certain additions and Improvements to its system which will require
the expenditure of over $5,500,000. The principal items in this contemplated construction program include $3,500,000 for a new power station of
20,000 k. w. capacity, now being constructed on the Neches River, near
Beaumont, Texas, and approximately $1,735,000 for power plant changes
and a transmission line system that will interconnect the new power station
with the existing plants at Beaumont, Port Arthur, and Orange. Tex.,
and at Lake Charles and Jennings, La. This will include a 160-mile transmission line extending from Lake Charles eastward to Lafayette. La.• and
thence south to the salt mines at Jefferson Island. which will serve a thriving industrial and agricultural section in southwestern Louisiana
that now
lacks adequate electric power service.
The directors are of the opinion that it will be advisable to finance in part
this construction program through the issue and sale of $3,500,000 of
5-Year
% Convertible Gold Coupon notes and by the Issue and sale of
additional shares of Common stock, which will provide approximately S883,000. To finance the balance, it may be necessary to ask the stockholders
In 1926 for authority to issue additional securities. The proposed increase
of 47.000 shares in the authorized Common stock will be sufficient to provide for this stock issue and the conversion of the notes.
If this increase in the amount of authorized capital stock and the issue
of the $3,500.000 Convertible notes are authorized, the new Common stock
will be offered to Common stockholders pro rata for subscription at $50
per share in the ratio of one share of new Common stock for every 4 shares
of Common stock outstanding, and the Convertible notes will likewise be
offered to Common stockholders for subscription proportionately to their
holdings of Common stock. The proposed initial conversion privilege will
entitle the holder to receive for each $100 of notes one share of Common
stock without par value and $5 in cash (equivalent to a conversion price of
$95 per share), subject, however, to interest and dividend adjustments and
to a reduction in the conversion price in the event of additional Issues of
Common stock.-V. 121, p. 1227. 838.
without deduction for the normal Federal income tax not exceeding 2% per
annum and to refund the Penn. state tax of 4 mills. Denom. $1,000 and
$500c5.
Issuance.-Subject to the approval of the Indiana P. S. Commission.
Data From Letter of Pres. C. H. Geist, Indianapolis, Nov. 27.
Company.-Organized in Indiana. Has been in continuous operation
since 1881 and is engaged in the business of supplying water in the City of
Indianapolis, serving a population estimated at 362.000. Company obtains
its supply of water from Mite River, supplemented
by Fall Creek
64
deep rock wells. These sources constitute the only available water and
supply
In the vicinity of Indianapolis and provide water of excellent quality in
quantities far exceeding the present maximum demand upon the company.
The present minimum flow of White River In periods of low water is estimated at 67,000,000 gallons. This with the company's well capacity of
30,000,000 gallons and a minimum flow from Fall Creek of 15,000,000
gallons, gives a total of 112,000.000 gallons dally available to supply the
present maximum 24-hour use of 44,000.000 gallons and the present peak
load, which is at the rate of 87,000,000 gallons per day.
In connection with the above supplies of water, the company operates
4 pumping stations, besides 2 booster stations to maintain pressure in the
eastern elevated portions of the city,and a slow sand filtcration system which
Is one of the largest and most perfect plants of its character in the United
States. Company also owns 9 miles of canal through which water is carried
from the diversion dam on White River to the heart of Indianapolis. It
also has reserve locations for wells, darn sites, flowage rights, aqueducts and
reservoirs. The pumping plants have a capacity of 121.000,000 gallons
daily and the distribution system, which is 548 miles in length, serves over
65.000 customers.
securug.-Secured by direct mortgage upon the entire property of the
company, excepting Its office building, now or hereafter owned. Through
deposit with the trustee of 35.542,000 1st & Ref. Mtge. 43-4% bonds,
these bonds share in the first mortgage security of the 434%. issue, of which
there are $3.731.000 bonds now outstanding with the public. Upon the
Payment at maturity of the 4)4% issue in 1940. these bonds will be secured
by direct first mortgage. No additional First Mortgage 43.6% bonds may
be issued except for pledge under the First Lien and Refunding Mortgage.
Valuation.-The value of the property fixed as of Jan. 1 1924 by the
U. S. District Court, together with net additions and betterments since
that date at cost aggregates over 320.000,000.
Purpose.-Proceed, will reimburse the company in part for expenditures
and additions to its property.
Electric Public Service Co.-Notes Offered.-Stanley
.&
Capitalization Outstanding Upon Completion of Present Financing.
Bissell, Inc., and Priester, Quail & Gundy, Inc. are offering Capital stock
$5,000.000
1st
&
Ref.(now first) Mtge. 43-4% Gold bonds, due 1940
.000
at 99 and int., to yield 6%,$1,000,000 1-Year 5% Collateral 1st Lien
& Ref. Mtge. Gold bonds; 53.4% Series of 1923
4,500,000
Gold notes.
do 514 Series of 1924
786,000
do 5 Series of 1925 (this issue)
Dated Dec. 11925; due Dec. 1 1926. Interest payable J. & D. Denom.
a 35.542.000 additional 1st & Ref. Mtge. 434% bonds are pledged under
$1,000 and $500. Red. all or part on 30 days'notice at 100 and int. Comoder
pany agrees to pay the normal Federal income tax of 2%. Penn. 4-mills the 1st Lien & Ref. Mtge.
tax Conn. 4-mills tax, and Mass. 6% income tax, refunded. Guaranty
Earnings Years Ended Oct. 31.
'I'rt;st Co., New York, trustee.
1925.
1924.
Gross revenue
Data from Letter of R. A. Pratt, President of the Company.
$2.117,613 32,340,058
1,142,719 1,185,813
Company.-wial serve, directly or through its subsidiaries, electric light Operating expenses, taxes & depreciation
and power and gas in 15 different communities in the States of Ohio and
Net earnings
$974,894 $1.154.245
Oklahoma. Population served. about 40,000. The principal subsidiaries
500,125
are: (1) North Baltimore (0.) Service Co.; (2) Hominy (Okla.) Electric Annual Int. on funded debt incl. this issue
Light .10. Power Co.; (3) Bristow (Okla.) Sas Corp.; (4) Shaffer County
Balance
$654,120
Gas Co., Drumright, Okla.; and (5) Fairfax (Okla.) Elec. Lt., Ht.& Pr. Co.
Security -Secured by pledge with the trustee of all the capital stoma of -V- 121, P. 2038.
the subsidiary companies except directors' qualifying shares. None of the
International Telephone & Telegraph Corp.-Earnsubsidiary companies has any funded debt with the exception of $20,000
of bonds on one property.
ings (Including Subsidiaries).Earnings 12 Months Ended Sept. 30 1925.
-3 Mos. End. Sept. 30--9 Mos.End,Sept.30Gross earnings
Period$330.934
1E424.
1924.
1925.
1925.
Oper. exps., maint. & taxes other than Federal taxes (after giving
Operating revenues
$1,494,656 31,339.331 $4,538,252 $3,941.717
effect to non-recurring costs and expenses, according to comNon-operating revenues_
556,654
218,931
245,688
68.153
pany's estimates based on existing contracts)
224.001
Total
31.713.587 51,407.484 35,094,905 54,187,405
Net earns, ofsubs. avail,forint.. deprec.& Federal taxes
$106,933 Operating expenses
2,113.345
1,626.148
541,030
722,073
Interest on subsidiary bonds
1,200 Interest deductions
467.668
160.631
497.892
156,265
Depreciation
965,266
573,916
160,921
193,063
Net earnings available for interest
Pref.
divs. and min. int.
$105,733
Annual interest on this note issue
in sur. net income of
50,000
•
subsidiaries
278,633
173.546
67.066
115.396
Feather River Power Co. (Calif.).-Stacks.
The California RR. Commission has authorized the company to issue
Balance, surplus
$1.631,119 $1,454.778
$977,835
$5526.791
on or before Feb. 28 1926, at not less than 90, $93,800 of Common stock,
The operating results of the International Standard Electric Corp.,
and to use the proceeds to finance in part the construction ofa hydro-electric formerly
the International Western Electric Ce., Inc., which was acquired
power plant on the north fork of the Feather river. See also V. 121, p.2637. on Sept. 30
last, are not reflected in the present statement.
In his statement to the stockholders, Sosthenes Behn, President of the
Florida Telephone Corp -Transfer Agent.
company, says; "There has been continued progress in the operations of
The Seaboard National Bank of the City of New York has been appointed the corporation in its different fields of activity. Preliminary reports of
transfer agent of 10,000 shares of Preferred and 5,000 shares of Common the International
Standard Electric Corp. for the first 9 months of the year,
stock.-V.i 121, p. 2401. 2037. 1676.
when consolidated with the above figures confirm the statement made
Aug. 14, last, that the consolidated net earnings per share outstanding from
General Gas & Electric Corp. (8c Subs.).-Earnings.
- ordinary operations (eliminating non-recurrent items) for the full year
1925, based on approximately $40,000.000 of Capital stock outstanding on
Consolidated Income Account Year Ended Oct. 31 1925.
Dec. 31, will at least equal those realized during the year 1924.-V. 121.
Operating revenue
$20,588.905 D. 2637.
2038.
Oper. exp. & taxes, $10.101.177; maint. & deprec., $3,411.076;
rentals,8405,817
13.918,070
International Power Securities Corp -New Financing.
This corporation, formerly the Italian Power Co., which was organized
Operating income
$6,670,835 two years
ago by prominent Anierican financiers to acquire carefully
Other income
487.882 selected securities
and obligations of leading electric light and power companies
operating
in the United States and foreign countries, has sold a new
Total income
$7.158.717
sue of
614% Secured Gold bonds, Series "C." to a New York
Interest on funded debt
$3,525,042 banking810.000,000
group. Public offering will be made shortly by the group headed
Other interest and miscellaneous
187,367 by Aldred
& Co., Harris, Forbes & Co. and the Drinkers Trust Co.
Amortization of debt discount and expense
268.549
The bonds constituting this issue will be secured by a 310.000.000 closed
first mortgage on all of the hydro-electric plants of the Edison General
Net income
$3,177,759 Italian
Electric Co. of Milan. Proceeds will be used to retire $2.000,000
Surplus Nov. 1 1924,incl. surplus of cos. acquired during year
$5,391,578 of
634% Series "A" Collateral Trust bonds of the International Power
Profit on sale of securities and miscellaneous
384,024 Securities
Corp. which mature in 1928 and are secured by a like amount of
acceptances of the Italian Edison Co. The balance after giving effect to
Total income
$8,953.360 this retirement
be used to finance certain extensions now under conDividends on subsidiary companies
1,369,380 struction by thewill
Italian company and for other corporate purposes.
Dividends on General Gas & Electric Corp
1.284.156
Upon completion of work now well advanced, the Italian Edison group
Additional depreciation
• 540,007 will be one of the world's largest power systems. The
Miscellaneous
573,271 Pallenzeno and Rovesca plants, situated in the Alps near company's new
Lake Maggiore,
with additional hydro
-electric plants now under construction will increase
Surplus Oct. 31- 1925
$5,186,547 to 1.060,000
h. p. the generating capacity of the company.-V. 121. P.
-V. 121. p. 2520. 2401.
2156.
Great Consol. Electric Power Co., Ltd.-Bonds Ready.
Interstate Public Service Co.-To Pay Bonds.
Dillon, Read & Co. Interim receipts for 1st & Gen. Mtge. 634% Sinking
The $311,000 5% bonds of the Louisville & Northern Ry. & Ltg. Co
Fund Gold bonds,(closed issue), due July 11950, are now exchangeable for due
Dec. 1 1925, are being paid off at office of Continental & Commercial
definitive bonds at the Central Union Trust Co.of New York,80 Broadway, Trust
&
connection
Savings Bank, Chicago. In
with this payment, the
N. Y. City. (For offering of bonds, see V. 121. p. 198.)-V. 121, p.45
Interstate Public Service Co. issued $311,000 1st Mtge. & Ref. 534%
Series"0" bonds dated Oct. 1 1925 and due Oct. 1 1950. See also V.
Huntington (L. I.) Water Works Co.-Control.
121.
p.
2272.
Complete control of the company through the purchase of over 99%
of the outstanding capital stock has been acquired by the Great Northern
Kansas
Railways.
-Time
City
to
Deposit Securities.Bond & Mortgage Co., Inc. The Huntington company, which was
The reorganization committee (Melville A. Tray(or, Chairman) stated
organized in 1890, serves Huntington Manor, Halesite, Huntington and that
Cold Spring Fire District. The company, which Is approximately valued of more than 92% of the First Mortgage Gold bonds, more than 97%
the
Collateral Gold notes. and 100% of the Secured Promissory notes
at $800,000, has paid regular dividends tor many years.
have become subject to the plan of reorganization. dated
June 1 1925
(V. 120. p. 2942).
Illinois Bell Telephone Co.-Expenditures.The directors have approved additional expenditures of 31,076.096 theA sale of the property has been ordered to be held on Dec. 15 1025 by
Federal Court.
for new plant In Chicago and $1,168,370 in Illinois outside of Chicago.
In order to afford holders of such bonds and notes who have not yet
The total expenditures approved so far this year amount to $26,268,036.
deposited their securities an opportunity to participate in the plan prior to
-V.121, p. 2156.
such sale, the reorganization committee will accept deposits until the close
• _Indianapolis Water Co.-Bonds Offered.-Drexel & Co. of business on Dec. 12.-V. 121, p.2521. 1348.
and Brown Brothers Co., Philadelphia are offering at 963/i
Kentucky Utilities Co -Bonds Offered.-Halsey, Stuart
and int. to yield 5.20% $830,000 1st Lien & Ref. Mtge. & Co., Inc., are offering at 98% and int., to yield about
Gold bonds, 5% Series of 1925.
5.60%, $2,000,000 1st Mtge. Lien 53% Gold bonds, Series
Dated Dec. 1 1925; Due Dec. 1 1960. Principal and int. (J. & D.)
payable at Fidelity Trust Co., Phila. trustee. Red. all or part on any
Dated Oct. 11925' due Oct. 1 1955. Int. payable A. & 0. In Chicago
int, date on not less than 30 days' notice at 105 on or before Dec. 1 1940; and
New York without deduction for normal Federal income taxes not
thereafter at 10234 on or before Dec. 1 1950; thereafter at 101 prior to
maturtiy, in each case with accrued Mt. Company agrees to pay interest Nar excess of 2%. Denom. $1,000. $500 and $100 c*. Red. all or part at
following prices and int.: To Oct. 11936 at 105: on and from Oct. 1 1935 to
Inc. 5 1925.]
THE CHRONICLE
2751
but temporarily unable
the company who have designated theirofpurpose
United Investors Securities
Oct. 1 1950 at 10234; on of deposit
such stock in exchange for stock the consolidat
Oct. 11945, at 103; on and from Oc.. 1 1945 to
to
year
full
each
ion and thereby
for
1%
of
the
to
X
less
prior
Oct. 1 1950 at 102 and thereafter at 102
Co., will be permitted to do so iv Light Co. without incurring an income
30 1954 they are red. at receive
stock of the National Power
elapsed after Sept. 30 1950. Subsequent to Sept.
substitution
4-mills
Conn.
such
of
and
reason
Penn.
by
the
law
tax
for
Federal
holders
present
par. Company will reimburse
tax liability under the
Dist. of Col. personal property of
and Maryland 434-mills taxes, and for the
holdings. See also details in V. 121. p. 2403.
for the Mass.income
and
annum,
per
dollar
per
5
mills
exceeding
not
taxes
nt.—
annum.
National Public Service Corp.—Earnings Stateme
tax on int, not exceeding 6% of such hit, perWith
subsidiaries, serves 114
Ended Sept. 30.
Company.—Incorp. in Kentucky in 1912.
Earnings (Company and Subsidiaries)-12 Months1924.
service. 114 comutility
1925.
public
of
classes
more
one
or
communities with
17 are supplied with ice,
$17.748,408 519,224,331
other income
munities are supplied with electric light and power,
service. Combined popu- Gross earnings, including maintenan
10,856,470 11,451,375.
ce and taxes
8 with water,4 with gas and 1 with street railway
has re- Operating expenses, incl.
Company
233.400.
be
to
estimated
lation of communit'es served
Electric Co., which company sup$6,891,938. 87,772.956.
cently acquired control of the Paducah Paducah,
er
line
earnings
Net
Ky. A super-pow
3.970.851
of
plies public utility service in the City
where it Interest and dividend charges
fields,
coal
Kentucky
966,364
western
the
will be built from Paducah to
system operating Maintenance and renewal deficiency
43,104
will connect with the company's extensive transmission
Minority interest
634%
00
in that section.
upon all of the fixed prop- Annual int, requirements on 812,750.0
828.750
Security.—Secured by a direct first mortgage
on
issued
be
bonds
may
bonds
gold
553,581
and no
007% pf. stk....
erties, rights and franchises now owned
unless the mortgage shall Ann. div. requirements on 57.908.3
339.347
and expense
account of the acquisition of additional property
first lien on the fixed proper- Amortization of bond discount
Class A
abs.
192,836
he a first lien thereon. Further secured by a
on
nts
requireme
of
div.
Co.
Virginia,
ion
Annual
Transmiss
309,064
ties, rights and franchises of the Electricbonds and all the capital stock
Common stock at $1.60 per share
through the pledge of all the 1st Mtge. company now or hereafter out8761.895.
(except directors' qualifying shares) of that
Balance,surplus
nts
interest and dividend requiremethe
‘tanding.
the Public.
The above statement provides for
Power Co., but
Capitalisation Outstanding in the Hands of
to acquire the Virginia Northern
0 on securities sold
the acquisition
that
$5,133,00
reason
the
for
Included
not
are
e
company
cumulativ
Preferred stock, 6%
2,602,750 earnings of that
as of Sept. 30 1925.—V. 121. p. 2638.
Junior Preferred stock, 7% cumulative
4,978.700 had not been consummated
Common stock
00
612,269,9
issue)
argement ana Reorganization Plan.
this
g
Co.—Ent
(includin
d
bonds
New Englan
the
First Mtge. Lien Gold
Transmission Co. of
expansion and enlargement a the company,
broad
a
for
program
General Mtge. 6s, due 1947. and Electric
A
a898,000
over a number of months which have
Virginia Gen. Mtge. 6s, due 1938
result of negotiations extending the
with
affiliated
456,400
interests
and
19316s,
company
Mtge.
1st
a contract between
Kentucky Light & Power Co.
York, and
1,281.000 culminated in Paper
Co., and with Power Corporation of New additional
Paducah Electric Co. 1st Mtge. 6s, 193S
International
Utilities Co. Is Of the $12.269.- Stone & Webster, Inc., under which the new interests will supply
the stocka Practically all owned by Middle West
by
on
voted
be
will
Series
7%
plan,
are
outstanding, $860,100
capital to the company as a part of the
900 1st Mtge. Lien Gold bonds to be
are 6% Series "0," due May 1 1952; holders on Dec. 14 next.
.
prosperous
"B" due Nov. 15 1941: 5644,800
present
and
past
the
to
n
recognitio
0
1
1948:
6%
Sept.
are
full
$4,500,00
'due
The plan, while giving
54.265.000 are 634% Series 'D,
controlled by it, also assures its
Series "F," due Oct. 1 condition
of the company and the system
Series"E"due July 1 1949, and $2,000,000 are 534%
necessary for cevelopment and by
continued progress by providing funds
1955.
strength, experience in hydrofor
and
financial
property
additional
Purpose.—Proceeds will be used to acquire
associating with it groups whosewater powers available for future developelectric matters and interests in in the industry. The plan has the unqualiother corporate purposes.
position
its
ment, add greatly to
Earnings (Company and Subsidiaries), Years Ended Sept. 30.
holders of large blocks of shares in the1924.
1925.
fied approval of the trustees and
$3.412,153 $4,218.909 company.
e has been formed consisting of
committe
a
effect,
*Gross earnings (including other income)
To carry the plan into
1,793.851
2,231,854
50 Congress St.. Boston; Charles A. Harris
Operating expenses, maintenance and taxes
William WBrooks (Treas.),
Arthur H. Lowe (Pres. Amosand
Bank),
Savings
V.,
$1,618,302 $1,987,055 (Treas. Brattleboro. Co.), Fitchburg. Mass.
Net earnings before depreciation
ring
Manufactu
keag
out requires $756.120
e in the plan are requested to deposit
Annual int. on 1st Mtge.Lien bonds to be presently
Stockholders who desire to participat
hut after bond interest of
not later than Dec. 10 1Q25. with Old
* Includes net earnings -before depreciationPower
stock as soon as possible., but
their
Co.
&
Light
depositary, 17 Court St., Boston, or with W.W.Brooks,
Paducah Electric Co. and Kentucky
is owned or con- Colony Trust Co.,
Management.—All of the Common stock of the company
Treas., 50 Congress St., Boston.
p.2402.
B. Baker, Henry I. Harriman,
121,
Co.—V.
Utilities
West
oiled by the Middle
Trustees are Charles L. Ayling, George
and Philip Young.
Co.—Merger.—
Samuel C. Moore, George S, Smith,
Lincoln (Neb., Gas & Electric Light
Reorganization Plan.
and
ent
Digest of Enlargem
See Continental Gas & Electric Co. above.—V. 121, p. 1227.
ing Second PreShareholders.—Present First Preferred, Participat
Present
Stock.—
Issue
Co.—To
with appropriate dividend
Electric
receive,
&
Lynn Gas
shareholders will
Department of Public ferred and Common new Preferred to have a par value of $100 per share).
The company has applied to the Massachusetts
(assuming
ts
shares of Capital stock. adjustmen
surrendered, 1 1-10 shares of new 6%
Utilities for authority to issue 16.250 additional
(a) For each First Preferred share
pay for new construction
par $25. at $65 per share, the proceeds to housed to
Preferred.
1289.
surrendered, with additional dividend
share
Preferred
and improvements to the company's property.—V. 119, p.
First
(b) For each
of new 6% Preferred.
quires Coal Companies.—
rights attached. 1 1-6 shares
Massachusetts Gas Cos.—Ac
Preferred share surrendered, $115 51)
Second
ing
Participat
fact,
on
says:
based
each
be
to
For
e"
(s)
of Common. 1
A current report, believed by the "Chronicl
& of the new 6% Preferred and 7-10 of a share
England
New
Fuel
the
y,
subsidiar
its
through
on,
ed, $165 of th enew 6% Preferred
This corporati
Curran & Bullitt, Inc., coal
(d) For each Common share surrender
Transportation Co., has purchased Castner,
Common.
of
Co.
Coal
share
and the and one
E. White
shares, and when presented. repredistributors of 1 Broadway. N. Y. City, E.
s
coal mining
Warrants will be issued for fractional
ble for the number of full
P. M. Snyder interests. The latter two are soft $10,000,00d)companie
and $15,- senting one or more full shares, will be exchangea
in West Virginia. The consideration was between
thereby.
of the three coal companies shares represented
control
over
Preferredshareholdees
take
will
s
Second
ing
purchaser
The
Participat
000,000.
Present First Preferred and
tion
about Jan. I.—V. 121. p. 2038.
plan will, except as affected by capitaliza
who do not assent to the ed,
out the plan is
carrying
of
method
a
unless
List.—
f
undisturb
changes, remain
such
Mississippi River Power Co.—Of
case
which
in
company,
the
shares outstanding) was adopted that involes a liquidation of
and dividends.
On Dec. 1 1925 the Common stock (160,000
list, the entire issue having non-assenting shareholders will be entitled to cash at par
stricken from the Boston Stock Exchange121. p. 2273.
will be made available by subscriptions to
New Subscribers.—$20.000.000
shares InterCommon
been acquired by North American Co.—V.
these
at $50 per share. Of
400,000 Common sharesaffiliated
with International Paper Co., has agreed
w President.—
Securities Co.,
national
on of
Minneapolis Gas Light Co.—Ne
Corporati
Power
with
affiliated
shares, interests
to succeed the late A. T.
Arthur H. Rand, has been elected President, of General Manager.—V. to subscribe for 86.667
Stone & Webster, Inc.. 140,000 shares.
New York 173.333 shares, and
payable
being
Rand. A. H. Rand will also retain the office
10%
nts,
installme
in
payable
be
These subscriptions will are executed and the balance over a pmiodof
121, p. 2273.
ten days after subscriptions
not exceeding25% in any three
one year in installments ofcall
Mountain States Power Co.—Notes Offered.—Blyth, not less thanupon
by the enlarged or reorganized
three months' notice of
months and
s to anticipate payment
Witter & Co. are offering at 98,to yield 6.20%,$1,250,000 associatio
n, with a right in some of the subscriber
not called.
or
whether
Convertible 6% Cold notes.
subscription, other subown
its
for
and int.(M.& N.) payable
Stone & Webster. Inc., may substitute
to
Dated Nov. 11925; due Nov. 1 1935. Prin.on
or before Nov. 1 1927 at scribers
and the other new subscribers referred
acceptable to the company
In New York and Chicago. Red. at any timethereafter
s under the plan
obligation
its
on
substituti
to
I
and
incl.
Nov.
such
104; thereafter to and incl. Nov.1 1929 at 103: at 101; thereafter to and incl. above, and to the extent of ly, the rights of the substituted subscribers,
1931 at 102; thereafter to and incl. Nov.1 1933 plus int. in each case. De- shall be reduced according rights resulting solely from their subscriptions.
being limited to the
Nov. 1 1934 at 10034; and thereafter at 100;
annum
to interest at the rate of6% per
will agree to pay int. without however,
Subscription certificates, entitled
nom. $1,000, $500 and $100 c*. Company
issued to Stone & Webster,
to
2%
and
exceeding
refund
not
tax
on installments paid, will befor
income
quarterly
,,deduction for normal,Federal
ons,
payable
subscripti
their
of
all
any)
if
tax
not
s,
securities
exceeding
subscriber
(or to the substituted
the Penn. and Conn.4-mills tax, the Maryland
shares either partly or fully paid as
6% to holders resident Inc.
convertible at any time into Common
434 mills, and the Mass, income tax not exceeding
Inc. (or the
Webster,
&
Stone
of
Savings
request
&
ChiTrust
Bank,
written
al
the
Commerci
in those States. Continental &
the case may be, at
or reorganized
subscribers), or at the option of the enlarged
cago, trustee.
ca,
basis of $100 of substitutend when the entire subscription price has been paid or on and after
into Preferred stock on the
associatio
es (assessable
certificat
paid
divs.
and
Partly
int.
earlier.
of
is
t
notes for $100 of stock, with adjustmen
1927, whichever
nate dividends) representing
in Oregon, Washing- Oct. 1 balance
due and entitled to proportio
Comiaany.—Owns and operates 5 groups of utilities
for the
will be issued to Intereach,
,
by
for
furnishes
without
d
compeSystem
subscribe
Idaho.
shares
,
of
and
ton, Wyoming Montana
a combined estimated the full number
affiliated with Power Corp. of New
tition, public utility service to 74 communities having
Securities Co. and the interests
Webster, Inc.(or the substituted subtely 72% of the present net national
Population in excess of 284,000. Approxima
York, and may be issued to Stone &
the
of
sale
from
derived
electric
is
system
earnings of the properties in the
scribers).
to one vote for each share of stock
power and light, 22% from gas, and 6% from telephone, steam and water
The new subscribers will be entitled
s named above shall, so far as practiservices.
subscribed for. The three subscriber
proportion of the original board of
same
the
).
cable, each be entitled to select
Capitalization Outstanding'(Giving Effect to Present Financing
ed association as the number of shares
81.250.000 directors of the enlarged or reorganiz
Convertible 6% Gold notes, due 1935 (this issue)
520,381 shares.
to
bears
for
subscribe
each has agreed to
Convertible 7'Y Gold notes, due 1938
consummation of the plan, assumSeries "B"
Resulting Share Capitalization—Upon the issued share capital will be as
6,659:0688
t Mtge. Go d bonds,due Jan. 1 1938: 6
thereto,
assent
ers
sharehold
"A"
all
5 ,, Series
1.787.000 ing that
71,500 follows:
- 237.533 shs.
Divisional bonds
ers
2,326,800 New 6% Preferred To present sharehold
7% Cumulative Preferred stock
to new subscrib130,000 shs. Common—To present shareholders, 120,381;
520,381 abs.
Common stock (without par value)
ers, 400,000
shares shall be 600,000 and the
Earnings (of All Properties Now Comprised in the System) 12 Months Ended
The authorized number of Common
Part of
be
shall
300,000.
shares
Oct. 31 1925.
Preferred
6%
new
1:958
$3
7 authorized number of Preferred shares may be issued to the DeerfieldCo.
78
015:9
35
Gross earnings
the unissued new 6%
Oper. expenses, maint. & taxes, excluding depreciation
rights.
493.180 for certain
ssenting First Preferred or Participating
Annual interest requirement on $8,517,500 mortgage bonds-- -To the extent that there are non-a
basis that It may
shareholders and to the extent and on the
Balance _________
3563,201 Second,Preferreddesirable
for the conversion of the outstanding
provide
to
issue) 5109,685 be necessary or
indicated
capital
share
the
in
Annual Mt.requirement on $1.754,500 Gold notes (incl. thisof
the properties convertible bonds of the company variations
During the 5 years ended Dec. 311924, gross earnings
may be made.
par
or of
value
(without
shares
Preferred
at present in the system decreased over 55% and net earnings more than above
New
New Preferred Shares.—
cumulative preferential dividends at the
110%•
par value), will be entitled to
subject to call and pur;
quatrerly
Purpose.—Proceeds will be used In the payment for additions and exten- $100
payable
annum,
per
share
rate of $6 per
day on 30 days' notice at $105 and divisions made to the property.
al sinking chase, all or part, on any dividend
Sinking Fund.—Trust agreement will provide for a semi-annu
to $100 and dividends, provided that if upon
basis of the total dends: entitled on liquidationon
are transferred to a new company
assets
fund, commencing May 11926, equal to a 2% per annum
all
terminati
at the respective dates such liquidation or
amount of these Convertible 6% notes outstanding
and has at that time no other liabilities, and
for the purchase of these which assumes all the liabilities
have outstanding Preferred
thereupon
will
of payment. Sinking fund moneys will be used 101%
and
Issues
time
that
and int.; all moneys which at
notes at the lowest prices tendered, not exceeding
rank with substantially like preferences and rights as
used shall revert to the com- stock of at least equal
exceeding in amount the new Preferred and
paid into the sinking fund which shall not be so
not
shares,
Preferred
new
the
notes
for
purchased
All
the
no stock senior thereto unless and to
pany, all as provided in the trust agreement.
other equal stocks of the company and senior
stock outstanding, holders of'
sinking fund shall be Canceled—V. 120, p. 2147.
the extent that the company then has
to receive for each share so held
only
entitled
be
will
shares
ion
d.—
Preferred
solidat
Approve
new
National Power & Light Co.—Con
the
new
by
will have provisions
company;
issued
ion of the company one share of such Preferred
The stockholders on Nov. 30 approved the consolidat
classes of shares having preference in
consolidated company to be permitting the issue of additional
only with the
with the United Investors Securities Co., thewill
new
Preferred
the
shares
over
n
liquidatio
become effective as soon dividends or in
called National Power A Light Co. The plan
shares and permitting the
Co. stockholders, who consent of 80% of the outstanding new Preferred
as it is ratified by the United Investors Securities
to dividends or in liquidation wholly or in part,
as
ranking,
of
shares
Issue
in addition to the 300,000 shares to
will meet Dec. 7.
stock of the Carolina Power equally with the new Preferred shares,
More than 85% of the outstanding Common
d, only with the consent of a majority of the outstanding new
Light Co. has been deposited under the plan. folders of Common stock be authorize
2752
THE CHRONICLE
[VOL 121.
Preferred shares-except in each such case as may be necessary
in order to New York has been elected
permit the other provisions of this plan to be carried out
President of the Thompsonville Water Co..
or to enable the succeeding Mr. Schwabe.
company to comply with the conversion
Control of this company was recently acquired
of its outstanding con- by J, G. White & Co., Inc.,
vertible bonds-and will have such otherprovisions
N.Y. See V. 121, p.2638.
of
and such conditions as
to amendments or other changes, all as theprovisions
trustees with the approval of the
Northern Michigan Public Service Co.-Bonds
committee shall determine. Non-v
oting
Sold.except
to $6 per share are in arrears, when each sharewhen dividends amounting True, Webber & Co., Chicago,
and Hayden, Van Atter &
shall have one vote.
If a new company is not formed,the new
Preferred
Co.,
shares
may
be
made
Chicago,
to
have sold at 97 and int., yielding over
rank pari passu with or
y after the present First Preferred shares $200,000
as to dividends and onimmediatel
1st Mtge. 20-Year Sinking Fund 6% Gold 64%,
liquidation.
bonds,
Common Shares.-The Common
shares
Series
be
will
without
par
"A."
value
and each
share will be entitled to one vote.
Dated Oct. 1 1925; due Oct. 1 1945. Interest payable
No holder of shares in the company of any class
A. & 0.at Guarshall have any pre- dian Trust
emptive or preferential right of subscriptio to
trustee. Denom. $100, $500 and $1,000
any shares of any class Red. all or Co.,onDetroit,
c*.
except that holders of voting Common shares n
any int. date on 30 days' notice up to and incl.
Oct. 1
shall have such right in respect 1940 at 105part
of any additional voting
and int.; thereafter at 102Y6 and int. Company agrees to
shares in the company, hereafter issued, in excess interest
pay
of the 600,000 Common shares
without
deduction
for
any
Federal
income
tax
not exceeding 2%.
contemplated by the plan and of such voting Personal property
First Preferred shares, if any, as
taxes of any State, under any present law, not in excess
the company may be required to issue on of 5 mills, and Mass,
conversion of its outstanding convertible
tax on int. not exceeding 6% of such int. per
and such right of such annum, refundable. income
Mating Common shares may be waived uponbonds,
Tax-exempt
State
of
in
Michigan.
a vote of a majority thereof.
Water Powers.-The interests affiliated with
Data from Letter of E. J. Condon. President of the
International Paper Co.and
Company.
Interests affiliated with the Power
Corporation of New York have extensive
Company.-Incorp. In Michigan In 1925. Is successor
Boardman
interests in water powers, and Stone & Webster,
River Electric Light & Power Co., which has operated sinceto
Inc.,
are
interested
in
1894. Comwater powers on the upper Connecticut River.
pany
will
own
and
other
Among
operate 2 hydro-electric plants on the Boardman River,
things the
International Paper Co. shares with the New England
the control of and does an electric light and power business in Traverse
the necessary rights for a hydro-electric developmen atCo.
Mich.,
Bellows Falls on which has an estimated population of 14.000 people. From City,
independent
the Connecticut River. Except in regard to Bellowst Falls.
the company engineers' reports, it is estimated that the total 44)00.000 kilowatt hours
and these three interests are making
at present generated on the Boardman River can be increased
definite
no
agreement
the
at
present
to
20,000,000
time for the purchase and sale of power, but it is expected that
the affilia- kilowatt hours. Transmission lines, transformers. &c., are in an efficient
tion of the company with these interests will
be of mutual advantagethrough and good physical condition.
the assurance which it affords of satisfactory
Security.-First mortgage on all the physical properties of the company,
arrangements with these
interests both for purchase and interchange of power as the requirement
s the valuation of which Is in excess of $400,000.
of its system may from time to time demand. It is at present
Earnings, 12 Months Period Ended June 30.
plated that any such arrangements for the purchase of power shall contembe based
on the general principles below expressed in respect of the purchase
1924.
1925.
Gross earnings
by
the
$59,355 $61,373
company or a company in the system of the output of the proposed
Bellows Operating expenses, including maintenance
Falls hydro-electric development.
20,537
22,964
The New England Co. Is to sell to International Securities Co.
Net earnings beforeadepreciation and Federal taxes_ __ _$38.817
or its
nominee and International Securities Co. or its nominee
$38,409
is to purchase the Interest on $200,000 First Mortgage bonds
12,000
stock of the Bellows Falls Canal Co. and the mill powers and
12,000
otherrig.
hts,
titles and interests direcyly or indirectly owned or controlled by the New
Balance
$26.817
England Co. necesasry Sr useful for the hydro-electric development of
$26,409
Sinking Fund.-The trust indenture provides for a sinking fund to
the
power on the Connecticut River at Bellows Falls. The
retire
for the prop- bonds equal to 1% of the outstanding bonds for each
of the first 10
erty is to be the actual cost in cash or its equivalent to price
the
England and equal to 2% of the outstanding bonds for the next ten years. years,
Co.or its predecessors in the New England Power System, plusNew
net operating
Control.-All of the stock except directors' qualifying shares is owned
and carrying charges figured with simple interest at 6%. Any
by
disagreement the General Power & Light Co.
on the price to be paid for the property is to be settled by arbitration.
International Securities Co. proposes after consummating the
Ohio
Bell
Telephon
foregoing
e
Co.
-Expendi
tures.purchase to develop the Bellows Falls power. The New England
The directors have authorized $2,760.000 for extensions.
Co., if
the price and the terms can be hereafter mutually agreed
The program
upon, is to pur- for the next four years in Youngstown
chase or cause one of its subsidiary companies to purchase this
an increase in the number of telephones , Ohio, involves $2,540,000 and
power
at
the
to
29.000
switchboard, it being the understanding that the price and terms
from
25,000.-V.
121,
such (taking into account transmission and distribution losses and must be P• 1790.
costs and
all other costs) as the New England Power System can afford
Pacific
to
Gas
pay
&
with
Electric Co.-Earnings.
a
fair profit to the system. In determining this cost the cost of
12 Mos. Ended Sept. 30competitive
steam power, the price at which New England Power System
1925.
1924.
Gross operating revenue
power and all other factors are to be taken into consideration.is selling its Net income
$47.051,402 $43,055,866
Dealings with Shareholders, Directors and Trustees.-The declaration
18,711.881
16,340,302
of Bond interest and discount
trust of the enlarged or reorganized association is to provide that
7.361,101
6,597.002
any share- Reserve for depreciation
holder of the company, or of any subsidiary or affiliated company.
3.520,371
3.066,380
Dividends for 12 Months:
with the company, or with any subsidiary or affiliated company,may deal Accrued
On Preferred stock (6%)
without
3,264,436
disclosing the fact of his interest, and is also to provide that
3,240,268
On
Common
any
trustee or
stock (8%)
3.505.310
director of the company, or of any subsidiary or
2,923,792
may
deal with the company, or with any subsidiary or affiliated company,
Balance
company,upon
$1,060,663
disclosing the fact of his interest, though he needaffiliated
The
not
net addition of new customers in the first 3 quarters of the $512,860
disclose the details
year was
or extent thereof.
30,844. making the total number of meters in service on Sept.
30. 1925,
Company may purchase from the Deerfield Co., which company is
794.461.
Compare V. 121, p. 2403. 2521.
largely
owned by a few large shareholders of the company, including
Chace, a former trustee, and Henry I. Harriman, a present Malcolm G.
Penn Central Light & Power Co.-Initial Dividend.trustee, the
option of the Deerfield Co., to purchase power
The directors have declared an initial quarterly dividend of $1 25 per
the system and all
other rights of the Deerfield Co. which it reservedfrom
to itself in the two deeds share on the $5 Series Preferred stock, no par value, payable Jan.
2 to
dated May 1 1911 and Oct. 24 1911, resptively
ec
, by which it conveyed its holders of record Dec. 15.
rights in the water power sites on the Deerfield River,
The Seaboard National Bank of the City of New York has been appointed
and may also purchase all rights of the Deerfield Co. under the contract dated
Dec. 31 1909, agent for the payment of principal and interest maturing on the company's
entered into between Connecticut River Transmissio
5% gold notes, due Oct. 15 1926.-V. 121. p. 1909.
land Power Co )and others, and may issue for such n Co.(now New Engsuch amount of
shares of new 6% Preferred as maj be determined torights
Penn-Ohio Edison Co.-Debentures Offered.-Bortbright
be
necessary
-which
amount the trustees estimate will not exceed 16,666 shares.
These rights & Co. Inc., Eastman, Dillon & Co. and Harper & Turner
date back to the beginnings of the system.
Malcolm G. Chace. a former trustee of the company, is a director
of, and are offering at 963/i and int., to yield over 63I% $6,000,000
he and other large shareholders in the company
are large stockholders of, 6
Gold Debentures, Series A (with option warrants.)
International Paper Co.
Dated Nov. 1 1925; due Nov. 1 1950. Principat and int.
Method for Carrying Out Plan.-The plan may be carried out by
& N.)
use of the payable at the office or agency of the company in New York. (M.
present company or by the transfer of all or substantiall
Red. all or
y all of its assets part at any time, upon at least 30 days' notice, at 105 on or before
to a new voluntary association and the termination of the present
Oct.
31
company,
1940. at 4%3
less each succeeding year up to and including Oct. 31 1949.
or by exchanging outstanding shares in the company for shares
of a new and thereafter at par, in each case with int. Denom. 031.000,
voluntary association, which will hold securities of the present company
$500 and
or
$100
and
r* $1,000 and authorized multiples. Company will agree to pay
by any other method that may be detern ined upon.-V.121,
p. 2638. 2157. Interest without deduction for the normal Federal income tax up
to but not
New Jersey Water & Light Co.-Sale Approved.exceeding 2% per annum. Penn. and Conn. 4 mills tax and Mass.
income
tax
not exceeding 6% per annum refundable. Central Union Trust Co.,
The New Jersey P. U. Commission has authorized the company to sell
its
New York, trustee.
distribution system in Deal Borough and Ocean Township
to the
Option
Tintern Manor Water Co. for $120 000.-V. 118, p. 1021. (N. J.)
debentures
Warrants.
-These
will be accompanied by option
owl
warrants in the ratio of 20 warrants to each $1,000 debenture. Each of
New York & Richmond Gas Co.-$1 Gas Rutin(' Upheld. these
warrants will entitle the holder to purchase one share of the Common
Federal Judges Martin T. Manton, Marcus L. Campbell and Robert A. stock of the company at any time at $25 per share, up to and
Inch, sitting as a special statutory court, approved Nov. 28 the report of Nov. 1 1935, and these debentures will be accepted at their including
principal
Special Master Appleton L. Clark, declaring the dollar gas law unconstitu- amount and accrued interest in lieu of cash in payment for such stock.
tional and confiscatory. The decision was handed down in a suit
Liqing.-LIsted on Boston Stock Exchange.
brought
by the company to enjoin the enforcement of the dollar rate and
Data From Letter of Pres. R. P. Stevens, New York, Nov. 24.
British thermal-unit standard fixed under the law passed in 1923. the 650
Company.-Incorp. in Delaware in July. 1923. Through ownership of
The Court approved the master's report as it has been published, except
Common
stocks it controls a group of companies supplying the entire
it made slight modifications in the section relating to deductions in plant
electric power and light, street and interurban railway business in
values for depreciation. Final judgment was ordered entered
an
company against both the rate and the thermal-unit standard.for the gas Important industrial district of eastern Ohio and western Pennsylvania.
Population of territory served, which includes the cities of Youngstown and
The decision held the company entitled to at least 8% return upon the Salem,
0. and Sharon, New Castle and Farrell. Pa., is estimated at over
full present value of its property, based on construction costs, wages and
materials prices. The Court confirmed the special master's allowance of 410.000. More than 90% of the net earnings is derived from electric power
$655,000, or 15% of the value of the tangible property, for the company's and light business.
Principal Subsidiary Companies.-The Pennsylvania-Ohio Power & Light
going value, and also allowed a working capital of $344,000, an increase
Co. supplies electricity for lighting and power to the cities of
over the $275.000 fixed for this purpose in the special
Youngstown,
master's report.
- Hubbard, Girard, and Struthers. Ohio, and Sharpsville,
12i, p. 200.4440
Farrell, Wheatland.
.
Ellwood City and Sharon, Pa. It also operates the interurban railway
•
line
New York Telephone Co.-New Construction.between Youngstown, Sharon and New Castle.
The directors have authorized an additional expenditure of $4,180.365
Pennsylvania-Ohio Electric Co., or its subsidiaries, own the city street
for new construction. This brings the total of appropriations
lines in Youngstown. 0., and Now Castle, Pa., and
since Jan. 1 railway
to $60,981,935, of which $53,953,090 was set aside for the enlargemen
between these cities. It also controls, through stock the interurban
t line
of plant facilities in the metropolitan area.-V. 121,
Castle Electric Co.. which serves New Castle, Pa. andownership, New
p. 2103.
vicinity, with
electric light and power. The railway lines are augmented
by a well
New York Westchester & Boston Rv.-Notes Called.- organized
bus system.
Certain 6% Collateral Gold notes, aggregating $65,000, have been called
Ohio River Edison Co. has completed the first section of a modern,steam
for payment Jan. 1 at 101 and int, at the National Bank of Commerce,
electric
power
plant
on the Ohio River near Toronto, 0., with an initial
31 Na-ssau St., N. Y. City.-V. 121, p. 1348.
installed capacity of 88.000 h.p. Plant is being operated
and the output
distributed by Pennsylvania-Ohio Power & Light
Nor-th
-American
Subs.).-Earnin s.Co. under a 999-year
lease.
The new plant is connected with the transmissio
12 Months Ended Sept. 30192'.
n lines of Penn1924.
sylvania
-Ohio
Power
Light
&
Gross earnings
near
Co..
Boardman,
0., by a high voltage
$87,032,448
g.
$78,513.133 steel tower transmission
line of approximately 39 miles and suitable
Operating expenses and taxes
53,405,857 49,658,757 station
subequipment.
Salem
Lighting
supplies
Co.
Salem,
Net income from operation
0.
and
vicinity with electric light
$33,626,591 $28,854.376 and power.
Other net income
3,722,125
1.442,256
Pittsburgh District Electric Co. controls, through
ownerahip of all outstanding securities, the company furnishing electricity
Total income
$37,348,717 $30,296,632 to the cities of Greenville,
for light and power
Mercer, Shenango and Jamestown,
Interest charges
$11,349,666 $9,936,595
Pa.
Preferred dividends of subsidiaries
Capitalizati
on
3.181,394
2,266.561 6%
Outstanding.
Authorized.
Minority interests
Gold Debentures, Series A
1,361,176
1,041,679
$6,000,000
.Reserves for depreciation
Prior Prof. stock (7% cumul.)
8,765,673
7,844,219 Preferred
4,192,200
$15,0110,000
Dividends on Preferred stock
stock. 6% cumtll
1.744.968
1.194,932
7.600.000 6,359,600
Dividends on Common stock
3,030.353
2,747,102 Common stock (no par value)
shs.248.240 shs.
400,000
a Additional debentures may be issued in one or more series, bearing
Surplus after all dividends and reserves
$7,915,486 $5.265.545 such rates of interest, maturing on such dates and
Total to depr. res. and to surplus
redeemable on such
after all divs
$16,681,159 $13.109,764 terms, and containing all such rights and limitations
-V.121, p. 2638. 2403.
as directors may
determine, prior to the issue thereof. No
_psi
debentures may be
-Northern Connecticut Light &-Power Co.-President. issued, except for refunding debentures ofadditional
another
series,
par for par.
unless
the consolidated net income, after all
Walter P. Schwabe of Thompsonville,
expenses and taxes and all
has been elected President interest and dividends on securities of
of this company, succeedinnHarrison B.Conn.,
companies held by the
Freeman. Loring N. Farnum of
public, for 12 consecutive months withinsubsidiary
the 16 preceding calendar months.
DEC.5 1925.1
THE CHRONICLE
shall have been at least 236 times the annual interest charges on all the
indebtedness of the company, including the debentures then to be issued,
but excluding charges on indebtedness subordinate to the debentures and
excluding indebtedness to be concurrently paid off through the proceeds
from the sale of capital stock, or of the sale of such issue of debentures.
The above statement gives effect to the completion of the exchange of
Prior Preference stock for Pennsylvania-Ohio Electric Co. Preferred stock.
pursuant to the recent offer under which over 75% of such Preferred stock
has already been exchanged. It does not include intercompany obligations
subordinate to the debentures.
Purpose.-Proceeds will provide funds for the retirement of the $3,250.000
secured 616% gold notes and certain funded indebtedness of subsidiary
companies, and for other corporate purposes.
Consolidated Earnings Statement 12 Months Ended Sept. 30 1925(Co.& Subs.)
$10,951,100
Gross earnings
7,215.687
Operating expenses and taxes
$3.735,413
Net earnings
Interest & dividends on securities of subsidiaries held by public* 2,052,569
2753
ing the use of privately-owned coal cars in time of coal shortage. Upward°
of 1,250,000 users of gas and electricity in the territory served in New Jersey by Public Service Electric & Gas Co. are benefited by the decision ofthe Philadelphia Court, which annuls the order of the Commission curtailing the use of privately-owned coal cars in time of car shortage. The Public Service company, which owns and operates 600 coal cars to insure its
various generating plants of the necessary coal supply when there is a shortage of coal cars, was one of the prime movers in suits brought by nearly 100
plaintiffs. The Court held that the Commission's order was "unjust and
reasonable and an unlawfully arbitrary exercise of power."
The order which provided for a pro-rata distribution of private cars
among the bituminous mines in times of shortage was not applicable when
there was a sufficiency of railroad owned cars, but was enforceable only
when there were car shortages. Public Service as well as the other plainiffs conetnded that obviously it was only in times of car shortages that the
privately-owned cars were of most value.-V. 121, p. 2039, 1463.
Reading Transit Co. and Subsidiaries.-Earnings.Year Ended Ocf.31Operating revenue
Operating expenses and taxes
Maintenance and depreciation
Rentals
1925.
1924.
33.030.497 $3,017,566
1,664.282
1,700,107
750.242
773,940
325,798
336.049
Bel available for interest charges of Penn-Ohio Edison Co..
31.682.844
for depreciation, &c
360.000
Annual interest charges on 6% gold debentures, Series A
$253,546
Operating income
3244.098
* Not including dividends paid on Pennsylvania-Ohio Electric Co.
22.066
18.634
Other income
Preferred stock now owned by.Penn-Ohio Edison Co.
Redemption of 33/2-Year Secured 6M% Gold Notes.3275.612
Total income
$262.733
376.483
379 852
All of the outstanding 3;6 Year Secured 616% Gold Notes, dated July Interest on funded debt
8.265
9.725
2 1923. have been called for payment Jan. 1 at 101 and int. at the Central Other deductions from income
119,145
Union Trust Co. of New York, 80 Broadway N. Y. City.-V. 121 P. Provision for dividend on Preferred stock
119.145
2039. 1909.
Balance of net income
354.011
371.718
Pennsylvania Gas & Electric Corp.-Stock Sold.- -V.
121, p. 587.
A. C. Allyn & Co., Inc.; Pogue, Willard & Co. and G. E.
Republic R.& Light Co.-Acquisitions.Barrett & Co., Inc., have sold at $22 50 per share 75,000
The company has acquired the Northeastern Ohio Power & Light Co.,
the Grand River Electric Light & Power Co. and the Suburban Utilities
shares Class A Participating stock.
Has priority over Class B stock both as to assets and dividends. Shares Co., it was announced on Nov. 30. The newly acquired companies furnish
are fully paid, non-assessable and non-redeemable. Dividends are not electricity in a territory extending east and west from Ashtabula, Ohio,
subject to normal Federal income tax. Transfer agents, Seaboard National along the shore of Lake Erie.-V.121, p. 1103. 460.
Bank, New York. and Central Trust Co. of Ill., Chicago. Registrars,
Sodus(N. Y.) Gas & Electric Light Co.-Bonds Offered.
Equitable Trust Co., New York, and Northern Trust Co., Chicago.
-J. A. W. Iglehart & Co., Baltimore, are offering at 993.,
Dividends payable Q.-M.
dividends
to
the extent of to yield 6.05%, $500,000 First Mortgage 6% Gold bonds,
Class A stock is entitled to priority as to
El 50 per share per annum over the Class B stock. Dividends on the Senes "B."
.
Class A stock are non-cumulative. After the full priority dividends on
Dated Nov. 1 1925; due May 11941. Interest payable M.& N.at GayClass A stock have been declared end provided for in any year and dividends to the extent of $1 50 per share shall have been declared and pro- lord State Bank, Sodus, N. Y., trustee. Redeemable up to and including
vided for in that year on the (-lass B stock, one-half of the aggregate May 1 1930 at 105 and interest: thereafter and up to and including May 1
amount of any further dividends declared in such year on such stocks 1935 at 103 and interest: thereafter and up to and including May 1 1939 a
shall be paid to Class A stock, as a class, and one-half such dividends to 102 and interest: thereafter and up to and including May 1 1939 at 102 and
Class B stock as a class. The number of shares of Class B stock to be interest: thereafter at par and interest. Denom. $1,000. $500 c*. Comoutstanding at any time shell not exceed twice the number of shares of pany agrees to pay the normal Federal income tax not in excess of 2%,and
Class A stock to be then outstanding. The Class A stock is issued without will refund the 416 mills tax in Maryland, 4 mills tax inPennsylvania, the
par value and has priority in liquidation or dissolution over the Class B 5 mills tax in the District of Columbia.
Issuance.-Approved by the New York Public Service Commission.
stock up to $35 per share.
Data from Letter of President G. R. Mills, Sodus, N. Y., Nov. 27.
Listed.-Stock listed on Chicago Stock Exchange.
Company.-Incorp. in Feb. 1904 in New York. Is engaged in distribuDividends.-It is the intention of the directors to declare dividends on
the Class A stock at the rate of 31 50 per annum for the quarter beginning tion of electric energy for domestic and industrial uses. Company's franDec. 1 1925. It is expected that Class A stockholders will be given the chises in addition cover the manufacture and sale of gas in its territory and
option of taking such quarterly dividend in Class A stock in lieu of cash, this business will undoubtedly be developed when it seems profitable to do
volt, 84 miles of 11,000 volt
at the rate of 1-40 pf a share of Class A stock for each share of such stock so. Property consists of 5 miles of 33,000
and 169 miles of 4,150 volt transmission lines, with necessary substations
held.
system.
distribution
volt
and
120
110
to
New
York,
Nov. 30.
Data from Letter of V.-Pres. H. A. Clarke,
Earnings Twelve Months Ended Dec. 31.
Corporation.-lncorporated in Delaware. Will own, directly or through
1924.
1923.
*1925.
1922.
a subsidiary, practically the entire Common stock (except directors' Total revenue
3152.756 3163.004 3169.728 3185.136
qualifying shares) of the Pennsylvania Gas & Electric Co., Moncton
109,394
100.553
91,964
exp., maint.and taxes- 88.947
Tramways, Electricity & Gas Co., Ltd., Saugerties Gas Light Co., and Operating
71,040
69,175
75.742
63,809
Net income
Allegany Gas Co.,and 75% of the Common stock of the Tr -County Gas Co. Annual
24,000
24.000
24,00
interest on funded debt._ 21,993
Pennsylvania Gas & Electric Co. is the direct successor through con*12 months ended Sept.30.
solidation of the York Gas Co.which was incorporated in 1849 in Pennsylthe
retirement
of
all
bonds
prewill
be
applied
to
-Proceeds
Purpose.
vania, the corporate name being changed to its present title in 1925 (see viously outstanding and to provide funds for additions and improvements
description in V. 121, p. 1463, 1348). The Moncton Tramways, Elec- to
property.
company's
the
entire
commercial
and
the
tricity & Gas Co. Ltd., furnishes
domestic
electric light and i;ower, gas and street railway service in Moncton, New
South Park Water Co. (Calif.).-Bonds Authorized.Brunswick, ahd n the important industrial and commercial territory
This company which supplies water for domestic purposes in territory
tributary thereto. Saugerties Gas Light Co. manufactures and distributes south of Los Angeles Calif. has been authorized by the California RR.
gas in the city of Saugerties, N. Y., and considerable territory adjacent Commission to issue on or before March 31 1926 at not less than 93% and
thereto. Allegany Gas Co. will supply natural gas either at retail or int. $125000 of 1st Mtge. Serial 7% bonds dated July 1 1925 and to use
wholesale through other distributing companies in Addison, Elmira and 379.550 of the proceeds to finance, in part, the cost of acquiring the Morgan
Corning, N. Y., and Coudersport. Austin, Port Allegany, Galeton, West- water plant, and the remaining proceeds to pay for extensions and betterfield, Elkland and other communities in northern Pennsylvania. Tr- ments to its plants and properties.
County Gas Co. will furnish natural gas to various industrial and manufacturing establishments in Oil City, Pa.
Southern California Edison Co.-Rights.Each Preferred or Common stockholder of record Dec. 15 1925, may
Capitalization Outstanding as of Aug. 31 1925(Upon Completion of Present
manang).
subscribe en or before Jan. 15 for new Series "B" 6% Preferred stock, at
67 Gold notes
$96 per share, at the rate of one share for every ten shares of stock owned.
$880,000
7 e Cumulative Preferred stock
No fractional shares will be issued, but any stockholder entitled to a frac315,700
Class A stock (no par value)
75.000 abs. tional share on the above basis may subscribe for a full share for each such
Class B stock (no par value)
150,000 shs. fractional share. Subscriptions will be taken and cash payments may be
As of Nov. 30 1925 there was outstanding in the hands of the public, made at any one of the following places: Bankers Trust Co., 16 Wall St.,
not exceeding $28.300 of Common stock. 31.200,000 of Preferred stock N. Y. City; E. H. Rollins & Sons. 200 Devonshire St., Boston, Mass.;
and $3,729,500 of funded debt of subsidiary and affiliated companies.
E. H. Rollins & Sons, 231 South La Salle St.. Chicago, Ill.: the investment
department of the company, 306 West Third St., Los Angeles, Calif., or
Consolidated Earnings-12 Months Ended Aug. 31 1925.
any
one of the company's district offices. The California RR. Commission
Gross earnings (including non-operating revenues)
$1,986,456
Oper. exp. and taxes, incl. current maint. and income taxes
1.173.618 recently authorized the issuance of 100,000 shares of Series "B" 6% Prof.
Stock.-V. 121, p. 2158.
Net earnings
$812,838
Southern Gas Co.-Bonds Sold.-G.E.Barrett & Co.,
Balance of net earnings after deducting annual int. charges and
diva. on funded debt and Pref. stocks of sub. cos.. amort. and
. Inc., R. E. Wilsey & Co., Inc., and Frederick Peirce & Co.
net earnings applicable to Common stocks of sub. cos. held
and int. to yield 6.70%, $3,000,000
by the public
468.995 habe sold at 98
Ann.int. charges on 6% Gold notes and diva. on 7% Pref.stock..
Fund Gold bonds (with
'
74,899 1st (Closed) Mtge. 63/2% Sinking
Bal,for depreo. and depletion of subs, and diva. on Cl. A stock $3394.096 detachable stock purchase warrants).
Dated Nov. 1 1925. due Nov. 11935. Prin. and int.(M.& N.) payable
-V. 121. P. 2403.
at First National Bank, Kansas City, Mo., trustee. Interest also
Pennsylvania-Ohio Electric Co.-Exchange of Preferred payable at Guaranty Trust Co., New York, and Continental & Commercial
IsTational Bank, Chicago. Denom. $1,000 and $500 c*. Red. on any int.
Stock for Prior Preference Stock of Penn-Ohio Edison Co.- date
at 105 and int. to Nov. 11930;thereafter to maturity at 10216 and int.
Over 75% of the 7% Pref. stock of the company has been exchanged for Company
to pay interest without deduction for any normal Federal
7% Cumulative Prior Preference stock of Penn-Ohio Edison Co. on a share income taxagrees
not exceeding 2% and to refund the Penn. and Conn. personal
for share basis in accordance with the offer of July 29 last.-V.120, p. 1205.
property taxes, not exceeding 4 mills annually; and Mass. Income tax not
exceeding 6% per annum on income derived from the bonds.
Philadelphia Rapid Transit Co.-Capital Increase.Stock Purchase Warrants.-Each bond will carry detachable stock purThe City Council Transportation Committee of Philadelphia, Pa., has chase
warrants entitling the holder thereof to purchase 16 share of Common
approved an ordinance authorizing a $10000000 increase in the stock of stock for
each $100 par value or equivalent thereof, at $25 per share from
the company. This will make the total authorized capitalization
343,- Nov. 1 1925 to Oct. 31 1926: at $30 per share thereafter to and incl. Nov. 1
000.000.
per share thereafter to and incl. Nov. 11928: at $40 per share
1927;
at
$35
Action on the company's petition consent to issue an
35.000,000 thereafter to and incl. Nov. 1 1929, and at $45 per share thereafter to and
of Preferred stock to take over taxicab companies wasadditional
deferred for another incl. Nov. 1 1930.
public meeting of the committee. The $10.000.000 authorized
will be used
Data From Letter of President L. J. Snyder Nov. 25.
In replacements, of rails, car-houses, substations and distribution
Company.-Formerly Southern Natural Gas Co. was incorp. in Oct. 1921
system,
for the retirement of underlying securities purchase and
Delaware.
Under a continuing contract running 12 years from May 3
In
rehabilitation
of
the Frankford, Tacony & Hoimesbura
and reimbursement of the 1922 and thereafter until cancelled, the company has since Nov. 1922 been
company's treasury for moneys temporarilyRy.
taken from reserves for improve- furnishing natural gas to the San Antonio (Tex.) Public Service Co., a
ments and extensions. See also V. 121, p. 2638.
subsidiary of American Light & Traction Co. The company furnishes to
the San Antonio Public Service Co. for its distribution, gas for all domestic
Portland (Me.) Gas Light Co.-Rates Reduced.
and industrial purposes for San Antonio and adjacent territory as well as
The directors have voted a reduction of 5c. per 1.000 cu.ft. toall of the gas used under the boilers in the present electric power plant of
all
domestic
and industrial users of gas in Portland. Me..
Jan. 1 1926. The the San Antonio company.
new rates will bring the rate down to 31 50 foreffective
the
first
Under a contract with the U. S. Government the company also supplies
Cu,
3,000
ft.
used
monthly, with other reductions for use of larger amounts. A Sc.
reduction all gas used by Kelly Fields No. 1 and No. 2, by the Air Intermediate Depot
was made in November 1922.-V. 121, p. 1570.
and by Camp Normoyle. all located about 2 miles from San Antonio.
Authorized.
Outstanding.
Power Corp. of New York.-A ffiliated Interests to Sub- 1stCapitalizatton33,000.000
33,000,000
(Closed) Mtge. 63.6s (this issue)
2,000.000
750.000
scribe to 173,333 Shares of Stock Under New England Power 7% Cumul. Pref. stock
a70,000 abs.
55,000 abs.
Common stock (no par value)
Co. Plan.ss.
a 15,000 shares reserved for stock purchase warrants.
See New England Power Co. above.-V. 121. P. 2039. 1463.
Security.-Secured by a first mortgage or a first lien upon the following
property
hereafter
all
acquired:
mortgage
on
(a)
and
by
a
first
Over
149
Public Service Electric & Gas Co.-Decision.miles of main trunk lines, consisting of 63 miles of 12 in. line from San
A decision has been handed down by the U. S. District Court in Phila- Antonio to McMullen County, 73 miles of 12 in. line (new under construcdelphia which is of great importance to the gas and electric utilities of Amer! tion) from McMullen County to Webb County and 13 miles of 6 in. line
ca Under its terms the 1.-S.C. Commission Is denied the right of curtail-- connecting San Antonio to Gas Ridge Field: (b) approximately 28 miles Of
2754
THE CHRONICLE
4 in., Sin, and 8 in. lines connecting the gas wells to the main trunk lines.
Gas compressor station located in the Gas Ridge field. (e) Rights of way
easements for the operation of main trunk and gathering lines above
numerated. (d) All land on which compressor and meter stations are
located. (e) Gas rights on approximately 100.000 acres located in McMullen, Live Oak, Bexar, Duval, San Patricio and Webb counties. (I)
Rights of the company under a contract for the operation of an existing 38
mile trunk line from the terminus of the 12 in. line in McMullen County
to the gas fields in San Patricio and Live Oak counties. (g) Sales contracts
with the San Antonio Public Service Co. and with the United States Govt.
Earnings1926 (Est.).
1923.
a1925.
1924.
Gross earnings
$444.899
$1,250.000
$609,050
$694,284
Net avail. for int., &c....
268,029
775,000
391.407
358,576
a November and December 1925 estimated.
Sinking Fund.-Mortgage will provide for sinking fund payments as
Yellows: (a) Beginning Nov. 1 1925 to Nov. 1 1926 a sum equal to 25%
of the net earnings after payment of interest and Preferred dividends, such
sinking fund payments to be deposited monthly with the trustee; (b) beginning Nov. 1 1926 and thereafter until all of the bonds have been retired
$225,000 per annum payable semi-annually, plus a sum equal to 20% of
the net earnings after payment of interest and Preferred dividends, such
latter sinking fund payments to be deposited monthly with the trustee.
Sinking fund money is to be used for purchasing and cancelling bonds at
prices tendered to the trustee at or below the redemption price or for calling
semi-annually by lot on any interest date on 60 days' notice at the redemption price until the sinking fund moneys are exhausted.
Purpose.-Proceeds are to be used to defray the cost of construction of
the new pipe line to Webb County, to retire outstanding 8% bonds, to
liquidate loans incurred in connection with capital expenditures and for
additional working capital.
Officers.-A. R. Jones, Chairman; L. J. Snyder, Pres. & 'Frees.. Kansas
'City; H. D. Hull, V.-Pres. & Gen. Mgr., H. A. Pagenkoff, Sec., San
Antonio.-V. 121. p. 2404.
Southern Illinois & Missouri Bridge Co.-Valuation.
The I.-S. 0. Commission has placed a final valuation of $3,182,660 on
the owned and used properties of the company, as of June 30 1915.-V.
119. p. 1283.
Southern Power Co.-Interests
Southern Public Utilities Co.-
Acquire
Control of
See that company below.-V.121, p. 2275.
Southern Public Utilities Co.-New Control.Control of the company, which retails electric current for lighting and
power purposes in over 12 cities and towns in North and South Carolina
and operates street railways and gas systems in a nuniber of them, has
pawed to the "Southern Power interests," according to an announcement
made Nov. 28 by George 0. Allen of New York, who recently succeeded
the late James B. Duke as President of the Southern Power Co. The
transfer was effected through a plan set under way by Mr. Duke shortly
before his recent death. Mr. Allen further announced: "The plan which
has just been oensummated brings about the complete unity of actual
'control that has heretofore been absent."
The change in control will not affect the corporate entity or the operating
organization of the utilities company and the general policy of the company
will not be changed, it was said. E. C. Marhhall of Charlotte. No. Caro.,
Is President of the Southern Public Utilities Co.-V. 121, p. 708.
prou 121,
bonds, due Jan. 1 1937, have been called for redemption Jan. 1 at 105 and
int. at the Missouri-Lincoln Trust Co., trustee. St. Louis, Mo.-V. 121
P. 1910.
Twin City Rapid Transit Co.-Wages Increased.--
The company on Nov. 30 increased wages for trainmen on the entire
system 4%, effective Nov. 16. This increase will affect about 2,400 employees. The new schedule follows:
1st year men, 50c. per hour; 2nd year men, 53c. per hour and 3rd year
men 55c, per hour. The minimum guarantee of $3.50 a day and 10 cents
additional to the regular rate for each hour in excess of9 hours will continue.
The old rate was 48c. for 1st year men; 51c. for 2nd year men and 53c.
for 3rd year men.-V. 121, p. 2405.
Union Electric Light & Power Co. of Illinois.-Call.Certain 1st Mtge. .534% Gold bonds, Series "A.," due Jan. 1 1954.
aggregating $125.000, have been called for payment Jan. 1 at par and int.
at the Equitable Trust Co., of New York, trustee. 37 Wall St., N. Y.
City.-V. 121, p. 2158.
United Light & Power Co. & Subs.-Earnings.Consolidated Earnings Statement for 12 Mos. Ended Oct. 311925.
b1925.
al924.
Gross earnings
834,033,364 $37,508,698
Operating exps. (incl. maint., gen. & inc. taxes).._ 20.248,602 21,431,121
Net earnings
$13.784,761 $16,077,577
Interest on bonds & notes of sub-companies due public
4.206,874
Dividends on Prof. stocks of sub-companies and proportion of
2.490,997
net earnings attributable to cora, stock not owned by co_ _ _
2.295,033
Interest on funded debt
Other interest
194,480
467,571
Prior Preferred stock
832,148
Class "A' Preferred dividends
328,833
Class "B" Preferred dividends
Surplus earns, avail, for amort., deprec. & Corn. stk. divs_ _ $5,261.640
a For comparison. b Figures for 1925 only partially reflect earnings
derived from recent acquisitions, while the outstanding class "A" Preferred
stock and class "A" Common stock reflect recent increases resulting from
the sale of stock, to investors and Common stockholders of the company,
in order to provide for payment of public utility properties recently acquired
and having annual gross revenues of S3.650.000 and annual net revenues
exceeding $1,000,000.-V. 121, p. 2639, 240.5.
Utah Power & Light Co.-Acmisition.-
The company has acquired tho hydro-electric plant and distribution
system of the Vernal (Utah) Light Co. The latter serves about 600 customers. The City Council of Ver.la: ha* granted to the Utah Power & Light
Co. a 50-year franchise.-V. hO, p. 3066.
Utilities Power & Light Corp.-Initial Div. on "B" Stk.
The directors have declared an initial dividend on the Class B stock
payable Jan. 1 in voting trust certificates for Class B stock at the rate
of 1-10 of a share for each share of Class B stock of record Dec. 6 1995.
The regular quarterly dividend of 50c. per share on the Class A stock
also was declared, payable Jan. 1 to holders of record Dec. 5. Under
the resolutions of the directors, the Class A stockholders have the option
Southwestern Light & Power Co.-Dividends.to accept, in lieu of their cash dividend, additional Class A stock at the
The directors have declared a dividend of $1 50 a share on the Class "A" rate of 1-40 of a share for each share held on the record data, or at the
'Common stock. payable Dec. 21 to holders of record Dec. 11, and the rate of 1-10 of a share per annum. By this action of the dircctors, the
regular quarterly dividend of $1 50 a share on the Preferred stock. payable Class A stockholders. instead of receiving a cash dividend of 50c. per
Jan. 2 to holders of record Dec. 26. An initial distribution of $1 50 per share. may obtain on the basis of the present market value of the stock,
share was made on the Class "A- Common stock on July 6 1925.-V. 121 the equivalent of about 80c. per share for their quarterly dividend.
The directors also declared the regular quarterly dividend of $1 75
D. 1570, 1463.
per share on the outstanding Preferred stock, payable Jan. 1 to holders
Standard Gas & Electric Co.-Earnings.of record Dec. .5.
12 Months Ended Sept. 30The statement of earnings of the corporation and its subsidiaries for the
1924.
1925.
Gross revenue
$7,015,795 $5,792,517 nine months ended Sept. 30 1925 shows that gross earnings for the period
Expenses and taxes
81,803 were $5,836.326 and net earnings after operating expenses and maintenance
136,587
Interest, charges. &c
1,498,124 were $2,797,932. After deductions for interest and Preferred dividend
' 1,301,153
7 Prior Pref. dividends
203,274 requirements of the corporation and its subsidiaries, the balance of con997,401
8 Preferred dividends
1,316,498
1,304
3000
444 solidated earnings accruing to the corporation. before reserves for Federal
6 o Non-Cumul.dividends
income taxes. was $1.323.709, which is at the annual rate of over $9 70
60,000
ommon dividends
1,816,549
1,479,603 per share on the amount of Class A stock outstanding.-V.121. p. 2639.
Surplus
$1,387,607 $1,195,269
x Includes interest on debentures converted into Common stock.-V.121,
p. 2275, 1570.
Suburban Light & Power Co. (of Ohio).-Notes
Sold.-Love, Macomber dr Co. and Charles D. Robbins
& Co. have sold $1,900,000 1st Mtge. Bond Secured 6%
Gold notes at 99 and int., to yield 6.30%.
Washington Water Power Co.-Tenders-
The Farmers' Loan & Trust Co., trustee, has $27.671 to invest for the
Orly purchase of 1st Ref. Mtge. 5% bonds of 1909, due 1939, for the
g fluid, and will receive offers up to Dec. 15.-V. 121. p. 1910.
=
Westchester Street RR. of White Plains.-Fares.-
The New York P. S. Commission has authorized an extension of the
time in which a 10c, fare may be charged by the receiver of the company
on the Tarrytown, Silver Lake Park, Scarsdale (N. Y.) and Mamaroneck
that the present fare had
Dated Dec. 1 1925* due Dec. 1 1928. Int. payable J. & D. Red. eller Ave. lines to April 1. The receiver showed
1923 there was a deficit of $177, whil
part at any time on 30 days' notice at 102% and int. during first 6 months, increased the operating income. in$14,295.
Estimates for 1925 indica
and at % of 1% less during each succeeding 6 months to maturity. De- In 1924 the operating income was 709.
nom. $1,000 and $500 c*. Int. payable without deduction for normal an income of $17,551.-V. 121. p.
Federal income taxes not in excess of 2% per annum. Company will refund
West Penn Power Co.-Pref. Stock Offered.-West Penn
the Conn.and Penn. taxes not in excess of4 mills per annum,the Maryland
securities tax not in excess of 4% mills per annum, and the Mass, income Securities Department, Inc., Pittsburgh, is offering at $97
tax on int. not in excess of 6% per annum. Seaboard National Bank, and div. 50,000 shares 6% Cumul. Prof. (a. & d.) stock
New York, trustee.
(Par $100). Stock may be purchased by employees and
Data from Letter of R. M. Mead, President of the Company.
Company.-Incorp. in Ohio. Will own all the outstanding Common customers for cash or on an attractive monthly payment plan.
Stock fully paid and non-assessable. Redeemable all or_part upon 6
stock (except directors' qualifying shares) and all the outstanding bonds of
payable Q.-F. Exempt from
the Suburban Power Co. The latter company now owns or is acquiring months' notice at 110 and diva. Dividends
personal property taxes. Divielectric light and power properties in the suburban districts surrounding present Penn. 4-mills and West Virginia
income
tax under present law.
Federal
normal
dends
are
to
not
subject
Newark,
Bucyrus,
Marion,
Columbus,
such cities as Youngstown, Canton,
These shares of 6% Cumul. Prof. stock rank equally and ratably with
Findlay, Warren, Cambridge and other communities in the north central
stock now outstanding and are identical in
and eastern parts of the State of Ohio, and will distribute electricity for the shares of 7% Cumul. Prof.
are limited in the right to receive
power and light to over 8.000 customers in over 76 towns and communities, all respects therewith. except that they
of 6% per annum, and are subject to
Including Milton Lake. Marlboro. Dresden, Frazeysburg, Utica, Gambler, dividends to dividends at the ratethe
amount
of all unpaid dividends acplus
par,
of
redemption
at
110%
Jenera,
Van
Ridgeway,
Lue,
McVictory,
Danville, Waldo, La Rue, Mt.
Pref. stock may be issued except when surComb. Payne, Deerfield, Bloomville, Holloway and Freeport, in the State crued thereon. No additional
applicable to payment of diva.
of Ohio. Population to be served is estimated to be in excess of 90.000. plus net earnings (before depreciation)
for a period of 12 consecutive calendar
Property will consist of 476 miles of transmission and distribution lines, upon Pref. stock shall have been,
immediately preceding the issuance
necessary substation equipment, street lighting systems, and other neces- months within the 15 calendar months
of such additional stock, at least 3 times the annual div. requirements on
sary equipment.
that
and
proposed to be issued.
outstanding
both
the
Pref. stock
Purpose-proceeds of these hetes, together with proceeds from the sale
Listed.-Stock listed on New York Stock Exchange.
of First Pref. stock, will be used to reimburse the cost of additions and imfor
light,
heat and power purposes in
electricity
,
Compang.-Supplies
provements to present properties, the cost of acquiring new properties, and more
than 400 cities, towns and communities located in the Pittsburgh
for other corporate purposes.
from 3 to 60 miles from the City of PittsSecurity -Secured br pledge of $1,250.000 1st Mtge. 6% bonds due industrial district, at distances of
estimated to exceed 525,000. The
Dec. 1 1950 and (or) cash at par and all of the outstanding Common stock burgh, the population servedisbeing
authorized to serve exceeds 5.000 square
territory which the company
(except directors' qualifying shares) of Suburban Power Co.
miles and is considered one of the best fields for power consumption in the
Earnings Year Ended Sept. 30 1925.
States.
$541.461 United
Gross revenue
Company is the largest of a group of important public utility companies
332,100 controlled
Operating expenses and taxes
through stock ownership by American Water Works & Electric
Inc.
$209.361 Co..
Net revenue
Authorized. Outstanding.
Capitalization5,345 6% Cumul. Pref. stock (this issue)
Other income
$10,000,000 $5,000,000
25,000,000 a12,707.700
7,0 Cumul. Preferred stock
$214,706 Common stock
Gross income
35,000,000
14.100.000
Annual int, requirements on $1,000,000 1st Mtge. Bond-Secured
First Mortgage Gold bonds
b34,500,000
60,000 First Equipment
6% Gold notes (this issue)
125,000
Trust notes of 1920
62,000
4,100,000
Funded debt of subsidiary companies
1,664,400
Balance available for depreciation, Fed. income tax & diva_ $154,706
a Includes $146,900 par amount sold on deferred payment plan to be isAuthorized. Outstanding. sued when fully paid for. b Authorized issue limited by the restrictions
CapitalizationClosed
$1,000,000 of the mortgage.
First Mtge, Bond Secured 6% notes (this issue)__
$2,500,000
500,000
First Preferred stock 7% Cumulative
Company has also outstanding an obligation of $754,500 to the U. S.
175,000
175.000 Government, the Government having made advances to the company
Second Preferred stock 7% Cumulative
Common stock (no par value)
50,000 shs. 40.000 abs. during the war toward the cost of construction of the Springdale power
The Suburban Power Co. has an authorized issue of $10,000,000 1st station on the Allegheny River, together with the necessary transmission
Mtgs.6% Gold bonds due Dec. 1 1950, of which approximately $1.250,000 lines. Under the terms of the contract, the said sum of $754.500 is to be
will be outstanding, which, together with all its outstanding Common repaid to the Government by the company with interest at from 5% to 6%
stock (except directors' qualifying shares), will be pledged as collateral to in annual installments from 1926 to 1930. inclusive. Company has entered
into an indemnity bond for its faithful performance of this contract and such
1st Mtge. Bond Secured 6% notes.
the $1,000.000--...---...bond is secured by a second mortgage on its properties.
Trenton (Mo.) Gas & Electric Co.-Bonds Called.Purpose.-Proceeds will be expended by the company for permanent
All of the outstanding Citizens' Gas & Electric Co. of Trenton (now improvements, extensions and additions to its property, and
known as Trenton Gas & Electric Co.) 1st Ref. Mtge. 6% 30-Year Gold corporate purposes
Dnc.5 1925.]
2755
THE CHRONICLE
Consolidated Earnings (Incl. Subsidiaries), 12 Months Ended Oct. 31 1925. share, from the net earnings of the current year free of British income tax.
514,586.401 The same will be paid by the National Provincial Bank, Ltd., Bishopsgate
Gross earnings. including miscellaneous income
London, or at any of its branches, or by the Guaranty Trust Co. of New
Oper. exps. (exclusive of renewals & replacements), mainte7,833,936 York, of 140 Broadway, N. Y. City, at the equivalent in U. S. currency of
nance, rentals and taxes
2,157.695 94 8534 per pound sterling, equal to 36 2-5c. per share. The company in
Int. on bonds & floating debt, incl. amort. of discount
May last paid a dividend of 25. 6d. per share, and in Dec. 1924 a dividend
Balance available for renewals & replacements St dividends- 4,594,860 of Is. 68. per share.-V. 121, p. 2406.
Annual div. requirements on Pref. stock: $12,707.700 of 7%.
Anglo-Chilean Consolidated Nitrate Corp.-Shipments
1,189,539
9889.539: $5.000.000 of 6% (this issue), $300.000
Shipments made by the company in the year beginning Jan. 1 1925 up to
-V. 121, p. 2405. 2158.
and including the month of October amounted to approximately 65,000 tons
of nitrate, as compared with 50,000 tons for the corresponding period of
last year or an increase of approximately 30%.-V. 121, p. 2160.
INDUSTRIAL AND MISCELLANEOUS.
r Refined
Sugar Prices.-On Dec. 1 the following companies advanced
price 10 pts. to 5.50c. per pound: American, Atkins, McCahan. National,
Revere and Warner. On Dec. 2 Arbuckle advanced price 15 pts. to
5.35c. for shipment on or before Dec. 31 and left price of 5.20c. unchanged
for first half of January.
Lead Price Reduced.-American Smelting & Refining Co. reduced price
oflead 25 pts. to 9.50c. per pound. New York News Bureau Ass'n Nov.30.
Reduction in Brass Prices.-American Brass Co. reduced prices We.
per pound on sheet brass and brass tubing and of 14c. a pound on sheet
copper and copper wire, effective Nov. 28. Boston News Bureau. Nov. 30,
p. S.
Garment Strike Ends.-2,800 men and women operators win strike which
began Nov. 11. New York "Times" Nov. 28, p. 4.
Strike in Shoe Plants at Lynn. Mass.-100 employees of 3 plants strike,
caused by an agreement between manufacturers and "Boot & Shoe Workers
Union" specifying that factories bearing Boot & Shoe Workers' stamp
should employ only members of that union. Boston News Bureau Dec. 4.
p. 10.
Matters Covered in "Chronicle" Nov. 28.-(a) New capital flotations in
October and for the ten months to Oct. 31. p. 2572-2579. (b) Demands
of labor in New York City build
@FedFRASER